• 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 Environmental Policy
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• v.13 no.4
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• pp.3-49
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• 2014

Growing interest of stakeholders on corporate responsibilities for environment and tightening environmental regulations are highlighting the importance of environmental management more than ever. However, companies' awareness of the importance of environment is still falling behind, and related academic works have not shown consistent conclusions on the relationship between environmental performance and economic performance. One of the reasons is different ways of measuring these two performances. The evaluation scope of economic performance is relatively narrow and the performance can be measured by a unified unit such as price, while the scope of environmental performance is diverse and a wide range of units are used for measuring environmental performances instead of using a single unified unit. Therefore, the results of works can be different depending on the performance indicators selected. In order to resolve this problem, generalized and standardized performance indicators should be developed. In particular, the performance indicators should be able to cover the concepts of both environmental and economic performances because the recent idea of environmental management has expanded to encompass the concept of sustainability. Another reason is that most of the current researches tend to focus on the motive of environmental investments and environmental performance, and do not offer a guideline for an effective implementation strategy for environmental management. For example, a process improvement strategy or a market discrimination strategy can be deployed through comparing the environment competitiveness among the companies in the same or similar industries, so that a virtuous cyclical relationship between environmental and economic performances can be secured. A novel method for measuring eco-efficiency by utilizing Data Envelopment Analysis (DEA), which is able to combine multiple environmental and economic performances, is proposed in this report. Based on the eco-efficiencies, the environmental competitiveness is analyzed and the optimal combination of inputs and outputs are recommended for improving the eco-efficiencies of inefficient firms. Furthermore, the panel analysis is applied to the causal relationship between eco-efficiency and economic performance, and the pooled regression model is used to investigate the relationship between eco-efficiency and economic performance. The four-year eco-efficiencies between 2010 and 2013 of 23 companies are obtained from the DEA analysis; a comparison of efficiencies among 23 companies is carried out in terms of technical efficiency(TE), pure technical efficiency(PTE) and scale efficiency(SE), and then a set of recommendations for optimal combination of inputs and outputs are suggested for the inefficient companies. Furthermore, the experimental results with the panel analysis have demonstrated the causality from eco-efficiency to economic performance. The results of the pooled regression have shown that eco-efficiency positively affect financial perform ances(ROA and ROS) of the companies, as well as firm values(Tobin Q, stock price, and stock returns). This report proposes a novel approach for generating standardized performance indicators obtained from multiple environmental and economic performances, so that it is able to enhance the generality of relevant researches and provide a deep insight into the sustainability of environmental management. Furthermore, using efficiency indicators obtained from the DEA model, the cause of change in eco-efficiency can be investigated and an effective strategy for environmental management can be suggested. Finally, this report can be a motive for environmental management by providing empirical evidence that environmental investments can improve economic performance.

• The Korean Journal of Archival Studies
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• no.22
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• pp.157-199
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• 2009

The organization for managing records and archives did not emerge together with the founding of the Chinese Communist Party. Such management became active with the establishment of the Department of Documents (文書科) and its affiliated offices overseeing reading and safekeeping of official papers, after the formation of the Central Secretariat(中央秘書處) in 1926. Improving the work of the Secretariat's organization became the focus of critical discussions in the early 1930s. The main criticism was that the Secretariat had failed to be cognizant of its political role and degenerated into a mere "functional organization." The solution to this was the "politicization of the Secretariat's work." Moreover, influenced by the "Rectification Movement" in the 1940s, the party emphasized the responsibility of the Resources Department (材料科) that extended beyond managing documents to collecting, organizing and providing various kinds of important information data. In the mean time, maintaining security with regard to composing documents continued to be emphasized through such methods as using different names for figures and organizations or employing special inks for document production. In addition, communications between the central political organs and regional offices were emphasized through regular reports on work activities and situations of the local areas. The General Secretary not only composed the drafts of the major official documents but also handled the reading and examination of all documents, and thus played a central role in record processing. The records, called archives after undergoing document processing, were placed in safekeeping. This function was handled by the "Document Safekeeping Office(文件保管處)" of the Central Secretariat's Department of Documents. Although the Document Safekeeping Office, also called the "Central Repository(中央文庫)", could no longer accept, beginning in the early 1930s, additional archive transfers, the Resources Department continued to strengthen throughout the 1940s its role of safekeeping and providing documents and publication materials. In particular, collections of materials for research and study were carried out, and with the recovery of regions which had been under the Japanese rule, massive amounts of archive and document materials were collected. After being stipulated by rules in 1931, the archive classification and cataloguing methods became actively systematized, especially in the 1940s. Basically, "subject" classification methods and fundamental cataloguing techniques were adopted. The principle of assuming "importance" and "confidentiality" as the criteria of management emerged from a relatively early period, but the concept or process of evaluation that differentiated preservation and discarding of documents was not clear. While implementing a system of secure management and restricted access for confidential information, the critical view on providing use of archive materials was very strong, as can be seen in the slogan, "the unification of preservation and use." Even during the revolutionary movement and wars, the Chinese Communist Party continued their efforts to strengthen management and preservation of records & archives. The results were not always desirable nor were there any reasons for such experiences to lead to stable development. The historical conditions in which the Chinese Communist Party found itself probably made it inevitable. The most pronounced characteristics of this process can be found in the fact that they not only pursued efficiency of records & archives management at the functional level but, while strengthening their self-awareness of the political significance impacting the Chinese Communist Party's revolution movement, they also paid attention to the value possessed by archive materials as actual evidence for revolutionary policy research and as historical evidence of the Chinese Communist Party.

• The Korean Journal of Air & Space Law and Policy
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• v.25 no.2
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• pp.139-162
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• 2010

In terms of the international air transport, the open skies policy implies freedom in the sky or opening the sky. In the normative respect, the open skies policy is a kind of open-door policy which gives various forms of traffic right to other countries, but on the other hand it is a policy of free competition in the international air transport. Since the Airline Deregulation Act of 1978, the United States has signed an open skies agreement with many countries, starting with the Netherlands, so that competitive large airlines can compete in the international air transport market where there exist a lot of business opportunities. South Korea now has an open skies agreement with more than 20 countries. The frequent flyer program (FFP) is part of a broad-based marketing alliance which has been used as an airfare strategy since the U.S. government's airline deregulation. The membership-based program is an incentive plan that provides mileage points to customers for using airline services and rewards customer loyalty in tangible forms based on their accumulated points. In its early stages, the frequent flyer program was focused on marketing efforts to attract customers, but now in the environment of intense competition among airlines, the program is used as an important strategic marketing tool for enhancing business performance. Therefore, airline companies agree that they need to identify customer needs in order to secure loyal customers more effectively. The outcomes from an airline's frequent flyer program can have a variety of effects on international competition. First, the airline can obtain a more dominant position in the air flight market by expanding its air route networks. Second, the availability of flight products for customers can be improved with an increase in flight frequency. Third, the airline can preferentially expand into new markets and thus gain advantages over its competitors. However, there are few empirical studies on the airline frequent flyer program. Accordingly, this study aims to explore the effects of the program on international competition, after reviewing the types of strategic alliance between airlines. Making strategic airline alliances is a worldwide trend resulting from the open skies policy. South Korea also needs to be making open skies agreements more realistic to promote the growth and competition of domestic airlines. The present study is about the performance of the airline frequent flyer program and international competition under the open skies policy. With a sample of five global alliance groups (Star, Oneworld, Wings, Qualiflyer and Skyteam), the study was attempted as an empirical study of the effects that the resource structures and levels of information technology held by airlines in each group have on the type of alliance, and one-way analysis of variance and regression analysis were used to test hypotheses. The findings of this study suggest that both large airline companies and small/medium-size airlines in an alliance group with global networks and organizations are able to achieve high performance and secure international competitiveness. Airline passengers earn mileage points by using non-flight services through an alliance network with hotels, car-rental services, duty-free shops, travel agents and more and show high interests in and preferences for related service benefits. Therefore, Korean airline companies should develop more aggressive marketing programs based on multilateral alliances with other services including hotels, as well as with other airlines.

• Clinical and Experimental Pediatrics
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• v.52 no.10
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• pp.1090-1102
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• 2009

Purpose:To evaluate current feeding practices and maternal nutritional knowledge on complementary feeding. Methods:Mothers of babies aged 9-15 months who visited pediatric clinics of 14 general hospitals between September and December 2008 were asked to fill questionnaires. Data from 1,078 questionnaires were analyzed. Results:Complementary food was introduced at 4-7 months in 89% of babies. Home-made rice gruel was the first complementary food in 93% cases. Spoons were used for initial feeding in 97% cases. At 6-7 months, <50% of babies were fed meat (beef, 43%). Less than 12-month-old babies were fed salty foods such as salted laver (35%) or bean-paste soup (51%) and cow's milk (11%). The following were the maternal sources of information on complementary feeding: books/magazines (58%), friends (30%), internet web sites (29%), relatives (14%), and hospitals (4%). Compared to the 1993 survey, the incidence of complementary food introduction before 4 months (0.4% vs. 21%) and initial use of commercial food (7% vs. 39%) had decreased. Moreover, spoons were increasingly used for initial feeding (97% vs. 57%). The average maternal nutritional knowledge score was 7.5/10. Less percentage of mothers agreed with the following suggestions: bottle formula weaning before 15-18 months (68%), no commercial baby drinks as complementary food (67%), considering formula (or cow's milk) better than soy milk (65%), and feeding minced meat from 6-7 months (57%). Conclusion:Complementary feeding practices have considerably improved since the last decade. Pediatricians should advise timely introduction of appropriate complementary foods and monitor diverse information sources on complementary feeding.

• Journal of the Korean Society of School Health
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• v.5 no.1
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• pp.36-63
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• 1992

The purpose of this study was development of school health education curriculum in primary school based on analysis of the textbooks published in 1991. 1) The health education curriculum in primary school consisted of four major components such as health education aspects of the healthful school environments, health education aspects of school health services, health education course, and health instruction in related subjects. However, health instruction taught by physical education, biology, and other health related subjects was not systematic organization for health care. 2) A considerable amount of health knowledge and attitude, and some health practices was learned as the result of experiences in other courses, where there was little or no reference to health. It must be developed health edcation course separated from health related subjects. 3) Direct health insruction was represented by the health education course. The health education courses must be considered to be heart of the school health education curriculum. 4) The health education course developed by this study was consisted of eight health units and problems in the early elementary grade or health classes in the higher years. 5) The health education course developed by this study provided the opportunity for acquring new knowledge, attitude, and practice, for discarding the unhealtful attitude and strengthening the healthful attitude and practices of primary school students.

• Information Systems Review
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• v.14 no.1
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• pp.85-103
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• 2012

ISMP is a method of writing clearly the user requirements in the RFP(Request for Proposal) of the IS development projects. Unlike the conventional methods of RFP preparation that describe the user requirements of target systems in a rather superficial manner, ISMP systematically identifies the businesses needs and the status of information technology, analyzes in detail the user requirements, and defines in detail the specific functions of the target systems. By increasing the clarity of RFP, the scale and complexity of related businesses can be calculated accurately, many responding companies can prepare proposals clearly, and the level of fairness during the evaluation of many proposals can be improved, as well. Above all though, the problems that are posed as chronic challenges in this field, i.e., the misunderstanding and conflicts between the users and developers, excessive burden on developers, etc. can be resolved. This study is a case study that analyzes the execution process, execution accomplishment, problems, and the success factors of two pilot projects that introduced ISMP for the first time. ISMP performance procedures of actual site were verified, and how the user needs in the request for quote are described was examined. The satisfaction levels of ISMP RFP for quote were found to be high as compared to the conventional RFP. Although occurred were some problems such as RFP preparation difficulties, increased workload, etc. due to the lack of understanding and execution experience of ISMP, in overall, also occurred were some positive effects such as the establishment of the scope of target systems, improved information sharing and cooperation between the users and the developers, seamless communication between issuing customer corporations and IT service companies, reduction of changes in user requirements, etc. As a result of conducting action research type in-depth interviews on the persons in charge of actual work, factors were derived as ISMP success factors: prior consensus on the need for ISMP, the acquisition of execution resources resulting from the support of CEO and CIO, and the selection of specification level of the user requirements. The results of this study will provide useful site information to the corporations that are considering adopting ISMP and IT service firms, and present meaningful suggestions on the future study directions to researchers in the field of IT service competitive advantages.

• Korean Journal of Child Education & Care
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• v.18 no.3
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• pp.1-20
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• 2018

Objective: The purpose of this study is to provide practical data to effectively implement day care that respects the rights of infants in day care centers by investigating the relationship between private day care center teachers' empowerment, job satisfaction, infant's right respect care, and examining the influence of empowerment and job satisfaction of private day care center teachers on Infant's right respect care. Methods: The 228 day care teachers who work in private daycare centers located in Seoul and Gyeonggi province were the investigated subjects. For the analysis of questionnaire, frequency, percentage, reliability, t-test, ANOVA, correlation, and regression were used as SPSSWIN 20.0 program. Results: First, the difference of empowerment according to the individual variables of teachers was different to career, monthly salary, marital status, and turnover intentions. The difference of job satisfaction according to personal variables showed difference to age, career, marital status, type of work organization, and number of teachers and classes. There was a difference in infant's right respect care to age and marital status. Second, in the relationship between empowerment and job satisfaction and between empowerment and infant's right respect care, there was a positive correlation. The relationship between job satisfaction and infant's right respect care showed there is a positive correlation between infant's right respect care and all other factors except for the pay and promotion factors of job satisfaction. Third, Expert extension, autonomy, fellow relationship and job self have a positive influence on infant's right respect care. Conclusion/Implications: This study suggests that specific efforts should be made at the daycare center to raise the level of expertise and autonomy of private daycare teachers and to give satisfaction to their fellow relationship and their job self factors to effectively implement infant's right respect care.

• Journal of the Korean Association of Geographic Information Studies
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• v.14 no.3
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• pp.236-256
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• 2011

Forest carbon stocks change due to land use change is an important data required by UNFCCC(United Nations framework convention on climate change). Spatially explicit estimation of forest carbon stocks based on IPCC GPG(intergovernmental panel on climate change good practice guidance) tier 3 gives high reliability. But a current estimation which was aggregated from NFI data doesn't have detail forest carbon stocks by polygon or cell. In order to improve an estimation remote sensing and GIS have been used especially in Europe and North America. We divided research trends in main countries into 4 categories such as remote sensing, GIS, geostatistics and environmental modeling considering spatial heterogeneity. The easiest way to apply is combination NFI data with forest type map based on GIS. Considering especially complicated forest structure of Korea, geostatistics is useful to estimate local variation of forest carbon. In addition, fine scale image is good for verification of forest carbon stocks and determination of CDM site. Related domestic researches are still on initial status and forest carbon stocks are mainly estimated using k-nearest neighbor(k-NN). In order to select suitable method for forest in Korea, an applicability of diverse spatial data and algorithm must be considered. Also the comparison between methods is required.

• Korean Journal of Occupational Health Nursing
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• v.7 no.2
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• pp.143-154
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• 1998

The purpose of this research is to suggest basic materials for the practical infection precaution program to protect health care workers from hospital infection by grasping their compliance level of Universal Precautions and examining the factors affecting them. The number of the health care workers we studied were 486, including the doctors, the nurses, and the lab technicians who were working in a university hospital. The period of this research was from Aug. 18th, 1997 to Aug. 30th, 1997. The method of the study was to measure the compliance level of Universal Precautions with the item of "Universal Precautions" established by CDC in 1987, and examine the questionnaire of 52 questions dividing related factors into socio-populational, individual, socio-psychological and organizational management ones. The data was analyzed by t-test. ANOVA, and chi-square test. The results were as follows : 1. An the compliance level of Universal Precautions, hand washing had the highest score(85.4%), and doctors(18.9%), nurses(44.0%), and lab technicians(7.6%), had a low compliance level in the safe handling of an injection syringe, and item not to handle patients and their samples when the subject suffered from dermatitis or injury had the lowest score of 17.1%. 23.3% of them said that they wear protection gown, goggles and mask. 2. Female's Compliance level of Universal Precautions Was higher than male. 3. The health care workers who had high recognition on Universal Precautions got significantly higher compliance level of Universal Precautions than those have low recognition on Universal Precautions(P<0.001). 4. The health care workers experienced a needle stick injury had a significantly higher compliance level of Universal Precautions than those who had not(P<0.000). 5. The health care workers who had infection protection education got a significantly higher compliance level of Universal Precautions than those who didn't(P<0.000). 6. The health care workers who had a firm belief in the effect of Universal Precautions got a higher compliance level of Universal Precautions than those who didn't. 7. The health care workers who had less conflicts between treating patient arid protecting them-selves got a higher compliance level of Universal Precautions than others with many conflicts. 8. The health care workers who had a high score in organizational management factors got a significantly higher compliance level of Universal Precautions than those with a low score(P<0.000). 9. Only 16.9 percent of the all respondents(82 in number) answered that they knew well or a little about the Universal Precautions, which is very low rate of recognition. 10. The variables which affected the score in organizational management factors were age, sex, education period, work experience, the kind of work, recognition on Universal Precautions, the experience of needle stick injury, revealing dangerous circumstance related to infection, and training on precaution again infection. According to the result above, compliance level of Universal Precautions showed high correlation with sex, the recognition on Universal Precautions, the experience of needle stick injury, training on precaution against infection, the belief in the effect of Universal Precautions, the recognition degree of conflicts and organizatinal management factors. These results could be used as the basic materials for the developing infection protection programs. Also, There should have a systematic training course to elevate a effective compliance level of Universal Precautions as well as the manageeent of infection protection programs.