• The Korean Journal of Financial Management
• /
• v.25 no.2
• /
• pp.33-68
• /
• 2008

The purpose of this paper is to test the market timing hypothesis and impact of macro economic variables on capital structure choice as well as the traditional static trade-off and pecking order theories of capital structure in a integrated framework. Through a two stage test of target capital structure and capital structure choice, none of theories was consistently supported, but most of them were partly supported. In the first stage analysis of target ratio, coefficients of firm-specific variables generally supported the predictions of pecking order theory rather than those of the static trade-off theory. However, the result of the second stage test on capital structure choice supported the hypothesis of the static trade-off theory, which claims that firms usually set and pursue the target leverage ratio. Further, the result of the seconde stage shows that a simple pecking oder theory does not hold because firms with deficit of internal fund tend to issue bonds rather than stocks to raise outside fund. Also, the result indicates that the market timing hypothesis holds because firms with over-valued stocks tend to issue stocks rather than bonds. However, contrary to Korajczyk and Levy(2003), the impact of macro economic variables such as term or credit spreads on capital structure choice was negligible, and the impact of macro economic and market timing hypothesis variables were not greater in financially unconstrained firms as Korajczyk and Levy(2003) suggested.

• Journal of Nuclear Fuel Cycle and Waste Technology(JNFCWT)
• /
• v.4 no.1
• /
• pp.1-7
• /
• 2006

The spectroscopic characteristics of Pu (III, IV, V, VI) in the HCl media were investigated by measuring Pu oxidation states using a UV-Vis-NIR spectrophotometer (400-1200 nm) after adjusting Pu oxidation states with oxidation/reduction reagents. Pu in stock solution was reduced to Pu(III) with $NH_2OH$ HCl, and oxidized to Pu(IV) and Pu(VI) with $NaNO_2$ and $HClO_4$, respectively. Also, Pu(V) was adjusted in the Pu(VI) solution with $NH_2OH$ HCl. The major absorption peaks of Pu (IV) and Pu(III) were measured in the 470 m and 600 nm, respectively. The major absorption peaks of Pu (VI) and Pu(V) were measured in the 830 nm and 1135 nm, respectively. There was not found to be significant changes of UV-Vis absorption spectra for Pu(III), Pu(IV) and Pu(VI) with aging time, except that an unstable Pu(V) immediately reduced to Pu(III).

• Journal of the Korea Academia-Industrial cooperation Society
• /
• v.19 no.10
• /
• pp.430-436
• /
• 2018

Special railway vehicles for track maintenance are equipped with a tamping device that adjusts various track trajectories to reduce the vibration of rolling stock and improve ride quality during trains passing over a track. The development of a simulator that can confirm the error of the actual tamping work is important for reducing human error in the linearization of the track misalignment. In this study, to improve the reality and training effect of conventional 2D simulator, 3D simulator modeling was implemented for tamping work of special railway vehicles in virtual space. The problem of buffering during high screen quality of tamping work was solved using the Unwrap UVW mapping technique of a low polygon extracted from high quality polygon modeling. The human error in the training of the tamping work was detected by the principle of circle and square collision when the tamping tyne and the sleeper collided. In addition, vibration of the driving chair was generated at the same time as the collision, and the number of the sleeper strikes is displayed on the simulator exercise screen. Owing to the scattering of railway ballast protruding from the sleepers, which had a serious effect on the safety of the vehicle, the gravel bouncing effect of the tamping unit was applied.

• Journal of the Korean Society of Marine Environment & Safety
• /
• v.16 no.3
• /
• pp.259-268
• /
• 2010

Data on squid catches by the Korean jig fishery in sea blocks ($30'{\times}30'$), water temperatures at depth(30m, 50m and 100m) and zooplankton biomass in the East Sea from 1980 to 1999 were analyzed to examine the mechanism of formation of the high density stock area. Japanese common squid (Todarodes pacificus) catch in the East Sea was low in 1980s, while the catch was high in 1990s. The five sea blocks (No. 76, 82, 83, 87, 88) of the southern part in the eastern coastal waters of Korea showed high levels of percentage of total catch (35.1%), whereas the four sea blocks (No. 65, 71, 72, 78) of the coastal waters of Uleung Island showed high levels of percentage of CPUE (61.2%) for 20 years. Squid catches showed monthly fluctuations according to the vertical distribution of optimum water temperature for fishing ($14^{\circ}C{\sim}19^{\circ}C$). High total catch and high CPUE area matched well with $10^{\circ}C$ isothermal lines at 100m depth indicating northern limiting of Tsushima Warm Current, and temporal and spatial change in $10^{\circ}C$ isothermal line caused the change in total catch and CPUE. Horizontal distribution of zooplankton biomass by sea block was not matched well with those of total catch and CPUE, however pattern of time-series change in total zooplankton biomass was similar to that in total squid catch.

• Journal of Pharmaceutical Investigation
• /
• v.35 no.6
• /
• pp.437-443
• /
• 2005

A rapid, selective and sensitive reversed-phase HPLC method for the determination of a major metabolite of terfenadine, fexofenadine, in human serum was developed, validated, and applied to the pharmacokinetic study of terfenadine. Fexofenadine and internal standard, haloperidol were extracted from human serum by liquid-liquid extraction with acetonitrile and analyzed on a $Symmetry^{TM}$ C8 column with the mobile phase of 1% triethylamine phosphate (pH 3.7)-acetonitrile (67:33, v/v, adjusted to pH 5.6 with triethylamine). Detection wavelength of 230 nm for excitation, 280 nm for emission and flow rate of 1.0 mL/min were fixed for the study. The assay robustness for the changes of mobile phase pH, organic solvent content, and flow rate was confirmed by $3^{3}$ factorial design using a fixed fexofenadine concentration (50 ng/mL) with respect to its peak area and retention time. In addition, the ruggedness of this method was investigated at three different laboratories using same quality control (QC) samples. This method showed linear response over the concentration range of 10-500 ng/mL with correlation coefficients greater than 0.999. The lower limit of quantification using 0.5 mL of serum was 10 ng/mL, which was sensitive enough for the pharmacokinetic studies of terfenadine. The overall accuracy of the quality control samples ranged from 95.70 to 114.58% for fexofenadine with overall precision (% C.V.) being 3.53-14.39%. The relative mean recovery of fexofenadine for human serum was 90.17%. Stability studies (freeze-thaw, short-term, extracted serum sample and stock solution) showed that fexofenadine was stable during storage, or during the assay procedure in human serum. However, the storage at $-70^{\circ}C$ for 4 weeks showed that fexofenadine was not stable. The peak area and retention time of fexofenadine were not significantly affected by the changes of mobile phase pH, organic solvent content, and flow rate under the conditions studied. This method showed good ruggedness (within 15% C.V.) and was successfully used for the analysis of fexofenadine in human serum samples for the pharmacokinetic studies of orally administered Tafedine tablet (60 mg as terfenadine) at three different laboratories, demonstrating the suitability of the method.

• Journal of Pharmaceutical Investigation
• /
• v.35 no.6
• /
• pp.423-429
• /
• 2005

A selective and sensitive reversed-phase HPLC method for the determination of fenoprofen in human serum was developed, validated, and applied to the pharmacokinetic study of fenoprofen calcium. Fenoprofen and internal standard, ketoprofen, were extracted from human serum by liquid-liquid extraction with diethyl ether and analyzed on a Luna C18(2) column with the mobile phase of acetonitrile-3 mM potassium dihydrogen phosphate (32:68, v/v, adjusted to pH 6.6 with phosphoric acid). Detection wavelength of 272 nm and flow rate of 0.25 mL/min were fixed for the study. The assay robustness for the changes of mobile phase pH, organic solvent content, and flow rate was confirmed by $3^{3}$ factorial design using a fixed fenoprofen concentration $(2\;{\mu}g/mL)$ with respect to its peak area and retention time. And also, the ruggedness of this method was investigated at three different laboratories using same quality control (QC) samples. This method showed linear response over the concentration range of $0.05-100\;{\mu}g/mL$ with correlation coefficients greater than 0.999. The lower limit of quantification using 1 mL of serum was $0.05\;{\mu}g/mL$, which was sensitive enough for pharmacokinetic studies. The overall accuracy of the quality control samples ranged from 92.27 to 109.20% for fenoprofen with overall precision (% C.V.) being 5.51-11.71 %. The relative mean recovery of fenoprofen for human serum was 81.7%. Stability (freeze-thaw, short and long-term) studies showed that fenoprofen was not stable during storage. But, extracted serum sample and stock solution were allowed to stand at ambient temperature for 12 hr prior to injection without affecting the quantification. The peak area and retention time of fenoprofen were not significantly affected by the changes of mobile phase pH, organic solvent content, and flow rate under the conditions studied. This method showed good ruggedness (within 15% C.V.) and was successfully used for the analysis of fenoprofen in human serum samples for the pharmacokinetic studies of orally administered Fenopron tablet (600 mg as fenoprofen) at three different laboratories, demonstrating the suitability of the method.

• Journal of Pharmaceutical Investigation
• /
• v.36 no.2
• /
• pp.89-95
• /
• 2006

A selective and sensitive reversed-phase HPLC method for the determination of pentoxifylline in human serum was developed, validated, and applied to the pharmacokinetic study of pentoxifylline. Pentoxifylline and internal standard, chloramphenicol, were extracted from the serum by liquid-liquid extraction with dichloromethane and analyzed on a Luna CI8(2) column with the mobile phase of acetonitrile-0.034 M phosphoric acid (25:75, v/v, adjusted to pH 4.0 with 10 M NaOH). Detection wavelength of 273 nm and flow rate of 0.8 mL/min were used. This method showed linear response over the concentration range of 10-500 ng/mL with correlation coefficients greater than 0.999. The lower limit of quantification using 0.5 mL of the serum was 10 ng/mL, which was sensitive enough for pharmacokinetic studies of pentoxifylline. The overall accuracy of the quality control samples ranged from 89.3 to 92.7% for pentoxifylline with overall precision (% C.V.) being 4.1-9.2%. The relative mean recovery of pentoxifylline for human serum was 105.8%. Stability (stock solution, short and long-term) studies showed that pentoxifylline was not stable during storage. But three freeze-thaw cycles and extracted serum samples were stable. This method showed good ruggedness (within 15% C.V.) and was successfully applied for the analysis of pentoxifylline in human serum samples for the pharmacokinetic studies of orally administered $Trental^{\circledR}$ tablet (400 mg pentoxifylline), demonstrating the suitability of the method.

• Cartoon and Animation Studies
• /
• s.34
• /
• pp.219-235
• /
• 2014

The term 'noble savage' is a literary stock character that expresses the concept of an idealized person who has not been corrupted by civilization, and therefore symbolizes humanity's innate goodness. Fictional noble savage characters that are raised by wild animals such as Rudiard Kipling's Mowgli or Edgar Rice Burroughs' Tarzan were created over 100 years ago but are still repeatedly reproduced as movies and TV series. Since films that depict noble savages tend to criticize civilization, popularity of these film could be due to the hidden anxiety of masses towards civilization and technology. Characters in commercial films about noble savages tend to be leveled, sharpened, and assimilated as Allport and Postman argued in The Psychology of Rumor. It is probably because films, as mass medium, need to be understood easily to the public. Characters in animations with cartoon style images are more likely to be leveled, sharpened, and assimilated even further than live-actions. Films show social stereotype of the time through assimilation process. Comparing different versions of film based on the same novel about noble savage how those social stereotypes such as gender roles and idea of evil change.

• Journal of Distribution Science
• /
• v.10 no.2
• /
• pp.7-17
• /
• 2012

The aim of this study is to empirically explore micro and macroeconomic factors affecting the Pakistani sugar industries and searching the energy potential of this industry, through the survey of literature. The empirical part has been explored by employing Vector Autoregression (VAR), Granger Causality tests and simultaneous equation models through quarterly data for the period of 1991q2-2008q4. The study also aims to devise policies for the development of sugar industries and identify its growing importance for the energy sector of Pakistan. Empirical tests applied on the domestic prices of sugar, domestic interest rates, and exchange rate, productive capacities of sugar mills, per capita income, world sugar prices on cultivable area and sugar production reveal very useful results. Results reveal an improvement of productive capacity of the sugar mills of Pakistan on account of increasing crushing capacity of this sector. Negative effect of rising wholesale prices on the harvesting area was also observed. Profit earnings of the sugar mills significantly increase with the rise of sugar prices but the system does not exist for the farming community to share the rising prices of sugar. The models indicate positive and significant effect of local prices of sugar on its volume of import. Another of the findings of this study positively relates the local sugar markets with the international prices of sugar. Additionally, the causality tests results reveal exchange rate, harvesting area and overall output of sugarcane to have significant effects on the local prices of sugar. Similarly, import of sugar, interest rate, per capita consumption of sugar, per capita national income and the international prices of sugar also significantly affect currency exchange rate of Pakistani rupee in terms of US$. The study also finds sugar as an essential and basic necessity of the Pakistani consumers. That is why there are no significant income and price effects on the per capita consumption of sugar in Pakistan. All the empirical methods reiterate the relationship of variables. Economic policy makers are recommended to improve governance and management in the production, stock taking, internal and external trading and distribution of sugar in Pakistan using bumper crop policies. Macroeconomic variables such as interest rate, exchange rate per capita income and consumption are closely connected with the production and distribution of sugar in Pakistan. The cartelized role of the sugar industries should also be examined by further studies. There is need to further explore sugar sector of Pakistan with the perspective of energy generation through this sector; cartelized sugar markets in Pakistan and many more other dimensions of this sector. Exact appraisal of sugar industries for energy generation can be done appropriately by the experts from applied sciences.

• Journal of the Korean Society for Railway
• /
• v.13 no.1
• /
• pp.58-64
• /
• 2010

As a modem urban train is getting complex in terms of high-technology in its systems and components, the failure management should be performed with scientific and systematic technique. FMEA is a technique to analyze the failure trends of component parts and influences to the higher level system in order to discover the design incompleteness and potential defects, which is for improving reliability. Especially, FMECA (Failure Mode Effects, and Criticality Analysis) is used in case that the criticality that has an immense influence to the system is important. In case of urban train, in its design and manufacturing steps, FMEA is frequently used as an analysis technique to meet the safety objectives and eliminate potential hazards/failures since the concepts of reliability of train is introduced these days. Though, FMEA technique in the maintenances steps lacks in its investigation and applications yet. FMEA is also not applied to the trains operated by Seoul metro in the design and manufacture steps excepts the newest trains. In this paper, through analyzing the failures/maintenance data of the belt-type door systems used in trains operated in Seoul metro Line 1, which is accumulated in RIMS (Rolling-stock Information Maintenance System), FMEA procedures to the belt-type door engines are proposed. Especially, an effort is made, to approach the detailed FMECA procedures to the door magnet valve and switch and door engine devices which vastly influences the customer safety and satisfaction.