• The Korean Journal of Financial Management
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• v.25 no.1
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• pp.51-84
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• 2008

We investigate the signaling effect of repurchase preceding new equity issue using Korean data. In a short time span, firms announce stock repurchases and equity offerings. The proximity of two events in Korean firms indicates that those are not independent of each other. In this paper, we test the signaling effect of repurchase on equity offerings on the two measures. One is announcement effect, which is measured as CAR(0, +2). The other is the effectiveness which is measured as CAR(0, +30) because the price movement during this window influences on the price of new issues. Previous studies that stock repurchase convey positive signal to equity offerings-Billet and Xue(2004) and Jung(2004)-construct sample without the limit of time interval between two events. This causes the unclear relation between those because of the long time interval. In this study we consider only samples of being within one year each other to reduce this problem and clarify the signal of repurchase on equity offerings. Korean firms are allowed to repurchase own shares with two different method. One is direct repurchase as same as open market repurchase. The other is stock stabilization fund and stock trust fund which trust company or bank buy and sell their shares on the behalf of firms. Generally, the striking different characteristic between direct repurchase and indirect repurchase is following. Direct repurchase is applied by more strict regulation than indirect repurchase. Therefore, the direct repurchase is more informative signal to the equity offering than the indirect repurchase. We construct two sample firms- firms with direct repurchase preceding-equity offerings and indirect repurchase-preceding equity offering, and one control firms-equity offerings only firms-to investigate the announcement effect and the effectiveness of repurchases. Our findings are as follows. Direct repurchase favorably affect the price of new issues favorably. CAR(0, +2) of firms with direct repurchase is not different from that of equity offerings only firms but CAR(0, +30) is higher than that of equity offerings only firms. For firms with indirect repurchase and equity offerings, Both the announcement effect and the effectiveness does not exist. Jung(2004) suggest the possibilities of how indirect stock repurchase can be regarded as one of unfair trading practices on based on the survey results that financial managers of some of KSE listed firms have been asked of their opinion on the likelihood of the stock repurchase being used in unfair trading. This is not objective empirical evidence but opinion of financial managers. To investigate whether firms announce false signal before equity offerings to boost the price of new issues, we calculate the long-run performance following equity offerings. If firms have announced repurchase to boost the price of new issues intentionally, they would undergo the severe underperformance. The empirical results do not show the severer underperformance of both sample firms than equity offerings only firms. The suggestion of false signaling of repurchase preceding equity offerings is not supported by our evidence.

• Investigative Magnetic Resonance Imaging
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• v.8 no.1
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• pp.9-16
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• 2004

Purpose : The purpose of this study was to assess supplementary motor area (SMA) activation during motor, sensory, word generation, listening comprehension, and working memory tasks using functional magnetic resonance imaging (fMRI). Materials and Methods : Sixteen healthy right-handed subjects (9M, 7F) were imaged on a Siemens 1.5T scanner. Whole brain functional maps were acquired using BOLD EPI sequences in the axial plane. Each paradigm consisted of five epochs of activation vs. the control condition. The activation tasks consisted of left finger complex movement, hot sensory stimulation of the left hand, word generation, listening comprehension, and working memory. The reference function was a boxcar waveform. Activation maps were thresholded at an uncorrected p=0.0001. The thresholded activation maps were placed into MNI space and the anatomic localization of activation within the SMA was compared across tasks. Results : SMA activation was observed in 16 volunteers for the motor task, 11 for the sensory task, 15 for the word generation task, 5 for the listening comprehension task, and 15 for the working memory task. The rostral aspects of the SMA showed activity during the word generation and working memory tasks, and the caudal aspects of the SMA showed activity during the motor and sensory tasks. Right (contralateral) SMA activation was observed during the motor and sensory tasks, and left SMA activation during the word generation and memory tasks. Conclusion : Our results suggest that SMA is involved in a variety of functional tasks including motor, sensory, word generation, and working memory. The results obtained also support the notion that functionally specific subregions exist within the region classically defined as the SMA.

• Korean Journal of Soil Science and Fertilizer
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• v.37 no.2
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• pp.97-103
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• 2004

This study was performed to assess the influences of liquid pig manure (LPM) on the rice growth and nutrient behavior in soil under two different drainage comditions. Soils of paddy field were Jeonbuk and Gangseo series, and drainage conditions of the soils were imperfectly drained and moderate well drained, respectively, Application of LPM was based on nitrogen, and the treatments included 110 (LPM-N100%), 165 (LPM-N150%) and $220(LPM-N200%)kg\;N\;ha^{-1}$. In the LPM-N150% treatment, rice growth and yield were similar to the control treatment of conventional chemical fertilizer application. Rice yield of moderately well drainedfield were 3-11% higher than that of imperfectly drained field. Loss of nitrogen through $NH_3$ gas after application of LPM was higher in no plowing than in rotary plowing field. Losses of $NO_3-N$, $NH_4-N$, $SO_4$, Ca and K through runoff water were increased as the amount of LPM application increased. Losses of $NO_3-N$ and K through infiltration were higher in LPM-150% and LPM-N200% treatments compared to the chemical fertilizer treatment. Contents of $NO_3-N$ in infiltration water measured from trasplanting to tillering stage was higher at the moderately well drained condition than imperfectly drained condition. Contents of $P_2O_5$ and K in soil were accumulated by application of LPM compared to the chemical fertilizer plot.

• The Korean Journal of Pharmacology
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• v.18 no.1
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• pp.43-54
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• 1982

Bile formation is a complex process comprised of three separate physiologic mechanism operating at two anatomical sites. At present time, it was known that at least two processes are responsible for total canalicular secretion at the bile canaliculus. One of the processes is bile salt-dependent secretion (BSDS) hypothesis that the active transport of bile salts from plasma to bile provided a primary stimulus for bile formation: the osmotic effect of actively transported bile acid was responsible for the movement of water and ions into bile. The other process is bile salt-independent secretion (ESIS), which is unrelated to bile salt secretion at the canaliculus and which may involve the active transport of sodium. The third process for bile formation involves the biliary ductal epithelium. Secretin-stimulated bile characteristically contained bicarbonate in high concentration. Therefor, it was suggested that secretin stimulated water and bicarbonate secretion from the biliary ductules. One the other hand, it was found that a large amounts of cAMP was present in canine bile but no apparent relationship between bile salt secretion and cAMP content in dog bile. However, bile flow studies in human have demonstrated that secretin and glucagon increase bile cAMP secretion as does secretin in baboons. Secretin increases baboon bile duct mucosal cAMP levels in addition to bile CAMP levels suggesting that in that species secretin-stimulated bile flow may be cAMP mediated. It has been postulated that glucagon and theophylline which increase the bile salt-independent secretion in dogs might act through an increased in liver cAMP content. In a few studies, the possible role of cAMP on bile formation has teen tested by administration of an exogenous derivative of cAMP, dibutyryl cAMP. In the rat, DB cAMP did not modify bile flow, but injection of DB cAMP in the dog promoted an increase in the bile salt-independent secretion. Because of these contradictory results, this study was carried out to examine the relationship between cyclic nucleotides and bile flow due to various bile salts as well as secretin or theophylline. Experiments were performed in rabbits with anesthesia produced by the injection of seconal(30 mg/kg). Rabbits had the cystic duct ligated and the proximal end of the divided common duct cannulated with an appropriately sized polyethylene catheter. A similar catheter was placed into the inferior vena cava for administration of drugs. Bile was collected for determination of cyclic nucleotides and total cholate in 15 min. intervals for a few hours. The results are summerized as followings. 1) Administrations of taurocholic acid or chenodeoxycholic acid increased significantly the concentrations of cAMP and cGMP in bile of rabbits. 2) Concentration of cAMP in bile during the continuous infusion of ursodeoxycholic acid, was remarkedly increased in accordance with the increase of bile flow, while on the contrary concentration of cGMP in bile was decreased significantly. 3) Dehydrocholic acid and deoxycholic acid significantly increased bile flow, total cholate output and cyclic nucleotides in bile. 4) Only cAMP concentration in bile was significantly increased from control value by secretin, while theophylline increased cAMP as well as cGMP in rabbit bile. 5) In addition, the administration of secretin to taurocholic acid-stimulated bile flow increased cAMP while theophylline produced the increases of cAMP and cGMP in bile. 6) The administration of insulin to taurocholic acid-stimulated bile flow decreased cAMP concentration, while on the contrary cGMP was remarkedly increased in rabbit bile.

• Korean Journal of Cognitive Science
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• v.27 no.1
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• pp.61-99
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• 2016

This research investigated that participants' response time and recognition in the decision-making situation would vary according to either rational or emotional stimuli and analyzed how brain functions are related to each type of stimuli by means of fMRI. We tried to address the difference of cognitive processing between rational stimuli and emotional stimuli in the perspective of information processing theory. In order to achieve the research purpose above, we conducted two kinds of experiment studies. In study 1, subjects conducted decision-making task which selected which kind of information type the stimuli was after stimuli - rational stimuli or emotional stimuli - was randomly seen during experiment. During this experiment, we investigated the effect of each stimuli by measuring the duration from the onset time at which stimuli was shown to the response time at which subjects conducted decision-making. Furthermore, we compared the brain functions by finding out what kinds of brain areas were activated during the decision-making task. In study 2, subjects conducted recognition task at which subjects made a decision whether the stimuli was sees in the previous experiment or not. During the second experiment, we investigated the recognition effect by measuring the memory for each stimuli type. Moreover, we compared the cognitive processes during recognition by analyzing the differences of brain area functions. The results of two experiments above were as following. Firstly, regarding the response time as the effect of stimuli, we found that the effect of emotional stimuli was higher than that of rational stimuli. And regarding the recognition as the effect of stimuli, it was found that the effect of rational stimuli was higher than that of emotional stimuli. Secondly, the explanation about the characteristics of cognitive processes with the result of behavioral response by analyzing brain functions was as following. First of all, regarding the decision-making task which conducted for analyzing the effect of response time, the relatively high activated brain areas of rational stimuli were related with the functions of movement control or working memory, and the relatively high activated brain areas of emotional stimuli were connected with the functions of lingual processing.

• Korean Journal of Fisheries and Aquatic Sciences
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• v.11 no.4
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• pp.227-231
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• 1978

Effects of suspended silt and clay on the survival of the rearing bivalves, Meretrix lusoria, Cyclina sinensis and Mactra veneriformis were studied. During sixty-five days of experimental cultures in different concentrations of suspended silt and clay and in different time of immersions, mortalities of the bivalves were checked every day, and the rates of shell movement and oxygen consumption were measured. In general, the higher the concentration of silt and clay and the longer the immersion time, the earlier the occurence, and the higher the rate of the mortalities of the experimental bivalves. M. veneriformis was subjected to earlier mortality than the others, and the period of $50\%$ mortality was the shortest of the three species (37 days in 1,000 ppm), and longer was that of C. sinensis(42 days). Mortality of M. lusoria occured latest and $50\%$ mortality was seen at the immersion time of 50-51 days. Particularly, M. lusoria showed no mortality in the sea water with 100 ppm of suspended silt and clay, and even in the concentrations of 500 or 1,000 ppm they were able to survive without mortality only if the immersion time was short (12-18 hours per day). M. veneriformis and C. sinensis were also able to survive without mortality when the immersion time was short (12 hours per day) in low concentration (100 ppm). Shell movements of experimental bivalves varied depending upon species. In the case of M. veneriformis the shell was opened continuously and C. sinensis opened their shells frequently, while M. lusoria maintained their shells closed in any experimental concentrations of sea water with suspended silt and clay. Total metabolic activity of M. veneriformis was found to be highest while that of M. lusoria showed the lowest. Little difference of oxygen consumption in excised gill tissue was shown between the control group and the experimental groups. Consequently, it may be stated that the mortality results from a immersion in sea water with high concentration of suspended silt and clay for long-time although the survival rates of the experimental bivalves depend also upon the species, physiological conditions, concentration of suspended silt and clay and immersion time. The survival percentage of bivalve y in relation to the time (day) of immersion X in sea water of suspended silt and clay was found to be: $$M.\;lusoria\;(1,000\;ppm):\;y=7.7\times10^9\;\chi^{-4.77}\;(500\;ppm):\;y=259\chi^{-0.26}$$ $$C.\;sinensis\;(1,000\;ppm):\;y=-21\chi+936\;(\chi<44),\;y=-0.65\;\chi+35\;(\chi>44)$$ $$(500\;ppm):\;y=4.4\times10^5\;\chi^{-2.27}$$ $$M.\;veneriformis\;(1,000\;ppm):\;y=-18\chi+716\;(\chi<39),\;y=-0.89\chi+39\;(\chi>39)$$

• The Journal of Korean Society for Radiation Therapy
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• v.18 no.2
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• pp.81-87
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• 2006

Purpose: Few researches have been peformed on the dose distribution of the moving organ for radiotherapy so far. In order to simulate the organ motion caused by respiratory function, multipurpose phantom and moving device was used and dosimetric measurements for dose distribution of the moving organs were conducted in this study. The purpose of our study was to evaluate how dose distributions are changed due to respiratory motion. Materials and Methods: A multipurpose phantom and a moving device were developed for the measurement of the dose distribution of the moving organ due to respiratory function. Acryl chosen design of the phantom was considered the most obvious choice for phantom material. For construction of the phantom, we used acryl and cork with density of $1.14g/cm^3,\;0.32g/cm^3$ respectively. Acryl and cork slab in the phantom were used to simulate the normal organ and lung respectively. The moving phantom system was composed of moving device, moving control system, and acryl and cork phantom. Gafchromic film and EDR2 film were used to measure dose ditrbutions. The moving device system may be driven by two directional step motors and able to perform 2 dimensional movements (x, z axis), but only 1 dimensional movement(z axis) was used for this study. Results: Larger penumbra was shown in the cork phantom than in the acryl phantom. The dose profile and isodose curve of Gafchromic EBT film were not uniform since the film has small optical density responding to the dose. As the organ motion was increased, the blurrings in penumbra, flatness, and symmetry were increased. Most of measurements of dose distrbutions, Gafchromic EBT film has poor flatness and symmetry than EDR2 film, but both penumbra distributions were more or less comparable. Conclusion: The Gafchromic EBT film is more useful as it does not need development and more radiation dose could be exposed than EDR2 film without losing film characteristics. But as response of the optical density of Gafchromic EBT film to dose is low, beam profiles have more fluctuation at Gafchromic EBT. If the multipurpose phantom and moving device are used for treatment Q.A, and its corrections are made, treatment quality should be improved for the moving organs.

• Korean Journal of Veterinary Research
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• v.43 no.1
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• pp.11-24
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• 2003

This experimental studies was to investigate the location of PNS and CNS labeled neurons following injection of 2% WGA-HRP and pseudorabies virus (PRY), Bartha strain, into the ductus deferens of rats. After survival times 4-5 days following injection of 2% WGA-HRP and PRV, the rats were perfused, and their brain, spinal cord, sympathetic ganglia and spinal ganglia were frozen sectioned ($30{\mu}m$). These sections were stained by HRP histochemical and PRY inummohistochemical staining methods, and observed with light microscope. The results were as follows ; 1. The location of sympathetic ganglia projecting to the ductus deferens were observed in pelvic ganglion, inferior mesenteric ganglion and L1-6 lwnbar sympathetic ganglia. 2. The location of spinal ganglia projecting to the ductus deferens were observed in T13-L6 spinal ganglia. 3. The PRY labeled neurons projecting to the ductus deferens were observed in lateral spinal nucleus, lamina I, II and X of cervical segments. In thoracic segments, PRY labeled neurons were observed in dorsomedial part of lamina I, II and III, and dorsolateral part of lamina IV and V. Densely labeled neurons were observed in intermediolateral nucleus. In first lumbar segment, labeled neurons were observed in intermediolateral nucleus and dorsal commisural nucleus. In sixth lumbar segment and sacral segments, dense labeled neurons were observed in sacral parasympathetic nuc., lamina IX and X. 4. In the medulla oblongata, PRV labeled neurons projecting to the ductus deferens were observed in the trigeminal spinal nuc., A1 noradrenalin cells/C1 adrenalin cells/caudoventrolateral reticular nuc., rostroventrolateral reticular nuc., area postrema, nuc. tractus solitarius, raphe obscurus nuc., raphe pallidus nuc., raphe magnus nuc., parapyramidal nuc., lateral reticular nuc., gigantocellular reticular nuc.. 5. In the pons, PRV labeled neurons projecting to the ductus deferens were ohserved in parabrachial nuc., Kolliker-Fuse nuc., locus cooruleus, subcooruleus nuc. and AS noradrenalin cells. 6. In midbrain, PRV labeled neurons projecting to the ductus deferens were observed in periaqueductal gray substance, substantia nigra and dorsal raphe nuc.. 7. In the diencephalon, PRV labeled neurons projecting to the ductus deferens were observed in paraventricular hypahalamic nuc., lateral hypothalamic nuc., retrochiasmatic nuc. and ventromedial hypothalamic nuc.. 8. In cerebrum, PRV labeled neurons projecting to the ductus deferens were observed in area 1 of parietal cortex. These results suggest that WGA-HRP labeled neurons of the spinal cord projecting to the rat ductus deferens might be the first-order neurons related to the viscero-somatic sensory and sympathetic postganglionic neurons, and PRV labeled neurons of the brain and spinal cord may be the second and third-order neurons response to the movement of smooth muscles in ductus deferens. These PRV labeled neurons may be central autonomic center related to the integration and modulation of reflex control linked to the sensory and motor system monitaing the internal environment. These observations provide evidence for previously unknown projections from ductus deferens to spinal cord and brain which may be play an important neuroanatornical basic evidence in the regulation of ductus deferens function.

• The korean journal of orthodontics
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• v.31 no.4 s.87
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• pp.425-438
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• 2001

The delivery of optimal orthodontic treatment is greatly influenced by clinician's ability to predict and control tooth movement by applying well-known force system to dentition. It is very important to determine the location of the centers of resistance of a tooth or teeth in order to have better understanding the nature of displacement characteristics under various force levels. In this study, three dimensional finite element analysis was used to measure the initial displacement of the consolidated teeth under loading. The purpose of this study was to define the location of the centers of resistance at the upper six anterior segment. To observe the changes of six anterior segment, 200gm, 250gm, 300gm, and 350gm forces at right and left hand side each were imposed toward lingual direction. For this study, two cases, six anterior teeth and six anterior teeth after corticotomy, were reviewed. In addition, it was reviewed the effects of changes on the location of the center of resistance in both cases based on different degree of forces aforementioned. The results were that : 1. The instantaneous center of resistance for the six anterior teeth was vertically located between level 4 and level 5, which is, at 6.76mm, $44.32\%$ apical to the cementoenamel junction level. 2. The instantaneous center of resistance for the six anterior teeth after corticotomy was located vertically between level 4 and level 5, that is, at 7.09mm $46.38\%$ apical to the cementoenamel junction level. 3. Changes of force showed little effect on the location of the center of resistance in each case. 4. It was observed that the location of the instantaneous center of resistance for the six anterior teeth after corticotomy was changed more than the six anterior teeth without corticotomy to the apical part, and the displacement of the consolidated anterior teeth moved further in case of the consolidated teeth after corticotomy.

• Journal of the Korean Geographical Society
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• v.42 no.4
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• pp.526-539
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• 2007

The purpose of this study is to investigate the influence of the Korean Wave on Chinese tourism to South Korea through a behavioral analysis of Chinese tourists in the general group package tours. China suppressed the needs of the Chinese people's geographical movement and imposed restrictions on information about the outside world with the use of a policy of "closure" for a long time. But since reforms and open-door policies were introduced in China, especially in the context of relaxation of control policies over Chinese outbound tourism after the mid-1990's, more and more Chinese make trips abroad including visits to South Korea. In this situation, the recent Korean Wave(especially, drama/film) describes the Korean national image by forming a bridge between fiction and reality and plays a pivotal role in broadening or reconstructing the geographical imagination of the Chinese people who have been historically isolated from the outside world. Although Chinese have imagined the Korean nationscape on the basis of geopolitical or economic factors in the past, they have currently broadened or reconstructed their geographical imagination to include socio-cultural factors related closely to the Korean way of life due to the recent Korean Wave. This newly constructed geographical imagination led by the Korean Wave functions as an important pulling factor in Chinese destination choices, affecting Chinese tourists' motivation formation and the recommendation of main attractions. The more influential the Korean Wave is on their destination choice, the more the respondents select the cultural factors in both their motivation for tourism to South Korea and their recommendations of tourism attractions to other people. Through the analysis results of both satisfaction and intention to revisit, the more influential the Korean Wave is on their destination choice, the higher is the degree of both satisfaction and intention to revisit. In other words, although Chinese tourism to South Korea is chiefly in the general group package tours, Chinese tourists who are influenced by Korean Wave on their destination choice have more attachment to(or affection for) Korea as a tourism destination. This result suggests that the Korean Wave affects qualitative change - that is, change of attitude - as well as quantitative change in Chinese demand for tourism to South Korea.