• The Korean Journal of Financial Management
• /
• v.21 no.2
• /
• pp.125-151
• /
• 2004

This study tests the price discovery from US Treasury bond markets to Korean bond markets using the daily returns of Korean bond data (CD, 3-year T-note, 5-year T-note, 5-year corporate note) and US treasury bond markets (3-month T-bill, 5-year T-note 10-year T-bond) from July 1, 1998 to December 31, 2003. For further research, we divide full data into two sub-samples on the basis of the start-up of bond valuation system in Korean bond market July 1, 2000, employing uni-variate AR(1)-GARCH(1,1)-M model. The main results are as follows. First the volatility spillover effects from US Treasury bond markets (3-month T-bill, 5-year T-note, 10-year T-bond) to Korean Treasury and Corporate bond markets (CD, 3-year T-note, 5-year T-note, 5-year corporate note) are significantly found at 1% confidence level. Second, the price discovery function from US bond markets to Korean bond markets in the sub-data of the pre-bond valuation system exists much stronger and more persistent than those of the post-bond valuation system. In particular, the role of 10-year T-bond compared with 3-month T-bill and 5-year T-note is outstanding. We imply these findings result from the international capital market integration which is accelerated by the broad opening of Korean capital market after 1997 Korean currency crisis and the development of telecommunication skill. In addition, these results are meaningful for bond investors who are in charge of capital asset pricing valuation, risk management, and international portfolio management.

• KOREAN JOURNAL OF PACKAGING SCIENCE & TECHNOLOGY
• /
• v.25 no.3
• /
• pp.117-123
• /
• 2019

The general Impulse Sealer has a problem of sealing quality because continuously sealing process results in an undesirable temperature rise, which may accumulate the heat during the operation. In order to address such a drawback, the controlled sealing temperature method can be effectively utilized compared with the general controlled time method. As such, a temperature sensor with capability of detecting the sealing temperature was installed, and a separate PCB was manufactured to control the sealing temperature by measuring and calculating the detected temperature. The temperature changes during the temperature rise and maximum temperature after continuously operation were investigated using an Impulse Sealer system. Next, the results obtained from experiment were compared with each other. As such, the maximum temperature was 70.3℃, whereas 8.9℃ was recorded as control temperature. It implies that this controlled temperature system prevented the undesirable temperature rise, thereby causing a consistent sealing quality.

• Journal of the Korean Regional Science Association
• /
• v.36 no.4
• /
• pp.43-56
• /
• 2020

This study aims to explore the possibilities of social integration focused on the inclusionary housing scheme developed in the United States. Inclusionary housing is produced by inclusionary zoning with planning power. One of the main goals of developing inclusionary housing is to achieve social integration in neighborhoods. The author investigates the origin, evolution, characteristics, and mechanism of the inclusionary housing scheme in the United States. Results show that the inclusionary housing scheme utilizes market mechanism such as the incentives of floor ratio bonus, fast tract permit approach as well as the affordability obligation for the low-income households. Considering the policy orientation in the United States toward market mechanism, the inclusionary housing program has played a significant role in producing and preserving affordable housing for the underprivileged in affluent neighborhoods and has produced meaningful results in academic achievements, better job outcomes, health results, and social interaction even though it has been also criticized with by its superficiality. Finally, the author draws policy implications for housing policy in Korea from the lessons and limitations of the inclusionary housing mechanism.

• Journal of the Korea Society of Computer and Information
• /
• v.27 no.9
• /
• pp.243-251
• /
• 2022

In this paper, we propose a phenomenon that analyze the impact of market sentiment on China's real estate market through the perspective of behavioral economics. Previously, real estate market analyzation basically focus on some fundamental principles which include market price, monetary policies and income, etc. However, little research has explored market sentiment and its influence. By using principal components analysis (PCA), this study first creates buyer's sentiment and seller's sentiment to measure the heat of China's real estate market. Different from using traditional estimation method, the vector autoregressive model (VAR) is used to analyze how both sentiments affect real estate return. The overall results show that from unit root test and impulse response analyzation, the impact of seller's sentiment is positive to real estate market while buyer's sentiment is negative. At the same time, the higher seller's sentiment will have different influence on the housing market compared with the higher buyer's sentiment.

• Korean Journal of Construction Engineering and Management
• /
• v.19 no.2
• /
• pp.96-106
• /
• 2018

The government adopted activation policy of real estate to overcome low economic growth rate. Real estate activation plan adopted by the government raised credit limit by lowering the regulation, and reduced real estate investment cost by reducing the base rate. Also, delayed transfer tax on multi-house owner to activate real estate investment and resolved purchase right resale. Relief of real estate regulate caused increase of housing sales and price increase, and the real estate market changed to overheating aspect such as premium upon completion of lot sale in a short time. Such market atmosphere greatly increased household debs as owners own houses based on 'financial debt' instead of their income. Since 2017, real estate policy was reinforced to reduce household debts and lending rate was raised due to rise of base rate, accordingly, burden of household debt is expected to increase. This research suggested a plan for the Financial Supervisory Service to efficiently manage the financial world by analyzing the cause and problem of household debs.

• Korean Journal of Construction Engineering and Management
• /
• v.19 no.1
• /
• pp.90-102
• /
• 2018

In preparation of the increase in the domestic debts and the rise in the US interest rate, the Korean government has started to strengthen the regulation on the property market since 2017. So, it is likely that the sales in the domestic construction market would be decreased. Even in the overseas plant projects market, as there has been the continuous increase in the cost and the resulting increase in the losses, it looks hard for the large construction companies to keep their credit ratings as they are now. This study is designed to check Korean government's property policy and any possible problems caused by the overseas and domestic economic environment, which include the property market policy, interest rate, rise in the property price and lackluster sales in housing market. It showed the change in the credit ratings by finding out the sales, work capability, sales in non-governmental projects, operating profits and PF contingency liabilities. For this study, the questionnaires were sent to 30 practical experts to analyze the effect of the risk factor on the outside credit rating of large construction companies.

• Proceedings of the Korean Vacuum Society Conference
• /
• 2013.02a
• /
• pp.500-500
• /
• 2013

특정한 유기 물질에 전류를 인가했을 때 발광을 하는 특성을 이용한 Organic Light Emitting Diode (OLED)는 뛰어난 색재현성, 적은 전력소모, 간단한 제조공정, 넓은 시야각 등으로 인해 PDP, LCD, LED에 이은 차세대 디스플레이 소자로 많은 관심을 받고 있다. 하지만 OLED는 각기 다른 굴절률을 가지는 다층구조로 되어있어 실질적으로 소자 밖으로 나오는 빛은 원래 생성된 빛의 20% 정도 밖에 되지 않는다. 이러한 광 손실을 줄이기 위해 Photonic Crystal (PC)이나 마이크로 렌즈 어레이(MLA) 부착 등과 같이 특정한 크기를 갖는 주기적인 나노 구조물을 이용한 광추출 효율 상승 방법은 특정 파장의 빛에서만 효과가 있는 한계가 있었으며 고가의 공정과정을 거쳐야 했으므로 OLED 소자의 가격 향상에 일조하였다. 이의 해결을 위해 본 연구는 유리기판 위에 랜덤한 분포를 가지는 나노 구조물 제작 공정법을 제안한다. 먼저 유리기판 위에 스퍼터로 금속 박막을 입혀 이를 Rapid thermal annealing (RTA) 공정을 이용하여 랜덤한 분포의 Island를 가지는 마스크를 제작하였다. 그 후 플라즈마 식각을 이용하여 유리기판에 나노 구조물을 형성하였고 기판 위에 남아있는 마스크는 Ultrasonic cleaning을 이용하여 제거하였다. 제작된나노구조물은 200~300 nm의 높이와 약 200 nm 폭을 가지고 있다. 제작된 유리기판의 OLED 소자로의 적용가능성을 알아보기 위한 광학특성 조사결과는 300~900 nm의 파장영역에서 맨유리와 거의 비슷한 수직 투과율을 보이면서 최대 50%정도의 Diffusion 비율을 나타내고 있고 임계각(41도) 이상의각도에서 인가된 빛의 투과율에 대해서도 향상된 결과를 보여주고 있다. 제안된 공정의 전체과정 기존의 PC, MLA 등의 공정에 비해 난이도가 쉽고 저가로 진행이 가능하며 추후 OLED 소자에 적용될 시 대량생산에 적합한 후보로 보고 있다.

• Proceedings of the KAIS Fall Conference
• /
• 2012.05a
• /
• pp.323-326
• /
• 2012

현재 우리나라의 경제 환경을 볼 때, 외부적으로는 석유를 비롯한 원자재 가격이 급등, 미국과 일본이 경제둔화, 거대 경제국가인 중국이 경제성장을 조정하고 있다. 국내에서는 수출증가에도 불구하고 기업들의 설비투자 부진, 실업률 상승 및 내수시장 침체 등으로 경제적 회복이 지연되고 있는 매우 어려운 상태에 직면해 있다. 이와 같이 급격하게 변화하는 경영 환경에서 생존하기 위해서는 인적자원 재개발 및 학습능력의 배양이 어느 때보다 중요하게 부각되고 있다. 인적자원의 능력을 파악하여 인원 선발이나 적재적소에 배치한다면 그 보다 더 나은 조직은 없을 것이다. 역동적 경영 환경 내에서 성공을 추구하는 각 기업은 끊임없는 변화에 적극 대응하여 새로운 변화를 창출해 나가는 인적자원의 능력배양을 기업성공의 중요한 요소로 보고 있다. 따라서 역동적 변화 속에 있는 기업은 변화에 효과적 능동적으로 대처할 수 있는 유연한 조직을 개발하여 고객만족 극대화, 종업원 만족 극대화, 인적자원 활용 극대화를 통하여 기업경쟁력 향상을 이룩할 수 있어야 한다. 이에 본 연구에서는 국내 기업 중 4조 2교대 근무 시스템을 도입하여 지식 근로자를 양성함으로써 큰 성공을 거둔 유한킴벌리의 고성과 근무 시스템의 도입부터 적용, 적용에 따른 성과까지의 전 과정을 심층 연구하여 이 시스템이 기업의 경쟁력을 향상 시키는 중요한 도구로 사용 된 수 있도록 연구 하고자 한다.

• Proceedings of the Korean Vacuum Society Conference
• /
• 2011.02a
• /
• pp.508-508
• /
• 2011

스퍼터링을 이용한 박막 증착기술은 다양한 분야에 걸쳐 적용되어 왔으며, 스퍼터링 타겟 사용효율을 향상시키기 위해 마그네트론 구조 최적화 및 이온 소스 적용 스퍼터링 등의 기술이 연구되어 왔다. 또한 인듐과 같은 희토류 금속의 가격이 최근 상승함에 따라 고효율 스퍼터링기술의 필요성은 더욱 증대되었다. 본 연구에서는 고밀도 플라즈마 소스를 적용한 고효율 스퍼터링 공정을 개발하였다. 동공 음극방전에서 생성된 고밀도 플라즈마는 전자석 코일을 통해 형성된 자기장을 따라 스퍼터링 타겟 표면까지 수송되며, 음전위로 대전된 스퍼터링 타겟 표면에서는 가속되어 입사하는 이온에 의한 스퍼터링이 발생한다. 본 스퍼터링 공정 기술의 경우, 기존 마그네트론 스퍼터링 소스에서 나타나는 약 30%의 타겟 사용 효율을 뛰어넘는 약 80% 이상의 타겟 사용률을 보였다. 또한 고밀도 플라즈마 소스에서 공급되는 이온에 의한 스퍼터링 공정을 개발 함에 따라 스퍼터링 방전전압의 독립적 조절이 가능하다. 이에 따라 200 V 이하의 저전압 스퍼터링 공정을 통해 유연성 폴리머 기판 및 유기소자 상 저에너지 이온 증착이 가능하며, 1 kV 이상의 고전압 스퍼터링을 통해 추가적인 기판 전압 인가 없이 박막 치밀화 구현이 가능하다.

• Journal of the Korean Institute of Landscape Architecture
• /
• v.42 no.4
• /
• pp.30-36
• /
• 2014

This study was conducted to determine the causes of unreasonable prices and small numbers of azalea cultivars by analyzing the price trends and the number of azalea cultivars announced over the last 25 years based on data from the Public Procurement Service(PPS), Korea Price Research Center and the Landscaping Tree Association(LTA)(hereinafter, officially announcing agencies and organizations) which are major references used when landscape planting is decided. The prices of azalea cultivars announced by the official announcing agencies and organizations have moved in similar patterns over the past 25 years because the prices of azalea cultivars announced by the LTA were referred to by other official announcing agencies and organizations when they officially announced the prices of azalea cultivars. The PPS set lower officially fixed prices of azalea cultivars compared to other official announcing agencies and organizations, and the reason for this is considered to be the intention of the PPS to suppress landscape tree price increases because of the government's policies to suppress price increases. The prices of azalea cultivars seem to change rapidly due to the imbalance between the demand and supply of azalea cultivars rather than the effects of consumer price fluctuation rates because the production periods of azalea cultivars are shorter when compared to other landscape trees. The prices of azalea cultivars from the official announcing agencies and organizations have been set higher than the prices in actual transactions. The reason for this is considered to be the intention of the official announcing agencies and organizations to allow landscaping companies to cover defect costs resulting from the practice of subcontracting planting work and secure profits of subcontractors for planting work. The official announcing agencies and organizations have simply announced prices of 5~8 main azalea cultivars that have been used in the past. The names of azalea cultivars being cultivated and criteria for classification have not been clear; thus, landscape designers have not written clear names of azalea cultivars to be cultivated on planting drawings as practice and landscapers planted those azalea cultivars which could be easily obtained. Therefore, it is assumed that there has been no demand for new azalea cultivars. Thus, the vicious circle in which the prices of only those azalea cultivars that were produced in the past have been announced is repeated.