• The Korean Journal of Financial Management
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• 제21권2호
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• pp.27-63
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• 2004

Since the 1980s, many multinational corporations have been issuing stocks on foreign stock exchanges, not only to enhance their investor base and liquidity, but also to diversify risks. The phenomenon has also been intensified by the rapid financial globalization and securitization trends. The main purpose of this study is to look into the long-run performance of MNCs' cross-listings of stocks on foreign stock exchanges. We use the event study and cross-sectional regression methods. We obtained some interesting empirical results about the long-run effect of cross-listings. First before the listing data the effect of cross-listing is to increase the underlying stock Vice in the local market. It may be caused by expectation of lower risk and cost of capital. However, after the listing data the stock price has been declining, even if it is not significant. Second, we examine the difference in the long-run cross-listing effect, which may be caused by the listing direction. When listing is made from a less developed market to a more developed market, the effect is better than that in the reverse direction. Furthermore, the effect is worse, when the listing company's home country is the U.S. Third, there is a negative relation between CARs and underlying stock liquidity in the local market, So it implies that a firm, whose underlying stocks are very liquid in the local market should carefully value cross-listing based upon the cost and benefit analysis. Last, but not the least we find that the long-un cross-listing effect is better, when a listing firm's ROE is higher.

• Journal of Korean Society of Forest Science
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• 제100권3호
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• pp.423-431
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• 2011

The changes of forest degradation in North Korea have closely been related to political, economic and social conditions at all different times. The deforestation by local people for their livelihood has been accelerated when the recession has been worsened due to the 1990's collapse of socialism and the years of natural disasters, and the fall of the centralized and planned economy system. The serious recession in the 1990's has brought many changes in the North Korean society since the 2000's. Not only the underground economy, but also the market in which personal trades are occurred have been expanded as the distribution system of the planned economy system had fallen. In addition, even many state institutions have also increased timber harvest for export to acquire insufficient foreign currency. Eventually, North Korea felt the limits of utilization of forest resources under socialism then started to seek measures to restore devastated forest, while realizing the need of support from the international society. Therefore, some NGOs of South Korea started to give financial support on building tree nurseries in which seedlings for planting are produced to help the rehabilitation of the degraded forests in North Korea. Therefore, Planning of the basic directions for forest rehabilitation programs considering to economic and social conditions of North Korea are needed based on the successful rehabilitation experience of South Korea in the 1970's. First of all, relationships which was built after collapse of centrally planned economy between districts, businesses and workers must be consider to rehabilitate forests in North Korea. Secondly, due to the nature of forest rehabilitation projects this is very needs voluntary participation of resident for a long time, and then forest rehabilitation projects can create jobs for local resident, they can obtain continuous income on the forest rehabilitation projects field in order to promote resident's work in forest rehabilitation projects. Thirdly, the rate dependence on forests of the residents living must keep the level down by rural development projects going side by side with forest rehabilitation projects. Fourthly, use of exsisting forest management system in North Korea is also needed to ensure administrative power and labor for grand scale plantations in a short period of time. Meanwhile after the success of Forest Rehabilitation, it is very important to improve exsisting forest management system.

• Journal of Korean Society of Forest Science
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• 제100권3호
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• pp.522-534
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• 2011

The aim of this study is to draw forth the tasks for establishing the right of native biology in Korea through the case study on 'Access on genetic resources and Benefit Sharing'. For this purpose, this study decided on its research subject by selecting Hoodia, on which ABS treaty was made the most recently, through the examination of the representative ABS precedents on plant species. This study analyzed the process background of ABS on Hoodia, and compared & analyzed the ABS procedures of 'Bonn Guidelines' adopted by the 6th Conference of the Parties of the Convention on Biological Diversity in 2002 and Hoodia case. Together with the ABS major issues in common drawn as a result of this analysis, and "Nagoya Protocol" adopted by the 10th Conference of the Parties of the Convention on Biological Diversity, this study intended to shed a light on the impending tasks which Korea faces at present and its role relationship. The research results are as follows: 1. It is required that species habitats should be divided based on biological classification and its subsequent community should be established with the development of infrastructure such as a community's independent production, management and monitoring of bio-species. 2. There needs to be a designation of ABS National Focal Point for sharing of ABS-related general information, boosting of implementation of the relevant convention. 3. There needs to be the establishment of ABS convention system consequent on legislative, administrative, political procedures, and designation of the Competent National Authorities for the provision of the format of Prior Informed Consent (PIC) and Mutually Agreed Terms (MAT) and their contents assessment and confirmation. 4. There should be the establishment of integrated management system of ABS-related research and development of forest biological resources and its relevant research projects. 5. There should be information development through the distribution of responsibility and role between the ministries and offices concerned according to bio-resources, and there needs to be efforts in aiming for opening a working group of academic-industrial institutions for developing a mutually interchangeable system. 6. It's required that the efficient access between industrial circles and the people should be promoted by setting up ABS support center of biological resources in ministry and office's charge. 7. There should be a selection of a national supervisory organization for securement of the right of a local community and monitoring of ABS convention implementation, and a countermeasure system for preventing outflow of forest bioresources. Conclusively, it's judged that it will be possible to inquire into the countermeasures for the establishment of the native forest biology dominion through such research results.

• Journal of Korea Water Resources Association
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• 제56권11호
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• pp.751-764
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• 2023

Gangwon State is centered on the Taebaek Mountains with very different climate characteristics depending on the region, and localized heavy rainfall is a frequent occurrence. Heavy rain disasters have a short duration and high spatial and temporal variability, causing many casualties and property damage. In the last 10 years (2012~2021), the number of heavy rain disasters in Gangwon State was 28, with an average cost of 45.6 billion won. To reduce heavy rain disasters, it is necessary to establish a disaster management plan at the local level. In particular, the current criteria for heavy rain warnings are uniform and do not consider local characteristics. Therefore, this study aims to propose a heavy rainfall warning criteria that considers the threshold rainfall for the advisory areas located in Gangwon State. As a result of analyzing the representative value of threshold rainfall by advisory area, the Mean value was similar to the criteria for issuing a heavy rain warning, and it was selected as the criteria for a heavy rain warning in this study. The rainfall events of Typhoon Mitag in 2019, Typhoons Maysak and Haishen in 2020, and Typhoon Khanun in 2023 were applied as rainfall events to review the criteria for heavy rainfall warnings, as a result of Hit Rate accuracy verification, this study reflects the actual warning well with 72% in Gangneung Plain and 98% in Wonju. The criteria for heavy rain warnings in this study are the same as the crisis warning stages (Attention, Caution, Alert, and Danger), which are considered to be possible for preemptive rain disaster response. The results of this study are expected to complement the uniform decision-making system for responding to heavy rain disasters in the future and can be used as a basis for heavy rain warnings that consider disaster risk by region.

• The Korean Society of Law and Medicine
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• 제21권2호
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• pp.105-162
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• 2020

In the pandemic of infectious disease, restrictions of individual liberty have been justified in the name of public health and public interest. In March 2020, the National Assembly of the Republic of Korea passed the revised bill of the 「Infectious Disease Control and Prevention Act.」 The revised bill newly established the legal basis for forced testing and disclosure of the information of confirmed cases, and also raised the penalties for violation of self-isolation and treatment refusal. This paper examines whether and how these individual liberty limiting clauses be justified, and if so on what ethical and philosophical grounds. The authors propose the theories of the philosophy of law related to the justifiability of liberty-limiting measures by the state and conceptualized the dual-aspect of applying the liberty-limiting principle to the infected patient. In COVID-19 pandemic crisis, the infected person became the 'Patient as Victim and Vector (PVV)' that posits itself on the overlapping area of 'harm to self' and 'harm to others.' In order to apply the liberty-limiting principle proposed by Joel Feinberg to a pandemic with uncertainties, it is necessary to extend the harm principle from 'harm' to 'risk'. Under the crisis with many uncertainties like COVID-19 pandemic, this shift from 'harm' to 'risk' justifies the state's preemptive limitation on individual liberty based on the precautionary principle. This, at the same time, raises concerns of overcriminalization, i.e., too much limitation of individual liberty without sufficient grounds. In this article, we aim to propose principles regarding how to balance between the precautionary principle for preemptive restrictions of liberty and the concerns of overcriminalization. Public health crisis such as the COVID-19 pandemic requires a population approach where the 'population' rather than an 'individual' works as a unit of analysis. We propose the second expansion of the harm principle to be applied to 'population' in order to deal with the public interest and public health. The new concept 'risk to population,' derived from the two arguments stated above, should be introduced to explain the public health crisis like COVID-19 pandemic. We theorize 'the extended harm principle' to include the 'risk to population' as a third liberty-limiting principle following 'harm to others' and 'harm to self.' Lastly, we examine whether the restriction of liberty of the revised 「Infectious Disease Control and Prevention Act」 can be justified under the extended harm principle. First, we conclude that forced isolation of the infected patient could be justified in a pandemic situation by satisfying the 'risk to the population.' Secondly, the forced examination of COVID-19 does not violate the extended harm principle either, based on the high infectivity of asymptomatic infected people to others. Thirdly, however, the provision of forced treatment can not be justified, not only under the traditional harm principle but also under the extended harm principle. Therefore it is necessary to include additional clauses in the provision in order to justify the punishment of treatment refusal even in a pandemic.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• 제9권5호
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• pp.69-81
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• 2014

There is a growing interest in the technology transfer and commercialization both at home and abroad. Accordingly, this study looked at the concept of technology transfer and commercialization, identified the factors that should be taken into account in order to facilitate technology transfer and commercialization, and then performed a empirical analysis. As for the conventional technology transfer and commercialization, there was a tendency to limit its scope to the exploration, transfer and commercialization of technology itself. Here in this research, technology transfer and commercialization is defined the category to expand as various activities implemented in order to make sure that intellectual properties such as intangible technological developments, know-how, and knowledge are transferred between the relevant parties through a contract or negotiation, and the party to which the transfer is made can then further develop and exploit the technology into tangible products and other activities to obtain economic benefit out of that. In addition, the findings of the positive analysis of technology transfer and commercialization revealed that the focus of facilitating technology transfer has been on the technology itself, its management and securing efficiency of the systems and institutions involved in the technology transfer and commercialization. So there was lack of recognition as to the importance of financial support given to the phase of technology commercialization. This indicates that when it comes to the technology transfer and commercialization, quantitative performance has been the focus of interest such as patent application, registration, number of technology transfers, royalty, etc. So there was not enough understanding as to the issues of starting up a business, creating quality jobs through technology transfer and commercialization, which are directly related to the realization of the creative economy. In this regard, this research is expected to be used for the development for the future policies to boost technology transfer and commercialization as it suggests not only simply ensuring quantitative performance but also necessary to create the environment for the creation of the stable ecosystem for the parties involved in the technology transfer and commercialization and then to build circumstances in which creative economy can be realized.

• Journal of Bio-Environment Control
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• 제22권4호
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• pp.366-370
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• 2013

The effects of the early tree shapes with renewal by top-working on Y-shaped peach tree, and the influence on the maintaining fruit quantity with gradual renewal of interstock cultivar were determined. In the comparison of the places of top-working tree, top working tree on the inside of the main branch of interstock cultivar had higher graft union rate and branch growth than those of top working tree on the outside. Tree width, basal diameter of shoot, and number of bearing shoots were smaller in top working tree than in replanted tree. Although labor time was not different to control top working tree and replanted tree, labor time was much required to manage top working tree with interstock cultivar. Accumulated fruit production was 2,384 kg/10a in top working tree and 2,025 kg/10a in replanted tree for three years. However, top working tree had no loss of fruits because interstock cultivar of top-working tree had 3,727 kg/10a of fruits. No variation on fruit quality was observed between top working tree and replanting tree. In terms of economic value of top-working tree, labor to manage interstock cultivar, fertilizer price, fruit bagging, and grading and packing price increased. However, fruit production increased, and price of seedling, rental equipment, pulling-out trees, and repairing supporting system decreased. Therefore, gradual renewal of topworking tree has effects on the maintaining fruit quantity, supplementation on fruit loss, and renewal cultivar.

• Korean Journal of Environment and Ecology
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• 제31권3호
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• pp.337-343
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• 2017

This study is going to contribute the activation of ecosystem services written in the 3rd National Basic Plan for Nature Conservation(2016~2025) in Korea. Meanwhile we considered the benefits that the nature has given to the humankind as free goods or services which we may consume traditionally without due payment therefore. But on account of the expansion of cities and expedition of development, as the carrying capacity of the nature has been breached, people have come to try to restore and enhance artificially such vulnerable capacity. It is necessary to compensate the opportunity cost which the land owners or occupiers have to pay for conservation and maintenance of natural capitals which yield the ecosystem services. Therefore the institutionalization of ecosystem services should be established that the consumers who enjoy such services should share the interest from enjoying services with the land owners or occupiers who produce the ecosystem services, under the legal system which will make it possible to connect the benefit sharing with the conservation of environment. However it is the first task that the present legal system could not realize the fair and equitable benefit sharing between the producers and consumers of ecosystem services. And the second task in such legal system is that the value of ecosystem services could not be fully considered in the process of development planning. According to the analysis of this study, the institutionalization of ecosystem services in the government side and the civilian side could be realized to somewhat extent, although not sufficient. Especially the transactions of ecosystem services through the private contract among stakeholder are possible in the course of development planning or without any relevancy to a development project. The final task in the institutionalization of ecosystem services is how to assess the ecosystem services and to value the economic benefits therefrom on the basis of what kinds of procedures relating to some development processes. To overcome such difficulties, it is necessary that the state, trend and change of ecosystem services confronting with a developing project should be assessed concretely at the threshold of development. It is possible to integrate the ecosystem services into the environmental impact assessment(IEA), not by way of the Act of IEA, but by way of the Decree thereof.

• Korean journal of communication and information
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• 제39권
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• pp.250-283
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• 2007

The Shinmoongo (Shinmoon-drum) system is known as the last means of petition, appeal, and, denunciation during the Chosun dynasty. The purpose of this study is first to examine the system's origin and changes of its function and operation. The study further looks at several issues around the striking gong system, an alternative appealing method, and its background and transition. Introduced by King Taejong, the Shinmoongo was a kind of the press (or communication) system which was intended to deliver various cases of personal appeal, social petition, national denunciation, etc. Since the 2nd year of King Sejong, the system had been changed into the legal system which mainly to settle personal mortifying problem. Originally, the system was institutionalized for the common people who were hard to appeal their mortifying affairs to the supervisory administration. This reporting system to a superior was utilized as an institutional device to remedy abuses from 'complaint to the King near his sedan chair' and 'direct complaint out of order' during the early disordered years of Chosun dynasty. The system was often abused for the devices of private interest by illustrious officials. Meanwhile, it carried out a role of checking power abuses of provincial governors and magistrates. There were many obstacles for the common people and lowly people to turn to the means. The drum was located at the palace of capitol, less accessible for most people at the time. The petition had to be processed through several steps in written forms. The punishment on a false drummer was heavy. It inhibited any appeal concerning the superior under the rigorous caste system. The Shinmoongo system is regarded as a legitimate press system. Also, it is taken as informal or semi-official press system such as 'document to send around', 'document for agitation', 'joint petition', 'striking gong to complain', 'complaint to the King near his sedan chair', 'scream to complain', etc. Connecting together, the tools resulted in the increase of regal power and decrease of divine authority.

• Journal of Korean Society of Transportation
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• 제25권5호
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• pp.125-133
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• 2007

Through open-sky policy, USA and European selected market principle of multiuser. However, in Asian case, major airlines monopolize airports. It is purpose that analyzes fare competition of Asian Hub Airport and the position of Incheon airport in Asia. Passengers required longer time and distance to go to the destination because direct flights decreases. But passengers increased in airport every year. Because of routes that decrease, airlines provide more services of flights. So airlines prefer to Hub Airports. As a result, both passengers and airlines are profitable by various routs and the increased frequency. On the assumption that distance and fare are related, the final formula is as following that defined the air fare from hub(H) to destination(Z) by logarithm. Analysis showed that log Rdist is not 1 but 0.08. As distance increases, fare doesn't increase. If distance from hub to destination airports is longer, Log dist_HZ is negative. It is that fare decreases from origin to destination via hub or that fare increases from hub to destination. HHI_HZ and HHI_AZ are negative. It means that if the degree of monopolization of hub and origin airports is lager, fare decreases from origin to destination via hub. Or fare increases from hub to destination. And it compares the Incheon airport with the other Asian hub airports and it examines the competitive fare by market division. As compared with the Incheon airport, Singapore, Beijing and Narita airports are higher fares. They compete with the other ones by Asian hub airports. But Hong Kong and Taipei airports must have more passengers through fare competition yet.