• Asia-Pacific Journal of Business
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• v.15 no.3
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• pp.417-430
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• 2024

Purpose - This paper investigates the asymmetric capital structure adjustment toward target leverage. Our study consistently estimates heterogeneous speeds of adjustment in different regimes reflecting heterogeneity in firm characteristics. Design/methodology/approach - We collect balanced panel data on Korean listed firms over the period 2005 - 2023. In order to capture non-linearities in the speed of capital structure adjustments, this paper employs the dynamic panel threshold model that allows endogeneity in regressors and threshold variables. Findings - Using firm characteristics as proxies for adjustment costs of deviation from and adjustment to target leverage, we find asymmetric effects on the speed of capital structure adjustments. Firms of large size, with high profitability, with large cash flow and with large investment adjust capital structure faster than those with the opposite characteristics. On the other hand, firms with high growth opportunities and with high risk move slowly toward the target leverage. Research implications or Originality - This paper provides new evidence of cross-sectional asymmetries in capital structure adjustments, which calls for cautions in sample-splitting in an arbitrary manner.

• Journal of the Korean Applied Science and Technology
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• v.33 no.1
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• pp.23-29
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• 2016

Zinc oxide of hexagonal wurzite, is known as n-type semiconductor. It has a wide band gap energy of 3.37 eV and large exciton binding energy of 60 meV. It can be widely applied to gas sensors, laser diodes, dye-sensitized solar cells and degradation of dye waste. The use of microwave hydrothermal synthesis brings a rapid reaction rate, high yield, and energy saving. Amine additives control the different particle shapes because of the chelate effect and formation of hydroxide ion. In this study, zinc nitrate hexahydrate was used as zinc precursor. In addition, ethanolamine, ethylenediamine, diethylenetriamine, and hexamethylenetetramine are used as shape control agent. The pH value was controlled as 11 by NaOH. The shapes of zinc oxide are star-like, rod, flower-like, and circular cone. In order to analyze physical, chemical, and optical properties of ZnO with diverse amine additives, we used XRD, SEM, EDS, FT-IR, UV-Vis spectroscopy, and PL spectroscopy.

• Journal of Korean Society of Coastal and Ocean Engineers
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• v.11 no.2
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• pp.107-115
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• 1999

In order to develop a convenient method for the estimation of transport distance of settling stones in quiescent water or flowing water, introduced was the simple but relatively accurate equation of drag coefficient. The equation of drag coefficient introduced was confirmed to give relatively accurate evaluation for the drag force of smooth-surface sphere, and the effects of surface roughness and shape can be considered by adjusting empirical parameters. A theoretical equation has been developed for the settling velocity or settling distance of smooth-surface sphere in quiescent fluid, and the computation results have been obtained by adjusting the empirical parameter for the settling distance of stone in quiescent water. The 2nd order ordinary differential equation has been developed for the case of settling stones in flowing fluid, and a numerical model has been developed by using Runge-Kutta method for its solution. A number of cases have been tested by adjusting the empirical parameter.

• Proceedings of the Korea Society for Energy Engineering kosee Conference
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• 1999.11a
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• pp.225-230
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• 1999

Since changes in crude oil price exert colossal influence upon most national economy, it is important to investigate about factors that cause the change through an appropriate crude oil price forecast. This paper examines the relationship among crude oil price, OPEC production and U.S. inventory using cointegration and error correction model. We found that crude oil price is likely to increase significantly for a given decrease in not only the OPEC production but also the U.S. inventory. Furthermore, we found that crude oil price is more elastic with respect to OPEC production in the short-run, and more elastic with respect to U.S. inventory in the long-run. Moreover, in the long-run, U.S. inventory have more an effect on crude oil price than OPEC production. Finally, crude oil price adjusts to their respective long-run equilibrium at a moderate speed, about 12% of adjustment taking place in the first year.

• Industry Promotion Research
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• v.8 no.2
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• pp.165-176
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• 2023

This article uses panel data of thirteen prefecture-level cities in Jiangsu Province from 2007 to 2021, and adopts entropy method, SBM model, and coupling coordination degree model to empirically study the development level of new model of urbanization and green economic efficiency in Jiangsu Province and the coupling coordination relationship between them. The results show that: the coupling coordination was in a moderate disorder and on the verge of disorder in 2008 and 2009. However, it steadily improved after 2010, and even witnessed a significant increase from 2018 to 2021. After that, it shows a high-quality coordination in 2021, indicating that the level of coordination between urbanization and green economic efficiency in Jiangsu province is steadily improving. Analyzed from a spatial perspective, the overall development of the regions in the province is sound and the coordination is growing at a significant rate, but there are still certain gaps in the coordinated development between the regions.

• Journal of the Korean Society for Railway
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• v.15 no.6
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• pp.543-549
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• 2012

This study describes the tail vibration reduction for the next generation high speed EMU(HEMU-430X). The model of 6 cars was generated and the calculation was performed using VAMPIRE(railway vehicle dynamic software). In view of ride characteristics, HEMU-430X was expected to sway at the tail because of the yaw damper direction. The lateral acceleration of vehicle body exceeded the criteria because of hunting. To reduce this hunting motion, some methods such as wheel profile change, the change of damping coefficient for the 2nd lateral damper, the damping coefficient change of yaw damper were tested, but had little effect. Finally, the yaw damper direction was changed and the tail vibration disappeared. In real running test, the tail vibration appeared at the speed of 150km/h and the yaw damper direction change made the vehicle stable at the speed of 300km/h. The maximum test speed of HEMU-430X is 430km/h. If the tail vibration appears at higher speed, some other methods in this study may be considered to reduce it.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.31 no.6D
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• pp.839-848
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• 2011

TBM (Tunnel Boring Machine) tunnel should be carry out with the adopted machine until the end of excavation because of impossibility of replacement or modification of machine. Observation of the face of the tunnel is difficult, especially in EPB(Earth Pressure Balance) shield TBM, predict changes in the ground condition with analyzing data, collected during the excavation, and it should be reflected in construction. Until recently, subjects of studies on TBM are mainly the determination of machine and the development of advance rate prediction model, according to the characteristics of ground which is the target of excavation. However, study focused on the estimation of ground conditions and the improvement in operational methods using excavation data of TBM equipment, the principal of the excavation, has been done not so much. This study examine the variances in advance rate depending on changes in operating conditions and evaluate the optimal operating conditions of adopt machine, using working data obtained from EPB shield TBM project. The result of this study is suggested as follows. First, cutter head RPM and total thrust force are biggest influences on advance rate, Second, it is recommended for proper advance rate that total thrust force is controlled while optimum cutter head RPM is kept, Third, according to the increasing trend of total thrust force, the changes in ground conditions can be predicted, the appropriate operating conditions can be determined.

• Journal of Korean Ophthalmic Optics Society
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• v.20 no.3
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• pp.369-375
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• 2015

Purpose: The current study was performed to estimate the changes in reading speed and blinking rate according to different background colors when reading paper book and further investigate their correlation. Methods: Twenty-nine adults (10 males, 19 females) who consented to the present study and had no ocular disease, ocular surgery history showing normal binocular vision were participated into the study. The subjects were asked to read the novels with black letter printed on white, red, green and blue background for 15 min, respectively. Then, the reading speed per page and blinking rate per page were measured during reading and analyzed according to background colors. Results: Reading speed per page according to the background color showed a tendency to accelerate in the white and green background as the reading time increased however, it was almost unchanged in the blue background and rather decelerated in the red background. On the other hand, the blinking rate per page tended to decrease in all background as the reading time was increased however, the smallest reduction was shown in the red background. There was a correlation that the reading speed increased as the blinking rate decreased in all backgrounds and the best correlation was shown in the green background. Conclusions: From the results, a correlation between the increasing reading speed and the reducing blinking rate while reading paper book with same demand on accommodation and convergence was confirmed however, the change in blinking rate and reading speed was varied depending on the main wavelength of light. It might mean that the working speed and visual fatigue can be varied depending on the difference of main wavelength when doing near work. Thus, it can be suggested that the adjustment of working environment and conditions should be made according to the kind of required perception.

• Proceedings of the KSR Conference
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• 2011.05a
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• pp.1811-1825
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• 2011

This study analyzed the transit services with respect to transit service measures such as the load factor representing number of passengers between stops, dwelling time, and operational speed based on transit smart card data recorded in 2009. A case study on the local bus line 7024 connecting Seoul railway station to evaluate bus services at passenger perspectives was accomplished. From the results, we found that the dwelling time was not affected by the number of passengers which is because the tagging patterns are different among passengers. The operational speed was analyzed by calculating the average speed of the bus route and the speed of each bus stops based on dwelling time. Interestingly, calculating operation speed based on the transit smart card data is the first time effort ever made and this means that it is not necessary to observe travel speed of bus and railway at a field level any more. we hope that this study will be a basis of evaluation of transit services purely based on the transit smart card data and help to make better transit services for passengers and operators as well.

• The Transactions of the Korean Institute of Power Electronics
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• v.8 no.4
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• pp.321-327
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• 2003

As the continuous casting process is to product slab with high temperature liquid steel, the main role of strand driven roll is to withdraw slab from mold as operator set up casting speed pattern. The strand driven roll in old cast machine is controlled casting speed only. Due to inaccuracies in drive setting up, varying roll diameters, bulging in the product, withdrawal force was distributed irregularly. As a result, because of horizontal crack in slab comer, high casting speed can't be achieved. In this paper, the correlation between the distribution of withdrawal force and slab quality is investigated and the new control algorithm which can be distributed regularly the withdrawal force of strand driven roll is proposed. The principle of proposed algorithm is not to control motor torque directly but to control motor speed reference according to sharing ratio of withdrawal force which is set up in high level controller. The proposed algorithm implemented in POSCO Kwangyang 1-4 continuous casting plant.