Corporate credit rating is a very important factor in the market for corporate debt. Information concerning corporate operations is often disseminated to market participants through the changes in credit ratings that are published by professional rating agencies, such as Standard and Poor's (S&P) and Moody's Investor Service. Since these agencies generally require a large fee for the service, and the periodically provided ratings sometimes do not reflect the default risk of the company at the time, it may be advantageous for bond-market participants to be able to classify credit ratings before the agencies actually publish them. As a result, it is very important for companies (especially, financial companies) to develop a proper model of credit rating. From a technical perspective, the credit rating constitutes a typical, multiclass, classification problem because rating agencies generally have ten or more categories of ratings. For example, S&P's ratings range from AAA for the highest-quality bonds to D for the lowest-quality bonds. The professional rating agencies emphasize the importance of analysts' subjective judgments in the determination of credit ratings. However, in practice, a mathematical model that uses the financial variables of companies plays an important role in determining credit ratings, since it is convenient to apply and cost efficient. These financial variables include the ratios that represent a company's leverage status, liquidity status, and profitability status. Several statistical and artificial intelligence (AI) techniques have been applied as tools for predicting credit ratings. Among them, artificial neural networks are most prevalent in the area of finance because of their broad applicability to many business problems and their preeminent ability to adapt. However, artificial neural networks also have many defects, including the difficulty in determining the values of the control parameters and the number of processing elements in the layer as well as the risk of over-fitting. Of late, because of their robustness and high accuracy, support vector machines (SVMs) have become popular as a solution for problems with generating accurate prediction. An SVM's solution may be globally optimal because SVMs seek to minimize structural risk. On the other hand, artificial neural network models may tend to find locally optimal solutions because they seek to minimize empirical risk. In addition, no parameters need to be tuned in SVMs, barring the upper bound for non-separable cases in linear SVMs. Since SVMs were originally devised for binary classification, however they are not intrinsically geared for multiclass classifications as in credit ratings. Thus, researchers have tried to extend the original SVM to multiclass classification. Hitherto, a variety of techniques to extend standard SVMs to multiclass SVMs (MSVMs) has been proposed in the literature Only a few types of MSVM are, however, tested using prior studies that apply MSVMs to credit ratings studies. In this study, we examined six different techniques of MSVMs: (1) One-Against-One, (2) One-Against-AIL (3) DAGSVM, (4) ECOC, (5) Method of Weston and Watkins, and (6) Method of Crammer and Singer. In addition, we examined the prediction accuracy of some modified version of conventional MSVM techniques. To find the most appropriate technique of MSVMs for corporate bond rating, we applied all the techniques of MSVMs to a real-world case of credit rating in Korea. The best application is in corporate bond rating, which is the most frequently studied area of credit rating for specific debt issues or other financial obligations. For our study the research data were collected from National Information and Credit Evaluation, Inc., a major bond-rating company in Korea. The data set is comprised of the bond-ratings for the year 2002 and various financial variables for 1,295 companies from the manufacturing industry in Korea. We compared the results of these techniques with one another, and with those of traditional methods for credit ratings, such as multiple discriminant analysis (MDA), multinomial logistic regression (MLOGIT), and artificial neural networks (ANNs). As a result, we found that DAGSVM with an ordered list was the best approach for the prediction of bond rating. In addition, we found that the modified version of ECOC approach can yield higher prediction accuracy for the cases showing clear patterns.
The international involvement of a firm has been described as a gradual development process "a process in which the enterprise gradually increases its international involvement in many studies. This process evolves in the interplay between the development of knowledge about foreign markets and operations on one hand and increasing commitment of resources to foreign markets on the other." On the basis of Uppsala internationalization model, many studies strengthen strong theoretical and empirical support. According to the predictions of the classic stages theory, the internationalization process of firms have been recognized and characterized gradual evolution to foreign markets, so called stage theory: indirect & direct export, strategic alliance and foreign direct investment. However, termed "international new ventures" (McDougall, Shane, and Oviatt 1994), "born globals" (Knight 1997; Knight and Cavusgil 1996; Madsen and Servais 1997), "instant internationals" (Preece, Miles, and Baetz 1999), or "global startups" (Oviatt and McDougall 1994) have been used and come into spotlight in internationalization study of technology intensity venture companies. Recent researches focused on venture company have suggested the phenomenons of 'born global' firms as a contradiction to the stages theory. Especially the article by Oviatt and McDougall threw the spotlight on international entrepreneurs, on international new ventures, and on their importance in the globalising world economy. Since venture companies have, by definition. lack of economies of scale, lack of resources (financial and knowledge), and aversion to risk taking, they have a difficulty in expanding their market to abroad and pursue internalization gradually and step by step. However many venture companies have pursued 'Born Global Strategy', which is different from process strategy, because corporate's environment has been rapidly changing to globalization. The existing studies investigate that (1) why the ventures enter into overseas market in those early stage, even in infancy, (2) what make the different international strategy among ventures and the born global strategy is better to the infant ventures. However, as for venture's performance(growth and profitability), the existing results do not correspond each other. They also, don't include marketing strategy (differentiation, low price, market breadth and market pioneer) that is important factors in studying of BGV's performance. In this paper I aim to delineate the appearance of international new ventures and the phenomenons of venture companies' internationalization strategy. In order to verify research problems, I develop a resource-based model and marketing strategies for analyzing the effects of the born global venture firms. In this paper, I suggested 3 research problems. First, do the korean venture companies take some advantages in the aspects of corporate's performances (growth, profitability and overall market performances) when they pursue internationalization from inception? Second, do the korean BGV have firm specific assets (foreign experiences, foreign orientation, organizational absorptive capacity)? Third, What are the marketing strategies of korean BGV and is it different from others? Under these problems, I test then (1) whether the BGV that a firm started its internationalization activity almost from inception, has more intangible resources(foreign experience of corporate members, foreign orientation, technological competences and absorptive capacity) than any other venture firms(Non_BGV) and (2) also whether the BGV's marketing strategies-differentiation, low price, market diversification and preemption strategy are different from Non_BGV. Above all, the main purpose of this research is that results achieved by BGV are indeed better than those obtained by Non_BGV firms with respect to firm's growth rate and efficiency. To do this research, I surveyed venture companies located in Seoul and Deajeon in Korea during November to December, 2005. I gather the data from 200 venture companies and then selected 84 samples, which have been founded during 1999
Now, safety assurance in construction sites should be accomplished by its own organization rather than control of the code or government. It is believed that the safety assurance can be considerably improved by a lecture or an education using the existing theories or literatures up to now, but it is thought that fundamental safety assurance we not able to be accomplished without developing safety devices '||'&'||' equipment or taking fundamental measures, based on the result analyzed from workers behaviors. There are various behaviors of the workers showed in construction site, but only tests for hammerusing works such as form, re-bar, stone workers directly related to the grip strength are mainly performed, investigated and measured here for the study. The above works are similar to power grip, 7th picture on seven items which are categorized for hand grip types(Ammermin 1956 ; Jones ; Kobrick 1958). Measurements of grip strength are commonly taken in anthropometric surveys. They are easy to administer but unfortunately it is rather dubious whether they yield any data that are of interest to the engineer. Very fewer controls of tools are grasped and squeesed studies showed very little overall correlation between grip strength and other measures of bodily strength (Laubach, Kromer, and Thordsen 1972), but hammer-using work which is practically progressed in construction site are mainly influenced with grip strength. According to the investigation on work measurement, it is shown that 77% of form worker are using hammer to be related to grip strength. In this study, it is particularly noticed that wearing safety gloves in construction site is required for workers safety but 20% difference between grip strength with safety gloves and without ones are commonly neglected in the site(Fig. 1). Nevertheless, safety operation with consideration of the above 20% difference is not considered in the construction site. Factors of age, kinds of work, working time, with or without safety gloves are in vestigated '||'&'||' collected at the sites for this study. Test, not at each working hour but at 14 : 00 when the almost all of the workers think the most tired, resulting from the questionaires, also when it is shown on the research report has been performed and compared for main kinds of works : form '||'&'||' re-bar work. Tests were performed with both left SE rightand of the workers simultaneously in construction site using Rand Dynamometer(Model 78010, Lafayette Instrument Co., Indiana, U.S.A) by reading grip strength on the gauge while they are pulling, and then by interviewing on their ages, works, experiences and etc., directly. The above tests have been performed for the dates of 15th march-26th May '95 with consideration of site condition. And even if various factors of ambient temperature on the testing date, working condition, individual worker's habit and worker's condition of the previous ate are concerned with the study. Those are considered as constants in this study. Samples are formwork 53, rebar 62, electrician 5, plumber 4, welding 1 from D construction Co., Ltd, ; formwork 12, re-bar 5, electrician 2, from S construction Co., Ltd, , formwork 78, re-bar 18, plumber 31, electrician 13, labor 48, plumber 31, plasterer 15, concrete placer 6, water proof worker 3, maisony 5 from B construction Co., Ltd. As In the previously mentioned, main aspect to be investigated in this study will be from '||'&'||' re-bar work because grip strength will be directly applied to these two kinds of works ; form '||'&'||' re-bar work, eventhough there are total 405 samples taken. It is thought that a frequency of accident occurrence will be mainly two work postures "looking up '||'&'||' looking down" to be mainly sorted, but this factor is not clarified in this study because It will be needed a lot of work more. Tests has been done at possible large scale of horizontally work-extended sites within one hour in order to prevent or decrease errors '||'&'||' discrepancies from time lag of the test. Additionally, the statistical package computer program SPSS PC＋has been used for the study.