• The Journal of Society for e-Business Studies
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• v.21 no.2
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• pp.81-96
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• 2016

This paper analyzes the impact of information breach on shareholder value by measuring the stock price reaction associated with the announcements of data breach. The breach firms in the sample lost, on average, 1.3% of their market value, amounting to 98.9 million won of loss within two-day of the event period after the announcement. We examine the abnormal returns in various categories (i.e., source, type, size, etc.) of information breach. Although the market does not react significantly to the announcements of outside breach, we find statistically significant market reactions to inside breach. We estimate abnormal returns over the following 60 days. The mean 60-day cumulative abnormal return and BHAR (buy-and-hold abnormal returns) are both significantly far from zero. We conclude that there is a coherent market reaction following the announcement. The difference between the market reactions to IT firms and Non-IT firms is statistically significant. But breach amount, firm size, and the year the breach occurred do not show to be significant variables.

• Korean Journal of Agricultural Science
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• v.24 no.2
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• pp.170-181
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• 1997

The number of modernized green houses have been increased to produce high quality and high-payoff farm products. The unit investment costs per pyeong($3.3058m^2$) for building a glass house was estimated at 449 thousand won. On the other hand, the unit prices for the PC house with iron frame and the vynil house with automatic control system were revealed 365 thousand won and 93 thousand won respectively. The main objective of the study was to identify the financial feasibility of the green house investment prevailed in rural area. At present, some farmers have selected the green house without any consideration of profitability of crops and accessiblity of their fanning practices and technology. For the soundness of green house cultivation and management, the indices of finacial efficiency for the modernized green houses were necessary. The decesion making criteria such as NPV(Net Present Value), IRR(Internal Rate of Return), B/C Ratio and Payback Period were analyzed for the individual high investment facilities considering the present farmer's technology and on-farm benefits and costs. The results of the feasibility analysis of green houses were as follows: 1. In case of 100% private burden of the investment costs, NPV revealed only positive value for the vinyl house with automatic system and IRR for the house was also estimated at more than 10% and B/C Ratio was amounted to more than 1.0. On the other hand, the other glass and PC houses showed negative NPV and unacceptable B/C ratio and IRR. 2. In case of the following terms and conditions as 50% Government subsidy, 20% loans and 30% farmers burden of the total investment cost, all the green houses showed acceptable IRR, B/C Ratio and NPV. 3. The financial feasibility of the glass house was acceptable in tomato cultivation rather than in cucumber cultivation. The payback periods of cucumber were represented as 8.9 years for glass house, 8.5 years for PC house and 4.1 years for vinyl house with automatic system respectively. In conclution, the glass and PC house cultivation of high value vegetables were only acceptable under the Goverment subsidy and loan systems from the view point of farmer's financial situations. On account of the unacceptable economic rate of return, the government subsidy and loan policy for glass house cultivation should be transfered to the vinyl and pc houses in the future.

• Journal of Korea Water Resources Association
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• v.44 no.5
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• pp.339-350
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• 2011

This study developed a climate informed Bayesian nonstationary frequency model which allows us to forecast seasonal summer rainfall at Nakdong River. We constructed a 37-year summer rainfall data set from 10 weather stations within Nakdong river basin, and two climate indices from sea surface temperature (SST) and outgoing longwave radiation (OLR) were derived through correlation analysis. The selected SST and OLR have been widely acknowledged as a climate driver for summer rainfall. The developed model was applied first to the 2010-year summer rainfall (888.1 mm) in order to assure ourself. We demonstrated model performance by comparing posterior distributions. It was confirmed that the proposed model is able to produce a reasonable forecast. The forecasted value is about 858.2 mm, and the difference between forecast and observation is about 30 mm. As the second case study, 2011-year summer rainfall forecast was made using an observed winter SSTs and an assumed 50% value of OLRs. The forecasted value is 967.7 mm and associated exceedance probability over average summer rainfall 680 mm is 92.9%. In addition, 50-year return period for summer rainfall was projected through the nonstationary frequency model. An exceedance probability over 1,400 mm corresponding to the 50-year return level is about 73.7%.

• Asian-Australasian Journal of Animal Sciences
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• v.27 no.1
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• pp.147-154
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• 2014

This review focuses on modulation of growth hormone (GH) and its downstream actions on periparturient dairy cows undergoing physiological and metabolic adaptations. During the periparturient period, cows experience a negative energy balance implicating that the feed intake does not meet the total energy demand for the onset of lactation. To regulate this metabolic condition, key hormones of somatotropic axis such as GH, IGF-I and insulin must coordinate adaptations required for the preservation of metabolic homeostasis. The hepatic GHR1A transcript and GHR protein are reduced at parturition, but recovers on postpartum. However, plasma IGF-I concentration remains low even though hepatic abundance of the GHR and IGF-I mRNA return to pre-calving value. This might be caused by alternation in IGFBPs and ALS genes, which consequently affect the plasma IGF-I stability. Plasma insulin level declines in a parallel manner with the decrease in plasma IGF-I after parturition. Increased GH stimulates the lipolytic effects and hepatic glucose synthesis to meet the energy requirement for mammary lactose synthesis, suggesting that GH antagonizes insulin-dependent glucose uptake and attenuates insulin action to decrease gluconeogenesis.

• Wind and Structures
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• v.25 no.3
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• pp.261-282
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• 2017

The probabilistic information of directional extreme wind speeds is important for precisely estimating the design wind loads on structures. A new joint probability distribution model of directional extreme wind speeds is established based on observed wind-speed data using multivariate extreme value theory with the t-Copula function in the present study. At first, the theoretical deficiencies of the Gaussian-Copula and Gumbel-Copula models proposed by previous researchers for the joint probability distribution of directional extreme wind speeds are analysed. Then, the t-Copula model is adopted to solve this deficiency. Next, these three types of Copula models are discussed and evaluated with Spearman's rho, the parametric bootstrap test and the selection criteria based on the empirical Copula. Finally, the extreme wind speeds for a given return period are predicted by the t-Copula model with observed wind-speed records from several areas and the influence of dependence among directional extreme wind speeds on the predicted results is discussed.

• Journal of Korean Society of Coastal and Ocean Engineers
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• v.14 no.1
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• pp.51-64
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• 2002

To investigate long-period wave responses in Sokcho Harbor and Cheongcho lagoon, field measurements were made for long-and short-period waves and current velocities using a Directional Waverider, a ultrasonic-type wave gauge, four pressure-type wave gauges, and a current meter. From the data analysis, it was found that the Helmholtz resonant periods of Sokcho Harbor and Cheongcho lagoon are about 13.6 and 54.5 minutes, respectively, and the dominant period of wave induced current in the passage between Sokcho Harbor and Cheongcho lagoon is about 55.2 minutes which depends on Helmholtz resonant condition of the Cheongcho lagoon. It was also found that the energy level of the far-infra-gravity waves during storm conditions is very high compared with that during calm sea conditions. To investigate relationships between far-infra-gravity waves and short-period waves at offshore station, regression analyses were carried out especially for 1) heights, 2) periods, 3) direction and height, 4) height and period between short-and far-infra-gravity waves, respectively. The results showed that the long-period wave height is highly correlated with the short-period wave height. However, no special trend was found for the other relations. In the future far-infra-gravity wave heights on return period around Sokcho Harbor region can be suggested by using extreme value analyses of long term measured data.

• New & Renewable Energy
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• v.16 no.4
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• pp.65-75
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• 2020

The value of tangible assets depreciates over their useful life and this depreciation should be adequately reflected in any tax or financial reports. However, the method used to calculate depreciation can impact the financial performance of solar projects due to the time value of money. Korean tax law stipulates only one method for calculating the depreciation of solar photovoltaic facilities: the straight-line method. Conversely, USA's tax law accepts other depreciation methods as solar incentives, including the modified accelerated cost recovery system (MACRS) and Bonus depreciation method. This paper compares different depreciation methods in the financial analysis of a 10 MW solar system to determine their effect on the financial results. When depreciation was calculated utilizing the MACRS and Bonus depreciation method, the internal rate of return (IRR) was 10.9% and 16.4% higher, respectively, than when the Korean straight-line depreciation method was used. Additionally, the increased IRR resulting from the use of the two US methods resulted in a 20.5% and 27.4% higher net present value, respectively. This shows that changing the depreciation calculation method can redistribute the tax amount during the project period, thereby increasing the discounted cash flow of the solar project. In addition to increasing profitability, USA's depreciation methods alleviate the uncertainty of solar projects and provide more flexibility in project financing than the Korean method. These results strongly suggest that Korean tax law could greatly benefit from adopting USA's depreciation methods as an effective incentive scheme.

• The Journal of Engineering Geology
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• v.5 no.1
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• pp.45-58
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• 1995

A probabilistic seismic risk in the Korean Peninsula is calculated from the instrumental eaathquake data. For the purpose, an instrumental earthquake catalogue since 1905 m which parameters are readjusted to have uniformity and homogeneity in description is cornpiled through the review of all available data. The maximum potential earthquake expected in the Korean Peninsula for 100, 1000, and 4000 years are estimated to be 6.3, 7.2 and 7.8 in magnitude, respectively, from Gumbel's extreme value theory. In addition, contour rnaps representing the maximum ground acceleration expected for 100 and 1000 years are prepared using the return period method. Seismic hazart] curves in which maximum ground acceleration expressed in terms of probability of occurrence are also presented for the major populated areas.

• Journal of the Korean Society of Marine Environment & Safety
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• v.29 no.3
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• pp.288-295
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• 2023

The purpose of this study is to evaluate the feasibility of the new marine leisure ships. In order to achieve the research purpose, the cost and income were calculated based on the operating of other marine leisure ships, and the feasibility of the project was empirically analyzed. This study established a research model that applies the values derived by empirically analyzing ships with similar specifications, to the new marine leisure ships. We then calculated the cost-benefit analysis, net present value, and internal return, and evaluated the feasibility of the project based on this. As a result of the business feasibility analysis of investing in marine leisure ship, it was found that economic feasibility exists with a B/C of 1.042 and 1.049 for new and secondhand ships, respectively; however, considering the stability of the ship and the publicity and continuity of the business operation, it is recommended to invest in new ships compared to secondhand ships. The total benefit over the 10-year operating period using a social discount rate of 4.5% was evaluated to be about KRW 292.0 billion, which is higher than the total cost of KRW 256.6 billion. In conclusion, the profitability analysis showed that the B/C was 1.042, the NPV was KRW 193 billion, and the IRR was 2.1%, which indicates that profitability is weakly secured.

• Journal of Distribution Science
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• v.13 no.9
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• pp.37-45
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• 2015

Purpose - This paper's aim is to investigate whether or not gross profitability explains the cross-sectional variation of the stock returns in the Korean stock market. Gross profitability is an alternative profitability measure proposed by Novy-Marx in 2013 to predict cross-sectional variation of stock returns in the US. He shows that the gross profitability adds explanatory power to the Fama-French 3 factor model. Interestingly, gross profitability is negatively correlated with the book-to-market ratio. By confirming the gross profitability premium in the Korean stock market, we may provide some implications regarding the well-known value premium. In addition, our empirical results may provide opportunities for the fund distribution industry to promote brand new styles of funds. Research design, data, and methodology - For our empirical analysis, we collect monthly market prices of all the companies listed on the Korea Composite Stock Price Index (KOSPI) of the Korea Exchanges (KRX). Our sample period covers July1994 to December2014. The data from the company financial statementsare provided by the financial information company WISEfn. First, using Fama-Macbeth cross-sectional regression, we investigate the relation between gross profitability and stock return performance. For robustness in analyzing the performance of the gross profitability strategy, we consider value weighted portfolio returns as well as equally weighted portfolio returns. Next, using Fama-French 3 factor models, we examine whether or not the gross profitability strategy generates excess returns when firmsize and the book-to-market ratio are controlled. Finally, we analyze the effect of firm size and the book-to-market ratio on the gross profitability strategy. Results - First, through the Fama-MacBeth cross-sectional regression, we show that gross profitability has almost the same explanatory power as the book-to-market ratio in explaining the cross-sectional variation of the Korean stock market. Second, we find evidence that gross profitability is a statistically significant variable for explaining cross-sectional stock returns when the size and the value effect are controlled. Third, we show that gross profitability, which is positively correlated with stock returns and firm size, is negatively correlated with the book-to-market ratio. From the perspective of portfolio management, our results imply that since the gross profitability strategy is a distinctive growth strategy, value strategies can be improved by hedging with the gross profitability strategy. Conclusions - Our empirical results confirm the existence of a gross profitability premium in the Korean stock market. From the perspective of the fund distribution industry, the gross profitability portfolio is worthy of attention. Since the value strategy portfolio returns are negatively correlated with the gross profitability strategy portfolio returns, by mixing both portfolios, investors could be better off without additional risk. However, the profitable firms are dissimilar from the value firms (high book-to-market ratio firms); therefore, an alternative factor model including gross profitability may help us understand the economic implications of the well-known anomalies such as value premium, momentum, and low volatility. We reserve these topics for future research.