• The Korean Journal of Financial Management
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• v.8 no.2
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• pp.209-255
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• 1991

This paper develops a simple model to explain the reasons why foreign acquirers pay significantly higher premiums for U.S. target firms than do U.S. buyers. We also provide empirical work on the valuation effect of foreign takeovers and the determinants of the wealth gains of U.S. target shareholders involved in foreign takeovers. The results indicate that target wealth gains are significantly higher in foreign takeovers than in domestic takeovers, after controlling for the wealth effects of payment method, acquisition type, tax status, size and time period of bids. This confirms the valuation effect of foreign takeovers. Furthermore, the results of cross-sectional regression analysis show that the variation in U.S. target wealth gains is explained by extra tax benefits stemming from double tax deductions for acquisition-related interest expenses incurred by foreign acquirers. These findings imply that differential taxation across tax jurisdictions is the main source of the valuation effect of foreign takeovers. In addition, we find that there exists a valuation effect of the nationality of the foreign acquirers. Japanese companies pay significantly higher premiums than do non-Japanese acquirers. The finding also indicates that competition among bidders increases the abnormal returns to U.S. target shareholders in foreign takeovers.

• Restorative Dentistry and Endodontics
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• v.35 no.6
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• pp.479-485
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• 2010

Objectives: The aim of this study was to compare the push-out bond strengths of resin cement/fiber post systems to post space dentin using different application methods of resin cement. Materials and Methods: Thirty extracted human premolars were selected and randomly divided into 3 groups according to the technique used to place the cement into root canal: using lentulo-spiral instrument (group Lentulo), applying the cement onto the post surface (group Direct), and injecting the material using a specific elongation tip (group Elongation tip). After shaping and filling of the root canal, post space was drilled using Rely-X post drill. Rely-X fiber post was seated using Rely-X Unicem and resin cement was light polymerized. The root specimens were embedded in an acrylic resin and the specimens were sectioned perpendicularly to the long axis using a low-speed saw. Three slices per each root containing cross-sections of coronal, middle and apical part of the bonded fiber posts were obtained by sectioning. The push-out bond strength was measured using Universal Testing Machine. Specimens after bond failure were examined using operating microscope to evaluate the failure modes. Results: Push-out bond strengths were statistically influenced by the root regions. Group using the elongation tip showed significantly higher bond strength than other ways. Most failures occurred at the cement/dentin interface or in a mixed mode. Conclusions: The use of an elongation tip seems to reduce the number of imperfections within the selfadhesive cement interface compared to the techniques such as direct applying with the post and lentulospiral technique.

• Composites Research
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• v.34 no.5
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• pp.283-289
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• 2021

This paper derives numerically the buckling Knockdown factors using two different initial imperfection models, such as geometric and loading imperfection models, to investigate the unstiffened composite cylinder with an ellipse pre-buckling deformation pattern. Single Perturbation Load Approach (SPLA) is applied to represent the geometric initial imperfection of a thin-walled composite cylinder; while Single Boundary Perturbation Approach (SBPA) is used to represent the geometric and loading imperfections simultaneously. The buckling Knockdown factor derived using SPLA is higher than NASA's buckling design criteria by approximately 84%, and lower than buckling test result by 9%. The buckling Knockdown factor using SBPA is higher than NASA's buckling design criteria by about 75%, and 14% lower than the buckling test result. Therefore, it is shown that the buckling Knockdown factors derived in this study can provide a lightweight design compared to the previous buckling design criteria while they give reasonably a conservative design compared to the buckling test for both the initial imperfection models.

• International Journal of Computer Science & Network Security
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• v.21 no.8
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• pp.71-78
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• 2021

The relevance of research provides the necessity to identify the basic problems in the public governance sphere and information technology relations, forasmuch as understanding such interconnections can indicate the consequences of the development and spreading information technologies. The purpose of the research is to outline the issues of applying information technologies in public governance sphere. 500 civil servants took part in the survey (Ukraine). A two-stage study was conducted in order to obtain practical results of the research. The first stage involved collecting and analyzing the responses of civil servants on the Mentimeter online platform. In the second stage, the administrator used the SWOT-analysis system. The tendencies in using information technologies have been determined as follows: the institutional support development; creation of analytical portals for ensuring public control; level of accountability, transparency, activity of civil servants; implementation of e-government projects; changing the philosophy of electronic services development. Considering the threats and risks to the public governance system in the context of applying information technologies, the following aspects generated by societal requirements have been identified, namely: creation of the digital bureaucracy system; preservation of information and digital inequality; insufficient level of knowledge and skills in the field of digital technologies, reducing the publicity of the state and municipal governance system. Weaknesses of modern public governance in the context of IT implementation have been highlighted, namely: "digitization for digitalization"; lack of necessary legal regulation; inefficiency of electronic document management (issues caused by the imperfection of the interface of reporting interactive forms, frequent changes in the composition of indicators in reporting forms, the desire of higher authorities to solve the problem of their introduction); lack of data analysis infrastructure (due to imperfections in the organization of interaction between departments and poor capacity of information resources; lack of analytical databases), lack of necessary digital competencies for civil servants. Based on the results of SWOT-analysis, the strengths have been identified as follows: (possibility of continuous communication; constant self-learning); weaknesses (age restrictions for civil servants; insufficient acquisition of knowledge); threats (system errors in the provision of services through automation); opportunities for the introduction of IT in the public governance system (broad global trends; facilitation of the document management system). The practical significance of the research lies in providing recommendations for eliminating the problems of IT implementation in the public governance sphere outlined by civil servants..

• Journal of International Area Studies (JIAS)
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• v.14 no.1
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• pp.129-153
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• 2010

The guiding research question of this paper is to discover 'why the UK could not develop a general structure in which transnational corporations were born during the end of the 19th ~ beginning of the 20th century like other countries'. In response to this question, although acknowledging its imperfections, the author would like to explore the causality in the context of 'Social Construction' which is reflected in the attributes of British society. As such, researchers are strongly recommended to take into account the actors' interests and the increased value effect of events which is driven by control power. This paper concludes that: firstly, not only was contempt for industrial capitalism prevalent in British society, the British government was unable to recognize the necessity of promoting policies for the development of transnational corporation. In addition, the increase in the clout of commercial-financial capitalists in the city of London along with the expansion of gentlemanly elites interfered with the transnationality of British companies. Secondly, the foundation of the political and economic structures in the UK experienced continuity and challenge simultaneously. Since the 1850's, the British social structure has been progressively characterized by the strengthening power of the commercial-financial elites in London, which resulted not in the transnationality of manufacturing but that of financial services. Finally, the configuration of the social network driven by the British elites consists of the actors' interests and control power in association with severance and connection. Unlike the complementarity of interests, in the initial stage, intended connection based on voluntary motivation between gentries and commercial-financial elites occurred in terms of control power. However, ultimately, the holding of power was transferred to the commercial-financial elites excluding the industrial capitalists and resulted in the reconfiguration of the social network.

• Journal of Service Research and Studies
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• v.12 no.1
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• pp.1-24
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• 2022

This study was conducted to derive a new model for popular democracy in the modern society. The problem is exacerbated as the original model of democracy, isonomia, has faded and modern democracy is operated as a democracy in which the masses rule. Democracy is exposing a bigger problem due to the economic inequality caused by the majority rule and the capitalist economic system. Popular democracy, in which all the masses are equally qualified as sovereigns, is a structure in which cunning politicians can easily seize power if the voters are not wise. Isonomia is a system in which free people who solve economic problems on their own and have honesty, courage, dedication, sacrifice and sincerity set laws with the same qualifications, and keep the laws themselves, is a system that depends heavily on the conscience and virtue of free people. Modern popular democracy embodies the absolute equality of the sovereign regardless of economic power, but without the spirit of sacrifice and dedication to the community, those who can win popularity by wrapping themselves up as if they are sacrificial and capable people may seize power. This study presents a service-oriented democracy as a system that can maintain the merits of modern popular democracy while embodying the essence of isonomia. The system was implemented focusing on the qualifications for virtue, such as honesty, courage, sacrifice, integrity, etc., fair to all regardless of wealth. Human imperfections have been supplemented by the use of artificial intelligence. The assumption about the nature of the sovereign and public officials' agents was newly established, and the winner-take-allism problem was solved. This study proved that both the philosophy of Isonomia and the merits of Democracy can be realized through service-oriented democracy based on the common principle of humanity and the philosophy of service. Service-oriented democracy can be called revision democracy.

• KDI Journal of Economic Policy
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• v.14 no.2
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• pp.55-75
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• 1992

At the outset of import liberalization, most economists expected a significant drop in the prices of domestic goods that faced foreign competition. However, it is now generally acknowledge that a significant drop in prices of those goods has not occurred. A common claim is that the prices did not drop significantly because the major importers of many imported goods were also the domestic producers of competing goods. The objective of this paper is to analyze the welfare effect of importation by domestic firms that produce competing goods, to identify the factors that facilitate such business practices, and to formulate a policy that could improve the welfare. We proved that importation by competing domestic firms definitely raises the prices of both imported and domestic goods compared to the situation where foreign goods are imported by non-producers, ceteris paribus. The intuition behind this result is that since a producer-importer is essentially a cartel, its overall profit maximization requires reduced competition between the products that it sells. On the other hand, if a producer-importer is more efficient at distrinbution than a simple importer, the comparison between the two cases is a priori indeterminate. We also find that the industries in which domestic producers are actively involved in importing competing goods are the ones in which the distribution channels are tightly controlled by importer-producers. This finding suggests that exclusive dealing contracts, which work as an entry barrier, may be the source of importing by domestic producers. We argue that in a country such as Korea, where financial market is highly incomplete, tight control of the distribution channels by oligopolistic manufacturers is likely to be an effective entry barrier that leads to importing by domestic producers of similar goods. We further argue that seemingly superior distribution costs of importer-producers is likely to be a result of market foreclosure which would disappear once the entry barrier of exclusive dealing contracts is removed. Above findings suggest that market imperfections are the source of importation by domestic competitors, which in turn constitutes a market imperfection in itself and reduces consumer welfare. As potential remedies, we considered three alternatives; direct price control by the government over the imported goods sold by major domestic producers, regulation of trade itself between major producers, and regulation of exclusive dealing contracts. For reasons both theoretical and pratical, we find that the last alternative is the most attrative. Prohibiting exclusive contracts between manufacturers and dealers in industries where exclusive dealing contracts are a significant entry barrier is expected to break up the importer-producer cartel and improve the welfare.

• KDI Journal of Economic Policy
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• v.12 no.2
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• pp.135-149
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• 1990

Housing owners in Korea have a variety of tax advantages such as income tax exemption for the imputed rent of owner-occupied housing, exemption from the capital gains tax and deduction of the estate tax for one-house households. These tax reliefs for housing owners not only conflict with the principle of horizontal and vertical equity, but also lead to resource misallocation by distorting the housing market, and thus bring about regressive distribution effects. Particularly in the case of Korea with its imperfect capital market, these measures exacerbate the inter-class inequality of housing ownership as well as inequalities in wealth, by causing the affluent to demand needlessly large housing, while the poor and young experience difficulties in purchasing residential properties. Therefore, the Korean tax system must be altered as follows in order to disadvantage owner-occupiers, especially those owners of luxury housing. These alterations will promote housing-ownership, tax burden equity, efficiency of resource allocation, as well as the desirable distribution of income. First, income tax deductions for the rent payments of tenants are recommended. Ideally, the way of recovering the fiscal equivalence between the owner-occupiers and tenants is to levy an income tax on the former's imputed rents, and if necessary to give them tax credits. This, however, would be very difficult from a practical viewpoint, because the general public may perceive the concept of "imputed rent" as cumbersome. Computing the imputed rent also entails administrative costs, rendering quite reasonable, the continued exemption of imputed rent from taxation with the simultaneous deduction in the income tax for tenants. This would further enhance the administrative efficiency of income tax collection by easing assessment of the landlord's income. Second, a capital gains tax should be levied on the one-house household, except with the postponement of payments in the case that the seller purchases higher priced property. Exemption of the capital gains tax for the one-house household favors those who have more expensive housing, providing an incentive to the rich to hold even larger residences, and to the constructors to build more luxurious housing to meet the demand. So it is not desirable to sustain the current one-house household exemption while merely supplementing it with fastidious measures. Rather, the rule must be abolished completely with the concurrent reform of the deduction system and lowering of the tax rate, measures which the author believes will help optimize the capital gains tax incidence. Finally, discontinuation of the housing exemption for the heir is suggested. Consequent increases in the tax burden of the middle class could be mitigated by a reduction in the rate. This applies to the following specific exemptions as well, namely, for farm lands, meadows, woods, business fields-to foster horizontal equity, while denying speculation on land that leads to a loss in allocative efficiency. Moreover, imperfections in the Korean capital market have disallowed the provision of long term credit for housing seekers. Remedying these problems is essential to the promotion of greater housing ownership by the low and middle income classes. It is also certain that a government subsidy be focused on the poorest of the poor who cannot afford even to think of owning a housing.

• Journal of the Korean Institute of Navigation
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• v.4 no.2
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• pp.45-79
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• 1980

The aim of this paper is to analyze the mechanics of price formation in the tramp shipping. For the purpose of this study, the main characteristics of tramp freight rates and the market is examined, and a brief examination of the nature ofthe costs of operation is given which are essential for the understanding of the functioning of shipping firms as well as for the understanding of developments in the tramp freight market. The demand and supply relationships in the market is also analysed in detail. Tramp shipping is an industry that has a market which functions under conditions that are not dissimilar to the theoretical model of perfect competition. However, it does notmean that tramp shipping market is a perfectly competitive market. It is apparent that this realworld competitive system has its imperfections, which means that the market for tramp shipping is near to being a perfectly competitive market on an internaitonal scale and it is freight are therefore subjext to the laws of supply and demand. In theory, the minimum freight rate in the short term is that at which the lowest cost vessels will lay-up in preference to operating, and is equal to the variable costs minus lay-up costs; and this would imply that in all times except those of full employment for ships there is a tendency for newer low-cost, and, probably, faster vessels to be driving the older high-cost vessels in the breaker's yards. In this case, shipowners may be reluctant to lay-up their ships becasue of obligations to crews, or because they would lose credibility with shippers or financiers, or simply because of lost prestige. Mainly, however, the decision is made on strictly economic grounds. When, for example, the total operating costs minus the likely freight earnings are greater than the cost of taking the ship out of service, maintaining it, and recommissioning it, then a ship may be considered for laying-up; shipowners will, in other words, run the ships at freight earnings below operating costs by as much as the cost of laying them up. As described above, the freight rates fixed on the tramp shipping market are subject to the laws of supply and demand. In other words, the basic properties of supply and demand are of significance so far as price or rate fluctuations in the tramp freight market are concerned. In connection with the same of the demand for tramp shipping services, the following points should be brone in mind: (a) That the magnitude of demand for sea transport of dry cargoes in general and for tramp shipping services in particular is increasing in the long run. (b) That owning to external factors, the demand for tramp shipping services is capable of varying sharphy at a given going of time. (c) The demad for the industry's services tends to be price inelastic in the short run. On the other hand the demand for the services offered by the individual shipping firm tends as a rule to be infinitely price elastic. In the meantime, the properties of the supply of the tramp shipping facilities are that it cannot expand or contract in the short run. Also, that in the long run there is a time-lag between entrepreneurs' decision to expand their fleets and the actual time of delivery of the new vessels. Thus, supply is inelastic and not capable of responding to demand and price changes at a given period of time. In conclusion, it can be safely stated that short-run changes in freight rates are a direct result of variations in the magnitude of demand for tramp shipping facilities, whilest the average level of freight rates is brought down to relatively low levels over prolonged periods of time.

• (The)Study of the Eastern Classic
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• no.48
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• pp.225-252
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• 2012

In this paper, the writer examined the procedural changes of Zhuzi(朱子)'s theory of ZhongHe(中和), and also investigated the evaluations thereof made by the later generations. In the stage of ZhongHeJiuShuo(中和舊說), Zhuzi(朱子) ignored the theory of Lidong(李?), which was traditional theory argued by DaoNam School(道南學派). He met Zhangshi(張?) of HuXiang School(湖湘學派) and followed the school's philosophy, 'XianChaShiHouHanYang(先察識後涵養)', meaning what you should do first prior to making great efforts in self-cultivation is to examine the past, when desiring to know yourself. Even though Zhuzi(朱子) had learned the method of moral cultivation from Lidong(李?), he was fascinated by such method of moral cultivation as 'XianChaShiHouHanYang(先察識後涵養)' advocated by HuXiang School(湖湘學派) through discussion with Zhangshi(張?). This tells that he only recognized the fact that there were no achievements WeiFa(未發), but only the achievements YiFa(已發). In the stage of ZhongHeXinShuo(中和新說), he realized the mistakes committed in the time of ZhongHeJiuShuo(中和舊說), and put emphasis upon the achievements in the time WeiFa(未發). Zhuzi(朱子) had explained the relationships among mind, nature, and emotional bond as by his theory, 'XinTongXingQing(心統性情)', meaning that mind controls humans' original nature. Also he followed self-cultivation of Respect, no longer believing the Huhong(胡宏)'s XianChaShiHouHanYang(先察識後涵養). Such a method of self-cultivation means that his method of moral cultivation centered on the achievements YiFa(已發), which was originated from HuXiang School(湖湘學派), had been changed into the method of moral cultivation with a focus on the achievements WeiFa(未發), which was theory argued by DaoNam School(道南學派). However, Zhuzi(朱子)'s theory of ZhongHe(中和) that had seemed perfect began to be discussed and polished again during Joseon Period through the debates between Ligu(栗谷) and Niuxi(牛溪) in the 16th century, and through the debates between Youan(尤庵) and Yuxuan(寓軒) in the 17th century, also through the HuLuoLunZheng(湖洛論爭) represented by Nantang(南塘) and Weiyan(巍巖). Since Zhuzi(朱子)'s theory of ZhongHe(中和) had some flaws, it had to put through such debates as mentioned above. Those debates were generated because imperfections were found in the theory of ZhongHe(中和) by Zhuzi(朱子).