3,168 research outputs found

    Home biased? : A spatial analysis of the domestic merging behavior of US firms

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    Using 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

    Analysis of marketing systems on traditional bananas and plantains in Peru

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    Poster presented at Tropentag 2011 - Development on the Margin. Bonn (Germany), 3-7 Oct 2011

    Beam-beam effects in the LHC

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    Self-Consistent Orbits with Beam-Beam Effect in the LHC

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    In part of the straight sections of the LHC the two beams share a common beam tube. Therefore the bunches cross each other not only at the interaction point, but as well at many places on either side, with a typical transverse separation of 10 times the transverse beam size. These parasitic encounters lead to orbit distortions and tune shifts, in addition to higher order effects. Since the string of bunches from the injection machine contains gaps, not all possible 3564 buckets around the machine are filled, but only about 3000. This in turn causes some bunches to not always encounter bunches in the opposite beam at one or several parasitic collision points (so-called pacman bunches), or even at the head-on interaction point (super-pacman bunches). With a special program self-consistent orbits in the LHC have been calculated for the first time with the full beam-beam collision scheme resulting from various injection scenarios. The offsets at the interaction points, and the tune shifts are shown to be small enough to be easily controlled

    The GEO 600 status

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    The British–German gravitational wave detector GEO 600 has concluded a long observational period called Astrowatch, which lasted from November 2007 to July 2009. Together with the LIGO-H2 detector, GEO 600 was kept observing, while other detectors of the world-wide network of laser-interferometers like LIGO(L1 and H1) and Virgo were upgraded. A fraction of the time during the astrowatch period was set apart for noise investigations and experiments preparing future upgrades. Even with these investigations GEO 600 reached an observation time of 86.0% of the overall time, such that a total of 522 days worth of data were collected. The average sensitivity was roughly a factor of 2 lower than that of the LIGO-H2 detector for frequencies above 500 Hz. In July 2009 GEO 600 has started an upgrade program called GEO-HF. Within this program we aim at improving the sensitivity by a number of sequential upgrades, like tuned signal recycling, DC readout, output mode-cleaning, injection of squeezed vacuum states and the increase of circulating light power. Tuned signal recycling and DC readout have already been implemented and can be operated robustly, due to a new technique associated with the automatic alignment system

    The status of GEO 600

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    The GEO 600 gravitational wave detector located near Hannover in Germany is part of the LSC network of gravitational wave observatories. Since January 2006 the GEO 600 detector has participated in the S5 LSC science run and acquired sensitive and well-characterized science data with a high duty cycle. Until 1 October 2007, 415 days of science data with an average peak sensitivity of better than 3 × 10-22 Hz-1/2 have been collected. In this paper, we give a brief overview of GEO 600 and describe activities in the period between January 2006 and October 2007. Plans for the near and medium future are briefly discussed
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