• Journal of the Korea Academia-Industrial cooperation Society
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• v.12 no.3
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• pp.1151-1156
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• 2011

Leveraged buyouts (LBO) means the acquisition of a company using bonds and loans. There are the prolific volumes of LBO transactions in the international M&A markets, and its influence to the financial market is increasingly huge. However, there are very few LBO transaction in the domestic M&A market and there are also few researches in this field due to the private nature of LBO transactions. Once a company is privatized through a LBO transaction, it is not so long before it is relisted on the stock exchange or it is resold to a third-party investor. In order to repay the borrowed money, an LBO investor may decide to end a company's private status through an exit via an initial public offering (IPO) or a takeover. In this paper, we expand Kaplan's study on the organizational status of post leveraged buyout (LBO) transaction. We find that there is a significant change starting 1986. Most notably, fewer LBOs remain private, the median holding period of the LBO was cut in half to 3.2 years and of those that exit, IPO exits had significantly shorter holding periods. Regression analysis shows that good market conditions lengthen the holding period of a LBO investment whereas the size of the transaction shortens it.

• Journal of Labour Economics
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• v.28 no.3
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• pp.141-166
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• 2005

The purpose of this study is to evaluate the status of youth overeducation and to analyze the impact on the wage system, before and after the financial crisis. In this study, we adapt the following method; first, we investigate the year 1996 (before financial crisis) and year 2000 (after financial crisis) data from "the Survey Report on the Wage structure", based on the data from "the Occupational Dictionary" by occupation group. So we could evaluate the difference between the youth over-educational status, before and after financial crisis. Second, we analyze the reason why the difference occurs, with financial crisis dummy variable and other variables such as sex, occupation, industry. Third, we try to find the difference between the impact of the overeducation on the wage rate, before and after financial crisis. The main findings are as follows; first, the degree of overeducation in year 2000 is more than in year 1996. So the financial crisis plays the important role in deepening the degree of overeducation. Second, the wage rate of the overeducated worker is higher than that of the required-educated worker. Also, the both wage rates are increased after financial crisis. However, the difference of both wage rates' has declined over the financial crisis. Such a finding means that even though the both wage rates of the overeducated and the required-educated worker are increased, the wage rate of the required-educated worker has increased much more than that of overeducated worker, after the financial crisis.

• Journal of Plant Biotechnology
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• v.30 no.1
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• pp.1-6
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• 2003

In an attempt to evaluate the current research status of genetically modified (GM) plants, the scientific research publications in Korea as well as in international SCI journals were screened. About 190 research articles related to the development of GM plants were searched from 10 different domestic journals in the last 12 years (Jan. 1990 to Sept. 2002), The researches in 65 articles were carried out with tobacco plant, 20 with rice, 19 with potatoes, and less then 9 articles from each other plant species, respectively, In total, 38 different plant species were being subjected for the development of GM plants. In particular, there was only one article for each major staple grains such as wheat, barley, soybean, and maize. In more than 47% of total published articles, scientists mainly focused on the basic research such as developing transformation system (46 articles), gene expression study in transgenic plants (34), and vector constructions (10). In addition, 28 articles which main authors are Korean scientists were searched from 11 different international SCI journals. Again, major plants for GM research were tobacco (10) and rice (7). More than 50% of published articles were focused on the basic research, gene expression study with transgenic plants (16). The publications on the research of disease-resistant plants were 7 articles, 3 for the development of stress-resistant and 2 for the herbicide-resistant plants, respectively. It is believed that the last 10 year's investment through government organizations has just strengthen the capacity for the next big stride on agricultural biotechnology in Korea.

• Journal of Korean Society of Rural Planning
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• v.13 no.1 s.34
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• pp.85-95
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• 2007

Hot springs development will be more activated with the five-day work week system than before. Nevertheless, investment and development achievement of hot springs has not resulted in a successful performance to foster townships, and this calls upon locals to build a guideline to develop hot springs. This study intends to analyze laws on hot springs, which influence mostly on the hot spring development, to gather up the information on the present state of the development, and to suggest considerations for further development plans. Features of the hot spring development are as follows: One is that metropolitan cities will discover hot spring resources more than small cities. Therefore the development will be twofold : one for resort tour and the other for one-day rest and recreation. In addition, Korean laws on hot springs are more site development-oriented to support tourism and recreation than to protect environment and discover unused resources. This makes hot spring development easier and efficient being supported by hot spring law, law on territory development and use, and tourism promotion law. On the other side, planned landscape trimming can be uniformized and unharmonized in terms of local identity and environment-friendliness. This is why careful considerations such as goods and bads of the local resources, local history and culture are needed in hot spring development. A long-term development project should include remodeling based on local identity and development trends. The third point indicates that Korean hot springs development has recorded relatively low performance due to difficult private capital attraction, and a high fence on land purchase and development approval. It is essential to release restrictions on the hot spring development-especially on those whose development performance has not been successful so that best practice can be supported by the government in remodeling and marketing. New plans on hot spring development should be also examined based on developer's capacity and local authorities' volition on the plan. Last point shows that most hot springs development plans have been designed only based on territory utilizing plan and facilities arrangement, not considering much on fund-raising, operational plan or feasibility analysis. Therefore the tourism promotion law should reinforce guidelines on tourist site approval system by supplementing criteria. At the same time, an education on tourism development planning is necessary to deepen developers' understanding, since most developers are experts more on city development, landscape architecture, designing, constructing and engineering than tourism development.

• Journal of the Korean Dietetic Association
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• v.9 no.2
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• pp.128-137
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• 2003

The purposes of this study were to investigate the current status of contracted hospital food services and to find out the difference in accordance with the number of beds in hospitals. Thirty six hospitals having more than 100beds in Seoul, Inchon and Kyungkido were the subjects of this study. Data was collected through surveys. The survey was conducted during March and April in 2002. The Questionnaires were mailed to the 36 directors of dietetic departments of the hospitals and 36 managers of contracting patient food services. Statistical analysis was completed using SPSS Win(11.0) for descriptive analysis and t-test. The results of the study are summerized as follows; Ⅰ. Hospital perspective : The range covered by contract food service was 63.3% and 36.7% in hospital food services, and medical nutrition services. The patient and employee food services were in 83.3%, and patient food services were in 6.7%. The methods selecting contractors are general, limited, selected and competitive biddings, and private contracts. The responsibility for supervision of contract food services was the dietetic department (51.7%) in most cases. Hospitals having personnel responsible for contracting affairs were in 75.9% of the cases and 24.1% did not have personnel. The biggest reason for contracting was facilitation of personnel management. The most important criteria on selecting food services contractors was the professionality of the contractor. Ⅱ. Contractor's perspective : The cost per meal in the year 2001 was composed of 1,905 won for food cost, 1,081 won for labor cost, 222 won for expenses, 114 won for VAT, 14 won for rent and 146 won for miscellaneous or controllable expense, representing 109 won loss per meal. The profit-and-loss contract cost is higher than the fee-contract cost. The ratios of food cost, labor cost and expenses are higher and the ratios of miscellaneous or controllable expense, VAT, rent and profit are lower in hospitals with more than 400 beds compared with those less than 400 beds. However, no significant differences are present between these two groups of hospitals. The actual contract period was 2.2 years upon initial contract and 1.2 years upon renewal. The initial investment cost was 53 million won and the cost of renovation and repair was 8.5 million won. Significant differences were present between two groups of hospitals. The conditions of employment and number of personnel hired by contractors for contract patient food services were significantly different according to the number of beds.

• Korea Journal of Hospital Management
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• v.7 no.4
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• pp.172-192
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• 2002

The purpose of this study is to ascertain whether the effect of introduction of OCS(Order Communication System) to the hospital is satisfied or not comparing the anticipated effect with the actual effect. For this purpose, a domestic hospital which has introduced and has been operating OCS for several years was chosen. Based on the internal data of S Hospital prepared before introducing OCS, researcher has analyzed the basic direction, design standard and status of operation after the introduction of OCS, etc. After analyzing the status of operations of several departments using OCS and interviewing with the chiefs of pertinent departments, a survey form was designed. Actual survey and interviews were conducted by the researcher for weeks to know whether doctors, nurses, medical technicians and clerks of the patient management dept. were satisfied with OCS and to find if they have any recommendations to improve OCS. Based on the analysis of survey, the effect of OCS was evaluated whether it has satisfied the anticipated effectiveness. For the question if they feel convenient in using OCS, doctors, nursing staffs in charge of ward and the staffs of billing dept. has answered that they were all satisfied(100%). The answers for the same question were relatively high in the case of nurses in charge of outpatient and staffs of radiography. Of course, there have been some nurses and staffs who complained for the inconvenience. However, overall satisfaction was high on the average. Some common problems occurred after the introduction of OCS were frequent errors due to instability of OCS system, paralysis of function of hardware on data back-up system and redundant investment due to erroneous choice of DB program in setting DB. It was also pointed out that lack of computer education and low participation of medical staffs has resulted in failure of developing effective software. As a result, it has lowered the efficiency of OCS. For example, some works have to be done by hands even after OCS. Based on the result of this research, recommendations to maximize the effect of OCS were presented as follows. First, strong leadership of CEO and active cooperation of doctors are mandatory. Second, all the process of hospital work should be analyzed and be redesigned in more efficient ways. Third, OCS should be designed to be user-based system which can be used efficiently by all staffs of the hospital. Forth, prior to the operation of OCS, proper tests of the program and trainings of the pertinent staff are required. Fifth, prior to the selection of hardware, BMT(Bench Marking Test) should be conducted. Sixth, before introducing OCS, staffs in charge of OCS should visit many hospitals operating the OCS system and take their cases into account.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.8 no.6
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• pp.1682-1694
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• 2007

There are a lot of factors working to facilitate the decline of Korea's traditional markets including large-scale discount stores, convenience stores, businesses of new types such as non-store retailing, and fiercer competitions among retail shops. The changes to the business environment are never favorable to them, either; the consumers have developed more diverse tastes and altered their purchasing styles; and the trading areas around traditional markets have withdrawn in size and power as new towns attract more businesses. In a word, every factor and situation seems to push traditional markets down the slope. Reacting to the problems, the Korean government enacted and enforced the "Special Law for the Promotion of Traditional Markets and Shopping Streets" to provide proper financial and management support. The shop owners of traditional markets formed merchants and prosperity associations and took various initiatives to increase the competitive edge of their traditional markets. All those efforts on the part of the government and the merchants, however, do not seem to be enough to revive traditional markets. This study set out to compare and analyze the management of shop owners of traditional markets based on the support projects by the government, to conduct an empirical research and analysis of their management conditions, and to suggest a better policy model by making improvements for the government's support system and making revisions to the current directions.

• Journal of the Korean Society of Child Welfare
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• no.59
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• pp.115-150
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• 2017

The purpose of this study was to examine the current status of the Dream Start program from the perspective of social investment strategy, and as well as to suggest future directions. The program has become a major government welfare program in korea since it was introduced in 2007 as a demonstration project, following research evidence and a sound rationale about the extensive success of Head Start in the U.S. and Sure Start Programme in the UK. The aim of Dream Start is to provide integrated services for the vulnerable children, aged 0 to 12, and their families who are identified using a national administration data record of disadvantaged families with children. In order to promote the vulnerable child's well-being, to overcome inequalities, and to give every child the best start in life, Dream Start adopted a local, "whole family" approach. Case management services form an essential part of the Dream Start to customize and integrate comprehensive services such as counseling, health care, parenting advice and education, academic tutoring, and after-school activities. Although there has been a general improvement in key factors since its inception, Dream Start has not yet sufficiently shown the strong and hoped-for impact. In the meantime, Dream Start must be given financial expansion and extensive policy supports to get the chance of realizing and evaluating long-term gains for children and their families. More work need to be done to overcome inequalities and to make Dream Start service more accessible for the most disadvantaged families with children in Korea. Practical and policy suggestions for future directions of the Dream Start programs were discussed.

• Korean Journal of Construction Engineering and Management
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• v.20 no.1
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• pp.62-72
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• 2019

Future prospects for the North Korean construction market created by reunification of the Korean Peninsula has consistently been recognized as highly promising. Although rehabilitation projects of the deteriorating construction facilities in North Korea are expected to serve as new source of growth engine to South Korea in future, the status quo of each infrastructure in the North are described verbosely with signs of subjective translation. There has been limited approach on depicting the condition and performance of the North Korean facilities based on quantitative and systematic approach. Thus, this study has been conducted under a twofold purpose. First, this study proposes a performance indicator for identifying the status quo of the major construction facilities in North Korea based on a quantitative approach. Second, this study applies the developed indicator to visualize the results on the conditions of each facility in the form of a report card. This expected to serve as a basis on determining the appropriate level of the construction infrastructure in North Korea and estimating the range of rehabilitation projects along with the investment cost.

• The Journal of Korean Medicine
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• v.40 no.3
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• pp.59-75
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• 2019

Objectives: The purpose of this study is to examine the current status of Korean medicine health technology assessment and explore realistic plans to activate it. Methods: We investigated all the applications for new health technology assessment related to Korean medicine from 2007 to 2016. The several expert meetings were held to draw out the barriers and improvement strategies of the new health technology assessment of Korean medicine field. Results: There were 31 cases in total except for duplications or reapplies falling into 3 main types. First, 19 of them were to try to enter a medical market and be covered by National Health Insurance. Eight cases were to apply western medicine technology as new health technology in Korean medicine area. The rest was 4 cases, which were totally not appropriate for the purpose of new health technology assessment system. According to the expert opinion, the obstacles of activation in new health technology assessment of Korean medicine were application of unstandardized technology, lack of understanding and experience, lack of clinical trial supporting system for Korean medicine, lack of committee members within the nHTA(new Health Technology Assessment) review board, ambiguous definition of medical practice and sharp conflict between western medicine and Korean medicine. Conclusions: Several suggestions were derived. First of all, to activate Korean medicine in the nHTA system, the existing system should be used sufficiently, and multifaceted efforts are needed to upgrade the system, if necessary. Also, self-help efforts, Korean medicine clinical trial supporting system and increasing R&D investment, establishing extra-committee for Korean medicine in nHTA could be needed. Finally, long-term strategy for improving collaboration between Korean medicine and western medicine should be considered.