• Title/Summary/Keyword: M&A effect

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Revelation of Antibacterial Effect Against Cariogenic Bacteria in Combination with 5-Fluorocytosine and Cytosine Deaminase from Chromobacterium violaceum YK 391. (Chromobacterium violaceum YK 391의 세포내 Cytosine Deaminnse와 5-Fluorocytosine의 병용사용이 치아우식 원인세균에 대한 항균성의 발현)

  • Kim, Jung;Jung, Hyuk-Jun;Yoo, Dae-Sik
    • Microbiology and Biotechnology Letters
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    • v.31 no.3
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    • pp.292-296
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    • 2003
  • The antibacterial effect against cariogenic bacteria was evaluated in combination of 5-FC and intracellular cytosine deaminase from Chromobacterium violaceum YK 391. While S. mutans, L. parabuchneri and A. naeslundii showed antibacterial effect against 10 mM of 5-FU, S. intermedius, S. mitis, S. agalactiae, L. lactis, A. israelii, A. viscosus don't caused antibacterial effect. The addition of the cytosine deaminase and 10 mM of 5-FC to S. mutans, S. sanguis, L. brevis, L. parabuchneri, L. oris and A. naeslundii caused weakly antibacterial effect. S. sanguis caused weakly antibacterial effect against 10 mM of 5-FC. These results suggested that combination of the cytosine deaminase and 5-FC was showed the possibility to precautionary measures of dental caries.

The Moderating Effect of Internal Control on Performance of Cross-Border M&A under the Uncertainty of Economic Policy: Evidence from China

  • Huang, Xiao-Lin;Chen, Guan-Ting;Lee, Eun-Hye
    • Journal of Korea Trade
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    • v.23 no.7
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    • pp.128-146
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    • 2019
  • Purpose - The purpose of this paper is to investigate the relationship between internal control, economic policy uncertainty, and performance of cross-border merger and acquisition (M&A) based on the panel data of Chinese listed firms. The authors expected that internal control has a positive moderating effect on the performance of cross-border M&A and that it mainly occurs during periods when economic policies are relatively stable. In addition, the authors tried to find out the mechanism of internal control affecting cross-border M&A and the corporate performance. Design/methodology - The authors tested the hypotheses by a multivariate regression model based on the panel data of Chinese listed firms from 2009 to 2017. The dependent variable is the change value of business performance (DROA_1,2,3) and the explanatory variables are cross-border M&A (MA), China's uncertainty of economic policy (EPU), and internal control level (IC) respectively. Findings - The authors find that internal control has a positive moderating effect on the relationship between cross-border M&A and corporate performance. Further, the authors find that the moderating effect is more significant in state-owned enterprises and that it mainly occurs during periods when economic policies are relatively stable. Originality/value - This paper is the leading study that tries to analyze empirically the relationship between internal control, economic policy uncertainty, and performance of cross-border M&A. It provides a new avenue through which internal control might reasonably mitigate the risks of cross-border M&A and correspondingly improve the performance of cross-border M&A. It also confirms the moderating effect of internal control on the performance of cross-border M&A under the uncertainty of economic policy.

What Drives the Listing Effect in Acquirer Returns? Evidence from the Korean, Chinese, and Taiwanese Stock Markets

  • Kim, Byoung-Jin;Jung, Jin-Young
    • Journal of Korea Trade
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    • v.24 no.6
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    • pp.1-18
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    • 2020
  • Purpose - This study investigates whether a listing effect exists in cross-border M&As and whether the effect can be attributed to the uncertainty of the GDP growth rate in the target firm's home country. We apply a joint variable analysis using M&A announcement data from the Korea Exchange (KRX), Shanghai Stock Exchange (SSE), and the Taiwan Stock Exchange (TWSE) from 2004 to 2013. We also conduct an event study using the measure of the uncertainty of the GDP growth rate (based on IMF statistics) in 55 target countries. Design/methodology - We measure the abnormal return (AR) using the market-adjusted model. We test the significance of the AR and the cumulative abnormal return (CAR) using a one-sample t-test. We examine the characteristics of the CARs depending on whether the target company is listed by applying a difference analysis using CAR as a test variable. In addition, we set CAR (-5, +5) as a dependent variable to identify the cause of the listing effect, and test both the financial characteristic variables of the acquirer and the collective characteristic variables of the merger as independent variables in the multiple regression analysis. Findings - First, we find the listing effect of cross-border M&As in the KRX, SSE, and TWSE, which represent the capital markets in Korea, China, and Taiwan, respectively. This listing effect persists during the global financial crisis and has a negative effect on the wealth of acquiring shareholders, especially when the target countries are emerging markets. Second, greater uncertainty regarding the target countries' economic growth in cross-border M&As has a negative effect on the wealth of acquiring firms' shareholders. Third, our empirical analysis demonstrates that the listing effect is attributable to the fact that firms listed in a target country with greater uncertainty of economic growth are more directly and greatly exposed to uncertain capital markets through stock markets, than are unlisted firms. Originality/value - This study is significant in that it presents a new strategic perspective in the study of cross-border M&As by demonstrating empirically that the listing effect is attributable to the uncertainty regarding the economic development of the target firms' home countries.

A Study on the Performance of the M&A Firm in KOSDAQ (코스닥시장 M&A기업의 성과에 관한 연구)

  • Kim, Kyung-Sik
    • Journal of the Korea Society of Computer and Information
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    • v.12 no.1 s.45
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    • pp.219-229
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    • 2007
  • The results of the research in M&A firms in the KOSDAQ market are as follows. First, the effect of the M&A disclosure at the time of disclosure was that the positive (+) cumulative abnormal return (CAR) can be interpreted as an increase in the value of the firm; however, in the long run, firms which used the KOSDAQ index and the control firm, which did not use the index were found to have conflicting results. Second, the findings show that the rise in value of general firms resulting from a M&A were higher that those of venture firms. Third, in testing the performance extrapolation hypothesis, it was shown that the performance of "value" firms (firms with a high B/M ratio but poor performance in the past) was better after a M&A than those of the "glamour" firms and that the performance extrapolation hypothesis was substantiated. Fourth, it can be construed that a size effect in a merger exists. The CAR of the small firms surpasses those of large firms. Fifth, in verifying operating performance, most variables showed a positive (+) value at the time of M&A but showed a negative (-) value after a M&A. These results show that because on the Korean KOSDAQ market, M&A are approached from a financial rather than an economic aspect, it can be inferred that it lowers the firms value.

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Inhibitory Effect of Lichen Metabolites and their Synthetic Analogues on Melanin Biosynthesis in Cultured B-16 Mouse Melanoma Cells

  • Matubara, H.;Miharu, K.;Kinoshita, K.;Koyama, K.;Ye, Yang;Takahashi, K.;Yoshimura, I.;Yamamoto, Y.;Miura, Y.;Kinoshita, Y.
    • Natural Product Sciences
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    • v.4 no.3
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    • pp.161-169
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    • 1998
  • The analogues of lichen components showing anti-tyrosinase activities were synthesized. 4-Alkylresorcinol derivatives showed both the inhibitory activity and cytotoxicity in B-16 melanoma cells at the doses of 10 mM to 1.2 mM. Resorcinol and 4-methylresorcinol showed the inhibitory effect with a low cytotoxicity at the doses of 2.5 mM and $600\;{\mu}M$ among 4-alkylresorcinols, respectively. Some diphenylmethane derivatives (Type A, B, and C) had strong activities with a low cytotoxicity. While xanthine derivatives had no effect. Glucosides of 4,5-alkylresorcinol and the diphenylmethane derivative (Type B) were prepared to decrease the cytotoxicity. As a result, no effect were observed. Liposome of the diphenylmethane derivative (Type B) was prepared for the same purpose, and the latter showed a remarkable effect at the dose of $15\;{\mu}M$ with a low cytotoxicity.

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The Effect of the Length of Relationship and Commitment in the Context of Mobile Telecommunication Industry (관계기간과 몰입의 역할에 관한 연구 : 이동통신산업을 중심으로)

  • Bang, Joung-Hae;Seol, Jin-Young;Kim, Min-Sun;Lee, Eun-Hyung
    • The Journal of Information Systems
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    • v.21 no.1
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    • pp.47-68
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    • 2012
  • The purpose of this study is to investigate two components of commitment(affective commitment and calculative commitment) and relational equity on loyalty. In addition, The authors analyzed the moderating effect of length of relationship on the effects of commitments and relational equity on switching intention. Major findings can be summarized as follows. It was found that affective commitment made a negative impact on switching intentions and a positive impact on w-o-m. Calculative commitment had no effect on switching intention and w-o-m while it made a negative effect on w-o-m in handset side only. Relational equity appears to bolster a negative effect on switching intention and a positive effect on w-o-m. Also length of relationship seems to moderate the effect of relational equity on switching intention.

Prediction of the Effect of Quiet Pavement on Reducing Barrier Height (저소음 포장도로 시공에 따른 방음벽 높이 저감효과 예측)

  • Yang, Hong-Seok;Cho, Hyun-Min;Jeong, Jong-Seok;Kim, Myung-Jun
    • International Journal of Highway Engineering
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    • v.18 no.5
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    • pp.31-37
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    • 2016
  • PURPOSES : The purpose of this study is to evaluate the effect of the quiet pavement on reducing a barrier height by using a prediction tool called SoundPLAN. METHODS : Firstly, the prediction was carried out to evaluate the difference in the maximum noise level at a building facade between the normal and the quiet pavements without a barrier. After calculating the noise reduction effect by the quiet pavement, a comparable barrier height to obtain the same noise reduction effect with it was predicted according to designable factors including road-building distance(10 m, 20 m, 40 m) and road-barrier distance(5 m, 10 m, 20 m, 30 m). RESULTS : The result showed that within the considered designable factors, the maximum barrier height was 37 m, 52 m, and 55 m to have the same noise reduction effect by the quiet pavement reducing 1 dBA, 3 dBA, and 5 dBA, respectively. It was evaluated that the barrier height increased with the increase of the road-building and road-barrier distances. To simulate the real situation in urban areas and to evaluate the combined effect of the normal/quiet pavement and barrier, the barrier height was fixed as 6 m. It was predicted that the noise level would reduce to as low as 0.2 dBA by the combination of normal pavement and barrier. On the other hand, the combination of the quiet pavement and barrier reduced 1.2 dBA, 3.2 dBA, and 5.2 dBA, respectively, for quiet pavement reducing 1 dBA, 3 dBA, and 5 dBA. CONCLUSIONS : A guideline needs to be suggested to select appropriate noise abatement schemes by considering factors such as the roadbuilding and road-barrier distances.

Synergistic Effect of Lipopolysaccharide and Interferon-$\beta$ on the Expression of Chemokine Mig mRNA

  • Lee, Moon-Sook;Kim, Sung-Kwang;Kim, Hee-Sun
    • Journal of Microbiology and Biotechnology
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    • v.12 no.5
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    • pp.813-818
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    • 2002
  • Expression of monokine induced by IFN-$\gamma$(Mig) mRNA is well-known to strictly depend on Interferon-$\gamma$(IFN-$\gamma$). Lipopolysaccharide (LPS) alone Is weakly effective on Mig mRNA expression in mouse Peritoneal macrophages. This study was undertaken to investigate the synergistic effect of LPS and IFN-$\beta$ on chemokine Mig gene expression in mouse peritoneal macrophages. Although IFN-$\beta$ alone was minimally effective, LPS plus IFN-$\beta$ synergized to produce a high level of Mig mRNh. The synergistic effect of LPS and IFN-$\beta$ (LPS/IFN-$\beta$) on Mig mRNA expression was strain-specific. The most effective synergistic effect of LPS/IFN-$\beta$ on the mRNh expression was found in simultaneous stimulation of LPS/IFN-$\beta$. This synergy was modulated at the level of the gene transcription and was not dependent on a new protein synthesis. Synergistic effect of LPS/IFN-$\beta$ also required the activation of $NF-_KB$. Accordingly, these data suggest that LPS/IFN-$\beta$ synergizes the expression of Mig mRNA through a process that depends on a pretranscriptional level and/or coincident Mig mRNA transcription.

A Study on Predicting the Range of Cooling Effect and the Diffusion of Water Particles that are Generated from a Fountain (분수에서 생성되는 물입자의 확산과 냉각효과의 범위 예측)

  • Lee, Sang-Deug
    • Journal of Environmental Science International
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    • v.20 no.7
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    • pp.819-828
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    • 2011
  • This research was done to clarify the cooling effect of water particles generated from a fountain. This effect is a one way to control the heat island effect of big cities. The result of this research was drawn by setting the jets of water in a certain height, and then studying the diffusion of water particles, which is affected by the size of the particles and the wind speed, and the cooling effect caused by the diffusion. 1) When a diameter of a water drop was 500 ${\mu}m$ and the wind speed was 2.0 to 6.0 m/sec, the water drop diffused 75 to 190m, and the water vapor spread over 175 to 440 m. As a result, there was more than $0.5^{\circ}C$ of cooling effect on the temperature in the atmosphere 130 to 330m around the water fountain. 2) When a diameter of a water drop was 750 ${\mu}m$ and the wind speed was 2.0 to 6.0 m/sec, the water drop diffused 65 to 150 m, and the water vapor spread over 160 to 405 m. Moreover, there was more than $0.5^{\circ}C$ of cooling effect on the temperature in the atmosphere 110 to 275 m around the water fountain. 3) After studying on the relationship between the diameter of water drop and the wind speed, and the diffusion of water particles and the range of the atmosphere that was cooled, a result could be drawn from the research that the smaller the diameter of the water vapor gets and the faster the wind speed becomes, the wider the water particles diffuse and the cooler the atmosphere around the fountain becomes. 4) This research further extrapolates that when the ordinary water(tap water, water from river and stream) is used in a fountain, the cooling effect of the air near the fountain can be approached similarly. If the seawater is used in a fountain, there is to be more to concern not only on cooling effect on the air, but also on other effects on surrounding environment generated by the salt in seawater.

The Eeffect of Sodium Nitroprusside on Muscle Tension in Guinea-pig Ileum (기니 픽 장관 평활근에서 Sodium Nitroprusside가 장력에 미치는 영향)

  • Kwon, Seong-Chun;Kim, Si-Yeon;Kim, Eun-Ju;Kang, Bok-Soon
    • The Korean Journal of Physiology and Pharmacology
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    • v.1 no.6
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    • pp.797-808
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    • 1997
  • Nitric oxide (NO) has been 3mown as a mediator of nonadrenergic, noncholinergic inhibitory neurotransmitter in intestinal smooth muscles. It has been suggested that NO donor such as sodium nitroprusside (SNP) produces relaxation of smooth muscle via activation of guanylate cyclase and elevation of cGMP levels. We have therefore investigated the effects of NO, using SNP, on muscle tension in the longitudinal smooth muscle of guinea-pig ileum. The possible role of cGMP was also investigated as well as the involvement of $K^+$ channel on SNP-induced inhibitory effect. The results are summarized as follows; high KCI-or CCh-activated contractions were inhibited by SNP in a concentration-dependent manner. 8-Br-cGMP also showed a similar effect in that of SNP TEA (1 mM) significantly reduced the SNP-induced inhibitory effect. SNP-induced effect was forther reduced by the presence of 10 mM TEA. On the other hand, 4-AP (0.1 mM), glibenclamide $(10\;{\mu}M)$ and apinain $(0.1\;{\mu}M)$ showed little effects on SNP-induced relaxation. Zaprinast significantly potentiated the SNP-induced inhibitory effect in all ranges. ODQ also significantly decreased the SNP-induced inhibitory effect. Pretreatment with CPA $(10\;{\mu}M)$ slightly reduced the SNP-induced inhibitory effect. From the above results, both effect mediated by NO and cGMP might be responsible for the activation of $Ca^{2+}$-activated $K^+$ channel by SNP in guinea-rig ileum. And this $K^+$ channel activation by SNP also contributes to the SNP-induced membrane hyperpolarization and relaxation.

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