• The Korean Journal of Financial Management
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• v.21 no.2
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• pp.27-63
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• 2004

Since the 1980s, many multinational corporations have been issuing stocks on foreign stock exchanges, not only to enhance their investor base and liquidity, but also to diversify risks. The phenomenon has also been intensified by the rapid financial globalization and securitization trends. The main purpose of this study is to look into the long-run performance of MNCs' cross-listings of stocks on foreign stock exchanges. We use the event study and cross-sectional regression methods. We obtained some interesting empirical results about the long-run effect of cross-listings. First before the listing data the effect of cross-listing is to increase the underlying stock Vice in the local market. It may be caused by expectation of lower risk and cost of capital. However, after the listing data the stock price has been declining, even if it is not significant. Second, we examine the difference in the long-run cross-listing effect, which may be caused by the listing direction. When listing is made from a less developed market to a more developed market, the effect is better than that in the reverse direction. Furthermore, the effect is worse, when the listing company's home country is the U.S. Third, there is a negative relation between CARs and underlying stock liquidity in the local market, So it implies that a firm, whose underlying stocks are very liquid in the local market should carefully value cross-listing based upon the cost and benefit analysis. Last, but not the least we find that the long-un cross-listing effect is better, when a listing firm's ROE is higher.

• Korean Chemical Engineering Research
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• v.48 no.2
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• pp.259-267
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• 2010

The catalytic wet oxidations of the wastewater containing azo dye Reactive Black 5(RB5) with heterogeneous catalyst of CuO have been carried out to investigate the effects of temperature($190{\sim}230^{\circ}C$) and catalyst concentration(0.00~0.20 g/l) on the removals of colour and total organic carbon TOC. The wastewater colour was measured with spectrophotometer, and the oxidation rate was estimated with TOC. About 90% of colour was removed during 120 min in thermal degradation of the RB5 wastewater at $230^{\circ}C$, while TOC was not removed at all. As increasing reaction temperature and catalyst concentration, the removal rates of colour and TOC increased in the catalytic wet oxidations of RB5 wastewater. The effects of catalyst were already considerable even at 0.01 g CuO/l, while the removal rates of colour and TOC increased negligibly with increasing the catalyst concentration above 0.05 g CuO/l. The initial destruction rates of the wastewater colour have shown the first-order kinetics with respect to the wastewater colour. TOC changes during catalytic wet oxidations have been well described with the global model, in which the easily degradable TOC was distinguished from non-degradable TOC of the wastewater. The impacts of reaction temperature on the destruction rate of the wastewater colour and TOC could be described with Arrhenius relationship. Activation energies of the colour removal reaction in thermal degradation, wet oxidation, and catalytic wet oxidation(0.20 g CuO/l) of the RB5 wastewater were 108.4, 78.3 and 74.1 kJ/mol, respectively. The selectivity of wastewater TOC into the non-degradable intermediates relative to the end products in the catalytic wet oxidations of RB5 wastewater was higher compared to that in phenol wet oxidations.

• Korean Chemical Engineering Research
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• v.56 no.1
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• pp.85-95
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• 2018

In this research, a biofilter system equipped with a biofilter process and a humidifier composed of a fluidized aerobic and an anoxic reactor, was constructed to treat odorous waste air containing hydrogen sulfide, ammonia and VOC, frequently generated from pig and poultry housing facilities, compost manufacturing factories and publicly owned facilities. Its optimum operating condition was revealed and discussed. In the experiment of complex feed, the ammonia of fed-waste air was removed by ca. 75% and more than 20% at the stage of the humidifier and the biofilter, respectively. The toluene of the fed-waste air was removed by ca. 20% and more than 70% at the stage of the humidifier and the biofilter, respectively. Therefore the water-soluble ammonia and the water-insoluble toluene were treated mainly at the stage of the humidifier and the biofilter, respectively. In addition, hydrogen sulfide was almost absorbed at the stage of the humidifier so that it was not detected at the biofilter process. In the experiment of ammonia-containing feed, the ammonia of fed-waste air was removed by ca. 65% and 35% at the stage of the humidifier and the biofilter, respectively. Its removal efficiency of ammonia at the stage of the humidifier was 10% less than that in the experiment of complex feed, due to no supply of such carbon source as toluene required in the process of denitrification. In the experiments of complex feed, ammonia-containing feed with and without (instead, glucose) the addition of yeast extract, the absorption rates of ammonia-nitrogen were ca. 0.28 mg/min, 0.23 mg/min and 0.27 mg/min, respectively. The corresponding denitrification rates in the anoxic reactor were 0.42 mg/min, 0.55 mg/min and 0.27 mg/min, respectively. In addition, in the modeling of bubble column(the fluidized aerobic reactor of the humidifier) process, the value of specific surface area(a) of bubbles multiplied by enhanced mass transfer coefficient (E $K_y$) was evaluated to be 0.12/hr.

• Journal of Korean Society of Forest Science
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• v.98 no.1
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• pp.115-124
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• 2009

New strain needs to maintain desirable characteristics for long term when it was bred, but in lapse of time it degenerates into a bad condition. Therefore the influence of temperature on the viability and survival rates of Lentinula edodes strains were examined after cryopreservation. Also, liquid nitrogen preservation for L. edodes has been proved to be one of the most reliable method. However, a mechanical damage of strain is inevitable during cryopreservation of the fungus because the fungus is very sensitive to stress of cooling rate in the freezing process. So we tried to find out state change of L. edodes with a programmable freezer. L. edodes strains were preserved at $-20^{\circ}C$, $-80^{\circ}C$ and $-196^{\circ}C$ for 50 days. At $-20^{\circ}C$, its mycelial growth became extinct. When thawed, the growth of mycelia which were preserved at $-80^{\circ}C$ was fastest. Attempts were made to investigate viability of L. edodes strains after freezing at $-80^{\circ}C$ and $-196^{\circ}C$, respectively. As the result, more than 90% showed high survival rate of strains tested at $-80^{\circ}C$ and $-196^{\circ}C$. Mycelial growth between apical and basal parts of colony after freezing preservation for 50 days was compared. At apical and basal parts, the survival rates showed 100% at $-80^{\circ}C$, but 98% and 94% at $-196^{\circ}C$, respectively. We confirmed that the ice crystal formation temperatures of L. edodes strains were $-6.0^{\circ}C$ for Sanlim 1, $-5.5^{\circ}C$ for the Sanlim 2, $-4.0^{\circ}C$ for the Sanlim 3 and $-15.5^{\circ}C$ for the Sanzo 302. These results indicated that L. edodes strains showed completely different responses to the ice crystal formation. We knew the fact that even the same species, especially L. edodes, they displayed completely different responses to the same freezing condition. Also, this has nothing to do with the connection between temperature type and freezing point. And a protocol was tried to minimize state change of L. edodes strains using programmable freezer when they are frozen, but it was not effective on them.

• KDI Journal of Economic Policy
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• v.12 no.2
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• pp.135-149
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• 1990

Housing owners in Korea have a variety of tax advantages such as income tax exemption for the imputed rent of owner-occupied housing, exemption from the capital gains tax and deduction of the estate tax for one-house households. These tax reliefs for housing owners not only conflict with the principle of horizontal and vertical equity, but also lead to resource misallocation by distorting the housing market, and thus bring about regressive distribution effects. Particularly in the case of Korea with its imperfect capital market, these measures exacerbate the inter-class inequality of housing ownership as well as inequalities in wealth, by causing the affluent to demand needlessly large housing, while the poor and young experience difficulties in purchasing residential properties. Therefore, the Korean tax system must be altered as follows in order to disadvantage owner-occupiers, especially those owners of luxury housing. These alterations will promote housing-ownership, tax burden equity, efficiency of resource allocation, as well as the desirable distribution of income. First, income tax deductions for the rent payments of tenants are recommended. Ideally, the way of recovering the fiscal equivalence between the owner-occupiers and tenants is to levy an income tax on the former's imputed rents, and if necessary to give them tax credits. This, however, would be very difficult from a practical viewpoint, because the general public may perceive the concept of "imputed rent" as cumbersome. Computing the imputed rent also entails administrative costs, rendering quite reasonable, the continued exemption of imputed rent from taxation with the simultaneous deduction in the income tax for tenants. This would further enhance the administrative efficiency of income tax collection by easing assessment of the landlord's income. Second, a capital gains tax should be levied on the one-house household, except with the postponement of payments in the case that the seller purchases higher priced property. Exemption of the capital gains tax for the one-house household favors those who have more expensive housing, providing an incentive to the rich to hold even larger residences, and to the constructors to build more luxurious housing to meet the demand. So it is not desirable to sustain the current one-house household exemption while merely supplementing it with fastidious measures. Rather, the rule must be abolished completely with the concurrent reform of the deduction system and lowering of the tax rate, measures which the author believes will help optimize the capital gains tax incidence. Finally, discontinuation of the housing exemption for the heir is suggested. Consequent increases in the tax burden of the middle class could be mitigated by a reduction in the rate. This applies to the following specific exemptions as well, namely, for farm lands, meadows, woods, business fields-to foster horizontal equity, while denying speculation on land that leads to a loss in allocative efficiency. Moreover, imperfections in the Korean capital market have disallowed the provision of long term credit for housing seekers. Remedying these problems is essential to the promotion of greater housing ownership by the low and middle income classes. It is also certain that a government subsidy be focused on the poorest of the poor who cannot afford even to think of owning a housing.

• KDI Journal of Economic Policy
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• v.12 no.2
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• pp.51-79
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• 1990

Research on technical efficiency, an important dimension of market performance, had received little attention until recently by most industrial organization empiricists, the reason being that traditional microeconomic theory simply assumed away any form of inefficiency in production. Recently, however, an increasing number of research efforts have been conducted to answer questions such as: To what extent do technical ineffciencies exist in the production activities of firms and plants? What are the factors accounting for the level of inefficiency found and those explaining the interindustry difference in technical inefficiency? Are there any significant international differences in the levels of technical efficiency and, if so, how can we reconcile these results with the observed pattern of international trade, etc? As the first in a series of studies on the technical efficiency of Korea's manufacturing industries, this paper attempts to answer some of these questions. Since the estimation of technical efficiency requires the use of plant-level data for each of the five-digit KSIC industries available from the Census of Manufactures, one may consture the findings of this paper as empirical evidence of technical efficiency in Korea's manufacturing industries at the most disaggregated level. We start by clarifying the relationship among the various concepts of efficiency-allocative effciency, factor-price efficiency, technical efficiency, Leibenstein's X-efficiency, and scale efficiency. It then becomes clear that unless certain ceteris paribus assumptions are satisfied, our estimates of technical inefficiency are in fact related to factor price inefficiency as well. The empirical model employed is, what is called, a stochastic frontier production function which divides the stochastic term into two different components-one with a symmetric distribution for pure white noise and the other for technical inefficiency with an asymmetric distribution. A translog production function is assumed for the functional relationship between inputs and output, and was estimated by the corrected ordinary least squares method. The second and third sample moments of the regression residuals are then used to yield estimates of four different types of measures for technical (in) efficiency. The entire range of manufacturing industries can be divided into two groups, depending on whether or not the distribution of estimated regression residuals allows a successful estimation of technical efficiency. The regression equation employing value added as the dependent variable gives a greater number of "successful" industries than the one using gross output. The correlation among estimates of the different measures of efficiency appears to be high, while the estimates of efficiency based on different regression equations seem almost uncorrelated. Thus, in the subsequent analysis of the determinants of interindustry variations in technical efficiency, the choice of the regression equation in the previous stage will affect the outcome significantly.

• The Korean Journal of Air & Space Law and Policy
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• v.21 no.1
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• pp.135-167
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• 2006

Air service agreements between EU Member States and third countries concluded by Sweden, Finland, Belgium, Luxembourg, Austria, the Netherlands, Denmark and the United Kingdom after the Second World War infringe EU law. They authorize the third countries to withdraw, suspend or limit the traffic rights of air carriers designated by the signatory States. According to the Court of Justice of the European Communities (CJEC), these agreements infringe EU law in two respects. On the one hand, the presence of nationality clauses infringes the right of European airlines to non-discriminatory market access to routes between all Member States and third countries. On the other hand, only the EU has the authority to sign up to this type of commitment where agreements affect the exercise of EU competence, i.e. involve an area covered by EU legislation. The Court held that since the third countries have the right to refuse a carrier, these agreements therefore constitute an obstacle to the freedom of establishment and freedom to provide services, as the opening of European skies to third countries' companies is not reciprocal for all EU airlines. In the conclusion, in order to reconstruct these public international air law, The new negotiations between EU member states and third countries, especially the US, must be designed to ensure an adequate set of principles, so that Member States, in their bilateral relations with third countries in the area of air service, should consider following three models. The 1st, to develop a new model of public international air law such as a new Bermuda III. The 2nd, to reconstruct new freedoms of the air, for example, the 7th, 8th, and 9th freedoms. The 3rd, to explore new approaching models, such as complex system theory explored in the recent social sciences, to make access world-wide global problems instead of bilateral problems between EU member states and United States. The example will show any lessons to air talks between European Union and ROK.

• 대한공업교육학회지
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• v.44 no.2
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• pp.28-46
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• 2019

The purpose of this study is to use as a basic data of establishing operating Course-based National Technical Qualification(CNTQ) support program by examining the educational needs for operating CNTQ of vocational school teachers, and to contribute to the vocational school settlement of CNTQ course. To achieve those purposes, this study drew 27 tasks performed by teachers operating CNTQ. Also, it surveyed the perceived importance and the performance. The findings of this study are as follows. First, it is showed that 'selection of qualification fields and confirmation of organization criteria, organization of educational training time by competency unit, organization of subjects and establishment of competency unit operating plan by grade and semester, selection of teaching materials, implementation of education and training, establishment of evaluation plan, implementation of evaluation, re-education and re-evaluation students with grades under 40%, guidance of paper evaluation, guidance of practical evaluation, guidance of interview evaluation' are the first priority tasks in the result of the need analysis. Second, it is indicated that 'application of external evaluation, guidance to retake an exam for failure' are the secondary priority tasks. According to these results, the following conclusions were made. First, it will be more positive effects if the educational needs in the next CNTQ support program include contents of the first priority tasks. Second, it is indicated that the priority of the educational needs for tasks of operating plan stages is commonly high. In particular, the highest ranking in the result means that it is completely supported from the first step on operating course. It is expected that the program which teachers on operating the course of similar qualification fields share each operating experience is effective. Third, the priority of the educational needs for external evaluation step ranked high. External evaluation has a different level of difficulty and a form of practical evaluation output according to qualification fields, so the method of guidance has to be different. It needs the program constructed by similar fields.

• Journal of the Korean Institute of Landscape Architecture
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• v.43 no.4
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• pp.15-26
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• 2015

The Daegu Metropolitan Transit Corporation Advisory Committee has chosen 5 styles of bridge-pier designs, including coating, graphic, planting, billboard and safety-facility style, based on the results of landscape simulations from a previous study. This study was conducted to investigate citizen's preferences and emotional images for each style of bridge-pier design, by aiming at the pilot urban landscape improvement section from Daebong Bridge in Suseong Gu to the crossroads near Dongseong Elementary School in Daegu Metropolitan City. The questionnaire was drawn up regarding the urban landscape improvement plans applied to the research area, and the questions were about citizens' perception of bridge-pier structures generated by constructing a light rail transit, important factors to consider when designing bridge piers, preferences for each style of bridge-pier design and emotional impact. 60.4% of the survey participants were found to perceive bridge-pier structures as unattractive, so it was necessary to improve them aesthetically. Regarding visual factors of bridge-pier designs, color was most important at 5.81, followed by form at 5.57. Regarding aesthetic component factors, harmony was most important at 6.07, followed by amenity at 6.00. In the survey participants' preference for each bridge-pier design, the graphic style was preferred most at 4.14, followed by the planting style. In emotional adjectives used for each bridge-pier design, the coating style, the safety-facility style and the non-treatment style showed similar results, and all of these styles were evaluated as artificial, lifeless and desolate. The graphic style and the billboard style showed different tendencies, depending on visual factors and aesthetic component factors applied to the graphic design used for these two bridge-pier styles. Since natural materials were used for the planting style, however, it showed high preference for such emotional images as natural and lively. The emotional adjective 'amiable' was found to affect citizens' preferences for each bridge-pier aesthetic improvement plan most, and it was also analyzed to have an effect on all the styles of bridge-pier designs. To improve the landscape of a light rail transit being constructed inside the urban area, this study quantitatively extracted citizens' preferences and emotional adjective for every style of bridge-pier design applied to the pilot urban landscape improvement section, and it is expected that the results of this study will be used as basic data to improve the landscape of bridge piers.

• Journal of the Korean Institute of Landscape Architecture
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• v.40 no.1
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• pp.23-33
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• 2012

In this study, how much users of Hannamkeumbuk Keumbuk Mountains are aware of Baekdaegan and its attached mountain chains, a traditional geographic system, according to Sangyungpyo and basic data like the degree of awareness and use-behaviors, etc. have been studied. In addition, the environmental value of Hannamkeumbuk Keumbuk Mountains separating the central and the southern part of Korea among attached mountain ranges, secondary mountain chains, which act as an ecosystem buffer in the Baekdudaegan Range, has been estimated at the current amount of currency. In the questions of the perception of the traditional classification standard of mountain chains and Baekdudaegan, more than 70% of respondents answered that they had heard of or known them but 66.8% werenot aware of Hannamkeumbuk Keumbuk Mountains. While the awareness for Baekdudaegan is high, the perception of its attached mountain chains was very poor. DBDC responder system and CVM, which is used widely for the value estimate method of environment goods, were used. As the result, an additional benefit got when a person visits Hannamkeumbuk Keumbuk mountains was estimated as 5,813 won. It could find out that this amount was very low compared with 51,984 won, average visit cost. It judged that the reason was that damage of environmental conditions, the monotony of the trails and progress of indiscriminate environmental destruction, etc. The results of this study will offer a new perspective on public relations activities and resource conservation of Baekdudaegan and its attached mountain chains and estimate perceptions and efficient services for visitors to HannamKeumbuk Keumbuk Mountains. This study will act as data for basic planning and management to increase the mountains' value and to preserve them. Further studies are needed to make a frame of work division and management with various organizations so that the management of Hannamkeumbuk-Keumbuk Mountains may be properly established and their value may been hanced.