• The Korean Journal of Financial Management
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• v.25 no.2
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• pp.33-68
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• 2008

The purpose of this paper is to test the market timing hypothesis and impact of macro economic variables on capital structure choice as well as the traditional static trade-off and pecking order theories of capital structure in a integrated framework. Through a two stage test of target capital structure and capital structure choice, none of theories was consistently supported, but most of them were partly supported. In the first stage analysis of target ratio, coefficients of firm-specific variables generally supported the predictions of pecking order theory rather than those of the static trade-off theory. However, the result of the second stage test on capital structure choice supported the hypothesis of the static trade-off theory, which claims that firms usually set and pursue the target leverage ratio. Further, the result of the seconde stage shows that a simple pecking oder theory does not hold because firms with deficit of internal fund tend to issue bonds rather than stocks to raise outside fund. Also, the result indicates that the market timing hypothesis holds because firms with over-valued stocks tend to issue stocks rather than bonds. However, contrary to Korajczyk and Levy(2003), the impact of macro economic variables such as term or credit spreads on capital structure choice was negligible, and the impact of macro economic and market timing hypothesis variables were not greater in financially unconstrained firms as Korajczyk and Levy(2003) suggested.

• Journal of Nuclear Fuel Cycle and Waste Technology(JNFCWT)
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• v.9 no.4
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• pp.219-230
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• 2011

The nuclear fuel cycle (NFC) analysis is a study to set a NFC policy and to promote systematic researches by analyzing technologies and deriving requirements at each stage of a fuel cycle. System analysis techniques are utilized for comparative analysis and assessment of options on a considered system. In case that NFC is taken into consideration various methods of the system analysis techniques could be applied depending on the range of an interest. This study presented NFC analysis strategies for the development of a domestic advanced NFC and analysis techniques applicable to different phases of the analysis. Strategically, NFC analysis necessitates the linkage with technology analyses, domestic and international interests, and a national energy program. In this respect, a trade-off study is readily applicable since it includes various aspects on NFC as metrics and then analyzes the considered NFC options according to the derived metrics. In this study, the trade-off study was identified as a method for NFC analysis with the derived strategies and it was expected to be used for development of an advanced NFC. A technology readiness level (TRL) method and NFC simulation codes could be utilized to obtain the required metrics and data for assessment in the trade-off study. The methodologies would guide a direction of technology development by comparing and assessing technological, economical, environmental, and other aspects on the alternatives. Consequently, they would contribute for systematic development and deployment of an appropriate advanced NFC.

• The Journal of Korean Institute of Communications and Information Sciences
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• v.37 no.6C
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• pp.476-482
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• 2012

In this paper, we analyze and compare several co-channel interference mitigation algorithms for WBAN application in 2.4 GHz ISM frequency bands. ML (Maximum Likelihood), OC (Optimal Combining) and MMSE (Minimum Mean Square Error) has been considered for the possible techniques for interference cancellation in view of the trade off between the performance and the complexity of implementation. Based on the channel model of IEEE 802.15.6 standard, simulation results show that ML and OC attains the lower BER performance than that of MMSE if we assume the perfect channel estimation. But, ML and OC have the additional requirement of implementation for his own and other users's channel estimation process, hence, besides the BER performance, the complexity of implementation and the sensitivity to channel estimation error should be considered since it requires the simple and small sized equipment for WBAN system application. In addition, the gap of detection BER performance between ML, OC and MMSE is much decreased under the imperfect channel estimation if we adopt real channel estimation process, therefore, in order to apply to WBAN system, the trade off between the BER performance and complexity of implemetation should be seriously considered to decide the best co-channel interference cancellation for WBAN system application.

• Industry Promotion Research
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• v.2 no.1
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• pp.113-115
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• 2017

A brief analysis of the impact of the UK off Europe paper on both the positive and negative aspects. For example, in the UK after the EU referendum, out of the shackles of the UK's European Union in the short term, away from the impact of refugees. On the contrary, however, it can have a tremendous impact on the UK's foreign trade and financial industry, while the UK's International will be influenced by the West.

• International Commerce and Information Review
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• v.17 no.3
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• pp.115-130
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• 2015

This paper investigates how ODA FDI Trade affect economic growth in 4 South America countries over the last 50 years and ODA, FDI, Trade have a impact on the 4 South America countries economic growth using the Vector Error Correction Model. The results of empirical analysis based on data from 1960 to 2014 confirmed that FDI and trade than ODA has had a significant impact on Brazil and FDI, Trade had affected on Argentina economic growth. On the other hand, ODA had a more major impact on Venezuela, Peru economic growth than FDI and trade. Based on the results of these empirical analysis, when it comes to support for economic growth of underdeveloping countries, developed countries have to supply enough ODA for least developing countries to start economic growth, in case of economic take off stage, they should consider FDI, and international trade volume increase.

• East Asian Economic Review
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• v.22 no.2
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• pp.177-215
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• 2018

Trump's withdrawal from the Trans-Pacific Partnership (TPP) and his "America First" trade agenda ignite a second round of interest in mega-free trade agreements in the Asia-Pacific. Countries are evaluating alternative trade policy actions in a post-TPP era. Using national real GDP gains estimated by a modified GTAP model to construct "preference ordering" for 10 Association of Southeast Asian Nations members and their six regional dialogue partners, this paper comes up with several policy-oriented findings. First, when multilateral agreements are not possible, countries are better off with a regional trading agreement than without one. Second, the Regional Comprehensive Economic Partnership is likely to have higher beneficial impacts than the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. Third, for dual-track countries, implementing both agreements is better than each separately. Fourth, impacts of open regionalism are likely to be higher than those of a closed and reciprocal one. Going forward, this paper argues that countries should adopt a "multi-track, multi-stage" approach to trade policy.

• International Commerce and Information Review
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• v.8 no.1
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• pp.69-86
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• 2006

The trade volume between South and North Korea has reached 1 billion dollars in year 2005. This means the economic motives may prevail over the political concerns between two regimes from now on. At the same time, the direct telecommunication lines installed to promote the IT collaboration. Based on these monumental issues, the research focuses on the workable mechanism of the South-North Korean e-Market Place(e-MP) collaboration project. The research analyzes on the capabilities as well as willingness of the South and North Korea for the e-MP, and concludes with four stepwise approach to promote the South and North Korean e-MP. The first step initiates the web marketing integration, and then the second step provides the legal environments. The third step promotes the on-/off- trade-automation via infrastructure collaboration, and the final step expands and deepens the flexibility as well as openness of the e-MP.

• The Journal of Korean Institute of Electromagnetic Engineering and Science
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• v.16 no.12 s.103
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• pp.1171-1178
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• 2005

Multi-code code division multiple access(MC-CDMA) has been proposed for providing the various service rates with different quality of service requirement by assigning multiple codes and increasing the capacity. However, it suffers from the serious problem of high peak to average power ratio(PAPR). So, it requires large input back-off, which causes poor power consumption in high power amplifier(HPA). In this paper, we propose a new method that can reduce PAPR efficiently by constraint codes based on the opposite correlation to the incoming information data in MC-CDMA. PAPR reduction depends on the length and indices of constraint codes in MC-CDMA system. There is a trade-off between PAPR reduction and the length of constraint codes. From the simulation results, we also investigate the BER improvement in AWGN channel with HPA. The simulation results show that BER performance can be similar with linear amplifier in two cases: 1) Using exact constraint codes without input back-off and 2) a few constraint codes with small input back-off.

• 대한예방의학회:학술대회논문집
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• 2005.10a
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• pp.302-302
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• 2005

• Journal of Korean Institute of Industrial Engineers
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• v.10 no.1
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• pp.41-45
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• 1984

A resource constrained scheduling problem that involves trade-off between resources and time is considered. Models are considered. Models are presented as zero-one integer program and objectives of models include minimum project completion time and minimum total project cost.