• The Korean Journal of Financial Management
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• v.27 no.1
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• pp.181-208
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• 2010

In July 2007, Korean government has passed "The Capital Market and Financial Investment Services Act" to further develop the capital markets and the Act was to become effective in February 2009. Using a large sample of Korean firms, we have examined (i) the effect of underwriting activities on the firm value (bond spread) comparing commercial bank and investment bank, and (ii) the determinants of the firm value changes following underwriting activities of bank. To test our goal, we collected a wide range of samples of data for bond issuing activities executed by Korean firms listed on the Korea Stock Exchange (KSE) between 2000 and 2003. Our paper is distinguished from previous studies on this subject in a way that we analyzed the effect of corporate bond underwriting activities with regard to commercial banking and investment banking. Initially, we set up a hypothesis that "Certification View" and "Conflict-of-interest View" are major driving forces behind cross-firm differences in performance following bond issuance. We find that, in general, underwriting by investment bank (securities company) brings a positive effect on the firm value (spread between bench mark rate and bond issuing rate). This result indicates that firm value has been negatively affected by the bank underwriting and provides the evidence for "Conflict-of-interest View" in Korea. Our studies have also revealed that any change in firm value following bond issuance is positively related with the firm size (total asset), operating performance, liquidity (cashflow), and equity ownership by foreign investors. Overall, our results support the view that bank underwriting activities can play an important role in determining firm value and financial strategies under "The Capital Market and Financial Investment Services Act" of 2007.

• Land and Housing Review
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• v.14 no.4
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• pp.17-37
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• 2023

The rental housing market in South Korea, specifically monthly rent with deposit, has been expanding over the last three decades (8.2% in 1990 to 21.0% in 2020), partly replacing the traditional Jeonse market. The distribution of rent has changed due to public rental subsidies and the emergence of luxury rental housing, while the distribution of rental household income has been polarized because of the emergence of rich renters. This study attempts to measure the structural changes in the rental market by developing a new indicator of income-rent mismatch. Using the seven series of the Korea Housing Survey, this study analyzed the changes in rent (reflecting the conversion rate) and income levels of rental households in 2006 (base year) and 10-15 years later (the analysis year) at the national level and at the spatial unit of 16 metropolitan cities and provinces (excluding Sejong), respectively, by dividing them into quartile data. The result reveals that rental housing was undersupplied in middle- and high-income rental housing due to the decline in the highest quartile (25%→18%) and the third quartile groups (25%→20%), while the supply of public rental housing expanded for the second quartile (25%→28%) and the lowest quartile (25%→35) groups. On the demand side, the highest income quartile shrank (25%→21%), while the lowest income quartile grew (25%→31%). Comparing the 16 metropolitan cities and provinces, there were significant regional differences in the direction and intensity of changes in rent and renter household income. In particular, the rental market in Seoul was characterized by supply polarization, which led to an imbalance in the income distribution of rental households. The structural changes in the apartment rental market were different from those in the non-apartment rental market. The findings of this study can be used as a basis for future regional rental housing markets. The findings can support securing affordable rental housing stock for each income quartile group on monthly rent and developing housing stability measures for a balance between income and rent distribution in each region.

• Journal of agricultural medicine and community health
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• v.29 no.1
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• pp.65-75
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• 2004

Objectives: Immunizations have been one of the most effective measures preventing from infectious diseases. It is quite important national infectious disease prevention policy to keep the immunizations rate high and monitor the immunizations rate continuously. To do this, Korean CDC introduced the National Immunization Registry Program(NIRP) which has been implementing since 2000 at the Public Health Centers(PHC). The National Immunization Registry Program will be near completed after sharing, connecting and transfering vaccination data between public and private sector. The aims of this study was to evaluate the immunization module of non-chart system in private clinic with health information system of public health center(made by POSDATA Co., LTD) and immunization registry program(made by BIT Computer Co., LTD). Methods: The analysis and survey were done by specialists in medical, health field, and health information fields from 2001. November to 2002. January. We made the analysis and recommendation about the immunization module of non-chart system in private clinic. Results and Conclusions: To make improvement on immunization module, the system will be revised on various function like receipt and registration, preliminary medical examination, reference and inquiry, registration of vaccine, print-out various sheet, function of transfer vaccination data, issue function of vaccination certification, function of reminder and recall, function of statistical calculation, and management of vaccine stock. There are needs of an accurate assessment of current immunization module on each private non-chart system. And further studies will be necessary to make it an accurate system under changing health policy related national immunization program. We hope that the result of this study may contribute to establish the National Immunization Registry Program.

• KOREAN JOURNAL OF CROP SCIENCE
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• v.27 no.4
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• pp.371-384
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• 1982

Highly cold tolerant varieties are requested not only at high latitute cool area but also tropical high elevated areas, and the required tolerance is different from location to location. IRRI identified 6 different types of cold tolerance required in the world for breeding purpose; a) Hokkaido type, b) Suweon type, c) Taipei 1st season type, d) Taipei 2nd season type, e) Tropical alpine type and, f) Bangladesh type. The cold tolerance requested in Korea is more eargent in Tongil group cultivars and their required tolerance is the one such as the physiological activities at low temperature are as active as in Japonica group cultivars at least during young seedling stage and reproduction stage. With conventional Japonica cultivars, such cold tolerant characters are requested as short growth duration but stable basic vegetative growth, less sensitive to high temperature and less prolonged growth duration at low temperature. The methods screening for cold tolerance were developed rapidly after the Tongil cultivar was reliesed. The facilities of screening for cold tolerance, such as, low temperature incubator, cold water tank, growth cabinet, phytotron, cold water nursery in Chuncheon, breeding nursery located in Jinbu, Unbong and Youngduk, are well established. Foreign facilities such as, cold water tank with the rapid generation advancement facilities, cold nurseries located in Banaue, Kathmandu and Kashimir may be available for the screening of some limitted breeding materials. For the reference, screening methods applied at different growth stages in Japan are introduced. The component characters of cold tolerance are not well identified, but the varietal differences in a) germinability, b) young seedling growth, c) rooting, d) tillering, e) discolation, f) nutrition uptake, g) photosynthesis rate, h) delay in heading, i) pollen sterility, and j) grain fertility at low temperature are reported to be distinguishable. Relationships among those traits are not consistent. Reported studies on the inheritance of cold tolerance are summarized. Four or more genes are controlling low temperature germinability, one or several genes are controlling seedling tolerance, and four or more genes are responsible for the pollen fertility of the rice treated with cold air or grown in the cold water nursery. But most of those data indicate that the results may come out in different way if those were tested at different temperature. Many cold tolerant parents among Japonicas, Indicas and Javanicas were identified as the results of the improvement of cold tolerance screening techniques and IRTP efforts and they are ready to be utilized. Considering a) diversification of germ plasm, b) integration of resistances to diseases and insects, c) identification of adaptability of recommending cultivars and, d) systematic control of recommending cultivars, breeding strategies for short term and long term are suggested. For short term, efforts will be concentrated mainly to the conventional cultivar group. Domestic cultivars will be used as foundation stock and ecologically different foreign introductions such as from Hokkaido, China or from Taiwan, will be used as cross parents for the adjustment of growth durations and synthsize the prototype of tolerances. While at the other side, extreme early waxy Japonicas will be crossed with the Indica parents which are identified for their resistances to the diseases and insects. Through the back corsses to waxy Japonicas, those Indica resistances will be transfered to the Japonicas and these will be utilized to the crosses for the improvement of resistances of prototype. For the long term, efforts will be payed to synthsize all the available tolerances identified any from Japonicas, Indicas and Javanicas to diversify the germ plasm. The tolerant cultivars newly synthsized, should be stable and affected minimum. to the low temperature at all the growing stages. The resistances to the diseases and insects should be integrated also. The rapid generation advancement, pollen culture and international cooperations were emphasized to maximize the breeding efficiency.

• Journal of the Korean Society of Fisheries and Ocean Technology
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• v.31 no.2
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• pp.142-152
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• 1995

The combined bottom trawl and hydroacoustic survey was conducted by using the training ship Oshoro Maru belong to Hokkaido University in November 1989-1992 and the training ship Nagasaki Maru belong to Nagasaki University in April 1994 in the East China Sea, respectively. The aim of the investigations was to collect the target strength data of fish school in relation to the biomass estimation of fish in the survey area. The hydroacoustic survey was performed by using the scientific echo sounder system operating at three frequencies of 25, 50 and 100kHz with a microcomputer-based echo integrator. Fish samples were collected by bottom trawling and during the trawl surveys, the openings of otter board and net mouth were measured. The target strength of fish school was estimated from the relationship between the volume back scattering strength for the depth strata of bottom trawling and the weight per unit volume of trawl catches. A portion of the trawl catches preserved in frozon condition on board, the target strength measurements for the defrosted samples of ten species were conducted in the laboratory tank, and the relationship between target strength and fish weight was examined. In order to investigate the effect of swimbladder on target strength, the volume of the swimbladder of white croaker, Argyrosomus argentatus, sampled by bottom trawling was measured by directly removing the gas in the swimbladder with a syringe on board. The results obtained can be summarized as follows: 1.The relationship between the mean volume back scattering strength (, dB) for the depth strata of trawl hauls and the weight(C, $kg/\textrm{m}^3$) per unit volume of trawl catches were expressed by the following equations : 25kHz : = - 29.8+10Log(C) 50kHz : = - 32.4+10Log(C) 100kHz : = - 31.7+10Log(C) The mean target strength estimates for three frequencies of 25, 50 and 100 kHz derived from these equations were -29.8dB/kg, -32.4dB/kg and -31.7dB/kg, respectively. 2. The relationship between target strength and body weight for the fish samples of ten species collected by trawl surveys were expressed by the following equations : 25kHz : TS = - 34.0+10Log($W^{\frac{2}{3}}$) 100kHz : TS = - 37.8+10Log($W^{\frac{2}{3}}$) The mean target strength estimates for two frequencies of 25 and 100 kHz derived from these equations were -34.0dB/kg, -37.8dB/kg, respectively. 3. The representative target strength values for demersal fish populations of the East China Sea at two frequencies of 25 and 100 kHz were estimated to be -31.4dB/kg, -33.8dB/kg, respectively. 4. The ratio of the equivalent radius of swimbladder to body length of white croaker was 0.089 and the volume of swimbladder was estimated to be approximately 10% of total body volume.

• Korean Journal of Poultry Science
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• v.16 no.2
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• pp.61-71
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• 1989

The purposes of this study were to investigate the genetic variations by backcrossing in commercial chickens. Backcrossing was carried out successively back to parent stock (P.S). Heritabilities and genetic correlation coefficients were estimated to verify the genetic variations. The data obtained from a breeding programme with commercial chickens (I strain) were collected from 1955 to 1987 at Poultry Breeding Farm, Seoul National University. Data came from a total of 1230 female offspring. The results obtained are summarized as follows： 1. The general performance ($Mean\pmStandard deviation$) of each trait was $663.94\pm87.11$g for 8 weeks body weight, $1579.1\pm155.43$g for 20 weeks body weight, $2124.1\pm215.3$g for 40 weeks body weight, $2269.1\pm242.94$g for 60 weeks body weight, $168.43\pm12.94$ day for a9e at sexual maturity (SM), $214.52\pm29.82$ eggs , for total egg number to 60 weeks of age (TEN), $61.45\pm3.48$ g for average weight (AEW), $13180.7\pm1823.22$ g for total egg mass to 60 weeks of age(TEM). All traits, except 10 weeks body weight and AEW, were significant for the degrees of backcross (p＜0.01). 2. The pooled estimates of heritabilities derived from the sire, dam and combined variance components were 0.47~0.52 for age at sexual maturity (SM), 0.07~0.37 for total egg number (TEN), 0.40~0.54 for average egg weight (AEW), 0.18~0.27 for total egg mass (TEM). High heritability estimates were found for SM and AEW. TEN and TEM were estimated to be a lowly heritable traits. Heritability estimates from dam components were higher than those from sire components. These differences might be due to non-additive genetic effect and maternal effect. 3. The estimates of heritabilities and standard errors derived from combined variance components for different degrees of backcross were $0.47\pm0.11$ (BCO), $0.42\pm0.16$ (BC1), $0.51\pm0.29$ (BC2) for TEN, $0.59\pm0.20$ (BCO), $0.43\pm0.17$ (BC1), $0.35\pm0.18$ (BC2) for AEW, $0.28\pm0.12$(BC0), $0.20\pm0.11$(BC1), $0.18\pm0.14$ (BC2) for TEM. Heritability estimates for AEW and TEM were decreased by backcrossing while those for SM and TEN remained constant. Since backcrossing contributes to increased homozygosity, the genetic variation of the traits (AEW and TEM) decreased . 4. The pooled estimates of genetic correlation coefficients were -0.55 between SM and TEN, 0.20 between SM and AEW, -0.29 between TEN and AEW, 0.82 between TEM and TEN, 0.31 between TEM and AEW, -0.42 between TEM and SM. The genetic correlation between TEM and TEN was higher than that between TEM and AEW, and it was suggested that egg mass was strongly affected by egg number. Also, age at sexual maturity(SM) contributes to egg mass(TEM). 5. When backcrossing was carried out successively, the genetic correlation between TEM and TEN increased (BC0：0.79, BC1：0.82, BC2：0.91) but those between TEM and SM decreased (BC0：-0.54, BC1：-0.36, BC2：-0.09) with successive backcrosses.

• Journal of Korean Society of Forest Science
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• v.20 no.1
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• pp.1-44
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• 1973

Needless to say, the management of national forest in all countries is very important in view of the national mission and management purposes. Korean national forest is also in particular significant in promoting national economy for the continuous increasing of the demand for wood, conservation of the land and social welfare. But there's no denying the fact that the leading aim of the Korean forest policy has been based upon the conservation of forest resources and recovery of land conservation function instead of improvement of the forest productive capacity. Therefore, the management of national forest should be aimed as an industry in the chain of the Korean national economy. And the increment of the forest productive capacity based on rationalized forest management is also urgently needed. Not only the increment of the timber production but also the establishment of the good forest in quality and quantity are to bring naturally many functions of conservation and other public benefits. In 1908 Korean national forest was historically established for the first time as a result of the notification for ownership, and was divided into two kinds in 1911-1924, such as indisposable national forest for land conservation, forest management, scientific research and public welfare, and the other national forest to be disposed. Indisposable forest is mostly under the jurisdiction of national forest stations (Chungbu, Tongbu, Nambu), and the tother national forests are under custody of respective cities and provinces, and under custody of the other government authorities. As of the end of 1971, national forest land is 19.5% (1,297,708 ha) of the total forest land area, but growing stock is 50.1% ($35,406,079m^3$) of the total forest growing stock, and timber production of national forest is 23.6% ($205,959m^3$) of the year production of total timber in Korea. Accordingly, it is the important fact that national forest occupies the major part of Korean forestry. The author positively affirms that success or failure of the management of national forest controls rise or fall of forestry in Korea. All functions of forest are very important, but among others the function of timber production is most important especially in Korea, that unavoidably imports a large quantity of foreign wood every year (in 1971 import of foreign wood-$3,756,000m^3$, 160,995,000 dollars). So, Korea urgently needs the improvement of forest productive capacity in national forest. But it is difficult that wood production meets the rapid increase of demand for wood to the development of economy, because production term of forestry is long, so national forest management should be rationalized by the effective investment and development of forestry techniques in the long view. Although Korean national forest business has many difficulties in the budget, techniques and the lack of labour due to outflow of rural village labour by development of national economy, and the increase of labour wages and administrative expenses etc. the development of national forest depends on adoption of the suitable forest techniques and management adapted for social and economical development. In this view point the writer has investigated and analyzed the status of the management of national forest in Korea to examine the irrational problems and suggest an improvement plan. The national forestry statistics cited in this study is based on the basic statistics and the statistics of the forest business as of the end of 1971 published by Office of Forestry, Republic of Korea, and the other depended on the data presented by the national forest stations. The writer wants to propose as follows (seemed to be helpful in improvement of Korean national forest management). 1) In the organization of national forest management, more national forest stations should be established to manage intensively, and the staff of working plan officials should be strengthened because of the importance of working plan. 2) By increasing the staff of protection officials, forest area assigned for each protection official should be decreased to 1,000-2,000 ha. 3) The frequent personnel changes of supervisor of national forest station(the responsible person on-the-spot) obstructs to accomplish the consistent management plan. 4) In the working plan drafting for national forest, basic investigations should be carefully practiced with sufficient expenditure and staff not to draft unreal working plan. 5) The area of working-unit should be decreased to less than 2,000 ha on the average for intensive management and the principle of a working-unit in a forest station should be realized as soon as possible. 6) Reforestation on open land should be completed in a short time with a debt of the special fund(a long term loan), and the land on which growing hardwood stands should be changed with conifers to increase productivity per unit area, and at the same time techical utilization method of hardwood should be developed. 7) Expenses of reforestation should be saved by mechanization and use of chemicals for reforestation and tree nursery operation providing against the lack of labour in future. 8) In forest protection, forest fire damage is enormous in comparison with foreign countries, accordingly prevention system and equipment should be improved, and also the minimum necessary budget should be counted up for establishment and manintenance of fire-lines. 9) Manufacture production should be enlarged to systematize protection, processing and circulation of forest business, and, by doing this, mich benefit is naturally given for rural people. 10) Establishment and arrangement of forest road networks and erosion control work are indispensable for the future development of national forest itself and local development. Therefore, these works should be promoted by the responsibility of general accounting instead of special accounting. 11) Mechanization of forest works should be realized for exploiting hinterlands to meet the demand for timber increased and for solving lack of labour, consequently it should promote import of forest machines, home production, training for operaters and careful adminitration. 12) Situation of labour in future will grow worse. Therefore, the countermeasure to maintain forest labourers and pay attention to public welfare facilities and works should be considered. 13) Although the condition of income and expenditure grows worse because of economical change, the regular expenditure should be fixed. So part of the surplus fund, as of the end of 1971, should be established for the fund, and used for enlarging reforestation and forest road networks(preceding investment in national forest).