• Title/Summary/Keyword: share value

Search Result 647, Processing Time 0.027 seconds

Institutionalization of the Value of Ecosystem services (생태계 서비스 가치의 제도화)

  • Hwang, Eun-Ju;Chun, Jae-Kyong
    • Korean Journal of Environment and Ecology
    • /
    • v.31 no.3
    • /
    • pp.337-343
    • /
    • 2017
  • This study is going to contribute the activation of ecosystem services written in the 3rd National Basic Plan for Nature Conservation(2016~2025) in Korea. Meanwhile we considered the benefits that the nature has given to the humankind as free goods or services which we may consume traditionally without due payment therefore. But on account of the expansion of cities and expedition of development, as the carrying capacity of the nature has been breached, people have come to try to restore and enhance artificially such vulnerable capacity. It is necessary to compensate the opportunity cost which the land owners or occupiers have to pay for conservation and maintenance of natural capitals which yield the ecosystem services. Therefore the institutionalization of ecosystem services should be established that the consumers who enjoy such services should share the interest from enjoying services with the land owners or occupiers who produce the ecosystem services, under the legal system which will make it possible to connect the benefit sharing with the conservation of environment. However it is the first task that the present legal system could not realize the fair and equitable benefit sharing between the producers and consumers of ecosystem services. And the second task in such legal system is that the value of ecosystem services could not be fully considered in the process of development planning. According to the analysis of this study, the institutionalization of ecosystem services in the government side and the civilian side could be realized to somewhat extent, although not sufficient. Especially the transactions of ecosystem services through the private contract among stakeholder are possible in the course of development planning or without any relevancy to a development project. The final task in the institutionalization of ecosystem services is how to assess the ecosystem services and to value the economic benefits therefrom on the basis of what kinds of procedures relating to some development processes. To overcome such difficulties, it is necessary that the state, trend and change of ecosystem services confronting with a developing project should be assessed concretely at the threshold of development. It is possible to integrate the ecosystem services into the environmental impact assessment(IEA), not by way of the Act of IEA, but by way of the Decree thereof.

Underpricing of Initial Offerings and the Efficiency of Investments (신주(新株)의 저가상장현상(低價上場現象)과 투자(投資)의 효율성(效率成)에 대한 연구(硏究))

  • Nam, Il-chong
    • KDI Journal of Economic Policy
    • /
    • v.12 no.2
    • /
    • pp.95-120
    • /
    • 1990
  • The underpricing of new shares of a firm that are offered to the public for the first time (initial offerings) is well known and has puzzled financial economists for a long time since it seems at odds with the optimal behavior of the owners of issuing firms. Past attempts by financial economists to explain this phenomenon have not been successful in the sense that the explanations given by them are either inconsistent with the equilibrium theory or implausible. Approaches by such authors as Welch or Allen and Faulhaber are no exceptions. In this paper, we develop a signalling model of capital investment to explain the underpricing phenomenon and also analyze the efficiency of investment. The model focuses on the information asymmetry between the owners of issuing firms and general investors. We consider a firm that has been owned and operated by a single owner and that has a profitable project but has no capital to develop it. The profit from the project depends on the capital invested in the project as well as a profitability parameter. The model also assumes that the financial market is represented by a single investor who maximizes the expected wealth. The owner has superior information as to the value of the firm to investors in the sense that it knows the true value of the parameter while investors have only a probability distribution about the parameter. The owner offers the representative investor a fraction of the ownership of the firm in return for a certain amount of investment in the firm. This offer condition is equivalent to the usual offer condition consisting of the number of issues to sell and the unit price of a share. Thus, the model is a signalling game. Using Kreps' criterion as the solution concept, we obtained an essentially unique separating equilibrium offer condition. Analysis of this separating equilibrium shows that the owner of the firm with high profitability chooses an offer condition that raises an amount of capital that is short of the amount that maximizes the potential profit from the project. It also reveals that the fraction of the ownership of the firm that the representative investor receives from the owner of the highly profitable firm in return for its investment has a value that exceeds the investment. In other words, the initial offering in the model is underpriced when the profitability of the firm is high. The source of underpricing and underinvestment is the signalling activity by the owner of the highly profitable firm who attempts to convince investors that his firm has a highly profitable project by choosing an offer condition that cannot be imitated by the owner of a firm with low profitability. Thus, we obtained two main results. First, underpricing is a result of a signalling activity by the owner of a firm with high profitability when there exists information asymmetry between the owner of the issuing firm and investors. Second, such information asymmetry also leads to underinvestment in a highly profitable project. Those results clearly show the underpricing entails underinvestment and that information asymmetry leads to a social cost as well as a private cost. The above results are quite general in the sense that they are based upon a neoclassical profit function and full rationality of economic agents. We believe that the results of this paper can be used as a basis for further research on the capital investment process. For instance, one can view the results of this paper as a subgame equilibrium in a larger game in which a firm chooses among diverse ways to raise capital. In addition, the method used in this paper can be used in analyzing a wide range of problems arising from information asymmetry that the Korean financial market faces.

  • PDF

Incorporating Social Relationship discovered from User's Behavior into Collaborative Filtering (사용자 행동 기반의 사회적 관계를 결합한 사용자 협업적 여과 방법)

  • Thay, Setha;Ha, Inay;Jo, Geun-Sik
    • Journal of Intelligence and Information Systems
    • /
    • v.19 no.2
    • /
    • pp.1-20
    • /
    • 2013
  • Nowadays, social network is a huge communication platform for providing people to connect with one another and to bring users together to share common interests, experiences, and their daily activities. Users spend hours per day in maintaining personal information and interacting with other people via posting, commenting, messaging, games, social events, and applications. Due to the growth of user's distributed information in social network, there is a great potential to utilize the social data to enhance the quality of recommender system. There are some researches focusing on social network analysis that investigate how social network can be used in recommendation domain. Among these researches, we are interested in taking advantages of the interaction between a user and others in social network that can be determined and known as social relationship. Furthermore, mostly user's decisions before purchasing some products depend on suggestion of people who have either the same preferences or closer relationship. For this reason, we believe that user's relationship in social network can provide an effective way to increase the quality in prediction user's interests of recommender system. Therefore, social relationship between users encountered from social network is a common factor to improve the way of predicting user's preferences in the conventional approach. Recommender system is dramatically increasing in popularity and currently being used by many e-commerce sites such as Amazon.com, Last.fm, eBay.com, etc. Collaborative filtering (CF) method is one of the essential and powerful techniques in recommender system for suggesting the appropriate items to user by learning user's preferences. CF method focuses on user data and generates automatic prediction about user's interests by gathering information from users who share similar background and preferences. Specifically, the intension of CF method is to find users who have similar preferences and to suggest target user items that were mostly preferred by those nearest neighbor users. There are two basic units that need to be considered by CF method, the user and the item. Each user needs to provide his rating value on items i.e. movies, products, books, etc to indicate their interests on those items. In addition, CF uses the user-rating matrix to find a group of users who have similar rating with target user. Then, it predicts unknown rating value for items that target user has not rated. Currently, CF has been successfully implemented in both information filtering and e-commerce applications. However, it remains some important challenges such as cold start, data sparsity, and scalability reflected on quality and accuracy of prediction. In order to overcome these challenges, many researchers have proposed various kinds of CF method such as hybrid CF, trust-based CF, social network-based CF, etc. In the purpose of improving the recommendation performance and prediction accuracy of standard CF, in this paper we propose a method which integrates traditional CF technique with social relationship between users discovered from user's behavior in social network i.e. Facebook. We identify user's relationship from behavior of user such as posts and comments interacted with friends in Facebook. We believe that social relationship implicitly inferred from user's behavior can be likely applied to compensate the limitation of conventional approach. Therefore, we extract posts and comments of each user by using Facebook Graph API and calculate feature score among each term to obtain feature vector for computing similarity of user. Then, we combine the result with similarity value computed using traditional CF technique. Finally, our system provides a list of recommended items according to neighbor users who have the biggest total similarity value to the target user. In order to verify and evaluate our proposed method we have performed an experiment on data collected from our Movies Rating System. Prediction accuracy evaluation is conducted to demonstrate how much our algorithm gives the correctness of recommendation to user in terms of MAE. Then, the evaluation of performance is made to show the effectiveness of our method in terms of precision, recall, and F1-measure. Evaluation on coverage is also included in our experiment to see the ability of generating recommendation. The experimental results show that our proposed method outperform and more accurate in suggesting items to users with better performance. The effectiveness of user's behavior in social network particularly shows the significant improvement by up to 6% on recommendation accuracy. Moreover, experiment of recommendation performance shows that incorporating social relationship observed from user's behavior into CF is beneficial and useful to generate recommendation with 7% improvement of performance compared with benchmark methods. Finally, we confirm that interaction between users in social network is able to enhance the accuracy and give better recommendation in conventional approach.

Female Teachers' Mate Selection Preferences in Social, physical, psychological and family role characteristic (미혼 여교사의 배우자 선택에서의 동질혼 추구 경향)

  • Cho, Byung Eun;Lee, Jong Hui;Lee, Hyun Jung;Kwark, Sun Jung
    • Journal of Korean Home Economics Education Association
    • /
    • v.24 no.4
    • /
    • pp.1-18
    • /
    • 2012
  • This study investigated the mate selection preferences of single female teachers by investigating the desired traits in socioeconomic, physical attractions, psychological traits and family roles of their prospected marital partner, in order to explore the current trends in homogamous marriage. A questionnaire was distributed to 295 unmarried female teachers selected by convenience sampling from the various cities. The teachers pursued homogeneity in age, educational attainment, religion, and occupation while they preferred partners with higher income level. In terms of physical assets, the attraction that the teachers felt towards the partner was the most important physical appearances. The respondents preferred partners who are masculine and an androgynous partner. The teachers held high expectations towards their future spouses in that they desired to share the roles of emotional, financial support, child care and kin keeping. A partner who shared modern sex role attitudes was preferred over someone who held traditional one. The pursuit for overall homogeneity reflects that the teachers seek for equality in their relationships with prospected marital partners by exchanging similar characteristic.

  • PDF

A Study on Construction Evaluation Criteria for Securing the Objectivity in Public Construction (공공공사 시공평가 항목의 객관성 확보를 위한 주요 개선 항목 도출에 관한 연구)

  • Seo, Se Deok;Kim, Ok Kyue;Park, Hyung Keun
    • KSCE Journal of Civil and Environmental Engineering Research
    • /
    • v.39 no.6
    • /
    • pp.913-921
    • /
    • 2019
  • The government introduced the comprehensive evaluation bidding system with the goal of pursuing the best value and the global standard in 2016. However, for the evaluation criteria on the construction evaluation reflected to the comprehensive evaluation bidding system, the problems of the objectivity insufficiency, the inclusion of multiple subjective evaluation items, and the irrationality of the weight for each evaluation item are continue to be presented. The central office group, the local government, the relevant industry, and the expert group share recognition, but the solution is not derived. Hence, the major evaluation items to be improved were derived with the characteristics analyzed to secure the objectivity of the construction evaluation. For the analysis method, the standard deviation and the Fleiss Kappa analysis method were used by utilizing the characteristics that the construction evaluation criteria consist of all 4-point measures (good, average, insufficient, and poor). According to the result, the 10 evaluation items of the total 25 construction evaluation items were derived as the evaluation items to be improved. It was found in the analysis on the major characteristics of the derived evaluation items that the qualitative evaluation criteria such as 'Very Suitable' and 'Suitable' were commonly included in the detailed evaluation guidelines. Hence, as far as the future construction evaluation standards are concerned, the qualitative evaluation standards are sublated, and the improvement should be made mainly for the quantitative evaluation criteria enabling the objectivity assurance.

Evaluation of the environmental and ecological value indicators for railway development area selection (철도개발지 선정을 위한 환경·생태적 가치 지표 평가)

  • Kim, Min-kyeong;Kim, Dong Yeob
    • Journal of Environmental Impact Assessment
    • /
    • v.26 no.2
    • /
    • pp.105-113
    • /
    • 2017
  • Recently mountain tourism has been promoted and introduction of railroads with utilizing mountain resources is being planned. With the government policies to increase the share of eco-friendly transportation on railroad, national double-tracking of single rail and improvement projects are on going. However, the eco-friendly railroad policy suggests the environmental impact assessment items only on air quality, water quality, geographical/geological features, fauna/flora, natural/environmental resources, noise/ vibration, and recreation/landscape. And for fauna/flora and natural/environmental resources, confirming the presence of environmental protection zone is enough to satisfy legal requirement. This study suggested to evaluate environmental/ecological values with quantitative data. Evaluation indices and evaluation items have been selected to provide the data. Each of the subject map and railroad network was overlapped. The study selected naturalness and diversity as major indicators and calculated weight values of the items under the indicators, which are to be usd for the selection of the sites for railway development. This assessment method could be applied to the environmentally friendly construction of railroads in the future.

Evaluation on Development Performances of E-Commerce for 50 Major Cities in China (중국 주요 50개 도시의 전자상거래 발전성과에 대한 평가)

  • Jeong, Dong-Bin;Wang, Qiang
    • Journal of Distribution Science
    • /
    • v.14 no.1
    • /
    • pp.67-74
    • /
    • 2016
  • Purpose - In this paper, the degree of similarity and dissimilarity between pairs of 50 major cities in China can be shown on the basis of three evaluation variables(internet businessman index, internet shopping index and e-commerce development index). Dissimilarity distance matrix is used to analyze both similarity and dissimilarity between each fifty city in China by calculating dissimilarity as distance. Higher value signifies higher degree of dissimilarity between two cities. Cluster analysis is exploited to classify 50 cities into a number of different groups such that similar cities are placed in the same group. In addition, multidimensional scaling(MDS) technique can obtain visual representation for exploring the pattern of proximities among 50 major cities in China based on three development performance attributes. Research design, data, and methodology - This research is performed by the 2013 report provided with AliResearch in China(1/1/2013~11/30/2013) and utilized multivariate methods such as dissimilarity distance matrix, cluster analysis and MDS by using CLUSTER, KMEANS, PROXIMITIES and ALSCAL procedures in SPSS 21.0. Results - This research applies two types of cluster analysis and MDS on three development performances based on the 2013 report of Aliresearch. As a result, it is confirmed that grouping is possible by categorizing the types into four clusters which share similar characteristics. MDS is exploited to carry out positioning of both grouped locations of cluster and 50 major cities belonging to each cluster. Since all the values corresponding to Shenzhen, Guangzhou and Hangzhou(which belong to cluster 1 among 50 major cities) are very large, these cities are superior to other cities in all three evaluation attributes. Twelve cities(Beijing, ShangHai, Jinghua, ZhuHai, XiaMen, SuZhou, NanJing, DongWan, ZhangShan, JiaXing, NingBo and FoShan), which belong to cluster 3, are inferior to those of cluster 1 in terms of all three attributes, but they can be expected to be the next e-commerce revolution. The rest of major cities, in particular, which belong to cluster 4 are relatively inferior in all three attributes, so that this automatically evokes creative innovation, which leads to e-commerce development as a whole in China. In terms of internet businessman index, on the other hand, Tainan, Taizhong, and Gaoxiong(which belong to cluster 2) are situated superior to others. However, these three cities are inferior to others in an internet shopping index sense. The rest of major cities, in particular, which belong to cluster 4 are relatively inferior in all three evaluation attributes, so that this automatically evokes innovation and entrepreneurship, which leads to e-commerce development as a whole in China. Conclusions - This study suggests the implications to help e-governmental officers and companies make strategies in both Korea and China. This is expected to give some useful information in understanding the recent situation of e-commerce in China, by looking over development performances of 50 major cities. Therefore, we should develop marketing, branding and communication relevant to online Chinese consumers. One of these efforts will be incentives like loyalty points and coupons that can encourage consumers and building in-house logistics networks.

Using Web as CAI in the Classroom of Information Age (정보화시대를 대비한 CAI로서의 Web 활용)

  • Lee, Kwang-Hi
    • Journal of The Korean Association of Information Education
    • /
    • v.1 no.1
    • /
    • pp.38-48
    • /
    • 1997
  • This study is an attempt to present a usage of the Web as CAI in the classroom and to give a direction to the future education in the face of information age. Characteristcs of information society, current curriculum, educational and teacher education are first analyzed in this article. The features of internet and 'Web are then summarized to present benefits of usage in the classroom as a CAI tool. The literature shows several characteristics of information society as follows : a technological computer, a provision and sharing of information, multi functional society, a participative democracy', an autonomy, a time value..A problem solving and 4 Cs(e.g., cooperation, copying, communication, creativity) are newly needed in this learning environment. The Internet is a large collection of networks that are tied together so that users can share their vast resources, a wealth of information, and give a key to a successful, efficient. individual study over a time and space. The 'Web increases an academic achievement, a creativity, a problem solving, a cognitive thinking, and a learner's motivation through an easy access to : documents available on the Internet, files containing programs, pictures, movies, and sounds from an FTP site, Usenet newsgroups, WAIS seraches, computers accessible through telnet, hypertext document, Java applets and other multimedia browser enhancements, and much more, In the Web browser will be our primary tool in searching for information on the Internet in this information age.

  • PDF

A Study on The Billing System of Late Movers in MMORPG (MMORPG 개발 후발업체의 과금방식에 관한 연구)

  • Lee, Nam-Jae;Seol, Nam-O;Lee, Kwang-Jae
    • Journal of Korea Game Society
    • /
    • v.5 no.2
    • /
    • pp.19-27
    • /
    • 2005
  • The core price policy of on-line game marketing are FPP(Fixed Pre Paid model and PPU(Pay Per Use) model. These two models have been a on-line game company's billing system and a fundamental of MMORPG in Korea. However, they took root billing system only for first movers recently. In now, the market share of several first movers is exceeding 80%, late movers witch have same billing system cannot take part in pair competition. Even though in MMORPG, many games of late movers were favorably noticed by a lot of gamers during Evaluation. Test, a lot of companies are bankrupt before make business. Late Movers declare free game first thing, they maintain their existence and win over customers in on-line game market. And next, they guarantee item selling, give multiple experience value and game money, at last, induce their customers to pay service. As it makes trouble between pay user and free user, and it linked up with the collapse of game contents balance that designed for FPP billing system, And then meet unexpected result which reduction of game life cycle. In this Paper, we classified several contents services based on game contents, and suggested contents premium services which adopted low cost strategy lead to micro payment. we hope it will apply to late movers' new billing system in MMORPG.

  • PDF

Effect of Relative Humidity on the Atmospheric Corrosion of Mild Steel Using the Electrochemical Wet/Dry Method (전기화학적 wet/dry 법을 이용한 탄소강의 대기부식에 미치는 상대습도의 영향에 관한 연구)

  • Yeon Jei-Won;Pyun Su-Il;Lee Woo-Jin;Choi In-Kyu;Chun Kwan-Sik
    • Journal of the Korean Electrochemical Society
    • /
    • v.3 no.1
    • /
    • pp.5-10
    • /
    • 2000
  • In the present work, corrosion rate W and corrosion potential tow were simultaneously measured as a function of relative humidity RH employing the electrochemical wet and dry method as an accelelated atmospheric corrosion method. The W versus (vs.) RH curve is classified into .three regions, namely, the first W plateau region, the second region of the linear relationship between logarithmic W and RH, finally, followed by an abrupt decay region. Based upon the atmospheric corrosion mechanism of mild steel, we introduced another diagram of $\varepsilon_{corr}$ vs. RH which is divided into three regions. In the first region, the corrosion scales are composed of single lepidocrocite-phase $(\gamma-FeOOH)$; in the second region, $\gamma-FeOOH$-phase coexists with magnetite-phase $(Fe_3O_4)$ in the scales and finally the oxide scales change into a single Fe304-phase in the third region. The three distinct regions of both representations share almost each other, which is validated by FT-IR (Fourier transform infra-red) analysis and surface observation. Both representations prove to be convenient and complementary for surveying the spectrum of the atmospheric corrosion of mild steel.