• Journal of the Korean association of regional geographers
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• v.12 no.6
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• pp.748-756
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• 2006

This study mainly deals with price behavior developed in a agricultural location model (or closed model) considering the production and demand aspects. The short-run situation of price and output is associated with the yearly fluctuation of yield from agricultural production. Demand is generally regarded as constant in the short-run because of being inelastic over short time. The long-run situation is associated with a period in which all related variables can be varied. Then a price behaviors from the two contrasting closed models have been further explored in the long-run economy. Agricultural price for each activity in the closed model is affected by change in agricultural production. Also, falling agricultural price is connected with lower rents and lower land values.

• Journal of the Korean association of regional geographers
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• v.3 no.2
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• pp.151-162
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• 1997

Although modern versions of the traditional Von $Th{\ddot{u}}nen$ theory have contributed to a description of spatial organization in agriculture, they did not incorporate the market mechanism as an integral part of location theory. This deficiency has been indicated and new mathematical structure has been proposed elsewhere by the author. The closed model, which simultaneously considered a basic principle of supply and demand, exposed a computational complexity. Based on the problem, this study attempts to extend market mechanism in order to consider the influence of city (market) size in agricultural location theory. To theoretically explore the economic relationship in a location theory, this study simplifies agricultural activity as just two activities in one-dimensional spatial economy. The problem has been solved by equating total supply and demand of agricultural products, and then by determining each agricultural price from the relationship. All of the mathematical problems have been arranged in matrix form. First, the traditional model and closed model have been compared by quantitative comparative statics which provides the sensitivity test for each model. The results have shown that the traditional model shows a relatively excessive change in land use, besides the deficiency of a constant agricultural price. Second, the effects of the size of market town and its population increase were examined, using the closed model. In this case, the price of agricultural product is increased, and the land use is extended outward. This proves that locational rent is related to the expansion of land use. Third, environmental uncertainty was associated with the closed model, in order to further consider the difference of farmers attitude in strategic perspective. In this study, two extreme attitudes, which reflects the maximum average expected returns and the maximum guaranteed returns, were examined in their land use and their effects on the prices of agricultural products. It was shown that the two farmers attitudes can be interconnected with location theory. Due to the exogenous data, the differences in the area of land use and total quantities of agricultural products were not clearly shown in this study. However, it was shown that the land use pattern is very different. That is, maximum guaranteed return model reveals a mixed land use pattern around the market town. Basically, this study shows some spatial and economic implications related to Von $Th{\ddot{u}}nen$ model.

• Proceedings of the Korean Operations and Management Science Society Conference
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• 2000.04a
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• pp.65-68
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• 2000

The problem of selecting a portfolio is to find Un investment plan that achieves a desired return while minimizing the risk involved. One stream of algorithms are based upon mixed integer linear programming models and guarantee an integer optimal solution. But these algorithms require too much time to apply to real problems. Another stream of algorithms are fur a near optimal solution and are fast enough. But, these also have a weakness in that the solution generated can't be guaranteed to be integer values. Since it is not a trivial job to tansform the scullion into integer valued one simutaneously maintaining the quality of the solution, they are not easy to apply to real world portfolio selection. To tackle the problem more efficiently, we propose an algorithm which generates a very good integer solution in reasonable amount of time. The algorithm is tested using Korean stock market data to verify its accuracy and efficiency.

• Journal of the Korea institute for structural maintenance and inspection
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• v.26 no.2
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• pp.43-50
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• 2022

Even though the structural safety is confirmed in the design stage, the structural safety is not guaranteed in the construction stage because the structural system is not completed. In addition, since the construction period is shorter than the period of use of the building after completion, it is excessive to apply the same seismic load to the construction stage as in the design stage. ASCE 37-14 presents the concept of seismic load reduction factor during construction, but does not provide a clear application method. Therefore, in this study, the seismic load reduced according to the return period was applied to the example model of a residential middle-rise RC building. The construction stage of the example model was divided into five-story units, and seismic load with the change of the return period was applied to the construction stage models to analyze the change of seismic load during construction and to check the sectional performances of structural members. By comparing the design strength ratio of the shear wall at the design stage and the construction stage, the range of seismic load magnitudes that can assure the safety during construction of a residential middle-rise RC building was analyzed in terms of the return period.

• Journal of KIISE:Information Networking
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• v.31 no.6
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• pp.566-572
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• 2004

In this paper, we define the secure authentication model to provide a mobile node with global roaming service and integrate the Fast Handoff scheme with our approach to minimize the service latency. By starting the AAA(Authentication, Authorization and Account) procedure with Fast Handoff simultaneously when a roaming occurs, authentication latency is reduced significantly and provision of fast and seamless service is possible. The previous works such as IPsec(Internet Protocol Security), RR (Return Routability) and AAA define the procedures performed after the completion of Layer2 Handoff which leads us to study a way of providing the real time and QoS guaranteed service during this period. The proposed scheme is for this goal and when appling it to roaming environment it shows the cost reduction up to 55% and 17% for the case of the MN receiving the FBACK and not respectively before L2 Handoff occurs.

• The Journal of the Korea Contents Association
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• v.20 no.11
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• pp.281-291
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• 2020

This study used Gauss-Poisson jump diffusion process on standard assets to estimate the statutory reserves of Variable Annuity (VA) guarantees specified in Korean bylaw of insurance supervision and calculated guarantee fees and risks based on the model to see the effect of considering the jumps. Financial assets, except KOSPI 200, have fat-tailed return distributions, which is an indirect evidence of discontinuous jumps. In the case of a domestic stock index and foreign stock indexes(Korean Won), guarantee fees and risks decrease when jumps are considered in models of underlying assets. This is explained by decreases in standard deviations after the jump diffusion is considered. On the other hand, in the case of domestic bond indexes and a foreign bond index(Korean Won), guarantee fees and risks tend to increase when jumps are considered. Results from a foreign stock index(US Dollar) and a foreign bond index(US Dollar) were opposite to those from the same kinds of Korean Won indexes. We conclude that VA guarantee fees and risks may be under or over estimated when jumps are not considered in models of underlying assets.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.42 no.6
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• pp.887-892
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• 2022

Due to various reasons (normally financial constraints in developing countries), it becomes common to change of the business model from state-run projects to Private Investment Projects (Public Private Partnership) in the global railway businesses. However, due to the nature of railroads compared with other types of infrastructure such as roads and others, railway business require considerable construction cost and O&M cost through the business development, construction, and operation and management stages. Therefore, private investment railway projects, especially in developing countries, can be problematic in terms of the potential for uncertainty when return on investment cannot be guaranteed. In order to strengthen the competitiveness of domestic companies when entering overseas railroad PPP projects, this study proposes PPP-related risks and their countermeasures by reviewing global railroad trends and identifying Korea's weakness in managing international railroad projects.

• Korean small business review
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• v.31 no.4
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• pp.67-93
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• 2009

The purpose of this paper is to explore the relations between financial constraints and dividend smoothing of innovative small and medium sized enterprises(SMEs) listed on Korea Securities Market and Kosdaq Market of Korea Exchange. The innovative SMEs is defined as the firms with high level of R&D intensity which is measured by (R&D investment/total sales) ratio, according to Chauvin and Hirschey (1993). The R&D investment plays an important role as the innovative driver that can increase the future growth opportunity and profitability of the firms. Therefore, the R&D investment have large, positive, and consistent influences on the market value of the firm. In this point of view, we expect that the innovative SMEs can adjust dividend payment faster than the noninnovative SMEs, on the ground of their future growth opportunity and profitability. And also, we expect that the financial unconstrained firms can adjust dividend payment faster than the financial constrained firms, on the ground of their financing ability of investment funds through the market accessibility. Aivazian et al.(2006) exert that the financial unconstrained firms with the high accessibility to capital market can adjust dividend payment faster than the financial constrained firms. We collect the sample firms among the total SMEs listed on Korea Securities Market and Kosdaq Market of Korea Exchange during the periods from January 1999 to December 2007 from the KIS Value Library database. The total number of firm-year observations of the total sample firms throughout the entire period is 5,544, the number of firm-year observations of the dividend firms is 2,919, and the number of firm-year observations of the non-dividend firms is 2,625. About 53%(or 2,919) of these total 5,544 observations involve firms that make a dividend payment. The dividend firms are divided into two groups according to the R&D intensity, such as the innovative SMEs with larger than median of R&D intensity and the noninnovative SMEs with smaller than median of R&D intensity. The number of firm-year observations of the innovative SMEs is 1,506, and the number of firm-year observations of the noninnovative SMEs is 1,413. Furthermore, the innovative SMEs are divided into two groups according to level of financial constraints, such as the financial unconstrained firms and the financial constrained firms. The number of firm-year observations of the former is 894, and the number of firm-year observations of the latter is 612. Although all available firm-year observations of the dividend firms are collected, deletions are made in the case of financial industries such as banks, securities company, insurance company, and other financial services company, because their capital structure and business style are widely different from the general manufacturing firms. The stock repurchase was involved in dividend payment because Grullon and Michaely (2002) examined the substitution hypothesis between dividends and stock repurchases. However, our data structure is an unbalanced panel data since there is no requirement that the firm-year observations data are all available for each firms during the entire periods from January 1999 to December 2007 from the KIS Value Library database. We firstly estimate the classic Lintner(1956) dividend adjustment model, where the decision to smooth dividend or to adopt a residual dividend policy depends on financial constraints measured by market accessibility. Lintner model indicates that firms maintain stable and long run target payout ratio, and that firms adjust partially the gap between current payout rato and target payout ratio each year. In the Lintner model, dependent variable is the current dividend per share(DPS_t), and independent variables are the past dividend per share(DPS_t-1) and the current earnings per share(EPS_t). We hypothesized that firms adjust partially the gap between the current dividend per share(DPS_t) and the target payout ratio(Ω) each year, when the past dividend per share(DPS_t-1) deviate from the target payout ratio(Ω). We secondly estimate the expansion model that extend the Lintner model by including the determinants suggested by the major theories of dividend, namely, residual dividend theory, dividend signaling theory, agency theory, catering theory, and transactions cost theory. In the expansion model, dependent variable is the current dividend per share(DPS_t), explanatory variables are the past dividend per share(DPS_t-1) and the current earnings per share(EPS_t), and control variables are the current capital expenditure ratio(CEA_t), the current leverage ratio(LEV_t), the current operating return on assets(ROA_t), the current business risk(RISK_t), the current trading volume turnover ratio(TURN_t), and the current dividend premium(DPREM_t). In these control variables, CEA_t, LEV_t, and ROA_t are the determinants suggested by the residual dividend theory and the agency theory, ROA_t and RISK_t are the determinants suggested by the dividend signaling theory, TURN_t is the determinant suggested by the transactions cost theory, and DPREM_t is the determinant suggested by the catering theory. Furthermore, we thirdly estimate the Lintner model and the expansion model by using the panel data of the financial unconstrained firms and the financial constrained firms, that are divided into two groups according to level of financial constraints. We expect that the financial unconstrained firms can adjust dividend payment faster than the financial constrained firms, because the former can finance more easily the investment funds through the market accessibility than the latter. We analyzed descriptive statistics such as mean, standard deviation, and median to delete the outliers from the panel data, conducted one way analysis of variance to check up the industry-specfic effects, and conducted difference test of firms characteristic variables between innovative SMEs and noninnovative SMEs as well as difference test of firms characteristic variables between financial unconstrained firms and financial constrained firms. We also conducted the correlation analysis and the variance inflation factors analysis to detect any multicollinearity among the independent variables. Both of the correlation coefficients and the variance inflation factors are roughly low to the extent that may be ignored the multicollinearity among the independent variables. Furthermore, we estimate both of the Lintner model and the expansion model using the panel regression analysis. We firstly test the time-specific effects and the firm-specific effects may be involved in our panel data through the Lagrange multiplier test that was proposed by Breusch and Pagan(1980), and secondly conduct Hausman test to prove that fixed effect model is fitter with our panel data than the random effect model. The main results of this study can be summarized as follows. The determinants suggested by the major theories of dividend, namely, residual dividend theory, dividend signaling theory, agency theory, catering theory, and transactions cost theory explain significantly the dividend policy of the innovative SMEs. Lintner model indicates that firms maintain stable and long run target payout ratio, and that firms adjust partially the gap between the current payout ratio and the target payout ratio each year. In the core variables of Lintner model, the past dividend per share has more effects to dividend smoothing than the current earnings per share. These results suggest that the innovative SMEs maintain stable and long run dividend policy which sustains the past dividend per share level without corporate special reasons. The main results show that dividend adjustment speed of the innovative SMEs is faster than that of the noninnovative SMEs. This means that the innovative SMEs with high level of R&D intensity can adjust dividend payment faster than the noninnovative SMEs, on the ground of their future growth opportunity and profitability. The other main results show that dividend adjustment speed of the financial unconstrained SMEs is faster than that of the financial constrained SMEs. This means that the financial unconstrained firms with high accessibility to capital market can adjust dividend payment faster than the financial constrained firms, on the ground of their financing ability of investment funds through the market accessibility. Futhermore, the other additional results show that dividend adjustment speed of the innovative SMEs classified by the Small and Medium Business Administration is faster than that of the unclassified SMEs. They are linked with various financial policies and services such as credit guaranteed service, policy fund for SMEs, venture investment fund, insurance program, and so on. In conclusion, the past dividend per share and the current earnings per share suggested by the Lintner model explain mainly dividend adjustment speed of the innovative SMEs, and also the financial constraints explain partially. Therefore, if managers can properly understand of the relations between financial constraints and dividend smoothing of innovative SMEs, they can maintain stable and long run dividend policy of the innovative SMEs through dividend smoothing. These are encouraging results for Korea government, that is, the Small and Medium Business Administration as it has implemented many policies to commit to the innovative SMEs. This paper may have a few limitations because it may be only early study about the relations between financial constraints and dividend smoothing of the innovative SMEs. Specifically, this paper may not adequately capture all of the subtle features of the innovative SMEs and the financial unconstrained SMEs. Therefore, we think that it is necessary to expand sample firms and control variables, and use more elaborate analysis methods in the future studies.