Using the frequency-based decomposition, I decompose the consumption growth to explain well-known patterns of stock returns in the Korean market. To be more specific, the consumption growth is decomposed by its half-life of shocks. The component over four years of half-life is called the business-cycle consumption component, and the components with half-lives under four years are short-run components. I compute the long-run and short-run components of stock excess returns as well and use component- by-component sensitivities to price stock portfolios. As a result, the business-cycle consumption risk with half-life of over four years is useful in explaining the cross-section of size-book-to-market portfolios and size-momentum portfolios in the Korean stock market. The short-run components have their own pricing abilities with mixed direction, so that the restricted one short-term factor model is rejected. The explanatory power with short- and long-run components is comparable to that of the Fama-French three-factor model. The components with one- to four-year half-lives are also helpful in explaining the returns. The results about the long-run components emphasize the importance of long-run component in consumption growth to explain the asset returns.

주요 엽채류 7종의 주년 안정생산을 위한 담액수경 재배 시 양액의 순환주기가 양액의 용존산소 농도, 엽채류의 생육, 그리고 식물영양소의 함량에 미치는 효과를 검토한 결과, 양액을 1일 10분 순환 처리구는 정식 13일 후 용존산소 농도가 급격하게 떨어지고 17일 후에는 2.8mg L-1, 20일 후에는 최저 1.5mg L-1까지 낮아졌다. 처리 20일 후 7가지 엽채류의 생체중은 1일 10분 처리구에서는 대조구인 10분 순환/110분 정지 처리구에 비해 0~24% 범위에서 낮아졌으며, 10분 순환/10분 정지 처리구에서는 -2~34% 증가하였다. 양액의 순환주기가 짧을수록 식물체 엽내 P의 함량이 증가하였으며, 식물체의 C/N율과 비타민 C 함량은 감소하였다. 이상의 결과, 담액수경 엽채류의 안정적인 생육과 식물영영소의 흡수를 위해서 2시간에 10분 정도의 양액 순환 처리가 효율적이었다.

Cusum control chart are widely used in process with small shifts. Because of cusum control chart has reasonable detection capability for small shifts. But Cusum control chart has unreasonable detection capability for recurring cycles or quickly change of small shifts. In Shewhart control charts with recurring cycles or quickly change of small shifts, when a point falls outside Shewhart control limits, the process is out of control. But, if assignable causes occur in process and the points falls inside its control limits, process can be considered in-control. For this situations, Shewhart control charts are used zones method ( ex＞ A, B, C ... ). ( We say ‘runs rules’ ) This paper investigated cumulative sum control chart for this some situations.