• Journal of the Korean Geotechnical Society
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• v.30 no.5
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• pp.25-35
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• 2014

The sedimentary rocks exposed around Mt. Palgong were subjected to metamorphism due to a granitic magma intrusion at late Cretaceous, and they eventually metamorphosed to hornfels by the action of both hydrothermal solution and high temperature supplied from the magma. The hornfels zone around the granite body ranges from 2.0 to 3.5 km in width but the boundary between hornfels and sedimentary rocks is not obviously defined because the metamorphic grade gradually decreases with distance from the granite boundary. A series of laboratory tests on 350 core specimens made by 35 fresh rock blocks obtained from 5 selected locations around Mt. Palgong are performed to verify the variation of physical and mechanical properties related to metamorphic grade of the rock. Water content and absorption ratio of the hornfels linearly increase with distance to the granite boundary whereas dry unit weight, p-wave velocity, point load strength, and slake durability index linearly decrease with the distance. These results imply that the metamorphic grade of the hornfels also linearly decrease with the distance to granite boundary. Empirical equations for the variation of properties with the distance to granite boundary and relationship between a property and another one are deduced by regression analyses. And a criteria for classification of hornfels exposed in the study area based on the P-wave velocity and point load strength is proposed.

• The Korean Journal of Financial Management
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• v.24 no.4
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• pp.45-73
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• 2007

The empirical results are summarized as follows : First, In relation to effects of ownership structure on firm value, there is the non-linear relationship between major(and foreign) shareholder's holdings and firm value. So the results(the compromise hypothesis) by prior researches(Morck et al. 1988 and so forth) is supported. However Institutional shareholder's holdings do not show the significant results. Second, In relation to effects of outside directors on firm value, equally the results of prior researches(Vafeas 2000, Choi et al. 2004), the higher the ratio of outside directors in the board, the higher firm value. Also there is the non-linear relationship between outside directors ratio and firm value. Furthermore, the higher the possibility of outside directors election in the board, the higher the relationship between ownership structure and firm value. As the economic importance of KOSDAQ is more increase, the researches of KOSDAQ should be more realized.

• The Korean Journal of Financial Management
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• v.25 no.1
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• pp.109-140
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• 2008

The primary objective of this paper investigates whether asymmetric volatility phenomenon is caused by differences of opinion among investors and analyses information availability has an effect on asymmetric volatility. The empirical test period covers recent 6 years from January 4, 2000 to December 29, 2005. Five portfolios have been formed according to information availability(volume and market value). For the purpose of this study, We use TGARCH model, TGARCH-M model and adjusted model which include trading volume as a proxy differences of opinion among investors. The results are summarized as follows ; First, adjusted model analysis shows that asymmetric volatility phenomenon is disappeared or asymmetric coefficient and ratio is decreased than basis model. Second, portfolio analysis shows that the higher volume and market value, the more prominent asymmetric volatility phenomenon. And adjusted model analysis shows the higher volume and market value, the more decrease asymmetric ratio. Over all, assertion that differences of opinion among investors has caused asymmetric volatility phenomenon is regarded as reasonable. And, We see that information availability have great effect on asymmetric volatility phenomenon. We think that theses results can also occur opinion adjustment of optimistic investors. Namely, asymmetric volatility phenomenon can occur difference of information authenticity.

• Journal of Korean Society of Environmental Engineers
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• v.30 no.8
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• pp.781-788
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• 2008

This study shows how to find out optimum co-substrate conditions and continuous operating parameters for maximum acidification of three different organic wastes - livestock wastewater, sewage sludge and food waste. Design of experiments and statistical analysis were revealed as appropriate optimization schemes in this study. Analyses of data obtained from batch tests demonstrated the optimum substrate mixing ratio, which was determined by maximum total volatile fatty acids(TVFA) increase and soluble chemical oxygen demand(SCOD) increase simultaneously. Suggested optimum mixing ratio of livestock wastewater, sewage sludge and food waste was 0.4 : 1.0 : 1.1 based on COD, respectively. Response surface methodology(RSM) contributed to find out optimum operating parameter - hydraulic retention time(HRT) and substrate concentration - for the semi-continuous acidogenic fermentation of mixed organic wastes. The optimum condition for maximum TVFA increase was 2 days of HRT and 29,237 mg COD/L. Empirical equations obtained through regression analysis could predict that TVFA increase would be 73%. To confirm the validity of the statistical experimental strategies, a confirmation experiment was conducted under the obtained optimum conditions, and relative error between theoretical and experimental results was within 4%. This result reflects that using statistical and RSM technique can be effectively used for the optimization of real waste treatment processes.

• Korean Journal of Remote Sensing
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• v.33 no.2
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• pp.111-123
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• 2017

The phycocyanin pigment (PC) is a marker for cyanobacterial presence in eutrophic inland water. Accurate estimation of low PC concentration in turbid inland water is challenging due to the optical complexity and criticalforissuing an early warning of potentialrisks of cyanobacterial bloom to the public. To monitor cyanobacterial bloom in eutrophic inland waters, an approach is proposed to partition non-water absorption coefficient from measured reflectance and to retrieve absorption coefficient of PC with the aim of improving the accuracy in remotely estimated PC, in particular for low concentrations. The proposed inversion model retrieves absorption spectra of PC ($a_{pc}({\lambda})$) with $R^2{\geq}0.8$ for $a_{pc}(620)$. The algorithm achieved more accurate Chl-a and PC estimation with $0.71{\leq}R^2{\leq}0.85$, relative root mean square error (rRMSE) ${\leq}39.4%$ and mean relative error(RE) ${\leq}78.0%$ than the widely used semi-empirical algorithm for the same dataset. In particular, low PC ($PC{\leq}50mg/m^3$) and low PC: Chl-a ratio values of for all datasets used in this study were well predicted by the proposed algorithm.

• Journal of Korean Society of Steel Construction
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• v.27 no.1
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• pp.31-42
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• 2015

The plastic stress distribution method and the strain compatibility method are the two representative methods to calculate the P-M interaction strength of RCFT (rectangular concrete filled tube) columns. The plastic stress distribution method is approximate while the stress compatibility method should approach the exact solution if accurate constitutive relations of the materials involved are used. Recent study by the authors pointed out that, because of lack of accurate constitutive model for the concrete confined by the rectangular steel tube, no strain compatibility method according to the current structural provisions provides a satisfactory prediction of the P-M interaction strength of RCFT columns under various material combinations. An empirical constitutive model which can capture the stress-strain characteristics of the confined concrete of RCFT columns is proposed based on analyzing extensive exisitng test database. The key idea was to define the concrete crushing strain as a function of steel-to-concrete strength ratio and width-to-thickness ratio of steel tube. It was shown that the proposed model leads to more accurate and more consistent prediction of the P-M interaction strength of RCFT columns under general design conditions.

• KDI Journal of Economic Policy
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• v.33 no.3
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• pp.33-55
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• 2011

Market concentration in the Korean banking industry has markedly increased since the financial crisis of 1997-1998 because of M&As, P&As, and consolidation of banks. With this change, there has been a growing concern over market power in the Korean banking sector. We examine the effects of market concentration on bank efficiency and competition for the period of 1992-2006. Three different indicators of bank inefficiency are used in this study, including X-inefficiency that is derived from the directional technology distance function. The level of competition is measured by both the H-statistic of the Panzar-Rosse model and the level of the net interest margin and its standard deviation. Empirical results indicate that market concentration has not improved bank efficiency through scale economies or scope economies. Instead, recent mergers, acquisitions and consolidation of banks resulted in an increase in inefficiency measured by the three different indicators: X-inefficiency, labor inefficiency and asset inefficiency. While an increase in market share of individual banks improved bank efficiency, an increase in the overall market concentration ratio resulted in lower efficiency. Our study also finds that the Korean banking sector has been monopolistically competitive throughout the sample period except for the crisis period according to the H-statistic. Although an increase in market concentration ratio has not changed the overall level of bank competition, it has a positive significant effect on the level of the average interest margin.

• Spatial Information Research
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• v.10 no.1
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• pp.153-164
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• 2002

This used a new method to capture the neighbouring relationship among parcels. To define the neighbouring relationship, all the surrounding parcels in the study area can be identified as neighbours of the current parcel as long as they touch each other even at a point. To examine neighbouring parcels on all polygons of the study area, this study used ArcViews avenue programming which visited each polygon in turn and produced an outfile containing the parcel record ID and the contents of each of the adjacent parcels. The second thing is to translate the record IDs of neighbouring parcels into land use. For this, this study used the Lookup function in Excel to obtain neighbouring land use. To deal with how to calculate the ratio of each land use to neighbouring land uses, this study used Visual Basic. finally, this study considered a term of neighbour land use as the ratio of the number of urban use adjacent parcels to the total number of adjacent parcels. This study shows that GIS and spatial analysis can be applied to land use change in the urban fringe area at a very detailed level using municipal parcel data which occupies about 80% of administrative affairs, especially at the local government level in Korea. The results of analysis can be useful for local government to understand its situation and to manage land use efficiently in the urban fringe. The methodology developed in this study is especially useful for an empirical approach.

• Journal of Korea Society of Industrial Information Systems
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• v.17 no.2
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• pp.81-94
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• 2012

On December 11, 2001, China joined the WTO and became one of the member countries and the Chinese financial markets had to be open in 5 years. So, the Chinese government transformed national commercial banks into joint-stock banks. The purpose of this paper is to investigate the validity of this decision by the Chinese government. In order to measure the efficiency of banks, the directional distance function (DDF) methodology is used, which analyzes whether a bad output exists in the outputs. In the empirical analysis, the number of staffs, the fixed assets, and the equity capital are used as inputs, while the loans and the non-performing loans ratio are used as a good output and a bad output, respectively. The non-performing loans ratio is included in output since it could affect the efficiency of banks. If it isn't considered in the analysis, a distortion might occur in analyzing the efficiency of banks. The results show that the efficiency of the major commercial banks was improved, and that the efficiency of joint-stocks banks was higher for 2002-2003 while the efficiency of national commercial banks was higher for 2004-2006. It was due mainly to the foreign exchanges reserve funds injected into national commercial banks by the Chinese Ministry of Finance, and as a result bad assets were eliminated.

• KDI Journal of Economic Policy
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• v.13 no.4
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• pp.141-153
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• 1991

The optimal choice of the tax rate and the inflation rate framework is extended to yield relevant interpretations for the optimal fiscal and monetary policy regime in Korea. To study the relationship between the government budget and monetary growth in different environments of policy coordination, two models assuming different degrees of fiscal dominance are developed. By modelling differing institutional arrangements of the fiscal and the monetary authority from an optimal government finance viewpoint, we find the optimal relationship among some important fiscal and monetary variables. By testing the existence of the relationship empirically, we find the characteristics of the optimal policy-mix regime in Korea. The first model-the strong from of fiscal dominance-studies the optimal collection of seigniorage in a period-by-period optimization with standard assumptions on the income velocity of money, deriving a general testable result: the optimal inflation/tax rate ratio co-vary with the marginal revenue ratio. The second model-the weak form of fiscal dominance-studies an implication of the inflationary bias of discretionary monetary policy in the presence of fiscal side distortions. This model shows that the tax rate and the inflation rate can have a positive correlation. Empirical tests of the theoretical results are done for the Korean economy for 1972-1989 period. The test results show that the macroeconomic policy regime in Korea can be characterized by the strong form of fiscal dominance, implying the importance of the government budget in explaining money growth and inflation.