Control of lipid oxidation in cooked ground beef with water and salts*

The effects of exogenous water and salts on lipid oxidation in ground beef were determined. Deionized water, salts, or both, were added to treatment samples. Salts used were sodium chloride, potassium chloride and sodium sulphate, all at 3% concentration. The Thiobarbituric acid (TBA) test was used to assess lipid oxidation. Addition of water at a 10% or 20% level had no effect on rancidity. Sodium chloride and potassium chloride reduced TBA numbers. Adding water to those samples containing potassium chloride and sodium sulphate raised moisture content.     

Uncertainty,Incentives, and Misallocation

This paper identifies a new propagation mechanism by which the effects of business cycle shocks amplify in the context of the dynamic stochastic general equilibrium framework. Business cycle shocks, such as heightened uncertainty, and positive monetary shocks endogenously magnify the cross-sectional dispersion in idiosyncratic productivity. This induces entrepreneurs, who have asset substitution incentive, to distort the quality of an investment project, which amplifies the response of investment and output. Moreover, lenders reallocate credit from firms with a high marginal product of capital, in which the asset substitution problem is more prevalent, to firms with a low marginal product of capital, which in turn further depresses aggregate economic activities. A policy that subsidizes lenders to firms with a high marginal product during a recession improves the allocation of loans. Empirical evidence from the NBER-CES Manufacturing Industry Database provides support for the model's predictions.     

Business Groups and Tunneling: Evidence from Private Securities Offerings by Korean Chaebols

We examine whether equity‐linked private securities offerings are used as a mechanism for tunneling among firms that belong to a Korean chaebol. We find that chaebol issuers involved in intragroup deals set the offering prices to benefit their controlling shareholders. We also find that chaebol issuers (member acquirers) realize an 8.8% (5.8%) higher (lower) announcement return than do other types of issuers (acquirers) if they sell private securities at a premium to other member firms, and if the controlling shareholders receive positive net gains from equity ownership in issuers and acquirers. These results are consistent with tunneling within business groups.     

COMPARATIVE ANALYSIS OF PLANT DYNAMICS BY SIZE: KOREAN MANUFACTURING

A comparative analysis on Korean manufacturing plants is performed by size of plants and sources of TFP growth are decomposed into entry, exit, and survival effects of plants, focusing on the pre- and post-crisis periods. Additional survival analyses investigate internal and external determinants of the survival of plants. The results indicate that the exit of small- and medium-sized establishments (SMEs) with higher productivity is becoming problematic in the post-crisis period. The improvements in large-scale establishments (LSEs) after the crisis appeared to occur generally in high-technology industrial sectors; SMEs in low-technology industries are suffering from a sluggish market selection process.