• The Korean Journal of Financial Management
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• v.20 no.1
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• pp.1-27
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• 2003

The purpose of this study is to empirically investigate the role of capitalized intangibles such as patents, copy rights and R&D and non-capitalized intangibles such as advertising expenses and labor-related expenses, which are considered to be important to generating future excess profits, on the valuation of IPO shares. This study examines 125 firms which went public during 1992 - 1998. The result suggests that advertising expenses do not have significant influence on the offer price and the market price of IPO shares. On the other hand, R&D and labor-related expenses play important role in determining the offer price and the market price of IPO shares. In case of capitalized intangible assets, they we important factors in determining the market price but not the of for price. This study suspects that the Securities and Exchange Law of the Korean Securities Exchange Commission potentially contribute to the result of no effect of capitalized intangibles (except R&D) on the offer price by underwriters. According to the Law, any intangible assets which are considered to be irrelevant to the valuation of IPO shares must be exclued. This is very ambiguous and potentially cause underwriters to exclude any intangibles difficult to measure their value. However the market considers capitalized intangibles to be important, as suggested by the result of this study. To reduce this valuation asymmetry, it is important to reveal detailed information regarding the valuation of assets, in particular, intangible assets to the public.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.33
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• pp.121-144
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• 2007

The International Chamber of Commerce has been the world's leading organization in the field of international commercial dispute resolution. Established in 1923 as the arbitration body of ICC, the International Court of Arbitration has pioneered international commercial arbitration as it is known today. The ICC International Court of Arbitration is the world's foremost institution in the resolution of international business disputes. While most arbitration institutions are regional or national in scope, the ICC Court is truly international. The purpose of this paper is to examine their advantages and to introduce main contents provided in ICC Rules of Arbitration as follows; First, before the actual merits of the case can be addressed, the Arbitral Tribunal must first draw up the Terms of Reference. The Terms of Reference should include the particulars listed in the ICC Rules. Apart from the full names and description of the parties and arbitrators, the place of arbitration and a summary of the parties' respective claims, they contain particulars concerning the applicable procedural rules and any other provisions required to make the Award enforceable at law Second, the Scrutiny is a fundamental feature of ICC arbitration and is one that distinguishes it from the other major international arbitration rules. The scrutiny system has two aspects ; the first is to identify or modify the defects of form, while the second is to draw the arbitrators' attention to points of substance. Third, as soon as practicable, the Court fixes an advance on costs intended to cover the estimated fees and expenses of the arbitrators, as well as the administrative expenses of ICC. Specially, the advance on costs fixed by the Court shall be payable in equal shares by the Claimant and Respondent. Finally, the parties are also free to select the arbitrator or arbitrators of their choice. The Court or the Secretary General confirms arbitrators nominated by the parties. Taking a step forward, to upgrade the quality of the award of KCAB, it is desirable to consider how to incorporate the main contents of the ICC Arbitration into Korea Commercial Arbitration Rules.

• Journal of Navigation and Port Research
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• v.44 no.5
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• pp.414-422
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• 2020

In this study, an empirical analysis of 55 ship finance cases executed by a specific ship finance bank from 2009 to 2016 during the recession period was conducted. The purpose of this study was to find the factors affecting changes in the debt performance of Korean shipping companies. The main factors were the loan nature (investment purpose, loan-to-value (LTV), syndicated loans, loan terms, put-option, balloon, and spread), financial nature (total assets turnover, net profit-to-sales ratio, debt ratio, quick ratio, total borrowing, bonds payable to total assets, interest expenses-to-sales ratio, debt service coverage ratio (DSCR), and total assets), and the company nature (company age, chief executive officer's (CEO's) shares, and listing status). In this study, the factors affecting the debt repayment capability of domestic shipping companies (loan nature, financial nature, and company nature) were verified. The credit rating was used to measure the dependent variable, debt repayment ability. The variables of investment purpose, put-option, balloon, and spread in the loan nature, debt ratio in the financial nature, and the CEO's shares and company age in the company nature were found to be significant.

• Health Policy and Management
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• v.22 no.1
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• pp.29-48
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• 2012

The purpose of this study is to analyze medical expenses by decedents in their last year of life and compare them with those by survivors during the year 2008. This study is conducted firstly in Korea, except some studies focusing on medical cost of decedents from specific diseases. To study this, national health insurance(NHI) claims data was used with medicaid claims data. The study group(decedents) was selected from the insurance entitlement file who were dropped out from January to December of 2008. The control group(survivors) was selected from the entitlement file by stratified sampling with keeping age-sex composition of the study group. The medical expenses of decedents during one year before death were measured and compared with those of survivors by sex and age. And the medical expenses were analyzed by causes of death, and also the expenses were examined by each item of medical services. On average, the medical expense amounted to 11 million Korean Won per decedent during their last year of life in 2008. The medical expense per decedent was 9.3 higher than that of survivor. The death-related expense of under the age 35 was about 16 million Won, compared with 4 million Won in the case of over the age 95, in average. The death-related expense is higher in younger ages. This means that more medical resources are put in to save life in younger ages. Total death-related expenditure took 8.3 percent in total NHI expenditures. Of the death-related medical expenses, the largest one was injection-related cost which shares twenty five percent, and the second largest one was hospitalization charges, and then the third one was surgery cost. The results of this study suggested that we should pay attention to the medical expenses in the last of year of life when we study health care expenditure in Korea. In addition, we have to deliberate health care policy to cope with medical expenditures before death in more efficient way.

• Proceedings of the Safety Management and Science Conference
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• 2003.05a
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• pp.211-222
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• 2003

The health industry is highly value-added, compared to other industries. The reason is that increase of income growth and the expanded human life expectancy bring about positively needs of products at health industry. This is related with increase in expenses of health care and R&D investment of health industry. After 1995, the share of GDP at drug & biomedical industry is increased. Especially, the share of GDP at biomedical is 0.12% in 1995 1$^{st}$ quarter, but 0.17% in 2002 3$^{rd}$ quarter, 0.24% in 2008. Biomedical's contribution about GDP growth is to jump into 6.01% in 2008. The share of GDP at drug will continuously expand, compared to other manufacture industries. Also, drug's contribution about GDP growth will increase, compared with before. Conclusionally, total shares of GDP at drug St biomedical industry are to increase, compared with before. Also, this health industry's contribution is to expand as value-added industry and increase of sales.

• Journal of Families and Better Life
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• v.29 no.4
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• pp.205-216
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• 2011

Unequal distribution of shares among children during intergenerational transference of assets has been prevalent in Korea. This study intends to examine whether parental contribution, in the form of a cash gift, is differentiated between the bride's side and the bridegroom's side at marriage and by age group. This pattern may also change according to the generation. Questionnaires were equally distributed to members of three previously delineated age groups: 20' s-30' s, 40's -50's, and 60's and above who are married or have been married at least once and reside in Seoul or Gyeonggi province. A total of 700 questionnaires were analyzed using SPSS and the data were sorted by age group. The results indicate an apparent difference between the husband's side and the wife's side in providing funding for housing at marriage in that a large portion of the funding is provided by the husband's side. Among various funding sources, a cash gift from the couple's parents appears to fund the largest portion of the total cost for housing and marriage. Results show that a cash gift from the couple's parents funds a larger portion of housing expenses for younger generations, a phenomenon that becomes more severe and apparent the younger the couple is.

• Journal of Society of Preventive Korean Medicine
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• v.20 no.2
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• pp.27-38
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• 2016

Backgrounds : Taiwan has similar national health insurance (NHI) system for traditional medicine with South Korea. Recently, new quality improvement policies for traditional medicine is being attempted in Taiwan. Objectives : This study aimed to review the Taiwanese NHI system for Chinese Medicine (CM) and introduce quality improvement policies. Methods : Research articles, reports, government publications and year books which handled traditional medicine system and NHI system in Taiwan were searched and collected. The authors analyzed and summarized the contents in a qualitative manner. Results : In Taiwanese NHI system, CM procedures and medication for outpatients are reimbursed through a mix of fee-for-service and global budget payment system. CM shares 4% of total expenditure of NHI in Taiwan. Mostly, the expenses for procedures are reimbursed regardless of disease type, however, in the specialized program for quality improvement, CM doctors have to comply with standard operating procedures (SOPs). Conclusions : Taiwanese NHI system implemented SOP-based new reimbursement system for CM. Yet, the scientific evidences for SOPs are not sufficient, it can be useful references when we develope disease related reimbursement system for Korean Medicine in South Korea.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• 2007.11a
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• pp.416-419
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• 2007

In the case of domestic, related information of expenses in order to draw up cost model at the early stage haven't been stored systematically; moreover, similar projects which were accomplished in the past time have lacked data about actual results connected itself. Accordingly, a reliable object hasn't been selected because validity of cost comparing a main function is difficult to dearly decide. Consequently, This study Cost model who can procures and shares and utilizes, studies that is achieved past Cost information of similarity project and achieves in phase zero for target choice of VE activity to systematic and efficient analysis wishes to present conceptional pattern of available Web-Based VE 'Cost model analysis system (Cost Model Analysis System: CMAS)'.

• Journal of Korea Water Resources Association
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• v.40 no.1 s.174
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• pp.63-72
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• 2007

The main purpose of this study is that financial resources allocation criteria are examined closely between central government and local government as well as among local government in a river basin. Financial resources allocation principles reflecting water use, flood control, and water quality improvement are reviewed and derived two categories such as common factors and individual factors. The weights of each factor are assigned by analytical hierarchy process. The results of applying four river basins (Han river, Geum river, Nakdong river, Yeongsan-seumjin river) show that rational raising of financial resources are different according to the characteristics of each river basin. Findings are as follows: In case of Han river and Yeongsan Seumjin river, benefit principle and polluter pay principle by individual factors are more attractive than other Principles. Solvency principle by common factor is more acceptable than the other principles in Nakdong-river and Geum-river.

• The Journal of the Korea Contents Association
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• v.19 no.8
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• pp.473-482
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• 2019

People's leisure activities have increased due to changes in perception of social life. Camping cars are becoming popular due to the development of camping culture and traveling. However, there are not many users compared to the population of the camper due to the difficulty of economy and usability. Making it not easy to purchase or rent a camping car. Therefore, this study researches on camping service by combining shared services. It is aimed to provide a user centered camping shared service considering usage and economic efficiency. This study analyzed the concept, characteristics and current status of shared service and camping car with reference to domestic, overseas literature and internet data to provide basic data of camping car using shared service. In addition, through case study of shared vehicles, it is possible to grasp the current market. Integrate P2P, B2C, renting company and individuals to derive the design of A2P (All to People)service which connects and shares all. The user can have its own space available at the desired place and time. This study is a camping or unique mobile space service design that can be easily experienced in everyday life. It will reduce the strain of maintaining expenses and also process of pick up, return is freely making user-centered service design. This service design will lead to a diverse range of leisure activities and contribute to the upsweep of the camper industry.