• The Korean Journal of Financial Management
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• v.24 no.1
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• pp.29-58
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• 2007

We develop a model to estimate the value of growth opportunities, which is based on the seminal papers of M&M(1961, 1963) and Lee(2006). Making use of the estimation model, we estimate a new proxy variable of the growth opportunities, other than the usual proxy variables such as quasi Tobin's Q, MBR, and so on. The new proxy variable of growth opportunities can represent a necessary condition to identify whether the increase in new investments are successful or not. The empirical findings on the growth opportunities during the IMF currency crisis period and the post-IMF period are as follows; First, the overall success rate of new investments is as low as 50%, that means only half of the listed firms were increasing new investments when they had the growth opportunities. Second, during the crisis, one third of the listed firms were experiencing negative growth opportunities. However, during the post-IMF period, the growth opportunities on new investments were turned to be positive due to the turnaround efforts of listed firms. Third, the value of intangible assets, which are resulting from the investment of R&D and human capital, are becoming more important than ever. It seems to be true that larger portions of the value of growth opportunities are coming from the intangible assets, not from the increases in new investments of the physical assets.

• Journal of Digital Convergence
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• v.18 no.3
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• pp.13-21
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• 2020

This study aims to provide the policy implications for the Korean government which has to attract foreign workers with higher education degrees in order to address shortage of human resources. As a way of doing this, the study has compared the foreign qualification evaluation and recognition (FQER) systems in Germany, Denmark and Norway. The results of the study reveal that the three countries are similar in that they have developed their own FQER systems according to the Lisbon Recognition Convention and has thus provided everyone with opportunities to have his/her qualifications evaluated fairly. However, there are differences in terms of the evaluation target, the recognition of prior learning and the linkage between the evaluation and employment approval for foreigners among the three countries. These cases altogether provide meaningful policy implications for the Korean government that has to develop its own FQER system in the near future.

• Proceedings of the Korea Water Resources Association Conference
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• 2022.05a
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• pp.415-415
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• 2022

IPCC 제5차 보고서('14) 및 세계위험보고서('15) 등에서 기후변화에 대한 과학적 근거를 제시하였으며, 상위 위험요소로 '수자원 위기'를 꼽았다. 전 세계적으로 기후변화로 인한 이상 기상현상이 발생하고 있으며, 국내에서도 최근 기후변화에 따른 수문사상의 변화로 극한홍수 및 극한가뭄 등으로 인한 피해가 지속적으로 발생하고 있다. 물 관리에서 기후변화는 가장 큰 리스크 요인이므로 물관리 계획 수립 과정에서 기후변화 영향을 고려한 대책을 수립할 필요가 있다. 기후변화에 대한 댐 취약성 평가 관련 연구가 이루어지고 있으나, 미래 기후변화의 불확실성을 충분히 고려했다고 보기 어렵기 때문에 현업에서 의사결정 도구로 활용하기에는 한계가 있다고 볼 수 있다. 이에 따라 과거 수문자료 및 특정 기후모델에 의존하지 않고 댐 인프라의 취약성을 평가할 수 있는 새로운 방법론이 필요하다고 판단된다. 따라서 본 연구를 통해 기후변화의 불확실성에 대비한 댐 취약성 평가 방법론을 정립하고자 한다. 본 연구에서는 기존에 진행된 IPCC 기후변화 시나리오에 따른 댐 취약성 평가 연구사례 및 한반도의 기후변화 영향 및 수문변화를 조사하였다. 그리고 기후 스트레스 시나리오 기반 취약성 평가 체계 및 방법론을 정립한 뒤, 월 강우량을 4분위로 나누어 각 분위별 강우량과 기온을 변경하여 기후 스트레스 시나리오를 생성하였다. 생성된 기후 스트레스 시나리오와 IPCC 기후변화 시나리오 기반 취약성 평가를 유출 및 저수지 모형을 결합하여 충주댐, 용담댐, 합천댐, 섬진강댐에 실시하였다. 그 결과 기후 스트레스에 따른 유출 취약성 평가는 20분위 수 갈수량을 이용해 연중 보장확률을 나타내는 것이 효율적이며, 온도의 영향보다는 강우의 변동이 댐 이수안전도 취약성 평가에 더 큰 영향을 주는 것을 확인할 수 있었다.

• The Journal of the Korea Contents Association
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• v.11 no.6
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• pp.26-32
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• 2011

Recently, in the U-health area, there are research related on monitoring brainwaves in real-time for coping with emergent situations like the fatigue driving, cerebral infarction or the heart attack of not only the patients but also the normal elderly folks by transmitting of the EEG(Electroencephalograph). This system could be applied to hospitals or sanatoriums. In this paper, it is applied for the vehicular ad-hoc network to prevent the car accident in advance by monitoring the brainwaves of a driver in real-time. In order to do this, I used mobile ad-hoc nodes supported in the Opnet simulator for the efficient EEG brainwave transmission in the VANET environment. The vehicular ad-hoc networks transmitting the brainwaves to the nearest road-side unit are designed and simulated to draw an efficient and proper vehicular ad-hoc network environment.

• Explosives and Blasting
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• v.29 no.2
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• pp.59-66
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• 2011

A variety of risks caused by natural, technological and biological hazards threaten a business continuity of an organization. Business continuity is very important issue for all organizations and its proper management may control success and failure of an organization. Business continuity plan (BCP) may be defined as a management process which provides a business continuity. BCP includes risk management, operational continuity plan, response/ recovery, exercise/study and crisis communication, etc. Risk management is a systematic method to identify, analyze, evaluate and treat emergency risks and risk assessment is composed of identifying, analyzing and evaluating emergency risks. Risk assesment is the first step for making BCP. In this study, risk assessment has been conducted for sewer laying project. Through assessing risks, 18 risks that may threaten the construction operation are identified and it is founded to be that high levels of risks which require treatment are 'collapse of excavation surface', 'breakage of ground infra-facilities', 'noise & dust dispersion' and 'rise of material costs'.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• autumn
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• pp.321-326
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• 2001

Current situations, such as IMF crisis, WTO agreement and decrease of construction market, demand changes to construction companies. To meet the situation, they focus on the value of the intangible assets to improve their competitive power. In Korea, Various institutes estimate the construction company in accordance with their Purposes. But their estimating method has limitations to know the potential value of the company because they don't much concentrate on characteristics of construction industry and intangible assets. This study was peformed to introduce the methodology of estimating intangible assets of company and to show the state of intangible asset of major construction companies in Korea. Market Capitalization Method(MCM) was used to calculate intangible assets and all data are based on Annual Business Report.

• KDI Journal of Economic Policy
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• v.28 no.1
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• pp.1-47
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• 2006

Even after significant changes in the financial market due to the financial crisis the corporate debt markets have seen created turmoil caused such as by Daewoo, Hyundai, and credit card companies in the financial system. These lagging improvements of corporate debt markets are mainly due to inadequate market infrastructure. Specifically, the credit rating agencies have not been successful in providing proper and timely information on the loan repayment abilities of debtors. This study analyzes past performance of credit rating agencies in Korea and tries to develop policy implications to improve the role of credit rating agencies based on the recent discussions on credit rating agencies by academics and the SEC. In addition, this study focuses on unique operation environments of Korean credit rating agencies, which have kept credit rating agencies from providing fair, timely, and useful information. To warrant proper operation of credit rating agencies, it is essential to cope with unique problems in Korean credit rating agencies. We classify the unique problems of Korean credit rating agencies into ownership and governance structure, conflict of interests due to ancillary fee-based business, legal recognition of credit rating in the court, and code of conduct problem, etc. and propose policy directions to improve the quality and credibility of credit ratings.

• International Area Studies Review
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• v.14 no.3
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• pp.221-246
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• 2010

The paper is basically attempted to reveal a mechanism of exchange rate determination in global foreign exchange markets. For a theoretical framework, uncovered interest rate parity(UIRP), covered interest rate parity(CIRP), and real interest rate parity(RIRP) are tentatively adapted, and GARCH-M model is employed for an econometric methodology. Empirical evidence shows that the UIRP is superior to others, and the RIRP is better than the CIRP in explaining how exchange rates are determined in global exchange markets. All of them, however, is not fully supported by economic theories. Following Frankel(1989), country premium, volatility premium, and currency premium are evaluated to see if which premium is a crucial in disturbing the RIRP, and it is found that country and currency premiums are a major components in disturbing the RIRP. To this end, market-oriented and market-determined systems has to be built to avoid currency disputes which is undergoing hot issue in global foreign exchange market.

• Journal of Environmental Impact Assessment
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• v.28 no.3
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• pp.287-298
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• 2019

This study found that wildlife crossing created through environmental impact assessments didn't reduce the number of wildlife accidents on the road by review of "A Study on the Legal and Institutional Review for Reproving Bio-Mobile in Environmental Impact Assessment(2018)". Specific considerations to be reviewed at each stage of the environmental impact assessment consultation were presented for practical site application. Therefore, in this study, the consultation steps for environmental impact assessment were presented in five stages, including planning, design, construction, monitoring, maintenance and management, and detail of the items to be reviewed by public officer. It will be able to prevent loss of habitats and improve biodiversity by improving the practice and institutional problems that were planned and designed at the time of construction.

• Journal of Environmental Impact Assessment
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• v.33 no.4
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• pp.143-154
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• 2024

Heat waves caused by climate change are rapidly increasing health damage to vulnerable groups, and to prevent this, the national, regional, and local governments are establishing climate crisis adaptation policy. A representative climate crisis adaptation policy to reduce heat wave damage is to expand the number of cooling centers. Because it is highly effective in a short period of time, most metropolitan local governments, except Jeonbuk, include the project as an adaptation policy. However, the criteria for selecting a cooling centers are different depending on the budget and non-budget, so the utilization rate and effectiveness of the cooling centers are all different. Therefore, in this study, we developed logistic regression models that can predict and evaluate areas with a high probability of expanding cooling centers in order to implement adaptation policy in local governments. In Incheon Metropolitan City, which consists of various heat wave-vulnerable environments due to the coexistence of the old city and the new city, a logistic model was developed to predict areas where heat waves can be cooling centered by dividing it into Ganghwa·Ongjin-gun and other regions, taking into account socioeconomic and environmental differences. As a result of the study, the statistical model for the Ganghwa·Ogjin-gun region showed that the higher the ground surface temperature and the more and more the number of elderly people over 65 years old, the higher the possibility of location of cooling centers, and the prediction accuracy was about 80.93%. The developed logistic regression model can predict and evaluate areas with a high potential as cooling centers by considering regional environmental and social characteristics, and is expected to be used for priority selection and management when designating additional cooling centers in the future.