• Journal of the Korean Institute of Landscape Architecture
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• v.39 no.3
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• pp.51-63
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• 2011

The purpose of this study is to create a landscape image that considers the selection of techniques that can enhance landscape reproduction in streetscape evaluation using 3 dimensional simulations and to evaluate ways to verify similarities and the psychological changes on the part of users by season. In the comparison of technique, the Low(apply normal map) technique was selected for the natural representation of trees in a near and middle view and the Plane technique was selected for the distant view. As the result of the verification, all indicators of physical similarity were evaluated over 4.50 points and most indicators of psychological similarity were found to have no difference except for indicators of 'disordered orderly' and 'dirty - clean'. According to the results of analyzing the landscape simulation by season, images of 'bright', 'beautiful', and 'static', etc., were evaluated high for the spring streetscape. The images of 'open', 'refresh', and 'animate' appeared high in summer and images of 'warm' and 'dark' were found to be high in fall. On the other hand, all images were evaluated as low except for the 'orderly' image. In the preference of streetscape by season, summer and spring were highly preferred at 5.01 and 4.98 with winter as the lowest at 3.48. As the results of the analysis of preference factor, the spring streetscape was found to be a major influence in preference by 0.540 in 'aesthetics'. In the case of summer, 'order' was found to be high at 0.417 while influences in preference included 'variety' and 'aesthetics' in fall and 'variety', 'aesthetics', and 'order' in winter. A determination of suitable spatial planning using a comparative analysis of various city streets will be enabled through the methods of this study.

• Korean Journal of Ecology and Environment
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• v.39 no.3 s.117
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• pp.340-351
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• 2006

To reveal physicochemical factors contributing to variation of phytoplankton communities, the study was carried out biweekly at 6 stations from Feb. 2004 to Feb. 2005 in the lower part of the Han River, Korea. As results, water temperature was changed from $0.3^{\circ}C$ to $26.6^{\circ}C$, pH: 6.6${\sim}$9.1, DO: 1.89${\sim}$22.23 mg $L^{-1}$, BOD: 0.38${\sim}$9.20 mg $L^{-1}$, COD: 1.4${\sim}$15.2 mg $L^{-1}$, Conductivity: $62.5{\sim}500.0\;{\mu}s\;cm^{-1}$, SS: 3.00${\sim}$159.3 mg $L^{-1}$, and Chl a $1.7{\sim}71.3\;{\mu}g\;L^{-1}$. Phytoplankton standing crops ranged from min. $3.6{\times}10^2\;cells\;mL^{-1}$ (July 2004, St. 3) to max. $2.3{\times}10^4\;cells\;mL^{-1}$ (Feb. 2005, St. 6), and mean of those varied from $5.9{\times}10^3\;cells\;mL^{-1}$in spring, $2.1{\times}10^3\;cells\;mL^{-1}$ in summer, $4.1{\times}10^3\;cells\;mL^{-1}$ in autumn and $8.5{\times}10^3\;cells\;mL^{-1}$ in winter, respectively. In order to investigate factors influencing the total phytoplankton standing crops a multiple regression analysis was adopted for the correlation between standing crops and environmental factors. The coefficient of determination ($R^2$) value of the regression was 0.465, it showed that environmental factors which predominantly influenced phytoplankton standing crops were water temperature, COD, $NO_2-N$, $PO_4-N$, Discharge and pH. six stations could be divided into 3 groups based on similarity index in terms of environmental factors. In ANOVA analysis for physicochemical and biological factors, water temperature, chlorophyll a, silicate, phytoplankton standing crops were the same group differed little from stations. However, Station 1and 2 were grouped followed in dissolved oxygen, conductivity, COD, nitrite, nitrate, ammonia and phosphate, and Station 3, 4 and 5 were followed in dissolved oxygen, conductivity, pH and phosphate.

• The Korean Journal of Financial Management
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• v.24 no.2
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• pp.41-79
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• 2007

This study examines the expiration-day effects of stock index futures and options in the Korean stock market. The so-called 'expiration-day effects', which are the abnormal stock price movements on derivatives expiration days, arise mainly from cash settlement. Index arbitragers have to bear the risk of their positions unless they liquidate their index stocks on the expiration day. If many arbitragers execute large buy or sell orders on the expiration day, abnormal trading volumes are likely to be observed. If a lot of arbitragers unwind positions in the same direction, temporary trading imbalances induce abnormal stock market volatility. By contrast, if some information arrives at market, the abnormal trading activity must be considered a normal process of price discovery. Stoll and Whaley(1987) investigated the aggregate price and volume effects of the S&P 500 index on the expiration day. In a related study, Stoll and Whaley(1990) found a similarity between the price behavior of stocks that are subject to program trading and of the stocks that are not. Thus far, there have been few studies about the expiration-day effects in the Korean stock market. While previous Korean studies use the KOSPI 200 index data, we analyze the price and trading volume behavior of individual stocks as well as the index. Analyzing individual stocks is important for two reasons. First, stock index is a market average. Consequently, it cannot reflect the behavior of many individual stocks. For example, if the expiration-day effects are mainly related to a specific group, it cannot be said that the expiration of derivatives itself destabilizes the stock market. Analyzing individual stocks enables us to investigate the scope of the expiration-day effects. Second, we can find the relationship between the firm characteristics and the expiration-day effects. For example, if the expiration-day effects exist in large stocks not belonging to the KOSPI 200 index, program trading may not be related to the expiration-day effects. The examination of individual stocks has led us to the cause of the expiration-day effects. Using the intraday data during the period May 3, 1996 through December 30, 2003, we first examine the price and volume effects of the KOSPI 200 and NON-KOSPI 200 index following the Stoll and Whaley(1987) methodology. We calculate the NON-KOSPI 200 index by using the returns and market capitalization of the KOSPI and KOSPI 200 index. In individual stocks, we divide KOSPI 200 stocks by size into three groups and match NON-KOSPI 200 stocks with KOSPI 200 stocks having the closest firm characteristics. We compare KOSPI 200 stocks with NON-KOSPI 200 stocks. To test whether the expiration-day effects are related to order imbalances or new information, we check price reversals on the next day. Finally, we perform a cross-sectional regression analysis to elaborate on the impact of the firm characteristics on price reversals. The main results seem to support the expiration-day effects, especially on stock index futures expiration days. The price behavior of stocks that are subject to program trading is shown to have price effects, abnormal return volatility, and large volumes during the last half hour of trading on the expiration day. Return reversals are also found in the KOSPI 200 index and stocks. However, there is no evidence of abnormal trading volume, or price reversals in the NON-KOSPI 200 index and stocks. The expiration-day effects are proportional to the size of stocks and the nearness to the settlement time. Since program trading is often said to be concentrated in high capitalization stocks, these results imply that the expiration-day effects seem to be associated with program trading and the settlement price determination procedure. In summary, the expiration-day effects in the Korean stock market do not exist in all stocks, but in large capitalization stocks belonging to the KOSPI 200 index. Additionally, the expiration-day effects in the Korean stock market are generally due, not to information, but to trading imbalances.

• Journal of Nutrition and Health
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• v.9 no.1
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• pp.84-91
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• 1976

Chemical determination were made to analyze the concentration of nutrients including proximate composition, vitamins, minerals, amino acids and fatty acids in three kinds of locally produced infantile formula milk(DFM) and one fermented milk(FM). An attempt was also made to compare the analytical values of nutrients against guaranteed values. The results obtained are summarized as follows; 1. The analyzed value of protein and fat content in DFM-A.B.C was slightly lower than that of guaranteed values and a reverse trend was observed in the case of total carbohydrate. There were no differences in proximate composition among the three kinds of DFM. It was found that the FM contained less protein and fat than the fresh milk, but it seemed that a considerable amount of sugar was added to FM. 2. The analyzed values of vitamin $A(2{\sim}3\;times)$ and $E(4{\sim}6\;times)$ contents in DFMS were higher than those of the guaranteed values except niacin. There were a little differences in vitamin contents among DFMS analyzed. 3. In the case of minerals, the analyzed values were similar to the guaranteed values except the calcium concentration that analyzed value was much higher than guaranted value. When the DFMS were diluted to 15% by adding water to compare with the human and fresh cow milk, it was found that the diluted DFMS resembled the human milk rather than cow milk in the content of energy, carbohydrates, protein and ash. The higher contents of iron and most vitamins in the diluted DFMS than the human milk or cow milk would indicate that they were fortificated with these nutrients. When these diluted DFMS were compared with the Korean R.D.A. for infant, it was clear that they could supply sufficient amount of the nutrients required by R.D.A. except the niacin which failed to reach the recommended level. The fact that iron content of DFM-C was not sufficient while vitamin A supply was excessive by 6 fold would indicate that further studies for the improvement may be necessary. 4. There was a little difference among DFMS in amino acid composition. The similarity of the essential amino acids composition between DFMS and cow milk indicated that there was no modification of the essential amino acids. However, present data showed that the amino acid compositon of FM was similar to that of the cow milk. 5. There was no difference among DFMS in the degree of saturation of fatty acids. The similar or higher levels of essential fatty acids contents of DFMS as compared with human milk revealed that essential fatty acids were added to DFMS during the course of process. From the experimental results described above, it may be concluded that the nutritive effects of three kinds of locally produced DFMS were much alike. It was also found that macro and micro nutrient composition except amino acid composition of locally produced dried formula milk was very much similar to that of the human milk. Moreover, fortification of iron and vitamins resulted in improving their nutritive values as the single form of infantile food, but it seemed that more consideration should be given on the fortification of some nutrients.

• Journal of Global Scholars of Marketing Science
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• v.18 no.4
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• pp.61-118
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• 2008

The purpose of this research is to construct research framework for international franchising based on existing literature and to identify research components in the framework. Franchise can be defined as management styles that allow franchisee use various management assets of franchisor in order to make or sell product or service. It can be divided into product distribution franchise that is designed to sell products and business format franchise that is designed for running it as business whatever its form is. International franchising can be defined as a way of internationalization of franchisor to foreign country by providing its business format or package to franchisee of host country. International franchising is growing fast for last four decades but academic research on this is quite limited. Especially in Korea, research about international franchising is carried out on by case study format with single case or empirical study format with survey based on domestic franchise theory. Therefore, this paper tries to review existing literature on international franchising research, providing research framework, and then stimulating new research on this field. International franchising research components include motives and environmental factors for decision of expanding to international franchising, entrance modes and development plan for international franchising, contracts and management strategy of international franchising, and various performance measures from different perspectives. First, motives of international franchising are fee collection from franchisee. Also it provides easier way to expanding to foreign country. The other motives including increase total sales volume, occupying better strategic position, getting quality resources, and improving efficiency. Environmental factors that facilitating international franchising encompasses economic condition, trend, and legal or political factors in host and/or home countries. In addition, control power and risk management capability of franchisor plays critical role in successful franchising contract. Final decision to enter foreign country via franchising is determined by numerous factors like history, size, growth, competitiveness, management system, bonding capability, industry characteristics of franchisor. After deciding to enter into foreign country, franchisor needs to set entrance modes of international franchising. Within contractual mode, there are master franchising and area developing franchising, licensing, direct franchising, and joint venture. Theories about entrance mode selection contain concepts of efficiency, knowledge-based approach, competence-based approach, agent theory, and governance cost. The next step after entrance decision is operation strategy. Operation strategy starts with selecting a target city and a target country for franchising. In order to finding, screening targets, franchisor needs to collect information about candidates. Critical information includes brand patent, commercial laws, regulations, market conditions, country risk, and industry analysis. After selecting a target city in target country, franchisor needs to select franchisee, in other word, partner. The first important criteria for selecting partners are financial credibility and capability, possession of real estate. And cultural similarity and knowledge about franchisor and/or home country are also recognized as critical criteria. The most important element in operating strategy is legal document between franchisor and franchisee with home and host countries. Terms and conditions in legal documents give objective information about characteristics of franchising agreement for academic research. Legal documents have definitions of terminology, territory and exclusivity, agreement of term, initial fee, continuing fees, clearing currency, and rights about sub-franchising. Also, legal documents could have terms about softer elements like training program and operation manual. And harder elements like law competent court and terms of expiration. Next element in operating strategy is about product and service. Especially for business format franchising, product/service deliverable, benefit communicators, system identifiers (architectural features), and format facilitators are listed for product/service strategic elements. Another important decision on product/service is standardization vs. customization. The rationale behind standardization is cost reduction, efficiency, consistency, image congruence, brand awareness, and competitiveness on price. Also standardization enables large scale R&D and innovative change in management style. Another element in operating strategy is control management. The simple way to control franchise contract is relying on legal terms, contractual control system. There are other control systems, administrative control system and ethical control system. Contractual control system is a coercive source of power, but franchisor usually doesn't want to use legal power since it doesn't help to build up positive relationship. Instead, self-regulation is widely used. Administrative control system uses control mechanism from ordinary work relationship. Its main component is supporting activities to franchisee and communication method. For example, franchisor provides advertising, training, manual, and delivery, then franchisee follows franchisor's direction. Another component is building franchisor's brand power. The last research element is performance factor of international franchising. Performance elements can be divided into franchisor's performance and franchisee's performance. The conceptual performance measures of franchisor are simple but not easy to obtain objectively. They are profit, sale, cost, experience, and brand power. The performance measures of franchisee are mostly about benefits of host country. They contain small business development, promotion of employment, introduction of new business model, and level up technology status. There are indirect benefits, like increase of tax, refinement of corporate citizenship, regional economic clustering, and improvement of international balance. In addition to those, host country gets socio-cultural change other than economic effects. It includes demographic change, social trend, customer value change, social communication, and social globalization. Sometimes it is called as westernization or McDonaldization of society. In addition, the paper reviews on theories that have been frequently applied to international franchising research, such as agent theory, resource-based view, transaction cost theory, organizational learning theory, and international expansion theories. Resource based theory is used in strategic decision based on resources, like decision about entrance and cooperation depending on resources of franchisee and franchisor. Transaction cost theory can be applied in determination of mutual trust or satisfaction of franchising players. Agent theory tries to explain strategic decision for reducing problem caused by utilizing agent, for example research on control system in franchising agreements. Organizational Learning theory is relatively new in franchising research. It assumes organization tries to maximize performance and learning of organization. In addition, Internalization theory advocates strategic decision of direct investment for removing inefficiency of market transaction and is applied in research on terms of contract. And oligopolistic competition theory is used to explain various entry modes for international expansion. Competency theory support strategic decision of utilizing key competitive advantage. Furthermore, research methodologies including qualitative and quantitative methodologies are suggested for more rigorous international franchising research. Quantitative research needs more real data other than survey data which is usually respondent's judgment. In order to verify theory more rigorously, research based on real data is essential. However, real quantitative data is quite hard to get. The qualitative research other than single case study is also highly recommended. Since international franchising has limited number of applications, scientific research based on grounded theory and ethnography study can be used. Scientific case study is differentiated with single case study on its data collection method and analysis method. The key concept is triangulation in measurement, logical coding and comparison. Finally, it provides overall research direction for international franchising after summarizing research trend in Korea. International franchising research in Korea has two different types, one is for studying Korean franchisor going overseas and the other is for Korean franchisee of foreign franchisor. Among research on Korean franchisor, two common patterns are observed. First of all, they usually deal with success story of one franchisor. The other common pattern is that they focus on same industry and country. Therefore, international franchise research needs to extend their focus to broader subjects with scientific research methodology as well as development of new theory.