• Title/Summary/Keyword: conglomerate

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A Study on the Performance Analysis between Conglomerate and Non-conglomerate M&A (다각화 합병과 비다각화 합병간의 성과분석)

  • 김동환;김안생;김종천
    • Journal of the Korea Academia-Industrial cooperation Society
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    • v.4 no.4
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    • pp.422-427
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    • 2003
  • The purpose of this study analyzes the effects of M&A between conglomerate and non-conglomerate corporational with 57 samples of firms during the period from 1990 to 1997 right before IMF. financial crisis. These models employed to measure effects of M&A in this paper are both market model and market adjusted return model using test of t-statistics. Results of this article show that negative excess returns are observed for non-conglomerate mergers and positive excess gains are exhibited for conglomerate mergers. This implies that conglomerate mergers are more effective than firm specialization in terms of merger effects.

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Sedimentary Facies and Architecture of a Gigantic Gravelly Submarine Channel System in a Cretaceous Foredeep Trough (the Magallanes Basin, Southern Chile)

  • Sohn, Young Kwan;Jo, Hyung Rae;Woo, Jusun;Kim, Young-Hwan G.;Choe, Moon Young
    • Ocean and Polar Research
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    • v.39 no.2
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    • pp.85-106
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    • 2017
  • The Lago Sofia conglomerate in southern Chile is a deep-marine gravelly deposit, which is hundreds of meters thick and kilometers wide and extends laterally for more than 100 km, filling the foredeep trough of the Cretaceous Magallanes Basin. For understanding the depositional processes and environments of this gigantic deep-sea conglomerate, detailed analyses on sedimentary facies, architecture and paleoflow patterns were carried out, highlighting the differences between the northern (Lago Pehoe and Lago Goic areas) and southern (Lago Sofia area) parts of the study area. The conglomerate bodies in the northern part occur as relatively thin (< 100 m thick), multiple units intervened by thick mudstone-dominated sequences. They show paleoflows toward ENE and S to SW, displaying a converging drainage pattern. In the southern part, the conglomerate bodies are vertically interconnected and form a thick (> 400 m thick) conglomerate sequence with rare intervening fine-grained deposits. Paleoflows are toward SW. The north-to-south variations are also distinct in sedimentary facies. The conglomerate bodies in the southern part are mainly composed of clast-supported conglomerate with sandy matrix, which is interpreted to be deposited from highly concentrated bedload layers under turbidity currents. Those in the northern part are dominated by matrix- to clast-supported conglomerate with muddy matrix, which is interpreted as the products of composite mass flows comprising a turbidity current, a gravelly hyperconcentrated flow and a mud-rich debris flow. All these characteristics suggest that the Lago Sofia conglomerate was formed in centripetally converging submarine channels, not in centrifugally diverging channels of submarine fans. The tributaries in the north were dominated by mass flows, probably affected by channel-bank failures or basin-marginal slope instability processes. In contrast, the trunk channel in the south was mostly filled by tractive processes, which resulted in the vertical and lateral accretion of gravel bars, deposition of gravel dunes and filling of scours and channels, similar to deposits of terrestrial gravel-bed rivers. The trunk channel developed along the axis of foredeep trough and its confinement within the trough is probably responsible for the thick, interconnected channel fills. The large-scale architecture of the trunk-channel fills shows an eastward offset stacking pattern, suggesting that the channel migrated eastwards most likely due to the uplift of the Andean Cordillera.

Paleomagnetic Study on the Remanent Magnetization of the Silla Conglomerate Formation in Jinju and Goryeong Areas (진주 및 고령 지역에 분포하는 신라역암층의 잔류자화에 대한 고지자기 연구)

  • Kim, Tae Sung;Min, Kyung Duck;Lee, Youn Soo;Lee, Young Hoon;Lee, Dong Young
    • Economic and Environmental Geology
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    • v.31 no.4
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    • pp.325-338
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    • 1998
  • 105 oriented samples (19 matrix samples, 86 cobble samples) were collected from the Silla Coglomerate Formation in Jinju and Goryeong areas to clarify the regional remagnetization of Cretaceous Kyongsang supergroup. Both the alternating field and thermal demagnetizations were conducted for the collected samples. The characteristic remanent magnetizations of these samples divided into three types in the Silla Conglomerate Formation: The ingredient magnetic minerals are magnetite, hematite, or both magnetite and hematite in a specimen. The characteristic remanent directions of cobble samples did not clustered to any direction. And the characteristic remanent directions of interbedded sandstones in the Silla Conglomerate Formation is $D/I=20.6^{\circ}/54.5^{\circ}$ (${\alpha}_{95}=11.1^{\circ}$, k=48.8) after tilting correction, agree with previous paleomagnetic studies on the Hayang group. These results implied that conglomerate test was passed indicating no regional remagnetization in the studied area after deposition of the Silla Conglomerate Formation.

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A Study on the Multi-Layer Effect of Regulation : Focusing on the Restriction on Conglomerate Firms' Participation in Public Software Procurement (기업 규제의 다층적 효과 연구 : 공공 소프트웨어 사업 대기업참여제한제도를 중심으로)

  • Yoo, Hoseok;Park, Gangmin;Kim, Jounyoun;Lee, Samyoul
    • Journal of Information Technology Services
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    • v.18 no.4
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    • pp.39-53
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    • 2019
  • This article analyzes the effects of regulation that restrict the conglomerate firms to participate in the public procurement of software. The regulation was implemented in 2013, and this article analyzes five years of firm performance before and after 2013 through DID (difference-in-difference method). In particular, this article analyzes how restrictions on conglomerate firms' participation in public software procurement affect middle and small firms performance. As a result, small-size firms achieve relatively positive results in private sector revenues compared to mid-size firms. However, there was no significant difference between the mid-size and small-size firms in profit margin. This study implies that the new policy is needed to improve the small and medium-size firms revenues on the private market by leveraging the public procurement market which restricted the conglomerate firms to participate. This can be done by complementing the regulation in line with servitization paradigm.

Does a Firm's IPO Affect Other Firms in the Same Conglomerate?

  • Bhadra, Madhusmita;Kim, Doyeon
    • Asia-Pacific Journal of Business
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    • v.12 no.3
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    • pp.37-50
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    • 2021
  • Purpose - This study aimed to examine the behavior surrounding the Initial Public Offering (IPO) event of firms within the same conglomerate and the impact of under-pricing and Return on Equity(ROE) on a firm's abnormal stock returns. Design/methodology - This study collected data from 166 South Korean Chaebols, consisting of 355 firms distributed as 202 listed on Korea Composite Stock Price Index (KOSPI) and 153 firms listed on Korean Securities Dealers Automated Quotations (KOSDAQ) from 2000 to 2020. The Capital Asset Pricing Model (CAPM) and the multiple regression analysis were hired to analyze the data. Findings - First, we found an adverse price reaction of IPO listing in the same chaebol group, and firms with higher under-pricing affect other firms' stock prices more adversely within the conglomerate. Next, we explored a negatively significant relation between ROE and the chaebol firms' stock returns during IPO events. Research implications - The novelty of this study is there are not many empirical studies on the impact of IPO within a conglomerate. So, the findings of this study contribute to the literature for analyzing stock's abnormal returns within a conglomerate.

Architecture and Depositional Style of Gravelly, Deep-Sea Channels: Lago Sofia Conglomerate, Southeyn Chile (칠레 남부 라고 소피아 (Lago Sofla) 심해저 하도 역암의 층구조와 퇴적 스타일)

  • Choe Moon Young;Jo Hyung Rae;Sohn Young Kwan;Kim Yeadong
    • The Korean Journal of Petroleum Geology
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    • v.10 no.1_2 s.11
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    • pp.23-33
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    • 2004
  • The Lago Sofia conglomerate in southern Chile is a lenticular unit encased within mudstone-dominated, deep-sea successions (Cerro Toro Formation, upper Cretaceous), extending from north to south for more than $120{\cal}km$. The Lago Sofia conglomerate is a unique example of long, gravelly deep-sea channels, which are rare in the modern environments. In the northern part (areas of Lago Pehoe and Laguna Goic), the conglomerate unit consists of 3-5 conglomerate bodies intervened by mudstone sequences. Paleocurrent data from these bodies indicate sediment transport to the east, south, and southeart. The conglomerate bodies in the northern Part are interpreted as the tributary channels that drained down the Paleoslope and converged to form N-S-trending trunk channels. In the southern part (Lago Sofia section), the conglomerate unit comprises a thick (> 300 m) conglomerate body, which probably formed in axial trunk channels of the N-5-trending foredeep trough. The well-exposed Lago Sofia section allowed for detailed investigation of sedimentary facies and large-scale architecture of the deepsea channel conglomerate. The conglomerate in Lago Sofia section comprises stratified conglomerate, massive-to-graded conglomerate, and diamictite, which represent bedload deposition under turbidity currents, deposition by high-density turbidity currents, and muddy debris flows, respectively. Paleocurrent data suggest that the debris flows originated from the failure of nearby channel banks or slopes flanking the channel system, whereas the turbidity currents flowed parallel to the orientation of the overall channel system. Architectural elements produced by turbidity currents represent vertical stacking of gravel sheets, lateral accretion of gravel bars, migration of gravel dunes, and filling of channel thalwegs and scoured hollows, similar to those in terrestrial gravel-bed braided rivers. Observations of large-scale stratal pattern reveal that the channel bodies are offset stacked toward the east, suggestive of an eastward migration of the axial trunk channel. The eastward channel migration is probably due to tectonic tilting related to the uplift of the Andean protocordillera just west of the Lago Sofia deep-sea channel system.

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The Variation of Sedimentary Rock Strength due to Weathering (풍화에 따른 퇴적암의 강도 변화)

  • 배우석;이봉직;오세욱;이종규
    • Journal of the Korean Society of Safety
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    • v.18 no.1
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    • pp.89-93
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    • 2003
  • The failure of rock slopes were influenced by weathering, which causes change in the shear strength. The weathering is also directly related to slaking and swelling characteristics. In the paper, the core of diameter loom was obtained by digging on rock slope of Kong-ju in Korea and then EDX(Energy Dispersive X-ray spectrometer) analysis was carried out to verified element of chief rock-forming minerals. Uniaxial compression tests, slaking tests, and point load test are performed to study engineering characteristics of conglomerate and red shale. As a results of slaking test, slaking index of conglomerate indicate range of 85.11-99.58 and shale indicate 58.37-99.23. Therefore, it is recognized that the resistance of shale to weathering decreases in shallow depth and it greatly influences the strength of rock. The result of uniaxial compression test and Point load test show that the strength of sedimentary such as conglomerate and red shale has an influence on both weathering and saturation.

Volcaniclastic Sedimentation of the Sejong Formation (Late Paleocene-Eocene), Barton Peninsula, King George Island, Antarctica

  • Yoo, Chan-Min;Choe, Moon-Young;Jo, Hyung-Rae;Kim, Yae-Dong;Kim, Ki-Hyune
    • Ocean and Polar Research
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    • v.23 no.2
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    • pp.97-107
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    • 2001
  • The Sejong Formation of Late Paleocene to Eocene is a lower volcaniclastic sequence unconformably overlain by upper volcanic sequence, and distributed along the southern and southeastern cliffs of the Barton Peninsula. The Sejong Formation is divided into five sedimentary facies; disorganized matrix-supported conglomerate (Facies A), disorganized clast-supported conglomerate (Facies B), stratified clast-supported conglomerate (Facies C), thin-bedded sandstone (Facies D), and lapilli tuff (Facies E), based on sedimentary textures, primary sedimentary structures and bed geometries. Individual sedimentary facies is characterized by distinct sedimentary process such as gravel-bearing mudflows or muddy debris flows (Facies A), cohesionless debris flows (Facies B),unconfined or poorly confined hyperconcentrated flood flows and sheet floods (Facies C), subordinate streamflows (Facies D), and pyroclastic flows (Facies E). Deposition of the Sejong Formation was closely related to volcanic activity which occurred around the sedimentary basin. Four different phases of sediment filling were identified from constituting sedimentary facies. Thick conglomerate and sandstone were deposited during inter-eruptive phases (stages 1, 3 and 4), whereas lapilli tuff was formed by pyroclastic flows during active volcanism (stage 2). These records indicate that active volcanism occurred around the Barton Peninsula during Late Paleocene to Eocene.

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Origin of limestone conglomerates in the Choson Supergroup(Cambro-Ordovician), mid-east Korea

  • Kwon Y.K.;Chough S.K.;Choi D.K.;Lee D.J.
    • 한국석유지질학회:학술대회논문집
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    • autumn
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    • pp.63-65
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    • 2001
  • The Chosen Supergroup (Cambro-Ordovician), mid-east Korea consists mainly of shallow marine carbonates and contains a variety of limestone conglomerates. These conglomerates largely comprise oligomictic, rounded lime-mudstone clasts of various size and shape (equant, oval, discoidal, tabular, and irregular) and dolomitic shale matrices. Most clasts are characterized by jigsaw-fit (mosaic), disorganized, or edgewise fabric and autoclastic lithology. Each conglomerate layer is commonly interbedded with limestone-dolomitic shale couplets and occasionally underlain by fractured limestone layer, capped by calcareous shale. According to composition, characteristic sedimentary structures, and fabric, limestone conglomerates in the Hwajol, Tumugol, Makkol, and Mungok formations of Chosen Supergroup can be classified into 4 types: (1) disorganized polymictic conglomerate (Cd), (2) horizontally stratified polymictic conglomerate (Cs), (3) mosaic conglomerate (Cm), and (4) disorganized/edgewise oligomictic conglomerate (Cd/e). These conglomerates are either depositional (Cd and Cs) or diagenetic (Cm and Cd/e) in origin. Depositional conglomerates are interpreted as storm deposits, tidal channel fills, or transgressive lag deposits. On the other hand, diagenetic conglomerates are not deposited by normal sedimentary processes, but formed by post-depositional diagenetic processes. Diagenetic conglomerates in the Chosen Supergroup are characterized by autoclastic and oligomictic lithology of lime-mudstone clasts, jigsaw-fit (mosaic) fabric, edgewise fabric, and a gradual transition from the underlying bed (Table 1). Autoclastic and oligomictic lithologies may be indicative of subsurface brecciation (fragmentation). Consolidation of lime-mudstone clasts pre-requisite for brecciation may result from dissolution and reprecipitation of CaCO3 by degradation of organic matter during burial. Jigsaw-fit fabric has been considered as evidence for in situ fragmentation. The edgewise fabric is most likely formed by expulsion of pore fluid during compaction. The lower boundary of intraformational conglomerates of depositional origin is commonly sharp and erosional. In contrast, diagenetic conglomerate layers mostly show a gradual transition from the underlying unit, which is indicative of progressive fragmentation upward (Fig. 1). The underlying fractured limestone layer also shows evidence for in situ fragmentation such as jigsaw-fit fabric and the same lithology as the overlying conglomerate layer (Fig, 1). Evidence from the conglomerate beds in the Chosen Supergroup suggests that diagenetic conglomerates are formed by in situ subsurface fragmentation of limestone layers and rounding of the fragments. In situ subsurface fragmentation may be primarily due to compaction, dewatering (upward-moving pore fluids), and dissolution, accompanying volume reduction. This process commonly occurs under the conditions of (1) alternating layers of carbonate-rich and carbonate-poor sediments and (B) early differential cementation of carbonate-rich layers. Differential cementation commonly takes place between alternating beds of carbonate-rich and clay-rich layers, because high carbonate content promotes cementation, whereas clay inhibits cementation. After deposition of alternating beds and differential cementation, with progressive burial, upward-moving pore fluid may raise pore-pressure in the upper part of limestone layers, due to commonly overlying impermeable shale layers (or beds). The high pore-pressure may reinforce propagation of fragmentation and cause upward-expulsion of pore fluid which probably produces edgewise fabric of tabular clasts. The fluidized flow then extends laterally, causing reorientation and further rounding of clasts. This process is analogous to that of autobrecciation, which can be analogously termed autoconglomeration. This is a fragmentation and rounding process whereby earlier semiconsolidated portions of limestone are incorporated into still fluid portions. The rounding may be due mainly to immiscibility and surface tension of lime-mud. The progressive rounding of the fragmented clasts probably results from grain attrition by fluidized flow. A synthetic study of limestone conglomerate beds in the Chosen Supergroup suggests that very small percent of the conglomerate layers are of depositional origin, whereas the rest, more than $80\%$, are of diagenetic origin. The common occurrence of diagenetic conglomerates warrants further study on limestone conglomerates elsewhere in the world.

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A Causal Analysis of Conglomerate Bankruptcies

  • KU, Sang-Wuk;WHANG, Yun-Oh
    • The Journal of Economics, Marketing and Management
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    • v.8 no.1
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    • pp.12-19
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    • 2020
  • Purpose - Strategic causes for the failure include unrealistic growth, overexpansion, unfamiliar new markets, volume obsession, unrealistic promises and poor project selection. Organizational causes are insufficient capital and profits, lack of business knowledge, poor financial management, poor sales skills, inadequate marketing, poor leadership, poor leadership transfer, project losses, poor field performance and owner bankruptcy. Uncontrollable causes include industry and economic weakness and banking and surety changes. While helpful, the list provides insufficient clarity regarding the causal roots of failure. Research design, data and methodology - The research framework to organize the information involved with many of the recent and large failures in the industry. Results - This research then identified five dominant root causes - excessive egoism, poor strategic leadership, too much change, loss of discipline and inadequate capitalization. Conclusion - Finally, additional input from external forces may accelerate the firm's pace to failure. It is important on the development of diagnostic tools that are based on this model and that will provide new ways to assess a conglomerate's level of risk for incurring a financial crisis.