• Journal of Korean Institute of Industrial Engineers
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• v.24 no.1
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• pp.51-59
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• 1998

This paper presents a new present value measure, the dynamic present value, or DPV. DPV takes into account not only the value of the realized cash flow but also that of potential cash flow. The DPV approach enables the analyst to observe differences in the present value of the alternatives every period over the whole time period of interest. This is the most fundamental advantage of the DPV approach over the traditional present value approach in which the present value of the alternatives is evaluated only one particular point of time. The concepts of the realized and potential cash flows are also developed in this paper. These new concepts are found to be useful elements in evaluating economic alternatives.

• Journal of the Korean Operations Research and Management Science Society
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• v.13 no.2
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• pp.66-71
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• 1988

Let B be present value of some sequence. This paper concerns the maximization of the expected utility of the present value B when the utility function is exponential.

• Journal of Korean Institute of Industrial Engineers
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• v.29 no.2
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• pp.126-134
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• 2003

Among a variety of models proposed by so far to calculate the real options value when the investment decision about the underlying project may be delayed, the Black-Scholes and the binomial lattice models have been widely used and discussed by academics and practitioners. However these two models do not provide us with intuition into how it is constructed and what it does really mean. In this paper, we will therefore explore its components and practically more intuitive meaning. With the components explored, we developed the mathematical model to calculate the real options value and thus strategic net present value, based on the opportunity cost concept, for which the investment decision about the underlying project is postponed by one year. We will finally present a short illustrative example for readers better understanding on the model proposed in the paper.

• Journal of Information Technology Services
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• v.15 no.1
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• pp.299-319
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• 2016

This study first introduces platform services and their business models. On the basis of the concepts of business ecosystem, we present a framework for distinguishing types of the platform service business models. Two key characteristics of business ecosystems-ecosystem configuration and value production process-are employed as fundamental dimensions for constructing typology. In particular, we also present the notion of value ecosystem, where not a single platform provider but a federation of platforms constitutes a virtual platform and completes a service system. The value ecosystem represents two distinct types of platform service business models : meta-platform ecosystem and platform coalition ecosystem. They show different governance structure in the platform federation and service flows across the ecosystem. We present detailed analyses of these two value ecosystems focusing on relevant cases of e-payment FinTech : Apple Pay as an example of meta-platform and Kakao Pay for platform coalition. Our conceptual typology contributes to platforms' proper strategy formulation and presents policy implications to, for example, platform neutrality.

• Journal of the Korean Society of Food Culture
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• v.24 no.4
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• pp.376-384
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• 2009

The purpose of the present study was to examine the relationship between personal value and the motivation for drinking of Korean undergraduate student alcohol drinkers. Data were obtained from undergraduate students experienced in alcohol consumption in Seoul, Kyeonggi-do, and Kyeongsangnam-do. Trained researchers for this particular study conducted the survey and data from 208 students was analyzed using the SPSS package program. In this study, two personal values were examined: 'internal value' and 'external value', and four motives for drinking alcohol were identified: social motive, coping motive, enhancement motive, and conformity motive. The results of the present study showed that personal value had significant effects on the motives for drinking of Korean undergraduate student alcohol drinkers: 1) The internal value was significant on the coping motive and enhancement motive. 2) The external value was significant on the social motive. 3) Neither value was significant on the conformity motive. Based on the findings of the present study, personal value would be a useful variable in the field of alcoholic beverage marketing such as alcohol consumption, consumer behaviors and segmentation of the alcoholic beverage market.

• Journal of the Korea institute for structural maintenance and inspection
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• v.4 no.4
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• pp.171-180
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• 2000

This study aims to present a more reasonable control value than the exiting one by comparing and analyzing control values and field instrumentation values of the whole excavation depth of the four case sites using geometric averaging as a statistical method. The range of the study is confined to three things: (1) the axial force of the braced excavation walls among a variety of items prescribed in the control values by stress deformation of walls and adjacent structures; (2) by approximation of the allowable and design value; (3) and by safety factor. As a res it is desirable to revise "(Long term allowable stress + Short term allowable stress)/2 ~ Short term allowable stress," presented in the present control values by stress deformation of walls and adjacent structures, to "(Long term allowable stress + Short term allowable stress)/5 ~ (Short term allowable stress)/3." The result also shows that since there is a difference of about 3.5%, it is not necessary to revise 70, 90, and 100 percent of LEVEL I, II, and III, prescribed in the control values by the allowable and design value approximation. In addition, modifying the control value by the safety factor, now 1.07, is unnecessary, although it varies little difference from the present value.

• Journal of Korea Technology Innovation Society
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• v.5 no.2
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• pp.141-151
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• 2002

Many technology investment projects can be considered as set of sequential options. A compound real option can be used for evaluating sequential technology investment decisions under significant uncertainty and measuring its value. In this paper, the formula developed by Geske and Johnson(1984) and Buraschi and Dumas(2001) was applied to evaluate the technology investment with related double real option. Also double real option was com-pared with net present value method and multiple linear regression model was used to assess the partial effects of risk free rate and log-term volatility on its value.

• Journal of Korean Society for Quality Management
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• v.43 no.2
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• pp.185-200
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• 2015

Purpose: Present study was designed to examine the casual relationships among tourism information service quality, value, user satisfaction, and reuse intention in social network service(SNS). Also, we intended to testify the mediating role of value in causal model. We applied path analysis model in order to test the hypotheses and research model. Methods: Survey tool, that is, questionnaire has obtained validity through literature survey, exploratory survey and pretest and sample 272 was selected. For statistical treatment of pretest and main analysis, SPSS18.0 and AMOS18.0 were employed and structural equation model was employed as analysis method. Results: Result of this study shows as follows. Two factors(ease of understanding and structure) have an effect on user satisfaction and reuse intention, and we found that value played a significant and important role in causal relationship. Therefore, value was empirically confirmed as t he import ant fact or preceding user satisfaction and reuse intention. Conclusion: Present study shows that two factors(ease of understanding and structure) in via of value, were important factors that related business companies have to emphasize to raise performance. However, present study has some limitations to additionally research in the future.

• The Korean Journal of Financial Management
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• v.4 no.1
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• pp.45-58
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• 1988

This paper is to examine the relevance of banarptcy Costs (BC) to Capital Structure with three related purposes: whether or not BC are trival,, a proxy methodology for estimating BC, the present value of expected BC vs tax benefits' trade off. For these purposes, the samples includes 19 industrial firms which went bankrupt over period 1970-78 and secondly seven large Companies which went bankrnpt recently in the U.S. The results are quite strong that BC are not trival. In many cases they exceed 20% of the value of the firm measured just prior to bankruptcy. Direct BC are explicit and administrative costs paid by debtor in reorganization/liqaidation process. Indirect BC are essentially defined as unexpected losses and estimated in two way: a regression method and security analyst's forcasts. The present value of expected BC for many of the bankrupt firm is found to exceed the present value of tax benefits from leverage. This implies that firms were overleveraged and that a potentially important ingredient in the discussion of optimum capital structure is indeed the BC factor. Therefore, BC are relevant to the cost of capital structure decision and should he considered seriously.

• The Journal of Economics, Marketing and Management
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• v.4 no.3
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• pp.1-6
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• 2016

The purpose of the present study is to investigate the relationship between Managerial overconfidence and vehicle and parts manufacturing firm value of the listed companies on the Tehran Stock Exchange (TSE). The population includes 25 firms selected through systematic sampling. The data is collected from the audited financial statements of the firms provided by TSE's website from 2010 to 2015. In this study the variables, Overconfidence based on earning per share (OEPS), Overconfidence based on capital cost (OCC) has been used to investigate Managerial overconfidence. The results of multiple linear regression analysis show that there is a significant relationship between Overconfidence based on earning per share (OEPS) and firm value. In addition, there is a significant relationship between Overconfidence based on capital cost (OCC) The present research examined the relationship between Managerial overconfidence and vehicle and parts manufacturing firm value of the listed in Tehran Stock Exchange. The results of multivariate regression accepted two the hypotheses of the research. There is a significant relationship between Managerial overconfidence and vehicle and parts manufacturing firm value.