• Communications for Statistical Applications and Methods
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• v.14 no.2
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• pp.413-429
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• 2007

Equity-linked securities (ELS) provide their customers with the return linked to the underlying equity (or equities). Equity-linked products in Korea have recently gained popularity due to relatively low interest rates. This paper discusses an equity-linked security whose principal is not guaranteed. The payoff of the ELS depends on the returns of two underlying assets. This paper presents numerical prices of the proposed product by using Monte-Carlo simulation method. It assumes that the log-returns of two stocks follow either Brownian motion or variance gamma process. Finally, the comparison of the two approaches is discussed.

• The Korean Journal of Applied Statistics
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• v.24 no.6
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• pp.1021-1031
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• 2011

Equity linked securities are indirect investments where the return of investment depends on the performance of the underlying equities. In this paper, we review the profit structure of typical equity linked securities through a profit diagram and investigate which characteristics of time series at the investment affect the early repayment of the stepdown ELS based on KOSPI 200 and HSI. We also compare VaRs using the empirical distribution function for risk management.

• Structural Monitoring and Maintenance
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• v.6 no.3
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• pp.173-190
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• 2019

Steel-confined reinforced concrete (SCRC) columns feature highly complex and invisible mechanisms that make damage evaluation and pattern recognition difficult. In the present article, the prevailing acoustic emission (AE) technique was applied to monitor and evaluate the damage process of steel-confined RC columns in a quasi-static test. AE energy-based indicators, such as index of damage and relax ratio, were proposed to trace the damage progress and quantitatively evaluate the damage state. The fuzzy C-means algorithm successfully discriminated the AE data of different patterns, validity analysis guaranteed cluster accuracy, and principal component analysis simplified the datasets. A detailed statistical investigation on typical AE features was conducted to relate the clustered AE signals to micro mechanisms and the observed damage patterns, and differences between steel-confined and unconfined RC columns were compared and illustrated.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.58
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• pp.179-213
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• 2013

While a performance type guarantee is required as a security for non-performance risk by a seller, a payment guarantee is used as a security for non-payment risk by a buyer(or a borrower in a loan agreement). A payment guarantee is a type of independent bank guarantee, bank guarantee, bond, demand guarantee, or standby letter of credit. A guarantor accepts a credit risk of a principal which is normally a buyer in a contract for sale of goods. A payment guarantee is independent of the underlying relationship between the applicant and the beneficiary. The guarantor is only empowered to examine the beneficiary's demand and determine the payment on its face to the terms of the guarantee. A payment guarantee is thus different from a suretyship. The principle of independence carries a significant advantages for a guarantor as well as for a beneficiary. While a documentary credit requires B/L, commercial invoice, packing list, inspection certificate, etc., a typical payment guarantee does not require any evidence for a seller's performance of the underlying contract other than written demand. In this respect payment guarnatee can be a more secured facility than a documentary credit. A payment guarantee normally comes into force from the issuing date and shall remain in effect until all sums guaranteed shall be paid in full by a buyer(or a borrower) or by a guarantor. Although a guarantor shall pay a demand made in accordance with the terms and conditions of the payment guarantee, a payment demand may be denied when it is determined to be abusive or unfair.

• The Journal of Korean Institute of Communications and Information Sciences
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• v.41 no.9
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• pp.1081-1094
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• 2016

KREONET is a principal national R&E network running by KISTI in Korea. It uniquely provides production research network services for around 200 non-profit research and educational organizations, based on hybrid (IP and non-IP) network infrastructure. However, KREONET is limited to meet various needs of new network services for advanced Science & Technology (S&T) users because its infrastructure is inherently derived form classical hardware-based, fixed and closed environments. So, KREONET-S is designed to provide advanced S&T services to catch up with time-to-research and time-to-collaboration. In this paper, we present a system architecture of KREONET-S based on network infrastructure that consists of data and control planes separately. Furthermore, we propose and describe VDN service which is capable of building a virtual dedicate & bandwidth-guaranteed network for S&T group dynamically. we implement VDN application on KREONET-S and then perform performance analysis for proving that KREONET-S system and VDN application can be a good solutions to cope with new network paradigms for various advanced S&T applications and users.

• Tunnel and Underground Space
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• v.11 no.2
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• pp.109-119
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• 2001

Up to now single large cavern was excavated for each undergroud hydraulic powerhouse in Korea. But the Yangyang underground hydraulic powerhouse consists of two large caverns; a powerhouse cavern and main transformer cavern. In this carte, the structural stability of the caverns, especially the rock pillar formed between two large caverns, should be guaranteed to be sound to make the caverns permanently sustainable. In this research, the Distinct Element Method(DEM) was used to analyze the structural stability of two caverns and the rock pillar. The Barton-Bandis joint model was used as a constitutive model. The moot significant parameters such as in-site stress, JRC of in-situ natural joints, and spatial distribution characteristics of discontinuities were acquired through field investigation. In addition, two different cases; 1) with no support system and 2) with a support system, were analysed to optimize a support system and to investigate reinforcing effects of a support system. The results of analysis horizontal displacement and joint shear displacement proved to be reduced with the support system. The relaxed zone in the rock pilar also proved to be reduced in conjunction with the support system. Having a support system in place provided the fact that the non zero minimum principal stresses were still acting in the rock pillar so that the pillar was not under uniaxial compressive condition but under triaxial compressive condition. The structural stability f an approximately 36 m wide rock pillar between two large caverns was assured with the appropriate support system.