• The Journal of the Korea Contents Association
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• v.17 no.9
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• pp.300-309
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• 2017

This paper examines the cyclical fluctuation of 'construction orders' and 'construction investment' using HP filter, Bandpass filter and Beveridge-Nelson decomposition methods. The main results are as follows. As a result of the analysis of the cyclical fluctuation of construction orders, it was analyzed that there were about 7 cyclical fluctuations from 1976 to the first quarter of 2017. Construction orders for cyclical fluctuations peaked in the second quarter of 2015 and turned to a downward trend. On the other hand, construction investment has experienced about 6 cycles of fluctuations during the same period, and it has been rising continuously since the bottom of 3Q12. This is consistent with the general theory that construction orders precede construction investments. In addition, the comparison of the construction orders, construction investment, and GDP amplitude shows that the GDP amplitude is the smallest and stable, and the construction orders have the greatest variation in amplitude. Therefore, construction orders should be adjusted by government policy depending on economic fluctuations.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.12
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• pp.863-867
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• 2020

This study was conducted on financial data of 38 economic groups listed on Vietnam's stock market for the period 2009 - 2019 and it aims to provide an empirical evidence on the impact of working capital management policy on performance in all phases of the economic cycle of Vietnamese economic groups. The study uses FGLS estimation method with 2 dependent variables ROA, GOP, independent variables including INV, AR, AP, CCC, dummy variable representing different phases of the economic cycle, variables Control includes CAT, CR, LEV, SZ, GR. Research shows that the greater the level of investment by companies in liquid assets corresponding to a certain level of activity (shown by average days of inventory (INV), average days of collection. (AR), cash flow cycle (CCC)) the lower the rate of return on assets. The study also provides additional evidence of the negative effects of economic crisis on the performance of economic groups. The study also shows that the number of short-term asset cycles has a positive impact on operational efficiency, and the level of debt use has a negative impact on operational efficiency. This result implies that the managers of economic groups can increase the efficiency of businesses through a reasonable working capital policy.

• Korean Journal of Air-Conditioning and Refrigeration Engineering
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• v.27 no.1
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• pp.44-49
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• 2015

Ceiling cooling and heating system that consider load arrangement and space in the ceiling needs to be developed. Therefore, experimental and economic changes were done to verify the performance of compact type VAV. The test results were as follow. 1) Noise test result, measuring approximately 50.4 dB~56.6 dB (before ceiling in landfill), had a better ceiling deadline than the current measure, about a 10 dB noise reduction, so that the office baseline (40~50 dB) noise was judged to be less than test. 2) For the static pressure test result, taking out an outside hydrostatic 25 mmAq, 24.8 mmAq was measured, respectively, at the point. 3) For the life-cycle cost analysis result, the initial investment cost, maintenance replacement costs, and maintenance costs increased 0.2%, but the energy savings ratio was 19.5% while the whole life cycle savings of 40 years LCC was reduced 11.9%.

• KIEAE Journal
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• v.15 no.4
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• pp.37-43
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• 2015

Purpose : The study applied control strategy to reduce through optimal control and operation of pump by applying control on variable speed to the circulation pump of HVAC system in the office building. The study has the purpose to review validity of control on variable speed as ESMs(Energy Saving Measures) and establish the control technology on variable speed pump. The study performed reduction analysis of building energy and economic evaluation of pump through energy effectiveness control strategy of HVAC system. Method: The study sought possible reduction through energy control strategy which can provide proper flow fitting to building load by applying control on variable speed pump. The study applied control strategy to reduce through pressure differential set-point control and operation of pump by applying control on variable speed to the circulation pump of HVAC system in the office building. Result : The results showed that about 16-35% of pump energy could be saved by using these optimal control strategies. In the result of analysis on 10 years life cycle cost of analysis on payback period of initial investment pump, variable speed pump control showed 5.1 years.

• Journal of Distribution Science
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• v.12 no.5
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• pp.61-69
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• 2014

Purpose - Many studies report that returns on hedge portfolios that eliminate particular risk types are abnormal from traditional asset pricing models' perspectives. This study examines the pervasiveness of anomalous returns conditioned on business cycle and group size. Research design, data, and methodology - Using KOSPI and KOSDAQ market data from July 1991 to December 2013, we categorize stocks into appropriately sized groups, and dichotomize our sample periods into expansion and recession periods then, we construct hedge portfolios by sorting stocks by anomaly variables and calculate their returns. Results - Four anomalies, including earnings yield, net stock issue, total asset growth, and liquidity appear pervasive across all groups for the entire sample period. However, only the hedge returns of net stock issues are significant across all group sizes during both expansion and recession. Conclusions - A net stock issue can be an appropriate proxy for expected growth of book equity for all group sizes in recessions. This finding could provide insights to investment industry participants and to researchers interested in the relationship between expected growth of book equity and business cycle risk.

• Korean System Dynamics Review
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• v.3 no.1
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• pp.43-60
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• 2002

This paper describes the forecast of wholesale price in competitive Korean electricity market using the system dynamics approach. The system dynamics concepts have been implemented with the Ithink software. This software facilitates the development of stock and flow model with information feedback. Using this model, the future wholesale electricity price can be computed hour by hour, quarterly, and yearly. This model also gives the energy planner the opportunity to create different scenarios for the future of deregulated wholesale markets in Korea. Also It will lead to increased understanding of competitive wholesale market as a complex, dynamic system. Research results show that the plant construction appeared in waves of boom and bust in Korean electricity market like real estate construction. That is, the Korea wholesale market's new power plants and the market price will appear the Boom and Bust cycle. It is very similar behavior as real estate industry. In case of consideration of DSM program, The DSM savings lead to a somewhat different timing of the booms in construction and of price spikes. But the DSM programs do not eliminated the fundamental dynamics of the boom and bust. And the wholesale price is maintained at the lower level compared to the case of without DSM program. However, the unexpected result is found that due to the lower market price, Investor make significantly less investment in new CCs, which leads to the higher wholesale price after 2010. It suggests that the DSM Policy must be implemented with the dynamics of competitive Electricity Market.

• Korean Journal of Air-Conditioning and Refrigeration Engineering
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• v.19 no.7
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• pp.491-499
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• 2007

An architectural means of optimal daylight distribution is by using so-called light shelf systems, horizontal shading and redirecting devices. The overall performance of the daylighting system can be improved by the incorporation with electric lighting control devices. This paper aims to exemplify the benefit of daylighting in term of economic consideration. In such a case a reasonable technique to compare system costs is by life-cycle costing. Stated simply, a life-cycle cost represents the total cost of a system over its entire life cycle, that is, the sum of first cost and all future costs. Four different electric lighting system designs are proposed and a lighting control system that is continuously operating according to the level of daylight in the space has been adapted. The result shows clearly that although denser layout of lighting fixtures might be more effective to interface to the level of daylight ceaselessly changeable, its economic benefit may not meet the expected criterion the reason of increased initial investment and maintenance cost for the fixtures and control devices.

• Journal of the Korean Solar Energy Society
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• v.29 no.1
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• pp.1-10
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• 2009

This study was carried out to evaluate the Life Cycle Cost(LCC) of three types of RTPV(Building Integrated Photovoltaic) systems-Glass plus Granite. Crystalline BIPV and See through Amorphous BIPV-which were vertically installed to generate the same power output(76 kW level). Initial investment costs. cost. savings and maintenance costs had been predicted during the period of analysing the LCC of three types of BIPV(Building Integrated Photovoltaic) systems installed for the purpose of evaluating the LCC. In case of cost savings, it had been analyzed by measuring the amount of electric power generated, reduction in lighting load and heat & cooling loads through simulation. From this analysis, it was predicted that the See-through amorphous BIPV offering cost saving advantages demonstrated the economical efficiency similar to the Class plus Granite when it is backed by more than 20 years of durability.

• KIEAE Journal
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• v.6 no.3
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• pp.11-18
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• 2006

Attention on daylighting should be focused not so much on a simple maximization of the natural light available in a space, as on improving the quality of lighting by ensuring as even but intense distribution of illumination in inner areas. An architectural means of optimal daylight distribution is by using so-called light shelf systems, horizontal shading and redirecting devices. The overall performance of the daylighting system can be improved by the incorporation with electric lighting control devices. This paper aims to exemplify the benefit of daylighting in term of economic consideration. In such a case a reasonable technique to compare system costs is by life-cycle costing. Stated simply, a life-cycle cost represents the total cost of a system over its entire life cycle, that is, the sum of first cost and all future costs. Four different electric lighting system designs are proposed and a lighting control system that is continuously operating according to the level of daylight in the space has been adapted. The result shows clearly that although denser layout of lighting fixtures might be more effective to interface to the level of daylight ceaselessly changeable, its economic benefit may not meet the expected criterion the reason of increased initial investment and maintenance cost for the fixtures and control devices.

• Nuclear Engineering and Technology
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• v.56 no.7
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• pp.2641-2649
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• 2024

Effective management of slightly used nuclear fuel (SUNF) is crucial for both technical and public acceptance reasons. SUNF management, radiotoxicity risk, and associated financial investment and technological capabilities are major concerns in nuclear power production. Reducing the volume of SUNF can simplify its management, and one possible solution is utilizing small modular reactors (SMR) and advanced fuel designs like those with thorium. This research focuses on studying the neutronic performance and radionuclide inventory of three different thorium fuel configurations. The mass of fissile material in thorium-based fuel significantly impacts Kinf, burn-up, and neutron energy spectrum. Compared to uranium, thorium as a fuel produces far fewer transuranic elements and less long-lived fission products (LLFPs) at the end of the core cycle (EOC). However, certain fission product elements produced from thorium-based fuel exhibit higher radioactivity at the beginning of the core cycle (BOC). Physical separation of thorium and uranium in the fuel block, like seed-and-blanket units (SBU) and duplex fuel designs, generate less radioactive waste with lower radioactivity and longer cycle lengths than homogeneous or mixed thorium-uranium fuel. Furthermore, the SBU and duplex feel designs exhibit comparable neutron spectra, leading to negligible differences in SUNF production between the two.