• 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.

• Journal of Arbitration Studies
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• v.13 no.1
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• pp.169-205
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• 2003

Arbitration means the procedure that a party inquires a third party arbitrator for a resolution on the dispute on certain matters of interest to follow through with the commitment of the arbitration, and a series of procedures performed by the arbitrator of the Korean Commercial Arbitration Board. Arbitration is implemented in accordance with the procedure determined by the Arbitration Act and Arbitration Regulations. In the event the parties reach to the reconciliation during the process of arbitration, the reconciliation is recorded in the form of arbitration award(decision), and in the event a reconciliation is not made, the arbitrator shall make the decision on the particular case. The arbitration award(decision) for reconciliation during the arbitration procedure (Article 31 of Arbitration Act, hereinafter referred to as the 'Act') or the mediation under the Arbitration Regulation of the Korean Commercial Arbitration Board (Article 18 of the Arbitration Regulations) shall have the same effectiveness with the decision rendered by a court that, in the event a party does not perform the obligation, the enforcement document is rendered under the Rules on Enforcement Document on Mediation Statement of various dispute resolution committees of the Supreme Court to carry out the compulsory enforcement. However, in the event that the party to take on the obligation to perform under the arbitration award (decision) rendered by the arbitrator (Article 32 of the Act) does not perform without due cause, a separate enforcement decision in accordance with the procedure determined under the Civil Enforcement Act shall be obtained since the arbitration award(decision) cannot be the basis of enforcement under the Civil Enforcement Act. And, in order to enforce the judgment compulsorily in accordance with the regulations under the Civil Enforcement Act under the foreign arbitration judgment (Article 39 of the A.1), it shall fulfill the requirement determined under the Civil Litigation Act (article 217 of Civil Litigation Act) and shall obtain a separate enforcement decision in accordance with the procedure determined under the Civil Enforcement Act (Article 26 and Article 27 of Civil Enforcement Act) since the arbitration judgment of foreign country shall not be based on enforcement under the Civil Enforcement Act. It may be the issue of legislation not to recognize the arbitration award(decision) as a source of enforcement right, and provide the compulsive enforcement by recognizing it for enforcement right after obtaining the enforcement document with the decision of a court, however, not recognizing the arbitration award(decision) as the source of enforcement right is against Clause 3 of Article 31 of the Act, provisions of Article 35, Article 38 and Article 39 that recognized the validity of arbitration as equal to the final judgment of a court, and the definition that the enforcement decision of a court shall require the in compulsory enforcement under Clause 1 of Article 37 of the Act which clearly is a conflict of principle as well. Anyhow, in order to enforce the arbitration award(decision) mandatorily, the party shall bring the litigation of enforcement decision claim to the court, and the court shall deliberate with the same procedure with general civil cases under the Civil Litigation Act. During the deliberation, the party obligated under the arbitration award(decision) intended to not to undertake the obligation and delay it raises the claim and suspend the enforcement of cancelling the arbitration award(decision) on the applicable arbitration decision within 3 months from the date of receiving the authentic copy of the arbitration award(decision) or the date of receiving the authentic copy of correction, interpretation or additional decision under the Regulation of Article 34 of the Act (Clause 3 of Article 36 of the Act). This legislation to delay the sentencing of the enforcement and then to sentence the enforcement decision brings the difficulties to a party to litigation costs and time for compulsory enforcement where there is a requirement of an urgency. With the most of cases for arbitration being the special field to make the decision only with the specialized knowledge that the arbitrator shall be the specialists who have appropriate knowledge of the system and render the most reasonable and fair decision for the arbitration. However, going through the second review by a court would be most important, irreparable and serious factor to interfere with the activation of the arbitration system. The only way to activate the arbitration system that failed to secure the practicality due to such a factor, is to revise the Arbitration Act and Arbitration Regulations so that the arbitration decision shall have the right to enforce under the Rules on Enforcement Document on Mediation Statement of various dispute resolution committees of the Supreme Court.

• Journal of Arbitration Studies
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• v.14 no.1
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• pp.273-314
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• 2004

There is a belief in the construction industry that the traditional court system may not be an ideal forum to effectively and efficiently resolve construction disputes due to the protracted proceedings and the three tier appeal system resulting in a long delay in the final and conclusive settlement of the dispute, relatively high costs involved, the lack of requisite knowledge and experience in the relevant industry, etc. Hence, they assert that certain alternative dispute resolution ('ADR') methods, such as mediation, conciliation, arbitration or a new system for dispute settlement in the form of any combination thereof should be developed and employed for construction disputes so as to resolve them more promptly and efficiently to the satisfaction of all the disputants concerned. This paper discusses certain merits of such assertions and the need for additional considerations for effective resolution of the construction disputes in light of the complexity of the case, importance of expert witnesses, parties' relationship and non-level playing field of the construction industry and so on. At the same time, however, given the inherent nature of disputes rendering the parties involved in an adversarial position, it would rather be difficult, if not practically impossible, to satisfy all the parties concerned in the dispute. Accordingly, in this study, it is also purported to address the demerits of such assertions by studying the situation from a more balanced perspective, in particular, in relation to the operation of such ADRs. In fact, most of such ADRs as stipulated by special acts, such as the Construction Industry Basic Act of Korea, in the form of mediation or conciliation, have failed to get support from the industry, and as a result, such ADRs are seldom used in practice. Tn contrast, the court system has been greatly improved by implementing a new concentrated review system and establishing several tribunals designed to specialize in the review and resolution of specific types of disputes, including the construction disputes. These improvements of the court system have been warmly received by the industry. Arbitration is another forum for settlement of construction disputes, which has grown and is expected to grow as the most effective ADR with the support from the construction industry. In this regard, the Korean Commercial Arbitration Board ('KCAB') has established a set of internal rules end procedures in operation to efficiently handle construction disputes. Considering the foregoing, this paper addresses the most important elements of the arbitration, i.e., arbitration agreement and arbitral award, primarily focusing on the domestic arbitrations before the KCAB. However, since this parer is prepared for presentation at the construction disputes seminar for the public audience, it is not intended for academic purposes, nor does it delve into any specific acadcmic issues. Likewise, although this paper addresses certain controversial issues by way of introduction, it mainly purports to facilitate the understanding of the general public, including the prospective arbitrators on the KCAB roster without the relevant legal education and background, concerning the importance of the integrity of the arbitration agreement and the arbitral award. In sum, what is purported in this study is simply to note that there are still many outstanding issues with mediation, conciliation and arbitration, as a matter of system, institutional operation or otherwise, for further study and consideration so as to enhance them as effective means for settlement of construction disputes, in replacement of or in conjunction with the court proceeding. For this purpose, it is essential for all the relevant parties, including lawyers, engineers, owners, contractors and social activists aiming to protect consumers' and subcontractors' interests, to conduct joint efforts to study the complicated nature of construction works and to develop effective means for examination and handling of the disputes of a technical nature, including the accumulation of the relevant industrial data. Based on the foregoing, the parties may be in a better position to select the appropriate dispute resolution mechanism, a court proceeding or in its stead, an effective ADR, considering the relevant factors of the subject construction works or the contract structure, such as the bargaining position of the parties, their financial status, confidentiality requirements, technical or commercial complexity of the case at hand, urgency for settlements, etc.

• Journal of Intelligence and Information Systems
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• v.16 no.4
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• pp.131-145
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• 2010

The framework for making a coordinated decision for large-scale facilities has become an important issue in supply chain(SC) management research. The competitive business environment requires companies to continuously search for the ways to achieve high efficiency and lower operational costs. In the areas of production/distribution planning, many researchers and practitioners have developedand evaluated the deterministic models to coordinate important and interrelated logistic decisions such as capacity management, inventory allocation, and vehicle routing. They initially have investigated the various process of SC separately and later become more interested in such problems encompassing the whole SC system. The accurate quotation of ATP(Available-To-Promise) plays a very important role in enhancing customer satisfaction and fill rate maximization. The complexity for intelligent manufacturing system, which includes all the linkages among procurement, production, and distribution, makes the accurate quotation of ATP be a quite difficult job. In addition to, many researchers assumed ATP model with integer time. However, in industry practices, integer times are very rare and the model developed using integer times is therefore approximating the real system. Various alternative models for an ATP system with time lags have been developed and evaluated. In most cases, these models have assumed that the time lags are integer multiples of a unit time grid. However, integer time lags are very rare in practices, and therefore models developed using integer time lags only approximate real systems. The differences occurring by this approximation frequently result in significant accuracy degradations. To introduce the ATP model with time lags, we first introduce the dynamic production function. Hackman and Leachman's dynamic production function in initiated research directly related to the topic of this paper. They propose a modeling framework for a system with non-integer time lags and show how to apply the framework to a variety of systems including continues time series, manufacturing resource planning and critical path method. Their formulation requires no additional variables or constraints and is capable of representing real world systems more accurately. Previously, to cope with non-integer time lags, they usually model a concerned system either by rounding lags to the nearest integers or by subdividing the time grid to make the lags become integer multiples of the grid. But each approach has a critical weakness: the first approach underestimates, potentially leading to infeasibilities or overestimates lead times, potentially resulting in excessive work-inprocesses. The second approach drastically inflates the problem size. We consider an optimized ATP system with non-integer time lag in supply chain management. We focus on a worldwide headquarter, distribution centers, and manufacturing facilities are globally networked. We develop a mixed integer programming(MIP) model for ATP process, which has the definition of required data flow. The illustrative ATP module shows the proposed system is largely affected inSCM. The system we are concerned is composed of a multiple production facility with multiple products, multiple distribution centers and multiple customers. For the system, we consider an ATP scheduling and capacity allocationproblem. In this study, we proposed the model for the ATP system in SCM using the dynamic production function considering the non-integer time lags. The model is developed under the framework suitable for the non-integer lags and, therefore, is more accurate than the models we usually encounter. We developed intelligent ATP System for this model using genetic algorithm. We focus on a capacitated production planning and capacity allocation problem, develop a mixed integer programming model, and propose an efficient heuristic procedure using an evolutionary system to solve it efficiently. This method makes it possible for the population to reach the approximate solution easily. Moreover, we designed and utilized a representation scheme that allows the proposed models to represent real variables. The proposed regeneration procedures, which evaluate each infeasible chromosome, makes the solutions converge to the optimum quickly.

• Korean Journal of Agricultural Science
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• v.6 no.1
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• pp.45-55
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• 1979

This study made to find the variation of strengths of briquette ash which were hardened into cement. The briquette ash were mixed with the cement, ((cement (90%)+slaked lime (10%)) and ((cement (80%)+fly ash (20%)) in the ratio of 1:2, 1:3, 1:4, 1:5, 1:7 and 1:9, respectively, and these were compared with the one made of cement plus standard sand in the strengths of compression, tension and bending at the ages of 7 days and 28 days. The results from the study conducted preliminary without studying the economical aspects or duration of the products are summarized as follows: 1. The compressive strengths of mortar made of 1 to 2 ratios of cement to briquette ash, (cement+slaked lime) to briquette ash and (cement+fly ash) to briquette ash were 84%, 90% and 75% at the age of 7 days and 84.9%, 73.5% and 69.8%, respectively of those of Korean Standard values. 2. The compressive strength s of mortar made of 1 to 2 ratios of cement to briquette ash, (cement+slaked lime) to briquette ash and (cement+fly ash) to briquette ash were 69.3%, 75.1% and 41.3% at the age of 7 days and 56.4%, 49%, and 46.5% at the age of 28 days, respectively of the mortar made of standard sand. 3. The tension strengths of mortar made of 1 to 2 ratios of cement to briquette ash, (cement+slaked lime) to briquette ash, and (cement+fly ash) to briquette ash were 64.4%, 47.1% and 35.4% at the age of 7days and 69.6%, 64.8%, and 57.3%, respectively of that of the mort ar produced with standard sand. 4. The bending strengths of mortar made of 1 to 2 ratios of cement to briquette ash, (cement+slaked lime) to briquette ash, and (cement+fly ash) to briquette ash were 46.3%, 65.9% and 39.1% at the age of 7 days and 89.9%, 96.7%, and 85.1%, respectively of that of mortar produced with standard sand. 5. The bending strength of the mortar was lower than that of cement mortar, when the briquette ash were harqened into cement. However, the mortar produced by such method seemed to be used as the secondary products of cement or concrete. The additional usefullness of the hardened biquette ash can be found in contributing toward the solving the various pollution problems, the saving the labor costs needed to clean-up waste materials, and the saving the construction materials.

• Journal of the Institute of Electronics Engineers of Korea CI
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• v.47 no.5
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• pp.50-60
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• 2010

For the last half a century, the personal computer and software industries have been prosperous due to the incessant evolution of computer systems. In the 21st century, the embedded system market has greatly increased as the market shifted to the mobile gadget field. While a lot of multimedia gadgets such as mobile phone, navigation system, PMP, etc. are pouring into the market, most industrial control systems still rely on 8-bit micro-controllers and simple application software techniques. Unfortunately, the technological barrier which requires additional investment and higher quality manpower to overcome, and the business risks which come from the uncertainty of the market growth and the competitiveness of the resulting products have prevented the companies in the industry from taking advantage of such fancy technologies. However, high performance, low-power and low-cost hardware and software platforms will enable their high-technology products to be developed and recognized by potential clients in the future. This paper presents such a platform for industrial embedded systems. The platform was designed based on Telechips TCC8300 multimedia processor which embedded a variety of parallel hardware for the implementation of multimedia functions. And open-source Embedded Linux, TinyX and GTK+ are used for implementation of GUI to minimize technology costs. In order to estimate the expected performance and power consumption, the performance improvement and the power consumption due to each of enabled hardware sub-systems including YUV2RGB frame converter are measured. An analytic model was devised to check the feasibility of a new application and trade off its performance and power consumption. The validity of the model has been confirmed by implementing a real target system. The cost can be further mitigated by using the hardware parts which are being used for mass production products mostly in the cell-phone market.

• Journal of Intelligence and Information Systems
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• v.20 no.3
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• pp.77-92
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• 2014

Recently, numerous documents including unstructured data and text have been created due to the rapid increase in the usage of social media and the Internet. Each document is usually provided with a specific category for the convenience of the users. In the past, the categorization was performed manually. However, in the case of manual categorization, not only can the accuracy of the categorization be not guaranteed but the categorization also requires a large amount of time and huge costs. Many studies have been conducted towards the automatic creation of categories to solve the limitations of manual categorization. Unfortunately, most of these methods cannot be applied to categorizing complex documents with multiple topics because the methods work by assuming that one document can be categorized into one category only. In order to overcome this limitation, some studies have attempted to categorize each document into multiple categories. However, they are also limited in that their learning process involves training using a multi-categorized document set. These methods therefore cannot be applied to multi-categorization of most documents unless multi-categorized training sets are provided. To overcome the limitation of the requirement of a multi-categorized training set by traditional multi-categorization algorithms, we propose a new methodology that can extend a category of a single-categorized document to multiple categorizes by analyzing relationships among categories, topics, and documents. First, we attempt to find the relationship between documents and topics by using the result of topic analysis for single-categorized documents. Second, we construct a correspondence table between topics and categories by investigating the relationship between them. Finally, we calculate the matching scores for each document to multiple categories. The results imply that a document can be classified into a certain category if and only if the matching score is higher than the predefined threshold. For example, we can classify a certain document into three categories that have larger matching scores than the predefined threshold. The main contribution of our study is that our methodology can improve the applicability of traditional multi-category classifiers by generating multi-categorized documents from single-categorized documents. Additionally, we propose a module for verifying the accuracy of the proposed methodology. For performance evaluation, we performed intensive experiments with news articles. News articles are clearly categorized based on the theme, whereas the use of vulgar language and slang is smaller than other usual text document. We collected news articles from July 2012 to June 2013. The articles exhibit large variations in terms of the number of types of categories. This is because readers have different levels of interest in each category. Additionally, the result is also attributed to the differences in the frequency of the events in each category. In order to minimize the distortion of the result from the number of articles in different categories, we extracted 3,000 articles equally from each of the eight categories. Therefore, the total number of articles used in our experiments was 24,000. The eight categories were "IT Science," "Economy," "Society," "Life and Culture," "World," "Sports," "Entertainment," and "Politics." By using the news articles that we collected, we calculated the document/category correspondence scores by utilizing topic/category and document/topics correspondence scores. The document/category correspondence score can be said to indicate the degree of correspondence of each document to a certain category. As a result, we could present two additional categories for each of the 23,089 documents. Precision, recall, and F-score were revealed to be 0.605, 0.629, and 0.617 respectively when only the top 1 predicted category was evaluated, whereas they were revealed to be 0.838, 0.290, and 0.431 when the top 1 - 3 predicted categories were considered. It was very interesting to find a large variation between the scores of the eight categories on precision, recall, and F-score.

• Journal of Life Science
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• v.29 no.8
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• pp.861-870
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• 2019

This study was undertaken to establish optimum medium compositions for cost-effective mannitol production by Leuconostoc mesenteroides SRCM201425 isolated from kimchi. L. mesenteroides SRCM21425 from kimchi was selected for efficient mannitol production based on fructose analysis and identified by its 16S rRNA gene sequence, as well as by carbohydrate fermentation pattern analysis. To enhance mannitol production by L. mesenteroides SRCM201425, the effects of carbon, nitrogen, and mineral sources on mannitol production were first determined using Plackett-Burman design (PBD). The effects of 11 variables on mannitol production were investigated of which three variables, fructose, sucrose, and peptone, were selected. In the second step, each concentration of fructose, sucrose, and peptone was optimized using a central composite design (CCD) and response surface analysis. The predicted concentrations of fructose, sucrose, and peptone were 38.68 g/l, 30 g/l, and 39.67 g/l, respectively. The mathematical response model was reliable, with a coefficient of determination of $R^2=0.9185$. Mannitol production increased 20-fold as compared with the MRS medium, corresponding to a mannitol yield 97.46% when compared to MRS supplemented with 100 g/l of fructose in flask system. Furthermore, the production in the optimized medium was cost-effective. The findings of this study can be expected to be useful in biological production for catalytic hydrogenation causing byproduct and additional production costs.

• The Journal of Korean Society for Radiation Therapy
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• v.33
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• pp.15-24
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• 2021

This study is about the introduction and usefulness evaluation of the manufacturing method of the bolus-helmet. Helmet-production for the treatment of scalp tumor patients has been tried and will continue in many creative and various ways. However, Most of the research data did not significantly reduce the psychological burden and physical and physical discomfort that the patient had to bear due to the time and economic cost required for the production of the helmet, the convenience of production, and the complexity of the process. In addition, recently, studies using more advanced technologies and equipment such as 3D-printer technology, which are being studied as a way to increase the treatment effect, are being introduced, but the time, economic cost, and psychological and physical burden are still the sole responsibility of the patient. Isn't it getting worse? The reality is that the thoughts of concern cannot be erased. Therefore, by maintaining the physical properties of the bolus and manufacturing a helmet without incurring additional costs, the physical and physical discomfort aggravated to the patient was reduced and the procedure and time for helmet manufacturing were minimized. In this way, it was possible to reduce the time, economic cost, and physical discomfort required for the production of the helmet, and it was also possible to minimize the psychological burden of the patient, although it is invisible. Additionally, in evaluating the usefulness of helmets, we are able to continuously seek and develop ways to reduce the air-gap interval, and as a result, we will be able to introduce a method to keep it within 2.0mm along with the manufacturing method through this study. I feel very welcome. Finally, I hope that anyone working in the Department of Radiation Oncology will be able to easily manufacture the helmet required for radiation therapy using a bolus through the guide-line on helmet manufacturing provided by this institute. I hope and hope that if you have any questions or inquiries that arise during the production process, please feel free to contact us through the researcher's e-mail or mobile phone at any time.

• Korean Journal of Construction Engineering and Management
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• v.24 no.6
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• pp.24-35
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• 2023

Recently, the Ministry of Land, Infrastructure and Transport presented the '6th Construction Technology Promotion Basic Plan' and 'Smart Construction Revitalization Plan (2022.7.20)'. Off-Site Construction (OSC), which involves construction and production of PC (Precast Concrete) and Modular, etc., has advantages in shortening the construction period, reducing costs, improving quality, reducing construction waste, and reducing safety accidents. However, the construction cost is high compared to the traditional RC construction method, which has hindered its utilization and spread. In this study, OSC utilization was improved. An economic analysis indicator and methodology that can support decision-making in the planning and design stages for multi-unit housing were proposed. The factors used in the economic analysis of OSC (based on the PC method) of apartment houses were reviewed. As for the indicators used in the cost and benefit section, 'Construction Period', 'Disaster Occurrence', 'Waste Generation', and 'Greenhouse gas Emission', which reflect the technical advantages of OSC, were derived. In addition, a scenario analysis was conducted based on actual apartment housing case data for the presented economic analysis indicators and benefit calculation standards. The level of benefit that offsets the difference between the existing RC construction method and the construction cost was reviewed. In future studies, it will be necessary to conduct additional case studies to apply the measurement criteria for detailed indicators and supplement the benefit indicators.