• Title/Summary/Keyword: Value-Based Strategy

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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.

A Study on Industry-specific Sustainability Strategy: Analyzing ESG Reports and News Articles (산업별 지속가능경영 전략 고찰: ESG 보고서와 뉴스 기사를 중심으로)

  • WonHee Kim;YoungOk Kwon
    • Journal of Intelligence and Information Systems
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    • v.29 no.3
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    • pp.287-316
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    • 2023
  • As global energy crisis and the COVID-19 pandemic have emerged as social issues, there is a growing demand for companies to move away from profit-centric business models and embrace sustainable management that balances environmental, social, and governance (ESG) factors. ESG activities of companies vary across industries, and industry-specific weights are applied in ESG evaluations. Therefore, it is important to develop strategic management approaches that reflect the characteristics of each industry and the importance of each ESG factor. Additionally, with the stance of strengthened focus on ESG disclosures, specific guidelines are needed to identify and report on sustainable management activities of domestic companies. To understand corporate sustainability strategies, analyzing ESG reports and news articles by industry can help identify strategic characteristics in specific industries. However, each company has its own unique strategies and report structures, making it difficult to grasp detailed trends or action items. In our study, we analyzed ESG reports (2019-2021) and news articles (2019-2022) of six companies in the 'Finance,' 'Manufacturing,' and 'IT' sectors to examine the sustainability strategies of leading domestic ESG companies. Text mining techniques such as keyword frequency analysis and topic modeling were applied to identify industry-specific, ESG element-specific management strategies and issues. The analysis revealed that in the 'Finance' sector, customer-centric management strategies and efforts to promote an inclusive culture within and outside the company were prominent. Strategies addressing climate change, such as carbon neutrality and expanding green finance, were also emphasized. In the 'Manufacturing' sector, the focus was on creating sustainable communities through occupational health and safety issues, sustainable supply chain management, low-carbon technology development, and eco-friendly investments to achieve carbon neutrality. In the 'IT' sector, there was a tendency to focus on technological innovation and digital responsibility to enhance social value through technology. Furthermore, the key issues identified in the ESG factors were as follows: under the 'Environmental' element, issues such as greenhouse gas and carbon emission management, industry-specific eco-friendly activities, and green partnerships were identified. Under the 'Social' element, key issues included social contribution activities through stakeholder engagement, supporting the growth and coexistence of members and partner companies, and enhancing customer value through stable service provision. Under the 'Governance' element, key issues were identified as strengthening board independence through the appointment of outside directors, risk management and communication for sustainable growth, and establishing transparent governance structures. The exploration of the relationship between ESG disclosures in reports and ESG issues in news articles revealed that the sustainability strategies disclosed in reports were aligned with the issues related to ESG disclosed in news articles. However, there was a tendency to strengthen ESG activities for prevention and improvement after negative media coverage that could have a negative impact on corporate image. Additionally, environmental issues were mentioned more frequently in news articles compared to ESG reports, with environmental-related keywords being emphasized in the 'Finance' sector in the reports. Thus, ESG reports and news articles shared some similarities in content due to the sharing of information sources. However, the impact of media coverage influenced the emphasis on specific sustainability strategies, and the extent of mentioning environmental issues varied across documents. Based on our study, the following contributions were derived. From a practical perspective, companies need to consider their characteristics and establish sustainability strategies that align with their capabilities and situations. From an academic perspective, unlike previous studies on ESG strategies, we present a subdivided methodology through analysis considering the industry-specific characteristics of companies.

An Efficient Estimation of Place Brand Image Power Based on Text Mining Technology (텍스트마이닝 기반의 효율적인 장소 브랜드 이미지 강도 측정 방법)

  • Choi, Sukjae;Jeon, Jongshik;Subrata, Biswas;Kwon, Ohbyung
    • Journal of Intelligence and Information Systems
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    • v.21 no.2
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    • pp.113-129
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    • 2015
  • Location branding is a very important income making activity, by giving special meanings to a specific location while producing identity and communal value which are based around the understanding of a place's location branding concept methodology. Many other areas, such as marketing, architecture, and city construction, exert an influence creating an impressive brand image. A place brand which shows great recognition to both native people of S. Korea and foreigners creates significant economic effects. There has been research on creating a strategically and detailed place brand image, and the representative research has been carried out by Anholt who surveyed two million people from 50 different countries. However, the investigation, including survey research, required a great deal of effort from the workforce and required significant expense. As a result, there is a need to make more affordable, objective and effective research methods. The purpose of this paper is to find a way to measure the intensity of the image of the brand objective and at a low cost through text mining purposes. The proposed method extracts the keyword and the factors constructing the location brand image from the related web documents. In this way, we can measure the brand image intensity of the specific location. The performance of the proposed methodology was verified through comparison with Anholt's 50 city image consistency index ranking around the world. Four methods are applied to the test. First, RNADOM method artificially ranks the cities included in the experiment. HUMAN method firstly makes a questionnaire and selects 9 volunteers who are well acquainted with brand management and at the same time cities to evaluate. Then they are requested to rank the cities and compared with the Anholt's evaluation results. TM method applies the proposed method to evaluate the cities with all evaluation criteria. TM-LEARN, which is the extended method of TM, selects significant evaluation items from the items in every criterion. Then the method evaluates the cities with all selected evaluation criteria. RMSE is used to as a metric to compare the evaluation results. Experimental results suggested by this paper's methodology are as follows: Firstly, compared to the evaluation method that targets ordinary people, this method appeared to be more accurate. Secondly, compared to the traditional survey method, the time and the cost are much less because in this research we used automated means. Thirdly, this proposed methodology is very timely because it can be evaluated from time to time. Fourthly, compared to Anholt's method which evaluated only for an already specified city, this proposed methodology is applicable to any location. Finally, this proposed methodology has a relatively high objectivity because our research was conducted based on open source data. As a result, our city image evaluation text mining approach has found validity in terms of accuracy, cost-effectiveness, timeliness, scalability, and reliability. The proposed method provides managers with clear guidelines regarding brand management in public and private sectors. As public sectors such as local officers, the proposed method could be used to formulate strategies and enhance the image of their places in an efficient manner. Rather than conducting heavy questionnaires, the local officers could monitor the current place image very shortly a priori, than may make decisions to go over the formal place image test only if the evaluation results from the proposed method are not ordinary no matter what the results indicate opportunity or threat to the place. Moreover, with co-using the morphological analysis, extracting meaningful facets of place brand from text, sentiment analysis and more with the proposed method, marketing strategy planners or civil engineering professionals may obtain deeper and more abundant insights for better place rand images. In the future, a prototype system will be implemented to show the feasibility of the idea proposed in this paper.

Release Strategy for the Red Fox (Vulpes vulpes) Restoration Project in Korea Based on Population Viability Analysis (개체군 생존력 분석을 이용한 여우복원사업 방사전략)

  • Lee, Hwa-Jin;Lee, Bae-Keun;Kwon, Gu-Hui;Chung, Chul-Un
    • Korean Journal of Environment and Ecology
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    • v.27 no.4
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    • pp.417-428
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    • 2013
  • The red fox (Vulpes vulpes), listed as a Class I endangered species by the Ministry of Environment of Korea, has been considered to be extinct in South Korea since the 1980s, and an intensive restoration project has been underway in Sobaeksan national park. This study was carried out to develop a suitable model for the red fox reintroduction program based on Population viability analysis (PVA) by using the VORTEX program. If 10 animals (5 females and 5 males) were continuously released into the initial zero population every year for 10 years, population growth rate and extinction probability over the next 50 years after the introduction of the population were $0.018{\pm}0.204$ and 0.354, respectively; the maximum population size was 116.34 at the 16th year after the first release, and a reduction rate of 1.22 every year from the 17th year was inferred. We found that additional releases would be needed from the 17th year after the initial release to maintain a positive growth rate and to prevent the extinction of the released red foxes, and releasing more than 12 individuals every year would be needed for the long-term, continuous existence of red foxes. By contrast, if fewer than 6 red fox individuals were released the extinction probability over the next 50 years was more than 80%. To maintain the minimum population growth rate, the release of more than 8 individuals were needed for positive population growth. The population growth rate was more stable when 10 animals in the change of their sex rate every year from the set value were released as the female-to- male sex ratio of 6:4 rather than 1:1. However, if the female-biased sex ratio was increased by more than 7:3, a negative population growth was expected. The occurrence rate of roadkill and poaching are important factors in the red fox restoration project. The extinction probability was decreased to 30% if each factor was decreased to 3% based on the standard baseline; however, if each factor was increased to more than 3%, an extinction rate of about 90% was reached over the next 50 years.

The Audience Behavior-based Emotion Prediction Model for Personalized Service (고객 맞춤형 서비스를 위한 관객 행동 기반 감정예측모형)

  • Ryoo, Eun Chung;Ahn, Hyunchul;Kim, Jae Kyeong
    • Journal of Intelligence and Information Systems
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    • v.19 no.2
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    • pp.73-85
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    • 2013
  • Nowadays, in today's information society, the importance of the knowledge service using the information to creative value is getting higher day by day. In addition, depending on the development of IT technology, it is ease to collect and use information. Also, many companies actively use customer information to marketing in a variety of industries. Into the 21st century, companies have been actively using the culture arts to manage corporate image and marketing closely linked to their commercial interests. But, it is difficult that companies attract or maintain consumer's interest through their technology. For that reason, it is trend to perform cultural activities for tool of differentiation over many firms. Many firms used the customer's experience to new marketing strategy in order to effectively respond to competitive market. Accordingly, it is emerging rapidly that the necessity of personalized service to provide a new experience for people based on the personal profile information that contains the characteristics of the individual. Like this, personalized service using customer's individual profile information such as language, symbols, behavior, and emotions is very important today. Through this, we will be able to judge interaction between people and content and to maximize customer's experience and satisfaction. There are various relative works provide customer-centered service. Specially, emotion recognition research is emerging recently. Existing researches experienced emotion recognition using mostly bio-signal. Most of researches are voice and face studies that have great emotional changes. However, there are several difficulties to predict people's emotion caused by limitation of equipment and service environments. So, in this paper, we develop emotion prediction model based on vision-based interface to overcome existing limitations. Emotion recognition research based on people's gesture and posture has been processed by several researchers. This paper developed a model that recognizes people's emotional states through body gesture and posture using difference image method. And we found optimization validation model for four kinds of emotions' prediction. A proposed model purposed to automatically determine and predict 4 human emotions (Sadness, Surprise, Joy, and Disgust). To build up the model, event booth was installed in the KOCCA's lobby and we provided some proper stimulative movie to collect their body gesture and posture as the change of emotions. And then, we extracted body movements using difference image method. And we revised people data to build proposed model through neural network. The proposed model for emotion prediction used 3 type time-frame sets (20 frames, 30 frames, and 40 frames). And then, we adopted the model which has best performance compared with other models.' Before build three kinds of models, the entire 97 data set were divided into three data sets of learning, test, and validation set. The proposed model for emotion prediction was constructed using artificial neural network. In this paper, we used the back-propagation algorithm as a learning method, and set learning rate to 10%, momentum rate to 10%. The sigmoid function was used as the transform function. And we designed a three-layer perceptron neural network with one hidden layer and four output nodes. Based on the test data set, the learning for this research model was stopped when it reaches 50000 after reaching the minimum error in order to explore the point of learning. We finally processed each model's accuracy and found best model to predict each emotions. The result showed prediction accuracy 100% from sadness, and 96% from joy prediction in 20 frames set model. And 88% from surprise, and 98% from disgust in 30 frames set model. The findings of our research are expected to be useful to provide effective algorithm for personalized service in various industries such as advertisement, exhibition, performance, etc.

Smart Store in Smart City: The Development of Smart Trade Area Analysis System Based on Consumer Sentiments (Smart Store in Smart City: 소비자 감성기반 상권분석 시스템 개발)

  • Yoo, In-Jin;Seo, Bong-Goon;Park, Do-Hyung
    • Journal of Intelligence and Information Systems
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    • v.24 no.1
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    • pp.25-52
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    • 2018
  • This study performs social network analysis based on consumer sentiment related to a location in Seoul using data reflecting consumers' web search activities and emotional evaluations associated with commerce. The study focuses on large commercial districts in Seoul. In addition, to consider their various aspects, social network indexes were combined with the trading area's public data to verify factors affecting the area's sales. According to R square's change, We can see that the model has a little high R square value even though it includes only the district's public data represented by static data. However, the present study confirmed that the R square of the model combined with the network index derived from the social network analysis was even improved much more. A regression analysis of the trading area's public data showed that the five factors of 'number of market district,' 'residential area per person,' 'satisfaction of residential environment,' 'rate of change of trade,' and 'survival rate over 3 years' among twenty two variables. The study confirmed a significant influence on the sales of the trading area. According to the results, 'residential area per person' has the highest standardized beta value. Therefore, 'residential area per person' has the strongest influence on commercial sales. In addition, 'residential area per person,' 'number of market district,' and 'survival rate over 3 years' were found to have positive effects on the sales of all trading area. Thus, as the number of market districts in the trading area increases, residential area per person increases, and as the survival rate over 3 years of each store in the trading area increases, sales increase. On the other hand, 'satisfaction of residential environment' and 'rate of change of trade' were found to have a negative effect on sales. In the case of 'satisfaction of residential environment,' sales increase when the satisfaction level is low. Therefore, as consumer dissatisfaction with the residential environment increases, sales increase. The 'rate of change of trade' shows that sales increase with the decreasing acceleration of transaction frequency. According to the social network analysis, of the 25 regional trading areas in Seoul, Yangcheon-gu has the highest degree of connection. In other words, it has common sentiments with many other trading areas. On the other hand, Nowon-gu and Jungrang-gu have the lowest degree of connection. In other words, they have relatively distinct sentiments from other trading areas. The social network indexes used in the combination model are 'density of ego network,' 'degree centrality,' 'closeness centrality,' 'betweenness centrality,' and 'eigenvector centrality.' The combined model analysis confirmed that the degree centrality and eigenvector centrality of the social network index have a significant influence on sales and the highest influence in the model. 'Degree centrality' has a negative effect on the sales of the districts. This implies that sales decrease when holding various sentiments of other trading area, which conflicts with general social myths. However, this result can be interpreted to mean that if a trading area has low 'degree centrality,' it delivers unique and special sentiments to consumers. The findings of this study can also be interpreted to mean that sales can be increased if the trading area increases consumer recognition by forming a unique sentiment and city atmosphere that distinguish it from other trading areas. On the other hand, 'eigenvector centrality' has the greatest effect on sales in the combined model. In addition, the results confirmed a positive effect on sales. This finding shows that sales increase when a trading area is connected to others with stronger centrality than when it has common sentiments with others. This study can be used as an empirical basis for establishing and implementing a city and trading area strategy plan considering consumers' desired sentiments. In addition, we expect to provide entrepreneurs and potential entrepreneurs entering the trading area with sentiments possessed by those in the trading area and directions into the trading area considering the district-sentiment structure.

Multi-level Analysis of the Antecedents of Knowledge Transfer: Integration of Social Capital Theory and Social Network Theory (지식이전 선행요인에 관한 다차원 분석: 사회적 자본 이론과 사회연결망 이론의 결합)

  • Kang, Minhyung;Hau, Yong Sauk
    • Asia pacific journal of information systems
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    • v.22 no.3
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    • pp.75-97
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    • 2012
  • Knowledge residing in the heads of employees has always been regarded as one of the most critical resources within a firm. However, many tries to facilitate knowledge transfer among employees has been unsuccessful because of the motivational and cognitive problems between the knowledge source and the recipient. Social capital, which is defined as "the sum of the actual and potential resources embedded within, available through, derived from the network of relationships possessed by an individual or social unit [Nahapiet and Ghoshal, 1998]," is suggested to resolve these motivational and cognitive problems of knowledge transfer. In Social capital theory, there are two research streams. One insists that social capital strengthens group solidarity and brings up cooperative behaviors among group members, such as voluntary help to colleagues. Therefore, social capital can motivate an expert to transfer his/her knowledge to a colleague in need without any direct reward. The other stream insists that social capital provides an access to various resources that the owner of social capital doesn't possess directly. In knowledge transfer context, an employee with social capital can access and learn much knowledge from his/her colleagues. Therefore, social capital provides benefits to both the knowledge source and the recipient in different ways. However, prior research on knowledge transfer and social capital is mostly limited to either of the research stream of social capital and covered only the knowledge source's or the knowledge recipient's perspective. Social network theory which focuses on the structural dimension of social capital provides clear explanation about the in-depth mechanisms of social capital's two different benefits. 'Strong tie' builds up identification, trust, and emotional attachment between the knowledge source and the recipient; therefore, it motivates the knowledge source to transfer his/her knowledge to the recipient. On the other hand, 'weak tie' easily expands to 'diverse' knowledge sources because it does not take much effort to manage. Therefore, the real value of 'weak tie' comes from the 'diverse network structure,' not the 'weak tie' itself. It implies that the two different perspectives on strength of ties can co-exist. For example, an extroverted employee can manage many 'strong' ties with 'various' colleagues. In this regards, the individual-level structure of one's relationships as well as the dyadic-level relationship should be considered together to provide a holistic view of social capital. In addition, interaction effect between individual-level characteristics and dyadic-level characteristics can be examined, too. Based on these arguments, this study has following research questions. (1) How does the social capital of the knowledge source and the recipient influence knowledge transfer respectively? (2) How does the strength of ties between the knowledge source and the recipient influence knowledge transfer? (3) How does the social capital of the knowledge source and the recipient influence the effect of the strength of ties between the knowledge source and the recipient on knowledge transfer? Based on Social capital theory and Social network theory, a multi-level research model is developed to consider both the individual-level social capital of the knowledge source and the recipient and the dyadic-level strength of relationship between the knowledge source and the recipient. 'Cross-classified random effect model,' one of the multi-level analysis methods, is adopted to analyze the survey responses from 337 R&D employees. The results of analysis provide several findings. First, among three dimensions of the knowledge source's social capital, network centrality (i.e., structural dimension) shows the significant direct effect on knowledge transfer. On the other hand, the knowledge recipient's network centrality is not influential. Instead, it strengthens the influence of the strength of ties between the knowledge source and the recipient on knowledge transfer. It means that the knowledge source's network centrality does not directly increase knowledge transfer. Instead, by providing access to various knowledge sources, the network centrality provides only the context where the strong tie between the knowledge source and the recipient leads to effective knowledge transfer. In short, network centrality has indirect effect on knowledge transfer from the knowledge recipient's perspective, while it has direct effect from the knowledge source's perspective. This is the most important contribution of this research. In addition, contrary to the research hypothesis, company tenure of the knowledge recipient negatively influences knowledge transfer. It means that experienced employees do not look for new knowledge and stick to their own knowledge. This is also an interesting result. One of the possible reasons is the hierarchical culture of Korea, such as a fear of losing face in front of subordinates. In a research methodology perspective, multi-level analysis adopted in this study seems to be very promising in management research area which has a multi-level data structure, such as employee-team-department-company. In addition, social network analysis is also a promising research approach with an exploding availability of online social network data.

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Protein Engineering of Flavin-containing Monooxygenase from Corynebacterium glutamicum for Improved Production of Indigo and Indirubin (인디고와 인디루빈의 생산을 증대하기 위한 플라빈-함유 모노옥시게나제의 단백질공학)

  • Jung, Hye Sook;Jung, Hae Bin;Kim, Hee Sook;Kim, Chang Gyeom;Lee, Jin Ho
    • Journal of Life Science
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    • v.28 no.6
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    • pp.656-662
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    • 2018
  • Flavin-containing monooxygenases from Corynebacterium (cFMOs) were mutagenized based on homology modeling to develop variants with an enhanced indigoid production capability. The four mutants, F170Y, A210G, A210S, and T326S, which fused to a maltose-binding protein (MBP), were constructed, and their biochemical properties were characterized. Of these, purified MBP-T326S required a higher concentration of exogenous FAD (100 mM) than the wild-type MBP-cFMO for optimal activity and showed a 3.8-fold increase in the $k_{cat}/K_m$ value at $100{\mu}M$ FAD compared to that of MBP-cFMO at $2{\mu}M$ FAD. The indole oxygenase activities of MBP-T326S decreased to 63-77% compared to that of the MBP-cFMO In addition, MBP-T326S displayed a very low level of futile NADPH oxidase activities (21-24%) in the absence of a substrate. Mutant proteins except for T326S displayed similar $K_m$ and increased $k_{cat}/K_m$ values compared to the wild-type. MBP-F170Y and -A210S mutants showed elevated indole oxygenase activity higher than 3.1- and 2.9-fold, respectively, in comparison with MBP-cFMO. When indigoid production was carried out in LB broth with 2.5 g/l of tryptophan, Escherichia coli expressing cFMO produced 684 mg/l of indigo and 104 mg/l of indirubin, while cells harboring T326S produced 1,040 mg/l of indigo and 112 mg/l of indirubin. The results indicate that the production of indigo was 13% higher when compared to a previous report in which an E. coli expressing FMO from Methylophaga produced 920 mg/l of indigo. The protein engineering of cFMO based on homology modeling provided a more rational strategy for developing indigoid-producing strains.

A Study on the fantasy of Disney animation (<겨울왕국>을 통해 본 디즈니 애니메이션의 환상성)

  • Lee, Hye-Won;Kim, Min-Jung
    • Cartoon and Animation Studies
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    • s.35
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    • pp.107-128
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    • 2014
  • Cultural Content industries based on imagination and creativity are attracting attention and the animation high value-added industry is still spotlighted. Among them, Disney Studios make money through using their professional skills. There are the know-how has developed for a long time, and there are timeless strategy. This study is analyzing by fantasy elements for knowing the messages of Disney animation. Fantasy defined as genre of literature by Todorov and Jackson emphasized its social role and significance. Hume expanded the area of fantasy and Tolkein Jahoriski and Boyer classified the fantasy according to the purpose. Through the analyzing Disney animation , Disney's fantasy show the specific expression depending on the target. Disney is based on the three types of fantasy depending on the growth of the journey. The first area is composed of the main character's growth and satisfy the desire and escapism, The second is the word of antagonist who opposed to reality and break the rules of the dominant ideology. The last area is the utopia provided after hero beat the antagonist. Disney characters give the messages by using the fantasy like the transformation or alter ego. That show the subject of the main character's growth and the supporting characters as the expression of the multiple personality of main. These emphasize the hero's growth and give the fun. Also, in the subject of the otherness, the hero always destroy the evil who broke the rules of reality. In this way, the fantasy offered by Disney give the messages of sacrifice and family from true love. Disney has the support of their target audiences continue to be able to convey ideology.

The Development of Students' Scientific Perspectives on Historical Heritages through the Science Field Trip of Hwasong Fortress (수원 화성 과학 탐방을 통한 문화재에 대한 과학적 안목 형성 지도)

  • Choi, Jae-Hyeok;Pak, Sung-Jae
    • Journal of The Korean Association For Science Education
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    • v.24 no.5
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    • pp.930-936
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    • 2004
  • Science field trip on historical heritages in Korea has developed since 1998. There are a few discussion of effectiveness of science field trip on historical heritages. In this research, the aim of science field trip on historical heritages was discussed in view of developing scientific perspectives on historical heritages with cases of science field trip of Hwasong fortress. Material for science field trip of Hwasong fortress was developed and instructional strategy was designed. The material contained convergent and divergent scientific inquiry activities. The goal of the activity was to help students to build scientific perspectives on the historical heritage, so they can evaluate the scientific excellency of historical heritage. The subjects were ten ninth grade students of middle school science club in Seoul. A questionnaire, "evaluation of scientific excellency of historical heritage" was administered before and after the field trip. From the analysis of a change in perspective by field trip, it was investigated how the scientific perspective on historical heritages was developed. The first draft of material for science field trip of Hwasong fortress was developed based on science education experts' discussion. The material has three parts; activities before the trip, activities during the trip and activities after trip. Instructor's guide has the same structure. Before the field trip, students watched the videotape and learned the short history lesson about Hwasong fortress to develop familiarity. During the trip, there were exploring stage and intensive inquiring stage. These activities were designed to develop scientific perspective on historical heritage. After the field trip, evaluation activity about scientific value of Hwasong was done based on the activities done during the trip. After the science field trip of Hwasong fortress, most of students showed positive changes. Some of them reflected on their previous thoughts. Some recognized the necessity of the proper criteria for scientific excellency of historical heritage. All changed in their perspective on evaluating scientific aspects on historical heritage, such as considering the social environment, scientific principles and the influence of science and technology of that age on the society, when the fortress was built. These results show that the science field trip focused on the criteria for evaluating the scientific excellency of historical heritage was significant in helping students to develop the scientific perspective on historical heritage.