• Management & Information Systems Review
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• v.29 no.2
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• pp.1-25
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• 2010

This study attempted to empirically test the determinants of stock returns in Korean stock market applying multi-factor model proposed by Haugen and Baker(1996). Regression models were developed using 16 variables related to liquidity, risk, historical price, price level, and profitability as independent variables and 690 stock monthly returns as dependent variable. For the statistical analysis, the data were collected from the Kis Value database and the tests of forecasting power in this study minimized various possible bias discussed in the literature as possible. The statistical results indicated that: 1) Liquidity, one-month excess return, three-month excess return, PER, ROE, and volatility of total return affect stock returns simultaneously. 2) Liquidity, one-month excess return, three-month excess return, six-month excess return, PSR, PBR, ROE, and EPS have an antecedent influence on stock returns. Meanwhile, realized returns of decile portfolios increase in proportion to predicted returns. This results supported previous study by Haugen and Baker(1996) and indicated that firm-characteristic model can better predict stock returns than CAPM. 3) The firm-characteristic model has better predictive power than Fama-French three-factor model, which indicates that a portfolio constructed based on this model can achieve excess return. This study found that expected return factor models are accurate, which is consistent with other countries' results. There exists a surprising degree of commonality in the factors that are most important in determining the expected returns among different stocks.

• The Korean Journal of Air & Space Law and Policy
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• v.31 no.2
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• pp.237-269
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• 2016

Asia-Pacific Space Cooperation Organization (APSCO) is the only intergovernmental space cooperation organization in Asia. Since its establishment to date, eight countries have signed the convention and become member states. South Korea participated actively in the preparatory phase of creating the organization, and one conference organized by AP-MCSTA which is the predecessor of APSCO was held in South Korea. However, after the APSCO Convention was opened for signature in 2005 to date, South Korea does not ratify the Convention and become a member. The rapid development of space commercialization and privatization, as well as the fastest growing commercial space market in Asia, provides opportunities for Asian countries to cooperate with each other in relevant space fields. And to participate in the existing cooperation framework (e.g., the APSCO) by the Asian space countries (e.g., South Korea) could be a proper choice. Even if the essential cooperation in particular space fields is challenging, joint space programs among different Asian countries for dealing with the common events can be initiated at the first steps. Since APSCO has learned the successful legal arrangements from ESA, the legal measures established by its Convention are believed to be qualified to ensure the achievement of benefits of different member states. For example, the regulation of the "fair return" principle confirms that the return of interests from the relevant programs is in proportion to the member's investment in the programs. Moreover, the distinguish of basic and optional activities intends to authorize the freedom of the members to choose programs to participate. And for the voting procedure, the acceptance of the "consensus" by the Council is in favor of protecting the member's interest when making decisions. However, political factors that are potential to block the participation of South Korea in APSCO are difficult to be ignored. A recent event is an announcement of deploying THAAD by South Korea, which causes tension between South Korea and China. The cooperation between these two states in space activities will be influenced. A long-standing barrier is that China acts as a non-member of the main international export control mechanism, i.e., the MTCR. The U.S takes this fact as the main reason to prevent South Korea to cooperate with China in developing space programs. Although the political factors that will block the participation of South Korea in APSCO are not easy to removed shortly, legal measures can be taken to reduce the political influence. More specifically, APSCO is recommended to ensure the achievement of commercial interests of different cooperation programs by regulating precisely the implementation of the "fair return" principle. Furthermore, APSCO is also suggested to contribute to managing the common regional events by sharing satellite data. And it is anticipated that these measures can effectively response the requirements of the rapid development of space commercialization and the increasing common needs of Asia, thereby to provide a platform for the further cooperation. In addition, in order to directly reduce the political influence, two legal measures are necessary to be taken: Firstly, to clarify the rights and responsibilities of the host state (i.e., China) as providing assistance, coordination and services to the management of the Organization to release the worries of the other member states that the host state will control the Organization's activities. And secondly, to illustrate that the cooperation in APSCO is for the non-military purpose (a narrow sense of "peaceful purpose") to reduce the political concerns. Regional cooperation in Asia regarding space affairs is considered to be a general trend in the future, so if the participation of South Korea in APSCO can be finally proved to be feasible, there will be an opportunity to discuss the creation of a comprehensive institutionalized framework for space cooperation in Asia.

• Management & Information Systems Review
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• v.37 no.2
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• pp.187-207
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• 2018

This study examines the negative relationship between accounting conservatism and excess executive compensation and examines whether their relationship increases as managerial incentive compensation intensity increases. For this purpose, a total of 2,755 company-years were selected for the analysis of the companies listed on the Korea Stock Exchange from December 2012 to 2016 as the final sample. The results of this study are as follows. First, there is a statistically significant negative relationship between accounting conservatism and manager overpayment. This implies that managers' incentives to distort future cash flow estimates by over booking assets or accounting profits in order to maximize their compensation when manager compensation is linked to firm performance. In this sense, accounting conservatism can reduce opportunistic behavior by restricting managerial accounting choices, which can be interpreted as a reduction in overpayment to managers. Second, we found that the relationship between accounting conservatism and excess executive compensation increases with the incentive compensation for accounting performance. The higher the managerial incentive compensation intensity of accounting performance is, the more likely it is that the manager has the incentive to make earnings adjustments. Therefore, the high level of incentive compensation for accounting performance means that the ex post settling up problem due to over-compensation can become serious. In this case, the higher the managerial incentive compensation intensity for accounting performance, the greater the role and utility of conservatism in manager compensation contracts. This study is based on the fact that it presents empirical evidence on the usefulness of accounting conservatism in managerial compensation contracts theoretically presented by Watts (2003) and the additional basis that conservatism can be used as a useful tool for investment decision.

• Journal of Technology Innovation
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• v.25 no.2
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• pp.89-125
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• 2017

Complex product systems (CoPs) is a engineering-intensive products with high-ended design technology, which are closely linked with national economic growth and development of social infrastructures. Accordingly, in order to understand the technological evolution of CoPs, it is necessary to identify the macro-environmental drivers surrounding the CoPs and their impact on the technological evolution of the CoPS. Therefore, we investigate the effect of policy, economic and social drivers on the technological evolution of CoPS by implementing the longitudinal case study on nuclear power plant during the periods between 1950 and 2010s. Based on the analysis of various sources of secondary data and primary data through interviews, we found that the technological evolution of nuclear power plant is progressed as "Phase 1: Application research for peaceful utilization of nuclear energy" between 1950s and 1960s, "Phase 2: The first renaissance of nuclear energy" during 1970s, "Phase 3: Enhancement of safety and the catch-up of latecomers in nuclear energy" between 1990s and 2000s, and "Phase 4: Top prioritization of safety and the development of next generation reactors for the second renaissance of nuclear energy" since 2010s. We also found that various kinds of policy, economic and social drivers, such as energy policy, investment in technology development, economic growth and energy demand, social acceptability and environmental concern, have affected the technology evolution of nuclear power plant at each phase. We emphasize the role of macroenvironmental drivers in the technological evolution of CoPS. We also suggest that countries that endeavor to develop CoPs need to utilize those drivers for enhancing competitiveness and sustaining leadership.

• Journal of the Society of Disaster Information
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• v.16 no.1
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• pp.163-177
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• 2020

Purpose: While it is very important to maintain facilities recently, the introduction and its application of high technology in the facility maintenance industry has increased. It is necessary for high technology to secure reliability through the verification and certification system of diagnostic equipment to have an effective impact in the field, but there is difference between the industry's perspective and realistic level of technology apart from social demand for the system of the system. This paper dealt with the introduction of a verification and certification system for rational facility diagnostic equipment with the opinion survey on managers about the current situation. Method: Survey is carried out targeting managers in the maintenance and construction regarding the necessity and urgency of introducing a verification and certification system to promote the introduction and its application of high technology of diagnostic equipment and facility inspection. Also, the introduction to a verification and certification system was reviewed for advanced facility diagnostic equipment through foreign research about similar systems and comparative analysis of similar systems related to the certification of 21 domestic equipment. Result: It showed that, regarding the application of high technology, it is necessary for most managers to introduce high technology such as drones, robots, etc., in the maintenance industry, and when high technology is introduced, it will have a considerable effect in the field. On the other hand, the current technology level in Korea is relatively low, so it turned out to take a certain amount of time for the application of technology. Also, it was found that the management of reliable facility diagnostic equipment will be possible through the introduction of the verification and certification system for facility diagnosis equipment. Meanwhile, the survey is conducted on similar systems about foreign and domestic diagnosis and measuring equipment, etc., but there is no system to verify and certify equipment applied with high technology directly to facility diagnosis maintenance. However, because Japan has a system of verifying the performance of diagnostic equipment and South Korea has 21 similar inspection and diagnostic equipment certification systems among 186 certification systems, it is considered to be possible to design systems which utilize them. Conclusion: According to the managers' opinion, it seems that the introduction of the system supporting the application of 4th industrial technology for the equipment and the use of the equipment with high reliability has sufficient validity. However, because our high technology level is undervalued compared to the urgency, the system for checking high technology facilities and certifying diagnostic equipment should be to be implemented in form of escalation considering technical use and verification level. Apart from the introduction of the verification and certification system, it is necessary for special investment, support and efforts to promote advanced facility diagnostic equipment.

• 한국해양학회지
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• v.28 no.1
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• pp.1-16
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• 1993

The monthly mean sea levels at 48 stations located at the East and Yellow Seas coasts of Korea, Russia and Japan are processed to investigate seasonal sea level variations. The strong seasonal variations are found to be at the west coast of Korea (42.1 cm in Kunsan), in the region of the Korea strait and near the southern part of Primorye (30-33 cm); the weak ones near the southwestern coast of the Sakhalin Island (10-12 cm). Practically for the whole study area except the southwest Sakhalin, the general picture of the seasonal sea level changes is alike: the mean sea level rises in summer-autumn and falls in winter-spring. The spectral analysis of the records also shows that the seasonal oscillations strongly dominate in the sea level variations, more than 80% or total energy in the southern part of the investigated region and 50-70% in the northern part relate to these oscillations. The annal peak significantly prevails in spectra of the monthly sea levels for the majority of stations, the semiannual peak is also well manifested, but the seasonal peaks of higher order (corresponding to the periods of four and three months) reveal only at some records. The maximal amplitudes of annual component by a least square method are found at the Yellow Sea coast of Korea (20-21 cm) and also near the Japanese coast of the korea Strait (19-19 cm). The semiannual component has the maximal amplitudes (3-4 cm) near the south and southwestern coasts of the Sakhalin Island. The annual range of the sea levels is much weaker here than in the other regions, the relative investment of the seasonal oscillations in total energetic budget is only 35-40%, annual ($A_1$) and semiannual ($A_2$) components have nearly the same amplitude (seasonal factor $F=A_1/A_2=0.9-1.2$). On the basis of the present examination on sea level changes together with the results of Tomizawa et. al.(1984) the whole investigated area may be divided into 10 subregions, 2 of them are related to the Yellow Sea and Western part of the Korea Strait (Y1, Y2), the other ones (E1-E8) to the East Sea.

• Journal of Nutrition and Health
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• v.41 no.2
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• pp.147-155
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• 2008

Medical nutrition therapy (MNT) is considered a keystone of medical treatment of chronic diseases. However, only few studies have evaluated medical and economical outcome of MNT. The study was performed on the patient with type 2 diabetes mellitus to evaluate the effect of clinical and cost-effective outcomes of MNT. Subjects from two general hospitals were randomly assigned to two different groups; One receiving basic nutritional education (BE) (n = 35), and the other receiving intensive nutritional education (IE) (n = 32) for a 6-month clinical trial. The group which received BE had a single visit with a dietitian, while the other group which received IE had an initial visit with a dietitian addition to two visits during the first 4 weeks of the study periods. Anthropometric parameters, blood components, and dietary intake were measures at the beginning of study period and after 6 month. Cost-effective analysis included direct labor costs, educational materials and medication cost difference during 6 months. After 6 month, subjects from IE group showed significant reduction of body weight (p <0.05) and systolic blood pressure (p <0.05), whereas BE group did not show any significant changes. Result from biochemical indices showed glycated hemoglobin concentration was significantly reduced by 0.7% (p <0.05) only in the IE group. The ratio of energy intake to prescribed energy intake decreased significantly in both groups (p <0.05). Mean time taken for a dietitian to educate the subject was 67.9 ${\pm}$ 9.3 min/person for BE group, while 96.4 ${\pm}$ 12.2 min/person for IE group. Mean number of educational materials was 1.9 ${\pm}$ 0.7/person for BE group and 2.5 ${\pm}$ 0.7/person for IE group. Change in glycated hemoglobin level along the 6 month period of study can be achieved with an investment of \88,510/% by implementing BE and \53,691/% by implementing IE. Considering the net cost-effect of blood glucose control and HbA Ic, IE which provides MNT by dietitian had a cost efficiency advantage than that of BE. According to this study, MNT provided by dietitian had a significant improvements in medical and clinical outcomes compared to that of BE intervention. Therefore, MNT protocol should be performed by systemic intensive nutrition care by dietitian in clinical setting to achieve good therapeutic results of DM with lower cost.

• Korean Journal of Fisheries and Aquatic Sciences
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• v.34 no.3
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• pp.218-224
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• 2001

Olive flounder is one of the most important aquaculture species in Korea. Interest in the aquaculture of olive flounder has increased recently because of its good growth characteristics and high market price, However, the productivity of olive flounder aquaculture depends on economic inputs such as fuels, facilities, and labor, In this study, EMERGY concepts was used to compare the environment and economy of two olive flounder production methods, fishing fisheries and aquaculture, and to evaluate the sustainability of olive flounder production, EMERGY spelled with an 'm' is a universal measure of real wealth of the work of nature and society made on a common basis. Calculations of EMERGY production and storage provide a basis for making choices about environment and economy following. the general public policy to maximize real wealth, production and use. EMERGY flows from environment were $94.13\%$ for olive flounder fishing fisheries, and $2.20\%$ for aquaculture. EMERGY yield ratio, environmental loading ratio and sustainability index were 17.05, 1.02 and 274 for fishing fisheries and 0.06, 44.41 and 0.023 for aquaculture, respectively. These ratios indicate that the fishing fisheries will yield more net EMERGY, while the aquaculture requires a lower investment of EMERGY.

• Journal of Korean Society of Forest Science
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• v.36 no.1
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• pp.38-46
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• 1977

The purpose of this study are to analyze economic and psychological factors associated with the forest protection of the mountain people, and to explain the forms of the forest management by ownership classes, especially with forest in the production structure of the mountain villages, particulary from Aprial 1st to 20th in 1975. And the basis of the data for this study is to have been obtained by the sample of 462 households, in Jeonbuk province, which were selected by the method of Yandom sampling. In order to determine what relations there are between the forest ownership classes are independent and each of the selected economic and psychological factors, the chi-squre test was used. The findings may be summarized as follows; 1. The area per household forest land of the mountain villages farm families with forest was 1.4ha and are middle classes with the cultivated area, and manage their forest in favor of the forest fuel and the byproducts, which we call "Earn Ownership Management Form". As it is acomplished by the agricultural surplus labor, we can't expect the positive forest investments. 2. The expectation of the proceeds of forest investments seems to be high but 30% of them doubtful. And the mountain villages farm families with above 3ha forest area expect their forest investments to be positive and in future they have hope in the economic management from. 3. The mountainous mountain fram families reply to a small sums of capital and the control of after the fact on account of the negative factors of forest investment. But rural mountain villages farm famillies assist on spending too much money for the control and nexious insects damage. 4. The reason about illegal cut away was mainly their fuels problem and then most of moumtain farm villages was used to forest fuel in their fuel. But 57% of mountainous mountain villages farm families not having forest area, and 66% of them get their fual on the self-supply, and 66.9% of them get from public and nationat forest and other's forest. That is one of the big problems of the forest protection. 5. Above 66% of mountain people think that forest law is severe and 50% of mountainous mountain villages farm families think if usual. Especially ones not having forest area but taking advantage of forest among them think so. 6. Rural mountain villages farm families have comparatively positive attitude for protecting forest, but mountainous mountain villages farm families negative. Classes with above 3ha forest area have more outlook of forest protection. And the more such classes are, the better they can protect forest. 7. There are problem about operation and education of the forest law on the mountainous mountain villages farm families.

• The Korean Journal of Financial Management
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• v.22 no.1
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• pp.71-91
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• 2005

The object or this paper is to analyze the rollover effect on KOSPI 200 index option prices. Especially we analyze the implied volatilities of the options that became the near maturity options as the old one expired. For this analysis, a panel data of KOSPI 200 Index Option Prices from year 1999 to year 2001 were used, and following results were obtained. First, after controlling for the underlying index returns, strike prices and other pricing factors, the call option prices tend to decrease while the put option prices tend to increase during the week of expiry. Second, if one concentrates on the daily price changes, call option prices tend to go up on Thursday (as the old options expire), and then experience a price decrease on the following day, while the reverse is true for the put options. These results imply that the option prices are affected by some of the market micro-structure effects such as whether the option is the near maturity option. We conjecture that the reason for this is related to the undervaluation of KOSPI 200 futures. The results from this paper have implications on the timing of option trades. If one wants to buy put options, and/or sell call options, he has better off by executing his intended trades before the old options expire. On the other hand, if one wants to buy call options, and/or sell put options, hi has better off by executing his intended trades after the expiry.