• Journal of Advanced Marine Engineering and Technology
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• 제21권4호
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• pp.372-380
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• 1997

This paper describes experimental investigations of helium-air exchange flows through parti¬tioned opening and two-opening. Such exchange flows may occur following rupture accident of stand pipe in high temperature gas cooled reactor. A test vessel with the two types of small open¬ing on top of test cylinder is used for experiments. An estimation method of mass increment is developed and applied to measure the exchange flow rate. A technique of flow visualization by Mach-Zehnder interferometer is provided to recognize the exchange flows. In the case of exchange flow through the partitioned opening, flow passages of upward flow of the helium and downward flow of the air within the opening are separated by vertical partition, and the two flows interact out of entrance and exit of the opening. Therefore, an experiment of the exchange flow through two-opening is made to investigate effect of the fluids interaction of the partitioned opening sys¬tem. As a result of comparison of the exchange flow rates between the two types of the opening system, it is found that the exchange flow rate of the two-opening system is larger than that of the partitioned opening system due to absence of the effect of fluids interaction. Finally, the fluids interaction between the upward and downward flows through the partitioned opening is found to be an important factor on the helium-air exchange flow.

• 한국지반공학회논문집
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• 제30권7호
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• pp.55-61
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• 2014

최근 들어 경제적이고 친환경적인 에너지 활용을 위하여 지열에너지 필요성이 증대되고 있다. 수평형 지중 열교환기는 설치 비용이 저렴하여 비용 대비 효율면에서 우수하다. 수평형 지중 열교환기의 타입에는 여러 가지가 있으나 이 중 슬링키형과 코일형이 우수한 것으로 알려져 있다. 따라서 본 논문에서는 $5m{\times}1m{\times}1m$ 크기의 모형 토조내에 수평 슬링키형과 코일형 지중 열교환기를 각각 설치한 후 열교환율을 실험적으로 측정하였다. 모형 토조 내에는 건조 상태의 주문진 모래가 조성되었으며 수평 슬링키형과 코일형의 피치 간격에 따라 열교환율을 측정하기 위해 30시간 동안 연속으로 열응답 시험을 실시하였다. 실험 결과 코일형 지중 열교환기 이용시 수평 슬링키형 보다 약 30, 40% 정도의 높은 파이프 단위 길이당 열교환율을 보였다. 또한 수평 슬링키형과 코일형 이용시 피치 간격이 넓을 때(피치/직경 = 1)가 좁을 때(피치/직경 = 0.2)보다 약 200, 250% 정도의 높은 파이프 단위 길이당 열교환율을 나타냈다.

• KDI Journal of Economic Policy
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• 제37권4호
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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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• 제14권4호
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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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• 제29권3호
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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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• 제7권2호
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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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• 제7권12호
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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.

• 한국해양환경ㆍ에너지학회지
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• 제19권1호
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• pp.74-85
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• 2016

진해만의 소규모 내만인 당항포만, 당동만, 원문만, 고현성만, 마산만에서의 해수교환율 평가를 위하여 EFDC 모델을 이용해 진해만 전체의 해수유동을 재현하고, 라그랑지(입자추적) 및 오일러(염료확산) 모델기법을 병행하여 해수교환율을 각각 산정하였다. 그 결과 입자추적 방법으로 산정한 해수교환율은 당항포만에서 60.84%로 가장 높고, 마산만에서 30.50%로 가장 낮게 평가되었고, 염료확산 방법으로 산정한 해수교환율은 당항포만에서 45.40%로 가장 높고, 마산만에서 34.65%로 가장 낮게 평가되었다. 당항포만에서 해수교환율이 가장 좋은 이유는 좁은 만 입구로 인한 유속의 가속화 때문이며, 입자추적 방법의 경우 입자가 빠져나갔다가 다시 들어오기 힘든 형태적 특성 때문으로 판단되었다. 한편, 라그랑지 입자의 경우 낙조류에 의해 만을 빠져나갔다가 창조류에 의해 다시 유입될 때 온전한 입자가 그대로 유입하지만, 염료의 경우에는 만을 빠져나간 후 다시 유입하더라도 외해수에 의해 희석되어 유입하기 때문에 염료확산 방법으로 산정한 해수교환율이 전반적으로 더 높게 나타나는 경향을 보였고, 두 가지 방법에 의해 산정된 해수교환율은 같은 조건에서 비교하더라도 상대적으로 전혀 다르게 나타났다. 따라서, 해수교환율을 평가할 때에는 이 두 가지 방법을 병행하거나, 연구의 목적 및 해역의 특성을 충분히 고려하여 모델링 기법을 선정해야만 보다 합리적인 결과를 얻을 수 있을 것으로 판단된다. 한편, 폐쇄도 지수와 라그랑지 및 오일러 방법으로 산정한 해수교환율을 비교한 결과, 폐쇄도 지수가 높을수록 수치모형 기법에 상관없이 해수교환율이 높게 나타났다. 따라서, 폐쇄도 지수가 만의 폐쇄성을 지시하는 지수로 사용하기에 적합하지 않고 수정 및 보완이 필요하다고 판단되었다.

• 국제지역연구
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• 제21권1호
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• pp.181-200
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• 2017

본 논문에서는 2006년 초부터 2015년 말까지 우리나라의 산업별 주가지수와 주요화폐의 환율을 이용하여 환율과 환율 변동성이 주가에 미치는 영향을 분석하였다. 주가지수로는 코스피지수와 우리나라의 대표적 산업인 음식료품, 화학, 기계, 전기전자, 종이목재, 전기가스, 운수장비, 은행 주가지수가 사용되었으며 환율의 변화를 보기 위한 주요화폐로서는 미국달러, 일본 엔, 유로, 영국 파운드가 사용되었다. 환율변화에 따른 주가의 반응분석에서는 예상한 바와 같이 전자, 운수장비 산업 주가와 환율은 정(+)의 관계를 나타내었으며 음식료품, 종이목재, 전기가스, 은행 산업의 경우도 예상한 것과 같이 주가와 환율은 부(-)의 관계를 나타냈다. 수출의 비중이 많은 기계 산업은 예상과 달리 부(-)의 반응을 보이는 것으로 나타났다. 화학 산업의 경우는 예상이 어려웠는데 분석결과 주가와 환율은 부(-)의 관계를 보여 주었다. 환율변동성에 대한 주가의 반응 분석에서는 종이목재 산업의 주가가 환율변동성에 부(-)의 반응을 나타냈다. 환율변동성에 대비한 위험관리 비용을 많이 지출하는 기업들이 종이목재산업에 속해 있는 것으로 보인다. 또한 은행산업의 주가도 환율변동성에 부(-)의 반응을 보였는데 이것은 선도환 등 외환 파생상품을 발행하여 수수료 수입이 증가하게 되는 은행산업의 주가는 환율변동성에 정(+)의 반응을 할 것이라는 예상과는 정반대의 결과였다.

• Journal of Korea Trade
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• 제23권6호
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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.