• Journal of Technology Innovation
• /
• v.19 no.2
• /
• pp.25-51
• /
• 2011

This study examine the firms fund R&D expenditures through cash and cash equivalents under financial distress in order to avoid huge adjustment costs that can be brought after R&D expenditures cut-down. Other study divided the firms' financial condition by only firms' year. This study identifies the firms' financial condition not only by a firm's year but also by firm size and Altman's Z-Score and K-Score. The results show that there are statistically negative relationship between R&D expenditures and cash and cash equivalents when firms are under financial distress. The results are same regardless of criteria of classification of firms' financial condition, which is consistent to the hypothesis. Young and small firms and firms with moderate possibility of bankruptcy fund R&D expenditures through cash and cash equivalent compared to the other firms. We can find the new evidence when we classify the firm by Z-Score and K-Score of Altman. The firms with high possibility of bankruptcy can not fund for R&D activities from cash, but only the firms with moderate possibility of bankruptcy fund R&D expenditures through cash and cash equivalent in the condition of financial distress. The evidence suggests that firms fund R&D expenditures by cash and cash equivalent when they are under financial distress. Findings provide an implication on the management of R&D expenditures and liquidity in the firms.

• Journal of Korean Society of Industrial and Systems Engineering
• /
• v.22 no.50
• /
• pp.303-311
• /
• 1999

The cooperation between industry and universities has actively been established for technical development using available manpower and facilities. However, it is necessary under International Monetary Fund era that cooperation among industry, universities, and government should be accomplished to increase export for small and medium size industry. In this paper, we regard the cooperation system among three independent organizations and pursue to improve the quality and productivity of the system. We propose some suggestions to grow the small and medium size industry toward export and introduce a case study.

• Journal of Digital Convergence
• /
• v.14 no.10
• /
• pp.159-166
• /
• 2016

Recent public information project, which has been organized mainly to large companies is a situation that is being reorganized to small and medium-sized systems integration company. However, many of the small and medium-sized companies lack knowledge of the systematic risk management. Thus, in connection with the revenue, it involves a number of problems. Therefore, in this paper, we present a risk element that occurs mainly in the field of the project, providing a model for measuring the risk element by risk level costs associated with this. Through the convergence, we aim at providing a management system that is able to make the project successfully accomplished, predicting the risk that occurs in advance to pursue the project; Based on the proposed model, it is possible to secure a proper size of reserve fund so it is expected to enable companies to ensure the cost of risk analysis.

• Environmental and Resource Economics Review
• /
• v.24 no.1
• /
• pp.165-187
• /
• 2015

In this paper, we tested if the sewage subsidy from Korean Water Management Fund discourage sewage fee increase by Korean local governments, and consequently hinder water quality improvement. To examine this counter-incentive effect of Water manage Fund sewage subsidy, we estimated the effect of sewage subsidy on the ratio of sewage fee revenue to environmental treatment facilities' operation cost of local governments in 2009-12, using two-stage least square estimation. We found that the sewage subsidy has negative effect on the sewage fee revenue to sewage operation cost ratio. But, the statistical significance of this effect was sensitive to model specification. And the size was too small to conclude that the counter-incentive effect was economically significant.

• The Journal of the Institute of Internet, Broadcasting and Communication
• /
• v.15 no.3
• /
• pp.181-189
• /
• 2015

As a study on entrepreneurship and venture companies to support, this research is to find how to inflow the fund which is provided by private companies. This is to propose a shared platform for Information for connecting producers and consumers, corporate investors to help fund inflows to private companies and utilization of the enterprise information collected by government. Entrepreneurship support policies, as one of economy activation have a limit in the size of the support of the government therefore support continued growth through aggressive inflow of private funds is needed. It is significant to provide the environment that private funds could spill into the environment to provide for excellent start-up companies.

• Environmental Engineering Research
• /
• v.24 no.3
• /
• pp.382-388
• /
• 2019

Although nanobubbles attract significant attention, their characteristics and applications have not been thoroughly defined. There are diverse opinions about the definition of nanobubbles and controversy regarding methods that verify their characteristics. This study defines nanobubbles as having a size less than $1{\mu}m$. The generation of these sub-micron (nano) bubbles may be verified by induced coalescence or light scattering. The size of a sub-micron (nano) bubbles may be measured by optical, and confocal laser scanning microscopy. Also, the size may be estimated by the relationship of bubble size with the dissolved oxygen concentration. However, further research is required to accurately define the average bubble size. The zeta potential of sub-micron (nano) bubbles decreases as pH increases, and this trend is consistent for micron bubbles. When the bubble size is reduced to about 700-900 nm, they become stationary in water and lose buoyancy. This characteristic means that measuring the concentration of sub-micron (nano) bubbles by volume may be possible by irradiating them with ultrasonic waves, causing them to merge into micron bubbles. As mass transfer is a function of surface area and rising velocity, this strongly indicates that the application of sub-micron (nano) bubbles may significantly increase mass transfer rates in advanced oxidation and aeration processes.

• Proceedings of the Korean Society of Precision Engineering Conference
• /
• 2006.05a
• /
• pp.541-542
• /
• 2006

A micro-size caterpillar mixer has been recently used fur desktop chemical factory and so attractive due to small investment fund for arranging the factory and high efficiency by mixing in sub micro-level region. We report the fabrication of caterpillar mixer and its surface treatment for enhancement of mixing performance. We used the

• The Korean Journal of Financial Management
• /
• v.27 no.2
• /
• pp.35-62
• /
• 2010

This paper examines the existence of the fund performance persistence and the smart money effect in Korean stock market and tests the flow-induced price pressure (FIPP) hypothesis, that is, fund flows affect individual stock returns and mutual fund performance. This paper also tests whether the FIPP effect can cause the performance persistence using the monthly returns and stock holdings data of 2,702 Korean mutual funds from January 2002 to June 2008. The empirical results indicate that the performance persistence exists significantly for a long time but the smart money effect does not. The hedge portfolio constructed by buying funds with the highest past 12 months performance and selling funds with the lowest past 12 months performance earns 0.11%~1.05% monthly abnormal returns, on average, in 3 years from portfolio formation month, but the hedge portfolio constructed by buying funds with the highest past net fund inflows and selling funds with the lowest past net fund inflows cannot earn positive monthly abnormal returns and the size of negative abnormal returns of the portfolio increase as time goes on. We find the evidence that the FIPP hypothesis is significantly supported. We first estimate the FIPP measure for each individual stock using the trading volume resulting from past fund flows and then construct the hedge portfolio by buying stocks with the highest FIPP measure and selling stocks with the lowest FIPP measure. That portfolio earns significantly positive abnormal return, 1.01% at only portfolio formation month and cannot earn significant abnormal returns after formation month. But, the FIPP effect cannot cause the performance persistence because, within the same FIPP measure group, funds with higher past performance still earn higher monthly abnormal returns than those with lower past performance by 0.08%~0.77%, on average, in 2 years. These results imply that the main cause of the performance persistence in Korean stock market is the difference of fund managers' ability rather than the FIPP effect.

• Korean Journal of Social Welfare
• /
• v.46
• /
• pp.7-36
• /
• 2001

The current benefit expenditure of National Pension Scheme is comparatively small, as it stands in the early stage in reference to the historical development. On the other hand, the current contribution rate of National Pension is set up beyond which is sufficient to cover the current benefit expenditure. Therefore, National Pension makes big surplus every year such that the size of accumulated fund increases very fast. Nevertheless, the apprehension of financial instability of National Pension prevails these days. If so, is it really well-grounded? In terms of the method of financing. public pension schemes of most of all nations in the world are based on pay-as you go or partial funding. Under these financing methods, financial soundness fundamentally depends on the power that the government is able to impose the burden which is equivalent to benefit expenditure and the attitude of the public which represents whether they will admit it or not. Under this perspective, the judgement of financial soundness of public pension can not be made arithmetically and technically only on the basis of the balance between receipts and expenditure but should be accomplished considering the very complex and diverse aspects. In these context, this paper defines what the financial soundness of public pension means specifically and presents the objective indices which help judge it, that is, implicit debt, cost rate, summarized cost rate, pension expenditure as percentage of GDP, and fund rate. Then, applying the indices, this paper analyzes the long-term financial situation of National Pension empirically and evaluates its financial soundness in exploratory perspective.

• Asia-Pacific Journal of Business
• /
• v.13 no.4
• /
• pp.163-175
• /
• 2022

Purpose - This study introduces a methodology for finding the optimal tracking error of active stock funds. Tracking error is commonly used in risk budgeting techniques as a concept of cost for alpha creation. Design/methodology/approach - This study uses a post-optimal smart beta portfolio that maximizes alpha under the given tracking error constraint. Findings - As a result of the analysis, the smart beta strategy that maximized alpha under the constraint of 0.15% daily tracking error shows the highest IR. This means the maximum theoretically achievable efficiency. In this regard, a fixed-effect panel regression analysis is conducted to evaluate the active efficiency of domestic stock funds. In addition to control variables based on previous studies, the effect of tracking error on alpha is analyzed. The alpha used in this model is calculated using the smart beta portfolio according to the size of the constraint of the tracking error as a benchmark. Contrary to theoretical estimates, in Korea, the alpha performance is maximized under a daily tracking error of 0.1%. This indicates that the active efficiency of domestic equity funds is lower than the theoretical maximum. Research implications or Originality - Based on this study, it is expected that it can be used for active risk management of pension funds and performance evaluation of active strategies.