• Journal of Electrical Engineering and Technology
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• v.13 no.6
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• pp.2227-2235
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• 2018

Under the current policies and compensation rules in South Korea, Photovoltaic (PV) generation supplier can maximize the profit by combining PV generation with Energy Storage System (ESS). However, the existing operational strategy of ESS is not able to maximize the profit due to the limitation of ESS capacity. In this paper, new ESS scheduling algorithm is introduced by utilizing the System Marginal Price (SMP) and PV generation forecasting to maximize the profits of PV generation supplier. The proposed algorithm determines the charging time of ESS by ranking the charging schedule from low to high SMP when PV generation is more than enough to charge ESS. The discharging time of ESS is determined by ranking the discharging schedule from high to low SMP when ESS energy is not enough to maintain the discharging. To compensate forecasting error, the algorithm is updated every hour to apply the up-to-date information. The simulation is performed to verify the effectiveness of the proposed algorithm by using actual PV generation and ESS information.

• Environmental and Resource Economics Review
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• v.17 no.4
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• pp.719-749
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• 2008

Using the cost-risk portfolio approach, this study suggests a fiscal budgeting model that provide a measure to allocate fiscal budget among the strategies responding to oil crisis. In addition, it calculates the appropriate fiscal distribution among policy measures for the 2000 to 2006 fiscal years. According to the empirical results, a certain amount of budget should be allocated to the option using futures markets. The strategic stockpiling option turns out be hard to be included in the policy portfolio due to its costs much higher that the other options. Oil well development option should take more than half of total budget since its expenses are assumed to be relatively low.

• Proceedings of the KIEE Conference
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• 2005.07a
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• pp.861-863
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• 2005

LMP based congestion management method is suggested as an effective tool, because network congestion can be handled by energy price. It is now being widely used in the North American Electricity Markets. Among them, FGR(Flow-gate rights) is considered to be appropriate for our system, as power flow through the congested line is unidirectional and congestion occurs in the known place. In the CBP market, hedging through transmission right is not necessary even though location pricing system is adopted, because there are no risks in the energy price. Rut, transmission rights should be adopted in the advanced market. Key issue when implementing FGR is how to decide transmission right issuance quantify. This paper deals with a method to decide transmission right issuance quantity by using power. Transfer Distribution Factor(PTDF).

• The Journal of Asian Finance, Economics and Business
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• v.7 no.4
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• pp.59-70
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• 2020

The purpose of this study is to construct the ACD model for the block trading volume duration. The ACD model based on the block trading volume duration is referred to as Volume ACD (VACD) in this study. By integrating with GARCH-type models, the VACD based GARCH type models, which include VACD-GARCH, VACD-IGARCH and VACD-FIGARCH models, are set up. This study selects Chunghwa Telecom (CHT) Inc., offering the America Depository Receipt (ADR) in NYSE, to investigate the block trading volume duration in Taiwanese equity market. The empirical results indicate that the long memory in volume duration series increases dependence at level of volatility clustering by VACD (2,1)-FIGARCH (3,d,1) model. Moreover, the VACD (2,1)-IGARCH (1,1) exhibits relatively better performance of prediction on capturing block trading volume duration. This volatility model is more appropriate in this study to portray the change of the CHT Inc. prices and provides more information about the volatility process for investment strategy, which can be a reference indicator of financial asset pricing, hedging strategy and risk management.

• Proceedings of the Korean Society for Language and Information Conference
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• 2007.11a
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• pp.522-530
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• 2007

This article investigates the use of distal demonstrative Hitlo in Taiwanese Southern Min (TSM) from a discourse-pragmatic perspective. The analysis is based on a 5-hour corpus of spoken data, including daily conversations, radio interviews, TV drama series, and some random examples. A total of 172 tokens of Hitlos are identified in the data. They can be divided into six categories according to their functions: firstly, exophoric usage, those Hitlos which refer to an object non-linguistically which can be identified in the immediate situation; secondly, endophoric usage, those which refer to an element textually; thirdly, referent introducing function, those which can be used to introduce a new but identifiable referent into the conversation (the referent usually has topical importance); fourthly, hedging expression, those which serve as a marker of imprecision; fifthly, a condition introducing marker, those which function as an indicator of the coming of a conditional sentence; finally, pause fillers, those which help speakers to manage speech turn or indicate the mental states In addition, an interactive function which Hitlo is found to serve will be discussed. Moreover, a grammaticalizational process involving semantic bleaching which Hitlo is probably undergoing is revealed in general. Finally, a filled demonstrative principle, stating that it may be a universal phenomenon to use demonstratives as filled pause will be proposed.

• Proceedings of the Korea Water Resources Association Conference
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• 2018.05a
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• pp.374-374
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• 2018

프로그래밍 언어로 개발된 프로그램들은 최종 사용자 입장에서 입력과 출력이 불편하다. 또한, 모의 결과를 분석하기 위하여 그래프를 작성하는 소프트웨어를 이용하면 시간이 오래 걸린다. 본 연구에서는 기 개발된 용수 감량공급 기준곡선을 반영한 단일 댐 모의 운영 모형을 최종 사용자가 쉽게 활용할 수 있도록 사용자 편의 환경을 개발한 것에 대해 소개하고자 한다. 용수 감량공급 기준곡선을 반영한 단일 댐 모의 운영의 사용자 편의 환경은 미국의 GoldSim Technology Group에서 개발한 GoldSim을 이용하여 개발하였다. 개발된 사용자 편의 환경에는 단일 댐 모의 운영에 필요한 여러 입력 자료를 쉽게 입력할 수 있도록 하였다. 단일 댐 모의 운영 입력 자료에는 월별 기본계획공급량, 가뭄 단계별 용수 감량공급 비율, 과거 유입량 시계열, 갈수 빈도 유입량 시계열, 가뭄 단계별 감량공급 실행 저수량, 초기 저수량, 저수용량 등이 있다. 개발된 모형의 초기값은 합천댐의 자료가 입력되어 있으나, 입력자료를 변경하여 다른 다목적댐의 모의 운영에 활용이 가능하다. 단일 댐 모의 운영 결과로서 모의 기간 내 발생한 용수별 용수 공급 부족량과 감량공급 일수를 확인가능하다. 또한, 단일 댐 모의 운영 결과를 다양한 그래프로 출력 할 수 있다. 출력 가능한 시계열 그래프는 사용자가 입력한 용수 감량공급 기준곡선, 모의 시 사용한 유입량 시계열, 가뭄 단계, 용수 공급량, 저수량이다. 연구의 사례와 같이 GoldSim을 활용하면 연구개발의 편의 환경을 별도의 편의 환경 개발자를 거치지안고 과학 기술자가 직접 개발할 수 있다.

• East Asian Economic Review
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• v.25 no.3
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• pp.310-336
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• 2021

We use iterative numerical procedures combined with analytical methods due to Rapach and Wohar (2009) to solve for the dynamic asset allocation strategy for optimal portfolio demand. We compare different optimal portfolio demands when investors in each country have different access to overseas and domestic investment opportunities. The optimal dynamic asset allocation strategy without foreign investment opportunities leads domestic investors in Korea, Hong Kong, and Singapore to allocate more funds to domestic bonds than to domestic stocks. However, the U.S. investors allocate more wealth to domestic stocks than to domestic bonds. Investors in all countries short bills at a low level of risk aversion. Next, we investigate dynamic asset allocation strategy when domestic investors in Korea have access to foreign markets. The optimal portfolio demand leads investors in Korea to allocate most resources to domestic bonds and foreign stocks. On the other hand, the portfolio weights on foreign bonds and domestic stocks are relatively low. We also analyze dynamic asset allocation strategy for the investors in the U.S., Hong Kong, and Singapore when they have access to the Korean markets as overseas investment opportunities. Compared to the results when the investors only have access to domestic markets, the investors in the U.S. and Singapore increase the portfolio weights on domestic stocks in spite of the overseas investment opportunities in the Korean markets. The investors in the U.S., Hong Kong, and Singapore short domestic bills to invest more than initial funds in risky assets with a varying degree of relative risk aversion coefficients without exception.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.5
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• pp.639-648
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• 2021

The study aims to examine the role of financial risk management in predicting the financial performance of commercial banks in Pakistan over the period of 2006-2017. For this purpose, risk management is measured through credit risk, interest rate risk, and liquidity risk, while financial performance is measured through ROA, ROE, and ROI. For this purpose, the dynamic panel model and two step GMM panel estimators are used to test the hypothesis empirically. The annual secondary data has been taken from the published financial reports of commercial banks of Pakistan. The results show that financial risk management significantly decreases the financial performance of commercial banks in Pakistan. Overall, the results are conclusive across the alternative measures of financial risk management in predicting the financial performance of the banking sector in Pakistan. The study suggested that managers should adopt risk management and risk hedging strategies to manage commercial banks' financial risks in Pakistan. They should hold extra cash while using the trade credit facilities. Previous studies mostly used a static model, but this study used a dynamic panel model. This study is among the first that focused on the various factors affecting the banks' performance in Pakistan.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.5
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• pp.1-9
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• 2022

The study examines stock prices (LOGKSE) and exchange rate (LOGPK)-Pakistani Rupee vis-à-vis US Dollar- interactions in Pakistan. This study employs a multivariate VAR-GARCH model using monthly data from January 2012 to October 2020. The results of the Johansen cointegration test show that there is no relationship between Foreign Exchange Market and Stock Market in the long run. In the short-run, stock exchange returns are affected slightly negatively by the changes in the foreign exchange market, but the foreign exchange market does not seem to be affected by the ups and downs of the stock exchange. The VAR model and Granger Causality show that both markets are strongly influenced by their own lagged values rather than by the lagged values of one another and show weak or no correlation between the two markets. Volatility persistence is observed in both the stock and foreign exchange markets, implying that shocks and past period volatility are major drivers of future volatility in both markets. Thus greater uncertainties today will induce panic and consequently generate higher volatility in the future period. This phenomenon has been observed many times on Pakistan Stock Exchange especially. The results have important implications for local international investors in portfolio diversification decisions and risk hedging strategies.

• International conference on construction engineering and project management
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• 2015.10a
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• pp.477-480
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• 2015

Construction projects are high-risk activities. When undertaking such projects in an international setting, it can be complicated by foreign exchange (FOREX) fluctuation risk. This affects the construction business performance in various ways, namely its progress due to delays, which in turn create further problems, specifically cost overruns as a result of price increase in raw materials, disputes, arbitration, litigation and even, total abandonment. Thus, the effective management of FOREX fluctuations is crucial. Previous studies have focused on the need for contract safeguards, adequate insurance, careful planning and management, as well as foreign exchange futures hedging to address some of the risks triggered by FOREX fluctuations. An analysis of FOREX fluctuations in the international construction industry revealed that more often it was focused on project-specific issues. Currently, there is a relative lack of awareness on Organizational Capabilities (OC), the abilities that owned by the organization, which is essential in managing the impact of FOREX fluctuations. Where research has focused on OC, these are viewed in isolation. Therefore, this study attempts to close the gap by proposing a framework on managing the impact of FOREX fluctuations in the international construction industry, employing the OC perspective.