• The Korean Journal of Financial Management
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• v.27 no.2
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• pp.1-33
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• 2010

This study explores if the higher initial returns and the poorer long-run performance observed in the IPOs markets are associated with the firms offered in the 'hot markets,' and then empirically examines the effect of optimistic investors' sentiment on this phenomenon, particularly in the aspects of both pricing mechanism and the opportunistic behavior of offering firms. We analyzed a total of 432 IPO firms for the years between 2001 and 2005. This analysis finds that the initial returns and long-run under-performances of 'IPOs in the hot market' are significantly higher than those of 'IPOs in the cold market.' This study also finds that the proxy variables for the optimistic investors' sentiment have a positive effect on the initial return and negative effect on the long-run performance. Finally, this research finds no difference of ownership structure, venture capital backed, and financial properties between hot market IPOs and cold market IPOs. R&D expenditure rate and financial qualities of IPOs are higher in the hot market than in the cold market. These results do not support the 'windows of opportunity' hypothesis that low quality firms take advantage of hot market condition for successful IPOs.

• Journal of Korean Neurosurgical Society
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• v.30 no.4
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• pp.472-478
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• 2001

Objectives : The authors present a retrospective analysis of 100 consecutive adult patients harboring craniopharyngiomas who underwent microsurgical resection between 1981 and 1999 to assess the long-term outcome of surgical treatment and to determine the most optimal management strategy. Methods : The extent of surgical removal was divided into four categories ; GTR(gross total removal), RSTR(radical subtotal removal), STR(subtotal removal),and PR(partial removal). The median follow-up period was 50 months(4-198). CT scan and/or MR imaging and hormonal status were evaluated to the last follow-up. Results : Visual disturbance was the most common presentation, which was improved in 42 cases and aggravated in 19 cases following the operation. Hypopituitarism was detected in 56 patients preoperatively, 82 during the immediate postoperative period, and 76 at the last follow-up. Improvement of pituitary function was not observed in any of these patients. Twenty of 100 patients showed recurrence at the mean of 27 months(3 to 196). The median progression-free survival(PFS) time of all patients was 145 months and 5-year PFS rate was 74%. Five-year PFS rate of GTR or RSTR group(71%) was significantly higher than that of STR or PR group(30%)(p=0.01). Postoperative radiation therapy significantly prolonged the PFS from 94 months in non-radiation group to 182 months(p=0.002). However, there was no statistical difference in number of patients who required hormonal replacement therapy between radiation and non-radiation group. Conclusion : Visual disturbance can be improved by early diagnosis and surgical decompression. GTR or RSTR in selected patients is considered a proper surgical strategy. Post-operative radiation therapy for residual tumors must be considered, although the ideal timing of radiation therapy is to be determined.

• Horticultural Science & Technology
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• v.28 no.4
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• pp.545-551
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• 2010

The primary objective of this study was to determine the relationship between fruit quality characteristics and pithiness fruit occurrence for confirming occurrence factors of pithiness tissues in 'Niitaka' pears ($Pyrus$ $pyrifolia$ Nakai). Fruits were harvested 4 times in 1 week intervals from 160 days after full bloom (DAFB) to 181 DAFB. Harvested fruits were separated with the specific gravity by Archimedes laws. Also, with specific gravity level in pear fruit, sugar content, acidity, and texture profile analysis (TPA) were investigated. Final verifiability of pithiness fruit was approved by eye observation at 90 days after storage. Also, in ASS (Alcohol Soluble Solid) and AIS (Alcohol Insoluble Solid), calcium contents were investigated. Although the differences in sugar and organic acid content were not significant in fruits divided by gravity, flesh hardness was depressed in fruits that showed low gravity. These results were more conspicuous in late harvested fruits (at 174 and 181days after full bloom) which showed low gravity, representing less content of AIS content and calcium in ASS and AIS when compared with early harvest fruits. Fruits of lower gravity below 1.0 measured with dipping induced the progression of pithiness symptom up to 76%. Consequently, harvest timing is a more concise factor in pithiness fruit occurrence although those symptom also affected by storage condition. Furthermore, the cause of pithiness fruit occurrence by late harvest is due to the lower cell wall binding calcium.

• Journal of Conservation Science
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• v.33 no.6
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• pp.417-429
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• 2017

This study aimed at the identification of the black coating materials on the pottery surface and manufacturing technique of black burnished pottery excavated from the Pungnaptoseong, Seoul, which is estimated to be royal fortress of Beakje. According to observation of black coated surface and raw materials, potteries can be divided into two groups. The first group potteries have black inner and black surface with well-selected particles. Second group potteries are black in surface only with unevenly selected particles. Each group seems to represent different manufacturing technique in clay selection, color development timing and method. The black burnished pottery contains high values of CaO, $P_2O_5$, L.O.I. and lower content of $Fe_2O_3$ compared with gray pottery excavated from the same site, which indicates plant ashes were used for coloring the surface of pottery in black. According to the result of SEM-EDS mapping of black burnished pottery, carbon was concentrated on pottery surface, while iron was concentrated on the surface of the gray pottery. Based on XRD analysis, firing temperature of the black burnished potteries were fired low temperature range at 700 to $900^{\circ}C$, and that of the gray potteries ranged from $900^{\circ}C$ to $1000^{\circ}C$.

• The Journal of Engineering Geology
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• v.30 no.3
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• pp.269-278
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• 2020

In this study, the effects of groundwater artificial recharge through vertical wells in the upper small basin are preliminarily evaluated by using field injection test and a 3-D numerical model. The injection rate per well in a model is set to 20, 37.5, 60, and 75 ㎥/day based on the results of field injection test, groundwater levels, and hydraulic conductivities estimated from particle size analysis, and a numerical model using MODFLOW is conducted for 28 cases, which have diverse injection intervals, in order to estimated the changes of groundwater level and water balance after injection. Groundwater level after injection does not show a linear relationship with the injection rate per well, and the cumulative effect of artificial recharge decreases and the timing of maximum water level rise is shortened as the injection interval becomes longer. In four cases of continuous injection with total injection rate of 1,200 ㎥, it is revealed that the recharge effect is analyzed as 36.5~65.3% of the original injection rate. However, it will be more effective if the artificial recharge system combined with underground barrier is introduced for the longer pumping during a long and severe drought. Additionally, it will be possible to build a stable artificial recharge system by an establishment of efficient scenario from recharge to pumping as well as an optimization of recharge facilities.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.18 no.7
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• pp.149-161
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• 2017

This paper analyzed the impact of alliances on the market value of the 106 bio-pharmaceutical companies listed on the KOSPI or KOSDAQ in Korea by using the 'Event study methodology'. Although general alliances did not impact the corporate value significantly, in the analysis corresponding to the alliance type, R&D alliances created positive value, as technology acts as an important factor for the alliance. Among the R&D alliances, 'Technology Transfer alliances', in particular 'Development Technology Transfer alliances', had a positive influence on the corporate value. We interpret these differentiated results as market tends to screen for types of alliances. Meanwhile, we confirmed that the possibility of a stock price increase before the alliance announcement is high by analyzing the impact of the timing of corporate alliance announcements on the company value. It can be inferred that the possibility of information leakage is high. This paper analyzes the impact of alliances for managers and practitioners seeking to create value for domestic bio-pharmaceutical companies, and suggests the need to prevent information leakages by establishing a suitable policy.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.21 no.5
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• pp.47-53
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• 2020

The purpose of this study was to increase product reliability by improving the durability of the breech block for a 30mm Automatic Gun. The breech block is a key component of a gun that functions as chambering, closing, and extracting. The breech block requires high reliability, which needs to be improved because cracks of a breech block can occur early in operation. Cause analysis confirmed that the crack is caused by repeated impacts. Therefore, the following improvement measures were studied, and the effects were demonstrated using a firing test. The energy of impact absorption was increased by changing the material, and the stress concentration was mitigated by increasing the value of R. In addition, the fatigue life was increased by adding Shot-peening, deleting chromium plating, and changing the forging method. The firing test did not show firing trouble for up to 5,000 rounds. The start timing of the crack was delayed, and the depth was small. Therefore, the improved product was more durable than the existing product. This study can be used as a useful reference when assessing the improvement of the durability of similar products, life study, and criteria for crack acceptance.

• Journal of Korea Technology Innovation Society
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• v.10 no.1
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• pp.164-181
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• 2007

This paper empirically analyzes determinants of DTV (Digital Television) adoption in household survey data with IT-related household demand characteristics. To this purpose, we conducted a survey for the adoption of DTV to 1,000 households nationwide. In the questionnaire, various questions asking socio-economics characteristics such as age, education, income were included. Also, status of adoption and usage of IT services such as paid broadcasting, internet, and DVD were asked. To analyze the determinants of intention of purchasing, decision of purchasing, and the timing of purchasing DTV, we adopted the ordered logit, binary logit and multinomial legit models. When there is an order among groups, ordered logit was employed and when there is no orders among groups, multinomial logit was emplyed for the estimation. It is found that when conditions of other explanatory variable are constant, the more educated household heads are, the more probable they become early adopters of DTV. It is also found that other conditions being constant, the income level of households and IT-related household demand characteristics are very important factors affecting DTV adoption. Since the likelihood of purchasing DTV is much higher for those who know the government policy of analog broadcasting termination schedule than others who do not know, dissemination of the Korean government's digital broadcasting policy will affect significantly the adoption of DTV. And policy with various incentives ought to be employed to accelerate DTV adoption, because households with the older TV sets are more likely to purchase DTV. It is suggested that the Korean government should develop policy to connect both DBS (Direct Broadcast Satellite) and DTV since DBS subscribers are more likely to be an early adopter than non-subscribers.

• Journal of Korea Technology Innovation Society
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• v.19 no.4
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• pp.768-798
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• 2016

This study started from the awareness of the issue if the citation index newly introduced to evaluate the quality of papers satisfies the proper timing matter, which is a component of performance indicators for the evaluation of government-funded R&D institutes. Accordingly, the study will propose improvement ways to shift the previous evaluation system to quality evaluation for mission-oriented R&D institutes by analysing and using the periodical characteristics such as citation half-life and immediacy index of papers. As a result, it turned out that the speed of academic change is getting faster in proportion to the dependency on the technological development but that the citation speed in the field of public technology is relatively slower and the speed of knowledge transfer in the fields related to industry is faster. In addition, the citation index among the R&D fields showed no differences, and the minimum period for citation index measurement with validity should be over 6 years. The problems of evaluation for mission-oriented R&D institutes were deducted based on the technical and statistical analysis results of the temporal characteristic of citation necessary for quality evaluation of performance among R&D fields. To solve the problems, policy alternatives for object and valid quality evaluation were proposed from the points of evaluation period and evaluation criteria.

• The Transactions of the Korea Information Processing Society
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• v.3 no.2
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• pp.295-304
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• 1996

Toprovide economical BISDN service, with which integration process of many types of media is possible, it is necessary to construct a system with ground network and satellite network combined. The method for this type of transmission using satellite is TDMA that can provide services to many users in various area. However, the most difficult task to connect TDMA which uses synchronous method to ATM which used asynchronous transfer mode is the deterioration n of ATM transmission quality such as cell delay variation. Therefore, it is necessary to develop delay variation compensation method which can confront to the ATM. Efficient ways to use satellite links under the conditions such that maximum efficiency of the delay variation is limited under the required value, and the burst characteristic of transmission cell does not increase are being researched for translation between in ATM and TDMA. This paper points out the problems when time stamp method, reviewd in ground network, is applied to the satellite links to compensate the delay variation .To solve the problem, discrete cell count method is introduced along with the calculation of transmission capacity and error rate.Also, from the observation of stab-ility of the system and verification of reliability even when singal error occurred in the cell transmission timing information, the proposed compensation method appeared to be excellent.