• The Korean Journal of Air & Space Law and Policy
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• v.26 no.1
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• pp.271-297
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• 2011

Recently, risk of space accident possibility increased in according to commercial space activity and space debris. It failed launch satellite second times in South Korea. Therefore was discussed on liability and insurance issue. Generally, discuss of space insurance be divided two type. Firstly, space insurance relevant to launching satellite and in-orbit. Satellite Launch Insurance and In-Orbit Insurance by the Satellite Operator Secondly, space insurance relevant to Third Party Liability. The former is to protect owner of satellite and operator. The latter is to liable and indemnify owner of satellite and operator's liability. US, UK, France, Russia, South Korea forced to buy space insurance following to domestic law. This is a brief overview of risk allocation and insurance practices in the commercial space transportation industry today. We begin with traditional space transportation, i.e., commercial satellite launches. This is a mature industry with known players. Industry practices have developed and legislation has been adopted in the U.S. and other countries over the past decades to address liability and insurance issues. The primary focus here is on U.S. law, but the discussion of industry practice applies more generally. We then move on to a more exotic form of space transportation: Commercial human space flight. Several private companies are now signing up space tourists for commercial suborbital human space flight, advertised to become available in the near future. The United States amended its launch legislation in 2004 to promote commercial human space flight. But questions remain as to how this new industry will respond to the risk allocation regime established by the U.S. legislation, which leaves both the space flight operator and space tourist exposed to risk and potential liability. As a general proposition, state statutes and contractual waivers alone cannot be relied upon to provide adequate liability protection, and insurance will be required. Federally mandated contractual waivers by space flight participants or liability caps would be helpful to complement insurance solutions. Eventually, as the industry matures, such practices could be extended to an international legal regime. For all the issues mentioned above, I have studied the existing international treaties and several country's domestic law to the space by referring U.S's Commercial Space Launch Amendment Act of 2004 and concluded that uniform legal regime to govern these insurance issues should be established domestically and internationally in the future.

• Journal of Environmental Impact Assessment
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• v.6 no.2
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• pp.113-121
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• 1997

LHR(Landfill Hazard Ranking Model) was developed for assessing the relative hazard of landfills by using the method of value-structured approach. LHR consists of combining a multiattribute decision-making method with a qualitative risk assessment approach. A pairwise comparision method was applied to determine weights of landfill factors related. To prove the validity of weights allocation of landfill hazard evaluation factors, sensitivity analysis was applied. Firstly, the impact on landfill hazard score according to variations of weights of landfill hazard factors was analyzed. Secondly, the impact on landfill hazard score according to conditions change of landfill hazard factors was analyzed. As a result of sensitivity analysis, LHR composite scores are largely influenced by some factors following sequential order such as waste volume, proximity to sensitive environments, containment facilities, distance from drinking water supplies, and waste toxicity. The relative order of landfill hazard evaluated by LHR is not influenced by the weights change of individual factors. Therefore, LHR seems to be a credible model to determine priorities of landfill remediation based on the vulnerability of water resources.

• Korean Management Science Review
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• v.32 no.1
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• pp.15-33
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• 2015

Under complete information, introducing additional constraints to a portfolio will have a negative impact on performance. However, real-life investments inevitably involve use of error-prone estimations, such as expected stock returns. In addition to the reality of incomplete data, investments of most Korean domestic equity funds are regulated externally by the government, as well as internally, resulting in limited maximum investment allocation to single stocks and risk free assets. This paper presents an investment framework, which takes such real-life situations into account, based on a newly developed portfolio selection model considering realistic constraints under incomplete information. Additionally, we examined the effects of additional constraints on portfolio's performance under incomplete information, taking the well-known Samsung and SK group stocks as performance benchmarks during the period beginning from the launch of each commercial fund, 2005 and 2007 respectively, up to 2013. The empirical study shows that an investment model, built under incomplete information with additional constraints, outperformed a model built without any constraints, and benchmarks, in terms of rate of return, standard deviation of returns, and Sharpe ratio.

• Journal of Distribution Science
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• v.21 no.6
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• pp.83-89
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• 2023

Purpose: This paper considers the issue of corporate tax avoidance (CTA) in the distribution of the tax burden across companies in Vietnam because the high level of CTA leads to unfairness in taxation. In particular, we aim for discussing the way to measure the extent of CTA and explore the determinants of CTA that reflect the features of high-tax risk-taking companies. Research design, data and methodology: The study investigates factors influencing the CTA behavior of legal entities listed on the Vietnam stock market between 2012 and 2018 to fill the empirical research vacuum in the country. we employ the dynamic GMM estimate method. Interestingly, CTA is considered through three approaches, including two effective-tax-rate-based methods and especially accrual earnings Results: The results highlight tax - accounting book disparities have significant effects on CTA. In addition, firm size, net asset value, debt leverage, and tax-accounting books are related to CTA. Conclusions: Tax avoidance is shown to have a positive correlation with financial distress in this case. The higher a company's capital adequacy ratio, the fewer tax avoidance opportunities it has. The paper draws some recommendations to deal with tax avoidance that improves the fairness in the distribution of the tax burden among corporations.

• International Commerce and Information Review
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• v.12 no.1
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• pp.35-54
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• 2010

This article explored the bank's responsibilities in electronic payment system between Korea and U.S.A. In order to complete my research object, I used Article 4A of the U.C.C. and EFTA of 1978 and by Electronic Financial Transaction Act of Korea as a analytic instruments. I also adapted America's various regulations to regulate concerned parties(banks). The system of this article is going to display as fellows; First, I presented recent trend and legal stabilities of electronic payment in this article. Second, I focuses on the allocation of risk of loss caused by ambiguous term in payment orders that do not express the subjective intention of the senders. I also did analyze the solution procession of error occurring in course of send of payment order. Third, In any action which involves a customers's liability for an unauthorized electronic fund transfer, the burden of proof is upon the financial institution to show that the electronic fund transfer was authorized. Forth, Customers have to report the error and unauthorized electronic fund transfer after awaring of it. Then bank will be liable for such a unauthorized electronic fund transfer. But If customer's failure to report, the bank has exemptions. Lastly, In order to prevent or detect the unauthorized electronic fund transfer, bank will agree with custom to establish a commercially reasonable security procedure, while bank has duties to notify in order to decrease the loss resulted from unauthorized payment order in korea law.

• Journal of Korean Society on Water Environment
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• v.20 no.2
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• pp.151-156
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• 2004

A decision support system, Watershed Analysis Risk Management Framework(WARMF), was applied to the Kyungan Stream watershed, a tributary of Lake Paldang, for calculation of total maximum daily loads(TMDL). The WARMF system was developed by Systech Engineering, USA, and has been successfully used in several watersheds, for TMDL studies. The study area was divided into 14 sub-basins, based on digital elevation model(DEM). The integrated watershed and stream model of WARMF was validated by flow and BOD data measured during the year of 1999. There were reasonable agreements between model results and field data, both in water flow and BOD. The validated Kyungan WARMF was extensively utilized to study the quantitative relationship between waste loads and receiving water quality. Based on TMDL guideline at Paldang Lake and Kyungan Stream, the water quality criterion were set to be 3.0mg/L, 3.5mg/L, and 4.0mg/L at the watershed outlet. The allowable waste loads of BOD, both from point and non-point sources, were determined at each water quality criterion. From this study, it was concluded that the WARMF provided several advantages over the conventional application of watershed and stream models for TMDL study, such as time variable simulations, multiple possible soutions, and reduction loads for goal water quality, etc.

• Journal of the Korea Society of Computer and Information
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• v.22 no.9
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• pp.149-154
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• 2017

The infusion of fluid and blood is necessary in the ward, operating room, recovery room, neonatal room, etc. for nutrition and blood supply to the patient, but air bubbles generated during infusion of fluid and blood circulate along the artery or vein. Serious illnesses occur and there is also a risk of death. In this paper, we propose a medical bubble detection system, a bubble detection system, a bubble detection alarm system, and a communication method in order to develop a safer fluid and blood injection system in the existing system, which is detected by a medical staff monitoring system or an ultrasonic bubble detection sensor In this study, infrared rays are transmitted to a tube through a tube for injecting fluid or blood into a patient, infrared rays transmitted by an infrared ray emitting section are received, and the amount of light is measured in real time. Based on the data, we study how to detect and analyze the presence of bubbles in fluid and blood.

• International Commerce and Information Review
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• v.11 no.1
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• pp.27-43
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• 2009

This article explored the customers protection regulations in electronic payment system by Article 4A of the UCC and EFTA of 1978 and by Electronic Financial Transaction Act of Korea. Both Korea and America have various regulations to protect concerned parties(customers). For examples, the errors of payment order, money-back guarantee, and unauthorized payment order etc. First, this Article focuses on the allocation of risk of loss caused by ambiguous term in payment orders that do not express the subjective intention of the senders. Second, most rights and obligations created by Article 4A of America can be varied with the agreement of affected parties. But there are some exceptions. The exceptions include the money-back guarantee. So Receiving bank have to pay to originator the ordered money included interest. However, Korea also has money-back guarantee but bank do not pay interest to sender. Lastly, Electronic Funds Transfer Act of 1978 and Regulation E has US$ 50 regulation in order to protect customers on the unauthorized payment order. Article 4A imposes duty to detect unauthorized payment orders to originator in relation to the establishment of commercially reasonable security procedure, while Korean law imposes the duty to notify the bank in order to decrease the loss resulted from unauthorized payment order.

• International conference on construction engineering and project management
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• 2022.06a
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• pp.929-936
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• 2022

In the U.S., the state, local, tribe, and territorial governments seek funding from the federal government through the Public Assistance program to carry out these recovery works. In this paper historic public assistance data between 1998 and 2021 have been analyzed to derive several insights such as: types of disasters causing the most damage, states requiring more support, net present value of the federal expense etc. This paper has found that the states requiring more support from the federal government are not always the states suffering the maximum losses from the disasters. It has also found that the net present value of the federal expense between 1998 and 2020 to restore, repair, reconstruct, or replace disaster damaged roads and bridges across the U.S. is $15 billion in 2021 values. Moreover, this paper has tested the correlation between the states' public assistance funds requirements and the existing condition and performance of roads and bridges as revealed by the American Society of Civil Engineer's infrastructure grade card. It has found a weak correlation between these two. The outcomes of this paper can be used by the decision makers to analyze the viability of any possible alternative to the exiting public assistance program. The insights can also help in better decision making in pre-disaster preparation and post-disaster funds allocation.

• International conference on construction engineering and project management
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• 2022.06a
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• pp.83-90
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• 2022

Public-private partnerships (PPP) projects are becoming popular in both developed and developing countries due to their ability to access new financing sources and transfer certain project risks to the private sector. PPP has been an active research area where the concept of Critical Success Factors (CSF) is often discussed by researchers. This study aims to identify the CSFs for various PPP infrastructure projects that have been explored in previous CSF studies. This article reviewed the literature about CSF in PPP projects from the years 2002 to 2021, compared the findings of studies regarding the identified CSFs, and consolidated the CSFs that can be applied to various PPP infrastructure projects. The results showed that dominant research focused on general infrastructure, where CSFs can be applied to all infrastructure sectors rather than any specific sector. The most identified CSFs from the study are favorable and efficient legal frameworks, appropriate risk allocation and sharing, a robust and reliable private consortium, a competitive and transparent procurement process, and political support and stability. The findings from the study can provide an overview of CSFs that are relevant to specific PPP infrastructure sectors like building infrastructure, transportation, water, etc. as well as for general infrastructure. In addition, the results can also be used for further empirical analysis.