• The Korean Journal of Financial Management
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• v.1 no.1
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• pp.133-149
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• 1985

The theory of option pricing has undergone rapid advances in recent years. Simultaneously, organized option markets have developed in the United States and Europe. The closed form solution for pricing options has only recently been developed, but its potential for application to problems in finance is tremendous. Almost all financial assets are really contingent claims. Especially, Black and Scholes(1973) suggest that the equity in a levered firm can be thought of as a call option. When shareholders issue bonds, it is equivalent to selling the assets of the firm to the bond holders in return for cash (the proceeds of the bond issues) and a call option. This paper takes the insight provided by Black and Scholes and shows how it may be applied to many of the traditional issues in corporate finance such as dividend policy, acquisitions and divestitures and capital structure. In this paper a combined capital asset pricing model (CAPM) and option pricing model (OPM) is considered and then applied to the derivation of equity value and its systematic risk. Essentially, this paper is an attempt to gain a clearer focus theoretically on the question of corporate stock risk and how the OPM adds to its understanding.

• Management Science and Financial Engineering
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• v.20 no.2
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• pp.13-25
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• 2014

We investigate an optimal retirement time and consumption/investment policy of a wage earner who expects to find a better investment opportunity after retirement by being freed from other work and participating fully in the financial market. We obtain a closed form solution to the optimization problem by using a dynamic programming method under general time-separable von Neumann-Morgenstern utility. It is optimal for the wage earner to retire from work if and only if his wealth exceeds a certain critical level which is obtained from a free boundary value problem. The wage earner consumes less and takes more risk than he would without anticipation of a better investment opportunity.

• Proceedings of the Korean Society of Precision Engineering Conference
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• 1994.10a
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• pp.893-900
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• 1994

In this study, workspace analysis has been performed for a Clemens Coupling type parallel robotic wrist with four degrees of freedom such as three angular degrees of freedom and 1 plunge motion. Because of plunge motion, this mechanism has no singular point that the general roll-pitch-roll mechanisms have. Also, proposed mechanism performs larger load, faster motion, with less weight and has better structural characteristics such as higher stiffness and strength to weight ratio compared with serial type mechanisms. As a basic step for position control, the closed form solution of forward and inverse kinematics are proposed and workspace is analyzed and plotted by applying triangle tracer method for workspace boundary tracing.

• The Journal of Korean Institute of Communications and Information Sciences
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• v.29 no.5A
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• pp.574-582
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• 2004

This paper shows the performance comparisons of several different rate scheduling schemes for non-real time data service over the uplink of burst switching-based direct sequencecode division multiple access (DS/CDMA) system to support the integrated voice/data service. The closed-form solution of optimal scheduling formulation, which minimizes average transmission delay when all of the active data users are transmitting simultaneously, is presented and mathematical analyses with other rate scheduling schemes, which provide efficiency criterion of transmission delay for rate scheduling schemes, are performed. Numerical results show the analyses explicitly.

• Journal of the Korean Society of Hazard Mitigation
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• v.9 no.2
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• pp.11-15
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• 2009

This paper is concerned with the elastic buckling of thin-walled arches that are subjected to uniform bending. Nonlinear strain-displacement relations with the initial curvature are substituted into the second variation of the total potential energy to obtain the energy equation including initial curvature effects. The approximation for initial curvature effects that the bending normal strain distribution is linear across the cross section is applied consistently in the derivation process. The closed form solution is obtained for flexural-torsional buckling of arches under uniform bending and, it is compared with the previous theoretical results.

• Proceedings of the KIEE Conference
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• 1987.11a
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• pp.530-533
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• 1987

In high-frequency switched mode converters, Series Resonant Converter (SRC) is investigated using state-plane method. Phase plane trajectories of the SRC permit a direct closed form solution of the steady state operation and can make problems easy to solve. This paper describes steady state responses and characteristics of the SRC with respect to various circuit factors. The magnitute of steady state response and the average current through load are clearly related to how such the switching frequency differs from the resonant frequency. The results of the steady state analysis can be used to estimate the device and component stress on the power circuit.

• Structural Engineering and Mechanics
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• v.53 no.6
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• pp.1167-1182
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• 2015

In this study, the stresses and electric potential redistributions of a cylinder made from functionally graded piezoelectric material (FGPM) are investigated. All the mechanical, thermal and piezoelectric properties are modeled as power-law distribution of volume fraction. Using the coupled electro-thermo-mechanical relations, strain-displacement relations, Maxwell and equilibrium equations are obtained including the time dependent creep strains. Creep strains are time, temperature and stress dependent, the closed form solution cannot be found for this constitutive differential equation. A semi-analytical method in conjunction with the Mendelson method of successive approximation is therefore proposed for this analysis. Similar to the radial stress histories, electric potentials increase with time, because the latter is induced by the former during creep deformation of the cylinder, justifying industrial application of such a material as efficient actuators and sensors.

• International Journal of CAD/CAM
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• v.9 no.1
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• pp.71-77
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• 2010

Various applications, such as mesh composition and model repair, ask for a natural stitching for polygonal surfaces. Unlike the existing algorithms, we make full use of the information from the two feature lines to be stitched up, and present an accurate stitching method for polygonal surfaces, which minimizes the error between the feature lines. Given two directional polylines as the feature lines on polygonal surfaces, we modify the general placement method for points matching and arrive at a closed-form solution for optimal rotation and translation between the polylines. Following calculating out the stitching line, a local surface optimization method is designed and employed for postprocess in order to gain a natural blending of the stitching region.

• Computational Structural Engineering
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• v.4 no.4
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• pp.97-106
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• 1991

The frequency window method has been extended to include strong coupling and multiple connections between the primary structure and the secondary structures. The rational polynomial expansion of the eigenvalue problem and the analytical methods for its solution are novel and distinguish this work from other eigenvalue analysis methods. The key results are the identification of parameters which quantify the resonance and coupling characteristics; the derivation of analytical closed-form expressions describing the fundamental modal properties in the frequency windows; and the development of an iterative procedure which yields accurate convergent results for strongly-coupled primary-secondary structures.

• Transactions of the Korean Society of Mechanical Engineers A
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• v.30 no.10 s.253
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• pp.1293-1297
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• 2006

In this paper, kinematic analysis of a double-action link-type die set for enclosed die forging is carried out. The structure of the die set and its operational principle during enclosed die forging are introduced in detail. A closed-form solution of the relative velocity of the middle plate with respect to the upper plate after the upper and lower dies are enclosed is given in terms of the link lengths and the distance from the lower pin to the upper pin of the link system. The effect of the link lengths on both strokes and velocities is investigated. It has been shown that the relative velocity of the middle plate with respect to the upper plate varies almost linearly with the stroke of the upper plate.