• Korean small business review
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• v.41 no.1
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• pp.29-51
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• 2019

This study investigates how SMEs' (small and medium-sized enterprises) financing strategies affect firm valuation. Given that information asymmetry is engaged in firm valuation in the stock market, investors interpret the meanings of debt financing depending on how SMEs construct the portfolio of financing strategies (retained earnings vs debt financing), thereby making investment decision. Specifically, given that SMEs' debt financing has two meanings in the market signals, called "benefit" and "cost", this study postulates that firm valuation will be differently made by investors, depending on how they interpret the meanings of debt financing under choice competition between retained earnings and debt financing. In this study, we argue that under choice competition, as a SME's debt proportion increases, the "cost" signal outweighes the "benefit" signal, thereby decreasing firm valuation. Moreover, the effect of such signal can be contingent on the SME's characteristics-firm visibility. These ideas are examined using 363 U.S. SMEs ranging from 1971 to 2010. The fixed-effects models estimating Tobin's q show that under choice competition, a SME's debt proportion has a negative impact on firm valuation and that the firm's high visibility mitigates the effect of "cost" signal. In conclusion, this study sheds new light on how investors' interpretations of SMEs' financing strategies affect firm valuation.

• The Journal of The Korea Institute of Intelligent Transport Systems
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• v.22 no.3
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• pp.160-174
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• 2023

LiDAR plays a key role in autonomous vehicles, and to improve its visibility, it is necessary to improve its performance and the detection objects. Accordingly, this study proposes a shape for traffic safety signs that is advantageous for self-driving vehicles to recognize. Improvement plans are also proposed using a shape-recognition algorithm based on point cloud data collected through LiDAR sensors. For the experiment, a DBSCAN-based road-sign recognition and classification algorithm, which is commonly used in point cloud research, was developed, and a 32ch LiDAR was used in an actual road environment to conduct recognition performance tests for 5 types of road signs. As a result of the study, it was possible to detect a smaller number of point clouds with a regular triangle or rectangular shape that has vertical asymmetry than a square or circle. The results showed a high classification accuracy of 83% or more. In addition, when the size of the square mark was enlarged by 1.5 times, it was possible to classify it as a square despite an increase in the measurement distance. These results are expected to be used to improve dedicated roads and traffic safety facilities for sensors in the future autonomous driving era and to develop new facilities.

• Proceedings of the Korea Water Resources Association Conference
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• 2020.06a
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• pp.17-17
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• 2020

일반적인 연안 해역에서 창조지속시간과 낙조지속시간은 거의 동일한 수준을 보여 조위곡선은 대칭적인 형태를 띠게 된다. 그러나 M4분조나 MS4분조와 같은 천해조가 발달된 해역에서는 그 모체가 되는 M2분조나 S2분조와의 상대적인 위상차에 따라 조위곡선이 비대칭적인 형상을 띠기도 한다. 창조지속시간이 길 경우 낙조시 최대조류속이 크게 되는 낙조우세가 형성되는 반면 낙조지속시간이 길 경우에는 반대로 창조우세가 형성된다. 소류사의 움직임은 유속의 6승에까지 비례하므로 이러한 최대조류속 차이에 따라 창조우세 또는 낙조우세 해역에서 소류사 이동량에는 큰 차이가 발생할 수 있다. 감조하천의 경우 상류로 갈수록 창조우세화하는 것이 일반적인 것으로 알려져 있으며 국내에서는 금강을 비롯한 군산해역이 대표적이다. 창조우세인 군산해역과 반대로 영산강하구 및 목포해역의 경우 낙조우세를 보이고 있는데, 그 근원은 황해에서의 순환특성과 함께 목포해역 인근의 드넓은 조간대에 기인하는 것으로 추정하고 있다. 특히 인접한 무안만에서는 낙조지속시간이 창조지속시간에 비해 2시간 이상 짧아 국내에서 가장 심한 수준의 낙조우세를 보이고 있으며, 영산강하구 낙조우세의 근원으로 평가되고 있다. 한편 조간대가 발달된 해역은 천해조 생성에 따라 낙조우세 경향이 있음과 관련하여 Kang and Moon(2001)은 조간대가 조석파의 전파와 천해조 발생에 미치는 영향성에 대하여 수치실험을 통해 연구한 결과 무안만의 낙조우세는 조간대의 발달에 기인함을 재확인한 바 있다. 따라서 낙조 우세를 수치모형을 통해 재현하기 위해서는 조간대 모의가 필수적임과 동시에 낙조우세를 재현하기 위해서는 천해조 개방경계 설정이 필요하다고 알려져 있다. 또한 이렇게 천해조가 발달된 하구에서 조석비대칭 현상은 퇴적물 이동에 직접적인 영향을 미치게 되는데 Kang et al.(2002)은 소류사 및 부유사 이동에서 이러한 영향성에 대한 연구를 수행한 바 있다. 그 결과 천해조가 발달된 이러한 해역에서 퇴적물 이동과 관련된 수치모의시 M2분조와 같은 천문조 경계조건에 부가하여 M4분조의 천해조까지 포함시킬 것을 제안한 바 있다. 이와 같이 하구역에서는 천해조 발달로 인해 조석비대칭이 두드러지게 발달되어 있는 경우가 많으며, 감조하천 상류로 갈수록 비대칭은 더욱 심화되는 경향이 있다. 따라서 감조하천 하류부에서 조석을 고려한 경계조건을 부여하여 하천의 흐름양상을 수치적으로 모의할 경우 천해조가 발달된 하구역에서는 천해조가 포함된 경계조건은 필수적이라 할 수 있다.

• The Journal of the Convergence on Culture Technology
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• v.9 no.2
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• pp.533-543
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• 2023

This study explores the influence of the COVID-19 pandemic on the Korean art market and contrasts the classic hedonic method of art price prediction with the Artificial Neural Network technique. The empirical analysis of this paper utilizes 14,639 observations of Korean art auction data from 2015 to 2021. There are three types of variables in this study: artist-related, artwork-related, and sales-related. Previous studies have suggested that these three types of variables influence art prices. The empirical findings in this research are in twofold. First, in terms of RMSE and R², the Artificial Neural Network outperforms the hedonic model. Both techniques discover that sales and artwork variables have a greater impact than artist-related attributes. Second, when the primary factors of art price are controlled, Korean art prices are found to fall dramatically in 2020, shortly following the onset of COVID-19, but to rebound in 2021. The main lesson in this study is that the Artificial Neural Network enhances art price prediction and reduces information asymmetry in the Korean art market even in the face of unanticipated turmoil such as the COVID-19 outbreak.

• Economic Analysis
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• v.25 no.2
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• pp.1-53
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• 2019

This paper examines monetary policy quantitatively in a two-agent and small-scale New-Keynesian economy with debt-constrained households that cannot smooth their consumption intertemporally and frictionlessly since highly indebted households are not allowed to borrow above a certain debt ceiling in incomplete financial markets without additional risk premiums due to information asymmetry between savers and borrowers. We find that, in the event of cost shocks, the asymmetric responses of borrowing households without, and saving households with, dividend incomes lead to different labor supplies and consumptions over heterogeneous households, and eventually to an extension of the monetary policy transmission channels. The income effect and low elasticity of the labor supply play key roles in such asymmetric responses over heterogeneous households. We also find that the social welfare in a flexible inflation targeting (FIT) monetary policy, in which both the inflation gap and the output gap are considered in an integrated manner when policy-making, is similar to that of the Ramsey optimal monetary policy (ROP), in which the shares of debt-constrained households, as well as all economic states, including both the inflation gap and output gap, are considered comprehensively for policy-making, and that it is greater than that of simple inflation targeting (SIT) monetary policy, in which only the inflation gap is considered mechanically for policy-making. Such social welfare implies that a FIT policy may still work even in an economy with a sizable number of debt-constrained households. Further, the responses of cost shocks to consumption and labor supply are dying out more slowly under FIT and ROP policies than under an SIT policy.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.19 no.2
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• pp.159-179
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• 2024

Based on the case of collaboration between large companies and startups, this study suggests the importance of establishing mutual cooperation and trust relationships for the success of open innovation strategy from the perspective of cooperative game theory. It also provides implications for how this can be implemented. Due to information asymmetry and differences in organizational culture and decision-making structures between large companies and startups, collaboration is likely to proceed in the form of non-cooperative games among players in general open innovation, leading to the paradox of open innovation, which lowers the degree of innovation. Accordingly, this study conducted a case study on collaboration between large company 'G' and startup 'S' based on the research question "How did we successfully promote open innovation through cooperative game-type collaboration?" The study found that successful open innovation requires (1) setting clear collaboration goals to solve the organizational problem between large companies and startups, (2) supporting human resources for qualitative growth of startups to solve reliability problems, (3) leading to strategic investment and joint promotion of new projects to solve the profit distribution problem. This study is significant in that it contributes to expanding the discussion of the success factors of open innovation to the importance of interaction and strategic judgment considering the organizational culture and decision-making structure among players, and empirically confirming the success conditions of open innovation from the perspective of cooperative game theory.

• Information Systems Review
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• v.22 no.1
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• pp.33-57
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• 2020

Although cryptocurrency which can promote innovation in the blockchain ecosystem is published for many useful purposes, in Korea, cryptocurrency is recognized only as a means of investment for the profit. The fact emphasizes only the speculative nature of the cryptocurrency, so investor negates the fundamental purpose of cryptocurrency and hinders innovation in the blockchain ecosystem. The purpose of this study is to investigate the cause of cryptocurrency perception and speculative behavior of domestic cryptocurrency investors from an academic perspective. We use a model that reflects the traditional considerations and cryptocurrency's characteristics in investment. Using the model, we can explain the cause of misperception of cryptocurrency through the theory of bounded rationality. In building the research model, we use variables of venture and angel investor's consideration used in investment decisions and collect the keywords from indexes of whitepaper to reflect the properties of cryptocurrency. This study mentions that, due to the imitations presented by Simon, individuals are forced to perceive cryptocurrency as a means of speculation and to make irrational decisions that impair ecosystem health. We analyze whether there is a significant difference in rationality in decision made by the sample under limited knowledge and imperfect information constraints. As a result, imperfect information constraints led investors to consider only irrational criteria in decision making. From this result, this study suggests that information asymmetry needs to be relaxed so that investment can be pursued together with rational investment and development of blockchain ecosystem. In addition, the industry can capture strategic insights for successful financing through ICO by enabling better understanding of investor decision-making.

• Convergence Security Journal
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• v.24 no.1
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• pp.51-57
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• 2024

Although industrial control systems (ICSs) recently keep evolving with the introduction of Industrial IoT converging information technology (IT) and operational technology (OT), it also leads to a variety of threats and vulnerabilities, which was not experienced in the past ICS with no connection to the external network. Since various control command messages are sent to field devices of the ICS for the purpose of monitoring and controlling the operational processes, it is required to guarantee the message integrity as well as control center authentication. In case of the conventional message integrity codes and signature schemes based on symmetric keys and public keys, respectively, they are not suitable considering the asymmetry between the control center and field devices. Especially, compromised node attacks can be mounted against the symmetric-key-based schemes. In this paper, we propose message authentication scheme based on double hash chains constructed from cryptographic hash function without introducing other primitives, and then propose extension scheme using Merkle tree for multiple uses of the double hash chains. It is shown that the proposed scheme is much more efficient in computational complexity than other conventional schemes.

• Journal of Service Research and Studies
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• v.14 no.1
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• pp.27-43
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• 2024

The market share of online platform services in the used car market continues to expand. And The used car online platform service provides service users with specifications of vehicles, accident history, inspection details, detailed options, and prices of used cars. SUV vehicle type's share in the domestic automobile market will be more than 50% in 2023, Sales of Hybrid vehicle type are doubled compared to last year. And these vehicle types are also gaining popularity in the used car market. Prior research has proposed a used car price prediction model by executing a Machine Learning model for all vehicles or vehicles by brand. On the other hand, the popularity of SUV and Hybrid vehicles in the domestic market continues to rise, but It was difficult to find a study that proposed a used car price prediction model for these vehicle type. This study selects a used car price prediction model by vehicle type using vehicle specifications and options for Sedans, SUV, and Hybrid vehicles produced by domestic brands. Accordingly, after selecting feature through the Lasso regression model, which is a feature selection, the ensemble model was sequentially executed with the same sampling, and the best model by vehicle type was selected. As a result, the best model for all models was selected as the CBR model, and the contribution and direction of the features were confirmed by visualizing Tree SHAP Value for the best model for each model. The implications of this study are expected to propose a used car price prediction model by vehicle type to sales officials using online platform services, confirm the attribution and direction of features, and help solve problems caused by asymmetry fo information between them.

• The Journal of the Acoustical Society of Korea
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• v.26 no.7
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• pp.361-365
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• 2007

Aero-pulsation noise, generally caused by geometric asymmetry of a rotating device, is one of considerable sources of annoyance in passenger cars using the turbocharged diesel engine. Main source of this noise is the compressor wheel in the turbocharger system, and can be reduced by after-treatment devices such as silencers, but which may increase the manufacturing cost. More effective solution is to improve the geometric symmetry over all, or to control the quality of components by sorting out inferior ones. The latter is more simple and reasonable than the former in view of manufacturing. Thus, an appropriate discrimination method should be needed to evaluate aero-pulsation noise level at the production line. In this paper, we introduce the accurate method which can measure the noise level of aero-pulsation and also present its evaluation criteria. Besides verifying the reliability of a measurement system - a rig test system-, we analyze the correlation between the results from rig tests and those from vehicle tests. The gage R&R method is carried out to check the repeatability of measurements over 25 samples. From the result, we propose the standard specification which can discriminate inferior products from superior ones on the basis of aero-pulsation noise level.