• KDI Journal of Economic Policy
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• v.12 no.2
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• pp.95-120
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• 1990

The underpricing of new shares of a firm that are offered to the public for the first time (initial offerings) is well known and has puzzled financial economists for a long time since it seems at odds with the optimal behavior of the owners of issuing firms. Past attempts by financial economists to explain this phenomenon have not been successful in the sense that the explanations given by them are either inconsistent with the equilibrium theory or implausible. Approaches by such authors as Welch or Allen and Faulhaber are no exceptions. In this paper, we develop a signalling model of capital investment to explain the underpricing phenomenon and also analyze the efficiency of investment. The model focuses on the information asymmetry between the owners of issuing firms and general investors. We consider a firm that has been owned and operated by a single owner and that has a profitable project but has no capital to develop it. The profit from the project depends on the capital invested in the project as well as a profitability parameter. The model also assumes that the financial market is represented by a single investor who maximizes the expected wealth. The owner has superior information as to the value of the firm to investors in the sense that it knows the true value of the parameter while investors have only a probability distribution about the parameter. The owner offers the representative investor a fraction of the ownership of the firm in return for a certain amount of investment in the firm. This offer condition is equivalent to the usual offer condition consisting of the number of issues to sell and the unit price of a share. Thus, the model is a signalling game. Using Kreps' criterion as the solution concept, we obtained an essentially unique separating equilibrium offer condition. Analysis of this separating equilibrium shows that the owner of the firm with high profitability chooses an offer condition that raises an amount of capital that is short of the amount that maximizes the potential profit from the project. It also reveals that the fraction of the ownership of the firm that the representative investor receives from the owner of the highly profitable firm in return for its investment has a value that exceeds the investment. In other words, the initial offering in the model is underpriced when the profitability of the firm is high. The source of underpricing and underinvestment is the signalling activity by the owner of the highly profitable firm who attempts to convince investors that his firm has a highly profitable project by choosing an offer condition that cannot be imitated by the owner of a firm with low profitability. Thus, we obtained two main results. First, underpricing is a result of a signalling activity by the owner of a firm with high profitability when there exists information asymmetry between the owner of the issuing firm and investors. Second, such information asymmetry also leads to underinvestment in a highly profitable project. Those results clearly show the underpricing entails underinvestment and that information asymmetry leads to a social cost as well as a private cost. The above results are quite general in the sense that they are based upon a neoclassical profit function and full rationality of economic agents. We believe that the results of this paper can be used as a basis for further research on the capital investment process. For instance, one can view the results of this paper as a subgame equilibrium in a larger game in which a firm chooses among diverse ways to raise capital. In addition, the method used in this paper can be used in analyzing a wide range of problems arising from information asymmetry that the Korean financial market faces.

• Journal of the Korean Institute of Gas
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• v.22 no.1
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• pp.37-44
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• 2018

As the international Maritime Organization is tightening up the emission regulation vessel, many countries and companies are pushing ahead the LNG fuel as one of long term solution for emission problems of ship. as a study on the way to conduct business for LNG bunkering around the world, this study was analyzed in view-point of business models focused on major countries such as Japan, China, Singapore, Europe and United States. The results of this study are as follows. China first established a nation-centered LNG bunkering policy. And then, the state and the energy company have been cooperating and carrying on LNG bunkering business for LNG fueled ships. Some countries in Europe and United States are in the process of LNG bunkering business mainly with private company. To obtain cheaper LNG fuel than bunker-C, the private company has a business model of LNG bunkering on their own LNG fueled ships, while securing LNG with high price competitiveness through partnership with middle class operators such us LNG terminal and natural gas liquefaction plant. Also, the LNG bunkering business around the world is focused on private companies rather than public corporations, but it was going to be focused on large energy companies because the initial cost required to build LNG bunkering infrastructure. Three models (TOTE model, Shell model, ENGIE model) of LNG bun kering business are currently being developed. It has been found that the way in which LNG bunkering business is implemented by different countries is applied differently according to the enterprise and national policy.

• 대한공업교육학회지
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• v.41 no.1
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• pp.68-87
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• 2016

This research conducted a survey for total 166 teachers of schools so as to analyze validity and satisfaction for performance objectives of SMB administration subsidy the HRDP and the CEP in Specialized High School. The results of research are as follows. First, teachers recognize that purpose of HRDP is to expand employment of specialized high school and provide human resource of SMB. And, they recognize that HRDP is important to improve school outcomes and makes a positive effect on the improvement of school outcomes. Second, teachers recognize that objectives of HRDP are improvement of student's understanding for SMB, improvement of teacher's understanding for SMB, improvement of SMB's understanding of school, cultivation of student's occupational view, systematization of career guiding program based on employment process, strengthening of industry-academia cooperation education, improvement of the level of student's skill, fulfillment of workplace experience and practice focusing workplace learning, training of customized human resource for SMB, improvement of student's adaptation to the workplace, improvement of employment rate for SMB, expansion of job opportunities for students with SMB, preparation of the base of connection between school and SMB, publicity of school, expansion of opportunities to cooperate between SMB and school, establishment of cooperative system among industrial association and school, introduction and operation of the employment connective model for joint education and employment, strengthening of field professionalism of teachers. However, satisfaction for the achievement of objectives of HRDP except for strengthening of industry-academia cooperation education and improvement of employment rate for SMB is relatively lower than the validity. Third, teachers in charge of human resource training business of middle and small sized company's specialized high school recognize that objectives of CEP are expansion of job opportunities for students with SMB, excavation of good-quality SMB, expansion of opportunities to cooperate between SMB and school, fulfillment of workplace learning, improvement of student's major foundation and in-depth skill, improvement of literacy, math, teamwork and communication abilities for students' job performance, improvement of student's working attitude and student's proper career exploration decision. However, satisfaction for achievement of objectives of CEP is relatively lower than the validity.

• Journal of the Korean Institute of Landscape Architecture
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• v.40 no.1
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• pp.92-99
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• 2012

Many wildlife habitats have been destroyed and fragmented during the rapid industrialization and urbanization process in Korea. It is essential to connect these fragmented habitats to reduce road-kill of many types of endangered urban wildlife. The site selection for wildlife passages must take into account the behavior of the wildlife species for safe crossing utilizing many artificial barriers in urban areas. This study attempted to identify potential wildlife passage sites for the endangered and protected leopard cats of Gangseo Ecological Park in Seoul, Korea. A space syntax analysis, an analytical technique to objectively evaluate the spatial configurations related to passage selection, found that the integration value represents the accessibility and connectivity of spaces. In this paper, this means that the bigger the integration value, the more frequently the leopard cat passes through. The leopard cats were captured and radio-tracked for 72 hours once a month from March to June of 2009. The ArcGIS and Animal Movement of Hawth Tools were used to analyze the home range and movement paths, and Axwoman 4.0 was used to analyze space syntax. The daily average movement distance was $2.099{\pm}1.08km$. During the survey period, the leopard cats crossed over an urban expressway more than 20 times, running the risk of road-kill. The range of global integration values was 0.458~1.834, while that of the local integration was 0.210~6.061. Five sites that met across the leopard cats' movement routes and roads were selected to measure the local and global integrate values. Among these sites, the higher the integration value, the higher the road-kill possibility. Thus, two of five sites with high global and local integration values were suggested as potential wildlife passage sites for the leopard cats. Now, three tunnel passages are under construction at the suggested sites for which local integration value was highest (LI=4.369). Further studies are scheduled to verify these potential sites as suitable wildlife passages.

• Journal of the Korean Institute of Landscape Architecture
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• v.38 no.5
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• pp.64-79
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• 2010

Students with intellectual disabilities typically have great difficulties communicating their needs and wants and may get frustrated, anxious or show signs of aggressive behaviour. They are often unable to understand the concept of relationships with other people as well. This lack of social communication and interaction leads to poor motivation which increases other areas of difficulty in their lives. Therefore, to teach students with intellectual disabilities, it is essential to find special teaching methods to support their positive behavior. This paper proposes that special educational curriculum for students with intellectual impairments utilize natural environments(forests) and materials. The purpose of this study was to investigate the effects of Educational Programs Utilizing Forests on maladjusted behavior of students with mental retardation and to examine the positive effects of such planning practices. The subjects were middle school students who attended a special school for mentally-retarded students. They were divided into two separate groups- an experimental group and a control group. All subjects received the pre and post test using the same method. This program was applied to the formal educational process of middle school from March 1st to October 30th, 2009. In this experiment the results indicate that the effect of using a natural environment(forest) and the materials within a formal educational curriculum was positive as a type of horticultural therapy and that it supports positive behavior strategies in students with intellectual impairments. The usage of various natural materials including plants and flowers within the natural environments provide students with increased opportunities to participate. Teaching methods including natural materials help teachers engage with their students more easily during routine activities as their interest is already stimulated. This project will help students with intellectual impairments to build skills which enable effective participation and increase independence throughout their lives. This should be embedded into both routine and planned activities of the classroom Also, it offers a needed interior plan for the treatment space through an analysis of psychological factors of how the environment affects students.

• Journal of the Korean Institute of Landscape Architecture
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• v.48 no.4
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• pp.41-54
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• 2020

This study was conducted to provide basic data for a transparent and fair bidding system by identifying problems and suggesting improvement measures through an analysis of the bidding status for construction projects and service-related landscaping of multi-family housing. To this end, we used the data from the "Multi-Family Housing Management Information System (K-apt)" that provides the history of apartment maintenance, bidding information, and the electronic bidding system to examine the winning bid status and amount, along with the size and trends of the winning bids by year, and the results of the selection of operators by construction type. As a result, it was found that out of the total number of successful bids (36,831), 4.4% (16,631) were in the landscaping business, and the average winning bid value was found to be about 24 million won. According to the data, 73% of the landscaping cases were valued between 3 million won and 30 million won, and 58.6% of the cases were in the field of "pest prevention and maintenance". 36% of the total number of bids were awarded from February to April, with "general competitive bidding" accounting for 59.8% of the bidding methods. As for the method of selecting the winning bidder, 55% adopted the "lowest bid" and "electronic bidding method," and 45% adopted the "qualification screening system" and "direct bidding method." As an improvement to the problems derived from the bidding status data, the following are recommended: First, the exception clause to the current 'electronic bidding method' application regulations must be minimized to activate the electronic bidding method so that a fair bidding system can be operated. Second, landscaping management standards for green area environmental quality of multi-family housing must be prepared. Third, the provisions for preparing design books, such as detailed statements and drawings before the bidding announcement, and calculating the basic amount shall be prepared so that fair bidding can be made by specifying the details of the project concretely and objectively must be made. Fourth, for various bidding conditions in the 'business operator selection guidelines', detailed guidelines for each condition, not the selection, need to be prepared to maintain fairness and consistency. These measures are believed to beuseful in the fair selection of landscaping operators for multi-family housing projects and to prepare objective and reasonable standards for the maintenance of landscaping facilities and a green environment.

• Journal of the Korean Institute of Traditional Landscape Architecture
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• v.38 no.2
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• pp.1-13
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• 2020

This study closely analyzed poems and paintings related to Beijing-Palgyeong, as well as ancient maps and ancient writings. Through the study, people who read this study can consider, Beijing-Palgyeong's the process of changing times, changing landscape perception, physical and symbolic landscape elements, structural analysis, national management relationships, and finally how it was localized as symbolic place. The view point of the Beijing-Palgyeong is distributed in four places, one outside and one inside the city. Outside of the capital city of Beijing-Palgyeong were concentrated in Seosan(西山) where the resting place of the emperor and the center of the landscape view of Beijing. The view point of Beijing-Palgyeong inside the capital city is located in two places in the royal palace's Imperial Garden and in two villages around the fortress. In other words, Beijing-Palgyeong was selected as a place closely related to the imperial family, emperor, and royal palace from the time of its initial creation. Since then, many scholars, including the emperor, have used it for national management through Won(元), Ming and Qing Dynasty, and it have become more and more characteristic of 'The capital city of eight scenic views'. The two places inside the capital city praised the Gods and Emperors in the same way. Outside the capital city, the two sites depict the comfortable lives of the people who are governed by the emperor and depicting the village landscape around the city. In the end, it can be seen that most of the Beijing-Palgyeong are related to imperial palaces and emperors. If you look at the physical landscape of Beijing-Palgyeong by element, it mainly contains the contents of national management and the emperor's eulogy. Qianlong Emperor established the Beijing-Palgyeong in 1751 through the construction of a monument. A four-character on the front of the monument, and inscribed with a seven-word written by the person on the back. It can be said that Qianlong Emperor's Beijing-Palgyeong were intended to show off the results of Manchurian rule through the material symbol of the monument. Beijing-Palgyeong have been transformed into a landmark, and modern people use it as an indicator of the Beijing-Palgyeong.

• The Journal of Engineering Geology
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• v.18 no.4
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• pp.471-482
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• 2008

This study was carried out to investigate the contamination characteristics of surface water, soil water and groundwater around and in antimony waste landfill site in Wonsung-ri, Yeonki-kun, Chungnam. The waste disposed in the study was excavated and transported to the other site in several years ago. For this study, we collected 35 water samples including groundwater, soil water and surface in the study site and also collected 2 groundwater samples from a comparison site. The data of chemical analysis of soil water samples show the antimony concentration of $48.75{\sim}74.81\;ppb$, which is much higher than groundwater in a comparison site and is highly excess than regulation level for a drinking water of some advanced countries. A relatively high antimony concentration was detected in three stream water samples nearby landfill site and two groundwater samples. Fe and Mn contents in soil water and stream water were measured as maxium 6.5 mg/L and 7.3 mg/L, respectively. Although other heavy metals of water samples in the study site are higher concentration than water sample of comparison site, their absolute levels are lower than regulation level for a drinking water. The chemical data of water samples are plotted widely from Ca - $HCO_3$ type to Ca - ($Cl +SO_4+NO_3$) type. Some groundwater show high contents of potassium and nitrate, which would come from fertilizer and sewage. Conclusively, some heavy metals including antimony have been still remained under the soil surface of the landfill site in the past. These metals have leaked out into nearby stream and groundwater system, and threaten the ecology, crops and the health of residents in this site. Therefore, the government have to prepare the strategy to prevent the diffusion of heavy metals into aquatic environment and have to process the reclamation work for contaminated site. It is also necessary to make a regulation level of the antimony concentration for a drinking water and soil environment in Korea.

• Journal of Science Education
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• v.40 no.2
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• pp.166-188
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• 2016

The purpose of this study was to analyze the utilization of history of science and STEAM and the elementary school teachers' perceptions about design-based STEAM instruction applying the history of science in science class. To research the utilization of the history of science and STEAM in elementary science class, educational value of design-based STEAM instruction applying the history of science, the questionnaire was revised based on research conducted by Lee & Shin(2014), Park et al.(2010), Shin & Han(2011) and developed questionnaire a total of 20 questions. It was administered to reply the questionnaire to 201 teachers of elementary school in D and G area. The results of this study were as follows: elementary school teachers did not teach actively the history of science, made it read students by simply introducing himself. They did not teach actively STEAM due to not enough time(busy to take a magnitude). They were difficult to teach, but the most focused on the 'Creative Problem-solving' process. And elementary school teachers perceived positively about the educational value of design-based STEAM instruction applying the history of science. Especially, they perceived that it can help elementary school students find a hint for solving the problem through examples of cases of scientific principles and a scientist. In conclusion, it implicates that it is need to regard elementary school teachers' perceptions on application of the history of science and STEAM, and develop specific design-based STEAM program applying the history of science in order to be applied successfully in elementary school for the STEAM settlement.

• Journal of Korean Society of Environmental Engineers
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• v.28 no.11
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• pp.1213-1221
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• 2006

In this study, granular sludge used in an anaerobic process treating brewery waste was inoculated in a laboratory scale of reactor to induce anaerobic ammonium oxidation(ANAMMOX). The reactor was operated with synthetic wastewater, which prepared at 1:1 ratio of $NH_4^+-N$ over $NO_2^--N$. Changes in nitrogen concentration, COD, alkalinity and gas production were analyzed. There are 3 phases of spanning in experimental period according to influent nitrogen concentration. In the Phase 1, each of the concentration of $NH_4^+-N$ and $NO_2^--N$ were increased from 1.91 $gN/m^3{\cdot}d$ to 14.29 $gN/m^3{\cdot}d$. Ammonium nitrogen loading(same as nitrite nitrogen) was 23.81 $gN/m^3{\cdot}d$ in the Phase 2 and 19.05 $gN/m^3{\cdot}d$ in the Phase 3, respectively $NO_2^--N$ has been removed up to 99% during whole period while the removal efficiency of $NH_4^+-N$ was significantly varied. In Phase 2, $NH_4^+-N$ was removed up to 75%. Microorganisms varied temporally through three phases were characterized by 16s rDNA analysis methods. ANAMMOX bacteria were dominantly found in phase 2 when the removal rate of $NO_2^--N$and $NH_4^+-N$ was the highest up to 99% and 75%, respectively. Due to erroneous exposed to air, the removal efficiency of $NH_4^+-N$ was unexpectedly lowered, but ANAMMOX bacteria still existed.