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Dual-Class Stock Splits and Liquidity
Joonghyuk Kim,Ji-Chai Lin,Ajai Singh,Wen Yu 한국재무학회 2008 한국재무학회 학술대회 Vol.2008 No.11
We examine liquidity effects of dual-class stock splits that change firms’ ownership structure from one share one vote to two classes with disparate voting rights. Following dual-class splits, effective spreads, price impacts, and order execution difficulty increase and the investor base decreases significantly for both superior- and inferior-voting shares. In contrast, following a matched sample of regular splits, the investor base increases and order execution improves significantly. Pursuant to the adoption of extreme form of corporate governance and weakened shareholder rights, and consistent with the implied effects of a deteriorating information environment, we find that dual-class splits adversely affect stock liquidity.
In vivo Distribution and quantitative analyses of hyaluronic acid nanoparticles in mice
Jung-Min Yon,Chunmei Lin,A Young Jung,Jong Geol Lee,Jung Ki Youn,Hee Youl Chai,Hyeong Jin Ji,Young-Don Hong,Ki Young Choi,Kwangmeyung Kim,Beom Jun Lee,Young Won Yun,Sang Yoon Nam 한국실험동물학회 2010 한국실험동물학회 학술발표대회 논문집 Vol.2010 No.8
Corporate Governance and Analyst Behavior: Evidence from an Emerging Market
Vivian W. Tai,Ji-Chai Lin 한국증권학회 2013 Asia-Pacific Journal of Financial Studies Vol.42 No.2
This study examines how analysts would recommend poorly governed firms to their clients in an emerging market where information asymmetry tends to be high and shareholder rights are not well protected by legal systems. Given that analysts have incentives to access managers and to help their brokerage houses win investment banking deals, we hypothesize that poor corporate governance reveals a firm’s preference for upward-bias recommendations, while good corporate governance reveals its preference for more accurate information, and that analysts are inclined to give what the firm prefers. We examine 55 652 recommendations on firms listed on the Taiwan Stock Exchange and find evidence consistent with our hypothesis. Our study implies that analysts’ buy recommendations on firms with poorer corporate governance are less reliable. Furthermore, improving corporate governance not only can reduce agency problems within firms, but can also enhance information quality produced by analysts and reduce information risk faced by investors.
Xuechen Rao,Lanxiang Liu,Haiyang Wang,Ying Yu,Wenxia Li,Tingjia Chai,Wei Zhou,Ping Ji,Jin-Lin Song,Hong Wei,Peng Xie 한국뇌신경과학회 2021 Experimental Neurobiology Vol.30 No.1
An increasing number of studies have recently indicated the important effects of gut microbes on various functions of the central nervous system. However, the underlying mechanisms by which gut microbiota regulate brain functions and behavioral phenotypes remain largely unknown. We therefore used isobaric tags for relative and absolute quantitation (iTRAQ)-based quantitative proteomic analysis to obtain proteomic profiles of the hippocampus in germ-free (GF), colonized GF, and specific pathogen-free (SPF) mice. We then integrated the resulting proteomic data with previously reported mRNA microarray data, to further explore the effects of gut microbes on host brain functions. We identified that 61 proteins were upregulated and 242 proteins were downregulated in GF mice compared with SPF mice. Of these, 124 proteins were significantly restored following gut microbiota colonization. Bioinformatic analysis of these significant proteins indicated that the glucocorticoid receptor signaling pathway and inflammation-related pathways were the most enriched disrupted pathways. This study provides new insights into the pathological mechanisms of gut microbiota-regulated diseases.