• Asia Marketing Journal
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• v.15 no.3
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• pp.53-77
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• 2013

As advertising and promotions are categorized as operating expenses, managers tend to reduce marketing budget to improve their short term profitability. Gauging the value and accountability of marketing spending is therefore considered as a major research priority in marketing. To respond this call, recent studies have documented that financial market reacts positively to a firm's marketing activity or marketing related outcomes such as brand equity and customer satisfaction. However, prior studies focus on the relation of marketing variable and financial market variables. This study suggests a channel about how marketing activity increases firm valuation. Specifically, we propose that a firm's marketing activity increases the level of the firm's product market information and thereby the dispersion in financial analysts' earnings forecasts decreases. With less uncertainty about the firm's future prospect, the firm's managers and shareholders have less information asymmetry, which reduces the firm's cost of capital and thereby increases the valuation of the firm. To our knowledge, this is the first paper to examine how informational benefits can mediate the effect of marketing activity on firm value. To test whether marketing activity contributes to increase in firm value by mitigating information asymmetry, this study employs a longitudinal data which contains 12,824 firm-year observations with 2,337 distinct firms from 1981 to 2006. Firm value is measured by Tobin's Q and one-year-ahead buy-and-hold abnormal return (BHAR). Following prior literature, dispersion in analysts' earnings forecasts is used as a proxy for the information gap between management and shareholders. For model specification, to identify mediating effect, the three-step regression approach is adopted. All models are estimated using Markov chain Monte Carlo (MCMC) methods to test the statistical significance of the mediating effect. The analysis shows that marketing intensity has a significant negative relationship with dispersion in analysts' earnings forecasts. After including the mediator variable about analyst dispersion, the effect of marketing intensity on firm value drops from 1.199 (p < .01) to 1.130 (p < .01) in Tobin's Q model and the same effect drops from .192 (p < .01) to .188 (p < .01) in BHAR model. The results suggest that analysts' forecast dispersion partially accounts for the positive effect of marketing on firm valuation. Additionally, the same analysis was conducted with an alternative dependent variable (forecast accuracy) and a marketing metric (advertising intensity). The analysis supports the robustness of the main results. In sum, the results provide empirical evidence that marketing activity can increase shareholder value by mitigating problem of information asymmetry in the capital market. The findings have important implications for managers. First, managers should be cognizant of the role of marketing activity in providing information to the financial market as well as to the consumer market. Thus, managers should take into account investors' reaction when they design marketing communication messages for reducing the cost of capital. Second, this study shows a channel on how marketing creates shareholder value and highlights the accountability of marketing. In addition to the direct impact of marketing on firm value, an indirect channel by reducing information asymmetry should be considered. Potentially, marketing managers can justify their spending from the perspective of increasing long-term shareholder value.

• Asia Marketing Journal
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• v.11 no.1
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• pp.73-92
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• 2009

Consumers influence other consumers' brand choice behavior by delivering a variety of objective or subjective information on a particular product, which is called WOM (Word-Of-Mouth) activities. For WOM activities, WOM senders should choose messages to deliver to other consumers. We classify the contents of the messages a consumer chooses for WOM delivery into two categories: Subjective (positive or negative) evaluation and objective information on products. In our study, we regard WOM senders' activities as a choice behavior and introduce a choice model to study the relationship between the choice of different WOM information (WOM with positive or negative subjective evaluation and WOM with objective information) and its influencing factors (information sources and consumer characteristics) by developing two bivariate Probit models. In order to consider the mediating effects of WOM senders' product involvement, product attitude, and their characteristics (gender and age), we develop three second-level models for the propagation of positive evaluations, of negative evaluations, and of objective information on products in an hierarchical Bayesian modeling framework. Our empirical results show that WOM senders' information choice behavior differs according to the types of information sources. The effects of information sources on WOM activities differ according to the types of WOM messages (subjective evaluation (positive or negative) and objective information). Therefore, our study concludes that WOM activities can be partially managed with effective communication plans influencing on consumers' WOM message choice behavior. The empirical results provide some guidelines for consumers' propagation of information on products companies want.

• Journal of Radiation Protection and Research
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• v.48 no.4
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• pp.167-174
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• 2023

Background: A nondestructive test is commonly used to inspect the surface defects and internal structure of an object without any physical damage. X-rays generated from an electron accelerator or a tube are one of the methods used for nondestructive testing. The high penetration of X-rays through materials with low atomic numbers makes it difficult to discriminate between these materials using X-ray imaging. The interaction characteristics of neutrons with materials can supplement the limitations of X-ray imaging in material discrimination. Materials and Methods: The radiation image acquisition process for air-cargo security inspection equipment using X-rays and neutrons was simulated using a GEometry ANd Tracking (Geant4) simulation toolkit. Radiation images of phantoms composed of 13 materials were obtained, and the R-value, representing the attenuation ratio of neutrons and gamma rays in a material, was calculated from these images. Results and Discussion: The R-values were calculated from the simulated X-ray and neutron images for each phantom and compared with those obtained in the experiments. The R-values obtained from the experiments were higher than those obtained from the simulations. The difference can be due to the following two causes. The first reason is that there are various facilities or equipment in the experimental environment that scatter neutrons, unlike the simulation. The other is the difference in the neutron signal processing. In the simulation, the neutron signal is the sum of the number of neutrons entering the detector. However, in the experiment, the neutron signal was obtained by superimposing the intensities of the neutron signals. Neutron detectors also detect gamma rays, and the neutron signal cannot be clearly distinguished in the process of separating the two types of radiation. Despite these differences, the two results showed similar trends and the viability of using simulation-based radiation images, particularly in the field of security screening. With further research, the simulation-based radiation images can replace ones from experiments and be used in the related fields. Conclusion: The Korea Atomic Energy Research Institute has developed air-cargo security inspection equipment using neutrons and X-rays. Using this equipment, radiation images and R-values for various materials were obtained. The equipment was reconstructed, and the R-values were obtained for 13 materials using the Geant4 simulation toolkit. The R-values calculated by experiment and simulation show similar trends. Therefore, we confirmed the feasibility of using the simulation-based radiation image.

• Journal of the Korean Society of Radiology
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• v.18 no.1
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• pp.1-9
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• 2024

Proton therapy is known for its superior treatment method due to Bragg peak. To enhance the therapeutic effects of protons, research has been conducted on distributing gold nanoparticles within tumors to increase the absorbed dose. While previous studies focused on handling gold nanoparticles at micrometer and nonometer scale, this study proposes a method to computationally estimate the effect of gold nanoparticles at the millimeter scale. The Geant4 toolkit was applied to computational modeling. Assuming a uniform distribution of water, similar to the human body, and gold nanoparticles, the concentration of gold nanoparticles was adjusted using density ratios. When the density ratio was 5%, the gain in absorbed energy due to gold nanoparticles was nearly twice that of the pure water phantom at the Bragg peak. As the density ratio increased, the gain in absorbed energy linearly increased. When gold nanoparticles were distributed in only one voxel at the Bragg peak, the energy of the protons affected only the neighboring voxels. However, in cases where gold nanoparticles were distributed over a wide area, the volume showing 95% of the maximum absorbed energy (9.46 keV) for the pure water phantom (9.95 keV) exhibited an improvement in absorbed energy over a region 16 times larger, and this region increased as the density ratio increased. Further research is needed to quantify the relationship between the density ratio of gold nanoparticles and the relative biological effect (RBE) in the millimeter scale.

• The Journal of the Acoustical Society of Korea
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• v.29 no.4
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• pp.223-228
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• 2010

High-frequency bottom loss measurements for grazing angle of $82^{\circ}$ in frequency range 17-40 kHz were made in Jinhae bay in the southern part of Korea. Observations of bottom loss showed the strong variation as a function of frequency, which were compared to the predicted values using two-layered sediment reflection model. The geoacoustic parameters including sound speed, density and attenuation coefficient for the second sediment layer were predicted from the empirical relations with the mean grain size obtained from sediment core analysis. The geoacoustic parameters for the surficial sediment layer were inverted using Monte Carlo inversion algorithm. A sensitivity study for the geoacoustic parameters showed that the thickness of surficial sediment layer was most sensitive to the variation of the bottom loss.

• Journal of the Computational Structural Engineering Institute of Korea
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• v.37 no.3
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• pp.217-224
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• 2024

This paper proposes an efficient dimension reduction method (DRM) that considers the nonlinearity of the performance functions in reliability-based design optimization (RBDO). The dimension reduction method evaluates the reliability more accurately than the first-order reliability method (FORM) using integration quadrature points and weights. However, its efficiency is hindered as the number of quadrature points increases owing to the need for an additional evaluation of the performance function. In this study, we assessed the nonlinearity of the performance function in RBDO and proposed criteria for determining the number of quadrature points based on the degree of nonlinearity. This approach suggests adjusting the number of quadrature points during each iteration of the RBDO process while maintaining the accuracy of theDRM while improving the computational efficiency. The nonlinearity of the performance function was evaluated using the angle between the vectors used in the maximum probable target point (MPTP) search. Numerical tests were conducted to determine the appropriate number of quadrature points according to the degree of nonlinearity. Through a 2D numerical example, it is confirmed that the proposed method improves the efficiency while maintaining the accuracy of the dimension reduction method or Monte Carlo Simulation (MCS).

• Wind and Structures
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• v.38 no.1
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• pp.15-42
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• 2024

A flexible-base coupled-two-beam (CTB) discrete model with equivalent tuned mass dampers is used to assess the effect of soil-structure interaction (SSI) and different types of lateral resisting systems on the design of passive dynamic absorbers (PDAs) under the action of along-wind and across-wind loads due to vortex shedding. A total of five different PDAs are considered in this study: (1) tuned mass damper (TMD), (2) circular tuned sloshing damper (C-TSD), (3) rectangular tuned sloshing damper (R-TSD), (4) two-way liquid damper (TWLD) and (5) pendulum tuned mass damper (PTMD). By modifying the non-dimensional lateral stiffness ratio, the CTB model can consider lateral deformations varying from those of a flexural cantilever beam to those of a shear cantilever beam. The Monte Carlo simulation method was used to generate along-wind and across-wind loads correlated along the height of a real shear wall-frame building, which has similar fundamental periods of vibration and different modes of lateral deformation in the xz and yz planes, respectively. Ambient vibration tests were conducted on the building to identify its real lateral behavior and thus choose the most suitable parameters for the CTB model. Both alongwind and across-wind responses of the 144-meter-tall building were computed considering four soil types (hard rock, dense soil, stiff soil and soft soil) and a single PDA on its top, that is, 96 time-history analyses were carried out to assess the effect of SSI and lateral resisting system on the PDAs design. Based on the parametric analyses, the response significantly increases as the soil flexibility increases for both type of lateral wind loads, particularly for flexural-type deformations. The results show a great effectiveness of PDAs in controlling across-wind peak displacements and both along-wind and across-wind RMS accelerations, on the contrary, PDAs were ineffective in controlling along-wind peak displacements on all soil types and different kind of lateral deformation. Generally speaking, the maximum possible value of the PDA mass efficiency index increases as the soil flexibility increases, on the contrary, it decreases as the non-dimensional lateral stiffness ratio of the building increases; therefore, there is a significant increase of the vibration control effectiveness of PDAs for lateral flexural-type deformations on soft soils.

• Journal of Korean Society of Water and Wastewater
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• v.37 no.5
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• pp.261-269
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• 2023

In light of recent social concerns related to issues such as water supply pipe deterioration leading to problems like leaks and degraded water quality, the significance of maintenance efforts to enhance water source quality and ensure a stable water supply has grown substantially. In this study, scan statistic was applied to analyze water quality complaints and water leakage accidents from 2015 to 2021 to present a reasonable method to identify areas requiring improvement in water management. SaTScan, a spatio-temporal statistical analysis program, and ArcGIS were used for spatial information analysis, and clusters with high relative risk (RR) were determined using the maximum log-likelihood ratio, relative risk, and Monte Carlo hypothesis test for I city, the target area. Specifically, in the case of water quality complaints, the analysis results were compared by distinguishing cases occurring before and after the onset of "red water." The period between 2015 and 2019 revealed that preceding the occurrence of red water, the leak cluster at location L2 posed a significantly higher risk (RR: 2.45) than other regions. As for water quality complaints, cluster C2 exhibited a notably elevated RR (RR: 2.21) and appeared concentrated in areas D and S, respectively. On the other hand, post-red water incidents of water quality complaints were predominantly concentrated in area S. The analysis found that the locations of complaint clusters were similar to those of red water incidents. Of these, cluster C7 exhibited a substantial RR of 4.58, signifying more than a twofold increase compared to pre-incident levels. A kernel density map analysis was performed using GIS to identify priority areas for waterworks management based on the central location of clusters and complaint cluster RR data.

• Nuclear Engineering and Technology
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• v.55 no.12
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• pp.4447-4464
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• 2023

This paper focuses on the development of a new computational model of the CNESTEN's TRIGA Mark II research reactor using the 3D continuous energy Monte-Carlo code TRIPOLI-4 (T4). This new model was developed to assess neutronic simulations and determine quantities of interest such as kinetic parameters of the reactor, control rods worth, power peaking factors and neutron flux distributions. This model is also a key tool used to accurately design new experiments in the TRIGA reactor, to analyze these experiments and to carry out sensitivity and uncertainty studies. The geometry and materials data, as part of the MCNP reference model, were used to build the T4 model. In this regard, the differences between the two models are mainly due to mathematical approaches of both codes. Indeed, the study presented in this article is divided into two parts: the first part deals with the development and the validation of the T4 model. The results obtained with the T4 model were compared to the existing MCNP reference model and to the experimental results from the Final Safety Analysis Report (FSAR). Different core configurations were investigated via simulations to test the computational model reliability in predicting the physical parameters of the reactor. As a fairly good agreement among the results was deduced, it seems reasonable to assume that the T4 model can accurately reproduce the MCNP calculated values. The second part of this study is devoted to the sensitivity and uncertainty (S/U) studies that were carried out to quantify the nuclear data uncertainty in the multiplication factor k_eff. For that purpose, the T4 model was used to calculate the sensitivity profiles of the k_eff to the nuclear data. The integrated-sensitivities were compared to the results obtained from the previous works that were carried out with MCNP and SCALE-6.2 simulation tools and differences of less than 5% were obtained for most of these quantities except for the C-graphite sensitivities. Moreover, the nuclear data uncertainties in the k_eff were derived using the COMAC-V2.1 covariance matrices library and the calculated sensitivities. The results have shown that the total nuclear data uncertainty in the k_eff is around 585 pcm using the COMAC-V2.1. This study also demonstrates that the contribution of zirconium isotopes to the nuclear data uncertainty in the k_eff is not negligible and should be taken into account when performing S/U analysis.

• Journal of Radiation Protection and Research
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• v.41 no.1
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• pp.41-47
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• 2016

Background: For the accurate dose assessment in radiation therapy, energy spectrum of the photon beam generated from the linac head is essential. The aim of this study is to develop the technique to accurately unfolding the energy spectrum with the transmission analysis method. Materials and Methods: Clinical linear accelerator and Monet Carlo method was employed to evaluate the transmission signals according to the thickness of the observer material, and then the response function of the ion chamber response was determined with the mono energy beam. Finally the energy spectrum was unfolded with HEPROW program. Elekta Synergy Flatform and Geant4 tool kits was used in this study. Results and Discussion: In the comparison between calculated and measured transmission signals using aluminum alloy as an attenuator, root mean squared error was 0.43%. In the comparison between unfolded spectrum using HEPROW program and calculated spectrum using Geant4, the difference of peak and mean energy were 0.066 and 0.03 MeV, respectively. However, for the accurate prediction of the energy spectrum, additional experiment with various type of material and improvement of the unfolding program is required. Conclusion: In this research, it is demonstrated that unfolding spectra technique could be used in megavoltage photon beam with aluminum alloy and HEPROW program.