• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.12
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• pp.226-231
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• 2016

Binomial trees are used to price barrier options. Since barrier options are path dependent, option values of each node are calculated from binomial trees using backward induction. We use generalized Catalan numbers to determine the number of cases not reaching a barrier. We will generalize Catalan numbers by imposing upper and lower bounds. Reaching a barrier in binomial trees is determined by the difference between the number of up states and down states. If we count the cases that the differences between the up states and down states remain in a specific range, the probability of not reaching a barrier is obtained at a final node of the tree. With probabilities and option values at the final nodes of the tree, option prices are computable by discounting the expected option value at expiry. Without calculating option values in the middle nodes of binomial trees, option prices are computable only with final option values. We can obtain a probability distribution of exercising an option at expiry. Generalized Catalan numbers are expected to be applicable in many other areas.

• Proceedings of the Korean Operations and Management Science Society Conference
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• 2004.05a
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• pp.730-733
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• 2004

본 연구에서는 넉아웃 옵션(Knock-out option)이 내재된 주가연계상품(ELS)의 성과를 시뮬레이션을 이용하여 추정한다. 옵션과 기초자산을 결합하여 구성되는 ELS는 상품개발 시점에서 그 수익구조가 결정되며, 실현수익률은 미래의 시장흐름에 의하여 결정된다. 현재 ELS는 옵션가격의 결정, 수익구조의 결정, 그리고 수익률 추정이라는 개별 과정이 각각 옵션발행자, 상품개발자, 고객관리자 등에 의하여 별도로 이루어지고 있는 실정이다. 본 연구에서는 이러한 개별 과정을 통합한 시뮬레이션 모형을 구축한 후, 이 모형의 결과(옵션가격, 수익구조, 실현수익률)를 기존 관행의 결과와 비교하여 본 연구에서 제안한 시뮬레이션 모형의 유용성을 제안한다. 분석 대상은 국내 장외파생상품 및 ELS의 기준이 되는 KOSPI 200 지수로 1990년 1월 3일부터 2002년 12월 30일까지의 1일 자료를 이용한다.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.55
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• pp.185-208
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• 2012

Before and after the Capital Market Integration Act in 2007 is implemented in South Korea, many of small-and mid sized exporting companies in South Korea has been bankrupted or filed for lawsuit claiming mis-selling(KIKO) by the banks. The basic economic structure of KIKO in Korea are part of a business model based on the use or misuse of exotic derivatives whose results are anything but imaginary. 571 mid sized exporting companies have been damaged about $28 billion. KIKO is a currency option product that sells foreign currencies at higher foreign exchange rate when the rate moves within a certain range, but sells foreign currencies at two or three times lower rate than the market price when the rate exceeds the designated upper limit. KIKO, Therefore, is hard to know whether the non financial firms intended to hedge against further strengthening of their currency or merely to speculate. It is also hard to know how thoroughly they understood the risk-return profile of these transactions. It is similarly hard to ascertain whether the derivatives dealers offering these transactions were meeting the demands of their clients or taking advantage of them. These exotic derivatives were inappropriate for either hedging or speculating, and no knowledgeable investor would be likely to enter into these contracts intentionally.

• The Korean Journal of Physiology and Pharmacology
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• v.27 no.4
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• pp.407-416
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• 2023

The regeneration of myocardium following acute circulatory events remains a challenge, despite numerous efforts. Mesenchymal stem cells (MSCs) present a promising cell therapy option, but their differentiation into cardiomyocytes is a time-consuming process. Although it has been demonstrated that PSME4 degrades acetyl-YAP1, the role of PSME4 in the cardiac commitment of MSCs has not been fully elucidated. Here we reported the novel role of PSME4 in MSCs cardiac commitment. It was found that overnight treatment with apicidin in primary-cultured mouse MSCs led to rapid cardiac commitment, while MSCs from PSME4 knock-out mice did not undergo this process. Cardiac commitment was also observed using lentivirus-mediated PSME4 knockdown in immortalized human MSCs. Immunofluorescence and Western blot experiments revealed that YAP1 persisted in the nucleus of PSME4 knockdown cells even after apicidin treatment. To investigate the importance of YAP1 removal, MSCs were treated with shYAP1 and apicidin simultaneously. This combined treatment resulted in rapid YAP1 elimination and accelerated cardiac commitment. However, overexpression of acetylation-resistant YAP1 in apicidin-treated MSCs impeded cardiac commitment. In addition to apicidin, the universal effect of histone deacetylase (HDAC) inhibition on cardiac commitment was confirmed using tubastatin A and HDAC6 siRNA. Collectively, this study demonstrates that PSME4 is crucial for promoting the cardiac commitment of MSCs. HDAC inhibition acetylates YAP1 and facilitates its translocation to the nucleus, where it is removed by PSME4, promoting cardiac commitment. The failure of YAP1 to translocate or be eliminated from the nucleus results in the MSCs' inability to undergo cardiac commitment.