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Private Equity as an Alternative Corporate Restructuring Scheme: Does Private Equity Increase the Operating Performance of PE-Backed Firms?

  • KOO, JAHYUN
    • KDI Journal of Economic Policy
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    • v.38 no.2
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    • pp.21-44
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    • 2016
  • There has been a surge of interest in private equity as an alternative corporate restructuring scheme to complement the current institutional forms such as workouts and court receivership. By empirically examining whether private equity in Korea can improve investee companies, we find that while private equity in Korea did not sacrifice the long-term growth potential of investee firms, it did not improve their profitability (e.g. ROA, ROE, and ROS) or growth (e.g. sales growth) either. Both the negative correlation between business performance and firm age and our empirical results showing that young firms were favored by private equity for investment imply that Korean private equity may perform as growth capital, similar to venture capital rather than as buyouts for corporate restructuring.

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A Flowfield Analysis Around an Airfoil by Using the Euler Equations (Euler 방정식을 사용한 익형 주위에서의 유동장 해석)

  • Kim M. S.
    • 한국전산유체공학회:학술대회논문집
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    • 1999.05a
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    • pp.186-191
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    • 1999
  • An Euler solver is developed to predict accurate aerodynamic data such as lift coefficient, drag coefficient, and moment coefficient. The conservation law form of the compressible Euler equations are used in the generalized curvilinear coordinates system. The Euler solver uses a finite volume method and the second order Roe's flux difference splitting scheme with min-mod flux limiter to calculate the fluxes accurately. An implicit scheme which includes the boundary conditions is implemented to accelerate the convergence rate. The multi-block grid is integrated into the flow solver for complex geometry. The flowfields are analyzed around NACA 0012 airfoil in the cases of $M_{\infty}=0.75,\;\alpha=2.0\;and\;M_{\infty}=0.80,\;\alpha=1.25$. The numerical results are compared with other numerical results from the literature. The final goal of this research is to prepare a robust and an efficient Navier-Stokes solver eventually.

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Finite volume method for incompressible flows with unstructured triangular grids (비정렬 삼각격자 유한체적법에 의한 비압축성유동 해석)

  • ;;Kim, Jong-Tae;Maeng, Joo-Sung
    • Transactions of the Korean Society of Mechanical Engineers
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    • v.19 no.11
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    • pp.3031-3040
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    • 1995
  • Two-dimensional incompressible Navier-Stokes equations have been solved by the node-centered finite volume method with the unstructured triangular meshes. The pressure-velocity coupling is handled by the artificial compressibility algorithm due to its computational efficiency associated with the hyperbolic nature of the resulting equations. The convective fluxes are obtained by the Roe's flux difference splitting scheme using edge-based connectivities and higher-order differences are achieved by a reconstruction procedure. The time integration is based on an explicit four-stage Runge-Kutta scheme. Numerical procedures with local time stepping and implicit residual smoothing have been implemented to accelerate the convergence for the steady-state solutions. Comparisons with experimental data and other numerical results have proven accuracy and efficiency of the present unstructured approach.

A Numerical Study of Diffusion Flames in Supersonic Flow (초음속 유동장 내의 확산 화염에 관한 수치 연구)

  • 김지호;윤영빈;정인석
    • Proceedings of the Korean Society of Propulsion Engineers Conference
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    • 1997.11a
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    • pp.17-17
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    • 1997
  • 극초음속 여객기와 군사용 항공기에 대한 수요가 증가함에 따라서 새로운 개념의 다양한 추진기관이 연구가 진행되고 개발되어 왔다. 초음속 항공기의 속도 영역은 마하 10-20 정도가 되는데 이 속도 한계를 극복하기 위하여 초음속 연소 램제트 엔진(SCRamjet; Supersonic Combustion Ramjet)이 제안되었다. 스크램 제트를 개발하기 위해서는 연료와 산화제의 혼합 효율 문제, 화염의 안정화 문제, 벽면의 냉각에 관한 문제 등 몇 가지 기본적인 문제들을 해결해야 한다. Univ of Michigan에서 실험한 연소기를 모델로 본 연구에서는 연료와 공기의 혼합에 관한 수치 연구를 수행하였다. 다원 혼합기체에 관한 축대칭 Navier-Stokes 방정식을 지배 방정식을 이용하였고 비평형 화학반응식을 고려하였다. 공간 차분에는 유한 체적법을 이용하였다. 대류 플럭스 항은 Roe의 Upwind FDS 기법을 사용하여 차분하였고 점성항에는 중심 차분법을 이용하였다. 시간 적분법으로는 근사 자코비안과 LU분할 기법을 이용한 완전 내재적 방법이 쓰였다. 난류 모델로는 Mentor에 의해 제안된 2 방정식 k-$\varepsilon$/k-$\omega$ 혼합모델을 사용하였다. 유동장이 실험에서의 찍은 사진과 유사한 모습의 충격파 간섭을 수치 모사하였고 수소가 확산되는 모습과 함께 노즐 lip 주위의 재순환 영역에 대해서 살펴볼 수 있었다.

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Mechanism of Redox- and Metal-dependent Modulation of RsrA, an Anti-sigma Factor for Redox-dependent Regulation of Thioredoxin Operons in Streptomyces coelicolor

  • Bae, Jae-Bum;Park, Ju-Hong;Roe, Jung-Hye
    • Proceedings of the Korean Biophysical Society Conference
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    • 2001.06a
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    • pp.63-63
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    • 2001
  • SigR ($\sigma$$\^$R/) is a sigma factor responsible for inducing the thioredoxin system in response to oxidative stress in Streptomyces coelicolor. RsrA specifically binds to $\sigma$$\^$R/ and inhibits $\sigma$$\^$R/-directed transcription under reducing conditions. Exposure to H$_2$O$_2$ or thiol-specific oxidant diamide dissociates $\sigma$$\^$R/-RsrA complex. RsrA contains 7 cysteine residues in 105 total amino acid residues.(omitted)

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Characterization of Protein Factor Regulating the Superoxide-Sensor SoxR in Escherichia coli

  • Koo, Mi-Sun;Rah, So-Yeon;Lee, Kang-Lok;Roe, Jung-Hye
    • Proceedings of the Korean Biophysical Society Conference
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    • 2001.06a
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    • pp.64-64
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    • 2001
  • Escherichia coli has developed soxRS regulon to defend against toxicity of superoxide radical. SoxR, superoxide sensor, is oxidized by superoxide-generating agents or nitric oxide and oxidized SoxR activates the transcription of soxS gene. In order to find out the trans-acting factors regulating SoxR activity in vivo, soxS::lacZ single copy operon fusion construct was prepared and random Tn10 insertional mutatons were performed.(omitted)

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A MULTI-DIMENSIONAL MAGNETOHYDRODYNAMIC CODE IN CYLINDRICAL GEOMETRY

  • Ryu, Dong-Su;Yun, Hong-Sik;Choe, Seung-Urn
    • Journal of The Korean Astronomical Society
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    • v.28 no.2
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    • pp.223-243
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    • 1995
  • We describe the implementation of a multi-dimensional numerical code to solve the equations for idea! magnetohydrodynamics (MHD) in cylindrical geometry. It is based on an explicit finite difference scheme on an Eulerian grid, called the Total Variation Diminishing (TVD) scheme, which is a second-order-accurate extension of the Roe-type upwind scheme. Multiple spatial dimensions are treated through a Strang-type operator splitting. Curvature and source terms are included in a way to insure the formal accuracy of the code to be second order. The constraint of a divergence-free magnetic field is enforced exactly by adding a correction, which involves solving a Poisson equation. The Fourier Analysis and Cyclic Reduction (FACR) method is employed to solve it. Results from a set of tests show that the code handles flows in cylindrical geometry successfully and resolves strong shocks within two to four computational cells. The advantages and limitations of the code are discussed.

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The influence of individual factors on the number of reindeer (Cervidae) in the Baikal region

  • Vashukevich, Yury Evgenjevich;Zhovtyuk, Pavel Ivanovich;Shvetsova, Svetlana Viktorovna;Bogdanov, Alexandr Sergeevich
    • Journal of Species Research
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    • v.3 no.1
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    • pp.35-38
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    • 2014
  • The article considers the influence of hunting (legitimate and uncontrolled) on the population of the Siberian roe deer, musk deer, elk, red and northern deer in Pribaikalje. The data on the forms and methods of hunting, the dynamics of the number of animals and the results of their production are given. For comparison, the acts of such a limiting factor as predators are specified. Reasons for the low number of wild ungulates are determined and main problems are formulated.

Identification of $\sigma^{B}$-Dependent Promoters Using Consensus-Directed Search of Streptomyces coelicolor Genome

  • Lee, Eun-Jin;Cho, You-Hee;Kim, Hyo-Sub;Roe, Jung-Hye
    • Journal of Microbiology
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    • v.42 no.2
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    • pp.147-151
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    • 2004
  • $\sigma^{B}$ plays an important role in both osmoprotection and proper differentiation in Streptomyces coelicolor A3(2). We searched for candidate members of the $\sigma^{B}$ regulon from the genome database, using the consensus promoter sequence (GNNTN$_{14-16}$GGGTAC/T). The list consists of l15 genes, and includes all the known $\sigma^{B}$ target genes and many other genes whose functions are related to stress protection and dif-ferentiation.

Evaluation of Turbulence Models for A Compressor Rotor (축류압축기 회전차유동에 대한 난류모델의 성능평가)

  • Lee, Yong-Kab;Kim, Kwang-Yong
    • 유체기계공업학회:학술대회논문집
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    • 1999.12a
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    • pp.179-186
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    • 1999
  • Three-dimensional flow analysis is implemented to investigate the flow through transonic axial-flow compressor rotor(NASA R67), and to evaluate the performances of k-$\epsilon$ and Baldwin-Lomax turbulence models. A finite volume method is used for spatial discretization. And, the equations are solved implicitly in time with the use of approximate factorization. Upwind difference scheme is used for inviscid terms, but viscous terms are centrally differenced. The flux-difference-splitting of Roe is used to obtain fluxes at the cell faces. Numerical analysis is performed near peak efficiency and near stall. And, the results are compared with the experimental data for NASA R67 rotor. Blade-to-Blade Mach number distributions are compared to confirm the accuracy of the code. From the results, we conclude that k-$\epsilon$ model is better for the calculation of flow rate and efficiency than Baldwin-Lomax model. But, the predictions for Mach number and shock structure are almost same.

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