• The Journal of the Korea Contents Association
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• v.15 no.11
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• pp.397-409
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• 2015

The Global Financial Crisis and introduction of International Financial Reporting Standards (IFRS) urged the banks to strengthen their asset qualities. The banks dispose their non performing loans(NPLs) consistently to maintain a sufficient BIS capital adequacy ratio. Accordingly, the interests in auctions, as a disposal method, of real estates that secured for NPLs are on the increasing. This study suggest an alternative for fairness consolidation of real estate auctions which secured for NPLs. First, the impartial entry barriers for NPL sales markets need to be eliminated for fair bidding competition in auctions for real estate that secured for NPLs. In addition, the portion of NPL disposal by real estate auctions need to be expanded. Second, the asymmetry of trade information in the retail markets of NPLs and the abuse of offset by NPL owners' also should be restricted. The Fairness improvement of NPL trading process and real estate auction process that secured for them would of great use in the protection of bidders. Futhermore, it would also contribute to the revitalization of real estate auction markets and the resolution of NPLs of banks through fair disposal of distressed assets.

• Journal of Korean Society of Forest Science
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• v.104 no.4
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• pp.685-696
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• 2015

This study intends to evaluate visual preference and image for 10 types of forest sceneries which have own distinct characteristics without overlapping each other among 22 types of beautiful forest sceneries based on Korea National Parks. Z scale and paired comparison methods were used to analyze visual preference for forest scenery, and SD scale method was also adopted to assess visual image for forest scenery. Experiments were conducted with 3 different university students groups. The results of this study can be summarized as follows. First, the evaluation results of Z scale (N=70) and paired comparison (N=64) methods show similar visual preference for different types of forest scenery. 'Scenery inside forests' and 'valley and rock' sceneries have the highest level of preference, and 'panorama of ridges', 'ridge of curious rock peaks', and 'waterfall and cliff' also have relatively higher preference level than others. However, 'community of dead trees' has the lowest preference in forest sceneries. Second, the factor analysis outputs of the image scores for beautiful forest scenery types by SD scale (N=66) show 3 factors of 'mysterious charm', 'colorful sense', and 'vividness/variety'. Examined the variables of forest scenery types for each factor, the image of 'mysterious charm' is based on the sceneries of mountain ridges, the image of 'colorful sense' is focused on the sceneries of color-expressed sense of the season, and the image of 'vividness/variety' is based on the sceneries of waterscape and curious rock peaks.

• Journal of Korea Port Economic Association
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• v.27 no.2
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• pp.297-311
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• 2011

This paper deals with a strategic investment decision model for improving investment profit in shipping industry. Despite the quantitative expansion of Korean shipping business, many shipping firms have suffered financial difficulties due to financial and operating risks that result from the characteristics of capital-intensive business as well as of volatility of shipping markets. As a result, managers in charge of making an investment decision, particularly in tramper business sector, are required to take both financial and operating risk factors into consideration. Put it differently, managers are strongly recommended to avoid these risks by ship asset play; buy-low and sell-high, which results in considerable capital gain and cost reduction. In addition, managers in shipping industry are also recommended to consider the ship chartering investment alternative when the freight markets show extreme volatility as the case of 2008 triggered by sub-prime mortgage financial crisis in USA. For example, the BDI suffered plunging down from 1000 in 2008 to 100 in 2010. Consequently, the 4th largest shipping company in Korea, DAEHAN Shipping Co., has collapsed primarily due to excessive tonnage expansion during the peak time of bulk market. In sum, the strategic investment decision model, suggested in this paper, is designed to include such factors as capital gain by asset play, timely chartering for alternative shipping service, and optimization of operating profit by tonnage adjustment in accordance with change in the shipping markets concerned.

• The Journal of the Korea Contents Association
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• v.21 no.11
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• pp.320-332
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• 2021

This paper investigates the influence of stock-level left-tail risk, which is defined using Value-at-Risk(VaR) estimates of past one-year daily stock returns, in the expected stock returns in the Korean stock market. Our results are summarized as follows: First, monthly-constructed zero-cost portfolios that buy (shortsell) the highest (lowest) left-tail risk decile in the previous month exhibit an average monthly return (called left-tail risk premium) of -2.29%. Second, Fama-MacBeth cross-sectional regressions suggest that left-tail risk in the previous month shows significant and negative explanatory power over return in this month, after controlling for various firm characteristics such as firm size, B/M, market beta, liquidity, maximum daily return, idiosyncratic volatility, and skewness. Third, the stocks with larger recent month loss have lower returns in the next month. Fourth, the magnitude of left-tail risk premium is negatively related with lagged market-level volatility. These results support the hypothesis from a perspective of behavioral finance that the overpricing of stocks with left-tail risk is attributed to the investors' underreaction to it.

• The Journal of Korea Institute of Information, Electronics, and Communication Technology
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• v.15 no.4
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• pp.243-248
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• 2022

The purpose of this paper is to etching SUS MASK by adding an additive (F300) to FeCl3. The equipment used in the experiment is a self-made automatic liquid management system. The automatic liquid management system is a device capable of controlling the Oxidation Reduction Potential (ORP) and specific gravity in real time and supplying FeCl3 and additives in a quantitative manner. SUS MASK was etched in units from 10 sheets up to 200 sheets for 1 minute. It was confirmed that when the initial SUS MASK was 10 sheets, the ORP value started with 628 mV and measured at 611 mV from the time of 40 sheets being injected, and maintained close to 610 mV up to 200 sheets. The specific gravity was maintained near 1.640. And the SUS MASK was measured close to 0.4 mm from 50 sheets to 200 sheets. The experimental conditions of ORP had a specific gravity of 610 mV, 1.463, an etching pressure of 3.0 kg/cm2, an additive (F300) ratio of 1.2%, and the hole size was measured by up to 200 sheets of 10 sheets at once etching. As a result, the diameter approached 0.4 mm from 20 sheets. Even if the number of SUS MASK was increased, the ORP and specific gravity were well controlled, and it was confirmed that the experimental target value was close to 0.4 mm.

• The Journal of the Convergence on Culture Technology
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• v.8 no.5
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• pp.697-703
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• 2022

Due to the recent economic downturn caused by Covid-19 and the unstable international situation, many investors are choosing the derivatives market as a means of investment. However, the derivatives market has a greater risk than the stock market, and research on the market of market participants is insufficient. Recently, with the development of artificial intelligence, machine learning has been widely used in the derivatives market. In this paper, reinforcement learning, one of the machine learning techniques, is applied to analyze the scalping technique that trades futures in minutes. The data set consists of 21 attributes using the closing price, moving average line, and Bollinger band indicators of 1 minute and 3 minute data for 6 months by selecting 4 products among futures products traded at trading firm. In the experiment, DNN artificial neural network model and three reinforcement learning algorithms, namely, DQN (Deep Q-Network), A2C (Advantage Actor Critic), and A3C (Asynchronous A2C) were used, and they were trained and verified through learning data set and test data set. For scalping, the agent chooses one of the actions of buying and selling, and the ratio of the portfolio value according to the action result is rewarded. Experiment results show that the energy sector products such as Heating Oil and Crude Oil yield relatively high cumulative returns compared to the index sector products such as Mini Russell 2000 and Hang Seng Index.

• Proceedings of the Korea Water Resources Association Conference
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• 2021.06a
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• pp.303-303
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• 2021

소양호 유역의 만대가아자운지구는 2015년 비점오염원 관리지역으로 재지정 되면서 흙탕물 저감을 위해 중앙정부 차원에서 발생원 관리대책, 유출경로 관리정책 및 양한 비점오염 저감시설 등의 노력을 기울이고 있다. 하지만 상류 유역에서는 지속적으로 흙탕물이 발생되고 있으며, 뚜렷한 비점오염 저감효과가 나타나지 않고 있다. 본 연구에서는 정밀조사를 통해 흙탕물 발생 우심 소유역을 분석하고자 하였다. 정밀조사를 위해 관리지역별 하천 및 구거를 분석하였으며, 이를 통해 만대·가아·자운지구별 각 57지점, 31지점, 72지점에서 강우시 수질 모니터링을 수행하였다. 만대지구의 탁도는 167 NTU~7,970 NTU, SS농도는 164.3 mg/L~5,718.0 mg/L 로 관리지역 중 탁도 및 SS 농도가 높았으며, 시행계획상 구분된 소유역별 평균 탁도와 평균 SS농도는 만대천 상류구간이 가장 낮고, 상명천 소유역과 청룡안골, 방추골천, 방추골일천이 흐르는 소유역에서 높게 나타났다. 가아지구의 탁도는 17 NTU~962 NTU, SS농도는 17.8 mg/L~1,020.0 mg/L 로 조사되었으며, 평균 탁도와 평균 SS농도는 가아지구 말단 소유역에서 가장 낮고, 상류 소유역에서 높게 나타났다. 가아천 상류는 탁도 410 NTU와 SS농도 575.0 mg/L, 하류는 탁도 167 NTU, SS농도 197.3 mg/L로 나타나 상류에서 하류로 갈수록 탁도와 SS농도가 낮아졌으며, 상류 유역은 비점저감시설이 밀집해 있음에도 불구하고 다량의 흙탕물이 발생하는 것으로 나타났다. 그러나, 자운지구는 비점오염저감시설이 집중적으로 설치된 상류 유역에 비해 하류 소유역에서 탁도와 SS농도가 높은 것으로 조사되었다. 자운지구의 탁도는 7 NTU~761 NTU, SS농도는 10.8 mg/L~1,199.0 mg/L로 조사되었으며, 평균 탁도와 평균 SS농도는 자운지구의 하류 소한천 소유역이 가장 낮고, 조항천 말단 소유역에서 높게 나타났다. 정밀조사 결과 탁도 및 SS농도가 높게 나타나는 소유역은 공통적으로 고랭지밭의 비율이 높게 나타났기 때문에 고랭지밭에서 발생되는 흙탕물을 효과적으로 관리하기 위해서는 최근 환경부에서 시범 추진하고 있는 농경지 완화조성, 토지 매수사업, 식생완충대 조성 등의 발생원 관리대책 확대 추진이 필요할 것으로 판단된다. 또한 소양호 유역의 비점오염원관리지역은 2020년 비점오염원 관리대책 시행계획이 수립되어 향후 2026년 비점오염 저감 대책이 추진됨에 따라 지속적이고 정밀한 모니터링이 필요할 것으로 판단된다.

• Journal of the Korean Institute of Landscape Architecture
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• v.42 no.6
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• pp.72-88
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• 2014

This study was conducted in order to analyze user behavior and preference factors in the outdoor spaces of mental hospitals. Among hospitals with 250 or more beds, 5 hospitals were selected in consideration of size of garden and diversity of garden elements. The subject of the study was restricted to mild cases of schizophrenia while 30~50 patients were selected on the recommendation of their doctor from 5 hospitals, respectively. The physical environment was analyzed, focusing on space components, after visiting the sites of study. A face to face interview method was selected in consideration of patients' cognitive abilities, a total of 230 questionnaires were used for the analysis. The results of the study can be summarized as follows. Rest facilities occupy the largest numbers in the components of garden, and those are followed by landscape facilities, walking/exercise facilities, and experience facilities. Outdoor walking/exercise programs are classified into group walks and free walks with most patients taking group walks. Most of the patients visit these outdoor spaces every day but some of them rarely use the outdoor areas. In order to increase the efficiency of using these outdoor spaces, the percentage of space for ensuring a sense of control should properly harmonize with the percentage of space to facilitate patients in having social contact. With regard to the reasons for preferring the most widely-used outdoor spaces, landscape/environment property was the most important, followed by functionality and then accessibility. Major activities in the preferred space are mainly composed of walking/exercise and rest. The preferred facilities are waterscape facilities such as ponds, waterfalls and fountains, rest facilities such as pergolas and shade trees, and lawn. It was understood that naturalness should be considered to be the most important factor in constructing a new healing garden, followed by aesthetics and amenities. Single facilities rated by preference for introduction were flower beds, trails, and lawn. According to type, waterscape facilities such as fountains, ponds, waterfalls and waterwheels were most preferred. Space for natural distraction and programs for the cultivation of flower beds were also preferred. The ideal image of a healing garden should be bright, familiar, and orderly as a whole, having plenty of introduced facilities. Open spaces were preferred to enclosed spaces. Finally, the image of a garden that helps patients feel calm was thought to be that of the most ideal garden.

• Korean Journal of Environment and Ecology
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• v.34 no.6
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• pp.515-529
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• 2020

Constructed wetlands undergo biological and physical changes such as an increase in the proportion of arid plants due to the natural succession process after formation. It can adversely affect not only the purification function but also the habitat of species. As such, this study aims to identify environmental factors affecting biodiversity and propose management plans based on the monitoring results of physical environmental changes and the emergence of species in seven constructed wetlands selected based on the water depth and surrounding conditions among the lands purchased by the Nakdong River basin. We examined the environmental conditions and emergence of the Odonata, which is a wetland-dependent species, to predict the trend of changes in biodiversity and abundance. The results showed that the open water area decreased as the emergent plants spread to the deep water in 2015 compared to 2012 when they were initially restored to a depth of 0.2 to 1 m. While a total of 54 dragonfly species were observed, the habitat diversity, such as vegetation, water surface, and grassland, remained similar to the initial formation of the wetlands despite the expansion of the emergent plants. On the other hand, the number of Agrionidae species, which prefer areas with fewer aquatic plants, decreased between 2012 and 2015 due to the diminished water surface. The p-values of the differences in the number of species and population between wetlands by year were 2.568e-09 and 1.162e-08, respectively, indicating the statistically significant differences. The decrease in open water surface was found to have the greatest effect on the biodiversity and habitat density of dragonflies. The time-series survey of constructed wetlands confirmed that the spread of Phragmites communis, P. japonica, Typha orientalis, etc., caused a decrease in species diversity. It suggests that environmental management to maintain the open water surface area is necessary.