한방병원 갑상선 클리닉 내원 환자들의 임상적 특성 분석

변상혁,김순일,강기훈,이병철,안영민,두호경,안세영,Byun, Sang-Hyuk,Kim, Soon-Il,Kang, Ki-Hoon,Lee, Byung-Cheol,Ahn, Young-Min,Doo, Ho-Kyung,Ahn, Se-Young 대한한방내과학회 2005 大韓韓方內科學會誌 Vol.26 No.1

Objective : Thyroid diseases are one of the most common endocrine disorders. However, the first chosen-treatments including anti-thyroidal and hormone-supplement therapy in western medicines, sometimes have failed to improve abnormal thyroid hormone secretions and clinical symptoms. Therefore, there has been a growing expectation for Oriental Medicine to take the role of alternative therapy. However, there has been little analysis of clinical characteristics. In this study, clinical characteristics of thyroidal disease patients who visited Kyung-Hee oriental hospital from January to July 2004 were analyzed. Methods : A total 86 patients diagnosed as hyperthyroidism, hypothyroidism or thyroid nodule were selected. Clinical history, including sex, age, symptoms, disease duration and methods of previous therapy and thyroidal test, such as thyroid function test (TFT), thyroid scan and other thyroid examinations. Results : In distribution of onset age and sex, the patients who have visited oriental hospital with thyroidal diseases showed similar characteristics with typical patients. In clinical symptom, the most frequent clinical sign was fatigue in both hyperthyroidism and hypothyroidism, which differs from the classical characteristics of those diseases. Most patients complained the unresolved symptoms, some of which are attributable to abnormal thyroid hormone secretions, in spite of western therapy with anti-thyroidal and hormone supplement agents. Conclusions : In oriental therapy, it will be necessary to consider the unique clinical features of thyroidal diseases different from classical patterns, and this study suggests that oriental therapy is a good alternative method for patients whose first treatment with western agents failed. Furthermore, more public information to these patients about oriental medicine would be helpful to increase cure rates, and give various choices to patients with thyroid diseases.

석고(石膏)가 만성 신부전 Rat의 신기능 보호 및 조직학적 변화에 미치는 영향

변상혁,Byun, Sang-Hyuk 대한한방내과학회 2008 大韓韓方內科學會誌 Vol.29 No.4

Objective : Gypsum fibrosum has been traditionally used in treatment of febrile diseases and recently been shown to have anti-inflammatory effect. Chronic renal failure has a serious clinical symptoms including proteinuria, azotemia, anemia, and hyperlipidemia and has characteristic histopathological changes, glomerular hypertrophy, infiltration of inflammatory cells, and crescentic sclerosis, We investigated the effects of gypsum fibrosum on renal functional and histopathological disorder in chronic renal failure rat model induced 5/6 nephrectomy. Methods : Using Sprague-Dawley rats, CRF was induced by 5/6 nephrectomy. The rats were divided into 3 groups, normal, conrol, and gypsum administered orally with gypsum fibrosum 500mg/kg/day. Body weight, 24 hr proteinuria, hematologic analysis, and histological morphologic changes were followed up after 8 weeks. The glomerular macrophage/monocyte infiltration, $TGF-{\beta}_1$, type IV collagen, and angiotensin II type1 receptor($AT_1$) were evaluated by immunohistochemistry. Resuls : In the CRF control group, functional parameters and histopathologic changes clearly indicated the development of CRF. 24 hr proteinuria significantly increased in the CRF control group over the normal group, and serum creatinine level was lower in the gypsum group than in the control group, LDL-cholesterol was significantly lower in the gypsum group than in the control group. Morphological investigations showed a variety of characteristic features of CRF, glomerular hypertrophy, increasing cellular density of glomerulus, deposition of extra-cellular matrix, fibrotic change, and glomerular sclerosis in the control group, but in the gypsum group, these features diminished significantly. In observation of renal type IV collagen and $AT_1$ expression, positive area significantly increased in the control group over the normal group, and it significantly decreased in the gypsum group compared to the control group. Conclusions : Our findings suggest that gypsum fibrosum inhibits $AT_1$ and type IV collagen expression in renal tissues and attenuates progression of glomerulosclerosis and interstitial fibrosis in chronic renal failure rats, which lead to amelioration of renal function. From these results, we suggest that gypsum fibrosum may have renoprotective effects and could be a useful remedy agent for treating chronic renal failure.

The Effects of Abnormal Executive Pay Dispersion: Evidence from Firm Performance and Executive Turnover

변상혁 한국증권학회 2014 Asia-Pacific Journal of Financial Studies Vol.43 No.5

This study examines the relation between pay dispersion among top executives and firmperformance and executive turnover. I find that deviations from normal dispersion are asso-ciated with deterioration in firm performance and higher executive turnover. I also documentthat a positive relation between abnormal pay dispersion and executive turnover is driven bylow-ranked executives. This study contributes to the existing literature by suggesting thatabnormal pay dispersion is an important factor that influences managerial behavior in addi-tion to raw pay dispersion.

CEO Inside Debt and Earnings Managemen

변상혁,이영주 한국기업경영학회 2013 기업경영연구 Vol.20 No.5

In this study, we investigate the effects of CEO inside debt, that is, deferred CEO compensation, on financial reporting practice. We find a positive relationship between CEO inside debt and earnings management. Our results support the hypothesis that CEO inside debt provides incentives for upward earnings management. The results from additional tests also show that firms whose CEOs hold high inside debt balances are more likely to attain earnings targets through accruals management. Finally, we provide evidence that such debt is associated with lower accruals quality after controlling for other types of compensation. Our findings suggest that inside debt may increase agency costs by providing incentives for earnings management rather than discouraging it as a means of reducing firm risk. Our findings provide valuable implications for various financial market entities. They suggest that shareholders need to consider the impact of inside debt in determining optimal CEO compensation contracts and that regulators and auditors should also be interested in CEO inside debt as part of their monitoring role in financial reporting. This study extends the scope of existing literature on CEO inside debt to financial reporting practice.

당뇨병성 케톤산증 1례

변상혁,권영구,안영민,안세영,두호경,최기림,Byun, Sang-Hyuk,Kwon, Young-Gu,Ahn, Young-Min,Ahn, Se-Young,Doo, Ho-Kyung,Choi, Ki-Lim 대한한방내과학회 2002 大韓韓方內科學會誌 Vol.23 No.1

Diabetic Ketoacidosis(DKA), one of acute complications of diabetes mellitus(DM) occurs mostly in insulin dependent diabetes mellitus (IDDM) patients. Its clinical symptoms are hyperglycemia, ketonemia or ketonuria, metabolic acidosis, etc. The interaction of lack of insulin, excessive secretion of insulin antagonic hormone and dehydration cause body fluid loss and electrolyte, typical symptom of DKA as polyuria, polydipsia, nausea, vomiting, abdominal pain occur. As a result, prompt supply of fluid and insulin by intravenous injection should be conducted for treatment. It is still an emergent disorder whose mortality is still 10 to 15%, though is has decreased compared to the past. We treated a female patient who has DKA, had withdrawn insulin pump therapy. We report a case of DKA with a brief review of related literatures.

국내 하천들의 수질, 하천 퇴적물, 주변 토양 및 별늑대거미 체내 중금속 축적량을 통한 환경오염도 평가

변상혁 ( Sang Hyuk Byun ),유건상 ( Keon Sang Ryoo ),최종하 ( Jong Ha Choi ),김용균 ( Yong Gyun Kim ),이화성 ( Hwa Sung Lee ) 한국환경과학회 2008 한국환경과학회지 Vol.17 No.3

Governance Reforms and Dividend Policy

Sanghyuk Byun(변상혁),Doseong Kim(김도성),Youngjoo Lee(이영주) 대한경영학회 2017 大韓經營學會誌 Vol.30 No.2

대량보유 기관투자자 매매가 시장유동성에 미치는 영향

이영주,변상혁 한국재무관리학회 2020 財務管理硏究 Vol.37 No.2

This study investigates how institutional blockholders’ trading affects market liquidity. Information asymmetry hypothesis predicts that the presence of informed traders increases adverse selection costs and thus reduces market liquidity. In contrast, Kaniel and Liu (2006) show that the horizon of private information is positively related to the probabilities of using limit orders. Collin-Dufresne and Fos (2016) develop a model in which insiders choose to trade more aggressively when uninformed volume is higher and price impact is lower. Both Kaniel and Liu (2006) and Collin-Dufresne and Fos (2016) predict the positive relationship between the presence of informed traders and market liquidity. This study analyzes differences in trading activity and market liquidity between the days when institutional blockholders trade and the days when they do not. This study finds that trading activity and market liquidity is higher in trading days than in non-trading days. These results contradict the prediction of information asymmetry hypothesis. Instead our findings imply that institutional blockholders are more likely to trade when trading volume is higher. The positive relationship between market liquidity and institutional blockholders’ trading holds even after the effect of trading activity, size and volatility of the stock is controlled. Our findings suggest that institutional blockholders may hold long-lived information, so they are more likely to use limit orders which provide liquidity to the market. 본 연구는 사적 정보를 보유한 대량보유 기관투자자의 매매가 시장유동성을 저하 또는 개선시키는 역할을 하는지를 실증적으로 분석한다. 대량보유 기관투자자가 매매를 한 날과 매매를 하지 않는 날의 거래활동 및 시장유동성의 차이를 비교한 결과 매매를 한 날에 거래활동은 더 활발하고 시장유동성은 더 높은 것으로 나타난다. 이 결과는 정보를 보유한 투자자의 시장 거래가 역선택비용을 증가시켜 시장유동성을 저하시킨다는 정보비대칭 가설과 반대되는 결과이다. 매매일의 거래활동은 대량보유 기관투자자의 매매량을 제거하더라도 비매매일에 비해 활발한 것으로 나타나 대량보유 기관투자자가 시장 타이밍을 한다는 주장을 지지한다. 또한 대량보유 기관투자자의 매매와 시장유동성 간의 양의 관계는 거래활동을 통제한 회귀분석에서도 유의성이 검증된다. 이 결과는 지속성이 긴 정보를 보유하고 있는 거래자는 유동성 공급자의 역할을 한다는 Kaniel and Liu(2006)의 가설이 국내 주식시장에서도 지지가 됨을 시사한다.

Institutional Blockholders and Earnings Management

이영주,변상혁 한국회계정책학회 2013 회계와 정책연구 Vol.18 No.3

We investigate the effect of institutional blockholders on earnings management, using a large sample of Korean firms listed on the Korea Exchange. We provide evidence that their presence reduces earnings management. Our results indicate no qualitative distinction between domestic and foreign institutional blockholders. Additional analysis indicates that domestic institutional blockholders enhance accruals quality. We also find that institutional blockholders are more attracted to firms with less earnings management. Our findings suggest that institutional blockholders play a monitoring role to deter management’s opportunistic behavior 본 논문은 국내 상장기업을 대상으로 기관투자자들이 기업의 이익조정에 미치는 영향에 대해 연구하였다. 기관투자자들이 5% 이상의 지분을 보유하고 있는 기업의 경우 이익조정의 정도가 그렇지 않은 기업에 비해 상대적으로 적은 것으로 나타났다. 또한 대량 지분을 보유한 기관투자자들의 영향을 받는 기업은 회계정보의 질 역시 상대적으로 우수한 것으로 나타났다. 이익조정을 감소시키는 기관투자자의 역할은 국내 기관투자자와 외국인투자자 모두에게 해당된다. 마지막으로 기관투자자들은 이익조정의 정도가 적은 기업에 더 많은 투자를 하는 것으로 나타났다. 본 논문의 주요 결과들은 기관투자자들이 경영 감시자로써의 역할을 수행하고 있다는 증거로 해석된다.

전년도 자유수임 감사인 지정이 감사품질 및 시장반응에 미치는 영향

이다혜,변상혁,양준선 한국공인회계사회 2018 회계·세무와 감사 연구 Vol.60 No.2

The purpose of this study is to examine whether auditor designation affects audit quality and market response when the immediately former auditors were designated as incoming auditors because designating the same auditor may impair auditor independence by introducing bias to the audit process. First, one of the goals to designate a new auditor is to restrict the right to hire freely an incoming auditor by client firms that are required to improve financial reporting quality to protect investors. If the immediately former auditor is designated as an incoming auditor, the independence of the auditor may be undermined due to alliance between the former auditors and client firms. Therefore, this study examines whether audit quality of such firms is affected by the impaired auditor independence, compared to firms that are audited by new incoming auditors. Second, this study examines whether there is a change in the audit effort proxied by audit hours and the audit fees when the immediately former auditors were assigned as incoming auditors. Lastly, this study tests whether there is a difference in market expectations by examining the effect of designating the immediately former auditors as incoming auditors on the stock price of client firms. Results of this study suggest that there is no difference in audit quality and audit hours between client firms with the immediately former auditors designated as incoming auditors and client firms with new incoming auditors. Results imply that there is no difference in the audit risks that auditors perceive. However, results show that whether or not designating the immediately former auditors has a significant influence on the downward change in audit fees. It also finds that client firms with the immediately former auditors designated as incoming auditors have a significantly negative cumulative abnormal returns. Prior research has argued that designation of an auditor contributes to enhancing the audit independence, conducting quality audits, and protecting investors’ interests. This study shows that there is no effect on audit quality when the designated auditor is the same as the immediately former one. It is different from the concerns of the media that the immediately former auditor would undermine the auditor independence. The finding that the audit fees are discounted even though similar audit hours were required in comparison to those with the new incoming auditors indicates that a relatively poor audit environment is provided to the immediately former auditors if they are designated as incoming auditors. This implies that it is likely to affect the proper function of the auditor controlling the audit risk and performing the substantive tests on the financial information. Investors concern that the discount of audit fees may cause the audit quality to deteriorate. This study contributes to the literature examining the effectiveness of recently added auditor designation policy. Moreover, this study empirically tests auditor designation policy from the perspective of accounting information’s users, client firms, and auditors, and provides the reasons why designating the immediately former auditor as an incoming auditor should be avoided. 본 연구는 전년도 자유수임 감사인과 동일한 감사인 지정이 감사에 편의를 가져오는 등 독립성이 훼손될 수도 있다는 문제 제기에 따라 동일감사인 지정이 감사 및 시장에 어떠한 영향을 미치는 지를 실증하는 데 목적이 있다. 첫째, 감사인 지정은 증선위가 투자자 보호를 위해 공정한 감사가 필요한 기업에 대하여 감사인 자유선임권을 배제한 것인데, 만일 기존감사인을 그대로 지정한다면 감사인의 독립성이 훼손될 우려가 제기된다. 따라서 본 연구는 감사인 지정을 받은 기업들 중에서 기존 감사법인으로 유지된 기업은 그렇지 않은 기업에 비해서 감사인과 기업 간의 유착으로 인한 감사인의 독립성이 훼손되어 감사품질에서 차이를 보이는지 검증한다. 둘째, 지정감사인이 전년도 자유수임 감사인과 동일한지의 여부가 감사인의 행동변화를 나타내고 동시에 감사노력의 대용치라 여겨지는 감사시간과 감사보수에 있어서 차이를 보이는지 검증한다. 셋째, 전년도 자유수임 감사인 지정이 기업의 주가에 미치는 영향을 검증함으로써 지정감사인 제도에서 동일 감사인 지정이 시장의 기대에 미치는 영향에 대해 살펴본다. 연구결과, 지정감사인이 자유수임감사인과 동일한 피감기업은 그렇지 않은 피감기업과 감사품질 및 감사시간 변화량에는 유의한 영향을 미치지 못하는 것으로 나타나 감사인들이 인지하는 허용감사위험에는 차이가 없었다. 하지만 감사보수 변화량에 있어서 동일감사인인지의 여부가 유의한 영향을 미치는 것으로 나타났다. 또한 증선위로부터 자유수임 감사인과 동일한 감사인을 지정받은 피감기업의 경우 음(-)의 누적초과수익률 값을 갖는 것으로 나타났다. 전년도 자유수임 감사인과 동일한 감사인의 지정이 감사인의 독립성을 훼손할 것이라는 언론의 우려와는 다른 결과를 보였지만, 변경감사인과 비교하여 동일한 감사노력을 들이고도 감사보수가 할인되고 있다는 것은 기존감사인에게 상대적으로 열악한 감사환경이 제공되고 있으며, 감사위험을 통제하고 재무제표에 대한 입증 기능을 수행하는 감사의 기능이 침해될 가능성도 있음을 암시한다. 또한 시장은 감사보수의 할인이 감사품질의 저하를 가져올 것을 우려하고 있다고 해석된다. 본 연구는 최근 추가된 지정방법의 실효성을 살펴보았다는 데에 공헌점이 있다. 또한 회계정보이용자와 피감기업 및 감사인 입장에서 동일감사인 지정이 시장 및 감사에 미치는 영향을 실증하였고 여러 입장에서 살펴본 결과 기존 감사인 지정을 배제하여야 하는 이유에 대해서 제시하고 있다.