• Management & Information Systems Review
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• v.12
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• pp.137-160
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• 2003

The association between accounting earnings and the stock price of an entity is the subject that has been most heavily researched during the past 25 years in accounting literature. Researcher's common finding is that there are positive relationships between accounting earnings and stock prices. However, the explanatory power of accounting earnings which was measured by $R^2$ of regression functions used was rather low. To be connected with these low results, The prior studies propose that there will be additional information, errors in variables. This study investigates empirically determinants of earnings response coefficients(ERCs), which measure the correlation between earnings and stock prices, using earnings level / change, as the dependent variable in the return/earnings regression. Specifically, the thesis tests whether the factors such as earnings persistence, growth, systematic risk, image, information asymmetry and firm size. specially, the determinable variables of ERC are explained in detail. The image / information asymmetry variables are selected to be connected with additional information stand point, The debt / growth variables are selected to be connected with errors in variables. In this study, The sample of firms, listed in Korean Stock Exchange was drawn from the KIS-DATA and was required to meet the following criteria: (1) Annual accounting earnings were available over the 1986-1999 period on the KIS-FAS to allow computation of variables parameter; (2) sufficient return data for estimation of market model parameters were available on the KIS-SMAT month returns: (3) each firm had a fiscal year ending in December throughout the study period. Implementation of these criteria yielded a sample of 1,141 firm-year observation over the 10-year(1990-1999) period. A conventional regression specification would use stock returns(abnormal returns) as a dependent variable and accounting earnings(unexpected earnings) changes interacted with other factors as independent variables. In this study, I examined the relation between other factors and the RRC by using reverse regression. For an empirical test, eight hypotheses(including six lower-hypotheses) were tested. The results of the performed empirical analysis can be summarized as follows; The first, The relationship between persistence of earnings and ERC have significance of each by itself, this result accord with one of the prior studies. The second, The relationship between growth and ERC have not significance. The third, The relationship between image and ERC have significance of each by itself, but a forecast code doesn't present. This fact shows that image cost does not effect on market management share, is used to prevent market occupancy decrease. The fourth, The relationship between information asymmetry variable and ERC have significance of each by. The fifth, The relationship between systematic risk$(\beta)$ and ERC have not significance. The sixth, The relationship between debt ratio and ERC have significance of each by itself, but a forecast code doesn't present. This fact is judged that it is due to the effect of financial leverage effect and a tendency of interest.

• Smart Structures and Systems
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• v.20 no.5
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• pp.619-636
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• 2017

Magnetorheological (MR) damper is a type of controllable device widely used in vibration mitigation. This device is highly nonlinear, and exhibits strongly hysteretic behavior that is dependent on both the motion imposed on the device and the strength of the surrounding electromagnetic field. An accurate model for understanding and predicting the nonlinear damping force of the MR damper is crucial for its control applications. The MR damper models are often identified off-line by conducting regression analysis using data collected under constant voltage. In this study, a MR damper model is integrated with a model for the power supply unit (PSU) to consider the dynamic behavior of the PSU, and then a real-time nonlinear model updating technique is proposed to accurately identify this integrated MR damper model with the efficiency that cannot be offered by off-line methods. The unscented Kalman filter is implemented as the updating algorithm on a cyber-physical model updating platform. Using this platform, the experimental study is conducted to identify MR damper models in real-time, under in-service conditions with time-varying current levels. For comparison purposes, both off-line and real-time updating methods are applied in the experimental study. The results demonstrate that all the updated models can provide good identification accuracy, but the error comparison shows the real-time updated models yield smaller relative errors than the off-line updated model. In addition, the real-time state estimates obtained during the model updating can be used as feedback for potential nonlinear control design for MR dampers.

• Korean Journal of Agricultural and Forest Meteorology
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• v.24 no.2
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• pp.63-77
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• 2022

Our aim was to reduce estimation errors of a wind velocity model used as an early warning system for weather risk management in the agricultural sector. The Rural Development Administration (RDA) agricultural weather observation network's wind velocity data and its corresponding estimated data from January to December 2020 were used to calculate linear regression equations (Y = aX + b). In each linear regression, the wind estimation error at 87 points and eight time slots per day (00:00, 03:00, 06:00, 09.00, 12.00, 15.00, 18.00, and 21:00) is the dependent variable (Y), while the estimated wind velocity is the independent variable (X). When the correlation coefficient exceeded 0.5, the regression equation was used as the wind velocity correction equation. In contrast, when the correlation coefficient was less than 0.5, the mean error (ME) at the corresponding points and time slots was substituted as the correction value instead of the regression equation. To enable the use of wind velocity model at a national scale, a distribution map with a grid resolution of 250 m was created. This objective was achieved b y performing a spatial interpolation with an inverse distance weighted (IDW) technique using the regression coefficients (a and b), the correlation coefficient (R), and the ME values for the 87 points and eight time slots. Interpolated grid values for 13 weather observation points in rural areas were then extracted. The wind velocity estimation errors for 13 points from January to December 2019 were corrected and compared with the system's values. After correction, the mean ME of the wind velocities reduced from 0.68 m/s to 0.45 m/s, while the mean RMSE reduced from 1.30 m/s to 1.05 m/s. In conclusion, the system's wind velocities were overestimated across all time slots; however, after the correction model was applied, the overestimation reduced in all time slots, except for 15:00. The ME and RMSE improved b y 33% and 19.2%, respectively. In our system, the warning for wind damage risk to crops is driven by the daily maximum wind speed derived from the daily mean wind speed obtained eight times per day. This approach is expected to reduce false alarms within the context of strong wind risk, by reducing the overestimation of wind velocities.

• Journal of Korean Society of Transportation
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• v.21 no.3
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• pp.15-22
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• 2003

In general, the linear regression model has been used to estimate trip generation in the travel demand forecasting procedure. However, the model suffers from several methodological limitations. First, trips as a dependent variable with non-negative integer show discrete distribution but the model assumes that the dependent variable is continuously distributed between -$\infty$ and +$\infty$. Second, the model may produce negative estimates. Third, even if estimated trips are within the valid range, the model offers only forecasted trips without discrete probability distribution of them. To overcome these limitations, a poisson model with a assumption of equidispersion has frequently been used to analyze count data such as trip frequencies. However, if the variance of data is greater than the mean. the poisson model tends to underestimate errors, resulting in unreliable estimates. Using overdispersion test, this study proved that the poisson model is not appropriate and by using Vuong test, zero inflated negative binomial model is optimal. Model reliability was checked by likelihood test and the accuracy of model by Theil inequality coefficient as well. Finally, marginal effect of the change of socio-demographic characteristics of households on trips was analyzed.

• Korean Journal of Agricultural and Forest Meteorology
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• v.2 no.4
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• pp.175-182
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• 2000

Spatial interpolation of daily temperature forecasts and observations issued by public weather services is frequently required to make them applicable to agricultural activities and modeling tasks. In contrast to the long term averages like monthly normals, terrain effects are not considered in most spatial interpolations for short term temperatures. This may cause erroneous results in mountainous regions where the observation network hardly covers full features of the complicated terrain. We developed a spatial interpolation model for daily minimum temperature which combines inverse distance squared weighting and elevation difference correction. This model uses a time dependent function for 'mountain slope lapse rate', which can be derived from regression analyses of the station observations with respect to the geographical and topographical features of the surroundings including the station elevation. We applied this model to interpolation of daily minimum temperature over the mountainous Korean Peninsula using 63 standard weather station data. For the first step, a primitive temperature surface was interpolated by inverse distance squared weighting of the 63 point data. Next, a virtual elevation surface was reconstructed by spatially interpolating the 63 station elevation data and subtracted from the elevation surface of a digital elevation model with 1 km grid spacing to obtain the elevation difference at each grid cell. Final estimates of daily minimum temperature at all the grid cells were obtained by applying the calculated daily lapse rate to the elevation difference and adjusting the inverse distance weighted estimates. Independent, measured data sets from 267 automated weather station locations were used to calculate the estimation errors on 12 dates, randomly selected one for each month in 1999. Analysis of 3 terms of estimation errors (mean error, mean absolute error, and root mean squared error) indicates a substantial improvement over the inverse distance squared weighting.