• Journal of Preventive Medicine and Public Health
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• v.30 no.3 s.58
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• pp.630-642
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• 1997

The purpose of this study was to examine the mortality risk associated with cognitive impairment among the rural elderly. The subjective of study was 558 of 'A Study on the Depression and Cognitive Impairment in the Rural Elderly' of Jung Ae Rhee and Hyang Gyun Jung's study(1993). Cognitive impairment and other social and health factors were assessed in 558 elderly rural community residents. For this study, a Korean version of the Mini-Mental State Examination(MMSEK) was used as a global indicator of cognitive functioning. And mortality risk factors for each cognitive impairment subgroup were identified by univariate and multivariate Cox regression analysis. At baseline 22.6% of the sample were mildly impaired and 14.2% were severely impaired. As the age increased, the cognitive function was more impaired. Sexual difference was existed in the cognitive function level. Also the variables such as smoking habits, physical disorders had the significant relationship with cognitive function impairment. Across a 3-year observation period the mortality rate was 8.5% for the cognitively unimpaired, 11.1% for the mildly impaired, and 16.5% for the severly impaired respendents. And the survival probability was .92 for the cognitively unimpaired, .90 for the mildly impaired, and .86 for the severly impaired respondents. Compared to survival curve for the cognitively unimpaired group, each survival curve for the mildly and the severely impaired group was not significantly different. When adjustments models were not made for the effects of other health and social covariates, each hazard ratio of death of mildly and severely impaired persons was not significantly different as compared with the cognitively unimpaired. But, as MMSEK score increased, significantly hazard ratio of death decreased. Employing Cox univariate proportional hazards model, statistically other significant variables were age, monthly income, smoking habits, physical disorders. Also when adjustments were made for the effects of other health and social covariates, there was no difference in hazard ratio of death between those with severe or mild impairment and unimpaired persons. And as MMSEK score increased, significantly hazard ratio of death did not decrease. Employing Cox multivariate proportional hazards model, statistically other significant variables were age, monthly income, physical disorders. Employing Cox multivariate proportional hazards model by sex, at men and women statistically significant variable was only age. For both men and women, also cognitive impairment was not a significant risk factor. Other investigators have found that cognitive impairment is a significant predictor of mortality. But we didn't find that it is a significant predictor of mortality. Even though the conclusions of our study were not related to cognitive impairment and mortality, early detection of impaired cognition and attention to associated health problems could improve the quality of life of these older adults and perhaps extend their survival.

• Childhood Kidney Diseases
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• v.7 no.2
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• pp.142-149
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• 2003

Purpose : The urinary mass screening program for the detection of urinary abnormalities in school aged population has been performed in Seoul since 1981. Nation-wide urinary mass screening program was also performed since 1998. The aim of this study was to analyze the cause and nature of isolated proteinuria detected by chance on the urinary mass screening test in Busan and Kyungsangnam-do Province Methods : The medical records of 44 cases of isolated proteinuria detected by chance on the urinary mass screening test in Busan and Kyungsangnam-do Province, and evaluated for urinary abnormalities at the pediatrics outpatients renal clinics of Busan Paik Hospital from April 2002 to August 2003 were reviewed prospectively. Results : The cause and incidence of isolated proteinuria were as follows; transient proteinuria 4 cases(9.1%), orthostatic proteinuria 36 cases(81.8%) and persistent proteinuria 4 cases (9.1%). The total protein amount of the 24 hour urine were $121.0{\pm}136.4\;mg$ in transient proteinuria, $179.1{\pm}130.0\;mg$ in orthostatic proteinuria and $1532.8{\pm}982.5\;mg$ in persistent proteinuria. In the orthostatic proteinuria group, the total protein amount of the 24 hour urine was in the range of 40-616 mg. Spot urine protein/creatinine ratio(PCR) were $0.10{\pm}0.01$ in transient proteinuria, $0.61{\pm}0.61$ in orthostatic proteinuria and $4.35{\pm}4.04$ in persistent proteinuria. In the orthostatic proteinuria group, spot me PCR was in the range of 0.09-2.32. Renal biopsy was peformed in 4 children of the persisitent proteinuria group. They showed minimal change in 1 case, membranoproliferatiye glomerulonephritis in 2 cases and secondary renal amyloidosis in 1 case. Conclusion : The majority of isolated proteinuria which was detected by chance on school urinary mass screening were transient or orthostatic proteinuria. Even though the incidence of persistent proteinuria was much lower, it is necessary to take care of these children regularly and continuously, because persistent proteinuria itself is a useful marker of the progressive renal problems.

• Journal of Distribution Research
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• v.15 no.3
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• pp.1-34
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• 2010

Introduction The purpose of this research is to develop overall model which involves the effect of ongoing support services by franchisor on franchisee's relationship quality(trust, satisfaction, and commitment) and business performance(financial and non-financial performance), and to investigate the relationships among trust, satisfaction, commitment, financial and non-financial performance. This study also suggests franchise business or franchise system should be based on long-term orientation between franchisor and franchisee rather than short-term orientation, or transactional relationship, and proposes the most effective way of providing on-going support services by franchisor with franchisee thru symbiotic relationship among franchisor and franchisee Research Model and Hypothesis The research model as Figure 1 shows the variables on-going support services which affect the relationship quality between franchisor and franchisee such as trust, satisfaction, and commitment, and also analyze the effects of relationship quality on business performance including financial and non-financial performance We established 12 hypotheses to test as follows; Relationship between on-going support services and trust H1: On-going support services factors (product category & price, logistics service, promotion, information providing & problem solving capability, supervisor's support, and education & training support) have positive effect on franchisee's trust. Relationship between on-going support services and satisfaction H2: On-going support services factors (product category & price, logistics service, promotion, information providing & problem solving capability, supervisor's support, and education & training support) have positive effect on franchisee's satisfaction. Relationship between on-going support services and commitment H3: On-going support services factors (product category & price, logistics service, promotion, information providing & problem solving capability, supervisor's support, and education & training support) have positive effect on franchisee's commitment. Relationship among relationship quality: trust, satisfaction, and commitment H4: Franchisee's trust has positive effect on franchisee's satisfaction. H5: Franchisee's trust has positive effect on franchisee's commitment. H6: Franchisee's satisfaction has positive effect on franchisee's commitment. Relationship between relationship quality and business performance H7: Franchisee's trust has positive effect on franchisee's financial performance. H8: Franchisee's trust has positive effect on franchisee's non-financial performance. H9: Franchisee's satisfaction has positive effect on franchisee's financial performance. H10: Franchisee's satisfaction has positive effect on franchisee's non-financial performance. H11: Franchisee's commitment has positive effect on franchisee's financial performance. H12: Franchisee's commitment has positive effect on franchisee's non-financial performance. Method The on-going support services were defined as an organized system of continuous supporting services by franchisor for the purpose of satisfying the expectation of franchisee based on long-term orientation and classified into six constructs such as product category & price, logistics service, promotion, providing information & problem solving capability, supervisor's support, and education & training support. The six constructs were measured agreement using a 7-point Likert-type scale (1 = strongly disagree to 7 = strongly agree)as follows. The product category & price was measured by four items: menu variety, price of food material provided by franchisor, and support for developing new menu. The logistics service was measured by six items: distribution system of franchisor, return policy for provided food materials, timeliness, inventory control level of franchisor, accuracy of order, and flexibility of emergency order. The promotion was measured by five items: differentiated promotion activities, brand image of franchisor, promotion effect such as customer increase, long-term plan of promotion, and micro-marketing concept in promotion. The providing information & problem solving capability was measured by information providing of new products, information of competitors, information of cost reduction, and efforts for solving problems in franchisee's operations. The supervisor's support was measured by supervisor operations, frequency of visiting franchisee, support by data analysis, processing the suggestions by franchisee, diagnosis and solutions for the franchisee's operations, and support for increasing sales in franchisee. Finally, the of education & training support was measured by recipe training by specialist, service training for store people, systemized training program, and tax & human resources support services. Analysis and results The data were analyzed using Amos. Figure 2 and Table 1 present the result of the structural equation model. Implications The results of this research are as follows: Firstly, the factors of product category, information providing and problem solving capacity influence only franchisee's satisfaction and commitment. Secondly, logistic services and supervising factors influence only trust and satisfaction. Thirdly, continuing education and training factors influence only franchisee's trust and commitment. Fourthly, sales promotion factor influences all the relationship quality representing trust, satisfaction, and commitment. Fifthly, regarding relationship among relationship quality, trust positively influences satisfaction, however, does not directly influence commitment, but satisfaction positively affects commitment. Therefore, satisfaction plays a mediating role between trust and commitment. Sixthly, trust positively influence only financial performance, and satisfaction and commitment influence positively both financial and non-financial performance.

• Journal of Distribution Science
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• v.9 no.3
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• pp.37-46
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• 2011

Since the Korean retail industry was made accessible to the big conglomerates and foreign retail companies, local traditional markets have faced serious problems. To sustain the local traditional markets' survival, the Korean government established various remedial policies for addressing, and many scholars published articles to suggest how to find solutions to, the problem. Unfortunately, the results have not been satisfactory. The purpose of this study is to find another way to help the Korean traditional retail market, from the view point of the Green Growth Policy, an initiative designed to address environmentally balanced economic growth in Korea. In order to survive and to maintain sustainable growth, it is incumbent upon retailers in the traditional market to understand the concept of the Green Growth Policy. A survey was conducted as a means of testing the degree of awareness of the Green Growth Policy, as well as determining the relationship between the degree of awareness and the degree of organizational commitment by the retailers in the local traditional markets. Interestingly, we were able to detect some of the features (e.g., they were distinguished by the elderly and the young, as well as low level of education and high level of education) in the traditional market retailers' demographic characteristics. We utilized the analysis of variance (ANOVA) statistical method to simultaneously compare the differences in retailers' demographic characteristics; the results were as follows: Overall, the results showed that the awareness of the Green Growth Policy, the degree of trust in the government's policy, levels of self-efficacy, and levels of organizational commitment were higher with the older traditional market retailers than the younger traditional market retailers. Specifically, the degree of trust in government policies (F=9.964,p < .05), levels of self-efficacy (F=5.532,p < .05), and levels of organizational commitment (F=5.697,p < .05) were statistically significant. Moreover, in the portion of the study that addressed the difference between education levels, all the variables were averaged in the higher education category of the traditional market retailers. Specifically, awareness levels of the Green Growth Policy (F=8.564,p < .005) and levels of self-efficacy (F=6.754,p < .005) were statistically significant. These results revealed that the traditional market retailers' demographic characteristics should be considered important factors in order to realize their policy. The results of the study showed the following: 1) The degree of awareness of the government's Green Growth Policy was statistically significant as it related to traditional market retailers' organizational commitment. 2) The degree of trust of the government's policy was significantly moderated between the awareness of the government's Green Growth Policy and the traditional market retailers' organizational commitment. This result demonstrates that the traditional market retailers' awareness of the government's Green Growth Policy will show more organizational commitment with higher levels of trust of the government's policy. 3) It also revealed that traditional market retailers' self-efficacy was fully mediated between the awareness of the Green Growth Policy of the government and traditional market retailers' organizational commitment. The results suggest that the government should show an interest in showing traditional market retailers how to enhance their traditional markets. Implications and future research directions are also discussed.

• Journal of Intelligence and Information Systems
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• v.19 no.1
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• pp.79-94
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• 2013

Recently, the high value added business is steadily growing in the culture and art area. To generated high value from a performance, the satisfaction of audience is necessary. The flow in a critical factor for satisfaction, and it should be induced from audience and measures. To evaluate interest and emotion of audience on contents, producers or investors need a kind of index for the measurement of the flow. But it is neither easy to define the flow quantitatively, nor to collect audience's reaction immediately. The previous studies of the group flow were evaluated by the sum of the average value of each person's reaction. The flow or "good feeling" from each audience was extracted from his face, especially, the change of his (or her) expression and body movement. But it was not easy to handle the large amount of real-time data from each sensor signals. And also it was difficult to set experimental devices, in terms of economic and environmental problems. Because, all participants should have their own personal sensor to check their physical signal. Also each camera should be located in front of their head to catch their looks. Therefore we need more simple system to analyze group flow. This study provides the method for measurement of audiences flow with group synchronization at same time and place. To measure the synchronization, we made real-time processing system using the Differential Image and Group Emotion Analysis (GEA) system. Differential Image was obtained from camera and by the previous frame was subtracted from present frame. So the movement variation on audience's reaction was obtained. And then we developed a program, GEX(Group Emotion Analysis), for flow judgment model. After the measurement of the audience's reaction, the synchronization is divided as Dynamic State Synchronization and Static State Synchronization. The Dynamic State Synchronization accompanies audience's active reaction, while the Static State Synchronization means to movement of audience. The Dynamic State Synchronization can be caused by the audience's surprise action such as scary, creepy or reversal scene. And the Static State Synchronization was triggered by impressed or sad scene. Therefore we showed them several short movies containing various scenes mentioned previously. And these kind of scenes made them sad, clap, and creepy, etc. To check the movement of audience, we defined the critical point, ${\alpha}$and ${\beta}$. Dynamic State Synchronization was meaningful when the movement value was over critical point ${\beta}$, while Static State Synchronization was effective under critical point ${\alpha}$. ${\beta}$ is made by audience' clapping movement of 10 teams in stead of using average number of movement. After checking the reactive movement of audience, the percentage(%) ratio was calculated from the division of "people having reaction" by "total people". Total 37 teams were made in "2012 Seoul DMC Culture Open" and they involved the experiments. First, they followed induction to clap by staff. Second, basic scene for neutralize emotion of audience. Third, flow scene was displayed to audience. Forth, the reversal scene was introduced. And then 24 teams of them were provided with amuse and creepy scenes. And the other 10 teams were exposed with the sad scene. There were clapping and laughing action of audience on the amuse scene with shaking their head or hid with closing eyes. And also the sad or touching scene made them silent. If the results were over about 80%, the group could be judged as the synchronization and the flow were achieved. As a result, the audience showed similar reactions about similar stimulation at same time and place. Once we get an additional normalization and experiment, we can obtain find the flow factor through the synchronization on a much bigger group and this should be useful for planning contents.

• The Journal of Natural Sciences
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• v.1
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• pp.61-113
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• 1987

The increasing emphasis placed on the production of fine turf for lawns, golf courses, parks, and other recreational sites has led to many unsolved problems as to how such turf could be best established and mainteined. For this purpose, a series of experiments were conducted under con ditions of pot and field. The results obtained were as follows EXPERIMENT I. The effect of nitrogen fertilizer and clipping interval on Zoysia japonica. 1. Increasing the rate of nitrogen and frequent clipping increased tiller number of Zoysis japonica and the maximum number of tillers were obtained from 700 kg N application and freqnent clippings (10 days interval ) in October. Treatment of 350kg N with 10 days clipping interval increased tillers much more than those of 700 kgN with 20 and 30 days clipping intervals. 2. The average number of green leaves occurred during the growth period maximized by applying 700 kg N and clipping 10 days interval. 3. Increasing tiller numbers significantly decreased tops DM weight per tiller by clipping plants at interval of 10 and 20 days, irrespective of nitrogen applied, and with nil N, at the interval of 30 days. By applying 700 kg N, however, top DM weight per tiller increased as the number of tillers increased consistently. 4. The highest top DM weight was achieved from late August to early September by applying 350 and 700kgN. 5. During the growth period, differences in unders ( stolon + root ) DM weight occurred bynitrogen application were found between nil N and two applied nitrogen levels, whereas, at the same level of nitrogen applied, the increase in stolon DM weight enhanced by lengthening the clipping interval to 30 days. 6. Nitrogen efficiency to green leaves, stolon nodes and DM weight of root with high nitrogen was achieved as clipping interval was shortened. 7. By increasing fertilizer nitrogen rate applied, N content n the leaves and stems of Zoysiajaponica was increased. On the other hand, N content in root and stolon had little effect onfertilizer nitrogen, resulting in the lowest content among plant fractions. The largest content of N was recorded in leaves. Lengthening the clipping interval from 10 or 20 to 30 days tends to decrease the N content in the leaves and stems, whereas this trend did not appeared in stolon androot. 8. A positive correlations between N and K contents in tops and stolon were established andthus K content increased as N content in tops and stolon increased. Meanwhile, P content was not affected by N and clipping treatments. 9. Total soluble carbohydrate content in Zoysia japonica was largest in stolon and stem, and was reduced by increasing fertilizer nitrogen rate. Reduction in total soluble carbohydrate due to increased nitrogen rate was severer in the stolons and stems than in the leaves. 10. Increasing the rate of nitrogen applied increased the number of small and large vascular bundles in leaf blade, but shortened distance among the large vascular bundles. Shortening the clipping interval resulted in increase of the number of large vascular bundles but decrease ofdistance between large vascular bundles.EXPERIMENT II. Growth response of Zoysia japonica imposed by different plant densities. 1. Tiller numbers per unit area increased as plant density heightened. Differences in num ber between densities at higher densities than 120 D were of no significance. 2. Tiller numbers per clone attained by 110 days after transplanting were 126 at 40D,77 at 80D, 67 at 120D, 54 at 160D, and 41 at 200D. A decreasing trend of tiller numbers per clone with increasing density was noticable from 100 days after transplanting onwards. 3. During the growth period, the greatest number of green leaves per unit area were attainedin 90days after transplanting at 160D and 200D, and 100 days after transplanting at 40D, 80Dand 120D. Thus the period to reach the maximum green leaf number with the high plantdensity was likely to be earlier that with the low plant density. 4. Stolon growth up to 80 days after transplaning was relatively slow, but from 80 daysonwards, the growth quickened to range from 1.9 m/clone at 40D to 0.6m/clone at 200Din 200 days after transplanting, these followed by the stolon node produced. 5. Plant density did not affect stolon weight/clone and root weight/clone until 80 daysafter transplanting. 6. DM weight of root was heavier in the early period of growth than that of stolon, butthis trend was reversed in the late period of growth : DM weight of stolon was much higherthan that of root.EXPERIMENT Ill. Vegetative growth of Zoysia japonica and Zoysia matrella as affected by nitrogen and clipping height. 1. When no nitrogen was applied to Zoysia japonica, leaf blade which appeared during theAugust-early September period remained green for a perid of about 10 weeks and even leavesemerged in rate September lived for 42 days. However, leaf longevity did not exceed 8 weeks asnitrogen was applied. In contrast the leaf longevity of Zoysia matrella which emerged during the mid August-earlySeptember period was 11 weeks and, under the nitrogen applied, 9 weeks, indicating that thelife-spen of individual leaf of Zoysia matrella may be longer than that of Zoysia japorica. Clipping height had no effect on the leaf longevity in both grasses. 2. During the July-August period, tiller number, green leaf number and DM weightof Zoysia japonica were increased significantly with fertilizer nitrogen, but were not with twolevel of clipping height. This trend was reversed after late September ; no effect of nitrogen wasappeared. Instead, lax clipping increased tiller number, green leaf number and DM weight. Greenleaves stimulated by lax clipping resulted in the occurrance of more dead leaves in late October. 3. Among the stolons outgrown until early September, the primary stolon was not influencedby nitrogen and clipping treatments to produce only 2-3 stolons. However, 1st branch stoIon asaffected by nitrogen increased significantly, so most of stolons which occurred consisted of 1st branch stolons. 4. Until early September, stolon length obtained at nil nitrogen level was chiefly caused bythe primary stolons. By applying nitrogen, the primary stolons of Zoysia japonica waslonger than 1st branch stolons when severe clipping was involved and in turn, shorter than 1stbranch stolons when lax clipping was concerned. In Zoysia matrella, 1st branch stolons were muchlonger than the primary stolon when turf was clipped severely but in conditions of lax clippingthere was little difference in length between primary and 1st branch stolons. 5. Stolon nodes of both Zoysia japonica and Z. matrella were positively influenced by nit rogen, but no particular increase by imposing clipping height treatment was marked in Zoysiamatrella. Although the stolon of Zoysia japonica grew until late October, the growthstimulated by nitrogen was not so remarkable as to exceed that by nil N.

• Journal of Korean Society of Archives and Records Management
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• v.2 no.2
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• pp.1-38
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• 2002

This study examines the status quo of Korean archives and records management from the Governmental as well as professional activities for the development of the field in relation to the new legislation on records management. Among many concerns, this study primarily explores the following four perspectives: 1) the Government Archives and Records Services; 2) the Korean Association of Archives; 3) the Korean Society of Archives and Records Management; 4) the Journal of Korean Society of Archives and Records Management. One of the primary tasks of the is to build the special depository within which the Presidential Library should be located. As a result, the position of the GARS can be elevated and directed by an official at the level of vice-minister right under a president as a governmental representative of managing the public records. In this manner, GARS can sustain its independency and take custody of public records across government agencies. made efforts in regard to the preservation of paper records, the preservation of digital resources in new media formats, facilities and equipments, education of archivists and continuing, training of practitioners, and policy-making of records preservation. For further development, academia and corporate should cooperate continuously to face with the current problems. has held three international conferences to date. The topics of conferences include respectively: 1) records management and archival education of Korea, Japan, and China; 2) knowledge management and metadata for the fulfillment of archives and information science; and 3) electronic records management and preservation with the understanding of ongoing archival research in the States, Europe, and Asia. The Society continues to play a leading role in both of theory and practice for the development of archival science in Korea. It should also suggest an educational model of archival curricula that fits into the Korean context. The Journals of Records Management & Archives Society of Korea have been published on the six major topics to date. Findings suggest that "Special Archives" on regional or topical collections are desirable because it can house subject holdings on specialty or particular figures in that region. In addition, archival education at the undergraduate level is more desirable for Korean situations where practitioners are strongly needed and professionals with master degrees go to manager positions. Departments of Library and Information Science in universities, therefore, are needed to open archival science major or track at the undergraduate level in order to meet current market demands. The qualification of professional archivists should be moderate as well.

• The Korean Journal of Archival Studies
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• no.26
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• pp.103-149
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• 2010

Documentation strategy has been experimented in various subject areas and local regions since late 1980's when it was proposed as archival appraisal and selection methods by archival communities in the United States. Though it was criticized to be too ideal, it needs to shed new light on the potentialities of the strategy for documenting local regions in digital environment. The purpose of this study is to analyse the implementation issues of documentation strategy and to suggest the directions for documenting local regions of Korea through the application of the strategy. The documentation strategy which was developed more than twenty years ago in mostly western countries gives us some implications for documenting local regions even in current digital environments. They are as follows; Firstly, documentation strategy can enhance the value of archivists as well as archives in local regions because archivist should be active shaper of history rather than passive receiver of archives according to the strategy. It can also be a solution for overcoming poor conditions of local archives management in Korea. Secondly, the strategy can encourage cooperation between collecting institutions including museums, libraries, archives, cultural centers, history institutions, etc. in each local region. In the networked environment the cooperation can be achieved more effectively than in traditional environment where the heavy workload of cooperative institutions is needed. Thirdly, the strategy can facilitate solidarity of various groups in local region. According to the analysis of the strategy projects, it is essential to collect their knowledge, passion, and enthusiasm of related groups to effectively implement the strategy. It can also provide a methodology for minor groups of society to document their memories. This study suggests the directions of documenting local regions in consideration of current archival infrastructure of Korean as follows; Firstly, very selective and intensive documentation should be pursued rather than comprehensive one for documenting local regions. Though it is a very political problem to decide what subject has priority for documentation, interests of local community members as well as professional groups should be considered in the decision-making process seriously. Secondly, it is effective to plan integrated representation of local history in the distributed custody of local archives. It would be desirable to implement archival gateway for integrated search and representation of local archives regardless of the location of archives. Thirdly, it is necessary to try digital documentation using Web 2.0 technologies. Documentation strategy as the methodology of selecting and acquiring archives can not avoid subjectivity and prejudices of appraiser completely. To mitigate the problems, open documentation system should be prepared for reflecting different interests of different groups. Fourth, it is desirable to apply a conspectus model used in cooperative collection management of libraries to document local regions digitally. Conspectus can show existing documentation strength and future documentation intensity for each participating institution. Using this, documentation level of each subject area can be set up cooperatively and effectively in the local regions.

• 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.

• Korean Journal of Psychosomatic Medicine
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• v.27 no.1
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• pp.50-59
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• 2019

Objectives : Many of the patients with type 2 diabetes are associated with sleep problems, and the rate of insomnia is known to be higher in the general population. The aims of this study were to know the frequency and clnical characteristics of insomnia, and related variables to insomnia in patients diagnosed with type 2 diabetes. Methods : For 99 patients from 18 to 80 years of age (65 males and 34 females) with type 2 diabetes, interviews were performed. Total sleep time and sleep latency was evaluated. Insomnia was evaluated using the Korean Version of the Insomnia Severity Index (ISI-K). Severity of depressive symptoms were evaluted using the Korean version of the Hamilton Depression Scale (K-HDRM). According to the cutoff score of 15.5 on the ISI-K, subjects were divided into the group of type 2 diabetics with insomnia (N=34) and those without insomnia (N=65) at first, and then statistically analyzed. Results : TInsomnia could be found in 34.34% of type 2 diabetics. Type 2 diabetics with insomnia had significantly more single or divorced (respectively 11.8%, p<0.05), higher total scores of the K-HDRS ($11.76{\pm}5.52$, p<0.001), shorter total sleep time ($5.35{\pm}2.00hours$, p<0.001), and longer sleep latency ($50.29{\pm}33.80minutes$, p<0.001). The all item scores of the ISI-K in type 2 diabetics with insomnia were significantly higher than those in type 2 diabetics without insomnia, that is, total ($18.38{\pm}2.69$), A1 (Initial insomnia) ($2.97{\pm}0.76$), A2 (Middle insomnia) ($3.06{\pm}0.69$), A3 (Terminal insomnia) ($2.76{\pm}0.61$), B (Satisfaction) ($3.18{\pm}0.72$), C (Interference) ($2.09{\pm}0.97$), D (Noticeability) ($2.12{\pm}1.09$) and E (Distress) ($2.21{\pm}0.81$) (respectively p<0.001). Variables associated with insomnia in type 2 diabetics were as following. Age had significant negative correlation with A3 items of the ISI-K (${\beta}=-0.241$, p<0.05). Total scores of the K-HDRS had significant positive correlation, while total sleep time had significant negative correlation with all items of the ISI-K (respectively p<0.05). Sleep latency had significant positive correlation with total,, A1, B and E item scores of the ISI-K (respectively p<0.05). Conclusions : Insomnia was found in about 1/3 of type 2 diabetics. According to the presence of insomnia, clinical characteristics including sleep quality as well as quantity seemed to be different. Because depression seemed to be correlated with insomnia, clinicians should pay attention to early detection and intervention of depression among type 2 diabetics.