• Journal of Acupuncture Research
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• v.26 no.3
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• pp.133-147
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• 2009

Objectives : To review RCTs on acupuncture treatment for low back pain in order to establish a standard acupuncture treatment model in treating low back pain. Methods : RCT articles on traditional acupuncture treatment for low back pain were searched through online database. Study Quality was assessed using the FEAS. Results : Ten out of the one hundred six articles searched were reviewed. Among the ten articles reviewed, six articles compared acupuncture treatment with no treatment or non-penetrating sham acupuncture. All six articles concluded significantly positive effect of acupuncture compared to the control. Conclusions : The ideal acupuncture treatment model for low back pain was obtained as follows. A sterile disposable stainless steel(0.30mm${\times}$40mm) should be inserted to more than six acupuncture points on the BL, GV and GB meridians such as $BL_23$, $BL_25$, $BL_40$, $BL_60$, $GV_4$ and $GB_30$. Sparrow pecking method to obtain 'de-qi' is recommended and repeated stimulation during the 20 minute retention time is necessary. Ideal treatment frequency would be more than one a week for about 7 weeks.

• The Korean Journal of Financial Management
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• v.25 no.3
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• pp.33-78
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• 2008

This paper empirically examines whether firms engage in a dynamic adjustment process toward target capital structure and, whether there is a target capital structure or mean reverting using the partial adjustment model while allowing for costly adjustment. Also we investigate the empirical determinants of optimal target capital structure in long term equilibrium. As a result, our empirical model captures at least several important features of capital structure behavior for Korean listed firms. First, Korean firms pursue target capital structure and also there is mean reverting phenomenon. Second, Non-Chaebol and small firm in adjustment speed is faster than Chaebol and large firm. Third, even capital market restricts the adjustment speed interestingly. Fourth, Korean firms have target behavior according to a degree of observed gap. Fifth, Korean firms close about one-fourth of the gap between their actual and target debt ratios within one year and thence targeting behavior explains far more of the observed changes in capital structure than market timing or pecking order considerations. Sixth, capital market is significant in determining optimal capital structure.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.11
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• pp.66-79
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• 2016

A discussion has recently emerged over the increase of approvals of K-REITs, which is concluded on the basis of how to raise funds for business activity, fulfill the expected rate of return and maximize the management of managing investment funds. In addition, corporations need to acknowledge the necessity of the capital structure reflected in the current economic environment and decision-making processes. This research analyzed the characteristics by investment types and influence factors about the debt ratio of K-REITs. The data were collected from general management about business state, investment, and finance from 2002 to 2015 in K-REITs (except for the GFC period of 2007~2009). The results of the research demonstrated the high ratios of the largest shareholder characteristics, which are corporation, pension funds, mutual funds, banks, securities, insurance, and, recently, the increasing ratio of the largest shareholder and major stockholder. The investment of K-REITs is increasing the role of institutional investors that take a leading development of K-REITs. The behaviors of simultaneous investment of institutional investors were analyzed to show that they received higher interest rates than other financial institutions and ran in parallel with attraction and compensation. The results of the multiple regressions analysis, utilizing variables about debt ratio were as follows. The debt ratio showed a negative (-) relation that profitability is increasing, which matches the pecking order theory and trade off theory. On the other hand, investment opportunities (growth potential) showed a negative (-) relation and assets scale that indicated a positive (+) relation. The research results are reflected as follows. K-REITs focused on private equity REITs more than public offering REITs, and in the case of financing the capital of others, loan capital is operated under the guarantee of tangible assets (most of real estate) more than financing of the stock market. Further, after the GFC, the capital of others was actively utilized in K-REITs business, and the debt ratio showed that the determinant factors by the ratio and characteristics of the largest shareholder and investment products.