1,664 research outputs found
Correlations between phylogenomics and secondary metabolite production in the Hypoxylaceae and other families of the Xylariales
No full text<p>Plenary lecture by Marc Stadler, AMC 2023, Busan, Korea</p>
It's the market power, stupid! Stock return patterns in international bank M&A
No full textThis paper analyzes capital market reactions to international bank M&A. We investigate combined stock return patterns of targets, bidders, and their peers upon takeover announcement, and closing or withdrawal. We distinguish five common M&A hypotheses and relate characteristic and mutually exclusive abnormal stock return patterns to each hypothesis. We find that investors believe in gains through the exploitation of market power by the post-merger entity. In a multinomial logistic model we show that patterns related to market power significantly concur with large relative target size, intra-industry mergers, and increasing market concentration, suggesting a substantial lessening of competition through M&A. --M&A,Banks,Event Study,Peer Returns,Market Power
Deal Spreads in European Cross-Border M&A: Do Deal Spreads Adequately Reflect the Risk in Merger Arbitrage?
No full textHome biased? : A spatial analysis of the domestic merging behavior of US firms
No full textUsing data of US domestic mergers and acquisitions transactions, this paper shows that acquirers have a preference for geographically proximate target companies. We measure the ‘home bias’ against benchmark portfolios of hypothetical deals where the potential targets consist of firms of similar size in the same four-digit SIC code that have been targets in other transactions at about the same time or firms that have been listed at a stock exchange at that time. There is a strong and consistent home bias for M&A transactions in the US, which is significantly declining during the observation period, i.e. between 1990 and 2004. At the same time, the average distances between target and acquirer increase articulately. The home bias is stronger for small and relatively opaque target companies suggesting that local information is the decisive factor in explaining the results. Acquirers that diversify into new business lines also display a stronger preference for more proximate targets. With an event study we show that investors react relatively better to proximate acquisitions than to distant ones. That reaction is more important and becomes significant in times when the average distance between target and acquirer becomes larger, but never becomes economically significant. We interpret this as evidence for the familiarity hypothesis brought forward by Huberman (2001): Acquirers know about the existence of proximate targets and are more likely to merge with them without necessarily being better informed. However, when comparing the best and the worst deals, we are able to show a dramatic difference in distances and home bias: The most successful deals display on average a much stronger home bias and distinctively smaller distance between acquirer and target than the least successful deals. Proximity in M&A transactions therefore is a necessary but not sufficient condition for success. The paper contributes to the growing literature on the role of distance in financial decisions
Metadata initiatives and emerging technologies to improve resource discovery
No full textThis paper discusses some emerging issues on metadata as a mechanism of resource discovery and its impact on precision of search results in a distributed network environment. It presents a brief account of the recent major developments related to metadata across the globe. Highlights a consistent growth of multiple metadata standards to meet the variety of needs in a hierarchy of complexity. Examines various metadata-harvesting tools and related technologies that fulfill the task implicit in a user’s search. Brings out popular standards, useful protocols, and open-source harvesters along with their intrinsic capabilities for harvesting and presenting metadata and introduces a variety of metadata services viz., OCLC’s catalogue service, UKOLN metadata editor service, OAIster harvester service, DP9 gateway service, etc. explores the underlying principles of metadata-harvesting in DSpace and web search engines. Discusses use of multiple metadata formats in DSpace archives for exposing domain-specific metadata; and the inherent mechanism for extensibility and interoperability functions. Proposes methods for creating metadata that can pursue high-precision document retrieval in dynamic collections. Also discuses semantic web technologies and use of specialized metadata for long-term management and preservation of digital objects
Europe integrates less than you think: Evidence from the market for corporate control in Europe and the US
No full textNational borders are still strong barriers for mergers and acquisitions in Europe. We estimate a gravity equation model based on NUTS 2-regions and find that the restraining impact of national borders decreased by about a third between 1990 and 2007. However, there has been no significant change since 1997, i.e., two years before the introduction of the Euro. To benchmark our results we run a corresponding analysis within the United States using the ten federal OMB regions as country equivalents. The 'quasi border'-effect in the US is weaker than in the EU and even declines more during the same time period. We conclude that European integration policy has little effect on fostering cross-border transactions. --European integration,corporate control,border effects
Equilibrium transition study for a hybrid MAV
No full textWind tunnel testing was performed on a VTOL aircraft in order to characterize longitudinal flight behavior during an equilibrium transition between vertical and horizontal flight modes. Trim values for airspeed, pitch, motor speed and elevator position were determined. Data was collected by independently varying the trim parameters, and stability and control derivatives were identified as functions of the trim pitch angle. A linear fractional representation model was then proposed, along with several methods to improve longitudinal control of the aircraft
MARC SE GUIDE FOR DEVELOPING BRIEFS DOCUMENTS
No full textMARC SE GUIDE FOR DEVELOPING BRIEFS DOCUMENTSThis document outlines the process of communicating scientific findings from diverse sources of evidence to policymakers and practitioners to support policy decision-making. Four types of documents are outlined in this guide: Evidence Summary, Policy Practitioners, Policy Briefs, and Fact Sheets.This project (Grant Agreement n° 101103076) is supported by the Global Health EDCTP3 Joint Undertaking and its members. “Funded by the European Union under theGlobal Health EDCTP3 Joint Undertaking (Grant Agreement n°101103076). However, the views and opinions expressed are those of the author(s) only and do not necessarily reflect those of the Global Health EDCTP3 Joint Undertaking or its members. Neither of the aforementioned parties can be held responsible for them.</p
Cataloguing the internet: CATRIONA feasibility study : report to the British Library Research & Development Department
No full textThe idea of a distributed catalogue of Internet resources integrated with standard Z39.50 library system OPAC interfaces (and hence with retrieval of information on hard copy resources) is already practical at a basic level. Geac's Z39.50 GUI OPAC client. GeoPac, can search remote Z39.50 OPACs, retrieve USMARC records with URLs in 856$u, respond by loading a viewer like Mosaic or Netscape, and utilise it to retrieve and display the remotely held electronic resources on the local workstation. A range of Z39.50 OPACs can be searched server by server, making a basic-level distributed catalogue of Internet resources feasible. At least one other Z39.50 client, Dynix Horizon is close to having similar capabilities.
Significant further development and investigation is nevertheless required. A proposed demonstrator project - based around Scottish University Libraries and the BUBL Subject Tree initiative, but sufficiently 'open' to encompass other sites and approaches - is both feasible and essential, and would provide a focus for Z39.50 developments in the UK.
Z39.50 clients and associated Z39.50 OPACs describing resources could become preferred network navigation tools with other specific NIDR client types (WWW, gopher, WAIS, others) loaded as required. Library involvement is essential to sustainable Internet cataloguing initiatives
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