• The Korean Journal of Financial Management
• /
• v.27 no.1
• /
• pp.181-208
• /
• 2010

In July 2007, Korean government has passed "The Capital Market and Financial Investment Services Act" to further develop the capital markets and the Act was to become effective in February 2009. Using a large sample of Korean firms, we have examined (i) the effect of underwriting activities on the firm value (bond spread) comparing commercial bank and investment bank, and (ii) the determinants of the firm value changes following underwriting activities of bank. To test our goal, we collected a wide range of samples of data for bond issuing activities executed by Korean firms listed on the Korea Stock Exchange (KSE) between 2000 and 2003. Our paper is distinguished from previous studies on this subject in a way that we analyzed the effect of corporate bond underwriting activities with regard to commercial banking and investment banking. Initially, we set up a hypothesis that "Certification View" and "Conflict-of-interest View" are major driving forces behind cross-firm differences in performance following bond issuance. We find that, in general, underwriting by investment bank (securities company) brings a positive effect on the firm value (spread between bench mark rate and bond issuing rate). This result indicates that firm value has been negatively affected by the bank underwriting and provides the evidence for "Conflict-of-interest View" in Korea. Our studies have also revealed that any change in firm value following bond issuance is positively related with the firm size (total asset), operating performance, liquidity (cashflow), and equity ownership by foreign investors. Overall, our results support the view that bank underwriting activities can play an important role in determining firm value and financial strategies under "The Capital Market and Financial Investment Services Act" of 2007.

• Journal of the Korean Society of Food Science and Nutrition
• /
• v.35 no.1
• /
• pp.35-41
• /
• 2006

Antibacterial activities of the trace elements in combination with the food additives were measured against 6 kinds of food-borne microorganisms such as Escherichia coli, Vibrio parahaemolyticus, Staphylococcus aureus, Bacillus cereus, Bacillus subtilis and Pseudomonas fluorescens. The difference of antibacterial activity was not shown among the kinds of food additives, such as dextrin, gelatin and collagen. Zn and Ge in combination with food additives had strong antibacterial effect. Especially, $1\%$ zinc acetate in combination with $1\%$ gelatin was more effective against P. fluorescens and S. aureus than against Bacillus sp., E. coli and V. parahaemolyticus. Minimum inhibitory concentration of zinc acetate in combination with $1\%$ gelatin appeared to be 0.5 mg/mL on S. aureus and P. fluorescens, and 1.0 mg/mL on E. coli, V. parahaemolyticus, B. cereus and B. subtilis. Minimum bactericidal concentration of zinc acetate in combination with $1\%$ gelatin appeared to be 0.5 mg/mL on P. fluorescens and 1.0 mg/mL on E. coli, V. parahaemolyticus, S. aureus, B. cereus and B. subtilis. The zinc acetate in combination with gelatin showed stronger inhibitory effect in acidic range below pH 6.0, and remained active even after heat treatment at $121^{\circ}C$ for 15 min. In comparison with control, the viable cell counts of fish pastes, which were coated with the solution containing both $1\%$ zinc acetate and $3\%$ gelatin, were decreased by more than 100-fold until the storage of 7 days at $10^{\circ}C$. The results indicate that the combined use of zinc acetate and some food additives could prolong the shelf life of fish pastes by 8 days or more at $10^{\circ}C$.

• Journal of Korean Society of Forest Science
• /
• v.103 no.1
• /
• pp.87-97
• /
• 2014

This study was conducted to provide field-based harvesting study information which can be used to select an optimal cable system for certain work conditions on steep grounds (> $20^{\circ}$ ground slope) in Korea. To accomplish this study objectives, we evaluated three cable yarding systems (RME-300T tower-yarder, Chuncheon tower-yarder, FARMI tractor winch) working in typical work conditions for their yarding productivity and operational efficiency. Those yarders are commonly used for removing logs or trees on steep grounds in Korea. Under the same work conditions (average DBH of tree to be cut, 20 cm; yarding distance, 60 m; lateral yarding distance, 10 m; and machine utilization rate, 70%), the average productivities were $33.04m^3$/day, $38.47m^3$/day, and $14.17m^3$/day for RME-300T, Chuncheon tower-yarder, and FARMI, respectively. Our standardized cost comparison study also showed that the yarding cost was highest at $37,835won/m^3$ with FARMI, followed by RME-300T at $25,105won/m^3$ for the same work conditions. We found the lowest yarding cost with the Chuncheon tower-yarder at $20,520won/m^3$ which was resulted primarily from high yarding productivity at the yarding distance (60 m). Our analysis suggested that a small machine such as FARMI could be a low-cost yarding machine option for a cable yarding job with a short yarding distance (40 m or less). The Chuncheon tower-yarder is well suited for a mid-range yarding distance job in Korea, ranged between 40 to 140 m. If yarding distance were longer than 140 m, the RME-300T tower yarder appears to be most cost-effective.

• Journal of the Korean Society of Food Science and Nutrition
• /
• v.42 no.9
• /
• pp.1439-1445
• /
• 2013

The aim of this study was to investigate the quality characteristics of rice cookies specifically prepared with rice flour following enzyme treatment. In this study, three types of specific enzyme treatments, that is, ${\alpha}$-amylase, ${\beta}$-amylase, and cellulose+${\beta}$-glucanase were applied on the effect of rice flour with respect to desired quality characteristics of the rice cookies. Based on our study results, we have found that the density of dough in the rice cookies was not significantly different between that of the non-enzyme treated (control) and the enzyme treated group. However, we found that the spread factor of rice cookies, prepared with rice flour treated with ${\beta}$-amylase, was higher than that of the control. It was also found that the moisture content of rice cookies (with added enzyme-treated rice flour) was 3.20 to 3.90%; however, this range is much lower than that observed in the control. Further, we observed that Hunter color's L-values were significantly higher for the control than those of the enzyme-treated cookies. We also found that hardness of enzyme-treated cookies was comparatively better than that of the control. In addition, the sensory acceptability scores of the enzyme-treated cookies were found to be significantly higher than the control in decisive parameters such as aroma, appearance, flavor, taste, texture, and overall acceptability. Based on our findings, we suggest that ${\alpha}$-amylase treated rice flour is an effective ingredient for improving the overall quality of rice cookies.

• Journal of Bio-Environment Control
• /
• v.21 no.4
• /
• pp.419-427
• /
• 2012

This study was carried out to investigate the effect of two shading methods, shading agent spray on the glasshouse and internal shading screen treatment, on the growth and fruit quality of paprika (Capsicum annuum L. 'Cupra' and 'Coletti') in summer season cultivation. In the shading agent treatment, a commercial shading agent diluted with water at a ratio of 1 : 4 was sprayed on the roof of a glasshouse. In the internal shading screen treatment, a 10~20% shaded screen was used during the day time when the sun radiation was greater than $700W{\cdot}m^{-2}$. Compared to the unshaded control, photosynthetic photon flux density (PPFD) decreased in the greenhouse in the shading agent (SA) and shading screen (SS) treatments by 20% and 30%, respectively. Lower air temperatures and higher relative humidities were observed in the SA than in both the control and the SS treatment. Time to reach the break point of humidity deficit $8g{\cdot}m^{-3}$ was 2 hours late in the SA than in both the control and the SS treatment. Compared to control, both the SA and the SS treatments showed lower instantaneous temperatures of leaf, fruit, and flower by $2^{\circ}C$, $5^{\circ}C$ and $3^{\circ}C$, respectively. There were no differences in number of branches, stem diameter, and leaf size among treatments although both shading treatments promoted plant height in both cultivars. Botrytis infection ratio declined with the SA treatment by 14.7% in 'Cupra' and 22.1% in 'Coletti' as compared to that in the control. Shading increased fruit size in both cultivars, whereas no differences were observed in the number of locules and thickness of fruit tissue among treatments. Shading treatment increased mean fruit weight by a range of 10 to 15 g per fruit, while it decreased soluble solids contents as compared to that in the control. Similar Hunter values were observed among treatments, while fruit firmness increased slightly in shading treatments. Compared to the control, shading treatments improved marketable fruits by 11.7~22.6% and increased the number of fruits per plant by 4~9.2 in both 'Cupra' and 'Coletti'. The results of this study indicate that shading agent application on the roof of glasshouse would be one of the most effective options to reduce heat stress imposed on the paprika crop in summer cultivation, resulting in improved crop growth and fruit yield.

• Journal of the Korean Institute of Traditional Landscape Architecture
• /
• v.35 no.1
• /
• pp.68-82
• /
• 2017

Strengthening surveillance, one of the most important factors in the crime prevention environment of cultural heritages, has difficulty in evaluating and diagnosing the site. For this reasons, surveillance enhancement has been assessed by modelling the shape of cultural heritage, topography, and trees digitally. The purpose of this study is to develop the evaluation method of crime prevention environment for cultural heritage by using the 3D visual exposure index (3DVE) which can quantitatively evaluate the surveillance enhancement in three dimensions. For the study, the evaluation factors were divided into natural, organizational, mechanical, and integrated surveillance. To conduct the analysis, the buildings, terrain, walls, and trees of the study site were modeled in three dimensions and the analysis program was developed by using the Unity 3D. Considering the working area of the person, it is possible to analyze the surveillance point by dividing it into the head and the waist position. In order to verify the feasibility of the 3DVE as the analysis program, we assessed the crime prevention environment by digitally modeling the Donam Seowon(Historic Site No. 383) located in Nonsan. As a result of the study, it was possible to figure out the problems of patrol circulation, the blind spot, and the weak point in natural, mechanical, and organizational surveillance of Donam Seowon. The results of the 3DVE were displayed in 3D drawings, so that the position and object could be identified clearly. Surveillance during the daytime is higher in the order of natural, mechanical, and organizational surveillance, while surveillance during the night is higher in the order of organizational, mechanical, and natural surveillance. The more the position of the work area becomes low, the more it is easy to be shielded, so it is necessary to evaluate the waist position. It is possible to find out and display the blind spot by calculating the surveillance range according to the specification, installation location and height of CCTV. Organizational surveillance, which has been found to be complementary to mechanical surveillance, needs to be analyzed at the vulnerable time when crime might happen. Furthermore, it is note that the analysis of integrated surveillance can be effective in examining security light, CCTV, patrol circulation, and other factors. This study was able to diagnose the crime prevention environment by simulating the actual situation. Based on this study, consecutive researches should be conducted to evaluate and compare alternatives to design the crime prevention environment.

• Journal of the Korean association of regional geographers
• /
• v.4 no.1
• /
• pp.77-98
• /
• 1998

In general, spatial imbalance in regional growth is a major cause of social and political conflicts within a state. In Korea, this inequality has functioned as a threat to the state's integration. With the economic development policies by regional industrialization over the past three decades, most of the industrial activities have been concentrated in Seoul and Pusan metropolitan areas, which are surrounded by Kyonggi, Kyongnam provinces respectively. Compared to these areas, Chonnam and Chonbuk provinces have lagged behind in economic development. Therefore, in order to increase the regional economic development of the southwestern region in Korea, the central government has been enforcing several policies aimed at regional industrialization since the 1980s. The purpose of this study focuses on the regional economic impacts of a newly established industrial estate-Yulchon industrial complex- which would act as a regional growth center in the Kwangyang bay area. The Kwangyang bay area consists of several industrial estates such as Kwangyang Iron and Steel Co. and its related industrial complex, Chuam rural industrial estate, Yeochon industrial complex, and so on. In addition, the Kwangyang container port was constructed in 1997. The Kwangyang bay area has been changing to a new industrial district in the southwestern part of Korea as a result of industrialization policies which were activated by central government. The Yulchon industrial complex, which is expected to be completed in 2001, would draw many manufacturing plants. For example, Hyundai Motors Co. has a plan to locate a new automobile assembly plant within the estate. As the plan has high probability to be realized, it will be interesting to study the effects a new automobile assembly plant and its related production linkages have on the region. This study is to estimate the expected structural characteristics of automobile production activities in Yulchon. The following details will be discussed: the regional economic impacts of a new automobile industry in Yulchon industrial complex, the production linkage formation via hierarchical subcontracting systems, the alternative strategies to promote the growth of regional economies, and the scheme to improve the auto-parts and components industry in Kwangju and Chonnam provinces by establishing auto-mobile production function. Automoblie industry generally gives great influences on not only regional economies but the related industries, for example, the firms producing automotive components. If a new plant producing automobiles and its related firms producing components are to be established in Yulchon, they will affect on the regional development directions and change the regional characteristics of industrial structure. In order to increase the spread effects of the new industry in Yulchon industrial complex, almost all of the automobile production processes must be organized concurrently within a limited range of distance. There is an imperative that the co-operation system should be structured between the assembly firm and many firms producing its components. In addition to those, it would be required such as the effective division of labors between the firms, much more capabilities in the technical innovations, and the reconstruction of interrelationship between the labor unions and the firms' managers.

• Journal of Korean Society of Environmental Engineers
• /
• v.35 no.2
• /
• pp.115-123
• /
• 2013

Stoker type incinerator is one of the most popular one used as municipal solid waste (MSW) incineration because, in general, it is quite suitable for large capacity and need no preprocessing facility. Nowadays, however, since the combustible portion of incoming MSW increases together with the decrease of the moisture content due to prohibition of directly burying food waste in landfill, the heating value of waste is remarkably increasing in comparison with the early stage of incinerator installation. Consequently, the increased heating value in incinerator operation causes a number of serious problems such as reduction of waste amount to be burned due to the boiler heat capacity together with the significant NO generation in high temperature environment. Therefore, in this study, a series of numerical simulation have been made as parameters of waste amount and the fraction of moisture in air stream in order to investigate optimal operating condition for the resolution of the problems associated with the high heating value of waste mentioned above. In specific, a detailed turbulent reaction flow field calculation with NO model was made for the full scale incinerator of D city. To this end, the injection method of moisturized air as oxidizer was intensively reviewed by the addition of moisture water amount from 10% and 20%. The calculation result, in general, showed that the reduction of maximum flame temperature appears consistently due to the combined effects of the increased specific heat of combustion air and vaporization heat by the addition of water moisture. As a consequence, the generation of NOx concentration was substantially reduced. Further, for the case of 20% moisture amount stream, the afterburner region is quite appropriate in temperature range for the operation of SNCR. This suggests the SNCR facility can be considered for reoperation. which is not in service at all due to the increased heating value of MSW.

• Economic and Environmental Geology
• /
• v.43 no.6
• /
• pp.589-601
• /
• 2010

Recently it has been frequently reported arsenic contamination of geologic origin in groundwater. The iron-impregnated ranular activated carbon (Fe-GAC) was developed for effective removal of arsenic from groundwater n the study. Fe-GACs were prepared by impregnating iron compounds into a supporting medium (GAC) with 0.05 M iron nitrate solution. The materials were used in arsenic adsorption isotherm tests to know the effect of iron impregnation time, batch kinetic tests to understand the influence of pH, and column tests to evaluate for the preliminary operation of water treatment system. The results showed that the minimum twelve hours of impregnation time were required for making the Fe-GAC with sufficient iron content for arsenic removal, confirmed by a high arsenic adsorption capacity evaluated in the isotherm tests. Most of the impregnated iron compounds were iron hydroxynitrate $Fe_4(OH)_{11}NO_3{\cdot}2H_2O$ but a mall quantity of hematite was also identified in X-ray diffraction(XRD) analysis. The batch isotherms of Fe-GAC for arsenic adsorption were well explained by Langmuir than Freundlich model and the iron contents of Fe-GAC have positive linear correlations on logarithmic plots with Freundlich distribution coefficients ($K_F$ and Langmuir maximum adsorption capacities ($Q_m$. The results of kinetic experiments suggested hat Fe-GAC had he excellent arsenic adsorption capacities regardless of all pH conditions except for pH 11 and could be used a promising adsorbents for groundwater arsenic removal considering the general groundwater pH range of 6-8. The pseudo-second order model, based on the assumption that the ate-limiting step might be chemisorption, provided the best correlation of the kinetic experimental data and explained the arsenic adsorption system f Fe-GAC. The column test was conducted to valuate the feasibility of Fe-GAC use and the operation parameters in arsenic groundwater treatment system. The parameters obtained from the column test were the retardation actor of 482.4 and the distribution coefficient of 581.1 L/mg which were similar values of 511.5-592.5 L/mg acquired from Freundlich batch isotherm model. The results of this study suggested that Fe-GAC could be used as promising adsorbent of arsenic removal in a small groundwater supply system with water treatment facility.

• The Korean Journal of Pesticide Science
• /
• v.4 no.3
• /
• pp.68-74
• /
• 2000

Penicillium oxalicum (PENOX) has shown the potential as a biocontrol agent(5CA) for control of a weed, clover(Trifolium repens L.) in grass plots. The bioherbicidal activity may be due to germinative and growth capacities and substrate availability of the agent over a range of environmental factors. The influences of different water activities($0.94{\sim}0.995\;a_w$) and temperatures($18{\sim}30^{\circ}C$) on mycelial growth, conidial germination, sporulation oil 2% MEA(malt extract agar) adjusted to different water activities with glycerol, and carbon source utilization using BIOLOG GN MicroPlate were determined in vitro. Decreases in $a_w$ on MEA caused a reduction in mycelial growth and conidial germination depending on temperature. The mycelial growth of PENOX was greatest at $30^{\circ}C/0.995\;a_w$. At some lowered water activity($0.97\;a_w$), the growth was similar between 25 and $30^{\circ}C$, and considerably decreased at lowered temperature($20^{\circ}C$). The germination rate was also greatest at $30^{\circ}C/0.995\;a_w$. Lag phase times for PENOX at $18^{\circ}C$ on MEA were >6hrs at tile whole $a_w$ level tested, and at 18 and $25^{\circ}C$ they were >18hrs and >12hrs at $0.94\;a_w$, respectively. However, its sporulation was some better at $0.97\;a_w$ than $0.995\;a_w$ or $0.94\;a_w$, and better at $20^{\circ}C$ than $30^{\circ}C$. In contrast, the number of carbon sources(niche size) utilized by PENOX varied with $a_w$ and temperature. Under some water stress condition($0.95\;a_w$), the agent utilized smaller number of carbon sources than $0.995\;a_w$ depending on temperature. The niche size at 0.995 and $0.95\;a_w$ were highest at $25^{\circ}C$, and showed 86 and 65, respectively. At $30^{\circ}C$, the niche size at 0.995 and $0.95\;a_w$ showed 84 and 50, respectively. There was no carbon source utilized by PENOX at $0.90\;a_w$ regardless of temperature. These information of tile fungal ecophysiology will be useful for the effective development of BCA.