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The Relationship between Internet Search Volumes and Stock Price Changes: An Empirical Study on KOSDAQ Market (개별 기업에 대한 인터넷 검색량과 주가변동성의 관계: 국내 코스닥시장에서의 산업별 실증분석)

  • Jeon, Saemi;Chung, Yeojin;Lee, Dongyoup
    • Journal of Intelligence and Information Systems
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    • v.22 no.2
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    • pp.81-96
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    • 2016
  • As the internet has become widespread and easy to access everywhere, it is common for people to search information via online search engines such as Google and Naver in everyday life. Recent studies have used online search volume of specific keyword as a measure of the internet users' attention in order to predict disease outbreaks such as flu and cancer, an unemployment rate, and an index of a nation's economic condition, and etc. For stock traders, web search is also one of major information resources to obtain data about individual stock items. Therefore, search volume of a stock item can reflect the amount of investors' attention on it. The investor attention has been regarded as a crucial factor influencing on stock price but it has been measured by indirect proxies such as market capitalization, trading volume, advertising expense, and etc. It has been theoretically and empirically proved that an increase of investors' attention on a stock item brings temporary increase of the stock price and the price recovers in the long run. Recent development of internet environment enables to measure the investor attention directly by the internet search volume of individual stock item, which has been used to show the attention-induced price pressure. Previous studies focus mainly on Dow Jones and NASDAQ market in the United States. In this paper, we investigate the relationship between the individual investors' attention measured by the internet search volumes and stock price changes of individual stock items in the KOSDAQ market in Korea, where the proportion of the trades by individual investors are about 90% of the total. In addition, we examine the difference between industries in the influence of investors' attention on stock return. The internet search volume of stocks were gathered from "Naver Trend" service weekly between January 2007 and June 2015. The regression model with the error term with AR(1) covariance structure is used to analyze the data since the weekly prices in a stock item are systematically correlated. The market capitalization, trading volume, the increment of trading volume, and the month in which each trade occurs are included in the model as control variables. The fitted model shows that an abnormal increase of search volume of a stock item has a positive influence on the stock return and the amount of the influence varies among the industry. The stock items in IT software, construction, and distribution industries have shown to be more influenced by the abnormally large internet search volume than the average across the industries. On the other hand, the stock items in IT hardware, manufacturing, entertainment, finance, and communication industries are less influenced by the abnormal search volume than the average. In order to verify price pressure caused by investors' attention in KOSDAQ, the stock return of the current week is modelled using the abnormal search volume observed one to four weeks ahead. On average, the abnormally large increment of the search volume increased the stock return of the current week and one week later, and it decreased the stock return in two and three weeks later. There is no significant relationship with the stock return after 4 weeks. This relationship differs among the industries. An abnormal search volume brings particularly severe price reversal on the stocks in the IT software industry, which are often to be targets of irrational investments by individual investors. An abnormal search volume caused less severe price reversal on the stocks in the manufacturing and IT hardware industries than on average across the industries. The price reversal was not observed in the communication, finance, entertainment, and transportation industries, which are known to be influenced largely by macro-economic factors such as oil price and currency exchange rate. The result of this study can be utilized to construct an intelligent trading system based on the big data gathered from web search engines, social network services, and internet communities. Particularly, the difference of price reversal effect between industries may provide useful information to make a portfolio and build an investment strategy.

Simulation and Post-representation: a study of Algorithmic Art (시뮬라시옹과 포스트-재현 - 알고리즘 아트를 중심으로)

  • Lee, Soojin
    • 기호학연구
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    • no.56
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    • pp.45-70
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    • 2018
  • Criticism of the postmodern philosophy of the system of representation, which has continued since the Renaissance, is based on a critique of the dichotomy that separates the subjects and objects and the environment from the human being. Interactivity, highlighted in a series of works emerging as postmodern trends in the 1960s, was transmitted to an interactive aspect of digital art in the late 1990s. The key feature of digital art is the possibility of infinite variations reflecting unpredictable changes based on public participation on the spot. In this process, the importance of computer programs is highlighted. Instead of using the existing program as it is, more and more artists are creating and programming their own algorithms or creating unique algorithms through collaborations with programmers. We live in an era of paradigm shift in which programming itself must be considered as a creative act. Simulation technology and VR technology draw attention as a technique to represent the meaning of reality. Simulation technology helps artists create experimental works. In fact, Baudrillard's concept of Simulation defines the other reality that has nothing to do with our reality, rather than a reality that is extremely representative of our reality. His book Simulacra and Simulation refers to the existence of a reality entirely different from the traditional concept of reality. His argument does not concern the problems of right and wrong. There is no metaphysical meaning. Applying the concept of simulation to algorithmic art, the artist models the complex attributes of reality in the digital system. And it aims to build and integrate internal laws that structure and activate the world (specific or individual), that is to say, simulate the world. If the images of the traditional order correspond to the reproduction of the real world, the synthesized images of algorithmic art and simulated space-time are the forms of art that facilitate the experience. The moment of seeing and listening to the work of Ian Cheng presented in this article is a moment of personal experience and the perception is made at that time. It is not a complete and closed process, but a continuous and changing process. It is this active and situational awareness that is required to the audience for the comprehension of post-representation's forms.

The Development and Originality of Wind Chimes of the Goryeo Dynasty (고려시대 풍탁(風鐸)의 전개와 독창성)

  • Lee, Young-sun
    • Korean Journal of Heritage: History & Science
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    • v.52 no.2
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    • pp.292-307
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    • 2019
  • Buddhists have always tended to adorn and embellish Buddhist statues and their surrounding spaces in order to exhibit the grandeur and sublime nature of the Buddha. The various kinds of splendid instruments and implements used in such ornamentation are collectively called jangeomgu in Korean. Thus, the term jangeomgu encompasses articles used to decorate Buddhist statues, halos, and baldachin, as well as Buddhist banners and wind chimes, which are generally hung outside a building. Wind chimes are still widely used at Buddhist temples. In China, judging from various structures such as the Wooden Stupa of Yongningsi in Luoyang and the Dunhuang Caves, wind chimes began to be used around the sixth century. As for Korea, Buddhism was first introduced from China during the Three Kingdoms Period, and Koreans accordingly began to build Buddhist temples and buildings. It would appear that wind chimes came to be used around the time that the first temples were built. The oldest extant wind chime in Korea is the gilt-bronze wind chime of Baekje, discovered at the Mireuksa Temple Site in Iksan. In general, Korean wind chimes dating from the Three Kingdoms Period are classified into two general types according to their shape and elevation, i.e., those shaped like a Buddhist bell and those shaped like a trapezoid. As these two forms of wind chimes have influenced each other over time, those made during the Goryeo dynasty, having inherited the style, structure, and design of the preceding period, display such features. At the same time, the artisans who produced wind chimes pursued technical development and adopted free, yet not extravagant, designs. In particular, Goryeo wind chimes are characterized by original designs created through exchanges with other Buddhist art forms of the same period, such as the embossed lotus design band of Goryeo bells; the bullmun design, which served to display the grandeur of the royal family; the samhwanmun design, which consisted of decorating the interior of a Goryeo incense burner with three holes; Sanskrit designs; and designs inspired by the windows and doors of stone pagodas. In this way, the production of Goryeo wind chimes developed with a focus on purpose while being free of formal constraints. This study started out from the fact that the largest number of Korean wind chimes were produced during the Goryeo dynasty. Therefore, research on wind chimes should be based on those of the Goryeo dynasty, especially since fewer relevant studies have been conducted compared to studies on other forms of Buddhist art. For the purposes of this study, the reasons for the production of wind chimes will be examined first, followed by an examination of the various styles of Korean wind chimes. Then, based on the findings of this investigation, the development and characteristics of the wind chimes produced during the Goryeo dynasty will be explored for each period.

Techniques and Traditional Knowledge of the Korean Onggi Potter (옹기장인의 옹기제작기술과 전통지식)

  • Kim, Jae-Ho
    • Korean Journal of Heritage: History & Science
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    • v.48 no.2
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    • pp.142-157
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    • 2015
  • This study examines how traditional knowledge functions in the specific techniques to make pottery in terms of the traditional knowledge on the pottery techniques of Onggi potters. It focuses on how traditional pottery manufacturing skills are categorized and what aspects are observed with regard to the techniques. The pottery manufacturing process is divided into the preparation step of raw material, the molding step of pottery, and the final plasticity step. Each step involves unique traditional knowledge. The preparation step mainly comprises the knowledge on different kinds of mud. The knowledge is about the colors and properties of mud, the information on the regional distribution of quality mud, and the techniques to optimize mud for pottery manufacturing. The molding step mainly involves the structure and shape of spinning wheels, the techniques to accumulate mud, ways to use different kinds of tools, the techniques to dry processed pottery. The plasticity step involves the knowledge on kilns and the scheme to build kilns, the skills to stack pottery inside of the kilns, the knowledge on firewood and efficient ways of wood burning, the discrimination of different kinds of fire and the techniques to stoke the kilns. These different kinds of knowledge may be roughly divided into three categories : the preparation of raw material, molding, and plasticity. They are closely connected with one another, which is because it becomes difficult to manufacture quality pottery even with only one incorrect factor. The contents of knowledge involved in the manufacturing process of pottery focused are mainly about raw material, color, shape, distribution aspect, fusion point, durability, physical property, etc, which are all about science. They are rather obtained through the experimental learning process of apprenticeship, not through the official education. It is not easy to categorize the knowledge involved. Most of the knowledge can be understood in the category of ethnoscience. In terms of the UNESCO world heritage of intangible cultural assets, the knowledge is mainly about 'the knowledge on nature and universe'. Unique knowledge and skills are, however, identified in the molding step. They can be referred to 'body techniques', which unify the physical stance of potters, tools they employ, and the conceived pottery. Potters themselves find it difficult to articulate the knowledge. In case stated, it cannot be easily understood without the experience and knowledge on the field. From the preparation of raw material to the complete products, the techniques and traditional knowledge involved in the process of manufacturing pottery are closely connected, employing numerous categories and levels. Such an aspect can be referred to as a 'techniques chain'. Here the techniques mean not only the scientific techniques but also, in addition to the skills, the knowledge of various techniques and levels including habitual, unconscious behaviors of potters.

A Study on a Paradigm Shift to Archives of everyday life (일상 아카이브(Archives of everyday life)로의 패러다임 전환을 위한 소론)

  • Kwak, Kun-Hong
    • The Korean Journal of Archival Studies
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    • no.29
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    • pp.3-33
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    • 2011
  • No one can deny the harsh reality that archival culture has not yet been permeated extensively into all the spheres of our society. Only fragmented records in fixed areas are in the custody of archives. Records to build a living memory for the history of our present are hard to find or remain minimal, if anywhere. Above all, there are few records in archives concerned with the everyday life of common people. No consideration has not been made about the reason for being of archives, not to mention of the strategy for establishing the archival culture. Accordingly, a paradigm shift is required for archives directly connected with the everyday life of common people. Archives of everyday life means one which interprets the behaviour and experiences of individuals(groups) within the context of society through categorizing everyday life of common people into the lesser fields. And archives of everyday life also means an organization or facility/place which documents the everyday life of individuals(groups), and collect, appraise, select and preserve the records from the view point of humanities for the reconstruction of history from the bottom. Archives of everyday life is an attempt to reconstruct memory and records on behaviour by and torment of the common people in the modern history of Korea, on the basis of which we can seek out the oppressive structure in the daily life of capitalism. Archival community should discuss about what is the meaning of records in the age of democracy unlike that of authoritarian era. We also need to have definite direction on the what kinds of records are to be created and appraised from the standpoint of common people. We are to make it possible to create Zeitgeist in the tackle of records and archives' content. on this kind of attempt archival community could make a practical contribution forward a more advanced democracy, resulted in having an opportunity to change the essence of archives.

An Empirical Study on Classification, Business Type, Organizational Culture on Performance of Korean IT SMEs·Venture (중소·벤처기업의 업종, 영업형태, 조직문화가 기업성과에 미치는 영향에 관한 연구: 삼원분산분석(3-way ANOVA)을 중심으로)

  • Roh, Doo-Hwan;Hwang, Kyung-Ho
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.14 no.2
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    • pp.221-233
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    • 2019
  • In Korea, small and medium sized domestic enterprises(SMEs) play an pivotal role in the national economy, accounting for 99.9% of all enterprises, 87.9% of total employment, and 48.3% of production. and SMEs was driving a real force of the development of national economy in many respects such as innovation, job creation, industrial diversity, balanced regional development. Despite their crucial role in the national development, most of SMEs suffer from a lack of R&D capabilities and equipments as well as funding capacity. Public R&D institutes can provide SMEs with valuable supplementary technological knowledge and help them build technological capacity. so, In order to effectively support SMEs, government and public R&D institutes must be a priority to know about the factors influencing the performance related to technology transfer and technological collaborations. In particular, SMEs are not only taking up a large portion of the national economy, but also their influence in politics and economy so strong that raising the competitiveness of small and medium-sized companies is a national policy goal that must be achieved in order to achieve sustained economic growth. For this reason, it is necessary to look specifically at the relationship between concepts such as the environment, strategy, and organizational culture surrounding the enterprise to enhance the competitiveness of SMEs. The paper analyzes 665 companies to find out which organizational culture affects their performance by classification and type of business of SMEs. This study demonstrated that when SMEs seek consistency in their external environment, strategies, and organizational structure to maintain their continued competitiveness. According to three-way analysis of variance (3-way ANOVA) indicates that classification of industries in SMEs has statistically significant main effects, but the type of business and organizational culture do not have significant effects. However, the company's organizational performance (operating profit) of SMES were found to differ significantly in comparison between groups according to classification standards of industries, and therefore adopted some parts. In addition, an analysis of the effect of interaction between the three independent variables of small and medium-sized enterprises has shown that there are statistically significant interaction effects among classification, types of business, and organizational cultures. The results shows that there is an organizational culture suitable for each industry classification and type of business of an entity, and is expected to be used as a basis for establishing promotion policies related to the incubation and commerciality of small and medium-sized venture companies in the future.

The Characteristics of Dolmen Culture and Related Patterns during the End Phase in the Gyeongju Region (경주 지역 지석묘 문화의 특징과 종말기의 양상)

  • Lee, Soohong
    • Korean Journal of Heritage: History & Science
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    • v.53 no.4
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    • pp.216-233
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    • 2020
  • This study set out to review tomb culture in the Gyeongju region during the Bronze Age, and also examine the patterns of dolmens during their end phase. For these purposes, the study analyzed 18 tomb relics from the Bronze Age and nine from the early Iron Age. Gyeongju belongs to the Geomdan-ri cultural zone. Approximately 120 tombs from the Bronze Age have been excavated in the Gyeongju region. There are fewer tombs than dwellings in the region, which is a general characteristic of the Geomdan-ri cultural zone. Although the number of tombs is small, the detailed structure of the dead body is varied. During the Bronze Age, tombs in the Gyeongju region were characterized by more prolific construction of pit tombs, dolmens with boundaries, and stacked stone altars than were the cases in other areas. There is a great possibility that the pit tombs in the Gyeongju region were influenced by their counterparts in the northeastern parts of North Korea, given the spindle whorl artifacts buried at the Dongsan-ri sites. Dolmens with boundaries and stacked stone altars are usually distributed in the Songguk-ri cultural zone, and it is peculiar that instances of these are found in large numbers in the Gyeongju region as part of the Geomdanri cultural zone. Even in the early Iron Age, the building of dolmens with boundaries and stacked stone altars continued in the Gyeongju region under the influence of the Bronze Age. A new group of people moved into the area, and they crafted ring-rimmed pottery and built wooden coffin tombs. In the early Iron Age, new rituals performed in high places also appeared, and were likely to provide venues for memorial services for heavenly gods in town-center areas. The Hwacheon-ri Mt. 251-1 relic and the Jukdong-ri relic are ruins that exhibit the aspect of rituals performed in high places well. In these rituals performed in high places, a stacked stone altar was built with the same form as the dolmens with boundaries, and a similar rock to the cover stone of a dolmen was used. People continued to build and use dolmens with boundaries and stacked stone altars while sustaining the Bronze Age traditions, even into the early Iron Age, because the authority of dolmens was maintained. Some dolmens with boundaries and stacked stone altars, known as being Bronze Age in origin, would have continued to be used in ritual practices until the early Iron Age. Entering the latter half of the second century B.C., wooden coffin tombs began to propagate. This was the time when the southern provinces, including the Gyeongju region, were included in the East Asian network, with the spread of ironware culture and the arrival of artifacts from central China. Around this time, dolmen culture faded into history with a new era beginning in its place.

A interpretive Study of the Analects of Confucius's Chapter I-1 (『논어(論語)』 「학이(學而)」 1장의 해석학적(解釋學的) 연구(硏究))

  • Seo, Geun-sik
    • (The)Study of the Eastern Classic
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    • no.32
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    • pp.189-213
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    • 2008
  • When we say the core thought of the Analects of Confucius, we normally come up with 'Ren(仁)'. However, in the first phrase of Chapter One("學而") of the Analects, there is no mention about 'Humanity'. Then, why the editor of the Analects of Confucius had put the First Chapter at the opening of book? This paper aims to describe the fact that the First Chapter One of the Analects of Confucius implies the core thought of Kongzi(孔子). In the First Chapter One, the vocabularies, such as 'Pleasure'(說), 'Delight'(樂), and 'Confucian Gentlemen'(君子) are central to the phrasal structure. 'Pleasure'(說) is the phase to cultivate himself, or the phase to equip with a qualification in order 'to establish a righteous relation'. And 'Delight'(樂) is the stage to establish relationships with colleagues who share same value and ambition with himself. 'Confucian Gentlemen'(君子) is the stage to 'establish righteous relationships' with all people in the world, and it denotes an ideal human image presented by Kongzi(孔子). The core concepts of the First Chapter One are connected to the core thoughts of the Analects of Confucius, to wit, 'Ren'(仁), 'Shu'(恕), and 'Xiujizhiren'(修己治人). If 'Ren'(仁) and 'Shu'(恕) refer to specifically 'establishment of righteous relationship', then 'Pleasure'(說) is the stage to obtain qualification in order to 'establish righteous relationship', and 'Delight'(樂) is the stage to 'establish relationships' with brothers and colleagues, and 'Confucian Gentlemen'(君子) means a person who can build up 'righteous relationships' with all the people of the world. Regarding the Confucianism in 'Character building and guiding other souls' Confucius presents three phases, viz. 'Cultivation of himself in reverential carefulness'(修己以敬) ${\rightarrow}$ 'Cultivation of himself so as to give rest to others'(修己以安人) ${\rightarrow}$ 'Cultivation of himself so as to give rest to all the people'(修己以安百姓), and the se get through 'Pleasure'(說) ${\rightarrow}$ 'Delight'(樂) ${\rightarrow}$ 'Confucian Gentlemen'(君子) in the First Chapter One of the Analects of Kongzi(孔子). The human image, named 'Confucian Gentlemen'(君子) presented in the Chapter One is equated with the human who practices 'morality'(修養) that attained by means of 'cultivation'(實踐) through 'establishment of relationship'.

A Case Study on Introducing Vita Parcours as Forest Leisure Sports Facility in Saneum Healing Forest (산음 치유의 숲 Vita Parcours 도입 사례 연구 - Vita Parcours 도입을 사례로 -)

  • Lee, Jin-Kyu;Kim, Ki Weon
    • The Journal of the Korean Institute of Forest Recreation
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    • v.22 no.4
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    • pp.71-81
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    • 2018
  • It is necessary to build a quality-enhancing forest leisure sports facility according to values that value life quality, national forest policy. Vita Parcours (fitness trails) is found to be the activities highly convenient, so their introduction and promotion in Korea should be highly considered. field survey was necessary to explore the possibility of installing Vita Parcours. Several sites were selected, such as Asean recreational forest, Unaksan recreational forest, Yumyeongsan recreational forest, Saneum recreational forest, Jungmisan recreational forest and National center for forest therapy. At these locations, we explored the current status of forest facilities and forest trails. A total number of 31 exercise facilities has been identified and surveyed, some of which are located on the trails (2), alongside the trail (9), alongside trail boundaries (2) or represent facilities suitable for both outdoor and indoor exercise within the forest (18), all of whom provide location for 44 different exercise routines (flexibility exercises (23), endurance (12) and strength exercises (9)). Field work also included identification of forests paths, the total number of whom was 34 paths - 30 identified as trails, 2 as hiking trails, 1 as a forest path for relaxation and healing and 1 as an exploratory path. Regarding the structure and shape of these trails, 32 was straight in shape and only 2 designed as a circular forest trails. Average length of these trails was 652.2m with the highest and the lowest point altitude difference of 60m, on average. Saneum recreational forest provide the most suitable site/environment for Vita Parcours and as a result of this, Saneum recreational forest is proposed as a location to support the endeavors in promotion of these valuable forest fitness trails. Among the forest paths at this site, a forest path which has a length of 1.84km and 73.0m the highest and the lowest point altitude difference was selected as the most suitable, and may be equipped with necessary stations for exercise or obstacles. In addition, if these trails are to be introduced and welcomed by its users, we must assure that they are properly maintained.

Automated Analyses of Ground-Penetrating Radar Images to Determine Spatial Distribution of Buried Cultural Heritage (매장 문화재 공간 분포 결정을 위한 지하투과레이더 영상 분석 자동화 기법 탐색)

  • Kwon, Moonhee;Kim, Seung-Sep
    • Economic and Environmental Geology
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    • v.55 no.5
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    • pp.551-561
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    • 2022
  • Geophysical exploration methods are very useful for generating high-resolution images of underground structures, and such methods can be applied to investigation of buried cultural properties and for determining their exact locations. In this study, image feature extraction and image segmentation methods were applied to automatically distinguish the structures of buried relics from the high-resolution ground-penetrating radar (GPR) images obtained at the center of Silla Kingdom, Gyeongju, South Korea. The major purpose for image feature extraction analyses is identifying the circular features from building remains and the linear features from ancient roads and fences. Feature extraction is implemented by applying the Canny edge detection and Hough transform algorithms. We applied the Hough transforms to the edge image resulted from the Canny algorithm in order to determine the locations the target features. However, the Hough transform requires different parameter settings for each survey sector. As for image segmentation, we applied the connected element labeling algorithm and object-based image analysis using Orfeo Toolbox (OTB) in QGIS. The connected components labeled image shows the signals associated with the target buried relics are effectively connected and labeled. However, we often find multiple labels are assigned to a single structure on the given GPR data. Object-based image analysis was conducted by using a Large-Scale Mean-Shift (LSMS) image segmentation. In this analysis, a vector layer containing pixel values for each segmented polygon was estimated first and then used to build a train-validation dataset by assigning the polygons to one class associated with the buried relics and another class for the background field. With the Random Forest Classifier, we find that the polygons on the LSMS image segmentation layer can be successfully classified into the polygons of the buried relics and those of the background. Thus, we propose that these automatic classification methods applied to the GPR images of buried cultural heritage in this study can be useful to obtain consistent analyses results for planning excavation processes.