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Pricing chained dynamic fund protection
Han, H.,Jeon, J.,Kang, M. JAI Press for the North American Economics and Fin 2016 NORTH AMERICAN JOURNAL OF ECONOMICS AND FINANCE Vol.37 No.-
In this paper, we propose a new kind of dynamic fund protection (DFP). In contrast to the usual DFP, our newly developed DFP has two protection levels and protection is activated only when the value of underlying asset reaches upper protection levels. This kind of product has a structure similar to that of the chained barrier option proposed by Jun and Ku (2012). In this context, we name our newly designed equity-linked product as chained dynamic fund protection (CDFP). Buying CDFP can be advantageous for both vendors and investors compared to buy usual DFP. Relatively small downside risk for CDFP is beneficial for vendors. Also for investors, the price they cost for protection of CDFP is cheaper than that of usual DFP. Furthermore, investors can handle the price of protection by adjusting the level of upper protection as they desired. In this paper, we derive a closed-form formula for CDFP using reflection principle under Black-Scholes framework. Furthermore, we represent numerical results for values of CDFP according to various parameters.
Han, H.,Hyun, S.S. Pergamon Press ; Elsevier Science Ltd 2017 INTERNATIONAL JOURNAL OF HOSPITALITY MANAGEMENT Vol.63 No.-
This study developed a theoretical framework in which overall image, image congruence, and quality of physical environment, service, and food affect guests' satisfaction and intentions to revisit a luxury hotel restaurant and visit other restaurants of the same hotel by considering the influence of conspicuousness as a moderator. The measurement model assessment revealed that all items included an acceptable level of measurement quality. Results of the structural analysis indicated that the research variables were in general significantly associated; quality dimensions and satisfaction had a mediating role; and the impact of satisfaction and overall image on decision formation was greater than that of other variables. Moreover, the structural invariance model assessment indicated that conspicuousness acted as a significant moderator. Overall, our proposed theoretical framework was found to include a sufficient power in predicting patrons' intentions for luxury hotel restaurant products. Using this quantitative approach, our research objectives were wholly achieved.
Dispensing of rheologically complex fluids at the dripping regime
Han, H.,Kim, C. Elsevier Scientific Pub. Co 2014 Journal of non-Newtonian fluid mechanics Vol.213 No.-
Dispensing characteristics of rheologically complex fluids are investigated experimentally at the dripping regime. Two mixtures of ethylene glycol and glycerin (50:50 and 31:69) were used as base Newtonian fluids. As the polymer solution, 1000ppm of polyacrylamide of 5-6Mg/mol was added to the 50:50 base Newtonian fluid. 2.5, 5 or 7.5vol% of polystyrene particles of 2μm in diameter were added to the liquids to prepare particle suspensions. The liquids were dispensed to the air by using a nozzle with the inner and outer diameters of 0.61 and 0.91mm, respectively. It was found that the drop size is primarily determined by the balance of drop weight and surface tension force holding the drop, and hence drop size does not depend on volume flow rate. The drop diameter is approximately 10% smaller for elastic liquids due to the severe extension of the filament before the detachment from the nozzle. The result also shows that the dripping characteristics of the fluids without the polymer are mainly determined by the balance of the gravity force, surface tension force holding the liquid volume and pressure force. The addition of less than approximately 10% of 2μm spherical particles hardly changes the dispensing characteristics of Newtonian fluids except at the final stage of detachment. For polymeric liquids, the transient extensional property drastically changes the dripping dynamics. The force balance shows that the strain hardening of the polyacrylamide solution under the extensional flow causes severe retardation of the filament breakup. The filament breakup of the polymeric suspension is further decelerated by the increase in zero shear viscosity as a result of the particle addition.
Han, H.,Kim, Y.,Kim, C.,Ham, S. College of Business Administration, University of 2015 Journal of Business Research Vol.68 No.9
Despite the international healthcare industry's rapid growth, little research exists about medical hotels. To fill this gap, this study identifies international patients' possible outcomes of staying in a medical hotel and investigates their intention formation by considering attitudes and desires as well as the perceived outcome's moderating impact. A qualitative approach identifies the possible outcomes of staying in a medical hotel, which can be distinctive from common medical/healthcare clinics, as perceived by international medical customers. Confirmatory factor analysis verifies a four-factor structure of the perceived outcome model (financial saving, convenience, medical service, and hospitality product). Structural equation modeling reveals that attitudes, desires, and intention significantly associate, and desires act as a mediator. Additionally, a metric invariance test shows that convenience, medical-service, and hospitality-product factors of the perceived outcomes significantly moderate forming intentions. Study results help medical hotel operators create effective strategies to attract more international tourists.