Do takeovers create value? A residual income approach on UK data

This paper develops and empirically tests a new methodology for evaluating the financial performance of takeovers. The existing accounting and event study methodologies do not adequately address the key issue of whether takeovers are a positive net present value investment for the acquiring company. Our methodology attempts this by employing the residual income approach to valuation, and comparing the present value of the acquirer's future earnings before the acquisition, with those that actually result following takeover. In contrast to existing methodologies, we explicitly take account of the cost of the acquisition, the acquirers cost of capital, and the earnings which are created beyond the sample period. The methodology is used for evaluating a comprehensive sample of U.K. acquisitions completed during 1985-96. Using the traditional accounting method, we find that acquisitions result in a significant improvement in profitability. However, the residual income approach reveals that on average, acquisitions destroy roughly 30 percent of the acquirer's pre-acquisition value.takeovers; valuation; accounting studies; event studies; residual income.

"A simple story" o la delicada frontera entre lo permitido y lo prohibido

Según la mayoría de los críticos, A Simple Story, de Elizabeth Inchbald, es una novela subversiva y Miss Milner una mujer que rehúsa ser confinada dentro de las barreras de lo “femenino ” en el orden patriarcal, que se resiste a los ideales de la dócil mujer doméstica descrita en los libros y novelas de conducta de la época. En este sentido la historia de Miss Milner es de trastorno, de ley y su violación. En este artículo analizo hasta qué punto Inchbald desafía tanto al decoro literario como al doméstico y hasta qué punto Miss Milner no consigue cumplir con el ideal femenino convencional. Mi argumento principal es que Miss Milner no es un personaje tan agresivo como la mayoría de los críticos lo han descrito, sino una figura de compromiso, cuyo comportamiento se constituye según los aspectos más fundamentales del gusto de la audiencia y sus preferencias ideológicas. According to most critics A Simple Story, by Elizabeth Inchbald, is a subversive novel and Miss Milner a woman who refuses to be confined within the boundaries of the “feminine ” in the patriarchal order, who resists the ideals of the docile, domestic woman as described in the conduct books and novels of the age. In this sense Miss Milner ’s story is one of disruption, of law and its violation. In this article I analyse to what extent Inchbald challenges literary as well as domestic decorum and to what extent Miss Milner fails to meet the conventional feminine ideal. My main argument is that Miss Milner is not such a transgressive character as most critics have claimed, but a figure of compromise, whose behaviour conforms in the most fundamental aspects to the audience ’s taste and ideological preferences

Melting and differentiation of early-formed asteroids: The perspective from high precision oxygen isotope studies

A number of distinct methodologies are available for determining the oxygen isotope composition of minerals and rocks, these include laser-assisted fluorination, secondary ion mass spectrometry (SIMS)and UV laser ablation. In this review we focus on laser-assisted fluorination, which currently achieves the highest levels of precision available for oxygen isotope analysis. In particular, we examine how results using this method have furthered our understanding of early-formed differentiated meteorites. Due to its rapid reaction times and low blank levels, laser-assisted fluorination has now largely superseded the conventional externally-heated Ni “bomb” technique for bulk analysis. Unlike UV laser ablation and SIMS analysis, laser-assisted fluorination is not capable of focused spot analysis. While laser fluorination is now a mature technology, further analytical improvements are possible via refinements to the construction of sample chambers, clean-up lines and the use of ultra-high resolution mass spectrometers. High-precision oxygen isotope analysis has proved to be a particularly powerful technique for investigating the formation and evolution of early-formed differentiated asteroids and has provided unique insights into the interrelationships between various groups of achondrites. A clear example of this is seenin samples that lie close to the terrestrial fractionation line (TFL). Based on the data from conventional oxygen isotope analysis, it was suggested that the main-group pallasites, the howardite eucrite diogenite suite (HEDs) and mesosiderites could all be derived from a single common parent body. However,high precision analysis demonstrates that main-group pallasites have a Δ17O composition that is fully resolvable from that of the HEDs and mesosiderites, indicating the involvement of at least two parent bodies. The range of Δ17O values exhibited by an achondrite group provides a useful means of assessing the extent to which their parent body underwent melting and isotopic homogenization. Oxygen isotope analysis can also highlight relationships between ungrouped achondrites and the more well-populated groups. A clear example of this is the proposed link between the evolved GRA 06128/9 meteorites and the brachinites. The evidence from oxygen isotopes, in conjunction with that from other techniques, indicates that we have samples from approximately 110 asteroidal parent bodies (∼60 irons, ∼35 achondrites and stony-iron, and ∼15 chondrites) in our global meteorite collection. However, compared to the likely size of the original protoplanetary asteroid population, this is an extremely low value. In addition, almost all of the differentiated samples (achondrites, stony-iron and irons) are derived from parent bodies that were highly disrupted early in their evolution. High-precision oxygen isotope analysis of achondrites provides some important insights into the origin of mass-independent variation in the early Solar System. In particular, the evidence from various primitive achondrite groups indicates that both the slope 1 (Y&R) and CCAM lines are of primordial significance. Δ17O differences between water ice and silicate-rich solids were probably the initial source of the slope 1 anomaly. These phases most likely acquired their isotopic composition as a result of UV photo-dissociation of CO that took place either in the early solar nebula or precursor giant molecular cloud. Such small-scale isotopic heterogeneities were propagated into larger-sized bodies, such as asteroids and planets, as a result of early Solar System processes, including dehydration, aqueous alteration,melting and collisional interactions

K2: A new method for the detection of galaxy clusters based on CFHTLS multicolor images

We have developed a new method, K2, optimized for the detection of galaxy clusters in multicolor images. Based on the Red Sequence approach, K2 detects clusters using simultaneous enhancements in both colors and position. The detection significance is robustly determined through extensive Monte-Carlo simulations and through comparison with available cluster catalogs based on two different optical methods, and also on X-ray data. K2 also provides quantitative estimates of the candidate clusters' richness and photometric redshifts. Initially K2 was applied to 161 sq deg of two color gri images of the CFHTLS-Wide data. Our simulations show that the false detection rate, at our selected threshold, is only ~1%, and that the cluster catalogs are ~80% complete up to a redshift of 0.6 for Fornax-like and richer clusters and to z ~0.3 for poorer clusters. Based on Terapix T05 release gri photometric catalogs, 35 clusters/sq deg are detected, with 1-2 Fornax-like or richer clusters every two square degrees. Catalogs containing data for 6144 galaxy clusters have been prepared, of which 239 are rich clusters. These clusters, especially the latter, are being searched for gravitational lenses -- one of our chief motivations for cluster detection in CFHTLS. The K2 method can be easily extended to use additional color information and thus improve overall cluster detection to higher redshifts. The complete set of K2 cluster catalogs, along with the supplementary catalogs for the member galaxies, are available on request from the authors.Comment: Accepted in ApJ. 25 pages, including 10 figures. Latex with emulateapj v03/07/0

Del héroe romántico al “feminized man” o de la realidad a la fantasía

Una de las maneras en las que las mujeres escritoras del siglo XVIII subvierten el discurso de la novela sentimental es creando un tipo de amor alternativo y un héroe que es una excepción a la regla patriarcal, el denominado “feminized man”. Este amante ideal refleja la ternura, sensibilidad, amabilidad y auto-control que normalmente se asocia con las mujeres y está dispuesto a recortar su poder y derechos para sancionar la independencia y autonomía de la heroína. Se huye así del estereotipo agresivo y dominante que encontramos en las novelas y manuales de conducta de la época y que supone una amenaza para las mujeres, ya que invade su espacio, coartando su libertad de acción y pensamiento. Detrás de la creación de este nuevo héroe está, por supuesto, el deseo de cambiar las relaciones de poder dentro de la pareja. Tanto el amante apasionado como el nuevo “feminized man” están presentes en Memoirs of Modern Philosphers, demostrando así que la novela no puede clasificarse meramente como anti-jacobina o conservadora, sino que contiene elementos claramente subversivos. One way in which eighteenth-century women writers subvert the discourse of the sentimental novel is by creating an alternative model of love and a hero who proves to be an exception to the patriarchal rule. This ideal lover shows the tenderness, sensibility, kindness and self-control that we usually associate with women and is willing to curtail his power and rights in order to sanction the heroine’s independence and autonomy. Thus the stereotype of the aggressive and dominant male which prevailed in the novels and conduct books of the age is avoided: he represents a threat to women, since he invades their space, encroaching on their freedom of action and thought. Behind the creation of this new hero is, of course, the desire to bring about a change in the power relations between the sexes. Both the passionate lover and the new “feminized man” are present in Memoirs of Modern Philosphers, thus showing that the novel cannot be merely classifi ed as anti-jacobin or conservative, but clearly contains subversive elements

The Relationship of Left Ventricular Trabeculation to Ventricular Function and Structure Over a 9.5-Year Follow-Up The MESA Study

Left ventricular (LV) trabeculation is highly variable among individuals and is increased in some diseases (e.g., congenital heart disease or cardiomyopathies), but its significance in population-representative individuals is unknown

Phosphoproteomics Screen Reveals Akt Isoform-Specific Signals Linking RNA Processing to Lung Cancer

The three Akt isoforms are functionally distinct. Here we show that their phosphoproteomes also differ, suggesting that their functional differences are due to differences in target specificity. One of the top cellular functions differentially regulated by Akt isoforms is RNA processing. IWS1, an RNA processing regulator, is phosphorylated by Akt3 and Akt1 at Ser720/Thr721. The latter is required for the recruitment of SETD2 to the RNA Pol II complex. SETD2 trimethylates histone H3 at K36 during transcription, creating a docking site for MRG15 and PTB. H3K36me3-bound MRG15 and PTB regulate FGFR-2 splicing, which controls tumor growth and invasiveness downstream of IWS1 phosphorylation. Twenty-one of the twenty-four non-small-cell-lung carcinomas we analyzed express IWS1. More importantly, the stoichiometry of IWS1 phosphorylation in these tumors correlates with the FGFR-2 splicing pattern and with Akt phosphorylation and Akt3 expression. These data identify an Akt isoform-dependent regulatory mechanism for RNA processing and demonstrate its role in lung cancer