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A Study on Valuation of Foreign Real Estate Investment using Real Option (실물옵션을 이용한 해외 부동산 투자 가치평가 연구)

  • Gu, Seung-Hwan;Ping, Wang;Jang, Seong Yong
    • Journal of the Korea Academia-Industrial cooperation Society
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    • v.14 no.11
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    • pp.5465-5475
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    • 2013
  • In this study, when to invest in real estate abroad, to present a real option in the way of decision-making. Thus, by using the binomial option model of one of the real thing and DCF, we compared the choice of real estate investment in China and South Korea. Research concerns the real estate market of Shanghai and Seoul, Analyzed the data between 2001-2009. Results were calculated NPV investment period (Net Present Value), Seoul appears in 435.44, Shanghai was 398.26. Investment decision by NPV method will select Seoul. However, as a result of calculating the value using the real option, it was found that for Seoul appear in 615.4, Shanghai has been shown to 626.1, and is suitable for investment in Shanghai. Assuming on the basis of this, that it has invested in practice, and compare the results, Seoul is intended for since 2010, real estate prices fell to 2013 currently, damage has occurred, profit's occurred Shanghai. This ensures that when making decisions in real estate investment and to use the real option than the existing DCF is appropriate.

A Study on the Effects of Perceived Value on Customer Satisfaction, and Repurchase Intention among Traditional Markets Users in KOREA (지각된 가치가 고객만족과 재구매 의도에 미치는 영향에 관한 연구 : 전통시장 이용 고객을 중심으로)

  • Cho, Joon-Sang
    • Journal of Distribution Science
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    • v.11 no.10
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    • pp.93-105
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    • 2013
  • Purpose - This empirical analysis determines the structured causal relations between perceived value, customer satisfaction, and repurchase intention among users of traditional markets. The results of this analysis would help merchants and market operators indevisingan appropriate strategy to successfully manage traditional markets. Research design, data, methodology - The perceived value model of traditional markets includes functional value (price), functional value (quality), emotional value, and social value. In this study, the perceived value of traditional markets is considered as an independent variable, while customer satisfaction and repurchase intention are shown as the dependent variables, where customer satisfaction is also considered as the mediating variable. The study aims to ascertain the extent of influence of the perceived value of traditional markets on customer satisfaction and repurchase intention. We use regression analysis to verify the effects. The measurement items were already deemed as reliable and valid in the previous study, but for this purpose, we made some modifications. We distributed questionnaires to 300 consumers on a national scale, and finally used 241 consumer responses among these as a sample. We analyzed the data using the SPSS 21.0 statistical program. Results - We obtained the following results. First, the order of perceived value dimensions of traditional markets that positively impact customer satisfaction is functional value (price), social value, emotional value, and functional value (quality). Second, the perceived value sometimes directly affects repurchase intention; its effect is typically strong with customer satisfaction as a parameter. The order of perceived value dimensions that positively impact repurchase intention is social value, functional value (price), emotional value, and functional value (quality). Third, the perceived value significantly influences repurchase intention, with customer satisfaction as the mediating variable. Conclusions - We should recognize the importance of perceived value in retail distribution markets, such as traditional markets. Moreover, we need to develop strategies to improve the perceived value. The practical implications of the study are as follows. First, with regards to functional value (quality; price) dimensions, we should have an appropriate assortment of high quality products that are reasonably priced. In addition, customers are satisfied with the friendly service, discounts, and other benefits provided by the merchants. Second, in terms of emotional value dimension, we need to develop differentiated events that provide fun and emotional experience to the customers. Third, in the context of social values dimension, we should strive to positively influence society to enhance social image through activities such as social services and contribution to community development. On the basis of these results, we present the implications, limitations, and future directions for the research. One of the policy implications of the study is that merchants of traditional markets must actively select customers and develop customer value. However, this study is limited in the fact that the population used for data collection is not fully representative, as the survey only covered some specific areas. Moreover, future studies could also benefit with additional research using moderating variables.

Effect of KOH Concentrations and Pyrolysis Temperatures for Enhancing NH4-N Adsorption Capacity of Rice Hull Activated Biochar (KOH 농도 및 탄화온도가 왕겨 활성 바이오차의 NH4-N 흡착능 향상에 미치는 영향)

  • Kim, HuiSeon;Yun, Seok-In;An, NanHee;Shin, JoungDu
    • Korean Journal of Environmental Agriculture
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    • v.39 no.3
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    • pp.171-177
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    • 2020
  • BACKGROUND: Recently, biomass conversion from agricultural wastes to carbon-rich materials such as biochar has been recognized as a promising option to maintain or increase soil productivity, reduce nutrient losses, and mitigate greenhouse gas emissions from the agro-ecosystem. This experiment was conducted to select an optimum conditions for enhancing the NH4-N adsorption capacity of rice hull activated biochar. METHODS AND RESULTS: For deciding the proper molarity of KOH for enhancing its porosity, biochars treated with different molarity of KOH (0, 1, 2, 4, 6, 8) were carbonized at 600℃ in the reactor. The maximum adsorption capacity was 1.464 mg g-1, and an optimum molarity was selected to be 6 M KOH. For the effect of adsorption capacity to different carbonized temperatures, 6 M KOH-treated biochar was carbonized at 600℃ and 800℃ under the pyrolysis system. The result has shown that the maximum adsorption capacity was 1.76 mg g-1 in the rice hull activated biochar treated with 6 M KOH at 600℃ of pyrolysis temperature, while its non-treated biochar was 1.17 mg g-1. The adsorption rate in the rice hull activated biochar treated with 6 M KOH at 600℃ was increased at 62.18% compared to that of the control. Adsorption of NH4-N in the rice hull activated biochar was well suited for the Langmuir model because it was observed that dimensionless constant (RL) was 0.97 and 0.66 at 600℃ and 800℃ of pyrolysis temperatures, respectively. The maximum adsorption amount (qm) and the bond strength constants (b) were 0.092 mg g-1 and 0.001 mg L-1, respectively, for the rice hull activated biochar treated with 6 M KOH at 600℃ of pyrolysis. CONCLUSION: Optimum condition of rice hull activated biochar was 6M KOH at 600℃ of pyrolysis temperature.

Benefit Analysis of Quality Incresement Based on Meat Quality Testing of Breeding Pig (돈육 육질 검정에 따른 품질 증가의 편익 분석에 관한 연구)

  • Lee, Sang-Ho;Nam, Ki-Chang;Kang, Hyun-Sung;Kim, Sung-Hoon;Choi, Je-Gwan;Choi, Tae-Jeong;Seo, Kang-Seok
    • Journal of Animal Science and Technology
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    • v.55 no.3
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    • pp.179-184
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    • 2013
  • Willingness-to-pay (WTP) for pork produced by quality test was determined using a contingent valuation method. Three model studies including a dichotomous-choice and two double dichotomous-choice types were conducted. The respondents in this study appropriately understood the contingent valuation and the suggested price was significant as a characteristic variable. The results imply that there is lower chance to select pork produced by the quality test, as the price difference is greater between conventional and quality-tested pork. WTPs in double and single contingent valuation models were 735 and 547 won/100 g, respectively. WTP was increased with increasing the educational level of respondents. The average WTPs analyzed by convariate were 1,015 won/100 g for double contingent valuation and 580 won/100 g for single contingent valuation. Considering the minimum price of WTP of pork produced by quality test (547.4 won/100 g), the total economic value was estimated to be 5,173,600 million won and per capita customer value was 106,000 won. Therefore, providing an institutional strategy for pork quality test will be beneficial for the consumers.

Factors Effecting to the Stage of Change for Exercise on the Workers (일부 근로자의 운동행위 변화단계에 영향을 미치는 요인)

  • Seo Gi-Soon;Lee Dong-Bae
    • Korean Journal of Health Education and Promotion
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    • v.23 no.1
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    • pp.63-75
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    • 2006
  • Objective: This study was performed to identify the related factors of change affecting the stage of change, on the assumption that there are various stages of change in the exercise behavior of workers. Method: The subjects of the study consisted of 138 workers of 10 workplaces located in Daejeon City, and data collected by using questionnaires were analyzed with SPSS/WIN 11.5 program. Results: The subjects were distributed in the stage of exercise behavior change as follows: precontemplation stage(10.9%), contemplation stage(22.5%), preparation stage(41.3%), action stage(8.7%), and maintenance stage(16.7%). Of the process of change depending on the stage of exercise behavior change, the consciousness raising(F=11.50, p=.00), dramatic relief(F=2.82, p=.02) showed significant difference in the cognitive process, and the counter conditioning(F=4.56, p=.00), reinforcement management(F=4.64, p=.00), self-liberation(F=9.46, p=.00), and stimulus control(F=13.28, p=.00) showed significant difference in the behavioral process. For decision-making depending on the stage of exercise behavior change, both the pros of decision-making(F=9.23, p=.00) and the cons of decision-making(F=2.45, p=.04) showed significant difference. Self-efficacy depending on the stage of exercise behavior change showed significant difference as F=11.50, p=.00. The related factors of change affecting the stage of exercise behavior change were the pros of decision-making, the cons of decision-making, and self-efficacy including 34.1% R-square. Conclusion: In order to change the exercise behavior of workers positively, they need to be stimulated to use the cognitive and behavioral process in the process of change properly, and to be induced to make a decision positively. And also exercise programs suitable to various characteristics of each worker as well as those of workplaces to enhance self-efficacy need to be applied after being devised. Through the further longitudinal research, it is necessary to analyze the various aspects, such as groups to select, to maintain, to stop or give up the exercise, and to avoid the change, and to study how the related factors of change affect diversity like the above.

A Systematic Approach Of Construction Management Based On Last Planner System And Its Implementation In The Construction Industry

  • Hussain, SM Abdul Mannan;Sekhar, Dr.T.Seshadri;Fatima, Asra
    • Journal of Construction Engineering and Project Management
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    • v.5 no.2
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    • pp.11-15
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    • 2015
  • The Last PlannerSystem (LPS) has been implemented on construction projects to increase work flow reliability, a precondition for project performance againstproductivity and progress targets. The LPS encompasses four tiers of planning processes:master scheduling, phase scheduling, lookahead planning, and commitment / weeklywork planning. This research highlights deficiencies in the current implementation of LPS including poor lookahead planning which results in poor linkage between weeklywork plans and the master schedule. This poor linkage undetermines the ability of theweekly work planning process to select for execution tasks that are critical to projectsuccess. As a result, percent plan complete (PPC) becomes a weak indicator of project progress. The purpose of this research is to improve lookahead planning (the bridgebetween weekly work planning and master scheduling), improve PPC, and improve theselection of tasks that are critical to project success by increasing the link betweenShould, Can, Will, and Did (components of the LPS), thereby rendering PPC a betterindicator of project progress. The research employs the case study research method to describe deficiencies inthe current implementation of the LPS and suggest guidelines for a better application ofLPS in general and lookahead planning in particular. It then introduces an analyticalsimulation model to analyze the lookahead planning process. This is done by examining the impact on PPC of increasing two lookahead planning performance metrics: tasksanticipated (TA) and tasks made ready (TMR). Finally, the research investigates theimportance of the lookahead planning functions: identification and removal ofconstraints, task breakdown, and operations design.The research findings confirm the positive impact of improving lookaheadplanning (i.e., TA and TMR) on PPC. It also recognizes the need to perform lookaheadplanning differently for three types of work involving different levels of uncertainty:stable work, medium uncertainty work, and highly emergent work.The research confirms the LPS rules for practice and specifically the need to planin greater detail as time gets closer to performing the work. It highlights the role of LPSas a production system that incorporates deliberate planning (predetermined andoptimized) and situated planning (flexible and adaptive). Finally, the research presents recommendations for production planningimprovements in three areas: process related, (suggesting guidelines for practice),technical, (highlighting issues with current software programs and advocating theinclusion of collaborative planning capability), and organizational improvements(suggesting transitional steps when applying the LPS).

A STUDY ON THE DENTAL MATURATION IN CHILDREN WITH SKELETAL ANTERIOR CROSSBITE (골격성 전치부 반대교합 아동의 치아성숙도에 관한 연구)

  • Shin, Jong-Hyun;Kwon, Min-Seok;Kim, Shin;Jeong, Tae-Sung
    • Journal of the korean academy of Pediatric Dentistry
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    • v.37 no.3
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    • pp.359-366
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    • 2010
  • It was easy to find that children of a skeletal anterior crossbite in the early mixed dentition period showed a stark difference in the dental maturity between their maxillary and mandibular teeth, if they have stronger physical characteristics. If the difference of dental age between maxillary and mandibular teeth which can be identified via panoramic radiographs may serve as an early sign of class III malocclusion, this is considered valuable as a tool of early detection diagnosis. We obtained lateral cephalometric radiographs, panoramic radiographs, working model and clinical images of patients of Hellman dental age IIA and IIC who visited the department of pediatric dentistry, Pusan National University Dental Hospital and examined them to select 50 patents for normal occlusion group and skeletal anterior crossbite group, respectively. Their panoramic radiographs were used for the Demirjian's method to figure out dental ages of maxillary and mandibular teeth of each group and the eruption rate of the first molars. Their differences are as follows: 1. In both groups, the dental ages from Demirjian's method were advanced than the chronological ages. No sexual dimorphism was detected for the chronological or dental age in either group (p>0.05). 2. The difference of dental age of maxillary and mandibular teeth between the normal occlusion group and crossbite group was 0.22 and 0.69 years, respectively, with a higher difference in crossbite group(p<0.05). 3. Compared to the normal occlusion group, the crossbite group showed a higher difference in the eruption rate between maxillary and mandibular first molar(p<0.05).

A construction method for IP-based Fixed and Personalized A/V Mosaic EPG service (IP 기반 고정형 및 맞춤형 동영상 모자익 EPG 서비스 구축방법)

  • Song, Chee-Yang;Choi, Lark-Kwon
    • Journal of the Korea Society of Computer and Information
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    • v.11 no.5 s.43
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    • pp.39-52
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    • 2006
  • As accelerates the technical evolution of high-speed network and progresses the digitalization of broadcasting network, TV channel service through satellite/cable/terrestrial networks becomes more stable and mature. However, TV channel service using IP network such as IPTV is recently emerging. Especially, when it comes to current mosaic EPG(Electronic Program Guide) as a channel guide, the implementation of EPG via IP network is under developing. Furthermore, the personal target mosaic EPG is not provided at all in the IPTV. This paper proposes a construction method of mosaic system which can support fixed and personalized mosaic EPG using IP network for viewers. The fixed mosaic EPG is made several steps as follows ; First, H/E generates several mosaic A/V streams. Then, which are transmitted to the STB in terms of multicasting via IP network. Finally, mosaic EPG is displayed on TV through STB. In addition, this paper describes a construction model of the personalized A/V mosaic EPG that represents each person's favorite channels according to their tastes and interests. As for the contributions. The TV channel guide using IP network enable viewer to select channel more easily with practical adaptation of multi-channel expansibility and sufficient usability. In addition, through personal mosaic EPG, a number of viewers can compose their own mosaic EPG and enjoy a variety of channel easily in accordance with their preferences. Finally, the personal mosaic EPG can prohibit non-adult users from connecting adult-only contents more efficiently.

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A Study of Damage Assessment Caused by Hydrogen Gas Leak in Tube Trailer Storage Facilities (수소 Tube Trailer 저장시설에서의 수소가스 누출에 따른 사고피해예측에 관한 연구)

  • Kim, Jong-Rak;Hwang, Seong-Min;Yoon, Myong-O
    • Fire Science and Engineering
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    • v.25 no.6
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    • pp.32-38
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    • 2011
  • As the using rate of an explosive gas has been increased in the industrial site, the regional residents adjacent to the site as well as the site workers have frequently fallen into a dangerous situation. Damage caused by accident in the process using hydrogen gas is not confined only to the relevant process, but also is linked to a large scale of fire or explosion and it bring about heavy casualties. Therefore, personnel in charge should investigate the kinds and causes of the accident, forecast the scale of damage and also, shall establish and manage safety countermeasures. We, in Anti-Calamity Research Center, forecasted the scope of danger if break out a fire or/and explosion in hydrogen gas facilities of MLCC firing process. We selected piping leak accident, which is the most frequent accident case based on an actual analysis of accident data occurred. We select and apply piping leak accident which is the most frequent case based on an actual accident data as a model of damage forecasting scenario caused by accident. A jet fire breaks out if hydrogen gas leaks through pipe size of 10 mm ${\Phi}$ under pressure of 120 bar, and in case of $4kw/m^2$ of radiation level, the radiation heat can produce an effect on up to distance of maximum 12.45 meter. Herein, we are going to recommend safety security and countermeasures for improvement through forecasting of accident damages.

Analysis of the major subcontract competence factors of overseas plant construction (해외 플랜트 공사의 주요 하도급 역량 요인 도출 및 분석)

  • Kim, Hwa-Rang;Sohn, Tae-Hong;Jang, Hyoun-Seung
    • Korean Journal of Construction Engineering and Management
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    • v.14 no.5
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    • pp.84-91
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    • 2013
  • In 2012, Korean overseas construction market has achieved 64.9 billion dollars of contract order and its amount has increased since the mid 2000's. However, importance of qualitative growth based on profitability as well as quantitative growth is also emphasized. This study analyzed overseas plant project's subcontract process management which is closely related to cost management as one of the qualitative growth methods. In order to select major subcontract processes, extensive literature review and focus group interview(FGI) were implemented and then professionals with years of experience in the overseas plant projects were participated in the questionnaire survey. The collected data were analyzed by Benefit-Structure Analysis(BSA) model. The findings of this study include: (1) the seven and six subcontract processes are positioned in the area of importance control factor and in the area of maintenance/control factor, respectively; (2) administration capability attainment is needed for the six subcontract processes in the area of importance control factor and sustainable management system is required for the processes in the maintenance/control factor area. The further research will identify key subcontract processes to be managed for overseas plant projects by Korean EPC contractors based on the findings of this research.