자금재조달위험이 경영자 이익예측에 미치는 영향

유일한(Yu, Il-han),신상훈(Shin, Sang-hoon),유승원(Yoo, Seung-weon) 한국국제회계학회 2017 국제회계연구 Vol.0 No.72

본 논문에서는 자금재조달 위험이 경영자 이익예측에 미치는 영향에 대하여 연구하였다. 구체적으로 2004년부터 2014년까지 유가증권 상장기업의 경영자이익예측정보를 이용하여 자금재조달 위험이 경영자 이익예측의 편의에 미치는 영향에 대하여 분석하였다. 연구결과 첫째, 자금재조달 위험이 경영자 이익예측의 낙관성에 영향을 미치는 것으로 나타났다. 자본시장을 통한 자금재조달을 앞둔 경영자는 자본비용의 감소를 위해 기업의 미래성과를 낙관적으로 조망함으로써 긍정적인 시장의 전망을 유도할 유인이 있는 것으로 보인다. 둘째, 현금 보유비율이 낮은 기업일수록 경영자가 이익예측을 낙관적으로 할 가능성이 더 큰 것으로 나타났다. 자금재조달을 앞두고 충분한 현금을 보유하고 있는 회사의 경우 그렇지 않은 회사에 비해 자금재조달 시에 발생 가능한 여러 위험에 보다 유연하게 대응할 수 있다. 따라서 현금 보유비율이 높은 기업의 경우 경영자들에게 낙관적 이익예측을 통해 시장의 긍정적인 반응을 유도할 유인이 줄어드는 것이다. 이는 현금 보유비율이 높이는 것이 자금재조달 위험을 낮추는 방편 중 하나가 될 수 있다는 선행연구(Jarrad Harford 2014)와도 일관된 결과이다. 본 연구는 자금재조달 위험이 기업 영업에 중요한 논제임에 비해 국내 연구가 미진한 현 상황에서 자금재조달 위험이 경영자의 이익조정 뿐만 아니라 이익예측 관련 공시 정보에도 영향을 미칠 수 있음을 입증하였다는 점에서 의의가 있다. 또한 자금재조달 위험에 따른 경영자들의 이익예측 편의는 경영자들의 기회주의적 면모를 재조명한 것으로 볼 수도 있다. 나아가 본 논문은 현금보유 수준에 따라 경영자 이익 예측 성향이 달라질 수 있음을 입증하며 자금 대여자들의 의사결정에 필요한 시사점을 제공하리라 생각한다. In this paper, we investigate the effect of fund re-financing risk on managerial earnings forecast. Specifically, from 2004 to 2014, we analyzed the effects of the risk of refinancing of funds on the convenience of managerial earnings forecasts using information on managerial earnings forecasts of listed companies. The results of this study are as follows: First, the risk of refinancing affects the optimism of managerial earnings forecast. Management seems to have an incentive to induce a positive market outlook by optimizing the future performance of the company in order to reduce capital costs. Second, the lower the cash holding ratio, the more likely the manager is likely to be optimistic about earnings forecasts. Companies that have sufficient cash ahead of their refinancing can respond more flexibly to the risks that may arise when refinancing funds compared to non-cash companies. Therefore, for firms with high cash holdings, the incentive to induce positive responses to the market through optimistic earnings forecasts is reduced. This is consistent with Jarrad Harford (2014), which suggests that increasing cash holdings can be one of the ways to lower the risk of refinancing. This study has proved that the risk of refinancing is influential not only on managers" profit adjustment but also on profit forecasting information in the current situation where domestic research is insufficient. In addition, managers" profit forecasting convenience due to the risk of refinancing of funds can be seen as a reexamination of opportunistic aspects of management. In addition, this paper proves that the propensity to predict earnings will vary according to the level of cash holdings and will provide implications for women"s decision making.

한강수계의 고회수율 UF 막여과 정수처리 공정의 적용

이태국 ( Tae Kuk Lee ),김지훈 ( Ji Hoon Kim ),김동수 ( Dong Soo Kim ),홍성호 ( Sung Ho Hong ),박민구 ( Min Koo Park ),박정은 ( Jung Eun Park ),한명애 ( Myung Ae Han ),김병훈 ( Byung Hoon Kim ),김형수 ( Hyung Soo Kim ) 한국물환경학회 ( 구 한국수질보전학회 ) 2008 공동 추계학술발표회 Vol.2008 No.-

The possible origin of human adenovirus type 3: Evidence of natural genetic recombination between human and simian adenovirus

Han, Ji-Wung,La, Tae-Min,Kim, Ji-Hoon,Choi, In-Soo,Song, Chang-Seon,Park, Seung-Yong,Lee, Joong-Bok,Lee, Sang-Won Elsevier 2018 INFECTION GENETICS AND EVOLUTION Vol.65 No.-

<P><B>Abstract</B></P> <P>We determined a complete genome sequence of the Korean field strain, KUMC-62, of human adenovirus type 3 (HAdV-3) and performed comparative genome analyses. Interestingly HAdV-3 has a distinct genomic sequence for the fiber CDS region on average 62.46% of nucleotide sequence identity to other types of HAdV-B1, while remaining genomic region of HAdV-3 is very similar (on average 95.71% of nucleotide sequence identity) to other types of HAdV-B1. The blast results showed that the fiber CDS region of HAdV-3 exhibited the highest nucleotide sequence identity with that of simian adenovirus type 32 (SAdV-32), except other strains of HAdV-3. In the Simplot analysis, a potential recombination event was detected between HAdV-7 and SAdV-32, which might have created HAdV-3 in the past. These findings suggest that HAdV-3 highly likely was created by a natural inter-species recombination event between human and non-human primate AdVs.</P> <P><B>Highlights</B></P> <P> <UL> <LI> First complete genome sequencing of the Korean strain of human adenovirus type 3 using high-throughput sequencing technology. </LI> <LI> Shows distinct nucleotide sequences of the fiber CDS region of human adenovirus type 3 in comparative genome analysis. </LI> <LI> Evidence of multiple recombination events between adenoviruses from human and non-human primates. </LI> </UL> </P>

Phosphorylation of Hepatitis C Virus RNA Polymerases Ser29 and Ser42 by Protein Kinase C-Related Kinase 2 Regulates Viral RNA Replication

Han, Song-Hee,Kim, Seong-Jun,Kim, Eun-Jung,Kim, Tae-Eun,Moon, Jae-Su,Kim, Geon-Woo,Lee, Seung-Hoon,Cho, Kun,Yoo, Jong Shin,Son, Woo Sung,Rhee, Jin-Kyu,Han, Seung Hyun,Oh, Jong-Won American Society for Microbiology 2014 Journal of virology Vol.88 No.19

<P>Hepatitis C virus (HCV) nonstructural protein 5B (NS5B), an RNA-dependent RNA polymerase (RdRp), is the key enzyme for HCV RNA replication. We previously showed that HCV RdRp is phosphorylated by protein kinase C-related kinase 2 (PRK2). In the present study, we used biochemical and reverse-genetics approaches to demonstrate that HCV NS5B phosphorylation is crucial for viral RNA replication in cell culture. Two-dimensional phosphoamino acid analysis revealed that PRK2 phosphorylates NS5B exclusively at its serine residues <I>in vitro</I> and <I>in vivo</I>. Using <I>in vitro</I> kinase assays and mass spectrometry, we identified two phosphorylation sites, Ser29 and Ser42, in the Δ1 finger loop region that interacts with the thumb subdomain of NS5B. Colony-forming assays using drug-selectable HCV subgenomic RNA replicons revealed that preventing phosphorylation by Ala substitution at either Ser29 or Ser42 impairs HCV RNA replication. Furthermore, reverse-genetics studies using HCV infectious clones encoding phosphorylation-defective NS5B confirmed the crucial role of these PRK2 phosphorylation sites in viral RNA replication. Molecular-modeling studies predicted that the phosphorylation of NS5B stabilizes the interactions between its Δ1 loop and thumb subdomain, which are required for the formation of the closed conformation of NS5B known to be important for <I>de novo</I> RNA synthesis. Collectively, our results provide evidence that HCV NS5B phosphorylation has a positive regulatory role in HCV RNA replication.</P><P><B>IMPORTANCE</B> While the role of RNA-dependent RNA polymerases (RdRps) in viral RNA replication is clear, little is known about their functional regulation by phosphorylation. In this study, we addressed several important questions about the function and structure of phosphorylated hepatitis C virus (HCV) nonstructural protein 5B (NS5B). Reverse-genetics studies with HCV replicons encoding phosphorylation-defective NS5B mutants and analysis of their RdRp activities revealed previously unidentified NS5B protein features related to HCV replication and NS5B phosphorylation. These attributes most likely reflect potential structural changes induced by phosphorylation in the Δ1 finger loop region of NS5B with two identified phosphate acceptor sites, Ser29 and Ser42, which may transiently affect the closed conformation of NS5B. Elucidating the effects of dynamic changes in NS5B phosphorylation status during viral replication and their impacts on RNA synthesis will improve our understanding of the molecular mechanisms of NS5B phosphorylation-mediated regulation of HCV replication.</P>

Genome Sequence of Bacillus cereus FORC_021, a Food-Borne Pathogen Isolated from a Knife at a Sashimi Restaurant^s

( Han Young Chung ),( Kyu-ho Lee ),( Sangryeol Ryu ),( Hyunjin Yoon ),( Ju-hoon Lee ),( Hyeun Bum Kim ),( Heebal Kim ),( Hee Gon Jeong ),( Sang Ho Choi ),( Bong-soo Kim ) 한국미생물 · 생명공학회 2016 Journal of microbiology and biotechnology Vol.26 No.12

Bacillus cereus causes food-borne illness through contaminated foods; therefore, its pathogenicity and genome sequences have been analyzed in several studies. We sequenced and analyzed B. cereus strain FORC_021 isolated from a sashimi restaurant. The genome sequence consists of 5,373,294 bp with 35.36% GC contents, 5,350 predicted CDSs, 42 rRNA genes, and 107 tRNA genes. Based on in silico DNA-DNA hybridization values, B. cereus ATCC 14579^T was closest to FORC_021 among the complete genome-sequenced strains. Three major enterotoxins were detected in FORC_021. Comparative genomic analysis of FORC_021 with ATCC 14579^Trevealed that FORC_021 harbored an additional genomic region encoding virulence factors, such as putative ADP-ribosylating toxin, spore germination protein, internalin, and sortase. Furthermore, in vitro cytotoxicity testing showed that FORC_021 exhibited a high level of cytotoxicity toward INT-407 human epithelial cells. This genomic information of FORC_021 will help us to understand its pathogenesis and assist in managing food contamination.

Rapid Spontaneous Reduction of a Huge Intracerebral Hematoma

Sung Hoon Han,이호국,문재곤,김창현,조탁근 대한뇌혈관외과학회 2012 Journal of Cerebrovascular and Endovascular Neuros Vol.14 No.2

Rapid reduction of a large acute subdural hematoma has been frequently reported. In my knowledge, however, it was rarely reported that rapid spontaneous reduction occurred in large volume of spontaneous intracerebral hematoma (sICH). We describe a patient with a rapid spontaneous decrease in the volume of a large hematoma. A 73-year-old man presented semi-comatose mentality. Initial brain computed tomography (CT) revealed the huge sICH. An emergency operation was planned, but was not performed due to the refusal of patient’s family. Therefore, we decided to treat with conservative therapy. However, follow-up brain CT 16 hours after initial scan showed a remarkable reduction of previous sICH. The mechanism involving the spontaneous rapid decrease of the hematoma is presumed to occur through redistribution in brain atrophy, compression effect from the increased intracranial pressure and dilution through a wash out by the cerebrospinal fluid.

Stereotactic body radiation therapy for small (≤5 cm) hepatocellular carcinoma not amenable to curative treatment: Results of a single-arm, phase II clinical trial

Sang Min Yoon,So Yeon Kim,Young-Suk Lim,Kang Mo Kim,Ju Hyun Shim,Danbi Lee,Jihyun An,Jinhong Jung,Jong Hoon Kim,Han Chu Lee 대한간학회 2020 Clinical and Molecular Hepatology(대한간학회지) Vol.26 No.4

Background/Aims: Stereotactic body radiation therapy (SBRT) is used as an alternative ablative treatment in patients with hepatocellular carcinoma (HCC) not suitable for curative treatments. The purpose of this prospective study was to evaluate the long-term efficacy of SBRT for small (≤5 cm) HCCs. Methods: A phase II, single-arm clinical trial on SBRT for small HCCs was conducted at an academic tertiary care center. The planned SBRT dose was 45 Gy with a fraction size of 15-Gy over 3 consecutive days. The primary endpoint was 2-year local control rate. Radiologic responses were assessed according to the Response Evaluation Criteria in Solid Tumors (RECIST, version 1.1) and the modified RECIST criteria. Results: Between 2013 and 2016, 50 patients (53 lesions) were enrolled, with a median follow-up period of 47.8 months (range, 2.9–70.6). Patients’ age ranged from 41 to 74 years, and 80% were male. Median tumor size was 1.3 cm (range, 0.7–3.1). The 2- and 5-year local control rates were 100% and 97.1%, respectively. The 5-year overall survival rate was 77.6%. Six months after SBRT, radiologic responses were evident in 44 lesions (83%) according to the RECIST criteria and 49 (92.4%) according to the modified RECIST criteria. None of the patients showed grade ≥3 adverse events. Conclusions: SBRT showed excellent results as an ablative treatment for patients with small HCCs while showing minimal toxicities. SBRT can be a good alternative for both curative and salvage intents in patients with HCCs that are unsuitable for curative treatments.

Hybrid Separator of Tubular Battery for ESS

Hoon Seo(서훈),In-gui Mun(문인귀),Sang-tae Han(한상태),Kyung-Wan Koo(구경완) 대한전기학회 2020 대한전기학회 학술대회 논문집 Vol.2020 No.7

Co-infection of Aspergillus spp. with Erysipelothrix rhusiopathiae in a red-crowned crane: a case report

Han, Mi-Na,Kim, Jeong-Ho,Lee, Sang-Kab,No, Kyong-Ok,Chae, Mun-Hui,Cho, Woo-Kyoung,Lee, Jong-Hwa,Jang, Rae-Hoon,Kim, Chang-Seop,Byeon, Hyeon-Seop The Korean Society of Veterinary Service 2020 韓國家畜衛生學會誌 Vol.43 No.2

This case describes outbreaks of acute aspergillosis in a red-crowned crane. A six-month-old, male, crane had showed clinical signs (i.e. anorexia, performance loss, ruffled feathers and drooped wings and open mouth breathing, etc.) before death. In necropsy examination, spherical to oval nodules disseminated from the respiratory tract to other organs. Those nodules were formed predominantly in air sacs, lung, peritoneum, serosa of esophagus and trachea. The nodules varied in size from 1 mm to over 1cm and the color was white to yellow. Microscopically, most of lung architecture were replaced by multiple foci which were characterized by well demarcated eosinophilic and karyorrhetic debris and surrounded by numerous Inflammatory cell. Most within necrotic center of the nodules, large numbers of fungal hyphae were present. Microbiology result indicated fungal growths on sabroud dextrose agar and bacterial growths on blood agar. Bacteria identified as E. rhusiopathiae using MALDI-TOF (microflex, BRUKER, USA) and fungi identified as A. fumigatus, A. terreus by sequencing the ITS1 and ITS4 regions. To confirm the route of infection, we checked the existence of the same pathogens in cohabitant (i.e. mother crane). The young age and weakened immunity (i.e. bacterial infection, etc.) causes fatal aspergillosis in birds.

Case Report : Occlusion of the right subclavian artery after insertion of a transesophageal echocardiography probe in an adult with a vascular ring -A case report-

( Sung Yong Park ),( Dae Hee Kim ),( Han Bum Joe ),( Sun Kyung Park ),( Ji Hoon Hwang ),( Yong Woo Hong ) 대한마취과학회 2010 Korean Journal of Anesthesiology Vol.59 No.4

Intraoperative transesophageal echocardiography (TEE) has become an important monitoring device for patients undergoing cardiac or noncardiac surgery. Complications associated with TEE are unusual, but the potential for TEE probe compression of the posterior vascular structures has been reported in pediatric patients. We present here a case of occlusion of the right subclavian artery in an adult patient with a vascular ring after insertion of a TEE probe. (Korean J Anesthesiol 2010; 59: 283-285)