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Development of a Stock Trading System Using M & W Wave Patterns and Genetic Algorithms (M&W 파동 패턴과 유전자 알고리즘을 이용한 주식 매매 시스템 개발)

  • Yang, Hoonseok;Kim, Sunwoong;Choi, Heung Sik
    • Journal of Intelligence and Information Systems
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    • v.25 no.1
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    • pp.63-83
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    • 2019
  • Investors prefer to look for trading points based on the graph shown in the chart rather than complex analysis, such as corporate intrinsic value analysis and technical auxiliary index analysis. However, the pattern analysis technique is difficult and computerized less than the needs of users. In recent years, there have been many cases of studying stock price patterns using various machine learning techniques including neural networks in the field of artificial intelligence(AI). In particular, the development of IT technology has made it easier to analyze a huge number of chart data to find patterns that can predict stock prices. Although short-term forecasting power of prices has increased in terms of performance so far, long-term forecasting power is limited and is used in short-term trading rather than long-term investment. Other studies have focused on mechanically and accurately identifying patterns that were not recognized by past technology, but it can be vulnerable in practical areas because it is a separate matter whether the patterns found are suitable for trading. When they find a meaningful pattern, they find a point that matches the pattern. They then measure their performance after n days, assuming that they have bought at that point in time. Since this approach is to calculate virtual revenues, there can be many disparities with reality. The existing research method tries to find a pattern with stock price prediction power, but this study proposes to define the patterns first and to trade when the pattern with high success probability appears. The M & W wave pattern published by Merrill(1980) is simple because we can distinguish it by five turning points. Despite the report that some patterns have price predictability, there were no performance reports used in the actual market. The simplicity of a pattern consisting of five turning points has the advantage of reducing the cost of increasing pattern recognition accuracy. In this study, 16 patterns of up conversion and 16 patterns of down conversion are reclassified into ten groups so that they can be easily implemented by the system. Only one pattern with high success rate per group is selected for trading. Patterns that had a high probability of success in the past are likely to succeed in the future. So we trade when such a pattern occurs. It is a real situation because it is measured assuming that both the buy and sell have been executed. We tested three ways to calculate the turning point. The first method, the minimum change rate zig-zag method, removes price movements below a certain percentage and calculates the vertex. In the second method, high-low line zig-zag, the high price that meets the n-day high price line is calculated at the peak price, and the low price that meets the n-day low price line is calculated at the valley price. In the third method, the swing wave method, the high price in the center higher than n high prices on the left and right is calculated as the peak price. If the central low price is lower than the n low price on the left and right, it is calculated as valley price. The swing wave method was superior to the other methods in the test results. It is interpreted that the transaction after checking the completion of the pattern is more effective than the transaction in the unfinished state of the pattern. Genetic algorithms(GA) were the most suitable solution, although it was virtually impossible to find patterns with high success rates because the number of cases was too large in this simulation. We also performed the simulation using the Walk-forward Analysis(WFA) method, which tests the test section and the application section separately. So we were able to respond appropriately to market changes. In this study, we optimize the stock portfolio because there is a risk of over-optimized if we implement the variable optimality for each individual stock. Therefore, we selected the number of constituent stocks as 20 to increase the effect of diversified investment while avoiding optimization. We tested the KOSPI market by dividing it into six categories. In the results, the portfolio of small cap stock was the most successful and the high vol stock portfolio was the second best. This shows that patterns need to have some price volatility in order for patterns to be shaped, but volatility is not the best.

The Present Status and the Preservation Method of the Rice Terrace as Scenic Sites Resources in Northeast Asia (동북아시아 계단식 논의 명승지정 현황 및 보전방안)

  • Youn, Kyung-Sook;Lee, Chang-Hun;Kim, Hyung-Dae;Seo, Woo-Hyun;Lee, Jae-Keun
    • Journal of the Korean Institute of Traditional Landscape Architecture
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    • v.29 no.4
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    • pp.111-123
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    • 2011
  • This study aims to present the basic materials, which lead us to preserve the Korea Rice Terrace as scenic sites resources and study it continuously, through researching about the present status and the preservation method of the Rice Terrace in Korea, China and Japan. The results of this study are as follows. First, The Rice Terrace has a traditional agricultural technique which minimizing the damage of the scenic view while cultivating the slope. And also, it has the value of one of the Korea unique traditional scenic views. However, The no cultivation land or disappearing desert land of rice terrace were increasing by the disadvantage of operation in land cultivation. Therefore, The Government must need preparing the base of scene resources excavation by executed the established of Korea Rice Terrace Database for preserving of Korea traditional scene. however it is getting to disappearance. And also, The High valued of Rice Terrace by cultural and scenic view which is must managed by designation of scenic sites or monument. Second, The internal and external reference book researched and analyzed results are as followings for understanding about Korea Rice Terrace feature. First of all, The Rice Terrace's dictionary meaning is just difference by each nations. However, Generally speaking that It means the terraced land by cultivated of sloped land. The Rice Terrace has cross relation with mountain valley and piedmont slope cultivation in location of condition. It occurred era is before approximately estimated from 3000 of years until 6000 of years. It can divide two type by topography shape those are slope and valley type. However, The natural element of forest has very big position in this part. But, The Rice Terrace is just managed and designated by the scenic sites with the Cultural Properties Protection Law. It must needs more binding force and effectiveness for the Rice Terrace scenic view plan establishment by scenic laws and farming and fishing village laws etc. I think that it must need the Rice Terrace related law establishment as soon as possible for efficient preservation and management of the Rice Terrace. Third, The Rice Terrace were researched and analyzed results are as followings those were executed at the Korea, China and Japan. The Korea and Japan have good Rice Terrace Characteristic. And also, The high valued scenic sites area were good managed by the Cultural Properties Protection Law as well as the superior scenic valued Rice Terrace in China. Those are also managed by designated scenic sites for protection and preservation positively. Those were managed by each autonomous district management Department. The each nation's related laws of Rice Terrace protection were just little bit different. However, The basic purpose is same. for example, it based on superior scenic view preservation and protection. Especially, The Japan's Cultural Properties Law and Scenic law linkage, and China Autonomous district legislation and effectiveness. The Korea Government must need above elements for Korea Rice Terrace culture and scenic view preservation. Fourth, We need inducing the owner system and the policy of Rice Terrace preservation promotion association for efficient preservation of Rice Terrace in japan. The owner system in japan gives the owner of the land a permission to rent the land to Rice Terrace preservation promotion association and the local government. In this system the village would be revitalized by commons in the way of the management of the terraces, beautifying the area around the terraces and etc. And also, Making the each village management operating system for Rice Terrace management through educating civilization. The civilization could receive quick help from a consultative body comprised of experts such as representatives of Cultural Heritage Administration and professors. And it is in a hurry to solve the problem of revitalization of the region by exchange between cities and the village.

A Study on the Meaning of 'Gyoun' and Earlier Variations of Chapter One of 'Gyoun' in The Canonical Scripture (『전경(典經)』 「교운(敎運)」편 1장에 나타난 교운의 의미와 구절의 변이 연구)

  • Ko, Nam-sik
    • Journal of the Daesoon Academy of Sciences
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    • v.36
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    • pp.153-199
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    • 2020
  • The teachings of Sangje teachings have been spread to humanity and were provided as basis for building the earthly paradise due to His having performed the Reordering Works of the Universe (Cheonjigongsa) for nine years. The work that remains will be completed year by year following the cosmic program that Sangje set for the universe. The chapters titled 'Gyoun (Progress of the Order)' in Jeon-gyeong (The Canonical Scripture) can be summarized into three parts: Viewing Gyoun, Spreading Gyoun, and Establishing the firm ground of Gyoun. Viewing Gyoun is seeing how the teachings would be transmitted from the beginning to end. The work of Gyoun was established by Sangje and promoted as the teachings of Sangje which will ultimately unfold into the realization of an earthly paradise. Spreading Gyoun is performed by disciples who received the teachings from Sangje and then the successor to whom Sangje transmitted the religious authority. Since chapter two of Gyoun is about the hagiography of Doju Jo Jeongsan, it is shown that Doju unfolded and developed Sangje's teachings. Establishing the firm ground of Gyoun is carried out to enable practitioners to understand that Dotong-gunja ('Dao-Empowered Sages,' Earthly Immortals) will be produced as a result of Sangje's Reordering Works of Heaven and Earth and that humans can perfect themselves through cultivating the Dao. In conclusion, Gyoun can be summarized as a process that started during Doju Jo Jeongsan's 50 years (1909~1958) of holy works and spreading of the teachings. Next, it was continued through the time of Dojeon who was bestowed with religious authority through Doju's last words. Dojeon, like Doju before him, spread the teachings. In later times, there will be Dotong-gunjas who transmit Sangje's teachings to the whole world. Although the above characterizations are accurate, I compared some verses from Chapter 1 of Progress of the Order (Gyoun) in The Canonical Scripture (Jeon-gyeong) of Daesoon Jinrihoe to the 6 th edition (1965) of Daesoon Jeongyeong, a key scripture from the earliest strata of Jeungsanist scriptures, and found that there were a few earlier variations of the same content. The use of words and sentences were different though in several of these verses. Also, some of the verses indicated alternative historical dates (years), and some of the verses from Chapter 1 of Progress of the Order from The Canonical Scripture do not appear anywhere in the 6th edition of Daesoon Jeong-gyeong.

Christian Educational Proposals for Revitalizing Research on North Korea's 'education' (북한 '교육' 연구 활성화를 위한 기독교교육적 제언)

  • Ham, Seung su
    • Journal of Christian Education in Korea
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    • v.71
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    • pp.305-340
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    • 2022
  • This study was started to suggest the direction of Christian educational development to revitalize North Korea's 'education' research. Since the two Koreas have experienced heterogeneity in almost all elements of society, such as politics, economy, society, culture, and education, during the period of division in 1977, true unification depends on laying the foundation for social integration that can overcome the sense of heterogeneity between the two Koreas. This is why North Korea's "education" research is needed. Education is the foundation for transferring culture and history, and for bringing about the survival, transformation, and community of society and since it is the mission of Korean churches and Christian educators to establish the direction of North Korean "education" research, North Korean "education" research is very important. Despite this importance, 'North Korean research' in the field of Christian education has not been properly conducted. Research on the "Christian Unification Education Program" that can be used in churches is actively taking place, but research on the macro level of presenting post-unification education blueprints is rare. This study was started to suggest the direction of Christian educational development to revitalize North Korea's 'education' research. For the study, the characteristics of 'North Korea Research' were analyzed according to generational classification. As a result of the study, recent research on North Korea has been expanding in research topics and methodologies, and recent studies have been differentiated into microscopic studies that deviate from existing research trends at a macro level and view North Korea's daily life. The characteristics of 'North Korean education research' are summarized by period. The research on North Korean education, which began in earnest in the 1970s, was divided into the period of start(70s), transition(80s), leap(90s), expansion(2000s), and development(2010s~). and research characteristics for each period were analyzed. Through this, early North Korean education research was also conducted in the policy aspect of the country, and the characteristics of political and social studies were strong, but recent studies have confirmed that the subjects and contents are diversifying. Based on these studies, the pending issues and issues of North Korean education research in the field of Christian education were analyzed. The study of North Korea in the field of Christian education, which began in the 1980s, has been conducted in the engineering aspect of 'development of unification education programs for churches'. However, studies on Christian unification education and North Korean education itself, which can be used in public education sites including Christian schools, have yet to be sufficient. Nevertheless, the diversification of research in the field of Christian education can be evaluated as a positive change. Based on these studies, it was proposed to establish a de-ideological research foundation, secure primary research data(Raw Data), activate research topics and research methodologies, and strengthen research capabilities in the direction of development to revitalize North Korean research in the field of Christian education. I hope this study will trigger various follow-up studies and help Korean churches that must achieve unification.

A Study on the Historical Values of the Changes of Forest and the Major Old Big Trees in Gyeongbokgung Palace's Back Garden (경복궁 후원 수림의 변화과정 및 주요 노거수군의 역사적 가치규명)

  • Shin, Hyun-Sil
    • Journal of the Korean Institute of Traditional Landscape Architecture
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    • v.40 no.2
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    • pp.1-13
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    • 2022
  • This paper examined the history and development of Gyeongbokgung Palace's back garden based on historical materials and drawings such as Joseon Ilgi(Diaries of Joseon Dynasty), Joseon Wangjo Sillok(the Annals of the Joseon Dynasty), Doseongdaejido(the Great Map of Seoul), Bukgwoldohyeong(Drawing Plan of the Northern Palace), the Bukgung Palace Restoration Plan, Restoration Planning of Gyeongbokgung Palace and the following results were derived. First, it was confirmed that the Back Garden of Gyeongbokgung Palace was famous for its great location since the Goryeo Dynasty, and that it was named Namkyeong at that time and was a place where a shrine was built, and that castles and palaces were already built during the Goryeo Dynasty under the influence of Fengshui-Docham(風水圖讖) and Zhouli·Kaogongji(周禮考工記). Although the back garden of Gyeongbokgung Palace in the early Joseon Dynasty stayed out of the limelight as a back garden for the palace, it has a place value as a living space for the head of the state from King Gojong to the present. Second, in order to clearly identify the boundaries of back garden, through literature such as map of Doseongdo (Map of the Capital), La Coree, Gyeongmudae Area, Japanese Geography Custom Compendium, Korean Photo Album, JoseonGeonchukdoJip(The Illustration Book of Joseon Construction), Urban Planning Survey of Gyeongseong, it was confirmed that the current Blue House area outside Sinmumun Gate was built outside the precincts of Gyeongbokgung Palace. It was found that the area devastated through the Japanese Invasion of Korea in 1592, was used as a space where public corporations were combined through the process of reconstruction during the King Gojong period. In Japanese colonial era, the place value as a back garden of the primary palace was damaged, as the palace buildings of the back garden was relocated or destroyed, but after liberation, it was used as the presidential residence and restored the place value of the ruler. Third, in the back garden of Gyeongbokgung Palace, spatial changes proceeded through the Japanese Invasion and Japanese colonial era. The place with the greatest geographical change was Gyeongnongjae area, where the residence of the Japanese Government-General of Korea was built, and there were frequent changes in the use of the land. On the other hand, the current Gyeongmudae area, the forests next to the small garden, and the forests of Baekak were preserved in the form of traditional forests. To clarify this, 1:1200 floor plan of inner Gyeongmudae residence and satellite images were overlapped based on Sinmumun Gate, and as a result, it was confirmed that the water path originating from Baekak still exists today and the forest area did not change. Fourth, in the areas where the traditional forest landscape was inherited, the functional changes in the topography were little, and major old-age colonies are maintained. The old trees identified in this area were indicator tree species with historical value. Representatively, Pinus densiflora for. multicaulis Uyeki, located in Nokjiwon Garden, is presumed to have been preserved as one of Pinus densiflora for. multicaulis Uyeki planted next to Yongmundang, and has a historicality that has been used as a photo zone at dinners for heads of state and important guests. Lastly, in order to continuously preserve and manage the value of Gyeongbokgung Palace in Blue House, it is urgent to clarify the space value through excavation of historical materials in Japanese colonial era and establish a hierarchy of garden archaeology by era. In addition, the basis for preserving the historical landscape from the Joseon Dynasty to the modern era from Gyeongbokgung Palace should not damage the area of the old giant trees, which has been perpetuated since the past, and a follow-up study is needed to investigate all the forests in Blue House.

A Study on Dance Historical Value of Jaein Line Dance by Han Seong-jun (한성준을 통해 본 재인 계통춤의 무용사적 가치 연구)

  • Choung, Soung Sook
    • (The) Research of the performance art and culture
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    • no.19
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    • pp.347-378
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    • 2009
  • Those who were from Jaeincheon and Jaein line entertainers played great roles during transition period from traditional society to modern society, and even at present the dances of them are the representative traditional dances of Korea and the matrix of Korean originality. Nevertheless, Korea dance field has given little importance to these dances, but too much importance to Gibang dance in studying traditional dances, which causes the studies on Jaein line danced to be superficial or separate. Therefore, the aims of this article are to analyze the dances of Jaein line by Han Seong-jun, who was representative for the dances, and to appraise the historical value of them. Han Seong-jun(1874-1942) was the most influential dummer and dancer of his day in Japanese colonial times, and has been recognized as one of the masters of traditional dances. He established autonomy of traditional dances by reorganizing, collecting and stage-formalizing the dances, and systemized transmitting ways for various folk dances including a Buddhist dance, which made it possiblefor those dances to be traditional dances of Korea and the bases for creative dances. The values of Jaein line dances, which were transmitted through Han, are the following: First, the dances have been designated as national or regional intangible cultural assets, and, as the representative traditional arts, we proudly show them to the world. Second, the dances, as one of the genres of Korean dances, are the subjects of younger scholars' studies. Third, the dances become one of the representative examples of revivals of traditional dances, which tend to be extinct during modernization times, and contribute to establishing national identity and subjectivity. In addition, they contribute to discovering and transmitting other traditional dances. Fourth, the dances enable many dancers to make association, that is, Association for Preservation of Traditional Dances,for the transmitting the dances, and to distribute the dances and get many dancers to transmit the dances. Furthermore, as new performance repertories, they give another pleasure to the audience. In addition to the above, as a base for expansion of Korean creative dances, Han's dances have other values such as the following: First, in searching for a new methodology for creation, he played an important role in rediscovering the foundation in the tradition, and tried to discover nationalidentity by employing the traditional dances for expression of theme. Second, he contributed to drastically dissolving the genres by expanding the gesture language from motion factors of traditional dances, which can be compared to the modern dance. Third, he tried new challenging approaches to re-create the tradition, and contributed to pursuing the simple elements of our traditional dances as traditional aesthetics. While the dances of Jaein line have such values as the above, there are also some problems around the dances, such as the confusion in the process of transmission resulted from different transmission forms and transmitters, which we must no longer leave as it is. Furthermore, it is urgent that the rest of Jaein line dances be recovered and designated as intangible cultural assets for the sound transmission of the traditional dances.

The 1998, 1999 Patterns of Care Study for Breast Irradiation After Breast-Conserving Surgery in Korea (1998, 1999년도 우리나라에서 시행된 유방보존수술 후 방사선치료 현황 조사)

  • Suh Chang-Ok;Shin Hyun Soo;Cho Jae Ho;Park Won;Ahn Seung Do;Shin Kyung Hwan;Chung Eun Ji;Keum Ki Chang;Ha Sung Whan;Ahn Sung Ja;Kim Woo Cheol;Lee Myung Za;Ahn Ki Jung
    • Radiation Oncology Journal
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    • v.22 no.3
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    • pp.192-199
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    • 2004
  • Purpose: To determine the patterns on evaluation and treatment in the patient with early breast cancer treated with conservative surgery and radiotherapy and to improve the radiotherapy techiniques, nationwide survey was peformed. Materials and Methods: A web-based database system for korean Patterns of Care Study (PCS) for 6 common cancers was developed. Two hundreds sixty-one randomly selected records of eligible patients treated between 1998$\~$1999 from 15 hospitals were reviewed. Results: The patients ages ranged from 24 to 85 years(median 45 years). Infiltrating ductal carcinoma was most common histologic type (88.9$\%$) followed by medullary carcinoma (4.2$\%$) and infiltrating lobular carcinoma (1.5$\%$). Pathologic T stage by AJCC was T1 in 59.7$\%$ of the casses, T2 in 29.5$\%$ of the cases, Tis in 8.8$\%$ of the cases. Axillary lymph node dissection was peformed I\in 91.2$\%$ of the cases and 69.7$\%$ were node negative. AJCC stage was 0 in 8.8$\%$ of the cases, stage I in 44.9$\%$ of the cases, stage IIa in 33.3$\%$ of the cases, and stage IIb in 8.4$\%$ of the cases. Estrogen and progesteron receptors were evaluated in 71.6$\%$, and 70.9$\%$ of the patients, respectively. Surgical methods of breast-conserving surgery was excision/lumpectomy in 37.2$\%$, wide excision in 11.5$\%$, quadrantectomy in 23$\%$ and partial mastectomy in 27.5$\%$ of the cases. A pathologically confirmed negative margin was obtained in 90.8$\%$ of the cases. Pathological margin was involved with tumor in 10 patients and margin was close (less than 2 mm) in 10 patients. All the patients except one recieved more than 90$\%$ of the planned radiotherapy dose. Radiotherapy volume was breast only In 88$\%$ of the cases, breast+supraclavicular fossa (SCL) in 5$\%$ of the cases, and breast+ SCL+ posterior axillary boost in 4.2%$\%$of the cases. Only one patient received isolated internal mammary lymph node irradiation. Used radiation beam was Co-60 in 8 cases, 4 MV X-ray in 115 cases, 6 MV X-ray in 125 cases, and 10 MV X-ray in 11 cases. The radiation dose to the whole breast was 45$\~$59.4 Gy (median 50.4) and boost dose was 8$\~$20 Gy (median 10 Gy). The total radiation dose delivered was 50.4$\~$70.4 Gy (median 60.4 Gy). Conclusion: There was no major deviation from current standard in the patterns of evaluation and treatment for the patients with early breast cancer treated with breast conservation method. Some varieties were identified in boost irradiation dose. Separate analysis for the datails of radiotherapy planning will be followed and the outcome of treatment is needed to evaluate the process.

Studies on the physio-chemical properties and the cultivation of oyster mushroom(Pleurotus ostreatus) (느타리버섯의 생리화학적성질(生理化學的性質) 및 재배(栽培)에 관(關)한 연구(硏究))

  • Hong, Jai-Sik
    • Applied Biological Chemistry
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    • v.21 no.3
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    • pp.150-184
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    • 1978
  • Nutritional characteristics and physio-chemical properties of mycelial growth and fruitbody formation of oyster mushroom(Pleurotus ostreatus)in synthetic media, the curtural condition for the commerical production in the rice straw and poplar sawdust media, and the changes of the chemical components of the media and mushroom during the cultivation were investigated. The results can be summarized as follows: 1. Among the carbon sources mannitol and sucrose gave rapid mycelial growth and rapid formation of fruit-body with higher yield, while lactose and rhamnose gave no mycelial growth. Also, citric acid, succinic acid, ethyl alcohol and glycerol gave poor fruit-body formation, and acetic acid, formic acid, fumaric acid, n-butyl alcohol, n-propyl alcohol and iso-butyl alcohol inhibited mycelial growth. 2. Among the nitrogen sources peptone gave rapid mycelial growth and rapid formation of fruit-body with higher yield, while D,L-alanine, asparatic acid, glycine and serine gave very poor fruit-body formation, and nitrite nitrogens, L-tryptophan and L-tyrosine inhibited mycelial growth. Inorganic nitrogens and amino acids added to peptone were effective for fruit-body growth, and thus addition of ammonium sulfate, ammonium tartarate, D,L-alanine and L-leucine resulted in about 10% increase fruit-body yield. L-asparic acid about 15%, L-arginine about 20%, L-glutamic acid, and L-lysine about 25%. 3. At C/N ratio of 15.23 fruit-body formation was fast, but the yield decreased, and at C/N ratio of 11.42 fruit-body formation was slow, but the yield increased. Also, at the same C/N ratio the higher the concentration of mannitol and petone, the higher yield was produced. Thus, from the view point of both yield of fruit-body and time required for fruiting the optimum C/N ratio would be 30. 46. 4. Thiamine, potassium dihydrogen phosphate and magnecium sulfate at the concentration of $50{\mu}g%$. 0.2% and 0.02-0.03%, respectively, gave excellent mycelial and fruit-body growth. Among the micronutrients ferrous sulfate, zinc sulfate and manganese sulfate showed synergetic growth promoting effect but lack of manganese resulted in a little reduction in mycelial and fruit-body growth. The optimum concentrati on of each these nutrients was 0.02mg%. 5. Cytosine and indole acetic acid at 0.2-1mg% and 0.01mg%, respectively, increased amount of mycelia, but had no effect on yield of fruit-body. The other purine and pyrimidine bases and plant hormones also had no effect on mycelial and fruit-belly yield. 6. Illumination inhibited mycelial growth, but illumination during the latter part of vegetative growth induced primordia formation. The optimum light intensity and exposure time was 100 to 500 lux and 6-12 hours per day, respectively. Higher intensity of light was injurous, and in darkness only vegetative growth without primordia formation was continued. 7. The optimum temperature for mycelial growth was $25^{\circ}C$ and for fruit-body formation 10 to $15^{\circi}C$. The optimum pH range was from 5.0 to 6.5. The most excellent fry it-body formation were produced from the mycelium grown for 7 to 10 days. The lesser the volume of media, the more rapid the formation of fruit-body; and the lower the yield of fruit-body; and the more the volume of media, the slower the formation of fruit-body, and the higher the yield of fruit-body. The primordia formation was inhibited by $CO_2$. 8. The optimum moisture content for mycelial growth was over 70% in the bottle media of rice straw and poplar sawdust. 10% addition of rice bran to the media exhibited excellent mycelial growth and fruit-body formation, and the addition of calciumcarbonate alone was effective, but the addition of calcium carbonate was ineffective in the presence of rice bran. 9. In the cultivation experiments the total yield of mushroom from the rice straw media was $14.99kg/m^2$, and from the sawdust media $6.52kg/m^2$, 90% of which was produced from the first and second cropping period. The total yield from the rice straw media was about 2.3 times as high as that from the sawdust media. 10. Among the chemical components of the media little change was observed in the content of ash on the dry weight basis, and organic matter content decreased as the cultivation progressed. Moisture content, which was about 79% at the time of spawning, decreased a little during the period of mycelial propagation, after which no change was observed. 11. During the period from spawning to the fourth cropping about 16.7% of the dry matter, about 19.3% of organic matter, and about 40% of nitrogen were lost from the rice straw media; about 7.5% of dry mallet, about 7.6% of organic matter, and about 20% of nitrogen were lost from the sawdust media. For the production of 1kg of mushroom about 232g of organic matter and about 7.0g of nitrogen were consumed from the rice straw media; about 235g of organic matter and about 6.8g of nitrogen were consumed from the sawdust media, 1㎏ of mushroom from either of media contains 82.4 and 82.3g of organic matter and 5.6 and 5.4g of nitrogen, respectively. 12. Total nitrogen content of the two media decreased gradually as the cultivation progressed, and total loss of insoluble nitrogen was greater than that of soluble nitrogen. Content of amino nitrogen continued to increase up to the third cropping time, after which it decreased. 13. In the rice straw media 28.0 and 13.8% of the total pentosan and ${\alpha}$-cellulose, respectively, lost during the whole cultivation period was lost during the period of mycelial growth; in the sawdust media 24.1 and 11.9% of the total pentosan and ${\alpha}$-cellulose, respectively, was lost during the period of mycelial growth. Lignin content in the media began to decrease slightly from the second cropping time, while the content of reduced sugar, trehalose and mannitol continued to increase. C/N ratio of the rice straw media decreased from 33.2 at spawining to 30.0 at ending; that of the sawdust media decreased from 61.3 to 60.0. 14. In both media phosphorus, potassium, manganese and zinc decreased, at magnesium, calcium and copper showed irregular changes, and iron had a tendency to be increased. 15. Enzyme activities are much higher in the rice straw media than in the sawdust media. CMC saccharifying and liquefying activity gradually increased from after mycelial propagation to the second cropping, after which it decreased in both media. Xylanase activity rapidly and greatly increased during the second cropping period rather than the first period. At the start of the third cropping period the activity decreased rapidly in the rice straw media, which was not observed in the sawdust media. Protease activity was highest after mycelial propagation, after which it gradually decreased. The pH of the rice straw media decreased from 6.3 at spawning to 5.0 after fourth cropping; that of the sawdust media decreased from 5.7 to 4.9. 16. The contents of all the components except crude fibre of the mushroom from the rice straw media were higher than those from the sawdust media. Little change was observed in the content of the components of mushroom cropped from the first to the third period, but slight decrease was noticed at the fourth cropping.

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