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Capital Structure Decisions Following Credit Rating Changes: Evidence from Japan

  • FAIRCHILD, Lisa;HAN, Seung Hun;SHIN, Yoon S.
    • The Journal of Asian Finance, Economics and Business
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    • 제9권4호
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    • pp.1-12
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    • 2022
  • Our study adds to the body of knowledge about the relationship between credit ratings and the capital structure of bond issuers. Using Bloomberg and Datastream databases and employing panel regression models, we study the capital structure changes of Japanese enterprises after credit rating changes by global rating agencies (S&P and Moody's) as well as their local counterparts (R&I and JCR) from 1998 to 2016. We find that after rating downgrades, Japanese enterprises considerably reduce net debt or net debt relative to net equity, similar to the findings of Kisgen (2009), who focused on U.S. industrial firms. They do not, however, make adjustments to their financial structure as a result of rating improvements. In comparison to downgrades by S&P and Moody's, Japanese corporations issue 1.89 percent less net debt and 1.50 percent less net debt relative to net equity after R&I and JCR rating downgrades. To put it another way, Japanese companies consider rating adjustments made by local agencies to be more significant than those made by global rating organizations. Our findings contradict earlier research that suggests S&P and Moody's are more prominent in the investment community than R&I and JCR in Japan.

NTIS 표준코드 및 분류지원 서비스 개발에 관한 연구 (A Study on NTIS Standard Code and Classification Service Development)

  • 김윤정;김태현;임철수;김재수
    • 한국콘텐츠학회:학술대회논문집
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    • 한국콘텐츠학회 2007년도 추계 종합학술대회 논문집
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    • pp.376-380
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    • 2007
  • 국가연구개발사업과 관련하여 공동 활용 가능한 정보를 정의한 범부처 국가R&D정보가 도출되었다. 이 중 21%가 코드를 사용하며, 이들 코드 항목은 정보를 분류하고 과학기술통계를 산출하는데 있어 중요한 기준을 제공할 수 있다. 따라서 각 연구관리전문기관별로 상이하게 정의 및 관리되고 있는 코드정보를 표준화할 필요가 있다. 이를 위해 국가과학기술종합정보시스템(NTIS)에서는 NTIS 표준코드를 정의하여 범부처 국가R&D정보를 위한 명확한 코드 기준을 제공하고자 한다. 본 연구에서는 NTIS 표준코드와 국가연구개발사업 조사 분석에 활용되고 있는 국가과학기술표준분류체계를 일원화된 방식으로 관리할 수 있도록 하기 위한 분류지원 서비스에 대해 기술한다.

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2급 치근이개부 치료 시 흡수성 차폐막, 동종골 이식 및 혈소판 농축 혈장의 골 재생 효과에 대한 디지털 공제술의 정량적 분석 (An Assessment on effect of Bioabsorbable membrane, allogenic bone and Platelet Rich Plasma in Class II furcation involvement by digital subtraction radiography)

  • 김상훈;임성빈;정진형
    • Journal of Periodontal and Implant Science
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    • 제32권1호
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    • pp.173-186
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    • 2002
  • The purpose of this study was to evaluate effect of platelet rich plasma on the treatment of Grade II furcation involvement, with Demineralized Freeze-Dried Bone(Dembone(R)) and bioabsorable membrane(BioMesh(R)) in humans by digital subtraction radiography. 12 teeth(control group) were treated with Demineralized Freeze-Dried Bone(Dembone(R)) and bioabsorable membrane(BioMesh(R)), and 12 teeth(test group) were treated with Demineralized Freeze-Dried Bone(Dembone(R)), bioabsorable membrane(BioMesh(R)) and Platelet Rich Plasma. The change of bone density was assessed by digital subtraction radiography in this study. The change of mineral content by as much as 5%(vol) could be perceived in the subtracted images. The change of mineral content was assessed in the method that two radiographs are put into computer program to be overlapped and the previous image is subtracted by the later one. Both groups were statistically analyzed by Wilcoxon signed Ranks Test and Mann-whitney Test using SPSS program (5% significance level). The results were as follows: 1. In test group, the radiopacity in 3 months after surgery were significantly increased than 1 month after surgery(p<0.05). However. there were no significant difference between 1 month after surgery and 3 months after surgery in control group(p>0.05). 2. In test and control group, the radiopacity in 6 months after surgery were significantly increased than 1 month after surgery(p<0.05) 3. In test and control group, the radiopacity in 6 months after surgery were significantly increased than 3 months after surgery(p<0.05). 4. There were no significant difference between test group and control group at 1 month, 3 months after surgery, but radiopacity in test group were significantly increased than control group at 6 months after surgery(p<0.05). In conclusion, Platelet Rich Plasma can enhance bone density.

뉴 노멀 시대하 한국기업의 R&D투자가 무역에 미치는 영향 (Impact of Enterprise R&D Investment on International Trade in Korea under the new Normal Era)

  • 김선재;이영화
    • 한국콘텐츠학회논문지
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    • 제12권9호
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    • pp.357-368
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    • 2012
  • 본 연구는 금융위기 이후 새로운 질서로 부상되고 있는 '뉴 노멀'시대하 거시적 관점에서 한국기업의 R&D투자가 한국의 무역에 미치는 영향을 장 단기적 측면에서 실증적으로 규명하고자 하였다. 먼저 뉴노멀시대의 특징과 기업의 R&D투자현황을 분석한 다음, 기업의 R&D투자가 무역에 미치는 영향을 분석하였다. 이를 위해 시계열 자료인 무역량 변수들의 안정성 검정을 위하여 단위근 검정과 공적분 검정을 실시하였다. 또한 R&D투자의 변동성이 무역량 변수들에 미치는 동태적 영향을 보기 위해 백터오차수정 모형에 기초한 충격반응 및 분산분해를 실시하였다. 분석결과 수출, 수입, 수출/수입, R&D지출 모두 장기적으로 안정적인 공적분관계에 있는 것으로 나타났다. 인과관계 검정에서는 기업의 R&D 지출이 여타 변수에 대하여 단기와 장기 모두 일방적인 인과관계가 존재하는 것으로 나타났다. 충격반응함수 분석에서는 기업의 R&D지출의 충격에 대하여 무역량 모두 정(+)의 영향을 받으며 특히 수입보다는 수출부문에 더 큰 영향을 받으면서 장기간에 걸쳐 안정적인 추세로 수렴되었다. 예측오차의 분산분해의 결과는 기업의 R&D지출의 변동성이 무역량 변수들의 분산에 상당한 영향을 미치는 것으로 나타났다.

A Phylogenetic Study in Some Long-Horned Beetles (Coleoptera: Cerambycidae) Using Mitochondrial COI Gene and 16S rRNA Sequences

  • Yoon, Hyung-Joo;Bae, Jin-Sik;Kim, Iksoo;Jin, Byung-Rae;Mah, Young-Il;Moon, Jae-Yu;Sohn, Hung-Dae
    • International Journal of Industrial Entomology and Biomaterials
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    • 제2권1호
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    • pp.37-53
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    • 2001
  • Two regions of mtDNA genome, cytochrome oxidase subunit I (COI) and 165 ribosomal RNA (165 rRNA) genes, were sequenced for 15 species of the long-horned beetle belonging to four subfamilies and geographic samples of mulberry longicorn beetle, Apriona germari, from two localities in Korea. Ten samples of A. germari collected from Suwon and Busan revealed three COI haplotypes ranging in nucleotide divergence of 0.3% to 0.5%, and the two populations shared one common COI haplotype (80%). The sequence divergence among 15 species of the long-horned beetle was much higher in COI gene (12.3%∼39.4%) than 16S rRNA gene (7.2% to 23.1), and the maximum value in the COI gene is exceptional compared with other relevant studies, including that of Coleoptera. The greatly increased divergence in the COI gene, in facto was stemmed from a peculiar sequence of Prionus insularis belonging to Prioninne, divergence of which ranges from 31.2% to 39.3% from other species. We discussed possible reason of the divergence in this species. Due to the abnormality of COI gene divergence, decrease in phylogenetic signal was severe in COI nucleotide and, subsequently, the converted amino acid sequences, rendering us to put more confidence on the 16S5 rRNA gene data. Although the molecular phylogeny confidently supports the monophyletic origin of Lepturinae, the presence of discrepancy between molecular data and traditional taxonomic views also is a testable hyothesis. One such discrepancy includes taxonomic position of Sophronica obrioides and Theophilea cylindricollis belonging to Lamiinae.

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국가연구개발사업의 종합조정 제도개선방안에 관한 연구 -'04년도 종합조정을 중심으로- (A Study on Improvement of Evaluation & Budget Coordination System for Effective NRDP)

  • 정근하;문진경;박문수;박병무
    • 기술혁신학회지
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    • 제8권1호
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    • pp.183-208
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    • 2005
  • In recent years, national R&D programs tend to become larger and more complicated, which necessitates strengthening the overall coordination of national R&D programs at the inter-ministerial level from the program planning stage. This paper looks into the status and problems of Korea's national R&D programs and proffers ways to improve the current system It highlights the problems shown in the process of the 2004 overall coordination and their rectification. First, various ad-hoc private-led committee brought about inefficiency in decision making process. Therefore, it is necessary to streamline such committees and strengthen the function of the Office of Science and Technology Innovation, Second, in view of the implementation of the overall coordination system, it is necessary to identify the problems in full detail that were raised in the course of the previous year's overall coordination so that new projects can be allotted minimal grades and follow-up activities can be efficiently put into execution. Third, it is necessary to establish standing committees for constant review and efficient utilization that will be devoted to reviewing programs overlapped and their linkage. Fourth, priority of investment regarding the nation's strategic policy direction should be reflected. Fifth, given the lack of performance-based evaluation system, it is necessary to develop macro and micro evaluation indices in conjunction with enacting the tentatively named "Performance-based Law." The overall coordination system of national R&D programs should be supplemented and further developed in relation to the aforementioned problems and their rectification in order to enhance the expertise, fairness, and efficiency of the nation's R&D coordination system.

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부인암 생존자의 심리적 디스트레스와 성역할태도, 가사분담이 삶의 질에 미치는 영향 (Impacts of Psychological Distress, Gender Role Attitude, and Housekeeping Sharing on Quality of Life of Gynecologic Cancer Survivors)

  • 김건희;김문정
    • 여성건강간호학회지
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    • 제24권3호
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    • pp.287-296
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    • 2018
  • Purpose: To determine impacts of psychological distress, gender role attitude, and housekeeping sharing on quality of life of gynecologic cancer survivors. Methods: Subjects completed questionnaires consisting of four measurements: FACT-G (ver. 4) for quality of life, anxiety and depression from SCL-90-R for psychological distress, gender role attitude, and housekeeping sharing. A total of 158 completed data sets were analyzed by descriptive statistics, independent t-test, ANOVA, Pearson's correlation coefficient, and multiple regression analysis using SPSS 21.0 program. Results: Quality of life was significantly and negatively correlated with psychological distress (r=-0.64, p<.001), but not with gender role attitude (r=-0.14, p=.820) or housekeeping sharing (r=0.08, p=.350). Psychological distress was significantly and positively correlated with gender role attitude (r=0.25, p<.010). Factors that significantly impacted quality of life were type of cancer (t=2.27, p=.025), number of treatment methods (t=2.58, p=.011), education level (t=3.33, p<.001), and psychological distress (t=-9.96, p<.001). Conclusion: Nursing interventions that can relieve psychological distress need to be developed for gynecologic cancer survivors. Nurses need to put priority on ovarian cancer survivors who have low education level with multiple treatment methods when performing nursing interventions to improve the quality of life of gynecologic cancer survivors.

치과의원에 근무하는 일부 치과위생사의 우울수준에 관한 연구 (A study on the degree of depression in dental hygienists)

  • 한세영;이가연
    • 한국치위생학회지
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    • 제9권4호
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    • pp.659-669
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    • 2009
  • Objectives : The degree of depression in dental hygienist was analyzed to reveal the various factors related to them. Methods : The self-administered questionnaires were filled out from 202 dental hygienist in Daejeon City. The survey items included subjects' socio-demographic and job-related characteristics, health-related behaviors, depression. Chi-Square analysis and Pearson's correlation coefficient was put into survey results, in which a degree of depression was dependent variable and others were independent variable. Results : 1. The distribution for depression degree has shown the rate as 80.2% in normal range group and 19.8% in depression group. 2. As for depression, long working hours(p=0.042), poor sense satisfaction in work(p=0.000), not fit to the job(p=0.003), low personal relation with peer works or supervisors(p=0.039), without alcohol drinking(p=0.048), poor subjective condition of health(p=0.000) than their respective counterparts. 3. Concerning correlation between depression and various factors, poor sense satisfaction in work(r=-0.332, p=0.000), not fit to the job(r=-0.353, p=0.000), low personal relation with peer works or supervisors(r=-0.215, p=0.002), without alcohol drinking(r=-0183, p=0.009), poor subjective condition of health(r=-0.333, p=0.000). Conclusions : These results showed that depression state could be influenced by various factors, which include socio-demographic, job-related characteristics and health-related behaviors. Therefore, in order to reduce depression state of dental hygienists, development and application of programs to manage and research for them are required to be revitalized as well as socio-demographic and job-related characteristics and health-related behaviors.

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CA 19-9 검체량에 따른 농도의 변화 (Change of the Result Value by the Amount of Samples in CA 19-9)

  • 장현영;박희원;유태민;노경운;김현주
    • 핵의학기술
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    • 제12권1호
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    • pp.66-73
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    • 2008
  • Purpose: CA 19-9 need to examine a number of sample volume, and the postwar 200 U/ml concentration hook effect appears slight. Thus, the antibody-antigen reaction, and by reducing the amount of (sample volume), they can hook effect to minimize the impact of the sample volume and relevance know, I saw the hook effect. In addition, the current maximum of using the standard concentration of the reagent in 240 U/ml increase more than the standard concentration can be seen knows. Material and Method: 5 U/ml and under, make a few low concentration of serum pool from the high concentration of the sample hook effect together with a standard concentration of about 500 to meet the production. The reagents used in experiments are currently using SNUH NM experiment. Orignal method along with the experiment is to 25 ul sample volume (1 / 4), 50 ul (1 / 2), 100 ul (Orignal method) in the experiment. My greatest concentration of the reagent concentration of approximately two times the standard concentration of production. When was the last to make the first experiment, as measured by the standard concentration after that. The new inspection information through a standard solution modified by entering values in them. Results: 100 ul, and to apply the new standard concentration y = 1.3021x - 10.97, $R^2$ = 0.9844. Overall, the results showed a similar orignal method. Because of the concentration in the value of more than 240 U/ml, but it is an overall value that can be made out of a similar value When I put the 50 ul y = 1.045x + 9.5861, $R^2$ = 0.9428. Overall orignal method and the results of a similar value. 50 ul, and to apply the new standard concentration y=1.2006x+11.252, $R^2$=0.9423. Showing a slightly lower value compared with orignal method. Because of the concentration in the value of more than 240 U/ml, but it is an overall value that can be made out of a similar value. When I put the man 25 ul y=0.6012x+24.755, $R^2$=0.4033. Results showed that very small amounts of sample are insecure inside and showed a lower middle cpm orignal method and showed a lot of mismatched. Conclusions: 25 ul of the sample volume is not possible to use the instability had, when I put the 50 ul of the orignal method can be used to show a similar concentration. The new values are slightly lower concentration, The new values are slightly lower concentration, concentration, which are likely due to the lack of data has had a little gap between the sample showed 80 to 200 U/ml additional experiments seem to do. Apply a new 100 ul concentration values are applied to a large crowd is not even in sight. But this way the concentration of 100 to more 400 U/ml gather further experiments should possible adds.

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연구성과의 질 제고를 위한 논문평가 모형개발 (Evaluation model for scientific research performance based on journal articles)

  • 이혁재;여운동;이상필
    • 기술혁신학회지
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    • 제9권3호
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    • pp.538-557
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    • 2006
  • 최근 들어 연구개발 성과물의 평가에 대한 관심이 급격히 증가하고 있다. 이와 관련하여 연구개발성과물의 질을 측정하기 위한 많은 시도가 이루어져 왔으며, 이를 위한 정량적 지수에 대한 중요성 역시 증가하고 있는 상황이다. 연구개발 성과물의 평가를 위해 가장 널리 사용되는 지수로는 논문수, 피인용수, 영항지수 둥이 있다. 그러나 이들은 학문 분야에 대한 편차가 심한 것으로 알려져 있으므로 이들을 사용하는 데에는 많은 한계가 있다. 본 연구에서는 이와 같은 기존의 지표들이 가지는 한계를 실증분석을 통해 제시하고자 하였으며, 아울러 연구개발 성과물로서 논문의 질 평가에 활용될 수 있는 정량 지표를 제시하고자 하였다.

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