• Journal of The Korean Astronomical Society
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• v.37 no.5
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• pp.433-438
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• 2004

Clusters of galaxies generally form by the gravitational merger of smaller clusters and groups. Major cluster mergers are the most energetic events in the Universe since the Big Bang. The basic properties of cluster mergers and their effects are discussed. Mergers drive shocks into the intracluster gas, and these shocks heat the intracluster gas. As a result of the impulsive heating and compression associated with mergers, there is a large transient increase in the X-ray luminosities and temperatures of merging clusters. These merger boost can affect X-ray surveys of clusters and their cosmological interpretation. Similar boosts occur in the strong lensing cross-sections and Sunyaev-Zeldovich effect in merging clusters. Merger shock and turbulence associated with mergers should also (re)accelerate nonthermal relativistic particles. As a result of particle acceleration in shocks and turbulent acceleration following mergers, clusters of galaxies should contain very large populations of relativistic electrons and ions. Observations and models for the radio, extreme ultraviolet, hard X-ray, and gamma-ray emission from nonthermal particles accelerated in these shocks will also be described. Gamma-ray observations with GLAST seem particularly promising.

• The Bulletin of The Korean Astronomical Society
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• v.42 no.1
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• pp.30.1-30.1
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• 2017

In the hope to detect low-surface brightness features (${\mu}_{r^{\prime}}{\sim}27\;mag\;arcsec^{-2}$), we carried out KASI-Yonsei Deep Imaging Survey for Clusters (KYDISC) targeting 14 local clusters at 0.016 < z < 0.145 using Magellan/IMACS telescope and CFHT/MegaCam. Out of 1450 cluster galaxies, 18% of galaxies show the signatures of galaxy mergers. We explore merger-driven changes from various point-of-view. We first examine color-magnitude relations, and find that galaxies related to recent mergers are populated more on blue color than their counterparts. Besides, we find the extremely low frequency of mergers on low-mass red-sequence galaxies, suggesting a migration of red galaxies into the green-valley region through merger-driven star-formation. We also study the mass-size relation of our sample, finding a larger galaxy size in galaxies related to recent mergers. Our results suggest that mergers can simultaneously change properties of galaxies, making outliers on galactic scaling relations.

• Management & Information Systems Review
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• v.4
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• pp.327-348
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• 2000

There are three major motives for M&A, financial synergy effect, operating & managerial synergy effect, and tax effect. The purpose of this study is to prove the operating & managerial synergy effect of M&A. To do this, we analyze the market-ripple effect of M&A, focusing on the increase in market power. Specifically we use cross-sectional data from 1985 to 1998 to show whether a market power of mergers is higher than that of a matched non-merging control group. we use time series data to show whether a market power of merger is higher than that of pre-merger. Also we use the event study using market model to show the stock price movement after mergers. The result is that although revenue increase after mergers, profit of the firms does not improve after mergers. Also there is sufficient evidence to say that there is a cumulative abnormal return for the firms after mergers.

• The Bulletin of The Korean Astronomical Society
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• v.40 no.1
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• pp.46.3-46.3
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• 2015

As theoretical and empirical studies have pointed out, galaxy mergers play a pivotal role in galaxy mass assembly histories. Its contribution is considered to be more significant in more massive galaxies. In order to quantitatively understand the origin of stellar components in galaxies, we investigated stellar mass assembly histories as a function of galaxy and halo mass using semi-analytic approaches. In this study, we found that the most massive galaxies (log $M/M_{\odot}$ ~ 11.75 at z = 0), which are mostly the brightest cluster galaxies, obtain roughly 70% of their stellar components via mergers. The role of mergers monotonically declines with galaxy mass: less than 20% for log $M/M_{\odot}$ = 10.75 at z = 0. The contribution of galaxy mergers to stellar mass growth decays more slowly than that of in-situ star formation. Therefore, merger accretion becomes a dominant channel for stellar mass growth of the most massive group since z~2. However, when it comes to central galaxies in haloes less massive than $10^{13}_{\odot}$, star formation is always dominant.

• The Bulletin of The Korean Astronomical Society
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• v.36 no.2
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• pp.70.1-70.1
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• 2011

We have investigated properties of merging galaxies in the nearby universe, using Sloan Digital Sky Survey (SDSS) DR7. We first constructed two galaxy samples according to redshift range: Sample 1 for 0 ${\leq}$ z ${\leq}$ 0.025 and Sample 2 for 0.09 ${\leq}$ z ${\leq}$ 0.1. We then identified 118 and 184 merging galaxies among the galaxies in the Sample 1 and 2, respectively, and classified them into different merging types and stages by visual inspection of galaxy images. In the Sample 1, there are more wet mergers than dry mergers, while most merging galaxies in the Sample 2 are dry mergers. The color-magnitude diagram of the merging galaxies in our samples is comparable to that of normal galaxies. Dry mergers tend to locate in the red sequence, while wet and mixed mergers reside mostly in the blue cloud. Unlike some previous studies, we did not find a clear trend that the merger rate increases at higher redshift. However, it is difficult to make a direct comparison of the merger rate found in different studies, because it depends on the number of observed galaxies and criteria for merger classification. From the ratios of emission lines, we infer that the faction of merging galaxies with AGNs is higher in wet mergers than in other types.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.10
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• pp.751-759
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• 2020

This study examines the impact of mergers on the financial performance of the Jordanian public shareholding companies. The study employs data collected for a sample of 10 Jordanian non-financial public firms that were engaged in legal horizontal merger deals between 2000 and 2013. The data was collected from the published annual financial reports of the merging companies and comparative companies for three years before the merger and three years after the merger. Event study methodology was applied to examine the data. Four measures of financial performance (FP) were used, which are return on assets (ROA), return on equity (ROE), earnings per share (EPS), and net profit margin (NPM). Two methods were used in the analysis - the change model and the intercept model using financial performance raw data and industry-adjusted data. The findings in general showed no significant impact of mergers on the financial performance of merging firms using the change model. However, by using the intercept model, significant impact of mergers on the financial performance was found on the sample of the study. The significant impact was found for mergers on the raw ROE of the merging firms, and on the ROA and NPM of the industry-adjusted firms.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.5
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• pp.785-793
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• 2021

The purpose of the research is to assess the factors affecting the liquidity of the commercial banks that are conducting mergers and acquisitions activities in Vietnam during the 2008-2018 period. This study employs samples based on 2-component data sets with cross-section and time-series data collected from the annual report of the State Bank and the audited acquisitions financial statements of nine commercial banks engaged in mergers and acquisitions activities. To carry out the research objectives, the authors conducted quantitative analysis through the Pooled OLS, REM, FEM and GMM models. The results shown that: (i) bank liquidity is positively affected by liquidity lagged, the return on equity (ROE) and economic growth; negatively affected by bank size, non-performing loan, short-run loan to deposit ratio; (ii) there is not enough evidence to conclude about the relationship between net profit margin, equity-to-assets ratio and inflation rate to bank liquidity; (iii) notably, we found evidence that, after the mergers and acquisitions, the liquidity of Vietnamese commercial banks decreased. The findings of this study suggest that bank managers take a more comprehensive view of the results of mergers and acquisitions and implications for banks to improve liquidity in the post-merger and acquisitions conditions.

• Publications of The Korean Astronomical Society
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• v.30 no.2
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• pp.331-333
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• 2015

Gravitational interactions - mergers and fly-by encounters - between galaxies play a key role as the drivers of their evolution. Here we perform a cosmological N-body simulation using the tree-particle-mesh code GOTPM, and attempt to separate out the effects of mergers and fly-bys between dark matter halos. Once close pair halos are identified by the halo finding algorithm PSB, they are classified into mergers ($E_{12}$ < 0) and fly-by encounters ($E_{12}$ > 0) based on the total energy ($E_{12}$) between two halos. The fly-by and merger fractions as functions of redshift, halo masses, and ambient environments are calculated and the result shows the following.(1) Among Milky-way sized halos ($0.33-2.0{\times}10^{12}h^{-1}M{\odot}$), $5.37{\pm}0.03%$ have experienced major fly-bys and $7.98{\pm}0.04%$ have undergone major mergers since z ~ 1; (2) Among dwarf halos ($0.1-0.33{\times}10^{12}h^{-1}M{\odot}$), $6.42{\pm}0.02%$ went through major fly-bys and $9.51{\pm}0.03%$ experienced major mergers since z ~ 1; (3) Milky-way sized halos in the cluster environment experienced fly-bys (mergers) 4-11(1.5-1.7) times more frequently than those in the field since z ~ 1; and (4) Approaching z = 0, the fly-by fraction decreases sharply with the merger fraction remaining constant, implying that the empirical pair/merger fractions (that decrease from z ~ 1) are in fact driven by the fly-bys, not by the mergers themselves.

• Journal of the Korean Operations Research and Management Science Society
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• v.42 no.3
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• pp.35-49
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• 2017

The main objective of this paper is to empirically analyze the efficiency effects of mergers on Korean pharmaceutical firms and suggests managerial or policy implications for managers or policy makers. This study selects non-merging control firms close to the size of merging firms, as well as a set of merging firms, and measures the effects of mergers on efficiency three years before and after the merger using the non-parametric data envelopment analysis (DEA) method. To compare the differences of efficiency means among several groups, Wilcoxon rank sum test or Wilcoxon signed rank test is used. It showed that the long-term effects after the merger appeared partially. Furthermore, it was observed that there was no difference statistically in the efficiency between merging and non-merging firms. Also, there was no difference statistically in the efficiency between the pre- and post-merger periods. In conclusion, there was not any observed synergy effect through group (or affiliated) mergers between affiliates or related mergers for Korean pharmaceutical firms.

• The Bulletin of The Korean Astronomical Society
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• v.38 no.2
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• pp.40.2-40.2
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• 2013

Although galaxy mergers are thought to play an important role in forming elliptical galaxies, mergers in galaxy clusters have drawn less attention compared to mergers in field environments because galaxies with high peculiar velocities are unlikely to merge with each other. However, comparable fractions of merger features in cluster galaxies have been reported from deep imaging of Abell clusters, suggesting the relevance of mergers in the transformation of cluster early-type galaxies (Sheen et al. 2012). As a more direct approach to understanding the origin of tidal features in clusters, we perform hydrodynamic re-simulations on a cluster of galaxies. Based on mock observation images of the simulated cluster galaxies, we construct and analyze the cluster early-type galaxy sample in a consistent manner with Sheen et al. 2012. We find that the fraction of tidal feature from the simulated cluster is comparable to that of the observation. Evolutionary history of the galaxies with merger features shows that most of the mergers responsible for the merger features in the present originate from outside the cluster more than 2Gyrs ago. We also find that many of the galaxies with tidal features show correlations with subgroups in the cluster. All these results suggest that merger features in the cluster are due to preprocessing before accretion into the cluster.