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Study on the Factors Influencing the Investment Performance of Domestic Venture Capital Funds (국내 벤처펀드의 투자성과에 영향을 미치는 요인에 관한 연구)

  • InMo Yeo;HyeonJu Park;KwangYong Gim
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.18 no.5
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    • pp.63-75
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    • 2023
  • This study conducted empirical analysis on the factors affecting the investment performance of 205 domestic venture funds (with a total liquidation amount of 7.25 trillion KRW) newly formed from 2007 to 2017 and completely liquidated as of the end of 2022. Due to the nature of private equity funds, obtaining empirical data is extremely challenging, especially for data post-COVID-19 era liquidations. Nevertheless, despite these challenges, it is meaningful to analyze the impact on the investment returns of domestic venture funds using the most recent data available from the past 10 years. This study categorized the factors influencing venture fund performance into external environmental factors and internal factors. External environmental factors included "economic cycles," "stock markets," "venture markets," and "exit markets," while internal factors included the fund management company's capabilities in terms of "experience," "professional personnel," and "assets under management (AUM)." The fund structure was also categorized into "fund size" and "fund length" for comparative analysis. In summary, the analysis yielded the following results: First, the 3-year government bond yield, which represents economic cycles well, was found to have a significant impact on fund performance. Second, the average 3-month KOSDAQ index return after fund formation had a statistically significant positive effect on fund performance. Third, the number of IPOs, indicating the competition intensity at the time of venture fund liquidation, was shown to have a negative effect on fund performance. Fourth, it was observed that the larger the AUM of the fund management company, the better the fund's returns. Finally, venture fund returns showed variations depending on the year of formation (Vintage). Therefore, when individuals consider investing in venture funds, it is considered a highly effective investment strategy to construct an investment portfolio taking into account not only external environmental factors and internal fund factors but also the vintage year.

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Cultural Education Methods for Overseas Koreans Using Classical Narratives: Focusing on Princess Bari and The Tale of Shim Cheong (고전 서사무가를 활용한 재외동포의 문화 교육 방안 연구 - <바리공주>와 <심청전>을 중심으로 -)

  • Kang Myung-ju
    • Journal of the Daesoon Academy of Sciences
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    • v.47
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    • pp.173-202
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    • 2023
  • In this study, we delve into the potential for innovative cultural education techniques that utilize the timeless tales of Princess Bari and The Tale of Shim Cheong as tailored for the upcoming generations of overseas Korean learners. With a rising number of young overseas Koreans born and raised in their host countries, there emerges a pressing need to craft an educational framework that resonates with the evolving dynamics of their generation. Our endeavor revolves around proposing educational strategies that help solidify identity while carefully considering the intrinsic motivation prevalent among most overseas Koreans. Naturally, the choice of employing the classic epics Princess Bari and The Tale of Shim Cheong as educational resources was deliberate. These narratives are rich in rites of passage and offer profound insights into the transformative journey of their protagonists. Both characters are affluent women in patriarchal societies, and both embark on quests to redefine themselves through new relationships, liberating themselves from the confines of parental ties. This narrative framework provides a unique opportunity for overseas Koreans who are often adrift in the social fabric of their adopted countries. These stories inspire them to introspect and contemplate their own identities. By intertwining their personal narratives with the empowering stories of characters, students are provided a chance to reaffirm their authentic selves. Therein, a paradigm shift can occur that allows individuals to embrace the core elements that define them. Our ultimate objective was to enable students to explore their own stories and immerse themselves in the intricate narratives of classical works. This immersive experience fosters a profound sense of unity with the characters and paves the way for a comprehensive educational plan. This plan not only celebrates the hybrid nature of identity but also cultivates a deep sense of positivity within amalgamated 'subjects.' Such an approach not only fosters a stronger connection with one's heritage but also sparks a genuine curiosity about and affinity for the rich cultural tapestry of one's home country. It's not just education; it's a transformative journey that enriches the lives of overseas Koreans and nurtures a profound bond with their cultural roots.

The synthesis of dextran from rice hydrolysates using Gluconobacter oxydans KACC 19357 bioconversion (Gluconobacter oxydans 생물전환을 통한 쌀 가수분해물 유래 dextran 합성)

  • Seung-Min Baek;Hyun Ji Lee;Legesse Shiferaw Chewaka;Chan Soon Park;Bo-Ram Park
    • Food Science and Preservation
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    • v.31 no.1
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    • pp.149-160
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    • 2024
  • Dextran is a glucose homo-polysaccharide with a predominantly α-1,6 glycosidic linkage of microbial source and is known to be produced primarily by lactic acid bacteria. However, it can also be obtained through the dextran dextrinase of acetic acid bacteria (Gluconobacter oxydans). The dextrin-based dextran was obtained from rice starch using G. oxydans fermentation of rice hydrolysate, and its properties were studied. Both dextrin- and rice hydrolysate-added media maintained the OD value of 6 after 20 h of incubation with acetic acid bacteria, and the gel permeation chromatography (GPC) analysis of the supernatant after 72 h of incubation confirmed that a polymeric material with DP of 480 and 405, which was different from the composition of the substrate in the medium, was produced. The glucose linkage pattern of the polysaccharide was confirmed using the proton nuclear magnetic resonance (1H-NMR) and the increased α-1,4:α-1,6 bond ratio from 0.23 and 0.13 to 1:2.37 and 1:4.4, respectively, indicating that the main bonds were converted to α-1,6 bonds. The treatment of dextrin with a rat-derived alpha-glucosidase digestive enzyme resulted in a slow release of glucose, suggesting that rice hydrolysate can be converted to dextran using acetic acid bacteria with glycosyltransferase activity to produce high-value bio-materials with slowly digestible properties.

Simultaneous Oxidation of NO, CO, and CH4 over Mn-Cu/Al2O3 Catalyst (Mn-Cu/Al2O3 촉매 상에서 NO, CO 및 CH4 동시 산화)

  • Ji Eun Jeong;Chang-Yong Lee
    • Applied Chemistry for Engineering
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    • v.35 no.1
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    • pp.1-7
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    • 2024
  • Mn-M/Al2O3 (M = Cu, Fe, Co, and Ce) catalysts were prepared for simultaneous oxidation of NO, CO, and CH4, and their oxidation activities were compared. The Mn-Cu/ Al2O3 catalyst with the best simultaneous oxidation activity was characterized by XRD, Raman, XPS, and O2-TPD analysis. The result of XRD indicated that Mn and Cu existed as complex oxides in the Mn-Cu/Al2O3 catalyst. Raman and XPS results showed that electron transfer between Mn ions and Cu ions occurred during the formation of the Mn-O-Cu bond in the Mn-Cu/Al2O3 catalyst. The XPS O 1s and O2-TPD analyses showed that the Mn-Cu/Al2O3 catalyst has more adsorbed oxygen species with high mobility than the Mn/Al2O3 catalyst. The high simultaneous oxidation activity of the Mn-Cu/Al2O3 catalyst is attributed to these results. Gas-phase NO promotes the oxidation reactions of CO and CH4 in the Mn-Cu/Al2O3 catalyst while suppressing the NO oxidation reaction. These results were presumed to be because the oxidized NO was used as an oxidizing agent for CO and CH4. On the other hand, the oxidation reactions of CO and CH4 competed on the Mn-Cu/Al2O3 catalyst, but the effect was not noticeable because the catalyst activation temperature was different.

A Study on Health Awareness of Middle and High School Students in Yong Nam Area (영남지역(嶺南地域) 중고등학교학생(中高等學校學生)들의 보건의식행태조사(保健意識行態調査) 연구(硏究))

  • Kim, Hyung Nam;Nam, Chul Hyun
    • Journal of the Korean Society of School Health
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    • v.4 no.2
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    • pp.119-135
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    • 1991
  • The study was designed to gain necessary basic data order to grasp health knowledge, attitude, practice level of middle and high school students and to analyse th problem and to point out the method of improvement in the field of school health education. The survery was carried out through this reporter's interview for 2,400 students who attend to ten schools in Young Nam area during the period of a month from 25 the June to 25th July 1989. The result of this study can be summaried as follows. 1. The total number of answers on the question was 2,346. As for general characteristics the percent of female middle school students was 60.6% and the percent of male students was 77.7%, 45.9% of high school students was evening school students. 52.9% of middle school students and 42.3% of high school students were borne in rural area. 2. The percentage of unknown and misunderstanding for Epidemic Hepatitis infection was 46.3% of middle school students and 29.6% of high school students. 3. The percentage of unknown and misunderstanding for Epidemic Hemorrhage fever infection was 85.6% of middle school students and 66.9% of high school students. 4. The percentage of right knowledge for AIDS infection was 66.0% of middle school students and 90.4% of high school students. 5. The percentage of right knowledge for Typhoid infection was 47.8% of middle school students and 69.4% of high school students. 6. The percentage of unknown and misunderstanding for Tuberculosis infection was 71.6% of middle school students and 62.2% of high school students. 7. As for personal hygiene, the percentage of toothbrushing after every meal was high level : 44.2% of middle school students and 42.0% of high school students. 8. 60.9% of middle school students take a bath twice a week, 49.2% oh high school students take a bath a week. Times of bath of middle school students was higher than that of high school students. 9.The percentage of washing hand after using toilet was 42.1% of middle school students and 35.1% of high school students. 49.0% of middle school students and 55.1% of high school students wash hand sometimes after using toilet. 10. The percentage of change of underwear twice a week was 57.6% of middle school students and 49.8% of high school students. 11. The percentage of habit of unbalanced diet was 30.% of middle school students and 27.6% of high school students. 50.8% of middle school students and 51.7% of high school students have balanced diet. 12. Index of health practice of personal hygiene can be summarized as follows. A. A case of middle school students. 1) The percentage of health practice index in male and female was 49.6% and 48.1% respectively. Index of female students was higher than that of male students. 2) As for parent's occupation, public servants and company emplyee was upper level. Farming was low level. 3) As for income level, middle, level with 56.5% was highest in high income level and low level with 27.4% was highest in low income level. B. A case of high school students. 1) Middle level of health practice index was 46.0% of male students, upper and low level was 32.4% and 28.0% of female students respectively. 2) Middle level of health practice index was high in farming and company employee and upper level was high in commerce and service, low level with 60.0% was high in unemployed. 3) Upper practice index 35.7% appears in the rich and low practice index 38.3% appears in the poor. 13. Average points of Health practice about personal hygiene were as follows. (Full marks at 4). A. A case of middle school. Female (1.87 point) was higher than male (1.26 point). Night time (2.03 point) was higher than day time (1.66 point) and middle or small cities (2.17 point) are high than any other places. As for parent's occupation, students whose parents are company clerk get high marks (2.32) and ten students whose parent's job are service get next high marks (2.20). B. A case of high school. Female (1.53 point) was higher than male (1.22 point), as parents educational level were higher the point were higher, and as income level was higher, the points of health practice (1.78) were higher, and as for parents occupation, service get highest point (1.93) and commerce get next high point (1.86) public servant get low point (1.66). 14. The percentage of experience in smoking was 11.9% of middle school students and 60.9% of high school students. 15. The percentage of experience in inhalation of bond and administrating LSD was 4.3% of male middle school students, 8.4% of female middle school students, 6.9% of male high school students and 4.2% of female high school students. The knowledge level of communicable disease infection are very low in middle and high school students and practice level of personal hygiene are also very low. As a whole we can evaluate that middle and high school students are low level of health knowledge and practice. In conclusion, we must consider preparation for school health education program through establishing of health subjects in the carriculum, and securing of health education teachers and using materials and media program of health education. It is very important to establish macroscopic policy and strategy for public health education and to get people have right knowledge and practice for health.

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Optimization of Multiclass Support Vector Machine using Genetic Algorithm: Application to the Prediction of Corporate Credit Rating (유전자 알고리즘을 이용한 다분류 SVM의 최적화: 기업신용등급 예측에의 응용)

  • Ahn, Hyunchul
    • Information Systems Review
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    • v.16 no.3
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    • pp.161-177
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    • 2014
  • Corporate credit rating assessment consists of complicated processes in which various factors describing a company are taken into consideration. Such assessment is known to be very expensive since domain experts should be employed to assess the ratings. As a result, the data-driven corporate credit rating prediction using statistical and artificial intelligence (AI) techniques has received considerable attention from researchers and practitioners. In particular, statistical methods such as multiple discriminant analysis (MDA) and multinomial logistic regression analysis (MLOGIT), and AI methods including case-based reasoning (CBR), artificial neural network (ANN), and multiclass support vector machine (MSVM) have been applied to corporate credit rating.2) Among them, MSVM has recently become popular because of its robustness and high prediction accuracy. In this study, we propose a novel optimized MSVM model, and appy it to corporate credit rating prediction in order to enhance the accuracy. Our model, named 'GAMSVM (Genetic Algorithm-optimized Multiclass Support Vector Machine),' is designed to simultaneously optimize the kernel parameters and the feature subset selection. Prior studies like Lorena and de Carvalho (2008), and Chatterjee (2013) show that proper kernel parameters may improve the performance of MSVMs. Also, the results from the studies such as Shieh and Yang (2008) and Chatterjee (2013) imply that appropriate feature selection may lead to higher prediction accuracy. Based on these prior studies, we propose to apply GAMSVM to corporate credit rating prediction. As a tool for optimizing the kernel parameters and the feature subset selection, we suggest genetic algorithm (GA). GA is known as an efficient and effective search method that attempts to simulate the biological evolution phenomenon. By applying genetic operations such as selection, crossover, and mutation, it is designed to gradually improve the search results. Especially, mutation operator prevents GA from falling into the local optima, thus we can find the globally optimal or near-optimal solution using it. GA has popularly been applied to search optimal parameters or feature subset selections of AI techniques including MSVM. With these reasons, we also adopt GA as an optimization tool. To empirically validate the usefulness of GAMSVM, we applied it to a real-world case of credit rating in Korea. Our application is in bond rating, which is the most frequently studied area of credit rating for specific debt issues or other financial obligations. The experimental dataset was collected from a large credit rating company in South Korea. It contained 39 financial ratios of 1,295 companies in the manufacturing industry, and their credit ratings. Using various statistical methods including the one-way ANOVA and the stepwise MDA, we selected 14 financial ratios as the candidate independent variables. The dependent variable, i.e. credit rating, was labeled as four classes: 1(A1); 2(A2); 3(A3); 4(B and C). 80 percent of total data for each class was used for training, and remaining 20 percent was used for validation. And, to overcome small sample size, we applied five-fold cross validation to our dataset. In order to examine the competitiveness of the proposed model, we also experimented several comparative models including MDA, MLOGIT, CBR, ANN and MSVM. In case of MSVM, we adopted One-Against-One (OAO) and DAGSVM (Directed Acyclic Graph SVM) approaches because they are known to be the most accurate approaches among various MSVM approaches. GAMSVM was implemented using LIBSVM-an open-source software, and Evolver 5.5-a commercial software enables GA. Other comparative models were experimented using various statistical and AI packages such as SPSS for Windows, Neuroshell, and Microsoft Excel VBA (Visual Basic for Applications). Experimental results showed that the proposed model-GAMSVM-outperformed all the competitive models. In addition, the model was found to use less independent variables, but to show higher accuracy. In our experiments, five variables such as X7 (total debt), X9 (sales per employee), X13 (years after founded), X15 (accumulated earning to total asset), and X39 (the index related to the cash flows from operating activity) were found to be the most important factors in predicting the corporate credit ratings. However, the values of the finally selected kernel parameters were found to be almost same among the data subsets. To examine whether the predictive performance of GAMSVM was significantly greater than those of other models, we used the McNemar test. As a result, we found that GAMSVM was better than MDA, MLOGIT, CBR, and ANN at the 1% significance level, and better than OAO and DAGSVM at the 5% significance level.

Research and Development Trends on Omega-3 Fatty Acid Fortified Foodstuffs (오메가 3계 지방산 강화 식품류의 연구개발 동향)

  • 이희애;유익종;이복희
    • Journal of the Korean Society of Food Science and Nutrition
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    • v.26 no.1
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    • pp.161-174
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    • 1997
  • Omega-3 fatty acids have been major research interests in medical and nutritional science relating to life sciences since after the epidemiologic data on Green3and Eskimos reported by several researchers clearly showed fewer per capita deaths from heart diseases and a lower incidence of adult diseases. Linolenic acid(LNA) is an essential fatty acid for human beings as well as linoleic acid(LA) due to the fact that vertebrates lack an enzyme required to incorporate a double bond beyond carbon 9 in the chain. In addition the ratio of omega-6 and 3 fatty acids seems to be important in terms of alleviation of heart diseases since LA and LNA competes for the metabolic pathways of eicosanoids synthesis. High consumption of omega-3 fatty acids in seafoods may control heart diseases by reducing blood cholesterol, triglyceride, VLDL, LDL and increasing HDL and by inhibiting plaque development through the formation of antiaggregatory substances like PGI$_2$, PGI$_3$ and TXA$_3$ metabolized from LNA. Omega 3 fatty acids also play an important role in neuronal developments and visual functioning, in turn influence learning behaviors. Current dietary sources of omega-3 fatty acids are limited mostly to seafoods, leafy vegetables, marine and some seed oils and the most appropriate way to provide omega-3 fatty acids is as a part of the normal dietary regimen. The efforts to enhance the intake of omega-3 fatty acids due to several beneficial effects have been made nowadays by way of food processing technology. Two different ways can be applied: one is add Purified and concentrated omega-3 fatty acids into foods and the other is to produce foods with high amounts of omega-3 fatty acids by raising animals with specially formulated feed best for the transfer of omega-3 fatty acids. Recently, items of manufactured and marketed omega-3 fatty acids fortified foodstuffs are pork, milk, cheese, egg, formula milk and ham. In domestic food market, many of them are distributed already, but problem is that nutritional informations on the amounts of omega-3 fatty acids are not presented on the labeling, which might cause distrust of consumers on those products, result in lower sales volumes. It would be very much wise if we consume natural products, result in lower sales volumes. It would be very much wise if we consume natural products high in omega-3 fatty acids to Promote health related to many types of adult diseases rather than processed foods fortified with omega-3 fatty acids.

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Effects of Formaldehyde/Urea Molar Ratio on Bonding Strength of Plywood and Properties of Sliver-PB and Strand-PB (F/U 몰비의 변이가 합판의 접착성과 Sliver-PB, Strand-PB의 물성에 미치는 영향)

  • Park, Heon;You, Young-Sam
    • Journal of the Korean Wood Science and Technology
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    • v.27 no.2
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    • pp.38-45
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    • 1999
  • This study was to figure out proper Formaldehyde/Urea molar ratio of UF resin with satisfactory bonding strength of plywood and properties of particleboard. The six kinds of UF resins were manufactured with F/U molar ratio 1.0, 1.2, 1.4, 1.6, 1.8, and 2.0. The boards were made of three kinds of raw materials : Veneer, Sliver-Particle and Strand-Particle. Manufacturing condition of plywood : amount of mixing resin was 150g/$m^2$. The fourty secs/mm simple-pressing schedule in the pressure 10kgf/$m^2$ was applied for 480mm${\times}$700mm board at the temperature of $110^{\circ}C$ in a hot press. Manufacturing condition of particleboard : Target density was 0.65g/$cm^2$. The stepwise 9 minutes- multi-pressing schedule in the maximum pressure 40kgf/$cm^2$, the minimum pressure 15kgf/$cm^2$ was applied for $480mm{\times}634mm{\times}12mm$ board at the temperature of $150^{\circ}C$ in a hot press. The results are as follows : I. In bonding strength, plywood which was made by F/U molar ratio 1.2 showed the highest value. Other molar ratio resin also gave the satisfied value of KS standard, 7.5kgf/$cm^2$. 2. In internal bond strength of particleboard, Sliver-Particleboard(SLPB) and Strand-Particleboard(STPB) varied respectively from 5.9kgf/$cm^2$ to 4.8kgf/$cm^2$, from 6.7kgf/$cm^2$ to 5.4kgf/$cm^2$. SLPB with F/U=1.2 and STPB with F/U=1.6 had higher IB value. Also, both SLPB and STPB showed lower IB value in F/U molar ratio 2.0 and 1.0. 3. SLPB and STPB with six kinds of UF resin respectively satisfied bending strength of KS standard 150 Type(130kgf/$cm^2$) and 200 Type(180kgf/$cm^2$). Bending strength data for both of SLPB and STPB showed little or no loss from F/U=1.8 to F/U=1.2. Also, STPB was approximately two times higher than that of SLPB. Therefore, the raw material's shape had more effect on bending strength than the FlU molar ratio. 4. F/U=1.6 and 1.4 showed the lower thickness swelling in SLPB and STPB. All of STPBs satisfied thickness swelling of KS standard, under 12%.

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Effects of Fire Retardant Treatment on Mechanical Properties and Fire Retardancy of Particleboard and Complyboard (내화처리(耐火處理)가 파아티클보오드와 콤플라이보오드의 기계적성질(機械的性質) 및 내화도(耐火度)에 미치는 영향(影響))

  • Kwon, Jin-Heon;Lee, Phll-Woo
    • Journal of the Korean Wood Science and Technology
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    • v.13 no.4
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    • pp.3-57
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    • 1985
  • This research was conducted to examine the feasibility of developing fire retardant particleboard and complyboard. Particleboard were manufactured using meranti particle(Shorea spp.)made with Pallmann chipper, and complyboard meranti particle and apitong veneer (Dipterocarpus spp.). Particles were passed through 4mm (6 mesh) and retained on 1mm (25 mesh). Urea formaldehyde resin was added 10 percent on ovendry weight of particle. Face veneer for complyboard was 0.9, 1.6 and 2.3mm in thickness and spread with 36 g/(30.48 cm)$^2$ glue on one side. Veneers were soaked with 10 percent solution of five fire retardant chemicals (diammonium phosphate, ammonium sulfate, monoammonium phosphate, Pyresote and Minalith), and particles with 5, 10, 15 and 20 percent solution of five chemicals. Particleboard and complyboard were evaluated on physical and mechanical properties, and fire retardancy. The results obtained were summarized as follows. 1. Among five fire retardant chemicals treated to particleboard and complyboard, the retention of ammonium sulfate in 5 percent solution showed the lowest as 1.39 kg/(30.48 cm)$^3$ exceeding the minimum retention of 1.125 kg/(30.48 cm)$^3$ recommended by Forest Products Laboratory and Koch. 2. Particleboard and complyboard treated with diammonium phosphate showed higher modulus of rupture (MOR), modulus of elasticity (MOE), internal bond strength and screw holding power than those with the other chemicals. 3. MOR and MOE of complyboard treated with fire retardant chemicals were greater than those of fire retardant particleboard. 4. Thickness swelling of fire retardant complyboard was lower than that of fire retardant particleboard. 5. The moisture content of the boards treated with Pyresote and Minalith increased and with monoammonium phosphate reduced. 6. Fire retardant particleboard showed no ignition, and fire retardant complyboard started ignition, but time required to ignite was prolonged comparing the controlboard. Complyboard with only shell veneer treated showed ignition and lingering flame, but lingering flame time was shorter than controlboard. Complyboard with treated both core and veneer showed ignition but not lingering flame. 7. Flame length, carbonized area and weight loss were smaller than controlboard but had no significant difference among chemicals treated. 8. Temperature of unexposed surface of fire retardant particleboard was lowered with the increasing concentration of five chemicals. 9. Temperature of unexposed surface of fire retardant particleboard was lowered with the highest in Pyresote and the lowest in Minalith. 10. Temperature of unexposed surface of fire retardant complyboard was lower than that of controlboard.

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Sesquiterpenoids Bioconversion Analysis by Wood Rot Fungi

  • Lee, Su-Yeon;Ryu, Sun-Hwa;Choi, In-Gyu;Kim, Myungkil
    • 한국균학회소식:학술대회논문집
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    • 2016.05a
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    • pp.19-20
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    • 2016
  • Sesquiterpenoids are defined as $C_{15}$ compounds derived from farnesyl pyrophosphate (FPP), and their complex structures are found in the tissue of many diverse plants (Degenhardt et al. 2009). FPP's long chain length and additional double bond enables its conversion to a huge range of mono-, di-, and tri-cyclic structures. A number of cyclic sesquiterpenes with alcohol, aldehyde, and ketone derivatives have key biological and medicinal properties (Fraga 1999). Fungi, such as the wood-rotting Polyporus brumalis, are excellent sources of pharmaceutically interesting natural products such as sesquiterpenoids. In this study, we investigated the biosynthesis of P. brumalis sesquiterpenoids on modified medium. Fungal suspensions of 11 white rot species were inoculated in modified medium containing $C_6H_{12}O_6$, $C_4H_{12}N_2O_6$, $KH_2PO_4$, $MgSO_4$, and $CaCl_2$ for 20 days. Cultivation was stopped by solvent extraction via separation of the mycelium. The metabolites were identified as follows: propionic acid (1), mevalonic acid lactone (2), ${\beta}$-eudesmane (3), and ${\beta}$-eudesmol (4), respectively (Figure 1). The main peaks of ${\beta}$-eudesmane and ${\beta}$-eudesmol, which were indicative of sesquiterpene structures, were consistently detected for 5, 7, 12, and 15 days These results demonstrated the existence of terpene metabolism in the mycelium of P. brumalis. Polyporus spp. are known to generate flavor components such as methyl 2,4-dihydroxy-3,6-dimethyl benzoate; 2-hydroxy-4-methoxy-6-methyl benzoic acid; 3-hydroxy-5-methyl phenol; and 3-methoxy-2,5-dimethyl phenol in submerged cultures (Hoffmann and Esser 1978). Drimanes of sesquiterpenes were reported as metabolites from P. arcularius and shown to exhibit antimicrobial activity against Gram-positive bacteria such as Staphylococcus aureus (Fleck et al. 1996). The main metabolites of P. brumalis, ${\beta}$-Eudesmol and ${\beta}$-eudesmane, were categorized as eudesmane-type sesquiterpene structures. The eudesmane skeleton could be biosynthesized from FPP-derived IPP, and approximately 1,000 structures have been identified in plants as essential oils. The biosynthesis of eudesmol from P. brumalis may thus be an important tool for the production of useful natural compounds as presumed from its identified potent bioactivity in plants. Essential oils comprising eudesmane-type sesquiterpenoids have been previously and extensively researched (Wu et al. 2006). ${\beta}$-Eudesmol is a well-known and important eudesmane alcohol with an anticholinergic effect in the vascular endothelium (Tsuneki et al. 2005). Additionally, recent studies demonstrated that ${\beta}$-eudesmol acts as a channel blocker for nicotinic acetylcholine receptors at the neuromuscular junction, and it can inhibit angiogenesis in vitro and in vivo by blocking the mitogen-activated protein kinase (MAPK) signaling pathway (Seo et al. 2011). Variation of nutrients was conducted to determine an optimum condition for the biosynthesis of sesquiterpenes by P. brumalis. Genes encoding terpene synthases, which are crucial to the terpene synthesis pathway, generally respond to environmental factors such as pH, temperature, and available nutrients (Hoffmeister and Keller 2007, Yu and Keller 2005). Calvo et al. described the effect of major nutrients, carbon and nitrogen, on the synthesis of secondary metabolites (Calvo et al. 2002). P. brumalis did not prefer to synthesize sesquiterpenes under all growth conditions. Results of differences in metabolites observed in P. brumalis grown in PDB and modified medium highlighted the potential effect inorganic sources such as $C_4H_{12}N_2O_6$, $KH_2PO_4$, $MgSO_4$, and $CaCl_2$ on sesquiterpene synthesis. ${\beta}$-eudesmol was apparent during cultivation except for when P. brumalis was grown on $MgSO_4$-free medium. These results demonstrated that $MgSO_4$ can specifically control the biosynthesis of ${\beta}$-eudesmol. Magnesium has been reported as a cofactor that binds to sesquiterpene synthase (Agger et al. 2008). Specifically, the $Mg^{2+}$ ions bind to two conserved metal-binding motifs. These metal ions complex to the substrate pyrophosphate, thereby promoting the ionization of the leaving groups of FPP and resulting in the generation of a highly reactive allylic cation. Effect of magnesium source on the sesquiterpene biosynthesis was also identified via analysis of the concentration of total carbohydrates. Our current study offered further insight that fungal sesquiterpene biosynthesis can be controlled by nutrients. To profile the metabolites of P. brumalis, the cultures were extracted based on the growth curve. Despite metabolites produced during mycelia growth, there was difficulty in detecting significant changes in metabolite production, especially those at low concentrations. These compounds may be of interest in understanding their synthetic mechanisms in P. brumalis. The synthesis of terpene compounds began during the growth phase at day 9. Sesquiterpene synthesis occurred after growth was complete. At day 9, drimenol, farnesol, and mevalonic lactone (or mevalonic acid lactone) were identified. Mevalonic acid lactone is the precursor of the mevalonic pathway, and particularly, it is a precursor for a number of biologically important lipids, including cholesterol hormones (Buckley et al. 2002). Farnesol is the precursor of sesquiterpenoids. Drimenol compounds, bi-cyclic-sesquiterpene alcohols, can be synthesized from trans-trans farnesol via cyclization and rearrangement (Polovinka et al. 1994). They have also been identified in the basidiomycota Lentinus lepideus as secondary metabolites. After 12 days in the growth phase, ${\beta}$-elemene caryophyllene, ${\delta}$-cadiene, and eudesmane were detected with ${\beta}$-eudesmol. The data showed the synthesis of sesquiterpene hydrocarbons with bi-cyclic structures. These compounds can be synthesized from FPP by cyclization. Cyclic terpenoids are synthesized through the formation of a carbon skeleton from linear precursors by terpene cyclase, which is followed by chemical modification by oxidation, reduction, methylation, etc. Sesquiterpene cyclase is a key branch-point enzyme that catalyzes the complex intermolecular cyclization of the linear prenyl diphosphate into cyclic hydrocarbons (Toyomasu et al. 2007). After 20 days in stationary phase, the oxygenated structures eudesmol, elemol, and caryophyllene oxide were detected. Thus, after growth, sesquiterpenes were identified. Per these results, we showed that terpene metabolism in wood-rotting fungi occurs in the stationary phase. We also showed that such metabolism can be controlled by magnesium supplementation in the growth medium. In conclusion, we identified P. brumalis as a wood-rotting fungus that can produce sesquiterpenes. To mechanistically understand eudesmane-type sesquiterpene biosynthesis in P. brumalis, further research into the genes regulating the dynamics of such biosynthesis is warranted.

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