• Applied Chemistry for Engineering
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• v.24 no.1
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• pp.10-17
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• 2013

Heavy oil residue upgrading process was being used in conventional refinery process. Recently, as the importance of non conventional energy development is growing up, the commercial projects of heavy oil upgrading are getting more active than before. For having competitive business model in the resource competition, non conventional energy development should be considered as an important business strategy. In developing oil sands, extra heavy oil, and shale gas, canadian oil sands and extra heavy oil have great importance in substitution of conventional oil consumption. In oil sands development, the bitumen, which is extracted from oil sands, has great value after upgrading or refining process. Similar process is being used current conventional refinery process. The bitumen is highly viscous hydrocarbon. This bitumen includes impurities which can not be treated in conventional refinery process. As this reason, specified process is needed in bitumen or extra heavy oil upgrading process. Moreover, there will be additional specified facilities in the process of production, transportation and marketing. In oil sands, there are various kinds of commercial upgrading process. Extraction, dilution, coking and cracking method were being used commercially.

• Journal of Energy Engineering
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• v.24 no.1
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• pp.164-171
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• 2015

Although coal-fired power generation has played a role as base load unit, it has incurred various social costs in the process of generating and providing electricity. It is necessary to extend the proportion of low-carbon power generations, and reduce the ratio of coal-fired power generation to cope with global climate changes. This study, therefore, attempts to estimate the public's willingness-to-pay (WTP) for substitution of supplied electricity from hydro-electricity generation, a representative renewable energy, for coal-fired power generation. To this end, we apply the contingent valuation (CV) method, widely used technique when valuing non-market goods, to elicit the public's WTP. In addition, a spike model is employed to consider zero WTPs. After the empirical analysis with 1,000 households CV survey data, the results show that mean household's WTP for replacing supplied electricity from hydro-electricity generation with coal-fired power generation is estimated to be about 54 KRW per kWh. The results of this study are expected to contribute to determining energy-mix and provide benefit information of hydro-electricity generation.

• Journal of Labour Economics
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• v.29 no.1
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• pp.129-152
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• 2006

The purpose in this study is to analyze the effect of expected public pension assets (or social security wealth) and retirement incentives on retirement behaviors of two wage earners households. For the purpose of the study, an empirical analysis was conducted. In the empirical step, it was found that the empirical results were significant for men, but not for women namely, statistically asymmetric if behaviors of two couples are interdependent. The cause for the statistically asymmetric results were then determined. The Bivariate Probit model was used for estimation in the first step and the KLIPS(Korean Labor and Income Panel Study) was used as data for estimation. According to the empirical analysis, the results showed statistically significant asymmetry for men, however not for women, in expected public pension assets and other retirement incentives, non-wage assets, age difference, spouse's health status, spouse's monthly wages per hour and aging of their spouse In this study, cause of statistically asymmetric result in asymmetric complementarities of leisure of couples were found, then explained through different methods of comparison from the most recent studies. First, spouse's cross wage elasticity of self leisure demand(retirement) was calculated and determined whether complementarities of leisure of couples is positive or negative. Then, the degree of complementarities of leisure was distinguished in comparison with the relative size of two cross elasticities. Thus, men have relatively strong complementarities of leisure. But for women, it may roughly cancel out due to the substitution effect and the income effect. Therefore, women have relatively weak complementarities of leisure.

• Asian Pacific Journal of Cancer Prevention
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• v.14 no.10
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• pp.6019-6023
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• 2013

Lung cancer, one of the leading causes of cancer-related deaths, usually appears as solitary pulmonary nodules (SPNs) which are hard to diagnose using the naked eye. In this paper, curvelet-based textural features and clinical parameters are used with three prediction models [a multilevel model, a least absolute shrinkage and selection operator (LASSO) regression method, and a support vector machine (SVM)] to improve the diagnosis of benign and malignant SPNs. Dimensionality reduction of the original curvelet-based textural features was achieved using principal component analysis. In addition, non-conditional logistical regression was used to find clinical predictors among demographic parameters and morphological features. The results showed that, combined with 11 clinical predictors, the accuracy rates using 12 principal components were higher than those using the original curvelet-based textural features. To evaluate the models, 10-fold cross validation and back substitution were applied. The results obtained, respectively, were 0.8549 and 0.9221 for the LASSO method, 0.9443 and 0.9831 for SVM, and 0.8722 and 0.9722 for the multilevel model. All in all, it was found that using curvelet-based textural features after dimensionality reduction and using clinical predictors, the highest accuracy rate was achieved with SVM. The method may be used as an auxiliary tool to differentiate between benign and malignant SPNs in CT images.

• Asian-Australasian Journal of Animal Sciences
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• v.30 no.12
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• pp.1684-1688
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• 2017

Objective: From a review of published information on genetic association studies, a meta-analysis was conducted to determine the influence of the genes ${\kappa}-casein$ (CSN3) and ${\beta}-lactoglobulin$ (LGB) on milk yield traits in Holstein, Jersey, Brown Swiss, and Fleckvieh. Methods: The GLIMMIX procedure was used to analyze milk production and percentage of protein and fat in milk. Models included the main effects and all their possible two-way interactions; not estimable effects and non-significant (p>0.05) two-way interactions were dropped from the models. The three traits analyzed used Poisson distribution and a log link function and were determined with the Interactive Data Analysis of SAS software. Least square means and multiple mean comparisons were obtained and performed for significant main effects and their interactions (p<0.0255). Results: Interaction of breed by gene showed that Holstein and Fleckvieh were the breeds on which CSN3 ($6.01%{\pm}0.19%$ and $5.98%{\pm}0.22%$), and LGB ($6.02%{\pm}0.19%$ and $5.70%{\pm}0.22%$) have the greatest influence. Interaction of breed by genotype nested in the analyzed gene indicated that Holstein and Jersey showed greater influence of the CSN3 AA genotype, $6.04%{\pm}0.22%$ and $5.59%{\pm}0.31%$ than the other genotypes, while LGB AA genotype had the largest influence on the traits analyzed, $6.05%{\pm}0.20%$ and $5.60%{\pm}0.19%$, respectively. Furthermore, interaction of type of statistical model by genotype nested in the analyzed gene indicated that CSN3 and LGB genes had similar behavior, maintaining a difference of more than 7% across analyzed genotypes. These results could indicate that both Holstein and Jersey have had lower substitution allele effect in selection programs that include CSN3 and LGB genes than Brown Swiss and Fleckvieh. Conclusion: Breed determined which genotypes had the greatest association with analyzed traits. The mixed model based in Bayesian or Ridge Regression was the best alternative to analyze CSN3 and LGB gene effects on milk yield and protein and fat percentages.

• KDI Journal of Economic Policy
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• v.28 no.1
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• pp.117-144
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• 2006

This study is to analyze the existence of the real buffer effect that reflects the effect of beginning-of-period inventory stocks effect on the demand for fixed investment, and the financial buffer effect indicates the substitution effect between end-of-period inventory stock and the source of financing for fixed investment. I use panel data of 361 Korean listed non-financial firms during 1990-2003. After the crisis, it also observed whether the relationship between inventory stocks and fixed investment has altered or not. I review the theoretical connection between inventory stock and fixed investment through the paper by Bo(2004) and estimate the investment model by the method of GMM-SYS. The results show negative relation between end-of-period inventory stock and fixed investment in the whole period and each period classified, also it confirms that the relation between fixed investment and end-of-period investment is significantly negative. It can be interpreted through two aspects that firms not only use inventory stock as a buffer in response to unexpectedly high demand, but also utilize inventory stock as a source of financing for fixed investment. The results imply that firm's decision-making is much correlated with production-and-inventory stock adjustment, decision-making about fixed investment, and decision-making about financial affairs.

• Nuclear Medicine and Molecular Imaging
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• v.40 no.4
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• pp.218-227
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• 2006

Purpose: The HSV1-tk reporter gene system is the most widely used system because of its advantage that direct monitoring is possible without the introduction of a separate reporter gene in case of HSV1-tk suicide gene therapy. In this study, we investigate the usefulness of the reporter probe (substrate), $9-(4-[^{18}F]Fluoro-3-hydroxymethylbutyl)$guanine ($[^{18}F]FHBG$) for non-invasive reporter gene imaging using PET in HSV1-tk expressing hepatoma model. Materials and Methods: Radiolabeled FHBG was prepared in 8 steps from a commercially available triester. The labeling reaction was carried out by NCA nucleophilic substitution with $K[^{18}F]/K2.2.2.$ in acetonitrile using N2-monomethoxytrityl-9-14-(tosyl)-3-monomethoxytritylmethylbutyl]guanine as a precursor, followed by deprotection with 1 N HCl. Preliminary biological properties of the probe were evaluated with MCA cells and MCA-tk cells transduced with HSV1-tk reporter gene. In vitro uptake and release-out studies of $[^{18}F]FHBG$ were performed, and was analyzed correlation between $[^{18}F]FHBG$ uptake ratio according to increasing numeric count of MCA-tk cells and degree of gene expression. MicroPET scan image was obtained with MCA and MCA-tk tumor bearing Balb/c-nude mouse model. Results: $[^{18}F]FHBG$ was purified by reverse phase semi-HPLC system and collected at around 16-18 min. Radiothemical yield was about 20-25%) (corrected for decay), radiochemical purity was >95% and specific activity was around >55.5 $GBq/{\mu}\;mol$. Specific accumulation of $[^{18}F]FHBG$ was observed in HSV1-tk gene transduced MCA-tk cells but not in MCA cells, and consecutive 1 hour release-out results showed more than 86% of uptaked $[^{18}F]FHBG$ was retained inside of cells. The uptake of $[^{18}F]FHBG$ was showed a highly significant linear correlation ($R^2=0.995$) with increasing percentage of MCA-tk numeric cell count. In microPET scan images, remarkable difference of accumulation was observed for the two type of tumors. Conclusion: $[^{18}F]FHBG$ appears to be a useful as non-invasive PET imaging substrate in HSV1-tk expressing hepatoma model.

• The Korean Journal of Financial Management
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• v.21 no.2
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• pp.99-123
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• 2004

We focus in this study on incremental financing decisions and estimate a logit model for the probability a firm will choose a private placement over a public bond issue. We hypothesize that information asymmetry, financial risk, agent cost, and proprietary information may affect a firm's choice between public debt and private placements. We find that as the size of firm increases, the probability of choosing a private placement declines significantly. The age of the firm, however, is not a significant factor affecting the firm's choice between public and privately-placed bond. The coefficients on the firm's leverage and non-investment grade dummy are significantly positive, meaning firms with high financial risk and credit risk select private placements. The findings regarding agency-related variables, PER and Tobin's Q, are somewhat complex. We find significant evidence that firms with high PER prefer private placements to public bonds, suggesting that borrowers with options to engage in asset substitution or underinvestment are more likely to choose private placements. The coefficient of Tobin's Q is negative, but not significant, which weakly support the hold-up hypothesis. When we construct an interaction term on the Tobin's Q with a non-investment rating dummy, however, the Tobin's Q interaction term becomes positive and significant. Thus, high Tobin's Q firms with a speculative rating are significantly more likely to choose a private placement, regardless of the potential hold-up problems. The ratio of R&D to sales, proxy for proprietary information, is positively significant. This result can be interpreted as evidence in favor of a role for proprietary information in the debt sourcing decision process for these firms.

• Korean small business review
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• v.31 no.4
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• pp.67-93
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• 2009

The purpose of this paper is to explore the relations between financial constraints and dividend smoothing of innovative small and medium sized enterprises(SMEs) listed on Korea Securities Market and Kosdaq Market of Korea Exchange. The innovative SMEs is defined as the firms with high level of R&D intensity which is measured by (R&D investment/total sales) ratio, according to Chauvin and Hirschey (1993). The R&D investment plays an important role as the innovative driver that can increase the future growth opportunity and profitability of the firms. Therefore, the R&D investment have large, positive, and consistent influences on the market value of the firm. In this point of view, we expect that the innovative SMEs can adjust dividend payment faster than the noninnovative SMEs, on the ground of their future growth opportunity and profitability. And also, we expect that the financial unconstrained firms can adjust dividend payment faster than the financial constrained firms, on the ground of their financing ability of investment funds through the market accessibility. Aivazian et al.(2006) exert that the financial unconstrained firms with the high accessibility to capital market can adjust dividend payment faster than the financial constrained firms. We collect the sample firms among the total SMEs listed on Korea Securities Market and Kosdaq Market of Korea Exchange during the periods from January 1999 to December 2007 from the KIS Value Library database. The total number of firm-year observations of the total sample firms throughout the entire period is 5,544, the number of firm-year observations of the dividend firms is 2,919, and the number of firm-year observations of the non-dividend firms is 2,625. About 53%(or 2,919) of these total 5,544 observations involve firms that make a dividend payment. The dividend firms are divided into two groups according to the R&D intensity, such as the innovative SMEs with larger than median of R&D intensity and the noninnovative SMEs with smaller than median of R&D intensity. The number of firm-year observations of the innovative SMEs is 1,506, and the number of firm-year observations of the noninnovative SMEs is 1,413. Furthermore, the innovative SMEs are divided into two groups according to level of financial constraints, such as the financial unconstrained firms and the financial constrained firms. The number of firm-year observations of the former is 894, and the number of firm-year observations of the latter is 612. Although all available firm-year observations of the dividend firms are collected, deletions are made in the case of financial industries such as banks, securities company, insurance company, and other financial services company, because their capital structure and business style are widely different from the general manufacturing firms. The stock repurchase was involved in dividend payment because Grullon and Michaely (2002) examined the substitution hypothesis between dividends and stock repurchases. However, our data structure is an unbalanced panel data since there is no requirement that the firm-year observations data are all available for each firms during the entire periods from January 1999 to December 2007 from the KIS Value Library database. We firstly estimate the classic Lintner(1956) dividend adjustment model, where the decision to smooth dividend or to adopt a residual dividend policy depends on financial constraints measured by market accessibility. Lintner model indicates that firms maintain stable and long run target payout ratio, and that firms adjust partially the gap between current payout rato and target payout ratio each year. In the Lintner model, dependent variable is the current dividend per share(DPS_t), and independent variables are the past dividend per share(DPS_t-1) and the current earnings per share(EPS_t). We hypothesized that firms adjust partially the gap between the current dividend per share(DPS_t) and the target payout ratio(Ω) each year, when the past dividend per share(DPS_t-1) deviate from the target payout ratio(Ω). We secondly estimate the expansion model that extend the Lintner model by including the determinants suggested by the major theories of dividend, namely, residual dividend theory, dividend signaling theory, agency theory, catering theory, and transactions cost theory. In the expansion model, dependent variable is the current dividend per share(DPS_t), explanatory variables are the past dividend per share(DPS_t-1) and the current earnings per share(EPS_t), and control variables are the current capital expenditure ratio(CEA_t), the current leverage ratio(LEV_t), the current operating return on assets(ROA_t), the current business risk(RISK_t), the current trading volume turnover ratio(TURN_t), and the current dividend premium(DPREM_t). In these control variables, CEA_t, LEV_t, and ROA_t are the determinants suggested by the residual dividend theory and the agency theory, ROA_t and RISK_t are the determinants suggested by the dividend signaling theory, TURN_t is the determinant suggested by the transactions cost theory, and DPREM_t is the determinant suggested by the catering theory. Furthermore, we thirdly estimate the Lintner model and the expansion model by using the panel data of the financial unconstrained firms and the financial constrained firms, that are divided into two groups according to level of financial constraints. We expect that the financial unconstrained firms can adjust dividend payment faster than the financial constrained firms, because the former can finance more easily the investment funds through the market accessibility than the latter. We analyzed descriptive statistics such as mean, standard deviation, and median to delete the outliers from the panel data, conducted one way analysis of variance to check up the industry-specfic effects, and conducted difference test of firms characteristic variables between innovative SMEs and noninnovative SMEs as well as difference test of firms characteristic variables between financial unconstrained firms and financial constrained firms. We also conducted the correlation analysis and the variance inflation factors analysis to detect any multicollinearity among the independent variables. Both of the correlation coefficients and the variance inflation factors are roughly low to the extent that may be ignored the multicollinearity among the independent variables. Furthermore, we estimate both of the Lintner model and the expansion model using the panel regression analysis. We firstly test the time-specific effects and the firm-specific effects may be involved in our panel data through the Lagrange multiplier test that was proposed by Breusch and Pagan(1980), and secondly conduct Hausman test to prove that fixed effect model is fitter with our panel data than the random effect model. The main results of this study can be summarized as follows. The determinants suggested by the major theories of dividend, namely, residual dividend theory, dividend signaling theory, agency theory, catering theory, and transactions cost theory explain significantly the dividend policy of the innovative SMEs. Lintner model indicates that firms maintain stable and long run target payout ratio, and that firms adjust partially the gap between the current payout ratio and the target payout ratio each year. In the core variables of Lintner model, the past dividend per share has more effects to dividend smoothing than the current earnings per share. These results suggest that the innovative SMEs maintain stable and long run dividend policy which sustains the past dividend per share level without corporate special reasons. The main results show that dividend adjustment speed of the innovative SMEs is faster than that of the noninnovative SMEs. This means that the innovative SMEs with high level of R&D intensity can adjust dividend payment faster than the noninnovative SMEs, on the ground of their future growth opportunity and profitability. The other main results show that dividend adjustment speed of the financial unconstrained SMEs is faster than that of the financial constrained SMEs. This means that the financial unconstrained firms with high accessibility to capital market can adjust dividend payment faster than the financial constrained firms, on the ground of their financing ability of investment funds through the market accessibility. Futhermore, the other additional results show that dividend adjustment speed of the innovative SMEs classified by the Small and Medium Business Administration is faster than that of the unclassified SMEs. They are linked with various financial policies and services such as credit guaranteed service, policy fund for SMEs, venture investment fund, insurance program, and so on. In conclusion, the past dividend per share and the current earnings per share suggested by the Lintner model explain mainly dividend adjustment speed of the innovative SMEs, and also the financial constraints explain partially. Therefore, if managers can properly understand of the relations between financial constraints and dividend smoothing of innovative SMEs, they can maintain stable and long run dividend policy of the innovative SMEs through dividend smoothing. These are encouraging results for Korea government, that is, the Small and Medium Business Administration as it has implemented many policies to commit to the innovative SMEs. This paper may have a few limitations because it may be only early study about the relations between financial constraints and dividend smoothing of the innovative SMEs. Specifically, this paper may not adequately capture all of the subtle features of the innovative SMEs and the financial unconstrained SMEs. Therefore, we think that it is necessary to expand sample firms and control variables, and use more elaborate analysis methods in the future studies.