• Title/Summary/Keyword: Real Option

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Evaluation of Investment Value of Renewable Energy and Decision Making for Market Entry Using the Idle Space of Public Enterprises (공기업 유휴공간을 활용한 신재생에너지 투자사업에 대한 실물옵션기반 의사결정방안)

  • Na, Seoung Beom;Jang, Woosik;Kim, Kyeongseok;Kim, Byungil;Lee, Harry;Lee, Changgeun
    • Journal of the Korea Academia-Industrial cooperation Society
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    • v.21 no.7
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    • pp.168-175
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    • 2020
  • Recently, there has been an increasing need to expand the supply of renewable energy as a solution to greenhouse gas emissions. Therefore, as a measure to promote domestic renewable energy investment and gradual expansion, this study analyzed the investment value of renewable energy projects utilizing the unoccupied spaces of public enterprise's facilities and presented a strategic decision-making framework to support efficient national land development and government measures. The NPV was estimated to be 286 million won if the expansion of the facility was not considered, but it is reasonable to postpone the expansion decision because the value of -130 million won was calculated if the expansion was considered. On the other hand, the real-option value was estimated to be 444 million won, taking SMP uncertainty, expansion, and abandonment options into account, and an additional value of 288 million won was calculated from an analysis of the expansion project using the existing NPV analysis.

Selection of mother wavelet for bivariate wavelet analysis (이변량 웨이블릿 분석을 위한 모 웨이블릿 선정)

  • Lee, Jinwook;Lee, Hyunwook;Yoo, Chulsang
    • Journal of Korea Water Resources Association
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    • v.52 no.11
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    • pp.905-916
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    • 2019
  • This study explores the effect of mother wavelet in the bivariate wavelet analysis. A total of four mother wavelets (Bump, Mexican hat, Morlet, and Paul) which are frequently used in the related studies is selected. These mother wavelets are applied to several bivariate time series like white noise and sine curves with different periods, whose results are then compared and evaluated. Additionally, two real time series such as the arctic oscillation index (AOI) and the southern oscillation index (SOI) are analyzed to check if the results in the analysis of generated time series are consistent with those in the analysis of real time series. The results are summarized as follows. First, the Bump and Morlet mother wavelets are found to provide well-matched results with the theoretical predictions. On the other hand, the Mexican hat and Paul mother wavelets show rather short-periodic and long-periodic fluctuations, respectively. Second, the Mexican hat and Paul mother wavelets show rather high scale intervention, but rather small in the application of the Bump and Morlet mother wavelets. The so-called co-movement can be well detected in the application of Morlet and Paul mother wavelets. Especially, the Morlet mother wavelet clearly shows this characteristic. Based on these findings, it can be concluded that the Morlet mother wavelet can be a soft option in the bivariate wavelet analysis. Finally, the bivariate wavelet analysis of AOI and SOI data shows that their periodic components of about 2-4 years co-move regularly every about 20 years.

A Study on Improving the Position Accuracy of the Magnetic North used in Surveillance Imaging Equipments (통합형 구조의 감시정찰 영상장비에서 자북의 위치 정확도 개선에 관한 연구)

  • Shin, Young-Don;Lee, Jae-Chon
    • Journal of the Institute of Electronics and Information Engineers
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    • v.50 no.4
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    • pp.219-228
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    • 2013
  • The surveillance imaging equipments are functioning to observe the shape of the target in real time or to measure its location precisely. The roles of such equipments are becoming more important in today's weapon systems.The aforementioned imaging equipments can be classified based on the modes of operations such as fixed, installed on cars, or composite of those. Also, according to different concepts of sensor operation, a separate type uses independent housing for each sensor whereas in a composite type a set of multiple sensors are housed into a unit altogether. The sensors in general have magnetism, thereby introducing the possible negative effects, particularly in the composite types, in locating the reference position, which is carried out by the digital compass. The use of shielding material/housing could be an option but results in increased weight and reduced portability, restricting its use in composite type equipments. As such, the objective of this paper is to study on how to reduce such magnetic effects on the position location. To do so, in the absence of magnetic shielding, a variety of sensor positions were first modeled. By combing the result with the fact that the functions of PAN & Tilt are used in the equipments, a new position location algorithm is proposed. The use of the new algorithm can automate the position location process as compared to the manual process of the existing approach. In the algorithm developed, twelve locations are measured in connection with both the azimuth and elevation angles in comparison to the six locations alone around the azimuth angle. As a result, it turns out that the measurement range has been widened but the measurement time reduced. Also, note that the effect of errors the operators may make during measurement could be reduced.

A Study on the revitalization of CRS for SMEs (기업의 사회적 책임과 중소기업 CSR의 활성화 방안)

  • Jo, Geum-Jae
    • Journal of Venture Innovation
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    • v.1 no.1
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    • pp.67-82
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    • 2018
  • Lately, recognition of Corporate Social Responsibility (CSR) has been changing. CSR turned out to be a powerful tool which a company incorporates to improve its image. Nowadays, it is no longer an option, but a shared sense which is a source of corporate growth and competitiveness. CSR has changed with times and the economic environment, especially as the global value chain (GVC) came to be more vital, it became accepted as an effective means of growth strategy for small and medium exporters. For SMEs exporters, participating in GVC requires that they meet international standards for CSR demanded by global enterprises. Reflecting this trend, exporters should strive to achieve both goals of social responsibility fulfillment and efficient growth through CSR activities. As one of the key measures for a sustainable growth of an organization, the following are the policy implications. First, it is necessary to establish a national organization dedicated to CSR for small businesses. The central government should establish an organization which is exclusively responsible for CSR of SMEs and oversee the task of CSR of small businesses. Second, the development and verification of the CSV evaluation model should be promoted. The international trend of CSR should be promptly spread out to individual firms and supported to maximize economic effects through consultancy. Third, it should be linked to global advancement. CSR reports by small and mid-size businesses will have to be written to ensure that they have a real effect on the global value chain.

Effective Isolation of Endodermal Lineage Cells Derived from Human Embryonic Stem Cells Post Activin-A Treatment (Activin-A 처리에 의해 분화 촉진된 인간 배아 줄기세포 유래 내배엽성 세포의 효과적인 정제)

  • Kim, Mun-Kyu;Moon, Sung-Hwan;Park, Soon-Jung;Lee, Kyung-Il;Shin, Jeong-Min;Jang, Jae-Woo;Chung, Hyung-Min
    • Reproductive and Developmental Biology
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    • v.34 no.3
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    • pp.135-141
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    • 2010
  • Embryoid bodies (EBs) generated from human embryonic stem cells (hESCs) include spontaneously induced endodermal lineage cells (ELCs). Activin-A plays important roles in the endoderm differentiation of hESCs. Despite studies on the generation of ELCs from hESCs with treatment of Actvin-A, it was unclear for localization and pattern of ELCs by Activin-A during differentiation of hESCs. Accordingly in this study, we knew that Actvin-A increased the cystic EBs formation, including the highly enriched AFP (endoderm lineage specific marker)-expressing cells in the surface of cystic EBs. To induce the EBs formation from undifferentiated hESCs, cells were transferred onto petri-dish and cultured in suspension condition without bFGF removed hESC media (EB media) for 3 days. Next to investigate the effect of Activin-A, EBs were subsequently cultured in EB media supplement with 100 ng/ml Activin-A for 3 days. After 5~7 days of Activin-A treatment, cystic EBs began to appear which increased in numbers reaching ~60% of initially formed EBs over 5 days. Endoderm lineage marker, AFP were highly expressed and specifically localized at the surface region of cystic EBs comparison with normal EBs. We next attached the cystic EBs onto gelatin-coated plates and cultured for 5 days. In the results of real-time PCR and immunocytochemistry analysis, AFP-expressing cells migrated and localized at the outgrowth region of attached cystic EBs. To obtain the AFP-expressing cells of the outgrowth region, we manually isolated by using micro-dissection and cultured them. These cells strongly express AFP over 70% of isolated cells post re-plating. Here, we first showed an expression pattern of specifically localized ELCs by Activin-A during differentiation of hESCs. From this observation, we could highly purified ELCs from undifferentiated hESCs. Taken together, our system will provide a novel and efficient option to generate ELCs from hESCs.

Why a Combination of WP 631 and Epo B is an Improvement on the Drugs Singly - Involvement in the Cell Cycle and Mitotic Slippage

  • Bukowska, Barbara;Rogalska, Aneta;Forma, Ewa;Brys, Magdalena;Marczak, Agnieszka
    • Asian Pacific Journal of Cancer Prevention
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    • v.17 no.3
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    • pp.1299-1308
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    • 2016
  • Our previous studies clearly demonstrated that a combination of WP 631 and Epo B has higher activity against ovarian cancer cells than either of these compounds used separately. In order to fully understand the exact mechanism of action in combination, we assessed effects on the cell cycle of SKOV-3 cells. We evaluated three control points essential for WP 631 and Epo B action to determine which cell cycle-regulating proteins (CDK1/cyclin B complex, EpCAM or HMGB1) mediate activity. The effects of the drug on the cell cycle were measured based on the nuclear DNA content using flow cytometry. Expression of cell cycle-regulating genes was analyzed using real-time PCR. It was discovered that WP 631, at the tested concentration, did not affect the SKOV-3 cell cycle. Epo B caused significant G2/M arrest, whereas the drug combination induced stronger apoptosis and lower mitotic arrest than Epo B alone. This is very important information from the point of view of the fight against cancer, as, while mitotic arrest in Epo B-treated cells could be overcame after DNA damage repair, apoptosis which occurs after mitotic slippage in combination-treated cells is irreversible. It clearly explains the higher activity of the drug combination in comparison to Epo B alone. Epo B acts via the CDK1/cyclin B complex and has the ability to inhibit CDK1, which may be a promising strategy for ovarian cancer treatment in the future. The drug combination diminishes EpCAM and HMGB1 expression to a greater degree than either WP 631 and Epo B alone. Owing to the fact that the high expression of these two proteins is a poor prognostic factor for ovarian cancer, a decrease in their expression, observed in our studies, may result in improved efficacy of cancer therapy. The presented findings show that the combination of WP 631 and Epo B is a better therapeutic option than either of these drugs alone.

Security of Ethernet in Automotive Electric/Electronic Architectures (차량 전자/전기 아키텍쳐에 이더넷 적용을 위한 보안 기술에 대한 연구)

  • Lee, Ho-Yong;Lee, Dong-Hoon
    • The Journal of the Institute of Internet, Broadcasting and Communication
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    • v.16 no.5
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    • pp.39-48
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    • 2016
  • One of the major trends of automotive networking architecture is the introduction of automotive Ethernet. Ethernet is already used in single automotive applications (e.g. to connect high-data-rate sources as video cameras), it is expected that the ongoing standardization at IEEE (IEEE802.3bw - 100BASE-T1, respectively IEEE P802.3bp - 1000BASE-T1) will lead to a much broader adoption in future. Those applications will not be limited to simple point-to-point connections, but may affect Electric/Electronic(EE) Architectures as a whole. It is agreed that IP based traffic via Ethernet could be secured by application of well-established IP security protocols (e.g., IPSec, TLS) combined with additional components like, e.g., automotive firewall or IDS. In the case of safety and real-time related applications on resource constraint devices, the IP based communication is not the favorite option to be used with complicated and performance demanding TLS or IPSec. Those applications will be foreseeable incorporate Layer-2 based communication protocols as, e.g., currently standardized at IEEE[13]. The present paper reflects the state-of-the-art communication concepts with respect to security and identifies architectural challenges and potential solutions for future Ethernet Switch-based EE-Architectures. It also gives an overview and provide insights into the ongoing security relevant standardization activities concerning automotive Ethernet. Furthermore, the properties of non-automotive Ethernet security mechanisms as, e.g., IEEE 802.1AE aka. MACsec or 802.1X Port-based Network Access Control, will be evaluated and the applicability for automotive applications will be assessed.

Valuation of workout firms considering characteristics of the construction industry : focused on Black·Scholes Models (건설산업의 특성을 고려한 워크아웃기업의 가치평가 : Black·Scholes 모형을 중심으로)

  • Kim, Gu-Hoi;Won, You-Ho;Lee, Joo-Hyung
    • 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.

An Empirical Study on Effects of Global Alliance Networks' Motives on Firm's Capabilities, Partner's Capabilities, Operating Structures, and Performances of Korean Companies (글로벌 제휴네트워크 추진 동기가 기업 역량, 파트너 역량, 운영구조, 제휴 성과에 미치는 영향에 관한 실증연구)

  • Jeong, Jong-Sik
    • International Commerce and Information Review
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    • v.14 no.2
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    • pp.249-269
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    • 2012
  • The focus of our work is to identify and understand the drivers of alliance performance so that businesses can maximize their chances of a successful alliance-an area that has received little attention in empirical modeling. Although both conceptual and applied research on alliances has increased, an empirically tested comprehensive theoretical model that explains alliance performance has yet to be developed. Using five salient perspective, namely market power theory, transaction cost theory, the resource-based view, institutional theory, real option theory, this paper attempts to provide a theoretical rationale linking motives of global alliance networks on firm's capabilities, partner's capabilities, operating structures, and performances of Korean companies. The key contribution of this study is that it paints a picture of what matters in driving alliance performance. Our work shows the complex nature of driving performance and the interplay of firm's capabilities, partner's capabilities, and operating structures for understanding alliance performances. This study has given us a small but significant step forward towards understanding the intricacies of alliance performance. We are now better able to understand the respective roles played by various alliance factors and derive insights that lead to improved alliance performance.

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Valproic Acid Reduces Reactive Oxygen Species in Fibroblast of X-linked Adrenoleukodystrophy (부신백질형성장애증 섬유모세포에서 발프로산의 항산화능)

  • Kang, Joon Won;Quan, Zhejiu;Jang, Jiho;Kang, Hoon-Chul
    • Journal of the Korean Child Neurology Society
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    • v.23 no.2
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    • pp.45-50
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    • 2015
  • Purpose: X-linked adrenoleukodystrophy (X-ALD) is a fatal, axonal demyelinating, neurodegenerative disease, and is caused by mutations the in ABCD1 (ATP-binding cassette transporter subfamily D member 1). Oxidative damage of proteins caused by very long chain fatty acid accumulating in X-ALD, is an early event in the neurodegenerative cascade. We evaluated valproic acid (VPA) as a possible option for oxidative damage in X-ALD. Method: We generated fibroblast of the childhood cerebral ALD from patient. We evaluated mRNA (ribonucleic acid) level of ABCD2 by real-time polymerase chain reaction, and reactive oxygen species (ROS) levels by flow cytometry. Results: VPA increased expression of ABCD2 in both control and ALD fibroblast. ABCD2 gene mRNA expression was increased 1.76 fold in normal fibroblasts, and 2.22 fold in the X-ALD fibroblasts. ROS levels were decreased in VPA treated X-ALD fibroblast, especially in treated with 1 mM of VPA. ROS levels revealed 13.7 in control fibroblast, on the other hand, 5.83 in X-ALD fibroblast treated with 1 mM of VPA. Conclusion: We propose VPA as a promising novel therapeutic approach in oxidant damage that warrants further clinical investigation in X-ALD.