• Asia pacific journal of information systems
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• v.19 no.2
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• pp.139-155
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• 2009

For the last few decades, many studies have tried to explore and unveil venture companies' success factors and unique features in order to identify the sources of such companies' competitive advantages over their rivals. Such venture companies have shown tendency to give high returns for investors generally making the best use of information technology. For this reason, many venture companies are keen on attracting avid investors' attention. Investors generally make their investment decisions by carefully examining the evaluation criteria of the alternatives. To them, credit rating information provided by international rating agencies, such as Standard and Poor's, Moody's and Fitch is crucial source as to such pivotal concerns as companies stability, growth, and risk status. But these types of information are generated only for the companies issuing corporate bonds, not venture companies. Therefore, this study proposes a method for evaluating venture businesses by presenting our recent empirical results using financial data of Korean venture companies listed on KOSDAQ in Korea exchange. In addition, this paper used multi-class SVM for the prediction of DEA-based efficiency rating for venture businesses, which was derived from our proposed method. Our approach sheds light on ways to locate efficient companies generating high level of profits. Above all, in determining effective ways to evaluate a venture firm's efficiency, it is important to understand the major contributing factors of such efficiency. Therefore, this paper is constructed on the basis of following two ideas to classify which companies are more efficient venture companies: i) making DEA based multi-class rating for sample companies and ii) developing multi-class SVM-based efficiency prediction model for classifying all companies. First, the Data Envelopment Analysis(DEA) is a non-parametric multiple input-output efficiency technique that measures the relative efficiency of decision making units(DMUs) using a linear programming based model. It is non-parametric because it requires no assumption on the shape or parameters of the underlying production function. DEA has been already widely applied for evaluating the relative efficiency of DMUs. Recently, a number of DEA based studies have evaluated the efficiency of various types of companies, such as internet companies and venture companies. It has been also applied to corporate credit ratings. In this study we utilized DEA for sorting venture companies by efficiency based ratings. The Support Vector Machine(SVM), on the other hand, is a popular technique for solving data classification problems. In this paper, we employed SVM to classify the efficiency ratings in IT venture companies according to the results of DEA. The SVM method was first developed by Vapnik (1995). As one of many machine learning techniques, SVM is based on a statistical theory. Thus far, the method has shown good performances especially in generalizing capacity in classification tasks, resulting in numerous applications in many areas of business, SVM is basically the algorithm that finds the maximum margin hyperplane, which is the maximum separation between classes. According to this method, support vectors are the closest to the maximum margin hyperplane. If it is impossible to classify, we can use the kernel function. In the case of nonlinear class boundaries, we can transform the inputs into a high-dimensional feature space, This is the original input space and is mapped into a high-dimensional dot-product space. Many studies applied SVM to the prediction of bankruptcy, the forecast a financial time series, and the problem of estimating credit rating, In this study we employed SVM for developing data mining-based efficiency prediction model. We used the Gaussian radial function as a kernel function of SVM. In multi-class SVM, we adopted one-against-one approach between binary classification method and two all-together methods, proposed by Weston and Watkins(1999) and Crammer and Singer(2000), respectively. In this research, we used corporate information of 154 companies listed on KOSDAQ market in Korea exchange. We obtained companies' financial information of 2005 from the KIS(Korea Information Service, Inc.). Using this data, we made multi-class rating with DEA efficiency and built multi-class prediction model based data mining. Among three manners of multi-classification, the hit ratio of the Weston and Watkins method is the best in the test data set. In multi classification problems as efficiency ratings of venture business, it is very useful for investors to know the class with errors, one class difference, when it is difficult to find out the accurate class in the actual market. So we presented accuracy results within 1-class errors, and the Weston and Watkins method showed 85.7% accuracy in our test samples. We conclude that the DEA based multi-class approach in venture business generates more information than the binary classification problem, notwithstanding its efficiency level. We believe this model can help investors in decision making as it provides a reliably tool to evaluate venture companies in the financial domain. For the future research, we perceive the need to enhance such areas as the variable selection process, the parameter selection of kernel function, the generalization, and the sample size of multi-class.

• Clinical and Experimental Reproductive Medicine
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• v.37 no.3
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• pp.217-229
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• 2010

Objective: Apoptosis plays an important role for the maintenance of the normal pregnancy. Expression of X-linked inhibitor of apoptosis (XIAP) is able to effectively prevent apoptosis and controls trophoblast cells death throughout placental development, but it is still unknown in the function of XIAP in trophoblast cells exposed to hypoxic condition, which is one of the factors causing preeclampsia. Therefore, we conducted to compare XIAP expression in normal and pre-eclamptic placenta tissues and analyzed the function of XIAP in HTR-8/SVneo trophoblast cell line exposed to hypoxic condition. Methods: The expression of XIAP was analyzed in placental tissues from the following groups of patients (none underwent labor): 1) term normal placenta (n=15); 2) term with pre-eclamptic placeneta (n=15); and 3) pre-term with pre-eclamptic placenta (n=11) using semi-quantitative RT-PCR, immunohistochemistry, and Western blot. In order to evaluate the function of XIAP in HTR-8/SVneo trophoblast cells under hypoxic condition, HIF-$1{\alpha}$ plasmids, and hypoxic condtion were transfected and treated into HTR-8/SVneo trophoblast cells for 24 hours, respectively. Results: We observed that XIAP are expressed in the syncytiotrophoblasts and syncytial knot of placental villi. The expression of XIAP was significantly decreased in preeclamptic placenta tissues than in normal placenta tissues without labor (p<0.05). Furthermore, we confirmed the XIAP expression in HTR-8/SVneo trophbolast cells exposed to hypoxia was translocated from cytoplasm into nucleus and decreased XIAP by hypoxic condition induced apoptosis in HTR-8/SVneo trophoblast cells through up-regulation of pro-apoptotic proteins. Conclusion: These results suggest that the expression of XIAP is involved in placental development as well as decreased expression of XIAP by hypoxia is associated with pre-eclampsia through inducing trophoblast cells apoptosis.

• Korean Journal of Mineralogy and Petrology
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• v.34 no.3
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• pp.193-208
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• 2021

The characteristics of the microcrack lengths(①), microcrack spacings(②) and Brazilian tensile strengths(③) related to the six directions of rock cleavages(H2~R1) in Geochang granite were analyzed. First, the 18 cumulative graphs for the above three major factors representing unique characteristics of the rock cleavages were made. Through the general chart for these graphs classified into three planes and three rock cleavages, the 28 parameters on the length, spacing and Brazilian tensile strength have been determined. The results of correlation analysis among these parameters are summarized as follows. Second, the above parameters were classified into six groups(I~VI) according to the sorting order on the magnitude of parameter values among three rock cleavages and three planes. The values of parameters belonging to group I and II are in order of R(rift) < G(grain) < H(hardway) and H < G < R. The values of the 8 parameters on the length of line(os₂, 𝚫s, 𝚫L and oS^mean), the exponent(λ_L^mean and λ_S^mean), the slope(a^mean) and the anisotropy coefficient (An^mean) are in order of R < G < H and H'(hardway plane) < G'(grain plane) < R'(rift plane). Third, the noticeable differences in distribution patterns among the six types of charts for three planes and three rock cleavages are as follows. From the chart for three planes, the values of 𝚫L, 𝚫s and 𝚫σ_t, corresponding to the distance between two points where the two fitting lines meet on the X-axis, increase in the order of R' < H' < G'. In particular, the two graphs of R2 and G2 related to the length and Brazilian tensile strength are almost parallel to each other and show the distribution characteristics of hardway plane. Among the graphs related to the Brazilian tensile strength, the overall shape for hardway plane is similar to that for grain. From the chart for three rock cleavages, the slopes of the graphs related to the length increase in the order of R < G < H, while those of the graphs related to the spacing and Brazilian tensile strength decrease in the order of R < G < H. Lastly, the characteristics of variation among the six rock cleavages, the three planes and the three rock cleavages were visualized through the correlation chart among the above parameters from this study.

• Journal of Distribution Science
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• v.8 no.3
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• pp.17-26
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• 2010

Recently concerns have been raised due to the unbalanced supply of crops: the price of crops has been unstable and at one point the price went up so high that the word Agflation(agriculture+ inflation) was coined. Korea, in particular, is a small-sized country and needs to secure the stable supply of crops by investing in the produce importation at a national level. Investment in foreign produce importation is becoming more important as a measure for sufficient supply of crops, limited supply of domestic crops, weakened farming conditions worldwide, as well as recent changes in the use of crops due to the development of bio-fuels, influence of carbon emission on crops, the price increase in crops, and influx of foreign hot money. However, there are many problems with investing in foreign produce importation: lack of support from the government; lack of farming information and technology; difficulty in securing the capital; no immediate pay-off from the investment and insufficient management. Although foreign produce is originally more price-competitive than domestic produce, it loses its competiveness in the process of importation (due to high tariffs) and poor distribution system, which makes it difficult to sell in Korea. Therefore, investment in foreign produce importation is being questioned for feasibility; to make it possible, foreign produce must maintain the price-competitiveness. Especially, harvest of agricultural products depends on natural and geographical conditions of each country and those products have indigenous properties, so distribution system according to import and export of agricultural products should be treated more carefully than that of other industries. Distribution costs are differentiated into each item and include cost of sorting and wrapping, cost of wrapping materials, cost of domestic transport, cost of international transport and cost of clearing customs for import and export. So transporting and storing agricultural products generates considerable costs compared with other products. Also, due to upgrade of dietary life, needs for stability, taste and visible quality toward food including agricultural products are being raised and wrong way of storage causes decomposition of food and loss of freshness, making the storage more difficult than that in room temperature, so storage and transport in distribution of agricultural products needs specialty. In addition, because lack of specialty in distribution and circulation such as storage and wrapping does not solve limit factors in distance, the distribution and circulation has been limited to a form of import and export within short-distant region. Therefore, need for distribution out-sourcing which can satisfy specialty in managing distribution and circulation and it is needed to establish more effective distribution system. However, existing distribution system of agricultural products is exposed to various problems including problems in distribution channel, making distribution and strategy for distribution and those problems are as follows. First, in case of investment in overseas agricultural industry, stable supply of the products is difficult because areas of production are dispersed widely and influenced by outer factors due to including overseas distribution channels. Also, at the aspect of quality, standardization of products is difficult, distribution system is quite complicated and unreasonable due to long distribution channels according to international trade and financial and institutional support is not enough. Especially, there are quite a lot of ineffective factors including multi level distribution process, dramatic gap between production cost and customer's cost, lack of physical distribution facilities and difficulties in storage and transport due to lack of wrapping containers. Besides, because import and export of agricultural products has been manages under the company's own distribution according to transaction contract between manufacturers and exporting company, efficiency is low due to excessive investment in fixed costs and lack of specialty in dealing with agricultural products causes fall of value of products, showing the limit to lose price-competitiveness. Especially, because lack of specialty in distribution and circulation such as storage and wrapping does not solve limit factors in distance, the distribution and circulation has been limited to a form of import and export within short-distant region. Therefore, need for distribution out-sourcing which can satisfy specialty in managing distribution and circulation and it is needed to establish more effective distribution system. Second, among tangible and intangible services which promote the efficiency of the whole distribution, a function building distribution environment which includes distribution information, system for standard and inspection, distribution finance, system for diversification of risks, education and training, distribution administration and tax system is wanted. In general, such a function building distribution environment is difficult to be changed and supplement innovatively because its effect compared with investment does not appear immediately despite of its necessity. Especially, in case of distribution of agricultural products, as a function of collecting and distributing is performed individually through various channels, the importance of distribution information and standardization is getting more focus due to the problem of repetition of work and lack of specialty. Also, efficient management of distribution is quite difficult due to lack of professionals in distribution, so support to professional education is needed. Third, though effort to keep self-sufficiency ratio of staple food, rice is regarded as important at the government level, level of dependency on overseas of others crops is high. Therefore, plan for stable securing food resources aside from staple food is also necessary. Especially, governmental organizations of agricultural products distribution in Korea are production-centered and have unreasonable structure whose function at the aspect of distribution and consumption is quite insufficient. And development of new distribution channels which can deal with changes in distribution environment and they do not achieve actual results of strategy for distribution due to non-positive strategy for price distribution. That is, it implies the possibility that base for supply will become vulnerable because it does not mediate appropriate interests on total distribution channels such as manufacturers, wholesale dealers and vendors by emphasizing consumer protection excessively in the distribution of agricultural products. Therefore, this study examined fundamental concept and actual situation for our investment to overseas agriculture, drew necessities, considerations, problems, etc. of overseas agricultural investment and suggested improvements at the level of distribution for price competitiveness of agricultural products cultivated in overseas under five aspects; government's indirect support, distribution's modernization and distribution information function's strengthening, government's political support for distribution facility, transportation route, load and unloading works' improvement, price competitiveness' securing, professional manpower's cultivation by education and training, etc. Here are some suggestions for foreign produce importation. First, the government should conduct a survey on the current distribution channels and analyze the situation to establish a measure for long-term development plans. By providing each agricultural area with a guideline for planning appropriate production of crops, the government can help farmers be ready for importation, and prevent them from producing same crops all at the same time. Government can sign an MOU with the foreign government and promote the importation so that the development of agricultural resources can be stable and steady. Second, the government can establish a strategy for an effective distribution system by providing farmers and agriculture-related workers with the distribution information such as price, production, demand, market structure and location, feature of each crop, and etc. In order for such distribution system to become feasible, the government needs to reconstruct the current distribution system, designate a public organization for providing distribution information and set the criteria for level of produce quality, trade units, and package units. Third, the government should provide financial support and a policy to seek an efficient distribution channel for foreign produce to be delivered fresh: the government should expand distribution facilities (for selecting, packaging, storing, and processing) and transportation vehicles while modernizing old facilities. There should be another policy to improve the efficiency of unloading, and to lower the cost of distribution. Fourth, it is necessary to enact a new law covering exceptional cases for importing produce in order to maintain the price competitiveness; currently the high tariffs is keeping the imported produce from being distributed domestically. However, the new adjustment should be made carefully within the WTO regulations since it can create a problem from giving preferential tariffs. The government can also simplify the distribution channels in order to reduce the cost in the distribution process. Fifth, the government should educate distributors to raise the efficiency and to modernize the distribution system. It is necessary to develop human resources by educating people regarding the foreign agricultural environment, the produce quality, management skills, and by introducing some successful cases in advanced countries.

• Korean Journal of Agricultural Science
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• v.16 no.1
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• pp.84-101
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• 1989

An accurate measurement of size, surface area and volume of agricultural products is essential in many engineering operations such as handling and sorting, and in heat transfer studies on heating and cooling processes. Little information is available on these properties due to their irregular shape, and moreover very little information on the rough rice, soybean, barley, and wheat has been published. Physical dimensions of grain, such as length, width, thickness, surface area, and volume vary according to the variety, environmental conditions, temperature, and moisture content. Especially, recent research has emphasized on the variation of these properties with the important factors such as moisture content. The objectives of this study were to determine physical dimensions such as length, width and thickness, surface area and volume of the rough rice, soybean, barley, and wheat as a function of moisture content, to investigate the effect of moisture content on the properties, and to develop exponential equations to predict the surface area and the volume of the grains as a function of physical dimensions. The varieties of the rough rice used in this study were Akibare, Milyang 15, Seomjin, Samkang, Chilseong, and Yongmun, as a soybean sample Jangyeobkong and Hwangkeumkong, as a barley sample Olbori and Salbori, and as a wheat sample Eunpa and Guru were selected, respectively. The physical properties of the grain samples were determined at four levels of moisture content and ten or fifteen replications were run at each moisture content level and each variety. The results of this study are summarized as follows; 1. In comparison of the surface area and the volume of the 0.0375m diameter-sphere measured in this study with the calculated values by the formula the percent error between them showed least values of 0.65% and 0.77% at the rotational degree interval of 15 degree respectively. 2. The statistical test(t-test) results of the physical properties between the types of rough rice, and between the varieties of soybean and wheat indicated that there were significant difference at the 5% level between them. 3. The physical dimensions varied linearly with the moisture content, and the ratios of length to thickness (L/T) and of width to thickness (W/T) in rough rice decreased with increase of moisture content, while increased in soybean, but uniform tendency of the ratios in barley and wheat was not shown. In all of the sample grains except Olbori, sphericity decreased with increase of moisture content. 4. Over the experimental moisture levels, the surface area and the volume were in the ranges of about $45{\sim}51{\times}10^{-6}m^2$, $25{\sim}30{\times}10^{-9}m^3$ for Japonica-type rough rice, about $42{\sim}47{\times}10^{-6}m^2$, $21{\sim}26{\times}10^{-9}m^3$ for Indica${\times}$Japonica type rough rice, about $188{\sim}200{\times}10^{-6}m^2$, $277{\sim}300{\times}10^{-9}m^3$ for Jangyeobkong, about $180{\sim}201{\times}10^{-6}m^2$, $190{\sim}253{\times}10^{-9}m^3$ for Hwangkeumkong, about $60{\sim}69{\times}10^{-6}m^2$, $36{\sim}45{\times}10^{-9}m^3$ for Covered barley, about $47{\sim}60{\times}10^{-6}m^2$, $22{\sim}28{\times}10^{-9}m^3$ for Naked barley, about $51{\sim}20{\times}10^{-6}m^2$, $23{\sim}31{\times}10^{-9}m^3$ for Eunpamill, and about $57{\sim}69{\times}10^{-6}m^2$, $27{\sim}34{\times}10^{-9}m^3$ for Gurumill, respectively. 5. The increasing rate of surface area and volume with increase of moisture content was higher in soybean than other sample grains, and that of Japonica-type was slightly higher than Indica${\times}$Japonica type in rough rice. 6. The regression equations of physical dimensions, surface area and volume were developed as a function of moisture content, the exponential equations of surface area and volume were also developed as a function of physical dimensions, and the regression equations of surface area were also developed as a function of volume in all grain samples.