• Title/Summary/Keyword: 종 다양성

Search Result 3,287, Processing Time 0.04 seconds

A Study on the Material Characteristics and Weathering Aspects of Sculpture Stone Around the World Cultural Heritage Joseon Dynasty Royal Tombs - Focused on the East Nine Royal Tombs - (세계문화유산 조선왕릉 석조문화재의 재질특성 및 풍화양상 연구 - 구리 동구릉을 중심으로 -)

  • CHO Hajin ;CHAE Seunga ;SONG Jinuk;LEE Myeongseong ;LEE Taejong
    • Korean Journal of Heritage: History & Science
    • /
    • v.55 no.4
    • /
    • pp.180-193
    • /
    • 2022
  • The East Nine Royal Tombs is a representative place in the Royal Tombs of Joseon (a World Heritage Site). It consists of 1,289 stone artifacts including 979 related stone structures, 310 stone statues, and objects. Most of the stone structures in the East Nine Royal Tombs are composed of biotite granite, but some tombs are composed of light red granite. As a result of magnetic susceptibility measurement, the average data from Geonwolleung to Mongneung, excluding Hyeolleung, were similar, so it is estimated that stones were obtained from the same quarry. In the case of Sungneung, Sureung, and Gyeongneung, the range of susceptibility measurement is widely distributed. It assumed that the newly produced stones were mixed in the moving and construction process. Also, stones might be gathered from different quarries. As a result of a conservation status investigation, both the mound member and the ridge stone had the highest damage rate due to peeling and granular decomposition according to surface weathering. In the case of surface discoloration, yellowing and soils were found in the burial mound members. Yellowing, blackening, and soil were identified in the ridge stone structures. Bio-degradation is the major factor of deterioration of the East Nine Royal Tombs and the conservation status of the tombs were detected as grades 4 to 5. It seems that it is easy for the environment of the royal tombs to form soil for the microorganisms and fine conditions for continuous moisture. In the case of structures, they are in relatively good condition. As a result of a comprehensive damage rating for each tomb, the overall condition is good, but the Geonwolleung Royal Tomb and Hyeolleung Tomb, which were created in the early period, had relatively high weathering ratings. Stone objects in East Nine Royal Tombs have lost many pieces and gateway members due to surface deterioration. Also, secondary damage is ongoing. Each damage factor of the stone artifacts of the East Nine Royal Tombs combines to cause various and continuous damages. Therefore, it is necessary to establish regular conservation status data of the stone artifacts for efficient management after processing as well as conservation treatment of the royal tombs, and specific management manuals and systems. This study investigated the conservation status of stone structures in the East Nine Royal Tombs, a World Heritage Site, and systematically classified them to provide priority and necessity for conservation processing. We look forward to establishing a plan for the conservation and management of the East Nine Royal Tombs with this database in the future.

Embryonic and Larval Development of Slender Catfish, Silurus microdorsalis Mori, 1936, Endemic to Korea (한국 고유종 미유기(Silurus microdorsalis Mori, 1936)의 난 발생 및 자치어 형태발달)

  • Kang-Rae Kim;Yeong-Ho Kwak;Mu-Sung Sung;Heon Yang;Seong-Jang Cho;Bong Han Yun;In-Chul Bang
    • Korean Journal of Ichthyology
    • /
    • v.35 no.2
    • /
    • pp.91-100
    • /
    • 2023
  • The early life history of Silurus microdorsalis living in Jahocheon Stream was studied by observing egg and morphological development. Live fish were captured in June 2018, then reared in a circulating filtration system under a 14L : 10D photoperiod with a water temperature of 18℃. To artificially induce spawning, females were injected with 0.5 mL of Ovaprim (Syndel, Nanaimo, BC, Canada) per kg of body weight, and males were injected with 10,000 IU/kg body weight of human chorionic gonadotropin. Approximately 15 h later, eggs were artificially inseminated by the dry method. Mature eggs were light pale yellow, which separated them from immature eggs. Fertilized eggs were 2.16±0.06 mm (n=8) in diameter and fully hatched at 181 h after fertilization. The fertilization rate was 63.1±2.2%, and 10.0±3.7% of the embryos were malformed at 18℃. The rates of development were 181 h at 18℃, 109 h at 21℃, and 76 h at 24℃. The larval size immediately after hatching was 4.64±0.22 mm (n=8), and the larvae displayed negative phototaxis at 1 day after hatching. The total larval length on 7 days after hatching was 12.47±0.53 mm, with 25~30 basal anal fin rays and 14~16 basal caudal fin rays observed. The total larval length was 14.13±0.51 mm on 9 days after hatching, and approximately 90% of the black endoplasmic reticulum was deposited on the head and body. The dorsal fin had formed, and a single basal body was observed. On 15 days after hatching, the total larval length was 16.69±0.31 mm; the number of basal caudal fin rays (18 poles) was an integer because 2 dorsal fin basal rays and 60~63 anal fin basal rays were observed. The total larval length was 28.96±1.10 mm on 50 days after hatching; the numbers of caudal fins (n=18), dorsal fins (n=3), pectoral fins (n=11), and anal fin basal rays (n=67~73) were integers.

Problem Analysis of the Experiments Illustrating pH Effects on Enzyme Activities in High School Science Textbooks - Focus on Starch-Iodine Reaction - (고등학교 과학 교과서에서 "pH가 효소의 작용에 미치는 영향" 실험의 문제점 분석 -녹말과 요오드 반응을 중심으로-)

  • Ji, Jae-Hwa;Jeong, Dae-Hong
    • Journal of The Korean Association For Science Education
    • /
    • v.29 no.8
    • /
    • pp.923-933
    • /
    • 2009
  • In this study, analysis was carried out on science experiment in high school textbooks, illustrating 'the effect of pH on enzyme activity.' Five of the total 16 science textbooks introduced in this experiment, and the experimental conditions therein were analyzed. Textbook analysis revealed that pH of below 3 was used for 'acidic condition' and that of over 11 was used for 'basic' condition. Using the experimental conditions described in the textbooks, review experiments were performed. Buffering effect with the addition of saliva was found in the pH region around 7 when buffer solution was not used to control pH as was in the textbooks. The enzyme activity experiments were performed controlling pH from pH 2 to 13 with buffer. The color of the sample was blue from pH 2 to 4, and then disappeared from pH 5 to 8, reflecting that starch was digested owing to enzyme activity. In pH 9 light blue color appeared, indicating de-activation of enzyme under this basic condition. However, the blue color of the sample became lighter at pH 10 and disappeared from pH 11, which was different from the expected behavior anticipating dark blue color due to de-activation of enzyme under strong basic condition. These results can wrongly influence students to interpret that enzyme can be activated in this pH condition. So, we analyzed the reason for the color of the sample turning light blue in pH 10 and disappeared from pH 11. The analysis resulted that ${I_3}^-$ and/or ${I_5}^-$ subunits of polyiodides within the starch helix in starch-iodine complex, showing blue, decreases above pH 10 due to disproportionation to HOI, ${IO_3}^-$, and $I^-$ by the reaction with $OH^-$.

Airway Compression or Airway Anomaly Causing Respiratory Symptoms in Infants and Children with Cardiovascular Diseases (심혈관계 질환 환아에서 동반된 기도 압박 및 기도 기형의 임상적 특성)

  • Kim, Ja-Hyeong;Lee, So-Yeon;Kim, Hyo-Bin;Koo, So-Eun;Park, Sung-Jong;Kim, Young-Hui;Park, In-Suk;Ko, Jae-Gon;Seo, Dong-Man;Hong, Soo-Jong
    • Clinical and Experimental Pediatrics
    • /
    • v.48 no.7
    • /
    • pp.737-744
    • /
    • 2005
  • Purpose : Infants and children with cardiovascular diseases often present with respiratory symptoms. However, missed or delayed evaluation for potential airway problem may complicate overall prognosis. The aim of this study is to determine the clinical characteristics of these patients and explore the cause of airway problem. Methods : We reviewed the medical records of 64 patients(M : F=33:31, mean age : $6.3{\pm}7.5$ months) whose airway problems were proven by computed tomography or bronchoscopy in perioperative periods at the Asan Medical Center from January 1997 to June 2004. Patients were divided into two groups based on the duration of ventilator care : ${\leq}7$ days(group 1 : 23 cases, M : F=10 : 13) and >7 days(group 2 : 41 cases, M : F=23 : 18). Results : The patients in group 2 significantly developed more post-operative respiratory symptoms than group 1(P<0.001) and had more airway problems including extrinsic obstruction, intrinsic anomaly, and combined problem than group 1 although not significantly different(P=0.082). Among underlying diseases, the most common diseases were vascular anomaly(26.2 percent) and aortic arch anomaly(26.2 percent) in group 1 and pulmonary atresia with ventricular septal defect(22.4 percent) in group 2. The most frequent respiratory symptoms were recurrent wheezing pre-operatively and failure of ventilator weaning post-operatively. The major types of airway anomaly were tracheomalacia and tracheal stenosis(in each case 18.2 percent). Nineteen patients with persistent airway problems underwent aortopexy or other vascular correction. Of the 19 patients, 13(68.4 percent) were improved, but 2 failed in weaning ventilator and 4 died of non-airway problems. Conclusion : Early evaluation and treatment for potential airway problems may affect natural or surgical prognosis in patients with cardiovascular diseases presenting with respiratory symptoms.

Clinical Manifestations of the Lung Involvement in Behçet's Syndrome (Behçet 증후군에서 폐침범의 임상양상에 관한 고찰)

  • Park, Kwang Joo;Park, Seung Ho;Kim, Sang Jin;Kim, Hyung Jung;Chang, Joon;Ahn, Chul Min;Kim, Sung Kyu;Lee, Won Young
    • Tuberculosis and Respiratory Diseases
    • /
    • v.43 no.5
    • /
    • pp.763-773
    • /
    • 1996
  • Background : Behçet's syndrome is a chronic multisystemic disease affecting many organs such as skin, mucosa, eye, joint, central nervous system and blood vessels. Lung involvement occurs in 5% of Behçet's syndrome and is thought to be due to the pulmonary vasculitis leading to thromboembolism, aneurysm and arteriobronchial fistula. Pulmonary vasculitis in Behçet's syndrome is a unique clinical feature, differing from other vasculitis affecting the lung and is one of the major causes of death. Therefore, we examined the incidence, the clinical features, the radioloic findings and the clinical courses of the lung involvement in Behçet's syndrome. Methods: We retrospectively reviewed the medical records and radiologic studies of 10 cases of the lung involvement in Behçet's syndrome diagnosed at Yongdong Severance Hospital and Severance Hospital from 1986 to 1995. We analysed the clinical features, the radiological findings, the treatment modalities and the clinical courses. Results: 1) The incidence of the lung involvement in Behçet's syndrome was 2%(10/487). The male to female ratio was 8 : 2 and the mean age was 34 years. The presenting symptom was hemoptysis in 5 of 10 cases, and massive hemoptysis was noted in 2 cases. Other pulmonary symptoms were cough(6/10), dyspnea(4/10), and chest pain(2/10). Other manifestations were oral ulcers(10/10), genital ulcers(9/10), skin lesions(7/10), and eye lesions(6/10). 2) The laboratory findings were nonspecific. The posteroanterior views of chest radiographies showed multiple infiltrates(6/10), nodular or mass-like opacities(4/10), or normal findings(2/10). The chest CT scans showed multifocal consolidations(6/8), and aneurysms of the pulmonary aneries(4/8). The pulmonary angiographies were performed in 3 cases, and showed pulmonary artery aneurysms in 2 cases. The ventilation-perfusion scans in 2 cases of normal chest x-ray showed multiple mismatched findings. 3) The patients were treated with combination therapy consisting of corticosteroids, cyclophosphamide, and colchicine or anticoagulant agents. Surgical resection was performed in one case with a huge aneurysm. 4) We have followed up nine of ten cases. Three cases are well-being with medical therapy, two cases are severely disabled now and four cases died due to massive hemoptysis, massive pulmonary embolism, or sepsis. Conclusion : Pulmonary vasculitis is a main feature of the lung involvement of Behçet's syndrome, causing hemorrhage, aneurysmal formation, and/or thromboemboism. The lung involvement of Behçet's syndrome is uncommon but is one of the most serious prognostic factors of the disease. Therefore, an aggressive diagnostic work-up for early detection and proper treatment are recommended to improve the clinical course and the survival.

  • PDF

Isolation of Marine Bacteria Killing Red Tide Microalgae -IV. Characteristics of Algicidal Substances, Produced from Micrococcus sp. LG-5 and the Effects on Marine Organisms- (적조생물 살조세균 탐색 -IV. 살조세균 Micrococcus sp. LG-5가 생산하는 살조물질의 특성과 해양생물에 미치는 영향-)

  • JEONG Seong-Youn;PARK Young-Tae;KIM Mu-Chan;CHOI Seok-Cheol;SEONG Hee-Kyung;KIM Jai-Young;KIM Tae-Un;LEE Won-Jae
    • Korean Journal of Fisheries and Aquatic Sciences
    • /
    • v.33 no.4
    • /
    • pp.339-347
    • /
    • 2000
  • An algicidal bacterium, Micrococcus sp. LG-5 against the harmful dinoflagellate, Cochlodinium polykrikoides was isolated. The optimal conditions for the highest algicidal activity of bacterial culture filtrate showed in the range of $20{\~}30^{\circ}C$, at pH 7.0 and $3.0{\%}$ of NaCl concentration. In addition, $IC_(50)(mean of 50{\%} inhibitory concentration)$ of the culture filtrate against C. polykrikoides after incubation of 5 days was $0.482{\%}$. To investigate heat and pH stability of the culture filtrate of Micrococcus sp. LG-5, the culture filtrate ($pore size, 0.1 {\mu}m$) was heated to $121^{\circ}C for 15 min$ and adjusted pH from 2.0 to 10.0. There were no significant changes in algicidal activity by heat treatment and the pH change between pH from 5.0 to 10.0. The algicidal substances produced from Micrococcus sp. LG-5 were mainly detected in the fraction of $10,000{\~}1,000$ MWCO (molecular weight cut-off). The culture filtrate of Micrococous sp. LG-5 showed antimicrobial activity against Enterococcus faecalis, Escheiichia coli, Uebsiella pneunioniae and Vibrio altinolyticus, but did not show against Pseudomonas aeminosa, P. Buorescens, Salmonella typhi, Staphylococcus aureus, V. cholerae and V parahaemolyicus. The culture filtrate of Micrococcus sp. LG-5 was examined against 16 phytoplankton species and showed the algicidal activity against Ajexandzium tuarense, Eutreptiella Drnnastin, Gymnodinium catenatum, G. mikimotoi, G. sanguineum, eyodinium impuaicum, Heterocapsa triquetra, Heterosipa akashiwo, Prorocentrum micans and Pyraminonas sp.. However no algicidal effects of Micrococcus sp. LG-5 were observed against Chlamydomonas sp., Cylindrotheoa closterium, P. mininum, P. triestimum, Pseudonieschia sp. and Sczipuiella trochoidea. On the other hand, algicidal activity on the tested marinelivefood was not detected except for Isochrysis galbana. In addition, physiological responses of cultured olive flounder (Paralichthys oliraceus) exposed to $1 and 10{\%}$ of the culture filtrate of Micrococcus sp. LG-5 were measured. There were no clear changes in AST, GGT, creatinine, urea, total cholesterol, total protein, albumine, $Mg^(+2), Ca^(+2), Na^+, K^+, and Cl^-$. These results indicate that olive flounders were not affected when they were exposed to the culture filtrate of Micrococcus sp. LG-5.

  • PDF

Variations in Growth Characteristics and Seed Qualities of Korean Soybean Landraces (한국 재래종 콩의 수집지대별 생태적 특성 및 품질 차이)

  • Han, Won-Young;Park, Keum-Yong;Kim, Hyun-Tae;Ko, Jong-Min;Baek, In-Youl;Lee, Chung-Yeol;Choung, Myoung-Gun
    • KOREAN JOURNAL OF CROP SCIENCE
    • /
    • v.53 no.spc
    • /
    • pp.96-102
    • /
    • 2008
  • This study was carried out to examine agronomic characteristics and seed qualities of 827 Korean soybean landraces according to the collecting areas. Agronomic characteristics and seed qualities was examined according to the localities by weather characteristics. Days to flowering was the longest (mean 70.9 days) in the northwest seashore, and the most short in the south inland (mean 63.8 days). Growth days was the longest in the Gyeongbuk inland (mean 136.0 days), and the most short in the mountain-high (mean 132.8 days). The stem height was the most short in the north-west seashore (mean 81.3 cm), and in the south seashore (mean 58.8 cm). The seed weight of 100 seeds was the lightest in the north-west seashore (mean 17.1 g), and the heaviest in the south-west seashore (mean 21.5 g). The crude protein contents was the lowest in the north-west seashore (mean 40.1%), the highest in the south seashore (mean 42.8%), and vice versa in the crude oil. The contents of sucrose and oligo-saccharide was the highest 5.8% and 8.6%, respectively, in the mountain-high, and the lowest 4.8% and 7.6% in the Gyeongbuk inland and south seashore, respectively. Among the iso-flavone contests, the contents of genistein and total was the highest, $635.6\;{\mu}g/g$ and $1258.1\;{\mu}g/g$, respectively, in the mountain inland, and the lowest $319.2\;{\mu}g/g$ and $835.3\;{\mu}g/g$ in the south-west seashore. The contents of glycitein was the highest $124.3\;{\mu}g/g$ in the south seashore.

Environmental Changes after Timber Harvesting in (Mt.) Paekunsan (백운산(白雲山) 성숙활엽수림(成熟闊葉樹林) 개벌수확지(皆伐收穫地)에서 벌출직후(伐出直後)의 환경변화(環境變化))

  • Park, Jae-Hyeon
    • Journal of Korean Society of Forest Science
    • /
    • v.84 no.4
    • /
    • pp.465-478
    • /
    • 1995
  • The objective of this study was to investigate the impacts of large-scale timber harvesting on the environment of a mature hardwood forest. To achieve the objective, the effects of harvesting on forest environmental factors were analyzed quantitatively using the field data measured in the study sites of Seoul National University Research Forests [(Mt.) Paekunsan] for two years(1993-1994) following timber harvesting. The field data include information on vegetation, soil mesofauna, physicochemical characteristics of soil, surface water runoff, water quality in the stream, and hillslope erosion. For comparison, field data for each environmental factor were collected in forest areas disturbed by logging and undisturbed, separately. The results of this study were as follows : The diversity of vegetational species increased in the harvested sites. However, the similarity index value of species between harvested and non-harvested sites was close to each other. Soil bulk density and soil hardness were increased after timber harvesting, respectively. The level of organic matter, total-N, avail $P_2O_5$, CEC($K^+$, $Na^+$, $Ca^{{+}{+}}$, $Mg^{{+}{+}}$) in the harvested area were found decreased. While the population of Colembola spp., and Acari spp. among soil mesofauna in harvested sites increased by two to seven times compared to those of non-harvested sites during the first year, the rates of increment decreased in the second year. However, those members of soil mesofauna in harvested sites were still higher than those of non-harvested sites in the second year. The results of statistical analysis using the stepwise regression method indicated that the diversity of soil mesofauna were significantly affected by soil moisture, soil bulk density, $Mg^{{+}{+}}$, CEC, and soil temperature at soil depth of 5(0~10)cm in the order of importance. The amount of surface water runoff on harvested sites was larger than that of non-harvested sites by 28% in the first year and 24.5% in the second year after timber harvesting. The level of BOD, COD, and pH in the stream water on the harvested sites reached at the level of the domestic use for drinking in the first and second year after timber harvesting. Such heavy metals as Cd, Pb, Cu, and organic P were not found. Moreover, the level of eight factors of domestic use for drinking water designated by the Ministry of Health and Welfare of Korea were within the level of the first class in the quality of drinking water standard. The study also showed that the amount of hillslope erosion in harvested sites was 4.77 ton/ha/yr in the first year after timber harvesting. In the second year, the amount decreased rapidly to 1.0 ton/ha/yr. The impact of logging on hillslope erosion in the harvested sites was larger than that in non-harvested sites by seven times in the first year and two times in the second year. The above results indicate that the large-scale timber harvesting cause significant changes in the environmental factors. However, the results are based on only two-year field observation. We should take more field observation and analyses to increase understandings on the impacts of timber harvesting on environmental changes. With the understandings, we might be able to improve the technology of timber harvesting operations to reduce the environmental impacts of large-scale timber harvesting.

  • PDF

Studies on the Determination Method of Natural Sweeteners in Foods - Licorice Extract and Erythritol (식품 중 감초추출물 및 에리스리톨 분석법에 관한 연구)

  • Hong Ki-Hyoung;Lee Tal-Soo;Jang Yaung-Mi;Park Sung-Kwan;Park Sung-Kug;Kwon Yong-Kwan;Jang Sun-Yaung;Han Ynun-Jeong;Won Hye-Jin;Hwang Hye-Shin;Kim Byung-Sub;Kim Eun-Jung;Kim Myung-Chul
    • Journal of Food Hygiene and Safety
    • /
    • v.20 no.4
    • /
    • pp.258-266
    • /
    • 2005
  • Licorice Extract and Erythritol, food additives used in korea, are widely used in foods as sweetener. Its application for use in food is regulated by the standard and specification for food additives but official analytical method far determination of these sweetener in food has not been established. Accordingly, we has been carried out to set up analytical method of the glycyrrhizic acid in several foods by the way of thin layer chromatography and high performance liquid chromatography glycyrrhizic acid is qualitative anaylsis technique consists of clean-up with a sep-pak $C_{18}$ cartridge, separation of the sweeteners by Silica gel 60 F254 TLC plate using 1-butanol:4Nammonia solution:ethanol (50:20:10) as mobile solvent. Also, the quantitative analysis for glycyrrhizic acid, was performed using Capcell prk $C_{18}$ column at wavelength 254nm and DW:Acetonitrile (62:38 (pH2.5)) as mobile phase. and we has been carried out to set up analytical method of the erythritol in several foods by the way of high performance liquid chromatography. erythritol is qualitative anaylsis technique consists of clean-up with a DW and hexane. The quantitative analysis for erythritol, was performed using Asahipak NH2P-50 column, Rl and DW:Acetonitrile (25:75) as mobile phase. The glycyrrhizic acid results determined as glycyrrhizic acid in 105 items were as follows; N.D$\∼$48.7ppm for 18 items in soy sauce, N.D$\∼$5.3ppm for 12 items in sauce, N.D$\∼$988.93ppm for 15 items in health food, N.D$\∼$180.7ppm for 26 items in beverages, N.D$\∼$2.6ppm for 8 items in alcoholic beverages repectively and ND for 63 items in the ethers. The erythritol results determined as erythritol in 52 items were as follows; N.D$\∼$155.6ppm for 13 items in gm, N.D$\∼$398.1ppm for 12 items in health foods repectively and ND for 45 items in the others.

A Study on Industries's Leading at the Stock Market in Korea - Gradual Diffusion of Information and Cross-Asset Return Predictability- (산업의 주식시장 선행성에 관한 실증분석 - 자산간 수익률 예측 가능성 -)

  • Kim Jong-Kwon
    • Proceedings of the Safety Management and Science Conference
    • /
    • 2004.11a
    • /
    • pp.355-380
    • /
    • 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

  • PDF