ELW가 기업 가치에 미치는 영향 및 정보 생산성에 대한 연구

학위논문 (석사)-- 서울대학교 대학원 : 경영학과 재무관리 전공, 2013. 2. 김영진.이전의 많은 문헌들은 옵션은 완성 시장 형성에 기여하며, 정보 효율성을 통해 기업 가치에 긍정적 효과를 미친다고 밝혀 왔다. 그러나 옵션과 성격이 비슷한 국내 개별기업 ELW를 대상으로 ELW 거래량과 상장 기업과의 가치를 실증 분석한 유의성이 약한 음의 관계가 나타났다. 이는 기업 가치에 영향을 미치는 변수들, 예를 들어 기업규모, 부채비율 등을 통제했을 경우는 물론이고 년도 및 개별 기업의 효과를 통제한 패널 분석에서도 같은 결과를 보였다. 이러한 결과가 나온 이유는 ELW 시장과 옵션 시장의 구조적 차이에서 기인한다고 볼 수 있다. ELW와 옵션 시장의 가장 큰 차이점은 LP(Liquidity Provider: 유동성공급자)의 존재 유무이다. ELW 시장은 LP가 발행물량 전부를 인수한 후 유통시장에서 다수의 투자자와 거래하기 때문에 다수의 투자자가 발행하고 이를 다수의 투자자가 인수하는 옵션과 달리 LP의 독점적 가격 결정 시장이라고 볼 수 있다. 최근에 있었던 증권사의 스캘퍼 특혜 제공에 대한 검찰의 조사는 국내 ELW 시장의 문제점을 여실히 보여주는 사례라고 할 수 있다. 논문에서 보여준 결과, 즉 ELW 거래와 기업 가치간의 통계적 유의성이 약한 음의 상관성은 ELW 시장이 과연 한국에 필요한가에 대한 현 금융당국의 우려에 대해 시사하는 바가 크다고 할 수 있다.제1장 서 론 5 제 1 절 연구의 배경 5 제 2 절 논문의 구성 8 제2장 문헌 연구 9 제 1 절 옵션에 대한 연구 9 제 2 절 ELW에 대한 연구 10 제3장 연구 설계 12 제 1 절 가설 설정 12 제 2 절 변수의 선정 15 제 3 절 연구 모형 17 제 4 절 자료의 선정 18 제4장 실증 분석 20 제 1 절 기술 통계 20 제 2 절 상관관계 분석 22 제 3 절 다중회귀분석 26 제 4 절 시차변수를 적용한 회귀분석 29 제 5 절 산업 통제를 통한 회귀분석 31 제 6 절 패널 회귀분석 33 제 7 절 정보 생산성 검증: ELW가 기업 수익성에 미치는 영향 35 제 8 절 정보 생산성 검증: 애널리스트의 영향 38 제5장 결 론 41 참고문헌 44 Abstract 47 표 목차 표 1 변수의 정의 17 표 2 표본 기업의 수 18 표 3 기술 통계량 21 표 4 상관 분석표 24 표 5 다중회귀분석 28 표 6 시차변수를 적용한 회귀분석 30 표 7 산업 통제를 통한 회귀분석 32 표 8 패널 회귀분석 34 표 9 수익성에 대한 영향 분석 37 표 10 애널리스트의 영향 분석 40Maste

전립선암에서 Selenium, Sulforaphane, 그리고 Sodium Butyrate의 암예방 분자기전에 관한 연구

Thesis(doctoral)--서울대학교 대학원 :수의학과 수의공중보건학,2005.Docto

Presidential Approval, on the Road of Secular Decline and Proactive Response: The Cases of Roh, Moo-hyun and Lee, Myung-bak Administrations

이글은 대통령 지지율을 둘러싼 정치과정의 동학(dynamics)에 대한 해답을 얻고자 하는 목적하에 뮬러(Mueller 1970)의 소수자연합(Coalition of minorities)론, 시겔만과 나이트(Sigelman and Knight 1983)의 기대/환멸이론(expectation/disillusion theory)"등을 이용해 가설을 추론하고 이를 입증 하고자 했다. 아울러 지지율에 영향을 미칠 수 있는 대통령의 통제 가능한 수단으로서 전망적 경제인식과 대통령이 주도적으로 제기한 정치적, 정책적 의제의 효과에 주목하였다. 이를 위해 노무현 행정부와 이명박 행정부의 초기 기간을 비교 분석하였으며 노무현 대통령의 재임기간을 초기, 중기, 후기(각 20개월)로 구분해 재임기간에 따라 주요 변수들의 효과가 어떤 변화를 보이는지를 살펴보았다. 자료는 2003년 5월부터 2009년 10월까지 한국사회여론연구소가 정기적으로 실시한 여론조사 데이터를 활용했다. 분석결과의 주요부분을 요약하면 다음과 같다. 첫째, 반대당지지 및 무당파는 대통령 지지와 부정적 관계를 지니며 관계의 강도는 한나라당지지(제1반대당지지) > 무당파＞민노당지지(제2반대당지지) 순이다. 둘째, 노무현 대통령 모형에서 제1반대당의 대통령 지지에 대한 부정적 효과는 임기가 경과할수록 높아졌다. 셋째, 교육수준은 대통령 지지에 부정적 효과를 지니는데, 이는 교육수준이 높은 세련된 유권자일수록 신임 대통령의 약속 및 성과 간의 차이를 일찍 인식하기 때문이다. 그리고 누무현 대통령 모형에서 임기가 경과할수록 그 관계의 강도는 약화되었다. 넷째, 낙관적 경제전망과 비관적 경제전망 모두 대통령 지지에 유의미한 영향을 미쳤으며 그 강도 면에서 낙관적 전망이 수반하는 보상효과가 비관적 전망이 수반하는 처벌 효과 보다 컸다. 다섯째, 대통령이 강력한 주도권을 가지고 제기하는 동원형 의제는 대통령 지지에 긍정적인 영향을 미쳤다. This paper aim to answer two following theoretical and empirical questions regarding presidential popularity: First, should the presidential approval be confined to the 'secular decline' proposed by Mueller's (1970) "coalition of minorities" and Stimson (1976)'s theory of expectation and disillusion? Second, can it be controlled by some other factors, such as subjective economic judgement or presidential strategic actions? Using the survey data, regularly conducted during the entire period of Roh, Moo-hyun administration and the early period of Lee, Myung-bak administration, this paper tests the effects of partisan support (both ruling party and opposition parties), voters' socioeconomic status, their prospective economic evaluation, and presidential mobilization agenda. It's empirical findings suggest two things: First, it supports "sophisticated voter hypothesis," which is proposed against Stimson's "less sophisticated voter hypothesis." Second, more importantly, it finds that both voters' prospective economic judgement and presidential mobilization agenda have statistically significant effects in pumping up, at least shortly, the presidential approval while it undergoes the secular decline

Apoptotic Effect of Emodin through Down-Regulation of Myeloid Cell Leukemia-1 in Mucoepidermoid Carcinoma Cells

Emodin is a bioactive compound isolated from the root and rhizomes of Rheum plamatum L. (polygenaceae), which is known as a traditional Chinese and Japanese medicine. In the present study, the effect of emodin on YD-15 mucoepidermoid carcinoma cells and its molecular mechanism were investigated. This study shows that emodin significantly inhibits the growth of YD-15 cells. Activation of caspase-3 and PARP is triggered by emodin and it increases sub-G1 population and the number of YD-15 cells with nuclear condensation and fragmentation. In addition, we found that emodin significantly decreases myeloid cell leukemia 1(MCL-1). These results suggest that MCl-1 is an important molecule for emodin-induced apoptosis. Taken together, emodin inhibits cell viability and induces apoptosis via down-regulation of MCL-1 and it can be a new potent anticancer drug candidate for the treatment of mucoepidermoid carcinoma.N

Pycnogenol Induces Nuclear Translocation of Apoptosis-inducing Factor and Caspase-independent Apoptosis in MC-3 Human Mucoepidermoid Carcinoma Cell Line

Background:Pycnogenol is extracted from the pine bark of a tree known as Pinus pinasterthat has variety biological effects. However,its anticancer activity has not yet been completely studied. The aim of this study is to investigate anticancer effect of pycnogenol inMC-3 human mucoepidermoid carcinoma (MEC) cell line. Methods:We describe the effect of anti-cancer of pycnogenol in MC-3 human oral MEC cells using trypan blue exclusion assay,3-(4,5-dimethylthiazol-2-yl)-(3-carboxymethoxyphenyl)-2-(4-sulphophenyl)-2H-tetrazolium (MTS) assay, Western blot, preparation ofcytosolic and nuclear fractions, immunocytochemistry and reverse transcriptase polymerase chain reaction. Results:Pycnogenol significantly decreased cell viability and also induced caspase-independent apoptosis. We confirmed that pycnogenolinduced the translocation of apoptosis-inducing factor into nucleus and regulated apoptosis. Also, Bak protein stability was partly enhancedby pycnogenol to elevate the expression level of Bak protein. Conclusions:Overall, pycnogenol may be a fascinating therapeutic drug candidate for the treatment of MEC.N

A CASE REPORT ; BROWN TUMOR OF THE MAXILLA AND MANDIBLE IN ASSOCIATION WITH PRIMARY HYPERPARATHYROIDISM

The brown tumors develop in bone and it develop on various area which in clavicle, rib bone, cervical bone, iliac bone etc. The development on the maxillofacial region is rare, relatively more develop on the mandible. The brown tumor directly develop by the dysfunction of calcium metabolism according to hyperparathyroidism and differential diagnosis with other bone lesion should be difficult if it would diagnose by only radiographic features. The histological feature is that proliferation of spindle cells with extravasated blood and haphazardly arranged, variably sized, multinucleated giant cell is seen. The brown tumor is firm diagnosed by physical examination, because of these histological feature show similar with other giant cell lesions(giant cell granuloma, aneurysmal bone cyst, cherubism) The brown tumors have been described as resulting from an imbalance of osteoclastic and osteoblastic activity. It result in bone resorption and fibrous replacement of the bone. So these lesions represent the terminal stage of hyperparathyroidism-dependent bone pathology. Therefore, it is the extremely rare finding that brown tumor in the facial bone as the first manifestation of an hyperparathyroidism. We experience 1 case of brown tumor(50 years old female) that developed on Maxilla and mandible with no history of hyperparathyroidism. So we report this case with a literature review.N

The Apoptotic Effect of the Hexane Extract of Rheum undulatum L. in Oral Cancer Cells through the Down-regulation of Specificity Protein 1 and Survivin

The hexane extract of Rheum undulatum L. (HERL) has been shown to have anti-cancer activity in several cancers in vivo and in vitro. However, the anti-cancer activity of HERL and its molecular mechanism in human oral cancer cells has not been explored. Thus, the aim of this study was to elucidate the growthinhibitory and apoptosis-inducing effects of HERL in HN22 and SCC15 oral cancer cell lines. This study shows that HERL inhibits oral cancer growth, decreases cell viability, and causes apoptotic cell death in HN22 and SCC15 cells, as characterized by morphological changes, nuclear condensation and fragmentation, the cleavage of PARP and the accumulation of cells in the sub-G1 phase. The treatment of oral cancer cells with HERL also resulted in decreased expression of specificity protein (Sp1) and its downstream protein, survivin. Therefore, our results suggest that the regulation of Sp1 and survivin plays a critical role in HERL-induced apoptosis in human oral cancer cells.N

Fabrication and characteristics of beam-lead laser diode hybrid type OEIC(opto-electronic integrated circuit)

학위논문(석사) - 한국과학기술원 : 전기 및 전자공학과, 1989.2, [ [iii], 50 p. ]한국과학기술원 : 전기 및 전자공학과

SUTURE TECHNIQUE FOR SUCCESSFUL GUIDED BONE REGENERATION ; PRELIMINARY REPORT OF DOUBLE LAYERED SUTURE TECHNIQUE WITH SUBGINGIVAL SUTURE

The success of implants essentially depends on a sufficient volume of healthy bone at the recipient site during implant placement. In patients who have the severe alveolar bone resorption or pneumatized maxillary sinus, it should be performed that bone regeneration procedure before implant placement. Development of barrier membrane makes it possible that predictable result of alveolar bone reconstruction. Many kind of materials used for barrier membrane technique are introduced, non-absorbable or absorbable membranes. But, when operation site was ruptured with membrane exposure, bacterias can be grow up at the bone graft site. Then morphology and migration of fibroblast will be changed. It works as a negative factor on healing process of bone graft site. In oral and maxillofacial department of Chonbuk national university dental hospital, we use variable suture technique like as subgingival suture, vertical mattress suture, simple interrupted suture, if need, tenting suture after GBR or block bone graft. Within these suture technique, wound healing was excellent without complication, so now we take a report of suture technique in reconstruction of alveolar bone surgery.N

Caffeic Acid Phenethyl Ester-Mediated Cytotoxicity in MC-3 Human Mucoepidermoid Carcinoma Cell Line

Caffeic acid phenethyl ester (CAPE), a component of propolis, was reported to possess anti-inflammatory, anti-bacterial, anti-viral,and anti-tumor activities. Our aim was to investigate the effect of CAPE on apoptosis in cultured human mucoepidermoid carcinoma(MEC) cell line, MC-3. Apoptotic effects of CAPE were measured by cell viability assays, Western blotting, 4-6-diamidino-2-phenylindole(DAPI) staining and Live/Dead assay. The result of cell viability assay showed that CAPE displayed a strong growth-inhibitory effectin a concentration-dependent manner against MC-3 cells. Consumption of CAPE resulted in pronounced increase in the cleavage ofcaspase-3 and PARP, induced nuclear condensation and fragmentation and clearly increased the number of dead cells in MC-3 cells. CAPE also caused the increase in truncated Bid (t-Bid) and the cleavage of caspase-8 and this phenomenon was regulated by deathreceptor 5 (DR5). In addition, Phosphorylation of AKT and ERK were downregulated by CAPE. Taken together, these results suggestthat CAPE is a potent apoptosis-inducing agent in MC-3 cells.N