Town of Landaff, New Hampshire annual report of the town officers year ended December 31, 1995.

This is an annual report containing vital statistics for a town/city in the state of New Hampshire

Town of Ellsworth, New Hampshire annual report for the fiscal year ending December 31, 2018.

This is an annual report containing vital statistics for a town/city in the state of New Hampshire

Rating and ranking firms with fuzzy expert systems: the case of Camuzzi

In this paper we present a real-life application of a fuzzy expert system aimed at rating and ranking firms. Unlike standard DCF models, it integrates financial, strategic and business determinants and processes both quantitative and qualitative variables. Twenty-one value drivers are defined, concerning the target firm (strategic assets in place and expected financial performance), the acquisition (synergies, quality of management) and the sector (intensity of competition, entry barriers). Their combination via “if-then” rules leads to the definition of an output represented by a real number in the interval [0,1]. Such a number expresses the value-generating power of the target firm inclusive of synergies with the bidder (Strategic Enterprise Value). The system may be used for rating and ranking firms operating in the same sector. A regression analysis using hostile takeovers multiples may be employed to translate the score into price. The real-life case refers to Camuzzi (a natural gas distributor), acquired by Enel, the Italian ex monopolist of electric energy

Rating and ranking firms with fuzzy expert systems: the case of Camuzzi

In this paper we present a real-life application of a fuzzy expert system aimed at rating and ranking firms. Unlike standard DCF models, it integrates financial, strategic and business determinants and processes both quantitative and qualitative variables. Twenty-one value drivers are defined, concerning the target firm (strategic assets in place and expected financial performance), the acquisition (synergies, quality of management) and the sector (intensity of competition, entry barriers). Their combination via “if-then” rules leads to the definition of an output represented by a real number in the interval [0,1]. Such a number expresses the value-generating power of the target firm inclusive of synergies with the bidder (Strategic Enterprise Value). The system may be used for rating and ranking firms operating in the same sector. A regression analysis using hostile takeovers multiples may be employed to translate the score into price. The real-life case refers to Camuzzi (a natural gas distributor), acquired by Enel, the Italian ex monopolist of electric energy

The Market for Takeover Defenses

This paper develops a market-based approach to takeover defenses. In this framework, a firm’s decision to go public without defenses is considered a decision to produce an unshielded target. The paper shows that the voluminous classical literature on takeover defenses, which argues either that takeover defenses are good for all firms or that they are bad for all firms, actually ignores both supply and demand considerations. Recent empirical findings that revealed that IPO-stage firms diverge in antitakeover practices led to the rapid development of a new branch in the literature. This branch emphasizes that firms diverge in defense-adopting costs due to the heterogeneous characteristics of the “producers,” meaning that the literature now acknowledges supply-side considerations. The literature still overlooks, however, demand-side considerations, which are highlighted in this paper. The paper argues that bidder propensity to pay is related to the number of firms that go public without defenses. As a result of takeover diversion from shielded targets to unshielded targets, the fewer the number of firms that produce unshielded targets, the higher the price that the market will pay for unshielded firms. Finally, the existing supply-side explanations merge with the novel demand-side argument to form a full picture of the market for takeover defenses, which serves to explain the findings of recent empirical studies that have been so puzzling to corporate scholarship up until now