• 제목/요약/키워드: Call Option

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안정적 투자를 위한 ELW의 활용가능성 연구 (Stable investment feasibility study for the utilization of ELW)

  • 정재정;김정현;이석현;강경식
    • 대한안전경영과학회:학술대회논문집
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    • 대한안전경영과학회 2012년 춘계학술대회
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    • pp.667-678
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    • 2012
  • Internet and information technology due to the development of rapid changes in the investment environment, the existing securities, or by disassembling the combined financial engineering to create new securities with the development of enlarged minimize losses to investors in financial markets more stable that can be and need a way to invest in this paper, such as individual stocks or a specific index of those derivatives that are linked to the December 1, 2005 and 2010 the market began trading from the phone call attention off new measures to gauge the individual through ELW underlying assets such as stocks or a specific index to minimize the loss of a stable hedge for investors to evaluate the possibility of studying for.

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최소 자산제약 및 인플레이션을 고려한 자산 할당에 관한 연구 (Optimal Asset Allocation with Minimum Performance and Inflation Risk)

  • 임병화
    • 경영과학
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    • 제30권1호
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    • pp.167-181
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    • 2013
  • We investigate the dynamic asset allocation problem under inflation risk when the wealth of an investor is constrained with minimum requirements. To capture the investor's risk preference, the CRRA utility function is considered and he maximizes his expected utility at predetermined date of the refund by participation in the financial market. The financial market is supposed to consist of three kinds of financial instruments which are a risk free asset, a risky asset, and an index bond. The role of an index bond is managing inflation risk represented by price process. The optimal wealth and the optimal asset allocation are derived explicitly by using the method to get the European call option pricing formula. From the numerical results, it is confirmed that the investments on index bond is high when the investor's wealth level is low. However, as his wealth increases, the investments on index bond decreases and he invests on risky asset more. Furthermore, the minimum wealth constraint induces lower investment on risky asset but the effect of the constraints is reduced as the wealth level increases.

만성질환자 대상 맞춤형 투약상담 중재 프로그램 시범사업에 대한 평가 (Participants' Evaluation on the Payer-driven Medication Counseling Intervention for Individuals with Chronic Disease)

  • 손현순;장선미;이주연;한은아
    • 한국임상약학회지
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    • 제26권3호
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    • pp.245-253
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    • 2016
  • Objective: This study was conducted to evaluate payer-driven medication adherence intervention program from the patient's and counselor's perspectives. Methods: Target patients for intervention were selected by retrospective adherence measures based on national health insurance claims data for hypertension, diabetes and hyperlipidemia. As a serial intervention for higher risk groups of medication non-adherence, initial direct mailing, the first direct telephone call and the second direct call or a home visit were followed. Interview approach to qualitative inquiry was used to evaluate intervention results. Results: Participants including 4 patients received telephone calls, and 4 National Health Insurance Service staff and 4 pharmacists participated as counselors were interviewed regarding their impression of the intervention program. Three major themes arose: overall perception; necessities; and suggestions for success, of the intervention. Despite short period of intervention, educational intervention by telephone counseling involving pharmacists shows potential to improve self-management of chronic disease, and pharmacist-involvement. But more sophisticated selection of target patients requiring the intervention and complementation of electronic database system would be necessary. In addition, personal disposition of counselor was revealed to be an important factor for achieving successful outcome of intervention. Conclusion: The findings suggest that the individualized counseling intervention would be an efficient option for improved medication adherence. Further researches should include longer periods of interventions, a quantitative analysis using adherence measures based on claims data and consideration of clinical benefits associated with the intervention.

몬테카를로 시뮬레이션을 활용한 한·중 통상 결제통화로서 위안화 활용 영향력 평가 : 위안화 활용비율의 옵션화로 인한 헷지효과 (Assessing the Chinese Yuan as Invoicing Currency Using Monte-Carlo Simulation : RMB's Quasi-Option Hedging Effect)

  • 서민교;민유주아나;양오석
    • 무역학회지
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    • 제41권5호
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    • pp.113-138
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    • 2016
  • 본 연구는 결제통화로서의 위안화 연구의 한계를 극복하기 위하여 한중 통상과정에서 위안화를 결제통화로 확대할 경우 발생할 수 있는 영향력을 몬테카를로 시뮬레이션을 통해 분석하였다. 일차적으로는 현시 환율과 동일한 확률분포로 위안화 환율이 발현되었을 경우 위안화의 사용비율이 한화전환 결제통화수지에 미치는 영향력을 분석하였다. 이와 더불어 위안화 환율이 현시 환율변동성 이상의 비정상성 행보를 보였을 경우의 영향력을 분석하였다. 본 연구로 발견된 주요 결과는 다음과 같다. 첫째, 위안화 활용비율과 무관하게 현시 환율과 동일한 확률분포로 위안화 환율이 발현될 경우, 달러화나 위안화의 환율과 환율변동성의 확대는 한화전환 결제통화수지를 상승시키는 기제로 작용한다. 둘째, 달러화의 환율변동성은 평균적으로는 한화전환 결제통화수지에 미치는 영향력은 긍정적이지만 양극화를 가중시키고, 위안화도 유사한 성향을 보이지만 달러화에 비하여 중도적이다. 셋째, 현시 변동성보다 위안화 환율변동성이 확대된 경우 결제통화로서의 위안화는 한화전환 결제통화수지 규모를 하락시키므로 위안화의 환율 불확실성의 확대여부를 주목해야 한다. 특히 위안화 환율변동성은 한계효과를 보이고 있어 2배수 내에서 변동성의 부정적 효과가 극대화 된다. 마지막으로 위안화 환율변동성과 사용비율이 미치는 영향력은 강세스프레드와 유사한 경향을 보여 기업이 영업이익 극대화를 위한 전략적 도구로 사용될 수 있다.

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Study Protocol for the Most Effective Recall Method in a Cervical Cancer Screening Program in Klang, Malaysia

  • Rashid, Rima Marhayu Abdul;Dahlui, Maznah
    • Asian Pacific Journal of Cancer Prevention
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    • 제14권10호
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    • pp.5867-5870
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    • 2013
  • Background: Cervical cancer is the second most common cancer among Malaysian women with an ASR of 17.9 and a mortality rate of 5.6 per 100,000 population in 2008 (GLOBOCAN, 2008). The 5 year prevalence was estimated to be 14.5 per 100,000 population. As the second most common cancer affecting productive females, cervical cancer imposes an impact to the socioeconomic aspect of the country. However, the poor uptake of cervical cancer screening is a major problem in detecting early pre-cancerous lesions and thus, delay in initiating treatment for cervical cancer. Realizing the urgency to increase the uptake of PAP smear, besides enhancing the promotion of PAP smear screening for women above 35 years old, the call-recall system for pap smear screening had been piloted in one of the suburban districts which aimed to improve regular participation of women for cervical and breast cancer screening. This is of public health importance as identifying the best feasible option to increase patient's respond to participate in the screening program effectively in our setting will be helpful in implementing an organized regular population based screening program tailored to our setting. The pilot program of cervical cancer screening in Klang was an opportunity to assess different options in recalling patients for a repeat pap smear to increase their participation and adherence to the program. Methods and Results: This was a population based randomized control trial. Women aged 20-65 years in the population that matched the inclusion and exclusion criteria were re-called for a repeat smear. There are four different intervention groups; letter, registered letters, short messages services (SMS) and phone calls where 250 subjects were recruited into each group. Samples were generated randomly from the same population in Klang into four different groups. The first group received a recall letter for a repeat smear similar to the one that has been given during the first invitation. The intervention groups were either be given a registered letter, an SMS or a phone call to re-call them. The socio-demographic data of the patients who came for uptake were collected for further analysis. All the groups were followed up after 8 weeks to assess their compliance to the recall. Conclusions: The study will provide recommendations about the most effective methods for recall in a population based pap smear screening program on two outcomes: i) patients response; ii) uptake for repeat pap smear.

여성형 유방증(Gynecomastia)의 개선된 수술적 치료방법: 팬 케이크 법(Pan-cake Method) (The Modified Surgical Treatment of Gynecomastia: Pan-cake Method)

  • 박진홍;이윤호
    • Archives of Plastic Surgery
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    • 제34권5호
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    • pp.628-634
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    • 2007
  • Purpose: Subcutaneous mastectomy has been accepted as a standard for the treatment of gynecomastia. Surgical managements including ultrasound-assisted liposuction(UAL) have had limited success and several combined approaches were tried to find the most effective method. We designed a modified subcutaneous mastectomy, which we call "pan-cake method". The purpose of this study is to evaluate the results of our method for the treatment of gynecomastia. Methods: 16 patients from 16 to 31 years of age having gynecomastia were operated using the pan-cake method. 11 patients were in grade I, and 5 patients were in grade II, no patient were in grade III or IV, according to Rod's classification. The pan-cake method started with modified periareolar incision. We executed subcutaneous dissection first and suprafascial dissection next. After dividing the breast into four equal quadrants, we removed breast tissue from each quadrant as necessary. The operation time for the resection was recorded and the weight of removed parenchyme tissues was measured. Results: All the operations were successful. There were no asymmetries, contour deformities, or irregularities. Only 6 cases needed the combined therapy with ultrasound-assisted liposuction(UAL) because of the step deformities. The average operation time was 24.1 minutes and the average weight of removed breast tissue was 98.1g. All the patients were satisfied with the aesthetic results. Conclusion: We concluded that the pan-cake method is an alternative option for the surgical treatment of gynecomastia, giving good aesthetic results and relatively short operation time.

두경부재건 시 수용부 혈관으로서 목가로동맥의 유용성과 적절한 정맥의 선택 (Transverse Cervical Artery and Appropriate Veins as Recipient Vessels in Head and Neck Reconstruction)

  • 이동원;이원재;유대현;나동균;탁관철
    • Archives of Plastic Surgery
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    • 제35권3호
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    • pp.283-288
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    • 2008
  • Purpose: The purpose of this study is to evaluate the transverse cervical artery of those who received preoperative radiotherapy or radical neck dissection and those who are unable to utilize the branch of external carotid artery system, which are most commonly used as recipient artery in head and neck reconstruction. Methods: 10 patients were selected as head and neck cancer candidates for study. 8 patients received radical neck dissection or modified radical neck dissection and 3 patients underwent preoperative radiotheraphy. In call cases, reconstruction using free flap was performed with transverse cervical artery as recipient artery and posterolateral cervical vein or transverse cervical vein as recipient vein. Results: Partial necrosis of flap due to wound infection was noted in one case and successful microsurgery was achieved in all other cases. The average pedicle length was 9.3 cm and all arteries underwent end to-end anastomosis. In 7 patients, posterolateral cervical vein was used as recipient artery and transverse cervical vein was utilized in 3 patients. Conclusion: In cases where recipient artery from external carotid system cannot be utilized due to preoperative radiotherapy or radical neck dissection, the transverse cervical artery can be an alternative option of choice. Due to diverse variations of transverse cervical vein as a recipient vein, the posterolateral cervical vein may be considered in such cases.

블랙-숄즈 모형을 활용한 유비쿼터스 기술 개발 타당성 분석 사례 연구 (A Case Study of Feasibility Analysis Based On Black-Sholes Model for Ubiquitous Computing Technology Development)

  • 권오병;김지훈
    • 한국전자거래학회지
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    • 제13권4호
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    • pp.49-69
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    • 2008
  • 최근 유비쿼터스 기술에 대한 개발이 유비쿼터스 상거래라고 하는 진보된 전자상거래를 실용화할 수 있는 단계로 접어들고 있다. 따라서 유비쿼터스 기술의 실제 시스템 적용에 대한 타당성 분석이 필요한 시점이며, 이를 위해서는 유비쿼터스 기술과 같은 진행 중인 기술에 대해 가치를 측정하는 방법에 대한 요구가 증대되고 있다. 이에 본 연구의 목적은 재무적 관점에서의 유비쿼터스 기술 개발 타당성을 분석하는 방법론을 제시하는 것이다. 이를 위해 기존의 기술가치 평가를 위해 진행되어 왔던 평가 기법들 중 선물옵션이론의 블랙-숄즈 모형을 채택한 한 평가 모형을 개발하였다. 또한 유비쿼터스 기술 관련 과제 참여 전문가 인터뷰를 통한 실제 사례 분석도 아울러 실시하였다. 그 결과, 콜옵션 가격과 변동성, 유사 기술 과의 변동성 대비 등을 통한 유비쿼터스 기술 개발 타당성 평가에 블랙숄즈 모형의 활용 가능성을 확인하였다.

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CONSIDERATIONS REGARDING ROK SPENT NUCLEAR FUEL MANAGEMENT OPTIONS

  • Braun, Chaim;Forrest, Robert
    • Nuclear Engineering and Technology
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    • 제45권4호
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    • pp.427-438
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    • 2013
  • In this paper we discuss spent fuel management options in the Republic of Korea (ROK) from two interrelated perspectives: Centralized dry cask storage and spent fuel pyroprocessing and burning in sodium fast reactors (SFRs). We argue that the ROK will run out of space for at-reactors spent fuel storage by about the year 2030 and will thus need to transition centralized dry cask storage. Pyroprocessing plant capacity, even if approved and successfully licensed and constructed by that time, will not suffice to handle all the spent fuel discharged annually. Hence centralized dry cask storage will be required even if the pyroprocessing option is successfully developed by 2030. Pyroprocessing is but an enabling technology on the path leading to fissile material recycling and burning in future SFRs. In this regard we discuss two SFR options under development in the U.S.: the Super Prism and the Travelling Wave Reactor (TWR). We note that the U.S. is further along in reactor development than the ROK. The ROK though has acquired more experience, recently in investigating fuel recycling options for SFRs. We thus call for two complementary joint R&D project to be conducted by U.S. and ROK scientists. One leading to the development of a demonstration centralized away-fromreactors spent fuel storage facility. The other involve further R&D on a combined SFR-fuel cycle complex based on the reactor and fuel cycle options discussed in the paper.

중소 벤처 기업의 금융거래 활성화를 위하여 K-OTC 시장에서 조세부과에 따른 복제포트폴리오의 효율적 활용에 대한 연구 (A study on the efficient application of the replicating portfolio according to the tax imposition within K-OTC market for activating financial transactions of small-medium and venture business)

  • 유준수
    • 벤처혁신연구
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    • 제1권1호
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    • pp.83-98
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    • 2018
  • 본 논문은 최근 생겨난 장외시장인 K-OTC 시장에서 금융상품이 거래되어 과세될 경우 거래세와 양도세의 차이에 대해 이론적으로 접근해 보고자 한다. 또한 합성채권을 구성하여 위험을 헤지하고자 할 때 포트폴리오로 구성된 금융 상품의 과세 방법에 따라 투자자들이 추구하는 수준까지 위험을 줄이기 어렵기 때문에 이를 효과적으로 적용할 수 있는 조세 방법을 살펴보고자 한다. 무엇보다 합성채권의 과세 형평성을 구체적으로 살펴보기 위해 K-OTC 시장 안에서 기말주가변화와 행사가격변화에 따라 합성채권에 부과된 거래세와 양도세의 효과 및 소득공제 유무에 따라 어떻게 세후이익이 차이가 나는지 분석해 보고자 하였다. 연구 결과 기말 주가변화에 따른 거래세와 양도세의 조세 갭을 통해 거래세 효과가 양도세 효과보다 조세 갭이 훨씬 적으므로 어느 정도 복제포트폴리오로 헤지를 구성함에 있어서는 거래세를 부과하는 것이 조세 정책적 목적 및 금융시장 측면에서 조금 더 효율적일 수 있음을 보여주었다. 또한 소득공제 허용 여부는 행사가격의 변화에 따라 거래세와 양도세의 효과가 차이가 있음을 나타내었다. 무엇보다 행사가격이 주가보다 낮아지면 거래세가 양도세보다 소득공제 유무의 영향을 덜 받는 것으로 나타났으나, 행사가격이 주가보다 높아지면 거래세와 양도세 모두 소득공제 유무의 영향이 동일함을 알 수 있었다. 앞으로의 과제는 실제 금융상품을 대상으로 K-OTC시장에서 실증 검증하는 것이며 아울러 옵션 거래세를 산정함에 비율 분석으로 접근하여 좀 더 체계적인 헤지 방법을 찾아보는 것이다.