• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.12 no.1
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• pp.133-144
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• 2017

This study investigates firm-specific financial variables that determine investment or speculative grades from the viewpoint of firms, which are one of the major stakeholders related to the credit rating. We employ an ordered probit model for our analysis with the sample data from 1999 to 2015 for listed firms in the Korean stock markets. For investment grades, operating margin, sales, market-to-book, dividend payment, capital expenditure ratio, and tangible asset ratio have a significantly positive impact on credit ratings. In the subsample for speculative grades, the coefficients of the dividend payment, retained earnings ratio, and capital expenditure ratio are significantly positive while short-term debt ratio and R&D expenditures have a significantly negative impact on credit ratings. For the analysis before and after 2009, when the Credit Information Use and Protection Act was strengthened after the global financial crisis, the coefficients of the capital expenditure ratio, cash ratio, and tangible asset ratio are significantly positive in the subsample for investment grades before 2009, but not significant after 2010. The coefficient of the long-term debt ratio is more significantly negative than that of the short-term debt ratio before 2009, for speculative grades, but short-term debt ratio has a more negative effect on ratings than long-term debt ratio after 2010. Surprisingly, the coefficient of the R&D expenditures is significantly negative in both investment and speculative grades since 2010. Our findings are inconsistent with the conjecture that the increase in R&D expenditures enhances the possibility of creating cash-flow by raising the investment growth opportunity, and thus affects positively the credit rating.

• Journal of Korean Medical classics
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• v.18 no.4 s.31
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• pp.155-165
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• 2005

진당시기대상한론치법적연구유(晋唐時期對傷寒論治法的硏究有): 왕숙화운용당시성행적(王叔和運用當時盛行的)‘한(汗), 토(吐), 하(下), 온(溫), 구(灸), 자(刺), 수(水), 화(火)’등팔법(等八法), 귀납료상한론적증치경험(歸納了傷寒論的證治經驗); 손사막근거자기적임상경험(孫思邈根據自己的臨床經驗), 파상한론적태양병편진행료(把傷寒論的太陽病篇進行了)‘이방명법(以方名法), 안법류증(按法類證)’, 저시해시기대상한론육경병치법적대표성적연구(這是該時期對傷寒論六經病治法的代表性的硏究), 저종연구유원시화력사적국한성(這種硏究有原始和歷史的局限性), 종중국의학대상한론육경병치법적연구력사고려(從中國醫學對傷寒論六經病治法的硏究歷史考慮), 저성위료후세적치법연구적선구자(這成爲了後世的治法硏究的先驅者), 구유비상대적영향(具有非常大的影響). 재송대대상한론치법적연구상(在宋代對傷寒論治法的硏究上), 기관건작용적의가유방안시화주굉(起關鍵作用的醫家有龐安時和朱肱). 타문대상한론치료원칙적천발(他們對傷寒論治療原則的闡發), 대륙경병적분석귀납(對六經病的分析歸納), 이급제시구체적치법상(以及提示具體的治法上), 도주출료공헌(都做出了貢獻). 방안시주장료응안인(龐安時主張了應按人), 지(地), 시제정치료적사상(時制定治療的思想); 주굉이(朱肱以)‘병유표본(病有標本), 치유선후(治有先後)’위치료원칙(爲治療原則), 여상한론상결합진행치료(與傷寒論相結合進行治療), 대후세의가산생료영향(對後世醫家産生了影響). 도료금원대성무기(到了金元代成無己), 류완소(劉完素), 왕호고등(王好古等), 대내경내용각자이사상관점(對內經內容各自以思想觀点), 분별안변증론치총결료육경병적치료규율(分別按辨證論治總結了六經病的治療規律), 동시대증후화방약진행료분석(同時對證候和方藥進行了分析), 천명료구체적육경병치법적병리전귀(闡明了具體的六經病治法的病理轉歸), 도유기독창성(都有其獨創性). 성무기용내경해석료상한론(成無己用內經解釋了傷寒論), 총결해기(總結解肌) 발한(發汗) 중제발한(重劑發汗) 해표행수(解表行水) 화해(和解) 공비 지열(止熱) 삼설등치법, 위후세대상한론치법적연구개벽료도로, 인이갱가명확화해적개념(因而更加明確和解的槪念), 병응용지금(幷應用至今). 류완소제창료주화론(劉完素提倡了主火論), 중시료상한론한(重視了傷寒論汗), 토(吐), 하삼법적연구(下三法的硏究), 창립료신량해표법(創立了辛凉解表法), 대후세온병치료적발전대래료흔대영향. 왕호고작위이수학파(王好古作爲易水學派), 운용장부적한열허실이론결합약미효능(運用臟腑的寒熱虛實理論結合藥味效能), 탐색료상한론육경병적치료규율(探索了傷寒論六經病的治療規律), 강조료양명병적익진액적치료원칙(强調了陽明病的益津液的治療原則), 대후세연구상한론치법급여료흔대적계발. 이상대상한론치법연구(以上對傷寒論治法硏究), 불근성위당시임상의학적선도(不僅成爲當時臨床醫學的先導), 이차성위료후세연구상한론치법적기초(而且成爲了後世硏究傷寒論治法的基礎).

• Journal of Korean Medical classics
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• v.13 no.2 s.17
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• pp.22-42
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• 2000

All living things including human being consist of soul(spirit) and body. Soul is the root of a life and body frames it. I wrote this paper to tell how internal injury due to endogenous etiological factors and affection due to exogenous pathogenic factors, affect the internal organs and the external bodily from. This paper begins with description of the patterns of disharmony of the internal organs. General disorders of each Five-Jang(五藏) an be classified into two types of soul and body. The Liver and the Heart which lead changing to Yang(陽) of vital energy, have close relationship with spiritual symptoms because spirit is related to Yang. The Lung, Kidneys, the Spleen which lead changing to m(陰) of vital energy, mainly connected with physical disorders because body is relatively close to m. The Five-Jang are ruled by the Five-Phases(五行) system and cause troubles with Oche(五體) and the nine body orifice. Otherwise the main function of the Six-Bu(六府) is to receive food, absorb the usable portions, and transmit and excrete waste. Therefore they can cause such problems as abdominal pain, distention, difficulty in urination, and constipation. The spleen is responsible for sending Grain-Ki(穀氣) so that is closely connected with the six-Bu. The Gall bladder takes care of control of giving out spirit. That's why it presents many symptoms related to the spirit that is ruled by the Five-Jang. Patterns of disharmony of external bodily form is influenced by the state of Meridians. Bodily forms get divided into many parts by the function of six-meridians(六經) to which they belong. Six-meridians have their own function related to excretion, related to excretion, retention, and balance(開闔樞). If local bodily forms get affected by pernicious influences, the Meridians to which they are attached will lose harmony and cannot fulfil their own functions. Because the meridian system unifies all parts of the body, the whole body will be under the influence of the affection although local parts of the bodily forms get affected. Therefore the symptoms of disharmony should be considered in a synthetic view. There are however, also cases which should be focused on the very meridian channels affected. Disorder within a Meridian generates derangement in the pathway make it not to benefit the muscles and skin belong to it. Because the meridians connect the interior organs with the exterior bodily form, they are influenced by each other.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.12 no.1
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• pp.216-221
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• 2011

After the year of 2000, the Korean government has abolished the limit on foreign investments. Foreign investments in the domestic market have been thriving since. In domestic stock market, the proportion of market value held by foreign investors reaches over 40%. There are many followers in the markets, asking about what kinds of the firm that foreign investors prefer. Prior researches show that foreign investors in the American and European markets prefer stocks of the firm which are well known and are geographically closer. In this paper, we attempt to define the financial characteristics of the firms in which foreigners invest in the Korean market. The result shows that foreign investors in the domestic market tend to prefer firms with high market value of capital and dividend yield. It also shows that foreign investors in the Korean market choose firms with high book value to market value over others, while the firms with high debt ratio and the portion of the largest stock holders are shunned. This research suggests that foreign portfolio investments in the Korean market have contributed to liquidity of stock market and changed the governance structure of domestic firms in a positive way.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.15 no.12
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• pp.7134-7147
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• 2014

This study examined one of the contemporary issues that may be interesting to academics and practitioners regarding the driving force of the growth rate for the firms belonging to the chaebols in the Korean capital markets. With respect to the empirical results obtained from two hypothesis tests, the first hypothesis was to identify any financial determinants on the growth rate by applying both dynamic panel data and static panel data models. The debt ratios relevant to the book- and market-value showed their positive relationships with the DV of GROWTH1, along with other significant IDVs such as one-period lagged DV of GROWTH_1, SIZE1 and FOS with statistical significance. Second, by employing conditional quantile regression (CQR) analysis, the control variables, such as ROA, SMARKET, time dummy variable of F2010 and F2011, and the industry dummies of IND3 and IND10, provided evidence of their significant influences on DV of GROWTH1.

• Journal of Sasang Constitutional Medicine
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• v.11 no.1
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• pp.311-327
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• 1999

Lee, Je-ma proposed ways like Chehyungkisang to judge each constitution, so, on the basis of this, we can judge constitution in various ways. Such a theory is based on behavior determinism's way of thinking of Lee, Je-ma. We can know this that form is not recognized as an object reflecting image, but a subjective concept from Tukyonyodun, Yimokbiku(ears, eyes, nose and mouth), Hameokjebok of Sungmyong Theory. Lee, Je-ma thought each part of human body has not only physical function but also complex temperative function. Putting this consideration and Jangbu Theory describing human body directly, together, it can be said that these all have an established theory on Chehyungkisang of constitution judgement. Thus, the following hypotheses are given. From Sadan Theory and Hwakchung Theory, strength of Jangbu of Sasangin is Pe>Bi>Shin>Kan in Taeyangin and Bi>Pe>Kan>Shin in Soyangin and Kan>Shin>Bi>Pe> in Taeumin and Shin>Kan>Pe>Bi in Soumin. The concept of Shinkihyuljung is related with creation of form and spirit of each Jangkuk and Aenoheerak(sorrow, anger, joy, pleasure). From this viewpoint, Sasangin can be classified into; Taeyangin into Shinkijunghyul type, Taeumin into Hyuljungkishin type, Soumin into Junghyuishinki type. Introduced a fixed way to explain of each constitution according to this strength relationship. I hope more lively discussions on Constitutional Medicine will be continued based on this attempt.

• The Journal of Society for e-Business Studies
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• v.22 no.1
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• pp.51-64
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• 2017

After Bitcoin was proposed by Satoshi Nakamoto in 2009, studies have been carried out to apply the Block Chain technology in various environment, which was applied as a distributed transaction of Bitcoin. Smart contracts, voting and proof of ownership of digital contents are typical applications of Block Chain. They used the feature that it is impossible to modify or delete once recorded facts. They also applied to prove relevant facts and to provide data integrity. The applied cases are mainly made in an environment where the data should or could be open to the public, and they have been proposed as solutions to solve the problems occurred in relations. This fact has led to the attention that Block Chain can be applied as a good alternative in similar circumstances. In this study, real estate market service was selected to expand the application range of Block Chain. Although there are about 250 applications and web services in total, the satisfaction is not high due to false offerings. Thus we propose a countermeasure against the problem by applying the Block Chain to the real estate market service, and investigate the research direction of the Block Chain in the future market.

• Journal of the Korea Concrete Institute
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• v.18 no.5 s.95
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• pp.611-620
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• 2006

In the shear failure mechanism of a beam, beam and arch actions always exist simultaneously. According to the shear span to depth ratio, the proportion between these two actions is varied and the contribution of these actions to shear capacity is changed. Moreover, the current codes provide recommendations based on experimental results of normal strength concrete, so the application range of concrete strength must be extended. Based on this mechanism and new requirement, a simplified analytical equation for shear capacity prediction of reinforced high strength concrete beams without stirrups is proposed. To reflect the change in the contribution between these actions, stress variation in the longitudinal reinforcement along the span is considered by use of the Jenq and Shah Model. Dowel action with horizontal splitting failure and shear friction between cracks are also taken into account. ize effect is included to derive a more precise equation. Regression analysis is performed to determine each variable and simplify the equation. And, the formula derived from theoretical approaches is evaluated by comparison with numerous experimental data, which are in broad range of concrete strength(especially in high strength concrete), shear span to depth ratio, geometrical size and longitudinal steel ratio. It is shown that the proposed equation is more accurate and simpler than other empirical equations, so a wide range of a/d can be considered in one equation.

• Journal of the Korean earth science society
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• v.32 no.4
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• pp.411-421
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• 2011

The purpose of this study is to classify the budget and settlement of global natural history museums into functional criteria, to compare and analyze the integrative research and general administrative functions of these museums, and to suggest the standard of budget compilation of the Korean National Museum of Natural History, which will be established in the near future. Annual reports, documents of budget request, financial statements and account books were collected from the following museums: SNMNH of The U.S.A, AMNH of the U.S.A, NHM of England, MNHN of France and NMNS of Japan. The integrative research and general administrative functions of the studied museums are reclassified into the criteria of budget and settlement data of the Smithsonian National Museum of Natural History. After arranging the details regarding budget and settlement of each museum, the international comparative analysis was investigated on the amounts of the integrative research and general administrative functions among the studied museums. The comparison and analysis show the ratio of integrative research function and general administrative function in budget expenditure standard at 6:4 in natural history museums of the U.S.A and England, of which the functions of research, education, exhibition and publication are considered to be the most activated in the world. This implies that museums should increase the budget for support of integrative research to allow them to maximize their functions.

• Journal of Aquaculture
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• v.17 no.3
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• pp.215-220
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• 2004

Using light microscopy, the digestive tract of the parrot fish, Oplegnathus fasciatus was studied histologically. The tract consists of esophagus, stomach, intestine and fifty or sixty pyloric caecae. Each pyloric caecum is a blind sac of banana shape, and is originated from pyloric end of the stomach. The relative length of gut (RLG), that is length of digestive tract to standard length, is 1.78 (n=30). Esophagus has an undeveloped submucosa and a well developed muscularis mucosae. Its mucosa displays primary and secondary folds lined with a cuboidal or columnar epithelium and numerous acidic mucous secretory cells. The stomach has muscularis, which consists of longitudinal and circular muscular layers; its submucosa and muscularis mucosae are well developed. Only primary folds are present in the stomach. Microvilli are present in the epithelial layer. The stomach has a well-developed gastric gland and relatively more secretory granules. Mucosal epithelium of the pyloric caeca is composed of neutral mucous secretory cells and columnar epithelium with developed microvilli in the apical portion. Using the morphological and histological features, the intestine may be divided into anterior, mid and posterior parts. It has an advanced striated border and abundant acidic mucous secretory cells and some neutral mucous secretory cells. The mid intestine has more abundant acidic mucous secretory cells than the anterior and posterior parts. A thick longitudinal muscle is formed in the intestine and its thickness is progressively increased towards the posterior end.