• Journal of the Korean Magnetics Society
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• v.21 no.2
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• pp.43-47
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• 2011

It is known that the Fe-Al transition metal compounds have a lot of disagreement about structural stability and magnetism. In this study, the correlation between magnetism and atomic structure of ordered $B_2$, $L1_2$, and $D0_3$ structured Fe-Al compounds has been investigated using the all-electron full-potential linearized augmented plane wave (FLAPW) method based on the generalized gradient approximation (GGA). We found that considered all the structures were calculated to be stabilized in a ferromagnetic state. The calculated spin magnetic moments of the Fe atoms for B2 and $L1_2$ structures were 0.771 and 2.373 ${\mu}_B$, respectively, and that of Fe(I) and Fe(II) in $D0_3$ structure calculated to be 2.409 ${\mu}_B$, 1.911 ${\mu}_B$, respectively. In order to investigate structural stability between $L1_2$ and $D0_3$ structures, we performed the formation enthalpy calculations. As a result, the $D0_3$ structure is found to be more favorable than $L1_2 one by energy difference 16 meV/atom, which is well consistent with the experimental observation. We understood about structural stability and magnetism for Fe-Al compounds in terms of analysis of their atomic and electronic structures.

• Journal of Distribution Science
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• v.13 no.5
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• pp.53-60
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• 2015

Purpose - The purpose of this paper is to shed light on the importance of the slope and curvature of the volatility curve implied in option prices in the KOSPI 200 options index. A number of studies examine the implied volatility curve, however, these usually focus on cross-sectional characteristics such as the volatility smile. Contrary to previous studies, we focus on time-series characteristics; we investigate correlation dynamics among slope, curvature, and level of the implied volatility curve to capture market information embodied therein. Our study may provide useful implications for investors to utilize current market expectations in managing portfolios dynamically and efficiently. Research design, data, and methodology - For our empirical purpose, we gathered daily KOSPI200 index option prices executed at 2:50 pm in the Korean Exchange distribution market during the period of January 2, 2004 and January 31, 2012. In order to measure slope and curvature of the volatility curve, we use approximated delta distance; the slope is defined as the difference of implied volatilities between 15 delta call options and 15 delta put options; the curvature is defined as the difference between out-of-the-money (OTM) options and at-the-money (ATM) options. We use generalized method of moments (GMM) and the seemingly unrelated regression (SUR) method to verify correlations among level, slope, and curvature of the implied volatility curve with statistical support. Results - We find that slope as well as curvature is positively correlated with volatility level, implying that put option prices increase in a downward market. Further, we find that curvature and slope are positively correlated; however, the relation is weakened at deep moneyness. The results lead us to examine whether slope decreases monotonically as the delta increases, and it is verified with statistical significance that the deeper the moneyness, the lower the slope. It enables us to infer that when volatility surges above a certain level due to any tail risk, investors would rather take long positions in OTM call options, expecting market recovery in the near future. Conclusions - Our results are the evidence of the investor's increasing hedging demand for put options when downside market risks are expected. Adding to this, the slope and curvature of the volatility curve may provide important information regarding the timing of market recovery from a nosedive. For financial product distributors, using the dynamic relation among the three key indicators of the implied volatility curve might be helpful in enhancing profit and gaining trust and loyalty. However, it should be noted that our implications are limited since we do not provide rigorous evidence for the predictability power of volatility curves. Meaning, we need to verify whether the slope and curvature of the volatility curve have statistical significance in predicting the market trough. As one of the verifications, for instance, the performance of trading strategy based on information of slope and curvature could be tested. We reserve this for the future research.

• Journal of Korea Trade
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• v.26 no.8
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• pp.21-36
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• 2022

Purpose - Carbon emission standards are based on the "production-based carbon emissions" generated by the production of goods in the relevant country which were the existing measurement methods. However, can such carbon emissions measurement standards be established international? For example, some of the goods produced in developing countries are produced for the demand of developed countries. The method of measuring carbon emission based on the final demand of a certain country is called "consumption-based carbon emissions." This study compares productionand consumption-based CO₂ emissions according to economic growth in ninety-three countries categorized by income level. Design/methodology - Our empirical model considers the difference between production- and consumption-based CO₂ emissions according to economic growth. Also, our model investigated whether the EKC hypothesis in most of the previous studies that had been based on production-based emissions was also established in the consumption-based emission model. Considering the continuous characteristics of CO₂, we utilized the generalized method of moments (GMM), specifically a system GMM econometric technique because CO₂ in the previous period can affect CO₂ in the present period. Findings - Our main findings can be summarized as follows: The results show that for the consumption-based CO₂ emissions model, CO₂ continuously increases as economic growth increases in the upper-middle income countries. The inverted U-shaped result was found in the case of the production-based model. However, in the lower-income countries, an inverted-U shape in which CO₂ emissions decrease at some point as the economy grows in the production-based model does not appear. On the other hand, in the consumption-based model, an inverted U-shaped result was obtained when estimating with system-GMM. Additionally, the proportion of manufacturing, energy imports, and energy consumption had an effect on both the production- and the consumption-based model regardless of the group's CO₂ emissions. On the basis of such assessments, policymakers need to consider not only production- but also consumption-based options. Originality/value - Previous studies have mainly focused on production-based CO₂ emissions, with most of them revolving around economic growth or the effect of various social and economic factors on CO₂ emissions. However, this study considers the relationship with economic growth using consumption-based emissions as a dependent variable by classifying ninety-three countries by income level.

• Information Systems Review
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• v.22 no.2
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• pp.43-52
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• 2020

The mobile game industry has become the one of the fastest growing industries with its astonishing market size. Despite its industrial importance, a few studies empirically considered actual purchasing behavior in mobile games rather than the intention to purchase. Therefore, this paper investigates the key drivers of in-app purchase by analyzing the game-log dataset provided from a mobile game company in Korea. Specifically, the effects of goal-directed, habitual and social-interacted playing behavior are analyzed on in-app purchase. Furthermore, the recursive relationship with playing and purchasing behaviorsis also considered. The result shows that all suggested factors have positive impacts on in-app purchase in the current period. In addition, the effect of previous habitual playing has a positive impact, but the effect of social-interacted playing and in-app purchase in the previous period have negative impacts on in-app purchase of the current period. These findings can improve our understanding of the impact of game playing on in-app purchase in mobile games, and provide meaningful insights for researchers and practitioners.

• Journal of Internet Computing and Services
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• v.15 no.6
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• pp.15-26
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• 2014

This study focus on a economic value of the Big Data technologies by real options model using big data technology company's stock price to determine the price of the economic value of incremental assessed value. For estimating stochastic process of company's stock price by big data technology to extract the incremental shares, Generalized Moments Method (GMM) are used. Option value for Black-Scholes partial differential equation was derived, in which finite difference numerical methods to obtain the Big Data technology was introduced to estimate the economic value. As a result, a option value of big data technology investment is 38.5 billion under assumption which investment cost is 50 million won and time value is a about 1 million, respectively. Thus, introduction of big data technology to create a substantial effect on corporate profits, is valuable and there are an effects on the additional time value. Sensitivity analysis of lower underlying asset value appear decreased options value and the lower investment cost showed increased options value. A volatility are not sensitive on the option value due to the big data technological characteristics which are low stock volatility and introduction periods.