• Journal of Arbitration Studies
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• v.26 no.1
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• pp.89-105
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• 2016

2008 began with the American financial crisis which gave way to the liquidity crisis (Fannie Mae and Freddie Mac) situation in which 'the withdrawal of investment initiated from the insufficiency of the U.S. subprime mortgage loan companies', 'the large size loss situation of the financial company (Bear Stearns) due to the American structured bond insufficiency' and the second half opening part national debt mortgage company. Within the American financial crisis was propagated the crisis of international derivatives. Due to this, the withdrawal of foreign investment progressed in the interior of a country with the considerable. By the end of 2007, the exchange rate fluctuation was absorbed in the domestic financial circle on the belief the potentiality of the domestic financial market had been growing drastically through the expansion of the foreign currency debt according to this and it came to the defence but while the exchange rate jumped up to the dollar shortage according to the international crisis, the small and medium companies making the banks and exchange rate-related derivatives contract were going bankrupt due to the derivatives loss. The small and medium factories establish the bank exchange rate-related derivatives has nose (KIKO), pivot (PIVOT), and snowball (Snowball) etc. at that time and the damage which it is the KIKO grasped at 6 end of the months in 2008 caused by reaches to 1 thousand billion 4 thousand hundred million dollars. Small and medium companies in which the dollar which it has to denounce among small and medium companies bearing the KIKO contract in fact with the Knock-In generation city bank exceeds the amount of sales were known to be 68 enterprises among 480 enterprises. This paper departs in this awareness of a problem and tries to look into the risk factor of the derivatives, including nose and study the essential ring risk management plan of small and medium manufacturer.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.55
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• pp.185-208
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• 2012

Before and after the Capital Market Integration Act in 2007 is implemented in South Korea, many of small-and mid sized exporting companies in South Korea has been bankrupted or filed for lawsuit claiming mis-selling(KIKO) by the banks. The basic economic structure of KIKO in Korea are part of a business model based on the use or misuse of exotic derivatives whose results are anything but imaginary. 571 mid sized exporting companies have been damaged about $28 billion. KIKO is a currency option product that sells foreign currencies at higher foreign exchange rate when the rate moves within a certain range, but sells foreign currencies at two or three times lower rate than the market price when the rate exceeds the designated upper limit. KIKO, Therefore, is hard to know whether the non financial firms intended to hedge against further strengthening of their currency or merely to speculate. It is also hard to know how thoroughly they understood the risk-return profile of these transactions. It is similarly hard to ascertain whether the derivatives dealers offering these transactions were meeting the demands of their clients or taking advantage of them. These exotic derivatives were inappropriate for either hedging or speculating, and no knowledgeable investor would be likely to enter into these contracts intentionally.

• KIEE International Transactions on Electrophysics and Applications
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• v.11C no.3
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• pp.49-52
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• 2001

The derivatives of spironaphthooxazine gause photoisomerization when they are illuminate with UV light. We investigated the photoisomerization of spironaphthooxazine derivatives for holographic memory. Langmuir-Blodgett (LB) films contain amphiphile spironaphthooxazine derivatives which can be applied in molecular devices by a change of molecular level energy and a refractive index. In order to investigate the photoisomerization of spironaphthooxazine derivatives at the air/water energy and a refractive index. In order to investigate the photoisomerization of spironaphthooxazine derivatives at the air/water interfaces, spironaphthooxazine derivatives with side alkyl chains were synthesized. The films of the spironaphthooxazine derivatives were characterized by the measurement of UV/vis spectroscopy, Brewster Angle Microscopy (BAM) and Atomic Force Microscopy (AFM). The monolayers of the spironaphthooxazine derivatives mixed with stearic acid were stable at the air/water interface and visualized by the measurement of BAM. The spironaphthooxazine derivative monolayers on the glass surface showed the maximum efficiency of diffraction as 0.99% by the measurement of holography.

• Transactions of the Korean Society for Noise and Vibration Engineering
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• v.19 no.6
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• pp.575-582
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• 2009

This study presents the vibration excitation system to extract the aerodynamic stability derivatives which is generally called as flutter derivatives in civil engineering. The system consists of the excitation part to give a forced harmonic motion to the model and the sensing part to measure the aerodynamic forces as well as inertia forces acting on a bridge model. A data processing algorithm for extracting the flutter derivatives from the measured forces is also presented. From the wind tunnel tests, verification of present system was done by comparing the measured and analytical results for rectangular shaped model. The effects of excitation frequencies and amplitudes on flutter derivatives are discussed. Five kinds of actual bridge model were presented from the wind tunnel.

• Transactions of the Korean Society of Machine Tool Engineers
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• v.15 no.3
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• pp.8-16
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• 2006

This paper discusses design sensitivity analysis and its application to a structural dynamics modification. Eigenvalue derivatives are determined with respect to the element parameters, which include intrinsic property parameters such as Young's modulus, density of the material, diameter of a beam element, thickness of a plate element, and shape parameters. Derivatives of stiffness and mass matrices are directly calculated by derivatives of element matrices. The first and the second order derivatives of the eigenvalues are then mathematically derived from a dynamic equation of motion of FEM model. The calculation of the second order eigenvalue derivative requires the sensitivity of its corresponding eigenvector, which are developed by Nelson's direct approach. The modified eigenvalue of the structure is then evaluated by the Taylor series expansion with the first and the second derivatives of eigenvalue. Numerical examples for simple beam and plate are presented. First, eigenvalues of the structural system are numerically calculated. Second, the sensitivities of eigenvalues are then evaluated with respect to the element intrinsic parameters. The most effective parameter is determined by comparing sensitivities. Finally, we predict the modified eigenvalue by Taylor series expansion with the derivatives of eigenvalue for single parameter or multi parameters. The examples illustrate the effectiveness of the eigenvalue sensitivity analysis for the optimization of the structures.

• The Transactions of the Korean Institute of Electrical Engineers C
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• v.50 no.8
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• pp.371-375
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• 2001

We attempted to fabricate polyurethane derivatives (PU-CN, PU-DCM) LB films by using LB method. Also, we investigated the monolayer behavior at the air-water interface by surface pressure-area (${\pi}$-A) isotherms. The surface morphologies and the physicochemical properties of LB films were investigated by atomic force microscopy(AFM) and UV-vis spectroscopy, respectively. And, the electrical properties of polyurethane derivatives LB films were investigated by using the conductivity and the dielectric constant. In the surface morphologies, physicochemical and electrical properties of polyurethane derivatives LB films, the properties is different as to the polyurethane derivatives, it is considered that this phenomena could be described by the difference of lumophore pendant which was adhered at PU main chain.

• KIEE International Transactions on Electrophysics and Applications
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• v.11C no.3
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• pp.81-84
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• 2001

The trans and cis forms of N-alkyl-4-styrylpyridinium derivatives (CnSP: n= 4, 8, 12, 16) were successfully synthesized and purified. The derivatives of styrylpyridinium cause photoisomerization when they are illuminated with UV light. The pressure-area isotherms of CnSP and their derivatives were studied to reveal the effect of alkyl chain length. The photoisomerization of CnSP monolayers at the air/water interfaces was indirectly studied by measuring surface tension changes with photoirradiation on the water surface. The characteristics of CnSP were furthermore studied with UV-vis, surface pressure-area isotherms, surface potential-area isotherms, Brewster Angle Microscopy (BAM) at the air/water interface, and optical diffraction efficiency on the ultrathin films.

• Agribusiness and Information Management
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• v.4 no.1
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• pp.24-31
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• 2012

This case study investigates the KIKO currency option that has been a social issue in recent years among developing countries, especially Korea, where the financial derivatives market is in a state of rapid growth. The forward transaction which becomes a basis of derivatives is intended to hedge risks that may be caused by a future change in asset prices. Although it originates from a simple form of agricultural transactions, there currently exists a variety of derivatives in more sophisticated forms. In the Korean agricultural industry, the need to use such derivatives is great, as there is a huge risk of price fluctuation in agricultural products due to frequent adverse weather. In addition, many developing countries with export-led industrial structures similar to Korea's, of necessity must resort to currency hedging as a method of reducing relevant risk. However, in most cases, the lack of understanding about financial derivatives results in an inappropriate application of these derivatives. The KIKO in this study represents such cases. Since 2007, KIKO has been sold in Korea to many small- and medium-sized export companies for the purpose of currency hedging when the exchange rate between the Korean won and the U.S. dollar was in a downward spiral. The main focus of this study is a case which is most representative of KIKO. As inflation rapidly increased during the financial crisis in the U.S. at the end of 2007, derivatives became a hot issue in the courts rather than in the financial markets. This case study investigates what KIKO and the fierce legal debates over it imply, from the perspective of the option of value evaluation in order to suggest not only a direction in which companies can utilize financial derivatives, but also a roadmap for the future derivatives market.

• The Transactions of the Korean Institute of Electrical Engineers D
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• v.53 no.3
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• pp.145-153
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• 2004

A nonlinear adaptive speed observer is designed for the sensorless control of induction motors. In order to design the speed observer, the measurements of the stator currents and the estimates of the rotor fluxes are used. The sliding mode cascade observer is designed to estimate the time derivatives of the stator currents. The open-loop observer is designed to estimate the rotor fluxes and its time derivatives using the stator current derivatives. The adaptive observer is also designed to estimate the rotor resistance. Sequentially, the rotor speed is calculated using these estimated values. It is shown that the estimation errors of the corresponding states and the parameters converge to the specified residual set. It is also shown that the speed controller using these estimates is performed well. The simulation examples are represented to investigate the validity of the proposed observers for the sensorless control of induction motors.

• The Transactions of The Korean Institute of Electrical Engineers
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• v.64 no.11
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• pp.1605-1610
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• 2015

This study describes a new method to analyze phonocardiogram acquired from electronic stethoscope. The method uses the formant frequencies of linear prediction spectrum of the phonocardiogram and proposes a novel method for formant detection using the smoothing and the first and second derivatives. For this, stethoscope sounds are acquired in university hospital. The stethoscope signals are preprocessed and analyzed by the Burg algorithm, a kind of linear prediction analysis. Based on the linear prediction spectra, the formant frequencies are estimated. The proposed method has shown better performance in formant frequency detection than the conventional peak picking method.