안동현 교수

A carbon market was introduced for the first time in January 2005, when the EU assigned carbon emission allowances to approximately 15,000 enterprises in 25 countries and established a market for emissions trading. In Korea, the carbon emission trading system started from January 2015 with three phases running up to 2025. As many countries have introduced carbon markets, new evaluation models that consider not only fossil energy prices but also carbon emission costs are necessary because additio

본 논문은 채권의 가격결정 모형과 그와 연계된 이자율 기간구조모형에 관한 연구를 조사하고 정리하였다. 이자율 기간구조모형이 어떠한 모습으로 발전되어 왔는지 살펴 보고, 각 모형이 이자율의 움직임 혹은 채권의 가격변동을 얼마나 잘 설명(Goodness-of-fit)하고 있는지 알아보았다. 또한 이자율 기간구조모형을 다양한 기준에 의하여 분류하고 각 모형이 이자율 연구에서 가지는 수학적 경제학적 의미에 대해정리하였다. 분류되는 기준은 이자율 기간구조 모형의 목적[균형모형(Equilibrium Model)과 차익거래모형(ArbitrageModel)], 이자율 모형의 형태[모수 모형(Parametric Model)과 비모수 모형(Nonparametric Model), 선형 모형(Affine Model)과 비선형모형(Non-Affine Model)], 이자율 움직임을 결정하는 상태변수(State Variable)의 수[단일요인 모형(Single factor model)과 다요인 모형(Mult

본 연구는 재무경제학의 Asset Pricing 분야에서 이루어진 최근의 성과와 앞으로의 연구방향에 대해서 정리하고자 한다. 재무경제학은 금융시장에서 관측된 현상을 설명하기 위해 비약적 발전을거듭해 왔으나 모든 잠재적 요인을 반영할 수 없는 이론적 제약으로 인해 그 설명력에 한계가 있을 수 밖에 없다. 이러한 한계점을 극복하기 위해 기존이론의 가정을 완화하거나 새로운 효용체계,행동학파적 요소 및 제약을 도입하여 새로운 돌파구를 찾고자 연구가 진행되고 있다. 본 연구에서는 광범위한 Asset Pricing 모든 분야에 대해 분석하는데 현실적 한계가 있으므로 위험자산의 가격결정론과 무위험 자산 가격결정론(이자율 기간구조 모형)으로 나누어 관련된 최근의 연구동향에대해 정리하고자 한다. 세부적으로 보면 위험자산 가격결정론은 시계열과 횡단면 특성에 관한 연구, 그리고 이를 이용한 포트폴리오 선택문제로 나누었으며, 투자기간에 따른 무위험자산 가격결정론은 이자율 기간구조 측면에서 동태적 이자율

Companies which utilize equipment as a critical manufacturing asset should resolve the problem of economic replacement. In this article, a case study of equipment replacement for an auto parts manufacturer is presented. We derive a formula to calculate the expected service life using a classical binomial real options model under revenue uncertainty. A sensitivity analysis shows that the initial cost of the equipment has the largest impact on the expected service life in this case study. The pres

Since its republication in 1973 by The Feminist Press, “The Yellow Wallpaper” has been an important feminist work. Even in the feminist view, it is crucial to take into account the social historical background of the text. It helps to understand the nature of the relationships and the symbols of the text better. Women in the late 19th century in America became freer and had more choices than before, but they were forced restrictive sex roles yet. Their consciousness was awakening, but their stat

To address concerns regarding economic risks and reliability issues in existing maintenance practices, this study introduces a novel condition-based maintenance model that considers failure risks in terms of both cost and availability. Utilizing a Markov decision process, this model determines inspection intervals and maintenance policies aimed at minimizing the nested conditional Value-at-Risk of cumulative costs while satisfying operational availability constraints. By applying this model to t

Isabel Archer is a typical American in the sense that she is innocent, ignorant of evil, and has a keen moral sense. Most of all, she makes much of her own self. For this reason, many critics argue that Emerson is reflected in Isabel. Emersonian transcendentalism has a great influence on her, so that she maintains that the individual is opposed to society and that the self should predominate over circumstances. Emersonian traits affect her action, particularly in her choice of husband. Even aft

Purpose This paper is concerned with reporting current capital budgeting practices of Korean firms with respect to the appraisal of capital investment projects, which was surveyed at the beginning of 2020. Methods Empirical research based on data from an e-mail questionnaire, designed around a factual and attitudinal survey. Results The survey result shows that the responding firms use an internal rate of return(71.7%), a net present value(62.2%), and a payback period(62.2%) technique. Also, it

In this paper, we analyze the strategic investment decision problem considering the uncertainty of not only technology but also market demand using a two-stage game-theoretic real option model. In the first stage two firms compete with R&D investment by which the firm can enter a new market according to the success or failure of R&D. And then in the second stage, the both firms decide whether to enter the market or postpone until the demand uncertainty would be resolved. The payoff functions are

계면활성제를 첨가한 음향화학적 침전법으로 두 가지 크기의 아연페라이트 나노입자를 합성하였다. 열분석장치(TGA/DSC)를 이용하여 열적 특성 및 결정화 온도를 조사하였고, 결정구조 확인을 위하여 X선 회절실험을 실시하였다. 제조된 입자는 <TEX>$240^{\circ}C$</TEX> 부근에서 결정생성이 시작되었으며, 결정구조는 전형적인 스피넬 구조를 나타내었다. Scherrer식에 의해 측정된 입자의 크기는 11.2nm와 13.4nm이었다. SQUID를 통하여 자기적 성질을 분석한 결과, 작은 크기의 입자에 대한 방해온도 <TEX>$T_B$</TEX>(Blocking temperature)가 큰 입자의 경우보다 더 높게 나타났다. Ultrasonic irradiation in a solution during the chemical reaction may accelerate the rate of the reaction and the crystallization at low temper

Yield spreads on sovereign bonds represent market expectations for the economic performance of issuing countries. In the international financial market, yield spreads also reflect the extent to which the issuing countries are integrated into the global market. We analyze market integration and interconnectedness for several countries by studying the characteristics of yield spreads of long-term bonds from December 1, 2006 to March 31, 2010. Our analysis is based on a latent factor model with the