• Journal of Intelligence and Information Systems
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• v.25 no.2
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• pp.39-55
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• 2019

Recently banks and large financial institutions have introduced lots of Robo-Advisor products. Robo-Advisor is a Robot to produce the optimal asset allocation portfolio for investors by using the financial engineering algorithms without any human intervention. Since the first introduction in Wall Street in 2008, the market size has grown to 60 billion dollars and is expected to expand to 2,000 billion dollars by 2020. Since Robo-Advisor algorithms suggest asset allocation output to investors, mathematical or statistical asset allocation strategies are applied. Mean variance optimization model developed by Markowitz is the typical asset allocation model. The model is a simple but quite intuitive portfolio strategy. For example, assets are allocated in order to minimize the risk on the portfolio while maximizing the expected return on the portfolio using optimization techniques. Despite its theoretical background, both academics and practitioners find that the standard mean variance optimization portfolio is very sensitive to the expected returns calculated by past price data. Corner solutions are often found to be allocated only to a few assets. The Black-Litterman Optimization model overcomes these problems by choosing a neutral Capital Asset Pricing Model equilibrium point. Implied equilibrium returns of each asset are derived from equilibrium market portfolio through reverse optimization. The Black-Litterman model uses a Bayesian approach to combine the subjective views on the price forecast of one or more assets with implied equilibrium returns, resulting a new estimates of risk and expected returns. These new estimates can produce optimal portfolio by the well-known Markowitz mean-variance optimization algorithm. If the investor does not have any views on his asset classes, the Black-Litterman optimization model produce the same portfolio as the market portfolio. What if the subjective views are incorrect? A survey on reports of stocks performance recommended by securities analysts show very poor results. Therefore the incorrect views combined with implied equilibrium returns may produce very poor portfolio output to the Black-Litterman model users. This paper suggests an objective investor views model based on Support Vector Machines(SVM), which have showed good performance results in stock price forecasting. SVM is a discriminative classifier defined by a separating hyper plane. The linear, radial basis and polynomial kernel functions are used to learn the hyper planes. Input variables for the SVM are returns, standard deviations, Stochastics %K and price parity degree for each asset class. SVM output returns expected stock price movements and their probabilities, which are used as input variables in the intelligent views model. The stock price movements are categorized by three phases; down, neutral and up. The expected stock returns make P matrix and their probability results are used in Q matrix. Implied equilibrium returns vector is combined with the intelligent views matrix, resulting the Black-Litterman optimal portfolio. For comparisons, Markowitz mean-variance optimization model and risk parity model are used. The value weighted market portfolio and equal weighted market portfolio are used as benchmark indexes. We collect the 8 KOSPI 200 sector indexes from January 2008 to December 2018 including 132 monthly index values. Training period is from 2008 to 2015 and testing period is from 2016 to 2018. Our suggested intelligent view model combined with implied equilibrium returns produced the optimal Black-Litterman portfolio. The out of sample period portfolio showed better performance compared with the well-known Markowitz mean-variance optimization portfolio, risk parity portfolio and market portfolio. The total return from 3 year-period Black-Litterman portfolio records 6.4%, which is the highest value. The maximum draw down is -20.8%, which is also the lowest value. Sharpe Ratio shows the highest value, 0.17. It measures the return to risk ratio. Overall, our suggested view model shows the possibility of replacing subjective analysts's views with objective view model for practitioners to apply the Robo-Advisor asset allocation algorithms in the real trading fields.

• Journal of Korea Multimedia Society
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• v.14 no.1
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• pp.54-75
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• 2011

PoC(Push-to-talk Over Cellular) is an integrated technology of group voice calls, video calls and internet based multimedia services. If a PoC user can not participate in the PoC session for various reasons such as an emergency situation, lack of battery capacity, then the user can use the PoC Box which has a similar functionality to the MM Box in the MMS(Multimedia Messaging Service). The RTSP(Real-Time Streaming Protocol) method is recommended to be used when there is a transmission session between the PoC box and a terminal. Since the existing VOD service uses a wired network, the packet size of RTSP-based VOD service is huge, however, the PoC service has wireless communication environments which have general characteristics to be used in RTSP method. Packet loss in a wired communication environments is relatively less than that in wireless communication environment, therefore, a buffering latency occurs in PoC service due to a play-out delay which means an asynchronous play of audio & video contents. Those problems make a user to be difficult to find the information they want when the media contents are played-out. In this paper, the following techniques and methods were proposed and their performance and superiority were verified through testing: cross-over dual reception buffering technique, advance partition multi-reception buffering technique, and on-demand multi-reception buffering technique, which are designed for effective picking up of information in media content being transmitted in short amount of time using RTSP when a user searches for media, as well as for reduction in playback delay; and same-priority packetization transmission method and priority-based packetization transmission method, which are media data packetization methods for transmission. From the simulation of functional evaluation, we could find that the proposed multiple receiving buffering and packetizing methods are superior, with respect to the media retrieval inclination, to the existing single receiving buffering method by 6-9 points from the viewpoint of effectiveness and excellence. Among them, especially, on-demand multiple receiving buffering technology with same-priority packetization transmission method is able to manage the media search inclination promptly to the requests of users by showing superiority of 3-24 points above compared to other combination methods. In addition, users could find the information they want much quickly since large amount of informations are received in a focused media retrieval period within a short time.

• The Bulletin of The Korean Astronomical Society
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• v.42 no.2
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• pp.37.3-38
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• 2017

우리나라의 천문 관측의 기록의 역사는 삼국시대 이전 선사시대까지 거슬러 올라간다. 선사시대에는 천문 현상을 바위나 건축 유물에 기록을 남기고 역사를 기록하기 시작한 이후에는 일반 역사 기록 속에 항상 함께 기록하고 있다. 특히 동양은 역사기록 자체가 인간이 남긴 자취뿐만 아니라 하늘과 땅에 일어나는 다양한 자연 현상도 함께 동시에 남겼다. 고대로부터 인간은 하늘과 땅과 항상 유기적인 관계를 갖는다고 믿었기 때문이다. 우리나라는 정사로서 가장 오래된 역사 기록인 삼국사기와 삼국유사에 일식, 혜성 출현, 별똥과 유성우, 달과 행성 운행, 초신성 관측 등 250회 이상의 천문 기록이 나타나며 대부분 실제로 일어났던 사실을 그대로 기록하고 있다. 그 후 고려사와 조선왕조실록에는 이루 헤아릴 수 없을 정도로 많은 천문 기록을 남기고 있다. 이러한 천문 기록뿐만 아니라 일찍부터 중국으로부터 역법을 도입하여 천체 운행을 이용하여 우리 생활에 필요한 시각법을 사용하고 달력을 제작하였다. 특히 달과 태양의 운행 원리를 파악하여 일식과 월식을 직접 추산하였다. 역법의 운용은 천체 운행의 원리를 이해하고 수학을 발전시키는데 큰 역할을 하였다. 이러한 천문 관측과 정확한 시각 체계를 유지하고 정밀한 역법을 사용하기 위해서는 끊임없이 천체를 정밀하게 관측할 필요성이 있다. 이를 위해 다양한 천문 관측기기를 개발하고 제작하였다. 천문 의기는 천체의 위치를 측정하고 천체의 운행을 이용하여 시각 체계를 유지 관리를 위해 필수불가결한 기기이다. 우리나라 천문학 발달의 네 가지 축인 천문(天文), 역법(曆法), 의상(儀象), 구루(晷漏)등은 조선 초기 세종시대 완성을 보게 되었다. 이는 단일 왕조가 이룬 업적으로 다른 문화권에서 볼 수 없을 정도의 우수한 과학 기술의 유산이다. 특히 칠정산내편과 외편의 완성은 중국의 역법에서 벗어나 독자적인 역법을 완성하려는 시도였다. 이 모든 것은 당시 이를 주도하던 세종대왕의 지도력과 천문학과 수학에 뛰어난 천문학자가 이룩한 업적이다. 그 후 조선 중기로 접어들면서 쇠퇴하다가 임진왜란과 병자호란을 겪으면서 거의 모든 과학기술의 유산이 파괴되거나 유실되었다. 조선 현종 이후에 세종시대의 유산을 복원하려는 노력 중에 중국을 통하여 서양의 천문학을 도입하게 되었다. 중국에 들어와 있던 서양 선교사들이 주도하여 중국의 역법 체계를 바꾸었다. 즉, 일식과 월식의 예측력이 뛰어난 시헌력을 만들어 사용하기 시작했다. 시헌력에는 서양의 대수학과 기하학을 이용한 다양한 수학적 기법이 사용되었다. 조선 후기에 이 시헌력을 익히기 위한 노력을 하는 과정에서 서양의 수학과 기하학을 접하게 되고 새로운 우주 체계를 도입하게 되었다. 특히 서양의 천문도와 지도 제작에 기하학의 투사법이 사용되어 복잡한 대수학적 계산을 단순화시켜 활용하였다. 조선 후기에 전문 수학자뿐만 아니라 많은 유학자들도 서양의 수학과 기하학에 깊은 관심을 갖고 연구하였다. 고천문학 전체를 조망해 볼 때 핵심은 현대의 천체물리학이 아니라 위치천문학이다. 따라서 고천문학을 연구하는데 필수적인 요소가 지구의 자전과 공전 운동에 의해서 일어나는 현상과 세차운동에 의한 효과를 정확하게 이해하고 있어야 한다. 그중에서도 구면천문학과 천체역학에 대한 원리를 알고 있는 상태에서 접근해야 한다. 고천문학의 중심인 천문(天文), 역법(曆法), 의상(儀象), 구루(晷漏) 등의 내용은 이러한 위치천문학이 그 기본 골격을 이루고 있다. 예를 들어 고려사의 천문 현상을 모아 놓은 천문지(天文志)와 일식과 월식 계산 원리가 들어있는 역지(曆志)를 연구하기 위해서는 위치천문학의 기본 개념 없이는 연구하는데 한계가 있다. 인문학을 전공하는 학자가 고천문을 연구하는데 가장 큰 걸림돌이 되는 점이 위치 천문학의 기본 개념 없이 접근하는 것이다. 심지어 조선시대 유학자들조차 저술한 많은 천문 관련 기록을 보면 상당부분 천체 운행 원리를 모르고 혼란스럽게 기록된 내용이 적지 않다. 우리나라 수학사를 연구할 경우 방정식 해법, 보간법, 삼각법, 일반 기하 원리에 대한 것을 연구하는데 큰 문제가 없다. 그러나 천문 현상이나 천문 의기 제작에 사용되는 수학은 천문 현상에 대한 원리를 모르면 접근하기 어렵게 된다. 수학사를 하더라고 기본적인 위치 천문학의 기본개념을 이해하고 있어야 폭 넓은 수학사 연구에 성과를 거둘 수 있다. 의외로 천문 현상 추산을 위해 사용되는 수학이나 기하학 원리가 수학사 연구에 중요한 요소가 된다. 더구나 한문으로 기록된 천문 내용을 한문 해독이 능숙한 학자라 하더라도 내용을 모르고 번역하면 도무지 무슨 내용인지 알아볼 수 없는 경우가 많다. 그래서 한문으로 된 천문 현상 기록이나 역법 관련 기록의 번역 내용 중에 많은 오역을 발견하게 된다. 문제는 한번 오역을 해 놓으면 몇 십 년이고 그대로 그 내용을 무비판적으로 인용하게 되고 사실로서 인정하는 오류를 범하게 된다. 이 때문에 우리 선조들이 남긴 고천문 관련 기록에 관한 이해는 우리 현대 천문학자의 역할이 대단히 크다.

• Progress in Medical Physics
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• v.19 no.2
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• pp.89-94
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• 2008

TomoTherapy has a merit to treat cancer with Intensity modulated radiation and combines precise 3-D imaging from computerized tomography (CT scanning) with highly targeted radiation beams and rotating beamlets. In this paper, we comparing the dose distribution between TomoTherapy and linear accelerator based intensity modulated radiotherapy (IMRT) for 10 Head & Neck patients using TomoTherapy which is newly installed and operated at National Cancer Center since Sept. 2006. Furthermore, we estimate how the homogeneity and Normal Tissue Complication Probability (NTCP) are changed by motion of target. Inverse planning was carried out using CadPlan planning system (CadPlan R.6.4.7, Varian Medical System Inc. 3100 Hansen Way, Palo Alto, CA 94304-1129, USA). For each patient, an inverse IMRT plan was also made using TomoTherapy Hi-Art System (Hi-Art2_2_4 2.2.4.15, TomoTherapy Incorporated, 1240 Deming Way, Madson, WI 53717-1954, USA) and using the same targets and optimization goals. All TomoTherapy plans compared favorably with the IMRT plans regarding sparing of the organs at risk and keeping an equivalent target dose homogeneity. Our results suggest that TomoTherapy is able to reduce the normal tissue complication probability (NTCP) further, keeping a similar target dose homogeneity.

• Childhood Kidney Diseases
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• v.6 no.2
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• pp.131-141
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• 2002

Purpose : Renal transplantation which allows children normal growth and development and a return to normal life. is now proven to be the best modality for children with ESRD Up to Recently, the number of renal transplantations in Asia has rapidly increased and the outcome has also improved. This investigation was planned to estimate the current status of pediatric renal transplantation in Asia and to find the keys for better improvement of outcome in pediatric renal allograft in Asian countries. Material and methods : The participating countries and institutions for this investigation were China, Hong Kong, India, Indonesia, Japan, Malaysia, Pakistan, Philippines, Singapore, Thailand, Korea, KSPN (Korean Society of Pediatric Nephrology), KONOS (Korean Network for Organ Sharing). Results : Many countries in Asia still do not have a well organized nation wide renal transplantation registration system independently in the pediatric field. So it's very difficult to evaluate the real state of pediatric transplantation among Asian countries. According to the estimation with fragmented data from each countries, in the front running countries of pediatric renal transplantation in Asia, about 40 or more transplants were performed in each country per year and the five year actuarial renal allograft survival was around 80% which is similar to that of western countries. But there were large gaps among the behind groups. Conclusion : Vigorous attempts to perform renal transplantation for children especially younger than 5 years old would be encouraged as well as organ donation from brain dead donor and non heart beating cadaveric donor also should be activated to cope effectively with the shortage of living donor supply. Large number of recent reports shows the favorable outcome of pre-emptive renal transplantation, we should make more efforts toward pre-emptive renal transplantation. First of all, in order to improve the outcome and to narrow the gap between Asian countries in pediatric renal transplantation, effective and continuous efforts to establish nationwide pediatric renal transplantation registration program as well as official, nation-to-nation data sharing program should be needed.

• Journal of the Korean Institute of Landscape Architecture
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• v.38 no.4
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• pp.64-74
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• 2010

The study is based on an urban park design that is designed in consideration of the characteristics of Uijeongbu City, applied with adequate functions for the environment and showcasing the unique scenery in relation to the relocation of the US Air Force Camp Falling Water. The bases of the design are: the reasonable convergence of the square and park in consideration of the site characteristics; the application of an urban context as the park is located near a station; and the realization of an eco-friendly space. This study is based on foundation research regarding a review of urban square patterns, particular items in planning in relation to modern urban parks and the adaptability of the park in the future. Regarding space usage, the design is applied with notable ideas that allow the space to make its own characteristics through voluntary user activity in conjunction with the environment that will allow the park to cope with changes in the future, as opposed to a space that users experience through pre-determined programs. Below are the focal points of the design. First, the park is designed as an empty space which may accommodate the urban structural context of and usage patterns for being a field of the city ecology that changes and develops, beyond a passively-created square pattern. Such open spaces have a continuity which allows it to adapt to the development of the city. In addition, the design facilitates spontaneous processes through changes in usage pattern and time. Second, the design includes the message that the park and the city, natural things and artificial things, must communicate and network with each other. Hence the park shall not be an isolated green island within the city, but is an open space accommodating the demands for open area from nearby commercial, public and residential facilities; the park shall include a field that can accommodate a variety of programs. Third, the park is designed to encourage the effect of direct and indirect practical education by reflecting a physical plan as well as interesting experience design methods to lower carbon emissions and to create and maintain an eco-friendly space, the basis of a zero-emissions city.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.8
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• pp.442-448
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• 2016

This study was conducted to determine the appropriateness of systemic radiation exposure control for students in clinical practice by comparing radiation exposure in radiography employees at different stations of a hospital with that of students conducting clinical practice using identical stations. Overall, 121 students who conducted clinical practice in the department of radiology area of C university hospital from July 2014 to August 2014 and 62 workers working in the same medical facility (47 in the department of radiology, 8 in the department of radiation oncology, 7 in the department of nuclear medicine) were investigated. The radiation exposure experienced by students was measured for 8 weeks, which is the duration of the clinical practice. Additionally, radiation exposure of workers were classified into 4 groups, department of radiology, department of radiation oncology, and department of nuclear medicine was compared. Dose was measured with OSLD and differences among groups were identified by ANOVA followed by Duncan's multiple range test. Among employees, those in the department of radiology, oncology and nuclear medicine were exposed depth doses of $0.127{\pm}0.331mSv$, $0.01{\pm}0.003mSv$, and $0.431{\pm}0.205mSv$, respectively, while students were exposed to $0.143{\pm}0.136mSv$. Additionally, workers in the department of radiology, oncology and nuclear medicine were exposed to surface doses of $0.131{\pm}0.331mSv$, $0.009{\pm}0.003mSv$, and $0.445{\pm}0.198mSv$, respectively, while students were exposed to $0.151{\pm}0.14mSv$, which was significantly different in both doses (p < 0.01). The average dose that students received is higher than that of the other groups (except for nuclear medicine workers), indicating that further improvements must be made in systemic controls for individual radiation exposure by including the students as subjects of management for protection from radiation.

• Proceedings of the KSR Conference
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• 2009.05a
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• pp.1254-1268
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• 2009

In 1998, because of the economic crisis called IMF Crisis in Korea, Kyungbu high speed railway project could run by modifying the original plan to open it as a 1st phase only by utilizing the existing railway lines from Seoul to Siheung and the other one from Daegu to Pusan. The modified plan includes that the line from Daegu to Pusan will be constructed as a second phase in next time. Starting railway operation with the changed plan, the combined application operation of high speed rail, passenger rail and freight rail was caused partly from Seoul to Siheung to run into capital area. As a result, the opinion for additional railway line construction is insisted continuously because the operation volume of passenger rail was forced to be reduced, the service quality of it was decreased and it became difficult to add new high speed services. Moreover, with regard to Honam high speed rail, the new construction plan of station in Kangnam metro area as a basement station for starting from Suseo was changed to the plan of turning out at Osong because of the economic effectiveness and this kept resident people in Kangnam metro area and southern Kyungki area unable to get the opportunity of high speed rail service benefit. After beginning of Kyungbu high speed railway operation, national transportation system developments are focused on high speed rail, and when the second phase construction of Kyungbu high speed rail, beginning operation of Kyungjeon line, Jeolla line double track construction, Honam high speed rail in 2014, is completed, the demand for high speed rail will be increased and it is unavoidable to make Kwangmyung station as a basement station and to reduce the number of passenger rail operation. At this moment, it is valuable to consider adding the railway line capacity in capital area to improve the transferring service for citizen who live in area without Kyungbu high speed rail station and to expand the service area from Kangbuk to Kangnam and southern Kyungki area. Accordingly, in this paper, the effective rail operation method, facility plan and the other issue to be reviewed for increasing capital high speed railway lines will be mentioned.

• Journal of Intelligence and Information Systems
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• v.20 no.2
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• pp.59-71
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• 2014

System trading is becoming more popular among Korean traders recently. System traders use automatic order systems based on the system generated buy and sell signals. These signals are generated from the predetermined entry and exit rules that were coded by system traders. Most researches on system trading have focused on designing profitable entry and exit rules using technical indicators. However, market conditions, strategy characteristics, and money management also have influences on the profitability of the system trading. Unexpected price deviations from the predetermined trading rules can incur large losses to system traders. Therefore, most professional traders use strategy portfolios rather than only one strategy. Building a good strategy portfolio is important because trading performance depends on strategy portfolios. Despite of the importance of designing strategy portfolio, rule of thumb methods have been used to select trading strategies. In this study, we propose a SVM-based strategy portfolio management system. SVM were introduced by Vapnik and is known to be effective for data mining area. It can build good portfolios within a very short period of time. Since SVM minimizes structural risks, it is best suitable for the futures trading market in which prices do not move exactly the same as the past. Our system trading strategies include moving-average cross system, MACD cross system, trend-following system, buy dips and sell rallies system, DMI system, Keltner channel system, Bollinger Bands system, and Fibonacci system. These strategies are well known and frequently being used by many professional traders. We program these strategies for generating automated system signals for entry and exit. We propose SVM-based strategies selection system and portfolio construction and order routing system. Strategies selection system is a portfolio training system. It generates training data and makes SVM model using optimal portfolio. We make $m{\times}n$ data matrix by dividing KOSPI 200 index futures data with a same period. Optimal strategy portfolio is derived from analyzing each strategy performance. SVM model is generated based on this data and optimal strategy portfolio. We use 80% of the data for training and the remaining 20% is used for testing the strategy. For training, we select two strategies which show the highest profit in the next day. Selection method 1 selects two strategies and method 2 selects maximum two strategies which show profit more than 0.1 point. We use one-against-all method which has fast processing time. We analyse the daily data of KOSPI 200 index futures contracts from January 1990 to November 2011. Price change rates for 50 days are used as SVM input data. The training period is from January 1990 to March 2007 and the test period is from March 2007 to November 2011. We suggest three benchmark strategies portfolio. BM1 holds two contracts of KOSPI 200 index futures for testing period. BM2 is constructed as two strategies which show the largest cumulative profit during 30 days before testing starts. BM3 has two strategies which show best profits during testing period. Trading cost include brokerage commission cost and slippage cost. The proposed strategy portfolio management system shows profit more than double of the benchmark portfolios. BM1 shows 103.44 point profit, BM2 shows 488.61 point profit, and BM3 shows 502.41 point profit after deducting trading cost. The best benchmark is the portfolio of the two best profit strategies during the test period. The proposed system 1 shows 706.22 point profit and proposed system 2 shows 768.95 point profit after deducting trading cost. The equity curves for the entire period show stable pattern. With higher profit, this suggests a good trading direction for system traders. We can make more stable and more profitable portfolios if we add money management module to the system.

• Journal of the Korean Institute of Landscape Architecture
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• v.38 no.1
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• pp.74-83
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• 2010

This study is a development plan of a resort in a regional center that aims to generate tourism consumptions that have ripple effects on the regional economy by developing abandoned mine complexes in Daechon. Thanks to economic growth, the public awareness of tourism has changed. Hence, want for tourism influences development and advancement of recreational spaces, combining with various cultural contents. Development associated with environmental issues caused by modernization has become a major issue. At this point, to rediscover and specialize industrial complexes of bygone days as tourism resources signifies regeneration of regional resources. This study aims to find a solution for appropriate tourism development as part of the measures to revitalize the regional economy in underdeveloped areas and to improve the polluted environment. The result of the study is summarized as follows: First, in regional development alongside the development of a resort complex, it is important to construct environmental similarities. Minimizing differences in landscape structures is especially necessary because it will cause tourism resources in a regional center to be naturally linked to regional activities. These will then be recognized as attractions in the neighborhood. Therefore, it is desirable to reflect a spatial structure for environmental convergence, and, at the same time, to fulfill operation purposes by space through differentiation of movement lines. Second, in utilization of existing environmental resources, it is desirable to express localities and to develop differentiated elements. Facilities should not be homogenized, attaching importance to trends. Therefore, in establishing a development plan, it is important to have an attitude to accept existing roles and functions in a transformative manner. Third, recreational facilities in resort spaces generally have the problems of being uniformly planned as part of a development project and being limited to landscape facilities. Introduction of specialized facilities that can be reconciled with the regional environment and that can be open influences the landscape structure of the entire region and brings ripple effects as key facilities for activation of tourism.