An empirical investigation on firm-level performance of cross border mergers and acquisitions

This empirical study investigates the performance of cross border M&A. The first stage is to identify the determinants of making cross border M&A complete. One focus here is to extend the existing empirical evidence in the field of cross border M&A and exploit the likelihood of M&A from a different perspective. Given the determinants of cross border M&A completions, the second stage is to investigate the effects of cross border M&A on post-acquisition firm performance for both targets and acquirers. The thesis exploits a hitherto unused data base, which consists of those firms that are rumoured to be undertaking M&A, and then follow the deal to completion or abandonment. This approach highlights a number of limitations to the previous literature, which relies on statistical methodology to identify potential but non-existent mergers. This thesis changes some conventional understanding for M&A activity. Cross border M&A activity is underpinned by various motives such as synergy, management discipline, and acquisition of complementary resources. Traditionally, it is believed that these motives will boost the international M&A activity and improve firm performance after takeovers. However, this thesis shows that such factors based on these motives as acquirer’s profitability and liquidity and target’s intangible resource actually deter the completion of cross border M&A in the period of 2002-2011. The overall finding suggests that the cross border M&A is the efficiency-seeking activity rather than the resource-seeking activity. Furthermore, compared with firms in takeover rumours, the completion of M&A lowers firm performance. More specifically, the difficulties in transfer of competitive advantages and integration of strategic assets lead to low firm performance in terms of productivity. Besides, firms cannot realise the synergistic effect and managerial disciplinary effect once a cross border M&A is completed, which suggests a low post-acquisition profitability level

One Tone, Two Ears, Three Dimensions: An investigation of qualitative echolocation strategies in synthetic bats and real robots

Institute of Perception, Action and BehaviourThe aim of the work reported in this thesis is to investigate a methodology for studying perception by building and testing robotic models of animal sensory mechanisms. Much of Artificial Intelligence studies agent perception by exploring architectures for linking (often abstract) sensors and motors so as to give rise to particular behaviour. By contrast, this work proposes that perceptual investigations should begin with a characterisation of the underlying physical laws which govern the specific interaction of a sensor (or actuator) with its environment throughout the execution of a task. Moreover, it demonstrates that, through an understanding of task-physics, problems for which architectural solutions or explanations are often proposed may be solved more simply at the sensory interface - thereby minimising subsequent computation. This approach is applied to an investigation of the acoustical cues that may be exploited by several species of tone emitting insectivorous bats (species in the families Rhinolophidae and Hipposideridae) which localise prey using systematic pinnae scanning movements. From consideration of aspects of the sound filtering performed by the external and inner ear or these bats, three target localisation mechanisms are hypothesised and tested aboard a 6 degree-of-freedom, binaural, robotic echolocation system.In the first case, it is supposed that echolocators with narrow-band call structures use pinna movement to alter the directional sensitivity of their perceptual systems in the same whay that broad-band emitting bats rely on pinnae morphology to alter acoustic directionality at different frequencies.Scanning receivers also create dynamic cues - in the form of frequency and amplitude modulations - which very systematically with target angle. The second hypothesis investigated involves the extraction of timing cues from amplitude modulated echo envelopes

Terrain Representation And Reasoning In Computer Generated Forces : A Survey Of Computer Generated Forces Systems And How They Represent And Reason About Terrain

Report on a survey of computer systems used to produce realistic or intelligent behavior by autonomous entities in simulation systems. In particular, it is concerned with the data structures used by computer generated forces systems to represent terrain and the algorithmic approaches used by those systems to reason about terrain

Activity in area V3A predicts positions of moving objects

No description supplie

MODELLING & SIMULATION HYBRID WARFARE Researches, Models and Tools for Hybrid Warfare and Population Simulation

The Hybrid Warfare phenomena, which is the subject of the current research, has been framed by the work of Professor Agostino Bruzzone (University of Genoa) and Professor Erdal Cayirci (University of Stavanger), that in June 2016 created in order to inquiry the subject a dedicated Exploratory Team, which was endorsed by NATO Modelling & Simulation Group (a panel of the NATO Science & Technology organization) and established with the participation as well of the author. The author brought his personal contribution within the ET43 by introducing meaningful insights coming from the lecture of \u201cFight by the minutes: Time and the Art of War (1994)\u201d, written by Lieutenant Colonel US Army (Rtd.) Robert Leonhard; in such work, Leonhard extensively developed the concept that \u201cTime\u201d, rather than geometry of the battlefield and/or firepower, is the critical factor to tackle in military operations and by extension in Hybrid Warfare. The critical reflection about the time - both in its quantitative and qualitative dimension - in a hybrid confrontation it is addressed and studied inside SIMCJOH, a software built around challenges that imposes literally to \u201cFight by the minutes\u201d, echoing the core concept expressed in the eponymous work. Hybrid Warfare \u2013 which, by definition and purpose, aims to keep the military commitment of both aggressor and defender at the lowest - can gain enormous profit by employing a wide variety of non-military tools, turning them into a weapon, as in the case of the phenomena of \u201cweaponization of mass migrations\u201d, as it is examined in the \u201cDies Irae\u201d simulation architecture. Currently, since migration it is a very sensitive and divisive issue among the public opinions of many European countries, cynically leveraging on a humanitarian emergency caused by an exogenous, inducted migration, could result in a high level of political and social destabilization, which indeed favours the concurrent actions carried on by other hybrid tools. Other kind of disruption however, are already available in the arsenal of Hybrid Warfare, such cyber threats, information campaigns lead by troll factories for the diffusion of fake/altered news, etc. From this perspective the author examines how the TREX (Threat network simulation for REactive eXperience) simulator is able to offer insights about a hybrid scenario characterized by an intense level of social disruption, brought by cyber-attacks and systemic faking of news. Furthermore, the rising discipline of \u201cStrategic Engineering\u201d, as envisaged by Professor Agostino Bruzzone, when matched with the operational requirements to fulfil in order to counter Hybrid Threats, it brings another innovative, as much as powerful tool, into the professional luggage of the military and the civilian employed in Defence and Homeland security sectors. Hybrid is not the New War. What is new is brought by globalization paired with the transition to the information age and rising geopolitical tensions, which have put new emphasis on hybrid hostilities that manifest themselves in a contemporary way. Hybrid Warfare is a deliberate choice of an aggressor. While militarily weak nations can resort to it in order to re-balance the odds, instead military strong nations appreciate its inherent effectiveness coupled with the denial of direct responsibility, thus circumventing the rules of the International Community (IC). In order to be successful, Hybrid Warfare should consist of a highly coordinated, sapient mix of diverse and dynamic combination of regular forces, irregular forces (even criminal elements), cyber disruption etc. all in order to achieve effects across the entire DIMEFIL/PMESII_PT spectrum. However, the owner of the strategy, i.e. the aggressor, by keeping the threshold of impunity as high as possible and decreasing the willingness of the defender, can maintain his Hybrid Warfare at a diplomatically feasible level; so the model of the capacity, willingness and threshold, as proposed by Cayirci, Bruzzone and Gunneriusson (2016), remains critical to comprehend Hybrid Warfare. Its dynamicity is able to capture the evanescent, blurring line between Hybrid Warfare and Conventional Warfare. In such contest time is the critical factor: this because it is hard to foreseen for the aggressor how long he can keep up with such strategy without risking either the retaliation from the International Community or the depletion of resources across its own DIMEFIL/PMESII_PT spectrum. Similar discourse affects the defender: if he isn\u2019t able to cope with Hybrid Threats (i.e. taking no action), time works against him; if he is, he can start to develop counter narrative and address physical countermeasures. However, this can lead, in the medium long period, to an unforeseen (both for the attacker and the defender) escalation into a large, conventional, armed conflict. The performance of operations that required more than kinetic effects drove the development of DIMEFIL/PMESII_PT models and in turn this drive the development of Human Social Culture Behavior Modelling (HCSB), which should stand at the core of the Hybrid Warfare modelling and simulation efforts. Multi Layers models are fundamental to evaluate Strategies and Support Decisions: currently there are favourable conditions to implement models of Hybrid Warfare, such as Dies Irae, SIMCJOH and TREX, in order to further develop tools and war-games for studying new tactics, execute collective training and to support decisions making and analysis planning. The proposed approach is based on the idea to create a mosaic made by HLA interoperable simulators able to be combined as tiles to cover an extensive part of the Hybrid Warfare, giving the users an interactive and intuitive environment based on the \u201cModelling interoperable Simulation and Serious Game\u201d (MS2G) approach. From this point of view, the impressive capabilities achieved by IA-CGF in human behavior modeling to support population simulation as well as their native HLA structure, suggests to adopt them as core engine in this application field. However, it necessary to highlight that, when modelling DIMEFIL/PMESII_PT domains, the researcher has to be aware of the bias introduced by the fact that especially Political and Social \u201cscience\u201d are accompanied and built around value judgement. From this perspective, the models proposed by Cayirci, Bruzzone, Guinnarson (2016) and by Balaban & Mileniczek (2018) are indeed a courageous tentative to import, into the domain of particularly poorly understood phenomena (social, politics, and to a lesser degree economics - Hartley, 2016), the mathematical and statistical instruments and the methodologies employed by the pure, hard sciences. Nevertheless, just using the instruments and the methodology of the hard sciences it is not enough to obtain the objectivity, and is such aspect the representations of Hybrid Warfare mechanics could meet their limit: this is posed by the fact that they use, as input for the equations that represents Hybrid Warfare, not physical data observed during a scientific experiment, but rather observation of the reality that assumes implicitly and explicitly a value judgment, which could lead to a biased output. Such value judgement it is subjective, and not objective like the mathematical and physical sciences; when this is not well understood and managed by the academic and the researcher, it can introduce distortions - which are unacceptable for the purpose of the Science - which could be used as well to enforce a narrative mainstream that contains a so called \u201ctruth\u201d, which lies inside the boundary of politics rather than Science. Those observations around subjectivity of social sciences vs objectivity of pure sciences, being nothing new, suggest however the need to examine the problem under a new perspective, less philosophical and more leaned toward the practical application. The suggestion that the author want make here is that the Verification and Validation process, in particular the methodology used by Professor Bruzzone in doing V&V for SIMCJOH (2016) and the one described in the Modelling & Simulation User Risk Methodology (MURM) developed by Pandolfini, Youngblood et all (2018), could be applied to evaluate if there is a bias and the extent of the it, or at least making clear the value judgment adopted in developing the DIMEFIL/PMESII_PT models. Such V&V research is however outside the scope of the present work, even though it is an offspring of it, and for such reason the author would like to make further inquiries on this particular subject in the future. Then, the theoretical discourse around Hybrid Warfare has been completed addressing the need to establish a new discipline, Strategic Engineering, very much necessary because of the current a political and economic environment which allocates diminishing resources to Defense and Homeland Security (at least in Europe). However, Strategic Engineering can successfully address its challenges when coupled with the understanding and the management of the fourth dimension of military and hybrid operations, Time. For the reasons above, and as elaborated by Leonhard and extensively discussed in the present work, addressing the concern posed by Time dimension is necessary for the success of any military or Hybrid confrontation. The SIMCJOH project, examined under the above perspective, proved that the simulator has the ability to address the fourth dimension of military and non-military confrontation. In operations, Time is the most critical factor during execution, and this was successfully transferred inside the simulator; as such, SIMCJOH can be viewed as a training tool and as well a dynamic generator of events for the MEL/MIL execution during any exercise. In conclusion, SIMCJOH Project successfully faces new challenging aspects, allowed to study and develop new simulation models in order to support decision makers, Commanders and their Staff. Finally, the question posed by Leonhard in terms of recognition of the importance of time management of military operations - nowadays Hybrid Conflict - has not been answered yet; however, the author believes that Modelling and Simulation tools and techniques can represent the safe \u201ctank\u201d where innovative and advanced scientific solutions can be tested, exploiting the advantage of doing it in a synthetic environment