• Journal of Korean Society for Quality Management
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• v.51 no.2
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• pp.171-184
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• 2023

Purpose: First, this paper suggests an alternative approach to find optimal portfolio (stocks, bonds and ESG stocks) under the maximizing utility of investors. Second, we include ESG stocks in our optimal portfolio, and compare improvement of welfares in the case with and without ESG stocks in portfolio. Methods: Our main method of analysis follows Brennan et al(2002), designed under the continuous time framework. We assume that the dynamics of stock price follow the Geometric Brownian Motion (GBM) while the short rate have the Vasicek model. For the utility function of investors, we use the Power Utility Function, which commonly used in financial studies. The optimal portfolio and welfares are derived in the partial equilibrium. The parameters are estimated by using Kalman filter and ordinary least square method. Results: During the overall analysis period, the portfolio including ESG, did not show clear welfare improvement. In 2017, it has slightly exceeded this benchmark 1, showing the possibility of improvement, but the ESG stocks we selected have not strongly shown statistically significant welfare improvement results. This paper showed that the factors affecting optimal asset allocation and welfare improvement were different each other. We also found that the proportion of optimal asset allocation was affected by factors such as asset return, volatility, and inverse correlation between stocks and bonds, similar to traditional financial theory. Conclusion: The portfolio with ESG investment did not show significant results in welfare improvement is due to that 1) the KRX ESG Leaders 150 selected in our study is an index based on ESG integrated scores, which are designed to affect stability rather than profitability. And 2) Korea has a short history of ESG investment. During the limited analysis period, the performance of stock-related assets was inferior to bond assets at the time of the interest rate drop.

• Structural Engineering and Mechanics
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• v.63 no.3
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• pp.361-370
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• 2017

Through the use of finite element analysis and acoustic emission techniques we have evaluated the interfacial failure of a carbon fiber reinforced polymer (CFRP) repair patch on a notched aluminum substrate. The repair of cracks is a very common and widely used practice in the aeronautics field to extend the life of cracked sheet metal panels. The process consists of adhesively bonding a patch that encompasses the notched site to provide additional strength, thereby increasing life and avoiding costly replacements. The mechanical strength of the bonded joint relies mainly on the bonding of the adhesive to the plate and patch stiffness. Stress concentrations at crack tips promote disbonding of the composite patch from the substrate, consequently reducing the bonded area, which makes this a critical aspect of repair effectiveness. In this paper we examine patch disbonding by calculating the influence of notch tip stress on disbond area and verify computational results with acoustic emission (AE) measurements obtained from specimens subjected to uniaxial tension. The FE results showed that disbonding first occurs between the patch and the substrate close to free edge of the patch followed by failure around the tip of the notch, both highest stress regions. Experimental results revealed that cement adhesion at the aluminum interface was the limiting factor in patch performance. The patch did not appear to strengthen the aluminum substrate when measured by stress-strain due to early stage disbonding. Analysis of the AE signals provided insight to the disbond locations and progression at the metal-adhesive interface. Crack growth from the notch in the aluminum was not observed until the stress reached a critical level, an instant before final fracture, which was unaffected by the patch due to early stage disbonding. The FE model was further utilized to study the effects of patch fiber orientation and increased adhesive strength. The model revealed that the effectiveness of patch repairs is strongly dependent upon the combined interactions of adhesive bond strength and fiber orientation.

• The Korean Journal of Financial Management
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• v.20 no.2
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• pp.73-94
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• 2003

In general, the interest rate is forecasted by the parametric method which assumes the interest rate follows a certain distribution. However the method has a shortcoming that forecasting ability would decline when the interest rate does not follow the assumed distribution for the stochastic behavior of interest rate. Therefore, the nonparametric method which assumes no particular distribution is regarded as a superior one. This paper compares the interest rate forecasting ability between the two method for the Monetary Stabilization Bond (MSB) market in Korea. The daily and weekly data of the MSB are used during the period of August 9th 1999 to February 7th 2003. In the parametric method, the drift term of the interest rate process shows the linearity while the diffusion term presents non-linear decline. Meanwhile in the nonparametric method, both drift and diffusion terms show the radical change with nonlinearity. The parametric and nonparametric methods present a significant difference in the market price of interest rate risk. This means in forecasting the interest rate and the market price of interest rate risk, the nonparametric method is more appropriate than the parametric method.

• Korean Journal of Soil Science and Fertilizer
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• v.36 no.4
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• pp.210-217
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• 2003

An alternative method to the empirical approach such as Langmuir and Freundlich model, surface complexation model using thermodynamic database is used to simulate adsorption behavior of cadmium for oxide minerals. Sorption of cadmium onto amorphous silica ($SiO_2$) and synthetic goethite (${\alpha}$-FeOOH) at various conditions of pH, initial cadmium loading, oxide concentration, and ionic strength, were investigated. For both oxide minerals, increasing cadmium concentration resulted in right shifting of the sorption curve of cadmium as the function of pH. The $pH_{50}$, where 50% of cadmium sorbed, of goethite (pH 5.25) was much smaller than that of the silica (pH 7.83). The sorption of cadmium onto both minerals were not affected by the background ion strength from $10^{-1}$ to $10^{-2}$ M of $KNO_3$. It indicated that the binding affinity of goethite surface for cadmium is much stronger than that of silica. The strong affinity of oxide mineral for cadmium can be explained by the existence of coordination or covalent bond between cadmium and surface of it.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.14 no.3
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• pp.403-414
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• 1994

Nonlinear analysis of RC containment structure under thermal load and pressure is presented to trace the behaviour after an assumed LOCA. The temperature distribution varying with time through the wall thickness is determined by transient finite element analysis with the two time level scheme in time domain. The layered shell finite elements are used to represent the containment structures in nuclear power plants. Both geometric and material nonlinearities are taken into account in the finite element formulation. The constitutive relation of concrete is modeled according to Drucker-Prager yield criteria in compression. Tension stiffening model is used to represent the tensile behaviour of concrete including bond effect. The reinforcing bars are modeled by smeared layer at the location of reinforcements accounting elasto-plastic axial behaviors. The steel liner model under Von Mises yield criteria is adopted to represent elastic-perfect plastic behaviour. Geometric nonlinearity is formulated to consider the large displacement effect. Thermal stress components are determined by the initial strain concept during each time step. The temperature differential between any two consecutive time steps is considered as a load incremental. The numerical results from this study reveal that nonlinear temperature gradient based on transient thermal analysis will produces excessive large displacement. Nonlinear behavior of containment structures up to ultimate stage can be traced reallistically. The present study allows more realistic analysis of concrete containment structures in nuclear power plants.

• Journal of Korean Society for Atmospheric Environment
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• v.29 no.3
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• pp.307-316
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• 2013

The sensitivity of ozone to $NO_x$ and volatile organic compounds (VOCs) emission rates under different ventilation rates and $NO_2-to-NO_x$ emission ratios in a street canyon is investigated using a chemistry box model. The carbon bond mechanism IV (CBM-IV) with 36 gaseous species and 93 chemical reactions is incorporated. $NO_x$ and VOCs emission rates considered range from 0.01 to $0.30ppb\;s^{-1}$ with intervals of $0.01ppb\;s^{-1}$. Three different ventilation rates and three different $NO_2-to-NO_x$ emission ratios are considered. The simulation results show that the ozone concentration decreases with increasing $NO_x$ emission rate but increases with increasing VOCs emission rate. When the emission ratio of VOCs to $NO_x$ is smaller than about 4, the ozone concentration is lower in the street canyon than in the background. On average, the magnitude of the sensitivity of ozone to $NO_x$ emission rate is significantly larger than that to VOCs emission rate. As the $NO_x$ emission rate increases, the magnitude of the sensitivity of ozone to $NO_x$ and VOCs emission rates decreases. Because the ozone concentration is lower in the street canyon than in the background, the increased ventilation rate enhances ozone inflow from the background. Therefore, the increase in ventilation rate results in the increase in ozone concentration and the decrease in the magnitude of the sensitivity of ozone to $NO_x$ and VOCs emission rates when the emission ratio of VOCs to $NO_x$ is smaller than about 4. On the other hand, the increase in $NO_2-to-NO_x$ emission ratio results in the increase in ozone concentration because the chemical ozone production due to the $NO_2$ photolysis is enhanced. In the present experimental setup, the contribution of the change in $NO_2-to-NO_x$ emission ratio to the change in the sensitivity of ozone to $NO_x$ emission rate is larger than that of the change in ventilation rate.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.18 no.7
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• pp.448-458
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• 2017

This study reviews the literature related to the omni-channel and derived structural relationship between experiential perception of omni-channel brand and consumer-brand relational quality. A total of 250 questionnaires were distributed to university students, workers, and consumers in Busan, Korea, who had experience using SSG.com. 210 questionnaires were used for final validation of research model. The hypotheses set in this study was validated through SPSS18.0 and LISREL8.3 based on the research model. The results showed that all hypotheses were accepted, except for 2 hypotheses(Hypothesis 2-3, Hypothesis 2-4). Findings of this study suggest the following:First, the consumer's experience with the omni-channel brand was found to be an important factor influencing consumers' cognitive and emotional responses formed by the transfer effect of experiential factors through senses. Second, the relationship between consumers and the omni-channel brand was found to be an important factor in building attachment and psychological bond through experience and trust for the omni-channel brand. Thus, the results of this study provide the basis for overall understanding of the strategic experiential module (SEMs) for the omni-channel, which recently emerged as a new trend of distribution channel, as well as for managing the spatial environment. Finally, we present the theoretical and practical implications related to consumers' experience and relational perception.

• Korean Security Journal
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• no.12
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• pp.309-333
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• 2006

These days, the majority of public service area presents increment of utilizing a contracting-out with the following reasons such as cost-efficiency, maintenance of population changes in flexible manner, and convenience of management. The social changes have influence on policing structure and regional security system as well as problems associated with accepting the contracting-out in the public policing sector. However, many issues such as limited contracting-out sector, difficulty of encouragement of participation to private sector, and limitation of making a contract with contracting-out would be brought up when initiate contracting-out to the public policing sector. Changing security system to lower budget, planning restructure of organization, developing alterable partial contracting-out, establishing private and public cooperate system and rationalizing contract system are the suggestions to solve and modify the raising problems. This study suggests a differentiate regulation of policing services compare to currently existing contracting-out method to consider a distinctive working environment. The suggestions are as follows: 1. develop a security segregate model, 2. build a cooperative system between private and public policing sector, 3. broaden opportunity of participation of private policing sector, 4. open-competition among qualified private tender to make a contract. The private contracting-out in the public security service sector should be manage in different manner compare to other private contracting-out in government-oriented public service sector. Since work performance of each private contracting-out agency is strongly bond to safety of every civilian in the nation, it is essential to increase its standard of qualification of each agency.

• Korean Chemical Engineering Research
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• v.44 no.5
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• pp.444-452
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• 2006

This paper reports experimental excess molar volumes $V^E_m$ using a digital vibrating-tube densimeter and excess molar enthalpies $H^E_m$ by means of an isothermal microcalorimeter with a flow mixing cell for the binary mixtures{1,2-dichloropropane + 2-(2-methoxyethoxy)ethanol} and {1,2-dichloropropane + 2-(2-ethoxyethoxy)ethanol} at 298.15 K under atmospheric pressure. All the $V^E_m$ and $H^E_m$ of the two binary mixtures showed S-shaped forms, being negative for poor and positive for rich 1,2-dichloropropane mole fractions. These show that the excess properties were shown to be negative deviation from ideality due to the strong self-association effect among 2-(2-alkoxyethoxy)ethanol molecules at an early stage of mixing, a relatively high energy then is needed to break hydrogen bonds of 2-(2-alkoxyethoxy)ethanol with an increase ofhalogenated hydrocarbon molecular at high mole fraction of 1,2-dichloropropane. The values of excess molar properties($V^E_m$ and $H^E_m$) were fitted by the Redlich-Kister equation using Nelder-Mead's simplex pattern search method. The Wilson, NRTL, and UNIQUAC models were used to correlate the $H^E_m$ values.

• Journal of the Korean Chemical Society
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• v.21 no.5
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• pp.330-338
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• 1977

In order to elucidate the plastic deformation of solids, the following assumptions were made: (1) the plastic deformation of solids is classified into two main types, the one which is caused by dislocation movement and the other caused by grain boundary movement, each movement being restricted on a different shear surface, (2) the dislocation movement is expressed by a mechanical model of a parallel connection of various kinds of Maxwell dislocation flow units whereas the grain boundary movement is also expressed by a parallel connection of various kinds of Maxwell grain boundary flow units; the parallel connection in each type of movements indicates that all the flow units on each shear surface flow with the same shear rate, (3) the latter model for grain boundary movement is connected in series to the former for dislocation movement, this means physically that the applied stress distributes homogeneously in the flow system while the total strain rate distributes heterogeneously on the two types of shear planes (dislocation or grain boundary shear plane), (4) the movement of dislocation flow units and grain boundary units becomes possible when the atoms or molecules near the obstacles, which hinder the movement of flow units, diffuse away from the obstacles.Using the above assumptions in conjunction with the theory of rate processes, generalized equations of shear stress and shear rate for plastic deformation were derived. In this paper, four cases important in practice were considered.ted N${\cdot}{\cdot}{\cdot}$O hydrogen bond and the second of two normal N${\cdot}{\cdot}{\cdot}$O hydrogen bonds, both of which exist between the amino group and the perchlorate, groups. A p-phenylenediamine group is approximately planar within an experimental error and bonded to twelve perchlorates: ten perchlorates forming hydrogen bonds and two being contacted with the van der Waals forces. A perchlorate group is surrounded by six p-phenylenediamines and four perchlorates; among the six p-phenylenediamines, five of them are hydrogen-bonded, and the rest contacted with the van der Waals force.