• 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 Institute of Landscape Architecture
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• v.44 no.6
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• pp.26-39
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• 2016

This research paper explores the process of developing skateboarding spaces in urban parks. Skateboarding is one of the most popular sport activities representative of urban parks. This research paper will analyze the process of introducing skateboarding activities into park spaces and their acceptance by the general public as well as derive meaningful general implications for park space development planning. The research method is a discourse analysis of newspaper articles regarding skateboarding issued between the 1960s and 2010s. These articles are the main resources to show the creation of a skateboarding culture, generation of skate park spaces, and the extinction of these spaces during the research period. The result of this research is as follows. There are reasons that allowed for the creation of skate park spaces in urban parks. First of all, positive associations that people have regarding skateboarding have influenced the park's users and operators' decisions that a park is proper space for skateboarding activities, and the agreement to remodel the park space. Secondly, skate parks became a space for multiple-uses that can be shared with other emerging sports, which resulted in a building boom of skateboarding spaces in urban parks. Thirdly, urban parks and their new culture of active sports became a marketing tool used by local governments to attract new inhabitants to their new towns. On the contrary, there are three main reasons for the deterioration of skate parks. First of all, within parks in which skateboarding activities collided with other park usage, the skate parks disappeared. Secondly, skate parks built specifically for competitive skateboarding events and without consideration of casual skaters disappeared, as these facilities were not sustainable for use in the long term. Thirdly, the golden age of skate park skateboarding did not last long, as skateboarding trends shifted from trick performance to street skating, where skate parks are no longer needed. For this reasons, the exclusive use of park space for skateboarding activities has faded from public interest. The findings of this research suggest how sport activities should be introduced to urban parks. At first, each park's management needs to identify a sport suitable for long-term development, and not only plan for temporal events or follow fleeting trends. Secondly, the park's management systems should reflect a type of sport activity that would not only be popular at the beginning of the spaces development, but also take into consideration how these activities will change over time. Lastly, in cases where there are conflicts between sport activities and other activities in urban parks, attempts should be made to suggest feasible solutions other than the liquidation of sport spaces. This study explains the development process of sport spaces offered in urban parks, by thorough research of the process of acceptance of skateboarding activities in current urban park systems. This conclusion also indicates further areas for research with the purpose of understanding general best practices in urban parks sport space planning.

• Journal of the Korean Association of Geographic Information Studies
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• v.24 no.3
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• pp.83-98
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• 2021

Urban green space is an important component for enhancing urban ecosystem health. Thus, identifying the spatial structure of urban green space is required to manage a healthy urban ecosystem. The Ministry of Environment has provided the level 3 land cover map(the highest (1m) spatial resolution map) with a total of 41 classes since 2010. However, specific urban green information such as street trees was identified just as grassland or even not classified them as a vegetated area in the map. Therefore, this study classified detailed urban green information(i.e., tree, shrub, and grass), not included in the existing level 3 land cover map, using two types of high-resolution(<1m) remote sensing data(i.e., airborne LiDAR and RGB ortho imagery) in Suwon, South Korea. U-Net, one of image segmentation deep learning approaches, was adopted to classify detailed urban green space. A total of three classification models(i.e., LRGB10, LRGB5, and RGB5) were proposed depending on the target number of classes and the types of input data. The average overall accuracies for test sites were 83.40% (LRGB10), 89.44%(LRGB5), and 74.76%(RGB5). Among three models, LRGB5, which uses both airborne LiDAR and RGB ortho imagery with 5 target classes(i.e., tree, shrub, grass, building, and the others), resulted in the best performance. The area ratio of total urban green space(based on trees, shrub, and grass information) for the entire Suwon was 45.61%(LRGB10), 43.47%(LRGB5), and 44.22%(RGB5). All models were able to provide additional 13.40% of urban tree information on average when compared to the existing level 3 land cover map. Moreover, these urban green classification results are expected to be utilized in various urban green studies or decision making processes, as it provides detailed information on urban green space.

• Journal of the Korean Institute of Traditional Landscape Architecture
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• v.29 no.4
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• pp.124-136
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• 2011

In landscape architecture, plants play an important role in realizing the intention of the architect and user- behavior as well as an ecology and appearance of the space for them. However, it is true that many researches have focused on ecological characteristics of plants, their cultivation environment and symbolic meanings in traditional terms, while relatively few for the analysis of the aspects of each period through plants. For this, cherry trees that we often see around are selected and their introduction, propagation, development and symbolism from the view of chronicle are studied and the results are followings; Firstly, three-year seedlings of 1,500 pieces of cherry tree from Osaka and Tokyo were planted for the first time in Oieseongdae, Namsan Park, Seoul. Since then, they had been widely planted at traditional sites, modern parks, newly-constructed roads for street trees, and for this, the Japanese Government-General of Chosun had actively supported by its direct cultivation and selling of cherry trees. The spread of cherry trees planted raised the question of whether or not Prunus yedoensis is originated from Jeju Island. Secondly, such massive and artificial planting of them had become attractions over the time and mass media at that time also had actively promoted it. And such trend made the day and night picnic under the cherry blossoms one of the most representative cultures of enjoying spring in Seoul. Thirdly, although general people enjoyed cherry blossoms, but they had dual view and attitude for cherry trees, which were well expressed in their use of them: for example, cherry blossoms, aeng and sakura were used altogether for same meaning, but night aeng or night picnic under cherry blossoms were especially used instead of yojakura when mentioning just pleasure, which meant some saw night enjoying cherry blossoms a low culture. Fourth, symbolic space of Chosun had been transformed into the space for enjoyment and consumption. Anyone who paid entrance fee could enjoy performance of revugirl, cinema and entertainment along with enjoying cherry blossoms. The still-existing strict differentiation of enjoyment culture by social status, class and ethnicity was dismantled from that trend and brought about a kind of disorder. From this, we could find that cherry blossoms had made a great contribution to the change of traditional enjoyment culture over the Japanese colonial period and become a popular spring enjoyment.