• Asia Pacific Journal of Business Review
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• v.1 no.2
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• pp.37-62
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• 2017

To analyze the effects of R&D expenditure on the firm value of Korean firms, we classified portfolios based on R&D activity levels. After that, we conducted a time-series analysis to assess excess returns from the portfolios. To carry out such an analysis, an empirical analysis of excess returns in the capital market was performed by using the monthly earning rate of stocks from 2000 to 2013. The purpose of this research is to provide basic data on investment to stakeholders in the capital market by analyzing the effects of R&D on the firm value and to overcome scholarly limitations by offering a new model of analysis. The criteria for classifying the portfolios were based on R&D expenditure levels. The analysis models follow the Fama-French Three-Factor Model and the Carhart Four-Factor Model. The analyses results are as follows. Extrapolating monthly profit rates based on R&D expenditure levels, portfolios with low R&D expenditures showed higher earning rates than those with high R&D expenditures. This suggests that high R&D expenditures did not translate into high earning rates. The investor depreciates the R&D expenditures related profitability and the possibility of success in the market, leading to falls in stock prices and a failure to give a positive effect on the firm value. Our research differs from the previous investigations as we carried out an empirical analysis based on the actual investors' attitudes about R&D expenditures and how these can generate excess earnings. Our research results show that the data related to R&D expenditure are not reflected fully in the market.

• Proceedings of the KAIS Fall Conference
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• 2011.05b
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• pp.832-835
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• 2011

최근까지 용접구조물의 피로설계는 용접품질 수준에 따라 공칭응력 또는 핫스팟 응력에 의한 S-N선 도로부터 수행하였다. 본 연구에서는 유한요소망의 크기에 덜 민감하면서 기존의 하중모드형식, 두께 효과 및 용접결합형식에 상관없는 등가구조응력(E2S2) 접근법을 이용한 Master S-N선도로부터 철도차량 대차프레임의 피로수명을 평가하고자 한다. 또한 합리적인 철도차량 용접대차프레임의 피로해석 연구일환으로서, 다축피로조건인 EN규격의 피로시험조건하에 이의 피로수명을 평가하고자 한다.

• ETRI Journal
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• v.27 no.2
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• pp.206-218
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• 2005

We measure and compare externalities of IT and R&D capital stocks in different Korean industry sectors using inter-industry input-output tables of 1985, 1990, 1995 and 2000. We also compute the multiplier effects that relate to the directions of future economic effects. The key findings are as follows. First, we observed continuous capital deepening in all nine industries over the period of 1985 to 2000. Second, the backward multipliers of IT capital were the highest in the manufacturing industry. As for inter-industry externalities, the indirect backward multipliers, which exclude intra-industry backward multiplier effects within the industry, were also the highest in the manufacturing industry. Third, the forward multiplier effects of IT capital stock were the most substantial in the construction industry during the 1980s and in the manufacturing industry thereafter. Finally, using the transition multiplier matrix reflecting the backward effects of the two capitals in the past, the economic backward effects, especially the external economic effects, are predicted to increase through 2010 among all industries. The above findings suggest that, in order to maximize the forward and backward effects of the ever-increasing IT capital, we need to formulate an industry policy reducing the cost of capital accumulation in the manufacturing industry through improvement in productivity of the IT industry.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.10 no.16
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• pp.143-147
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• 1987

Safety stocks constitute one of the major means of dealing with the uncertainties associated with variation in demand and lead time. Adeguate safety facilitate production activities and help to assure customers if good service on the other hand, carrying safety storks ties up working capital on goods that sit idle. The major problem of safety stocks management thus of consists of trying to achieve an optimal balance between the other carrying cost and the costs of stock shortage. Therefore, this study aims to find safety stock level of the fixed reorder quantity system and the fixed reorder cycle system of minimizing total cost when both demand and lead time are variable. (The distribution of demand and lead time is a mere assumption that follows the normal distribution) The results can be summarized as follows. i) Safety factor on the safety stock is determined by carrying cost and the costs of stock shortage: An optimal safety stick=the costs of stork shortage($C_s$) (the carrying cost($C_h$)+the costs of stock storage($C_s$). ii) The safety stock level of the fixed reorder quantity system is ($a{\;}_p\sqrt{L}{\sigma}$) under uncertainties. iii) The safety stock level of the fixed reorder cycle system is ($a{\;}_p\sqrt{R+L{\sigma}}$) under uncertain demand and constant lead time. ($a{\;}_p\sqrt{L{\sigma}_d{\;^2+{\mu}^2L{\sigma}^2}$) under demand and lead time uncertainties.

• Journal of Environmental Science International
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• v.14 no.9
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• pp.827-835
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• 2005

A three-dimensional ecological model (EMT -3D) was applied to Nonylphenol in Tokyo Bay. EMT -3D was calibrated with data obtained in the study area. The simulated results of dissolved Nonylphenol were in good agreement with the observed values, with a correlation coefficient(R) of 0.7707 and a coefficient of determination (R2) of 0.5940. The results of sensitivity analysis showed that biodegradation rate and bioconcentration factor are most important factors for dissolved Nonylphenol and Nonylphenol in phytoplankton, respectively. In the case of Nonylphenol in particulate organic carbon, biodegradation rate and partition coefficient were important factors. Therefore, the parameters must be carefully considered in the modeling. The mass balance results showed that standing stocks of Nonylphenol in water, in particulate organic carbon and in phytoplankton are $8.60\times 10^5\;g,\;2.19\times 10^2\;g\;and\;3.78\times 10^0\;g$ respectively. With respect to the flux of dissolved Nonylphenol, biodegradation in the water column, effluent to the open sea and partition to particulate organic carbon were $6.02\times10^3\;g/day,\;6.02\times10^2\;g/day\;and\;1.02\times10^1\;g/day$, respectively.

• Journal of Climate Change Research
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• v.6 no.4
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• pp.357-366
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• 2015

This study was conducted to estimate carbon stocks of Quercus serrata with drawing volume of trees in each tree height and DBH applying the suitable stem taper equation and tree specific carbon emission factors, using collected growth data from all over the country. Information on distribution area, tree number per hectare, tree volume and volume stocks were obtained from the $5^{th}$ National Forest Inventory (2006~2010), and method provided in IPCC GPG was applied to estimate carbon storage and removals. Performance in predicting stem diameter at a specific point along a stem in Quercus serrata by applying Kozak's model,$d=a_1DBH^{a_2}a_3^{DBH}X^{b_1Z^2+b_2ln(Z+0.001)+b_3{\sqrt{Z}}+b_4e^Z+b_5({\frac{DBH}{H}})}$, which is well known equation in stem taper estimation, was evaluated with validations statistics, Fitness Index, Bias and Standard Error of Bias. Consequently, Kozak's model turned out to be suitable in all validations statistics. Stem volume tables of Quercus serrata were derived by applying Kozak's model and carbon stock tables in each tree height and DBH were developed with country-specific carbon emission factors ($WD=0.65t/m^3$, BEF=1.55, R=0.43) of Quercus serrata. As a result of carbon stock analysis by age class in Quercus serrata, carbon stocks of IV age class (11,358 ha, 36.5%) and V age class (10,432; 33.5%) which take up the largest area in distribution of age class were 957,000 tC and 1,312,000 tC. Total carbon stocks of Quercus serrata were 3,191,000 tC which is 3% compared with total percentage of broad-leaved forest and carbon sequestration per hectare(ha) was 3.8 tC/ha/yr, $13.9tCO_2/ha/yr$, respectively.

• Journal of Technology Innovation
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• v.25 no.3
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• pp.265-297
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• 2017

As corporate management enters the era of informatization or knowledge management, the level of patent quality, which is the fruit of R&D and technical innovation, is an important element of corporate competitiveness in this age of unbridled competition. This study analyzes the relevance between R&D stocks and 6 types of knowledge stock (patent quality) and corporate market values in utilization of related research models. With Tobin Q model utilized, 108,851 U.S. patents (observed value per year: 2,795) registered by 402 domestic enterprises were analyzed. As the Hall model was analyzed, it turned out that the R&D stock/asset, claim stock/patent stock, and citation stock/patent stock had positive effect on corporate market values. The inventor stock/patent stock also show positive effect on corporate market values.

• Korean Journal of Agricultural Science
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• v.41 no.1
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• pp.41-46
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• 2014

The pedigree data of 86,639 heads from six major swine breeding farms were investigated to check levels of inbreeding and effective population size of breeding stocks. The average rate of inbreeding was 1.04%, 0.87%, 3.17%, 1.05%, 3.23% and 3.33% for farms A, B, C, D, E and F, respectively. The average inbreeding rate was highest for F farm and lowest for B farm. In farms D and E, there were quite large numbers of immigrant animals per generation compared to other farms. The effective population sizes calculated from the average rate of inbreeding were distributed between 83.0 and 814.8. Specific values were 282.3, 225.5, 83.0, 814.8, 302.9 and 175.7 for farms A, B, C, D, E and F, respectively. The results showed that there was no cause for concern over the current inbreeding level of major swine breeding farm populations and the inbreeding level was within an acceptable range. In addition, internal sharing rather than importing pig is necessary to strengthen seed sovereignty.

• Proceedings of the KSR Conference
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• 2011.05a
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• pp.1327-1335
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• 2011

Recently, also in railway vehicles, related products are being designed and manufactured through RAMS activities in order to secure their reliability, availability, maintainability & safety. Subway operators are conducting R&D on various preventive maintenance methods and applying them to the field so as to establish a reliability centered maintenance(RCM) system. In this connection, manufacturers shall carry out R&D based on reliability from the first design stage of development to provide high quality products to subway operators. And operators shall have the products operated properly to their particular operating environment and managed based on the standard maintenance manual. Not only that, but the related field data shall be fed back into the manufacturers to upgrade upcoming products by organic cooperation between manufacturer and operators. However, the mutually beneficial cooperative relationship is not still developed in the domestic railway industry. In terms of methodology for life prediction, this study was intended to analyze field data on relays used for rolling stocks considering operational characteristics in the position of subway operators and predict parts reliability using reliability prediction program from the standpoint of manufacturers as well.

• Journal of Korea Technical Association of The Pulp and Paper Industry
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• v.38 no.3 s.116
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• pp.38-46
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• 2006

This study was carried out to investigate the sheet properties of Morus Hanji, made by different pulping methods, such as alkali, alkali-peroxide and sulfomethylated pulping, and different stocks composed to bast and whole stalk fibers. Two species of Morus, M. alba and M. lhou, were used. Pulp yield of the whole stalk parts, its brightness and opacity were higher than those of bast part. In particular sulfomethylated pulp has higher brightness of $62{\sim}63%$, than other pulps(average brightness $30{\sim}40%$). In mechanical properties, paper made of bast fiber has higher strength than those of the whole stalks. Hanji made from M. lhou, whole stalk, and sulfomethylated pulp gave better sheet formation and higher strength than those of the others. Hanji from M. alba bast fiber and whole stalk pulps were not so good sheet properties.