2013년 8월 12일 월요일
2013년 3월 17일 일요일
Emmanuel A Donkor and Michael Duffey, Optimal Capital Structure and Financial Risk of Project Finance Investments: A Simulation Optimization Model With Chance Contraints, The Engineering Economist, 58, 2013, pp. 19-34
Abstract
We investigate the use of chance constraints in modeling the debt financing decision under conditions of debt heterogeneity and uncertainty. We develop a stochastic financial model that uses simulation optimization to select an optimal mix of fixed-rate debt instruments from different sources, with the objective of maximizing net present value (NPV) while limiting default risk. We then use simulation to evaluate the performance of the resulting debt policy. Numerical results from our model indicate that in a world of uncertainty, project promoters who wish to create bankable proposals for project financing, by limiting the probability of default, should spread debt across different maturities.
We investigate the use of chance constraints in modeling the debt financing decision under conditions of debt heterogeneity and uncertainty. We develop a stochastic financial model that uses simulation optimization to select an optimal mix of fixed-rate debt instruments from different sources, with the objective of maximizing net present value (NPV) while limiting default risk. We then use simulation to evaluate the performance of the resulting debt policy. Numerical results from our model indicate that in a world of uncertainty, project promoters who wish to create bankable proposals for project financing, by limiting the probability of default, should spread debt across different maturities.
2010년 8월 19일 목요일
[TOEFL Writing] It is a waste of time to play computer games.
Playing games can lead to addiction for many children in modern society. In other words, many of the young would not be able to stop playing computer games if they are repeatedly exposed to them. Therfore, it can be said that video or computer games is a waste of time because many people often cannot control their desire to play more of those games.
Constantly playing computer games can be harmful to people's health. Putting it differently, it can trigger many health related problems such as obesity, eye strain, and even anxiety. In this sense, people should not play computer games too freqently to avoid health related problems caused by it.
Constantly playing computer games can be harmful to people's health. Putting it differently, it can trigger many health related problems such as obesity, eye strain, and even anxiety. In this sense, people should not play computer games too freqently to avoid health related problems caused by it.
2008년 6월 13일 금요일
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