• The Journal of Asian Finance, Economics and Business
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• v.6 no.2
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• pp.15-24
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• 2019

This study analyzes the effect of the capital structure of Korean manufacturing firms on default risk based on Moody's KMV option pricing model where the probability of default is obtained by measuring the distance to default as a covariant in logit model developed by Merton (1974). Based on the panel data of manufacturing firms, this study achieves its primary objective, using a fixed effect regression model and examines the effect of a firm's capital structure on default risk amongst publicly listed firms on Korea exchange during 2005-2016. Empirical results obtained suggest that the rise in short-term debt to assets leads to increase the risk of default whereas the increase in long-term debt to assets leads to decrease the default risk. The benefits of short-term debt financing over a short-term period fade out in the presence of information asymmetry. However, long-term debt financing overcomes the information asymmetry and enjoys the paybacks of tax advantage associated with long-term debt. Additionally, size, tangibility and interest coverage ratio are also the important determinants of default risk. Findings support the trade-off theory of capital structure and recommend the optimal use of long-term debt in a firm's capital structure.

• Proceedings of the Korea Concrete Institute Conference
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• 2006.11a
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• pp.149-152
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• 2006

Serviceability of reinforced concrete building is affected dominantly by long term deflection of slab. And in case of reinforced concrete building with flat plate slab, severe long term deflection was expected because it has no beams which have large flexural stiffness. Therefore it is important to calculate exactly long term deflection of RC flat plate structure to assure its serviceability. However, current codes couldn't calculate exactly long term deflection of RC flat plate structure because they don't consider effects of boundary condition and construction load. By the way, recently the method to calculate long term deflection of RC flat plate structure was proposed by considering these effects. In the present study, long term deflection of RC flat plate structure was analyzed by comparing this method with recent experimental results. In conclusion, long term deflection of RC flat plate structure was affected considerably by effects of boundary condition, construction load and tensile strength of concrete. And recently proposed method considers these effects reasonably but it should be modified to reflect creep effect of RC flat plate slab reasonably.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.4
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• pp.239-250
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• 2022

This study examined the level of capital structure and its determinants of publicly traded companies in Malaysia before and after the COVID-19 pandemic. The data for this study was examined using Python Programming Language and time-series financial data from 2,784 quarterly observations in 2019 and 2020. The maximum debt is larger before the COVID-19 period, according to the findings. During the COVID-19 period, short-term debts and total debts have both decreased slightly. However, long-term debts have increased marginally. As a result, this research demonstrates that the capital structure has changed slightly during the COVID-19 period. The findings imply that independent of the capital structure proxies, tangibility, liquidity, and business size had an impact on capital structure in both periods. It was found that profitability had a significant impact on total debts both before and after the COVID-19 crisis. While higher-profit enterprises appear to have lesser short-term debts before the COVID-19 periods, they are also more likely to have lower long-term debts during the COVID-19 periods. Even though growing companies tend to have higher short-term debts and thus total debts during those periods, longterm debts are unaffected by potential growth.

• Journal of the Korean Society for information Management
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• v.21 no.3
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• pp.251-267
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• 2004

The purpose of this study is to generate the local level knowledge structure of a single document, similar to end-of-the-book indexes and table of contents of printed material through the use of term clustering and cluster representative term selection. Furthermore, it aims to analyze the functionalities of the knowledge structure. and to confirm the applicability of these methods in user-friend1y information services. The results of the term clustering experiment showed that the performance of the Ward's method was superior to that of the fuzzy K -means clustering method. In the cluster representative term selection experiment, using the highest passage frequency term as the representative yielded the best performance. Finally, the result of user task-based functionality tests illustrate that the automatically generated knowledge structure in this study functions similarly to the local level knowledge structure presented In printed material.

• Proceedings of the Korean Operations and Management Science Society Conference
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• 2000.04a
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• pp.453-456
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• 2000

고정금리 상품의 투자에서 이자율 변동 위험을 피할 수 있는 방법으로 많이 쓰이는 것은 듀레이션을 이용한 면역 모델(Bond Portfolio Immunization Model)로, 이것은 이자율 변동에 대해 포트폴리오의 가격 민감도인 듀레이션을 이용하여 자산과 부채의 변화를 일치시키는 방법이다. 그러나 이 전략은 수익률 곡선이 평형하게 이동한다는 가정(Parallel Shift Term-Structure)을 단점으로 가지고 있어 현실에 적용될 경우 오차가 발생하게 된다. 본 연구에서는 선험적(empirical) 방법으로 평형하지 않은 움직임을 가진 기간구조의 함수(Term-Structure Function)를 정의하고 면역 모델을 부채의 현금흐름에 대해 개별적으로 적용하는 새로운 면역 전략 모델을 구성하고 실험한다

• Korea Journal of Hospital Management
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• v.11 no.4
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• pp.19-36
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• 2006

This study aims to examine the influence of growth rate, profitability and current ratio, which are confronted with static trade-off theory and pecking order theory, on capital structure of superior hospital and bankrupt hospital. Firstly, superior hospitals show positive correlation between growth rate and short-term loans, long-term loans, and short-term liabilities while bankrupt hospitals represent negative correlation. Superiority hospital and bankruptcy hospital show different financing behaviors, especially, short-term loan is the significant characteristic that discriminates between superior hospital and bankrupt hospital. Secondly, this paper studied the correlation between profitability and short-term loan, which the superior hospitals shows negative correlation, to contrast, bankrupt hospital have positive correlation. Consequently, the short-term loan is the most distinguishable factor between the superior hospital and bankrupt hospitals in terms of profitability. To conclude, this study shows that excess short-term loans can be the most important cause for hospital's bankrupt. Accordingly, strategic and effective policy about the short-term loan will be required in order to protect hospital's bankrupt.

• Proceedings of the Korea Water Resources Association Conference
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• 2020.06a
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• pp.101-101
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• 2020

Traditional stochastic simulation of hydroclimatological variables often underestimates the variability and correlation structure of larger timescale due to the difficulty in preserving long-term memory. However, the Long Short-Term Memory (LSTM) model illustrates a remarkable long-term memory from the recursive hidden and cell states. The current study, therefore, employed the LSTM model in stochastic generation of hydrologic and climate variables to examine how much the LSTM model can preserve the long-term memory and overcome the drawbacks of conventional time series models such as autoregressive (AR). A trigonometric function and the Rössler system as well as real case studies for hydrological and climatological variables were tested. Results presented that the LSTM model reproduced the variability and correlation structure of the larger timescale as well as the key statistics of the original time domain better than the AR and other traditional models. The hidden and cell states of the LSTM containing the long-memory and oscillation structure following the observations allows better performance compared to the other tested conventional models. This good representation of the long-term variability can be important in water manager since future water resources planning and management is highly related with this long-term variability.

• Journal of Korean Institute of Industrial Engineers
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• v.26 no.3
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• pp.249-256
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• 2000

Bond immunization model is used to minimize interest rate risk for investing in fixed-income market, the model equalizes asset and liability values using the duration which is the sensitivity of portfolio value with respect to the interest rate. However this model might generate an error in practice because the model is based on unreal hypothesis, so called "Parallel Shift Term Structure". In this paper, we use the neural network approach to overcome the parallel shift term structure and try to employ this term structure function to the traditional immunization model. Finally, we present some computational test results that show the superiority of the partial immunization model to the traditional methods.

• Proceedings of the Korean Institute of Building Construction Conference
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• 2020.06a
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• pp.159-160
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• 2020

Flat plate structures are designed in the form of long span due to the development of construction materials and the improvement of construction technology. However, a high-rise structure of a flat plate of 50 less floors is constructed without detailed review of the inequality shortening, long-term deflection of the slab, and cracks. Therefore, it is possible to examine the case of defects in the structure due to deformation and damage of non-structures such as crack and leak, deflection of the door frame, and deformation of equipment ducts. In this study, it is a high-rise structure, and the inequality shortening and long-term deflection of the slab of the flat plate structure were evaluated through finite element analysis, and it was confirmed that prior precision analysis and correction during construction is necessary.

• Korean Journal of Soil Science and Fertilizer
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• v.46 no.6
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• pp.487-493
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• 2013

The effects of long-term fertilization on soil biological properties and microbial community structure in the plough layer in a rice paddy soil in southern Korea were investigated in relation to the continuous application of chemical fertilizers (NPK), straw based compost (Compost), combination these two (NPK + Compost) for last 40 years. No fertilization plot (Control) was installed for comparison. Though fertilization significantly improved rice productivity over control, the long-term fertilization of NPK and compost combination was more effective on increasing rice productivity and soil nutrient status than single application of compost or chemical fertilizer. All fertilization treatments had shown significant improvement in soil microbial properties, however, continuous compost fertilization markedly increased soil enzyme and microbial activities as compared to sole chemical fertilization. Results of microbial community structure, evaluated by EL-FAME (ester-linked fatty acid methyl esters) method, revealed big difference among Control, NPK, and Compost. However, both Compost and Compost+NPK treatments belonged to the same cluster after statistical analysis. The combined application of chemical fertilizer and organic amendments could be more rational strategy to improve soil nutrient status and promote soil microbial communities than the single chemical fertilizer or compost application.