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The Efficiency of Bank Underwriting of Corporate Securities in Korea (국내 자본시장 증권인수기능의 효율성에 관한 연구 : 은행계열과 비은행계열 금융기관 비교 분석)

  • Baek, Jae-Seung;Lim, Chan-Woo
    • The Korean Journal of Financial Management
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    • v.27 no.1
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    • pp.181-208
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    • 2010
  • In July 2007, Korean government has passed "The Capital Market and Financial Investment Services Act" to further develop the capital markets and the Act was to become effective in February 2009. Using a large sample of Korean firms, we have examined (i) the effect of underwriting activities on the firm value (bond spread) comparing commercial bank and investment bank, and (ii) the determinants of the firm value changes following underwriting activities of bank. To test our goal, we collected a wide range of samples of data for bond issuing activities executed by Korean firms listed on the Korea Stock Exchange (KSE) between 2000 and 2003. Our paper is distinguished from previous studies on this subject in a way that we analyzed the effect of corporate bond underwriting activities with regard to commercial banking and investment banking. Initially, we set up a hypothesis that "Certification View" and "Conflict-of-interest View" are major driving forces behind cross-firm differences in performance following bond issuance. We find that, in general, underwriting by investment bank (securities company) brings a positive effect on the firm value (spread between bench mark rate and bond issuing rate). This result indicates that firm value has been negatively affected by the bank underwriting and provides the evidence for "Conflict-of-interest View" in Korea. Our studies have also revealed that any change in firm value following bond issuance is positively related with the firm size (total asset), operating performance, liquidity (cashflow), and equity ownership by foreign investors. Overall, our results support the view that bank underwriting activities can play an important role in determining firm value and financial strategies under "The Capital Market and Financial Investment Services Act" of 2007.

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Organization and function of shoot apical meristem affecting growth and development in plants (식물의 생장과 발달에 영향을 미치는 슈트 정단분열조직의 체제와 기능)

  • Lee, Kyu Bae
    • Journal of Plant Biotechnology
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    • v.41 no.4
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    • pp.180-193
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    • 2014
  • In plants, a shoot apex has a small region known as the shoot apical meristem (SAM) having a group of dividing (initiating) cells. The SAM gives rise to all the groundabove structures of plants throughout their lifetime, and thus it plays important role in growth and development of plants. This review describes theories to explain the SAM organization and function developed over the last 250 years. Since in 1759 German botanist C. F. Wolff has described firstly the SAM, in 1858 Swiss botanist C. N${\ddot{a}}$geli proposed the apical cell theory from the observation of a large single apical cell in the SAM of seedless vascular plants: however, this view was recognized to be unsuitable to seed plants. In 1868, German botanist J. Hanstein suggested the histogen theory: this concept subdividing the SAM into dermatogen, periblem, and plerome was unable to generally apply to seed plants. In 1924, German botanist A. Schmidt proposed the tunica-corpus theory from the examination of angiosperm SAM in which two parts show different planes of cell division: this theory was proved to be not suitable to gymnosperm SAM, not have stable surface tunica layer. In 1938, American botanist A. Foster described zones in gymnosperm SAM based on the cytohistologic differentiation and thus called it a cytohistological zonation theory. With works by E. Gifford, in 1954, this zonation pattern was demonstrated to be also applicable to angiosperm SAM. As another theory, in 1952 French botanist R. Buvat proposed the m${\acute{e}}$rist${\grave{e}}$me d'attente (waiting meristem) theory: however, this concept was confuted because of its negation of function during vegetative growth phase to central initial cells. Rescent studies with Arabidopsis thaliana have found that formation and maintenance of the SAM are under the control of selected genes: SHOOTMERISTEMLESS (STM) gene forms the SAM, and WUSCHEL (WUS) and CLAVATA (CLV) genes function in maintaining the SAM; signaling between WUS and CLV genes act through a negative feedback loop.

The Significance of Plasma Urokinase-type Plasminogen Activator and Type 1 Plasminogen Activator Inhibitor in Lung Cancer (폐암에서 혈장 Urokinase-Type Plasminogen Activator 및 Type 1 Plasminogen Activator Inhibitor의 의의)

  • Park, Kwang-Joo;Kim, Hyung-Jung;Ahn, Chul-Min;Lee, Doo-Yun;Chang, Joon;Kim, Sung-Kyu;Lee, Won-Young
    • Tuberculosis and Respiratory Diseases
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    • v.44 no.3
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    • pp.516-524
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    • 1997
  • Background : Cancer invasion and metastasis require the dissolution of the extracellular matrix in which several proteolytic enzymes are involved. One of these enzymes is the urokinase-type plasminogen activator(u-PA), and plasminogen activator inhibitors(PAI-1, PAI-2) also have a possible role in cancer invasion and metastasis by protection of cancer itself from proteolysis by u-PA. It has been reported that the levels of u-PA and plasminogen activator inhibitors in various cancer tissues are significantly higher than those in normal tissues and have significant correlations with tumor size and lymph node involvement. Here, we measured the concentration of plasma u-PA and PAI-1 antigens in the patients with lung cancer and compared the concentration of them with histologic types and staging parameters. Methods : We measured the concentration of plasma u-PA and PAI-1 antigens using commercial ELISA kit in 37 lung cancer patients, 21 benign lung disease patients and 24 age-matched healthy controls, and we compared the concentration of them with histologic types and staging parameters in lung cancer patients. Results : The concentration of u-PA was $1.0{\pm}0.3ng/mL$ in controls, $1.0{\pm}0.3ng/mL$ in benign lung disease patients and $0.9{\pm}0.3ng/mL$ in lung cancer patients. The concentration of PAI-1 was $14.2{\pm}6.7ng/mL$ in controls, $14.9{\pm}6.3ng/mL$ in benign lung disease patients, and $22.1{\pm}9.8ng/mL$ in lung cancer patients. The concentration of PAI-1 in lung cancer patients was higher than those of benign lung disease patients and controls. The concentration of u-PA was $0.7{\pm}0.4ng/mL$ in squamous cell carcinoma, $0.8{\pm}0.3ng/mL$ in adenocarcinoma, 0.9ng/mL in large cell carcinoma, and $1.1{\pm}0.7ng/mL$ in small cell carcinoma. The concentration of PAI-1 was $22.3{\pm}7.2ng/mL$ in squamous cell carcinoma, $22.6{\pm}9.9ng/mL$ in adenocarcinoma, 42 ng/mL in large cell carcinoma, and $16.0{\pm}14.2ng/mL$ in small cell carcinoma. The concentration of u-PA was 0.74ng/mL in stage I, $1.2{\pm}0.6ng/mL$ in stage II, $0.7{\pm}0.4ng/mL$ in stage IIIA, $0.7{\pm}0.4ng/mL$ in stage IIIB, and $0.7{\pm}0.3ng/mL$ in stage IV. The concentration of PAI-1 was 21.8ng/mL in stage I, $22.7{\pm}8.7ng/mL$ in stage II, $18.4{\pm}4.9ng/mL$ in stage IIIA, $25.3{\pm}9.0ng/mL$ in stage IIIB, and $21.5{\pm}10.8ng/mL$ in stage IV. When we divided T stage into T1-3 and T4, the concentration of u-PA was $0.8{\pm}0.4ng/mL$ in T1-3 and $0.7{\pm}0.4ng/mL$ in T4, and the concentration of PAI-1 was $17.9{\pm}5.6ng/mL$ in T1-3 and $26.1{\pm}9.1ng/mL$ in T4. The concentration of PAI-1 in T4 was significantly higher than that in T1-3. The concentration of u-PA was $0.8{\pm}0.4ng/mL$ in M0 and $0.7{\pm}0.3ng/mL$ in M1, and the concentration of PAI-1 was $23.6{\pm}8.3ng/mL$ in M0 and $21.5{\pm}10.8ng/mL$ in M1. Conclusions : The plasma levels of PAI-1 in lung cancer were higher than benign lung disease and controls, and the plasma levels of PAI-1 in T4 were significantly higher than T1-3. These findings suggest involvement of PAI-1 with local invasion of lung cancer, but it should be confirmed by the data on comparison with pathological staging and tissue level in lung cancer.

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Studies About the Effect of Excitatory Amino Acid Receptor Antagonist on Traumatic Spinal Cord Injury (척수신경손상에 대한 흥분성 아미노산 수용체 길항제의 효과에 대한연구)

  • Kim Jong-Keun
    • The Korean Journal of Pharmacology
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    • v.31 no.1 s.57
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    • pp.1-9
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    • 1995
  • The slow development of histopathological changes and long period required for stabilization of lesions have suggested that secondary injury processes exacerbate the effect of initial mechanical insult after traumatic spinal cord injury (SCI). The importance of glutamate receptors in the normal functions of spinal cord, in concert with the large body of evidence that points to their involvement in neurotoxicity due to both ischemic and traumatic insults to the CNS, suggested a probable role of glutamate receptors in secondary injury process after traumatic SCI. In order to investigate the involvement of excitatory amino acid in the secondary injury process after SCI, this study examined the effect of dextrorphan, a noncompetitive NMDA receptor antagonist, on the recovery of hindlimb function and the residual tissue at injury site following SCI. Locomotor function was assessed using open field test (21 point scale). At 8 weeks spinal cord tissue was examined using quantitative histopathologic technique. Prior to surgery female Long-Evans rats were adapted to the test environment. Rats received laminectomies (T9/T10), and spinal cord contusions (NYU impactor) were produced by a 10 gm weight dropped 25 mm. DXT (15 or 30 mg/kg, i.p.) or saline was injected 15 min before contusion. Behavioral testing resumed 2 days post-injury and continued twice a week for 8 weeks. No differences between DXT and saline groups were found for hindlimb function and sparing tissue at the lesion site. These results suggest that NMDA receptor might not be involved in secondary injury processes after traumatic SCI.

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백악기 미국 걸프만 퇴적층의 지구조적, 퇴적학적, 석유지질학적 고찰 (A Review of Tectonic, Sedinlentologic Framework and Petroleum Geology of the Cretaceous U. S. enlf Coast Sedimentary Sequence)

  • Cheong Dae-Kyo
    • The Korean Journal of Petroleum Geology
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    • v.4 no.1_2 s.5
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    • pp.27-39
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    • 1996
  • In the Cretaceous, the Gulf Coast Basin evolved as a marginal sag basin. Thick clastic and carbonate sequences cover the disturbed and diapirically deformed salt layer. In the Cretaceous the salinities of the Gulf Coast Basin probably matched the Holocene Persian Gulf, as is evidenced by the widespread development of supratidal anhydrite. The major Lower Cretaceous reservoir formations are the Cotton Valley, Hosston, Travis Peak siliciclastics, and Sligo, Trinity (Pine Island, Pearsall, Glen Rose), Edwards, Georgetown/Buda carbonates. Source rocks are down-dip offshore marine shales and marls, and seals are either up-dip shales, dense limestones, or evaporites. During this period, the entire Gulf Basin was a shallow sea which to the end of Cretaceous had been rimmed to the southwest by shallow marine carbonates while fine-grained terrigengus clastics were deposited on the northern and western margins of the basin. The main Upper Cretaceous reservoir groups of the Gulf Coast, which were deposited in the period of a major sea level .rise with the resulting deep water conditions, are Woodbinefruscaloosa sands, Austin chalk and carbonates, Taylor and Navarro sandstones. Source rocks are down-dip offshore shales and seals are up-dip shales. Major trap types of the Lower and Upper Cretaceous include salt-related anticlines from low relief pillows to complex salt diapirs. Growth fault structures with rollover anticlines on downthrown fault blocks are significant Gulf Coast traps. Permeability barriers, up-dip pinch-out sand bodies, and unconformity truncations also play a key role in oil exploration from the Cretaceous Gulf Coast reservoirs. The sedimentary sequences of the major Cretaceous reseuoir rocks are a good match to the regressional phases on the global sea level cuwe, suggesting that the Cretaceous Gulf Coast sedimentary stratigraphy relatively well reflects a response to eustatic sea level change throughout its history. Thus, of the three main factors controlling sedimentation (tectonic subsidence, sediment input, and eustatic sea level change) in the Gulf Coast Basin, sea-level ranks first in the period.

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Analysis on the actual state and plan for improvement for vocational courses are operated consignment in General high school (일반고등학교 직업과정 위탁 운영의 실태 분석 및 개선 방안)

  • Yoon, Kyoung-Suk;Yi, Sang-Bong
    • 대한공업교육학회지
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    • v.36 no.2
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    • pp.131-150
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    • 2011
  • The purpose of this study vocational courses in general high schools in each city in order to operate efficiently. Provinces operating status and the general high school vocational courses through the regular high school vocational courses siltae analysis to identify operational problems, and that is to derive ways to improve. Operating in the desired direction, the typical high school vocational courses ilbango select students that meet the purpose of operating as one that students admit you need the correct promotion and career guidance and vocational courses ilbango teachers of vocational courses is operating correctly recognize the purpose and students with career guidance and vocational courses so that you can operate effectively at: Provincial Office-wide need to conduct a systematic study. Vocational courses also target students ilbango sosokgyo (wonjeokgyo) to be completed in the course stated in the plan for the school and the need to practice, and professional students ilbango by configuring a separate class is most preferable to operate. If the person is prime target, with each region run by creating a class needs to definitely consider. Entrusted to the agency's key performance improvements in order to improve the employment rate in the direction of promotional materials for the students selected to take advantage of college enrollment than the employment data for the students and their parents ilbango vocational courses for the purpose and intent is necessary to provide accurate information In addition, the employment rate is relatively low industrial (information) to install the school department employment, and employment representatives (industry-academia co-coordinator), and by placing career paths and industries to ensure the needs of industry, including working conditions and students who wish adjusting to the role, and industrial college (2 years), industrial (information) through the school's agreement to the aggressive promotional schemes seonchwieop hujinhak. Getting the need to encourage. Vocational courses ilbango in the new and the abolition, rather than the case of some popular course when you are away from work and there, so if the course-changing industry, new or repealed to reflect the demands of social work and careful review of how to connect carefully to decide by. Commissioned a systematic quality management in education, in terms of industry (information) schools and public vocational training institutions or private vocational school is better than school. However, 16 cities across the country. Also only five of the major cities around the school has industry information. Ilbango vocational courses at the expected continued demand. Degrees, the operation in terms of comparative advantage in many ways the school's new industry information is necessary to consider.

Evaluation of Web Service Similarity Assessment Methods (웹서비스 유사성 평가 방법들의 실험적 평가)

  • Hwang, You-Sub
    • Journal of Intelligence and Information Systems
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    • v.15 no.4
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    • pp.1-22
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    • 2009
  • The World Wide Web is transitioning from being a mere collection of documents that contain useful information toward providing a collection of services that perform useful tasks. The emerging Web service technology has been envisioned as the next technological wave and is expected to play an important role in this recent transformation of the Web. By providing interoperable interface standards for application-to-application communication, Web services can be combined with component based software development to promote application interaction and integration both within and across enterprises. To make Web services for service-oriented computing operational, it is important that Web service repositories not only be well-structured but also provide efficient tools for developers to find reusable Web service components that meet their needs. As the potential of Web services for service-oriented computing is being widely recognized, the demand for effective Web service discovery mechanisms is concomitantly growing. A number of techniques for Web service discovery have been proposed, but the discovery challenge has not been satisfactorily addressed. Unfortunately, most existing solutions are either too rudimentary to be useful or too domain dependent to be generalizable. In this paper, we propose a Web service organizing framework that combines clustering techniques with string matching and leverages the semantics of the XML-based service specification in WSDL documents. We believe that this is one of the first attempts at applying data mining techniques in the Web service discovery domain. Our proposed approach has several appealing features : (1) It minimizes the requirement of prior knowledge from both service consumers and publishers; (2) It avoids exploiting domain dependent ontologies; and (3) It is able to visualize the semantic relationships among Web services. We have developed a prototype system based on the proposed framework using an unsupervised artificial neural network and empirically evaluated the proposed approach and tool using real Web service descriptions drawn from operational Web service registries. We report on some preliminary results demonstrating the efficacy of the proposed approach.

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Tephrostratigraphy and Paleoenvironments of Marine Core in the Kita-Yamato Trough, East Sea/Japan Sea (동해 키타-야마토 해곡에서 채취된 시추코아의 테프라층서와 고환경)

  • Chun Jong-Hwa;Cheong Daekyo;Han Sang-Joon;Huh Sik;Yoo Hai-Soo
    • Economic and Environmental Geology
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    • v.39 no.1 s.176
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    • pp.83-93
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    • 2006
  • The Kita-Yamato Trough is characterized by a SW-NE trending narrow graben between the Yamato Bank and the Kita-Yamato Bank in the central East Sea/Japan Sea (ES/JS). Core 20EEZ-1 was obtained in the flat summit of a small ridge from the southwest Kita-Yamato Trough. The sedimentation was mainly controlled by the supply of hemipelgic sediments and substantial tephras from explosive volcanic eruptions of the Quaternary volcanoes. The aim of this study is to reconstruct the tephrostratigraphy from the marine sediments collected from the Kita-Yamato Trough and to provide the atmosphere and ocean conditions during the explosive volcanic eruptions. According to the detailed tephrostratigraphy and lithofacies records, the core sediments were deposited during the last marine isotope stage (MIS) 7. The core consists of four lithofacies, idetified as, oxidized mud (OM), crudely laminated mud (CLM) and bioturbated mud (BM), interbedded with coarse-grained tephra (TP). The major element geochemistry and stratigraphic positions of seven tephra layers suggest that they originated from the Aira caldera in Kyushu area among the Japanese islands (AT tephra; 29.24 ka), unknown submarine volcano in the south Korea Plateau (SKP-I; MIS 3, SKP-II; MIS 4, SKP-IV; boundary between MIS 6 and MIS 5e, SKP-V; MIS 6, respectively), and the Baegdusan volcano in the Korean Peninsula (B-KY1; ca. 130 ka, B-KY2; ca. 196 ka). The absence of tephras originated trom Ulleung Island in core 20EEZ-l suggest that the tephras had not been transported into the Kita-Yamato Trough by atmosphere conditions during the eruptions. On the other hand, the B-KYI and the B-KY2 tephras derived from the Baegdusan volcano were founded in the Kita-Yamato Trough by a presence of prevailing westerly winds during the eruptions. Furthermore, the SKP tephras were characterized by the transport across the air-water interface, causing quickly thrust of raising eruption plumes from subaqueous explosive eruptions. Surface currents may play an important role in controlling the distribution patterns of the SKP tephras to distal areas. The tephrostratigraphic study in the Kita-Yamato Trough provides the important chronostratigraphic marker horizons and the detailed atmosphere and ocean conditions during the explosive eruptions.

Examination of the Current Situations of Security Dogs and it's Development Plans (경호탐지견의 운용실태 및 발전방안)

  • Park, Hyung-Kyu;Kim, Doo-Hyun
    • Korean Security Journal
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    • no.14
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    • pp.215-234
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    • 2007
  • Our country security industry 1960's service expense of the beginning U.S. army unit it accomplishes the growth which is quick with start, currently about 2,500 triumph the security enterprises which it goes over are being active. But the majority in these enterprise about lower cotton can a forever characteristic with pressure and the manpower civil official ability insufficient back of faithlessness management and capital power. To sleep with afterwords it presents the security dogs deployment plan for an efficient security together from the research which it sees hereupon and it does. First, it cultivates the domestic mountain progress dog which is a breed which is suitable with the security dogs and the shovel flesh dog back with the security dogs. Specially the Jindo of the breed which is excellent training which is suitable in task of the security dogs it leads and if it uses appropriately, it industrializes our specific the Jindo and protection there is a possibility of getting the effect which falls to also the gist which it rears rightly. It cultivate the second, security dogs and it magnifies training. The security dogs consequently is it will be able to accomplish the task above 2 branches to training method. Namely, after finishing obedience training, it is to be in security activity it will execute guard or detection back special training which is suitable in task and it will be able to commit. Third, it uses the security dogs which is trained rightly in task. The security dogs the adult escorts, facility expense, the explosive and narcotic drug detection, it will be able to use with the other blind man guidance dogs back. The narcotic drug detection dogs which currently is used specially technique intelligence anger, when considering the tendency of the narcotic drug smuggling offense field which becomes diversification that the role very it is important is a possibility of saying at day. It cultivate a fourth, escort relation specialty manpower and it improves the breed of the security dogs. The hazard which cultivate the security dogs use necessary personnel the breed of security dogs, the security dogs training center it opens the security crane relation subject of the college which stands and (university) it improves it establishes and training which is suitable in task it is to do to execute letting in the training map company. Specially, the hazard which improves the breed of security dogs in the progress mind quality which stands against the portion where the breed improvement is demanded as the portion where the internal organs research and investment are necessary sees. The security dogs compares in labor cost and the expense holds few, if it uses the our specific domestic dogs it will be able to use efficiently in the task which is various it solves the multi branch plans for wisly with the security dogs industrial development security of course contemporary history sliced raw fish sees demands compared to being immediacy and the life which is happy business the place where it does it sees it will be able to contribute a lot as.

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Development of Intelligent ATP System Using Genetic Algorithm (유전 알고리듬을 적용한 지능형 ATP 시스템 개발)

  • Kim, Tai-Young
    • Journal of Intelligence and Information Systems
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    • v.16 no.4
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    • pp.131-145
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    • 2010
  • The framework for making a coordinated decision for large-scale facilities has become an important issue in supply chain(SC) management research. The competitive business environment requires companies to continuously search for the ways to achieve high efficiency and lower operational costs. In the areas of production/distribution planning, many researchers and practitioners have developedand evaluated the deterministic models to coordinate important and interrelated logistic decisions such as capacity management, inventory allocation, and vehicle routing. They initially have investigated the various process of SC separately and later become more interested in such problems encompassing the whole SC system. The accurate quotation of ATP(Available-To-Promise) plays a very important role in enhancing customer satisfaction and fill rate maximization. The complexity for intelligent manufacturing system, which includes all the linkages among procurement, production, and distribution, makes the accurate quotation of ATP be a quite difficult job. In addition to, many researchers assumed ATP model with integer time. However, in industry practices, integer times are very rare and the model developed using integer times is therefore approximating the real system. Various alternative models for an ATP system with time lags have been developed and evaluated. In most cases, these models have assumed that the time lags are integer multiples of a unit time grid. However, integer time lags are very rare in practices, and therefore models developed using integer time lags only approximate real systems. The differences occurring by this approximation frequently result in significant accuracy degradations. To introduce the ATP model with time lags, we first introduce the dynamic production function. Hackman and Leachman's dynamic production function in initiated research directly related to the topic of this paper. They propose a modeling framework for a system with non-integer time lags and show how to apply the framework to a variety of systems including continues time series, manufacturing resource planning and critical path method. Their formulation requires no additional variables or constraints and is capable of representing real world systems more accurately. Previously, to cope with non-integer time lags, they usually model a concerned system either by rounding lags to the nearest integers or by subdividing the time grid to make the lags become integer multiples of the grid. But each approach has a critical weakness: the first approach underestimates, potentially leading to infeasibilities or overestimates lead times, potentially resulting in excessive work-inprocesses. The second approach drastically inflates the problem size. We consider an optimized ATP system with non-integer time lag in supply chain management. We focus on a worldwide headquarter, distribution centers, and manufacturing facilities are globally networked. We develop a mixed integer programming(MIP) model for ATP process, which has the definition of required data flow. The illustrative ATP module shows the proposed system is largely affected inSCM. The system we are concerned is composed of a multiple production facility with multiple products, multiple distribution centers and multiple customers. For the system, we consider an ATP scheduling and capacity allocationproblem. In this study, we proposed the model for the ATP system in SCM using the dynamic production function considering the non-integer time lags. The model is developed under the framework suitable for the non-integer lags and, therefore, is more accurate than the models we usually encounter. We developed intelligent ATP System for this model using genetic algorithm. We focus on a capacitated production planning and capacity allocation problem, develop a mixed integer programming model, and propose an efficient heuristic procedure using an evolutionary system to solve it efficiently. This method makes it possible for the population to reach the approximate solution easily. Moreover, we designed and utilized a representation scheme that allows the proposed models to represent real variables. The proposed regeneration procedures, which evaluate each infeasible chromosome, makes the solutions converge to the optimum quickly.