• 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.

• East Asian Economic Review
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• v.17 no.4
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• pp.385-415
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• 2013

Inter-regional free trade agreements (FTAs) - notably between Asia and Latin America - are growing in numbers and complexity. There is an absence of an agreed methodology for empirical assessments on the content of FTAs and little research. This paper proposes a framework to assess liberalization in FTAs in goods and services and new trade policy issues relating to regulatory barriers. Next, it applies this framework to studying the 22 Asia-Latin America FTAs in existence. The findings suggest that Asia-Latin American FTAs have laid the foundations for inter-regional integration by liberalizing the trade in goods and services and reducing some regulatory barriers. Deepening FTAs and adopting structural reforms will enhance Asia-Latin American integration in the future.

• Journal of the Korean Solar Energy Society
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• v.35 no.6
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• pp.51-60
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• 2015

In statutes on the promotion of distribution of new and renewable energy, which were revised in 2014, daylight system and fuel cell were added in addition to existing new and renewable energy sources. This study, therefore, aimed at setting up targets for the introduction of daylight system and analyzing the installation rate of new and renewable energy which can be provided by daylight system for the aggressive use of daylight system, thereby deducting the optimal combination ratio with other new and renewable energy sources. The results of the study are as follows. First, when a prism-shaped daylight system was installed to a round indoor gymnasium among domestic indoor gymnasiums, out of a supply obligations allotment rate of 15% of new and renewable energy, the rate of daylight system was basically set at 2.5%. Second, therefore, with daylight system coming first, the lacked supply obligations rate was taken up by solar photovoltaic, solar heat and geothermal heat. In addition, using the KRESS Program, economic, technical, environmental and complexity evaluations for the upper 5% was made, deducting the optimal ratio of the system. The results produced the following optimal combination ratios: solar photovoltaic (83.3%) in economic evaluation, solar heat (8.3%) and geothermal heat (75%) in technical evaluation, solar photovoltaic (83.3%) in environmental evaluation, and solar photovoltaic (83.3%, the same as in economic evaluation) in complexity evaluation.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.43 no.3
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• pp.41-52
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• 2020

This paper investigates the stress-reducing preventive maintenance model through numerical experiments. The preventive maintenance model is used to analyze the relationship between related conditions and variables to gain insight into the efficient operation of the system when performing preventive maintenance in real-world situations. Various preventive maintenance models have been developed over the past decades and their complexity has increased in recent years. Increasing complexity is essential to reflect reality, but recent models can only be interpreted through numerical experiments. The stress-reducing preventive maintenance is a newly introduced preventive maintenance concept and can only be interpreted numerically due to its complexity, and has received little attention because the concept is unfamiliar. Therefore, for information purposes, this paper investigates the characteristics of the stress-reducing preventive maintenance and the relationship between parameters and variables through numerical experiments. In particular, this paper is focusing on the economic feasibility of stress-reducing preventive maintenance by observing changes in the optimal preventive maintenance period in response to changes in environmental stress and the improvement factor. As a result, when either the environmental stress or the improve effect of stress-reducing preventive maintenance is low, it is not necessary to carry out the stress-reducing preventive maintenance at excessive cost. In addition, it was found that the age reduction model is more economical than the failure rate reduction model.

• KSII Transactions on Internet and Information Systems (TIIS)
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• v.16 no.3
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• pp.1063-1075
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• 2022

In recent years, container techniques have been broadly applied to cloud computing systems to maximize their efficiency, flexibility, and economic feasibility. Concurrently, studies have also been conducted to ensure the security of cloud computing. Among these studies, moving-target defense techniques using the high agility and flexibility of cloud-computing systems are gaining attention. Moving-target defense (MTD) is a technique that prevents various security threats in advance by proactively changing the main attributes of the protected target to confuse the attacker. However, an analysis of existing MTD techniques revealed that, although they are capable of deceiving attackers, MTD techniques have practical limitations when applied to an actual cloud-computing system. These limitations include resource wastage, management complexity caused by additional function implementation and system introduction, and a potential increase in attack complexity. Accordingly, this paper proposes a software-defined MTD system that can flexibly apply and manage existing and future MTD techniques. The proposed software-defined MTD system is designed to correctly define a valid mutation range and cycle for each moving-target technique and monitor system-resource status in a software-defined manner. Consequently, the proposed method can flexibly reflect the requirements of each MTD technique without any additional hardware by using a software-defined approach. Moreover, the increased attack complexity can be resolved by applying multiple MTD techniques.

• Proceedings of the Computational Structural Engineering Institute Conference
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• 2004.10a
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• pp.262-269
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• 2004

Ship structures are basically an assembly of plate elements and the load-carrying capacity or the ultimate strength is one of the most important criteria for safety assessment and economic design. Also, Structural elements making up ship plated structures do not work separately, resulting in high degree of redundancy and complexity, in contrast to those of steel framed structures. To enable the behavior of such structures to be analyzed, simplifications or idealizations must essentially be made considering the accuracy needed and the degree of complexity of the analysis to be used. On this study, to investigate effect of analysis range, the finite element method are used and their results are compared varying the analysis ranges. The model has been selected from bottom panels of large merchant ship structures. For FEA, three types of structural modeling are adopted in terms of the extent of the analysis. The purpose of the present study is to numerically calculate the characteristics of ultimate strength behavior according to the analysis ranges of stiffened panels subject to uniaxial compressive loads.

• Cross-Cultural Studies
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• v.22
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• pp.279-301
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• 2011

This paper is aimed to examine the current research and educational problems of foreign studies in Korean universities and review some alternative ways. Area studies as foreign studies have several characteristics which are different from those of the other research disciplines. It is a research and educational program that promotes comprehensive understanding about political, economic, social, and cultural phenomena of a specific area in the world. For better understand 'others', researchers in the field of area studies must explain the whole mechanism of the area, which could be revealed in terms of the very existence of its reality. Foreign studies are accomplished with joint-research method, collaborating two or more different research disciplines and based on the contemporary system of knowledge accumulation and educational program. Therefore, the critical issue can be gradually taken on a political and social characteristic. At this point, research and educational manner in foreign studies field in Korea should be changed to secure the academic reflections of temporality, sociality, placeness using a new paradigm such as complexity.

• Journal of Technology Innovation
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• v.6 no.2
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• pp.159-177
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• 1998

Although each company is trying to develop an economic analysis model with its own particular style or format, the appropriate method is not yet developed because there are many problems to be solved such as uncertainity of outcomes and intangible benefits of technology. The purpose of tris paper therefore is to suggest an economic analysis methodology, which reflects the complexity and the risk of R&D investment, through a case study on the development of a superconductor fault current limiter. A self-developed Monte Carlo simulation program utilized as a main tool in this paper was very useful for risk analysis of R&D investment which could not be solved in the previous DCF(Discounted Cash Flow) model. We also introduce learning effect to consider the intangible benefits such as Know-How obtained from R&D execution. The expected value and its probability distribution for R&D investment can be obtained by combining the Monte Carlo method with the decision tree approach. This result is helpful in judging the priority and the resource-allocation of R&D projects. It is however necessary to develop more precise model for quantifying the technology stock and the simulation program using the continuous probability distribution in expected values to improve the reliability of economic analysis on R&D projects.

• International Journal of Computer Science & Network Security
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• v.21 no.9
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• pp.118-124
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• 2021

The article examines the formation of a competitive paradigm of economic security of industrial enterprises in the formation of a circular economy. The basic laws of industrial enterprises are formed, which determined the characteristics of competitive positions and threats. The basic competitive concepts and their application at maintenance of economic safety of the industrial enterprises in the conditions of formation of circular economy are described. Thus, the technological approach to the formation of a competitive paradigm is based on production technologies, opportunities for technological modernization and development of infrastructure and intellectual competencies. The institutional concept reveals the regulatory mechanisms for ensuring competitiveness through the protectionism of national industrial enterprises, standardization and regulation of market imbalances. The innovation-investment approach within the competitive paradigm is also manifested in the creation of competitive advantages due to the presence of active innovative developments and their commercialization, knowledge and competencies of staff, capitalization of intelligence and communications, constant updating of infrastructure and technologies. Collectively, innovation and investment effects on the level of economic security allow industrial enterprises to ensure resilience to increasing competition, the emergence of new market challenges in the formation of a circular economy. A strategic approach to the application of a competitive paradigm to ensure the economic security of industrial enterprises allows you to justify the prospects for development and design behavioral models to predict and assess potential threats. The concept of system management is based on the complexity of threat analysis, the integrity of the economic security system, system-forming functions and patterns of implementation of industrial development tasks in the formation of a circular economy. The application of the described concepts is formalized by the authors through the definition of the basic patterns, directions and characteristics of their impact on the elements of the security system of industrial enterprises in the formation of a circular economy.

• Information Systems Review
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• v.24 no.1
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• pp.125-155
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• 2022

Platform contrasts with traditional industry in terms of innovativeness as it is rapidly developing with information technology. To redeem preceding researches which have separately focused on either platform acceptance based on technology acceptance model or resistance factors against platform's innovation, this study applied dual factor theory to check the simultaneous influence of enablers and inhibitors on resistance. This study chose purchasers of online used trading platform as a subject of study since it contrasts with other platforms in many characteristics. Based on preceding studies, the moderating effects of their past purchase numbers on the relations between resistance and use intention were also checked. The findings reveal that economic benefit as an enabler had significant negative influence on the resistance, but social influence didn't have expected influence. In case of inhibitors, both perceived complexity and perceived risk had significant positive influence on the resistance. Though resistance had significant negative influence on the use intention, its influence was moderated into the positive direction as users' purchase number increased. Lastly, resistance had mediation effect between antecedent factors (economic benefit and perceived complexity) and use intention.