• The Korean Journal of Financial Management
• /
• v.20 no.1
• /
• pp.1-27
• /
• 2003

The purpose of this study is to empirically investigate the role of capitalized intangibles such as patents, copy rights and R&D and non-capitalized intangibles such as advertising expenses and labor-related expenses, which are considered to be important to generating future excess profits, on the valuation of IPO shares. This study examines 125 firms which went public during 1992 - 1998. The result suggests that advertising expenses do not have significant influence on the offer price and the market price of IPO shares. On the other hand, R&D and labor-related expenses play important role in determining the offer price and the market price of IPO shares. In case of capitalized intangible assets, they we important factors in determining the market price but not the of for price. This study suspects that the Securities and Exchange Law of the Korean Securities Exchange Commission potentially contribute to the result of no effect of capitalized intangibles (except R&D) on the offer price by underwriters. According to the Law, any intangible assets which are considered to be irrelevant to the valuation of IPO shares must be exclued. This is very ambiguous and potentially cause underwriters to exclude any intangibles difficult to measure their value. However the market considers capitalized intangibles to be important, as suggested by the result of this study. To reduce this valuation asymmetry, it is important to reveal detailed information regarding the valuation of assets, in particular, intangible assets to the public.

• Proceedings of the Korean Operations and Management Science Society Conference
• /
• 1999.04a
• /
• pp.426-426
• /
• 1999

;There are many sources of uncertainty in a typical production and inventory system. There is uncertainty as to how many items customers will demand during the next day, week, month, or year. There is uncertainty about delivery times of the product. Uncertainty exacts a toll from management in a variety of ways. A spurt in a demand or a delay in production may lead to stockouts, with the potential for lost revenue and customer dissatisfaction. Firms typically hold inventory to provide protection against uncertainty. A cushion of inventory on hand allows management to face unexpected demands or delays in delivery with a reduced chance of incurring a stockout. The proposed strategies are used for the design of a probabilistic inventory system. In the traditional approach to the design of an inventory system, the goal is to find the best setting of various inventory control policy parameters such as the re-order level, review period, order quantity, etc. which would minimize the total inventory cost. The goals of the analysis need to be defined, so that robustness becomes an important design criterion. Moreover, one has to conceptualize and identify appropriate noise variables. There are two main goals for the inventory policy design. One is to minimize the average inventory cost and the stockouts. The other is to the variability for the average inventory cost and the stockouts The total average inventory cost is the sum of three components: the ordering cost, the holding cost, and the shortage costs. The shortage costs include the cost of the lost sales, cost of loss of goodwill, cost of customer dissatisfaction, etc. The noise factors for this design problem are identified to be: the mean demand rate and the mean lead time. Both the demand and the lead time are assumed to be normal random variables. Thus robustness for this inventory system is interpreted as insensitivity of the average inventory cost and the stockout to uncontrollable fluctuations in the mean demand rate and mean lead time. To make this inventory system for robustness, the concept of utility theory will be used. Utility theory is an analytical method for making a decision concerning an action to take, given a set of multiple criteria upon which the decision is to be based. Utility theory is appropriate for design having different scale such as demand rate and lead time since utility theory represents different scale across decision making attributes with zero to one ranks, higher preference modeled with a higher rank. Using utility theory, three design strategies, such as distance strategy, response strategy, and priority-based strategy. for the robust inventory system will be developed.loped.

• Journal of Technology Innovation
• /
• v.20 no.3
• /
• pp.29-55
• /
• 2012

In order to successfully adopt and implement the Balanced Scorecard(BSC), firms need to respond adequately to the rapid changes of today's business environment and consider the growing importance of non financial factors in the business activities such as intangible assets(R&D expenditure, patent, goodwill, etc.). Our primary focus throughout this paper is on developing Key Performance Index(KPI) of BSC for R&D expenditure activities. In this study, we have developed and named PEI(Patent Efficiency Index),which is the KPI for R&D expenditure by focusing on the efficiency of a patent that is the output from the R&D expenditures. Secondarily, we have attempted to address the solution for the current problems of the traditional R&D performance measurement by using our developed PEI and examine the usefulness and effectiveness of the newly developed our PEI. According to the empirical test results, we find that the PEI is positively associated with ROA and Tobin's Q, respectively and show that our developed PEI is more effective and accurate than the traditional R&D performance measurement as a business performance measurement. Furthermore, these findings proves that we can measure and evaluate how efficiently the firms perform the R&D activities and shows that the PEI can be a critical index for evaluating firm's business performance related to the R&D expenditures.

• Korean Business Review
• /
• v.11
• /
• pp.217-239
• /
• 1998

The intial public offerings(IPO) issued by going public must be decided duly and seriously. In these sense, this paper reviewed and analysed synthetically the theories and the empirical studies on the IPO. The implications about the empirical studies on the IPO in korea stock exchanges(KSE) are as follows: First, evaluating the IPO's intrinsic value, the issued firm's characteristics(style, scale, age, reevaluation and goodwill etc.) and business environments(industry, economic states, regulations and the relation with government etc.) will be considered. Evaluating the IPO's relative value, the stock price of firms registered in KOSDAQ market will be appreciated. Second, the income smoothing of an IPO listed in KSE accrued in the first and second years. Accordingly if auditors audit the accounting reports of firms to list in KSE by going public, they should more concern to the income smoothing on the accounting reports. Third, the information accuracy of investment banks and the qualities of auditors negatively correlated with the underpricing of an IPO. It is need to promote the information accuracy of investment banks and the qualities of auditors. Regulatory organizations support to promote the information accuracy of investment banks and the qualities of auditors. Forth, the investors interested in the IPO are to recognize the follows. (1) Relations between the underpricing of an IPO and the ratio of public participation, the issue price, the offer size, the insider ownership, the net asset value per share, the price decision system of an IPO. (2) An entrepreneurs who decided to bring his firm public would like to issue the IPO when company's operating conditions are good.

• Journal of Digital Convergence
• /
• v.12 no.3
• /
• pp.161-176
• /
• 2014

Social commerce is a new internet business model which are types of joint purchase, social link, promotion, and on-off association etc. The recent public organization has the dual target to increase sound finance, and to improve customer satisfaction and the quality of public service. The purpose of this study is to propose the strategy of public social commerce which makes it's customers become positive purchasers. We analyzed 31 public organizations, and found that the type of social link interlocking with SNS site in the various purpose of public, and the offline association type using the service of location base would be utilized very highly. We also found that the joint purchase type and the promotion type would be used in the area of public and private selective services intending to make a profit. The anticipated performance are as follows: rapidity and reliance, customer made thing and goodwill, convenience for the service environment quality, publicity and diffusion, and sales promotion, productivity increase and new finding of revenue model for the profit increase outcome.

• (The)Study of the Eastern Classic
• /
• no.41
• /
• pp.187-209
• /
• 2010

This thesis to be studied conversation by writing between the medical staff of Chosun(朝鮮) and Japan in 1763. Both countries the medical staff and intellectuals meet that communication, confrontation and conflict, exchanges and cooperation in 18C. They met greeting and sing in chorus. Chosun keep checking in western medicine of Japan. They are compared to customs of two countries. Also Japanese increase interest in the Hangeul(한글). Confrontation and conflict resulted from history recognition and difference of viewpoint of two countries. Especially Kokugaku(古學) have many influence on this situation. So battle come and go to study of Ogyu Sorai(荻生?徠) and Dajai Jun(太宰純). But this situation includes Mutual misunderstanding. Because of limitation on conversation by writing. Exchanges and cooperation take shape on the medical staff that a process of ginseng(人蔘), medical treatment. And two countries promote goodwill that method of buying books in Japan and medical treatment. In conclusion, intellectuals of Chosun and Japan have some misunderstanding and distrust. but they are communication with Chinese writing that east asian's common language. Also exchange its views and information.

• Journal of Korea Trade
• /
• v.26 no.1
• /
• pp.81-98
• /
• 2022

Purpose - This study aims to compare the requirements under the United Nations Convention on Contract for the International Sales of Goods (CISG) and the Korean Civil Act (KCA) regarding the buyer's right to require the delivery of substitute goods. The buyer's right to demand substitute delivery not only protect them from the seller's breach of contract but also preserves the contractual bond between the parties by providing an opportunity for sellers to protect their goodwill and circumvent the extreme remedy of avoidance. However, as substitute delivery entails additional efforts and costs for return and re-shipment, this right should not be allowed in every case of defect. Additionally, unlike the CISG, the KCA contains no specific provision related to the requirements for claiming substitute delivery. Therefore, it would be meaningful to examine and compare what requirements should be fulfilled before the buyer exercises the right in relation to non-conforming goods under the CISG and the KCA. Design/methodology - We conducted a comparative study of the requirements under the CISG and the KCA regarding the buyer's right to require delivery of substitute goods given a seller's delivery of non-conforming goods. Additionally, we referred to the opinions from the CISG Advisory Council, the draft of the KCA amendment, and related precedents, mainly focusing on the existence and severity of defects, reasonableness, and timely notice and requests as the major requirements for substitute delivery. Findings - The results of this study can be summarized as follows: First, the CISG provides more detailed requirements about the right to require delivery of substitute goods; by contrast, the KCA does not stipulate any such requirement. Thus, specific requirements for substitute delivery should be included when amending the KCA. Second, the CISG attempts to minimize overlapping and conflict with other remedies by specifying detailed requirements for the delivery of substitutes. Third, both the CISG and KCA require reasonableness for substitute delivery. Originality/value - Although there are no explicit legal requirements for substitute delivery under the KCA, there has been relatively little discussion of this issue to date. Therefore, the findings of our study can guide future revisions of the KCA to fill this loophole. Moreover, the recently released CISG Advisory Council opinion that clarifies the continuing confusion and debate, can help distinguish which remedy is suitable for a particular case. It may provide practical advice for businesspeople in international trade as well as legal implications for the future development of the KCA.

• The Journal of Korean Academy of Prosthodontics
• /
• v.51 no.1
• /
• pp.20-26
• /
• 2013

Purpose: The purpose of this study was to evaluate the bond strengths between the latest CAD/CAM ceramic inlay and various resin cements which are used primarily for esthetic restoration. Materials and methods: Cylindrical ceramic blocks(Height: 5 mm, diameter: 3 mm) were fabricated by using Cerec3 and bonded on the dentin of the ninety extracted caries-free molars using three different kinds of resin cement(Unicem$^{(R)}$, Biscem$^{(R)}$, and Variolink II$^{(R)}$) according to the manufacturer's instructions. Ninety specimens were divided into 3 groups according to three different kinds of resin cement. Half of each group were conducted thermocycling under the conditions of the $5-55^{\circ}C$, 5,000 cycle but the other half of them weren't. All specimens were kept in normal saline $37^{\circ}C$, for 24 hours before measuring the bond strength. The shear bond strength was measured by Universal testing machine with a cross head speed of 0.5 mm/min. The results were analyzed statistically by t-test and one-way ANOVA. Results: Unicem$^{(R)}$ group showed the highest shear bond strength despite a slight decline by thermocycling. The shear bond strength of Unicem$^{(R)}$ group and ValiolinkII$^{(R)}$ group were significantly influenced by thermocycling, whereas Biscem$^{(R)}$ group was not influenced (P<.05). There were no significant differences in the bond strength between the three groups without thermocycling, but there was significant differences between Unicem$^{(R)}$ group and Valiolink II$^{(R)}$ group with thermocycling(P<.05). Conclusion: It has been shown to be clinically effective when the self-adhesive resin cements Unicem$^{(R)}$ and Biscem$^{(R)}$ were used instead of the etch-and-rinse resin cement Valiolink II$^{(R)}$ during the bonding of CAD/CAM ceramic inlay restorations with teeth.

• The Korean Journal of Air & Space Law and Policy
• /
• v.4
• /
• pp.7-35
• /
• 1992

The expansion of air transport on a global scale with ever increasing traffic densities has brought about problems that must be solved through new multilateral mechanisms. Looking to the immediate future, air transport will require new forms of international cooperation in technical and economic areas. Air transport by its very nature should have been a counterforce to nationalism. Yet, the regulatory system in civil aviation is still as firmly rooted in the principle of national sovereignty as when it was first proclaimed at t-11e Paris Convention of 1919 and reaffirmed in the Chicago Convention. Sovereignty over the airspace has remained the cornerstone of relations between states in all respects of air transport. The importance of sovereignty over air space embodied in article 1 of the Chicago Conrenton also is responsible for restricting the authority of ICAO as an intergovernmental regulatory agency. The Orgenization, for all its extensive efforts, has only limited authority. ICAO sets standards but cannot enforce them; it devises solutions but cannot impose them. To implement its rules ICAO most rely not so much on legal requirements as on the goodwill of states. It has been forty-eight years since international community set the foundations of the international system in civil aviation action. Profound political, economic and technological changes have taken place in air transport. The Chicago Convention is living proof that staes can work together to make air transport a safe mode of travel. The law governing international civil auiation is principally based on international treaties and on other regulation agreed to by governments, for the most part through the mechanism of ICAO. The role of ICAO international standards and recommended practices and procedures dealing with a broad range of technical matters could hardly be overestimated. The organization's ability to develop these standards and procedures, to adapt them continuously to the rapid sate of change and development of air transport, should be particularly stressed. The role of ICAO in the area of the development of multilateral conventions on international air law has been successful but to a certain degree. From the modest starting-point of the Tokyo Convention, we have seen more adequate international instruments prepared within the scope of ICAO activities, adopted: the Hague Convention of 1970 for the suppression of Unlawful Seizure of Aircraft and the Montreal Convention of 1971 for the Suppression of Unlawful Acts against the Safety of Civil Aviation. The work of ICAO in the new domain of international law conventions concerning what has been loosely termed above as the criminal problems connected with international air transport, in particular the problem of armed aggression against aircraft, should be positively appreciated. But ICAO records in the domain of developing a uniform legal system of international carriage by air are rather disappointing. The problem of maintaining and developing the uniformity of this regulation exceeds the scope of interest and competence of governmental transport agencies. The expectations of mankind linked to it are too great to give up trying to restore the uniform legal system of international air carriage that would create proper conditions for its further growth. It appears that ICAO has, at present, a good opportunity for doing this. The hasty preparation of ICAO draft conventions should be definitely excluded. Every Preliminary draft convention ought to be sent to Governments of all member-States for consideration, So that they could in form ICAO in due time of their observation. The problom of harmonizing a uniform law of international air carriage with that of other branches of international transport should demand more and more of its attention. ICAO cooperation with other international arganization, especially these working in the field of international transport, should be strengthened. ICAO is supposed to act as a link and a mediator among, at times the conflicting interests of member States, serving the happiness and peace of all of the world. The transformation of the contemporary world of developing international relations, stimulated by steadily growing international cooperation in its various dimensions, political, economic, scientific, technological, social and cultural, continuously confronts ICAO with new task.

• (The)Study of the Eastern Classic
• /
• no.69
• /
• pp.593-622
• /
• 2017

The purpose of this study is to investigate the characteristics of Confucianism, Buddhism, and Taoism and to examine the characteristics of Intermixture of Three Religions in Journey to the West. This novel, which has the structure of satire, hope, and surrogate satisfaction while being the center of satire and humor, is a refuge for the people. Even today, it can be said, however, that for the people, Confucianism, Buddhism, and Taoism was not a distinctly separate system of religions. Journey to the West story is about the liberation of Buddhism that is obtained through Taoism training. In the celestial world, not all gods are perfect, and often make mistakes. In such a story, the mistakes of beings living as human beings are simply insignificant. What is not different from the structure of life in this world is still a world of nature. The world is rife with absurdities, both on earth and in heaven. The characteristics of Intermixture of Three Religions can be summarized in several ways. First, the Trip of Samjang is not just to gain the enlightenment of illegal but rather to seek a greater sense of meaning. Second, the means to gain enlightenment is that it does not claim that one is right or good. Third, mercy, goodwill, and respect for life for oppressed and exploited peoples are common to all religions. Fourth, this story suggests that everything from the beginning is already a matter of mind. Fifth, all of the logic of Three Religions in this novel can be said to be "preliminary." Human life implies that it is going on a planned path, perhaps as a fate. But the important thing is, as in all religions, even if the road is a planned one, Journey to the West is strongly and persuasively speaking that it is the way of life as well as the attitude of living silently in carrying out its duties.