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.

Physical Properties of the Transiting Planetary System TrES-3

We present four new transits of the planetary system TrES-3 observed between 2009 May and 2010 June. Among these, the third transit by itself indicates possible evidence for brightness disturbance, which might be the result of the planet blocking a cool starspot on the stellar surface. A total of 109 transit times, including our measurements, were used to determine the improved ephemeris with a transit epoch of 2454185.910944$\pm$0.000072 HJED and an orbital period of 1.30618700$\pm$0.00000015 d. We analyzed the transit light curves using the JKTEBOP code and adopting the quadratic limb-darkening law. In order to derive the physical properties of the TrES-3 system, the transit parameters are combined with the empirical relations from eclipsing binary stars and stellar evolutionary models. The stellar mass and radius obtained from a calibration using $T_A$, log $\rho_{\rm A}$ and [Fe/H] are consistent with those from the isochrone analysis. We found that the exoplanet TrES-3b has a mass of 1.93$\pm$0.07 M$_{\rm Jup}$, a radius of 1.30$\pm$0.04 R$_{\rm Jup}$, a surface gravity of log $g_{\rm b}$=3.45$\pm$0.02, a density of 0.82$\pm$0.06 $\rho_{\rm Jup}$, and an equilibrium temperature of 1641$\pm$23 K. The results are in good agreement with theoretical models for gas giant planets.Comment: 15 pages, including 4 figures and 4 tables, accepted for publication in PAS

Expression of PD-L1 in triple-negative breast cancer based on different immunohistochemical antibodies

Additional file 1. Additional Tables, Tables S1–S4

Initial Experiences with Proton MR Spectroscopy in Treatment Monitoring of Mitochondrial Encephalopathy

PURPOSE: Mitochondrial encephalopathy (ME) is a rare disorder of energy metabolism. The disease course can roughly be evaluated by clinical findings. The purpose of this study was to evaluate metabolic spectral changes using proton MR spectroscopy (MRS), and to establish a way to monitor ME by neuroimaging. MATERIALS AND METHODS: Proton MRS data were retrospectively reviewed in 12 patients with muscle biopsy-confirmed ME (M : F = 7 : 5, Mean age = 4.8 years). All received 1H-MRS initially and also after a ketogenic diet and mitochondrial disease treatment cocktail (follow up average was 10.2 months). Changes of N-acetylaspartate/ creatine (NAA/Cr) ratio, choline/creatine (Cho/Cr) ratio, and lactate peak in basal ganglia at 1.2 ppm were evaluated before and after treatment. Findings on conventional T2 weighted MR images were also evaluated. RESULTS: On conventional MRI, increased basal ganglia T2 signal intensity was the most common finding with ME (n = 9, 75%), followed by diffuse cerebral atrophy (n = 8, 67%), T2 hyperintense lesions at pons and midbrain (n = 4, 33%), and brain atrophy (n = 2, 17%). Lactate peak was found in 4 patients; 2 had disappearance of the peak on follow up MRS. Quantitative analysis showed relative decrease of Cho/Cr ratio on follow up MRS (p = 0.0058, paired t-test, two-tailed). There was no significant change in NAA/Cr ratio. CONCLUSION: MRS is a useful tool for monitoring disease progression or improvement in ME, and decrease or disappearance of lactate peak and reduction of Cho/Cr fraction were correlated well with improvement of clinical symptoms.ope