• KDI Journal of Economic Policy
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• v.31 no.1
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• pp.239-276
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• 2009

The paper investigates the possible relationship between earnings prediction by security analysts and special ownership ties that link security companies those analysts belong to and firms under analysis. "Security analysts" are known best for their role as information producers in stock markets where imperfect information is prevalent and transaction costs are high. In such a market, changes in the fundamental value of a company are not spontaneously reflected in the stock price, and the security analysts actively produce and distribute the relevant information crucial for the price mechanism to operate efficiently. Therefore, securing the fairness and accuracy of information they provide is very important for efficiencyof resource allocation as well as protection of investors who are excluded from the special relationship. Evidence of systematic distortion of information by the special tie naturally calls for regulatory intervention, if found. However, one cannot presuppose the existence of distorted information based on the common ownership between the appraiser and the appraisee. Reputation effect is especially cherished by security firms and among analysts as indispensable intangible asset in the industry, and the incentive to maintain good reputation by providing accurate earnings prediction may overweigh the incentive to offer favorable rating or stock recommendation for the firms that are affiliated by common ownership. This study shares the theme of existing literature concerning the effect of conflict of interests on the accuracy of analyst's predictions. This study, however, focuses on the potential conflict of interest situation that may originate from the Korea-specific ownership structure of large conglomerates. Utilizing an extensive database of analysts' reports provided by WiseFn(R) in Korea, we perform empirical analysis of potential relationship between earnings prediction and common ownership. We first analyzed the prediction bias index which tells how optimistic or friendly the analyst's prediction is compared to the realized earnings. It is shown that there exists no statistically significant relationship between the prediction bias and common ownership. This is a rather surprising result since it is observed that the frequency of positive prediction bias is higher with such ownership tie. Next, we analyzed the prediction accuracy index which shows how accurate the analyst's prediction is compared to the realized earnings regardless of its sign. It is also concluded that there is no significant association between the accuracy ofearnings prediction and special relationship. We interpret the results implying that market discipline based on reputation effect is working in Korean stock market in the sense that security companies do not seem to be influenced by an incentive to offer distorted information on affiliated firms. While many of the existing studies confirm the relationship between the ability of the analystand the accuracy of the analyst's prediction, these factors cannot be controlled in the above analysis due to the lack of relevant data. As an indirect way to examine the possibility that such relationship might have distorted the result, we perform an additional but identical analysis based on a sub-sample consisting only of reports by best analysts. The result also confirms the earlier conclusion that the common ownership structure does not affect the accuracy and bias of earnings prediction by the analyst.

• Journal of the Korean Society of Food Science and Nutrition
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• v.46 no.5
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• pp.572-580
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• 2017

The contents of phenolic compounds in water and 40% ethanol extracts from Okkwang (Castanea crenata) chestnut bur solid (OCS) were $11.24{\mu}g/50{\mu}g$ solid and $10.28{\mu}g/50{\mu}g$ solid, respectively. The 1,1-diphenyl-2-picrylhydrazyl free radical scavenging and 2,2'-azino-bis(3-ethylbenzothiazoline- 6-sulfonic acid) radical decolorization activities of water and ethanol extracts were 85% and 100% as well as 87% and 86% at a solid content of $50{\mu}g/mL$, respectively. The anti-oxidant protection factors (PFs) of water and ethanol extracts at a solid content of $200{\mu}g/mL$ were 1.22 PF and 1.45 PF, respectively. Thiobarbituric acid reactive substance were 83% in water extract and 73% in ethanol extract at a solid content of $200{\mu}g/mL$. The inhibitory activities against xanthine oxidase in water and ethanol extracts were 54% and 43% at a solid content of $200{\mu}g/mL$, respectively. The inhibitory activities against ${\alpha}$-glucosidase were 95% in water extract and 96% in ethanol extract at a solid content of $50{\mu}g/mL$. Tyrosinase inhibitory activity was 27% in ethanol extract at a solid content of $200{\mu}g/mL$. The collagenase and elastase inhibitory activities as anti-wrinkle effect were 93% and 11% in water extract as well as 94% and 56% in ethanol extract at a solid content of $200{\mu}g/mL$. Hyaluronidase inhibitory activity as anti-inflammatory effect of water and ethanol extracts were 96% and 52% at a solid content of $200{\mu}g/mL$, respectively. The results show that extracts from OCS can be used as a functional resource with antioxidant, anti-gout, carbohydrate degradation inhibitory, whitening, anti-wrinkle, and anti-inflammatory activities.

• Journal of Food Hygiene and Safety
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• v.33 no.2
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• pp.140-145
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• 2018

The skin of the human body occupies the largest surface area of the body and acts as a protection for the person's internal organs. As such, the skin is a major target of oxidative stressors, and these oxidative stressors are known to contribute to skin aging over the course of time. For the most part, an antioxidant is an effective approach to utilize to prevent symptoms related to the reactive oxygen species (ROS)-induced aging of the skin. Therefore, we investigated the antioxidant and anti-aging activity of the leaves of the Quercusaliena Blume extract (QBE). In our study, we confirmed that the cell viability tested with XTT {2,3-bis(2-methoxy-4-nitro-5-sulfophenyl)-2H-tetrazolium-5-carboxanilide innersalt} assay was not affected up to a concentration of $100{\mu}g/mL$. In addition, the cell viability of HDF cells induced by hydrogen peroxide was recovered from 81% to 104% after treatment with QBE, which showed the greater protective effect than that of ascorbic acid. Treatments of QBE dose-dependently inhibited reactive oxygen species (ROS) production in HDF cells induced by hydrogen peroxide, which correlated with their protective effects on cell viability. Since QBE treatment exhibited the suppression effect of skin aging by decreasing the ROS production, QBE could be used as a not only natural anti-aging but also antioxidant resource.

• Ecology and Resilient Infrastructure
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• v.8 no.2
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• pp.120-132
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• 2021

The ecosystem and landscape conservation areas of Seoul were designated according to the Natural Environment Conservation Act and the Natural Environment Conservation Ordinance. With the adoption of the "Rapid Assessment of Wetland Ecosystem Service (RAWES)" approach and the "wetland ecosystem service" for the Ramsar Wetland City Accreditation at the 13th Meeting of the Conference of the Contracting Parties to the Ramsar Convention on Wetlands in 2018, the need for data evaluating wetland ecosystem services has become a necessity. Therefore, in this study, we selected five wetlands from the ecosystem and landscape conservation areas in Seoul, having high ecological conservation values, and evaluated their carbon sequestration and economic value assessment using the InVEST model, which is an ecosystem service evaluation technique. The evaluation results for carbon storage in each wetland are as follows: Tancheon Wetland: 3,674.62 Mg; Bamseom Island in the Hangang River: 1,511.57 Mg; Godeok-dong Wetland: 5,007.21 Mg; Amsa-dong Wetland: 7,108.47 Mg; and Yeouido Wetland: 290.27 Mg. Particularly, the Tancheon Wetland showed the lowest carbon sequestration of 1,130.37 Mg, as compared to the results acquired in 2013, of 4,804.99 Mg. When the average effective carbon rate of $16.06 (US) was applied to the decreased carbon sequestration value, a loss of $15,910.58(US) was calculated. Furthermore, if the average social cost of carbon ($204 (US)) is considered, which includes the impact of climate change on productivity and ecosystems, the total loss is equivalent to $202,101.97 (US). This study aims to examine the natural resource value of urban wetlands by evaluating selected major wetlands in Seoul. This study can be utilized as basic data to plan for the protection and management of the ecosystem and landscape conservation areas. Additionally, because wetland value assessment is considered essential, the results of this study can be used in future research to provide measures for evaluating ecosystem services in the Ramsar Wetland City Certification System. Moreover, this study can be utilized for selecting important wetlands as Ramsar sites, and to raise awareness about the significance of conserving urban wetlands, and for expanding international exchange among the Ramsar Wetland sites.

• Korean Journal of Heritage: History & Science
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• v.52 no.1
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• pp.190-211
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• 2019

In March 2015, The Agency for Cultural Affairs of Japan implemented a project called "Japan Heritage," which aims to promote the unique narratives of cultural properties of the region by branding the locality for revitalization in preparation for the 2020 Tokyo Olympics and Paralympics. This bottom-up approach of cultural policy has been called a "Cool Japan Strategy of Cultural Heritage" in the 21st century, which effectively incorporates local cultural heritage and tourism. However, although a total of 67 Japan Heritage projects have been designated as of December 2018, almost none has been introduced in the academic forum in Korea. On the basis of this background and a lack of academic awareness in Korea on Japan's recent cultural policies, this research aims to focus on the three cases of Gunma Prefecture implemented in local, global, and glocal aspects. To specify, the cases are the "Gunma Silk Heritage" project, implemented in 2011, the "Tomioka Silk Mill and Related Sites" project that was included on the UNESCO World Heritage List in 2014, and "The Best Wife in the World - Silk Story of Gunma," case certified as the first project of "Japan Heritage" launched in 2015. Based on the questionnaire method conducted with the World Heritage Registration Promotion Division in Gunma Prefectural Government, as well as a literature view, the research revealed that the consecutive implementation of a series of cultural heritage projects in Gunma is not coincidental, but rather a strategy aiming to create a synergism where each project complements the others. Moreover, this paper demonstrates that Gunma Prefecture has been utilizing the local silk industry as a tangible and intangible cultural resource in multi-layered heritage projects, resulting in a "spiral synergy effect" and a "chain of the recognition process." In conclusion, it illustrates the recent trend of utilizing cultural heritage in the context of the Cool Japan strategy, which seeks to move away from the administration of maintaining the status quo cultural heritage protection to a proactive one with greater potential growth. This research may thus provide meaningful insight into the utilization of domestic historical and cultural resources as well as related policy-making, in that it will ultimately promote the chain effect of linking the multiple heritage policies and projects at the local, global, and glocal levels.

• Journal of the Korean Institute of Landscape Architecture
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• v.50 no.1
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• pp.1-19
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• 2022

The Geumgang Pine (Pinus densiflora) Forest in Sogwang-ri, Uljin has traditionally been a pine tree protection area (prohibited forest) for timber production purposes, and is now designated and managed as a protected area for forest genetic resource conservation by the Korea Forest Service. This study, we analyzed topographical characteristics, existing vegetation, tree age, and plant community structure, and proposed a sustainable management method for the Geumgang Pine (Pinus densiflora) Forest in Sogwang-ri, Uljin for timber havesting purposes. The topographical characteristics of the target area were 36.7% ridges and 38.7% valleys; the ratio of ridges to valleys was similar, and the slopes formed 24.7% of the total area. The types of pine forest communities are divided into six types based on the progress of pine forest renewal, the competition with other species such as deciduous broadleaf trees, and the formation of layered structures. It has been confirmed that the age of the large-diameter pine trees (40~60cm in diameter) is approximately 60~70 years, which is relatively low. As a result of the analysis of the relative importance percentage and layered structure, differences depended on the progress of the pine forest renewal project, and not only the maintenance of the pine forest, but also the creation of a secondary growth forest, the density adjustment of pine trees, and the active management of competitive trees. The average basal area by the community was 12,642.1~25,424.4cm² for the tree layer and 1.8~1,956.5cm² for the low tree layer based on a quadrat of 400m². The difference in the basal area appeared to depend on the size and number of trees forming the tree layer and the degree of pine forest renewal (the degree of time elapsed after thinning pine trees). The average number of species that appeared in each community was 8.7-20.3; there were many species located in valleys, and the type competes with deciduous broadleaf trees due to the lack of management. The diversity of species ranged from 0.6915-1.0942, and was evaluated as low compared to pine communities in central temperate zones. In this paper, we determined the management goals of Geumgang Pine (Pinus densiflora) Forest in Sogwang-ri, Uljin to produce timber with high economic value, and suggested efficient vegetation management for continuous afforestation, the establishment of a timber production system, and improvement of wood production as a management direction.

• Journal of Korean Society of Forest Science
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• v.98 no.1
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• pp.66-81
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• 2009

From a new perspective of "humans and the culture of forming and conserving the environment", the sustainable forest management can be reformulated under the concept of "cultural sustainability". Cultural sustainability is based on the emphasis of the high contribution to sustainability of the culture of forming and conserving the environment. This study extracts the implications to cultural sustainability for the modern world by investigating a historical case of the culturo-social pine forestry in the Joseon period of Korea. In the legendary and recorded acts by the first king Taejo, Seonggye Yi, Korean red pine (Pinus densiflora) was the "Royal tree" of Joseon and also the "Sajik tree" related intimately with the Great Sajik Ritual valued as the top rank within the national ritual regime that sustained the Royal Virtue Politics in Confucian political ideology. Into the Neo-Confucian faith and royal rituals of Joseon, elements of geomancy (Feng shui), folk religion, and Buddhism had been amalgamated. The deities worshipped or revered at the Sajik shrine were Earth-god (Sa) and crop-god (Jik). And it is the Earth god and the concrete entity, Sajik tree, that contains the legacy of sylvan religion descended from the ancient times and had been incorporated into the Confucian faith and ritual regime. Korean red pine as the Royal-Sajik tree played a critical role of sustaining the religio-political justification for the rule of the Joseon's Royalty. The religio-political symbolism of Korean red pine was represented in diverse ways. The same pine was used as the timber material of shrine buildings established for the national rituals under Neo-Confucian faith by the royal court of Joseon kingdom before the modern Korea. The symbolic role of pine had also been expressed in the forms of royal tomb forests, the Imposition Forest (Bongsan) for royal coffin timber (Whangjangmok), and the creation, protection, conservation and bureaucratic management of the pine forests in the Inner-four and Outer-four mountains for the capital fortress at Seoul, where the king and his family inhabit. The religio-political management system of pine forests parallels well with the kingdom's economic forest management system, called "Pine Policy", with an array of pine cultivation forests and Prohibition Forests (Geumsan) in the earlier period, and that of Imposition Forests in the later period. The royal pine culture with the economic forest management system had influenced on the public consciousness and the common people seem to have coined Malrimgat, a pure Korean word that is interchangeable with the Chinesecharacter words of prohibition-cultivation land or forest (禁養地, 禁養林) practiced in the royal tomb forests, and Prohibition and Imposition Forests, which contained prohibition landmarks (Geumpyo) made of stone and rock on the boundaries. A culturo-social forestry, in which Sajik altar, royal tomb forests, Whangjang pine Prohibition and Imposition forests and the capital Inner-four and Outer-four mountain forests consist, was being put into practice in Joseon. In Joseon dynastry, the Neo-Confucian faith and royal rituals with geomancy, folk religion, and Buddhism incorporated has also played a critical humanistic role for the culturo-social pine forestry, the one higher in values than that of the economic pine forestry. The implications have been extracted from the historical case study on the Royal-Sajik tree and culturo-social forestry of Joseon : Cultural sustainability, in which the interaction between humans and environment maintains a long-term culturo-natural equilibrium or balance for many generations, emphasizes the importance that the modern humans who form and conserve environment need to rediscover and transform their culturo-natural legacy into conservation for many generations and produce knowledge of sustainability science, the transdisciplinary knowledge for the interaction between environment and humans, which fulfills the cultural, social and spiritual needs.