Balancing Project Financing and Mezzanine Project Financing with Option Value to Mitigate Sponsor’s Risks for Overseas Investment Projects

Major steel-making companies in Korea have recently been trying to advance into international markets for better profitability and new market shares. Even with strategic partnerships with local organizations, the Korean steel companies are facing and incurring significant risks which impact their ability to achieve a sustainable profit. The objective of this research is to determine an optimum combination of financial models, specifically Project (PF) and Mezzanine Financing (MF) with an option (convertible bond and bond with warrant). The results of the proposed model can lower interest rates of financing, thereby increasing the profitability of the project investors. To analyze the MF method’s effectiveness and proper use, the following three steps are applied: (1) Monte-Carlo Simulations (MCS) using Excel and @Risk software are performed for the Net Present Value (NPV) of the project and its volatility; (2) the Black-Scholes model (BSM) is applied to evaluate MF based on project value; and (3) interest rate of MF is calculated from its option value and is reapplied back to the NPV calculation of the project to determine the effects of MF. Assuming a 50% debt/equity ratio, these simulations were performed on five cases (50% senior debt, 0% MF for a base case then increasing MF and decreasing senior debt by 10% four times). Through this process, using the 10%, MF lowered the borrowing size by 20% and using MF continued to lower the borrowing size up to 40% borrowing when using 40% MF. Based on this result, the researchers support the use of MF to optimize Korean steel international financial models. The resultant data will serve as an effective method to increase net cash flow in overseas steel-plant project investments. This research was performed for a steel plant located in Iran as a case-study, but this optimized financing method using MF with an option product can be applied sustainably not only for overseas investment of steel plants but also any other business, such as oil & gas, power generation, and transportation industries.11Ysciessciscopu

Coauthorship in Clothing and Textiles Research

Publication is highly important for academic researchers because it leads to opportunities for them to be awarded funding, prestige, prizes, promotion, and tenure. Due to the emphasis of publications, there has also been an increasing trend in multiple authorships in clothing and textiles (C&T) research. However, little attention has been paid to co-authorship practices and motivations. Therefore, this research attempts to investigate coauthorship experiences among C&T researchers. Data collection took place via on-line survey of ITAA membership. The findings of this study showed that C&T researchers engaged in coauthorship primarily to improve the overall quality of their work by combining complementary skills and pursuing joint ideas and common interests. While they were overall satisfied with their most recent coauthorship experience, some experienced problems with inappropriate authorship. This research calls for further discussion on addressing issues related to coauthorship and developing some guidelines for determining authorship in C&T research.</p

Cross-cultural study of obesity regarding socio-cultural attitudes on appearance involvement and appearance management behaviors through clothing: 20s-30s female plus-size consumers

Socio-cultural attitudes on obesity differently influence on formation of individual person\u27s body image, attitudes, and appearance management and involvement. Recently consumer market research on young female plus-size consumers clearly shows the increasing population of obesity and the changing social perception on the plus-size market from being negative to being somewhat positive

Assessment of Textile and Apparel Curriculum in Mongolia from the Academia and Industry Perspectives

Despite the significant presence of the Textile and Apparel (T & A) industry in Mongolia, the current T & A curriculum in Mongolian higher education is not up to the standard of meeting the needs for the T&A industry. Present researchers found that previous research assessed the T & A curriculum in developed countries like the U.S. (Hines & Swinker, 1998); however, little academic research has assessed the T & A curriculum in third world countries (e.g., Mongolia). Thus, the purpose of this research is to assess the T & A curriculum in Mongolian higher education to provide some fundamental suggestions for improvement meeting the four-year baccalaureate program, Meta-Goals, developed by the International Textile and Apparel Association (ITAA, 2008)

Develop a correct scaled body figure for global apparel product development

Global ready-to-wear apparel production requires specifications of various information. Among many, flat is one of the most important key factors for design communication as it is used as a blue print of product development and production. In global apparel development and production, designs are presented and interpreted by flats and samples are developed based on details of flats. To be successful in fashion business, therefore, proportionally correct flats based on correct scaled human body figures are imperative

The limnological survey of a coastal lagoon in Korea: Lake Hwajinpo

Physicochemical parameters, plankton biomass, and sediment were surveyed from 1998 to 2000 on two months interval in a eutrophic costal lagoon (Lake Hwajinpo, Korea) segregated from the sea by a sand dune. Littoral zone is well developed and floating-leaved aquatic plants also thrive, A shallow sill divides the lake into two basins. It has permeation of seawater and chemoclines formed by salinity were observed at 1m demth all the year around. DO was often very low(＜1mgO₂/L) at hypolimnion. Temperature inversions were observed in November. Transparency was 0.2～1.7m. Nitrate and ammonium concentrations were very low (＜0.1mgN/L), even though TN was usually 2.0～3.5mgN/L. TN/TP was generally lower than the Redfield ratio. TSI was 63～74, COD, TP, and TN of sediment were 3.1～40.3mgO₂/g, 0.9～1.39mg/m³. Two basins showed different phytoplankton communities with Oscillatoria sp., Trachelomonas sp., Schiaochlarnys gekatinosa, and Anabaena spiroides dominant in South basin, and with Trachelomonas sp., Schroederia sp., Schizochlamys felatinosa, and Trachelomonas sp. dominant in the North basin. The seasonal succession of phytoplankton was very fast, possibly due to sudden changes in physical characteristics such as wind, turbidity, salinity and light, etc.Article信州大学山地水環境教育研究センター研究報告 2: 127-130(2004)departmental bulletin pape

International Research Collaborations in Textiles & Apparel: Reflections & Best Practices

The purpose of the presentation was to explore and expand a model for creating international research groups and social entrepreneurial collaborations among academics in the Textiles and Apparel (T&A) industry. Topics of discussion included (1) how to empower women and girls in developing economies; (2) envision curriculum, research and entrepreneurship from a critical theory and feminist theory perspectives; (3) developing of a credible research team; (4) maintaining team commitment; (4) overcoming challenges; (5) identifying opportunities;(6) developing and maintaining an international profile; and (6) managing large-scaled international research projects

Who Are Social Entrepreneurs? Connecting the Stories of Women in the Global Textile and Apparel Industry

Current definitions of social entrepreneurs appear limited in view, delineating social-entrepreneurs as outside elites with special qualities and their work to be complex and lavish. Definitions of social entrepreneurs fail to capture and illustrate the multitudes and diversity of social entrepreneurship. Thus, social entrepreneurship needs refashioning to address the multiple types of intentions (feasibility and desirability) to act, opportunities, and capacities. The present interpretation lacks a holistic standpoint. Using a scenario of analysis of the textile and apparel industry, it becomes evident that micro-entrepreneurs engage daily in solving the complex problem of poverty, unemployment, exploitation, and other social issues through self-employment. They are by their very nature practicing social entrepreneurship. The purpose of this concept paper is not to dispute current definitions of social entrepreneurs but to help make definitions more holistic, by recognizing the contributions of the multiple types of people and organization who attempt to solve societal concerns

Factors Affecting Online Search Intention and Online Purchase Intention

This research focuses on various factors affecting online search intention which has been found to be a key predictor of online purchase intention. Data were collected from a sample consisting of mostly young adults with familiarity of computer use and online shopping experience. A structural equation model was employed to test hypotheses. According to the findings, utilitarian value of Internet information search, hedonic value of Internet information search, perceived benefits of Internet shopping, perceived risk of Internet shopping, and Internet purchase experience predicted online search intention well. The findings also showed that online search intention positively affects online purchase intention. Finally, theoretical and managerial implications are discussed

Improving breast ultrasonography education: the impact of AI-based decision support on the performance of non-specialist medical professionals

Purpose This study evaluated the educational impact of an artificial intelligence (AI)–based decision support system for breast ultrasonography (US) on medical professionals not specialized in breast imaging. Methods In this multi-case, multi-reader study, educational materials, including American College of Radiology Breast Imaging Reporting and Data System (BI-RADS) descriptors, were provided alongside corresponding AI results during training. The AI system presented results in the form of AIheatmaps, AI scores, and AI-provided BI-RADS assessment categories. Forty-two readers evaluated the test set in three sessions: the first session (S1) occurred before the educational intervention, the second session (S2) followed education without AI assistance, and the third session (S3) took place after education with AI assistance. The area under the receiver operating characteristic curve (AUC), sensitivity, specificity, and overall performance, were compared between the sessions. Results The mean sensitivity increased from 66.5% (95% confidence interval [CI], 59.2% to 73.7%) to 88.7% (95% CI, 84.1% to 93.3%), with a statistically significant difference (P<0.001), and the AUC non-significantly increased from 0.664 (95% CI, 0.606 to 0.723) to 0.684 (95% CI, 0.620 to 0.748) (P=0.300). Both measures were higher in S2 than in S1. The AI-achieved AUC was comparable to that of the expert reader (0.747 [95% CI, 0.640 to 0.855] vs. 0.803 [95% CI, 0.706 to 0.900], P=0.217). Additionally, with AI assistance, the mean AUC for inexperienced readers was not significantly different from that of the expert reader (0.745 [95% CI, 0.660 to 0.830] vs. 0.803 [95% CI, 0.706 to 0.900], P=0.120). Conclusion The mean AUC and sensitivity improved after incorporating AI into breast US education and interpretation. AI systems with high-level performance for breast US can potentially be used as educational tools in the interpretation of breast US images