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Effect of Freshwater Discharge on the Seawater Quality (Nutrients, Organic Materials and Trace Metals) in Cheonsu Bay (여름철 천수만 해수에서 담수 대량 방류에 따른 영양염, 유기물 및 미량금속의 변화)

  • LEE, JI-YOON;CHOI, MAN-SIK;SONG, YUNHO
    • The Sea:JOURNAL OF THE KOREAN SOCIETY OF OCEANOGRAPHY
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    • v.24 no.4
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    • pp.519-534
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    • 2019
  • When the fresh water from the artificial lakes (Ganwolho and Bunamho) were discharged to Cheonsu Bay in summer to prevent the flood over the reclaimed farmland near the lakes, the impact on water qualities (nutrients, organic matters, trace metals) within the bay was investigated through four surveys (June, July, August and October, 2011). Dissolved inorganic nitrogen (DIN) increased about as much as 3-4 times over the whole water column when the freshwater was discharged. And the main species composition of DIN changed from ammonia to nitrate. Dissolved inorganic phosphorus (DIP) decreased as much as 2 times in surface waters, but increased as much as 1.5 times in deep waters, and also silicate concentrations increased as much as 3-4 times in deep waters of the inner bay. The N/P ratios in Chunsu bay seawaters were much higher (2 to 7 times) than the Redfield ratio when the freshwaters were discharged, which indicated the phosphorus limiting in the phytoplankton growth. Dissolved organic carbon (DOC) and nitrogen (DON) increased as much as about 2 times. In addition, particulate organic matters (POC, PON, POP, Bio-Si) increased as much as above 2 times in the surface waters of the inner bay. Trace metals (Fe, Mn, Co, Ni, Cu) increased in the surface waters of the inner bay, but dissolved Cd concentrations decreased as much as 2 times. Therefore, when the contaminated fresh waters from the artificial lakes were discharged into the bay, nutrients, organic matters and trace metals generally increased compared to normal period. Since the phytoplankton bloom occurred in the surface waters of the inner bay, dissolved oxygens at the surface waters were oversaturated and hence hypoxic in the deep waters. Highly enriched nutrients concentrations were found in deep waters of the inner bay, which was accompanied with the hypoxic condition. Finally, the water quality in the inner bay of the Chunsu bay was deteriorated from less than grade 3 in normal periods to grade 5 when the freshwaters from the artificial lakes were discharged in summer.

국내 시판우유의 보관방법별 품질변화에 관한 연구

  • Jeong, Seok-Chan;Kim, Gye-Hui;Jeong, Myeong-Eun;Kim, Seong-Il;Byeon, Seong-Geun;Lee, Deuk-Sin;Park, Seong-Won;Jo, Nam-In;Kim, Ok-Gyeong
    • 한국유가공학회:학술대회논문집
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    • 2002.11a
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    • pp.23-40
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    • 2002
  • This study was conducted to investigate the quality changes of the UHT(ultra-high temperature), LTLT(law temperature long time) and HTST(high temperature short time) treated milk samples by storage conditions for 6 months from August 2000 to February 2001. The UHT treated milk samples collected from 3 plants(A, B and C) were stored at l0$^{\circ}$C and room temperature(dark and light exposure) for 6 months, and the LTLT and HTST treated milk samples(D and E) were also stored for 30 days. The UHT pasteurized milk of A, B and C plant was treated at 130$^{\circ}$C for 2-3s, 133$^{\circ}$C for 2-3s and 135$^{\circ}$C for 4s, respectively. The UHT sterilized milk of A and B plant was treated at 140$^{\circ}$C for 2-3s and 145$^{\circ}$C for 3-4s, respectively. The LTLT milk of D plant was treated at 63$^{\circ}$C for 30 mins, and the HTST milk of E plant was treated at 72$^{\circ}$C for 15s. All of the raw milk samples collected from storage tank in 5 milk plants were showed less than 4.0 X 10$^5$cfu/ml in standard plate count, and normal level in acidity, specific gravity, and component of milk. Preservatives, antibiotics, sulfonamides and available chloride were not detected in both raw and heat treated milk samples obtained from 5 plants. One(10%) of 10 UHT pasteurized milk samples obtained from B plant and 2 (20%) of 10 from C were not detected in bacterial count after storage at 37$^{\circ}$C for 14 days, but all of the 10 milk samples from A were detected. No coliforms were detected in all samples tested. No bacteria were also detected in carton, polyethylene and tetra packs collected from the milk plants. A total of 300 UHT pasteurized milk samples collected from 3 plants were stored at room(3$^{\circ}$C ${\sim}$ 30$^{\circ}$C) for 3 and 6 months, 11.3%(34/300) were kept normal in sensory test, and 10.7%(32/300)were negative in bacterial count. The UHT pasteurized milk from A deteriorated faster than the UHT pasteurized milk from B and C. The bacterial counts in the UHT pasteurized milk samples stored at 10$^{\circ}$C were kept less than standard limit(2 ${\times}$ 10$^4$ cfu/ml) of bacteria for 5 days, and bacterial counts in some milk samples were a slightly increased more than the standard limit as time elapsed for 6 months. When the milk samples were stored at room(3$^{\circ}$C ${\sim}$ 30$^{\circ}$C), the bacterial counts in most of the milk samples from A plant were more than the standard limit after 3 days of storage, but in the 20%${\sim}$30%(4${\sim}$6/20) of the milk samples from B and C were less than the standard limit after 6 months of storage. The bacterial counts in the LTLT and HTST pasteurized milk samples were about 4.0 ${\times}$ 10$^3$ and 1.5 ${\times}$ 101CFU/ml at the production day, respectively. The bacterial counts in the samples were rapidly increased to more than 10$^7$ CFU/ml at room temperature(12$^{\circ}$C ${\sim}$ 30$^{\circ}$C) for 3 days, but were kept less than 2 ${\times}$ 10$^3$ CFU/ml at refrigerator(l0$^{\circ}$C) for 7 days of storage. The sensory quality and acidity of pasteurized milk were gradually changed in proportion to bacterial counts during storage at room temperature and 10$^{\circ}$C for 30 days or 6 months. The standard limit of bacteria in whole market milk was more sensitive than those of sensory and chemical test as standards to determine the unaccepted milk. No significant correlation was found in keeping quality of the milk samples between dark and light exposure at room for 30 days or 6 months. The compositions of fat, solids not fat, protein and lactose in milk samples were not significantly changed according to the storage conditions and time for 30 days or 6 months. The UHT sterilized milk samples(A plant ; 20 samples, B plant ; 110 samples) collected from 2 plants were not changed sensory, chemical and microbiological quality by storage conditions for 6 months, but only one sample from B was detected the bacteria after 60 days of storage. The shelflife of UHT pasteurized milk in this study was a little longer than that reported by previous surveys. Although the shelflife of UHT pasteurized milk made a significant difference among three milk plants, the results indicated that some UHT pasteurized milk in polyethylene coated carton pack could be stored at room temperature for 6 months. The LTLT and HTST pasteurized milk should be sanitarily handled, kept and transported under refrigerated condition(below 7$^{\circ}$C) in order to supply wholesome milk to consumers.

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$V_H$ Gene Expression and its Regulation on Several Different B Cell Population by using in situ Hybridization technique

  • Jeong, Hyun-Do
    • Journal of fish pathology
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    • v.6 no.2
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    • pp.111-122
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    • 1993
  • The mechanism by which $V_H$ region gene segments is selected in B lymphocyte is not known. Moreover, evidence for both random and nonrandom expression of $V_H$ genes in matured B cells has been presented previously. In this report, the technique of in situ hybridization allowed us to analyze expressed $V_H$ gene families in normal B lymphocyte at the single cell level. The analysis of normal B cells in this study eliminated any posssible bias resulting from transformation protocols used previously and minimized limitation associated with sampling size. Therefore, an accurate measure of the functional and expressed $V_H$ gene repertoire in B lymphocyte could be made. One of the most important controls for the optimization of in situ hybridization is to establish probe concentration and washing stringency due to the degree of nucleotide sequence similarlity between different families which in some cases can be as high as 70%. When the radioactive $C{\mu}$ and $V_{H}J558$ RNA probes are tested on LPS-stimulated adult spleen cells, $2{\sim}4{\times}106cpm$/slide shows low background and reasonable frequency of specific positive cells. For the washing condition. 40~50% formamide at $54^{\circ}C$ is found to be optimum for the $C{\mu}$. $V_{H}S107$ and $V_{H}J558$ probes. The analyzed results clearly demonstrate that the level of each different $V_H$ gene family expression is dependent upon the complexity or size of that family. These findings are also extended to the level of $V_H$ gene family expression in separated bone marrow B cells depend upon the various stage of differentiation and conclude no preferential utilization of specific $V_H$ gene family. Thus, the utilization of VH gene segments in B lymphocyte of adult BALB/c mice is random and is not regulated or changed during the differentiation of B cells.

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MANDIBULAR DISTRACTION OSTEOGENESIS WITH COMPRESSION FORCE - BONE DENSITY, HISTOLOGICAL FINDINGS AND TMJ RESPONSE (압축력을 병용한 하악골 신장술)

  • Hwang, Young-Seob;Heo, June;Kim, Uk-Kyu;Park, Seong-Jin;Hwang, Dae-Seok;Kim, Yong-Deok;Chung, In-Kyo;Kim, Kyu-Cheon
    • Maxillofacial Plastic and Reconstructive Surgery
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    • v.28 no.6
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    • pp.531-548
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    • 2006
  • The purpose of this study was to investigate the biomechanical, histologic findings of distracted regenerate and TMJ response in modified distraction osteogenesis (DO) technique combined with compression force as biomechanical stimulation method which has been suggested in 2002, and developed thereafter by authors. This study was performed with two experiments. First experiment was designed to explore the optimal ratio of compression force versus distraction force for the new DO technique. Second experiment was planned to evaluate the reaction of TMJ tissue, especially condyle, disc after application of the DO technique with compression force. Total 52 New Zealand adult male-rabbits with 3.0kg body weight were used for the study. For the first study, 30 adult male-rabbits underwent osteotomy at one side of mandibular body and a external distraction device was applied on each rabbit with same manner. In the control group of 10 rabbits, final 8 mm of distraction with 1 mm rate per day was done with conventional DO technique after 5 latency days. For the experimental group of 20 rabbits, a compression force with 1 mm rate per day was added to the distracted mandible on 3-latency day after over-distraction (over-lengthening). As the amount of the rate of compression versus distraction, experimental subgroup I (10 rabbits) was set up as 2 mm compression versus 10 mm distraction (1/5) and experimental subgroup II (10 rabbits) was set up as 3 mm compression versus 11 mm distraction (about 1/3). All 30 rabbits were set up to obtain final 8 mm distraction and sacrificed on postoperative 55 day to analysis on biomechanical, and histologic findings of the bone regenerates. For second study, 22 adult male-rabbits were used to evaluate TMJ response after the DO method application with compression force. In the control group, 10 rabbits was used to be performed with conventional DO method, on the other hand, in a experimental group of 10 rabbits, 10 mm distraction with 2 mm compression (1/5 ratio) was done. The remaining 2 rabbits served as the normal control group. Histomorphologic examinations on both condyle, histological studies on condyle, disc were done at 1, 2, 3, 4, 7 weeks after distraction force application. The results were as follows: 1. On the bone density findings, the experimental group II (force ratio - 1/3) showed higher bone density than the other experimental group (force ratio - 1/5) and control group (control group - $0,2906\;g/cm^2$, experimental group I - $0.2961\;g/cm^2$, experimental group II - $0.3328\;g/cm^2$). 2. In the histologic findings, more rapid bone maturation like as wide lamellar bone site, more trabeculae formation was observed in two experimental groups compared to the conventional DO control group. 3. In morphologic findings of condyle, there were no differences of size and architecture in the condyle in the control and experimental groups. 4. In histologic findings of condyles, there were thicker fiberous and proliferative layers in experimental group than those of control group until 2 weeks after distraction with compression force. But, no differences were seen between two groups on 3, 4, 7 weeks after compression. 5. In histologic findings of disc, more collagen contents in extracellular matrix, more regular fiber bundles, and less elastin fibers were seen in experimental group than control group until 2 weeks after distraction with compression. But, no differences were seen between two groups on 3, 4, 7 weeks after distraction with compression. From this study, we could identify that the new distraction osteogenesis technique with compression stimulation might improve the quality of bone regeneration. The no remarkable differences on TMJ response between control and experimental groups were seen and TMJ tissues were recovered similarly to normal TMJ condition after 3 weeks.

Optimization of Betacyanin Production by Red Beet (Beta vulgaris L.) Hairy Root Cultures. (Red Beet의 모상근 배양을 이용한 천연색소인 Betacyanin 생산의 최적화)

  • Kim, Sun-Hee;Kim, Sung-Hoon;Lee, Jo-No;An, Sang-Wook;Kim, Kwang-Soo;Hwnag, Baik;Lee, Hyeong-Yong
    • Microbiology and Biotechnology Letters
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    • v.26 no.5
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    • pp.435-441
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    • 1998
  • Optimal conditions for the production of natural color, betacyanin were investigated by varying light intensity, C/N ratio, concentrations of phosphate and kinds of elicitors. Batch cultivation was employed to characterize cell growth and betacyanin production of 32 days. The maximum specific growth rate, ${\mu}$$\sub$max/, was 0.3 (1/day) for batch cultivation. The maximum specific production rate, q$\^$max/$\sub$p/, was enhanced 0.11 (mg/g-cell/day) at 3 klux. A light intensity of 3 klux was shown to the best for both cell growth and betacyanin production. The maximum specific production rate was 0.125 (mg/g-cell/day) at 0.242 (1/day), the maximum specific growth rate. The dependence of specific growth rate on the light lintensity is fit to the photoinhibition model. The correlation between ${\mu}$ and q$\sub$p/ showed that the product formation parameters, ${\alpha}$ and ${\beta}$$\sub$p/ were 0.3756 (mg/cell) and 0.001 (mg/g-cell/day), respectively. The betacyanin production was partially cell growth related process, which is different from the production of a typical product in plant cell cultures. In C/N ratio experiment, high carbon concentration, 42.1 (w/w) improved cell growth rate while lower concentration, 31.6 (w/w) increased the betacyanin production rate. The ${\mu}$$\sub$max/ and q$\^$max/$\sub$p/ were 0.26 (1/day) and 0.075 (mg/g-cell/day), respectively. Beta vulgaris L. cells under 1.25 mM phosphate concentration produced 10.15 mg/L betacyanin with 13.46 (g-dry wt./L) of maximum cell density. The production of betacyanin was elongated by adding 0.1 ${\mu}$M of kinetin. This also increased the cell growth. Optimum culture conditions of light intensity, C/N, phosphate concentration were obtained as 5.5 klux, 27 (w/w), 1.25 mM, respectively by the response surface methodology. The maximum cell density, X$\sub$max/, and maximum production, P$\sub$max/, in optimized conditions were 16 (g-dry wt./L), 12.5 (mg/L) which were higher than 8 (g-dry wt./L), 4.48 (mg/L) in normal conditions. The ${\mu}$$\sub$max/ and q$\^$max/$\sub$p/ were 0.376 (1/day) and 0.134 (mg/g-cell/day) at the optimal condition. The overall results may be useful in scaling up hairy root cell culture system for commercial production of betacyanin.

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Effects of Various Mulberry Products on the Blood Glucose and Lipid Status of Streptozotocin-induced Diabetic Rats (오디의 가공형태에 따른 Streptozotocin 유발 당뇨쥐의 혈당 및 지질의 상태에 미치는 영향)

  • Kim, Hyung-Jin;Choi, Sang-Won;Cho, Sung-Hee
    • Journal of Nutrition and Health
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    • v.43 no.6
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    • pp.551-560
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    • 2010
  • The study aim was to investigate the effects of three types of mulberry products on the blood glucose and lipid statuses and peroxidative state under diabetic condition. The three types were mulberry liquor prepared by adding 30% ethanol to the crushed fresh fruit, mulberry wine and vinegar by fermentation. For diet experiment the mulberry liquor (M-Liquor), wine (M-Wine), and vinegar (M-Vinegar) were prepared as powders by freeze-drying of the respective product and were added to the diet at the level of 1% and mulberry fruit powder (M-Powder) at the level of 5%. Sprague- Dawley female rats weighing $150{\pm}10\;g$ were randomly assigned to one normal group, and five diabetic groups induced by one intraperitoneal injection of streptozotocin (STZ) at the level of 50 mg/kg. The normal and diabetic control (DM-Control) groups were fed diet without the mulberry products. During twenty-one days of experimental diet, blood glucose was maintained at a low level in the M-Liquor group compared with the DM-Control group. However, serum insulin level was higher in both M-Liquor and M-Vinegar groups after the experimental diet period. Serum levels of total cholesterol and triglyceride (TG) were lower in M-Liquor but HDL-/total cholesterol ratios were higher in the four M groups. The TG liver level was lower in M-Powder and M-Vinegar groups but the cholesterol level was lower in M-Powder than in the DM-Control group. Serum levels of thiobarbituric acid reactive substances were not different among the groups but the liver levels of these substances were lower in the four M groups than in DM-Control. Serum GOT and GPT levels were not changed by the mulberry products. These results indicated that mulberry liquor is the most effective among the four mulberry products for normalizing blood glucose and lipid status and that all the mulberry products were effective in enhancing antioxidant defense in the diabetic state.

Patellar Inferior Pole: New Landmark for the Anteromedial Instrument Portal for Arthroscopic Surgery of the Medial Meniscus Posterior Horn (슬개골 하극: 내측 반월상 연골판 후각부에 대한 관절경 수술을 위한 전내측 기구 삽입구의 새로운 표식)

  • Kim, Young-Mo;Hwang, Deuk-Soo;Lee, June-Kyu;Shin, Hyun-Dae;Kang, Tae-Hwan;Kim, Dong-Kyu;Kim, Pil-Sung
    • Journal of Korean Orthopaedic Sports Medicine
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    • v.7 no.2
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    • pp.128-134
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    • 2008
  • Purpose: We prospectively evaluated the clinical usefulness of the patellar inferior pole (PIP) as a landmark of the anteromedial (AM) portal for the arthroscopic surgery of the medial mensiscus posterior horn (MMPH). Materials and Methods: Group 1 (50 normal left knees of adults), Group 2 (10 normal knees under anesthesia), and Group 3 (50 consecutive knees undergoing elective arthroscopic surgery for relatively simple intraarticular pathologies, or diagnostic arthroscopy) were included. In Group 1 and 2, the true lateral (A) and valgus stress lateral radiographs (B) on $30^{\circ}$ flexion were obtained, and the lines (AM portal line) passing through the PIP and distal-most medial femoral condyle (MFC) were drawn under the condition without considering the thickness of articular cartilage of MFC (1, 2-A, B group), and considering it as 2.5mm on B (1, 2-C group). Then, we investigated the meeting point of the AM portal line with medial tibial plateau (C-D percentage), and measured the distance between the PIP and the anterior joint line (E-length), and medial tibial-femoral joint space (F-length). In Group 3, the AM portal was made at the PIP level and clinical usefulness of the approach to the MMPH and body of the lateral meniscus (LM) was analyzed. Results: The average C-D percentage came out as 85.8, 101.3, 69.1% for each Group 1-A, B, C, and 102.4, 144.6, 116.8% for each Group 2-A, B, C. Measured E-length was an average of 15.1 (Group 1-A), 15.5 (Group 1-B, C), 13.1 (Group 2-A), and 12.9 mm (Group 2-B, C) and the change by valgus stress had no statistical significance. The F-length increased about 1.2 (Group 1) and 3.6 mm (Group 2) when valgus stress was applied, which had statistical significance (p<0.001, p<0.001). In Group 3, 49, 48 knees were classified as good for the MMPH, and the body of LM in aspect of the clinical usefulness of AM portal made on the PIP level. Conclusion: We identified the clinical usefulness of the PIP as a skin landmark of AM portal for the arthroscopic surgery of the MMPH.

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The Effect of Inositol and Phytic Acid on Skin (이노시톨과 피틴산이 피부에 미치는 영향)

  • Zho Choon Koo;Han Chang Giu;Song Hwan
    • Journal of the Society of Cosmetic Scientists of Korea
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    • v.30 no.4 s.48
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    • pp.515-524
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    • 2004
  • Inositol and phytic acid extracted from rice bran were investigated for applying cosmetics. Skin lotions containing $0{\~}3.0\;wt\%$ inositol and $0{\~}1.50\;wt%$ phytic acid were applied respectively, to the arm skins of 45 Asian women 20'~40's for 7 weeks. Improvement on moisture was evaluated. In addition, improvements on sebum, elasticity, and wrinkle were examined after applying placebo, inositol and phytic acid-containing skin lotions tot face, respectively. For $1.0\;wt\%$ inositol, it resulted in $19\%$ increase of moisture. The wrinkle reduction and elasticity improved $12.4%\;and\;17.0\%$ on average, respec-tively. Applying $0.5\;wt\%$ phytic acid resulted in $71.6\%$ increase the moisture. Improvements on wrinkle and elasticity were $16.9%\;and\;21.9\%$ respectivelv. hpplving inositol or phytic acid regardless of dry or oily skin, resulted in sebum value recovery to that of the normal skin after 2~4 weeks. Although inositol is inferior to phytic acid in improvements of the skin, phytic acid is not suitable to sensitive skin. So, $0~0.50\;wt\%$ of phytic acid were added to $1.0\;wt\%$ inositol and similar experiments were carried out. In case of added $1.0\;wt\%$ phytic acid, moisture increased $63.8\%$ approximately. Improvements on elasticity and reduction on wrinkle were $17.2%\;and\;17.4\%,$ respectively. Both skin types were turned to normal skin type after 2 weeks. It could improve the skin condition when used inositol added phytic acid. The optimized concentration of phytic acid was $0.10\;wt\%\;with\;1.0\;wt\%$ of inositol without side effect.

Analysis of National Stream Drying Phenomena using DrySAT-WFT Model: Focusing on Inflow of Dam and Weir Watersheds in 5 River Basins (DrySAT-WFT 모형을 활용한 전국 하천건천화 분석: 전국 5대강 댐·보 유역의 유입량을 중심으로)

  • LEE, Yong-Gwan;JUNG, Chung-Gil;KIM, Won-Jin;KIM, Seong-Joon
    • Journal of the Korean Association of Geographic Information Studies
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    • v.23 no.2
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    • pp.53-69
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    • 2020
  • The increase of the impermeable area due to industrialization and urban development distorts the hydrological circulation system and cause serious stream drying phenomena. In order to manage this, it is necessary to develop a technology for impact assessment of stream drying phenomena, which enables quantitative evaluation and prediction. In this study, the cause of streamflow reduction was assessed for dam and weir watersheds in the five major river basins of South Korea by using distributed hydrological model DrySAT-WFT (Drying Stream Assessment Tool and Water Flow Tracking) and GIS time series data. For the modeling, the 5 influencing factors of stream drying phenomena (soil erosion, forest growth, road-river disconnection, groundwater use, urban development) were selected and prepared as GIS-based time series spatial data from 1976 to 2015. The DrySAT-WFT was calibrated and validated from 2005 to 2015 at 8 multipurpose dam watershed (Chungju, Soyang, Andong, Imha, Hapcheon, Seomjin river, Juam, and Yongdam) and 4 gauging stations (Osucheon, Mihocheon, Maruek, and Chogang) respectively. The calibration results showed that the coefficient of determination (R2) was 0.76 in average (0.66 to 0.84) and the Nash-Sutcliffe model efficiency was 0.62 in average (0.52 to 0.72). Based on the 2010s (2006~2015) weather condition for the whole period, the streamflow impact was estimated by applying GIS data for each decade (1980s: 1976~1985, 1990s: 1986~1995, 2000s: 1996~2005, 2010s: 2006~2015). The results showed that the 2010s averaged-wet streamflow (Q95) showed decrease of 4.1~6.3%, the 2010s averaged-normal streamflow (Q185) showed decreased of 6.7~9.1% and the 2010s averaged-drought streamflow (Q355) showed decrease of 8.4~10.4% compared to 1980s streamflows respectively on the whole. During 1975~2015, the increase of groundwater use covered 40.5% contribution and the next was forest growth with 29.0% contribution among the 5 influencing factors.

The Gains To Bidding Firms' Stock Returns From Merger (기업합병의 성과에 영향을 주는 요인에 대한 실증적 연구)

  • Kim, Yong-Kap
    • Management & Information Systems Review
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    • v.23
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    • pp.41-74
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    • 2007
  • In Korea, corporate merger activities were activated since 1980, and nowadays(particuarly since 1986) the changes in domestic and international economic circumstances have made corporate managers have strong interests in merger. Korea and America have different business environments and it is easily conceivable that there exists many differences in motives, methods, and effects of mergers between the two countries. According to recent studies on takeover bids in America, takeover bids have information effects, tax implications, and co-insurance effects, and the form of payment(cash versus securities), the relative size of target and bidder, the leverage effect, Tobin's q, number of bidders(single versus multiple bidder), the time period (before 1968, 1968-1980, 1981 and later), and the target firm reaction (hostile versus friendly) are important determinants of the magnitude of takeover gains and their distribution between targets and bidders at the announcement of takeover bids. This study examines the theory of takeover bids, the status quo and problems of merger in Korea, and then investigates how the announcement of merger are reflected in common stock returns of bidding firms, finally explores empirically the factors influencing abnormal returns of bidding firms' stock price. The hypotheses of this study are as follows ; Shareholders of bidding firms benefit from mergers. And common stock returns of bidding firms at the announcement of takeover bids, shows significant differences according to the condition of the ratio of target size relative to bidding firm, whether the target being a member of the conglomerate to which bidding firm belongs, whether the target being a listed company, the time period(before 1986, 1986, and later), the number of bidding firm's stock in exchange for a stock of the target, whether the merger being a horizontal and vertical merger or a conglomerate merger, and the ratios of debt to equity capital of target and bidding firm. The data analyzed in this study were drawn from public announcements of proposals to acquire a target firm by means of merger. The sample contains all bidding firms which were listed in the stock market and also engaged in successful mergers in the period 1980 through 1992 for which there are daily stock returns. A merger bid was considered successful if it resulted in a completed merger and the target firm disappeared as a separate entity. The final sample contains 113 acquiring firms. The research hypotheses examined in this study are tested by applying an event-type methodology similar to that described in Dodd and Warner. The ordinary-least-squares coefficients of the market-model regression were estimated over the period t=-135 to t=-16 relative to the date of the proposal's initial announcement, t=0. Daily abnormal common stock returns were calculated for each firm i over the interval t=-15 to t=+15. A daily average abnormal return(AR) for each day t was computed. Average cumulative abnormal returns($CART_{T_1,T_2}$) were also derived by summing the $AR_t's$ over various intervals. The expected values of $AR_t$ and $CART_{T_1,T_2}$ are zero in the absence of abnormal performance. The test statistics of $AR_t$ and $CAR_{T_1,T_2}$ are based on the average standardized abnormal return($ASAR_t$) and the average standardized cumulative abnormal return ($ASCAR_{T_1,T_2}$), respectively. Assuming that the individual abnormal returns are normal and independent across t and across securities, the statistics $Z_t$ and $Z_{T_1,T_2}$ which follow a unit-normal distribution(Dodd and Warner), are used to test the hypotheses that the average standardized abnormal returns and the average cumulative standardized abnormal returns equal zero.

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