Corporate Governance and Acquisitions: Acquirer Wealth Effects in the Netherlands

We examine 865 acquisitions by Dutch industrial firms over the period 1993–2004. Theoretical work based on principal–agent problems predicts that managers of exchange-listed corporations may pursue acquisitions even when these do not add value for the shareholders. Corporate governance structures serve to constrain managers in their acquisition activity. In this chapter we measure the shareholder wealth effects of acquisitions and the factors that determine these wealth effects, including the governance characteristics of corporations. Firms in the Netherlands are interesting from the perspective of corporate governance, because the managerial board has a relatively strong position vis-à-vis shareholders. Several takeover defenses commonly used in the Netherlands not only limit shareholder influence during takeover battles, but also in absence of such fights. On the other hand, ownership is relatively concentrated, which may provide shareholders with the incentives and power to monitor the management. The average abnormal stock return following acquisition announcements is 1.1%, which is a significant positive effect. There is only a significant negative impact of the so-called structured regime, a situation where several shareholder rights are delegated to the supervisory board. This result suggests that governance improves acquisition decisions.The Netherlands;Corporate governance;Event study;Mergers & acquisitions

Positron emission profiling : a study of hydrocarbon diffusivity in MFI zeolites

Zeolites are of prime importance to the petrochemical industry as catalysts for hydrocarbon conversion. In their molecule-sized micropores, hydrocarbon diffusion plays a pivotal role in the final catalytic performance. Here, we present the results of Positron Emission Profiling experiments with labeled hydrocarbons in zeolites with the MFI morphology. Single-component self-diffusion coefficients of hexanes in silicalite-1 and its acidic counterpart H-ZSM-5 are determined. For the first time, self-diffusion co efficients of n-pentane and n-hexane in mixtures are studied. This shows that Positron Emission Profiling is a powerful technique for in situ investigations of the adsorptive and diffusive properties of hydrocarbons in zeolites. The diffusion of hydrocarbons in medium-pore zeolites is determined by a complex interplay of factors such as the loading, the temperature, the preference for certain pore locations, the interactions with other hydrocarbon molecules of the same type or of other types and the presence of acid protons. In the diffusion of mixtures, pore blockage by one of the components might occur, thus strongly decreasing the diffusivity of the faster diffusing hydrocarbon

Probing cell membrane mechanics by magnetic particle actuation and 3D rotational particle tracking

The mechanical properties of the cell membrane and the actin cortex determine a variety of cellular processes. An accurate description of their mechanics and dynamics necessitates a measurement technique that can capture the inherent anisotropy of the system. We combine magnetic particle actuation with rotational and translational particle tracking to simultaneously measure the mechanical stiffness of the membrane and the actin cortex in living cells in three rotational and two translational directions. We demonstrate the technique by targeting various types of membrane receptors. When using particles that bind via integrins, we measured an isotropic stiffness and a characteristic power-law dependence of the shear modulus on the applied frequency. When using particles functionalized with immunoglobulin G, we measured an anisotropic stiffness with a strongly reduced value in one dimension. We suggest that the observed reduced stiffness is caused by a local detachment of the membrane from the subjacent cytoskeletal cortex. Furthermore, we use functionalized particles as phagocytic targets for macrophages. Although phagocytosis is an inherently mechanical process, little is known about the forces and energies that a cell requires for internalization. We use our technique to measure the stiffnesses of the phagocytic cup as a function of time. The measured values and their time-dependence can be interpreted with a model of a pre-stressed membrane connected to an elastically deformable actin cortex. A comparison of model and data allows a determination of the speed at which the membrane advances around the particle. This approach is a novel way of measuring the progression of phagocytic cups and their mechanical properties in real-time. We expect that our technique will enable new insights into the mechanical properties of cells and will help to better understand numerous cellular processes

Magnetic force driven dissociation kinetics in case-mixed protein interaction assays

We quantify dissociation kinetics in assays with mixed specific and non-specific protein interactions. Ligand coupled superparamagnetic particles are incubated on surfaces coated with a mixture of specific receptors and non-specifically interacting proteins. Consequently, a case mixed population of surface bound particles is formed with different binding strengths. Magnetic field gradients were used to apply translational forces on the bound complexes, either constant or increasing in time (applying a loading rate). Using a multi-component dissociation analysis, we observe case-dependent dissociation mechanisms of the particles. The classical Bell and Evans model successfully describes bond dissociation from the deep potential well of a specific bond. Bond characteristics in terms of rate constants, energy barriers and minima’s in the dissociation pathway are revealed for the anti-biotin/biotin and streptavidin/biotin bond; and are in good agreement with values from SPR, other force clamp techniques, and molecular dynamics calculations. The particles bind non-specifically via interactions that show a force induced dissociation mechanism distinctly different from that of the specifically bound particles. The ability to rapidly differentiate and characterize specific and non-specific protein interactions in parallel, and affinity-rank different protein-ligand interactions on the basis of their binding pocket characteristics, will find various applications

Simulations with a dynamic reaction-diffusion model of the polymer grating preparation by patterned ultraviolet illumination

Simulations of volume fraction profiles formed during the lithographic preparation of polymer gratings are made with a reaction/diffusion model, based on the Flory–Huggins theory. Monomer migration is driven by a gradient in the chemical potential rather than a gradient in the concentration. If the chemical potential is used as the driving force, monomer migration is not only driven by a difference in concentration, or volume fraction, but also by other entropic effects: the differences in monomer length and the degree of crosslinking of a polymer network. The monomer volume fractions are simulated as a function of position for different ultraviolet intensities and various grating pitches. Profound edges of the monomer volume fractions caused by the fact that the reaction rate is high compared to the diffusion rate are both measured and simulated. An excellent agreement with nuclear microprobe measurements on the polymer gratings is obtaine

Численная гидродинамическая модель атмосферной дисперсии загрязнений вокруг зданий

The computational fluid mechanics model of is atmospheric dispersion in the vicinity of buildings is developed. The validation of model against field experiment was performed. The application of model to problem of estimation of concentration near contaminated buildings located at the territory of Pridneprovsky Chemical Plant is presented

The international diversification of banks and the value of their cross-border M&A advice

__Abstract__ We examine the impact of the international diversification by banks on the value of their advice provided in cross-border merger and acquisition transactions by studying bidder returns and deal performance following 1,708 cross-border M&A deals. We find that bidders engaging a more internationally diversified financial advisor face lower stock price and synergy returns, worse deal operating performance, and slower deal completion. We show that these negative effects of diversification can be mitigated by involvement in financing or country-specific available capacity of the advisor. [version: December 2013