• KDI Journal of Economic Policy
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• v.33 no.4
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• pp.1-25
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• 2011

Available evidence suggests that the average marginal propensity to consume (MPC) from the 2001 tax rebate in the US was not nearly as large as that from previous tax cuts. We examine if this phenomenon can be explained by the fact that the widespread use of credit cards has made borrowing accessible for most US households by constructing a model that simulates the dynamic effect of relaxed borrowing constraints. Our model uses Kreps-Porteus preferences which account for independent measures of relative risk aversion and the elasticity of intertemporal substitution, both of which can theoretically affect the willingness to save or spend. Our model shows that the average MPC drops substantially immediately after borrowing constraints are relaxed because few consumers have binding borrowing constraints at that time. The model also shows that consumers gradually reduce their wealth after borrowing constraints are relaxed, causing more of them to have binding constraints over time, which in turn causes the average MPC to rise gradually to a new steady state value that is slightly lower than the original value. This dynamic pattern of the MPC suggests that a greater ability to borrow with credit cards could explain the lower effectiveness of the 2001 tax rebate. In addition, the model predicts that consumers choose to hold lower amounts of liquid assets for precautionary reasons when they have a greater ability to borrow unsecured debt.

• Asian Journal of Turfgrass Science
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• v.24 no.1
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• pp.9-15
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• 2010

During 2008~2009 winter season, yellow patch and gray snow mold occurred on turfgrass plants in golf courses in Kangwon and Jeonbuk provinces, respectively. The fungi associated with the diseases were identified as Rhizoctonia cerealis Van der Hoeven and Typhlua incarnata Lasch ex Fr., based on the morphological characteristics of hyphae and sclerotia. R. cerealis and T. incarnata were pathogenic to most turfgrass and crop species tested. R. cerealis infected crown, stem and leaf tissue of the host plants, and the symptom was light yellow circular patch. Individual infected leaf near the margin of patch developed red color first and finally turn brown. The symptoms caused by gray snow mold pathogen are water-soaked spots, and became a watery soft rot. Infection parts became yellow and then turned brown followed by death of the whole plant. White mycelia were developed on higher petioles, leaves, and on soil where these plant parts lay, and black sclerotia of variable size and shape formed in the mycelial mass. All isolates tested were pathogenic on most turfgrass and crop plants, and significantly different in aggressiveness. Disease severity increased with longer snow cover days on target plants, suggesting that disease severity was expressed over snow cover days. There were significant differences in disease severity among the graminious species, and among cultivars within each species, indicating varying levels of susceptibility to R. cerealis and T. incarnata.

• Investigative Magnetic Resonance Imaging
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• v.2 no.1
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• pp.58-66
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• 1998

Purpose : This paper introduces a new three dimensional magnetic Resonance Image classification which is based on Mar kov Random Field-Gibbs Random Field with a line model. Material and Methods : The performance of the Gibbs Classifier over a statistically heterogeneous image can be improved if the local stationary regions in the image are disassociated from each other through the mechanism of the interaction parameters defined at the local neighborhood level. This usually involves the construction of a line model for the image. In this paper we construct a line model for multisignature images based on the differential of the image which can provide an a priori estimate of the unobservable line field, which may lie in regions with significantly different statistics. the line model estimated from the original image data can in turn be used to alter the values of the interaction parameters of the Gibbs Classifier. Results : MRF-Gibbs classifier for volumetric MR images is developed under the condition that the domain of the image classification is $E^{3}$ space rather thatn the conventional $E^{2}$ space. Compared to context free classification, MRF-Gibbs classifier performed better in homogeneous and along boundaries since contextual information is used during the classification. Conclusion : We construct a line model for multisignature, multidimensional image and derive the interaction parameter for determining the energy function of MRF-Gibbs classifier.

• Korean journal of communication and information
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• v.22
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• pp.77-106
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• 2003

As globalization of communication is going on and as the media have become increasingly central to the world economy, media policy matters have become the province of world economic organizations like the IMF and the WTO. The WTO service negotiation is focused primarily on the discriminatory and quantitative barriers associated with the trade of audiovisual services. Domestic measures such as subsidization, content regulation including quotas, and licensing requirements and restrictions on foreign ownership and control are at issues here. These measures have been successfully implemented by countries wishing to withstand competition from the American audiovisual industry. The debate about trade in audiovisual services is permeated by the unstated assumption that these programs are pure commodities whose production, distribution, exhibition and in turn, values are solely determined by the market forces. It is therefore presumed that liberalization of trade in audiovisual services will benefit all, serving cultural pluralism and diversity as well as economic efficiency. However, this assumption is not shared by developing countries, the recipients of U.S. television material. They argue audiovisual sector requires a social and cultural approach, since it plays a key role in the preservation of people's identity and social bonds. They claim that it is the each state's right to define its media policy and to implement it through the means it considers fit. These clashing views over the nature of the audiovisual material and the ways in which protect cultural pluralism and diversity do not confine to be the realm of theoretical debate. Each state's interest and motivation to protect its local industry and to have a competitive advantage in the international market is working in this battle. Consolidation with the countries like Australia, Canada, and EU nations, in favour of cultural exemption, seems to be the best policy for us. However, we are not entirely free from the WTO pressures, considering relation to the U. S. This study analyzes Korean Broadcasting Law compared with those of other OECD countries and tries to propose some strategical guidelines facing WTO service negotiation in the area of broadcasting.

• Management & Information Systems Review
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• v.30 no.4
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• pp.45-71
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• 2011

This study aims at reviewing the effect of the non-verbal communication of salespersons at service encounter on customers' non-verbal communication and responses. The previous studies overlooked the correlation between salespersons' non-verbal communication and customers' non-verbal communication at service encounter, although non-verbal communication of salespersons has potentialities evoking customers' non-verbal communication and emotional responses in various ways. If it is a salesperson who a customer first encounters within a shop, the non-verbal communication of salesperson affects his/her non-verbal communication and these non-verbal communication affect his/her emotional responses, and these emotional responses affect his/her behavior. This phenomenon is based on the theory of emotional contagion, mimic, and face feedback. Therefore the non-verbal communication such as greetings, postures and eye-contact manners through the personal interactions between salespersons and customers, can be said to be an antecedent variable which affects the positive responses of customer. As a result of the study, the kinesic of salesperson's non-verbal communication was found to affect customers' non-verbal communication, and customers' non-verbal communication affect emotional responses experienced at service encounter, and customers' positive emotion affect customers' behavior responses. This result provides an opportunity which makes one turn eyes on salespersons' non-verbal communication at sales encounter both practically and scientifically, through introducing salespersons' non-verbal communication as an important factor which can enhance customers' positive responses but has been passed over by the previous studies.

• Management & Information Systems Review
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• v.33 no.4
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• pp.21-38
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• 2014

This study investigates whether and how a firm's cost of equity is influenced by the extent of a firms's name change. Even though corporate name change doesn't give any benefit to investors, it can be a signaling about firm's future valuation. And also, if that signaling has high credibility, it can be decrease information cost and the firm's cost of equity. on the contrary to this, if corporate name change is kind of break with the past and corporate image laundering, it is bad signaling to investors. So it can be increase information risk and the firm's cost of equity. Using yearly cross-sectional regressions of the cost of equity on our proxies for corporate name change, size, beta, market-to-book ratio and other innate risk factor over the 2005-2010, we find that the cost of capital is positively associated with corporate name change after controlling for all other factors. This result implies that corporate name change increase information risk of the business, and thus increase information asymmetries between managers and outside investors with respect to a firm's true future value. This increases information risk, and creates an adverse selection problem, on the part of outside investors. Rational investors therefore demand a premium for bearing this corporate name change-related information risk, which in turn leads us to observe a positive relation between the intensity of corporate name change and the cost of equity.

• Management & Information Systems Review
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• v.32 no.5
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• pp.135-155
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• 2013

Corporate primary goal has shifted from profit-orientation toward broader socially motivated perspectives, over the recent year. According to this phenomena, extensive research have been conducted to assess the empirical association between CSR and firm value. However, the results of previous studies are largely indeterminate which are attributed to the ignoring various indeterminate variables between CSR and firm value. Specifically, the purpose of this paper verifies the empirical association between CSR and firm value with considering capital constraint as core moderator variable by using structural equation modeling(SEM). Main results of this paper are as follows. We find that firms with better CSR performance face lower capital constraint and capital constraint is significantly related to firm value in negative direction, also. The result suggest that better CSR performance is associated with superior stakeholder engagement, in turn, CSR initiatives leads to firm value creation. Also, the capital constraint still remain positive to firm value even if capital constraint is considered moderator variables. Our findings implicated that CSR literatures should consider moderator variables, such as capital constraint, which could be affected firm value.

• Journal of the Korean Vacuum Society
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• v.17 no.4
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• pp.365-373
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• 2008

We have succeeded in synthesizing vertically aligned thin multi-walled carbon nanotubes (VA thin-MWCNTs) by a catalytic chemical vapor deposition (CCVD) method onto Fe/Al thin film deposited on a Si wafers using an optimum amount of hydrogen sulfide ($H_2S$) additive. Scanning electron microscope (SEM) images revealed that the as-synthesized CNT arrays were vertically well-oriented perpendicular to the substrate with relatively uniform length. Transmission electron microscope (TEM) observations indicated that the as-grown CNTs were nearly catalyst-free thin-MWCNTs with small outer diameters of less than 10nm. The average wall number is about 5. We suggested a possible growth mechanism of the VA thin-MWCNT arrays. The VA thin-MWCNTs showed a low turn-on electric field of about $1.1\;V/{\mu}m$ at a current density of $0.1\;{\mu}A/cm^2$ and a high emission current density about $2.5\;mA/cm^2$ at a bias field of $2.7\;V/{\mu}m$. Moreover, the VA thin-MWCNTs presented better field emission stability without degradation over 20 hours (h) at the emission current density of about $1\;mA/cm^2$.

• Journal of Korea Water Resources Association
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• v.53 no.11
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• pp.951-960
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• 2020

This study investigates the adjustment processes of the rivers after weir removal through laboratory experiments. Delta upstream eroded rapidly by flow at the initial stage of the experiments and the knickpoint migrates upward. Moreover, the knickpoint moves fast upward on the condition of alternate bars. The head cutting in the bed is developed fast at the initial stage. However, the erosion speed in the bed decreases with time. The well developed alternate bars migrates with keeping their shape downstream, and the bars affect the channel downstream to adjust new environments after weir removal. Maximum scouring depth downstream and the migration speed decrease over time after removing the weir. The scouring depth in the channel without alternate bars migrates with speed. However, the depth in the channel with alternate bars migrates slow downstream. The channel with alternate bars, in turn, is adjusted well to the new equilibrium states. The maximum scouring depth migrates downstream with time, and the scouring depth and its migration speed decreases with time. The dimensionless maximum scouring depth decreases with the migration speed of dimensionless maximum scouring depth because the deeply scoured places capture the sediments from upstream and the migration speed is slow as the places are filled with them. The dimensionless maximum scouring depth is shallow as the dimensionless backfilling speed is high. The dimensionless maximum scouring depth decreases rapidly less than 5 of dimensionless backfilling speed. However, the depth decreases slow more than 5 of it.

• Korean Journal of Materials Research
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• v.10 no.4
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• pp.295-300
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• 2000

Uniform silicon tip arrays were fabricated using the reactive ion etching followed by the reoxidation sharpening, and the effect of Pd-coated layer on electron emission characteristics was studied. The electron emission from Si field emitter arrays(FEAs) was a little, but improved by removing surface oxide on the FEA, but pronounced drastically by coating a $100-{\AA}-thick$ Pd metal layer. The turn-on voltage in the Pd-coated Si FEAs was reduced by 30 V in comparison with that in uncoated ones. This results from the increase of surface roughness at the tip apex by the Pd coating on Si FEA, via the decrease of the apex radius at which electrons are emitting. The Pd-coated emitters showed superior operating stability over a wide current range to that of the uncoated ones. This suggests that Pd coating enhances the high temperature stability and the surface inertness Si FEA.