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- 저자 : Yuchuan Yang (검색결과 2 건)
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Ahn, Ok hwa,Yang, Yuchuan 한국재무학회 2007 한국재무학회 학술대회 Vol.2007 No.05
We provide empirical evidence on how cross-border acquisitions from the perspective of an foreigner acquirer differ from domestic transactions, based on stock and operating performance measures. We analyze the shareholder wealth effects of 663 domestic and international acquisitions announced by Chinese corporations between 1993 and 2006. We find some difference between national and cross-border mergers. We find that foreign acquirers experience significantly higher stock and operating performance than for domestic transactions. Higher target gains for cross-border transactions are consistent with the acquirer's ability to correctly value or capture synergies in cross-border takeovers. We also analyze the role of corporate governance in cross- border acquisitions. Consistent with our hypothesis, we find that for cross-border acquisitions, the abnormal returns to the target firm stockholders are increasing in the ownership of the state and entrepreneur. However, we find that takeover premiums are decreasing in the domestic acquirer’s with the increasing of the state owned shares. This result suggests that foreign acquirers have to compensate target firm shareholders for exposing them to worse corporate governance regimes. These results suggest that corporate governance practices have valuation effects. We also examine the sources of wealth gains in Chinese targets of foreign acquirers. We find that exchange and taxes are important in justifying the target premium in foreign takeovers than in domestic takeovers. Taken together, our results suggest that the realization of synergy is the main motive behind foreign takeovers. A probit analysis suggests that takeovers of foreign firms less likely to make deals in which shareholders have positive change in ROE. How ever, interestingly, the dummy for B Shares or H shares is positively related with domestic takeover premium, indicate that the financial transparency and adequate information disclosure are crucial in transition economies.
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Liu Xiao,Yuhao Li,Ruiman Geng,Lihong Chen,Peng Yang,Mingyu Li,Xia Luo,Yuchuan Yang,Lin Li,Huawei Cai 한국생체재료학회 2023 생체재료학회지 Vol.27 No.00
Background Transarterial radioembolization (TARE) with 90Y-labeled glass and resin microspheres is one of the primary treatment strategies for advanced-stage primary and metastatic hepatocellular carcinoma (HCC). However, difficulties of real-time monitoring post administration and embolic hypoxia influence treatment prognosis. In this study, we developed a new biodegradable polymer microsphere that can simultaneously load 177Lu and MgO nanoparticle, and evaluated the TARE therapeutic efficacy and biosafety of 177Lu-PDA-CS-MgO microspheres for HCC treatment. Methods Chitosan microspheres were synthesized through emulsification crosslink reaction and then conducted surface modification with polydopamine (PDA). The 177Lu and nano MgO were conjugated to microspheres using active chemical groups of PDA. The characteristics of radionuclide loading efficiency, biodegradability, blood compatibility, and anti-tumor effectwere evaluated both in vitro and in vivo. SPECT/CT imaging was performed to monitor bio-distribution and bio-stability of 177Lu-PDA-CS-MgO after TARE treatment. The survival duration of each rat was monitored. HE analysis, TUNEL analysis, immunohistochemical analysis, and western blot analysis were conducted to explore the anti-tumor effect and mechanism of composited microspheres. Body weight, liver function, blood routine examination were monitored at different time points to evaluate the bio-safety of microspheres. Results The composite 177Lu-PDA-CS-MgO microsphere indicated satisfactory degradability, biocompatibility, radionuclide loading efficiency and radiochemical stability in vitro. Cellular evaluation showed that 177Lu-PDA-CS-MgO had significant anti-tumor effect and blocked tumor cell cycles in S phase. Surgical TARE treatment with 177Lu-PDACS- MgO significantly prolonged the medial survival time from 49 d to 105 d, and effectively inhibited primary tumor growth and small metastases spreading. Moreover, these microspheres indicated ideal in vivo stability and allowed real-time SPECT/CT monitoring for up to 8 weeks. Immunostaining and immunoblotting results also confirmed that 177Lu-PDA-CS-MgO had potential in suppressing tumor invasion and angiogenesis, and improved embolic hypoxia in HCC tissues. Further evaluations of body weight, blood test, and pathological analysis indicated good biosafety of 177Lu-PDA-CS-MgO microspheres in vivo. Conclusion Our study demonstrated that 177Lu-PDA-CS-MgO microsphere hold great potential as interventional brachytherapy candidate for HCC therapy. Graphical Abstract Polymer composite microspheres loading 177Lu radionuclide and MgO nanoparticles for interventional radioembolization therapy and real-time SPECT imaging of hepatic cancer.
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