• Journal of Korea Port Economic Association
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• v.28 no.3
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• pp.235-257
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• 2012

Recently the role of ports has been changed to satisfy flexibly needs of demands in global economy. A new concept for ports is not just a place for international trade but an important nodal point in logistics chain. The changing environment like this trend creates a high degree of uncertainty and leaves port managers confused with the question how to respond effectively to dynamic market. The latest studies provide that the port must have a good hinterland to achieve competitive advantages in a logistics chain. Korean Government announced "The Master Development Plan for Port Logistics Parks in Korea" in 2006. This contains the plan of hinterland construction of Busan New Port to achieve the status of logistics hub in Asian market. Previous studies rely solely on traditional DCF(discounted cash flow) analysis for investment of hinterland. However DCF method does not include irreversibility, uncertainty and the choice of timing for investment project. This thesis introduces a ROPM(real options pricing model) which overcomes the limitations of traditional valuation methods. The option valuations in this study utilize the Black-Scholes model, the binomial model and the MonteCarlo simulation to value investment opportunity of a port hinterland. In this thesis, an attempt is made to modify the NPV criterion by incorporating the real options approach, and its application is demonstrated in a hinterland construction investment plan. This research has conducted an empirical analysis by calculating economic value of the investment for a hinterland of Busan New Port.

• Journal of Korea Port Economic Association
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• v.38 no.2
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• pp.95-107
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• 2022

Shipping companies earn profits through cargo transportation, and therefore, investment decisions to purchase ships are more important than anything else. Nevertheless, the cash flow discount method was mainly used in the economic analysis method, which assumes that all situations are static. This study shows that the real option model is useful in the economic analysis of ship investment. This economic analysis took into account the irreversibility of investment and uncertainty of benefits. In particular, this study used a binary option price determination model among real options. In addition, the simulation was conducted using actual investment data of A shipping company. As a result of the analysis, the investment value of used ships according to the net present value method was analyzed as negative (-), but the investment value in the real option model reflecting the flexibility of decision-making was evaluated as having positive (+) economic feasibility. It was analyzed that economic feasibility is affected by profit volatility and discount rate. Therefore, this study is expected to help shipping companies make more flexible decisions by using the real option model along with the existing net present value method when making ship investment decisions.

• International Journal of Computer Science & Network Security
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• v.22 no.5
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• pp.335-341
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• 2022

This article is devoted to the study of the process of formation of the digital generation in a distance learning environment. With the introduction of quarantine due to the spread of COVID-19, opponents of digital technologies were forced to turn to relevant resources, while supporters identified new opportunities for the development of didactics and education in general. The irreversibility of the former educational reality became apparent and only the scale of the vision of potential change by interested and disinterested groups differed. Using a comprehensive approach, the authors consider the issues related to the direct and indirect impact of distance learning on children and young people born after the beginning of the XXI century. The article reveals the prerequisites and implications of distance education for the interaction of participants in the educational process. IC technologies during the educational process in the primary grades, in addition to identifying the student's learning deficit, should provide the transmission of non-verbal signals, which are important for children of this age. At the same time in the secondary school IR-technologies are designed to replace frontal learning during the assimilation of knowledge and at the same time not to worsen the quality of the educational process. Formation of students in the HEI takes place in the political science format, constant discussion of problem situations, so the task of introducing IC technology in this process is the accurate transfer of the content of the discussions. Individualization and autonomization of the educational process, its dependence on the results of the choice of educational content, and the use of pedagogical management tools change the philosophy of education for children and youth. The authors conclude that the formation of a digital generation, characterized by an increased level of digital literacy of children and youth, the possession of a certain level of digital capacity requires the use of strategies aimed at optimizing the learning process in a digital educational environment.

• Journal of the Korean Magnetics Society
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• v.17 no.2
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• pp.81-85
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• 2007

MnTe layers of high crystalline quality were successfully grown on Si(100) : B and Si(111) substrates by molecular beam epitaxy (MBE). Under tellurium-rich condition and the substrate temperature around $400^{\circ}C$, a layer thickness of $700{\AA}$ could be easily obtained with the growth rate of $1.1 {\AA}/s$. We investigated the structural, magnetic and transport properties of MnTe layers by using x-ray diffraction (XRD), superconducting quantum interference device (SQUID) magnetometry, and physical properties measurement system (PPMS). Characterization of MnTe layers on Si(100) : B and Si(111) substrates by XRD revealed a hexagonal structure of polycrystals with lattice parameters, ${\alpha}=4.143{\pm}0.001{\AA}\;and\;c=6.707{\pm}0.001{\AA}$. Investigation of magnetic and transport properties of MnTe films showed anomalies unlike antiferromagnetic powder MnTe. The temperature dependence of the magnetization data taken in zero-field-tooling (ZFC) and field-cooling (FC) conditions indicates three magnetic transitions at around 21, 49, and 210 K as well as the great irreversibility between ZFC and FC magnetization in the films. These anomalies are attributable to a magnetic-elastic coupling in the films. Magnetization measurements indicate ferromagnetic behaviour with hysteresis loops at 5 and 300 K for MnTe polycrystalline film. The coercivity ($H_c$) values at 5 and 300 K are 55 and 44 Oe, respectively. In electro-transport measurements, the temperature dependence of resistivity revealed a noticeable semiconducting behaviours and showed conduction via Mott variable range hopping at low temperatures.