無裁定機會와 企業의 資本構造決定

郭喆孝 新羅大學校 1990 論文集 Vol.29 No.-

Asset pricing in the context of uncertain economy is based on the absence of arbitrage opportunity. If an arbitrage opportunity were present in an economy, then to increase utility at no risk, everyone would use it and could obtain arbitrage profit. But a "well-functioning" economy would not contain any of these arbitrage opportunities. MM prove their irrelevance theorem by using no arbitrage opportunities. We also discuss the impact of capital structure on the form value with it. But the assumptions used here are less restrictive than those of MM. In case of no taxes, Although MM assumed the risk free debt, debt is risky since the economic model in this paper assumes the state dependent cash flows. But the result is the same. The frictions in the capital market change total cash flow distributed between the security-holders. The change of the capital structure influences on the firm value The market frictions are the corporate taxes, the bankruptcy costs, the personal taxes and the agency costs. When only the corporate tax is considered, the optimal debt / equity ratio would be to have all debt because of the increasement of interest tax shield. But the bankruptcy costs would reduce the advantages of debt financing. Then the optimal capital structure may be when the marginal tax shield equals to marginal bankruptcy cost. Finally, the corporate tax and the personal taxes would make the model complex.

合倂理論과 多角的合倂의 富의 再分配效果

郭喆孝 新羅大學校 1987 論文集 Vol.24 No.-

External growth of firms is very important in their survival. Mergers and acquisitions have long played a role in the growth of firms. A number of merger gains and wealth redistribution effect of conglomerate merger have been discussed in this paper. Firstly, sources of merger benefits is different by the types of merger. Horizontal mergers and vertical mergers have more operating synergy than financial synergy, but financial synergy is more than operating synergy in conglomerate merger. Accordings to the result of empirical study, there is no economical synergy in conglomerate merger. Thus post-merger firm value been equivalent to the sum of pre-merger values of the participating firms. Therefore gains from merger seem to represent the characteristics and motives of the company. Secondly, under the assumption of no synergy, there is possibility of wealth redistribution between securityholders. On one hand, by the implication of OPM, because of diversification effect of conglomerate merger, firm`s risk is reduced and this increases debtholder`s wealth. Conversely, equity holder`s wealth is reduced. On the other hand, when motives of conglomerate merger, according to agency problems, are in incentives of stockholder and management, equityholders have positive abnormal return. Finally, if wealth redistribution effect of conglomerate merger is clearly determined by the characteristics of the participating firms, it will be useful in management decision makings.

초현실주의예술에서 나타난 풍경과 기억

곽철원 韓南大學校 敎育硏究所 2011 교육연구 Vol.19 No.1

The aim of this short essay is to explore the relationship between landscape and memory in three different paintings by surrealism artists. The drive to make sense of our surroundings by creating patterns out of different parts of the landscape is essential in human nature. 본고는 초현실주의 작가의 세 가지 다른 그림을 통해서 풍경과 기억 사이의 관계를 탐구하는 것을 목적으로 한다. 풍경에서 발견되는 창조적인 패턴들은 인간본성의 필수적인 요소를 반영한 것으로 해석되어진다. 예를 들어 칼라니쉬(Callanish) 스톤 서클 또는 잉글랜드 남부에 위치한 분필형태의 이회질(泥恢質)층과 같은 선사시대 건축물들은 초기문명의 별자리에 대한 인식에 따른 노력을 보여주고 있다. 러쉬모어산(Mt.Rushmore)은 현대적인 구조 또한 풍경에서 의미를 찾은 동일한 노력의 예이다. 영국의 역사학자인 Simon Schama는 1860년대에 수상동굴 연작을 그린 화가인 Gustave Courbet를 위와 같은 예로 들고 있다. Schama는 그의 저서(Landscape and Memory)에서 의인화된 풍경으로Courbet의 작품을 설명하고 있으며 바위의 표면에 보이는 여성음부모양의 표현들은 프로이트의 상상력을 받고 있지 않다고 기술했다. 그러나 초현실주의화가들은 우리가 살고 있는 외적풍경과 우리의 마음, 기억속의 내적풍경 사이를 탐구를 할 수 있었다. 그들은 프로이트의 꿈 이론을 따랐기 때문이다. 그들은 꿈과 같은 그들의 화면 속에서 완벽한 문학 작품과 같이 그들의 상상력을 조합할 수 있었고 또한 이해할 수 없는 혼동이나 정신 착란 같은 터무니없는 요소 또는 농담을 포함하여 명확하게 표현할 수 있었다. 그리고 그들의 그림은 꿈처럼 날카로운 또는 어두움과 몽환 같은 쾌적함 또는 비참한 감각을 표현할 수 있었다. 초현실주의화가들은 프로이드의 이론을 빌어 그들의 작품 속 여러 상징들을 해석할 수 있는 열쇠를 숨겨놓았다. 본고에서 예로 들고 있는 세 개의 그림들은 각기 다른 풍경과 기억의 예이며, 회화의 이미지에서 보이는 인간 내면의 기억과 감정이 서로 어떠한 관계를 가지는지를 프로이드의 정신분석학을 토대로 분석, 설명하였다.

최초공모주의 비정상수익률에 관한 연구

곽철효,김영혜 신라대학교 경제경영연구소 2000 경제경영연구 Vol.1 No.-

This study confirms the initial and aftermarket's performance of IPO across the information asymmetry, signaling effect in the Korean Stock Market. Performance is measured by market adjusted excess return. Also, to find out what variables can explain that performance, there exist various empirical tests by regressing the firm specific variables. For this purpose, two hypothesis were made concerning the existence and causes of the early abnormal returns of IPO stocks. In June, 1988 when the governmental interference in pricing of IPO share was lifted, the offer price was set through direct negotiation between the issuing firm and underwriter. Yet, even with the adoption of liberalization reform, the high level of excess returns is still observed in the Korean IPO market. Therefore, IPO stocks employed here were from 269 firms, open to the market from 1988. 6.(the liberalization period) through 1994. 12. The main results of the tests can be summarized as follows. First, The positive excess returns were confirmed and the initial day market adjusted return is statistically significant at the level of 55.27%. Second, Using the size of issue and, capital after offering and the life of firms as a proxy of ex-ante uncertainty and the initial abnormal return of IPO. The weighted competition ratio also has a positive relation with the initial abnormal return of IPO. Third, Firms that do not issue equity after their IPO, are less underpriced than otherwise. This result shows that underpricing of IPO signals that the firm is good for investment, because only good firms can recoup the loss after. Also, Initial abnormal return is negatively related to the share fraction of the issuer. In conclusion, buying the IPO in the primary market and selling them in the secondary market seems, on average, to be a good strategy. Investors in Korean IPO market can gain excess return due to underpricing at the offering.

정신분열병 환자의 말초 임파구에서 도파민 수용체 mRNA의 변화

곽용태,최철희,김옥준,주연호,김형섭,강성숙,구민성,선우일남 大韓神經精神醫學會 1999 신경정신의학 Vol.38 No.5

연구목적 : 정신분열병은 주로 청소년기에 발병하는 정신과에서 가장 흔한 질환 중의 하나이다. 이 질환의 원인이나 병인은 아직 불확실하지만 뇌 도파민계의 기능장애가 중요한 기전으로 생각되고 있으나 부검없이 뇌 도파민계를 직접 관찰할수 없으므로 많은 혼란이 있어왔다. 이를 극복하기 위하여 최근에 발견된 말초 임파구의 도파민 수용체를 이용하여 정신분열병에 있어서 말초 임파구 도파민 수용체가 뇌 도파민계의 기능을 반영하는 말초표식인자일 가능성이 있는지를 규명한다. 방 법 : 3년 이상 항정신병 약물을 복용중인 정신분열병 환자(약물투약군) 44명, 최근 3개월 이상 항정신병 약물을 복용하지 않은 환자(약물비투약군) 43명, 정상대조군 31명을 대상으로 말초 임파구의 D3, D5 도파민 수용체를 정량적 역전사 중합효소 연쇄반응(quantitative reverse transcritpase polymerase chain reaction)을 이용하여서 정량 비교하였고, 또한 항정신병 약물을 복용하지 않은 환자들에 있어서 약물 투여 후 도파민 수용체의 변화 및 임상양상의 변화를 관찰하였다. 결 과 : 1) 말초혈액 임파구의 D3R/βA는 약물비투약군에서 정상대조군이나 약물투약군에 비하여 통계적으로 유의하게 있게 증가되어 있었다. D5R/βA의 경우 약물비투약군이 약물투약군에서만 비하여 유의하게 증가되었다. 그러나 약물투약군과 정상대조군 간에는 도파민 수용체 mRNA(D3R/βA, D5R/βA)양에 있어서 차이가 없었다. 2) 항정신병 약물을 새로 투여하는 환자에서 항정신병 약물을 투여 후 임파구 도파민 수용체의 변화를 추적 관찰한 결과 증가하는 경향을 보였다. 3) 약물비투약군을 정상 대조군과 비교하여 D3R/βA mRNA가 정상범위에 속하는 군과 높은 군으로 나누어서 임상척도와 비교 분석한 결과 임파구 도파민 수용체가 증가한 군에서 다음과 같은 임상특징을 관찰할 수 있었다. (1) 정신병리증상이(BPRS) 현저하였다. (2) 약물치료에 대해 양성 정신병리증상(pBPRS)의 호전도가 낮았다. (3) 약물치료시 추체외로 부작용이 심하였다. 결 론 : 이상의 연구결과로 말초 임파구에서 발현되는 도파민 수용체는 정신분열병의 소군 분류 및 예후 예측에 있어서 임상적 의의가 있는 것을 알 수 있었다. 따라서 말초임파구에서 발현되는 도파민 수용체는 비록 이에 상응하는 뇌의 해부학적 위치는 알 수 없지만 중추신경계의 도파민 수용체의 기능을 반영할 가능성이 높다고 생각되었다. Objectives : Schizophrenia, commonly developed in adolescence and young adulthood, is one of the most common mental diseases in psychiatry. The etiology or pathogenesis of this disease is uncertain yet, but the dysfunction of dopaminergic system in the brain has been proposed. However, there is no direct evidence of dysfunction of brain dopaminergic systems in schizophrenic patients because the direct assessment of brain dopaminergic systems is almost impossible at present. To overcome this problem, recently founded dopamine receptors and their mRNAs in peripheral lymphocytes was used. The purpose of this study was to define whether the dopamine receptors of peripheral lymphocytes can be the peripheral markers of schizophrenia or not. Methods : The total numbers of subjects are 87 schizophrenic patients. Among them 44 patients were schizophrenics who had been taking antipsychotic drugs for more than 3 years(medicated patients), 43 schizophrenics who recently are not taken antipsychotic drugs for more than 3 months(drug-free patients). For controls age and sex matched 31 healthy persons were enrolled. Sequential reverse transcription and quantitative polymerase chain reaction of the mRNA were used to investigate the expression of dopamine receptors in peripheral lymphocytes. The gene expression of dopamine receptors were compared in each groups and after starting antipsychotic medicines in drug-free patients, the clinical scales and the dopamine receptors of peripheral lymphocytes were sequentially studied before, 2 weeks after and 8 weeks after medication. Results : 1) In drug-free schizophrenics, D3 dopamine receptor mRNA expression of peripheral lymphocytes was significantly increased comparing with that of controls and drug-medicated schizophrenics and D5 dopamine receptor mRNA expression was increased comparing with only that of drug-medicated schizophrenics. There was no difference between controls and drug-medicated schizophrenics. 2) After antipsychotic medication, dopamine receptors of lymphocytes were increased tendency. 3) Drug-free patients were divided into two groups according to dopamine receptor expression in controls to evaluate the significance of increased dopamine receptor expression. The group of patients with increaseddopamine receptor expressio had following clinical characteristics. (1) More severe psychiatric symptoms (2) Poor pharmacological response of pBPRS on medicines (3) Severe extrapyramidal side effects after pharmacological treatment Conculsion : These results revealed that the molecular biologically determined dopamine receptors of peripheral lymphocytes were reactive, and increased expression of dopamine receptor in peripheral lymphocyte had clinical significance for subgrouping and prognostication. These findings suggested that dopamine receptors of peripheral lymphocyte may represent dopamine receptors of the brain, even the location cannot be determined.

우리나라 企業의 産業別 負債比率差異와 資本構造決定에 관한 硏究

郭喆浩 新羅大學校 1996 論文集 Vol.41 No.1

Theoretically, the determinants of capital structure have been known as corporate tax shield effects, non debt tax shields, bankruptcy costs and agency costs. But, they are not directly observable variables or attributes. These corporate attributes can be measured by using the proper proxy variables through the empirical analysis. ANOVA about the debt ratios between the seven industries showed the significant difference of industrial debt ratios at 10% significance level. This paper has measured the several proxy variables reflecting the corporate attributes, and performed the factor analysis. The five factors were selected on the base of their eigenvalues and the factor scores of the observations were calculated. Thereafter the cross-sectional regression analysis has been done by the use of the factor scores, TAXRATE and OMJR as independent variables. The theoretical attributes revealed the statistical significance as the actual determinants of corporate capital structure in Korea. But the agency costs may not be critical factor in determining the capital structure. As a result of regression analysis of seven industries, generally the determinations of capital structure in the Korea listed firms seems to be strongly affected by the factors which are related to the tax shield of depreciation, the firm's profitability, the firm's growth, and the solvency of debts. Other factors, however, may not affect all the firms equivalently, since there are differences in the size and the direction of influences to the debt ratio of each industry. As a result, in this study on the determinants of capital structure, the findings of factor analysis and regression analysis may be explained by the capital structure theory. In the future, finding out the proxy variables which can reflect the specific conditions around the firms in the empirical studies may provides the new explanations in determining the corporate capital structure.

회전원통을 이용한 초고압 변압기의 유동대전에 관한 연구

곽희로,권동진,손철근 崇實大學校 生産技術硏究所 1993 論文集 Vol.23 No.-

This paper presents the measurement method using a spinning cylinder system for streaming electrification of transformer oil. The spinning cylinder system has a simple mechanical construction, and requires less oil compared to the other methods. Also, the effects of various admixtures on the static electrification properties of transformer oil can be easily investigated. Experiments showed that addition of the BTA reduced the streaming electrification and the polarity of static electrification was converted to negative at 50∼70[ppm] of BTA.

최초공모주의 성과에 관한 연구

곽철효,김영혜 新羅大學校 2000 論文集 Vol.49 No.-

Among the three anomalies related to the IPO market, most of the studies up to now have been focused on the short run underpricing, and studies concerning long run price behavior are insufficient in a way. But outside Korea, a number of studies show that short-selling has more advantage. On the other hand, in Korea studies concerning long run price behavior are lacking and cannot show the characteristic of the IPO with satisfaction. So the following study will try to take a look at long run performance of IPO. Therefore, IPO stocks employed here were from 269 firms, open to the market from 1988. 6. through 1994. 12. The main results of the tests can be summarized as follows. The long-run performance wasn't consistent with worldwide poor aftermarket evidence. On the contrary, the long-run performance produced better return compared with the average market return. Also, In the analysis of the cumulative abnormal returns for 36 months by way of the wealth relative, once used by Ritter, the Korean IPO stocks obtained superior long-run performance unlike in the previous research concerned. In conclusion, buying the IPO in the primary market and selling them in the secondary market seems, on average, to be a good strategy. Investors in Korean IPO market can gain excess return due to underpricing at the offering.

자폐장애 환자에서 FMR-1 유전 삼염기 반복의 분자생물학적 분석

곽호순,정철호,전효진,장은진,김희철,김정범,박영남 대한소아청소년정신의학회 2000 소아청소년정신의학 Vol.11 No.1

연구목적 : 자폐장애의 원인을 유전학적으로 규명하려는 연구가 시도되고 있으며, 그 중 fragile-X 증후군과의 연관성에 대한 연구가 활발히 진행되고 있다. fragile-X 염색체(Xq27.3)는 세포유전학적 방법으로 증명할 수 있으나 검사에 많은 제약과 단점이 있으므로, 본 연구에서는 보다 신뢰성이 높은 분자 생물학적 방법으로 FMR-1 유전자내 CGG 삼염기 반복부위를 분석하여 자폐장애와 fragile-X 증후군의 연관성을 규명하고자 하였다. 방법 : 자폐장애 환아(99명)와 정상대조군(8명)을 대상으로 FMR-1 유전자의 CGG 반복배열 부위를 sense와 antisense primer를 이용하여 PCR법으로 분석하엿으며, 동시에 세포유전학적 검사도 시행하였다. PCR 분석에서 CGG 반복수가 50 이상인 경우에 대해서는 StB12.3 혹은 Pfxa3 probe를 이용한 Sourthern blot hybridization으로 확인하였다. 결과 : FMR-1 유전자의 CGG 반복배열에 대한 PCR 분석 결과 CGG 삼염기의 반복배열의 수는 자폐장애 환자군과 정상대조군 사이에 통계적으로 유의한 차이가 없었다(p=0.207). 자폐장애 환자에서 CGG 반복수가 50회 이상인 조기변이(premutation) 환자가 2명 있었으나 Sourthern blot hybridization 결과 완전변이(full mutation)로 판정할 수 있는 경우는 없었다. 세포유전학적 검사에서 환자군 모두에서 정상 핵형을 나타내었으며 fragile-X 염색체는 확인되지 않았다. 결론 : 이상의 결과에서 자페장애 환자가 FMR-1 유전자의 CGG 삼염기 반복부위 이상, 즉 fragile-X 염색체 이상을 동반하지 않았음을 증명할 수 있었다. 이는 fragile-X 증후군을 자�장애의 직접적인 원인이라고 보기에는 어려움이 있음을 시사한다. Objectives : There has been a rapid expansion of studies aimed at elucidating the genetic basis of autistic disorder, especially it's relationship to fragile-X syndrome. The detection of fragile X chromosome(Xq27.3) by cytogenetic analysis has revealed many difficulties in testing. Therefore, to explore the relationship between autistic disorder and fragile X syndrome, this study administered molecular biologic methods which examined an unstable CGG repeat within the fragile X mental retardation-1(FMR-1) gene. Methods : Ninety nine autistic children and eight normal control children were tested. The number of CGG repeats within FMR-1 gene was measured after amplification by PCR, and cytogenetic analysis was also carried out to detect fragile site Xq27.3. Sourthern blot hybridization, using StB12.3 and/or Pfxa3 probe, was done for the patients showing expansion of more than 50 CGG repeats(premutation). Results : All but two autistic patients had no expansion in CGG repeats by PCR and there was no significant statistical difference in number of CGG repeat in comparison with normal control. Two autistic patients, considered as premutation by PCR analysis, had no full mutation or premutation by Southern blot hybridization. All autistic children tested did not have any abnormal karyotype or fragile site Xq27.3. Conclusions : These results suggest that autistic patients may not have abnormality in FMR-1 gene or abnormal expansion in CGG repeat. In conclusion, fragile X syndrome may not be antecedent of autistic disorder. KEY WORDS : Autistic disorder·FMR-1 gene trinucleotide repeats·Molecular biologic analysis.

韓國 都市의 工業構造에 關한 硏究

郭喆弘 동국지리학회 1981 東國地理 Vol.- No.2

The purpose of this paper is to clarify the regional and employmental structure of manufacturing industries in 36 urban areas of Korea. The analysis techniques of manufacturing industries are Lorenz Curve, Location Quotient and Localization Curve. The benchmark is the number of workers calculated from the original cards of Mining and Manufacturing Census by Korean Economic Planning Board. Thg results are as follows : (1) The distribution of total manufacturing is divided into two areas. One is Capital Region of which the core is Seoul and Incheon. The other is South-East Coast Region which consists of Ulsan, Busan Masan. Because these two areas connect each other by Daegu, Kumi and Dae-jeon, it can be said that Korean manufacturing industries are agglomerated along the Kyung-Bu expressway. This manufacturing distribution is similar to the population distribution, but by means of Localization Curve it has more influence upon the region than upon the population. (2) Manufacturing high density areas, measured by the nember of workers per city population, are the cities that were made the combinat-industrial parks by national policy, and their population ranks are medium. In addition, the rapid manufacturing growth cities, measured by the increasing rate of workers, are almost the same as the above cities. Therefore, in Korean Manufacturing location and growth, the national economic policy is the most important factor. (3) The manufacturing employment structure by Lorenz Curve is much specialized structure. Because the structure is more specialized than that of 1968, Korean manufacturing industries are more concentrating on textile and machinery. On the other hand, the heavy manufacturing industries are increasing in their weight but still they are below 50 percent. (4) The typical categories of the cities are textile, machinery, food & beverage and chemical in number. Most of the manufactured cities are made combination with textile but non-manufactured ones strong combination with food & beverage. In general, according to city's population ranks from large cities to small cities, the manufacturing category-combination patterns are as follower ; 1. textile+machinery 2. machinery+textile 3. textile+machinery 4. food & beverage (5) In research of the specialized categories of cities by means of Location Quotient, the cities of large population ahve been specialized in the categories of textile, paper & printing, machinery and so forth, but the cities of small population in the categories of food & beverage. (6) In research of the category ranks of cities, the ranks are divided into three classes-textile, machinery, food & beverage belong to high rank; chemical, clay & glass to middle rank; wood & furniture, paper & printing, metal and so forth, to low rank. In the end, the writer has the idea that it is necessary for the strong national policy to make manufacturing industries scattered to the small inland cities and non-manufactured cities from giant cities. This is the best way for scattering population from giant cities and for developing small cities.