• Transactions of the Korean Society of Mechanical Engineers B
• /
• v.26 no.7
• /
• pp.1047-1054
• /
• 2002

To improve the fuel consumption and exhaust emission for gasoline engines, GDI(Gasoline Direct Injection) system was spotlighted to solve above requirements. Thus, many researchers have been studied to investigate the spray characteristics and the mixture formation of GDI injector. In this study, we tried to study the spray characteristics of a gasoline direct injector by using entropy analysis and PlV methods. The entropy analysis is based on the concept of statistical entropy, and it identifies the degree of homogeneity in the fuel concentration. The PlV method was adopted to determine the fluid dynamics information at the spray. From the applied results on a direct injection gasoline spray, we could find that the direct diffusion phenomena was a dominant factor in the formation of a homogeneous mixture at downstream of GDI spray especially under vaporizing ambient conditions, and mixing phenomena was also progressed by momentum exchange with induced air. In addition, the correlation between entropy and vorticity strength enabled to find their relation.

• The Journal of Asian Finance, Economics and Business
• /
• v.7 no.9
• /
• pp.125-134
• /
• 2020

This study examines the nominal price anomaly in the Vietnamese stock market, that is, whether stocks with low nominal price outperform stocks with high nominal price. Using a sample of all 351 companies listed on the Ho Chi Minh Stock Exchange (HOSE) from June 2009 to March 2018, we confirm our hypothesis and document that cheaper stocks yield higher subsequent abnormal returns. The results are robust after controlling for various stock characteristics that have been documented to be value-relevant in prior literature, including firm size, book-to-market ratio, intermediate-term momentum, short-term reversal, skewness, market risk, idiosyncratic risk, illiquidity and extreme daily returns, using both the portfolio analysis and the Fama-MacBeth cross-sectional regression. The negative effect persists in the long term (i.e., after up to 12 months), implying a slow adjustment of stock prices to their intrinsic value. Further analysis show that the observed nominal price anomaly is mainly driven by mispricing but not a latent risk factor proxied by stock price, thus the observed anomaly reflects a mispricing but not a fundamental risk. The study highlights the irrational behaviour of investors and market inefficiency in the Vietnamese stock market and provides important implication for investors in the market.

• Journal of the Korean Society for Aeronautical & Space Sciences
• /
• v.39 no.6
• /
• pp.543-552
• /
• 2011

Control Moment Gyro(CMG) is one of the most efficient momentum exchange devices for satellite attitude control and CMG is very essential device for agile satellite. In this study, the essential dynamic equation for the design of gimbal motor and wheel motor is summarized. The development process of SGCMG hardware for agile small satellite system, the description of developed hardware and its performance test results are presented. Test result shows that the developed hardware model can produce an output torque more than 1.2Nm as designed. Other test items are max. torque, gimbal bandwidth, minimum torque, torque error, gimbal rate error.

• International Journal of Fluid Machinery and Systems
• /
• v.8 no.4
• /
• pp.221-229
• /
• 2015

For efficient design process of regenerative blower, the present study provides new generalized pressure and leakage flow loss models, which can be used in the performance analysis method of regenerative blower. The present performance analysis on designed blower is made by incorporating momentum exchange theory between impellers and side channel with mean line analysis method, and its pressure loss and leakage flow models are generalized from the related fluid mechanics correlations which can be expressed in terms of blower design variables. The present performance analysis method is applied to four existing models for verifying its prediction accuracy, and the prediction and the test results agreed well within a few percentage of relative error. Furthermore, the present performance analysis method is also applied in developing a new blower used for fuel cell application, and the newly designed blower is manufactured and tested through chamber-type test facility. The performance prediction by the present method agreed well with the test result and also with the CFD simulation results. From the comparison results, the present performance analysis method is shown to be suitable for the actual design practice of regenerative blower.

• Proceedings of the Korean Society of Propulsion Engineers Conference
• /
• 2007.04a
• /
• pp.106-109
• /
• 2007

The spray plume characteristics of liquid water jet injected into subsonic cross-flow at 42 m/s were experimentally investigated. Nozzle has a 1.0 m diameter and L/D=5. Droplet sizes, velocities, volume flux were measured at each downstream area of the injector exit using phase Doppler particle anemometry. Measuring probe position is moved with 3-way transversing machine. Experimental results indicate that SMD is varied from 75 to $120{\mu}m$ distribution and it is uncertain layer structure. SMD peaks at the top of the spray plume. This phenomenon is related to the momentum exchange between column waves and cross-flow stream. Droplet vector velocities were varied from 11.5 to 33 m/s. A higher-velocity region can be identified in down edge region at Z/D : 40, 70 and 100. Lower-velocity region were observed on bottom position of the spray plume. Volume flux is a criterion to the droplet concentration. All volume flux distribution has a same structure that continuously decreases from the center region to the edge of the plume. Z/D : 20 is spatially less concentrated than in Z/D : 100.

• Proceedings of the Korean Nuclear Society Conference
• /
• 1997.10a
• /
• pp.772-777
• /
• 1997

Previous MELCOR and SCDAP/RELAP5 nodalizations for simulating the counter-current, natural circulation behavior of vapor flow within the RCS hot legs and SG U-tubes when core damage progress can not be applied to the steady state and water-filled conditions during the initial period of accident progression because of the artificially high loss coefficients in the hot legs and SG U-tubes which were chosen from results of COMMIX calculation and the Westinghouse natural circulation experiments in a 1/7-scale facility for simulating steam natural circulation behavior in the vessel and in the hot leg and SG during the TMLB' scenrio. The objective of this study is to develop a natural circulation modeling which can be used both for the liquid flow condition at steady state and for the vapor flow condition at the later period of in-vessel core damage. For this, the drag forces resulting from the momentum exchange effects between the two vapor streams in the hot leg was modeled as a pressure drop by pump model. This hot leg natural circulation modeling of MELCOR was able to reproduce similar mass flow rates with those predicted by previous models.

• The Journal of Asian Finance, Economics and Business
• /
• v.7 no.8
• /
• pp.25-31
• /
• 2020

The purpose of this paper is to examine a financial distress premium in the emerging market. A risk-return trade-off of negative book equity (NBE) and distress firms is empirically analyzed using data from the Stock Exchange of Thailand. This research employs Ohlson's (1980) bankruptcy model as a measurement of distress risk. The results indicate that distress firms outperform solvent firms in the Thai market and deny distress anomaly often found in the developed market. Fama-Frech (1993) three-factor model and Carhart (1997) four-factor model verify the existence of a distress premium in the Thai capital market. Risk-seeking investors demand greater compensation for bearing risks of distress firms' going concern. This paper provides fresh evidence that default risk is a significant explanatory factor in pricing stocks in the emerging market. Also, this study sheds light on the role of NBE firms in asset pricing. Most studies eliminate NBE firms from their sample. However, NBE firms yield superior average cross-sectional returns, albeit with higher volatility. Investors are rewarded with distress risks associated with NBE firms. The outperformance of NBE firms is statistically significant when compared to the overall market. The NBE premium disappears when factoring size, value, and momentum in time-series analysis.

• Proceedings of the KIEE Conference
• /
• 2005.04a
• /
• pp.277-279
• /
• 2005

The imbalance of energy demand and supply caused by rapid industrialization around the world and the associated environmental issues require and alternative energy source with possible renewable fuels. Political instability and depletion of cruel oils are other factors that cause fluctuation of oil price. Securing a new alternative energy source for the next century became an urgent issue that our nation is confronting with. As a matter of fact, the fuel cell technology can be widely used as next generation energy regardless of regions and climate. Specially, the ability of expansion and quick installation enable one to apply it for distributed power, where the technology is already gaining remarkable attentions for the application. Particularly, leading industrialized nations are focusing on the PEM fuel dell with anticipation that this technology will find their place of applications in the vehicles and homes. In this study, demonstrate the multi physics modeling of a proton exchange membrane(PEM) fuel cell with interdigitated flow field design. The model uses current balances, mass balance(Maxwell-Stefan diffusion for reactant, water and nitrogen gas) and momentum balance(gas flow) to simulate the PEM fuel cell behavior.

• Asia-Pacific Journal of Business
• /
• v.13 no.2
• /
• pp.123-138
• /
• 2022

Purpose - This study compares the performances of dynamic asset allocation strategies using Korean stocks and U.S. dollar, which have been negatively correlated for a long time, to examine the diversification effects in the portfolios of them. Design/methodology/approach - In the current study, we use KOSPI200 index, as a proxy of the aggregated portfolio of Korean stocks, and USDKRW foreign exchange rate to implement various portfolio management strategies. We consider the equally-weighted, risk-parity, minimum variance, most diversified, and growth optimal portfolios for comparison. Findings - We first find the enhancement of risk adjusted returns due to risk reduction rather than return increasement for all the portfolios of consideration. Second, the enhancement is more pronounced for the trading strategies using correlations as well as volatilities compared to those using volatilities only. Third, the diversification effect has become stronger after the global financial crisis in 2008. Lastly, we find that the performance of the growth optimal portfolio can be improved by utilizing the well-known momentum phenomenon in stock markets to select the length of the sample period to estimate the expected return. Research implications or Originality - This study shows the potential benefits of adding the U.S. dollar to the portfolios of Korean stocks. The current study is the first to investigate the portfolio of Korean stocks and U.S. dollar from investment perspective.

• The Journal of Industrial Distribution & Business
• /
• v.13 no.1
• /
• pp.23-32
• /
• 2022

Purpose: This study used ESG grade, but defined AESG, adjusted to the size of a company and examines whether it can be used as an investment strategy. Research design, data and methodology: The analysis sample in this study is a company that has given an ESG rating among companies listed on the Korea Stock Exchange. We examine the results through portfolio analysis and Fama-macbeth regression analysis. Results: As result of examining the long-only performance and the long-short performance by constructing quintile portfolios, it was observed that a significant positive return was shown. It was observed that there was an alpha that could not be explained in asset pricing models. Also, AESG had a return prediction effect in the result of a Fama-Macbeth regression that controlled corporate characteristic variables in individual stocks. Next, we confirmed AESG's usage through various portfolio composition. In the portfolio optimization, the Risk Efficient method was the most superior in terms of sharpe ratio and the construct multi-factor model with Value, Momentum and Low Vol showed statistically significant performance improvement. Conclusions: The results of this study suggest that it can be helpful in ESG investment to reflect the ESG rating of relatively small companies more through the scale adjustment of the ESG rating (i.e.AESG).