• The Korean Journal of Applied Statistics
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• v.22 no.1
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• pp.59-73
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• 2009

A floating-strike lookback call option gives the holder the right to buy at the lowest price of the underlying asset. Similarly, a floating-strike lookback put option gives the holder the right to sell at the highest price. This paper will propose an outside floating-strike lookback call (or put) option that gives the holder the right to buy (or sell) one underlying asset at some percentage of the lowest (or highest) price of the other underlying asset. In addition, this paper will derive explicit pricing formulas for these outside floating-strike lookback options. Sections 3 and 4 assume that the underlying assets pay no dividends. In contrast, Section 5 will derive explicit pricing formulas for these options when their underlying assets pay dividends continuously at a rate proportional to their prices. Some numerical examples will be discussed.

• Communications for Statistical Applications and Methods
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• v.19 no.6
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• pp.819-835
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• 2012

A floating-strike lookback call (or put) option gives the holder the right to buy (or sell) at some percentage of the lowest (or highest) price of the underlying asset. This paper will propose an outside lookback call (or put) option that gives the holder the right to buy (or sell) one underlying asset at its guaranteed floating-strike price that is some percentage times the smaller (or the greater) of a specific guaranteed amount and the lowest (or highest) price of the other underlying asset. In addition, this paper derives explicit pricing formulas for these outside lookback options. Section 3 and Section 4 assume that the underlying assets pay no dividends. In contrast, Section 5 derives explicit pricing formulas for these options when their underlying assets pay dividends continuously at a rate proportional to their prices. Some numerical examples are also discussed.

• Proceedings of the Korean Statistical Society Conference
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• 2005.11a
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• pp.153-158
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• 2005

A floating-strike lookback call option gives the holder the right to buy at the lowest price of the underlying asset. Similarly, a floating-strike lookback put option gives the holder the right to sell at the highest price. This paper will derive explicit pricing formulas for these floating-strike lookback options with flexible monitoring periods. The monitoring periods of these options start at an arbitrary date and end at another arbitrary date before maturity.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• 2007.11a
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• pp.704-709
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• 2007

The purpose of this study is to present both problems and improvement plans on the bidding system of the Korea National Housing Corporation, which orders apartment houses professionally. For data gathering, this study used data from electronic procurement system from 2001 to 2005. The research method of this study is to analyze the data categorized into four types: changes of ordering and contract price ration, the lowest-pricing bidding system, and permanent projects by grades. As a result of the analysis, the amount of ordering is biased in favor of particular level. Finally, this study present following improvement plans: 1) screening system and the lowest-pricing bidding system need to be supplemented, 2) the contract price ratio and the amount of ordering should be controlled, and 3) the improvement of PQ and the introduction of the list of Qualified companies by types need to be presented.

• The Korean Journal of Applied Statistics
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• v.21 no.3
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• pp.485-495
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• 2008

A floating-strike lookback call option gives the holder the right to buy at the lowest price of the underlying asset. Similarly, a floating-strike lookback put option gives the holder the right to sell at the highest price. This paper will present explicit pricing formulas for these floating-strike lookback options with flexible monitoring periods. The monitoring periods of these options start at an arbitrary date and end at another arbitrary date before maturity. Sections 3 and 4 assume that the underlying assets pay no dividends. In contrast, Section 5 will derive explicit pricing formulas for these options when their underlying asset pays dividends continuously at a rate proportional to its price.

• Journal of Global Scholars of Marketing Science
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• v.15 no.2
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• pp.183-201
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• 2005

The lowest price guarantee policy or price-matching guarantee is the pricing policy that promises to compensate more than the price difference if a consumer finds a lower price for the identical model he or she purchased and submits a certain proof. Most of Korean large discount stores emphasize their competitive price level by adopting the lowest price guarantee policy so that the entire Korean distribution industry is deeply influenced by the policy. The article is the study regarding the effects of the lowest price guarantee policy in Korean unique industry environments. The study investigated the effects of the policy on consumers' preferences of stores. By using the conjoint measurement model, it identified the main effects and interaction effects between the policy and other independent variables. The results showed the significant effects of the policy on consumers' preference of stores and identified the interaction effects between the distance from the residence and the policy, and between overall store price level and the policy.

• Fashion & Textile Research Journal
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• v.18 no.3
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• pp.301-316
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• 2016

Due to the dramatic increase in consumers' price sensitivity and growing importance for global retailers to create relevant price strategies, this study investigates the global pricing strategy of the main SPA brands such as ZARA, H&M and UNIQLO. Based on price information shown on official website, the study developed SPA brand index by using exchange rates in terms of US dollars and ratio of differences between the local price and the US price. These figures were compared with GDP per person data in order to analyze each brand's price level against the income level. The study also compared SPA brand index with Big Mac index to identify the difference in price levels between the fast fashion market and the fast food market. ZARA and H&M were mostly targeting Middle East and Asia as a high-price market when considering index only. After taking the income level into account, however, Asia came out be the highest price market and Middle East was similar to the US market. On the other hand, UNIQLO targeted Asia as the lowest price market and the US and EU as the highest in terms of index only. But, Asia came out to be the highest price zone after considering the income level while the price of the US and EU was reasonable. Comparison with Big Mac Index indicated that most of Asia had a higher price level of the fashion market than the food market, whereas most European countries had a similar or high-price level of food market.

• Asia-Pacific Journal of Business
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• v.12 no.3
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• pp.379-396
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• 2021

Purpose - The purpose of this paper is to study the rational payoff from the standpoint of foreign investors and the government when the government issues GDP-linked bonds to foreign investors. Design/methodology/approach - In this paper, the prices of 12 types of GDP-linked bond structures, which are classified according to the calculation cycle of the rate of change of linked GDP, the currency issued, and whether options are embedded, were evaluated. The Fama-French 3-factor model and the GMM-SDF model are used in the asset pricing model, and domestic and overseas investors used different basis assets. Findings - The KRW premium for US investors is estimated to be 43bp on a quarterly basis and 30bp on an annual basis, respectively, meaning that when the government issues bonds in KRW, the interest rate paid to US investors will be reduced by 30bp to 160bp (annually converted). Using the Fama-French 3 factor model, the KRW premium is the risk premium for the US market beta, meaning that if US investors do not intend to invest in US market beta, it is advantageous to receive an additional interest rate by investing in USD-denominated GDP-linked bonds. Korea's GDP- linked bond give US investors diversified investment utility, so they are willing to incorporate Korean GDP-linked bonds even if -150bp of interest is deducted from the structure issued to Korean investors. And as a result of estimating the value of the option through the GDP-linked bond with options that provides a floor for guaranteeing the principal, the value of the option linked to the annual GDP issued in dollars was the lowest. Research implications or Originality - Issuing dollar-denominated GDP-linked bonds linked to annual GDP with the option of guaranteeing the principal by the government is a way to increase investment opportunities for US investors and achieve financial stability of the government.

• Journal of the Korean Society of Safety
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• v.33 no.5
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• pp.170-176
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• 2018

Laboratory inspection and diagnosis is a means of investigating and assessing various hazards or the state of research equipment in a laboratory, then taking appropriate safety measures to prevent accidents and injury. In many cases, laboratory inspection and diagnosis carried out by agencies are performed in a perfunctory manner that only barely satisfies the legal requirements. The aim of the present study is to provide clearly established pricing criteria for laboratory inspection and diagnosis, so as to prevent recurrence of laboratory accidents and to establish a safe laboratory environment. In order to clarify previously unclear matters, such as the lower limit for bids submitted by laboratory inspection and diagnosis agencies, technical manpower requirements, and number of laboratories inspected and diagnosed per day, a questionnaire survey was administered to agency personnel. First, when asked what the lower limit for bids submitted by agencies should be in order to improve reliability of inspection and diagnosis results and make up for the shortcomings of the lowest-bidder-wins system, 85.5% of respondents answered that the lower limit for bids should stand at no lower than 90% of the estimated price. The level of technical expertise among the technical personnel committed to laboratory inspection and diagnosis was shown to impact the reliability of results, and questionnaire results indicated a need to vary technical expertise levels depending on the degree of hazard, substances handled, and equipment used in a given laboratory. Level of technical expertise(67.1%) and number of personnel(52.6%) were shown to have a greater impact on reliability of diagnosis than on reliability of inspection. According to the results, it is determined that three persons(specialist, advanced and intermediate) should be committed to inspections, while four persons(professional, specialist, advanced and intermediate) should be committed to diagnoses. The respondents indicated a larger number of laboratories could be inspected than diagnosed per day. This can be attributed to differences in the amount of work each task involves, and the time each task takes. Assuming a six-hour work day not counting transportation, paperwork and rest, it is thought that inspection of up to 36 laboratories will be possible if each laboratory is assigned no more than 10 minutes(34.7%), while up to 24 laboratories could be inspected and diagnosed if each laboratory is assigned 15 to 20 minutes(35.1%).

• Korean Journal of Veterinary Service
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• v.17 no.3
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• pp.208-226
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• 1994

From January to December 1993, 3,385 bulk milk samples were collected from 293 herds in Inchon area. Standard plate counts(SPC) and somatic cell counts(SCC) were performed by the method of milk collection, the situation of raising management and monthly. The results obtained are summarized as follows : 1, Annual average SPC and SCC were respectively 638,000 cfu /mm and 647,000 cells /mm. SPC showed an abrupt decrease from January-1,088,000 cfu /mm to December-279,000 cfu /mm, but SCC showed a slow change from January-1,017,000 cells /mm to December -673,000 cells /mm 2. Variation on milk quality(annual average SPC) was shown a wide difference between everyday collection-575,000 cfu /mm and every other day collection-1,243,000 cfu /mm ac-cording to frequency of milk collection from dairy farms. However, there was a little difference In SCC. 3. In the raising scale, average SPC were the lowest in 16~25mi1king cows, and average SCC were the lowest in above 25milking cows. 4. According to types of milking machine, average SPC and SCC of dairy farms that are equipped with pipeline system were respectively 361,000 cfu /mm and 591,000 cells /mm. Those of dairy farms with bucket system were 549,000 cfu /me and 559,000 cells /mm. 5. In the types of management, average SPC an SCC of dairy farms with hired herdsman were 288,000 cfu /mm and 559,000 cells /mm. Those of dairy farms with self-management were 526,000 cfu /mm and 568,000 cells /mm.