• Journal of Korea Trade
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• v.26 no.7
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• pp.93-108
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• 2022

Purpose - This paper examines the admissibility of restitution as the legal consequence where a contract is frustrated under the Law of Reform (Frustrated Contracts) Act 1943 in comparison with Korean Civil Code (KCC). In order to provide practical guidelines and advice regarding choice of and application of law for contracting parties in international trade, the paper comparatively evaluates requirements and the scope of restitution under the Act 1943 and KCC. Design/methodology - This paper executes a comparative study to analyze whether the parties may claim restitution of money paid or non-money benefit obtained before or after the time of discharge under English law and KCC. To achieve the purpose, it focuses on the identifying characteristics of each statute, thereby providing guidelines to overcome difficulties in legal application and interpretation as to restitution as the consequence of frustration. Findings - Under English law, the benefit may be restituted according to Art 1943 or the common law rule, mistake of fact or law. Under the KCC, restitution is considered based on the principle of the obligation to recover the original obtained regardless of the time when the benefit is conferred. Whilst Act 1943 does not require careful analysis of the grounds of restitution, requirements to justify restitution according to the principle of unjust enrichment, mistake of fact or law, and the KCC should be met. Meanwhile, the KCC may provide more opportunities to award restitution because it does not require the burden of proof related to the defendant's good faith, unlike the principle of unjust enrichment. Originality/value - Where the contract is frustrated by the effect of COVID-19, one legal issue is a consequence of frustration. Therefore, this paper analyzes requirements and the scope of restitution under English law as compared with the KCC in a timely manner. It provides contracting parties with practical guidelines and advice to reduce unpredictability when they choose the governing law in a contract.

• Journal of the Korean Society for Aviation and Aeronautics
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• v.16 no.3
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• pp.38-49
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• 2008

Recently industries have started to recognize the importance of word-of-mouth marketing and human resource management especially for airline industries who suffer from pilot shortage. Pilots are very important component of airline company and require a lot of money and time to assession, training and maintaining certified license validity. This study is to test the effect of airline pilot's organizational identification, emotional exhaustion and perceived justice on turnover intention and negative word-of-mouth on airline union pilots returned from the strike. This study used both literary method and empirical method. The researcher did literary study based on the previous study, designed the research model and hypothesis, did questionnaire survey to the Union member pilot from year 2005 strike for the subject of study to verify hypothesis and analysed empirically the finding using SPSS12.0 program. The major findings of this study may be summarized as follows, (1) organizational identification has a negative effect on turnover intention and negative word-of-mouth, (2) emotional exhaustion has a positive effect on turnover intention and negative word-of-mouth, (3) perceived justice has a negative effect on turnover intention and negative word-of-mouth.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.10
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• pp.591-599
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• 2020

This study examines how the health of the banks in ASEAN-3 countries namely Indonesia, Malaysia and Thailand respond to the change in exchange rates and foreign interest rates in four large economies. The transmissions of the two external factors through domestic factors in each ASEAN-3 countries eventually affects Non-Performing Loan (NPL) of commercial banks. This study uses the monthly time series data and the renowned Structural Vector Autoregressive (VAR) model comprising five variables, namely exchange rate, foreign interest rate, domestic interest rate, money supply, and non-performing loan (NPL). The results indicate that there are different effects between ASEAN-3 countries, which can be classified as short-run effect and long-run effect. In the long run effect, external factors have a dominant role in determining NPL in ASEAN-3 countries. Yuan has the biggest effect on Malaysia's NPL, while Indonesia is more affected by European interest rates rather than the fluctuation of the US currency and China's interest rates. Among ASEAN-3 countries, Malaysia is the one that is the most vulnerable to external factors. While Thailand's NPL is affected dominantly by domestic factors. This study shows that the Fed Funds Rate (US official interest rate) is not always the dominant factor affecting the health of domestic banks in ASEAN-3.

• Proceedings of the Korea Technical Association of the Pulp and Paper Industry Conference
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• 2011.10a
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• pp.167-177
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• 2011

Renewable energy resources and technologies have the potential to provide long-lasting solutions of the global energy-requirements faced by the economic and environmental sectors of a nation. Therefore, waste money bills were used as renewable energy source for the production of bio-ethanol. In this study, different concentrated NaOH 0.5%. 1.0%, 2.0%, 3.0% and 0.0% (as a control) were used for 10, 20 and 30 mins at $121^{\circ}C$/15 psi in an autoclave. Saccharification and fermentation (aerobic and anaerobic) were carried out through commercial enzyme Celluclast 1.5 L, Novozymes 188 and Saccharomyces cerevisiae KCCM 11304 respectively. The results of pretreatment showed that the NaOH pre-treated substrate enhanced enzyme action and released more amount of glucose. The amount of glucose was found with the increasing concentration of NaOH and time $44996.95{\pm}6.30$, $46763.10{\pm}3.56$, $53421.32{\pm}4.72$, $63431.25{\pm}6.95$ and $56850.98{\pm}6.75\;ng/{\mu}l$ for 30 min respectively. As for bioethanol, the conversion rate of NaOH resulted $1010.08{\pm}4.71$, $1050.25{\pm}4.37$, $1109.49{\pm}4.39$, $1139.25{\pm}3.26$ and $1020.77{\pm}3.89$ ppm for aerobic; $16730.54{\pm}6.67$, $17076.45{\pm}6.25$, $17516.17{\pm}4.49$, $19782.68{\pm}6.19$ and $17973.39{\pm}7.50$ ppm for anaerobic and $18935.02{\pm}4.59$, $19895.45{\pm}5.39$, $21912.95{\pm}4.83$, $24895.21{\pm}6.72$ and $18961.21{\pm}4.90$ ppm for anaerobic condition with benzoic acid for respective condition. Thus, the results of the present work clearly revealed that with the increasing of alkali concentration might be more effective for bio-ethanol production from waste money bill, which is economic and environmental friendly.

• International Journal of Highway Engineering
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• v.20 no.4
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• pp.73-84
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• 2018

PURPOSES : Most of the traffic surveys are carried out by an inspection method by the manpower. In some cases, the video equipment is used only in some regions when the traffic volume is surveyed. In this case, there is environmental restriction that the road equipment to fix the video equipment should exist. Also, in areas where information such as digital maps and satellite photographs is old or not provided, they are forced to rely on manpower research, but it is difficult to put huge amounts of time and money into the research in places where labor supply and demand is difficult. This difficulty is particularly pronounced in overseas business. METHODS : The purpose of this study is to improve the efficiency of business by using the drones in the traffic investigation through analysis of the cost reduction effect between the existing method and the proposed method in the overseas business traffic survey. The scope of the research is limited to the scope of research, and based on the case of overseas projects, the method of using drone for each research sector is suggested. RESULTS : In the traffic condition survey section, we propose the use of drone for traffic survey and queue length survey, and it is confirmed that there is a cost saving effect of 16% ~ 27% compared with the existing method. In the road condition survey, we propose the use of drones for road surface linear survey, geometry survey, and obstacle survey, and it was confirmed that the cost reduction effect is 39% ~ 93% compared to the existing method. CONCLUSIONS : In addition to overseas business, it is expected that it will have a positive effect on research time and cost reduction by using drone in traffic survey in domestic area where labor supply is not easy or basic data is insufficient.

• Advances in Energy Research
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• v.3 no.1
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• pp.1-10
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• 2015

In the past sidetracking was the means to bypass a damaged zone or to correct the direction of a wellbore. Nowadays, this method is very common and useful in relocating the bottom of a wellbore in a more productive zone and consequently enhancing the production of a reservoir by saving a significant amount of time and money. In this paper, the stability of the bend area is assessed considering varied conditions of stress regime and sidetrack orientation. In general, the stress regime and the orientation of the principal stresses have negligible effect on the stability of the sidetrack compared to sidetrack inclination. On the other hand, the sidetrack deviation angle from the vertical main well plays the major role in the stability of the bend area.

• Journal of the Korean Regional Science Association
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• v.12 no.2
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• pp.1-19
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• 1996

The purpose of this paper is to evaluate the accuracy of input coefficients which are usually estimated by various non-survey methods. The resulting analysis showed that there were considerable differences employed. One of the interesting findings was that the simple LQ method was shown to be better then the other non-survey methods with respect to the degree of accuracy. And from a sensitivity analysis which was to show the effect of changes in input coefficients on the level of production by industry, an increase of 10% in the value of input coefficient (machinary and equipment setor) resulted up to 500billion Won in GRP for the case region. Therfore one of the implications which we can derive from the resulting analysis is that it necessary to pay attention to the key coefficients first to save out time and money, while retaining a certain level of accuracy. One thing to be noted, however, is that the key coefficients but the total effects which are calculated through the Leontief inverse matrices. Therfore to enhance the accuracty of input coefficients estimated by nonsurvey methods it is required to handle the relevant setoral data more carefully or to employ semi-survey method in part.

• Health Policy and Management
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• v.24 no.1
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• pp.24-34
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• 2014

Background: Bankrupted households have recently been increased due to excessive medical expenditure in Korea. They have not been protected from economic risk when household's member has severe diseases that need a lot of money for treatment. Purpose of this study examines policy effect by comparing unmet needs' change of policy object households and non-object groups. Methods: We used Korea Health panel 2nd 4th data collected by Korea Institute for Health and Social Affairs and National Health Insurance Service. Analysis subjects were 381 households (pre-policy) and 393 households (post-policy) that had cancer and cardiovascular and cerebrovascular diseases. Since it was major concern that estimates benefit strengthening policy started by certain time, we setup comparing households which had diabetes, hypertension disease. Comparison subjects were 393,247 households, respectively and we evaluated policy effect using difference in difference (DID) model. Results: Although unmet needs of policy object households were higher than non-object groups, policy execution variable affected negative direction. But interaction-term which shows pure effect of policy was not statistically significant. We utilized multi-DID model to examine factors affecting unmet needs causes. Copayment assistance policy did not significantly affect households that responded to 'economic reason,' and 'no have time to visit' for unmet needs causes. Conclusion: The second copayment assistance policy did not significantly give positive effect to beneficiary households than non-beneficiary groups. When we consider that primary purpose of public insurance guarantee high medical expenditure occurred by unexpected events, it needs to deliberate on switch of benefit strengthening policy that can assist vulnerable people. Also, we suggest that government forward a policy covering non-reimbursable medical expenses as well as switch of benefit strengthening direction because benefit policy do not affect non-covered medical cost which accounts for quarter of total health expenditure.

• The Korean Journal of Financial Management
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• v.27 no.2
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• pp.35-62
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• 2010

This paper examines the existence of the fund performance persistence and the smart money effect in Korean stock market and tests the flow-induced price pressure (FIPP) hypothesis, that is, fund flows affect individual stock returns and mutual fund performance. This paper also tests whether the FIPP effect can cause the performance persistence using the monthly returns and stock holdings data of 2,702 Korean mutual funds from January 2002 to June 2008. The empirical results indicate that the performance persistence exists significantly for a long time but the smart money effect does not. The hedge portfolio constructed by buying funds with the highest past 12 months performance and selling funds with the lowest past 12 months performance earns 0.11%~1.05% monthly abnormal returns, on average, in 3 years from portfolio formation month, but the hedge portfolio constructed by buying funds with the highest past net fund inflows and selling funds with the lowest past net fund inflows cannot earn positive monthly abnormal returns and the size of negative abnormal returns of the portfolio increase as time goes on. We find the evidence that the FIPP hypothesis is significantly supported. We first estimate the FIPP measure for each individual stock using the trading volume resulting from past fund flows and then construct the hedge portfolio by buying stocks with the highest FIPP measure and selling stocks with the lowest FIPP measure. That portfolio earns significantly positive abnormal return, 1.01% at only portfolio formation month and cannot earn significant abnormal returns after formation month. But, the FIPP effect cannot cause the performance persistence because, within the same FIPP measure group, funds with higher past performance still earn higher monthly abnormal returns than those with lower past performance by 0.08%~0.77%, on average, in 2 years. These results imply that the main cause of the performance persistence in Korean stock market is the difference of fund managers' ability rather than the FIPP effect.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.6
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• pp.109-116
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• 2020

The study examines the nexus between financial development and economic growth in India during Q1: 1996 to Q3: 2018. This study employs time-series data of real GDP and ratio of broad money to GDP as a proxy for economic and financial development, respectively. The data are obtained from RBI database on the Indian economy. All variables are seasonally adjusted using X12-arima technique and expressed in natural logarithm form. Non-linear Autoregressive Distributed Lag (NARDL) bound test has been used to check for cointegrating relationship of these two variables. Empirical findings suggest that, unlike in the short run, in the long run financial development does impact economic growth positively. Further, a symmetric effect of positive and negative components of financial development is found for the Indian economy, whereas the effect of control variable like exchange rate and trade openness is in consonance with common economic intuition. Exchange rate is in consonance with intuitive economic logic that a fall in exchange rate makes exports cheaper and increases the quantity of export, which improves the balance of payment and leads to a rise in aggregate demand, hence improves economic growth. This paper contributes to the existing literature on India by breaking down financial indicator into positive and negative components to examine the finance-growth relationship.