• The Korean Journal of Financial Management
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• v.20 no.2
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• pp.41-72
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• 2003

The purposes of this paper are to build theoretical and empirically testable model to identify determining factors of ownership structure, and to analyze this model empirically using th Korea Stock Exchange panel data, and to test the impact of opening the stock market on the determinants of ownership structure. The determining factors of ownership structure identified in this paper include debt ratio, dividend, asset characteristics, profitability, growth business risk, size, institutional investors and chaebol-non chaebol dummy variable. Empirical panel estimation test reveals that this model can explain about $9\sim11%$ of the cross sectional variance in the equity ratio of large shareholders. The reasons that this model has too explanatory power are that some variables were measured with errors, and that there were some omitted variables in tested model. The regression results on the model variables ar generally in line with predictions. But the coefficient estimates on size is never significant. And it appears that the exogenous variable which explains opening the stock market has positive effect on the determinants of ownership structure.

• Journal of Navigation and Port Research
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• v.39 no.4
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• pp.293-297
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• 2015

Underwater acoustic communications has been limited use for military purposes in the past. However, the fields of underwater applications expend to detection, submarine and communication in recent. The excessive multipath encountered in underwater acoustic communication channel is creating inter symbol interference, which is limiting factor to achieve a high data rate and bit error rate performance. To improve the performance of a received signal in underwater communication, many researchers have been studied for channel coding scheme with excellent performance at low SNR. In this paper, we applied BCJR decoder based ( 2,1,7 ) convolution codes and to compensate for the distorted data induced by the multipath, we applying the turbo equalization method. Through the underwater experiment on the Gyeungcheun lake located in Mungyeng city, we confirmed that turbo equalization structure of BCJR has better performance than hard decision and soft decision of Viterbi decoding. We also confirmed that the error rate of decoder input is less than error rate of $10^{-1}$, all the data is decoded. We achieved sucess rate of 83% through the experiment.