• Journal of Labour Economics
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• v.44 no.1
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• pp.135-167
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• 2021

This paper studies how households who received Covid-19 transfers in cash used their one-time transfers. The transfers were paid in cash for welfare recipient households, which accounted for 12.9% of all households. Using a survey data, it is found that the cash transfers are mostly used for consumption expenditure, and 21.7 percent of the cash transfer used are spent on additional consumption not originally planned. The consumption response to cash transfers is greater in households that experienced job or income loss because of Covid-19.

• Proceedings of the Korea Institutes of Information Security and Cryptology Conference
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• 1994.11a
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• pp.51-66
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• 1994

A divisible off-line electronic cash system based on cut-and-choose has first been proposed by [OO91] and recently more efficient single term divisible cash system was presented in [EO94] which is based on Brand's scheme [Bra93]. In this paper, we present a different type of single term divisible electronic cash system which is more efficient than previously proposed systems such as [OO91], [YLR93], and [EO94] in the standpoint of the amount of communication, the number of modular multiplications required in the payment transactions, and the storage requirement in the withdrawal protocol. Our scheme is a modified version of [LL93], where the major improvement has been made in its withdrawal transaction to introduce untraceability and multi-spendability. We have borrowed the idea of the withdrawal protocol of our scheme from [EO94] with minor modifications. Transferability in our scheme allows only a finite number of transfer. Our scheme satisfies an the desirable properties of an electronic cash system such as untraceability, divisibility and transferability. In addition, we present a n-spendable cash. The basic idea of extension to multi-spendability has been borrowed from [Bra93] with minor modifications.

• Journal of Embryo Transfer
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• v.30 no.3
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• pp.189-193
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• 2015

Calculating break-even price of calf production is closely associated with reproductive efficiency. To determine the price, we need data from reproduction records including number of claves weaned, number of cows exposed for breeding, and annual cash coast per cow, and average weaning or market weight of claves sold and retained. Unfortunately, the data were not available in Korea native cow (Hanwoo). To evaluate the performance and the price, we collected calving interval from about 60,000 cows for last 10 years and estimated reproductive performance. Calving interval was increased 4.3% and pregnancy rate was decreased about 1.4~2.8% year-on-year. Increases in growth rates of number of cow and semen per calf supported the low reproductive performance. Finally, break-even price was calculated using estimated percent calf crop and demonstrated that growth rate of break-even price is larger than that of annual cash per cow, suggesting cow-calf profitability and financial efficiency in Korea native cow (Hanwoo) is getting worse.

• Journal of Families and Better Life
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• v.29 no.4
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• pp.205-216
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• 2011

Unequal distribution of shares among children during intergenerational transference of assets has been prevalent in Korea. This study intends to examine whether parental contribution, in the form of a cash gift, is differentiated between the bride's side and the bridegroom's side at marriage and by age group. This pattern may also change according to the generation. Questionnaires were equally distributed to members of three previously delineated age groups: 20' s-30' s, 40's -50's, and 60's and above who are married or have been married at least once and reside in Seoul or Gyeonggi province. A total of 700 questionnaires were analyzed using SPSS and the data were sorted by age group. The results indicate an apparent difference between the husband's side and the wife's side in providing funding for housing at marriage in that a large portion of the funding is provided by the husband's side. Among various funding sources, a cash gift from the couple's parents appears to fund the largest portion of the total cost for housing and marriage. Results show that a cash gift from the couple's parents funds a larger portion of housing expenses for younger generations, a phenomenon that becomes more severe and apparent the younger the couple is.

• Journal of the Korea Institute of Information and Communication Engineering
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• v.8 no.7
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• pp.1537-1545
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• 2004

As the Internet continues to transform the commerce, the method of payment is one of critical components to conduct successful business across the internet. An electronic cash has all characteristics of traditional commodity cash and ensures security for all transactions. Accordingly an internet billing system based electronic cash is expected as the secure and efficient payment method in future electronic commerce. Digital Contents such as digital goods and services have the special characteristic that both the delivery of the goods and the transfer of money ran be accomplished on the same network. This allows the optimizations in the design of an electronic commerce system. In this paper, we propose an electronic payment protocol which is especially designed to purchase digital contents through internet. The proposed protocol guarantees anonymity by using a virtual ID, and minimizes payment processing steps.

• Magazine of the Korean Society of Agricultural Engineers
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• v.32 no.E
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• pp.80-87
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• 1990

Energy balance equations Were developed to describe the heat transfer mechanisms in a double layer plastic greenhouse with a water curtain system. Heat transfer variables were determined by using various temperature data measured in a conventional prototype semicircular cross-section greenhouse over a range of water temperatures and water flow rates. The heat transfer coefficient between flowing water and greenhouse air was independent of water flow rates. But the heat transfer coefficient between water surface and the stagnant air space within the double plastic layer was dependent on water flow rates. Substituting the heat transfer coefficients, determined from the energy balance equations in the heat transfer equations, demonstrated various relationships among ambient air temperature, greenhouse air temperature, water temperature, and water flow rates. The heating benefits were linearly related to not only the inside and outside air temperatures but also to the water temperature. The energy conservation effects of the water curtain system were found even initial water temperatures were considerably lower than the greenhouse setting temperatures. Sensitivity analysis for heat transfer coefficients demonstrated that the heat transfer coefficient between greenhouse air and the stagnant air within the plastic layers was the most significant coefficient in the estimation of heating effects.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.16 no.6
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• pp.3870-3881
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• 2015

This study examined one of the contemporary issues on debate to identify any significant financial determinants on the cash holdings of the cheabol firms in the Korean domestic capital markets. Several important findings on the financial characteristics affecting the cash holdings were evidenced by utilizing various methodologies for statistical estimations. Financial or managerial implications with discussion were provided for the pronounced factors such as CASHFLOW, MVBV, REINVEST, and AGENCY. Assuming that the chaebol firms were overall subject to the financial constrains, they may increase or stockpile cash reserves as internal capital for future investment opportunities or repayment of existing debt, rather than external financing burdened by a high cost of capital. Given the on-going controversy on the optimal level of corporate cash holdings coupled with any foreseeable capital transfer among the associated nations through the investment vehicles such the FTAs (Free Trade Agreements) or TPP (Trans-Pacific Pacts), any empirical findings of the study may shed new light on identifying financial determinants which may significantly affect the level of cash holdings for the business conglomerates, the 'chaebol' firms, in the Korean capital markets.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.61
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• pp.273-302
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• 2014

Project finance ("PF") is a method of raising long-term debt financing based on lending against the cash flow generated by the project alone. Project finance is a nonrecourse or limited recourse financing structure against the sponsors(or the investors). The debt terms in a project finance are not based on the creditor's credit support or on the value of the assets of the project. Lenders rely on the future cash flow to be generated by the project for debt repayment and interest, rather than the value of the project or the credit ratings of the sponsors. The non-recourse or limited recourse financing usually prompt potential project finance lenders to assess carefully all possible risks that might arise in a project to ensure that those risks are mitigated and controlled. In this respect, project finance is a opposite financing method of corporate finance. Project finance has rapidly grown over the last 20 years due to the worldwide process of privatization of public sector and development of natural resources. Global project finance volume reached the record USD 406.5 billion in 2011. In 2012, however, Global project finance volume dropped 6% to USD 382.3 billion. Infrastructure overtook Energy to lead all sectors with USD 113.6 billion. It is generally recognized that there are more and higher risks in project finance compared with corporate finance. Project finance is exposed to commercial risks as well as political risks. The main commercial risks are completion risks, environmental risks, operating risks, input supply risks, revenue risks, etc, and the main political risks are currency convertibility and transfer risks, expropriation risks, war and civil disturbance risks, risks of breach of government concession agreement, etc. Completion risks include permits risks, risks relating to the EPC Contractor, construction cost overrun, delay in completion, inadequate performance on completion, etc.

• Proceedings of the Korea Water Resources Association Conference
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• 2011.05a
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• pp.20-20
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• 2011

The purpose of this research aims to evaluate the emergence of new business mode in the Chinese water market since the mid-2000s - Transfer-Operate-Transfer(TOT) Projects. The study pays special attention to the case of the Hefei Wangxiaoying Wastewater Treatment TOT Project, which was awarded to the consortium of Berlin Water International and its Chinese partner in late 2004. The consortium secured an exclusive operating right for 23 years on the basis of a TOT scheme and would take responsibility of all the profits and losses in the operation of the plant. The total investment for the transfer amounted to RMB 491 million(US$70 million). The price was more than 288% of the original value, RMB 170 million (US$24 million). The project can be regarded as a successful case because of the following three causes. First, the Hefei government followed a series of standardized procedures in the international bidding, which ignited best-performed international players' competition for the project. Second, the project will bring in cutting-edge operation skills and management know-how. Third, the government succeeded in raising public asset values, and thanks to this, the government is able to consider other similar projects not only in the water sector but also other sectors in public utility services. Nevertheless, Berlin Water's point of view, there are several challenges. First, the company took a risk to pay such a large amount of cash to the Hefei government. Although such premium can be recouped in the operation period of 23 years, whether or not the company would be able to recover the initial investment and realize profits is in question due to an uncertainty of socio-political circumstances in China. Second, Berlin Water should expect a steep rise of water tariffs over the contract period in order to get the investment back. Water pricing is still a sensible matter to Chinese authorities, and therefore, it is uncertain if such rise of water tariffs would be possible. Third, the TOT mode leads to creation of a large amount of cash to government officials, which might have caused corruption between those who are involved in TOT deals. Then, the final contract fee would soar, which often results in the burden of normal customers. As discussed, the TOT mode has drawn much attention of foreign investors as a new alternative to enter into the Chinese water market. But it is important to note that foreign investors should be aware of possible risks in water TOT projects, which reflects some features of the Chinese political economy landscape and social norms. The Hefei case indicates that benefits can overshadow risks in TOT projects, which will continue to attract foreign investors that are dedicated to establishing their strongholds in the Chinese water market.

• Journal of Information Management
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• v.32 no.2
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• pp.54-71
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• 2001

This paper analyzes the role of technology valuation in licensing, a commonly used type of transaction of technology, and reviews methods to analyze information on technology valuation for technology licensing. It contemplates the concepts, types and practical application of cost-based valuation, market-based valuation, discounted cash flow, and economic analysis. It shows that each method considers how to share profits associated with technology between licensor and licensee in a fair and reasonable manner when we apply any method to technology licensing.