• Journal of Korea Trade
• /
• 제24권1호
• /
• pp.1-34
• /
• 2020

Purpose - In this study, we investigate determinants of hedging with derivatives and its effect on firm value and firm risk for Korean firms. Design/methodology - To avoid the endogeneity problem pointed out in previous studies, we use a two-stage analysis by using gains and losses from derivatives as instrument variable for hedging with derivatives. Findings - Our analysis on the determinants of hedging shows that firms that are more leveraged and less profitable, and with more growth opportunities are likely to hedge through derivatives. Additionally, large firms, firms less diversified into industry, and firms more diversified geographically are likely to use derivatives. Our two-stage analysis shows that indicators of hedging with derivatives have an insignificant effect on firm value, and the indicator of futures/forwards use and of swaps use have significant negative effect on firm value. Whereas, the extent of hedging with derivatives has positive effect on firm value for all types of foreign currency derivatives, which suggests that moderately low hedgers use derivatives inefficiently, but extensive hedgers use derivatives properly. With regard to firm risk, hedging with derivatives increases market-based risk, but decreases accounting-based risk. Thus, we conclude that Korean firms use derivatives to manage operational volatility rather than to manage market risk, and accounting-based risk reduction through hedging is not directly translated into higher firm value. Originality/value - This is not the first study to investigate hedging behavior of Korean firms, but the sample period that that this study analyzed is the longest and various method are used to control the endogeneity problem. We investigate not only total foreign currency derivatives but also by types of derivatives, including futures/forwards, options, and swaps.

• 한국터널지하공간학회 논문집
• /
• 제22권4호
• /
• pp.401-417
• /
• 2020

증가하는 도심지 전철 급행화의 요구에 따라, 완행과 급행철도를 동시에 운영할 수 있도록 하는 부본선의 건설이 필요하다. 그러나 기존 대피선 설치 방안은 열차의 운행을 차단한다는 점에서 긴 공사기간이 필요할 뿐만 아니라 막대한 경제적 손실을 발생시키는 문제점이 있다. 이를 개선하고자 기존 지하철 터널 운영 중이라는 특수한 상황에서의 대피선 설치 방안 연구가 필요하며 대피선 건설방안 적용에 따른 시공 리스크 분석 또한 요구된다. 따라서 본 논문에서는 지하철 4호선 과천정부청사역을 가상의 대피선 건설 대상역으로 선정하여 최적의 대피선 건설방안을 도출하였으며, 기존 지하철 터널운영 중 대피선 건설 예비 설계단계 시 발생 가능한 리스크 사건에 대한 리스크 식별 및 대응계획 수립, 리스크 평가, 리스크 통제 및 관리의 일련의 리스크 관리 프로세스를 수행하였다. 총 8가지의 발생 가능한 리스크 사건과 리스크 저감 대책을 선정하였으며 5단계의 리스크 사건 발생확률 및 영향도 기준을 활용한 리스크 평가 매트릭스를 구축하여 리스크 및 잔류 리스크 평가를 수행하였다. 리스크 평가 결과를 바탕으로 각 리스크 사건의 평가 점수와 리스크 저감 대책공법의 저감효과를 확인하였다.

• 대한두개안면성형외과학회지
• /
• 제20권1호
• /
• pp.24-30
• /
• 2019

Background: Closed reduction of the fracture under general or local anesthesia with elevators or forceps is widely used to treat nasal bone fractures. However, operating under general anesthesia increases the risk of morbidity and raises the cost of management. Furthermore, using forceps or elevators may cause undercorrection, new fractures, mucosal damage, and nasal hemorrhage. We therefore performed manual reduction under local anesthesia, using the little finger, to minimize the demerits of treatment under general anesthesia with forceps or elevators and aimed to assess functional and aesthetic outcomes, and patient satisfaction. Methods: Patients who visited the plastic and reconstructive surgery department between November 2016 and November 2017 with nasal bone fractures and treated by a single surgeon were prospectively followed up. Patients with simple unilateral or bilateral nasal bone fractures were treated with bedside finger reduction under local anesthesia and patients with comminuted nasal bone or septal fractures were scheduled for closed reduction under general anesthesia. Results: Of 84 patients, 28 met the inclusion criterion and underwent bedside finger reduction under local anesthesia. Twenty-seven patients (96.4%) were successfully contacted via telephone for survey. Twenty-three (85.2%) showed good and three (11.1%) showed fair results. All 27 patients (100%) were satisfied with their postoperative function and 25 (92.6%) were satisfied with their postoperative aesthetic result. Twenty-five patients (92.6%) preferred the finger reduction method under local anesthesia over closed reduction under general anesthesia. Conclusion: Finger reduction under local anesthesia in patients with mild unilateral or bilateral nasal bone fractures is an easy and efficient procedure with high patient satisfaction and favorable postoperative functional and aesthetic outcomes.

• Archives of Plastic Surgery
• /
• 제37권2호
• /
• pp.161-168
• /
• 2010

Purpose: Surgical approaches to the condylar neck and subcondyle area can cause some morbidity such as, facial nerve injury, time-consuming nature and external scar etc. So many surgeons hesitate using open reduction and internal fixation for the treatment of subcondylar fractures. We report open reduction and internal fixation of subcondylar fractures in 13 adult patients via transmasseteric approach. Methods: From 2007 to 2009, 13 adults with subcondylar fracture of mandible were treated with open reduction and internal fixation via transmasseteric approach. A preauricular incision was extended downwards in a curvilinear fashion in the cervicomastoid skin crease. Skin flap was elevated above the SMAS layer. Masseter muscle was splitted at the anteroinferior edge of the parotid gland. After the fracture was reduced, fixed with appropriate plates and screws. All operation were performed under general anesthesia. Results: Mean follow-up period was 13.3 months. There were no signs and symptoms of facial nerve injury, difficulty in mouth opening, or malocclusion. Dissection time was roughly within 30 minutes. Conclusion: Transmasseteric open reduction and internal fixation of mandible subcondylar fracture can be performed with excellent visualization, and inconspicuous scar. It also offers swift access to the subcondylar area while substatially reducing the risk to the facial nerve and eliminating the complications associated with transparotid approaches.

• 수산경영론집
• /
• 제40권3호
• /
• pp.29-49
• /
• 2009

There are various types of predictable economic benefits to restoring beneficial uses from contaminated marine sediment cleanup. These benefits can be derived from reduction in aquatic animals died or infected, increase in their consumption recovery, increase in tourism including recreational fishing, reduction in human health risk, increase in amenity and aesthetics, increase in ecosystem integrity, and so on. The paper focuses on estimating the net increase in value for producers and consumers from producing and consuming those fish due to the pollution reduction of marine contaminated cleanup project. Almost Ideal Demand System(AIDS) is employed for estimate of the demand for fish, and the production cost function for fish are determined using market data. The result shows 10.8 billion won per year for economic surplus to the net increase for producers and consumers.

• 한국공작기계학회논문집
• /
• 제17권3호
• /
• pp.128-132
• /
• 2008

The noise levels and individual employee noise exposure levels within a factory will determine the need for hearing conservation program. The difficulty in not having an effective hearing conservation program is the risk of hearing loss that employees may sustain. In the last few years the claims for hearing loss compensation have grown due to class action litigation brought against the employer and companies that have equipment in the factory alleged to have caused hearing loss. The Blower in the factory generates the noise of 98.3dB(A) in the frequency range of 2,000Hz, which may cause occupational hearing loss. By designing close type enclosures which are made of absorption material, about 24.4dB(A) reduction has been in the factory. It is demonstrated that this kind of enclosures can be effectively used to reduce the noise in the factory.

• 대한안전경영과학회지
• /
• 제16권4호
• /
• pp.41-51
• /
• 2014

Share of total accidents in construction accidents construction site accident 70% of small embroidery Reducing the rate of Construction of the entire construction accidents decreased overall is a very meaningful work. Disaster reduction continues to increase despite the efforts of a small construction site(Amount less than 2,000,000,000) for Disaster Reduction In order to identify more clearly the cause of the system and provide the urgently needed measures.

• 방사성폐기물학회지
• /
• 제16권1호
• /
• pp.1-10
• /
• 2018

A simplified flowsheet for pyroprocessing commercial spent fuel is proposed in which the only salt treatment step is actinide drawdown from electrorefiner salt. Actinide drawdown can be performed using a simple galvanic reduction process utilizing the reducing potential of gadolinium metal. Recent results of equilibrium reduction potentials for Gd, Ce, Nd, and La are summarized. A description of a recent experiment to demonstrate galvanic reduction with gadolinium is reviewed. Based on these experimental results and material balances of the flowsheet, this new variant of the pyroprocessing scheme is expected to meet the objectives of minimizing cost, maximizing processing rate, minimizing proliferation risk, and optimizing the utilization of geologic repository space.

• 대한안전경영과학회지
• /
• 제17권2호
• /
• pp.35-45
• /
• 2015

Total industrial accident rate in Korea is facing a record 0.7% for 10 years since 2000. After entering the continuous versus 0.6% (0.69%) in 2010. In 2011, the decrease was reduced to 0.65%. Conversely In contrast to foreign workers' share has increased dramatically over 10 years since 2000 to 2010 are expected to be difficult in the accident rate of 0.5% for the entry. Despite the ongoing disaster reduction efforts to reduce disaster (share) of foreign workers has been increasing rapidly Survey, Whilst the provision of disaster prevention system status and problem analysis and identify measures that can be established through such disaster reduction measures are urgently needed.

• Maxillofacial Plastic and Reconstructive Surgery
• /
• 제27권6호
• /
• pp.559-564
• /
• 2005

Beckwith-Wiedemann syndrome is an autosomal dominant growth excess disorder, which occurs with a reported incidence of 1 in 13,700 to 1 in 17,000 live births. It constitutes a discrete clinicopathologic entity characterized by macroglossia, abdominal wall defects (omphalocele), visceromegaly, gigantism, hemihypertrophy, hypoglycemia, and the increased risk of solid tumor development from multiple cell lines. A macroglossia is a key component of the syndrome, and can lead to cosmetic, functional and psychologic disorder. This report shows a 5-year-old patient with Beckwith-Wiedemann syndrome, who had macroglossia and received reduction glossectomy.