• 한국철도학회논문집
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• 제10권2호
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• pp.137-145
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• 2007

In traditional financial theory, the discount cash flow model(DCF or NPV) operates as the basic framework for most analyses. In doing valuation analysis, the conventional view is that the net present value(NPV) of a project is the measure of the present value of expected net cash flows. Thus, investing in a positive(negative) NPV project will increase(decrease) firm value. Recently, this framework has come under some fire for failing to consider the options of the managerial flexibilities. Real option valuation(ROV) considers the managerial flexibility to make ongoing decisions regarding the implementation of investment projects and the deployment of real assets. The appeal of the framework is natural given the high degree of uncertainty that firms face in their technology investment decisions. This paper suggests an algorithm for estimating volatility of logarithmic cash flow returns of real assets based on the Black-Sholes option pricing model, the binomial option pricing model, and the Monte Carlo simulation. This paper uses those models to obtain point estimates of real option value with the G7- HSR350X(high-speed train).

• 대한치과보철학회지
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• 제28권1호
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• pp.203-216
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• 1990

The purpose of this study was to evaluate the cervical margin fitness in the collarless metal ceramic crowns formed by different techniques. Specimens were divided as follows : the metal ceramic crowns with metal butt margin as group I, the collarless metal ceramic crowns formed with resin binder technique as group II, and the collarless metal ceramic crowns formed with shoulder powder mixed with phosphate-bonded investment liquids on a refractory die as group III. Each group was made of five specimens, and their marginal fitness on each epoxy die was evaluated under scanning electron microscope of x200 magnification at three measuring points : mesial, central, distal. The following results were obtained. 1. The metal ceramic crowns with metal butt margin exhibited significantly better marginal fitness than the collarless metal ceramic crowns. The marginal fitness in descending order was group I, III, II. 2. The collarless metal ceramic crown formed with resin binder technique had the worst marginal fitness & showed cervical color variation and dermacation between the corrected porcelain & the dentin porcelain. 3. The collarless metal ceramic crowns formed with shoulder powder mixed with phosphate-bonded investment liquids on a refractory die exhibited significantly better marginal fitness & sharper marginal configuration than the other collarless group.

• 전기학회논문지
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• 제67권8호
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• pp.1009-1018
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• 2018

As the generation of renewable energy increases rapidly, the stability of the grid due to its intermittency becomes a problem. The most appropriate way to solve this problem is to combine and operate the renewable generators with the ESS(Energy Storage System). However, since the revenues of operating the ESS are less than the investment cost, many countries are implementing various incentive policies for encouraging investment of the ESS. In this paper we estimated optimal capacity of the ESS to maximize profits of renewable energy generation businesses under the incentive policy of Korea and analyzed the impact of the incentive policy on the future electric power system of Jeju island. The simulation results show that the incentive policy has significantly improved the profitability of the renewable energy businesses generation business. But the volatility of the net demand has increased as the energy stored in the ESS is discharged intensively at the time of the incentive application.

• The Journal of Asian Finance, Economics and Business
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• 제7권11호
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• pp.549-556
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• 2020

Real estate markets play an essential role in the economic development of both developed and developing countries. Investment decisions in private real estate demand the consideration of several qualitative and quantitative criteria. Especially in Vietnam, demand for housing, apartments are rising which has resulted because of the migration from rural to urban areas. This study aims to determine the influencing factors of the real estate purchasing behavior and then recommend a grey Multi-Criteria Decision Making (MCDM) support model to evaluate real estate alternatives based on a numerical example in Vietnam. A set of essential criteria are identified based on experts' opinion, and the proposed determinants are initial investment, maintenance cost, prestige location, distance to interesting places, parking lot, public transportation, property condition, total area size, number of rooms, and neighbors. The subjective weights were obtained by using the Decision-Making Trial and Evaluation Laboratory (DEMATEL) model, and the Grey Relational Analysis (GRA) technique is employed to prioritize and rank real estate alternatives. The results reveal that this approach can be useful to make purchasing decisions for many kinds of real estate property under uncertain business environments. These findings indicate that the presented hybrid model has advantages in granting flexibility to the preferences of decision makers.

• 한국정보통신학회논문지
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• 제19권1호
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• pp.1-12
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• 2015

인터넷 트래픽의 급증으로 네트워크를 제공하는 사업자인 ISP에게는 망투자비용의 회수가 중요한 이슈가 되고 있다. 망투자 비용의 회수와 관련해서는 인터넷망 중립성 논란과 관련하여 ISP와 CP간 사업자간 첨예하게 대립되고 있다. 따라서 ISP와 CP간 망대가 산정을 인터넷망간 상호접속관점에서 이 문제를 분석할 필요가 있다. 또한 인터넷망 접속과 관련하여 기존 인터넷망 사업자간에도 인터넷망 상호접속제도에 대한 개선마련이 중요해지고 있다. 본 연구에서는 현재 예상되는 주요 이슈들을 정리하고 각 이슈에 대해 현재의 현황과 문제점들을 중심으로 향후 개선방안을 제시할 것이다. 이를 위해 인터넷 상호접속 규제관련 국내 법제도 현황과 해외동향을 살펴보고 개선방안 마련에 필요한 시사점을 도출한다.

• International Journal of Computer Science & Network Security
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• 제23권9호
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• pp.37-46
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• 2023

The main aim of the article is to solve the problem of automating price monitoring using marketing forecasting methods and Excel functionality under martial law. The study used the method of algorithms, trend analysis, correlation and regression analysis, ANOVA, extrapolation, index method, etc. The importance of monitoring consumer price developments in market pricing at the macro and micro levels is proved. The introduction of a Dummy variable to account for the influence of martial law in market pricing is proposed, both in linear multiple regression modelling and in forecasting the components of the Consumer Price Index. Experimentally, the high reliability of forecasting based on a five-factor linear regression model with a Dummy variable was proved in comparison with a linear trend equation and a four-factor linear regression model. Pessimistic, realistic and optimistic scenarios were developed for forecasting the Consumer Price Index for the situation of the end of the Russian-Ukrainian war until the end of 2023 and separately until the end of 2024.

• 한국의류산업학회지
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• 제25권1호
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• pp.72-81
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• 2023

As changes in social and economic paradigms are accelerating, and non-contact has become the new normal due to the COVID-19 pandemic, metaverse services that build societies in online activities and virtual reality are spreading rapidly. This study analyzes the perception and trend of metaverse fashion using big data. TEXTOM was used to extract metaverse and fashion-related words from Naver and Google and analyze their frequency and importance. Additionally, structural equivalence analysis based on the derived main words was conducted to identify the perception and trend of metaverse fashion. The following results were obtained: First, term frequency(TF) analysis revealed the most frequently appearing words were "metaverse," "fashion," "virtual," "brand," "platform," "digital," "world," "Zepeto," "company," and "game." After analyzing TF-inverse document frequency(TF-IDF), "virtual" was the most important, followed by "brand," "platform," "Zepeto," "digital," "world," "industry," "game," "fashion show," and "industry." "Metaverse" and "fashion" were found to have a high TF but low TF-IDF. Further, words such as "virtual," "brand," "platform," "Zepeto," and "digital" had a higher TF-IDF ranking than TF, indicating that they had high importance in the text. Second, convergence of iterated correlations analysis using UNICET revealed four clusters, classified as "virtual world," "metaverse distribution platform," "fashion contents technology investment," and "metaverse fashion week." Fashion brands are hosting virtual fashion shows and stores on metaverse platforms where the virtual and real worlds coexist, and investment in developing metaverse-related technologies is under way.

• 한국중재학회지:중재연구
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• 제27권2호
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• pp.3-18
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• 2017

International legal reviews on ISD, a procedure for resolving disputes under the Korea-US FTA, are examined from the perspective of law. If the ISD system does not exist, even if the investor suffers damage due to the illegal act of the host country, he or she must file a lawsuit through the court of the host country, which is unreasonable from the investor's point of view and makes it difficult to guarantee fairness and transparency. Some of the Koreans pointed out that there are some problems with the KORUS FTA dispute settlement regulations, and that the United States federal courts are taking a friendly attitude to the decisions made by the US Customs in determining the dispute by the KORUS FTA Agreement and the US Customs Act. In cases where the State does not violate international law but results in harmful consequences, the responsibility of one country is borne by the treaty. Foreign investment always comes with many challenges and risks. Therefore, the ISD system is a fair and universal arbitration system, which is considered to be a necessary system even for protecting the Korean companies investing abroad. In the investment treaty, compensation for the nationalization of foreign property and reimbursement under the laws of the host country were dissatisfied with foreign investors. In particular, some Koreans have pointed out that there are some problems in the KORUS FTA dispute resolution regulations and there is a need for further discussion and research. Based on the experiences and wisdoms gained in the course of Korea-US FTA negotiations, the dispute arbitration mechanism is urgently needed to reduce the possibility of disputes and to make amicable directions.

• 무역상무연구
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• 제71권
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• pp.195-216
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• 2016

In determining the content of the FET standard, the tribunals stated protection of investor's legitimate expectations, due process and denial of justice, transparency, discrimination and arbitrariness, good faith, etc. The most major elements of the FET standard is the protection of the investor's legitimate and reasonable expectations. It is necessary to consider whether it is possible to what the expectations of investors are protected as legitimate and it is formed under any circumstances. If host state frustrate investor's legitimate expectations, it found a breach of the FET. The host state's specific assurance may reinforce investor's expectations, but such explicit statement is not always necessary. The host state must preserve a stable environment for investments. However, It must not be understood as the inalterability of the host state's legal framework. It implies that the host state's subsequent changes should be made consistently and predictably. The host state is entitled to exercise a reasonable regulatory authority to respond to changing circumstances in the public purpose. Therefore, whether the violation FET shall be determined through a balanced against the investor's legitimate expectations and the host state's reasonable regulatory exercise in the public interest. And investor should keep in mind that the principle of proportionality is applied unless host state provides stabilization clause or similar commitments to investor. Also host state should establish the basis of an argument about reasonable regulatory authority for public interest.

• 한국중재학회지:중재연구
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• 제22권2호
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• pp.103-124
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• 2012

Because the Korea-U.S. Free Trade Agreement (Korea-U.S. FTA) and the North American Free Trade Agreement (NAFTA) have an overlapping contracting party, the United States, their provisions have much in common. The investment chapters of these agreements, especially, show many similarities, and thanks to these similarities, it is likely that the Korea-U.S. FTA arbitration tribunal for investor-state disputes regarding the environment will put great weight on the NAFTA tribunals' interpretations of those similar provisions. Since the NAFTA tribunals have already handled many environment-related arbitration cases, their interpretations will help heighten the predictability of environment-related Korea-U.S. FTA arbitration cases. This paper analyzes the environment-related NAFTA cases in which the tribunal has issued an award, which are the Metalclad case, S.D. Myers case, Waste Management case, Methanex case, Glamis Gold case, and Chemtura case. According to this analysis, the most controversial NAFTA provisions have been Article 1102 (national treatment), Article 1105 (minimum treatment standard, fair and equitable treatment), and Article 1110 (expropriation). The NAFTA tribunals applied the requirement of these articles in a strict manner, reducing the possibility of finding a violation. After the aforementioned analysis, this paper proceeds to compare the national treatment, minimum treatment standard (fair and equitable treatment), and expropriation provisions of the Korea-U.S. FTA and NAFTA and to predict the impact that the environment-related awards under NAFTA can have on environment-related Korea-U.S. FTA cases. It is expected that the NAFTA interpretations of the national treatment and minimum treatment provisions are likely be used as they are, but not the interpretations of expropriation, because of the differences in the expropriation provisions of the two agreements.