• Journal of Digital Convergence
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• v.16 no.9
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• pp.125-132
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• 2018

Despite the fact that corporate real estate ratio accounts for a considerable proportion of the assets, such researches and studies are lacking and there is not enough such policies to utilize real estate more effectively in Korea. In particular, after IFRS adoption, the owner and manager needs to utilize corporate real estate assets as the assets are revalued. In this study, we analyzed the relationship between corporate governance, corporate real estate holding policies and firm value based on financial data from 2010 to 2016. As a result of regression analysis, this study showed that more Dictatorship Portfolio, the higher proportion of corporate real estate holdings. Next, the higher proportion of corporate real estate holdings, the lower the firm value. This study suggests that corporate real estate is recognized an important factor and should have proper holding ratio. I will continue my research to show that the corporate holding policies are an important asset impact by verifying the mediating effect between corporate governance and firm value in the future.

• Proceedings of the Korea Society for Industrial Systems Conference
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• 2003.11a
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• pp.145-156
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• 2003

This paper for real time object tracking in this treatise detect histogram analysis that is accumulation value of binary conversion density and edge information and body that move by real time use of difference Image techniques and proposed method to object tracking. Firstly, we extract edge that can reduce quantity of data keeping information about form of input image in object detection. Object is extracted by performing difference image and binarization in edge image. Area of detected object is determined by threshold value that divide sum of horizontal accumulation value about binary conversion density by value that add horizontalityㆍverticality maximum accumulation value. Object is tracked by comparing similarity with object that is detected in previous frame and present frame. As experiment result, proposed algorithm could improve the object detection speed, and could track object by real time and could track local movement.

• Journal of Korea Technology Innovation Society
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• v.7 no.3
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• pp.533-554
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• 2004

Real option valuation considers the managerial flexibility to make ongoing decisions regarding implementation of investment projects and deployment of real assets. The appeal of the framework is natural given the high degree of uncertainty that firms face in their technology investment decisions. This paper suggests an algorithm for estimating volatility of logarithmic cash flow returns of real asset based on Monte Carlo simulation. This research uses a binomial model to obtain point estimate of real option value with embedded expansion option case and provides also an array of numerical results to show the interval estimation of option value using Monte Carlo simulation.

• Journal of the Korean Home Economics Association
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• v.44 no.11
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• pp.67-78
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• 2006

Self-concept is a multi-dimensional characteristic including self-image and self-evaluation. Self-image is the descriptive side of self-concept and is composed of the real self-image and the ideal self-image. Self-evaluation is the appraisable side self-concept and is composed of the internal self-concept, external self-concept and total score of self-concept. The purposes of this study were to determine the correlation of self-image and self-evaluation and to identify the effects of self-image and self-evaluation on consumption value. The data were collected from 237 college women residing in Gwangju using a questionnaire to investigate real/ideal self-image, self-evaluation and consumption value. The results were analyzed with factor analysis, Pearson's correlation and multiple regression analysis using statistical program SPSS 10.0. The results of this research were as follows. 1. The real self-image and ideal self-image had a significant correlation with internal self-concept, external self-concept and total score of self-concept. It was ensured that self-image and self-evaluation are one side of the multidimensional self-concept. 2. The real/ideal self-image and internal/external self-evaluation had a significant influence on consumption value. The real self-image and external self-evaluation were the most important variables explaining the consumption value.

• Korea Real Estate Review
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• v.28 no.3
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• pp.53-64
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• 2018

OECD countries have been stimulating private pensions instead of public pensions because the financial stability of public pensions has been threatened by the aging population. Korea, which has the fastest aging population in the world, has been following the recommended policies of major countries. Unlike major economies, however, most of Korea's household assets are composed of real estate assets. Due to the economic and social importance of real estate assets in Korea, the wealth effect of real estate has been used as a major tool in macroeconomic policy. This study analyzed the effect of real estate value changes on the contribution of private pensions (personal pension + retirement pension). Utilizing a two-way, fixed effect model with the balanced panel data of the National Survey of Tax and Benefit, empirical results presented that the private pension contribution increased by 0.171% when the value of real estate increased by 1%. Thus, real estate value changes were analyzed as positive for retirement preparation through private pension. These results suggested that if the real estate market would shrink in the future, consumption would decrease, and the degree of preparation for retirement might be smaller.

• Journal of Advanced Navigation Technology
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• v.15 no.1
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• pp.104-111
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• 2011

In this study, I have tried to analyze an influence of R&D investment on ROV(Real Option Value), corporate value and market value by analyzing R&D investment, ROV, corporate value and market value of machine and material industry in the perspective of ex post. As a result of this study, corporate value, which has been deduced by real option according to R&D investment, reflects market value well and possesses a strong correlation with R&D investment, ROV, corporate value and market value. This implication demonstrates this study result is corresponding with existing theories.

• Journal of the Korean Society for Railway
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• v.10 no.2 s.39
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• pp.137-145
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• 2007

In traditional financial theory, the discount cash flow model(DCF or NPV) operates as the basic framework for most analyses. In doing valuation analysis, the conventional view is that the net present value(NPV) of a project is the measure of the present value of expected net cash flows. Thus, investing in a positive(negative) NPV project will increase(decrease) firm value. Recently, this framework has come under some fire for failing to consider the options of the managerial flexibilities. Real option valuation(ROV) considers the managerial flexibility to make ongoing decisions regarding the implementation of investment projects and the deployment of real assets. The appeal of the framework is natural given the high degree of uncertainty that firms face in their technology investment decisions. This paper suggests an algorithm for estimating volatility of logarithmic cash flow returns of real assets based on the Black-Sholes option pricing model, the binomial option pricing model, and the Monte Carlo simulation. This paper uses those models to obtain point estimates of real option value with the G7- HSR350X(high-speed train).

• Journal of Korean Institute of Industrial Engineers
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• v.29 no.2
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• pp.126-134
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• 2003

Among a variety of models proposed by so far to calculate the real options value when the investment decision about the underlying project may be delayed, the Black-Scholes and the binomial lattice models have been widely used and discussed by academics and practitioners. However these two models do not provide us with intuition into how it is constructed and what it does really mean. In this paper, we will therefore explore its components and practically more intuitive meaning. With the components explored, we developed the mathematical model to calculate the real options value and thus strategic net present value, based on the opportunity cost concept, for which the investment decision about the underlying project is postponed by one year. We will finally present a short illustrative example for readers better understanding on the model proposed in the paper.

• Journal of Power System Engineering
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• v.13 no.4
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• pp.68-73
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• 2009

The mathematical model has a different response character with the real system because this mathematical model has the modeling errors and the imprecise value of system's parameters. Therefore to find the value of system parameters as possible as near by real value in the model is necessary to design the controlled system. This study concern about the identification method to estimate the parameter for the magnetic bearing system with RCGA(Real Coded Genetic Algorithm). Firstly, we will get the mathematical model from the current amplifier circuit and the magnetic bearing system. Secondly we will get the step response data in this circuit and system. Finally, we will estimate the unknown parameter's value from the data.

• Asian Journal of Innovation and Policy
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• v.6 no.2
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• pp.225-244
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• 2017

When evaluating the economic value of technology or business project, we need to consider the period and cost for commercialization. Since the discounted cash flow (DCF) method has limitations in that it can not consider consecutive investment or does not reflect the probabilistic property of commercialization cost, we often take it desirable to apply the concept of real options with key metrics of underlying asset value, commercialization cost, and volatility, while regarding the value of technology and investment as the opportunity value. We at this moment provide more elaborated real options model with the effective region of volatility, which reflects the uncertainty in the option pricing model (OPM).