• The Journal of Fisheries Business Administration
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• v.39 no.2
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• pp.61-79
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• 2008

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 - 1993), period 2(1994 - 1997), period 3(1998 - 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.

• KDI Journal of Economic Policy
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• v.26 no.2
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• pp.179-208
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• 2004

With the outbreak of the financial crisis in mid-1997, the Korean government has removed a majority of M&A-related regulations in order to facilitate M&A transactions. This was based upon the belief that M&As are one of the most efficient ways to restructure financially distressed firms compared to other government-driven restructuring programs. In this paper, we try to empirically assess the role of M&A in restructuring distressed firms in Korea following the financial crisis. In doing so, three empirical analyses have been conducted. The first analysis attempts to identify financial characteristics of the insolvent M&A targets. The second exercise directly tests the change in performance of insolvent M&A targets before and after such M&A transactions. The third analysis is a more general assessment on the role of M&A transactions to determine if being involved in an M&A transaction (regardless of its motivate) has reduced the probability of becoming insolvent in the future. Overall, we find some evidence supporting that M&A activities after the financial crisis have played a positive role in restructuring financially distressed firms in Korea.

• International Journal of Highway Engineering
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• v.16 no.2
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• pp.73-89
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• 2014

PURPOSES : The objective of this study is to investigate the current state of the practice, examining the steps in the process recommended by various agencies and the Asphalt Recycling and Reclaiming Association (ARRA)-namely mix design, structural design, structural capacity evaluation, and material characterization-in order to better understand the implications of hot in-place recycling (HIR). METHODS : In addition, the current practice of state departments of transportation (DOTs) is here reviewed with the purpose of learning from successful past experiences so as to forestall any difficulties that may emerge under similar circumstances. Also, HIR benefits, including reduced costs, improved construction processes, and environmental friendliness are presented, as well as advantages and disadvantages of HIR application. RESULTS : Most of the United States highway system is now deteriorating so that rehabilitation or reconstruction techniques are required for the most distressed roads, taking into account ways to increase the effectiveness of existing budgets. Several options are available in rehabilitating distressed roads, and the choice among these depends on many factors, including pavement distress condition, funding, and design life. Among these techniques, Hot In-Place Recycling (HIR) has emerged as a cost-effective treatment for deteriorated pavements, and has been proven an effective long-term strategy for pavement rehabilitation.

• Proceedings of the Korean Institute of Navigation and Port Research Conference
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• 2002.11a
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• pp.1-6
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• 2002

To provide an easy operation of drift prediction model in SAR(search and rescue) mission a GUI program running on Window environment has developed. Users can make choice of input data on the screen by just clicking the mouse and the prediction results of datum points and trajectories of vessels are drawn on the map. The program contains both Leeway Equation model and mathematical model. The FORTRAN language was used in programming and Lehay Winteracter 4.0 software was utilized for graphic presentation. The result of May, 2001 Busan field experiment was plotted with that of model prediction for demonstration purpose.

• Journal of Navigation and Port Research
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• v.26 no.5
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• pp.491-495
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• 2002

To provide an easy operation of drift prediction model in SAR(search and rescue) mission a GUI program running on Windows environment has developed. Users can make choice of input data on the screen by just clicking the mouse and the prediction results of datum points and trajectories of vessels are drawn on the electric chart. The program contains both Leeway Equation model and Mathematical model. The FORTRAN language was used in programming and Lehay Winteraction 4.0 software was utilized for graphic presentation. The result of May, 2001 Busan field experiment was plotted with that of model prediction for demonstration purpose.

• Journal of the Korean Society of Marine Environment & Safety
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• v.6 no.1
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• pp.111-120
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• 2000

In this study the drift prediction models currently used in search and rescue(SAR) operations are introduced and the basic differences among them are analyzed by comparing the target classification, the treatment of environmental conditions, leeway equations and the determination of search area. In addition the new methods under development including AP98 of U.S. Coast Guard are compared and studied to improve the efficiency of SAR operation.

• Journal of Korean Port Research
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• v.12 no.2
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• pp.373-384
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• 1998

In search and rescue mission the leeway formula based on the field experiments are utilized for the estimation of wind effect on distressed targets. This paper summarized the leeway formula from the available references. In the summary the environmental data collection method and experimental conditions are described along with the formula. Also the formula currently used in CASP of the U.S. Coast Gurard and CANSARP of the Canadian Coast Guard are discussed.

• Journal of Korean Port Research
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• v.14 no.3
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• pp.353-360
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• 2000

In this study a drift prediction model based on fluid dynamics theory is introduced. The essential effects of environmental loads and target characteristics are taken into account from a fluid dynamics point of view. The governing equations of motion are derived from Netwon's law of dynamics. In the mathematical formulation only three degrees of freedom(surge, sway, yaw) of the drifting object are assumed and the environmental loads considered are the forces and moments by wind and current. A computer algorithm for this model is implemented to obtain the numerical result in the time domain. The preliminary tests for model verification are conducted and the results are compared with the field experiment data as well as leeway formula suggested from the field test data.

• Proceedings of the Korean Institute of Navigation and Port Research Conference
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• 2000.11a
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• pp.63-71
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• 2000

In this study a drift prediction model based on fluid dynamics theory is introduced. The essential effects of environmental loads and target characteristics are taken into account from a fluid dynamics point of view. The governing equations of motion are derived from Newton's law of dynamics. In the mathematical formulation only three degrees of freedom(surge, sway, yaw) of the drifting object are assumed and the environmental loads considered are the forces and moments by wind and current. A computer algorithm for this model is implemented to obtain the numerical result in the time domain. The preliminary tests for model verification are conducted and the results are compared with the field experiment data as well as leeway formula suggested from the field test data.

• Journal of the Korean Institute of Educational Facilities
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• v.3 no.2
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• pp.5-13
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• 1996

In the course of modernization and industrialization in Korea, the population in rural area has been substantially decreased, as a greate number of people have moved to urban area. Many elementary schools in rural area were destined to be closed as the number of students for each school have been decreased below proper level. And this tendency seems to be continued for the time being. The purpose of this study is to suggest a policy for the effective utilization of closed elementary schools in rural area. Especially this study is focused on the cases of utilization of closed school as art studio. By analysing the actual cases of utilization of closed school facilities as artists' studios and surveying the responses and opinions of local inhabitants as well as the artists, we hereby suggest and propose a related policy as one of effective means to revitalize distressed rural community.