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The hydrodynamic characteristics of the canvas kite - 2. The characteristics of the triangular canvas kite - (캔버스 카이트의 유체역학적 특성에 관한 연구 - 2. 삼각형 캔버스 카이트의 특성 -)

  • Bae, Bong-Seong;Bae, Jae-Hyun;An, Heui-Chun;Lee, Ju-Hee;Shin, Jung-Wook
    • Journal of the Korean Society of Fisheries and Ocean Technology
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    • v.40 no.3
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    • pp.206-213
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    • 2004
  • As far as an opening device of fishing gears is concerned, applications of a kite are under development around the world. The typical examples are found in the opening device of the stow net on anchor and the buoyancy material of the trawl. While the stow net on anchor has proved its capability for the past 20 years, the trawl has not been wildly used since it has been first introduced for the commercial use only without sufficient studies and thus has revealed many drawbacks. Therefore, the fundamental hydrodynamics of the kite itself need to ne studied further. Models of plate and canvas kite were deployed in the circulating water tank for the mechanical test. For this situation lift and drag tests were performed considering a change in the shape of objects, which resulted in a different aspect ratio of rectangle and trapezoid. The results obtained from the above approaches are summarized as follows, where aspect ratio, attack angle, lift coefficient and maximum lift coefficient are denoted as A, B, $C_L$ and $C_{Lmax}$ respectively : 1. Given the triangular plate, $C_{Lmax}$ was produced as 1.26${\sim}$1.32 with A${\leq}$1 and 38$^{\circ}$B${\leq}$42$^{\circ}$. And when A${\geq}$1.5 and 20$^{\circ}$${\leq}$B${\leq}$50$^{\circ}$, $C_L$ was around 0.85. Given the inverted triangular plate, $C_{Lmax}$ was 1.46${\sim}$1.56 with A${\leq}$1 and 36$^{\circ}$B${\leq}$38$^{\circ}$. And When A${\geq}$1.5 and 22$^{\circ}$B${\leq}$26$^{\circ}$, $C_{Lmax}$ was 1.05${\sim}$1.21. Given the triangular kite, $C_{Lmax}$ was produced as 1.67${\sim}$1.77 with A${\leq}$1 and 46$^{\circ}$B${\leq}$48$^{\circ}$. And when A${\geq}$1.5 and 20$^{\circ}$B${\leq}$50$^{\circ}$, $C_L$ was around 1.10. Given the inverted triangular kite, $C_{Lmax}$ was 1.44${\sim}$1.68 with A${\leq}$1 and 28$^{\circ}$B${\leq}$32$^{\circ}$. And when A${\geq}$1.5 and 18$^{\circ}$B${\leq}$24$^{\circ}$, $C_{Lmax}$ was 1.03${\sim}$1.18. 2. For a model with A=1/2, an increase in B caused an increase in $C_L$ until $C_L$ has reached the maximum. Then there was a tendency of a very gradual decrease or no change in the value of $C_L$. For a model with A=2/3, the tendency of $C_L$ was similar to the case of a model with A=1/2. For a model with A=1, an increase in B caused an increase in $C_L$ until $C_L$ has reached the maximum. And the tendency of $C_L$ didn't change dramatically. For a model with A=1.5, the tendency of $C_L$ as a function of B was changed very small as 0.75${\sim}$1.22 with 20$^{\circ}$B${\leq}$50$^{\circ}$. For a model with A=2, the tendency of $C_L$ as a function of B was almost the same in the triangular model. There was no considerable change in the models with 20$^{\circ}$B${\leq}$50$^{\circ}$. 3. The inverted model's $C_L$ as a function of increase of B reached the maximum rapidly, then decreased gradually compared to the non-inverted models. Others were decreased dramatically. 4. The action point of dynamic pressure in accordance with the attack angle was close to the rear area of the model with small attack angle, and with large attack angle, the action point was close to the front part of the model. 5. There was camber vertex in the position in which the fluid pressure was generated, and the triangular canvas had large value of camber vertex when the aspect ratio was high, while the inverted triangular canvas was versa. 6. All canvas kite had larger camber ratio when the aspect ratio was high, and the triangular canvas had larger one when the attack angle was high, while the inverted triangluar canvas was versa.

A Study on Traditional Ideology and the 'Tradition' of the Theatre company Minye in 1970s (1970년대 전통 이념과 극단 민예극장의 '전통')

  • Kim, Ki-Ran
    • Journal of Popular Narrative
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    • v.26 no.3
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    • pp.45-86
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    • 2020
  • In this article, the "modernization of the tradition" constructed on the cultural politics and the way in which it appropriated in the korean theatre in the 1970s were analyzed. It is trying to reveal its implications. It is also a work to critically review the aspects of self-censorship in the korean theatre in the 70s. To that end, we looked at the theatre company Minye Theatre, which preoccupied the traditional discussions in the 1970s by creating national dramas. Until now, the evaluation of the theatre company Minye Theatre in the 1970s has focused on the achievement on the directing of Heo Gyu, who promoted the succession and transformation of tradition. However, the traditional ideology constructed in the state-led cultural politics in the 70s and the way in which it was operated cannot be evaluated only in terms of artistic achievement. The ideology of tradition is selected according to the selective criteria of the subject to appropriate tradition. What's important is that certain objects are excluded, discarded, re-elected, re-interpreted and re-recognized in the selection process of selected traditional ideology. This is the situation in the '70s, when tradition was constantly re-recognized amid differences between the decadent and the disorder that were then designated as non-cultural, and led to a new way of appropriate. The nation-led traditional discussion of the '70s legalized the tradition with stable values, one of the its way was the national literary and artistic support. Under the banner of modernization of tradition, theatre company Minye preoccupied the discussions on the tradition and presented folk drama as a new theatre. As an alternative to the crisis of korean theatre at the time, the Minye chose the method of inheriting and transforming tradition. It is noteworthy that Heo Gyu, the representative director of the theatre company Minye, recognized the succession and transformation of traditional performance as both a calling and an experiment. For Heo Gyu, tradition was accepted as an irresistible stable value and an unquestionable calling, and as a result, his performance, filled with excessive traditional practices, became overambitious, especially when it failed to reflect the present-here reality, the repeated use of traditional expression tools resulted in skilled craftsmanship, not artistic creation. The traditional ideology of the 70s unfolds in a new aspect of appropriation in the 80s. In 1986, Son Jin-Cheok, Kim Seong-nyeo, and Yoon Mun-sik, who were key members of the theatre company Minye Theatre, left the theatre to create the theatre company Michu, and secured popularity through Madangnori(popular folk yard theatre). Son Jin-Cheok's Madangnori is overbearing through satire and humor. It gained popularity by criticizing and mocking state power. On the other hand, not only the form of traditional performance, but also the university-centered Madanggeuk movement, which appropriated on the spirit of resistance from the people to its traditional values, has rapidly grown. In the field of traditional discussions of the 70s, Madanggeuk was self-born through appropriation in which the spirit of resistance of the people is used as a traditional value. Madanggeuk as well as Michu that achieved the popularization of Madangnori cannot be discussed solely by the artistic achievement of the modernization of tradition. Critics of korean theatre in response to state-led traditional discussions in the 70s was focused only on the qualitative achievement of performing arts based on artistry. I am very sorry for that. As a result, the popular resistance of the Madanggeuk and the Madangnori were established in the 'difference' with the traditions of the theatre company Minye Theatre. Theatre company Minye Theatre was an opportunity for the modernization of tradition, but the fact that it did not continuously produce significant differences. This is the meaning and limitation of the "tradition" of the theatre company Minye Theatre in the history of korean theatre in the 1970s.

R and K Factors for an Application of RUSLE on the Slope Soils in Kangwon-Do, Korea (강원도 경사지 토양 유실 예측용 신USLE의 적용을 위한 강수 인자와 토양 침식성 인자의 검토)

  • Jung, Yeong-Sang;Kwon, Young-Ki;Lim, Hyung-Sik;Ha, Sang-Keun;Yang, Jae-E
    • Korean Journal of Soil Science and Fertilizer
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    • v.32 no.1
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    • pp.31-38
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    • 1999
  • Rainfall factor. R, and soil factor, K were estimated to use the Revised Universal Soil Loss Equation (RUSLE) to predict the amount of soil erosion from a land on slope in Kangwon-do, Korea. The average of R factor was 405 with a range from 251 to 601. The R factor differed among regions. The R factor at Taegwalryung, in the highland region, was 409 and those at Inje and Hongchon, in the mid mountainous regions, ranged from 310 to 493. The R factors at Wonju and Chuncheon, in the plain regions, ranged from 505 to 601. The R factors at Sokcho, Kangnung and Samchok, in the east coastal region, which ranged from 251 to 368, were lowee than those in the western part of the Taebaeg Mountains. The R factor during the winter including the effect of winter freezing and thawing was 12 to 30% of the annual average value in the east coastal and highland regions, while that in the western part of Taebaeg Mountains was lower than 7%. The average of K factor in the surface soil was 0.21 with a range from 0.06 to 0.42. The K factors of Odae and Weoljeong serieses were the lowest, while that of Imog was the highest. The average of K factor in the subsoil was 0.28 with a range from 0.07 to 0.45. The K factor of the subsoil was 1.3 times higher than that of top soil. The average of K factor in he soil including the effect of the gravel covering and percolation was 0.18 with a range from 0.03 to 0.33. In contrast. the K factor excluding the effect of the gravel covering was lower than this. The average of K factor in the frozen subsoil was 0.33, which was 1.6 times higher than that of the non frozen subsoil.

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A Study on the Stiffness of CBA(Corner Block with Anchor Bolt) Joint in Knockdown Type Table Furniture (조립식(組立式) 탁자(卓子)의 CBA접합부(接合部) 강성(剛性)에 관(關)한 연구(硏究))

  • Chung, Woo-Yang;Lee, Phil-Woo
    • Journal of the Korean Wood Science and Technology
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    • v.17 no.2
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    • pp.34-64
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    • 1989
  • Corner block with anchor bolt(CBA) joint method used in knock-down type table furniture manufacturing can reduce the packing and transporting cost. Unfortunately. it also has the disastrous defect to be loosend and unstable during the service life mainly due to fatigue and creep(repeated and prolonged loading). So 22 joint groups constructed were tested to evaluate the effect of some design factors related to the size of side rail(apron). block attachment to side rail. and the number of anchor bolt as well as the effect of the type of corner block(mitered type vs. rectangular type) Usable strength from the stiffness coefficients of each joint group were analysed with SPSS /PC+ and described as the criteria of CBA joint construction. The conclusions were as follows: The height of side rail(50, 75 and 100 mm) and the addition of polyvinyl acetate(PVAc) emulsion in the corner block attactment to side rail had the effect on raising the usable strength of CBA joint with remarkable high significance. And the effect of 2 - anchor bolts was also superior to that of 1 - bolt significantly. However. the thickness of side rail(22 mm vs. 25 mm) had no effect on the strengthening the table joint rigidity. Mitered type corner block joint appeared to he recommendable for CBA jointed table construction rather than the rectangular type one regardless of the method of block attachment to side rail. The best result identified from Duncan's multiple comparison was in the construction with 25 mm thick and 100 mm height of side rail fastened using 2 - anchor bolts in mitered type corner block. But it would be reasonable to use 22 mm thick & 75 mm high side rail and mitered corner block with PVAc emulsion & 2 bolts considering the productivity and production cost down in the MDF furniture manufacturing industries.

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Analysis of Trading Performance on Intelligent Trading System for Directional Trading (방향성매매를 위한 지능형 매매시스템의 투자성과분석)

  • Choi, Heung-Sik;Kim, Sun-Woong;Park, Sung-Cheol
    • Journal of Intelligence and Information Systems
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    • v.17 no.3
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    • pp.187-201
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    • 2011
  • KOSPI200 index is the Korean stock price index consisting of actively traded 200 stocks in the Korean stock market. Its base value of 100 was set on January 3, 1990. The Korea Exchange (KRX) developed derivatives markets on the KOSPI200 index. KOSPI200 index futures market, introduced in 1996, has become one of the most actively traded indexes markets in the world. Traders can make profit by entering a long position on the KOSPI200 index futures contract if the KOSPI200 index will rise in the future. Likewise, they can make profit by entering a short position if the KOSPI200 index will decline in the future. Basically, KOSPI200 index futures trading is a short-term zero-sum game and therefore most futures traders are using technical indicators. Advanced traders make stable profits by using system trading technique, also known as algorithm trading. Algorithm trading uses computer programs for receiving real-time stock market data, analyzing stock price movements with various technical indicators and automatically entering trading orders such as timing, price or quantity of the order without any human intervention. Recent studies have shown the usefulness of artificial intelligent systems in forecasting stock prices or investment risk. KOSPI200 index data is numerical time-series data which is a sequence of data points measured at successive uniform time intervals such as minute, day, week or month. KOSPI200 index futures traders use technical analysis to find out some patterns on the time-series chart. Although there are many technical indicators, their results indicate the market states among bull, bear and flat. Most strategies based on technical analysis are divided into trend following strategy and non-trend following strategy. Both strategies decide the market states based on the patterns of the KOSPI200 index time-series data. This goes well with Markov model (MM). Everybody knows that the next price is upper or lower than the last price or similar to the last price, and knows that the next price is influenced by the last price. However, nobody knows the exact status of the next price whether it goes up or down or flat. So, hidden Markov model (HMM) is better fitted than MM. HMM is divided into discrete HMM (DHMM) and continuous HMM (CHMM). The only difference between DHMM and CHMM is in their representation of state probabilities. DHMM uses discrete probability density function and CHMM uses continuous probability density function such as Gaussian Mixture Model. KOSPI200 index values are real number and these follow a continuous probability density function, so CHMM is proper than DHMM for the KOSPI200 index. In this paper, we present an artificial intelligent trading system based on CHMM for the KOSPI200 index futures system traders. Traders have experienced on technical trading for the KOSPI200 index futures market ever since the introduction of the KOSPI200 index futures market. They have applied many strategies to make profit in trading the KOSPI200 index futures. Some strategies are based on technical indicators such as moving averages or stochastics, and others are based on candlestick patterns such as three outside up, three outside down, harami or doji star. We show a trading system of moving average cross strategy based on CHMM, and we compare it to a traditional algorithmic trading system. We set the parameter values of moving averages at common values used by market practitioners. Empirical results are presented to compare the simulation performance with the traditional algorithmic trading system using long-term daily KOSPI200 index data of more than 20 years. Our suggested trading system shows higher trading performance than naive system trading.

A Study on the Aesthetic Emotion and Creativity of 'Objet Animation' -Focused on the analysis of 'Objet' type of cultural arts education outcomes- ('오브제(Object) 애니메이션'의 미학적 정서와 창의성에 관한 연구 -문화예술교육 결과물의 '오브제(Object)' 유형 분석을 중심으로-)

  • Kim, Hyun-Young;Kim, Jae-Woong
    • Cartoon and Animation Studies
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    • s.50
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    • pp.43-73
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    • 2018
  • This is a study on 'Objet' in animation culture art education. Research on the use of Objet in modern art is actively under way. From Cubism to Dadaism, Surrealism, Futurism and Pop art, it is no exaggeration to say that the Objet is stepping with modern art. In addition, Objet has a remarkable value in the field of visual arts expressing 'motion' such as kinetic art, video art, media art, and animation. However, there are not many cases of classifying and studying the types of Objets used in artworks. Therefore, this researcher has been influenced by the surrealism discourse and prepared six types of Objets type analysis framework. And the research focused on 'the aesthetic emotion and educational aspect of creativity improvement' of Objet animation was conducted. The type analysis framework is named as a drawing Objet, Objet of existence, a morphine Objet, epidermis Objet, assigned Objet and assemblage Objet and this type is presented and analyzed with case image. The data used in this study was focused on the outcome of Objet animation that were trained for non-experts in culture and arts education. This aesthetic emotion refers to Freud's desire for life (Eros) as Attraction, and desire for death (Thanatos) as Uncanny (fearful unfamiliarity) and explains the conflicting concept with the Animism, the indigenous religion. Next, educational aspects of Objet animation creativity improvement in relation to the term 'functional fixedness' was discussed as described by Gestalt psychologist Karl Duncker (1903-1940). Overcoming the functional fixedness is a phenomenon that is fixed only to the functional aspects of things and can't be changed. In this study, the educational aspect of creativity improvement was demonstrated as a case of overcoming the functional fixedness through 'Objet Animation' culture and art education. Ultimately, this study is to prove the aesthetic emotion and creativity of the Objet animation by analyzing Objet types. Furthermore, it is meaningful to suggest direction when using 'Objet Animation' in culture and arts education.

A Study on the Equations of Estimating the Leaf Area of Broad-Leaf Species in Mt. Jiri (지리산(智異山) 주요(主要) 활엽수종(闊葉樹種)의 엽면적(葉面積) 추정식(推定式)에 대(對)한 연구(硏究))

  • Kim, Si Kyung;Lee, Kyeong Hack
    • Journal of Korean Society of Forest Science
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    • v.70 no.1
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    • pp.103-108
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    • 1985
  • This paper is concerned with estimating equations of leaf area(A) obtained from linear measurements - leaf length(L) and leaf width(W) - on the leaves of 13 species composing a natural mixed stand in Mt. Jiri. This method is known to be rapid and non-destructive in estimating leaf area. The equation of A=bLW is frequently used in rough and rapid estimation. Each species in this study has its own coefficient b according to its geometrical leaf shape. The range of coefficients of 13 species was 0.579 to 0.717. This means that the relationship A=2/3LW is suitable to most broad leaf species in a natural mixed stand in Mt. Jiri. When more precise estimation of leaf area is needed, full regression equation is used. In this study, the form of ${\log}A=b_0+b_1{\log}LW$ was the most precise estimation equation in 8 species. In addition to this, the form of $A=b_0+b_1LW$ and $A=b_0+b_1L^2+b_2W^2$ were founded to be suitable for estimation of leaf area. In comparision of these two forms, the determination coefficient were about the same, but the F-value of the former was greater than that of the latter. Therefore, the use of the former seems to be more reliable and practical.

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Diagnosis of Malignant Pleural Effusion by using Aberrant Methylation of p16 and RARB2 (p16과 RARB2 유전자의 비정상적인 메틸화 검사를 이용한 악성 흉수의 진단)

  • Rha, Seo Hee;Lee, Su Mi;Koo, Tae Hyoung;Shin,, Bong Chul;Huh, Jung Hun;Um, Soo Jung;Yang, Doo Kyung;Lee, Soo-Keol;Son, Choonhee;Roh, Mee Sook;Bae, Ho-Jeong;Kim, Ki Nam;Lee, Ki Nam;Choi, Pil Jo
    • Tuberculosis and Respiratory Diseases
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    • v.64 no.4
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    • pp.285-292
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    • 2008
  • Background: A diagnosis of malignant pleural effusion is clinically important, as the prognosis of lung cancer patients with malignant pleural effusion is poor. The diagnosis will be difficult if a cytological test is negative. This study was performed to investigate whether the detection of hypermethylation of the p16 (CDKN2A) and retinoic acid receptor b2 (RARB2) genes in pleural fluid is useful for a diagnosis of malignant pleural effusion. Methods: Pleural effusion was collected from 43 patients and was investigated for the aberrant promoter methylation of the RARB2 and CDKN2A genes by use of methylation-specific PCR. Results were compared with findings from a pleural biopsy and from pleural fluid cytology. Results: Of 43 cases, 17 cases of pleural effusion were due to benign diseases, and 26 cases were from lung cancer patients with malignant pleural effusion. Hypermethylation of the RARB2 and CDKN2A genes was not detected in the case of benign diseases, independent of whether or not the patients had ever smoked. In 26 cases of malignant pleural effusion, hypermethylation of RARB2, CDKN2A or either of these genes was detected in 14, 5 and 15 cases, respectively. The sensitivities of a pleural biopsy, pleural fluid cytology, hypermethylation of RARB2, hypermethylation of CDKN2A, or hypermethylation of either of the genes were 73.1%, 53.8%, 53.8%, 19.2%, and 57.7%, respectively; negative predictive values were 70.8%, 58.6%, 58.6%, 44.7%, and 60.7%, respectively. If both genes are considered together, the sensitivity and negative predictive value was lower than that for a pleural biopsy, but higher than that for pleural fluid cytology. The sensitivity of hypermethylation of the RARB2 gene for malignant pleural effusion was lower in small cell lung cancers than in non-small cell lung cancers. Conclusion: These results demonstrate that detection of hypermethylation of the RARB2 and CDKN2A genes showed a high specificity, and sensitivity was higher than for pleural fluid cytology. With a better understanding of the pathogenesis of lung cancer according to histological types at the molecular level, and if appropriate genes are selected for hypermethylation testing, more precise results may be obtained.

International Monetary System Reform and the G20 (국제통화제도의 개혁과 G20)

  • Cho, Yoon Je
    • KDI Journal of Economic Policy
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    • v.32 no.4
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    • pp.153-195
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    • 2010
  • The recent global financial crisis has been the outcome of, among other things, the mismatch between institutions and the reality of the market in the current global financial system. The International financial institutions (IFIs) that were designed more than 60 years ago can no longer effectively meet the challenges posed by the current global economy. While the global financial market has become integrated like a single market, there is no international lender of last resort or global regulatory body. There also has been a rapid shift in the weight of economic power. The share of the Group of 7 (G7) countries in global gross domestic product (GDP) fell and the share of emerging market economies increased rapidly. Therefore, the tasks facing us today are: (i) to reform the IFIs -mandate, resources, management, and governance structure; (ii) to reform the system such as the international monetary system (IMS), and regulatory framework of the global financial system; and (iii) to reform global economic governance. The main focus of this paper will be the IMS reform and the role of the Group of Twenty (G20) summit meetings. The current IMS problems can be summarized as follows. First, the demand for foreign reserve accumulation has been increasing despite the movement from fixed exchange rate regimes to floating rate regimes some 40 years ago. Second, this increasing demand for foreign reserves has been concentrated in US dollar assets, especially public securities. Third, as the IMS relies too heavily on the supply of currency issued by a center country (the US), it gives an exorbitant privilege to this country, which can issue Treasury bills at the lowest possible interest rate in the international capital market. Fourth, as a related problem, the global financial system depends too heavily on the center country's ability to maintain the stability of the value of its currency and strength of its own financial system. Fifth, international capital flows have been distorted in the current IMS, from EMEs and developing countries where the productivity of capital investment is higher, to advanced economies, especially the US, where the return to capital investment is lower. Given these problems, there have been various proposals to reform the current IMS. They can be grouped into two: demand-side and supply-side reform. The key in the former is how to reduce the widespread strong demand for foreign reserve holdings among EMEs. There have been several proposals to reduce the self-insurance motivation. They include third-party insurance and the expansion of the opportunity to borrow from a global and regional reserve pool, or access to global lender of last resort (or something similar). However, the first option would be too costly. That leads us to the second option - building a stronger globalfinancial safety net. Discussions on supply-side reform of the IMS focus on how to diversify the supply of international reserve currency. The proposals include moving to a multiple currency system; increased allocation and wider use of special drawing rights (SDR); and creating a new global reserve currency. A key question is whether diversification should be encouraged among suitable existing currencies, or if it should be sought more with global reserve assets, acting as a complement or even substitute to existing ones. Each proposal has its pros and cons; they also face trade-offs between desirability and political feasibility. The transition would require close collaboration among the major players. This should include efforts at the least to strengthen policy coordination and collaboration among the major economies, and to reform the IMF to make it a more effective institution for bilateral and multilateral surveillance and as an international lender of last resort. The success on both fronts depends heavily on global economic governance reform and the role of the G20. The challenge is how to make the G20 effective. Without institutional innovations within the G20, there is a high risk that its summits will follow the path of previous summit meetings, such as G7/G8.

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The Impact of M&As with a Start-up on Shareholder Wealth (상장기업과 스타트업과의 인수합병이 주주의 부(富)에 미치는 영향에 관한 연구)

  • Cho, Sung-woo;Song, Hyunju;Jung, Jin-young
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.11 no.6
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    • pp.1-9
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    • 2016
  • In this study, we investigate the announcement effects of M&As with a start-up as a target firm on shareholder wealth of an acquiring firm. We use M&A events in KOSPI or KOSDAQ market between 2002 and 2014 after the financial crisis. Among the total 1436 mergers and acquisitions that took place domestically during this period, 1383 cases were selected as cases to be studied, excluding 53 cases where acquiring firms were unlisted firms. The results of the analysis are as follows: First, as a result of a comparison between the acquiring firms' CARs of the whole sample group(n=1383) occurred during the (-2, +1), (-5, +2), (-10, +5) periods of M&A announcement date(t=0) and the sub-sample group(n=468) where the target firms are start-ups which were established within five years, the acquiring firms of the whole sample group do not show significat CARs, while the acquiring firms of the sub-sample group show the significantly positive CARs. This suggests that M&A with start-ups have a positive effect on firm value of acquiring firms. Second, when merging unlisted start-ups, the acquiring firms show positive CARs, showing that there exists a listing effect in the merger of start-up. Third, merging the start-ups belonging to the high-tech industry shows the higher CARs than the case of merging the start-ups belonging to the non-high-tech industry. This study has great significance as the first in Korea to investigate the effect of M&A announcement with a start-up.

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