• Journal of Technology Innovation
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• v.20 no.1
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• pp.45-73
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• 2012

In this paper, we analyse empirically the effects of financial characteristics on the relationship between R&D investment and market value of firms listed on Korea Exchange. The main results of this study can be summarized as follows. Firm size increase the market valuation of R&D investment because it provides economies of scale, easier access to capital market, and R&D cost spreading. Market share also positively effects the relationship between R&D investment and firm value. Alternatively, free cash flow has a negative effect on the relationship between R&D investment and firm value because firms with high free cash flow could be tempted to use the free cash flow to undertake negative NPV projects. The dependence on external finance is a handicap negatively assessed by the market when firms undertake R&D projects due to the higher information asymmetry associated with this kind of project. Labor intensity has a negative effect on the relationship between R&D investment and firm value because the abnormal profits arising from R&D investment are diluted among employees. Capital intensity also has a negative effect on the relationship between R&D investment and firm value due to the greater financial constraints faced by capital intensive firms. In conclusion, several financial characteristics(firm size and market share) positively effect the relationship between R&D investment and firm value, while others(free cash flow, dependence on external finance, labor intensity, and capital intensity) exert a negative effect. Therefore, we conclude that the effectiveness of R&D investment depends on these financial characteristics.

• Proceedings of the KIEE Conference
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• 2005.11b
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• pp.159-161
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• 2005

Transmission congestion is one of the key factors to local market power in competitive electricity markets. Financial transmission rights provide the financial protection to their holders by paying back the congestion cost. However, the market participants who have market power can exacerbate their market power. Due to the exacerbated market power, this paper analyzes the mitigation of local market power using Contingent transmission rights on the market price. Contingent transmission rights provide not only the financial protection but also regulative penalty. The proposed methodology was demonstrated with the Optimal Power Flow(OPF).

• Journal of Electrical Engineering and Technology
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• v.12 no.6
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• pp.2196-2207
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• 2017

This paper presents a two-stage market auction model in a pool-based electricity market, which explicitly takes into account the system network security. The security network-constrained market auction model considers the use of corrective control to yield economically efficient actions in the post-contingency state, while ensuring a certain security level. Under this framework, the proposed model shows not only for quantifying the correlation between secure system operation and efficient market operation, but also for providing transparent information on the pricing system security for market participants. The two-stage market auction procedure is formulated using Benders decomposition (BD). In the first stage, the market participants bid in the market for maximizing their profit, and the independent system operator (ISO) clears the market based on social welfare maximization. System network constraints incorporating post-contingency control actions are described in the second stage of the market auction procedure. The market solutions, along with the BD, yield nodal spot prices (NSPs) and nodal congestion prices (NCPs) as byproducts of the proposed two-stage market auction model. Two benchmark systems are used to test and demonstrate the effectiveness of the proposed model.

• Agribusiness and Information Management
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• v.4 no.1
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• pp.41-47
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• 2012

The Asian food market has been growing recently, due to the role played by major Asian countries, which include Korea, China, and Japan. This study is purposed to investigate the potential of the food market in these Northeast Asian countries and to suggest future direction for global food companies. For in-depth analysis, this study is limited in scope to the confectionery market and analyzes that market within two frameworks: first, the 'Market Attractiveness Matrix' which transforms the 'BCG Matrix' to fit into the food market in order to analyze the flow in the Asian confectionery market; and second, analysis of the potential growth of the market using a Category Development Index (CDI), which aids in understanding the growth potential of a market. The European food market has recently reached its capacity and is now experiencing a low growth rate (Data Monitor, 2011). It is time for food companies to find a new 'blue ocean' to avoid fierce competition in the mature markets of Europe. Therefore, this analysis of the confectionery market, using the Market Attractiveness Matrix and CDI will suggest opportune directions for global food companies.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.44 no.4
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• pp.531-544
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• 2024

The purpose of this study is to analyze traffic flow characteristics according to the market penetration rate (MPR) of autonomous vehicles (AV) on road sections where bus rapid transit (BRT) is actually operating. Furthermore, the maximum traffic volume was set through estimation of future traffic demand, and traffic flow characteristics were analyzed through traffic simulation for each scenario considering of a combination of BRT introduction and AV's MPR. To test statistical significance, Kruskal-Willis test and Jonckheere-Terpstra test were used to examine the impact of the market penetration rate of Autonomous vehicles on travel time and delay time etc. At the same time, the existence of the order relationship among travel time data according to the market penetration rate of autonomous vehicle was examined. As a result of the analysis, it was founded that the travel time significantly decreased as the MPR of AV increases in both intermittent flow and continuous flow environments. In particular, in the case of continuous flow, the law of increasing returns was satisfied in the effect of increasing travel speed and reducing travel time as the MPR of AV increases. The results of this study are expected to be used as a basic information for design plans for road reconstruction and space utilization after the commercialization of AV in the future.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.11
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• pp.243-251
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• 2021

The goal of this study is to examine the characteristics of Chinese visitors visiting Thailand, determine the rules, and give a reference for Thai tourism authorities and businesses when developing marketing strategies for the Chinese market. This paper constructs the tourism flow network and takes Bangkok as the major research target. The statistical characteristics of the network are studied using the SNA method, based on the trip notes of Thailand on www.mafengwo.cn, a prominent travel website in China as the data source. The results show that: Shanghai, Beijing, and Tianjin occupy important positions in the network; The flow direction of Chinese tourists to Thailand mainly tends to Bangkok, Chiang Mai, Pattaya, and Phuket Island; Grand Palace have strong tourism flow aggregation, diffusion, and control over other nodes in the whole network structure; Tom Yu Kuang has the greatest degree centrality in all Thai cuisine. The findings of the study can help relevant management departments create tourist policies and modify market strategies by developing the regular characteristics of China's tourism flow to Thailand in the theoretical field.

• Asia-Pacific Journal of Business
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• v.7 no.2
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• pp.21-37
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• 2016

Using panel data for 29 developed countries, this paper studies the relationship between financial flow and trade markets on Dutch diseases for the period 2000-2010 and applying a fixed effects model. In particular, the study shows that an increase in inflows of foreign direct investment (FDI) leads to an appreciation of the real exchange rate. The result also suggests that an inflow of FDI accompanied by exports or government expenditure from tax revenue leads to real exchange rate appreciation. This paper also argued that stock market with FDI does not cause an appreciation of the real exchange rate.

• Proceedings of the KIEE Conference
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• 2002.11b
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• pp.372-374
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• 2002

The Optimal Power Flow(OPF) is the optimization model that has different constraints and the specified objective function, which is very useful tool for efficient system and market operation in the competitive electricity market. The existed OPF models focus on the minimization of generation fuel cost under informed demand values at each bus Recently, the studies of OPF model with demand function considering the response behavior of customers in the deregulated electricity market have been executed. This paper implements the OPF model using demand function with specified price elasticity, and provides the analysis of related results.

• Proceedings of the KIEE Conference
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• 2004.11b
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• pp.284-286
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• 2004

When Power market is restructured, we have an argument with selecting Transmission loss factors. First, we determine the method of calculating Transmission loss factor using OPF (Optimal Power Flow) or PF (Power Flow Equation). Then, we decide that we applicate the factor which are identical value all the year or which are floating Transmission loss factor every each hour. In this study, we accomplish the method of computing Transmission cost in competitive market.

• Korean Institute of Interior Design Journal
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• no.34
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• pp.78-85
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• 2002

This study aims at alalyzing the circulation process, merchandising system of Mosi(Korean traditional garment material), and accessing the way of interior design of Mosi market. There are three kinds of garment material of Mosi such as Pilmosi, Gootmosi, Taemosi classified by manufacturing process. At Mosi market, these three materials are sold in due sequence. Mosi market needs three space zones such as Mosi market space, inspecting space of Mosi and resting place, and these three spaces have strong interrelationship, so designer should plan not to disterb the moving flow. In the Mosi market space there should be divided by three zones such as Pilmosi marketing place, Gootmosi marketing place, and Taemosi marketing place in due sequence. The furniture of Mosi market place divided two kinds such as furniture for Pilmosi and that of Gootmosi or Taemosi. The proper form of furniture for Pilmosi is circular arc bar counter and that for Gootmosi or Taemosi is low rectangular table.