• Journal of Distribution Science
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• v.13 no.9
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• pp.47-57
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• 2015

Purpose - The aim of this paper is to investigate the explanatory power of the Pecking-order theory (the cost of financing increases with asymmetric information) among Korean retail firms from the perspective of debt capacity. According to the Pecking-order theory, a firm's first preference is to use internal funds for its capital needs, its next preference is the issuance of debt, and its last preference is the issuance of equity; this is due to the information asymmetry problem between existing shareholders and investors. However, prior empirical studies, such as Lemmon and Zender (2010), argue that the entire sample test for the Pecking-order theory could be misleading due to the different levels of debt issuance capability of each of the individual firms; in fact, they confirm that the explanatory power of the Pecking-order theory improves after taking into account the differences in debt capacity of the U.S. firms they examined. This paper implements a case study approach among Korean retail firms to examine the relationship between debt capacity and the explanatory power of the Pecking-order theory in Korea. Research design, data, and methodology - This study uses the sample of public retail firms on the Korea Composite Stock Price Index (KOSPI) from the time period of 1990 to 2013. We gather related financial and accounting statements from the financial information firm WISEfn. Credit rating information is provided by the Korea Investor Service. We employ the models of Lemmon and Zender (2010) and Son and Kim (2013) to measure a firm's debt capacity. Their logit models use the rating dummy variable as a dependent variable and incorporate other firm characteristics as independent variables to estimate debt capacity. To test the Pecking-order theory, we adopt variants of the financing deficit model of Shyam-Sunder and Myers (1999). In the test of the Pecking-order theory, we consider all of the changes in total debt obligations, current debt obligations, and long-term debt obligations. Results - Our main contribution to the literature is our confirmation of the predicted relationship between debt capacity and the explanatory power of the Pecking-order theory among Korean retail firms. The coefficients on financing deficits become greater as a firm's debt capacity improves. This is consistent with the results of Lemmon and Zender (2010). The coefficients on the square of the financing deficits are also negative for the firms in the largest debt capacity group, which is also consistent with the predictions in prior literature. Conclusions - This study takes a case study approach by examining Korean retail firms. We confirm that the Pecking-order theory explains the capital structure of retail firms more appropriately, after taking into account the debt capacity of each firm. This result suggests the importance of debt capacity consideration in the testing of the Pecking-order theory. Our result also implies that there has been a potential underestimation of the explanatory power of the Pecking-order theory in existing studies.

• Journal of Satellite, Information and Communications
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• v.12 no.3
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• pp.41-49
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• 2017

This paper will describe lunar lava tubes' five analyzed fields, such as geology, geomorphology, internal configuration, stability, communication and habitats requirements. This research gets through qualitative and qualitative data analysis as following results. A huge size and configuration differences between lunar lava tubes and earth one on geology and landform environments. Exo-genetics activities, such as meteorites, radiation, and sudden temperature bigger affect than Endo-genetic activities, such as effusion and earthquake of the lunar lava tubes. Landform and internal configuration of the lunar lava tubes due to the huge cave perilous landform that gravity difference have a technical limitation from internal approach and data obtain of the huge skylights and sinuous rilles. Stability of the lunar lava tubes deals with geology and landform. It was obvious geo-structural stability elements results generated on low rate of collapsed halls(skylights), low gravity, and relatively thick covers. In terms of the communication capability on the external and internal lunar lava tubes cordless communication techniques will overcome limitations of the sun-power generates supporting communication systems. Through this research it realized obvious differs between potential habitats possibility by accumulative theories by scholars and techniques of the lunar lava tubes. Especially, it is a favorable expectation throughout overcoming attempt on zero gravity, cosmo radiation, lunar dust of the exo-genetic limitations to the steep escarpment of skylights to approach and achieve techniques by the civil engineering, networking and GIS techniques as the endo-genetic environment treatment.

• Journal of Engineering Education Research
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• v.10 no.2
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• pp.44-61
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• 2007

The present investigation is concerned chiefly with new curriculum development at the Department of Mechanical System & Design Engineering at Hongik University with the aim of enhancing creativity, team working and communication capability which modern engineering education is emphasizing on. 'Mechanical System & Design Engineering' department equipped with new curriculum emphasizing engineering design is new name for mechanical engineering department in Hongik University. To meet radically changing environment and demands of industries toward engineering education, the department has shifted its focus from analog-based and machine-centered hard approach to digital-based and human-centered soft approach. Three new programs of Introduction to Mechanical System & Design Engineering, Creative Engineering Design and Product Design emphasize hands-on experiences through project-based team working. Sketch model and prototype making process is strongly emphasized and cardboard, poly styrene foam and foam core plate are provided as working material instead of traditional hard engineering material such as metals material because these three programs focus more on creative idea generation and dynamic communication among team members rather than the end results. With generative, visual and concrete experiences that can compensate existing engineering classes with traditional focus on analytic, mathematical and reasoning, hands-on experiences can play a significant role for engineering students to develop creative thinking and engineering sense needed to face ill-defined real-world design problems they are expected to encounter upon graduation.

• The KIPS Transactions:PartB
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• v.17B no.5
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• pp.345-354
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• 2010

Visual tracking techniques for Augmented Reality are classified as either a marker tracking approach or a natural feature tracking approach. Marker-based tracking algorithms can be efficiently implemented sufficient to work in real-time on mobile devices. On the other hand, natural feature tracking methods require a lot of computationally expensive procedures. Most previous natural feature tracking methods include heavy feature extraction and pattern matching procedures for each of the input image frame. It is difficult to implement real-time augmented reality applications including the capability of natural feature tracking on low performance devices. The required computational time cost is also in proportion to the number of patterns to be matched. To speed up the natural feature tracking process, we propose a novel fast tracking method based on optical flow. We implemented the proposed method on mobile devices to run in real-time and be appropriately used with mobile augmented reality applications. Moreover, during tracking, we keep up the total number of feature points by inserting new feature points proportional to the number of vanished feature points. Experimental results showed that the proposed method reduces the computational cost and also stabilizes the camera pose estimation results.

• Journal of Biomedical Engineering Research
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• v.19 no.6
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• pp.551-562
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• 1998

Amultiresolution filtering algorithm based on the physical SPECT lesion detachability provides and optimal solution for SPECT reconstruction problem. Related to the previous study, we estimated the SPECT lesion detection capability by m minimum detectable lesion sizes (MDLSs), and generated m reconstruction filters which are designed to maximize the smoothing effect at a fixed MDLS-dependent resolution level $\frac{MDLS}{4\sqrt{2In2}}$. The proposed multiresolution filtering algorithm used a coarse-to-fine approach for the m-level resolution filter images obtained from these m filters for a given projection image. First, the local homogeneity is determined for every pixel of the filter images, by comparing the local variance value computed in a window centered at the pixel and the mode determined from the distribution of the local variances. Based on the local homogeneity, the pixels declared as homogeneous are chosen from the filter image of the lowest resolution, and for the other pixels the same process is repeated for the higher resolution filter images. For the non-homogeneous pixels after this pixels after this repetition process ends, the pixel values of the highest resolution filter image are substituted. From the results of the simulated experiments, the proposed multiresolution filtering algorithm showed a strong smoothing effect in the homogeneous regions and a significant resolution improvement near the edge regions of the projection images, and so produced good adaptability effects in the reconstructed images.

• Korean Journal of Cognitive Science
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• v.4 no.1
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• pp.153-176
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• 1993

Structual ambiguity is one of those problem that arise in the analysis of natural language sentences.It has been considered very difficult to solve the problem.Structural ambiguity,however,should be resolved no matter how difficult it may be.Otherwise natural language processing could be virtually impossible.A statistical approach to structural disambiguation is proposed in this dissertation.The information-theoretic concept of mutual information has been empolyed in resolving structural ambiguity Mutual information can be acquired in an automatic way.from text corpora. If a structural disambiguation subsystem had the capability of self-evaluating whether the results of structural disambiguation are correct or not.it would be possible to develop a more intelligent natural language proessing system.In this paper,the concept of confidence measure is also proposed to endow the disambiguation subsystem with such intelligence.Confidence measure is a numeric value calculated after structural disambiguation. Some experiments were performed in order to show the validity of the approach.Mutual information was auto matically acquired from a corpus of 1.6milion words that were collected from scientific abstracts.The accuracy of structural disambiguation was 80%when performed over 1,639 test sentences.Notice that there was no manual tuning in advance for the experiments.The task of detecting and correcting errors in structural disambiguation will be performed very effectively if the concept of confidence measure is employed in the process.

• International Commerce and Information Review
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• v.15 no.1
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• pp.227-256
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• 2013

Existing multinational subsidiary typologies seem to have limitations in two respects. First, the prevalence of subsidiary classification along two-dimensions fails to capture many distinct subsidiary types. Failure to reflect a sufficient richness in dimensionality can give rise to a partial picture of subsidiary typologies in the international business literature. A new typology developed from multi-dimensional approach will be required for reflecting various subsidiary roles in the multinational enterprise. Second, multinational subsidiary performing a number of activities is hard to be defined functionally across the value chain activities. In addition, multinational subsidiary roles can vary dramatically. In conclusion, despite a growing amount of work on subsidiary typologies, there seems to be limited convergence of results. the study regarding subsidiary roles still remain a challenge. In this respect, the purpose of this study is to develop a new typology based on multi-dimensional approach in order to overcome the limitations of traditional typologies. To classify subsidiary types, we propose 8 types of multinational subsidiary according to three dimensions that are adopted: (1) number of required value chain activities (2) subsidiary's sourcing capability and autonomy (3) global orientation (3) The case study analyzing Korean foreign subsidiaries appropriate for 8 types is performed to establish the validity of this study.

• Korean Journal of Construction Engineering and Management
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• v.10 no.5
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• pp.135-147
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• 2009

The world has witnessed the dramatic expansion of international construction markets during the last decades, particularly around the developing economies and energy resource-rich countries. However, despite the booming markets, the risks of emerging regions have also increased under the rapidly changing environments confronting the global contractors. Most of all, success in overseas business mainly depends on selecting the right market to enter. Accordingly, the right market selection requires global firms to carefully carry out the scientific market entry decision by evaluating country risks, market prospects, firm's capability, level of competition, and among others. This study aims at developing a market entry model by the use of real option analysis (ROA) and scenario planning, which addresses the corporate strategic flexibility against the uncertainties encompassing the overseas construction markets. Based on the suggested approach, global contractors are expected to make a better decision rather than a typically static approach in pursuing, postponing, or abandoning a prospective market to their capacity with a concurrent consideration of uncertainties as well as its option value.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.1
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• pp.561-571
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• 2016

Purpose: This study reviewed the innovative educational strategies that have been implemented successfully in US baccalaureate nursing education programs to facilitate appropriate attitudes about caring for older adults. Methods: The data were collected through a search of PubMed and CINAHL using the key words, gerontological or geriatric, attitudes about aging or older people, baccalaureate or undergraduate nursing education or curriculum. Results: The successful strategies are categorized as follows: 1) a multidisciplinary approach integrating aging issues and gerontological contents into diverse nursing courses, 2) active participation of community-dwelling healthy older individuals as an educational mentor, 3) use of audiovisual materials to investigate the misconceptions and attitudes about aging, and 4) discussion through critical thinking and self-reflection toward aging. Implications: For the interdisciplinary approach within nursing courses, it is essential to derive the key contents for gerontological nursing applicable to integration into diverse nursing courses. In addition, it is necessary to provide administrative support for implementing innovative strategies and constructing consistent partnerships with the community for active participation of the elderly as a mentor. Lastly, recognizing the significance of educational strategies for enhancing desirable attitudes toward gerontological nursing and supporting the development of educational capability of a faculty are key issues.

• Korean Journal of Remote Sensing
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• v.35 no.5_2
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• pp.841-850
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• 2019

The purpose of this study is to strengthen the capability of rapid mapping for disaster through improving the positioning accuracy of mapping and fusion of multi-sensing point cloud data derived from Unmanned Aerial Vehicles (UAVs) and disaster investigation vehicle. The positioning accuracy was evaluated for two procedures of drone mapping with Agisoft PhotoScan: 1) general geo-referencing by self-calibration, 2) proposed geo-referencing with optimized camera model by using fixed accurate Interior Orientation Parameters (IOPs) derived from indoor camera calibration test and bundle adjustment. The analysis result of positioning accuracy showed that positioning RMS error was improved 2~3 m to 0.11~0.28 m in horizontal and 2.85 m to 0.45 m in vertical accuracy, respectively. In addition, proposed data fusion approach of multi-sensing point cloud with the constraints of the height showed that the point matching error was greatly reduced under about 0.07 m. Accordingly, our proposed data fusion approach will enable us to generate effectively and timelinessly ortho-imagery and high-resolution three dimensional geographic data for national disaster management in the future.