• Journal of Energy Engineering
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• v.29 no.2
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• pp.68-78
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• 2020

According to the new climate change agreement, technology development to reduce greenhouse gases is actively conducted worldwide, and research on energy efficiency improvement in the field of power generation and transmission and distribution is underway [1,2]. Economic analysis of the operation method of storing and supplying surplus electricity using energy storage devices, and using energy storage devices as a frequency adjustment reserve power in regional cogeneration plants has been reported as the most profitable operation method [3-7]. Therefore, this study conducted an economic analysis for the installation of energy storage devices in the combined heat and power plant in the Czech Republic. The most important factor in evaluating the economics of battery energy storage devices is the lifespan, and the warranty life is generally 10 to 15 years, based on charging and discharging once a day. For the simulation, the ratio of battery and PCS was designed as 1: 1 and 1: 2. In general, the primary frequency control is designed as 1: 4, but considering the characteristics of the cogeneration plant, it is set at a ratio of up to 1: 2, and the capacity is simulated at 1MW to 10MW and 2MWh to 20MWh according to each ratio. Therefore, life was evaluated based on the number of cycles per year. In the case of installing a battery energy storage system in a combined heat and power plant in the Czech Republic, the payback period of 3MW / 3MWh is more favorable than 5MW / 5MWh, considering the local infrastructure and power market. It is estimated to be about 3 years or 5 years from the simple payback period considering the estimated purchase price without subsidies. If you lower the purchase price by 50%, the purchase cost is an important part of the cost for the entire lifetime, so the payback period is about half as short. It can be, but it is impossible to secure profitability through the economy at the scale of 3MWh and 5MWh. If the price of the electricity market falls by 50%, the payback period will be three years longer in P1 mode and two years longer in P2 and P3 modes.

• The Korean Journal of Air & Space Law and Policy
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• v.1
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• pp.147-162
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• 1989

The current status of the application and interpretation of the Warsaw Convention and its subsequent Protocols in Asian countries is in its fredgling stages compared to the developed countries of Europe and North America, and there is thus little published information about the various Asian governments' treatment and courts' views of the Warsaw System. Due to that limitation, the accent of this paper will be on Korea and Japan. As one will be aware, the so-called 'Warsaw System' is made up of the Warsaw Convention of 1929, the Hague Protocol of 1955, the Guadalajara Convention of 1961, the Guatemala City Protocol of 1971 and the Montreal Additional Protocols Nos. 1,2,3 and 4 of 1975. Among these instruments, most of the countries in Asia are parties to both the Warsaw Convention and the Hague Protocol. However, the Republic of Korea and Mongolia are parties only to the Hague Protocol, while Burma, Indonesia and Sri Lanka are parties only to the Warsaw Convention. Thailand and Taiwan are not parties only to the convention or protocol. Among Asian states, Indonesia, the Phillipines and Pakistan are also parties to the Guadalajara Convention, but no country in Asia has signed the Guatemala City Protocol of 1971 or the Montreal Additional Protocols, which Protocols have not yet been put into force. The People's Republic of China has declared that the Warsaw Convention shall apply to the entire Chinese territory, including Taiwan. 'The application of the Warsaw Convention to one-way air carriage between a state which is a party only to the Warsaw Convention and a state which is a party only to the Hague Protocol' is of particular importance in Korea as it is a signatory only to the Hague Protocol, but it is involved in a great deal of air transportation to and from the united states, which in turn is a party only to the Warsaw Convention. The opinion of the Supreme Court of Korea appears to be, that parties to the Warsaw Convention were intended to be parties to the Hague Protocol, whether they actually signed it or not. The effect of this decision is that in Korea the United States and Korea will be considered by the courts to be in a treaty relationship, though neither State is a signatory to the same instrument as the other State. The first wrongful death claim in Korea related to international carriage by air under the Convention was made in Hyun-Mo Bang, et al v. Korean Air Lines Co., Ltd. case. In this case, the plaintiffs claimed for damages based upon breach of contract as well as upon tort under the Korean Civil Code. The issue in the case was whether the time limitation provisions of the Convention should be applicable to a claim based in tort as well as to a claim based in contract. The Appellate Court ruled on 29 August 1983 that 'however founded' in Article 24(1) of the Convention should be construed to mean that the Convention should be applicable to the claim regardless of whether the cause of action was based in tort or breach of contract, and that the plaintiffs' rights to damages had therefore extinguished because of the time limitation as set forth in Article 29(1) of the Convention. The difficult and often debated question of what exactly is meant by the words 'such default equivalent to wilful misconduct' in Article 25(1) of the Warsaw Convention, has also been litigated. The Supreme Court of Japan dealt with this issue in the Suzuki Shinjuten Co. v. Northwest Airlines Inc. case. The Supreme Court upheld the Appellate Court's ruling, and decided that 'such default equivalent to wilful misconduct' under Article 25(1) of the Convention was within the meaning of 'gross negligence' under the Japanese Commercial Code. The issue of the convention of the 'franc' into national currencies as provided in Article 22 of the Warsaw Convention as amended by the Hague Protocol has been raised in a court case in Korea, which is now before the District Court of Seoul. In this case, the plaintiff argues that the gold franc equivalent must be converted in Korean Won in accordance with the free market price of gold in Korea, as Korea has not enacted any law, order or regulation prescribing the proper method of calculating the equivalent in its national currency. while it is unclear if the court will accept this position, the last official price of gold of the United States as in the famous Franklin Mint case, Special Drawing Right(SDR) or the current French franc, Korean Air Lines has argued in favor of the last official price of gold of the United States by which the air lines converted such francs into us Dollars in their General Conditions of Carriage. It is my understanding that in India, an appellate court adopted the free market price valuation. There is a report as well saying that if a lawsuit concerning this issue were brought in Pakistan, the free market cost of gold would be applied there too. Speaking specifically about the future of the Warsaw System in Asia though I have been informed that Thailand is actively considering acceding to the Warsaw Convention, the attitudes of most Asian countries' governments towards the Warsaw System are still wnot ell known. There is little evidence that Asian countries are moving to deal concretely with the conversion of the franc into their own local currencies. So too it cannot be said that they are on the move to adhere to the Montreal Additional Protocols Nos. 3 & 4 which attempt to basically solve many of the current problems with the Warsaw System, by adopting the SDR as the unit of currency, by establishing the carrier's absolute liability and an unbreakable limit and by increasing the carrier's passenger limit of liability to SDR 100,000, as well as permiting the domestic introduction of supplemental compensation. To summarize my own sentiments regarding the future, I would say that given the fact that Asian air lines are now world leaders both in overall size and rate of growth, and the fact that both Asian individuals and governments are becoming more and more reliant on the global civil aviation networks as their economies become ever stronger, I am hopeful that Asian nations will henceforth play a bigger role in ensuring the orderly and hasty development of a workable unified system of rules governing international commercial air carriage.

• Journal of Distribution Science
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• v.13 no.9
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• pp.47-57
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• 2015

Purpose - The aim of this paper is to investigate the explanatory power of the Pecking-order theory (the cost of financing increases with asymmetric information) among Korean retail firms from the perspective of debt capacity. According to the Pecking-order theory, a firm's first preference is to use internal funds for its capital needs, its next preference is the issuance of debt, and its last preference is the issuance of equity; this is due to the information asymmetry problem between existing shareholders and investors. However, prior empirical studies, such as Lemmon and Zender (2010), argue that the entire sample test for the Pecking-order theory could be misleading due to the different levels of debt issuance capability of each of the individual firms; in fact, they confirm that the explanatory power of the Pecking-order theory improves after taking into account the differences in debt capacity of the U.S. firms they examined. This paper implements a case study approach among Korean retail firms to examine the relationship between debt capacity and the explanatory power of the Pecking-order theory in Korea. Research design, data, and methodology - This study uses the sample of public retail firms on the Korea Composite Stock Price Index (KOSPI) from the time period of 1990 to 2013. We gather related financial and accounting statements from the financial information firm WISEfn. Credit rating information is provided by the Korea Investor Service. We employ the models of Lemmon and Zender (2010) and Son and Kim (2013) to measure a firm's debt capacity. Their logit models use the rating dummy variable as a dependent variable and incorporate other firm characteristics as independent variables to estimate debt capacity. To test the Pecking-order theory, we adopt variants of the financing deficit model of Shyam-Sunder and Myers (1999). In the test of the Pecking-order theory, we consider all of the changes in total debt obligations, current debt obligations, and long-term debt obligations. Results - Our main contribution to the literature is our confirmation of the predicted relationship between debt capacity and the explanatory power of the Pecking-order theory among Korean retail firms. The coefficients on financing deficits become greater as a firm's debt capacity improves. This is consistent with the results of Lemmon and Zender (2010). The coefficients on the square of the financing deficits are also negative for the firms in the largest debt capacity group, which is also consistent with the predictions in prior literature. Conclusions - This study takes a case study approach by examining Korean retail firms. We confirm that the Pecking-order theory explains the capital structure of retail firms more appropriately, after taking into account the debt capacity of each firm. This result suggests the importance of debt capacity consideration in the testing of the Pecking-order theory. Our result also implies that there has been a potential underestimation of the explanatory power of the Pecking-order theory in existing studies.

• The KIPS Transactions:PartD
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• v.14D no.1 s.111
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• pp.21-34
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• 2007

According to recent rapid price drop and capacity growth of main memory, the number of applications on main memory databases is dramatically increasing. Cache miss, which means a phenomenon that the data required by CPU is not resident in cache and is accessed from main memory, is one of the major causes of performance degradation of main memory databases. Several cache-conscious trees have been proposed for reducing cache miss and making the most use of cache in main memory databases. Since each cache-conscious tree has its own unique features, more than one cache-conscious tree can be used in a single application depending on the application's requirement. Moreover, if there is no existing cache-conscious tree that satisfies the application's requirement, we should implement a new cache-conscious tree only for the application's sake. In this paper, we propose the cache-conscious generalized search tree (CC-GiST). The CC-GiST is an extension of the disk-based generalized search tree (GiST) [HNP95] to be tache-conscious, and provides the entire common features and algorithms in the existing cache-conscious trees including pointer compression and key compression techniques. For implementing a cache-conscious tree based on the CC-GiST proposed in this paper, one should implement only a few functions specific to the cache-conscious tree. We show how to implement the most representative cache-conscious trees such as the CSB+-tree, the pkB-tree, and the CR-tree based on the CC-GiST. The CC-GiST eliminates the troublesomeness caused by managing mire than one cache-conscious tree in an application, and provides a framework for efficiently implementing arbitrary cache-conscious trees with new features.

• The Journal of the Korea Contents Association
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• v.18 no.4
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• pp.416-427
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• 2018

As the loan size of real estate PF is huge, its market ripple effect gets bigger when overdue occurs. Accordingly, the management of the delinquency rate and macroeconomic analysis are required. As the preceding research mainly proceeded with microeconomic analysis through the real estate PF data of individual banks to evaluate importance of list or analyzed core factors for delinquency, it lacked research on comprehensive real estate PF size. In order to overcome the limitations of such data, this research studied real estate PF delinquency rate of the entire market and effect relationship by the size. The research utilized the size of real estate PF loans, money supply, interest rate, consumer price index(CPI), and GDP data. Also, it applied the first model of VECM as linear relationship between at least two or more variables, following the result of co-integration test. As a result of Granger-causality test, the real estate PF loans delinquency rate is influenced by their loan size, and as a result of impulse response analysis, the interest rate is shown to be affecting delinquency rate the most. Interest rate could risesomeday and aggravate the delinquency rate of real estate PF. Also, risk exposure could be serious as the loan size increases.Therefore, the management of real estate PF delinquency rate requires continuous monitoring, tracking and observing issued loans from a macro point of view. The plans to prevent delinquency will be necessary.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.18 no.2
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• pp.261-267
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• 2017

The interest in biodiesel is increasing rapidly. As a result, the price of vegetable oil that is used as a raw material for biodiesel is skyrocketing. Studies of biodiesel using animal waste as a means of solving these problems are underway. Biodiesel produced from animal fat contains considerably more saturated fatty acids than that produced from vegetable oil. In addition, it has a high cetane number and a high heating value. On the other hand, the fluidity decreases at lower temperatures because of the large amount of saturated fatty acids. For the biodiesel production, waste chicken oil and soybean oil were first purified. The raw materials were mixed at various ratios from 1:9 to 9:1. The methanol / oil molar ratio was also changed from 7 mol to 15 mol. The entire reaction time was one hour. The results showed that the optimal mixing ratio of soybean oil to waste chicken oil was 3:7, and the optimal methanol / oil molar ratio was 13. Moreover, the BD yield was 90.2%, the FAME content was 96.6%, and the LAME content was 4.1%. This result satisfied the Korea Industrial Standard (KSM2413).

• Journal of Korean Society of Industrial and Systems Engineering
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• v.42 no.4
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• pp.173-182
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• 2019

This study attempts to improve the understanding of the rapidly growing online video platform market such as Youtube and OTT, and to investigate the attributes and relative importance of them. For this purpose, the factors that influence the choice to use were derived through literature studies and the Focus Group Interview (FGI), and the priority of the factors was calculated through the analytic hierarchy process (AHP). The upper layer of the AHP structure was 'Relationship', 'Entertainment', 'Informativity', and 'Convenience', and the lower layer was structured into 13 elements. The importance priority analysis among the factors that influence the choice to use was done by teenagers, 20s, and 30s and the results are summarized as follows : First, Users consider the 'Just for fun' and 'Satisfaction of interests' as the most important factors, followed by 'Easy accessibility to use', 'Vicarious satisfaction', 'Usefulness of Information', and 'Up-to-dateness of information'. Second, the ranking of the upper layer was in the order of 'Entertainment'-'Informativity'-'Convenience'-'Relationship'.As a result of AHP,'Entertainment' was 3.6 times more important than 'Relationship'. In the comparison by age group, only teenagers regarded that 'Convenience' is more important than 'Informativity'. According to the characteristics of the age group, the lower layer of teenagers consider 'Convenient function' to be important and ranked 'Usefulness of information' in 8^th. While 'Vicarious satisfaction' ranked 4th out of 13 factors in the entire age group, those in their 20s and 30s ranked 8^th, showing a difference. In the case of 20s, 'Reasonable price' was ranked 4th and the 'Diversity of Information' was ranked 5th, Otherwise 30s consider 'Trustworthiness of Information' to the third. Third, unlike 'Convenience' which was the lower-rank in the upper layer AHP analysis, 'Easy accessibility to use', the lower-layer of convenience, ranked third overall in the importance analysis among the 13 lower-layer factors, and showed a similar patterns in the age groups results. In the conclusion, this study demonstrates that 'Convenience' and 'Vicarious satisfaction' factors, which were not relatively well addressed in the previous studies, are the key factors to be considered in. By presenting the results of the importance analysis on each of the selected attributes, This study has a practical implication that Industries such as on-line video service platform provider can use the importance priority in establishing the directions of future strategy.

• New & Renewable Energy
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• v.8 no.2
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• pp.33-43
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• 2012

Why solar companies preferred vertical integration of whole value chain? Major solar companies have built internally strong vertical integration of entire PV value chain. We raise a question whether such integration increases the corporate value and whether market situation affects the result. To test these questions, we conducted multi-variant analysis where characteristic factors mainly affect the corporate value measured in terms of Tobin'Q, based on the financial and non-financial data of PV companies listed in US stock market between 2005 and 2010. We hypothesize that since integration increases the overall efficiency but decreases the flexibility to adjust to various market situation, the combined effect of the efficiency gain and the flexibility loss ultimately determines the sign of integration effect on the corporate vale. We infer that the combined effect will be influenced heavily by business cycle, as in boom market (Seller's market) the efficiency gain may be larger than the flexibility loss and vice versa in bust market. We test whether the sign of combined effect changes after the year of 2009 and which factors influence most the sign. Year of 2009 is known as the year when market shifted from Seller's to Buyer's market. We show that 1) integration increases corporate value in general but after 2009 integration significantly decreases the value, 2) the ratios such as Production/Total Cost, Cash turnover period chosen for reversal of the flexibility measure are negatively affect Tobin's Q and especially stronger after 2009. This shows the flexibility improves corporate value and stronger in the recess period (Buyer's market). These results imply that solar company should set up integration strategy considering the tradeoff between efficiency and flexibility and the impact of the business cycle on both factors. Strategy only based on the price competitiveness determined in boom time can bring undesirable outcomes to the company. In addition, Strategic alliances in some value chains as a flexible bondage should be taken in account as complementary choice to the rigid integration.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.2
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• pp.590-595
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• 2016

The US is pursuing a plan to raise the subsidies for electric vehicles by more than 30%. The number of electric vehicles in Europe is expected to be one million by 2020 and 2030 and there are plans to expand in the center of Germany to supply six million electric vehicles on the dissemination and development policies. The development of the electric vehicle is not simply a technical trend but there is the potential to improve the access to this technology and the possibility of changing the entire social system and long-term energy security. Domestic competition is also increasing the supply of electric vehicles, as new blue ocean markets are emerging. The current domestic On-board Charger (Home Charger) plans to be suspended from the 2015 government-sponsored installation, This paper on the IEC 61851-1 and IEC 61851-22 specifications analyzes the development of a midnight electricity charger as a low-cost algorithm, the decrease in price and the improved convenience of the On-board Charger for Bluetooth module with the ATmega128 existing charger system, and the UI configuration via the LCD Panel to a Smartphone app are proposed.

• Korean Journal of Poultry Science
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• v.15 no.1
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• pp.53-60
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• 1988

The purpose of this presentation is to review the situation of the Cheju broiler industry peculiarized with the integrated production and marketing system to some degree, which is not prevailed in the whole broiler industry in Korea, so as to study the case of the Cheju industry from the viewpoint of an economic integration. The economic integration in the broiler industry is grouped into three patterns： non-integration, quasi-integration and complete integration, which generally exist under the different type of market competition. The quasi-integration tends to be formed at all phases where the complete integration is not fully implemented, but the non-integration has begun to change its nature into partially integrated structure. The Cheju broiler industry is characterized by the geographical location of isolated market so that factor supplies and broiler products are marketed in the different conditions from those of mainland Korea, somewhat in an oligopolistic pattern. It was since early 1980's that the industry successfully had three dressing plants merged into one by virtue of entire growers ownership, which opened an era of an integrated industry centered on the function of dressing birds. The case of Cheju broiler industry today is to be referred to as a typical quasi-integration which is coordinated the function between growing and dressing birds directly and extended the functional cooperation to distribution of products indirectly, while factor supplies are traded independently. As a result of a quasi-integration, the growers are able to receive a fixed price set by the dressing plant of growers that has the power to adjust the supply of and demand for broilers produced and consumed in the Island. There are some problems, however, in the integration of the Cheju broiler industry, stemming mainly from the process of the structure change, ： 1) the difficulty of controlling the production of broilers, 2) continuing pressure on the integration by non-integrated sectors, 3) the challenge on the stabilized broiler market from the mainland, 4) limited effectiveness of consumer education activities, and 5) lack of leadership for the industry development through integration. It is projected that the partially integrated Cheju broiler industry will be continually developed toward the direction of a complete integration in due course, as the currently independent supply sectors are to be backward integrated. The case of the Cheju broiler integration, therefore, could be used as a reference for making the whole broiler industry in Korea develop toward the integrated structure in the future.