• Nuclear Engineering and Technology
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• v.37 no.6
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• pp.595-604
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• 2005

A new instrument, an average BDFT (Birectional Flow Tube), was proposed to measure the flow rate in single and two phase flows. Its working principle is similar to that of the Pilot tube, wherein the dynamic pressure is measured. In an average BDFT, the pressure measured at the front of the flow tube is equal to the total pressure, while that measured at the rear tube is slightly less than the static pressure of the flow field due to the suction effect downstream. The proposed instrument was tested in air/water vertical and horizontal test sections with an inner diameter of 0.08m. The tests were performed primarily in single phase water and air flow conditions to obtain the amplification factor(k) of the flow tube in the vertical and horizontal test sections. Tests were also performed in air/water vertical two phase flow conditions in which the flow regimes were bubbly, slug, and churn turbulent flows. In order to calculate the phasic mass flow rates from the measured differential pressure, the Chexal drift-flux correlation and a momentum exchange factor between the two phases were introduced. The test results show that the proposed instrument with a combination of the measured void fraction, Chexal drift-flux correlation, and Bosio & Malnes' momentum exchange model could predict the phasic mass flow rates within a $15\%$ error. A new momentum exchange model was also proposed from the present data and its implementation provides a $5\%$ improvement to the measured mass flow rate when compared to that with the Bosio & Malnes' model.

• Transactions of the Korean Society of Mechanical Engineers B
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• v.28 no.10
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• pp.1247-1254
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• 2004

In momentum exchange theory the loss models for the circulatory flow is critically important. But because of lack of loss model on the circulatory flow, analysis model on regenerative turbomachines is not available in the open literature. In the present study circulatory loss is evaluated by combining bend's losses. Through the comparison with the previous experimental data on linear pressure gradient, a combination factor is suggested in terms of the aspect ratio of a channel. Applying this factor to two kinds of regenerative blowers the predicted results are found to be in good agreement with the experimental data of the overall performance and the head distribution along the rotational direction. Especially, the comparison with the head distribution demonstrates the accuracy of hydraulic model and loss model suggested in the present study. And the comparison with the overall performance confirms the validness of physical models as well as loss models suggested in the present study.

• 유체기계공업학회:학술대회논문집
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• 2004.12a
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• pp.172-179
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• 2004

Average Bi-directional flow tube was suggested to measure single and two phase flow rate. Its working principle is similar with Pilot tube, however, it makes it possible to eliminate the cooling system which is normally needed to prevent from flashing in the pressure impulse line of Pilot tube when it is used in the depressurization condition. The suggested instrumentation was tested in the air-water vertical test section which has 80mm inner diameter and 10m length. The flow tube was installed at 120 of L/D from inlet of test section. From the test, single air and water flow rate was measured successfully. For the emasurement of two phase flow rate, Chexal drift-flux correlation was used. In the test a new correlation of momentum exchange factor was suggested. The test result shows that the suggested instrumentation using the measured void fraction and Chexal drift-flux correlation can predict the mass flow rates within $10\%$ error of measured data.

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

• East Asian Economic Review
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• v.24 no.1
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• pp.89-124
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• 2020

Even with the sizable Foreign Exchange (FX) holdings and good credit ratings of its top assets, Asia remains vulnerable to various shocks. This paper highlights the limited cross-border asset pledgeability as a significant factor for the lingering vulnerability in Asia. The dichotomy in asset holdings between pledgeable FX and non-pledgeable domestic assets in major economies in Asia has been the source of increasing stabilization costs as well as weakened market momentum in the region. Specifically, the peculiar feature of asset holdings in Asia reflects seriously deficient cross-border asset pledgeability that is left unaddressed. Asset pledgeability contributes toward financial stability via three channels: 1) capital market development by recognizing the role of collateral, 2) increased shock absorption capacity via collateral management, 3) and the newly activated safe asset provision. Therefore, it is crucial to go beyond the usual market development strategy and expand the overall asset pledgeability in the region that has remained unduly depressed.

• Transactions of the Korean Society of Automotive Engineers
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• v.10 no.6
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• pp.44-50
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• 2002

The spray characteristics of GDI(Gasoline Direct Injection) injector affects on engine efficiency and emission of a GDI engine. Thus, many researchers have investigated the spray characteristics and the mixture formation of GDI injector. In this study, it was tried to provide the fundamental data for GDl injector design which effects on the spray macroscopic characteristics such as penetration and spray angle. In addition, the mixture formation analyzed by using entropy analysis. The entropy analysis is based on the concept of statistical entropy, and it identifies the degree of homogeneity in the fuel concentration. The results show that as injection pressure increases but as ambient pressure increases, spray penetration decreases and spray angle doesn't affected by increasing injection pressure and ambient temperature. From the entropy analysis results, we could find that the direct diffusion phenomena is a dominant factor in the formation of a homogeneous mixture at downstream of GDI spray especially in vaporizing conditions.

• Transactions of the Korean Society of Mechanical Engineers B
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• v.27 no.1
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• pp.69-75
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• 2003

In this study, his technique was applied to a GDI spray in order to investigate the mixture distribution. In addition, the homogeneity degree and diffusion effect according to ambient temperature in the high pressure chamber were analyzed by using an entropy analysis method. From this experiment, we could find that entropy analysis is very effective method for the analysis of mixture formation, and the entropy values increase with the progress of uniformity in diffusion Process. we tried to provide the fundamental data for parameter which effects on the spray macroscopic characteristics with mixture ratio of diesel and gasoline. In addition, the mixture formation was analyzed by using entropy analysis. The entropy analysis is based on the concept of statistical entropy, and it identifies the degree of homogeneity in the fuel concentration. From the entropy analysis results we could find that the direct diffusion phenomena is a dominant factor in the formation of a homogeneous mixture at downstream of GDI spray especially in vaporizing conditions. As to increasing ambient temperature and increasing gasoline rate, the entropy intensity using the statistic thermodynamics method is increased because evaporation rate is higher gasoline than diesel.

• Transactions of the Korean Society of Mechanical Engineers B
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• v.26 no.7
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• pp.1047-1054
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• 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
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• v.7 no.9
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• pp.125-134
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• 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.

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