• Asia Marketing Journal
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• v.12 no.3
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• pp.25-41
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• 2010

Customer participation is a strategic tool to facilitate the process of developing new products. This study distinguishes between two types of customer participation - customer codevelopment and contract development, and examines the benefits of customer codevelopment relative to contract development for firm value through an event study. The analysis of customer participation announcements in the biotechnology and pharmaceutical industries shows that the benefits of customer codevelopment relative to contract development on firm value are contingent upon firm- and relationship- level factors. Specifically, this study finds that the announcement of customer codveloplment contributes better to abnormal stock returns of a firm when the firm has a higher level of R&D relationship experience or when the customer codevelpment is complemented by formal contract terms, such as equity investment. The findings of this study provide important theoretical and managerial implications by revealing the boundary conditions for the benefits of customer codevelopment relative to contract development.

• Environmental and Resource Economics Review
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• v.23 no.4
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• pp.643-665
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• 2014

We study the optimal policy of the contracual arrangement in raising the debt-to-equity ratio for oil, gas and mining project finance deals. We investigate the impact of the optimal contractual relationship between counterparties on the soundness of projects, differing in output price volatility and country risk. Key findings are: first, the existence of EPC sponsors and off-takers generally raises the debt-to-equity ratio. In particular, EPC sponsors and off-taking sponsors jointly mitigate the credit risk caused by counntry risk. Seocond, off-taking and EPC contracts jointly help mitigate the credit risk caused by the country risk, rather than the price volatility. Indeed, the contractual structure raises the debt-to-equity ratio.

• Communications for Statistical Applications and Methods
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• v.11 no.2
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• pp.213-225
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• 2004

A fixed-strike lookback option is an option whose payoff is determined by the maximum (or minimum) price of the underlying asset within the option's life. Under the Black-Scholes framework, the time-t price of an equity asset follows a geometric Brownian motion. Applying the method of Esscher transforms, this paper will derive explicit pricing formulas for fixed-strike lookback call and put options, respectively. In addition, this paper will show a relationship (duality property) between the pricing formulas of the call and put options. Finally, this paper will derive explicit pricing formulas for the fixed-strike lookback options when their underlying asset pays dividends continuously at a rate proportional to its price.

• Korean Management Science Review
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• v.30 no.2
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• pp.1-10
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• 2013

Case studies are made to investigate the relationship between the accuracy of energy production estimation and project feasibility indicators such as rate of return on equity (ROE) and debt service coverage ratio (DSCR) for three wind farm projects. It is found out that 1% improvement in the accuracy of energy production estimation may enhance the ROE by more than 0.5% in the case of P95, thanks to improved financing terms. AHP survey shows that MCP correlation of measured in situ wind data with long term wind speed distribution and hands-on experiences of flow analysis are more important than other factors for more precise annual energy production estimation.

• Journal of the Korea Safety Management & Science
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• v.8 no.2
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• pp.103-114
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• 2006

Today the usage of DB already becomes an important issue for many companies' survival. Especially, the companies which have adopted CRM could not gain the return to be expected because of the lack of understanding about the relationship with customers. Professor Schmitt introduced 'the complete CEM(Customer Experience Management) model', but no specific methodology for analysis was introduced. Therefore, in this study we use HOQ, GA, and ANP to build 'the complete CEM model' and present the integrated CEM model based on the integrated analytic process to help the company's decision about the stage to be begun first out of 5 stages of CEM and the priorities of investment in customer experiences.

• Journal of Families and Better Life
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• v.17 no.1
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• pp.191-203
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• 1999

The purposes of this study were to examine the relationships between how mothers scaffolded a shared bookreading task and the preschoolers' level of distributive justice reasoning and to investigate the mothers' shared bookreading process. The subjects were thirty-two 6-year-old children(16 boys and 16 girls) selected from 4 kindergartens and their mothers. The family SES was controlled. The children's response with story dilem,as and mothers' shared bookreading were audiotape recorded and transcribed and scored. Major findings were as follows; 1. Preschoolers' level of distributive justice reasoning were usually external characteristics - desire- need- and equity-orientation 2. There was no sex difference in the preschooler's level of distributive justice reasoning and the mothers' shared book reading process. 3. Preschoolers' level of distributive justice reasoning were significantly correlated with mothers' shared bookreading process.

• East Asian mathematical journal
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• v.33 no.4
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• pp.333-351
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• 2017

Schools are expected to ultimately moderate the difference of inequality issues among social groups and reduce the achievement gaps. This study investigates this expectation, in particular, how students' mathematics achievements are influenced by their parents' education at the individual level and by collective responsibility for teaching at the school level as well as the interaction of the two. Using a two-level hierarchical linear model, this study indicates that a school collective responsibility has a larger positive effect on students' mathematics achievement when their parents' education level is high. This means that school's collective responsibility accelerates inequity in students' mathematics achievement. Knowing that collective responsibility has less of an effect on students whose parents' education is not high, researchers, schools, and school districts should continue to search for school effects that have more of a positive impact on the relationship between mathematics achievement for students whose parents' education is not high in order to have more equitable results for all students.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.18 no.36
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• pp.365-370
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• 1995

In recent years, there have been attempts to explain firms' capital structure based upon the agency theory which considers agency problems arising due to ownership structure. Agency theory starts from the coctractual relationship (explicit or implicit) between principals and agents. Since uncertainty exists in real world and information is distributed asymmetrically, there are conflicts between principals and agents. The objectives of this study are to analyze, based upon agency theory, factors which are expected to affect firms' capital structure and to test empirically the relevance of agency cost hypothesis about the determination of capital structure, For these purposes, this paper carried out multiple regression in order to examine whether the factors of agency costs affect significantly the determination of capital structure. The results of empirical analysis are summarrized as follows; First, insider-equity ration has been negatively correlated with capital structure. Second, growth opportunity variabless has been insignificant coefficients with capital structure.

• Korean Journal of Health Education and Promotion
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• v.29 no.4
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• pp.29-38
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• 2012

Objectives: This paper aims to suggest some ways we could improve the efficiency and equity in health promotion programs in the public sector. Methods: Reports published by the Minister of Health and Welfare and web-site information were reviewed. And, the empirical results and theoretical considerations provided in this study could be used in making future direction for health promotion programs in the public sector. Results and conclusion: The public sector should play a leading role in health promotion programs. The role of public sector in health promotion program is to establish the health promotion plan based on the health survey, to develop the scientific programs, to provide the free health services, and to maintain a cooperative relationship with the private sector. In order to activate the health promotion programs in the public sector, establishing the role of the public sector, changing the operation of health promotion fund, block grants for health promotion, local health promotion fund, and integration of health statistics were suggested.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.12
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• pp.39-50
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• 2021

We investigate competition and its impact on borrowers' indebtedness (BI) in South Asian microfinance. Our empirical investigations are based on a comprehensive panel dataset of 355 MFIs located in seven countries in South Asia. The empirical results revealed that microfinance in South Asia is imperfectly competitive and the existing industry shows a monopolistic competition during the period under consideration. Also, the competition increased after the global financial crisis (GFC) in 2007-08 which implies that microfinance uses hostile lending behavior through the adverse selection that is highly risky and it can induce repayment crisis. The empirical findings also show that increased competition has significant negative effects on borrowers' indebtedness, particularly in large-scale and regulated microfinance organizations (MFIs). Instead of using equity financing, debt financing could be a better option. Finally, we find that while competition seems to have some positive effects in economic discourse by channeling technological improvements in products and services, its negative effects in microfinance outweigh the benefits over costs, particularly in poverty-stricken nations. The findings are helpful for the policymakers, microfinance industry, investors, borrowers, and Central Bank of South Asian markets.