• The Korean Journal of Financial Management
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• v.26 no.1
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• pp.165-188
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• 2009

This paper has suggested the methodology for the frontier portfolios and the optimal portfolio under the mean-VaR framework, not assuming the normal distribution and considering the investor's preferences for the higher moments of return distributions. It suggested the grid and rank approach which did not need an assumption about return distributions to find the frontier portfolios. And the optimal portfolio was selected using the utility function that considered the 3rd and the 4th moments. For the application of the methodology, weekly returns of the developed countries index, the emerging market index and the KOSPI index were used. After the frontier portfolios of the mean-variance framework and the mean-VaR framework were selected, the optimal portfolios of each framework were compared. This application compared not only the difference of the standard deviation but also the difference of the utility level and the certainty equivalent expressed by weekly expected returns. In order to verify statistical significances about the differences between the mean-VaR and the mean-variance, this paper presented the statistics which were obtained by the historical simulation method using the bootstrapping. The results showed that an investor under the mean-VaR framework had a tendency to select the optimal portfolio which has bigger standard deviation, comparing to an investor under the mean-variance framework. In addition, the more risk averse an investor is, the bigger utility level and certainty equivalent he achieves under the mean-VaR framework. However, the difference between the two frameworks were not significant in statistical as well as economic criterion.

• Journal of the Korean association of regional geographers
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• v.7 no.4
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• pp.105-119
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• 2001

Currently serious conflicts arose for the use of coastal area in Korea. However, there is no mediation program or mediators' activities for conflict resolution which are shown in the developed countries. Even though, the MOMAF(Ministry of Maritime Affairs and Fisheries) was established in 1997 and the Division of Coastal Zone Management under the Ministry took over the authority to establish ICM program and formulated the CZMA(Coastal Zone Management Act) in 1998 after understanding the seriousness of coastal degradation due to the importance of coastal zone management and the understanding of dispute resolution, it still lacks consistency among legislative power on the continuous policy for wise coastal use and management which results coastal conflicts. The objective of this study is to lay the evaluation criteria for the formalized objective evaluation among disputants of coastal conflicts for the better understanding and characterizing of coastal conflicts in Korea. In order to do so, this study has adopted the PCA(Principal Component Analysis) for the subtraction of the components of evaluation mechanism to describe the present conditions of conflicts in the selected study area(Sihwa lake), to analyze the problems, and then to explore alternative approaches for resolving the conflicts. As research methodologies, we have depended upon literature review and field survey methods. As field survey methods, we employed structured questionnaires for the various samples from the experts of research institutes, professors, representatives of NGOs and citizens. Survey results suggested that 5 representative elements comprising 35 detailed elements could be identified. Based on these results, this study was able to identify and classify the evaluation mechanism and help to resolve coastal conflicts in Korea.

• Journal of Distribution Science
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• v.13 no.7
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• pp.53-61
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• 2015

Purpose - This research analyzes overseas expansion support systems for small- and medium-sized enterprises in Germany and Japan. Germany and Japan have developed overseas expansion support policies for such enterprises. The study then explores the implications for Korea and its local governments. Research design, data, and methodology - We did a comparative analysis of Japan and Germany and their support for overseas expansion of small and medium companies. Data were mainly collected from the Ministry of Economy, Trade and Industry (Japan) and the Germany Trade and Invest (Germany) agency through statistics and literature surveys, and analysis studies. Results - First, human resources cultivation and funding support policies, which both Germany and Japan use as part of small- and medium-sized enterprise policies, should be modified to Korean circumstances and to reflect its own small- and medium-sized enterprise support needs. Second, both the German policies that support overseas expansion of small- and medium-sized enterprises and those of Japan's include the philosophy and methods that put an emphasis on these enterprises, despite the fact that there are big differences in the overseas policies in these two countries. Third, German and Japanese governments are embracing the idea that small- and medium-sized enterprises are key to their national economies and implementing policies based on the ratio occupied by these enterprises in the domestic consumption or GDP. In other words, Germany and Japan consider small- and medium-sized enterprises as central to their nation's industry, and assess them as economic industry that should definitely exist for the continued survival of big businesses, and not just as merely supplemental to big business. Fourth, whereas Germany emphasizes support to product exhibition in its overseas expansion support policies, Japan is providing integrated support containing foreign direct investment to small- and medium-sized enterprises. Fifth, there are differences in the overseas expansion support in Germany and Japan in terms of their support to big business. Whereas Germany considers support to big business unnecessary, Japan is implementing active support policies to areas corresponding to big business. Korea will have to benchmark the policies of Germany and Japan, and decide whether or not to give full support to small- and medium-sized enterprises, while excluding areas supporting big business. Conclusions - Based on this analysis of German and Japanese overseas expansion support policies, we need to choose the policies that will engender a solid outcome and derive modified policies for the circumstances of Korea. Additionally, we can use the comparison of the overseas support policies of Japan and Germany to choose small- and medium-sized enterprise overseas expansion support policies for Korea. However, we cannot provide specific overseas support policies by industry. This point will be referenced as a limitation of this study. In future research, we expect that some researchers will take an empirical approach to exploring Korean overseas expansion support through collecting cases of overseas support policies and interviewing policy authorities.

• Journal of Distribution Science
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• v.13 no.5
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• pp.71-82
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• 2015

Purpose - The purpose of this study is to investigate risk price implied from the pricing kernel of Korean stock distribution market. Recently, it is considered that the quantitative easing programs of major developed countries are contributing to a reduction in global uncertainty caused by the 2007~2009 financial crisis. If true, the risk premium as compensation for global systemic risk or economic uncertainty should show a decrease. We examine whether the risk price in the Korean stock distribution market has declined in recent years, and attempt to provide practical implications for investors to manage their portfolios more efficiently, as well as academic implications. Research design, data and methodology - To estimate the risk price, we adopt a non-parametric method; the minimum norm pricing kernel method under the LOP (Law of One Price) constraint. For the estimation, we use 17 industry sorted portfolios provided by the KRX (Korea Exchange). Additionally, the monthly returns of the 17 industry sorted portfolios, from July 2000 to June 2014, are utilized as data samples. We set 120 months (10 years) as the estimation window, and estimate the risk prices from July 2010 to June 2014 by month. Moreover, we analyze correlation between any of the two industry portfolios within the 17 industry portfolios to suggest further economic implications of the risk price we estimate. Results - According to our results, the risk price in the Korean stock distribution market shows a decline over the period of July 2010 to June 2014 with statistical significance. During the period of the declining risk price, the average correlation level between any of the two industry portfolios also shows a decrease, whereas the standard deviation of the average correlation shows an increase. The results imply that the amount of systematic risk in the Korea stock distribution market has decreased, whereas the amount of industry-specific risk has increased. It is one of the well known empirical results that correlation and uncertainty are positively correlated, therefore, the declining correlation may be the result of decreased global economic uncertainty. Meanwhile, less asset correlation enables investors to build portfolios with less systematic risk, therefore the investors require lower risk premiums for the efficient portfolio, resulting in the declining risk price. Conclusions - Our results may provide evidence of reduction in global systemic risk or economic uncertainty in the Korean stock distribution market. However, to defend the argument, further analysis should be done. For instance, the change of global uncertainty could be measured with funding costs in the global money market; subsequently, the relation between global uncertainty and the price of risk might be directly observable. In addition, as time goes by, observations of the risk price could be extended, enabling us to confirm the relation between the global uncertainty and the effect of quantitative easing. These topics are beyond our scope here, therefore we reserve them for future research.

• The Journal of Industrial Distribution & Business
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• v.9 no.4
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• pp.73-82
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• 2018

Purpose - Before the economic reforms, the Chinese communication industry was poorly developed. After China's entering to WTO, the Chinese market were gradually opened, domestic companies will be faced with more and more pressures of competition from the world rival countries. As time goes on, the overseas telecommunications companies will occupy the Chinese market with the opening of China Telecommunications market to outside. So this paper focuses on problems and development methods based on the research about the present situation and development methods of communication industry(communication manufacturing industry and communication manufacturing industry) in China. Research design, data, and methodology - This study analyzed the policies of China's entering to WTO. This paper observed previous researches and made an empirical research on Chinese communication industry based on the governmental policies, strategies, books and previous papers with several kinds of clear data announced formally by China authorities. Results - Most recently, reorganization of the communication industry has brought good opportunities for the development of the communication manufacturing enterprises. This paper analyze policy changes of Chinese communication industry, the status of communication manufacturing industry and communication service industry. Finally, this study for further research analyzes the existing problems and puts forward some practicable measures to solve them. Conclusions - Looking ahead, with China's rapid economic development and steady deepening of reform and opening-up, the Chinese communication industry is faced with an even broader prospect of development. Chinese communication industry will be become the pillar one in national economy after 10 years development. Foreign communication companies accelerated investment and progresses to Chinese information and communication markets. Positive ones are more foreign investment, export increase, domestic innovation, communication industry made steep growth. But negative ones are obstacles of domestic companies' development and jobless rate increase etc. Second communication manufacturing industry made good development, but computer and TV related industry made decline in growth. Third, market sizes of internet and mobile services are growing but the size of wired communication services is downsizing gradually. To overcome them, the studies of components or parts of communication manufacturing industry are needed individually. Second China Unicom, China Telecom, China Mobile etc. are Chinese representatives. The sales volumes are very similar at the beginning, but now they are different and make big differences. So the analysis about, their differences and its impact, are needed.

• Journal of Korean Society of Environmental Engineers
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• v.35 no.9
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• pp.630-635
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• 2013

There is a need to establish systematic procedure of groundwater quality standards, however, there were no specified basis for establishing substances and values in Korean groundwater quality standards for non-drinking water. In this study, we reviewed basis for deriving groundwater quality standard in the developed countries, considering carcinogenic and non-carciongenic risk via inhalation and dermal contact exposure pathways. Also, we reviewed the prior systematic procedure of standards related to water quality (e.g. drinking water, surface water, and wastewater). USEPA RAGS, ASTM RBCA, and Massachusettes presented the formulas for deriving groundwater concentrations of chemicals and there were similarity and differences. We suggests systematic procedure of groundwater quality standards, as follows. (1) Selection of groundwater pollutants population, (2) Possibility of risk assessment, (3) Selection of monitoring priority substances, (4) Monitoring, (5) Risk assessment, (6) Selection of groundwater quality standard candidates, (7) Selection of new substances and values for groundwater quality standards. Especially, groundwater concentration of hazardous material were presented according to revised risk formulas via inhalation and dermal contact.

• Asian Journal of Atmospheric Environment
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• v.9 no.2
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• pp.114-127
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• 2015

In the Mexico City Metropolitan Area (MCMA), ozone ($O_3$) concentration is still higher than in other urban areas in developed countries. In order to reveal the current state of photochemical air pollution and to provide data for validation of chemical transport models, vertical profiles of meteorological parameters and ozone concentrations were measured by ozonesonde in two field campaigns: the first one, during the change of season from wet to dry-cold (November 2011) and the second during the dry-warm season (March 2012). Unlike previous similar field campaigns, ozonesonde was launched twice daily. The observation data were used to analyze the production and distribution of ozone in the convective boundary layer. The observation days covered a wide range of meteorological conditions, and various profiles were obtained. The evolution of the mixing layer (ML) height was analyzed, revealing that ML evolution was faster during daytime in March 2012 than in November 2011. On a day in November 2011, the early-morning strong wind and the resulting vertical mixing was observed to have brought the high-ozone-concentration air-mass to the ground and caused relatively high surface ozone concentration in the morning. The amount of produced ozone in the MCMA was estimated by taking the difference between the two profiles on each day. In addition to the well-known positive correlation between daily maximum temperature and ozone production, effect of the ML height and wind stagnation was identified for a day in March 2012 when the maximum ground-level ozone concentration was observed during the two field campaigns. The relatively low ventilation coefficient in the morning and the relatively high value in the afternoon on this day implied efficient accumulation of the $O_3$ precursors and rapid production of $O_3$ in the ML.

• Journal of Astronomy and Space Sciences
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• v.20 no.1
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• pp.21-28
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• 2003

In case that we independently obtain orbital informations about the low earth satellites of foreign countries using radar systems, we develop the orbit determination algorithm for this purpose using a SGP4 model with an analytical orbit model and the extended Kalman filter with a real-time processing method. When the state vector is Keplerian orbital elements, singularity problems happen to compute partial derivative with respect to inclination and eccentricity orbit elements. To cope with this problem, we set state vector osculating to mean equinox and true equator cartesian elements with coordinate transformation. The state transition matrix and the covariance matrix are numerically computed using a SGP4 model. Observational measurements are the type of azimuth, elevation and range, filter process to each measurement in a lump. After analyzing performance of the developed orbit determination algorithm using TOPEX/POSEIDON POE(precision 0.bit Ephemeris), its position error has about 1 km. To be similar to performance of NORAD system that has up to 3km position accuracy during 7 days need to radar system performance that have accuracy within 0.1 degree for azimuth and elevation and 50m for range.

• Journal of Environmental Impact Assessment
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• v.19 no.5
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• pp.475-481
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• 2010

Lots of pollutants typically originating from urban transportation are accumulating on the paved surfaces during dry periods and are washed-off directly to the river during a storm. Also, paved surfaces are contributing to increase in peak flows and volume of stormwater flows. These are the main reasons why the water quality of rivers and lakes remain polluted and still below standards. Currently, several management practices are being applied in developed countries but the design standards are still lacking. This research was conducted to develop a treatment technology that can be useful to address the problems concerning runoff quality and quantity. A lab scale infiltration device consisting of a pretreatment tank and media zone was designed and tested for various flow regimes characterizing the low, average and high intensity rainfall. Based on the experiments, the high intensity flow resulted to increase in outflow event mean concentration (EMC) of pollutants, about twice as much as the average outflow EMC. However, 78 to 88% of the total suspended solids were captured and retained in the pretreatment tank because of sedimentation. The removal of heavy metals such as zinc and lead was greatly affected by the vertical placement of woodchip layer prior to the media zone. It was observed that the high carbon content (almost 50%) in the woodchip provided opportunity for enhancing its uptake of metal by adsorption. The findings implied that the reduction of pollutants can be greatly achieved by means of proper pretreatment to allow for settling of particles with a combination of using high carbon source media like woodchip and a geotextile mat to reduce the flow before filtering into the media zone and finally discharging to the drainage system.

• Korean Security Journal
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• no.54
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• pp.149-179
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• 2018

October 31, 2017, a man named Saipov who follows ISIS killed 8 people and injured nearly 20 others by driving his truck to the riverside bicycle path in Manhattan, New York, in an act of terror. June 5, 2017, the Islamic extremist Yacqub Khayre held a woman hostage in a suburb of Melbourne, Australia, before being killed by the police. Various countries around the world including the UK, France, and Germany are in war against terrorism. The terrorists change their target from hard targets such as government officials to vulnerable soft target, intensifying the public's fear, and, unlike in the past when they were organized by governments or organizations, extremists such as ISIS followers are now acting on their own in the act of terrorism. Also, as they use vehicles, pressure cooker, and other objects that can be easily found for terrorism, it is becoming more difficult for the police to prepare against terrorist attacks. Meanwhile, some terrorism researchers argue that conversational techniques (negotiation) used by the police are now of no use, as shown in the cases like 9/11 attacks in 2001 and 2016 Nice attack in France in which the suspects committed terrorist attacks without leaving enough time for the police to take action and that, therefore, tactical suppression techniques need to be developed. Therefore, this study suggested police negotiation techniques are necessary not only for terrorist attacks but also for overall police work, including handling intoxicated people at police station, and proposed ways to activate conversational techniques for police organizations.