지난 10년간 국내 고속도로의 관리 대상 구조물 수는 2013년 8,302개소에서 2023년 11,054개소로 약 25% 증가했다. 특히, 공용 20~30년 미만의 교량이 전체 교량의 약 40%를 차지하고 있으며, 이들 교량의 노후화가 향후 10년 내 집중적으로 발생할 것으로 예상 된다. 이에 따라 유지관리 비용이 급격히 증가할 것으로 전망된다. 효율적인 자산관리를 위해서는 상태평가 결과를 바탕으로 예측모델 을 적용하여 구조물의 성능과 생애주기 비용을 예측하는 것이 중요하다. 그러나, 유지관리에 따른 구조물 성능향상과 열화모델 적용 등 다양한 변수를 고려한 예측모델 적용할 때, 인력점검의 한계와 점검자의 주관적 판단에 따른 점검오차를 최소해야만 개별 구조물 의 현재 상태에 대한 정확한 평가가 가능할 것이다. 이와 관련하여 본 연구에서는 자산관리 개선을 위한 추진전략과 상태평가 신뢰성 확보를 위한 신기술 적용방안을 제시하고자 한다. 따라서, 교량 자산가치평가 정확도 향상을 위해 BIM(Building Information Modeling) 모델 제작 및 손상평가 AI(Artificial Intelligence) 기술을 적용한 ‘BIM 기반 외관조사망도 자동생성 시스템’을 통해 인력점검의 한계와 점검오차로 인한 문제를 개선하고자 하며, 점검/진단 자동화 기술을 구조물 유지관리 업무 시스템에 연계하여 손상정도를 시계열로 모 니터링하고, 최적 보수시기 및 공법 선정 의사결정에 활용할 수 있으며, 보수·보강 비용 및 조치편익을 분석하여 유지관리 사업계획 수립 시 활용할 수 있을 것으로 판단된다. 향후 ‘점검/진단 자동화 시스템‘을 고속도로 자산관리에 시범적으로 적용하여 실제 현장 점 검자의 사용성 검증과 시스템 운영방안 수립을 통해 효율적 자산관리를 위한 도로관리자의 의사결정을 지원할 수 있을 것으로 기대한다.

P2E(Play-to-Earn)게임은 기존의 게임과 달리 게임을 통해 아이템 NFT, 가상자산(토큰) 획득으로 게임 이용자가 수익을 얻을 수 있는 게임의 한 종류다.1) 2023년도 국내에서 P2E게임 관련 판례가 확정되었고, 이에 따라 해외와 달리 국내에서 P2E게임은 전면 금지되고 있다. 기존 선행연구 에서 지속적으로 비판받아왔듯이, P2E게임에서 가상자산이 활용된다고 하 여, 가상자산의 사행적 측면을 혼재시켜, P2E게임을 사행성 게임물로 곧장 판단하는 것은 오도다. P2E게임 상에서 아이템의 NFT화와 게임 내 토큰 활용 과정을 면밀히 재검토한 결과, 선행연구에서 밝히고 있는 법리상의 문 제점에 더하여, P2E게임의 우연성 해소 가능성, 사행성 게임물과 P2E게임 의 본질적 차이(기대값), P2E게임과 가상자산의 분리 등의 새로운 문제점 을 발견할 수 있었다. 이에 따라, 본고에서는 국내 P2E 게임의 전면 금지의 배경이 된 최근 2 개의 판례를 비판적 검토함과 동시에 P2E게임에 대한 국내 선행 연구를 정리한 뒤, 우리나라 가상자산이용자보호법과 그 토대가 되는 EU의 MiCA 법, 그리고 프랑스 국내법인 SREN법을 살펴 우리나라에서 향후 P2E게임 이 허용될 가능성을 검토하고 그 방향성에 대한 논의를 담았다.

이􀀁 논문에서는􀀁 회귀분석,􀀁 VAR,􀀁 Lasso,􀀁 XGBoost􀀁 등􀀁 4가지􀀁 통계􀀁 기법을􀀁 이용하여􀀁 비트 코인과􀀁 금융시장과의􀀁 상호연관성의􀀁 정도를􀀁 밝혀􀀁 비트코인이􀀁 더􀀁 이상􀀁 안전자산이􀀁 아님을􀀁 보였다.􀀁 회귀분석에서는􀀁 비트코인의􀀁 24시간􀀁 시간별􀀁 데이터를􀀁 이용하여􀀁 미국주식시장􀀁 개장 시간대와􀀁 휴장시간대를􀀁 비교하여􀀁 비트코인의􀀁 거래량과􀀁 가격의􀀁 변동성이􀀁 통계적으로􀀁 유의 미하게􀀁 증가하는지를􀀁 분석한􀀁 결과,􀀁 미국증시􀀁 개장시간대(09:30-16:00)에􀀁 그􀀁 외의􀀁 시간대 에􀀁 비해􀀁 비트코인의􀀁 거래량은􀀁 22%,􀀁 가격변동성은􀀁 8.3%􀀁 증가하는􀀁 것으로􀀁 나타났다.􀀁 또 한􀀁 비트코인의􀀁 주별􀀁 자료를􀀁 이용하여􀀁 다양한􀀁 주식시장􀀁 지수들이􀀁 시차를􀀁 두고􀀁 비트코인􀀁 수 익률(가격증가율)과􀀁 변동성에􀀁 어떤􀀁 영향을􀀁 미치는지를􀀁 VAR􀀁 분석한􀀁 결과,􀀁 연방기준금리가􀀁 가장􀀁 직접적으로􀀁 영향을􀀁 미치는􀀁 것으로􀀁 나타났다.􀀁 한편􀀁 Lasso를􀀁 이용한􀀁 비트코인과􀀁 주요􀀁 시장의􀀁 지수들과의􀀁 상관관계의􀀁 방향성􀀁 분석에서는􀀁 비트코인의􀀁 수익률과􀀁 변동성이􀀁 금융시 장􀀁 지수들과􀀁 정확히􀀁 같은􀀁 방향으로􀀁 움직이는􀀁 것으로􀀁 나타났다.􀀁 마지막으로􀀁 XGBoost를􀀁 이 용한􀀁 분석에서는􀀁 비트코인􀀁 수익률과􀀁 변동성을􀀁 예측하는데􀀁 가장􀀁 강력한􀀁 예측변수들은􀀁 미국􀀁 주식시장의􀀁 S&P􀀁 500􀀁 지수,􀀁 나스닥􀀁 지수,􀀁 다우존스􀀁 변동성지수인􀀁 것으로􀀁 나타났다.􀀁 다양 한􀀁 계량분석􀀁 결과,􀀁 비트코인은􀀁 미국􀀁 금리와􀀁 미국􀀁 주가􀀁 움직임에􀀁 매우􀀁 민감하게􀀁 반응하고􀀁 정확히􀀁 같은􀀁 방향으로􀀁 움직여􀀁 더􀀁 이상􀀁 안전자산이􀀁 아님을􀀁 밝혔다.􀀁

The records system is believed to have started in Italy in the 14th century in line with trade developments in Europe. In 1491, Luca Pacioli, a mathematician, and an Italian Franciscan monk wrote the first book that described double-entry accounting processes. In many countries, including Korea, the government accounting standards used single-entry bookkeeping rather than double-entry bookkeeping that can be aggregated by account subject. The cash-based and single-entry bookkeeping used by the government in the past had limitations in providing clear information on financial status and establishing a performance-oriented financial management system. Accordingly, the National Accounting Act (promulgated in October 2007) stipulated the introduction of double-entry bookkeeping and accrual accounting systems in the government sector from January 1, 2009. Furthermore, the Korean government has also introduced International Financial Reporting Standards (IFRS), and the System of National Accounts (SNA). Since 2014, Korea owned five national accounts. In Korea, valuation began with the 1968 National Wealth Statistics Survey. The academic origins of the valuation of national wealth statistics which had been investigated by due diligence every 10 years since 1968 are based on the 'Engineering Valuation' of professor Marston in the Department of Industrial Engineering at Iowa State University in the 1930s. This field has spread to economics, etc. In economics, it became the basis of capital stock estimation for positive economics such as econometrics. The valuation by the National Wealth Statistics Survey contributed greatly to converting the book value of accounting data into vintage data. And in 2000 National Statistical Office collected actual disposal data for the 1-digit asset class and obtained the ASL(average service life) by Iowa curve. Then, with the data on fixed capital formation centered on the National B/S Team of the Bank of Korea, the national wealth statistics were prepared by the Permanent Inventory Method(PIM). The asset classification was also classified into 59 types, including 2 types of residential buildings, 4 types of non-residential buildings, 14 types of structures, 9 types of transportation equipment, 28 types of machinery, and 2 types of intangible fixed assets. Tables of useful lives of tangible fixed assets published by the Korea Appraisal Board in 1999 and 2013 were made by the Iowa curve method. In Korea, the Iowa curve method has been adopted as a method of ASL estimation. There are three types of the Iowa curve method. The retirement rate method of the three types is the best because it is based on the collection and compilation of the data of all properties in service during a period of recent years, both properties retired and that are still in service. We hope the retirement rate method instead of the individual unit method is used in the estimation of ASL. Recently Korean government’s accounting system has been developed. When revenue expenditure and capital expenditure were mixed in the past single-entry bookkeeping we would like to suggest that BOK and National Statistical Office have accumulated knowledge of a rational difference between revenue expenditure and capital expenditure. In particular, it is important when it is estimated capital stock by PIM. Korea also needs an empirical study on economic depreciation like Hulten & Wykoff Catalog A of the US BEA.

Alternative investments and Financial technology (FinTech) businesses’ recent entry and quick expansion of new financial services have propelled banking institutions into operational innovation to secure sustainable competitive advantage. Recent increases in the number of academic articles devoted to the strategic facets of asset management were stimulated by significant changes in such a competitive environment. Organizations begin to understand that a strategic approach to asset management becomes a source of long-term survival in an unstable environment and sustained competitive advantages. This study reviewed trendy financial issues: alternative investments, Robo-advisor-based asset management, and related service research in the finance and financial engineering field from the perspective of the aforementioned financial service environment.

블록체인 기술을 기반으로, 환금성이 있는 NFT(Non-fungible token) 또는 가상화폐가 게 임이용의 결과물로서 이용자에게 귀속되는 P2E (Play to Earn) 게임 모델이 새로이 등장하였다. 그러나 게임물관리위원회는 P2E 게임의 사행성 을 이유로 등급분류를 거부하거나 취소하여 국내 시장 유통을 금지하고 있다. 반면 우리나라를 제 외한 많은 국가들에서는 P2E 게임이 활발하게 이용되고 있어 게임위 판단의 근거를 검토할 필 요가 있다. 게임위는 법률상 사행성게임물에 대한 등급분 류를 거부하거나 취소할 수 있는데, 이때 사행성 게임물 판단을 위한 근거규정이 미비하다는 문제 가 있다. 사행성게임물은 법률상 사행행위(베팅, 배당, 경마 등)를 내용으로 하거나 게임의 결과가 우연적으로 결정되는 게임물로서 이용자의 자산 에 손익을 미치는 것으로 정의되는데, NFT 혹은 가상자산이 이용자의 자산에 이익이 된다는 이유 만으로 그 게임물의 내용과 상관없이 사행성게임 물로 규정하는 것은 잘못이다. 또한 이용자의 재 산상 손익을 끼칠 수 있는지에 대한 구체적인 판 단 기준을하위법령에위임하고있으나, 위임받은 법령과 게임위 내규에서는 별도로 다루지 않고 있어 판단기준에 공백이 있다. 한편 게임물의 사행성은 게임물의 등급분류에 영향을 미치는데, 사행성게임물이 아니라면 사행 성이 인정되더라도 등급분류에 따라 게임출시가 가능하다. 게임산업법은 사행적인 게임물의 환전 행위를금지하고있는데, P2E 게임의환전가능성 을 이유로 사행성게임물로 판단하는 것은 잘못된 적용이다. 더불어 경품 등의 제공을 통한 사행성 조장을 금지하고 있는데, P2E 게임 이용자에게 제공되는 결과물은 그 형태와 관계없이 경품 등 에 해당하므로 사행성을 조장한다고 볼 수 있다. 그러나 게임물의 사행성 판단에 대해서는 사회⋅ 경제적 상황과 업계종사자의 의견을 반영하여 탄 력적으로 규율하는 것이 바람직하다.

PURPOSES : This study attempts to reveal the limitations of the current asset valuation methods for road infrastructure, based on national accounting standards. We proposed novel asset valuation methods, namely; the nearly land price and ratio-based method(NLP&R), and the consumption-based depreciation method(CBD). In addition, we verified the possibility of application through the research on the road network of Daejeon Metropolitan City. METHODS : This study proposes a novel re-evaluation method for road facilities. Regarding land, the authors proposed calculating the asset value, using the arithmetic average of the publicly announced land price of nearby land, located on both sides of the road section. For structures, a consumption-based depreciation(CBD) method that reflects the current condition level of structures was proposed. RESULTS : Owing to the application of the evaluation method for the current guidelines, land value was evaluated at 0.84-8.12 trillion won, pavement value at 8.75 trillion won, tunnel value at 0.26 trillion won, and bridge value at 2.09 trillion won. Owing to the application of the novel evaluation method proposed in this study on road facilities of Daejeon City, land value was estimated at 6.96 trillion won, tunnel value at 0.28 trillion won, and bridge value at 2.40 trillion won. CONCLUSIONS : We discovered that four current evaluation methods for land prices have some limitations that were over-or underestimated. However, in the case of the novel evaluation method proposed in this study, the value of land assets was estimated at 6.96 trillion won, by applying the nearly land price and ratio-based method. The road pavement was evaluated at approximately 8.75 trillion won, by applying the newly calculated re-procurement cost per unit in 2019. Bridges and tunnels using the new evaluation method were evaluated to be higher than the existing evaluation methods, because the current damaged condition of the facilities was reflected in the valuation. It was concluded that the proposed method is more objective and reliable than the current evaluation methods.

우리나라는 4.19 혁명 이후, 「부정축재특별처리법」, 5.16 쿠테타 이후, 「부정축재처리법」 및 2005년 「친일반민족행위자 재산의 국가귀속에 관한 특별법」을 제정하여 독자적인 유죄 판결에 기초하지 않은 몰수제도를 도입한 경험이 있다. 이들 제도는 법체계상으로 미국의 민사몰수의 일종인 행정몰수와 유사하다. 왜냐하면, 영·미법은 행정의 법적용에 대한 특수성을 인정하고 않으며, 이에 따라, 행정 관련 소송도 사인과 동일한 법에 따라 규율되게 되어 있기 때문에 행정몰수도 민사몰수의 일종으로 보기 때문이다. 이와 같은 인식을 바탕으로 이 논문은 유죄판결에 기초하지 않은 몰수 도입을 위하여, 지금까지 입법시도되었던, ① 독일식 독립몰수 도입안, ② 미국식 민사몰수 도입안, ③ 한국식 독자모델 도입안등을 비교 분석한 후, 우리나라의 유죄판결에 기초하지 않은 몰수의 도입 연혁을 살펴 보았다. 또한, 그 법적 성격을 파악하기 위해 순익주의와 총액주의에 의한 각국의 입법례를 비교 분석한 후, 범죄수익 몰수의 법적 성격 및 「부정축재특별처리법」및 「친일재산귀속법」상 환수 및 국고귀속의 원상회복적 성격을 도출해 내었다. 그리고 환수 및 국고귀속의 법적 성격을 토대로 기존의 「부패재산특례법」의 대상범죄에 「친일재산귀속법」 의 절차를 적용하여 새로운 유죄판결에 기초하지 않는 몰수제도의 도입을 제안하고자 한다.

본 연구에서는 일본에서 중국 지명과 인명을 어떻게 표기하고 읽는지에 대해서 한자문명의 공통자산으로서 한자에 대한 인식을 중심으로 고찰한다. 먼저 일본어 안에는 음성언어가 한자를 중심으로 한 문자언어와 상호보완적인 의존관계에 있음을 확인한다. 그리고 한자가 일본어 안에서 시니피앙(signifiant)으로서 갖는 위상과 기능을 검토하고 그것이 중국 고유명사를 어떻게 적고 읽을 것인지를 결정하는 문제와 직결됨을 확인한다. 마지막으로 근대 이후 일본에서 중국의 인명과 지명을 어떻게 표기하였으며 그것은 어떻게 변화하였는가하는 역사적 경위를 살펴본다. 또한 동아시아 한자 문화권 안의 서로 다른 언어권 간에 지명과 인명을 차용할 때에 한자음을 취할 것인가 현지음을 취할 것인가라는 문제의 성질에 대해서도 고민해 본다.

본 연구의 목적은 학원 강사의 코칭리더십 수준과 학원 수강생의 긍정심리자본의 수준을 알아보고, 학원 강사의 코칭리더십이 학원 수강생의 긍정심리자본에 미치는 영향을 분석하는데 있다. 이를 위해 S시와 Y시 소재 학원 6곳에서 중고등학교 수강생 400명을 대상으로 설문조사를 하였고, 이중 회수된 393명의 설문을 빈도분석, 상관분석 및 다중회귀분석을 통해 분석하였다. 연구결과는 다음과 같다. 첫째, 학원 강사의 코칭리더십 수준은 전체 평균 3.72로 나타났다. 둘째, 학원 수강생의 긍정심리자본의 전체 평균은 3.46으로 나타났다. 셋째, 학원 강사의 코칭리더십과 학원 수강생의 긍정심리자본의 상관관계를 분석해 본 결과 학원 수강생의 긍정 심리자본의 하위요인인 자기효능감, 희망, 복원력, 낙관주의 모두 학원 강사의 코칭리더십과 유의미한 정(+)의 상관이 있는 것으로 나타났다. 특히 학원 강사의 코칭리더십의 하위요인인 관계가 학원 수강생의 긍정심리자본에 가장 큰 영향을 미치는 것으로 나타났다. 따라서 학원 수강생의 긍정심리자본을 향상시키는 방안으로써 학원 강사의 코칭리더십에 주목할 필요가 있으며, 학원 강사의 코칭리더십의 중요성에 대한 인식이 필요하다. 또한 이러한 인식을 바탕으로 학원 강사의 코칭리더십을 향상시킬 수 있는 코칭 프로그램의 개발이 이루어져야 할 것이다.

Introduction An important decision that a manufacturer has to make in distributing a product to customers is the degree of forward channel integration (Aulakh & Kotabe, 1997; Coughlan et al., 2001; John & Weitz, 1988). Transaction cost economics (TCE) developed by Williamson (1975, 1985, 1986, 1999) has been one of the leading theoretical frameworks used to explain the channel integration decision (Frazier, 1999; Watson et al., 2015). TCE is generally a theory for explaining the choice of an efficient governance structure in transactions and includes asset specificity, uncertainty, and frequency as its explanatory variables. According to Williamson (1985, 1986, 1999), much of the explanatory power of TCE is driven by asset specificity. TCE-based channel integration studies argue that as asset specificity increases, firms are expected to increase the degree of channel integration. This study proposes to extend existing research in four important ways. First, existing studies have not examined individual dimensions of asset specificity. This study examines two important dimensions discussed by TCE: human asset specificity and physical asset specificity. Second, existing studies have tended to measure asset specificity in a particular way (i.e., with a particular set of questionnaire items). This study examines the robustness of the estimated asset specificity-integration relationship to alternative measures of asset specificity. Third, existing studies have focused on firms in one country such as the United States, Canada, or Germany. This study empirically examines the roles and relative importance of human and physical asset specificity in channel integration in two countries with different cultures, the United States and Japan. Fourth, existing studies have not investigated the possibility of endogeneity between asset specificity and channel integration. This study tests whether asset specificity is endogenous in explaining channel integration through an instrumental variables and two-stage least squares (IV-2SLS) approach. Literature Review In the context of distribution channels, asset specificity refers to the extent to which durable, transaction-specific investments in human and/or physical assets are needed to distribute the product in question (John & Weitz, 1988; Klein et al., 1990; Shervani et al., 2007). Examples of such investments include (1) the time and effort employed to acquire the firm-specific, product-specific, and customer-specific knowledge needed for distribution activities, and (2) specialized physical equipment and facilities (e.g., warehouses, deliver vehicles, refrigeration equipment, demonstration facilities, and repair and service centers) (Anderson, 1985; Bello & Lohtia, 1995; Brettel et al., 2011a, 2011b; John & Weitz, 1988; Shervani et al., 2007; Williamson, 1985, 1986). According to TCE, when the assets needed to distribute a product are non-specific, the use of independent channels is a priori more efficient than the use of integrated channels based on the benefits of distribution specialists and competition in the market place (Anderson, 1985). Conversely, a high level of specific assets, whether human or physical, has important implications for the degree of channel integration. The primary consequence is to reduce a large number of relationships between a manufacturer and independent channel members to a small number of relationships, which may expose the transaction in question to opportunistic behavior. Because the unique productive value created by a high level of specific assets makes it costly to switch to a new relationship, the use of independent channels will not be effective as a safeguard against opportunism (John & Weitz, 1988; Shervani et al., 2007). Channel integration provides a safeguard against opportunism by permitting (1) the better monitoring and surveillance of integrated channels relative to independent channels, and (2) the reduction of profits from opportunistic behavior since employees in integrated channels do not ordinarily have claims to profit streams (John & Weitz, 1988). As a result, as asset specificity increases, manufacturers are expected to increase the degree of channel integration to exercise greater control over the channels (John & Weitz, 1988; Shervani et al., 2007). This leads to the following basic TCE hypothesis concerning asset specificity and channel integration: TCE hypothesis. Asset specificity will be positively related to the degree of channel integration. Existing studies of channel integration tend to provide support or partial support for the hypothesized positive relationship between asset specificity and channel integration. One limitation of key studies is that they have not fully explored the dimensions of asset specificity because they treat asset specificity as unidimensional or examine only one dimension of asset specificity. Specifically, Anderson and Schmittlein (1984), Anderson (1985), Anderson and Coughlan (1987), and Krafft et al. (2004) focus on human asset specificity. While John and Weitz (1988), Shervani et al. (2007), and Brettel et al. (2011a) consider both human and physical asset specificity in their theoretical discussions, their empirical analyses focus only on human asset specificity. Klein et al. (1990), Aulakh and Kotabe (1997), and Brettel et al. (2011a) use a single measure of asset specificity that contains distinct items measuring human and physical asset specificity. Importantly, none of these studies has examined the dimension of physical asset specificity while controlling for the impact of human asset specificity. These observations suggest that further research is needed that explicitly measures and evaluates the relative importance of human and physical asset specificity in the channel integration decision. Research Hypotheses Based on the above literature review, we seek to extend existing research by distinguishing between two types of asset specificity, human and physical asset specificity. As already explained, TCE and TCE-based channel integration studies argue that both human and physical asset specificity are positive drivers of the degree of channel integration. Thus, our research hypotheses are the following: Hypothesis 1. Human asset specificity will be positively related to the degree of channel integration. Hypothesis 2. Physical asset specificity will be positively related to the degree of channel integration. Research Methodology As shown in Table 1, previous empirical studies attempt to test the basic TCE hypothesis concerning asset specificity and channel integration using (1) a particular measure of asset specificity, (2) data from a single national survey of firms in the United States, Canada, or Germany, and (3) methods such as an ordinary least squares (OLS) regression analysis and a partial least squares structural equation modelling (PLS-SEM) approach. In contrast with these studies, we seek to test the above two hypotheses concerning two types of asset specificity and channel integration using (1) different measures of asset specificity, (2) data from parallel national surveys of firms in two countries with different cultures, the United States and Japan, and (3) the methods used in prior empirical analyses and an IV-2SLS approach, which is a widely accepted method for investigating the potential endogeneity problem of focal explanatory variables (Antonakis et al., 2010, 2014; Zaefarian et al., 2017). This research strategy is partly based on the guidelines for high-quality replication studies articulated by Bettis et al. (2016b). The aims are to assess the generalizability of important prior results using different survey data drawn from different research contexts and to assess the robustness of these results using different measures and methods, thereby providing important additional evidence that contributes to the establishment of repeatable cumulative knowledge (Bettis et al., 2016a, 2016b). We developed the survey questionnaire in several steps. Following John and Weitz (1988), Shervani et al. (2007), and Brettel et al. (2011b), the dependent variable, channel integration, was operationalized by the percentage of sales through direct channels. We measured the focal explanatory variable, asset specificity, in four ways: (1) a four-item scale of human asset specificity used by Shervani et al. (2007), (2) a four-item scale of physical asset specificity based on Bello and Lohtia (1995) and Klein et al. (1990), (3) a six-item scale of human and physical asset specificity used by Klein et al. (1990), and (4) a four-item scale of human and physical asset specificity used by Brettel et al. (2011a). We also included four control variables: environmental uncertainty, behavioral uncertainty, financial performance, and channel members’ capabilities. Based on existing studies, manufacturers of electronic and telecommunication, metal, and chemical products in industrial (business-to-business) markets were selected as the setting for the empirical test. The unit of analysis was the domestic channel integration decision made at a product-market level. Respondents were sales/marketing managers (or executives) knowledgeable about channel design and strategies. In the United States, a professional marketing research company administered the data collection. In Japan, respondents were surveyed by mail. In total, we obtained 235 usable responses from US managers and 279 responses from Japanese managers. Results and Conclusions Following similar studies (John & Weitz, 1988; Shervani et al., 2007), an OLS regression analysis was used to test the hypotheses. The results, shown in Table 1, exhibit significant explanatory power for each model. As expected, (1) human asset specificity exhibits significant positive relationships with the degree of channel integration in both the United States and Japan (Models 1 & 2). These findings support Hypothesis 1. Conversely, (2) physical asset specificity does not have the expected significant positive relationships with the degree of channel integration in both the United States and Japan (Models 1 & 3). These findings do not support Hypothesis 2. Also, (3) asset specificity (Klein et al., 1990) and (4) asset specificity (Brettel et al., 2011a), two composite measures of human and physical asset specificity, exhibit the expected significant coefficients (Models 4 & 5). Additionally, we conducted a similar analysis using a structural equation modelling approach. The results mirrored those of OLS regression, thus providing further support for it. To assess the problem of potential endogeneity between asset specificity and channel integration, we employed IV-2SLS. We used (1) the level of the product’s technical content and (2) the need for coordination between production and distribution activities as instruments for human/physical asset specificity. Our instruments were individually significant predictors of asset specificity and met the exclusion restriction. However, the endogeneity test revealed no evidence of endogeneity. Thus, asset specificity was treated as exogenous in the model. In summary, our preliminary results suggest that human asset specificity, not physical asset specificity, is relevant to the channel integration decision. This finding is significant in that TCE-based channel integration studies tend to measure only one type of asset specificity. We are currently conducting additional analyses to better understand the relationship between human and physical asset specificity, for example, (1) the effects of human and physical asset specificity on different kinds of direct distribution, and (2) a multiple equation model in which human asset specificity is a function of physical asset specificity and direct distribution is a function of both human and physical asset specificity. We believe that our results will have important implications for the ways in which managers approach the channel integration decision.

PURPOSES : This study is aimed at development of a stochastic pavement deterioration forecasting model using National Highway Pavement Condition Index (NHPCI) to support infrastructure asset management. Using this model, the deterioration process regarding life expectancy, deterioration speed change, and reliability were estimated. METHODS: Eight years of Long-Term Pavement Performance (LTPP) data fused with traffic loads (Equivalent Single Axle Loads; ESAL) and structural capacity (Structural Number of Pavement; SNP) were used for the deterioration modeling. As an ideal stochastic model for asset management, Bayesian Markov multi-state exponential hazard model was introduced. RESULTS: The interval of NHPCI was empirically distributed from 8 to 2, and the estimation functions of individual condition indices (crack, rutting, and IRI) in conjunction with the NHPCI index were suggested. The derived deterioration curve shows that life expectancies for the preventive maintenance level was 8.34 years. The general life expectancy was 12.77 years and located in the statistical interval of 11.10-15.58 years at a 95.5% reliability level. CONCLUSIONS : This study originates and contributes to suggesting a simple way to develop a pavement deterioration model using the total condition index that considers road user satisfaction. A definition for level of service system and the corresponding life expectancies are useful for building long-term maintenance plan, especially in Life Cycle Cost Analysis (LCCA) work.

PURPOSES: This study proposes the road asset valuation approach using alternative depreciation methods. It has become necessary to have asset management system according to the adoption of accrual basis accounting for governmental financial reporting and the amendment of the road act. Therefore, it is very important to analyze the effect of depreciation methods on road asset value as a basic research for road asset management system. METHODS: The Ministry of Strategy and Finance (MOSF) has mainly performed road asset valuation based on Write down Replacement Cost and Straight Line depreciation method. This study suggests some appropriate asset valuation methods for road assets through case analysis using three depreciation methods: Consumption-based depreciation method, Condition-based depreciation method, and Straight Line depreciation method. A road asset valuation data of national highway route 1 (year 2014) is used to analyze the effect of three depreciation methods on the road asset value. Road assets include land and structures (pavement, bridge, and tunnel). This study mainly focuses on structures such as bridges and tunnels, because according to governmental accounting standards, land and road pavement assets do not depreciate. RESULTS : The main results of this study are as follows. Firstly, overall asset value of national highway route 1 was estimated at 6.97 trillion KRW when MOSF's method (straight-line depreciation method) is applied. Secondly, asset value was estimated at 4.85 trillion KRW on application of consumption-based depreciation method. Thirdly, asset value was estimated at 4.37 trillion KRW when condition-based depreciation method is applied. Therefore, either consumption-based or condition-based depreciation methods would be more appropriate than straight-line depreciation method if we can use the condition data of road assets including land that are available in real time. CONCLUSIONS : Since road assets such as pavements, bridges, and tunnels have various patterns of deterioration and condition monitoring period, it is necessary to consider a specific valuation method according to the condition of each road asset. Firstly, even though road pavements do not depreciate, asset valuation through condition-based depreciation method would be more appropriate when requirements for application of non-depreciation approach are not satisfied. Since bridge and tunnel facilities show various patterns of deterioration and condition monitoring period by type and condition level, consumption-based depreciation method based on deterioration model would be appropriate. Therefore, it is necessary to have a reasonable asset management system to apply condition-based depreciation method and a periodic condition investigation to manage road assets well.

Omni-directional high dynamic range images are used in image-based lighting or environment mapping. In game development environment high dynamic images can be used with shader assets. Recently various 360 VR camera systems are produced which can capture omni-directional images or video images without extra image stitching. In game development environment, shader assets or assets for shaders can be made along very time-consuming complex processes. In this paper, we proposed more simple and autonomous conversion system which can use directly in Unity.