• Korea Trade Review
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• v.43 no.2
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• pp.181-204
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• 2018

This study examines the existence of a target leverage and determinants of book and market leverage. A data set of shipping firms from 2009 to 2016 was used to conduct an empirical study. The target leverage which cannot be observed in the market is estimated using a partial-adjustment model of firm capital structure. This study found that factors affecting the capital structure differ with respect to firm size, book value leverage and market value leverage. Shipping firms have a target leverage, adjust the actual leverage toward that target leverage, and consider the target leverage as an optimum leverage. The deviation of the leverage from the target leverage plays an important role to explain changes of leverage level. The greater the deviation results in greater adjustment of shipping firms toward targets. A high level of initial debt reduces leverage changes.

• Management & Information Systems Review
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• v.30 no.4
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• pp.175-193
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• 2011

This paper tests a correlation between degrees of operating leverage(DOL) and financial leverage(DFL). For an empirical analysis, this paper extracted information from financial statements of manufacturing companies listed in the Korea Stock Exchange. Data extend from 1990 to 2009. The DOL continued to increase until 1997, but decreased dramatically after the IMF financial crisis. However, the DOL has been at a higher level than companies of other countries such as USA and Japan. The DFL has been maintained at a much higher level, as expected. The empirical results indicate a positive correlation between the DOL and the DFL. To further investigate, we divide the whole sample into subgroups according to such management elements as asset size, IMF crisis. The results for sub-samples are different from those of whole sample. This indicates we need to incorporate specific managerial factors in order to correctly explain financial decision processes.

• Proceedings of the Materials Research Society of Korea Conference
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• 2003.11a
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• pp.75-75
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• 2003

본 연구에서는 대기 중 극 미량으로 존재하는 환경 유해 가스 성분을 검출할 수 있는 미세 소자로의 응용을 위해 마이크로 칸티레버를 제작하고 가스 센서로의 활용 가능성을 검토하였다. 마이크로 칸티레버는 크게 구동층 캐패시터로서 대표적인 압전 재료인 Pb(Zr,Ti)O$_3$ (PZT)를 사용하고 SiNx 박막을 지지층으로 하는 형태로 제작되었다. 제작된 마이크로 칸티레버는 치수 및 형상에 따라 17~29 KHz 의 기본 공진 주파수 값을 나타내었다. Electron beam evaporator를 이용한 copper (Cu) 박막의 단계적인 증착을 통해 칸티 레버 표면에 질량을 증가시키고 그에 따른 마이크로 칸티레버의 공진주파수 변화를 관찰한 결과 질량 증가에 대해 34 Hz/ng의 선형적인 주파수 감소를 나타내었으며, 이로부터 694.4 $\textrm{cm}^2$/g 의 gravimetric sensitivity factor를 얼을 수 있었다. 마이크로칸티레버의 가스 감지능력 시험을 위해 가스 흡착층으로 일차 알콜류의 vapor를 흡착 하는 것으로 보고된 poly methyl metacrytate (PMMA)를 마이크로 칸티레버 표면에 코팅하였다. 마이크로칸티 레버의 기본 공진 주파수 및 PMMA 흡착층 형성과 가스의 흡착에 따른 주파수 변화는 마이크로 칸티 레버로부터 의 전기적 신호를 이용하는 복소 임피던스 분석에 의해 측정되었다. PMMA가 코팅된 마이크로 칸티레버는 ethanol 및 methanol vapor 의 농도가 증가함에 따라 선형적인 공진주파수 감소를 나타내었으며, methanol vapor 의 경우 0.06 Hz/ppm 의 가스 검출 감도를 얻을 수 있었다.

• The Korean Journal of Financial Management
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• v.21 no.1
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• pp.33-58
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• 2004

This paper tests Van Home's hypothesis, a negative correlation between degrees of operating leverage(DOL) and financial leverage(DFL). For an empirical analysis, we extract information from financial statements of manufacturing companies listed in the Korea Stock Exchange. Data extend from 1980 to 2001. The DOL continued to increase until 1997, but decreased dramatically after the IMF financial crisis. However, the DOL has been at a higher level than companies of other countries such as USA and Japan. The DFL has been maintained at a much higher level, as expected. The empirical results indicate a positive correlation between the DOL and the DFL, which is inconsistent with the VanHorne's hypothesis. To further investigate, we divide the whole sample into subgroups according to such management elements as asset size, level of leverages, earnings and cash flow. The results for sub-samples are different from those of whole sample. This indicates we need to incorporate specific managerial factors in order to correctly explain financial decision processes.

• Journal of Digital Convergence
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• v.16 no.4
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• pp.79-85
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• 2018

The objective of this study focuses on the relationship between increasing of leverage and income, asset purchase. For empirical test, regression analysis was conducted using panel data of the household financial welfare survey. The results of the analysis are as follows: First, increasing of leverage is determined by the asset purchase. Deleveraging can be realized by reducing the size of the assets. Second, increase of leverage has positively affected on the increase of asset. Also, the increase of income has significantly positive influence on the increase of assets. These results provide practical guidance as research in increasing of leverage and increase of asset and the limitations of the research and future study are discussed as well.

• Management & Information Systems Review
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• v.35 no.2
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• pp.1-12
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• 2016

In this study, price discovery between the KOSPI200 spot, and leveraged ETFs(Leveraged KODEX, Leveraged TIGER, Leveraged KStar) is investigated using the vector error correction model(VECM). The main findings are as follows. Leveraged KODEX(Leveraged TIGER, Leveraged KStar) and KOSPI200 spot are cointegrated in most cases. There is no interrelations between the movement of Leveraged KODEX(Leveraged TIGER, Leveraged KStar) and KOSPI200 spot markets in case of daily data. Namely, in daily data, Leveraged KODEX(Leveraged TIGER, Leveraged KStar) doesn't plays more dominant role in price discovery than the KOSPI200 spot.

• The Journal of Information Technology
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• v.2 no.2
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• pp.163-175
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• 1999

The unique aspect of this study is its explicit introduction of the degrees of operating leverage and financial leverage in investigating the joint impact of both asset structure and capital structure on systematic risk. This study found a significant correlation between the two. These findings can help us in prediction of corporate behavior.

• Proceedings of the KAIS Fall Conference
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• 2003.06a
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• pp.140-142
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• 2003

본 논문은 유전 알고리듬을 이용하여 오토 트랜스미션 레버의 최적 설계 방법론에 대한 연구이다. 현재 업계에서의 오토 트랜스미션 레버는 구성 부품들을 순서적으로 설계하고 있으나, 본 연구에서는 구성 부품들의 설계 파라미터들을 동시에 고려하여 설계할 수 있는 새로운 방법론을 제안한다. 유전 알고리듬 접근방법은 오토 트랜스미션 레버의 설계 파라미터들의 최적 설계 파라미터 집합을 결정하기 위해 적용된다. 본 연구에서는 오토 트랜스미션 레버의 구성 부품들로 구성된 제약조건하에 디덴트 스프링의 각의 변위를 최소화하는 목적함수를 가지는 설계 문제를 모델링하였고, 유전 알고리듬을 적용하여 최적 설계를 수행하였다.

• Current Research on Agriculture and Life Sciences
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• v.27
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• pp.7-11
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• 2009

Persimmon occupied the second largest cultivation area next to apple among the fruits in Korea. Since 70 % of its cultivating field is located at slope, the efficiency of its harvesting operation is very low. Also, the traditional high-ground trimmer show very low efficiency due to its structure problem.. In this paper, a high-ground trimmer which is a persimmon cultivator was developed by solving the problem of a traditional high ground trimmer. The results of the research are summarized as follows : 1. In case of the developed hydraulic type high ground trimmer, the required average lever tension is 2.9 N. 2. However, the required average tension force of the existing spring type is 25.5 N, which was 8.7 times greater than developed hydraulic lever type trimmer in this study.

• Journal of Korea Port Economic Association
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• v.38 no.4
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• pp.13-23
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• 2022

In this study, from January 2015 to April 2020, we propose a stochastic volatility model to capture the leverage effect on daily freight yields in the dry cargo market and analyze the freight yields. Estimation involving the Bayesian Markov Chain Monte Carlo method for the leverage effect based on the negative correlation that exists between returns and volatility in stochastic volatility analysis yields similar estimates, and the statistcs indicates significant. That is, the results of the empirical analysis show that the degree of correlation between returns and volatility, and the magnitude and sign of fluctuations differ, which suggests that taking into account the leverage effect in the SV model improves the goodness of fit of the estimates. In addition to the statistical significance of the estimated model's leverage effect, the analysis by log predictive power score presents the estimated results with improved predictive power of the model considering the leveraged effect. These astatistically significant empirical results show that the stochastic volatility model considering the leverage effect is important for freight rate risk modeling in the marine industry.