Purpose: This study investigated the effects of valuation errors on the capital market through the earnings forecasting errors of financial analysts. As a follow-up to Jensen (2005)'s study, which argued of agency cost of overvaluation, it was intended to analyze the effect of valuation errors on the earnings forecasting behavior of financial analysts. We hypothesized that if the manager tried to explain to the market that their firms are overvalued, the analysts’ earnings forecasting errors would decrease. Research design, data and methodology: To this end, the analysis period was set from 2011 to 2018 of KOSPI and KOSDAQ-listed markets. For overvaluation, the study methodology of Rhodes-Kropf, Robinson, and Viswanathan (2005) was measured. The earnings forecasting errors of the financial analyst was measured by the accuracy and bias. Results: Empirical analysis shows that the accuracy and bias of analysts' forecasting errors decrease as overvaluation increase. Second, the negative relationship showed no difference, depending on the size of the auditor. Third, the results have not changed sensitively according to the listed market. Conclusions: Our results indicated that the valuation error lowered the financial analyst earnings forecasting errors. Considering that the greater overvaluation, the higher the compensation and reputation of the manager, it can be interpreted that an active explanation of the market can promote the accuracy of the financial analyst's earnings forecasts. This study has the following contributions when compared to prior research. First, the impact of valuation errors on the capital market was analyzed for the domestic capital market. Second, while there has been no research between valuation error and earnings forecasting by financial analysts, the results of the study suggested that valuation errors reduce financial analyst's earnings forecasting errors. Third, valuation error induced lower the earnings forecasting error of the financial analyst. The greater the valuation error, the greater the management's effort to explain the market more actively. Considering that the greater the error in valuation, the higher the compensation and reputation of the manager, it can be interpreted that an active explanation of the market can promote the accuracy of the financial analyst's earnings forecasts.

The effects of liquid potassium permanganate (KMnO4) on the litter quality of poultry were investigated. Two-hundred -forty 0-day-old broiler chickens (Arbor Acres) were randomly assigned to two treatments with four replicated pens of 30 chickens each. Treatment liquid KMnO4 at a rate of 50 g of liquid KMnO4/kg of poultry litter was sprayed onto the litter surface using a small hand pump; others served as a control that was applied without liquid KMnO4 additions. Compared with controls, the treatment liquid KMnO4 showed no differences in pH, total nitrogen and ammonia concentration. It was concluded that liquid KMnO4 did not significantly increase poultry litter quality. Mechanisms relating to increasing litter pH and ammonia using liquid KMnO4 are an oxidant agent (not acid-foaming agents).

Asthmatics are more susceptible to fine particulate matters (PM2.5), compared to the general population. It has been reported that indoor PM2.5 is mainly generated by combustion of fossil fuels, meat or fish In particular, asthmatics are known to be more susceptible to indoor PM2.5 because 65 ∼ 95% of child or adult asthmatics stay inside the house. Thus, understanding the association between indoor activity patterns and variations in indoor PM2.5 levels is important. The purpose of this study is to determine the distribution of hourly indoor PM2.5 concentrations in asthmatics’ homes, and to evaluate its association with pan-frying cooking activity patterns, the most common PM2.5 emission related activity. From November 2017 to February 2018, real-time PM2.5 concentrations were measured in the living room of each asthmatic’s house (n = 35) for three weeks at 1 minute intervals. At the same time, self-reported daily activity patterns, hourly proportion (%) of cooking activities, were also recorded every hour over three weeks for each patient. In this study, we provided quantitative evidence that the distribution patterns of indoor hourly PM2.5 concentrations were associated with indoor cooking activities, especially in the homes of adult asthmatics. In addition, we observed that PM2.5 emitted by pan-frying could maintain even over up to 2 hour lagtime.

Recently, a variety of modeling studies have been conducted to examine the air quality over South Korea during the Korea United States Air Quality (KORUS-AQ) campaign period (May 1 to June 10, 2016). This study investigates the impact of different meteorological initializations on atmospheric modeling results. We conduct several simulations during the KORUS-AQ period using the Weather Research and Forecasting (WRF) model with two different initial datasets, which is FNL of NCEP and ERA5 of ECMWF. Comparing the raw initial data, ERA5 showed better accuracy in the temperature, wind speed, and mixing ratio fields than those of NCEP-FNL. On the other hand, the results of WRF simulations with ERA5 showed better accuracy in the simulated temperature and mixing ratio than those with FNL, except for wind speed. Comparing the nudging efficiency of temperature and wind speed fields, the grid nudging effect on the FNL simulation was larger than that on the ERA5 simulation, but the results of mixing ratio field was the opposite. Overall, WRF simulation with ERA5 data showed a better performance for temperature and mixing ratio simulations than that with FNL data. For wind speed simulation, however, WRF simulation with FNL data indicated more accurate results compared to that with ERA5 data.

The determination of soil parameters is important in predicting the simulated surface runoff using either a distributed or a lumped rainfall-runoff model. Soil characteristics can be collected using remote sensing techniques and represented as a digital map. There is no universal agreement with respect to the determination of a representative parameter from a gridded digital map. Two representative methods, i.e., arithmetic and predominant, are introduced and applied to both FLO-2D and HEC-HMS to improve the model’s accuracy. Both methods are implemented in the Yongdam catchment, and the results show that the former seems to be more accurate than the latter in the test site. This is attributed to the high conductivity of the dominant soil class, which is A type.

The determination of soil characteristics is important in the simulation of rainfall runoff using a distributed FLO-2D model in catchment analysis. Digital maps acquired using remote sensing techniques have been widely used in modern hydrology. However, the determination of a representative parameter with spatial scaling mismatch is difficult. In this investigation, the FLO-2D rainfall-runoff model is utilized in the Yongdam catchment to test sensitivity based on three different methods (mosaic, arithmetic, and predominant) that describe soil surface characteristics in real systems. The results show that the mosaic method is costly, but provides a reasonably realistic description and exhibits superior performance compared to other methods in terms of both the amount and time to peak flow.

Recently, a heavy rainfall with high spatial variation occurred frequently in the Korean Peninsula. The meteorological event that occurred in Busan on 3 May 2016 is characterized by heavy rain in a limited area. In order to clarify the reason of large spatial variation associated with mountain height and location of low level jet, several numerical experiments were carried out using the dynamic meteorological Weather Research and Forecasting (WRF) model. In this case study, the raised topography of Mount Geumjeong increased a barrier effect and air uplifting due to topographic forcing on the windward side. As a result, wind speed reduced and precipitation increased. In contrast, on the downwind side, the wind speed was slightly faster and since the total amount of water vapor is limited, the precipitation on the downwind side reduced. Numerical experiments on shifting the location of the lower jet demonstrated that if the lower jet is close to the mountain, its core becomes higher due to the effect of friction. Additionally, the water vapor convergence around the mountain increased and eventually the precipitation also increased in the area near the mountain. Hence, the location information of the lower jet is an important factor for accurately predicting precipitation.

인간의 생활환경에서 안정된 주거환경이 주는 영향은 매우 크다. 이는 예술인들의 창작활동에 있어서도 마찬가지다. 안정된 창작 공간은 질 좋은 작품을 탄생시키는 모태가 되기도 하고 예술인들의 창작 의욕을 고취시키기도 한다. 이런 안정된 창작 공간이 형성된 지역에는 자연스럽게 예술인들이 모여들게 되고 독특한 개성이 표현되는 새로운 스타일의 장소가 되기도 한다. 하지만 역설적이게도 개성있는 예술인들이 모인 특정 지역이 유명세를 타면서 오히려 땅값과 임대료가 상승하여 그들이 원래 있던 공간에서 밀려나 더 싸고 외진 곳으로 이주하는 현상이 나타나게 되는데 이 현상이 젠트리피케이션이다. 본 연구에서는 첫째, 젠트리피케이션의 발생 원인과 유형을 선행연구로 알아보고 둘째, 젠트리피케이션 진행과정에 따른 사회적 현상을 통계지표를 통해 분석하였으며 셋째, 젠트리피케이션이 예술인들의 창착활동에 미치는 영향과 실태를 파악 하고 넷째, 국내 · 외 젠트리피케이션의 다양한 사례들과 극복사례들을 조사하여 최종적으로 젠트리피케이션의 부정적 요인을 극복하는 상생방안을 위주로 대안을 제시하고자 했다. 대안제시에는 지자체의 임대료 안정 정책과 상생협약, 공공주택의 보급이 있으며 예술인들은 공공 프로젝트 참여로 지역사회에 기여하고 지역예술협동조합과 같은 예술인 단체 결성을 통해 권익과 봉사를 동시에 추구하는 방안을 제시하였다.

Tax can be categorised into direct tax and indirect tax. This paper uses the ordinary least-squares regression method to study the impact of direct and indirect tax on economic growth in Vietnam in the period 2003-2017. Statistical data is collected from the Ministry of Finance of Vietnam. Theoretically, tax generates the state budget revenue and is a tool to regulate the economy. The results of statistical tests show that tax has a positive impact on Vietnam's economic growth. However, the effects of direct tax and indirect tax are different. The indirect tax has a positive influence and promote Vietnam's economic growth, while the impact of the direct tax is invisible. There has not been sufficient evidence to confirm that the indirect tax has a more positive impact than the direct tax. To promote economic growth, Vietnam needs to restructure its tax system towards: (1) Increasing the proportion of indirect tax, reducing the proportion of direct tax in the state budget revenue; (2) Expanding tax bases; (3) Reducing tax rates of corporate income tax and personal income tax; (4) Increasing tax rates of environmental protection tax, natural resources tax, value added tax and excise tax on some types of goods which harm health and environment.

This paper is intended to study the relationship between state budget revenue and economic growth in Vietnam. The ordinary leastsquares regression method is used with secondary data collected from General Statistics Office of Vietnam in the period of 2000- 2017. Vietnamese state budget revenue includes domestic revenue (excluding oil revenue), oil revenue, custom duty revenue, and grants. The testing result shows that the state budget revenue has a positive correlation with economic growth of Vietnam. However, the components of state budget revenue have different levels of impact on the economy. Domestic revenue and oil revenue are statistically significant and have a positive effect on the economy, while the impact of custom duty revenue and grants on the economy is invisible. Vietnamese state budget revenue should be restructured toward the sustainability and by way of boosting the economy, specifically: (1) Increase the proportion of domestic revenue to state budget revenue and domestic revenue should be based on the ground of production and business activities rather than collection from state-owned assets; (2) Reduce the proportion of custom duty revenue and grants to state budget revenue; (3) Keep the volume and ratio of oil revenue in state budget revenue at an appropriate proportion.

This study has two main purposes; first, it examines the effect of capital structure on profitability of Islamic and conventional banks; second, it determines that whether the capital structure of Islamic and conventional banks is same or not. A sample of ten banks was taken over the period 2006-2016. Independent samples T-test was used for finding the comparison between the capital structure of Islamic and conventional banks while for assessing the impact of capital structure on profitability, regression analysis (Fixed effects model) was used. Results showed that the capital structure of both types of banks was similar except for bank size which differed significantly. Moreover, ROA was negatively correlated to the capital structure of both conventional and Islamic banks. In contrast, ROE was positively correlated to the capital structure of both conventional and Islamic banks. In addition to that, two explanatory variables were positively correlated while two were negatively correlated to EPS for both Islamic and conventional banks. This study proves the existence of prominent theories of capital structure (pecking order theory and trade-off theory) for both conventional and Islamic banks in Pakistan and also validates the economies of scale.

With the recent increase in the volume of liquid cargo transportation, there is a need for STS( Ship To Ship) globally. In the case of the STS mooring, the safety assessment should be conducted according to other criteria because mooring is different from the general mooring at the quay, but there is no separate standard in Korea. Thus in this study, STS mooring simulation and sensitivity analysis using OPTIMOOR program, the numerical analysis program, was conducted to identify the characteristics of the STS mooring. The target sea modeled the Yeosu port anchorage in Korea and the target ship was selected as the case of VLCC (Very Large Crude Oil Carrier)-VLCC. Through the numerical simulation and sensitivity analysis, the characteristics of STS mooring were identified. Also based on these results, we focused on establishing the standard for STS mooring safety assessment. Numerical simulation results show that the STS mooring safety can be changed according to a ship's cargo loading condition, pre-tension of mooring line, sea depth, encounter angle with the weather, and the weather condition. Additionally, the risk matrix is prepared to establish the safe external force range in the corresponding sea area. This result can be used to understand the mooring characteristics of STS and contribute to the revision of mooring safety assessment criteria.

Purpose - This research is aimed to investigate the impact of the Information and Communication Technology (hereinafter ICT) development index and ICT investment on Indonesian economic growth. Research design, data and methodology - The data used consist of ICT development index, government expenditure on ICT sector, and economic growth from 33 provinces in Indonesia from 2012 to 2015. Based on the Networked Readiness Index published by the World Economic Forum (WEF), Indonesia was ranked 80th among 142 countries in 2012 and had climbed 64th in 2014. This indicates that the businesses in Indonesia have adopted ICTs to increase productivity and expand their activities. Panel data regression analysis is performed to reveal the change of the impact over time in each of the provinces. Result - The ICT development index and government expenditure for ICT have a positive effect on the economic growth of all provinces, although the impact is different in each of the provinces. There is a digital gap between the provinces, especially the large digital gap occurring with DKI Jakarta. The provinces of Eastern Indonesia such as NTT and Papua are still relatively slow in development of ICT. Conclusions - ICT development index and allocation of local government expenditure for ICT have significant effect on economic growth. ICT development index has a bigger role in increasing economic growth.

타이어 마모입자는 자동차의 주행 중, 도로와의 마찰에 의해 타이어 고무 입자와 도로 먼지와의 혼합형태로 발생하게 된다. 생성된 타이어 마모입자는 다양한 환경 요인(햇빛, 바람, 빗물)과 이동 과정을 통해 환경과 인간에 영향을 미칠 수 있다고 보고 된다. 본 연구에서는 타이어 마모입자에 의한 환경과 인체 영향에 대한 정확한 사실을 알리고자, 타이어 산업체 그룹의 연구 결과를 활용하여, 미세먼지 내 타이어 마모입자의 기여와 영향을 소개하고, 친환경타이어 개발 에 관한 연구 사례를 제시하고자 한다.

본 연구에서는 외기온 영하조건에서 노출시간 변화별 콘크리트의 초기동해 피해를 입는 온도이력을 확인하고, 실험연구결과 –10℃인 외기조건에서 200 mm 두께의 슬래브는 18시간까지는 외기온에 노출되어도 콘크리트의 수화열에 의해 초기동해 피해가 발생하지 않는 것을 알 수 있었다.

본 연구에서는 충격 및 폭발하중에 대한 콘크리트 구조물의 파괴 및 구조거동을 정확히 예측할 수 있는 콘크리트 재료모델인 최신 Microplane model을 개발하고, 콘크리트의 분쇄효과를 도입한 재료모델을 기존 상용 hydrocode에 탑재한 정밀 해석기법을 개발하고, 콘크리트 슬래브의 충돌해석을 수행하고, 그 우수성을 검증하였다.

The study aims to explore key dimensions of service quality of E-Retailing of Islamic banks in the Kingdom of Saudi Arabia. The convenience sample size consists of 373 respondents who regularly use online Islamic banking facilities in Saudi Arabia was used. For measuring the consumers’ perspective, a four-factor E-SERVQUAL scale; namely efficiency, system availability, fulfillment, and privacy was used. Exploratory Factor Analysis and Confirmatory Factor Analysis are used to test the model fitness. Structural equation modelling is utilized to determine the impact of E-service quality dimensions on customers’ satisfaction. The results of the study reveal that 1) reliability as a dimension of E-retailing of Islamic banks made a significant impact on customers’ overall satisfaction; 2) there is a positive significant relationship between responsiveness and customers’ overall satisfaction. One unit increased in responsive leads to 0.763 unit increases in the overall satisfaction of the customer; and 3) ease of use is the most important dimensions of service quality of E-retailing of Islamic banks. One unit increases in Security/ Privacy leads to 0.473 unit increases in overall satisfaction. There is a positive impact of good E-service on customers’ satisfaction, but it does not override unsatisfactory performance in other areas.

With the rapid development of information technology, e-commerce is gradually changing people's production and lifestyle, changing the way of international trade; even the system and mechanism of international trade are changed by e-commerce, and new business models are created. E-commerce not only creates more trade opportunities for enterprises in various countries, but also shortens the trade distance and trading time of trade. It makes transactions unrestricted by geographic location and natural conditions, and the simplification of traditional trading procedures also increases transaction efficiency. It achieves truly global, intelligent and paperless transactions. This paper further expands the influence of e-commerce on international trade from inter-enterprise trade to individual-enterprise transactions, and analyzes the impact from the perspective of influencing mechanism. On the basis of theoretical analysis, combined with the development of international trade and the status of the promotion of e-commerce to trade development. From the aspects of trade mode, trade subject, trade management, a new elaboration has been made. From the perspective of influencing mechanism, the spatial aggregation of trade, commercial platform, trade flow, business model, information flow and business flow were systematically analyzed.

Purpose – As the scope of existing digital transformation expanded to various degrees, the Fourth Industrial Revolution came into being. In 2016, Klaus Schwab, Chairman of the World Economic Forum (WEF), said that the new technologies that lead the fourth industrial revolution are AI, Block chain, IoT, Big Data, Augmented Reality, and Virtual Reality. This technology is expected to be a full-fledged fusion of digital, biological and physical boundaries. Everything in the world is connected to the online network, and the trend of 'block chain' technology is getting attention because it is a core technology for realizing a super connective society. If the block chain is commercialized at the World Knowledge Forum (WKF), it will be a platform that can be applied to the entire industry. The block chain is rapidly evolving around the financial sector, and the impact of block chains on logistics, medical services, and public services has increased beyond the financial sector. Research design, data, and methodology – Figure analysis of data and social science analytical software of IBM SPSS AMOS 23.0 and IBM Statistics 23.0 were used for all the data researched. Data were collected from hotel employees in China from 25th March to 10th May. Results – The purpose of this study is to investigate the effect of the block chain characteristics of the existing hotel reservation system on the intention to use and to examine the influence of the block chain characteristics of the hotel reservation system on the intention to use, We rearranged the variables having the same or similar meaning and analyzed the effect of these factors on the intention to use the block chain characteristic of the hotel reservation system. 339 questionnaires were used for analysis. Conclusions – There are only sample hotel workers in this study, and their ages are in their 20s and 30s. In future studies, samples should be constructed in various layers and studied. In this study, the block chain characteristics are set as five variables as security, reliability, economical efficiency, availability, and diversity. Among them, Security and reliability made positive effects on the perceived usefulness. Also, security and economics did on the perceived ease. Availability and diversity did on both perceived usefulness and perceived ease. Perceived ease did on perceived usefulness. And perceived ease and perceived usefulness did on user intent. But security and economics did not on the perceived usefulness

IT기술의 발전 및 스마트 터미널(Smart terminal)의 보급으로 정보를 검색하고 받아들이는 과정에서 쇼트 클립의 중요성이 갈수록 커지고 있다. 관광객들의 인터넷 관심도는 관광객 유동량과 관계가 있다. 본 논문은 중국 쇼트 클립의 시장 규모와 영향력을 분석하는 기초 위에 서안시(西安市)를 중심으로 틱톡 (TikTok) 영상의 방송 전후 관광객의 인터넷 관심도가 시간적, 공간적으로 어떤 변화를 나타내는지 분석 하였다. 거시적인 측면에서의 연구 결과는 첫째, 쇼트 클립은 매우 큰 시장 규모와 잠재력을 가지고 있다. 둘째, 쇼트 클립은 인터넷 시대의 효과적인 마케팅 모델로 도시 이미지의 수립과 전달에 중요한 영향을 미치고 있다. 셋째, 쇼트 클립은 촬영지 관광객의 관심도에 시간적, 공간적인 영향을 준다. 넷째, 5G 네트워크 의 발전에 따라 쇼트 클립 플랫폼을 중심으로 광고주, 장비 벤더, 동영상 프로듀서, 동영상 사용자 그리고 전송망 사업자가 포함된 소셜 미디어 생태계가 점차 형성된다. 미시적 방면으로 보면 첫째, 쇼트 클립의 발전이 인터넷 기술에 대한 의존성이 매우 크다. 둘째, 쇼트 클립이 소비자 행위에 중요한 영향을 끼친다. 셋째, 틱톡에서의 쇼트 클립이 방송된 후 서안(西安) 영흥방 (西安永興坊), 중경(重慶) 홍애동(重慶洪崖洞), 청해(靑海) 차가염 호수(青海茶卡鹽湖)에 대한 관광객의 관심도가 크게 변화한 것에 비추어 볼 때 쇼트 클립이 관광지를 홍보하는 데 좋은 효과가 있으며 영향권도 매우 크다. 넷째, 쇼트 클립이 갈수록 더 많은 분야와 융합하여 ‘쇼트 클립+’의 패턴으로 발전할 것이다. 분석에 의하면 쇼트 클립 수색과 정보 제공이 관광객의 관심도를 높이고 특히 틱톡 영상이 방송된 후 관광객들이 촬영지에 대한 인터넷 관심도가 크게 변화될 것을 알 수 있다.