• Korean Journal of Construction Engineering and Management
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• v.17 no.5
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• pp.13-21
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• 2016

Insolvency of construction companies that play the role of main contractors can lead to clients' losses due to non-fulfillment of construction contracts, and it can have negative effects on the financial soundness of construction companies and suppliers. The construction industry has the cash flow financial characteristic of receiving a project and getting payment based on the progress of the construction. As such, insolvency during project progress can lead to financial losses, which is why the prediction of construction companies is so important. The prediction of insolvency of Korean construction companies are often made through the KMV model from the KMV (Kealhofer McQuown and Vasicek) Company developed in the U.S. during the early 90s, but this model is insufficient in predicting construction companies because it was developed based on credit risk assessment of general companies and banks. In addition, the predictive performance of KMV value's insolvency probability is continuously being questioned due to lack of number of analyzed companies and data. Therefore, in order to resolve such issues, the Bayesian Probabilistic Approach is to be combined with the existing insolvency predictive probability model. This is because if the Prior Probability of Bayesian statistics can be appropriately predicted, reliable Posterior Probability can be predicted through ensured conditionality on the evidence despite the lack of data. Thus, this study is to measure the Expected Default Frequency (EDF) by utilizing the Bayesian Probabilistic Approach with the existing insolvency predictive probability model and predict the accuracy by comparing the result with the EDF of the existing model.

• Korean Journal of Construction Engineering and Management
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• v.23 no.5
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• pp.65-76
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• 2022

The New Excellent Technology (NET) designation system, introduced in 1989 for the purpose of promoting the development of domestic construction technology and enhancing national competitiveness, reviews the statement of construction cost of new technologies. And the cost reduction effect such as design, construction, and maintenance cost and the effect of reducing the construction duration are evaluated as an evaluation criteria of economic feasibility. However, in this evaluation process, differences of opinion between the institution of construction cost estimating standard management and the new technology developer about unique technologies frequently occur. In addition it is difficult to objectively compare the construction duration with existing similar technologies because there is no information on productivity as the current cost estimating standards for new technologies only present the required amount per unit quantity. In this study, the current state of cost estimating criteria review procedure, evaluation criteria, and cost estimating standards establishment method were analyzed when screening for the designation of a new construction technologies, and compared with overseas cost estimating standards, measures to improve the cost estimating standards of current construction new technologies were suggested. Through the improved cost estimating standards of this study, it is expected that cost information on new technologies will be provided to clients in more detail than the current ones, and the availability and applicability of new construction technologies would be improved by simplifying the construction cost calculation process more.

• Cartoon and Animation Studies
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• s.38
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• pp.177-194
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• 2015

This study that had been conducted two months by a research team of Pusan National University at the request of Korea Manwha Contents Agency in Dec. 2013 is about the statistical analysis on 'Korean Webtoon DB and its Flow Report' which resulted from the complete survey of Korean webtoons which had been published with payment in official media from early 2000 to 2013. Webtoon which means the cartoons published on web has become a typical type of Korean cartoons and has developed into a main industry since 2000s when traditional published cartoons had declined and social environments had changed. Today, it represents cultural contents in Korea. This study collected the webtoons officially published in media with payment, among Korean webtoons having been published from the early 2000s to Jan. Based on the collected data, it analyzed the general characteristics of webtoons, including cartoonists, the number of cartoons, distribution chart of each media, genre, and publication cycle. According to the data analysis and statistics, a great deal of Korean webtoons are still published in main portal websites, but their platform is being diversified and a webtoon's publication cycle tends to be shortened. In terms of genre, traditional popular genres, such as drama, comic, fantasy, and action, are still popular, and the genres of history, sports, and food are on the rise along with a social trend. Regarding webtoon application, such events as relay webtoon and brand webtoon, and a new type of webtoon featuring PPL commercialism appear. Such phenomena can realize the common profits of cartoonists, media, and ordering bodies, and are various trials to test the possibility of webtoons. In addition, what needs to pay attention on in the expansion of webtoons is increasing webtoons for adults. The study subjects are the webtoons published with payment, excluding free webtoons. However, this study failed to collect the webtoons published on the online websites already closed, and the lost information on cartoonists and their lost webtoons, and it is necessary to conduct a complete survey on all webtoons including free ones. Despite the limitations, this study is meaningful in the points that it categorized and analyzed Korean webtoons accoridng to official media, webtoons, cartoonists, and genres and that it provided a fundamental material to understand the current conditions of webtoons. It is expected that this study will be able to contribute to activating more research on webtoons and producing more supplementary data which will be used for the Korean cartoon industry and academia.

• Management & Information Systems Review
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• v.36 no.3
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• pp.151-165
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• 2017

This study investigates the effect of revenue recognition by percentage of completion method on financial analysts' earnings forecasting information in order industry. Specifically, we examines how the analysts' earnings forecast errors and biases differ according to whether or not to report the unbilled revenue account balance and the level of unbilled revenue account balance. The sample consists of 453 firm-years listed in Korea Stock Exchange during the period from 2010 to 2014 since the information on unbilled revenue accounts can be obtained after the adoption of K-IFRS. The results are as follows. First, we find that the firms with unbilled revenue account balances have lower analysts' earnings forecast accuracy than the firms who do not report unbilled revue account balances. In addition, we find that the accuracy of analysts' earnings forecasts decreases as the amount of unbilled revenue increases. Unbilled revenue account balances occur when the revenue recognition of the contractor is faster than the client. There is a possibility that managerial discretionary judgment and estimation may intervene when the contractor calculates the progress rate. The difference between the actual progress of the construction and the progress recognized by the company lowers the predictive value of financial statements. Our results suggest that the analysts' earnings forecasts may be more difficult for the firms that report unbilled revenue balances as applying the revenue recognition method based on the progress criteria. Second, we find that the firms reporting unbilled revenue account balances tend to have higher the optimistic biases in analysts' earnings forecast than the firms who do not report unbilled revenue account balances. And we find that the analysts' earnings forecast biases are increases as the amount of unbilled revenue increases. This study suggests an effort to reduce the arbitrary adjustment and estimation in the measurement of the progress as well as the introduction of the progress measurement method which can reflect the actual progress. Investors are encouraged to invest and analyze the characteristics of the order-based industry accounting standards. In addition, the results of this study empower the accounting transparency enhancement plan for order industry proposed by the policy authorities.