• Journal of the Korean Operations Research and Management Science Society
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• v.38 no.4
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• pp.35-52
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• 2013

Markowitz's portfolio selection model is used to construct an optimal portfolio which has minimum variance, while satisfying a minimum required expected return. The model uses estimators based on analysis of historical data to estimate the returns, standard deviations, and correlation coefficients of individual stocks being considered for investment. However, due to the inaccuracies involved in estimations, the true optimality of a portfolio constructed using the model is questionable. To investigate the effect of estimation inaccuracy on actual portfolio performance, we study the changes in a portfolio's realized return and standard deviation as the accuracy of the estimations for each stock's return, standard deviation, and correlation coefficient is increased. Furthermore, we empirically analyze the portfolio's performance by comparing it with the performance of active mutual funds that are being traded in the Korean stock market and the KOSPI benchmark index, in terms of portfolio returns, standard deviations of returns, and Sharpe ratios. Our results suggest that, among the three input parameters, the accuracy of the estimated returns of individual stocks has the largest effect on performance, while the accuracy of the estimates of the standard deviation of each stock's returns and the correlation coefficient between different stocks have smaller effects. In addition, it is shown that even a small increase in the accuracy of the estimated return of individual stocks improves the portfolio's performance substantially, suggesting that Markowitz's model can be more effectively applied in real-life investments with just an incremental effort to increase estimation accuracy.

• Journal of Animal Science and Technology
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• v.60 no.5
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• pp.13.1-13.7
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• 2018

Background: The objective of this study was to underline that litter size as a key trait of sows needs new parameters to be evaluated and to target an individual optimum. Large individual variation in litter size affects both production and piglet's survival and health negatively. Therefore, two new traits were suggested and analyzed. Two data sets on 5509 purebred German Landrace sows and 3926 Large White and crossing sows including at least two parental generations and at least five parities were subjected to variance components analysis. Results: The new traits for evaluating litter size were derived from the individual numbers of total born piglets (TBP) per parity: In most cases, sows reach their maximum litter size in their fourth parity. Therefore, data from at least five parities were included. The first observable maximum and minimum of TBP, and the individual variation expressed by the range were targeted. Maximum of TBP being an observable trait in pig breeding and management yielded clearly higher heritability estimates ($h^2{\sim}0.3$) than those estimates predominantly reported so far. Maximum TBP gets closer to the genetic capacity for litter size than other litter traits. Minimum of TBP is positively correlated with the range of TBP ($r_p=0.48$, $r_g$ > 0.6). The correlation between maximum of TBP and its individually reached frequency was negative in both data sets ($r_p=-0.28$ and - 0.22, respectively). Estimated heritability coefficients for the range of TBP comprised a span of $h^2=0.06$ to 0.10. Conclusion: An optimum both for maximum and range of total born piglets in selecting sows is a way contributing to homogenous litters in order to improving the animal-related conditions both for piglets' welfare and economic management in pig.

• Journal of the Korean Geotechnical Society
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• v.27 no.8
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• pp.51-61
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• 2011

Spatial estimation of the thickness and depth of the geological profile has been regarded as an important procedure for the design of soft ground. A minimum variance criterion, which has often been used in traditional kriging techniques, does not always guarantee the optima1 estimates for the decision-making process in geotechnical engineering. In this study, a geostatistica; framework is used to determine the optimal thickness of the consolidation layer and the optimal area that needs the adoption of prefabricated vertical drains via indicator kriging and loss function. From the exemplary problem, different optimal estimates can be obtained depending on the loss function chosen. The design procedure and method considering the minimum expected loss presented in this paper can be used in the decision-making process for geotechnical engineering design.

• Journal of the Korean Society of Manufacturing Process Engineers
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• v.16 no.6
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• pp.7-14
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• 2017

This study manufactured a minimum quantity lubrication (MQL) supply system and identified the optimal MQL machining cutting conditions for plastic mold steel (SCM440). A series of experiments were consisted of twice. Optimal cutting conditions were derived using the Taguchi method, and cutting force variance; surface roughness; tool wear; and cutting temperature in dry, wet, and MQL machining were measured experimentally for these optimal conditions. The measured results decreased from dry to wet and MQL machining, being particularly large for dry machining due to increased cutting time. Measured MQL machining metrics were similar to those for wet machining, particularly for surface roughness, which is an index of machining quality.

• The Korean Journal of Applied Statistics
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• v.36 no.6
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• pp.561-571
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• 2023

Volatility of a time series is defined as the conditional variance on the past information. In particular, for financial time series, volatility is regarded as a time-varying measure of risk for the financial series. To capture the intrinsic asymmetry in the risk of financial series, various asymmetric volatility processes including threshold-ARCH (TARCH, for short) have been proposed in the literature (see, for instance, Choi et al., 2012). This paper proposes a volatility function featuring non-zero origin in which the origin of the volatility is shifted from the zero and therefore the resulting volatility function is certainly asymmetric around zero and achieves the minimum at a non-zero (rather than zero) point. To validate the proposed volatility function, we analyze the Korea stock prices index (KOSPI) time series during the Covid-19 pandemic period for which origin shift to the left of the zero in volatility is shown to be apparent using the minimum AIC as well as via parametric bootstrap verification.

• The korean journal of orthodontics
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• v.54 no.3
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• pp.153-159
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• 2024

Objective: This study aimed to assess the effects of commonly consumed hot drinks on the force decay of orthodontic elastomeric chains. Methods: This in vitro experimental study evaluated 375 pieces of elastomeric chains with six rings placed on a jig. Four rings were stretched by 23.5 mm corresponding to the approximate distance between the canine and the second premolar. Fifteen pieces served as reference samples at time zero, and 360 pieces were randomized into four groups: control, hot water, hot tea, and hot coffee. Each group was further divided into six subgroups (n = 15) according to the different exposure periods. The specimens in the experimental groups were exposed to the respective solutions at 65.5℃ four times per day for 90 seconds at 5-second intervals. The control group was exposed to artificial saliva at 37℃. The force decay of the samples was measured at 1, 2, 7, 14, 21, and 28 days using a universal testing machine. Data were analyzed using repeated-measures analysis of variance. Results: Maximum force decay occurred on day 1 in all groups. The minimum force was recorded in the control group, followed by the tea, coffee, and hot water groups on day 1. At the other time points, the minimum force was observed in the tea group, followed by the control, coffee, and hot water groups. Conclusions: Patients can consume hot drinks without concern about any adverse effect on force decay of the orthodontic elastomeric chains.

• Proceedings of the Korean Society of Near Infrared Spectroscopy Conference
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• 2001.06a
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• pp.1244-1244
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• 2001

In linear discriminant analysis there are two important properties concerning the effectiveness of discriminant function modeling. The first is the separability of the discriminant function for different classes. The separability reaches its optimum by maximizing the ratio of between-class to within-class variance. The second is the stability of the discriminant function against noises present in the measurement variables. One can optimize the stability by exploring the discriminant variates in a principal variation subspace, i. e., the directions that account for a majority of the total variation of the data. An unstable discriminant function will exhibit inflated variance in the prediction of future unclassified objects, exposed to a significantly increased risk of erroneous prediction. Therefore, an ideal discriminant function should not only separate different classes with a minimum misclassification rate for the training set, but also possess a good stability such that the prediction variance for unclassified objects can be as small as possible. In other words, an optimal classifier should find a balance between the separability and the stability. This is of special significance for multivariate spectroscopy-based classification where multicollinearity always leads to discriminant directions located in low-spread subspaces. A new regularized discriminant analysis technique, the principal discriminant variate (PDV) method, has been developed for handling effectively multicollinear data commonly encountered in multivariate spectroscopy-based classification. The motivation behind this method is to seek a sequence of discriminant directions that not only optimize the separability between different classes, but also account for a maximized variation present in the data. Three different formulations for the PDV methods are suggested, and an effective computing procedure is proposed for a PDV method. Near-infrared (NIR) spectra of blood plasma samples from mastitic and healthy cows have been used to evaluate the behavior of the PDV method in comparison with principal component analysis (PCA), discriminant partial least squares (DPLS), soft independent modeling of class analogies (SIMCA) and Fisher linear discriminant analysis (FLDA). Results obtained demonstrate that the PDV method exhibits improved stability in prediction without significant loss of separability. The NIR spectra of blood plasma samples from mastitic and healthy cows are clearly discriminated between by the PDV method. Moreover, the proposed method provides superior performance to PCA, DPLS, SIMCA and FLDA, indicating that PDV is a promising tool in discriminant analysis of spectra-characterized samples with only small compositional difference, thereby providing a useful means for spectroscopy-based clinic applications.

• Proceedings of the Korean Society of Near Infrared Spectroscopy Conference
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• 2001.06a
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• pp.1042-1042
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• 2001

In linear discriminant analysis there are two important properties concerning the effectiveness of discriminant function modeling. The first is the separability of the discriminant function for different classes. The separability reaches its optimum by maximizing the ratio of between-class to within-class variance. The second is the stability of the discriminant function against noises present in the measurement variables. One can optimize the stability by exploring the discriminant variates in a principal variation subspace, i. e., the directions that account for a majority of the total variation of the data. An unstable discriminant function will exhibit inflated variance in the prediction of future unclassified objects, exposed to a significantly increased risk of erroneous prediction. Therefore, an ideal discriminant function should not only separate different classes with a minimum misclassification rate for the training set, but also possess a good stability such that the prediction variance for unclassified objects can be as small as possible. In other words, an optimal classifier should find a balance between the separability and the stability. This is of special significance for multivariate spectroscopy-based classification where multicollinearity always leads to discriminant directions located in low-spread subspaces. A new regularized discriminant analysis technique, the principal discriminant variate (PDV) method, has been developed for handling effectively multicollinear data commonly encountered in multivariate spectroscopy-based classification. The motivation behind this method is to seek a sequence of discriminant directions that not only optimize the separability between different classes, but also account for a maximized variation present in the data. Three different formulations for the PDV methods are suggested, and an effective computing procedure is proposed for a PDV method. Near-infrared (NIR) spectra of blood plasma samples from daily monitoring of two Japanese cows have been used to evaluate the behavior of the PDV method in comparison with principal component analysis (PCA), discriminant partial least squares (DPLS), soft independent modeling of class analogies (SIMCA) and Fisher linear discriminant analysis (FLDA). Results obtained demonstrate that the PDV method exhibits improved stability in prediction without significant loss of separability. The NIR spectra of blood plasma samples from two cows are clearly discriminated between by the PDV method. Moreover, the proposed method provides superior performance to PCA, DPLS, SIMCA md FLDA, indicating that PDV is a promising tool in discriminant analysis of spectra-characterized samples with only small compositional difference.

• Animal cells and systems
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• v.14 no.1
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• pp.45-51
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• 2010

Genetic variation was surveyed at the mitochondrial control region (766bp) to test for the presence of genetic stock structure in the small yellow croaker, Larimichthys polyactis from the Yellow and East China Seas. Individuals of the small yellow croaker could not be distinguished on the basis of its location, as demonstrated using the neighbor-joining (NJ) method, unweighted pair-group method, arithmetic average (UPGMA) and the minimum spanning network (MSN). Analysis of molecular variance revealed no significant differences among collections of the small yellow croaker taken from the four locations (two locations each in Korea and China). Neutrality tests and a mismatch distribution analysis indicated that this species has recently expanded. Our findings suggest either that the small yellow croaker has a high migration capability that enables it to overcome the effects of genetic drift, or that this species expanded relatively recently and has not yet had sufficient time to differentiate.

• Journal of the Korean Society of Clothing and Textiles
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• v.17 no.2
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• pp.281-289
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• 1993

Concept of the comfort and fitness becomes a major concern in the basic function of the ready-made clothes. Accordingly a more sophiscated classification of the human morphological characteristics is strongly required for the effective clothing construction. This research was performed to classify and characterize Korean adult males anthropometrically. Sample size was 1290 subjects and their age range was from 19 to 54 years old. Sampling was carried out by the stratified sampling method. Data were collected by the direct anthropometric measurement. 75 variables in total were applied to classify the bodytypes. Data were analyzed by the multivariate method, especially factor and cluster analysis. The high factor loading items extracted by factor analysis were based to determine the variables of the cluster analysis for the similar bodytypes respectively. In the part of the trunk, 19 variables from the data were applied to classify the bodytypes of trunk by Ward's minimum variance method. The groups forming a cluster were subdivided into 5 sets by cross-tabulation extracted by the hierarchical culster analysis. Type 3 and 4 in trunk were composed of the majority of 55.6% of the subjects. The Korean adult males had relatively well-balanced bodytypes in trunk.