• Management & Information Systems Review
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• v.33 no.3
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• pp.167-187
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• 2014

While Korean GAAP had detailed regulations for the measurement and disclosure of operating income in the past, K-IFRS did not provide specific rules for operating income until 2011. Some firms that adopted K-IFRS before 2011 did not disclose or calculated operating income in an inconsistent manner although operating income is usually considered as one of the core information items to assess firm valuation. Inconsistency in firms' treatment of operating income invoked much criticism from diverse users of financial statement. The Korean Accounting Institute (KAI hereafter) revised the K-IFRS rules relevant to operating income in September 2010 in response to the voices raised by the business community, whereby the operating income number is allowed to be calculated in conformity with the previous K-GAAP. This study was motivated by the revision of K-IFRS and aims to provide a clue on the validity of such policy decision. To achieve the research objective, we test the relative value relevance of the alternative operating income numbers under K-IFRS versus K-GAAP. Our main findings are as follows. The value relevance of operating income reported before K-IFRS is proved to be higher than after K-IFRS. K-IFRS operating income adjusted to the previous K-GAAP has greater explanatory power for market values relative to one calculated under the K-IFRS regime. In an additional analysis, the sample was decomposed according to whether the operating income under K-IFRS is greater than under K-GAAP. The difference in the value relevance of K-IFRS versus K-GAAP operating income is significant only in the subsample consisting of firms which reports higher operating income under K-IFRS compared to K-GAAP. Also, the firms which would have reported negative operating income on a consecutive basis are more likely to have chosen K-IFRS, resulting in higher numbers than otherwise. It is likely that firms facing the threat of delisting due to consecutive operating loss reporting are more likely to have adopted K-IFRS disclosure rules by which they could report higher operating income numbers. To sum up, these results corroborate the limitation inherent in the K-IFRS regarding operating income disclosures. This paper suggests that the recent revision of K-IFRS implemented by KAI is likely to mitigate some of afore-mentioned limitations effectively.

• Management & Information Systems Review
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• v.23
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• pp.41-74
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• 2007

In Korea, corporate merger activities were activated since 1980, and nowadays(particuarly since 1986) the changes in domestic and international economic circumstances have made corporate managers have strong interests in merger. Korea and America have different business environments and it is easily conceivable that there exists many differences in motives, methods, and effects of mergers between the two countries. According to recent studies on takeover bids in America, takeover bids have information effects, tax implications, and co-insurance effects, and the form of payment(cash versus securities), the relative size of target and bidder, the leverage effect, Tobin's q, number of bidders(single versus multiple bidder), the time period (before 1968, 1968-1980, 1981 and later), and the target firm reaction (hostile versus friendly) are important determinants of the magnitude of takeover gains and their distribution between targets and bidders at the announcement of takeover bids. This study examines the theory of takeover bids, the status quo and problems of merger in Korea, and then investigates how the announcement of merger are reflected in common stock returns of bidding firms, finally explores empirically the factors influencing abnormal returns of bidding firms' stock price. The hypotheses of this study are as follows ; Shareholders of bidding firms benefit from mergers. And common stock returns of bidding firms at the announcement of takeover bids, shows significant differences according to the condition of the ratio of target size relative to bidding firm, whether the target being a member of the conglomerate to which bidding firm belongs, whether the target being a listed company, the time period(before 1986, 1986, and later), the number of bidding firm's stock in exchange for a stock of the target, whether the merger being a horizontal and vertical merger or a conglomerate merger, and the ratios of debt to equity capital of target and bidding firm. The data analyzed in this study were drawn from public announcements of proposals to acquire a target firm by means of merger. The sample contains all bidding firms which were listed in the stock market and also engaged in successful mergers in the period 1980 through 1992 for which there are daily stock returns. A merger bid was considered successful if it resulted in a completed merger and the target firm disappeared as a separate entity. The final sample contains 113 acquiring firms. The research hypotheses examined in this study are tested by applying an event-type methodology similar to that described in Dodd and Warner. The ordinary-least-squares coefficients of the market-model regression were estimated over the period t=-135 to t=-16 relative to the date of the proposal's initial announcement, t=0. Daily abnormal common stock returns were calculated for each firm i over the interval t=-15 to t=+15. A daily average abnormal return(AR) for each day t was computed. Average cumulative abnormal returns($CART_{T_1,T_2}$) were also derived by summing the $AR_t's$ over various intervals. The expected values of $AR_t$ and $CART_{T_1,T_2}$ are zero in the absence of abnormal performance. The test statistics of $AR_t$ and $CAR_{T_1,T_2}$ are based on the average standardized abnormal return($ASAR_t$) and the average standardized cumulative abnormal return ($ASCAR_{T_1,T_2}$), respectively. Assuming that the individual abnormal returns are normal and independent across t and across securities, the statistics $Z_t$ and $Z_{T_1,T_2}$ which follow a unit-normal distribution(Dodd and Warner), are used to test the hypotheses that the average standardized abnormal returns and the average cumulative standardized abnormal returns equal zero.

• Journal of Haehwa Medicine
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• v.22 no.2
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• pp.13-21
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• 2014

Subject : Kim hong-kyung(金洪卿)'s view of eight extra meridians Object : Kim hong-kyung has not only deeply studied Saam acupuncture but also the function and characteristics of extra meridian at the same time. Especially, he has tried the study to connect yin yang wei qiao mai(陰陽維蹻脈) with Lee je-ma(李濟馬)'s four trigram constitution theory, therefore the author felt the need to make public the theory and started reserch on the theory. Method : I researched the physiological properties of extra meridians through the past eastern medical literature, I reported on the types of people to show well the properties of extra meridians gathering Kum-oh's verbal explanation when I had classes from him. Result : Kum-oh Kim hong-kyung defined meridians as passways of consciousness and feeling, he interpreted 12 meridians and extra meridians with the view of mind, which has very important meanings in the history of acupuncture in the point of first trial to interpret meridians from this view. He explained Ren mai(任脈) and Du mai(督脈) are meridians which show clearly properties of yin-yang to appear trusts of affirmation and distrusts of denial in the mind, as Ren(任) means entrusting and Du(督) means supervising in English. He explained Chong mai(衝脈) is the meridian representing impulsive man that has a meaning of impulse as being suggested the name of Chong mai, because Chong mai is borrowed from Foot shao yin kidney meridian(足少陰腎經). Dai mai(帶脈) is the meridian representing the characteristics of woman that has a meaning of binding as being suggested from the name of Dai mai which acts when people have something on their flank or they are pregnant, because Dai mai borrowed from Foot shao yang gall bladder meridian. He thought that four trigram divided from yin and yang is innate trigram, so Yang wei mai(陽維脈), Yin wei mai(陰維脈), Yang qiao mai(陽蹻脈), Yin qiao mai(陰蹻脈) among extra meridians have connections with Tai-yang ren(太陽人), Tai-yin ren(太陰人), Shao-yin ren(少陰人), Shao-yang ren(少陽人) of Four trigram constitution theory respectively which was created by Lee je-ma. He explained yang means opponents and wei(維) means binding. Yang wei mai is the meridian to be active when opponents bind or intervene in you, also the meridian is well active to the people who easily criticize others who are rude, to the people who well refuse restraints from organization. Because he explained yin means me and wei(維) means binding. Yin wei mai is the meridian to be active when I bind and intervene in opponents. He also state that the meridian is easily active to the people who have a tendency to gather people and make party apparatus by nature. He explained Yang qiao mai is the meridian to be active in the situation that people are waiting for others to bridge gap because yang means opponents and qiao(蹻) which has a meaning of standing on one's tiptoes means bridging gap between people. He also state the meridian is easily active to Shao yin ren who has a tendency to be passive, to easily settle down and not to move by nature. He explained Yin qiao mai is the meridian to be active in the situation that I bridge gap between me and others to make friends, because yin means me and qiao(蹻) which has a meaning of standing on one's tiptoes means bridging gap between me and others. He also state the meridian is easily active to Shao yang ren who is active in every business and who has remarkable ability to make friends. Conclusion : Kim hong-kyung stated the physiological properties of extra meridians as below. Ren mai is the meridian representing positive confidence which is easily active when people have a mind to trust others, Du mai is the meridian representing negative distrust which is easily active when people have doubts. Chong mai is the meridian representing the characteristics of man that has impulsive characteristics. Dai mai is the meridian representing the characteristics of woman to be easily active when she is pregnant. Yang wei mai has close connections with Tai-yang ren who has a tendency to refuse restraints from others and to criticize on opponent's remarks and behaviors that are wrong. Yin wei mai has close connections with Tai-yin ren, as the meridian is active in the situation that people enjoy restraining and intervening in others. Yang qiao mai has close connections with Shao yin ren, as the meridian is active to the people who are negative and passive by nature. Yin qiao mai has close connections with Shao yang yin who has a strong tendency to make friends easily by nature.

• Korean journal of applied entomology
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• v.48 no.4
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• pp.541-546
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• 2009

The egg size and weight of the gray field slug, Deroceras reticulatum Muller, was $1.91{\times}2.19$ mm and 3.3 mg at $24^{\circ}C$, respectively. Its weight increased from newly laid eggs to adults for 17 weeks at four temperature regimes and was heaviest at $20^{\circ}C$, followed by 24, 16 and $28^{\circ}C$. Likewise, hatching rate of the egg batches was highest with 95% at $20^{\circ}C$, followed by 24, 16 and $28^{\circ}C$ with significant differences. The number of eggs in the batches was increased with 20 at $20^{\circ}C$ while it was only 10 at $28^{\circ}C$. The average accumulated egg-laying days was longest with 15 days at $20^{\circ}C$ while shortest with 9 days at $24^{\circ}C$. The range of egg-laying period was shortest with 84-134 days at $16^{\circ}C$ and longest at $20^{\circ}C$. Thus, the total number of eggs laid by adult D. reticulatum was highest with 217 at $20^{\circ}C$ and lowest with 105 at $16^{\circ}C$. The egg period was 12-19 days while the juvenile period and adult longevity were 51-68 days and 85-134 days, respectively. The life span of D. reticulatum from egg to adult was longest with 216 days at $20^{\circ}C$, followed by 193 days at $24^{\circ}C$, 170 days at $16^{\circ}C$ and 151 days at $28^{\circ}C$. Accordingly, the most favorable temperature for the oviposition, development and longevity of D. reticulatum is $20^{\circ}C$.

• Korean journal of applied entomology
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• v.53 no.4
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• pp.339-346
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• 2014

To control populations of the chestnut weevil, Curculio sikkimensis Heller, the effects of various immersion temperatures and times on the chestnut weevil were tested. The effects of immersion treatments on chestnut fruits were also analyzed. The mortality levels of C. sikkimensis larvae were evaluated at various temperatures ($30^{\circ}C$, $35^{\circ}C$, $40^{\circ}C$, $45^{\circ}C$, and $50^{\circ}C$) and time intervals (1, 2, 3, 5, 7, 10, 15, 22, and 24 h). Changes in the chestnut fruit due to the immersion treatment were measured in terms of color (lightness, redness, and yellowness), physiological effects (germination rate and decay rate), hardness, and change in constituent properties (moisture content, free sugar content, and tannin content). Mortality levels of C. sikkimensis larvae after immersion treatment at $30^{\circ}C$ were over 70% and 100% after 2 h and 7 h, respectively. Color (lightness, redness, and yellowness) of the chestnut fruits was not significantly different at $30^{\circ}C$ and $35^{\circ}C;$ however, the color was affected at temperatures over $40^{\circ}C$. The germination rate of the fruit was not affected by the immersion treatments, but the decay rate at $40^{\circ}C$ increased with an increase in immersion time. The hardness of the fruits decreased with an increase in immersion times and temperatures. These results can be used in the future for developing methods for the control of chestnut weevil populations.

• Korean Journal of Mineralogy and Petrology
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• v.33 no.1
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• pp.53-64
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• 2020

The Samgwang deposit has been one of the largest deposits in Korea. The deposit consists of series of host rocks including Precambrian metasedimentary rocks and Jurassic Baegunsa formation, which unconformably overlies the Precambrian metasedimentary rocks. The deposit consists of eight lens-shaped quartz veins which filled fractures along fault zones in Precambrian metasedimentary rock, which feature suggest that it is an orogenic-type deposit. Laminated quartz veins are common in the deposit which contain minerals including quartz, ankerite, white mica, chlorite, apatite, rutile, arsenopyrite, sphalerite, chalcopyrite and galena. The structural formulars of white micas from laminated quartz vein and wallrock alteration are determined to be (K_1.02-0.82Na_0.02-0.00Ca_0.00)(Al_1.73-1.58Mg_0.26-0.16Fe_0.23-0.10Mn_0.00Ti_0.03-0.01Cr_0.01-0.00)(Si_3.35-3.22Al_0.79-0.65)O₁₀(OH)₂ and (K_0.75-0.67Na_0.01Ca_0.00) (Al_1.78-1.74Mg_0.16-0.15Fe_0.15-0.13Mn_0.00Ti_0.04-0.02Cr_0.01-0.00)(Si_3.33-3.26Al_0.74-0.67)O₁₀(OH)₂, respectively. It suggest that white mica from laminated quartz vein has higher interlayer cation (K+Na+Ca) and Fe+Mg+Mn+Ti content in octahedral site compared to the white mica from the wallrock alteration. Compositional variations in white mica from laminated quartz vein can be caused by phengitic or Tschermark substitution ((Al³⁺)^VI+(Al³⁺)^IV <-> (Fe²⁺ or Mg²⁺)^VI)+(Si⁴⁺)^IV) and (Fe³⁺)^VI <-> (Al³⁺)^VI substitution. Ankerite from laminated quartz vein has compositional variations of FeO and MgO contents along crystal growth direction. The geochemical and textural features suggest that laminated quartz vein from the Samgwang gold-silver deposit was formed during ductile shear stage, which is an important main gold-silver ore-forming event in orogeinc deposit.

• Korean Journal of Mineralogy and Petrology
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• v.33 no.1
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• pp.1-10
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• 2020

The atomic structures of silicate liquids at high pressure provide insights into the transport properties including thermal conductivities or elemental partitioning behavior between rocks and magmas in Earth's interior. Whereas the local electronic structure around silicon may vary with the arrangement of the nearby oxygens, the detailed nature of such relationship remains to be established. Here, we explored the atomic origin of the pressure-induced changes in the electronic structure around silicon by calculating the partial electronic density of states and L₃-edge X-ray absorption spectra of SiO₂ polymorphs. The result showed that the Si PDOS at the conduction band varies with the crystal structure and local atomic environments. Particularly, d-orbital showed the distinct features at 108 and 130 eV upon the changes in the coordination number of Si. Calculated Si XAS spectra showed features due to the s,d-orbitals at the conduction band and varied similarly with those observed in s,d-orbitals upon changes in the crystal structures. The calculated Si XAS spectrum for α-quartz was analogous to the experimental Si XRS spectrum for SiO₂ glass, implying the overall similarities in the local atomic environments around the Si. The edge energies at the center of gravity of XAS spectra were closely related to the Si-O distance, thus showing the systematic changes upon densification. Current results suggest that the Si L_2,3-edge XRS, sensitive probe of the Si-O distance, would be useful in unveiling the densification mechanism of silicate glasses and melts at high pressure.

• The Journal of the Petrological Society of Korea
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• v.20 no.4
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• pp.173-189
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• 2011

Basic to acidic dykes and systematic joints are observed pervasively in the Jukbyeon-Bugu area, Uljin, east Korea. In order to classify the dykes and joints and to determine the relative chronology, their geometries, kinematics, and cross-cutting relationships, and the petrography and geochemistry of dykes are synthetically analyzed. Based on the orientations and cross-cutting relationships of 144 dykes (137 basic and 7 acidic dykes) and 370 systematic joints, three basic dike swarms (M-10, M-80, and M-100), one acidic dyke group (AD), and four joint sets (J-10, J-40, J-80, and J-150) are classified. Some of the J-150 joints reactivated as dextral strike-slip fault are recognized in the field and named as F-340R. According to petrographic, geochemical, and occurrence features in the field, M-80 and M-100 dykes have originated from a co-magma and intruded under the same stress field, even though they have intruded through different passages, preexisting fractures and new fractures created by magmatic pressure, respectively. And the relative chronology of dyke swarms and joint sets in the study area is determined as follows : ${\rightarrow}$ ${\rightarrow}$ ${\rightarrow}$ ${\rightarrow}$ ${\rightarrow}$ . And the M-80 (M-100) and M-10 dyke swarms intruded under NNE-SSW and NW-SE trending horizontal minimum stress fields, respectively. According to a synthesis of the results of the previous and this studies, the M-80, M-10, and F-340R are interpreted to have been formed about 64-52 Ma, Eocene~Oligocene, and Miocene, respectively.

• The Journal of the Petrological Society of Korea
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• v.21 no.1
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• pp.1-12
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• 2012

The Baegdusan volcano is one of the most active volcanoes in northeastern Asia, and the 10th century eruption was the most voluminous eruption in the world in recent 2,000 years. During the period from 2002 to 2005, volcanic earthquakes and abnormal surface distortions by suspected subsurface magma intrusion beneath the volcano were observed in the Baegdusan area. Seismic activity has gradually increased with earthquake swarms during 2002-2003 and hundreds of seismic event in a day, especially annual peak of 2,100 in 2003. Then the number of seismic activity has declined since 2006 to the background level in 1999-2001. According to the typical frequency of volcanic earthquakes in the Baegdusan volcano, the frequency distribution of typical volcanic earthquakes between 2002 and 2005 indicates that all the main frequency of the earthquakes basically falls down less than 5 Hz and 5-10 Hz. These events are all the VT-B and LP events caused by the shallow localized fracture and intrusion of magma. The horizontal displacement measurement by GPS during the period from 2000 to 2007 of the Baegdusan stratovolcano area indicates that an inflated process has been centered at the summit caldera since 2002. The displacement between 2002 and 2003 reached at a maximum value of 4 cm. After 2003, the deformation rate of the volcano continued to decrease with unusual variation during the period from 2006 to 2007. After 2003 the vertical displacement uplift rate falls down gradually but still keeps in an uplift trend in northern slope. It is generally believed that when $^3He/^4He(R)$ in a gas sample from a hot spring exceeds $^3He/^4He(R)$ in the atmosphere, it can be concluded that mantle-source. And temperatures of hot springs are rising steadily to $83^{\circ}C$. It is unrest signals at the Baegdusan, which is potentially active. The Baegdusan volcano is now in unrest status, there is eruption threat in the near future. Intensified monitoring and emergency response plan for volcanic risk mitigation are urgent for the volcano.

• Journal of Korean Society of Coastal and Ocean Engineers
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• v.26 no.4
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• pp.197-206
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• 2014

The purpose of this study is to evaluate coastal erosion due to a sea-level rise. The shoreline retreat rate was calculated due to future sea-level rise. Shoreline retreat rates were quantified with the cross-sectional data of 23 sandy coasts (12 sites from east coast, 5 sites from south coast, and 6 sites of west coast) and 3 cross-sectional profiles from each side of the coasts in Korea. The theory of equilibrium beach profile was employed in this study to evaluate the applicability of the theory into the coast of Korea and was tested with 15 cross-sectional beach profiles. Four scenarios of future sea level rise such as 38 cm, 59 cm, 75 cm, and 100 cm were adopted to estimate the shoreline retreat rates. Overall shoreline retreat rates for the coasts in Korea were predicted as 43.7% for 38 cm, 60.3% for 59 cm, 69.2% for 75 cm, and 80.1% for 100 cm sea level rises, respectively. Retreat rates in the east coast (29.6% for 38 cm, 45.1% for 59 cm, 56.0% for 75 cm, and 69.9% for 100 cm) showed relatively low compared to the south coast (51.9%, 67.6%, 77.2%, 87.3%) and the west coast (53.8%, 71.0%, 78.5%, 86.4%). However, all sandy coasts in Korea were assessed to be vulnerable with increasing sea-level rise. There are uncertainties in the assessment of this study, which include the limitation of the assessment model and the lack of the spatio-temporal data of the beach profiles. Therefore, this study shows that it is very important to spend integrated efforts to respond coastal erosion including comprehensive observations(monitoring) and the development of scientific understanding on the field.