• 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.

• Journal of the Korean Society for Marine Environment & Energy
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• v.12 no.4
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• pp.307-319
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• 2009

Carbon dioxide capture and storage (CCS) technology has been regarded as one of the most possible and practical option to reduce the emission of carbon dioxide ($CO_2$) and consequently to mitigate the climate change. Korean government also have started a 10-year R&D project on $CO_2$ storage in sea-bed geological structure including gas field and deep saline aquifer since 2005. Various relevant researches are carried out to cover the initial survey of suitable geological structure storage site, monitoring of the stored $CO_2$ behavior, basic design of $CO_2$ transport and storage process and the risk assessment and management related to $CO_2$ leakage from engineered and geological processes. Leakage of $CO_2$ to the marine environment can change the chemistry of seawater including the pH and carbonate composition and also influence adversely on the diverse living organisms in ecosystems. Recently, IMO (International Maritime Organization) have developed the risk assessment and management framework for the $CO_2$ sequestration in sub-seabed geological structures (CS-SSGS) and considered the sequestration as a waste management option to mitigate greenhouse gas emissions. This framework for CS-SSGS aims to provide generic guidance to the Contracting Parties to the London Convention and Protocol, in order to characterize the risks to the marine environment from CS-SSGS on a site-specific basis and also to collect the necessary information to develop a management strategy to address uncertainties and any residual risks. The environmental risk assessment (ERA) plan for $CO_2$ storage work should include site selection and characterization, exposure assessment with probable leak scenario, risk assessment from direct and in-direct impact to the living organisms and risk management strategy. Domestic trial of the $CO_2$ capture and sequestration in to the marine geologic formation also should be accomplished through risk management with specified ERA approaches based on the IMO framework. The risk assessment procedure for $CO_2$ marine storage should contain the following components; 1) prediction of leakage probabilities with the reliable leakage scenarios from both engineered and geological part, 2) understanding on physio-chemical fate of $CO_2$ in marine environment especially for the candidate sites, 3) exposure assessment methods for various receptors in marine environments, 4) database production on the toxic effect of $CO_2$ to the ecologically and economically important species, and finally 5) development of surveillance procedures on the environmental changes with adequate monitoring techniques.

• Korean Journal of Ecology and Environment
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• v.34 no.1 s.93
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• pp.30-44
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• 2001

In this study limnological characteristics of Lake Juam was surveyed from June 1993 to May 1994 in order to provides important information regarding water resources. Secchi disc transparency, epilimnetic chlorophyll a (chi-a), total nitrogen (TN), total phosphorus (TP) concentration and primary productivity were in the range of $2.0{\sim}4.5\;m$, $0.9{\sim}13.6\;mgChl/m^3$, 0.78$\{sim}$2.32 mgN/l, $11{\sim}56\;mgP/m^3$, $270{\sim}2.160\;mgCm^{-2}\;day^{-1}$, respectively. On the basis of TP, Chl-a and Secchi disc depth, the trophic state of Lake Juam can be classied as mesotrophic lake. The phosphorus inputs from non-point sources are concentrated in heavy rain episodes during the monsoon season. As a result, phosphorus concentration are higher in summer than in winter. TP loading from the watershed were estimated to be $0.9\;gPm^{-2}yr^{-1}$, which correspond to a boundary of the critical loading ($1.0\;gPm^{-2}yr^{-1}$) for eutrophication. From the results of the algal assay, both phosphous and nitrogen act as limiting nutrients in algal growth. The seasonal succession of phytoplankton community structure in Lake Juam was similar to that observed in other temperate lakes. Diatoms (Asterionella formosa and Aulacoseira granulate var. angustissima)fujacofeira BraHuJafa uar. aHgusHrsiaia) weredominant in spring and winter, cyanobacteria) were dominant in warm season. The organic carbon, nitrogen and phosphorus content of lake sediment were $9.5{\sim}14.0\;mgC/g$, $1.01{\sim}1.82\;mgN/g$ and $0.51{\sim}0.65\;mgP/g$, respectively. The allochthonous organic carbon loading from the watershed and autochthonous organic carbon loading by primary production of phytoplankton were determined to be 1,122 tC/yr and 6,718 tC/yr, respectively. To prevent eutrophication of Lake Juam, nutrient management of watershed should be focus on reduction of fertilizer application, proper treatment of manure, and conservation of topsoil as well as point source.

• Journal of Korean Home Economics Education Association
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• v.24 no.4
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• pp.39-58
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• 2012

This study was practiced to compare educational status and recognition of Home Economics curriculum between alternative and general middle school students. The survey was conducted to 130 alternative school students and 241 general school students in Gyeonggi province. In students' satisfaction on their school, there is appeared the highest at 'average'(38.6%) in general schools and 'satisfied'(40.8%) in alternative schools, showing that those in alternative schools have greater satisfaction on their schools(p<0.001). In the degree of recognition on Home Economics curriculum, the perception as an 'important subject' was average of 3.08/5 points in general school and 3.32/5 points in alternative school, indicating that the recognition in alternative schools was higher than general ones(p<0.05). Also, degree of satisfaction on practice and lecture class was higher in alternative than general schools. However, it was found that the use of audiovisual learning material in alternative schools was much smaller than that of general ones, and the former had poor facilities and practice labs. Regarding degrees of interest in Home Economics curriculum, 'average'(36.9%) in general school and 'rather interested in the subject'(38.5%) in alternative schools were most common. About the opinion that they needed to learn Home Economics subject, the answer 'it is needed' was 67.6% in general schools and 79.2% in alternative ones, presenting that the students in alternative schools more felt the need to learn the subject(p<0.05). Regarding the comparison of interest level for each area in Home Economics curriculum according to gender, there was only difference on the area of 'preparation and management for clothing'. On the area, the degree of interest was higher in girls than boys at all the schools(p<0.05). Therefore, in alternative schools, it is suggested that various uses of audiovisual learning materials at teaching and expansion of practice facilities should be provided and created desirable Home Economics class. Also in general schools, it is urgent that countermeasures to increase the practice classes are established in order to improve interest and satisfaction of Home Economics education.

• Journal of the Korea society of information convergence
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• v.5 no.2
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• pp.3-24
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• 2012

The purpose of this paper was to find out how the economic experiences of college students would affect their economic literacy via a survey with 494 D college students in Daegu city. First, economic literacy based on the general societal characteristics indicates 48.33 with females and 46.76 with males on average respectively, which shows a low score by and large. In the program divisions of college, nursing students showed the highest economic literacy, 58.67, followed by students in humanity and society, 53.56 students in engineering, 49.00 students in public health, 45.78 and students in art and physical education, 39.64. Levels of education of college students' father also affected economic Literacy of college students. College students whose father has a middle school diploma or lower revealed the highest economic literacy, 50.11. A second place is those whose father has a high school diploma, 49.57. The lowest score was recorded by those whose father has a graduate school degree. Even among the college students, those who just graduated from high school exhibited the highest economic literacy, 49.35, whereas those with a graduate school degree showed the lowest, 40.00 on average. In the economic literacy by financial empirical characteristics, college students who answered that they had an experience of opening a bankbook came up with 48.47, and those who answered that they had never opened a bankbook demonstrated a very low score of 30.20 on average. In the economic literacy by economic life variable, college students who never receive pocket money showed the highest score of 50.88, and those who get some pocket money whenever they need exhibited the lowest score of 44.23 on average. In the economic literacy by economic education variable, college students who answered that they had taken an economic education showed a score of 50.09. On the other hand, those who answered that they had never taken an economic education exhibited a score of 45.23 on average. College students who said that economic education is necessary showed a score of 50.24 in the economic literacy, whereas those who said that economic education is not necessary exhibited a score of 45.23 on average.

• Journal of the Korea society of information convergence
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• v.6 no.2
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• pp.23-44
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• 2013

First, the average scores of personal financial management ability in the college students' financial management attitude were 72.24 for male and 71.65 for female, so that male students showed a little higher score than female. College students who had an experience of opening a bank account and who kept a record of spending revealed higher scores. Those whose parents were elementary or middle school graduates unfolded the highest score, 73.67, and the lowest score, 63.35, from those whose parents had M.A. or Ph.D. The average scores of personal financial management ability in the college students' financial management knowledge indicated almost no difference with 63.26 for male and 63.35 for female. Only whether they had an experience of opening a bank account, keeping a record of spending, or a credit card revealed score differences. Depending on the students' majors, there were also score differences. Students from engineering department came up with the highest score, an average of 66.88, and students from art & physical education department with the lowest score, 53.39, in the financial management knowledge. The personal financial management ability in the college students' financial management function showed that the score of male students was a little higher than that of female, 64.26 versus 63.58. Students who kept a record of spending and whose parents' income was between three million won and four million won marked the highest score, an average of 65.26, and students whose parents' income was below two million won marked the lowest score, an average of 60.43, in the college students' financial management function. There were score differences in the college students' financial management function depending on the students' majors. Students from engineering department came up with the highest score, an average of 69.67, and students from public health department with the lowest score, 63.21.

• Culinary science and hospitality research
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• v.22 no.3
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• pp.66-78
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• 2016

The purpose of this study was to provide hotel bakery organizations with useful information for human resources management based on a substantial clarification of the relationship and correlation of hotel bakery employees' self-leadership, self-efficacy, and organizational commitment. Resources were gathered from June 20, 2015 to July 10, 2015 by distributing a total of 500 surveys, from which 377 were collected. Excluding 23 survey forms not suitable for the analysis, 354 survyes were processed through factor analysis, reliability test, and multivariant structural analysis using SPSS 18.0 and AMOS 18.0 to verify the hypotheses. The findings of the analysis can be summarized as follows: first, behavior-centered strategies, natural compensation, and constructive thinking strategies had a significantly positive impact on self-efficacy. Second, in the analysis of impact of self-efficacy on organizational commitment, it was significant for emotional immersion, but did not have a significantly positive impact on normative immersion. Third, in the relationship between self-leadership and organizational commitment, behavior-centered strategies and natural compensation did not have a significant impact on emotional immersion. However, constructive thinking strategies had a significant impact. The following implications can be derived based on the above findings: this study implies the possibility of future studies on the variables of self-efficacy as it set behavior-centered strategies, natural compensation, and constructive thinking strategies as the preliminary factors under hotel bakery employees' self-leadership; and it analyzed the causality of each factor with emotional immersion and normative immersion as the subordinate factors of self-efficacy and organizational commitment to show that self-leadership and self-efficacy of hotel bakery employees based on emotional immersion and normative immersion can stably improve the organization of hotel bakeries.

• Korean Journal of Hospice Care
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• v.1 no.1
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• pp.46-69
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• 2001

Hospice Care is the best way to care for terminally ill patients and their family members. However most of them can not receive the appropriate hospice service because the Korean health delivery system is mainly be focussed on acutly ill patients. This study was carried out to clarify the situation of hospice in Korea and to develop a hospice care delivery system model which is appropriate in the Korean context. The theoretical framework of this study that hospice care delivery system is composed of hospice resources with personnel, facilities, etc., government and non-government hospice organization, hospice finances, hospice management and hospice delivery, was taken from the Health Delivery System of WHO(1984). Data was obtained through data analysis of litreature, interview, questionairs, visiting and Delphi Technique, from October 1998 to April 1999 involving 56 hospices, 1 hospice research center, 3 non-government hospice organizations, 20 experts who have had hospice experience for more than 3 years(mean is 9 years and 5 months) and officials or members of 3 non-government hospice organizations. There are 61 hospices in Korea. Even though hospice personnel have tried to study and to provide qualified hospice serices, there is nor any formal hospice linkage or network in Korea. This is the result of this survey made to clarify the situation of Korean hospice. Results of the study by Delphi Technique were as follows: 1.Hospice Resources: Key hospice personnel were found to be hospice coordinator, doctor, nurse, clergy, social worker, volunteers. Necessary qualifications for all personnel was that they conditions were resulted as have good health, receive hospice education and have communication skills. Education for hospice personnel is divided into (i)basic training and (ii)special education, e.g. palliative medicine course for hospice specialist or palliative care course in master degree for hospice nurse specialist. Hospice facilities could be developed by adding a living room, a space for family members, a prayer room, a church, an interview room, a kitchen, a dining room, a bath facility, a hall for music, art or work therapy, volunteers' room, garden, etc. to hospital facilities. 2.Hospice Organization: Whilst there are three non-government hospice organizations active at present, in the near future an hospice officer in the Health&Welfare Ministry plus a government Hospice body are necessary. However a non-government council to further integrate hospice development is also strongly recommended. 3.Hospice Finances: A New insurance standards, I.e. the charge for hospice care services, public information and tax reduction for donations were found suggested as methods to rise the hospice budget. 4.Hospice Management: Two divisions of hospice management/care were considered to be necessary in future. The role of the hospice officer in the Health & Welfare Ministry would be quality control of hospice teams and facilities involved/associated with hospice insurance standards. New non-government integrating councils role supporting the development of hospice care, not insurance covered. 5.Hospice delivery: Linkage&networking between hospice facilities and first, second, third level medical institutions are needed in order to provide varied and continous hospice care. Hospice Acts need to be established within the limits of medical law with regards to standards for professional staff members, educational programs, etc. The results of this study could be utilizes towards the development to two hospice care delivery system models, A and B. Model A is based on the hospital, especially the hospice unit, because in this setting is more easily available the new medical insurance for hospice care. Therefore a hospice team is organized in the hospital and may operate in the hospice unit and in the home hospice care service. After Model A is set up and operating, Model B will be the next stage, in which medical insurance cover will be extended to home hospice care service. This model(B) is also based on the hospital, but the focus of the hospital hospice unit will be moved to home hospice care which is connected by local physicians, national public health centers, community parties as like churches or volunteer groups. Model B will contribute to the care of terminally ill patients and their family members and also assist hospital administrators in cost-effectiveness.

• Korean Journal of Agricultural Science
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• v.13 no.1
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• pp.17-32
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• 1986

To obtain basic information needed for developing better pearl barley varieties, a total of 148 lines of pearl barley were collected from nationwide survey except for Kangwon and Chejoo provinces and classified by principal component analysis. The results are summarized as follows : 1. Variabilities of characters for all lines except for leaf width and 100 K. Wt.(Unpolished) were high enough to indicate variation of lines. 2. Correlation coefficients among 18 characters were high enough and they showed the shape of normal distribution, more or less, inclined toward positive values. 3. The lines could be classified into four groups by correlation coefficient for 18 characters : Group I was characterized as the lines composed of grain and plant type, Group II maturity, Group III the number of tillers, and Group IV the nature of germination, respectively. 4. About 60% of the total variation could be appreciated by the first four principal components and about 89% of the total variation by the first ten principal components. 5. Contribution of characters to principal components was variable and was high at upper principal components and low at lower principal components. 6. The value of eigen vector corresponding to those which had high significant correlation coefficient between characters was almost of the same value. 7. The lines were classified into four groups by principal component analysis. 8. The lines were also classified into four groups by taxonomic distance. Group I included 79 lines, Group II 40 lines, Group III 22 lines, and Group IV 7 lines, respectively. 9. Four groups classified by taxonomic distance could be characterized as follow : Group I : medium height plant, small kernels, medium maturity, and narrow and short leaf, Group II : short height plant, small kernels, early maturity, and narrow and short leaf. Group III : tall height plant, large kernels, late maturity, and broad and long leaf. Group IV : short height plant, large kernels, medium maturity, and narrow and short leaf.

• Journal of Korean society of Dental Hygiene
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• v.2 no.1
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• pp.63-83
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• 2002

The purpose of this study was to serve as a basis for more efficient dental hygienist human resources utilization and for determining some of the right directions for supplementary education for dental hygienists, by examining how they actually worked and what they thought of job-related things. The subjects in this study were 537 dental hygienists who participated in a seminar by the Korea Dental Hygienist Association. After a survey was conducted, the following findings were given: 1. 50.2% of the dental hygienists investigated completed legally required eight-class education. Those who worked in clinics took less supplementary education classes than the others in the other types of dental institutions. The main reason they didn't receive supplementary education was financial burden and uncooperative employers. 73.2% took supplementary education at the association or its branches. The association was most favored by those in clinical sector as a place that provides supplementary education, followed by its branch and university in the order named. And the dental hygienists in public health sector preferred university most, and the next best favored one was the association and its branch in the order named. Those in clinical sector hoped to acquire clinical information on patient management, implant or aesthetics, and the dental hygienists in public health sector wanted to learn about health administration, public oral health operations and oral health education, which were different from what those in clinical sector wanted. 2. Regarding the period of service, 492% had worked for three years or more. This fact suggested that their service term and average age continued to grow. And they thought they would decide the retirement time on their own. 3. The most common yearly income ranged from 12 million won to 16 million won(40.7%). For-those in clinics, yearly income was 14.36 million won, and that of the dental hygienists who had worked for less than 3 years was 12.90 million won. 4. The Korea Dental Hygienist Association was most required to protect the rights and interests of the members and offer new knowledge and technology. 5. The largest group of them were engaged in patient management, and this type of job also was the most favored one for them to do. The greatest number of the dental hygienists in public health sector were in charge of dental treatment. 6. Concerning their turnover rate, 492% had never changed their occupation. Specifically, 70.0% of the respondents who had worked for less than 3 years had have no experience to do that. The time constraints for self-development and conflicts with other workers were the cause of their turnover. Those in dental hospital and general hospital changed their occupation chiefly due to the lack of time for self-development, and for the dental hygienists in clinics, the conflicts with other workers were the main reason. The above-mentioned findings suggested that the way the dental hygienists looked at things was undergoing change. The service area made a difference to their preference for the type of supplementary education and institution in charge of it, as those in public health and clinical sectors had a different opinion. And the dental hygienists in clinical sector had a different opinion as well, according to service area, about salaries, reason of not taking supplementary education, preferred type of supplementary education, cause of turnover, and type of occupation to which they hoped to change employment. To utilize and supply human resources in a more stabilized manner, job description should be more segmented, standardized and classified clearly, and dental hygienists should be motivated to perform their substantial jobs, including oral disease prevention, oral prophylaxis and oral health education. To make it happen, it seems that dentists are required to have a clear understanding of dental hygienist job and to change the way they look at it.