• KDI Journal of Economic Policy
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• v.12 no.2
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• pp.95-120
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• 1990

The underpricing of new shares of a firm that are offered to the public for the first time (initial offerings) is well known and has puzzled financial economists for a long time since it seems at odds with the optimal behavior of the owners of issuing firms. Past attempts by financial economists to explain this phenomenon have not been successful in the sense that the explanations given by them are either inconsistent with the equilibrium theory or implausible. Approaches by such authors as Welch or Allen and Faulhaber are no exceptions. In this paper, we develop a signalling model of capital investment to explain the underpricing phenomenon and also analyze the efficiency of investment. The model focuses on the information asymmetry between the owners of issuing firms and general investors. We consider a firm that has been owned and operated by a single owner and that has a profitable project but has no capital to develop it. The profit from the project depends on the capital invested in the project as well as a profitability parameter. The model also assumes that the financial market is represented by a single investor who maximizes the expected wealth. The owner has superior information as to the value of the firm to investors in the sense that it knows the true value of the parameter while investors have only a probability distribution about the parameter. The owner offers the representative investor a fraction of the ownership of the firm in return for a certain amount of investment in the firm. This offer condition is equivalent to the usual offer condition consisting of the number of issues to sell and the unit price of a share. Thus, the model is a signalling game. Using Kreps' criterion as the solution concept, we obtained an essentially unique separating equilibrium offer condition. Analysis of this separating equilibrium shows that the owner of the firm with high profitability chooses an offer condition that raises an amount of capital that is short of the amount that maximizes the potential profit from the project. It also reveals that the fraction of the ownership of the firm that the representative investor receives from the owner of the highly profitable firm in return for its investment has a value that exceeds the investment. In other words, the initial offering in the model is underpriced when the profitability of the firm is high. The source of underpricing and underinvestment is the signalling activity by the owner of the highly profitable firm who attempts to convince investors that his firm has a highly profitable project by choosing an offer condition that cannot be imitated by the owner of a firm with low profitability. Thus, we obtained two main results. First, underpricing is a result of a signalling activity by the owner of a firm with high profitability when there exists information asymmetry between the owner of the issuing firm and investors. Second, such information asymmetry also leads to underinvestment in a highly profitable project. Those results clearly show the underpricing entails underinvestment and that information asymmetry leads to a social cost as well as a private cost. The above results are quite general in the sense that they are based upon a neoclassical profit function and full rationality of economic agents. We believe that the results of this paper can be used as a basis for further research on the capital investment process. For instance, one can view the results of this paper as a subgame equilibrium in a larger game in which a firm chooses among diverse ways to raise capital. In addition, the method used in this paper can be used in analyzing a wide range of problems arising from information asymmetry that the Korean financial market faces.

• Archives of design research
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• v.12 no.2
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• pp.157-168
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• 1999

Stone in the Cho Sun Dynasty has been used as the material of industry arts, widely building materials and an important material for the artistic design. But it has been generally used as an use of practical living Product like, suban, a metal printing type, a fire place, a pillowcase, a pencil case, etc, and ornament with the quality of stone material and the aesthetic view. There are several problems as like size, quantity, delivery and processing method with the stne material according to its variety and selection. Accordingly it has been studied through the whole process of shape, a material selection of design and processing method as well as studying about small stone crafts which were manufactured in the Cho Sun Dynasty, considering these problems. Stone crafts in Cho Sun Dynasty has been widely used as a living tool. There was some what difference on manufacturing purpose on its technique of folk crafts of stone crafts, but, through the research of collected crafts, they were almost the same that social need, user's taste and hobby in those days were reflected in. In the result of analysis as dividing the stone crafts into daily living product, stationery and tool, the major of daily products have been manufactured with emphasis of practicability. And they have been manufactured from agalmatolite for the propose of use. further, kitchen product had no design due to the function and living products which has been used in the main living room has been carved with the decorative expression of the various form by using intaglic, relieve, inlaid technique, etc. For the stationery, it has been characterized with aesthetic point considering the decorative effects & selection of material in accordance with use. A material for manufacturing has been used in the range of agalmtolite, atopaz, a sapphire, white stone etc. As the result of this research, It was noticeable that there was the spleudidness on the expression of design and carving. It was also noticeable that black stone and guanite have been widely esed because it didn't need the delicacy as a tool.

• Journal of the Korean Institute of Landscape Architecture
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• v.46 no.4
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• pp.21-35
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• 2018

In recent years, there has been a tendency to reuse 'landscapes of memory,' including industrial heritages, modern cultural heritages, and post-industrial parks, as public spaces in many cities. Among the various types of landscapes, 'modern historic landscapes', which were formed in the 19th and 20th centuries, are landscapes where the debate between conservation and removal is most frequent, according to the change of evaluation and recognition of modern history. This study examines conflicts between conservation and removal around modern historic landscapes and explores the value judgment criteria and the process of formation of those landscapes, as highlighted in the case of the demolition controversy of the old Japanese general government building in Seoul, which was dismantled in 1995. First, this study reviews newspaper articles, television news and debate programs from 1980-1999 and some articles related to the controversy of the Japanese general government building. Then it draws the following six factors as the main issues of the demolition controversy of the building: symbolic location, discoveries and responses of new historical facts, reaction and intervention of a related country, financial conditions, function and usage of the landscape, changes of urban, historical and architectural policies. Based on these issues, this study examines the conflicts between symbolic values that play an important role in the formation of modern historic landscapes and determines conservation or removal, and the utility of functional values that solve the problems and respond to criticisms that arise in the process of forming the modern historic landscape. Especially, it is noted that the most important factor that makes the decision is the symbolic values, although the determination of the conservation or removal of modern historic landscapes has changed according to changes in historical perceptions of modern history. Today, the modern historic landscape is an important site for urban design, and still has historical issues to be agreed upon and addressed. Thi study has contemporary significance from the point that it divides the many values of modern historic landscapes into symbolic values and functional values, evaluates these, and reviews the background social context.

• Korean Security Journal
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• no.27
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• pp.129-159
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• 2011

Physical security has always been an extremely important facet within the security arena. A comprehensive security plan consists of three components of physical security, personal security and information security. These elements are interrelated and may exist in varying degrees defending on the type of enterprise or facility being protected. The physical security component of a comprehensive security program is usually composed of policies and procedures, personal, barriers, equipment and records. Human beings kept restless struggle to preserve their and tribal lives. However, humans in prehistoric ages did not learn how to build strong house and how to fortify their residence, so they relied on their protection to the nature and use caves as protection and refuge in cold days. Through the history of man, human has been establishing various protection methods to protect himself and his tribe's life and assets. Physical security methods are set in the base of these security methods. Those caves that primitive men resided was rounded with rock wall except entrance, so safety was guaranteed especially by protection for tribes in all directions. The Great Wall of China that is considered as the longest building in the history was built over one hundred years from about B.C. 400 to prevent the invasion of northern tribes, but this wall enhanced its protection function to small invasions only, and Mongolian army captured the most part of China across this wall by about 1200 A.D. European lords in the Middle Ages built a moat by digging around of castle or reinforced around of the castle by making bascule bridge, and provided these protections to the resident and received agricultural products cultivated. Edwin Holmes of USA in 20 centuries started to provide innovative electric alarm service to the development of the security industry in USA. This is the first of today's electrical security system, and with developments, the security system that combined various electrical security system to the relevant facilities takes charging most parts of today's security market. Like above, humankind established various protection methods to keep life in the beginning and its development continues. Today, modern people installed CCTV to the most facilities all over the country to cope with various social pathological phenomenon and to protect life and assets, so daily life of people are protected and observed. Most of these physical security systems are installed to guarantee our safety but we pay all expenses for these also. Therefore, establishing effective physical security system is very important and urgent problem. On this study, it is suggested methods of establishing effective physical security system by using system integration on the principle of security design about effective security system's effective establishing method of physical security system that is increasing rapidly by needs of modern society.

• Korean Journal of Heritage: History & Science
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• v.53 no.2
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• pp.110-139
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• 2020

Reclamation is the act of creating new lands by constructing dikes in offshore tidal flats to utilize them for various purposes, including the establishment of farmland to secure food for an increasing population. Based on the fact that reclamation has resulted in drastic changes in the environmental, economic, social, and cultural aspects of land expansion and development, population movement, and the formation of cities since ancient times, I reviewed the value of reclamation sites and addressed the issue of how to preserve and utilize them. "Reclamation culture" refers collectively to the recognition and concept system, behavior styles, and cultural products created by changes in the environment, and the tangible, intangible, and natural heritage generated directly and indirectly by reclamation is defined as "reclamation cultural heritage". It shows that the historical background of reclamation accords with prevailing trends, and that the reclamation sites possess cultural heritage value due to their historical, academic, and scarce characteristics. Numerous reclamation cultural heritage sites at the Gwangwhal and Gyehwa dikes are on the verge of being destroyed, with their original function having ended after the construction of Saemangeum Sea Wall. I propose measures to preserve these under the principle that utilization is based on the basic premise of conservation. First of all, modern and contemporary reclamation sites must necessarily be designated and managed as registered cultural properties, local cultural heritage, future heritage, and agricultural heritage. In particular, as it has been confirmed that reclamation sites created after the Goryeo and Joseon dynasties and the 1950s have not been designated as cultural heritage sites. It is necessary to review the characteristics and values of such reclamation sites through a full survey of national reclamation data. Effective and sustainable utilization of reclamation cultural heritage, which has not been acknowledged in the past due to its close relationship with our lives, is necessary to search for hidden stories found within that heritage, to organize governance for the efficient use of reclamation resources, and to build a museum to collect and display the history and culture of the reclaimed areas. Finally, through links with countries with experience in reclamation, we will be able to cope jointly with international issues such as those pertaining to society, culture, and environment, and would be able to implement various projects to further the advancement of human beings.

• Korea journal of population studies
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• v.10 no.1
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• pp.50-69
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• 1987

There are about 400, 000 Korean ethnics living in Central Asia. Most of Koreans in Central Asia are leading a stable middle class life mostly engaged in farm work. With increase of educational attainment of their children, a number of Koreans are launching into political and academic circles as well as in the cultural world or the press. In recent years, however, the countries in this area(Uzbekistan and Kazakstan) for this study advocate an ethnic united policy to stabilize the politics and society and to carry out efficient transformation from the former socialistic economy to a market oriented economy. In addition, they are trying to recover the culture and the language of each nation which has been forgotten in the assimilation of Russia policy. Koreans have difficulty in adaption to this kind of change. In fact, a number of Koreans lost traditional culture and could not speak their mother language - Korean. Although they more or less maintain national consciousness, they recognize Uzbekistan or Kazakstan as their nation politically. They associated with North Korea unilaterally before the launching of the Perestroika policy. But after the Seoul Olympics held in 1998, there was movement to know and understand South Korea. There has been increased in the investment by Korean companies in Central Asia. Now, what is an alternative idea for Korean community consciousness\ulcorner It can be summarized as follows: 1) The increase of aid to Korean education institute : Considering the last few decades of Russia's strong racial assimilation policy, which leads most Koreans to lost their language and national culture, the priority should go to Koreans education. 2) Local Korean press support : Though Korean newspaper are published and Korean broadcasting is on the air currently in Uzbekistan and Kazakstan, they are suffering from qualified staff and poor financial status. Therefore, positive support should be established for these Korean mass communication media outlets to recover their own function and expand their dissemination powers quickly. 3) Research on the actual condition for Korean Community : It is essential to directly examine the local Korean community's regional distribution, population structure, Korean group's formation and operation, social and cultural understanding, racial consciousness, hope for their mother land and much more. 4) Increase of mother land and education opportunity : To stir up national culture and national consciousness within the Korean community, it is necessary to expand continuous opportunities for mother land visits and education training for local Koreans, especially for second and third generations.

• The Korean Society of Law and Medicine
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• v.16 no.2
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• pp.263-291
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• 2015

In May, 2015, a 68 years old man, who has been Middle East Saudi Arabia and the United Arab Emirates, had high fever, muscle aches, cough and shortness of breath. he went two local hospital near his house and the S Medical Center emergency center. He was diagnosed MERS(Middle East respiratory syndrome) and the diseases had put South Korea the fear of epidemics for three months. Especially, this disease has firstly reported in Middle East Asia in September 2012 and spreaded to twenty-six countries. In 21, July, 2015, European Center for disease prevention and control reported 533 people were died and in South Korea, 186 people were infected, 36 people were died and 16,693 people were isolated from MERS. South Korea government were faced into epidemic control and blamed from public. Especially, hospital acquired infection, disease control chain, opening of information, ventilation, lack of isolation bed, the problem of function of local health center, the issue of reparation for hospital and insurance cover rate, the classification of disease, the role of Korea Centers for disease control and prevention, the culture of visiting hospital to see sick people, the issue of hospital multiple room and other related social support policy. it is time to study and discuss to solve these problems. South Korea citizens felt fear and fright from MERS. What is wore, they thought the dieses were out of their government control. It was unusual case for word except Middle East Asia. numerous tourists canceled visiting korea. South korea economic were severly damaged especially, tourism industry. South korea government should admit that they had failed initial action against MERS and take full reasonability from any damages. The government have to open information to public in terms of epidemic diseases and try to prevent any other epidemic diseases and try to work with local governments.

• Journal of muscle and joint health
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• v.3 no.1
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• pp.37-49
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• 1996

The joint diseases threaten modern people's healthy life. They bring about a long pain, an anasarca, loss of joint function or even deformation and rigidity of joint, limiting people's ordinary activities much. The chronic joint patients may be subject to some hypochondria caused by anxiety for their life, social isolation, financial problem and physical disability. Therefore, this population should continue to be duely taken care of by medical personnels. In particular, nurses should adequately help these people to recover and improve their health through suitable adaptations. With such basic conceptions in mind, this study was aimed at reviewing these patients' conditions in their ordinary life before and after a plastic operation for artificial joint replacement as well as their satisfaction with their life. For this purpose, those patients who underwent some plastic operations for artificial joint replacement at university hospitals in Seoul from January 2, 1993 to June 30, 1995 were selected as the population of this study. Among them, 87 people were randomly sampled to answer a questionnaire designed specially. For the surveying tools, Jette's (1980) scale was applied to address the sample people's inconveniences experienced and supports received in their ordinary life, while the scale of Wood, Wylie & Sheafer was used to measure their satisfaction with their life. The collected data were analyzed for percentiles, means, SD, t-test and Pearson's correlations. The results of survey can be summarized as follows ; As a result of t-test the frequencies of other people's support before and after the plastic operation, it was disclosed that those who underwent the operation were supported less frequently. In addition, as a result of t-testing their satisfaction with life before and after the operation, it was found that the operation increased their satisfaction with life significantly. Meanwhile, as a result of t-test inconveniences, frequencies of supports and life satisfaction before and after the plastic operation for artificial knee replacement, it was disclosed that only the inconveniences were significantly reduced after the operation. In contrast, the t-test the variables before and after the plastic operation for artificial hip replacement, it was found that only the frequencies of other people's supports were significant reduced after the operation. Furthermore, the differences 6 months, one year and two years after the plastic operation for artificial joint replacement were t-tested on the variables. As a result, it was disclosed that people's inconvenience, frequencies of supports and life satisfaction were not improved 6 months after the operation but their frequencies of supports decreased significantly one year after, while their inconveniences and life satisfaction were significantly improved two years after. As a result of analyzing the variables with Pearson's correlations, inconveniences and frequency of supports were negatively correlated significantly with the life satisfaction. In conclusion, the plastic operation for artificial joint replacement significantly improved people's living inconveniences, reduced their frequency of other people's support and enhanced their satisfaction with life. To break don the plastic operation for artificial knee replacement improved patients' inconveniences, while the plastic operation for artificial hip replacement not only improved patients' inconveniences but reduced the frequencies of other people's support also. Finally, the finding that the plastic operation for artificial joint replacement brought about the improvement two years after suggests that this period is needed for the patients to adapt themselves to the post-operation conditions.

• 한국노년학
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• v.38 no.3
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• pp.551-567
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• 2018

Demographic and socio-structural information is useful to identify potential welfare recipients who are in need of disease-prevention and intervention services. Thus, the present study aims to explore the differences in grip strength among middle and old-aged adults by living conditions and by living area. The 5th wave data of Korean Longitudinal Study of Aging was utilized. The dependent variable was grip strength, and the independent variables were living alone (living alone or not) and living area (city or non-city). Covariates were age, education, log-transformed household income, spouse existence, body mass index, self-rated health conditions, depressive symptoms, cognitive function, smoking, regular exercise, frequency of meeting with friends, and the number of social participation. Regression analysis was performed for middle-aged men, middle-aged women, old-aged men, and old-aged women, respectively. ANOVA and Chi-test were additionally used to specifically discuss significant results. Cross-sectional weight was applied to all analyses. According to the results, living alone and living area did not have significant effects on grip strength among middle-aged men, old-aged men, and old-aged women. In middle-aged women, however, living alone and living area were significantly associated with grip strength. To be specific, middle-aged women who lived alone in rural areas had the lowest grip strength compared to other middle-aged women. Additional analysis showed that middle-aged women who lived alone in rural areas had risk factors, such as low education level, low income, or high depressive symptoms. It implies that middle-aged women living alone in rural areas may have physical health risks, so they might be in need of disease prevention. This study is meaningful in that it can provide reliable information on the latent welfare recipients by using representative panel data and applying weight values.

• Cross-Cultural Studies
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• v.50
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• pp.371-394
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• 2018

La estrella de Sevilla, is a representative masterpiece of the Golden Age of Spain, and is a tragic work of Lope de Vega, who was a representative drama writer living in the 17th century. However, regardless of its great literary value, there are insufficient researches on this drama even in Spain, due to several controversies surrounding the truth about Lope's creation. Here, this research concretely investigated the tragic characteristic of this drama, by largely dividing it into the viewpoint of Aristotle and Shakespeare. Thanks to the noble social status of the characters and proper dialogue of the hero Sancho Ortiz in trouble, there seems to be no problem in performing the cathartic function that Aristotle mentioned regarding the work in his review. However, there are a few problems in the aspect of the 'hero's free will to resist the absolute fate,' which is fundamentally the essence of the associated Aristotelian tragedy. Because, there's no Hamartia in this drama, the core mechanism that forms the absolute fate, makes the statement that accordingly, no absolute fate or irresistible force of destiny is established. Rather, the tragic characteristic of this drama can be more properly investigated from the viewpoint of Shakespeare. As noted differently from Aristotle, Shakespeare considered that the tragic characteristic came from the hero's characteristic. According to him, tragedy starts from the hero's value view and personality, instead of the external factors such as an absolute fate. Actually, Busto's death and separation between Sancho Ortiz and Estrella, two tragic affairs of La estrella de Sevilla, were caused by the crooked selfishness of King Sancho IV, who abused his authority, and Sancho Ortiz' excessively blind loyalty to the King, rather than the irresistible event. In conclusion, in light of a lethargic and hopeless situation, with no eventual choice of options before the injustice of absolute power, is must have been a significant tragedy for the audience, witnessing the play's tragic ending.