• The Journal of Asian Finance, Economics and Business
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• 제5권4호
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• pp.35-44
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• 2018

The study is aimed at investigating the main factors that affect the interest rate yields, in the long-term. In addition, the study surveys the theories and literature relating to the determinants of interest rate. The importance of which is essential not only for governments, but also for banks and corporate financial risk management decisions, including risk exposures in banks and capital markets. Interest rate influences corporate profit as well as growth. For this purpose, the study examines the impact of budget deficit, risk-free rate, capital inflows, money supply and business cycles on real interest rate in Jordan. These factors are based upon well-established theories and straightforward practical view as interest rate determinants. Using data for (1990-2015), the study employed Johansen's co-integrating test, which takes into consideration the long-term unsynchronized relationships. The data is tested for normality, symmetric correlations, covariance diagonal and unit root. The results show that the government budget deficit, short-term risk-free interest rate, capital inflows, money supply and business cycle are long-term determinants of the real interest rate in Jordan. The coefficients of government budget deficit, short-term risk-free rate, money supply and business cycle all are inversely affecting the real interest rate, while capital inflows has a positive impact on the real interest rate.

• 한국경영과학회:학술대회논문집
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• 대한산업공학회/한국경영과학회 2004년도 춘계공동학술대회 논문집
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• pp.742-745
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• 2004

Most of options pricing theory including Black and Scholes continuous model and Cox, Ross, and Rubinstein(CRR)'s binomial lattice model were developed based on the notion that continually revised risk-free hedges involving options and stock should earn the risk-free interest rate. This notion is valid with the assumption that the investor's attitude toward risk is neutral. In reality, this assumption may be frequently violated. Therefore, Hodder, Mello, and Sick proposed the way to value real options using the risk-adjusted interest rate. However, they did not show how to derive the mathematical expression for it. In this paper, we will clearly present how to obtain the mathematical expression for the risk-adjusted interest rate for real options and demonstrate two numerical examples to show its applicability.

• 국제지역연구
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• 제13권2호
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• pp.505-523
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• 2009

본 연구는 서구형 기업의 자본비용 산출에 이용되는 CAPM에 근거하여 이슬람기업의 자본조달비용을 이론적으로 분석해 보았다. 첫째, 무위험이자율이 존재하지 않는 경우 이슬람기업의 증권선은 원점에서부터 출발하여 우상향한다. 이 경우 증권선의 기울기는 무위험이자율이 존재하는 경우의 기울기보다 큰 데, 이는 동일한 체계적 위험에 대해 이슬람기업은 서구형 기업보다 더 높은 자본비용을 지불해야 하기 때문이다. 둘째, 종교세인 자카트의 효과를 고려한 경우, CAPM에서 무위험이자율은 최소수익률로 대체된다. 이슬람기업의 증권선은 여전히 우상향하지만 원점을 통과하지는 않는다. 왜냐하면 이슬람기업은 무위험투자를 할 수 없기 때문이다. 향후에는 본 연구에서 연구수단으로 이용한 CAPM의 이론적인 한계를 극복하기 위해, 차익거래가격결정모델(Arbitrage Pricing Model)과 같은 다변수접근법을 이용하여, 이슬람기업의 자본비용을 도출해 보고자 한다.

• The Journal of Asian Finance, Economics and Business
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• 제8권2호
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• pp.57-64
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• 2021

This research attempts to formulate a new mean-risk model to replace the Markowitz mean-variance model by altering the risk measurement using ARCH variance instead of the original variance. In building the portfolio, samples used are closing prices of Indonesia Composite Stock Index and Indonesia Composite Bonds Index from 2013 to 2018. This study is a qualitative study using secondary data from the Indonesia Stock Exchange and Indonesia Bonds Pricing Agency. This research found that Markowitz's model is still superior when utilized in daily data, while the mean-ARCH model is appropriate with wider gap data like monthly observation. The Historical return has also proven to be more appropriate as a benchmark in selecting an optimal portfolio rather than a risk-free rate in an inefficient market. Therefore Mean-ARCH is more appropriate when utilized under data that have a wider gap between the period. The research findings show that the portfolio combination produced is inefficient due to the market inefficiency indicated by the meager return of the stock, while bears notable standard deviation. Therefore, the researcher of this study proposed to replace the risk-free rate as a benchmark with the historical return. The Historical return proved to be more realistic than the risk-free rate in inefficient market conditions.

• 기술혁신학회지
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• 제11권2호
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• pp.241-263
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• 2008

기술가치평가에서 적절한 할인율의 적용은 가치평가의 신뢰성을 확보하는데 중요한 요소이다. 개별 기술가치평가 할인율은 개별 지식자산에 내재된 위험과 기회를 반영하는 것이기 때문에, 기업가치평가 표준 할인율인 WACC 과 상당히 다르다고 판단된다. 본 연구의 목적은 기술가치평가 할인율 적산모형의 위험구조와 위험프리미엄 추정방법을 제안하는 것이다. 적산모형의 성분은 무위험이자율, 전반적 시장위험프리미엄과 베타, 지식자산위험프리미엄 등 세 가지로 구성하였다. 특히, 본 연구에서 할인율 구성의 핵심인 지식자산위험 수준을 평가할 수 있는 10개 항목을 제안하였고, 위험수준 결과를 위험프리미엄으로 변환하기 위한 추정함수인 선형함수, 자연로그함수, 지수함수 등을 적용하였다. 상기 논리와 결과는 기술가치평가 할인율 추정의 객관성을 개선할 수 있는 실무적 대안이 될 수 있을 것이다.

• Archives of Reconstructive Microsurgery
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• 제23권1호
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• pp.1-7
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• 2014

Purpose: Recent studies have reported on application of fibrin glue composed of fibrinogen and thrombin to nerve anastomosis, which can be another candidate for vessel anastomosis. However, no research regarding the risk and effectiveness of thrombin in microvascular free tissue transfer has been reported. Therefore, the aim of study is to determine the risk and effectiveness of thrombin on microvascular free tissue transfer through clinical cases. Materials and Methods: Twenty-five patients underwent free flap reconstruction for soft tissue defect or bone exposure in our institute from March 2011 to February 2014. In the group using thrombin, dissolved powder thrombin (5,000 IU/amp) was mixed with 10 mL normal saline. Saline mixed with thrombin was applied on the flap, recipient, and around vessel anastomosis. In the control group, free flap was performed using the same method, except using thrombin. We analyzed the results between the two groups. Results: All flaps survived. The group using thrombin included 14 patients and the control group included 11 patients. Hematoma was found in two cases, respectively, in each group. The group using thrombin showed lower incidence of hematoma than the control group. No difference in survival rate of the flap was observed between the thrombin group and the control group. Conclusion: Results of this study showed that use of saline mixed with thrombin in free tissue transfer may be safe and effective for prevention of hematoma formation in the recipient site.

• 한국콘텐츠학회논문지
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• 제13권2호
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• pp.431-439
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• 2013

본 연구의 목적은 위험을 반영하여 지역별 아파트 투자성과를 분석하고 지역별 특성의 존재유무를 검증하는 것이다. 분석을 위해 지역별 아파트 투자성과를 장단기로 나누어 분석하였다. 자료수집기간은 2002년부터 2012년의 10년간이며 대상지역은 서울의 강남 북과 6개 광역시이다. 성과평가를 위해 만기 5년의 국민주택1종 채권수익률을 무위험수익률로 사용하고 임대수익계산을 위해서는 만기1~2년 정기예금금리를 사용하였다. 분석결과, 장기투자성과 시에는 서울과 인천은 지역특성이 존재하지 않아 트레이너지표를 사용하여 평가하였으며 지방광역시는 지역특성이 존재하여 젠센지표로 평가하였다. 또 단기성과평가시에는 모든 지역에서 지역특성이 존재하는 것으로 나타나 젠센지표를 사용하여 평가하였다. 모든 지역에서 지역특성이 작용하는 단기 성과평가 결과는 단순수익률로 평가한 결과와 전혀 다른 것으로 나타났다. 따라서 단순 수익률로 성과평가를 할 경우에는 성과에 대한 인식을 왜곡할 수 있음이 드러났다.

• 충청수학회지
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• 제26권2호
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• pp.343-349
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• 2013

The optimal portfolio selection problem under inflation risk is considered in this paper. There are three assets the economic agent can invest, which are a risk free bond, an index bond and a risky asset. By applying the martingale method, the optimal consumption rate and the optimal portfolios for each asset are obtained explicitly.

• Asian Pacific Journal of Cancer Prevention
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• 제16권2호
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• pp.737-740
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• 2015

Purpose: The study aim was to assess factors that impact on the outcome of radioiodine therapy in patients diagnosed with differentiated thyroid carcinoma (DTC). Materials and Methods: We performed a retrospective cohort study on 256 patients with DTC who underwent thyroidectomy and received radioiodine therapy during December 2003 to January 2012. All patients were followed up for at least 1 year. They were considered diseasefree by the criteria of the revised American Thyroid Association Management Guideline for Patients with Thyroid nodules and DTC (ATA guideline 2009). Results: On Cox univariate analysis, factors associated with disease-free status were age<45, stage I tumor, low risk group by histopathology, unifocal tumor involvement, stimulated serum Tg level at 1st dose of radioiodine therapy and no distant metastasis from 1st post-treatment WBS (post RxWBS). On multivariate analysis, stage I tumor and stimulated serum Tg level at 1st dose of radioiodine therapy < 30 ng/mL were the significant prognostic factors that increased disease-free rate by 1.73 times and 2.60 times, respectively (P-value <0.05). Conclusions: Factors affecting the outcome of radioiodine therapy in our study were age, stage, risk of recurrence by histopathology, unifocal tumor involvement and 1st postRxWBS findings. From these factors, stage I tumor and stimulated serum Tg level at 1st dose of radioiodine therapy were independent prognostic factors that substantial increase the disease-free rate.

• Asian Pacific Journal of Cancer Prevention
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• 제16권8호
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• pp.3241-3245
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• 2015

Purpose: To examine the effectiveness of mitomycin-C and chemo-hyperthermia in combination for patients with high-risk non-muscle-invasive bladder cancer. Materials and Methods: Between November 2011-September 2013, 43 patients with high-risk non-muscle-invasive bladder cancer undergoing adjuvant chemo-hyperthermia in two centers were evaluated retrospectively. Treatment consisted of 6 weekly sessions, followed by 6 sessions. Recurrence and progression rate, recurrence-free interval and side effects were examined. Analyzed factors included age, gender, smoking status, AB0 blood group, body mass index, T stage and grade, concominant CIS assets. The associations between predictors and recurrence were assessed using multivariate Cox proportional hazard analyses. Results: A total of 40 patients completed induction therapy. Thirteen (32.5%) were diagnosed with tumor recurrence. Median follow-up was 30 months (range 9-39). Median recurrence-free survival was 23 months (range 6-36). The Kaplan-Meier-estimated recurrence-free rates for the entire group at 12 and 24 months were 82% and 61%. There was no statistically significant difference between patient subgroups. Cox hazard analyses showed that an A blood type (OR=6.23, p=0.031) was an independent predictor of recurrence-free. Adverse effects were seen in 53% of patients and these were frequently grades 1 and 2. Conclusions: Intravesical therapy with combination of mitomycin-C and chemohyperthermia seems to be appropriate in high-risk patients with non-muscle-invasive bladder cancer who cannot tolerate or have contraindications for standard BCG therapy.