• The Korean Journal of Financial Management
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• v.26 no.4
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• pp.191-234
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• 2009

This study examined on the volatility feedback hypothesis through the use of threshold GARCH-in-Mean (GJR-GARCH-M) model developed by Glosten, Jaganathan, and Runkle (1993) in the stock markets of 14 emerging countries during the period of January, 1996 to May, 2009. On this study, I found successful evidences which can support the volatility feedback hypothesis through the following three estimation procedures. First, I found relatively strong positive relationship between the expected market risk premiums and their conditional standard deviations from the GARCH-M model in the basis of daily return on each representative stock market index, which is appropriate to investors' risk-averse preferences. Second, I can also identify the significant asymmetric time-varying volatility originated from the investors' differentiated reactions toward the unexpected market shocks by applying the GJR-GARCH-M model and further find the lasting positive risk aversion coefficient estimators. Third, I derived the negative signs of the regression coefficient of unpredicted volatility on the stock market return by re-applying the GJR-GARCH-M model after I controlled the positive effect of predicted volatility through including the conditional standard deviations from the previous GARCH-M model estimation as an independent explanatory variable in the re-applied new GJR-GARCH-M model. With these consecutive results, the volatility feedback effect was successfully tested to be effective also in the various emerging stock markets, although the leverage hypothesis turned out to be insufficient to be applied to another source of explaining the negative relationship between the unexpected volatility and the ex-post stock market return in the emerging countries in general.

• Environmental and Resource Economics Review
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• v.24 no.3
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• pp.523-549
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• 2015

This paper investigates an oil refiner's asymmetric behavior in the adjustments of gasoline and diesel prices to changes in his own price and his rivals' prices as well as input costs. An asymmetric error correction model which allows a firm's pricing behavior to the deviation of other firms' prices from their long-run equilibrium level is employed for estimation using weekly data for the period April 2009 to January 2015. Evidence is found that there is a significant degree of asymmetry in the adjustment of wholesale prices to changes in crude oil price. A similar result in regard to the exchange rate is also found by the data. The estimation results for firm's response to changes in other firms' prices indicates that implicit collusion could be more easily exploited in the wholesale petroleum market as results of firms' interaction with each other and anticipation of rivals' pricing behavior. A few refiners show competitive price adjustment in response to the upward deviation of the others' prices from their equilibrium level.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.34 no.3
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• pp.729-737
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• 2014

A study has been carried out that effectively controls the vibration of asymmetric cable-stayed bridges caused by earthquakes with MR dampers. In order to enhance the practical serviceability of MR dampers, an asymmetric cable-stayed bridge structure has been designed and produced, and a MR damper has been produced so as to have this bridge structure controlled appropriately. An experiment that controls vertical and horizontal vibrations has been carried out by exciting the asymmetric cable-stayed bridge in the horizontal direction with the El-centro seismic wave. The control performance of the MR damper has been evaluated under the five control conditions in the experiments of vibration control in each direction. As a result of the experiment, MR dampers were proved to control vibrations more effectively when either Lyapunov control algorithm or Clipped-optimal control algorithm was used to control vibrations of the asymmetric cable-stayed bridge caused by earthquakes. In addition, different controlling effects were found in vibration controls in vertical and horizontal directions due to the asymmetry of the structure and the horizontal excitation. With such controlling effects, semi-active MR dampers are evaluated to effectively control vibrations caused by earthquakes in flexible and asymmetric structures such as asymmetric cable-stayed bridges.

• Journal of the Korea Convergence Society
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• v.6 no.5
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• pp.1-8
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• 2015

The data of fair value hierarchy is expected to contain different degree of measurement error, information asymmetry, and information risk by the level of hierarchy. Thus, this study examines how hierarchy of fair value discriminately influences on companies' cost of capital. Through regression analysis of corporations listed from 2011 to 2014, it turns out that the regression coefficient of level 1 and 2 of fair value variable vary their rank by cost of capital types, while level 3 contains the highest regression coefficient for every cost of capital variable. In addition, further study of how the relevance between cost of capital and the fair value hierarchy gets affected by market risk management level and audit quality finds no consistent results. However, by analyzing the effect of coincident interaction through the convergence of market risk management and audit quality, when audit quality and market risk management level are high, the effect of relieving cost of capital of Level 3 gets the highest. In conclusion, fair value hierarchy data seems to affect discriminately on cost of capital by involved information risk, and the information risk could decrease by the level of market risk management and audit quality.

• Journal of Technology Innovation
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• v.20 no.1
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• pp.45-73
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• 2012

In this paper, we analyse empirically the effects of financial characteristics on the relationship between R&D investment and market value of firms listed on Korea Exchange. The main results of this study can be summarized as follows. Firm size increase the market valuation of R&D investment because it provides economies of scale, easier access to capital market, and R&D cost spreading. Market share also positively effects the relationship between R&D investment and firm value. Alternatively, free cash flow has a negative effect on the relationship between R&D investment and firm value because firms with high free cash flow could be tempted to use the free cash flow to undertake negative NPV projects. The dependence on external finance is a handicap negatively assessed by the market when firms undertake R&D projects due to the higher information asymmetry associated with this kind of project. Labor intensity has a negative effect on the relationship between R&D investment and firm value because the abnormal profits arising from R&D investment are diluted among employees. Capital intensity also has a negative effect on the relationship between R&D investment and firm value due to the greater financial constraints faced by capital intensive firms. In conclusion, several financial characteristics(firm size and market share) positively effect the relationship between R&D investment and firm value, while others(free cash flow, dependence on external finance, labor intensity, and capital intensity) exert a negative effect. Therefore, we conclude that the effectiveness of R&D investment depends on these financial characteristics.

• Archives of Plastic Surgery
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• v.35 no.4
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• pp.431-438
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• 2008

Purpose: The common deformity after the correction of unilateral cleft lip nasal deformity is nasal asymmetry, and it is caused by the hypoplasia of the pyriform aperture. To correct this, many procedures have been applied, but still many problems are present. Authors performed the inlay and onlay insertion of porous high density polyethylene sheet(1 mm thickness $Medpor{(R)}$ sheet) in the hypoplastic pyriform margin of cleft side and obtained satisfactory results. Methods: 11 cases were performed and the mean follow up period was 15.1 months. Their mean age was 23.6 years. Under general anesthesia, bilateral pyriform margin was exposed. $Medpor{(R)}$ sheets in "match stick" like shaped were inlay inserted, and kidney shaped were onlay inserted fixating with two 6 mm titanium screws. After the surgery, the results was evaluated by photogrammetric analysis. On the basal view, the distance from the subalare and labiale superius' to the transverse baseline connecting the both cheilions was measured from the cleft side and the non-cleft side. Then, the postoperative symmetry was assessed by obtaining the cleft side against the non-cleft side as proportion index, defined as lateral and medial upper lip contour index. Results: There were 2 infections. The cause was because the inserted implant was too long and thus protruded to the base of nasal cavity. The lateral upper lip contour index was from 95.49 to 103.27, and medial upper lip contour index was from 90.92 to 100.49, it was statistically increased, and thus the symmetry was improved. However clinically mild depression remained at nostril floor. Conclusion: Authors performed porous high density polyethylene sheet inlay and onlay insertion for the hypoplasia of the pyriform margin in unilateral cleft lip nasal deformity. It was found that depressed pyriform margin and upper lip were corrected effectively except for the nostril floor, for which an additional soft tissue augmentation would be necessary. The inlay insertion has risk of protrusion, thus the guideline of the use of artificial prosthesis should be observed strictly.

• Membrane Journal
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• v.30 no.3
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• pp.181-189
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• 2020

In the present study, a biomimetic alumina membrane was fabricated by using selenic acid as an electrolyte to overcome the asymmetry limit of the square pulse anodization process. The prepared membrane has conical channels with a minimum diameter of 10 nm, a maximum diameter of 50 nm, and a length of 5 ㎛. The rectification property was higher than membranes fabricated by sulfuric acid. It showed 2.9 times larger current at +1 V than -1 V. Also, the membrane, which sulfonic acid group was introduced by surface modification, showed 4.2 times larger rectification property at -1 V than +1 V. Theoretical verifications were supported by the numerical analyses of 2D models. The results of the present study present a convenient method to fabricate two type membranes with different rectification properties and are expected to be used to control ion transport.

• Journal of Korean Society of Coastal and Ocean Engineers
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• v.19 no.4
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• pp.345-354
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• 2007

A sedimentation analysis has been attempted to figure out sedimentation environment due to construction of coastal jetties, such as fish harbor dike, flow guided dike and jetty in shallow Kusipo area, in which tidal range marks up to 6.6 meters in spring tide. As an initial approach of understanding field measurement were done on several stations along reference lines with total station and photo analysis taken by remote controlled small air craft far one and half years. Also numerical tests were done by 2-D ADCIRC model considering dry-wet treatment to evaluate flow and bottom shear stress variations. According to direct measurement, deposition seems to be dominant on Kusipo beach. Model results show bottom shear stress lessens to $0.10{\sim}0.15\;N/m^2$ on most shadow zone of jetties and the inner zone is suffering sedimentation as a result of dike construction. However this is the first approach with limited analysis, thus it should be dealt further considering physical characteristics of bottom sediments in a complete sediment model on upcoming study.

• Journal of the Korean Society of Fisheries and Ocean Technology
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• v.39 no.2
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• pp.143-151
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• 2003

A series of fishing experiments was carried out in the waters off the east coast of Korea from January, 2002 to March, 2003, using gill nets of different mesh sizes (m = 180, 210, 240, 270, and 300 ㎜) to determine the size selectivity of gill net for male snow crab Chionoecetes opilio. The maximum carapace length (RL) of each male snow crab caught in the fishing experiment was measured. The master curve of mesh selectivity was estimated by applying the extended Kitahara's method. Two kinds of functional models, quadratic function and cubic function were used to express logarithmic selectivity curve and were fitted to the data using the method of least squares. The obtained results were summarized as follows; 1. The cubic function of asymmetry was chosen to determine the selectivity curve of gill net for male snow crab from the model deviance comparison. 2. The result of size selectivity showed that the catch number of small male crab was getting decreased according to the increase of mesh size. 3. The optimum value (RL/m) was 0.549 and the RL/m was estimated to be 0.281, 0.296, and 0.356 when the retention probability were 0.2, 0.25 and 0.5, respectively.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.4
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• pp.663-670
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• 2016

This paper analyzes the asymmetric pass-through effects of crude oil price changes on export prices in Korea's manufacturing sector using a nonlinear autoregressive distributed lag (NARDL) model. These pass-through effects are important for Korean companies that are highly dependent on exports. Because the effects differ by industry, eight sectors of the manufacturing industry were examined. The model is effective for separately testing the long-term and short-term differences between the export-price pass-through effects when crude oil prices increase and decrease. The estimation results show that there is positive pass-through to export prices as crude oil prices change, and there are asymmetric effects in some manufacturing sectors. Short-term asymmetries were detected in the export prices of five sectors that include general machinery and transport equipment, and significant long-term asymmetries were found for petroleum and coal products and for textile and leather products. The long-term export price of oil and coal products rose by 0.992% with a 1% increase in the oil price and fell by 0.977% with 1% decrease. Therefore, corporate strategies and government export policies should be established in accordance with these asymmetric pass-through effects.