• Environmental and Resource Economics Review
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• v.15 no.3
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• pp.479-504
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• 2006

This paper analyzes a price discovery process for international crude oils including the WTI, Brent and Dubai. Error correction model is employed considering non-stationarity property of crude oil price and the contemporaneous causality is constructed by graph theory to analyze the short-term causality. The empirical analysis for January 4., 1999 to July 15., 2005 reveals that the Brent price interconnects between the WTI price and the Dubai price. This result implies the substantial influence of the Brent price as a marker oil.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.8
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• pp.714-721
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• 2016

This paper proposes a simple process to fabricate tin and brass metal discs with a large surface area from molten droplets for the wet-refining process of nonferrous metals by assuming they have precious metal elements. To optimize the droplet condition in a graphite crucible, the appropriate nozzle size was determined using a simulation program (STAR-CCM+) by varying the diameters (0.5, 1.0, and 2.0 mm). The simulation results showed that both tin and brass do not fall out with a 0.5 mm diameter nozzle but they do fall out in continuous ribbon mode with a 2.0 mm nozzle. Only the 1.0mm nozzle was expected to fabricate droplets. Finally, solidified metal discs were fabricated successfully with the 1.0 mm nozzle within 10 minutes by impacting the droplets with a cooling water flowing over a Ti plate placed at the $40^{\circ}$ falling direction. The weight, average thickness, and surface area of the tin discs were 0.15 g, $107.8{\mu}m$, and $3.71cm^2$, respectively. The brass discs were 1.16 g, $129.15{\mu}m$, and $23.98cm^2$, respectively. The surface area of the tin and brass disc were 8.2 and 17.6 times the size of the tin and brass droplets, respectively. This process for precious metal extraction is expected to save cost and time.

• The Korean Journal of Financial Management
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• v.23 no.1
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• pp.101-133
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• 2006

We examine whether new derivatives on KOSPI 200 affect volatility asymmetry of KOSPI 200 portfolio, relative to the carefully matched non-KOSPI 200 portfolio. To test the effect or new derivatives trading, we use GJR-GARCH model and newly developed Volatility Ratio(down-market volatility to up-market volatility ratio). Our results show that KOSPI 200 portfolio experiences lower volatility asymmetry than non-KOSPI 200 portfolio after the trading of new derivatives on KOSPI 200, especially after the introduction of stock index options(KOSPI 200 options). For non-KOSPI portfolio, no significant reduction in volatility asymmetry occurred when trading of stock index options began. Also, we find that in the period of after January 1999, the period of after do-regulations and Financial Crisis in the Korean capital market, volatility asymmetry of stock markets was significantly decreased. This means that level of volatility asymmetry is closely related to the level of market regulations. Further, the results of the paper show that leverage effect and changes in foreign exchange ratio can be good candidates for explaining the stylized volatility asymmetry in the Korean stock market.

• Environmental and Resource Economics Review
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• v.25 no.4
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• pp.495-516
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• 2016

This study empirically examines how asymmetric price adjustment of the retail gas price happens differently for various oil products, such as high-grade gasoline, regular gasoline, and diesel, by employing asymmetric error correction model within weekly data set from 2010~2015. Our estimation results show that the price adjustment, across the all oil types, predicated on shifting crude oil and wholesale oil prices is asymmetric. In addition, the duration of asymmetry was shorter in high-grade gasoline case than in other oil types. This took place by rapid price adjustment of high-grade gasoline price when faced with both cost increases and decreases, in comparison with regular gasoline and diesel cases. There results were attributed by characteristics of the consumer group and a high retail-wholesale margin of high-grade gasoline.

• Proceedings of the Korean Institute of Surface Engineering Conference
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• 2011.05a
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• pp.80-80
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• 2011

세계 기후 변화와 불안정한 유가 변화에 대응하고 국내산업의 저탄소 녹색성장을 위해 신재생에너지 개발이 활발하게 이루어지고 있다. 해양에너지 중에서 조류발전은 대규모 댐을 건설할 필요가 없어 비용이 적게 소요되고 특히 날씨 변화나 계절에 관계가 없고, 발전량이 예측 가능하므로 신뢰성 있는 에너지원으로 적용이 가능하다. 조류발전기 블레이드에 폴리머계 복합재료와 스테인리스강이 대부분인데, 이 재료는 특정 회사에서만 제작 가능하며, 충격에 약하고, 균열전파 속도가 빠르며, 대단히 고가이며, 수입에 의존하고 있는 실정이다. 이러한 조류발전에 사용되는 블레이드는 가혹한 부식, 캐비테이션 그리고 침식환경에 노출되어 있어 내구성이 우수한 제품개발이 대단히 중요하며, 조류발전 블레이드를 동합금으로 제작시, 내식성이 뛰어나며 구리의 특성상 해양생물 서식을 방지할 수 있고, 내캐비테이션 특성, 내구성, 가공성 및 유지보수가 용이한 장점이 있다. 이러한 동합금에 WC-27NiCr와 WC-10Co4Cr를 초고속 화염용사(HVOF)를 이용하여 코팅층의 캐비테이션 특성 및 전기화학적 거동을 연구하였다. 본 연구에서는 조류발전용 블레이드의 재료로 사용하려는 동합금에 WC-27NiCr와 WC-10Co4Cr이 용사코팅된 시험편을 사용하였다. 다채널 부식시험기인 WonA-tech WMPG-1000을 이용하여, 자연전위를 측정하였으며, 분극실험은 자체 제작한 홀더를 사용하여 $0.3318cm^2$를 노출 시켜 실험하였다. 기준전극은 은/염화은 전극을, 대극은 백금 전극을 사용하였다. 양분극과 음분극 실험을 통해 개로전위에서의 부식거동을 확인하였고, 정전위 실험도 실시하였다. 실험 종료 후 3D현미경 및 전자주사현미경(SEM)을 사용하여 코팅층 표면의 손상거동을 관찰하였다. 캐비테이션 실험은 ASTM-G32 규정에 의거하여 압전효과를 용한 진동발생 장치(RB 111-CE)를 사용하였다. 수조는 전기화학적 부식의 영향을 고려하여 아크릴로 제작하였고, 시험편은 실험장비에 맞게 파인커팅머신을 이용하여 $20mm{\times}20mm$로 절단하여 사용하였으며 혼과 대향하도록 하여 1mm 간격을 두어 실험하였다. 실험 실시 전, 미소전자저울을 사용하여 무게감소량을 측정하였으며 표면관찰을 통하여 캐비테이션 거동을 관찰하였다.

• Resources Recycling
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• v.5 no.3
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• pp.37-43
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• 1996

The recovery of metals from printed circuit board(PCBs) scraps was investigated by utilizing a shape sorting method.After all electronic parts mounted on the board were removed. PCBs were pulverized to particles smaller than 1 mm by aswing hammer type impact mill in order to liberate metal components. Metals were separated from nonmetalliccomponents by an inclined vibrating plate (IVP). The metal separation efficiency was measured as a function of vihrationintensity and inclined angle. The maximum efficiency was obtained when IVP was operated at the vibration intensity(Kv)of 1.40 and the inclined angle of 10". The grade of the metal components was recovered from PCBs exceeding 90% byusing IVP.0% by using IVP.

• The Korean Journal of Financial Management
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• v.25 no.4
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• pp.25-51
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• 2008

In this paper, we analyse empirically the fixed asset investment smoothing of working capital of firms listed on Korea Securities Market. The main results of this study can be summarized as follows. Firms will seek to lower long-term cost by smoothing fixed asset investment and maintaining stationary investment with working capital. Working capital is not only an important use of fund, but also a source of liquidity that should be used to smooth fixed asset investment relative to cash flow shocks if firms face financial constraints. Working capital investment is more sensitive than fixed asset investment to cash flow fluctuations. If firms face financial constraints, working capital investment will compete with fixed asset investment for the limited pool of available cash flows. So, fixed asset investment will have negative relationship with working capital investment. However, criticism that the positive correlation between cash flows and fixed asset investment could arise simply because cash flows is proxy variable for investment demand. Finally, controlling for the fixed asset investment smoothing effects of working capital results in a much larger estimate of the long run impact of financial constraints. Financial constraints is measured by dividend payout ratio and market access level. Fazzari et al. (1988), Fazzari and Petersen (1993), and Faulkender et al. (2008) emphasize that low dividend firms or market unaccessible firms are more likely to face financial constraints, and rarely make use of new equity issuing. The results from empirical analysis show that financial constraints can be better explained using 'adjustment cost' concept. Specifically, the results show that financial constraints exist and that in order to measure financial constraint effects more succinctly, fixed asset investment smoothing effects with working capital should be considered.

• (The)Study of the Eastern Classic
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• no.49
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• pp.187-223
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• 2012

This study is planned to research the ways and structue of Okdong's thinking, which are the foundation of his academic world, based on the collection of his literary pieces. This study became interested in Okdong Lee Seo because he with some strong stimulation and shock is considered as the turning point of his family's academic tradition. His family's academic tradition before Okdong had been famous for literatures of its members, such a tradition shifted toward Confucian classical studies. Especially, Okdong was the third elder brother of Seongho Lee Yik who represented the academia of the late Joseon period, and took an important role in forming Seongho's study. Okdong is considered to have built the basic structure of Seongho's study. It seems that in the process he transmitted their family's academic tradition whose focus got shifted from literature to Confucian classical studies. Thus, this study has the basic meaning as elucidation about the fundamental of Okdong's academic world. However, the larger meaning of this study is the verification of the fundamental structure of Seongho's study: Seongho's study stood on Okdong's study but overcame Okdong as an individual, and then became a academic standard of the late Joseon period. When the collection of Okdong's literary pieces is examined, it can be found that Okdong way of thinking rooted in the Confucian theory that human nature is originally good. Especially, Okdong maintained the li-qi dualism in which li and qi conflict against each other. For understanding and elucidating not-completely-good human mind, he understood li and qi within conflicting relationship. Okdong claimed that in order for a man to keep his life humane, the man should recover his moral completeness by cultivating his mind through sincerity and reverence. Okdong's goal was to build society and to realize human nature in accordance with the classical Confucian ideology of filial piety and respect and of loyalty and trust. Here lies the fundamental meaning of Okdong's way of thinking.

• Resources Recycling
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• v.17 no.5
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• pp.28-36
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• 2008

The effect of attrition scrubbing on the recovery of platinum group metals (PGMs) from automobile catalytic converters has been investigated. Catalytic converters were first crushed into particles less than 2 mm and attrition scrubbed in the range of 60 min, and then they were sieved with several screens. The catalyst layer, $\gamma$-alumina, was dislodged from the surface of the supporting matrix into fine particles less than $45{\mu}m$ by attrition scrubbing. The fraction of fine particles less than $45{\mu}m$ increased as the residence time for attrition scrubbing increased. The composition of the fine fraction obtained at a residence time of 40 min was $CeO_2$ 19.3%, $ZrO_2$ 1.9% and PGMs 419 ppm. In the fine fraction, the recovery of y-alumina increased proportionally to the residence time. Simultaneously, the recovery rates of $CeO_2$, $ZrO_2$ and PGMs increased to 82.9%, 78.7% and 78.9%, respectively. The production of the fine fraction less than $45{\mu}m$ and the recovery of $\gamma$-alumina increased when the solid concentration and initial feed size increased. Therefore, the attrition scrubbing as the comminution and separation process was concerned to be effective for the recovery of catalyst layer from ceramic supporting matrix by physical impact and shearing action between particles in the scrubbing vessel.

• Management & Information Systems Review
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• v.37 no.3
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• pp.65-81
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• 2018

This study estimated the long-run and the short-run price and income elasticity of crude oil demand by using the ARDL model in Korea. First, the long-run cointegration relationship existed between crude oil demand and price or income in the ARDL-bounds tests. Second, the long-run own price, the cross price elasticity and the income elasticity were both statistically significant elastic and sensitive in the ARDL. Third, there was autocorrelation of the residuals, but no misspecification errors and heteroscedasticity, and then the residuals showed a normal distribution. And the CUSUM & CUSUMSQ tests showed that the coefficients were stable. Fourth, the short-run own price, the cross price elasticity and the income elasticity were both statistically significant elastic and sensitive in the ARDL-RECM. The ECM with the short-run dynamics showed rapid adjustments in the long-run equilibrium of oil demand after the economic crisis. In the short-run, the sensitivity of crude oil demand to price and income changes has moved in the same direction as the long-run case. Korea, depending too much on foreign crude oil, is vulnerable to the shocks of oil prices, so rising oil prices can certainly have a negative impact on Korea's trade balance. And the elasticity of long-run oil prices may help to control and manage Korea's oil demand. The government needs to strengthen monitoring of the country's policies and market trends related to crude oil, establish strategies to customize national policies and market conditions, and strengthen active market dominance efforts through pioneering new market and diversification.