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The Informativeness of Cash Flows and Earnings (현금흐름과 이익의 정보성)

  • Pyo, Young-In
    • Korean Business Review
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    • v.11
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    • pp.241-253
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    • 1998
  • One form of the anomalies of stock price changes as reaction to earnings information is believed to be caused by the so-called earnings fixation, which is the overreaction of stock prices to earnings. According to the Sloan (1996) study, stock price changes are positively associated with earnings at the time of earnings releases, but the association becomes negative after that, as the early overreaction is corrected. However, the problem in his study is to use cash flows computed by adjusting earnings with appropriate income statement and balance sheet items. As Bahnson et al. (1996) show, these cash flows substantially deviate from SFAS No. 95 cash flows and the sample used in this study is found to be subject to this substantial measurement error. Therefore, the result of Sloan might be driven by this error and the reexamination of earnings fixation is warranted. The results are generally consistent with those in Sloan. First, earnings is positively associated with stock price changes at the time of earnings releases, but the association becomes negative after that. Second, cash flows show a weak association with stock price changes at the time of earnings releases, but the association become stronger thereafter. Third, when seperated from cash flows, accruals have an incremental explanation about stock price changes beyond that of cash flows, accruals have a negative association later on. This finding is consistent with stock price overreaction to accruals, even when more cleaner cash flow data are used.

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Antioxidant, Anticancer Activities and Nitric Oxide Production of Euphoria longana Fermented with Lactic Acid Bacteria and Bacillus subtilis (젖산균과 청국균으로 발효시킨 용안육의 항산화, 항암효과 및 일산화질소생성)

  • Shon, Mi-Yae;Nam, Sang-Hae;Lee, Sang-Won
    • Food Science and Preservation
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    • v.14 no.5
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    • pp.531-537
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    • 2007
  • Antioxidant anticancer activities and nitric oxide (NO) production of Vietnamese and Thai yonganyook (Euphoria longana) fermented with lactic acid bacteria and Bacillus subtilis were investigated. Total organic acid contents (TAC) of Thai raw yonganyook (473.49 mg/g, 89.2% of TAC) were higher 3.2 tims than those of Vietnamese raw yonganyook (148.48 mg/g, 86.8% of TAC) and major organic acids of two materials were formic acid and malic acid. Total free sugars contents of Vietnamese raw yonganyook (434.63 mg/g) were higher 1.2 times than those of Thai raw yonganyook (378.77 mg/g) and major free sugar of two materials welt sucrose, glucose and fructose. NO production of RAW264.7 cell treated with methanol extract of Vietnamese fermented yonganyook was shown to be a lower level than that of Thai fermented yonganyook. It's production by fermented yonganyook was strongly exhibited in low dose (0.2 mg/mL) than in high dose (1.0 mg/mL) as compared with raw yonganyook Electron-donating ability (EDA) of Vietnamese raw yonganyook ($41.72{\pm}3.59%$) at $600\;{\mu}g/assay$ was higher 1.4 times than that of Thai yonganyook ($30.20{\pm}4.8%$). EDA of Vietnamese yonganyook fermented with B. subtilis at $600\;{\mu}g/assay$ was $43.57{\pm}2.07%$ which was the highest level of all samples tested. Anticancer activity of raw yonganyook on human HeLa cell was similar to between Vietnamese and Thai yonganyook. In inhibitory effect of HepG2 cell growth, methanol extract of Thai yonganyook ($46.13{\pm}4.80%$) was higher than that of Vietnamese yonganyook ($33.07{\pm}0.92%$). Inhibitory activity of fermented yonganyook on HeLa and HepG2 cell growth were $39.21{\pm}1.46%$ and $48.07{\pm}1.63%$ when $200\;{\mu}g/assay$ of methanol extract of Vietnamese and Thai yonganyook fermented with B. subtilis were used, respectively.

Effect of Powder of Stevia rebaudiana Leaves against Quality Characteristics during Salting of Rice Bran Danmooji (쌀겨단무지의 절임 중 품질 특성의 변화에 대한 스테비아 잎 분말 첨가의 영향)

  • Kim, Yong-Suk;Lee, Sun-Kyu;Jeong, Do-Yeong;Yang, Eun-Jin;Shin, Dong-Hwa
    • Food Science and Preservation
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    • v.14 no.5
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    • pp.497-503
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    • 2007
  • In order to develop a new rice bran danmooji, changes in physicochemical characteristics and texture of danmooji treated with rice bran, Stevia rebaudiana Bertoni leaf powder, succinic acid, or yeast extract were investigated during salting for 90 days. The PH of rice bran danmooji decreased from PH6.41 initially to pH 4.09 (control group), pH 4.10 (S. rebaudiana treatment S1), pH 3.84 (S. rebaudiana + succinic acid treatment S2), and pH 3.90 (S. rebaudiana+succinic acid+yeast extract treatment S3) after 90 days of salting. At this time, the salinities of rice bran danmooji of the S1, S52, and S3 groups were 2.32%, 1.94% and 2.15% respectively. The hardness of all groups decreased rapidly in the first 30 days of salting, and thereafter showed no changes. After 90 days of salting, the hardness of all groups was $1,186-1,368\;g/cm^2$ with no significant differences between groups. Redness, the a value, of the S2 and S3 groups treated with succinic acid, was lower than that of S3, whereas yellowness, the b value, of S3 treated with succinic acid and yeast extract was the highest of the three groups. Sensory evaluation of rice bran danmooji after 90 days of salting resulted in S3 attaining the highest scores for flavor, taste, texture, and overall acceptability. These results indicate nut high-quality rice bran danmooji may be prepared by addition of S. rebaudiana leaf powder, succinic acid and yeast extract to rice bran.

Electrical properties of metal-oxide-semiconductor structures containing Si nanocrystals fabricated by rapid thermal oxidation process (급속열처리산화법으로 형성시킨 $SiO_2$/나노결정 Si의 전기적 특성 연구)

  • Kim, Yong;Park, Kyung-Hwa;Jung, Tae-Hoon;Park, Hong-Jun;Lee, Jae-Yeol;Choi, Won-Chul;Kim, Eun-Kyu
    • Journal of the Korean Vacuum Society
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    • v.10 no.1
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    • pp.44-50
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    • 2001
  • Metal oxide semiconductor (MOS) structures containing nanocrystals are fabricated by using rapid thermal oxidations of amorphous silicon films. The amorphous films are deposited either by electron beam deposition method or by electron beam deposition assisted by Ar ion beam during deposition. Post oxidation of e-beam deposited film results in relatively small hysteresis of capacitance-voltage (C-V) and the flat band voltage shift, $\DeltaV_{FB}$ is less than 1V indicative of the formation of low density nanocrystals in $SiO_2$ near $SiO_2$/Si interface. By contrast, we observe very large hysteresis in C-V characteristics for oxidized ion-beam assisted e-beam deposited sample. The flat band voltage shift is larger than 22V and the hysteresis becomes even broader as increasing injection times of holes at accumulation condition and electrons at inversion condition. The result indicates the formation of slow traps in $SiO_2$ near $SiO_2$/Si interface which might be related to large density nanocrystals. Roughly estimated trap density is $1{\times}10^{13}cm^{-2}$. Such a large hysteresis may be explained in terms of the activation of adatom migration by Ar ion during deposition. The activated migration may increase nucleation rate of Si nuclei in amorphous Si matrix. During post oxidation process, nuclei grow into nanocrystals. Therefore, ion beam assistance during deposition may be very feasible for MOS structure containing nanocrystals with large density which is a basic building block for single electron memory device.

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Effects of 1 keV $Ar^+$ ion irradiation on Au films on glass (1 keV $Ar^+$ 이온의 조사가 유리기판위의 금 박막의 미치는 영향)

  • Jang, H. G.;Kim, H. S.;Han, S.;Choi, W. K.;Koh, S. K.;Jung, H. J.
    • Journal of the Korean Vacuum Society
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    • v.5 no.4
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    • pp.371-376
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    • 1996
  • Au films with a thickness around 1600 $\AA$ were deposited onto glass at room temperature by ion beam sputtering with a 5 cm cold-hollow ion gun at pressure $1\times 10^{-6}-1\times 10^{-5}$ Torr. Irradiation of the Au deposited samples was carried out at pressure of $7\times 10^{-6}$ Torr. For the sputter depositions, $Ar^+$ ion energy was 1 keV, and the current density at the substrate surface was 15 $\mu$A/$\textrm{cm}^2$. Effects of 1 keV $Ar^+$ ion dose($I_d$) between $1\times 10^{16}\; and\;2\times 10^{17}\;Ar^+\textrm{cm}^{-2}$on properties such as crystallinity, surface roughness and adhesion, etc. of the films have been investigated. The Au films sputtered by $Ar^+$ ion beam had only (111) plane and the X-ray intensity of the films decreased with increase of $I_d$. The thickness of Au films reduced with Id. $R_{ms}$ surface roughness of the films increased from 16 $\AA$ at as-deposited to 1118 $\AA$ at ion dose= $2\times 10^{17}\;Ar^+\textrm{cm}^{-2}$. Adhesion of Au film on sputtered at $I_d$= $2\times 10^{17}\;Ar^+\textrm{cm}^{-2}$ was 9 times greater than that of Au film with untreated, as determined by a scratch test.

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The Effects of Musculoskeletal Disorder Prevention Exercise Program Considering Agricultural Work Posture (농작업 자세를 고려한 근골격계 질환 예방 운동프로그램의 효과)

  • Park, So-Yeon;Kim, Jin-Kyung
    • The Journal of Korean society of community based occupational therapy
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    • v.3 no.1
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    • pp.1-10
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    • 2013
  • Objective : This study investigates the impact of the musculoskeletal disorder prevention exercise program designed on the basis of agricultural work posture on the balance ability, Oswestry Disability level, and Psychosocial stress of participants from one rural village in Chungnam area. Method : The exercise program was provided to 21 farmers with musculoskeletal symptoms living in one village in Chungnam area. Such program was performed once a week, 90 minutes per session, for a total of twelve weeks from July 10 to October 11, 2008, and was constructed in a way to increase flexibility and muscular strength, taking agricultural work posture into account. The balance ability, Oswestry Disability Index, and Psychosocial Well-being Index scores were analyzed based on the data of 13 of the farmers who participated in the program for more than eight times and in all of the pre- and post-assessments. Result : Thirteen participants were all women who were 70.55(${\pm}6.78$) years old on average. Most of them were engaged in general dry-filed farming. The parts where they mainly felt the pain were low back(69.2%) and knees(61.5%), and 46.2% responded 'not healthy' to the question on the overall health status. The static balance ability when standing on the right foot significantly increased from the average 9.27(${\pm}5.53$) seconds before intervention to 14.22(${\pm}5.47$) seconds after intervention(p<.05). The Oswestry Disability Index showed a significant change, decreasing from the average 19.84(${\pm}6.89$) seconds to 14.38(${\pm}7.58$) seconds(p<.05). However, there was no change in the Psychosocial Well-being Index. Conclusion : This exercise program that has been conducted for the female farmers who are mainly engaged in the dry-filed farming has contributed to the improvement of their static ability and reduction of their Oswestry Disability Index scores. It is expected that the studies on the effects of the differentiated exercise programs depending on work characteristics will make progress in the future.

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Dynamics of Barrel-Shaped Young Supernova Remnants (항아리 형태 젊은 초신성 잔해의 동력학)

  • Choe, Seung-Urn;Jung, Hyun-Chul
    • Journal of the Korean earth science society
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    • v.23 no.4
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    • pp.357-368
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    • 2002
  • In this study we have tried to explain the barrel-shaped morphology for young supernova remnants considering the dynamical effects of the ejecta. We consider the magnetic field amplification resulting from the Rayleigh-Taylor instability near the contact discontinuity. We can generate the synthetic radio image assuming the cosmic-ray pressure and calculate the azimuthal intensity ratio (A) to enable a quantitative comparison with observations. The postshock magnetic field are amplified by shearing, stretching, and compressing at the R-T finger boundary. The evolution of the instability strongly depends on the deceleration of the ejecta and the evolutionary stage of the remnant. the strength of the magnetic field increases in the initial phase and decreases after the reverse shock passes the constant density region of the ejecta. However, some memory of the earlier phases of amplification is retained in the interior even when the outer regions turn into a blast wave. The ratio of the averaged magnetic field strength at the equator to the one at the pole in the turbulent region can amount to 7.5 at the peak. The magnetic field amplification can make the large azimuthal intensity ratio (A=15). The magnitude of the amplification is sensitive to numerical resolution. This mens the magnetic field amplification can explain the barrel-shaped morphology of young supernova remnant without the dependence of the efficiency of the cosmic-ray acceleration on the magnetic field configuration. In order for this mechanism to be effective, the surrounding magnetic field must be well-ordered. The small number of barrel-shaped remnants may indicate that this condition rarely occurs.

Comparative Sedimentology for the Lacustrine Deposits of the Upper Gyeongsang Supergroup in the Southeastern Gyeongsang Basin, Korea (경상분지 동남부의 상부 경상누층군에 발달한 호성퇴적층에 대한 비교퇴적학적 연구)

  • Paik, In-Sung;Kim, Hyun-Joo;Lee, Joon-Dong;Kim, In-Soo;Kim, Jin-Seop;Moon, Byoung-Chan
    • Journal of the Korean earth science society
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    • v.21 no.4
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    • pp.423-436
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    • 2000
  • The lithofacies, biofacies, and paleosol development of the Jindong Formation, the Geoncheonri Formation, and the lacustrine deposits of Mt. Hwangryeong at Pusan, which occur in the southeastern part of the Gyeongsang Basin, were analyzed in comparative sedimentology and in stratigraphy. The common features of these lacustrine deposits are: 1) clastic deposits are prevailing, 2) deltaic deposits are not associated, 3) mudflat deposits are common, and 4) stromatolites are absent. The distinct differences among these deposits are: 1) in the Jindong Formation, the mudflat deposits are predominant, pedogenic calcretes are commonly present, and dinosaur tracks frequently occur, compared with other two lacustrine deposits, and 2) in the Geoncheonri Formation, invertebrate fossils are relatively common and storm deposits are not recognized, compared with other deposits, and 3) evaporite mineral casts and tuffaceous turbidite deposits are common in the Mt. Hwangryeong lacustrine deposits. In stratigraphy, the Geoncheonri Formation is correlated with the lower part of the Jindong Formation, and the Mt. Hwangryeong lacutsrine deposits are deemed to overlie the Jindong Formation. On the basis of comparative sedimentology and stratigraphic relationship among these lacustrine deposits, general paleoenvironements of the southeastern part of the Gyeongsang Basin from the late Hayang time to the early Yucheon time are interpreted as follows. During the late Hayang time, tectonic and volcanic activities were generally inacitive in the Gyeongsang Basin, and lacustrine environments expanded since the paleoclimatic condition became less arid compared with the middle Hayang time. In general, however, paleoclimate during the late Hayang time was still arid, and wetting and drying periods were alternated. The occasional occurrences of severe droughts were also characteristic of the late Hayang time. Mudflats existed in wide area in the southeastern part of the Gyeongsang Basin during the late Hayang time, and sedimentation rate was accordingly low. The sedimentation rate became relatively high during the latest Hayang time and the early Yucheon time since tectonic and volcanic activities had been active. Generally arid climate continued for the early Yucheon time, enough for evaporite minerals to precipate occasionally.

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Fundamental Study for Extension of Application of Recycled Concrete Aggregate: Spun High Strength Concrete (순환골재의 사용성 확대를 위한 연구: 원심력콘크리트로의 적용)

  • Sim, Jong-Sung;Park, Cheol-Woo;Park, Sung-Jae;Kim, Hyun-Jung;Kim, Taeg-Wang;Lee, Man-Suk
    • Journal of the Korean Recycled Construction Resources Institute
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    • v.2 no.1
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    • pp.103-112
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    • 2006
  • Along with recent improvement of recycling technique, the quality of the recycled concrete aggregate have become very competitive to the natural concrete aggregate. Therefore, a practical use of the recycled concrete aggregate may be possible for structural members. Majority studies about the recycled concrete aggregate was emphasized a limitation of fundamental study concerned with a strength characteristics and durability of the recycled aggregate concrete, there is use for the structural members. Therefore, for the extension of application of recycled concrete aggregate, this investigation verifies the strength characteristics recycled concrete aggregate of the spun-concrete products with various coarse and fine recycled aggregate replacement ratio(coarse recycled aggregate: 0%, 20%, 40%, 60%, 100%; fine recycled aggregate: 0%, 30%, 60%, 100%) and with addition of cellulose fibers(0%, 0.01%, 0.03%, 0.05%, 0.08%). From the test results, The strength of spun concrete used with recycled aggregate [NR specimen], was measured as 72MPa, was found to be very approximately to the strength of spun concrete used with the natural aggregate(NN specimen), was measured as 74MPa, when only fine aggregate was replaced with the recycled. Therefore, the fine recycled concrete aggregate can be successfully used in the spun high strength concrete product. The compressive strength of all specimens used the specialty cellulose fiber were measured as about 70M Pa, however, the increasement of the specialty cellulose fiber content is showed to decrease compressive strength of spun concrete. Therefore, it is anticipated that the specialty cellulose fiber can be applied to the various spun concrete products.

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Sensitivity of NOx Removal on Recycled TiO2 in Cement Mortar (재생 이산화티탄을 혼입한 모르타르의 NOx 저감률 민감도 분석)

  • Rhee, Inkyu;Kim, Jin-Hee;Kim, Jong-Ho;Roh, Young-Sook
    • Journal of the Korean Recycled Construction Resources Institute
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    • v.4 no.4
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    • pp.388-395
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    • 2016
  • This paper explores the photocatalytic sensitivity of cement mortar incorporated with recycled $TiO_2$ from waste water sludge. Basically, $TiO_2$ cluster sank down slowly to the bottom of cement mortar specimen before setting and hardening process. This leads the mismatch of $TiO_2$ concentration on the top and the bottom faces of a specimen. This poorly dispersed $TiO_2$-cement mortar naturally exhibits poor NOx removal efficiency especially on the top of cementitious structure. In architectural engineering application such as building or housing structures, one can simply filp over from the bottom so that more $TiO_2$ concentrated surface can be placed outward into the air. However, in highway pavement case, this could not be applicable due to in-situ installation of concrete pavement. Hence, the dispersion of $TiO_2$ cluster inside the cementitous material is getting important issue onto road construction application. To elaborate this issue, according to our results, silica fume, high-ranged water reducer, viscosity agent, blast furnace slag were not enhanced much of dispersion characteristics of $TiO_2$ cluster. The combination of foaming agent and accelerator of hardening with viscosity agent and small grain size of fine aggregate may help the dispersion of $TiO_2$ inside cementitious materials. Even though the enhanced dispersion were applied to the specimen, NOx removal efficiency doest not change much for the top surface of the specimen. This concurrently affected by the presence of tiny air voids and the dispersion of $TiO_2$ in that these voids could easily adsorbed NOx gas with the aid of large surface area.