• Bulletin of the Korean Mathematical Society
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• v.45 no.4
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• pp.729-737
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• 2008

In this paper we characterize multi-Jensen functions f : $V^n\;{\rightarrow}\;W$, where n is a positive integer, V, W are commutative groups and V is uniquely divisible by 2. Moreover, under the assumption that f : $\mathbb{R}\;{\rightarrow}\;\mathbb{R}$ is Borel measurable, we obtain representation of f (respectively, f, g, h : $\mathbb{R}\;{\rightarrow}\;\mathbb{R}$) such that the Jensen difference $$2f\;\(\frac{x\;+\;y}{2}\)\;-\;f(x)\;-\;f(y)$$ (respectively, the Pexider difference $$2f\;\(\frac{x\;+\;y}{2}\)\;-\;g(x)\;-\;h(y))$$ takes values in a countable subgroup of $\mathbb{R}$.

• The Pure and Applied Mathematics
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• v.15 no.2
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• pp.153-161
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• 2008

In the present paper we introduce a Jensen type quartic functional equation and then investigate the generalized Hyers-Ulam stability problem for the equation.

• Journal of the Korean Institute of Gas
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• v.22 no.1
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• pp.64-77
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• 2018

This paper presents the prediction of the original gas in place(OGIP) by using the material balance method and decline curve analysis method with production history and pressure transient test data for four coalbed methane wells in the Horseshoe Canyon field. In this study, the conventional gas equation and the Jensen and Smith(J&S) equation were used to material balance analysis, and the Arps' empirical correlation and Khaled method were applied to decline curve analysis. From the results, the OGIP estimated from the conventional gas and the J&S method was small in difference as under 12%. Also, in case of decline curve analysis, it was found that the Khaled method has appropriated to calculate the OGIP, because the OGIP was estimated as unlimited value by the Arps' equation from the decline exponent of 1 - 3.5. The OGIP difference between conventional gas method and Khaled method was calculated as 8.67% ~ 31.04%, and those between J&S method and Khaled method was 13.67% ~ 26.49%.

• Journal of Korea Water Resources Association
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• v.56 no.1
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• pp.35-43
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• 2023

Future runoff analysis is influenced by climate change scenarios and hydrologic model parameters, with uncertainties. In this study, the uncertainty of future runoff analysis according to the shared socioeconomic pathway (SSP) scenario and hydrologic model parameters was analyzed. Among the SSP scenarios, the SSP2-4.5 and SSP5-8.5 scenarios were used, and the soil and water assessment tool (SWAT) model was used as the hydrologic model. For the parameters of the SWAT model, a total of 11 parameter were optimized to the observed runoff data using SWAT-CUP. Then, uncertainty analysis of future estimated runoff compared to the observed runoff was performed using jensen-shannon divergence (JS-D), which can calculate the difference in distribution. As a result, uncertainty of future runoff was analyzed to be larger in SSP5-8.5 than in SSP2-4.5, and larger in the far future (2061-2100) than in the near future (2021-2060). In this study, the uncertainty of future runoff using future climate data according to the parameters of the hydrologic model is as follows. Uncertainty was greatly analyzed when parameters used observed runoff data in years with low flow rates compared to average years. In addition, the uncertainty of future runoff estimation was analyzed to be greater for the parameters of the period in which the change in runoff compared to the average year was greater.

• Proceedings of the Korean Society of Broadcast Engineers Conference
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• 2018.11a
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• pp.33-35
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• 2018

기존의 사람간의 유사성 측정 시스템은 적외선 빔이나 열 감지 영상 장치를 통해 측정하였다. 하지만 이와 같은 방법으로 측정하면 2명 이상의 객체를 분류해내는 기술은 제공하지 않는다. 이에 본 논문은 고정된 카메라를 이용하여 각 사람의 피부색과 옷차림 등의 RGB 정보를 이용한 사람 유사성 측정 기법을 제안한다. RGB카메라 영상을 통하여 객체의 RGB 히스토그램을 얻은 후 각 객체에 대해 Bhattacharyya metric, Cosine similarity, Jensen difference, Euclidean distance로 histogram similarity를 계산하여 객체 추적 및 유사성 측정을 통해 객체를 분류한다. 제안된 시스템은 C/C++를 기반으로 구현하여, 유사성 측정 성능을 평가하였다.

• The Journal of the Korean Society for Microbiology
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• v.9 no.1
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• pp.33-40
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• 1974

On the basis of pigment production and growth rate on L-J medium containing crocin, differentiation of opportunist mycobacteria belonging to photochromogens, scotochromogens, nonchromogens and rapid grower has been investigated. Among photochromgens, positive pigmentation of M. kansasii was differentiated from negative strain of M. marinum, Scotochromogen M. aquae was positive whereas M. scrofulaceum was negative. Rapid grower M. fortuitum was positive at 3 days test whereas M. smegmatis was negative. Subdivision of opportunist mycobacteria into four groups on the basis of growth rate and pigment production on L J medium containing gardenia extraction appeared to be a valuable adjunct to the Runyon's classification for the rapid presumptive identification of opportunist mycobacteria of different clinical significance.

• The Journal of Industrial Distribution & Business
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• v.11 no.1
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• pp.39-47
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• 2020

Purpose: This study investigated the effects of valuation errors on the capital market through the earnings forecasting errors of financial analysts. As a follow-up to Jensen (2005)'s study, which argued of agency cost of overvaluation, it was intended to analyze the effect of valuation errors on the earnings forecasting behavior of financial analysts. We hypothesized that if the manager tried to explain to the market that their firms are overvalued, the analysts' earnings forecasting errors would decrease. Research design, data and methodology: To this end, the analysis period was set from 2011 to 2018 of KOSPI and KOSDAQ-listed markets. For overvaluation, the study methodology of Rhodes-Kropf, Robinson, and Viswanathan (2005) was measured. The earnings forecasting errors of the financial analyst was measured by the accuracy and bias. Results: Empirical analysis shows that the accuracy and bias of analysts' forecasting errors decrease as overvaluation increase. Second, the negative relationship showed no difference, depending on the size of the auditor. Third, the results have not changed sensitively according to the listed market. Conclusions: Our results indicated that the valuation error lowered the financial analyst earnings forecasting errors. Considering that the greater overvaluation, the higher the compensation and reputation of the manager, it can be interpreted that an active explanation of the market can promote the accuracy of the financial analyst's earnings forecasts. This study has the following contributions when compared to prior research. First, the impact of valuation errors on the capital market was analyzed for the domestic capital market. Second, while there has been no research between valuation error and earnings forecasting by financial analysts, the results of the study suggested that valuation errors reduce financial analyst's earnings forecasting errors. Third, valuation error induced lower the earnings forecasting error of the financial analyst. The greater the valuation error, the greater the management's effort to explain the market more actively. Considering that the greater the error in valuation, the higher the compensation and reputation of the manager, it can be interpreted that an active explanation of the market can promote the accuracy of the financial analyst's earnings forecasts.

• The Korean Journal of Financial Management
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• v.24 no.1
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• pp.1-27
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• 2007

In this study, we investigated the market long-term performance of stock splits by using the Korean Stock Market data from 1998 through 2002. We measured the performance by the event-time portfolio approach with the buy-and-hold abnormal return(BHAR) and the cumulative average abnormal return(CAAR). Also, the calendar-time portfolio approach with one-factor and three factor model were used for avoiding the misspecification model problem. The first of main results in this study was that the stock splits had significantly positive abnormal returns around the month of the stock splits announcements. However, the period BHAR and CAAR after the announcement month were significantly negative. This negative long-term abnormal returns were confirmed by the calendar-time portfolio approach. The results suggested that the abnormal return followed by the stock splits seemed to be positive in the short-term period. Second, there was no the difference of the long term performance between the high and the low split ratios. The operating income performance in the periods followed by the stock splits announcements grew worse. Therefore, the signalling effects, the managers of the firm under considering the stock splits would make use of splits as a form of signals for the upward changes in the cash flow or profits, could not be found. Finally, in contrast to Fama, Fisher, Jensen and Roll(1969), the significant negative abnormal returns following the stock splits were still found irrespective of the change of dividend payout ratio.

• The Korean Journal of Financial Management
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• v.24 no.2
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• pp.147-181
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• 2007

Our article investigates the risk implication of ownership structure in life insurance companies. We set up a model to identify the priority structure of policyholder's and shareholder's cashflow claims, and to derive its implications. Current literature on this issue has focused on the agency paradigm or the risk-sharing efficiency. Fama and Jensen(1983a, 1983b) and Mayers and Smith(1981, 1986, 1988, 1990, 1994) argue that the survival of both the corporate and the mutual form of organization is due in part to the relative efficiencies in controlling agency problems. With regard to insurance business, agency problems arise because of the three functions inherent in the organizations:manager, risk-bearer(owner), and policyholder. Stock insurers are characterized by the potentially complete separation of all three functions while mutual insurers merger the policyholder with the ownership function. Doherty and Dionne(1993) and Doherty(1991) concentrate their analysis on differences in the efficiency of risk sharing between participating and non-participating policies. They argue that when the undiversifiable risk has higher portion in business risk, combining policy and equity claims into a single package is a more efficient risk-sharing contract than a simple prepaid risk-transfer. Among various methods for assembling the policy/equity package, Doherty and Dionne(1993) and Doherty(1991) suggest that policy/equity package offered by the mutual is the most efficient risk-sharing arrangement. There has been a controversy on the property of participating policies sold by life insurance corporations in Korea. Some scholars argue that participating policyholders of Korean life insurance companies have shared the cashflow risk with shareholders. They emphasize that insurance firms have used dividend reserves to supplement for equity deficits. Thus, they argue that the economic entities of Korean life insurance companies are mutual companies though their legal entities are corporations. Our article explicitly sets up each stakeholder's cashflow claim in stock and mutual insurers, and thus identify risk differences in shareholder and policyholder. Using our model, we could derive direct implications on the controversy. Our model shows that life insurance companies would sell participating policies since policyholders would have the incentive to share the risk inherent in their primary claims with equityholders. And there exists a fundamental difference in shareholder's risk and equityholder's.

• Magazine of the Korean Society of Agricultural Engineers
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• v.19 no.1
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• pp.4279-4295
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• 1977

Two types of model were established in order to product the soil moisture content by which information on irrigation could be obtained. Model-I was to represent the soil moisture depletion and was established based on the concept of water balance in a given soil profile. Model-II was a mathematical model derived from the analysis of soil moisture variation curves which were drawn from the observed data. In establishing the Model-I, the method and procedure to estimate parameters for the determination of the variables such as evapotranspirations, effective rainfalls, and drainage amounts were discussed. Empirical equations representing soil moisture variation curves were derived from the observed data as the Model-II. The procedure for forecasting timing and amounts of irrigation under the given soil moisture content was discussed. The established models were checked by comparing the observed data with those predicted by the model. Obtained results are summarized as follows: 1. As a water balance model of a given soil profile, the soil moisture depletion D, could be represented as the equation(2). 2. Among the various empirical formulae for potential evapotranspiration (Etp), Penman's formula was best fit to the data observed with the evaporation pans and tanks in Suweon area. High degree of positive correlation between Penman's predicted data and observed data with a large evaporation pan was confirmed. and the regression enquation was Y=0.7436X+17.2918, where Y represents evaporation rate from large evaporation pan, in mm/10days, and X represents potential evapotranspiration rate estimated by use of Penman's formula. 3. Evapotranspiration, Et, could be estimated from the potential evapotranspiration, Etp, by introducing the consumptive use coefficient, Kc, which was repre sensed by the following relationship: Kc=Kco$.$Ka＋Ks‥‥‥(Eq. 6) where Kco : crop coefficient Ka : coefficient depending on the soil moisture content Ks : correction coefficient a. Crop coefficient. Kco. Crop coefficients of barley, bean, and wheat for each growth stage were found to be dependent on the crop. b. Coefficient depending on the soil moisture content, Ka. The values of Ka for clay loam, sandy loam, and loamy sand revealed a similar tendency to those of Pierce type. c. Correction coefficent, Ks. Following relationships were established to estimate Ks values: Ks=Kc-Kco$.$Ka, where Ks=0 if Kc,=Kco$.$K0$\geq$1.0, otherwise Ks=1-Kco$.$Ka 4. Effective rainfall, Re, was estimated by using following relationships : Re=D, if R-D$\geq$0, otherwise, Re=R 5. The difference between rainfall, R, and the soil moisture depletion D, was taken as drainage amount, Wd. {{{{D= SUM from { {i }=1} to n (Et-Re-I+Wd)}}}} if Wd=0, otherwise, {{{{D= SUM from { {i }=tf} to n (Et-Re-I+Wd)}}}} where tf=2∼3 days. 6. The curves and their corresponding empirical equations for the variation of soil moisture depending on the soil types, soil depths are shown on Fig. 8 (a,b.c,d). The general mathematical model on soil moisture variation depending on seasons, weather, and soil types were as follow: {{{{SMC= SUM ( { C}_{i }Exp( { - lambda }_{i } { t}_{i } )+ { Re}_{i } - { Excess}_{i } )}}}} where SMC : soil moisture content C : constant depending on an initial soil moisture content $\lambda$ : constant depending on season t : time Re : effective rainfall Excess : drainage and excess soil moisture other than drainage. The values of $\lambda$ are shown on Table 1. 7. The timing and amount of irrigation could be predicted by the equation (9-a) and (9-b,c), respectively. 8. Under the given conditions, the model for scheduling irrigation was completed. Fig. 9 show computer flow charts of the model. a. To estimate a potential evapotranspiration, Penman's equation was used if a complete observed meteorological data were available, and Jensen-Haise's equation was used if a forecasted meteorological data were available, However none of the observed or forecasted data were available, the equation (15) was used. b. As an input time data, a crop carlender was used, which was made based on the time when the growth stage of the crop shows it's maximum effective leaf coverage. 9. For the purpose of validation of the models, observed data of soil moiture content under various conditions from May, 1975 to July, 1975 were compared to the data predicted by Model-I and Model-II. Model-I shows the relative error of 4.6 to 14.3 percent which is an acceptable range of error in view of engineering purpose. Model-II shows 3 to 16.7 percent of relative error which is a little larger than the one from the Model-I. 10. Comparing two models, the followings are concluded: Model-I established on the theoretical background can predict with a satisfiable reliability far practical use provided that forecasted meteorological data are available. On the other hand, Model-II was superior to Model-I in it's simplicity, but it needs long period and wide scope of observed data to predict acceptable soil moisture content. Further studies are needed on the Model-II to make it acceptable in practical use.