• Journal of Chest Surgery
• /
• v.39 no.1 s.258
• /
• pp.12-17
• /
• 2006

Background: Circulatory arrest under deep hypothermia is an important auxiliary means for surgical correction of total anomalous pulmonary venous connection (TAPVC), However, cardiac operations under deep hypothermic circulatory arrest are associated with the risk of post-arrest neurologic abnormalities. The purpose of this study is to evaluate the results of the surgical correction of total anomalous pulmonary venous connection without the total circulatory arrest. Materiai and Method: Between April 2000 and October 2004, hospital records of 10 patients were reviewed retrospectively. Result: The locations for abnormal anatomical connections were supracardiac in 7 cases, cardiac in 1 case, and infracardiac in 2 cases. The mean cardiopulmonary bypass time and aorta cross clamp time were 116.8$\pm$40.7 and 69.5$\pm$24.1 minutes. There was no surgical mortality. Postoperative complications were post-repair pulmonary venous stenosis in 1 case, pneumonia in 1, pneumothorax in 1, wound infection in 1,and diaphragmatic paralysis in 1. All patients without pulmonary venous stenosis were in NYHA class I at mean follow-up of 16.6 months (3$\∼$49 months) Conclusion: We could obtain excellent results by repair without the total circulatory arrest for total anomalous pulmonary venous connection.

• The Journal of the Korea Contents Association
• /
• v.7 no.8
• /
• pp.234-244
• /
• 2007

Both competent authorities and private entrepreneurs face plenty of risks when negotiating BTO(Build Transfer Operation) methods of PPI(Private Participations in Infrastructures) projects. Also, success and failure of projects largely depend on the concession agreement contract. In this study, for more efficient negotiation, major issues are examined, and quantitatively analyzed to find out not only the relationship but also the characteristics of which these issues share. Questionnaire research was conducted through both research and by experts who were divided into an ordering agency, design company and constructor. Characteristics of major issues were quantitatively analyzed using the Likert index method, ANOVA(ANalysis of VAriance) and AHP(Analytic Hierarchy Process) analysis. Case studies were examined in order to estimate construction cost, rates of return, government finance support, level of operation-revenues guarantees, estimating operational costs and usage fees. With these 6 items, relative priority, relative impression which is sensible to risk and extent of difficulty in presenting data which is objective were quantitatively analyzed by the ordering agency, design company and constructor groups. From the analysis, there were some similarities between the design company and constructor groups while there was less of similarities between the ordering agency and design company or constructor. The government is diversifying the methods of project promotion, and PPI project from infrastructure-centered to public culture facilities are being expand. The current study will provide not only supporting efficient negotiation but also revitalizing PPI projects.

• Economic and Environmental Geology
• /
• v.53 no.1
• /
• pp.111-120
• /
• 2020

Remarkable scientific and technological achievements are mainly shown in the 'super-convergence' or 'convergence of convergence' among cross- disciplinary fields, and advanced countries are promoting the 'high-risk, high-return research' ecosystem. Google LLC is carrying out numerous new challenges in terms of a non-failure perspective. Innovative research by the US Defense Advanced Research Projects Agency (DARPA) has produced such breakthroughs as the Internet, GPS, semiconductors, the computer mouse, autonomous vehicles, and drones. China is pioneering a 'Moon Village' and planning the world's largest nuclear fusion energy and ultra-large particle accelerator project. Japan has also launched 'the moonshot technology development research system' to promote disruptive innovation. In Korea, the government is preparing a new research program to tackle the global scientific challenges. Therefore, it is necessary to determine the reasonable geoscientific challenges to be addressed and to conduct a preliminary study on these topics. For this purpose, it is necessary to conduct long-term creative research projects centered on young researchers, select outstanding principal investigators, extract innovative topics without prior research or reference, simplify research proposal procedures, innovate the selection solely based on key ideas, and evaluate results by collective intelligence in the form of conferences.

• Journal of Service Research and Studies
• /
• v.13 no.3
• /
• pp.20-38
• /
• 2023

Recently, car sharing has shown the most remarkable growth among sharing economy services. In the process of analyzing the intention to reuse the car sharing service, this study tried to reflect the unique characteristics of the service, which consists of non-face-to-face self-service, such as reservation, approval, handover, inspection, and return of the vehicle. Specifically, in addition to the perceived benefits and the perceived risks, we considered 'information quality' as a platform characteristic and 'self-efficacy' as a personal characteristic. To collect data, an online survey was conducted on adults with experience in car sharing, and a total of 320 responses were used for analysis. As a result of analyzing the structural equation model, it was found that information quality and self-efficacy increased the perceived benefits of services, and the higher the information quality, the higher the self-efficacy. On the other hand, the role of information quality and self-efficacy in lowering perceived risks was insignificant, and the intention to reuse services was more affected by perceived benefits than perceived risks. As a result of further analysis using Process Macro, it was found that the effect of self-efficacy on reuse intention was mediated by perceived benefits. It was analyzed that the indirect effects of information quality on reuse intention through perceived benefits or self-efficacy were all significant. These results suggest that providing timely, sufficient, and easy-to-understand information required by users on the platform improves self-efficacy and increases service reuse intention. In order to increase the number of service users, it is important for service providers not only to provide promotional activities such as offering attractive prices, but also to provide high-quality information so that users can use it more easily.

• KDI Journal of Economic Policy
• /
• v.30 no.2
• /
• pp.225-270
• /
• 2008

We analyze macroeconomic consequences of pay-as-you-go (PAYGO) public pension system with a simple overlapping generations model. Contrary to large body of existing literatures offering quantitative results based on simulation study, we take another route by adopting a highly simplified framework in search of qualitatively tractable analytical results. The main contribution of our results lies in providing a sound theoretical foundation that can be utilized in interpreting various quantitative results offered by simulation studies of large scale general equilibrium models. We present a simple overlapping generations model with a defined benefit(DB) PAYGO public pension system as a benchmark case and derive an analytical equilibrium solution utilizing graphical illustration. We also discuss the modifications of the benchmark model required to encompass a defined contribution(DC) public pension system into the basic framework. Comparative statics analysis provides three important implications; First, introduction and expansion of the PAYGO public pension, DB or DC, result in lower level of capital accumulation and higher expected rate of return on the risky asset. Second, it is shown that the progress of population aging is accompanied by lower capital stock due to decrease in both demand and supply of risky asset. Moreover, risk premium for risky asset increases(decreases) as the speed of population aging accelerates(decelerates) so that the possibility of so-called "the great meltdown" of asset market cannot be excluded although the odds are not high. Third, it is most likely that the switch from DB PAYGO to DC PAYGO would result in lower capital stock and higher expected return on the risky asset mainly due to the fact that the young generation regards DC PAYGO pension as another risky asset competing against the risky asset traded in the market. This theoretical prediction coincides with one of the firmly established propositions in empirical literature that the currently dominant form of public pension system has the tendency to crowd out private capital accumulation.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.11 no.4
• /
• pp.27-36
• /
• 2016

Venture companies, which can commercialize various kinds of new ideas and creating added value, are amid of great attention. Since most of venture companies in initial development stages cannot finance its capital sufficiently all by their own, investments from outside investors are key factor to their survival. However, they have lots of difficulties in financing from outside investors because of their typical uncertain but favorable investment characteristics. Moreover, even though they had successfully financed from outsiders, problems related to their stakeholders, such as interrupting in management and types of investments, cause contrary results to firms. Therefore there are various kinds of systems for startups like angels, venture capitals and governmental supports. Even so, investments and supports for venture companies are still not sufficient. 'Accelerator', which is a brand-new investment type started from Silicon Valley in United States during the mid 2000, is growing attention these-days. It mainly supports startups financially in the initial development stages, however, it also supports the firms by providing mentoring, education and networking services. On the other hand, difference between existing investment types and performance of the investment is still in controversy. Therefore this study compared investment behavior between accelerator and venture capital. As a result, we found that the difference in investment behavior of accelerators and venture capital.

• Land and Housing Review
• /
• v.11 no.2
• /
• pp.33-46
• /
• 2020

As the fastest growing office transaction volume in Korea, there's been a need for development of indicators to accurately diagnose the office capital market. The purpose of this paper is experimentally calculate to the office price index for effective benchmark indices in Seoul. The quantitative methodology used a Case-Shiller Repeat Sales Model (1991), based on actual multiple office transaction dataset with over minimum 1,653 ㎡ from Q3 1999 to 4Q 2019 in the case of 1,536 buildings within Seoul Metropolitan. In addition, the collected historical data and spatial statistical analysis tools were treated with the SAS 9.4 and ArcGIS 10.7 programs. The main empirical results of research are briefly summarized as follows; First, Seoul office price index was estimated to be 344.3 point (2001.1Q=100.0P) at the end of 2019, and has more than tripled over the past two decades. it means that the sales price of office per 3.3 ㎡ has consistently risen more than 12% every year since 2000, which is far above the indices for apartment housing index, announced by the MOLIT (2009). Second, between quarterly and annual office price index for the two-step estimation of the MIT Real Estate Research Center (MIT/CRE), T, L, AL variables have statistically significant coefficient (Beta) all of the mode l (p<0.01). Third, it was possible to produce a more stable office price index against the basic index by using the Moore-Penrose's pseoudo inverse technique at low transaction frequency. Fourth, as an lagging indicators, the office price index is closely related to key macroeconomic indicators, such as GDP(+), KOSPI(+), interest rates (5-year KTB, -). This facts indicate that long-term office investment tends to outperform other financial assets owing to high return and low risk pattern. In conclusion, these findings are practically meaningful to presenting an new office price index that increases accuracy and then attempting to preliminary applications for the case of Seoul. Moreover, it can provide sincerely useful benchmark about investing an office and predicting changes of the sales price among market participants (e.g. policy maker, investor, landlord, tenant, user) in the future.

• Journal of Service Research and Studies
• /
• v.8 no.1
• /
• pp.103-122
• /
• 2018

The purpose of this study is to present the direction of ELS investment by analyzing the actual investment return of the ELS commodities and analyzing the investment effect of ELS that investors have felt unsatisfactory at financial marketing service. The research method is based on the step-down type ELS. We calculated the probability of achieving early redemption condition and maturity repayment condition, early redemption estimated yield, and maturity repayment estimated yield. As the study result, the probability of achieving 100% of the early redemption condition was 74.5%, and the probability of the early redemption condition 95% was 83.0%, 90% was 89.5%, 85% was 92.5%, and 80% was 96.5% respectively. In the case of the lowest 75%, the probability of holding to maturity is analyzed to be 2.5%, and the probability of early redemption is high. The probability of the stock price growth within 65% of the maturity repayment condition was 98.5% and the probability of the stock price growth within 60%~45% of the maturity repayment condition was 100%. 65% of maturity repayment condition was analyzed as 1.5% risk of principal loss, and the probability of achieving the committed yield of maturity was high. As a key measure of ELS investment, it is advantageous to select a commodity with a low rate of maturity repayment and a high rate of early redemption.

• Journal of Digital Convergence
• /
• v.18 no.12
• /
• pp.243-249
• /
• 2020

This study analyzes the earnings management that can occur in the process of public offering in the process of SMEs reducing cost of capital, risks and seeking opportunities for direct financing. Since a company is subject to strict supervision during the IPO process, it is possible to prevent the phenomenon that the company value evaluated in the market is underestimated, or to perform earnings management in consideration of overestimation. This study attempted to verify the degree of earnings management through discretionary accruals and actual earnings management values that can affect the earnings ratio of the IPO of a company. For this study, total accruals were calculated and analyzed through discretionary accruals, sales, costs, and actual earnings management adjustments from production activities. As a result of the analysis, discretionary accruals, which are the countermeasures for earnings management during the listing process, have a positive(+) relationship in both the stock price return and the sales adjustment value, which can be viewed as a factor that induces high valuation. As a result of this, there may be a risk of adverse selection for the benefit amount, and information asymmetry may exist for public offering stocks. This study can provide useful guidelines for evaluating corporate value to domestic SMEs and investors that do business with Chinese companies as well as China through the current and type of earnings management of Chinese listed companies.

• Journal of Industrial Convergence
• /
• v.20 no.11
• /
• pp.75-83
• /
• 2022

This study analyzes whether investor sentiment and liquidity explain the momentum phenomenon in the Korean stock market and whether it is a risk factor for the asset pricing model. The empirical analysis used the monthly returns of non-financial companies listed on the stock market during the period 2000-2021. As a result of the analysis, first, it was found that there is a momentum effect in Korea. This is the same result as the previous study, and since 2000, the momentum effect has been accepted as a general phenomenon in the Korean stock market. Second, if we look at the portfolio based on investor sentiment, investor sentiment is influencing momentum. In particular, when investor sentiment is negative, the return on the winner portfolio is high. Third, as a result of the analysis based on liquidity, the momentum effect disappears and a reversal effect appears. Fourth, it was found that investor sentiment and liquidity influence the momentum effect. This is a result of the strong momentum effect in the illiquid stock group with negative investor sentiment. Fifth, as a result of analyzing the effect of each factor on stock returns, it was found that both investor psychology and liquidity factors have a significant impact on returns. The estimated results provide evidence that the inclusion of these two factors in the Carhart four-factor model significantly increases the predictive power of the model. Therefore, it can be said that investor sentiment factors and liquidity factors are important factors in determining stock returns.