• KDI Journal of Economic Policy
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• v.31 no.1
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• pp.239-276
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• 2009

The paper investigates the possible relationship between earnings prediction by security analysts and special ownership ties that link security companies those analysts belong to and firms under analysis. "Security analysts" are known best for their role as information producers in stock markets where imperfect information is prevalent and transaction costs are high. In such a market, changes in the fundamental value of a company are not spontaneously reflected in the stock price, and the security analysts actively produce and distribute the relevant information crucial for the price mechanism to operate efficiently. Therefore, securing the fairness and accuracy of information they provide is very important for efficiencyof resource allocation as well as protection of investors who are excluded from the special relationship. Evidence of systematic distortion of information by the special tie naturally calls for regulatory intervention, if found. However, one cannot presuppose the existence of distorted information based on the common ownership between the appraiser and the appraisee. Reputation effect is especially cherished by security firms and among analysts as indispensable intangible asset in the industry, and the incentive to maintain good reputation by providing accurate earnings prediction may overweigh the incentive to offer favorable rating or stock recommendation for the firms that are affiliated by common ownership. This study shares the theme of existing literature concerning the effect of conflict of interests on the accuracy of analyst's predictions. This study, however, focuses on the potential conflict of interest situation that may originate from the Korea-specific ownership structure of large conglomerates. Utilizing an extensive database of analysts' reports provided by WiseFn(R) in Korea, we perform empirical analysis of potential relationship between earnings prediction and common ownership. We first analyzed the prediction bias index which tells how optimistic or friendly the analyst's prediction is compared to the realized earnings. It is shown that there exists no statistically significant relationship between the prediction bias and common ownership. This is a rather surprising result since it is observed that the frequency of positive prediction bias is higher with such ownership tie. Next, we analyzed the prediction accuracy index which shows how accurate the analyst's prediction is compared to the realized earnings regardless of its sign. It is also concluded that there is no significant association between the accuracy ofearnings prediction and special relationship. We interpret the results implying that market discipline based on reputation effect is working in Korean stock market in the sense that security companies do not seem to be influenced by an incentive to offer distorted information on affiliated firms. While many of the existing studies confirm the relationship between the ability of the analystand the accuracy of the analyst's prediction, these factors cannot be controlled in the above analysis due to the lack of relevant data. As an indirect way to examine the possibility that such relationship might have distorted the result, we perform an additional but identical analysis based on a sub-sample consisting only of reports by best analysts. The result also confirms the earlier conclusion that the common ownership structure does not affect the accuracy and bias of earnings prediction by the analyst.

• The Journal of Korean Institute of Electromagnetic Engineering and Science
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• v.26 no.2
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• pp.135-147
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• 2015

With the miniaturization and digitalization of electronics industry, demand for Multi-Layer Ceramic Capacitor(MLCC) has increased steadily because of its various applications such as DC Blocking, Decoupling and Filtering etc. The modeling techniques of MLCC has been studied for a long time but most of these modeling method can only be applied after measurement and this has some losses of material, time in both production stage and measurement stage. This paper proposes the modeling method which can predict the frequency characteristics of MLCC from structure data and material data in design stage. The impedance of N-Layer Capacitor can be expressed in differential mathematical form based on coupled transmission line equations. By using this formula, we can predict the impedance of MLCC. As a result, proposed modeling is correspond with simulation, and it takes much less time to obtain the result than the simulation.

• Proceedings of the Korean DIstribution Association Conference
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• 2003.02a
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• pp.169-200
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• 2003

소비자의 욕구변화와 정보기술의 발전으로 정보경제시대, 신경제시대가 도래함에 따라 가치사슬이 변화하고, 새로운 가치를 창출하는 신산업이 등장하고 있다. 인터넷의 확산과 더불어 선으로부터의 자유, 개인성, 즉시성이 가능한 모바일 비즈니스가 우리나라에서도 태동하고 있다. 모바일 비즈니스는 금융업체, 정보제공업체, 통신망 운용업체, 최종이용자간의 새로운 가치의 결합이 특징이며, 막 흐름이 만들어지고 발전되고 있는 상황이다. 이와 같이 다양한 이해관계자가개입하고 있어 협력이 특히 강조되고 또 요구되고 있다. 이러한 중요성에도 불구하고 이들간의 관계에 대한 연구가 미흡한 편이다. 따라서 본 연구는 모바일 비즈니스를 주도하고 있는 통신망 제공업체와 모바일 컨텐츠 공급 파트너간의 조직간 협력관계에 대한 실증 연구를 수행하였다. 관계마케팅, 거래비용, 자원기반관점, 네트워크 이론 등 기업간 관계를 기술, 설명, 예측하는 주요이론에서 논의되고 있는 개념을 바탕으로 본 연구는 컨텐츠 공급파트너의 전략적 성과에 영향을 주는 연구 모형을 제시한다. 최근 중요성이 더 강조되고 있는 항목은 신뢰와 결속임을 감안하여, 매개변수로써 전략적 성과에 영향을 주는 주요한 요소로 신뢰와 결속을 제시하고 있다. 컨텐츠 제공업체의 전략적 성과는 서비스제공업체에 대한 신뢰와 결속에 큰 영향을 받고있다는 점을 반영하고 있다. 한편 신뢰에 영향을 주는 독립변수로는 서비스 제공업체에 대한 평판, 서비스제공업체와 컨텐츠 제공 파트너간의 상호의사소통, 그리고 업무처리의 절차에 대한 공정성을 제시하고 있다 결속에 영향을 미치는 독립변수로는 동의된 목표, 업무정보교류, 거래특유자산의 3개의 변수를 선정하였다. 독립, 매개, 종속변수간의 9개의 연구 가설을 수립하였다. 국내의 주도적인 이동통신망소유업체에 모바일 컨텐츠를 공급하고 있는 170여개의 파트너를 대상으로 실증연구를 수행했다. 공변량 구조분석을 위주로 분석한 연구의 결과에 의하면 본 연구의 모델은 충분한 적합성을 보여주고 있는 것으로 나타났다. 또한 가설의 상당수가 채택이 되었다. 그러나 모바일 비즈니스의 기업간관계의 실제측면을 나타내는 업무정보교류와 결속자의 관계의 유의하지 않게 나와 기각되었다. 기각에 대한 여러 가지의 해석이 가능하지만 측정의 신뢰성을 확보해야 하고 개념의 타당성을 더 엄격하게 준수할 필요성이 제기되었다. 본 연구는 조직이론에 근거한 변수를 채택하고 있으나 모바일 비즈니스의 생명주기특성상 태동기이기 때문에 기업간 관계를 연구하는 측면에서는 탐험적 연구성격이 강하다. 더 나아가 본 산업의 주된 연구가 질적이고 기업내부만을 연구했던 것에 비교하면 시초적이라고 할 수 있다. 또한 관계마케팅, CRM 등의 이론적 배경이 되고 있는 신뢰와 결속의 중요성이 재확인하는 결과도 의의라고 할 수 있다. 그리고 신뢰는 양사 간의 상호관계에서 조성될 수 있는 특성을 가진 반면, 결속은 계약관계 초기단계에서 성문화하고 규정화 할 수 있는 변수의 성격이 강하다고 할 수가 있다. 본 연구는 복잡한 기업간 관계를 지나치게 협력적 측면에서만 규명했기 때문에 많은 측면을 간과할 가능성이 있다. 또한 방법론적으로 일방향의 시각만을 고려했고, 횡단적 조사를 통하고 국내의 한 서비스제공업체와 관련이 있는 컨텐츠 공급파트너만의 시각을 검증했기 때문에 해석에서 유의할 필요가 있다. 또한 타당성확보 노력을 기하였지만 측정도구 면에서 엄격한 개발과정을 준수하지는 못했다. 향후에는 모바일 컨텐츠 파트너의 기업의 특성을 조사하여 관계성 변수와의 상호관련연구를 진행할 필요가 있다. 관계기간, 의존성, 거래처의 단/복수여부, 서비스 범주 등의 제반 변수를 고려하여 이러한 변수가 양사와의 관계성 변수에 어떤 영향이 있는가를 검증할 필요가 있다. 또한 신뢰, 결속 등 다차원의 개념에 대한 심도 깊은 연구와 최근 제기되고 있는 이론의 확대도 필요하다. 마지막으로 신뢰와 결속에 영향을 미치는 요소간의 개념적 분류, 차이의 검증, 영향력 등을 광범위하게 진행시킬 필요가 있다.

• Journal of Advanced Navigation Technology
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• v.10 no.2
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• pp.173-180
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• 2006

An airborne radar is an essential aviation electronic system of the aircraft to perform various missions in all weather environments. This paper presents the design, development, and test results of the multi-mode pulsed Doppler radar system test model for helicopter-borne flight test. This radar system consists of 4 LRU units, which include ANTU(Antenna Unit), TRU(Tx Rx Unit), RSDU(Radar Signal & Data Processing Unit) and DISU(Display Unit). The developed technologies include the TACCAR processor, planar array antenna, TWTA transmitter, coherent I/Q detector, digital pulse compression, DSP based Doppler FFT filtering, adaptive CFAR, IMU, and tracking capability. The design performance of the developed radar system is verified through various helicopter-borne field tests including MTD (Moving Target Detector) capability for the Doppler compensation due to the moving platform motion.

• Journal of Digital Convergence
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• v.13 no.11
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• pp.217-230
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• 2015

This study investigated the differences in how medical institutions are chosen according to the motivation of medical service utilization(minor disease, major disease, chronic disease management, cosmetic). Importance order of selection for the minor disease were medical skill, kindness, rapidness, proximity, importance order of selection for major disease and cosmetic were medical skill, facilities, reputation, medical fee, importance order of selection for chronic disease management were medical skill, facilities, kindness, medical fee. From this medical study skill was a more important factor in medical institutions irrespective of motivation, subjects with the major disease tend to consider the selection of the medical institutions more important, except proximity. Medical users select medical institutions according to the motivation of visiting, and there were differences in same motivation according to socioeconomic status and information searching behavior.

• Journal of Convergence for Information Technology
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• v.7 no.1
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• pp.67-73
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• 2017

Paper sludge ash, blast furnace slag, fine powder quicklime, anhydrous gypsum, and fly ash as the main ingredients were prepared to suit the salty soils of marine soils. The solidification component is a kind of recycled ceramic, and CaO plays an important role in solidification. The neutralization time after solidification was about 2 weeks, and the compressive strength was about 12N/mm2 in the mortar test after one week incubation with standard yarn. This is about 14 times stronger than the solidifying agent used in the metropolitan area. As a result of applying plate load test to saltous marine soils, we obtained the yield load that can pass the large scale even after 5 days. In the uniaxial compressive strength test, shear strength of about 300 kPa was obtained after 5 days. It will be useful for supplementing the soft ground in the area where marine reclamation is much like the Incheon area.

• The Journal of Society for e-Business Studies
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• v.14 no.2
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• pp.1-22
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• 2009

As Internet shopping is getting popular, "trust" has become an important factor for customers to select websites and have repurchase intention. "Trust" has been developed from uni-dimensional concept to multi-dimensional concept in e-Commerce area. From the multi-dimensional viewpoint, this study is to investigate the processes to build trust for online stores. For this purpose, this study classifies the concept of trust into cue-based trust and experience-based trust, and then investigates their relationship in online stores. This study also identifies factors that explain cue-based trust and experience-based trust. The result from questionnaire survey distinguished cue-based trust from experience-based trust and both trust concepts are correlated each other. Second, cue-based trust is explained by perceived size, perceived reputation, and return policy, while experience-based trust is done by navigation, information usefulness and interactivity.

• Journal of the Institute of Electronics Engineers of Korea SC
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• v.43 no.6 s.312
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• pp.16-26
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• 2006

In this paper, we propose a 3D shape restoration system which measures height and surface shape of transparent ITO glass and delivers errors in focal length and incident angle of laser beam to femto-second laser micromachining. The proposed system is composed of a line scan laser, a high resolution camera, a linear motion guide synchronized to image capturing, and a control station. Also, we define the sensitivity indices that represent a relation between measurement error and a position of a camera and scan laser, and utilize it for optimum design. The results of the proposed system are compared with results of SPM(Scanning Probe Microscope) and prove the usefulness of the system.

• Journal of the Institute of Convergence Signal Processing
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• v.8 no.1
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• pp.39-43
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• 2007

In high speed communication networks, the determination of a transmission rate is critical for the stability of a closed-loop network system with the congestion control scheme. In ATM networks, the available bit rate (ABR) service is based on a feedback mechanism, i.e., the network status is transferred to the ABR source by a resource management (RM) cell. RM cells contain the traffic information of the downstream nodes for the traffic rate control. However, the traffic status of the downstream nodes can not be directly transferred to the source node in the IP based networks. In this paper, a new rate-based congestion control scheme using an exponential weighted moving average algorithm is proposed to build an efficient feedback control law for congestion avoidance in high speed communication networks. The proposed congestion control scheme assures the stability of switch buffers and higher link utilization of the network. Moreover, we note that the proposed congestion scheme can flexibly work along with the increasing number of input sources in the network, which results in an improved scalability.

• Journal of the Korean Institute of Illuminating and Electrical Installation Engineers
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• v.24 no.8
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• pp.142-149
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• 2010

This paper describes dielectric characteristics of $SF_6$ and dry-air gases under lightning impulse voltages in a quasi-uniform electric field. In order to simulate to a quasi-uniform electric field, electric field utilization factor of the used sphere-plane electrode is 71[%]. The gas pressure of $SF_6$ ranges from 0.1 to 0.2[MPa] and that of dry-air ranges from 0.2 to 0.6[MPa]. Electrical breakdown voltages of $SF_6$ and dry-air gases are measured and analyzed as functions of the polarity of lightning impulse voltage and gas pressure. As a result, the electrical breakdown voltage of both gases under the positive lightning impulse voltage is higher than that under the negative one. The electrical breakdown voltage in $SF_6$ is almost higher than 2.67 times compared to dry-air. The results presented in this paper can be used as a useful information to evaluate the capability of alternative insulation gases for $SF_6$ in power distribution equipment with prominent ability against lightning surge.