Analysis of Transaction Costs and Inferring Trade Direction

신정순 한국자료분석학회 2009 Journal of the Korean Data Analysis Society Vol.11 No.4

Using the U.S. TAQ(Trading and Quotation) data, I analyzed the transaction costs and inferred the trading direction. Unlike the explicit trading costs, little attention has been paid to the implicit trading costs. In the market microstructure study, absolute, effective, and realized spreads are deemed as the implicit costs. To obtain the effective and realized spreads, I employ the Lee and Ready(1991) 5 second rule method. Then, I compare three implicit costs. Consistent to the theory, effective and realized spreads show the lower values than the absolute dollar spreads. Effective spreads reflect the price improvement because dealers and brokers provide discount to the traders. Realized spreads adjust for the price impact since large buys and sales may have influence on the prices following block transactions.

국소마취제의 주사후 발생하는 말초신경손상에 관한 실험적 연구

신정순,공명훈,장성호 고려대학교 의과대학 1991 고려대 의대 잡지 Vol.28 No.2

The peripheral nerve is a common target of injection of local anesthetics. There has been significant increase in the use of local anesthetics at the operating theatre, or the field of control of pain. And the physicochemical properties of recently used local anesthetics are somewhat different from that of the earlier. So, the possibility of neural injury due to injection of the local anesthetics has increased but neglected due to its low incidence. There are some controversies about the neurotoxicity of local anesthetics. The author experimentally observed the morphological neuronal changes or neurotoxicity through light and electron microscope two weeks after the intraneural injection of 0.9% physiologic saline, 2% lidocaine HCl, and 0.5% bupivacaine HCl to rat sciatic nerve and compared the results with those of the perineural injection. The results are as follows : 1. In all the perineural injection groups. no morphological changes were observed. 2. In the intraneural injection groups, all cases showed the varying degrees of neural injury and some showed the findings that suggested of regeneration. 3. The observed findings of neural injury were axonal degeneration, segmentation of axon and myelin sheath, and phagocytotic Schwann cells and macrophages. 4. In all groups, there was no evidence of changes in the connective tissues of epineurium, perineurium, and endoneurium. 5. No specific difference was found between the neurotoxic effects of 2% lidocaine and 0.5% bupivacaine. In conclusion, if intraneural injection would be avoided, 2% lidocaine and 0.5% bupivacaine are safe local anesthetics to the peripheral nerves.

자원봉사자의 힘

신정순,Sin, Jeong-Sun 한국건강관리협회 2002 건강소식 Vol.26 No.11

骨腫瘍에 對한 臨床的考察

申廷淳,鄭仁熙 대한외과학회 1962 Annals of Surgical Treatment and Research(ASRT) Vol.4 No.12

뇌성마비의 재활

신정순 중앙대부설한국의과학연구소 1972 한국의과학 Vol.4 No.3

금융기업 경영진 보수체계에 대한 시사점 및 사례 분석

신정순,오원선 예금보험공사 2009 金融安定硏究 Vol.10 No.2

The purpose of this study is to examine the current problematic executive compensation system in financial corporations, to analyze the causes of the situation, and to propose some effective solutions. Even though the managers of financial corporations are often expected to take the initiative to take a lead in overcoming the current global financial crisis, they are still sticking to excessive and short-term performance based incentives by shirking their sense of mission and responsibility. In this study, we suggest four major factors of the rampant malpractice of financial corporations, and perform a case analysis of Sam Sung Card to propose a key solution to make up for the weak points of the current incomplete compensation system. Unfortunately, we were however unable to observe the high executive compensation level as suggested by previous studies. The compensation level of ten Korean financial corporations for the year 2008 is similar or lower than those of non-financial corporations. It is likely that the result might have been under-calculated by only focusing on compensation paid in cash and not considering the amount of stock options. Thus, stock options paid to the managers of financial corporations should be included in any further research. 본 연구의 목적은 금융기업 경영진의 보수체계의 현실과 문제점을 살펴보고 그에 대한 원인분석과 효과적인 해결책 제시에 있다. 글로벌 금융위기가 장기화되고 있는 오늘날의 상황에서, 사실상 사명감과 책임의식을 가지고 위기극복에 앞장서야 할 국내외의 금융기업 경영자들은 여전히 단기성과 위주의 보너스 및 성과급을 과다 지급하는 등 비도덕적 관행을 고수하고 있다. 본 연구에서는 이러한 금융기관의 경영부실화 사태 및 경영자들의 도덕적 해이의 업무행태의 원인에 대하여 크게 네 가지 사항을 제시하고, 현재의 미흡하고 불완전한 현재의 보상체계를 보완할 수 있는 효과적인 해결책을 제시하기 위해 삼성카드의 사례를 분석하였다. 그러나 본 연구에서는 2008년의 국내 금융기업 10곳의 경영진의 보수를 조사한 결과 비금융기업들에 비해 금융기업이 비교적 낮은 수준의 경영진 보수를 지급한 것으로 밝혀져, 금융기업의 고임금 문제현황을 다루고 있는 기존의 국외연구와는 사뭇 다른 결과를 나타냈다. 이는 본 연구에서 스톡옵션 지급액은 고려하지 않고 현금지급액만을 기준으로 경영진 보수를 산정했기 때문으로 보이며, 앞으로의 연구에서는 스톡옵션에 대한 연구가 추가적으로 진행되어야 할 것으로 보인다.

슬관절 고정이 활액막에 미치는 영향에 관한 실험적 연구

申廷淳 연세대학교 의과대학 1970 연세의대논문집 Vol.3 No.1

남성 흡연자의 금연시도 경험에 관한 현상학적 연구

신정순,여형남 한국산학기술학회 2019 한국산학기술학회논문지 Vol.20 No.11

The aim of this study was to understand the nature and semantic structure of male smokers' experience of smoking cessation attempts. The participants were nine male smokers with at least one smoking cessation attempt, and who responded voluntarily to the preliminary survey. Data collection was conducted from September to December 2017, and the results of individual in-depth interview were analyzed by applying the Giorgi(2009)'s phenomenological research method. Result: 'Attempt's of smoking cessation', 'Several failed attempts of smoking cessation', 'Desperate need for help' and 'An important factor in the success of smoking cessation'. Conclusion: The present study showed that male smokers were desperate for outside intervention, smoking cessation policies, and help from family members and acquaintances as they tried to cease smoking. Therefore, it is necessary to have a comprehensive understanding of smoking men's experience in smoking cessation, to identify their nursing needs, and provide necessary nursing intervention so that they can lead a healthy life as a member of society without giving up smoking. This study is meaningful in that smoking men can gain new insights by providing a comprehensive and comprehensive understanding of their experience 본 연구의 목적은 남성 흡연자의 금연 시도 경험에 대한 본질과 의미 구조를 이해하기 위한 질적 연구이다. 연구 참여자는 적어도 한 번의 금연 시도 경험을 가지고 자발적으로 사전에 동의를 제공한 남성 흡연자 9명을 대상으로 하였다. 자료수집은 2017년 9월부터 12월까지 진행하였으며, 개별 심층 면담 결과를 Giorgi(2009)의 현상학적 연구 방법을 적용하여 분석하였다. 연구 결과: ’금연을 시도하게 됨’, ‘여러 차례 금연에 실패함’, ‘간절한 도움이 필요함’, ‘금연을 성공하게 된 중요한 요인이 있음’의 4개 범주 12개의 하위 범주로 도출되었다. 결론: 본 연구는 남성 흡연자가 금연을 시도하면서 강력한 국가의 금연 정책 그리고 가족이나 지인의 도움 등 외부의 간접적인 개입이 간절하였다고 진술하였다. 흡연 남성의 금연 시도 경험에 대해 총체적인 이해가 필요하며, 이들의 간호 요구를 정확히 파악하고 필요한 간호 중재를 제공하여, 금연을 포기하지 않고 건강한 사회 구성원으로서의 삶을 살아갈 수 있도록 해야 한다. 본 연구는 남성 흡연자의 금연 시도 경험에 대한 포괄적이고 총체적인 이해를 제공함으로써 새로운 통찰력을 제공할수 있음에 그 의의가 있다.

유럽 사모펀드 시장의 현황과 전망

신정순 아시아.유럽미래학회 2018 유라시아연구 Vol.15 No.4

This study examined the current status and prospects of the private equity market in Europe. A major players in a private equity fund is a fund investor who can act as a limited liability partner(Limited Partner, LP) and actively manage the operation of the fund and be a partner with unlimited liability(General Partner, GP). There may be agent problem and information asymmetry issues between the parties.A limited partnership agreement (LPA)plays a role to mitigate these issues. First of all, Bascher and Walz (2001) argue that management of portfolio companies is more incentive than IPO exit strategy rather than M & A negotiation. In other words, they saw that in the case of IPO, the ownership structure of a company is generally converted from one major shareholder to a majority shareholder. This not only increases management’s influence, but also often leads to stock options for IPOs (Cumming and MacIntosh, 2003a). On the other hand, in the case of M & A, you may not be able to keep your job after you have a deal. This is because the company may be vertically or horizontally integrated (Neus & Walz, 2005).One of the important issues with asymmetric information is that information imbalances between strategic investors can be significant. It is generally known that the gap of knowledge is very large in case of M & A than IPO. To mitigate these serious problems, the fund needs to inform potential investors about the company as well as information about the situation to the market. Unlike general funds, private equity funds are very short-term investments, so exit strategies are very important. Exit strategy options include write-down, buyback, recapitalization, M & A, and IPO, but focus mainly on representative M & A and IPO. Among the M & A methods, private equity funds typically use trade sales. This means the sale of shares to the other private equity fund orother companies with similar businesses. When they are sold to other companies, they are generally aimed at increasing their value through vertical or horizontal integration. IPOs have the advantage of having a high return on investment despite the disadvantages of long payback periods and procedural difficulties compared to M & A. The private equity market was hit hard by the financial crisis in 2007/2008, but it has recovered to some extent since then. European PE funds have been shifting to investments in the SME market, so transactions have increased. However, the economic environment is rapidly changing. The huge amount of cash held by low interest rates can be challenged by intense competition with financial companies seeking high returns. In particular, unlike the US market, which is rapidly shifting to a market that is seeking high yield, the European market is expected to remain relatively slow but solid

Laser Acupuncture가 동통반응에 미치는 영향

신정순,박창일,임중우 최신의학사 1986 最新醫學 Vol.29 No.5