• The Journal of Asian Finance, Economics and Business
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• v.3 no.4
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• pp.5-16
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• 2016

Prior literature expects a lower marginal cash value for weaker governance firms. We test this empirical hypothesis by using the sample of publicly traded Korean firms from 2005 to 2013. To measure the quality of governance structures, we employ the corporate governance scores provided by Korean Corporate Governance Services. The empirical model of Faulkender and Wang (2006) is adopted to estimate the marginal value of cash. Our empirical analysis shows a higher marginal value of cash for the good governance firms in the examination of the total governance score. This finding is consistent to the agency view of cash policy predicting a larger marginal value of cash for the firms with higher governance scores. However, this positive relationship is not robust for a subset of detailed governance scores; a lower marginal cash value is observed for the firms with better qualities of board structure, auditing, dividend policies. Moreover, our empirical analysis verifies a quite low level of marginal cash value for Korean firms, which supports the existence of severe agency conflicts in Korean corporations. Our results verify the significant role of agency conflicts between a manager and shareholders in the determination of marginal cash values in the Korean firms.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.28 no.4D
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• pp.451-457
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• 2008

Establishing realistic bus service coverage is needed to build optimum city bus line networks and reasonable bus service coverage areas. The purposes of this study are understanding the characteristics of the present walking time and marginal walking time of small-medium cities and constructing an ANFIS (Adaptive Neuro-Fuzzy Inference System) model to estimate the marginal walking time for certain age and income. The cities of Masan, Chongwon and Jinju are selected for study cities. The 80 percentile of present walking time of bus users of these cities are 10.2-11.1 minutes, thus the values are greater than the 5 minutes of the maximum walking time in USA and the marginal walking times of 21.1-21.8 minutes are much greater. An ANFIS model based on pulled data of the cities are constructed to estimate the marginal walking time of small-medium cities. Analyzing the relationship between marginal walking time and age/income by using the model, the marginal walking time decreases as the age increases, but is near constant from the age of 25 to 35. And the marginal walking time is inversely proportional to the income. In comparing the surveyed and the estimated values, as the statistics of coefficient of determination, MSE and MAE are 0.996, 0.163, 0.333 respectively, it may be judged that the explainability of the model is very high. The technique developed in this study can be applied to other cities.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.22 no.6
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• pp.453-459
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• 2021

The system marginal price of electricity is the amount paid to all the generating units, which is an important decision-making factor for the construction and maintenance of an electrical power unit. In this paper, we suggest a long-term forecasting model for calculating the system marginal price based on prices of natural gas and oil. As most variables used in the analysis are nonstationary time series, the long run relationship among the variables should be examined by cointegration tests. The forecasting model is similar to an error correction model which consists of a long run cointegrating equation and another equation for short run dynamics. To mitigate the robustness issue arising from the relatively small data sample, this study employs various testing and estimating methods. Compared to previous studies, this paper considers multiple fuel prices in the forecasting model of system marginal price, and provides greater emphasis on the robustness of analysis. As none of the cointegrating relations associated with system marginal price, natural gas price and oil price are excluded, three error correction models are estimated. Considering the root mean squared error and mean absolute error, the model based on the cointegrating relation between system marginal price and natural gas price performs best in the out-of-sample forecast.

• Korean Journal of Organic Agriculture
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• v.21 no.2
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• pp.125-137
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• 2013

The Purpose of this paper is to estimates consumers' willingness to pay for Urban Agriculture Park attributes. we analysis the marginal WTP by choice experiment method. Choice experiment (CE) is designed to elicit the marginal WTP differences among urban agriculture park attributes (garden scales, learning and experience area, leisure and relaxation area and fund). The results of multinomial logit model are meaningful, the total marginal WTP on the urban agriculture park attributes is 18,852 won. gardens scales is 2,949 won, learning and experience area is 11,284 won, leisure and relaxation area is 4,619 won. In the current laws, the facilities related to urban agriculture park is not. Taking advantage of the new urban agriculture park, Amendments of the law is required.

• Journal of the Korean Data and Information Science Society
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• v.27 no.5
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• pp.1389-1397
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• 2016

Semi-parametric frailty model with nonparametric baseline hazards has been widely used for the analyses of clustered survival-time data. The frailty models can be fitted via an auxiliary Poisson hierarchical generalized linear model (HGLM). For the inferences of the frailty model marginal likelihood, which gives MLE, is often used. The marginal likelihood is usually obtained by integrating out random effects, but it often requires an intractable integration. In this paper, we propose to obtain the MLE via Laplace approximation using a Poisson HGLM approach for semi-parametric frailty model. The proposed HGLM approach uses hierarchical-likelihood (h-likelihood), which avoids integration itself. The proposed method is illustrated using a numerical study.

• Journal of Technologic Dentistry
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• v.38 no.3
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• pp.185-191
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• 2016

Purpose: The purpose of this study were to evaluate the quality of dental prostheses printed by 3-dimensional printing system. Methods: Mater model was prepared and ten study models were fabricated. Ten single crowns were printed by 3D-printing system(Resin group) and another ten single crowns using casting method were manufactured(Metal group). The marginal adaptation of single crowns were measured using by silicone replica technique. Silicone replicas were sectioned four times. The marginal adaptations were evaluated using by digital microscope. Statistical analyses were performed with Mann-Whitney test(${\alpha}=0.05$). Results: $Mean{\pm}standard$ deviations of all marginal adaptations were $92.1(20.0){\mu}m$ for Metal group and $69.7(12.3){\mu}m$ for Resin group. Two groups were no statistically significant differences(p>0.05). Conclusion: Marginal adaptation of single crowns printed by 3D-printing system were ranged within the clinical recommendation.

• Journal of the Korean Data and Information Science Society
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• v.21 no.1
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• pp.21-32
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• 2010

Graphical regression is a paradigm for obtaining regression information using plots without model assumptions. The general goal of this approach is to find lowdimensional sufficient summary plots without loss of important information. Model assessments using residual plots are less likely to be successful in models that are not linear. As an alternative approach, marginal model plots provide a general graphical method for assessing the model. We apply the methods of graphical regression and model assessment using marginal model plots to the logistic regression model.

• The Journal of Korean Academy of Prosthodontics
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• v.38 no.2
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• pp.242-254
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• 2000

Accurate impression is very important to achieve desirable prosthesis and there are many factors in taking a good impression. For example, types of impression material, types of impression tray, impression taking methods and so on. Recently individual tooth tray technique is accepted as obtaining good impression that can be applied to multiple abutment impression, heavy salivated patient, to minimize the effect of natural teeth s undercuts and to reduce pain during cord packing procedures. The purpose of this study was to compare the accuracy according to materials and forms of the individual tooth tray which is clinically applied nowadays. Used materials in experiment were divided into 3 types (acrylic resin. $Futar^{(R)}$ occlusion. $Blu-mousse^{(R)}$) and forms were divided into 2 types (forming occlusal vent hole or not and forming marginal vent space or not). Stone master model from impression body and metal master model were measured by $X-PLAN360d^{(R)}$ to compare occlusal surface discrepancy and marginal discrepancy. The results were as follows: 1. In comparison of occlusal surface discrepancy and marginal discrepancy according to materials, groups with three materials showed no statistical difference 2. In comparison of occlusal surface discrepancy and marginal discrepancy according to occlusal vent hole, groups with occlusal vent hole showed significantly less marginal discrepancy than groups with no occlusal vent hole(p<0.05). 3. In comparison of occlusal surface discrepancy and marginal discrepancy according to 0.5mm-marginal-vent-space, groups with no 0.5mm-marginal-vent-space showed significantly less marginal discrepancy than groups with 0.5mm-marginal-vent-space (p<0.05). In summary these results suggest that individual tooth tray made of 3 types of materials with occlusal vent hole and individual tooth tray made of acrylic resin with no marginal vent space showed good accuracy of impression. In addition, individual tooth tray which is made of bite registration materials may be more useful because of advantage in facility and timesaving aspect of fabrication.

• The Journal of Asian Finance, Economics and Business
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• v.3 no.4
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• pp.67-79
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• 2016

Prior literature expects a lower marginal cash value for weaker governance firms. We test this empirical hypothesis by using the sample of publicly traded Korean firms from 2005 to 2013. To measure the quality of governance structures, we employ the corporate governance scores provided by Korean Corporate Governance Services. The empirical model of Faulkender and Wang (2006) is adopted to estimate the marginal value of cash. Our empirical analysis shows a higher marginal value of cash for the good governance firms in the examination of the total governance score. This finding is consistent to the agency view of cash policy predicting a larger marginal value of cash for the firms with higher governance scores. However, this positive relationship is not robust for a subset of detailed governance scores; a lower marginal cash value is observed for the firms with better qualities of board structure, auditing, dividend policies. Moreover, our empirical analysis verifies a quite low level of marginal cash value for Korean firms, which supports the existence of severe agency conflicts in Korean corporations. Our results verify the significant role of agency conflicts between a manager and shareholders in the determination of marginal cash values in the Korean firms.

• Journal of the korean society of oceanography
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• v.37 no.3
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• pp.169-177
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• 2002

An eddy-resolving free-surface primitive-equation model with nonlinear terrain-following coordinates is established to study the exchange of water masses among the Asian marginal seas and their adjacent waters. A curvilinear coordinate system is used to generate the horizontal grid with a variable resolution for the regional oceans from $5^{\circ}$S to $45^{\circ}$N and $100^{\circ}$E to $155^{\circ}$E. The higher resolution region has about a 10 km by 10 km grid covering the complex geometry of the coastal marginal seas, while the lower resolution region has about a 30 km by 30 km grid covering the eastern Pacific. The model is initialized by the Levitus annual climitology and forced by the monthly mean air-sea fluxes of momentum, heat, and freshwater derived from the Comprehensive Ocean-Atmosphere Data Set. High-resolution and low-viscosity are identified as the key factors for a better representation of the exchange of waters through narrow straits and passages between the marginal seas and their adjacent waters. The dynamics of the loop currents and eddies in the South China Sea and Celebes Sea are examined in detail. It has found that the anticyclonic loop and detached eddies from the Kuroshio through the Luzon Strait play an important role in transporting warm and salty water into the South China Sea, while the cyclonic circulation of the Mindanao Current in the Celebes Sea plays a role in contributing cold water to the Indonesian throughflow. The deep undercurrent of the western Pacific is shown to provide fresher water to the South China Sea and Celebes Sea. These modeling results suggest that the exchange processes via the narrow straits and passages are of fundamental importance to the maintenance of water masses for the marginal sea region.