• 제목/요약/키워드: leverage

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Corporate Cash Flow Exposures to Foreign Exchange Rate and the Determinants : Korean Listed Non-financial Firms (현금흐름의 단기 환노출과 결정 요인에 관한 연구)

  • Kang, Won
    • The Korean Journal of Financial Management
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    • 제26권3호
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    • pp.31-64
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    • 2009
  • This article investigates the short-term cash flow exposures to Korea's major trading partners' currencies based on the kospi and kosdaq firm data from 2000 to 2008. The cash flow approach allows us to analyze the influence on operational performances of individual firm's hedging strategies. Taken all three foreign exchange rates together, more than 30% of the sample firms exhibit significant exposure. Given that the short-term cash flow is rather easy to hedge, the result proves a poor exchange rate risk management practices of Korean firms. Kosdaq firms are more exposed than Kospi firms. On the contrary to the previous researches using stock prices, the operational cash flows show a positive relationship with the value of foreign currencies. The exchange rate-firm sample further shows that the size and leverage affect the level of exposure.

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Characteristics of Model Beverages with Gardenia Blue Pigments (치자 청색소를 첨가한 모델음료의 특성)

  • 윤혜현;정청송;한태룡
    • Journal of the Korean Society of Food Science and Nutrition
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    • 제30권6호
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    • pp.1147-1151
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    • 2001
  • We investigated stabilities of blue pigment extracted from Gardenia jasminoides at various conditions to check its applicability for beverages. Gardenia blue pigment with maximum absorption at 587 nm was obtained from the reaction of glycine and genipin (aglycone of geniposide). The blue pigment was found to be relatively unstable at acidic pH but very stable at alkaline conditions with half-life values of 102 days and 126 days at PH 9.0 and PH 11.0, respectively. The pigment also showed high thermal stability with half-life value of 55, 18, and 2 days at 50, 70, and 9$0^{\circ}C$, respectively. The addition of inorganic ions, sugars, and amino acids to model beverage containing this blue pigment increased retention rate at room temperature while addition of vitamin C decreased the stability. The sensory evaluation of the model beverage showed that inorganic ions and amino acids increased overall acceptability, indicating that the blue pigments of Gardenia jasminoides can be used as a natural colorant for leverage.

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Big Data Meets Telcos: A Proactive Caching Perspective

  • Bastug, Ejder;Bennis, Mehdi;Zeydan, Engin;Kader, Manhal Abdel;Karatepe, Ilyas Alper;Er, Ahmet Salih;Debbah, Merouane
    • Journal of Communications and Networks
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    • 제17권6호
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    • pp.549-557
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    • 2015
  • Mobile cellular networks are becoming increasingly complex to manage while classical deployment/optimization techniques and current solutions (i.e., cell densification, acquiring more spectrum, etc.) are cost-ineffective and thus seen as stopgaps. This calls for development of novel approaches that leverage recent advances in storage/memory, context-awareness, edge/cloud computing, and falls into framework of big data. However, the big data by itself is yet another complex phenomena to handle and comes with its notorious 4V: Velocity, voracity, volume, and variety. In this work, we address these issues in optimization of 5G wireless networks via the notion of proactive caching at the base stations. In particular, we investigate the gains of proactive caching in terms of backhaul offloadings and request satisfactions, while tackling the large-amount of available data for content popularity estimation. In order to estimate the content popularity, we first collect users' mobile traffic data from a Turkish telecom operator from several base stations in hours of time interval. Then, an analysis is carried out locally on a big data platformand the gains of proactive caching at the base stations are investigated via numerical simulations. It turns out that several gains are possible depending on the level of available information and storage size. For instance, with 10% of content ratings and 15.4Gbyte of storage size (87%of total catalog size), proactive caching achieves 100% of request satisfaction and offloads 98% of the backhaul when considering 16 base stations.

Measurement of Liquid Oscillation in Tuned Liquid Dampers using a Laser Doppler Vibrometer (레이저진동계를 사용한 동조액체댐퍼의 액체 진동 측정)

  • Shin, Yoon-Soo;Min, Kyung-Won;Kim, Junhee
    • Journal of the Computational Structural Engineering Institute of Korea
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    • 제29권6호
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    • pp.513-519
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    • 2016
  • In this study, dynamic vertical displacement of liquid in the tuned liquid column damper(TLCD) is measured by a laser Doppler vibrometer(LDV) to overcome limitations of existing sensors and to leverage noncontact sensing. Addressing advantages of noncontact measurements, operational principles of the LDV to measure velocity and displacement of a target object in motion is explained. The feasibility of application of the LDV to measurement of liquid motion in the TLCD is experimentally explored. A series of shake table tests with the TLCD are performed to determine requirements of application of the LDV. Based on the experimental results, it is proved that the LDV works under the condition of adding dye to the liquid by increasing the intensity of reflected laser and thus validity is verified by comparison with a conventional wave height meter.

A Study of Attitudes Toward Suicide Report among Individuals with and without Suicidal Thoughts and Suicide Attempts (자살 사고와 자살 시도가 있거나 없는 개인의 자살 보도에 대한 태도 연구)

  • Koh, Kyoung-Nam;Lee, Sang-Uk;Park, Jong-Ik
    • Korean Journal of Biological Psychiatry
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    • 제27권1호
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    • pp.9-17
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    • 2020
  • Objectives The purpose of this study is to investigate the interest level, perception and attitude of suicide high-risk group toward the media's suicide report, and also to provide the fundamental data in order to strengthen both the standard and the recommendation of media coverage in Korea. Methods We analyzed the data from the 2013 The Korea National Suicide Survey. The study included 1500 participants aged between 19 and 75 years. The participants were selected through the regional multi-layer stratification method using the sampling frame of the 2010 Census. One-on-one face-to-face interviews investigated the interest level, opinions, and attitudes toward suicide reports and collected data on past suicide history and demographic data. The collected data were evaluated using multiple logistic regression analysis. A probability level of p < 0.05 was considered statistically significant. Results The suicide high risk groups with histories of suicidal ideations or attempts showed more interest in suicidal reports [suicidal thought odds ratio (OR) = 1.81, 95% confidence interval (CI) = 1.40-2.34 ; suicidal attempt OR = 3.21, 95% Cl = 1.52-6.78]. However, there was no difference among the groups in thought that suicide reports incite suicide (suicidal thought OR = 1.26, 95% Cl = 0.92-1.73 ; suicidal attempt OR = 0.96, 95% Cl = 0.44-2.09). The suicide high risk groups showed a positive attitude toward suicide reports, but it was not statistically significant (suicidal thought OR = 1.10, 95% Cl = 0.41-2.92 ; suicidal attempt OR = 1.10, 95% Cl = 0.76-1.59). Conclusions We suggest the need of careful attitude of media suicidal reports not to bring about copycat suicides. and also we offer suicide prevention campaign based on media leverage.

Impact on AIS Process and Firm Performance of Accounting Information System Based on Dynamic Capabilities Framework (DCF에 근거한 회계정보시스템이 AIS프로세스와 기업성과에 미치는 영향)

  • Kim, Kyung Ihl
    • Journal of Convergence for Information Technology
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    • 제7권5호
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    • pp.169-175
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    • 2017
  • Accounting information systems (AIS) capture and process accounting data and provide valuable information for decision makers. However, in a rapidly changing environment, continual management of the AIS is necessary for organizations to optimize performance outcomes. I suggest that building a dynamic AIS capability enables accounting process and organizational performance. Using the dynamic capabilities framework (Teece 2007). I propose that a dynamic AIS capability can bedeveloped through the synergy of three competencies: having (1) a flexible AIS, (2) a complementary business intelligence system, and (3) accounting professionals with IT technical competency. Using survey data, I find evidence of a positive association between a dynamic AIS capability, accounting process performance, and overall firm performance. The results suggest that developing a dynamic AIS resource can add value to an organization. This study provides guidance for organizations looking to leverage the performance outcomes of their environment.

Technology Financing for Export-Import based Small and Medium Sized Enterprises: Focused on Supported Enterprises by the Export-Import Bank of Korea (수출입 중소기업의 기술금융에 관한 연구: 한국수출입은행 지원기업을 중심으로)

  • Lee, Gem-ma;Kim, Sang-Bong
    • Journal of Digital Convergence
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    • 제14권7호
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    • pp.11-20
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    • 2016
  • This study examines the possibility of implementing the technology financing for export-import based small and medium sized enterprises. Our sample consists of 2,753 small and medium sized enterprises, receiving financial support from the Export-Import Bank of Korea for the period of 2011-2013. We find that only 400(200) firms reserve IPs(patents) annually. Given that IPs are likely to concentrate on manufacturer industries such as electronic components, computers, video, sound and communication equipment manufacturing(KSIC 26), other machinery and equipment manufacturing(KSIC 29), manufacture of motor vehicles and trailers(KSIC 31). We also find that the total assets, sales and R&D expenses of IP holding companies greatly exceeds those of companies without IPs. In addition, IP holding companies' liquidity seems slight edge and the leverage ratio is somewhat lower. However, profitability ratios of IP holding companies are rather than harsh or similar level. 20~30% of IP holding firms show very week credit scores, implying that banks' default risk is expected to be significant.

A Test on the Pecking Order Theory of Financing : Considering Chaebol Affiliation

  • Lee, Jang-Woo;Hurr, Hee-Young
    • The Korean Journal of Financial Management
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    • 제26권2호
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    • pp.63-91
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    • 2009
  • This paper tests the validity of pecking order theory by Myers(1977) and Myers and Majluf(1984) on Korean manufacturing firms listed in the KRX for the years of 1994 to 2003. We also want to see if there is any difference in financing behavior between chaebol affiliated firms and non-chaebol affiliated firms. We develop testable hypotheses from the idea that established relationship between bank and firm mitigates the problem of information asymmetry (Kang and Lim, 2001), and thus makes it easier for firms to raise funds through banks. The test result of the first stage shows that firms prefer cash reserves to debt financing, and prefer debt to equity. Chaebol affiliated firms are found to behave as if they already exploit internal capital markets. The second stage of the test carried out by dividing debt capital into bank loans and corporate bonds also shows a consistent pattern of financing behavior. Firms are testified to prefer cash to bank loans, bank loans to corporate bonds, and corporate bonds to equity. In this case chaebol affiliation seems to make firms behave as if they already establish internal capital markets. Further analysis shows that some, though not in every case, difference of ordering around the occasion of Korean financial crisis exists. It may be from the change of attitude of Korean firms to risk, or from weakened influence of internal capital market along with strengthened market power in the post-crisis period.

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The Growth of the IT Service Industry and the Role of Public Organizations in Fairfax County (미국 페어팩스 카운티 IT서비스산업의 성장과 공공부문의 역할)

  • Huh, Dongsuk
    • Journal of the Economic Geographical Society of Korea
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    • 제17권1호
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    • pp.178-199
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    • 2014
  • This study aims to understand regional specificity and its impact on the IT service industry in Fairfax County. Fairfax County primarily specializes in the IT service in the United States, and it has cultivated a resilient and unique industrial environment. Business-related initiatives by the federal government have resulted in the influx and expansion of IT service firms, the formation of new small firms, the abundance of skilled workers, and the growth of the IT services related with the federal procurement market, though the government policies do not explicitly intend to affect the industrial path in Fairfax County. Meanwhile, local institutions have provided various programs and services for both incumbent firms and potential entrants, and have recently focused on the accumulation and leverage of relational assets among economic actors through a variety of networking venues.

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Study on the Implementation of a Virtual Switch using Intel DPDK (Intel DPDK를 이용한 가상스위치의 구현에 관한 연구)

  • Jeong, Gab-Joong;Choi, Kang-Il
    • The Journal of the Korea institute of electronic communication sciences
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    • 제10권2호
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    • pp.211-218
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    • 2015
  • This paper describes the implementation of the accelerated virtual switch using Intel DPDK(Data Plane Development Kit), and evaluates the virtual network functions of the virtual switch which is one of the most important components to build a virtual network for cloud computing. Nowadays, new information service platforms are appeared from the interconnection of intelligent IT systems like IoT(Internet of Things). And many companies want to use the new service platform for their new application service. The companies can apply there new service early which needs small investment and responses adaptively to the fast change of consumer environment. Using cloud computing technology, the new business service can be introduced as a commercial IT service for the time to market. In this study, an implementation and investigation were performed for the accelerated virtual switch, called Intel DPDK virtual switch, which is using multi processors in network interface card for virtual network functions. It can be useful for Internet-oriented companies to leverage the new cloud service and businesses for its creativeness.