• The Korean Journal of Financial Management
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• v.24 no.2
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• pp.1-40
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• 2007

We test a model of investment-cashflow-growth opportunities relationship in order to estimate the sensitivities to investments. In this study, we use a new proxy variable for the value of growth opportunities(hereafter "VGO"), which is based on the seminal papers of M&M(1958:1961:1963) and Lee(2006;2007). The empirical findings on the sensitivities of cashflow and growth opportunities are as follows. First, when the traditional proxy variables for the growth opportunities such as Tobin's Q, MBR and sales growth are included with the new proxy VGO in the estimation, their coefficients are turned out to be insignificant. Second, only the new proxy variable VGO shows a statistically significant positive sensitibity to investment, which can be regarded that the growth opportunities hold the positive influences to investments. Third, the Tobin's Q can be decomposed into three factors such as the value of growth opportunities(VGO), the value of asset-in-place and valuation errors. It turns out that only the VGO shows a statistically significant positive relationship with investment among others. This means that the new variable VGO is a good proxy variable for the growth opportunities in the investment-cashflow sensitivity analysis. In sum, thanks to the above findings in this study, we can say that it will not be proper to choose a proxy variable for the growth opportunities from the traditional set of proxies such as Tobin's Q, MBR, or sales growth rate.

• Journal of Intelligence and Information Systems
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• v.23 no.4
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• pp.1-31
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• 2017

Modern businesses are adopting new technologies to serve their markets better as well as to improve efficiency and productivity. The advertising industry has continuously experienced disruptions from the traditional channels (radio, television and print media) to new complex ones including internet, social media and mobile-based advertising. This case study focuses on proposing intelligent advertising business model in Seoul's metro network. Seoul has one of the world's busiest metro network and transports a huge number of travelers on a daily basis. The high number of travelers coupled with a well-planned metro network creates a platform where marketers can initiate engagement and interact with both customers and potential customers. In the current advertising model, advertising is on illuminated and framed posters in the stations and in-car, non-illuminated posters, and digital screens that show scheduled arrivals and departures of metros. Some stations have digital screens that show adverts but they do not have location capability. Most of the current advertising media have one key limitation: space. For posters whether illuminated or not, one space can host only one advert at a time. Empirical literatures show that there is room for improving this advertising model and eliminate the space limitation by replacing the poster adverts with digital advertising platform. This new model will not only be digital, but will also provide intelligent advertising platform that is driven by data. The digital platform will incorporate location sensing, e-commerce, and mobile platform to create new value to all stakeholders. Travel cards used in the metro will be registered and the card scanners will have a capability to capture traveler's data when travelers tap their cards. This data once analyzed will make it possible to identify different customer groups. Advertisers and marketers will then be able to target specific customer groups, customize adverts based on the targeted consumer group, and offer a wide variety of advertising formats. Format includes video, cinemagraphs, moving pictures, and animation. Different advert formats create different emotions in the customer's mind and the goal should be to use format or combination of formats that arouse the expected emotion and lead to an engagement. Combination of different formats will be more effective and this can only work in a digital platform. Adverts will be location based, ensuring that adverts will show more frequently when the metro is near the premises of an advertiser. The advertising platform will automatically detect the next station and screens inside the metro will prioritize adverts in the station where the metro will be stopping. In the mobile platform, customers who opt to receive notifications will receive them when they approach the business premises of advertiser. The mobile platform will have indoor navigation for the underground shopping malls that will allow customers to search for facilities within the mall, products they may want to buy as well as deals going on in the underground mall. To create an end-to-end solution, the mobile solution will have a capability to allow customers purchase products through their phones, get coupons for deals, and review products and shops where they have bought a product. The indoor navigation will host intelligent mobile-based advertisement and a recommendation system. The indoor navigation will have adverts such that when a customer is searching for information, the recommendation system shows adverts that are near the place traveler is searching or in the direction that the traveler is moving. These adverts will be linked to the e-commerce platform such that if a customer clicks on an advert, it leads them to the product description page. The whole system will have multi-language as well as text-to-speech capability such that both locals and tourists have no language barrier. The implications of implementing this model are varied including support for small and medium businesses operating in the underground malls, improved customer experience, new job opportunities, additional revenue to business model operator, and flexibility in advertising. The new value created will benefit all the stakeholders.

• Journal of the Korean Institute of Traditional Landscape Architecture
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• v.28 no.1
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• pp.49-58
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• 2010

This study is attempted to establish the concept of Byeulseo Scenic Spot that the definitions of Byeulseo and Scenic Spot would be presented first followed by clarifying the basis, reason and justification that Byeulseo would be called as Byeulseo Scenic Spot that the following is the major results formulated herein. First, the concept of scenic spot under the Cultural Property Act is the reference to the famous site with the building improvement well known for its great scenery or the point where splendid scenery is viewed that has the artistic value along with the trace of human lives in this cultural heritage that, although the scenery is important but the attention has to be on discovery of historic resources with the story telling in the subject site. Second, the criteria of designation on the Scenic Spot in Korea would be natural scenery, animal and plant site with well-known scenery, view point of scenery, famous building or garden and important places with legend that there lacks diversification. In this aspect, the intent of the concept of Scenic Spot would be facilitated to expand the designation of the Byeulseo Scenic Spot as the Scenic Spot of living style. Third, from the foreign cases, particularly, in Japan, it is needed to note that Byeulseos and housing gardens are designated for 196 places of Scenic Spot, reaching 55.4% of entire Scenic Spots. Laws, regulations, systems and designated criteria on the cases of designating the foreign Scenic Spots would be studied and quoted. Fourth, the classification work for each type to designate as cultural heritage has to be continued as the Scenic Spot of subject site with even more emerged for the value as the Scenic Spot in garden, original site and the like classified as historic site, important folk data and the like. Fifth, the designation of Scenic Spot of Byeulseo garden with splendid scenery as the living Scenic Spot has to be expanded. The pavilion existed now nationwide would be approximately 1,500, and these pavilions are the place where the scholars stay in the famous site, and this is the central space of Byeulseo to study, and if there is clear one that has written and record of deed to create the stories to people with the value for publicity campaign, it would be the subject of Scenic Spot. And sixth, for the case of view point with splendid scenery in Byeulseo Garden, it cannot be the subject of designation that the designation of Scenic Spot has to be expanded. In the event of the Byeulseo garden in Korea, there are many cases of having outstanding view points, and there is a few case of designating the subject site with great view point as a Scenic Spot.

• Magazine of the Korean Society of Agricultural Engineers
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• v.26 no.1
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• pp.52-72
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• 1984

This study was performed to obtain the basic data which can be applied to the use of epoxy resin mortars. The data was based on the properties of epoxy resin mortars depending upon various mixing ratios to compare those of cement mortar. The resin which was used at this experiment was Epi-Bis type epoxy resin which is extensively being used as concrete structures. In the case of epoxy resin mortar, mixing ratios of resin to fine aggregate were 1: 2, 1: 4, 1: 6, 1: 8, 1:10, 1 :12 and 1:14, but the ratio of cement to fine aggregate in cement mortar was 1 : 2.5. The results obtained are summarized as follows; 1.When the mixing ratio was 1: 6, the highest density was 2.01 g/cm$^3$, being lower than 2.13 g/cm$^3$ of that of cement mortar. 2.According to the water absorption and water permeability test, the watertightness was shown very high at the mixing ratios of 1: 2, 1: 4 and 1: 6. But then the mixing ratio was less than 1 : 6, the watertightness considerably decreased. By this result, it was regarded that optimum mixing ratio of epoxy resin mortar for watertight structures should be richer mixing ratio than 1: 6. 3.The hardening shrinkage was large as the mixing ratio became leaner, but the values were remarkably small as compared with cement mortar. And the influence of dryness and moisture was exerted little at richer mixing ratio than 1: 6, but its effect was obvious at the lean mixing ratio, 1: 8, 1:10,1:12 and 1:14. It was confirmed that the optimum mixing ratio for concrete structures which would be influenced by the repeated dryness and moisture should be rich mixing ratio higher than 1: 6. 4.The compressive, bending and splitting tensile strenghs were observed very high, even the value at the mixing ratio of 1:14 was higher than that of cement mortar. It showed that epoxy resin mortar especially was to have high strength in bending and splitting tensile strength. Also, the initial strength within 24 hours gave rise to high value. Thus it was clear that epoxy resin was rapid hardening material. The multiple regression equations of strength were computed depending on a function of mixing ratios and curing times. 5.The elastic moduli derived from the compressive stress-strain curve were slightly smaller than the value of cement mortar, and the toughness of epoxy resin mortar was larger than that of cement mortar. 6.The impact resistance was strong compared with cement mortar at all mixing ratios. Especially, bending impact strength by the square pillar specimens was higher than the impact resistance of flat specimens or cylinderic specimens. 7.The Brinell hardness was relatively larger than that of cement mortar, but it gradually decreased with the decline of mixing ratio, and Brinell hardness at mixing ratio of 1 :14 was much the same as cement mortar. 8.The abrasion rate of epoxy resin mortar at all mixing ratio, when Losangeles abation testing machine revolved 500 times, was very low. Even mixing ratio of 1 :14 was no more than 31.41%, which was less than critical abrasion rate 40% of coarse aggregate for cement concrete. Consequently, the abrasion rate of epoxy resin mortar was superior to cement mortar, and the relation between abrasion rate and Brinell hardness was highly significant as exponential curve. 9.The highest bond strength of epoxy resin mortar was 12.9 kg/cm$^2$ at the mixing ratio of 1:2. The failure of bonded flat steel specimens occurred on the part of epoxy resin mortar at the mixing ratio of 1: 2 and 1: 4, and that of bonded cement concrete specimens was fond on the part of combained concrete at the mixing ratio of 1 : 2 ,1: 4 and 1: 6. It was confirmed that the optimum mixing ratio for bonding of steel plate, and of cement concrete should be rich mixing ratio above 1 : 4 and 1 : 6 respectively. 10.The variations of color tone by heating began to take place at about 60˚C, and the ultimate change occurred at 120˚C. The compressive, bending and splitting tensile strengths increased with rising temperature up to 80˚ C, but these rapidly decreased when temperature was above 800 C. Accordingly, it was evident that the resistance temperature of epoxy resin mortar was about 80˚C which was generally considered lower than that of the other concrete materials. But it is likely that there is no problem in epoxy resin mortar when used for unnecessary materials of high temperature resistance. The multiple regression equations of strength were computed depending on a function of mixing ratios and heating temperatures. 11.The susceptibility to chemical attack of cement mortar was easily affected by inorganic and organic acid. and that of epoxy resin mortar with mixing ratio of 1: 4 was of great resistance. On the other hand, when mixing ratio was lower than 1 : 8 epoxy resin mortar had very poor resistance, especially being poor resistant to organicacid. Therefore, for the structures requiring chemical resistance optimum mixing of epoxy resin mortar should be rich mixing ratio higher than 1: 4.

• Journal of the Korean Society of Food Science and Nutrition
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• v.13 no.2
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• pp.215-221
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• 1984

To investigate stability for the quality of selected ginseng products, their sorption properties were clarified in red ginseng extract(RGEP), and red ginseng extract powder(RGEP), and red ginseng extract tea(RGET). Simultaneously, the BET monolayer value of each product was determined in order to inquire out the possibility of establishment as a criterion for the optimum moisture content of the ginseng products. Based on the BET monolayer moisture level of spray dried RGEP which ranged from 4.08 to 4.65%, it would be desirable to establish the optimum moisture content of the products at 4.4${\pm}$0.3%. This is 1.3 to 1.9% lower than the criter on, "less than 6.0%". The optimum moisture level for RGET of which monolayer value ranged 0.93 to 1.37% would be 1.2${\pm}$0.17%. In this case, the maximum permissible limit of moisture content could presumably be raised up to 1.37% in place of current criterion, "less than l.2%". From the results of a study on the growth of molds, the optimum moisture content for RGE assumed to be extended up to 40.0${\pm}$1.07 despite 36.0${\pm}$1.0% of the present criterion. On the other hand, a storage study under the maltreated condition, $48{\pm}2^{\circ}C$ 75%RH, was also carried out in order to make it clear whether the BET monolayer values were able to be used as indices for optimum moisture level of the products. In all samples tested adsorption occurred at even higher levels of moisture than the monolayer values. However, since there are many other possible factors affecting the quality of products the optimum moisture content is preferable to be reduced to the monolayer value. As a result, it was proved that the optimum level of moisture for both RGEP and RGET could be established by the monolayer values.

• Journal of Acupuncture Research
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• v.22 no.3
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• pp.1-12
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• 2005

It was clarified that ethanol extract herb-acupuncture solution (EE-UD) and hydrotherapy herb-acupuncture solution (WE-UD) in Ulmus davidiana Planch (Ulmaceae), are the excellent inhibitors of cathepsin K and L. WE-UD inhibited cathepsin K when IC50 value was 5.32 ${\square}g$/ml, and suppressed cathepsin L when IC50 value was 6.34 ${\square}g$/ml. However, EE-UD indicated the activity of inhibiting cathepsin K and L in the level of 1.45 ${\square}g$/ml and 2.43 ${\square}g$/ml, thus it showed more significance than WE-UD. It could be observed that EE-VD is an excellent inhibitor to cathepsin K with Ki value of 0.8 ${\square}g$/ml. This activity is increased by 10-fold even in the analytical experiment when having operations like glutathione in pH 7.0. Also, this supports the mixture of GSH thiolate anion, thus it was thought that this increase in effectiveness is probably attributable to the enhanced chemical function in the combinations of herb-acupuncture solution towards a place of activity in enzyme. WE-UD showed the time-dependent inhibiting property, thus it allowed to know the disunion and the compounding speed in constant cathepsin K during the process of experiment. Finally, EE-UD was proved to suppress the absorbent bone ash in the experiment related to osteoclast in rats for test, and to the bone in rodent. It was proved that WE-UD has the effect of inhibiting the protease in cathepsin K and L, and in collagen of bone. These results strongly suggest that it is effective in preventing the progress of bone damage, which was induced due to cathepsin K. Also, it obtained the conclusion that it is effective to the reabsorption activity of bone in the bone marrow cells.

• Korean Journal of Environment and Ecology
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• v.25 no.5
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• pp.787-798
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• 2011

An arboretum is defined as a collection of facilities that conserve plant species by surveying, collecting, and proliferating and preserving the plants in nature, perform diverse researches on plants and display the plants in exhibition spaces or outdoors as well as provide the public with educational programs and refreshment spaces according to the laws concerned. The public, however, recognizes the exhibition and education functions on plants of arboretum more importantly compared with the roles to survey, collect, and proliferate plants as regulated by the laws. In particular, arboretum plays a role to offer a pivotal educational place in urban area where the public can obtain an hands-on experience and understanding on a wide range of plant species and natural environment. The study aims to estimate the non market environmental values of Daegu Arboretum operated by Daegu Metropolitan City government by using the Contingent Valuation Methods (CVM), which yields the current monetary estimates for the arboretum. The value estimation was undertaken by using the Double-Bound Dichotomous Choice (DBDC) method, and each estimated value was derived from respective functions based on a logit distribution known to include relatively stable estimates according to the shape of the distribution. Considering the statistical fitness test results, the author estimated the amounts of the Willingness To Pay (WTP) such as mean WTP of 12,718 KRW, median WTP of 11,033 KRW, and truncated mean WTP of 11,468 KRW, which represented the annual recreational values per a person visiting Daegu Arboretum respectively. The analysis showed that Daegu Arboretum created the annual environmental values which were estimated to be approximately 16 to 19 billion KRW. The study also has an implication that the valuation method for the environment of Daegu Arboretum may be effectively applied for estimating the values of other types of environmental goods by altering the locations or goods to be analyzed.

• Journal of Intelligence and Information Systems
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• v.25 no.2
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• pp.57-75
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• 2019

In this paper, we conducted a study focusing on the innovation direction of the documentary model on the Internet of Things industry, which is the most actively industrialized among the core technologies of the 4th Industrial Revolution. Policy, economic, social, and technical issues were derived using PEST analysis for global trend analysis. It also presented future prospects for the Internet of Things industry of ICT-related global research institutes such as Gartner and International Data Corporation. Global research institutes predicted that competition in network technologies will be an issue for industrial Internet (IIoST) and IoT (Internet of Things) based on infrastructure and platforms. As a result of the PEST analysis, developed countries are pushing policies to respond to the fourth industrial revolution through cooperation of private (business/ research institutes) led by the government. It was also in the process of expanding related R&D budgets and establishing related policies in South Korea. On the economic side, the growth tax of the related industries (based on the aggregate value of the market) and the performance of the entity were reviewed. The growth of industries related to the fourth industrial revolution in advanced countries overseas was found to be faster than other industries, while in Korea, the growth of the "technical hardware and equipment" and "communication service" sectors was relatively low among industries related to the fourth industrial revolution. On the social side, it is expected to cause enormous ripple effects across society, largely due to changes in technology and industrial structure, changes in employment structure, changes in job volume, etc. On the technical side, changes were taking place in each industry, representing the health and medical sectors and manufacturing sectors, which were rapidly changing as they merged with the technology of the Fourth Industrial Revolution. In this paper, various management methodologies for innovation of existing business model were reviewed to cope with rapidly changing industrial environment due to the fourth industrial revolution. In addition, four criteria were established to select a management model to cope with the new business environment: 'Applicability', 'Agility', 'Diversity' and 'Connectivity'. The expert survey results in an AHP analysis showing that Business Model Canvas is best suited for business model innovation methodology. The results showed very high importance, 42.5 percent in terms of "Applicability", 48.1 percent in terms of "Agility", 47.6 percent in terms of "diversity" and 42.9 percent in terms of "connectivity." Thus, it was selected as a model that could be diversely applied according to the industrial ecology and paradigm shift. Business Model Canvas is a relatively recent management strategy that identifies the value of a business model through a nine-block approach as a methodology for business model innovation. It identifies the value of a business model through nine block approaches and covers the four key areas of business: customer, order, infrastructure, and business feasibility analysis. In the paper, the expansion and application direction of the nine blocks were presented from the perspective of the IoT company (ICT). In conclusion, the discussion of which Business Model Canvas models will be applied in the ICT convergence industry is described. Based on the nine blocks, if appropriate applications are carried out to suit the characteristics of the target company, various applications are possible, such as integration and removal of five blocks, seven blocks and so on, and segmentation of blocks that fit the characteristics. Future research needs to develop customized business innovation methodologies for Internet of Things companies, or those that are performing Internet-based services. In addition, in this study, the Business Model Canvas model was derived from expert opinion as a useful tool for innovation. For the expansion and demonstration of the research, a study on the usability of presenting detailed implementation strategies, such as various model application cases and application models for actual companies, is needed.

• Journal of the Korean Institute of Traditional Landscape Architecture
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• v.29 no.2
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• pp.118-129
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• 2011

This study is about the governor general's official residence and its garden in Yongsan that were constructed during the Japanese occupational time. The garden design drawing was also made while planning such Neo-Baroque style building, and it contains particular information of the garden unlike the other existing landscape drawings. The content of garden translated and landscape historical value drawn out by analysis of garden drawings, press articles and literatures are as follows; First, such governor general's official residence garden in Yongsan is likely to be the Korean first western style landscape form. For, from the point that it was completely constructed together with such official residential building in 1909, its construction time should be before that of the garden of Seokjojeon, Deoksu Palace, which was constructed in 1911. Second, it shows the garden style and garden planting factors introduced together with the modern architecture then. Such garden planting factors are placed from the center axis of the garden that is connected to the center of the building and monument as well. Such style and factors cover and show the flower bed appearing in Baroque style gardens, the monument that forms Vista playing the center of audience's vision, water space that is placed symmetrically against the axis, planting pattern that emphasizes the plants' space, flower bed shape and axis, and what kinds of plants were introduced then. Third, it shows the using pattern of western style gardens. Western style garden parties used to take in place in this garden while official dinner and reception were held in the evening in the official residence. Fourth, it shows the historical value as a modern landscape drawing, which is the Korean first landscape drawing that shows the plants' names and planting techniques marking the current height and planned height for change of topography and water system as a water landscape factor. That is, this drawing has the value that it was upgraded from the other existing ones that expressed only simple plants' symbols or flower bed shapes. I, therefore, hope that the studies on the modern landscape would be getting wider by excavation of new historical records in the future.

• Korean Association of Arts Management
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• no.53
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• pp.127-151
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• 2020

In this study, the announced in 2010 was used to identify the flow of social value expansion on the culture and art education and to provide the future direction. In the context of culture and art education, cultural diversity is an important agenda, and thus the case of cultural diversity program by the National Museum of Contemporary Art was analyzed to discuss the social role of culture and art education. To summarize the findings, it is a program of promoting understanding on the diversity of art in the same period and various identifies of the members of our society through the exhibition of «Artist of the Year», and it is a program on cultural diversity of understanding the diversity and identity of various members in our society through the contemporary artwork. Through theme-based approach, education on cultural diversity and cooperative learning were applied to develop the sense of community. Based on the core values of education on cultural diversity, the contents of the education program on performed total of 80 times on 14 programs in 2017-2019 were analyzed. As a result, the analysis showed 9 core values, and the core values of education on cultural diversity derived through the content analysis of the education program on were ① Engagement, ② Conversation, ③ Citizenship, ④ Coexistence, ⑤ Human Rights, ⑥ Difference, ⑦ Equality, ⑧ Cooperation, ⑨ Solidarity. As the space enhancing the cultural engagement, the art museum is a place for realizing the value on cultural diversity, so it has significance as the space that embraces both cultural diversity and culture and art education. In this sense, it was identified that the discussion on the cultural diversity and culture and art education was being expanded into the perspective of various groups and communities in our society through the core values of engagement, conversation, citizenship, coexistence, human rights, difference, equality, cooperation, solidarity and direction, which were provided by the analysis of the contents on the art museum education program on cultural diversity in the National Museum of Contemporary Art.