• Journal of the Korea Academia-Industrial cooperation Society
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• v.15 no.8
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• pp.4863-4873
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• 2014

The Korean construction industry has played a major role among all industries despite its relative small ratio of all. The global economic crisis, however, has adversely affected the construction industry. Therefore, the Korean government implemented a corporate restructuring process to ensure the stability of the financial market. The selection standard on workout enterprises by the government is based on two perspectives: (1) external factors, including macroeconomic indices and (2) internal factors, including financial statements of private enterprises. On the other hand, if considering the characteristics of the construction industry, a certain construction company may not be evaluated only by its financial statements. In other words, a valuation process that utilizes the financial statements only can be concluded to be irrational. Accordingly, this study aims to provide the valuation model, which embraces the characteristics of workout firms, and determines their implications. To accomplish this, each enterprise valuation was measured using DCF and Black Scholes models, and by comparing such results with their market value, each enterprise was determined to be either under or over-valued. The results of this study verified that the valuations of 2 workout companies (out of 4) showed a higher value than the market value.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• 2008.11a
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• pp.606-609
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• 2008

Traditionally, the feasibility of the private investment is determined by NPV(Net Presented Value) based on DCF(Discounted Cash Flow) and the volume of government's subsidiary without quantifying the effect of overturn share ratio and MRG(Minimum Revenue Guarantee), these variables which can seriously effect on the economic feasibility. One of the most important reasons why these variables are not underestimated is that the quantifying methods are insufficiently or so complicatedly studied to apply practically the real project. Therefore, this study suggests the modified binominal option model to estimate the overturn share ratio and MRG and estimates how much these variables impact the private investment. Also, these results are helpful to estimate how much the government's subsidiary can be reduced.

• Journal of the Earthquake Engineering Society of Korea
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• v.12 no.4
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• pp.35-44
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• 2008

A self-centering energy-dissipative(SCED) bracing system has recently been developed as a new seismic force resistant bracing system. The advantage of the SCED brace system is that, unlike other comparable advanced bracing systems that dissipate energy such as the buckling restrained brace(BRB) system, it has a self-centering capability that reduces or eliminates residual building deformations after major seismic events. In order to investigate the effects of torsion on the SCED brace and BRB systems, nonlinear time history analyses were used to compare the responses of 3D model structures with three different amounts of frame eccentricity. The results of the analysis showed that the interstory drifts of SCED braced frames are more uniform than those of BRB frames, without regard to irregularity. The residual drift and residual rotation responses tended to decrease as irregularity increased. For medium-rise structures, the drift concentration factors(DCFs) for SCED systems were lower than those for BRB frames. This means that SCED-braced frames deform in a more uniform manner with respect to building height. The effect of the torsional irregularity on the magnitude of the DCFs was small.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.11 no.4
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• pp.1442-1448
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• 2010

The evaluation of the financial viability of a privatized infrastructure project is complex because of the uncertainties involved due to the project's scale, long concession period and complexity. Use the BOT option valuation(BOT-OV) model, for evaluating the financial analysis of a privatized infrastructure project. This sophisticated for financial evaluation compared with a traditional NPV analysis.

• Journal of Korean Society on Water Environment
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• v.35 no.1
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• pp.64-71
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• 2019

In recent years, carbon dioxide ($CO_2$) bubbles emerged as the most widely applied material with the recycling of sequestrated storage to decrease global warming. Flotation using $CO_2$ as an alternative to air could be effective in overcoming the high power consumption in the dissolved air flotation (DAF) process. The comparison of DAF and DCF system indicated that, the carbon dioxide flotation (DCF) system with pressurized $CO_2$ only requires 1.5 ~ 2.0 atm, while the DAF system requires 3.0 ~ 6.0 atm. In a bid to understand the characteristics of particle separation, the single collector collision (SCC) model was used and a series of simulations were conducted to compare the differences of collision and flotation between $CO_2$ bubbles and air bubbles. In addition, laboratory experiments were sequentially done to verify the simulation results of the SCC model. Based on the simulation results, surfactant injection, which is known to decrease bubble size, cloud improved the collision efficiency of $CO_2$ bubbles similar to that of air bubbles. Furthermore, the results of the flotation experiments showed similar results with the simulation of the SCC model under anionic surfactant injection. The findings led us to conclude that $CO_2$ bubbles can be an alternative to air bubbles and a promising material as a collector to separate particles in the water and wastewater.

• IE interfaces
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• v.24 no.4
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• pp.408-419
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• 2011

R&D is a foundation for new business chance and productivity improvement leading to enormous expense and a long-term multi-step process. During the R&D process, decision-makers are confused due to the various future uncertainties that influence economic and technical success of the R&D projects. For these reasons, several decision-making models for R&D project investment have been suggested; they are based on traditional methods such as Discounted Cash Flow (DCF), Decision Tree Analysis (DTA) and Real Option Analysis (ROA) or some fusion forms of the traditional methods. However, almost of the models have constraints in practical use owing to limits on application, procedural complexity and incomplete reflection of the uncertainties. In this study, to make the constraints minimized, we propose a new model named Real Option Decision Tree Model which is a conceptual combination form of ROA and DTA. With this model, it is possible for the decision-makers to simulate the project value applying the uncertainties onto the decision making nodes.

• Journal of Technology Innovation
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• v.6 no.2
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• pp.159-177
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• 1998

Although each company is trying to develop an economic analysis model with its own particular style or format, the appropriate method is not yet developed because there are many problems to be solved such as uncertainity of outcomes and intangible benefits of technology. The purpose of tris paper therefore is to suggest an economic analysis methodology, which reflects the complexity and the risk of R&D investment, through a case study on the development of a superconductor fault current limiter. A self-developed Monte Carlo simulation program utilized as a main tool in this paper was very useful for risk analysis of R&D investment which could not be solved in the previous DCF(Discounted Cash Flow) model. We also introduce learning effect to consider the intangible benefits such as Know-How obtained from R&D execution. The expected value and its probability distribution for R&D investment can be obtained by combining the Monte Carlo method with the decision tree approach. This result is helpful in judging the priority and the resource-allocation of R&D projects. It is however necessary to develop more precise model for quantifying the technology stock and the simulation program using the continuous probability distribution in expected values to improve the reliability of economic analysis on R&D projects.

• Journal of Electrical Engineering and Technology
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• v.9 no.3
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• pp.812-819
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• 2014

The proposed technical work attempts to compare the two key technologies of power distribution, i.e. direct current (DC) and alternating current (AC) in a fiscal manner. The DC versus AC debate has been around since the earliest days of electric power. Here, at least four types of a low voltage DC (LVDC) distribution are examined as an alternative to the existing medium voltage AC (MVAC) distribution with an economic assessment technique for a project investment. Besides, the sensitivity analysis will be incorporated in the overall economic analysis model to cover uncertainties of the input data. A detailed feasibility study indicates that many of the common benefits claimed for an LVDC distribution will continue to grow more profoundly as it is foreseen to arise with the increased integration of renewable energy sources and the proliferation of energy storage associated with the enhanced utilization of uninterruptible power supply (UPS) systems.

• The Journal of Internal Korean Medicine
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• v.29 no.4
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• pp.835-845
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• 2008

Objectives : The purpose of this study was to investigate the effect of FS for the modulation of ROS and MMP in a hypoxic model of cultured rat cortical cells. Methods : For the effect of FS on the viability, FS was added to culture media (neurobasal supplemented with B27) and cell viability was measured by LDH assay. To investigate the effects of FS on ROS generation and MMP preservation, cells grown in FS-containing media were given a hypoxic shock(2% $O_2/5%$ $CO_2$, $37^{\circ}C$, 3 hrs) on DIV 10, stained with $H_2DCF-DA$(10 nM) and JC-1, respectively, and observed by fluorescent microscope. Results : 1. FS has a protective effect of cortical cells in both normoxia and hypoxia. 2. FS reduced the generation of ROS and this reduction was especially significant at 3 days after hypoxia. 3. FS was effective for the maintenance of MMP in hypoxia, and this efficacy was especially significant at 3 days after hypoxia. Conclusions : Taken together, these results indicate that FS attenuates ROS generation and MMP dissipation, which eventually protects from neuronal cell death in hypoxia.

• Journal of Korean Institute of Industrial Engineers
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• v.38 no.2
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• pp.144-156
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• 2012

In recent years, advanced countries in energy sector are emphasizing the importance of the development and deployment of renewable energy to cope with the global environmental crisis such as depletion of fossil energy, climate convention to control emissions of greenhouse gases. In this paper, we evaluate the economic value of the investment in new and renewable energy R&D in Korea and optimal deployment timing of new and renewable energy by using the real option approach. The real option model adopted in this paper assumes that a decision maker has a compound option to abandon, deployment, or continue the R&D. As a result by using empirical data of Korea, it is found that there exists a considerable amount of positive real option value (ROV) in the investment of new and renewable energy R&D while its net present value (NPV) calculated by traditional discounted cash flow (DCF) model shows negative value.