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Chemical Composition of Korean Geoduck and Changes in Their Composition during Frozen Storage (코끼리조개의 성분 조성과 냉동 저장 중의 성분 변화)

  • Choi, Hung-Gil
    • Journal of Fisheries and Marine Sciences Education
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    • v.3 no.2
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    • pp.47-72
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    • 1991
  • To obtain the principal data for useful treatment and processing of Korean geoduck (Panope japonica A. ADAMS) which inhabit mostly at Dong-Hae coastal area in Korea, changes of $NH_2$-N, TMAO, TMA, total creatinine, protein composition and fatty acid composition in raw and blanched geoduck muscle during storage at $-20^{\circ}C$ were investigated. In addition, its chemical composition variation in the whole year was elucidated. The moisture content in geoduck muscle meat was 78.1% to 82% in the whole year. Particularly, in July its moisture content was maximum as 82% and in September minimum as 78.1%. Crude protein was in the range of 12.3-16.4%, crude lipid the average was 1.5%, crude ash on the average was 1.4%. The abundant fatty acids in geoduck muscle oil were $C_{16}$ : 0, $C_{16}$ : 1, $C_{18}$ : 0, $C_{18}$ : 1, $C_{20}$ : 5, and $C_{22}$ : 6 acids. During storage at $-20^{\circ}C$, content of unsaturated fatty acid such as eicosapentaenoic acid (EPA, $C_{20}$ : 5) and docosahexaenoic acid (DHA, $C_{22}$ : 6)in raw geoduck muscle decreased somewhat and the raw geoduck was slightly oxidized. Trimethylamine (TMA), volatile basic nitrogen (VBN)and $NH_2$-N of raw muscle increased compared to blanched muscle. Trimethylamine oxide (TMAO) was slightly decreased during the storage period. The muscle protein was approximately composed of 37% sarcoplasmic, 29% myofibrillar, 22% alkali soluble, and 12% stroma protein. Among several proteins, myofibrillar protein content decreased mostly, while the alkali-soluble and stroma protein content increased slightly during storage at $-20^{\circ}C$.

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Isotope Ratio of Mineral N in Pinus Densiflora Forest Soils in Rural and Industrial Areas: Potential Indicator of Atmospheric N Deposition and Soil N Loss (질소공급, 고추의 생육 및 수량에 대한 녹비작물 환원 효과)

  • Kwak, Jin-Hyeob;Lim, Sang-Sun;Park, Hyun-Jung;Lee, Sun-Il;Lee, Dong-Suk;Lee, Kye-Han;Han, Gwang-Hyun;Ro, Hee-Myong;Lee, Sang-Mo;Choi, Woo-Jung
    • Korean Journal of Soil Science and Fertilizer
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    • v.42 no.1
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    • pp.46-52
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    • 2009
  • Deposition of atmospheric N that is depleted in $^{15}N$ has shown to decrease N isotope ratio ($^{15}N/^{14}N$,expressed as ${\delta}^{15}N$) of forest samples such as tree rings, foliage, and total soil-N. However, its effect on ${\delta}^{15}N$ of mineral soil-N which is biologically active N pool has never been tested. In this study, ${\delta}^{15}N$ of mineral N($NH{_4}^+$ and $NO_3{^-}$) in forest soils from organic and two depths of mineral soil layers (0 to 20 cm and 20 to 40cm depth) of Pinus densiflora stands located at two distinct areas (rural and industrial areas) in southern Korea was analyzed to investigate if there is any difference in ${\delta}^{15}N$ of mineral N between these areas. We also evaluated potential N loss of the study sites using ${\delta}^{15}N$ of mineral N. Across the soil layers, the ${\delta}^{15}N$ of $NH{_4}^+$ ranged from +8.9 to +24.8‰ in the rural area and from +4.4 to +13.8‰ in the industrial area. Soils from organic layer (+4.4‰) and mineral layer between 0 and 20 cm (+13.8‰) of industrial area showed significantly lower ${\delta}^{15}N$ of $NH{_4}^+$ than those of rural area (+8.9 and +24.3‰, respectively), probably indicating the greater contribution of $^{15}N$-depleted $NH{_4}^+$ from atmospheric deposition to forest in the industrial area than in the rural area. Meanwhile, ${\delta}^{15}N$ of $NO_3{^-}$ was not different between the rural and industrial areas, probably because ${\delta}^{15}N$ of $NO_3{^-}$ is more likely to be altered by the N loss that causes $^{15}N$ enrichment of the remaining soil N pool. Compared with the ${\delta}^{15}N$ of soil mineral N reported by other studies (from -10.9 to +15.6‰ for $NH{_4}^+$ and -14.8 to +5.6‰ for $NO_3{^-}$), the ${\delta}^{15}N$ observed in our study was substantially high, suggesting that the study sites are more subject to the N loss. It was concluded that $NH{_4}^+$ rather than $NO_3{^-}$ can conserve the ${\delta}^{15}N$ signature of atmospheric N deposition in forest ecosystems.

NO2 and SO2 Reduction Capacities and Their Relation to Leaf Physiological and Morphological Traits in Ten Landscaping Tree Species (조경수 10개 수종에 있어 NO2, SO2 저감 능력과 잎의 생리적, 형태적 특성과의 관계)

  • Kim, Kunhyo;Jeon, Jihyeon;Yun, Chan Ju;Kim, Tae Kyung;Hong, Jeonghyun;Jeon, Gi-Seong;Kim, Hyun Seok
    • Journal of Korean Society of Forest Science
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    • v.110 no.3
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    • pp.393-405
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    • 2021
  • With increasing anthropogenic emission sources, air pollutants are emerging as a severe environmental problem worldwide. Accordingly, the importance of landscape trees is emerging as a potential solution to reduce air pollutants, especially in urban areas. This study quantified and compared NO2 and SO2 reduction abilities of ten major landscape tree species and analyzed the relationship between reduction ability and physiological and morphological characteristics. The results showed NO2 reduction per leaf area was greatest in Cornus officinalis (19.81 ± 3.84 ng cm-2 hr-1) and lowest in Pinus strobus (1.51 ± 0.81 ng cm-2 hr-1). In addition, NO2 reduction by broadleaf species (14.72 ± 1.32 ng cm-2 hr-1) was 3.1-times greater than needleleaf species (4.68 ± 1.26 ng cm-2hr-1; P < 0.001). Further, SO2 reduction per leaf area was greatest in Zelkova serrata (70.04 ± 7.74 ng cm-2 hr-1) and lowest in Pinus strobus (4.79 ± 1.02 ng cm-2 hr-1). Similarly, SO2 reduction by broadleaf species (44.21 ± 5.01 ng cm-2 hr-1) was 3.9-times greater than needleleaf species (11.47 ± 3.03 ng cm-2 hr-1; P < 0.001). Correlation analysis revealed differences in NO2 reduction was best explained by chlorophyll b content (R2 = 0.671, P = 0.003) and SO2 reduction was best described by SLA and length of margin per leaf area (R2 = 0.456, P = 0.032 and R2 = 0.437, P = 0.001, R2 = 0.872, P < 0.001, respectively). In summary, the ability of trees to reduce air pollutants was related to photosynthesis, evapotranspiration, stomatal conductance, and leaf thickness. These findings highlight effective reduction of air pollutants by landscaping trees requires comprehensively analyzing physiological and morphological species characteristics.

Occurrence and Chemical Composition of Dolomite from Komdok Pb-Zn Deposit (검덕 연-아연 광상의 돌로마이트 산상과 화학조성)

  • Yoo, Bong Chul
    • Korean Journal of Mineralogy and Petrology
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    • v.34 no.2
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    • pp.107-120
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    • 2021
  • The Komdok Pb-Zn deposit, which is the largest Pb-Zn deposit in Korea, is located at the Hyesan-Riwon metallogenic zone in Jiao Liao Ji belt included Paleoproterozoic Macheolryeong group. The geology of this deposit consists of Paleoproterozoic metasedimentary rocks, Jurassic Mantapsan intrusive rocks and Cenozoic basalt. The Komdok deposit which is a SEDEX type deposit occurs as layer ore and vein ore in the Paleoproterozoic metasedimentary rocks. Based on mineral petrography and paragenesis, dolomites from this deposit are classified four types (1. dolomite (D0) as hostrock, 2. early dolomite (D1) associated with tremolite, actinolite, diopside, sphalerite and galena from amphibolite facies, 3. late dolomite (D2) associated with talc, calcite, quartz, sphalerite and galena from amphibolite facies, 4. dolomite (D3) associated with white mica, chlorite, sphalerite and galena from quartz vein). The structural formulars of dolomites are determined to be Ca1.00-1.20Mg0.80-0.99Fe0.00-0.01Zn0.00-0.02(CO3)2(D0), Ca1.00-1.02M0.97-0.99Fe0.00-0.01Zn0.00-0.02(CO3)2(D1), Ca0.99-1.03Mg0.93-0.98Fe0.01-0.05Mn0.00-0.01As0.00-0.01(CO3)2(D2) and Ca0.95-1.04Mg0.59-0.68Fe0.30-0.36Mn0.00-0.01 (CO3)2(D3), respectively. It means that dolomites from Komdok deposit have higher content of trace elements (FeO, MnO, HfO2, ZnO, PbO, Sb2O5 and As2O5) compared to the theoretical composition of dolomite. These trace elements (FeO, MnO, ZnO, Sb2O5 and As2O5) show increase and decrease trend according to paragenetic sequence, but HfO2 and PbO elements no show increase and decrease trend according to paragenetic sequence. Dolomites correspond to Ferroan dolomite (D0, D1 and D2), and Ferroan dolomite and ankerite (D3), respectively. Therefore, 1) dolomite (D0) as hostrock was formed by subsequent diagenesis after sedimentation of Paleoproterozoic (2012~1700 Ma) silica-bearing dolomite in the marine evaporative environment. 2) Early dolomite (D1) was formed by hydrothermal metasomatism origined metamorphism (amphibolite facies) associated with intrusion (1890~1680 Ma) of Paleoproterozoic Riwon complex. 3) Late dolomte (D2) was formed from residual fluid by a decrease of temperature and pressure. and dolomite (D3) in quartz vein was formed by intrusion (213~181 Ma) of Jurassic Mantapsan intrusive rocks.

The Implications of Changes in Learning of East Coast Gut Successors (동해안굿 전승자 학습 변화의 의미)

  • Jung, Youn-rak
    • (The) Research of the performance art and culture
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    • no.36
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    • pp.441-471
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    • 2018
  • East Coast Gut, Korean shamanism ritual on its east coastal area, is a Gut held in fishing villages alongside Korean east coastal area from Goseong area in Gangwon-Do to Busan area. East Coast Gut is performed in a series mainly by a successor shaman, Korean shaman, who hasn't received any spiritual power from a God, and the implications of this thesis lie in that we look over the learning aspects of Seokchool Kim shaman group among other East Coast Gut successor shaman groups after dividing it into 2 categories, successor shaman and learner shaman and based upon this, we reveal the meaning of the learning aspects of East Coast Gut. For successor shamans, home means the field of education. Since they are little, they chased Gut events performing dance in a series to accumulate onsite experiences. However, in the families of successor shamans that have passed their shaman work down from generation to generation, their descendents didn't inherit shaman work any longer, which changed the way of succession and learning of shaman work. Since 1980's, Gut has been officially acknowledged as a kind of general art embracing songs, dance and music and designated as a cultural asset of the state and each city and province, and at art universities, it was adopted as a required course for its related major, which caused new learner shamans who majored in shamanism to emerge. These learner shamans are taking systematical succession lessons on the performance skills of East Coast Byeolshin Gut at universities, East Coast Byeolshin Gut preservation community, any places where Guts are held and etc.. As changes along time, the successor shamans accepted the learner shamans to pass shaman work down and changes appeared in the notion of towners who accept the performer groups of Gut and Gut itself. Unlike the past, as Gut has been acknowledged as the origin of Korean traditional arts and as the product of compresensive learning on songs, dance and music and it was designated as a national intangible cultural asset, shaman's social status and personal pride and dignity has become very high. As shaman has become positioned as the traditional artist getting both national and international recognition unlike its past image of getting despised, at the site of Gut event or even in the relation with towners, their status and the treatment they get became far different. Even towners, along with shift in shaman groups' generation, take position to acknowledge and accept the addition of new learning elements unlike the past. Even in every town, rather than just insisting on the type or the event purpose of traditional Gut, they think over on the type of festival and the main direction of a variety of Guts with which all of towners can mingle with each other. They are trying to find new meanings in the trend of changing Gut and the adaptation of new generation to this. In our reality of Gut events getting minimalized along with rapid change of times, East Coast Gut is still very actively performed in a series until now compared to Guts in other regions. This is because following the successor shamans who have struggled to preserve the East Coast Gut, the learner shamans are actively inflowing and the series performance groups preserve the origin of Gut and try hard to use Gut as art contents. Besides, the learner shamans systematically organize what they learned on shamanism from the successor shamans and get prepared and try to hand it down to descendents in the closest possible way to preserve its origin. In the future, East Coast Gut will be succeeded by the learner shamans from the last successor shamans to inherit its tradition and develop it to adapt to the times.

The Characteristics and Significance of 'Wanpan Changgeuk' Written by Heogyu (허규 연출 '완판 창극'의 특징과 의의)

  • Kim, Kee-hyung
    • (The) Research of the performance art and culture
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    • no.20
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    • pp.5-30
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    • 2010
  • It has been diversified and serious attempt to establish the identity of Changgeuk, but it is still independent dramaturgy or the current unformed progressive art. In this situation, exploring works of the identity of changgeuk that is base on the performed individual and specific works in the title of Changgeuk is needed. The 80s and 90s Heo, Gyu was leading an active life as a director who was responsible for directing of Changgeuk. He dramatized Siljeon Pansori -which is a group of Pansori missing text- as well as 5-remained Songs in Pansori and he presented a number of creative Changgeuk works on stage. Especially, the completion of dramatizing 5-remained Songs in Pansori under the name of 'Wanpan Changgeuk -which means full version performance without omit-' is the one of his big achievement by performing "Heungbojeon" on the stage 1982 and "Jeokbyeokga" 1985. The purposes of this research are confirmation of Heo's direction of the formulation and considering its characteristics & significance through 'Wanpan Changgeuk' which written by Heo. Heo was a practical play who was interested in the subjective formulation of national culture and creative transmission for Korean traditional performance. He tried to formulate Changgeuk to a representative performance of Korea. In the process he pointed out those problems, (1) interpretation of a work problem, (2) actor's creative problems, (3) structure problem of theater for Changgeuk. He indicated that the other challenges are to use of the stage & device, to overcome sentimentalism, to stylize acting, to improve own quality, to control the speed and length of the song, to choose the suitable musical accompaniment, to create new repertories problems, and etc. Changgeuk is classified in 3 group by origin, (1)dramatizing of 5-remained Songs, (2)dramatizing of 7-missing Songs, (3)creative dramatizing. It contains all of 3 types that Heo's work. The dramatizing of remained 5 Songs are the great importance among those works. Heo hoped that Chaggeuk has become the most representative art work of Korea by performing 'Wanpan Changgeuk' compiled heritage of Korea's outstanding artistic achievement. The characteristics of 'Wanpan Changgeuk' can be summarized following four. (1) Directing attitudes that emphasizes tradition, (2) Accepting the elements of traditional performance actively, (3) Valuing the classy and ethic, (4) Emphasizing humor and active utilizing of the secondary characters. Heo's 'Wanpan Changgeuk' shows a peak of the artistic level which Changgeuk can be reached. He want to make Changgeuk a Korean representative artistic performance by compiling Pansori heritage and accommodating Korean traditional performance. Heo continued his effort to present Pansori's authenticity and to dramatize from beginning to end without missing. It shows very well that 'Wanpan Changgeuk' takes 4~5 hours for playing. It looks Heo's achievement in the 'Wanpan Changgeuk' influenced Changgeuk significantly since then. Heo's 'Wanpan Changgeuk' is matrix of 'Wanpan JangMak Changgeuk' attempted in the 1990s. Especially, their intent is consistent to synthesize texts and to show all the virtue of Pansori. But 90's 'Wanpan JangMak Changgeuk' aim for large stage, fancy device & costume and variety contents compared with 'Wanpan Changgeuk'. Recently, producers have tried not to make a impressive Changgeuk but to make a interesting one. They usually organize performance within 2 hours and prefer orchestral music to its unique sound. In those point of view, it seems that Heo's idle in 'Wanpan Changgeuk' has become one of target to conquer in these days.

Inflow at Ssangyongmun Gate During the Goryeo Dynasty and Its Identity (고려시대 쌍룡문경(雙龍紋鏡) 유입(流入)과 독자성(獨自性))

  • Choi, Juyeon
    • Korean Journal of Heritage: History & Science
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    • v.52 no.2
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    • pp.142-171
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    • 2019
  • The dragon is an imaginary animal that appears in the legends and myths of the Orient and the West. While dragons have mostly been portrayed as aggressive and as bad omens in the West, in the Orient, as they symbolize the emperor or have an auspicious meaning, dragons signify a positive meaning. In addition, as the dragon symbolizes the emperor and its type has been diversified considering it as a divine object that controls water, people have tried to express it as a figure. The records related to dragons in the Goryeo dynasty appeared with diverse topics in 'History of Goryeo' and are generally contents related to founding myths, rituals for rain, and Shinii (神異), etc. The founding myth emphasizes the legality of the Goryeo dynasty through the dragon, and this influenced the formation of the dragon's descendants. In addition, the ability to control water, which is a characteristic of the dragon, was symbolized as an earth dragon related to the rainmaking ritual, i.e., wishing for rain during times of drought. Since the dragon was the symbol of the royal family, the use of the dragon by common people was strictly restricted. Furthermore, the association of a bronze dragon mirror with the royal family is hard to be excluded. The type and quantity of bronze double dragon mirrors discovered to have existed during the Goryeo dynasty is great, and the production and the distribution of bronze mirrors with double dragons seem to have been more active compared to other bronze mirrors, as bronze mirrors with double dragons produced during Goryeo and bronze mirrors originating in China were mixed. Therefore, in this article, the characteristics of diverse bronze mirrors from the 10th century to the 14th century in China were examined. It seems that the master craftsmen who produced bronze mirrors with double dragons during the Goryeo dynasty were influenced by Chinese composition patterns when making the mirrors. Because there were many cases where a bronze mirror's country of origin could not easily be determined, in order to identify the differences between bronze double dragon mirrors produced during the Goryeo dynasty and bronze mirrors produced in China, meticulous analysis was required. Thus, to ascertain that Goryeo mirrors were not imitations of bronze mirrors with double dragons originating in China but produced independently, the mirrors were examined using the bronze double dragon mirror type classification system existing in our country. Bronze mirrors with double dragons are classified into three types: Type I, which has the style of the Yao dynasty, includes the greatest proportion; however, despite there being only a small quantity for comparison, Types II and III were selected for the analysis of the bronze mirrors with double dragons made in Goryeo because they have unique composition patterns. As mentioned above, distinguishing bronze mirrors made during Goryeo from bronze mirrors made in China is challenging because Goryeo bronze mirrors were made under the influence of China. Among them, since the manufacturing place of the bronze mirrors with double dragons found at the nine-story stone pagoda in Woljeongsa Temple in Pyeongchang is questionable and the composition pattern of the bronze mirror is hard to find on bronze mirrors with double dragons made in China, the manufacturing place of those bronze mirrors were examined. These bronze mirrors with double dragons were considered as bronze mirrors with double dragons made during the Goryeo dynasty adopting the Yao dynasty style composition pattern as aspects of the composition pattern belonged to Type I, and the detailed combination of patterns is hard to find in mirrors produced in China.

A Study on the Architecture of the Original Nine-Story Wooden Pagoda at Hwangnyongsa Temple (황룡사 창건 구층목탑 단상)

  • Lee, Ju-heun
    • Korean Journal of Heritage: History & Science
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    • v.52 no.2
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    • pp.196-219
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    • 2019
  • According to the Samguk Yusa, the nine-story wooden pagoda at Hwangnyongsa Temple was built by a Baekje artisan named Abiji in 645. Until the temple was burnt down completely during the Mongol invasion of Korea in 1238, it was the greatest symbol of the spiritual culture of the Korean people at that time and played an important role in the development of Buddhist thought in the country for about 700 years. At present, the only remaining features of Hwangnyongsa Temple, which is now in ruins, are the pagoda's stylobate and several foundation stones. In the past, many researchers made diverse inferences concerning the restoration of the original structure and the overall architecture of the wooden pagoda at Hwangnyongsa Temple, based on written records and excavation data. However, this information, together with the remaining external structure of the pagoda site and the assumption that it was a simple wooden structure, actually suggest that it was a rectangular-shaped nine-story pagoda. It is assumed that such ideas were suggested at a time when there was a lack of relevant data and limited knowledge on the subject, as well as insufficient information about the technical lineage of the wooden pagoda at Hwangnyongsa Temple; therefore, these ideas should be revised in respect of the discovery of new data and an improved level of awareness about the structural features of large ancient Buddhist pagodas. This study focused on the necessity of raising awareness of the lineage and structure of the wooden pagoda at Hwangnyongsa Temple and gaining a broader understanding of the structural system of ancient Buddhist pagodas in East Asia. The study is based on a reanalysis of data about the site of the wooden pagoda obtained through research on the restoration of Hwangnyongsa Temple, which has been ongoing since 2005. It is estimated that the wooden pagoda underwent at least two large-scale repairs between the Unified Silla and Goryeo periods, during which the size of the stylobate and the floor plan were changed and, accordingly, the upper structure was modified to a significant degree. Judging by the features discovered during excavation and investigation, traces relating to the nine-story wooden pagoda built during the Three Kingdoms Period include the earth on which the stylobate was built and the central pillar's supporting stone, which had been reinstalled using the rammed earth technique, as well as other foundation stones and stylobate stone materials that most probably date back to the ninth century or earlier. It seems that the foundation stones and stylobate stone materials were new when the reliquaries were enshrined again in the pagoda after the Unified Silla period, so the first story and upper structure would have been of a markedly different size to those of the original wooden pagoda. In addition, during the Goryeo period, these foundation stones were rearranged, and the cover stone was newly installed; therefore, the pagoda would seem to have undergone significant changes in size and structure compared to previous periods. Consequently, the actual structure of the original wooden pagoda at Hwangnyongsa Temple should be understood in terms of the changes in large Buddhist pagodas built in East Asia at that time, and the technical lineage should start with the large Buddhist pagodas of the Baekje dynasty, which were influenced by the Northern dynasty of China. Furthermore, based on the archeological data obtained from the analysis of the images of the nine-story rock-carved pagoda depicted on the Rock-carved Buddhas in Tapgok Valley at Namsan Mountain in Gyeongju, and the gilt-bronze rail fragments excavated from the lecture hall at the site of Hwangnyongsa Temple, the wooden pagoda would appear to have originally been an octagonal nine-story pagoda with a dual structure, rather than a simple rectangular wooden structure.

A Study on ChoSonT'ongPaeJiIn (조선통폐지인(朝鮮通幣之印) 연구)

  • Moon, Sangleun
    • Korean Journal of Heritage: History & Science
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    • v.52 no.2
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    • pp.220-239
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    • 2019
  • According to the National Currency (國幣) article in GyeongGukDaeJeon (經國大典), the ChoSonT'ongPaeJiIn (朝鮮通幣之印) was a seal that was imprinted on both ends of a piece of hemp fabric (布). It was used for the circulation of hemp fabric as a fabric currency (布幣). The issued fabric currency was used as a currency for trade or as pecuniary means to have one's crime exempted or replace one's labor duty. The ChoSonT'ongPaeJiIn would be imprinted on a piece of hemp fabric (布) to collect one-twentieth of tax. The ChoSonT'ongPaeJiIn (朝鮮通幣之印) was one of the historical currencies and seal materials used during the early Chosun dynasty. Its imprint was a means of collecting taxes; hence, it was one of the taxation research materials. Despite its value, however, there has been no active research undertaken on it. Thus, the investigator conducted comprehensive research on it based on related content found in JeonRokTongGo (典錄通考), Dae'JeonHu-Sok'Rok (大典後續錄), JeongHeonSwaeRok (貞軒?錄) and other geography books (地理志) as well as the materials mentioned by researchers in previous studies. The investigator demonstrated that the ChoSonT'ongPaeJiIn was established based on the concept of circulating Choson fabric notes (朝鮮布貨) with a seal on ChongOseungp'o (正五升布) in entreaty documents submitted in 1401 and that the fabric currency (布幣) with the imprint of the ChoSonT'ongPaeJiIn was used as a currency for trade, pecuniary or taxation means of having one's crime exempted, or replacing one's labor, and as a tool of revenue from ships. The use of ChoSonT'ongPaeJiIn continued even after a ban on fabric currencies (布幣) in March 1516 due to a policy on the "use of Joehwa (paper notes)" in 1515. It was still used as an official seal on local official documents in 1598. During the reign of King Yeongjo (英祖), it was used to make a military service (軍布) hemp fabric. Some records of 1779 indicate that it was used as a means of taxation for international trade. It is estimated that approximately 330 ChoSonT'ongPaeJiIn were in circulation based on records in JeongHeonSwaeRok (貞軒?錄). Although there was the imprint of ChoSonT'ongPaeJiIn in An Inquiry on Choson Currency (朝鮮貨幣考) published in 1940, there had been no fabric currencies (布幣) with its imprint on them or genuine cases of the seal. It was recently found among the artifacts of Wongaksa Temple. The seal imprint was also found on historical manuscripts produced at the Jikjisa Temple in 1775. The investigator compared the seal imprints found on the historical manuscripts of the Jikjisa Temple, attached to TapJwaJongJeonGji (塔左從政志), and published in An Inquiry on Choson Currency with the ChoSonT'ongPaeJiIn housed at the Wongaksa Temple. It was found that these seal imprints were the same shape as the one at Wongaksa Temple. In addition, their overall form was the same as the one depicted in Daerokji (大麓誌) and LiJaeNanGo (?齋亂藁). These findings demonstrate that the ChoSonT'ongPaeJiIn at Wongaksa Temple was a seal made in the 15th century and is, therefore, an important artifact in the study of Choson's currency history, taxation, and seals. There is a need for future research examining its various aspects.

Robo-Advisor Algorithm with Intelligent View Model (지능형 전망모형을 결합한 로보어드바이저 알고리즘)

  • Kim, Sunwoong
    • 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.