• Journal of Korea Port Economic Association
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• v.39 no.1
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• pp.115-129
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• 2023

This study analyzed the risk spillover of BDI on shipping company stock prices through the Copula-CoVaR method based on daily data from January 4, 2010, to October 31, 2022. The main empirical analysis results and policy implications are as follows. First, copula results showed that there was a weak dependence between BDI and shipping company stock prices, and PAN, KOR, and YEN were selected as the most fitting model for dynamic Student-t copula, HMM was selected as the rotated Gumbel copula, and KSS was selected as the best model. Second, in the results of CoVaR, it was confirmed that the upside (downside) CoVaR was significantly different from the upside (downside) VaR in all shipping companies. This means that BDI has a significant risk spillover on shipping companies. In addition, as for the risk spillover, the downside risk is generally lower than the upside risk, so the downside and upside risk spillover were found to be asymmetrical. Therefore, policymakers should strengthen external risk supervision and establish differentiated policies suitable for domestic conditions to prevent systematic risks from BDI shocks. And investors should reflect external risks from BDI fluctuations in their investment decisions and construct optimal investment portfolios to avoid risks. On the other hand, investors propose that the investment portfolio should be adjusted in consideration of the asymmetric characteristics of up and down risks when making investment decisions.

• Korea Trade Review
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• v.43 no.4
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• pp.155-175
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• 2018

This study estimates the technical efficiency and total factor productivity(TFP) of and analyzes the relationship between TFP and exports for Korean manufacturing companies from 2000 to 2016. Specially, TFP is decomposed into Technical Change(TC), Technical Efficiency Change (TEC), and Sale Effect(SE), and compared between large and small enterprises. First, in the case of technical efficiency, the Korean economy has been very vulnerable to external shocks, such as the sharp decline following the 2008 financial crisis. The efficiency of the electronics, automobile, and machinery sectors is low and needs to be improved. In addition, the technological efficiency of large enterprises is higher than that of SMEs in most manufacturing sub-sectors except for non-ferrous metals. In the case of TFP, most changes are due to TC, and the effective combination of labor, capital and the effect of scale have little effect, suggesting that improvement of internal structure is urgent. In addition, volatility due to the impact of the financial crisis in 2008 was much larger in SMEs than in large companies, so external economic impacts are more greater for SMEs than large enterprises. The relationship between TFP decomposition factors and exports shows that TC has a positive effect only on exports of SMEs. Therefore, in order to increase exports, in the case of SMEs, R&D support to promote technological development is needed. In the case of large companies, it is necessary to establish differentiated strategies for each export market, competitor company, and item to link efficiency and scale effect of exports.

• Korea Trade Review
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• v.43 no.3
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• pp.1-26
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• 2018

This study estimates the technical efficiency and total factor productivity(TFP) of and analyzes the relationship between TFP and exports for Korean manufacturing companies from 2000 to 2016. Specially, TFP is decomposed into Technical Change(TC), Technical Efficiency Change (TEC), and Sale Effect(SE), and compared between large and small enterprises. First, in the case of technical efficiency, the Korean economy has been very vulnerable to external shocks, such as the sharp decline following the 2008 financial crisis. The efficiency of the electronics, automobile, and machinery sectors is low and needs to be improved. In addition, the technological efficiency of large enterprises is higher than that of SMEs in most manufacturing sub-sectors except for non-ferrous metals. In the case of TFP, most changes are due to TC, and the effective combination of labor, capital and the effect of scale have little effect, suggesting that improvement of internal structure is urgent. In addition, volatility due to the impact of the financial crisis in 2008 was much larger in SMEs than in large companies, so external economic impacts are more greater for SMEs than large enterprises. The relationship between TFP decomposition factors and exports shows that TC has a positive effect only on exports of SMEs. Therefore, in order to increase exports, in the case of SMEs, R&D support to promote technological development is needed. In the case of large companies, it is necessary to establish differentiated strategies for each export market, competitor company, and item to link efficiency and scale effect of exports.

• Resources Recycling
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• v.23 no.6
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• pp.3-11
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• 2014

Bottom ash from coal fired power plants is not widely used due to a broad range of particle sizes and a high carbon content for producing geopolymers. The effect of mechanical activation on compressive strength of bottom ash- based geopolymers was examined by rod and planetary-ball milling to encourage full-fledged recycling of bottom ash, the main component of pond ash. The amount of amorphous component in the milled ash samples did not change significantly after the mechanical activation. It is presumably because needle-shaped mullite crystals, which is a major crystalline phase and grown in a glassy matrix, possess high strength and toughness, and therefore, they could endure external shocks and remain almost intact. Milling operation, however, decreased the particle size and improved the homogeneity of ash, thereby leading to increase reactivity of milled ash with alkali activators. Rod milling produced a relatively narrow particle size distribution of the milled ash particles; however, it was less effective in reducing the particle size. Nevertheless, it was interesting to observe that rod milling had equal effect on improving the compressive strength of geopolymers up to about 37%, as that of planetary ball milling. Rod milling is believed to be suitable process for enhancing the reactivity of bottom ash for large-scale recycling of bottom ash and producing geopolymers.

• The Journal of the Korea Contents Association
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• v.20 no.1
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• pp.644-657
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• 2020

As the development of urbanization has cause some environmental problems and natural disasters such as natural earthquakes and floods have brought about impact, designers have turned their attention to the independent prevention ability of urban ecosystems in face of environmental pollution and natural disasters, as well as its ability to adapt to the future. This study introduces 'elasticity theory' to discuss the practical application of elasticity design in landscapes and to solve the problem of lack of elasticity in space, which can provide more scientific reference meaning to create economic, cultural, and social values for space. After selecting 'The High Line' as the object, this paper investigates the previous theories and practical cases, and infers ecology, sustainability, diversity, and adaptability. And then this paper applies five components and analyzes the specific application of these five components of the landscape spatial elasticity strategy, and summarizes the application characteristics and influencing factors of elasticity design in 'The High Line' landscape planning. It can be known from the research that elasticity strategy which is reflected in the design process is the systematic management of landscape space. Elasticity design itself can strengthen environment quality and satisfy the requirements of the environment to defense external shocks so as to adapt to environment changes. Therefore, the elasticity design can strengthen the sustainable development of the city and establish a periodic recycle system.

• The Journal of the Korea Contents Association
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• v.20 no.1
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• pp.304-316
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• 2020

Laos is rich in natural resources but lacks the capital to develop them. Partly alleviating the shortage is FDI from neighboring countries, especially Thailand. Not only does this contribute to directly increasing GDP by increasing effective demand, it also has an additional GDP increase effect by expanding Laos' production capacity. Laos' exports mostly consist of mineral resources and electricity. This, too, contributes to an increase in GDP by increasing the effective demand. Thailand accounts for more than 40 percent of Laos' exports. This paper tries to confirm the economic impact on Laos in Thailand through a econometric analysis of Laos' GDP, Laos' exports to Thailand and Thailand's FDI to Laos. It turns out that economic ties with Thailand, including exports to Thailand and Thailand's FDI, play a very important role in Laos' economic growth. Laos recently recorded relatively robust economic growth, but its driving force is weak. That's because Laos' growth engines are very limited and have no resilience to external shocks. Moreover, economic growth has not been linked to an increase in employment because the economy is not diversified and growth in the hydroelectric power sector does not lead to growth in other sectors. Given this, Laos needs to actively take advantage of its geographical proximity to Thailand. It is necessary to create a more active environment for the inflow of FDI in Thailand, to foster resource-based and labor-based manufacturing to take advantage of the Thai market.

• Journal of IKEEE
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• v.24 no.1
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• pp.33-39
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• 2020

In this paper, we propose the design technique of the vehicle's load weight measuring system using tire pressure, which is one of the physical elements of tires. The proposed technique consists of four processes: noise correction by load and vibration, gas flow correction, data mixer and weight conversion. Noise correction by load and vibration eliminates noise that increases the tire's internal pressure due to external shocks and vibrations produced by the vehicle while it is in motion. In the gas flow correction process, the noise of the internal pressure of the tire is increased due to the temperature rise of the ground with respect to the data obtained through the noise correction process due to the load and vibration. In the data mixer process, the load and pressure on the tolerances the empty, median and the full load are classified according to the change in pressure of the tire that is delivered perpendicular to the tire in the event of cargo. In the weight conversion process, weight is expressed by weight through weight conversion algorithms using noise correction results by load and vibration and gas flow correction. The weight conversion algorithm calculates the weight conversion factor, which is the slope of the linear function with respect to the load and pressure change, and converts the weight. In order to evaluate the accuracy of the loading weight measurement system of the vehicle using the tire pneumatic system technique proposed in this paper, we propose the design technique of the vehicle's load weight measuring system using tire pressure, which is one of the physical elements of tires.. Noise correction results by load and vibration and gas flow data correction results showed reliable results. In addition, repeated weight precision test showed better weight accuracy than the standard value of 90% of domestic companies.

• Journal of The Korean Astronomical Society
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• v.33 no.2
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• pp.111-121
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• 2000

Many models of globular cluster formation assume the presence of cold dense clouds in early universe. Here we re-examine the Fall & Rees (1985) model for formation of proto-globular cluster clouds (PGCCs) via thermal instabilities in a protogalactic halo. We first argue, based on the previous study of two-dimensional numerical simulations of thermally unstable clouds in a stratified halo of galaxy clusters by Real et al. (1991), that under the protogalactic environments only nonlinear (${\delta}{\ge}1$) density inhomogeneities can condense into PGCCs without being disrupted by the buoyancy-driven dynamical instabilities. We then carry out numerical simulations of the collapse of overdense douds in one-dimensional spherical geometry, including self-gravity and radiative cooling down to T = $10^4$ K. Since imprinting of Jeans mass at $10^4$ K is essential to this model, here we focus on the cases where external UV background radiation prevents the formation of $H_2$ molecules and so prevent the cloud from cooling below $10^4$ K. The quantitative results from these simulations can be summarized as follows: 1) Perturbations smaller than $M_{min}\~(10^{5.6}\;M{\bigodot})(nh/0.05cm^{-3})^{-2}$ cool isobarically, where nh is the unperturbed halo density, while perturbations larger than $M_{min}\~(10^8\;M{\bigodot})(nh/0.05cm^{-3})^{-2}$ cool isochorically and thermal instabilities do not operate. On the other hand, intermediate size perturbations ($M_{min} < M_{pgcc} < M_{max}$) are compressed supersonically, accompanied by strong accretion shocks. 2) For supersonically collapsing clouds, the density compression factor after they cool to $T_c = 10^4$ K range $10^{2.5} - 10^6$, while the isobaric compression factor is only $10^{2.5}$. 3) Isobarically collapsed clouds ($M < M_{min}$) are too small to be gravitationally bound. For supersonically collapsing clouds, however, the Jeans mass can be reduced to as small as $10^{5.5}\;M_{\bigodot}(nh/0.05cm^{-3})^{-1/2}$ at the maximum compression owing to the increased density compression. 4) The density profile of simulated PGCCs can be approximated by a constant core with a halo of $p{\infty} r^{-2}$ rather than a singular isothermal sphere.

• Land and Housing Review
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• v.14 no.3
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• pp.37-53
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• 2023

This study conducted an empirical analysis of how different types of living retail businesses affected housing prices during the COVID-19 pandemic, with a particular focus on both global and local time series effects. The main findings are three folds: First, from a global perspective, the study discovered that the presence of living retail businesses had a significant impact on prices of nearby apartment, varying according to their type. Secondly, the impact of COVID-19 on the retail industry varied depending on the type of business. Thirdly, when viewed from a local standpoint, the impact of the retail business sector on apartment prices due to COVID-19 pandemic was substantial, varying across regions and business types. This implies that external shocks like COVID-19 have the potential to alter the role and perception of living retail businesses. In light of this, the study has put forth policy implications aimed at mitigating the adverse effects of living retail businesses and enhancing residential quality.

• Korean Journal of Heritage: History & Science
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• v.56 no.1
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• pp.118-130
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• 2023

Decay or large cavities inside trees are the main causes of trees overturning and broken branches, and structurally weakened trees are more vulnerable to strong winds and heavy snowfall. Recently, as strong winds and typhoons increase due to climate change, the damage to human life and property due to trees overturning continues to increase, and cultural assets are in a similar situation. In particular, old big trees are structurally vulnerable to external shocks such as strong winds and heavy snowfall. This study was aimed at providing a scientific basis for preventive protection measures by conducting a structural stability diagnosis of seven retusa fringe trees designated as natural monuments. For the structural stability diagnosis, tree risk assessment and internal tree defect measurements were performed. As a result of the tree risk assessment, the Retusa Fringe Trees in Sinjeon-ri, Yangsan and Gwangyangeupsu had the highest risk of broken branches due to weak branch attachment strength. As a result of the diagnosis of internal defects of cross sections of measured trees, there were suspected cavities or severe decay in all except two trees of the population of Retusa Fringe Trees in Pyeongji-ri. Natural disasters due to climate change are increasing, and the scale is getting larger, so it is very important to preemptively manage large old trees through scientific structural safety diagnosis to manage trees that are vulnerable to environmental changes.