• Journal of Electrical Engineering and Technology
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• v.5 no.1
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• pp.1-7
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• 2010

Recently, smart grid has been considered a very important new energy delivery technology, and one that can help ensure a cleaner environment by making use of information and communication technology (ICT) in countries around the world. The many technological benefits smart grid offers is expected to bring about a huge change in the electric energy supply chain. In particular, smart grid with advanced ICT is likely to allow market agents to participate in the decision-making process in the restructured electricity industry, easily facilitating Homeostatic Utility Control. In this paper, we examine smart grid as a market externality, and then illustrate issues from the commercial market perspective as it relates to electricity market design. Finally, our paper identifies some of the impacts of smart grid on electricity market design, which may possibly be incorporated into the evolution of the electricity market, thus ensuring market efficiency.

• Proceedings of the Korean DIstribution Association Conference
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• 2007.11a
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• pp.319-336
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• 2007

• Human Ecology Research
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• v.58 no.1
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• pp.87-103
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• 2020

This study discusses the institutional change of Chinese early childhood education quality assurance institution (ECEQAI) from the three dimensions of the perspective of historical institutionalism of that refer to the external environment, dynamic mechanism containing with nation-market-society, and the invisible ideology of the institutional change. Chinese ECEQAI was divided into five historical periods, which were 17 years after the founding of China (1949-1966), the Great Cultural Revolution (GCR) period (1966-1976), the early stage of Reform and Opening-up (RO) (1976-1995), the social change period (1995-2010) and the new period (2010-now). This study also concludes five separate change models for Chinese ECEQAI that correspond to the five periods. The first was a compulsory and gradual institutional change model influenced by the Soviet model and dominated by national power. The second was compulsory and radical change model controlled by the counter-revolutionary group. The third was a compulsory and gradual institutional change model dominated by national power. The fourth was induced and gradual^① institutional change model driven by market power and forced by society power. The fifth was a compulsory and gradual institutional change model led by national power and forced by society power. Finally, the future change direction of China's ECEQAI was further pointed out, that was the government-leading and tend to balanced three-pole power model of "Nation-Market-Society", as well as the "three-pole power relationship" of indepth communication and positive interaction.

• Journal of Distribution Research
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• v.10 no.4
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• pp.41-67
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• 2005

At this paper, we investigate two factors of market aspects, such as market power perspective and market efficiency perspective, as influential factors on size of slotting allowances of new products. Also, our research might examine the effects of slotting allowances of new products on both performance of new products and consumer prices. For the empirical research, we analysis 128 domestic manufacturers. In result, there is a positive relationship between retailers' brand equity and the size of slotting allowances. However, there is a negative relationship between retailer replaceability and the size of slotting allowances. Also, the effect of transaction period is negative direction and the effect of the environment uncertainty is positive direction. And the effect of the scale of the slotting allowance of new products is positive direction on the performance of the manufacturers and the price of new products. And, the theoretical and practical implications of this result and future research were suggested.

• Journal of Electrical Engineering and Technology
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• v.7 no.2
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• pp.141-150
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• 2012

The present study examines an efficient congestion management system compatible with the evolving environment. The key is to build an information model shared and exchanged for marketbased solutions to alleviate congestion. Traditional methods for congestion management can be classified into two categories, i.e., the centralized scheme and the decentralized scheme, depending on the extent to which the independent system operator (ISO) is involved in market participants' (MPs) activities. Although the centralized scheme is more appropriate for providing reliable system operation and relieving congestion in near real-time, the decentralized scheme is preferred for supporting efficient market operation. The minimum set of information between the ISO and MPs for decentralized scheme is identified: i) congestion-based zone, ii) Power Transfer Distribution Factors, and iii) transmission congestion cost. The mathematical modeling of the proposed information is expressed, considering its process of making effective use of information. Numerical analysis is conducted to demonstrate both cost minimization from the MP perspective and the reliability enhancement from the ISO perspective based on the proposed information exchange scheme.

• 한국신재생에너지학회:학술대회논문집
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• 2010.11a
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• pp.137.2-137.2
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• 2010

With current real economic growth of more than 10% per year, the Chinese energy consumption is rapidly increasing. Coal supply consists of the vast majority of China's total energy consumption requirements in 2008. China, the largest energy consumer, is expected to be heavily dependent on coal for future power generation, too (IEA,2009). A growing concern on global warming, on the other hand, drives Chinese government to declare her commitment to the reduction of CO2 emission by 2020. In this paper, China's energy market is examined for the current and future primary energy mix. Coal is found to be the biggest part accounting for 68.7% of total primary energy consumption while coal-fired power accounts for over 80% of the total power generation. The importance of Clean Coal Technology is being discussed based on the findings of the importance of coal in China's economy and its sustainable development. Among the technologies involved, a brief investigation of IGCC(Integrated Gasification Combined Cycle) technology with a review on current IGCC projects in China are provided from the perspective of environmental benefits. Studies on regional Chinese power market is also conducted. It is found that the regulated power tariff in electricity system makes the power suppliers suffer from financial loss and changes in the electricity price system is under serious consideration by Chinese government. Even though Chinese power market system causes difficulties of commercialization for IGCC technology, the potential benefits will be high due to China's huge requirements of power generating capacity and its heavy reliance on coal if the electricity price system can be changed smoothly.

• Journal of Distribution Science
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• v.13 no.9
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• pp.37-45
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• 2015

Purpose - This paper's aim is to investigate whether or not gross profitability explains the cross-sectional variation of the stock returns in the Korean stock market. Gross profitability is an alternative profitability measure proposed by Novy-Marx in 2013 to predict cross-sectional variation of stock returns in the US. He shows that the gross profitability adds explanatory power to the Fama-French 3 factor model. Interestingly, gross profitability is negatively correlated with the book-to-market ratio. By confirming the gross profitability premium in the Korean stock market, we may provide some implications regarding the well-known value premium. In addition, our empirical results may provide opportunities for the fund distribution industry to promote brand new styles of funds. Research design, data, and methodology - For our empirical analysis, we collect monthly market prices of all the companies listed on the Korea Composite Stock Price Index (KOSPI) of the Korea Exchanges (KRX). Our sample period covers July1994 to December2014. The data from the company financial statementsare provided by the financial information company WISEfn. First, using Fama-Macbeth cross-sectional regression, we investigate the relation between gross profitability and stock return performance. For robustness in analyzing the performance of the gross profitability strategy, we consider value weighted portfolio returns as well as equally weighted portfolio returns. Next, using Fama-French 3 factor models, we examine whether or not the gross profitability strategy generates excess returns when firmsize and the book-to-market ratio are controlled. Finally, we analyze the effect of firm size and the book-to-market ratio on the gross profitability strategy. Results - First, through the Fama-MacBeth cross-sectional regression, we show that gross profitability has almost the same explanatory power as the book-to-market ratio in explaining the cross-sectional variation of the Korean stock market. Second, we find evidence that gross profitability is a statistically significant variable for explaining cross-sectional stock returns when the size and the value effect are controlled. Third, we show that gross profitability, which is positively correlated with stock returns and firm size, is negatively correlated with the book-to-market ratio. From the perspective of portfolio management, our results imply that since the gross profitability strategy is a distinctive growth strategy, value strategies can be improved by hedging with the gross profitability strategy. Conclusions - Our empirical results confirm the existence of a gross profitability premium in the Korean stock market. From the perspective of the fund distribution industry, the gross profitability portfolio is worthy of attention. Since the value strategy portfolio returns are negatively correlated with the gross profitability strategy portfolio returns, by mixing both portfolios, investors could be better off without additional risk. However, the profitable firms are dissimilar from the value firms (high book-to-market ratio firms); therefore, an alternative factor model including gross profitability may help us understand the economic implications of the well-known anomalies such as value premium, momentum, and low volatility. We reserve these topics for future research.

• The Journal of Fisheries Business Administration
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• v.29 no.2
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• pp.47-64
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• 1998

This paper seeks to find out possibility of introducing market order into Korean fisheries regulatory system. Hayek tells us that market order is equivalent to spontaneous order, while regulations are man-made order created based on incomplete knowledge. He also sees market competition as a discovery procedure of knowledge and information. From this perspective is discussed Korean fisheries regulatory reform-particularly issues of establishing property right on fishery resources. It appears that there is quite a large room for substituting market functions for the regulations regarding fishery resources management, even though fishery resources have a very nature of common pool. Advanced fisheries suggest that successful regulatory reform require a well-prepared strategic plan and check list. In addition, the government should be able to secure sufficient monitoring and surveillance power and to play an important role as a fair supervisor.

• The Transactions of the Korean Institute of Power Electronics
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• v.25 no.3
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• pp.219-226
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• 2020

Given the change in the energy market, large energy storage systems (ESS) is rapidly entering the market. In this rapid spread, fire accidents are becoming an issue. This study attempts to approach the fire from the system point of view to analyze the problems caused by bonding from different perspectives. Moreover, to conduct this study, the fabrication of real objects is dangerous, which needs to be verified through simulation. In this study, we approach the cause of fire that occurs in large-capacity ESS from the system perspective. We focus on determining the effects of cell balancing performed on the BMS after charging. Thus, we analyze the cell balancing behavior and the linkage risks to the various stacks. The study also explores why no fire occurs during 70% operation.

• Journal of the Korea Fashion and Costume Design Association
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• v.15 no.3
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• pp.199-211
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• 2013

Glasses industry has great growth potential from the future-oriented perspective in Korea. In consideration of the fact that the ratio of aging population increases in this aging society, people have more and more interest in health. Also, their recognition on the cycle to change glasses is changing, and the utility of them as fashion items is increasing day by day, it is expected that the demand for glasses will be even more extended afterwards. Of course, presently it suffers from the gap between cheaper items and expensive ones provided by overseas prominent brands due to the bi-polarization of the market. However, they are pursuing the 2nd growth as export-leading items in the past through international glass exhibitions based on knowhow accumulated for a long time. Therefore, this study aims to examine the current status of glasses design industry in Korea reflecting the actual situations we have now and also understand the problems and limitations internalized in our glass design industry through the research process. As a result, the study has drawn the following conclusions. This paper intends to point out first, the phenomenon of bi-polarization of the glass market in Korea. Second, unequal distribution by region centering around Daegu. Third, the limitations of brand identity. Fourth, the limitations of information, planning, and marketing power. Fifth, passive conduction of international events and their insufficient effects. This study concludes that all these problems can be solved through 'planning and design, and marketing power'.