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Fund Performance During Recessions and Expansions in Korea
정문경,Yong-Hyeon Kim,Jellna Chung 사람과세계경영학회 2020 Global Business and Finance Review Vol.25 No.3
Purpose: This study explores the relationship between the performances of national equity funds and business cycles in Korea. Design/methodology/approach: First, this research examines how fund performance is better in recessions than in expansion periods and then analyzes fund performance by dividing funds into active and passive operating styles. Last, what risk factors affect performance with respect to business cycles and operating cycles are investigated. Findings: The empirical findings show that fund performance is affected by the economic variables of short-term interest rates, credit risk spread, growth in money stock, and corporate value.However, the effects change with the business cycle.In addition, the fund performance of overall, internal, and outsourcing investments is better in recessions than in expansion periods, which agrees with foreign studies. Research limitations/implications: When assessing fund managers' abilities, not only quantitative performance but also qualitative assessment - economic conditions - become important.It is necessary to evaluate fund performance with a system that considers economic fluctuations. Originality/value: This is the first research to analyze the performance of the national pension fund using the regime-switching model in the Korean market.
정문경 ( Mun Kyung Chung ),김용철 ( Yong Cheol Kim ),전은경 ( Eun Kyoung Jeon ),이근호 ( Keun Ho Lee ),맹이소 ( Lee So Maeng ),한제호 ( Je Ho Han ),문성대 ( Sung Dae Moon ) 대한내과학회 2008 대한내과학회지 Vol.75 No.4
하나의 부신 세포에서 피질과 수질의 특징이 함께 공존하는 피질-수질세포에 관한 예들이 1960년대 이후로 보고되어 왔다. 저자들은 갈색세포종의 임상적 특징을 보이지만, 수술 후 갈색세포종의 임상증상과 생화학적 특징이 정상으로 회복되었으며 광학현미경상 부신 피질 선종의 특징을 보이지만, 면역조직화학 검사와 전자현미경 검사에서 피질-수질세포를 보인 1예를 경험하였기에 문헌고찰과 함께 국내 처음으로 보고하는 바이다. The coexpression of cortical and medullary features in a single adrenal cortical cell has been recognized, leading to terms such as cortico-medullary cells. Here, we reported a case of adrenocortical adenoma consisting of cortico-medullary cells that clinically mimicked pheochromocytoma. A 52-year-old woman was admitted to our hospital complaining of an 8-month history of paroxysmal palpitation with refractory hypertension. A 24-hour urine study revealed increased norepinephrine and metanephrine levels. Computed tomography of the abdomen revealed a 1.0×0.9-cm mass in the left adrenal gland. The patient subsequently underwent unilateral laparoscopic adrenalectomy for a presumptive pheochromocytoma. Light microscopic findings of the left adrenal mass indicated an adrenocortical adenoma, but electron microscopy identified lipid vacuoles and smooth endoplasmic reticulum, along with dense core neurosecretory granules, so-called cortico-medullary cells. This is the first report of the detection of cortico-medullary cells in adrenocortical adenoma presenting as pheochromocytoma in Korea. (Korean J Med 75:479-483, 2008)