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2006, Vol.16, No.1

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    The Legal Review on the Exceptional Clauses of the Public Expropriation Based on the Land Development Projects

    Hai Woong Yoo | 2006, 16(1) | pp.29~56 | number of Cited : 7
    Abstract
    The acquisition of lands and others for land development project should be based on The Expropriation and Compensation Law of Lands for Public Works(hereinafter Land Compensation Law). However when there is a contradictory stipulation in an individual law, the provisions of the individual law should control. For that, the individual laws prescribe “be able to expropriate or use” the lands or others for the appropriate land development and be pursuant to the regulation of Land Compensation Law related to the expropriation. However the individual laws contain various exceptional cases though. This thesis is mostly focused on analyzing the exceptional clauses of the land development project law especially concerned about expropriation, and figuring out a little more reasonable system through deliberating the system. Each chapter is comprised of the following contents. The 2nd chapter covers the type and system of the land development project. This chapter embodies a grand scale land development project and provides brief overview of the system. The 3rd chapter carries the composition of exceptional case clause of the expropriation and the relationship with Land Compensation Law. This chapter contains the arrangement and analysis of the exceptional case clauses of the expropriation, the relationship between the land development project and the public works, and the application of expropriation clauses based on Land Compensation Law as well. The 4th chapter is about the exceptional case clauses of the expropriation based on the land development project law. It also provides the problems and the improvement directions of the exceptional case clauses. The last chapter suggests the directions of improving those clauses at issue and suggests the author's opinions.
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    A Study on Relation between Price of Estate for Store and First Floor's Rental Price ; Mainly on 13 Low Commercial Clusters in Seoul

    박용수 | 2006, 16(1) | pp.57~73 | number of Cited : 4
    Abstract
    This study makes an analysis of the relation between price of estate for store and first floor's rental price of 13 low commercial clusters in Seoul. It studied the correlation and causal relationship between the price of estate and rental price per ㎡ by using the method of correlation analysis and simple linear regression. According to the results of this analysis of the whole low commercial clusters, the correlation coefficient(0.848) and R-square(0.720) are very high in the 0.01 significant level. This results present that yield capitalization method is reasonable and rational method in the appraisal of estate for store. Since the classified commercial cluster's coefficient varied, using yield capitalization method in appraisal for commercial clusters should be subdivided and rate of return have to be examined. embodies a grand scale land development project and provides brief overview of the system.
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    An Empirical Study on the Interrelation between Land Price and Macroeconomic Variables in the Arbitrage Pricing Model

    jung young kim | 2006, 16(1) | pp.99~118 | number of Cited : 5
    Abstract
    The paper aims to investigate factor structure of land price and to interpret economic meaning of significant factors using Arbitrage Pricing Model(APM) In this study, the samples of 212 areas are selected for the data of land price change the period of 1990 through 2004. And the sizes of portfolios were structured as 20, 30, 40, 50 areas. The factor analysis and regression analysis were used to find out the number of significant common factors. canonical correlation analysis as a multivariate approach were performed. The corresponding factor scores of significant factors were used as the dependent variables while the five economic variables were used as the independent variables
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    A Study on Rational Recommendations of the Asset Revaluation Resumption

    김흥수 | 전소영 | 2006, 16(1) | pp.101~145 | number of Cited : 7
    Abstract
    The "Asset revaluation Law“ which was established in 1958 to overcome the inflation in Korea was amended a few times and was abolished on December 31th, 2000. According to literature review the pros of asset revaluation can be summarized as follows. Asset revaluation reflect management's attempt to comply with the requirement of company law that financial statement present "true and fair view ; asset revaluation lower the debt-to-equity ratio, loosen debt constraints, and enhance financial flexibility. In the hand, asset revaluation has various practical problems regarding true value of accounting numbers as follow: Accounting numbers can be manipulated by managers. This is because some of the numbers valued current market value but others are not. This study focused resumption of asset revaluation. For the purpose, analyzes the change of the financial ratios affected by asset revaluation in the period 1991-2000 and question survey of firms that have revalued assets. The "Asset revaluation Law“ law that has existed for 40 years was abolished at the end of 2000. But it is not clear how the economic conditions, - such as inflation, fluctuation rate of land price, and so on - affect to companies. In addition, many companies want asset revaluation law to be activated again. Thus, there should be more studies about application to IAS through the inflation accounting including asset revaluation.embodies a grand scale land development project and provides brief overview of the system.
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    Vertical Equity Testing of Property Assessment and Alternative Improvements of Detached Housing

    이우진 | 방경식 | 2006, 16(1) | pp.119~143 | number of Cited : 17
    Abstract
    The detached housing assessment is a kind of evaluation for the housing value to determine the property tax on each houses by the local government office, called as a city assessor. However, its assessed value is much different compared to the evaluated by the appraiser. Therefore, the local government assessed detached housing value may have some problems to measure the property tax. Measuring the fair housing market value is one of the most important factors to assess the property tax of individual property. Otherwise, individuals may pay more or less than the equitable tax because of the incorrect assessment of housing prices. This research examined whether significant differences existed among the tax assessments and the market values appraised by the certified appraisers in Il woon-dong, Kangnam-Gu, Seoul. Paired comparison t-test, regression testing and reliability test was employed in this research for vertical equity. The finding result has a significance between the assessed value and the market value. It means that there are significant differences between the government measures and market values. Therefore, the suggesting result is that people may pay more property taxes than the evaluated price of houses.
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    The Effect of Educational Policy on the Housing Market

    박원갑 | Kim Gab-Youl | 2006, 16(1) | pp.145~161 | number of Cited : 9
    Abstract
    This study was intended to compare and analyse the effect of the educational policy issued in Jan 17, 2004 on the housing market in the Kangnam and Kangbuk districts of Seoul. The 2․17 Measure was to normalize public education and lower parents' burden of private educational expenses with a focus on the plan to improve the examination for college entrance to minimize the scores of the scholastic ability test and select new students on the basis of the records in the unofficial report since 2008 as well as EBS's broadcasting for the scholastic ability test. This study adopted as its place of investigation Daechi-dong Kangnam-gu and Sangkye-dong Nowon-gu. And it attempted to investigate the trends of the sales and rents of apartment housing in both districts, conducted the questionnaire research for real estate brokers and residents and make a comparative analysis of the effect of the measure on the housing market. The results of the analysis are that the educational policy can stabilize the rented apartment housing market in the Kangnam district. But it has some limitation in stabilizing the apartment housing transaction market, which indicates that the housing policy or interest-rate policy should be mobilized. The last chapter suggests the directions of improving those clauses at issue and suggests the author's opinions.