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An Empirical Study on M&A (M&A에 관한 실증연구)

  • 김동환
    • Proceedings of the KAIS Fall Conference
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    • 2001.05a
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    • pp.62-65
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    • 2001
  • 1997년과 1998년 4월 1일자의 M&A제한규정이었던 증권거래법 제200조의 철폐와 적대적 M&A의 전면허용 그리고 외국자본의 투자제한의 간소화 등 규제완화조치와, 향후 외국인에 대해서 100%까지 주식을 매입할 수 있는 적대적 M&A가 허용될 것으로 보여 우리나라에서도 M&A활동이 보다 본격화 될 것으로 전망되고 있다. 우리나라에서는 1980년대부터 M&A에 대한 관심과 연구가 시작되면서 지금까지 기업합병ㆍ인수의 동기와 효과에 대해서 많은 연구가 이루어져 왔다. 지금까지의 연구내용은 대부분 기업의 M&A동기는 시너지효과를 얻기 위함이며, 또한 공시정보가 합병공시일 전후동안에 주가수익율에 반영되어 합병 당사기업의 주주의 부에 영향을 미치는지의 주가변화 유무에 국한된 것이었다. 또한 1985년부터 1991년 초 사이에 이루어졌던 연구는 당시 국내 M&A 환경이 매우 열악하고 극히 제한된 비정상적인 자본시장 상황 하에서 이루어진 사례에 의한 연구이었기 때문에 연구결과의 문제점과 한계성이 있었고, 실효성 측면에서도 다소 미흡하였다고 할 수 있다. 우리나라 M&A의 성장발전과정을 크게 2단계로 분류한다면, 제1단계는 1975년부터 시작하여 1990년까지로써 이 기간동안의 M&A환경은 그 여건조성과 성숙준비단계였으며, 제2단계인 1990년 초부터 비로소 선진국형 시장경제원리에 근거한 보다 경쟁적이고 자율적인 M&A 시장구조가 형성되면서 활성화 단계로 진입하였다고 볼 수 있을 것이다. 본 연구의 주된 목적은 1990년부터 1996년 사이에 이루어진 상장기업의 M&A 사례를 표본으로 하여 한국에서의 기업합병과 기업인수(주식취득)가 기업가치에 미치는 영향을 구명하는데 있다. 이를 위하여 먼저, M&A 당사기업의 합병성과 발생과 차이 유무를 주가수익율을 측정하여 실증분석하고 다음으로 M&A에 따른 시너지의 잠재적 원천이 어디에 있는지 재무성과분석을 통해서 이를 실증하는데 목적이 있다.PA-designated retailers ("sellers") must accept end-of-life items returned to them by the consumers. At the local level, Taipei City implements a pay-as-you-throw program, whereby citizens pay waste collection and treatment fees through the purchase of special trash bags approved by the Taipei City Government. However. recyclables that are separated by citizens are collected free-of-charge by the City. Taichung City and Kaohsiung City, on the other hand, enforce mandatory sorting schemes, whereby citizens face penalties if they don't separate recyclables from the trash before pick-up. These programs have resulted in a significant reduction in municipal waste. Per capita waste collected per day has dropped from 1.143 kg in 1997 to 0.978 kg in 2000. Targeting a 10% recycling rate for municipal waste in 2001. EPA plans to research and develop new recycling techniques, expand the scope of producer responsibilities, and strengthen existing mu

A study on the factors influencing the satisfaction of life of disabled children parents (장애아 부모의 삶의 만족도에 영향을 미치는 요인에 관한 연구)

  • Lee, Hyun-Suk;Ha, Kyu-Soo
    • Journal of the Korea Academia-Industrial cooperation Society
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    • v.16 no.11
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    • pp.8046-8056
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    • 2015
  • The purpose of this study is the study of factors affecting the life satisfaction of disabled children parents. Survey data metropolitan area and Gyeonggi-do special schools, day shelter, Disabled Welfare, especially on the national branch in Korea Funny disabled parent meetings, through 389 branches were collected material wealth targeting parents with disabilities. Statistical analysis SPSS 19.0 program utilizes factor analysis, reliability analysis. And parents of children with disabilities and environmental factors are the demographic characteristics in order to analyze the impact on life satisfaction as a control variable, and the environmental factors as independent variables were performed hierarchical regression analysis. Results are crazy and the positive(+) influence a religious presence and the average monthly income of demographic characteristics in the satisfaction of life, environmental factors all had significant influence on life satisfaction. In other words, family support, disability, social networks, personal nature had a positive(+) influence on life satisfaction of disabled children parents, the relative influence of these factors include family support, disability, social networks, net of personality. It was in. The result is handicapped parents receive emotional support and help from family, the lower the degree of disability of the child, as participation in meetings or disability welfare various programs and handicapped parents, and the more it has a positive character increased satisfaction in life that can be interpreted.

The Metropolitan Chinju in Western Kyungnam with Special Reference to the Commuting Areas (경남 서부지역의 중심지 세력권 변화와 주민 통근형태 연구 -진주 도시권지역의 통근-역통근을 중심으로-)

  • Kwak, Chul-Hong;Lee, Jeon
    • Journal of the Korean association of regional geographers
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    • v.3 no.1
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    • pp.13-34
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    • 1997
  • The impact of a central place on daily living over wide outlying territory has been one of traditional subjects in the field of urban geography. The flow of rural population toward the central city of Chinju characterizes the population movement in Western Kyungnam, where the spillover of urban population into outlying areas, an especially prominent phenomenon in American society, does not occur. The central city of Chinju is supposed to be the most favored settlement area in Western Kyungnam. More than two thousands of teachers. who live in Chinju, cross the city boundary each morning to do their jobs in Western Kyungnam. But only ninety teachers living outside Chinju commute to the workplace in the city. The teachers willingly spend hours commuting each day to enjoy better quality of life in the central city. In fact, the central city of Chinju functions as bedroom communities for many middle-class workers in Western Kyungnam. On the basis of teachers' commuting behavior, four levels of Chinju's urban spheres are identified in Western Kyungnam. As Table-6 and Figure-2 show, the first-order level of Chinju's sphere includes most Myuns of Sanchung/Hadong Guns and some Myuns of Sachun/Gosung Guns. The second-order level comprises Sanchung/Sachun Eubs and many Myuns of Sachun /Gosung Guns. The third-order level is made up of Samchunpo, Hadong/Gosung/Eryung/Namhae/Habchun/Hamyang Eups, and many Myuns of Eryung/Namhae/Habchun Guns. And all of Guchang Gun and most Myuns of Hamyang Gun belong to the fourth-order level of Chinju's sphere. The influence sphere of Metropolitan Chinju is extended farther in the direction of less competition with other metropolises. Such a situation occurs to the west and south of Chinju. Daily commuting, defined as the journeys to and from work, is an excellent indicator for delimiting urban spheres of influence.

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Characteristics of Humidifier Use in Korean Pregnant Women: The Mothers and Children's Environmental Health (MOCEH) Study

  • Chang, Moon-Hee;Park, Hye-Sook;Ha, Min-A;Kim, Yang-Ho;Hong, Yun-Chul;Ha, Eun-Hee
    • Environmental Analysis Health and Toxicology
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    • v.27
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    • pp.3.1-3.4
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    • 2012
  • Objectives: The current use of humidifier detergent and its harmful impact on humans has arisen as a societal environmental health issue. Therefore, in this study we aimed to explore the relationship between demo-socio characteristics and humidifier use, as well as the monthly usage changes in pregnant women; thus, we report the actual status of humidifier usage of Korea's pregnant population. Methods: From a birth cohort of a Mothers and Children's Environmental Health (MOCEH) study, 1,144 pregnant women who responded through questionnaires including demo-socio characteristics, obstetric status and household environment including whether they use humidifier and frequency of use were included in this study. Statistical analyses were performed to explore the relationship between maternal characteristics and the relevance of the use of humidifiers was performed using a chi-square test, a t-test and univariate logistic regression analysis. The monthly usage rate was demonstrated in the graph. Results: The humidifier usage rate in pregnant women was 28.2%. The average frequency of humidifier usage was 4.6 days per week, 7.3 hours per day. The usage rate was higher in the multipara group and the above the age of 34 age group than in the primipara and below the age of 34 groups. Seoul showed a higher usage rate than Cheonan and Ulsan and as the education level and income increased, the usage rate of humidifiers among pregnant women also increased. In the monthly trend of usage rate, the winter season showed the highest usage rate of over 45% and the lowest in late summer and beginning of fall with a value of 12% or less. Conclusions: During pregnancy, the mother's body is especially vulnerable to hazardous environmental exposure that not only affects the pregnant woman but also the fetus. Further research is still needed to elucidate the route and effect of environmental risk factors. Therefore, based on precautionary and preventive principles, special interest and caution in harmful environments are strongly needed not only at an individual level but also at a national level.

Reflecting on the History and Future of Republic of Korea Navy (대한민국 해군창설 : 회고와 당부)

  • Hahm, Myung-Soo
    • Strategy21
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    • s.37
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    • pp.5-31
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    • 2015
  • The Republic of Korean Navy (ROKN) started from scratch. However, ROKN demonstrated its Blue Navy capabilities successfully to the entire world by conducting "Operation Early Dawn" at the Aden Bay, Yemen in Jan 2011. On the event of the 70th anniversary of the ROKN, I would like to retrospect past gleaning from voyages and challenges we had in the past. At the very inception of the ROKN, Korean government as well as senior military leaders recognized that it had no time to spare to clean up military those were insinuated deeply by communist agents. It was the top priority of the government. The Mongumpo Operation which was not well known, conducted by ROKN was one of the clean-up drive. The Korean War sometimes called as "a fire from land put-off at the sea". The world famous "Incheon Landing" which reversed war situation from the Nakdong Perimeter also done by Sea Power. ROKN conducted various maritime operations including not only Incheon Landing, but amphibious operation at Hungnam, mine sweeping, sea convoy, Wonsan Withdrawal. On the same day of the Korean War started, 25th June 1950, unless the victory of the ROKNS Baekdusan (PC 701) at the Korean Strait, the waning lamp light of Korea could not be rekindled by the participation of the U.N. The ROKN rescued the 17th regiment of Korean Army from the isolation at the Ongjin Peninsular and transported gold and silver bars stored at the Bank of Korea to the Navy supply deposit in Jinhae safely. ROKN special intelligence unit conducted critical HUMINT which led Incheon Landing success. One of important mission ROKN conducted successfully was not only transporting war fighting materials but also U.S. provided grains to starving Koreans. ROKN participated Vietnam campaign from 1960s and conducted numerous maritime transportation operations supplying materials to Vietnam military forces along the long coastal lines. Experienced Naval Officers and enlisted men who discharged and acquired as merchant marine certificate supported most of the U.S. sea lift operations throughout the Vietnam campaign. ROK-US Combined Forces which had been honed and improved its war fighting capabilities through the Korean War and out of Vietnam jungle playing key deterrent against threat from north Korea. However, those threat level will be completely different when north Korea finish its nuclear weapon ambition. In order to stand firm against north Korean nuclear threat, I would like to expect strong political leadership supporting nuclear submarine for ROKN.

New Paradigm in exhibition organization at the National Museum of Contemporary Art ('연구 업무 전담제'를 통해 살펴보는 국립현대미술관 전시 기획의 새로운 패러다임)

  • Choi, Eun-Ju
    • The Journal of Art Theory & Practice
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    • no.3
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    • pp.67-84
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    • 2005
  • Since the evaluation of its intellectual activities and abilities is done by curator's capabilities, planning exhibition is very important as the final result achieved by their own knowledge, information, and research. ARPA(Advanced Research Project on Arts) is suggested as the system which enables curators responding simultaneously to the society in the times, based on its special characteristics. If this system settles well, which means that the curators at NMCA(National Museum of Contemporary Art, Korea) play their roles as the professionals in each of their fields, the goal of consolidating the status of museum as the representative national museum, and building up competent department of curators, will be achieved at the same time. To clarify above, the curators set up the various assignments of research about the types of arts such as painting, Korean painting, sculpture, installation, new-media, design, craft, photogarphy, architecture, etc. And they establish the art objects classified by the regions, such as the Northern American, Southern American, European, Asian, and other Third World countries. They elaborate art objects more on the history, the work, the artist, and the issue of contemporary art. Furthermore, when the curators devote deeper study to those research subjects, they can have the opportunities to design an exhibition upon the research. Today, the museum of art is 'The Place for Communication and Encounter', it is regarded important to share the aesthetical, creative values with current artists, and to understand mutually with the spectators. It is needed to improve the curator's work, in order to meet the demands of the times and even to advance. Because the form of 'exhibition' is the tool that reveals the identity NMCA aiming at, the motivation, the development, and the realization should be leaded by the curators, who are the mainstream of the museum. ARPA is a system for identifying the exhibition like mentioned above. The main purpose of this system is to produce synergy effect, having the researching, collecting work in liaison with planning exhibition. ARPA will be able to improve the quality of exhibition through the way of developing the exhibition, passing through the stable process in the long run. So far, I have referred to a new paradigm of the exhibition design at NMCA via ARPA. Yet, there still remain missions in reality, such as analyzing the previous exhibition and reshuffling personnel and system, which should be done. When these matters settled, these plans would be suggested practically. At this point, it is the most significant that NMCA is attempting to let others aware of the importance of exhibition planning based on research. when the ARPA and exhibition planning is conjoined together successfully, the competent exhibition will be achieved, which can offer a meaningful exhibition to the art world, strengthen infra structure thru exchanging with public museum in the region, and eventually, establish a network with museum in foreign countries.

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A New Malting Barley Variety, 'Baegho' with Resistance to Barley Yellow Mosaic Virus and Powdery Mildew (보리호위축병과 흰가루병 저항성 맥주보리 신품종 '백호')

  • Kim, Mi-Jung;Hyun, Jong-Nae;Park, Jong-Chul;Kim, Yang-Kil;Lee, Mi-Ja;Kim, Dae-Ho;Kang, Sung-Ju;Kim, Sung-Taeg
    • Korean Journal of Breeding Science
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    • v.43 no.6
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    • pp.538-542
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    • 2011
  • A new malting barley variety, 'Baegho', was developed from a cross between Azuma Golden and Nishinochikara in 1998. An elite line, YMB2139-2B-1-10-2, was selected in 2005 and designated as Milyang137. It showed good agronomic performance in the regional adaptation yield trials (RYT) from 2006 to 2008 and was released with the name of 'Baegho' having high yielding and BaYMV and powdery mildew resistance. The average heading and maturing dates of 'Baegho' were April 21 and May 28, which were 3 and 2 day later than those of Hopum, check variety, at the RYT, respectively. 'Baegho' has shoter culm length (78 cm), more spikes ($1,062per\;m^2$) and heavier 1,000 grain weight (40.7 g) than those of Hopum, respectively. 'Baegho' is resistant to domestic BaYMV strains I, III and IV and powdery mildew at Iksan. In growth habit, 'Baegho' is close to type (IV) that is distinguished from other Korean malting barley cultivars, which could tolerant to premature heading damage that is major concern for the practice of the malting barley cropping. The yield potential of 'Baegho' in the RYT was about 5.57 MT/ha, which is about 13% higher than those of Hopum. This variety has good malting quality in grain and malting analysis showed better 1,000 grain weight, husk rate, diastatic power than those of Hopum. 'Baegho' applied for protection of new varieties of plant in 2009.

Effect of Juvenile Hormone Analogs on Silkworm, Bombyx mori L. I. Effect of Juvenile Hormone Analog ″R-20458″on Increase of Silk Productivity by Topical Application (유약홀몬에 관한 연구 I. 유사 합성유약홀몬 ″R-20458″에 대한 증사효과)

  • 마영일;이상풍;홍기원;손기욱
    • Journal of Sericultural and Entomological Science
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    • v.20 no.2
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    • pp.20-25
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    • 1978
  • Research on the hormones of insect has followed by the special opportunities and problems arising from pollution. Since then, the main frame of it has been energetically exploited by ligation, decapitation and so on. In the meanwhile, knowledge of the biochemistry of hormone action as well as other aspects of biochemistry in insects has been gradually disclosed. Since 1966, practical use of active analogs of the hormones has been also worked out as an insecticide and brought the features of it to the light. On the other hand, it is expected to afford the increase of silk productivity resulted from control of the fifth larval period by delaying normal development. With these regards, some of analogs have been tried to apply practically to the silkworm. One of them is "Manta" produced by Zoecon Chemical Company and it is presently used for the increase of silk productivity in Japan. Another one is "R-20458", not registered one, issued by Stuffer Chemical Company. It is still pending for the silkworm growth regulator For the possibility of practical use, two chemicals are tested on the increase of silk productivity by topical application and the obtained results are summarized as follows. 1. It is evident that the fifth larval period was extended by topical application of the tested chemicals "Manta"and "R-20458"at the fifth instar after 51 hours of the last ecdysis, ranging from 12 hours to one day, as compared to. the control 2. In survival rates, there is no significance at 5% level between control and treatments. It proved that there was no toxity to silkworm by topical aprication. 3. There is an increase of cocoon yield in both chemical treatments. It was resulted from increase of weight of single cocoon. "Manta"2.5ppm produced 22.2kg of cocoon. It is equal to 9% increase in index, as compared to that of control. In case of R-20458, the increasing rates were varied at the different concentration; 21.4kg of cocoon production with 5% increase at 5ppm, 20.9kg of it with 2% increase at 2.5ppm and 20.6kg of it with 1% increase at 1. 25ppm in index, respectively, as compared with that of control. 4. Percentage of cocoon shell was increased by topical application. In case of "Manta" 2.5ppm, it is 25.6% which is equal to 6% increase in index, as compared with that of control. For "R-20458", the increasing rates of percentage of cocoon shell were varied with the different level of chemical concentration. They are 25.0% of 4% increase at 2.5ppm, 24.9% of 3% increase at 1.25ppm and 24.7% of 3% increase at 5ppm. 15% increase was attained at "Manta" 2.5ppm in the weight of cocoon layer based on cocoon yield and percentage of cocoon shell in index, as compared with that of control. The rates for "R-20458"are 5% increase at 2.5ppm and 4% increase at 1. 25ppm in index.

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Korean Standard Classification of Diseases of Early Postpartum Women in a Korean Medicine Hospital (일개 한방병원에 내원한 산욕초기 산모의 한국표준질병·사인분류 분석)

  • Kim, Pyung-Wha
    • The Journal of Korean Obstetrics and Gynecology
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    • v.32 no.1
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    • pp.73-84
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    • 2019
  • Objectives: The purpose of this study is to collect and analyze the KCD codes applied to the treatment of 27 postpartum women who had been treated with Korean traditional medicine in a Korean medicine hospital, so that this study may be used as a basic data for setting the direction of postpartum Korean medical treatment research. Methods: It was approved by the Institutional Review Board (IRB) of ${\bigcirc}{\bigcirc}$ University medical center (IRB approval number : WSOH IRB H1708-02-01). Twenty-seven postpartum women who had been treated at ${\bigcirc}{\bigcirc}$ University medical center were received outpatient treatment for two weeks (from September 27, 2017 to January 5, 2018), and the KCD codes applied to the mothers were collected after obtaining the consent. On the day of registration of the study, the fertility, obstetric history and high-risk pregnancies were identified through an interview. Results: 1. The mean age of the 27 subjects was $33.33{\pm}3.99\;years$ old. Among the subjects, 17 mothers (63.0%) were high-risk pregnancy and 10 mothers (37.0%) were normal. 2. Among the 22 major disease categories, 8 categories were used. M code (musculoskeletal system) was used 243 times (70.85%), followed by R code (unclassified symptom) of 51 times (14.87%) and U code (special purpose code) of 23 times (6.71%). 3. The most commonly used code among the ten frequently used codes was M25.57 (joint pain, ankle and foot), a total of 47 times. Of the remaining nine codes, except for R60.1 (systemic edema) and U68.4 (The deficiency of yang in Bi), all codes were M codes (musculoskeletal system). 4. The M code (musculoskeletal system) was the most used major disease category in high-risk group, a total of 159 times. But in specific categories, the most commonly used code was R60.1 (systemic edema), a total of 28 times. 5. In normal group, the M code (musculoskeletal system) was the most used major disease category, a total of 84 times. Also, in specific categories, the most commonly used code was M25.57 (joint pain, ankle and foot), total 29 times. 6. The U code, corresponding to 'the diagnosis of childbirth and other obstetrical medical use', was used 23 times (6.71%), O code three times (0.87%) and Z code two times (0.58%), which was less than 10% of the total number of codes used. Conclusion: When analyzing KCD codes related to Korean medicine treatment for postpartum diseases, it is important to select the KCD codes that reflect the actual clinical state.

Treatment of Mid-trimester Oligohydramnios Using Gami-danggui-san (임신중기(姙娠中期)에 나타난 양수과소증(oligohydramnios)에 가미당귀산(加味當歸散)을 투여하여 효과를 보인 증례보고)

  • Kim, Hyo-Jung;Kim, Eun-Seop;Jin, Dae-Hwan;Hwang, Deok-Sang;Lee, Jin-Moo;Lee, Chang-Hoon;Jang, Jun-Bock
    • The Journal of Korean Obstetrics and Gynecology
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    • v.32 no.1
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    • pp.85-93
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    • 2019
  • Objectives: The aim of this study was to demonstrate the benefit of Traditional Korean Medicine as an adjuvant therapy in management of mid-trimester oligohydramnios. Methods: It is a case report of a 31 year-old woman hospitalized for oligohydramnios at $24^{+4/7}$weeks of gestation. This patient diagnosed with special oligohydramnios had no abnormal findings such as fetal urinary abnormalities or other anomalies. Also, symptom of PPROM (preterm premature rupture of membrane) was not confirmed. The decoction, Gami-danggui-san (DG) was prescribed for the purpose of reducing unnecessary contraction of uterine muscle during pregnancy and promoting blood circulation and metabolism, thereby improving placental function and contributing to the increase of the fluid. DG decoction was administered twice a day until 19th of June, which was 10 days in total. During the treatment, level of amniotic fluid had been monitored by measuring AFI (amnioti fluid index). Results: After these conventional therapies, the amount of amniotic fluid increased steadily, and eventually reached the optimal level. AFI was found to be 3.2 on the $24^{+4/7}$ weeks, 8 on the $26^{+1/7}$ weeks, 11.5 on the $27^{+0/7}$ weeks of gestation. In the same periods, EFW (expected fetal weight) was also found to be increasing gradually: 545 g, 630, and 760 g. Conclusions: Our report implies the potential of herbal medicine as a effective therapy for oligohydramnios tratment. Further studies are needed to assess the efficacy of TKM herbal medicine and reveal the mechanisms of the decoction.