• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.41
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• pp.79-102
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• 2009

L/C transaction, the most important issue for the seller and the buyer is the theory of documentary transaction and the theory of strict compliance which are the principles of L/C transactions. According to the leading cases in England and America where the practice of L/C transactions was created and developed, the descriptions of the commodities specified on all the documents which are submitted based on an L/C, should be identical to the descriptions of commodities specified in the L/C. And further, many leading cases of L/C continuously repeat to emphasize strict compliance. However, the recent leading cases in and out of the country show that the principle of strict compliance is being weakened. The leading cases in America show two trends of weakening the principle of strict compliance. That is, on the contrary to strict compliance, tends to apply substantial compliance (which puts more value on the substance of the documents). These leading cases reflect the attitudes of the judicial and the legislative authorization that don't want to approve formal approach to the commercial law. Recently, the Supreme Court of Korea is giving a decision on the principle of strict compliance, "The documents attached to an L/C should strictly comply with the conditions in the L/C, but it doesn't mean that they should be perfectly identical without any mistake in words. In case the bank can understand through reasonable care that a small mistake in words is too trivial to give different meaning or to give damage to the conditions of the L/C, the documents are regarded to comply with the conditions of the L/C. However, the judgment should be based on whether the difference between the documents and the L/C can be admitted by the international standard bank transaction practice or not." This decision tells that the principle of strict compliance is quite much modified so application of this modification can't be ignored. However, from the viewpoint of the party who requests to open an L/C, there is a criticism that a bank's arbitrary judgement can be involved. Therefore, reviewing the original purpose of L/C transactions (activating international transactions), the principle of strict compliance may be thought old-fashioned because it emphasizes a form, but in reality, for prompt transaction and payment, the principle of strict compliance should be observed in L/C transactions. And further, if a legislative device is prepared to systematically compensate for several side-effects, the principle of strict compliance will improve dynamic flow of prompt and low-costly L/C transactions. On the other hand, it will be able to protect the interested parties.

• Management & Information Systems Review
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• v.34 no.2
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• pp.151-169
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• 2015

Social enterprises that are solving pressing global issues and providing services such as micro-finance, affordable housing, appropriate technology and education for the 'bottom of the pyramid' as well as cultural and community-related businesses that improve the 'quality of life' within a society are the target of impact investments. Among them, a capital financing is one of the most important factor in founding and fostering of social enterprise. However, the capital market for social enterprises in South Korea are not yet sufficiently developed. The Britain and U.S.A. attempted to solve the social problem by the introduction of the social innovation credit model, for example, social impact bonds(SIB), Big Society Capital, DBLIF, and ACCION International, which are considered as an innovative new financing instrument for social program. Instruments are being attempted for the first time in Britain and America. This study have two purposes. The first purpose is abstracting the institutional mechanism for introduction of impact investment such as SIB and DBLIF case in Britain and U.S.A.. Second, analyzing type and mix of policy instrument on impact investment from the perspective of policy instrument.

• Korean Journal of Construction Engineering and Management
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• v.17 no.5
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• pp.13-21
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• 2016

Insolvency of construction companies that play the role of main contractors can lead to clients' losses due to non-fulfillment of construction contracts, and it can have negative effects on the financial soundness of construction companies and suppliers. The construction industry has the cash flow financial characteristic of receiving a project and getting payment based on the progress of the construction. As such, insolvency during project progress can lead to financial losses, which is why the prediction of construction companies is so important. The prediction of insolvency of Korean construction companies are often made through the KMV model from the KMV (Kealhofer McQuown and Vasicek) Company developed in the U.S. during the early 90s, but this model is insufficient in predicting construction companies because it was developed based on credit risk assessment of general companies and banks. In addition, the predictive performance of KMV value's insolvency probability is continuously being questioned due to lack of number of analyzed companies and data. Therefore, in order to resolve such issues, the Bayesian Probabilistic Approach is to be combined with the existing insolvency predictive probability model. This is because if the Prior Probability of Bayesian statistics can be appropriately predicted, reliable Posterior Probability can be predicted through ensured conditionality on the evidence despite the lack of data. Thus, this study is to measure the Expected Default Frequency (EDF) by utilizing the Bayesian Probabilistic Approach with the existing insolvency predictive probability model and predict the accuracy by comparing the result with the EDF of the existing model.

• Journal of the Korea Concrete Institute
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• v.17 no.4 s.88
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• pp.581-586
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• 2005

High-performance concrete (HPC), which is particularly sensitive to self-desiccation, is required to be durable even in severe environmental conditions, i.e. costal area, cold district, etc. However, in recent years, some attention was particularly given to cracking sensitivity of high performance concrete at early age. It has been argued and demonstrated experimentally that such concrete undergoes autogenous shrinkage due to self-desiccation at early age under restrained condition, nd, as a result, internal tensile stress may develop, leading to micro cracking and macro cracking. This shrinkage-introduced crack produces a major serviceability problem for concrete structures. One possible method to reduce cracking due to autogenous shrinkage is the addition of expansive additive. Tests conducted by many researches have shown the beneficial effects of addition of expansive additive for reducing the risk of autogenous shrinkage-introduced cracking. However, the research on hydration model of expansion additive has been hardly researched up to now. This paper presents a study of the hydration model of Ettringite-Gypsum type expansive additive. As a result of comparing forecast values with experiment value, proposed model is shown to expressible of hydration of expansive additive.

• Archives of design research
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• v.17 no.1
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• pp.25-36
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• 2004

The purpose of this study is to analyse and interpret the way of differentiated expression and changing creative trend following 5-day workweek which has been recently adopted. For this aim 11 pieces of distinctive advertising text were analysed. The criteria for selection of analysing text were relativeness with 5-day workweek and cognitive inconsistency. These texts were negative phrases, exaggerated expression, and excessively humorous appeals. The study revealed the followings: First, 5-day workweek concerned advertising texts were considered as high attention getting and successful in stimulating advertising audiences' curiosity by using the elements opposing the value and belief system formed in the existing audience. Second, consumption-driving lifestyle was found in most expressions for credit cards advertising. Third, hedonic need-oriented lifestyle was typical in young consumer products category. Fourth, family centered lifestyle emphasized meaning of rest and solidarity of family.

• KSII Transactions on Internet and Information Systems (TIIS)
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• v.15 no.7
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• pp.2377-2398
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• 2021

In the recent modernized world, utilization of natural resources (renewable & non-renewable) is increasing drastically due to the sophisticated life style of the people. The over-consumption of non-renewable resources causes pollution which leads to global warming. Consequently, government agencies have been taking several initiatives to control the over-consumption of non-renewable natural resources and encourage the production of renewable energy resources. In this regard, we introduce an IoT powered integrated framework called as green home architecture (GHA) for green score calculation based on the usage of natural resources for household purpose. Green score is a credit point (i.e.,10 pts) of a family which can be calculated once in a month based on the utilization of energy, production of renewable energy and pollution caused. The green score can be improved by reducing the consumption of energy, generation of renewable energy and preventing the pollution. The main objective of GHA is to monitor the day-to-day usage of resources and calculate the green score using the proposed green score algorithm. This algorithm gives positive credits for economic consumption of resources and production of renewable energy and also it gives negative credits for pollution caused. Here, we recommend a green score based tax calculation system which gives tax exemption based on the green score value. This direct beneficiary model will appreciate and encourage the citizens to consume fewer natural resources and prevent pollution. Rather than simply giving subsidy, this proposed system allows monitoring the subsidy scheme periodically and encourages the proper working system with tax exemption rewards. Also, our GHA will be used to monitor all the household appliances, vehicles, wind mills, electricity meter, water re-treatment plant, pollution level to read the consumption/production in appropriate units by using the suitable sensors. These values will be stored in mass storage platform like cloud for the calculation of green score and also employed for billing purpose by the government agencies. This integrated platform can replace the manual billing and directly benefits the government.

• Journal of the Korea Society of Computer and Information
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• v.28 no.3
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• pp.167-175
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• 2023

In the context of COVID-19, this study was conducted to study how college students' earned grades and average grade point averages changed according to face-to-face and non-face-to-face classes. For this study, grade data was extracted using an access database. For the study, 152 students during the 3rd semester were compared and analyzed the grade point average, average grade point average, midterm exam, final exam, assignment score, and attendance score of students who participated in non-face-to-face and face-to-face classes. As an analysis method, independent sample t-test statistical processing was performed. It was concluded that the face-to-face class students had better grades and average GPA. As a result, the face-to-face class students showed 4.39 points higher than the non-face-to-face class students, and the average grade value was 0.6642 points higher. As a result of the comparative analysis, it was statistically significant, and the face-to-face class averaged 21.22 and the non-face-to-face class had 16.83 points. In conclusion, it was confirmed that face-to-face students' grades were generally higher than those of non-face-to-face students, and that face-to-face students showed higher participation in class.

• Korea Trade Review
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• v.41 no.2
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• pp.231-250
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• 2016

The study attempts to consider L/G(Letter of Guarantee) in a different angle, which is internationally used as a way of commercial customs and practices in a case when the consignee wants to receive the goods without the original Bill of Lading, Thus, this study focuses more on verifying the usage of L/G in Mixed Payment System and the range of guarantee responsibility by an issuing bank through case analysis. This case uses a mixed payment method of L/C(Letter of Credit) and T/T(Telegraphic Transfer) in the transaction of goods. The issuing bank of L/C issues L/G with the amount of L/C which is the same as the amount as C/I(Commercial Invoice). However the carrier deliver all goods laden under both L/C and T/T payment with the production of L/G. In this case, because the buyer is unable to pay, the seller makes a claim for damages to the carrier that the carrier delivers the goods to the buyer against L/G. Finally, the judge gives a decision that the issuing bank of L/G should pay the whole amount of the goods. In this case, the main issue of the dispute is the range of guarantee responsibility by the issuing bank of L/G. As a result of the case analysis, the study suggests two counter strategies for smooth utilization in international trade environment. First, in the case of mixed payment system, a seller should issue a commercial invoice separately based on the amount of each settlement plan in order to clarify the liability of guarantee. Second, banks should establish a new form for L/G including a sentence for verifying liabilities of the bank's side in the current form of L/G.

• Asia Marketing Journal
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• v.13 no.3
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• pp.249-264
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• 2011

Brand is the major enduring asset of a company and more valuable than the totality of specific products and facilities. Thus brands are powerful assets that must be carefully developed and managed. The company should design and implement marketing activities and marketing communication programs to build and grow the brand value. Strarbucks, Samsung Galaxy, and Nike brands get a price premium and generate strong customer loyalty. A power brand has high brand equity, which is the differential effect that brand knowledge has on consumer response to the marketing of that brand. Brand equity is created when brands have strong, favorable and unique brand associations with customers and high level of brand awareness. Therefore marketers in building a strong brand should ensure to develop the right type of customer experiences with products and effective integrated marketing communication(IMC) programs to create the brand equity. Since 2007 Sinhan card acquiring the LG card has developed the new brand identity and carefully managed the advertising campaign and other marketing communication mix tools to create the high brand awareness and differential brand image. In this case study we examine how Sinhan card with the goal of being No.1 brand in the credit card market has developed and implemented the IMC Strategy to build a high level of consumer brand awareness, unique brand image and strong customer relationship.

• Korean Journal of Remote Sensing
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• v.29 no.5
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• pp.517-525
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• 2013

Time-series data of Normal Difference Vegetation Index (NDVI) obtained by the Moderate-resolution Imaging Spectroradiometer(MODIS) satellite imagery gives a waveform that reveals the characteristics of the phenology. The waveform can be decomposed into harmonics of various periods by the Fourier transformation. The resulting $n^{th}$ harmonics represent the amount of NDVI change in a period of a year divided by n. The values of each harmonics or their relative relation have been used to classify the vegetation species and to build a vegetation map. Here, we propose a method to estimate the annual amount of carbon absorbed on the forest from the $1^{st}$ harmonic NDVI value. The $1^{st}$ harmonic value represents the amount of growth of the leaves. By the allometric equation of trees, the growth of leaves can be considered to be proportional to the total amount of carbon absorption. We compared the $1^{st}$ harmonic NDVI values of the 6220 sample points with the reference data of the carbon absorption obtained by the field survey in the forest of South Korea. The $1^{st}$ harmonic values were roughly proportional to the amount of carbon absorption irrespective of the species and ages of the vegetation. The resulting proportionality constant between the carbon absorption and the $1^{st}$ harmonic value was 236 tCO2/5.29ha/year. The total amount of carbon dioxide absorption in the forest of South Korea over the last ten years has been estimated to be about 56 million ton, and this coincides with the previous reports obtained by other methods. Considering that the amount of the carbon absorption becomes a kind of currency like carbon credit, our method is very useful due to its generality.