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1
Pickering, Steve, Seiki Tanaka, and Kyohei Yamada. "THE IMPACT OF MUNICIPAL MERGERS ON LOCAL PUBLIC SPENDING: EVIDENCE FROM REMOTE-SENSING DATA." Journal of East Asian Studies 20, no. 2 (April 3, 2020): 243–66. http://dx.doi.org/10.1017/jea.2020.1.
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AbstractHow are resources distributed when administrative units merge? We take advantage of recent, large-scale municipal mergers in Japan to systematically study the impact of municipal mergers within merged municipalities and, in particular, what politicians do when their districts and constituencies suddenly change. We argue that when rural and sparsely populated municipalities merge with more urban and densely populated municipalities, residents of the former are likely to see a reduced share of public spending because they lost political leverage through the merger. Our empirical analyses detect changes in public spending before and after the municipal mergers with remote sensing data, which allows for flexible units of analysis and enables us to proxy for spending within merged municipalities. Overall, our results show that politicians tend to reduce benefits allocated to areas where there are a small number of voters, while increasing the allocation to more populous areas. The micro-foundation of our argument is also corroborated by survey data. The finding suggests that, all things being equal, the quantity rather than quality of electorates matters for politicians immediately after political units change.
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Putri Rahmaty Alimun, Andris Kasim, and Alfiresi Mamonto. "Analisis Kinerja Keuangan Bank Syariah Sebelum dan Setelah Merger dilihat dari Rasio Profitabilitas, Likuiditas dan Aktivitas." Mutanaqishah: Journal of Islamic Banking 2, no. 1 (June 30, 2022): 10–20. http://dx.doi.org/10.54045/mutanaqishah.v2i1.208.
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Mergers can be one of the steps taken by Islamic banking in terms of accelerating the development and growth of Islamic banks in Indonesia. This can be seen from several companies that have merged and brought changes to the company for the better. Thus, BUMN took the decision to merge 3 state-owned banks in order to grow rapidly. This study aims to see whether there is a comparison between before and after the merger. It is seen based on the ratio of profitability, liability, and activity. After calculating these ratios, it can be seen that the profitability and liability ratios change every quarter after the merger is carried out, while for company activities the changes are not very visible because the time the merger is carried out is only one year running.
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Watakah, Lilian N. "Mergers and Acquisition and Financial Performance of Insurance Companies." Journal of Finance and Accounting 6, no. 3 (September 21, 2022): 119–39. http://dx.doi.org/10.53819/81018102t4071.
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The purpose of this study was to determine the effect of mergers and acquisition on financial performance of insurance companies in Kenya. The specific objectives were; determine effect of marketing networks, investigate effect of product merger, determine effect of asset merger and to assess the effect of price merger on financial performance of insurance companies in Kenya. The study design was panel design targeting11 insurance companies that had undergone merger and acquisition for the period 2000-2020. Secondary data covering the years 2000 to 2020 was collected for the study. The pre and post M&A performance ratios was compared to see if there was any statistically significant change in performance of the insurance companies before and after M&A using panel regression analysis. The findings revealed that marketing network, product merger, asset merger and price merger were able to contribute to 33.05% of the effects of mergers and acquisition on the financial performance of insurance firms in Kenya pre- merger/acquisition. However, the four independent variables were able to explain 53.11percent of the variation in financial performance of merged/acquired insurance companies in Kenya. The regression analysis results pre-merger revealed that there was a positive and significant relationship between marketing network and financial performance (β =.1240957, p=0.009), product merger had positive but insignificant influence on financial performance (β =.0082009, p=0.207), asset merger had positive and significant effect on financial performance (β =.012258, p=0.048), log of price merger had positive, but insignificant effect on financial performance (β =.0006586, p=0.978). However, post mergers results revealed that there was a positive and significant relationship between marketing network and financial performance of insurance companies in Kenya (β =.282855, p=0.000), product merger had positive but insignificant influence on financial performance post-merger (β =.0100136, p=0.199), asset merger had positive and significant effect on financial performance (β =.0179906, p=0.013), the log of price merger had positive, and significant effect on financial performance (β =.0013557, p=0.978).The study concludes that post-merger financial performance was higher than pre-merger financial performance indicating that that merged/acquired insurance firms had improved financial performance. The study thus recommended that for insurance firms seeking to improve on their financial performance, a merger/acquisition would be one of the options to consider. Keywords: Mergers, Acquisition, Marketing networks, Product merger, Asset merger, Price merger, Financial performance.
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Yaghoubi, Reza, Mona Yaghoubi, Stuart Locke, and Jenny Gibb. "Mergers and acquisitions: a review. Part 1." Studies in Economics and Finance 33, no. 1 (March 7, 2016): 147–88. http://dx.doi.org/10.1108/sef-03-2015-0078.
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Purpose – This paper aims to review the relevant literature on mergers and acquisitions in an attempt to provide a comprehensive account of what we know about mergers and which parts of the puzzle are still incomplete. Design/methodology/approach – This literature review consists of three key sections. The first part of this paper summarises the literature on the cyclical nature of mergers referred to in the literature as merger waves. The second section reviews the causes and consequences of takeovers; it first reviews the causes, or drivers, of acquisitions, while focusing on the fact that acquisitions happen in waves and then reviews the consequences of takeovers, with a predominant focus on the impacts of mergers on the economic performance of acquirers. The third part of the review summarises the theories as well as previous empirical studies on determinants of announcement returns and post-acquisition performance of combined firms. Findings – Merger activity demonstrates a wavy pattern, i.e. mergers are clustered in industries through time. The causes suggested for this fluctuating pattern include industry and economy-level shocks, mis-valuation and managerial herding. Market reaction to announcement of acquisitions is, on average, slightly negative for acquirer stocks and significantly positive for target stocks. The combined abnormal return is positive. These findings have been consistent over several decades of investigation. The prior research also identifies a number of factors that are related to performance of acquisitions. These factors are categorised and reviewed in five different groups: acquirer characteristics, target characteristics, bid characteristics, industry characteristics and macro-environment characteristics. Originality/value – This review illustrates a number of issues. Prior research is heavily biased towards gains to acquirers and factors that affect these gains. It is also biased towards finding sources of value creation through mergers, despite the fact that several theories suggest that mergers can be value-destroying. In fact, value destruction is often attributed to managers’ self-interest (agency problem) and mistakes (hubris). However, the mechanisms through which mergers destroy value are rarely addressed. Aside from that, the possibility of simultaneous creation and destruction of value in acquisitions is not often considered. Finally, after several decades of investigation, a key question is not completely answered yet: “What are the sources of value in mergers and acquisitions?”
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Yaghoubi, Reza, Mona Yaghoubi, Stuart Locke, and Jenny Gibb. "Mergers and acquisitions: a review (part 2)." Studies in Economics and Finance 33, no. 3 (August 1, 2016): 437–64. http://dx.doi.org/10.1108/sef-07-2015-0165.
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Purpose This paper aims to review the relevant literature on mergers and acquisitions in an attempt to provide a comprehensive account of what we know about mergers and which parts of the puzzle are still incomplete. Design/methodology/approach This literature review consists of three key sections. The first part of this paper summarises the literature on the cyclical nature of mergers referred to in the literature as merger waves. The second section reviews the causes and consequences of takeovers; it first reviews the causes, or drivers, of acquisitions, while focusing on the fact that acquisitions happen in waves and then reviews the consequences of takeovers, with a predominant focus on the impacts of mergers on the economic performance of acquirers. The third part of the review summarises the theories, as well as previous empirical studies, on determinants of announcement returns and post-acquisition performance of combined firms. Findings Merger activity demonstrates a wavy pattern, i.e. mergers are clustered in industries through time. The causes suggested for this fluctuating pattern include industry- and economy-level shocks, mis-valuation and managerial herding. Market reaction to announcement of acquisitions is, on average, slightly negative for acquirer stocks and significantly positive for target stocks. The combined abnormal return is positive. These findings have been consistent over several decades of investigation. Prior research also identifies a number of factors that are related to performance of acquisitions. These factors are categorised and reviewed in five different groups: acquirer characteristics, target characteristics, bid characteristics, industry characteristics and macro-environment characteristics. Originality/value This review illustrates a number of issues. Prior research is heavily biased towards gains to acquirers and factors that affect these gains. It is also biased towards finding sources of value creation through mergers despite the fact that several theories suggest that mergers can be value-destroying. In fact, value destruction is often attributed to managers’ self-interest (agency problem) and mistakes (hubris). However, the mechanisms through which mergers destroy value are rarely addressed. Aside from that, the possibility of simultaneous creation and destruction of value in acquisitions is not often considered. Finally, after several decades of investigation, a key question is not completely answered yet: “What are the sources of value in mergers and acquisitions?”
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Jung, Jaemin. "How Magazines Covered Media Companies' Mergers: The Case of the Evolution of Time Inc." Journalism & Mass Communication Quarterly 79, no. 3 (September 2002): 681–96. http://dx.doi.org/10.1177/107769900207900309.
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This study examined how magazines covered media companies' mergers. Specifically, the coverage of three mergers involving Time Inc. was content-analyzed to see differences based on ownership and magazine type. The findings suggest that Time and Fortune favored their parent company in terms of valence or direction of coverage of the merger, emphasis on the company, and amount of coverage. Other results showed the difference in how mergers were framed by news magazines and business magazines.
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Haan, Sebastian, Jason Surace, Lee Armus, and Aaron Evans. "Probing the Build-Up of Stellar Mass in the Center of IR Luminous Major Mergers with HST." Proceedings of the International Astronomical Union 8, S295 (August 2012): 311. http://dx.doi.org/10.1017/s1743921313005139.
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AbstractInteractions and mergers are important drivers of galaxy evolution, transform spiral galaxies into massive ellipticals, and fuel both powerful starbursts and massive nuclear black holes. In particular one galaxy population, namely Luminous Infrared Galaxies (LIRGs), are believed to be responsible for most of the star formation that happened in the history of the universe (see e.g. Le Floch et al. 2005, Caputi et al. 2007, Magnelli et al. 2009), and hence represent a critical phase in the evolution of galaxies where most of the galaxies mass is building up. During a merger process, violent relaxation acts on stars present in gas-rich progenitor disks, while the centers are structured by the relics of dissipational, compact starbursts, imprinting a central “extra light” component or “cusp” into the surface brightness profiles of merger remnants. Our HST NICMOS/WFC3 imaging program of the 88 most luminous LIRGs in the Great Observatories Allsky LIRG Survey (GOALS, see Armus et al. 2009) shows that the central luminosity surface density in nearby LIRGs increases significantly along the merger sequence, indicating that the gas inflow fuels a central starburst and subsequently builds a compact stellar cusp (Haan et al. 2011). A large fraction of all galaxies in our sample possess double or multiple nuclei (~63%). Half of these double nuclei are not visible in the HST B-band images due to dust obscuration, which implies strong limitations on the ability to detect the true nuclear structures of luminous infrared galaxies at high-redshift (z >2) and may explain some of the apparent discrepancy of the LIRG population and merger ratio between local and high-redshift galaxies. We find that ULIRGs (log[LIR/L⊙] > 12.0) have significantly smaller nuclear separations than LIRGs (log[LIR/L⊙] = 11.4 — 12.0) with a median value of 1.2 kpc and 6.7 kpc, respectively. In our sample, merger (regardless of whether LIRG or ULIRG) seem to be prevalent at two time scales (based on the projected nuclear separation and mass ratio of the nuclei): First, at a remaining merger time scale of 0.3<[t-tmerg]<1.3 Gyr (53% of mergers in our sample), and second, at [t-tmerg]~ 0 (26%), likely representing the first passage of interacting galaxies and the final nuclear coalescence, respectively, with a post-merger time (starburst phase after the nuclei merged) of roughly 300 Myrs.
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Hotokezaka, Kenta, Paz Beniamini, and Tsvi Piran. "Neutron star mergers as sites of r-process nucleosynthesis and short gamma-ray bursts." International Journal of Modern Physics D 27, no. 13 (October 2018): 1842005. http://dx.doi.org/10.1142/s0218271818420051.
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Neutron star mergers have been long considered as promising sites of heavy [Formula: see text]-process nucleosynthesis. We overview the observational evidence supporting this scenario including: the total amount of [Formula: see text]-process elements in the galaxy, extreme metal-poor stars, geological radioactive elemental abundances, dwarf galaxies and short gamma-ray bursts (sGRBs). Recently, the advanced LIGO and Virgo observatories discovered a gravitational-wave signal of a neutron star merger, GW170817, as well as accompanying multi-wavelength electromagnetic (EM) counterparts. The ultra-violet, optical and near infrared (n/R) observations point to [Formula: see text]-process elements that have been synthesized in the merger ejecta. The rate and ejected mass inferred from GW170817 and the EM counterparts are consistent with other observations. We however, find that, within the simple one zone chemical evolution models (based on merger rates with reasonable delay time distributions as expected from evolutionary models, or from observations of sGRBs), it is difficult to reconcile the current observations of the Eu abundance history of galactic stars for [Fe/H] [Formula: see text]. This implies that to account for the role of mergers in the galactic chemical evolution, we need a galactic model with multiple populations that have different spatial distributions and/or varying formation rates.
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Peng, Chien Y. "What Do Statistics Reveal About the MBH–Mbulge Correlation and Co-Evolution?" Proceedings of the International Astronomical Union 5, S267 (August 2009): 161–71. http://dx.doi.org/10.1017/s1743921310006101.
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AbstractObservational data show that the correlation between the masses of supermassive black holes MBH and galaxy bulge masses Mbulge follows a nearly linear trend, and that the correlation is strongest with the bulge rather than the total stellar mass Mgal. With increasing redshift, the ratio Γ=MBH/Mbulge relative to z = 0 also seems to be larger for MBH≳108.5M⊙. This study looks more closely at statistics to see what effect it has on creating, and observing, the MBH–Mbulge correlation. It is possible to show that if galaxy merging statistics can drive the correlation, minor mergers are responsible for causing a convergence to linearity most evident at high masses, whereas major mergers have a central limit convergence that more strongly reduces the scatter. This statistical reasoning is agnostic about galaxy morphology. Therefore, combining statistical prediction (more major mergers ⟹ tighter correlation) with observations (bulges = tightest correlation), would lead one to conclude that more major mergers (throughout an entire merger tree, not just the primary branch) give rise to more prominent bulges. Lastly, with regard to controversial findings that Γ increases with redshift, this study shows why the luminosity function (LF) bias argument, taken correctly at face value, actually strengthens, rather than weakens, the findings. However, correcting for LF bias is unwarranted because the BH mass scale for quasars is bootstrapped to the MBH–σ* correlation in normal galaxies at z = 0, and quasar–quasar comparisons are mostly internally consistent. In Monte-Carlo simulations, high Γ galaxies are indeed present: they are statistical outliers (i.e., “under-merged”) that take longer to converge to linearity via minor mergers. Additional evidence that the galaxies are undermassive at z≳2 for their MBH is that the quasar hosts are very compact for their expected mass.
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Knapp, Morris, and Alan Gart. "Post-merger changes in bank credit risk: 1991-2006." Managerial Finance 40, no. 1 (January 7, 2014): 51–71. http://dx.doi.org/10.1108/mf-03-2013-0052.
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Purpose – This paper aims to examine the post-merger changes in the credit risk profile of merging bank holding companies and tests whether there is an increase in credit risk after a merger due to changes in the mix of loans in the portfolio. Design/methodology/approach – The authors use the expected variability of the credit risk of a loan portfolio based on the mix of loan types in the portfolio and the variability of the industry credit losses of each type following the standard Markowitz procedure for finding the standard deviation of an investment portfolio. The authors then test to see whether there has been a significant change in the expected variability (the credit risk profile) after a merger. Findings – The authors find that there are significant differences in both the level and variability of loan charge-offs and non-performing loans (NPL) among the various loan categories. The authors also find significant changes in the mix of loan categories in the loan portfolio after a merger. In addition, the authors find that the expected variability in both the charge-off rate and the NPL rate rises significantly after a merger. Research limitations/implications – This is the first of two papers looking at post-merger changes in credit risk based simply on the changes in the mix of loan types; it does not consider the actual post-merger credit performance of the specific mergers. That will be addressed in a subsequent paper. Practical implications – Financial analysts evaluating banking merger announcements may wish to include the impact of the likely shifts in loan mix and credit risk shown in this paper as they project the likely impact of the merger. Originality/value – This paper addresses an aspect of bank mergers that has not been addressed in the literature, the impact of mergers on credit risk. The results are likely to be useful to investors, financial analysts and regulators.
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Monti, Giorgio. "EU Merger Control After CK Telecoms UK Investments v. Commission." World Competition 43, Issue 4 (December 1, 2020): 447–72. http://dx.doi.org/10.54648/woco2020023.
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The General Court’s judgment in CK Telecoms is of major importance. On matters of substance, the Court explains for the first time how to apply the substantial impediment of effective competition (SIEC) test to mergers which do not create or strengthen a dominant position. The judgment calls into question certain aspects of the Horizontal Merger Guidelines. On matters of procedure, the Court sets out the standard of proof in merger control and reveals itself willing to examine the Commission decision in depth. However, it is argued that the Court’s disagreement with the decision is not always expressed convincingly. This episode reveals the need for the Commission to explain its theory of harm more clearly and the need for the General Court to explain its conclusions more fully. The legislator may see this episode as an occasion to consider the suitability of assessing mergers based on the application of ever more complex economic analysis. EU Merger Regulation, judicial review, SIEC test, close competitors, standard of proof, efficiency, telecommunications, more economic approach, UPP test, oligopoly.
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Qian, Yansong, Yumna Arshad, and Jo Bovy. "The structure of accreted stellar streams." Monthly Notices of the Royal Astronomical Society 511, no. 2 (January 29, 2022): 2339–48. http://dx.doi.org/10.1093/mnras/stac238.
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ABSTRACT Many of the Milky Way’s globular clusters are likely accreted from satellite galaxies that have long since merged with the Milky Way. When these globular clusters are susceptible to tidal disruption, this process likely starts already inside the parent satellite leading to an early stellar stream within the satellite. When the parent satellite merges with the Milky Way, the globular cluster and its pre-merger stellar stream are accreted in a somewhat chaotic process. Here, we investigate the properties of the accreted stream after the merger as we would see it today using a suite of simulations of accretion events. We find that the accretion process leads to a wide range of behaviours, but generally scatters the accreted stream over a wide, 2D area of the sky. The behaviour ranges from a set of a few or more well-defined ‘sub-streams’ extending out from the post-merger thin stream by tens of degrees to more widely dispersed debris over much of the sky, depending on how close to the centre of the Milky Way the merger happened. Using mock Gaia-like observations of the simulated streams, we demonstrate that an accreted-stream component can explain the off-track features observed in the GD-1 stream. Sub-streams can appear like thin tidal streams themselves that are seemingly unassociated with the post-merger stream, raising the possibility that some of the progenitor-less streams observed in the Milky Way are part of a single or a few accreted streams created in an ancient merger event.
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Goldman, I. "Generation and Implications of Post-Merger Turbulence in Clusters of Galaxies." Symposium - International Astronomical Union 188 (1998): 297–98. http://dx.doi.org/10.1017/s0074180900115220.
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Observations in X-ray and optical suggest that mergers of sub-clusters with galaxy clusters are quite common (for Coma see e.g., White et al. 1993; Colless & Dunn 1996; Ishizaka & Mineshige 1996). A merger leads to violent relaxation of the dissipationless dark matter resulting in a time-dependent gravitational potential. This in turn generates large-scale flows and shocks in the collisional baryonic intracluster gas (Takizawa & Mineshige 1997). Both the large scale flows and the shocks will excite turbulence in the gas. We focus here on turbulence generated by shocks, which is less dependent on the specifics of the merger. This paper is based on a more detailed work (Goldman 1997).
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Haig, Belinda, and Steven S. Sexton. "Primary students’ perceptions of good teachers." Set: Research Information for Teachers, no. 3 (November 1, 2014): 22–28. http://dx.doi.org/10.18296/set.0316.
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This article reports on a study of primary-aged students’ perceptions of what makes a good teacher for them. In 2012, as a result of a government directive, the three schools in this study merged into one but still operated across the three school sites. The focus of the study was on the students’ perceptions of their teachers, not the merger. Specifically, this study sought to include students’ self-reporting of how they saw good teachers and teaching. The results indicate that, for these students, the teacher–student relationship, two specific teacher attributes, and two sets of teaching ability characteristics were most important.
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Ainurrachma, Mirna, and Imron Mawardi. "REAKSI PASAR SAHAM TERHADAP MERGER BANK SYARIAH MILIK NEGARA." Jurnal Ekonomi Syariah Teori dan Terapan 9, no. 1 (January 30, 2022): 92. http://dx.doi.org/10.20473/vol9iss20221pp92-105.
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ABSTRAKPenelitian ini bertujuan mengetahui bagaimana reaksi pasar terhadap pengumuman merger bank syariah BUMN, yaitu BRI Syariah, Bank Syariah Mandiri, dan Bank BNI Syariah menjadi bank Syariah Indonesia, sehingga diketahui efisiensi pasarnya. Penelitian ini menggunakan pendekatan kuantitatif degan metode event study untuk meganalisis reaksi pasar terhadap suatu peristiwa. Ada atau tidak adanya reaksi pasar akan diukur melalui variabel abnormal return (AR) dan trading volume activity (TVA). Subyek penelitian ini adalah BRI Syariah (BRIS) yang merupakan existing company merger dan satu-satunya yang sudah listing di Bursa Efek Indonesia (BEI). Teknik analisis yang digunakan adalah Uji Paired Sample t-Test pada AR dan TVA. Hasil penelitian ini menunjukkan tidak terdapat perbedaan abnormal return yang signifikan sebelum dan sesudah pengumuman merger, namun signifikan pada TVA. Bagi investor, pengumuman merger direaksi oleh pasar secara positif, namun tidak berlebihan sehingga tidak memberikan abnormal return yang signifikan. Adanya keputusan merger membuat pasar saham lebih aktif yang ditandai dengan meningkatnya TVA. Lebih lanjut, adanya informasi merger perusahaan tidak selalu disertai dengan abnormal return. Maka dari itu, investor disarankan untuk tidak melakukan spekulasi berlebihan menghadapi informasi merger tersebut.Kata Kunci: Bank Syariah, Merger, Abnormal Return, Volume Perdagangan. ABSTRACTThis study aims to determine how the market reaction to the announcement of the merger of state-owned Islamic banks, namely BRI Syariah, Bank Syariah Mandiri, and Bank BNI Syariah to become Indonesian Islamic banks, so that market efficiency is known. This research uses a quantitative approach with the event study method to analyze the market reaction to an event. The presence or absence of market reaction will be measured through abnormal return (AR) and trading volume activity (TVA) variables. The subject of this research is BRI Syariah (BRIS) which is the existing company merger and the only one that has been listed on the Indonesia Stock Exchange (IDX). The analytical technique used is the Paired Sample t-Test on AR and TVA. The results of this study indicate that there is no significant difference in abnormal returns before and after the announcement of the merger, but it is significant for TVA. For investors, the market reacted positively to the announcement of the merger, but not excessively so that it did not provide a significant abnormal returns. The merger decision made the stock market more active, which was marked by an increase in TVA. Furthermore, information about company mergers is not always accompanied by abnormal returns. Therefore, investors are advised not to make excessive speculation regarding the merger information.Keywords: Bank Shariah, Merger, Abnormal Return, Trading Volume Activity. DAFTAR PUSTAKAAl Islami, M. A. F., & Mawardi, I. (2019). Analisis reaksi pasar terhadap pengumuman right issue (Studi kasus pada saham yang terdaftar di ISSI). Jurnal Ekonomi Syariah Teori Dan Terapan, 6(6), 1101–1113. https://doi.org/10.20473/vol6iss20196pp1101-1113Chhetri, S. D., & Baral, R. P. (2018). Event study of effect of merger announcement on stock price in Nepal. Journal of Business and Management, 5(1), 64–73. https://doi.org/10.3126/jbm.v5i0.27390Crouzille, C., Lepetit, L., & Bautista, C. (2008). How did the Asian stock markets rexct to bank mergers after the 1997 financial crisis? Pacific Economic Review, 13(2), 171–182. https://doi.org/10.1111/j.1468-0106.2008.00395.xDodd, P. (1980). Merger proposals, management discretion and stockholder wealth. Journal of Financial Economics, 8(2), 105–137. https://doi.org/10.1016/0304-405X(80)90014-8Jackson, L. A. (2015). Market reaction to bidder announcements of horizontal mergers in an oligopolistic industry: Evidence from the US airline industry. Tourism Economics, 21(6), 1255–1271. https://doi.org/10.5367/te.2014.0401Jayaraman, N., Frye, M. B., & Sabherwal, S. (2001). Informed trading around merger announcements: An empirical test using transaction volume and open interest in options market. Financial Review, 36(2), 45–74. https://doi.org/10.1111/j.1540Mackinlay, A. C. (1997). Event Studies in Economics and Finance. Journal of Economic Literature, 35(1), 13–39.Mcwilliams, A., & Siegel, D. (1997). Event studies in management research: Theoretical and empirical issues. Academy of Management Journal, 40(3), 626–657. https://doi.org/10.2307/2570566288.2001.tb00010.xMoin, A. (2004). Merger, akuisisi & divestasi. Yogyakarta: Ekonisia.OJK. (2020). Data dan statistik perbankan syariah. Retrieved from https://www.ojk.go.id/id/kanal/syariah/data-dan-statistik/statistik-perbankan-syariah/Default.aspxReddy, K., Qamar, M., & Yahanpath, N. (2019). Do mergers and acquisitions create value?: The post-M&A performance of acquiring firms in China and India. Studies in Economics and Finance, 36(2), 240–264. https://doi.org/10.1108/SEF-01-2018-0027Tandelilin, E. (2010). Portofolio dan investasi. Yogyakarta: Kanisius.
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Saez, M. M., K. J. Fushimi, M. E. Mosquera, and O. Civitarese. "Limits on active-sterile neutrino mixing parameters using heavy nuclei abundances." International Journal of Modern Physics E 30, no. 04 (April 2021): 2150028. http://dx.doi.org/10.1142/s0218301321500282.
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The production of heavy-mass elements due to the rapid neutron-capture mechanism ([Formula: see text]-process) is associated with astrophysical scenarios, such as supernovae and neutron-star mergers. In the [Formula: see text]-process the capture of neutrons is followed by [Formula: see text]-decays until nuclear stability is reached. A key element in the chain of nuclear weak-decays leading to the production of isotopes may be the change of the parameters controlling the neutrino sector, due to the mixing of active and sterile species. In this work, we have addressed this question and calculated [Formula: see text]-decay rates for the nuclei involved in the [Formula: see text]-process chains as a function of the neutrino mixing parameters. These rates are then used in the calculation of the abundance of the heavy elements produced in core-collapse supernova and in neutron-star mergers, starting from different initial mass-fraction distributions. The analysis shows that the core-collapse supernova environment contributes with approximately [Formula: see text] of the total heavy nuclei abundance while the neutron-star merger contributes with about [Formula: see text] of it. Using available experimental data we have performed a statistical analysis to set limits on the active-sterile neutrino mixing angle and found a best-fit value [Formula: see text], a value comparable with those found in other studies reported in the literature.
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Deasy, Geoffrey. "European Union Competition Law Developments in the Aviation Sector: January to June 2019." Air and Space Law 44, Issue 6 (November 1, 2019): 499–518. http://dx.doi.org/10.54648/aila2019032.
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The first half of 2019 has been dominated by the significant number of mergers being decided with no less than 6/7 mergers having been approved by the European Commission (‘Commission ’) in the six-month period. Interestingly, the commitments offered in three previous merger cases have been revisited, and while it would appear novel that the Commission released Air France Koninklijke Luchtvaart Maatschappij N.V. (KLM) from the commitment on one long-haul city pair, the Commission noting that parallel commitments given in the transatlantic joint venture (JV) antitrust case would enable the Commission to review the functioning of the market in the period 2020–2025. The other merger case worth noting is the CityJet/Aer Lingus wet lease arrangement. It was looked at from a merger perspective and where with the UK’s Competition and Markets Authority (‘CMA ’) considering the ‘exiting firm’ strategy and it cleared the transaction on that basis. The first half of 2019 has been dominated by the significant number of mergers being decided with no less than 6/7 mergers having been approved by the European Commission (‘Commission’) in the six-month period. Interestingly, the commitments offered in three previous merger cases have been revisited, and while it would appear novel that the Commission released Air France Koninklijke Luchtvaart Maatschappij N.V. (KLM) from the commitment on one long-haul city pair, the Commission noting that parallel commitments given in the transatlantic joint venture (JV) antitrust case would enable the Commission to review the functioning of the market in the period 2020–2025. The other merger case worth noting is the CityJet/Aer Lingus wet lease arrangement. It was looked at from a merger perspective and where with the UK’s Competition and Markets Authority (‘CMA’) considering the ‘exiting firm’ strategy and it cleared the transaction on that basis. The adoption and entry into force of Regulation 2019/712 on safeguarding competition in the air transport sector is potentially also a milestone. Whether this will be used by EU air carriers and/or the Commission remains to be seen. Litigation also features heavily in the first half of 2019, with Ryanair being on the successful side twice (being successful in the appeal of a Commission decision, but also successfully supported the Commission in defending its decision against an appeal of a Commission decision brought by Lufthansa. Of particular note for private damages actions is the UK litigation involving British Airways before the Court of Appeal where the air cargo cartel damages claimant was unsuccessful at widening the scope of its damages claim to include the period from 2001 to 30 April 2004 (a period not covered by the Commission’s decision but where there was arguably evidence of cartel behaviour) because the Court of Appeal did not have jurisdiction to hear a claim unless and until the Commission or a national competition authority had taken a decision. The dearth of new State aid investigations in the aviation sector might be the result of the Commission’s modernisation regime having a positive effect. We will wait and see if this trend continues.
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GONZÁLEZ-LÓPEZ, RICARDO, JAVIER B. GÓMEZ, and AMALIO F. PACHECO. "A MINIMAL AGENT-BASED MODEL FOR THE SIZE-FREQUENCY DISTRIBUTION OF FIRMS." Advances in Complex Systems 23, no. 01 (February 2020): 2050002. http://dx.doi.org/10.1142/s0219525920500022.
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A cellular automaton model called the Firm Dynamics Model (FDM) is introduced to simulate the dynamics of firms within an economy. The model includes the growth of firms and their mergers and exits. The main objective is to compare the size-frequency distributions in the model with the empirical firm size distributions of several countries (USA, UK, Spain and Sweden). The empirical size distributions were assembled from business censuses and additional information on the country’s largest companies in terms of the number of employees. For the four datasets analyzed here, the firm size distribution is compatible with a power law of the Pareto type with an exponent of close to two (for the probability density). For its part, the model delivers two different size-frequency distributions depending on the type of merger that firms can undergo: the friendly-merger version gives rise to subcritical distributions with an exponential tail, whereas the aggressive-merger version produces power-law distributions. The simulation model was run with underlying lattices in one, two and three dimensions in order to compare the simulated power-law exponent with the empirical one. The best agreement was obtained with the two-dimensional aggressive-merger model version, for which the power-law exponent is [Formula: see text], as compared with an empirical exponent of [Formula: see text] (average over the four datasets). Further simulations with the model on a Bethe lattice confirm that the two-dimensional model provides the best fit to the empirical exponent.
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Ibrahim, Yusnidah, and Jimoh Olajide Raji. "Cross-border merger and acquisition activities in Asia: the role of macroeconomic factors." Studies in Economics and Finance 35, no. 2 (June 4, 2018): 307–29. http://dx.doi.org/10.1108/sef-06-2017-0146.
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Purpose This paper aims to examine the influence of key macroeconomic factors on the inward and outward acquisition activities of six ASEAN (ASEAN: Association of Southeast Asian Nations) countries, namely, Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam, over the 1996-2015 period. Design/methodology/approach The study uses alternative panel data methods, including pooled mean group, mean group and dynamic fixed-effect estimators. Findings The results indicate that gross domestic product (GDP), interest rate, exchange rate, money supply and inflation rate are the most important macroeconomic factors explaining the trends of cross-border mergers and acquisition outflows of the ASEAN-6 countries. Specifically, GDP, money supply and inflation rate have significant positive relationships with acquisition outflows, while interest rate and exchange rate exert significant negative influence. On the other hand, the authors find four significant macroeconomic factors explaining the trends of the inward acquisitions. Essentially, GDP, money supply and inflation rate have significant positive impacts on inward acquisitions, while the impact of exchange rate is negatively significant. Research limitations/implications Unavailability of data limits this study to pool six sample countries from ASEAN, instead of ten representative member countries. Practical implications The results of this study can signal to firms or investors, involving in cross-border mergers and acquisitions, where to direct foreign resources flows. Moreover, having the knowledge about the relative levels of market size and other macroeconomic factors in both home and host countries can be of great importance for investment decision. Therefore, policymakers of ASEAN countries should make appropriate macroeconomic policies that can stimulate inward and outward acquisitions. Originality/value The main contribution of this paper is that it is the first to present the analysis of macroeconomic influences on the trends of inward and outward merger and acquisition activities in six ASEAN countries.
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COLOMA, GERMÁN. "LÓGICA DEL CONTROL DE CONCENTRACIONES EN EL DERECHO DE LA COMPETENCIA." YachaQ Revista de Derecho, no. 9 (December 28, 2018): 13–30. http://dx.doi.org/10.51343/yq.vi9.712.
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En este artículo se estudian los principios básicos que subyacen detrás de los procedimientos de control de operaciones de concentración económica aplicados en el marco del derecho de la competencia. Se analizan así las principales características que deben tener las transacciones para ser consideradas como operaciones de concentración, y los principales problemas de competencia que pueden generar según el tipo de concentración que sea. Se estudian también las principales atenuantes y remedios que existen para dichos problemas, y se revé la experiencia comparada en seis jurisdicciones: Estados Unidos, Unión Europea, México y la Argentina.
ABSTRACT
In this article we study the basic principles behind the procedures of merger control applied in the framework of competition law. We therefore analyze the main characteristics of transactions in order to be considered as mergers or acquisitions, and the main competition problems that may arise depending on the type of merger under review. We also study the main defenses and remedies that exist for those problems, and we compare the experience of six different jurisdictions that have implemented merger control procedures: United States, European Union, Mexico and Argentina.
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Wu, Guang-Lei, Yun-Wei Yu, and Shao-Ze Li. "Magnetar Wind-Driven Shock Breakout Emission after Double Neutron Star Mergers: The Effect of the Anisotropy of the Merger Ejecta." Universe 8, no. 12 (November 29, 2022): 633. http://dx.doi.org/10.3390/universe8120633.
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A rapidly rotating and highly magnetized remnant neutron star (NS; magnetar) could survive from a merger of double NSs and drive a powerful relativistic wind. The early interaction of this wind with the previous merger ejecta can lead to shock breakout (SBO) emission mainly in ultraviolet and soft X-ray bands, which provides an observational signature for the existence of the remnant magnetar. Here, we investigate the effect of an anisotropic structure of the merger ejecta on the SBO emission. It is found that the bolometric light curve of the SBO emission can be broadened, since the SBO can occur at different times for different directions. In more detail, the profile of the SBO light curve can be highly dependent on the ejecta structure and, thus, we can in principle use the SBO light curves to probe the structure of the merger ejecta in future.
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Kenk, Karina, and Toomas Haldma. "The use of performance information in local government mergers." Journal of Public Budgeting, Accounting & Financial Management 31, no. 3 (September 2, 2019): 451–71. http://dx.doi.org/10.1108/jpbafm-03-2019-0056.
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Purpose The purpose of this paper is to study more deeply the use of performance information (PI) in the context of the administrative-territorial reform, e.g. amalgamation in the local governments (LG) with an example of Estonian LGs. Design/methodology/approach The case study method is adopted, using data from publicly available documents and interviews with the politicians and officials at the five merger cases of Estonian LG units. The data are interpreted and analysed using attribution theory. Findings The results show that amalgamation patterns do have an influence on PI use – in particular, the authors see that PI is reported to be used more frequently in cases of voluntary mergers, which may be related to the different motivations to make attributions in cases of voluntary and compulsory mergers. Originality/value The study contributes to the debate on the importance and usefulness of different types of PI, as financial as well as non-financial information and for different information users in the light of LG reform in Estonia as being a Central and Eastern European country.
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Fisher, Franklin M. "Horizontal Mergers: Triage and Treatment." Journal of Economic Perspectives 1, no. 2 (November 1, 1987): 23–40. http://dx.doi.org/10.1257/jep.1.2.23.
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The pursuit of any sort of structural policy towards oligopoly presupposes that we can recognize anticompetitive structures when we see them. Unfortunately, that requisite is not easy to meet, and there is a temptation to avoid difficult analysis in favor of standards that are apparently precise but in fact very approximate. When considering merger standards, it is important to bear in mind that policy takes place in stages. There is a difference between deciding on guidelines for triage -- guidelines as to what cases to investigate or oppose& -- and for treatment, the judicial standard to be used. I believe merger policy should be explicitly conducted as a twostage process. In the first stage, fairly simple tests should be used to decide what cases should be further investigated. I would use concentration measures heavily (but not exclusively) here and would consider a variety of reasonable market definitions. In the second stage, prospective mergers that fail such tests would be investigated in considerably more detail. This investigation will require a more sophisticated approach to market definition and concentration than is needed at the first stage.
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Nakasato, N. "Origin of the galaxy morphology." Symposium - International Astronomical Union 208 (2003): 431–32. http://dx.doi.org/10.1017/s0074180900207614.
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In the current most plausible Cold Dark Matter (CDM) cosmology, larger halos increase their mass by the progressive mergers of smaller clumps. Due to these progressive merger events, galaxies have formed and evolved. Such merger events could trigger star bursts depending on mass of a merging object. In other words, star formation history reflects the strength of the interaction between a galaxy and merging objects. Also, a several merger events strongly affect the development of the morphology of galaxies as assumed in semi-analytic models. In the most advanced semi-analytic models, N-body simulations of dark matter particles are used to obtain the merging history of halos. By combining the description of radiative cooling, hydrodynamics and star formation with the obtained merging history, such models successfully have explained the various qualitative predictions. Here, we show the results of similar approach but using a fullly numerical model. In contrast to the semi-analytic models, we use our high resolution Smoothed Particle Hydrodynamics (SPH) models. With our SPH code, we try to tackle the problem of the galaxy morphology. We have done a several handful high-resolution SPH simulations and analyzed the merging history of such models. Accordingly, we can see the relation between the obtained morphology and the merging history or other physical properties of the model.
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Reddy, Krishna, Muhammad Qamar, and Noel Yahanpath. "Do mergers and acquisitions create value?" Studies in Economics and Finance 36, no. 2 (June 24, 2019): 240–64. http://dx.doi.org/10.1108/sef-01-2018-0027.
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Purpose The purpose of this paper is to study whether mergers and acquisitions (M&As) create value in Indian and Chinese markets. Design/methodology/approach The authors study abnormal returns (AR) created by the acquiring firms in Indian and Chinese markets relating to M&A announcements, using the following three different statistical methods: i.e. mean, market and ordinary least squares adjusted return models. Findings On average, M&A announcements do not create value for the firms in Chinese and Indian economies. For the mean model, M&As create value for Chinese firms, whereas for the Indian firms no such value is created for the same event windows. The regression results showed that debt has a positive impact on the AR and cumulative average abnormal returns at 1, 5 and 10 per cent significance levels, respectively. Research limitations/implications This study suggests increasing the sample size and period and using the instrumental variables regression to ensure the estimator’s impartiality, consistency and efficiency. With the investigative period surrounding a financial crisis, the estimators may have omitted bias. Originality/value Multiple methods used in this paper made it possible to capture the level of method variance in the AR, which is unusual in the Chinese and Indian context. Hence, the current study provides local knowledge and further strengthens the literature about M&As. The authors also regress AR with firm-specific factors, the consideration of which is scarce in the previous literature. Furthermore, much of what the authors know about M&A is relevant to developed economies.
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Furqon, Rahmat Heryat, Azhar Affandi, and Dadang Suwanda. "Ketidakpatuhan Wajib Pajak dalam Aksi Korporasi yang Berpotensi Menurunkan Penerimaan Pajak Negara." Ekonomis: Journal of Economics and Business 6, no. 2 (September 26, 2022): 757. http://dx.doi.org/10.33087/ekonomis.v6i2.689.
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Tax revenue is one of the sources of state financing. The achievement of the tax revenue target can be achieved if the taxpayer is obedient in carrying out his tax obligations. This study aims to see the level of compliance of corporate taxpayers with corporate action consisting of merger, consolidation, expansion or takeover of taxpayers' businesses on tax revenues. The research design approach used is descriptive qualitative research, which is research that aims to make a systematic, factual, and accurate description of the facts and characteristics of the research population. The data collection tool used in this research is document study. The results of this study indicate that the level of taxpayer compliance in corporate actions related to mergers, consolidations, expansions or takeovers is still low so that state tax revenues are not optimal.
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Schauer, Anna T. P., Felix Schulze, Rhea-Silvia Remus, and Andreas Burkert. "The σ-bump in elliptical galaxies – a signature of major mergers?" Proceedings of the International Astronomical Union 11, S321 (March 2016): 122. http://dx.doi.org/10.1017/s1743921316009467.
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AbstractThe stellar radial velocity dispersion profiles of elliptical galaxies can be well described by a power-law σ(r)∝r−β. We analyze a set of elliptical galaxies formed by major mergers of isolated disk galaxies with mass ratios of 1:1 and 3:1 for several orbital configurations (Johansson et al. 2009). The galaxies in our sample show a deviation from the power-law at 1 − 3Reff, which we term the σ-bump (Schauer et al. 2014). This feature is most prominent in remnants of 1:1 mergers and weakens for remnants of mergers with smaller mass ratios, indicating that the σ-bump is a signature of an equal mass merger. The σ-bump does not vanish with time but stays constant once it has formed, in contrast to shells. It can be seen under all projections, making it an observable feature in the outskirts of elliptical galaxies. We indeed identify three possible σ-bump candidates in the sample of 12 SLUGGS-survey ellipticals studied by Pota et al. (2013), who use globular clusters as tracers for the outer stellar halos (see Schauer et al. 2014, for more details). For further comparisons, we here provide for the first time a two dimensional map of the velocity dispersion of one simulated σ-bump galaxy, to identify the σ-bump in observations of kinematic maps out to several Reff. The σ-bump appears as a global ring-like feature if seen face-on and as an extended box-like feature in its edge-on projection.
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Zhang, Sixuan, Shuo Cao, Jia Zhang, Tonghua Liu, Yuting Liu, Shuaibo Geng, and Yujie Lian. "A model-independent constraint on the Hubble constant with gravitational waves from the Einstein Telescope." International Journal of Modern Physics D 29, no. 15 (October 14, 2020): 2050105. http://dx.doi.org/10.1142/s0218271820501059.
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In this paper, we investigate the expected constraints on the Hubble constant from the gravitational-wave standard sirens, in a cosmological-model-independent way. In the framework of the well-known Hubble law, the GW signal from each detected binary merger in the local universe ([Formula: see text]) provides a measurement of luminosity distance [Formula: see text] and thus the Hubble constant [Formula: see text]. Focusing on the simulated data of gravitational waves from the third-generation gravitational wave detector (the Einstein Telescope, ET), combined with the redshifts determined from electromagnetic counter parts and host galaxies, one can expect the Hubble constant to be constrained at the precision of [Formula: see text] with 20 well-observed binary neutron star (BNS) mergers. Additional standard-siren measurements from other types of future gravitational-wave sources (NS-BH and BBH) will provide more precision constraints of this important cosmological parameter. Therefore, we obtain that future measurements of the luminosity distances of gravitational waves sources will be much more competitive than the current analysis, which makes it expectable more vigorous and convincing constraints on the Hubble constant in a cosmological-model-independent way.
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Snyder, Gregory F., T. J. Cox, Christopher C. Hayward, Lars Hernquist, and Patrik Jonsson. "Optical SED models of galaxy mergers." Proceedings of the International Astronomical Union 7, S284 (September 2011): 193–97. http://dx.doi.org/10.1017/s1743921312009040.
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AbstractI discuss recent work in which we construct models of poststarburst galaxies by combining fully three-dimensional hydrodynamic simulations of galaxy mergers with radiative transfer calculations of dust attenuation. The poststarburst signatures can occur shortly after a bright starburst phase in gas-rich mergers, and thus offer a unique opportunity to study the formation of bulges and the effects of feedback. Several additional applications of spatially-resolved spectroscopic models of interacting galaxies include multi-wavelength studies of AGN/starburst diagnostics, mock integral field unit data to interpret the evolution of ULIRGs, and the ‘Green Valley’.Optical spectra of simulated major gas-rich galaxy mergers can be found at http://www.cfa.harvard.edu/~gsnyder
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Struve, Christian, Raffaella Morganti, Tom A. Oosterloo, and Bjorn H. C. Emonts. "Is Centaurus A Special? A Neutral-Hydrogen Perspective." Publications of the Astronomical Society of Australia 27, no. 4 (2010): 390–95. http://dx.doi.org/10.1071/as09065.
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AbstractDue to its proximity, the neutral hydrogen belonging to Cen A can be observed at high resolution with good sensitivity. This allows us to study the morphology and kinematics in detail, in order to understand the evolution of this radio-loud source (e.g. merger history, AGN activity). At the same time, it is important to compare results to other sources of the same class (i.e. early-type galaxies in general and radio galaxies in particular) to see how Cen A fits into the global picture of early-type/radio galaxy evolution. The amount of Hi, the morphology of a warped disk with Hi clouds surrounding the disk and the regular kinematics of the inner part of the Hi disk are not unusual for early-type galaxies. The growing evidence that mergers are not necessarily responsible for AGN activity fits with the observational result that the recent merger event in Cen A is not directly connected to the current phase of activity. Based on these results, we conclude that Cen A has typical neutral hydrogen properties for an early-type and radio galaxy and it can therefore — from the perspective of Hi — be seen as a typical example of its class.
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Studer, Pauline, and Mark Thomas. "M&As: four questions to ask before the proposal." Strategic Direction 32, no. 6 (June 13, 2016): 15–18. http://dx.doi.org/10.1108/sd-03-2016-0033.
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Purpose According to the Irish writer, Oscar Wilde, a second marriage is the “triumph of hope over experience”. Many mergers and acquisitions (M&As) could be cast in the same light. This paper aims to outline four crucial questions senior managers should ask before embarking on a merger or acquisition. Design/methodology/approach This briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context. Findings Repeated studies have found that more than 50 per cent of M&As destroy rather than create value. Companies wishing to embark upon a merger or acquisition should thus think carefully before signing and ensure that they have made an impartial and critical analysis of the price, financing of the deal, complementarity and the cultural differences between the two organisations. If senior managers did this systematically before popping the question, the business world would certainly see less heartbreak. Practical implications The paper provides strategic insights and practical thinking that have influenced some of the world’s leading organisations. Originality/value The briefing saves busy executives and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy-to-digest format.
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Wrobel, J. M., and T. J. W. Lazio. "Toward Astrometric Constraints on a Supermassive Black Hole Binary in the Early-type Galaxy NGC 4472." Astrophysical Journal 931, no. 1 (May 1, 2022): 12. http://dx.doi.org/10.3847/1538-4357/ac680b.
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Abstract The merger of two galaxies, each hosting a supermassive black hole (SMBH) of mass 106 M ⊙ or more, could yield a bound SMBH binary. For the early-type galaxy NGC 4472, we study how astrometry with a next-generation Very Large Array could be used to monitor the reflex motion of the primary SMBH of mass M pri, as it is tugged on by the secondary SMBH of mass M sec . Casting the orbit of the putative SMBH binary in terms of its period P, semimajor axis a bin, and mass ratio q = M sec / M pri ≤ 1 , we find the following: (1) Orbits with fiducial periods of P = 4 yr and 40 yr could be spatially resolved and monitored. (2) For a 95% accuracy of 2 μas per monitoring epoch, subparsec values of a bin could be accessed over a range of mass ratios notionally encompassing major q > 1 4 and minor q < 1 4 galaxy mergers. (3) If no reflex motion is detected for M pri after 1 (10) yr of monitoring, an SMBH binary with period P = 4 (40) yr and mass ratio q > 0.01 (0.003) could be excluded. This would suggest no present-day evidence for a past major merger like that recently simulated, where scouring by a q ∼ 1 SMBH binary formed a stellar core with kinematic traits like those of NGC 4472. (4) Astrometric monitoring could independently check the upper limits on q from searches for continuous gravitational waves from NGC 4472.
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Zhang, Rui, Ya-Zhou Xue, and Xiao-Feng Yang. "Biomedical optical properties of color light and near-infrared fluorescence separated-merged imager." Journal of Innovative Optical Health Sciences 12, no. 06 (November 2019): 1940001. http://dx.doi.org/10.1142/s1793545819400017.
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Objective: We study the biomedical optical properties of the color light and near-infrared fluorescence separated-merged imager. Materials and Methods: The color light and near-infrared fluorescence separated-merged imager can illuminate the visible light and the near-infrared light of [Formula: see text][Formula: see text]nm, receiving the reflected light and [Formula: see text][Formula: see text]nm near-infrared fluorescence, and display the color, fluorescence and merge image. ICG solution of different concentration, including standing time, was allocated to study the best imaging condition in vitro, and the depth of fluorescence penetration was studied with 5% agarose gel; the imaging characteristics of the imager was studied using SD rat; and then the SLNs tracing in 4 cases of penile carcinoma was performed. Results: When the concentration of ICG is 13.11[Formula: see text][Formula: see text]mol/L, the fluorescence intensity and the merge image are the best. The maximum depth of fluorescence imaging is 9[Formula: see text]mm in 5% agarose gel, while the bone has the greatest influence on it. The SLNs tracing shows that the imager can locate the SLNs in vitro, to achieve perioperative navigation during biopsy. Conclusion: There are many factors that affect the imaging effect, but the imaging effect of the imager meets the requirement of vision in a wide range, and can effectively trace the SLNs in perioperative period.
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Schneider, F. R. N., S. T. Ohlmann, Ph Podsiadlowski, F. K. Röpke, S. A. Balbus, and R. Pakmor. "Long-term evolution of a magnetic massive merger product." Monthly Notices of the Royal Astronomical Society 495, no. 3 (January 2020): 2796–812. http://dx.doi.org/10.1093/mnras/staa1326.
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ABSTRACT About 10 per cent of stars more massive than ${\approx}1.5\, {\mathrm{M}}_{\odot }$ have strong, large-scale surface magnetic fields and are being discussed as progenitors of highly magnetic white dwarfs and magnetars. The origin of these fields remains uncertain. Recent three-dimensional (3D) magnetohydrodynamical simulations have shown that strong magnetic fields can be generated in the merger of two massive stars. Here, we follow the long-term evolution of such a 3D merger product in a 1D stellar evolution code. During a thermal relaxation phase after the coalescence, the merger product reaches critical surface rotation, sheds mass and then spins down primarily because of internal mass readjustments. The spin of the merger product after thermal relaxation is mainly set by the co-evolution of the star–torus structure left after coalescence. This evolution is still uncertain, so we also consider magnetic braking and other angular momentum-gain and -loss mechanisms that may influence the final spin of the merged star. Because of core compression and mixing of carbon and nitrogen in the merger, enhanced nuclear burning drives a transient convective core that greatly contributes to the rejuvenation of the star. Once the merger product relaxed back to the main sequence, it continues its evolution similar to that of a genuine single star of comparable mass. It is a slow rotator that matches the magnetic blue straggler τ Sco. Our results show that merging is a promising mechanism to explain some magnetic massive stars and it may also be key to understand the origin of the strong magnetic fields of highly magnetic white dwarfs and magnetars.
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Zhao, Xi, Huanyu Ma, and Ting Hao. "Acquirer size, political connections and mergers and acquisitions performance." Studies in Economics and Finance 36, no. 2 (June 24, 2019): 311–32. http://dx.doi.org/10.1108/sef-05-2017-0112.
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Purpose The purpose of this paper is to empirically examine the relationships between acquirer size and performance outcomes of the different process of acquisition in the Chinese context and the moderating effect of political connections on the size-performance relationship. Design/methodology/approach Building upon agency theory, the paper examines the relationship between acquirer size and acquisition announcement returns to find whether the acquirer size effect exists in China. Moreover, the paper investigates whether large firms can perform better in the long run arising from scale economy. Finally, the paper examines the moderating effect of political connections on the size-performance relationship. Accounting for the complexity of political connections in China, the paper uses two methods to capture political connections. Findings The paper finds that acquirer size plays a significant negative role on announcement returns, suggesting that the acquirer size effect also exists in China. However, acquirer size has a significant positive impact on long-term performance, indicating that large acquirers perform better in the integration process. Although no evidence shows that political connections can bring some off-setting benefits to acquirer size effect argued by Humphery-Jenner and Powell (2014), political connections, indeed, have a positive effect on mergers and acquisitions (M&As) announcement returns. Originality/value The paper contributes to the corporate characteristic, political connections and M&A performance literature. Due to agency problem and scale economy, the effect of firm size on acquisition performance varies with the stage of M&A. Political connections can bring some benefits to M&A deals.
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Ram Prasad, T. P., and T. T. Karthik. "An Empirical Study on the Big Consolidations of Indian Banking Industry." ComFin Research 7, no. 3 (July 1, 2019): 102–8. http://dx.doi.org/10.34293/commerce.v7i3.3522.
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India declared a broad consolidation of state-claimed banks that will see 10 of them being merged to frame four greater moneylenders to reinforce a sector battling with a terrible advance cleanup and planned for making loan specialists of worldwide scale that can bolster the economy’s flood to $5 trillion by 2024. The government additionally reported administration changes to improve their wellbeing. This was the most recent in a progression of announcements by the government since a week ago as it looks to animate demand and resuscitate the economy. In a different announcement, the government said development had dropped to a six-year low in the quarter to June. The most recent consolidation move will slice the quantity of state-claimed loan specialists to 12 from 27 of every 2017, Sitharaman stated, featuring the banking changes embraced by the Narenda Modi government that have likewise included noteworthy cleaning up of asset reports. This isn’t the first occasion when that the possibility of merging state-claimed banks has picked up momentum. In his way breaking 1991 report on banking sector changes, M. Narasimham, a former Reserve Bank of India senator, had recommended mergers to shape a three-level structure with three enormous banks with international nearness at the best, eight to 10 national banks at level two, and countless provincial and nearby banks at the base. Afterward, the P.J. Nayak Committee had additionally recommended that state-run banks ought to either be merged or privatize. To be sure, as per Indian Banking Association information, there have been in any event 49 mergers since 1985. Hence, the present study has been focused to highlight the brief of top vital consolidation on Indian Banking sector and study based on secondary sources of data.
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Friedman, John L. "Gravitational-wave astrophysics from neutron star inspiral and coalescence." International Journal of Modern Physics D 27, no. 11 (August 2018): 1843018. http://dx.doi.org/10.1142/s0218271818430186.
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Prior to the observation of a double neutron star inspiral and merger, its possible implications were striking. Events whose light and gravitational waves are simultaneously detected could resolve the 50-year mystery of the origin of short gamma-ray bursts; they might provide strong evidence for (or against) mergers as the main source of half the heaviest elements (the [Formula: see text]-process elements); and they could give an independent measurement of the Hubble constant. The closest events can also address a primary goal of gravitational-wave astrophysics: From the imprint of tides on inspiral waveforms, one can find the radius and tidal distortion of the inspiraling stars and infer the behavior of cold matter above nuclear density. Remarkably, the first observation of the inspiral and coalescence of a double neutron star system was accompanied by a gamma-ray burst and then an array of electromagnetic counterparts, and the combined effort of the gravitational-wave and astronomy communities has led to dramatic advances along all of these anticipated avenues of multimessenger astrophysics.
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Ludwig, Valentin, Gunnar Spreen, Christian Haas, Larysa Istomina, Frank Kauker, and Dmitrii Murashkin. "The 2018 North Greenland polynya observed by a newly introduced merged optical and passive microwave sea-ice concentration dataset." Cryosphere 13, no. 7 (July 29, 2019): 2051–73. http://dx.doi.org/10.5194/tc-13-2051-2019.
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Abstract. Observations of sea-ice concentration are available from satellites year-round and almost weather-independently using passive microwave radiometers at resolutions down to 5 km. Thermal infrared radiometers provide data with a resolution of 1 km but only under cloud-free conditions. We use the best of the two satellite measurements and merge thermal infrared and passive microwave sea-ice concentrations. This yields a merged sea-ice concentration product combining the gap-free spatial coverage of the passive microwave sea-ice concentration and the 1 km resolution of the thermal infrared sea-ice concentration. The benefit of the merged product is demonstrated by observations of a polynya which opened north of Greenland in February 2018. We find that the merged sea-ice concentration product resolves leads at sea-ice concentrations between 60 % and 90 %. They are not resolved by the coarser passive microwave sea-ice concentration product. The benefit of the merged product is most pronounced during the formation of the polynya. Next, the environmental conditions during the polynya event are analysed. The polynya was caused by unusual southerly winds during which the sea ice drifted northward instead of southward as usual. The daily displacement was 50 % stronger than normal. The polynya was associated with a warm-air intrusion caused by a high-pressure system over the Eurasian Arctic. Surface air temperatures were slightly below 0 ∘C and thus more than 20 ∘C higher than normal. Two estimates of thermodynamic sea-ice growth yield sea-ice thicknesses of 60 and 65 cm at the end of March in the area opened by the polynya. This differed from airborne sea-ice thickness measurements, indicating that sea-ice growth processes in the polynya are complicated by rafting and ridging. A sea-ice volume of 33 km3 was produced thermodynamically.
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&NA;, &NA;. "SEC Approves Summit- Autonomous Merger." Optometry and Vision Science 76, no. 6 (June 1999): 344. http://dx.doi.org/10.1097/00006324-199906000-00008.
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Nandez, J. L. A., N. Ivanova, and J. C. Lombardi, Jr. "V1309 Sco—UNDERSTANDING A MERGER." Astrophysical Journal 786, no. 1 (April 15, 2014): 39. http://dx.doi.org/10.1088/0004-637x/786/1/39.
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Berczik, Peter, Long Wang, Keigo Nitadori, and Rainer Spurzem. "Merging of unequal mass binary black holes in non-axisymmetric galactic nuclei." Proceedings of the International Astronomical Union 10, S312 (August 2014): 82–85. http://dx.doi.org/10.1017/s1743921315007577.
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AbstractIn this work we study the stellar-dynamical hardening of unequal mass massive black hole (MBH) binaries in the central regions of galactic nuclei. We present a comprehensive set of direct N-body simulations of the problem, varying both the total mass and the mass ratio of the MBH binary. Our initial model starts as an axisymmetric, rotating galactic nucleus, to describe the situation right after the galaxies have merged, but the black holes are still unbound to each other. We confirm that results presented in earlier works (Berczik et al. 2006; Khan et al. 2013; Wang et al. 2014) about the solution of the “last parsec problem” (sufficiently fast black hole coalescence for black hole growth in cosmological context) are robust for both for the case of unequal black hole masses and large particle numbers. The MBH binary hardening rate depends on the reduced mass ratio through a single parameter function, which quantitatively quite well agrees with standard 3 body scattering theory (see e.g., Hills 1983). Based on our results we conclude that MBH binaries at high redshifts are expected to merge with a factor of ~ 2 more efficiently, which is important to determine the possible overall gravitational wave signals. However, we have not yet fully covered all the possible parameter space, in particular with respect to the preceding of the galaxy mergers, which may lead to a wider variety of initial models, such as initially more oblate and / or even significantly triaxial galactic nuclei. Our N-body simulations were carried out on a new special supercomputers using the hardware acceleration with graphic processing units (GPUs).
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Aintablian, Sebouh, Wissam El Khoury, and Zouhaier M’Chirgui. "The role of toeholds on asymmetric information in mergers and acquisitions." Studies in Economics and Finance 34, no. 2 (June 5, 2017): 260–80. http://dx.doi.org/10.1108/sef-04-2015-0113.
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Purpose This paper aims to examine empirically the role of toeholds in reducing asymmetric information in mergers and acquisitions by establishing a relationship between the toehold and some relevant characteristics of the acquiring and the target firm. Design/methodology/approach A regression analysis is conducted to examine the relation between the dependent variable (the toehold) and a set of independent variables. A multinomial logit model is used to test for the occurrence of toeholds. A probit selection model and two-step Heckman correction tests are used to correct the data and to check for robustness of the results. Findings The regression results for acquisitions with prior toeholds are consistent with the studied hypotheses that asymmetric information is more observed in foreign acquisitions, in different industries, with tender offers and with higher levels of intangible assets. A negative relationship is found between toehold size and the number of competing bidders. Originality/value Consistent with previous literature, the study finds that majority of bidders abstain from purchasing a toehold before entering a bid contest. The study also emphasizes the role of intangible assets in assessing the efficacy of toeholds under asymmetric information. The ratio of target intangible assets to target total serves as a proxy for asymmetric information. Regression results are consistent with the hypotheses that asymmetry of information is observed when the acquiring and the target firm operate in different countries and industries.
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Stiner, Frederic M., and Susan A. Lynn. "Auditing Issues with Chinese Reverse Merger Companies Traded in the United States." International Journal of Accounting and Financial Reporting 2, no. 2 (September 9, 2012): 76. http://dx.doi.org/10.5296/ijafr.v2i2.2187.
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Recently there have been two issues related to Chinese companies seeking capital in the United States. The first issue is frauds that have been perpetrated by companies using reverse mergers in order to go public. The second issue is fraud in continuing audit engagements when there has been reliance by an American audit firm on a foreign accountant’s audit work. There is also conflict between the Public Company Accounting Oversight Board (PCAOB) demanding to inspect audit workpapers for companies in China and the Chinese government’s refusal to let the PCAOB see these workpapers. These issues relate to characteristics of the practice of accounting and auditing in China that threaten auditor independence and audit quality. The paper discusses: (1) issues involving reverse mergers and the response of the Securities and Exchange Commission (SEC) to these issues, (2) issues involving reliance on the work of foreign Certified Public Accountants (CPAs) and the response of the PCAOB to these issues, (3) issues involving conflicts between U.S. regulatory agencies and the Chinese government over access to audit-related documents, and (4) suggestions for future research.
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Frias Castillo, Marta, Matus Rybak, Jacqueline Hodge, Paul van der Werf, Dominik A. Riechers, Daniel Vieira, Gabriela Calistro Rivera, et al. "Kiloparsec-scale Imaging of the CO(1-0)-traced Cold Molecular Gas Reservoir in a z ∼ 3.4 Submillimeter Galaxy." Astrophysical Journal 930, no. 1 (May 1, 2022): 35. http://dx.doi.org/10.3847/1538-4357/ac6105.
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Abstract We present a high-resolution study of the cold molecular gas as traced by CO(1-0) in the unlensed z ∼ 3.4 submillimeter galaxy SMM J13120+4242, using multiconfiguration observations with the Karl G. Jansky Very Large Array (JVLA). The gas reservoir, imaged on 0.″39 (∼3 kpc) scales, is resolved into two components separated by ∼11 kpc with a total extent of 16 ± 3 kpc. Despite the large spatial extent of the reservoir, the observations show a CO(1-0) FWHM linewidth of only 267 ± 64 km s−1. We derive a revised line luminosity of L CO ( 1 − 0 ) ′ = (10 ± 3) × 1010 K km s−1 pc2 and a molecular gas mass of M gas = (13 ± 3)× 1010 (α CO/1) M ⊙. Despite the presence of a velocity gradient (consistent with previous resolved CO(6-5) imaging), the CO(1-0) imaging shows evidence for significant turbulent motions that are preventing the gas from fully settling into a disk. The system likely represents a merger in an advanced stage. Although the dynamical mass is highly uncertain, we use it to place an upper limit on the CO-to-H2 mass conversion factor α CO of 1.4. We revisit the SED fitting, finding that this galaxy lies on the very massive end of the main sequence at z = 3.4. Based on the low gas fraction, short gas depletion time, and evidence for a central AGN, we propose that SMM J13120 is in a rapid transitional phase between a merger-driven starburst and an unobscured quasar. The case of SMM J13120 highlights how mergers may drive important physical changes in galaxies without pushing them off the main sequence.
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Jiang, Xingliang, Lei Liu, Zhijin Li, Lingxiao Liu, Kenny T. C. Lim Kam Sian, and Changming Dong. "A Two-Dimensional Variational Scheme for Merging Multiple Satellite Altimetry Data and Eddy Analysis." Remote Sensing 14, no. 13 (June 24, 2022): 3026. http://dx.doi.org/10.3390/rs14133026.
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With the increasing number of satellite altimeters in orbit, the effective resolution of merged multiple satellite altimetry data can be improved. We implement a two-dimensional variational (2-DVar) method to merge multiple satellite altimetry data and produce a daily gridded absolute dynamic topography (ADT) dataset with a grid size of 0.08 degrees. We conduct an observing system simulation experiment (OSSE), and the results show that the merged ADT dataset has an effective resolution of about 210 km. Compared with an independent sea surface temperature (SST) data, fine-scale structures can also be observed in the geostrophic flow of the new dataset. A relationship between effective resolution and the radius of a detected eddy is established and used for eddy analysis in the East China Sea (ECS) region. We observe that eddies in the open ocean are more numerous, have larger radii and live longer than those in other areas.
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Wilson, Kasyoka Magdalene, and Désiré Vencatachellum. "Stock market performance and cross-border mergers and acquisitions in South Africa." Studies in Economics and Finance 37, no. 1 (September 20, 2019): 28–49. http://dx.doi.org/10.1108/sef-11-2017-0315.
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Purpose Since the attainment of fully fledged democracy in 1994, South Africa witnessed a substantial increase in both the number and the value of completed mergers and acquisitions (M&As) targeting South African firms. In spite of this development, studies on foreign direct investment (FDI) on South Africa have not looked at determinants of entry-mode choice of FDI such as M&A. The purpose of this paper is to fill the gap in the literature by investigating locational factors that make South Africa an attractive destination for M&A activity in Africa. Design/methodology/approach The authors analyse both the number and the value of M&As, the dependent variable. They analyse the number of firms acquired each quarter in South Africa from 1991 to 2014 using a count model – the negative binomial model. They then compare the results for this model with those of benchmark models such as the normal count and the Poisson count models. In this paper, the authors test for stationarity of the time series using the Augmented Dickey–Fuller (ADF) and the Kwiatkowski–Phillips–Schmidt–Shin (KPSS) tests. They examine the long-run relationship between the value of M&As and the selected macroeconomic variables using Johansen’s co-integration technique. Findings This paper finds that both the number and the value of M&As in South Africa are positively influenced by the performance of the Johannesburg Securities Exchange during the period 1991 to 2014. This result confirmed the expectations hypothesis that stock markets facilitate M&A activity. The authors also observed that other financial and macroeconomic variables – exchange rate volatility, relative inflation rate and economic growth – are important locational factors for M&A activity. Among these factors, the exchange rate volatility exerts the greatest influence on M&As. The rate of growth of gross domestic product (GDP) matters for M&A activity in emerging market economies such as South Africa. Research limitations/implications The data for the number of M&As are more complete than that of values. This is because some firms choose not to report the value of deals after a transaction takes place, resulting in missing data for the value of M&A deals. Practical implications This paper shows the important role played by pull factors on the direction of capital flows in the long run. It is recommended that policy-makers should further strengthen and improve the efficiency of domestic financial markets. Stable and reliable monetary policy framework that maintains low levels of inflation and mitigates the volatility of exchange rate is important for FDI and M&A flows to emerging market economies. There is a need to put the necessary measures in place to improve South Africa's economic growth rate, which has been weak since the global financial crisis of 2008. Originality/value Most academic literature has examined determinants of aggregate FDI without consideration of entry-mode choice. This paper focused on the M&A entry-mode for an emerging market economy. The authors show that equity markets play a key role in facilitating M&A activity. The expectations hypothesis by Nelson (1959) that stock markets facilitate M&A activity is confirmed in this way for South Africa.
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Cerasi, Vittoria, and Lisa Crosato. "Dimensione e concentrazione dei gruppi bancari italiani nell'ultimo decennio." ECONOMIA E POLITICA INDUSTRIALE, no. 3 (September 2009): 21–39. http://dx.doi.org/10.3280/poli2009-003003.
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- The paper analyzes the change in the size distribution of Italian banking groups over the period 1999 to 2007 following a wave of M&As among large banks. Had this process increased the degree of concentration we would have expected greater credit rationing for small firms, given the central role of Italian banks in financing small firms. We measure this change through widely used measures of concentration on branches. First, we observe a steady increase in concentration that can be captured only by looking at the overall size distribution. Other measures do not perceive this change until the year 2007, when the very large banks merged. Second, by focusing on the banking groups that have been active players in M&As we do see a decline in concentration, since smaller players have caught up with the larger ones in terms of rate of size increase. This contrasts with the role of the new entries and the disappearance of banks following mergers, that has increased the dispersion of market shares. The implications are that: i) there is a credit termination risk due to the rise in active players' size, but ii) credit rationing may not occur due to a substitution effect in credit supply from new entries. Keywords: bank market structure; size distribution of banks; measures of concentration; credit rationing of SME; mergers and acquisitions Parole chiave: struttura dell'industria bancaria; distribuzione per dimensione delle banche; misure della concentrazione; razionamento del credito alle PMI; fusioni e acquisizioni Jel Classification: G21 - L11
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Schoderbek, Michael. "Accounting for mergers and reverse mergers: An instructional assignment using SEC Form 10-K and S-4 disclosures." Journal of Accounting Education 29, no. 2-3 (June 2011): 122–41. http://dx.doi.org/10.1016/j.jaccedu.2012.02.003.
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Rodríguez-Marroyo, Rocío, Álvaro Viúdez, and Simon Ruiz. "Vortex Merger in Oceanic Tripoles." Journal of Physical Oceanography 41, no. 6 (June 1, 2011): 1239–51. http://dx.doi.org/10.1175/2011jpo4582.1.
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Abstract A new type of vortex merger is experimentally reported and numerically investigated. The merging process of two anticyclones under the influence of a cyclone (a three-vortex interaction) was observed in sea surface height (SSH) altimetry maps south of the Canary Islands. This three-vortex interaction is investigated using a process-oriented three-dimensional (3D), Boussinesq, and f-plane numerical model that explicitly conserves potential vorticity (PV) on isopycnals. The initial conditions consist of three static and inertially stable baroclinic vortices: two anticyclones and one cyclone. The vortex cores form a triangle in a configuration similar to that found south of the Canary Islands. The numerical results show, in agreement with SSH observations, that two corotating vortices, sufficiently close to each other and in presence of a third counterrotating vortex, merge, leading to a new elongated vortex, which couples with the counterrotating vortex, forming a dipole. Thus, the merging process occurred south of the Canary Islands is consistent with simplified vortex dynamics (basically PV conservation). The merging process depends on the initial PV density extrema, vertical extent, and the angle spanned by the corotating vortices. It is found that the presence of the third counterrotating vortex importantly affects the critical angle of merger and the processes of axisymmetrization and filamentation associated with the two corotating merging vortices. The torque exerted by the counterrotating vortex on the two corotating vortices delays, but does not prevent, their merger.
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Bilal, Hafiz Ahmad, Musarrat Azher, Mariam Ishfaq, and Ammara Mumtaz. "Acoustic Investigation of Back Vowels of Pakistani English." Review of Education, Administration & LAW 4, no. 1 (March 26, 2021): 37–52. http://dx.doi.org/10.47067/real.v4i1.110.
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The present research investigates the acoustic features of back vowels of Pakistani English (PakE). The vowels are acoustically analysed to see whether PakE is different from Standard British English (SBE), and whether PakE merges the back vowels like some Asian varieties of English. The study also investigates the total number of back vowels of PakE. The subjects (20 male and 20 female) are selected from among the undergraduate students enrolled in BS English (University of Sargodha) with Punjabi as their mother tongue. Monosyllabic words with /hVd/ context, containing the selected vowels are recorded using a carrier-phrase. For acoustic measurement of the formants (F1-F2) and durational properties, PRAAT has been used. The formant values (F1- F2) are compared with those of SBE to find out similarities and differences. For statistical analysis, ANOVA along with Tukey’s HSD test is performed to see whether the results are significant. The results show that PakE has four back vowels, i.e. two long and two short. It does merge /?/ and /?:/ like other varieties of Asian Englishes, but it does not merge the high back vowels, i.e. /u/ and/u:/. So, it can be concluded that PakE is a different variety of English on the basis of the idiosyncratic features of back vowels.