• KDI Journal of Economic Policy
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• v.13 no.1
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• pp.167-197
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• 1991

This paper is intended as an introductory essay to explain endogenous changes in the scope of firm activities in the competitive structure of a deregulated, multi-product financial industry. Recently, the global financial industry has been experiencing a widespread reshuffling in its activities, reflecting both consolidation and specialization. The spread of the universal banking system, which involves the integration of various kinds of financial activities, has resulted in the so-called financial supermarket. At the same time, the traditional set of banking activities has been unbundled into so-called financial boutiques. A relevant question is where the current reshuffling process of integration and disintegration in financial activities might lead the financial industry. However, presently popular theories of the financial industry are not really appropriate for the analysis of this issue. This paper attempts to integrate the theory of specialization [George J. Stigler, "The Division of Labor is Limited by the Extent of the Market," Journal of Political Economy, Vol. LIX, No.3, June 1951] and the theory of the multi-product firm [William J. Baumol, John C. Panzar, and Robert D. Willig, Contestable Markets and the Theory of Industry Structure, Harcourt Brace Jovanovich, Inc., New York, 1982] and to apply the resulting hybrid theory, a theory on the scope of financial activity, to the financial industry. The implications of this theory for the issues raised above are formalized under five hypotheses on the reshuffling of financial activities as listed below: Hypothesis I: The differences in the organization of financial industries among countries are determined by differences in the size of the financial markets, other things being equal. Hypothesis II: A financial firm will separate those financial activities simultaneously having relatively strong economies of scale and relatively weak economies of scope (alternatively, diseconomies of scope) from other activities. Conversely, the firm will integrate those activities simultaneously having relatively weak economies of scale (alternatively, diseconomies of scale) and relatively strong economies of scope with incumbent activities. Hypothesis III: A competitive equilibrium in the deregulated financial industry will consist of both specialized and multi-product financial firms, resulting in a mixed form of specialized and universal banking systems. Hypothesis IV: As world financial markets fully integrate and all countries consequently face this single, common world market, the financial structures of individual countries will become increasingly similar. Hypothesis V: A more universal banking system will dominate the deregulated financial industry in countries with relatively small financial markets, while a more specialized banking system will dominate in countries with relatively large financial markets. However, equilibrium will ultimately be mixed, with specialized and universal banks coexisting, as stated in Hypothesis III. Based on these hypotheses, this paper interprets the historical development of specialized vs. universal banking systems in major industrial countries as a process driven by the evolution of the financial market in each country - i.e. the change in the size of the financial market over time. In addition, this paper anticipates that the final equilibrium of the world financial industry, which is currently under the pressure of financial innovations and deregulation, will be a mixed equilibrium with both specialized boutiques and universal supermarket-type financial firms, instead of an exclusively specialized or universal banking system. Future research should seek continued theoretical elaboration and empirical verification of this paper's hypotheses.

• Korean Journal of Food Science and Technology
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• v.49 no.6
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• pp.605-609
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• 2017

The effect of malic acid-degrading yeast on the quality of Gaeryangmerou (Vitis spp.) wine obtained from grapes commonly used for making wine in Korea was investigated. Alcoholic fermentation was carried out at $25^{\circ}C$, for 14 days. A malic acid-degrading yeast was used as the experimental sample and a commercial yeast, Fermivin, was used as a control. The fermentation process for the experimental yeast lasted 2-3 days longer than that of Fermivin. The pH and the volatile acid content of the wine were 3.94 and 244.20 mg/L, respectively. The total acid content was 0.86% for the experimental group and 0.94% for the control group. The contents of malic acid and succinic acid in the experimental group were significantly lower than that of the control group (245.61, 50.18 mg% for experimental group versus 302.44, 68.39 mg% for control group, respectively). In contrast, lactic acid content was slightly higher in the experimental group. As expected, the main volatile flavor compounds of Gaeryangmerou wine varied with the yeast used for fermentation and were determined to be isoamyl alcohol, ${\beta}$-phenethyl alcohol, 2-methyl-1-propanol, and diacetyl for the experimental wine.

• Korean journal of communication and information
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• v.32
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• pp.113-146
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• 2006

This study explored how media and interpersonal communication affected voters in Busan mayoral by-election, focusing on the mutual relations among media use and attentive use of political campaign, interpersonal communication, and voting participation. Also, comparative analysis between image factor and the factor of political party influencing the decision of a candidate were examined. Additionally, it was analysed differential media effects on candidates' image. According to the results, the local media use and attentive use of political campaign had the influence on the increase of interpersonal communication about the election. Voters who had much interpersonal discussion with others participated more than voters who had less interpersonal discussion. Media use did not directly affect the participation of voting, but indirectly contributed to participation of voting through interpersonal discussion. The assumption of differential media effects on candidates image was partly proved. There were statistically significant differences in the factor of competence of candidates' image among three experimental groups (attentive use of TV discussion program, Internet web sites of two candidates, and printing materials of political advertisement). Furthermore, with three main vote variables, issues, candidates image, party identification, the results of comparative analysis between image factor and the factor of political party influencing the choice of a candidate suggested that a sense of oneness with a party was highly related to the choice of the candidates of the party, however, candidates' image was not related to the decision of a candidate. Political party had more impact on for whom to vote than candidates' image in this study.

• Journal of The Korean Association For Science Education
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• v.35 no.6
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• pp.939-947
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• 2015

For secondary school teachers who attended 'A Social Constructionism Science Teacher Training Program', we analyzed their processes of cognizance change as well as whether they put its results into practice in the field of education, so as to find out the efficacy of the program. 'A Social Constructionism Science Teacher Training Program' consists of three phases based on La main ${\grave{a}}$ la $p{\hat{a}}te$, a French experience-oriented science education program. In its first phase, a study of the philosophy of La main ${\grave{a}}$ la $p{\hat{a}}te$ was made, together with a search for examples of creativity education. In its second and third stages, real education programs were developed for designated themes and free themes, respectively, and then discussions were made. It was a ten-session program, with each session comprising a four-hour sub-program. All activities were both visually and orally recorded, while the participants were asked to write reflective journals for each class. An additional survey and interview were conducted six months later to check if the seven selected secondary school teachers put the results of the program into practice. It was found that changes may be made in the beliefs of teachers with the introduction of theories in teacher indoctrination, but the acquisition of practical knowledge that can be implemented in actual classes may be effectively secured by demonstrations and practice sessions. It was concluded that indoctrination should be conducted to lead participants to the level of practical planning from the level of mere belief so that the theories might actually be put into practice in the education field.

• Journal of Technology Innovation
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• v.25 no.3
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• pp.155-195
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• 2017

The goal of the present study is reviewing the literature on the scientific community and also on science, technology & society to increase interactions between innovation studies and social studies of science and technology. Up until now, various empirical studies on Korean scientists and engineers have been concentrated on researchers at universities, while they have paid inadequate attention to researchers at state-funded research institutes and private companies. In addition, these studies have tended to use concepts in Western academia to elucidate Korean cases. On the other hand, recent empirical researches on the effects of the evaluation systems in universities, PBS system, and the network of school ties suggest that these topics may reveal the unique characteristics of Korean scientific community. Empirical studies on the scientific community have also shown that Korean research institutes and researchers who are in charge of innovation in Korea have demonstrated a tendency to conform to the government's guidance due to long experiences of state-led R&D and nationalism. Research on science, technology and society has viewed the participation of citizens in science and technology as a way toward science and technology democracy, and tended to have a strong practical orientation. However, there has been a relatively small amount of research on how citizen participation influences the direction and content of technological innovation. Also, although, from the viewpoint of technological innovation, how participation of citizens in science and technology can contribute to knowledge production and innovation is a critical issue, relatively small numbers of case studies on this subject have been conducted. Therefore, as the scholars who have emphasized the democracy of science and technology have actually experimented with various ways of citizen participation, innovation researchers may have to design and implement citizen participation through which citizens' local knowledge can contribute to technological innovation.

• Journal of the Korean Geographical Society
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• v.29 no.4
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• pp.420-437
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• 1994

The starting point of the research is the relation between capital restructuring and urban restructuring. The economic restructuring, which has been caused by the economic crisis in the early 1970s in the United States has brought a spatial restructuring at different geographic scales. The degree of the success of urban restructuring is contingent to the local economic and political environments. The local contingent factor such as local politics should not be neglected for investigating the restructuring process. Through the case study of Chicago, the research provides two inconsistencies in applying the structural approach to the local level: first, the lack of the theoretical link between crisis and restructuring; and second, the crucial importance of local politics in shaping urban development.

• Korean journal of food and cookery science
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• v.22 no.6 s.96
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• pp.914-922
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• 2006

Korean traditional rice wines and liquors have been long brewed using nuruk or koji, cooked rice, How, yeast and some medicinal plants or herbs. The rosemary shrub (Rosmarinus officinalis L), belonging to the Labiatae family, is well recognized for its aromatic, antioxidant, antimicrobial and antitumoral properties. In this study, we investigated the effect of rosemary addition on the quality characteristics of Korean traditional rice wine. Wines containing different rosemary concentrations (0, 10, 20 or 30%) were ripened for 0, 5, 10, 15 and 20 days at 25C. The following quality characteristics were compared: pH, total acid, titratable acidity, amylase activity, color, reducing sugar amount, total sugar and ethanol. Although total acid increased, the pH of rosemary wine rapidly decreased during the rot 5-days of ripening, and these two changes were greatest in the wine containing 10% rosemary. The amount of both reducing sugar and ethanol in the wine rapidly increased during the rot 5-days of ripening, while total sugar content of rosemary wine decreased significantly with increasing ripening periods(p<0.05). According to the Hunter's color results, a significant color change in 'L' value was observed with increasing fermentation period in the wine containing 10% rosemary. Although 'a' value of control (0% rosemary liquor) increased during the ripening period, the addition of rosemary did not significantly affect 'a' or 'b' values. The transmittance of rosemary wines increased with increasing rosemary content but decreased throughout the ripening periods. Amylase activity decreased with increasing rosemary content, especially after a 5-day ripening period.

• Journal of Korean Home Economics Education Association
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• v.19 no.4
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• pp.91-117
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• 2007

This study was to compare the contents and practical problems addressed, the process of teaching-learning method, and evaluation method of Korean Home Economics curriculum and of the Oregon and Ohio's Practical Problem Focused Family & Consumer Sciences Curricula. The results are as follows. First, contents of Korean curriculum are organized by major sub-concepts of Home Economics academic discipline whereas curricular of both Oregon and Ohio states are organized by practical problems. Oregon uses the practical problems which integrate multi-subjects and Ohio uses ones which are good for the contents of the module by integrating concerns or interests which are lower or detailed level (related interests). Since it differentiates interest and module and used them based on the basic concept of Family and Consumer Science, Ohio's approach could be easier for Korean teachers and students to adopt. Second, the teaching-learning process in Korean home economics classroom is mostly teacher-centered which hinders students to develop higher order thinking skills. It is recommended to use student-centered learning activities. State of Oregon and Ohio's teaching-learning process brings up the ability of problem-solving by letting students clearly analyze practical problems proposed, solve problems by themselves through group discussions and various activities, and apply what they learn to other problems. Third, Korean evaluation system is heavily rely on summative evaluation such as written tests. It is highly recommended to facilitate various performance assessment tools. Since state of Oregon and Ohio both use practical problems, they evaluate students mainly based on their activity rather than written tests. The tools for evaluation include project documents, reports of learning activity, self-evaluation, evaluation of discussion activity, peer evaluation in a group for each students for their performance, assessment about module, and written tests as well.

• The Mathematical Education
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• v.61 no.2
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• pp.339-357
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• 2022

This study explores pre-service secondary mathematics teachers (PSTs)' noticing competency. 17 PSTs participated in this study as a part of the mathematics teaching method class. Individual PST's essays regarding the question 'what effective mathematics teaching would be?' that they discussed and wrote at the beginning of the course were collected as the first data. PSTs' written analysis of an expert teacher's teaching video, colleague PSTs' demo-teaching video, and own demo-teaching video were also collected and analyzed. Findings showed that most PSTs' noticing level improved as the class progressed and showed a pattern of focusing on each key aspect in terms of the Teaching for Robust Understanding of Mathematics (TRU Math) framework, but their reasoning strategies were somewhat varied. This suggests that the TRU Math framework can support PSTs to improve the competency of 'what to attend' among the noticing components. In addition, the instructional reasoning strategies imply that PSTs' noticing reasoning strategy was mostly related to their interpretation of noticing components, which should be also emphasized in the teacher education program.

• Food Science and Preservation
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• v.17 no.3
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• pp.418-424
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• 2010

Although the wine industry continues to grow, little empirical research on consumer preferences has been conducted. Thus, our objective was to analyze consumer views on wine attributes. A choice experiment (CE) was designed to detect a marginal willingness to pay for particular characteristics of wine (balance, flavor, color, clarity, and value-for-money). A questionnaire was administered and 286 responses were received. A multinomial logit model was estimated using the maximum likelihood method. The results indicated that balance, flavor, color, clarity, and price were all important to consumers. The CE data revealed that estimates of marginal willingness to pay were 31,899 won/bottle for balance, 23,088 won/bottle for flavor, 3,230 won/bottle for color, and 25,936 won/bottle for clarity. The balance of a wine was most important, and the flavor, clarity, and color were also significant. The results of this work will be of assistance in promoting the domestic wine industry.