http://chineseinput.net/에서 pinyin(병음)방식으로 중국어를 변환할 수 있습니다.
변환된 중국어를 복사하여 사용하시면 됩니다.
Hee Ju Lee1,HyungJoo Baik1,박요한,서상혁,김광희,Ki Beom Bae,Kwan Hee Hong,김기향,변정미,Dae Hoon Jeong,Kyung Bok Lee,오민경,조광래,안민성 대한종양외과학회 2019 Korean Journal of Clinical Oncology Vol.15 No.2
Purpose: Peritoneal carcinomatosis (PC) has been considered a terminal condition and cytoreductive surgery with hyperthermic intraperitoneal chemotherapy (CRS/HIEPC) is regarded as an alternative therapeutic option. This study aimed to evaluate the 30-day clinical outcomes of CRS/HIPEC and the feasibility of the surgery by investigating the morbidity and mortality in Inje University Hospital. Methods: Data were retrospectively collected from 19 patients with PC who underwent CRS/HIPEC at Inje University Hospital in 2018. We evaluated pre-, intra-operative parameters and postoperative clinical outcomes and early complications. Results: The mean operating time was 506.95 minutes and the mean blood loss was 837.11 mL. Six cases (31.58%) had morbidity of grade III or above. A longer operating time (≥560 minutes, P=0.038) and large blood loss (≥700 mL, P=0.060) were positively correlated with grade III or worse postoperative complications. Conclusion: Our early experience with CRS/HIPEC resulted in a 31.58% morbidity rate of grade III and above, with risk factors being longer operating time and greater intraoperative blood loss. As the surgical team’s skills improve, a shorter operating time with less intraoperative blood loss could result in better short-term outcomes of CRS/HIPEC.
Changes in Order Backlog and Future Returns
Bok Baik,안태식 서울대학교 경영연구소 2007 Seoul Journal of Business Vol.13 No.2
This paper examines whether investors recognize the implications ofchanges in order backlog, a non-GAAP leading indicator, for future performance. A hedge portfolio strategy taking a long position in the highest decile of order backlog change and a short position in the lowest decile of order backlog change earns 13.7 percent in the year after thehedge portfolio is formed. Moreover, analysts forecast errors are largeand negative (overoptimistic) for firms experiencing declines in orderbacklog. Overall, our evidence indicates that analysts underreact to theinformation in changes in order backlog. In addition, the market doesnot appear to see through the relation between changes in order backlogand future performance and under weights the implications of orderbacklog, which contrasts with the findings of Rajgopal, Shevlin, and Venkatachalam (2003).
CEO Reputation and Corporate Opacity
Bok Baik,Paul Brockman,David B. Farber,Sam Lee 한국재무학회 2010 한국재무학회 학술대회 Vol.2010 No.05
We examine the relation between CEO reputation and corporate opacity. CEOs with high reputations have incentives to protect their reputations by enhancing their firms’ information environment, thereby decreasing opacity. However, highly reputed CEOs can become distracted as a result of their notoriety and resort to rentseeking behavior (e.g., earnings management), thereby increasing opacity. Using multiple proxies for CEO reputation and an opacity index comprised of commonly used proxies for information asymmetry, we find that firms with highly reputed CEOs are associated with lower opacity, suggesting that CEOs act to protect their reputations by increasing the flow of information to the market. Results are robust to a changes specification. We also show that CEO reputation matters most when firms have relatively weak governance environments. We also examine this issue from an investor perspective and find that firm value is increasing in CEO reputation, suggesting that investors perceive that highly reputed CEOs improve the information environment. Overall, our paper provides empirical evidence on the economic consequences associated with CEO characteristics.
Local Institutional Investors, Information Asymmetries, and Equity Returns
Bok Baik,Jun-Koo Kang,Jin-Mo Kim 한국재무학회 2008 한국재무학회 학술대회 Vol.2008 No.05
In this paper we examine the informational role of local institutional investors in stock markets. Using state identifiers as our primary measure of geographic proximity and geographically proximate institutions as a close approximation to informed investors, we show that both the level of and change in local institutional ownership predict future stock returns; in contrast, such predictive abilities are relatively weak for nonlocal institutional ownership. Moreover, the positive relation between local institutional holdings and stock performance is pronounced in firms with high information asymmetry, such as small firms, firms with high return volatility, firms with high R&D intensity, and young firms. Finally, we find that local, but not nonlocal, institutional investors begin to reduce their holdings prior to a break in a string of consecutive nonnegative quarterly earnings surprises. These findings suggest that geography proxies for the availability of information and allows local institutional investors to execute profitable trades based on their superior information.
An Examination of Earnings Surprises for Urban and Rural Firms
( Bok Baik ),( Jee Hae Lim ),( Yoonseok Zang ) 한국회계학회 2014 會計學硏究 Vol.39 No.2
In this paper, we examine the association between firm location and earnings surprises at earnings announcements. Prior studies show that firms located in urban areas draw more attention from the investment community, which may lead to more capital market pressures. In turn, urban firms could have stronger incentives to present "better" performance measures at earnings announcements. Consistent with this view, we find that (1) urban firms are more likely to report non-negative earnings surprises than rural firms; (2) urban firms are more likely to report non-GAAP earnings numbers; and (3) urban firms are more likely to make income-increasing adjustments to GAAP earnings to arrive at non-GAAP earnings than rural firms. We also find that the earnings response coefficient (ERC) of urban firms is smaller than that of rural firms, which suggests that more opportunistic earnings metrics of urban firms are factored into stock prices.
Electricity Usage, Future Earnings, and Stock Prices
Bok Baik,Jungmin Kim,Woojin Kim 한국재무학회 2016 한국재무학회 학술대회 Vol.2016 No.05
In this paper, we examine whether the change of electricity usage is informative about subsequent earnings changes. We anticipate that electricity usage is a leading indicator for future sales and increased electricity will lead to higher earnings. Using hand-collected data on electricity usage for Korean firms for the sample period of 2006- 2014, we find a positive association between changes in electricity usage and subsequent earnings after controlling for factors that may affect future profitability. We also report that changes in electricity usage predict future stock returns. A positive relation between electricity changes and future returns still holds even after controlling for the fundamental signals and various risk factors. A hedge portfolio strategy that buys the top quintile of electricity changes and sells the bottom quintile of electricity changes leads to an economically significant 4.80% annual abnormal return. In addition, we find evidence that the positive relation between changes in electricity and future returns is more salient for firms with high information asymmetry. Overall, the results suggest that firms’ electricity usage is an important indicator for future profitability and investors do not fully incorporate the implications of electricity usage for future profitability.