• 재무관리연구
• /
• 제16권1호
• /
• pp.223-243
• /
• 1999

포트폴리오의 위험을 통제하거나 감소시키기 위해서 헤저들은 최적헤지비율을 추정하여야 하는데, 최적헤지비율의 추정치는 사용하는 모형에 따라 많은 차이를 보인다. 전통적인 회귀분석모형에 의하여 추정된 최적헤지비율은 시계열자료의 불안정성(nonstationary) 등으로 인하여 잘못될 가능성이 많으며, 잘못 추정된 헤지비율을 그대로 이용할 경우 현물포트폴리오의 시장위험을 최소화시키지 못하고 헤징비용을 증가시키는 결과를 초래한다. 시계열자료의 불안정성으로 말미암아 야기되는 문제점들을 개선할 수 있는 모형으로서 오차 수정모형(Error Correction Model : ECM)이 널리 이용되고 있다. 본 연구는 ECM을 사용하여 추정된 최적헤지비율과 전통적 회귀분석모형을 사용하여 추정한 최적헤지비율을 비교하여 어떤 모형으로 추정한 헤지비율이 더 정확한지를 평가하는데 목적을 두고 있다. 즉, 본 연구는 KOSPI 200 현 선물지수 자료를 대상으로 ECM과 전통적 회귀분석모형에 의한 최적헤지비율을 추정하고 각 모형의 설명력과 예측력을 비교하고자 한다. 실증분석 결과, KOSPI 200 현물지수와 KOSPI 200 선물지수간에는 공적분 관계가 존재하며, ECM과 전통적 회귀분석모형을 이용하여 추정한 최적헤지비율의 크기는 서로 다르며, ECM을 이용할 때 모형의 설명력이 조금 더 높게 나타났으며, 예측력도 ECM이 좀더 우월한 것으로 나타났다.

• The Journal of Asian Finance, Economics and Business
• /
• 제8권1호
• /
• pp.81-91
• /
• 2021

This paper investigates the long run hedging ability of precious metals against the risks associated with adverse conditions of economic and financial variables for Pakistan, the USA, China, and India. Monthly data of gold, silver, platinum, stock returns, exchange rate, industrial production, and inflation was collected for the selected economies. Saikkonen and Lutkepohl (2002) unit root test was employed to access the unit root properties of the data series and identify the break dates. Furthermore, this study used the Johansen cointegration test with and without structural breaks to identify the long-run relationship between metals prices and different financial and economic variables. The findings suggest that the time series under study have unit root problem at level with and without structural breaks. Without considering structural breaks, the Johansen trace test indicates that in Pakistan and China, gold, silver, and platinum hold a cointegrating relationship with macroeconomic and financial variables. For the US, gold indicates cointegration which supports the hedging ability of gold against inflation, stock, and industrial production in the long run. The results of the cointegration test after incorporating the structural breaks provide even stronger evidence of the long-run relationship of precious metals and consumer prices, exchange rate, and stock prices.

• 국제학술발표논문집
• /
• The 3th International Conference on Construction Engineering and Project Management
• /
• pp.800-807
• /
• 2009

The limited public funds available for infrastructure projects have led governments to consider private entities' participation in long-term contracts for finance, construction, and operation of these projects to share risks and rewards between the public and the private. Because these projects have complicated risk evolutions, diverse contractual forms for each project member to hedge risks involved in a project are necessary. In light of this, Build-Operate-Transfer(BOT) model is considered as effective to accomplish Public Private Partnerships(PPPs) with a characteristic of an ownership-reversion. In BOT projects, the government has used such an incentive system as minimum revenue guarantee(MRG) agreement to attract the private's participation. Although this agreement turns out critical in success of BOT project, there still exist problematic issues in a financial feasibility analysis since the traditional capital budgeting theory, Net Present Value(NPV) analysis, has failed to evaluate the contingent characteristic of MRG agreement. The purpose of this research is to develop real option model based on option pricing theory so as to provide a theoretical framework in valuing MRG agreement in BOT projects. To understand the applicability of the model, the model is applied to the example of the BOT toll road project and the results are compared with that by NPV analysis. Finally, we found that the impact of the MRG agreement is significant on the project value. Hence, the real option model can help the government establish better BOT policies and the developer make appropriate bidding strategies.

• Journal of Forest and Environmental Science
• /
• 제26권2호
• /
• pp.65-73
• /
• 2010

Biodiversity, referring to the variety and abundance of species, their genetic composition, and the communities, ecosystem, and landscapes, is essential to maintain healthy and productive forests, and to provide useful hedge against the future uncertainties in conditions of the environment and natural resources. To realize the long-term sustainability for forest production of goods and services is dependent upon maintaining and enhancing the biodiversity in the forest ecosystem. Because we can not always recognized which portion of biodiversity is essential to maintain the stability and sustainability of the natural system, conserving biodiversity is even unconditionally important. Even though the activities of forest resource management may have a variety of negative impacts on biodiversity by modification of the natural ecosystem into economically effective artificial ecosystem, forest professionals have been developing intelligent scheme to coexist management and conservation. However, conservation of biodiversity must be a complex problem encircled by ecological, economical, and social considerations. There seems to be no such a simple and easy solution. Strategies for ecologically deliberated forest resource management, which could play an important role to conserve biodiversity, were discussed.

• 무역학회지
• /
• 제47권2호
• /
• pp.103-120
• /
• 2022

This paper studies the possibility of options as an instrument for central bank to intervene foreign exchange market. As opposed to spot transaction or forward transaction, which impacts spot exchange rate only once, currency options can continuously resist a directional speculative pressure on spot market due to the dynamic delta hedging of OTC currency options market maker. This research also analyzes whether and how central banks can use currency options to lower exchange rate volatility and maintain (implicit) target zones in foreign exchange markets. It argues that short position rather than long position in options will result in market makers dynamically hedging their long option exposure in a stabilizing manner, consistent with the first objective. Selling a "Strangle" allows a central bank to increase the credibility of its commitment to a target zone, and could have a lower expected cost than spot market interventions. However, this strategy also exposes the central bank to an unlimited loss potential. Therefore these kinds of intervention strategies must be used in the short run and temporarily.

• Journal of Korean Biological Nursing Science
• /
• 제26권3호
• /
• pp.163-176
• /
• 2024

Purpose: This study conducted a systematic literature review and meta-analysis on the effectiveness of aromatherapy in reducing restless legs syndrome (RLS) in hemodialysis patients. Methods: Using the population, intervention, comparison, outcome, study design framework, a search was conducted of eight electronic databases: PubMed, Cochrane, Embase-Ovid, CINAHL, Web of science, Scopus, PQDT, and RISS. The population was hemodialysis patients, and the intervention included aromatherapy aiming at RLS, compared to control groups receiving placebo or usual care. The outcome measured was RLS, and the study design was randomized controlled trials. Results: The analysis included seven articles presenting results from 10 studies, and the pooled overall effect of aromatherapy on RLS in hemodialysis patients was shown by a Hedge's g of -1.84 (95% confidence interval: -2.45 to -1.23). Meta-regression analysis revealed greater effectiveness in studies that received funding. Age over 60, lavender oil use, intervention duration of less than 4 weeks, sessions longer than 30 minutes, a routine care control group, and quality assessment score of 10 or less were associated with RLS reduction. Conclusion: The study concluded that aromatherapy is effective for managing RLS in hemodialysis patients.

• 한국조경학회지
• /
• 제46권6호
• /
• pp.60-74
• /
• 2018

본 연구는 폭염 시 동-서향 가로의 북측 보도($N35^{\circ}10.73{\sim}10.75^{\prime}$, $E128^{\circ}55.90-58.00^{\prime}$, 표고: 50m)에서 기상측정장비, 순복사계, 반사구와 열화상카메라를 이용한 실측을 통해 가로수와 쉘터에 의한 차양이 인체가 체감하는 열환경에 주는 영향을 MRT, L-MRT, UTCI, 바닥면, 벽면, 천개면의 구성요소별 방사온도로 평가하였다. 이를 위해 1 및 2열 가로수와 생울타리, 쉘터와 어-닝, 햇빛 노출지에 대한 열환경을 측정하였다. 9일간 오전 10시부터 오후 4시까지의 선 자세의 인체가 흡수한 매 1분 간격 인체-생기상학적 자료 그리고 1일간 오후 1시 16분부터 35분까지 보도 구성요소의 방사온도를 분석한 결과는 다음과 같다. 가로수와 쉘터에 의한 차양은 여름철 낮 동안 UTCI를 감소시킴으로써 열스트레스를 완화하였는데, 햇빛 노출지에 비해 1 가로수와 생울타리는 0.4단계~0.5단계, 2열 가로수와 생울타리는 0.5단계~0.8단계, 쉘터와 어-닝은 0.3단계~1.0단계로 낮추어 주었다. 하지만 폭염 시에는 가로수와 쉘터 하부의 열환경도 이용자들에게 대부분의 시간대에 "매우 강한 열스트레스"를 주는 것으로 나타났다. 그리고 햇빛에 노출된 보도 상의 열환경은 "매우 강한 열스트레스" 또는 "극심한 열스트레스"를 주는 것으로 나타났다. 체온 $37^{\circ}C$를 기준으로 한 보도 구성요소의 열스트레스 부하온도는 포장면 $7.4^{\circ}C{\sim}21.4^{\circ}C$, 도로면 $14.7^{\circ}C{\sim}15.8^{\circ}C$, 쉘터의 캐노피 $12.7^{\circ}C$, 어-닝 $8.6^{\circ}C$, 가로시설물 $7.0^{\circ}C$, 건물벽면 $3.5^{\circ}C{\sim}6.4^{\circ}C$ 순으로 나타났다. 열스트레스 부하율은 포장면 34.9%~81.0%, 도로면 9.6%~25.2%, 쉘터의 캐노피 24.8%, 건물벽면 14.1%~15.4%, 어-닝 7.0%, 가로시설물 5.7% 순으로 나타났다. 보도에서 보행자의 열적 쾌적성을 개선하기 위해서는 차양을 통해 포장면 및 도로면 그리고 건물벽면의 방사온도를 낮추는 것이 가장 효율적이며, 이를 위해서는 최소한의 정지와 전정을 통해 가로수의 수관투영면적과 LAI를 높여야 하며, 도로변에 지엽이 치밀한 생울타리를 조성하는 것은 필수적이다. 그리고 쉘터나 어-닝의 표면온도를 낮추기 위해서 서멀 라이너, 고반사 재료, 식생 녹화 등의 대책을 강구할 필요가 있다. 아울러 건물벽면에 재귀반사 재료를 사용함으로써 반사광을 제어하여야 하며, 적극적으로는 보도 포장 표면온도를 낮추기 위해 보도 포장면에 물을 뿌리는 것이 효율적이다.

• 한국환경복원기술학회지
• /
• 제9권1호
• /
• pp.14-30
• /
• 2006

It is difficult to secure public lots in the downtown area, school lots can be made the best use of important source to increase the area of green land in the city. The tree-planting campaign for schools has been in force since 1999 by the city of Seoul and at present; it is currently established as the plan of school parks. Thereupon, the purpose of this study is to present some ways to revitalize elementary schools to be used as vest pocket parks through the research of elementary schools, which are subject to the plan of school parks in Seoul. The results of this study are as below : The subjects to revitalize school parks as vest pocket parks are as follows. First, the land has to be utilized for security of space. Second, in addition to the front and back gate, another passage to the park has to be set up for easy access. Third, the fence has to be formed as a hedge used outside the park. Fourth, selecting plants, species of trees suitable for the landscape of school and taking into consideration the aspect of ecology. Finally, it is urgent to enact socially and economically proper standard of law by the new standards of area for school landscape considering not only the building law and regulations of general landscape, but also specific characteristics of school landscape.

• 동아시아경상학회지
• /
• 제6권3호
• /
• pp.1-15
• /
• 2018

Purpose - This study investigates the effect of MNEs' characteristics on the use of foreign currency denominated debt in the context of Korean firms. This study examines the relationship between MNEs and the use of foreign debt focusing on the accessibility to the capital market in addition to the motive of hedging against foreign exchange exposure. Research design and methodology - Probit estimation is employed for estimating significant factors in determination of the use of foreign debt by firms. The dependent variable is a dummy variable to indicate whether a firm uses foreign debt or not at the end of 2004. Independent variables include foreign subsidiaries ratio, export to sale, R&D expenditure to sale, and credit rating. Results - The results show that the interaction between the level of internationalization represented by intra-regional diversification and the strategic characteristics embedded in the region of entry affects the use of foreign debt. In case of a high level of diversification within the developing region with a strong pursuit of asset exploitation, MNEs are more likely to use foreign debt, whereas a high level of diversification within the developed region with a strong pursuit of asset seeking, MNEs are less likely to use foreign debt. Conclusions - The differences between MNEs in terms of intra-regional diversification, strategic orientation, and the accessibility to capital markets as well as the hedging motive affect the use of foreign debt.

• 한국콘텐츠학회논문지
• /
• 제15권7호
• /
• pp.531-543
• /
• 2015

현재까지 서울 오피스 시장의 경우 관례적으로 고정된 보증금/월세 비율로 인해 보증금에 대한 이론적인 분석의 여지가 없었다. 하지만 본 연구는 글로벌 스탠다드인 점유비용의 개념을 도입하여 오피스 임대시장의 월세 미납 리스크에 대한 분석을 시도한다. 또한 정보비대칭 상황에서 보증금의 수준이 임차인의 역선택 문제를 해소하는 수단으로 사용될 수 있다는 Benjamin, Lusht, and Shilling(1998)의 견해에 따라 본 연구는 정보비대칭 상황인 서울 오피스 시장을 대상으로 보증금과 월세의 수준이 어떻게 정보비대칭 문제를 해결하는지 검증하고자 한다. 실증분석 결과 오피스 임대인들은 월세 미납 리스크를 헤지하기 위해 약 9%의 리스크 프리미엄을 점유비용에 부과하는 것으로 나타났다. 이러한 결과는 오피스 임대시장에서 보증금 및 월 임대료의 운용수익률을 산정할 때, 임차인이 가지는 월세 미납 리스크의 반영 수준을 추정할 수 있게 한다.