• The Korean Journal of Financial Management
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• v.15 no.1
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• pp.207-222
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• 1998

본 논문은 1977-91년 사이 런던증권시장에서 일반공모형태로 주식이 매각된 영국의 41개 민영화기업의 최초공모주 가격결정에 대해 실증분석하고 있다. 특히 단기적으로 볼 때 영국 민영화기업의 최초공모주는 일반기업의 최초공모주에 비해 현저히 낮게 평가되어 발행되고 있음이 밝혀졌다. 본 논문에서는 민영화기업의 이러한 저가발행 현상을 정보비소유 투자자에게 최소한의 수익률을 보장해 주어야 한다는 Rock(1986)의 winner's curse 관점에서 설명하여 보았다. 먼저 정보비소유 투자자가 직면할 수 있는 winner's curse의 존재 가능성을 청약경쟁률과 저평가율과의 관계를 고찰함으로써 확인하였다. 즉 청약경쟁률과 초과수익률(할인규모)은 정(正)의 관계를 보였는데 이는 정보소유 투자자가 할인규모가 큰 민영화기업의 최초공모주에 집중적으로 청약하여 정보 비소유 투자자를 구축(驅逐)하여 정보비소유 투자자를 winner's curse에 직면하게 할 가능성이 있다는 Rock의 주장과 일치하는 것으로 보인다. 또한 배정확률을 고려한 가중평균초과수익률이 무위험수익률을 보장해주는지를 조사함으로써 Rock의 주장을 실증적으로 규명하였다. 한편 영국 민영화기업의 최초공모주는 장기적으로도 정(正)의 초과수익률을 시현하고 있는 데 이는 일반기업의 최초공모주의 누적초과수익률은 장기적으로는 부(負)를 시현한다는 Ritter(1991)와 Levis(1993)의 연구결과와는 대조적이다.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.14 no.10
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• pp.4769-4783
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• 2013

The Internet has had a significant impact on the operations of record companies and has transformed the role of music consumers. Active music consumers are regarded as not just consumers but also co-creators and innovators who create value; therefore, firms need to create environments in which they can learn from consumers. Prior studies exist on the effects of the Internet on the music business, including its structure and culture. However, these studies did not focus on exploring how the relationship between record labels and consumers changed, how networked music consumers influence value creation and how record labels are responding, and the difficulties from using and the drawbacks of interactive media and new business models in the music market. This study investigates these issues through interviews.

• Journal of the Institute of Convergence Signal Processing
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• v.9 no.1
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• pp.46-53
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• 2008

This paper presents a 13.56 MHz RFID reader that can be used as a door-lock system for smart home security. The RFID reader consists of a transmitter, a receiver, and a data processing block. To verify the operation of the developed RFID reader, we present both a PSPICE simulation for transmitter/receiver and a digital simulation for data processing block. In particular, a CRC block for error detection of received data and a Manchester decoding block for position detection of collided data are designed using VHDL. In addition, we applied a binary search algorithm for multi-tag anti-collision. The anti-collision procedure is carried out by PIC microcontroller on software. The experimental results show that the developed reader can provide the right multi-tag recognition.

• ETRI Journal
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• v.32 no.3
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• pp.440-446
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• 2010

Array-based gas sensors now offer the potential of a robust analytical approach to odor measurement for medical use. We are developing a fast reliable method for detection of microbial infection by monitoring the headspace from the infected wound. In this paper, we present initial results obtained from wound-state monitoring for burn patients using an electronic nose incorporating an automated solid-phase microextraction (SPME) desorption system to enable the system to be used for clinical validation. SPME preconcentration is used for sampling of the headspace air and the response of the sensor module to variable concentrations of volatiles emitted from SPME fiber is evaluated. Gas chromatography-mass spectrometry studies prove that living bacteria, the typical infectious agents in clinical practice, can be distinguished from each other by means of a limited set of key volatile products. Principal component analysis results give the first indication that infected patients may be distinguished from uninfected patients. Microbial laboratory analysis using clinical samples verifies the performance of the system.

• Industrial Engineering and Management Systems
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• v.9 no.1
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• pp.41-53
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• 2010

An existing risk diagnosing methodology (RDM) diagnoses corporate risk for product-innovation projects. However, it cannot evaluate and compare the risk levels of multiple alternatives in the product development stage. This paper proposes a modified risk diagnosis method to fill the gap of risk evaluation in selections of innovative product alternatives and the application of the method will be also illustrated by a case problem on alternative selections in electrical dimmer designs. With RDM as the foundation, a modified RDM (MRDM) is proposed to deal with the problem of selecting innovative project alternatives during the early stages of product development. The Bayesian network; a probabilistic graphical model, is adopted to support the risk pre-assessment stage in the MRDM. The MRDM is proposed by incorporating the risk pre-assessment stage into the foundation. By evaluating the engineering design risks in two electrical dimmer switches, an application of the MRDM in product innovation development is successfully exemplified. This paper strengthens the existing methodology for RDM in innovative product development projects to accommodate innovative alternatives. It is advantageous for companies to identify and measure the risks associated in product development so as to plan for appropriate risk mitigation strategies.

• Publications of The Korean Astronomical Society
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• v.30 no.2
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• pp.125-127
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• 2015

We present preliminary results from OH ground state phase referenced observations carried out with the Multi Element Radio Linked Interferometer Network (MERLIN) and e-MERLIN towards the massive star forming region W49A. There are three active SFRs within this complex: W49 North (W49 N), W49 South (W49 S) and W49 South West (W49 SW). The first epoch of observations was obtained in 2005 with MERLIN while the second epoch was obtained in 2013 with the e-MERLIN upgraded system. In this paper, we present 1665 and 1720 MHz maser emission towards W49 S and W49 SW. Overall, both epochs show good agreement with the previous observations of Argon et al. (2000) carried out with the Very Large Array (VLA). The better sensitivity and wider velocity coverage of the MERLIN/e-MERLIN observations allowed us to discover a new 1720 MHz OH maser site in W49 S.

• Steel and Composite Structures
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• v.1 no.2
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• pp.187-200
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• 2001

Most of the portal frames are designed these days by the application of plastic analysis, with the normal assumption being made that the column bases are pinned. However, the couple produced by the compression action of the inner column flange and the tension in the holding down bolts will inevitably generate some moment resistance and rotational stiffness. Full-scale portal frame tests conducted during a previous research program had suggested that this moment can be as much as 20% of the moment of resistance of the column. The size of this moment of resistance is particularly important for the design of the tensile capacity of the holding down bolts and also the bearing resistance of the foundation. The present research program is aiming at defining this moment of resistance in simple design terms so that it could be included in the design of the frame. The investigation also included the study of the semi-rigid behaviour of the column base/foundation, which, to a certain extent, affects the overall loading capacity and stiffness of the portal frames. A series of column bases with various details were tested and were used to calibrate a finite element model which is able to simulate the action of the holding down bolts, the effect of the concrete foundation and the deformation of the base plate.

• Steel and Composite Structures
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• v.6 no.5
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• pp.367-386
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• 2006

This paper describes the results of a numerical investigation of the large deflection behaviour of steel beams under fire conditions, taking into consideration the effect of catenary action provided by the surrounding structures. The main focus is on the development, validation and application of a simplified calculation method that may be adopted in design calculations. Because no experimental result is available for validation of the simplified calculation method, the finite element program ABAQUS has been used to simulate the large deflection behaviour of a number of steel beams so as to provide alternative results for validation of the proposed method. Utilising catenary action has the potential of eliminating fire protection to all steel beams without causing structural failure in fire. However, practical application of catenary action will be restricted by concerns over large beam deflection causing integrity failure of the fire resistant compartment and additional cost of strengthening the connections and the surrounding structures to resist the catenary forces in the steel beams. This paper will provide a discussion on practical implications of utilising catenary action in steel beams as a means of eliminating fire protection. A number of examples will then be provided to illustrate the type of steel framed structure that could benefit the most from exploiting catenary action in fire resistant design.

• Steel and Composite Structures
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• v.3 no.3
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• pp.153-168
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• 2003

This paper discusses the results and observations from a large-scale fire test conducted on a slim floor system, comprising asymmetric beams, rectangular hollow section beams and a composite floor slab. The structure was subjected to a fire where the fire load (combustible material) was higher that that found in typical office buildings and the ventilation area was artificially controlled during the test. Although the fire behaviour was not realistic it was designed to follow as closely as possible the time-temperature response used in standard fire tests, which are used to assess individual structural members and forms the bases of current fire design methods. The presented test results are limited, due to the malfunction of the instrumentation measuring the atmosphere and member temperatures. The lack of test data hinders the presentation of definitive conclusions. However, the available data, together with observations from the test, provides for the first time a useful insight into the behaviour of the slim floor system in its entirety. Analysis of the test results show that the behaviour of the beam-to-column connections had a significant impact on the overall structural response of the system, particularly when the end-plate of one of the connections fractured, during the fire.

• International Journal of Quality Innovation
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• v.3 no.2
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• pp.138-158
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• 2002

Nowadays, new product development (NPD) is one of the most crucial factors for business success. The manufacturing firms cannot afford the resources in the long development cycle and the costly redesigns. Good product planning is crucial to ensure the success of NPD, while the Quality Function deployment (QFD) is an effective tool to help the decision makers to determine appropriate product specifications in the product planning stage. Traditionally, in the QFD, the product specifications are determined by a rather subjective evaluation, which is based on the knowledge and experience of the decision makers. In this paper, the traditional QFD methodology is firstly reviewed. An improved Hybrid Quality Function Deployment (HQFD) [MSOfficel] then presented to tackle the shortcomings of traditional QFD methodologies in determining the engineering characteristics. A structured questionnaire to collect and analyze the customer requirements, a methodology to establish a QFD record base and effective case retrieval, and a model to more objectively determine the target values of engineering characteristics are also described.