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

Side-View Operando Optical Microscopy Analysis of a Graphite Anode to Study Its Kinetic Hysteresis

Operando analyses have provided several breakthroughs in the construction of high-performance materials and devices, including energy storage systems. However, despite the advances in electrode engineering, the formidable issues of lithium intercalation and deintercalation kinetics cannot be investigated by using planar observations. This study concerns side-view operando observation by optical microscopy of a graphite anode based on its color changes during electrochemical lithiation. Since the graphite color varies according to the optical energy gap during lithiation and delithiation, this technique can be used to study the corresponding charge-discharge kinetics. In addition, the cell configuration uses liquid electrolytes similar to commercial cells, allowing practical application. Furthermore, this side-view observation has shown that microscale spatial variations in rate and composition control the insertion and deinsertion, revealing the kinetics throughout the whole electrode. The results of this study could enhance the fundamental understanding of the kinetics of battery materials

Optimal Gaussian measurements for phase estimation in single-mode Gaussian metrology

The central issue in quantum parameter estimation is to find out the optimal measurement setup that leads to the ultimate lower bound of an estimation error. We address here a question of whether a Gaussian measurement scheme can achieve the ultimate bound for phase estimation in single-mode Gaussian metrology that exploits single-mode Gaussian probe states in a Gaussian environment. We identify three types of optimal Gaussian measurement setups yielding the maximal Fisher information depending on displacement, squeezing, and thermalization of the probe state. We show that the homodyne measurement attains the ultimate bound for both displaced thermal probe states and squeezed vacuum probe states, whereas for the other single-mode Gaussian probe states, the optimized Gaussian measurement cannot be the optimal setup, although they are sometimes nearly optimal. We then demonstrate that the measurement on the basis of the product quadrature operators XP+PX, i.e., a non-Gaussian measurement, is required to be fully optimal.Comment: 13 pages, 6 figure