Business Groups and Tunneling: Evidence from Private Securities Offerings by Korean Chaebols

Using a comprehensive sample of equity-linked private securities offerings by Korean firms from 1989 to 2000, we examine whether such offerings can be used as a mechanism for wealth transfer between issuers and acquirers. For deals involving issuers and acquirers in the same business group (chaebol), the announcement returns for chaebol-affiliated issuers with good past performance are lower than those for other types of issuers if the price discount is larger. In contrast, this deal leads to more value creation for chaebol-affiliated acquirers than other types of acquirers. Furthermore, well-performing chaebol-affiliated acquirers experience a larger wealth loss than other types of acquirers if they buy securities from poorly performing issuers in the same chaebol. We also find that chaebol firms with good past performance tend to sell private securities at a low price to their member firms. This evidence is consistent with tunneling within business groups.

Exploring Customers’ Preferences for Online Games

Online content providers who use the Internet to distribute content experience an extremely competitive business environment. To survive in this environment, they have started charging a fee for the content that they provide. However, there have been very few success stories in commercializing online content. Although one of few success stories is the online game, it still has customers’ psychological resistance against paying a high fee for playing games. To pay back their high R&D or development costs quickly, many online game producers have a tendency to assign high prices to their online games. Without examining customers’ perceived prices for online games, many online game producers have tended to decide prices from their perspectives. Although many online game-related research works have focused on psychological and technical aspects, very few works have examined online gamers’ preferences carefully. This study aims at exploring online gamers’ preference by measuring their WTP (Willingness To Pay) for online games

Clinical Efficacy of Primary Tumor Volume Measurements: Comparison of Different Primary Sites

ObjectivesThe purpose of study was to determine the clinical efficacy of primary tumor volume measurements of different primary sites in the oropharynx compared to the oral cavity.MethodsA retrospective analysis of 85 patients with oral cavity or oropharynx cancer. The tumor area was manually outlined from axial magnetic resonance (MR) series. The software calculated the tumor volumes, automatically. The values of the primary tumor volumes were then subdivided into separate groups (≤3,500 mm3, >3,500 mm3).ResultsThe prognostic indicators were the cT and cN (oral cavity); age, primary site, cT, cN, and primary tumor volume (oropharynx) on the univariate analysis. There was no significant prognostic factor for oral cavity cancer on the multivariate analysis. Primary site, cN, and primary tumor volume were independent prognostic indicators for oropharynx cancer by multivariate analysis.ConclusionPrimary tumor volume measurement is a reliable way to stratify outcome, and make up for the weak points in the American Joint Committee on Cancer staging system with oropharynx cancer