• The Korean Journal of Financial Management
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• v.24 no.1
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• pp.1-27
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• 2007

In this study, we investigated the market long-term performance of stock splits by using the Korean Stock Market data from 1998 through 2002. We measured the performance by the event-time portfolio approach with the buy-and-hold abnormal return(BHAR) and the cumulative average abnormal return(CAAR). Also, the calendar-time portfolio approach with one-factor and three factor model were used for avoiding the misspecification model problem. The first of main results in this study was that the stock splits had significantly positive abnormal returns around the month of the stock splits announcements. However, the period BHAR and CAAR after the announcement month were significantly negative. This negative long-term abnormal returns were confirmed by the calendar-time portfolio approach. The results suggested that the abnormal return followed by the stock splits seemed to be positive in the short-term period. Second, there was no the difference of the long term performance between the high and the low split ratios. The operating income performance in the periods followed by the stock splits announcements grew worse. Therefore, the signalling effects, the managers of the firm under considering the stock splits would make use of splits as a form of signals for the upward changes in the cash flow or profits, could not be found. Finally, in contrast to Fama, Fisher, Jensen and Roll(1969), the significant negative abnormal returns following the stock splits were still found irrespective of the change of dividend payout ratio.

• Journal of the Korean Society for Heat Treatment
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• v.14 no.3
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• pp.160-166
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• 2001

The change of ribbon geometry, microstructure and shape recovery with Mn contents, wheel speed and various annealing temperature have been studied in Fe-X%Mn-5Cr-5Co-4Si (X%=15, 20, 24) shape memory alloy (SMA) ribbons rapidly solidfied by single roll chill-block melt-spinning process. The thickness and width of melt-spun ribbons are reduced, results in refining and uniformalizing grains with increasing wheel speed. In the ribbons melt-spun at a wheel speed of 15m/sec, both ${\varepsilon}$ and ${\alpha}^{\prime}$martensites are formed in ribbon 1 (15.5wt%Mn), while only ${\varepsilon}$ martensite is revealed in ribbon 2 (20.2wt%Mn) and ribbon 3 (23.5wt%Mn). The volume fraction of ${\varepsilon}$ martensite is decreased with increasing Mn contents, and those of ${\varepsilon}$ as well ${\alpha}^{\prime}$martensites are increased due to thermal stress relief and grain growth with increasing annealing temperature. Ms temperatures of the ribbons 1, 2 and 3 are fallen with increasing Mn contents. $M_s$ temperatures of the ribbons 1, 2 and 3 annealed at $300^{\circ}C$ for 3 min are risen abruptly, but are nearly constant even at higher annealing temperature, i.e., 400, 500 and $600^{\circ}C$ for 3 min. Shape recovery of the ribbons 1, 2 and 3 increased 30%, 52% and 69% with Mn contents, respectively. Shape recovery of ribbon 1 (15.5wt%Mn) formed ${\varepsilon}$ and ${\alpha}^{\prime}$martensites decreased because of the presence of ${\alpha}^{\prime}$martensite but those of ribbon 2 (20.2wt%Mn) and ribbon 3 (23.5wt%Mn) formed ${\varepsilon}$ martensite increased with increasing annealing temperature.

• Journal of the Korean Vacuum Society
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• v.16 no.2
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• pp.79-90
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• 2007

Prototype of $800{\ell}$ vacuum web coater (Vic Mama) consisting of ion source with low energy less than 250 eV for high speed surface modification and 4 magnetron sputter cathodes was designed and constructed. Its performance was evaluated through fabricating the adhesiveless flexible copper clad laminate (FCCL). Pumping speed was monitored in both upper noncoating zone pumped down by 2 turbo pumps with 2000 l/sec pumping speed and lower surface modification and sputter zone vacuumed by turbo pumps with 450 1/sec and 1300 1/sec pumping speed respectively. Ion current density, plasma density, and uniformity of ion beam current were measured using Faraday cup and the distribution of magnetic field and erosion efficiency of sputter target were also investigated. With the irradiation of ion beams on polyimide (Kapton-E, $38{\mu}m$) at different fluences, the change of wetting angle of the deionized water to polyimide surface and those of surface chemical bonding were analyzed by wetting anglometer and x-ray photoelectron spectroscopy. After investigating the deposition rate of Ni-Cr tie layer and Cu layer was investigated with the variations of roll speed and input power to sputter cathode. FCCL fabricated by sputter and electrodeposition method and characterized in terms of the peel strength, thermal and chemical stability.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.18 no.3
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• pp.306-311
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• 2017

This paper deals with the design optimization of the kinematic characteristics of an automotive suspension system. The kinematic characteristics of the suspension determine the attitude of the wheels, such as the toe and camber, which not only relates to tire wear during driving, but also greatly affects the control of the vehicle and its stability, which corresponds to the motion performance of the vehicle. Therefore, it is very important to determine the characteristics of the suspension mechanism at the initial stage of the design. In this study, a displacement analysis is performed to determine the kinematic properties of the suspension for the McPherson strut suspension. For this purpose, a set of constraint equations for the joints constituting the suspension mechanism was established and a program was developed to solve them. We also used ADS, a design optimization program, to obtain the desired kinematic characteristics of the suspension. As the design variables for optimization, we used the coordinates of the hard points, which are the points of attachment of the suspension to the vehicle body, and are defined as the summation of the toe-in for the up and down movement of the wheel as the objective function. As the constraint functions, the maximum camber angle and minimum roll center height, which are design requirements, are considered. As a result of this study, it was possible to determine the optimal locations of the hard points that satisfy both constraint functions and minimize the change of the toe-in.

• 한국지구물리탐사학회:학술대회논문집
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• 2002.09a
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• pp.67-84
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• 2002

A shallow high-resolution seismic reflection survey was carried out at the Mineopo tidal flat on the western coast of Korea. The purpose of the survey was to investigate shallow sedimentary structure of the tidal (fat associated with the recent sea level change. A total of 795 shots were generated at 1 m interval from a 5-kg hammer source and recorded on 48 channels of 100 Hz geophones along two mutually perpendicular profiles. The water-saturated ground condition resulted in suppressed ground rolls by significantly decreasing rigidity. In addition, seismic velocities over 1500 m/s provided easy segregation of reflected arrivals from lower velocity noise. As a consequence, seismic sections were created that are high in resolution and signal to noise ratio as well. The stack sections show that the tidal flat consists of 5 sedimentary sequences above acoustic basement. Although deposition is largely characterized by the transgressive sedimentary facies resulting from sea level rise, erosional surfaces are well-resolved within the sequences.

• Food Science and Preservation
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• v.15 no.5
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• pp.630-634
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• 2008

The effect of packaging methods on the quality characteristics of leaf lettuces was studied during storage at low temperature. Using five commercial packaging types: non-perforated PP (polypropylene) film bags, PP film roll, perforated PP film bags, PET (polyethyleneterephthalate) trays, and micro-perforated LDPE film bags, changes in color, respiration rate, and weight loss of leaf lettuces were investigated. Packaging in non-perforated PP film bags minimized color change and weight loss during storage. The leaf lettuces packaged in non-perforated PP film bags, among the five packaging choices, showed good external appearance and offered the greatest sale potential in the domestic market. However, there were no clear differences in the respiration rates of lettuces packed in various ways. The PET tray afforded very good protection of leaf lettuces from physical damage. The results indicate that the marketability of lettuces may be directly affected by the packaging modes employed, and that the optimal packaging may be non-perforated PP film bags; these keep lettuces fresh during low-temperature storage.

• Journal of Korean Society of Disaster and Security
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• v.13 no.1
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• pp.59-75
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• 2020

This study is a case study that applied 'UNDRR's Urban Disaster Resilience Scorecard', an evaluation tool necessary for Incheon Metropolitan City to be certified as an international safe city. I would like to present an example that the results derived from this scorecard contributed to the Incheon Metropolitan City Disaster Reduction Plan. Of course, the Disaster Resilience Scorecard can't provide a way to improve the resilience of every disaster facing the city. However, it is to find the weakness of the resilience that the city faces, and to propose a solution to reduce the city's disaster risk. This is to help practitioners to recognize the disaster risks that Incheon Metropolitan City faces. In addition, the solution recommended by UNDRR was suggested to provide resilience in areas vulnerable to disasters. It was confirmed that this process can contribute to improving the disaster resilience of Incheon Metropolitan City. UNDRR has been spreading 'Climate Change, Disaster-resistant City Creation Campaign', aka MCR (Making Cities Resilient) Campaign, to cities all over the world since 2010 to reduce global cities' disasters. By applying the disaster relief guidelines adopted by UNDRR, governments, local governments, and neighboring cities are encouraged to collaborate. As a result of this study, Incheon Metropolitan city's UN Urban Resilience Scorecard was evaluated as a strong resilience field by obtaining scores of 4 or more (4.3~5.0) in 5 of 10 essentials; 1. Prepare organization for disaster resilience and prepare for implementation, 4. Strong resilience Urban development and design pursuit, 5. Preservation of natural cushions to enhance the protection provided by natural ecosystems, 9. Ensure effective disaster preparedness and response, 10. Rapid restoration and better reconstruction. On the other hand, in the other five fields, scores of less than 4 (3.20~3.85) were obtained and evaluated as weak resilience field; 2. Analyze, understand and utilize current and future risk scenarios, 3. Strengthen financial capacity for resilience, 6. Strengthen institutional capacity for resilience, 7. Understanding and strengthening social competence for resilience, 8. Strengthen resilience of infrastructure. In addition, through this study, the risk factors faced by Incheon Metropolitan City could be identified by priority, resilience improvement measures to minimize disaster risks, urban safety-based urban development plans, available disaster reduction resources, and integrated disasters. Measures were prepared.

• Asia pacific journal of information systems
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• v.20 no.1
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• pp.127-140
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• 2010

The benefit that a consumer derives from the use of a good often depends on the number of other consumers purchasing the same goods or other compatible items. This property, which is known as network externality, is significant in many IT related industries. Over the past few decades, network externalities have been recognized in the context of physical networks such as the telephone and railroad industries. Today, as many products are provided as a form of system that consists of compatible components, the appreciation of network externality is becoming increasingly important. Network externalities have been extensively studied among economists who have been seeking to explain new phenomena resulting from rapid advancements in ICT (Information and Communication Technology). As a result of these efforts, a new body of theories for 'New Economy' has been proposed. The theoretical bottom-line argument of such theories is that technologies subject to network effects exhibit multiple equilibriums and will finally lock into a monopoly with one standard cornering the entire market. They emphasize that such "tippiness" is a typical characteristic in such networked markets, describing that multiple incompatible technologies rarely coexist and that the switch to a single, leading standard occurs suddenly. Moreover, it is argued that this standardization process is path dependent, and the ultimate outcome is unpredictable. With incomplete information about other actors' preferences, there can be excess inertia, as consumers only moderately favor the change, and hence are themselves insufficiently motivated to start the bandwagon rolling, but would get on it once it did start to roll. This startup problem can prevent the adoption of any standard at all, even if it is preferred by everyone. Conversely, excess momentum is another possible outcome, for example, if a sponsoring firm uses low prices during early periods of diffusion. The aim of this paper is to analyze the dynamics of the adoption process in markets exhibiting network effects by focusing on two factors; switching and agent heterogeneity. Switching is an important factor that should be considered in analyzing the adoption process. An agent's switching invokes switching by other adopters, which brings about a positive feedback process that can significantly complicate the adoption process. Agent heterogeneity also plays a important role in shaping the early development of the adoption process, which has a significant impact on the later development of the process. The effects of these two factors are analyzed by developing an agent-based simulation model. ABM is a computer-based simulation methodology that can offer many advantages over traditional analytical approaches. The model is designed such that agents have diverse preferences regarding technology and are allowed to switch their previous choice. The simulation results showed that the adoption processes in a market exhibiting networks effects are significantly affected by the distribution of agents and the occurrence of switching. In particular, it is found that both weak heterogeneity and strong network effects cause agents to start to switch early and this plays a role of expediting the emergence of 'lock-in.' When network effects are strong, agents are easily affected by changes in early market shares. This causes agents to switch earlier and in turn speeds up the market's tipping. The same effect is found in the case of highly homogeneous agents. When agents are highly homogeneous, the market starts to tip toward one technology rapidly, and its choice is not always consistent with the populations' initial inclination. Increased volatility and faster lock-in increase the possibility that the market will reach an unexpected outcome. The primary contribution of this study is the elucidation of the role of parameters characterizing the market in the development of the lock-in process, and identification of conditions where such unexpected outcomes happen.