• The Korean Journal of Financial Studies
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• v.10 no.1
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• pp.249-269
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• 2004

Free cash flow is known as a typical type of agency conflict between managers and shareholders in a firm. The insurance industry, which is not growing, is particularly susceptible to such excessive cash flow. We herein investigate the effects of stock ownership plans on reducing agency conflicts. We adopt undistributed cash flow to proxy free cash flow, and size, default risk, group membership, leverage, investment opportunity, and stock options are selected as explanatory variables. We find that stock option plans are effective(at a 10% level) in reducing free cash flow.

• Journal of the Korean Society for Railway
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• v.9 no.6 s.37
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• pp.772-777
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• 2006

Three-dimensional numerical study is performed for the flow analysis around the rolling stock with square cross section (Mugungwha train model). The height (H) of rolling stock is considered as the characteristic length and the total length of rolling stock is 40 which correspond to 1/2 unit of rolling stock. The gap between the surface and rolling stock is 0.17H which is average value. The relative velocity between the surface and rolling stock is assumed to be zero and Re=10,000 based on the characteristic length. Low Re ${\kappa}-{\epsilon}$[15] is employed for the calculation of turbulence which resolve all the way to the solid surface (laminar sub-layer). Large flow separation occurred at the front head of train and a pair of vortex is generated on both top and side of rolling stock. The behavior of vortices on the top of the rolling stock is believed to affect the performance of the pantograph which should be intensively investigated. The difference between the high pressure in the front stagnation region of train and the low pressure in the rear separated region causes a large pressure drag. A large pair or vortex are generated in the rear of train and the size of vortex is increased more than the size of cross section of train.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.5
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• pp.19-29
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• 2020

The paper examines the impact of information about cash flow from operating activities of firms listed on Vietnam's stock market to the decision making of individual investors. Data were collected from interviews with 160 individual investors about their investment decisions based on information on profit growth and cash flow growth from operating activities. T-test was conducted to research on Vietnam's stock market - a market considered as information that is not really public, transparent and ineffective. The research results show that: (1) investors do not care about cash flow from operating activities when making investment decisions if the company's profits grow positively, (2) information about cash flow from operating activities only affects the decisions of individual investors once profit growth is negative, and (3) conflicting information between profit growth and cash flow growth from business activities significantly affects the confidence and comfort of investors in Vietnam's stock market when they make investment decisions. Then, the study points out the mistake of investors when making investment decisions, and offers recommendations to investors when making investment decisions, not only concerned with profit growth, but also paying special attention to cash flow growth, especially cash flow from the company's business operations.

• Proceedings of the Korean Operations and Management Science Society Conference
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• 2006.05a
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• pp.25-32
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• 2006

Given a schedule of train to be routed by a Railway Stock, Railway Stock Routing Problem determine a sequence of train while satisfying turnaround time and maintenance restrictions. The objective is to minimize the Railway Stock during a week and each day simultaneously. And we prove that Railway Stock Routing Problem with maintenance restrictions is NP-hard. In this paper, we present two stage approaches that solve the Railway Stock Routing Problem in a reasonable time. In first stage we relax maintenance restrictions and formulate as a Min-cost-flow problem. Then, in the second stage, we attempt to satisfy maintenance restrictions using ours heuristic algorithm. We show the computational result of applying to an actual train schedule data.

• Knowledge Management Research
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• v.11 no.5
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• pp.1-23
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• 2010

In order to provide a better understanding about the phenomenon of KM assimilation, this study attempts to conceptually develop and empirically compare two different models: (1) the first model, which considers the KM process as the flow of knowledge that plays an intervening role between knowledge stocks (i.e., knowledge worker, technical knowledge infrastructure, external knowledge linkage, knowledge strategy, and internal knowledge climate) and the level of KM assimilation; and (2) the second model is a simple direct effect formulation without any distinction between knowledge stock and flow. These two models were then tested and compared using the responses of 187 Korean organizations that had already implemented enterprise-wide KM systems. The findings indicate that the two models are useful in explaining successful KM assimilation. However, the first causal model with the distinction between knowledge stock and flow assesses the effectiveness of KM more accurately than the second model without the distinction. Interestingly, the KM process was shown to be the most critical factor for the proliferation of KM activities across an organization. The findings of this study are expected to serve not only as early groundwork for researchers hoping to understand KM and its effective assimilation in organizations, but should also provide practitioners with guidelines as to how they can enhance their KM assimilation level so as to improve their organizational performance.

• Journal of Distribution Science
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• v.12 no.3
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• pp.75-83
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• 2014

Purpose - The oil price affects company value, which is the present value of the expected cash flow, by affecting the discount rate and cash flow. This study examines the nonlinear relationships between oil price and stock price using the AlphaShares Chinese Volatility Index as the threshold. Research design, data, and methodology - Data comprise daily closing values of the Shanghai Stock Exchange Composite Index, Shenzhen Stock Exchange Composite Index, and Hang Seng Index of ChinaWest Texas Intermediate crude oil spot price and AlphaShares Chinese Volatility Index from May 25, 2007 to May 24, 2012. The Threshold Error Correction Model is used. Results - The results demonstrate different relationships between the stock price index and oil price under different investor sentiments; however, the stock price index and oil price could adjust to a long-term equilibrium the long-term causality tests between them were all significant. Conclusions - The relationship between the WTI and HANG SENG Index is more significant than the Shanghai Composites Index and Shenzhen Composite Index, when using the AlphaShares Chinese Volatility Index (ASC-VIX) as the investor sentiment variable and threshold.

• Land and Housing Review
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• v.11 no.1
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• pp.59-66
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• 2020

This thesis investigates relationship between Stock-to-Flow price and housing starts in Seoul metropolitan form 2008 year to 2019 year. The paper tests the relationship through two time-series models such as a vector error correction model and Dynamic Panel regression model. The model results show evidence of positive correlation between Stock-to-Flow price and housing starts in the long run. By transforming the regional data into a panel data set and running a fixed effects model, we test the explanatory power of PBR on housing starts. The result of VECM confirms that one unit uprising PBR raises up apartment construction by 7.4%. This result supports that PBR is a major factor in choosing a start of housing construct. Base on the result of empirical model, We also suggest that the market self-regulation function of housing providers is operating in the entire metropolitan area market.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.17 no.30
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• pp.135-145
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• 1994

There has been increasing interest in modeling the effect of buffer stock in automatic flow lines such as transfer line, assembly line and process line. The purpose of this paper is to determine the optimal buffer stock for a two-stage process line of industry that minimize a expected cost considering line efficiency and buffer stock Analytical method for the simplified model is applied and computer simulation is conducted to real numerical example.

• Journal of Korea Technical Association of The Pulp and Paper Industry
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• v.43 no.4
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• pp.23-30
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• 2011

Fillers have been used for papermaking in order to enhance the optical properties, to improve sheet formation, printability and dimensional stability and to reduce the furnish cost. However, filler particles in paper interfere with fiber-fiber bonding, resulting in decreased paper strength. In order to increase filler content in paper without sacrificing too much paper strength, dual addition technology of fillers was investigated. As a first step, the effects of thick stock addition of fillers on paper properties and papermaking process were elucidated. It was shown that thick stock addition of fillers could increase paper strength at a given filler content. No significant adverse effects on formation, drainage and filler retention were observed. However, bulk of paper was reduced with thick stock addition of fillers, which shall be resolved with regulating other factors such as the mixing ratio of pulps and type of fillers.

• Nuclear Engineering and Technology
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• v.48 no.5
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• pp.1162-1173
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• 2016

In this paper, we describe a physicomathematical model of the processes that occur in a sodium circuit with a variable flow cross-section in the case of a water leak into sodium. The application area for this technique includes the possibility of analyzing consequences of this leak as applied to sodium-water steam generators in fast neutron reactors. Hydrodynamic processes that occur in sodium circuits in the event of a water leak are described within the framework of a one-dimensional thermally nonequilibrium three-component gas-liquid flow model (sodium-hydrogen-sodium hydroxide). Consideration is given to the results of a mathematical modeling of experiments involving steam injection into the sodium loop of a circulation test facility. That was done by means of the computer code in which the proposed model had been implemented.