• Korean Journal of Construction Engineering and Management
• /
• v.16 no.5
• /
• pp.114-122
• /
• 2015

Real estate development requires significant amount of capital investment. The project duration has been increased according to its enlarged size. For this reason, cost overrun and time delay are important risk factors that should be managed properly. As a method to hedge the risk, varoius real option methods have been presented. However, conventional project value assesment methods such as NPV(Net Present Value) have weakness to support decision making by reflecting dynamic situations in terms of variation of cost and time. Furthermore, the decision making process is serious of actions rather than discrete event. The purpose of this paper is to present a multiple real option valuation method to overcome the deterministic aspect of real option presented in previous research and practice. The method is developed as following: firstly, to select the model that can be applied in the real estate development project through a survey from previous literature on real options analysis; secondly, to apply data from office development case in order to verify the model by applying conventional real option and multiple real option valuation. According to analysis result, multiple real option provides enhanced values comparing to NPV and single real option.

• Korean Journal of Construction Engineering and Management
• /
• v.15 no.6
• /
• pp.53-62
• /
• 2014

Recently, the number of super high-rise building projects have been increased after recovering from international financial crisis. In super high-rise building project, vertical lifting is critical to overall project productivity, due to its limited lifting equipments. Also for projects which buildings' height are higher than 400m, transfer operation in lifting is inevitable because of lifts' maximum lifting height. In transfer operation, setting a transfer floor is essential for saving lifting time of resources. In this research, using discrete event simulation modeling with AnyLogic 7.0 software and metaheuristic optimization with OptQuest software, the method of optimizing a transfer floor for workers during the morning peak time is proposed. Comparing to the result of the case which transfer floor is designated to the middle floor, setting optimized transfer floor significantly decrease the total lifting time of workers. By using proposed simulation and optimization tool, saving budget and time through increasing available working hour is expected.

• The Korean Journal of Financial Management
• /
• v.23 no.1
• /
• pp.1-47
• /
• 2006

This study investigated the effect of tender-offer on the value of the firms in Korea. For this purpose, the study applied an event study methodology to 55 cases(bidding firm : 26, target firm : 39) of tender-offer and 164 cases(bidding firm : 144, target firm : 20) of merger announcements made between January 1st, 1994 and September 30th 2004. We found the following results. For tender-offer announcements, there was a significant increase in target firm's value while there was no significant change in bidding firm's value. In contrast, for merger announcements, there was a significant increase in bidding firm's value while there was no significant change in target firm's value. In addition, the synergy effect of tender-offer was higher than that of merger. The results support the Berkovitch and Khanna(1991)'s prediction that bidding firms choose tender-offer rather than merger in the presence of higher synergy profit from M&A.

• Asian Pacific Journal of Cancer Prevention
• /
• v.17 no.9
• /
• pp.4335-4340
• /
• 2016

Background: Bone metastasis is a single condition but presents with various patterns and severities. Skeletal-related events (SREs) deteriorate overall performance status and reduce quality of life. However, guidelines for early detection and management are limited. This study includes a survey of the prevalence of bone metastasis in cases with common cancers in Thailand as well as a focus on survival patterns and SREs. Materials and Methods: A retrospective cohort analysis was conducted using a database of the Chiang Mai Cancer Registry and the Musculoskeletal Tumor Registry of the OLARN Center, Chiang Mai University. The prevalence of bone metastasis from each type of primary cancer was noted and time-to-event analysis was performed to estimate cancer survival rates after bone metastasis. Results: There were 29,447 cases of the ten most common cancers in Thailand, accounting for 82.2% of the entire cancer registry entries during the study period. Among those cases, there were 2,263 with bone metastases, accounting for 7.68% of entries. Bone metastasis from lung, liver, breast, cervix and prostate are common in the Thai population, accounting for 83.4% of all positive cases. The median survival time of all was 6 months. Of the bone metastases, 48.9% required therapeutic intervention, including treatment of spinal cord and nerve root compression, pathological fractures, and bone pain. Conclusions: The frequency of the top five types of bone metastasis in Thailand were different from the frequencies in other countries, but corresponded to the relative prevalence of the cancers in Thailand and osteophilic properties of each cancer. The results of this study support the establishment of country specific guidelines for primary cancer identification with skeletal lesions of unknown origin. In addition, further clinical studies of the top five bone metastases should be performed to develop guidelines for optimal patient management during palliative care.

• Journal of Digital Convergence
• /
• v.15 no.8
• /
• pp.257-265
• /
• 2017

The purpose of this study was to investigate the degree of awareness of the concept of 'hospice palliative medical care' and decision of 'life-prolonging medical care' by the general public subjects. A survey was conducted on 346 participants and officials who participated in an event held in September 2016. As a result of the research, the subjects' responses results to the life-prolonging medical care decision showed that people with religion wanted natural death compared to people without religion, and had more active attitude toward decisions related to dignity death. Religion is an important factor that can influence perceptions of life and death, believing that afterlife is after death, so it is possible to take a more firm stance on the extension of meaningless life at the last minute. Therefore, in order to stabilize the hospice care and prescription medical decision law to the general public and to improve the quality of the death and the dignity of life, it is necessary to develop awareness through various educational programs in consideration of age, education level. In addition, education and promotion should be strengthened so that the general public can fully understand the knowledge of hospice palliative care and health care and government standardization and policies for hospice personnel and breeding programs will be urgent.

• Journal of the Korean Society of Safety
• /
• v.29 no.2
• /
• pp.89-97
• /
• 2014

This study analyzed various possibilities of flash fire which could occur in a variety of combats, in order to predict that of flash fire of combat system armor using Autodyn program. The possibility was judged by the temperature distribution of fuels, which was caused by the impact of parts of fuel systems through an armor, in the event of getting shot by external ammunition. Diverse variables could affect the possibility of flash fire: external ammunition(Type A: penetration 570 mm, Type B: penetration 410 mm), fuels(Gasoline, Diesel, Kerosene), the thickness of an armor(100, 200, 300, 400, 500 mm), the gap of a fuel tank and an armor(45, 95, 145, 195, 245, 295 mm). As a result, when an armor was 20 mm think, the temperature of 3 fuels ranged like this: Gasoline 372~387 K, Diesel 442~408 K, Kerosene 384~395 K. Although they made a little difference among them, they all didn't reach their ignition points. When an armor was 200 mm think, each fuel reached the maximum temperature, not reaching its ignition points as well. The thicker an armor was, the lower the temperature got. When Type B ammunition was used, the temperature of fuels went up 19~59 K higher than Type A was used. In the case that the gap of fuel tank and an armor was 20 mm thick, the temperature distribution of Gasoline showed 389~450 K, the maximum temperature appeared in the gap of 145 mm, and the minimum temperature 295 mm. For Type B, the temperature distribution of fuels ranged 386~401 K, the maximum temperature appeared in the gap of 245 mm, and the minimum temperature 45 mm. There was no significant difference between two cases, and neither of them reached its ignition point. Accordingly, as the tested fuels of combat systems didn't reach their ignition points, it is thought that the possibility of flash point of an armor is low.

• Knowledge Management Research
• /
• v.18 no.1
• /
• pp.83-116
• /
• 2017

The purpose of this study is to analyze empirically analyze how the characteristics of participants in educational and social learning forums and the quality of events influence expectations and satisfaction of forums. The study also aims to provide strategic implications for forum organizers and give them suggestions on how to set up target audience, manage forum contents, speakers, and services, improve attendee satisfaction, and ultimately maximize overall outcomes. As exchanges among individuals, enterprises, and organizations, as well as countries are growing rapidly, the convention industry has become a key player in the market. Conventions have also become a venue for people to discuss a specific agenda or topic, exchange information and learn knowledge and insights. Especially, the forum - as part of the convention industry - plays a vital role providing educational and social learning opportunities as scholars and expertise come together to share their knowledge and experience through a variety of discussions. With its role, many of forums are taking place in recent years; however, there have been few empirical studies upon the forum itself. Also, there have been few attempts to research how the quality of forums affect participants' satisfaction along with their characteristics and how much of practical knowledge is provided throughout the events. This study is meaningful in that it is the first practical study that takes a deep understanding of the forum and sees how the quality of the forums influences participants' satisfaction and whether the characteristics of participants have a moderating effect in increasing the level of satisfaction. Forum organizers could also take a strategic approach as their major concerns are to increase the number of participants and raise degree of satisfaction by providing significant information. There are four key elements that determine success or failure of a social learning forum. The four elements are contents, speakers, services, and participants. Content plays an important role in providing rich information and knowledge for participants. Speakers are the main knowledge providers who contribute to the forum's social learning role. Also, the services provided by forum organizers such as simultaneous interpretation services, program brochures, lunch and refreshments, and the overall design of event hall can also influence the level of participants' satisfaction. Lastly, the participants and their characteristics are important since they are the ones who receive knowledge from the providers. The results of this study show that the quality of forum (content, speaker, and services) has a decisive effect on the participants' satisfaction and there are some differences in expectation among the participants in the forum. Also, some groups of participants were more likely to be stimulated by the quality of forum when determining their satisfaction. The study is modeled after MBN Y Forum 2016 and its participants' characteristics. The forum is one of the most representative social learning forums of South Korea and its audiences are mostly young people. It has analyzed how the participants' characteristics influence their satisfaction by grouping them into ${\Delta}participants$ who have invited for free and those who paid for the entrance fee, ${\Delta}first-time$ participants and returning participants, ${\Delta}voluntary$ and involuntary participants, ${\Delta}participants$ who registered through web and those who did through mobile, and ${\Delta}participants$ who registered during pre-sale opens and those who registered during general opens.

• Journal of the Korean Institute of Landscape Architecture
• /
• v.41 no.2
• /
• pp.83-92
• /
• 2013

This study was to identify the differences on cognitions for conservation on the Rice Terraces landscape between local residents and visitors. For this purpose, this study drew problems and implications through consideration about advanced studies and then carried out a survey of local residents and visitors. The results of this study analyzed five factors that are the components of cognition about the Rice Terraces landscape: production, policy, landscape, management, and revitalization. The Cognition of Rice Terraces landscape indicated that local residents had more positive evaluation than visitors did. In addition, there were indicated differences in most items. Particularly, the local residents had more positive evaluation than visitors did in production(rice paddy of fallow ground, form of traditional rice paddy, weeds), landscape(cultural value, footpath of rice field and stonewall), and revitalization(common program for local residents and visitors, village revitalization from festival and event). Visitors had a more positive evaluation than local residents in terms of policy(designation of a place of scenic beauty, direct payment) and management(cooperation of local residents and visitors). In consideration of these results, it needs to draw up measures that are able to build up a common cognition to overcome differences between local residents and visitors. It is based on the knowledge and opinions that visitors and local residents had concerning history, traditions, cultures and production.

• Journal of Korean Society for Geospatial Information Science
• /
• v.18 no.1
• /
• pp.11-20
• /
• 2010

The distributed rainfall-runoff model which is developed in the country requires a lot of time and effort to generate input data. Also, it takes a lot of time to calculate discharge by numerical analysis based on kinematic wave theory in runoff process. Therefore, most river basins using the distributed model are of limited scale, such as small river basins. However, recently, the necessity of integrated watershed management has been increasing due to change of watershed management concept and discharge calculation of whole river basin, including upstream and downstream of dam. Thus, in this study, the feasibility of the GIS based physical distributed rainfall-runoff model, K-DRUM(K-water hydrologic & hydraulic Distributed RUnoff Model) which has been developed by own technology was reviewed in the flood discharge process for the Geum River basin, including Yongdam and Daecheong Dam Watersheds. GIS hydrological parameters were extracted from basic GIS data such as DEM, land cover and soil map, and used as input data of the model. Problems in running time and inaccuracy setting using the existing trial and error method were solved by applying an auto calibration method in setting initial soil moisture conditions. The accuracy of discharge analysis for application of the method was evaluated using VER, QER and Total Error in case of the typhoon 'Ewiniar' event. and the calculation results shows a good agreement with observed data.

• The Korean Journal of Financial Management
• /
• v.24 no.3
• /
• pp.91-131
• /
• 2007

In the paper, the effects of sidecar on index arbitrage trading and non-index arbitrage trading in the Korean stock market are examined. The analyses of return, volatility, and liquidity dynamics illustrate that there are no distinct differences for index arbitrage group and non-index arbitrage group surrounding the sidecar events. For further analysis, we construct pseudo-sidecar sample and analyse the effects of the actual sidecar and pseudo-sidecar on arbitrage sample and non-index arbitrage sample. The result of analysis using pseudo-sidecar shows that the differences between index arbitrage group and non-index arbitrage group are larger in pseudo-sidecar sample than in actual sidecar sample. This means that former results can be explained by temporary order clustering in one side before and after the event. Sidecar has little effect on non-index arbitrage group, however, it has relatively large effect on arbitrage group. These results imply that it needs to redesign the sidecar system of the Korean stock market which applies for all program trading including arbitrage and non-index arbitrage trading.