• The Korean Journal of Financial Management
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• v.25 no.3
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• pp.111-130
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• 2008

This paper compares long term equilibrium relation of KOSPI 200 which is underling stock and its futures by using general method fractional cointegration instead of existing integer cointegration. Existence of integer cointegration between two price time series gives much wider information about long term equilibrium relation. These details grasp long term equilibrium relation of two price time series as well as reverting velocity to equilibrium by observing difference coefficient of error term when it renounces from equilibrium relation. The result of this study reveals existence of long term equilibrium relation between KOSPI200 and futures which follow fractional cointegration. Difference coefficient, d, of 'two price time series error term' satisfies 0 < d < 1/2 beside bandwidth parameter, m(173). It means two price time series follow stationary long memory process. This also means impulse effects to balance price of two price time series decrease gently within hyperbolic rate decay. It indicates reverting speed of error term is very low when it bolts from equilibrium. It implies to market maker, who is willing to make excess return with arbitrage trading and hedging risk using underling stock, how invest strategy should be changed. It also insinuates that information transition between KOSPI 200 Index market and futures market does not working efficiently.

• The Journal of the Korea Contents Association
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• v.21 no.12
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• pp.585-594
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• 2021

As for international migration, family reunification is a key factor for the well-being and social integration of migrants. The UN ensures the right to family unity for the beneficiaries of complementary forms of protection. That includes those who are not recognized as refugees, but are nevertheless at risk of serious harm upon return to their country of origin, and thus are in need of international protection to the same degree as refugees. Although the Korean government provides humanitarian stay permits as complementary forms of protection, it does not guarantee family reunification as it does for refugees. This study aimed to examine the family reunification systems in Sweden, Ireland, Australia and Canada and to propose policy implications for family reunification of humanitarian status holders in Korea. The results showed that these countries commonly ensures the rights to family reunification although permission periods and scope vary by country. This study concludes that the Korean government should develop a legal system to ensure family reunification for humanitarian status holders since it is guaranteed as a basic human right by international covenants and promotes positive integration to countries of stay.

• Journal of the Korean Geotechnical Society
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• v.38 no.4
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• pp.59-70
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• 2022

There is a growing interest in evaluating earthquake damage and determining disaster prevention measures due to the magnitude 5.8 earthquake in Pohang, Korea. Since the liquefaction phenomena occurred extensively in the residential area as a result of the earthquake, there was a demand for research on liquefaction phenomenon evaluation and liquefaction disaster prediction. Liquefaction is defined as a phenomenon where the strength of the ground is completely lost due to a sudden increase in excess pore water pressure caused due to large dynamic stress, such as an earthquake, acting on loose sand particles in a short period of time. The liquefaction potential index, which can identify the occurrence of liquefaction and predict the risk of liquefaction in a targeted area, can be used to create a liquefaction hazard map. However, since liquefaction assessment using existing field testing is predicated on a single borehole liquefaction assessment, there has been a representative issue for the whole targeted area. Spatial interpolation and geographic information systems can help to solve this issue to some extent. Therefore, in order to solve the representative problem of geotechnical information, this research uses the kriging method, one of the geostatistical spatial interpolation techniques, and constructs a geotechnical information database for liquefaction and spatial interpolation. Additionally, the liquefaction hazard map was created for each return period using the constructed geotechnical information database. Cross validation was used to confirm the accuracy of this liquefaction hazard map.

• Journal of radiological science and technology
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• v.35 no.1
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• pp.51-57
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• 2012

In this experiment, we investigated 82 patients who suffered adverse reactions due to contrast medium. We selected the subjects out of 21,178 people who had an intravenous injection of contrast medium to undergo MDCT examination at one university hospital in Busan in 2007. As a result, the largest groups of the patients were as follows. 52.4% of the patients were male when classify by gender; 28.0% of the patients were 50's by age; 45% of the patients got when it was spring(April and March); 75.6% of the patients had a side effects when the speed of injection is 2.5mL/sec; 58.5% of the patients were suffered when the volume of injected contrast medium is over 130mL. Urticaria was the main symptom of side effect as 26.8%. And the main treatment for the effect was alleviating the symptoms before making patients to return home. Thus, practical preventive measures are needed as follows : use the OCS system to observe warning signs at risky patients, secure warming spaces for patients to cope with season changing, prepare enough emergency kits for the patients in danger, and establish CPR call systems, explain the risk of contrast medium and get agree about using contrast medium.

• Management & Information Systems Review
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• v.36 no.4
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• pp.53-80
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• 2017

The purpose of this study is to examine the determinants of the number of bank relationships in Korea. Firm-specific determinants considered here include leverage, size, age, return on asset, investment grade, tangibility, liquidity, R&D expenditure. We estimate the effects of these variables, and compare the results with those from previous studies performed for other economies. Concerning the effects of business cycle, we find that the business cycle is an important factor in determining the number of bank relationships. The number of bank relationships varies over the business cycle, and we notice a counter-cyclical behavior, which means the number decreases during economic expansions and increases during contractions. This result can be interpreted as a result of firms' diversification of borrowings into multiple banks in order to reduce the liquidity risk during the recession. In the subsets, however, the number of bank relationships for large firms is stable regardless of the business cycle. Unlisted firms, non-chaebol, and low credit quality firms which have relatively limited access to alternative sources of financing show counter-cyclical behavior. Finally, such phenomena is not observed in the non-competitive credit market, while they show a counter-cyclical behavior in the competitive credit market.

• Journal of Wetlands Research
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• v.15 no.1
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• pp.105-114
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• 2013

Recently, Due to Climate change, extreme rainfall occurs frequently. In many preceding studies, Because of extreme hydrological events changes, it is expected that peak flood Magnitude and frequency of drainage infrastructures changes. However, at present, probability rainfall in the drainage facilities design is assumed to Stationary which are not effected from climate change and long-term fluctuation. In the future, flood control safety standard should be reconsidered about the valid viewpoint. In this paper, in order to assess impact of climate change on drainage system, Future climate change information has been extracted from RCP 8.5 Climate Change Scenario for IPCC AR5, then estimated the design rainfall for various durations at return periods. Finally, the design flood estimated through the HEC-HMS Model which is being widely used in the practices, estimated the effect of climate change on the Design Flood of Mihochen basin. The results suggested that the Design Flood increase by climate change. Due to this, the Flood risk of Mihochen basin can be identified to increase comparing the present status.

• Asia pacific journal of information systems
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• v.19 no.1
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• pp.147-165
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• 2009

Virtual community(VC) will increasingly be organized as commercial enterprises, with the objective of earning an attractive financial return by providing members with valuable resources and environment. For example, Cyworld.com in Korea uses several community services to enable customers of Cyworld to take control of their own value as potential purchasers of products and services. Although initial adoption is important for online network service success, it does not necessarily result in the desired managerial performance unless the initial usage is continuously related to the continuous usage and purchase. Particularly, the customer who receives relevant online services and is well equipped with online network services, will trust the online service provider and perceive less risk and experience more activities such as continuous usage and purchase. Thus, how to promote continued online service usage or, alternatively, how to prevent discontinuance is a critical issue for VC service providers to consider. By aggregating a wide range of information and online environments for customers and providing trust to its members, the service providers of virtual communities help to reduce the perceived risk of continuous usage and purchase. Drill down, online service managers realize that achieving strong and sustained customers who continuously use online service and purchase on it is crucial. Therefore, the research into this online service continuance will identify the relationship between the initial usage and the continuous usage and purchase. The research of continuous usage or post adoption has recently emerged as an important issue in the IS literature. Individuals' information systems(IS) continuous usage decisions are congruent with consumers' repeat purchase decisions. The TAM(Technology Acceptance Model) paradigm has been strongly confirmed across a wide range from product purchase on EC to online service usage contexts. The analysis of IS usage based on TAM has proven to be successful across almost online service contexts. However, most of previous studies have focused on only an area (i.e., VC or EC). Just little research has tried to analyze the relationship between VC and EC. The effect of some factors on user intention, captured through several theories such as TAM, has been demonstrated. Yet, few studies have explored the salient relationships of VC users' EC acceptance. To fill this gap between VC and EC research, this paper attempts to develop a research model that extends the TAM perspective in view of the additional contributions of trust in the service provider and trust in members on some factors that affect EC and VC adoption. In this extension, we applied the TAM-to-TAM(T2T) model, and analyzed the transfer effect of trust between these two TAMs. The research model was empirically tested on the context of a social network service. The model was to extend TAM with the trust concept for the virtual community environment from the perspective of tasks. By building an extended model of TAM and examining the relationships between trust and the existing variables of TAM, it is aimed to explain a user's continuous intention to use VC and purchase on EC. The unit of analysis in this paper is an individual user of a virtual community. The population of interest is the individual with the experiences in virtual community. The data for this paper was made available via a Web survey of VC users. In total, 281 cases were gathered for about one week, but there were some missing values in the sample and there were some inappropriate cases. Thus, only 248 cases were finally analyzed. We chose the structural equation analysis to test the hypotheses and it is better suited for explaining complex relationships than the other methods. In this test, AMOS was used to test the Structural Equation Model (SEM). Noticeable results have been found in the T2T model regarding the factors affecting the intention to use of virtual community and loyalty. Our result showed that trust transfer plays a key role in forming the two adoption beliefs. Overall, this study preliminarily confirms the salience of trust transfer in online service.

• Journal of Chest Surgery
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• v.36 no.3
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• pp.136-141
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• 2003

We assessed the intermediate-term result of tricuspid annuloplasty (TAP) for tricuspid valve regurgitation (TR) associated with congenital heart disease in adults. Risk factors for residual TR were also analysed. Material and Method: From August 1989 to June 2001, seventy three adult patients, 51 females and 22 males, underwent TAP for TR associated with various congenital heart disease. Their age ranged from 46 years to 73 years (mean:43). Associated heart anomalies were atrial septal defect (55), ventricular septal defect (6), partial anomalous pulmonary venous return (4) and others (8). Preoperative and post-operative TR velocities were 3.25 m/sec and 2.56 m/sec respectively, and the types of TAP were De Vega in 43, Kay in 18 and Ring annuloplasty in 12. Postoperative follow-up duration was 2,347 patient-month (mean: 32.6 months), and 134 two-dimensional echocardiographic examinations were done during this period. Residual TR greater than III/IV was considered as TAP failure. Result: TAP failure was observed in 7 patients (9.6%), and one patient among them underwent tricuspid valve replacement. Risk factors for TAP failure were diagnosis other than atrial septal defect (p=0.001), preoperative (p=0.038) and postoperative (p=0.028) high TR velocity. There was no statistical significance in terms of TAP methods. Conclusion: Careful evaluation of valve morphology and aggressive surgical intervention are mandatory for the repair of TR with preoperative or residual RV pressure overload.

• KDI Journal of Economic Policy
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• v.32 no.4
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• pp.153-195
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• 2010

The recent global financial crisis has been the outcome of, among other things, the mismatch between institutions and the reality of the market in the current global financial system. The International financial institutions (IFIs) that were designed more than 60 years ago can no longer effectively meet the challenges posed by the current global economy. While the global financial market has become integrated like a single market, there is no international lender of last resort or global regulatory body. There also has been a rapid shift in the weight of economic power. The share of the Group of 7 (G7) countries in global gross domestic product (GDP) fell and the share of emerging market economies increased rapidly. Therefore, the tasks facing us today are: (i) to reform the IFIs -mandate, resources, management, and governance structure; (ii) to reform the system such as the international monetary system (IMS), and regulatory framework of the global financial system; and (iii) to reform global economic governance. The main focus of this paper will be the IMS reform and the role of the Group of Twenty (G20) summit meetings. The current IMS problems can be summarized as follows. First, the demand for foreign reserve accumulation has been increasing despite the movement from fixed exchange rate regimes to floating rate regimes some 40 years ago. Second, this increasing demand for foreign reserves has been concentrated in US dollar assets, especially public securities. Third, as the IMS relies too heavily on the supply of currency issued by a center country (the US), it gives an exorbitant privilege to this country, which can issue Treasury bills at the lowest possible interest rate in the international capital market. Fourth, as a related problem, the global financial system depends too heavily on the center country's ability to maintain the stability of the value of its currency and strength of its own financial system. Fifth, international capital flows have been distorted in the current IMS, from EMEs and developing countries where the productivity of capital investment is higher, to advanced economies, especially the US, where the return to capital investment is lower. Given these problems, there have been various proposals to reform the current IMS. They can be grouped into two: demand-side and supply-side reform. The key in the former is how to reduce the widespread strong demand for foreign reserve holdings among EMEs. There have been several proposals to reduce the self-insurance motivation. They include third-party insurance and the expansion of the opportunity to borrow from a global and regional reserve pool, or access to global lender of last resort (or something similar). However, the first option would be too costly. That leads us to the second option - building a stronger globalfinancial safety net. Discussions on supply-side reform of the IMS focus on how to diversify the supply of international reserve currency. The proposals include moving to a multiple currency system; increased allocation and wider use of special drawing rights (SDR); and creating a new global reserve currency. A key question is whether diversification should be encouraged among suitable existing currencies, or if it should be sought more with global reserve assets, acting as a complement or even substitute to existing ones. Each proposal has its pros and cons; they also face trade-offs between desirability and political feasibility. The transition would require close collaboration among the major players. This should include efforts at the least to strengthen policy coordination and collaboration among the major economies, and to reform the IMF to make it a more effective institution for bilateral and multilateral surveillance and as an international lender of last resort. The success on both fronts depends heavily on global economic governance reform and the role of the G20. The challenge is how to make the G20 effective. Without institutional innovations within the G20, there is a high risk that its summits will follow the path of previous summit meetings, such as G7/G8.

• The Korean Journal of Air & Space Law and Policy
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• v.35 no.2
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• pp.375-402
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• 2020

The adoption and entering into force of the Registration Convention was another achievement in expanding and strengthening the corpus iuris spatialis. It was the fourth treaty negotiated by the member states of the UNCOPUOS and it elaborates further Articles 5 and 8 of the Outer Space Treaty(OST). The Registration Convention also complements and strengthens the Article 11 of the OST, which stipulates an obligation of state parties to inform the UN Secretary-General of the nature, conduct, locations, and results of their space activities in order to promote international cooperation. The prevailing purposes of the Registration Convention is the clarification of "jurisdiction and control" as a comprehensive concept mentioned in Article 5 8 of the OST. In addition to its overriding objective, the Registration Convention also contributes to the promotion and the exploration and use of outer space for peaceful purposes. Establishing and maintaining a public register reduces the possibility of the existence of unidentified space objects and thereby lowers the risk such as, for example, putting the weapons of mass destruction secretly into orbit. And furthermore it could serve for a better space traffic management. The Registration Convention is a treaty established to implement Article 5 of OST for the rescue and return of astronaut in more detail. In this respect, if OST is a general law, the Registration Convention would be said to be in a special law. If two laws conflict the principle of lex specialis will be applied. Countries that have not joined the Registration Convention will have to follow the rules concerning the registration of paragraph 7 of the Declaration by the United Nations General Assembly resolution 1721 (X V I) in 1961. UN Resolution 1721 (XVI) is essentially non-binding, but appears to have evolved into the norm of customary international law requiring all States launching space objects into orbit or beyond to promptly provide information about their launchings for registration to the United Nations. However, the nature and scope of the information to be supplied is left to the discretion of the notifying State. The Registration Convention is a treaty created for compulsory registration of space objects by nations, but in reality it is a treaty that does not deviate from existing practice because it is based on voluntary registration. With the situation of dealing with new problems due to the commercialization and privatization of the space market, issues related to the definition of a 'space object', including matter of the registry state of new state that purchased space objects and space debris matter caused by the suspension of space objects launched by the registry state should be considered as matters when amendments, additional protocols or new Registration Convention are established. Also the question of registration of a flight vehicle in the commercial space market using a space vehicle traveling in a sub-orbital in a short time should be considered.