• Title/Summary/Keyword: 이상검출

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Variations of pH, EC and anion of stemflow and throughfall in Quercus mongolica and Q. variabilis (신갈나무와 굴참나무 수간류, 임내우의 pH, 전기전도도 및 음이온 변화)

  • Kim, Min-Sik;Seomun, Won;EZAKI, Tsugio;Chun, Kun-Woo
    • Journal of Forest and Environmental Science
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    • v.16 no.1
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    • pp.82-92
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    • 2000
  • The pH, EC and anion of stemflow in Quercus mongolica and Q. variabilis were surveyed and analyzed in order to examine the relationship between watershed conservation function and flood control function of forest in quality and quantity in the Experiment Forests. College of Forest Sciences, Kangwon National University. The results were as follows: 1. pH values of rainfall ranged from 4.47 to 6.55(average: 5.39), and pH values of throughfall ranged from 4.07 to 6.25(average 5.45) for Q. mongolica and from 4.34 to 6.57(average : 5.62) for Q. variabilis, and thus pH values were not different between these two species. Also, pH values of stemflow from Q. mongolica ranged from 4.08 to 6.13(average 5.17) and those of stemflow from Q. variabilis ranged from 3.62 to 6.11(average : 4.68), and pH values of rainfall gave little influence on pH values of stemflow. But, pH values of stemflow in Q. mongolica and Q. variabilis appeard significantly lower in spring and than those in summer and autumn. 2. EC of rainfall was $3.0{\sim}62.6{\mu}s/cm$(average: $18.8{\mu}s/cm$), and EC of throughfall was $5.4{\sim}85.0{\mu}s/cm$(average : $25.1{\mu}s/cm$) for Q. mongolica and $5.0{\sim}253.0{\mu}s/cm$(average : $31.2{\mu}s/cm$) for Q. variabilis. Also, EC of stemflow from Q. mongolica ranged from 9.5 to $500.0{\mu}s/cm$(average : $81.8{\mu}s/cm$) and that of stemflow from Q. variabilis ranged from 11.5 to $534.5{\mu}s/cm$(average : $80.2{\mu}s/cm$). Seasonal EC of rainfall had little variation in the range of 20 to $30{\mu}s/cm$: EC of stemflow showed more than $100{\mu}s/cm$ from March to April and about $30{\mu}s/cm$ in summer period. Seasonal EC of stemflow varied so much and appeared high again from October to November. 3. $Cl^-$, $NO_3{^-}$ and $SO_4{^{2- }}$ concentrations of rainfall and throughfall were from 1 to 15ppm. and $PO_4{^{2- }}$ concentrations showed 0.57ppm and 0.23ppm in rainfall, 0.08ppm in Q. mongolica and 0.14ppm, 0.12ppm and 1.19ppm in Q. variabilis. Also, $Cl^-$, $NO_3{^-}$ and $SO_4{^{2-}}$ concentrations of stemflow were relatively higher than rainfall, and showed differences among seasons. $PO_4{^{2-}}$ concentration of rainfall and throughfall were not possible to observe, but $PO_4{^{2-}}$ concentrations of stemflow ranged from 0.08 to 31.99ppm(average : 3.22ppm) for Q. mongolica and that of stemflow ranged from 0.06 to 12.28ppm(average : 1.93ppm) for Q. variabilis.

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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
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    • v.84 no.4
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    • pp.465-478
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    • 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.

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The Comparison of Results Among Hepatitis B Test Reagents Using National Standard Substance (국가 표준물질을 이용한 B형 간염 검사 시약 간의 결과 비교)

  • Lee, Young-Ji;Sim, Seong-Jae;Back, Song-Ran;Seo, Mee-Hye;Yoo, Seon-Hee;Cho, Shee-Man
    • The Korean Journal of Nuclear Medicine Technology
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    • v.14 no.2
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    • pp.203-207
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    • 2010
  • Purpose: Hepatitis B is infection caused by Hepatitis B virus (HBV). Currently, there are several methods, Kits and equipments for conducting Hepatitis B test. Due to ununiformed methods, it would cause some differences. To manage these differences, it needs process evaluating function of test system and reagent using particular standard substance. The aim of this study is to investigate tendency of RIA method's reagent used in Asan Medical Center through comparing several other test reagents using national standard substance. Materials and Methods: The standard substance in National Institute of Food and Drug Safety Evaluation's biology medicine consists of 5 things, 4 antigens and 1 antibody. We tested reagents using A, B company's Kits according to each test method. All tests are measured repeatedly to obtain accurate results. Results: Test result of "HBs Ag Mixed titer Performance panel" is obtained match rate compared S/CO unit standard with RIA method and EIA 3 reagents, CIA 2 reagents is that company A's reagent is 94.4% (17/18), 83.3% (15/18), B is 88.9% (16/18), 77.8% (14/18). Test result of "HBs Ag Low titer Performance panel" is obtain that EIA 2 reagents is shown 7 posive results, CIA 3 reagents is 11, and RIA method's company A's reagent is 3, B is 2 of 13 in low panel. "HBV surface antigen 86.76 IU/vial" tested dilution. A is obtain positive results to 600 times(0.14 IU/mL), B is 300 times (0.29 IU/mL). Case of "HBV human immunoglobulin 95.45 IU/vial", A is shown positive result to 10,000 times (9.5 mIU/mL) and B is 4,000 times (24 mIU/mL). Test result of "HBs Ag Working Standards 0.02~11.52 IU/mL" is shown that Company A's kit concentration level was 0.38IU/mL, company B was 2.23 IU/mL and higher level of concentration was positive results. Conclusion: When comparing various test reagents and RIA method according to National Standard substances for Hepatitis B test, we recognized that there were no significant trends between reagents. For hepatitis B virus antigen-antibody titers even in parts of the test up to 600 times the antigen, antibodies to 10,000 times the maximum positive results could be obtained. Therefore, we confirmed that results from Asan Medical Center are performed smoothly by reagents and system for hepatitis B virus test.

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Effect of Repetitive Transcranial Magnetic Stimulation in Drug Resistant Depressed Patients (치료 저항성 우울증 환자에서 반복적 경두개 자기자극후 국소뇌혈류 변화)

  • Chung, Yong-An;Yoo, Ie-Ryung;Kang, Bong-Joo;Chae, Jeong-Ho;Lee, Hye-Won;Moon, Hyun-Jin;Kim, Sung-Hoon;Sohn, Hyung-Sun;Chung, Soo-Kyo
    • Nuclear Medicine and Molecular Imaging
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    • v.41 no.1
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    • pp.9-15
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    • 2007
  • Purpose: Repetitive transcranial magnetic stimulation (rTMS) has recently been clinically applied in the treatment of drug resistant depressed patients. There are mixed findings about the efficacy of rTMS on depression. Furthermore, the influence of rTMS on the physiology of the brain is not clear. We prospectively evaluated changes of regional cerebral blood flow (rCBF) between pre- and post-rTMS treatment in patients with drug resistant depression. Materials and Methods: Twelve patients with drug-resistant depression (7 male, 5 female; age range: $19{\sim}52$ years; mean age: $29.3{\pm}9.3$ years) were given rTMS on right prefrontal lobe with low frequency (1 Hz) and on left prefrontal lobe with high frequency (20 Hz), with 20-minute-duration each day for 3 weeks. Tc-99m ECD brain perfusion SPECT was obtained before and after rTMS treatment. The changes of cerebral perfusion were analyzed using statistical parametric mapping (SPM; t=3.14, uncorrected p<0.01, voxel=100). Results: Following areas showed significant increase in rCBF after 3 weeks rTMS treatment: the cingulate gyrus, fusiform gyrus of right temporal lobe, precuneus, and left lateral globus pallidus. Significant decrement was noted in: the precental and middle frontal gyrus of right frontal lobe, and fusiform gyrus of left occipital lobe. Conclusion: Low-frequency rTMS on the right prefrontal cortex and high-frequency rTMS on the left prefrontal cortex for 3 weeks as an add-on regimen have increased and decreased rCBF in the specific brain regions in drug-resistant depressed patients. Further analyses correlating clinical characteristics and treatment paradigm with functional imaging data may be helpful in clarifying the pathophysiology of drug-resistant depressed patients.

A Statistical model to Predict soil Temperature by Combining the Yearly Oscillation Fourier Expansion and Meteorological Factors (연주기(年週期) Fourier 함수(函數)와 기상요소(氣象要素)에 의(依)한 지온예측(地溫豫測) 통계(統計) 모형(模型))

  • Jung, Yeong-Sang;Lee, Byun-Woo;Kim, Byung-Chang;Lee, Yang-Soo;Um, Ki-Tae
    • Korean Journal of Soil Science and Fertilizer
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    • v.23 no.2
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    • pp.87-93
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    • 1990
  • A statistical model to predict soil temperature from the ambient meteorological factors including mean, maximum and minimum air temperatures, precipitation, wind speed and snow depth combined with Fourier time series expansion was developed with the data measured at the Suwon Meteorolical Service from 1979 to 1988. The stepwise elimination technique was used for statistical analysis. For the yearly oscillation model for soil temperature with 8 terms of Fourier expansion, the mean square error was decreased with soil depth showing 2.30 for the surface temperature, and 1.34-0.42 for 5 to 500-cm soil temperatures. The $r^2$ ranged from 0.913 to 0.988. The number of lag days of air temperature by remainder analysis was 0 day for the soil surface temperature, -1 day for 5 to 30-cm soil temperature, and -2 days for 50-cm soil temperature. The number of lag days for precipitaion, snow depth and wind speed was -1 day for the 0 to 10-cm soil temperatures, and -2 to -3 days for the 30 to 50-cm soil teperatures. For the statistical soil temperature prediction model combined with the yearly oscillation terms and meteorological factors as remainder terms considering the lag days obtained above, the mean square error was 1.64 for the soil surfac temperature, and ranged 1.34-0.42 for 5 to 500cm soil temperatures. The model test with 1978 data independent to model development resulted in good agreement with $r^2$ ranged 0.976 to 0.996. The magnitudes of coeffcicients implied that the soil depth where daily meteorological variables night affect soil temperature was 30 to 50 cm. In the models, solar radiation was not included as a independent variable ; however, in a seperated analysis on relationship between the difference(${\Delta}Tmxs$) of the maximum soil temperature and the maximum air temperature and solar radiation(Rs ; $J\;m^{-2}$) under a corn canopy showed linear relationship as $${\Delta}Tmxs=0.902+1.924{\times}10^{-3}$$ Rs for leaf area index lower than 2 $${\Delta}Tmxs=0.274+8.881{\times}10^{-4}$$ Rs for leaf area index higher than 2.

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Standard Chemotherapy with Excluding Isoniazid in a Murine Model of Tuberculosis (마우스 결핵 모델에서 Isoniazid를 제외한 표준치료의 예비 연구)

  • Shim, Tae Sun;Lee, Eun Gae;Choi, Chang Min;Hong, Sang-Bum;Oh, Yeon-Mok;Lim, Chae-Man;Lee, Sang Do;Koh, Younsuck;Kim, Woo Sung;Kim, Dong Soon;Cho, Sang-Nae;Kim, Won Dong
    • Tuberculosis and Respiratory Diseases
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    • v.65 no.3
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    • pp.177-182
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    • 2008
  • Background: Isoniazid (INH, H) is a key drug of the standard first-line regimen for the treatment of tuberculosis (TB), yet some reports have suggested that treatment efficacy was maintained even though INH was omitted from the treatment regimen. Methods: One hundred forty C57BL/6 mice were infected with the H37Rv strain of M. tuberculosis with using a Glas-Col aerosol generation device, and this resulted in depositing about 100 bacilli in the lung. Four weeks after infection, anti-TB treatment was initiated with varying regimens for 4-8 weeks; Group 1: no treatment (control), Group 2 (4HREZ): 4 weeks of INH, rifampicin (R), pyrazinamide (Z) and ethambutol (E), Group 3: 1HREZ/3REZ, Group 4: 4REZ, Group 5: 4HREZ/4HRE, Group 6: 1HREZ/3REZ/4RE, and Group 7: 4REZ/4RE. The lungs and spleens were harvested at several time points until 28 weeks after infection, and the colony-forming unit (CFU) counts were determined. Results: The CFU counts increased steadily after infection in the control group. In the 4-week treatment groups (Group 2-4), even though the culture was negative at treatment completion, the bacilli grew again at the 12-week and 20-week time points after completion of treatment. In the 8-week treatment groups (Groups 5-7), the bacilli did not grow in the lung at 4 weeks after treatment initiation and thereafter. In the spleens of Group 7 in which INH was omitted from the treatment regimen, the culture was negative at 4-weeks after treatment initiation and thereafter. However, in Groups 5 and 6 in which INH was taken continuously or intermittently, the bacilli grew in the spleen at some time points after completion of treatment. Conclusion: TThe exclusion of INH from the standard first-line regimen did not affect the treatment outcome in a murine model of TB in the early stage of disease. Further studies using a murine model of chronic TB are necessary to clarify the role of INH in the standard first-line regimen for treating TB.

Effects of 1-methylcyclopropene (1-MCP) on Fruit Quality and Occurrence of Physiological Disorders of Asian Pear (Pyrus pyrifolia), 'Wonhwang' and 'Whasan', during Shelf-life (동양배 '원황' 및 '화산'의 상온유통 중 품질 및 생리장해 발생에 미치는 1-methylcyclopropene (1-MCP) 처리의 영향)

  • Lee, Ug-Yong;Oh, Kyoung-Young;Moon, Seung-Joo;Hwang, Yong-Soo;Chun, Jong-Pil
    • Horticultural Science & Technology
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    • v.30 no.5
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    • pp.534-542
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    • 2012
  • This study was conducted to investigate the effect of 1-methylcyclopropene (1-MCP) on fruit quality and incidence of physiological disorders for keeping freshness during marketing period in Asian pear (Pyrus pyrifolia Nakai) 'Wonhwang' and 'Whasan'. Fruits were treated with $1{\mu}L{\cdot}L^{-1}$ 1-MCP for 12 hours at $25^{\circ}C$, at two or three stages of ripeness as determined by days after full bloom (DAFB). Fruits were harvested at 130 and 140 DAFB in early season cultivar 'Wonhwang' and 135, 145, and 150 DAFB in mid-season cultivar 'Whasan', respectively. Fruits were stored at $25^{\circ}C$ for 21 days and measured the flesh firmness, weight loss, soluble solids, acidity, ethylene, respiration and severity of physiological disorders at week interval. 1-MCP treatment to 'Wonhwang' pears harvested at 130 and 140 DAFB effectively delayed firmness loss during storage at $25^{\circ}C$. Untreated fruits of 'Wonhwang' pears harvested at 130 DAFB showed 32.3 and 10.1N of firmness after 14 and 21 days of shelf-life at $25^{\circ}C$, respectively, while those of the 1-MCP treated fruits showed 39.4 and 33.1N during same period. In the fruits harvested at 140 DAFB, the firmness of untreated fruit was lowered to 14.8 and 6.6N after 14 and 21 days, respectively, but those of 1-MCP treated fruit were 35.0 and 33.3N, respectively. Whereas, 1-MCP treatment delayed firmness loss only in the fruit harvested late (150 DAFB) in 'Whasan' pears. Higher soluble solids content and acidity during extended shelf-life were apparent in 1-MCP treated 'Wonhwang' pears, while those of 'Whasan' pears were little changed. 'Wonhwang' pears showed a relatively high ethylene production (maximum $0.58{\mu}l{\cdot}L^{-1}$) in the fruits harvested late than early harvested one. 'Whasan' pears showed little amount of ethylene production regardless of extended shelf-life. 1-MCP treatment to 'Wonhwang' pears decreased respiration rate following shelf-life, 42 and 50% reduction were observed at 14 days of shelf-life when compared with those of untreated ones harvested at 130 and 140 DAFB, respectively. No reduction of respiration rate by the treatment of 1-MCP was detected in 'Whasan' pears which showed considerably low respiration rate compared with 'Wonhwang' pears. Harvest time influenced the level of physiological disorders together with extension of shelf-life in both the cultivars. 1-MCP treatment completely blocked the incidence of internal browning of 'Wonhwang' pears harvested at 130 DAFB, and reduced the incidences of pithiness and core browning, while it promoted the flesh spot decay disorder regardless of harvest time. 1-MCP treatment was of little benefit for the prevention of physiological disorders in 'Whasan' pears compared with those of 'Wonhwang'.

The Evaluation of Predose Counts in the GFR Test Using $^{99m}Tc$-DTPA ($^{99m}Tc$-DTPA를 이용한 사구체 여과율 측정에서 주사 전선량계수치의 평가)

  • Yeon, Joon-Ho;Lee, Hyuk;Chi, Yong-Ki;Kim, Soo-Yung;Lee, Kyoo-Bok;Seok, Jae-Dong
    • The Korean Journal of Nuclear Medicine Technology
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    • v.14 no.1
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    • pp.94-100
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    • 2010
  • Purpose: We can evaluate function of kidney by Glomerular Filtration Rate (GFR) test using $^{99m}Tc$-DTPA which is simple. This test is influenced by several parameter such as net syringe count, kidney depth, corrected kidney count, acquisition time and characters of gamma camera. In this study, we evaluated predose count according to matrix size in the GFR test using $^{99m}Tc$-DTPA. Materials and Methods: Gamma camera of Infinia in GE was used, and LEGP collimator, three types of matrix size ($64{\times}64$, $128{\times}128$, $256{\times}256$) and 1.0 of zoom factor were applied. We increased radioactivity concentration from 222 (6), 296 (8), 370 (10), 444 (12) up to 518 MBq (14 mCi) respectively and acquired images according to matrix size at 30 cm distance from detector. Lastly, we evaluated these values and then substituted them for GFR formula. Results: In $64{\times}64$, $128{\times}128$ and $256{\times}256$ of matrix size, counts per second was 26.8, 34.5, 41.5, 49.1 and 55.3 kcps, 25.3, 33.4, 41.0, 48.4 and 54.3 kcps and 25.5, 33.7, 40.8, 48.1 and 54.7 kcps respectively. Total counts for 5 second were 134, 172, 208, 245 and 276 kcounts from $64{\times}64$, 127, 172, 205, 242, 271 kcounts from $128{\times}128$, and 137, 168, 204, 240 and 273 kcounts from $256{\times}256$, and total counts for 60 seconds were 1,503, 1,866, 2,093, 2,280, 2,321 kcounts, 1,511, 1,994, 2,453, 2,890 and 3,244 kcounts, and 1,524, 2,011, 2,439, 2,869 and 3,268 kcounts respectively. It is different from 0 to 30.02 % of percentage difference in $64{\times}64$ of matrix size. But in $128{\times}128$ and $256{\times}256$, it is showed 0.60 and 0.69 % of maximum value each. GFR of percentage difference in $64{\times}64$ represented 6.77% of 222 MBq (6 mCi), 42.89 % of 518 MBq (14 mCi) at 60 seconds respectively. However it is represented 0.60 and 0.63 % each in $128{\times}128$ and $256{\times}256$. Conclusion: There was no big difference in total counts of percentage difference and GFR values acquiring from $128{\times}128$ and $256{\times}256$ of matrix size. But in $64{\times}64$ of matrix size when the total count exceeded 1,500 kcounts, the overflow phenomenon was appeared differently according to predose radioactivity of concentration and acquisition time. Therefore, we must optimize matrix size and net syringe count considering the total count of predose to get accurate GFR results.

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Studies on the Induction of Available Mutants of Takju Yeast by UV light Irradiation (part 2) -On the Physiological Characteristics of the Mutants- (자외선조사(紫外線照射)에 의한 탁주효모(酵母)의 변이주육성(變異株育成)에 관한 연구 (제 2 보) -변이주(變異株)의 생리적성질(生理的性質)에 관하여)

  • Kim, Chan-Jo;Oh, Man-Jin;Kim, Seung-Yul
    • Applied Biological Chemistry
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    • v.18 no.1
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    • pp.16-22
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    • 1975
  • This experiment was carried out to investigate the physiological characteristics of two original yeasts, 5-Y-5 and 6-Y-6, which selected from 24 Takju yeasts and three mutants, 30-24,30-81 and 40-27. induced from two original yeasts by the irradiation of UV light. The results were summarized as follows. 1) Alcohol tolerances of three mutants were decreased in some degree as compared with those of original yeasts. 2) Tolerances of lactic and citric acids of acid producing mutant 30-81, was increased than those of original yeasts. 3) In the case of using ammonium sulfate as a nitrogen source, two original yeasts and three mutants required Ca-pantothenate as a essential growth factor and four strains of yeasts except the mutant, 30-81, required biotin as a stimulated growth factor, When asparagine was used as a nitrogen source, two original yeasts and three mutants showed the same as above result but the stimulated effect of biotin was far less. 4) Propagation powers of the mutants were weaken than those of original yeasts, particular that of acid producing mutant, 30-81, was the weakest in the three mutants. 5) The optimum temperature for fermentation of original yeasts were $30^{\circ}C\;to\;35^{\circ}C$ but three mutants were $25^{\circ}C\;to\;30^{\circ}C$. 6) The optimum pH for fermentation of original yeasts were pH 5 to 6, and there is no appreciable difference between original yeasts and three mutants. The fermentation power of mutant,30-81, was decreased more rapidly than those of other mutants according to approach neutral. Three mutants were more sensible to heat than original yeasts. 7) Two original yeasts and three mutants were inhibited more over 20 percent of sugar for fermentation and three mutants were more sensible to sugar concentration than original yeasts.

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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
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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

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