• Korean small business review
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• v.41 no.1
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• pp.29-51
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• 2019

This study investigates how SMEs' (small and medium-sized enterprises) financing strategies affect firm valuation. Given that information asymmetry is engaged in firm valuation in the stock market, investors interpret the meanings of debt financing depending on how SMEs construct the portfolio of financing strategies (retained earnings vs debt financing), thereby making investment decision. Specifically, given that SMEs' debt financing has two meanings in the market signals, called "benefit" and "cost", this study postulates that firm valuation will be differently made by investors, depending on how they interpret the meanings of debt financing under choice competition between retained earnings and debt financing. In this study, we argue that under choice competition, as a SME's debt proportion increases, the "cost" signal outweighes the "benefit" signal, thereby decreasing firm valuation. Moreover, the effect of such signal can be contingent on the SME's characteristics-firm visibility. These ideas are examined using 363 U.S. SMEs ranging from 1971 to 2010. The fixed-effects models estimating Tobin's q show that under choice competition, a SME's debt proportion has a negative impact on firm valuation and that the firm's high visibility mitigates the effect of "cost" signal. In conclusion, this study sheds new light on how investors' interpretations of SMEs' financing strategies affect firm valuation.

• Science of Emotion and Sensibility
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• v.26 no.1
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• pp.65-78
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• 2023

Aircraft are representative of human-machine systems. There is a delay between the human operation and the completion of the machine operation such as when the machine starts to operate and when the force is transmitted to the machine and completed. Time perception is an important component of timing tasks and is known to be affected by the anxiety associated with high arousal. This research verified the impact of weather, flight, and time conditions on the anxiety and time perception of in-service pilots in a virtual reality area. Weather conditions were divided into visual flight weather conditions and very low visibility conditions. Experiments 1 and 2 were performed with different flight and time conditions. In Experiment 1, time perception was measured by employing a button added to the control rod in the scenario of hovering and level flight with relatively little transformed in momentum and little delay. In Experiment 2, time perception was measured in the procedure of naturally taking off the helicopter by employing only the control stick in a takeoff scenario where there was a lot of transformation in momentum and a lot of delays. As a result of the experiment, it was reported that anxiety and heart rate increased in very low visibility conditions In particular, among all flight conditions in Experiments 1 and 2, it was reported that time was overestimated in the scenario of increased anxiety. This outcome can lead to overestimation of time under the impact of anxiety and failure of the timing task, which may lead to challenges in maneuvering and possibly lead to accidents.

• Journal of Cadastre & Land InformatiX
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• v.46 no.1
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• pp.133-148
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• 2016

Voices demanding a revision of the aviation law on the operating drones are continuously rising high with the increase of their applicability in various industry fields. According to the current regulations, drones are permitted to fly under very strict conditions, which include limited places and the line-of-sight visibility from pilots. Because of the strict regulations, it is almost impossible for drones to be used in many industries such as parcel delivery services. To improve the business value of drones, we have to improve the accuracy of drones' positions and provide the proper protection levels in order to detect and avoid any risks including the collisions with the other drones. SBAS(Satellite Based Augmentation System) can support the aviation requirements with the accuracy and integrity so as to reduce the position errors and to calculate the protection levels of drones. In this paper, we assign the flight heights of drones according to the decision heights as per LAAS(Local Area Augmentation System) landing categories and conduct a simulation to predict the SBAS available time of the day.

• Journal of the Korean Institute of Landscape Architecture
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• v.35 no.1 s.120
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• pp.48-58
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• 2007

The purpose of this study was not only to clearly examine the features of the scenery and visual elements of Oreum (parasitic cones) but also to investigate primary factors in landscape preferences for these cones. This study further attempted to gain basic information for examining the preservation of Oreum in regards to the influence of scenery on the general public. A Multiple Regression Analysis was used for this study for which the independent variable was the area ratio of the fore-, mid-, and background of the view under the feature element and the structure of the scenery at the Oreum. The dependent variables were the preference value, the number of summits, and the highest altitude of the Oreum. All but the highest inclination were positive variables. The area ratio of the Oreum was found to be the most important variable. The area of sky and the area of the distant scenery were shown to be positive explanation variables, while the area to the fore of the view and the area to the middle of the view were shown as negative explanation variable. In the preference for Oreum scenery, which has a high visibility and is clearly outlined against the skyline, it was found that as the hindrance element of visibility near to a visual point or the area ratio increased, the preference for the Oreum scenery decreased.

• Korean Journal of Remote Sensing
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• v.33 no.4
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• pp.359-375
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• 2017

We developed fog detection algorithm (KNU_FDA) based on the optical and textural properties of fog using satellite (COMS) and ground observation data. The optical properties are dual channel difference (DCD: BT3.7 - BT11) and albedo, and the textural properties are normalized local standard deviation of IR1 and visible channels. Temperature difference between air temperature and BT11 is applied to discriminate the fog from other clouds. Fog detection is performed according to the solar zenith angle of pixel because of the different availability of satellite data: day, night and dawn/dusk. Post-processing is also performed to increase the probability of detection (POD), in particular, at the edge of main fog area. The fog probability is calculated by the weighted sum of threshold tests. The initial threshold and weighting values are optimized using sensitivity tests for the varying threshold values using receiver operating characteristic analysis. The validation results with ground visibility data for the validation cases showed that the performance of KNU_FDA show relatively consistent detection skills but it clearly depends on the fog types and time of day. The average POD and FAR (False Alarm Ratio) for the training and validation cases are ranged from 0.76 to 0.90 and from 0.41 to 0.63, respectively. In general, the performance is relatively good for the fog without high cloud and strong fog but that is significantly decreased for the weak fog. In order to improve the detection skills and stability, optimization of threshold and weighting values are needed through the various training cases.

• Journal of Korea Multimedia Society
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• v.11 no.5
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• pp.692-702
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• 2008

Path planning is gaining more weight in computer games and virtual reality as the number of self-moving characters increases. In the roadmap approach, the map of possible paths is built in advance to plan paths for a character, whose advantage is to provide high-quality paths. On the other hand, a disadvantage is that the road map doesn't reflect properties of characters such as their sizes because they move on the same map once the road map is constructed. In this paper we propose an efficient method to build a different road map for each character so that it can use its own map for path-planning. This method is efficient because the whole map is built once by applying the Visibility Graph regardless of the number of characters and walkable paths are incrementally inserted according to the sizes of characters. The effects of using separate roadmaps are demonstrated through simulations and the trade-offs accompanied with these effects are analyzed.

• Journal of the military operations research society of Korea
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• v.35 no.1
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• pp.83-93
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• 2009

The future warfare is known as an effective centric paralysis warfare where military high technologies such as pinpoint strikes are applied. In this future warfare, for supporting military operation leadership and power of concentration in the combat, a new concept of logistic support is required and the focused logistic is proposed as an alternative. To implement this focused logistic, asset visibility should be assumed for every combat units in real time. However, current logistic information systems provide only limited information. In this study, a prototype information system for class 2 and 4 supplies is proposed for overcome limitations of current information system. The developed prototype zooms in on combat units providing business process integrations and logistic function synchronization. Also, asset visibility, the essential element of focused logistics, is presented and utilized to show the speedy and effective logistic support.

• Journal of Forest and Environmental Science
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• v.36 no.1
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• pp.47-54
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• 2020

A "Scenic Site" is an official heritage category legally defined as a "scenic site of outstanding artistic value with excellent scenic views." However, the subjective interpretation of the term causes several problems. This study suggested a systematic, organized process of designating a listed area as a scenic site after careful and detailed quantitative and qualitative analysis. Indicators were identified for each of the two analyses, and then scored and weighted. Quantitative indicators were distributed within 5 points for each indicator. Water, which is a natural indicator, based on distance from river boundaries. Forest landscapes were assigned in consideration of forest physiognomy and age class. Land use was allocated in consideration of land cover type and, in case of development site, '-' score was assigned. Cultural heritage conservation area, which is historical and cultural indicator, was distributed by distance within a maximum of 500 meters. Visibility, an indicator of landscape value, was assigned according to the frequency of visibility. The weight of each indicator was calculated by considering the value of each item. The weight of distribution of cultural resources is relatively high, while other items were set the same. In case of land use, however, '-' score was given according to the grade. Qualitative indicators, on the other hand, were considered terrain, landscape zone, ownership, intellectual boundary, and land category. The applicability of the proposed process and method was examined by applying the existing methods and criteria used for designating scenic spots. Opinions of subject-matter experts were incorporated in the identification of the indicators and in the result review stage. In the future, it is necessary to apply this method while designating scenic sites so as to establish an objective, scientific designation process.

• Journal of Broadcast Engineering
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• v.21 no.4
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• pp.515-524
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• 2016

Infrared (IR) wavelength is out of visible range and thus usually cut by hot filters in general commercial cameras. However, some information from the near-IR (NIR) range is known to improve the overall visibility of scene in many cases. For example when there is fog or haze in the scene, NIR image has clearer visibility than visible image because of its stronger penetration property. In this paper, we propose an algorithm for fusing the RGB and NIR images to obtain the enhanced images of the outdoor scenes. First, we construct a weight map by comparing the contrast of the RGB and NIR images, and then fuse the two images based on the weight map. Experimental results show that the proposed method is effective in enhancing visible image and removing the haze.

• The Research Journal of the Costume Culture
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• v.26 no.4
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• pp.503-518
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• 2018

The purpose of this study is to illustrate the design of safety suits based on energy-harvesting technology, particularly targeting street cleaners who must work at night with high mobility. The design focuses on applying lightweight energy-harvesting tools and illuminant into the wear. The design development reflects feedback from testers collected via survey constituting a key methodology. The development process has two main stages. Each stage uses a process of design prototyping, internal examination, test sampling, test wearing, and wearers' feedback via survey that consists of questions on visibility, wearing convenience, and washability. The first stage results show the design of safety suits with energy-harvested LED illuminant inserted and the survey results collected from street cleaners dressed in 4 sample and 80 actual suits in total. Improved based on the first-stage survey results, the second stage designs the suits with detachable energy-harvested EL tape. From these 5 sample and 30 actual second-stage suits, the additional survey indicates that this second-stage design facilitates more visibility and convenience in washing and wearing than the first-stage design. Accordingly, one can expect that this new design can apply not only to safety suits for night workers but also to handicapped or outdoor sportswear applications in the future.