• Proceedings of the Korean Institute of Information and Commucation Sciences Conference
• /
• 2013.05a
• /
• pp.474-477
• /
• 2013

As the market-based spectrum policy is introduced, an interest in the economic value of the frequency is increasing. Research and practical applications concerning the methodology for the estimation of the economic value of the frequency and its determinants are actively engaged, which are used for setting a reserve price and bid price of spectrum auction and a spectrum clearance cost. In this study, by the analysis of the spectrum valuation methodology, we derive the changes in the factors affecting the valuation and propose to apply improved. In the model frequency value is consist of technical value, commercial value and strategic value, we find the dynamics of fluctuation factors and suggest how to apply them to spectrum policy.

• The Transactions of the Korean Institute of Electrical Engineers A
• /
• v.53 no.3
• /
• pp.129-134
• /
• 2004

The Available Transfer Capability (ATC) is defined as the measure of the transfer capability remaining in the physical transmission network for further commercial activity above already committed uses. The ATC determination s related with Total Transfer Capability (TTC) and two reliability margins-Transmission Reliability Capability (TRM) and Capacity Benefit Margin(CBM) The TRM is the component of ATC that accounts for uncertainties and safety margins. Also the TRM is the amount of transmission capability necessary to ensure that the interconnected network is secure under a reasonable range of uncertainties in system conditions. The CBM is the translation of generator capacity reserve margin determined by the Load Serving Entities. This paper describes a method for determining the TTC and TRM to calculate the ATC in the Bulk power system (HL II). TTC and TRM are calculated using Power Transfer Distribution Factor (PTDF). PTDF is implemented to find generation quantifies without violating system security and to identify the most limiting facilities in determining the network’s TTC. Reactive power is also considered to more accurate TTC calculation. TRM is calculated by alternative cases. CBM is calculated by LOLE. This paper compares ATC and TRM using suggested PTDF with using CPF. The method is illustrated using the IEEE 24 bus RTS (MRTS) in case study.

• The Journal of Asian Finance, Economics and Business
• /
• v.7 no.2
• /
• pp.33-42
• /
• 2020

The paper investigates the mechanism through which corporate credit ratings affect dividend payments by decomposing the mean difference of dividends into a part that is explained by the determinants of dividends and a residual part that is contributed by the pure credit group effect, in the framework of the traditional dividend model of Fama and French (2001). Historically, better credit rated firms have shown consistently higher propensity to pay dividends especially during the economic crisis period. According to the counter-factual decomposition technique of Jann (2008), better rated firms are more responsive to the firm characteristics that have positive impact on dividends and poor rated firms are more responsive to the negative dividend predictors. As a result, good (bad) credit ratings make corporate managers become more bold (timid) in their dividend payments and they tend to pay more (less) dividends than what their firm characteristics prescribe. The degree of information asymmetry increases for the poor group firms during crisis periods and they attempt to reserve more cash in preparation for future investments. The decomposition results suggest that the credit group effect can potentially exceed the effect of firm characteristics because firms of different credit ratings can respond to the very same firm characteristics in a different manner.

• Journal of the Korean Society of Marine Environment & Safety
• /
• v.23 no.1
• /
• pp.56-66
• /
• 2017

This paper investigates university-level curriculum by comparing education systems among maritime universities, fishery universities and naval academy. It was found that maritime university programs are full of effective courses related to the concept of Sea Power along with the duties of maritime officers. It is recommended that more interest be paid to on the increase of national sea power by renovating current educational systems and adding more national supports by providing additional maritime policies to establish sustainable development goals for Sea Power.

• International Journal of Fluid Machinery and Systems
• /
• v.3 no.4
• /
• pp.352-359
• /
• 2010

In recent years, the market has shown increasing interest in pump-turbines. The prompt availability of pumped storage plants and the benefits to the power system achieved by peak lopping, providing reserve capacity, and rapid response in frequency control are providing a growing advantage. In this context, there is a need to develop pumpturbines that can reliably withstand dynamic operation modes, fast changes of discharge rate by adjusting the variable diffuser vanes, as well as fast changes from pumping to turbine operation. In the first part of the present study, various flow patterns linked to operation of a pump-turbine system are discussed. In this context, pump and turbine modes are presented separately and different load cases are shown in each operating mode. In order to create modern, competitive pump-turbine designs, this study further explains what design challenges should be considered in defining the geometry of a pump-turbine impeller. The second part of the paper describes an innovative, staggered approach to impeller development, applied to a low head pump-turbine project. The first level of the process consists of optimization strategies based on evolutionary algorithms together with 3D in-viscid flow analysis. In the next stage, the hydraulic behavior of both pump mode and turbine mode is evaluated by solving the full 3D Navier-Stokes equations in combination with a robust turbulence model. Finally, the progress in hydraulic design is demonstrated by model test results that show a significant improvement in hydraulic performance compared to an existing reference design.

• Journal of Climate Change Research
• /
• v.9 no.4
• /
• pp.325-342
• /
• 2018

The Korea Emissions Trading Scheme ( K-ETS), which manages roughly 70% of the greenhouse gas emissions in South Korea, was initiated in 2015, after implementation of its 1st basic plan and the 1st allocation plan (2014) for the 1st phase (2015-2017). During the three and a half years since the launch of K-ETS, there have been critical policy change such as adjustment of the institutions involved, development and revision of the 2030 national GHG reduction roadmap, and change in the allocation plans. Moreover, lack of liquidity and fluctuation of carbon prices in the K-ETS market during this period has forced the Korean government to adjust the flexibility mechanism and auction permits of the market stability reserve. To evaluate the policy change in the K-ETS regarding conformance to its objectives, this study defines three objectives (Environmental Effectiveness, Cost Effectiveness and Economic Efficiency) and ten indicators. Evaluation of Environmental Effectiveness of K-ETS suggests that the national GHG reduction roadmap, coverage of GHG emitters and credibility of MRV positively affect GHG mitigation. However, there was a negative policy change implemented in 2017 that weakened the emission cap during the 1st phase. In terms of the Cost Effectiveness, the K-ETS policies related to market management and flexibility mechanism (e.g. banking, borrowing and offsets) were improved to deal with the liquidity shortage and permit price increase, which were caused by policy uncertainty and conservative behavior of firms during 2016-2018. Regarding Economic Efficiency, K-ETS expands benchmark?based allocation and began auction-based allocation; nevertheless, free allocation is being applied to sectors with high carbon leakage risk during the 2nd phase (2018-2020). As a result, it is worth evaluating the K-ETS policies that have been developed with respect to the three main objectives of ETS, considering the trial?and?error approach that has been followed since 2015. This study suggests that K-ETS policy should be modified to strengthen the emission cap, stabilize the market, expand auction-based allocation and build K-ETS specified funds during the 3rd phase (2021-2025).

• The Journal of The Korea Institute of Intelligent Transport Systems
• /
• v.19 no.4
• /
• pp.100-115
• /
• 2020

Recently, with the development of various sensors and communication technologies, the market for wearable devices capable of recording physical activity in connection with a smartphone is expanding. The purpose of this study is to analyze physical activity for each transportation modes in order to utilize wearable devices in the field of transportation. This study consists of three steps: data collection, basic statistical analysis, and physical activity analysis. Four adult males and females were recruited as investigators, and physical activity and route information were collected through Fitbit, a commercial wearable device. From the collected physical activity information, a percentage of heart rate reserve (%HRR) using a heart rate was derived and used for analysis. As a results, it was found that there is a statistically significant difference in heart rate for each transportation mode, and physical activity intensity is the highest when walking. In addition, the results of physical activity analysis for the case of using different routes for the same OD were presented. The results presented in this study are expected to be used as basic data for preparing public transportation activation policies and providing customized services for the future.

• Economic and Environmental Geology
• /
• v.42 no.2
• /
• pp.133-141
• /
• 2009

For economic impact analysis on a R&D project of high-yield groundwater development in Jeju conducted by KIGAM from 2004 to 2007, benefit/cost ratio(BCR), net present value(NPV), and internal rate of return(IRR) were calculated by contingent valuation method(CVM), production function analysis, domestic water market analysis and technology factor analysis. Measurable direct impact parameters among the major outputs of this R&D project consisted the estimation 4 high-yield and high mineral groundwater reserve in Jeju. Annual use of the reserve by piped water and bottled water was estimated as 12.23 million ton and its monetary value was calculated as 293.4 million dollar in 2006 year value applied of 5.5% discount rate. Economic impact of this R&D project in NPV of year 2006, with applying a discount rate of 5.5%, was identified and estimated as 13.66 million dollar in NPV, 4.05 points in BCR, and 22.74% in IRR, respectively. Additional early launch benefit was 5.58 million dollar. Even increased of the 1% discount rate, NPV of this R&D project was also positive as 12.18 million dollar and BCR was 3.71.

• Journal of Korea Entertainment Industry Association
• /
• v.15 no.6
• /
• pp.55-70
• /
• 2021

This study investigates the following important financial questions using entertainment enterprises: 1) how does cash reserve affect a firm's financial value? 2) what factors influence the level of cash retention of a firm? For empirical tests, we use accounting and financial data of entertainment companies listed in the KOSPI and KOSDAQ markets for a long-term time period covering from 2000 to 2018. The main findings of this paper are as follows: First, entertainment companies maintain higher level of cash holdings compared to non-entertainment companies. Second, the cash holdings of entertainment enterprises have positive influence on firms' financial value. Third, among various firm characteristics known for affecting the cash holdings level, leverage and profitability exhibit strong relationships in entertainment enterprises. Entertainment firms with lower leverage and higher profitability tend to reserve more cash inside them. These findings suggest that entertainment companies are highly valued by stock market participants as having prospective opportunities, thus, firms with sufficient cash holdings tend to have higher firm value. In addition, these findings imply that cash in entertainment enterprises functions as a substitute for debts and the cash holdings are less likely driven by agency problems.

• Journal of International Area Studies (JIAS)
• /
• v.15 no.1
• /
• pp.83-108
• /
• 2011

South America has vast energy resources with the renewable and non-renewable sources. However, many countries in the region are unable to guarantee adequate energy security both of energy supply and demand. Currently the possibility of energy security is high through regional energy integration based on the potential economic benefits. The difference of regulation system with the individual countries in the region impose strong barriers to integration process. Security of energy supply and its demand as well is fundamental issues in this region and regional energy cooperation is essential for getting rid of the insecurity of energy supplies. Despite of this problem, currently Latin American countries made a great effort to make multilateral energy security regime through projecting great energy infrastructure network(e.g. IIRSA) or mechanism especially in South America, which can give countries access to the region's reserve supplies by providing regulations and pricing mechanism with a shared energy market in this region. Brazil's active leading in the formulation of such movement toward energy security integration and participation of energy infrastructure network is good initiative to enforce this great energy security change. Politically and economically, Brazil's geographical position and the level of market size and oil and natural gas resources, in addition the leadership in renewable energy sources make it a sound candidate to take over the coordination of the secure integration of region's energy market. However, on the conditions of existing many obstacles such as, control of the output of the region's power plant, energy flows, the environmental matter within local community must be overcome to make more advance process and steps. Finally, to secure more institutional approach, this region must settle regional disputes resolution regime urgently.