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Analysis of Prognostic Factors Related to Survival Time for Patients with Small Cell Lung Cancer (소세포폐암 환자의 생존기간에 관련된 인자 분석)

  • Kim, Hee-Kyoo;Yook, Dong-Seung;Shin, Ho-Sik;Kim, Eun-Seok;Lim, Hyun-Jeung;Lim, Tae-Kwan;Ok, Chul-Ho;Cho, Hyun-Myung;Jung, Maan-Hong;Jang, Tae-Won
    • Tuberculosis and Respiratory Diseases
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    • v.54 no.1
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    • pp.57-70
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    • 2003
  • Background : Small cell lung cancer represents approximately 20% of all carcinomas of the lung, and is recognized as having a poor long term outcome compared to non-small cell lung cancer. Therefore, this study investigated the prognostic factors in small cell lung cancer patients in order to improved the survival rate by using the proper therapeutic methods. Material and method : The clinical data from 394 patients who diagnosed with small cell lung cancer and treated from 1993 to 2001 at the Kosin University Gospel Hospital, were analyzed. Result : There were 314 male patients (79.7%), and 80 female patients (20.3%). The number of those with limited disease was 177 (44.9%), and the number of those with extensive disease was 217 (55.1%). Overall, 366 out of 394 enrolled patients had died. The median survival time was 215 days (95% CI : 192-237days). The disease stage, Karnofsky performance state, 5% body weight loss for the recent 3 months, chemotherapy regimens, and the additive chest radiotherapy were identified as being statistically significant factors for the survival time. The median survival times of the supportive care group, one anticancer therapy, and two or more treatment groups were 17 days, 211 days, and 419 day, respectively (p<0.001). These data emphasize the importance of anticancer treatment to improve survival time for patients. The group of concurrent chemoradiotherapy (30 patients) showed significantly longer survival time than the group given sequential chemoradiotherapy (55 patients) (528 days versus 373 days, p=0.0237). The favorable prognostic factors of laboratory study were groups of leukocyte =8,000/mm3, ALP=200 U/L, LDH=450 IU/L, NSE=15 ng/mL, s-GOT=40 IU/L. In extensive disease, there was no difference according to the number of metastatic site. However, the median survival time of patients with ipsilateral pleural effusion had longer than patients having other metastatic sites. According to the survey periods, three groups were divided into 1993-1995, 1996-1998, and 1999-2001. The median survival time was significantly prolonged after 1999 in comparison to previous groups (177 days, 194 days, 289 days, p=0.001, 0.002, respectively). Conclusion: Disease stage and 5% body weight loss for recent 3 months at diagnostic state were significant prognostic factors. In addition, the performance status, serum ALP, LDH, NSE, CEA levels also appear to be prognostic factors. The survival time of those patients with small cell lung cancer has been prologned in recent years. It was suggested that the used of the EP (etoposied and cisplatin) chemotherapy method and concurrent chemoradiotherapy for patients with a limited stage contributed to the improved survival time.

The Spatio-temporal Distribution of Organic Matter on the Surface Sediment and Its Origin in Gamak Bay, Korea (가막만 표층퇴적물중 유기물량의 시.공간적 분포 특성)

  • Noh Il-Hyeon;Yoon Yang-Ho;Kim Dae-Il;Park Jong-Sick
    • Journal of the Korean Society for Marine Environment & Energy
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    • v.9 no.1
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    • pp.1-13
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    • 2006
  • A field survey on the spatio-temporal distribution characteristics and origins of organic matter in surface sediments was carried out monthly at six stations in Gamak Bay, South Korea from April 2000 to March 2002. The range of ignition loss(IL) was $4.6{\sim}11.6%(7.1{\pm}1.6%)$, while chemical oxygen demand(CODs) ranged from $12.25{\sim}99.26mgO_2/g-dry(30.98{\pm}19.09mgO_2/g-dry)$, acid volatile sulfide(AVS) went from no detection(ND)${\sim}10.29mgS/g-dry(1.02{\pm}0.58mgS/g-dry)$, and phaeopigment was $6.84{\sim}116.18{\mu}g/g-dry(23.72{\pm}21.16{\mu}g/g-dry)$. The ranges of particulate organic carbon(POC) and particulate organic nitrogen(PON) were $5.45{\sim}23.24 mgC/g-dty(10.34{\pm}4.40C\;mgC/g-dry)$ and $0.71{\sim}2.99mgN/g-dry(1.37{\pm}0.58mgN/g-dry)$, respectively. Water content was in the range of $43.1{\sim}77.6%(55.8{\pm}5.6%)$, and mud content(silt+clay) was higher than 95% at all stations. The spatial distribution of organic matter in surface sediments was greatly divided between the northwestern, central and eastern areas, southern entrance area from the distribution characteristic of their organic matters. The concentrations of almost all items were greater at the northwestern and southern entrance area than at the other areas in Gamak Bay. In particular, sedimentary pollution was very serious at the northwestern area, because the area had an excessive supply of organic matter due to aquaculture activity and the inflow of sewage from the land. These materials stayed longer because of the topographical characteristics of such as basin and the anoxic conditions in the bottom seawater environment caused by thermocline in the summer. The tendency of temporal change was most prominently in the period of high-water temperatures than low-water ones at the northwestern and southern entrance areas. On the other hand, the central and eastern areas did not show a regular trend for changing the concentrations of each item but mainly showed a higher tendency during the low-water temperatures. This was observed for all but AVS concentrations which were higher during the period of high-water temperature at all stations. Especially, the central and eastern areas showed a large temporal increase of AVS concentration during those periods of high-water temperature where the concentration of CODs was in excess of $20mgO_2/g-dry$. The results show that the organic matters in surface sediments in Gamak Bay actually originated from autochthonous organic matters with eight or less in average C/N ratio including the organic matters generated by the use of ocean, rather than terrigenous organic matters. However, the formation of autochthonous organic matter was mainly derived from detritus than living phytoplankton, indicated the results of the POC/phaeopigment ratio. In addition, the CODs/IL ratio results demonstrate that the detritus was the product of artificial activities such as dregs feeding and fecal pellets of farm organisms caused by aquaculture activities rather than the dynamic of natural ocean activities.

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Clinical Outcome after Breast Conserving Surgery and Radiation Therapy for Early Breast Cancer (초기 유방암의 유방 보존수술 후 방사선 치료 결과)

  • Cho, Heung-Lae;Kim, Cheol-Jin;Park, Sung-Kwang;Oh, Min-Kyung;Lee, Jin-Yong;Ahn, Ki-Jung
    • Radiation Oncology Journal
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    • v.26 no.4
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    • pp.204-212
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    • 2008
  • Purpose: This study was performed to evaluate the disease-free survival and risk factors of recurrence in early breast cancer patients who have undergone breast conserving surgery and radiation therapy. Materials and Methods: From March 1997 to December 2002, 77 breast cancer patients who underwent breast conserving surgery and radiation therapy were reviewed retrospectively. The median follow-up time was 58.4 months (range $43.8{\sim}129.4$ months) and the mean subject age was 41 years. The frequency distribution of the different T stages, based on the tumor characteristics was 38 (49.3%) for T1, 28 (36.3%) for T2, 3 for T3, 7 for T is and 1 for an unidentified sized tumor. In addition, 52 patients (67.5%) did not have axillary lymph metastasis, whereas 14 patients (18.1%) had $1{\sim}3$ lymph node metastases and 3 (0.03%) had more than 4 lymph node metastases. The resection margin was negative in 59 patients, close (${\leq}2\;mm$) in 15, and positive in 4. All patients received radiation therapy at the intact breast using tangential fields with a subsequent electron beam boost to the tumor bed at a total dose ranging from 59.4 Gy to 66.4 Gy. Patients with more than four positive axillary lymph nodes received radiation therapy ($41.4{\sim}60.4\;Gy$) at the axillary and supraclavicular area. Chemotherapy was administered in 59 patients and tamoxifen or fareston was administered in 29 patients. Results: The 5 year overall survival and disease-free survival rates were 98.08% and 93.49%, respectively. Of the 77 patients, a total of 4 relapses (5.2%), including 1 isolated supraclavicular relapse, 1 supraclavicular relapse with synchronous multiple distant relapses, and 2 distant relapses were observed. No cases of local breast relapses were observed. Lymph node metastasis or number of metastatic lymph nodes was not found to be statistically related with a relapse (p=0.3289) nor disease-free survival (p=0.1430). Patients with positive margins had a significantly shorter disease-free survival period (p<0.0001) and higher relapse rates (p=0.0507). However, patients with close margins were at equal risk of relapse and disease-free survival as with negative margins (p=1.000). Patients younger than 40 years of age had higher relapse rates (9.3% vs. 0%) and lower disease-free survival periods, but the difference was not statistically significant (p=0.1255). The relapse rates for patients with tumors was 14% for tumor stage T2, compared to 0% for tumor stage T1 tumors (p=0.0284). A univariate analysis found that disease-free survival and relapse rates, T stage, positive resection margin and mutation of p53 were significant factors for clinical outcome. Conclusion: The results of this study have shown that breast conservation surgery and radiation therapy in early breast cancer patients has proven to be a safe treatment modality with a low relapse rate and high disease-free survival rate. The patients with a positive margin, T2 stage, and mutation of p53 are associated with statistically higher relapse rates and lower disease-free survival.

Effects of Supplementation of Synbiotic Co-cultures Manufactured with Anaerobic Microbes on In Vitro Fermentation Characteristics and In Situ Degradability of Fermented TMR (혐기성 미생물로 제조한 synbiotics 혼합배양물의 첨가가 발효 TMR의 발효특성과 소실률에 미치는 영향)

  • Lee, Shin-Ja;Shin, Nyeon-Hak;Hyun, Jong-Hwan;Kang, Tae-Won;An, Jung-Jun;Jung, Ho-Sik;Moon, Yea-Hwang;Lee, Sung-Sill
    • Journal of Life Science
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    • v.19 no.11
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    • pp.1538-1546
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    • 2009
  • This study was conducted to estimate the in vitro fermentation characteristics and in situ degradabilities of total mixed rations fermented by the synbiotic co-cultures composed of various anaerobic microorganisms in the rumen of cow. Seventy two TMR bags (4 treatments $\times$ 6 fermentation days $\times$ 3 replications) were manufactured for in vitro and in situ experiments. The experiment was composed of four treatments including the control, the mould and bacteria synbiotics (T1), the mould and yeast synbiotics (T2) and the bacteria and yeast synbiotics (T3). Each treatment had six fermentation days (1, 3, 5, 7, 14, 21 day) with three replications. Two rumen cannulated Holstein cows (550 ㎏ of mean body wt) were used for in situ trial, and a total of 96 nylon bags were retrieved from the rumen according to eight fermentation times (1, 3, 6, 9, 18, 24, 48 and 72 hr). The mean fermentation temperatures of TMRs by supplementation of anaerobic micoorganism co-cultures ranged from $22.97^{\circ}C$ to $26.07^{\circ}C$, and tended to increase steadily during the entire period. pH values of the F-TMRs ranged from 4.39 to 4.98 and tended to decrease with the extension of the fermentation period, and decreased by supplementation of synbiotics (p<0.05). The ammonia concentrations of F-TMRs were not affected by addition of synbiotic co-cultures during the early fermentation period (within 7 days), but was lowest (p<0.05) in T3 during the late fermentation periods (after 14 days). Lactic acid concentration of F-TMR was lowest in T3 at 1 day of fermentation, but was not different from treatments in the other fermentation days. Microbial growth rates of F-TMR reached a peak at 7 days of fermentation, and afterward tended to decrease. In in situ experiment, the DM disappearance rates were higher in T1 than the control during early fermentation times (within 3 hours), but was vice versa at 48 hours of fermentation (p<0.05). There was no significant difference in effective DM degradability among treatments. NDF and ADF disappearance rates in situ were similar to those of DM. From the above results, the supplementation of synbiotics, particularly the mould and bacteria synbiotics, resulted in improving the pH and concentration of lactic acid of F-TMR as parameters of fermentation compare to the control, and also had higher in situ disappearance rates of DM, NDF and ADF than the control at early fermentation time. However, effective DM degradability was not affected by supplementation of synbiotics.

Tumor-suppressor Protein p53 Sensitizes Human Colorectal Carcinoma HCT116 Cells to 17α-estradiol-induced Apoptosis via Augmentation of Bak/Bax Activation (17α-Estradiol에 의한 인체 대장암 세포주 HCT116의 에폽토시스에 수반되는 Bak/Bax의 활성화에 미치는 종양억제단백질 p53의 강화효과)

  • Han, Cho Rong;Lee, Ji Young;Kim, Dongki;Kim, Hyo Young;Kim, Se Jin;Jang, Seokjoon;Kim, Yoon Hee;Jun, Do Youn;Kim, Young Ho
    • Journal of Life Science
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    • v.23 no.10
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    • pp.1230-1238
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    • 2013
  • The regulatory effect of the tumor-suppressor protein p53 on the apoptogenic activity of $17{\alpha}$-estradiol ($17{\alpha}-E_2$) was compared between HCT116 ($p53^{+/+}$) and HCT116 ($p53^{-/-}$) cells. When the HCT116 ($p53^{+/+}$) and HCT116 ($p53^{-/-}$) cells were treated with $2.5{\sim}10{\mu}M$ $17{\alpha}-E_2$ for 48 h or with $10{\mu}M$for various time periods, cytotoxicity and an apoptotic sub-$G_1$ peak were induced in the HCT116 ($p53^{+/+}$) cells in a dose- and time-dependent manner. However, the HCT116 ($p53^{-/-}$) cells were much less sensitive to the apoptotic effect of $17{\alpha}-E_2$. Although $17{\alpha}-E_2$ induced aberrant mitotic spindle organization and incomplete chromosome congregation at the equatorial plate, $G_2/M$ arrest was induced to a similar extent in both cell types. In addition, $17{\alpha}-E_2$-induced activation of Bak and Bax, ${\Delta}{\Psi}m$ loss, and PARP degradation were more dominant in the HCT116 ($p53^{+/+}$) than in the HCT116 ($p53^{-/-}$) cells. In accordance with enhancement of p53 phosphorylation (Ser-15) and p53 levels, p21 and Bax levels were elevated in the HCT116 ($p53^{+/+}$) cells treated with $17{\alpha}-E_2$. The HCT116 ($p53^{-/-}$) cells exhibited barely or undetectable levels of p21 and Bax, regardless of $17{\alpha}-E_2$ treatment. On the other hand, although the level of Bcl-2 was slightly lower in the HCT116 ($p53^{+/+}$) than in the HCT116 ($p53^{-/-}$) cells, it remained relatively constant after the $17{\alpha}-E_2$ treatment. Together, these results show that among the components of the $17{\alpha}-E_2$-induced apoptotic-signaling pathway, which proceeds through mitotic spindle defects causing mitotic arrest, subsequent activation of Bak and Bax and the mitochondria-dependent caspase cascade, leading to PARP degradation, $17{\alpha}-E_2$-induced activation of Bak and Bax is the upstream target of proapoptotic action of p53.

Translocation of Tolclofos-methyl from Ginseng Cultivated Soil to Ginseng (Panax ginseng C. A. Meyer) and Residue Analysis of Various Pesticides in Ginseng and Soil (토양 중 잔류된 Tolclofos-methyl의 인삼(Panax ginseng C. A. Meyer)에 대한 이행 및 잔류 특성)

  • Kim, Ji Yoon;Kim, Hea Na;Saravanan, Manoharan;Heo, Seong Jin;Jeong, Haet Nim;Kim, Jang Eok;Kim, Kwan Rae;Hur, Jang Hyun
    • The Korean Journal of Pesticide Science
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    • v.18 no.3
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    • pp.130-140
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    • 2014
  • Recently, some of the previous studies reported that tolclofos-methyl is still exist in ginseng cultivated soil, even though it is has been banned for ginseng. Therefore, the current study was aimed to examine the levels of absorption and translocation of tolclofos-methyl from ginseng cultivated soil to ginseng root and leaf stem for the period of 1 year. For this study, ginseng plants were transplanted in pots and treated with $5.0mg\;kg^{-1}$ of tolclofos-methyl (50% WP). At the end of each interval periods (every three months) the samples (soil, roots and leaf stems) were collected and analyzed the absorption and translocation levels of tolclofos-methyl using gas chromatography and mass spectrometry (GC-MS). The limit of quantitation of tolclofos-methyl was found to be $0.02mg\;kg^{-1}$ and 70.0~120.0% recovery was obtained with coefficient of variation of less than 10% regardless of sample types. In this study, a considerable amount of translocation of tolclofos-methyl residues were found in soil (4.28 to $0.06mg\;kg^{-1}$), root (7.09 to $1.54mg\;kg^{-1}$) and leaf stem (0.79 to $0.69mg\;kg^{-1}$). The results show that the tolclofos-methyl was absorbted and translocated from ginseng cultivated soil to ginseng root and ginseng leaf stem and found to be decreased time-coursely. Secondly, we were also analyzed soil, root and leaf stems samples from Hongcheon, Cheorwon, Punggi and Geumsan by GC-MS/MS (172 pesticides), LC-MS/MS (74 pesticides). In this study, 43 different pesticides were detected ($0.01{\sim}7.56mg\;kg^{-1}$) in soil, root and leaf stem. Further, tolclofos-methyl was detected 4 times separately in root sample alone which is less ($0.01{\sim}0.05mg\;kg^{-1}$) than their maximum residual limit (MRL) in ginseng. Consequently, the results from both studies indicate the residues of tolclofos-methyl found in ginseng cultivated soil and ginseng ensuring their safety level. Moreover, long-term evaluations are needed in order to protect the soil as well as ginseng free from tolclofos-methyl residues.

Diagenetic History of the Ordovician Chongson Limestone in the Chongson Area, Kangwon Province, Korea (강원도 정선 지역 오르도비스기 정선석회암의 속성 역사)

  • Bong, Lyon-Sik;Chung, Gong-Soo
    • Journal of the Korean earth science society
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    • v.21 no.4
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    • pp.449-468
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    • 2000
  • The Ordovician Chongson Limestone deposited in the carbonate ramp to the rimmed shelf shows diverse diagenetic features. The marine diagenetic feature appears as isopachous cements surrounding ooids and peloids. Meteoric diagenetic features are recrystallized finely and coarsely crystalline calcite, evaporite casts filled with calcite, and isopachous sparry calcite surrounding ooid grains. Shallow burial diagenetic features include wispy seam, microstylolite, and dissolution seam whereas deep burial features include stylolite, burial cements. blocky calcite with twin lamellae, and poikilotopic calcite. Dolomites consist of very finely to finely crystalline mosaic dolomite formed as supratidal dolomite, disseminated dolomite of diverse origin, patchy dolomite formed from bioturbated mottles, and saddle dolomite of burial origin. Silicified features include calcite-replacing quartz and fracture-filling megaquartz. Burial cements characterized by poikilotopic texture show ${\delta}^{18}$O value of -10.4 %$_o$ PDB, ${\delta}^{13}$C value of -1.0%$_o$ PDB and 504ppm Sr, 3643ppm Fe, and 152ppm Mn concentrations. Finely and coarsely crystalline limestones show similar ${\delta}^{18}$O and ${\delta}^{13}$C value to those of burial cements; however, they show lower Sr and higher Fe and Mn concentrations than burial cements. This suggests that very finely and coarsely crystalline limestones were recrystallized in freshwater and then they were readjusted geochemically in the burial setting whereas the burial cements were formed in relatively high temperature and low water/rock ratio conditions. Very finely and finely crystalline mosaic dolomites with ${\delta}^{18}$O value of -8.2%$_o$ PDB, ${\delta}^{13}$C value of -1.9 %$_o$ PDB, and 213ppm Sr, 3654ppm Fe, and 114ppm Mn concentrations, respectively are interpreted to have been formed penecontemporaneously in supratidal flat and then recrystallized in the low water/rock ratio burial environment. Geochemical data suggest that the low water/rock ratio burial environment was the dominant diagenetic setting in the Chongson Limestone. The Chongson Limestone has experienced marine and meteoric diagenesis during early diagenesis. With deposition of Haengmae and Hoedongri formations part of the Chongson Limestone was buried beneath these formations and it experienced shallow burial diagenesis. During the Devonian the Chongson Limestone was tectonically deformed and subaerially exposed. During the Carboniferous to the Permian about 3.3km thick Pyongan Supergroup was deposited on the Chongson Limestone and the Chongson Limestone was in deep burial depths and stylolite, burial cements, blocky calcite and saddle dolomite were formed. After this burial event the Chongson Limestone was subaerially exposed during the Mesozoic and Cenozoic by three periods of tectonic disturbance including Songnim, Daebo and Bulguksa disturbance. Since the Bulguksa disturbance during Cretaceous and early Tertiary the Chongson Limestone has been subaerially exposed.

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Requirement and Perception of Parents on the Subject of Home Economics in Middle School (중학교 가정교과에 대한 학부모의 인식 및 요구도)

  • Shin Hyo-Shick;Park Mi-Soog
    • Journal of Korean Home Economics Education Association
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    • v.18 no.3 s.41
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    • pp.1-22
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    • 2006
  • The purpose of this study is that I should look for a desirous directions about home economics by studying the requirements and perception of the high school parents who have finished the course of home economics. It was about 600 parents whom I have searched Seoul-Pusan, Ganwon. Ghynggi province, Choongcheong-Gyungsang province, Cheonla and Jeju province of 600, I chose only 560 as apparently suitable research. The questions include 61 requirements about home economics and one which we never fail to keep among the contents, whenever possible and one about the perception of home economics aims 11 about the perception of home economics courses and management. The collections were analyzed frequency, percent, mean. standard deviation t-test by using SAS program. The followings is the summary result of studying of it. 1. All the boys and girls learning together about the Idea of healthy lives and desirous human formulation and knowledge together are higher. 2. Among the teaching purposes of home economics, the item of the scientific principle and knowledge for improvements of home life shows 15.7% below average value. 3. The recognition degree about the quality of home economics is highly related with the real life, and about the system. we recognize lacking in periods and contents of home economics field and about guiding content, accomplishment and application qualities are higher regardless of sex. 4. The important term which we should emphasize in the subject of home economics is family part. 5. Among the needs of home economic requirement in freshman, in the middle unit, their growth and development are higher than anything else, representing 4.11, and by contrast the basic principle and actuality is 3.70, which is lowest among them. 6. In the case of second grade requirement of home economics content for parents in the middle unit young man and consuming life is 4.09 highest. 7. In the case of 3rd grade requirement of economics contents in the middle unit the choice of coming direction and job ethics is highest 4.16, and preparing meals and evaluation is lowest 3.50.

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The Findings of Pulmonary Function Test in Patients with Inhalation Injury (흡입화상 환자에서의 폐기능검사 소견)

  • Kim, Jong Yeop;Kim, Cheol Hong;Shin, Hyun Won;Chae, Young Je;Choi, Chul Young;Shin, Tae Rim;Park, Yong Bum;Lee, Jae Young;Bahn, Joon-Woo;Park, Sang Myeon;Kim, Dong-Gyu;Lee, Myung Goo;Hyun, In-Gyu;Jung, Ki-Suck
    • Tuberculosis and Respiratory Diseases
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    • v.60 no.6
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    • pp.653-662
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    • 2006
  • Background: The changes in the pulmonary function observed in burn patients with an inhalation injury are probably the result of a combination of airway inflammation, chest wall and muscular abnormalities, and scar formation. In addition, it appears that prolonged ventilatory support and an episode of pneumonia contribute to the findings. This study investigated the changes in the pulmonary function in patients with inhalation injury at the early and late post-burn periods. Methods: From August 1, 2002, to August 30, 2005, surviving burn patients who had an inhalation injury were enrolled prospectively. An inhalation injury was identified by bronchoscopy within 48hours after admission. Spirometry was performed at the early phase during admission and the recovery phase after discharge, and the changes in the pulmonary function were compared. Results: 37 patients (M=28, F=9) with a total burn surface area (% TBSA), ranging from 0 to 18%, were included. The initial $PaO_2/$FiO_2$ratio and COHb were $286.4{\pm}129.6mmHg$ and $7.8{\pm}6.6%$. Nine cases (24.3%) underwent endotracheal intubation and 3 cases (8.1%) underwent mechanical ventilation. The initial X-ray findings revealed abnormalities in, 18 cases (48.6%) with 15 (83.3%) of these being completely resolved. However, 3 (16.7%) of these had residual sequela. The initial pulmonary function test, showed an obstructive pattern in 9 (24.3%) with 4 (44.4%) of these showing a positive bronchodilator response, A restrictive pattern was also observed in 9 (24.3%) patients. A lower DLco was observed in only 4 (17.4%) patients of which 23 had undergone DLco. In the follow-up study, an obstructive and restrictive pattern was observed in only one (2.7%) case each. All the decreased DLco returned to mormal. Conclusions: Most surviving burn patients with an inhalation injury but with a small burn size showed initial derangements in the pulmonary function test that was restored to a normal lung function during the follow up period.

Impact of Shortly Acquired IPO Firms on ICT Industry Concentration (ICT 산업분야 신생기업의 IPO 이후 인수합병과 산업 집중도에 관한 연구)

  • Chang, YoungBong;Kwon, YoungOk
    • Journal of Intelligence and Information Systems
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    • v.26 no.3
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    • pp.51-69
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    • 2020
  • Now, it is a stylized fact that a small number of technology firms such as Apple, Alphabet, Microsoft, Amazon, Facebook and a few others have become larger and dominant players in an industry. Coupled with the rise of these leading firms, we have also observed that a large number of young firms have become an acquisition target in their early IPO stages. This indeed results in a sharp decline in the number of new entries in public exchanges although a series of policy reforms have been promulgated to foster competition through an increase in new entries. Given the observed industry trend in recent decades, a number of studies have reported increased concentration in most developed countries. However, it is less understood as to what caused an increase in industry concentration. In this paper, we uncover the mechanisms by which industries have become concentrated over the last decades by tracing the changes in industry concentration associated with a firm's status change in its early IPO stages. To this end, we put emphasis on the case in which firms are acquired shortly after they went public. Especially, with the transition to digital-based economies, it is imperative for incumbent firms to adapt and keep pace with new ICT and related intelligent systems. For instance, after the acquisition of a young firm equipped with AI-based solutions, an incumbent firm may better respond to a change in customer taste and preference by integrating acquired AI solutions and analytics skills into multiple business processes. Accordingly, it is not unusual for young ICT firms become an attractive acquisition target. To examine the role of M&As involved with young firms in reshaping the level of industry concentration, we identify a firm's status in early post-IPO stages over the sample periods spanning from 1990 to 2016 as follows: i) being delisted, ii) being standalone firms and iii) being acquired. According to our analysis, firms that have conducted IPO since 2000s have been acquired by incumbent firms at a relatively quicker time than those that did IPO in previous generations. We also show a greater acquisition rate for IPO firms in the ICT sector compared with their counterparts in other sectors. Our results based on multinomial logit models suggest that a large number of IPO firms have been acquired in their early post-IPO lives despite their financial soundness. Specifically, we show that IPO firms are likely to be acquired rather than be delisted due to financial distress in early IPO stages when they are more profitable, more mature or less leveraged. For those IPO firms with venture capital backup have also become an acquisition target more frequently. As a larger number of firms are acquired shortly after their IPO, our results show increased concentration. While providing limited evidence on the impact of large incumbent firms in explaining the change in industry concentration, our results show that the large firms' effect on industry concentration are pronounced in the ICT sector. This result possibly captures the current trend that a few tech giants such as Alphabet, Apple and Facebook continue to increase their market share. In addition, compared with the acquisitions of non-ICT firms, the concentration impact of IPO firms in early stages becomes larger when ICT firms are acquired as a target. Our study makes new contributions. To our best knowledge, this is one of a few studies that link a firm's post-IPO status to associated changes in industry concentration. Although some studies have addressed concentration issues, their primary focus was on market power or proprietary software. Contrast to earlier studies, we are able to uncover the mechanism by which industries have become concentrated by placing emphasis on M&As involving young IPO firms. Interestingly, the concentration impact of IPO firm acquisitions are magnified when a large incumbent firms are involved as an acquirer. This leads us to infer the underlying reasons as to why industries have become more concentrated with a favor of large firms in recent decades. Overall, our study sheds new light on the literature by providing a plausible explanation as to why industries have become concentrated.