• Journal of the Korea Academia-Industrial cooperation Society
• /
• v.18 no.4
• /
• pp.163-174
• /
• 2017

This study analyzed how Korean firms' recapitalization affects their capital structure decision and firm value. Recapitalization was categorized into three groups according to the influence of the debt to equity ratio: debt ratio-increasing-recapitalization(capital reduction with refund, cash dividend), debt ratio-unchanging-recapitalization (capital reduction without refund, retirement of repurchased stocks), and debt ratio-decreasing-recapitalization(exercise the rights for convertible bonds, bond with stock warrants, exchangeable bonds and stock options). This article highlights how the relationship between the firms' recapitalization and the capital structure decision driven by the change in debt to equity ratio through the recapitalization should affect the firm value. The whole recapitalization sample used for this analysis comprised 22,814 enterprises listed on the Korea Exchange that were analyzed over the 16-year period from 2000 to 2015. To summarize the results of this Panel Data Analysis, firstly, when a firm executes debt ratio-increasing-recapitalization and debt ratio-decreasing-recapitalization at the period of t-1, the debt to equity ratio, which is increased or decreased, should affect the firm's debt capacity in the same period, then, at the period of t, the firm establishes a leverage policy to readjust the debt to equity ratio the other way around. These adjustments of debt-paying-ability from the leverage policy, including the capital structure decision, finally affect the firm value. Secondly, when a firm implements the debt ratio-unchanging-recapitalization in the period of t-1, the debt to equity ratio, which is neutral, should not affect the firm's capital structure decision. But, the firm value is positively affected by the influence of that recapitalization. Conclusively, we acknowledge a firm which carries out the recapitalization balances its capital structure to the optimal level of leverage and that the capital structure decision positively affects the corporate value.

• Journal of Korea Society of Industrial Information Systems
• /
• v.14 no.4
• /
• pp.8-15
• /
• 2009

Relay-assisted multi-input multi-output (MIMO) technique has become a promising candidate for next generation broadband wireless communications for high speed access. In this paper, we propose channel selective relay-based MIMO transmission system. The performance of relay-based system can be improved by using the subcarriers selectively based on the channel condition between relay and mobile station. Simulation results show that the proposed relay-based system considerably outperforms the conventional relay-based system.

• Journal of Navigation and Port Research
• /
• v.41 no.4
• /
• pp.235-242
• /
• 2017

Earnings management is defined as an intentional act during the financial reporting process or a manager's choice of accounting policies to avoid earnings decreases or obtain some private gains. Shipping firms have a highly debt-intensive capital structure and a significant motivation in earnings management to avoid failure of a Debt Covenant. From this point of views, this paper tries to determine the relationship between the capital structure and discretionary accruals estimated using the re-modified Jones model (1995). The sample used to test the research models is made up of 87 Korean shipping firms during the period from 2007 to 2015. A histogram analysis, t-test and FGLS confirm the possibility of using earnings management, and it proved that Korean shipping firms manage their earnings to avoid financial loss. An analysis of the relationship between the capital structure and earning managements, shows it is difficult to support the Debt Covenant, shown as a negative relationship between the debt ratio and debt maturity as shipping firms' capital structure and discretionary accruals as earning management variable. An additional analysis presents a negative relationship between previous debt maturity and discretionary accruals, and the possibility of earning management in a highly increased debt ration group.

• Journal of the Institute of Electronics and Information Engineers
• /
• v.50 no.8
• /
• pp.67-75
• /
• 2013

The advantages of the orthogonal frequency division multiplexing (OFDM) are high spectral efficiency, resiliency to RF interference, and lower multi-path distortion. To further utilize vast channel capacity of the multiuser OFDM, one has to find the efficient adaptive subchannel and bit allocation among users. In this paper, we compare the performance of the linear programming dual of the 0-1 integer programming formulation with the existing convex optimization approach for the optimal subchannel and bit allocation problem of the multiuser OFDM. Utilizing tight lower bound provided by the LP dual formulation, we develop a primal heurisitc algorithm based on the LP dual solution. The performance of the primal heuristic is compared with MAO, ESA heuristic solutions, and integer programming solution on MATLAB simulation on a system employing M-ary quadrature amplitude modulation (MQAM) assuming a frequency-selective channel consisting of three independent Rayleigh multi-paths.

• The Journal of Korean Institute of Communications and Information Sciences
• /
• v.34 no.1C
• /
• pp.90-97
• /
• 2009

The advantages of the orthogonal frequency division multiplexing (OFDM) are high spectral efficiency, resiliency to RF interference, and lower multi-path distortion. To further utilize vast channel capacity of the multiuser OFDM, one has to find the efficient adaptive subchannel and bit allocation among users. In this paper, we propose an 0-1 integer programming model formulating the optimal subchannel and bit allocation problem of the multiuser OFDM. We employ a dual-decomposition method that provides a tight linear programming (LP) relaxation bound. Simulation results are provided to show the effectiveness of the 0-1 integer programming model. MATLAB simulation on a system employing M-ary quardarature amplitude modulation (MQAM) assuming a frequency-selective channel consisting of three independent Rayleigh multi-paths are carried with the optimal subchannel and bit allocation solution generated by 0-1 integer programming model.

• Journal of the Korea Institute of Information Security & Cryptology
• /
• v.27 no.3
• /
• pp.439-448
• /
• 2017

It is news from nowhere that post-quantum cryptography has side-channel analysis vulnerability. Side-channel analysis attack method and countermeasures for code-based McEliece cryptosystem and lattice-based NTRU cryptosystem have been investigated. Unfortunately, the investigation of the ring-LWE cryptosystem in terms of side-channel analysis is as yet insufficient. In this paper, we propose a chosen ciphertext simple power analysis attack that can be applied when ring-LWE cryptography operates on 8-bit devices. Our proposed attack can recover the key only with [$log_2q$] traces. q is a parameter related to the security level. It is used 7681 and 12289 to match the common 128 and 256-bit security levels, respectively. We identify the vulnerability through experiment that can reveal the secret key in modular add while the ring-LWE decryption performed on real 8-bit devices. We also discuss the attack that uses a similarity measurement method for two vectors to reduce attack time.

• Journal of the Korea Institute of Information Security & Cryptology
• /
• v.32 no.4
• /
• pp.607-615
• /
• 2022

The SITM (See-In-The-Middle) proposed in CHES 2020 is a methodology for side-channel assisted differential cryptanalysis. This technique analyzes the power traces of unmasked middle rounds in partial masked SPN block cipher implementation, and performs differential analysis with the side channel information. Blockcipher GIFT is a lightweight blockcipher proposed in CHES 2017, designed to correct the well-known weaknesses of block cipher PRESENT and provide the efficient implementation. In this paper, we propose SITM attacks on partial masked implementation of GIFT-128. This attack targets 4-round and 6-round masked implementation of GIFT-128 and time/data complexity is 2^14.01 /2^14.01, 2¹⁶ /2¹⁶. In this paper, we compare the masterkey recovery logic available in SITM attacks, establishing a criterion for selecting more efficient logic depending on the situation. Finally, We introduce how to apply the this attack to GIFT-COFB, one of the finalist candidates in NIST lightweight cryptography standardization process.

• The Journal of Korean Institute of Communications and Information Sciences
• /
• v.29 no.6A
• /
• pp.623-630
• /
• 2004

The adaptive modulation along with SFBC transmit diversity is a very effective method to increase the capacity of an OFDM system. However, severe performance degradation is resulted when inter-symbol interference is applied due to frequency-selective fading in mobile communications. In this paper, we have proposed and analyzed an OFDM system with SFBC transmit diversity and adaptive modulation scheme based on pre-equalization methods, in order to increase the data transmission rate in the downlink without much increase in system complexity. By introducing subchannel grouping and the pre-equalization method among adjacent subchannels, we could enhance the efficiency of the adaptive modulation a lot. By computer simulation, it has been proven that the proposed schemes show a better BER and throughput performance than the conventional schemes under severely time-varying multipath fading channel.

• The Journal of Korean Institute of Electromagnetic Engineering and Science
• /
• v.12 no.3
• /
• pp.391-400
• /
• 2001

In this paper, the performance of a multicarrier CDMA system applying M-ary orthogonal signaling and adaptive subchannel allocation scheme is analyzed for forward links in Rayleigh fading channel. Also, the effect of error caused by subchannel allocation is analyzed. In the proposed system, each DS waveform is transmitted over the subchannel having the biggest fading among L subchannels. Considering M-ary orthogonal signaling and 4 subchannels, the BER of $10^{-3}$ is satisfied if SNRs are 7.33 dB, 5.33 dB, and 4.47 dB for k = 1, 2, and 3, respectively. Therefore, SNR is decreased as k is increased. If the error of subchannels exists, the BER of $10^{-3}$ is met if SNR is 8.18 dB in the absence of M-ary orthogonal signaling. So, a required SNR is declined about 0.85 dB. Adding the M-ary orthogonal signaling with k = 4, it is observed that the multicarrier CDMA system has performance improvement because a required SNR is 5.44 dB.

• The Journal of Korean Institute of Communications and Information Sciences
• /
• v.33 no.2A
• /
• pp.107-114
• /
• 2008

In wireless access systems, there has been much interest in enhancing the performance of orthogonal frequency division multiplexing OFDM) in a frequency selective fading channel. If the channel is static and is perfectly known to both the transmitter and the receiver, the water-filling technique with adaptive modulation is known to be optimal. However, for OFDM systems, this requires intensive traffic overheads for reporting channel side information on all subcarriers to the transmitter In this paper, we propose an adaptive modulation and coding scheme for bit-interleaved coded OFDM (BIC-OFDM) for downlink packet transmissions with reduced feedback information. To minimize the feedback information, we employ a rate adaptation method based on the OFDM symbol rather than on each subcarrier. To illustrate the performance gap between the optimal water-filling and the proposed scheme, we will compare cutoff rates for both schemes. It is shown that the loss is less than 2dB while the proposed scheme significantly reduces the feedback payloads. Also, the OFDM system in multiuser environment with subcarrier grouping is considered. It is shown that by exploiting multiuser diversity the throughput of the proposed scheme approaches the channel outage capacity as the number of users and the number of subcarrier groups increase.