• Journal of Korean Society of Forest Science
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• v.104 no.4
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• pp.685-696
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• 2015

This study intends to evaluate visual preference and image for 10 types of forest sceneries which have own distinct characteristics without overlapping each other among 22 types of beautiful forest sceneries based on Korea National Parks. Z scale and paired comparison methods were used to analyze visual preference for forest scenery, and SD scale method was also adopted to assess visual image for forest scenery. Experiments were conducted with 3 different university students groups. The results of this study can be summarized as follows. First, the evaluation results of Z scale (N=70) and paired comparison (N=64) methods show similar visual preference for different types of forest scenery. 'Scenery inside forests' and 'valley and rock' sceneries have the highest level of preference, and 'panorama of ridges', 'ridge of curious rock peaks', and 'waterfall and cliff' also have relatively higher preference level than others. However, 'community of dead trees' has the lowest preference in forest sceneries. Second, the factor analysis outputs of the image scores for beautiful forest scenery types by SD scale (N=66) show 3 factors of 'mysterious charm', 'colorful sense', and 'vividness/variety'. Examined the variables of forest scenery types for each factor, the image of 'mysterious charm' is based on the sceneries of mountain ridges, the image of 'colorful sense' is focused on the sceneries of color-expressed sense of the season, and the image of 'vividness/variety' is based on the sceneries of waterscape and curious rock peaks.

• The Journal of the Korea Contents Association
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• v.11 no.2
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• pp.408-415
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• 2011

A lienor of the real estate Auction procedure does not associate with the lien report truth in an existing law system, and lienor can be opposed to vendee. Malicious lienor abuses such a principle of law and loses a sale price of the deferred purpose real estate in Auction procedure by convenience of lienor. In addition, there is apt to be a case to let I do debtor and collusion and false return, and the Secured credit swell out greatly. The necessity that liability does lien report to assure Secured credi becoming the formation truth and the undertaking of lien in Auction procedure is practically acute need. I showed the legislation idea which switched present situation investigation improvement and lien by the executive officer in legal mortgage in civil law In addition, it revised introduction and the Civil Execution Act of the lien registration system and solved Obligatory Report of the Lien about lien for a legislation.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.28
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• pp.3-36
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• 2005

Most legal systems provides the aggrieved buyer with a right to put an end to the contract. Unlike Civil Law systems, the right is rather complicated and uncertain in Common Law systems because they do not sharply distinguish between a refusal which amounts merely to a defence in the nature of the exceptio non adimpleti contractus, and one which is intended to abrogate the aggrieved party's obligations completely and to seek restitution of what he has already performed. That is, they do not draw any sharp distinction between the right of rejection or revocation and the right to put an end to the contract. This explains why the right to put an end to the contract under Civil Law systems are often compared with the right of rejection or revocation under Common Law systems in most academic papers. Having said that, this article describes and analyzes in detail the relevant UCC rules to the buyer's right of rejection and revocation, particularly the rules on the requirements for the right of rejection or revocation. This is for the purpose of providing legal advice to our sellers residing either in U.S.A. or in Korea who plan to enter into U.S.A markets and take academics' interest in the buyer's right which is deemed to be unique compared to the Civil Law systems. In addition, the study attempts to compare the rules as to the right of rejection and revocation under the UCC with those of English law which are stipulated mainly in the Sale of Goods Act (1979) in a statutory form. This may help one better to understand the rules of the UCC which are mostly originated with English law and to find in what way the rules of the UCC depart from those of English law.

• Korean Chemical Engineering Research
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• v.50 no.2
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• pp.317-327
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• 2012

The average specific cake resistance, the most important indicator for cake filtration and solid-liquid separation, is measured by filtration experiment. But the exact value is difficult to measure because of the other influences such as sedimentation during filtration. This study, a little more stable method named filtration-permeation is proposed for measuring average specific cake resistance. The filtration-permeation is composed of permeation of particle eliminated water through pre-formed cake by filtration. Using 1 wt% calcium carbonate suspension, the filtration-permeation experiments were performed for 8 kinds of filter media at the conditions of 0.5 atm and 0.2 atm, 1 and 3 sheets of filter media. At each specific condition, three to five times filtration-permeation were accomplished. As a result, stable permeation speed is measured. According to this experimental result, the characteristics of permeation and the effect of sedimentation are analyzed with Ruth's equation. The one way analysis of variance (one way ANOVA) is applied to the average specific cake resistances of filtration and permeation obtained with the selected three kinds of filter media. The average specific cake resistances between 0.5 atm and 0.2 atm by filtration do not distinguished, but those by permeation is perfectly distinguished. The experimental results during permeation have a very narrow distribution than that measured during filtration. The analysis of filtration experiments, it was verified that the resistance of filter medium by traditional method is of no significance. Finally, the migration of small particles through the medium composed of fiber glass at low pressure was studied.

• Management & Information Systems Review
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• v.35 no.2
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• pp.83-97
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• 2016

The purpose of this study is to evaluate our system and consider how the tax rules on corporate reorganization and asset adjustment account can be improved. The scope of this study includes the Korean tax rules on corporate reorganizations, as well as key tax benefits provided by the Special Tax Treatment Control Act. In case of Korea, The relevant regulations and system of taxation respecting the merger has been made the rapid progress in several respects in this situation, there are capable of improvement. This paper suggests improve some problems on tax avoidance abusing incomplete tax law. First, the asset adjustment account is the difficulty that it needs to follow-up during this period of time, as well as the complexity of the accounting and tax adjustments on the practice. If it is permitted to succeed asset-liability as market value, the complexity of asset adjustment account in corporate tax accounting also disappear. Second, in case that controlling shareholders possess more than 20% of merged entity, they could not get the tax deferral until after the time of two years has elapsed. It needs to further alleviate the merged entity ratio than the present level. Finally, after the merger it will be to strengthen the surveillance provisions of five years from the current two years. In addition, continuity of shareholder's requirements and business requirements, it is also necessary to strengthen the requirements of the follow-up provided by a separate regulation.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.14 no.1
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• pp.85-93
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• 2013

While relatively many researches have been performed on the legal issues of leverage buyout(LBO) in the Korean capital market, the on-going 'interdisciplinary studies' between the legal and the financial aspects of LBO financing structure seems to be relatively few so far. In this particular study, the concept and major financing structures on LBO have been discussed, by which domestic investors including institutional investors, may acquire in-depth knowledge on the issue given the dynamically changing circumstances surrounding the Korean domestic capital market. Moreover, legal analyses related to the conventional case studies on two types of LBO structures such as 'asset-backed LBO' and 'merger-related LBO', have been illustrated, coupled with the review of the previous literature on mergers & acquisitions(M&A) related to the financial aspects of LBO financing structure. From the director's perspective, who is employed by an acquired firm, legal issues in terms of 'fiduciary duty' and 'duty of loyalty' have been discussed, along with the logical scope of 'business judgement principle' in terms of modern finance theory.

• Journal of Intelligence and Information Systems
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• v.23 no.2
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• pp.107-122
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• 2017

Volatility in the stock market returns is a measure of investment risk. It plays a central role in portfolio optimization, asset pricing and risk management as well as most theoretical financial models. Engle(1982) presented a pioneering paper on the stock market volatility that explains the time-variant characteristics embedded in the stock market return volatility. His model, Autoregressive Conditional Heteroscedasticity (ARCH), was generalized by Bollerslev(1986) as GARCH models. Empirical studies have shown that GARCH models describes well the fat-tailed return distributions and volatility clustering phenomenon appearing in stock prices. The parameters of the GARCH models are generally estimated by the maximum likelihood estimation (MLE) based on the standard normal density. But, since 1987 Black Monday, the stock market prices have become very complex and shown a lot of noisy terms. Recent studies start to apply artificial intelligent approach in estimating the GARCH parameters as a substitute for the MLE. The paper presents SVR-based GARCH process and compares with MLE-based GARCH process to estimate the parameters of GARCH models which are known to well forecast stock market volatility. Kernel functions used in SVR estimation process are linear, polynomial and radial. We analyzed the suggested models with KOSPI 200 Index. This index is constituted by 200 blue chip stocks listed in the Korea Exchange. We sampled KOSPI 200 daily closing values from 2010 to 2015. Sample observations are 1487 days. We used 1187 days to train the suggested GARCH models and the remaining 300 days were used as testing data. First, symmetric and asymmetric GARCH models are estimated by MLE. We forecasted KOSPI 200 Index return volatility and the statistical metric MSE shows better results for the asymmetric GARCH models such as E-GARCH or GJR-GARCH. This is consistent with the documented non-normal return distribution characteristics with fat-tail and leptokurtosis. Compared with MLE estimation process, SVR-based GARCH models outperform the MLE methodology in KOSPI 200 Index return volatility forecasting. Polynomial kernel function shows exceptionally lower forecasting accuracy. We suggested Intelligent Volatility Trading System (IVTS) that utilizes the forecasted volatility results. IVTS entry rules are as follows. If forecasted tomorrow volatility will increase then buy volatility today. If forecasted tomorrow volatility will decrease then sell volatility today. If forecasted volatility direction does not change we hold the existing buy or sell positions. IVTS is assumed to buy and sell historical volatility values. This is somewhat unreal because we cannot trade historical volatility values themselves. But our simulation results are meaningful since the Korea Exchange introduced volatility futures contract that traders can trade since November 2014. The trading systems with SVR-based GARCH models show higher returns than MLE-based GARCH in the testing period. And trading profitable percentages of MLE-based GARCH IVTS models range from 47.5% to 50.0%, trading profitable percentages of SVR-based GARCH IVTS models range from 51.8% to 59.7%. MLE-based symmetric S-GARCH shows +150.2% return and SVR-based symmetric S-GARCH shows +526.4% return. MLE-based asymmetric E-GARCH shows -72% return and SVR-based asymmetric E-GARCH shows +245.6% return. MLE-based asymmetric GJR-GARCH shows -98.7% return and SVR-based asymmetric GJR-GARCH shows +126.3% return. Linear kernel function shows higher trading returns than radial kernel function. Best performance of SVR-based IVTS is +526.4% and that of MLE-based IVTS is +150.2%. SVR-based GARCH IVTS shows higher trading frequency. This study has some limitations. Our models are solely based on SVR. Other artificial intelligence models are needed to search for better performance. We do not consider costs incurred in the trading process including brokerage commissions and slippage costs. IVTS trading performance is unreal since we use historical volatility values as trading objects. The exact forecasting of stock market volatility is essential in the real trading as well as asset pricing models. Further studies on other machine learning-based GARCH models can give better information for the stock market investors.

• Journal of The Korean Society of Grassland and Forage Science
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• v.19 no.4
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• pp.339-346
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• 1999

This experiment was carried out to determine harvest date and cultivar effects on the agronomic characteristics, forage yield, and quality of fall sown oat (Avena sativa L.) at the forage experimental field, College of Agriculture and Life Sciences, Seoul National University, Suweon from August to November 1993. The experiment was arranged in a split plot design with three replications. The main plots were consisted of the harvesting dates, suchas early (11 October), mid(21 October), and late(1 November), the subplots were consisted of different maturities of oat cultivars, such as 'West', 'Cayuse' and 'Magnum'. The first heading date of an early maturing culivar, West, was observed on 10 October, and the heading increased up to 30% at the late harvesting date. The average dry matter (DM) content of oat cultivars increased significantly from 12.8 to 15.9% as the growing stage progressed(p<0.01). The average dry matter percentage of West, Cayuse, and Magnum was 15.4, 13.4, and 13.5%, respectively. The crude protein (CP) content of oat cultivars decreased significantly from 20.1 to 13.3% as the harvesting date was delayed(p<0.01), and the CP contents of midseason and late maturing cultivars, Cayuse and Magnum, respectively, were significantly higher than that of an early maturing cultivar West (p<0.01). The mid harvesting date showed the highest acid detergent fiber(ADF) and neutral detergent fiber (NDF) contents than the other harvesting dates, and an early maturing cultivar West had higher ADF and NDF contents than the midseason and late maturing cultivars, Cayuse and Magnum, respectively. The in vitro dry matter digestibility(IVDMD) of oat cultivar West decreased as the harvesting date was delayed, but that of Cayuse and Magnum decreased only by the mid harvesting date. Cayuse and Magnum showed 3~4% higher digestibility than West. The correlation coefficient between IVDMD and ADF content was -0.86. The average dry matter yield of oat cultivars increased from 2,901 to 5,901kg/ha as the harvesting date was delayed(p<0.01), but no significant difference was found among oat cultivars. The corrdelation coefficient between DM yield and gorwing degree days(GDD) was +0.86. The results of this study indicate that a delay in harvesting date would be recommendable for the increase of dry matter yield when fall-sown oat is grown. Especially, the DM yield of the midseason and late maturing cultivars, Cayuse and Magnum, respectively, can be increased without much change of forage quality although the harvesting date are delayed.

• Journal of the Korean Institute of Landscape Architecture
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• v.42 no.6
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• pp.72-88
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• 2014

This study was conducted in order to analyze user behavior and preference factors in the outdoor spaces of mental hospitals. Among hospitals with 250 or more beds, 5 hospitals were selected in consideration of size of garden and diversity of garden elements. The subject of the study was restricted to mild cases of schizophrenia while 30~50 patients were selected on the recommendation of their doctor from 5 hospitals, respectively. The physical environment was analyzed, focusing on space components, after visiting the sites of study. A face to face interview method was selected in consideration of patients' cognitive abilities, a total of 230 questionnaires were used for the analysis. The results of the study can be summarized as follows. Rest facilities occupy the largest numbers in the components of garden, and those are followed by landscape facilities, walking/exercise facilities, and experience facilities. Outdoor walking/exercise programs are classified into group walks and free walks with most patients taking group walks. Most of the patients visit these outdoor spaces every day but some of them rarely use the outdoor areas. In order to increase the efficiency of using these outdoor spaces, the percentage of space for ensuring a sense of control should properly harmonize with the percentage of space to facilitate patients in having social contact. With regard to the reasons for preferring the most widely-used outdoor spaces, landscape/environment property was the most important, followed by functionality and then accessibility. Major activities in the preferred space are mainly composed of walking/exercise and rest. The preferred facilities are waterscape facilities such as ponds, waterfalls and fountains, rest facilities such as pergolas and shade trees, and lawn. It was understood that naturalness should be considered to be the most important factor in constructing a new healing garden, followed by aesthetics and amenities. Single facilities rated by preference for introduction were flower beds, trails, and lawn. According to type, waterscape facilities such as fountains, ponds, waterfalls and waterwheels were most preferred. Space for natural distraction and programs for the cultivation of flower beds were also preferred. The ideal image of a healing garden should be bright, familiar, and orderly as a whole, having plenty of introduced facilities. Open spaces were preferred to enclosed spaces. Finally, the image of a garden that helps patients feel calm was thought to be that of the most ideal garden.