• Journal of Climate Change Research
• /
• v.7 no.2
• /
• pp.137-142
• /
• 2016

To achieve large-scale carbon removals, a carbon offset project based on forest management was designed and its carbon stock change was estimated in this study. The project was designed for 874 hectares of forests in the Jin-An Leading Forest Management Zone. For estimating the carbon stock change of the project, the Korean Forest Carbon Standard and VCS (Verified Carbon Standard) methodologies were applied. Three types of management options were considered in the project : extension of rotation age, conversion to productive forests, and conversion to selective harvesting. The estimated carbon removals from the project designed in this study were $259,936tCO_2$ ($8,664tCO_2$ annually), which is 98% of estimated carbon removals from the entire 69 projects currently registered to the Forest Carbon Offset Registry in Korea. The results of this study showed that a large-scale carbon offset project based on forest management could have a huge potential to produce carbon offset credits.

• The Journal of Asian Finance, Economics and Business
• /
• v.8 no.4
• /
• pp.135-143
• /
• 2021

Information has an essential role in decision-making for investors who will invest in financial markets, especially regarding the policies on the condition of COVID-19. The purpose of this study is to determine the market reaction to the information published by the government regarding the policy changes to the provisions of Trading Halt on the IDX in an emergency using the event study method. The population in this study was companies listed on the Indonesia Stock Exchange in March 2020; the sample selection technique was purposive sampling. Data analysis used a normality test and one sample T-test. The results of the study found that there were significant abnormal returns on the announcement date, negative abnormal returns around the announcement date, and significant trading volume activity occurring three days after the announcement. The existence of a significant positive abnormal return on the announcement date indicates that the market responds quickly to information published by the government. The practical implication of this research can be taken into consideration for investors in making investment decisions to analyze and determine the right investment options so that investors can minimize the risk of their investment and maximize the profits they want to achieve.

• Management & Information Systems Review
• /
• v.29 no.1
• /
• pp.1-23
• /
• 2010

This study examines the impacts of outside directors' characteristics and compensation on stock performances of KOSDAQ and NASDAQ IPO firms. The results of this study indicated the following interesting results. First, there is no significant relation between outside directors' age and CARs on KOSDAQ firms. while significant positive relation between outside directors' age and CARs on NASDAQ firms. And the elder age group shows a more positive impact on performances compared with the younger age group. Second, there is no relation between outside directors' academic background and CARs for KOSDAQ firms. But We find a significantly positive one for NASDAQ firms. Third, In Relation to outside directors' careers, their professional or CEO careers group have more positive impact on stock performances than gray directors' careers group. Lastly, there is an insignificant negative relation between the outside directors' compensation and CARs for KOSDAQ firms. while there is a positive relative for NASDAQ firms. In particular, there is a significant positive relative between value of stock options and CARs for NASDAQ firms. from the result, I could find out the stock option for outside' directors have a positive influence on firm value.

• International Commerce and Information Review
• /
• v.3 no.1
• /
• pp.177-196
• /
• 2001

The advancement of information technology provides a wide range of options for the corporate to cope with new business environments. As with most other businesses, the utilization of the logistics information technology can be an instrument to enhance the competitiveness of the company. Therefore it is essential to analyze how companies utilize and verify the relationship between company business performance and the level of information technology utilization, which is the objective of this paper. The questionnaire was sent to 300 companies listed on the stock market at random The author received 176 responses of which 142 were complete and valid. According to the analysis of questionnaires, the adoption level of information technologies was dependent on the perception of top managers on the importance of information technology in business competitiveness. Furthermore the level of relation between the information technology adoption and business performance was significant. Therefore businesses need to increase the utilization of information technologies, such as establishment of logistics information system, network with other business partners in order to business logistics performance.

• Journal of the Korean Operations Research and Management Science Society
• /
• v.29 no.2
• /
• pp.45-57
• /
• 2004

The purpose of this paper is studying the valuation of option prices in Incomplete markets. A market is said to be incomplete if the given traded assets are insufficient to hedge a contingent claim. This situation occurs, for example, when the underlying stock process follows jump-diffusion processes. Due to the jump part, it is impossible to construct a hedging portfolio with stocks and riskless assets. Contrary to the case of a complete market in which only one equivalent martingale measure exists, there are infinite numbers of equivalent martingale measures in an incomplete market. Our research here is focusing on risk minimizing hedging strategy and its associated minimal martingale measure under the jump-diffusion processes. Based on this risk minimizing hedging strategy, we characterize the dynamics of a risky asset and derive the valuation formula for an option price. The main contribution of this paper is to obtain an analytical formula for a European option price under the jump-diffusion processes using the minimal martingale measure.

• Journal of applied mathematics & informatics
• /
• v.39 no.5_6
• /
• pp.677-688
• /
• 2021

In the modern financial market, the scale of financial instrument transactions in the over-the-counter (OTC) market are increasing. However, in this market, there exists a counterparty credit risk. Herein, we obtain a closed-form solution of power option with credit risks, using the double Mellin transforms. We also use a numerical method to compare the differentiations of option price between the closed-form solution and Monte-Carlo simulation. The result shows that the closed-form solution is precise. In addition, the option's price is sensitive to the exponent of the maturity stock price.

• Proceedings of the Korea Water Resources Association Conference
• /
• 2023.05a
• /
• pp.413-413
• /
• 2023

Wetlands are a critical component of the global carbon cycle and are essential in mitigating climate change. Accurately quantifying wetland carbon emissions is crucial for understanding and predicting the impact of wetlands on the global carbon budget. The uncertainty quantifying carbon in wetlands may comes from the ecosystem's hydrological, biochemical, and microbiological variability. The Community Land Model is a sophisticated and flexible land surface model that offers several configuration options such as energy and water fluxes, vegetation dynamics, and biogeochemical cycling, necessitating careful consideration for the alternative configurations before model implementation to develop a practical model framework. We conducted a systematic literature review, analyzing the alternatives, focusing on the carbon stock pools configurations and the parameters with significant sensitivity for carbon quantification in wetlands. In addition, we evaluated the feasibility and availability of in situ observation data necessary for validating the different alternatives. This analysis identified the most suitable option for our study site, the Binbong Wetland, in Korea.

• The Korean Journal of Financial Management
• /
• v.24 no.2
• /
• pp.41-79
• /
• 2007

This study examines the expiration-day effects of stock index futures and options in the Korean stock market. The so-called 'expiration-day effects', which are the abnormal stock price movements on derivatives expiration days, arise mainly from cash settlement. Index arbitragers have to bear the risk of their positions unless they liquidate their index stocks on the expiration day. If many arbitragers execute large buy or sell orders on the expiration day, abnormal trading volumes are likely to be observed. If a lot of arbitragers unwind positions in the same direction, temporary trading imbalances induce abnormal stock market volatility. By contrast, if some information arrives at market, the abnormal trading activity must be considered a normal process of price discovery. Stoll and Whaley(1987) investigated the aggregate price and volume effects of the S&P 500 index on the expiration day. In a related study, Stoll and Whaley(1990) found a similarity between the price behavior of stocks that are subject to program trading and of the stocks that are not. Thus far, there have been few studies about the expiration-day effects in the Korean stock market. While previous Korean studies use the KOSPI 200 index data, we analyze the price and trading volume behavior of individual stocks as well as the index. Analyzing individual stocks is important for two reasons. First, stock index is a market average. Consequently, it cannot reflect the behavior of many individual stocks. For example, if the expiration-day effects are mainly related to a specific group, it cannot be said that the expiration of derivatives itself destabilizes the stock market. Analyzing individual stocks enables us to investigate the scope of the expiration-day effects. Second, we can find the relationship between the firm characteristics and the expiration-day effects. For example, if the expiration-day effects exist in large stocks not belonging to the KOSPI 200 index, program trading may not be related to the expiration-day effects. The examination of individual stocks has led us to the cause of the expiration-day effects. Using the intraday data during the period May 3, 1996 through December 30, 2003, we first examine the price and volume effects of the KOSPI 200 and NON-KOSPI 200 index following the Stoll and Whaley(1987) methodology. We calculate the NON-KOSPI 200 index by using the returns and market capitalization of the KOSPI and KOSPI 200 index. In individual stocks, we divide KOSPI 200 stocks by size into three groups and match NON-KOSPI 200 stocks with KOSPI 200 stocks having the closest firm characteristics. We compare KOSPI 200 stocks with NON-KOSPI 200 stocks. To test whether the expiration-day effects are related to order imbalances or new information, we check price reversals on the next day. Finally, we perform a cross-sectional regression analysis to elaborate on the impact of the firm characteristics on price reversals. The main results seem to support the expiration-day effects, especially on stock index futures expiration days. The price behavior of stocks that are subject to program trading is shown to have price effects, abnormal return volatility, and large volumes during the last half hour of trading on the expiration day. Return reversals are also found in the KOSPI 200 index and stocks. However, there is no evidence of abnormal trading volume, or price reversals in the NON-KOSPI 200 index and stocks. The expiration-day effects are proportional to the size of stocks and the nearness to the settlement time. Since program trading is often said to be concentrated in high capitalization stocks, these results imply that the expiration-day effects seem to be associated with program trading and the settlement price determination procedure. In summary, the expiration-day effects in the Korean stock market do not exist in all stocks, but in large capitalization stocks belonging to the KOSPI 200 index. Additionally, the expiration-day effects in the Korean stock market are generally due, not to information, but to trading imbalances.

• Clinics in Shoulder and Elbow
• /
• v.26 no.1
• /
• pp.93-106
• /
• 2023

Reverse total shoulder arthroplasty (RTSA) emerged as a new concept of arthroplasty that does not restore normal anatomy but does restore function. It enables the function of the torn rotator cuff to be performed by the deltoid and shows encouraging clinical outcomes. Since its introduction, various modifications have been designed to improve the outcome of the RTSA. From the original cemented baseplate with peg or keel, a cementless baseplate was designed that could be fixed with central and peripheral screws. In addition, a modular-type glenoid component enabled easier revision options. For the humeral component, the initial design was an inlay type of long stem with cemented fixation. However, loss of bone stock from the cemented stem hindered revision surgery. Therefore, a cementless design was introduced with a firm metaphyseal fixation. Furthermore, to prevent complications such as scapular notching, the concept of lateralization emerged. Lateralization helped to maintain normal shoulder contour and better rotator cuff function for improved external/internal rotation power, but excessive lateralization yielded problems such as subacromial notching. Therefore, for patients with pseudoparalysis or with risk of subacromial notching, a medial eccentric tray option can be used for distalization and reduced lateralization of the center of rotation. In summary, it is important that surgeons understand the characteristics of each implant in the various options for RTSA. Furthermore, through preoperative evaluation of patients, surgeons can choose the implant option that will lead to the best outcomes after RTSA.

• Journal of the Korea Academia-Industrial cooperation Society
• /
• v.15 no.1
• /
• pp.189-195
• /
• 2014

In this research, we investigate the relationship between volatility and the trading volumes of trader types in the KOSPI 200 index stock market, futures market, and options market. Three types of investors are considered: individual, institutional, and foreign investors. The empirical results show that the volatility of the stock market and futures market are affected by the transaction information from another market. This means that there exists the cross-market effect of trading volume to explain volatility. It turns out that the option market volatility is not explained by any trading volume of trader types. This is because the option market volatility, VKOSPI, is the volatility index that reflects traders' expectation on one month ahead underlying volatility. Third, individual investors tend to increase volatilities, whereas institutions and foreign investors tend to stabilize volatilities. These results can be used in the areas of investment strategies, risk management, and financial market stability.