• East Asian Journal of Business Economics (EAJBE)
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• v.6 no.4
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• pp.1-12
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• 2018

Purpose - This paper tests the effect of the structure of manufacturing and marketing subsidiary network on FX exposure of Korean MNEs. Furthermore, the moderating effect of pass-through ability on the relationship between the subsidiary network and FX exposure is explored. Research design and methodology - This study utilizes a sample of 309 Korean MNEs constructed from database offered by KOTRA and KIS-VALUE. Results - As operational flexibility arising from having operations in multiple locations provides an option for firms to tackle FX exposure, greater breadth of manufacturing subsidiary network reduces FX exposure, and greater depth increases FX exposure. However, both the breadth and depth of marketing subsidiary network decrease FX exposure due to the firm's higher level of market presence and knowledge to devise an appropriate marketing strategy that can buffer adverse exchange rate movement. Such an effect is intensified when MNE's have FX exposure pass-through ability stemming from differentiated good. Conclusions - Empirical findings suggest that types and structure of Korean MNEs' foreign subsidiary network are closely related to the level of FX exposure they are experiencing. Also, they can utilize marketing subsidiary network more efficiently when having a higher R&D intensity.

• Journal of Pharmacopuncture
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• v.25 no.2
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• pp.114-120
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• 2022

Objectives: Antivenom serums have been used extensively for over a century and are the only effective treatment option for snake bites and other dangerous animal envenomations. In therapeutic serum centers, a wide range of antivenoms is made from animal serum, mainly equine and sheep, that are immunized with single or multiple venoms. This work aimed to use caprylic acid (CA) to purify therapeutic snake antivenom. Methods: Plasma was obtained from equine immunized with a mixture of venoms. Immunized plasma was obtained by precipitation of different concentrations (2-5%) of CA. This methodology was compared to that based on ammonium sulfate (AS) precipitation. Sediment plasma proteins were purified by ion-exchange chromatography. Protein assay, SDSPAGE, and agar gel diffusion were performed. Results: The total protein precipitation with AS was higher than precipitation with CA, but the best results were obtained when CA was added to the plasma until a final CA concentration of 5% was reached. Chromatography and electrophoresis indicated a stronger band for the 5% CA, and the gel diffusion assay showed antigen-antibody interaction in the purified serum. Conclusion: The use of CA compared to the routine method for purifying hyperimmune serums is a practical and cost-effective method for preparing and producing therapeutic serums. It constitutes a potentially valuable technology for alleviating the critical shortage of antivenom in Iran.

• Journal of Information Processing Systems
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• v.18 no.5
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• pp.637-649
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• 2022

Investors aim to increase their profitability by investing in the stock market. An adroit strategy for minimizing related risk lies through diversifying portfolio operationalization. In this paper, we propose a six-step stocks portfolio selection model. This model is based on data mining clustering techniques that reflect the ensuing impact of the political, economic, legal, and corporate governance in Mongolia. As a dataset, we have selected stock exchange trading price, financial statements, and operational reports of top-20 highly capitalized stocks that were traded at the Mongolian Stock Exchange from 2013 to 2017. In order to cluster the stock returns and risks, we have used k-means clustering techniques. We have combined both k-means clustering with Markowitz's portfolio theory to create an optimal and efficient portfolio. We constructed an efficient frontier, creating 15 portfolios, and computed the weight of stocks in each portfolio. From these portfolio options, the investor is given a choice to choose any one option.

• New & Renewable Energy
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• v.18 no.2
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• pp.50-59
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• 2022

The Korean government announced the "1st Basic Plan for the Transition to Hydrogen Economy" in 2021 and declared the establishment of a hydrogen industry ecosystem by 2040. To build a low-carbon power system, resources that can efficiently accommodate renewable energy are required, and green hydrogen is considered a potential solution. This study analyzed the economic feasibility of green hydrogen-based sector coupling to reduce curtailment of renewable generation in the Jeju power system by 2025 under the scenario of with or without HVDC#3. The result showed that HVDC#3 significantly reduced the frequency of curtailment from 16.1% to 3.0%. In addition, green hydrogen-based sector coupling was an economically feasible option as result showed an IRR of 4.86% when HVDC#3 was connected and 11.45% when it was not under the condition of achieving 50% curtailment reduction. This study shows that the higher the level of renewable energy deployment, the more delayed the HVDC connection between Jeju and the main land, and the lower the SMP, the more economically feasible the green hydrogen-based sector coupling is. Furthermore, this study suggests that the policy goal of completely reducing curtailment is not economically efficient.

• Journal of Distribution Science
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• v.13 no.5
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• pp.53-60
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• 2015

Purpose - The purpose of this paper is to shed light on the importance of the slope and curvature of the volatility curve implied in option prices in the KOSPI 200 options index. A number of studies examine the implied volatility curve, however, these usually focus on cross-sectional characteristics such as the volatility smile. Contrary to previous studies, we focus on time-series characteristics; we investigate correlation dynamics among slope, curvature, and level of the implied volatility curve to capture market information embodied therein. Our study may provide useful implications for investors to utilize current market expectations in managing portfolios dynamically and efficiently. Research design, data, and methodology - For our empirical purpose, we gathered daily KOSPI200 index option prices executed at 2:50 pm in the Korean Exchange distribution market during the period of January 2, 2004 and January 31, 2012. In order to measure slope and curvature of the volatility curve, we use approximated delta distance; the slope is defined as the difference of implied volatilities between 15 delta call options and 15 delta put options; the curvature is defined as the difference between out-of-the-money (OTM) options and at-the-money (ATM) options. We use generalized method of moments (GMM) and the seemingly unrelated regression (SUR) method to verify correlations among level, slope, and curvature of the implied volatility curve with statistical support. Results - We find that slope as well as curvature is positively correlated with volatility level, implying that put option prices increase in a downward market. Further, we find that curvature and slope are positively correlated; however, the relation is weakened at deep moneyness. The results lead us to examine whether slope decreases monotonically as the delta increases, and it is verified with statistical significance that the deeper the moneyness, the lower the slope. It enables us to infer that when volatility surges above a certain level due to any tail risk, investors would rather take long positions in OTM call options, expecting market recovery in the near future. Conclusions - Our results are the evidence of the investor's increasing hedging demand for put options when downside market risks are expected. Adding to this, the slope and curvature of the volatility curve may provide important information regarding the timing of market recovery from a nosedive. For financial product distributors, using the dynamic relation among the three key indicators of the implied volatility curve might be helpful in enhancing profit and gaining trust and loyalty. However, it should be noted that our implications are limited since we do not provide rigorous evidence for the predictability power of volatility curves. Meaning, we need to verify whether the slope and curvature of the volatility curve have statistical significance in predicting the market trough. As one of the verifications, for instance, the performance of trading strategy based on information of slope and curvature could be tested. We reserve this for the future research.

• KDI Journal of Economic Policy
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• v.40 no.3
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• pp.69-89
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• 2018

We study whether a default option attached to non-recourse mortgages improves borrowers' surplus from mortgage financing. By defaulting on mortgage debt, borrowers can save their non-collateralized income from being foreclosed. In exchange, borrowers must forgo non-monetary surplus from retaining any collateral. Banks may charge a high mortgage rate due to increased default rates. We find that the interest rate of non-recourse mortgage decreases with the borrower's surplus from home ownership. Moreover, non-recourse mortgages benefit only borrowers who deem housing property as an investment asset. Hence, the transition to a non-recourse mortgage is detrimental to welfare if the borrower enjoys a large surplus from home ownership. Although the borrower privately knows how much surplus she enjoys from home ownership, a menu of non-recourse mortgage contracts may exist, yielding a separating equilibrium without information rent.

• IE interfaces
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• v.13 no.4
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• pp.572-583
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• 2000

In this research we have developed a prototype which manages a product structure and configuration of a product under distributed heterogeneous computing environments. First, the data schema for product structure and configuration which can represent options and effectivity is proposed. Second, a technique to use JAVA and CORBA is suggested for the exchange of product structure among multiple servers in CITIS environments. Functions of the prototype related to option-based product structure are described to help readers' understanding.

• Transactions of the Korean Society of Machine Tool Engineers
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• v.14 no.1
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• pp.1-7
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• 2005

PEMFC (Proton Exchange Membrane Fuel Cell) is considered as an attractive option to produce electric power in manyapplications. A fundamental step of theoretical fuel cell open circuit potential is examined and compared with the measured data from 1.2KW PEMFC module. The hydrogen pressure and stack temperature are also measured during the operation of PEMFC module. It is found that the stack voltage and current data agree in general with the results calculated by chemical potential approach though they still have a discrepancy. It is analysed that the discrepancy is due to activation polarization, concentration overvoltage and ohmic overvoltage.

• Archives of Plastic Surgery
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• v.51 no.1
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• pp.52-61
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• 2024

Background Although prepectoral implant-based breast reconstruction has recently gained popularity, dual-plane reconstruction is still a better option for patients with poor-quality mastectomy skin flaps. However, shoulder morbidity is aggravated by subpectoral reconstruction, especially in irradiated patients. This study aimed to demonstrate shoulder exercise improvement in subpectoral reconstruction by delayed prepectoral conversion with an acellular dermal matrix (ADM) inlay graft technique at the time of expander-to-implant exchange after irradiation. Methods Patients with breast cancer treated for expander-to-implant exchange after subpectoral expander insertion and subsequent radiotherapy between January 2021 and June 2022 were enrolled. An ADM inlay graft was inserted between the pectoralis major muscle and the previously inserted ADM. The ADM was sutured partially overlapping the pectoralis muscle from the medial side with the transition part, to the muscle border at the lateral side. Perioperative shoulder joint active range-of-motion (ROM) for forward flexion, abduction, and external rotation was also evaluated. Results A total of 35 patients were enrolled in the study. Active shoulder ROM significantly improved from 163 degrees preoperatively to 176 degrees postoperatively in forward flexion, 153 to 175 degrees in abduction, and 69 to 84 degrees in external rotation. There was no difference in patient satisfaction regarding the final outcome between the conventional prepectoral reconstruction group and the study group. Conclusion Shoulder exercises in irradiated patients who underwent subpectoral reconstruction were improved by delayed prepectoral conversion using an ADM inlay graft. It is recommended that subpectoral reconstruction not be ruled out due to concerns regarding muscle contracture and shoulder morbidity in radiation-planned patients with poor mastectomy skin flaps.

• Journal of the Korean institute of surface engineering
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• v.56 no.6
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• pp.427-436
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• 2023

In the industry, it is recognized that human activities significantly lead to a large amount of wastewater, mainly due to the increased use of water and energy. As a result, the growing field of wastewater resource technology is getting more attention. The common technology for hydrogen production, water electrolysis, requires purified water, leading to the need for desalination and reprocessing. However, producing hydrogen directly from wastewater could be a more cost-effective option compared to traditional methods. To achieve this, a series of first-principle computational simulations were conducted to assess how waste nutrient ions affect standard electrolysis catalysts. This study focused on understanding the adsorption mechanisms of byproducts related to the oxygen evolution reaction (OER) in anion exchange membrane (AEM) electrolysis, using Co₃O₄ as a typical non-precious metal catalyst. At the same time, efforts were made to develop a comprehensive free energy prediction model for more accurate predictions of OER results.