• The Korean Journal of Financial Management
• /
• v.27 no.1
• /
• pp.181-208
• /
• 2010

In July 2007, Korean government has passed "The Capital Market and Financial Investment Services Act" to further develop the capital markets and the Act was to become effective in February 2009. Using a large sample of Korean firms, we have examined (i) the effect of underwriting activities on the firm value (bond spread) comparing commercial bank and investment bank, and (ii) the determinants of the firm value changes following underwriting activities of bank. To test our goal, we collected a wide range of samples of data for bond issuing activities executed by Korean firms listed on the Korea Stock Exchange (KSE) between 2000 and 2003. Our paper is distinguished from previous studies on this subject in a way that we analyzed the effect of corporate bond underwriting activities with regard to commercial banking and investment banking. Initially, we set up a hypothesis that "Certification View" and "Conflict-of-interest View" are major driving forces behind cross-firm differences in performance following bond issuance. We find that, in general, underwriting by investment bank (securities company) brings a positive effect on the firm value (spread between bench mark rate and bond issuing rate). This result indicates that firm value has been negatively affected by the bank underwriting and provides the evidence for "Conflict-of-interest View" in Korea. Our studies have also revealed that any change in firm value following bond issuance is positively related with the firm size (total asset), operating performance, liquidity (cashflow), and equity ownership by foreign investors. Overall, our results support the view that bank underwriting activities can play an important role in determining firm value and financial strategies under "The Capital Market and Financial Investment Services Act" of 2007.

• Korean Journal of Social Welfare Studies
• /
• v.47 no.1
• /
• pp.29-56
• /
• 2016

The purpose of this study is first, to explore the level of codependency among social work related professionals since codependency of professionals in the field has not been explored much in Korea. Second purpose is to examine whether codependency affects the level of burnout. Last purpose is to examine moderating effects of the Sex-role attitude on the relationship between codependency and burnout. Data were collected from the 11th of December in 2014 until the 28th of February in the following year. Self-administered questionnaires were distributed to care professionals practicing in social work institutions in Daejeon City and Choongcheong province, via email and mail. In addition, surveys were administered at several continuing education training venues. Instruments used for this study include CODAT(Codependency Assessment Tool) developed by Hughes-Hammer and colleagues in 1998, MBI(Maslach Burnout Inventory) developed by Maslach and Jackson in 1981, and SRA(Sex Role Attitude) developed by Osmond and Maryin in 1975. In total, 368 surveys were used for final analysis. The results include that gender did not have statistically significant relationship with the overall codependency, however, male showed statistically higher score than female in one of subscales of codependency called hiding oneself. Workers in the residential settings showed higher level of codependency than those in non-residential settings, especially in the subscale of Other focus or Self-neglect. Codependency showed a strong relationship with Burnout. Among the five-factor structure of the CODAT, Medical problem, Low Self-worth and Family of Origin showed strong relationship with the Burnout score. And the moderating effects of Sex-role Attitude showed a statistically significant relationship between codependency and burnout. Conservative sex-role attitude amplified the level of burnout on the relationship between codependency and burnout. Based on the result, educational and policy implications were made in order to prevent burnout among social work related professionals.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.14 no.5
• /
• pp.79-92
• /
• 2019

When asked about the success factors of successful entrepreneurs and celebrities, he says he was lucky. The remarkable fact is that the attitude about luck is different. However, despite the fact that the belief that we believe is lucky is actually a dominant concept, there has not been much scientific verification of luck. In this study, we saw good luck not being determined randomly by the external environment, but by being able to control luck through the internal attributes of individuals. This study is significant that we have empirically elucidated what kind of efforts have gained good luck, whereas previous research has largely ended in vague logic where luck ends up with an internal locus of control among internal entrepreneurial qualities and efforts can make a successful entrepreneur. We introduced the concept of good luck belief to avoid confirmation bias, which is, to interpret my experience in a direction that matches what I want to believe, and used a good luck belief questionnaire in previous studies and tried to verify that those who have a good belief can increase entrepreneurial opportunity capability through planned happenstance skills. The reason for choosing the entrepreneurial opportunity capacity as a dependent variable was based on the conventional research, that is, the process of recognizing and exploiting the entrepreneurial opportunity is an important part of the entrepreneurship research For empirical research, we conducted a questionnaire survey of a total of 332 people, and the results of the analysis turned out that the belief of good luck has all the positive impacts of planned happenstance skills' sub-factors: curiosity, patience, flexibility, optimism and risk tolerance. Second, we have shown that only the perseverance, optimism, and risk tolerance of planned happenstance skills' sub-factors have a positive impact on this opportunity capability. Thirdly, it was possible to judge that the sub-factors of planned happenstance skills, patience, optimism, and risk tolerance, had a meditating effect between belief in luck and entrepreneurial opportunity capability. This study is highly significant in logically elucidating that people in charge of business incubation and education can get the specific direction when planning a training program for successful entrepreneur to further enhance the entrepreneurial opportunity ability, which is an important ability for the entrepreneur's success.

• Korean Journal of Soil Science and Fertilizer
• /
• v.32 no.4
• /
• pp.429-439
• /
• 1999

Potentiometric titration data were collected for some humic acids purified from Korean upland and paddy soils over a range of pH (3.0 - 11.0) with $NaNO_3$ background electrolyte concentrations (0.01, 0.10, 0.50 and 1.00 M). The data were applied to model A and V which included both intrinsic heterogeneity of humic materials and electrostatic interaction influences on binding sites. The elemental analysis were conducted for various type of humic samples. The $E_4/E_6$ ratio proposed negative correlation with the total carboxyl groups ($r^2$= 0.9988). The charge ($cmol_c\;kg^{-1}$) on the humic acids became more negative as the ionic strength increased. In both continuous and batch titrations, the ionic strength effect was greater in Namweon series (pH 6.39) than others at pH 5.00. The effect of ionic strength on surface charge appears to be greater in batch titrations. This could suggest that continuous titrations do not represent an equilibrium state and the effects of electrolyte concentration was not fully realized during the course of titrations. Both models described experimental data obtained from continuous and batch titrations well over a range of ionic strengths. Model A is more simpler than model V but adaptes more fitted parameters. Thus, the observed change in apparent binding constants with surface charge is regarded solely due to electrostatic influences rather than functional group heterogeneity. However, Model V is more mechanistically realistic in a number of discrete ligand binding sites.

• Journal of Korea Water Resources Association
• /
• v.51 no.spc
• /
• pp.1091-1103
• /
• 2018

Having knowledge regarding to which region is prone to drought or flood is a crucial issue in water resources planning and management. This could be more challenging when the occurrence of these hazards affected by climate change. In this study the future streamflow during the wet season (July to September) and dry season (October to March) for the twenty first century of South Korea was investigated. This study used the statistics of precipitation, maximum and minimum temperature of one global climate model (i.e., INMCM4) with 2 RCPs (RCP4.5 and RCP8.5) scenarios as inputs for The Precipitation-Runoff Modelling System (PRMS) model. The PRMS model was tested for the historical periods (1966-2016) and then the parameters of model were used to project the future changes of 5 large River basins in Korea for three future periods (2025s, 2055s, and 2085s) compared to the reference period (1976-2005). Then, the different responses in climate and streamflow projection during these two seasons (wet and dry) was investigated. The results showed that under INMCM4 scenario, the occurrence of drought in dry season is projected to be stronger in 2025s than 2055s from decreasing -7.23% (-7.06%) in 2025s to -3.81% (-0.71%) in 2055s for RCP4.5 (RCP8.5). Regarding to the far future (2085s), for RCP 4.5 is projected to increase streamflow in the northern part, and decrease streamflow in the southern part (-3.24%), however under RCP8.5 almost all basins are vulnerable to drought, especially in the southern part (-16.51%). Also, during the wet season both increasing (Almost in northern and western part) and decreasing (almost in the southern part) in streamflow relative to the reference period are projected for all periods and RCPs under INMCM4 scenario.

• Journal of Environmental Impact Assessment
• /
• v.27 no.6
• /
• pp.548-561
• /
• 2018

The objectives of this study were to construct a three-dimensional (3D) hydrodynamic and water quality model (EFDC) for the river reach between the Daecheong dam and the Sejong weir, which are directly affected by Gap and Miho streams located in the middle of the Geum River, and to evaluate the trophic status and water quality improvement effect according to the flow control and pollutant load reduction scenarios. The EFDC model was calibrated with the field data including waterlevel, temperature and water quality collected from September, 2012 to April, 2013. The model showed a good agreement with the field data and adequately replicated the spatial and temporal variations of water surface elevation, temperature and water quality. Especially, it was confirmed that spatial distributions of nutrients and algae biomass have wide variation of transverse direction. Also, from the analysis of algal growth limiting factor, it was found that phosphorous loadings from Gap and Miho streams to Sejong weir induce eutrophication and algal bloom. The scenario of pollutant load reduction from Gap and Miho streams showed a significant effect on the improvement of water quality; 4.7~18.2% for Chl-a, 5.4~21.9% for TP at Cheongwon-1 site, and 4.2~ 17.3% for Chl-a and 4.7~19.4% for TP at Yeongi site. In addition, the eutrophication index value, identifying the tropic status of the river, was improved. Meanwhile, flow control of Daecheong Dam and Sejong weir showed little effect on the improvement of water quality; 1.5~2.4% for Chl-a, 2.5~ 3.8% for TP at Cheongwon-1 site, and 1.2~2.1% for Chl-a and 0.9~1.5% for TP at Yeongi site. Therefore, improvement of the water quality in Gap and Miho streams is essential and a prerequirement to meet the target water quality level of the study area.

• Journal of Intelligence and Information Systems
• /
• v.27 no.4
• /
• pp.23-48
• /
• 2021

The Korean economy has achieved continuous economic growth for the past several decades thanks to the government's export strategy policy. This increase in exports is playing a leading role in driving Korea's economic growth by improving economic efficiency, creating jobs, and promoting technology development. Traditionally, the main factors affecting Korea's exports can be found from two perspectives: economic factors and industrial structural factors. First, economic factors are related to exchange rates and global economic fluctuations. The impact of the exchange rate on Korea's exports depends on the exchange rate level and exchange rate volatility. Global economic fluctuations affect global import demand, which is an absolute factor influencing Korea's exports. Second, industrial structural factors are unique characteristics that occur depending on industries or products, such as slow international division of labor, increased domestic substitution of certain imported goods by China, and changes in overseas production patterns of major export industries. Looking at the most recent studies related to global exchanges, several literatures show the importance of cultural aspects as well as economic and industrial structural factors. Therefore, this study attempted to develop a forecasting model by considering cultural factors along with economic and industrial structural factors in calculating the import volume of each country from Korea. In particular, this study approaches the influence of cultural factors on imports of Korean products from the perspective of PUSH-PULL framework. The PUSH dimension is a perspective that Korea develops and actively promotes its own brand and can be defined as the degree of interest in each country for Korean brands represented by K-POP, K-FOOD, and K-CULTURE. In addition, the PULL dimension is a perspective centered on the cultural and psychological characteristics of the people of each country. This can be defined as how much they are inclined to accept Korean Flow as each country's cultural code represented by the country's governance system, masculinity, risk avoidance, and short-term/long-term orientation. The unique feature of this study is that the proposed final prediction model can be selected based on Design Principles. The design principles we presented are as follows. 1) A model was developed to reflect interest in Korea and cultural characteristics through newly added data sources. 2) It was designed in a practical and convenient way so that the forecast value can be immediately recalled by inputting changes in economic factors, item code and country code. 3) In order to derive theoretically meaningful results, an algorithm was selected that can interpret the relationship between the input and the target variable. This study can suggest meaningful implications from the technical, economic and policy aspects, and is expected to make a meaningful contribution to the export support strategies of small and medium-sized enterprises by using the import forecasting model.

• Korean Journal of Optics and Photonics
• /
• v.33 no.4
• /
• pp.167-176
• /
• 2022

Adaptive optics (AO) systems compensate for atmospheric disturbance, especially phase distortion, by introducing counter-wavefront deformation calculated from real-time wavefront sensing or prediction. Because AO system implementations are time-consuming and costly, it is highly desirable to estimate the system's performance during the development of the AO system or its parts. Among several techniques, we mostly apply statistical analysis, computational simulation, and optical-bench tests. Statistical analysis estimates performance based on the sum of performance variances due to all design parameters, but ignores any correlation between them. Computational simulation models every part of an adaptive optics system, including atmospheric disturbance and a closed loop between wavefront sensor and deformable mirror, as close as possible to reality, but there are still some differences between simulation models and reality. The optical-bench test implements an almost identical AO system on an optical bench, to confirm the predictions of the previous methods. We are currently developing an AO system for a 1.6-m ground telescope using a deformable mirror that was recently developed in South Korea. This paper reports the results of the statistical analysis and computer simulation for the system's design and confirmation. For the analysis, we apply the Strehl ratio as the performance criterion, and the median seeing conditions at the Bohyun observatory in Korea. The statistical analysis predicts a Strehl ratio of 0.31. The simulation method similarly reports a slightly larger value of 0.32. During the study, the simulation method exhibits run-to-run variation due to the random nature of atmospheric disturbance, which converges when the simulation time is longer than 0.9 seconds, i.e., approximately 240 times the critical time constant of the applied atmospheric disturbance.

• Journal of the Korean Geotechnical Society
• /
• v.23 no.9
• /
• pp.5-16
• /
• 2007

The simple linear elastic-perfectly plastic model with soil parameters $s_u,\;E_u$ and n of undrained condition is usually applied to predict the displacement of a constructed diaphragm wall(DW) on soft soils during excavation. However, the application of this soil model for finite element analysis could not interpret the continued increment of the lateral displacement of the DW for the large and deep excavation area both during the elapsed time without activity of excavation and after finishing excavation. To study the characteristic behaviors of soil behind the DW during the periods without excavation, a series of tests on soft Bangkok clay samples are simulated in the same manner as stress condition of soil elements happening behind diaphragm wall by triaxial tests. Three kinds of triaxial tests are carried out in this research: $K_0$ consolidated undrained compression($CK_0U_C$) and $K_0$ consolidated drained/undrained unloading compression with periodic decrement of horizontal pressure($CK_0DUC$ and $CK_0UUC$). The study shows that the shear strength of series $CK_0DUC$ tests is equal to the residual strength of $CK_0UC$ tests. The Young's modulus determined at each decrement step of the horizontal pressure of soil specimen on $CK_0DUC$ tests decreases with increase in the deviator stress. In addition, the slope of Critical State Line of both $CK_0UC$ and $CK_0DUC$ tests is equal. Moreover, the axial and radial strain rates of each decrement of horizontal pressure step of $CK_0DUC$ tests are established with the function of time, a slope of critical state line and a ratio of deviator and mean effective stress. This study shows that the results of the unloading compression triaxial tests can be used to predict the diaphragm wall deflection during excavation.

• KSCE Journal of Civil and Environmental Engineering Research
• /
• v.43 no.1
• /
• pp.43-54
• /
• 2023

Due to climate change, drought and flood occurrences have been increasing. Accurate projections of watershed discharges are imperative to effectively manage natural disasters caused by climate change. However, climate change and hydrological model uncertainty can lead to imprecise analysis. To address this issues, we used two lumped models, IHACRES and GR4J, to compare and analyze the changes in discharges under climate stress scenarios. The Hapcheon and Seomjingang dam basins were the study site, and the Nash-Sutcliffe efficiency (NSE) and the Kling-Gupta efficiency (KGE) were used for parameter optimizations. Twenty years of discharge, precipitation, and temperature (1995-2014) data were used and divided into training and testing data sets with a 70/30 split. The accuracies of the modeled results were relatively high during the training and testing periods (NSE>0.74, KGE>0.75), indicating that both models could reproduce the previously observed discharges. To explore the impacts of climate change on modeled discharges, we developed climate stress scenarios by changing precipitation from -50 % to +50 % by 1 % and temperature from 0 ℃ to 8 ℃ by 0.1 ℃ based on two decades of weather data, which resulted in 8,181 climate stress scenarios. We analyzed the yearly maximum, abundant, and ordinary discharges projected by the two lumped models. We found that the trends of the maximum and abundant discharges modeled by IHACRES and GR4J became pronounced as changes in precipitation and temperature increased. The opposite was true for the case of ordinary water levels. Our study demonstrated that the quantitative evaluations of the model uncertainty were important to reduce the impacts of climate change on water resources.