• 한국유기농업학회지
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• 제21권1호
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• pp.33-48
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• 2013

This work is for listing, patent, reasonable valuation of environmental-friendly agricultural company. In this study, agricultural company in environmental friendly industry that consider nature, customer's wellbeing and safe would be evaluated by DCF (Discounted Cash Flow) and ROV (Real Option Value). And company in environmental-friendly industry would be checked whether it is to be related and concerned to listing in the stock market and patent acquisition with the basis of company valuation. After then agricultural company value is evaluated with the consideration of growth in environmental-friendly industry, and company valuation comparison would followed about intellectual property right. It can be assumed that value of environmental-friendly agricultural company has low relation and concern to listing of stock market, and valuation would be increased through the intellectual property right such as patent, development or core search ability.

• Asian Journal of Innovation and Policy
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• 제7권3호
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• pp.625-645
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• 2018

This paper's objective is to draw a decision guideline to continue research and development (R&D) investments in biotech start-ups facing the "Valley of Death" syndrome - a long negative profit period during a financial crisis. The data include financial indices as Net income, Revenues, Total stockholders' equity, Cash & equivalents, and R&D expenses of 18 major biotech companies (nine in negative profit and nine positive, in FY2008) and 15 major pharmaceutical corporations as benchmarks both in FY2008 and in FY2016 derived from the US SEC Database, EDGAR. A first methodology dealing with real options analysis assumes Total stockholders' equity as a growth option. And a second methodology, Bayesian Markov chain Monte Carlo (MCMC) analysis, is applied to test the probability relationship between the Total stockholders' equity and the R&D expenses in these three groups. This study confirms that Total stockholders' equity can play the role of a call option to support continuing R&D investments even in negative profits.

• Medical Lasers
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• 제8권2호
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• pp.94-96
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• 2019

Burns are one of the most extensive injuries of soft tissues as well as skin, occasionally resulting in extensive, deep wounds and death. Burn wounds can lead to severe physical and psychological distress because of excessive scarring and skin contractures. Treatment of burn wounds has always been a challenging problem and many different methods have been used to treat such injuries. We report here on treating a patient with a burn wound using 830-nm light emitting diode (LED) phototherapy combined with epidermal growth factor (EGF) solution. After five daily sessions of LED with EGF solution treatment, the patient demonstrated nearly complete improvement with no remarkable side effects. We suggest that LED phototherapy combined with EGF solution could be an effective and safe treatment option for treating burn wounds.

• 한국신재생에너지학회:학술대회논문집
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• 한국신재생에너지학회 2006년도 추계학술대회
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• pp.234-236
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• 2006

Bioenergy emerges as a promising option for achieving the sustainable growth. However, bioenergy has poor cost competitiveness to the fossil fuels such as oil and coal. So many countries either developed or developing actively works for the implementation of various bioenergies. In this paper, the various supporting policies for the activation of the bioenergy business in the developed countries have been analyzed. Through the work, the desirable strategy for the promotion of bioenergy in our country have been suggested.

• Agribusiness and Information Management
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• 제4권1호
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• pp.24-31
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• 2012

This case study investigates the KIKO currency option that has been a social issue in recent years among developing countries, especially Korea, where the financial derivatives market is in a state of rapid growth. The forward transaction which becomes a basis of derivatives is intended to hedge risks that may be caused by a future change in asset prices. Although it originates from a simple form of agricultural transactions, there currently exists a variety of derivatives in more sophisticated forms. In the Korean agricultural industry, the need to use such derivatives is great, as there is a huge risk of price fluctuation in agricultural products due to frequent adverse weather. In addition, many developing countries with export-led industrial structures similar to Korea's, of necessity must resort to currency hedging as a method of reducing relevant risk. However, in most cases, the lack of understanding about financial derivatives results in an inappropriate application of these derivatives. The KIKO in this study represents such cases. Since 2007, KIKO has been sold in Korea to many small- and medium-sized export companies for the purpose of currency hedging when the exchange rate between the Korean won and the U.S. dollar was in a downward spiral. The main focus of this study is a case which is most representative of KIKO. As inflation rapidly increased during the financial crisis in the U.S. at the end of 2007, derivatives became a hot issue in the courts rather than in the financial markets. This case study investigates what KIKO and the fierce legal debates over it imply, from the perspective of the option of value evaluation in order to suggest not only a direction in which companies can utilize financial derivatives, but also a roadmap for the future derivatives market.

• 국제지역연구
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• 제16권3호
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• pp.239-266
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• 2012

본 논문은 세계적 수준의 양적인 성장에도 불구하고 여러 가지 문제점을 갖고 있는 국내의 장내 파생상품시장에 대한 바람직한 개선방향을 모색하고자 한다. 우리나라의 장내 파생상품시장에서는 외가격 또는 극외가격의 거래비중이 높고, 미결제약정 당 거래량이 많아 포지션을 짧게 보유하는 투기적 거래의 성향이 강한 것으로 보인다. 또한 외국에 비해 개인투자자의 파생상품시장 참여가 높은데 이로 인한 손실이 지속되고 있고 개인투자자들의 부가 기관 및 외국인투자자들에게 이전되고 있다. 이처럼 여러 문제점을 갖고 있는 장내 파생상품시장에 대한 바람직한 정비방향을 모색하기 위해 투자자보호를 위한 행위규제 측면에서 향후 규제체계 개선방향에 대한 여러 가지 방안을 제안한다. 우선 투기성향의 거래를 완화하기 위해서는 현재 외가격 위주로 거래되고 있는 코스피200옵션시장을 등가격 위주의 시장으로 유도할 필요성이 있다. 이를 위해 등가격 거래에 대한 거래수수료 할인 또는 면제, 등가격 종목에 대한 시장조성자제도 도입 등을 고려할 수 있다. 개인투자자 보호를 위해서는 전문투자자와 개인투자자에 대한 차등 규제, 기본예탁금 관리 강화, 위험관리 교육 및 모의거래 기회 확대 등을 시행 가능한 방안으로 제안하고자 한다.

• Asian-Australasian Journal of Animal Sciences
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• 제12권4호
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• pp.657-666
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• 1999

The first option in manure management is developing an environmentally sound nutritional management. This includes proper feeding programs and feeds which will result in less excreted nutrients that need to be managed. Critical components that should be controlled are N, P and minerals that are used at supranutritional levels. Amino acid supplementation and protein restriction reduce N excretion in the monogastric animals. Supplementation with enzymes, such as carbohydrases, phytase and proteases, can be used to reduce excretion of nutrients and feces by improving digestibility of specific nutrients. Growth promoting agents, such as antibiotics, beta-agonists and somatotropin, increase the ability of animals to utilize nutrients, especially dietary protein, which results in reduced excretion of N. Some microminerals, such as Cu and Zn, are supplemented at supranutritional level. Metal-amino acid chelates, metal-proteinates and metal-polysaccharide complexes can be used at a much lower level than inorganic forms of metals without compromising performance of animals. Deodorases can be used to avoid air pollution from animal manure. Nutritional management increases costs to implement. It is necessary to assess the economics in order to find an acceptable compromise between the increased costs and the benefits to the environment and production as well.

• 신재생에너지
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• 제7권2호
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• pp.18-27
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• 2011

Management flexibility to adapt its future actions in response to altered future market conditions can expand the value of an investment opportunity by improving its upside potential without the change in the downside losses. Module manufacturers in solar industry continuously have to decide how much and when its production capacity should be expanded with regards to the demand in the global markets. Either over- or under-investment can cause sunk and/or opportunity costs to the module manufacturers. Option of exercising the additional investments only on favorable opportunities can increase total value of the investment. This paper analyzes the case which shows that the expansion of production capacity with more expandibility can have more value than the rigid plan of capacity expansion. The expansion option value is equivalent to KRW 38.286 billion, thus switching the negative NPV of the initial investment opportunity into the positive value. High volatility and the high growth in the cashflows as the major business features of the renewable energy provide condition where real options can play the crucial role in increasing the investment value as well as in determining the size and timing of capacity expansion in the course of capital budgeting process.

• Strategy21
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• 통권36호
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• pp.121-149
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• 2015

This paper will examine some past and current issues concerning the Republic of Korea's national strategy, focusing predominantly upon how the ROK should respond to the urgent maritime-oriented strategy highlighted by the recent developments and achievements of national prosperity achieved during last three decades and identify some of successful cases in East Asia. Some consideration will also be given to more general emergent issues of trends and developments of East Asian countries which might affect to define the ROK's future national strategy in the context of its national grand strategy to enhance national interests and prosperity. ROK is especially dependent upon open Sea Lanes of Communication (SLOC) and its national security emphasizes the sea as the medium of geopolitical and geo-economic development, given the sea known as core geographic option remains that ROK is an important maritime power, ranking the world-level nation in term of GDP, sea-borne trade, container processing capability, shipbuilding capacity and so on. It should be apparent, therefore, that ROK's national strategic development depends upon the relationship between its peninsula geography and its national development based on sea-borne economic growth and its maritime-oriented future national strategy will be the best option to maintain its national development and economic prosperity.

• Asian Pacific Journal of Cancer Prevention
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• 제13권4호
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• pp.1081-1091
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• 2012

Myelodysplastic syndromes (MDS) represent a heterogeneous group of clonal hematologic neoplasms characterized by morphologic dysplasia, aberrant hematopoiesis and peripheral blood refractory cytopenias. MDS is recognized to be associated with an increased risk of symptomatic anemia, infectious complications and bleeding diathesis, as well as a risk of progression to acute myeloid leukemia, particularly in patients with a high IPSS score. The advent of use of hematopoietic growth factors such as granulocyte colony-stimulating factor (G-CSF) and recombinant erythropoietin (EPO) has improved symptoms in MDS patients in addition to some data that suggest there might be an improvement in survival. G-CSF is an effective therapeutic option in MDS patients, and it should be considered for the management of refractory symptomatic cytopenias. G-CSF and EPO in combination can improve outcomes in appropriate MDS patients such as those with lower-risk MDS and refractory anemia with ring sideroblasts (RARS). This article reviews use of growth factors for lower-risk MDS patients, and examines the data for G-CSF, EPO and thrombopietic growth factors (TPO) that are available or being developed as therapeutic modalities for this challenging disease.