• Journal of Korean Society of Forest Science
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• v.111 no.1
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• pp.177-185
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• 2022

In this study, the economic feasibility of a local energy facility that uses forest biomass as an energy source was assessed. We analyzed profitability using data from the Forest Energy Self-sufficient Village Project financed by the Korea Forest Service. The energy facility has a cogeneration generator and wood chip boiler. Wood chip, which has lower heat value and is cheaper than wood pellets, is used as fuel. Revenue comes from the sale of electricity, heat, and renewable energy certificates. Additionally, we considered the sale of carbon credits as substitutes for fossil fuels. The expenditure consists of fuel costs and fixed costs, and the initial investment is treated as a sunk cost. Under the condition of a 55% operation rate and wood chip price of 95,000 KRW per ton, the annual net revenue is positive. Crucial factors for managing the facility sustainably are operation rate and fuel cost. A simulation in which two factors were changed showed that the annual net revenue is negative with a 50% operation rate and 100,000 KRW per ton of wood chip price. To improve net revenue, an increase in the operation rate or a decrease in the wood chip price is required. Additionally, selling carbon credits will make the operation of the facility more profitable. Furthermore, the payment required to procure wood chips could contribute to the rural economy. To foster the use of forest biomass for energy, the price for heat supplied from renewable energy sources should be subsidized.

• Korean Chemical Engineering Research
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• v.56 no.1
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• pp.6-13
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• 2018

Utilizing the heat of cooling water discharge of coal-fired power plant, pipeline investment costs for businesses that supply heat to agricultural facilities near power plants increase in proportion to installation distance. On one hand, the distance from the power plant is a factor that brings difficulties to secure economic efficiency. On the other, if the installation distance is short, there is a problem of securing the heating demands, facility houses, which causes economical efficiency to suffer. In this study, the economic efficiency of 1km length of standard heat pipeline was evaluated. The sensitivity of the heat pipe to the new length variation was analyzed at the level of government subsidy, amount of heating demand and the incremental rate of pipeline with additional government subsidy. As a result of the analysis, it was estimated that NPV 131 million won and IRR 15.73%. The sensitivity analysis showed that NPV was negative when the length of heat pipe facility exceeded 2.6 km. If the government supports 50% of the initial investment, the efficiency is secured within the estimated length of 5.3 km, and if it supports 80%, the length increases within 11.4 km. If the heat demand is reduced to less than 62% at the new length of the standard heat pipe, it is expected economic efficiency is not obtained. If the ratio of government subsidies to initial investment increases, the elasticity of the new bloc will increase, and the fixed investment, which is the cost of capital investment for one unit of heating demand, will decrease. This would result in a reduction in the cost of production per unit, and it would be possible to supply heat at a cheaper price level to the facility farming. Government subsidies will result in the increased economic availability of hot plumbing facilities and additional efficiencies due to increased demand. The greater government subsidies to initial investment, the less farms cost due to the decrease in the price per unit. The results of the study are significant in terms of the economic evaluation of the effectiveness of the government subsidy for the thermal power plant heat utilization project. The implication can be applied to any related pilot to come.

• The Journal of the Korea Contents Association
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• v.19 no.6
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• pp.620-631
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• 2019

Be an important competitive appearance for both boys and girls in modern society, and highlight the importance of enhancing their appearance. Administrative activity is considered traditionally feminine behavior and appearance, almost all female is subject of a consumer market is continuing, and recognition, but since the 1990s.Gender role stereotypes and women's social activity due to changes in status and role of men and women affected. Accordingly, the men in the realm of women than it used to be a glass half full and inclusive attitude began to improve her appearance are also men, and well in yourself. Investing a lot of time and money to their appearance to describe behavior. Furthermore, workers men to appearance factor for the career achievement, such as promotion or salary competitiveness is gradually spreading awareness of social life on whose behalf the men. The halo effect for a positive image formation and desirable looks to be. A Study on the self-wor Second, the higher the self-esteem of psychologically stable social approval of the important aesthetic of clothing, is less dependent on increased manageability and clothing. The study by analysis of the self respect persimmon and appearance for his own body satisfaction and a high correlation study and OK. Interpersonal and that a significant impact on the formation.Be an important competitive appearance for both boys and girls in modern society, and highlight the importance of enhancing their appearance. Administrative activity is considered traditionally feminine behavior and appearance, almost all female is subject of a consumer market is continuing, and recognition, but since the 1990s.Gender role stereotypes and women's social activity due to changes in status and role of men and women affected. Accordingly, the men in the realm of women than it used to be a glass half full and inclusive attitude began to improve her appearance are also men, and well in yourself. Investing a lot of time and money to their appearance to describe behavior. Furthermore, workers men to appearance factor for the career achievement, such as promotion or salary competitiveness is gradually spreading awareness of social life on whose behalf the men. The halo effect for a positive image formation and desirable looks to be. A Study on the self-wor Second, the higher the self-esteem of psychologically stable social approval of the important aesthetic of clothing, is less dependent on increased manageability and clothing. The study by analysis of the self respect persimmon and appearance for his own body satisfaction and a high correlation study and OK. Interpersonal and that a significant impact on the formation.

• KDI Journal of Economic Policy
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• v.34 no.3
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• pp.95-131
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• 2012

This study examines whether the executive turnover and the executive resignation during the term of office affect the performance of Korean state-owned enterprises. The executive turnover in the paper means the comprehensive change of the executives which includes the change after the term of office, the change after consecutive terms and the change during the term of office. The 'resignation' was named for the executive change during the term of office to distinguish from the executive turnover. The study scope of the paper is restrained to the comprehensive executive change itself irrespective of the term of office and the resignation during the term of office. Therefore the natural change of the executive after the term of office or the change after consecutive terms is not included in the study. Spontaneous resignation and forced resignation are not distinguished in the paper as the distinction between the two is not easy. The paper uses both the margin of return on asset and the margin of return on asset adjusted by industry as proxies of the performance of state-owned enterprises. The business nature of state-owned enterprise is considered in the study, the public nature not in it. The paper uses the five year (2004 to 2008) samples of 24 firms designated as public enterprises by Korean government. The analysis results are as follows. First, 45.1% of CEOs were changed a year during the sample period on the average. The average tenure period of CEOs was 2 years and 3 months and 49.9% among the changed CEOs resigned during the term of office. 41.6% of internal auditors were changed a year on the average. The average tenure period of internal auditors was 2 years and 2 months and 51.0% among the changed internal auditors resigned during the term of office. In case of outside directors, on average, 38.2% were changed a year. The average tenure period was 2 years and 7 months and 25.4% among the changed internal directors resigned during the term of office. These statistics show that numerous CEOs resigned before the finish of the three year term in office. Also, considering the tenure of an internal auditor and an outside director which diminished from 3 years to 2 years by an Act on the Management of Public Institutions (applied to the executives appointed since April 2007), it seems most internal auditors resigned during the term of office but most outside directors resigned after the end of the term. Secondly, There was no evidence that the executives were changed during the term of office because of the bad performance of prior year. On the other hand, contrary to the normal expectation, the performance of prior year of the state-owned enterprise where an outside director resigned during the term of office was significantly higher than that of other state-owned enterprises. It means that the clauses in related laws on the executive dismissal on grounds of bad performance did not work normally. Instead it can be said that the executive change was made by non-economic reasons such as a political motivation. Thirdly, the results from a fixed effect model show there were evidences that performance turned negatively when CEOs or outside directors resigned during the term of office. CEO's resignation during the term of office gave a significantly negative effect on the margin of return on asset. Outside director's resignation during the term of office lowered significantly the margin of return on asset adjusted by industry. These results suggest that the executive's change in Korean state-owned enterprises was not made by objective or economic standards such as management performance assessment and the negative effect on performance of the enterprises was had by the unfaithful obeyance of the legal executive term.

• Journal of Intelligence and Information Systems
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• v.16 no.3
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• pp.77-97
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• 2010

Market timing is an investment strategy which is used for obtaining excessive return from financial market. In general, detection of market timing means determining when to buy and sell to get excess return from trading. In many market timing systems, trading rules have been used as an engine to generate signals for trade. On the other hand, some researchers proposed the rough set analysis as a proper tool for market timing because it does not generate a signal for trade when the pattern of the market is uncertain by using the control function. The data for the rough set analysis should be discretized of numeric value because the rough set only accepts categorical data for analysis. Discretization searches for proper "cuts" for numeric data that determine intervals. All values that lie within each interval are transformed into same value. In general, there are four methods for data discretization in rough set analysis including equal frequency scaling, expert's knowledge-based discretization, minimum entropy scaling, and na$\ddot{i}$ve and Boolean reasoning-based discretization. Equal frequency scaling fixes a number of intervals and examines the histogram of each variable, then determines cuts so that approximately the same number of samples fall into each of the intervals. Expert's knowledge-based discretization determines cuts according to knowledge of domain experts through literature review or interview with experts. Minimum entropy scaling implements the algorithm based on recursively partitioning the value set of each variable so that a local measure of entropy is optimized. Na$\ddot{i}$ve and Booleanreasoning-based discretization searches categorical values by using Na$\ddot{i}$ve scaling the data, then finds the optimized dicretization thresholds through Boolean reasoning. Although the rough set analysis is promising for market timing, there is little research on the impact of the various data discretization methods on performance from trading using the rough set analysis. In this study, we compare stock market timing models using rough set analysis with various data discretization methods. The research data used in this study are the KOSPI 200 from May 1996 to October 1998. KOSPI 200 is the underlying index of the KOSPI 200 futures which is the first derivative instrument in the Korean stock market. The KOSPI 200 is a market value weighted index which consists of 200 stocks selected by criteria on liquidity and their status in corresponding industry including manufacturing, construction, communication, electricity and gas, distribution and services, and financing. The total number of samples is 660 trading days. In addition, this study uses popular technical indicators as independent variables. The experimental results show that the most profitable method for the training sample is the na$\ddot{i}$ve and Boolean reasoning but the expert's knowledge-based discretization is the most profitable method for the validation sample. In addition, the expert's knowledge-based discretization produced robust performance for both of training and validation sample. We also compared rough set analysis and decision tree. This study experimented C4.5 for the comparison purpose. The results show that rough set analysis with expert's knowledge-based discretization produced more profitable rules than C4.5.