• The Korean Journal of Financial Management
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• v.25 no.1
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• pp.51-84
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• 2008

We investigate the signaling effect of repurchase preceding new equity issue using Korean data. In a short time span, firms announce stock repurchases and equity offerings. The proximity of two events in Korean firms indicates that those are not independent of each other. In this paper, we test the signaling effect of repurchase on equity offerings on the two measures. One is announcement effect, which is measured as CAR(0, +2). The other is the effectiveness which is measured as CAR(0, +30) because the price movement during this window influences on the price of new issues. Previous studies that stock repurchase convey positive signal to equity offerings-Billet and Xue(2004) and Jung(2004)-construct sample without the limit of time interval between two events. This causes the unclear relation between those because of the long time interval. In this study we consider only samples of being within one year each other to reduce this problem and clarify the signal of repurchase on equity offerings. Korean firms are allowed to repurchase own shares with two different method. One is direct repurchase as same as open market repurchase. The other is stock stabilization fund and stock trust fund which trust company or bank buy and sell their shares on the behalf of firms. Generally, the striking different characteristic between direct repurchase and indirect repurchase is following. Direct repurchase is applied by more strict regulation than indirect repurchase. Therefore, the direct repurchase is more informative signal to the equity offering than the indirect repurchase. We construct two sample firms- firms with direct repurchase preceding-equity offerings and indirect repurchase-preceding equity offering, and one control firms-equity offerings only firms-to investigate the announcement effect and the effectiveness of repurchases. Our findings are as follows. Direct repurchase favorably affect the price of new issues favorably. CAR(0, +2) of firms with direct repurchase is not different from that of equity offerings only firms but CAR(0, +30) is higher than that of equity offerings only firms. For firms with indirect repurchase and equity offerings, Both the announcement effect and the effectiveness does not exist. Jung(2004) suggest the possibilities of how indirect stock repurchase can be regarded as one of unfair trading practices on based on the survey results that financial managers of some of KSE listed firms have been asked of their opinion on the likelihood of the stock repurchase being used in unfair trading. This is not objective empirical evidence but opinion of financial managers. To investigate whether firms announce false signal before equity offerings to boost the price of new issues, we calculate the long-run performance following equity offerings. If firms have announced repurchase to boost the price of new issues intentionally, they would undergo the severe underperformance. The empirical results do not show the severer underperformance of both sample firms than equity offerings only firms. The suggestion of false signaling of repurchase preceding equity offerings is not supported by our evidence.

• KOREAN JOURNAL OF CROP SCIENCE
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• v.33 no.1
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• pp.31-37
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• 1988

Germination and seedling elongation of soybeans [Glycine max. (L.) Merr., cults. Bangsakong, Hill, Paldalkong, Danyupkong, Baegwun-kong. Kwangkyokong, Changyupkong and Hwangkeumkong] were measured at two temperatures (15 and 30$^{\circ}C$) and four polyethylene glycol 10,000 (PEG) solutions (0, 20, 30 and 35g/100g-H$_2$O). Adjustments of PEG solution were based on water potentials of 0.0, -0.5, -1.1 and -1.5 MPa at room temperature. Observations were made at 3, 6, 9 and 12 days for 15$^{\circ}C$ and 1, 2, 3 and 4 days for 30$^{\circ}C$. Fifteen seeds of each cultivar were placed on Whatman No. 1 (9cm) filter paper in plastic pertridishes, and adjusted to 15 ml of the proper PEG solution supplemented with 0.2 percent thiram using automatic syringe. The dishes were covered with cap. The seeds were germinated at a continuous temperature of 15 or 30$^{\circ}C$ under dark conditions for programmed period. Seedling moisture content and seedling length of eight soybean cultivars decreased as PEG concentration increased both at 15 and 30$^{\circ}C$. Cultivar differences in seedling moisture content and seedling length were found among eight soybean cultivars at temperatures of 15 and 30$^{\circ}C$. Larger sized cultivar absorbed more moisture than samller sized cultivar. However, reverse results were obtained on the seedling moisture content of each of eight soybean cultivars. Cultiver Hill and Paldalkong showed greater seedling length than the other six cultivars from 20 to 30g/100g water of PEG concentrations both at 15 and 30$^{\circ}C$. The results of this study indicated that germination test of soybean seeds in aqueous solutions of PEG has potential for screening soybean cultivars for improved emergence during moisture stress.

• International Journal of Highway Engineering
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• v.7 no.4 s.26
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• pp.151-162
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• 2005

Variable Message Sign (VMS), which provides drivers with direct information about state of traffic congestion and for prevent an accident, is the most effective method among the methods of providing information in Advanced Transportation Management System. Currently establishment and the VMS which is operated foundation lets in Guidelines on the use of Variable message sign (a book of the VMS) of 1999 November the Ministry Construction & Transportation, these contents mean main viewpoint on physical part such as message special quality variable (font, character size and line space, word interval) and position mainly among standard about establishment in general. But, it is true that using without effect verification on the character of VMS display and that using mode of stationary-centered. In this paper, it executed significance test to effort verification on the character of VMS display for more practical and effective information transmission based on the driver viewpoint For the researches; develop 3D-Simulation, select characteristics of driver's visual cognition behavior (the conspicuity, the legibility and the comprehensibility), evaluation each issue (day or night, 80km/h or 100km/h). Especially, that used the Eye Marker Recorder to measure of reading-time (legibility) thus, confirmed objectivity and reduce an observational error. The results showed that the conspicuity is Flashing> Stationary>Scroll. The legibility is not deference that Flashing between stationary form. Also the comprehensibility result showed that Flashing> Stationary>Stroll form.

• Journal of the Korean Institute of Landscape Architecture
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• v.45 no.3
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• pp.21-29
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• 2017

In this study of visitor place attachment to parks, Scannel and Gilford considered the dimensions of place attachment, and proposed the theoretical framework of PPP(Place, Person, Process) that should be systematically studied from the perspective of person, place and psychological processes. According to Scannel's theoretical basis, this paper puts forward the hypothesis of a structure model of place attachment. In the model, the five independent variables of people, places, cognition, emotion, and behavior have influenced the dependent variable of place attachment. The questionnaire was conducted on 18 neighborhood parks in Kunming, China, and the residents of the 5 neighborhood parks in Daejeon, South Korea. A total of 1,645 valid samples of the questionnaire survey were collected. Through confirmatory factor analysis(CFA) results of the inspection of the various elements, it was shown that the reliabilities of 6 latent variables, such as people, places, cognition, affection, behavior and place attachment, which were composed with the observed variables(30 observed variables in Daejeon, 19 observed variables in Kunming), were all above 0.7 and the data were fit for this study. The hypothesis test results found that the physical environment of the neighborhood parks such as a comfortable environment, pleasant road and convenient facilities would increase the rate of visitors coming back. From the park management perspective, to increase the amount of visitors to the park, the park should increase visibility, provide more organized, varied activities and meetings, or special exhibitions according to the particular characteristics of the individual park, to increase awareness of the park. From the park visitors' psychological perspective, visitors are seeking to enjoy the park facilities and environment not only to bring physical relaxation, but also to bring about a psychological cure. With the commonality of attachment structure between the two countries, to improve the place attachment of neighborhood park visitors, collecting regularly visitor feedback will facilitate the sustainable development of neighborhood park attachment.

• Journal of the Korean Geosynthetics Society
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• v.10 no.2
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• pp.73-79
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• 2011

Based on the results of Part 1 of our two-parts paper, the possibility on field applicability of CMDS(Coal Mine Drainage Sludge) mixed with bentonite and cement as a liner in landfill sites was investigated. The optimum moisture content that met the landfill liner condition was obtained when the ratio of CMDS: bentonite: cement was 1: 0.5: 0.3 in a lab-scale. The relative compaction was measured in 90.1%, which results for construction field have been generally acceptable. In this study, a large-scale Lysimeter($1.0m{\times}1.5m{\times}2.0m$) was used to simulate the effects of the layer on the freeze/thaw by -20 average temperature. The mixture after freezing/thawing showed compressive strength more than $5kg/cm^2$, which was satisfied with EPA standards. Initial permeability of CMDS was $7.10{\times}10^{-7}cm/s$ and permeability its mixture after freezing/thawing was increased to $9.80{\times}10^{-7}cm/s$. The change of temperature in the layers rises and falls with linear and temperature gradient keep maintain the present state. Moisture contents in the layers have not been radically changed. Through the leaching test determined by KSLT method, it was found that heavy metals excluding Zn and Ni were not leached out or leached out less than the standards during 7 cycles of freezing/thawing process. Since it shows the increased permeability about 1.5 times and slight change in moisture content, but it was satisfied with EPA standar through 7 cycles of freezing/thawing process, this mixture can be applied as a liner in landfill final cover system.

• Clean Technology
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• v.23 no.3
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• pp.286-293
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• 2017

The goal of this paper was to improve the performance of the adsorbent to remove $H_2S$. Pellet type adsorbents were prepared by using four kinds of materials ($Fe_2O_3$, $Ca(OH)_2$, Activated carbon, $Al(OH)_2)$ for use as a basic carrier. As the results of $H_2S$ adsorption tests, $Fe_2O_3$ and Activated Carbon improved the adsorption performance of $H_2S$ by 1.5 ~ 2 times, and $Ca(OH)_2$ and $Al(OH)_2$ showed no effect on $H_2S$ adsorption performance. Four basic materials were as carriers, and 5 wt% of KI, KOH and $K_2CO_3$ were added on the carriers, respectively. As the results of $H_2S$ adsorption tests, adsorbent containing $K_2CO_3$ showed the best performance. As a result of $H_2S$ adsorption test with varying $K_2CO_3$ content from 5 to 30 wt%, it was confirmed that adsorption performance was increased up to 20 wt% of $K_2CO_3$ and adsorption performance decreased to 30 wt%. The $H_2S$ adsorption performance was modeled by using Thomas model with varying $K_2CO_3$ contents and the results were used for the adsorption tower design. It was shown that the experimental values and the simulated values were in good agreement with the contents range of $K_2CO_3$ up to 20 wt%. Based on these results, it is expected that not only the adsorption performance of $H_2S$ adsorbent is improved but also life time of the adsorbent is increased.

• Science of Emotion and Sensibility
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• v.16 no.1
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• pp.29-42
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• 2013

In this paper, we analyze the effect of the depth perception, volume perception and visual discomfort according to the change of the quality of the depth image and the depth of the major object. For the analysis, a 2D image was converted to eighteen 3D images using depth images generated based on the different depth position of a major object and background, which were represented in three detail levels. The subjective test was carried out using eighteen 3D images so that the degrees of the depth perception, volume perception and visual discomfort recognized by the subjects were investigated according to the change in the depth position of the major object and the quality of depth map. The absolute depth position of a major object and the relative depth difference between background and the major object were adjusted in three levels, respectively. The details of the depth map was also represented in three levels. Experimental results showed that the quality of the depth image differently affected the depth perception, volume perception and visual discomfort according to the absolute and relative depth position of the major object. In the case of the cardboard depth image, it severely damaged the volume perception regardless of the depth position of the major object. Especially, the depth perception was also more severely deteriorated by the cardboard depth image as the major object was located inside the screen than outside the screen. Furthermore, the subjects did not felt the difference of the depth perception, volume perception and visual comport from the 3D images generated by the detail depth map and by the rough depth map. As a result, it was analyzed that the excessively detail depth map was not necessary for enhancement of the stereoscopic perception in the 2D-to-3D conversion.

• The Journal of Korean Institute of Electromagnetic Engineering and Science
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• v.19 no.8
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• pp.862-877
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• 2008

In this paper, two types of wideband 3-dB ring hybrids are compared and discussed to show the ring hybrid with a set of coupled-line sections better. However, the better one still has a realization problem that perfect matching can be achieved only with -3 dB coupling power. To solve the problem, a set of coupled-line sections with two shorts is synthesized using one- and two-port equivalent circuits and design equations are derived to have perfect matching, regardless of the coupling power. Based on the design equations, a modified ${\Pi}-type$ of transmission-line equivalent circuit is newly suggested. It consists of coupled-line sections with two shorts and two open stubs and can be used to reduce a transmission-line section, especially when its electrical length is greater than ${\pi}$. Therefore, the $3\;{\lambda}/4$ transmission-line section of a conventional ring hybrid can be reduced to less than ${\pi}/2$. To verify the modified ${\Pi}-type$ of transmission- line equivalent circuit, two kinds of simulations are carried out; one is fixing the electrical length of the coupled-line sections and the other fixing its coupling coefficient. The simulation results show that the bandwidths of resulting small transmission lines are strongly dependent on the coupling power. Using modified and conventional ${\Pi}-types$ of transmission-line equivalent circuits, a small ring hybrid is built and named a compact wideband coupled-line ring hybrid, due to the fact that a set of coupled-line sections is included. One of compact ring hybrids is compared with a conventional ring hybrid and the compared results demonstrate that the bandwidth of a proposed compact ring hybrid is much wider, in spite of being more than three times smaller in size. To test the compact ring hybrids, a microstrip compact ring hybrid, whose total transmission-line length is $220^{\circ}$, is fabricated and measured. The measured power divisions($S_{21}$, $S_{41}$, $S_{23}$ and $S_{43}$) are -2.78 dB, -3.34 dB, -2.8 dB and -3.2 dB, respectively at a design center frequency of 2 GHz, matching and isolation less than -20 dB in more than 20 % fractional bandwidth.

• Asia pacific journal of information systems
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• v.19 no.2
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• pp.179-193
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• 2009

As the common saying attests, a publish-or-perish world, publishing is absolutely critical for academic researchers' successful careers. It is the most objectively-accepted academic performance criteria and the most viable way to attain public and academic recognition. Asia Pacific Journal of Information Systems(APJIS) has been recognized as the most influential domestic journal in Korean MIS field since July, 1991. Therefore, publishing in APJIS means your research is original, valid, and contributive. While most researchers learn how to publish an article in APJIS through a repetitive review process, thereby improving their chance of the' accepted' through their personal trial and error experiences, such valuable lessons and know-how tend to be kept personally and rarely shared. However, useful insights into research and publication skills could be also gained from sharing others' errors, neglect, and misjudgments which are equally critical in improving researchers' knowledge in the field (Murthy and Wiggins, 2002). For this reason, other academic disciplines make systematic efforts to examine the paper review process of major journals and share the findings from these studies with the rest of the research community members (Beyer et al., 1995; Cummings et al, 1985; Daft, 1995; Jauch and Wall, 1989; Murthy and Wiggins, 2002). Recognizing the urgent need to provide such type of information to MIS research community in Korea, we have chosen the most influential academic journal, APJIS with an intention to share the answer to the following research question: "What are the common problems found in the manuscripts either 'rejected' or 'required a major revision' by APJIS reviewers?" This study analyzes the review results of manuscripts submitted to APJIS (from January, 2006 to October, 2008), particularly those that were 'rejected' or required a 'major revision' at the first round. Based on Daft's(1995) study, twelve most-likelihood problems were defined and used to analyze the reviews. The twelve criteria for classification, or "twelve problems", are as follows: No theory, Concepts and operationalization not in alignment, Insufficient definition--theory, Insufficient rationale--design, Macrostructure--organization and flow, Amateur style and tone, Inadequate research design, Not relevant to the field, Overengineering, Conclusions not in alignment, Cutting up the data, and Poor editorial practice. Upon the approval of the editorial board of APJIS, the total 252 reviews, including 11 cases of 2005 and 241 cases from July, 2006 to October, 2008, were received without any information about manuscripts, authors, or reviewers. Eleven cases of 2005 were used in the pilot test because the data of 2005 were not in complete enumeration, and the 241 reviews (113 cases of 'rejection' and 128 ones of 'major revision') of 2006, 2007, and 2008 were examined in this study. Our findings show that insufficient rationale-design(20.25%), no theory(18.45%), and insufficient definition--theory(15.69%) were the three leading reasons of 'rejection' and 'major revision.' Between these two results, the former followed the same order of three major reasons as an overall analysis (insufficient rationale-design, no theory, and insufficient definition-theory), but the latter followed the order of insufficient rationale--design, insufficient definition--theory, and no theory. Using Daft's three major skills-- 'theory skills', 'design skills', and 'communication skills'-- twelve criteria were reclassified into 'theory problems', 'design problems', and 'communication problems' to derive more practical implications of our findings. Our findings show that 'theory problems' occupied 43.48%, 'design problems' were 30.86%, and 'communication problems' were 25.86%. In general, the APJIS reviewers weigh each of these three problem areas almost equally. Comparing to other disciplines like management field shown in Daft's study, the portion of 'design problems' and 'communication problems' are much higher in manuscripts submitted to the APJIS than in those of Administrative Science Quarterly and Academy of Management Journal even though 'theory problems' are the most predominant in both disciplines.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.2
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• pp.87-95
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• 2016

This study examined the characteristics of the hourly demand of city gas in Korea and proposed multiple regression models to obtain precise estimates of the hourly demand of city gas. Forecasting the hourly demand of city gas with accuracy is essential in terms of safety and cost. If underestimated, the pipeline pressure needs to be increased sharply to meet the demand, when safety matters. In the opposite case, unnecessary inventory and operation costs are incurred. Data analysis showed that the hourly demand of city gas has a very high autocorrelation and that the 24-hour demand pattern of a day follows the previous 24-hour demand pattern of the same day. That is, there is a weekly cycle pattern. In addition, some conditions that temperature affects the hourly demand level were found. That is, the absolute value of the correlation coefficient between the hourly demand and temperature is about 0.853 on average, while the absolute value of the correlation coefficient on a specific day improves to 0.861 at worst and 0.965 at best. Based on this analysis, this paper proposes a multiple regression model incorporating the hourly demand ahead of 24 hours and the hourly demand ahead of 168 hours, and another multiple regression model with temperature as an additional independent variable. To show the performance of the proposed models, computational experiments were carried out using real data of the domestic city gas demand from 2009 to 2013. The test results showed that the first regression model exhibits a forecasting accuracy of MAPE (Mean Absolute Percentage Error) around 4.5% over the past five years from 2009 to 2013, while the second regression model exhibits 5.13% of MAPE for the same period.