Insider Trading around Seasoned Equity Issues

Kim,Chan Wung,Chang,Young Kwang 成均館大學校 韓國産業硏究所 1995 韓國經濟 Vol.21 No.2

이 연구는 신규 유상증자발행의 정보효과에 관한 분석이다. 기존 연구에서의 부정적인 정보효과를 유상증자발행 발표 전후의 內部者 去來를 이용해서 조사한다. 연구 결과는 內部者들이 보통주 발행전과 후에 모주 자사주식을 판매하는 것으로 보여준다. 內部者들이 자사의 위험이 증가하는 것을 예견하여 자사주식 소유를 감소시키는 것으로 보인다.

WHICH INFORMATION MOVES PRICES: EVIDENCE FROM DAYS WITH DIVIDEND AND EARNINGS ANNOUNCEMENTS AND INSIDER TRADING

Kim, Chan-Wung,Lee, Jae-Ha Korean Financial Management Association 1996 財務管理論叢 Vol.3 No.1

We examine the impact of public and private information on price movements using the thirty DJIA stocks and twenty-one NASDAQ stocks. We find that the standard deviation of daily returns on information days (dividend announcement, earnings announcement, insider purchase, or insider sale) is much higher than on no-information days. Both public information matters at the NYSE, probably due to masked identification of insiders. Earnings announcement has the greatest impact for both DJIA and NASDAQ stocks, and there is some evidence of positive impact of insider asle on return volatility of NASDAQ stocks. There has been considerable debate, e.g., French and Roll (1986), over whether market volatility is due to public information or private information-the latter gathered through costly search and only revealed through trading. Public information is composed of (1) marketwide public information such as regularly scheduled federal economic announcements (e.g., employment, GNP, leading indicators) and (2) company-specific public information such as dividend and earnings announcements. Policy makers and corporate insiders have a better access to marketwide private information (e.g., a new monetary policy decision made in the Federal Reserve Board meeting) and company-specific private information, respectively, compated to the general public. Ederington and Lee (1993) show that marketwide public information accounts for most of the observed volatility patterns in interest rate and foreign exchange futures markets. Company-specific public information is explored by Patell and Wolfson (1984) and Jennings and Starks (1985). They show that dividend and earnings announcements induce higher than normal volatility in equity prices. Kyle (1985), Admati and Pfleiderer (1988), Barclay, Litzenberger and Warner (1990), Foster and Viswanathan (1990), Back (1992), and Barclay and Warner (1993) show that the private information help by informed traders and revealed through trading influences market volatility. Cornell and Sirri (1992)' and Meulbroek (1992) investigate the actual insider trading activities in a tender offer case and the prosecuted illegal trading cased, respectively. This paper examines the aggregate and individual impact of marketwide information, company-specific public information, and company-specific private information on equity prices. Specifically, we use the thirty common stocks in the Dow Jones Industrial Average (DJIA) and twenty one National Association of Securities Dealers Automated Quotations (NASDAQ) common stocks to examine how their prices react to information. Marketwide information (public and private) is estimated by the movement in the Standard and Poors (S & P) 500 Index price for the DJIA stocks and the movement in the NASDAQ Composite Index price for the NASDAQ stocks. Divedend and earnings announcements are used as a subset of company-specific public information. The trading activity of corporate insiders (major corporate officers, members of the board of directors, and owners of at least 10 percent of any equity class) with an access to private information can be cannot legally trade on private information. Therefore, most insider transactions are not necessarily based on private information. Nevertheless, we hypothesize that market participants observe how insiders trade in order to infer any information that they cannot possess because insiders tend to buy (sell) when they have good (bad) information about their company. For example, Damodaran and Liu (1993) show that insiders of real estate investment trusts buy (sell) after they receive favorable (unfavorable) appraisal news before the information in these appraisals is released to the public. Price discovery in a competitive multiple-dealership market (NASDAQ) would be different from that in a monopolistic specialist system (NYSE). Consequently, we hypothesize that NASDAQ stocks are affected more by private information (or more precisely, insider tradin

Diversification Benefits from the Introduction of REITs in Korea

Chan-Wung Kim,Young-Ghon Kim,Gabriel Manrique 한국산업경제학회 2010 산업경제연구 Vol.23 No.3

본 연구는 REITs의 한국도입이 한국투자자들에 부동산 간접투자에 따른 잠재적 이익을 제공하는 지에 대해 실증분석 하는 데 있다. 분석기간은 2002년 11월 11일에서 2007년 11월 8일까지 설정하였으며, 실증분석에서는 전체표본을 REITs의 도입기간(2002년 11월 11일부터 2003년 11월 7일까지)과 정착기간(2004년 1월 8일부터 2007년 11월 8일까지)으로 나누어 보다 보편 타당한 결과를 얻고자 하였다. 주요 분석결과는 다음과 같다. 도입기간에서는 REITs가 한국부동산 투자자들에게 통계적으로 유의한 수준에서 이익을 제공하지 못하는 것으로 나타났다. 반면 정착기간에서는 한국투자자들에게 통계적 유의수준에서 이익을 제공함을 보였다. 이러한 결과로부터 REITs의 한국진출이 투자자들에게 부동산 분산투자에 대한 유용성을 제공하는 것으로 추론해 볼 수 있다. 따라서 본 연구는 한국에서 REITs진출의 유용성과 성과를 실증 분석한 최초의 연구로써 의미가 클 것으로 사료된다. This study investigated the potential diversification benefits for Korean investors from the introduction of REITs in Korea. We found that during the first period (2002), the REITs could not provide Korean investors with any diversification gains. However, during the latter period (2004-2007), we found that REITs could have provided Korean investors with significant diversification gains. The portfolio with REITs could improve 59% based on the Sharpe ratio and 11.6% based on the M2measure. It appears that REITs have proven usefulness in a diversified portfolio. This study would be the first to document such a benefit from the introduction of REITs in Korea.

Real-world Prescription Patterns and Patient Satisfaction Regarding Maintenance Therapy of Gastroesophageal Reflux Disease: An Observational, Cross-sectional, Multicenter Study

Cheal Wung Huh,Nak Hoon Son,Young Hoon Youn,Da Hyun Jung,Min Kyung Kim,Eun Jeong Gong,Kyu Chan Huh,Seung Young Kim,Moo In Park,Ju Yup Lee,Joong Goo Kwon,Jae Hak Kim,Cheol Min Shin,Kee Wook Jung,Su Jin 대한소화기 기능성질환∙운동학회 2023 Journal of Neurogastroenterology and Motility (JNM Vol.29 No.4

Background/AimsGastroesophageal reflux disease (GERD) is a common chronic gastrointestinal disorder that typically requires long-term maintenance therapy. However, little is known about patient preferences and satisfaction and real-world prescription patterns regarding maintenance therapy for GERD. MethodsThis observational, cross-sectional, multicenter study involved patients from 18 referral hospitals in Korea. We surveyed patients who had been prescribed proton pump inhibitors (PPIs) for GERD for at least 90 days with a minimum follow-up duration of 1 year. The main outcome was overall patient satisfaction with different maintenance therapy modalities. ResultsA total of 197 patients were enrolled. Overall patient satisfaction, patient preferences, and GERD health-related quality of life scores did not significantly differ among the maintenance therapy modality groups. However, the on-demand therapy group experienced a significantly longer disease duration than the continuous therapy group. The continuous therapy group demonstrated a lower level of awareness of potential adverse effects associated with PPIs than the on-demand therapy group but received higher doses of PPIs than the on-demand therapy group. The prescribed doses of PPIs also varied based on the phenotype of GERD, with higher doses prescribed for non-erosive reflux disease than erosive reflux disease. ConclusionAlthough overall patient satisfaction did not significantly differ among the different PPI maintenance therapy modality groups, awareness of potential adverse effects was significantly different between the on-demand and continuous therapy groups.

한미일 주가지수선물자료를 이용한 국제자본시장들간의 정보이전효과에 관한 실증적 연구

김찬웅(Chan Wung Kim),문규현(Gyu Hyun Moon),홍정효(Jung Hyo Hong) 한국증권학회 2002 Asia-Pacific Journal of Financial Studies Vol.31 No.1

Signet Ring Cell Mixed Histology May Show More Aggressive Behavior than Other Histologies in Early Gastric Cancer

( Cheal Wung Huh ),( Da Hyun Jung ),( Jie Hyun Kim ),( Yong Chan Lee ),( Hyunki Kim ),( Hoguen Kim ),( Sun Och Yoon ),( Young Hoon Youn ),( Hyojin Park ),( Sang In Lee ),( Seung Ho Choi ),( Jae Ho Che 대한내과학회 2011 대한내과학회 추계학술대회 Vol.2011 No.1

Background: Signet ring cell carcinoma (SRC) of the stomach has been known to have different microscopic and biologic characteristics compared to non-SRC. Thus, a pathologic report has documented partly SRC component with other main histologies in gastric cancer. However, the clinical significance of SRC mixture has not been reported. The aim was to investigate clinicopathologic features of mixed-SRC histology in early gastric cancer (EGC). Methods: Between 1999 and 2005, 2208 patients were diagnosed with EGC and underwent surgery at Severance and Gangnam Severance Hospital. Among them, 156 patients were diagnosed with adenocarcinoma with partly SRC (mixed-SRC group), 1,512 with only adenocarcinoma (adenocarcinoma group), and 540 with SRC (SRC group). Clinicopathologic characteristics among the mixed-SRC, adenocarcinoma, and SRC groups were analyzed. Results: The SRC group was more significantly associated with younger age, female, mid-body location, mucosa-confined, depressed type, lower lymph node metastasis (LNM), lower lymphovascular invasion, and a better survival rate than the adenocarcinoma group. The mixed-SRC group was more significantly associated with younger age, female, upper-body location, and depressed type than the adenocarcinoma group, similar to the SRC group. However, the mixed-SRC group showed more submucosal invasion, larger size, and higher LNM than SRC and adenocarcinoma groups. Also, a mixed-SRC component was one of the independent risk factors of LNM. Conclusions: The mixed-SRC group displayed different clinicopathologic characteristics from other groups. Mixed-SRC histology in EGC showed more aggressive biologic characteristics than SRC and adenocarcinoma. Thus, clinical considerations of mixed-SRC histology may be helpful to decide on a specific cancer treatment.

Signet Ring Cell Mixed Histology May Show More Aggressive Behavior than Other Histologies in Early Gastric Cancer

( Cheal Wung Huh ),( Da Hyun Jung ),( Jie Hyun Kim ),( Yong Chan Lee ),( Hyun Ki Kim ),( Ho Guen Kim ),( Sun Och Yoon ),( Young Hoon Youn ),( Hyojin Park ),( Sang In Lee ),( Seung Ho Choi ),( Jae Ho C 대한내과학회 2011 대한내과학회 추계학술대회 Vol.2011 No.-

한미일 주가지수선물자료를 이용한 국제자본시장들간의 정보이전효과에 관한 실증적 연구

김찬웅(Chan Wung Kim),문규현(Gyu Hyun Moon),홍정효(Jung Hyo Hong) 한국증권학회 2002 한국증권학회지 Vol.31 No.1

Loquat (Eriobotrya japonica) extract prevents dexamethasone-induced muscle atrophy by inhibiting the muscle degradation pathway in Sprague Dawley rats

NOH, KYUNG KYUN,CHUNG, KI WUNG,SUNG, BOKYUNG,KIM, MIN JO,PARK, CHAN HUM,YOON, CHANGSHIN,CHOI, JAE SUE,KIM, MI KYUNG,KIM, CHEOL MIN,KIM, NAM DEUK,CHUNG, HAE YOUNG Spandidos Publications 2015 MOLECULAR MEDICINE REPORTS Vol.12 No.3

<P>In the Orient, loquat (Eriobotrya japonica) extract (LE) is widely used in teas, food and folk medicines. The leaves of the loquat tree have been used for generations to treat chronic bronchitis, coughs, phlegm production, high fever and gastroenteric disorders. One of the major active components of loquat leaves is ursolic acid, which was recently investigated in the context of preventing muscle atrophy. The present study investigated the therapeutic potential of LE on dexamethasone?induced muscle atrophy in rats. Daily intraperitoneal injections of dexamethasone caused muscle atrophy and evidence of muscle atrophy prevention by LE was demonstrated using various assays. In particular, dexamethasone?induced grip strength loss was alleviated by LE and the increase in serum creatine kinase activity, a surrogate marker of muscle damage, caused by dexamethasone injection was reduced by LE. Western blot analysis and immunoprecipitation demonstrated that dexamethasone markedly increased the protein expression levels of muscle ring finger 1 (MuRF1), which causes the ubiquitination and degradation of myosin heavy chain (MyHC), and decreased the protein expression levels of MyHC as well as increased the ubiquitinated MyHC to MyHC ratio. However, LE reduced the dexamethasone?induced protein expression levels of MuRF1 and ubiquitinated MyHC. Additional experiments revealed that LE supplementation inhibited the nuclear translocation of FoxO1 induced by dexamethasone. These findings suggested that LE prevented dexamethasone?induced muscle atrophy by regulating the FoxO1 transcription factor and subsequently the expression of MuRF1.</P>

평형농도 개념과 과화제 내부 및 주변매질에서의 확산을 고려한 침출식과 모델 검증

김창락,조찬희,김진웅,이명찬,최희준 한국화학공학회 1995 Korean Chemical Engineering Research(HWAHAK KONGHA Vol.33 No.2

시멘트 고화체 내 확산과 흡착평형을 고려하고 고화체 표면에서 농도와 질량플럭스의 연속성을 경계조건으로 사용한 침출율 예측모델을 개발하였다. 또한 확산에 의하지 않은 고화체 표면의 제반상태에 영향을 받은 핵종유출 부분을 초기 유실누적분율로 정의하여 반영하였다. 침출모델의 검증을 위하여 담수, 해수, 토양 등의 다양한 침출환경에서 수행된 침출실험결과와 비교하였다. 본 침출모델은 다양한 침출실험결과를 설명하는데 유용하게 사용될 수 있으리라고 판단된다. A model equation for nuclide leaching from cementitious waste form is formulated based on diffusion, sorption equilibrium, and the continuity- boundary conditions of concentration and flux on the waste form surface. Nuclide release unrelated to diffusive transport mechanism is reflected in the model as a wash-off fraction which depends on the surface conditions of the waste form. This leaching model is validated by comparison with the results of leaching experiments in various environments including land water, sea water and soils. It is expected that this leaching model will be used satisfactorily in analyzing various leaching experimental results.