• 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.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.1 no.2
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• pp.85-92
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• 2000

Warrants are often described as call potions written tv firms on their own stock. However, a call option is a pure side bet; i.e., none of the cash flows associated with the call's sale or exercise involves the firm. Issuing warrants on the other hand, can affect the firm's aggregate level of investment, composition of its capital structure. and the price of the stock on which warrant can be exercised. The problem of the warrant pricing can be solved by using of multivariate data analysis techniques, such as regression analysis or discriminant analysis, instead of OPM. The value of this approach is that we can evlauate the relative importance of each independent variable which affect a price of a warrant. This study empirically examines the Japanese warrant pricing by multiple regression analysis using a sample or 300 observations traded on Tokyo Stock Exchange during the periods between 1995 and 1996.

• The Journal of Korean Institute of Communications and Information Sciences
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• v.29 no.2B
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• pp.250-262
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• 2004

In IPv6 environment, the Internet Telephony, VoD(Video on Demand) and high capacity file exchange service will be more increased than IPv4. Therefore, the strict guarantee of QoS based on End-to-End and differentiated quality control schemes are simultaneously required. This paper proposes the flow control schemes on IPv6 network that the traffic is identified by flow and the QoS of multi-service is improved by QoS information in IPv6 hop-by-hop option header. The object of flow control includes not only non-default QoS traffic, which uses the flow label, but also best-effort or encrypted traffic. Therefore, the guarantee of real-time service is strengthened and the flow, which abuses unnecessarily the network resources, is effectively controlled. Also, this paper proposes the mapping scheme between the flow and MPLS by reflecting the minimum change of the existed network resource and the status of backbone network of ISP(Internet Service Provider). In the simulation result, It is shown that the proposed scheme is effective in the side of QoS on real-time services and utilization of backbone resources.

• 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 Society of Clothing and Textiles
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• v.23 no.4
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• pp.529-540
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• 1999

The purpose of this study is examine how price attitude and risk perception affect6 consumer's attitude to clothing discount stores. As for the methods of the research 313 female consumers who just finished shopping at discount stores were interviewed and questioned. The result is as the following. 1. The factors such as discount price inclination effective value inclination price-quality association and price-social grade association in the price attitude as well as social psychological risk and the risk of losing opportunity in the risk perception affected consumer's attitude to clothing discount store. 2. The domestic national brand discount store acquired the highest scores in all factors but discount inclination factor and low price inclination factor. No difference was seen between stores in terms of the risk perception. 3. The determining factors for repurchase intention were found to be store satisfaction and the attitude to clothing discount store. 4. The convenience of transportation the availability of exchange or repair the payment option the quality of the product and the attributes of the store e, g, good quality with relatively low price affected the store satisfaction. 5. Domestic national brand discount store showed higher score in 'good quality with relatively low price' than domestic casual brand discount store did. And difference between groups was found in repurchase intention, Conclusively most consumers using clothing discount stores are effective value-oriented.

• 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.

• International Commerce and Information Review
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• v.7 no.4
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• pp.219-243
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• 2005

The Purpose of this Article is to analyze the examination criteria on the compliance of multimodal transport document in the ISBP. When the goods are taken in charge by the multimodal transport operator, he shall issue a multimodal transport document which, at the option of the consignor, shall be in either negotiable or non-negotiable form. The multimodal transport document shall be signed by the multimodal transport operator or by a person having authority from him. When the multimodal transport document is presented by the beneficiary to the bank in the letter of credit operations, the bank should examinate the bill of exchange and/or shipping documents, including multimodal transport document. There are two rules in connection with examination of the documents in the letter of credit operations. One is the "Uniform Customs and Practice for Documentary Credits(UCP 500)" approved by the Banking Commission in March 10, 1993, the other is the "International Standard Banking Practice for the Examination of Documents under Documentary Letters of Credits(ISBP)" approved by the ICC Banking Commission in October 2002. Therefore, this Article has studied the multimodal transport document presented under documentary credits on the basis of the UCP 500 and the ISBP it reflects.

• Progress in Superconductivity and Cryogenics
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• v.15 no.1
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• pp.40-44
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• 2013

The contactless power transfer (CPT) systems have been recently gaining popularity widely since it is an available option to realize the power delivery and storage with connector-free devices across a large air gap. Especially, the CPT with electromagnetic resonance coupling method is possible to exchange energy within 2 m efficiently. However, the power transfer efficiency of CPT in commercialized products has been limited because the impedance matching of coupled coils is sensitive. As a reasonable approach, we combined the CPT system with HTS wire technology and called as, superconducting contactless power transfer (SUCPT) system. Since the superconducting coils have an enough current density, the superconducting antenna and receiver coils at CPT system have a merit to deliver and receive a mass amount of electric energy. In this paper, we present the feasibility of the SUCPT system and examine the transmission properties of SUCPT phenomenon between room temperature and very low temperature at 77 K as long as the receiver is within 1.0 m distance.

• The Transactions of the Korea Information Processing Society
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• v.1 no.3
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• pp.357-366
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• 1994

The IEEE 802.4 token bus has been widely accepted as the standard for factory local area networks. The priority option of the 802.4 standard supports multiple classes of traffic by using a set of timers to control information exchange. The performance of the 802.4 priority mechanism in industrial real time control is examined. A timer assignment technique is presented for such applications. The timers are set to satisfy the worst case access delay requirements of real time control applications. Other applications that are not time constrainted can be supported simultaneously. In fact under certain conditions, such applications can also be guaranteed a minimum bandwidth allocation. Simulation results are used to evaluate the timer assignment and utililization.