Investor Reaction to the Stock Gifts of Controlling Shareholders

The controlling shareholders of Korean firms usually attempt to pass on the firm to the next generation and stock gifts are the most evident form of the ownership transfer. I examine how equity market investors react to the announcement of stock gifts given by controlling shareholders. Prior literature documents evidence that controlling shareholders use their private information and discretionary power to time stock gifts at lower stock prices in order to reduce gift taxes. I observe significant positive excess returns when controlling shareholders transfer stocks to their related parties as gifts, suggesting that investors interpret stock gifts as a signal that stock prices are relatively low at the time of the transfer. The evidence implies that the disclosure of stock gifts reveals the private information of controlling shareholders. In addition, in order to explain the positive market reaction to the gift announcement, I show the economic significance of tax planning strategies conducted by controlling shareholders to reduce gift taxes. Keywords: Stock gifts, gift taxes, market reaction, controlling shareholder

New determination of ST⟨N∣q‾DμDνq∣N⟩\mathcal{S} \mathcal{T} \langle N| \overline{q} D_{\mu} D_{\nu} q |N \rangle based on recent experimental constraints

The symmetric and traceless part of the matrix element $\mathcal{S} \mathcal{T} \langle N| \overline{q} D_{\mu} D_{\nu} q |N \rangle$ can be determined from the second moment of the twist-3 parton distribution function $e(x)$. Recently, novel experimental data on $e(x)$ have become available, which enables us to evaluate the magnitude of the above matrix element with considerably reduced systematic uncertainties. Based on the new experimental data, we show that $\mathcal{S} \mathcal{T} \langle N| \overline{q} D_{\mu} D_{\nu} q |N \rangle$ is likely to be at least an order of magnitude smaller than what previous model-based estimates have so far suggested. We discuss the consequences of this observation for the analysis of deep inelastic scattering and QCD sum rules studies at finite density for the vector meson and the nucleon, in which this matrix element is being used as an input parameter.Comment: 22 pages, 4 figures, 4 tables; published versio

Microspinning: Local Surface Mixing via Rotation of Magnetic Microparticles for Efficient Small-Volume Bioassays

The need for high-throughput screening has led to the miniaturization of the reaction volume of the chamber in bioassays. As the reactor gets smaller, surface tension dominates the gravitational or inertial force, and mixing efficiency decreases in small-scale reactions. Because passive mixing by simple diffusion in tens of microliter-scale volumes takes a long time, active mixing is needed. Here, we report an efficient micromixing method using magnetically rotating microparticles with patterned magnetization induced by magnetic nanoparticle chains. Because the microparticles have magnetization patterning due to fabrication with magnetic nanoparticle chains, the microparticles can rotate along the external rotating magnetic field, causing micromixing. We validated the reaction efficiency by comparing this micromixing method with other mixing methods such as simple diffusion and the use of a rocking shaker at various working volumes. This method has the potential to be widely utilized in suspension assay technology as an efficient mixing strategy