• Economic Analysis
• /
• v.27 no.3
• /
• pp.1-32
• /
• 2021

This study empirically analyzes whether bank capital channel and risk-taking channel for monetary policy work for domestic banks in South Korea by analyzing the impact of the expansionary monetary policy on the rate spread between deposit and loan, capital ratio, and loan amount. For the empirical analysis, the Uhlig (2005)'s sign-restricted SVAR(Structural Vector Auto-Regression) model is used. The empirical results are as follows: the bank's interest rate margin increases, the capital ratio improves, risk-weighted asset ratio increases, and the amount of loans increases in response to expansionary monetary shock. This empirical results confirm that bank capital channel and risk-taking channel work in domestic banks, similar to the previous research results. The implications of this study are as follows. Although the expansionary monetary policy has the effect of improving the bank's financial soundness and profitability in the short term as bank capital channel works, it could negatively affect the soundness of banks by encouraging banks to pursue risk in the long run as risk-taking channel works. It is necessary to note that the capital ratio according to the BIS minimum capital requirement of individual banks may cause an illusion in supervising the soundness of the bank. So, the bank's aggressive lending expansion may lead to an inherent weakness in the event of a crisis. Since the financial authority may have an illusion about the bank's financial soundness if the low interest rate persists, the authority needs to be actively interested in stress tests and concentration risk management in the pillar 2 of the BIS capital accord. In addition, since system risk may increase, it is necessary to conduct regular stress tests or preemptive monitoring of assets concentration risk.

• Asia Marketing Journal
• /
• v.15 no.3
• /
• pp.53-77
• /
• 2013

As advertising and promotions are categorized as operating expenses, managers tend to reduce marketing budget to improve their short term profitability. Gauging the value and accountability of marketing spending is therefore considered as a major research priority in marketing. To respond this call, recent studies have documented that financial market reacts positively to a firm's marketing activity or marketing related outcomes such as brand equity and customer satisfaction. However, prior studies focus on the relation of marketing variable and financial market variables. This study suggests a channel about how marketing activity increases firm valuation. Specifically, we propose that a firm's marketing activity increases the level of the firm's product market information and thereby the dispersion in financial analysts' earnings forecasts decreases. With less uncertainty about the firm's future prospect, the firm's managers and shareholders have less information asymmetry, which reduces the firm's cost of capital and thereby increases the valuation of the firm. To our knowledge, this is the first paper to examine how informational benefits can mediate the effect of marketing activity on firm value. To test whether marketing activity contributes to increase in firm value by mitigating information asymmetry, this study employs a longitudinal data which contains 12,824 firm-year observations with 2,337 distinct firms from 1981 to 2006. Firm value is measured by Tobin's Q and one-year-ahead buy-and-hold abnormal return (BHAR). Following prior literature, dispersion in analysts' earnings forecasts is used as a proxy for the information gap between management and shareholders. For model specification, to identify mediating effect, the three-step regression approach is adopted. All models are estimated using Markov chain Monte Carlo (MCMC) methods to test the statistical significance of the mediating effect. The analysis shows that marketing intensity has a significant negative relationship with dispersion in analysts' earnings forecasts. After including the mediator variable about analyst dispersion, the effect of marketing intensity on firm value drops from 1.199 (p < .01) to 1.130 (p < .01) in Tobin's Q model and the same effect drops from .192 (p < .01) to .188 (p < .01) in BHAR model. The results suggest that analysts' forecast dispersion partially accounts for the positive effect of marketing on firm valuation. Additionally, the same analysis was conducted with an alternative dependent variable (forecast accuracy) and a marketing metric (advertising intensity). The analysis supports the robustness of the main results. In sum, the results provide empirical evidence that marketing activity can increase shareholder value by mitigating problem of information asymmetry in the capital market. The findings have important implications for managers. First, managers should be cognizant of the role of marketing activity in providing information to the financial market as well as to the consumer market. Thus, managers should take into account investors' reaction when they design marketing communication messages for reducing the cost of capital. Second, this study shows a channel on how marketing creates shareholder value and highlights the accountability of marketing. In addition to the direct impact of marketing on firm value, an indirect channel by reducing information asymmetry should be considered. Potentially, marketing managers can justify their spending from the perspective of increasing long-term shareholder value.

• The Korean Journal of Physiology and Pharmacology
• /
• v.2 no.4
• /
• pp.521-527
• /
• 1998

An important property of the intestine is the ability to secrete fluid. The intestinal secretion is regulated by a number of substances including vasoactive intestinal peptide (VIP), ATP and different inflammatory mediators. One of the most important secretagogues is adenosine during inflammation. However, the controversy concerning the underlying mechanism of adenosine-stimulated $Cl^-$ secretion in intestinal epithelial cells still continues. To investigate the effect of adenosine on $Cl^-$ secretion and its underlying mechanism in the rabbit colon mucosa, we measured short circuit current ($I_{SC}$) under automatic voltage clamp with DVC-1000 in a modified Ussing chamber. Adenosine, when added to the basolateral side of the muocsa, increased $I_{SC}$ in a dose-dependent manner. The adenosine-stimulated $I_{SC}$ response was abolished when $Cl^-$ in the bath solution was replaced completely with gluconate. In addition, the $I_{SC}$ response was inhibited by a basolateral Na-K-Cl cotransporter blocker, bumetanide, and by apical $Cl^-$ channel blockers, dephenylamine-2-carboxylate (DPC), 5-nitro-2-(3-phenyl-propylamino)-benzoate (NPPB), glibenclamide. Amiloride, an epithelial $Na^+$ channel blocker, and 4,4-diisothiocyanato-stilbene-2,2-disulphonate (DIDS), a $Ca^{2+}-activated$ $Cl^-$ channel blocker, had no effect. In the mucosa pre-stimulated with forskolin, adenosine did not show any additive effect, whereas carbachol resulted in a synergistic potentiation of the $I_{SC}$ response. The adenosine response was inhibited by 10 ${\mu}M$ H-89, an inhibitor of protein kinase A. These results suggest that the adenosine-stimulated $I_{SC}$ response is mediated by basolateral to apical $Cl^-$ secretion through a cAMP-dependent $Cl^-$ channel. The rank order of potencies of adenosine receptor agonists was $5'-(N-ethylcarboxamino)adenosine(NECA)＞N^6-(R-phenylisopropyl)adenosine(R-$ PIA)＞2-[p-(2-carbonylethyl)-phenyl-ethylamino]-5'-N-ethylcarboxaminoadenosine(CGS21680). From the above results, it can be concluded that adenosine interacts with the $A_{2b}$ adenosine receptor in the rabbit colon mucosa and a cAMP-dependent signalling mechanism underlies the stimulation of $Cl^-$ secretion.

• The Journal of Korean Institute of Communications and Information Sciences
• /
• v.3 no.1
• /
• pp.18-25
• /
• 1978

The 1/f noise spectrum of short-circuited output drain current due to the Shockley-Read-Hal] recombination centers with a single lifetime in homogeneous nondegenerate MOS-field effcte transtors with n-type channel is calculated under the assumptions that the quasi-Fermi level for the carriers in each energy band can not be defined if we include the fluctuation for time varying quantities. and so 1/f noise is a majority carrier effect. Under these assumptions the derived 1/f noise in this paper show some essential features of the 1/f noise in MOS-field effect transistors. That is, it has no lowfrequency plateau and is proportionnal to the channel cross area A and to the driain bias voltage Vd and inversely proportional to the channel length L3 in MOS field effect transistors. This model can explain the discrepancy between the transition frequency of the noise spectrum from 1/f- response to 1/f2 and the frequency corresponding to the relaxation time related to the surface centers in p-n junction diodes. In this paper the results show that the functional form of noise spectrum is greatly influenced by the functional forms of the electron capture probability cn (E) and the relaxation time r (E) for scattering and the case of lattice scattering show to be responsible for the 4 noise in MOS fold effect transistors. So we canconclude that the source of 1/f noise is due to lattice scattering.

• Proceedings of the Korean Vacuum Society Conference
• /
• 2012.02a
• /
• pp.142-142
• /
• 2012

최근 반도체 산업의 발전과 동시에 소자의 집적화에 따른 단채널 효과가 문제되고 있다. 채널 영역에 대한 게이트 영역의 제어능력이 떨어지면서 누설전류의 증가, 문턱전압의 변화가 발생하며, 이를 개선하기 위해 이중게이트 혹은 다중게이트 구조의 트랜지스터가 제안되었다. 하지만 채널길이가 수십나노미터 영역으로 줄어듦에 따라 소스/드레인과 채널간의 접합형성이 어렵고, 고온에서 열처리 과정을 거칠 경우 채널의 유효길이를 제어하기 힘들어진다. 최근에 제안된 Junctionless 트랜지스터의 경우, 소스/드레인과 채널간의 접합이 없기 때문에 접합형성 시 발생하는 공정상의 문제뿐만 아니라 누설전류영역을 개선하며, 기존의 CMOS 공정과 호환되는 이점이 있다. 한편, 집적화되는 반도체 기술에 따라, 동작 시 발생하는 스트레스가 소자의 신뢰성에 중요한 요인으로 작용하게 되며, 현재 Junctionless 트랜지스터의 신뢰성 특성에 관한 연구가 부족한 상황이다. 따라서, 본 연구에서는 Junctionless 트랜지스터의 NBTI 특성과 hot carrier effect에 의한 신뢰성 특성을 분석하였다. Junctionless 트랜지스터의 경우, 축적모드로 동작하기 때문에 스트레스에 의해 유기되는 캐리어의 에너지가 낮다. 그 결과, 반전모드로 동작하는 Junction type의 트랜지스터에 비해 스트레스에 의한 subthreshold swing 기울기의 열화와 문턱전압의 이동이 감소하였다. 또한 소스/드레인과 채널간의 접합이 없기 때문에 hot carrier effect에 의한 게이트 절연막 및 계면에서의 열화가 개선되었다.

• Journal of IKEEE
• /
• v.23 no.3
• /
• pp.988-993
• /
• 2019

Over the past decades, the semiconductor industry has continuously scaled down the size of semiconductor devices to increase those performance and to integrate them at higher density on the chip. However, facing the reduction of gate control, higher leakage current, and short channel effect, there is a growing interest in next-generation semiconductors which can overcome these problems. In this paper, we discuss digital circuit design techniques using CNTFET(Carbon NanuTube Field Effect Transistor), which are attracting attention as candidates for the next generation of semiconductors. Since the structure of CNTFETs are clearly different from the structure of the structure of conventional MOSFETs, we will discuss how to utilize existing digital circuit methodology when designing digital circuits using the CNTFETs, and then simulate the performance differences between the two devices.

• Journal of Korean Society for Atmospheric Environment
• /
• v.16 no.3
• /
• pp.237-246
• /
• 2000

An experimental study has been carried out using a rotating water channel in order to investigate the effect of surface roughness on the vertical dispersion of plume within boundary layer. Dispersion measurements of tracers released from two sources with different height at neutral conditions over various rough terrain ranging from rural to urban have been performed. Various values of roughness length were simulated by combining of 4 stream velocities and 3 roughness element conditions. Dispersion measurements have also been made for rough terrain where high buildings are locally concentrated. Values of $\sigma$z increase with roughness and this tendency appears to apply both cases of with and without locally concentrated high buildings. The comparisons of the Bowne's nomogram on $\sigma$2 vs x relationship and the measurements of $\sigma$2 with roughness show good accordance in $\sigma$2 distribution at stability D class over rural, suburban and urban terrain. For constant roughness length the $\sigma$2 values of plumes from lower source height are smaller than those of plumes from higher source at short downwind distance, but this relationship becomes reverse as distance increases. Crossing appears to be made before about 2km. The value of constant I in McMullen's equation $\sigma$2=exp [I+J(In x) + K(In x)2] appears to increase with roughness length, however, the relationships between other constants and roughness have been confirmed. The values of $\sigma$2 for various downwind distances, estimated by using an equation which is employed in ISC (Industrial Source Complex) dispersion model for areas where high buildings are locally assembled, are in accordance with measurements from water channel experiments.

• Journal of the Korean Institute of Telematics and Electronics T
• /
• v.35T no.1
• /
• pp.7-13
• /
• 1998

The VLSI devices of submicron level trend to have a lowering of reliability because of hot carriers by two dimensional influences which are caused by short channel effects and which are not generated in a long channel devices. In order to minimize the two dimensional influences, much research has been made into various types of source/drain structures. MOS typed tunnel transistor with Schottky barrier junctions at source/drain, which has the advantages in fabrication process, downsizing and response speed, has been proposed. The experimental device was fabricated with p type silicon, and manifested the transistor action, showing the unsaturated output characteristics and the high transconductance comparing with that in field effect mode. The results of trial indicate for better performance as follows; high doped channel layer to lower the driving voltage, high resistivity substrate to reduce the leakage current from the substrate to drain.

• Proceedings of the Korean Institute of Information and Commucation Sciences Conference
• /
• 2017.05a
• /
• pp.688-690
• /
• 2017

Reduction of breakdown voltage is serious short channel effect (SCE) by shrink of channel length. The SCE occurred in on-state transistor raises limitation of operation range of transistor. The deviation of breakdown voltage for doping concentration is investigated with structural parameters of sub-10 nm double gate (DG) MOSFET in this paper. To analyze this, thermionic and tunneling current are derived from analytical potential distribution, and breakdown voltage is defined as drain voltage when the sum of two currents is $10{\mu}A$. As a result, breakdown voltage increases with increase of doping concentration. Breakdown voltage decreases by reduction of channel length. In order to solve this problem, it is found that silicon and oxide thicknesses should be kept very small. In particular, as contributions of tunneling current increases, breakdown voltage increases.

• Proceedings of the IEEK Conference
• /
• 2004.06a
• /
• pp.143-146
• /
• 2004

Signals of the short wave part of centimetre, millimetre and optic wave length ranges are being broadly used in the communication, location and remote sensing systems with space channels. In this case the presence of discrete non-uniform mediums like orbital debris, space dust and other discrete formations in the propagation channel may have substantial influence upon the characteristics of wave processes. and thus upon the data system quality. Mathematical models for studying the discrete non-uniform mediums effect on the characteristics of electromagnetic wave propagation are analyzed in this paper.