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IPO 신디케이트 구성이 인수주선 서비스에 미치는 영향
박기진(Ki Jin Park),전진규(Jin Q Jeon) 한국증권학회 2015 한국증권학회지 Vol.44 No.1
본 연구는 우리나라 기업공개 시장에서 최근 증가하고 있는 복수대표주관 및 공동주관 현상을 중심으로 신디케이트 구성이 인수주선 서비스에 미치는 영향에 대하여 2000년 1월부터 2013년 12월까지의 기간 중 기업공개(IPO)된 총 748건을 대상으로 분석한다. 먼저 2000년대 중반 이후 복수대표주관 및 공동주관 IPO 건수가 증가하고 있으며, 비주관 인수회사의 수는 감소하는 것으로 나타났다. 실증분석 결과, 복수대표주관 여부, 공동주관 여부, 및 인수회사의 수 등 IPO 신디케이트구성은 상장 전·후 인수주선 서비스 제고에 유의한 영향을 주지 못하였다. 특히, KOSPI 시장에서 복수대표주관 IPO는 상장 후 보유기간 초과수익률이 오히려 낮은 것으로 나타났고, 공동주관 IPO는 상장 후 수익률 변동성이 높은 것으로 나타났다. 대표주관사 및 공동주관사 수가 많을수록 인수 수수료율은 높게 나타났고, KOSPI 시장에서 복수대표주관과 전체 시장에서 공동주관은 저가발행을 확대하는 것으로 나타났다. 이러한 실증결과는 IPO 복수대표주관과 공동주관이 인수주선 서비스 제고를 통해 IPO 성과를 향상시키기 보다는 오히려 발행회사에 더 많은 IPO발행비용을 부담시킨다고 해석될 수 있다. 또한 복수대표주관과 공동주관이 IPO 시장 침체와 증권인수산업의 경쟁심화에 따른 금융투자회사 간의 상호 호혜적 거래행위 또는 발행회사와 사전 거래관계에 의한 주관사 선정 등의 이유로 발생한 현상일 가능성이 높음을 시사한다. This study examines the effects of IPO syndicates on underwriting services using 748 Korean IPOs from January 2000 to December 2013. We report that the numbers of MLU (multiple lead underwriter) IPOs and co-managed IPOs have increased after the middle of 2000. Our empirical results show that MLUs and co-managers do not enhance underwriting services while they charge the higher issuance costs. Moreover, the abnormal buy-and-holding returns are lower for MLU IPOs and return volatility is greater for co-managed IPOs in the KOSPI market. Overall, our evidence suggests that hiring MLUs or co-managers is less beneficial to issuers and might result from the reciprocal relationship among investment banks or the prior relationship between issuers and underwriters.
성인여성의 복부지방 분포에 따른 신체구성 및 건강관련 체력의 특성
박주식 ( Ju Sik Park ),김기진 ( Ki Jin Kim ) 한국운동영양학회 2004 Physical Activity and Nutrition (Phys Act Nutr) Vol.8 No.1
In adults, obesity and abdominal obesity, especially visceral fat area, were associated with prevalence of metabolic syndrome. The increase of visceral fat area could be arise the depression of physical capacity. This study investigated the comparison of body composition and physical fitness according to abdominal fat distribution in adult women. Subjects were consisted of obese group (N = 19) and non-obese group (N = 21), as BMI equal to or greater than 25 kg/m². Additionally, subjects were divided into groups according to waist circumference (WC) and ratio of visceral fat area to subcutaneous fat area (VSR), respectively. Body composition and physical fitness were measured by body weight, %fat, WC, WHR, grip strength, back muscular strength, sit up, sit & reach, and physical efficiency index (PEI) of Hravard step test. Abdominal subcutaneous fat area, visceral fat area, and VSR were measured by abdominal CT. Body weight, BMI, and WC of obese group were significantly higher than non-obese group, and abdominal obesity and visceral fat type were significantly higher than femoral-thigh obesity and subcutaneous fat type, respectively. Some subjects of non-obese group as BMI showed the increase of visceral fat area and category of abdominal obesity type. In these results, multiple analysis of obesity as BMI, WC, and VSR could be suggest a critical sign for the analysis of negative body fat distribution. Significant depression of physical fitness could not find as group division according to BMI, WC, and VSR. Although PEI of Harvard step test could not suggest a significant difference, subjects of visceral obesity showed the decrease of PEI. But we could not find the critical point in negative effect of visceral fat accumulation on physical fitness.
심폐기능에 따른 점증적 최대운동시 지속능력 및 회복능력의 비교
김기진(Kim Ki-Jin),김유진(Kim Yoo-Jin),김성호(Kim Sung-Ho),박주식(Park Joo-Shik),홍창배(Hong Chang-Bae),김준태(Kim Jun-Tae) 한국체육과학회 2001 한국체육과학회지 Vol.10 No.1
This study performed the comparison of continuous and recovery capacity following to endurance capapcity through the analysis of heart rate and blood lactate responses in graded maximal testing of long distance runners and nonathletes. In graded maximal testing, VO₂max, exercise duration to all-out, and lactate threshold showed a significant(P<0.05) differences between two groups. Absolute values of heart rate and blood lactate concentration of long distance runners group showed a significant(P<0.05) lower values than nonathletes group at 15 mins of recovery phase after graded maximal exercise, but recovery rate of heart rate and blood lactate showed no significant differences between two groups. These results could be suggested that the detailed physiological parameters must be considered for the analysis of recovery function of exercise-induced fatigue.
성인 여성의 연령대간 내장지방면적 및 동맥경화증 관련 항목의 혈중 농도 비교
김기진(Ki Jin Kim),안나영(Na Young Ahn),신윤정(Yoon Jung Shin),홍창배(Chang Bae Hong),김상현(Sang Hyun Kim),공경민(Kyung Min Kong),이지은(Ji Eun Lee),장지선(Ji Sun Jang),김홍수(Hong Soo Kim),박주식(Ju Sik Park) 한국발육발달학회 2005 한국발육발달학회지 Vol.13 No.4
This study examined the differences of atherosclerosis indices and body composition according to aging in Korean women. Subjects consisted of 106 women (age range 20-59 years) who were volunteered in health promotion program, and were divided into This study examined the differences of atherosclerosis indices and body composition according to aging in Korean women. Subjects consisted of 106 women (age range 20-59 years) who were volunteered in health promotion program, and were divided into an obese group and a non-obese group following to 10 years-stage. We measured anthropometric factors, resting BP, and lipid profiles, plasma levels of fibrinogen, hsCRP, leptin, and adiponectin, intima thickness of carotid artery, and pulse wave velocity. One-way ANOVA followed by Tukey`s past hoc comparison was used for multiple comparisons among age-related groups. WHR and VSR had significant differences among age-related groups in obese and non-obese groups(p<.05). Significant differences in serum levels of TC, LDL-C, atherogenic index, and Intima thickness of right carotid artery were found among age-related groups in non-obese group(p<.05). Therefore, aging is related to visceral fat accumulation, prevalence of abdominal obesity, increase of serum level of TC and diastolic blood pressure.an obese group and a non-obese group following to 10 years-stage. We measured anthropometric factors, resting BP, and lipid profiles, plasma levels of fibrinogen, hsCRP, leptin, and adiponectin, intima thickness of carotid artery, and pulse wave velocity. One-way ANOVA followed by Tukey`s past hoc comparison was used for multiple comparisons among age-related groups. WHR and VSR had significant differences among age-related groups in obese and non-obese groups(p<.05). Significant differences in serum levels of TC, LDL-C, atherogenic index, and Intima thickness of right carotid artery were found among age-related groups in non-obese group(p<.05). Therefore, aging is related to visceral fat accumulation, prevalence of abdominal obesity, increase of serum level of TC and diastolic blood pressure.