• Journal of Arbitration Studies
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• v.22 no.2
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• pp.103-124
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• 2012

Because the Korea-U.S. Free Trade Agreement (Korea-U.S. FTA) and the North American Free Trade Agreement (NAFTA) have an overlapping contracting party, the United States, their provisions have much in common. The investment chapters of these agreements, especially, show many similarities, and thanks to these similarities, it is likely that the Korea-U.S. FTA arbitration tribunal for investor-state disputes regarding the environment will put great weight on the NAFTA tribunals' interpretations of those similar provisions. Since the NAFTA tribunals have already handled many environment-related arbitration cases, their interpretations will help heighten the predictability of environment-related Korea-U.S. FTA arbitration cases. This paper analyzes the environment-related NAFTA cases in which the tribunal has issued an award, which are the Metalclad case, S.D. Myers case, Waste Management case, Methanex case, Glamis Gold case, and Chemtura case. According to this analysis, the most controversial NAFTA provisions have been Article 1102 (national treatment), Article 1105 (minimum treatment standard, fair and equitable treatment), and Article 1110 (expropriation). The NAFTA tribunals applied the requirement of these articles in a strict manner, reducing the possibility of finding a violation. After the aforementioned analysis, this paper proceeds to compare the national treatment, minimum treatment standard (fair and equitable treatment), and expropriation provisions of the Korea-U.S. FTA and NAFTA and to predict the impact that the environment-related awards under NAFTA can have on environment-related Korea-U.S. FTA cases. It is expected that the NAFTA interpretations of the national treatment and minimum treatment provisions are likely be used as they are, but not the interpretations of expropriation, because of the differences in the expropriation provisions of the two agreements.

• Journal of Arbitration Studies
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• v.22 no.3
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• pp.187-213
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• 2012

The purpose of this article is to examine Fair and Equitable Treatment in International Investment Agreements. Most BITs and other investment treaties provide for FET of foreign investments. Today, this concept is the most frequently invoked standard in investment disputes. It is also the standard with the highest practical relevance: a majority of successful claims pursued in international arbitration are based on a violation of the FET standard. The concept of FET is not new but has appeared in international documents for some time. Some of these documents were nonbinding others entered into force as multilateral or bilateral treaties. Considerable debate has surrounded the question of whether the FET standard merely reflects the internationalminimum standard, as contained in customary international law, or offers an autonomous standard that is additional to general international law. As a matter of textual interpretation, it seems implausible that a treaty would refer to a well-known concept like the "minimum standard of treatment in customary international law" by using the expression "fair and equitable treatment." Broad definitions or descriptions are not the only way to gauge the meaning of an elusive concept such as FET. Another method is to identify typical factual situations to which this principle has been applied. An examination of the practice of tribunals demonstrates that several principles can be identified that are embraced by the standard of fair and equitable treatment. Some of the cases discussed clearly speak to the central roles of transparency, stability, and the investor's legitimate expectations in the current understanding of the FET standard. Other contexts in which the standard has been applied concern compliance with contractual obligations, procedural propriety and due process, action in good faith, and freedom from coercion and harassment. In short, meeting the investor's central legitimate concern of legal consistency, stability, and predictability remains a major, but not the only, ingredient of an investment-friendly climate in which the host state in turn can reasonably expect to attract foreign investment.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.57
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• pp.61-78
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• 2013

The purpose of this study is to clarify the standard of fair and equitable treatment. Although most international investment treaties prescribe fair and equitable treatment that is the obligation to provide fair and equitable treatment to foreign investor, there is no clear definition and specific elements of fair and equitable treatment. Through the arbitral award cases we can find that tribunals have interpreted to include six principles; Due process & Protection from denial of justice, Good faith, Reasonableness & Nondiscrimination, Compliance with contractual obligation, Full protection and security, Transparency & Protection of the investor's legitimate expectations. This study suggest that host countries and investors focus on international trends concerning investment disputes in order to avoid future disputes. So future disputes can be prevented and prepared in advance.

• The Korean Society of Law and Medicine
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• v.14 no.1
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• pp.209-236
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• 2013

The concept of expectation rights considers 'the expectation' that the patient should be given proper medical treatment as the benefit and protection of the law, so it would be the benefit and protection of the law due to personal rights different from 'the legal principle that has the possibility to a considerable extent' being in an extension of life and body. However, the problem how the patient's expectation of medical service sets up in order to make it the benefit and protection of the law would be still left in the vague concept of the patient's 'expectation', thus, in the first place, the medical practice following formed medical standard in every particular medical institutes should be the standard because these medical services are normally within a range of the patients' expectations. In addition, it should be naturally constituted as mental profit to get the subjective circumstances such as 'the patient's expectation' to be an object, and also, different from the profit and protection of the law such as life and body that should be absolutely protected, the origin of violation behavior should be regarded simultaneously to define the denotation of expectation rights. Therefore, the expectation rights violations would be problematic in case it fails to reach the medical standard that is expected for common doctors to practice properly. This is the concept of expectation rights that gets subjective matters such as the patient's expectation to be objectivity as medical practices that can be expected by generalized abstract doctors. This standard should be defined as the minimum standard that is naturally expected for doctors to practice, different from medical standard that decides the level of doctors.

• Journal of Intelligence and Information Systems
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• v.20 no.4
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• pp.141-154
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• 2014

The adoption of International Financial Reporting Standards (IFRS) is the one of important issues in the recent accounting research because the change from local GAAP (Generally Accepted Accounting Principles) to IFRS has a substantial effect on accounting information. Over 100 countries including Australia, China, Canada and the European Union member countries adopt IFRS (International Financial Reporting Standards) for financial reporting purposes, and several more including the United States and Japan are considering the adoption of IFRS (International Financial Reporting Standards). In Korea, 61 firms voluntarily adopted Korean International Financial Reporting Standard (K-IFRS) in 2009 and 2010 and all listed firms mandatorily adopted K-IFRS (Korea-International Financial Reporting Standards) in 2011. The adoption of IFRS is expected to increase financial statement comparability, improve corporate transparency, increase the quality of financial reporting, and hence, provide benefits to investors This study investigates whether recognized accounts receivable discounting (AR discounting) under Korean International Financial Reporting Standard (K-IFRS) is more value relevant than disclosed AR discounting under Korean Generally Accepted Accounting Principles (K-GAAP). Because more rigorous standards are applied to the derecognition of AR discounting under K-IFRS(Korea-International Financial Reporting Standards), most AR discounting is recognized as a short term debt instead of being disclosed as a contingent liability unless all risks and rewards are transferred. In this research, I try to figure out industrial responses to the changes in accounting rules for the treatment of accounts receivable toward more strict standards in the recognition of sales which occurs with the adoption of Korea International Financial Reporting Standard. This study examines whether accounting information is more value-relevant, especially information on accounts receivable discounting (hereinafter, AR discounting) is value-relevant under K-IFRS (Korea-International Financial Reporting Standards). First, note that AR discounting involves the transfer of financial assets. Under Korean Generally Accepted Accounting Principles (K-GAAP), when firms discount AR to banks before the AR maturity, firms conventionally remove AR from the balance-sheet and report losses from AR discounting and disclose and explain the transactions in the footnotes. Under K-IFRS (Korea-International Financial Reporting Standards), however, most firms keep AR and add a short-term debt as same as discounted AR. This process increases the firms' leverage ratio and raises the concern to the firms about investors' reactions to worsening capital structures. Investors may experience the change in perceived risk of the firm. In the study sample, the average of AR discounting is 75.3 billion won (maximum 3.6 trillion won and minimum 18 million won), which is, on average 7.0% of assets (maximum 38.6% and minimum 0.002%), 26.2% of firms' accounts receivable (maximum 92.5% and minimum 0.003%) and 13.5% of total liabilities (maximum 69.5% and minimum 0.004%). After the adoption of K-IFRS (Korea-International Financial Reporting Standards), total liabilities increase by 13%p on average (maximum 103%p and minimum 0.004%p) attributable to AR discounting. The leverage ratio (total liabilities/total assets) increases by an average 2.4%p (maximum 16%p and minimum 0.001%p) and debt-to-equity ratio increases by average 14.6%p (maximum 134%p and minimum 0.006%) attributable to the recognition of AR discounting as a short-term debt. The structure of debts and equities of the companies engaging in factoring transactions are likely to be affected in the changes of accounting rule. I suggest that the changes in accounting provisions subsequent to Korea International Financial Reporting Standard adoption caused significant influence on the structure of firm's asset and liabilities. Due to this changes, the treatment of account receivable discounting have become critical. This paper proposes an intelligent diagnostic system for estimating negative impact on stock value with self-organizing maps and case based reasoning. To validate the usefulness of this proposed model, real data was analyzed. In order to get the significance of this proposed model, several models were compared to the research model. I found out that this proposed model provides satisfactory results with compared models.

• Journal of Korean Society on Water Environment
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• v.22 no.5
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• pp.905-912
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• 2006

In this paper, simulation methods of the system dynamics model developed by Das et al. (1997) for activated-sludge wastewater treatment plants are illustrated in an attempt to determine the operating rules and the policies related to capacity expansion of an activated-sludge wastewater treatment plant. For existing conditions, the analyses were performed by varying activated-sludge return rate to observe changes in effluent water quality and treatment efficiency. The effluent water quality is also analyzed for various average daily inflow conditions and activated-sludge return rates. As a result, without expanding the aeration tank, maximum average daily inflow that can satisfy the effluent water quality standard of BOD $0.02kg/m^3$ was determined as $2,840m^3/hr$, subject to 100% of activated-sludge return rate while other factors remain constant. When the activated-sludge return rate is less than 100%, expansion of the aeration tank is necessary and minimum sizes of the aeration tank to satisfy the effluent water quality standard were determined for various activated-sludge return rates. In addition, the total operating and maintenance as well as unit treatment cost regression equations for activated-sludge wastewater treatment plants are suggested by using the cost data that are obtained from Water and Wastewater Division, Ministry of Environment. The regression analyses showed that the economies of scale phenomena exist in the operating and maintenance costs of activated-sludge wastewater treatment plants.

• Journal of Environmental Science International
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• v.30 no.12
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• pp.983-991
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• 2021

The role of the distribution basin role is to apportion incoming raw water to the primary sedimentation basin as part of the water treatment process. The purpose of this study was to calculate the amount of water in the distribution basin using computational fluid dynamics (CFD) analysis and to find a way to improve any non-uniformity. We used the Taguchi method and the minitab tool as optimization methods. The results of the CFD calculation showed that the distribution flow had a deviation of 5% at the minimum inflow, 10% at the average inflow, and 22% at the maximum inflow. At maximum flow, the appropriate heights of the 7 weirs(C, D, A, B, E, F, G) were 40 mm, 20 mm, 20 mm, 0, 0, 0, and 20 mm, respectively, according to the Taguchi optimization tool. Here, the maximum deviation of the distribution amount was 9% and the standard deviation was 23.7. The appropriate heights of the 7 weirs, according to the Minitab tool, were 40 mm, 20 mm, 20 mm, 0, 0, 0, and 20 mm, respectively, for weirs C, D, A, B, E, F, and G. Therefore, the maximum deviation of the distribution amount was 8% and the standard deviation was 17.1, which was slightly improved compared to the Taguchi method.

• Water for future
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• v.29 no.4
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• pp.131-138
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• 1996

The objective of this study is to develop an optimal operation model for the sewage treatment plants using nonlinear programming (NLP) technique and the QUAL2E model. The model finds the minimum-cost operation of sewage treatment plants while satisfying all design constraints and water quality (BOD) standard. The model is applied to four sewage treatment plants in Han River for the city of Seoul. It has been found that optimal operation schedule for the sewage treatment plants can be computed and it is more economic to operate the plants according to the schedule which satisfies the water quality constraints in the river. In addition, the water quality in the river can be predicted using the model under the treatment policy.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.71
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• pp.195-216
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• 2016

In determining the content of the FET standard, the tribunals stated protection of investor's legitimate expectations, due process and denial of justice, transparency, discrimination and arbitrariness, good faith, etc. The most major elements of the FET standard is the protection of the investor's legitimate and reasonable expectations. It is necessary to consider whether it is possible to what the expectations of investors are protected as legitimate and it is formed under any circumstances. If host state frustrate investor's legitimate expectations, it found a breach of the FET. The host state's specific assurance may reinforce investor's expectations, but such explicit statement is not always necessary. The host state must preserve a stable environment for investments. However, It must not be understood as the inalterability of the host state's legal framework. It implies that the host state's subsequent changes should be made consistently and predictably. The host state is entitled to exercise a reasonable regulatory authority to respond to changing circumstances in the public purpose. Therefore, whether the violation FET shall be determined through a balanced against the investor's legitimate expectations and the host state's reasonable regulatory exercise in the public interest. And investor should keep in mind that the principle of proportionality is applied unless host state provides stabilization clause or similar commitments to investor. Also host state should establish the basis of an argument about reasonable regulatory authority for public interest.

• Journal of Veterinary Science
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• v.23 no.4
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• pp.53.1-53.9
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• 2022

Background: Problems associated with using inhalational anaesthesia are numerous in veterinary anaesthesia practice. Decreasing the amount of used inhalational anaesthetic agents and minimising of cardiorespiratory disorders are the standard goals of anaesthetists. Objective: This experimental study was carried out to investigate the sparing effect of intravenous tramadol, lidocaine, dexmedetomidine and their combinations on the minimum alveolar concentration (MAC) of sevoflurane in healthy Beagle dogs. Methods: This study was conducted on six beagle dogs. Sevoflurane MAC was determined by the tail clamp method on five separate occasions. The dogs received no treatment (control; CONT), tramadol (TRM: 1.5 mg kg^-1 intravenously followed by 1.3 mg kg^-1 h^-1), lidocaine (LID: 2 mg kg^-1 intravenously followed by 3 mg kg^-1 h^-1), dexmedetomidine (DEX: 2 ㎍ kg^-1 intravenously followed by 2 ㎍ kg^-1 h^-1), and their combination (COMB), respectively. Cardiorespiratory variables were recorded every five minutes and immediately before the application of a noxious stimulus. Results: The COMB treatment had the greatest sevoflurane MAC-sparing effect (67.4 ± 13.9%) compared with the other treatments (5.1 ± 25.3, 12.7 ± 14.3, and 40.3 ± 15.1% for TRM, LID, and DEX treatment, respectively). The cardiopulmonary variables remained within the clinically acceptable range following COMB treatment, although the mean arterial pressure was higher and accompanied by bradycardia. Conclusions: Tramadol-lidocaine-dexmedetomidine co-infusion produced a remarkable sevoflurane MAC-sparing effect in clinically healthy beagle dogs and could result in the alleviation of cardiorespiratory depression caused by sevoflurane. Cardiorespiratory variables should be monitored carefully to avoid undesirable side effects induced by dexmedetomidine.