• Proceedings of the KIEE Conference
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• 2001.11b
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• pp.77-82
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• 2001

As electric power systems have been moving from vertically integrated utilities to a deregulated environment, the charging of reactive power management is a new challenging theme for market operators. This paper proposes a new methodology to compute the costs of providing reactive power management service in a competitive electrical power market. The proposed formulation, which is basically different from those shown in the literature, consists of two parts. One is to recover investment capital costs of reactive power supporting equipment based on a reactive power flow tracing algorithm. The other is to recover operational costs based on variable spot prices using the optimal power flow algorithm. The charging shapes resulted from the proposed approach exhibit a quite good meaning viewed from a practical sense. It turns out that reactive power charges are mostly due to recovery of capital costs and slightly due to recovery of operational costs. The method can be useful in providing additional insight into power system operation and can be used to determine tariffs of a reactive power management service.

• Nuclear Engineering and Technology
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• v.49 no.8
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• pp.1680-1688
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• 2017

In this study, analysis is performed on entropy generation during cilia transport of water based titanium dioxide nanoparticles in the presence of viscous dissipation. Moreover, thermal heat flux is considered at the surface of a channel with ciliated walls. Mathematical formulation is constructed in the form of nonlinear partial differential equations. Making use of suitable variables, the set of partial differential equations is reduced to coupled nonlinear ordinary differential equations. Closed form exact solutions are obtained for velocity, temperature, and pressure gradient. Graphical illustrations for emerging flow parameters, such as Hartmann number (Ha), Brinkmann number (Br), radiation parameter (Rn), and flow rate, have been prepared in order to capture the physical behavior of these parameters. The main goal (i.e., the minimizing of entropy generation) of the second law of thermodynamics can be achieved by decreasing the magnitude of Br, Ha and ${\Lambda}$ parameters.

• Journal of Digital Convergence
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• v.10 no.10
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• pp.19-29
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• 2012

We made a regression analysis on the early IPO of venture capital investments in Korean IPO market. First, we found that it was likely to shorten the period to IPO in companies which were fast growing with a good operating cash flow, but these companies had a higher possibility of the earning management. Second, companies with more assets and larger size of the board of directors did not take companies public any earlier. Third, a better corporate governance also had no impact on the time period to IPO in the newly public firms. The findings above clearly show that venture-backed companies in Korea pursue the tendency of an early IPO. This phenomenon was much clearer when the companies were invested in by multiple venture capital firms than by a single investor. In general, venture capital firms invest in companies which are fast growing and which have a good operating cash flow. On the other side, venture capitals make investee companies go public earlier by manipulating operating earnings, so that they themselves may exit early. In conclusion, this research has shown that venture capitals in Korea do not play a positive role in the corporate transparency. This is the paradox of venture capital investment and this also shows the current status of Korean venture capital firms.

• International conference on construction engineering and project management
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• 2013.01a
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• pp.467-474
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• 2013

Construction contactors must continuously seek to improve their cash flows, which reside at the heart of their financial success. They require careful planning, analysis, and optimization to avoid the risk of bankruptcy, remain profitable, and secure long-term growth. Sources of cash include bank loans and retained earnings, which are conceptually similar in that they both incur a cost of capital. Financial management therefore requires accurate yet customizable modeling capabilities that can quantify all expenses, including said cost of capital. However, currently existing cash flow models in construction engineering and management have strongly simplified the manner in which interest is assessed, which may even lead to overstating it at a disadvantage to contractors. The variable nature of cash balances, especially in the early phases of construction projects, contribute to this challenging issue. This research therefore extends a new cash flow model with an accurate interest calculation. It utilizes singularity functions, so called because of their ability to flexibly model changes across any number of different ranges. The interest function is continuous for activity costs of any duration and allows the realistic case that activities may begin between integer time periods, which are often calendar months. Such fractional interest calculation has hitherto been lacking from the literature. It also provides insights into the self-referential behavior of compound interest for variable cash balances. The contribution of this study is twofold; augmenting the corpus of financial analysis theory with a new interest formula, whose strengths include its generic nature and that it can be evaluated at any fractional value of time, and providing construction managers with a tool to help improve and fine-tune the financial performance of their projects.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.6
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• pp.43-54
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• 2020

This paper investigates the causal impact of the increase in institutional distance between two geographic regions on the flow of cross-border Venture Capital (VC) between the regions. While cross-border VCs are believed to have competitive advantages at identifying and managing promising startups in a local market compared to local counterparts, the discrepancy in institutional characteristics between two markets exacerbates the difficulty of credible information exchange and negotiation, significantly increasing transaction cost related to a cross-border venture capital investment. This study conducts a difference-in-difference analysis to examine the relationship between institutional distance and the flow of cross-border VC investment using the fact that the official adoption of the Euro currency by member countries of the European Union except the UK created an institutional chasm between the UK and other EU member countries. The outcomes of the analysis suggests that UK-based VCs significantly decreased the VC investment into EU-based startups and that EU-based VCs reduced the investment into UK-based startups. The results have meaningful implications for understanding the impact of the change in institutional difference on cross-border VC investment, which seems to increasingly take place with the recent trend of de-globalization and the rise of protectionism.

• Asian Pacific Journal of Cancer Prevention
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• v.16 no.6
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• pp.2419-2423
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• 2015

Background: There are few choices for treatment of advanced cancer patients who do not respond to or tolerate conventional anti-cancer treatments. Therefore this study aimed to deploy the benefits and clinical efficacy of continuous dendritic cell-cytokine induced killer cell infusions in such patients. Materials and Methods: A total of 381 infusions (from 67 advanced cases recruited) were included in this study. All patients underwent peripheral blood mononuclear cell apheresis for the following cellular therapy and dendritic cells-cytokine induced killer cells were expanded in vitro. Peripheral blood T lymphocyte subsets were quantified through flow cytometry to address the cellular immunity status. Clinical efficacy and physical activities were evaluated by RECIST criteria and Eastern Cooperative Oncology Group scores respectively. Logistic regression model was used to estimate the association between cellular infusions and clinical benefits. Results: An average of $5.7{\pm}2.94{\times}10^9$ induced cells were infused each time and patients were exposed to 6 infusions. Cellular immunity was improved in that cytotoxic $CD8^+CD28^+$ T lymphocytes were increased by 74% and suppressive $CD8^+CD28^-$ T lymphocytes were elevated by 16% (p<0.05). Continuous infusion of dendritic cells-cytokine induced killer cells was associated with improvement of both patient status and cellular immunity. A median of six infusions were capable of reducing risk of progression by 70% (95%CI 0.10-0.91). Every elevation of one ECOG score corresponded to a 3.90-fold higher progression risk (p<0.05) and 1% increase of $CD8^+CD28^-$ T cell proportion reflecting a 5% higher risk of progression (p<0.05). Conclusions: In advanced cancer patients, continuous dendritic cell-cytokine induced killer cell infusions are capable of recovering cellular immunity, improving patient status and quality of life in those who are unresponsive to conventional cancer treatment.

• The Journal of Economics, Marketing and Management
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• v.9 no.1
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• pp.25-40
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• 2021

Purpose: The forecasting is the likelihood scientifically proved judgment about the prospects, the possible conditions of this or that phenomenon in the future and (or) about the alternative ways and the means of their realization. To adapt the instruments of budgeting for the analysis cash flow of company. Research design, data and methodology: The creates the budget of cash flow were carried out on the basis of data of the report for the 2017 of corporations POSCO and in the first half of the 2018 Daewoo Shipbuilding & Marine Engineering of South Korea. Results: The simultaneous use of budgeting techniques and the simple financial analysis allows to systematize the transactions, to identify the main problem areas in the movement cash flows. Therefore, working capital analysis is to determine the limits of their fluctuations in view of the changes in the business processes. Conclusions: In the pedagogical context solved the features of budgeting in the part evaluation current assets, its financing, its elements: the cash, the debtor. In the process of budgeting of cash flow, in credit budget, in financial budget we can see the main indicators: the current assets, the functioning capital, the optimum number of debtors, the optimum amount of cash and another.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.12
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• pp.863-867
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• 2020

This study was conducted on financial data of 38 economic groups listed on Vietnam's stock market for the period 2009 - 2019 and it aims to provide an empirical evidence on the impact of working capital management policy on performance in all phases of the economic cycle of Vietnamese economic groups. The study uses FGLS estimation method with 2 dependent variables ROA, GOP, independent variables including INV, AR, AP, CCC, dummy variable representing different phases of the economic cycle, variables Control includes CAT, CR, LEV, SZ, GR. Research shows that the greater the level of investment by companies in liquid assets corresponding to a certain level of activity (shown by average days of inventory (INV), average days of collection. (AR), cash flow cycle (CCC)) the lower the rate of return on assets. The study also provides additional evidence of the negative effects of economic crisis on the performance of economic groups. The study also shows that the number of short-term asset cycles has a positive impact on operational efficiency, and the level of debt use has a negative impact on operational efficiency. This result implies that the managers of economic groups can increase the efficiency of businesses through a reasonable working capital policy.

• International Area Studies Review
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• v.21 no.2
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• pp.143-169
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• 2017

This paper empirically examines how capital structure inertia varies across industries and there is different in industries, and whether this fact is explained by product market competition using non-financial firms listed in KOSP market over periods of 1981 to 2015. In empirical test, I find that firms with more competition environment tend to have inertia behavior in making decision of capital structure. This implies that it is explained by debt discipline effect and it is substitution for product market competitions. Also I find that manager tends to take action actively making decision of capital structure when product market competition is low. Also I show that they use debt to constraint the free cash flow. As a result, I conclude that Korean non-financial firms do not have more strong inertia behavior in capital structure rather than U.S. firms. Second, using OLS estimation, inertia effect disappears while there is strong inertia effect in relationship between inertia and product market competition. This result suggests that transaction cost is not key factor in explaining inertia behavior of capital structure.

• Journal of Industrial Convergence
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• v.20 no.6
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• pp.135-140
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• 2022

In the domestic stock market, the capital market opened in January 1992, and the proportion of foreign capital has steadily increased, accounting for 30% of the domestic market in Overall stock market trend infers that the domestic stock market is more influenced by foreign issues than domestic issues. The trading trend of foreign capital displays a similar flow to exchange rate fluctuations,; thus, preparing an investment strategy by using the Pearson analyzing method the effect of exchange rates of foreign capital trading, fluctuations in exchange rates, and predicting one of the macroeconomic indicators will yield high returns in the stock market. Therefore, this research was conducted to help investment by predicting foreign variables comparing and analyzing exchange rates and foreign capital trading patterns, and predicting appropriate time for buying and selling.