• The Korean Journal of Financial Management
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• v.24 no.2
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• pp.113-145
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• 2007

In this paper, we examine whether the poor performance of distressed firms where banks take equity may occur due to agency problems in banks. By adopting the debt-equity swap, the bank can effectively postpone the occurrence of bad loans form the failure of the distressed firm. As a result, firms with more debt will be more likely to obtain debt-equity swap, regardless of their probabilities of revival. This is not because they are more profitable, but because they have more debt and thus it poses greater risk to the bank. We empirically look into these predictions with the data of 44 workout firms and find the following results. First, debt-equity swap appears to be more applicable especially when the distressed firms are large and when BIS of related banks is low. Specifically, the conditional probability of 'large firms' based on debt-equity swap is 65.52% and the conditional probability of 'bad banks' based on debt-equity swap is 75.86%. Also, as predicted, the performance of these debt-equity firms is poorer than that of non debt-equity firms. The conditional probability of 'large firms' based on posterior failure is 84.62% and the conditional probability of 'bad banks' based on posterior failure is 84.62%. This is consistent with our predictions and is also confirmed through results of the logit regression analysis. Second, when the restructuring is led by 'good banks', the performance of equity-swap firms is superior to that of non equity-swap firms. This result is consistent with that of James(1995). Hence, we can conclude that there may be some agency problems in restructuring distressed firm-especially when distressed firms are large and banks are bad. And these agency problems can reconcile the difference between James' results and Park, Lee, and Jang's.

• Structural Engineering and Mechanics
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• v.62 no.5
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• pp.567-576
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• 2017

Structural failures are undesirable events that devastate the construction industry resulting in loss of life, injury, huge property loss, and also affect the economy of the region. Roof truss failures occur mainly due to excessive loading, improper fabrication, deterioration, inadequate repair, etc. Although very rare, a roof truss may even fail due to inappropriate location of supports. One such case was reported from the recent failure of a steel roof truss used in an indoor stadium at Kargil in India. Kargil region, being mountainous in nature, receives heavy snowfall and hence the steel roof trusses are designed for heavy snow loads. Due to inappropriate support location, the indoor stadium's steel roof truss had failed under heavy snow load for which it was designed and became an interesting structural engineering problem. The failure observed was primarily in terms of yielding of the bottom chord under the supports, leading to partial collapse of the roof truss. This paper summarizes the results of laboratory tests and analytical studies that focused on the validation of the proposed remedial measure for rehabilitating this distressed steel roof truss. The study presents the evaluation of (i) significant reduction in strength and stiffness of the distressed truss resulting in its failure, (ii) desired recovery in both strength and stiffness of the rectified truss contributed by the proposed remedial measure. Three types of models i.e., ideal truss model, as build truss model and rectified truss model were fabricated and tested under monotonic loading. The structural configuration and support condition varied in all the three models to represent the ideal truss, distressed truss and the rectified truss. To verify the accuracy of the experimental results, an analytical study was carried out and the results of this analytical study are compared with the experimental ones.

• Journal of Korean Physical Therapy Science
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• v.9 no.1
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• pp.95-102
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• 2002

The present study focuses on the relation of the attitudes of university students to disabled by using modified disability factor scales(DFS, Siller). As for the attitude areas, it relies on the eight categories DFS provides. The 8 categories that specify each attitude area are: generalized rejection, distressed identification, inferred emotional consequences, imputed functional limitation, authoritarian virtuousness, rejection of intimacy, interaction strain, mainstreaming. This study is based on a series of questionnaire researches conducted on 322 students, over the period from October 19th to November 14th, 2001. The questionnaire carries 50 items, covering the 8 attitude areas and each item has 5 choices. The subjects' responses to each of the areas are examined in their relations to the four conditions, as they are analysed by t-test and one way ANOVA. The conclusion drawn from the research are as follows: 1. There is no significant difference between the students of the department concerned with the problem of disability, and those of the department unconcerned. But the responses are significantly different in the three areas of generalized rejection, rejection of intimacy and interaction strain(1st condition, P<.05). 2. The responses are significantly different in 6 areas except for the two, distressed identification and inferred emotional consequences, between the students who have volunteered services as helpers of the disabled and those who have no such experiences(2nd condition, P<.05). 3. the responses are significantly different between those who have volunteered long-time services and those who are far less experienced(3nd condition, P<.05). 4. There is no significant difference, whether the subjects have disabled persons around them or not. But generalized rejection, authoritarian virtuousness, rejection of intimacy, interaction strain & mainstreming show significant differences(4th condition, P<.05). 5. Generalized rejection, rejection intimacy and interaction strain show significant differences in every pair of the 4 condition. 6. Distressed identification and inferred emotional consequence show no significant difference between the two conditions in every pair of the 4 considerations.

• Structural Engineering and Mechanics
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• v.56 no.4
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• pp.695-705
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• 2015

Distressed structures require necessary remedial measures in order to restore their original structural properties like strength and stiffness. Validating the effectiveness of the proposed qualitative remedial measure experimentally is of utmost importance as there is no well-established analytical method to verify the effectiveness of the same quantitatively. Prototype testing which would have been the best option for this purpose would not only prove costly but also be associated with numerous practical difficulties; hence model testing is resorted as the only option for the purpose. This paper presents one such typical experimental study on the structural behavior of a distressed bridge, mainly observed in the form of prominent tilt in the bearing plate in transverse and longitudinal direction on downstream side. The main focus of the proposed experimental investigation is to assess the structural behavior particularly the load carrying capacity. The extent of deformation of some models with specific structural arrangements and some models with specific need based remedial measures were also studied. This study also assessed the contribution of each remedial measure towards restoration individually and collectively.

• Journal of Agricultural Extension & Community Development
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• v.19 no.3
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• pp.649-672
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• 2012

The government established Special Accounts for Balanced National Development in 2005, and the Metropolitan Council has enacted and executed ordinance relevant to special accounts to relieve regional unbalanced growth and to promote regional balanced growth. This study derived a political implication through the comparison analysis of the background of establishment and its purpose, the selection criteria of support target, finance scale and tax revenue finance, appropriation target and finance distribution, etc. on the basis of Chungcheongnam-do Special Accounts for Balanced Development and Jeollabuk-do Eastern part Special Accounts among the special accounts implemented in metropolitan council. The major conclusions of this study are as follows. First, the transition from the concept of balanced development to specialized development is necessary for the development of distressed region. Second, the pure wastefulness ratio of the local government's tax revenue finance of special accounts designed concentrating upon special accounts for Wide-area Autonomous Communities development should be gradually expanded. Third, Special Accounting budget should be supported to promote specialized development through the selection and concentration centering around comparatively advantageous resource within the region. Fourth, the strategic special accounts budget application system of cities and counties to utilize the projects of the government and the province to achieve the goal of cities and counties should be prepared.

• Steel and Composite Structures
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• v.42 no.4
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• pp.447-458
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• 2022

Cold-formed steel (CFS) sections are thin-walled, therefore, more susceptible to different types of geometric imperfections. Global type of geometric imperfections has a significant impact on the load-carrying capacity of flexural members. This paper reports an experimental study that discusses the influence of global imperfections on the flexural response of CFS built-up I-beams composed of two lipped channels, with simply supported ends, under four-point loading. Global imperfections of magnitude over eight times the maximum permissible ones were induced in the specimens, leading to their distress. Using various simple stiffening schemes, the capacity and stiffness of the distressed specimens were improvised. The performance comparisons were made based on the maximum loads resisted, flexural stiffnesses offered, and failure modes experienced by the specimens. As experimental data on such distressed specimens are currently lacking in the literature, the test results of the present study will provide the necessary data needed by future researchers to numerically extend this study further, which will help in the development of necessary design guidelines for the same. The stiffening schemes significantly improved the structural efficiency of distressed specimens in terms of strength and stiffness, by over 60%. As a result, an effective and time-saving solution to such realistic structural engineering problems is given.

• The Korean Journal of Financial Management
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• v.25 no.1
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• pp.141-176
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• 2008

This study provides an analysis of ex post efficient outcome, which can be said an objective of distressed restructurings, using the stock return of listed companies. The findings of this study are as follows: First, upon completing the distressed restructurings, reorganization and workout cases showed positive announcement effects, which was statistically significant. Also, composition cases displayed a positive value, but it was not statistically significant. Second, with respect to post-restructuring long-run stock performance, reorganization and composition showed underperformance after completion. However, workout cases showed overperformance after the completion. Third, multiple regression analysis to find factors affecting post-restructuring long-run stock performance suggests that higher asset decrease(ASSETCH), shareholder concentration (OWNCEN), largest shareholders' stake(OWN) have more positive impacts on long-run performance. However, change of the largest shareholder(OWNERCH) has negative impacts on long-run performance. Finally, change of the largest shareholder is a negative factor in the performance of the distressed restructurings. Therefore, this study implies that if M&A is used as a way of early completing the distressed restructurings, prudent judgment is required on whether a firm can recover its competitiveness and is likely to be economically viable again.

• International conference on construction engineering and project management
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• 2005.10a
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• pp.996-1001
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• 2005

Today, government is no longer considered the sole provider of public works or services. Public-Private Partnership (PPP) has been recognized as an important approach to solving problems for governments in providing public works and services. However, the joint ownership of public works/services complicates the administration of PPP projects. Particularly, the fact that government may rescue a distressed project and renegotiate with the developer causes serious problems in project procurement and management. This paper aims to study when and how government will rescue a distressed project and what impacts government's rescue behavior has on project procurement and contract management. A game-theory based model for government rescue will be developed. This pilot study, the author hopes, may provide theoretic foundations to practitioners/policy makers for prescribing creative PPP procurement and management policies and for examining the effectiveness of PPP policies.

• The Journal of the Korea Contents Association
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• v.13 no.3
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• pp.174-183
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• 2013

This study in the lives of single-parent female households demographic and economic variables and economic stress quality financial satisfaction and physical health status and psychological distressed affect were analyzed. The study took advantage of an analysis of a sample of 430 people living in care facilities nationwide cap material. Using SAS 9.1 (Statistical Analysis System) were analyzed by the research model to set a single-parent female head of household demographic and economic characteristics, economic satisfaction, physical health status, was found to have a negative effect on the quality of life psychologically distressed. Also was identified as a single-parent female households experience economic stress have a negative effect on their quality of life. Especially, showed the biggest influence on the psychologically distressed was a significant influence financial satisfaction and physical health status in.

• Proceedings of the Fisheries Business Administration Society of Korea Conference
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• 2007.12a
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• pp.167-184
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• 2007

The objectives of this paper are to identify the causes of the corporate distress and to develop a distress prediction model with the financial information in fishery industry. In this study, the corporate distress is defined as economic failure and technical insolvency. Economic failure occurs by reduction, shut-down, or change of the business and technical insolvency results from failure to pay the financial debt of companies. The 33 distressed firms from 1991 to 2003 were composed by 14 economic failure companies, 15 technical insolvency companies. 4 companies applied to the both cases. The analysis of distress prediction of fishery companies were accomplished according to the distress definition. The analysis was carried out as two steps. The first step was the univariate analysis, which was used for checking the prediction power of individual financial variable. The t-test is used to identify the differences in financial variables between the distressed group and the non-distressed group. The second step was to develop distress prediction model with logistic regression. The variables showed the significant difference in univariate analysis were selected as the prediction variables. The financial ratios, used in the logistic regression model, were selected by backward elimination method. To test stability of the distress prediction model, the whole sample was divided as three sub-samples, period 1(1990$\sim$1993), period 2(1994$\sim$1997), period 3(1998$\sim$2002). The final model built from whole sample appled each three sub-samples. The results of the logistic analysis were as follows. the growth, profitability, stability ratios showed the significant effect on the distress. the some different result was found in the sub-sample (economic failure and technical insolvency). The growth and the profitability were important to predict the economic failure. The profitability and the activity were important to predict technical insolvency. It means that profitability is the really important factor to the fishery companies.