• The Korean Journal of Financial Management
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• v.27 no.1
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• pp.181-208
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• 2010

In July 2007, Korean government has passed "The Capital Market and Financial Investment Services Act" to further develop the capital markets and the Act was to become effective in February 2009. Using a large sample of Korean firms, we have examined (i) the effect of underwriting activities on the firm value (bond spread) comparing commercial bank and investment bank, and (ii) the determinants of the firm value changes following underwriting activities of bank. To test our goal, we collected a wide range of samples of data for bond issuing activities executed by Korean firms listed on the Korea Stock Exchange (KSE) between 2000 and 2003. Our paper is distinguished from previous studies on this subject in a way that we analyzed the effect of corporate bond underwriting activities with regard to commercial banking and investment banking. Initially, we set up a hypothesis that "Certification View" and "Conflict-of-interest View" are major driving forces behind cross-firm differences in performance following bond issuance. We find that, in general, underwriting by investment bank (securities company) brings a positive effect on the firm value (spread between bench mark rate and bond issuing rate). This result indicates that firm value has been negatively affected by the bank underwriting and provides the evidence for "Conflict-of-interest View" in Korea. Our studies have also revealed that any change in firm value following bond issuance is positively related with the firm size (total asset), operating performance, liquidity (cashflow), and equity ownership by foreign investors. Overall, our results support the view that bank underwriting activities can play an important role in determining firm value and financial strategies under "The Capital Market and Financial Investment Services Act" of 2007.

• Journal of the Korean Institute of Navigation
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• v.4 no.2
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• pp.45-79
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• 1980

The aim of this paper is to analyze the mechanics of price formation in the tramp shipping. For the purpose of this study, the main characteristics of tramp freight rates and the market is examined, and a brief examination of the nature ofthe costs of operation is given which are essential for the understanding of the functioning of shipping firms as well as for the understanding of developments in the tramp freight market. The demand and supply relationships in the market is also analysed in detail. Tramp shipping is an industry that has a market which functions under conditions that are not dissimilar to the theoretical model of perfect competition. However, it does notmean that tramp shipping market is a perfectly competitive market. It is apparent that this realworld competitive system has its imperfections, which means that the market for tramp shipping is near to being a perfectly competitive market on an internaitonal scale and it is freight are therefore subjext to the laws of supply and demand. In theory, the minimum freight rate in the short term is that at which the lowest cost vessels will lay-up in preference to operating, and is equal to the variable costs minus lay-up costs; and this would imply that in all times except those of full employment for ships there is a tendency for newer low-cost, and, probably, faster vessels to be driving the older high-cost vessels in the breaker's yards. In this case, shipowners may be reluctant to lay-up their ships becasue of obligations to crews, or because they would lose credibility with shippers or financiers, or simply because of lost prestige. Mainly, however, the decision is made on strictly economic grounds. When, for example, the total operating costs minus the likely freight earnings are greater than the cost of taking the ship out of service, maintaining it, and recommissioning it, then a ship may be considered for laying-up; shipowners will, in other words, run the ships at freight earnings below operating costs by as much as the cost of laying them up. As described above, the freight rates fixed on the tramp shipping market are subject to the laws of supply and demand. In other words, the basic properties of supply and demand are of significance so far as price or rate fluctuations in the tramp freight market are concerned. In connection with the same of the demand for tramp shipping services, the following points should be brone in mind: (a) That the magnitude of demand for sea transport of dry cargoes in general and for tramp shipping services in particular is increasing in the long run. (b) That owning to external factors, the demand for tramp shipping services is capable of varying sharphy at a given going of time. (c) The demad for the industry's services tends to be price inelastic in the short run. On the other hand the demand for the services offered by the individual shipping firm tends as a rule to be infinitely price elastic. In the meantime, the properties of the supply of the tramp shipping facilities are that it cannot expand or contract in the short run. Also, that in the long run there is a time-lag between entrepreneurs' decision to expand their fleets and the actual time of delivery of the new vessels. Thus, supply is inelastic and not capable of responding to demand and price changes at a given period of time. In conclusion, it can be safely stated that short-run changes in freight rates are a direct result of variations in the magnitude of demand for tramp shipping facilities, whilest the average level of freight rates is brought down to relatively low levels over prolonged periods of time.

• Horticultural Science & Technology
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• v.34 no.1
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• pp.195-205
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• 2016

Sugar beet cyst nematode, Heterodera schachtii, causes serious economic losses worldwide in Brassicaceae crops. In 2011, this nematode was first found in highland vegetable cultivation areas in Korea, and thereafter spread to the surrounding healthy Chinese cabbage fields. However, little has been documented on the biological and ecological characteristics of the sugar beet nematode in highland vegetable cultivation areas. In this study the dispersal of the sugar beet cyst nematode was examined, focusing on spreading through soil and/or water infested with the nematode. When farmers with work boots trampled on Chinese cabbage fields for 10 minutes, the number of cysts recovered from the soil attached to the working differed depending on the research sites. Under irrigation conditions of 2, 4, and 8 liters of water per $m^2$, the amounts of soils attached on the bottom of the work boots and the number of healthy cysts in the soils increased significantly with the increase in soil moisture, although the total number of cysts, eggs, and juveniles did not increase significantly. After driving on the farm road adjacent to cabbage fields infested with the sugar beet cyst nematode, cysts were also recovered from the soil attached to the vehicle's tires, suggesting that the sugar beet cyst nematode can spread to new fields through soil carried by vehicles and by farmers. An excavator and a motor truck could deliver 41 kg and 224 g, respectively, of soil on the shovel shoes and the wheels to other locations during the Chinese cabbage harvest, suggesting that farming equipment and transportation vehicles may be vital means by which the cyst nematode spreads to non-infested fields in the highland area of Korea. Runoff water also contained cysts, whose amounts increased after water irrigation onto the ridges to simulate rainy conditions, with no significant difference in the number of cysts with increasing amounts of irrigation water. All of these results confirmed that the sugar beet cyst nematode spreads through soil attached to work boots, harvesting tools, and transportation vehicles, especially during the harvest time, and through runoff water on rainy days. These observations suggest that personal sanitization and cleaning of working tools and vehicles are one of the most important means to prevent the dispersal of the sugar beet cyst nematode in fields.

• Journal of Intelligence and Information Systems
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• v.25 no.3
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• pp.221-238
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• 2019

Recently, companies and public institutions have been actively introducing chatbot services in the field of customer counseling and response. The introduction of the chatbot service not only brings labor cost savings to companies and organizations, but also enables rapid communication with customers. Advances in data analytics and artificial intelligence are driving the growth of these chatbot services. The current chatbot can understand users' questions and offer the most appropriate answers to questions through machine learning and deep learning. The advancement of chatbot core technologies such as NLP, NLU, and NLG has made it possible to understand words, understand paragraphs, understand meanings, and understand emotions. For this reason, the value of chatbots continues to rise. However, technology-oriented chatbots can be inconsistent with what users want inherently, so chatbots need to be addressed in the area of the user experience, not just in the area of technology. The Fourth Industrial Revolution represents the importance of the User Experience as well as the advancement of artificial intelligence, big data, cloud, and IoT technologies. The development of IT technology and the importance of user experience have provided people with a variety of environments and changed lifestyles. This means that experiences in interactions with people, services(products) and the environment become very important. Therefore, it is time to develop a user needs-based services(products) that can provide new experiences and values to people. This study proposes a chatbot development process based on user needs by applying the design thinking approach, a representative methodology in the field of user experience, to chatbot development. The process proposed in this study consists of four steps. The first step is 'setting up knowledge domain' to set up the chatbot's expertise. Accumulating the information corresponding to the configured domain and deriving the insight is the second step, 'Knowledge accumulation and Insight identification'. The third step is 'Opportunity Development and Prototyping'. It is going to start full-scale development at this stage. Finally, the 'User Feedback' step is to receive feedback from users on the developed prototype. This creates a "user needs-based service (product)" that meets the process's objectives. Beginning with the fact gathering through user observation, Perform the process of abstraction to derive insights and explore opportunities. Next, it is expected to develop a chatbot that meets the user's needs through the process of materializing to structure the desired information and providing the function that fits the user's mental model. In this study, we present the actual construction examples for the domestic cosmetics market to confirm the effectiveness of the proposed process. The reason why it chose the domestic cosmetics market as its case is because it shows strong characteristics of users' experiences, so it can quickly understand responses from users. This study has a theoretical implication in that it proposed a new chatbot development process by incorporating the design thinking methodology into the chatbot development process. This research is different from the existing chatbot development research in that it focuses on user experience, not technology. It also has practical implications in that companies or institutions propose realistic methods that can be applied immediately. In particular, the process proposed in this study can be accessed and utilized by anyone, since 'user needs-based chatbots' can be developed even if they are not experts. This study suggests that further studies are needed because only one field of study was conducted. In addition to the cosmetics market, additional research should be conducted in various fields in which the user experience appears, such as the smart phone and the automotive market. Through this, it will be able to be reborn as a general process necessary for 'development of chatbots centered on user experience, not technology centered'.

• Journal of the Society of Disaster Information
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• v.17 no.3
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• pp.465-486
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• 2021

Purpose: Since most disaster information systems are centered on non-disabled people, the reality is that there is a lack of disaster information delivery systems for the vulnerable, such as the disabled, the elderly, and children, who are relatively vulnerable to disasters. The purpose of the service is to improve the safety of the disabled and the elderly by eliminating blind spots of informatization and establishing customized disaster information services to respond to disasters through IoT-based integrated control technology. Method: The model at the core of this study is the disaster alert propagation model and evacuation support model, and it shall be developed by reflecting the behavioral characteristics of the disabled and the elderly in the event of a disaster. The disaster alert propagation model spreads disaster situations collected using IoT technology, and the evacuation support model uses geomagnetic field-based measuring technology to identify the user's indoor location and help the disabled and the elderly evacuate safely. Results: Demonstration model demonstration resulted in an efficient qualitative evaluation of indoor location accuracy, such as the suitability of evacuation route guidance and satisfaction of services from the user's perspective. Conclusion: Disaster information and evacuation support services were established for the safety vulnerable groups of mobile app for model verification. The disaster situation was demonstrated through experts in the related fields and the disabled by limiting it to the fire situation. It was evaluated as "satisfaction" in the adequacy of disaster information delivery and evacuation support, and its functional satisfaction and user UI were evaluated as "normal" due to the nature of the pilot model. Through this, the disaster information and evacuation support services presented in this study were evaluated to support the safety vulnerable groups to a faster disaster evacuation without missing the golden time of disaster evacuation.

• Journal of Intelligence and Information Systems
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• v.28 no.3
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• pp.237-258
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• 2022

As the global market environment changes, the domestic ICT industry has a growing influence on the world economy. This industry is regarded as an important driving force in the national economy from a technological and social point of view. In particular, small and medium-sized enterprises (SMEs) in the ICT industry are regarded as essential actors of domestic economic development in terms of company diversity, technology development and job creation. However, since it is small compared to large-sized enterprises, it is difficult for SMEs to survive with a differentiated strategy in an incomplete and rapidly changing environment. Therefore, SMEs must make a lot of efforts to improve their own capabilities, and the government needs to provide the desirable help suitable for corporate internal resources so that they can continue to be competitive. This study classifies the types of ICT SMEs participating in government support programs, and analyzes the relationship between resources and performance creation of each type. The data from the "ICT Small and Medium Enterprises Survey" conducted annually by the Ministry of Science and ICT was used. In the first stage, ICT SMEs were clustered based on common factors according to their experiences with government support programs. Three clusters were meaningfully classified, and each cluster was named "active participation type," "initial support type," and "soloist type." As a second step, this study compared the characteristics of each cluster through profiling analysis for each cluster. The third step carried out in this study was to find out the mechanism of R&D performance creation for each cluster through regression analysis. Different factors affected performance creation for each cluster, and the magnitude of the influence was also different. Specifically, for "active participation type", "current manpower", "technology competitiveness", and "R&D investment in the previous year" were found to be important factors in creating R&D performance. "Initial support type" was identified as "whether or not a dedicated R&D organization exists", "R&D investment amount in the previous year", "Ratio of sales to large companies", and "Ratio of vendors supplied to large companies" contributed to the performance. Lastly, in the case of "soloist type", "current workforce" and "future recruitment plan", "technological competitiveness", "R&D investment", "large company sales ratio", and "overseas sales ratio" showed a significant relationship with the performance. This study has practical implications of showing what strategy should be established when supporting SMEs in the future according to the government's participation in the startup program and providing a guide on what kind of support should be provided.

• Journal of Christian Education in Korea
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• v.74
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• pp.159-188
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• 2023

This study examines the process of Chou Sun-Ae's spiritual formation in the light of Carl Jung's conception of individuation. Spirituality is defined in different ways by different scholars, but most consider self-transcendence as a necessary element. This self-transcendence can occur in the relationship with self, with others, and with the transcendent. In the relationship with the self, it appears as self-objectification; with others, it is as moving toward others; and in the relationship with the transcendent, it moves toward the transcendent. Spirituality is closely related to individual identity, in that it surrounds and integrates life. Spiritual formation is thus closely related to Jung's concept of individuation, as this involves the separation of persona and ego, and shadow recognition which are closely related to the level of self-objectification. In addition, the withdrawal of shadow projection that occurs in individuation is closely related to moving toward others, in that it recognizes the shadow instead of blaming others, allowing one to look at others without prejudice. The fact that Jesus Christ is the symbol of the Self, the driving force of the individuation process, tells us that spirituality leading to a relationship with the transcendent God and Jung's theory are closely related to each other. Thus, if we examine the process of spiritual formation through the Jung's individuation process, we can better understand the psychodynamic dimension of spirituality. This article investigates the process of Chou Sun-Ae's spiritual formation through Jung's individuation process. Throughout her 98 years, Chou Sun-Ae experienced national pain and hardships, as well as personal adversity and difficulties; but through all of these hardships, conflicts, and difficult moments, she accomplished individualization. Therefore, by examining the spiritual formation through individuation in Chou Sun-Ae, I consider the direction of Christian spiritual education. In this study, three main characteristics of Chou Sun-Ae's spiritual formation can be identified. First, through a life of repentance, the identification between persona and ego can be weakened. Second, the ego develops, and individualization is achieved, through a new calling. Third, in shadow integration, the spiritual development comes to recognize Jesus Christ on the cross and achieve the process of sanctification. Investigating the direction of Christian spiritual education through Chou Sun-Ae's spiritual formation indicates that Christian spiritual education should harmonize vertical and horizontal relations and should develop an experience of the transcendent God in everyday life. By this means, the believer can achieve Self-realization and be a true Christian who practices love for God and love for neighbors.

• Journal of Korea Entertainment Industry Association
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• v.13 no.3
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• pp.213-220
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• 2019

Desire for a happy life becomes the will that man instinctively desires. In that the conditions of happiness are subjective and varied, the will of subjective desires has been studied with the attention of objective tendencies. The positive and meaningful will of life in the desire for happiness leads us to be the functionaries who act. These wills can be the driving force of a happy life, which allows one to have a hopeful reflective will in one's inner life, connecting oneself with others, and working in relationships with others. In addition, those who become lazy or lose their orientation in life can instill a will to be the main character of life, and furthermore, to give the ultimate meaning and goals of life. To understand and analyze these wills for happy lives more specifically, structural model compatibility and confirmatory factors were conducted. relatively reliable α=.855 value, the coefficient of correlation between recognition and will **p<.01, *p<.05 statistically significant measuring tool of not less than 05 was used. The study results of the structural model suitability of the factors of will and the confirmatory factor analysis showed that the model set by the researcher could reflect the characteristics of the data collected, and that the χ²(Chi-square) value was .126, which was consistent with the model by satisfying the acceptance criteria, and that the comparison of the reference values of the study model showed a relatively high level of suitability. To identify the relationship between cognitive and defined and behavioral factors of subjective will and existent will variables, the results of a verification factor analysis show that the χ²(Chi-square) value is 2.36 and the model and data are consistent with the acceptance criteria, and that the test data is consistent with the model and data set by the researcher are consistent with the model5.0 Through structural model analysis of human will, it was confirmed that the variables of subjective and existential, sensible and reflective will directly and indirectly influence and form a complex relationship. Our will is recognized as the subjective will, and the structure of the subjective will consists of the sensible and reflective will, and the relationship between the cognitive and just action elements and the subjective will of the human life and the will to exist is shown to be very meaningful, so we should conduct the education of the happy will of the emotional and just areas of life as well as the reestablishment of the cognitive educational direction that can lead to action.

• Journal of Intelligence and Information Systems
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• v.25 no.1
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• pp.1-19
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• 2019

Artificial intelligence (AI) is one of the main driving forces leading the Fourth Industrial Revolution. The technologies associated with AI have already shown superior abilities that are equal to or better than people in many fields including image and speech recognition. Particularly, many efforts have been actively given to identify the current technology trends and analyze development directions of it, because AI technologies can be utilized in a wide range of fields including medical, financial, manufacturing, service, and education fields. Major platforms that can develop complex AI algorithms for learning, reasoning, and recognition have been open to the public as open source projects. As a result, technologies and services that utilize them have increased rapidly. It has been confirmed as one of the major reasons for the fast development of AI technologies. Additionally, the spread of the technology is greatly in debt to open source software, developed by major global companies, supporting natural language recognition, speech recognition, and image recognition. Therefore, this study aimed to identify the practical trend of AI technology development by analyzing OSS projects associated with AI, which have been developed by the online collaboration of many parties. This study searched and collected a list of major projects related to AI, which were generated from 2000 to July 2018 on Github. This study confirmed the development trends of major technologies in detail by applying text mining technique targeting topic information, which indicates the characteristics of the collected projects and technical fields. The results of the analysis showed that the number of software development projects by year was less than 100 projects per year until 2013. However, it increased to 229 projects in 2014 and 597 projects in 2015. Particularly, the number of open source projects related to AI increased rapidly in 2016 (2,559 OSS projects). It was confirmed that the number of projects initiated in 2017 was 14,213, which is almost four-folds of the number of total projects generated from 2009 to 2016 (3,555 projects). The number of projects initiated from Jan to Jul 2018 was 8,737. The development trend of AI-related technologies was evaluated by dividing the study period into three phases. The appearance frequency of topics indicate the technology trends of AI-related OSS projects. The results showed that the natural language processing technology has continued to be at the top in all years. It implied that OSS had been developed continuously. Until 2015, Python, C ++, and Java, programming languages, were listed as the top ten frequently appeared topics. However, after 2016, programming languages other than Python disappeared from the top ten topics. Instead of them, platforms supporting the development of AI algorithms, such as TensorFlow and Keras, are showing high appearance frequency. Additionally, reinforcement learning algorithms and convolutional neural networks, which have been used in various fields, were frequently appeared topics. The results of topic network analysis showed that the most important topics of degree centrality were similar to those of appearance frequency. The main difference was that visualization and medical imaging topics were found at the top of the list, although they were not in the top of the list from 2009 to 2012. The results indicated that OSS was developed in the medical field in order to utilize the AI technology. Moreover, although the computer vision was in the top 10 of the appearance frequency list from 2013 to 2015, they were not in the top 10 of the degree centrality. The topics at the top of the degree centrality list were similar to those at the top of the appearance frequency list. It was found that the ranks of the composite neural network and reinforcement learning were changed slightly. The trend of technology development was examined using the appearance frequency of topics and degree centrality. The results showed that machine learning revealed the highest frequency and the highest degree centrality in all years. Moreover, it is noteworthy that, although the deep learning topic showed a low frequency and a low degree centrality between 2009 and 2012, their ranks abruptly increased between 2013 and 2015. It was confirmed that in recent years both technologies had high appearance frequency and degree centrality. TensorFlow first appeared during the phase of 2013-2015, and the appearance frequency and degree centrality of it soared between 2016 and 2018 to be at the top of the lists after deep learning, python. Computer vision and reinforcement learning did not show an abrupt increase or decrease, and they had relatively low appearance frequency and degree centrality compared with the above-mentioned topics. Based on these analysis results, it is possible to identify the fields in which AI technologies are actively developed. The results of this study can be used as a baseline dataset for more empirical analysis on future technology trends that can be converged.