• Journal of the Korean Operations Research and Management Science Society
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• v.18 no.2
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• pp.57-81
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• 1993

This paper is concerned with analyzing the bankruptcy prediction power of three methods : Multivariate Discriminant Analysis (MDA), Inductive Learning, Neural Network, MDA has been famous for its effectiveness for predicting bankrupcy in accounting fields. However, it requires rigorous statistical assumptions, so that violating one of the assumptions may result in biased outputs. In this respect, we alternatively propose the use of two AI models for bankrupcy prediction-inductive learning and neural network. To compare the performance of those two AI models with that of MDA, we have performed massive experiments with a number of Korean bankrupt-cases. Experimental results show that AI models proposed in this study can yield more robust and generalizing bankrupcy prediction than the conventional MDA can do.

• Journal of the Korean housing association
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• v.14 no.2
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• pp.89-100
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• 2003

This study is identified the characteristics of housing product through housebuilders' strategies. As a methodology for this study, literature survey and questionnaire survey were used. Questionnaires have been done on mail to 232 housebuilders and return rate was 34.1%. In summary, housing product can be characterized long gestation period, periodically building cycle, future uncertainty of market volatility, maximization of land development gain, utilization of public fund for continuous building activity, moral hazard by accidentally bankrupcy. Therefore private housebuilding could be defined speculative industry.

• Journal of the Korean Operations Research and Management Science Society
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• v.23 no.1
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• pp.161-181
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• 1998

Translating expert knowledge into production rules has been the most difficult and time-consuming when building expert systems (Buchanan et al. 1983). Especially, buidling hierarchical structure, i. e. developing sequential or dominant relationship among production rules is one of the most important and difficult processes. Hierarchical relationship among rules has been typically determined in the course of interviewing human experts. Since this interviewing procedure is rather subjective, however, the hierarchically structured rules produced in terms of interviewing is widely exposed to the severe discussion about their validity (Nisbett and Wilson 1977 : Ericsson and Simon 1980 : Kellog 1982). We thus need an objective method to effectively translate human expert knowledge into structured rules. As such a method, this paper suggests the order anlaysis technique that has been studied in psychometries (Cliff 1977 : Reynolds 1981 : Wise 1983). In this paper we briefly introduce the order analysis and explain how it can be applied to building hierarchical structure of production rules. We also illustrate how bankrupcy prediction rules of small-medium companies can be developed using this order analysis technique. Further, we validata the effectiveness of these rules developed by the order analysis, in comparison with those built by other methods. The rules developed by the proposed outperform those of the other traditional methods in effectively screening the bankrupted firms.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.3 no.4
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• pp.325-332
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• 2002

In the process of designing pareto optimal insurance contract, it is necessary to assume that insurance contract conditions are endogenous to build a model. The expected utility, the non-expected utility and the state-dependent utility function can be applied as a insurance decision making principle. The insurance costs may have the linear, convex, and concave ralationship with the indemnity schedule. However, the sunk cost and fixed cost must be recognized. The deductible which decides whether an insurance contract to be a full or partial insurance contract can exist in the forms of straight deductible or diminishing deductible. Indeciding the level of deductible, the types of the insurance and the risks to be insured should be the deciding factors. Especially for recall insurance, there is relatively high chance that the recalling company being bankrupt. Therefore, the possibility of bankrupcy should be the considering factor in deciding the policy limit. The existence of the incomplete market and uninsurable background risk should be understood as restricting conditions of the pareto-optimal insurance contract.

• Journal of Digital Convergence
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• v.11 no.1
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• pp.13-25
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• 2013

After studying FSMA 24, We found that the insolvency rule of financial institutions in FSMA consists of eight provisions: 1) voluntary arrangement, 2) administration order, 3) receiverships, 4) voluntary winding up, 5) winding up by the court, 6) bankruptcy, 7) provisions against debt avoidance, and 8) supplemental provisions in insurance cases. Insolvency provisions in FSMA explain powers and accountabilities of FSA in relation to these insolvency proceedings. Although there are some differences in proceedings, provisions entitle FSA the same status as creditors to petition the court, with a right to participate in related meetings and to be notified of any matters involving insolvency proceedings. The differences and implications between U.K.'s FSMA and Korean regulations are related to the insolvency rule of financial institutions. First, in FSMA, FSA has a comprehensive power to manage insolvency proceedings of financial institutions in a centralized way. However, Korean regulations have special laws to regulate insolvency in a decentralized way. The offices executing those laws are the Financial Services Committee, the Financial Supervisory Service, and the Financial Deposit Insurance Corporation. This characteristic results from an accelerated legislation procedures related to financial reform in 1997 Korean financial crisis. Second, FSA contains special provisions on continuation of contracts of long-term insurance considering the characteristics of insurance industry related to insolvency of financial institution. However, Korean insolvency rules applied to financial institutions do not consider industrial differences and the characteristics of financial contracts, so need to be supplemented in the future.

• Korean Journal of Culture and Social Issue
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• v.16 no.3
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• pp.241-265
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• 2010

This study reviewed the present state and differences of rehabilitation programs of the gambling addiction by comparing with other psychiatric disorder(including psychotic disability and alcohol addiction). This study also intended to suggest necessities, meanings and inherent fields of the rehabilitation in gambling addiction. First of all, the government and a few gambling industries run clinic centers for gamblers and their families, but have been lacked rehabilitation services for social comeback and adaptation or devaluated rehabilitation services than therapies. Gambling addict didn't have impairments of the cognitive function and their daily abilities was better than any other psychiatric disorders. But Damage of social role or function of gambling addiction was severe. And it is caused by nonadaptive nature of gambling behavior, personality/emotional change through gambling addiction process, and previous personality problem etc. There are many severe failure of social role and its attendant bankrupcy, family's problems and social poverty in gambling addiction, Therefore, important fields in the rehabilitation of gambling addiction should be services for basic social comeback support service, credit recovery support, monetary management, support of rehabilitation of family and vocational rehabilitation. Finally, the significance and critical points of the current study has been discussed as well.

• Korea Trade Review
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• v.48 no.2
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• pp.217-243
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• 2023

This study revealed practical implications by analyzing the clauses and disputable issues of the Korea Service Contract. Korea introduced Servcie Contract in the container part since Hanjin Shipping's bankrupcy and distributed the standard form(2019). After that, the standard form was revised during the supply chain crisis(2022). In the standard form, there are clause that require agreement due to conflicting interests of shipper and carrier. Therefore, the main clauses of the standard form were analyzed to derive the practical meaning to the both parties. In addition, in the process of introducing the standard form, the most disputable issues, liquidated damages and minimum quality commitment, were deeply analyzed to explain how shipper and carriers' benefit and loss differ as the clause changes. In conclusion, both parties must set LD at a very reasonable level so that they do not proceed separately with penalty. In addition, 'evenly' is a much more important than quantity for carrier in the establishment of MQC, so extra box option for shipper even during the peak season is needed to accommodate with service contract.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.5 no.4
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• pp.1-34
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• 2010

Recently, failure rates of Kosdaq IPO firms are increasing and their survival rates tend to be very low, and when these firms do fail, often times backed by a number of governmental financial supports, they may inflict severe financial damage to investors, let alone economy as a whole. To ensure investors' confidence in Kosdaq and foster promising and healthy businesses, it is necessary to precisely assess their intrinsic values and survivability. This study investigates what contributed to the failure of IPO firms and analyzed how these elements are factored into corresponding firms' stock returns. Failure risks are assessed at the time of IPO. This paper considers factors reflecting IPO characteristics, a firm's underwriter prestige, auditor's quality, IPO offer price, firm's age, and IPO proceeds. The study further went on to examine how, if at all, these failure risks involved during IPO led to post-IPO stock prices. Sample firms used in this study include 98 Kosdaq firms that have failed and 569 healthy firms that are classified into the same business categories, and Logit models are used in estimate the probability of failure. Empirical results indicate that auditor's quality, IPO offer price, firm's age, and IPO proceeds shown significant relevance to failure risks at the time of IPO. Of other variables, firm's size and ROA, previously deemed significantly related to failure risks, in fact do not show significant relevance to those risks, whereas financial leverage does. This illustrates the efficacy of a model that appropriately reflects the attributes of IPO firms. Also, even though R&D expenditures were believed to be value relevant by previous studies, this study reveals that R&D is not a significant factor related to failure risks. In examing the relation between failure risks and stock prices, this study finds that failure risks are negatively related to 1 or 2 year size-adjusted abnormal returns after IPO. The results of this study may provide useful knowledge for government regulatory officials in contemplating pertinent policy and for credit analysts in their proper evaluation of a firm's credit standing.