Spin content of Lambda and its longitudinal polarization in e^+e^- annihilation at high energies

Longitudinal polarization of Lambda produced in $e^+e^-$ annihilation at LEP energies is calculated in a picture for the spin content of Lambda which is consistent with the polarized deep inelastic lepton-nucleon scattering data and SU(3) flavor symmetry for hyperon decay so that the spin of Lambda is not completely carried by its $s$-valence quark. A comparison with the recent ALEPH data and the results of earlier calculations based on the static quark model in which the spin of Lambda is completely determined by the $s$-quark is given. The result shows that further measurements of such polarization should provide useful information to the question of which picture is more suitable in describing the spin effects in the fragmentation processes.