The Effect Of Internal Capital Market Of Korean Large Business Groups On Investment Efficiency

This study examines whether the effect of funding through internal capital markets on investment efficiency is differentiated by the incentives of controlling shareholders as measured by the divergence between cash flow rights and voting rights of controlling shareholders (hereafter, wedge). To empirically analyze hypotheses of this study, 1,189 firm-year observations were collected from Korean firms listed on the Korea Composite Stock Price Index (KOSPI) belonging to a large business group designated by the Korea Fair Trade Commission over the period from 2005 to 2012. The results of the analysis are as follows. First, we find that the magnitude of internal funding, as measured by total payables to the related parties, is positively (+) associated with investment inefficiency. Second, the interaction variables of total payables to the related parties and the wedge have a significant positive (+) effect on investment inefficiency. In other words, the deterioration of investment efficiency due to the increase in total payables to the related parties was mainly caused by firms with a big wedge. This result suggests that the effect of internal capital markets on investment efficiency of large business groups may be differentiated by the wedge that is proxy of the controlling shareholder’s incentive. This study provides additional evidence on previous studies on the investment efficiency of large business groups by considering both the internal capital market and incentives for funding using the internal capital market, which are important factors affecting the investment of large corporate groups. Also, the results of this study are expected to provide implications for the regulatory policy of large business groups which have recently become an issue in Korea

Acupuncture Muscle Channel in the Subcutaneous Layer of Rat Skin

AbstractUsing a mixed-dye injection technique, we found a novel kind of muscle fiber with a lumen, established its precise location in the subcutaneous muscle layer along the acupuncture muscle of the bladder line, and determined its detailed ultrastructure. The channels with flowing liquid were a novel kind of muscle fibers with lumens and they were located in the subcutaneous muscle layer of rat. Their detection was realized by using chrome-hematoxylin and a mixture of fluorescent nanoparticles and commercial Pelikan ink. These acupuncture muscle channels were hidden among the neighboring skin skeletal muscle fibers and were barely distinguishable from them with light microscopes. Only with a transmission electron microscope were their characteristic features shown to be different from normal skin skeletal muscle. These features included undifferentiated muscle fibers that resembled immature myofibrils without Z-lines and reassembled telophase nuclei

In situ electrochemical surface modification for high-voltage LiCoO2 in lithium ion batteries

High-voltage LiCoO2 has been revisited to improve the energy density of lithium ion batteries. LiCoO2 can deliver the reversible capacity of about 200 mA h g(-1) when the upper cut-off voltage increases to 4.55 V (vs. Li/Li+). However, the high upper cut-off voltage causes the severe failures of LiCoO2 such as structural degradation, electrolyte decomposition, and Co dissolution. Various surface-modified LiCoO2 materials have been introduced to suppress electrolyte decomposition and Co dissolution, thereby leading to the improved electrochemical performance. Most of the coated LiCoO2 materials are obtained through a conventional coating process such as sol-gel synthesis, which is complex and high-cost. In this paper, the in situ electrochemical coating method is introduced as a simple and low-cost coating process, where the electrolyte additive of Mg salts is electrochemically decomposed to form a MgF2-based coating layer on the LiCoO2 surface. LiCoO2 electrochemically coated with MgF2 suppresses Co dissolution in electrolytes, resulting in excellent electrochemical performance such as high reversible capacity of 198 mA h g(-1) and stable cycle performance over 100 cycles in the voltage range between 3 and 4.55 V (vs. Li/Li+) at 45 degrees C. The formation mechanism of MgF2 is also demonstrated through ex situ XPS and XANES analyses.

Three-Dimensional Peri-Implant Tissue Changes in Immediately vs. Early Placed Tapered Implants Restored with Two Different Ceramic Materials—1 Year Results

Background: A prospective multi-center randomized controlled clinical trial was performed to digitally analyze tissue volume changes in immediately and early placed implants with simultaneous bone augmentation restored with two different all-ceramic materials. Methods: A total of 60 patients received 60 bone-level tapered implants (BLT, Straumann AG) immediately (n = 30) or early placed, 8–10 weeks after tooth extraction, (n = 30). Implants were restored with all-ceramic single crowns fabricated out of zirconia (Lava Plus, 3M), or lithium disilicate (E.max CAD, Ivoclar Vivadent AG) bonded to titanium base abutments (Variobase for Cerec, Straumann AG). Impressions were taken at baseline (BL), 6 and 12 months, and STL data were used to define an area of interest (AOI) to analyze peri-implant volume changes and midfacial recessions. Results: For immediate placement, a mean volume loss of −5.56 mm3 (±5.83 mm3) was found at 6 months, and of −6.62 mm3 (±6.56 mm3) at 12 months. For early placement, a mean volume loss of −1.99 mm3 (±5.82 mm3) at 6 months, and of −3.7 mm3 (±5.62 mm3) at 12 months was found. The differences in volume loss at 12 months between the two implant placement protocols were significant (p = 0.005). In both groups, mean midfacial recessions of 0.48 mm (±0.52) occurred. Conclusions: A more pronounced peri-implant volume loss can be expected 12 months after immediate implant placement compared with early placement

Structured multicategory support vector machines with analysis of variance decomposition

The support vector machine has been a popular choice of classification method for many applications in machine learning. While it often outperforms other methods in terms of classification accuracy, the implicit nature of its solution renders the support vector machine less attractive in providing insights into the relationship between covariates and classes. Use of structured kernels can remedy the drawback. Borrowing the flexible model-building idea of functional analysis of variance decomposition, we consider multicategory support vector machines with analysis of variance kernels in this paper. An additional penalty is imposed on the sum of weights of functional subspaces, which encourages a sparse representation of the solution. Incorporation of the additional penalty enhances the interpretability of a resulting classifier with often improved accuracy. The proposed method is demonstrated through simulation studies and an application to real data. Copyright 2006, Oxford University Press.

Internal morphologies of diblock copolymer nanorods fabricated from regular and irregular pores of anodized aluminum oxide templates

Internal nanostructures in nanorods of polystyrene-poly(4-vinyl pyridine) (PS-PVP) diblock copolymers fabricated from pores having regular or irregular contours in AAO templates were investigated by cross-sectional transmission electron microscopy. When nanorods of PS-PVP copolymers were produced from pores with regular contours, a typical morphology of concentric cylinders was observed due to the strong affinity of the PVP block to the surface of the AAO pores. In the case of PS-PVP nanorods obtained from pores with irregular contours, a concentric cylindrical morphology was not induced. Instead, a nanostructure of lamellae mostly parallel to the axis of the nanorods was observed with a similar period of lamellae to the bulk lamellar period. In addition, nanorods having a functional coaxial nanostructure were fabricated by synthesizing Au nanoparticles in concentric cylinders of the nanorods to demonstrate the utilization of self-assembled internal nanostructures in nanorods.The authors thank the NANO Systems Institute-National Core Research Center (NSI-NCRC) Program of Korea Science and Engineering Foundation (KOSEF) for the support