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A Study on the Sensitibities of Cashflow and Growth Opportunities to Investments (기업투자와 성장기회, 현금흐름의 민감도에 관한 실증연구)

  • Lee, Won-Heum
    • The Korean Journal of Financial Management
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    • v.24 no.2
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    • pp.1-40
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    • 2007
  • We test a model of investment-cashflow-growth opportunities relationship in order to estimate the sensitivities to investments. In this study, we use a new proxy variable for the value of growth opportunities(hereafter "VGO"), which is based on the seminal papers of M&M(1958:1961:1963) and Lee(2006;2007). The empirical findings on the sensitivities of cashflow and growth opportunities are as follows. First, when the traditional proxy variables for the growth opportunities such as Tobin's Q, MBR and sales growth are included with the new proxy VGO in the estimation, their coefficients are turned out to be insignificant. Second, only the new proxy variable VGO shows a statistically significant positive sensitibity to investment, which can be regarded that the growth opportunities hold the positive influences to investments. Third, the Tobin's Q can be decomposed into three factors such as the value of growth opportunities(VGO), the value of asset-in-place and valuation errors. It turns out that only the VGO shows a statistically significant positive relationship with investment among others. This means that the new variable VGO is a good proxy variable for the growth opportunities in the investment-cashflow sensitivity analysis. In sum, thanks to the above findings in this study, we can say that it will not be proper to choose a proxy variable for the growth opportunities from the traditional set of proxies such as Tobin's Q, MBR, or sales growth rate.

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Intermediate Culture of the Scallop, Patinopecten yessoensis in the East Coast of Korea (동해안 참가리비, Patinopecten yessoensis의 중간육성)

  • Park, Young-Je;Rho, Sum;Lee, Jeong-Yong
    • Journal of Aquaculture
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    • v.13 no.4
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    • pp.339-351
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    • 2000
  • Optimal environmental conditions, that sustained fastest growth, lowest mortality and abnormality of the scallop Patinopecten yessoensis, were identified from field experiments undertaken at Chumunjin during 1991-1998. Temperature within the water column 10~30 m depth ranged between 5 and 23$^{\circ}C$; high temperature and daily fluctuation resulted in growth retardation and heavy mortality of the scallop. Optimal salinity range was between 31.5 and 34.5%0 and water transparency 6.0 and 18.1 m, which was significantly affected by phytoplankton density. Chlorophyll concentration ranged between 0.04 and 3.51 f.lgfL. Low temperature and high chlorophyll concentration appear to support faster growth of the scallop. Optimal periods of transplantation for intermediate culture were between mid July and early November: cultured under high density during July-August as a first step and under low density during mid September through early November as a second step. Optimal stocking density in square net cage (<35${\times}$35 em) for intermediate culture was 30-40 individuals per cage for main culture using lantern net and 80 -100 individuals of the size of 1.5 ~ 3.0 em shell height per cage for sowing culture. During the intermediate culture, the highest growth was realized, when the cage was held at water depth between 10 and 15 m. Water depth below 25 m, however, was best to avoid mass mortality during the periods of abnormally high water temperature and high variation of water temperature. The daily growth rate during the intermediate culture was between 0.019~0.381 mm; low in January and February but high in March and April. It is suggested that the main culture is commenced before June under low stocking density to avoid the possibility of mass mortality during summer by high water temperature.

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Perceptions of Clothing Norms Clothing Behavior and their Relations to Psychological Variables of College Student (남녀 대학생의 의복규범에 대한 의식과 복식행동 및 심리적변인에 관한 연구)

  • 박찬부
    • Journal of the Korean Society of Costume
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    • v.31
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    • pp.165-188
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    • 1997
  • This study aims at 1) examining the perceived importance of clothing norms 2) examining relationship between perceptions of clothing norms clothing behavior and psycho-logical variables-ego identity(uniqueness and self acceptance) and sex role identity and 3) ascertaining any significant differences in the level of the perceived importance of clothing norms among variables-sex role identity and the uniqueness in psychological variables-and which variables are influencingon perception of clothing norms. The perception of cloth in norms inventory clothing norms inventory clothin behavior inventory ego identity in-ventory and the Bem Sex Role Inventory were administered to 620 college students. Sex role identity was classified into androgynous mas-culine feminine and undifferentiated type. Subjects were asked to rate each statement on the clothing norms under two kinds of instructions: their attitudes(TATT) and their beliefs about the expectations of others toward clothing norms(TBEO). 1) The scores of 3 TBEO of the students were higher than the scores of TATT. But the scores of TBEO concerning modesty of students were lower than the scores of TATT. Discrepancy scores of TATT and TBEO of the students were revealed significances differently according to clothing norms. males lower and higher class students had more free attitudes to the norms concerning genaral clothing attitudes. Females and higher class students had less free attitudes to the clothing norms concerning modesty. Females and lower and higher class students had more free attitudes to the norms concening sex-role related clothing attitudes but male students had less free to the sex-role related clothing norms. 2) Significant negative correlations between each variable of clothing norms and conform-ity-individuality were found. But negative correlations between those variables of the males and lower class students were higher than the correlations of the female and higher class students and the former had more posi-tive relationships with clothing norms and con-formity as compared with the latter. And sig-nificant positive correlations between each variable of clothing norms and modesty were found. But positive correlations between those variables of the males females and higher class students were higher than the correlations of the lower class students and the latter had less positive relationship with clothing norms and modesty as compared with the former. 3) Significant negative correlations between clothing norms and uniqueness were found in the subjects groups. The females and lower class students had more negative relationships with clothing norms and uniqueness as compared with the male and higher class students. Significant positive correlations be-tween uniqueness and conformity-individuality were found in all subjects groups, Therefore the higher uniqueness the student have the less they perceive theimportance of clothing norms and the more they have individuality. Significant positive correlations between sex-role related(higher class) general(female) clothing norms and self acceptance were found. but significant negative correlations be-tween campus style(higher class) general(female) clothing norms and self acceptance were found. But significant negative correlations be-tween campus style(males lower class, higher class) clothing norms and self acceptance were found. Clothing norms therfore related posi-tively or negatively with self acceptance ac-cording to the subjects groups. And significant negative correlations between conformity in-dividuality and self acceptance was found in higher class students. 4) The female masculine groups and the masculine groups of lower class revealed high scores than the scores of andrgynous group and undifferentiated group in clothing norms concerning modesty. And the feminine group revealed high scores in conformity-individu-ality than the scores of the masculine group. Male masculine and feminine group revealed high scores in clothing norms concerning cam-pus style than the scores of the androgynous group. The masculine group and feminine group of the lower classes revealed high scores in general clothing norms than the scores of the androgynous group. 5) The most influencing variables on the clothing norms were sex conformity-individu-altiy and masculine-feminine variables in the right order. The general clothing norms and clothing norms concerning modesty were influened by the sex role identity but the sex role related clothing norms and clothing norms concerning campus style were influenced by the ego identity. 6) Based on the sum scores of the uniqueness each group of the subjects was separately segmened into "high medium and low" groups. By the analysis of variances sig-nificant differences in discrepancy scores of TBEO and TATT among 3 uniqueness level groups were found on all clothing norms variables in all students three clothing norms variables in male and female students and one clothing norms variable in lower and higher students and in each clothing norms variable the mean discrepancy scores of the high uniqueness group were higher than those of the other groups. The findings indicated that the differences in the discrepancy score mainly contributed to the results of correla-tions described above.bed above.

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Analysis of Sinjido Marine Ecosystem in 1994 using a Trophic Flow Model (영양흐름모형을 이용한 1994년 신지도 해양생태계 해석)

  • Kang, Yun-Ho
    • The Sea:JOURNAL OF THE KOREAN SOCIETY OF OCEANOGRAPHY
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    • v.16 no.4
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    • pp.180-195
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    • 2011
  • A balanced trophic model for Sinjido marine ecosystem was constructed using ECOPATH model and data obtained 1994 in the region. The model integrates available information on biomass and food spectrum, and analyses ecosystem properties, dynamics of the main species populations and the key trophic pathways of the system, and then compares these results with those of other marine environments. The model comprises 17 groups of benthic algae, phytoplankton, zooplankton, gastropoda, polychaeta, bivalvia, echinodermata, crustacean, cephalopoda, goby, flatfish, rays and skates, croaker, blenny, conger, flatheads, and detritus. The model shows trophic levels of 1.0~4.0 from primary producers and detritus to top predator as flathead group. The model estimates total biomass(B) of 0.1 $kgWW/m^2$, total net primary production(PP) of 1.6 $kgWW/m^2/yr$, total system throughput(TST) of 3.4 $kgWW/m^2/yr$ and TST's components of consumption 7%, exports 43%, respiratory flows 4% and flows into detritus 46%. The model also calculates PP/TR of 0.012, PP/B of 0.015, omnivory index(OI) of 0.12, Fin's cycling index(FCI) of 0.7%, Fin's mean path length(MPL) of2.11, ascendancy(A) of 4.1 $kgWW/m^2/yr$ bits, development capacity(C) of 8.2 $kgWW/m^2/yr$ bits and A/C of 51%. In particular this study focuses the analysis of mixed trophic impacts and describes the indirect impact of a groupb upon another through mediating one based on 4 types. A large proportion of total export in TST means higher exchange rate in the study region than in semi enclosed basins, which seems by strong tidal currents along the channels between islands, called Sinjido, Choyakdo and Saengildo. Among ecosystem theory and cycling indices, B, TST, PP/TR, FCI, MPL and OI are shown low, indicating the system is not fully mature according to Odum's theory. Additionally, high A/C reveals the maximum capacity of the region is small. To sum up, the study region has high exports of trophic flow and low capacity to develop, and reaches a development stage in the moment. This is a pilot research applied to the Sinjido in terms of trophic flow and food web system such that it may be helpful for comparison and management of the ecosystem in the future.

Effects of Barley Straw Management Practices on Greenhouse Gases(GHGs) Emission During Rice Cultivation in Rice-barley Double Cropping System (벼보리 이모작 재배에서 보리짚 처리 방법이 벼재배시 온실가스 배출에 미치는 영향)

  • Ko, Jee-Yeon;Lee, Jae-Saeng;Jung, Ki-yul;Choi, Young-Dae;Ramos, Edwin P;Yun, Eul-Soo;Kang, Hwang-Won;Park, Seong-Tae
    • Korean Journal of Soil Science and Fertilizer
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    • v.41 no.1
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    • pp.65-73
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    • 2008
  • Because main barley straw management is changing these days from off-fields to burning that may relate to air quality concerning the global warming, this study was conducted to investigate the effects of barley-straw management practices on greenhouse gas emissions during rice cultivation in rice-barley double cropping system. The treatments were barley straw burning, off-field usage of barley straw and incorporation of barley straw in paddy fields. Laboratory experiment showed that burning of barley straw at the rate of $4.5Mg\;ha^{-1}$ emitted GHGs in the amounts of 4,607, 19.5, and $0.9kg\;ha^{-1}$ of $CO_2$, $CH_4$, and $N_2O$, respectively. During the rice cultivation of the rice-barley double cropping system, the highest GHG emission by evaluated close-static chamber method was observed from the soil incorporation of barley straw with 387 and $1.0kg\;ha^{-1}$ of $CH_4$ and $N_2O$, respectively. The GHGs emissions from the barley straw burning and off-field usage treatments were 233 and $160kg\;ha^{-1}$ for $CH_4$ and 0.80 and $0.79kg\;ha^{-1}$ for $N_2O$, respectively. The barley straw burning treatment showed the greatest GHGs emission among barley straw management practices in rice-barley double cropping system when considering GHGs emissions both during burning and from paddy fields during the cropping seasons. As a result, the GHGs emissions recorded in the barley straw incorporation to soil and off-field usage treatments were 22.4 and 66.8%, respectively, less than sum of GHGs emissions from the burning of barley straw and from paddy fields during rice cultivation.

A Preliminary Study for Expending of Hospital-Based Home Health Care Coverage - Focused on Car Accident Inpatients Who has the Compensation Insurance - (병원중심 가정간호관리대상 범위 확대를 위한 기초연구(II) - 자동차보험가입 입원환자를 대상으로 -)

  • Park, Eun-Sook;Lee, Sook-Ja;Park, Young-Ju;Ryu, Ho-Sihn
    • Journal of Home Health Care Nursing
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    • v.7 no.1
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    • pp.58-72
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    • 2000
  • This study was an attempt to encourage the development of a rehabilitation delivery system and programs as a substitute service for hospitalization on the case of car accident patients, such as hospital based home health care nursing services. Various substitute services for hospitalization are required to curtail the length of stay for inpatients who were hospitalized with car accident compensation insurance. It focused on developing an estimation an early discharge day for car accident inpatients based on detailed statements of treatment for 111 inpatients who were hospitalized at the General Hospital in 1997. This study had four specific purposes as follows. First. to find out the utilization of medical services. Second, to estimate the time of early discharge and income increasing effect based on early discharge for those patients. Third, to identify the factors affecting total medical expenditure and the length of stay for those inpatients. Forth, to figure out the need of utilizing home health care nursing service for accident patients. In order to analyze the length of stay and medical expenditure for inpatients who were hospitalized due to car accidents, the authors conducted micro- and macro-analysis of medical and medical expenditure records. Micro-analysis was done by nominal group discussion of 4 expertise with the critical criteria, such as a decrease in the amount of treatment after surgery, treatments, tests, drugs and changes in the test consistency, drug methods, vital signs, start of ROM exercise, doctor's order, patient's outside visiting ability, and stable conditions. In addition to identifying variables affecting medical expenditure, and the length of stay and income effect due to early discharge day, the data was analyzed with a multiple regression analysis and linear regression analysis model by SPSS-PC for windows and Excell program. Results of this study were as follows. First. the mean length of stay was 50.3 days. whereas the mean length of stay due to early discharge was 34.3 days at the hospital. The estimation of time of early discharge depended on the length of stay. The longer the length of stay, the longer the length of time of early discharge : for instance a length of stay under 10 days was estimated as correlating to a mean length of stay of 6.6 days and early discharge of 6.5. The mean length of stay was 217.4 days and the time of early discharge was 110.1 respectively. The mean medical expenditure per day was found to be 169.085 Won and the mean medical expenditure per day showed negative linear trends according to the length of stay at the hospital. The estimation results of the income effect due to being discharged 16 days early was around 2,244,000 won per bed. However. this sum does not represent the real benefits resulting from early discharge, but rather the income increasing amount without considering medical prime cost in the general hospital. Therefore, further analysis is required on the cost containments and benefits as turn over rate per bed as the medical prime costs. The length of stay was most significant and was positive to the total medical expenditure, as expected. Surgery and patient's residential area was also an important variable in explaining medical expenditure. The level of complications was the most significant variable in explaining the length of stay. There was a high level for need a home health care nursing service which further supports early discharge for accident patients. In addition, when the patient was discharged. they needed follow up care for complications suffered during the car accident. $86.8\%$ of discharged patients responded that they needed home health services after early discharge. From these research findings, the following suggestions have been drawn. Strategies on a health care delivery system must be developed in order to focus on the consumer's needs and being planned for 21 century health policy in Korea. Community based intermediate facilities or home health care should be developed for rehabilitation services as a substitute for hospitalization in order to shorten the length of stay would be. A hospital based home health care nursing service. it would be available immediately to utilize by patients who want rehabilitation services as a substitute for hospitalization with the cooperation of car insurance companies.

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Errors in Net Ecosystem Exchanges of CO2, Water Vapor, and Heat Caused by Storage Fluxes Calculated by Single-level Scalar Measurements Over a Rice Paddy (단일 높이에서 관측된 저장 플럭스를 사용할 때 발생하는 논의 이산화탄소, 수증기, 현열의 순생태계교환량 오차)

  • Moon, Minkyu;Kang, Minseok;Thakuri, Bindu Malla;Lee, Jung-Hoon
    • Korean Journal of Agricultural and Forest Meteorology
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    • v.17 no.3
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    • pp.227-235
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    • 2015
  • Using eddy covariance method, net ecosystem exchange (NEE) of $CO_2$ ($F_{CO_2}$), $H_2O$ (LE), and sensible heat (H) can be approximated as the sum of eddy flux ($F_c$) and storage flux term ($F_s$). Depending on strength and distribution of sink/source of scalars and magnitude of vertical turbulence mixing, the rates of changes in scalars are different with height. In order to calculate $F_s$ accurately, the differences should be considered using scalar profile measurement. However, most of flux sites for agricultural lands in Asia do not operate profile system and estimate $F_s$ using single-level scalars from eddy covariance system under the assumption that the rates of changes in scalars are constant regardless of the height. In this study, we measured $F_c$ and $F_s$ of $CO_2$, $H_2O$, and air temperature ($T_a$) using eddy covariance and profile system (i.e., the multi-level measurement system in scalars from eddy covariance measurement height to the land surface) at the Chengmicheon farmland site in Korea (CFK) in order to quantify the differences between $F_s$ calculated by single-level measurements ($F_s_{-single}$ i.e., $F_s$ from scalars measured by profile system only at eddy covariance system measurement height) and $F_s$ calculated by profile measurements and verify the errors of NEE caused by $F_s_{-single}$. The rate of change in $CO_2$, $H_2O$, and Ta were varied with height depending on the magnitudes and distribution of sink and source and the stability in the atmospheric boundary layer. Thus, $F_s_{-single}$ underestimated or overestimated $F_s$ (especially 21% underestimation in $F_s$ of $CO_2$ around sunrise and sunset (0430-0800 h and 1630-2000 h)). For $F_{CO_2}$, the errors in $F_s_{-single}$ generated 3% and 2% underestimation of $F_{CO_2}$ during nighttime (2030-0400 h) and around sunrise and sunset, respectively. In the process of nighttime correction and partitioning of $F_{CO_2}$, these differences would cause an underestimation in carbon balance at the rice paddy. In contrast, there were little differences at the errors in LE and H caused by the error in $F_s_{-single}$, irrespective of time.

Effect of Fish Oil Diet on Blood Pressure and Lipid Metabolism in Spontaneously Hypertensive Rat -Changes in Serum Lipid Status- (어유식이가 본태성고혈압쥐(SHR)혈압 및 지질대사에 미치는 영향 -혈청지질상태를 중심으로-)

  • Shin, Eung-Nam;Bae, Bok-Seon;Lee, Won-Jong;Cho, Sung-Hee
    • Journal of the Korean Society of Food Science and Nutrition
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    • v.18 no.1
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    • pp.1-13
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    • 1989
  • The present study was designed to examine the effect of dietary fish oil on blood pressure and lipid status of serum. Weanling SHRs and normotensive Wistars were fed a diet containing 5%(w/w) mackerel oil(MO), soybean oil(SO) or beef tallow(BT) for 8 weeks. Growth rate was not significantly different among three dietary groups, but that of SHRs was silightly lower than that of Wistars. SHRs showed higher systolic blood pressure than Wistar rats from the beginning and become hypertensive (over 150mmHg) after 6 week s of feeding period. The MO group of SHRs showed the lowest blood pressure at the 8th week of feeding period but that of Wistars showed similar values with other groups. Tissue weights of liver, heart and kidney were not different amongdietary aroups in Wistars and SHRs. However, heart and kidney weights of SHRs were significantly higher than those of Wistars. Microscopic examination revealed that endomysium of heart tissue and urinary space of kidney were narrowed in SHRs. Serum total and HDL-cholesterol showed similar values among three different dietary fat groups but triglyceride levels were significantly low in MO groups. HDL-cholesterol levels of SHRs were lower than those of Wistars, as well as the fractions of total HDL, the sum of HDL and $HDL_{2+3}$, while VLDL fractions were higher in SHRs. MO groups had the lower values of $HDL_1,\;HDL_{2+3}$ratio than SO and BT groups. Major dietary fatty acids were more or less incorporated into serum phospholipid and triglyceride, resulting in the characteristic fatty acid profile of each dietary group. Incorporation of $C_{18:2}({\omega}_6)$ in SO groups were pronounced, but the degree of incorporation was lower in SHRs. In Mo groups, $C_{22:6}({\omega}_3)$ levels were inreased in triglyceride. It is suggested that these changes in serum lipid fatty acid composition are related to the different patterns of serum lipid by alteration of dietary fats.

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The Immunohistochemical Analysis for the Expression of Survivin, an Inhibitor of Apoptosis Protein, in Non-small Cell Lung Cancer (비소세포폐암에서 아포프토시스 억제 단백질 Survivin 발현에 관한 면역조직학적 분석)

  • Ko, Mi-Hye;Myoung, Na-Hye;Lee, Jae-Whan;Cho, Eun-Mi;Park, Jae-Seuk;Kim, Keun-Youl;Lee, Kye-Young
    • Tuberculosis and Respiratory Diseases
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    • v.48 no.6
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    • pp.909-921
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    • 2000
  • Background : Defects in apoptotic signaling pathways play important role in tumor initiation, progression, metastasis and resistance to treatment. Several proteins which may promote tumorigenesis by inhibiting apoptosis were identified. The survivin protein is the member of inhibitor of apoptosis protein(IAPs) family which inhibits apoptosis. Unlike other IAPs, it is expressed in during the fetal period but not in adult differentiated tissues. Many reports have stated that survivin is selectively expressed in many cancer cell lines and cancer tissues. We performed immunohistochemical analysis for survivin expression in non-mall cell lung cancer to get evaluate its clinical implication. Methods : Twenty nine surgically resected lung cancers were examined. Immunohistochemical staining were performed by immuno-peroxidase technique using avidin-biotinylated horseradish pemxidase complex in the formalin-fixed, paraffin-embedded tissue $4{\mu}m$ section. Anti-survivin polyclonal antibody was used for primary antibody and anti-p53 monoclonal antibody was also used to analyze the correlation between survivin and p53 expression. The survivin expression scores were determined by as the sum of the stained area and intensity. Results : Immunohistochemical analysis showed cancer specific expression of survivin in 20 of 29 cases (69.0%). Western blot analysis also showed the selective survivin expression in tumor tissue. There was no correlation between survivin expression and clinicopathological parameters and prognosis. We analyzed the ∞π'elation between survivin expression and p53 expression, but found none. Conclusion: We confirmed the tumor specific expression of survival in non-small cell lung canær. But this expression was not correlated with clinical parameters as well as histology, tumor stage, recurrence, and survival rate. Also it was not statistically correlated with the expression of p53.

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Comparing Photosynthesis, Growth, and Yield of Paprika (Capsicum annuum L. 'Cupra') under Supplemental Sulfur Plasma and High-Pressure Sodium Lamps in Growth Chambers and Greenhouses (황 플라즈마 및 고압나트륨 램프의 보광에 따른 생육상 및 온실에서의 파프리카 광합성 및 생산성 비교)

  • Park, Kyoung Sub;Kwon, Dae Young;Lee, Joon Woo;Son, Jung Eek
    • Journal of Bio-Environment Control
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    • v.27 no.4
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    • pp.332-340
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    • 2018
  • Supplemental lighting with artificial light sources is a practical method that enables normal growth and enhances the yield and quality of fruit vegetable in greenhouses. The objective of this study was to investigate the effect of sulfur plasma lamp (SP) and high-pressure sodium lamp (HPS) as supplemental lighting sources on the growth and yield of paprika. For investigating the effectiveness of SP and HPS lamps on paprika, the effects of primary lighting on plant growth were compared in growth chambers and those of supplemental lighting were also compared in greenhouses. In the growth chamber, plant height, leaf area, stem diameter, number of leaves, fresh weight, and dry weight were measured weekly at SP and HPS from 2 weeks after transplanting. In the greenhouse, no supplemental lighting (only sunlight) was considered as the control. The supplemental lights were turned on when outside radiation became below $100W{\cdot}m^{-2}$ from 07:00 to 21:00. From 3 weeks after supplemental lighting, the growth was measured weekly, while the number and weight of paprika fruits measured every two weeks. In the growth chamber, the growth of paprika at SP was better than at HPS due to the higher photosynthetic rate. In the greenhouse, the yield was higher under sunlight with either HPS or SP than sunlight only (control). No significant differences were observed in plant height, number of node, leaf length, and fresh and dry weights between SP and HPS. However, at harvest, the number of fruits rather than the weight of fruits were higher at SP due to the enhancement of fruiting numbers and photosynthesis. SP showed a light spectrum similar to sunlight, but higher PAR and photon flux sum of red and far-red wavelengths than HPS, which increased the photosynthesis and yield of paprika.