• Asian Journal of Innovation and Policy
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• v.3 no.2
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• pp.172-192
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• 2014

This study aims to analyze the valuation of technology firms in the stock market to answer how before-market entities should be valuated. This study analyzes 230 market reports of 2012 for technology firms in the KOSDAQ under several hypotheses. The results are as follows: 90% used the 3 multiples methods consisting of PER multiples with 80%, PBR multiples 8.7% and EBITDA multiples 1.7%. The average of PER multiples was 15 with the range of 6.9 to 83. That of PBR multiples is 2.27. Forecasting for cash flow is not applied over 4 years, but mainly 2-3 years. The accuracy of forecasting was 18.8%, 34.4% and 8% according to the different definitions. No differences were found in the accuracy of forecasting between valuation methods, between the industries having more intangible assets and the industries having less, and between startups and general companies and between ages and listed ages.

• Geophysics and Geophysical Exploration
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• v.21 no.1
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• pp.41-53
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• 2018

In the traditional seismic processing, multiple reflections are treated as noise and therefore they are eliminated during data processing. Recently, however, many studies have begun to consider multiples as signals rather than noise for seismic imaging. Multiple reflections can illuminate an area where primary reflections are not able to cover, thus it is allowed that a smaller number of shots and receivers are used for imaging large areas. In order to verify this, surface-related multiples were used for reverse-time migration (RTM), and then we compared the results with conventional RTM images which are generated from primary reflections. To utilize multiples, we separated multiples from whole seismic data using surface-related multiple elimination (SRME) method. Numerical examples confirmed that the migration using multiples can image wider area than the conventional migration, particularly in the shallow subsurface layers. In addition, the migration of multiples could eliminate the acquisition footprints.

• Geophysics and Geophysical Exploration
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• v.23 no.3
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• pp.168-177
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• 2020

Seabed multiple reflections (seabed multiples) are the main cause of misinterpretations of primary reflections in both shot gathers and stack sections. Accordingly, seabed multiples need to be suppressed throughout data processing. Conventional model-driven methods, such as prediction-error deconvolution, Radon filtering, and data-driven methods, such as the surface-related multiple elimination technique, have been used to attenuate multiple reflections. However, the vast majority of processing workflows require time-consuming steps when testing and selecting the processing parameters in addition to computational power and skilled data-processing techniques. To attenuate seabed multiples in seismic reflection data, input gathers with seabed multiples and label gathers without seabed multiples were generated via numerical modeling using the Marmousi2 velocity structure. The training data consisted of normal-moveout-corrected common midpoint gathers fed into a U-Net neural network. The well-trained model was found to effectively attenuate the seabed multiples according to the image similarity between the prediction result and the target data, and demonstrated good applicability to field data.

• 한국신재생에너지학회:학술대회논문집
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• 2008.10a
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• pp.203-207
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• 2008

Prestack depth migration is used to image for complex geological structure such as faults, folds, and subsalt. In this case, it is widely used the surface reflection data as a input data. However, the surface reflection data have intrinsic problems to image the subsalt and the salt flank due to the complex wavefields and multiples which come from overburden. For overcoming the structural defect of the surface reflection data in the imaging, I used the virtual sources in terms of seismic interferometry to image the subsurface and suppress the multiples using the velocity model of the lower part of the virtual sources. The results of the prestack depth migration using virtual source gathers and velocity model below receivers are similar geological interfaces to the results from shot gathers of the conventional ocean bottom seismic survey. And especially artificial interfaces by multiples were suppressed without applying any other data processing to eliminate multiples. This study results by numerical modeling can make a valuable imaging tool when it is applied to satisfied field data for specific condition.

• Asian Journal of Innovation and Policy
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• v.4 no.1
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• pp.35-54
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• 2015

The purpose of this study is to compare the valuation of technology firms in the KOSPI and KOSDAQ. This study analyzed 224 market reports for KOSDAQ firms and 602 reports for KOSPI firms. We compare the two markets under 3 definitions on the accuracy of stock price forecasting. Findings are as follows: Although PER multiples is the most used method of valuation, KOSDAQ valuation more heavily relies on the method than KOSPI valuation. In stock market, the period of earnings forecasting is mostly 2-3 years. Multiples of KOSDAQ is generally higher than those of KOSPI. Even for technology firms, valuation in KOSPI mostly relies on earnings of the company, but that in KOSDAQ mostly relies on relative price. In stock price forecasting, generally overestimation prevails. Moreover, forecasting of KOSPI reports is more accurate than that of KOSDAQ reports. ROE and COE of KOSDAQ firms are generally higher than those of KOSPI firms.

• Economic and Environmental Geology
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• v.28 no.5
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• pp.487-491
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• 1995

The multipulse model of linear predictive coding (LPC), which has been successfully used for compressing of speech signals into an impulse excitation, is here applied to seismic data which contains multiples. Multiples are happened by successive reflection between layers and make the seismic interpretation difficult In this paper, the author applied the enhanced multipulse method to seismic traces to compress source-wavelets into spikes, and to eliminate/reduce multiples. The enhanced multipulse method which was applied to seismic traces extracted the amplitudes and locations of reflectivity function, which depicts the subsurface configuration, by iterative computation of autoregressive (AR) estimation method.

• Geophysics and Geophysical Exploration
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• v.12 no.4
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• pp.289-298
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• 2009

Optimal data processing parameters were designed to attenuate multiples in seismic data acquired in the south-eastern area of the East Sea, in 2008. Bunch of multiples caused by shallow sea water depth were perceived periodically up to two way travel time of 1,750 ms at every 250 ms over seismic traces. We abbreviated sea bottom multiple as SBM, Peg-leg multiple as PLM, and free-surface multiple as FSM. To attenuate these multiples, seismic data processing flow was constructed including NMO, stack, minimum phase predictive deconvolution filter and wave equation multiple rejections (WEMR). Prevalent multiples were suppressed by predictive deconvolution and remaining multiples were attenuated by WEMR. We concluded that combining deconvolution with WEMR was effective to a seismic data of study area. Derived parameter can be applied to the seismic data processing on adjacent survey area.

• Management & Information Systems Review
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• v.25
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• pp.203-222
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• 2008

This thesis examines whether accounting information-earnings and book values-has the value relevance in the KOSDAQ. The study is motivated by previous studies which have examined the value relevance of accounting information. Prior researches have focused on KSE(Korea Stock Exchange). But, prior researches have not examined the value relevance of accounting information in KOSDAQ. So, this study examined the value relevance of accounting information which is disclosed by firms on KOSDAQ and whether accounting information between firms on KOSDAQ and KSE has the discriminative value relevance, underlying the expectation that KOSDAQ firms will have higher future profitability than KSE firms. In other words, book-value multiples of KOSDAQ firms is higher than book-value multiples of KSE firms and earnings multiples of KOSDAQ firms is lower than earnings multiples of KSE firms. The value relevance of accounting information is examined by a valuation framework presented by Ohlson(1995), which expresses the stock-price as a function of both earnings and book values of equity. The results indicate that accounting information of KOSDAQ has significant explanatory power for stock price over the 2005-2007 period. KOSDAQ firm are divided by Venture firms and Small to Mid size firms. KOSDAQ Venture firms have the discriminative value relevance, compared with KSE firms. But, KOSDAQ Small to Mid size firms have not the discriminative value relevance, compared with KSE firms.

• Journal of the Korean Society of Costume
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• v.59 no.8
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• pp.152-165
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• 2009

The purpose of this study was to expand the expression of Fashion Illustration using Lenticular imaging process. In the 2-dimensional pictures, Lenticular imaging process can be effective to make multiple, virtual and variable images, which are assumed the main characteristics of modern Fashion Illustration. For this study, the main characteristics of digital based fashion trend and Fashion Illustration were analyzed. The main characteristics of digital based fashion were 'Interaction, Variableness, Virtuality, Multiples and Hyper-text' which were related with Simulacre thinking. The main characteristics of expression in Fashion Illustration were 'Virtuality and Multiples'. The image of 'Variableness' was an important factor in digital based fashion, but it was restricted within Fashion Illustration because of the 2-dimensional picture. Therefore, the Lenticular imaging process was proposed as an effective method to expand 2-dimensional limit, giving an effect of 'Variableness' in Fashion Illustration. Based on this study, 5 illustration works were proposed. The Lenticular imaging process was applied in making the images of 'Virtuality, Multiples and Variableness' in 5 works. The result of this study can be a basic material to understand the characteristics of modern Fashion Illustration as a meaningful sub-culture, and diverse expressions corresponding with the phases of the times.

• Journal of Distribution Science
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• v.14 no.4
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• pp.13-20
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• 2016

Purpose - This paper attempts to determine the importance of financial sustainability and the impact of Selling, General and Administrative Expenses (SG&A) on the financial sustainability of the IT industry. Research design, data, and methodology - Primarily the impact of SG&A expenditure on the sales revenue, assets, gross margins and profit is ascertained. After that the impact of SG&A expenditure, sales revenue, assets, gross margins and profit on the financial sustainability i.e., return on assets is worked out. Finally the impacts of financial sustainability i.e., return on assets on total enterprise value and market valuation multiples are found out. Results - The empirical result shows that SG&A expenditure most strongly impacted sales revenue, assets, gross margins and profit positively. Financial sustainability impacted in mixed manner with SG&A expenditure, sales revenue, assets, gross margins and profit. Assets and gross margins have weak positive impact on financial sustainability. Sales revenue has no impact on financial sustainability. Finally financial sustainability had moderate positive impact on total enterprise value and had no impact on market valuation multiples. Conclusions - SG&A expense has moderate positive impact on the financial sustainability and magnitude is very low.