• Title/Summary/Keyword: Real Option

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Effect of Foot-and-Mouth Disease on the Optimal Rearing Period of Hanwoo Steers (구제역이 한우 거세우의 적정 사육 기간에 미치는 영향)

  • Kim, Se-Hyuk;Kim, Tae-Kyun;Choi, Se-Hyun
    • Korean Journal of Organic Agriculture
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    • v.29 no.4
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    • pp.507-521
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    • 2021
  • The livestock farmers are producing under uncertainties such as Foot-and-Mouth Disease (FMD) and Free Trade Agreement (FTA). The purpose of this study is to strengthen the management capabilities of Hanwoo farmers to prepare them for the uncertainties just mentioned. To this end, this study was conducted to find the optimal rearing period in order to reduce the feed cost, which accounts for the largest portion of the operation cost of Hanwoo. Using the universal lattice model, 41,139 of 289,000 Hanwoo slaughter data from 2010 to 2019 were used for the FMD period and 246,605 heads for the general period. The results show that the maximum cutoff price of Hanwoo steer is 6,394,457 won at the 4th week of 27 months of age in general period, where as 6,242,752 won at the 2nd week of 26 months of age in the FMD period. Therefore, it is judged that it will be helpful for Hanwoo farms to maximize their business profits by slaughtering one month and two weeks earlier in the FMD period than in the general period. In addition, Hanwoo farmers need to break away from the conventional rearing method and improve their management efficiency through a more flexible rearing method.

A Study on the Sustainability of Compact Cities in Korea

  • Sun-Ju, KIM
    • The Journal of Economics, Marketing and Management
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    • v.11 no.2
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    • pp.13-22
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    • 2023
  • Purpose: The purpose of this study is to examine the policy implications of establishing a compact city in Seoul, analyzing whether it is an appropriate and efficient eco-friendly housing supply alternative. Research design, data, and methodology: The analysis criteria include efficiency, safety, and comfort, with efficiency encompassing economic, energy, and public transport links' efficiency. Safety and comfort are aspects of eco-friendliness, housing safety, and improvement in living environments. Results: In terms of economic efficiency, compact cities are a less expensive option than purchasing land for housing construction. To increase energy efficiency, we plan to adopt eco-friendly energy sources. Transportation efficiency is high in locations near public transport stations. To enhance safety and comfort, we intend to create large-scale parks and forests in Seoul. To ensure residential safety, measures will be taken to reduce road vibration, vehicle noise, and scattering dust. Conclusions: Selecting an appropriate location that provides convenient public transportation is essential for creating a compact city for housing in a large city. Combining a compact and smart city is necessary, and implementing smart technologies is needed to prevent dust, noise, and vibrations, which are undesirable in a residential environment.

A Review on Urban Resilience Assessment Methods

  • Barjau, Jaime;Wong, Francis K.W.;Fang, Dongping
    • International conference on construction engineering and project management
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    • 2015.10a
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    • pp.685-686
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    • 2015
  • The world is currently undergoing an intense urbanization process. The percentage of urban dwellers has never been so high. In 2010, and for the first time, urban population surpassed the rural one, accounting for 51% of global population, and this trend will continue in the forthcoming years. This increment in concentration of population and supporting assets in cities, make their performance a critical issue for world population. Recent events such as Fukushima tsunami and the hurricane Katrina have shown how fragile built environments are and the unpredictability of occurrence and magnitude of the hazards. Such an expansion of the world's urban population, together with an increase in severity and number of hazards and catastrophes, has put under the spotlight the necessity to build cities not only sustainable, but resilient. Decision makers should acknowledge failure as an option, and the importance of developing city resilience. This paper will provide an initial review on urban resilience, definitions and assessment approaches as a first step for decision makers to account for resilience in their decision making process.

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Reclaiming Multifaceted Financial Risk Information from Correlated Cash Flows under Uncertainty

  • Byung-Cheol Kim;Euysup Shim;Seong Jin Kim
    • International conference on construction engineering and project management
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    • 2013.01a
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    • pp.602-607
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    • 2013
  • Financial risks associated with capital investments are often measured with different feasibility indicators such as the net present value (NPV), the internal rate of return (IRR), the payback period (PBP), and the benefit-cost ratio (BCR). This paper aims at demonstrating practical applications of probabilistic feasibility analysis techniques for an integrated feasibility evaluation of the IRR and PBP. The IRR and PBP are concurrently analyzed in order to measure the profitability and liquidity, respectively, of a cash flow. The cash flow data of a real wind turbine project is used in the study. The presented approach consists of two phases. First, two newly reported analysis techniques are used to carry out a series of what-if analyses for the IRR and PBP. Second, the relationship between the IRR and PBP is identified using Monte Carlo simulation. The results demonstrate that the integrated feasibility evaluation of stochastic cash flows becomes a more viable option with the aide of newly developed probabilistic analysis techniques. It is also shown that the relationship between the IRR and PBP for the wind turbine project can be used as a predictive model for the actual IRR at the end of the service life based on the actual PBP of the project early in the service life.

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Proposition of a Practical Hybrid Model for the Valuation of Technology (기술가치평가를 위한 실용적 하이브리드 모델의 제안)

  • Park, Hyun-Woo;Nah, Do-Baek;Park, Jong-Kyu
    • Management & Information Systems Review
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    • v.28 no.4
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    • pp.27-44
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    • 2009
  • Economic value of a certain technology is of great interest and importance in a wide variety of investment circumstances. These vary from companies considering investing in R&D projects, to venture capitalists funding start-up companies. However, such valuation is extremely difficult in any case, and the cost of failure can be very high. Many techniques have been proposed to assist managers facing this issue, from traditional discounted cash flow analysis to more recent methods based on real options. In the meantime, the discounted cash flow method has limitations in applying the valuation of technology. At the same time, there have been various solutions to overcome theoretical problems of the method. Real options have been thought as a solution. However, there are another problems in using them in real world. This paper reviews the previous studies on the valuation of technology in several aspects, discusses the practicability of the various methods available, and explore the application of a hybrid model, which aims to make these rather aore the ideas more accessible to practicing managers.

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Effects of Diaphragmatic Breathing Training Using Real-time Ultrasonography on Chest Function in Young Females With Limited Chest Mobility (실시간 초음파를 이용한 횡격막 호흡 훈련이 흉곽 가동성 제한이 있는 젊은 여성들의 폐 기능에 미치는 영향)

  • Nam, Soo-jin;Shim, Jae-hun;Oh, Duck-won
    • Physical Therapy Korea
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    • v.24 no.2
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    • pp.27-36
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    • 2017
  • Background: Research efforts to improve the pulmonary function of people with limited chest function have focused on the diaphragmatic ability to control breathing pattern. Real-time ultrasonography is appropriate to demonstrate diaphragmatic mechanism during breathing. Objective: The purpose of this study was to investigate the effects of diaphragmatic breathing training using real-time ultrasonographic imaging (RUSI) on the chest function of young females with limited chest mobility. Methods: Twenty-six subjects with limited chest mobility were randomly allocated to the experimental group (EG) and control group (CG) depending on the use of RUSI during diaphragmatic breathing training, with 13 subjects in each group. For both groups, diaphragmatic breathing training was performed for 30-min, including three 10-min sets with a 1-min rest interval. An extra option for the EG was the use of the RUSI during the training. Outcome measures comprised the diaphragmatic excursion range during quiet and deep breathing, pulmonary function (forced vital capacity; FVC, forced expiratory volume in 1-sec; FEV1, tidal volume; TV, and maximal voluntary ventilation; MVV), and chest circumferences at upper, middle, and lower levels. Results: The between-group comparison revealed that the diaphragmatic excursion range during deep breathing, FVC, and middle and lower chest circumferences were greater at post-test and that the changes between the pretest and post-test values were greater in the EG than in the CG (p<.05). In addition, the subjects in the EG showed increased post-test values for all the variables compared with the pretest values, except for TV and MVV (p<.05). In contrast, the subjects in the CG showed significant improvements for the diaphragmatic excursion range during quiet and deep breathings, FVC, FEV1, and middle and lower chest circumferences after the intervention (p<.05). Conclusion: These results indicate that using RUSI during diaphragmatic breathing training might be more beneficial for people with limited chest mobility than when diaphragmatic breathing training is used alone.

Dynamic ontology construction algorithm from Wikipedia and its application toward real-time nation image analysis (국가이미지 분석을 위한 위키피디아 실시간 동적 온톨로지 구축 알고리즘 및 적용)

  • Lee, Youngwhan
    • Journal of the Korean Data and Information Science Society
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    • v.27 no.4
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    • pp.979-991
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    • 2016
  • Measuring nation images was a challenging task when employing offline surveys was the only option. It was not only prohibitively expensive, but too much time-consuming and therefore unfitted to this rapidly changing world. Although demands for monitoring real-time nation images were ever-increasing, an affordable and reliable solution to measure nation images has not been available up to this date. The researcher in this study developed a semi-automatic ontology construction algorithm, named "double-crossing double keyword collection (or DCDKC)" to measure nation images from Wikipedia in real-time. The ontology, WikiOnto, can be used to reflect dynamic image changes. In this study, an instance of WikiOnto was constructed by applying the algorithm to the big-three exporting countries in East Asia, Korea, Japan, and China. Then, the numbers of page views for words in the instance of WikiOnto were counted. A collection of the counting for each country was compared to each other to inspect the possibility to use for dynamic nation images. As for the conclusion, the result shows how the images of the three countries have changed for the period the study was performed. It confirms that DCDKC can very well be used for a real-time nation-image monitoring system.

Comparison of the Practical Use Condition of e-finance Portal Site between Korea and U.S.A. (한.미간 e-finance 금융포털사이트의 활용실태 비교)

  • Kim Dong-Gyoon;Cha Soon-Kwean
    • Management & Information Systems Review
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    • v.7
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    • pp.21-51
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    • 2001
  • For increasing the competitiveness and efficiency of Korea's finance industry under the new e-finance paradigm, this paper compared the practical use of finance portal site' on service parts and stage between Korea and U.S.A.. The services which can be served from site are banking, mortgage and credit loan, stock, card, retirement tax, PFM(Personal Finance Management), EBPP(Electronic Bill Presentment and Payment) and Account Aggregation and so on. The stage of site can be divided as the information provide stage which only gives information about service parts, on-line transaction stage which real-time transaction is possibile and PFM services provide stage according to development process. As a result, the beginning of finance portal service in Korea was lated about 10years and more than it of U.S.A. So the development stage of domestic portal site is still staying in the first step and the providing services and contents or business model development parts are also in the same stage than U.S.A. Resides, Korea's sites mainly focus on their first service parts even though they recently aim internet finance portal, and provide not real time transaction but finance information. On the other hand, the U.S.A. site support substantially not only various on-line transactions but also distinctive personal services like PFM(Personal Finance Management), EBPP(Electronic Bill Presentment and Payment), Account Aggregation and Trans-account, brokerage, education center, mortgage loan, mutual fund, option, pension fund and IPOs and so on. Thus, the site of Korea need to establish real type of internet finance portal which provides one-stop services on every type of finance to customers in the real time and also require the strategic integration among finance institutions. The next turn, they need to build information system and education center to give best satisfaction to customers and acquire customer information and marker environment changes and need to provide distinctive services to quality customers throughout database from this. Also the site should provide various type of banking services which refereed above like PEM, EBPP and education center etc, and the government of Korea should support the building of IT infrastructure to Physical, legal, systematic, sociocultural, technical and human resource sections. This paper provided the future movement direction of the domestic finance portal through comparison and analysis on the practical use of it between Korea and U.S.A. and also wanted to contribute for developing and reading of Korea finance portal in the new era of the finance paradigm.

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Valuation of Mining Investment Projects by the Real Option Approach - A Case Study of Uzbekistan's Copper Mining Industry - (실물옵션평가방법에 의한 광산투자의 가치평가 -우즈베키스탄 구리광산업의 사례연구를 중심으로-)

  • Makhkamov, Mumm Sh.;Kim, Dong-Hwan
    • Journal of the Korea Academia-Industrial cooperation Society
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    • v.8 no.6
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    • pp.1634-1647
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    • 2007
  • "To invest or not to invest?" Most business leaders are frequently faced with this question on new and ongoing projects. The challenge lies in deciding what projects to choose, expand, contract, defer, or abandon. The project valuation tools used in this process are vital to making the right decisions. Traditional tools such as discounted cash flow (DCF)/net present value (NPV) assume a "fixed" path ahead, but real world projects face uncertainties, forcing us to change the path often. Comparing to other traditional valuation methods, the real options approach captures the flexibility inherent to investment decisions. The use of real options has gained wide acceptance among practitioners in a number of several industries during the last few decades. Even though the options are present in all types of business decisions, it is still not considered as a proper method of valuation in some industries. Mining has been comparably slow to adopt new valuation techniques over the years. The reason fur this is not entirely clear. One possible reason is the level and types of risks in mining. Not only are these risks high, but they are also more numerous and involve natural risks compared with other industries. That is why the purpose of this study is to deal with a more practical approach to project valuation, known as real options analysis in mining industry. This paper provides a case study approach to the copper mining industry using a real options analysis. It shows how companies can minimize investment risks, exercise flexibility in decision making and maximize returns.

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Diagnostic and Prognostic Value of miR-205 in Colorectal Cancer

  • Orang, Ayla Valinezhad;Safaralizadeh, Reza;Feizi, Mohammad Ali Hosseinpour;Somi, Mohammad Hossein
    • Asian Pacific Journal of Cancer Prevention
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    • v.15 no.9
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    • pp.4033-4037
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    • 2014
  • Emerging evidence has shown associations of microRNA-205 (miR-205) with crucial cell processes such as the epithelial-mesenchymal transition (EMT) and aberrant expression with tumorigenesis in many types of human malignancy. This prospective study characterized the contribution of miR-205 to the colorectal cancer (CRC) tumorigenesis. The real-time reverse transcription-polymerase chain reaction was used to examine miR-205 levels prospectively in 36 pairs of samples of CRC tissue and adjacent noncancerous tissue (>2 cm from cancer tissue). In addition, the relationship between miR-205 levels and clinicopathological features was explored. The capability of miR-205 to function as a tumor marker was also examined. miR-205 expression levels did not show significant changes overall. However, miR-205 was significantly downregulated in a group of CRC samples compared with matched noncancerous tissue samples. Moreover, decreased miR-205 correlated significantly with lymphatic metastasis. A receiver operating characteristic (ROC) curve also showed an optimum cut off point of $1.4{\times}10^{-3}$ to distinguish lymphatic metastatic CRCs from non-metastatic CRCs. Interestingly we found lymphatic metastasis in almost 80% of the depressed samples. This study suggested that miR-205 could be reduced in the majority of metastatic CRCs and the risk of CRC metastasis may be predicted by monitoring miR-205 in patient samples collected at the time of the initial diagnosis. Therefore, targeting miR-205 and its potential environmental activators might be a promising therapeutic option to prevent malignant progression toward metastasis.