• Journal of Navigation and Port Research
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• v.40 no.6
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• pp.451-458
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• 2016

Since Modigliani and Miller developed their theory of capital structure in 1958, it has become one of the most debated issues in corporate management. This is because the capital structure decision necessarily affects financial risk and the firm's value. Throughout the research, one of the most concerning problems is determining what factors influence the firm's capital structure. Since Korean shipping firms have been suffering from a long term economic recession, an optimal capital structure has become increasingly critical to survive in the shipping industry. This paper studies panel data on 46 Korean shipping companies since 2000 to find the factors that affect capital structure. The results suggest that a negative relationship arises between firm size, tangible assets, profitability and non-debt tax shields against leverage. Otherwise, it proved that growth opportunity has a positive relationship with the firm's leverage. In the research model during a booming shipping economy, growth opportunity and non-debt tax shield are not associated with firm's capital structure.

• The Korean Journal of Financial Management
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• v.20 no.1
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• pp.191-212
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• 2003

Recently, there is a growing body of literature that suggests that information inefficiency is one of the causes of the asymmetric volatility. If this explanation for the asymmetric volatility is appropriate, then innovations, such as the introduction of futures, may be expected to impact the asymmetric volatility of stock market. As transaction costs and margin requirements in the futures market are lower than those in the spot market, new information is transmitted to futures prices more quickly and affects spot prices through arbitrage trading with spots. Also, the merit of the futures market may attract noise traders away from the spot market to the futures market. This study examines the impact of futures on the asymmetry of stock market volatility. If the asymmetric volatility is significant lower post-futures and exist in the futures market, it has validity that the asymmetric volatility is caused by information inefficiency in the spot market. The data examined are daily logarithmic returns on KOSPI 200 stock price index from January 4, 1993 to December 26, 2000. To examine the existence of the asymmetric volatility in the futures market, logarithmic returns on KOSPI 200 futures are used from May 4, 1996 to December 26, 2000. We used a conditional mode of TGARCH(threshold GARCH) of Glosten, Jagannathan and Runkel(1993). Pre-futures the spot market exhibits significant asymmetric responses of volatility to news and post-futures asymmetries are significantly lower, irrespective of bear market and bull market. The results suggest that the introduction of stock index futures has an effect on the asymmetric volatility of the spot market and are inconsistent with leverage being the sole explanation of asymmetry. However, it is found that the volatility of futures is not so asymmetric as expected.

• Journal of Dental Rehabilitation and Applied Science
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• v.24 no.2
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• pp.213-230
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• 2008

The aim of this study was to analyze the initial movement and the stress distribution of each tooth and periodontal ligament during the lingual lever-arm retraction of 6 maxillary incisors using FEA. Two kinds of finite element models were produced: 2-properties model (simple model) and 24-properties model (multi model) according to the material property assignment. The subject was an adult male of 23 years old. The DICOM images through the CT of the patient were converted into the 3D image model of a skull using the Mimics (version 10.11, Materialise's interactive Medical Image Control System, Materialise, Belgium). After series of calculating, remeshing, exporting, importing process and volume mesh process was performed, FEA models were produced. FEA models are consisted of maxilla, maxillary central incisor, lateral incisor, canine, periodontal ligaments and lingual traction arm. The boundary conditions fixed the movements of posterior, sagittal and upper part of the model to the directions of X, Y, Z axis respectively. The model was set to be symmetrical to X axis. Through the center of resistance of maxilla complex, a retraction force of 200g was applied horizontally to the occlusal plane. Under this conditions, the initial movements and stress distributions were evaluated by 3D FEA. In the result, the amount of posterior movement was larger in the multi model than in the simple model as well as the amount of vertically rotation. The pattern of the posterior movement in the central incisors and lateral incisors was controlled tipping movement, and the amount was larger than in the canine. But the amount of root movement of the canine was larger than others. The incisor rotated downwardly and the canines upwardly around contact points of lateral incisor and canine in the both models. The values of stress are similar in the both simple and multi model.

• Journal of Intelligence and Information Systems
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• v.20 no.1
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• pp.35-48
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• 2014

According to the 2013 construction market outlook report, the liquidation of construction companies is expected to continue due to the ongoing residential construction recession. Bankruptcies of construction companies have a greater social impact compared to other industries. However, due to the different nature of the capital structure and debt-to-equity ratio, it is more difficult to forecast construction companies' bankruptcies than that of companies in other industries. The construction industry operates on greater leverage, with high debt-to-equity ratios, and project cash flow focused on the second half. The economic cycle greatly influences construction companies. Therefore, downturns tend to rapidly increase the bankruptcy rates of construction companies. High leverage, coupled with increased bankruptcy rates, could lead to greater burdens on banks providing loans to construction companies. Nevertheless, the bankruptcy prediction model concentrated mainly on financial institutions, with rare construction-specific studies. The bankruptcy prediction model based on corporate finance data has been studied for some time in various ways. However, the model is intended for all companies in general, and it may not be appropriate for forecasting bankruptcies of construction companies, who typically have high liquidity risks. The construction industry is capital-intensive, operates on long timelines with large-scale investment projects, and has comparatively longer payback periods than in other industries. With its unique capital structure, it can be difficult to apply a model used to judge the financial risk of companies in general to those in the construction industry. Diverse studies of bankruptcy forecasting models based on a company's financial statements have been conducted for many years. The subjects of the model, however, were general firms, and the models may not be proper for accurately forecasting companies with disproportionately large liquidity risks, such as construction companies. The construction industry is capital-intensive, requiring significant investments in long-term projects, therefore to realize returns from the investment. The unique capital structure means that the same criteria used for other industries cannot be applied to effectively evaluate financial risk for construction firms. Altman Z-score was first published in 1968, and is commonly used as a bankruptcy forecasting model. It forecasts the likelihood of a company going bankrupt by using a simple formula, classifying the results into three categories, and evaluating the corporate status as dangerous, moderate, or safe. When a company falls into the "dangerous" category, it has a high likelihood of bankruptcy within two years, while those in the "safe" category have a low likelihood of bankruptcy. For companies in the "moderate" category, it is difficult to forecast the risk. Many of the construction firm cases in this study fell in the "moderate" category, which made it difficult to forecast their risk. Along with the development of machine learning using computers, recent studies of corporate bankruptcy forecasting have used this technology. Pattern recognition, a representative application area in machine learning, is applied to forecasting corporate bankruptcy, with patterns analyzed based on a company's financial information, and then judged as to whether the pattern belongs to the bankruptcy risk group or the safe group. The representative machine learning models previously used in bankruptcy forecasting are Artificial Neural Networks, Adaptive Boosting (AdaBoost) and, the Support Vector Machine (SVM). There are also many hybrid studies combining these models. Existing studies using the traditional Z-Score technique or bankruptcy prediction using machine learning focus on companies in non-specific industries. Therefore, the industry-specific characteristics of companies are not considered. In this paper, we confirm that adaptive boosting (AdaBoost) is the most appropriate forecasting model for construction companies by based on company size. We classified construction companies into three groups - large, medium, and small based on the company's capital. We analyzed the predictive ability of AdaBoost for each group of companies. The experimental results showed that AdaBoost has more predictive ability than the other models, especially for the group of large companies with capital of more than 50 billion won.

• The Journal of the Korea Contents Association
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• v.20 no.6
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• pp.38-50
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• 2020

The purpose of this study is to identify the risks to financial institutions in terms of expanding potential risks due to the deferral of exposure, by identifying the structures in which real estate finance and financial institutions affect real estate prices at low interest rates. To this end, real estate financing is categorized according to the method of financing and the type of value measurement from a risk management perspective and analyzed for each case. As a result of analysis, in the case of profitable real estate, the rate of real estate is increased by directly decreasing the cap rate and directly affecting the fair value calculation method. In the case of non-profitable real estate, the real estate price is increased by expanding the leverage width of investors or financial institutions. Through the analysis of this case, the continuous increase in real estate prices over the past 10 years has the potential to prevent financial institutions from losing under the circumstances such as the growth of real estate finance due to the advancement of the financial market and the continued low interest rate trend that has continued for 10 years. It is judged that the deferred delay is part of the cause, which leads to an increase in the risk to financial institutions.

• Journal of the Korean Society of Fisheries and Ocean Technology
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• v.36 no.3
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• pp.157-165
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• 2000

A small hydraulic winch system with an automatic tension control unit was designed to improve the work efficiency of coastal small vessels and the dynamic response characteristics of the winch system operated in the open loop condition was investigated. The inlet and the outlet pressures in hydraulic motor, the torque and the rotating speed of winch drum were measured as a function of time, and the behaviour in autotension mode for stepped load changes was analyzed. The results obtained are summarized as follows : 1. The developed winch system for coastal small vessels will result in better fishing with improved efficiency and lower manpower consumption by remote control of winch system. 2. The rotating delay times of winch drum for on/off operations of solenoid valve were 0.09 see at CW mode and 0.04 sec at CCW mode, respectively. After the solenoid valve was controlled, response characteristics were unstable slightly but showed good tracking behaviour over short time. 3. The driving torque of winch system in autotension mode was kept almost constant of 55.9 kgf·m, and 11.1 then the rotating speed of winch drum was kept almost constant of 5.1 rpm in the larger torque than 55.9 kgf·m and 11.1 rpm in the lower torque than that. 4. The 5% settling times in the transient response characteristics of autotension mode under rapid increasing and decreasing conditions of load were 0.12 sec and 0.2 sec, respectively, and then the rotating speeds were 11 rpm and 5.3 rpm, respectively. 5. The tracking behaviour of torque and rotating speed by remote control operation were stable within 0.23 sec at CW mode and 0.37 sec at CCW mode, respectively.

• Management & Information Systems Review
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• v.36 no.4
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• pp.53-80
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• 2017

The purpose of this study is to examine the determinants of the number of bank relationships in Korea. Firm-specific determinants considered here include leverage, size, age, return on asset, investment grade, tangibility, liquidity, R&D expenditure. We estimate the effects of these variables, and compare the results with those from previous studies performed for other economies. Concerning the effects of business cycle, we find that the business cycle is an important factor in determining the number of bank relationships. The number of bank relationships varies over the business cycle, and we notice a counter-cyclical behavior, which means the number decreases during economic expansions and increases during contractions. This result can be interpreted as a result of firms' diversification of borrowings into multiple banks in order to reduce the liquidity risk during the recession. In the subsets, however, the number of bank relationships for large firms is stable regardless of the business cycle. Unlisted firms, non-chaebol, and low credit quality firms which have relatively limited access to alternative sources of financing show counter-cyclical behavior. Finally, such phenomena is not observed in the non-competitive credit market, while they show a counter-cyclical behavior in the competitive credit market.

• Proceedings of the Korean Vacuum Society Conference
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• 2014.02a
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• pp.476-476
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• 2014

서론: 저 전력 소모를 필요로 하는 무선 센서 네트워크 관련 기술의 급격한 발달과 함께 자체 전력 수급을 위한 진동 에너지 수확 기술에 대한 연구가 활발히 이루어지고 있다. 다양한 구조와 소재를 압전 외팔보에 적용하여 제안하고 있다. 그 중에서도 진동 기반의 에너지 수확 소자는 주변 환경에서 쉽게 진동을 얻을 수 있고, 높은 에너지 밀도와 제작 방법이 간단하다는 장점을 가지고 있어 많은 분야에 응용 및 적용 가능하다. 기존 연구에서는 2차원적으로 진동 에너지 수확을 위한 휜 구조의 압전 외팔보를 제안 하였다. 휜 구조를 갖는 압전 외팔보는 각각의 짧은 두 개의 평평한 외팔보가 일렬로 연결된 것으로 볼 수 있다. 하나의 짧고 평평한 외팔보는 진동이 가해지면 접선 방향으로 응력이 생겨 최대 휨 모멘텀을 갖게 된다. 그러므로 휜 구조를 갖는 외팔보는 진동이 인가됨에 따라 길이 방향과 수직 방향으로 진동한다. 하지만, 이 구조는 수평 방향으로 가해지는 진동에 대한 에너지를 수확하기에는 한계점을 가진다. 즉, 3축 방향에서 임의의 방향에서 진동 에너지를 수확하기는 어렵다. 본 연구에서는 3축 방향에서 에너지를 효율적으로 수확할 수 있도록 헤어-셀 구조의 압전 외팔보 에너지 수확소자를 제안한다. 제안된 소자는 길이 방향과 수직 방향뿐만 아니라 수평 방향으로도 진동하여 임의의 방향에서 진동 에너지를 수확할 수 있다. 구성 및 공정: 제안하는 소자는 3축 방향에서 임의의 진동을 수확하기 위해서 길이를 길게 늘이고 길이 방향을 따라 휘어지는 구조의 헤어-셀 구조로 제작하였다. 외팔보의 구조는 외팔보의 폭 대비 길이의 비가 충분히 클 때, 추가적인 자유도를 얻을 수 있다. 그러므로 헤어-셀 구조의 에너지 수확 소자는 기본적인 길이 방향, 수직방향 그리고 수평방향에 더불어 추가적으로 뒤틀리는 방향을 통해서 3차원적으로 임의의 주변 진동 에너지를 수확하여 전기적인 에너지로 생성시킬 수 있다. 제작된 소자는 높은 종횡비를 갖는 무게 추($500{\times}15{\times}22{\mu}m3$)와 길이 방향으로 길게 휜 압전 외팔보($1000{\times}15{\times}1.7{\mu}m3$)로 구성되어있다. 공정 과정은 다음과 같다. 먼저, 실리콘 웨이퍼 위에 탄성층을 형성하기 위해 LPCVD SiNx를 $0.8{\mu}m$와 LTO $0.2{\mu}m$를 증착 후, 각각 $0.03{\mu}m$과 $0.12{\mu}m$의 두께를 갖는 Ti와 Pt을 하부 전극으로 스퍼터링한다. 그리고 Pb(Zr0.52Ti0.48)O3 박막을 $0.35{\mu}m$ 두께로 졸겔법을 이용하여 증착하고 상부 Pt층을 두께 $0.1{\mu}m$로 순차적으로 스퍼터링하여 형성한다. 상/하부 전극은 ICP(Inductively Coupled Plasma)를 이용해 건식 식각으로 패턴을 형성한다. PZT 층과 무게 추 사이의 보호막을 씌우기 위해 $0.2{\mu}m$의 Si3N4 박막이 PECVD 공정법으로 증착되고, RIE로 패턴을 형성된다. Ti/Au ($0.03/0.35{\mu}m$)이 E-beam으로 증착되고 lift-off를 통해서 패턴을 형성함으로써 전극 본딩을 위한 패드를 만든다. 초반에 형성한 실리콘 웨이퍼 위의 SiNx/LTO 층은 RIE로 외팔보 구조를 형성한다. 이후에 진행될 도금 공정을 위해서 희생층으로는 감광액이 사용되고, 씨드층으로는 Ti/Cu ($0.03/0.15{\mu}m$) 박막이 스퍼터링 된다. 도금 형성층을 위해 감광액을 패턴화하고, Ni0.8Fe0.2 ($22{\mu}m$)층으로 도금함으로써 외팔보 끝에 무게 추를 만든다. 마지막으로, 압전 외팔보 소자는 XeF2 식각법을 통해 제작된다. 제작된 소자는 소자의 여러 층 사이의 고유한 응력 차에 의해 휨 변형이 생긴다. 실험 방법 및 측정 결과: 제작된 소자의 성능을 확인하기 위하여 일정한 가속도 50 m/s2로 3축 방향에 따라 입력 주파수를 변화시키면서 출력 전압을 측정하였다. 먼저, 소자의 기본적인 공진 주파수를 얻기 위하여 수직 방향으로 진동을 인가하여 주파수를 변화시켰다. 그 때에 공진 주파수는 116 Hz를 가지며, 최대 출력 전압은 15 mV로 측정되었다. 3축 방향에서 진동 에너지 수확이 가능하다는 것을 확인하기 위하여 제작된 소자를 길이 방향과 수평 방향으로 가진기에 장착한 후, 기본 공진 주파수에서의 출력 전압을 측정하였다. 진동이 길이방향으로 가해졌을 때에는 33 mV, 수평방향으로 진동이 인가되는 경우에는 10 mV의 최대 출력 전압을 갖는다. 제안하는 소자가 수 mV의 적은 전압은 출력해내더라도 소자는 진동이 인가되는 각도에 영향 받지 않고, 3축 방향에서 진동 에너지를 수확하여 전기에너지로 얻을 수 있다. 결론: 제안된 소자는 3축 방향에서 진동 에너지를 수확할 수 있는 에너지 수확 소자를 제안하였다. 외팔보의 구조를 헤어-셀 구조로 길고 휘어지게 제작함으로써 기본적인 길이 방향, 수직방향 그리고 수평방향에 더불어 추가적으로 뒤틀리는 방향에서 출력 전압을 얻을 수 있다. 미소 전력원으로 실용적인 사용을 위해서 무게추가 더 무거워지고, PZT 박막이 더 두꺼워진다면 소자의 성능이 향상되어 높은 출력 전압을 얻을 수 있을 것이라 기대한다.

• 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.