• Title/Summary/Keyword: free choice

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Is IPO More Efficient Than Back-door-listing? : Case of Korean Kosdaq Market (IPO가 우회상장보다 정보효율성이 더 높은가? : 코스닥시장을 중심으로)

  • Kang, Won
    • The Korean Journal of Financial Management
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    • v.27 no.1
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    • pp.121-156
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    • 2010
  • Back-door-listing can be viewed both as M&A and an alternative to IPO. If IPO is an access to the capital market through regulations, back-door-listing would be the way of entering the market through trading. Back-door-listing can be a better choice considering the common wisdom that regulations hinder the functioning of free market system. One would, however, prefer IPO, for the informational asymmetry isless severe in case of IPO. This paper examines if IPO is superior to back-door-listing as to the informational efficiency. The excess buy-and-hold returns of the Kosdaq back-door-listing firms are estimated over the three-year-period since the event. They are compared against the excess buy-and-hold returns of the Kosdaq IPO firms over the same period of time. The results confirm this paper's prediction that IPO should be more information-efficient. Both IPO and back-door-listing firms start with high short-term excess returns and end up with long-term under-performance. However, back-door-listing firms show more significantly damaging long-term results. Furthermore, back-door-listing firms record poorer accounting results over the research period. These results imply that there exists fad at the time of both events and, in case of back-door-listing, this fad is reinforced by the possibility of window dressing.

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Choice of Capecitabine or S1 in Combination with Oxaliplatin based on Thymidine Phosphorylase and Dihydropyrimidine Dehydrogenase Expression Status in Patients with Advanced Gastric Cancer

  • Xu, Rong;He, Xiaolei;Wufuli, Reyina;Su, Ying;Ma, Lili;Chen, Ru;Han, Zhongcheng;Wang, Fang;Liu, Jiang
    • Journal of Gastric Cancer
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    • v.19 no.4
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    • pp.408-416
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    • 2019
  • Purpose: To study the efficacy of capecitabine or S-1 plus oxaliplatin (CAPOX or SOX) for treating thymidine phosphorylase (TP)- or dihydropyrimidine dehydrogenase (DPD)-positive advanced gastric cancer. Materials and Methods: Eighty-six patients with stage IIIC to IV gastric cancer were assessed for TP and DPD expression by immunohistochemistry. The association between CAPOX or SOX efficacy and TP/DPD expression was retrospectively analyzed. Results: There were no significant differences in the objective remission rate (ORR, 52.27% vs. 47.62%; P>0.05), disease control rate (72.73% vs. 73.81%, P>0.05), progression-free survival (hazard ratio [HR], 1.119; 95% confidence interval [CI], 0.739-1.741; P=0.586), and overall survival (OS; HR, 0.855; 95% CI, 0.481-1.511; P=0.588) between CAPOX and SOX. A higher number of stage IV patients showed TP positivity, while DPD-positive patients predominantly showed intestinal type of gastric cancer. In TP-positive patients, the ORRs associated with CAPOX and SOX treatments were 57.14% and 38.10%, respectively; OS was better with CAPOX than with SOX (HR, 0.447; 95% CI, 0.179-0.978; P=0.046). Among DPD-positive patients, the SOX treatment-associated ORR (60.87%) was significantly higher than the CAPOX treatment-associated ORR (43.48%). Furthermore, SOX treatment resulted in better OS than did CAPOX treatment (HR, 2.020; 95% CI, 1.019-4.837; P=0.049). Conclusions: No significant difference in clinical efficacy was found between CAPOX and SOX. TP-positive patients might respond better to CAPOX while DPD-positive patients may respond better to SOX. Our findings might serve as a guide for personalized chemotherapy for gastric cancer.

Development and Effectiveness Analysis of Sustainable Dietary Free-year Program for the Improvement of Youth Empowerment in Middle School Home Economics (청소년의 임파워먼트 향상을 위한 가정교과 지속가능한 식생활 자유학년제 프로그램 개발 및 효과분석)

  • Choi, Seong-Yeon;Han, Ju
    • Journal of Korean Home Economics Education Association
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    • v.34 no.2
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    • pp.129-152
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    • 2022
  • The purpose of this study was to develop a sustainable dietary education program for middle school home economics subject using a teaching strategy to improve the empowerment of adolescents and to verify and evaluate the effectiveness of the program. To achieve the purpose of this study, the program was developed and evaluated according to the ADDIE teaching design model. The contents related to the dietary area were extracted from the technical & home economics curriculum of the 2015 revised middle school and SDGs, and their relevance was analyzed to select the contents of dietary education. The program developed based on the analysis results is 'dietary life together' and consists of five learning topics: 'living together in the global village', 'maintaining healthy diet', 'creating a dietary culture together', 'living with nature and people', and 'maintaining a safe diet'. As a strategy for improving empowerment, we presented four situations, each of which represents value judgment, prediction of results, responsible behavior choice, and decision making. The developed program was reviewed by experts and applied to 17 unit classes for 17 weeks (1 unit hour per week) to the third graders of middle schools in Gyeonggi-do. Significant differences were found between before and after the class measurements of the personal empowerment and the political and social empowerment, which shows the classes were effective in improving empowerment. However, since there was no significant difference in interpersonal empowerment before and after the program, suggestions were made to utilize strategies to facilitate discussion and cooperative learning when implementing the program. The students who participated in the class evaluated the program positively as a whole. The program was evaluated to have helped the students believe they could change society through solving dietary problems.

Analysis of Horticultural Activities in the Teacher's Guidebooks of Nuri Curriculum for 5-Year-Olds

  • Choi, Byung Jin;Jeong, Yeo Jin;Kim, Mi Jin;Yun, Suk Young
    • Journal of People, Plants, and Environment
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    • v.23 no.2
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    • pp.211-220
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    • 2020
  • The purpose of this study was to analyze the frequency and contents of horticultural activities in 696 individual activities listed in 11 teacher's guidebooks of Nuri Curriculum for 5-year-olds, and to find out the perceptions of horticultural activities in the formal curriculum. The target horticultural activities that were selected were those using natural objects like potted plants, water, wind, soil, stones, etc. as the topic or subject of activities, and those with different topics but are mentioning plants or natural objects as an example at least twice. The 150 selected horticultural activities were classified by life-based theme, activity type, activity domain, and medium. As a result of examining horticultural activities by life-based theme, there were 150 horticultural activities (21.55%): 40 in Spring, Summer, Autumn and Winter (5.75%), 34 in Animals, Plants, and Nature (4.89%), 22 in Environment and Life (3.16%), 19 in Our Country (2.73%), and nine in Our Neighborhood (1.29%), nine in Various Countries of the World (1.29%), four in Health and Safety (0.57%), four in Living tools (0.57%), four in Transportation (0.57%), three in Kindergarten and Friends (0.43%), two in Me and My Family (0.29%; χ2=130.427, p < .001). As a result of examining horticultural activities by activity type, there were 61 free choice activities (40.67%), 80 large and small group activities (53.33%), and nine outdoor play activities (6.00%), indicating that outdoor play was the fewest activity type (χ2=54.040, p < .001). The results of analyzing horticultural activities by activity domain showed that there were 25 in conversation (16.67%), 19 in science (12.50%), 14 in art (9.33%), 14 in cooking (9.33%), 10 in fairy tales (6.00%), nine in music (6.00%), eight in language (5.33%), eight in number operation (5.33%), eight in others (5.33%), six in children's plays (4.0%), six in games (4.0%), four in body and movement (2.67%), three in stacking (2.00%), three in roles (2.00%), three in rhythm (2.00%), two in children's poems (1.33%), two in field experience (1.33%) and one in outside play (0.67%; χ2=87.600, p < .001). As a result of examining the mediums used in the horticultural activities, 46 activities (30.67%) directly used plants as the mediums, 11 activities (7.33%) used soil such as stones, gravel, and earth as the mediums instead of plants, four activities (2.67%) used dry plants such as branches and dry leaves as the mediums, and 89 activities (59.33%) used videos, photos of plants, and pictures of plants as the mediums (χ2=121.307, p < .001).

Analysis of learner's attitude and satisfaction through development and application of metaverse environment STEAM educational program (메타버스 환경의 융합(STEAM) 교육 프로그램 개발과 적용을 통한 학습자 태도 및 만족도 분석)

  • Jeon, Jae Cheon;Jang, Jun Hyeok;Jung, Soon Ki
    • Journal of The Korean Association of Information Education
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    • v.26 no.3
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    • pp.187-195
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    • 2022
  • Recently, with interest in metaverse, attempts are being made to utilize the metaverse platform in various forms. In this paper, we focused on the educational application potential of metaverse, and developed and applied a metaverse STEAM program to provide an effective learning experience to learners in non-face-to-face educational situations. The developed program utilizes Minecraft and ZEPETO, familiar to students, as metaverse learning platforms, and consists of a total of 16 lessons of 5 modules in the form of modules so that alternative classes can take place in the educational field. Through this, the learner's change in STEAM attitude and learning satisfaction were measured, and through the developed STEAM program, the learner's interest, consideration, communication, usefulness, self-concept, self-efficacy, and career choice areas significantly increased. In addition, positive results were confirmed in all areas of the learner satisfaction test related to satisfaction, interest, and overall class. In the future, considering the characteristics of the metaverse, it is necessary to break free from the constraints of time and space to communicate anew, and various learner-centered educational approaches based on a high degree of freedom and immersion should be implemented.

Clinicopathologic Characteristics and Prognoses for Multicentric Occurrence and Intrahepatic Metastasis in Synchronous Multinodular Hepatocellular Carcinoma Patients

  • Li, Shi-Lai;Su, Ming;Peng, Tao;Xiao, Kai-Yin;Shang, Li-Ming;Xu, Bang-Hao;Su, Zhi-Xiong;Ye, Xin-Ping;Peng, Ning;Qin, Quan-Lin;Chen, De-Feng;Chen, Jie;Li, Le-Qun
    • Asian Pacific Journal of Cancer Prevention
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    • v.14 no.1
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    • pp.217-223
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    • 2013
  • Background: Hepatocellular carcinoma (HCC) is one of the most common cancers worldwide, and the outcomes for patients are still poor. It is important to determine the original type of synchronous multinodular HCC for preoperative assessment and the choice of treatment therapy as well as for the prediction of prognosis after treatment. Aims: To analyze clinicopathologic characteristics and prognoses in patients with multicentric occurrence (MO) and intrahepatic metastasis (IM) of synchronous multinodular hepatocellular carcinoma (HCC). Methods: The study group comprised 42 multinodular HCC patients with a total of 112 nodules. The control group comprised 20 HCC patients with 16 single nodular HCC cases and 4 HCC cases with a portal vein tumor emboli. The mitochondrial DNA (mtDNA) D-loop region was sequenced, and the patients of the study group were categorized as MO or IM based on the sequence variations. Univariate and multivariate analyses were used to determine the important clinicopathologic characteristics in the two groups. Results: In the study group, 20 cases were categorized as MO, and 22 as IM, whereas all 20 cases in the control group were characterized as IM. Several factors significantly differed between the IM and MO patients, including hepatitis B e antigen (HBeAg), cumulative tumor size, tumor nodule location, cirrhosis, portal vein and/or microvascular tumor embolus and the histological grade of the primary nodule. Multivariate analysis further demonstrated that cirrhosis and portal vein and/or microvascular tumor thrombus were independent factors differentiating between IM and MO patients. The tumor-free survival time of the MO subjects was significantly longer than that of the IM subjects ($25.7{\pm}4.8$ months vs. $8.9{\pm}3.1$ months, p=0.017). Similarly, the overall survival time of the MO subjects was longer ($31.6{\pm}5.3$ months vs. $15.4{\pm}3.4$ months, p=0.024). The multivariate analysis further demonstrated that the original type (p=0.035) and Child-Pugh grade (p<0.001) were independent predictors of tumor-free survival time. Cirrhosis (p=0.011), original type (p=0.034) and Child-Pugh grade (p<0.001) were independent predictors of overall survival time. Conclusions: HBeAg, cumulative tumor size, tumor nodule location, cirrhosis, portal vein and/or microvascular tumor embolus and histological grade of the primary nodule are important factors for differentiating IM and MO. MO HCC patients might have a favorable outcome compared with IM patients.

Surgical Technique for Korean Artificial Heart(AnyHeart) Implantation Using a Right Thoracotomy Approach (우측 개흉술을 이용한 한국형 인공심장(AnyHeart)의 이식기법)

  • Son. Ho-Sung;Sun, Kyung;Shin, Jae-Seung;Lee, Sung-Ho;Jung, Jae-Seung;Lee, Hye-Won;Kim, Kwang-Taik;Kim, Seung-Chul;Won, Yong-Soon;Min, Byoung-Goo;Kim, Hyoung-Mook
    • Journal of Chest Surgery
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    • v.35 no.5
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    • pp.329-335
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    • 2002
  • Background: The surgical technique for biventricular assist device(BVAD) implantation has mainly consisted of cannulation procedures. A median sternotomy has been the technique of choice as it gives a surgeon an excellent exposure of the heart. However, considering that most patients require a future sternotomy or already have a previous sternotomy, sternotomy-related complication remains a major concern in BVAD implantation. Based on this consideration as well as the clinical experiences of conventional heart surgery, the authors have hypothesized that the cardiac chambers for BVAD cannulation can be approached from the right side of the heart. The purpose of this studs to develop a novel surgical technique of right thoracotomy for BVAD implantation in an animals study. Material and Method: For last two years, 16 (11 calves, 3 canines, and 2 sheep) out of 30 experimental animals with AnyHeart implantation underwent a right thoracotomy. The device was used as an implantable BVAD in 14 animals, a wearable BVAD in 1, and an implantable LVAD in 1. The chest cavity was entered through the 4th intercostal space or the 5th periosteal bed. As for the BVAD use, a right inflow cannula was inserted into the right atrial free wall and a right outflow cannula was grafted onto the main pulmonary artery. A left inflow cannula was inserted into the interatrial groove and a left outflow cannula was grafted on the innominate artery of the ascending aorta. The connecting tubes were brought out through the thoracotomy wound and connected to the pump located in the subcutaneous pocket at the right flank. Result: Except for the 5 animals for a lilting test or during the early learning curve, all recovered smoothly from the procedures. The inflow drainage allowed the pump output 6.5 L/min at the maximum with 3-3.5 L/min in an average. Of the survivors, there noted no procedure-related mortality or morbidity. Necropsy findings demonstrated the well-positioned cannula tips in the each cardiac chamber

The Effect of the Gap between College Students' Perception of the Importance of Coffee Shops and Their Satisfaction after Patronizing Coffee Shops on Their Purchasing Behavior (대전원교학생대가배점중요성적감지화타문광고가배점지후적만의도지간적차거대타문구매행위적영향(大专院校学生对咖啡店重要性的感知和他们光顾咖啡店之后的满意度之间的差距对他们购买行为的影响))

  • Lee, Won-Ok
    • Journal of Global Scholars of Marketing Science
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    • v.19 no.4
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    • pp.1-10
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    • 2009
  • The purpose of this study was to categorize the gap between coffee shop 'importance' (as perceived by customers before patronizing the coffee shop) and 'satisfaction' (perception of customers after patronizing the coffee shop) as positive or negative and to analyze the effect of these gaps on purchasing behavior. To do this, I used the gap between importance and satisfaction regarding the choice of a coffee shop as the explanatory variable and performed an empirical analysis of the direction and size of the effect of the gap on purchasing behavior (overall satisfaction, willingness-to-revisit) by applying the Ordered Probit Model (OPM). A previous study that used IPA to evaluate the effects of gaps estimated the direction and size of a quadrant but failed to analyze the effect of gaps on customers. In this study, I evaluated the effects of positive and negative gaps on customer satisfaction and willingness-to-revisit. Using OPM, I quantified the effect of positive and negative gaps on overall customer satisfaction and willingness-to-revisit. Per-head expenditure, frequency of visits, and coffee-purchasing place had the most positive effects on overall customer satisfaction. Frequency of visits, followed by per-head expenditure and then coffee-purchasing place, had the most positive impact on willingness-to-visit. Thus per-head expenditure and frequency of visits had the greatest positive effects on overall satisfaction and willingness-to-revisit. This finding implies that the higher the actual satisfaction (gap) of customers who spend KRW5,000 or more once or more per week at coffee shops is, the higher their overall satisfaction and willingness-to-revisit are. Despite the fact that economical efficiency had a significant effect on overall satisfaction and willingness-to-revisit, college and university students still use coffee shops and are willing to spend KRW5,000 because they do not only purchase coffee as a product itself, but use the coffee shop for other activities, such as working, meeting friends, or relaxing. College and university students also access the Internet in coffee shops via personal laptops, watch movies, and study; thus, coffee shops should provide their customers with the appropriate facilities and services. The fact that a positive gap for coffee shop brand had a positive effect on willingness-to-revisit implies that the higher the level of customer satisfaction, the greater the willingness-to-revisit. A negative gap for this factor, on the other hand, implies that the lower the level of customer satisfaction, the lower the willingness-to-revisit. Thus, the brand factor has a comparatively greater effect on satisfaction than the other factors evaluated in this study. Given that the domestic coffee culture is becoming more upscale and college/university students are sensitive to this trend, students are attentive to brands. In most upscale coffee shops in Korea, the outer wall is built out of glass that can be opened, the interiors are exotic with an open kitchen. These upscale coffee shops function as landmarks and match the taste of college/university students. Coffee shops in Korea have become a cultural brand. To make customers feel that coffee shops are upscale, good quality establishments and measures to provide better services in terms of brand factor should be instituted. The intensified competition among coffee shop brands in Korea as a result of the booming industry indicates that provision of additional services is needed to differentiate competitors. These customers can also use a scanner free of charge. Another strategy that can be used to boost brands could be to provide and operate a seminar room for seminars and group study. If coffee shops adopt these types of strategies, college/university students would be more likely to consider the expenses they incur worthwhile and, subsequently, they would be more likely to be satisfied with the brands of these coffee shops, with an associated increase in their willingness-to-revisit. Gender and study year had the most negative effects on overall satisfaction and willingness-to-revisit. Female students were more likely to be satisfied and be willing to return than male students, and third and fourth-year students were more likely to be satisfied and willing-to-return than first or second-year students. Students who drink coffee, read books, and use laptops alone at coffee shops are easily noticeable. High-grade students tend to visit coffee shops alone in order to use their time efficiently for self-development and to find jobs. The economical efficiency factor had the greatest effect on overall satisfaction and willingness-to-revisit in terms of a positive gap. The higher the actual satisfaction (gap) of students with the price of the coffee, the greater their overall satisfaction and willingness-to-revisit. Economical efficiency with a negative gap had a negative effect on willingness-to-revisit, which implies that a less negative gap will result in a greater willingness-to-revisit. Amid worsening market conditions, coffee shops located around colleges/universities are using strategies, such as a point or membership card, strategic alliances with credit-card companies, development of a set menu or seasonal menu, and free coffee-shot services to increase their competitive edge. Product power also had a negative effect in terms of a negative gap, which indicates that a higher negative gap will result in a lower willingness-to-revisit. Because there are many more customers that enjoy coffee in this decade, as compared to previous decades, the new generation of customers, namely college/university students, want various menu items in addition to coffee, and coffee shops should, therefore, add side menu items, such as waffles, rice cakes, cakes, sandwiches, and salads. For example, Starbucks Korea is making efforts to enhance product power by selling rice cakes flavored in strawberry, wormwood, and pumpkin, and providing coffee or cream free of charge. In summary, coffee shops should focus on increasing their economical efficiency, brand, and product power to enhance the satisfaction of college/university students. Because shops adjacent to colleges or universities enjoy a locational advantage, providing differentiated services in terms of economical efficiency, brand, and product power, is likely to increase customer satisfaction and return visits. Coffee shop brands should, therefore, be innovative and embrace change to meet their customers' desires. Because this study only targeted college/university students in Seoul, comparative studies targeting diverse regions and age groups are required to generalize the findings and recommendations of this study.

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Comparison of Batch Assay and Random Assay Using Automatic Dispenser in Radioimmunoassay (핵의학 체외 검사에서 자동분주기를 이용한 Random Assay 가능성평가)

  • Moon, Seung-Hwan;Lee, Ho-Young;Shin, Sun-Young;Min, Gyeong-Sun;Lee, Hyun-Joo;Jang, Su-Jin;Kang, Ji-Yeon;Lee, Dong-Soo;Chung, June-Key;Lee, Myung-Chul
    • Nuclear Medicine and Molecular Imaging
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    • v.43 no.4
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    • pp.323-329
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    • 2009
  • Purpose: Radioimmunoassay (RIA) was usually performed by the batch assay. To improve the efficiency of RIA without increase of the cost and time, random assay could be a choice. We investigated the possibility of the random assay using automatic dispenser by assessing the agreement between batch assay and random assay. Materials and Methods: The experiments were performed with four items; Triiodothyronine (T3), free thyroxine (fT4), Prostate specific antigen (PSA), Carcinoembryonic antigen (CEA). In each item, the sera of twenty patients, the standard, and the control samples were used. The measurements were done 4 times with 3 hour time intervals by random assay and batch assay. The coefficient of variation (CV) of the standard samples and patients' data in T3, fT4, PSA, and CEA were assessed. ICC (Intraclass correlation coefficient) and coefficient of correlation were measured to assessing the agreement between two methods. Results: The CVs (%) of T3, fT4, PSA, and CEA measured by batch assay were 3.2$\pm$1.7%, 3.9$\pm$2.1%, 7.1$\pm$6.2%, 11.2$\pm$7.2%. The CVs by random assay were 2.1$\pm$1.7%, 4.8$\pm$3.1%, 3.6$\pm$4.8%, and 7.4$\pm$6.2%. The ICC between the batch assay and random assay were 0.9968 (T3), 0.9973 (fT4), 0.9996 (PSA), and 0.9901 (CEA). The coefficient of correlation between the batch assay and random assay were 0.9924(T3), 0.9974 (fT4), 0.9994 (PSA), and 0.9989 (CEA) (p<0.05). Conclusion: The results of random assay showed strong agreement with the batch assay in a day. These results suggest that random assay using automatic dispenser could be used in radioimmunoassay.

Physicochemical Quality Characteristics of Traditional Kamju Using Extruded Rice Collet Powder (압출 쌀 콜렛 분말을 사용한 전통 감주의 제조 및 이화학적 품질 특성)

  • Je, Hae-Soo;Kang, Kyung-Hun;Park, Si-Young;Choi, Byeong-Dae;Kang, Young-Mi;Kim, Jeong-Gyun
    • Korean Journal of Food Science and Technology
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    • v.48 no.2
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    • pp.147-152
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    • 2016
  • This study was conducted to investigate the physicochemical quality properties and provide basic data for the activation of traditional Kamju of juice type product prepared by mixing malt and extruded rice collet powder. Malt extracts were prepared by extracting the mixture of malt and water at a weight ratio of 25:75 after soaking for 2 h at $45^{\circ}C$. Rice collet powder was prepared by adjusting the barrel temperature to $95^{\circ}C$, screw speed to $3.07{\times}g$, discharge port diameter to 7 mm and a raw material input to 50 kg/h, the powder was then ground to a particle size of 80 mesh. The physicochemical characteristics (pH, color, viscosity, reducing sugars, number of viable cells, free amino acids) and sensory evaluations were conducted at various time points during the saccharification and at different mixing ratios of the extruded rice collet powder to malt extract (5:95, 15:85, 25:75, 35:65, each at $55^{\circ}C$ for 9 h). As a result, with an increase in the proportion of the extruded rice collet powder and saccharification time, the physicochemical properties of traditional Kamju significantly improved (p<0.05). A mixing ratio of 35:65 rice collet powder to malt extract and a saccharification time of 9 h were found to be the most desirable conditions. However, based on the sensory evaluation, a mixing ratio of rice collet powder and malt extract of 25:75 and a saccharification time of 5 h resulted in the most preferable palatability of traditional Kamju (p<0.05). Therefore, the mixing ratio and saccharification time should be determined to provide a better choice with respect to the taste and economic aspects of traditional Kamju.