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        • Corporate Governance and Divestitures : The Effectiveness of Internal and External Control Mechanisms

          Hanson,,Robert,C,Song,,Moon,H 성균관대학교 경영연구소 2001 Sungkyun Management Research Institute Work Vol.22 No.-

          This paper studies divestitures to explore whether stock ownership by managers and the board of directors are effective mechanisms for controlling agency costs. Stock ownership provides managers incentives to sell poorly performing assets that no longer fit the firm=s operating strategy while monitoring by the board of directors encourages the sale of assets that perhaps serve the interests of managers more than shareholders. As part of our analysis, we examine insider trading activity as a way to gauge agency costs that arise from managers exploiting their inside information. We examine external controls by investigating monitoring by external blockholders and assessing the divesting firm=s activity as bidder or target in the market for corporate control. Results show that announcement period returns are significantly related to insider ownership, the fraction of unaffiliated outside directors on the board, changes in trading activity by insiders, and whether the firm becomes a takeover target within two years of the divestiture. Divesting firms underperform a control sample of nondivesting firms over the two years preceding the divestiture, but show similar long-term performance the two-years following the divestiture. Moreover, divesting firms are more frequently involved in transfer of control activities as bidders before and targets after the divestiture when compared to nondivesting firms. Our results, overall, are consistent with the notion that divestitures create value because they help resolve agency problems. and the managerial ownership and the board of directors play a significant role in helping to resolve these problems.

        • KCI등재SSCISCOPUS

          Cultural Tradition of School Excursion and Collective Trauma of the Motor Vessel Sewol Accident

          Hanson,Park,Jungwon,Choi 대한신경정신의학회 2019 PSYCHIATRY INVESTIGATION Vol.16 No.4

          The Motor Vessel Sewol accident was a horrible accident, and it had complex ripple effects in various areas such as politics, economy, and culture. In particular, the psychological impact of each individual in Korean society was great, and various explanations for the causes of such psychological mass trauma would be possible. One of these important causes is the historical memory about common cultural custom. Therefore, the historical and cultural memory of the school trips shared by members of Korean society may be one of the causes of the psychological trauma. This paper aims to explain the cultural and social functions of school trips in East Asian societies from a historical point of view. In addition, we will also analyse the reasons why shared cultural memories contributed to the formation of collective trauma of the accident from a cultural, anthropological and psychiatric point of view.

        • KCI등재

          Who Will Fill China's Shoes? The Global Evolution of Labor-Intensive Manufacturing

          Hanson,,Gordon Korea Institute for International Economic Policy 2020 East Asian Economic Review Vol.24 No.4

          In this paper, I review evidence on changing global specialization in labor-intensive exporting. Production of apparel, footwear, furniture, and related products are how many low-income countries first enter export manufacturing. Just as China's rise as a powerhouse in these goods supplanted a role previously occupied by the East Asian Tigers, the world may again be on the cusp of significant change in where labor-intensive goods are produced. China's prowess in these sectors peaked in the early 2010s; its share in their global exports, while still substantial, is now in decline. Mechanisms through which the global economy may adjust to China's graduation into more technologically sophisticated activities include expanded labor-intensive export production in other emerging economies and labor-saving technological change in products currently heavily reliant on less-educated labor. Available evidence suggests that the first mechanism is operating slowly and the second hardly at all. As a third mechanism, China may in part replace itself by moving labor-heavy factories out of densely populated and expensive coastal cities and into the country's interior. Such a transition, though still in its infancy, would mirror the decentralization of manufacturing production in the U.S. and Europe, which occurred after World War II.

        • KCI등재SSCISCOPUS

          Evolutionary Ecological Model of Defence Activation Disorders Via the Marginal Value Theorem

          Hanson,Park 대한신경정신의학회 2020 PSYCHIATRY INVESTIGATION Vol.17 No.6

          '스콜라' 이용 시 소속기관이 구독 중이 아닌 경우, 오후 4시부터 익일 오전 7시까지 원문보기가 가능합니다.

          Objective Excessive activation of defence modules leads to some dysfunctional outcomes, which can be broadly classified to defence activation disorders. Defence activation disorders have high mortality, low fertility, high prevalence and high heritability. In this study, agent-based simulation model is formulated for solving this evolutionary paradox.Methods The emotional system is considered as a superordinate cognitive module for grasping the average resource amount and the average diminishing returns of resources, based on the Marginal Value Theorem. Under the assumption, the evolutionary ecological model was proposed and analysed.Results Individuals utilising suboptimal strategies can be stably maintained in agent-based evolutionary simulation environments. Individuals were adapted to have different <i>d-values</i> according to the local niche. The simulation runs stably within the calibrated range of the variables for a long time. Agents establish locally optimal strategies based on their given <i>d-values</i>, and the relative proportion of subpopulation maintained stably in the heterogeneous habitat with the resource gradient.Conclusion This study verifies the evolutionary mechanism of defence activation disorders in computer-simulated environments by using agent-based modelling with the Marginal Value Theorem. Balancing selection appears to be a plausible evolutionary mechanism that makes the suboptimal levels of defence activation the evolutionarily stable strategies.

        • SCOPUSKCI등재
        • SCOPUSKCI등재

          U . S . ADJUSTMENT IN THE 1990s : A CGE ANALYSIS OF ALTERNATIVE TRADE STRATEGIES

          HANSON,,KENNETH,ROBINSON,,SHERMAN,TOKARICK,,STEPHEN 한국국제경제학회 1993 International Economic Journal Vol.7 No.2

          This paper investigates the implications for the structure of the U. S. economy of a reduction in the U. S. trade deficit. We explore two alternative adjustment scenarios. First, we assume an environment of successful world trade liberalization. An alternative view is that the world economy will lapse into a protectionist environment. We use a 30-sector computable general equilibrium (CGE) model of the United States to analyze the impact of these two scenarios. When analyzing the protectionist scenario, we do a variety of experiments designed to explore the impact of protectionist policies on the U. S. economy. [C68, F13]

        • KCI등재SSCISCOPUS

          Evolutionary Ecological Model of Defence Activation Disorders Via the Marginal Value Theorem

          Park,Hanson 대한신경정신의학회 2020 PSYCHIATRY INVESTIGATION Vol.17 No.6

          Objective Excessive activation of defence modules leads to some dysfunctional outcomes, which can be broadly classified to defence activation disorders. Defence activation disorders have high mortality, low fertility, high prevalence and high heritability. In this study, agent-based simulation model is formulated for solving this evolutionary paradox.Methods The emotional system is considered as a superordinate cognitive module for grasping the average resource amount and the average diminishing returns of resources, based on the Marginal Value Theorem. Under the assumption, the evolutionary ecological model was proposed and analysed.Results Individuals utilising suboptimal strategies can be stably maintained in agent-based evolutionary simulation environments. Individuals were adapted to have different <i>d-values</i> according to the local niche. The simulation runs stably within the calibrated range of the variables for a long time. Agents establish locally optimal strategies based on their given <i>d-values</i>, and the relative proportion of subpopulation maintained stably in the heterogeneous habitat with the resource gradient.Conclusion This study verifies the evolutionary mechanism of defence activation disorders in computer-simulated environments by using agent-based modelling with the Marginal Value Theorem. Balancing selection appears to be a plausible evolutionary mechanism that makes the suboptimal levels of defence activation the evolutionarily stable strategies.

        • KCI등재

          Situating the History of Medicine Within Chinese History

          Marta,Hanson 고려대학교 민족문화연구원 2018 Cross-Currents Vol.0 No.27

          The past ten years have seen the publication of more than seventy English-language monographs, edited books, translations, dictionaries, and even a three-volume catalogue, related to the history of medicine in China. Such substantive, varied, and often ground-breaking scholarship is finally starting to do justice to the complexity of the subject and the richness of the sources vis-à-vis the better known, and thus more widely taught, history of European and Anglo-American medicine from antiquity to the modern world. Collectively bringing the field of the history of medicine in China to a new level of synthesis, these works not only demonstrate how integral the history of medicine and public health is to Chinese history but also should help facilitate the integration of East Asian medical history into more broadly conceived global histories of medicine and public health. This major boon in publications on the medical history of China over the past decade also reveals the wide-ranging methods and diverse approaches scholars have chosen to frame, and thereby exert heuristic control over, what arguably has become newly visible as the contours of a vast, complex, and essential subject of not just Chinese but human history....

        • ISO26262를 접목한 MBSE Process 도입 사례

          장현섭(Hyunseop(Hanson), Jang), 이성훈(Sunghun Lee), 박선홍(Sunhong(Sean), Park), 남궁주(James Namgung), Scott Wendling) 한국자동차공학회 2016 한국자동차공학회 부문종합 학술대회 Vol.2016 No.5

          Today, A vehicle system design is becoming more and more complex because of the bigger potion of electrical part than yesterday. And vehicle level customer wants the project schedule to be less and a plenty of variants for 1 project. ISO26262, Which is a critical requirement about functional safety, also be required by customers. To meet these all requirement, we need state-of-the-art optimized system design, functional safety validation and verification, and so on. In this paper, we introduce the process based on model based system engineering and ISO26262 development procedure. It is required to change not only existing processes but also organization to correspond to ISO-26262 standard requirements effectively. When we develop a system following MBSE process, system effective analysis is easy cause of visualization of system. By doing so, an error from design change can be decreased and a quality problem can be prevented. And also there is an advantage of managing the traceability between a requirement and a design. We can inspect the logical errors and human errors by using automation functional of a software tool comparing with the ordinary method of system engineering. Auto-generated documentation is plus. This methodology is applied on development of EPS.

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