• The Korean Journal of Financial Management
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• v.25 no.4
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• pp.1-24
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• 2008

We empirically examined the forecasting abilities of analysts in the Korean stock market with regard to their earnings estimates, and the impacts of their reports on stock prices. Further, we also examine if there is any difference in analysts' forecasting accuracy and stock prices impacts depending upon the geographical distance between analysts and companies they follow. We found the following interesting empirical results. First, analysts have tendency to overestimate sales, operating income, and net income, consistent with the previous literature. Second, the degree of overestimation depends upon the geography of companies. That is, it is smaller for companies headquartered in Seoul than companies in local provinces. Third, analysts' earnings estimates are also more accurate for companies located in Seoul. So, we conjecture that analysts have easier access to the information for the companies. Fourth, when analysts downgrade target prices, companies in Seoul are less negatively affected than those in local provinces. Even when analysts revise downward stock recommendations, stock prices of companies in Seoul go up. Overall, analysts' price impacts are more favorable for Seoul-located companies. Last, but not least, when foreign ownership is higher, investors react less negatively to downward revisions of stock recommendation, but react more negatively to downward revisions of target prices.

• Journal of the Economic Geographical Society of Korea
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• v.3 no.2
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• pp.43-61
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• 2000

This study investigate the spatial characteristics and corporate networks of foreign business service firms in Korea. Specifically intrafirm and extrafirm organization of foreign firms are addressed utilizing the corporate network perspective. For this purpose, this study conducted questionnaire and interview surveys for the foreign firms. Parent-subsidiary relationships are focused on the mechanisms by which Transnational Corporations (TNCs) headquarters control and coordinate their foreign affiliates and subsidiaries in order to achieve investment purpose in Korea (overseas market expansion). But extrafirm networks of foreign business services firms in Korea do not appear to play an important role in regional development to date. A low proportion of foreign firms is engaged in academics-industry linkages, and a low number o( foreign firms is formally linked with government organizations, research institutes, and trade associations. To conclude, Foreign direct investment firms in business services in Korea are characteristics by globalized intrafirm networks and localized interfirm and extrafirm networks. It is understood that regional development can be vitalized when Korean local firms have close relationships with technologically advanced foreign firms in tacit knowledge capacity. Foreign firms are able to play an important role in the development of business services in Korea. This study suggests that regional foreign direct investment policy should be targeted towards the corporate networking with foreign firms and domestic firms and incrementation of the potential of foreign firms as a knowledge-intensive industry.

• Journal of the Economic Geographical Society of Korea
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• v.13 no.4
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• pp.548-560
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• 2010

This study aims to estimate the payment of farmland reverse mortgage(FRM) and to explore policy considerations about the restructuring of rural area after the initiation of farmland reverse mortgage. Farmland reverse mortgage provides stable monthly income basement for the welfare of rural elderly by liquidating fixed asset such as farmlands which the elderly in rural area owns. The main results of this study can be summarized as follows. First, FRM model based on Housing Equity Conversion Model, which is suggested by Rodda et al (2003), was built. Then, critical factors like farmland value rising rates and interest rates were elaborated, and affordable and proper monthly payment were estimated. 246,982 won, 419,374 won and 757,379 won is given to the borrower at age 65, 75 and 85 respectively with 100,000,000 won value farmland. Second, policy considerations which are necessary for the successful launch of FRM, and restructuring of rural area after launching FRM were discussed. Three policy considerations were proposed. First is about the integrated asset management system for rural elderly people. Second is about the reasonable settlement of corporate farmers system. And third is about the preparations for rural land use planning.

• Review of KIISC
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• v.18 no.5
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• pp.33-48
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• 2008

최근 은행의 소유지분한도와 설립자본금 등에 대한 정부의 금융규제 완화로 인터넷전문은행의 설립 가능성이 높아지고 있다. 그러나 우리나라의 전자금융환경은 전자금융거래법 제정에 따라 금융기관의 입증책임을 강화함으로써 금융기관의 전자금융리스크가 상대적으로 크게 증가하였다. 또한, 정보 공격기술 및 수법의 발달로 전자금융보안에 대한 위협이 지속적으로 증가하고 있다. 이외 에도 신BIS 리스크 평가에 IT운영리스크가 포함되는 등 금융환경 변화 및 정보통신 기술의 발전으로 인한 전자금융리스크가 계속 확대되고 있는 추세에 있다. 이러한 금융환경 변화와 함께 서비스채널이 인터넷에 집중되는 인터넷전문은행은 기존의 전통적인 은행과 차별되는 리스크에 추가적으로 노출될 위험성이 높다. 이러한 리스크에 대한 인식 및 대비 부재는 금융소비자가 금융권 전자금융거래에 대한 불신으로 확산되거나, 금융시장의 불안정성을 야기하는 금융사고로 이어져 자칫 국내 전자금융의 발전을 저해하는 심각한 요소가 될 수 있다. 본 논문에서는 국내 금융환경과는 차이가 있지만, 인터넷전문은행이 가져올 전자금융의 기술적 변화는 유사하다는 점에서 해외 주요국가의 인터넷전문은행 현황과 전자금융부문을 중심으로 인터넷전문은행 설립인가 사례를 살펴보고, 국내에서 인터넷전문은행 설립시 우리가 취해야 할 입장에 대해 시사점을 얻고자 하였다. 그리고 국내 전자금융 환경에서 전통적인 일반은행과 차별되거나 인터넷전문은행 고유의 특성으로 발생되는 주요 전자금융리스크를 다섯 가지로 분석하였고, 이러한 전자금융리스크를 줄이기 위한 대응방안을 모색해 보았다. 정부의 금융규제 완화는 금융자유화를 진전시켜 금융거래가 자유경쟁원리에 입각해 이루어짐에 따라 국민경제의 발전에 있어서 바람직한 결과를 얻고자 하는 것이다. 그러나 다른 한편으로 과도한 리스크에 노출 될 경우에는 금융시장의 불안정성을 야기하고 이로 인해 역 선택과 도덕적 해이를 야기 시키는 등 여러 가지의 폐해를 줄 수도 있다 이러한 폐해를 줄이기 위해서는 인터넷전문은행의 고유한 특성으로 수반되는 리스크와 상대적으로 그 중요성이 부각되는 전자금융리스크에 대한 관리 감독을 강화해야 한다. 또한 이러한 리스크 관리강화를 위한 제도적 장치는 인터넷전문은행의 자율성과 책임성을 부여하는 방향으로 이루어지는 것이 바람직하다. 인터넷전문은행이 실질적으로 다수의 금융이용자에게 다양한 혜택과 효율적인 금융서비스를 제공하기 위해서는 초기 사업계획 심사 단계에서부터 위험성이 크게 증가하는 전자금융리스크에 대해서, 적절한 관리방안 수립을 통해 예상되는 리스크를 줄이기 위한 노력이 필요하다고 생각한다. 그리고 인터넷전문은행에 대한 구체적인 인가요건이 마련되지 못한 현 상황에서, 국내 인터넷전문은행 설립이 우리나라 전자금융거래에 발전적 역할을 할 수 있도록 앞으로 더 많은 논의와 연구가 진행될 필요가 있다.

• Journal of Life Science
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• v.27 no.12
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• pp.1500-1506
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• 2017

Plants are reservoirs of naturally occurring chemical compounds and of structurally diverse bioactive molecules. The aim of this investigation was to screen for the presence of phytochemicals responsible for the lipolysis activity in mulberry (Morus alba) leaves, which are important in traditional Asian medicinal plants. Powdered mulberry leaves were extracted with hexane, ethyl acetate, and methanol. Daucosterol was isolated from the EtOAc extract of mulberry leaves, and its structure was elucidated by NMR spectral analyses. The NMR assignments for the compound were determined using $^1H$, $^{13}C$, DEPT, COSY, HSQC, and HMBC NMR spectral data. Daucosterol showed a concentration-dependent lipolysis activity that may impart medicinal properties that can be exploited by medical practitioners for the treatment of various diseases. However, further studies should be conducted to elucidate additional mechanisms of daucosterol.

• Korean Journal of Construction Engineering and Management
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• v.12 no.2
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• pp.133-142
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• 2011

The purpose of this study is to analyze the problems of the parties involved in the issuance of apartment housing development projects. The adapted research method selected four apartment housing development as PF ABCP projects. This study carried out the case about participant institution of PF ABCP funding project including developer, constructor, financial institution so as to draw problems by participant institution. On the basis of the selected case, this thesis proposes methods for involved parties to negotiate and work out problems of the PF ABCP. The results of this study are as follows 1) Launching long-term project financing should be developed, including operating funds and strengthen the ABS and ABCP issuance of credit assessment procedures, combined with the simplicity of the instruments. 2) The Low-risk contract for the construction of simple managerial focus should be the construction, financial institutions essentially dependent on project financing feasibility verification purpose loans to prevent the division a true story, the development should be of interest to be preserved. The proposed included, among other, partial guarantee based on the construction plan financial institutions' share-based investment, and the supplement of legal issues.

• Journal of the Korean Society of Clothing and Textiles
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• v.25 no.10
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• pp.1695-1706
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• 2001

본 연구는 조선시대 남자 포제(포제에 나타난 복식이미지의 구성요인을 밝히고 남자포제 유형별(철릭, 답호, 직령, 도포, 창의, 주의), 시기별(전기, 중기, 후기) 복식이미지를 알아봄으로서 조선시대 남자포제가 가진 복식이미지를 밝혀 현대 전통복식 디자인에 응용될 수 있는 기초적인 자료를 제공하고자 한다. 의복 자극물은 남자 평상복을 중심으로 하여 조선초기(1477년∼1543년)의 남자 포제로는 철릭, 답호, 직령 3점과 조선중기(18세기)는 도포, 창의 2점, 조선후기(17세기 후기∼20세기 초)는 주의 1점으로 하였고, 당 시대의 정화한 복식이미지를 살펴보기 위해 유물을 복원 제작하여 사용하였다. 이것을 모델에게 착장시켜 슬라이드로 제작한 후 자극물로 제시하였다. 의미지분척도외 구성은 자유언어연상법으로 형용사를 수집하여 23쌍의 형용사쌍을 구성하였다. 패널단은 대학생 남·여 총 600명으로 하였고 자료분석은 SAS을 이용하여 요인분석 분산분석 등을 사용하였다. 1. 조선시대 남자 포제의 요인구조는 품위성 요인(25.2%), 활동성 요인(l4.2%), 관할성 요인(37.9%), 현시성 요인(6.7%), 경연성 요인(5.7%)으로 구성되었으며, 이들 5개 요인의 전체변량 62.7% 중에서 품위성 요인, 활동성 요인, 관할성 요인이 전체변량의 50%를 넘어서 이 세 요인이 남자 포제에서 기본적으로 느껴지는 중요한 요인임을 알 수 있다. 2. 조선시대 남자 포제 유형별 복식이미지의 차이를 알아본 결과, 철릭은 가장 부자연스러운, 주름있는, 곡선적인, 부드러운, 특이한 이미지의 포제로 나타났으며, 답호는 가장 절제된, 직선적인 딱딱한, 특이한 이미지로, 직령은 가장 비활동적인, 답답한, 전통적인 이미지로 도포는 가장 품위있는. 관할한 이미지로 창의는 다른 포제에 비해 평범한, 단순한, 이미지로 주의는 가장 품위 없는, 일상적인, 활동적인, 단순한, 순수한 이미지의 포제로 평가되었다. 모든 남자포제가 전통적, 순수한 이미지의 포제로, 철릭을 제외한 모든 포제가 단순한 이미지로 나타나 조선시대 남자 포제가 공통적으로 가지는 이미지는 단순하고 순수한 이미지를 가지고 있음을 알 수 있다. 3. 남자 포제의 시기별 복식이미지에서는 조선전기(철릭, 답호, 직령)의 포제는 관할성 요인이 높은 의례적인, 관할한, 특이한 이미지로 평가되었고 조선중기(도포, 창의)의 포제는 품위있는, 절제된, 풍성한 이미지로 평가되었으며, 조선후기(주의)의 포제는 활동적인, 단순한, 직선적인 이미지로 나타났다. 따라서 시대별 남자 포제의 이미지는 시대적 여건과 상황에 따라 변화되어 왔으며, 시대에 따라 추구하는 이미지가 달랐다는 것을 알 수 있다.

• Economic and Environmental Geology
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• v.49 no.3
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• pp.201-212
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• 2016

Due to growing problems securing stable mineral and energy resources with international political and economic changes, China has dedicated itself to strategies and policies to enhance its stable mineral and energy resources security. China has established a rare earth elements(REE) industry policy after the abolition of the REE exports quota system. China's six large REE companies have also been integrated into REE mining, smelting and refining companies. Efforts have been increased to enhance China's energy security through unconventional oil and gas exploration and development investment, as well as effort in R&D. The country will focus on technology development and exploration to promote commercial production of unconventional oil and gas based on countries with shale gas. China is making long-term contracts and joint ventures to ensure the acquisition of reliable mineral and energy resources from abroad. Government of China has proposed a range of initiatives, such as the integration of resources development strategies and environmental development strategies, internationalization of resource management, supply diversification and advancement, strengthening industry linking strategy, grouping and diversification strategy.

• The Korean Journal of Applied Statistics
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• v.28 no.2
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• pp.309-324
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• 2015

In this paper we introduce how to analyze survival data via a SRC-Stat statistical package. This provides classical survival analysis (e.g. Cox's proportional hazards models for univariate survival data) as well as advanced survival analysis such as shared and nested frailty models for multivariate survival data. We illustrate the use of our package with practical data sets.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.13 no.8
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• pp.3417-3426
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• 2012

This study aims to determine how ownership structure (share-holding ratio of insiders, foreigners) affects agent costs (the portion of asset efficiency or non-operating expenses) through empirical analysis. However, as existing studies on correlations between ownership structure and agent costs adopted Pooled OLS Model, this study focused on additionally formulating Fixed Effect Model and Random Effect Model aimed to reflect the time of data formation and corporate effects as study models based on verification results on the suitability of Pooled-OLS Model before comparative analysis for the purpose of improvement of credibility and statistical validity of the results of empirical analysis based on the premise that the Pooled OLS Model is not reliable enough to verify massive panel data. The data has been accumulated over 10 years from 1998 to 2007 after the IMF crisis hit the nation, from a subject 331 companies except for financial institutions. As a result of the empirical analysis, verification of the suitability of model has determined that the Random Effect Model is appropriate in terms of asset efficiency among agent costs items. On the other hand, the Fixed Effect Model is appropriate in terms of non-operating costs. As a result of the empirical analysis according to the appropriate model, no hypothesis adopted in the Pooled OLS Model has been accepted. This suggests that developing an appropriate model is more important than other factors for the purpose of generating statistically significant empirical results by showing that different empirical results are produced according to the type of empirical analysis.