• Journal of the Korean Statistical Society
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• v.35 no.2
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• pp.193-199
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• 2006

We consider a zero coupon bond that is at the risk of multitype multiple defaults. Assuming defaults occur according to k Cox processes, we find a price process for zero coupon bonds. To derive this process we follow the Lando (1998)'s method which uses conditional expectations instead of the traditional methods.

• Journal of Korean Academy of Nursing Administration
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• v.23 no.2
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• pp.151-160
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• 2017

Purpose: The aim of this study was to define the effects of relational bonds and professional authority in organizational commitment of Intensive Care Unit (ICU) nurses. Methods: A questionnaire was distributed to 200 ICU nurses working in 3 tertiary hospitals. The survey content included the Organizational Commitment Questionnaire (OCQ), Relational Bond Questionnaire (RBQ) and Schutzenhofer Professional Nurse Autonomy Scale (SPNA). Results: The score for OCQ was 2.59, for RBQ, 3.23, and for SPNA, 2.93. Organizational commitment was related to relational bonds (${\beta}=0.45$; p<.001; SE=0.08). These factors accounted for 21.6% of the variability in organizational commitment. Conclusion: Results indicate that ICU nurses' organizational commitment could be improved through increasing relational bonds and retaining experienced nurses which suggests a need to develop work systems designed to increase and maintain high relational bonds in ICU nurses.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.4
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• pp.13-28
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• 2022

The growth of the Islamic finance sector has been well-documented. One of the most booming sectors has been Sukuk. According to several past studies, non-Islamic investors' interest in Sukuk is due, at least in part, to the diversification benefits that Sukuk provides in the context of a fixed-income portfolio. This paper compares a pair between Sukuk and Bonds in the Malaysian market issued by the same issuer to have an unbiased comparison. Using unconditional correlation methodology provides an initial examination of the relationship between the matched pairs. In addition, this paper adopts the standard GARCH-DCC approach of Engle (2002). This is a generalization of the Bollserslev (1990) GARCH model, allowing for the conditional correlation matrices to be time-varying. The findings reveal that the correlation between bonds and Sukuk is similar to that of bonds, making Sukuk a less appealing type of bond from a diversification standpoint. There are no significant differences between Sukuk and bonds. These finding questions the previously considered differences among different types of Sukuk and supports the argument that some Sukuk might not be compliant with Islamic rules and their structure, as contracts have the same risks for Sukuk holders regardless of the type of Sukuk.

• Korean Business Review
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• v.14
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• pp.149-168
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• 2001

Service firms have always been relationship oriented. the nature of service businesses is relationship based. As service finns, like banks, insurance finns, have grown, The masses of consumers have made the establishment of true relationships more difficult. Understanding the motivations of consumers to engage in relationships with marketers is important for both practitioners and marketing scholars. To develop an effective theory of relationship marketing, It is necessary to understand what motives consumers to reduce their available market choices. This article focuses on the development of the successful relationship strategies in domestic banks. The results of this study show the four types of relationship strategies - social bonds, structural bonds, financial bonds, and other bonds. Although the effectiveness of these strategies differs as the types of performances, All four types of relationship strategies are essential for building and maintaining relationships with customers. Totally, the order of influences on the performance is as follows; financial bonds, structural bonds, and social bonds.

• Korean Journal of Metals and Materials
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• v.50 no.12
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• pp.913-920
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• 2012

In spite of some problems in processability and bondability, Au wires in the microelectronics industry are gradually being replaced by copper wires to reduce the cost of raw material. In this article, the effects of surface roughness enhanced capillaries on thermosonic Cu wire bonding were evaluated. The roughness-enhanced zirconia toughened alumina (ZTA) capillaries were fabricated via a thermal grooving technique. As a result, the shear bond strength of first bonds (ball bonds) bonded using the roughness-enhanced capillary was enhanced by 15% as compared with that of normal bonds due to more effective plastic deformation and flow of a Cu ball. In the pull-out test of second bonds (stitch bonds), processed at two limit conditions on combinations of process parameters, the bond strength of bonds formed using the roughness-enhanced capillary also resulted in values higher by 55.5% than that of normal bonds because of the increase in the bonding area, indicating the expansion of a processing window for Cu wire bonding. These results suggest that the adoption of roughness-enhanced capillaries is a promising approach for enhancing processability and bondability in Cu wire bonding.

• International Area Studies Review
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• v.15 no.1
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• pp.291-314
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• 2011

We examine the motives of foreigner's investments in the Korean bonds by maturity and try to prove that market impacts are different by their investment maturity. Foreign investors initially focused on short-term bonds, but have expanded to mid- to long-term bonds since 2010. The previous studies found that covered interest arbitrage was the main reason for foreign investment. However, there should be some other reasons as their investment in mid- to long-term bonds might have nothing to do with arbitrage. In the empirical analysis, we found that foreign investment in bonds with less than 2 year maturity is driven by arbitrage as previous studies. However, investment in bonds with 2-5 year maturity is sensitive to the FX volatility and the stock market performance compared with the U.S. and investment in bonds with more than 5 year maturity is driven by the CDS premium differential between Korea and PIIGS countries. The more foreigners have invested mid- to long-term bonds, the stronger downward pressure has been on the bond yields. In addition, foreign investors indirectly affected the spreads. Meanwhile, the government should prepare some policy measures since concerns over side effects such as the Korean won appreciation and an abrupt capital outflow are arising.

• The Journal of Asian Finance, Economics and Business
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• v.3 no.3
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• pp.5-15
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• 2016

This study examines whether Korean rating agencies such as Korea Investors Service (KIS), National Information & Credit Evaluation (NICE), and Korea Ratings Corporation (KR), incorporate corporate governance into their corporate bond ratings in Korea. We find that the Korean rating agencies assign higher ratings to the bonds issued by Chaebol (Korean business group) affiliated firms. Our results also indicate that those rating agencies give higher ratings to the bonds with greater foreign investor share ownership. Moreover, if the rating agencies value corporate governance, higher rated firms should issue bonds at lower yield to maturity. We discover that Chaebol affiliation is counted favorably by the rating agencies. We find that investors are willing to pay lower risk premium for bonds with higher institutional ownership, but higher risk premium to bonds with greater equity ownership in the form of depository receipts. Therefore, even if the rating agencies and investors in Korea consider corporate governance (Chaebol affiliation and ownership structure) an important determinant in bond ratings and the yields to maturity, they have opposite views on institutional ownership and share ownership in the form of depository receipts.

• The Journal of Asian Finance, Economics and Business
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• v.5 no.4
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• pp.9-20
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• 2018

Global rating agencies, such as Moody's and S&P, have assigned credit ratings to corporate bonds issued by Japanese firms since 1980s. Local Japanese rating agencies, such as R&I and JCR, have more market share than the global raters. We examine the yield spreads of 1,050 yen-denominated corporate bonds issued by financial firms in Japan from 1998 to 2014 and find no evidence that bonds rated by at least one global agency are associated with a significant reduction in the cost of debt as compared to those rated by only local rating agencies. Unlike non-financial firms, the reputation effect of global rating agencies does not exist for Japanese financial firms. We also observe that firms with less information asymmetry are more likely to acquire ratings from Moody's or S&P. Additionally, the firm's financial profile does not affect its choice to seek out ratings from global raters. Our findings are contradictory to those by Han, Pagano, and Shin (2012), who employ bonds issued by non-financial firms in Japan. Our conjecture is that the asymmetric nature of financial firms makes investors less likely to depend on a credit risk assessment by rating agencies in determining the yields of new bonds.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.7
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• pp.15-25
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• 2020

This empirical research aims to identify the relationship between fiscal and financial macroeconomic fundamentals and the volatility of government bonds' borrowing cost in an emerging country - Vietnam. The study covers the period from July 2006 to December 2019 and it is based on a sample of 1-year, 3-year, and 5-year government bonds, which represent short-term, medium-term and long-term sovereign bonds in Vietnam, respectively. The Generalized AutoRegressive Conditional Heteroskedasticity (GARCH) model and its derivatives such as EGARCH and TGARCH are applied on monthly dataset to examine and suggest a significant effect of fiscal and financial determinants of bond yield volatility. The findings of this study indicate that the variation of Vietnam government bond yields is in compliance with the theories of term structure of interest rate. The results also show that a proportion of the variation in the yields on Vietnam government bonds is attributed to the interest rate itself in the previous period, base rate, foreign interest rate, return of the stock market, fiscal deficit, public debt, and current account balance. Our results could be helpful in the macroeconomic policy formulation for policy-makers and in the investment practice for investors regarding the prediction of bond yield volatility.

• The Korea Journal of Herbology
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• v.31 no.5
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• pp.25-39
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• 2016

Objectives : Atractylodes rhizomes, which have been widely used to treat gastrointestinal disorders, consist of numerous chemical compounds. Polyacetylenes are the parts of characteristic compounds of importance required to understand the therapeutic properties of Atractylodes rhizomes. It is necessary to understand the physicochemical and pharmacological properties of polyacetylenes in the Atractylodes rhizomes.Methods : The literatures from 1970 to January 2016 were searched using Korean and international electronic databases. The chemical structures of polyacetylenes were drawn by structure-drawing software.Results : The reported polyacetylenes were classified by their chemical skeletons and original resources, and their physicochemical and pharmacological features were discussed. Polyacetylenes with skeletal moieties were reported, such as diene-diyne types (two double and two triple carbon-bonds), triene-diyne types (three double carbon bonds and two triple carbon bonds), and monoene-diyne types (one double carbon bonds and two double carbon bonds), with various functional groups. Atractylodin was most frequently reported from many Atractylodes species. Atractylodin-related polyacetylenes showed chemical instability in both high and freezing temperatures. Processing of the Atractylodes rhizomes by stir-frying with bran could affect the contents of polyacetylenes and their bioavailability in vivo. Several polyacetylenes showed structure-related anti-inflammatory activities and gastrointestinal activities.Conclusion : Polyacetylene compounds in Atractylodes rhizomes were based on three chemical backbones and showed diverse physicochemical and pharmacological features. The present study provides structural, physicochemical, and pharmacological information of polyacetylene from Atractylodes rhizomes. This information provides fundamental data for further research.