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An Empirical Study on the Long-Run Performance of Cross-Listings by Multinational Corporations (다국적기업 해외상장의 장기적인 성과에 관한 연구)

  • Kim, Dong-Soon;Park, Sang-An
    • The Korean Journal of Financial Management
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    • v.21 no.2
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    • pp.27-63
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    • 2004
  • Since the 1980s, many multinational corporations have been issuing stocks on foreign stock exchanges, not only to enhance their investor base and liquidity, but also to diversify risks. The phenomenon has also been intensified by the rapid financial globalization and securitization trends. The main purpose of this study is to look into the long-run performance of MNCs' cross-listings of stocks on foreign stock exchanges. We use the event study and cross-sectional regression methods. We obtained some interesting empirical results about the long-run effect of cross-listings. First before the listing data the effect of cross-listing is to increase the underlying stock Vice in the local market. It may be caused by expectation of lower risk and cost of capital. However, after the listing data the stock price has been declining, even if it is not significant. Second, we examine the difference in the long-run cross-listing effect, which may be caused by the listing direction. When listing is made from a less developed market to a more developed market, the effect is better than that in the reverse direction. Furthermore, the effect is worse, when the listing company's home country is the U.S. Third, there is a negative relation between CARs and underlying stock liquidity in the local market, So it implies that a firm, whose underlying stocks are very liquid in the local market should carefully value cross-listing based upon the cost and benefit analysis. Last, but not the least we find that the long-un cross-listing effect is better, when a listing firm's ROE is higher.

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Wind-and Rain-induced Variations of Water Column Structures and Dispersal Pattern of Suspended Particulate Matter (SPM) in Marian Cove, the South Shetland Islands, West Antarctica during the Austral Summer 2000 (서남극 남 쉐틀랜드 군도 마리안 소만에서 바람 및 강수에 의한 여름철 수층 구조의 변화와 부유물질 분산)

  • 유규철;윤호일;오재경;강천윤;김예동;배성호
    • The Sea:JOURNAL OF THE KOREAN SOCIETY OF OCEANOGRAPHY
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    • v.8 no.4
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    • pp.357-368
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    • 2003
  • Time-series CTDT (Conductivity/Temperature/Depth/Transmissivity) were obtained at one point near tidewater glacier of Marian Cove (King George Islands, Antarctica) to present water column properties and SPM (suspended particulate matter) dispersal pattern in relation with tide, current, meteorological data, and SPM concentration. Four layers were divided from the water column characteristics measured in the interval of an hour for about 2 days: 1) cold, fresh, and turbid surface mixed layer between 0-20 m in water depth, 2) warm, saline, and relatively clean Maxwell Bay inflow between 20-40 m in water depth, 3) turbid/cold tongue of subglacial discharges compared with the ambient waters between 40-70 m in water depth, and 4) cold, saline, and clean bottom water beneath 70 m in water depth. Surface plume, turbid freshwater at coastal/cliff area in late summer (early February), had the characteristic temperature and SPM concentration according to morphology, glacial condition, and composition of sediments. The restrict dispersion only over the input source of meltwater discharges was due to calm wether condition. Due to strong wind-induced surface turbulence, fresh and turbid surface plume, englacial upwelling cold water, glacier-contact meltwater, and Maxwell Bay inflow was mixing at ice-proximal zone and the consequent mixed layer deepened at the surface. Large amount of precipitation, the major controlling factor for increasing short-term glacial discharges, was accompanied by the apparent development of subglacial discharge that resulted in the rapid drop of salinity below the mid depth. Although amount of subglacial discharge and englacial upwelling may be large, however, their low SPM concentration would have small influence on bottom deposition of terrigenous sediments.

Age-Based Characteristics of West Syndrome in Patients with Mitochondrial Disease (미토콘드리아 질환에서 웨스트 증후군 환자의 경련 발생 연령에 따른 임상 양상 비교)

  • Choi, Young Ha;Baek, Min-Seong;Na, Ji-Hoon;Kang, Hoon-Chul;Lee, Joon Soo;Kim, Heung Dong;Lee, Young-Mock
    • Journal of the Korean Child Neurology Society
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    • v.26 no.4
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    • pp.197-204
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    • 2018
  • Purpose: West syndrome is a severe form of age-specific epilepsy that typically affects infants younger than 2 years of age with mitochondrial disease. We aimed to examine age-specific characteristics of the syndrome in these patients. Methods: We retrospectively analyzed 54 patients with West syndrome diagnosed with mitochondrial disease between March 2006 and March 2016. We compared treatment strategies and diagnostic and clinical variables between patients with early-onset (<6 months of age) and late-onset (${\geq}6$ months of age) seizures. Results: Seizure was the first symptom in 30 (90.9%) and 13 (65%) patients of the early-onset and late-onset groups, respectively (P=0.046). Delayed development was observed in 3 (9.1%) and 7 (35%) patients of the early-onset and late-onset groups, respectively (P=0.023). Lactate levels were normal in 17 patients (55%) of the early-onset group and 5 (25%) of the late-onset group (P=0.036), while initial brain magnetic resonance imaging (MRI) findings were normal in 23 (67.6%) and 8 (40%) patients of the early-onset and late-onset groups, respectively. Final MRI findings were abnormal in 32 patients (94.1%) of the early-onset group and 18 (90%) of the late-onset group (P=0.036). Although ketogenic diets reduced seizure frequency in both groups, the difference was not significant. Conclusion: There is no significant difference in epilepsy-related variables when patients are divided based on a cut-off age of 6 months. However, differences in the first symptom at onset and MRI findings were observed. Although lactate levels were not of significant diagnostic value in the early-onset group, they may be in the late-onset group.

A Study on the Transitional Aspects in Korean Gardens that Reflected of the Korean Folk Village 'Oeam-Ri' (외암리 민속마을에 나타난 한국정원의 전환기적 양상)

  • Lee, Won Ho
    • Korean Journal of Heritage: History & Science
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    • v.42 no.1
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    • pp.100-121
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    • 2009
  • This study is subjected to those gardens of the Korean Folk Village 'Oeam-Ri' designed in 1920s. - transitional period of traditional gardens - and define socio-cultural change's influences and through documents on garden design, descendant's testimony and measured drawings, to understand that period's garden culture's characteristics according to garden design elements. This study applied following analysis methods and procedures to derive out characteristics of transitional garden culture. Analysis on socio-cultural characteristics in 1920s. Analysis on actual condition of transitional garden's design. In this point Outline of the Garden, Space formation, Garden designing elements are (1) water landscape, (2) plant, (3) structures, (4) paving, to derive out characteristics of the transitional garden. The results follow as below; First, during the transitional period 1920s, the economical development, fueled by opening nation's door to foreign countries and indication of collapse of statue systems together with idea of practical science and Enlightenment Thought, was element of changes in garden style. Second, Garden Designers of transitional gardens in 'Oeam-Ri' were limited to upper class of the society. They were wealthy enough to maintain their high social statue in rapidly changing society. As results, tendency of returning to nature developed gardens located in a site of scenic beauty and development of geographical features arranging techniques, and also showed copying foreign styles. Third, arrangement of garden and space composition, in most cases, composed of buildings and yards. Changes in water landscape features and garden spaces are centered to main-yard. Major changes of the garden spaces are water landscapes and plants that showing foreign influences. Fifth, scenic appearance techniques appears with dense garden space and emphasizing visual scenic view. Sixth, the characteristics of transitional garden design techniques are development of geographical feature arranging techniques, changes and mixture of the materials and garden types, emphasizing garden's decorative beauty, change of concept of yard within house into garden, changes from 'borrowing of landscapes' to 'selecting landscapes', changes of front garden from emptiness to fullness, changes of attitudes of enjoying gardens from 'staying calm in the garden' to 'moving or walking in the garden', changes to inner-oriented view, and changes from 'just watching and enjoying the nature' to 'enjoying specific objects'. This study is one of the efforts to restore the identity of Korean Traditional Garden by approaching and observing modern era which function as bridge between tradition and present day, and we observed transitional aspects of changes of traditional garden into modern garden. Hereafter, more studies will be needed to Modern Garden Design be recognized as part of Korean Garden Design History and these would be author's next assignment.

A Study on the Decisive Factors Influencing the Career Preparation Activities of North Korean Adolescent Defector (탈북 청소년 진로준비행동에 영향을 미치는 결정요인에 관한 연구)

  • Cho, Hyun-Seob;Chae, Kyung-Hee
    • Journal of the Korea Academia-Industrial cooperation Society
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    • v.20 no.6
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    • pp.501-513
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    • 2019
  • In this study, which is based on the findings of the preceding studies, the researchers determined social support and Career Decision Self-efficacy as the key influencing variables for the successful Career Preparation Activities, to analyze the relationship between Career Preparation Activities and these variables, while identifying the mediating effect of Career Decision Self-efficacy in the relationship between social support and Career Preparation Activities. In addition, there is an objective to provide effective career counseling materials. For this study, a total of 174 North Korean adolescent defectors, who were in their middle and high schools, were interviewed and the resultant data were analyzed the data based on the questionnaire data of 204 copies from March 12 to 19, 2019. For the analysis of the data, SPSS and AMOS statistical suites were used to verify the hypothesis. The result of the analysis showed that, first, in the relationship between the social support, Career Decision Self-efficacy, and Career Preparation Activities of the North Korean adolescent defectors social support, Career Decision Self-efficacy, and Career Preparation Activities were all positively related. Especially, Career Decision Self-efficacy has been identified as the variable that is highly related to Career Preparation Activities. Second, rather than social support(${\beta}=.107$), Career Decision Self-efficacy(${\beta}=.388$) turned out to have more profound direct influence on Career Preparation Activities. Third, social support did not influence Career Preparation Activities directly(${\beta}=.107$, p>.05) but completely intermediated Career Decision Self-efficacy to influence Career Preparation Activities(Indirect effect=.307, p<.05, Z-value=2.924, p<.01). The findings of this study show that, in order to enhance the Career Preparation Activities of the North Korean adolescent defectors, it is necessary to examine how they perceive the emotional, informational, material, and evaluative supports from the surrounding environment are perceived and identify the abilities, values, and career desires of themselves through a behavioral planning that can establish a professional and value system in accordance with them.

Characteristics and Controlling Factors on Nickel Laterite Deposits in Sulawesi, Indonesia (인도네시아 술라웨시 니켈 라테라이트 광상의 특성과 광화 규제 요인)

  • Younggi Choi;Byounghan Kim
    • Economic and Environmental Geology
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    • v.56 no.3
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    • pp.343-363
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    • 2023
  • Sulawesi island, as a global producer of nickel resources, is leading the rapid growth of nickel industry of Indonesia. Nickel laterite deposits in Sulawesi was formed by lateritization of the world-scale East Sulawesi Ophiolite (ESO) under the active tectonic setting and tropical rainforest climate. In this paper, exploration cases for nickel laterite deposits in five regions of Sulawesi are reported. Regional characteristics on nickel laterite deposits in Sulawesi are understood based on various exploration activities such as outcrop, trench and pit survey, petrological observation, geochemical analysis, and interpretation of drilling data, etc.. In the northeastern part of 'Southeast-Arm', which is a strategic location for nickel industry of Indonesia, ESO is extensively exposed to the surface. In the Morombo and Morowali regions, typical high-grade saprolite-type orebodies with a thickness of 10 to 20 m occur. The cases showed that topographic relief tends to regulate Ni-grade distribution and orebody thickness, and that high grade intervals tend to occur in places where joints and garnierite veins are dense. In the Tinanggea and South Palangga regions in the southern part of the Southeast-Arm, overburden composed of Neogene to Quaternary deposits is a major factor affecting the preservation and profitability of nickel laterite deposits. Despite the overburden, high-grade saprolite-type orebodies composed of Ni-bearing serpentine with garnierite veins occur in a thickness of around 10 m to secure economic feasibility. In contrast, in the Ampana region in the northern part of 'East-Arm', low-grade nickel laterite deposits with immature laterite profile was identified, which is thought to be the result of active denudation due to tectonic uplift. Exploration cases in this paper will help to understand characteristics and controlling factors on nickel laterite deposits in Sulawesi, Indonesia.

A Study on Conflict-factors and Influence of the Bremen Controversy of 1905 ('브레멘 학교논쟁'(1905)의 기독교교육 갈등요인에 관한 영향사 연구)

  • Jeongdo An
    • Journal of Christian Education in Korea
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    • v.74
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    • pp.227-253
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    • 2023
  • Purpose of the Study: This paper focuses on a significant historical event, namely the Bremen teachers' movement of 1905, which aimed to abolish religious classes in public schools. By examining an incident in the German history of religious education that remains unfamiliar to the Korean Christian Association, I aim to explore the interconnected diachronic and synchronic influences involved in this particular event. Contents and Method: The religious controversy sparked by the Bremen Teacher's movement of 1905 marked the first official call for reform towards neutral religious education in schools. Several factors contributed to this debate, including the rise of civil society in the 19th century, advancements in science and scholarship, the emergence of social democracy, and the conflict between the Lutheran and Reformed Churches. This paper delves into the historical context of the controversy and analyzes its impact on the develop of religious education in Germany. As reflected in the Bremen Document, the official outcome of the Bremen Teacher's Movement, educators argued for the separation of religion and education, emphasizing that religion is a deeply personal matter. The document called for the adoption of value-neutral moral education in public schools, achieved through objective Bible-History classes. This paper explores the impact of the Bremen School Dispute of 1905 on the development of religious education in Germany. Specifically, the provisions of the Bremen State Constitution of 1948 and the German Basic Law of 1949 were influenced by the controversy, with Article 141 of the Basic Law - known as the 'Bremen Clause' - providing a legal basis for the exclusion of churches from religion-classes at Schools in Bremen. The Bible-History Classes advocated in the Bremen Documents served as the basis for the present-day Bremen religious education curriculum well known for neutral objective religion-classes. Conlusion: This study analyzes the background, content, and influence of the Bremen School Controversy, which remains relatively unknown in Korea. The findings of this study can contribute to the ongoing discussion of Christian school education in Korea, with an emphasis on maintaining a Christian identity while promoting religious publicity in the classroom.

A Influence Effect of Mid-life Religious Life and Faith Maturity on the Couples' Life Satisfaction (중년기 종교 활동과 신앙성숙도가 부부생활만족도에 미치는 영향분석연구)

  • Jeong, Jin-O;Byeon, Sang-Hae;Kim, Jong-Su
    • 한국벤처창업학회:학술대회논문집
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    • 2009.10a
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    • pp.265-288
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    • 2009
  • The study has found that the main reasons affecting to the mature conjugal relations of middle-aged persons are closely related with sede factors brought about after marriage. Comparatively the factors before marriage have more or less weak power on the conjugal relations. They are mature relations wp between husbands and wives, stable and enough incede, and religious activities, which have deep relations with the satisfactory conjugal relations. C. G. Jung divided the whole life span as self-assuredness period in the first half and self-convergence period in the second half. The first is the period when one does his or her best to get external and physical self. On the contrary, the second is the middle-aged period one finds his or her meaning of life in the religious, philosophical, intuitional, and spiritual world, which lead life into harmony and integration. Therefore if one overcomes some psychological crisis related with middle-aged development he or she can enjoy happy senescence(old age). The study has suggested through literature investigation the definition of middle age and the developmental traits of middle age, and the relations between religions and conjugal relations of middle-aged husbands and wives. Futhermore, it has analyzed the theories which religions have close relations with the life satisfaction of middle-aged conjugal relations. In order to give an analysis the influence of the variable of religious activities and religious maturity, with the degree of conjugal satisfaction, 400 middle age are selected as the object of the study whose ages are ranging from 35 years to 60 years, and who reside in Seoul or near Seoul. They were asked to fill out the questionnaires asking about religious activities, religious maturity, and the conjugal satisfaction from March 25th to April 30th, 2009. The results of the survey have been statistically processed and analyzed. First, the higher religious maturity gives positive influence on the general religious activities including public service, human relations, and spiritual stability. That is, this result indicates that the individual, spiritual, and formal religious activities give to a degree influence on the religious maturity. Second, the maturity of religious life resulting from religious activities has a causation with the satisfaction of conjugal life. In more details, religious activities has a positive influence on the satisfaction of conjugal life(T=31.36, p<.001) In more details, religious activities has a positive influence on the religious maturity(T=31.36, p<.001), and religious activities has a positive influence on the satisfaction of conjugal life(T=33.81, p<.001), and the religious maturity has a positive influence on the satisfaction of conjugal life(T=28.64, p<.001) Third, as we analyze the main effects which religious activities and the religious maturity could give influence on the satisfaction of conjugal life, it is found that both religious activities(F=15.95, p<.001) and the religious maturity(F=23.94, p<.001) give a positive influence on the satisfaction of conjugal life. In conclusion, it is sure that religious activities and the religious maturity have a close relations with the satisfaction of conjugal life. Therefore it can be said that religious activities at the protestant religion, buddhism, and catholic religion can give an important influence on the satisfaction of middle-aged conjugal life.

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A Study on the Changes in Gwi-po from Tang to Jin Dynasty in China - Focusing on the connection type of Jwau-dae(左右隊) - (중국 당대~금대 목조 건축의 귀포 변천에 관한 연구 - 좌우대의 결구 유형을 중심으로 -)

  • Lee, Byung-Chun;Lee, Ho-Yeol
    • Korean Journal of Heritage: History & Science
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    • v.48 no.3
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    • pp.96-119
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    • 2015
  • This research has studied the changes of Gwi-po(轉角包) by taking the cases of China's medieval wooden buildings as objects. The purpose of the study is to examine the time-periodic transition process of Gwi-po through the cases of 71 wooden buildings which were built from Tang(唐) dynasty(AD 618~690 & 705~907) until Jin(金) dynasty(AD 1115~1234) and also designated as 'Major Historical and Cultural Sites Protected at the National Level'. This research has taken note of various frame types of Jwau-dae(左右隊), which are architectural components of Gwi-po, to study the changes and development process of Gwi-po. The results are as follows. An important factor in the transformations of Gwi-po format is the changes in perception of the craftsmen about Jwau-dae, who took charge in the building process. In the early periods, the principles of Yidou sanshen dougong(一斗三升) in constructing ancons of Gwi-po had been well-maintained, while there appeared many different types of Gwi-po in later periods, due to the usage of Jwau-dae and $Shu{\check{a}}$ $t{\acute{o}}u$(?頭) in each Chulmok of Gwi-po. Transitional types of Gwi-po, which were evolved from the earlier ones, are divided into 3 categories by different forms of Jwau-dae, placed on odd number stages. The first one is 'none-$f{\bar{a}}ng$ $t{\acute{o}}u$(無枋頭) type' of Song(AD 960~1127, 1127~1279) and Liao dynasty(AD 907~1125) buildings, which doesn't have $f{\bar{a}}ng$ $t{\acute{o}}u$(枋頭)s, for the reason that Jwau-dae(左右隊) is in direct contact with Gwihan-dae(耳限大). The second one is '$Shu{\check{a}}$ $t{\acute{o}}u$ $f{\bar{a}}ng$ $t{\acute{o}}u$(?頭枋頭) type' of Song(AD 960~1127, 1127~1279) and Jin dynasty(AD 1115~1234), that has $f{\bar{a}}ng$ $t{\acute{o}}u$(枋頭)s of Jwau-dae(左右隊) identical to $Shu{\check{a}}$ $t{\acute{o}}u$(?頭) in form. The last one is '$Xi{\check{a}}o$ $g{\check{o}}ng$ $t{\acute{o}}u$(小?頭) type' of Jin(AD 1115~1234) and Yuan dynasty(AD 1271~1368), which has $f{\bar{a}}ng$ $t{\acute{o}}u$(枋頭)s of Jwau-dae identical to $Xi{\check{a}}o$ $g{\check{o}}ng$ $t{\acute{o}}u$(小?頭) in form. The earlier forms of Gwi-po, which appeared between Tang dynasty(AD 618~690 & 705~907) and Five Dynasties periods(907~960) went through transitional forms of 'non-$f{\bar{a}}ng$ $t{\acute{o}}u$(無枋頭) type', '$Shu{\check{a}}$ $t{\acute{o}}u$ $f{\bar{a}}ng$ $t{\acute{o}}u$(?頭枋頭) type' and '$Xi{\check{a}}o$ $g{\check{o}}ng$ $t{\acute{o}}u$(小?頭) type' and finally had its form settled between Yuan(元, AD 1271~1368) and Ming(明. AD 1368~1644) dynasty periods. In Liao(遼) dynasty period(AD 907~1125), as the buildings got bigger and the tendency of longer eave-exposure was implemented, there grew a certain need to structurally reinforce Gwi-po, on which load of the whole roof is concentrated. Especially, the transition from Tōuxīn $z{\grave{a}}o$(偸心造) style to Jì xīn $z{\grave{a}}o$(計心造) style in this period had a great influence on standardization of Gwi-po, along with None-${\acute{A}}ng$(無仰) style. Furthermore, Wing-type Gong(翼型?), which developed in Liao dynasty(AD 907~1125), is also thought to have had a great influence on the transition from Tōuxīn $z{\grave{a}}o$(偸心造) style to Jì xīn $z{\grave{a}}o$(計心造) style by changing the forms of Gongs(?), such as Gwi-po. However, unlike None-${\acute{A}}ng$(無仰) style, there occurred a gradual change from '$Shu{\check{a}}$ $t{\acute{o}}u$ $f{\bar{a}}ng$ $t{\acute{o}}u$(?頭枋頭) type' to '$Xi{\check{a}}o$ $g{\check{o}}ng$ $t{\acute{o}}u$(小?頭) type' of Gwi-po in $Xi{\grave{a}}$ ${\acute{a}}ng$ style.

Facters Affecting Recurrence after Video-assisted Thoracic Surgery for the Treatment of Spontaneous Pneumothotax (자연기흉에 대한 비디오흉강경수술후 재발에 영향을 미치는 요인들)

  • 이송암;김광택;이일현;백만종;최영호;이인성;김형묵;김학제
    • Journal of Chest Surgery
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    • v.32 no.5
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    • pp.448-455
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    • 1999
  • Background: Recent developments in techniques of video-assisted thoracic surgery(VATS) and endoscopic equipment has expanded the application of video-assisted surgical procedures in the field of thoracic surgery. Especially, it will probably become the treatment of choice of spontaneous pneumothorax(SP). There is, however, a high recurrence rate, high cost, and paucity of long-term results. We report the results of postoperative follow-up and analyze perioperative parameters affected to recurrence, retrospectively. Material and Method: From march 1992 to march 1997, 276 patients with spontaneous pneumothorax underwent 292 VATS procedures. Conversion to open thoracotomy was necessitated in eight patients, and this patients excluded from the study. Result: The sex distribution was 249 males and 31 females. The mean age was 28.1 12.2 years(range, 15 to 69 years). Primary SP was 237cases(83.5%) and secondary SP was 47cases(16.5%). The major underlying lung diseases associated with secondary SP were tuberculosis 27cases(57.4%) and emphysema 8cases (38.3%). Operative indications included Ipsilateral recurrence 123(43.9%), persistent air-leak 53(18.9%), x-ray visible bleb 40(14.3%), tension 30(10.7%), contralateral recurrence 21(7.5%), uncomplicated first episode 8(2.9%), bilateral 3(1.1%), complicated episode 2(0.7%). Blebs were visualized in 247cases(87%) and 244cases(85.9%) performed stapled blebectomy. Early postoperative complications occurred in 33 cases(11.6%): 16 prolonged air-leak more than 5 days(four of them were required a second operation and found missed blebs); 5 bleeding; 5 empyema; 2 atelectasis; 1 wound infection. No deaths occured. The mean operative time was 52.8 23.1 minutes(range, 20 to 165 minutes). The mean d ration of chest tube drainage was 5.0 4.5 days(range, 2 to 37 days). The mean duration ofhospital stay was 8.2 5.5 days (range, 3 to 43days). At a mean follow-up 22.3 18.4 months(range, 1 to 65 months), 12 patients(4.2%) were lost to follow-up. There were 24 recurrences and seven patients underwent second operation and 6 patients(85.7%) were found the missed blebs. 12 perioperative parameters(age, sex, site, underlying disease, extent of collapse, operative indication, size of bleb, number of bleb, location of bleb, bleb management, pleural procedure, prolonged postoperative air-leak) were analyzed statistically to identify significant predictors of recurrence. The significant predictors of recurrence was the underlying disease[17.0%(8/47): 6.8%(16/237), p=0.038], prolonged postoperative air-leakage[37.5%(6/16): 6.7%(18/268), p=0.001], and pleural procedure [11.4%(19/167): 4.3%(5/117), p=0.034]. Blebectomy has less recurrence rate then non-blebectomy [8.2%(20/244) : 10.0%(4/40), p>0. 5]. However, this difference was not statistically significant(p=0.758). Conclusion: We conclude that it is important that we shoud careful finding of bleb during VATS due to reducing of recurrnece, and cases of no bleb identified and secondary spontaneous pneumothorax were indicated of pleurodectomy. VATS is a valid alternative to open procedure for the treatment of spontaneous pneumothorax with less pain, shorter hospital stay, more rapid return to work, high patient acceptance, less scar and exellent cosmetics. But, there is high recurrence rate and high cost, and than it is necessary to evaluate of long-term results for recurrence and to observate carefully during VATS.

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