• The Korean Journal of Financial Management
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• v.20 no.1
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• pp.93-124
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• 2003

This paper studies the financial analyst's forecasting activities on the firm's operating performance during the period from 1999 to 2003. In this study, financial analyst's forecasting activities are focused on the sales, operating income and net income and financial analyst's forecasting accuracy, forecasting revising patterns and forecasting activities to the unexpected firm's operating performance are studied. Some empirical findings in this study are as follows. First, standard estimate error on the sales, operating income and net income are all significantly negative value and so financial analyst's forecast on the firm's operating performance are upwardly biased. Second, domestic financial analyst's forecasting activities is relatively more accuracy than foreign financial analyst's forecasting activities. Third, forecasting time is more close to the end of the operating performance announcement day, forecasting activities are more accuracy. Fourth, comparing with individual financial analyst's forecast, consensus forecast is more accuracy. Fifth, in the comparative forecasting activities study according to the prior firm's operating performance, financial analyst's forecasting revision activities are found to be upward or downward. Sixth, financial analysts overreact in the sales forecast and underreact in the operating income and net income forecast. Seventh, in the empirical analysis on the Easterwood-Nutt's test model(1999) which the firm's performance change are divided into the expected performance change and the unexpected performance change, it is found that financial analyst's forecasting activities on the firm's operating performance are systematically optimistic.

• The Korean Journal of Financial Management
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• v.24 no.2
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• pp.1-40
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• 2007

We test a model of investment-cashflow-growth opportunities relationship in order to estimate the sensitivities to investments. In this study, we use a new proxy variable for the value of growth opportunities(hereafter "VGO"), which is based on the seminal papers of M&M(1958:1961:1963) and Lee(2006;2007). The empirical findings on the sensitivities of cashflow and growth opportunities are as follows. First, when the traditional proxy variables for the growth opportunities such as Tobin's Q, MBR and sales growth are included with the new proxy VGO in the estimation, their coefficients are turned out to be insignificant. Second, only the new proxy variable VGO shows a statistically significant positive sensitibity to investment, which can be regarded that the growth opportunities hold the positive influences to investments. Third, the Tobin's Q can be decomposed into three factors such as the value of growth opportunities(VGO), the value of asset-in-place and valuation errors. It turns out that only the VGO shows a statistically significant positive relationship with investment among others. This means that the new variable VGO is a good proxy variable for the growth opportunities in the investment-cashflow sensitivity analysis. In sum, thanks to the above findings in this study, we can say that it will not be proper to choose a proxy variable for the growth opportunities from the traditional set of proxies such as Tobin's Q, MBR, or sales growth rate.

• Journal of the korean academy of Pediatric Dentistry
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• v.33 no.4
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• pp.643-652
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• 2006

The purpose of this study was to elucidate the size and morphologic characteristics of maxillary primary first molars in Korean children using three-dimensional laser scanner and compare three-dimensional image with preformed stainless steel crown. Scanned three-dimensional images of dental cast taken from 132 children(male 62, female 70) by three-dimensional laser scanner(Breuckmann opto-Top HE100, INUS, Korea) were used. Mesiodistal diameter, buccolingual diameter, occlusogingival height and crown shape of each image were calculated by Rapidform 2004 program(INUS, Korea). The values were statistically compared by independent samples t-test with 95% of significant level. The results were as follows : 1. No significant difference in crown size was found between left and right maxillay primary first molar(p>0.05). 2, Significant difference in mesiodistal diameter, buccolingual diameter, buccal occlusogingival height was found between male and female (p<0.05), and crown size of male was bigger than that of female. 3. Average image of maxillay primary first molar was shaped three-dimensionally and measured. In comparison with 3M stainless steel crown, this image was similar with No.4 or No.5 SS crown in male, No.4 in female. In comparison with ILSUNG SS crown, this image was similar with No.5 in male, No.4 in female. 4 Mesiolingual line angle area, distolingual line angle area and buccogingival ridge were more obvious in average image than 3M stainless steel crown. ILSUNG SS crown was more square and had longer mesiodistal diameter than average 3D image.

• Journal of Gastric Cancer
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• v.5 no.4 s.20
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• pp.281-287
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• 2005

Purpose: This study was conducted to evaluate the effectiveness and the role of post-operative adjuvant chemoradiation therapy in a stage-II (UICC, 1997) primary gastric cancer. Materials and Methods: From September 1994 to December 2004, 954 stage-II gastric-cancer patients were seen, and all of them underwent a curative resection with extensive (D2) lymph-node dissection. The chemotherapy consisted of fluorouracil $(400mg/m^2)$ plus leucovorin $(20mg/m^2)$ for 5 days, followed by 4,500 cGy of radiotherapy for 5 weeks with fluorourcil and leucovorin on the first 4 days and the last 3 days of radiotherapy. Two five-day cycles of chemotherapy were given four weeks after the completion of radiotherapy. The Kaplan-Meier method was used to estimate the survival rates. To assess the importance of potential prognostic factors, we performed univariate and multivariate analyses using a log-rank test and Cox's proportional hazards regression model. A P value <0.05 was considered significant. Results: Univariate analysis revealed that age, tumor size, gross type, surgical method, and postoperative adjuvant therapy had statistical significance. Among these factors, age, surgical method, tumor size, surgical method, and postoperative adjuvant therapy were found to be independent prognostic factors by using a multivariate analysis. The postoperative adjuvant chemotherapy group and the chemoradiation therapy group had survival benefit compared to the surgery-only group. However the chemoradiation therapy group had no significant survival benefit compared to the chemotherapy group. Conclusion: The postoperative adjuvant therapy in stage-II gastric-cancer patients had significant benefit. Therefore, postoperative adjuvant chemoradiation therapy has an acceptable effect. A large-scale, randomized study is needed to evaluate the effectiveness and the role of postoperative radiation therapy.

• Investigative Magnetic Resonance Imaging
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• v.18 no.2
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• pp.120-132
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• 2014

Purpose : To compare dynamic susceptibility contrast imaging, diffusion-weighted imaging, and susceptibility-weighted imaging (SWI) for the differentiation of tumor recurrence and delayed radiation therapy (RT)-related changes in patients treated with RT for primary brain tumors. Materials and Methods: We enrolled 24 patients treated with RT for various primary brain tumors, who showed newly appearing enhancing lesions more than one year after completion of RT on follow-up MRI. The enhancing-lesions were confirmed as recurrences (n=14) or RT-changes (n=10). We calculated the mean values of normalized cerebral blood volume (nCBV), apparent diffusion coefficient (ADC), and proportion of dark signal intensity on SWI (proSWI) for the enhancing-lesions. All the values between the two groups were compared using t-test. A multivariable logistic regression model was used to determine the best predictor of differential diagnosis. The cutoff value of the best predictor obtained from receiver-operating characteristic curve analysis was applied to calculate the sensitivity, specificity, and accuracy for the diagnosis. Results: The mean nCBV value was significantly higher in the recurrence group than in the RT-change group (P=.004), and the mean proSWI was significantly lower in the recurrence group (P<.001). However, no significant difference was observed in the mean ADC values between the two groups. A multivariable logistic regression analysis showed that proSWI was the only independent variable for the differentiation; the sensitivity, specificity, and accuracy were 78.6% (11 of 14), 100% (10 of 10), and 87.5% (21 of 24), respectively. Conclusion: The proSWI was the most promising parameter for the differentiation of newly developed enhancing-lesions more than one year after RT completion in brain tumor patients.

• The Korean Journal of Nuclear Medicine
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• v.32 no.1
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• pp.50-60
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• 1998

I-123 labelled fatty acids are suitable for investigation of regional myocardial metabolism, so they are on the clinical trial. However, the precise properties of these materials are not characterized yet. We have synthesized phenylpentadecanoic acid and labeled this compound with I-123. The purpose of this study was to examine the stability, biodistribution, metabolism and SPECT imaging of [I-123]15-(p-iodophenyl)pentadecanoic acid(I-123-IPPA) that we made. The stability test of I-123-IPPA in serum of rat, mouse and human showed no free I-123 after 1 hour. In biodistribution study in mice for various time intervals after injection(5, 10, 15, 30, 60 minutes), uptake in myocardium was 14.5%ID/g(5 min), and 1.9%ID/heart(5 min), while uptake in muscles was 2.6%ID/g(5 min). Myocardium to blood ratio and myocardium to lung ratio increased for 5 min after injection and then decreased rapidly. Chromatographic data of rat blood and urine showed that little PPA was found in blood and urine at 15-20 min after injection. The myocardial I-123-IPPA SPECT images of a dog with myocardial infarction showed defects similar to those of Tc-99m-MIBI and F-18-FDG. These data suggest that I-123-IPPA is quite stable in vitro and shows favorable biodistribution in mice. SPECT imaging with I-123-IPPA demonstrated infarct zone as photon defect in dog model of myocardial infarction. I-123-IPPA may be used for the evaluation of fatty acid metabolism in clinical trials in Korea.

• The Korean Journal of Food And Nutrition
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• v.24 no.3
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• pp.442-450
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• 2011

Numerous studies have suggested that dietary flavonoids contribute to prevent cardiovascular disease. Onion contains many functional phytochemicals such as quercetin. The aim of this study was to examine whether onion peel extracts supplementation affect blood lipid profiles and blood coagulation in animal model. Total 48 Sprague-Dawley male rats at 5 weeks old were divided into 6 groups with different diets(C: control, HF: high fat diet, HFOE 0.01%: high fat+onion peel extract 0.01% diet, HFOE 0.02%, HFOE 0.05%, HFOE 0.1%) for 8 weeks. Onion peel extract supplementation significantly decreased serum levels of LDL-cholesterol and increased HDL-cholesterol, while total cholesterol and triglyceride levels were not affected. Hematological parameters(hematocrit, white blood cell, red blood cell, and platelet count) and blood coagulation parameters(prothrombin time, activated partial thromboplastin time, thrombin time, and fibrinogen) were not significantly different among 6 groups. However, activated partial thromboplastin time of HFOE 0.05% group was significantly longer than that of HF group. These results indicate that onion peel extract supplementation displays hypocholestrolemic effects but does not seem to have anti-coagulation effects in high fat fed SD rats.

• Korean journal of applied entomology
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• v.55 no.1
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• pp.17-26
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• 2016

Climate change has been regarded as one of main factors to change Korean insect pest fauna. Especially, a global warming model predicts to expand habitat for insect pests originated from tropical or subtropical regions. Two insect pests, the beet armyworm (Spodoptera exigua) and the diamondback moth (Plutella xylostella), are known to overwinter in some greenhouse conditions without diapause induction in Korea. There was a clear difference between these two insects in seasonal occurrence. P. xylostella occurred only at early spring and fall seasons, but did not occur during summer. In contrast, S. exigua maintained their occurrence from late spring to fall seasons. This study set up a hypothesis that the difference in the seasonal occurrence may be resulted from variation in susceptibility to high temperature. To test the hypothesis, heat tolerance was compared between these two insects. Exposure to $42^{\circ}C$ for 40 min killed 100% individuals of P. xylostella larvae. However, most larvae of S. exigua survived in response to $42^{\circ}C$ even for 80 min. Heat tolerance varied among developmental stages in both insects. Highest tolerant stages were $4^{th}$ instar larvae and adults for P. xylostella, but $1^{st}$ instar larvae for S. exigua. Pre-exposure to $37^{\circ}C$ for 30 min significantly increased heat tolerance in both insects. Induction of heat tolerance accompanied with significant increase of glycerol contents in the hemolymph in both insects and up-regulation of three heat shock protein expressions in S. exigua. These results suggest that the differential susceptibility to high temperature explains the disappearance of P. xylostella during summer, at which S. exigua maintains its occurrence.

• Korean Journal of Plant Resources
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• v.27 no.5
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• pp.546-555
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• 2014

The final aim of this study is to develop a biofiltration system integrated with plant vegetation for improving indoor air quality effectively depending on indoor space and characteristics. However, to approach this final goal, several requirements such as constant pressure drops (PDs) and soil moisture contents (SMCs), which influence the capacity design for a proper ventilation rate of biofiltration system, should be satisfied. Thus, this fundamental experiment was carried out to adjust a proper wind speed and to ensure a stabilization of initial SMCs within biofilter for uniform distribution of SMCs and PDs, and for normal plant growth, especially avoiding root stress by wind. Therefore, we designed horizontal biofliter models and manufactured them, and then calculated the ventilation rate, air residence time, and air-liquid ration based on the biofilter depending on three levels of wind speed (1, 2, and $3cm{\cdot}s^{-1}$). The relative humidity (RH) and PD of the humidified air coming out through the soil within the biofilter, and SMC of the soil and plant growth parameters of lettuce and duffy fern grown within biofilter were measured depending on the three levels of wind speed. As a result of wind speed test, $3{\cdot}sec^{-1}$ was suitable to keep up a proper RH, SMC, and plant growth. Thus, the next experiment was set up to be two levels of initial SMCs (low and high initial SMC, 18.5 and 28.7%) within each biofilter operated and a non-biofiltered control (initial SMC, 29.7%) on the same wind speed ($3cm{\cdot}sec^{-1}$), and measured on the RH and PD of the air coming out through the soil within the biofilter, and SMC of the soil and plant growth parameters of Humata tyermani grown within biofilter. This result was similar to the first results on RHs, SMCs, and PDs keeping up with constant levels, and three SMCs did not show any significant difference on plant growth parameters. However, two biofiltered SMCs enhanced dry weights of the plants slightly than non-biofiltered SMC. Thus, the stability of this biofiler system keeping up major physical factors (SMC and PD) deserved to be adopted for designing an advanced integrated biofilter model in the near future.

• Development and Reproduction
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• v.5 no.2
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• pp.175-180
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• 2001

The ectopic expression of gonadotropin releasing hormone(GnRH and luteinizing hormone(LH) in several tissues is a quite intriguing phenomenon. Recently, the presence of GnRH and its receptor has been clearly demonstrated in rodents and human mammary gland. In this context, one can postulate that the presence of local circuit composed of GnRH and LH in the gland. The present study was undertaken to elucidate whether there is a correlation between the LH expression in rat mammary gland and physiological status during the process of mammary differentiation. LH contents in mammary gland from cycling to weaning rats were measured by radioimmunoassay(RIA). In cycling rats, changes of the LH level in both serum and mammary gland showed similar pattern as the highest level in proestrus and the lowest level in diestrus II stage. While the serum LH levels were fluctuated from pregnant through involution stage, a sharp decline of mammary LH contents was observed in the lactating rats. This decrement was recovered in involuting rats to the level of proestrus stage. Reverse transcription-polymerase chain reaction (RT-PCR) and Southern blot analyses demonstrated that the transcriptional activities of the mammary LH and GnRH were increased from diestrus I stage to estrus stage, and the increased levels were maintained in pregnant, lactation and involution stages. To test the hypothesis that the alteration in mammary LH expression might be steroid-dependant, ovariectomy(OVX) and steroid supplement model was employed. As expected, supplement of estradiol(E$_2$) after OVX remarkably decreased serum LH level compared to that in serum from vehicle-only treated rats. Likewise, administration of E$_2$ significantly reduced the mammary LH content. The present study demonstrated that (i) the LH expression in mammary gland could be altered by some physiological parameters such as estrous cycle, pregnancy, lactation and involution, and (ii) ovarian steroid especially estrogen seems to be one of major endocrine factors which are responsible for regulation of mammary LH expression.