• Journal of the Society of Cosmetic Scientists of Korea
• /
• v.34 no.3
• /
• pp.233-244
• /
• 2008

In this study, the antioxidative effects, inhibitory effects on elastase and tyrosinase, and component analysis of Psidium guajava leaf extracts were investigated. The free radical (1,1-diphenyl-2-picrylhydrazyl, DPPH) scavenging activities $(FSC_{50})$ of extract/fractions of Psidium guajava leaf were in the order: 50% ethanol extract $(7.05{\mu}g/mL)$ < ethyl acetate fraction $(3.36{\mu}g/mL)$ < deglycosylated flavonoid aglycone fraction $(3.24{\mu}g/mL)$. Reactive oxygen species (ROS) scavenging activities $(OSC_{50})$ of some Psidium guajava leaf extracts on ROS generated in $Fe^{3+}-EDTA/H_2O_2$ system were investigated using the luminol-dependent chemiluminescence assay. The order of ROS scavenging activities were 50% ethanol extract $(OSC_{50},\;2.17{\mu}g/mL)$ < ethyl acetate fraction $(0.64{\mu}g/mL)$ < deglycosylated flavonoid aglycone fraction $(3.39{\mu}g/mL)$. Aglycone fraction showed the most prominent ROS scavenging activity. The protective effects of extract/fractions of Psidium guajava leaf on the rose-bengal sensitized photohemolysis of human erythrocytes were investigated. The Psidium guajava leaf extracts suppressed photohemolysis in a concentration dependent manner $(1{\sim}10{\mu}g/mL)$, particularly deglycosylated flavonoid aglycone fraction exhibited the most prominent celluar protective effect ${\tau}_{50}\;107.5min\;at\;1{\mu}g/mL)$. Aglycone fraction obtained from the deglycosylation reaction of ethyl acetate fraction among the Psidium guajava leaf extracts, showed 1 band in TLC and 1 peak in HPLC experiments (360 nm). One component was identified as quercetin. TLC chromatogram of ethyl acetate fraction of Psidium guajava leaf extract revealed 5 bands and HPLC chromatogram showed 5 peaks, which were identified as quercetin 3-O-gentobioside (10.32%) , quercetin 3-O-${\beta}$-D-glucoside (isoquercitin, 13.30%), quercetin 3-O-${\beta}$-D-galactoside (hyperin, 11.34%), quercetin 3-O-${\alpha}$-L-arabinoside (guajavarin, 19.70%), quercetin 3-O-${\beta}$-L-rhamnoside (quercitrin, 45.33%) in the order of elution time. The inhibitory effect of Psidium guajava leaf extracts on tyrosinase were investigated to assess their whitening efficacy. Finally, their anti-elastase activities were measured to predict the anti-wrinkle efficacy in the human skin. Inhibitory effects $(IC_{50})$ on tyrosinase of some Psidium guajava leaf extracts was 50% ethanol extract $(149.67{\mu}g/mL)$ < ethylacetate fraction $(30.67{\mu}g/mL)$ < deglycosylated aglycone fraction $(17.10{\mu}g/mL)$. Inhibitory effects $(IC_{50})$ on elastase of some Psidium guajava leaf extracts was 50% ethanol extract $(6.60{\mu}g/mL)$ < deglycosylated aglycone fraction $(5.66{\mu}g/mL)$ < ethylacetate fraction $(3.44{\mu}g/mL)$. These results indicate that extract/fractions of Psidium guajava leaf can function as antioxidants in bioloigcal systems, particularly skin exposed to UV radiation by scavenging $^1O_2$ and other ROS, and protect cellular membranes against ROS. And component analysis of Psidium guajava leaf extract and inhibitory activity on elastase of the aglycone fraction could be applicable to new functional cosmetics for smoothing wrinkles.

• Journal of the Korean Society of School Health
• /
• v.5 no.2
• /
• pp.74-90
• /
• 1992

The purpose of this study is to know the effects on school lunch service programme of elementary school in rural area, by using the group consisting of the sixth year students in the schools that have provided them with the lunch for six years or longer(male student:312, & female student:324), while using the comparing group consisting of the sixth year students in the schools that have not provided them with the school lunch under their similar living condition(male student: 306 & female student:322). In addition, this study was carried out by examining all continued information about their height and weight shown in the developmetal record for six years from the 1st to 6th year, and by checking their eating habits on the basis of questionnaires. The result of this study is summarized as follows. As the result of comparing the values of their height and weight grown for 6 years, it was shown that the height of the male group provided with school lunch is 27.8 cm while the male group without lunch is 27.1 cm. And the female group provided with school lunch indicated the growing value of 29.9 cm while the group without lunch did 28.4 cm. Then, it appeared that both male and female groups provided with school lunch show higher growing values of 0.7 cm, respectively, and 1.5 cm than these groups without lunch. Also, the weight of the group without lunch was 14.8 kg. Moreover, the weight of the female group provided with school lunch was 16.9 kg while the group without lunch was 17.2 kg. Then, it was shown that the male group provided with school lunch indicates heavier growing value of 0.9 kg than the group without lunch while the female group without lunch does heavier value of 0.3 kg than the group provided with school lunch. It's figure showed that although this distribution according to percentile in the 1st year is similar to the standard regular curve it is positioned in the upper group(more thatn 70%) divided centering around 50% in the 6th year, of which distribution of children provided with school lunch was higher. When comparing the values of physical status in the 6th year, it was also shown that male children with school lunch are better than these children without lunch in jumping, throwing, chinning and lifting while female children are better than these children without lunch only in jumping, which were a significant difference. In addition, the group provided with lunch showed distribution of the higher physical grade. The result of analysis on their breakfast indicated that the children with every morning breakfast account for 67.6% of the group provided with school lunch while the group without lunch for 57.8%. Regarding the reason that they do not have the breakfast, the group with school lunch answered "Because of habits"(50.7%) while the group without lunch did "Because they have no appetite"(58.9%). When comparing the degree of preference for hot or salty food, it was apparent that these children with school lunch generally tend to prefer less hot or sailty food. With respect to the frequency and place of their eating between meals, it was shown that about 70.0% of both groups has the eating between meals, more than one time a day. Then, the group with school lunch had the eating between meals at home(45.2%) while the group without lunch did it in the process of returning to home(48.4%). Regarding the degree of their preference for a certain food, it was shown that more children of the group with school lunch do not prefer a food to others. Also, their eating attitude indicated that such children as eating the food with chat after completely swallowing food and with T.V watching are larger and lower among the group with school lunch, which showed a remarkable defference from the group without lunch. With respect to their sanitary habits such as hand washing and toothing, these children who always wash their hand before eating, accounted for 84.4 % of the group provided with school lunch while the group without lunch did for 63.6%, of which the female group with school lunch indicated a remarkable difference. The actual condition of their nutrition education showed that these children who answered "Received this education" accounted for 78.0% of the group with school lunch while the group without lunch accounted for 57.5%.

• Korean Journal of Soil Science and Fertilizer
• /
• v.22 no.4
• /
• pp.271-279
• /
• 1989

Mean values representing the particle size distribution and some chemical properties for the cultivated soils were obtained from the analysis results of the typical profiles, which were described by the detailed soil maps throughout Korea. Analysis results of 5,215 soil samples (3,075 for paddy and 2,140 for upland) were available for the determination of mean values. The results are under. 1. Paddy topsoil contained 20.4% for clay, 5.8 for pH, 2.6% for organic matter, 10.4me/100g for exchangeable K, and 89ppm for available $P_2O_5$. Upland topsoil did 17.3% for clay, 5.5 for pH, 1.8% for organic matter, 9.lme/100g for CEC, 0.29me/100g for exchangeable K, and 103ppm for availabal $P_2O_5$. 2. Soil properies for paddy were markedly influenced by the reliefs. Topsoil contained 21.4% for clay, 6.0 for pH, 2.2% for organic matter, 10.8me/100g for CEC, 0.39me/100g for exchang-cable K and 57ppm for available $P_2O_5$ on the fluvio-marine plain, 15.3%, 5.7, 2.0%, 8.6me/100g, 0.17me/100g and 76ppm on the alluvial plain, 18.8%, 5.9, 2.7%, 10.4me/100g, 0.19me/100g and 80ppm on the valleys and fans, 25.0%, 5.7, 2.5%, 11.5me/100g, 0.26me/100g, 0.27me/100g and 141ppm on the moutain foot slopes, respectively. 3. Soil Properties for upland, also, were markedly influenced by the reliefs. Topsoil contained 5.5% for clay, 5.7 for pH, 1.1% for organic matter, 4.7me/100g for CEC, 0.17me/100g for exchangeable K and 50ppm for available $P_2O_5$ on the fluvio-marine plain, 10.3%, 5.5, 1.4%, 7.6me/100g, 0.26me/100g and 160ppm on the alluvial plain, 13.9%, 5.4, 1.8%, 9.3me/100g, 0.24me/100g and and 184ppm on the valleys and fans, 29.8%, 5.3, 2.1%, 11.2me/100g 0.40me/100g and 58ppm on the alluvial plain, 20.0%, 5.7, 2.7%, 11.4me/100g, 0.32me/100g and 116ppm on the mountain foot slopes, and 24.6%, 5.3, 1.8%, 10.2me/100g, 0.28me/100g and 51ppm on the rolling and Hill. 4. All chemical properties did not reach the ideal value for maximizing land capability. 5. Organic matter, exchangeable cations and available $P_2O_5$ were not normally distributed. Intervals of one and two standard deviations about mean of an approximately normal distribution were calculated.

• Korean Journal of Soil Science and Fertilizer
• /
• v.33 no.3
• /
• pp.205-211
• /
• 2000

This study was conducted to evaluate the residual effects of basic oxygen furnace (BOF) slag applied in rice paddy fields as soil conditioner one year before. The experimental fields of Lim et al. (2000) located in Youjung and Nampyung were used for this purpose. Both variety (Oryza sativa L. cv. Dongjinbyeo) and cultural practices were the same as those in Lim et al. (2000). Soil chemical properties, plant height, number of tillers per plant, yield and yield components were observed. The temporal variation of treatment mean value in soil chemical properties appeared to be similar trends in both Youjung and Nampyung experimental fields. Soil pH and Ca content were still significantly higher than those in control treatment up to July of the second season, but decreased progressively as time passed. However, the effects lasted longer as slag rate became higher. BOF slag seems to have residual effects as a soil conditioner or Ca fertilizer in soil for two years. BOF slag rate of $4Mg\;ha^{-1}$ raised soil pH almost the same as lime rate of $2Mg\;ha^{-1}$. Content of $SiO_2$ in soil applied slag appeared to be higher compared with control. Fe and Mg content in soil with slag treatment was significantly higher than that of control in 1997, but it was almost the same level as that of control in 1998. In YouJung experimental field, rough rice yield of slag teatment became higher as slage rate incresed. Slag rate of $12Mg\;ha^{-1}$ showed the highest rough rice yield of $5,400kg\;ha^{-1}$ among treatment, which was 14% higher than that of control with $4,720kg\;ha^{-1}$. Slag rate of $12Mg\;ha^{-1}$ showed relatively higher plant height and higher number of tillers at the early growth stage compared with other treatments. In NamPyung experimental field, rough rice yield was the highest at the plot of lime rate $2Mg\;ha^{-1}$ and became higher as slag rate increased. There were no significant differences in rough rice yield between lime treatment and slag treatments. Slag rate of $12Mg\;ha^{-1}$ showed the highest rough rice yield of $7,170kg\;ha^{-1}$ among slag treatment, which was 8% significantly higher than that of control with $6,670kg\;ha^{-1}$. Slag rate of $12Mg\;ha^{-1}$ showed relatively slower growth in plant height at the early growth stage, but superior growth at the later growth stage, and significantly higher number of spiklets per panicle and 1000-grain weight than that of control.

• Korean Journal of Soil Science and Fertilizer
• /
• v.44 no.6
• /
• pp.1195-1206
• /
• 2011

This study was conducted to apply LCA (Life cycle assessment) methodology to lettuce (Lactuca sativa L.) production systems in Namyang-ju as a case study. Five lettuce growing farms with three different farming systems (two farms with organic farming system, one farm with a system without agricultural chemicals and two farms with conventional farming system) were selected at Namyangju city of Gyeonggi-province in Korea. The input data for LCA were collected by interviewing with the farmers. The system boundary was set at a cropping season without heating and cooling system for reducing uncertainties in data collection and calculation. Sensitivity analysis was carried out to find out the effect of type and amount of fertilizer and energy use on GHG (Greenhouse Gas) emission. The results of establishing GTG (Gate-to-Gate) inventory revealed that the quantity of fertilizer and energy input had the largest value in producing 1 kg lettuce, the amount of pesticide input the smallest. The amount of electricity input was the largest in all farms except farm 1 which purchased seedlings from outside. The quantity of direct field emission of $CO_2$, $CH_4$ and $N_2O$ from farm 1 to farm 5 were 6.79E-03 (farm 1), 8.10E-03 (farm 2), 1.82E-02 (farm 3), 7.51E-02 (farm 4) and 1.61E-02 (farm 5) kg $kg^{-1}$ lettuce, respectively. According to the result of LCI analysis focused on GHG, it was observed that $CO_2$ emission was 2.92E-01 (farm 1), 3.76E-01 (farm 2), 4.11E-01 (farm 3), 9.40E-01 (farm 4) and $5.37E-01kg\;CO_2\;kg^{-1}\;lettuce$ (farm 5), respectively. Carbon dioxide contribute to the most GHG emission. Carbon dioxide was mainly emitted in the process of energy production, which occupied 67~91% of $CO_2$ emission from every production process from 5 farms. Due to higher proportion of $CO_2$ emission from production of compound fertilizer in conventional crop system, conventional crop system had lower proportion of $CO_2$ emission from energy production than organic crop system did. With increasing inorganic fertilizer input, the process of lettuce cultivation covered higher proportion in $N_2O$ emission. Therefore, farms 1 and 2 covered 87% of total $N_2O$ emission; and farm 3 covered 64%. The carbon footprints from farm 1 to farm 5 were 3.40E-01 (farm 1), 4.31E-01 (farm 2), 5.32E-01 (farm 3), 1.08E+00 (farm 4) and 6.14E-01 (farm 5) kg $CO_2$-eq. $kg^{-1}$ lettuce, respectively. Results of sensitivity analysis revealed the soybean meal was the most sensitive among 4 types of fertilizer. The value of compound fertilizer was the least sensitive among every fertilizer imput. Electricity showed the largest sensitivity on $CO_2$ emission. However, the value of $N_2O$ variation was almost zero.

• The Korean Journal of Archival Studies
• /
• no.26
• /
• pp.103-149
• /
• 2010

Documentation strategy has been experimented in various subject areas and local regions since late 1980's when it was proposed as archival appraisal and selection methods by archival communities in the United States. Though it was criticized to be too ideal, it needs to shed new light on the potentialities of the strategy for documenting local regions in digital environment. The purpose of this study is to analyse the implementation issues of documentation strategy and to suggest the directions for documenting local regions of Korea through the application of the strategy. The documentation strategy which was developed more than twenty years ago in mostly western countries gives us some implications for documenting local regions even in current digital environments. They are as follows; Firstly, documentation strategy can enhance the value of archivists as well as archives in local regions because archivist should be active shaper of history rather than passive receiver of archives according to the strategy. It can also be a solution for overcoming poor conditions of local archives management in Korea. Secondly, the strategy can encourage cooperation between collecting institutions including museums, libraries, archives, cultural centers, history institutions, etc. in each local region. In the networked environment the cooperation can be achieved more effectively than in traditional environment where the heavy workload of cooperative institutions is needed. Thirdly, the strategy can facilitate solidarity of various groups in local region. According to the analysis of the strategy projects, it is essential to collect their knowledge, passion, and enthusiasm of related groups to effectively implement the strategy. It can also provide a methodology for minor groups of society to document their memories. This study suggests the directions of documenting local regions in consideration of current archival infrastructure of Korean as follows; Firstly, very selective and intensive documentation should be pursued rather than comprehensive one for documenting local regions. Though it is a very political problem to decide what subject has priority for documentation, interests of local community members as well as professional groups should be considered in the decision-making process seriously. Secondly, it is effective to plan integrated representation of local history in the distributed custody of local archives. It would be desirable to implement archival gateway for integrated search and representation of local archives regardless of the location of archives. Thirdly, it is necessary to try digital documentation using Web 2.0 technologies. Documentation strategy as the methodology of selecting and acquiring archives can not avoid subjectivity and prejudices of appraiser completely. To mitigate the problems, open documentation system should be prepared for reflecting different interests of different groups. Fourth, it is desirable to apply a conspectus model used in cooperative collection management of libraries to document local regions digitally. Conspectus can show existing documentation strength and future documentation intensity for each participating institution. Using this, documentation level of each subject area can be set up cooperatively and effectively in the local regions.

• Korean Journal of Environment and Ecology
• /
• v.33 no.2
• /
• pp.202-215
• /
• 2019

This study was conducted to investigate the spawning preference of the Acheilognathinae fishes in relation to the shell size of host mussels after identifying the species of eggs and fries in the host mussel using our recently developed RFLP (Restriction Fragment Length Polymorphism) molecular marker at four sites [Hongcheon Naechoncheon (HN) and Deokchicheon (HD) from the North Han River basin and Jeongseon Goljicheon (JG) and Joyanggang (JJ) from the South Han River] in South Korea during May in each year between 2015 and 2018. The Acheilognathinae fish observed in the studied sites included one species (Acheilognathus signifer) in HN and JG, three species (Rhodeus uyekii, A. signifer, and Acheilognathus yamatsutae) in HD, and two species (A. signifer and Acheilognathus yamatsutae) in JJ, and we collected 982 host mussels (Unio douglasiae sinuolatus) that inhabited in all four sites. Using the RFLP molecular marker, we confirmed 46 eggs and fry of the Acheilognathinae fish (454 A. signifer, 43 Acheilognathus yamatsutae, and 149 Acheilognathus yamatsutae) in Unio douglasiae sinuolatus (N=163; 16.6%). We compare the average shell length, shell height, and shell width of mussels with [presence] eggs/fry and mussels without [absence] eggs/fry to examine the spawning preference according to the size of host mussels in each site. The results show that the shell length (1.98 mm), shell height (0.85 mm), and shell width (0.73 mm) of mussels with the eggs/fry were significantly larger (Mann-Whitney U test, P=0.002; difference=1.98 mm) than those of mussel without eggs/fry in HD where three species cohabitated. Although the shell length, shell height, and shell width of mussels with the eggs/fry were larger also in the other three sites, the difference was not statistically significant. In addition, we analyzed the mean number of spawned eggs and fry of each species and found $9.31{\pm}5.94$ R. uyekii, $2.86{\pm}2.45$ A.signifer, and $2.50{\pm}1.32$ A. yamatsutae. R. uyekii spawned 6.45-6.81 more eggs than A.signifer and A. yamatsutae on average per mussel, and it was statistically significant (Kruskal-Wallis test, P < 0.001). These findings indicate that the three species of Acheilognathinae fish tend to prefer larger mussels as their spawning hosts, and this tendency increases when the number of cohabitating bitterling fish species increases. Moreover, A.signifer and A. yamatsutae spawned a smaller number of eggs evenly in more host mussels while R. uyekii spawned many eggs on relatively fewer mussels. We found mussels (N=4) having the eggs/fry of two coexisting species, A. signifier and A. yamatsutae in HD and JJ where more than two bitterling fish species occurred. It suggests the interspecific competition taking place between the Acheilognathinae fishes for utilizing the same resource of mussels for spawning when two or more species cohabitate. This study is expected help to understand better the spawning patterns and reproductive ecology of the Acheilognathinae fishes, which will provide insightful information for advancing our understanding of their ecological relationships - mutualism or host-parasitism - with host mussels.

• Korean Journal of Heritage: History & Science
• /
• v.51 no.2
• /
• pp.170-203
• /
• 2018

From the period of Japanese colonialism up to the present, the researchers of archaeology and ancient history in Korea and Japan have paid much attention to the Honam area. Recently the ruins and relics of Wae lineage are often discovered at archaeological excavation sites in this region. In particular, at least 17 keyhole-shaped mounds were confirmed. The fact that three mounds were built on one site was newly revealed. Haniwa, a representative earthenware object of the Kofun period in Japan, was discovered as well. Therefore, the study of a historical meaning of archaeological materials about Wae lineage in the Honam area thus far must be reexamined. The ruins and relics of Wae lineage in the Honam area have been studied by selecting only specific cases. I identified all the ruins and relics of Wae lineage in the Honam area and analyzed the process of their change in this paper. I reviewed the relationship between Wae and Mahan, and the purpose of their negotiation based on archaeological characteristics, changing processes, and historical records on a quarterly basis. The ruins and relics of Wae lineage have increased and widely spread since the early period of the 5th century in the Honam area. This tendency continued until the late period of the 6th century. Weapons of Wae lineage were introduced and tombs in the style of Wae were built from the late 4th century to the early period of the 5th century (TG232~TK216 period). Sueki was introduced from the middle to late period of the 5th century (TK208~TK23 period). Keyhole-shaped mounds and tombs in the style of Wae were built from the late period of the 5th century to the early period of the 6th century (TK47~MT15 period). Japanese weapons were introduced from the middle to late period of the 6th century (TK10~TK209 period). In other words, the archaeological appearance is different in each quarterly period. There was an intensive diplomatic relationship between Baekje and Wae in the TG232~TK216 period. The military might be included in a mission of Wae. The materials of Wae lineage of this period are likely to be related to this. Sueki spread to the inland part of the Honam area in the TK208~TK23 period. This Sueki tends to be excavated on advantageous sites for the accumulation and distribution of supplies. The main characters of the keyhole-shaped mounds are presumed to be a group of traders which were under the control of a certain influence in the north of Kyushu. The keyhole-shaped mounds were abruptly built at some distance from mounds of the leaders in the Honam area. Additionally, there was no special influence base to which the characters of the keyhole-shaped mounds belonged in the surroundings. However, it might have been impossible for the group of traders to build the keyhole-shaped mounds without the support from the residents at all because there was a big difference in the building technology of the keyhole-shaped mounds between Japan and the Honam area. The time of building some keyhole-shaped mounds is the same or almost the same with that of the mounds built for the regional leaders. This proves a close relationship with the residents as well. What do the archaeological materials of Wae lineage which have been used and buried mean over 200 years in the Honam area? Geumgwan Gaya, which had exported iron resources to Japan, perished in the early period of the 5th century. Instead of Gaya, the Honam area might have played an important role to supply the necessary resources to Japan. We assume that the Japanese (Wae) actively worked to acquire various resources focusing on the underground resources in the Honam area.

• 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.

• Journal of the Korean Institute of Traditional Landscape Architecture
• /
• v.37 no.2
• /
• pp.74-88
• /
• 2019

This study developed the Assessment Indicator evaluating eco-cultural value of temple forest in Korea and applied the developed Assessment Indicator to Songgwang-sa(also known as Seungbo-sachal), one of the Three Jewels Temple. Literature reviews and the draft of Assessment Indicator were drawn from brainstorming(including 2 forest therapy experts, 1 Buddhist monk expert, 1 landscape architect, 1 forest expert, and 6 researchers). After that, the Assessment Indicator drawn from the group of experts(the 1st in-depth interview: 32 people, the 2nd in-depth interview: 30 people) was verified and revised. The final Assessment Indicator, which was composed of 4 parts and 20 items, was developed. The results are as follows. The eco-cultural Assessment Indicator of temple forest was composed of 4 parts, which were Historical Cultural value, Ecological value, Recreatory Visitational value, and Educational Useful value, and 20 items and each item had 5 points. Historical Cultural value had 5 items and its total points were 25. Ecological value had 5 items and had total 25 points. Recreatory Visitational value had 6 items, 30 total points. Educational Useful value had 4 items, 20 total points. The total points of the eco-cultural Assessment Indicator were 100 points. As a result of applying the developed Assessment Indicator to the target place, Songgwang-sa in Mt. Jogye, Historical Cultural value of temple forest was calculated as 23 points(out of 25). Ecological value was 21 point(out of 25), Recreatory Visitational value, 22 points(out of 30), and Educational Useful value, 16 points(out of 20). The total points were 82(out of 100). Consequently, this study is meaningful based on the following 5 aspects. Firstly, this study challenged the development of the eco-cultural Assessment Indicator of temple forest for the first time. It is significant because the developed Assessment Indicator can be a useful resource for the eco-cultural value of temple forest. Secondly, the result showed that Educational Useful value and Recreatory Visitational value of forest temple were very low. Therefore, the supports for leisure, tour, education, and use of temple forest are needed from Korea Forest Service, Ministry of Environment, Cultural Heritage Administration and other government agencies since they acknowledge the temple forest as the best customers in Korea. Thirdly, the excellence or for eco-cultural value of temple forest needs to be extended in a national level. It is possible to make a Korean National Bran(e.g., the Therapy at the Temple) by blending temple stay, which is only in temples, and therapy, and is also possible to be a global tour industry. Fourthly, this study suggested legal definition about the necessary of legal definition for temple forest because there is no legal definition on temple forest in the current situation. When the definition of temple forest is legally arranaged, it would be a foundation for conserving eco-cultural value of temple forest, for organizing exclusively responsible departments in governmental institutions, and further for registering temple forest as World Natural Heritage. Lastly, the developed eco-cultural Assessment Indicators of temple forest from this study would be applied to "the 7 Sansa, Buddhist Mountain Monasteries in Korea(Sansa)" and the characteristics of each 7 temple are drawn. This study would be a basic data for temples' management and use with the eco-cultural Assessment Indicator of temple forest.