• Journal of the Korean Institute of Landscape Architecture
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• v.41 no.3
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• pp.1-11
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• 2013

This study investigated Chinese Laws on the kind of urban green spaces and the legal requirements for the green spaces of urban habitat and analyzed the specificities of them intending to provide basic data to suggest bringing in or not the relevant Chinese Laws to Korea. This study can be summarized as follows: First, the concept of Chinese urban green spaces(g.s.) classified by 5 kinds(park g.s., production g.s., protection g.s., attachment g.s., the others g.s.) placed the park and green spaces in the same category unlike the Korean urban green spaces that only distinguishes between park and green spaces. The Chinese Urban Park is classified by 4 kinds(composite park, community park, special park, linear park) at the 'Standard for urban green spaces classification' which is below in rank of the legal system. Second, in case of calculation for green spaces ratio of urban green spaces in China, the green rooftop landscaping area should not be included as a green spaces area except the rooftop of a basement or semi basement building to which residents have easy access. The green spaces requirements and compulsory secure ratio by 3 habitat kinds(habitat, small habit, minimum habitat) of when to act as a residential plan is regulated. Third, the green spaces system is obligated to establish at habitat green spaces plan and is specified to conserve and improve existing trees and green spaces. The green spaces ratio on reconstruction for old habitat is relaxed to be lower than for new habitat and a gradient of green spaces is peculiarly clarified. The details and requirements for establishment and the minimum area intending for each classes of the central green spaces(habitat park, children park, minimum habitat's green spaces) are regulated. Especially at a garden style of minimum habitat's green spaces, intervals between the south and north houses and a compulsory security for green spaces area classifying into two groups(closing type green spaces and open type green spaces) by a middle-rise or high-rise building are clarified. System of calculation for green spaces area is presented at a special regulation. Fourth, a general index(area/person) of public green spaces within habitat to achieve by 3 habitat kinds is determined, in this case, the index on reconstruction for a deterioration zone can be relaxed to be lower to the extent of a specified quantity. A location and scale, minimum width and minimum area per place of public green spaces are regulated. A space plot principle including adjacent to a road, greening area ratio against total area, security of open space and the shadow line boundary of sunshine are also regulated to intend for public green spaces. Fifth, the minimum horizontal distance between the underground cables and the surrounding greening trees are regulated as the considerable items for green spaces when setting up the underground cables. The principle to establish green spaces within public service facilities is regulated according to the kind of service contents. It shall be examined in order to import or not the special regulations that only exist in Chinese Laws but not in Korean Laws. The result of this study will contribute to gain the domestic landscape architect's' sympathy of the research related to Chinese urban green spaces laws requiring immediate attention and will be a good chance to advance into the internationalization of Korean Landscape Architectural Laws.

• Magazine of the Korean Society of Agricultural Engineers
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• v.21 no.4
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• pp.99-107
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• 1979

In order to investigate the utilization of industrial waste and briquette ash for concrete production, briquette ash was used as fine aggregate for mortar production and three different kinds mortars were produced by mixing carbide and bottom aches with cement. These products were compared with mortar, produced by standard sand, in the respects of compressive, tensil and bending strengths. Further study on the economic aspect of utilization of briquette ash is needed but the results obtained from our preliminary study are summarized as follows : 1. The compressive strengths at the age of seven days of mortars, made of one to two ratios of cement to briquette ash, (cement+carbide ash) to briquette ash and(cement+bottom ash) to briquette ash were 70%, 61% and 58%, respectively, of the mortar made of standard sand. The compressive strengths of those mortars at the age of 28 days were 56%, 49% and 48% of the mortar made standard sand. 2. The compressive strengths at the age of seven days of the mortar made of one to two ratios of cement to briquette ash, (cement+carbide ash) to briquette ash and (cement+bottom ash) to briquette ash were 84%, 73%, and 70% of the mortar which was produced according to Korean Standard Value. The compressive strengths of those mortars at the age of 28 days were 85%, 73% and 73% of the mortar of the Korean Standard value. 3. The tensil strengths at the age of seven days of the mortars made of one to two ratios of cement to briquette ash, (cement+carbide ash) to briquette ash, and (cement+bottom ash) to briquette ash were 64%, 36%, and 36%, respectively, of the mortar of standard sand. The tensil strengths of those mortars at the age of 28 days were 70%, 47%, and 39%, respectively, of the standard mortar. The mortars made of one to two ratios of cement to briquette ash at the age of seven and 28 days were higher than the mortars of Korean Standard. The other mortars were 61 to 62% at the age of seven days and 75 to 90% at the age of 28 days of the Korean Standard mortar, respectively. 4. The bending strengths at the age of seven days of mortar made of one to two ratios of cement to briquette ash, (cement+carbide ash) to briquette ash, and (cement+bottom ash) to briquette ash were 46%, 53% and 50% of the mortar of standard sand. The bending strengths of those mortars at the age of 28 days were 90%, 77% and 69%, respectively of the mortar of standard sand. 5. The mortar of briquette ash which was lower in strengths compared with the mortar of cement have shown possibility of its secondary products of cement and concrete. The uses of briquette ash and industrial waste as construction materials would contribute toward solving various pollution problems caused by industrial wastes and saving labor costs needed to cleaning up. Furthermore, the effective use of briquette ash would greatly save the aggregate resources.

• The Korean Journal of Air & Space Law and Policy
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• v.20 no.1
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• pp.9-43
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• 2005

The Korean government established her first "National Space Program" in 1996, and revised it in 2000 and 2005. As embedded in the National Space Program, Korea aims to become one of the world's top countries in space technology by 2010. All of 13 satellites are planned to be put into orbit as schematized, which include 7 multi-purpose satellites, 4 science satellites and 2 geostationary orbit satellites. The Space Center in Korea is to be built at Woinara-Do, Bongrae-Myon, Koheung-Goon, Junlanam Province on the southern coast of the Korean peninsular. The first phase of the construction of the space center will be finished by 2007 for launch of KSLV-l. This will make Korea be the 13th advanced country in space development having a launching site in the world. The "Space Center" will serve as the infrastructure for the development of space technology and related technology, and plan to launch a low earth orbit satellite in 2007. A second science satellite made in Korea will be launched from the space center by 2007. From 2010, the center will be operated on a commercial basis operating launch facilities for low-to mid-altitude orbit satellites. Since the 'Aircraft Industry Promotion Act' was replaced by the 'Aerospace Industry Development Promotion Acf of 1987, this Act had been amended seven times from 1991 year to 2004. Most of developed countries has been enacted the space law including the public or private items such as an (1)DSA, (2)Russia, (3)the United Kingdom, (4)Germany, (5)France, (6)Canada, (7)Japan, (8)Sweden, (9)Australia, (10)Brazil, (11)Norway, (12)South Africa, (13)Argentina, (14)Chile, (15)Ukrainian etc. As the new Space Exploration Promotion Act was passed by the resolution of the Korean Congress on May 3, 2005, so the Korean government has made the public proclamation the abovementioned Act on May 31, this year. This Act takes effect on December 1, 2005 after elapsing six months from the date of promulgation. The main contents of Space Exploration Promotion Act of 2005 is as the following (1)establishing a basic plan for promoting space exploration, (2)establishment and function of national space committee, (3)procedure and management of domestic and international registration of space objects, (4)licensing of launch by space launch vehicles, (5)lability for damages caused by space accidents and liability insurance, (6) organizing and composition of the space accident investigation committee, (7)Support of non-governmental space exploration project, (8)Requesting Support and Cooperation of Space Exploration, (9)Rescue of Astronauts and Restitution of Space Objects, etc.. In oder to carry out successfully the medium and long basic plan for promoting space exploration and to develope space industry in Korea, I think that it is necessary for us to enlarge and to reorganize the function and manpower of the Space Technology Development Division of the Ministry of Science & Technology and the Korea Aerospace Research Institute. Korea has been carrying out its space program step by step according to the National Space Program. Korea also will continually strengthen the exchange and cooperation with all the countries in the world under the principle of equality, friendship relations and mutual benefits. Together with all other peoples around the globe, Korea will make due contribution towards the peaceful utilization of space resources and promotion of human progress and prosperity.

• The Korean Journal of Ecology
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• v.28 no.5
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• pp.335-345
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• 2005

A study on changes on the distribution of vascular hydrophytes and the growth pattern of Schenoplectus triqueter (Scirpus triqueter) was undertaken at the Nakdong River estuary from 2002 to 2004. The change was due to physical alteration of the estuary for the past 25 years. These plant species are the major food sources for winter waterfowl. A total of 32 species of vascular hydrophytes from 17 families were found in the West Nakdong River (freshwater), the main channel of Nakdong River (freshwater) and the Nakdong River Estuary (brackish water). After the construction of the barrage on the estuary in 1987, the number of hydrophytes has remarkably increased to 17 species (5 species in 1985) in the main channel of the River. In particular, a community of Eurale ferox was found at the backwater wetland of the Daejeo side of the main channel. The introduced species of Eichhornia crassipes and Pistia stratiotes that were epidemic in 2001 at West Nakdong River was not found any more. The other species such as Nymphoides indica, Myriophyllum spicatum, Ruppia spp. were rediscovered. The large area (about 1,300ha) of Zostera spp. was the main sources of food for swans, but disappeared because of direct and indirect impacts of reclamation in the River estuary. Currently, there remains a small patch of Zostera spp. and about 250ha of S. triqueter. Schenoplectus triqueter grew mostly between April-September and tuber formed, between September-October. The growth of S. triqueter up to $60\sim80cm$ in length was observed in 5 sites out of the 7 sites in brackish area. Tubers of S. triqueter were eaten by waterfowls such as swans as winter food. In five sites, tubers took $44\sim57%$ of total biomass in October. Tubers were found in deep layers; $5\sim15cm$ (9%), $15\sim25cm$ (28%), $25\sim40cm$ (55%), below 40cm $(6\sim7%)$. The distribution of vascular hydrophytes has remarkably changed in the Nakdong River Estuary due to the reclamation of the area. In order to determine the extent of changes of the distribution of these plants and the carrying capacity of the area for waterfowl, an intensive research is urgently needed.

• Asian Journal of Turfgrass Science
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• v.17 no.4
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• pp.129-146
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• 2003

Research was initiated to compare establishment vigor, uniformity, rooting potential and turf quality in sods of cool-season grasses (CSG). Several turfgrasses grown under pure sand soil were tested. Establishment vigor, uniformity, rooting potential and turf quality were evaluated in the study. Turfgrass entries were comprised of three blends from Kentucky bluegrass (KB, Poa pratensis L.), perennial ryegrass (PR, Lolium perenne L.), and tall fescue (TF, Festuca arundinacea Schreb.), respectively and three mixtures among them. Differences by treatments were significantly observed in establishment vigor, uniformity, rooting potential and turf quality. Early establishment vigor was mainly influenced by germination speed, being fastest with PR, intermediate with TF and slowest with KB. In a late stage of growth, however, it was affected more by growth habit, resulting in highest with KB and slowest with TF. There were considerable variations in sod uniformity among turfgrasses. Best uniformity among monostand sods was associated with KB, while poorest one with TF. PR sod produced intermediate uniformity between KB and TF. The uniformity of polystand sods of CSG mixtures was inferior to that of monostands of KB, PR and TF, due to characteristics of mixtures comprised of a variety of color, density, texture and growth habit. The greatest potential of sod rooting was found with PR and the poorest with KB. Intermediate potential between PR and KB was associated with TF. In CSG mixtures, it was variable, depending on turfgrass mixing rates. Generally, the higher the PR in mixtures, the greater the sod rooting potential. At the time of sod harvest, however, turfgrass quality of KB was superior to that of PR. because of its characteristics of uniform surface, high density and good mowing quality. These results suggest that a careful expertise based on turf quality as well as sod characteristics like establishment vigor, uniformity and rooting potential be strongly required for the success of golf course or athletic field in establishment.

• Journal of the East Asian Society of Dietary Life
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• v.19 no.2
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• pp.287-294
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• 2009

This study was conducted to evaluate the perception and satisfaction of undergraduates majoring in culinary arts and food service with working and internship abroad. The responses of the participants to 10 questions regarding perception and 13 questions regarding the importance and satisfaction with working and internship abroad were measured on a 5 point Likert scale. The primary results were as follows : 1) The subjects were composed of 50.9% male and 49.1% female students, of which 42.1% were employed and 57.9% experienced an internship abroad. 2) Most students went abroad to gain experience with respect to various foreign cultures in response to recommendations by the western cuisine department. 3) The items "I wish to conduct my affairs continuously"(M=4.21) and "I have good relationships with my colleagues at work"(M=4.11) received the highest points from male and female respondents, respectively. 4) Male students considered "cooperation among divisions"(M=4.11), "language skills"(M=4.38), and "kitchen environment"(M=4.34) to be very important. However, female students believed that "language skills"(M=4.36),"social relationships"(M=4.21), and "wage income"(M=4.18) were most important. Furthermore, male students were most satisfied with "company size" (M=4.28), "kitchen environment"(M=4.21), and "business hours"(M=4.10), while female students were most satisfied with "kitchen environment","incentive"(M=4.14) and "social relationships"(M=4.11).

• Journal of the Korean Geographical Society
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• v.29 no.1
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• pp.84-104
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• 1994

The migration of population into the city has been on the increase according as Korea has been industrialized repidly since the 1960's. And there is a steady decrease in rural population. Thus lack of the number of the students forced many elementary Schools to be abolished. The aim of this study is to grasp the abolition types and the regional characteristics with the subject region of Chungbuk province. From the viewpoint of the increasing abolition of the elementary schools, I think it is very important to understand how the elementary schools have been abolished so far and predict how the subject region will have been changed in geography. Data for this study are based on Annual Establishment-Abolition Situation of the Schools published by Chungbuk office of Education in 1992, and many Kinds of the statistical reports, and the interview with the related. The results are as follows: 1. By examining the change of the number of the elementary schools and students in Chnugbuk, the numder of the students had also decreased since 1969 and was less than the half in 1990. As the number of the schools began to decrease ten years later than the students began to, the abolition of the elementary schools has started in reality from 1980's. 2. The 72 elementary schools were aboilshed between 1980 and 1992: the principal school is 9.7%, the branch school is 90.3%. The most fifteen schools are abolished in Yongdong-county and Chechon-county, and the least one school is abolished in Chechon-city and Okchon-county, and there is no abolition in Chongju-city and Chungju-city: According to the type of the abolition process, the least seven principal schools are abolished, and the principal school is reorganized as a branch school and twenty eight branch schools are abolished, and the most thirty seven branch schools are abolished. 3. When special change of the abolition is classified into the first perio (1980-1986) and the second period (1987-1992), in the first period the principal and branch schools were abolished and they are 13.9% of total abolition. The abolition out of them by building a dam is 60%. The principal schools in the submerged area though they have many students, were abolished. In the second period sixty two branch schools are abolished and they are 86.1% of total abolition. The most fifteen schools are abolished in Yongdong-county, thirteen in Chechon-county, seven in Tanyang-county, six in Chongwon-county, five in Chungwon-county and Koesan-county. Unlike the first period, the schools were abolished in this period because the number of students was so small. In this period sixty branch schools were abolished. All the students in the abolished schools except six schools transfered to the principal schools. The 58 school authorities help the students attend school by bus or support the expenses for attending school after that. 4. The abolition types of city, county and myon are classified into five types by the number of the abolished schools. The most forty nine abolished schools in type II are 68.1 of the total abolition. The least three abolished ones in type I are 12.5%. Considering the relation between the abolition type ane the number of schools and students, the number of the schools, increased in type I, II, III, V except IV from 1980 and then have decreased by abolition since 1980, while the more students decreased than they did in 1970 and the more the abolished school increases, the less the students decreases. The average students per school decreased in every abolition type and the most students decreased in type IV. 5. Considering the relation between the abolition type and the regional characteristics, most abolished schools were located between 100m and 300m above the sea level and it is 71% of the total abolition. The region without the abolition is high in the ratio of the cultivate land, ratio of rice field, and the part-time farmer, but the region with many abolition is low in the ratio of cultivated land. As for the manufacturing there are the most city, county and myon in the abolition type in Youngdong-county and Chechon-county where the manufacturing ratio of employing is low but Chongju-city without the abolition is a region where the manufacturing ratio is high. Consequently the development of the manufacturing causes the population to emigation out and the decrease of the population leads the transport is difficult of access, the facilities sold after being abolished are not being used in many ways. 7. Take an example of Youndong-county where the most schools were abolished, I have examined the school district and the population characteristics of the abolition. Though there were more villages, households, populations in the region that is higher than low above the sea level, the schools were abolished. Therefore we know that above the sea level had a great effect on the abolition. As a result of the regional analysis of the abolition, many schools were abolished by the artificial buildings such as a dam in the early 1980's but the schools in the late 1980's were abolished ten years later after the students decreased. More schools were abolished in the region where the manufacturing industry didn't develop. And the higher the school position was above the sea level, the sooner the school was abolished. It is also proved that both the beautiful natural scenery and accessibility are the important factor in using the abolished facilities practically.

• International Commerce and Information Review
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• v.10 no.4
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• pp.457-491
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• 2008

As stage equipment export markets along with special lighting service lack the attraction for already globally established businesses, such markets can be viewed as an advantageous opportunity for SMEs as in general. In reality, global businesses tend to focus on large construction projects and this indicates relatively less substantial markets such as stage equipment and special lighting service export are more suitable for SME businesses. However, possible problems may be recognized as following; doubtful capabilities by such businesses to join in the vast and competitive global market and pursue manufacturing and service based export. This point is also supported by the fact that such in general SME businesses have substantially less experience in exporting products and services abroad. Realizing the distinctive features of the Korean economy, it is unarguable that every sector and area of global market must be regarded and monitored closely. Hence, it can be argued that there is an imminent need for establishment of supportive institution to assist export process of combination of stage equipments and special lighting service. This study emphasizes the need to improve export process of stage equipments, special lighting services as well as other related products and services which have been focused in domestic market only until now. Further, it also analyzed the potential prospect of such direction reconciling current crisis our manufacturing industry is facing. Even though it maybe regarded as one of the niche market for export of Korea in the short term view, stage equipment and special lighting service industry may rapidly grow as the global cultural industries have grown along with the increase of national income earnings overall. Due to such advantageous features, it can be expected that such industries will show strong growth in the near future. After analyzing the fact that Korea's plants (eg. powerplants) export sector is at its boom, there is a need to transform stage equipment and special lighting service export market into a primary market from a secondary(niche) market for SMEs. This study is viewed from the Korean economic and export sector aspect in the aim of seeking a solution to conquest our realistic limit in our export sector by developing a suitable export model. There have been cases of very few attempts to expand abroad by SMEs who have failed miserably due to their failure to adapt to foreign culture, practice and languages as well as substantial lack in experience in export marketing. Despite this, neglecting our manufacturing industry as it is which is showing its limit and problems is out of option therefore, it is imminent that we come up with an effective measure to address this problem and service export can be suggested as one of them. This study reveals manufacturing-service export model of stage equipment and special lighting service and its related areas is recognized as a field with a very strong future and furthermore, it is expected to bring synergy effects in manufacturing and services sector as well. Further, the operation strategy contains combination, composition and fusion(convergence) of manufacturing and service sectors which could derive various of export products which displays greater success probability or this export model. The outcome of this research is expected to become a useful source for enterprises related to such industry which are seeking a possible global expansion. Furthermore, it is also expected to become a catalyst which fastens the process of global expansion and not only that, we are firmly assured that this study will become an opportunity to improve our current policies and institutions related to this area's export market.

• Water for future
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• v.9 no.1
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• pp.38-42
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• 1976

Because of differences in thoughts and ideology, our country, Korea has been deprived of national unity for some thirty years of time and tide. To achieve peaceful unification, the cultivation of national strength is of paramount importance. This national strength is also essential if Korea is to take rightful place in the international societies and to have the confidence of these societies. However, national strength can never be achieved in a short time. The fundamental elements in economic development that are directly conducive to the cultivation of national strength can be said to lie in -a stable political system, -exertion of powerful leadership, -cultivation of a spirit of diligence, self-help and cooperation, -modernization of human brain power, and -establishment of a scientific and well planned economic policy and strong enforcement of this policy. Our country, Korea, has attained brilliant economic development in the past 15 years under the strong leadership of president Park Chung Hee. However, there are still many problems to be solved. A few of them are: -housing and home problems, -increasing demand for employment, -increasing demand for staple food and -the need to improve international balance of payment. Solution of the above mentioned problems requires step by step scientific development of each sector and region of our contry. As a spearhead project in regional development, the Saemaul Campaign or new village movement can be cited. The campaign is now spreading throughout the country like a grass fire. However, such campaigns need considerable encouragement and support and the means for the desired development must be provided if the regional and sectoral development program is to sucdceed. The construction of large multipurpose dams in major river basin plays significant role in all aspects of national, regional and sectoral development. It ensures that the water resource, for which there is no substitute, is retained and utilized for irrigation of agricultural areas, production of power for industry, provision of water for domestic and industrial uses and control of river water. Water is the very essence of life and we must conserve and utilize what we have for the betterment of our peoples and their heir. The regional and social impact of construction of a large dam is enormous. It is intended to, and does, dras tically improve the "without-project" socio-economic conditions. A good example of this is the Soyanggang multipurpose dam. This project will significantly contribute to our national strength by utilizing the stored water for the benefit of human life and relief of flood and drought damages. Annual average precipitation in Korea is 1160mm, a comparatively abundant amount. The catchment areas of the Han River, Keum River, and Youngsan River are $62,755\textrm{km}^2$, accounting for 64% of the national total. Approximately 62% of the national population inhabits in this area, and 67% of the national gross product comes from the area. The annual population growth rate of the country is currently estimated at 1.7%, and every year the population growth in urban area increases at a rising rate. The population of Seoul, Pusan, and Taegu, the three major cities in Korea, is equal to one third of our national total. According to the census conducted on October 1, 1975, the population in the urban areas has increased by 384,000, whereas that in rural areas has decreased by 59,000,000 in the past five years. The composition of population between urban and rural areas varied from 41%~59% in 1959 to 48%~52% in 1975. To mitigate this treand towards concentration of population in urban areas, employment opportunities must be provided in regional and rural areas. However, heavy and chemical industries, which mitigate production and employment problems at the same time, must have abundant water and energy. Also increase in staple food production cannot be attained without water. At this point in time, when water demand is rapidly growing, it is essential for the country to provide as much a reservoir capacity as possible to capture the monsoon rainfall, which concentarated in the rainy seaon from June to Septesmber, and conserve the water for year round use. The floods, which at one time we called "the devil" have now become a source of immense benefit to Korea. Let me explain the topographic condition in Korea. In northern and eastern areas we have high mountains and rugged country. Our rivers originate in these mountains and flow in a general southerly or westerly direction throught ancient plains. These plains were formed by progressive deposition of sediments from the mountains and provide our country with large areas of fertile land, emminently suited to settlement and irrigated agricultural development. It is, therefore, quite natural that these areas should become the polar point for our regional development program. Hower, we are fortunate in that we have an additional area or areas, which can be used for agricultural production and settlement of our peoples, particularly those peoples who may be displaced by the formation of our reservoirs. I am speaking of the tidelands along the western and southern coasts. The other day the Ministry of Agriculture and Fishery informed the public of a tideland reclamation of which 400,000 hectares will be used for growing rice as part of our national food self-sufficiency programme. Now, again, we arrive at the need for water, as without it we cannot realize this ambitious programme. And again we need those dams to provide it. As I mentioned before, dams not only provide us with essential water for agriculture, domestic and industrial use, but provide us with electrical energy, as it is generally extremely economical to use the water being release for the former purposes to drive turbines and generators. At the present time we have 13 hydro-electric power plants with an installed capacity of 711,000 kilowatts equal to 16% of our national total. There are about 110 potential dams ites in the country, which could yield about 2,300,000 kilowatts of hydro-electric power. There are about 54 sites suitable for pumped storage which could produce a further 38,600,000 kilowatts of power. All available if we carefully develop our water resources. To summarize, water resource development is essential to the regional development program and the welfare of our people, it must proceed hand-in-hand with other aspects of regional development such as land impovement, high way extension, development of our forests, erosion control, and develop ment of heavy and chemical industries. Through the successful implementation of such an integrated regional development program, we can look forward to a period of national strength, and due recognition of our country by the worlds societies.

• 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