• Journal of the Korea Academia-Industrial cooperation Society
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• v.12 no.9
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• pp.3827-3833
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• 2011

This paper performed empirical tests of the validity of the pecking order theory which explains financing behavior of firms under information asymmetry. The results of regression analyses using the data of listed manufacturing companies in the Korean Stock Market from 1981 to 2010 have shown strong evidences supporting the pecking order theory. Especially regression coefficients of change of debt on funds deficit and control variables were found to be almost (+1) with statistically significance, which is interpreted as being consistent with the pecking order theory. Same results were found when I performed regression analyses by dividing the sample period into pre-currency crisis period, currency crisis period and post-currency crisis period and using 2 regression models. Change of tangible asset were found to function as collateral rather than reducing information asymmetry and as the firm size decreased, use of debt increased and as profitability increased use of debt decreased, which are consistent with the pecking order theory.

• Journal of the Korea Institute of Information Security & Cryptology
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• v.30 no.6
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• pp.1255-1261
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• 2020

Cache side-channel attack is a class of attacks to retrieve sensitive information from a system by exploiting shared cache resources in CPUs. As the attacks are delivered to wide range of environments from mobile systems to cloud systems recently, many detection strategies have been proposed. Since the conventional cache side-channel attacks are likely to incur tremendous number of cache events, most of the previous detection mechanisms were designed to carefully monitor mostly cache events. However, recently proposed attacks tend to incur less cache events during the attack. PRIME+ABORT attack, for example, leverages the Intel TSX instead of accessing cache to measure access time. Because of the characteristic, attack detection mechanisms based on cache events may hardly detect the attack. In this paper, we conduct an in-depth analysis of the PRIME+ABORT attack to identify the other useful hardware events for detection rather than cache events. Based on our finding, we present a novel mechanism called PRIME+ABORT Detector to detect the PRIME+ABORT attack and demonstrate that the detection mechanism can achieve 99.5% success rates with 0.3% performance overhead.

• Korean Journal of Plant Taxonomy
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• v.45 no.4
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• pp.380-390
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• 2015

The morphological characters were observed in six taxa in the genus Dioscorea of Korea (D. polystachya, D. japonica, D. nipponica, D. quinqueloba, D. tenuipes, and D. dokoro). The underground structure and the formation of bulbil were useful characters for separating sect. Enanatiophyllum from sect. Stenophora. The important characters for discriminating taxonomic entities were as follows: the position of the anther and the shape of the pistil in the microstructural characters, including the protuberance of the base of the petiole, the shape and color of the flower, the shape of the fruit, and the shape of the seed wing. Based on the results, a key to Korean Dioscorea is provided and the distribution of these species in Korea is described.

• Land and Housing Review
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• v.15 no.3
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• pp.25-43
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• 2024

Using the 2021 Korea Housing Survey Data, this study compared and analyzed the factors influencing the residential mobility of residents in public and private rental housing by population and social characteristics, economic characteristics, and housing characteristics. The analysis results are as follows. As a result of descriptive statistics analysis, it was found that private rental households were young and economically active. While the proportion of apartment residents and new housing, and the level of housing satisfaction were low, the level of housing insecurity was high. Through logistic regression analysis, significant factors influencing the residential mobility of private and public leases were analyzed. In terms of demographic and social characteristics, private leases were affected by marital status, the number of household members, the age of the household head, and the residential area, while public leases were affected by marital status and the age of the household head. In terms of economic characteristics, private leases were affected by assets, debt, and housing management costs, while public leases were affected only by debt. In terms of residential characteristics, private leases were affected by periods of homelessness, housing satisfaction, housing insecurity, and a sense of homeownership, while public leases were affected by housing type, years of construction, housing satisfaction, housing insecurity, and a sense of homeownership.

• The Journal of the Korea Contents Association
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• v.21 no.10
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• pp.368-377
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• 2021

This study analyzed the determinants of capital structure based on the financial statements of agricultural corporations disclosed on the DART(data analysis, retrieval and transfer system) of the Financial Supervisory Service since 2011, when the Korea international financial reporting standards (K-IFRS) was introduced. There have been many empirical studies on the capital structure so far, but there are no studies targeting agricultural corporations. The sample period of agricultural corporations was from 2015 to 2019, with the debt ratio as the dependent variable, and among the variables suggested as meaningful in existing empirical studies, ROA(profitability), SIZE(corporate size), LIQ(liquidity), TA(tangible asset ratio), FA(fixed long-term suitability ratio), and GROWTH(growth potential) were selected as independent variables and panel data analysis was performed. As a result of the analysis, it was found that the debt ratio decreased as the ROA and SIZE of agricultural corporations increased. This can be interpreted as supporting the pecking order theory rather than the static trade-off theory in the relationship between the ROA and SIZE of Korean agricultural corporations with the capital structure. In addition, it was found that the debt ratio increased as the FA increased. These results suggest that Korean agricultural corporations need to establish a financing policy in consideration of ROA, SIZE, and FA.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.11
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• pp.66-79
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• 2016

A discussion has recently emerged over the increase of approvals of K-REITs, which is concluded on the basis of how to raise funds for business activity, fulfill the expected rate of return and maximize the management of managing investment funds. In addition, corporations need to acknowledge the necessity of the capital structure reflected in the current economic environment and decision-making processes. This research analyzed the characteristics by investment types and influence factors about the debt ratio of K-REITs. The data were collected from general management about business state, investment, and finance from 2002 to 2015 in K-REITs (except for the GFC period of 2007~2009). The results of the research demonstrated the high ratios of the largest shareholder characteristics, which are corporation, pension funds, mutual funds, banks, securities, insurance, and, recently, the increasing ratio of the largest shareholder and major stockholder. The investment of K-REITs is increasing the role of institutional investors that take a leading development of K-REITs. The behaviors of simultaneous investment of institutional investors were analyzed to show that they received higher interest rates than other financial institutions and ran in parallel with attraction and compensation. The results of the multiple regressions analysis, utilizing variables about debt ratio were as follows. The debt ratio showed a negative (-) relation that profitability is increasing, which matches the pecking order theory and trade off theory. On the other hand, investment opportunities (growth potential) showed a negative (-) relation and assets scale that indicated a positive (+) relation. The research results are reflected as follows. K-REITs focused on private equity REITs more than public offering REITs, and in the case of financing the capital of others, loan capital is operated under the guarantee of tangible assets (most of real estate) more than financing of the stock market. Further, after the GFC, the capital of others was actively utilized in K-REITs business, and the debt ratio showed that the determinant factors by the ratio and characteristics of the largest shareholder and investment products.

• The Journal of Korean Philosophical History
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• no.59
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• pp.261-286
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• 2018

It is possible to communicate with objects in various styles, but especially the poem[詩], the ode[賦], the inscription[銘] are remarkable. The word is not the mouth, but the mind and the soul. Therefore, if a person is in a relationship with an object that defines the person, what conversation with the object is the person's inner. So if you know what a person has been with things, you can imagine his outer surface, and you can get inner if you know what you talked about. Seo Kyung-duk who lived a poverty life, but can not live without things, so his things are not a thing, Seo Kyung-duk also recorded especially about the dojookjang[bamboo cane], the buchae[fan], and the $k{\breve{o}}mungo$[Korean lute] Seo Kyung-duk with the buchae, Seo Kyung-duk with the dojookjang, and Seo Kyung-duk with the $k{\breve{o}}mungo$. These are the pictures we can imagine. And I can draw Seo Kyung-duk to talk with those things. Seo Kyung-duk, who is reflected in the dojookjang, shows the reality of participating in the rescue of the people's hardships and the stubborn world. Seo Kyung-duk, who is reflected in the buchae, is a philosopher who explores the origin of existence with the appearance of realistic preachers who have to wash away the difficulties of the people. Seo Kyung-duk, who is reflected in the $k{\breve{o}}mungo$, is a philosopher who grasps Ki(氣) the phenomenon and the source, the immaterial and the material, the type and the intangible. Both the strings and non-strings are $k{\breve{o}}mungos$. The $k{\breve{o}}mungo$ is strong in ideology symbolizing the Confucianism ideological ideals, and Seok Kyung-duk is also in the extension line. Seo Gyeong-deok, who has seen through the dojookjang, the buchae, and the $k{\breve{o}}mungo$ has a realistic sense of realizing that he should worry about the pain of the world and fulfill a good world. He is a philosopher who pierces the root of existence and can be governed by the logic of Ki(氣).

• Korean Business Review
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• v.23 no.1
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• pp.1-16
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• 2010

It is generally considered from the point of view of macroeconomics that inflation has an effect favorable to the owners of tangible assets in the allocation of assets and lightens the burden of debtors in the redemption of their liabilities. But, this effect of inflation has not yet been fully verified in the case of individual firms. Accordingly, in this article I will examine the effect of inflation on the financial and investment decisions of individual companies.

• Proceedings of the Korea Institutes of Information Security and Cryptology Conference
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• 2006.06a
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• pp.159-163
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• 2006

1999년 P.Kocher에 의해 전력분석공격에 대한 연구결과가 발표된 이후, 부채널 공격에 의한 많은 암호장치들의 취약성 및 대응방법들에 대한 연구가 이루어지고 있다. 지금까지 제안된 대응방법중 마스킹 기법이 소프트웨어적으로 구현하는데 가장 효율적이다. 하지만, 최근 마스킹이 적용될 AES에 대한 효율적인 2차 DPA 공격결과가 발표되었다. 본 논문에서는 마스킹이 적용된 국가표준암호 ARIA를 대상으로 2차 DPA 공격을 성공적으로 수행하였다.

• The Korean Journal of Financial Studies
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• v.3 no.1
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• pp.163-177
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• 1996

제일경제연구소는 국내기업의 파생상품 이용현황, 파생상품의 유형과 거래목적 및 리스크 관리체제 등을 파악하기 위하여 KOSPI 200의 구성기업과 상장 금융기관을 대상으로 설문조사를 실시하였다. 국내기업의 해외파생상품의 거래는 최근 지속적으로 증가하고 있으며, 특히 금리관련 파생금융상품의 거래가 크게 증가하고 있다. 이는 국내기업이 환율 및 국제금리의 변동리스크를 헤지하거나, 자금조달 및 운용을 비롯한 종합적인 자산 부채의 관리를 위하여 파생금융상품을 적극적으로 이용하기 시작했음을 시사하고 있다. 국내기업의 파생상품 이용은 전반적으로 대기업 중심으로 이루어지고 있고, 금융기관들은 비금융기관들에 비해 거래소상장 파생상품의 이용률이 높은 것으로 나타났다. 그리고, 국내기업들은 투기적 목적보다는 환을, 금리, 상품가격변동의 리스크를 헤지할 목적으로 파생상품을 이용하는 것으로 나타났다. 특히, 환율 및 국제금리의 변동리스크를 관리하기 위하여 많은 기업들이 스왑을 이용하고 있다는 사실은 주목할만 하다. 많은 기업들이 정기적인 보고체제를 갖추고 있지 않은 것으로 파악되었는데, 국내기업의 장외파생상품에의 높은 의존도를 고려할 때 리스크 관리체제의 중요성을 다시 한번 인식할 필요가 있겠다.