• 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.46 no.1
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• pp.53.3-54
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• 2021

We present optical follow-up observation results of three binary black hole merger (BBH) events, GW190408 181802, GW190412, and GW190503 185404, which were detected by the Advanced Ligo and Virgo gravitational wave (GW) detectors. Electromagnetic (EM) counterparts are generally not expected for BBH merger events, however, some theoretical models suggest that EM counterparts of BBH can possibly arise in special environments. To identify EM counterparts of the three BBH merger events, we observed high-credibility regions of the sky with telescopes of the Gravitational-wave EM Counterpart Korean Observatory (GECKO), including the Korea Microlensing Telescope Network (KMTNet). Our observation started as soon as 100 minutes after the GW event alert and covered roughly 29 - 63 deg2 for each event with a depth of 22.5 mag in R-band within hours of observation. No plausible EM counterparts were found for these events. Our result gives a great promise for the GECKO facilities to find EM counterparts within few hours from GW detection in future GW observation runs.

• Phonetics and Speech Sciences
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• v.9 no.3
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• pp.25-32
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• 2017

Besides their effect on the f0 contour of the following vowel, Korean stops are undergoing a sound change in which a partial or complete consonantal merger on voice onset time (VOT) is taking place between aspirated and lax stops. Many previous studies on sound change have mainly focused on group-normative effects, that is, effects that are representative of the population as a whole. Few systematic quantitative studies of change in adult individuals have been carried out. The current study examines whether the sound change holds for individual speakers. It focuses on inter-speaker and intra-speaker variability on sound change in contemporary Korean. Speech data were collected for thirteen Seoul Korean speakers studying abroad in America. In order to minimize the possible effects of speech production, socio-phonetic factors such as age, gender, dialect, speech rate, and L2 exposure period were controlled when recruiting participants. The results showed that, for nine out of thirteen speakers, the consonantal merger is taking place between the aspirated and lax stop in terms of VOT. There were also intra-speaker variations on the merger in three aspects: First, is the consonantal (VOT) merger between the two stops is in progress or not? Second, are VOTs for aspirated stops getting shorter or not (i.e., the aspirated-shortening process)? Third, are VOTs for lax stops getting longer or not (i.e., the lax-lengthening process)? The results of remarkable inter-speaker and intra-speaker variability indicate a synchronous speech sound change of the stop system in contemporary Korean. Some speakers are early adopters or active propagators of sound change whereas others are not. Further study is necessary to see whether the inter-speaker differences exceed intra-speaker differences in sound change.

• 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.

• Phonetics and Speech Sciences
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• v.3 no.1
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• pp.67-75
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• 2011

In Korean, 'Aspiration Merger' is the result of the heteromorphemic sequence of lenis stop and /h/ becoming a single aspirated stop word-medially. However, the contrast between lenis stop-plus-/h/ and an underlying aspirated stop is maintained when they span Phonological Phrase boundaries. By varying the position in the prosodic domain such as APP (Across Phonological Phrase) and PPM (Phonological Phrase Medial) positions, the phonetic properties of the two categories are compared. In the results from noise duration and change of intensity, lenis stop-plus-/h/ show a large difference between the APP and PPM positions. The results from a noise duration comparison show that the two categories are completely neutralized into aspirated stop in the PPM position and the complete neutralization is sensitive to prosodic phrasing.

• The Bulletin of The Korean Astronomical Society
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• v.42 no.1
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• pp.50.1-50.1
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• 2017

We present our study of the correlation between star formation rate(SFR) and merging activities of nearby galaxies(d<150Mpc). Our study uses 265 UV-selected galaxies which are not classified as AGN. The UV selection is made using the GALEX Atlas of Galaxies (Gil de Paz+07) and the updated UV catalog of nearby galaxies (Bai+15). We use deep R band optical images reaching to $1{\sigma}$ surface brightness detection limit ${\sim}27mag/arcsec^2$ to classify merger features by visual inspection. We also estimated unobscured SFR($SFR_{NUV}$) and obscured SFR($SFR_{W4}$) using Near-UV continuum and 22 micron Mid-IR luminosity respectively as a indicator of star forming activity. The fraction of galaxies with merger features in each SFR bin is obtained to see if how the fraction of galaxies with merging features($F_m$) changes as a function of SFR. As a result, for 203 late type galaxies(LTGs), we found that merger fraction increases from ~8% up to 50% with $SFR_{W4}$, while for 229 LTGs $SFR_{NUV}$ shows relatively consistent fraction(~18%) of merger fraction. For early type galaxies(ETGs), we could also find no significant correlation between $F_m$ and SFR(both $SFR_{NUV}$ and $SFR_{W4}$). This result suggests that a main driver of star forming activity of UV bright galaxies, especially for obscured late types, is mergers.

• The Bulletin of The Korean Astronomical Society
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• v.37 no.2
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• pp.73.2-73.2
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• 2012

Matusoka & Kawara (2010) showed that the number density of the most massive galaxies (log $M/M_{\odot}=11.5-12.0$) increases faster than that of the next massive group (log $M/M_{\odot}=11.0-11.5$) during 0 < z < 1. This appears to be in contradiction to another important empirical concept of "downsizing". We attempt to understand the two observational findings in the context of the hierarchical merger paradigm using semi-analytic techniques. Our models closely reproduce the result of Matusoka & Kawara (2010). Downsizing can also be understood as larger galaxies have on average smaller assembly ages but larger stellar ages. Our fiducial models further reveal the details on the history of stellar mass growth of massive galaxies. The most massive galaxies (log $M/M_{\odot}=11.5-12.0$ at z=0), which are mostly brightest cluster galaxies, obtain roughly 70% of their stellar components via merger accretion. The role of merger accretion monotonically declines with galaxy mass: 45% for log $M/M_{\odot}=11.0-11.5$ and 20% for log $M/M_{\odot}=10.5-11.0$ at z = 0. The specific accreted stellar mass rates via galaxy mergers decline very slowly during the whole redshift range, while the specific star formation rates sharply decrease with time. In the case of the most massive galaxies, merger accretion becomes the most important channel for the stellar mass growth at z ~ 2. On the other hand, in-situ star formation is always the dominant channel in the $L_*$ galaxies.

• Journal of Distribution Science
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• v.18 no.6
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• pp.57-62
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• 2020

Purpose: The present study offers merger and acquisition (M&A) strategy based on prior studies to assist the organizational practitioners in two companies' cultures. In the analysis, a M&A plan to guide the evolving principles was created by present authors using change management model. Research design, data, and methodology: The successful M&A integration is setting goals, reconfiguring the cultural systems to align them with business goals. The employees must be involved, particularly with organizational change. Both companies also ought to undertake employee training following the resolving of worries and needs of employees. Finally, restructuring can include the moving of employees from areas where they may be struggling. Result: Discussing and trying to come to an agreement over which mode of acculturation would be most suitable in that particular state is the main focus. Practitioners of both Company A and Company B might find it much simpler to continue their focus and dynamism in the process of cultural integration. Conclusions: We believe that our approach adds an insight in the M&A literature. Managers at all levels of both organizations must take part in the process of M&A for both organizational cultures to come in sync and for change to take place.

• 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.