• Proceedings of the Safety Management and Science Conference
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• 2004.11a
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• pp.355-380
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• 2004

I test the hypothesis that the gradual diffusion of information across asset markets leads to cross-asset return predictability in Korea. Using thirty-six industry portfolios and the broad market index as our test assets, I establish several key results. First, a number of industries such as semiconductor, electronics, metal, and petroleum lead the stock market by up to one month. In contrast, the market, which is widely followed, only leads a few industries. Importantly, an industry's ability to lead the market is correlated with its propensity to forecast various indicators of economic activity such as industrial production growth. Consistent with our hypothesis, these findings indicate that the market reacts with a delay to information in industry returns about its fundamentals because information diffuses only gradually across asset markets. Traditional theories of asset pricing assume that investors have unlimited information-processing capacity. However, this assumption does not hold for many traders, even the most sophisticated ones. Many economists recognize that investors are better characterized as being only boundedly rational(see Shiller(2000), Sims(2201)). Even from casual observation, few traders can pay attention to all sources of information much less understand their impact on the prices of assets that they trade. Indeed, a large literature in psychology documents the extent to which even attention is a precious cognitive resource(see, eg., Kahneman(1973), Nisbett and Ross(1980), Fiske and Taylor(1991)). A number of papers have explored the implications of limited information- processing capacity for asset prices. I will review this literature in Section II. For instance, Merton(1987) develops a static model of multiple stocks in which investors only have information about a limited number of stocks and only trade those that they have information about. Related models of limited market participation include brennan(1975) and Allen and Gale(1994). As a result, stocks that are less recognized by investors have a smaller investor base(neglected stocks) and trade at a greater discount because of limited risk sharing. More recently, Hong and Stein(1999) develop a dynamic model of a single asset in which information gradually diffuses across the investment public and investors are unable to perform the rational expectations trick of extracting information from prices. Hong and Stein(1999). My hypothesis is that the gradual diffusion of information across asset markets leads to cross-asset return predictability. This hypothesis relies on two key assumptions. The first is that valuable information that originates in one asset reaches investors in other markets only with a lag, i.e. news travels slowly across markets. The second assumption is that because of limited information-processing capacity, many (though not necessarily all) investors may not pay attention or be able to extract the information from the asset prices of markets that they do not participate in. These two assumptions taken together leads to cross-asset return predictability. My hypothesis would appear to be a very plausible one for a few reasons. To begin with, as pointed out by Merton(1987) and the subsequent literature on segmented markets and limited market participation, few investors trade all assets. Put another way, limited participation is a pervasive feature of financial markets. Indeed, even among equity money managers, there is specialization along industries such as sector or market timing funds. Some reasons for this limited market participation include tax, regulatory or liquidity constraints. More plausibly, investors have to specialize because they have their hands full trying to understand the markets that they do participate in

• Journal of Animal Science and Technology
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• v.45 no.5
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• pp.689-694
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• 2003

Weight records of Hanwoo cows from birth to 36 months of age collected in Daekwanryeong branch, National Livestock Research Institute(NLRI) were fitted to Gompertz, von Bertalanffy and Logistic functions. For the growth curve parameters fitted on individual records using Gompertz model, the mean estimates of mature weight(A), growth ratio(b) and growth rate(k) were 383.42 ${\pm}$ 97.29kg, 2.374 ${\pm}$ 0.340 and 0.0037 ${\pm}$ 0.0012, respectively, and mean estimates of body weight, age and daily gain rate at inflection were 141.05 ${\pm}$ 35.79kg, 255.63 ${\pm}$ 109.09 day and 0.500 ${\pm}$ 0.123kg, respectively. For von BertalanfTy model, the mean estimates of A, b and k were 410.47 ${\pm}$ 117.98kg, 0.575${\pm}$0.057 and 0.003 ${\pm}$ 0.001, and mean estimates of body weight, age and daily gain at inflection were 121.62 ${\pm}$ 34.94kg, 211.02 ${\pm}$ 105.53 and 0.504 ${\pm}$ O.l24kg. For Logistic model, the mean estimates of A, b and k were 347.64 ${\pm}$ 97.29kg, 6.73 ${\pm}$ 0.34 and 0.006 ${\pm}$ 0.0018, and mean estimates of body weight, age and daily gain at inflection were 173.82 ${\pm}$ 37.25kg, 324.47 ${\pm}$ 126.85 and 0.508 ${\pm}$ 0.131kg. Coefficients of variation for the A, b and k parameter estimates were 25.3%, 14.3% and 32.4%, respectively, for Gompertz model, 28.70/0, 9.9% and 33.3% for von Bertalanffy model, and 27.9°/0, 5.0% and 30.0% for Logistic model.

• Korean Journal of Environmental Agriculture
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• v.34 no.2
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• pp.69-76
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• 2015

BACKGROUND: Contamination of soils by heavy metals is the serious environmental problem. In particular, industrial processing is one of the main sources of heavy metal contamination. The objective of this study was to investigate the distribution characteristics of heavy metals in soils collected from industrial complex. METHODS AND RESULTS: In this study, the soil contamination and enrichment factor (EF) of heavy metals were investigated in three national industrial complexes such as Yeosu, Ulsan and Sihwa Banwal industrial complexes. The target heavy metals includes Cd, Cu, As, Hg, Pb, Cr, Zn, and Ni. The results showed that the contents of Cd, Hg, Pb, Zn and Ni in Yeosu and the contents of Cu, As and Cr in Sihwa Banwal were higher than in any other industrial complex. The results of principal component analysis(PCA) in Yeosu, Ulsan and Sihwa Banwal complex could be explained up to approximately 81.4, 69.1 and 70.9% by two factor, respectively. Enrichment factors of Cd, Pb and Zn in all the investigated industrial complexes were above 1.0 that was the value judged to be a high contamination. And EF of Cr was above 1.0 in Sihwa Banwal complex. EF of Zn in all sites was generally high from the other heavy metals. CONCLUSION: Therefore, soils maybe significantly affected by heavy metals (especially, Cd, Pb and Zn) present in the emissions from industrial complexes.

• Korean Journal of Environment and Ecology
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• v.31 no.4
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• pp.409-419
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• 2017

Although Korean red pine (Pinus densiflora) forests near temples are valuable as forests of the cultural landscape, they are likely to be deteriorated because of vegetation succession and climate changes. The purpose of this study is to investigate the vegetation structure, the pine vitality, and the site environmental characteristics of the pine forests near temples to identify the correlation between pine tree growth and location environment. We selected Chuneunsa, Wonhyosa, Jeungsimsa, and Taeansa Temples since these four areas still had the healthy pine forests. In all four studied area, the pine trees dominate the canopy layers while the deciduous broadleaf trees mostly inhabited appeared in the lower layers. The growth of pine trees in Jeungsimsa and Wonhyosa areas was not as good as Chuneunsa area where the pine trees tended to be older. We found higher total nitrogen content in soil in Jeungsimsa area than other areas, maybe because of increase in total nitrogen caused by the development of low vegetation in the area. This peculiarity may have led to the pine trees in the area to fall behind the deciduous broadleaf trees in competition for nitrogen nutrient and thus to show deteriorated growth. The altitude and the twig length showed a negative correlation as did the degree of slope and the mean importance percentage of the pine tree. In other words, the growth environment such as soil became poorer when the altitude and the degree of slope increased, and thus the growth amount and dominance of the pine trees were lower. The degree of slope showed a positive correlation with the twig length of the pine tree. Within boundaries of location environment where the pine tree forests were dominant, it seemed that growth of the pine trees was more favorable as the slope was steeper because the trees could avoid competition with deciduous broadleaf trees. On the other hand, the growth of pine trees deteriorated as the electrical conductivity of soil increased; increase in soil nutrients might have accelerated vegetation development of deciduous broadleaf trees and thus aggravated the growth environment of pine trees to negatively affect maintaining the health of the pine tree forests.

• Journal of The Korean Society of Grassland and Forage Science
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• v.19 no.1
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• pp.17-22
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• 1999

Experiment was carried out to determine the agronomic characteristics, forage yield of silage corn(Zea mays L.) soil chemical characterictics and $NO_3-N$ level in infiltration water by different application rates of daily liquid manures. Four treatment consisting of chemical fetilizer, $200kg\;N\;ha^{-1}$, daily liquid manure $200kg\;N\;ha^{-1}$, $300kg\;N\;ha^{-1}$ and $400kg\;N\;ha^{-1}$ were arranged in a randonmized complete block design with three replicates. The results obtained at National Livestock Research Institute, RDA., in Suwon from 1996 to 1997 are summarized as follows; In plant height and crude protein content, it were appeared to highest by 264cm, 6.8% at the cattle slurry 150% plot(T3), respectively. but Dry matter yield(14.5MT/ha) and TDN(9.5MT/ha) production of chemical fertilizer plot(T1) were highest. Among daily liquid manure amount, dry matter yield(14.0MT/ha) and TDN yield(9.1MT/ha) of daily liquid manure 100% plot(T2) were resulted to 96% and 97% of chemical fertilizer plot(T1). End year's soil organic matter and phosphate content were appeared to high than those of beginning year in daily liquid manure plots, but it was not in proportioned to increase according to slurry amount. $NO_3-N$ level in infiltration water lower than 60cm of all plots were lowed than a permitted limit of cattle drinkable. As a result, it was appeared that the optimum application amount of dairy liquid manure was 200kg/ha by manure-N.

• Journal of the Korean Crystal Growth and Crystal Technology
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• v.21 no.3
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• pp.99-104
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• 2011

A stoichiometric mixture of evaporating materials for $MgGa_2Se_4$ single crystal thin films was prepared from horizontal electric furnace. The crystal structure of these compounds has a rhombohedral structure with lattice constants $a_0=3.953\;{\AA}$, $c_0=38.890\;{\AA}$. To obtain the single crystal thin films, $MgGa_2Se_4$ mixed crystal was deposited on thoroughly etched semi-insulating GaAs(100) substrate by the Hot Wall Epitaxy (HWE) system. The source and substrate temperatures were $610^{\circ}C$ and $400^{\circ}C$, respectively. The crystalline structure of the single crystal thin films was investigated by the double crystal X-ray rocking curve and X-ray diffraction ${\omega}-2{\theta}$ scans. The carrier density and mobility of $MgGa_2Se_4$ single crystal thin films measured from Hall effect by van der Pauw method were $6.21{\times}10^{18}\;cm^{-3}$ and 248 $cm^2/v{\cdot}s$ at 293 K, respectively. The optical absorption of $MgGa_2Se_4$ single crystal thin films was investigated in the temperature range from 10 K to 293 K. The temperature dependence of the optical energy gap of the $MgGa_2Se_4$ obtained from the absorption spectra was well described by the Varshni's equation, $E_g(T)=E_g(0)-({\alpha}T^2/T+{\beta})$. The constants of Varshni's equation had the values of $E_g(0)=2.34\;eV$, ${\alpha}=8.81{\times}10^{-4}\;eV/K$ and ${\beta}=251\;K$, respectively.

• Journal of Bio-Environment Control
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• v.23 no.3
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• pp.229-234
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• 2014

We analyzed drainage water from coir substrate in which cucumber plants were grown in winter and elucidated changes in pH, EC, and major nutrients according to the growth stages to recommend nutrient solution management appropriate to each growth stage. From the analysis of drainage solution the growth stages of cucumber were desirable to be divided into two, planting to fruit setting and fruit setting to harvest in case of nutrient solution management. The time required was about 3 weeks from planting to the first fruit setting and thereafter 7~10 days more until the first harvest. Approximately every 3~4 days were needed until the upper flowers bloomed. The time required from fruit setting to harvest was not different much among flowers as cucumber plants grew. From the experimental results, EC of supplied solution was recommended to maintain a little high to $3.0dS{\cdot}m^{-1}$ until before fruit setting and lower a little to $2.0{\sim}2.3dS{\cdot}m^{-1}$ after that. Of course, the amount of solution supply should be increased as plants grew. In case of each nutrients, the recommendation of concentrations of nitrogen, phosphorus and calcium were 700, 60, and $110mg{\cdot}L^{-1}$ each until before fruit setting, and then 660, 50, and $100mg{\cdot}L^{-1}$ each after fruit setting. The concentrations of potassium and magnesium are recommended to start from 400 and $80mg{\cdot}L^{-1}$ until fruit setting and lower a little after that.

• Korean Journal of Environment and Ecology
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• v.34 no.4
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• pp.345-354
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• 2020

The purpose of this study was to investigate the effects of soil amendment treatments, such as hydroball, and active carbon, and planting Pennisetum alopecuroides for reducing calcium chloride (CaCl₂) of soil leachate and the growth of Pennisetum alopecuroides. The experiment planted Pennisetum alopecuroides in a plastic pot with a diameter of 10 cm and a height of 9 cm in a greenhouse April-October 2018. The experimental group comprised six treatments, including Non-treatment (Cont.), Hydroball (H), Active carbon (AC), planting Pennisetum alopecuroides (P), hydroball + planting Pennisetum alopecuroides (H + P), and active carbon + planting Pennisetum alopecuroides (AC + P). The dissolution of the CaCl₂ concentration 200ml of 10g/L was irrigated once every two weeks. We measured the growth (plant height, leaf length, leaf width, number of leaves), EC, pH, and exchangeable cations (K⁺, Ca²⁺, Na⁺, and Mg²⁺) according to the high concentration of CaCl₂ in the plant and soil leachate. In a treatment with the 'hydroball' amendment, the soil leachate electrical conductivity (EC), and the cation exchangeable were decreased more than those of the control, while the growth of Pennisetum alopecuroides relative growth rate(RGR) increased. Overall, application with the hydroball amendment added the planting of Pennisetum alopecuroides improved the salt reduction effect more than the control group. These results indicate that the application of the soil amendment agent hydroball was suitable soil amendments in accordance with the high concentration of calcium chloride (CaCl₂). Also, Planting Pennisetum alopecuroides is expected to be appropriate for salt-tolerant plant for soil affected by deicing salt agents.

• Korean Journal of Agricultural Science
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• v.15 no.2
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• pp.153-163
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• 1988

This experiment was carried out to obtain the thermophilic fungus producing amylase and to investigate properties of the amylase. The selected strain, L-11 was obtained from soil in the vicinity of a hot spring and identified as Mocor sp.. And then the conditions for enzyme production in wheat bran cultures and properties of the crude enzyme were investigated. Furthermore, the enzyme was purified and the characteristics of purified enzyme were studied. The results obtained were as follows: 1. On the wheat bran medium added 80-100% water, amylase was effectively produced by the selected strain, L-11 for 48 hrs incubation at $50^{\circ}C$. 2. When the crude enzyme solution of the strain L-11 was passed through DEAE-Sephadex A-50 column chromatography, two peaks having amylase activity were obtained, and one peak was that of the main enzyme (enzyme of B peak). 3. The purified enzyme (enzyme of B peak) was recognized as single protein band on polyacrylamide disc gel electrophoresis. 4. In the hydrolysis reaction of soluble starch by the enzyme of main amylase, oligosaccharides produced at early stage were maltose and maltotriose mainly and procedure of the reaction maltose amount of maltose and glucose was increased. 5. The strain L-11 was recognized as a special strain producing ${\alpha}-amylase$ mainly and scarcely glucoamylase. 6. The optimum pH, optimum temperature, pH stability, and temperature stability of ${\alpha}-amylase$ were pH 4.0, $60-65^{\circ}C$, pH 4.0-9.0, and below$70^{\circ}C$.

• Journal of Preventive Medicine and Public Health
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• v.10 no.1
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• pp.166-175
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• 1977

The author have performed an epidemiological study on the accidental deaths at industry from 1970 to 1975, in order to seek for the preventive measures of industrial accident with the under-standing of its cause and characteristics of the accidental deaths. The obtained results were as follows; 1. Total number of deaths for 6 years were 361 (350 males, 11 females). and the mean death rate was 33.8 per 100,000 industrial workers during 6 years. By the highest as 52.9 was in 1974 and the lowest as 13.7 in 1970. By the industry group, the death rate of Electricity, Gas and Water was 149.3, Construction 83.9 and the lowest was Manufacturing as 18.3. 2. Standardized mortality rate of the cases by the age group showed that 20-29 years old group was 43.0, 40-49 years old group 38.1, 30-39 years old group 32.0, and the lowest as 17.9 was under 19 years old group. 3. The cumulative percentage of the cases by years of service showed that under 6 months was 60.4%, under 1 year 72.9%, under 2 years 83.1%. 4. By the month of occurrence, the highest was 15.8% which occurred in August and the lowest was 5.8% in February. The highest as 19.1% was on Friday and the lowest as 11.9% on Monday by the day of a week. 5. By the causes of accident, car accidents was 28.3%, fall accidents 19.1%, accidents by a crash 9.1% in that order. By the location of injury, head was 44.6%, multiple injuries 33.0%, chest 10.5%, and back was the lowest as 1.9%. The distribution of the cases by nature of injury shelved that cerebral contusion and hemorrhage was 39.4%, fracture and dislocation 33.2%, asphyxia 8.0% in that order. 6. The cumulative percentage of the cases by the duration from injury to death showed that the injuried day was 74.2%, within 3 days after injury 88.5%, within 7 days 96.1%. Therefore most of the cases were occurred within 7 days after injury. 7. Byythe daily mean wages, most of the cases as 91.7% were under 2,000 won, and more 4,000 won was 1.6% merely.