• The Journal of the Korea Contents Association
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• v.16 no.3
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• pp.81-90
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• 2016

This study aims to investigate the association between stock performance and credit ratings, and credit rating changes using a sample of 1,691 KRX firm-years that acquire equity in the form of long-term bonds from 2002 to 2013. Previous U.S. literature is mixed with regard to the relation between credit ratings and stock price. On one hand, there is evidence of a positive relation between credit ratings and stock prices, an anomaly established in U.S. studies. On the other hand, the CAPM model suggests a negative relation between stock prices and credit ratings, implying that investors expect financial rewards for bearing additional risk. To our knowledge, we are the first to examine the relationship between stock price and default risk proxied by credit ratings in period t+1. We find a negative (positive) relation between credit ratings (risk) in period t+1 and stock returns in period t, suggesting that credit rating agencies do not consider stock returns as a metric with the potential to influence default risk. Our results suggest that market participants may prefer firms with higher credit risk because of expected higher returns.

• The Journal of the Korea Contents Association
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• v.13 no.1
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• pp.175-185
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• 2013

The judgement which is subject of research has denied legal rescission of division of the inherited property by agreement based on (1) the fact that the division of inherited property terminated at the time of concluding mutual agreement in its nature while only the relationship of claim and obligation between the inheritor who has paid for such obligation and the inheritor who has acquired such obligation in the mutual agreement remains (2) and the fact that the legal stability is considerably hindered as the re-partition of inherited property having retroactive effect becomes unavoidable in case of approving the legal rescission of the division of the inherited property by agreement. But it is reasonable to also approve legal rescission on the division of the inherited property by agreement in case the division by agreement actually has the nature such as conditional donation between joint heirs (1) from the fact that the division of the inherited property by agreement gets the nature of disposal equivalent to exchange, transfer and abandonment of share between joint heirs in actuality, (2) and the fact that there are no other theories in approving the validity of mutually agreed rescission despite the fact that the re-partition of inherited property having retroactive effect is unavoidable even in case of the mutually agreed rescission of the division by agreement among all joint heirs. However, as the division of the inherited property by agreement is a contract that gets concluded only if all joint heirs participate, even the legal rescission for the reason of not fulfilling the obligations paid by one party of the heirs during the division by agreement must be considered as possible only by expression of intentions from all other joint heirs excluding this one party.

• The Korean Journal of Financial Management
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• v.22 no.1
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• pp.1-36
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• 2005

In this study, we analyzed determinant factors of leverage ratio and debt maturity for Korean firms in the simultaneous equation system using 2SLS (two stage least square) method under assumption that two variables are jointly determined in the capital structure decision. As a result of the analysis, we found that leverage ratio and debt maturity are positively related. Also, as for determinant factors of debt maturity, agency cost hypothesis, asset maturity matching hypothesis, signalling and liquidity risk hypothesis are all generally supported, and further leverage ratio are significantly positively related with firm size, but negatively related with default risk. However, when we divided samples into groups according to bank debt level and Chaebul affiliation, with contrast to existing study which worked on similar issues with OLS, we found no evidence supporting the argument that the information asymmetry problem is less severe in firms with more bank debt, whereas information asymmetry and financial constraint problems are more severe in non-Chaebul affiliated firms.

• Journal of Families and Better Life
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• v.26 no.6
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• pp.35-50
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• 2008

The purpose of this study was to analyze the characteristics and financial status of credit delinquents utilizing the debt management program of the Credit Counseling and Recovery Service between January-June in 2007. Total sample of 41,355 cases was analyzed using the statistical program SPSS(Version 12.0). For analysis, descriptive statistics, F-test, Scheffe test, t-test, logit analysis and regression analysis were employed. People in the age range of 30-40s, males, high-school graduates, married couples, part-time employees, costfree residents and residents in other regions were relatively high users of the debt management program. Reasons of credit delinquency were diverse and was combined to credit default. However, increases in expenses and income reductions were found to be the most frequent reasons. Financial conditions of delinquents were worse than those of average persons shown on the national statistics. It was also found that age, sex, educational level, occupation, region of residence, home-ownership, reason of delinquency, income and total outstandings of debt were significant determinants of short-term debt burden which was measured by the ratio of monthly payment to income and long-term debt burden which was measured by repayment period.

• Korean Journal of Construction Engineering and Management
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• v.8 no.1 s.35
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• pp.150-158
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• 2007

The delay of construction is one of the most frequent and complicated elements of the claim. And the liquidated damages cause many disputes during the judgement. The liquidated damages should be a compensation for owner's substantial loss, but actually be applied as a damage for breach of contract. These damages are different from owner's loss and give constructors a excessive burden. So we need a more reasonable system than a lump application system. In this study, we make a Improvement System, that based on owner's substantial loss, and suggest the new liquidated damages calculation method.

• Journal of the Korean Society of Safety
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• v.30 no.3
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• pp.85-92
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• 2015

This study examined the effects of employers' breach of safety obligation and violation of psychological contract on the workers' safety behaviors and turnover intention. Especially, this study examined a mediating effect of violation of psychological contract on the relationship between employer's breach of safety obligation and workers' safety behavior and turnover. 198 workers were asked to respond to the questionnaires that measured various demographic variables, employers' breach of safety obligation, violation of psychological contract, safety behavior, turnover intention. A hierarchical regression was conducted to identify variables that had significant relationships between employers' breach of safety obligation and employees' safety behavior and turnover intention, and to examine the mediating effect of violation of psychological contract. Results indicated that the employers' breach of safety obligation significantly predicted both workers' safety behaviors and turnover intention. It was also found that the violation of psychological contract was a significant predictor for both workers' safety behavior and turnover intention. In addition, violation of psychological contract was found as mediating effect on the relationship between employers' breach of safety obligation and workers' safety behavior and turnover intention. Based on these results, the implications of this study and suggestions for future research were discussed.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.22
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• pp.71-106
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• 2004

Todays, L/C transactions in international trade are governed by UCP 500 and eUCP. But UCP 500 and eUCP do not cover all legal problem of L/C transactions. Therefore choice of laws in international L/C transactions are occurred. U.S.A. has an enacted law (UCC ${\S}5-Letter$ of Credit) to govern L/C transaction. But other countries has no special enacted law to govern L/C transaction. The reason is that there are difference between legal attitude of U.S.A. and other countries. American law considers L/C as a special device made by merchants. Therefore U.S.A. applies UCC ${\S}5-Letter$ of Credit instead of general contract law. UCC ${\S}5-Letter$ of Credit includes provisions of warranties, remedies, and so on that UCP 500 and eUCP do not include. But the liabilities of the Issuing Bank on the wrongful dishonor in L/C transaction is very important legal problem. First, this study is to justify concepts of honor and dishonor, and sufficient conditions for dishonor of the issuing bank. in UCC. Second, this study is to examine closely the liabilities of the Issuing Bank on the wrongful dishonor in L/C transaction. Third, this study is suggest distinctive features on the Liabilities to wrongful dishonor of the issuing bank in UCC ${\S}5-Letter$ of Credit and our trader's matters to be attended to L/C transactions governed by UCC.

• Journal of Korean Society of Transportation
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• v.26 no.2
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• pp.167-176
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• 2008

Although a rate of car accident death is on the decrease, internal rate of median encroachment accident is still high. In order to reduce the median encroachment accident, government use median barriers but there are no exact criteria of them. Particularly, current impulse measurement method has adopted the uniformly operating speed and encroachment angle. At reality, however, there are various conditions depends on driver's characters. In that reason, this study calculates reasonable impulse quantity through encroachment angle and operating speed. It will be necessary to prevent overuse treasury and car accidents.

• Journal of the Korean Society for Library and Information Science
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• v.47 no.3
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• pp.161-179
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• 2013

The purpose of this study is to suggest elements and guidelines for online digital materials in order to ensure its comprehensive collection, preservation, and access in Korea. For the establishment of elements and guidelines, this study examined appropriate advanced countries' legal deposit Acts, discussed with stakeholders, including experts and copyrighters in related areas, and surveyed library users' opinions. Finally, this study suggests 14 elements and guidelines.

• The Transactions of the Korea Information Processing Society
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• v.4 no.6
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• pp.1481-1494
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• 1997

In hard real-time systems, a timing fault may yield catastrophic results. Dynamic scheduling provides the flexibility to compensate for unexpected events at runtime; however, scheduling overhead at runtime is relatively large, constraining both the accuracy of the timing and the complexity of the scheduling analysis. In contrast, static scheduling need not have any runtime overhead. Thus, it has the potential to guarantee the precise time at which each instruction implementing a control action will execute. This paper presents a new approach to the problem of analyzing high-level language code, augmented by arbitrary before and after timing constraints, to provide a valid static schedule. Our technique is based on instruction-level complier code scheduling and timing analysis, and can ensure the timing of control operations to within a single instruction clock cycle. Because the search space for a valid static schedule is very large, a novel adaptive genetic search algorithm was developed.