Earticle

본 연구에서는 현재 뷰티학과 학생들을 대상으로 전공 선택과 성격유형과의 연관성을 연구함으로써 뷰티학과 학생들이 자신의 성격유형과 특성을 보다 정확히 파악하도록 하여 전공을 선택함에 있어 도움을 주고자 하였다. 본연구의 대상은 경기도내의 ‘S 전문대’ 2010년도 신입생 일학년 250여 명 중 검사 희망자 180명과 2011년도 신입생 250여 명 중 검사 희망자 170여명 이었으며 성격유형검사는 2010년도 3월과 2011년도9월과11월 본연구자의 강의시간에 직접 실시하였다. 피부미용과 학생들의 경우 선호전공의 성별과의 관련성은 유의하지 않고, 성격유형(힘의 중심)과는 유의한 관련성이 있는 것으로 나타났다. 감정중심(가슴)의 경우 메이크업 전공자가 가장 많은 것으로 나타나고 사고중심(머리)의 경우 피부 전공자 많은 것으로 나타났으며, 본능중심(장)의 경우 헤어 전공자가 많은 것으로 나타났다. 지금까지 대부분의 학생들은 전공 선택을 자기의 성향이나 적성을 고려하기 보다는 부모님 권유나 사회적 인기 직업 등을 우선순위로 전공 선택과 진로결정을 하는 것이 일반적인 추세였다. 그러므로 본 연구에서는 뷰티학과 학생을 대상으로 전공선택과 성격유형과의 연관성을 연구함으로써 뷰티학과 학생들이 자신의 성격유형과 특성을 보다 정확히 파악함으로써 전공을 선택함에 있어 도움을 주고자 하였다.

By studying the correlation between the choice of their own major and the personality type targeting the present students in the beauty department, this study has aimed at helping them choose their own major by letting the students of beauty department grasp more exactly their own personality type and characteristics. The objects of this study were 180 applicants among about 250 freshmen of 'S junior college' in 2010 and about 170 applicants among about 250 freshmen in 2011, and the character type tests were carried directly during this researcher's classes in March 2010 and September and November in 2011. In case of the students in skin care and cosmetology, the connection between the preferred major and gender was not significant and the connection between the preferred and the personality type was significant. There were the most make-up majors in case of emotional center(heart), the most skin care majors in case of thinking center(head), and the most hair care majors in case of instinct center(gut). So far, most students have generally chosen their own major and decided what to do after graduation by their parents' persuasion or the popular jobs in the society rather than by their own disposition or aptitude in the choice of their own major. Therefore, by studying the correlation between the choice of their own major and the personality type targeting the present students in the beauty department, this study has aimed at helping them choose their own major by letting the students of beauty department grasp more exactly their own personality type and characteristics.

Ancient Chinese Poetics doesn’t propose the concept of “Tension” clearly,but some ideas and discussions have touched on the essence of the tension theory.This paper takes “Tension” as the point of departure to study on rhyme beauty of Ancient Chinese Poetics. This paper proposes that Ancient Chinese Poetics constructs rhyme beauty by the basic way : to coordinate between nature and artifice,to switch between “steadiness” and “change”, tomake extrinsic rhyme and intrinsic disposition complement each other,and eventually to achieve maximization of tension .

中国古代诗学领域虽然没有明确提出“张力”这个概念, 但有些想法和论述已经触及了张力论的实质｡ 本文从张力入手, 研究中国古代诗学的音韵美, 认为中国古代诗学构建音韵美的基本途径是：在自然与人工之间加以协调、在“定”与“变”中之间游走、使外在声律与内在性情相得益彰, 最终求取张力之最大化｡

대부분 문학은 창조적이며 상상력에 기반을 두었더라도 구체적인 형상은 현실 세계와 역사적 모습을 반영한다. 이러한 측면에서 문학은 기억으로 존재하며 각 국가를 대표하는 대부분 문학작품은 당대의 문화와 언어가 고스란히 반영되어 있다. 이는 현실 세계와 개인의 충돌, 원치 않는 상황에 던져진 인 간의 선택, 국적, 계급, 성별 등 다른 입장과 시각이 표출되는 세계의 축소판이다. 특히 문학작품을 통 한 인문학적 접근은 민족주의에 내재해 있는 개별 국민의 문화심리적 원형이 의미 있게 작용하기 때 문에 민족성과 같은 인문학적 특성 측면에서 개별 국가의 고유한 민족적 “집단심성(ethic disposition)”을 이해하는데 도움이 된다. 19세기 말과 20세기 초 이러한 러시아의 민족주의 특성이 잘 표출된 것은 크 림전쟁(1853-1856) 패배 이후 추진했던 아시아로의 제국주의 팽창으로 불리는 동진정책과 시베리아횡 단철도(TSR) 건설 과정에서 일본과 서구열강의 충돌이었다. 이러한 러시아의 “메시아적” 아시아로의 팽창주의 집단심성은 당대의 문학작품과 언론을 통해 경쟁적으로 표출됐다. 이러한 맥락 하에서 본고 에서는 러일전쟁(1904-1905) 전후 러시아의 아시아에 대한 제국주의적 인식 변화와 제국주의 팽창과 몰락, 혁명에 대한 민족적 집단심성의 특성과 양상을 문학작품과 언론을 통해 고찰했다.

Most literature is creative and based on imagination, but the concrete shape reflects the real world and historical figure. In this respect, literature exists as a memory, and most of the literature representing each country reflect the culture and language of the time. This is the real world which is different positions and perspectives are expressed, such as conflicts between the real world and individuals, human choices thrown into unwanted situations, nationality, class, and gender. In particular, the humanistic approach through literary works helps to understand the ethnic disposition of individual countries in terms of humanistic characteristics such as ethnicity, because the cultural psychological prototype of individual people inherent in nationalism works meaningfully. The characteristic of Russian nationalism in the late 19th and early 20th centuries was the clash between Japan and the Western powers in the process of building the TSR and eastern policy, which was called the imperialist expansion after the defeat of the Crimean War (1853-1856). In this context, this article is to examine the characteristics and aspects of the ethnic group mentality about the imperialist perception change, imperialist expansion and downfall, and revolution of Russia before and after the Russo-Japanese War (1904-1905) through literary works and media.

Purpose: The lack of reliable and valid evaluation tools targeting Korean nursing students' critical thinking (CT) abilities has been reported as one of the barriers to instructing and evaluating students in undergraduate programs. Yoon's Critical Thinking Disposition (YCTD) instrument was developed for Korean nursing students, but few studies have assessed its validity. This study aimed to validate the YCTD. Specifically, the YCTD was assessed to identify its cross-sectional and longitudinal measurement invariance. Methods: This was a validation study in which a cross-sectional and longitudinal (prenursing and postnursing practicum) survey was used to validate the YCTD using 345 nursing students at three universities in Seoul, Korea. The participants' CT abilities were assessed using the YCTD before and after completing an established pediatric nursing practicum. The validity of the YCTD was estimated and then group invariance test using multigroup confirmatory factor analysis was performed to confirm the measurement compatibility of multigroups. Results: A test of the seven-factor model showed that the YCTD demonstrated good construct validity. Multigroup confirmatory factor analysis findings for the measurement invariance suggested that this model structure demonstrated strong invariance between groups (i.e., configural, factor loading, and intercept combined) but weak invariance within a group (i.e., configural and factor loading combined). Conclusions: In general, traditional methods for assessing instrument validity have been less than thorough. In this study, multigroup confirmatory factor analysis using cross-sectional and longitudinal measurement data allowed validation of the YCTD. This study concluded that the YCTD can be used for evaluating Korean nursing students' CT abilities.

Tofacitinib, a Janus kinase inhibitor, was developed for the treatment of rheumatoid arthritis. Recently, it has been associated with an increased change in arthritis development in patients with diabetes. Herein, we evaluated the pharmacokinetics of tofacitinib after intravenous (10 mg/kg) and oral (20 mg/kg) administration to rats with streptozotocin-induced diabetes mellitus and control rats. Following intravenous administration of tofacitinib to rats with streptozotocin-induced diabetes mellitus, area under the plasma concentration-time curve from time zero to infinity of tofacitinib was significantly smaller (33.6%) than that of control rats. This might be due to the faster hepatic intrinsic clearance (112%) caused by an increase in the hepatic cytochrome P450 (CYP) 3A1(23) and the faster hepatic blood flow rate in rats with streptozotocin-induced diabetes mellitus than in control rats. Following oral administration, area under the plasma concentration-time curve from time zero to infinity of tofacitinib was also significantly smaller (55.5%) in rats with streptozotocin-induced diabetes mellitus than that in control rats. This might be due to decreased absorption caused by the higher expression of P-glycoprotein and the faster intestinal metabolism caused by the higher expression of intestinal CYP3A1(23), which resulted in the decreased bioavailability of tofacitinib (33.0%) in rats with streptozotocin-induced diabetes mellitus. In summary, our findings indicate that diabetes mellitus affects the absorption and metabolism of tofacitinib, causing faster metabolism and decreased intestinal absorption in rats with streptozotocin-induced diabetes mellitus.

This study aimed to investigate the in vivo relevance of P-glycoprotein (P-gp) in the pharmacokinetics and adverse effect of phenformin. To investigate the involvement of P-gp in the transport of phenformin, a bi-directional transport of phenformin was carried out in LLC-PK1 cells overexpressing P-gp, LLC-PK1-Pgp. Basal to apical transport of phenformin was 3.9-fold greater than apical to basal transport and became saturated with increasing phenformin concentration ($2-75{\mu}M$) in LLC-PK1-Pgp, suggesting the involvement of P-gp in phenformin transport. Intrinsic clearance mediated by P-gp was $1.9{\mu}L/min$ while passive diffusion clearance was $0.31{\mu}L/min$. Thus, P-gp contributed more to phenformin transport than passive diffusion. To investigate the contribution of P-gp on the pharmacokinetics and adverse effect of phenformin, the effects of verapamil, a P-gp inhibitor, on the pharmacokinetics of phenformin were also examined in rats. The plasma concentrations of phenformin were increased following oral administration of phenformin and intravenous verapamil infusion compared with those administerd phenformin alone. Pharmacokinetic parameters such as $C_{max}$ and AUC of phenformin increased and CL/F and Vss/F decreased as a consequence of verapamil treatment. These results suggested that P-gp blockade by verapamil may decrease the phenformin disposition and increase plasma phenformin concentrations. P-gp inhibition by verapamil treatment also increased plasma lactate concentration, which is a crucial adverse event of phenformin. In conclusion, P-gp may play an important role in phenformin transport process and, therefore, contribute to the modulation of pharmacokinetics of phenformin and onset of plasma lactate level.

IT technology based projects was conducted to implement education on producing creative ideas through on-line education and grasp thinking disposition of students in terms of creativity education efficiency. The differences in idea creation among students according to thinking dispositions were analyzed through qualitative evaluation and quantitative evaluation of project and its result was drawn. The purpose of this study was to help cultivate a man of ability who will make a great contribution to knowledge information society by proposing education model based on new method of teaching and learning.

Purpose: The aim of this study was to evaluate the effects of reflective trainings for nursing students on their critical thinking disposition. Methods: A total of 157 senior undergraduate nursing students sampled from Hainan Medical University in China participated in this study in 2014. They were randomly divided into experimental and control groups. The experimental group students were provided the reflective training during their entire 12-month clinical internship, whereas students in the control group were requested to keep their reflective diaries but without a formal training. Before and after the intervention, nursing students' critical thinking disposition was rated using the Chinese version of Critical Thinking Disposition Inventory (CTDI-CV). Results: Before the start of the intervention, the critical thinking disposition scores of the two groups had no significant differences. At the end of the intervention, it was found that the experimental students performed better in each subscale of CTDI-CV. These include the search for truth, open mind, analytical ability, systematic ability, critical thinking, self-confidence, curiosity, and cognitive maturity. By summing the scores of all categories, the results showed that the experimental group had a significantly higher total score than that of the control group (p ≤ .044). Evaluating the score difference in each function indicated that there was a range of improvements on the critical thinking disposition because of the reflective training intervention. Conclusion: Reflective training during the internship period improves nursing students' disposition of critical thinking and promotes their readiness for their clinical practices in the rapidly increasing demands of the healthcare field.

Purpose: Anger management is a very important issue for nursing education. However, there is a lack of research identifying related factors. This study examined the mediating effects of social support and a grateful disposition on the relationship between life stress and anger in nursing students. Methods: The participants were 172 nursing students recruited from two universities in cities in South Korea. Baron and Kenny's regression method and the Sobel test were used to analyze the mediating effects of social support and a grateful disposition on the association between life stress and anger. Results: There were significant correlations between life stress, social support, a grateful disposition, and anger. In addition, social support and a grateful disposition exerted full mediating effects on the relationship between life stress and anger. Conclusion: Based on this study's results, enhancing social support and grateful disposition could help nursing students who experience anger resulting from life stress to manage their anger effectively. This finding suggests that, as specific strategies for anger management, nursing educators should encourage nursing students to use sources of social support and to engage in various gratitude activities.

Tofacitinib, a Janus kinase 1 and 3 inhibitor, is mainly metabolized by CYP3A1/2 and CYP2C11 in the liver. The drug has been approved for the chronic treatment of severe ulcerative colitis, a chronic inflammatory bowel disease. This study investigated the pharmacokinetics of tofacitinib in rats with dextran sulfate sodium (DSS)-induced ulcerative colitis. After 1-min of intravenous infusion of tofacitinib (10 mg/kg), the area under the plasma concentration-time curves from time zero to time infinity (AUC) of tofacitinib significantly increased by 92.3%. The time-averaged total body clearance decreased significantly by 47.7% in DSS rats compared with control rats. After the oral administration of tofacitinib (20 mg/kg), the AUC increased by 85.5% in DSS rats. These results could be due to decreased intrinsic clearance of the drug caused by the reduction of CYP3A1/2 and CYP2C11 in the liver and intestine of DSS rats. In conclusion, ulcerative colitis inhibited CYP3A1/2 and CYP2C11 in the liver and intestines of DSS rats and slowed the metabolism of tofacitinib, resulting in increased plasma concentrations of tofacitinib in DSS rats.

Purpose: The purpose of this study was to identify the effects of multi-mode simulation learning on critical thinking disposition, on the problem solving process and on clinical competence of nursing students. Methods: A nonequivalentcontrol group with pre-posttest was designed. The participants in this study were 65 students who were enrolled in an emergency and critical nursing course at N university. The treatment group consisted of 33 juniors in 2010 and the control group 32 juniors in 2011. Collected data were analyzed using chi-square, independentt-test, and ANCOVA with the SPSS/WIN 18.0 for Window Program. Results: There were significant increases in problem solving process and clinical competence in the treatment group who participated in the multi-mode simulation learning compared to the control group who did not (t=-2.39, p=.020; F=12.76, p=.001). However, there were no significant differences in critical thinking disposition between the treatment and control group (t=0.40, p=.692). Conclusion: Multi-mode simulation is an effective teaching and learning method to enhance the problem solving process and clinical competence of nursing students. Further exploration is needed to develop and utilizemulti-mode simulation for diverse scenarios, depending on emergency nursing educational goals and environments and to develop a universal method to measure outcomes.

Tofacitinib, which is used to treat rheumatoid arthritis (RA), is primarily metabolized by the hepatic cytochrome P450 (CYP) enzymes, CYP3A1/2 and CYP2C11. Acetaminophen (APAP), which is frequently used for pain relief in patients with RA, can induce acute liver injury (ALI) when taken in excess, profoundly affecting drug metabolism. Resveratrol (RVT) is a polyphenolic compound with hepatoprotective properties. This study investigated the protective effects of RVT against APAP-induced ALI in rats, and explored its influence on the pharmacokinetics of tofacitinib. In ALI rats, both intravenous and oral administration of tofacitinib resulted in a significant (207% and 181%) increase in the area under the plasma concentration-time curve (AUC), primarily driven by a substantial reduction (66.1%) in non-renal clearance (CL_NR) compared to that in control (CON) rats. Notably, RVT administration in ALI rats provided effective liver protection, partially restoring liver function, as evidenced by normalized glutamate oxaloacetate transaminase levels and the pharmacokinetic parameters, AUC and CL_NR, closer to those observed in untreated CON rats (117% and 81.9%, respectively). These findings highlight the importance of considering the potential interactions between RVT or polyphenol-rich natural products and medications in patients with ALI in clinical practice.

The consumer's purchase decision does not end with the purchase decision, but uses the purchased product and disposes of the product according to the result. This study attempted to examine the drivers when consumers dispose of products for various reasons. In particular, we examined the mechanistic process of dispositional behavior which is desirable in consumer 's cognitive dimension and emotional dimension. As a result of the study, it was confirmed that disposal behavior can be induced by using both cold response and hot response.

세법은 국익을 바탕으로 국가재정의 주요 원천이다. 파산법은 사회적 이익에 중점을 두고 공정한 채권과 채무를 기반으로 하며, 시장 퇴출 메 커니즘의 경제질서를 개선한다. 전자는 납세기업이 정상적인 경영상태 에 있는 경우의 관리 및 규범이고, 후자는 기업이 비정상적인 경영상태 에 있는 경우의 특별관리규정이다. 두 법률분야는 입법과 실무 모두에 서 필연적으로 비협조적이어서 파산절차에서 조세채권의 처분에 대해 논란이 발생한다. 파산절차에서 조세채권의 처분은 시장경제 및 사회적 이익과 관련된 중대한 문제이기 때문에 파산절차에서 신생세금의 처리 문제를 해결하기 위한 균형점을 찾아야 한다. 이에 본 논문에서는 제1장에서 사례를 인용하여 파산절차에서 신생 세금 처분의 난제와 문제를 요약하였다. 또 실체적 차원에서 파산접수 일로부터 발생한 신생 세금의 성격 인정, 즉, 신생 세금을 ‘파산비용과 공익채무’로 인정할 것인지 여부에 대해 논의하였다. 한편, 절차적 측면 에서 세무기관이 파산기업의 파산절차에서 발생하는 세비(税费)에 대하 여 파산재산의 분배가 이루어지기 전에 원천징수를 강제할 수 있는지에 대한 여부도 검토하였다. 본 고의 제2장은 세법과 파산법 간의 규정충돌에 대해 앞서 언급한 분쟁의 원인을 논의하였다. 제3장은 실체법적 측면에서 신생 세금으로 서의 성격을 인정할 것인지에 대해 검토하였다. 입법적 면에서 채무자 인 기업이 파산절차에 들어가면서 발생하는 신생 채권의 성격에 대해 새로 발생하는 세금의 유형에 따라 다르게 규정하여야 할 것이다. 첫째, 관리인이 채무자의 재산을 처분함에 따라 발생하는 세금, 예를 들어, 부 가가치세, 인지세 등은 파산비용으로 인식하고, 둘째, 관리인이 계약을 계속 이행하기로 결정함에 따라 발생하는 세비는 공익채무로 인식하여 야 한다. 셋째, 채무자인 기업이 보유한 부동산에 대해 자동으로 발생하 는 부동산세와 도시토지사용세에 대해서는 파산기업의 계속적 경영 여 부를 구분할 필요가 있으며, 계속 경영하는 세비는 공익채무로 인정ㅎ 야 한다. 넷째, 부동산세와 도시토지사용세에 대해서는 더 이상 경영활 동을 하지 않는 기업에 발생하는 이러한 세금과 수수료를 세무기관이 면제하거나 징수하지 않아야 한다. 제4장은 절차법 수준과 처리 방안에 대해 논의하고, 입법제안 및 최적화 조치를 제안한다. 또 ‘조세징수관리 법’ 제40조에서 규정하는 강제징수의 예외를 명확히 하고, 파산기업의 파산재산을 제외한다. 한편, 기업파산법에서는 세무당국의 강제조치를 보전조치 및 집행절차 중단제도에 포함시키고 있다. 이러한 제한은 신 생 세금에 대한 세금을 우선변제 성격으로 하며, 절차상 권리행사 기간 을 제한한다. 세무당국의 강제적 원천징수를 파산보전에 포함시키는 동 시에 관리인은 여전히 파산 신생 세금에 대해 법에 따라 납세신고를 하 고, 법정절차에 따라 세금의 성격과 결합하여 파산절차에서 청산하도록 안배하여야 한다. 이에 본 연구의 결론에서는 중국의 파산절차에서 새 로운 세금 문제에 대한 약간의 아이디어를 제공하는 것으로 마무리 하였다.

Tax law, based on the national interest, serves as the primary source of national revenue. Bankruptcy law, on the other hand, focuses on societal interests, rooted in equitable treatment of creditors and debtors, and the enhancement of the economic order of market exit mechanisms. The former pertains to the management and regulation of taxpaying entities operating under normal conditions, while the latter encompasses specific regulatory provisions for entities operating under abnormal circumstances. Inevitably, there exist discrepancies between these two legal domains, both in terms of legislation and implementation, resulting in contentious issues surrounding the treatment of tax claims in bankruptcy proceedings. The disposition of tax claims in bankruptcy proceedings is important, impacting crucial matters such as the market economy and societal interests. Therefore, it is imperative to seek a balance in addressing the treatment of newly arising tax claims in bankruptcy proceedings. The first part of the article employs case studies to elucidate the challenges and dilemmas associated with the treatment of taxes generated after the registration of bankruptcy. On the one hand, at the substantive level, it pertains to the characterization of the newly generated taxes (that is, taxes generated after the date of bankruptcy acceptance) from the date of bankruptcy acceptance, specifically whether they should be categorized as "bankruptcy expenses and common debts." On the other hand, at the procedural level, it involves the question of whether the tax authority is allowed to forcibly withhold and collect taxes generated by the bankrupt entity during the bankruptcy process before the distribution of the bankruptcy estate. The second part of the article discusses the reasons for the above-mentioned disputes through the conflict of provisions between the tax law and the bankruptcy law. The third part discusses the identification of the nature of the new tax from the level of substantive law. This article argues that legislation should establish different provisions regarding the nature of new tax claims generated by debtor companies after entering bankruptcy proceedings, depending on the type of the newly generated taxes. First, taxes generated from the disposal of the debtor company’s assets by the administrator, such as value-added tax and stamp duty, should be classified as bankruptcy expenses.Second, taxes generated from the administrator's decision to continue performing contracts should be classified as public interest debts. Third, a distinction needs to be made regarding property tax and urban land use tax automatically generated from debtor companies' real estate holdings based on whether the bankrupt company continues its operations. If the company is still operating, these taxes should be classified as public interest debts. Fourth, for property tax and urban land use tax, in the case of companies that have ceased operations, the tax authorities should provide exemptions or non-payment options for these taxes. The fourth part discusses from the level of procedural law and puts forward legislative suggestions and optimization measures. Firstly, it proposes clarifying the exceptions to compulsory withholding in Article 40 of the "Law of the PRC on the Administration of Tax Collection" by explicitly excluding bankrupt assets from its scope. Secondly, it suggests incorporating the tax authorities' compulsory measures into the system of suspending preservation measures and enforcement procedures in the "Enterprise Bankruptcy Law." The last part summarizes the whole article and eiterates the purpose of this article which is providing some insights into addressing the challenges posed by new tax claims in bankruptcy proceedings of Chinese enterprises.

税法是以国家利益为基础，是国家财政的主要来源。破产法则侧重于 社会利益，立足于公平债权债务，并完善市场退出机制经济秩序。前者 系针对纳税企业处于正常经营状态下的管理与规范，而后者是对企业处 于非正常经营情况下的特殊管理规定。两个法律领域无论在立法还是实 践中必然存在不协调，从而导致税收债权在破产程序中处置存在争议。 破产程序中税收债权处置关乎市场经济及社会利益等重大问题，应从中 寻找平衡点解决破产程序中新生税收的处置问题。 本文第一部分以案例为引，归纳破产程序中新生税收处置的难题与困 境，一方面争议在于实体层面上，对从破产受理之日起产生的新生税收 的性质认定，即是否将新生税收认定为“破产费用与共益债务”；另一方面 争议为程序层面上税务机关是否能够对破产企业在破产程序中产生的税 费在破产财产尚未进行分配前强制执行扣划。 文章第二部分通过对税法与破产法之间的规定冲突展开论述前述争议 原因。第三部分从实体法层面对新生税收的性质认定进行论述。立法应 当就债务人企业进入破产程序后产生的新生债权性质应当根据新产生税 收的类型不同而作出不同规定。第一，因管理人处置债务人财产产生的 税收，例如增值税、印花税等应当认定为破产费用；第二，因管理人决 定继续履行合同而产生的税费应当认定为共益债务；第三，对债务人企 业持有不动产便会自动产生的房产税和城镇土地使用税，需要区分破产企业是否继续经营，继续经营的税费应认定为共益债务；第四，针对房 产税和城镇土地使用税，不再继续经营的企业产生的此种税费税务机关 应当予以免征或不征。第四部分再从程序法层面和处置路径进行论述， 并提出立法建议及优化措施：一方面在《税收征管法》第40条中，明确 强制扣划的例外情形，将破产企业的破产财产排除在外。另一方面，在 《企业破产法》中将税务机关的强制措施纳入中止保全措施和执行程序 制度中。上述限制规定并非对新生税收作为优先清偿性质的剥夺，而是 程序上对权利行使的时间做出的限制。将税务机关强制扣划纳入破产保 全的同时，管理人仍应当对破产新生税收进行依法纳税申报，按照法定 程序结合税收性质在破产程序中安排清偿。文章的最后一部分对本篇论 文进行总结，以期为中国破产程序中新生税收难题提供微薄思路。

We attempt to explain investor underreaction to earnings news using the newly documented refinement of the disposition effect, which is the V-shaped net selling propensity (VNSP). Using a novel data set containing stock-level information on the trading activities of different types of investors, we find that both large unrealized capital gains and losses positively predict subsequent stock returns in Korean stock markets. Furthermore, investors’ net selling propensity affects stock price drift after earnings announcements. Among good news stocks, postannouncement drift is more pronounced when they suffer from stockholders’ higher net selling propensity. Furthermore, these empirical results hold only when we construct a VNSP based on individual trading activity. Interestingly, the classic disposition effect does not induce underreaction to earnings news in our data set.

This study investigates the trading behavior of institutional investors in Korea. The findings of this study are as follows. First, Korean investors are just as prone to the disposition effect as U.S. investors but less overconfident than U.S. investors. Second, bond fund shows a higher disposition effect than mixed and equity funds, suggesting that conservative investors tend to delay the needed changes in their portfolio composition when new information forces them to reanalyze the situation and prospects. Third, the disposition effect is sensitive to the reference point changes. Fourth, the disposition effect is positively associated with the length of the holding period, contradicting the findings of previous studies. Finally, the disposition effect in Korea disappears after the global financial crisis, suggesting that Korean investors trade more rationally since the crisis. Our findings indicate that the disposition effect is not a universal phenomenon. The results suggest that the degree of the disposition effect is very sensitive to the type of investor groups.

This study investigates the trading behavior of institutional investors in Korea. For this purpose, 562,560 daily trading records from 348 funds are analyzed during the period from 2006 to 2011. The findings of this study are as follows. First, the disposition effect exists in Korean stock market. Second, a stronger disposition effect is associated with the lower risk. Third, there is no disposition effect if the current price is used as the reference point. However, for bond type fund, disposition effect recurs as the reference point gets closer to the current price. Fourth, degree of the disposition effect increases as the length of the holding period increases. Fifth, a stronger disposition effect is associated with lower returns. Finally, the disposition effect disappears after the global financial crisis, suggesting that Korean investors trade more rationally since the crisis.

We decompose the response of stock return to the sign of past stock return into the quantitative anchoring and disposition effects, where the quantitative anchoring is that the past positive stock return induces a positive stock return in the subsequent period (plus anchoring) and vice versa for the past negative stock return (minus anchoring) and disposition effect is that the tendency of investors to hold losing investments too long and sell winning investments too soon. To test these effects, we divide the stock returns into two groups by their signs and checked the subsequent responses of stock returns at the next periods. From the daily stock return data of 47 countries’, we found (i) both the plus anchoring and minus anchoring exist. (ii) plus anchoring is bigger than minus anchoring if the disposition effect exists. (iii) if we assume the plus anchoring is equal to the minus anchoring, then the disposition effect is rejected in most countries.

개인 투자자들의 행태적 편의(behavioral biases)가 거래 의사결정에 상당한 영향을 주는 것이 선행연구를 통하여 밝혀짐에 따라, 개인의 투자심리에 대한 연구가 활발히 진행되고 있다. 이에 오늘날 시장에서 가장 빈번하게 관찰되는 개인 투자심리의 대표적인 사례는 ‘처분효과(disposition effect)’와 ‘자기과신(overconfidence)’이다. 처분효과는 전망 이론의 인지적 특징의 하나이다. 개인마다 동일한 경제적 성과를 서로 다르게 인지하게 되어 동일한 크기의 금액 변화여도 이익으로 인한 정(+)의 효용보다는 손실로 인한 음(-) 의 효용을 개인은 더 크게 인지한다는 것이다. 따라서 처분효과는 개인이 보유한 자산의 가격이 매수가격 이하로 떨어졌을 때에는 손실의 회복을 목적으로 매도하기를 주저하는 반면에 오히려 이익이 되는 자산은 바로 처분하여 추가 이익의 기회를 놓치는 현상이다. 이러한 처분효과는 손실을 회복하기 위한 주가 상승 등의 기회가 언젠가는 다시 발생할 것이라는 '평균으로의 회귀(Regression Toward The Mean)’에 대한 개인의 기대에서 발현하는 것으로 볼 수 있다. 이와 다르게 자기과신은 개인이 자신의 능력과 신념에 비하여 비이성적으로 높은 자신감을 바탕으로 자신이 보유한 사적 정보(private information)의 오류 가능성을 현실보다 과소평가하여 투자하는 것을 의미한다. 따라서 자기과신은 투자자가 자신의 능력과 정보를 과대평가하여 거래를 하는 경향이다. 본 연구에서는 이러한 개인의 처분효과와 자기과신의 심리적 행태가 암호화폐 시장에서 어떻게 발현되는지 살펴볼 예정이다. 이를 위하여 2015년 8월 7일부터 2019년 3월 31일까지 주요 암호화폐 토큰 10개(Bitcoin, Ethereum, Dash, XRP, Monero, Litecoin, Stellar, Nem, Tether)의 데이터를 확보하였다. 수집된 거래 데이터를 바탕으로 실현 이익의 비율(PGR, Proportion of Gains Realized), 실현 손실의 비율(PLR, Proportion of Losses Realized)을 추정하여 암호화폐 개인 투자자들이 처분효과와 자기과신 기반의 거래 행태를 밝히고자 한다. 나아가 암호화폐 토큰의 가격 범위(저가주vs고가주)에 따라 처분효과와 자기과시의 효과 발현의 차이가 있는지를 추가적으로 살펴본다. 본 연구는 변동성이 큰 최근의 암호화폐 시장을 대상으로 개인 거래자들의 처분효과와 자기과신을 포함하는 심리적 행태를 살펴봄에 따라, 현재 암호화폐 거래자들의 투자심리를 살펴볼 수 있다는 점에서 의의가 있다. 본 연구결과는 향후, 암호화폐 시장의 공적 정보(public information) 등에 기반한 이성적 거래자(rational traders)와 투자심리 혹은 사적정보에 의거하여 거래하는 비이성적 거래자들(irrational traders)의 분포에 따른 시장 내 정보 비대칭성을 밝히는데 기여할 것으로 예상된다. 또한 현재 투기 성향이 강한 암호화폐 시장을 건전한 거래 기반의 생태계로 전환하기 위한 변곡점이 될 것으로 판단된다.

We study the disposition effect in institutional traders by analyzing a unique bond trading dataset of a prominent financial firm in South Korea. The data contains the trade records of RP and Proprietary trading books for the years 2012 and 2013. Overall, Proportion of Gains Realized (PGR) is not meaningfully larger than the Proportion of Losses Realized (PLR) – that is, there is little evidence of the disposition effect, where the reference is the purchase price, or to alternative specifications. We explain these findings with trader discipline, which mitigates reference dependence and aversion to loss realization. We posit that the results have important implications for market efficiency, since institutional traders play a very important role in the price discovery process of financial markets.