• Environmental and Resource Economics Review
• /
• v.21 no.3
• /
• pp.441-464
• /
• 2012

As prices of energy resources such as oil and gas started to rise steadily in 2000, energy security has been one of the most important topics in the world. To secure more energy, most of countries which are highly dependent on imported energy resources try to occupy oversea oil or gas reserves, thereby intensifying competition for energy resources around world. Under this circumstance, we focus on independent E&P companies since they are relatively small size companies which are suitable for M&A. We analyze investment option values for these E&P companies using a real option model for depletable resources. Based on analytical model, empirical study is provided to examine rationality of investment for energy companies. The result shows sufficient profitability for independent E&P companies in both oil and gas projects in the North America during 2004 to 2008. In Particular, oil projects were more feasible than gas project due to lower price of gas and high volatility of gas price at that time.

• Tuberculosis and Respiratory Diseases
• /
• v.67 no.1
• /
• pp.21-26
• /
• 2009

Background: Non-invasive positive pressure ventilation (NPPV) ensures adequate gas exchange during bronchoscopy in spontaneously breathing, hypoxemic patients, thus avoiding endotracheal intubation. However, in some patients, endotracheal intubation is eventually required after bronchoscopy. This study investigated the incidence of intubation and predictors of a need for emergency intubation prior to NPPV bronchoscopy initiation. Methods: On a retrospective basis, we reviewed the medical records of 36 patients (median age, 55 years; interquartile range [IQR], 43~65 years) with acute hypoxemic respiratory failure who required NPPV during bronchoscopy between January 2005 and October 2007. Results: All patients were hypoxemic (median $PaO_2/FiO_2$ ratio 155; IQR 90~190), but tolerated bronchoscopy with NPPV support. SOFA score and SAPS II score immediately before NPPV initiation were 4 (3~7) and 36 (30~42), respectively. Seventeen (47%) patients needed endotracheal intubation at a median time of 22 (2~50) hours after bronchoscopy. Patients who needed intubation after bronchoscopy had a higher in-hospital mortality (11 [65%] vs. 4 [21%], p=0.017). Upon multiple logistic regression analysis, the need for intubation after bronchoscopy was independently associated with a $P_aO_2/FiO_2$ ratio (OR, 0.961; 95% CI, 0.924~0.999; p=0.047) immediately before NPPV initiation for bronchoscopy. Conclusion: The severity of the hypoxemia immediately prior to NPPV initiation for bronchoscopy was associated with the need for intubation after bronchoscopy in patients with hypoxemic respiratory failure.

• Korean Journal of Fisheries and Aquatic Sciences
• /
• v.25 no.4
• /
• pp.282-290
• /
• 1992

Based on surplus production models using fishery data for the last 20 years, a stock assessment was conducted for the small yellow croaker in Korean waters. The maximum sustainable yields (MSY) from the Schaefer and Fox models were estimated to be 37,000 metric tons (mt) and 33,450 mt. Zhang's model using time-series biomass with instantaneous coefficients of fishing mortality (F) and using time-series biomass and catch yielded MSY estimates of 45,328 mt and 40,160 mt, respectively. A yield-per-recruit analysis showed that the current yield per recruit of about 20g with F= 1.11 $yr^{-l}$, where the age at first capture $(t_c)$ is 0.604, was much lower than the maximum possible yield per recruit of 43g. Fixing $t_c$ at the current level and reducing fishing intensity (F) from 1.11 $yr^{-l}$ to 0.4 $yr^{-l}$ yielded only a small increase in predicted yield per recruit, from 20 to 25g. However, estimated yield per recruit increased to 43g by increasing $(t_c)$ from the current age (0.604) to age three with F fixed at the current level. This age at first capture corresponded to the optimal length which was obtained from the $F_{0.1}$ method. According to the analysis of stock recovery strategies employing the Zhang model, the optimum equilibrium biomass $(B^*_{MSY})$ which produces the maximum yield could be achieved after approximately five years at the lower fishing intensity (F=0.5).