• Transportation Technology and Policy
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• v.5 no.4
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• pp.117-132
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• 2008

• The Korean Journal of Financial Management
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• v.25 no.2
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• pp.33-68
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• 2008

The purpose of this paper is to test the market timing hypothesis and impact of macro economic variables on capital structure choice as well as the traditional static trade-off and pecking order theories of capital structure in a integrated framework. Through a two stage test of target capital structure and capital structure choice, none of theories was consistently supported, but most of them were partly supported. In the first stage analysis of target ratio, coefficients of firm-specific variables generally supported the predictions of pecking order theory rather than those of the static trade-off theory. However, the result of the second stage test on capital structure choice supported the hypothesis of the static trade-off theory, which claims that firms usually set and pursue the target leverage ratio. Further, the result of the seconde stage shows that a simple pecking oder theory does not hold because firms with deficit of internal fund tend to issue bonds rather than stocks to raise outside fund. Also, the result indicates that the market timing hypothesis holds because firms with over-valued stocks tend to issue stocks rather than bonds. However, contrary to Korajczyk and Levy(2003), the impact of macro economic variables such as term or credit spreads on capital structure choice was negligible, and the impact of macro economic and market timing hypothesis variables were not greater in financially unconstrained firms as Korajczyk and Levy(2003) suggested.

• Journal of Korean Society of Transportation
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• v.31 no.1
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• pp.57-64
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• 2013

Recently, bicycle accidents have increased with the ever-increasing number of cyclists. Bicycle accidents occurred frequently in intersections, and the perpendicular collision between a right-turning car and a crossing bicycle was the most prevalent accident type. In particular, the collision was caused by motorists' carelessness. In other words, the accident-involved motorists did not pay sufficient attention to a bicycle crossing behind them. Another cause was a cyclist's higher speed than pedestrians. This paper evaluated the potential risk of the collision between right-turning cars and crossing bicycles based on simulation experiments, with motorists' speed and carelessness focused on. Consequently, it was found that to reduce the potential risk of the collisions a motorist should slow down and pay more attention to the rear sight by turning his/her head.

• Journal of Korean Society of Transportation
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• v.33 no.2
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• pp.204-213
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• 2015

The congestion of pedestrians impedes the utilization efficiency of a subway station. Conflicts among pedestrians due to unseparated pedestrian flows not only increase the impedance of pedestrian mobility but also negatively affect on pedestrian safety. This paper analyzes the travel characteristics of bi-directional pedestrian flow based on microscopic movements, and evaluates the operation efficiency on separating the traffic line. The subway station was simulated in a 2-D grid structure by applying Discrete Element Method, and the movement is organized in each cell of the grid. As a result, the model explicates that separating the traffic line and encouraging the 'Keep right rule' would be mostly effective for the conflicting flows. Therefore, applying the 'Walking Guidance System' would be efficient to improve the pedestrian convenience and mobility.

• Journal of Korean Society of Transportation
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• v.34 no.2
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• pp.168-179
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• 2016

This study describes an improved model for estimating pedestrian LOS (Level of Service) by utilizing the space occupied by pedestrians. The method introduced the concept of conflict along the bi-directional pedestrian flow which enables calculating conflict area and average travel time in walking. Especially, the method incorporates the idea of generalized density concept which can consider effective walking area and pedestrian flow rates that might vary during the analysis period. After establishing methodology, adjustments of pedestrian LOS criteria in term of walking space occupied by pedestrians were performed. As a result, walking-occupied space at capacity level is 0.68 and corresponding pedestrian flow rate was calculated as 80 persons/min/m, while different pedestrian-occupied spaces were ordered to classify LOS at the points where the gradient changes. Furthermore, the statistical verification of service levels has shown that there is significant difference among all LOS categories at 5% significance level.

• KDI Journal of Economic Policy
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• v.35 no.2
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• pp.133-166
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• 2013

This study analyzes the relationships between soft dollar(brokerage commission) and characteristics of funds, and between brokerage commission and return on funds, using the data on equity funds of Korea from June 2008 to November 2011. The result confirms a statistically significant negative relationship between management & sales fees and brokerage commission, meaning that rather than raising management & sales fees, which could be easily recognized by investors, it is through brokerage commission, a hidden cost, which asset management firms indirectly compensate for their services. Meanwhile, the analysis on the relationship between brokerage commission and return on funds reveals that higher brokerage commissions lead to lower return on funds, meaning at least in short-term no contribution to increasing returns in the future. These results suggest the need for streamlining the system to alleviate conflicts of interest between investors and management firms in addition to effectively controlling for principal-agent problems.

• Journal of the Korea Convergence Society
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• v.10 no.11
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• pp.353-366
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• 2019

As social standards have been subdivided and specialized due to social development, the number of related laws has also increased gradually, resulting in problems of duplication or conflict within the laws. After collecting all the safety standards that exist in Korea's legislation, it is necessary to analyze the characteristics of safety standards to find duplicate or conflicting issues. In this study, the characteristics of safety standards were divided into structural parts and lexical parts by extracting common elements that appear in all safety standards and singular points that appear only in specific safety standards. As a result of the analysis, two structural properties of safety standard were found and four lexical features were derived. The impact of these characteristics on future systems for managing safety standards was also reviewed. Based on this study, when more structural and lexical features of safety standards are accumulated in the future, it is possible to develop efficient algorithms to collect and analyze safety standards, which will help solve the problem of duplication and conflict of safety standards in the law.

• Journal of Korean Society of Transportation
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• v.33 no.5
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• pp.478-487
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• 2015

This study proposed a Variable Speed Limits(VSL) algorithm to use traffic information based on Cumulative Demand-Capacity Analysis and evaluated its performance. According to the analysis result, the total of delay consisted of 3 separate parts. There was no change in total travel time although the total of delay decreased. These effects was analysed theoretically and then, evaluated through VISSIM, a microscopic simulator. VISSIM simulation results show almost same as those of theoretical analysis. Furthermore in SSAM analysis with VISSIM simulation log, the number of high risk collisions decreased 36.0 %. However, the total delay decrease effect is not real meaning of decrease effect because the drivers' desired speed is same whether the VSL model is operated or not. Nevertheless this VSL model maintains free flow speed for longer and increases the cycle of traffic speed fluctuation. In other words, this is decrease of delay occurrence and scale. The decrease of speed gap between upstream and downstream stabilizes the traffic flow and leads decrease number of high risk collision. In conclusion, we can expect increase of safety through total delay minimization according to this VSL model.

• International Journal of Highway Engineering
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• v.10 no.4
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• pp.1-8
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• 2008

Seoul metropolitan government has introduced Bus Rapid Transit (BRT) systems in some major urban corridors on July 1st, 2004, and has reported that it was successful on the ground that bus speed has been increased in the corridors with BRT system and that it has also resulted in the increase of bus patrons. However, there comes a negative claim that BRT has increased the number of fatalities in the same corridors. This study first aims at developing safety evaluation indicators of pedestrian crossings, then compares values of those indicators from pedestrian crossings with and without BRT systems. The safety evaluation indicators of pedestrian crossing are developed as: the number (or ratio) of conflicts between pedestrians and vehicles, the number (or ratio) of vehicles violating pedestrian signals, the number (or ratio) of pedestrians remaining crossings at red signals, and the number (ratio) of pedestrians walking beyond crossing areas. When we compare values of these indicators for both pedestrian crossings with and without BRT system, it has turned out that crossings with BRT systems has more number of conflicts than the crossings without BRT systems, but it cannot be said that the ratio of conflicts will be different between two crossing types. It means that the number of conflict will increase as the number of pedestrians and vehicles in the crossings. When we note that BRT system intrinsically attract more number of pedestrians who get-in or get-off bus stops, we cannot said that BRT system will be safer for pedestrians.

• Journal of Korean Society of Transportation
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• v.26 no.1
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• pp.203-213
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• 2008

U-Turn offers convenience to drivers. U-Turn increases efficiency of traffic flow. But Standard of U-Turn is not clear. It caused many problems of traffic flow and traffic safety. This study estimate length between U-Turn location with front intersection based on stopping sight distance and left-turn vehicle's queue length. Variables are used traffic volume and operation speed. This study Analysis of U-Turn vehicle's behaviors and classification of conflict form by investigation. U-Turn length estimating based on relationship analysis between conflict with U-Turn length. Variables are used lane changing angles and operation speed. This study estimates length between U-Turn location with back intersection based on gap acceptance theory. Variables are used traffic volume, operation speed and lane changing angles. So, U-Turn location and length estimated considering traffic flow and traffic safety.