• Journal of the Korean Mathematical Society
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• v.54 no.1
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• pp.59-68
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• 2017

Let $F=R^{(n)}$ be a free R-module of finite rank $n{\geq}2$. In this paper, we characterize the prime submodules of F with at most n generators when R is a $Pr{\ddot{u}}fer$ domain. We also introduce the notion of prime matrix and we show that when R is a valuation domain, every finitely generated prime submodule of F with at least n generators is the row space of a prime matrix.

• Korean Journal of Mathematics
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• v.19 no.4
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• pp.343-349
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• 2011

Let D be an integral domain, $D^w$ be the $w$-integral closure of D, X be an indeterminate over D, and $N_v=\{f{\in}D[X]{\mid}c(f)_v=D\}$. In this paper, we introduce the concept of $t$-locally APVD. We show that D is a $t$-locally APVD and a UMT-domain if and only if D is a $t$-locally APVD and $D^w$ is a $PvMD$, if and only if D[X] is a $t$-locally APVD, if and only if $D[X]_{N_v}$ is a locally APVD.

• Proceedings of the Korea Technology Innovation Society Conference
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• 2000.11a
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• pp.297-311
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• 2000

Since 1996 when Kosdaq market was set up, serious doubt has been raised regarding the efficiency of the market. The most important question is whether this market can reflect the real value of the venture company quoted on it. In order to answer this question, this study aimed to evaluate venture companies in Kosdaq market adopting the concept of real option theory. From the results of empirical analysis, we found that in the early 2000, there was serious over-valuation problem. On the contrary, in the recent period of economic recession, under-valuation problem is quite prevalent. We also present our methodology and empirical results confirm the conjecture that option premium outweighs the DCF valor for the newly born and high-technology intensive venture companies. We hope that the empirical results shed some light on the policy prescription to improve the efficiency of Kosdaq market.

• Journal of Software Assessment and Valuation
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• v.16 no.1
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• pp.21-26
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• 2020

The completeness appraisal of software is performed in various forms, such as assessing the completion level in the development process, calculating the defect rate, estimating the development cost, and calculating the redevelopment cost. Along with this, the problem that is often dealt with is estimation of the development time. Even in a dispute over completeness due to delays in software development, issues of calculating an appropriate development time required to develop a delivery software or a development time required for change requests are often included in the appraisal request. In this paper, we introduce the procedure and method for estimating the appropriate project time of software development so that the appraiser can be applied to the appraisal work for determining the completeness. The method is based on the manual for calculating the appropriate project period of software development project.

• Korea Trade Review
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• v.45 no.6
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• pp.113-130
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• 2020

This study analyzes the effect of misalignment exchange rate on economic performance asymmetrically. The results show that the over valuation of the real effective exchange rate of won has a significant positive relationship with economic performance. The under valuation of the real effective exchange rate of won has a positive effect on economic performance, but it is not significant. This is due to the high ratio of re-exports of intermediate goods despite Korea being an export-oriented country. In Japan, the undervaluation of the exchange rate has a negative impact on economic performance.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.12 no.4
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• pp.15-24
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• 2017

The major goal of this paper falls on developing new rational valuation model, to help companies and investors in the early stage of growth as to preparing and negotiating valuation of investment, by applying new reasonable discount indexes of calculating Discount Cash Flow in valuation of the start-up which has been recognized the critical fatal flaws of DCF with them. There are three specific studies done in this paper. First, this paper found the solid and viable bases of rational discount indexes as to applying DCF in valuing companies in the early growth stage with reviewing the previous studies including Berkus method, Scorecard Method, and Risk factor Summation method classified the most effective tools of valuing pre-revenue generating companies. Second, this paper quoted and analyzed the previous models and studies, so called, 'DCF-Prime' of applying DCF method as to value companies in the early growth stage by taking all risk factors innate to the companies in the early growth stage as the discount rate Beta coefficient. Third, this paper propose more viable and solid valuation models, so called, 'DCF-Plus'of combing all validated valuation factors in Berkus, Scorecard, and Risk Factor Summation methods into applying separate discount bracket after DCF Valuation over the companies in the early growth stage instead of taking them as the factors of discount rate, beta coefficient, like the previous model of DCF-Prime. DCF-Plus mainly developed in this paper will not only provide more rational valuation bases as to investment negotiation between companies and investors in the early growth stage, but also providing more accountable guidelines to companies in the early growth as to prepare investment raising and accelerating their company's value by themselves.

• The Journal of the Korea Contents Association
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• v.16 no.3
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• pp.676-693
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• 2016

Although the methodology and models to assess the economic value of technology assets such as patents are being presented in various ways, there does not exist a structured assessment model which enables to objectively assess a database property's value, and thus there is a need to enhance the application feasibility of practical purposes such as licensing of DB assets, commercialization transfer, security, etc., through the establishment of the valuation model and the life-cycle decision logic. In this study, during the valuation process of DB assets, the size of customer demand group expected and the amount of demand, the size and importance of data sets, the approximate degree of database' contribution to the sales performance of a company, the life-cycle of database assets, etc. will be analyzed whether they are appropriate as input variables or not. As for most of DB assets, due to irregular updates there are hardly cases their life-cycle expires, and thus software package's persisting period, ie. 5 years, is often considered the standard. We herein propose the life-cycle estimation logic and valuation models of DB assets based on the concept of half life for DB usage frequency under the condition that DB assets' value decays and there occurs no data update over time.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.15 no.8
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• pp.4863-4873
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• 2014

The Korean construction industry has played a major role among all industries despite its relative small ratio of all. The global economic crisis, however, has adversely affected the construction industry. Therefore, the Korean government implemented a corporate restructuring process to ensure the stability of the financial market. The selection standard on workout enterprises by the government is based on two perspectives: (1) external factors, including macroeconomic indices and (2) internal factors, including financial statements of private enterprises. On the other hand, if considering the characteristics of the construction industry, a certain construction company may not be evaluated only by its financial statements. In other words, a valuation process that utilizes the financial statements only can be concluded to be irrational. Accordingly, this study aims to provide the valuation model, which embraces the characteristics of workout firms, and determines their implications. To accomplish this, each enterprise valuation was measured using DCF and Black Scholes models, and by comparing such results with their market value, each enterprise was determined to be either under or over-valued. The results of this study verified that the valuations of 2 workout companies (out of 4) showed a higher value than the market value.

• Communications of the Korean Mathematical Society
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• v.20 no.3
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• pp.427-436
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• 2005

Let (R, m) be a 2-dimensional regular local ring with algebraically closed residue field R/m. Let K be the quotient field of R and v be a prime divisor of R, i.e., a valuation of K which is birationally dominating R and residually transcendental over R. Zariski showed that there are finitely many simple v-ideals $m=P_0\;{\supset}\;P_1\;{\supset}\;{\cdotS}\;{\supset}\;P_t=P$ and all the other v-ideals are uniquely factored into a product of those simple ones. It then was also shown by Lipman that the predecessor of the smallest simple v-ideal P is either simple (P is free) or the product of two simple v-ideals (P is satellite), that the sequence of v-ideals between the maximal ideal and the smallest simple v-ideal P is saturated, and that the v-value of the maximal ideal is the m-adic order of P. Let m = (x, y) and denote the v-value difference |v(x) - v(y)| by $n_v$. In this paper, if the m-adic order of P is 2, we show that $O(P_i)\;=\;1\;for\;1\;{\leq}\;i\; {\leq}\;{\lceil}\;{\frac{b+1}{2}}{\rceil}\;and\;O(P_i)\;=2\;for\;{\lceil}\;\frac{b+3}{2}\rceil\;{\leq}\;i\;\leq\;t,\;where\;b=n_v$. We also show that $n_w\;=\;n_v$ when w is the prime divisor associated to a simple v-ideal $Q\;{\supset}\;P$ of order 2 and that w(R) = v(R) as well.

• Journal of Wetlands Research
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• v.6 no.1
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• pp.89-104
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• 2004

In the aftermath of nation-wide controversy over "conservation vs. development" of the costal wetland in the Saemangeum, Korea could legislate the laws of wetland conservation and costal management in 1998. Since then, the public interest in the costal mudflats and its conservation has increased greatly, but the controversy on the economic value of mutflat wetland and the futher (un)necessity of reclamation) is not yet settled. In the cases of Korea dealt, economic valuation of wetland was performed mainly in the milieu of reclamation(development) vs conservation conflict, or from interest of recreational use. Korean studies used to estimate economic value of development case and conservation case respectively and then tried to compare these two value, as is sometimes done also in other countries. But the scrutiny of the results of these studies leads us to conclude that the revealed wide discrepancy among estimated values, above all other methodological problems, denies any practical applicability to the actual policy use. Benefit transfer as a convenient alternative method of valuation can not be usable either in our cases, because there is too few reliable estimated economic values of mudflat wetlands.