• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.12 no.3
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• pp.191-202
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• 2017

KONEX (Korea New Exchange) is the organised stock exchange for small enterprises. It is a channel through which venture start-ups at their early stage can raise funds without a huge burden of debt. We explain the regulations in this market and examine the effects of major changes in the relevant regulations. The first change was replacing the call auction mechanism with the continuous auction mechanism. The change improved the information asymmetry among investors. The second was lowering the minimum deposit requirement for individual investors from 300 million won to 100 million won. As the result of the change, market liquidity increased a lot and the number of investors increased. The last change was introducing the small investment account. Although this raised the participation of individual investors but did not lead to the improvement in market liquidity or information asymmetry. In overall, encouraging more investors to participate in the transactions in KONEX is the fast way to boost the market, while the long-term strategy should focus more on improving the information asymmetry by helping information generating and transferring activities.

• Korean Journal of Construction Engineering and Management
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• v.13 no.2
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• pp.102-109
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• 2012

One of key success factors in PPI(Public Private Investment) is the structure of risk sharing between the public and the private, and the determination mechanism of fair return to private participants relative to the risk that private participants undertake. In Korea, two basic types of PPI exist. One is BTO and the other is BTL. In BTO, most risks are taken by the private whereas the opposite is the case in BTL. No intermediate form exists. As a result, BTO type projects had difficulty in attracting private participants because of the excessive risks. In this study, one intermediate form is studied where demand risk is shared between the public and the private. In the setting where the public authority takes all the project revenues and then pays ladder type payments to private participants depending upon the level of project revenues, appropriate level of fixed payments is endogenously derived using the real option pricing model. From the fixed payments, expected investment returns are calculated based upon a certain distributional assumption. The results of this study is expected to help introducing diverse forms of PPI in Korea.

• Journal of the Korean Crystal Growth and Crystal Technology
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• v.27 no.6
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• pp.313-318
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• 2017

The microstructure of a cobalt-base superalloy (ECY768) obtained by an investment casting process was studied. This work focuses on the resulting microstructures arising from different melt and mold temperatures in normal industrial environmental conditions. The characterization of the samples was carried out using optical microscopy, field emission scanning electron microscopy and energy-dispersive spectroscopy. In this study, the as-cast microstructure is an ${\alpha}-Co$ (face-centered cubic) dendritic matrix with the presence of a secondary phase, such as $M_{23}C_6-type$ carbides precipitated at grain boundaries. These precipitates are the main strengthening mechanism in this type of alloy. Other minority phases, such as the MC-type phase, was also detected and their presence could be linked to the manufacturing process and environment.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.20 no.12
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• pp.574-580
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• 2019

In this paper, the economic performance of the Jeju Free International City and the Free Economic Zone is investigated using statistical testing and the difference in differences (DID) model with data on foreign direct investment (FDI), gross regional domestic product (GRDP), and employment-to-population ratio (EPR). The relationships among FDI, GRDP, and EPR are also investigated using the panel vector error-correction model on the regional data. The compound average growth rate of actual investment, and the ratio of FDI received to FDI declared in the capital region were higher than in the non-capital region. For the growth and relative volume of FDI received, seven regions out of 16 were found to be low in growth and small in relative volume. The results of statistical testing showed statistically significant differences in some variables, except for two regions, but DID estimates that determine the pure policy effect of zone designation showed statistical insignificance. On the other hand, the explanatory power among the three variables was found to be quite limited, but it was greater in the cities, provinces, and non-capital region. In summary, it is necessary to establish the FDI inducement mechanism so the inflow of FDI can increase GRDP and EPR.

• Information Systems Review
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• v.25 no.1
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• pp.111-128
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• 2023

With the development of artificial intelligence technology, interest in data-based product preference estimation and personalized recommender systems is increasing. However, if the recommendation is not suitable, there is a risk that it may reduce the purchase intention of the customer and even extend to a huge financial loss due to the characteristics of the financial product. Therefore, developing a recommender system that comprehensively reflects customer characteristics and product preferences is very important for business performance creation and response to compliance issues. In the case of financial products, product preference is clearly divided according to individual investment propensity and risk aversion, so it is necessary to provide customized recommendation service by utilizing accumulated customer data. In addition to using these customer behavioral characteristics and transaction history data, we intend to solve the cold-start problem of the recommender system, including customer demographic information, asset information, and stock holding information. Therefore, this study found that the model proposed deep learning-based collaborative filtering by deriving customer latent preferences through characteristic information such as customer investment propensity, transaction history, and financial product information based on customer transaction log records was the best. Based on the customer's financial investment mechanism, this study is meaningful in developing a service that recommends a high-priority group by establishing a recommendation model that derives expected preferences for untraded financial products through financial product transaction data.

• International Journal of Quality Innovation
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• v.9 no.3
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• pp.71-91
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• 2008

The definition of cycle time is the time from the wafer start to the wafer output. It usually takes one or two months to get the product since customer decides to produce it. The cycle time is a critical factor for customer satisfaction because it represents the response time to the market. Long cycle time reflects the ineffective investment for the capital. The cycle time is very important for foundry because long cycle time will cause customer unsatisfied and the order loss. Consequently, all of the foundries put lots of human source in the cycle time improvement. Usually, we make decisions based on the experience in the cycle time management. We have no mechanism or theory for cycle time management. We do work-in-process (WIP) management based on turn rate and standard WIP (STD WIP) set by experiences. But the experience didn't mean the optimal solution, when the situation changed, the cycle time or the standard WIP will also be changed. The experience will not always be applicable. If we only have the experience and no mechanism, management will not be work out. After interview several foundry fab managers, all of the fab can't reflect the situation. That is, all of them will have an impact period after product mix or utilization varied. In this study, we want to develop a formula for standard WIP and use statistical process control (SPC) concept to set WIP upper/lower limit level. When WIP exceed the limit level, it will trigger action plans to compensate WIP Profile. If WIP Profile balances, we don't need too much WIP. So WIP level could be reduced and cycle time also could be reduced.

• Journal of Environmental Policy
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• v.2 no.2
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• pp.41-63
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• 2003

CDM(Clean Development Mechanism) project is said to be a mechanism, which profits both the investing country and the host country, while additionally contributing to the reduction of greenhouse gases of the earth as a whole. However in reality, most of the proposed projects do not end up in agreement because of the problems related to differences in recognition between the investing country and the host country of the CDM project. This outlines the background for this research which proposes a new design of institutional arrangements of CDM projects in the Northeast Asian region, mainly Japan, China and Korea. In addition, we investigate the feasibility of the proposed design. The research firstly focuses on the reduction in transaction costs that the participation of Korea will have on a Japan-China CDM project. This paper further emphasizes the potential gains that would materialize if a CDM project involved the whole Northeast Asian region, and not only one country. Our research suggests that an approximate reduction of 23% in transaction costs, and about 4% reduction in the total costs of a CDM project can be expected to follow the Korean participation. In addition to decreasing costs we find that a Korean involvement in a CDM project with Japan will lead to efficiency gains illustrated by a higher increase in the IRR(Internal rate of return) in a Japan-Korea project(11.45% to 12.21%) compared to an IRR incresement of 10.57% to 11.27% for a pure Japanese CDM project. Similar results of a rise in the IRR is found for the whole investment period of 20 years. We can hence conclude that Korean participation in a Japan-China CDM project would improve the implementation possibilities of CDM project in the Northeast Asia region.

• Journal of the Korean Institute of Landscape Architecture
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• v.29 no.3
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• pp.19-28
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• 2001

The purpose of this paper is to examine factors affecting user´s satisfaction in development of natural recreation forest(NRF) in order to answer the research question: What is the magnitude of factors affecting user´s satisfaction in development of NRF. After reviewing the literature, mechanism of outdoor recreation, and development factors in NRF, we constructed the conceptual framework and have formulated the hypothesis of this research. we have obtained data through a questionnaire, which surveyed 625 visitors at 10 of the 72 natural recreation forests in Korea in 1999, We have analyzed the data using the mean difference test, Pearson´s correlation analysis, and multiple linear regression method. We found that 1) all the development factors except recreational resources affecting user´s satisfaction have turned out to be statistically significant at one percent level. The direction of relationship between independent variable and dependent variable is the same as that of dependent variable. 2) in bivariate analysis, the relationships between user´s satisfaction and all the development factors are fairly high and statistically significant. The higher the value of development factors, the higher the degree of user´s satisfaction. 3 in multivariate analysis, such variables as the suitability of activities level of services, atmosphere, and facility have been statistically significant at one percent level, and 4) Their relative contribution of the suitability of various recreational activities, level of atmosphere, and service on dependent variable have been turned out to have 8.167, 4.889, 3.333, and 1.611 times more importance than that of the suitabity of recreational resources, respectively. The research results suggest that a guideline for the creation of marketable NFR and development of use-programs and recreational atmosphere be recommended in the planning and development process of NRF, and excessive investment on facilities is not desirable. The approach and analysis method adopted by this research is highly useful for an evaluation criterion of NRF and development of devices for increasing user´s satisfaction in NRF. It is recommended that more empirical study on individual factors affecting user´s satisfaction be performed in the future.

• Environmental and Resource Economics Review
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• v.28 no.1
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• pp.39-59
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• 2019

The Korean Demilitarized Zone (DMZ) has the great ecosystem as all the artificial activities in DMZ have been prohibited over half a century. The ecosystem should be conserved even after the reunification of Korea and hence the conservation plan should be established not after the reunification but before it. It requires a considerable budget to conserve DMZ, considering management of ecology resource, recovery, and research. The objective of this paper is to analyze a fund-raising measure for DMZ conservation, using economic incentives mechanism when multiple developers participate in the auction to get the right to develop North Korean regions, have private information about their sunk costs and pay a part of their profits for the fund. First, we analyze the real option model to decide the optimal investment time. Second, we construct the auction for bidders not to misrepresent their private information, based on Bayesian Nash equilibrium.

• Structural Monitoring and Maintenance
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• v.11 no.3
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• pp.187-202
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• 2024

For the problems of high compressibility and low strength of peat soil formed by lake-phase deposition in Dianchi Lake, microbial-induced calcium carbonate deposition (MICP), phyto-urease-induced calcium carbonate deposition (EICP) and phyto-urease-induced calcium carbonate deposition combined with lignin (EICP combined with lignin) were used to reinforce the peat soil, the changes in mechanical properties of the soil before and after the reinforcement of the peat soil were experimentally investigated, and the effect and mechanism of peat soil reinforcing by the three reinforcing techniques were tested and analyzed using X-ray diffraction (XRD) and scanning electron microscope (SEM). The results show that: compared to the unreinforced remolded peat soil specimens, the unconfined compressive strength (UCS), cohesion and internal friction angle of the specimens reinforced by MICP, EICP and EICP combined with lignin techniques have been greatly improved, and the permeability resistance has been improved by two, two and three orders of magnitude, respectively; the different methods of reinforcing generate different calcium carbonate crystalline phases, with the EICP combined with lignin technique generating the most stable calcite, and the MICP and EICP techniques generating a mixed phase of calcite and spherulitic chalcocite. Analyses showed that for peat soil reinforcement, the acidic environment of peat soil inhibited the growth and reproduction of bacteria, EICP technology was superior to MICP technology, and the addition of lignin solved the defect of the EICP technology that did not have a "nucleation site", so EICP combined with lignin reinforcement was preferred for the improvement of peat soil.