• 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.

• Investigative Magnetic Resonance Imaging
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• v.5 no.1
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• pp.33-37
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• 2001

Purpose : The water exchange rate between bulk water and bound water is an important parameter in deciding the efficiency of paramagnetic contrast agents. In this study, we evaluated the water exchange rates of various Gd-chelates using oxygen-17 NMR technique. Material and Methods : The samples (Gd-DTPA, Gd-DTPA-BMA, Gd-DOTA, Gd-EOB-DTPA) were prepared by mixing 5% $^{17}O-enriched$ water (Isotech, USA). The pH of the samples was adjusted to physiological value [pH=7.0] by buffer solution. The variable temperature $^{17}O-NMR$ measurements were performed using Bruker-600 (14.1 T, 81.3 MHz) spectrometer. Bruker VT-1000 temperature control units were used to stabilize the temperature. The $^{17}O$ spin-spin relaxation times (T2) were measured using Carr-Purcell-Meiboom-Gill (CPMG)I pulse sequence with 24 echo trains. The variable temperature T2 relaxation data were then fitted into Solomon-Bloembergen equations using least square fit algorithm to estimate the water exchange times. Results : From the measured $^{17}O-NMR$ relaxation rates, the determined water exchange rates at 300K are $0.42{\;}{\mu}s$ for Gd-DTPA, $1.99{\;}{\mu}s$ for Gd-DTPA-BMA, $0.27{\;}{\mu}s$ for Gd-DOTA, and $0.11{\;}{\mu}s$ for Gd-EOB-DTPA. The Gd-DTPA-BMA showed slowest exchange whereas Gd-EOB-DTPA had fastest water exchange rate. In addition, it was found that the water exchange rates (${\tau}_m$) of all samples had exponential temperature dependence with different decay constant. Conclusion : $^{17}O-NMR$ relaxation rate measurements, when combined with variable temperature technique, provide a solid tool for studying water exchange rate, which is very important in investigating the detailed mechanism of relaxation enhancement effect of the paramagnetic contrast agents.

• The Journal of Korean Institute of Electromagnetic Engineering and Science
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• v.17 no.5 s.108
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• pp.461-475
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• 2006

In this paper, it is described about the tri-band mobile antenna system design to provide broadband multimedia and direct broadcasting services using goo-stationary Koreasat 3, simultaneously operated in Ka/K/Ku band. The radiating part of the antenna system with a fan beam characteristic in the elevation plane is composed of the quasi-offset dual shaped reflector and the tri-band feeder. The tri-band feeder is also composed of the Ka/K dual band feeder with the protruding dielectric rod, the circular polarizer, the ortho-mode transducer and the circular-polarized Ku band feed array. Especially, the Ka/K dual band circular polarizer was realized firstly using the comb-type structure. For fast satellite-tracking on the movement, the Ku band feed array has the structure of the $2{\times}2$ active phased array which can make electrical beams. And, the circular-polarized characteristic in the feed array was improved by $90^{\circ}$ rotating arrangement of four radiating elements polarized circularly by a $90^{\circ}$ hybrid coupler, respectively. Four beam forming channels to make electrical beams at Ku band are divided into the main beam channel and the tracking beam channel in the output, and noise temperature characteristics of each channel were analyzed on the basis of the contributions of internal sub_units. From the fabricated antenna system, the output power at $P_{1dBc}$ of Ka_Tx channel was measured more than 34.1 dBm and the measured noise figures of K/Ku_Rx channels were less than 2.4 dB and 1.5 dB, respectively, over the operating band. The radiation patterns with co- and cross-polarization in the tri-band were measured using a near-field measurement in the anechoic chamber. Especially, Ku radiation patterns were measured after correcting each initial phase of active channels with partial radiation patterns obtained from the independent excitation of each channel. The antenna gains measured in Ka/K/Ku band of the antenna system were more than 39.6 dBi, 37.5 dBi, 29.6 dBi, respectively. And, the antenna system showed good system performances such as Ka_Tx EIRP more than 43.7 dBW and K/Ku_Rx G/T more than 13.2 dB/K and 7.12 dB/K, respectively.

• Journal of Nutrition and Health
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• v.29 no.6
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• pp.642-650
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• 1996

Apo E polymorphism (e2, e3, e4) was among the first reported genetic polymorphism that explained part of the normal variation in plasma cholesterol concentrations. Both alleles E2 and E4 are significantly more frequent in patients with mixed forms of hyperlipidemia and contribute on the observed differences in CHD risk among different populations. Effects of apo E polymorphism on the distribution of plasma lipid profiles were studied in 105 normolipidemic healthy women. The relative frequencies of common alleles for gene locus of apo E in this study were that E3 allele was 0.848, E4 allels was 0.087, and E2 allele was 0.067. SBP and DBP were slightly more elevated in E2 allele than those in E3 and E4. The pulsation was also significantly (p<0.016) increased by E2 allele with excess body fat % in E2 allele. There were no differences in total-, total HDL-, VLDL+LDL-, VLDL- and LDL cholesterol among the apo E alleles. However, apo E2 allele subject had lower level of total HDL and HDL2 cholesterol (P<0.047) and significantly higher lev디 of HDL3 cholesterol (P<0.05) than those in apo E3 and E4 allele subject. The conclusion is that first, it seems that apo E4-mediated alteration through LDL B/E receptors or E receptors in cholesterol metabolism results in lower plasma TG or remanate particles and in higher levels of VLDL+LDL or LDL. Second, apo E2 allele shows reciprocal effects of E4 on the plasma lipid metabolism, respecitvely. Third, apo E2 allele was more atherogenic than apo E4 because the higher levels of HDL3/HDL2 ratio and atherogenic index[(TC-HDL)/HDL]were criticized.

• Journal of Nutrition and Health
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• v.50 no.6
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• pp.603-614
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• 2017

Purpose: This study was performed to identify the health and nutritional status of Korean adults according to food security by age group. Methods: The subjects were 20~79 year old adults (n = 16,595) who participated in the fifth Korea National Health and Nutrition Examination Survey (2010~2012). Subjects were divided into three groups based on food security such as secure, mildly insecure, and moderately/severely insecure groups. Dietary intake was estimated by 24-hour dietary recall. As for mental health status, the data on mental stress, sleep hours, depression symptoms, and suicide ideation were used. Results: Korean adults who were exposed to high food insecurity typically had low income levels, lived alone, and were recipients of basic welfare. In the 20~39y group, people with higher food insecurity had lower concentrations of hemoglobin and higher iron-binding capacity. In the 40~59y group, people with higher food insecurity had lower HDL-cholesterol. In the 60~79y group, people with higher food insecurity had higher total cholesterol levels, more stress, more experiences of depression symptoms, and were more suicidal. Mean intakes of energy, protein, calcium, phosphorus, potassium, vitamin A, carotene, vitamin $B_1$, vitamin $B_2$, niacin, and vitamin C were lower in the food insecure groups. Amounts of vegetables, fruits, and seasoning intakes tended to be lower in people with higher food insecurity. The effects of food security on nutrition intake were greater in the 40~59y and 60~79y groups than the 20-39y group. Conclusion: Food insecurity was related to certain health indicators such as anemia and cholesterol levels and affected mental health. The effects of food insecurity on health and nutritional status were different by age group.

• Journal of the Korean Society of Hazard Mitigation
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• v.2 no.1 s.4
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• pp.135-141
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• 2002

Both non-linear damping values of the deep and shallow crustal materials and seismic source parameters are found from the observed near-field seismic ground motions at the South-eastern Korean Peninsula. The non-linear numerical algorithm applied in this study is Levenberg-Marquadet method. All the 25 sets of horizontal ground motions (east-west and north-south components at each seismic station) from 3 events (micro to macro scale) were used for the analysis of damping values and source parameters. The non-linear damping values of the deep and shallow crustal materials were found to be more similar to those of the region of the Western United States. The seismic source parameters found from this study also showed that the resultant stress drop values are relatively low compared to those of the Western United Sates. Consequently, comparisons of the various seismic parameters from this study and those of the United States Seismo-tectonic data suggest that the seismo-tectonic characteristics of the South eastern Korean Peninsula is more similar to those of the Western U.S.

• Journal of The Korean Society of Inherited Metabolic disease
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• v.17 no.3
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• pp.85-91
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• 2017

Purpose: The aim of this study was to describe the clinical and biochemical features as well as the molecular analysis of a newly diagnosed illustrative case with ML II and to analyze the clinical features of 11 Korean patients with ML II/III. Method: Including a newly diagnosed patient, total 11 patients in 10 families were diagnosed as ML II (n=7) or ML III (n=4) were enrolled in the study. A diagnosis of ML II or III was made by demonstrating increased lysosomal enzyme activities in the plasma and sequence analysis of GNPTAB with characteristic clinical features. Result: A illustrative case of ML II patient was a 17 month-old boy showing characteristic facial appearance, multiple joint contractures with cardiac involvements. The enzyme assay showed increased lysosomal enzyme activities in the plasma. We identified compound heterozygous mutations in GNPTAB sequence analysis, including a frameshift (c.3428dupA [pAsn1143Lysfs*3]) and a nonsense variant c.673C>T (p.Gln225*). In total 11 patients with ML II/III, the patients with ML II showed severe growth retardation (height standard deviation score -3.2 [${\pm}1.5$]), compare to patients with ML III. Furthermore, patients with ML II patients had serious cardiac problem (n=4), hepatomegaly (n=3) and underwent tracheostomy (n=3) with further respiratory support due to respiratory distress. To improve osteoporosis and bone pain, all patients with ML III and four of 7 patients with ML II treated with intravenous pamidronate. Conclusion: Here we showed a newly diagnosed case of ML II and clinical features of 11 Korean patients with ML II or III. These data could be helpful for further diagnosis of mucolipidosis, a rare inherited metabolic disease, in Korea.

• Journal of Korean Society of Transportation
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• v.20 no.5
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• pp.113-130
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• 2002

In this paper, we developed DNL(Dynamic Network Loading) model based on Moving cell theory to analyze the dynamic characteristics of traffic flow in congested network. In this paper vehicles entered into link at same interval would construct one cell, and the cells moved according to Cell following rule. In the past researches relating to DNL model a continuous single link is separated into two sections such as running section and queuing section to describe physical queue so that various dynamic states generated in real link are only simplified by running and queuing state. However, the approach has some difficulties in simulating various dynamic flow characteristics. To overcome these problems, we present Moving cell theory which is developed by combining Car following theory and Lagrangian method mainly using for the analysis of air pollutants dispersion. In Moving cell theory platoons are represented by cells and each cell is processed by Cell following theory. This type of simulation model is firstly presented by Cremer et al(1999). However they did not develop merging and diverging model because their model was applied to basic freeway section. Moreover they set the number of vehicles which can be included in one cell in one interval so this formulation cant apply to signalized intersection in urban network. To solve these difficulties we develop new approach using Moving cell theory and simulate traffic flow dynamics continuously by movement and state transition of the cells. The developed model are played on simple network including merging and diverging section and it shows improved abilities to describe flow dynamics comparing past DNL models.

• Journal of Veterinary Clinics
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• v.29 no.4
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• pp.283-296
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• 2012

Allergic contact dermatitis (ACD) is an inflammatory skin disease and regarded as a prototype of T-cell mediated delayed-type hypersensitivity reactions. Poly-${\gamma}$-glutamic acid (PGA) is a biodegradable polymer that is produced by Bacillus subtilis. This study was performed to assess the effects of PGA in a canine model of ACD. ACD was induced on the back of dogs induced by sensitization and repeated application by 2,4-dinitro-1-chlorobenzene (DNCB). Topical treatment of PGA was applied once a day for 12 days and skin biophysical parameters including transepidermal water loss (TEWL), skin hydration, skin pH, skin thickness and erythema index, were measured every two days during experimental periods. Histopathology and immunohistochemistry were performed to evaluate the antiinflammatory effect. In skin biophysical parameters, TEWL, skin hydration, skin thickness and erythema index were significantly increased, with a maximum increase appeared on day 2 (p < 0.05). On the other hand, skin pH was significantly decreased, with a maximum decrease appeared on day 2 (p < 0.01). After the completion of PGA treatment, skin biophysical parameters were significantly reached those of baseline in a time-dependent manner (p < 0.05). In histopathology, marked increases of epidermal thicknesses were induced after DNCB challenge with numerous inflammatory cell infiltrations and edematous changes, decreases of connective tissue occupied regions in dermis. In addition, marked increases of cytokine - tumor necrosis factor-${\alpha}$ (TNF-${\alpha}$) and interferon-${\gamma}$ (IFN-${\gamma}$)-immunoreactivities in the dermis and of apoptotic markers - caspase-3 and PARP-immunoreactivities in the epidermis were observed in DNCB-PBS control as compared with intact control, respectively (p < 0.01). It means, the ACD and related apoptotic changes were induced by DNCB in the present study. However, these ACD induced by DNCB and related apoptosis in epidermis were significantly inhibited by treatment of PGA treated skin, the decreases of infiltrated inflammatory cells and related decreases of pro-inflammatory cytokine immunoreactivities were also observed (p < 0.01). Based on these findings, PGA may have anti-inflammatory and alleviatory effects in the allergic contact dermatitis.

• Journal of Soil and Groundwater Environment
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• v.12 no.5
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• pp.19-32
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• 2007

In Korea, there have been various methods of estimating groundwater recharge which generally can be subdivided into three types: baseflow separation method by means of groundwater recession curve, water budget analysis based on lumped conceptual model in watershed, and water table fluctuation method (WTF) by using the data from groundwater monitoring wells. However, groundwater recharge rate shows the spatial-temporal variability due to climatic condition, land use and hydrogeological heterogeneity, so these methods have various limits to deal with these characteristics. To overcome these limitations, we present a new method of estimating recharge based on water balance components from the SWAT-MODFLOW which is an integrated surface-ground water model. Groundwater levels in the interest area close to the stream have dynamics similar to stream flow, whereas levels further upslope respond to precipitation with a delay. As these behaviours are related to the physical process of recharge, it is needed to account for the time delay in aquifer recharge once the water exits the soil profile to represent these features. In SWAT, a single linear reservoir storage module with an exponential decay weighting function is used to compute the recharge from soil to aquifer on a given day. However, this module has some limitations expressing recharge variation when the delay time is too long and transient recharge trend does not match to the groundwater table time series, the multi-reservoir storage routing module which represents more realistic time delay through vadose zone is newly suggested in this study. In this module, the parameter related to the delay time should be optimized by checking the correlation between simulated recharge and observed groundwater levels. The final step of this procedure is to compare simulated groundwater table with observed one as well as to compare simulated watershed runoff with observed one. This method is applied to Mihocheon watershed in Korea for the purpose of testing the procedure of proper estimation of spatio-temporal groundwater recharge distribution. As the newly suggested method of estimating recharge has the advantages of effectiveness of watershed model as well as the accuracy of WTF method, the estimated daily recharge rate would be an advanced quantity reflecting the heterogeneity of hydrogeology, climatic condition, land use as well as physical behaviour of water in soil layers and aquifers.