• Korean Journal of Food Science and Technology
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• v.30 no.2
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• pp.419-424
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• 1998

Removal of monochloropropanediol (MCPD) and improvement of quality of the soy-sauce made from acid-hydrolyzate of defatted soy protein (SAHSP) were examined by fermenting the soy-sauce with soy-sauce koji or koji plus Pediococcus soya or/and Saccharomyces rouxii. The overall fermentation process performed in this work consisted sequentially of autodigestion of soy-sauce koji $(at\;45^{\circ}C\;for\;12\;days)$, lactic acid fermentation $(at\;30^{\circ}C\;for\;14\;days\;in\;S3\;and\;S4)$, ethanol fermentation $(at\;30^{\circ}C\;for\;14\;days\;in\;S2\;and\;S4)$,and aging $(at\;25^{\circ}C\;for\;20\;days)$. At the end of the autodigestion period, the highest MCPD removal (from the initial 38.6 ppm to 1.3 ppm) was observed in the S-2. Reducing sugar contents of the S-2 and S-4 sharply decreased from the 30th day of incubation, from the initial concentration of about 5.0% to less than 0.5% at the end of the process. Total soluble nitrogen content of all the soy-sauce products slightly increased during the overall fermentating period.The level of free glutamic acid, a major amino acid that is known to determine the taste of soy-sauce was determined to be an average value of $1270{\sim}1323\;mg/100\;mL$ of soy-sauce. The results of sensory evaluation of the fermented SAHSPs show that qualities of the S-2 and S-4 samples are nearly on the same level with that of the commercially fermented soy-sauce (p<0.05). This result suggests that the fermentation process in this work, especially the process performed with S. rouxii has a good effect for removing MCPD from SAHSP and also for improving quality of the SAHSP product.

• The Korean Journal of Air & Space Law and Policy
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• v.25 no.2
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• pp.163-199
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• 2010

A frequent flyer program is a loyalty program offered by many airlines. Typically, airline customers enrolled in the program accumulate frequent flyer miles corresponding to the distance flown on that airline or its partners. There are other ways to accumulate miles. In recent years, more miles were awarded for using co-branded credit and debit cards than for air travel. Acquired miles can be redeemed for free air travel; for other goods or services, such as travel class upgrades, airport lounge access or priority bookings. The first modern frequent flyer program was created Texas International Airlines in 1979. This program was also adopted in Korean Air in 1984. Since then, the mileage programs have grown enormously. As of June 2009, the total member of two national airlines in Korea had been over thirty million. However, accumulated miles could be burden of airlines, because the korean corporations should record the annual financial report the accumulate mileage on a liability account by 'the international financial report standards(IFRS)' next year. The korean airlines need to minimize the accumulated miles, so that for instance Korean Airlines SKYPASS-miles expire 5 years after being earned. It means that miles earned on or after July 2008 will expire after five years if unredeemed. Thus, this paper attempt to analyze the unfairness of the mileage rules of korean airlines by examining a specific portion of the conditions relating to consumer protection, because many mileage users has difficulties using mileage programs and complained the amendment of the mileage rules. In conclusion, the contemporary mileage rules in Korea are rather unsatisfactory, because airlines is not only recognizing a mileage into a kind of benefit but also denying inheritance of mileage and the legal nature of mileage as a property right. It is necessary to amend relevant mileage rules in view of consumer protection, because air mileage is not simple benefit but a right of mileage user.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.5 no.4
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• pp.1-34
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• 2010

Recently, failure rates of Kosdaq IPO firms are increasing and their survival rates tend to be very low, and when these firms do fail, often times backed by a number of governmental financial supports, they may inflict severe financial damage to investors, let alone economy as a whole. To ensure investors' confidence in Kosdaq and foster promising and healthy businesses, it is necessary to precisely assess their intrinsic values and survivability. This study investigates what contributed to the failure of IPO firms and analyzed how these elements are factored into corresponding firms' stock returns. Failure risks are assessed at the time of IPO. This paper considers factors reflecting IPO characteristics, a firm's underwriter prestige, auditor's quality, IPO offer price, firm's age, and IPO proceeds. The study further went on to examine how, if at all, these failure risks involved during IPO led to post-IPO stock prices. Sample firms used in this study include 98 Kosdaq firms that have failed and 569 healthy firms that are classified into the same business categories, and Logit models are used in estimate the probability of failure. Empirical results indicate that auditor's quality, IPO offer price, firm's age, and IPO proceeds shown significant relevance to failure risks at the time of IPO. Of other variables, firm's size and ROA, previously deemed significantly related to failure risks, in fact do not show significant relevance to those risks, whereas financial leverage does. This illustrates the efficacy of a model that appropriately reflects the attributes of IPO firms. Also, even though R&D expenditures were believed to be value relevant by previous studies, this study reveals that R&D is not a significant factor related to failure risks. In examing the relation between failure risks and stock prices, this study finds that failure risks are negatively related to 1 or 2 year size-adjusted abnormal returns after IPO. The results of this study may provide useful knowledge for government regulatory officials in contemplating pertinent policy and for credit analysts in their proper evaluation of a firm's credit standing.

• Analytical Science and Technology
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• v.6 no.5
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• pp.521-530
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• 1993

According to the Montreal Protocol, CFC 113, one of the ozone-depleting substances, will be prohibited to use as a cleaning solvent essentially in the electronic industry. Therefore, the development of the alternative cleaning solvents to CFC 113 is being accelerated. A number of the alternative cleaning solvents are avialable on the market. The alternatives of Axarel 32(DuPont), Cleanthru 750H(KAO Chemical), and EC-Ultra(Petroferm) are chosen for the comparison of cleaning performance with CFC 113. The test methods for measuring the cleaning performance were composed of the measurement of the physical properties, the experiments on the material compatibility with cleaning solvents, the measurement of the evaporation rate, and finally the experiments of the removal efficiency. Normally the basic physical properties of the alternatives had higher boiling points, viscosity and surface tension, which were quite different to those of CFC 113. In terms of solubility of rosin-based flux, the solubilities of abietic acid (nonpolar organic) were similar, but those of the activator (polar organic) in the alternatives were better than CFC 113. The evaporation of the alternatives was very slow, compared to CFC 113, which had much lower boiling point. All the cleaning solvents showed the good material compatibility with FR4 and Cu-coated PCB. The better removal efficiencies of abietic acid were obtained when using the ultrasonic mechanical energy over the dipping method. The experiments also indicated the very slow-eavaporating solvent was not desirable with the dipping cleaning method, and the differences in the removal efficiency of the alternatives with the ultrasonic cleaning method were negligible. Among the alternatives, the overall cleaning performances were obsorved as almost similar. Before selecting the ultimate cleaning solvent, the application of cleaning machine, environmental issues, and economics are simultaneously considered with the cleaning performance.

• Archives of design research
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• v.19 no.5 s.67
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• pp.17-30
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• 2006

The early Joseon Dynasty is very important period of studying about Korean history of ceramics because various kinds of porcelain were produced like celadon, brown porcelain, white porcelain, inlaid white porcelain, blue porcelain etc, $\ulcorner$sejongsilrok$\lrcorner$ $\ulcorner$Jiriji$\lrcorner$ was published and Saongwon established its branch. Moreover, there also had a sudden political change to Joseon Dynasty, so ceramic industry in Gangjin was closed and artisans in Gangjin scattered to find safer place. One of these place was Imiwueri and Chuhyunri, Joongmohyun in Sangju.(the name of the place in that times, now Modongmyun) Also, Sangju in Gyeongsangbuk-Do is one of the places where can get materials for producing white porcelain, so artisans in Gangjin could migrate to the place during change of regime to Joseon Dynasty which based on Sung Confucianism. In $\ulcorner$Tejongsilrok$\lrcorner$, it mentioned specific areas like Joongmo, Hwaryeong in Sangju, Gyeongsang-Do and we can find out about situations of ceramic production in the early 15 centuries with producing dishes for a Royal family. $\ulcorner$Sejongsilrok$\lrcorner$ $\ulcorner$Jiriji$\lrcorner$ mentioned Imiwueri and Chuhyunri and Sangju produced the half of porcelains. In $\ulcorner$Gyeongsangdojiriji$\lrcorner$, Sangju takes charge of 8 spots which is one third of ceramic production. $\ulcorner$Gyeongsangdojiriji$\lrcorner$ and $\ulcorner$Sejongsilrok$\lrcorner$ $\ulcorner$Jiriji$\lrcorner$ were published with same goals at the same year. In $\ulcorner$Gyeongsangdosokchanjiriji$\lrcorner$, there was deleted nine spots which included high, middle, low level compared with $\ulcorner$Seiongsilrok$\lrcorner$ $\ulcorner$Jiriji$\lrcorner$, and in $\ulcorner$Donggukyeojiseungram$\lrcorner$ there was entirely deleted the locations of porcelain spots and potteries.

• KDI Journal of Economic Policy
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• v.13 no.2
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• pp.3-19
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• 1991

This paper attempts to identify key determinants of long run movements of real M2 by using the Johansen procedure for estimating and testing cointegration relations. It turns out that the real M2 equation has been stable over the long run despite rapid changes in financial structure since 1975. Moreover, the real M2 equation can be reduced to a velocity equation with the opportunity cost variable, expected inflation less the weighted average rate paid on M2 deposits, being the key determinant. However, it does not work to use a market interest rate such as the yield on corporate bonds in place of expected inflation for calculation of the opportunity cost. In the U.S., a market interest rate can be used, but not in Korea. Presumably, two somewhat different reasonings can be used to explain this result. One is that the yield on corporate bonds may not adequately reflect the inflationary expectations due to regulations on movements in interest rates. The other is that M2 deposits are not readily substitutable with such assets as corporate bonds because of market segmentations, regulations, and so on. From the policymaker's point of view, this implies that the inflation rate is an important indicator of a policy response. On the other hand, policymakers do not regard movements of the yield on corporate bonds as an important policy indicator. Altogether, the role of interest rates has been quite limited in Korea because of incomplete interest rate liberalization, an underdeveloped financial system, implementation procedures of policy measures, and so on. The result that M2 velocity has a positive cointegration relation with expected inflation minus the average rate on M2 implies that frequent adjustments of the regulated rates on M2 will be necessary as market conditions change. As the expected inflation gets higher, M2 velocity will eventually increase, given that the rates on M2 do not change. This will cause higher inflation. If interest rates are liberalized, then increases in market interest rates will result in lagged increases in deposits rates on M2. However, in Korea a substantial portion of deposit rates are regulated and will not change without the authority's initiatives. A tight monetary policy will cause increases in a few market interest rates. But the market mechanism, upward pressure for interest rate adjustments, never reaches regulated deposit rates. Hence the overall effects of tight monetary policy diminish considerably, only causing distortions in the flow of funds. Therefore, frequent adjustments of deposit rates are necessary as market conditions such as inflationary expectations change. Then it becomes important for the policymaker to actively engage in adjusting regulated deposit rates, because the financial sector in Korea is not fully developed.

• KDI Journal of Economic Policy
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• v.32 no.4
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• pp.1-34
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• 2010

We conduct a comprehensive risk analysis of household debt in Korea for the first time using the whole sample credit bureau (CB) data of 2.2 million individual debtors. After analysing debt service capacity profiles of debtor groups classified by the borrower characteristics such as income, age, occupation, credit scoring, and the type of creditor business companies, we investigate the impact of interest rate and income changes on debt service-to-income ratios (DTIs) and default rates of respective debtor groups. Empirical results indicate that debt service burdens are relatively high for low income wage earners, high income self-employed, low income capital and card loan holders, and high income mutual savings loan holders. We also find that debtors from multiple financial companies are particularly weak in their debt service capacity. The scenario analysis indicates that financial companies, with the current level of capital buffers, may be able to absorb negative consequences arising from the increase in DTIs and loan default rates if the interest rate and income changes remain modest. However, the negative consequences may fall disproportionately on non-bank financial companies such as capital, credit card, and mutual savings banks, whose debtors' DTIs are already high. We also find that the refinancing risk of household debt is relatively high in Korea as more than half of household mortgage debts are bullet loans. As the DTIs of mortgage loan holders are already high, under the current DTI regulation, mortgage loans may not be readily refinanced especially when the interest rate rises. Disruptions in mortgage loan refinancing may put downward pressure on housing prices, which may in turn magnify refinancing risk under the current loan-to-value (LTV) regulation. Overall our analysis suggests that, for more effective monitoring of household debt risk, it is necessary to combine existing surveillance schemes based on macro aggregate indicators with more comprehensive and detailed risk analyses based on micro individual data.

• Journal of Distribution Research
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• v.15 no.5
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• pp.103-126
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• 2010

The development of an industry including distribution sector is influenced by not only government policy but the related firms' behaviors. Recently the large-scale retailers have had more enormous channel power than any other distributors including monopolistic makers. Now is the time for government to prepare some policies against the unfair transaction behaviors by large-scale retailers. In this paper I tried to inquire into the distribution competition policy from a political correspondent point of view related with the transition of distribution system. For the purpose of this article I compared the case of Korea with Japan. According to the results so far inquired, there are some commons and differences in the cases of the two. Some suggestions are as follows. Considering the predominant position the concept of large-scale retailers is to be extended from a single store to numerous chain stores in the political level. Government needs to examine the standard propriety for large-scale retailer; the size of selling area and amount of sales a year. When a large-scale retailer store is to be established, it need to be taken a permit or a pre-inspection. The Fair Trade Commission have to secure the neutrality from Government's strategies. And government should find out the examples of unfair transaction behavior types and prepare some proper guidelines continually. For the last time statistical data by distributors are to be fitted out and the actual investigations for estimating the effects of government policies need to be enforced.

• The Korean Journal of Air & Space Law and Policy
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• v.24 no.1
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• pp.91-118
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• 2009

In the Republic of Korea, Regional Airlines from Jeju Air and Hansung Airlines have recently entered the domestic market to compete with the existing Legacy Airlines. In addition many of newly established regional low cost carriers like Air Busan, JeanAir, Easter Airline, are preparing to enter the jungle market. These circumstantial changes have come about as transportation competitiveness are getting weak in the market due to simultaneous expansion of surface modes such as a new opening of high-speed rail and extension of highways. The jumbled market entry by regional low cost carriers makes an enormous influence not only in managing transport network of existing carriers but also for the domestic policy of aviation authorities. It is too early to judge whether they would succeed or not. It is necessary to analyze the network operation of these regional carriers launching domestic routes and preparing to launch short distance international routes under the rapid changing market circumstances such as introduction of KTX or decrease in domestic routes by Legacy Airlines. Many regional airlines are to launch the routes connecting Korea-China-Japan, if they could ensure long-haul international routes successfully, it would follow that the difference between Legacy Airlines and Regional Airlines would decrease more and more, which would result in appearance of the $3^{rd}$or $4^{th}$Legacy Airlines The purpose of this study is to analyze the introduction of low cost carriers by regions and economic regional carrier network for non-scheduled air transportation market by taking a look at the regional airlines transportation network in the early stage of the domestic air transport market. For this purpose, cost and profit structure and management effect of transportation cost will be analyzed by comparing the presently operated routes of regional airlines with those of Legacy Airlines. And also demonstrative analysis demanded by the actual market will be achieved through surveys from experts, the actual airlines and travel agencies to build up transportation network.

• Journal of the Korean Institute of Landscape Architecture
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• v.45 no.6
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• pp.76-89
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• 2017

Tourism is being used as a tool to regenerate declining spaces. Therefore, the government is carrying out various projects to create tourist attractions to revitalize the traditional marketplace, which is declining nationwide. Because of these government-led projects, traditional marketplaces have been transformed into tourist attractions, and some markets have received enough positive feedback that they have been successfully revitalized economically. However, as marketplaces have become tourist destinations, negative views about government support projects are also increasing. This also leads to conflicts due to differences in perception and interests of stakeholders. This paper examines the process of the marketplace becoming a tourist destination focused on the Tongin Market, in Seoul which has been regenerated as a tourist attraction through a government support project. The purpose of this study is, first, to examine the background of tourist markets becoming tourist attractions and the issues surrounding them. The second was to explore in depth the types of conflict perceptions of visitors, residents and tourists, and the perception of their responses. As a research method, the process of the revitalization of traditional markets through news and existing literature, issues and the difference of perceptions about tourist-centric traditional marketplaces were examined. In addition, the Q methodology was used, which is a qualitative research methodology that can measure the difference of viewpoints and perceptions of specific events in order to analyze the difference of perception among visitors in traditional marketplaces. The results of the study show that there are three main perspectives of difference among visitors' perceptions about government support projects in traditional marketplaces and the marketplace becoming a tourist attraction. The 'policy dependent perspective' emphasizes the necessity of government regulations, a 'critical perspective' criticizes the government's traditional marketplace support policy, and the 'neutral perspective' acknowledges the need for government-led projects and accentuating the internal competitiveness of the marketplace. The study provided the environment for academic discussion about traditional marketplaces, which are becoming tourist attractions nationwide. In addition, this paper can contribute to providing implications for future government projects by analyzing the perception of marketplace visitors.