The Investment Size Matter with the Kelly Criterion

김규태 조선대학교 지식경영연구원 2008 기업과 혁신연구 Vol.1 No.2

대부분의 투자자들이 생각하듯이 투자 규모의 크기와 이익성이 선형적 관계를 이루고 있다는 고정적 관념이 사실일까? 이러한 일반적 관념에 반하여 본 연구에서 논하게 될 켈리기준에 의하면 투자 규모의 크기와 이익성 상호간에는 선형적 관계가 아닌 비선형적 관계가 성립된다고 한다. 켈리기준의 비선형적 관계성을 염두에 둔다면 투자자들은 투자 할당문제에 있어서 매우 신중한 투자활동을 취해야 할 것이다. 즉, 특정한 투자 자산에 대한 투자의 수익성을 극대화하기 위한 최적의 투자 할당액이 얼마이어야 하는지를 모든 투자자들은 결정해야 한다. 최적의 투자할당 문제를 다루는 것이 켈리기준의 궁극적인 목표라고 할 수 있다. 투자의 규모의 크기와 수익성의 상호관계성에 대한 켈리기준의 새로운 개념이 1956년에 주요 학회지에 발표되었음에도 불구하고 아직까지 이와 관련된 연구를 지속적으로 수행하고 있는 그룹은 극소수의 연구자들로 구성되어 있을 뿐이고 금융학 분야에서도 아직 심도있게 연구가 진행되고 있지 않고 있다. 이러한 사실로 인하여 본 연구에서는 켈리기준이 무엇이고 어떻게 실현되는지를 수리적 예제를 통하여 보여주고 있다. 그리고 다양한 종류의 켈리기준을 이해하기 쉽게 단계적으로 수리적 모형을 유도하였고 특히 Aristotle의 켈리기준을 확장하여 새로운 켈리기준을 소개하고 있다. 마지막으로 삼성전자와 현대자동차의 주식을 토대로 구성된 사례연구를 통하여 켈리기준의 실질적 사용예를 보여주고 있다. 그 결과는 일반적으로 수용될 수 있는 자본 할당률 범위 내에서 최적의 투자 할당액이 존재하지 않는 것으로 판명되었다. As currently most of investors suppose, is it true that there exists an outrightly linear relationship between the investment size and profitability?. On the contrary to the general conception about the relationship, the Kelly criterion which will be discussed in this paper says that such a relationship is destroyed in a real investment world. With this assertion in mind, the investors should be careful to make a decision on the investment size. That is, they should be concerned with how much must be made to maximize the profitability of their investment. It is also inferred from the assertion that there must be an optimal amount of the investment size to maximize the profitability. Finding this optimal point is one of the major objectives of the Kelly criterion. Even though the criterion was published in 1956 and had been regarded to provide a useful guideline for the investors, not only has it been studied by a extremely small group of the researchers, but it has also been rarely known to a finance community in a world. For these observations, this paper will discuss what the Kelly criterion is and illustrates it with a numerical example. Finally, it is concluded with the discussion of the future research directions, mainly oriented with the real investment case.

무기고분자응집제를 이용한 조류의 응집제거

김규동,최영균,김희준,곽종운,정태학 대한상하수도학회 2002 상하수도학회지 Vol.16 No.5

An Experimental study was conducted for the removal of algae using various inorganic coagulants. Cultivation of algae, investigation of turbidity and chlorophyll-a removal efficiency according to the dosage of coagulants were conducted in series using a jar-tester in this study. Alum, PAC (Polyaluminum chloride), PAC-2 (Concentrated Polyaluminum chloride), PAC-Ca (PAC with Ca), PFC (Polyferricchloride) and PACS (Polyaluminum chlorinate silicate) with various SiO_2 content were used as coagulants. Algae grew up to about 1,500㎍ chlorophyll-a/l in 30 days. Cultivated algae was diluted to 150㎍ chlorophyll-a/l for the laboratory experiment. Decrease of pH was the lowest when PACS-5 was used as a coagulant, while it was the highest when PAC was used. Host of the coagulants showed high turbidity removal rate when the dosage was 1-3 mg Al/l. PFC showed stable turbidity removal efficiency and 80% of removal efficiency could be obtained when the dosage was 1.34 mg Fe/l. Among the coagulants, PACSs showed relatively higher removal efficiency of chlorophyll-a and it was the highest when PACS-5 was used. It means that inorganic coagulant including silicate is more advantageous in the removal of algae, and appropriate content of silicate on the basis of molar ratio of Al to Si is an important factor affecting the stability and settleability of the alum floc.

HLA-DPB1 유전자 형별법 개발

김태규,이혜정,정서영,정태준,한훈 대한조혈모세포이식학회 1997 대한조혈모세포이식학회지 Vol.2 No.1

연구배경: HLA-DP 유전자는 DR 및 DQ와 같이 항원제공 세포(APCs), B 세포 및 활성화된 T 세포등의 표면에 발현되는 class Ⅱ 유전자로서 외인성 항원제공시 MHC 제한(restriction)과정을 통해 면역 반응에 관여한다. DP 항원 분자는 PLT(primed lymphocyte test)와 같은 세포학적 방법에 의해 처음으로 규명되었고, 이어서 혈청학적 형별이 시도되었으나, DR, DQ 분자에 비해 발현 정도가 낮아 형별에 어려움이 있었다. 최근 DP 유전자의 염기서열이 밝혀짐에 따라 DNA 수준에서 DP 형별이 가능하게 되었으며, 지금까지 DPA1 10개, DPBI 77개의 대립유전자가 밝혀졌다. 본 연구는 이식의 결과 및 질병 발생과 연관이 있다고 추정되는 HLA-DPB1 대립유전자를 DNA 수준에서 형별하고 정상 한국인의 DP 대립유전자 분포를 확인하기 위해 시도되었다. 방법: HLA-DPB1 유전자 중 초가변부위(hypervari-able region)가 있는 exon 2 부위를 일차적으로 증폭시킨후, 17종의 probe를 사용하여 PCR-SSOP를 실시하였고, PCR-SSP에는 5종의 primer를 사용하였다. 이들 방법은 DP형이 알려진 미국 UCLA 대학의 international cell exchange sample 88개를 표준 DNA 시료로 이용하여 확립하였다. 결과: 36종류의 HLA-DPBI 대립유전자를 형별할수 있음을 확인하였다. 그러나 DPBI*0402와 0601 대립유전자를 동시에 갖는 heterozygote인 경우에는 DPBI*0201와 2001을 동시에 갖는 heterozygous와 구분이 어려웠다. 100명의 정상 한국인에서 DPBI 대립 유전자형의 분포를 조사한 결과 한국인에서는 11종류의 HLA-DP 대립유전자가 존재함을 확인하였고, DPBI*0501(36.5%), 0201(27%), 0402(10.5%) 대립유전자의 순으로 분포되어 있었으며 검출율은 100%였다. 결론: 이상의결과로 골수 이식 등 이식시 공여자와 수혜자간의 조직적합성은 HLA-DP, DQ뿐만 아니라 DP도 확인 하게되었으며, 앞으로 질병과의 연관성 연구에서 이용될수 있을것으로 사료된다. Background: The HLA-DP genes are highly polymorphic, which encode heterodimeric cell surface glycoproteins that play a role in the immune response as restriction elements in antigen presentation. HLA-DP antigens were initially defined through the primed lymphocyte test (PLT), and the serological typing has been performed which is practically difficult because the expression of DP molecules is very low, comparing with that of DR and DQ. Recently, DNA sequencing and PCR have allowed the various and extensive study on the HLA-DP genes. We developed the molecular typing method for HLA-DPBI alleles, and studied the distribution in normal Korean population. Methods: After PCR amplification of hypervariable exon 2 regions in HLA-DPBI gene, both PCR-SSOP (sequence specific oligonucleotide probes) with 17 probes and PCR-SSP (sequence specific primers) by 5 Primers were used. And this method was tested using a international pannel DNA as standard. Results: Total 36 alleles of HLA-DPBI were defined in the standard DNA pannel. However, DPBI*0.402, and 0601 heterozygote could not be distinguished from DPBI*0201 and 2001 heterozygote. And 11 alleles were defined in 100 normal Koreans and the common alleles were DPBI*0501 (36.5%). 0201 (27%) and 0402 (10.5%). The detection rate was 100% in this study. Conclusion: As the results, the molecular typing of HLA-DPBI alleles is possible for the accurate matching between donor and recipient in born marrow transplantation and for the study of disease association.

백혈병 세포를 이용한 종양-림프구 혼합면역반응의 임상적 의의

김희제,조현일,김태규,한훈,김춘추,민우성 대한조혈모세포이식학회 2000 대한조혈모세포이식학회지 Vol.5 No.1

본 연구는 골수성 백혈병세포와 공여자 유래의 말초 혈액 단핵구를 실험관 내에서 배양하여 백혈병 특이 세포 독성 T 세포를 HLA 일치 형제 공여자로부터 유도하고, 유도된 T 세포의 특성을 규명하여 조혈모세포이식 후의 임상적인 소견과의 연관성을 조사하고자 하였다. 만성기 5례, 가속기 3례, 급성기 2례를 포함하는 10례의 만성 골수성 백혈병 환자들과 1차 완전 관해 상태에 있는 2례의 급성 골수성 백혈병 환자들의 말초혈액에서 수상돌기 세포를 유도하여 항원제시세포로 사용하였다. 백혈병 세포에 대한 세포 독성 T 세포의 효과적인 유도는 급성 골수성 백혈병, 만성 골수성 백혈병의 만성기와 급성기, 가속기의 순서였다. 세포 독성은 세가지 표적 세포인 K562 세포주, 백혈병 세포와 환자의 PHA 자극세포에 대한 세포독성 실험을 통해 세포독성 T 세포에 의한 것인지 또는 자연 살해 세포 (NK 세포)에 의한 것인지 구별할 수 있었다. 세 가지 표적세포에 대한 세포살해는 결과를 종합하여 동종 조혈모 세포이식 후 백혈병의 제발 가능성을 예측할 수 있었다. 즉 세가지 표적세포들 중 한 가지에서라도 양성 반응을 보인 경우 이식편대 백혈병 효과로 인해 백혈병 재발률이 낮았다. 2례의 만성 골수성 백혈병 가속기 환자들에서 유도된 백혈병성 수상돌기 세포들은 세포의 형태학적 소견과 유세포 분석기를 사용한 면역 표현형이 수상돌기 세포와 동일하였으나 이를 이용해 유도한 세포독성 T 세포는 유의한 활성을 나타내지 않았다. 결론적으로 백혈병 세포에 대한 공여자 기원의 항 백혈병 세포독성 T 세포는 Interleukin-2로 자극하여 실험관내 배양이 가능하며, 이를 통해 질환의 특성이나 백혈병 세포의 생물학적 이질성에 따른 세포 살해능의 다양성을 규명할 수 있을 것으로 사료된다. Background:Allogeneic bone marrow transplantation (BMT) is an effective treatment for a large number of patients suffering from malignant hematological disorders. An immune-mediated graft-versus-leukemia (GVL) effect is an important feature of this treatment modality. Although numerous clinical and experimental data have given evidence for both T and NK cells involved in this phenomenon, leukemic relapse and graft-versus-host disease (GVHD) mediated by T cells still remain the major problems of allogeneic BMT. In this study, we tried to define the characteristics of anti-leukemic CTLs and to evaluate the clinical implications of the cellular immunity in leukemic patients. Methods:Leukemic cells were incubated concurrently with peripheral mononuclear cells isolated from HLA-matched sibling donors. Cytotoxic T lymphocytes (CTLs) have been generated from peripheral blood cells of 12 patients with chronic myelogenous leukemia (CML) including 5 in chronic phase (CP), 3 in accelerated phase (AP), 2 in blastic crisis (BC) and 2 patients with acute myelogenous leukemia (AML) in first complete remission. The activity of CTLs and NK cells was measured by 51Cr release assay using autologous leukemic cells, K562 cell line and patient's PHA blasts as target cells. Results:The efficacy of generating CTLs against leukemic target cells were AML, CML-CP and CML-BC, CML-AP in order. Low leukemia relapse events was found to be associated with the strong intensity of cytotoxcity for K562 cell lines, and in addition to this, if we combine the cytotoxicity effects for all thee target cells, the possibility of relapse after allogeneic stem cell transplantation (SCT) was significantly predictable. Any significant association of the cytotoxicity against three target cells with GVHD was not found. Sex-matching or mismatching between donor and recipient did not affected on the NK cell activity. Conclusion:Our results demonstrated that donor-derived antileukemic cytotoxic T-cells against patient's own leukemic cells are producible in vitro and the activity of CTLs and NK cells may be variable according to disease-specificity or to biological heterogeneity of leukemia. If the specific, stable and reproducible anti-leukemic CTLs could be generated in vitro, these CTL lines could be used for the treatment of relapsed or predictable relapse high-risk leukemia after allogeneic BMT and for post-mini-transplantation immunotherapy in the near future.

DNA 수준에서 한국인 HLA-Class Ⅰ 대립유전자형 및 일배체형 분포 : the Molecular Basis

최희백,김형재,김태규,김창규,정태준,한훈 대한조혈모세포이식학회 1997 대한조혈모세포이식학회지 Vol.2 No.1

The products of the human leukocyte antigen (HLA) have been detected by the serological or cellular methods. With the evailability of DNA sequences for alleles of the HLA system, and with the development of molecular biological techniques it has been possible to define the genotypes in HLA genes. And the amplification of DNA using sequence-specific primers has been proved as a reliable and rapid method for typing of HLA class II genes. We studied the distribution of the HLA-A, -B, C genotypes on 114 unrelated individuals by amplification refractory mutation system-polymerase chain reaction (ARMs-PCR). 13, 24 and 14 alleles in HLA-A, B and C genes were detected in normal Korean. The genotypes showing frequencies more than 18 percent were A*02(65.8%), A*24(02, 03) (41.2%), A*33(01, 02) (21.1%), A*11(01, 02) (20.2%), B*15(01, 02, 03, 04, 05)/B52(011, 012) (21.9%), B815(01, 04, 05, 06, 07, 12, 19, 20) (19.3%), B*40(02, 04, 05, 06) (18.4%), Cw*08(01, 02, 03) (28.9%), Cw*0303(27.2%), Cw*0304(26.3%) and Cw*01(01, 02) (24.6%). And most common 2-loci hyplotypes with frequencies larger than 0.04 were A*02-B*15(02, 08, 11, 15) (HF: 0.045), A*24(02, 03)-B*51(01, 02, 03, 04, 05)/*52(011, 012)(HF:0.044), B*51(01, 02, 03, 04, 05)/*52 (011, 012)-Cw14(01, 02) (HF: 0.069). These results suggest that the DNA typing of HLA class I may be an efficient typing method compared with the conventional method.

미생물 성장 특성에 기초한 독립영양탈질의 화학양론식 연구

이수원,김규동,최영균,김동한,정태학 대한상하수도학회 2004 상하수도학회지 Vol.18 No.2

It is necessary to supply external carbon source for enhancement of biological nitrogen removal from domestic wastewater with low influent C/N ratio. Sulfide was chosen as a cost effective electron donor and reaction stoichiometry for autotrophic denitrification was investigated by conducting bench-scale experiments in this study. Higher sulfur to nitrogen (S/N) ratio than the calculated value from theoretical reaction stoichiometry was required when the anoxic reactor was operated at open condition because dissolved oxygen introduced by surface aeration reacted with sulfide with ease. In addition, higher sulfate production and lower yield of microorganism could be observed under the same condition. It was possible to obtain reliable reaction stoichiometry for autotrophic denitrification by establishing pure anoxic condition. Linear relationship between bacterial growth and consumption of nitrate, sulfide, alkalinity, and sulfate production enabled to derive a relatively correct reaction stoichiometry for autotrophic denitrification when sulfide was used as an electron donor.

DNA 수준에서의 형별법 확립이 시급한 HLA-Cw

안수진,전태연,김태규,한훈 대한조혈모세포이식학회 1999 대한조혈모세포이식학회지 Vol.4 No.1

조혈모세포 이식시 HLA 대립유전자 형벌이 갖는 중요성은 주지의 사실이고, 최근에는 타인간 조혈모세포이식이 활발히 진행되고 있어 더욱 정확한 HLA 대립유전자 형벌이 요구되고 있는 실정이다. 특히 HLA-Cw 항원은 자연살해세포와 상호 작용할 뿐만 아니라, HLA -A,B 항원과 마찬가지로 항원성 펩타이드를 세포용해성 T 림프구에 제시하여 면역 반응에 관여하고, 한가지 항원만이 검출되는 비율이 약50%나 되므로, HLA-Cw 대립유전자 형별은 필수적이라 하겠다. 그러나 HLA-Cw 항원은 HLA-A,B 항원과 비교하여 10%정도가 세포 표면에 표현되므로, 동종항체 형성률이 낮아 35종류 이상의 대립유전자가 존재하여도, 8종류 (Cw1-8) 의 표현형에 대한 항체만이 사용되고 있는 실정이다. 본 연구에 의하면 한국인에 존재하나 혈청학적인 방법으로 검출할 수 없었던 대립유전자가 약 20%에 달하고, 50%이상의 출현빈도를 보이는 Cw3 대립 유전자는 서로 다른 아형을 갖고 있다. 다시 말해, 현재의 HLA-Cw 대립유전자 형별법은 위음성률이 높고 부정확하므로 면역세포인 조혈모세포의 이식성공률을 놓이기 위해서는 DNA 수준에서의 형별법이 시급히 요청된다. In hemopoietic stem cell transplantation(HPSCT), the identification of HLA allele is very important. Recently, the unrelated hemopoietic stem cell transplantation (UHPSCT) is briskly progressed, and more accurate identification of HLA allele is required. By means of conventional serology, HLA-Cw cannot be phenotyped precisely. And in approximately 50% of the case, only one HLA-Cw molecule can be determined, so the accurate identification is very indispensible in HLA-Cw alleles. Especially, HLA-Cw molecules are interacted with class I receptors expressed on natural kill cells. Like HLA-A and -B, HLA-Cw molecules can present the fragmented antigens to cytotoxic T lymphocytes, which can be participated in immune response Therefore, the typing of HLA-Cw allele is indispensable in immune response. But HLA-Cw molecules are expressed to a low molecules (10%) compared to HLA-A, -B antigens. Although over 35 types of HLA-Cw allele are present, only 8 types (Cw1-Cw8) of HLA-Cw antibody have been used because evaluated rates of alloantibody are low. In this study, with the ARMs-PCR method, we identify 18 HLA-Cw alleles and over 20% of HLA-Cw alleles have not been identified by serology in normal Koreans (n=241). The most frequent HLA-Cw allele is HLA-Cw*03 which consists of different subtypes. And among them two subtypes, Cw*0303 and Cw*0304, comprise more than 50%. In conclusion, the conventional serology method may not detect an additional allele or may determine the allele incorrectly. It is suggested that DNA-based method is an urgently required step to increase the success rate of hemopoietic stem cell transplantation.

Dynamic and coordinated single-molecular interactions at TM4SF5-enriched microdomains guide invasive behaviors in 2- and 3-dimensional environments

Kim, Hye-Jin,Kwon, Sojung,Nam, Seo Hee,Jung, Jae Woo,Kang, Minkyung,Ryu, Jihye,Kim, Ji Eon,Cheong, Jin-Gyu,Cho, Chang Yun,Kim, Somi,Song, Dae-Geun,Kim, Yong-Nyun,Kim, Tai Young,Jung, Min-Kyo,Lee, Kyun The Federation of American Societies for Experimen 2017 The FASEB Journal Vol.31 No.4

<P>Membrane proteins sense extracellular cues and transduce intracellular signaling to coordinate directionality and speed during cellular migration. They are often localized to specific regions, as with lipid rafts or tetraspanin-enriched microdomains; however, the dynamic interactions of tetraspanins with diverse receptors within tetraspanin-enriched microdomains on cellular surfaces remain largely unexplored. Here, we investigated effects of tetraspan(in) TM4SF5 (transmembrane 4 L6 family member 5)-enriched microdomains (T5ERMs) on the directionality of cell migration. Physical association of TM4SF5 with epidermal growth factor receptor (EGFR) and integrin alpha 5 was visualized by live fluorescence cross-correlation spectroscopy and higher-resolution microscopy at the leading edge of migratory cells, presumably forming TM4SF5-enriched microdomains. Whereas TM4SF5 and EGFR colocalized at themigrating leading region more than at the rear, TM4SF5 and integrin a5 colocalized evenly throughout cells. Cholesterol depletion and disruption in TM4SF5 post-translational modifications, including N-glycosylation and palmitoylation, altered TM4SF5 interactions and cellular localization, which led to less cellular migration speed and directionality in 2-or 3-dimensional conditions. TM4SF5 controlled directional cell migration and invasion, and importantly, these TM4SF5 functions were dependent on cholesterol, TM4SF5 post-translational modifications, and EGFR and integrin alpha 5 activity. Altogether, we showed that TM4SF5 dynamically interacted with EGFR and integrin a5 in migratory cells to control directionality and invasion.-Kim, H.-J., Kwon, S., Nam, S. H., Jung, J. W., Kang, M., Ryu, J., Kim, J. E., Cheong, J.-G., Cho, C. Y., Kim, S., Song, D.-G., Kim, Y.-N., Kim, T. Y., Jung, M.-K., Lee, K.-M., Pack, C.-G., Lee, J. W. Dynamic and coordinated single-molecular interactions at TM4SF5-enriched microdomains guide invasive behaviors in 2-and 3-dimensional environments. FASEB J. 31, 1461-1481 (2017). www.fasebj.org</P>

Immunological Factors Relating to the Antitumor Effect of Temozolomide Chemoimmunotherapy in a Murine Glioma Model

Kim, Tai-Gyu,Kim, Chang-Hyun,Park, Jung-Sun,Park, Sung-Dong,Kim, Chung Kwon,Chung, Dong-Sup,Hong, Yong-Kil American Society for Microbiology 2010 CLINICAL AND VACCINE IMMUNOLOGY Vol.17 No.1

<B>ABSTRACT</B><P>In this study, we investigated the potential of combined treatment with temozolomide (TMZ) chemotherapy and tumor antigen-pulsed dendritic cells (DCs) and the underlying immunological factors of TMZ chemoimmunotherapy with an intracranial GL26 glioma animal model. The combined treatment enhanced the tumor-specific immune responses and prolonged the survival more effectively than either single therapy in GL26 tumor-bearing animals. Apoptosis was induced in the tumors of the animals by the treatment with TMZ. Calreticulin (CRT) surface exposure was detected by immunofluorescence staining of TMZ-treated GL26 cells. TMZ chemotherapy increased tumor antigen cross-priming from tumor cells, leading to cross-priming of tumor antigen-specific CD4<SUP>+</SUP> T cells and CD8<SUP>+</SUP> T cells. This chemotherapy appeared to suppress the frequency of CD4<SUP>+</SUP> CD25<SUP>+</SUP> regulatory T cells (Treg). Moreover, this combined therapy resulted in an increase in the tumor infiltration of CD4<SUP>+</SUP> and CD8<SUP>+</SUP> T cells. Collectively, the findings of this study provide evidence that the combination of TMZ chemotherapy and treatment with DC-based vaccines leads to the enhancement of antitumor immunity through increased tumor-specific immune responses via the cross-priming of apoptotic tumor cell death mediated by CRT exposure and, in part, the suppression of Treg. Therefore, CRT exposure, regulatory T cells, and cross-priming by TMZ chemotherapy may be immunological factors related to the enhancement of the antitumor effects of chemoimmunotherapy in an experimental brain tumor model.</P>

Will a Good Citizen Actively Support Organizational Change? Investigation of Psychological Processes Underlying Active Change Support

Tai Gyu Kim 서울대학교 경영연구소 2008 Seoul Journal of Business Vol.14 No.1

The present study investigated motivational factors of employee’s active change support (ACS). It also investigated good citizens’ response to the change by highlighting convergence and divergence of motivational factors between ACS and traditional extra-role behavior. The findings based on 166 staff responses and 346 supervisor assessments in a hospital that recently implemented a sharedgovernance structure suggest that active change support is a result of an active thinking process that involves perception of potential benefit from change but not necessarily the consequence of conventional predictors of extra-role behaviors (i.e., positive attitudes). The findings also suggest that good citizens are not necessarily the supporters of organizational change and that in actuality they confront motivational dilemma especially when they hold high quality relationship with their employer because they are reluctant to challenge the status quo