• Asia pacific journal of information systems
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• v.19 no.2
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• pp.157-178
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• 2009

Corporate credit rating is a very important factor in the market for corporate debt. Information concerning corporate operations is often disseminated to market participants through the changes in credit ratings that are published by professional rating agencies, such as Standard and Poor's (S&P) and Moody's Investor Service. Since these agencies generally require a large fee for the service, and the periodically provided ratings sometimes do not reflect the default risk of the company at the time, it may be advantageous for bond-market participants to be able to classify credit ratings before the agencies actually publish them. As a result, it is very important for companies (especially, financial companies) to develop a proper model of credit rating. From a technical perspective, the credit rating constitutes a typical, multiclass, classification problem because rating agencies generally have ten or more categories of ratings. For example, S&P's ratings range from AAA for the highest-quality bonds to D for the lowest-quality bonds. The professional rating agencies emphasize the importance of analysts' subjective judgments in the determination of credit ratings. However, in practice, a mathematical model that uses the financial variables of companies plays an important role in determining credit ratings, since it is convenient to apply and cost efficient. These financial variables include the ratios that represent a company's leverage status, liquidity status, and profitability status. Several statistical and artificial intelligence (AI) techniques have been applied as tools for predicting credit ratings. Among them, artificial neural networks are most prevalent in the area of finance because of their broad applicability to many business problems and their preeminent ability to adapt. However, artificial neural networks also have many defects, including the difficulty in determining the values of the control parameters and the number of processing elements in the layer as well as the risk of over-fitting. Of late, because of their robustness and high accuracy, support vector machines (SVMs) have become popular as a solution for problems with generating accurate prediction. An SVM's solution may be globally optimal because SVMs seek to minimize structural risk. On the other hand, artificial neural network models may tend to find locally optimal solutions because they seek to minimize empirical risk. In addition, no parameters need to be tuned in SVMs, barring the upper bound for non-separable cases in linear SVMs. Since SVMs were originally devised for binary classification, however they are not intrinsically geared for multiclass classifications as in credit ratings. Thus, researchers have tried to extend the original SVM to multiclass classification. Hitherto, a variety of techniques to extend standard SVMs to multiclass SVMs (MSVMs) has been proposed in the literature Only a few types of MSVM are, however, tested using prior studies that apply MSVMs to credit ratings studies. In this study, we examined six different techniques of MSVMs: (1) One-Against-One, (2) One-Against-AIL (3) DAGSVM, (4) ECOC, (5) Method of Weston and Watkins, and (6) Method of Crammer and Singer. In addition, we examined the prediction accuracy of some modified version of conventional MSVM techniques. To find the most appropriate technique of MSVMs for corporate bond rating, we applied all the techniques of MSVMs to a real-world case of credit rating in Korea. The best application is in corporate bond rating, which is the most frequently studied area of credit rating for specific debt issues or other financial obligations. For our study the research data were collected from National Information and Credit Evaluation, Inc., a major bond-rating company in Korea. The data set is comprised of the bond-ratings for the year 2002 and various financial variables for 1,295 companies from the manufacturing industry in Korea. We compared the results of these techniques with one another, and with those of traditional methods for credit ratings, such as multiple discriminant analysis (MDA), multinomial logistic regression (MLOGIT), and artificial neural networks (ANNs). As a result, we found that DAGSVM with an ordered list was the best approach for the prediction of bond rating. In addition, we found that the modified version of ECOC approach can yield higher prediction accuracy for the cases showing clear patterns.

• Investigative Magnetic Resonance Imaging
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• v.18 no.4
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• pp.314-322
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• 2014

Purpose: Diastolic dysfunction is a common problem in patients with hypertrophic cardiomyopathy (HCM). The purpose of this study was to assess the role of MRI in the assessment of diastolic function using mitral valve and pulmonary vein flow velocities in HCM patients. Methods and Results: Phase-contrast MRI (mitral valve and pulmonary vein) and transthoracic echocardiography was successfully performed for 59 HCM patients (44 men and 15 women; mean age, 51 years). Forty-nine patients had a diastolic dysfunction; grade 1 (n = 20), grade 2 (n = 27), and grade 3 (n = 2) using echocardiography, and ten patients had normal diastolic function. The transmitral inflow parameters (E, A, and E/A ratios) obtained by MRI showed positive correlation with the same parameters measured by echocardiography (Pearson's r values were 0.47, 0.60, and 0.75 for E, A, E/A, respectively, all P < 0.001). With the flow information of the pulmonary vein from cardiac MRI, pseudo-normalized pattern (n = 8) could be distinguished from true normal filling pattern (n = 17), and the diastolic function grades by cardiac MRI showed moderate agreement with those of echocardiography (kappa value = 0.45, P < 0.001). Conclusions: Assessment of left ventricle diastolic function is feasible using phase-contrast MRI in HCM patients. Analysis of pulmonary vein flow velocity on MRI is useful for differentiating pseudo-normal from normal diastolic function in HCM patients.

• The Journal of the Korea Contents Association
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• v.16 no.7
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• pp.382-397
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• 2016

This study focuses on the lessons and implications of Germany's measures for the social integration after the reunification, and especially the Germany's measure on labor reproduction for the economic stability of East Germany. This analysis indicates, whether South Korea is going to achieve gradual and peaceful reunification or absorb North Korea due to its sudden collapse, that the reunification, in any case, requires the social integration through economic stability of both North and South. In order to ensure national reconciliation, recovery of homogeneity, and establishment of identity for the economically stable social integration, the new integration of educational system is necessary. Especially, the objective of this study is to find the role and direction of vocational education for the stability of the North Korea's labor market and economic life in order to socially integrate South Koreans with its Northern counterparts. First of all, this study examined a priori example of the experiences during West Germany's social integration process, i.e. the vocational education promotion process for the social stability and economic life. It figured out the problem of vocational education for the integrity as well as analyzed the vocational education differences and integration promotion system between East & West Germany. Even though East and West Germany showed their disparities in each vocational education, they corroborated each other by finding one similar system such as bifurcation, which lead to the integration of the labor market and new vocational education policy for the economic stability. Despite the West Germany's support for the socio-economic integration, nevertheless, the East Germany's capacity turned out to be insufficient, which resulted in the failure of the policy. Based on above discussion, this study intended to suggest the efficient solutions of vocational education for the internal reunification of South and North Korea by promoting the independence and self-support of North Koreans and leading the stability of labor market and economic for the future reunification.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.10 no.5
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• pp.1-13
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• 2015

The purpose of this research is to do exploratory analysis on the relationships between demographic characteristics of entrepreneurial candidates and their developmental level of entrepreneurial traits as well as the choice of business field. We analyzed gender, age, and educational level of the entrepreneurial candidates and their developmental level of entrepreneurial traits such as achievement tendencies, degree of awareness, planning skills, sincerity, interpersonal relationship, and problem-solving skills. Industry fields were classified into 4 types: restaurants, retail, services, internet business. Descriptive statistical analyses, logistic regressions, and variance analyses were performed about the sample data gathered from 1,441 persons since the year 2002 to 2014. Males and highly educated above university preferred service industry than restaurant, retail, and internet business. Females preferred internet business, retail, and restaurants than service industry field. The young persons under 20 showed higher probability to choose internet business. The college level and high school graduates preferred retail and restaurants than service industry. The developmental level of entrepreneurial traits were higher in male and highly educated. By this study, we could find the divide between groups with high and low probabilities of failure: restaurants and retail field showed higher failure probability than service industry in the business fields of self-employed. Furthermore, we could identify that entrepreneurial traits also had been developed differently depending on the groups. It is necessary to refrain from entering into the fields with high failure probabilities as well as to provide supporting policies to build the systems and environment to reduce the cases to begin new business without special knowledges and know-hows. The competency development training should be provided in the early stage of start-ups considering their entrepreneurial traits and aptitudes. Not only the assessment of the entrepreneurial traits but also professional counseling from initial stage are necessary.

• Journal of Korean Society of Forest Science
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• v.82 no.4
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• pp.311-318
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• 1993

This study was conducted to obtain necessary information to improve beekeeping farmhouses management and to establish related problem. Using data obtained from 50 beekeeping farmhouses in Korea, current status of management and optimum sales scale were analysed. The results of the study are summarized as follows ; 1. Managers of beekeeping farmhouses are relatively old(64% of them is over 50 years old) and highly educated and experienced(76% of them is in the business more than 10 years). 2. Only a portion of managers(38%) considers beekeeping as a major job, while the rest(62%) involves as a side job working with other agricultural business. 3. Major supply of labor force comes from family group. Total input of family labor is 6.4 months a year. Fourty-four percent of management units is migrating and 56% of them is settled in specific locations. 4. In 1991, the average number of conventional beehive casks per farmhouse is decreased by 2.94 casks but improved-type beehive casks is increased by 13.79 casks. Total number of beehive casks per farmhouse is increased by 12.66 casks during the year. 5. Major cost items of beekeeping farmhouses include bee colony aquisition cost, feeding cost, depreciation cost, wages in an order. The average yearly profit rate of farmhouses is about 29.4%. 6. The break-even point of honey sales is about 3 million won. The optimum sales scale was 52.2l, then average production cost was estimated 53,800Won.

• Journal of Korean Society of Forest Science
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• v.4 no.1
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• pp.1-8
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• 1965

In this study, the present institution of reserved forests in Korea has been criticized through the analysis of the present situation of reserved forests in Korea, and mainly, on designation and cancellation of them because of this important institution thought as restriction of forest ownership. Reserved forest land in Korea as of the end of 1962 is 996,915 chungbo in area, or about 14.8% of the total forest land area, 6,750,324 chungbo in Korea, and we can find that the area of reserved forest land has increased remarkably since the Liberation in 1945, in comparison with about 180,000 chungbo-a little over 1% of the total forest land area, 16,000,000 chungbo, through Southern and Northern Korea till the Liberation in 1945. This fact clearly proves that Korean forests are extremely devastated since the Liberation in 1945, and in Korea we can find that reserved forest policy is very important in forest policy, consequently, reserved forest institution must be dealt with care. Moreover, the area of reserved forest land, 996,915 chungbo, which is divided into 43,820 chungbo of national forest land, 59,302 chungbo of public forest land, 893,793 chungbo of private forest land, and private forest land is excellently large, or about 89.7% of the total area of reserved forest land. In this number, we may understand the fact that reserved forests have the most influences on private forests, therefore, we may recognize that it is necessary for reserved forest constitution which is infringement of private right to be carried out carefully. From the first beginning, the institution of reserved forests is serious restriction to the forest ownership. Consequently, when the area of reserved forest land grows, it interferes seriously with the free forest management and the desire for forest own ership is decreased, at the same time, forest enterprise results in obstruction. Especially, Korean forests are destroyed extremely at present, so, intensification of reserved forest institution is unavoidable for completion of the national aim which forests have, but the author thinks that reserved forest institution must be as avoidable as possible, and we have to obtain good results by supervision of forest management which is regulated in the Forest Law. Consequently, designation of reserved forests must be minimized, and although forests were already designated as reserved forests they must be cancellated as fast as fast as possible and put them free in the owner's hands when they are in cancellation conditions. According to the provision of Article 18 of the Forest Law concrete cases designated as a reserved forest are enumerated for the purpose of maintaining the forest ownership and avoiding to give the forest authorities a free hand in order to protect forest owners from one-sided damage. Therefore, the forest authorities must not abuse the institution of reserved forests, and it is not good tendency to give only the authorities a free hand in eesignation and cancellation of reserved forests, and especially, when the forest owners object to that, establishing some legal organization like the reserved forest council in each province in order to hear about impartial opinions, and it is more suitable than administrative disposal by the same organization. The compensation of damages for reserved forests by the provision of Article 25 of the Forest Law is a different problem by forest policy, but the results of compensation of damages regulated in the Forest Law are wholly lacking up to now, the author thinks that this is caused to poor forest cover, the forest owner's unconcern and insincerity of administrative authorities. Therefore, the government must enlarge the range of compensation and minimize the forest owner's economic sacrifice, also, the government must mollify the conditions of the legal restrictions to reserved forests, and harmonize with functions of national conservation and economy. This means that it is necessary to modify the restrictive conditions for the effective utilization of forest resources within the range in which can be attained the purpose of designation, from permanent prohibition of cutting. Except the reserved forests of fish habitat, public sanitation, maintaining scenery and navigational mark ect., most of reserved forests are prohibited from cutting, and the present situation of forests in Korea are extremely devastated and those forests are not so expected in cancellation possibility in near future. Therefore, when the forest owners apply for national purchase of those reserved forests, the government had better nationalize them, protect and manage to reduce the forest owner's economic sacrifice.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.5 no.3
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• pp.95-105
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• 1985

This dissertation presents an exact solution for the normal and shearing stresses of an orthotropic plane body loaded by a moment load. The solution satisfies the conditions of equilibrium compatibility equations concurrently and is governing for the body being in the elasto-plastic state. An Airy stress function is introduced to solve the problem related to an orthotropic half-infinite plane under a moment load. All the equations for orthotropy must be degenerated into the expressions for isotropy when orthotropic constants are replaced by isotropic ones. The author has evaluated all the equations of orthotropy and succeeded in obtaining exactly identical expressions to the equations of isotropy which were derived independently by of L'hosptials rule. The analytical results of isotropy are compared with the simple results of other investigator. Since moment Load under the elastic state and plastic state only is a particular case of moment load under the elasto-plastic state. All the equations of elasto-plastic state case are degenerated into the expressions for the each case. The formal solution is expressed in terms of closed form. The orthotropic constants are evaluated for two kinds and two different orientations of the grain of wood and two kinds of structures. The numerical results for orthotropy are evaluated for one kind and two different orientations of three-layered ply wood. The distribution of normal and shearing stresses are shown in figures. It is noted that the distribution of stresses of orthotropic materials depends on the type of materials and orientations of the grain and stiffening.

• Journal of the Korean Society for Marine Environment & Energy
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• v.16 no.2
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• pp.102-114
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• 2013

The basin of Lake Shihwa is one of highly industrialized region of Korea and a current environmental issue of study area is the operation of tidal power plant (TPP) to improve water quality. The application of water quality index (WQI) which integrates five physiochemical parameters (transparency, DO, DIN, DIP and chlorophyll-a) of water quality in Lake Shihwa and outer sea during 2011~2012 were performed not only to evaluate the spatial and temporal distribution of the water quality but also to assess the effect of water quality improvement by the operation of tidal power plant. The higher WQI values were observed in monitored sites near the industrial complexes in Lake Shihwa and the outfall of wastewater treatment plants (WWTPs) in outer sea. This indicates that the quality of seawater is influenced by diffuse non-point sources from industrial, municipal and agricultural areas in Lake Shihwa and by point sources from the effluence of municipal and industrial wastewater throughout WWTPs in outer sea. Mean WQI value decreased from 53.0 in 2011 to 42.8 in 2012 of Lake Shihwa. Water quality has improved significantly after TPP operation because enhancement of seawater exchange between Lake Shihwa and outer sea leads to improve a hypoxic condition which is primarily a problem in Lake Shihwa. Mean WQI of outer sea showed similar values between 2011 and 2012. However, the results of hierarchical cluster analysis and the deterioration of water quality in summer season indicate that the operation of tidal power plant was not improved the water quality in the upper most area of Lake Shihwa. To successfully improve overall water quality of Lake Shihwa, it is urgently necessary to manage and reduce of non-point pollution sources of the basin of Lake Shihwa.

• Journal of the Korea Organic Resources Recycling Association
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• v.2 no.2
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• pp.89-98
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• 1994

A survey was carried out in Seoul Metropolitan area during December of 1993 and January of 1994. The objective of the survey was to provide a useful information for the development and improvement of recycling policies, regulations and systems in Korea. Of the 782 individuals contacted, 473 individuals completed and retured surveys, of which 437 were usable. The results were analyzed using a statistical package SAS(Statistical Analysis System). The results indicated that 86% of apartment area has recycling bins, while only 33% of individual house(detached dwelling) area has those. About half of the respondents felt that food waste is the major source of household waste. The most serious problem to recycle more household waste is to provide space to store recyclables at the source. The majority of Seoul Metropolitans(78.5%) are willing to participate in recycling programs, while 14.4% want to participate only when there are economic incentives or benefits. Respondents who want economic incentives appeared to be low income people. 66.1% of total respondents said that they do not use disposables. However, only 53,0% among respondents under 30 years old answered they do not use disposables. People who graduated from middle high school only and are under 30 years old have tendency to dispose of used milk cartons without rincing and drying, while those who are over 40 years old and graduated from university prefered to rinse and dry used milk cartons before disposal. Regarding disposal of newspapers, only 43.9% of the total respondents separated newspaper from other types of used paper. In the case of alumium cans, 22.5% of the total respondents answered that used aluminum cans are not recyclables. Much higher portion (30. 4%) of the respondents who graduated from middle high school only felt that aluminum cans have no value to recycle. The results indicated that education and information regarding recycling are highly desirable.

• Journal of the Korea Organic Resources Recycling Association
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• v.20 no.4
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• pp.75-85
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• 2012

This study was investigated to develop an alternative medium for the cultivation of oyster mushrooms. The cultivation characteristics for major cultivated varieties of oyster mushrooms were campared with the food waste medium. In addition, water control & a gap formation of food waste is being pointed out as a problem of the medium material. Therefore, certain amounts of earthworm casting were supplied to the food waste medium to overcome the water and compaction phenomenon. This study investigated the use of the total 6 cultivars of oyster mushrooms, the Suhan(PL.1), Chiak No. 5(PL.2), Chiak No. 7(PL.3), Samgu No. 5(PL.4), Samgu No. 8(PL.5), Jangan No. 5(PL.6). In terms of medium, the optimum growth of the mycelium of the oyster mushroom was observed in the beet pulp medium but in food waste, the mycelium's growth was observed as insufficient in the bulk of cultivars. The Jangan No. 5(PL.6) was superior to other cultivars relative to the mycelium's growth. The optimum concentration of earthworm casting added the foodwaste medium was 30%. When Jangan No. 5(PL.6) was incubated in the foodwaste meidum containing 30% earthworm casting, the early days to germination were long, almost double the amount of time than that of the beet pulp medium. However, it was found that the fruit body size was larger than that of the beet pulp by up to 20.5%, and the length of the fruit body was up to 6.2% longer than that of the beet plup. The total yields increased by 60.5%. The analysis results of the oyster mushroom's nutritional contents cultured using the food waste medium, shows that the protein, vitamin A and vitamin E increased 70.6%, 2.4%, 0.8% respectively, the fat decreased by 12.6% and the oleic acid increased in a very small amount compared to that of the beet pulp medium.