STOCK MARKET CONDITION AND PRICING OF INITIAL PUBLIC OFFERINGS : A THEORY AND EVIDENCE FROM THE KOSDAQ STOCK MARKET

KIM, JONG-IL,PARK, IN-UCK 한국경제학회 2002 The Korean Economic Review Vol.18 No.2

In this paper we incorporate downward sloping demand curve into the well-known winner's curse model of Rock (1986) that explains the underpricing in IPOs, and examine the additional implications that this has in the pricing of the IPO. Specifically, we derive theoretical implications on how the degree of underpricing changes both in the size of IPOs and in the size of active investors. Our theory predicts the same relationships as the basic winner's curse theory of Rock in the "cold issue" markets. Unlike Rock's theory, however, our model shows that these relationships may change in the "hot issue" markets. This possibility of systematic dependence of the relationships on the market condition as indicated in our theory, is shown to be empirically supported by the IPo data in the KOSDAQ stock market.

Price Signalling Differentiated Experience Goods: Are Uniform Movie Prices a Puzzle?

( In-uck Park ),( Joon Song ) 한국경제학회 2021 The Korean Economic Review Vol.37 No.1

In a simple static model of differentiated experience goods supplied by a single seller, we show that both a uniform price equilibrium and a price signalling equilibrium coexist. This is in contrast to the received wisdom that price signalling of quality is nonviable in static settings. We also show that the seller’s profit is always higher in the price signalling equilibrium than in the uniform price equilibrium, but the consumer surplus and social welfare may be higher in either equilibrium depending on the distribution of the consumers’ tastes for the differentiated goods.

전기치료가 긴장형 두통환자의 뇌 혈류 속도에 미치는 영향

이인학,김진상,박장환,박래준,한동욱 대한물리치료학회 2000 대한물리치료학회지 Vol.12 No.3

The aim of study was to evaluated the possible role of cranial artery velocity in headache pathogenesis. The present study was studied of five headache(F=5, Mean age=29.80±6.76yrs) were compared to 4 controls(F=4, Mean age=29.00±5.48yrs). Transcranial doppler ultrasonography(TCD) is a new non-invasive and easily applicable method to evaluate flow velocities of the intracranial and extracranial cerebral arteries. TCD was pcrformed with standard method to measure the Mean Flow Velocity(MFV) of the middle and posterior cerebral arteries, the internal carotid artery, the vertebral and the basilar artery. We reviewed the whole TCD results performed at Taejon Veterans Hospital From October, 8. 2000 to November, 10. 2000. Mean flow velocities in headaches and controls at their 6 decades are 28.00±3.61㎝/sec and 41.25±1.71 ㎝/sec in left PCA(P$lt;0.01), 50.00±23.07em/sec and 82.75±15.59㎝/sec in right MCA(P$lt;0.05), 26.20±4.82 ㎝/sec and 45.50±4.51㎝/sec in right PCA(P$lt;0.01), 26.60±.56㎝/sec and 38.25±4.92㎝/sec in right VA(P$lt;0.01). After treatment for 2 weeks, mean of velocity on pre treatment and post treatment are 28.00±.61㎝/sec and 38.20±5.81㎝/sec in left PCA(P$lt;0.05), 26.20±4.827㎝/sec and 39.20±5.54㎝/sec in right PCA(P$lt;0.05), 26.60±4.56㎝/sec and 40.60±9.18 ㎝/sec in right VA(P$lt;0.01). It is concluded that Electrical Therapy for two weeks was effected to promote Mean Flow of Velocity in cranial artery. Mean of velocity in cranial artery with headaches observed in this study was lower than controls, but MFV was promote o after treatment for 2 weeks.

Purification and Biochemical Characterization of a 17 kDa Fibrinolytic Enzyme from Schizophyllum commune

In Suk Park,Jeong Uck Park,Min Jeong Seo,Min Jeong Kim,이혜현,Sung Ryeal Kim,강병원,최영현,주우홍,Yong Kee Jeong 한국미생물학회 2010 The journal of microbiology Vol.48 No.6

A fibrinolytic enzyme of the mushroom, Schizophyllum commune was purified with chromatographic methods,including a DEAE-Sephadex A-50 ion-exchange column and gel filtrations with Sephadex G-75 and Sephadex G-50 columns. The analysis of fibrin-zymography and SDS-PAGE showed that the enzyme was a monomeric subunit that was estimated to be approximately 17 kDa in size. The fibrinolytic activity of the enzyme in plasminogen-rich and plasminogen-free fibrin plates was 1.25 and 0.44 U/ml, respectively. The N-terminal amino acid sequence of the purified enzyme was identified as HYNIXNSWSSFID, which was highly distinguished from known fibrinolytic enzymes. The relative activity of the purified enzyme with an addition of 5 mM EDTA, Phosphoramidon, and Bestatin was about 76, 64, and 52%, respectively, indicating that it is a metalloprotease. The optimum temperature for the purified enzyme was approximately 45°C, and over 87% of the enzymatic activity was maintained as a stable state in a pH range from 4.0 to 6.0. Therefore, our results suggest that the potential thrombolytic agent from S. commune is a unique type of fibrinolytic enzyme.

퍼지추론 및 뉴럴네트워크 기반 2휠구동 로봇의 주행제어알고리즘 개발

강언욱(Eon-Uck Kang),양준석(Jun-Seok Yang),차보남(Bo-Nam Cha),박인수(In-Soo Park) 한국산업융합학회 2014 한국산업융합학회 논문집 Vol.17 No.2

This paper proposes a new approach to the design of cruise control system of a mobile robot with two drive wheel. The proposed control scheme uses a Gaussian function as a unit function in the fuzzy neural network, and back propagation algorithm to train the fuzzy neural network controller in the framework of the specialized learning architecture. It is proposed a learning controller consisting of two neural network-fuzzy based on independent reasoning and a connection net with fixed weights to simply the neural networks-fuzzy. The performance of the proposed controller is shown by performing the computer simulation for trajectory tracking of the speed and azimuth of a mobile robot driven by two independent wheels.

Purification and biochemical characterization of a fibrinolytic enzyme from Bacillus subtilis BK-17

Jeong, Yong Kee,Park, Jeong Uck,Baek, Hyun,Park, Sung Hoon,Kong, In Soo,Kim, Dong Wan,Joo, Woo Hong Institute of Genetic Engineering Changwon National 2001 Gene and Protein Vol.5 No.-

A fibrinolytic enzyme from Bacillus subtilis BK-17 has been purified to homogeneity by gel-filtration and ion exchange chromatography. Compared to the crude enzyme extract, the specific activity of the enzyme increased 929-fold with a recovery of 29%. The subunit molecular mass of the purified enzyme was estimated to be 31 kDa by SDS-PAGE. The N-terminal amino acid sequence of the purified fibrinolytic enzyme was; A-Q-S-V-P-Y-G-V-S-Q-I-K-A-P-A-A-H-N. The sequence was highly homologous to the fibrinolytic enzymes nattokinase, subtilisin J and subtilisin E from bacillus spp. However, there was a substitution of three amino acid residues in the N-terminal sequence. The amidolytic activity of the purified enzyme for several substrates was assessed. In comparison with nattokinase and CK (fibrinolytic enzyme from a Bacillus spp.), which showed strong fibrinolytic activity, the amidolytic activity of the enzyme for the synthetic substrate, kallikrein (H-D-Val-Leu-Arg-pNA, S-2266) increased 2.4- and 11.8-fold, respectively.

Effect of Cordycepin Purified from Cordyceps militaris on Th1 and Th2 Cytokines in Mouse Splenocytes

( Jeong Min Ho ),( Min Jeong Seo ),( Jeong Uck Park ),( Byoung Won Kang ),( Kyoung Sook Kim ),( Jae Yun Lee ),( Gi Young Kim ),( Jung In Kim ),( Yung Hyun Choi ),( Kwang Hyuk Kim ),( Yong Kee Jeong ) 한국미생물 · 생명공학회 2012 Journal of microbiology and biotechnology Vol.22 No.8

Cordycepin was purified from a mushroom, Cordyceps militaris, and its effect on Th1 and Th2 cytokines was examined. The level of cytokine induction in mouse splenocytes was estimated after co-inoculation of purified cordycepin and LPS. When 5 ug/ml of purified cordycepin was exposed to mouse splenocytes for 72 h, the level of a Th1 cytokine IL-12 increased by 2.9-fold. The addition of the purified cordycepin to splenocytes also increased the level of Th2 cytokines, IL-4 and IL-10, by 1.9- and 1.8-fold, respectively. Therefore, cordycepin increases the cytokine levels and may contribute to the up-regulation of cellular and humoral immunity.

Effect of Cordycepin on the Expression of the Inflammatory Cytokines TNF-alpha, IL-6, and IL-17A in C57BL/6 Mice

( Min Jeong Seo ),( Min Jeong Kim ),( Hye Hyeon Lee ),( Jeong Uck Park ),( Byoung Won Kang ),( Gi Young Kim ),( En Ju Rhu ),( Jung In Kim ),( Kwang Hyuk Kim ),( Yong Kee Jeong ) 한국미생물 · 생명공학회 2013 Journal of microbiology and biotechnology Vol.23 No.2

Culture supernatants of splenocytes from C57BL/6 mice were exposed to 0.3, 1.0, and 3.0 μg/ml cordycepin plus 3.0 μg/ml lipopolysaccharide (LPS) to investigate the effects of cordycepin (3`-deoxyadenosine) on the production of inflammatory cytokines. Co-administration of 3.0 μg/ml cordycepin with LPS in cultured murine spleen cells significantly diminished the expression of the inflammatory cytokines tumor necrosis factor-α and interleukin-6 (IL-6) in a time-dependent manner. Expression of the inflammatory cytokine IL-17A was substantially down-regulated in a time- dependent manner at all cordycepin concentrations. These findings suggest that cordycepin down-regulates the immediate hypersensitivity reaction stimulated by LPS.

Lead Isotopic Study on the Dongnam Fe-Mo Skarn Deposit

장호완,정창식,박희인,장병욱,Chang, Ho Wan,Cheong, Chang Sik,Park, Hee In,Chang, Byung Uck The Korean Society of Economic and Environmental G 1995 자원환경지질 Vol.28 No.1

동남 스카른 광상은 백악기에 고생대 퇴적암류를 관입한 섬록암에 의해 형성되었다. 스카른의 모암은 섬록암과 묘봉 슬레이트인데 스카른 누대구조에서 모암의 종류에 따라 각각 특징적인 광물공생군의 체계적 변화를 관찰할 수 있다. 섬록암, 화강반암, 석영반암으로 구성된 화성암류들은 플룸보텍토닉 모델의 조산대에 비해 높은$^{207}Pb/^{204}Pb$ 비를 보이는데 이러한 현상은 하부지각 (또는 맨틀)에서 유래된 마그마가 상부지각물질에 의해 심히 혼화되어진 것으로 해석되며 이는 영남육괴와 옥천계에 분포하는 화강암류가 보여주는 특징과 유사하다. 현재의 납 동위원소 비와 우라늄, 토륨, 납 농도로부터 구한 광화작용 당시(76 Ma)의 황성암 및 풍촌석회암의 납 동위원소 비는 비교적 일정하지만 광화작용 후기로 갈수록 광석광물들의 납 동위원소 비가 높아진다. 초생 스카른 시기에 형성된 자철석과 방연석의 납 동위원소 비는 화성암류의 것과 거의 유사하지만 후기 열수변질시기에 형성된 휘수연석, 황철석, 그리고 열수변질된 석영반암의 납 동위원소 비는 풍촌석회암의 비에 접근하고 있다. 이는 서로 다른 기원을 가진 납들이 열수 변질시기에 따라 그 혼화의 정도가 달라지게되어 광석광물들의 납 동위원소 비에 차이가 있게 된 것으로 여겨진다. 광석광물의 납 동위원소 비의 변화특징에 의하여 섬록암과 화강반암을 형성한 마그마로부터 분화된 낮은 납 동위원소 비를 갖는 열수용액과 높은 납 동위원소 비를 갖는 주변모암(풍촌석회암)이 혼화의 기원물질로 판단된다. In Dongnam area, Cretaceous igneous rocks, such as diorite, porphyritic granite, and quartz porphyry intruded Paleozoic sedimentary rocks, such as Myobong slate and Pungchon limestone. The Dongnam Fe-Mo skarn deposits were imposed on the diorite(endoskarn) and the Myobong slate(exoskarn). The ore deposits consist mainly of magnetite and molybdenite with small amounts of sulfides, such as galena, sphalerite, pyrite, chalcopyrite, and pyrrhotite. The igneous rocks show nearly constant $^{206}Pb/^{204}Pb(18.80{\sim}19.06)$ and $^{207}Pb/^{204}Pb(15.71{\sim}15.72)$ ratios. Their $^{207}Pb/^{204}Pb$ ratios higher than the typical ratios of orogene suggest that the igeneous rocks were formed from lower crust(or mantle) - derived magma excessively contaminated by upper crustal materials such as high radiogenic Precambrian basement rocks. The lead isotopic compositions of the igneous rocks, the Pungchon limestone, and the ore minerals show a well defined linear in $^{206}Pb/^{204}Pb$ - $^{207}Pb/^{204}Pb$ plot. The lead isotopic compositions of the igneous rocks are similar to those of magnetite and galena, which were formed at early skarn stage and significantly lower than those of altered quartz porphyry, molybdenites, and pyrite, which were formed at late epithermal alteration stage. Considering the systematic variation of the lead isotopic compositions in the ore minerals according to hydrothermal stages, the variation may be due to a relative variation in surrounding rock(Pungchon limestone) involvement in hydrothermal ore solution leaching the surrounding rock. Therefore, the variation of the lead isotopic compositions in ore minerals can be modeled in terms of the mixing of the leads derived from the igneous rocks as low radiogenic source and the surrounding rock(Pungchon limestone) as high radiogenic source.

광범위한 상악골 골수염의 제한적 접근법과 Le Fort I 하방 골절을 통한 접근법

고택수(Taeksu Go),이원(Won Lee),김인수(Insoo Kim),차현석(Hyunsuk Cha),한형욱(Hyung-Uck Han),서운경(Woonkyung Seo),박수현(Suhyun Park),윤경인(Kyoung-In Yun) 대한구강악안면외과학회 2005 대한구강악안면외과학회지 Vol.31 No.5

Purpose: To compare the case of widespread maxillary osteomyelitis treated through different approach. Method: We report the two case of osteomyelitis. In a case, we had gradually removed the small amount of sequestrum for several times. In the other case, intended Le Fort I fracture was done to approach the lesion. Result: In the gradual sequestrectomy case, bone formations were found after 4 months. In the other case, after intended Le Fort I down fracture, sequestrectomy of Lt. maxilla was done with the labiobuccal alveolar bone preserved for the prosthodontic treatment