• Journal of Korea Trade
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• v.24 no.1
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• pp.1-34
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• 2020

Purpose - In this study, we investigate determinants of hedging with derivatives and its effect on firm value and firm risk for Korean firms. Design/methodology - To avoid the endogeneity problem pointed out in previous studies, we use a two-stage analysis by using gains and losses from derivatives as instrument variable for hedging with derivatives. Findings - Our analysis on the determinants of hedging shows that firms that are more leveraged and less profitable, and with more growth opportunities are likely to hedge through derivatives. Additionally, large firms, firms less diversified into industry, and firms more diversified geographically are likely to use derivatives. Our two-stage analysis shows that indicators of hedging with derivatives have an insignificant effect on firm value, and the indicator of futures/forwards use and of swaps use have significant negative effect on firm value. Whereas, the extent of hedging with derivatives has positive effect on firm value for all types of foreign currency derivatives, which suggests that moderately low hedgers use derivatives inefficiently, but extensive hedgers use derivatives properly. With regard to firm risk, hedging with derivatives increases market-based risk, but decreases accounting-based risk. Thus, we conclude that Korean firms use derivatives to manage operational volatility rather than to manage market risk, and accounting-based risk reduction through hedging is not directly translated into higher firm value. Originality/value - This is not the first study to investigate hedging behavior of Korean firms, but the sample period that that this study analyzed is the longest and various method are used to control the endogeneity problem. We investigate not only total foreign currency derivatives but also by types of derivatives, including futures/forwards, options, and swaps.

• Proceedings of the Zoological Society Korea Conference
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• 2000.10a
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• pp.283.2-283
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• 2000

No Abstract, See Full Text

• Korean Journal of Mathematics
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• v.27 no.2
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• pp.357-374
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• 2019

In this paper, first we obtain some inequalities of Hadamard type for (h - m)-convex functions via Caputo k-fractional derivatives. Secondly, two integral identities including the (n + 1) and (n+ 2) order derivatives of a given function via Caputo k-fractional derivatives have been established. Using these identities estimations of Hadamard type integral inequalities for the Caputo k-fractional derivatives have been proved.

• Wind and Structures
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• v.7 no.3
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• pp.187-202
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• 2004

Wind tunnel experiments are often performed for the identification of aeroelastic parameters known as flutter derivatives that are necessary for the prediction of flutter instability for flexible structures. Experimental determination of all the eighteen flutter derivatives for a section model facilitates complete understanding of the physical mechanism of flutter. However, work in the field of identifying all the eighteen flutter derivatives using section models with all three degree-of-freedom (DOF) has been limited. In the current paper, all eighteen flutter derivatives for a streamlined bridge deck and an airfoil section model were identified by using a new system identification technique, namely, Iterative Least Squares (ILS) approach. Flutter derivatives of the current bridge and the Tsurumi bridge are compared. Flutter derivatives related to the lateral DOF have been emphasized. Pseudo-steady theory for predicting some of the flutter derivatives is verified by comparing with experimental data. The three-DOF suspension system and the electromagnetic system for providing the initial conditions for free-vibration of the section model are also discussed.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.4
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• pp.51-58
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• 2020

The study aims to investigate the relationship between hedging with derivatives and subsequent firm-level stock price crash risk. Our sample consists of KOSPI- and KOSDAQ-listed companies from 2004 to 2014. The total firm-year observation is 4,886. We find that hedging with derivatives is related to greater possibilities of crash risk. The results suggest that the complexity of economic and financial reporting for derivatives may aggravate the company's information opacity, ultimately increasing the crash risk. We contribute to the growing body of literature on hedging with derivatives. Academics and practitioners have debated on whether or not hedging enhances transparency or rather makes the information environment more opaque. Theoretical research on the role of corporate hedging on information environment shows that hedging enhances earnings informativeness. Meanwhile, pieces of anecdotal and empirical evidence show that the economic and financial reporting complexity of derivatives can harm information transparency. Our results shed light on the question of whether and how hedging with derivatives affects information environment by examining the relationship between hedging with derivatives and crash risk. Furthermore, our findings provide useful insights for policymakers and practitioners. Specifically, our results raise a need for a more transparent disclosure on corporate hedging activities with derivatives.

• Archives of Pharmacal Research
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• v.20 no.4
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• pp.338-341
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• 1997

Six substituted phenacyl derivatives of 4-hydroxypiperidine were prepared and their structures were confirmed through spectroscopic techniques. These newly synthesized derivatives were also screened for analgesic activity by chemical and thermal methods. Only halogenated phenacyl derivatives demonstrated more or less protection against acetic acid induced writhing in mice where as rest of three derivatives were found inactive when screened by this chemical method. Similarly all the six derivatives were proved inactive by tail flick test.

• Journal of the Korean Applied Science and Technology
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• v.28 no.4
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• pp.438-448
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• 2011

Chitosan is widely used in cosmetics and medical fields. Special emphasis has been put on the chemical modification of chitosan to explore its full potential. We have described the synthesis and biological activity of novel peptide amino acid derivatives. The polyamino acid derivatives were synthesized by introducing alkylamine functional group on chitosan at C-6. The poor aqueous solubility of chitosan derivatives hinder both pharmacological studies and pharmaceutical development. To make amino acid coupled chitosan derivatives with improved biological effect and solubility, some attempts have been taken to consist of amino peptide group like aspartic acid and phenylalanine-aspartic acid derivatives onto chitosan C-6. The resultingly substituted chitosan was characterized by solubility in various solvents. We measured chitosan derivatives with $^1H$-NMR and $^{13}C$-NMR. Also, We were investigated on the physical properties and biological activities of these products.

• The Mathematical Education
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• v.53 no.1
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• pp.25-40
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• 2014

Mathematical concept exists in the structural form, not in the independent form. The purpose of this study is to consider the network which students actually have for the mathematical concept structure related to the properties of derivatives. First, we analyzed the properties of derivatives in 'Mathematics II' and showed the mathematical concept structure of the relations among derivatives, functions, and primitive functions as a network. Also, we investigated the understanding of high school students for the mathematical concept structure between derivatives and functions, and the structure between functions and second order derivatives when the functional formula is not given, and only the graph is given. The results showed that students mainly focus on the relation of 'function-derivatives', the thinking process for direction of derivative and the thinking style for algebra. On this basis, we suggest the educational implication that is necessary for students to build the network properly.

• Journal of the Korean Applied Science and Technology
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• v.26 no.1
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• pp.29-37
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• 2009

This study is focused on the synthesis of urea and amide derivatives particularly, since the amide moiety is an essential binding group at the binding site. Urea derivatives 3-7 and 13-14 were obtained by reaction of 2-aminopyrimidines and other amines with diverse isocyanates in pyridine as a solvent under reflux. The urea derivatives were obtained in low yield because of the highly electron deficient nature of the amino group of the 2-aminopyrimidine. Amide derivatives 8-10 were obtained in moderate yields by reaction of compound 1 with aryl chloride derivatives. Also, arylamine 11 was synthesized by Buchwald-Hartwig amination in moderate yields. Most of the compound did not show good activity against A375P melanoma cells, compared with Sorafenib as control compound.

• International Commerce and Information Review
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• v.6 no.3
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• pp.101-119
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• 2004

Since the early 1980's there has been explosive growth in the trading of financial derivatives, particularly in the OTC(over-the-counter) derivatives market. While the market has exploded in term; of growth, much of this activity is still conducted over the phone or fax. Currently, over 2,083 trillion Korean Wons are spent during 2003 by the OTC derivatives industry. XML provides an excellent framework for representing these highly structured products. FpML is the emerging XML-based tool for enabling e-Business in the OTC derivatives market. This paper discusses the application of FpML in building electronic platform designed to promote efficiencies for this market and propose the framework for STP(Straight Transaction Processing) system for OTC derivatives processing which can solve the problems with manual operations.