• The Journal of Asian Finance, Economics and Business
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• v.9 no.5
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• pp.99-109
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• 2022

The main reason for the increase in cross-border mergers and acquisitions in developed and emerging countries is globalization and growing economic interdependence across countries. The state of the economy has a significant impact on whether cross-border mergers and acquisitions are encouraged or discouraged by international strategic capital market changes. This study empirically evaluates the influence of determinants of economic development on the scale effect of Cross Border M&As separately on emerging and developed nations as a research gap. We first separated the small and large scale firms based on companies' worth and used panel regression to analyze the impact of GDP, employment rate, and market capitalization on cross-border merger & acquisition deals over the period of 2008-2018. Results indicate that GDP and market capitalization have a positive effect on CBM&A, whereas employment rate has a negative effect on CBM&A deals in large-scale firms of both emerging and developed countries. This study results offer the implication for the potential investors and policymakers to strategically analyze the implementation of cross-border mergers & acquisitions.

• The Bulletin of The Korean Astronomical Society
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• v.46 no.1
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• pp.28.1-28.1
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• 2021

We present a statistical analysis of dark matter halos with interacting neighbors using a set of cosmological simulations. We classify the neighbors into two groups based on the total energy (E₁₂) of the target-neighbor system; flybying neighbors (E₁₂ ≥ 0) and merging ones (E₁₂ < 0). First, we find a different trend between the flyby and merger fractions in terms of the halo mass and large-scale density. The flyby fraction highly depends on the halo mass and environment, while the merger fraction show little dependence. Second, we measure the spin-orbit alignment, which is the angular alignment between the spin of a target halo (${\vec{S}}$ ) and the orbital angular momentum of its neighbor (${\vec{L}}$). In the spin-orbit angle distribution, the flybying neighbors show a weaker prograde alignment with their target halos than the merging neighbors do. With respect to the nearest filament, the flybying neighbor has a behavior different from that of the merging neighbor. Finally, we discuss the physical origin of two interaction types.

• Journal of Internet Computing and Services
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• v.22 no.4
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• pp.123-134
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• 2021

This paper suggests that the Internet is not free through analysis of U.S. Internet history and lawsuits related to the Charter merger in 2016. Generally speaking, the players in internet connectivity market agree to Non-Disclosure Agreement, when connecting their facilities and networks each other. So, I adopted the case study & analysis as research methodologies due to limitation of collecting the transaction data between them. The former finds that Internet access has never been free in U.S Internet history. As we know, some including Content Providers(CPs) argue that the Internet is a free network and there are many cases to use the internet for free, so they came to conclusion that ISPs have no right to charge the users like CPs. This study refutes these arguments in two ways. One is that using the internet has never been free. From ARPANET, known as the beginning of the U.S. Internet, to the commercialization of backbone, no Internet has been considered or implemented for free since the early Internet network was devised. Also, the U.S government was paying subsidies or institutions were paying fees to secure network operations for the NSFNET backbone. the other is that "free peering" refers to barter transactions between ISPs, not to free access to counterpart internet networks. Second, this study analyze the FCC' executive order of conditioned merger approval and the court's related ruling and verify that using the internet is not free. According to the analysis, this study finds that it's real situation to make paid settlements between ISP-CPs (including OTTs) in the US Internet market at the moment. This study concludes that the Internet has never been free in terms of its technical characteristics, network structure, network operation, and system. Also it proposes how to improve the domestic settlement system between ISPs-CPs in terms of policy and regulation.

• Journal of The Korean Astronomical Society
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• v.37 no.5
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• pp.299-305
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• 2004

We find evidence of a hard X-ray excess above the thermal emission in two cool clusters (Abell 1750 and IC 1262) and a soft excess in two hot clusters (Abell 754 and Abell 2163). Our modeling shows that the excess components in Abell 1750, IC 1262, and Abell 2163 are best fit by a steep power law indicative of a significant non-thermal component. In the case of Abell 754, the excess emission is thermal, 1 ke V emission. We analyze the dynamical state of each cluster and find evidence of an ongoing or recent merger in all four clusters. In the case of Abell 2163, the detected, steep spectrum, non-thermal X-ray emission is shown to be associated with the weak merger shock seen in the temperature map. However, this shock is not able to produce the flatter spectrum radio halo which we attribute to post-shock turbulence. In Abell 1750 and IC 1262, the shocked gas appears to be spatially correlated with non-thermal emission suggesting cosmic-ray acceleration at the shock front.

• Journal of Distribution Science
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• v.11 no.9
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• pp.25-29
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• 2013

Purpose - This study aimed to examine how the integration of IT systems was applied in the merger and acquisition (M&A) process in a Korean retail industry, based on the conceptual framework of a combination of related, existing literature. Research design, data, methodology - We employed the case study method, which involved literature reviews and interviews. We conducted a documentary survey and interviews regarding the M&A case for company A. Results - Company A had an integration strategy and plan with IT expertise before it began integrating both IT systems in D-Day. The IT integration of both systems was completed efficiently and effectively. Company A utilized not just one but all integration options, which was done in stages and according to situation. Conclusions - Companies should develop an integration strategy and have a clear integration plan with IT expertise in order to achieve successful integration. Companies trying to integrate IT systems during an M&A process can utilize all integration options in consideration of their business context and IT system conditions.

• The Bulletin of The Korean Astronomical Society
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• v.41 no.1
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• pp.66.2-66.2
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• 2016

Red quasars have been suspected to be an intermediate population between merger-driven star-forming galaxies and normal quasars. In this scenario, red quasars are expected to have dusty red color coming from the dust extinction by dust and gas in their host galaxy. However, several studies have proposed different explanation of the red color of red quasars, which are i) a moderate viewing angle between type 1 and 2 quasars, ii) an unusual covering factor of dust torus, and iii) an anomalous synchrotron emission with a peak at NIR wavelength. In this study, we investigate the factor leading to the red color of red quasars by using the line luminosity ratios of the hydrogen Balmer to Paschen series of 11 red quasars. We find the Pb/Hb luminosity ratios of the red quasars are significantly higher than those of normal quasars. Moreover, we compare the Pb/Hb luminosity ratios of the red quasars to the theoretically expected line luminosity ratios computed from the CLOUDY code. We find the line luminosity ratios of the red quasars cannot be explained by the theoretical line luminosity ratios with any physical conditions. We conclude that red color of red quasars comes from dust extinction by their host galaxy. This result is consistent with the picture that red quasars are an intermediate population between the merger-driven star-forming galaxies and normal quasars.

• The Bulletin of The Korean Astronomical Society
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• v.37 no.2
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• pp.90.2-90.2
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• 2012

Galaxy merging plays a important role to the formation and evolution of galaxy. Early-type galaxies are believed to be formed by galaxy merging. We combined 3 color images in g,r,i band using Stripe82 image of which the surface brightness is 2 mag deeper than that of SDSS image. We classified early-type galaxies which have the merging features, the evidence of galaxy mergers through careful visual inspection. We investigated the IR properties of early-type galaxies with the merging feature using WISE data. We analyzed the star formation according to the type of galaxy. Early-type galaxies with the merging feature show the higher star formation than non-merging galaxies, but the difference is not significant. This results implies that quite a few early-type galaxies might be formed by dry merger, not wet merger. Meanwhile, the most of ULIRGs show tidal tail, on the other hand, early-type galaxies show tidal tail including shell structure. It suggests that ULIRGs have more gas and it might be in early stage of galaxy merging, early-type galaxies might be in the late stage of galaxy merging.

• Asia-Pacific Journal of Business
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• v.11 no.3
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• pp.1-20
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• 2020

Purpose - This paper shows an unexplored area related to involuntary delisting. Specifically, this research investigates the effect of target firm information asymmetry on the likelihood that the acquirer or newly merged firm will be forcibly delisted post-merger. Design/methodology/approach - The research uses a sample gathered on local US mergers and acquisitions from the Thomson Reuters Securities Data Company (SDC) Platinum Mergers and Acquisitions database. It applies the logistic regression with industry and year effects and corrects the error term using clustering at the industry level. The research also matches the forced delisted firms to control firms based on industry, acquisition completion year, and firm size and then employs a matched sample analysis. Findings - Findings show that M&As between firms where the target firm is opaque and burdened with high information asymmetry issues are likely to be paid for using majority stock and that M&As involving such opaque targets also have a higher likelihood of getting delisted post-merger. Research implications or Originality - Our results are relevant given the very nature of M&As which involve two players: the acquirer and target who both may have different incentives. Acquirers especially have the tendency to suffer losses and even get delisted if they over-pay for or get merged to a poor target which conceals its poor performance evidenced by higher accruals quality.

• Lingua Humanitatis
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• v.8
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• pp.313-329
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• 2006

In some American English dialects, the vowels /a:/ or /c:/ have been replaced with /a:/, as in caught /ka:t/ dog /da:g/ that were pronounced in /kc:t/, and /dc:g/ previously. General American does not have /a:/ in its vowel system. But in East American and Western Pensylvania, cot and caught are homophones, /ka:t/, and similarly with other pairs such as collar vs. caller, stock vs. stalk, don vs. down, knotty vs. naughty. The use of /a/ or /c/ is quite unstable, and is a well-known diagnostic for distinguishing the northern speech area of the United States from the midland and southern area. For an increasing number of Americans, however, entirely lack the opposition between /a/ and /c/, merging to /a/, referring to 'both' of the vowels of lot. This paper investigates the use of /b:/ in American dialects and its relationship with /a:/, /c:/ in AE, and with short /a/ in RP. Examining the isoglosses of the use of /a:/ in various databases of the phonological atlas of North America, this paper discusses the use, position, and trend of merger to /a:/ from the vowels of /a:/ and /c:/ in Current American English.

• Phonetics and Speech Sciences
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• v.11 no.4
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• pp.35-43
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• 2019

This study examines the voice onset times (VOTs) of Korean stops produced by Korean learners of English with high language proficiency and long L2 exposure (i.e., Korean-English bilinguals) to assess whether the VOTs of their lax and aspirated stops are merging and, if so, which types of stops are being changed. Thirteen Korean speakers (six female and seven male) who had studied in the USA for more than three to ten years participated. The results show that the speakers in this study with long L2 exposure are participating in the VOT merger, in which VOTs for aspirated stops are reduced while those for lax stops are increased. In other words, change in VOT affects not only aspirated stops but also lax stops. The results indicate that L1 phonetic drift may not be primarily affected by the amount of L2 exposure, and language contact may not be the primary factor triggering a sound change in the Korean stop system. Further study is necessary focusing on the phonetic shift of the "lax" category because it may play a pivotal role in a tonogenetic-like sound change in present-day Korean.