• The Korean Journal of Financial Management
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• v.23 no.1
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• pp.1-47
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• 2006

This study investigated the effect of tender-offer on the value of the firms in Korea. For this purpose, the study applied an event study methodology to 55 cases(bidding firm : 26, target firm : 39) of tender-offer and 164 cases(bidding firm : 144, target firm : 20) of merger announcements made between January 1st, 1994 and September 30th 2004. We found the following results. For tender-offer announcements, there was a significant increase in target firm's value while there was no significant change in bidding firm's value. In contrast, for merger announcements, there was a significant increase in bidding firm's value while there was no significant change in target firm's value. In addition, the synergy effect of tender-offer was higher than that of merger. The results support the Berkovitch and Khanna(1991)'s prediction that bidding firms choose tender-offer rather than merger in the presence of higher synergy profit from M&A.

• The Bulletin of The Korean Astronomical Society
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• v.41 no.2
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• pp.31.2-31.2
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• 2016

We present our study of the correlation between the UV luminosity and the merging activities of nearby galaxies (d < 300 Mpc). Our study uses ~600 UV-selected galaxies with deep optical imaging data, where the UV selection is made using the GALEX Atlas of Galaxies (Gil de Paz et al. 2007) and the updated UV catalog of nearby galaxies (Yu Bai et al. 2015). Deep optical images allow us to classify merger features using visual inspection, and we also estimate unobscured SFR using UV continuum luminosity. The fraction of galaxies with merger features in each UV luminosity bins are obtained to see if how the fraction of galaxies with merging features changes as a function of UV luminosity, Finally, we will show, above what UV luminosity (or SFR), the merging mechanism becomes an important process in enhancing star formation of galaxies.

• The Bulletin of The Korean Astronomical Society
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• v.41 no.1
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• pp.70.2-70.2
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• 2016

Star formation in galaxies is one of the key factors in galaxy evolution. It is believed that star formation is triggered and enhanced by mergers among galaxies or secular evolution. However, how much these two mechanisms contribute on star formation is not well known yet. Recently, many other studies show observational evidences of faint merger features(tidal tails, stellar streams) around nearby galaxies with deep optical imaging. This study aims to investigate the fraction of star forming galaxies exhibiting faint features to total galaxies. We are analyzing samples of 76 star forming galaxies (NUV < -18) to find merger features from stacked B, R band frames taken at Maidanak 1.5m, McDonald 2.1m telescope and g, r frames from Canada-France-Hawaii Telescope (CFHT) MegaCam archival data. With the fraction, we can expect to know the contribution of mergers on star formation to galaxies.

• Management & Information Systems Review
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• v.33 no.2
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• pp.263-279
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• 2014

SPAC(Special Purpose Acquisition Company) is the paper company that aims the merger of private company only, and introduced in Korea at 2009. Until 2013, 22 SPACs were listed, and 10 of them made successful mergers but rest were delisted. When IPO, range of the volume of public offerings were 20~30 billion won. After IPO, some SPACs showed extreme price movements, but on average their prices were below IPO prices 1 year later and near IPO prices 2 years later. Successful SPACs showed positive and significant 2.94% 25 days Cumulative Average Abnormal Return(CAAR) before the public announcements of merger and also showed positive and significant 10.60% 45 days CAAR around the general meetings of shareholders. I concluded that SPAC market were constrained by several regulations, so deregulation is needed for SPAC market activation.

• Journal of The Korean Astronomical Society
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• v.36 no.3
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• pp.159-165
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• 2003

Optical (R) and near-infrared (K') images of the IRAS 1-Jy sample of 118 ultraluminous infrared galaxies have been studied. All but one object in the 1-Jy sample show signs of strong tidal interaction/merger. Most of them harbor a single disturbed nucleus and are therefore in the later stages of a merger event. Single-nucleus ULIGs show a broad distribution in host magnitudes with significant overlap with those of quasars. The same statement applies to R - K' colors in ULIG and quasar hosts. An analysis of the surface brightness profiles of the host galaxies in single-nucleus sources reveals that about $35\%$ of the Rand K' surface brightness profiles are well fit by an elliptical-like $R^{1/4}$-law, while only $2\%$ are well fit by an exponential disk. Another $38\%$ of the single-nucleus systems are fit equally well with an exponential or de Vaucouleurs profile. Elliptical-like hosts are most common among merger remnants with Seyfert 1 nuclei ($83\%$) and Seyfert 2 optical characteristics ($69\%$). The mean effective radius of these ULIGs is 4.80 $\pm$ 1.37 kpc at Rand 3.48 $\pm$ 1.39 kpc at K'. These values are in excellent agreement with recent quasar measurements obtained at H with HST. The hosts of elliptical-like 1-Jy systems follow with some scatter the same ${\mu}e - r_e$ relation, giving credence to the idea that some of these objects may eventually become elliptical galaxies if they get rid of their excess gas or transform this gas into stars.

• The Bulletin of The Korean Astronomical Society
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• v.40 no.1
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• pp.88.4-89
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• 2015

The Double Pulsar (PSR J0737-3039) is the only neutron star-neutron star (NS-NS) binary in which both NSs have been detectable as radio pulsars. The Double Pulsar has been assumed to dominate the Galactic NS-NS binary merger rate $R_g$ among all known systems, solely based on the properties of the first-born, recycled pulsar (PSR J0737-3039A, or A) with an assumption for the beaming correction factor of 6. In this work, we carefully correct observational biases for the second-born, non-recycled pulsar (PSR J0737-0737B, or B) and estimate the contribution from the Double Pulsar on $R_g$ using constraints available from both A and B. Observational constraints from the B pulsar favour a small beaming correction factor for A (~2), which is consistent with a bipolar model. Considering known NS-NS binaries with the best observational constraints, including both A and B, we obtain $R_g=21_{-14}{^+28}$ per Myr at 95 per cent confidence from our reference model. We expect the detection rate of gravitational waves from NS-NS inspirals for the advanced ground-based gravitational-wave detectors is to be $8_{-5}{^+10}$ per yr at 95 per cent confidence. We discuss prospects of gravitational-wave detection based on our results. Implications of PSR J1906+0746, which is likely to be another tight NS-NS binary in the Galactic disc supported by recent observation, are also remarked.

• Journal of The Korean Astronomical Society
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• v.43 no.4
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• pp.105-113
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• 2010

We study the dynamical evolution of the M87 globular cluster (GC) system using the most advanced and realistic Fokker-Planck (FP) model.By comparing our FP models with both mass function (MF) and radial distribution (RD) of the observed GC system, we find the best-fit initial (at M87's age of 2-3 Gyr) MF and RD for three GC groups: all GCs, blue GCs, and red GCs. We estimate the initial total mass in GCs to be $1.8^{+0.3}_{-0.2}{\times}10^{10}M_{\bigodot}$, which is about 100 times larger than that of the Milky Way GC system. We also find that the fraction of the total mass currently in GCs is 34\%. When blue and red GCs are fitted separately, blue GCs initially have a larger total mass and a shallower radial distribution than red GCs. If one assumes that most of the significant major merger events of M87 have ended by the age of 2-3 Gyr, our finding that blue (metal-poor) GCs initially had a shallower radial distribution supports the major merger scenario for the origin of metallicity bimodality.

• The Bulletin of The Korean Astronomical Society
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• v.40 no.2
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• pp.33.1-33.1
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• 2015

M85 is a nearby merger remnant galaxy located at the northern part of the Virgo Cluster. Because of its remarkable merging features, it is an interesting object to investigate its formation history. Globular clusters are a great tracer of the formation history of early-type galaxies, so that we study the globular cluster system of M85. It has been already found that there are "intermediate-color" globular clusters as well as blue and red ones based on the photometric survey using CFHT/Megacam. For follow-up research, we obtain the spectra of 21 globular clusters in the central region of M85 using Gemini-N/GMOS. We estimate their ages and metallicities based on the strength of Lick indices. We detect the intermediate-age population (~ 2 Gyr) with solar metallicities, comprising about 50% of the observed globular clusters, as well as old and metal-poor population. It suggests that M85 experienced a major merging event around 2 Gyr ago. We discuss these results regarding to the formation history of M85.

• The Bulletin of The Korean Astronomical Society
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• v.42 no.1
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• pp.51.2-51.2
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• 2017

Diffuse radio relics are often detected in merging galaxy clusters and are emitted by synchrotron process. Radio relics are believed to trace the shock waves in the intracluster medium induced by ram pressure during a major cluster merger. Radio halos and relics are found in approximately 50 galaxy clusters to date that are all in a state of merging. The rarest of these galaxy clusters contain pairs of relics of similar brightness as well as a radio halo. The massive galaxy cluster PLCKG287.0+32.9 belongs to this rare population and is the second most significant detection from the Planck SZ All-sky Survey. Perhaps even more intriguing is that the radio relics are observed at vastly different distances from the X-ray peak requiring a complex merging scenario. In this study, we use weak-lensing to peer deeper into the merging scenario by reconstructing the dark matter distribution. We relate the mass distribution to the radio, X-ray, and optical emissions to provide constraints for future simulations of the merger. Fitting an NFW profile to the tangential shear we infer the mass of the cluster and discuss its implications for the merging scenario.

• The Bulletin of The Korean Astronomical Society
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• v.39 no.1
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• pp.46.2-46.2
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• 2014

Galaxy morphology is involved complex effects of both secular and non-secular evolution of galaxies. Although it is a final product of a galaxy evolution, it may give a clue for the process that the galaxy suffer. Galaxy clusters are the sites where the most massive galaxies are found, and the most dramatic merger histories are embedded. Morphology study in nearby universe, e.g. Virgo cluster, is well established, but for clusters at z ~ 0.1 it is only focused on bright galaxies due to observational limits. Our optical deep imaging of 14 Abell clusters at z = 0.014 - 0.16 using IMACS f/2 on a Magellan Badde 6.5-m telescope and MegaCam on a 3.8-m CFHT enable to classify detailed morphology. For the galaxies in our data, we investigated their morphology with several criteria related to secular or merger related evolution. Our research on detailed morphology of thousands of galaxies through deep imaging would give a general census of cluster galaxies and help to estimate the evolution of cluster galaxies.