We focus in this study on incremental financing decisions and estimate a logit model for the probability a firm will choose a private placement over a public bond issue. We hypothesize that information asymmetry, financial risk, agent cost, and proprietary information may affect a firm's choice between public debt and private placements. We find that as the size of firm increases, the probability of choosing a private placement declines significantly. The age of the firm, however, is not a significant factor affecting the firm's choice between public and privately-placed bond. The coefficients on the firm's leverage and non-investment grade dummy are significantly positive, meaning firms with high financial risk and credit risk select private placements. The findings regarding agency-related variables, PER and Tobin's Q, are somewhat complex. We find significant evidence that firms with high PER prefer private placements to public bonds, suggesting that borrowers with options to engage in asset substitution or underinvestment are more likely to choose private placements. The coefficient of Tobin's Q is negative, but not significant, which weakly support the hold-up hypothesis. When we construct an interaction term on the Tobin's Q with a non-investment rating dummy, however, the Tobin's Q interaction term becomes positive and significant. Thus, high Tobin's Q firms with a speculative rating are significantly more likely to choose a private placement, regardless of the potential hold-up problems. The ratio of R&D to sales, proxy for proprietary information, is positively significant. This result can be interpreted as evidence in favor of a role for proprietary information in the debt sourcing decision process for these firms.
An experiment was carried out to know the effects of paclobutrazol on the lodging related traits and yield of a japonia (Seomjinbyeo) and an indica (Samgangbyeo) rice variety grown at 3 N levels (10, 20, 30 kg/10a) and 3 N split rates [basal + top dressing 15 days after transplanting (DAT) : top dressing 25 days before heading (DBH) was 100 : 0, 80 : 20, and 60 : 40]. Paclobutrazol (3kg/10a of 0.6% G) was applied 15 DBH and lodging related traits were observed 3, 13, 23, and 33 days after heading (DAH). The results obtained summarized as follows. 1. Culm length was increased as N level increased, but decreased by application of paclobutrazol. Culm length was not affected by N split rates in both varieties. 2. Lodging was not occurred at all plots, but lodging index of Seomingbyeo was much greater than that of Samgangbyeo. In both varieties loding index increased up to 23 DAH due to an increase in fresh weight and a decrease in breaking strength and levelled off thereafter due to a decrease in both fresh weight and breaking strength. 3. Culm length of Seomjinbyeo and fresh weight of shoot and culm length of Samgangbyeo were positively correlated with lodging index, but breaking strength was not correlated with lodging index in both varieties during the most of ripening stages. Direct effect of culm length contributing to lodging index was positive and much greater than that of fresh weight and breaking strength in Seomjinbyeo, but in Samganbyeo direct effect of culm length and fresh weight was positive, but that of breaking strength was negative with similar magnitudes. 4. Yield in brown rice of Seomjinbyeo was not affected by N level, but split application of N increased yield. In contrast, yield of Samgangbyeo was increased as N level increased, but yield was not affected by N split rates. Paclobutrazol did not affect yield of rice in Seomjinbyeo, but decreased yield by 5.2% in Samgangbyeo due to a decrease in the number of spikelets per panicle.
Journal of Physiology & Pathology in Korean Medicine
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v.19
no.2
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pp.481-489
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2005
Lonicerae Flos has antibacterial effects against Staphylococcus aureus, streptococci, pneumococci, Bacillus dysenterii, Salmonella typhi, and paratyphoid. It is an antiviral agent. The herb has a cytoprotective effect against $CCl_{4}-induced$ hepatic injury. It has antilipemic action, interfering with lipid absorption from the gut. Nowadays this herb is used mainly in the treatment of upper respiratory infections, such as tonsillitis and acute laryngitis. It is also used in the treatment of skin suppurations, such as carbuncles, and to treat viral conjunctivitis, influenza, pneumonia, and mastitis. Lonicerae Flos is dried flower buds of Lonicera japonica, L. hypoglauca, L. confusa, or L. dasystyla. But, for the most part, we use whole plant of Lonicera japonica, as a flower bud of it. And, little is known of the original copy of effects of whole plant, except for the 'Bon-Cho-Gang-Mok', which is written the effects of flower of Lonicera japonica are equal to effects of leaves and branch of it. The present study was conducted to evaluate the effect of flower and whole plant of Lonicera japonica on the regulatory mechanism of cytokines, inducible nitric oxide synthase (iNOS) and cyclooxygenase (COX-2) for the immunological activities in Raw 264.7 cells. In Raw 264.7 cells stimulated with lipopolysaccharide (LPS) to mimic inflammation, flower and whole plant of Lonicera japonica water extracts inhibited nitric oxide production in a dose-dependent manner and abrogated iNOS and COX-2. Flower and whole plant of Lonicera japonica water extract did not affect on cell viability. To investigate the mechanism by which flower and whole plant of Lonicera japonica water extract inhibits iNOS and COX-2 gene expression, we examined the on phosphorylation of inhibitor ${\kappa}B{\alpha}$ and assessed production of $TNF-{\alpha}$, $interleukin-1{\beta}$$(IL-1{\beta})$ and interleukin-6 (IL-6). Results provided evidence that flower and whole plant of Lonicera japonica inhibited the production of $IL-1{\beta}$, IL-6 and activated the phosphorylation of inhibitor ${\kappa}B{\alpha}$ in Raw 264.7 cells activated with LPS. These findings suggest that flower and whole plant of Lonicera japonica can produce anti-inflammatory effect, which may play a role in adjunctive therapy in Gram-negative bacterial infections, respectively.
Purpose : Lipoprotein(a) is a genetically determined risk factor for atherosclerotic vascular disease and is elevated in patients with renal disease. Especially the patients with nephrotic syndrome exhibit excessively high Lp(a) plasma concentrations. Also the patients with end-stage renal disease have elevated Lp(a) levels. But the mechanism underlying this elevation is unclear. Thus, in this study, by measuring the level of serum Lp(a) in common renal diseases in children, we hoped to see whether there would be a change in Lp(a) in renal diseases other than nephrotic syndrome. Then, we figured out its implications, and looked for the factors that affect the Lp(a) concentrations. Methods : A total of 75 patients(34 patients with hematuria of unknown etiology, 10 with hematuria and hypercalciuria, 8 with IgA nephropathy, 8 with poststreptococcal glomerulone phritis, 3 with $Henoch-Sch\"{o}nlein$ nephritis, 7 with urinary tract infection, and 5 with or- thostatic proteinuria) were studied. The control group included 20 patients without renal and liver disease. Serum Lp(a), total protein, and albumin levels, 24-hour urine protein and calcium excretions, creatinine clearance and the number of RBCs and WBCs in the urinary sediment were evaluated. Data analysis was peformed using the Student t-test and a P-value less than 0.05 was considered to be statistically significant. Results : LP(a) was not correlated with 24-hour urine calcium and creatinine. Lp(a) level had a positive correlation with proteinuria and negative correlation with serum albumin and serum protein. Among the common renal diseases in children, Lp(a) was elevated only in orthostatic proteinuria (P<0.05). Conclusion : Lp(a) is correlated with proteinuria, serum protein, and serum albumin, but not with any kind of specific renal disease. Afterward, Lp(a) needs to be assessed in patients with orthostatic proteinuria and its possible role as a prognostic factor could be confirmed.
Journal of Korean Home Economics Education Association
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v.29
no.3
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pp.125-140
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2017
The purpose of this study was to investigate the relationship of covert narcissism and the sense of alienation with SNS addiction proneness and the influence of them on SNS addiction proneness in order to find a way to conduct an intervention for the SNS addiction proneness of middle school students, and verify the mediating effect of self-esteem on the relationship between covert narcissism, the sense of alienation, and SNS addiction proneness. For this purpose, data were collected online from the first to third grade middle school students who had the experience of using SNS within the past one week, and finally, the data of a total of 341 participants were used for analysis. First, as a result of the analysis of the correlation between covert narcissism, the sense of alienation, self-esteem and SNS addiction proneness, covert narcissism and the sense of alienation showed a significant positive correlation with SNS addiction proneness. On the other hand, there was a significant negative correlation between self-esteem and SNS addiction proneness. Second, the investigation of the effects of covert narcissism, alienation, and self-esteem on SNS addiction proneness showed that covert narcissism, the sense of alienation, and self-esteem had a significant effect on the SNS addiction proneness. The higher the levels of covert narcissism and the sense of alienation, the higher the level of SNS addiction proneness. On the other hand, the higher the level of self-esteem, the lower the level of SNS addiction proneness. Third, the mediating effect of self-esteem was verified for the relationship of covert narcissism and the sense of alienation with SNS addiction proneness. Although covert narcissism and the sense of alienation may directly affect SNS addiction proneness, it was found that they had a significant effect on the SNS addiction proneness through self-esteem as a mediating variable. In other words, it was found that as the levels of the covert narcissism and the sense of alienation were increased, the level of the self-esteem was lowered, which led to a higher level of SNS addiction proneness. In order to form a proper network culture for adolescents, education on appropriate use of SNS that can be put into practice in everyday life should be conducted, and healthy and desirable SNS culture should be created. In addition, systematic education and management should be provided so that students can develop the ability to control and regulate themselves.
Proceedings of The Korean Society of Agricultural and Forest Meteorology Conference
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2014.10a
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pp.1-24
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2014
This study uses geo-spatial crop modeling to quantify the biophysical impact of weather extremes. More specifically, the study analyzes the weather extreme which affected maize production in the USA in 2012; it also estimates the effect of a similar weather extreme in 2050, using future climate scenarios. The secondary impact of the weather extreme on food security in the developing world is also assessed using trend analysis. Many studies have reported on the significant reduction in maize production in the USA due to the extreme weather event (combined heat wave and drought) that occurred in 2012. However, most of these studies focused on yield and did not assess the potential effect of weather extremes on food prices and security. The overall goal of this study was to use geo-spatial crop modeling and trend analysis to quantify the impact of weather extremes on both yield and, followed food security in the developing world. We used historical weather data for severe extreme events that have occurred in the USA. The data were obtained from the National Climatic Data Center (NCDC) of the National Oceanic and Atmospheric Administration (NOAA). In addition we used five climate scenarios: the baseline climate which is typical of the late 20th century (2000s) and four future climate scenarios which involve a combination of two emission scenarios (A1B and B1) and two global circulation models (CSIRO-Mk3.0 and MIROC 3.2). DSSAT 4.5 was combined with GRASS GIS for geo-spatial crop modeling. Simulated maize grain yield across all affected regions in the USA indicates that average grain yield across the USA Corn Belt would decrease by 29% when the weather extremes occur using the baseline climate. If the weather extreme were to occur under the A1B emission scenario in the 2050s, average grain yields would decrease by 38% and 57%, under the CSIRO-Mk3.0 and MIROC 3.2 global climate models, respectively. The weather extremes that occurred in the USA in 2012 resulted in a sharp increase in the world maize price. In addition, it likely played a role in the reduction in world maize consumption and trade in 2012/13, compared to 2011/12. The most vulnerable countries to the weather extremes are poor countries with high maize import dependency ratios including those countries in the Caribbean, northern Africa and western Asia. Other vulnerable countries include low-income countries with low import dependency ratios but which cannot afford highly-priced maize. The study also highlighted the pathways through which a weather extreme would affect food security, were it to occur in 2050 under climate change. Some of the policies which could help vulnerable countries counter the negative effects of weather extremes consist of social protection and safety net programs. Medium- to long-term adaptation strategies include increasing world food reserves to a level where they can be used to cover the production losses brought by weather extremes.
The high temperature and water content in soil profile probably affect the physiological disorder especially on cool-season turfgrasses in warm and humid weather of Korean summer. The purpose of this research was to analyze the effect of soil temperature and water content on the growth and stress response of creeping bentgrass(Agrostis palustris Huds.) under a humid and warm temperature. USGA(United State of Golf Association) green profile in laboratory test, Daily temperature changes were tested under a dried sand, 70% water content of field capacity, and saturated condition at $34^{\circ}C$ of the USGA green in lab. In this test, the dried sand reached to $80^{\circ}C$, however, the surface temperature decrease of $10^{\circ}C$ on the saturated condition. In the thermal properties test in field, thermal conductivity, thermal diffusivity, and soil temperature were increased followed by irrigation practise. In the water-deficient condition, the highest soil temperature was reached temporally right after irrigation, however, the excessive soil water content higher than field water holding capacity showed the highest soil temperature after a while. This result indicated that a heat damage to root system was caused from the thermal conductivity of a high surface soil temperature. The excessive irrigation when a high turf surface temperature should occur a negative result on tufgrass growth, moreover, it would be fatal to root growth of creeping bentgrass, especially when associated with a poor draining system on USGA sand green. Overall, this study shows that high soil temperature with water-excessive condition negatively affects on cool-season grass during the summer season, suggesting that excessive irrigation, over 70% field capacity of soil condition, does not help to reduce soil temperature for summer season in Korea. In the study that cool-season grass were treated with different water content of soil, The soil had higher temperature and more water holding capacity when treatment rate of soil conditioner was increased. The best growth at the normal water condition and the worst state of growth at thee water-excessive condition were observed.
Journal of the Korea Society of Computer and Information
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v.25
no.6
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pp.239-250
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2020
The purpose of this paper is to explore the influence of the "contextualization" effect of web celebrity live broadcast on the e-commerce platform on consumers' perception of product value, risk and purchase intention. Live in this paper, using Taobao shopping consumers as the research object, the survey method, questionnaire survey is adopted, the form through the questionnaire and distributed network, a live in order to further validation of web celebrity effect of contextualized actual influence on consumer purchase intention, questionnaire design the Likert scale, seven and recycling questionnaire analysis using the statistical software SPSS 23.0 and AMOS 22.0 after processing the data. After determining the reliability and validity of the questionnaire, the exploratory factor analysis was used to verify the hypothesis and calculate the actual adjustment degree of the "contextualization" effect of web celebrity live broadcasting on consumers' purchase intention. The research results of this paper are summarized as follows :(1) consumers' perceived value of products can significantly positively affect their purchase intention, while perceived risk has a significantly negative impact on their purchase intention; (2) consumers' trust and purchase intention to products are regulated by the "contextualization" of web celebrity live broadcast. Specifically, for web celebrity live broadcasting with good "contextualization" effect, the perceived value of consumer products has a positive impact on product trust, which is higher than that of web celebrity live broadcasting with poor "contextualization" effect. In terms of resolving consumers' perceived risks to products, web celebrity live broadcast with good "contextualization" effect is also significantly better than web celebrity live broadcast with poor "contextualization" effect. Based on empirical analysis, this paper concludes that web celebrity live broadcasting will become a new breakthrough for the sustainable growth of the e-commerce industry, and puts forward Suggestions on the e-commerce marketing mode and the transformation of web celebrity live broadcasting industry.
Asia-Pacific Journal of Business Venturing and Entrepreneurship
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v.14
no.3
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pp.153-168
/
2019
Augmented Reality(AR) has been one of the important technologies of the 4th industrial revolution. Consumer acceptance of new technologies is substantial issue for market expansion, but there have been few empirical studies on factors that affect the acceptance or use intention of AR. In this study, we have explored and analyzed the factors influencing technology acceptance based on the extended unified theory of acceptance and use of technology(UTAUT2) model in the AR business and have discussed it with comparison with existing research based on this analysis. The results of this study suggest that the main variables of the existing UTAUT1 model had significant positive effect on the intention to use, such as performance expectancy, effort expectancy, facilitating conditions and hedonic motivation, habits of UTAUT2. In addition, perceived risk introduced in this study had a negative effect on intention to use. Furthermore, the impact between these two factors have been effort expectancy(${\beta}=.294$)>habits(${\beta}=.268$)>hedonic motivation(${\beta}=.266$)>performance expectancy,(${\beta}=.263$)>facilitating conditions(${\beta}=.233$)>perceived risk(${\beta}=-.094$). The impact of social influence did not have a significant effect on intention to use. The intention to use was analyzed to have a significant positive effect on the actual use and recommendation intention. On the other hand, the hypothesis that the age and gender has played a moderating role between independent variables and the intention of use were investigated. Age was found out to play a role as a moderator between social influence, facilitating conditions, hedonic motivation, habits and intention to use. In the same way, gender has been shown to play a moderating role between facilitating conditions, perceived risk and intention to use. Academic and practical implications are suggested based on the results of this study.
Seo, Meeja;Kim, Jeong Hwan;Seo, Bo Yoon;Park, Bueyong;Lee, Sang Gu;Kim, Kwang Ho;Cho, Jum Rae
Korean journal of applied entomology
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v.58
no.2
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pp.151-157
/
2019
It was available to store both nymphs and adults of Geocoris pallidipennis at $5^{\circ}C$ for 3 weeks without negative effects on their survival, fecundity, and Bemisia tabaci predation. Fecundities of G. pallidipennis showed the tendency to be decreased with increasing cold storage duration, but up to 4 weeks, storage at $5^{\circ}C$ didn't affect their fecundity. When Micromus angulatus adults were stored at $5^{\circ}C$ with honey solution as preys, it was possible to store up to 140 days showing approximately 50% of cumulative survival, but over 2 week cold storage was not suitable for their fecundity. With the increase of cold storage duration, the aphid predation by M. angulatus decreased, but it could be possible to cold store until 5 weeks without any significant effect on their aphid predation. Thus, short term cold storage of G. pallidipennis and M. angulatus could be useful for inundative biological strategies.
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