• Journal of Food Hygiene and Safety
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• v.13 no.2
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• pp.112-120
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• 1998

This study was performed to investigate the synergistic effect of chitosan and sorbic acid as a new food preservative. So it was performed to investigate inhibitory effect on growh of E. coli 0157:H7, gram negative pathogenic food borne disease bacteria and of S. aureus, gram positive food borne disease bacteria in chitosan, sorbic acid and combination of chitosan and sorbic acid. Minimun Inhibitory Concentration (MIC) of chitosan in E. coli 0157:H7 was 500 ppm at pH 5.0, 250 ppm at pH 5.5, 500 ppm at pH 6.0, and 2000 ppm at pH 6.5, while in Staph. aureus 31.25 ppm at pH 5.0 and 62. 5 ppm at more than pH 5.5. also, MIC of sorbic acid in E. coli 0157:H7 was 500 ppm at pH 5.0, 1500 ppm at pH 5.5, and 2000 ppm at more than pH 6.0, while in Staph. aureus 1500 ppm at pH 5.0 and more than 2000 ppm at more than pH 5.5. Due to the effect of pH in E. coli 0157:H7, MIC of combined chitosan and sorbic acid was 500 ppm of chitosan with 500 ppm of sorbic acid at pH 6.5, but 250 ppm of chitosan with 31.3 ppm of sorbic acid at pH 5.0. In Staph. aureus, there was great effect of chitosan, but neither effect of pH nor sorbic acid. When E. coli 0157:H7 were treated with 500 ppm of chitosan with 500 ppm of sorbic acid and 250 ppm of chitosan with 250 ppm of sorbic acid at pH 6.5, they were inhibited. But, they were increased at the initial concentration of bacteria at 1000 ppm of chitosan in 18 hours, at 500 ppm of chitosan in 36 hours. There was no effect of growth inhibition with sorbic acid but great effect with chitosan on Staph. aureus. The correl~tions between MICs of chitosan and sorbic acid in E. coli 0157:H7 accoding to pH were higher than those in Staph. aureus. R values in E. coli 0157:H7 were 0.95 (p<0.01), 0.99 (p<0.01), 0.97 (p<0.01), and 0.99 (p<0.01) at pH 6.5, 6.0, 5.5, and 5.0 respectively. The synergistic effect of chitosan and sorbic acid in E. coli 0157:H7 could be confirmed from the result of this experiment. Therefore, it was expected that the food preservation would increase or maintain by using sorble acid together with chitosan, natural food additive that did no harm to human body.

• Journal of the Society of Cosmetic Scientists of Korea
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• v.35 no.2
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• pp.159-169
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• 2009

In this study, the antibacterial activity, antioxidative effects, inhibitory effects on tyrosinase, inhibitory effects on elastase, and components of Quercus acutissima Carruth leaf extracts were investigated. MIC values of ethyl acetate fraction from Q. acutissima Carruth leaf on P. acnes, S. aureus, P. ovale, and E. coli were 0.13 %, 0.25 %, 0.13 % and 0.25 %, respectively. The results showed that the antibacterial activity of the ethyl acetate fraction was the highest in the S. aureus, P. acnes, and P. ovale. The free radical (1,1-diphenyl-2-picrylhydrazyl, DPPH) scavenging activity ($FSC_{50}$) of extract/fractions of Q. acutissima Carruth. leaf was in the order: 50 % ethanol extract (12.13 ${\mu}g/mL$) < ethyl acetate fraction (7.07 ${\mu}g/mL$) < deglycosylated flavonoid aglycone fraction (6.20 ${\mu}g/mL$). Reactive oxygen species (ROS) scavenging activities ($OSC_{50}$) of some Q. acutissima Carruth leaf extracts on ROS generated in $Fe^{3+}-EDTA/H_2O_2$ system were investigated using the luminol-dependent chemiluminescence assay. The order of ROS scavenging activity was 50 % ethanol extract ($OSC_{50}$, 1.81 ${\mu}g/mL$) < ethyl acetate fraction (1.70 ${\mu}g/mL$) < deglycosylated flavonoid aglycone fraction (0.70 ${\mu}g/mL$). Deglycosylated flavonoid aglycone fraction showed the most prominent scavenging activity. The protective effects of extract/fractions of Q. acutissima Carruth leaf on the rose-bengal sensitized photohemolysis of human erythrocytes were investigated. The Q. acutissima Carruth leaf extracts suppressed photohemolysis in a concentration dependent manner, particularly deglycosylated flavonoid aglycone fraction exhibited the most prominent celluar protective effect (${\tau}50$, 220.00 min at 25 ${\mu}g/mL$). Aglycone fractions obtained from the deglycosylation reaction of ethyl acetate fraction among the Q. acutissima Carruth leaf extracts, showed 3 bands (QA 1, QA2 and QA3) on TLC. TLC chromatogram of ethyl acetate fraction of Q. Carruth. leaf extract revealed 4 bands (QA 1 ${\sim}$ QA 4), Among them, kaempferol (QA 1), quercetin (QA 2), and gallic acid (QA 3) were identified. The inhibitory effect ($IC_{50}$) of aglycone fraction on tyrosinase was 65.7 ${\mu}g/mL$. The inhibitory effect ($IC_{50}$) of aglycone fraction on elastase was 24.50 ${\mu}g/mL$. These results indicate that extract/fractions of Q. acutissima Carruth. can functionized as antioxidants in biological systems, particularly skin exposed to UV radiation by scavenging $^1O_2$ and other ROS, and protect cellular membranes against ROS. Extract/fractions of Q. acutissima Corruth can be applicable to new functional cosmetics for antioxidant, antiaging, antibacterial activity.

• 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.

• Asia Marketing Journal
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• v.12 no.4
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• pp.27-54
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• 2011

This research attempted to present the efficiency of culture marketing to the organizations producing culture-art products and to the companies utilizing art and suggest the practical viewpoints to the culture and art policy agencies. The methodology used was to take an in-depth look at the consumer value cognition and benefits of culture-art products in contemporary consumption culture from a social context by conducting a total of 12 Focus Group Interviews, consisting of 58 males and females in their 10s~50s who can represent culture-art product consumers. The culture-art products refer to the artist's spiritual, actual act of creating or to the end products with economic exchange value. They are also sense goods and merit goods that affect the mental state of consumers. By looking at culture-art products as consumer merit goods, this research examined consumer value cognition of culture-art products based on the characteristics culture-art products. As a result, this research determined that consumers view culture-art products largely as 'aesthetic and sensuous merit goods', 'actual and individual merit goods', and 'social public property'. As 'aesthetic and sensuous merit goods', culture-art products are considered as the products of an artist's creative activities; as 'social public property', culture-art products have a public value in terms of ownership; and as 'actual and individual merit goods', culture-art products act on the spirit and reality of a consumer in terms of consumption. As a result of analyzing the benefits of culture-art products based on the above-mentioned consumer value cognition, it was observed that the benefits of culture-art-product consumption are chiefly divided into 'aesthetic character-oriented', 'social relationships-oriented', and 'individual benefits-oriented' depending on how consumers see culture-art products. A 3-conceptional structures model was constructed according to the relationship between consumer value cognition of culture-art products and the benefits. This research revealed that consumers who pursue the aesthetic value or sense of beauty as the central reason experience culture-art products themselves, enjoy intellectual quests, and pursue their satisfaction by expressing affection for and interests in culture-art products. On the other hand, consumers who pursue social value as the central reason as a means of communication by perceiving culture-art products as a public property of society, pursue sympathy with people close to them through the symbolic power of culture-art product consumption or the joy of self-display. Consumers who perceive art products as spiritual and actual merit goods and pursue consumer value as a central reason want to express their own personality, develop themselves, and differentiate themselves or identify themselves with others in the context of social relations for the ultimate goal of living a happy and satisfied life while pursuing to satisfy imminent and actual necessities as emotional stability and rest. The fact that culture-art product benefits could vary according to how a consumer perceives them implies that consumer value cognition of culture-art products and their benefits significant affect consumers' decision in choosing and consuming various culture-art products. It turned out that such benefits from the consumption of culture-art products reflect the complex contemporary consumption culture of rational consumption, symbolic consumption, experiential consumption, and social reflective consumption. This research identified conceptional structures of consumer value cognition on culture-art products and benefits that can be used for studying and understanding culture-art products consumers who pursue a variety of consumption values. They can also be used by private companies in utilizing art, as well as by national agencies in enhancing the population's quality of life. However, since this research could only conceptually grasp consumer perception of culture-art products and reveal the dimension of classification due to its own limitations arising from characteristic investigation, quantitative data on the benefits of culture-art product consumers should be measured in future studies through a quantitative investigation, while using the value cognition of culture-art products and the individual characteristics of consumers as variables based on this research.

• Journal of Korean Society of Forest Science
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• v.56 no.1
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• pp.1-25
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• 1982

Plywood used for construction as a decorative inner material is inflammable and can cause fire accidents. causing destruction of human life and property. To diminish the fire disaster, fire retardant plywood is indeed required. In the methods of manufacturing the fire retardant plywood, a soaking method is occasionally used. However after soaking plywood into fire retardant chemical solutions redrying of soaked plywood is of the utmost importance. In this study 3.5mm and 5.0mm thickness plywoods were selected for fire retardant treatment. Treating solutions were prepared for 20% dilute solutions of ammonium sulfate, monoammonium phosphate, diammonium phosphate, borax-boric acid minalith, and water solution, 1-, 3-, 6-, and 9 hour-soaking treatments in borax-boric acid and minalith, and 6- and 9 hours in the other chemicals were applied and after the treatment hot drying was applied to treated plywoods at $90^{\circ}C$, $120^{\circ}C$ and $150^{\circ}C$ of press temperature. Drying rates, drying curves, water absorption rates of fire retardant chemicals, weight per volume and fire retardant degree of plywood were investigated. The results may be summarized as follows: 1) In the 9 hours-soaking treatment of fire retardants by hot and cold bath method, the chemical retentions of 3.5mm thickness plywood could be attained within the range ($1.125-2.25kg/(30cm)^3$) of minimum retention specification as follows: $1.353kg/(30cm)^3$ in monoammonium phosphate, $1.331kg/(30cm)^3$ in diammonium phosphate, $1.263kg/(30cm)^3$ in ammonium sulfate, $1.226kg/(30cm)^3$ in borax-boric acid. But the chemical retention, $0.906kg/(30cm)^3$, in minalith could not be attained within the range of minimum retention specification. And also in case of 5.0mm thickness plywood, chemical retentions, as $1.356kg/(30cm)^3$ and $1.166kg/(30cm)^3$ respectively, of ammonium sulfate and diammonium phosphate could be attained within the range minimum retention specification, but the other fire retardant chemicals could not. 2) In the 6- and - hours-soaking treatments of 3.5mm and 5.0mm thickness plywood, the drying curve sloped of chemical treated plywood was smaller than that of water treated. The drying rate related to thickness of treated plywood, was about three times as fast in 3.5mm thickness plywood compared with 5.0mm thickness plywood. 3) In the treatment at $120^{\circ}C$ of hot platen temperature, the drying rates of chemical-treated plywood showed the highest quantity in diammonium phosphate of 3.5mm and 5.0mm thickness plywood. But the drying rate of water treated plywood was highest during the 6- and 9 hours-soaking treatments. 4) The drying rate remarkably increased with proportion to increase of the platen temperature, and the values were respectively 1.23%/min., 6.54%/min., 25.75%/min. in hot platen temperature of $90^{\circ}C$, $120^{\circ}C$, $150^{\circ}C$ in 3.5mm thickness plywood and 0.55%.min., 2.49%/min., 8.19%/min. in hot platen temperature of $90^{\circ}C$, $120^{\circ}C$, $150^{\circ}C$ in 5.0mm thickness plywood. 5) In the fire retardant degree of chemical treated plywood, the loss in weight was the smallest in diammonium phosphate, next was in monoammonium phosphate and ammonium sulfate, and the greatest was in borax-boric acid and minalith. And the fire-retardant effect in burning time, flame-exhausted time and carbonized area were greatest in diammouniun phosphate, next were in monoammonium phosphate and ammonium sulfate, and the weakest were in borax-boric acid and minalith.