• Economic Analysis
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• v.27 no.1
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• pp.1-36
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• 2021

Given the US dollar's status as a global safe haven, global factors, such as US monetary policy, may have considerable impacts on financial markets in other countries. Regarding such hypothesis, this paper looked at the impacts of US monetary policy on domestic bond and FX swap markets through an event study. According to our analysis, US monetary policy had significant positive impacts on domestic interest rates. In particular, it turned out to have bigger impacts on long-term products with high term premiums. By period, the correlation between US monetary policy and domestic interest rates was not significant before the financial crisis, but was clearly positive after the crisis. The US conventional monetary policy was seen to have big impacts on short-term and medium-term KTB yields, while its unconventional monetary policy had major impacts on long-term KTB yields. Moreover, FX swap rates reacted very sensitively to US monetary policy shocks before the financial crisis, while they did not show any significant reactions after the crisis. This suggests that, in line with the covered interest rate parity, the impact of US monetary policy shocks was transmitted to domestic financial markets mainly through swap rate adjustments before the global financial crisis, but through the changes in domestic interest rates during the post-crisis period.

• The Journal of the Korea Contents Association
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• v.21 no.10
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• pp.368-377
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• 2021

This study analyzed the determinants of capital structure based on the financial statements of agricultural corporations disclosed on the DART(data analysis, retrieval and transfer system) of the Financial Supervisory Service since 2011, when the Korea international financial reporting standards (K-IFRS) was introduced. There have been many empirical studies on the capital structure so far, but there are no studies targeting agricultural corporations. The sample period of agricultural corporations was from 2015 to 2019, with the debt ratio as the dependent variable, and among the variables suggested as meaningful in existing empirical studies, ROA(profitability), SIZE(corporate size), LIQ(liquidity), TA(tangible asset ratio), FA(fixed long-term suitability ratio), and GROWTH(growth potential) were selected as independent variables and panel data analysis was performed. As a result of the analysis, it was found that the debt ratio decreased as the ROA and SIZE of agricultural corporations increased. This can be interpreted as supporting the pecking order theory rather than the static trade-off theory in the relationship between the ROA and SIZE of Korean agricultural corporations with the capital structure. In addition, it was found that the debt ratio increased as the FA increased. These results suggest that Korean agricultural corporations need to establish a financing policy in consideration of ROA, SIZE, and FA.

• Journal of Digital Convergence
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• v.18 no.9
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• pp.81-91
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• 2020

The logistics industry is a basic and strategic industry that supports the development of national economy and society. The purpose of this paper is to evaluate the logistics efficiency of 22 cities in Guangxi and Yunnan provinces in China, and to grasp the problems and constraints and present policy proposals to promote the transformation and upgrading of the industrial structure in Guangxi and Yunnan provinces. In this paper, five input indexes and four output indexes were selected and the data from 2016 to 2018 were analyzed through DEA method. According to the analysis, the logistics efficiency of Guangxi and Yunnan provinces is not bad overall, but the development of each region is not balanced and the level of logistics efficiency is quite different. And it is found that each city needs to further improve the level of scale because the input and production structure of logistics resources is unreasonable. The limitation of this study is that it is difficult to generalize the analysis results because only the data over the past three years have been analyzed. It is necessary to comprehensively implement longitudinal and transverse analyses by extending the future analysis period over a long period of time.

• The Sea:JOURNAL OF THE KOREAN SOCIETY OF OCEANOGRAPHY
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• v.12 no.4
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• pp.370-379
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• 2007

Short-term variations of phytoplankton community structure in the southeast coastal waters of Korea from July to September in 2006 were investigated with data set of phytoplankton, chemical and physical water properties, and meterological data. A total of 11 sampling sites of 4 different depths (surface, 5 m, 10 m, and bottom) were visited on July 11-14, July 24-26, August 7-10, August 21-24 and September 5-8. We identified 151 species in 63 genera of phytoplankton in which diatoms were the most diverse group composed of 92 species in 37 genera. Dinoflagellates were the second diverse group of 52 species in 22 genera. The other groups include 7 species in 4 genera including Raphidophytes, and Euglenophyta. After rainy season, excessive nutrients from adjacent streams to the stratified water column proliferates Chaetoceros group in July. But biomass of phytoplankton and nutrient concentrations were decreased during the period of a drought in August. However, Chaetoceros was the most dominant genera in all depths of the first, second, third and fifth cruises, except the 4th cruise on August 21-24 when dominant group were dinoflagellates including Gymnodinium spp. and Cochlodinium polykrikoides. The characteristic of phytoplankton community and environment condition during summer 2006 can be summarized as: 1) low concentration of nutrients caused by a long lasting drought in August 2) no summer outbreak of C. polykrikoides because the strength of offshore waters was weak than other years, and 3) Chaetoceros spp. was the dominant species despite short period appearance of dinoflagellates.

• Korean Journal of Ecology and Environment
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• v.35 no.2 s.98
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• pp.63-70
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• 2002

Long-term changes of the fish fauna and its community structure from the Jungrang Creek of the Han River system in Seoul were investigeted from 1990 to 2000. Total species occurred during the survey period were 14 species in 6 families, and total individual number was 108,366. Fishes at the Jungrang Creek had not been distributed in the 1980s and 1990 because of heavy water pollution as well as environmental damage in the riparian areas. However, Cyprinus carpio and Carassius auratus in cyprinidae were rehabitated since the early 1990s when the water quality was improved because of foundation of sewage division pipe. Species nombers gradually increased to 6 species in 1996, 9 species in 1998, and 11 species in 2000. Individual numbers rapidly increased to 164 individuals in 1996, 146 individuals in 1998, and 108,094 individuals in 2000. A large number of Cyprinus carpio and Carassius auratus, which are abundantly distributed in the main course of the Han River, were found when they migrate to the upper reaches of the Jungrang Creek for spawning. Mass fish floatings were occurred on the 21st of April and the 11th of June in 2000 due to DO depletion at the lower site (Site 4) of discharging point of Jungrang sewage treatment plant and stagnant spot(Site 3) of dammed pool. Major dominant species were Cyprinus carpio and Carassius auratus (Cyprinidae). Others dominant species were Pseudorasbora lab대 (Cyprinidae) and Silurus asotus (Siluridae). Dominance indices were relatively high (0.79 to 1.00). Species diversity andrichness indices were relatively low (0 to 1.66and 0 to 1.41, respectively). Species diversity and richness indices were slightly higher at the middle reaches (Site 2 and Site 3) than the upper reaches and the mouth of the Jungrang Creek. However, the fish fauna of the Jungrang Creek was very poor and its community structure was very simple.

• Journal of Korean Ophthalmic Optics Society
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• v.12 no.4
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• pp.55-69
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• 2007

The purpose of this study was to perform a clinical test using ez NANOsence II RGP contact lenses for the effects of visual acuity and cornea on subjects with abnormal refraction status. One hundred twenty one adults (twenty nine males, ninety two females, range = 17 to 43, mean = 22.86) were recorded. The subject's history including, the symptoms from previous lens wear, were studied. The subjects were observed, both pre and post lens wear, for any symptoms and signs of change of the eye. The Visual acuity and the binocular status were tested at the far distance using the contact lens. The refraction test was performed on the naked eye using the objective method (Topcon KR-8100, Japan). The Stereopsis test was performed at the near distance after contact lens wear by the Titmus fly (Stereo Optical Co., U.S.A) and TNO (TECH, The netherlands). The contrast sensitivity diagnosis was performed at 1m distance after contact lens wear by the contrast sensitivity chart (pelli-Robertson, USA). The corneal topography was analyzed on the naked eye after lens wear by ORB scan (Bausch Lomb, U.S.A.). The ultra structure of surface on the contact lens was observed using SEM (JMS-5800, Japan). The chemical component's of the contact lens was analyzed by EDS program. The results of this study were as follows: 1. The longer of contact lens wear period, The subjects have acquired the most improved visual function. 2. Subjects had experienced few side effects wearing the contact lenses. 3. The lenses were easy to use by the subjects. 4. The longer of contact lens wear period, the power of cornea had more decrease. but the base curve of cornea had more increase and corneal astigmatism was decrease (p<0.01). Also, the thickness of corneal center was few decrease. 5. Longer periods of using the contact lens showed stereopsis and contrast sensitivity at more normal values. 6 The corneal topographical after lens wear showed most subjects with similar morphology for different wear periods. 7. The surface ultrastructure of the new and used contact lens was the similar fine shape. 8. The chemical component's of in the new and used contact appeared to have similar results. In conclusion, this study showed that the surface ultrastructure and chemical component's of the new and used contact lens are similar. In addition, the subjects had improved the quality of vision and few experienced any side effects during long periods of contact lens wear. Also they have decrease of corneal astigmatism during the long period of lens wear. Our test has showed that the chemical composition and fine structure of contact lens have related to the visual function on contact lens wearer. In this paper, we suggested that ez NANOsence II RGP contact lenses had a moderate effect for correcting vision of abnormal refraction eye.

• Journal of the Korean GEO-environmental Society
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• v.21 no.4
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• pp.19-30
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• 2020

This numerical study is to investigate the seepage characteristics of the side of the structure in the event of leakage from the structural connection part of the drainage structure installed through the enlarged levee, and to analyze the effect of piping on the stabilization of the levee by the lateral penetration behavior. To take into account lateral seepage behavior, 2D and 3D numerical analyses were performed on the same model, and the effect of lateral seepage was analyzed to assess the validity of the numerical analysis. As a result, when leakage occurs and a lateral seepage is considered with the gate located on the riverside land, the maximum pore water pressure near the leakage point of the structure has been reduced by half compared to the normal seepage state where no leakage occurred. Excessive variation in the pore pressure was shown at the lower part of the structure, especially if lateral seepage is not considered. As a water level rises to the high water level, it shows the hydraulic gradient was larger than the critical hydraulic gradient, which will be vulnerable to long-term piping. If a gate is located in the inland and side seepage is not considered, the effect of the seepage water such as hydraulic gradient and seepage velocity is underestimated compared with the case of considering side seepage. The maximum hydraulic gradient is relatively small when lateral seepage is neglected if a gate is located in the riverside land and there was might be a risk of piping or loss of material. In addition, the period exceeding the critical hydraulic gradient was interpreted as a short time zone. As a result, it is considered that the possibility of piping can be underestimated if side seepage is ignored.

• Journal of Korean Society of Environmental Engineers
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• v.28 no.3
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• pp.240-248
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• 2006

In this study, a retrofitting BNR process that was modified for the economical applicability was proposed and evaluated in the pilot plant($50m^3/d$). At the same time the bacterial community structure was investigated in the pilot plant by using FISH(fluorescent in situ hybridization) method. Economically 16% of the initial construction cost for the proposed process(introduction of a biological nutrient removal process of $60,000m^3/d$ scale basis) was reduced due to the absence of a bioreactor. Water treatment efficiencies and maintenance facilities of the modified process were satisfied with the strengthened discharge permits in Korea throughout a long term pilot plant operating including a winter season. Bacterial populations in the pilot plant and in the control plant(A2/O process, B SIP(Sewage Treatment Plant)) were remained uniformly during the test period, but bacterial structure in the bioreactor was changed drastically. Proportions of ${\beta}$-proteobacteria group including soil bacteria which play a important role in wastewater treatment increased $25{\sim}607%$ in population.

• Journal of Global Scholars of Marketing Science
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• v.18 no.1
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• pp.141-156
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• 2008

Market structure analysis is a very useful tool to analyze the competition boundary of the brand or the company. But most of the studies in market structure analysis, the concern lies in nondurable goods such as candies, soft drink and etc. because of the their availability of the data. In the field of durable goods, the limitation of the data availability and the repurchase time period constrain the study. In the analysis of the automobile market, those of views might be more persuasive. The purpose of this study is to analyze the structure of automobile market based on some idea suggested by prior studies. Usually the buyers of the automobile tend to buy upper tier when they buy in the next time. That kind of behavior make it impossible to analyze the structure of automobile market under the level of automobile model. For that reason I tried to analyze the market structure in the brand or company level. In this study, consideration data was used for market structure analysis. The reasons why we used the consideration data are summarized as following. Firstly, as the repurchase time cycle is too long, brand switching data which is used for the market analysis of nondurable good is not avaliable. Secondly, as we mentioned, the buyers of the automobile tend to buy upper tier when they buy in the next time. We used survey data collected in the U.S.A. market in the year of 2005 through questionaire. The sample size was 8,291. The number of brand analyzed in this study was 9 among 37 which was being sold in U.S.A. market. Their market share was around 50%. The brands considered were BMW, Chevrolet, Chrysler, Dodge, Ford, Honda, Mercedes, and Toyota. �� ratio was derived from frequency of the consideration set. Actually the frequency is different from the brand switch concept. In this study to compute the �� ratio, the frequency of the consideration set was used like a frequency of brand switch for convenience. The study can be divided into 2 steps. The first step is to build hypothetical market structures. The second step is to choose the best structure based on the hypothetical market structures, Usually logit analysis is used for the choice best structure. In this study we built 3 hypothetical market structure. They are type-cost, cost-type, and unstructured. We classified the automobile into 5 types, sedan, SUV(Sport Utility Vehicle), Pickup, Mini Van, and Full-size Van. As for purchasing cost, we classified it 2 groups based on the median value. The median value was $28,800. To decide best structure among them, maximum likelihood test was used. Resulting from market structure analysis, we find that the automobile market of USA is hierarchically structured in the form of 'automobile type - purchasing cost'. That is, result showed that automobile buyers considered function or usage first and purchasing cost next. This study has some limitations in the analysis level and variable selection. First, in this study only type of the automobile and purchasing cost were as attributes considered for purchase. Considering other attributes is very needful. Because of the attributes considered, only 3 hypothetical structure could be analyzed. Second, due to the data, brand level analysis was tried. But model level analysis would be better because automobile buyers consider model not brand. To conduct model level study more cases should be obtained. That is for acquiring the better practical meaning, brand level analysis should be conducted when we consider the actual competition which occurred in the real market. Third, the variable selection for building nested logit model was very limited to some avaliable data. In spite of those limitations, the importance of this study lies in the trial of market structure analysis of durable good.

• Korean Journal of Social Welfare
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• v.36
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• pp.309-338
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• 1998

The American military occupations of Korea(1945-1948) and Japan(1945-1952) after the second world war had great influences on the history of the two countries, the contents and results were, however, quite different. This study attempts to analyze the similarities and differences, the determinants of the social welfare policy, and their long-term effects on the later social welfare policies in the two countries. For the purpose of this study, it uses a comparative case study on the public assistant policies of the two countries during the American military occupation. The conclusions of this study are summarized as follows. Firstly, although the American military occupations of the two countries faced the similar social problems during the same period, their countermeasures were quite different from each other. In Korea, the American military occupation hardly tried to establish a substantial social welfare system by making laws, but, mainly relying on temporary emergency relief, they just aimed for social control. On the other hand, in Japan, the American military occupation tried to improve the existing social welfare system in terms of the principles of demilitarization and democratization. Secondly, the political determinants of the social welfare policy in the two countries were much more important than the socioeconomic determinants. Especially the differences in the basic military occupation principles, the administration structure, and the roles of the indigenous ruling classes acted upon the different social welfare policies of Korea and Japan. Thirdly, the long-term effects on the later social welfare policies in the two countries was different. In Korea, the American military occupation hardly contributed to modernize the social welfare policy. Therefore, the unsystematic premodern relief system continued to exist for a long time. On the other hand, in Japan, the American military occupation contributed to modernizing the social welfare policy in terms of ideology and system and formed the groundwork for developing the later social welfare policies.