• Environmental and Resource Economics Review
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• v.29 no.2
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• pp.219-246
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• 2020

From the Phase II (2018~2020) of K-ETS, the offset credit from 'CDM projects that domestic companies and others have carried out in foreign countries' can be used in the K-ETS. As a result, stakeholders in the K-ETS market are actively developing overseas CDM projects, such as the 'high-efficiency cook stove project'. which can secure a large amount of credits while marginal cost is relatively low. This paper develops the investment decision-making model of offset project for the 'high-efficiency cook stove project' using the real option approach. Under the uncertainty of the emission allowance price, the optimal investment threshold (p^⁎) is derived and sensitivity analysis is conducted. As a result, in the standard scenario (PoA-S), the optimal investment threshold is 29,054won/ton, which is lower than the stock price (p^⁎_spot). However, allocation entities are not only economics in the CDM project, but also CDM risk factors such as non-renewable biomass ratio, cook stove replacement ratio, equity ratio with host country, investment period and submission limitation of emission allowance. In addition, offset project developers will be able to derive the optimal investment threshold for each business stage and use it for economic feasibility checks.

• Journal of Navigation and Port Research
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• v.36 no.9
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• pp.741-751
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• 2012

This article analyzes the interdependency between nonrenewable marine sand resources and renewable fishery resources by the developed dynamic bioeconomic model. The developed bioeconomic model is applied to a case study of efficient sustainable management for marine sand mining, which adversely affects a valuable blue crab fishery and its habitat in Korea. The socially-efficient extraction plan for marine sand and the time-variant environmental external costs to society in terms of diminished harvest rate of blue crab are determined. To take into account long-term effects from destroyed fishery habitat, a Beverton-Holt age structure model is integrated into the bioeconomic model. The illustrative results reveal that the efficient sand extraction plan is dynamically constrained by the stock size of the blue crab fishery over time. Thus, the dynamic environmental external cost is more realistic resource policy option than the classical fixed external cost for determining socially optimal extraction plans. Additionally, the economic value of bottom habitat, which supports the on- and off-site commercial blue crab fishery is estimated. The empirical results are interpreted with emphasis on guidelines for management policy for marine sand mining.

• The Journal of Industrial Distribution & Business
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• v.13 no.2
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• pp.45-57
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• 2022

Purpose: This paper examines whether or not universal banking operating in the asset management business tend to IPO underpricing when they are hosting IPOs in favor of their private interests. Previous studies suggest evidence which indicates that the universal banking operating in the asset management business tend to underestimate offering prices. This paper compares and analyzes the data before and after June 2007 to examine the influence of put-back option on IPO underpricing. Research design, data, and methodology: This paper compares the underwritten prices of IPOs of universal banking with and without asset management business in Korea in order to test such tendency actually exists. Result: We can find that such tendency is not correlated with first-day stock returns but correlated with put-back options. Our paper concludes that the hypothesis that "the universal banking's subsidiary asset management business influences the IPO underpricing" is found to be statistically insignificant. Conclusion: According to our analysis, it cannot be concluded that the interests of operating asset management do not conflict with the ones of underwriting business. However, it is so possible that the asset management companies try to harm the customers' interests, for instances churning and stuffing, it is necessary to scrutinize their behaviors and review the related regulations.

• Clinics in Shoulder and Elbow
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• v.24 no.3
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• pp.183-188
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• 2021

We report a case of a 69-year-old right-dominant man who had an open Monteggia-like lesion of the right elbow (Gustilo-Andersen IIIA) with severe proximal ulna bone loss associated with an ipsilateral ulnar shaft fracture due to a motorcycle accident. The patient underwent two-stage surgery. Wound debridement and bridging external fixation were performed at first. Three months later, a frozen massive osteochondral ulnar allograft was implanted and fixed with a locking compression plate. A superficial wound infection appeared 5 weeks after the second surgery. Superficial wound debridement, negative pressure therapy, and antibiotics were administered for 3 months, achieving infection healing. At 3 years post-surgery, the elbow range of motion was satisfactory with a Disabilities of the Arm, Shoulder and Hand (DASH) score of 16.7. Radiographs and computed tomography scans showed good allograft-bone integration without allograft reabsorption or hardware loosening. Although not complication-free, massive ulna osteochondral allograft implantation can be considered a valid option in cases of open Monteggia-like lesions associated with ulnar shaft fracture and severe bone loss in active patients, whenever osteosynthesis or joint replacement is not a proper solution. This type of bone stock restoration allows for future surgery, if needed.

• International Journal of Computer Science & Network Security
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• v.22 no.6
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• pp.51-56
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• 2022

It is relevant and timely for the existence and prosperity of today's tourism to build up a stock of new abilities and a set of innovations. At present, the tourism industry is experiencing a new stage in its digital transformation. The newest technologies, which are now spreading en masse and one of which is rightfully considered to be blockchain technology, enable tourists to receive tourist services directly from the producers, which not only gives the consumer the opportunity to enjoy higher quality and inexpensive products but also increases the responsibility of the producer. The article analyzes research literature on the possibility of using blockchain technology in the tourism industry. Based on an expert survey, the main problems, prospects, and advantages of the implementation of blockchain technology in the tourism industry are identified. The paper proposes and analyzes an option for the use of blockchain technology on the basis of a blockchain project with a mobile app for users and a dedicated website and public API for travel service providers.

• Journal of the Korean Association of Oral and Maxillofacial Surgeons
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• v.50 no.3
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• pp.166-169
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• 2024

Ankylosis of the temporomandibular joint (TMJ) is a condition in which the mandibular condyle fuses with the mandibular fossa through fibrous or bone tissue. It is a debilitating pathology that interferes with chewing, speaking, and oral hygiene. Currently, alloplastic reconstruction is considered the gold standard for treating severely compromised TMJs, such as in ankylosis. The article describes a patient with a history of facial trauma, with bilateral ankylosis of the TMJs, inability to open his mouth, and poor dental condition. Due to a long period of immobilization of approximately 40 years, the initial treatment plan was to remove the ankylosis bilaterally and install customized PMMA (polymethylmethacrylate) spacers. The patient gained mouth opening and improved chewing quality with one year of customized spacer use prior to definitive alloplastic replacement with stock-type TMJ prostheses. Customized joint spacers are a provisional treatment option when definitive alloplastic reconstruction is not indicated. Spacers provide the patient with progressive jaw function and mobility gains.

• Hip & pelvis
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• v.36 no.2
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• pp.101-107
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• 2024

Treatment of femoral bone defects continues to be a challenge in revision total hip arthroplasty (THA); therefore, meticulous preoperative evaluation of patients and surgical planning are required. This review provides a concise synopsis of the etiology, classification, treatment strategy, and prosthesis selection in relation to femoral bone loss in revision THA. A search of literature was conducted for identification of research articles related to classification of bone loss, management of femoral revision, and comparison of different types of stems. Findings of a thorough review of the included articles were as follows: (1) the Paprosky classification system is used most often when defining femoral bone loss, (2) a primary-length fully coated monoblock femoral component is recommended for treatment of types I or II bone defects, (3) use of an extensively porous-coated stem and a modular fluted tapered stem is recommended for management of types III or IV bone defects, and (4) use of an impaction grafting technique is another option for improvement of bone stock, and allograft prosthesis composite and proximal femoral replacement can be applied by experienced surgeons, in selected cases, as a final salvage solution. Stems with a tapered design are gradually replacing components with a cylindrical design as the first choice for femoral revision; however, further confirmation regarding the advantages and disadvantages of modular and nonmodular stems will be required through conduct of higher-level comparative studies.

• Journal of Ecology and Environment
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• v.43 no.2
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• pp.161-182
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• 2019

Quantifying the amount of carbon pools in forest ecosystems enables to understand about various carbon pools in the forest ecosystem. Therefore, this study was conducted in the Chilimo dry afromontane forest to estimate the amount of carbon stored. The natural forest was stratified into three forest patches based on species composition, diversity, and structure. A total of 50 permanent sample plots of 20 m × 20 m (400 ㎡ ) each were established, laid out on transects of altitudinal gradients with a distance of 100 m between plots. The plots were measured twice in 2012 and 2017. Tree, deadwood, mineral soil, forest floor, and stump data were collected in the main plots, while shrubs, saplings, herbaceous plants, and seedling data were sampled inside subplots. Soil organic carbon (SOC %) was analyzed following Walkely, while Black's procedure and bulk density were estimated following the procedure of Blake (Methods of soil analysis, 1965). Aboveground biomass was calculated using the equation of Chave et al. (Glob Chang Biol_20:3177-3190, 2014). Data analysis was made using RStudio software. To analyze equality of means, we used ANOVA for multiple comparisons among elevation classes at α = 0.05. The aboveground carbon of the natural forest ranged from 148.30 ± 115.02 for high altitude to 100.14 ± 39.93 for middle altitude, was highest at 151.35 ± 108.98 t C ha^-1 for gentle slope, and was lowest at 88.01 ± 49.72 t C ha^-1 for middle slope. The mean stump carbon density 2.33 ± 1.64 t C ha^-1 was the highest for the middle slope, and 1.68 ± 1.21 t C ha^-1 was the lowest for the steep slope range. The highest 1.44 ± 2.21 t C ha^-1 deadwood carbon density was found under the middle slope range, and the lowest 0.21 ± 0.20 t C ha^-1 was found under the lowest slope range. The SOCD up to 1 m depth was highest at 295.96 ± 80.45 t C ha^-1 under the middle altitudinal gradient; however, it was lowest at 206.40 ± 65.59 t C ha^-1 under the lower altitudinal gradient. The mean ecosystem carbon stock density of the sampled plots in natural forests ranged from 221.89 to 819.44 t C ha^-1. There was a temporal variation in carbon pools along environmental and social factors. The highest carbon pool was contributed by SOC. We recommend forest carbon-related awareness creation for local people, and promotion of the local knowledge can be regarded as a possible option for sustainable forest management.

• Journal of Venture Innovation
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• v.1 no.1
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• pp.83-98
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• 2018

This paper makes a theoretical approach to the differences between transaction tax and capital gains tax when the financial instruments are traded and imposed taxes in K-OTC market, a newly emerging off-board market. Since it is difficult to reduce risk to the level which investors would like to pursue - depending on the taxation methods of portfolio-composed financial instruments - when it comes to forming a synthetic bond to hedge risk, this paper also seeks for effective taxation methods to make this applicable. First of all, to thoroughly review the taxation balance of synthetic bonds, this paper analyzed the effects of the transaction tax and capital gains tax imposed upon synthetic bonds according to the changes in final stock price and strike price in K-OTC market, and analyzed after-tax profit differences among them depending on whether income tax deduction took place or not. As a result of the research upon the tax gap in transaction tax and capital gains tax according to the changes of final stock prices, it was shown that imposing transaction tax is more likely to be effective for some level of risk hedging with replicating portfolio considering taxation policies and financial markets, since the effect of the transaction tax has a much lower tax gap than that of capital gains tax. In addition, in relation to whether income tax deduction was permitted or not, it was proved that the effect of the transaction tax and the capital gains tax vary depending on the variation in the strike price. Above all, it was shown that if the strike price is lower than the stock price, the transaction tax will be less affected by the existence of income tax deduction than the capital gains tax, while both will be equally affected by the existence of income tax deduction if the strike price is higher than the stock price. Further study would be to demonstrate the validation of this in the K-OTC market with actual financial instruments and, also, to seek for a more systematic hedging method by using a ratio analysis approach to the calculation of the option transaction tax

• The Journal of the Korean bone and joint tumor society
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• v.12 no.1
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• pp.9-14
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• 2006

Purpose: The proximal tibial sarcoma patients, especially in their growing ages have problems of reconstruction. This study is to devise a methodology which can circumvent this limitations. Materials and Methods: Four cases of proximal tibial osteosarcoma underwent hemiarthroplasty. The mean age was 13 years (11~15) with a mean follow-up of 64 months (47~89). The procedure consists of ultrahigh molecular weight polyethylene (UHMWPE) liner as an substitute for the joint surface and this piece was fixed to the remaining tibial bone stock with Ender nail and bone cement. Results: Final functional score was 23.5 (78.3% of control) by MSTS criteria. All the cases showed stable joint without pain. Hemiarthroplasty related complications were absent. By saving the femoral physis, expected leg length discrepancy could be minimized by this procedure. Conclusions: Hemiarthroplasty of proximal tibia can be an option in pediatric sarcoma patients.