• Asia-Pacific Journal of Business
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• 제14권1호
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• pp.73-91
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• 2023

Purpose - The purpose of this study is to re-examine the disclosure effect of stock splits and long-term performance after stock splits using stock split data over the past 10 years, and infer the motivation (signal or opportunism) of stock splits. In addition, we focus on exploring the determinants of the short- and long-term market response to stock splits. Design/methodology/approach - We measure the short-term market response to a stock split and the long-term stock performance after the stock split announcement using the event study method. We analyze whether there is a difference in the long-term and short-term market response to a stock split according to various company characteristics through univariate analysis and regression analysis. Findings - In the case of the entire sample, a statistically significant positive excess return is observed on the stock split announcement date, and the excess return during the 24-month holding period after the stock split do not show a difference from zero. In particular, the difference between short-term and long-term returns on stock splits is larger in companies with a large stock split ratio, small companies, large growth potential, and companies with a combination of financial events after a stock split. Research implications or Originality - The results of this study suggest that at least the signal hypothesis for a stock split does not hold in the Korean stock market. On the other hand, it suggests that there is a possibility that a stock split can be abused by the manager's opportunistic motive, and that this opportunism can be discriminated depending on the size of the stock split, corporate characteristics, and financing plan.

• The Journal of Asian Finance, Economics and Business
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• 제6권2호
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• pp.15-24
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• 2019

This study analyzes the effect of the capital structure of Korean manufacturing firms on default risk based on Moody's KMV option pricing model where the probability of default is obtained by measuring the distance to default as a covariant in logit model developed by Merton (1974). Based on the panel data of manufacturing firms, this study achieves its primary objective, using a fixed effect regression model and examines the effect of a firm's capital structure on default risk amongst publicly listed firms on Korea exchange during 2005-2016. Empirical results obtained suggest that the rise in short-term debt to assets leads to increase the risk of default whereas the increase in long-term debt to assets leads to decrease the default risk. The benefits of short-term debt financing over a short-term period fade out in the presence of information asymmetry. However, long-term debt financing overcomes the information asymmetry and enjoys the paybacks of tax advantage associated with long-term debt. Additionally, size, tangibility and interest coverage ratio are also the important determinants of default risk. Findings support the trade-off theory of capital structure and recommend the optimal use of long-term debt in a firm's capital structure.

• The Journal of Internal Korean Medicine
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• 제38권5호
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• pp.681-688
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• 2017

An obese patient was treated with Korean medicine for a short-term period of seven days while under admission care. In this case report, we report the efficacy of a complex treatment comprising various Korean medicine methods by evaluating the differences in obesity-linked factors. The patient lost weight loss and showed decreases in fat mass and various indexes of obesity. Korean medicine could therefore represent a prompt and effective treatment for obese patients.

• Journal of Animal Science and Technology
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• 제62권3호
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• pp.321-333
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• 2020

Beef quality is influenced by the fattening period. Therefore, meat metabolomics profiles from the different fattening periods (e.g., short-term vs. long-term) were analyzed for identify potential indicators using nuclear magnetic resonance. Additionally, blood, free fatty acid, sensory, and mineral compositions in Korean steers were determined. Blood, free fatty acid, and mineral concentrations showed significant differences between short-term and long-term groups that were fed different diets. However, there were no sensory differences in the two fattening groups. Additionally, the metabolic profiles of meats were clearly separated based on multivariate orthogonal partial least square discriminant analysis. Six metabolites of variable importance in the projection plot were identified and showed high sensitivity as candidate markers for meat characteristics. In particular, lactate, carnosine, and creatine could be directly linked to scientific indicators of the fattening stage (31 vs. 28 mo) of meat. Our findings suggest that the metabolomics approach could be a powerful method for the detection of novel signatures underlying the managing period of beef.

• The Journal of the Korea Contents Association
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• 제11권10호
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• pp.267-273
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• 2011

The purpose of this paper is to suggest the types of recovery activities and the major contents of preimpact recovery plan through theoretical review. Disaster recovery is to provide immediate support during the early recovery period necessary to return vital life support systems to minimum operation levels, and continuing to provide support until the community returns to normal. Disaster researchers distinguished 4 types in recovering from disaster as follows; an emergency period, a restoration period, a reconstruction period, and a developmental reconstruction period. And recovery measures are both short-term and long-term. Short-term measures are relief and rehabilitation and long-term measures include reconstruction. Finally, to design a preimpact recovery plan, we should define a disaster recovery organization that includes major stakeholders, identify the location of temporary housing, determine how to perform essential tasks, address the licensing and monitoring of contractors and retail price controls to ensure victims are not exploited, determine how recovery tasks will be carried out at historical sites, and recognize the recovery period as a unique time to enact policies for hazard mitigation and incorporate this objecive into the recovery planning process.

• The Journal of Fisheries Business Administration
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• 제28권1호
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• pp.85-117
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• 1997

This paper is focused on management control system. From a management control perspective, strategies should be viewed as useful, but not absolutely necessary, guides to the proper design of an MCS. When strategies are formulated more clearly, more control alternatives become feasible and it becomes easier to implement each form of management control effectively. The common and important category of controls are action controls, personnel and cultural controls, and results controls. Action controls involves ensuring that employees perform(or do not perform) certain actions that are known to be beneficial(or harmful) to the organization. Personnel and cultural controls take steps to ensure that employees will control each others' behaviors. Results controls involve rewarding individuals(and sometimes groups of individuals) for generating good outcomes or punishing them for poor outcomes. The results controls of ROI-type measure cause to make managers excessively short- term oriented, or myopic. When managers' orientations to the short - term become excessive -when the management are more concerned with short-term profit than entity value-the managers are said to be myopic. We car, solve myopic problem by introducing AR(abnormal return), near-perfect indicators of value creation. The results - control ideal would be to hold all employees accountable for the wealth they individually create(or destroy) for the owners of the entities in which they work. This ideal is approachable for top management of publicly traded corporations because for these organizations, the wealth created(returns to shareholders) can be measured directly for any period(such as a year, a quarter, or a month) as the measurement period pin(or minus) the change in the market value of the stock.

• Journal of the Korean Society of Costume
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• 제56권3호
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• pp.91-106
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• 2006

The purpose of this study is to examine the differences of long-term relationship intention process according to consumer characteristics. Data for this research was collected from 540 women older than 20 years old in Seoul, Gwangju, and Gyeonggi-do. The results are as follows. First, relationship consumers having relationship with stores were different from customers having relationship with a brand in specific store in the long-term relationship intention process. Second, consumers having relationship for a long period and consumers having relationship for a short period showed differences in long-term relationship intention process. Third, strong relationship consumers and weak relationship consumers showed differences in long-term relationship intention process. Forth, involvement groups showed differences in long-term relationship intention process. These results imply that fashion retailers need set up the relationship strategy for subdivision groups along consumer characteristics.

• Journal of Environmental Science International
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• 제28권10호
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• pp.863-872
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• 2019

Using the Standard Precipitation Index (SPI), this study analyzed the drought characteristics of ten weather stations in Gyeongbuk, South Korea, that precipitation data over a period of 30 years. For the number of months that had a SPI of -1.0 or less, the drought occurrence index was calculated and a maximum shortage months, resilience and vulnerability in each weather station were analyzed. According to the analysis, in terms of vulnerability, the weather stations with acute short-term drought were Andong, Bonghwa, Moongyeong, and Gumi. The weather stations with acute medium-term drought were Daegu and Uljin. Finally the weather stations with acute long-term drought were Pohang, Youngdeok, and Youngju. In terms of severe drought frequency, the stations with relatively high frequency of mid-term droughts were Andong, Bonghwa, Daegu, Uiseong, Uljin, and Youngju. Gumi station had high frequency of short-term droughts. Pohang station had severe short-term ad long-term droughts. Youngdeok had severe droughts during all the terms. Based on the analysis results, it is inferred that the size of the drought should be evaluated depending on how serious vulnerability, resilience, and drought index are. Through proper evaluation of drought, it is possible to take systematic measures for the duration of the drought.

• The Journal of Korean Academy of Prosthodontics
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• 제35권3호
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• pp.544-556
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• 1997

All ceramic restorations except In-Ceram Alumina system gave a good esthetics and an exellent marginal fidelity. The flexural strength of them had about 150MPa, so the indication is only single crown. By using In-ceram Alumina System(450Mpa), it is thought to be possible to construct bridge for its high flexural strength. But the prognosis is unclear, The purposes of this study are to clear short term prognosis of In-Ceram bridge restorations, to elucidate its clinical significance. Among 22 In-Ceram Bridge restored in our department, 11 In-Ceram bridges with follow up were used. The period of placement is from 1 to 18 months. The results were as follows : 1. Among follow up 11 bridges, 2 bridges were fractured. One is 4 unit in maxillary lateral incisors, the other is 3 unit bridge in maxillary canine and premolar. Including 11 bridge without follow up, failure rate is very low(2/22). 2. The fracture sites are connector areas between abutment and pontic. To maintain In-Ceram bridge for long term period, it is needed to remove the nonphysiologic occlusal force and to have sufficient thickness of alumina core. For estabilishing clinical use of In-Ceram bridges, it is thought to need clinical research during long term period.

• Hip & pelvis
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• 제35권2호
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• pp.122-132
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• 2023

Purpose: The dome technique is a technique used in performance of revision total hip arthroplasty (THA) involving intraoperative joining of two porous metal acetabular augments to fill a massive anterosuperior medial acetabular bone defect. While excellent outcomes were achieved using this surgical technique in a series of three cases, short-term results have not been reported. We hypothesized that excellent short-term clinical and patient reported outcomes could be achieved with use of the dome technique. Materials and Methods: A multicenter case series was conducted for evaluation of patients who underwent revision THA using the dome technique for management of Paprosky 3B anterosuperior medial acetabular bone loss from 2013-2019 with a minimum clinical follow-up period of two years. Twelve cases in 12 patients were identified. Baseline demographics, intraoperative variables, surgical outcomes, and patient reported outcomes were acquired. Results: The implant survivorship was 91% with component failure requiring re-revision in only one patient at a mean follow-up period of 36.2 months (range, 24-72 months). Three patients (25.0%) experienced complications, including re-revision for component failure, inter-prosthetic dual-mobility dissociation, and periprosthetic joint infection. Of seven patients who completed the HOOS, JR (hip disability and osteoarthritis outcome score, joint replacement) survey, five patients showed improvement. Conclusion: Excellent outcomes can be achieved using the dome technique for management of massive anterosuperior medial acetabular defects in revision THA with survivorship of 91% at a mean follow-up period of three years. Conduct of future studies will be required in order to evaluate mid- to long-term outcomes for this technique.