• Title/Summary/Keyword: CVA model

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Conditional Value-at-Risk Optimization for Conversion of Convertible Bonds (전환사채 주식전환을 위한 조건부 VaR 최적화)

  • Park, Koo-Hyun;Shim, Eun-Tak
    • Korean Management Science Review
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    • v.28 no.2
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    • pp.1-16
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    • 2011
  • In this study we suggested two optimization models to answer a question from an investor standpoint : how many convertible bonds should one convert, and how many keep? One model minimizes certain risk to the minimum required expected return, the other maximizes the expected return subject to the maximum acceptable risk. In comparison with Markowitz portfolio models, which use the variance of return, our models used Conditional Value-at-Risk(CVaR) for risk measurement. As a coherent measurement, CVaR overcomes the shortcomings of Value-at-Risk(VaR). But there are still difficulties in solving CVaR including optimization models. For this reason, we adopted Rockafellar and Uryasev's[18, 19] approach. Then we could approximate the models as linear programming problems with scenarios. We also suggested to extend the models with credit risk, and applied examples of our models to Hynix 207CB, a convertible bond issued by the global semiconductor company Hynix.

Examining the Relationship between Depression, Daily Hassles, and Family Support among Elderly Cerebral Vascular Accident Outpatients (통원치료 중인 뇌병변 장애노인의 생활스트레스, 가족지원, 우울간의 관계성 검증)

  • Moon, Soo-Kyung
    • Journal of the Korean Home Economics Association
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    • v.47 no.7
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    • pp.33-43
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    • 2009
  • Depression has a direct relationship with lower quality of life for elderly with cerebral vascular accidents(CVA). Daily hassles worsen depression for elderly with CVA disability and thus an effective intervention is necessary. This research examined the direct influence of daily hassles on depression and the mediation effect of family support among 161 elderly with CVA disability living in Seoul using Structural Equation Modeling. The direct effect of daily hassles on depression was statistically significant (p < .001) while family support was shown to be a mediator between daily hassles and depression. The mediation model of family support was examined using $x^2$ difference and Soble test. As a result, family support was proven to be a partial mediator. Implications are discussed.

The study of correlation between forward head posture and shoulder pain: A STROBE-compliant cross-sectional study

  • Kim, Hyun-Joong;Lee, DongJin
    • Physical Therapy Rehabilitation Science
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    • v.10 no.3
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    • pp.251-256
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    • 2021
  • Objective: The forward head posture (FHP) is strongly related to the rounded shoulder posture (RSP), which is associated with shoulder pain. Design: Observational cross sectional study design Methods: A total of 37 were enrolled in the study, 22 individuals with FHP(experimental group) and 15 healthy adults(control group). Correlation with differences between groups was analysed through craniovertebral angle (CVA) representing FHP for both groups, neck disability index (NDI) indicating neck pain, disability of the arm, shoulder and hand (DASH) indicating shoulder pain. Results: There was a significant difference in the results of CVA, NDI, and DASH in FHP and healthy adults (p<0.05). Significant correlations were found between DASH and CVA in FHP participants (r = -0.656, p = 0.001). Also, in the regression analysis results of DASH and CVA, the regression model was found to be suitable and the variation in DASH could be explained by 43% (F = 15.118, p = 0.001). Conclusions: Shoulder pain and neck discomfort are potentially related, and an increase in shoulder pain can increase FHP.

Transcranial Doppler Ultrasonography(TCD) in diagnosis of Cerebrovascular Accident (CVA) (뇌졸중의 진단에 대한 TCD의 활용 (Brain CT, Brain MRI와 Transcranial Doppler Ultrasonography 비교를 통한 뇌졸중 진단의 상호 보완에 관한 연구))

  • Park, Se-Gi;Kang, Myeong-Seog;Jun, Chan-Yong;Park, Chong-Hyeong
    • The Journal of Korean Medicine
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    • v.17 no.1 s.31
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    • pp.171-189
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    • 1996
  • Background and Purpose: The greater part of patients to visit Hospital of Oriental Medicine suffer from cerebrovascular accident(CVA). There is transcranial Doppler(TCD) in the diagnostic method to confirm cerebrovascular accident(CVA). Transcranial Doppler(TCD) is an accurate method of monitoring the blood flow velocities of the cerebral vessels and have been generally used to prevent symptomatic vasospasm and confirm cerebral infarction. So we studied, in the crebrovascular accident(CVA), to estimate whether transcranial Doppler(TCD) is useful to. Methods: Using transcranial doppler(Multigon Model 500M Transcranial Doppler System), we measured the mean and peak velocity and the direction of blood flow in 10 cerebrovascular accident(CVA)'s subjects who had been examined by Computed Tomography(CT) or Magnetic Resonance Imaging (MRI). Results : As an anticipation, in cerebrovascular accident(CVA)'s subject with Cb-infarction, the mean and peak velocity of blood flow fell down remarkably and the direction of blood flow was change or irritable. But didn't find out any signal in lacunar infarction. Also, in case with spontaneous hemorrhage, the velocity and direction of blood flow was change but this signal was short of diagnosis for Cb-hemorrhage. Besides, we found signals about embolism, stenosis, thrombosis and occlusion in cerebrovascular accident(CVA)'s subjects. Conclusion: In Cb-infarction, the result of TCD was equal to diagnosis with Computed Tomography(CT) or Magnetic Resonance Imaging (MRI). But about lacunar infarction or spontaneous hemorrhage, signals of TCD couldn't be found out or was insufficient more than Computed Tomography(CT) or Magnetic Resonance Imaging(MRI). In cerebrovascular accident(CVA)'s subject with embolism, stenosis, thrombosis or occlusion, signals of TCD were found out more than Computed Tomography(CT) or Magnetic Resonance Imaging(MRI). Therefore transcranial doppler(TCD) is necessary method which makes a diagnosis of cerebrovascular accident(CVA), with Computed Tomography(CT) or Magnetic Resonance Imaging(MRI).

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A Bivalent Inactivated Vaccine Prevents Enterovirus 71 and Coxsackievirus A16 Infections in the Mongolian Gerbil

  • Eun-Je Yi;Young-In Kim;Seung-Yeon Kim;Sung Hyun Ahn;Hyoung Jin Lee;Bohyun Suh;Jaelim Yu;Jeehye Park;Yoon Jung Lee;Eunju Jung;Sun-Young Chang
    • Biomolecules & Therapeutics
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    • v.31 no.3
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    • pp.350-358
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    • 2023
  • Hand-foot-and-mouth disease (HFMD) is a viral infectious disease that occurs in children under 5 years of age. Its main causes are coxsackievirus (CV) and enterovirus (EV). Since there are no efficient therapeutics for HFMD, vaccines are effective in preventing the disease. To develop broad coverage against CV and EV, the development of a bivalent vaccine form is needed. The Mongolian gerbil is an efficient and suitable animal model of EV71 C4a and CVA16 infection used to investigate vaccine efficacy following direct immunization. In this study, Mongolian gerbils were immunized with a bivalent inactivated EV71 C4a and inactivated CVA16 vaccine to test their effectiveness against viral infection. Bivalent vaccine immunization resulted in increased Ag-specific IgG antibody production; specifically, EV71 C4a-specific IgG was increased with medium and high doses and CVA16-specific IgG was increased with all doses of immunization. When gene expression of T cell-biased cytokines was analysed, Th1, Th2, and Th17 responses were found to be highly activated in the high-dose immunization group. Moreover, bivalent vaccine immunization mitigated paralytic signs and increased the survival rate following lethal viral challenges. When the viral RNA content was determined from various organs, all three doses of bivalent vaccine immunization were found to significantly decrease viral amplification. Upon histologic examination, EV71 C4a and CVA16 induced tissue damage to the heart and muscle. However, bivalent vaccine immunization alleviated this in a dose-dependent manner. These results suggest that the bivalent inactivated EV71 C4a/CVA16 vaccine could be a safe and effective candidate HFMD vaccine.

Predictors of Participation in Hypertension Management Education Programs Using Data From the 2008 Korea National Health and Nutrition Examination Survey (고혈압 관리 교육 참가자의 특성과 교육 참가의 예측 인자 : 제4기(2008) 국민건강영양조사를 중심으로)

  • Kang, Kyung-Hee;Yim, Jun
    • Health Policy and Management
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    • v.21 no.3
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    • pp.414-424
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    • 2011
  • The purpose of this study is to describe the characteristics associated with the hypertension educated population, and to develop and analyze a simple predictive model of the hypertension management education status. Based on the Korea National Health and Nutrition Examination Survey in 2008, a cross-sectional design was used in this study. An effective 1.165 adults(${\geq}30$) sample was divided into a participation group (n=66) and a non-participation group(n=1,099), and to compare demographic, socio-economic and health characteristics between two groups. Moreover, predictors associated with participation in hypertension education programs were identified by the logistic regression analysis. The participation rate in hypertension education in Korea is only 5.7% which is vastly low given the various programs were provided, and there are statistically significant differences between a participation group and a non-participation group in age(p=0.050), marital status(p=0.002), education level(p=0.000), and residence area(p=0.037). Furthermore, age for 40-49 years(OR : 0.207), education level of high school(OR : 2.579) and college(OR : 6.417), duration of hypertension(OR : 1.044), CVA(OR : 2.463), and blood pressure(OR : 1.041) are statistically significant predictors associated with the participation in hypertension education programs. To increase the participation of hypertension education program, variables such as age, education level, duration of hypertension, CVA, and blood pressure are more concerned. And, high-risk patients and family members need targeted outreach programs.

The Evaluation of Long-Term Generation Portfolio Considering Uncertainty (불확실성을 고려한 장기 전원 포트폴리오의 평가)

  • Chung, Jae-Woo;Min, Dai-Ki
    • Journal of the Korean Operations Research and Management Science Society
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    • v.37 no.3
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    • pp.135-150
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    • 2012
  • This paper presents a portfolio model for a long-term power generation mix problem. The proposed portfolio model evaluates generation mix by considering the tradeoffs between the expected cost for power generation and its variability. Unlike conventional portfolio models measuring variance, we introduce Conditional Value-at-Risk (CVaR) in designing the variability with aims to considering events that are enormously expensive but are rare such as nuclear power plant accidents. Further, we consider uncertainties associated with future electricity demand, fuel prices and their correlations, and capital costs for power plant investments. To obtain an objective generation by each energy source, we employ the sample average approximation method that approximates the stochastic objective function by taking the average of large sample values so that provides asymptotic convergence of optimal solutions. In addition, the method includes Monte Carlo simulation techniques in generating random samples from multivariate distributions. Applications of the proposed model and method are demonstrated through a case study of an electricity industry with nuclear, coal, oil (OCGT), and LNG (CCGT) in South Korea.

Determination Conversion Weight of Convertible Bonds Using Mean/Value-at-Risk Optimization Models (평균/VaR 최적화 모형에 의한 전환사채 주식전환 비중 결정)

  • Park, Koohyun
    • Korean Management Science Review
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    • v.30 no.3
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    • pp.55-70
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    • 2013
  • In this study we suggested two optimization models to determine conversion weight of convertible bonds. The problem of this study is same as that of Park and Shim [1]. But this study used Value-at-Risk (VaR) for risk measurement instead of CVaR, Conditional-Value-at-Risk. In comparison with conventional Markowitz portfolio models, which use the variance of return, our models used VaR. In 1996, Basel Committee on Banking Supervision recommended VaR for portfolio risk measurement. But there are difficulties in solving optimization models including VaR. Benati and Rizzi [5] proved NP-hardness of general portfolio optimization problems including VaR. We adopted their approach. But we developed efficient algorithms with time complexity O(nlogn) or less for our models. We applied examples of our models to the convertible bond issued by a semiconductor company Hynix.

Study on pathology of Alzheimer's disease, trends and future strategy for research (치매의 병리(病理), 연구동향(硏究動向)과 향후(向後) 연구전략(硏究戰略)에 대(對)한 고찰(考察))

  • Oh, Young-Sun;Kim, Sung-Hoon
    • Journal of Haehwa Medicine
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    • v.8 no.1
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    • pp.793-825
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    • 1999
  • For the development of drugs for alzheimer,s disease, the study was done to review the oriental pathology, clinical data, recent trends for research and strategy for future study. The results were as follows: 1. The medical term Chi-dsi implying alzheimer,s disease was referred for the first time in a medical book, Hwatasheneubijeon written by Hwa-Ta and its differentiation and treatment were studied more in Ming or Ching dynasties. Chi-dai can be differentated as weak(虛) syndrome and Shi(實) syndrome. This can be caused by deficiencies of renal Yin, renal Yang, cardiac Yin and hepatic blood, while that by deficiencies of pathological fluid(痰飮) and clotted blood(瘀血). 2. Dementia can be roughly classified as alzheimer's disease and multi-infarct disease. Its causes were known to be cholinergic transmitter, C-peptide, amyloid-${\beta}$, apolipoprotein, APP(amyloid precursor protein), TGF, MMP-9 and free radical. 3. In Korea experimental studies were chiefly done for the elimataion of C-peptide, amyloid-${\beta}$, apolipoprotein, APP for alzheimer's disease, for the development of drug inhibiting degerative change following CVA and loss of memory and also administrative measure was done by support of government. 4. Drugs of dimentia developed so far were Chi-Dai dan, extracts from aloe, mushroom, green tea, Ganoderma and also folic acid, vitamin C, DHEA and silk amino acid were reported to be effective in dimenta. 5. Future strategic research had better be done on dementia-inducing factors such as acetylcholine, C-peptide, amyloid-${\beta}$, apolipoprotein, APP, TGF, MMP-9 and free radical, development of animal model for dimentia, clinical study, epidemiology, nursing and administrative studies and also consortium for dimentia research should be formed so that repeated investment be avoided.

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Effects of Virtual Reality Program on Recovery of Functional in individuals Stroke: A Systematic Review and Meta Analysis (뇌졸중 환자 대상의 가상현실 운동프로그램이 기능회복에 미치는 효과: 체계적 문헌고찰 및 메타분석)

  • Park, Seo-A;Kim, Hye-Young
    • Journal of Digital Convergence
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    • v.17 no.5
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    • pp.235-247
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    • 2019
  • This study was carried out to evaluate the efficacy of Virtual Reality(VR) program on recovery of functional in Stroke through systematic literature review and meta-analysis. The following databases were used to search the literature: RISS, KISS, KMbase. Keywords included 'stroke', 'CVA' 'virtual reality', 'rehabilitation', 'virtual reality program' and the evaluated articles were published from 2009 to November 2018. The statistical was used R program, the effect size of upper limb, balance and ADL were calculated by random-effects model. As a result, 9 RCT studies were meta-analyzed and were evaluated for the risk of bias by the RoB of Cochrane Collaboration; the overall risk of bias was low. The effect sizes of VR program was balance(g=.77), ADL(g=.80) as indicated by a "large effect size". Therefore, VR program is large effective in reducing balance and ADL in strokes. It is necessary to develop and apply a virtual reality-based program using more efficient program development.