This study explores modern portfolio theory by integrating the Black-Litterman portfolio with time-series clustering, specificially emphasizing K-shape clustering methodology. K-shape clustering enables grouping time-series data effectively, enhancing the ability to plan and manage investments in stock markets when combined with the Black-Litterman portfolio. Based on the patterns of stock markets, the objective is to understand the relationship between past market data and planning future investment strategies through backtesting. Additionally, by examining diverse learning and investment periods, it is identified optimal strategies to boost portfolio returns while efficiently managing associated risks. For comparative analysis, traditional Markowitz portfolio is also assessed in conjunction with clustering techniques utilizing K-Means and K-Means with Dynamic Time Warping. It is suggested that the combination of K-shape and the Black-Litterman model significantly enhances portfolio optimization in the stock market, providing valuable insights for making stable portfolio investment decisions. The achieved sharpe ratio of 0.722 indicates a significantly higher performance when compared to other benchmarks, underlining the effectiveness of the K-shape and Black-Litterman integration in portfolio optimization.

In recent years, macroalgal bloom occurs frequently in coastal oceans worldwide. It might be attributed to accelerating climate change. “Green tide” events caused by proliferation of green macroalgae (Ulva spp.) not only damage the local economy, but also harm coastal environments. These nuisance events have become common across several coastal regions of continents. In Korea, green tide incidences are readily seen throughout the year along the coastlines of Jeju Island, particularly the northeastern coast, since the 2000s. Ulva species are notorious to be difficult for morphology-based species identification due to their high degrees of phenotypic plasticity. In this study, to investigate temporal variation in Ulva community structure on Jeju Island between 2015 and 2020, chloroplast barcode tuf A gene was sequenced and phylogenetically analyzed for 152 specimens from 24 sites. We found that Ulva ohnoi and Ulva pertusa known to be originated from subtropical regions were the most predominant all year round, suggesting that these two species contributed the most to local green tides in this region. While U. pertusa was relatively stable in frequency during 2015 to 2020, U. ohnoi increased 16% in frequency in 2020 (36.84%), which might be associated with rising sea surface temperature from which U. ohnoi could benefit. Two species (Ulva flexuosa, Ulva procera) of origins of Europe should be continuously monitored. The findings of this study provide valuable information and molecular genetic data of genus Ulva occurring in southern coasts of Korea, which will help mitigate negative influences of green tide events on Korea coast.

국내 하천에서 발생하는 준설 및 보 건설은 하천 연속성 차단과 교란을 유도하여 수서 생물서식환경에 변화를 가져 온다. 본 연구에서는 4대강 보 (이포보, IP; 세종보, SJ; 죽산보, JS; 강정고령보, GG; 달성보, DS)에 서식하는 깔따구 군집 분포를 조사하고 서식환경에 영향을 주는 여러 환경인자를 측정하였다. 조사 지역 중 IP, SJ은 다른 조사 지역에 비해 WT, pH, TOC, Chl-a가 낮은 수준을 보였으며, 깔따구 개체수 결과에서는 Chironominae, Orthocladinae, Tanypodinae 가 비교적 균등한 수준으로 관찰되었다. 반면, JS, GG, DS는 Chironominae가 높은 비율로 우점하며, TOC와 Chl-a의 농도가 높게 나타났다. 각 조사 정점에 대한 깔따구 군집 조성의 특징과 환경요인을 반영한 집괴분석 결과 4대강 보는 3개의 그룹으로 구분되었으며, 이는 정점별 환경 차이와 깔따구의 대악 및 하순기절의 구조에 따른 먹이원 선호도 차이와 일치하였다. 따라서 본 연구에서는 연구 정점 간 먹이원의 차이에 의해 깔따구의 군집 구조의 차이가 나타나는 것을 확인 하였으며, 향후 각 깔따구 과 별 주 먹이원에 대한 연구에 대한 필요성을 제시한다.

여름철 집중 강우량 감소에 따른 저서성 대형무척추동 물 군집 변화를 알아보기 위하여 섬진강 본류 25지점을 대상으로 2014년과 2015년 각각 5월과 9월 총 4회 조사를 실시하였다. 서식환경에 중요하게 작용하는 요인인 강우량, 기온, 수질, 수심, 유속, 하상구성을 수집하고 측정하였다. 섬진강의 5월 누적강우량 (CP)은 2014년 2,322.1 mm, 2015년 2,371.0 mm로 큰 차이를 보이지 않았으나, 9월 CP 는 2014년 7,678.2 mm, 2015년 3,726.1 mm로 반절 이상 감소하였다. 여름철 집중강우로 인한 유실효과로, 개체밀도와 종 수는 5월이 9월보다 높았다. 5월은 깔따구류와 세 갈래하루살이, 9월은 네점하루살이, 두점하루살이, 세갈래 하루살이가 우점을 차지하였다. 생물지수와 환경요인과의 상관성 분석 결과, 하상구성 및 유속과 상관성이 있는 것으로 나타났다. 저서성 대형무척추동물 우점종과 환경요인과의 집괴분석한 결과 5월과 9월의 CP와 MT에 따라 4 그룹으로 나뉘었다. 주성분 분석 결과 집괴분석으로 나뉘어진 그룹의 특성을 잘 반영하였으며, 특히 네점하루살이와 두점하루살이는 강우량의 변동을 잘 반영하였다.

To investigate the changes of dominant species of benthic macroinvertebrates according to the changes of temperature and precipitation, we surveyed twenty sites of the main Seomjin River in May and September in 2013 and 2014. The temperature, precipitation, water quality factors and substrate composition, which are important factors in benthos habitat environment, were collected and measured. The average temperature of the Seomjin River increased by 0.2℃ in 2014 compared to 2013, and the temperature increased from upstream to downstream, showing a difference of more than 3℃. Also, the annual cumulative precipitation (ACP) was increased toward low latitude. The temperature of Seomjin River increased more than twice in September (21.7~24.5℃) after rainfall compared to May (7.6~11.3℃) before rainfall, and CP (cumulative precipitation) increased about 3 times before rainfall (263 mm~287.5 mm) and after rainfall (756.3 mm~882 mm). Due to washing effect by summer precipitation, total number of species and individuals for benthic macroinvertebrates were higher in May than in September. Chironomidae sp. and Choroterpes altioculus were dominated in May, Ecdyonurus levis, Macrostemum radiatum and Choroterpes altioculus were dominated in September. As a result of correlation analysis between community indices and environment factors, it was found that there is a high correlation with boulder and sand among substrate compositions. According to the results of cluster analysis based on temperature, CP and the dominant species of benthic macroinvertebrates in Seomjin River, it was divided into two groups following temperature and CP, and the dominant species and geographical position were reflected and divided into detailed groups.

영천, 경주 지역의 도덕산, 구미산, 인내산 주위의 주요 수계 하천의 중 상류 11~12개 지점에서 저서성 대형 무척추동물을 조사하였다. 수심, 유속, pH, 탁도(NTU), 전기전도도와 DO 등의 이화학적 환경도 측정하였다. 수심은 3.3~18.6 cm, 전기전도도는 35.5~223.1μs, DO는 5.66~10.73 mgL-1의 분포를 보였다. 대상 조사지점에서 총 78종이 출현하였으며, 수서곤

Soil microorganism activity in an agricultural field is affected by various factors including climate conditions, soil chemical properties, and crop cultivation. In this study, we elucidate the correlation between microorganism activity and agricultural environment factors using the dehydrogenase activity (DHA) value, which is one of the indicators of soil microbial activity. As a result, the various factors noted above were related to the DHA value. Annual rainfall, soil Mg2+, bacterial and fungal diversities, types of crops, developmental stages, seasons, and cultivation status were highly correlated with the DHA value. Furthermore, next-generation sequencing (NGS) analysis was used to identify that the type of crop affected soil microbial compositions of both bacteria and fungi. Soil used for soybean cultivation showed the highest relative abundance for Verrucomicrobia, Planctomycetes, and Acidobacteria but Actinobacteria and Firmicutes had the lowest relative abundance. In the case of soil used for potato cultivation, Actinobacteria had the highest relative abundance but Proteobacteria had the lowest relative abundance. Armatimonadetes showed the highest relative abundance in soil used for cabbage cultivation. Among the fungal communities, Mortierellomycota had the highest relative abundance for soybean cultivation but the lowest relative abundance for cabbage cultivation; further, Rozellomycota, Chytridiomycota, and Cercozoa had the highest relative abundance for cabbage cultivation. Basidiomycota had the highest relative abundance for potato cultivation but the lowest relative abundance for soybean cultivation.