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Lee Sang Whi,Yi Ha-Chin 한국무역학회 2013 Journal of Korea trade Vol.17 No.3
Using a sample of 2,635 facilities from 33 countries, we show Hofstede’s cultureindices are critical factors in explaining firms’ borrowing costs. After controlling forcountry and loan specific variables, we find that lenders residing in countries withlow tolerance to uncertainty and ambiguity price risk upwards more proportionatelythan lenders in other countries. The average loan spreads are higher in countries witha higher masculinity index. The lenders charge a higher risk premium because of theperceived higher risk embedded in a higher masculine society. Also, even controllingfor the credit ratings of the borrowers, we find that trade balance affects the costof borrowing firms. Our results suggest that the ratio of import to export can be relatedto lower information asymmetry and more transparent information, implying a lowercost of borrowing.
미래의 한국의 환경규제여건에 따른 2001년도의 원자력과 석탄화력 발전단가비교 -민감도와 불확실도 분석-
Lee, Byong-Whi,Oh, Sung-Ho Korean Nuclear Society 1989 Nuclear Engineering and Technology Vol.21 No.1
To analyze the impact of air pollution control on electricity generation cost, a computer program was developed. POGEN calculates levelized discounted power generation cost including additional air pollution control cost for coal power plant. Pollution subprogram calculates total capital and variable costs using governing equations for flue gas control. The costs are used as additional input for levelized discounted power generation cost subprogram. Pollution output for Rue Gas Desulphurization direct cost was verified using published cost data of well experienced industrialized countries. The power generation costs for the year 2001 were estimated by POGEN for three different regulatory scenarios imposed on coal power plant, and by levelized discounted power generation cost subprogram for nuclear power. Because of uncertainty expected in input variables for future plants, sensitivity and uncertainty analysis were made to check the importance and uncertainty propagation of the input variables using Latin Hypercube Sampling and Multiple Least Square method. Most sensitive parameter for levelized discounted power generation cost is discount rate for both nuclear and coal. The control cost for flue gas alone reaches additional 9-11 mills/kWh with standard deviation less than 1.3 mills/kWh. This cost will be nearly 20% of power generation cost and 40% of one GW capacity coal power plant investment cost. With 90% confidence, the generation cost of nuclear power plant will be 32.6-51.9 mills/kWh, and for the coal power plant it will be 45.5-50.5 mills/kWh. Nuclear is favorable with 95% confidence under stringent future regulatory requirement in Korea.
Protopanaxadiol modulates LPS-induced inflammatory activity in murinemacrophage RAW264.7 cells
Whi Min Lee,Sung Dae Kim,Kil Soo Kim,Yong Bum Song,Yi Seong Kwak,Jae Youl Cho,Hwa Jin Park,Jae Wook Oh,Man Hee Rhee 고려인삼학회 2006 Journal of Ginseng Research Vol.30 No.4
Protopanaxadiol (PPD) is a mixture of protopanaxadiol type saponins with a dammarane skeleton, from Korean red ginseng (Panax ginseng C.A. Meyer; Araliaceae). Korean ginseng is well-known herb to treat almost all kinds of diseases in Oriental medicine. This herb was particularly prescribed for treatment various inflammatory diseases, including rheumatoid arthritis, atherosclerosis, and diabetes mellitus, for centuries. To understand the efficacy of ginseng against inflammatory diseases, we aimed to show anti-inflammatory activities of the PPD in murine macrophage cell line, RAW264.7 cells using nitric oxide (NO) production assay and the expressions of pro-inflammatory cytokines, such as tumor necrosis factor-α (TNF-α), interleukin-1β (IL-1β), and IL-6, and monocyte chemotactic protein-1 (MCP-1). We found that PPD saponin significantly blocked LPS (1 μg/ml)-induced NO production in a dose-dependent manner. In addition, PPD abrogated the expressions of LPS-induced pro-inflammatory cytokines, such as IL-1β and MCP-1. Moreover, cyclooxygenase (COX)-2, a critical enzyme to produce prostaglandin E2 (PGE2), was significantly inhibited by PPD in LPS-activated RAW264.7 cells. Taken together, these results suggested that anti-inflammatory efficacy of Korean red ginseng on inflammatory diseases is, at least, due to the NO inhibitory activity and the inhibition of the expressional level of inflammatory cytokines and/or mediators.
Information Transparency, Lender Protection, and Credit Spread: Evidence from Chinese Debt Market
Sang Whi Lee,Sang Soo Park 한국외국어대학교 국제지역연구센터 2009 International Area Studies Review Vol.12 No.3
We estimate a model that addresses the spread of syndicated loans originated in China, employing a sample of 144 facilities. We provide empirical evidence that information transparency and lender protection influence the Chinese` borrowing costs in the presence of bond credit rating and other control variables. First, we find that the interest rate spread on a Chinese` syndicated loan is negatively related to the proxies for information transparency. Second, we document an inverse relationship between the spread and lender protection proxies. This empirical evidence demonstrates that the degree and scope of information transparency and lender protection decreases the cost of debt capital to Chinese borrowers.
Bank Mergers and Acquisitions : The Use of Collar Offers and Lockup Options
Sang Whi Lee(이상휘) 한국무역학회 2008 한국무역학회 세미나 및 토론회 Vol.2008 No.2
As finance literature suggests options have value. Major finding of this study is that lockup options and collar offers in bank merger transactions are important terms in determining the bid premiums offered to the target, after controlling for the salient financial and deal-specific variables. This findings are somewhat consistent with Burch (2001) and Fuller (2003). I also find that synergy is positively related to merger premiums, but the effect is significant only in intrastate mergers when large banks takeover relatively smaller banks. The structure of deal (pooling vs. purchase) and the credit quality of the target bank's portfolio seem to affect target's value in takeover markets.
The Maturity of Syndicated Loans Originated in Japan
Sang Whi Lee(이상휘) 한국무역학회 2006 한국무역학회 세미나 및 토론회 Vol.2006 No.2
I estimate a model that addresses the maturity of syndicated loans originated in Japan, employing a sample of 126 facilities. I find a negative relationship between maturity and the existence of credit rating and loan size, consistent with the liquidity risk hypothesis that firms that face liquidity risk lengthen the maturity of their debt. I also find evidence that the national identity of the arranging bank influences the maturity of syndicated loans. As the arranging bank is a local (i.e. Japanese) bank, its maturity is lengthened. I also find that loan maturity increases with the number of lenders within a syndicate, implying that Japanese borrowers prefer to have longer-term loans when the prospect for loan re-negotiability is reduced. Finally, I find that loan type and loan purpose influence the loan maturity.
Protopanaxadiol modulates LPS-induced inflammatory activity in murine macrophage RAW264.7 cells
Lee, Whi-Min,Kim, Sung-Dae,Kim, Kil-Soo,Song, Yong-Bum,Kwak, Yi-Seong,Cho, Jae-Youl,Park, Hwa-Jin,Oh, Jae-Wook,Rhee, Man-Hee The Korean Society of Ginseng 2006 Journal of Ginseng Research Vol.30 No.4
Protopanaxadiol (PPD) is a mixture of protopanaxadiol type saponins with a dammarane skeleton, from Korean red ginseng (Panax ginseng C.A. Meyer; Araliaceae). Korean ginseng is well-known herb to treat almost all kinds of diseases in Oriental medicine. This herb was particularly prescribed for treatment various inflammatory diseases, including rheumatoid arthritis, atherosclerosis, and diabetes mellitus, for centuries. To understand the efficacy of ginseng against inflammatory diseases, we aimed to show anti-inflammatory activities of the PPD in murine macrophage cell line, RAW264.7 cells using nitric oxide (NO) production assay and the expressions of pro-inflammatory cytokines, such as tumor necrosis $factor-{\alpha}$ ($TNF-{\alpha}$), interleukin-$1{\beta}$ (IL-$1{\beta}$), and IL-6, and monocyte chemotactic protein-1 (MCP-1). We found that PPD saponin significantly blocked LPS ($1{\mu}g/ml$)-induced NO production in a dose-dependent manner. In addition, PPD abrogated the expressions of LPS-induced pro-inflammatory cytokines, such as IL-$1{\beta}$ and MCP-1. Moreover, cyclooxygenase (COX)-2, a critical enzyme to produce prostaglandin E2 (PGE2), was significantly inhibited by PPD in LPS-activated RAW264.7 cells. Taken together, these results suggested that anti-inflammatory efficacy of Korean red ginseng on inflammatory diseases is, at least, due to the NO inhibitory activity and the inhibition of the expressional level of inflammatory cytokines and/or mediators.