• Management & Information Systems Review
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• v.36 no.4
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• pp.117-127
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• 2017

In recent times the size of the world IPO in general has skyrocketed. Specifically, China's financial market development is becoming important as both the size of China's capital market and the number of companies going public are gradually increasing. This has led to a rapid development of venture vapital(VC) institutions in China for the past couple of decades. This study focuses on one of the three markets of China's Shenzhen Stock Exchange-the Growth Enterprise Board((GEB) hereafter, ChiNext). The ChiNext is established in October, 2009 to enable hi-tech or high growth potential technology companies that find it relatively difficult to fulfil the listing requirements of either the Shenzhen Main Board or Small and Medium Size Enterprise Board(SMEB) to go public. This study covers a three-year period(2012/01/-2015/01) and analyze first day initial return of 83 venture capital-backed companies and 53 non-venture capital-backed companies using T-test. Regression analysis is used as to examine the variables affecting IPO's first-day return. The empirical results are four-fold. First, the level of first day return of venture-backed is significantly lower than non venture capital backed support in the Chinese venture capital market. Second, the level of first-day return of listed companies supported by foreign venture capital is significantly higher than that of companies receiving domestic venture capital support. Third, the firms that have a large number of venture capital firms showed a low level of first-day return. Fourth, regression result for the IPO first-day return which is as dependent variable indicates that the venture capital support(VCAP), number of venture capital(VCNum), offering size(Lnsize) and PER all affect have negative effect on the first day initial return. Also, the venture capital type(VCType), turnover ratio and the the firm type(Tech-firms) statistically affect IPO first day return positively. Finally, by shedding more light on the IPO first-day return, this paper provides meaningful information to investors about the Chinese IPO market.

• Journal of the Society of Cosmetic Scientists of Korea
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• v.38 no.1
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• pp.15-31
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• 2012

In our previous studies, the antioxidant, anti-aging, and antibacterial activities of Persicaria hydropipier L. extract, and the moisturizing effect of cream containing P. hydropipier extract were investigated. In this study, the cellular protective effects of P. hydropipier extract and isoquercitrin, main component from P. hydropipier in $^1O_2$-induced photohemolysis of human erythrocytes and ultraviolet B (UVB)-exposed HaCaT cells were investigated. Liposomes such as ethosome and elastic liposome for enhanced transdermal delivery were prepared. Size, loading efficiency, stability, and cumulative permeated amounts of ethosomes and elastic liposomes were evaluated. P. hydropipier extract and isoquercitrin showed more prominent cellular protective effect than (+)-${\alpha}$-tocopherol, known as lipid antioxidant at $5{\mu}g/mL$. P. hydropipier extract didn't show any characteristics of cytotoxicity at $50{\mu}g/mL$. When HaCaT cells were exposed to a single large dose ($400mJ/cm^2$) of UVB, the extract protected the cells against UVB radiation in a concentration dependent manner ($12.5{\sim}50{\mu}g/mL$). Cell viability of HaCaT cells exposed to UVB $400mJ/cm^2$ was increased by treatment with P. hydropipier extract or isoquercitrin from 36 % (cell viability of positve control groups) to 90 % (cell viability of P. hydropipier extract or isoquercitrin- treated groups). The size of 0.04 % P. hydropiper extract loaded ethosomes was 173.0 nm and the loading efficiency was 55.58 %. 0.04 % P. hydropiper extract loaded ethosomes were stable with as monodisperse particles for 1 week. The ethosome exhibited more skin permeability than general liposome and ethanol solution. The optimal ratio of lipid to surfactant ($Tego^{(R)}$ care 450) of 0.1 % P. hydropiper extract loaded elastic liposomes was observed to be 95 : 5. Vesicle size of 0.1 % P. hydropiper extract loaded elastic liposome was 176.5 nm. The deformability index of the elastic liposome was 16.4. The loading efficiency was 68.8 %. The elastic liposome containing P. hydropiper extract showed more skin permeability than liposome without surfactant ($Tego^{(R)}$ care 450).

• Horticultural Science & Technology
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• v.30 no.5
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• pp.579-585
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• 2012

This study was carried out to investigate the effect of potassium silicate on the growth and leaf epidermal characteristics of horticultural crops viz., begonia (Begonia semperflorens Link et Otto) 'Super Olympia Red' and 'Super Olympia Rose' and pansy (Viola ${\times}$ wittrockiana Hort.) 'Matrix White Blotch' and 'Matrix Yellow Blotch' in vitro. Seeds after germination were grown on a quarter strength MS medium supplemented with potassium silicate ($K_2SiO_3$) at 0, 100, 200, or $300mg{\cdot}L^{-1}$ and were maintained under a photoperiod of 16 hours at $25^{\circ}C$. Growth parameters such as plant height, root length, chlorophyll content, fresh, and dry weights have been recorded after a growth period of 58 days for begonia and 94 days for pansy. In begonia, fresh weight was significantly greatest in the $200mg{\cdot}L^{-1}$ $K_2SiO_3$ treatment in both 'Super Olympia Red' and 'Super Olympia Rose'. In both pansy cultivars, fresh weight was the greatest in the $200mg{\cdot}L^{-1}$ $K_2SiO_3$ treatment than other treatments. Chlorophyll content was significantly greater in the $100mg{\cdot}L^{-1}$ $K_2SiO_3$ treatment for both the cultivars of begonia. Leaf area significantly increased with the higher concentrations of $K_2SiO_3$ treatment in both cultivars of pansy. Stomatal structures on the leaf epidermis were observed with scanning electron microscopy (SEM). In begonia 'Super Olympia Rose', the structure of stomata were more compact in size in the $300mg{\cdot}L^{-1}$ $K_2SiO_3$ treatment than in the control. Similarly, in pansy 'Matrix White Blotch' the surface of stomata appeared to be smoother in the $300mg{\cdot}L^{-1}$ $K_2SiO_3$ treatment than those wrinkled appearance in the control. The surface of the leaf epidermis appeared to be compact due to Si deposition, and thus results indicated that Si positively affected the growth and biomass production of these species. Our data show that the effect of Si on growth parameters is strongly dependent on cultivar of the plant species tested.

• Journal of Korean Society for Atmospheric Environment
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• v.23 no.5
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• pp.563-574
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• 2007

There seems to be a consensus among most people that visibility impairment is the most obvious indicator of air pollution. While considerable evidence on the association between air pollution and health outcomes including death and disease have been established, based on industrial complex areas or huge urban cities, time-series, case-crossover and cohort studies, scarce literature exists on the direct evidence for the association between visibility and adverse health outcomes. Our study is assessed the effect of air pollution measured by visibility impairment on respiratory mortality over a period of six years. Relative risks in respiratory deaths were estimated by a Poisson regression model of daily deaths between $1999{\sim}2004$. Daily counts of respiratory deaths as dependent variable was modelled with daily 24-hr mean visibility measurements (kilometers) as independent variable by means of Poisson regression. This model is controlled for confounding factors such as day of weeks, weather variables, seasonal variables and $PM_{10}$. The results in this study is observed the statistically significant association between an inverse health effect and visibility during the study period for respiratory mortality (percentage change in the relative risk for all aged -0.57%, 95% Cl, $-1.01%{\sim}-0.12%$; for $0{\sim}15$ aged -7.12%, 95% Cl, $-13.29%{\sim}-0.51%$; for 65+ aged -0.43%, 95% Cl, $-0.93%{\sim}-0.06%$ per 1 km increased in visibility). The effect size was much reduced during warm season. Visibility impairment resulting from air pollution is strongly associated with respiratory mortality, especially for children may be spent at outdoor. Our result provides a quick and useful indicator for eliciting the contribution of air pollution to the excess risk of respiratory mortality in Seoul, Korea.

• KDI Journal of Economic Policy
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• v.35 no.2
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• pp.71-105
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• 2013

Now that fiscal soundness is increasingly important influenced by the euro area fiscal crisis, early budget execution has been under the spotlight as a tool for economy control, other than typical expansionary method, such as supplementary budget. Basically, early budget execution is a fiscal policy instrument that reponses to economic fluctuations through modifying the inter-temporal allocation of fiscal expenditure within budget, without affecting fiscal soundness. This study empirically examines how effective the intert-temporal reallocation of fiscal expenditure is in economy control. Using Korea's Consolidated Fiscal data, the size of inter-temporal reallocation of fiscal expenditure is defined as changes of fiscal expenditure for one year excluding seasonal factors and used to explain real economic growth rate, a dependent variable. The result shows that the macroeconomic effect of the inter-temporal reallocation turns out meaningful in general, though some policy time lag exists. Meanwhile, a simulation using macroeconomic model finds that overall effect on economic growth is not large because increase in fiscal expenditure allocation at a certain point of time is canceled by the opposite direction within the same fiscal year. However, the inter-temporal reallocation is found to reduce volatility of key macroeconomic variables so as to contribute to partially stabilizing macroeconomy. In particular, such effect of economic stabilization seems to be highly apparent at the time of financial crisis, but not very noticeable in normal economic cycle.

• Journal of Korea Technology Innovation Society
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• v.11 no.2
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• pp.145-170
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• 2008

The existence of network is indeed the single most important factor that brings about new business phenomena in the new digital economy, especially in the IT industry. Network effect refers to a phenomenon that the increase in size of the network leads to increased network value and user utility. It determines the competitive structure of an industry and the performances of industry competitors (Shapiro and Varian, 1999). The phenomenon of increasing returns and winner-take-all enjoyed by the early winner in the competition can be attributed to the existence of positive feedback which increases the value of network and induces more users into join the network (Arthur, 1996; Shapiro and Varian, 1999; Song and Lee, 2003). This research attempts to shed light on the topic of innovation and competitive strategy of network-based industries. We analyze the case of the Korean mobile communications industry, in which a shift in technological paradigm from 2G to 3G brought new changes to the competitive structure of the industry. The Korean mobile communications industry makes an ideal case for analysis since it is an industry whose value is inherently dependent upon its user network. It is characterized by the typical increasing returns, in which a monopolizing player is enjoying firstmover's network effects. Because of the existence of network in the mobile communications industry, latecomers' disruptive innovations could not outcompete the incumbent's sustaining innovations. The contribution of this research lies in laying a groundwork for future studies by introducing a numerical simulation model to analyze the complexity theory and network effect.

• Journal of Ginseng Research
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• v.46 no.2
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• pp.255-265
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• 2022

Background: Ginsenoside Rb1, a bioactive component isolated from the Panax ginseng, acts as a remedy to prevent myocardial injury. However, it is obscure whether the cardioprotective functions of Rb1 are related to the regulation of endogenous metabolites, and its potential molecular mechanism still needs further clarification, especially from a comprehensive metabolomics profiling perspective. Methods: The mice model of acute myocardial ischemia (AMI) and oxygen glucose deprivation (OGD)-induced cardiomyocytes injury were applied to explore the protective effect and mechanism of Rb1. Meanwhile, the comprehensive metabolomics profiling was conducted by high-performance liquid chromatography and quadrupole time-of-flight mass spectrometry (HPLC-Q/TOF-MS) and a tandem liquid chromatography and mass spectrometry (LC-MS). Results: Rb1 treatment profoundly reduced the infarct size and attenuated myocardial injury. The metabolic network map of 65 differential endogenous metabolites was constructed and provided a new inspiration for the treatment of AMI by Rb1, which was mainly associated with mitophagy. In vivo and in vitro experiments, Rb1 was found to improve mitochondrial morphology, mitochondrial function and promote mitophagy. Interestingly, the mitophagy inhibitor partly attenuated the cardioprotective effect of Rb1. Additionally, Rb1 markedly facilitated the phosphorylation of AMP-activated protein kinase α (AMPKα), and AMPK inhibition partially weakened the role of Rb1 in promoting mitophagy. Conclusions: Ginsenoside Rb1 protects acute myocardial ischemia injury through promoting mitophagy via AMPKα phosphorylation, which might lay the foundation for the further application of Rb1 in cardiovascular diseases.

• 한국신재생에너지학회:학술대회논문집
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• 2010.06a
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• pp.95.1-95.1
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• 2010

Transparent conducting ZnO films were deposited to apply DSSC Substrate on glass substrates at $500^{\circ}C$ by ionbeam-assisted deposition. Crystallinity, microstructure, surface roughness, chemical composition, electrical and optical properties of the films were investigated as a function of deposition parameters such as ion energy, and substrate temperature. The microstructure of the polycrystalline ZnO films on the glass substrate were closely related to the oxygen ion energy, arrival ratio of oxygen to Zinc Ion bombarded on the growing surface. The main effect of energetic ion bombardment on the growing surface of the film may be divided into two categories; 1) the enhancement of adatom mobility at low energetic ion bombardment and 2) the surface damage by radiation damage at high energetic ion bombardment. The domain structure was obtained in the films deposited at 300 eV. With increasing the ion energy to 600 eV, the domain structure was changed into the grain structure. In case of the low energy ion bombardment of 300 eV, the microstructure of the film was changed from the grain structure to the domain structure with increasing arrival ratio. At the high energy ion bombardment of 600 eV, however, the only grain structure was observed. The electrical properties of the deposited films were significantly related to the change of microstructure. The films with the domain structure had larger carrier concentration and mobility than those with the grain structure, because the grain boundary scattering was reduced in the large size domains compared with the small size grains. The optical transmittance of ZnO films was dependent on a surface roughness. The ZnO films with small surface roughness, represented high transmittance in the visible range because of a decreased light surface scattering. By varying the ion energy and arrival ratio, the resistivity and optical transmittance of the films were varied from $1.1{\times}10^{-4}$ to $2.3{\times}10^{-2}{\Omega}cm$ and from 80 to 87%, respectively. The ZnO film deposited at 300 eV, and substrate temperature of $500^{\circ}C$ had the resistivity of $1.1{\times}10^{-4}{\Omega}cm$ and optical transmittance of 85% in visible range. As a result of experiments, we provides a suggestition that ZnO thin Films can be effectively used as the DSSC substrate Materials.

• Journal of the Korean Ceramic Society
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• v.40 no.4
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• pp.323-327
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• 2003

Microwave dielectric properties of (P $b_{0.4}$C $a_{0.6}$)[($Fe_{\frac{1}{2}}$N $b_{\frac{1}{2}}$)$_{1-x}$ (M $g_{1}$ 3/N $b_{2}$ 3/)x] $O_3$ (PCFMN) ceramics were investigated as a function of (M $g_{1}$ 3/N $b_{2}$ 3/)$^{4+}$ content (0.1$\leq$x$\leq$0.8). A single perovskite phase with the cubic structure was obtained through the given composition range. The unit cell volume was increased with (M $g_{1}$ 3/N $b_{2}$ 3/)$^{4+}$, due to the larger average ionic size of (M $g_{1}$ 3/N $b_{2}$ 3/)$^{4+}$ than that of ($Fe_{\frac{1}{2}}$N $b_{\frac{1}{2}}$)$^{4+}$ for B-site ion. Dielectric constant (K) and Temperature Coefficient of Resonant Frequency(TCF) of PCFMN ceramics were dependent on (M $g_{1}$ 3/N $b_{2}$ 3/)$^{4+}$ content due to the decrease of ionic polarizability and B-site bond valence, respectively. Qf value was decreased with (M $g_{1}$ 3/N $b_{2}$ 3/)$^{4+}$ content due to the decrease of grain size. Typically, K of 73.56, Qf of 5,074 GHz and TCF of -6.45 ppm/$^{\circ}C$ were obtained for the specimens with x=0.4 sintered at 125$0^{\circ}C$ for 3 h.125$0^{\circ}C$ for 3 h.

• Journal of the Korean Association of Oral and Maxillofacial Surgeons
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• v.36 no.6
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• pp.515-519
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• 2010

Introduction: Bone defects in the jaw are frequently observed after odontogenic cyst enucleation. The success of bone healing appears to be related to the size of the bone defect, the anatomical location, the patient's age and other parameters. The use of bone grafting material is dependent on the operator's preference. No evidence-based definite treatment protocol has been established. This study evaluated the effect of a bone graft into the defect after odontogenic cyst enucleation. Materials and Methods: A total of 55 patients, who had been treated for an odontogenic cyst with cyst enucleation from 2000 to 2009 at the department of Oral and Maxillofacial Surgery, Samsung Medical Center, were included in this study. Patients who were followed-up for more than 1 year were included. Two groups were defined according to the bone graft (with or without a bone graft) after cyst enucleation. The differences in the healing periods and patterns of bone healing were compared clinically and radiologically. The postoperative 1 year radiographs were analyzed for bone healing and density. Statistical analysis was performed using a Pearson chi square test and Wilcoxon rank-sum test. Results: More infection signs were observed in the bone graft group than in the other group, but there was no statistically significant difference. Radiographically, there was also no significant difference in the size of the radiolucent lesions between the two groups. Conclusion: There was no significant difference in healing between the groups with a bone graft and without bone graft after cyst enucleation.