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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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Anti-Stress Effect of Punica granatum L. Extract against Sleep Deprivation-Induced Impairment (석류 열수 추출물의 수면박탈을 유도한 Rat 모델에서의 항스트레스 효과)

  • Na, Ju-Ryun;Kim, Sunoh;Jo, Ara;Bae, Donghyuck;Oh, Kyo-Nyeo;Kim, Yong Jae;Lee, Yoo-Hyun;Jun, Woojin
    • Journal of the Korean Society of Food Science and Nutrition
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    • v.45 no.11
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    • pp.1533-1543
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    • 2016
  • The anti-stress effects of Punica granatum L. (family Lythraceae, PG) on $H_2O_2$/corticosterone (CORT)-induced stress in cells and sleep-deprived rats were investigated. The PG extract showed neuroprotective effects in SH-SY5Y cells against $H_2O_2$/CORT-induced stress. Sleep deprivation led to behavioral, hormonal, and biochemical alterations in the animal model. The effects of P. granatum on physiological, behavioral, and biochemical parameters aggravated by sleep deprivation were investigated. Sleep deprivation impaired physiological (survival, body weight, and drowsiness scores) and behavioral (rotarod, passive avoidance, hot hyperalgesia, and Y maze) parameters as well as biochemical factors (cortisol, serotonin, dopamine, testosterone, and growth factor I contents in serum). These parameters were significantly recovered by PG extract in a concentration-dependent manner. The PG extract also enhanced catalase, superoxide dismutase, and non-enzymatic antioxidative activities such as glutathione compared to sleep-deprived rats. On the basis of these results, our findings suggest that Punica granatum prevents impairment of body functions induced by sleep deprivation and related oxidative damage.

Evaluation of Psychosocial Impact and Quality of Life in BRCA Mutation Family (BRCA 돌연변이 가계의 심리상태 및 삶의 질 평가)

  • Han, Sang-Ah;Kim, Sai-Rhee;Kang, Eun-Young;Kim, Jeong-Hyun;Ha, Tae-Hyeon;Yang, Eun-Joo;Lim, Jae-Young;Han, Won-Shik;Noh, Dong-Young;Kim, Sung-Won
    • Journal of Genetic Medicine
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    • v.7 no.1
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    • pp.67-77
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    • 2010
  • Purpose: The aims of this study are to evaluate psychological impact and quality of life according to the cancer diagnosis and mutation status in Korean families with BRCA mutations. Materials and Methods: Seventeen affected carriers (AC), 16 unaffected carriers (UC) and 13 healthy non carriers (NC) from 13 BRCA mutation families were included in the study. Outcomes were compared with regard to depression (Beck Depression Inventory), anxiety (State-Trait Anxiety Inventory, STAI), optimism (Reevaluation of the Life Orientation test, LOT-R), knowledge of hereditary ovarian cancer, and quality of life (QoL) (SF-36v2 Health Survey, physical component score [PCS], mental component score [MCS]) among three groups. Result: Level of depression, optimism, and PCS were similar in AC, UC, and NC. Anxiety score was elevated in all three groups. MCS was significantly low in AC than in UC and NC (P=0.009, P=0.017). Knowledge of hereditary breast and ovarian cancer was high in AC than NC (P=0.001). MCS was significantly related to whether patient was affected by cancer (P=0.043) and has occupation (P=0.008) or not in multivariable analysis. Conclusion: From this cross sectional study, psychological adverse effect was not related to the carrier status of BRCA mutation. Elevated anxiety in BRCA family members was observed but, independent to affection and the type of genetic mutation. AC showed low mental QoL. Further effort to understand psychological impact and QoL of genetic testing in BRCA family members is required for follow-up in clinical aspects.

Screening of High-Palatability Rice Resources and Assessment of Eating Quality Traits of Korean Landraces and Weedy Rice Germplasms (우리나라 재래벼와 잡초벼의 식미 특성 평가 및 고식미 우수자원 탐색)

  • Kim, Choon-Song;Park, Hyun-Su;Baek, Man-Kee;Jeong, Jong-Min;Kim, Suk-Man;Park, Seul-Gi;Suh, Jung-Pil;Lee, Keon-Mi;Lee, Chang-Min;Cho, Young-Chan
    • KOREAN JOURNAL OF CROP SCIENCE
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    • v.64 no.4
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    • pp.299-310
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    • 2019
  • The eating quality of rice is one of the main concerns of rice breeding programs in many countries, especially in japonica rice cultivation areas. To select new resources with high eating quality from Korean native japonica rice, we evaluated a total of 76 varieties, including 47 native rice resources (26 landraces + 21 weedy rice) of Korea. In this study, all eating quality traits varied widely among the native resources, and some of the native resources revealed a high evaluation score in the palatability, expected eating quality, and physicochemical traits among the tested whole-plant materials. From the results, we selected two landraces (Sangdo and Waebyeo) and three weedy rice varieties (Hoengseongaengmi3, Namjejuaengmi6, and Wandoaengmi6) as promising resources for improvement of rice eating quality. Specifically, Wandoaengmi6 presented potential as a key breeding material for improving the eating quality of Korean rice cultivars, having the best evaluation results in palatability score (PS 0.83) from the sensory test and glossiness value (GV 81.8) from the Toyo taste meter of cooked rice. Given the urgent need to overcome the constraint of the narrow genetic background of Korean japonica rice, the results could be a practical solution for exploring new opportunities for improving rice eating quality through the expansion of genetic resources.

A Study on the Outlook of Dentists on Dental Coordinators and Their Job (치과의사의 치과 코디네이터 업무 및 인식에 관한 조사연구)

  • Yoo, Jung-Sook;Jang, Mi-Hwa;Jung, Jae-Yeon;Cho, Myung-Sook;Choi, Bu-Geun;Hwang, Yoon-Sook
    • Journal of Korean society of Dental Hygiene
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    • v.5 no.2
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    • pp.201-218
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    • 2005
  • The purpose of this study was to examine how dentists perceived dental coordinators including their education, hiring criteria, working condition and job. It's basically attempted to help define the job and role of 5 and to suggest how they should be nurtured. The subjects in this study were dentists at dental hospitals and clinics where dental coordinators were employed among approximately 200 dental institutions in Seoul, Cyeonggi province and Incheon. After a survey was conducted in June 2005, answer sheets from 99 respondents were analyzed. The findings of the study were as follows: 1. Regarding education for dental coordinators, 99.9% of the dentists investigated felt the need for separate education programs for dental coordinators, 42.4% knew what would-be dental coordinators learned about, and 81.8% considered it necessary for them to take intermediate or higher courses. An organization affiliated with the Korea Dental Hygienists Association was viewed as the best institute to educate dental coordinators, and educational institutes that included a department of dental hygiene was looked upon as the second best one. 68.7% believed that dental coordinators should take an official examination to test their qualifications, and concerning educational subsidy, the largest group of the dentists thought that a certain amount of subsidy should be provided. 2. As for coordinator hiring, the top priority was the impression(look) of applicants(55%), followed by adjustability to existing employees(24.5%) and professional competency(17.3%). As to the route of hiring, 41.4 percent, the largest group, reeducated some of existing employees, and dental hygienists were regarded as the best personnels to serve as a coordinator. Concerning job performance, they put the most emphasis on interpersonal relationship, which was followed by executive ability, impression and career, 58.6% the largest group, believed that dental coordinators should have a three-year or higher career to work at a dental institute. 3. As to working conditions, 75.7%, the largest group, paid dental coordinators based on their job performance, and 23.2%, the second largest group, had their pay equal to that of dental hygienists, 88.9% allowed them to determine their own retirement age. 4. In regard to their perception of dental coordinators, the largest number of the dentists considered it necessary for them to keep receiving education(4.29), and the second largest group felt that they served to enhance the image of dental institutes(4.18). The third largest group thought that they contributed to letting patients more satisfied with the quality of dental services. But they tended not to agree that their turnover rate was low(3.04), and they didn't find them to receive appropriate education, either(3.10). 5. The current major job of coordinators associated with customer services was handling appointments with customers(91.9%), treating unsatisfied customers(85.9%), and controling waiting time(84.8%). Regarding self-management, coordinators directed their energy into having good manners(89.9%), acquiring fundamental dental knowledge(84.8%), and learning how to treat customers(83.8%). Concerning hospital affairs handling, they were most responsible for information desk(87.9%), which was followed by receiving(86.9%). As a result of investigating what type of job the dentists hoped dental coordinators to fulfill in consideration of their career, their age and type of investment, the dentists wanted them the most to speak a foreign language, which belonged to the field of self-management.

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Least-Square Fitting of Intrinsic and Scattering Q Parameters (최소자승법(最小自乘法)에 의(衣)한 고유(固有) Q와 산란(散亂) Q의 측정(測定))

  • Kang, Ik Bum;McMechan, George A.;Min, Kyung Duck
    • Economic and Environmental Geology
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    • v.27 no.6
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    • pp.557-561
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    • 1994
  • Q estimates are made by direct measurements of energy loss per cycle from primary P and S waves, as a function of frequency. Assuming that intrinsic Q is frequency independent and scattering Q is frequency dependent over the frequencies of interest, the relative contributions of each, to a total observed Q, may be estimated. Test examples are produced by computing viscoelastic synthetic seismograms using a pseudo spectral solution with inclusion of relaxation mechanisms (for intrinsic Q) and a fractal distribution of scatterers (for scattering Q). The composite theory implies that when the total Q for S-waves is smaller than that for P-waves (the usual situation), intrinsic Q is dominating; when it is larger, scattering Q is dominating. In the inverse problem, performed by a global least squares search, intrinsic $Q_p$ and $Q_s$ estimates are reliable and unique when their absolute values are sufficiently low that their effects are measurable in the data. Large $Q_p$ and $Q_s$ have no measurable effect and hence are not resolvable. Standard deviation of velocity $({\sigma})$ and scatterer size (A) are less unique as they exhibit a tradeoff as predicted by Blair's equation. For the P-waves, intrinsic and scattering contributions are of approximately the same importance, for S-waves, the intrinsic contributions dominate.

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EFFECT OF TEMPORARY CEMENT ON TENSILE BOND STRENGTH OF DENTIN BONDING AGENT (Temporary Cement가 상아질 접착제의 접착성능에 미치는 영향)

  • Chang, Heon-Soo;Cho, Kyeu-Zeung
    • Restorative Dentistry and Endodontics
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    • v.20 no.2
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    • pp.685-698
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    • 1995
  • This study was conducted to the effect of temporary cement on the adhesiveness of dentin bonding agent to dentin surface. One hundred freshly extracted bovine mandibular incisors were grinded to expose flat labial dentin surface. The dentin surfaces were temporarized with either eugenol-containing temporary cement(TemBond and Zinc Oxide Eugenol cement) or non-eugenol temporary cement(Nogenol and TempBond NE) for 7days, and then the temporarization was removed with surgical currette and the exposed dentin surfaces were water-rinsed. Bonding specimens were made by use of All-Bond 2 and Super-Bond C&B dentin bonding agent, and stored in $37^{\circ}C$ distilled water for 24hours. The tensile bond strenth and the cohesive failure rate were measured, and then the pretreated dentin surfaces which the temporary cement had been applied to and removed from and the fractured dentin surfaces after bonding test were examined under scanning electron microscope. The results were as follows : In case of bonding with All-Bond 2, tensile bond strength of each experimental group was lower than that of the control group(p<0.05), but there was no significant difference between the bond strengths of the control group and each experimental group in case of bonding with Super-Bond C&B(p>0.05). No significant difference between tensile bond strength of experimental group, whether temporary cement contains eugenol or not, was seen(p>0.05). In case of bonding with All-Bond 2, the control group showed cohesive-adhesive mixed failure mode and the experimental groups mainly showed adhesive failure mode, but in case of bonding with Super-Bond C&B, almost of the control and the experimental groups mainly showed cohesive failure mode. On SEM examination, all of the dentin specimens pretreated with either 10 % phosphoric acid or 10% citric acid after application of the temporary cements demonstrated remnants of temporary cement attached to dentin surface.

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Studies on the Time Distribution of Heavy Storms (暴雨의 時間的 分布에 關한 硏究)

  • Lee, Keun-Hoo
    • Magazine of the Korean Society of Agricultural Engineers
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    • v.26 no.2
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    • pp.69-84
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    • 1984
  • This study was carried out to investigate the time distribution of single storms and to establish the model of storm patterns in korea. Rainfall recording charts collected from 42 metheorological stations covering the Korean peninsula were analyzed. A single storm was defined as a rain period seperated from preceding and succeeding rainfall by 6 hours and more. Among the defined single storms, 1199 storms exceeding total rainfall of 80 mm were qualified for the study. Storm patterns were cklassified by quartile classification method and the relationship between cummulative percent of rainfalls and cummulative storm time was established for each quartile storm group. Time distribution models for each stations were prepared through the various analytical and inferential procedures. Obtained results are summarized as follows: 1. The percentile frequency of quartile storms for the first to the fourth quartile were 22.0%, 26.5%, 28.9% and 22.6%, respectively. The large variation of percentile frequency was show between the same quartile storms. The advanced type storm pattern was predominant in the west coastal type storm patterns predominantly when compared to the single storms with small total rainfalls. 3. The single storms with long storm durations tended to show delayed type storm patterns predominantly when compared to the single storms with short storm durations. 4. The percentile time distribution of quartile storms for 42 rin gaging stations was estimated. Large variations were observed between the percentiles of time distributions of different stations. 5. No significant differences were generally found between the time distribution of rainfalls with greater total rainfall and with less total rainfall. This fact suggests that the size of the total rainfall of single storms was not the main factor affecting the time distribution of heavy storms. 6. Also, no significant difference were found between the time distribution of rainfalls with long duration and with short duration. The fact indicates that the storm duration was no the main factor affecting the time distribution of heavy storms. 7. In Korea, among all single storms, 39.0% show 80 to 100mm of total rainfall which stands for the mode of the frequency distribution of total rainfalls. The median value of rainfalls for all single storms from the 42 stations was 108mm. The shape of the frequency distribution of total rainfalls showed right skewed features. No significant differences were shown in the shape of distribution histograms for total rainfall of quartile storms. The mode of rainfalls for the advanced type quartile storms was 80~100mm and their frequencies were 39~43% for respective quartiles. For the delayed type quartile storms, the mode was 80~100mm and their frequencies were 36!38%. 8. In Korea, 29% of all single storms show 720 to 1080 minutes of storm durations which was the highest frequency in the frequency distribution of storm durations. The median of the storm duration for all single storms form 42 stations was 1026 minutes. The shape of the frequency distribution was right skewed feature. For the advanced type storms, the higher frequency of occurrence was shown by the single storms with short durations, whereas for the delayed type quartile storms, the higher frequency was shown gy the long duration single storms. 9. The total rainfall of single storms was positively correlated to storm durations in all the stations throughout the nation. This fact was also true for most of the quartile storms. 10. The third order polynomial regression models were established for estimating the time distribution of quartile storms at different stations. The model test by relative error method resulted good agreements between estimated and observed values with the relative error of less than 0.10 in average.

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The Effect of the Instruction Using PSpice Simulation in 'Digital Logic Circuit' Subject at Industrial High School (공업계열 전문계고등학교 '디지털 논리 회로' 수업에서 PSpice를 이용한 수업의 효과)

  • Choi, Seung-Woo;Woo, Sang-Ho;Kim, Jinsoo
    • 대한공업교육학회지
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    • v.33 no.1
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    • pp.149-168
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    • 2008
  • The purpose of this study is to verify the effect of PSpice instruction on academic achievement in 'Combination logic circuit' unit of 'Digital Logic Circuit' in industrial high school. Three kinds of null hypotheses were formulated. Two classes of the third grade of C technical high school in Gyeong-buk were divided into experimental group and control group in order to verify null hypotheses. In the experimental design, 'Non-equivalent control group pretest-posttest' model was utilized. This experiment was conducted for six classes, the experimental group was applied to PSpice instruction method before the circuit traning while the control group was applied to traditional lecture oriented method before the circuit traning. Window SPSS 10.0 korean language version program was used for the data analysis and independent sample t-test was used to identify the average of each group. Significance level was set to .05 level. The results obtained in this study were as follows; First, PSpice instruction had not an effect on academic achievement according to a group type. However, these instruction had an effect on the following sub-domains; the psychomotor domain. Second, PSpice instruction had not an effect on academic achievement according to a studies level. However, these instruction for middle and low level students had an effect on the cognitive and psychomotor domain, and for middle level students had an effect on the affective domain. Third, PSpice instruction had not an effect on shortening of a training requirement. However, this instruction for low level students had an effect on shortening of a training requirement. The study results of simulation instruction was chiefly efficient in the psychomotor domain. We could know that simulation instruction is efficient as went to a low level students than an upper level students. Thus, We may make the study effectiveness in various instruction method.

Bankruptcy Type Prediction Using A Hybrid Artificial Neural Networks Model (하이브리드 인공신경망 모형을 이용한 부도 유형 예측)

  • Jo, Nam-ok;Kim, Hyun-jung;Shin, Kyung-shik
    • Journal of Intelligence and Information Systems
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    • v.21 no.3
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    • pp.79-99
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    • 2015
  • The prediction of bankruptcy has been extensively studied in the accounting and finance field. It can have an important impact on lending decisions and the profitability of financial institutions in terms of risk management. Many researchers have focused on constructing a more robust bankruptcy prediction model. Early studies primarily used statistical techniques such as multiple discriminant analysis (MDA) and logit analysis for bankruptcy prediction. However, many studies have demonstrated that artificial intelligence (AI) approaches, such as artificial neural networks (ANN), decision trees, case-based reasoning (CBR), and support vector machine (SVM), have been outperforming statistical techniques since 1990s for business classification problems because statistical methods have some rigid assumptions in their application. In previous studies on corporate bankruptcy, many researchers have focused on developing a bankruptcy prediction model using financial ratios. However, there are few studies that suggest the specific types of bankruptcy. Previous bankruptcy prediction models have generally been interested in predicting whether or not firms will become bankrupt. Most of the studies on bankruptcy types have focused on reviewing the previous literature or performing a case study. Thus, this study develops a model using data mining techniques for predicting the specific types of bankruptcy as well as the occurrence of bankruptcy in Korean small- and medium-sized construction firms in terms of profitability, stability, and activity index. Thus, firms will be able to prevent it from occurring in advance. We propose a hybrid approach using two artificial neural networks (ANNs) for the prediction of bankruptcy types. The first is a back-propagation neural network (BPN) model using supervised learning for bankruptcy prediction and the second is a self-organizing map (SOM) model using unsupervised learning to classify bankruptcy data into several types. Based on the constructed model, we predict the bankruptcy of companies by applying the BPN model to a validation set that was not utilized in the development of the model. This allows for identifying the specific types of bankruptcy by using bankruptcy data predicted by the BPN model. We calculated the average of selected input variables through statistical test for each cluster to interpret characteristics of the derived clusters in the SOM model. Each cluster represents bankruptcy type classified through data of bankruptcy firms, and input variables indicate financial ratios in interpreting the meaning of each cluster. The experimental result shows that each of five bankruptcy types has different characteristics according to financial ratios. Type 1 (severe bankruptcy) has inferior financial statements except for EBITDA (earnings before interest, taxes, depreciation, and amortization) to sales based on the clustering results. Type 2 (lack of stability) has a low quick ratio, low stockholder's equity to total assets, and high total borrowings to total assets. Type 3 (lack of activity) has a slightly low total asset turnover and fixed asset turnover. Type 4 (lack of profitability) has low retained earnings to total assets and EBITDA to sales which represent the indices of profitability. Type 5 (recoverable bankruptcy) includes firms that have a relatively good financial condition as compared to other bankruptcy types even though they are bankrupt. Based on the findings, researchers and practitioners engaged in the credit evaluation field can obtain more useful information about the types of corporate bankruptcy. In this paper, we utilized the financial ratios of firms to classify bankruptcy types. It is important to select the input variables that correctly predict bankruptcy and meaningfully classify the type of bankruptcy. In a further study, we will include non-financial factors such as size, industry, and age of the firms. Thus, we can obtain realistic clustering results for bankruptcy types by combining qualitative factors and reflecting the domain knowledge of experts.