• KDI Journal of Economic Policy
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• v.32 no.2
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• pp.171-216
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• 2010

With the payment and settlement systems becoming more and more complex and interconnected, the issue of their interdependency rises as an important academic issue as well as a policy topic. This study examines causes, forms, and risk management of interdependencies of payment and settlement systems in Korea, and presents their current situation. By way of simulations using BOF-PSS2 developed by the Bank of Finland, we quantify the effects of an operational disruption on the payment and settlement systems so as to figure out the degree of interdependency. As a result, the secondary round effect reaches up to ￦13.6 trillion a day, which amounts to 7.8% of the daily settlement value. Furthermore, if we also consider the amount of direct operational disruption, the volume of operational disruption occupies 22.3% of total value of the daily settlement, evidencing that the interdependencies of the payment and settlement systems in Korea is enormously widespread. The secondary round effects are found to be more severe with security companies rather than with banks, and to be more depended upon when it is perceived rather than it actually happens. In case that we expand the liquidity to include cash holdings and deposits as assets, the secondary round effect dramatically decreases in all types of financial institutions while foreign banks account for more share of all the secondary round effects increases. Based on these results, we suggest various policy tasks and directions to improve the risk management of settlement systems: expansion of off-setting settlements, introduction of a new settlement system for securities transactions, rapid provision of liquidity to financial institutions, more effective monitoring on participant institutions, and intensified information sharing and cooperation among the systems.

• Journal of Periodontal and Implant Science
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• v.36 no.2
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• pp.345-359
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• 2006

Loss of maxillary molar teeth leads to rapid loss of crestal bone and inferior expansion of the maxillary sinus floor (secondary pneumatization). Rehabilitation of the site with osseointegrated dental implants often represents a clinical challenge because of the insufficient bone volume resulted from this phenomenon. Boyne & James proposed the classic procedure for maxillary sinus floor elevation entails preparation of a trap door including the Schneiderian membrane in the lateral sinus wall. Summers proposed another non-invasive method using a set of osteotome and the osteotome sinus floor elevation (OSFE) was proposed for implant sites with at least 5-6mm of bone between the alveolar crest and the maxillary sinus floor. The change of grafted material in maxillary sinus is important for implant survival and the evaluation of graft height after maxillary sinus floor elevation is composed of histologic evaluation and radiomorphometric evaluation. The aim of the present study was radiographically evaluate the graft height change after maxillary sinus floor elevation and the influence of the graft material type in height change and the bone remodeling of grafts in sinus. A total of 59 patients (28 in lateral approach and 31 in crestal approach) who underwent maxillary sinus floor elevation composed of lateral approach and crestal approach were radiographically followed for up to about 48 months. Change in sinusgraft height were calculated with respect to implant length (IL) and grafted sinus height(BL). It was evaluated the change of the graft height according to time, the influence of the approach technique (staged approach and simultaneous approach) in lateral approach to change of the graft height, and the influence of the type of graft materials to change of the graft height. Patients were divided into three class based on the height of the grafted sinus floor relative to the implant apex and evaluated the proportion change of that class (Class I, in which the grafted sinus floor was above the implant apex; Class II, in which the implant apex was level with the grafted sinus floor; and Class III, in which the grafted sinus floor was below the implant apex). And it was evaluated th bone remodeling in sinus during 12 months using SGRl(by $Br\ddot{a}gger$ et al). The result was like that; Sinus graft height decreased significantly in both lateral approach and crestal approach in first 12 months (p$MBCP^{TM}$ had minimum height loss. Class III and Class II was increased by time in both lateral and crestal approach and Class I was decreased by time. SGRI was increased statistically significantly from baseline to 3 months and 3 months(p<0.05) to 12 months(p$ICB^{(R)}$ single use, more reduction of sinusgraft height was appeared. Therefore we speculated that the mixture of graft materials is preferable as a reduction of graft materials. Increasing of the SGRI as time goes by explains the stability of implant, but additional histologic or computed tomographic study will be needed for accurate conclusion. From the radiographic evaluation, we come to know that placement of dental implant with sinus floor elevation is an effective procedure in atrophic maxillary reconstruction.

• The Korean Journal of Food And Nutrition
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• v.27 no.1
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• pp.22-30
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• 2014

In this study, purple sweet potato bread was prepared by the addition of 0.005%, 0.010%, 0.015% and 0.020% hemicellulase. It's effect on product quality and consumer evaluation were examined. The results showed that the dough pH and total titratable acidity were not significantly different between samples. In the fermentation power of dough expansion, a 0.015% addition sample was the highest between the samples. The bread pH decreased significantly as hemicellulase was increased, whereas. Bread total titratable acidity was significantly decreased. The addition of hemicellulase samples were significantly higher in specific volume and baking loss than the control sample. The moisture content was not significantly different between samples. In colors, the lightness of the control sample was the highest, the redness of the 0.020% addition sample was the lowest while the yellowness of the control was the lowest. The hardness and the fracturability decreased significantly as hemicellulase was increased. The resilience indicated reverse effects. In consumer evaluation, the color and softness were not significantly different between samples. And the hemicellulase addition of samples was higher in flavor than that of the control sample. The overall acceptability was the highest at 5.67 with a 0.010% addition sample. According to these results, the addition of 0.010% hemicellulase in purple sweet potato bread would be the optimum level.

• Korean journal of food and cookery science
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• v.28 no.4
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• pp.391-397
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• 2012

This study was carried out to investigate commercialization of Kimchi made of cabbage (Brassica oleracea var. capitata L.) using pre-fermentation conditions. The pre-fermentation conditions were 0, 18, 24, and 28 h at $20^{\circ}C$, and then the samples were stored at $10^{\circ}C$ to assess changes in quality characteristics. A comparison of the quality characteristics during storage showed that PF24 (pre-fermented cabbage Kimchi during 24 h at $20^{\circ}C$) and PF28 (pre-fermented cabbage Kimchi during 28 h at $20^{\circ}C$) had pH 4.47 and pH 4.23 on the second day of storage, respectively. It was possible to shorten the fermentation time to less than that of PF0 (not pre-fermented cabbage Kimchi at $20^{\circ}C$), by approximately 3 days. Total acidity was 0.26 to 0.29% immediately after making the Kimchi. However, PF0, PF18 (pre-fermented cabbage Kimchi during 18 h at $20^{\circ}C$), PF24 and PF28 became well-fermented when they were stored for 8~14 days, 3~10 days or 2~3 days. The number of lactic acid bacteria increased with the passage of time in all treatment groups regardless of fermentation conditions. However, the longer pre-fermentation time became, the faster the number of lactic acid bacteria increased. Most samples showed similar results late in the storage period; 7.2~7.4 log CFU/mL. PF0 had the greatest volume change 2.1 times increase late in the storage period. The sensory evaluation showed significant differences for flavor, taste, and overall acceptability after a partial storage period. PF28 stored for 2~3 days showed excellent flavor, and PF24 and PF28 stored for 2~3 days showed the highest scores of 6.27 to 6.67. The PF24 and PF28 treated samples were appropriate for commercializing small packed cabbage Kimchi and for alleviating the expansion problem of the packing material. However, because mass commercial production requires a large number of samples to be used at once, the results should be assessed for industrial product development in the future.

• Journal of the Korean Society of Food Science and Nutrition
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• v.45 no.3
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• pp.352-359
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• 2016

White bread added with brown rice fiber was prepared by addition of 0.005, 0.010, 0.015, and 0.020% hemicellulase. Effects on product quality and sensory evaluation were examined. There were no significant differences in pH of dough before the 1st fermentation among the experiments. Dough made by addition of hemicellulase had a significantly higher pH after the 1st fermentation compared to the control group, whereas pH of bread had reverse effects. Fermentation power of dough expansion increased as incubation time increased. Addition of hemicellulase to samples significantly increased specific volume, baking loss, and water activity compared to the control sample. Moisture content was the lowest upon addition of 0.020% hemicellulase. For color, lightness was the highest in the control bread samples, greenness of the 0.015% addition sample was the lowest and yellowness of the 0.005% addition sample was the highest. For textural characteristics, hardness, gumminess, and chewiness were maximum in the control group. Cohesiveness and springiness were not significantly different between the samples. In the sensory evaluation, color, flavor, bran flavor, bitterness, astringency, and coarseness were not significantly different among the samples. Softness and overall acceptability were highest at the 0.020% addition level but lowest at the 0.010% level. The results indicate that addition of 0.020% hemicellulase to brown rice fiber white bread is optimal for quality and provides products with reasonably high overall acceptability.

• Journal of Legislation Research
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• no.41
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• pp.229-260
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• 2011

European Union (EU) law has been a complex but at the same time fascinating subject of study due to its dynamic evolution. In particular, the Lisbon Treaty which entered into force in December 2009 represents the culmination of a decade of attempts at Treaty reform and harmonisation in diverse sectors. Amongst the EU private law fields, company law harmonisation has been one of the hotly debated issues with regards to the freedom of establishment in the internal market. Due to the significant differences between national provisions on company law, it seemed somewhat difficult to harmonise company law. However, Council Regulation 2157/2001 was legislated in 2001 and now provides the basis for the Statute for a European Company (or Societas Europaea: SE). The Statute is also supplemented by the Council Directive 2001/86 on the involvement of employees. The SE Statute is a legal measure in order to contribute to the internal market, and provides a choice for companies that wish to merge, create a joint subsidiary or convert a subsidiary into an SE. Through this option, the SE became a corporate form which is only available to existing companies incorporated in different Member States in the EU. The important question on the meaning of the SE Statute is whether the distinctive characteristics of the SE make it an attractive option to ensure significant numbers of SE registration. In fact, the outcome that has been made through the SE Statute is an example of regulatory competition. The traditional regulatory competition in the freedom of establishment has been the one between national statutes between Member States. However, this time is not a competition between Member States, which means that the Union has joined the area in competition between legal orders and is now in competition with the systems of company law of the Member States.Key Words : European Union, EU Company Law, Societas Europaea, SE Statute, One-tier System, Two-tier System, Race to the Bottom A quite number of scholars expect that the number of SE will increase significantly. Of course, there is no evidence of regulatory competition that Korea faces currently. However, because of the increasing volume of international trade and expansion of regional economic bloc, it is necessary to consider the example of development of EU company law. Addition to the existing SE Statute, the EU Commission has also proposed a new corporate form, Societas Private Europaea (private limited liable company). All of this development in European company law will help firms make their best choice for company establishment. The Delaware-style development in the EU will foster the race to the bottom, thereby improving the contents of company law. To conclude, the study on the development of European company law becomes important to understand the evolution of company law and harmonisation efforts in the EU.

• Journal of Korean Tunnelling and Underground Space Association
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• v.21 no.1
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• pp.31-48
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• 2019

The artificial ground freezing (AGF) method is a groundwater cutoff and/or ground reinforcement method suitable for constructing underground structures in soft ground and urban areas. The AGF method conducts a freezing process by employing a refrigerant circulating through a set of embedded freezing pipes to form frozen walls serving as excavation supports and/or cutoff walls. However, thermal expansion of the pore water during freezing may cause excessive deformation of the ground. On the other hand, as the frozen soil is thawed after completion of the construction, mechanical characteristics of the thawed soil are changed due to the plastic deformation of the ground and the rearrangement of soil fabric. This paper performed a field experiment to evaluate the freezing rate of marine clay in the application of the AGF method. The field experiment was carried out by circulating liquid nitrogen, which is a cryogenic refrigerant, through one freezing pipe installed at a depth of 3.2 m in the ground. Also, a piezo-cone penetration test (CPTu) and a lateral load test (LLT) were performed on the marine clay before and after application of the AGF method to evaluate a change in strength and stiffness of it, which was induced by freezing-thawing. The experimental results indicate that about 11.9 tons of liquid nitrogen were consumed for 3.5 days to form a cylindrical frozen body with a volume of about $2.12m^3$. In addition, the strength and stiffness of the ground were reduced by 48.5% and 22.7%, respectively, after a freezing-thawing cycle.

• Journal of the Korean Society of Marine Environment & Safety
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• v.28 no.5
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• pp.746-752
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• 2022

Kiribati, a South Pacific island, and its surrounding countries are gradually submerging to rising sea levels. The sea level continues to change according to the degree of thermal expansion of glaciers and seawater that decreases with increase in temperature. Global warming affects both the amount and volume of seawater, thus increasing sea level. Tidal phenomena occur twice a day to the attraction of celestial bodies such as the moon and the sun. The moon changes the angle of orbiting surface with the Earth equator every 18.6 years, and the magnitude of the tidal force changes depending on the distance between the Earth equator and the moon orbital surface. The University of Hawaii Sea Level Center selected Tarawa, Christmas, Kanton of Kiribati,, Lautoka, Suva of Fiji,Funafuti of Tuvalu, Nuk1u'alofa of Tonga, and Port Vila of Vanuatu. When comparing tide levels for each year for 19 years, the focus was on checking the change in sleep to Tide levels, and rising sea levels was the effect of Tide levels. The highest astronomical tides (HAT) and lowest astronomical tides (LAT) were identified as Tarawa 297.0, 50.8 cm, Christmas 123.8, 19.9 cm, Kanton 173.7, 39.9 cm, Lautoka 240.7, 11.3 cm, Funafuti 328.6, 98.4 cm, Nuk1u'alofa 188.8, 15.5 cm, Port Vila 161.5, -0.5cm, respectively. The Sea level rising speed was Tarawa 3.1 mm/year, Christmas -1.0 mm/year, Kanton 1.6 mm/year, Lautoka 3.1 mm/year, Suva 7.4 mm/year, Funafuti 1.4 mm/year, Nuk1u'alofa 4.2 mm/year, and Port Vila -1.2 mm/year, respectively

• Korean Chemical Engineering Research
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• v.61 no.3
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• pp.426-438
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• 2023

Lithium-sulfur batteries, recently attracting attention as next-generation batteries, have high energy density but are limited in application due to sulfur's insulating properties, shuttle phenomenon, and volume expansion. This study used an economical and simple vacuum filtration method to prepare a freestanding electrode without a binder and collector. Carbon nanotubes (CNTs) are used to improve the electrical conductivity of sulfur, where CNT also acts as both collector and conductor. In addition, metal oxides (MO_x, M=Ni, Mg), which are easy to adsorb lithium polysulfide, are added to the CNT/S electrode to suppress the shuttle reaction in lithium-sulfur batteries, which is a result of suppressing the loss of active sulfur material due to the excellent adsorption of lithium polysulfide by metal oxides. The MO_x@CNT/S electrode exhibited higher capacity characteristics and cycle stability than the CNT/S electrode without metal oxides. Among the MO_x@CNT/S electrodes, the NiO@CNT/S electrode displayed a high discharge capacity of 780 mAh g^-1 at 1 C and an extreme capacity decrease to 134 mAh g^-1 after 200 cycles. Although the MgO@CNT/S electrode exhibited a low discharge rate of 544 mAh g^-1 in the initial cycle, it showed good cycle stability with 90% of capacity retention up to 200 cycles. Further, to achieve high capacity and cycle stability, the Ni_0.7Mg_0.3O@CNT/S electrode, mixed with Ni:Mg in the ratio of 0.7:0.3, manifested an initial discharge rate of 755 mAh g^-1 (1 C) and a capacity retention rate of more than 90% after 200 cycles. Therefore, applying binary metal oxides to CNT/S provides a freestanding electrode for developing economical and high-performance Li-S batteries, effectively improving lithium polysulfide's high capacity characteristics and dissolution.

• Korean small business review
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• v.31 no.4
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• pp.67-93
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• 2009

The purpose of this paper is to explore the relations between financial constraints and dividend smoothing of innovative small and medium sized enterprises(SMEs) listed on Korea Securities Market and Kosdaq Market of Korea Exchange. The innovative SMEs is defined as the firms with high level of R&D intensity which is measured by (R&D investment/total sales) ratio, according to Chauvin and Hirschey (1993). The R&D investment plays an important role as the innovative driver that can increase the future growth opportunity and profitability of the firms. Therefore, the R&D investment have large, positive, and consistent influences on the market value of the firm. In this point of view, we expect that the innovative SMEs can adjust dividend payment faster than the noninnovative SMEs, on the ground of their future growth opportunity and profitability. And also, we expect that the financial unconstrained firms can adjust dividend payment faster than the financial constrained firms, on the ground of their financing ability of investment funds through the market accessibility. Aivazian et al.(2006) exert that the financial unconstrained firms with the high accessibility to capital market can adjust dividend payment faster than the financial constrained firms. We collect the sample firms among the total SMEs listed on Korea Securities Market and Kosdaq Market of Korea Exchange during the periods from January 1999 to December 2007 from the KIS Value Library database. The total number of firm-year observations of the total sample firms throughout the entire period is 5,544, the number of firm-year observations of the dividend firms is 2,919, and the number of firm-year observations of the non-dividend firms is 2,625. About 53%(or 2,919) of these total 5,544 observations involve firms that make a dividend payment. The dividend firms are divided into two groups according to the R&D intensity, such as the innovative SMEs with larger than median of R&D intensity and the noninnovative SMEs with smaller than median of R&D intensity. The number of firm-year observations of the innovative SMEs is 1,506, and the number of firm-year observations of the noninnovative SMEs is 1,413. Furthermore, the innovative SMEs are divided into two groups according to level of financial constraints, such as the financial unconstrained firms and the financial constrained firms. The number of firm-year observations of the former is 894, and the number of firm-year observations of the latter is 612. Although all available firm-year observations of the dividend firms are collected, deletions are made in the case of financial industries such as banks, securities company, insurance company, and other financial services company, because their capital structure and business style are widely different from the general manufacturing firms. The stock repurchase was involved in dividend payment because Grullon and Michaely (2002) examined the substitution hypothesis between dividends and stock repurchases. However, our data structure is an unbalanced panel data since there is no requirement that the firm-year observations data are all available for each firms during the entire periods from January 1999 to December 2007 from the KIS Value Library database. We firstly estimate the classic Lintner(1956) dividend adjustment model, where the decision to smooth dividend or to adopt a residual dividend policy depends on financial constraints measured by market accessibility. Lintner model indicates that firms maintain stable and long run target payout ratio, and that firms adjust partially the gap between current payout rato and target payout ratio each year. In the Lintner model, dependent variable is the current dividend per share(DPS_t), and independent variables are the past dividend per share(DPS_t-1) and the current earnings per share(EPS_t). We hypothesized that firms adjust partially the gap between the current dividend per share(DPS_t) and the target payout ratio(Ω) each year, when the past dividend per share(DPS_t-1) deviate from the target payout ratio(Ω). We secondly estimate the expansion model that extend the Lintner model by including the determinants suggested by the major theories of dividend, namely, residual dividend theory, dividend signaling theory, agency theory, catering theory, and transactions cost theory. In the expansion model, dependent variable is the current dividend per share(DPS_t), explanatory variables are the past dividend per share(DPS_t-1) and the current earnings per share(EPS_t), and control variables are the current capital expenditure ratio(CEA_t), the current leverage ratio(LEV_t), the current operating return on assets(ROA_t), the current business risk(RISK_t), the current trading volume turnover ratio(TURN_t), and the current dividend premium(DPREM_t). In these control variables, CEA_t, LEV_t, and ROA_t are the determinants suggested by the residual dividend theory and the agency theory, ROA_t and RISK_t are the determinants suggested by the dividend signaling theory, TURN_t is the determinant suggested by the transactions cost theory, and DPREM_t is the determinant suggested by the catering theory. Furthermore, we thirdly estimate the Lintner model and the expansion model by using the panel data of the financial unconstrained firms and the financial constrained firms, that are divided into two groups according to level of financial constraints. We expect that the financial unconstrained firms can adjust dividend payment faster than the financial constrained firms, because the former can finance more easily the investment funds through the market accessibility than the latter. We analyzed descriptive statistics such as mean, standard deviation, and median to delete the outliers from the panel data, conducted one way analysis of variance to check up the industry-specfic effects, and conducted difference test of firms characteristic variables between innovative SMEs and noninnovative SMEs as well as difference test of firms characteristic variables between financial unconstrained firms and financial constrained firms. We also conducted the correlation analysis and the variance inflation factors analysis to detect any multicollinearity among the independent variables. Both of the correlation coefficients and the variance inflation factors are roughly low to the extent that may be ignored the multicollinearity among the independent variables. Furthermore, we estimate both of the Lintner model and the expansion model using the panel regression analysis. We firstly test the time-specific effects and the firm-specific effects may be involved in our panel data through the Lagrange multiplier test that was proposed by Breusch and Pagan(1980), and secondly conduct Hausman test to prove that fixed effect model is fitter with our panel data than the random effect model. The main results of this study can be summarized as follows. The determinants suggested by the major theories of dividend, namely, residual dividend theory, dividend signaling theory, agency theory, catering theory, and transactions cost theory explain significantly the dividend policy of the innovative SMEs. Lintner model indicates that firms maintain stable and long run target payout ratio, and that firms adjust partially the gap between the current payout ratio and the target payout ratio each year. In the core variables of Lintner model, the past dividend per share has more effects to dividend smoothing than the current earnings per share. These results suggest that the innovative SMEs maintain stable and long run dividend policy which sustains the past dividend per share level without corporate special reasons. The main results show that dividend adjustment speed of the innovative SMEs is faster than that of the noninnovative SMEs. This means that the innovative SMEs with high level of R&D intensity can adjust dividend payment faster than the noninnovative SMEs, on the ground of their future growth opportunity and profitability. The other main results show that dividend adjustment speed of the financial unconstrained SMEs is faster than that of the financial constrained SMEs. This means that the financial unconstrained firms with high accessibility to capital market can adjust dividend payment faster than the financial constrained firms, on the ground of their financing ability of investment funds through the market accessibility. Futhermore, the other additional results show that dividend adjustment speed of the innovative SMEs classified by the Small and Medium Business Administration is faster than that of the unclassified SMEs. They are linked with various financial policies and services such as credit guaranteed service, policy fund for SMEs, venture investment fund, insurance program, and so on. In conclusion, the past dividend per share and the current earnings per share suggested by the Lintner model explain mainly dividend adjustment speed of the innovative SMEs, and also the financial constraints explain partially. Therefore, if managers can properly understand of the relations between financial constraints and dividend smoothing of innovative SMEs, they can maintain stable and long run dividend policy of the innovative SMEs through dividend smoothing. These are encouraging results for Korea government, that is, the Small and Medium Business Administration as it has implemented many policies to commit to the innovative SMEs. This paper may have a few limitations because it may be only early study about the relations between financial constraints and dividend smoothing of the innovative SMEs. Specifically, this paper may not adequately capture all of the subtle features of the innovative SMEs and the financial unconstrained SMEs. Therefore, we think that it is necessary to expand sample firms and control variables, and use more elaborate analysis methods in the future studies.