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유일한(Yu, Il-han),신상훈(Shin, Sang-hoon),유승원(Yoo, Seung-weon) 한국국제회계학회 2017 국제회계연구 Vol.0 No.72
본 논문에서는 자금재조달 위험이 경영자 이익예측에 미치는 영향에 대하여 연구하였다. 구체적으로 2004년부터 2014년까지 유가증권 상장기업의 경영자이익예측정보를 이용하여 자금재조달 위험이 경영자 이익예측의 편의에 미치는 영향에 대하여 분석하였다. 연구결과 첫째, 자금재조달 위험이 경영자 이익예측의 낙관성에 영향을 미치는 것으로 나타났다. 자본시장을 통한 자금재조달을 앞둔 경영자는 자본비용의 감소를 위해 기업의 미래성과를 낙관적으로 조망함으로써 긍정적인 시장의 전망을 유도할 유인이 있는 것으로 보인다. 둘째, 현금 보유비율이 낮은 기업일수록 경영자가 이익예측을 낙관적으로 할 가능성이 더 큰 것으로 나타났다. 자금재조달을 앞두고 충분한 현금을 보유하고 있는 회사의 경우 그렇지 않은 회사에 비해 자금재조달 시에 발생 가능한 여러 위험에 보다 유연하게 대응할 수 있다. 따라서 현금 보유비율이 높은 기업의 경우 경영자들에게 낙관적 이익예측을 통해 시장의 긍정적인 반응을 유도할 유인이 줄어드는 것이다. 이는 현금 보유비율이 높이는 것이 자금재조달 위험을 낮추는 방편 중 하나가 될 수 있다는 선행연구(Jarrad Harford 2014)와도 일관된 결과이다. 본 연구는 자금재조달 위험이 기업 영업에 중요한 논제임에 비해 국내 연구가 미진한 현 상황에서 자금재조달 위험이 경영자의 이익조정 뿐만 아니라 이익예측 관련 공시 정보에도 영향을 미칠 수 있음을 입증하였다는 점에서 의의가 있다. 또한 자금재조달 위험에 따른 경영자들의 이익예측 편의는 경영자들의 기회주의적 면모를 재조명한 것으로 볼 수도 있다. 나아가 본 논문은 현금보유 수준에 따라 경영자 이익 예측 성향이 달라질 수 있음을 입증하며 자금 대여자들의 의사결정에 필요한 시사점을 제공하리라 생각한다. In this paper, we investigate the effect of fund re-financing risk on managerial earnings forecast. Specifically, from 2004 to 2014, we analyzed the effects of the risk of refinancing of funds on the convenience of managerial earnings forecasts using information on managerial earnings forecasts of listed companies. The results of this study are as follows: First, the risk of refinancing affects the optimism of managerial earnings forecast. Management seems to have an incentive to induce a positive market outlook by optimizing the future performance of the company in order to reduce capital costs. Second, the lower the cash holding ratio, the more likely the manager is likely to be optimistic about earnings forecasts. Companies that have sufficient cash ahead of their refinancing can respond more flexibly to the risks that may arise when refinancing funds compared to non-cash companies. Therefore, for firms with high cash holdings, the incentive to induce positive responses to the market through optimistic earnings forecasts is reduced. This is consistent with Jarrad Harford (2014), which suggests that increasing cash holdings can be one of the ways to lower the risk of refinancing. This study has proved that the risk of refinancing is influential not only on managers" profit adjustment but also on profit forecasting information in the current situation where domestic research is insufficient. In addition, managers" profit forecasting convenience due to the risk of refinancing of funds can be seen as a reexamination of opportunistic aspects of management. In addition, this paper proves that the propensity to predict earnings will vary according to the level of cash holdings and will provide implications for women"s decision making.
Methylation status of putative differentially methylated regions of porcine IGF2 and H19
Han, Dong Wook,Im, Young Bin,Do, Jeong Tae,Gupta, Mukesh Kumar,Uhm, Sang Jun,Kim, Jin-Hoi,Schö,ler, Hans R.,Lee, Hoon Taek Wiley Subscription Services, Inc., A Wiley Company 2008 Molecular reproduction and development Vol.75 No.5
<P>This study was designed to identify the putative differentially methylated regions (DMRs) of the porcine imprinted genes insulin-like growth factor 2 and H19 (IGF2-H19), and to assess the genomic imprinting status of IGF2-H19 by identifying the methylation patterns of these regions in germ cells, and in tissues from porcine fetuses, an adult pig, as well as cloned offspring produced by somatic cell nuclear transfer (SCNT). Porcine IGF2-H19 DMRs exhibit a normal monoallelic methylation pattern (i.e., either the paternally- or the maternally derived allele is methylated) similar to the pattern observed for the same genes in the human and mice genomes. Examination of the methylation patterns of the IGF2-H19 DMRs revealed that the zinc finger protein binding sites CTCF1 and 2 did not exhibit differential methylation in both control and cloned offspring. In contrast, the CTCF3 and DMR2 loci of the IGF2 gene showed abnormal methylation in cloned offspring, but a normal differential or moderate methylation pattern in tissues from control offspring and an adult pig. Our data thus suggest that regulation of genomic imprinting at the porcine IGF2-H19 loci is conserved among species, and that the abnormal methylation pattern in the regulatory elements of imprinted genes may lead to an alteration in the coordinated expression of genes required for successful reprogramming, which, in consequence, may contribute to the low efficiency of porcine genome reprogramming induced by nuclear transfer. Mol. Reprod. Dev. 75: 777–784, 2008. © 2008 Wiley-Liss, Inc.</P>
Analyzing Schedule Delay of Mega Project: Lessons Learned From Korea Train Express
Han, Seung Heon,Yun, Sungmin,Kim, Hyoungkwan,Kwak, Young Hoon,Park, Hyung Keun,Lee, Sang Hyun IEEE 2009 IEEE TRANSACTIONS ON ENGINEERING MANAGEMENT - Vol.56 No.2
<P> In 2004, Korea became the fifth country in the world to own and operate a high-speed railway called Korea Train eXpress (KTX). Numerous uncertainties and challenges during planning and managing phase resulted in schedule delays and cost overruns. The delay causes of each activity along the 412 km Korea high-speed railway route were very difficult to identify because KTX project consisted of 11<TEX>$\,$</TEX>141 different activities. This paper evaluates challenges, obstacles, and performances of KTX project. First, critical sections in the railway route that influenced significant delays to project completion were identified. Then, delay causes of these critical sections were investigated thoroughly. The analysis discovered five major delay causes for KTX project. They are lack of owner's abilities and strategies to manage hi-tech oriented mega project; frequent changes of routes triggered by conflicts between public agencies and growing public resistance from environmental concerns; the inappropriate project delivery system; a lack of proper scheduling tool tailored for a linear mega project; and redesign and change orders of main structures and tunnels for high-speed railway, which is fundamentally different from the traditional railway construction. Based on the in-depth analysis of KTX project, through which a conceptual framework was established to identify the various facets of mega projects, this paper suggests lessons learned for engineers to better prepare and respond to potential causes of schedule delays for mega projects. </P>
Han, Seung Hyeok,Choi, Hoon Young,Kim, Dong Ki,Moon, Sung Jin,Lee, Jung Eun,Yoo, Tae Hyun,Kim, Beom Seok,Kang, Shin-Wook,Choi, Kyu Hun,Lee, Ho Yung,Han, Dae-Suk S. Karger AG 2009 American journal of nephrology Vol.29 No.2
<P><I>Background:</I> Recent studies revealed that elevated cardiac troponin T (cTnT) could predict all-cause mortality and cardiovascular diseases in end-stage renal disease patients. This study aimed to evaluate cTnT as a prognostic value in asymptomatic continuous ambulatory peritoneal dialysis patients. <I>Methods:</I> This is a prospective observational study with 107 prevalent peritoneal dialysis patients. cTnT, high-sensitive C-reactive protein (hsCRP) and IL-6 were measured at baseline. Based on cTnT level, patients were classified as higher cTnT group (HT, n = 21, cTnT ≥0.1 ng/ml) and lower cTnT group (LT, n = 86, cTnT <0.1 ng/ml), and were followed for 3 years. Primary endpoint was cardiovascular events. <I>Results:</I> The HT group had a significantly higher level of log hsCRP and log IL-6 than the LT group (p < 0.05). Kaplan-Meier survival demonstrated worse cardiovascular event-free survival for the HT group. Multivariate analysis adjusted for age, cTnT, IL-6 and hsCRP level revealed that age (per 1-year increase, HR 1.07, p < 0.05), elevated cTnT (vs. <0.1 ng/ml, HR 5.89, p < 0.05) and hsCRP (vs. <3.0 mg/l, HR 4.15, p < 0.05) were identified as significant determinants of cardiovascular events. <I>Conclusion:</I> This study suggests that cTnT may be an aid in risk stratification of continuous ambulatory peritoneal dialysis patients.</P><P>Copyright © 2008 S. Karger AG, Basel</P>