• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.5 no.4
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• pp.1-34
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• 2010

Recently, failure rates of Kosdaq IPO firms are increasing and their survival rates tend to be very low, and when these firms do fail, often times backed by a number of governmental financial supports, they may inflict severe financial damage to investors, let alone economy as a whole. To ensure investors' confidence in Kosdaq and foster promising and healthy businesses, it is necessary to precisely assess their intrinsic values and survivability. This study investigates what contributed to the failure of IPO firms and analyzed how these elements are factored into corresponding firms' stock returns. Failure risks are assessed at the time of IPO. This paper considers factors reflecting IPO characteristics, a firm's underwriter prestige, auditor's quality, IPO offer price, firm's age, and IPO proceeds. The study further went on to examine how, if at all, these failure risks involved during IPO led to post-IPO stock prices. Sample firms used in this study include 98 Kosdaq firms that have failed and 569 healthy firms that are classified into the same business categories, and Logit models are used in estimate the probability of failure. Empirical results indicate that auditor's quality, IPO offer price, firm's age, and IPO proceeds shown significant relevance to failure risks at the time of IPO. Of other variables, firm's size and ROA, previously deemed significantly related to failure risks, in fact do not show significant relevance to those risks, whereas financial leverage does. This illustrates the efficacy of a model that appropriately reflects the attributes of IPO firms. Also, even though R&D expenditures were believed to be value relevant by previous studies, this study reveals that R&D is not a significant factor related to failure risks. In examing the relation between failure risks and stock prices, this study finds that failure risks are negatively related to 1 or 2 year size-adjusted abnormal returns after IPO. The results of this study may provide useful knowledge for government regulatory officials in contemplating pertinent policy and for credit analysts in their proper evaluation of a firm's credit standing.

• Proceedings of the Korean Geotechical Society Conference
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• 2003.06a
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• pp.33-42
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• 2003

Since the cut slope has been big concern due to frequent failures, the government decided to include cut slopes in the“Act for Safety Control of Public Structures”. Based on the Act, the cut slope whose height is over 50m and length is over 200m should be inspected on the regular basis. According to the Act, KISTEC developed the objective evaluation method for the condition of cut slope. The evaluation method is divided into two categories: evaluation for damaged condition and evaluation for failure affecting factor. Based on the evaluation results, the cut slope is graded from A to E. In this study, the process to evaluate the cut slope condition and the evaluation criteria to divide the grade of cut slope are introduced.

• Annals of Clinical Neurophysiology
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• v.10 no.2
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• pp.112-115
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• 2008

Colchicine is a drug used for the treatment of acute gouty arthritis or various autoimmune diseases. Gastrointestinal adverse effects such as abdominal pain and vomiting are the common side effects of the drug, but rarely myopathy has been reported to occur particularly in renal recipients who were treated concomitantly with immunosuppressants. Herein, we report a case who presented with acute myopathy after treated with colchicine for acute gouty arthritis.

• Journal of Science of Art and Design
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• v.6
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• pp.288-312
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• 2004

Despite the government's efforts and excessive investments in the establishment of an infrastructure for animation, it can be said that the reasons for the inferiority in character licensing and weak performances compared to other leading countries is attributed to the fundamental factor tying within the piece of work itself. Therefore, this research is aimed at finding a counterproposal by assuming that the reason for the failure of our country's animation 'Oseam' was because of its narrative tactics. First, it is possible for a narrative structure to be participated by the audience's creative strategy Second, the audience's participation makes it possible to create the character into a multilateral and a complex personality. Third, this kindof creative strategy is possible when semiotic analyses are utilized. The sole objective for this is to provide a comprehensive viewpoint for the semiotic approach in the creation process of the character.

• Clinical and Experimental Reproductive Medicine
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• v.15 no.1
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• pp.35-39
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• 1988

In these past 2 decades, dramatic improvement in technology have greatly expanded the scope of female and male surgical sterilization in Korea. Female and male surgical sterilization are readily accepted because those are simple, in expensive, effective and apparently without serious postoperative complications and the failure rates are very low. In 1986, 92,000 cases of vassectoncy and 312,000 tubal sterilization were taken by the financial support of government in Korea. In this important appraisal the Ministry of Health and Social Affairs provided the guideline for the physicians on the medicoethical problems of surgical sterilization for men and women. The various medicoethical consideration that may give arise to the physicians as well as family planning workers in connection with surgical sterilization are also reviewed and discussed.

• Journal of Information Technology Services
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• v.11 no.sup
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• pp.1-16
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• 2012

Information technology is a useful strategic weapon that can create competitive advantage and new business opportunity by applying it in the organization' value chain. IT convergence can be understood as an attempt of industrial level IT adoption to facilitate the innovation of the industry and the birth of a new industry. This study provides the comprehensive review of the Korean government' three IT assimilation programs, ubiquitous technology diffusion program of the Ministry of Knowledge Economy, u-service program of the Ministry of Public Administration and Security, and u-Defence cooperation program of the Department of Defense. The analysis is done through the interpretation of the existing literature and the logic model. The result proposes inter-agency cooperation and building of new technology road-map in the planning stage, flexible management in the execution phase, and failure tolerant evaluation system. The proposal for developing competencies and institutional foundations for IT convergence also presented.

• Journal of Technology Innovation
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• v.14 no.3
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• pp.237-261
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• 2006

Under circumstances with increasing uncertainty, strategic flexibility has become an essential point on which my R&D management system should be based. Unfortunately the present R&D management system for government sponsored R&D programs cannot be said to be so flexible to adapt appropriately to various threatens such as technological failure, a severe change in competition environment, and so on. In this paper a new scheme for R&D planning and economic assessment with strategic flexibility is suggested and applied to a real R&D program. In the newly suggested R&D management system, economic valuation based on real option theory is performed for various alternative scenarios which have different strategic scheme for R&D process each and the result of the assessment is fed back to R&D planning to choose more superior strategic scheme. Introducing strategic flexibility into R&D planning and economic assessment, the value of R&D project could be remarkably enhanced.

• Journal of the Korean Society of Marine Environment & Safety
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• v.1 no.2
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• pp.1-15
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• 1995

Almost of all impediments to enhancing ship safety and preventing vessel-source marine pollution arise from the interaction between direct and indirect factors. The direct factors come from human errors and failure in compliance with the international convention standards for the operation of cessel. The indirect factors derive from the will and attitudes of the countries taking little responsibilities with appropriate seriousness for policing their fleets. By focusing on these aspects, this paper reviews the effectiveness of existing countermasures adopted by IMO and intends to propose a new paradigm to improve the implementation capability of each nation by suggesting frameworks of maritime administration models.

• Advances in Computational Design
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• v.1 no.2
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• pp.195-206
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• 2016

Dams play a vital role in the development and sustainment in a country. Failure of dams leads to the catastrophic event with sudden release of water and is of great concern. Hence earthquake-resistant design of dams is of prime importance. The present study involves static, modal and transient analyses of dam-reservoir-foundation system using finite element software ANSYS 15. The dam and the foundation are modeled with 2D plane strain element "PLANE 42" and the reservoir by fluid acoustic element "FLUID 29" with proper consideration of fluid-structure interaction. An expression for the fundamental period of concrete dams is developed based on modal analysis. Seismic response of gravity dams subjected to earthquake acceleration is evaluated in terms of peak displacement and stress.

• STI Policy Review
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• v.4 no.1
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• pp.54-73
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• 2013

In a knowledge economy, accelerating the pace of knowledge building and the rapid acquisition of knowledge are keys to innovative development. However, the development of the commercialization of research results and formation of new start-up companies are often not as active as they should be with a lack of motivation and incentive being one of the contributing factors for the failure to take action. In Taiwan and Japan, the reason that widely advocated idea of industry-academia collaboration is to help advance the technological capabilities of research and development as well as produce economic benefit. The assistance rendered by the government during the transformation and the assessment of outcomes from entrepreneurial pursuits are key issues explored in this study. The results indicate that the network system in the national innovation system is important for entrepreneurship development. The domestic market of Taiwan is not as large as Japan and new entrepreneurs have to face global market challenges.