• Journal of Intelligence and Information Systems
• /
• v.24 no.1
• /
• pp.183-203
• /
• 2018

News articles are the most suitable medium for examining the events occurring at home and abroad. Especially, as the development of information and communication technology has brought various kinds of online news media, the news about the events occurring in society has increased greatly. So automatically summarizing key events from massive amounts of news data will help users to look at many of the events at a glance. In addition, if we build and provide an event network based on the relevance of events, it will be able to greatly help the reader in understanding the current events. In this study, we propose a method for extracting event networks from large news text data. To this end, we first collected Korean political and social articles from March 2016 to March 2017, and integrated the synonyms by leaving only meaningful words through preprocessing using NPMI and Word2Vec. Latent Dirichlet allocation (LDA) topic modeling was used to calculate the subject distribution by date and to find the peak of the subject distribution and to detect the event. A total of 32 topics were extracted from the topic modeling, and the point of occurrence of the event was deduced by looking at the point at which each subject distribution surged. As a result, a total of 85 events were detected, but the final 16 events were filtered and presented using the Gaussian smoothing technique. We also calculated the relevance score between events detected to construct the event network. Using the cosine coefficient between the co-occurred events, we calculated the relevance between the events and connected the events to construct the event network. Finally, we set up the event network by setting each event to each vertex and the relevance score between events to the vertices connecting the vertices. The event network constructed in our methods helped us to sort out major events in the political and social fields in Korea that occurred in the last one year in chronological order and at the same time identify which events are related to certain events. Our approach differs from existing event detection methods in that LDA topic modeling makes it possible to easily analyze large amounts of data and to identify the relevance of events that were difficult to detect in existing event detection. We applied various text mining techniques and Word2vec technique in the text preprocessing to improve the accuracy of the extraction of proper nouns and synthetic nouns, which have been difficult in analyzing existing Korean texts, can be found. In this study, the detection and network configuration techniques of the event have the following advantages in practical application. First, LDA topic modeling, which is unsupervised learning, can easily analyze subject and topic words and distribution from huge amount of data. Also, by using the date information of the collected news articles, it is possible to express the distribution by topic in a time series. Second, we can find out the connection of events in the form of present and summarized form by calculating relevance score and constructing event network by using simultaneous occurrence of topics that are difficult to grasp in existing event detection. It can be seen from the fact that the inter-event relevance-based event network proposed in this study was actually constructed in order of occurrence time. It is also possible to identify what happened as a starting point for a series of events through the event network. The limitation of this study is that the characteristics of LDA topic modeling have different results according to the initial parameters and the number of subjects, and the subject and event name of the analysis result should be given by the subjective judgment of the researcher. Also, since each topic is assumed to be exclusive and independent, it does not take into account the relevance between themes. Subsequent studies need to calculate the relevance between events that are not covered in this study or those that belong to the same subject.

• Journal of Intelligence and Information Systems
• /
• v.26 no.1
• /
• pp.1-21
• /
• 2020

With the rapid development of artificial intelligence technology, various techniques have been developed to extract meaningful information from unstructured text data which constitutes a large portion of big data. Over the past decades, text mining technologies have been utilized in various industries for practical applications. In the field of business intelligence, it has been employed to discover new market and/or technology opportunities and support rational decision making of business participants. The market information such as market size, market growth rate, and market share is essential for setting companies' business strategies. There has been a continuous demand in various fields for specific product level-market information. However, the information has been generally provided at industry level or broad categories based on classification standards, making it difficult to obtain specific and proper information. In this regard, we propose a new methodology that can estimate the market sizes of product groups at more detailed levels than that of previously offered. We applied Word2Vec algorithm, a neural network based semantic word embedding model, to enable automatic market size estimation from individual companies' product information in a bottom-up manner. The overall process is as follows: First, the data related to product information is collected, refined, and restructured into suitable form for applying Word2Vec model. Next, the preprocessed data is embedded into vector space by Word2Vec and then the product groups are derived by extracting similar products names based on cosine similarity calculation. Finally, the sales data on the extracted products is summated to estimate the market size of the product groups. As an experimental data, text data of product names from Statistics Korea's microdata (345,103 cases) were mapped in multidimensional vector space by Word2Vec training. We performed parameters optimization for training and then applied vector dimension of 300 and window size of 15 as optimized parameters for further experiments. We employed index words of Korean Standard Industry Classification (KSIC) as a product name dataset to more efficiently cluster product groups. The product names which are similar to KSIC indexes were extracted based on cosine similarity. The market size of extracted products as one product category was calculated from individual companies' sales data. The market sizes of 11,654 specific product lines were automatically estimated by the proposed model. For the performance verification, the results were compared with actual market size of some items. The Pearson's correlation coefficient was 0.513. Our approach has several advantages differing from the previous studies. First, text mining and machine learning techniques were applied for the first time on market size estimation, overcoming the limitations of traditional sampling based- or multiple assumption required-methods. In addition, the level of market category can be easily and efficiently adjusted according to the purpose of information use by changing cosine similarity threshold. Furthermore, it has a high potential of practical applications since it can resolve unmet needs for detailed market size information in public and private sectors. Specifically, it can be utilized in technology evaluation and technology commercialization support program conducted by governmental institutions, as well as business strategies consulting and market analysis report publishing by private firms. The limitation of our study is that the presented model needs to be improved in terms of accuracy and reliability. The semantic-based word embedding module can be advanced by giving a proper order in the preprocessed dataset or by combining another algorithm such as Jaccard similarity with Word2Vec. Also, the methods of product group clustering can be changed to other types of unsupervised machine learning algorithm. Our group is currently working on subsequent studies and we expect that it can further improve the performance of the conceptually proposed basic model in this study.

• Journal of Intelligence and Information Systems
• /
• v.24 no.2
• /
• pp.59-83
• /
• 2018

With the increasing importance of sentiment analysis to grasp the needs of customers and the public, various types of deep learning models have been actively applied to English texts. In the sentiment analysis of English texts by deep learning, natural language sentences included in training and test datasets are usually converted into sequences of word vectors before being entered into the deep learning models. In this case, word vectors generally refer to vector representations of words obtained through splitting a sentence by space characters. There are several ways to derive word vectors, one of which is Word2Vec used for producing the 300 dimensional Google word vectors from about 100 billion words of Google News data. They have been widely used in the studies of sentiment analysis of reviews from various fields such as restaurants, movies, laptops, cameras, etc. Unlike English, morpheme plays an essential role in sentiment analysis and sentence structure analysis in Korean, which is a typical agglutinative language with developed postpositions and endings. A morpheme can be defined as the smallest meaningful unit of a language, and a word consists of one or more morphemes. For example, for a word '예쁘고', the morphemes are '예쁘(= adjective)' and '고(=connective ending)'. Reflecting the significance of Korean morphemes, it seems reasonable to adopt the morphemes as a basic unit in Korean sentiment analysis. Therefore, in this study, we use 'morpheme vector' as an input to a deep learning model rather than 'word vector' which is mainly used in English text. The morpheme vector refers to a vector representation for the morpheme and can be derived by applying an existent word vector derivation mechanism to the sentences divided into constituent morphemes. By the way, here come some questions as follows. What is the desirable range of POS(Part-Of-Speech) tags when deriving morpheme vectors for improving the classification accuracy of a deep learning model? Is it proper to apply a typical word vector model which primarily relies on the form of words to Korean with a high homonym ratio? Will the text preprocessing such as correcting spelling or spacing errors affect the classification accuracy, especially when drawing morpheme vectors from Korean product reviews with a lot of grammatical mistakes and variations? We seek to find empirical answers to these fundamental issues, which may be encountered first when applying various deep learning models to Korean texts. As a starting point, we summarized these issues as three central research questions as follows. First, which is better effective, to use morpheme vectors from grammatically correct texts of other domain than the analysis target, or to use morpheme vectors from considerably ungrammatical texts of the same domain, as the initial input of a deep learning model? Second, what is an appropriate morpheme vector derivation method for Korean regarding the range of POS tags, homonym, text preprocessing, minimum frequency? Third, can we get a satisfactory level of classification accuracy when applying deep learning to Korean sentiment analysis? As an approach to these research questions, we generate various types of morpheme vectors reflecting the research questions and then compare the classification accuracy through a non-static CNN(Convolutional Neural Network) model taking in the morpheme vectors. As for training and test datasets, Naver Shopping's 17,260 cosmetics product reviews are used. To derive morpheme vectors, we use data from the same domain as the target one and data from other domain; Naver shopping's about 2 million cosmetics product reviews and 520,000 Naver News data arguably corresponding to Google's News data. The six primary sets of morpheme vectors constructed in this study differ in terms of the following three criteria. First, they come from two types of data source; Naver news of high grammatical correctness and Naver shopping's cosmetics product reviews of low grammatical correctness. Second, they are distinguished in the degree of data preprocessing, namely, only splitting sentences or up to additional spelling and spacing corrections after sentence separation. Third, they vary concerning the form of input fed into a word vector model; whether the morphemes themselves are entered into a word vector model or with their POS tags attached. The morpheme vectors further vary depending on the consideration range of POS tags, the minimum frequency of morphemes included, and the random initialization range. All morpheme vectors are derived through CBOW(Continuous Bag-Of-Words) model with the context window 5 and the vector dimension 300. It seems that utilizing the same domain text even with a lower degree of grammatical correctness, performing spelling and spacing corrections as well as sentence splitting, and incorporating morphemes of any POS tags including incomprehensible category lead to the better classification accuracy. The POS tag attachment, which is devised for the high proportion of homonyms in Korean, and the minimum frequency standard for the morpheme to be included seem not to have any definite influence on the classification accuracy.

• Journal of the Korean Society for Library and Information Science
• /
• v.25
• /
• pp.343-388
• /
• 1993

The ability of any organization to innovate itself in a rapid change of environment means the existence of the organization. Innovative activity is achieved in different ways according to the objectives of organization. the characteristics of external environmental factors. and various attributes in organization. In the present study. all the existing approaches to the innovative nature of organization were synthetically compared to each other and evaluated: then. for a more rational approach. a research model was built and suggested by establishing the inclusive variables of the innovative nature of library organization and categorizing the types of such nature. Additionally. an empirical. analytical study on such a model was done. That is. paying regard to the fact that innovation has basically a close relation with the circumstantial factors of organization. synthetic, circumstantial relations were clarified. considering the external environmental factors and internal characteristics of organization. In the study. the innovation of library organization was seen in two parts i.e .. the feasible degree of technical innovation and the feasible degree of administrative innovation. Regarding the types of innovative implementation. according to the feasible degree of innovation, four types such as a stationary type. technic-oriented type, organization-oriented type. and technical-socio systematic type were classified. There were nine independent variables-i.e., the scale of organization. available resources of the organization, formalization, differentiation, specialization. decentralization, recognizant degree of the technical attribute. degree of response to the change of technical environment, and professional activities. There were three subordinate variables - i.e., technical innovation, administrative innovation. and the performance of organization. Through establishment of such variables, the factors which might influence the innovation of library organization were understood, and with the types of the innovative implementation of library organization being classified according to the feasible degree of innovation. the characteristics of library organization were reviewed in the light of each type. Also. the performance of library organization according to the types of the innovative implementation of library organization was analyzed. and the relations between the types of innovative implementation according to circumstantial variables and the performance of library organization were clarified. In order to clarify the adequacy of the research model in the methodology of empirical study, data were collected from 72 university libraries and 38 special libraries. and for a hypothetical test of the research model. an analysis of correlations, a stepwise regression analysis. and One Way ANOVA were utilized. The following are the major results or findings from the study 1) It appeared there is a trend that the bigger the scale of organization and available resources are, the more active the professional activity of the managerial class is, and the higher the recognizant degree of technical environment (recognizant degree of technical attributes and the degree of response t9 the change of technical environment) is, the higher the feasible degree of innovation becomes. 2) It appeared that among the variables influencing the feasible degree of technical innovation, the order from the variable influencing most was first, the recognizant degree of technical innovation: second, the available resources of organization: and third, professional activity. Regarding the variables influencing the feasible degree of administrative innovation from the most influential variable, it appeared they were the available resources of organization, the differentiation of organization. and the degree of response to the change of technical environment. 3) It appeared that the higher the educational level of the managerial class is, the more active the professional activity becomes. It seemed there is a trend that the group of library managers whose experience as a librarian was at the middle level(three years to six years of experience) was more active in research activity than the group of library managers whose experience as a librarian was at a higher level(more than ten years). Also, it appeared there is a trend that the lower the age of library managers is, the higher the recognizant degree of technical attributes becomes. and the group of library managers whose experience as a librarian was at the middle level (three years to six years of experience) recognized more affirmatively the technical aspect than the group of library managers whose experience as a librarian was at a higher level(more than 10 years). Also, it appeared that, when the activity of the professional association and research activity are active, the recognizant degree of technology becomes higher, and as a result. it influences the innovative nature of organization(the feasible degree of technical innovation and the feasible degree of administrative innovation). 4) As a result of the comparison and analysis of the characteristics of library organization according to the types of innovative implementation of library organization. it was indicated there is a trend that the larger the available resources of library organization, the higher the organic nature of organization such as differentiation. decentralization, etc., and the higher the level of the operation of system development, the more the type of the innovative implementation of library organization becomes the technical-socio systematic type which is higher both in the practical degrees of technical innovation and administrative innovation. 5) As a result of the comparison and analysis of the relations between the types of innovative implementation and the performance of organization, it appeared that the order from the highest performance of organization is the technical-socio systematic type, then the technic-oriented type, the organization­oriented type, and finally the stationary type which is lowest in such performance. That is, it demonstrated that, since the performance of library organization is highest in the library of the technical-socio systematic type while it is lowest in the library whose practical degrees in both technical innovation and administrative innovation are low, the performance of library organization differs significantly according to the types of innovative implementation of library organization. The present study has extracted the factors influencing innovation, classified systematically the types of innovative implementation, and inferred the synthetical, circumstantial correlations between the types and the performance of organization, and empirically inspected those factors. However, due to the present study's restrictive matters and the limit of the research design, results from the study should be more prudently interpreted. Also, the present study, as an investigative study of the types of innovative implementation, with few preceding studies, requires more complete hypothetical inference based on the results of the present study. In other words, if more systematical studies are given to understanding the relations, it will devote the suggestion and demonstration of a more useful theory.

• Journal of Intelligence and Information Systems
• /
• v.19 no.4
• /
• pp.123-132
• /
• 2013

As the smartphones are equipped with various sensors such as the accelerometer, GPS, gravity sensor, gyros, ambient light sensor, proximity sensor, and so on, there have been many research works on making use of these sensors to create valuable applications. Human activity recognition is one such application that is motivated by various welfare applications such as the support for the elderly, measurement of calorie consumption, analysis of lifestyles, analysis of exercise patterns, and so on. One of the challenges faced when using the smartphone sensors for activity recognition is that the number of sensors used should be minimized to save the battery power. When the number of sensors used are restricted, it is difficult to realize a highly accurate activity recognizer or a classifier because it is hard to distinguish between subtly different activities relying on only limited information. The difficulty gets especially severe when the number of different activity classes to be distinguished is very large. In this paper, we show that a fairly accurate classifier can be built that can distinguish ten different activities by using only a single sensor data, i.e., the smartphone accelerometer data. The approach that we take to dealing with this ten-class problem is to use the ensemble of nested dichotomy (END) method that transforms a multi-class problem into multiple two-class problems. END builds a committee of binary classifiers in a nested fashion using a binary tree. At the root of the binary tree, the set of all the classes are split into two subsets of classes by using a binary classifier. At a child node of the tree, a subset of classes is again split into two smaller subsets by using another binary classifier. Continuing in this way, we can obtain a binary tree where each leaf node contains a single class. This binary tree can be viewed as a nested dichotomy that can make multi-class predictions. Depending on how a set of classes are split into two subsets at each node, the final tree that we obtain can be different. Since there can be some classes that are correlated, a particular tree may perform better than the others. However, we can hardly identify the best tree without deep domain knowledge. The END method copes with this problem by building multiple dichotomy trees randomly during learning, and then combining the predictions made by each tree during classification. The END method is generally known to perform well even when the base learner is unable to model complex decision boundaries As the base classifier at each node of the dichotomy, we have used another ensemble classifier called the random forest. A random forest is built by repeatedly generating a decision tree each time with a different random subset of features using a bootstrap sample. By combining bagging with random feature subset selection, a random forest enjoys the advantage of having more diverse ensemble members than a simple bagging. As an overall result, our ensemble of nested dichotomy can actually be seen as a committee of committees of decision trees that can deal with a multi-class problem with high accuracy. The ten classes of activities that we distinguish in this paper are 'Sitting', 'Standing', 'Walking', 'Running', 'Walking Uphill', 'Walking Downhill', 'Running Uphill', 'Running Downhill', 'Falling', and 'Hobbling'. The features used for classifying these activities include not only the magnitude of acceleration vector at each time point but also the maximum, the minimum, and the standard deviation of vector magnitude within a time window of the last 2 seconds, etc. For experiments to compare the performance of END with those of other methods, the accelerometer data has been collected at every 0.1 second for 2 minutes for each activity from 5 volunteers. Among these 5,900 ($=5{\times}(60{\times}2-2)/0.1$) data collected for each activity (the data for the first 2 seconds are trashed because they do not have time window data), 4,700 have been used for training and the rest for testing. Although 'Walking Uphill' is often confused with some other similar activities, END has been found to classify all of the ten activities with a fairly high accuracy of 98.4%. On the other hand, the accuracies achieved by a decision tree, a k-nearest neighbor, and a one-versus-rest support vector machine have been observed as 97.6%, 96.5%, and 97.6%, respectively.

• Journal of Intelligence and Information Systems
• /
• v.26 no.3
• /
• pp.171-191
• /
• 2020

This study focused on digital music, which is the most valuable cultural asset in the modern society and occupies a particularly important position in the flow of the Korean Wave. Digital music was collected based on the "Gaon Chart," a well-established music chart in Korea. Through this, the changes in the ranking of the music that entered the chart for 73 weeks were collected. Afterwards, patterns with similar characteristics were derived through time series cluster analysis. Then, a descriptive analysis was performed on the notable features of each pattern. The research process suggested by this study is as follows. First, in the data collection process, time series data was collected to check the ranking change of digital music. Subsequently, in the data processing stage, the collected data was matched with the rankings over time, and the music title and artist name were processed. Each analysis is then sequentially performed in two stages consisting of exploratory analysis and explanatory analysis. First, the data collection period was limited to the period before 'the music bulk buying phenomenon', a reliability issue related to music ranking in Korea. Specifically, it is 73 weeks starting from December 31, 2017 to January 06, 2018 as the first week, and from May 19, 2019 to May 25, 2019. And the analysis targets were limited to digital music released in Korea. In particular, digital music was collected based on the "Gaon Chart", a well-known music chart in Korea. Unlike private music charts that are being serviced in Korea, Gaon Charts are charts approved by government agencies and have basic reliability. Therefore, it can be considered that it has more public confidence than the ranking information provided by other services. The contents of the collected data are as follows. Data on the period and ranking, the name of the music, the name of the artist, the name of the album, the Gaon index, the production company, and the distribution company were collected for the music that entered the top 100 on the music chart within the collection period. Through data collection, 7,300 music, which were included in the top 100 on the music chart, were identified for a total of 73 weeks. On the other hand, in the case of digital music, since the cases included in the music chart for more than two weeks are frequent, the duplication of music is removed through the pre-processing process. For duplicate music, the number and location of the duplicated music were checked through the duplicate check function, and then deleted to form data for analysis. Through this, a list of 742 unique music for analysis among the 7,300-music data in advance was secured. A total of 742 songs were secured through previous data collection and pre-processing. In addition, a total of 16 patterns were derived through time series cluster analysis on the ranking change. Based on the patterns derived after that, two representative patterns were identified: 'Steady Seller' and 'One-Hit Wonder'. Furthermore, the two patterns were subdivided into five patterns in consideration of the survival period of the music and the music ranking. The important characteristics of each pattern are as follows. First, the artist's superstar effect and bandwagon effect were strong in the one-hit wonder-type pattern. Therefore, when consumers choose a digital music, they are strongly influenced by the superstar effect and the bandwagon effect. Second, through the Steady Seller pattern, we confirmed the music that have been chosen by consumers for a very long time. In addition, we checked the patterns of the most selected music through consumer needs. Contrary to popular belief, the steady seller: mid-term pattern, not the one-hit wonder pattern, received the most choices from consumers. Particularly noteworthy is that the 'Climbing the Chart' phenomenon, which is contrary to the existing pattern, was confirmed through the steady-seller pattern. This study focuses on the change in the ranking of music over time, a field that has been relatively alienated centering on digital music. In addition, a new approach to music research was attempted by subdividing the pattern of ranking change rather than predicting the success and ranking of music.

• Journal of Intelligence and Information Systems
• /
• v.26 no.2
• /
• pp.79-104
• /
• 2020

Recently, as deep learning has attracted attention, the use of deep learning is being considered as a method for solving problems in various fields. In particular, deep learning is known to have excellent performance when applied to applying unstructured data such as text, sound and images, and many studies have proven its effectiveness. Owing to the remarkable development of text and image deep learning technology, interests in image captioning technology and its application is rapidly increasing. Image captioning is a technique that automatically generates relevant captions for a given image by handling both image comprehension and text generation simultaneously. In spite of the high entry barrier of image captioning that analysts should be able to process both image and text data, image captioning has established itself as one of the key fields in the A.I. research owing to its various applicability. In addition, many researches have been conducted to improve the performance of image captioning in various aspects. Recent researches attempt to create advanced captions that can not only describe an image accurately, but also convey the information contained in the image more sophisticatedly. Despite many recent efforts to improve the performance of image captioning, it is difficult to find any researches to interpret images from the perspective of domain experts in each field not from the perspective of the general public. Even for the same image, the part of interests may differ according to the professional field of the person who has encountered the image. Moreover, the way of interpreting and expressing the image also differs according to the level of expertise. The public tends to recognize the image from a holistic and general perspective, that is, from the perspective of identifying the image's constituent objects and their relationships. On the contrary, the domain experts tend to recognize the image by focusing on some specific elements necessary to interpret the given image based on their expertise. It implies that meaningful parts of an image are mutually different depending on viewers' perspective even for the same image. So, image captioning needs to implement this phenomenon. Therefore, in this study, we propose a method to generate captions specialized in each domain for the image by utilizing the expertise of experts in the corresponding domain. Specifically, after performing pre-training on a large amount of general data, the expertise in the field is transplanted through transfer-learning with a small amount of expertise data. However, simple adaption of transfer learning using expertise data may invoke another type of problems. Simultaneous learning with captions of various characteristics may invoke so-called 'inter-observation interference' problem, which make it difficult to perform pure learning of each characteristic point of view. For learning with vast amount of data, most of this interference is self-purified and has little impact on learning results. On the contrary, in the case of fine-tuning where learning is performed on a small amount of data, the impact of such interference on learning can be relatively large. To solve this problem, therefore, we propose a novel 'Character-Independent Transfer-learning' that performs transfer learning independently for each character. In order to confirm the feasibility of the proposed methodology, we performed experiments utilizing the results of pre-training on MSCOCO dataset which is comprised of 120,000 images and about 600,000 general captions. Additionally, according to the advice of an art therapist, about 300 pairs of 'image / expertise captions' were created, and the data was used for the experiments of expertise transplantation. As a result of the experiment, it was confirmed that the caption generated according to the proposed methodology generates captions from the perspective of implanted expertise whereas the caption generated through learning on general data contains a number of contents irrelevant to expertise interpretation. In this paper, we propose a novel approach of specialized image interpretation. To achieve this goal, we present a method to use transfer learning and generate captions specialized in the specific domain. In the future, by applying the proposed methodology to expertise transplant in various fields, we expected that many researches will be actively conducted to solve the problem of lack of expertise data and to improve performance of image captioning.

• Journal of Intelligence and Information Systems
• /
• v.25 no.2
• /
• pp.39-55
• /
• 2019

Recently banks and large financial institutions have introduced lots of Robo-Advisor products. Robo-Advisor is a Robot to produce the optimal asset allocation portfolio for investors by using the financial engineering algorithms without any human intervention. Since the first introduction in Wall Street in 2008, the market size has grown to 60 billion dollars and is expected to expand to 2,000 billion dollars by 2020. Since Robo-Advisor algorithms suggest asset allocation output to investors, mathematical or statistical asset allocation strategies are applied. Mean variance optimization model developed by Markowitz is the typical asset allocation model. The model is a simple but quite intuitive portfolio strategy. For example, assets are allocated in order to minimize the risk on the portfolio while maximizing the expected return on the portfolio using optimization techniques. Despite its theoretical background, both academics and practitioners find that the standard mean variance optimization portfolio is very sensitive to the expected returns calculated by past price data. Corner solutions are often found to be allocated only to a few assets. The Black-Litterman Optimization model overcomes these problems by choosing a neutral Capital Asset Pricing Model equilibrium point. Implied equilibrium returns of each asset are derived from equilibrium market portfolio through reverse optimization. The Black-Litterman model uses a Bayesian approach to combine the subjective views on the price forecast of one or more assets with implied equilibrium returns, resulting a new estimates of risk and expected returns. These new estimates can produce optimal portfolio by the well-known Markowitz mean-variance optimization algorithm. If the investor does not have any views on his asset classes, the Black-Litterman optimization model produce the same portfolio as the market portfolio. What if the subjective views are incorrect? A survey on reports of stocks performance recommended by securities analysts show very poor results. Therefore the incorrect views combined with implied equilibrium returns may produce very poor portfolio output to the Black-Litterman model users. This paper suggests an objective investor views model based on Support Vector Machines(SVM), which have showed good performance results in stock price forecasting. SVM is a discriminative classifier defined by a separating hyper plane. The linear, radial basis and polynomial kernel functions are used to learn the hyper planes. Input variables for the SVM are returns, standard deviations, Stochastics %K and price parity degree for each asset class. SVM output returns expected stock price movements and their probabilities, which are used as input variables in the intelligent views model. The stock price movements are categorized by three phases; down, neutral and up. The expected stock returns make P matrix and their probability results are used in Q matrix. Implied equilibrium returns vector is combined with the intelligent views matrix, resulting the Black-Litterman optimal portfolio. For comparisons, Markowitz mean-variance optimization model and risk parity model are used. The value weighted market portfolio and equal weighted market portfolio are used as benchmark indexes. We collect the 8 KOSPI 200 sector indexes from January 2008 to December 2018 including 132 monthly index values. Training period is from 2008 to 2015 and testing period is from 2016 to 2018. Our suggested intelligent view model combined with implied equilibrium returns produced the optimal Black-Litterman portfolio. The out of sample period portfolio showed better performance compared with the well-known Markowitz mean-variance optimization portfolio, risk parity portfolio and market portfolio. The total return from 3 year-period Black-Litterman portfolio records 6.4%, which is the highest value. The maximum draw down is -20.8%, which is also the lowest value. Sharpe Ratio shows the highest value, 0.17. It measures the return to risk ratio. Overall, our suggested view model shows the possibility of replacing subjective analysts's views with objective view model for practitioners to apply the Robo-Advisor asset allocation algorithms in the real trading fields.

• Korean Journal of Heritage: History & Science
• /
• v.37
• /
• pp.371-405
• /
• 2004

International circulation of cultural assets involves numerous countries thereby making an approach based on international law essential to resolving this problem. Since the end of the $2^{nd}$ World War, as the value of cultural assets evolved from material value to moral and ethical values, with emphasis on establishing national identities, newly independent nations and former colonial states took issue with ownership of cultural assets which led to the need for international cooperation and statutory provisions for the return of cultural assets. UNESCO's 1954 "Convention for the Protection of Cultural Property in the Event of Armed Conflict" as preparatory measures for the protection of cultural assets, the 1970 "Convention on the Means of Prohibiting and Preventing the Illicit Import and Transfer of Ownership of Cultural Property" to regulate transfer of cultural assets, and the 1995 "Unidroit Convention on Stolen or Illegally Exported Cultural Objects" which required the return of illegally acquired cultural property are examples of international agreements established on illegal transfers of cultural assets. In addition, the UN agency UNESCO established the Division of Cultural Heritage to oversee cultural assets related matters, and the UN since its 1973 resolution 3187, has continued to demonstrate interest in protection of cultural assets. The resolution 3187 affirms the return of cultural assets to the country of origin, advises on preventing illegal transfers of works of art and cultural assets, advises cataloguing cultural assets within the respective countries and, conclusively, recommends becoming a member of UNESCO, composing a forum for international cooperation. Differences in defining cultural assets pose a limitation on international agreements. While the 1954 Convention states that cultural assets are not limited to movable property and includes immovable property, the 1970 Convention's objective of 'Prohibiting and preventing the illicit import, export and transfer of ownership of cultural property' effectively limits the subject to tangible movable cultural property. The 1995 Convention also has tangible movable cultural property as its subject. On this point, the two conventions demonstrate distinction from the 1954 Convention and the 1972 Convention that focuses on immovable cultural property and natural property. The disparity in defining cultural property is due to the object and purpose of the convention and does not reflect an inherent divergence. In the case of Korea, beginning with the 1866 French invasion, 36 years of Japanese colonial rule, military rule and period of economic development caused outflow of numerous cultural assets to foreign countries. Of course, it is neither possible nor necessary to have all of these cultural properties returned, but among those that have significant value in establishing cultural and historical identity or those that have been taken symbolically as a demonstration of occupational rule can cause issues in their return. In these cases, the 1954 Convention and the ratification of the first legislation must be actively considered. In the return of cultural property, if the illicit acquisition is the core issue, it is a simple matter of following the international accords, while if it rises to the level of diplomatic discussions, it will become a political issue. In that case, the country requesting the return must convince the counterpart country. Realizing a response to the earnest need for preventing illicit trading of cultural assets will require extensive national and civic societal efforts in the East Asian area to overcome its current deficiencies. The most effective way to prevent illicit trading of cultural property is rapid circulation of information between Interpol member countries, which will require development of an internet based communication system as well as more effective deployment of legislation to prevent trading of illicitly acquired cultural property, subscription to international conventions and cataloguing collections.

• Korean Journal of Heritage: History & Science
• /
• v.39
• /
• pp.351-378
• /
• 2006

With the development of media, the methods for the documentation of intangible cultural heritage have been also developed and diversified. As well as the previous analogue ways of documentation, the have been recently applying new multi-media technologies focusing on digital pictures, sound sources, movies, etc. Among the new technologies, the documentation of intangible cultural heritage using the method of 'Motion Capture' has proved itself prominent especially in the fields that require three-dimensional documentation such as dances and performances. Motion Capture refers to the documentation technology which records the signals of the time varing positions derived from the sensors equipped on the surface of an object. It converts the signals from the sensors into digital data which can be plotted as points on the virtual coordinates of the computer and records the movement of the points during a certain period of time, as the object moves. It produces scientific data for the preservation of intangible cultural heritage, by displaying digital data which represents the virtual motion of a holder of an intangible cultural heritage. National Research Institute of Cultural Properties (NRICP) has been working on for the development of new documentation method for the Important Intangible Cultural Heritage designated by Korean government. This is to be done using 'motion capture' equipments which are also widely used for the computer graphics in movie or game industries. This project is designed to apply the motion capture technology for 3 years- from 2005 to 2007 - for 11 performances from 7 traditional dances of which body gestures have considerable values among the Important Intangible Cultural Heritage performances. This is to be supported by lottery funds. In 2005, the first year of the project, accumulated were data of single dances, such as Seungmu (monk's dance), Salpuri(a solo dance for spiritual cleansing dance), Taepyeongmu (dance of peace), which are relatively easy in terms of performing skills. In 2006, group dances, such as Jinju Geommu (Jinju sword dance), Seungjeonmu (dance for victory), Cheoyongmu (dance of Lord Cheoyong), etc., will be documented. In the last year of the project, 2007, education programme for comparative studies, analysis and transmission of intangible cultural heritage and three-dimensional contents for public service will be devised, based on the accumulated data, as well as the documentation of Hakyeonhwadae Habseolmu (crane dance combined with the lotus blossom dance). By describing the processes and results of motion capture documentation of Salpuri dance (Lee Mae-bang), Taepyeongmu (Kang seon-young) and Seungmu (Lee Mae-bang, Lee Ae-ju and Jung Jae-man) conducted in 2005, this report introduces a new approach for the documentation of intangible cultural heritage. During the first year of the project, two questions have been raised. First, how can we capture motions of a holder (dancer) without cutoffs during quite a long performance? After many times of tests, the motion capture system proved itself stable with continuous results. Second, how can we reproduce the accurate motion without the re-targeting process? The project re-created the most accurate motion of the dancer's gestures, applying the new technology to drew out the shape of the dancers's body digital data before the motion capture process for the first time in Korea. The accurate three-dimensional body models for four holders obtained by the body scanning enhanced the accuracy of the motion capture of the dance.