회계이익변경에 대한 단순투자자의 반응

김지홍 ( Jee Hong Kim ),장진호 ( Jin Ho Chang ),여은정 ( Eun Jung Yeo ) 한국회계학회 2004 會計學硏究 Vol.29 No.3

본 연구는 1998년 초부터 2003년 6월말까지 증권거래소의 전자공시시스템에 회계변경을 공시한 상장기업을 표본으로 하여, 단순투자자의 비율이 높은 기업에서의 회계이익변경에 대한 주가반응을 살펴보았다. 연구 결과, 단순투자자(naive investor)의 대용치로 사용된 개인소액투자자의 지분이 높은 기업에서 회계변경으로 인한 보고이익의 증가가 높을수록 양(+)의 주가반응이 존재함을 발견하였다. 이 결과는 실증회계이론에서 제시한 보고이익의 증가가 계약비용을 감소시키는 효과를 통제한 후에도 유의하였다. 반면, 전문투자자(sophisticated investor)의 대용치로 사용된 기관투자자 및 외국인투자자의 지분이 높은 기업에서는 회계변경으로 인한 이익증가에 유의적인 시장반응이 관찰되지 않았다. 본 연구의 결과는 한계투자자의 전문성에 따라 회계정보에 대한 주가반응이 상이할 수 있다는 확장된 기능적 고착가설(extended functional fixation hypothesis)을 지지하는 결과이다. This study empirically examines whether there is price reaction of the accounting changing companies which have high rate of unsophisticated investors` holdings. That is, this study will analyze whether there is different response to reported earnings changes by accounting change between unsophisticated and sophisticated investors. Most significantly, this study observes the cumulative abnormal returns on the time of disclosing to the accounting change. The final sample consists of 96 listed on the Korean Stock Exchange and disclosed by an Electronic Disclosure System over the period of 1998 to June, 2003. The results of this study are summarized as follows. First, there is positive relation between price reaction of individual investors proxied by naive investors and the reported earnings by accounting changes. This means that unsophisticated investors react naively on the increase of earnings by accounting changes. Second, there is no positive relation between the price reaction of institutional or foreign investors proxied by sophisticated investors and the increasing earnings by accounting changes. This means that sophisticated investors don`t react naively in the increase of earnings by accounting changes. These results supports the extended functional fixation hypothesis that price reactions of the accounting information can be varied according to the marginal investor`s expertise.

Modulation of Gene Expressions and Enzyme Activities of Methionine Sulfoxide Reductases by Cold, Aba or High Salt Treatments in Arabidopsis

Oh, Jee-Eun,Hong, Suk-Whan,Lee, Yunsook,Koh, Eun-Ji,Kim, Kideok,Seo, Youngwon,Chung, Namhyun,Jeong, Moonsoo,Chang,Chang, Cheolseong,Lee, Byoungcheon,Kim, Kyoung Heon,Lee, Kwangwon,Lee, Hojoung 생명자원연구 2005 생명자원연구 Vol.13 No.-

연간이익 공시 시점별 시장반응

김지홍 ( Jee Hong Kim ),장진호 ( Jin Ho Chang ),여은정 ( Eun Jung Yeo ) 한국회계학회 2006 會計學硏究 Vol.31 No.2

본 연구는 우리나라 거래소에 상장되어 있는 12월 결산 제조업에 해당하는 기업을 연구대상으로 하여 2000년부터 2003년까지 연간이익 공시시점별 이익정보에 대한 시장반응을 조사함으로써 이익정보 공시일에 대한 정확한 시점을 파악하고자 한다. 이에 이익변동공시일, 주주총회소집통지공시일, 주주총회7일전을 각각의 이익공시시점으로 보고 시장반응을 검증하였다. 연구 결과, 첫째, 이익공시시점별 회귀분석에서는 이익변동공시일에서만 이익정보에 대한 유의적인 주가반응이 나타났다. 둘째, 각 이익공시시점마다 최초공시와 반복공시의 경우를 구분하여 회귀분석한 결과 이익변동공시일과 주주총회소집통지공시일의 최초공시 시점에서 유의적인 주가반응이 나타났으며, 반복공시 시점에서는 주가반응이 모두 유의적이지 않음을 발견하였다. This study examines the accurate disclosure timing of annual earnings. In the United States, the date of earnings disclosure is databased in COMPUSTAT, so most related research is approached with an understanding of this cycle. But Korean researchers have recognized the limitation of their research designs due to paucity of information regarding the accuracy of disclosure timing of annual earnings. Recently, the corporate disclosure environment has gone through tremendous change. First, the DART system was fully implemented. Second, rapid change in earnings compared with the previous fiscal year`s earnings is has been disclosed via the on-line DART system since 2000. Third, with the adoption of Regulation Fair Disclosure (Reg FD) in 2002, the timing of earnings disclosure post-FD is earlier than pre-FD, and the number of earnings releases has increased. The theme of this study is appropriate under these circumstances. Using a sample of 684 Korean firm-year observations that disclose earnings information for the years 2000-2003, this paper empirically examines the accurate disclosure timing of annual earnings. The results of this study are summarized as follows. First, there is no market reaction during the period of rapid change of earnings` disclosures. Second, there is a significant market reaction during the period of rapid change of earnings disclosures and the notice of shareholders` conferences if only the earnings` disclosure is disclosed before the conference. This is not the case if the disclosure is made repeatedly.

Usefulness of Skin Explants for Histologic Analysis after Fractional Photothermolysis

( Gyeong Hun Park ),( Sung Eun Chang ),( Seunghyun Bang ),( Kwang Hee Won ),( Chong Hyun Won ),( Mi Woo Lee ),( Jee Ho Choi ),( Kee Chan Moon ) 대한피부과학회 2015 Annals of Dermatology Vol.27 No.3

Background: Fractional laser resurfacing treatment has been extensively investigated and is widely used. However, the mechanism underlying its effects is poorly understood because of the ethical and cosmetic problems of obtaining skin biopsies required to study the changes after laser treatment. Objective: To evaluate the usefulness of human skin explants for the investigation of fractional photothermolysis. Methods: Full-thickness discarded skin was treated in 4 ways: no treatment (control), fractional carbon dioxide laser, fractional Er:YAG laser, and fractional 1,550-nm erbium- doped fiber laser. Both treated and non-treated skin samples were cultured ex vivo at the air-medium interface for 7 days. Frozen tissue was sectioned and stained with hematoxylin & eosin for histologic examination and nitro blue tetrazolium chloride for viability testing. Results: Skin explants cultured for up to 3 days exhibited histologic changes similar to those observed in in vivo studies, including microscopic treatment zones surrounded by a thermal coagulation zone, re-epithelialization, and formation of microscopic epidermal necrotic debris. However, the explant structure lost its original form within 7 days of culture. The viability of skin explants was maintained for 3 days of culture but was also lost within 7 days. Conclusion: The skin explant model may be a useful tool for investigating the immediate or early changes following fractional photothermolysis, but further improvements are required to evaluate the long-term and dermal changes. (Ann Dermatol 27(3) 283∼290, 2015)

Overexpression of Insulin Degrading Enzyme could Greatly Contribute to Insulin Down-regulation Induced by Short-Term Swimming Exercise

Min Sun Kim,Jun Seo Goo,Ji Eun Kim,So Hee Nam,Sun Il Choi,Hye Ryun Lee,In Sik Hwang,Sun Bo Shim,Seung Wan Jee,Su Hae Lee,Chang Joon Bae,Jung Sik Cho,Jun Yong Cho,Dae Youn Hwang 한국실험동물학회 2011 Laboratory Animal Research Vol.27 No.1

Exercise training is highly correlated with the reduced glucose-stimulated insulin secretion (GSIS), although it enhanced insulin sensitivity, glucose uptake and glucose transporter expression to reduce severity of diabetic symptoms. This study investigated the impact of short-term swimming exercise on insulin regulation in the Goto-Kakizaki (GK) rat as a non-obese model of non-insulin-dependent diabetes mellitus. Wistar (W/S) and GK rats were trained 2 hours daily with the swimming exercise for 4 weeks, and then the changes in the metabolism of insulin and glucose were assessed. Body weight was markedly decreased in the exercised GK rats compare to their non-exercised counterpart, while W/S rats did not show any exercise-related changes. Glucose concentration was not changed by exercise, although impaired glucose tolerance was improved in GK rats 120 min after glucose injection. However, insulin concentration was decreased by swimming exercise as in the decrease of GSIS after running exercise. To identify the other cause for exercise-induced insulin down-regulation, the changes in the levels of key factors involved in insulin production (C-peptide) and clearance (insulin-degrading enzyme; IDE) were measured in W/S and GK rats. The C-peptide level was maintained while IDE expression increased markedly. Therefore, these results showed that insulin down-regulation induced by short-term swimming exercise likely attributes to enhanced insulin clearance via IDE over-expression than by altered insulin production.

학문 분야별 감성의 적용사례 분석 연구

장지혜,이윤희,연태경,강혜은,이연숙 대한건축학회 2003 대한건축학회 학술발표대회 논문집 - 계획계/구조계 Vol.23 No.1

The purpose of this study was to analyze application cases of human sensibility in various fields. Nowadays in various fields human sensibility and ergonomic have been studied using variety of methods. Studies on human sensibility have been widely carried in various field such as design and making instruments, selling products and marketing skills even if environmental design fields and human interface by computers. The results have been well applied in of industry. Therefore, understanding rationality. Through this study, ways of creating and measuring environment to improve our living quality, and living places can be developed. From such a viewpoint, this study did the following; First, it reviewed the literatures of studies and results of the tests for application of human sensibility in various field, and organized contents of studies and measurement tools which were used in the studies or tests. Second, it summarized the measurement methods of human sensibility according to three parts; physiological measurement, psychological measurement, and physical measurement. This study was expected to braden the sight on research methodologies and relevant applicable areas.

忠南大生의 理想的 人間像에 대한 意識調査硏究

張大熙,鄭弘錫,崔智銀 충남대학교 1989 學生生活硏究 Vol.16 No.-

거주자 감성을 위한 주거환경 평가도구 개발 연구

강혜은,이윤희,연태경,장지혜,이연숙 대한건축학회 2003 대한건축학회 학술발표대회 논문집 - 계획계/구조계 Vol.23 No.1

The purpose of this study was to develop the evaluation instrument for sensible aspects of housing environment. In terms of importance of sensibility which people persceive their housing environment, researches on the sensible environment has been done in several academic fields. However, evaluation tool for sensible aspects of housing environment has not existed until now. Therefore, there is a need to develop evaluation tool to measure the fit between dwelling environment and human sensibility. For this purpose, this study reviewed literatures and test results about ergonomics and human factors according to five senses. Based on keywords about five senses and housing environment, a checklist was developed.

기관지 방선균증의 임상 1례

이은영,장태원,정만홍,옥철호,이규원,손창배,이지숙,신은경,서정아,백종현,김영옥 고신대학교의과대학 2007 고신대학교 의과대학 학술지 Vol.22 No.2

Actinomycosis is a chronic suppurative infection, whitch infiltrates mucosa-associated tissues. Thoracic, pelvic and cervicofacial infections of actinomyces are not uncommon, but endobronchial actinomycosis is rarely reported. We report a case of a 29 year old man who presented with a recurrent pneumonia and chronic cough. Fiberoptic bronchoscopy revealed occlusion of the right. lower medio-basal segment bronchus with exophytic endobronchial mass. The diagnosis was confirmed histologically by demonstration of sulfur granules in the bronchoscopic biopsy of the mass. Intravenous administration of amoxacillin and clindamycin followed by oral amoxacillin and clindamycin therapy resulted in complete recovery.

20대 여성의 정장의류 상표군 선호도와 구매시 평가기준

권수애,장현주,한정혜,조소영,손지희,김선화,안경은 충북대학교 교육 ·생활연구소 생활과학연구센터 2002 생활과학연구논총 Vol.6 No.2

This study is to analyze the compitition structure and the brand image of the formalwear and the preferance of the brand group among the age of 20's females. The 207 samples of 20's females who live in Cheong-Ju city. The results of this study are followed as: The market competition structre appeared in positioning map have been constituted into four groups of the "Tomboy y'sb","lollol·selly·besti-belly","VOV·o.z.o.c·Joinus",EnC·i.n.v.u". The brand-trasfer of each group may easily be taken place as each compition among these groups was much feeble. By investigating the image of the formalwear brands appeared in positioning map, it may be presented that horizontality dimrnsion is "cute-ellegance image", and verticality dimension is "mannish-feminine image". Group Ⅳ such as EnC·i.n.v.u is brand which are prefered and purechaseed by the age of 20's females, whereas the preferance and puechase of brand such as VOV·o.z.o.c·Joinus.