TAK1-dependent autophagy: A suppressor of fatty liver disease and hepatic oncogenesis.

In addition to regulating the activation of nuclear factor (NF)-κB and c-Jun N-terminal kinase (JNK), TGF-β activated kinase 1 (TAK1) also upregulates the activation of AMP-activated protein kinase (AMPK) and autophagy. In the liver, TAK1-mediated autophagy plays a role in preventing excessive lipid accumulation induced by starvation and fat overload. TAK1-mediated autophagy and inhibition of mechanistic target of rapamycin complex 1 (mTORC1) prevent liver fibrosis and tumor development

Pyramid Business Groups in East Asia: Insurance or Tunneling?

A business group with a pyramid ownership structure is a prevalent form in developing countries. I show that the propping up function of pyramid groups exists only in countries without good investor protection where minority shareholders could be expropriated with low cost. A pyramid business group is not insurance mechanism for all group firms. My predictions are supported by the data on East Asian firms in 1990s. Additionally, I find that the pyramid ownership does not affect the valuation of non-distressed firms. This might be the reason that the outsider invested in the group bottom firms before the Asian Crisis.Pyramid ownership, Business group, Tunneling, Investor Protection