• 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.

• Journal of Korean Society for Atmospheric Environment
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• v.25 no.6
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• pp.523-538
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• 2009

Recently, there has been a keen demand for real-time automatic monitoring of VOCs not only in Korea but other developed countries. We carried out this study to evaluate and to optimize the performance of a continuous automatic monitoring system for hazardous VOCs (HVOCs) in the ambient atmosphere, using an on-line GC system. The online system normally consisted of a Nafion dryer prior to a cold trap of an automatic thermal desorption apparatus and a GC system equipped with two detectors, i.e. PID and ECD. Preliminary tests conducted to check out any contamination of the system revealed an evidence of significant artifact formation of benzene, and it was found that the Nafion dryer (even brand new one) is the source of the benzene artifact. Thus, all the subsequent experiments in this study was carried out inevitably by removing the Nafion dryer. The on-line GC method was investigated with a variety of QC/QA performance criteria such as repeatability, linearity, lower detection limits, and accuracy. In order to find out the best operating condition for the on-line GC system, three different types (in terms of adsorption strength) of cold trap combinations were tested, i.e. (i) Tenax-TA and Carbopack-B combination (weak and hydrophobic); (ii) Tenax-TA, Carbopack-X and Carboxen-1000 combination (strong and hydrophilic); and (iii) Tenax-TA and Carbopack-X combination (medium and hydrophobic/hydrophilic). The USEPA TO-17 manual method was selected as a reference method to evaluate the performance of the on-line method. A series of experiments revealed that the system performance was superior to others when a cold trap packed with hydrophilic adsorbents (Tenax-TA/Carbopack-X/Carboxen-1000 combination) was used and operated at $25^{\circ}C$. However, the system with a cold trap packed with a combination of Tenax-TA and Carbopack-X is more recommended for field applications since the carboxen-1000 adsorbent is too sensitive to water vapor, and hence the performance of the system might be very unstable to humid samples or during rainy days. Furthermore, the precision and accuracy criteria of the Tenax-TA/ Carbopack-X combination were generally compatible with the triple adsorbents cold trap. The continuous automatic monitoring method is, thus, considered very useful to real-time monitoring to understand the variations of VOCs concentrations in ambient air, as it adopts much simpler procedures in sampling, analysis, and data integration steps than manual monitoring methods. However, it should be noted that there is a high possibility of benzene artifacts formation through the Nafion dryer, which is often installed to remove water vapor in air samples before being adsorbed onto the cold trap. Therefore, if a Nafion dryer is used in any studies of monitoring VOCs, the benzene contamination should be carefully examined before carrying out obtaining the data.

• KOMUNHWA
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• no.68
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• pp.25-39
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• 2006

This article attempts to define identity, role and functions of a university museum and to suggest specialization of the university museum in the perspective of culture, arts, and science. A university museum is defined as a center for the service of the university community and its development which acquires, researches, communicates, exhibits and educates, for purposes of eduinfotainment,29 material evidence of people and their environment. The target user of the today's university museum are not only professors, students, university workers, but also university neighbourhood such as the related professionals, patrons, parents, school children and villagers. A multi-dimensional and multi-purpose university museum can be established and managed in a real world and / or a cyber world in the perspective of culture, arts, and science. Based on a ubiquitous system30 in a cyber world vis-a-vie a real world, the university museum can be easily utilized by users anywhere, anytime and any device. In order to specialize the university museum in the perspective of culture, arts and science, it is desirable that the university museum director with the CEO of the university community promote the specialization of the university museum based on philosophy and strategies of university community management after they definitely evaluate the components and resources of the university museum such as human powers, museum collections, organizational, technological, capital, spacial and symbolic resources, The specialization of the university museum should be projected and executed in the direction of maintaining the typical scope of museum activities and managing the effective museum management. Specializing the university museum in the perspective of culture, arts, and science can contribute not only to establish the identity of the university community and to perform role and functions of the university museum but also to encourage academic development, to revaluate the brand of the university community and to promote the marketing for the university.

• Korean journal of food and cookery science
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• v.25 no.6
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• pp.671-676
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• 2009

In order to develop and propagate the low sodium kimchi for preventing high sodium related diseases, the salinity, pH and acidity of cabbage(Bachu) kimchi sampled from home located in 6 big cities(Pusan, Daegoo, Kyungjoo, Daegoo, Jeonjoo, Daejeon, and Seoul) and commercial 6 manufacturers(A~F) distributed in markets were monitored and analyzed in the current study. Salinity was significantly (p<0.05) higher in homemade($3.03%{\pm}0.60$: 1.79~4.40) kimchi than in commercial($2.38%{\pm}0.60$:1.04~2.87) kimchi. Also, salinity was significantly(p<0.05) higher in Pusan($3.45{\pm}0.60%$) kimchi than in Kyungjoo($3.11{\pm}0.39$), Daegoo($3.19{\pm}0.42$), Jeonjoo($2.98{\pm}0.32$), Daejeon($3.00{\pm}0.38$) and Seoul ($2.52{\pm}0.46%$) kimchi. However, there was no significant difference(p<0.05) of salinity in 6 kinds of commercial kimchi. Related to this result, pH of kimchi from homemade and commercial was $4.40{\pm}0.29$(3.72~6.03) and $5.45{\pm}0.76$ (4.23~6.35), acidity of kimchi from homemade and commercial were $0.99{\pm}0.30%$(0.28~2.17) and $0.45{\pm}023$(0.17~0.93), respectively. Thus, the current study provides evidence that we may need to manufacture the low sodium kimchi because all homemade kimchi, especially Pusan and Daegoo kimchi and commercial brand kimchi contained over 2% salinity.

• Journal of Korea Entertainment Industry Association
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• v.14 no.5
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• pp.15-26
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• 2020

Local product is the key driver of regional economic growth. Despite abundant attention - there remains to examine about sustainable growth of local products. While previous studies have focused on local product brand and tourism effects, we need to know more about other way or mind-set that upgrade local product quality in local circumstances. This research topic's goal is to provide an academic implication to discuss sustainable growth and local product developments in Gyeongju bread and waxy barley bread from succession and entrepreneurship view with practical lesson for fostering local products. In-depth case study conducted within ancient capital Gyeongju bread and waxy barley bread provided combined evidence that craftsmanship and entrepreneurship is vital to the sustainable growth of local bread. Our study suggests that how succession is deployed serves as a key engine for the craftsmanship and entrepreneurial mind of local product business ownership.

• The Korea Journal of Herbology
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• v.39 no.1
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• pp.31-38
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• 2024

Objectives : Ulcerative colitis is a chronic recurrent inflammatory disease of the gastrointestinal tract. However, there are some drawbacks to long-term drug therapy such as the risk of opportunistic infections. Recently, there was an increasing interest on the use of khorasan Kamut wheat because of their higher value of selenium and fiber than modern wheat. The present study was aimed to investigate the effect of Kamut brand wheat enzyme (Kamut WE) diet on colon health in dextran sulfate sodium (DSS)-induced colitis mice. Methods : Female C57BL/6J mice were divided into 6 groups. (1) normal (Water and AIN-93G diet), (2) control (1.25% DSS and AIN-93G diet), (3) Kamut WE (1.25% DSS and Kamut WE diet), (4) normal (Water and AIN-93G diet), (5) control (2.50% DSS and AIN-93G diet), (6) Kamut WE (2.50% DSS and Kamut WE diet). Dietary intake, body weight change, disease activity index (DAI), colon length and spleen weight were monitored. Results : Kamut WE group alleviated colitis symptom, including dietary intake loss, DAI (weight loss, loose stools, bleeding), colon length shortening and spleen swelling. Further, Kamut WE diets showed a significant effect against pathological damage by the increased colon length, decreased DAI and spleen weight in DSS 1.25% as well as DSS 2.50%. Conclusions : Our study provides evidence that Kamut WE diet increased colon length, decreased DAI and spleen weight in intestinal inflammation.

• Journal of Environmental Health Sciences
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• v.43 no.1
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• pp.1-22
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• 2017

'The worstest environment disaster', 'World's first biocide massacre', 'Home-based Sewol ferry disaster' are all phrases attached to the recent humidifier disinfectant disaster. In the spring of 2011, four of 8 pregnant women including 1 adult man passed away at a university hospital in Seoul due to breathing failure. Epidemiologic investigation conducted by the Korean CDC soon revealed the inhalation of humidifier disinfectant, which had been widely used in Korea during the winter, to be responsible for the disease. As well as lung fibrosis hardening of the lungs, other diseases including asthma, rhinitis, skin disease, liver disease, fetal disease or cancers have been researched for their relation with exposure to the products. By February 9, 2017, 5,342 cases had registered for health problems and 1,131 of them were already dead (20.8% mortality rate). Based on studies by government agencies and a telephone survey of the general population by Seoul National University and civic groups, around 20% of the general public of Korea has used these products. Since the market release of the first product by SK Chemical in 1994, over 7.1 million items from around 20 brands were sold up to 2011. Most of the products were manufactured by well-known large conglomerates such as SK, Lotte, Samsung, Shinsegye, LG, and GS, as well as some European companies including UK-based Reckitt Benckiser and TESCO, the German firm Henkel, the Danish firm KeTox, and an Irish company. Even though this disaster was unveiled in 2011 by the Korean government, the issue of the victims was neglected for over five years. In 2016, an unexpected but intensive investigation by prosecutors found that Reckitt Benckiser manipulated and concealed animal tests for its own brand and brought several university experts and company employees to court. The matter was an intense social issue in Korea from May to June with a surge in media coverage. The prosecutor's investigation and a nationwide boycott campaign organized by victims and environmental groups against Reckitt Benckiser, whose product had been used by more than 70% of victims, led to the producer's official apology and a compensation scheme. A legislative investigation organized after the April 2016 national election revealed the producers' faults and the government's responsibility, but failed to meet expectations. A special law for the victims passed the National Assembly in January 2017 and a punitive system together with a massive environmental epidemiology investigation are expected to be the only solutions for this tragedy. Sciences of medicine, toxicology and environmental health have provided decisive evidence so far, but for the remaining problems the perspectives of social sciences such as sociology and jurisprudence are highly necessary, similar to with the Minamata disease and Wonjin Rayon events. It may not be easy to follow this issue using unfamiliar terminology from medical and chemical science and the long, complicated history of the event. For these reasons the author has attempted to write this article in a question and answer format to render it easier to follow. The 17 questions are: Q1 What is humidifier disinfectant? Q2 What kind of health problems are caused by humidifier disinfectant? Q3 How many victims are there? Q4 What is the analysis of the 1,112 cases of death? Q5 What is the problem with the government's diagnostic criteria and the solution? Q6 Who made what brands? Q7 Has there been a recall? What is still on sale? Q8 Was safety not checked by any producers? Q9 What are the government's responsibilities? Q10 Is it true that these products were sold only in Korea? Q11 Why and how was it unveiled only in 2011 after 17 years of sales? Q12 What delayed the resolution of the victim issue? Q13 What is the background of the prosecutor's investigation in early 2016? Q14 Is it possible to report new victim cases without evidence of product purchase? Q15 What is happening with the victim issue? Q16 How does it compare with the cases of Minamata disease and Wonjin Rayon? Q17 Are there prevention measures and lessons?

• Asia Marketing Journal
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• v.13 no.3
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• pp.55-77
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• 2011

This study investigate the interaction effects of bundle price discount framing and message framing on consumer's attitude of bundle component. Although each effect of bundle price discount framing and message framing has been explored individually, few attempts have been made to invest them jointly. This study tests the interaction effects of bundle price discount framing and message framing on consumer's evaluation of bundle component. Moreover, this research focuses on consumer's evaluation of individual bundle component while the existing research on bundling primarily focused on consumer's evaluation of the bundle. Prior research suggests that consumers are sensitive to the framing of prices and discounts in the presentation of the bundle offer. For example, there is considerable evidence that partitioning or consolidating the prices of a bundle can influence the attractiveness of the bundle offer. Similarly, there is evidence that an equivalent price reduction to the overall bundle, one of the individual products in the bundle, or distributed among the individual products in the bundle can alter the perceived attractiveness of the offer (e.g. Chakravarti, Krish, Paul, and Srivastava 2002; Hamilton and Srivastava 2008; Janiszewski and Cunha 2004; Johnson, Herrmann and Bauer 1999; ; Morwitz, Greenleaf, and Johnson 1998; Yadav 1994; 1995). In line with these earlier research, this research suggests that the bundle type can influence the consumer's evaluation of bundle component. There are two types of bundle - mixed-leader bundle and mixed-joint bundle. In mixed-leader bundling, the price of one of the two products is discounted when the other product is purchased at the regular price. In mixed-joint bundling, a single price is set when the two product are purchased jointly. This study supposes that the teeth whitening product is the leader product in a mixed-leader bundle. So bundle price discount framing is manipulated such as "Buy the teeth whitening product (regular price \80,000) and get 50% discount on the functional toothpaste(regular price \40,000), special set price \100,000" or "Buy the functional toothpaste and the teeth whitening product as a set and get discount for the set, special set price \60,000". Message framing is manipulated through the product claims described in an advertising bill. The positive framing presents that "Over 95% of users achieved the expected 2-3 shades of improvement in two weeks" where as the negative framing presents "less than 5% of users did not achieve the expected 2-3 shades of improvement in two weeks". This study uses hypothetical brand name of the teeth whitening product and the functional toothpaste This study is based on a 2x2 factorial design with bundle discount framing (mixed-leader bundle vs. mixed-joint bundle) and massage framing (positive vs. negative). The dependant variables are consumer's perceived quality and attitude of the teeth whitening product The data reveals that two dependant variables are correlated, so the data is analyzed with two-way MANOVA. This research explores the significant interaction effect of bundle discount framing and message framing on consumer's perceived quality and attitude of the teeth whitening product. When the message framing is positive, consumer's perceived quality and attitude of the teeth whitening product is higher in mixed-leader bundle than mixed-joint bundle condition. However, when the message framing is negative, consumer's evaluation is higher in mixed-joint bundle than mixed-leader bundle. The author explains this result by stating that consumers are less likely to use heuristics such as price-quality association and value discounting hypothesis(Raghubir 2004) in the negative message framing condition. Additionally, consumer's perceived risk of the teeth whitening product in the negative message framing condition can be more reduced by the bundle partner(e.g. the toothpaste) in mixed-joint bundle than mixed-leader bundle. Based on the results, marketing managers are advised to use different bundle type based on message framing of their product.

• Journal of Distribution Science
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• v.9 no.2
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• pp.49-59
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• 2011

A franchise can be said to be the main method of distribution and marketing. It appears to be the future of the retail industry and is one of the world's fastest growing businesses sectors, as many policy reports and research results have acknowledged. Korea's franchise industry began in the 1970s, spread out into many areas (including food services, retail, and the service industry), and has grown by over 10% each year ever since. The industry's influence on the national economy becomes ever greater. Although the size of the franchise industry is expected to grow as it spreads and as the government expands its support, it has not yet attracted much academic interest. Research has so far been very fragmented. The main interest has been the relationship and conflicts between the head offices and the affiliates. No study has yet occurred on whether the concepts of satisfaction and intent to conclude a contract directly affect the success or failure of the affiliates. Few studies have empirically inquired into the demographic characteristics and abilities of the affiliates that significantly affect their results. Domestic franchise industries must prepare to leap from quantitative to qualitative growth. Most important is the need for affiliate headquarters and affiliates to build confidence between them. A friendly and reliable relationship between affiliate headquarters and affiliates will eliminate distrust from the franchise and maintain a healthy franchise system. This study suggests that current and prospective heads of affiliation should concentrate not on attracting affiliates but on investment and techniques of affiliate support. They should work on the reinforcement of brand power, the appropriate affiliate business environment, systematic education/training, taking burdens off the affiliate business persons, consolidating the relationship with the affiliate business persons, marketing mix factors (e.g. products, price conditions, logistics and shipping services, promotion, supervising and supervisor, operation procedures/processes, and material evidence); these all greatly affect the success or failure of the affiliate business. Supporting the affiliates is an important factor that enhances their results and satisfaction and consequently increases the positive recommendations to others and the ratio of recurrent conclusions of contracts, which ultimately generate the growth of the franchises. In addition, it is suggested that prospective franchise founders should make every effort to choose a good head office since the characteristics of the head office greatly influence the success of the affiliates. This study is significant in that it grasps the characteristics of the head office of affiliation and of the affiliates that influence affiliate results in ways not yet academically attempted.