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Since the introduction of ELS (Equity-linked securities) in 2003, the structured products have become one of the most important investment vehicles to Korean retail investors. However, the rapid growth of those structured products has induced the imbalance of Korean financial markets and may have eventually damaged the financial stability of Korean economy. In this paper, we investigate how Korean securities companies issuing the structured products hedge their positions and how their activities affect the financial stability. In addition, we conduct a simple empirical analysis to examine the relationship between the issue of ELS and the financial stability using FSI (financial stability index) provided by Bank of Korea. According to the results, the balance of ELS affects the financial stability negatively and this is significant even after adjusting for the control variables such as the KOSPI index, VKOSPI, the risk-free interest rate, and CPI. More specifically, the balance rather than the amount of monthly issuance is significant to financial stability. In addition, the decrease in underlying indices reduces the early redemption, thereby damaging the financial stability. Lastly, we suggest several solutions to alleviate the negative effects.

Despite the many advantages this type of equipment offers, there are still some major drawbacks. Linear cutting machine (LCM) cannot accurately simulate the true rock-cutting process as 1. it does not account for the circular path along which tunnel boring machine (TBM) disk cutters cut the tunnel face, 2. it does not accurately model the position of a disk cutter on the cutterhead, 3. it cannot perfectly replicate the rotational speed of a TBM. To enhance the knowledge of these issues and in order to mimic the real rock-cutting process, a new lab testing equipment was developed by Hyundai Engineering and Construction.

A new testing machine called rotary cutting machine (RCM) is designed to simulate the excavation process of hard-rock TBMs and includes features such as TBM cutterhead, RPM simulation, constant normal force mode and constant penetration rate mode. Two sets of tests were conducted on Hwandeung granite using different disk cutter sizes to analyze the cutting forces in various excavation modes. The results are analyzed using statistical analysis and dimensional analysis. A new model is generated using dimensional analysis, and its results are compared against the results of actual cases.

The effectiveness of the new RCM test was demonstrated in its ability to apply various modes of excavation. Initial analysis of chip size revealed that the thickness of the chips is largely dependent on the cutter spacing. Tests with varying RPM showed that an increase in RPM results in an increase in the normal force and rolling force. The cutting coefficient (CC) demonstrated a linear correlation with penetration. The optimal specific energy is achieved at an S/p ratio of around 15. However, a slightly lower S/p ratio can also be used in the design if the cutter specifications permit. A dimensional analysis was utilized to develop a new RCM model based on the results from approximately 1200 tests. The model's applicability was demonstrated through a comparison of TBM penetration data from 26 tunnel projects globally. Results indicated that the predicted penetration rates by the RCM test model were in good agreement with actual rates for the majority of cases. However, further investigation is necessary for softer rock types, which will be conducted in the future using concrete blocks.

The originality of the research lies in the development of Hyundai Engineering and Construction’s advanced full-scale laboratory rotary cutting machine (RCM), which accurately replicates the excavation process of hard-rock tunnel boring machines (TBMs). The study provides valuable insights into cutting forces, chip size, specific energy, RPM and excavation modes, enhancing understanding and decision-making in hard-rock excavation processes. The research also presents a new RCM model validated against TBM penetration data, demonstrating its practical applicability and predictive accuracy.

The purpose of this study is to understand what health and safety hazards low-income households are subject to by surveying the real conditions of the defective housing of low-income households, and to find improvement strategies. For this purpose, we visited the concentrated areas of the multi-dwelling unit (MDU) (also known as multi-family residential) housing in Jungwon-gu and Sujeong-gu in Seongnam City, Kyunggi-do, one of the representative areas in Korea with a massive distribution of the low-income class. Based on the survey data, the level of housing defects were comparison analyzed per income decile (decile 1, decile 2, deciles 3–4), and per housing location, in the categories of subsidence, cracks in the wall, delamination, water leakage/infiltration, condensation, and contamination. The housing condition per income class was more defective in the decile 2 households rather than in the decile 2 households, and in the substructure more than in the superstructure. Among the six defects, contamination problems, caused by sub-standard living conditions, were the most frequent cases. Structural defects, subsidence and cracks in the wall, were found in the main living areas—the bedrooms and the living rooms. It was confirmed in this study that the conditions of low-income housing are serious, and that it is necessary to explore specific countermeasures in the near future.

Using the theory of planned behavior as its basis, the purpose of this paper is to investigate the relationships among beliefs about electronic service quality (E-S-QUAL); consumers’ need for uniqueness (CNFU); and beliefs about perceived behavioral control, expectations of important others, and cross-border online purchasing behavioral intention. The effects of E-S-QUAL and CNFU on attitude are examined with data collected from Korean consumers who have cross-border online purchasing experience.

The authors evaluate the research model in this study and test the hypotheses using partial least squares, an OLS regression-based estimation method that focuses on predicting independent variables hypothesized to have a causal relationship that maximizes the explanatory variance of the dependent variable.

Analysis of the data emphasizes that beliefs about E-S-QUAL and CNFU positively affect attitudes toward buying online from international sites, which in turn positively affect purchasing intention. Also, beliefs about self-efficacy and normative structure regarding cross-border online purchasing positively affect behavioral intentions.

This paper develops a conceptual model explaining consumers’ intentions to shop online across national borders. To the best of the authors’ knowledge, none of the previous studies have particularly mentioned the associations between beliefs about e-service quality and actual behavioral intentions in the context of cross-border online shopping. Also, the important role of CNFU has been ignored as one of the factors that can affect consumers’ decisions to shop online beyond national borders. In regard to this matter, the authors aim to investigate cross-border online shopping factors that can help international e-commerce gain a better understanding of the needs of their consumers.

The purpose of the present paper is to obtain the capability of designing modern rotorcrafts with enhanced accuracy and reliability.

Among the existing rotorcraft design programs, an appropriate program was selected as a baseline for improvement. It was based on a database comprising conventional fleets of rotorcrafts. The baseline program was not robust because it contained a simple iteration loop, which only monitored the gross weight of the aircraft. Therefore, it is not accurate enough to fulfill the quality and sophistication of a conceptual design framework useful for present and future generations of rotorcrafts. In this paper, the estimation formulas for the sizing and weight of the rotorcraft subsystem were updated by referring to modern aircraft data. In addition, trend curves for various turboshaft engines available these days were established. Instead of using the power estimation algorithm based on the momentum theory with empirical corrections, blade element rotor aerodynamics and trim analysis were developed and incorporated into the present framework. Moreover, the simple iteration loop for the aircraft gross weight was reinforced by adding a mathematical optimization algorithm, such as a genetic algorithm.

The improved optimization framework for rotorcraft conceptual design which has the capability of designing modern rotorcrafts with enhanced accuracy and reliability was constructed by using MATLAB optimization toolbox.

The optimization framework can be used by the rotorcraft industries at an early stage of the rotorcraft design.

It was verified that the improved optimization framework for the rotorcraft conceptual design has the capability of designing modern rotorcrafts with enhanced accuracy and reliability.

Recent corporate scandals have led to legislative and regulatory responses that significantly increase the monitoring costs and other burdens of becoming or remaining a public corporation. As a result, there has been a substantial increase in going-private transactions, particularly among smaller public companies. Acquisitions and minority equity positions that allow large corporations to join with smaller companies have also increased. The pressures to go private are not entirely new, however. This chapter offers evidence that the current wave of post-Sarbanes–Oxley (SOX) restructuring via private equity firms is not a radical shift, but a continuation of already-established relationships between drops in the broad index of publicly traded equities, and subsequent increases in going-private activity (with evidence extending back more than two decades). When publicly traded equity falls, two things make major contribution to an increase in going-private transactions:•With equity prices down, it becomes cheaper to buy back the stock.•For investors with cash reserves holding for the arrival of new opportunities, taking a company private at reduced cost offers an attractive opportunity.

The evidence also suggests, though, that the passage of SOX is associated with an increased intensity in this longer-standing relationship (in other words, SOX has strengthened the older trend).

The purpose of this paper is to provide a quantitative analysis, in which learning orientation, market orientation, entrepreneurial orientation, and innovativeness function as key success factors in technology‐intensive firms. The authors formulate a structural equation model to examine the relationship among these constructs.

A structural equation model was designed to examine the relationship. To test the model, the authors conducted covariance structural analyses of data collected from 333 venture companies, including innovation companies, in Taiwan.

The central finding is that learning orientation plays a full mediating role in the relationship between market orientation and innovativeness. The results indicate that organizational structure (formalization and decentralization) does not play a moderating role in the relationship between innovativeness and business performance; however, the extent of formalization of an organizational structure negatively correlates with business performance.

Market orientation can strengthen innovativeness via organizational learning. In the high‐tech industry, the market information obtained from customers and competitors helps firms to keep an eye on the market. For better competitive advantages and business performance, firms must have learning capabilities and employees' identity with corporate mission.

The research empirically examines the mediating role of learning orientation and the moderating role of organizational structure in the model. The findings indicate that firms should strengthen their learning orientation and innovativeness, and avoid interfering in the organizational structure to improve business performance.