• Journal of Korea Society of Industrial Information Systems
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• v.28 no.1
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• pp.47-56
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• 2023

Mezzanine products are financial investment products with both bond and stock characteristics, which are mainly issued by low-grade companies in the financial market to secure liquidity. Therefore, bondholders investing in mezzanine products must make decisions about when they want to convert to stocks, along with whether they invest in mezzanine products issued by the company. Therefore, in this paper, a total of 2,000 learning data and 200 predictive experimental data with stock conversion events completed by major industries are divided, and mezzanine event algorithms are designed and performance analyzed through artificial neural network models. This topic is meaningful in that it proposed a methodology to scientifically solve the difficulties of exercising mezzanine products, which are of high interest in the financial field, by applying artificial neural network technology.

• Structural Engineering and Mechanics
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• v.83 no.5
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• pp.693-707
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• 2022

Bonded joints have proven their performance against conventional joining processes such as welding, riveting and bolting. The single-lap joint is the most widely used to characterize adhesive joints in tensile-shear loadings. However, the high stress concentrations in the adhesive joint due to the non-linearity of the applied loads generate a bending moment in the joint, resulting in high stresses at the adhesive edges. Geometric optimization of the bonded joint to reduce this high stress concentration prompted various researchers to perform geometric modifications of the adhesive and adherends at their free edges. Modifying both edges of the adhesive (spew) and the adherends (bevel) has proven to be an effective solution to reduce stresses at both edges and improve stress transfer at the inner part of the adhesive layer. The majority of research aimed at improving the geometry of the plate and adhesive edges has not considered the effect of temperature and water absorption in evaluating the strength of the joint. The objective of this work is to analyze, by the finite element method, the stress distribution in an adhesive joint between two 2024-T3 aluminum plates. The effects of the adhesive fillet and adherend bevel on the bonded joint stresses were taken into account. On the other hand, degradation of the mechanical properties of the adhesive following its exposure to moisture and temperature was found. The results clearly showed that the modification of the edges of the adhesive and of the bonding agent have an important role in the durability of the bond. Although the modification of the adhesive and bonding edges significantly improves the joint strength, the simultaneous exposure of the joint to temperature and moisture generates high stress concentrations in the adhesive joint that, in most cases, can easily reach the failure point of the material even at low applied stresses.

• Journal of the Korean Wood Science and Technology
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• v.51 no.5
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• pp.334-344
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• 2023

Dregs from the sugar palm (Arenga pinnata) starch industry are considered a waste product of the agricultural industry and have not yet been optimally utilized. Therefore, this study aimed to manufacture particleboards from dregs using different amounts of adhesive and particle size ratios. Sugar palm dregs, which had been separated into fibers and powder/fine particles, were used as raw material for making particleboards. The fiber had an average length of 6.84 ± 3.23 cm, while the fine particles were of a size that passed through size 10 mesh and remained in size 60 mesh. Three ratios of fiber to fine particles (100:0, 75:25, and 50:50 wt%) with three different amounts of sucrose-citric acid adhesive (10, 15, and 20 wt%) were used in this study. Increasing the amount of fine particles and the resin content can improve the physical properties and the internal bond strength of boards made from sugar palm dregs. The fine particles possibly filled the gap between the fibers in the particleboard, while the fibers exhibited a high bending strength. As a result, a high-performance particleboard can be attained by combining the composition ratio of fiber/fine particles and resin content. In this study, particleboards made from fiber/fine particles (75:25 wt%) and adhesive content of 15 wt% and 20 wt% had the mechanical properties that met the requirements of Japanese Industrial Standard (JIS) A 5908 type 18. Sugar palm dregs have the potential to be used as raw materials to create value-added particleboards.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.28 no.5A
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• pp.719-727
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• 2008

The tensile and bond performance of GFRP rebar are different from those of conventional steel reinforcement. It requires some studies on concrete members reinforced with GFRP reinforcing bars to apply it to concrete structures. GFRP has some advantages such as high specific strength, low weight, non-corrosive nature, and disadvantage of larger deflection due to the lower modulus of elasticity than that of steel. Bridge deck is a preferred structure to apply FRP rebars due to the increase of flexural capacity by arching action. This paper focuses on the behavior of concrete bridge deck reinforced with newly developed GFRP rebars. A total of three real size bridge deck specimens were made and tested. Main variables are the type of reinforcing bar and reinforcement ratio. Static test was performed with the load of DB-24 level until failure. Test results were compared and analyzed with ultimate load, deflection behavior, crack pattern and width.

• Journal of Korean Society for Quality Management
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• v.51 no.2
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• pp.171-184
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• 2023

Purpose: First, this paper suggests an alternative approach to find optimal portfolio (stocks, bonds and ESG stocks) under the maximizing utility of investors. Second, we include ESG stocks in our optimal portfolio, and compare improvement of welfares in the case with and without ESG stocks in portfolio. Methods: Our main method of analysis follows Brennan et al(2002), designed under the continuous time framework. We assume that the dynamics of stock price follow the Geometric Brownian Motion (GBM) while the short rate have the Vasicek model. For the utility function of investors, we use the Power Utility Function, which commonly used in financial studies. The optimal portfolio and welfares are derived in the partial equilibrium. The parameters are estimated by using Kalman filter and ordinary least square method. Results: During the overall analysis period, the portfolio including ESG, did not show clear welfare improvement. In 2017, it has slightly exceeded this benchmark 1, showing the possibility of improvement, but the ESG stocks we selected have not strongly shown statistically significant welfare improvement results. This paper showed that the factors affecting optimal asset allocation and welfare improvement were different each other. We also found that the proportion of optimal asset allocation was affected by factors such as asset return, volatility, and inverse correlation between stocks and bonds, similar to traditional financial theory. Conclusion: The portfolio with ESG investment did not show significant results in welfare improvement is due to that 1) the KRX ESG Leaders 150 selected in our study is an index based on ESG integrated scores, which are designed to affect stability rather than profitability. And 2) Korea has a short history of ESG investment. During the limited analysis period, the performance of stock-related assets was inferior to bond assets at the time of the interest rate drop.

• Restorative Dentistry and Endodontics
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• v.48 no.4
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• pp.35.1-35.14
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• 2023

Objectives: The purpose of this study was to evaluate the impact of dentin roughening and the type of composite resin used (either bulk-fill flowable or nanohybrid) on the restoration of non-carious cervical lesions (NCCLs) with an 18-month follow-up period. Materials and Methods: This prospective split-mouth study included 36 patients, each with a minimum of 4 NCCLs. For each patient, 4 types of restorations were performed: unroughened dentin with nanohybrid composite, unroughened dentin with bulk-fill flowable composite, roughened dentin with nanohybrid composite, and roughened dentin with bulk-fill flowable composite. A universal bonding agent (Tetric N Bond Universal) was applied in self-etch mode for all groups. The restorations were subsequently evaluated at 6, 12, and 18 months in accordance with the criteria set by the FDI World Dental Federation. Inferential statistics were computed using the Friedman test, with the level of statistical significance established at 0.05. Results: The 4 groups exhibited no significant differences in relation to fracture and retention, marginal staining, marginal adaptation, postoperative hypersensitivity, or the recurrence of caries at any follow-up point. Conclusions: Within the limitations of the present study, over an 18-month follow-up period, no significant difference was present in the clinical performance of bulk-fill flowable and nanohybrid composite restorations of non-carious cervical lesions. This held true regardless of whether dentin roughening was performed.

• Wind and Structures
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• v.37 no.4
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• pp.289-302
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• 2023

Insulating glass units (IGUs) have been widely used in buildings in recent years due to their superior thermal insulation performance. However, because of the panel reciprocating motion and fatigue deterioration of sealants under long-term wind loads, many IGUs have the problem of early failure of watertight properties in real usage. This study aimed to propose a statistical method for wind-induced deflection of IGU panels during the whole life service period, for further precise analysis of the accumulated fatigue damage at the sealed part of the edge bond. By the estimation of the wind occurrence regularity based on wind pressure return period, the events of each wind speed interval during the whole life were obtained for the IGUs at 50m height in Beijing, which are in good agreement with the measured data. Also, the wind-induced deflection analysis method of IGUs based on the formula of airspace coefficient was proposed and verified as an improvement of the original stiffness distribution method with the average relative error compared to the test being about 3% or less. Combining the two methods above, the deformation of the outer and inner panes under wind loads during 30 years was precisely calculated, and the deflection and stress state at selected locations were obtained finally. The results show that the compression displacement at the secondary sealant under the maximum wind pressure is close to 0.3mm (strain 2.5%), and the IGUs are in tens of thousands of times the low amplitude tensile-compression cycle and several times to dozens of times the relatively high amplitude tensile-compression cycle environment. The approach proposed in this paper provides a basis for subsequent studies on the durability of IGUs and the wind-resistant behaviors of curtain wall structures.

• Journal of Intelligence and Information Systems
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• v.16 no.4
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• pp.67-84
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• 2010

In terms of business, forecasting is a work of what is expected to happen in the future to make managerial decisions and plans. Therefore, the accurate forecasting is very important for major managerial decision making and is the basis for making various strategies of business. But it is very difficult to make an unbiased and consistent estimate because of uncertainty and complexity in the future business environment. That is why we should use scientific forecasting model to support business decision making, and make an effort to minimize the model's forecasting error which is difference between observation and estimator. Nevertheless, minimizing the error is not an easy task. Case-based reasoning is a problem solving method that utilizes the past similar case to solve the current problem. To build the successful case-based reasoning models, retrieving the case not only the most similar case but also the most relevant case is very important. To retrieve the similar and relevant case from past cases, the measurement of similarities between cases is an important key factor. Especially, if the cases contain symbolic data, it is more difficult to measure the distances. The purpose of this study is to improve the forecasting accuracy of case-based reasoning approach using fuzzy relation and composition. Especially, two methods are adopted to measure the similarity between cases containing symbolic data. One is to deduct the similarity matrix following binary logic(the judgment of sameness between two symbolic data), the other is to deduct the similarity matrix following fuzzy relation and composition. This study is conducted in the following order; data gathering and preprocessing, model building and analysis, validation analysis, conclusion. First, in the progress of data gathering and preprocessing we collect data set including categorical dependent variables. Also, the data set gathered is cross-section data and independent variables of the data set include several qualitative variables expressed symbolic data. The research data consists of many financial ratios and the corresponding bond ratings of Korean companies. The ratings we employ in this study cover all bonds rated by one of the bond rating agencies in Korea. Our total sample includes 1,816 companies whose commercial papers have been rated in the period 1997~2000. Credit grades are defined as outputs and classified into 5 rating categories(A1, A2, A3, B, C) according to credit levels. Second, in the progress of model building and analysis we deduct the similarity matrix following binary logic and fuzzy composition to measure the similarity between cases containing symbolic data. In this process, the used types of fuzzy composition are max-min, max-product, max-average. And then, the analysis is carried out by case-based reasoning approach with the deducted similarity matrix. Third, in the progress of validation analysis we verify the validation of model through McNemar test based on hit ratio. Finally, we draw a conclusion from the study. As a result, the similarity measuring method using fuzzy relation and composition shows good forecasting performance compared to the similarity measuring method using binary logic for similarity measurement between two symbolic data. But the results of the analysis are not statistically significant in forecasting performance among the types of fuzzy composition. The contributions of this study are as follows. We propose another methodology that fuzzy relation and fuzzy composition could be applied for the similarity measurement between two symbolic data. That is the most important factor to build case-based reasoning model.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.5
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• pp.63-75
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• 2023

This study conducted empirical analysis on the factors affecting the investment performance of 205 domestic venture funds (with a total liquidation amount of 7.25 trillion KRW) newly formed from 2007 to 2017 and completely liquidated as of the end of 2022. Due to the nature of private equity funds, obtaining empirical data is extremely challenging, especially for data post-COVID-19 era liquidations. Nevertheless, despite these challenges, it is meaningful to analyze the impact on the investment returns of domestic venture funds using the most recent data available from the past 10 years. This study categorized the factors influencing venture fund performance into external environmental factors and internal factors. External environmental factors included "economic cycles," "stock markets," "venture markets," and "exit markets," while internal factors included the fund management company's capabilities in terms of "experience," "professional personnel," and "assets under management (AUM)." The fund structure was also categorized into "fund size" and "fund length" for comparative analysis. In summary, the analysis yielded the following results: First, the 3-year government bond yield, which represents economic cycles well, was found to have a significant impact on fund performance. Second, the average 3-month KOSDAQ index return after fund formation had a statistically significant positive effect on fund performance. Third, the number of IPOs, indicating the competition intensity at the time of venture fund liquidation, was shown to have a negative effect on fund performance. Fourth, it was observed that the larger the AUM of the fund management company, the better the fund's returns. Finally, venture fund returns showed variations depending on the year of formation (Vintage). Therefore, when individuals consider investing in venture funds, it is considered a highly effective investment strategy to construct an investment portfolio taking into account not only external environmental factors and internal fund factors but also the vintage year.

• Journal of the Korea institute for structural maintenance and inspection
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• v.17 no.3
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• pp.74-81
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• 2013

This research was performed to identify physical properties of polysulfide epoxy polymer concrete for ultra-thin bridge deck pavement, and improve domestic applicability. With the optimum mix ratio determined from mixing experiments of polymer concretes, compressive, flexural, and bond strength were tested to identify its strength properties along with the freezing-thawing resistance test to evaluate its durability in harsh environments. As a result, the tested polymer concretes showed excellent performance in strength and deflection characteristic and all tested strength satisfied the criteria of American Concrete Institute. Moreover, it had better performance under variable temperatures comparing to other existing pavement materials. By the results of freezing-thawing resistance test and strength measurement for specimens underwent the freezing-thawing process, it can be judged that there is no such problem to the concrete's durability. In conclusion, the newly developed polymer concrete in this research has appropriate properties for use in ultra-thin pavement on bridge deck, and moreover it has superior applicability in comparison with former materials due to its improved temperature sensitivity.