• International conference on construction engineering and project management
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• 2005.10a
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• pp.1094-1099
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• 2005

Nowadays the Design-Build Delivery Method in public sector has been remarkably grown up in applying owing to its merits such as shortening construction duration. The Fast-Track is the wide-using method for accelerating schedule at Design-Build projects. But the public agency is in trouble to execute Fast-Track because of the lack of guideline for its process. As a result, in some cases applying Fast-Track methods, cost and construction duration are increased more than cases of non-Fast-Track projects. In this study, through the questionnaire surveys to professionals having actual implementation experiences as a construction manager, owner or general contractor, key success vehicles of Fast-Track are induced.

• Proceedings of the Korean Institute of Building Construction Conference
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• 2021.11a
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• pp.254-255
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• 2021

The urban renewal type redevelopment project is a project to improve the urban environment for the recovery of urban functions and revitalization of commercial districts in commercial and industrial areas. Urban regeneration projects are not progressing smoothly. The urban renewal type is not so for landowners, who require a high level of professional knowledge and experience to carry out smooth projects. In addition, the core part of business conflicts can be seen as the problem of management and disposal methods. Therefore, as landowners, etc. become the actual subjects, the public will take charge of project execution, but all development gains and losses will be attributed to the owner of the land, etc.

• The Journal of Korean Institute of Communications and Information Sciences
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• v.31 no.4C
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• pp.472-481
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• 2006

J. Zhou et al. proposed a new public-key framewort in which the maximum lifetime of a certificate is divided into short periods and the certificate could be expired at the end of any period under the control of the certificate owner(or his manager in a corporate environment). However, J. Zhou et al.'s public-key framework is not suitable on implementation in real world. Therefore, we review some security Parameters to change them into more suitable ones for implementation and remove an unnecessary trust party of J. Zhou et al.'s public-key framework. Then, we propose an improved scheme for realistic solution. Moreover, we present a practical application based on the improved framework.

• Journal of Construction Engineering and Project Management
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• v.6 no.4
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• pp.24-34
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• 2016

Disputes seem to be synonymous with large-scale construction projects in Ethiopia. The purpose of this study is to determine the factors responsible for impacting the performance of Ethiopian public construction projects. To this end, 35 success and failure attributes responsible for impacting the performance of the projects were identified and presented to Ethiopian construction professionals in the form of a structured questionnaire, and responses were collected. The factor analysis conducted on the success and failure attributes influencing no-dispute performance separately resulted in six success factors and five failure factors. Further analysis using stepwise multiple regression indicates that owner competence and interaction among project participants have a positive impact on no-dispute performance. However, conflict among project participants has a negative impact on the no-dispute performance of Ethiopian public construction projects. Although Ethiopia-specific, the results reflect construction management problems common to both developed and developing countries. The findings are expected to help researchers and practitioners gain a better understanding of critical success and failure factors and to help them take proactive measures to avoid disputes in public construction projects.

• KSII Transactions on Internet and Information Systems (TIIS)
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• v.13 no.2
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• pp.1043-1063
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• 2019

With delegating proxy to process data before outsourcing, data owners in restricted access could enjoy flexible and powerful cloud storage service for productivity, but still confront with data integrity breach. Identity-based data auditing as a critical technology, could address this security concern efficiently and eliminate complicated owners' public key certificates management issue. Recently, Yu et al. proposed an Identity-Based Public Auditing for Dynamic Outsourced Data with Proxy Processing (https://doi.org/10.3837/tiis.2017.10.019). It aims to offer identity-based, privacy-preserving and batch auditing for multiple owners' data on different clouds, while allowing proxy processing. In this article, we first demonstrate this scheme is insecure in the sense that malicious cloud could pass integrity auditing without original data. Additionally, clouds and owners are able to recover proxy's private key and thus impersonate it to forge tags for any data. Secondly, we propose an improved scheme with provable security in the random oracle model, to achieve desirable secure identity based privacy-preserving batch public auditing with proxy processing. Thirdly, based on theoretical analysis and performance simulation, our scheme shows better efficiency over existing identity-based auditing scheme with proxy processing on single owner and single cloud effort, which will benefit secure big data storage if extrapolating in real application.

• KDI Journal of Economic Policy
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• v.12 no.2
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• pp.95-120
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• 1990

The underpricing of new shares of a firm that are offered to the public for the first time (initial offerings) is well known and has puzzled financial economists for a long time since it seems at odds with the optimal behavior of the owners of issuing firms. Past attempts by financial economists to explain this phenomenon have not been successful in the sense that the explanations given by them are either inconsistent with the equilibrium theory or implausible. Approaches by such authors as Welch or Allen and Faulhaber are no exceptions. In this paper, we develop a signalling model of capital investment to explain the underpricing phenomenon and also analyze the efficiency of investment. The model focuses on the information asymmetry between the owners of issuing firms and general investors. We consider a firm that has been owned and operated by a single owner and that has a profitable project but has no capital to develop it. The profit from the project depends on the capital invested in the project as well as a profitability parameter. The model also assumes that the financial market is represented by a single investor who maximizes the expected wealth. The owner has superior information as to the value of the firm to investors in the sense that it knows the true value of the parameter while investors have only a probability distribution about the parameter. The owner offers the representative investor a fraction of the ownership of the firm in return for a certain amount of investment in the firm. This offer condition is equivalent to the usual offer condition consisting of the number of issues to sell and the unit price of a share. Thus, the model is a signalling game. Using Kreps' criterion as the solution concept, we obtained an essentially unique separating equilibrium offer condition. Analysis of this separating equilibrium shows that the owner of the firm with high profitability chooses an offer condition that raises an amount of capital that is short of the amount that maximizes the potential profit from the project. It also reveals that the fraction of the ownership of the firm that the representative investor receives from the owner of the highly profitable firm in return for its investment has a value that exceeds the investment. In other words, the initial offering in the model is underpriced when the profitability of the firm is high. The source of underpricing and underinvestment is the signalling activity by the owner of the highly profitable firm who attempts to convince investors that his firm has a highly profitable project by choosing an offer condition that cannot be imitated by the owner of a firm with low profitability. Thus, we obtained two main results. First, underpricing is a result of a signalling activity by the owner of a firm with high profitability when there exists information asymmetry between the owner of the issuing firm and investors. Second, such information asymmetry also leads to underinvestment in a highly profitable project. Those results clearly show the underpricing entails underinvestment and that information asymmetry leads to a social cost as well as a private cost. The above results are quite general in the sense that they are based upon a neoclassical profit function and full rationality of economic agents. We believe that the results of this paper can be used as a basis for further research on the capital investment process. For instance, one can view the results of this paper as a subgame equilibrium in a larger game in which a firm chooses among diverse ways to raise capital. In addition, the method used in this paper can be used in analyzing a wide range of problems arising from information asymmetry that the Korean financial market faces.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• autumn
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• pp.638-641
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• 2003

This paper suggests that construction management services should be performed considering the owner's and the project's characteristics through the examples of the successful projects. For this study, the critical CM services in each phase regarding schedule management, cost management and information management are presented and the problems of the CM delivery system in Korea are analyzed with respect to policies, users, suppliers/CMrs and construction environments. Besides, the situation of the delivery systems in Korea and the differences of each delivery system are presented. It is concluded that, for the settlement of CM delivery system in public construction market and, ultimately, the successful execution as an agent of the owner, CMr should diversify the services and give the optimum CM services appropriate for each project's characteristics.

• The Journal of the Korea Contents Association
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• v.13 no.5
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• pp.223-233
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• 2013

As the injunctive effect on the real estate gets announced in public once the seizure register gets exercised in terms of auction and the action of disposal by the real estate owner afterwards becomes nullified in the relationship with a seizure creditor or a successful bidder, the register performed by the cause of disposal action that cannot confront with the seizure or provisional seizure, becomes cancelled in virtue of a registration officer's office. Accordingly, in case of being a singular successor who relatively loses property in a relationship toward the successful bidder due to the injunctive effect of provisional seizure, the identity with building owner and land owner as the precondition of establishing legal superficies according to the custom must be decided based on the time of provisional seizure. The Supreme Court Decision 2010Da52140 delivered on October 18, 2012 has great significance from the fact that it has settled inconsistency in existing precedent cases with such purpose.

• The Journal of the Convergence on Culture Technology
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• v.6 no.4
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• pp.219-224
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• 2020

One of the main reasons for the commercial failure of various early blockchain-based art trade platforms, including Maecenas, is the lack of clear ways for owners to fully restore ownership of artworks. In this paper, we proposed a procedure for the owner of the artwork to rebuy shares and restore his or her entire ownership in the blockchain system. Using the proposed procedure, we can find a balanced price between the owner and investors, and then restore ownership through a public purchase of the stake. The balanced price can be induced by penalizing the owner for proposing unreasonably low price, and by rewarding investors for deciding reasonable prices. The proposed procedure of restoring ownership is expected to be utilized not only on the block chain-based art trading platform but also on the block chain-based trade platform in other applications.

• Korean Journal of Construction Engineering and Management
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• v.15 no.2
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• pp.44-52
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• 2014

On March, 2013, the Government announced the Multiple Prime Contract method will be expanded in public building construction projects. The applying multiple prime contract method has been immersing issue among all stakeholders of construction project. The owner conducts the role of a general contactor as well as owner's original responsibility while construction works being executed by specialty contractors. If the owner has not experience of project management, it should be bring about increasing management cost due to the interface problems among prime contractors. With this reason, it is difficult to administrate the multiple prime contract. So far there has been no methodology of predicting management cost in the multiple prime contract. Therefore, this study aims to enable the operation of efficient multiple prime contracts by developing a model to predict their management costs.