• Management & Information Systems Review
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• v.35 no.4
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• pp.213-227
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• 2016

This study examines the effects of managerial ability on information asymmetry. We use analyst forecast errors as a proxy for information asymmetry, because analysts are referred to as efficient users using firm-level data. The sample consists of 2,246 non-banking firm-years listed in Korea Stock Exchange(KOSPI) during the period 2000 to 2013. We measure managerial ability using DEA(Data Envelopment Analysis) following Demerjian et al.(2012). Using those measures, we examines the effects of managerial ability on analysts' earnings forecast errors and analysts' earnings forecast bias. The results of this study are as follows. First, we find that managerial ability are positively associated with analysts' earnings forecast accuracy. Second, we show that the firms with higher managerial ability tend to have lower the optimistic errors in analysts' earnings forecasts. This study could be useful for outside stakeholders to understand the importance of managerial ability.

• Journal of Korea Water Resources Association
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• v.51 no.7
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• pp.575-584
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• 2018

An increase in heavy rainfall and floods have been observed over South Korea due to recent abnormal weather. In this perspective, the high-resolution weather forecasts have been widely used to facilitate flood management. However, these models are known to be biased due to initial conditions and topographical conditions in the process of model building. Theretofore, a bias correction scheme is largely applied for the practical use of the prediction to flood management. This study introduces a new mean field bias correction (MFBC) approach for the high-resolution numerical rainfall products, which is based on a Bayesian Kriging model to combine an interpolation technique and MFBC approach for spatial representation of the error. The results showed that the proposed method can reliably estimate the bias correction factor over ungauged area with an improvement in the reduction of errors. Moreover, it can be seen that the bias corrected rainfall forecasts could be used up to 72 hours ahead with a relatively high accuracy.

• Atmosphere
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• v.26 no.1
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• pp.35-45
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• 2016

Initialization of the global seasonal forecast system is as much important as the quality of the embedded climate model for the climate prediction in sub-seasonal time scale. Recent studies have emphasized the important role of soil moisture initialization, suggesting a significant increase in the prediction skill particularly in the mid-latitude land area where the influence of sea surface temperature in the tropics is less crucial and the potential predictability is supplemented by land-atmosphere interaction. This study developed a new soil moisture initialization method applicable to the KMA operational seasonal forecasting system. The method includes first the long-term integration of the offline land surface model driven by observed atmospheric forcing and precipitation. This soil moisture reanalysis is given for the initial state in the ensemble seasonal forecasts through a simple anomaly initialization technique to avoid the simulation drift caused by the systematic model bias. To evaluate the impact of the soil moisture initialization, two sets of long-term, 10-member ensemble experiment runs have been conducted for 1996~2009. As a result, the soil moisture initialization improves the prediction skill of surface air temperature significantly at the zero to one month forecast lead (up to ~60 days forecast lead), although the skill increase in precipitation is less significant. This study suggests that improvements of the prediction in the sub-seasonal timescale require the improvement in the quality of initial data as well as the adequate treatment of the model systematic bias.

• Journal of the Korean Solar Energy Society
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• v.39 no.2
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• pp.71-80
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• 2019

Daily ahead forecast is necessary for the electricity balance between load and supply due to the variability renewable energy. Numerical weather prediction is usually employed to produce the solar irradiance as well as electric power forecast for more than 12 hours forecast horizon. UM-LDAPS model is the numerical weather prediction operated by Korea Meteorological Administration and it generates the 36 hours forecast of hourly total irradiance 4 times a day. This study attempts to evaluate the model performance against the in situ measurements at 37 ground stations from January to May, 2013. Relative mean bias error, mean absolute error and root mean square error of hourly total irradiance are averaged over all ground stations as being 8.2%, 21.2% and 29.6%, respectively. The behavior of mean bias error appears to be different; positively largest in Chupoongnyeong station but negatively largest in Daegu station. The distinct contrast might be attributed to the limitation of microphysics parameterization for thick and thin clouds in the model.

• Atmosphere
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• v.32 no.3
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• pp.191-206
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• 2022

Assimilation trials were performed using the Korea Institute of Atmospheric Prediction Systems (KIAPS) Korea Integrated Model (KIM) semi-operational forecast system to assess the impact of ground-based Global Navigation Satellite System (GNSS) Zenith Total Delay (ZTD) on forecast. To use the optimal observation in data assimilation of KIM forecast system, in this study, the ZTD observation were pre-processed. It involves the bias correction using long term background of KIM, the quality control based on background and the thinning of ZTD data. Also, to give the effect of observation directly to data assimilation, the observation operator which include non-linear model, tangent linear model, adjoint model, and jacobian code was developed and verified. As a result, impact of ZTD observation in both analysis and forecast was neutral or slightly positive on most meteorological variables, but positive on geopotential height. In addition, ZTD observations contributed to the improvement on precipitation of KIM forecast, specially over 5 mm/day precipitation intensity.

• Proceedings of the Korea Water Resources Association Conference
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• 2019.05a
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• pp.147-147
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• 2019

The Numerical Weather Prediction (NWP) models determine the future state of the weather by forcing current weather conditions into the atmospheric models. The NWP models approximate mathematically the physical dynamics by nonlinear differential equations; however these approximations include uncertainties. The errors of the NWP estimations can be related to the initial and boundary conditions and model parameterization. Development in the meteorological forecast models did not solve the issues related to the inevitable biases. In spite of the efforts to incorporate all sources of uncertainty into the forecast, and regardless of the methodologies applied to generate the forecast ensembles, they are still subject to errors and systematic biases. The statistical post-processing increases the accuracy of the forecast data by decreasing the errors. Error prediction of the NWP models which is updating the NWP model outputs or model output statistics is one of the ways to improve the model forecast. The regression methods (including linear, polynomial and scaling regression) are applied to the present study to improve the real time forecast skill. Such post-processing consists of two main steps. Firstly, regression is built between forecast and measurement, available during a certain training period, and secondly, the regression is applied to new forecasts. In this study, the WRF real-time forecast data, in comparison with the observed data, had systematic biases; the errors related to the NWP model forecasts were reflected in the underestimation of the meteorological data forecast by the WRF model. The promising results will indicate that the post-processing techniques applied in this study improved the meteorological forecast data provided by WRF model. A comparison between various bias correction methods will show the strength and weakness of the each methods.

• Atmosphere
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• v.19 no.2
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• pp.213-226
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• 2009

In order to investigate the characteristics of Changma over the Korean peninsula, KEOP-2007 IOP (Intensive Observing Period) was conducted from 15 June 2007 to 15 July 2007. KEOP-2007 IOP is high spatial and temporal radiosonde observations (RAOB) which consisted of three special stations (Munsan, Haenam, and Ieodo) from National Institute of Meteorological Research, five operational stations (Sokcho, Baengnyeongdo, Pohang, Heuksando, and Gosan) from Korea Meteorological Administration (KMA), and two operational stations (Osan and Gwangju) from Korean Air Force (KAF) using four different types of radiosonde sensors. The error statistics of the sensor of radiosonde were investigated using quality control check. The minimum and maximum error frequency appears at the sensor of RS92-SGP and RS1524L respectively. The error frequency of DFM-06 tends to increase below 200 hPa but RS80-15L and RS1524L show vice versa. Especially, the error frequency of RS1524L tends to increase rapidly over 200 hPa. Systematic biases of radiosonde show warm biases in case of temperature and dry biases in case of relative humidity compared with ECMWF (European Center for Medium-Range Weather Forecast) analysis data and precipitable water vapor from GPS. The maximum and minimum values of systematic bias appear at the sensor of DFM-06 and RS92-SGP in case of temperature and RS80-15L and DFM-06 in case of relative humidity. The systematic warm and dry biases at all sensors tend to increase during daytime than nighttime because air temperature around sensor increases from the solar heating during daytime. Systematic biases of radiosonde are affected by the sensor type and the height of the sun but random errors are more correlated with the moisture conditions at each observation station.

• Korean Journal of Agricultural and Forest Meteorology
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• v.25 no.4
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• pp.368-375
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• 2023

In this study, we examined the error characteristic and bias correction method for one-month temperature forecast data produced through joint development between the Rural Development Administration and the H ong Kong University of Science and Technology. For this purpose, hindcast data from 2013 to 2021, weather observation data, and various environmental information were collected and error characteristics under various environmental conditions were analyzed. In the case of maximum and minimum temperatures, the higher the elevation and latitude, the larger the forecast error. On average, the RMSE of the forecast data corrected by the linear regression model and the XGBoost decreased by 0.203, 0.438 (maximum temperature) and 0.069, 0.390 (minimum temperature), respectively, compared to the uncorrected forecast data. Overall, XGBoost showed better error improvement than the linear regression model. Through this study, it was found that errors in prediction data are affected by topographical conditions, and that machine learning methods such as XGBoost can effectively improve errors by considering various environmental factors.

• Atmosphere
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• v.28 no.3
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• pp.247-261
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• 2018

The objective of this paper is to compare probabilistic temperature forecasts from different regional and global ensemble prediction systems over PyeongChang area. A statistical post-processing method is used to take into account combination and calibration of forecasts from different numerical prediction systems, laying greater weight on ensemble model that exhibits the best performance. Observations for temperature were obtained from the 30 stations in PyeongChang and three different ensemble forecasts derived from the European Centre for Medium-Range Weather Forecasts, Ensemble Prediction System for Global and Limited Area Ensemble Prediction System that were obtained between 1 May 2014 and 18 March 2017. Prior to applying to the post-processing methods, reliability analysis was conducted to identify the statistical consistency of ensemble forecasts and corresponding observations. Then, ensemble model output statistics and bias-corrected methods were applied to each raw ensemble model and then proposed weighted combination of ensembles. The results showed that the proposed methods provide improved performances than raw ensemble mean. In particular, multi-model forecast based on ensemble model output statistics was superior to the bias-corrected forecast in terms of deterministic prediction.

• Atmosphere
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• v.18 no.3
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• pp.237-248
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• 2008

A thermal index which considers metabolic heat generation of human body is proposed for operational forecasting. The new thermal index, Perceived Temperature (PT), is forecasted using Weather Research and Forecasting (WRF) mesoscale model and validated. Forecasted PT shows the characteristics of diurnal variation and topographic and latitudinal effect. Statistical skill scores such as correlation, bias, and RMSE are employed for objective verification of PT and input meteorological variables which are used for calculating PT. Verification result indicates that the accuracy of air temperature and wind forecast is higher in the initial forecast time, while relative humidity is improved as the forecast time increases. The forecasted PT during 2007 summer is lower than PT calculated by observation data. The predicted PT has a minimum Root-Mean-Square-Error (RMSE) of $7-8^{\circ}C$ at 9-18 hour forecast. Spatial distribution of PT shows that it is overestimated in western region, while PT in middle-eastern region is underestimated due to strong wind and low temperature forecast. Underestimation of wind speed and overestimation of relative humidity have caused higher PT than observation in southern region. The predicted PT from the mesoscale model gives appropriate information as a thermal index forecast. This study suggests that forecasted PT is applicable to the prediction of health warning based on the relationship between PT and mortality.