• Management & Information Systems Review
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• v.39 no.3
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• pp.83-98
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• 2020

This study analyzes how investors' irrational behavior (or pessimistic sentiment) affects stock market returns and investors' market activity using mass media that delivered public information from January 1998 to December 2012 as a sample. According to pessimistic investor theory, investor pessimism leads to downward pressure on the price of equity capital, thereby making market sentiment pessimistic and lowering market yields. It also shows that investor pessimism increases transaction costs in the market, which in turn dampens investors' trading activities. In other words, pessimistic reporting on public information disseminated by mass media induces investors to act irrationally, eventually having a direct impact on the stock market. This study conducted an empirical analysis of the existing theoretical and empirical studies using domestic mass media as a sample. First, the study revealed a negative correlation between pessimistic reporting and returns as well as excess returns, while it did not show statistically significant results. Second, evidence has been suggested that pessimistic sentiment in the stock market has a negative impact on future pessimistic reporting by mass media. Third, the analysis of the impact of pessimistic reporting on investors' market activity using proxy variables for various market activities found that pessimism dampens market activity, while it did not show statistically significant results. It is assumed that low statistical significance is due to the fact that sample collection was carried out on a monthly basis. While the results of the study have low statistical significance, statistical signs support predictions of the theory.

• The Journal of Fisheries Business Administration
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• v.34 no.1
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• pp.157-183
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• 2003

유류오염 사고를 사전에 예방할 수 있는 정책 수단으로는 여러 가지가 있지만 주요한 것으로는 인센티브제의 활용을 들 수 있다. 유류오염 사고를 예방하고 관리하기 위한 인센티브는 유출 사고로 인해 발생한 해양자원의 피해에 대해 가해자에게 배상책임(liability for losses due to spills)을 부과함으로써 제공될 수 있다. 유류오염 사고로 인한 피해액을 실제 화폐단위로 계량화하는 작업은 배상책임 부과제도를 정책수단으로 활용하기 위해 해결해야 할 가장 어려운 과제이다. 따라서, 최근 미국과 캐나다를 중심으로 발전하고 있는 자연자원 피해에 대한 가치 평가법(Natural Resource Damage Assessment : NRDA)은 배상책임 부과제도를 정책적으로 보완할 수 있는 이론적 도구로 간주되고 있다. NRDA는 잠재적인 가해자들에게 그들이 자연환경을 보존해야 하는 사회적 의무를 이행하지 못하고 이를 훼손하게 될 때 이로 인해 발생하는 모든 사회적 비용을 직접 부담해야 한다는 명확한 재무적 인센티브(financial incentive)를 부여함으로써 가해자 보상 원칙 (polluter pays principle)을 실현 할 수 있게 한다. 본 연구는, 유류오염 사고로 인한 환경자원 피해의 경제적 가치를 추정하는 가장 중요한 이론적 모형으로 활용되고 있는 가상상황평가법(CVM)에 대한 기초 개념과 이론적 체계, 그리고 이를 실제 피해액 추정에 성공적으로 적용시키기 위해 해결해야 할 문제점 등을 다루었다. 이를 위해, 본 연구에서는 1988년 캐나다 북서부 연안에서 발생한 Nestucca 유류오염 사고를 사례연구의 대상으로 선정하고, 사고 당시 캐나다 연방정부와 British Columbia 주정부를 대신하여 해양오염에 의한 환경피해의 경제적 가치를 추정한 미국의 컨설팅 회사인 RCG/Hagler, Baily Inc.의 가상상황평가법(CVM) 적용 사례를 분석 검토하였다. Nestucca 사례연구에서는 이들 연구자들이 실제로 활용한 설문지 설계, 설문방법 및 표본설계 등을 분석하였으며, 또한 CVM이 본질적으로 갖고 있는 방법론적 문제점들을 연구자들이 어떻게 해결하려고 했는가를 고찰하였다. 그리고, WTP 추정을 위해 RCG 연구자들이 사용한 사전규제접근법(ex ante regulatory approach)으로 인해 야기될 수 있는 환경자원 피해액 추정 방법의 한계점도 함께 검토하였다. 캐나다 연방정부와 British Columbia 주정부는 Nestucca 유류오염 사고로 인한 자연 자원 피해에 대한 손해배상으로 $4.3 Million의 보상금을 지급 받게 된다. 캐나다 정부는 이 보상금으로 Nestucca Oil Spill Trust Fund를 설립하여 피해를 입은 자연자원의 원상회복(restoration)을 위한 다양한 연구 프로젝트에 자금을 지원하고 있다. Nestucca 유류오염 사고를 계기로 캐나다 정부와 학계는 해양자원의 피해에 대한 경제적 가치평가와 자원의 원상회복에 대한 체계적인 접근 방안을 처음으로 마련 시행하게 되었다는 점에서, Nestucca 유류오염 사고에 대한 사례연구는 캐나다의 해양환경 보존 정책을 연구하는 출발점으로 평가될 수 있을 것이다. 이에 비해, 우리나라에서 대표적인 유류오염사고로 알려져 있는 시프린스호 사고와 관련된 손해배상금은 주로 연안어민들의 어업피해 배상으로 이루어져 있으며, 간접피해에 대한 배상액 48억 5천만원도 대부분 치어방류, 여수대학교 종묘배양장건립 등 피해지역 연안어업 발전을 위한 사업에 투자되었다.

• International Commerce and Information Review
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• v.13 no.4
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• pp.229-249
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• 2011

The exchange rate change has been increased since the time when the floating exchange rate system was introduced in Korea. As a result, the increase of the exchange rate changes raised the risk in international trades in Korea. Also after Bretton Woods System broke down, the increasing exchange rate fluctuation raised the risk in international trade. The purpose of this dissertation is to study whether this incomplete pass-through exists in Korean export industry and furthermore to measure the markup rate of the export price using real data since Global Financial Crisis. The estimation results of the export price determination model by Error Correction Model shows that the export price of Korea has been greatly influenced by the export prices and exchange rates against U.S. Dollar of rival countries, domestic producer price as well as the Korean Won-U.S. Dollar exchange rate and also business coincidence index of U.S. in demand. Particularly, the pass-through rate of Korean Won-U.S. Dollar exchange rate to export price is estimated to be incomplete, which contrasts with the propositions of traditional exchange rate determination approach, e. g. elasticity approach, monetary approach, etc.

• Journal of Digital Convergence
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• v.17 no.12
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• pp.191-196
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• 2019

The development of open-pit mines leads to large-area topographical changes in highland forests and can lead to severe deterioration of forests, requiring continuous monitoring. The drone photogrammetry is performed at a lower altitude than the existing manned aerial photogrammetry, and thus has a relatively high accuracy. The purpose of this study is to construct spatial information of large open pit mine using drone photogrammetry and to evaluate the accuracy and utilization of the results. The accuracy of the drone photogrammetric results was 0.018 ~ 0.063m in the horizontal direction and 0.027m ~ 0.088m in the vertical direction. These results satisfy the permissible accuracy of 1: 1,000 digital topographic map and it can be used for open mine monitoring. The geospatial information of the open pit mine can be used in various ways, and it can be used to monitor the quantitative change of a specific area for time series change through data management by periodic data acquisition. If drone photogrammetry is applied to open-pit mine monitoring in the future, work time and cost can be greatly reduced compared to the conventional GNSS or total station method, and the work efficiency can be greatly improved because more visible data can be generated.

• The Journal of the Institute of Internet, Broadcasting and Communication
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• v.11 no.4
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• pp.147-156
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• 2011

Though a dozen of different software life cycle models are suggested, there is no universal model which can satisfy all the characteristics of software. Organizations mix and match different life cycle models to develop a model more tailored for their systems and capabilities. We suggest overlapped-concurrent development life cycle model that is more suitable in various software development environment. Firstly, we divided the development process into abstract and implementation stage. Abstract stage is from software concept phase to detailed design starting time, and implementation stage is from detailed design phase to system testing phase. Next, the abstract stage introduced the overlapped phase concept that begins the next phase when the step is completed 20% by applying pareto's law. In the implementation stage, we introduced the concurrent development which the several phases are performed some time as when one use-case (UC) is completed the next development phase is started immediately. The proposed model has an advantage that it can reduce the inefficiency of development resource greatly. This model can increase the customer satisfaction with a great product at a low cost and on a short schedule. Also, this model can contribute to increase the software development success rate.

• Proceedings of the Korea Water Resources Association Conference
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• 2010.05a
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• pp.1134-1138
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• 2010

호소의 수질오염 문제를 해결하기 위해선 우선 소하천에서 강우유출에 의한 비점오염물질이 어디서 얼마나 발생하는지에 대한 정량적인 조사가 필요하다. 그러나 유역의 오염원에 대한 정량적인 조사가 이루어지려면 많은 비용과 시간 그리고 노력이 필요하다. 따라서 본 연구에서는 대청호 상류유역의 소하천인 안내천을 대상으로 강우유출수 조사를 실시하고, 높은 예측 정확성 때문에 세계적으로 널리 쓰이고 있는 Long-Term Hydrologic Impact Assessment(L-THIA)을 이용하여 실측데이터와 L-THIA 모델의 결과를 비교하였다. 안내천의 유역면적은 16.5 $km^2$로 유역의 약 69.5%가 산림, 농업 및 초지지역이 25.3% 그리고 주거지역이 2.6%로 조사되었다. 수질분석을 위하여 자동수질시료채취기(ISCO sampler 6712)를 설치하여 시간단위의 시료를 채취한 뒤 수질농도를 측정하였다. 수질항목은 유기물질인 $BOD_5$, TOC, T-N, T-P 항목에 대하여 수질오염 공정시험법으로 분석하였다. WHAT 시스템을 이용하여 분리된 직접유출량은 315.5~161,835.1 $m^3$의 범위로 나타났다. 직접유출량을 이용하여 산정한 유역의 EMC 농도는 안내천 유역의 $EMC_{BOD}$는 1.0~2.4 mg/L, $EMC_{TOC}$는 1.429~5.491 mg/L, $EMC_{COD}$는 2.2~10.2 mg/L, $EMC_{TN}$은 2.906~10.864 mg/L, $EMC_{TP}$는 0.029~0.285 mg/L의 범위를 보였다. 또한 실측된 유량과 농도를 이용하여 산정한 오염부하는 안내천 유역이 $BOD_5$ 37.9~390.9 g, $COD_{Mn}$ 0.8~1,657.5 g, TOC 0.54~791.83 g, T-N 0.968~1,758.174 g, T-P 0.011~42.139 g의 범위로 나타났다. L-THIA 모델을 이용하여 직접유출량의 산정된 결과와 실측 결과를 비교 분석한 결과 결정계수와 유효지수가 0.95와 0.93으로 높게 나타나 대청호 상류유역에서 발생하는 유출량을 모의하는데 적절할 것으로 판단된다. 토지이용도와 토양도 그리고 일 강우자료만으로 구축되는 L-THIA 모델을 이용하여 대청호 상류의 소하천 유역에 대하여 비점오염원 유출특성을 해석하는 것이 가능 할 것으로 판단된다.

• Proceedings of the Korea Water Resources Association Conference
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• 2010.05a
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• pp.1706-1709
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• 2010

Sewerage Treatment Plants(STPs) are complexes systems in which a range of physical, chemical and biological processes occur. Since Activated Sludge Model(ASM) No.1 was published, a number of new mathematical models for simulating biological processes have been developed. However, these models have disadvantages in cost and simplicity due to the laboriousness and tediousness of their procedures. One of the major difficulties of these mathematical model based tools is that the field-operators mostly don't have the time or the computer-science skills to handle there models, so it mainly remains on experts or special engineers. In order to solve these situations and help the field-operators, the $KM^2BM$(K-water & More-M Mass Balance Model) based on the dynamic-mass balance model was developed. This paper presents $KM^2BM$ as a simulation tools for STPs design and optimization. This model considers the most important microbial behavioral processes taking place in a STPs to maximize potential applicability without increasing neither model parameter estimation nor wastewater characterization efforts.

• Korean Journal of Construction Engineering and Management
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• v.15 no.4
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• pp.39-48
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• 2014

The speed of aging society is increasingly getting faster in Korea. Currently, there are over one million elderly living alone, which represents more than 19% of the total elderly in Korea. Although various policies and research have been implemented for caring the elderly living alone, there have been obvious limitations in realization of the caring system due to inconvenience, privacy violation, difficult operation and maintenance. Therefore, the objective of this study is to develop a method and a prototype system to monitor safety of elderly living alone by using energy usage information of automatic meter reading device. The proposed system is expected to improve or resolve the existing limitations and to provide 24 hour monitoring and early detection of death for the elderly living alone without adding staffs for operation and maintenance in a more effective and economic way.

• The Journal of Korean Institute of Communications and Information Sciences
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• v.28 no.4C
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• pp.413-423
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• 2003

The CMA algorithmis most widely investigated blind algorithm and the most widely used one in practice. But, since nonlinear CM cost function have not closed form solution about the optimum weight. There have been difficultiesto analyze the CMA equalizer's theoretical performance. Recently, Zeng presents the notable theoretical resultabout the MSE of CM-minimizing estimators for the FIR linear channel in the presence of AWGN. Through this method, It wouldbe possible to campare the theoretical performance between CMA and Wiener equalizer in terms of MSE. In this paper, based on Zeng's method, we first calculate the theoretical MSE bound of CMA equalizer in partial response channel which is widely used in HDD, digital VCR such as high-density digital recording.playback systems. We confirmedthis result withthe computer simulation. Except this, we also performedthe theoretical and simulation analysis about the modified CMA equalizer, which was proposed to improve the performance of CMA equalizer in partial response channel. Finally, we compare and evaluate the performance analysis results between CMA and Modified CMA equalizer.

• Journal of Environmental Policy
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• v.9 no.1
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• pp.57-81
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• 2010

Since the Republic of Korea is highly dependent on fossil fuels despite high oil prices, it urgently needs to renew its economic and social system to cut carbon emissions and achieve green growth. Therefore, reforming or eliminating subsidies related to the use of fossil fuels is a timely and oppropriate policy recommendation for Korea. It would be a win-win deal for Korean society as it would not only reduce the use of environmentally harmful fossil fuels but also enhance economic efficiency. In particular, cross-subsidies for industrial, agricultural and night thermal-storage power services make up more than 80 percent of all subsidies provided to the entire electric power industry sector of Korea. Of these cross-subsidies, this paper analyzes the electricity subsidy for industries, which takes up the largest share (about KRW 1.6583 trillion yearly), among the environmentally harmful subsidies in the electric power sector. Thus, the paper focuses on the analysis of ripple effect anticipated when this is reformed. To examine the effects of this subsidy reform, price elasticities were estimated using the ARDL (autoregressive distributed lag) model and quarterly data from 1990 to 2007. The main results of this study show that 1) annual energy demand for electric power in the industrial sector would drop by 12,475,930MWh and 2) $CO_2$ emissions would plummet by 2,644,897 tons per year if the subsidy were reformed. We can deduct from this that the abolition of environmentally harmful subsidies in the electric power sector in the Republic of Korea would considerably contribute to $CO_2$ emissions abatement in the country.