1,424 research outputs found
The market’s (ir)rationality: Evidence of reference points on M&A and the role of the bidder’s investment bank reputation
No full textA great number of studies documented bidder merger losses around the merger announcement date. The majority of the determinants documented are considered rational, however, a great line of literature has increasingly focused on the effect of past stock prices on decision makers e.g. 52-week high. This implies that there is a notion of irrationality inherent to decision makers when facing uncertainty. This study aims to find, through the anchoring-and-adjustment model and from a (stock) market perspective a new determinant for these negative bidder merger gains. In addition, this study includes the bidder’s investment bank reputation as a (statistical) moderator in the main relationship because they act as brokers decreasing information asymmetry and uncertainty. This quantitative study has collected a sample of 947 M&A deals during 1st January 1991 until 31st December 2007. Through ordinary least square (OLS) regressions two hypotheses have been tested. More specifically, what is the effect of the 52-week high on the bidder merger gains, and how this relationship is moderated by the bidder investment bank reputation? Surprisingly, the results empirically document a positive effect of the anchor (52-week high) in the bidder merger gains and that low-tier investment banks might provide higher bidder merger gains than their top-tier counterparties. The results of this study contradict a previous research and suggests that for investigating the anchoring effect more focus should be allocated into the run-up period plus the timing after the announcement altogether. In addition, the relative determinants should be considered.Technology, Policy and ManagementEconomics and InnovationFinance and Economic
Rijndam rehabilitation clinic: Atrium as a healing space
No full textInteriors, Buildings and CitiesArchitecture and The Built Environmen
Juan Moritz Rugendas y su colección de pinturas costumbristas.. Anales del Instituto Nacional de Antropología e Historia. Num. 30 Tomo II (1941-1946) Sexta Época (1939-1966)
No full textAlvarez Urquieta, Luis. El pintor Juan Mauricio Rugendas. Boletín de la Academia Chilena de la Historia. Santiago de Chile. V 7, núm. 12, 1940, págs. 5-35.Alvarez Urquieta, Luis. La pintura en Chile. Santiago, 1928.Biografía Universal. Antigua y moderna. Publicada por Michand. París, 1935.Grande Encyclopedie. - Francois. Benoit.Núñez r Domínguez, José de J. Un pintor alemán de cosas mexicanas. El Universal, 1927.Pereira Salas, Eugenio. El desarrollo histórico del arte en Chile. Chilean Contemporary Art Exhibition the Toledo Museum of Art.Rugendas M. Malerisch Reise in Brasilinen. Viaje pintoresco.Sartorious, Christian. Mexiko. Landschaftbilder und Skizzen aus dem Volksleben. Darmstadt, 1855, 364 págs. il.Tovar y R., Enrique D. Juan Moritz Rugendas. Noticias sumarísimas acerca del famoso pintor viajero. Universidad Michoacana, 1943
. 26 Año 8 (2011) mayo-agosto. Señales de humo
No full text- Editorial por Hugo Reynoso Urtiz. - Renovación del inmueble de la Antigua Penitenciaría y exhibición permanente del Museo de Sonora en proceso por Guadalupe Sánchez Miranda y hugo Reynoso Urtiz. - Proyecto Arqeuológico Sur de Sonora por Crisina García Moreno. - Los archivos parroquiales del Templo Santa María Magdalena. Una huella más del padre Kino por Esperanza Donjuan Espinoza y Zulema Bujanda Alvarez. - Kinoterapia por Julio César Montané Martí. - Caminando por el centro de Sonora por Tomás Pérez Rees y Cesár A. Quijada López. - Antepasos de Obsidiana por La Pintada por Adriana Hinojo Hijono, Alejandra M. Gómez Valencia, Jesús R. Vidal Solano y B. Eréndira Contreras Barragán. - Acueducto Indipendencia por Dai Elihu Blanquel García. - La Biblioteca informa... viajes a América de Nicolás Cardona 1613-1623 por Guadalupe Piña Ortiz. - VIII Foro de Misiones Bienvenida a sus apóstoles por Raquel Padilla Ramos. - La magia de la imagen por Julio César Montané Martí y Adriana Hihojo Hinojo
Geotechnical Risk Management: A Statistical Framework to Assess the Effect of Sampling Density on Dredge Performance Forecasting
No full textThis thesis proposes a methodology towards quantifying the uncertainty resulting from the density and spatial arrangement of samples and assessing their effect on forecasting key performance indicators, related to dredging and (wet) mining operations. Aside from quantifying this uncertainty, another objective of this research is to develop a framework for optimising the sampling density, as the availability of samples for geotechnical site characterisation is often limited. The development of the framework is based on real data, concerning a heavy mineral sand deposit: this data, however, proved to be insufficiently dense for uncertainty analysis. Therefore a decision was made, based on this observation, to create a virtual reality in high density which allows for performing the desired investigations. The assessment of geotechnical risk consists of multiple steps: data interpretation and preparation, geostatistical simulation, data processing and, lastly, analysing the results. During preparation the geotechnical units were identified, suitable simulation methods based on literature were chosen and the decision was made to generate a virtual dataset. For continuous properties Sequential Gaussian Simulation was used; in case of a categorical or a discrete property, Sequential Indicator Simulation was adopted. The simulations result in 100 realisations, for each simulated property: unit top and bottom boundaries, SPT values and the locations of indurated zones. These realisations then allow for analysing possible distributions and the uncertainty related to these parameters and their propagation through transfer functions. Five different sampling strategies were implemented: three regularly spaced grids (100, 250 and 500 m) and two clustered grids (500 m regularly spaced with preferred zones). After combining the various simulation results, the effect of these grids is assessed by investigating the inferred variograms, RMSE, P90 and P10 values and distributions of production forecasts. It is observed that the geostatistical methods are suitable for geotechnical risk analysis and, generally, an increase in sampling density leads a decrease in prediction uncertainty. However, the absolute number of samples is not directly related to this trend: preferred samples and their locations should also be taken into account here, as their effect proved to be less predictable.Civil Engineering and GeosciencesGeoscience & Engineerin
Ligand regulation of the quaternary organization of cell surface M3 muscarinic acetylcholine receptors analyzed by fluorescence resonance energy transfer (FRET) imaging and homogenous time-resolved FRET
No full textFlp-In T-REx 293 cells expressing a wild type human M muscarinic acetylcholine receptor construct constitutively and able to express a Receptor Activated Solely by Synthetic Ligand (RASSL) form of this receptor on demand maintained response to the muscarinic agonist carbachol but developed response to clozapine-N-oxide only upon induction of the RASSL. The two constructs co-localized at the plasma membrane and generated strong ratiometric fluorescence resonance energy transfer (FRET) signals consistent with direct physical interactions. Increasing levels of induction of the FRET-donor RASSL did not alter wild type receptor FRET-acceptor levels substantially. However, ratiometric FRET was modulated in a bell-shaped fashion with maximal levels of the donor resulting in decreased FRET. Carbachol, but not the antagonist atropine, significantly reduced the FRET signal. Cell surface homogenous time-resolved FRET, based on SNAP-tag technology and employing wild type and RASSL forms of the human M receptor expressed stably in Flp-In TREx 293 cells, also identified cell surface dimeric/oligomeric complexes. Now, however, signals were enhanced by appropriate selective agonists. At the wild type receptor large increases in FRET signal to carbachol and acetylcholine were concentration-dependent with EC values consistent with the relative affinities of the two ligands. These studies confirm the capacity of the human M muscarinic acetylcholine receptor to exist as dimeric/oligomeric complexes at the surface of cells and demonstrate that the organization of such complexes can be modified by ligand binding. However, conclusions as to the effect of ligands on such complexes may depend on the approach used
Social-Capitalist Housing for Hanoi
No full textHigh dense residential block with social housing designed to give the social class opportunities to move up the social ladder by stimulating local markets and craft, community building and self-governance over their environments.Complex ProjectsArchitectureArchitecture and The Built Environmen
Acknowledging different Public Realities
No full textInteriorsArchitectureArchitecture and The Built Environmen
The Place of Work
No full textRedesign for the former ministry of VROM in The Hague.The Architecture of the InteriorArchitectureArchitecture and The Built Environmen
The Place of Work: A public office in The Hague
No full textIn our graduation studio The Place of Work, we’re examining an office building designed by Jan Hoogstad in the center of The Hague. This office building was built in 1991 for the Ministry of VROM (Housing, Spatial planning and Environment) and has to be transformed to house the Ministry of Foreign Affairs and Ministry of Infrastructure and Environment. This assignment has to be seen in light of the recent changes in government policy. As a result of large budget cuts the dutch government has implemented a number of measures to reduce its size and save costs. This new policy, that strives for a smaller governmental institution, is based on a flexible and multifunctional office that can facilitate any government institution at any time. The offices are developed without a user in mind: independent of individuals or organizations that will use them in the future. With my graduation project I have tried to provide an alternative to this method where the design of the office building does not start with quantifying but with characters of the various types of spaces you could provide to work in. An office building that is conceived as a collection of various different spaces and ways of working with different characters. My perception is that the government office building should take a stand in this debate and open up to the public by providing a place of work for both civil servants and the public and in this way represent the transparency of their institution. The former VROM-building will work as the perfect example as it already combines two ministries in one building – thus in need for common ground – and is located in the center of The Hague along its primary pedestrian route.Architecture of the InteriorArchitectureArchitecture and The Built Environmen
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