• The Korean Journal of Financial Management
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• v.26 no.4
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• pp.191-234
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• 2009

This study examined on the volatility feedback hypothesis through the use of threshold GARCH-in-Mean (GJR-GARCH-M) model developed by Glosten, Jaganathan, and Runkle (1993) in the stock markets of 14 emerging countries during the period of January, 1996 to May, 2009. On this study, I found successful evidences which can support the volatility feedback hypothesis through the following three estimation procedures. First, I found relatively strong positive relationship between the expected market risk premiums and their conditional standard deviations from the GARCH-M model in the basis of daily return on each representative stock market index, which is appropriate to investors' risk-averse preferences. Second, I can also identify the significant asymmetric time-varying volatility originated from the investors' differentiated reactions toward the unexpected market shocks by applying the GJR-GARCH-M model and further find the lasting positive risk aversion coefficient estimators. Third, I derived the negative signs of the regression coefficient of unpredicted volatility on the stock market return by re-applying the GJR-GARCH-M model after I controlled the positive effect of predicted volatility through including the conditional standard deviations from the previous GARCH-M model estimation as an independent explanatory variable in the re-applied new GJR-GARCH-M model. With these consecutive results, the volatility feedback effect was successfully tested to be effective also in the various emerging stock markets, although the leverage hypothesis turned out to be insufficient to be applied to another source of explaining the negative relationship between the unexpected volatility and the ex-post stock market return in the emerging countries in general.

• The Journal of the Korea Contents Association
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• v.20 no.3
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• pp.245-253
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• 2020

If the conversion rate of jeonse price to monthly rent is the market interest rate or the landlord's expected return, then the conversion rate of jeonse price to monthly rent in the country should be the same. However, the conversion rate of jeonse price to monthly rent has always been higher than the market interest rate. This study identifies the supply cost components of rental housing as a risk premium in the presence of current housing prices, market interest rates, depreciation costs, holding taxes, and leases, and identifies the relationship between the current housing prices and each factor. Housing rent is expressed as the current price. This overcomes the shortcomings that implicitly assume fluctuations in housing prices or do not include current housing prices in the conversion rate of jeonse price to monthly rent. This study found that the conversion rate of jeonse price to monthly rent is the required rate of return or required rate of renter, not market interest rate, by expressing the supply cost of rental housing as a combination of components. This not only explained the fact that the conversion rate of jeonse price to monthly rent was always higher than the market interest rate, but also explained the regional differences. It also explained why the conversion rate of jeonse price to monthly rent varies by type of housing.

• Plant Journal
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• v.12 no.1
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• pp.29-36
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• 2016

It is becoming increasingly important to make use of alternative energy source. because It is not able to rely on only fossil fuel for the recent increasing demand of energy consumption. With this situation, lots of studies for utilizing low grade energy such as industrial waste heat, solar energy, and geothermal energy have been conducted. The aim of this study is to predict the operation characteristics of working fluid by using performance analysis program (ThermoFlex) through the system analysis which is not mixing district return water but using ORC(Organic Rankine Cycle, hereinafter ORC) as a downstream cycle when accumulating district heating (hereinafter DH). In this study, We conducted the performance analysis for the case which has the district heating water temperature($120^{\circ}C$) and Flow rate of $163m^3/h$ (including District Heating return water flow), and examined several working fluid which is proper to this temperature. The case using R245fa (which is the best-case) showed 269.2kW power output, 6.37% efficiency. Additionally, Cut down on fuel was expected because of the boiler inlet temperature increase by being Formed $57.3{\sim}85^{\circ}C$ in a temperature of district heating return water, depending on a pressure change of a condenser in ORC system.

• The Korean Journal of Financial Management
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• v.26 no.3
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• pp.199-226
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• 2009

We examine the intertemporal relation between risk and return in the Korean stock market and foreign exchange market based on the two factor ICAPM framework. The standard GARCH model and the GJR(1993) model are employed to estimate conditional variances of the stock returns and foreign exchange rates. The covariance between the rates of stock returns and changes in the exchange rates are estimated by the constant conditional correlation model of Bollerslev(1990) and the dynamic conditional correlation model of Engle(2002). The multivariate GARCH in mean model and quasi-maximum likelihood estimation method, consequently, are applied to investigate riskreturn relation jointly. We find that the estimated coefficient of relative risk aversion is negative and statistically significant in the post-financial crisis sample period in the Korean stock market. We also show that the expected stock returns are negatively related to the dynamic covariance with foreign exchange rates. Both estimated parameters of conditional variance and covariance in the foreign exchange market, however, are not statistically significant. The GJR model is better than the standard GARCH model to estimate the conditional variances. In addition, the dynamic conditional correlation model has higher explanatory power than the constant correlation model. The empirical results of this study suggest following two points to investors and risk managers in hedging and diversifying strategies for their portfolios in the Korean stock market: first, the variability of foreign exchange rates should be considered, and second, time-varying correlation between stock returns and changes in foreign exchange rates supposed to be considered.

• Journal of the Korea Society of Computer and Information
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• v.25 no.2
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• pp.221-229
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• 2020

As the cosmetics beauty industry grows into a key next-generation industry, the establishment of an industrialization center is needed, but failure to verify the adequacy and feasibility of the investment could lead to financial burdens. In this study, the project costs and facilities of an industrial center are reviewed to analyze its economic feasibility based on the cost estimates, revenue estimates, estimated profit or loss calculations, and estimated operating cash flows. The profit estimation criteria were analyzed by applying 90 per cent of expected orders for research projects (24 billion won) and 12 per cent of rental rates for testing equipment (4.5 billion won for construction), and the benefit/cost ratio is higher than 1.02 per cent and the net present value is higher than '0' won, and the internal rate of return is also more than 5.06 per cent for all three analytical methods. Therefore, in order for the construction of a cosmetics beauty industrialization center to be economically feasible, it is necessary to maintain research project orders of more than 90 percent and return on equipment rent of more than 12 percent, and a strategic approach is needed to diversify business profits.

• Journal of Korean Society of Disaster and Security
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• v.13 no.4
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• pp.75-92
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• 2020

In most cases of the water balance analysis, the return flow ratio for each water supply was uniformly determined and applied, so it has been contained a problem that the volume of available water would be incorrectly calculated. Therefore, sewage and wastewater among the return water were focused in this study and the data-driven model was developed to forecast the outflow from the sewage treatment plant. The forecasting results of LSTM (Long Short-Term Memory), GRU (Gated Recurrent Units), and SVR (Support Vector Regression) models, which are mainly used for forecasting the time series data in most fields, were compared with the observed data to determine the optimal model parameters for forecasting outflow. As a result of applying the model, the root mean square error (RMSE) of the GRU model was smaller than those of the LSTM and SVR models, and the Nash-Sutcliffe coefficient (NSE) was higher than those of others. Thus, it was judged that the GRU model could be the optimal model for forecasting the outflow in sewage treatment plants. However, the forecasting outflow tends to be underestimated and overestimated in extreme sections. Therefore, the additional data for extreme events and reducing the minimum time unit of input data were necessary to enhance the accuracy of forecasting. If the water use of the target site was reviewed and the additional parameters that could reflect seasonal effects were considered, more accurate outflow could be forecasted to be ready for climate variability in near future. And it is expected to use as fundamental resources for establishing a reasonable river water management system based on the forecasting results.

• Journal of Korean Society of Forest Science
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• v.88 no.2
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• pp.255-265
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• 1999

This study deals with forest soil characteristics and their effects on the trafficability of logging vehicles. The study area is the national experimental forest located in Kwangnung. This site has 20m length and is equally divided by 5 surveying ranges with 4m width, on which a tractor(FIATAGRI) attached with logging boogie can drive in 4 driving types, namely 1time-return unload, 1time-return with load of 780-790kg weight of 3 logs, 5 and 10times-return with same load. After one driving type on all surveying ranges, the soil hardness is surveyed 5 times with 3 several type tools, SHM-1 type, lang penetrometer(L-PNTM), and clegg impact soil tester(CIST). A disturbed degree of cover vegetation and sliding conditions of vehicle are also observed. As results, the soil type of the test site was SC by USCS and dry brown forest soil. The cover vegetation is gotten trambled under driving after 3-5 times-return, shrubs leaves are fully fallen and their bark are peeled, and after 10 times-return the cover vegetations were nearly disappeared. The test vehicle has neither slided nor was overthrown. The wheel tracks in the 1-3 ranges, of which unit weight(gd, gt) is high and soil moisture content(MC) is low, were only 1-2cm deep, but those in the 4-5 ranges, of which the gd, gt is low and the MC is high, were 5-7cm deep. In the soil hardness test, which was established in 5 test ranges by types of driving, the more driving times, the higher the hardness. The soil hardness surveyed by L-PNTM has changed slowly and that surveyed by SHM-1 type has risen sharply. In the ranges with higher specific gravity(Gs), higher unit weight, lower MC and higher liquid limit(LL) and plasticity index(PI) was the soil hardness high and the trafficability was good. In the ranges with opposite conditions, also in the ranges of the lower soil hardness, the trafficability must be not good, because the wheel track may be deep. The results from CIST attached with 4kg hammer was not better than expected. So it is recommended to use CIST with 2.5kg or 0.5kg hammer.

• Proceedings of the Korean Society of Agricultural Engineers Conference
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• 2001.10a
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• pp.281-285
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• 2001

This study was carried out to improve the performance of heat recovery device attached to exhaust gas flue connected to combustion chamber of greenhouse heating system. Three different units were prepared for the comparison of heat recovery performance; AB-type(control unit) is exactly the same with the typical one fabricated for previous study of analyzing heat recovery performance in greenhouse heating system, other two types(C-type and D-type) modified from the control unit are different in the aspects of airflow direction(U-turn airflow) and pipe arrangement. The results are summarized as follows; 1. In the case of Type-AB, when considering the initial cost and current electricity fee required for system operation, it is expected that one or two years at most would be enough to return the whole cost invested. 2. Type-C and Type-D, basically different with Type-AB in the aspect of airflow pattern, are not sensitive to the change of blower capacity with higher than $25\;m^{3}/min$. Therefore, heat recovery performance was not improved so significantly with the increment of blower capacity. This is assumed to be that air flow resistance in high air capacity reduces the heat exchange rate as well. Never the less, compared with control unit, resultant heat recovery rate in Type-C and Type-D were improved by about 5% and 13%, respectively. 3. Desirable blower capacity for these heat recovery units experimented are expected to be about $25\;m^{3}/min$, and at the proper blower capacity, U-turn airflow units showed better heat recovery performance than control unit. But, without regard to the type of heat recovery unit, it is recommended that comprehensive consideration of system's physical factors such as pipe arrangement density, unit pipe length and pipe thickness, etc., are required for the optimization of heat recovery system in the aspects of not only energy conservation but economic system design.

• Journal of Environmental Science International
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• v.26 no.9
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• pp.1031-1043
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• 2017

Recently severe drought caused the water shortage around the western parts of Chungcheongnamdo province, South Korea. A Diversion tunnel from the Geum river to the Boryong dam, which is the water supply dam for these areas has been proposed to solve this problem. This study examined hydraulic impacts on the Geum river associated with the diversion plan assuming the severe drought condition of 2015 would persist for the simulation period of 2016. The hydraulic simulation model was verified using hydrologic and hydraulic data including hourly discharges of the Geum river and its 8 tributaries, fluctuation of tidal level at the mouth of the river, withdrawals and return flows and operation records of the Geum river barrage since Feb. 1, 2015 through May 31, 2015. For the upstream boundary condition of the Geum river predicted inflow series using the nonlinear regression equation for 2015 discharge data was used. In order to estimate the effects of uncertainty in inflow prediction to the results total four inflow series consisting of upper limit flow, expected flow, lower limit flow and instream flow were used to examine hydraulic impacts of the diversion plan. The simulation showed that in cases of upper limit and expected flows there would be no problem in taking water from the Geum river mouth with a minimum water surface level of EL(+) 1.44 m. Meanwhile, the simulation also showed that in cases of lower limit flow and instream flow there would be some problems not only in taking water for water supply from the mouth of the Geum river but also operating the diversion facility itself with minimum water surface levels of EL(+) 0.94, 0.72, 0.43, and 0.14 m for the lower limit flow without/with diversion and the instream flow without/with diversion, respectively.

• Journal of Korean Society of Rural Planning
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• v.24 no.3
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• pp.33-42
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• 2018

The aim of our study was to provide a basic data for the development of a small greenhouse model suitable for urban farmers. The study analyzed installation inclination, positive and negative reasons for installation, location of installation, preferred crops in small greenhouses, plans for use of products, and expected effects by using small greenhouse. Positive opinion on small greenhouse installation was 80.4% of the survey respondents. The most positive reason for the installation of small greenhouses was fresh and safe food supply, and the negative reason was maintenance difficulties. The results obtained in our survey indicated that small greenhouses were more likely to be installed near the house, and urban farmers tended to grow organic leafy vegetables in soil. The expected benefits of small greenhouse operation were largely divided into 'benefit for the improvement of the quality of life' and 'benefit for economic profits', and expectation for the improvement of the quality of life was higher than economic benefit. As a result of the Likert 5-point scale analysis, 'benefit for the improvement of the quality of life' by using a small greenhouse was graded as high as 4.17~4.60. On the other hand, the 'benefit to economic profits' was rated as low as 3.51~4.14.