Pair trading is a statistical arbitrage investment strategy. Traditionally, cointegration has been utilized in the pair exploring step to discover a pair with a similar price movement. Recently, the clustering analysis has attracted many researchers' attention, replacing the cointegration method. This study tests a clustering-driven pair trading investment strategy in the Korean stock market. If a pair detected through clustering has a large spread during the spread exploring period, the pair is included in the portfolio for backtesting. The profitability of the clustering-driven pair trading strategies is investigated based on various profitability measures such as the distribution of returns, cumulative returns, profitability by period, and sensitivity analysis on different parameters. The backtesting results show that the pair trading investment strategy is valid in the Korean stock market. More interestingly, the clustering-driven portfolio investments show higher performance compared to benchmarks. Note that the hierarchical clustering shows the best portfolio performance.

In this study, we investigated the Indoor and Outdoor concentrations of PM10 in Y area, Jeollanam-do. We conducted personal exposure concentration estimates, and Exposure and Risk Assessments using the Time-weighted Average Model. The concentration of Indoor PM10 was 49.38 μg/m3 and that of Outdoor PM10 was 48.02 μg/m3, with the Indoor/ Outdoor Ratio value being 1 or more, and it was found that there was an indoor source of pollution. The Indoor/Outdoor Cr ratio value was 1 or more, and the source of Cr was confirmed to be indoor. Based on our analysis, there was a positive correlation between heavy metals Ni, Cr, and Mn (p<0.05). Using the Time-Weighted Average model, we determined the PM10 personal exposure concentration to be 49.36 μg/m3 and confirmed the feasibility of this model in utilizing the PM10 personal exposure concentrations. In this study, the findings are likely to provide useful data that can be used to determine the concentration of indoor pollutants that are not easy to survey. However, to accurately evaluate indoor air quality, more factors need to be considered and evaluated.

This study obtained the following conclusions using the measurement results of indoor and outdoor PM10 with regard to cardiovascular disease patients in Cheongju-area in November 2020. Most of the PM10 has an I/O ratio of less than 1, which is an outdoor source. Since we measured once and twice time, Without the air purifier device’s working status, there were no concentration changes of PM10 in the first and second indoor areas. As for the concentration of PM10 according to the living environment, the distribution of PM10 is higher indoors than outdoors when the residential area is 30 m2 or more, and the outdoor PM10 concentration tends to be high when the distance to the road is within 50 m. The more time spent indoors, the higher the indoor PM10 concentration. The smaller the ventilation time and frequency, the longer the cooking time was, and the higher the number of cooking times, the higher the concentration of PM10 could be. The indoor PM10 contribution ratio through multiple regression analysis showed the possibility of increasing indoor PM10 as β = 28.590 when the time spent indoors was longer than 16 hours (p<0.05). The result regarding PM10 exposure reveals that PM10 can be inhaled not only indoors but also outdoors, and the subjects of this study appear to have lived indoors for about 16 hours or longer on a daily basis, which may affect their health regardless of gender.