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.

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.

Impact of urban warming on earlier spring flowering in Korea

Jeong, Jee‐,Hoon,Ho, Chang‐,Hoi,Linderholm, Hans W.,Jeong, Su‐,Jong,Chen, Deliang,Choi, Yong‐,Sang John Wiley Sons, Ltd. 2011 International journal of climatology Vol.31 No.10

<P><B>Abstract</B></P><P>Using long‐term (1954–2004) observations of four selected species in South Korea: goldenbell (<I>Forsythia koreana</I>), azalea (<I>Rhododendron mucronulatum</I>), cherry (<I>Prunus yedoensis</I>), and peach (<I>Prunus persica</I>), the impact of urban warming on spring flowering was investigated. Trends of early spring temperatures and first‐flowering dates (FFDs) of the four plants were cross‐compared among nine differently urbanized cities. It was clearly observed that urban warming has led to an advance in the timing of first‐flowering of several days to weeks during recent decades, while the intrinsic physiology of plants to sense thermal energy has not been changed. The degree of advancement of the FFD was observed to be roughly proportional to degree of urbanization. Moreover, the sensitivity of the FFD to urban warming was estimated to be higher for the shrub species (−9.07 and −6.64 days °C<SUP>−1</SUP> for goldenbell and azalea, respectively) than the tree species (−2.46 and −2.90 days °C<SUP>−1</SUP> for peach and cherry, respectively). Our results suggest that the impact of urban warming should be considered as an influential factor which drives changes in the regional natural environment, especially in regions of rapid urbanization. Copyright © 2010 Royal Meteorological Society</P>

Characterization of changes in global gene expression in the brain of neuron-specific enolase/human Tau23 transgenic mice in response to overexpression of Tau protein.

Woo, Jong-Min,Park, So Jung,Kang, Ho Il,Kim, Byoung Guk,Shim, Sun Bo,Jee, Seung Wan,Lee, Su Hae,Sin, Ji Soon,Bae, Chang Joon,Jang, Mee Kyung,Cho, Chunghee,Hwang, Dae Youn,Kim, Chuel Kyu D.A. Spandidos 2010 INTERNATIONAL JOURNAL OF MOLECULAR MEDICINE Vol.25 No.5

<P>Tau is a neuronal phosphoprotein responsible for the formation of the neurofibrillary tangles in Alzheimer's disease. To characterize the changes in global gene expression in the brain of transgenic mice that overexpress human Tau23 protein in response to the increase of Tau23 phosphorylation, total RNA extracted from the hippocampus of 12-month-old transgenic and wild-type mice was converted to cDNA, labeled with biotin and hybridized to oligonucleotide microarrays. The microarray results were confirmed by real-time RT-PCR and Western blotting method. It was determined that 43 genes were up-regulated and 8 genes were down-regulated by Tau23 in transgenic mice compared to controls, based on the arbitrary difference in the 2-fold change. Among the up-regulated transcripts, those encoding for transporter and oxidoreductase were dramatically over-represented, followed by those related to regulatory molecule, cytoskeletal protein, signaling molecule, and extracellular matrix protein. Genes encoding for transcription factor, regulatory molecule, miscellaneous function, and chaperone were significantly reduced in the down-regulated group. The major genes in the up-regulated categories included Ecrg4, Folr1, Defb11, Aqp1 and Soctdc1. The major genes in the down-regulated categories were Ncor1, Gpm6a, and Hspd1. These results indicate that the microarray analysis identifies several gene functional groups and individual genes that respond to a sustained increase in Tau23 phosphorylation levels in the brain of transgenic mice. In addition, the results suggest the microarray test is a useful tool for increased understanding of the role of Tau23 protein in regulating neurodegenerative disorders.</P>

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)

속박 (束縛) 과 침수 (浸水) 로 유도된 흰쥐의 스트레스성 급성 (急性) 위점막병변 (胃粘膜病變) 발생에 있어서 위산분비의 (胃酸分泌) 역할

민영일(Young Il Min),박충기(Choong Kee Park),장린(Rin Chang),김병호(Byung Ho Kim),장영운(Young Woon Chang),이정일(Jung Il Lee),박승준(Seung Joon Park),정주호(Joo Ho chung),정지창(Jee Chang Jung) 대한소화기학회 1989 대한소화기학회지 Vol.21 No.1

N/A The possible roles of gastric acid secretion in the pathogenesis of stress ulcers induced by restraint with water-immersion for 7 hours in pylorus-ligated rats were investigated. Control rats with pylorus-ligation only did not show any gastric mucosa} lesion, and their mean gastric acid output was 449.2 ± 36.1 umol/rat. In contrast, the stressed rats, group II, showed multiple, punctate and hemorrhagic erosions in gastric mucosa, and mean gastric acid output was decreased to the level of 253.7 ± 27.3 umol/rat. Subcutaneous administration of histamine(40 mg/kg every 2.5 h for a total three times) to stressed rats augmented the lesion with severe multiple, linear and hemorrhagic erosions and mean acid output increased significantly (328.1 ± 31.5 umol/, p<0.005) compared with group II. Pretreatment with rantidine(20 mg/kg) or prostaglandin E2 (30 ug/kg) before exposure to stress reduced gastric lesion formation slightly with no significance. In ranitidine pretreated rats, mean gastric acid output was decreased significantly (120.1 ± 15.3 umol/rat, p<0.005) compared with group II. However, in prostaglandin pretreated rats, mean gastric acid output showed no significant changes. Therefore, it is suggested that increased gastric acid secretion seems to be an aggravating or a permissive factor rather than a major factor in the pathogenesis of stress-induced gastric mucosal lesions.

Season‐dependent warming characteristics observed at 12 stations in South Korea over the recent 100 years

Choi, Woosuk,Ho, Chang‐,Hoi,Kim, Maeng‐,Ki,Kim, Jinwon,Yoo, Hee‐,Dong,Jhun, Jong‐,Ghap,Jeong, Jee‐,Hoon John Wiley Sons, Ltd. 2018 International journal of climatology Vol.38 No.11

<P>A number of studies on the surface warming in the Korean Peninsula reported that there has been a notable increasing trend of surface air temperatures over the past several decades. Here, by analysing long‐term surface air temperature data at 12 stations in South Korea that have records longer than 60 years, the authors show that the warming of spring and autumn temperatures is characterized by quasi‐linear increases with time whereas the warming in winter and summer is characterized by one or two abrupt jumps. Change‐point analysis of the seasonal‐mean temperature time series shows that abrupt jumps in winter temperatures occurred in the late 1940s and late 1980s, while the jump in summer temperatures occurred in 1994 at most stations. The shape of the frequency distribution of the daily‐mean temperature anomalies at all stations shifts to the warmer side after the jumps for both winter and summer. This shift in turn results in the decrease of cold extremes in winter and the increase of warm extremes in summer at all stations. Our results indicate that recent temperature records in South Korea are characterized by the two different types of warming according to seasons.</P>

Furosemide와 Cephapirin의 相互作用에 관한 硏究

李淇範,鄭址昌,高啓昌,鄭柱浩 慶熙大學校 1988 論文集 Vol.17 No.-

Cephapirin is a semisynthetic cephalosporin antibiotic with an unusually broad antibacterial spectrum, which is stable in beta-lactamase and is poorly absorbed from the gastro-intestinal tract and is given by intramuscular of intravenous injection as the sodium salt. High concentrations of furosemide and cephapirin are excreted in the urine by proximal tubular secretion. In order to investigate the drug-interaction between furosemide and cephapirin, the influences of cephapirin on the diuretic action of furosemide were studied in the rabbits. In comparison of diuretic effects of furosemide alone group with those of furosemide-cephapirin combined group, the furosemide-cephapirin combined group showed significant increase in urine flow and urinary electrolytes amounts. These findings seem to be resulted chiefly from marked inhibition of sodium and chloride reabsorption in the renal tubule without a little alteration of glomerular filtration rate. It is concluded from the result that synergistic effect of cephapirin on diuretic action of furosemide might be due to the competitive inhibition of plasma protein binding with furosemide by cephapirin. It is also postulated that the cephapirin-elimination through the renal tubule may de delayed by the competition between furosemide and cephapirin in renal tubular secretion.

HIV 감염 환자에서 발생한 편평 콘딜롬 1예

이해웅,오상현,장성은,최지호,문기찬,고재경 대한피부과학회 2006 大韓皮膚科學會誌 Vol.44 No.4

갑상선 유두암이 병발된 가족성 대장 용종증 1예

백종현,소창배,이은영,이지숙,신은경,박은호,서정아,양재홍,송준영,박선자,박요한,최영식 고신대학교의과대학 2007 고신대학교 의과대학 학술지 Vol.22 No.2

Familial adenomatous polyposis (FAP) is an autosomal dominant syndrome, typically characterized by multiple colorectal adenomas and increased incidence of colorectal carcinomas if it is not treated. Moreover, a variety of extracolonic manifestation are seen. The prevalence of thyroid tumors developing in patients with FAP is about 1∼2%. Generally, papillary thyroid cancer indicates low mortality but ,however, as people get older, the cancer becomes more aggressive. So, the operation is required. Recently we experienced a case of FAP, presenting with papillary thyroid carcinoma, and reported with a brief review of literatures.