• Journal of the Korean Geotechnical Society
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• v.30 no.7
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• pp.55-61
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• 2014

The need of geothermal energy is constantly increasing for economical and environmental utilization. Horizontal ground heat exchangers (GHEs) can reduce installation cost and increase efficiency. There are many kinds of GHEs, and it is known that slinky and spiral coil type GHEs show high thermal performance. Therefore, this paper presents experimental results of heat exchange rates in horizontal slinky and spiral coil type GHEs installed in a steel box whose size is $5m{\times}1m{\times}1m$. Dried Joomunjin standard sand was filled in a steel box, and thermal response tests (TRTs) were conducted for 30 hours to evaluate heat exchange rates by changing different pitch spaces of horizontal slinky and spiral coil type GHEs. As a result, spiral coil type GHE showed 30~40% higher heat exchange rates per pipe length than horizontal slinky type GHEs. Furthermore, long pitch interval (Pitch/Diameter=1) showed 200~250% higher heat exchange rates per pipe length than short pitch interval (Pitch/Diameter=0.2) in both spiral coil and horizontal slinky type GHEs, respectively.

• KDI Journal of Economic Policy
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• v.37 no.4
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• pp.1-20
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• 2015

We examine the validity of popular exchange rate models such as the purchasing power parity (PPP) hypothesis and the monetary model for Korean won/US dollar exchange rate. Various specification tests demonstrate that Korean data are more favorable for both models based on time-varying cointegration coefficients as compared to those based on constant cointegration coefficients. When the abilities to predict future exchange rates between those models based on time-varying cointegration coefficients are compared, an in-sample analysis shows that the time-varying PPP (monetary model) has better predictive power over horizons shorter (longer) than one year. Results from an out-of-sample analysis indicate that the time-varying PPP outperforms models based on constant cointegration coefficients when predicting future exchange rate changes in the long run.

• Fisheries and Aquatic Sciences
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• v.14 no.4
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• pp.421-428
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• 2011

We conducted modeling experiments to evaluate the residence times and exchange rates of seawater in Gamak Bay, located on the southern coast of the Korean Peninsula. The results revealed that pollutants are more quickly dispersed in a fixed grid rather than in a variable grid system. Pollutant concentrations decayed exponentially with time after release near the mouth of the bay, whereas no exponential variations were seen at the northwest end of the bay. The mean exchange rate of the seawater was 1.58% per day in the variable grid system, and the residence time of pollutants was greater than 288 days in Gamak Bay. Conversely, the exchange rate of seawater in Gamak Bay, as revealed by the particle tracking method, was 65% over a 50-day simulation. The results suggest that the seawater exchange in Gamak Bay is so low that pollutants are likely to remain in the bay indefinitely.

• Nuclear Engineering and Technology
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• v.29 no.3
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• pp.251-259
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• 1997

This paper describes experimental investigations of helium-air exchange flows through partitioned opening and too-opening. Such exchange flows may occur following rupture accident of stand pipe in high temperature engineering test reactor. A test vessel with the too types of small opening on top of test cylinder is used for experiments. An estimation method of mass increment is developed to measure the exchange now rate. Upward flow of the helium and downward flow of the air in partitioned opening system interact out of entrance and exit of the opening. Therefore, an experiment with too-opening system is made to investigate effect of the fluids interaction of partitioned opening system. As a result of comparison of the exchange flow rates between too types of the opening system, it is demonstrated that the exchange flow rate of the two-opening system is larger than that of the partitioned opening system because of absence of the effect of fluids interaction.

• Bulletin of the Korean Chemical Society
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• v.7 no.2
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• pp.124-129
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• 1986

The effects of molecular attraction and orientations for the energy mismatch variance, vibrational energy level and double-quantum transition, in the vibration-vibration energy exchange, have been considered. The contribution of molecular attraction increases the exchange rate of the purely repulsive interaction, in general, significantly, but which becomes smaller as the temperature is increased. As the energy mismatch is increased, its contribution is also increased, but which is small. However, its contribution for the double-quantum transition is very paramount. At each orientation, the exchange rate constants have been calculated and compared with the results for rotational average, and it is found that the exchange rate is a strong function of the orientation angles of colliding molecules. We have also discussed about the system having the strong interaction such as the hydrogen bond, and it is found that for this system the preferred orientation should be considered in order to calculate the exchange rates.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.12
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• pp.95-107
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• 2020

The study investigates the asymmetric effect of exchange rate changes on stock prices in Vietnam. We use the nonlinear autoregressive-distributed lag (ARDL) analysis for monthly data from 2001:01 to 2018:05, based on VN-Index stock price collected from Ho Chi Minh Stock Exchange (HOSE); the nominal exchange rate is separated into currency depreciation and appreciation through a partial sum decomposition process. Asymmetry is estimated both in the long-run relationship and the short-run error correction mechanism. The research results show that the effect of exchange rate changes on stock prices is asymmetrical, both in the short run and in long run. Accordingly, the stock prices react to different levels to depreciation and appreciation. However, the currency appreciation affects a stronger transmission of stock prices when compared to the long-run currency depreciation. In the absence of asymmetry, the exchange rate only has a short-run impact on stock prices. This implies a symmetrical assumption that underestimates the impact of exchange rate changes on stock prices in Vietnam. This study points to an important implication for regulators in Vietnam. They should consider the relationship between exchange rate changes and stock prices in both the long run and the short run to manage the stock and foreign exchange market.

• Journal of the Korean Society for Marine Environment & Energy
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• v.19 no.1
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• pp.74-85
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• 2016

For the assessment of seawater exchange rates in Danghangpo bay, Dangdong bay, Wonmun bay, Gohyunsung bay, and Masan bay, which are small-scale inner bays of Jinhae bay, an EFDC model was used to reproduce the seawater flow of the entire Jinhae bay, and Lagrange (particle tracking) and Euler (dye diffusion) model techniques were used to calculate the seawater exchange rates for each of the bays. The seawater exchange rate obtained using the particle tracking method was the highest, at 60.84%, in Danghangpo bay, and the lowest, at 30.50%, in Masan bay. The seawater exchange rate calculated based on the dye diffusion method was the highest, at 45.40%, in Danghangpo bay, and the lowest, at 34.65%, in Masan bay. The sweater exchange rate was found to be the highest in Danghangpo bay likely because of a high flow velocity owing to the narrow entrance of the bay; and in the case of particle tracking method, the morphological characteristics of the particles affected the results, since once the particles get out, it is difficult for them to get back in. Meanwhile, in the case of the Lagrange method, when the particles flow back in by the flood current after escaping the ebb current, they flow back in intact. However, when a dye flows back in after escaping the bay, it becomes diluted by the open sea water. Thus, the seawater exchange rate calculated based on the dye diffusion method turned out to be higher in general, and even if a comparison of the sweater exchange rates calculated through two methods was conducted under the same condition, the results were completely different. Thus, when assessing the seawater exchange rate, more reasonable results could be obtained by either combining the two methods or selecting a modeling technique after giving sufficiently consideration to the purpose of the study and the characteristics of the coastal area. Meanwhile, through a comparison of the degree of closure and seawater exchange rates calculated through Lagrange and Euler methods, it was found that the seawater exchange rate was higher for a higher degree of closure, regardless of the numerical model technique. Thus, it was deemed that the degree of closure would be inappropriate to be used as an index for the closeness of the bay, and some modifications as well as supplementary information would be necessary in this regard.

• International Area Studies Review
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• v.21 no.1
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• pp.181-200
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• 2017

This study investigates the impact of exchange rate and exchange rate volatility on the stock prices of eight industries from 2006 to 2015. The first and second exchange rate exposure of these eight industries is estimated with respect to four different exchange rates, namely the US dollar, Japanese yen, European currency unit, and British pound. In exchange rate exposure, stock prices in foods-beverages, paper-wood, electricity-gas, and banks industries are negatively related to exchange rate, whereas stock prices in electrical-electronic equp. and transport-equp. industries are positively related to exchange rate as expected. However stock price in machinery industry is negatively related to exchange rate, which is opposite to the expectation. Negative relationship is found between stock price in chemicals industry and exchange rate. In exchange rate volatility exposure, stock price in paper-wood industry is found to be negatively related to exchange rate volatility. Stock price in banks industry is also negatively related to exchange rate volatility. This result is opposite as expected, because banks are supposed to get more revenue by issuing derivatives related to foreign exchange when exchange rate volatility increases.

• Journal of Korea Trade
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• v.23 no.6
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• pp.66-92
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• 2019

Purpose - Foreign Exchange Rates (FER) have been one of the most significant factors for both Korean exporters and the economy of Korea. The purpose of this study is to evaluate whether exporters with a high level of Exchange Rate Elasticity of Sales (ERES) make the use of earnings management for Income Smoothing (IS). Design/methodology - Income smoothing was obtained using the methodology suggested by Leuz, Nanda and Wysocki (2003). Accruals-based Earnings Management (AEM) was estimated using Discretionary Accruals (DA) calculated by the operant Jones Model developed by Dechow, Sloan and Sweeney (1995). Real Earnings Management (REM) was obtained using the methodologies suggested by Roychowdhury (2006) and Cohen and Zarowin (2010). Data were 2,402 firm years of public listed companies on the KRX, which were not in the financial industry and had a settlement of accounts in December for the period from 2013 to 2017. Findings - Results of the evaluation are as follows. First, companies with higher levels of ERES have relatively lower levels of smoothing of reported income. This might be because a fluctuation in sales caused by an exchange rate fluctuation has a direct impact on the volatility of the reported income. Second, companies with high levels of both ERES and IS have a positive correlation with both AEM and REM. This might be because companies with high levels of IS engage in earnings management to smooth reported income. Specifically, it is possible to assume that for smoothing the reported income, not only AEM but also REM is practiced. Third, companies with high levels of ERES but low levels of IS have a negative correlation with both AEM and REM. This could be interpreted as companies exhibiting low levels of IS due to higher levels of ERES tend to control IS. In addition, such results were supported by firms relying highly on exporting, and are consequently sensitive to exchange rate fluctuation. Therefore, it may conclude that companies with high levels of ERES make the use of earnings management as a means of IS. Originality/value - This study can find its significance from the fact that it is the first study, empirically verifying that companies of Korea, where exportation is a large part, use both AEM and REM as a means for smoothing reported income upon facing exchange rate fluctuations. In addition, it is highly expected that the results of this study could be useful for participants of financial markets when making IS-related decisions.

• East Asian Economic Review
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• v.16 no.3
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• pp.273-290
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• 2012

While the issue of RMB (Renminbi, Chinese Yuan) revaluation became the focus of world attention in 2003, the reform of the RMB exchange rate regime in 2005 didn't fundamentally solve the RMB appreciation problem, and even in 2008 the global financial crisis made RMB appreciation face new challenges and risks. It appears that the rise in RMB value is caused by supply exceeding demand in China's foreign exchange market; however, intrinsically it is due to the asymmetry in RMB exchange rate formation mechanism. The export tax rebates policy implemented by Chinese government is one of the leading causes of the asymmetry. This study constructs a transmission model between export tax rebates and foreign exchange rates, and applies the Granger Test to validate the causality between kernel variables based on correlative data from 1994-2011, and uses the error correction method to analyze the quantified relations of kernel variables, and finally gets the contribution rate of export tax rebates to RMB appreciation.