• International conference on construction engineering and project management
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• 2009.05a
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• pp.272-275
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• 2009

Carbon finance is the investment in Greenhouse Gas (GHG) emission reduction projects in developing countries and countries with economies in transition within the framework of the Kyoto Protocol's Clean Development Mechanism (CDM) or Joint Implementation (JI) and with creation of financial instruments, i.e., carbon credits, which are tradable in carbon market. The additional revenue generated from carbon credits will increase the bankability of projects by reducing the risks of commercial lending or grant finance. Meantime, it has also demonstrated numerous opportunities for collaborating across sectors, and has served as a catalyst in bringing climate issues to bear in projects relating to rural electrification, renewable energy, energy efficiency, urban infrastructure, waste management, pollution abatement, forestry, and water resource management. Establishing additionality is essential for successful CDM project development. One of the key steps is the investment analysis. As guided by UNFCCC, financial indicators such as IRR, NPV, DSCR etc are most commonly used in both Option II & Option III. However, economic indicator such as Economic Internal Rate of Return(EIRR) are often overlooked in Option III even it might be more suitable for the project. This could be due to the difficulties in economic analysis. Although Asian Development Bank(ADB) has given guidelines in evaluating EIRR, there are still large amount of works have to be carried out in estimating the economic, financial, social and environmental benefits in the host country. This paper will present a case study of a CDM development of a 18 MW hydro power plant with carbon finance option in central Vietnam. The estimation of respective factors in EIRR, such as Willingness to Pay(WTP), shadow price etc, will be addressed with the adjustment to Vietnam local provincial factors. The significance of carbon finance to Vietnam renewable energy development will also be addressed.

• Economic and Environmental Geology
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• v.51 no.5
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• pp.463-471
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• 2018

In this paper, we review previous studies on the relative sea-level changes in the Yellow Sea during the Holocene to comprehensive understand the various research results. Currently, it is reported two theories : 1) the Holocene sea-level has never been higher than the present-day level; and 2) sea-level have reached highstand during mid-Holocene, followed by slow lowering to that of the present. The first theory yields a curve that is similar to a climate-change-related eustatic sea-level curve. However, in reality, most of the relative sea-level fluctuation resulted from land uplift or subsidence. The second theory yields a curve that is fairly coincident with a relative sea-level curve indicative of continental margins being located away from the ice sheets(i.e., far-field), and is considered as an effect of GIA(Glacio Isostatic Adjustment) and gravitational attraction. Based on detailed review of previous researches, we realized that they sourced the same papers, but obtained different results because they selectively chose and added the data. The data used to derive the second theory pertain to the northern Gunsan region, which is located within the western area of the Chugaryeong fault. Thus, we believe that the sea-level curve for the second theory is only representative of the area north of Gunsan, which is subject to GIA and tectonic deformation. Although the relative sea-level curve for the west coastal area is comparable to that for the far-field continental margin region, it is necessary to evaluate local tectonic activities as suggested by active seismicity in the west coastal area and the more than 400 faults currently existing in on the Korean Peninsula.

• Journal of Korea Port Economic Association
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• v.39 no.2
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• pp.129-141
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• 2023

This study analyzes the dynamic characteristics of daily freight rates of dry bulk and tanker shipping markets and their forecasting accuracy by using the error correction models. In order to calculate the error terms from the co-integrated time series, this study uses the common stochastic trend model (CSTM model) and vector error correction model (VECM model). First, the error correction model using the error term from the CSTM model yields more appropriate results of adjustment speed coefficient than one using the error term from the VECM model. Furthermore, according to the adjusted determination coefficients (adjR²), the error correction model of CSTM-model error term shows more model fitness than that of VECM-model error term. Second, according to the criteria of mean absolute error (MAE) and mean absolute scaled error (MASE) which measure the forecasting accuracy, the results show that the error correction model with CSTM-model error term produces more accurate forecasts than that of VECM-model error term in the 12 cases among the total 15 cases. This study proposes the analysis and forecast tasks 1) using both of the CSTM-model and VECM-model error terms at the same time and 2) incorporating additional data of commodity and energy markets, and 3) differentiating the adjustment speed coefficients based the sign of the error term as the future research topics.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.9 no.5
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• pp.53-68
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• 2014

This study is aimed at analyzing the factors that affect the behaviors of employee's investment, such as a decision making process in a variety of views and proving the extent of how those factors influence on their investment. The basic assumption is that the preceding factors that can be determined by the personal investment propensity, a psychological factor asserted by Behavior Financial Theory and financial-economic and social environment. This study uses Hershey's Investment Behavior Model(2007) as the main analysis tool to explain the investment behavior of individuals and deals with personal investment inclination in the psychological perspective of overconfidence, self-control and the risk tolerance propensity and add the financial and economic factors in terms of financial literacy and economic distress. Also the new preceding social environmental factors like social interaction and the effect of reference group are added to make this research to be more precise. This study analyze the adjustment effect of professional invest-consulting service that affect the fluctuation influence between the individual variables(those factors) and subordination variable(the level of investment satisfaction). The study reveals that overconfidence and self-control in direct ways have a positive effect on the level of investment satisfaction in terms of investment behavior and economic distress has a negative effect on the level of investment satisfaction. The adjustment effect provided by financial experts in investment consulting service is affirmed as the critical factor that increase the influence between self-control and the level of investment satisfaction. To conclude, the research reveals that the psychological factors are the main criteria when the workers as employees have to make investment decisions. To make investors be reasonable, a systematic financial education system provided by experts is needed from the early adolescent stages and financial companies should develop the relevant services of consulting service department as a key financial sector and financial investment products and consulting program and marketing tool pertinent to investors ages, vocational traits and their inclinations.

• Asian Journal for Public Opinion Research
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• v.2 no.1
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• pp.8-14
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• 2014

The Chinese economic growth rate has been much higher than many countries of the world for many years now. Nowadays, China is experiencing significant economic transformation and structural adjustment. Its speed of development is slowing, and housing and commodity prices are slowly rising. Consequently, a series of economic and social problems have come into being. Under these circumstances, how satisfied are Chinese people on the seven aspects of daily living such as Housing Situation, Household Income, Health, Family Life, Food, Human Relations and Job? The Media and Public Opinion Research Center of Fudan University (FMORC) conducted a phone survey of 606 people living in Beijing, the capital and political and cultural center of China, and Shanghai, the Chinese economic center. The survey results show that the overall satisfaction of Chinese people with their daily life is high. The levels of Family Life and Human Relations are on the top, those of Food, Health and Jobs are listed from the third to the fifth, and satisfaction levels of their Housing Situation and Household Income are on the bottom. The satisfaction levels of males with their Family Life and Health are higher than those of females. Age has a significantly negative correlation with satisfaction with personal health. Monthly income has positive relationships with four aspects of daily life - house income, job, house situation, and family life. Owning a house in cities is another important factor that influences satisfaction with the house situation, house income, food, and family life. Shanghai residents also show higher satisfaction with their health than Beijing residents.

• International Area Studies Review
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• v.15 no.2
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• pp.331-350
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• 2011

This paper analyzes balance of goods for a panel data of 56 industry classification in the MTI from 1980 to 2009. This study also develops the equilibrium adjustment process, which is a trade-off between the adjustment costs towards equilibrium costs for balance of goods and the cost of being in disequilibrium. In this framework, the GMM estimation procedure is used to estimate this dynamic panel model consistently. It is found that equilibrium balances of goods in Korean adjust to the speed is very slow to 0.0389. because of this is necessary to adjust the equilibrium goods balance as the cost of goods balance deficit is larger than by the cost. In addition, the real income elasticity for goods balance of resin in Japan and Korea, the real income elasticity 4.38168 and -0.835225, respectively, the marks were consistent with economic theory. The exchange rate elasticity of goods balance in japan to 0.478435 were found in the inelastic.

• Journal of Korea Water Resources Association
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• v.51 no.12
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• pp.1229-1235
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• 2018

We have examined dynamic relationships among water-efficiency, economic growth, electricity generation, and $CO_2$ emissions in Korea using various time-series analysis methods for 1990-2014. While previous studies have been limited to economic growth, $CO_2$ emissions, and electricity generation, this study contributed to explain the relationship between existing variables and water-efficiency. We find that the four variables reach a balanced state in the long run through short-term adjustment, $CO_2$ emissions and economic growth are responsible for water efficiency, and that $CO_2$ emissions, economic growth and water efficiency are the causes of electricity generation. The long-term impact coefficient estimates on water-efficiency show that the increase in electricity generation and the decrease in $CO_2$ emissions increase water-efficiency. Although economic growth has increased water-efficiency, moreover, we have identified an inverted U-shaped relationship between economic growth and water-efficiency, which suggests that economic growth above a certain level reduces the rate of increase in water-efficiency.

• Asian-Australasian Journal of Animal Sciences
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• v.30 no.6
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• pp.765-772
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• 2017

Objective: This study examines the genetic factors influencing the phenotypes (four economic traits:oleic acid [C18:1], monounsaturated fatty acids, carcass weight, and marbling score) of Hanwoo. Methods: To enhance the accuracy of the genetic analysis, the study proposes a new statistical model that excludes environmental factors. A statistically adjusted, analysis of covariance model of environmental and genetic factors was developed, and estimated environmental effects (covariate effects of age and effects of calving farms) were excluded from the model. Results: The accuracy was compared before and after adjustment. The accuracy of the best single nucleotide polymorphism (SNP) in C18:1 increased from 60.16% to 74.26%, and that of the two-factor interaction increased from 58.69% to 87.19%. Also, superior SNPs and SNP interactions were identified using the multifactor dimensionality reduction method in Table 1 to 4. Finally, high- and low-risk genotypes were compared based on their mean scores for each trait. Conclusion: The proposed method significantly improved the analysis accuracy and identified superior gene-gene interactions and genotypes for each of the four economic traits of Hanwoo.

• Environmental Engineering Research
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• v.21 no.4
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• pp.409-419
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• 2016

As a major energy consumption province, the issue about the carbon emissions in Hebei Province, China has been concerned by the government. The carbon emissions can be effectively reduced due to a more rational energy consumption structure. Thus, in this paper the constraint of low carbon emissions is considered as a foundation and four energies--coal, petroleum, natural gas and electricity including wind power, nuclear power and hydro-power etc are selected as the main analysis objects of the adjustment of energy structure. This paper takes energy cost minimum and carbon trading cost minimum as the objective functions based on the economic growth, energy saving and emission reduction targets and constructs an optimization model of energy consumption structure. And empirical research about energy consumption structure optimization in 2015 and 2020 is carried out based on the energy consumption data in Hebei Province, China during the period 1995-2013, which indicates that the energy consumption in Hebei dominated by coal cannot be replaced in the next seven years, from 2014 to 2020, when the coal consumption proportion is still up to 85.93%. Finally, the corresponding policy suggestions are put forward, according to the results of the energy structure optimization in Hebei Province.

• Journal of the Economic Geographical Society of Korea
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• v.16 no.1
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• pp.17-36
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• 2013

The purpose of this study examines interaction between region and industries through industrial networks of the regional resource-based industry. To achieve this goal, the fermented soy products industry in Sunchang is selected as a case study. This study traces the process of adjustment of firm-activity networks. And then, it scrutinizes the coevolution process between region and industry. It shows that the fermented soy products industry in Sunchang is embedded in the region and it strengthens regional development potentials for the local/regional economy.