• The Korean Journal of Financial Management
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• v.26 no.1
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• pp.95-125
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• 2009

This paper examines the disciplinary effect of deposits using the semiannual accounting data of mutual savings banks(henceforth 'MSBs') in Korea for the period of 2003 through 2007. I find overall strong evidence in favor of the existence of market discipline in the industry. MSBs with higher BIS ratio and lower NPL ratio turn out to have higher increase rate of deposits than MSBs with lower such ratios. The coefficient of NPL ratio becomes greater with time, suggesting that the effect is cumulative. It turns out that depositors respond more sensitively to NPL ratio than BIS ratio in a period of MSB failure. On the other hand, MSBs turn out to act very positively responding to the depositors' discipline. They increase BIS ratio or decrease NPL ratio following the previous decrease in deposits. Government authorities need to make more efforts to develop a suitable incentive system (e.g. penalties on a false disclosure) to improve the efficiency of disclosure by MSBs. Moreover, they need to acknowledge the importance of NPL ratio as a market disciplinary tool which has been becoming more important, especially in times of MSB failure.

• Proceedings of the Korean Vacuum Society Conference
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• 1999.07a
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• pp.229-229
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• 1999

교류형 플라즈마 방전 표시기(AC Plasma Display Panel, AC PDP)의 구동에서의 방전 현상은 기입방전, 유지방전, 소거 방전이 있다. 이중 유지 방전은 표시장치로서의 휘도와 계조의 표현을 위한 방전으로 표시기로서의 효율을 결정하게 된다. 본 연구에서는 유지 방전 전압의 상승 시간의 변화에 따른 방전현상과 휘도, 효율의 변화를 살펴 보았다. 방전 현상에서의 가장 큰 변화는 교류형 플라즈마 방전 표시기의 방전 개시 전압과 방전 유지 전압의 변화이다. 유지 전압의 상승시간이 증가할수록 방전 개시 전압과 방전 유지 전압의 변화이다. 유지 전압의 상승 시간이 증가할수록 방전 개시 전압과 방전 유지 전압의 차(sustain margin)는 감소하여 상승 시간이 1$\mu$s/100V 이상의 영역에서는 방전 개시 전압과 방전 유지 전압이 차이가 없어지게 된다. 이는 방전 유지 전극 위의 유전체에 쌓이게 되는 벽전하(wall charge) 양의 감소에 의한 방전 약화의 영향을 보여질 수 있다. 그러나 방전 유지 전압의 형태와 전류의 시간적인 변화를 살펴보면 이러한 약한 방전은 벽전하의 감소에 의한 방전 시의 전계 감소보다는 방전 전류의 발생 시간이 방전 전압이 증가하여 최고점에 이르지 못한 시간에 위치하여 방전이 형성될 때의 전계가 강하지 못하기 때문인 것을 알 수 있다. 방전 전류를 측정한 결과에 의하면 방전 전류의 시작은 변위 전류가 흐르고 난 후부터 시작되며 그 결과 방전 전류가 최고점에 도달하는 시간은 방전 전압 상승 시간이 길어질수록 낮은 전압에서 형성되게 된다. 또한 방전 유지 전압의 상승 시간이 길어질수록 플라즈마 방전표시기의 휘도와 효율은 낮아지고 이 결과 또한 약한 전계에서의 방전에 의한 결과로 생각되어진다.플라즈마의 강도값을 입력하여 플라즈마의 radiation을 검출하고, 스퍼터링 공정중 실질적인 in-situ 정보로 이용하였다. PEM을 통하여 In/Sn의 플라즈마 강도변화를 조사하였다. 초기 In/Sn의 플라즈마 강도(intensity)는 강도를 100하여, 산소를 주입한 결과, plasma intensity가 35 줄어들었고, 이때 우수한 ITO 박막을 얻을 수 있었다. Pulsed DC power를 사용하여 아크 현상을 방지하였다. PET 상에 coating 된 ITO 박막의 표면저항과 광투과도는 4-point prove와 spectrophotometer를 이용하여 분석하였고, AES로 박막의 두께에 따른 성분비를 확인하였다. ITO 박막의 광투과도는 산소의 유량과 sputter 된 In/Sn ion의 plasma emission peak에 따라 72%-92%까지 변화하였으며, 저항은 37$\Omega$/$\square$ 이상을 나타내었다. 박막의 Sn/In atomic ratio는 0.12, O/In의 비율은 In2O3의 화학양론적 비율인 1.5보다 작은 1.3을 나타내었다.로 보인다.하면 수평축과 수직축의 분산 장벽의 비에 따라 cluster의 두께비가 달라지는 성장을 볼 수 있었고, 한 축 방향으로의 팔 넓이는 fcc(100) 표면의 경우 동일한 Ed+Ep값에 대응하는 팔 넓이와 거의 동일한 결과가 나타나는 것을 볼 수 있다. 따라서 이러한 비대칭적인 모양을 가지는 성장의 경우도 cluster 밀도, cluster 모양, cluster의 양 축 방향 길이 비, 양 축 방향의 평균 팔 넓이로부터 각 축 방향의 분산 장벽을 얻어낼 수 있을 것으로 보인다. 기대할 수 있는 여러 장점들을 보고하고자 한다.성이 우수한 시

• The Korean Society of Law and Medicine
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• v.17 no.2
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• pp.177-219
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• 2016

A commercial advertisement is not only a way of competition but also a medium of communication. Thus, it is under the constitutional protection of the freedom of business (article 15 of the Constitution) as well as the freedom of press [article 21 (1) of the Constitution]. In terms of the freedom of business or competition, it should be noted that an unfair advertising (false or misleading advertisement) can be regulated as an unfair competition, while any restraint on advertising other than unfair one might be doubted as an unjustifiable restraint of trade. In terms of the freedom of press or communication, it is important that article 21 (2) of the Constitution forbids any kind of (prior) censorship, and the Constitutional Court applies this restriction even to commercial advertising. In this article, the applicability of these schemes to advertising of the so-called learned professions, especially physician, are to be examined, and some proposals for the reformation of the current regulatory regime are to be made. Main arguments of this article can be summarized as follows: First, the current regime which requires advance review of physician advertising as prescribed in article 56 (2) no. 9 of Medical Act should be reformed. It does not mean that the current interpretation of article 21 of the Constitution is agreeable. Though a commercial advertising is a way of communication and can be protected by article 21 (1) of the Constitution, it should not be under the prohibition of censorship prescribed by article 21 (2) of the Constitution. The Constitutional Court adopts the opposite view, however. It is doubtful that physician advertising needs some prior restraint, also. Of course, there exists severe informational asymmetry between physicians and patients and medical treatment might harm the life and health of patients irrevocably, so that medical treatment can be discerned from other services. It is civil and criminal liability for medical malpractice and duty to inform and not regulation on physician advertising, to address these differences or problems. Advance review should be abandoned and repelled, or substituted by more unproblematic way of regulation such as an accreditation of reviewed advertising or a self-regulation preformed by physician association independently from the Ministry of Health and Welfare or any other governmental agencies. Second, the substantive criteria for unfair physician advertising also should correspond that of unfair advertising in general. Some might argue that a learned profession, especially medical practice, is totally different from other businesses. It is performed under the professional ethics and should not persue commercial interest; medical practice in Korea is governed by the National Health Insurance system, the stability of which might be endangered when commercial competition in medical practice be allowed. Medical Act as well as the condition of medical practice market do not exclude competition between physicians. The fact is quite the opposite. Physicians are competing even though under the professional ethics and obligations and all the restrictions provided by the National Health Insurance system. In this situation, regulation on physician advertising might constitute unjustifiable restraint of competition, especially a kind of entry barrier for 'new physicians.'

• The Journal of Society for e-Business Studies
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• v.26 no.3
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• pp.33-53
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• 2021

In the crossroads of social change caused by the spread of the Fourth Industrial Revolution and the prolonged COVID-19, the Korean government announced the Digital New Deal policy on July 14, 2020. The Digital New Deal policy's primary goal is to create new businesses by accelerating digital transformation in the public sector and industries around data, networks, and artificial intelligence technologies. However, in a rapidly changing social environment, information asymmetry of the future benefits of technology can cause differences in the public's ability to analyze the direction and effectiveness of policies, resulting in uncertainty about the practical effects of policies. On the other hand, the media leads the formation of discourse through communicators' role to disseminate government policies to the public and provides knowledge about specific issues through the news. In other words, as the media coverage of a particular policy increases, the issue concentration increases, which also affects public decision-making. Therefore, the purpose of this study is to verify the dynamic relationship between the media coverage and the stock market on the Korean government's digital New Deal policy using Granger causality, impulse response functions, and variance decomposition analysis. To this end, the daily stock turnover ratio, daily price-earnings ratio, and EWMA volatility of digital technology-based companies related to the digital new deal policy among KOSDAQ listed companies were set as variables. As a result, keyword search volume, daily stock turnover ratio, EWMA volatility have a bi-directional Granger causal relationship with media coverage. And an increase in media coverage has a high impact on keyword search volume on digital new deal policies. Also, the impulse response analysis on media coverage showed a sharp drop in EWMA volatility. The influence gradually increased over time and played a role in mitigating stock market volatility. Based on this study's findings, the amount of media coverage of digital new deals policy has a significant dynamic relationship with the stock market.

• Journal of Popular Narrative
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• v.25 no.3
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• pp.303-345
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• 2019

This article analyzes the multi-layered communication in the Webtoon Princess Pari, released on the Daum portal site, created (written and illustrated) by Kim Naim, through analyzing the narrative structure and comments with the qualitative / quantitative methodology. The webtoon Princess Pari is structured in an omnibus style in which unit narratives are intermittently articulated, multi-lined, and interconnected. As integrated narratives which link with unitary narratives, Pari's growth story as a shaman and a romance narrative are structured. The classical original story of the shaman was used as a prehistory corresponding to the prequel of the webtoon through a preview, and the writer restructured the narrative to overcome the contradictions of the gender asymmetry and the patriarchal ideology of the original text. The viewer then creates a conversational space by giving critical and reflective comments. According to a statistical analysis conducted through sampling, the types of comments can be classified as follows: Appreciation and criticism of the contents ≫ Emotional response ≫ Intuitive overall review ≫ Knowledge and reflection ≫ Comments on comments. In the process of creation and acceptance of the Webtoon, a multi-layered dialogue between classical and modern, content and audience, acceptance and creation has been at play. In the creation dimension, the writer used a device to fill the gap of mythical symbols of the contents. At the level of the audience, they formed a culture of sharing information, knowledge, and reflection about tradition/folk/culture through comments. This corresponds to classical and modern dialogue through the webtoon. The viewers form a sympathetic bond, attempt hermeneutical coordination, supplement the information, and search for a balanced angle through controversial conversation. In addition, by commenting on attitudes, views, and perspective, the commentators showed a behavioral pattern corresponding to meta-criticism in literature. The viewers' comments acted as feedback on the creation of the webtoons, so that the creation and acceptance itself influenced the production of the content of the webtoon. The webtoon Princess Pari, which was based on Korean classical narrative, has been reorganized onto 'moving and dynamic' content, which leads to sense, thinking, criticism and reflection through the formation of various dialogues.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.4
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• pp.1-20
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• 2023

This study attempted to identify the relationship between the investment determinants of accelerators and investment performance through empirical analysis. Through literature review, four dimensions and 12 measurement items were extracted for investment determinants, which are independent variables, and investment performance was adjusted to the cumulative amount of subsequent investment based on previous studies. Performance data from 594 companies selected by TIPS from 2017 to 2019, which are relatively reliable and easy to secure data, were collected, and the subsequent investment cumulative attraction amount, which is a dependent variable, was hypothesized through multiple regression analysis three years after the investment. As a result of the study, 'industrial experience years' in the characteristics of founders, 'market size', 'market growth', 'competitive strength', and 'number of patents' in the characteristics of products and services had a significant positive (+) effect. The impact of independent variables on dependent variables was most influenced by the competitive strength of market characteristics, followed by the number of years of industrial experience, the number of patents, the size of the market, and market growth. This was different from the results of previous studies conducted mainly on qualitative research methods, and in most previous studies, the characteristics of founders were the most important, but the empirical analysis results were market characteristics. As a sub-factor, the intensity of competition, which was the subordinate to the importance of previous studies, had the greatest influence in empirical analysis. The academic significance of this study is that it presented a specific methodology to collect and build 594 empirical samples in the absence of empirical research on accelerator investment determinants, and created an opportunity to expand the theoretical discussion of investment determinants through causal research. In practice, the information asymmetry and uncertainty of startups that accelerators have can help them make effective investment decisions by establishing a systematic model of experience-dependent investment determinants.

• Journal of Intelligence and Information Systems
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• v.23 no.3
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• pp.95-118
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• 2017

Recent centrally the downtown area, the transaction between the row housing and multiplex housing is activated and platform services such as Zigbang and Dabang are growing. The row housing and multiplex housing is a blind spot for real estate information. Because there is a social problem, due to the change in market size and information asymmetry due to changes in demand. Also, the 5 or 25 districts used by the Seoul Metropolitan Government or the Korean Appraisal Board(hereafter, KAB) were established within the administrative boundaries and used in existing real estate studies. This is not a district classification for real estate researches because it is zoned urban planning. Based on the existing study, this study found that the city needs to reset the Seoul Metropolitan Government's spatial structure in estimating future housing prices. So, This study attempted to classify the area without spatial heterogeneity by the reflected the property price characteristics of row housing and Multiplex housing. In other words, There has been a problem that an inefficient side has arisen due to the simple division by the existing administrative district. Therefore, this study aims to cluster Seoul as a new area for more efficient real estate analysis. This study was applied to the hedonic model based on the real transactions price data of row housing and multiplex housing. And the K-Means Clustering algorithm was used to cluster the spatial structure of Seoul. In this study, data onto real transactions price of the Seoul Row housing and Multiplex Housing from January 2014 to December 2016, and the official land value of 2016 was used and it provided by Ministry of Land, Infrastructure and Transport(hereafter, MOLIT). Data preprocessing was followed by the following processing procedures: Removal of underground transaction, Price standardization per area, Removal of Real transaction case(above 5 and below -5). In this study, we analyzed data from 132,707 cases to 126,759 data through data preprocessing. The data analysis tool used the R program. After data preprocessing, data model was constructed. Priority, the K-means Clustering was performed. In addition, a regression analysis was conducted using Hedonic model and it was conducted a cosine similarity analysis. Based on the constructed data model, we clustered on the basis of the longitude and latitude of Seoul and conducted comparative analysis of existing area. The results of this study indicated that the goodness of fit of the model was above 75 % and the variables used for the Hedonic model were significant. In other words, 5 or 25 districts that is the area of the existing administrative area are divided into 16 districts. So, this study derived a clustering method of row housing and multiplex housing in Seoul using K-Means Clustering algorithm and hedonic model by the reflected the property price characteristics. Moreover, they presented academic and practical implications and presented the limitations of this study and the direction of future research. Academic implication has clustered by reflecting the property price characteristics in order to improve the problems of the areas used in the Seoul Metropolitan Government, KAB, and Existing Real Estate Research. Another academic implications are that apartments were the main study of existing real estate research, and has proposed a method of classifying area in Seoul using public information(i.e., real-data of MOLIT) of government 3.0. Practical implication is that it can be used as a basic data for real estate related research on row housing and multiplex housing. Another practical implications are that is expected the activation of row housing and multiplex housing research and, that is expected to increase the accuracy of the model of the actual transaction. The future research direction of this study involves conducting various analyses to overcome the limitations of the threshold and indicates the need for deeper research.

• 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.

• Journal of the Institute of Electronics Engineers of Korea TC
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• v.45 no.4
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• pp.9-21
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• 2008

In this paper, we propose a GNSS-based RF receiver, A high precision localization architecture, and a high sensitivity localization architecture in order to solve the satellite navigation system's problem mentioned above. The GNSS-based RF receiver model should have the structure to simultaneously receive both the conventional GPS and navigation information data of future-usable Galileo. As a result, it is constructed as the multi-band which can receive at the same time Ll band (1575.42MHz) of GPS and El band (1575.42MHz), E5A band (1207.1MHz), and E4B band (1176.45MHz) of Galileo This high precision localization architecture proposes a delay lock loop with the structure of Early_early code, Early_late code, Prompt code, Late_early code, and Late_late code other than Early code, Prompt code, and Late code which a previous delay lock loop structure has. As we suggest the delay lock loop structure of 1/4chips spacing, we successfully deal with the synchronization problem with the C/A code derived from inaccuracy of the signal received from the satellite navigation system. The synchronization problem with the C/A code causes an acquisition delay time problem of the vehicle navigation system and leads to performance reduction of the receiver. In addition, as this high sensitivity localization architecture is designed as an asymmetry structure using 20 correlators, maximizes reception amplification factor, and minimizes noise, it improves a reception rate. Satellite navigation system repeatedly transmits the same C/A code 20 times. Consequently, we propose a structure which can use all of the same C/A code. Since this has an adaptive structure and can limit(offer) the number of the correlator according to the nearby environment, it can reduce unnecessary delay time of the system. With the use of this structure, we can lower the acquisition delay time and guarantee the continuity of tracking.