The performance of cross-border acquisitions in emerging and developed markets

We examine the impact of cross-border mergers in emerging and developed markets on shareholders wealth between 1988 and 2008. In addition to the acquiror gains that have been discussed by number of prior researches, we also looked at the target and combined returns in order to present a more complete picture. Our results confirm that developed market acquirors gain on average 1.56% more when they acquire emerging market targets as compared to when they acquire targets in developed markets. We also find that emerging market targets' shareholder values are not maximized when acquired by developed market acquirors. Furthermore, we observe that no matter the acquiror's origin, developed market targets experience greater average cumulative abnormal returns than emerging market targets. We conjecture that at least a part of the positive acquiror returns cannot be attributed to the transfer of superior governance practices or intangibles as suggested by Chari, Ouimet and Tesar (2010). Moreover, our results indicate that the sophistication level of the acquiror and the target as well as their relative bargaining ability might be important determinants of the sharing of gains

Sensibilisation communautaire et comportement thérapeutique vis-à-vis de l’UB dans le département de Zoukougbeu (Côte d’Ivoire) Cas du village de Mandanou

Cette étude vise à comprendre les activités de sensibilisation délivrées par l’état de Côte d’ivoire dans le cadre de la lutte contre l’ulcère de buruli et les comportements thérapeutiques générés par les populations de Mandanou Elle s’inscrit dans le cadre de l’Anthropologie Biologique et fait recours au courant culturaliste. Dans une démarche qualitative nous avons réalisé plusieurs entrevues avec des responsables à divers niveaux du programme et les populations de la localité de Mandanou. Le problème principal expliquant le long délai dans le diagnostic réside dans la connaissance approximative de l’UB par les professionnels de santé au premier échelon. Les analyses ont révélé que les populations ont compris que l’ulcère de Buruli se soigne et se guéri à l’hôpital. Mais elles ne sont pas en mesure d'identifier les comportements à risques, les dispositions préventives et les vecteurs de l’ulcère de Buruli auxquels elles sont exposées. Aussi nos analyses ont révélé que l’arrivée tardive des malades dans les centres de santé favorise la prépondérance des cas ulcérés de l’ulcère de Buruli.   This study aims to understand the sensitisation activities delivered by the state of Côte d'Ivoire in the context of the fight against buruli ulcer and the therapeutic behaviours generated by the people of Mandanou. It falls within the framework of biological anthropology and uses the culturalist current. In a qualitative approach, we conducted several interviews with people in charge of the programme at various levels and with the people of Mandanou. The main problem explaining the long delay in diagnosis is the approximate knowledge of BU by health professionals at the first level. The analyses revealed that the population has understood that Buruli ulcer is treated and cured in hospital. But they are not able to identify the risk behaviours, preventive measures and Buruli ulcer vectors to which they are exposed. Our analyses revealed that the late arrival of patients in health centres favours the preponderance of ulcerated cases of Buruli ulcer

Etude des performances techniques d’un filtre-presse pour la filtration du jus de pomme d’anacarde (Anacardium occidentale L.)

La présente étude participe à la mécanisation de la filtration du jus de pommes d’anacarde au Bénin. Elle vise à évaluer l’efficacité technique d’un filtre-presse pour l’amélioration de la filtrabilité et de la qualité du jus de pomme de cajou. Quatre traitements ont été réalisés en filtrant deux types de jus (brut et clarifié) avec deux toiles filtrantes (en nylon et en coton) disponibles sur le marché. Le débit brut de filtration, le taux d’humidité résiduelle des gâteaux de filtration, le rendement en filtrat, la teneur en particules du filtrat et la capacité horaire du filtre-presse ont été évalués. Les caractéristiques physicochimiques, microbiologiques et sensorielles des jus issus des différents traitements ont également été déterminées. La filtration du jus clarifié avec la toile en coton a montré les meilleures performances quant au rendement moyen obtenu qui est de 56,77%, avec une teneur en particules de 1,046 g/l de jus clarifié et une capacité de l’équipement de 212,157 kg/h. Le jus issu de ce traitement a en moyenne une teneur en sucres solubles égale à 11°Brix, une teneur en vitamine C de 73,225 mg/100g et 2,05 mg/100ml de tanins, avec des valeurs moyennes en magnésium et potassium respectives de 90,8 et 1174,9 mg/l. L’absence de la flore aérobie mésophile totale, des levures et moisissures, montre que tous les jus filtrés bruts ou clarifiés sont sains. Le jus clarifié et filtré avec la toile en coton a obtenu les meilleurs scores sensoriels avec sa clarté et sa couleur très acceptées. L’étude a permis de conclure que la filtration du jus de pomme de cajou clarifié à l’amidon de riz avec la toile en coton est le meilleur traitement de filtration par le filtrepresse expérimenté, parce qu’il permet de traiter plus de jus par heure et d’obtenir un jus clair de très faible teneur en particules (1,046 g/l), avec un rendement en filtrat moyen. Le filtre-presse devra être perfectionné et mis à la disposition des unités de transformation du Bénin, pour l’amélioration de la qualité du jus de pomme de cajou.Mots clés: pomme de cajou, jus, mécanisation, filtration, clarification, amidon de riz, filtre-presse, toiles, qualitéAfr. J. Food Agric. Nutr. Dev. 2019; 19(3): 14690-1470

Effects of torrefaction on some physico-mechanical and organoleptic characteristics of maize flour blended peanut patties rolled into sticks in Benin

The cake, from peanut seeds oil-extraction, is classically used for cattle feed manufacture and fertilizers. It may also well be valorized as crispy patties for human food. Several variants of peanut patties, "kluiklui", rolled into sticks, are very prized in Benin. This passion for patties, coupled with fairly high price of groundnut seeds, incited patties producers to innovative and ingenious manipulations. From then, crude or roasted maize flour was incorporated to replenish many groundnut variants patties. This article is devoted to study influences of applied torrefaction to maize grains giving added flour during formulation of fried groundnut's defatted dough into different variants on some physical (residual humidity, apparent density, volume expansion rate), mechanical (fracture strength) and organoleptic (color, crustiness, taste) properties of the produced patties. The results showed that torrefaction causes significant decrease of residual water content, volume expansion rate and breaking strength, making corresponding patties less crusty and less well-liked by consumers as proven by realized tasting results. However, torrefaction of maize flour also induced increase of the patties apparent density. Nevertheless, the latter was less affected in comparison with the previous three cited characteristics. The groundnut patties variants, blended of maize flour at respective rates of 5% and 10% (weight-in-mix), were the most affected by torrefaction process relatively to recorded feeble breaking strength values and thus, the best prized by patties consumers.Keywords: maize seeds, bulk density, expansion rate, breaking strength, crustiness, taste

Sensibilisation communautaire et comportement thérapeutique vis-à-vis de l’UB dans le département de Zoukougbeu (Côte d’Ivoire) Cas du village de Mandanou

Cette étude vise à comprendre les activités de sensibilisation délivrées par l’état de Côte d’ivoire dans le cadre de la lutte contre l’ulcère de buruli et les comportements thérapeutiques générés par les populations de Mandanou Elle s’inscrit dans le cadre de l’Anthropologie Biologique et fait recours au courant culturaliste. Dans une démarche qualitative nous avons réalisé plusieurs entrevues avec des responsables à divers niveaux du programme et les populations de la localité de Mandanou. Le problème principal expliquant le long délai dans le diagnostic réside dans la connaissance approximative de l’UB par les professionnels de santé au premier échelon. Les analyses ont révélé que les populations ont compris que l’ulcère de Buruli se soigne et se guéri à l’hôpital. Mais elles ne sont pas en mesure d'identifier les comportements à risques, les dispositions préventives et les vecteurs de l’ulcère de Buruli auxquels elles sont exposées. Aussi nos analyses ont révélé que l’arrivée tardive des malades dans les centres de santé favorise la prépondérance des cas ulcérés de l’ulcère de Buruli.   This study aims to understand the sensitisation activities delivered by the state of Côte d'Ivoire in the context of the fight against buruli ulcer and the therapeutic behaviours generated by the people of Mandanou. It falls within the framework of biological anthropology and uses the culturalist current. In a qualitative approach, we conducted several interviews with people in charge of the programme at various levels and with the people of Mandanou. The main problem explaining the long delay in diagnosis is the approximate knowledge of BU by health professionals at the first level. The analyses revealed that the population has understood that Buruli ulcer is treated and cured in hospital. But they are not able to identify the risk behaviours, preventive measures and Buruli ulcer vectors to which they are exposed. Our analyses revealed that the late arrival of patients in health centres favours the preponderance of ulcerated cases of Buruli ulcer

Caractérisation De La Pêche Au Lac Kivu

This study was focused on the description of fishing gears on Lake Kivu. Data were collected from March 2012 to February 2014 in Goma, Bukavu, and Kibuye fishing stations. The study findings indicate that gill nets, beach seine, lift net, trammel net composed of two panels of small and larger meshes (mosquito net attached to lift net parts), mosquito net, longline, single line, pots, and cast net were identified as fishing gears used on Lake Kivu. Longline was more selective (2 species) in terms of species selection. The lift net presented the best catch (19.4 ± 11 kg), while the trammel net showed the highest CPUE (7.9 ± 6.1 kg/h). The large dimensions of gears and the long netting duration characterized gillnets (1023.2 ± 620.1 m2 ) and longline (10.3 ± 4.6 hours) respectively. Cast-nets (20mm) showed the largest mesh size, while mosquito nets (1 ± 0.3 mm) were the smallest

Why Some People Consume Counterfeit Drugs in Benin

Despite the threat counterfeit drugs represent to health and the government’s endeavor to discourage their consumption, some people in Benin still prefer buying medicine in the underground economy. This research purported to understand the causes of the phenomenon. The research method used a survey of a sample of sixty-eight people randomly selected at Cotonou, a city with a population representative of Benin general population status regarding socio-economic conditions. The data about people\u27s habits regarding drug consumption, monthly income, insurance coverage, and reasons why people chose to buy counterfeit medicines were collected and analyzed using Excel Spreadsheet. The analysis of those data suggested that the main contributing factor to counterfeit drugs consumption is financial limitations. Other significant causes are drug shortages or stock-out in pharmacies as well as limited knowledge of risks

Analysis of the Hydrological Budget using the J2000 Model in the Pendjari River Basin, West Africa

In a semi - arid region where water scarcity is a major problem, quantify the water balance variables is very essential for sustainable water management. In a condition where meteorological input data are often not available in a sufficient spatial and temporal resolution, simulating the water balance variables is a big challenge. This research assesses the water balance for the Pendjari River basin, a 23208 km² sub-basin of the Volta basin in West Africa. The main purpose of this study is to assess how much water is available in the Pendjari River basin in terms of blue water and green water. To assess the water balance variables the distributed hydrological model J2000 has been used. The model has been manually and automatically calibrated for the period 1982 – 1990 using 24 parameters and validated for the period 1998 – 2008. 17 of the parameters have been selected for regional sensitivity analysis. The performance of the model has been measured using objective functions: Root Mean Square Error, Percent Bias, Nash-Sutcliffe efficiency, Relative Nash-Sutcliffe efficiency and Coefficient of Determination. The findings of this study have indicated that 58.67% of annual rainfall represents the evapotranspiration, which is considered as the amount of green water used to support natural vegetation productivity and agricultural system. The total actual evapotranspiration is estimated at 87% of annual rainfall. 12.53 % of annual rainfall end up as surface runoff and 9.92% of annual rainfall represents the groundwater recharge rate. Approximately 21% of annual rainfall represents the water yield, which is devoted to blue water source in the Pendjari River basin. The meteorological simulations are globally acceptable and the hydro-meteorological component simulation has shown very good model performances in comparison with the observed discharge data, indicating the potential of J2000 model to reproduce the geographical environment of the Pendjari River basin. Keywords: J2000; Green water; Blue water; Hydrological budget; Pendjari Rive

Ecological status of a West African lagoon complex under anthropogenic pressure, Toho-Todougba complex, Benin

Management and preservation of aquatic environments are essential for their productivity and the maintenance of aquatic life. This study aims to characterize the trophic state of Toho-Todougba lagoon complex which has been subject for several years, to an intense fish production in cages. For this purpose, physico-chemical parameters were measured from June 2019 to May 2020 as well as chlorophyll-α, phosphorus and nitrogen. The trophic characterization indices were calculated basedo n Carlson (1977), Burns and Bryers (2000), Neverova-Dziopak and Kowalewski (2018), Primpas et al. (2010) and CCME-WQI (2001). It appears that the temperature (29°C), dissolved oxygen (3.19 mg.L-1 to 4.33 mg.L-1) and pH (6.66 to 7.31) are those characteristic of tropical lake environments. The production parameters revealed that the chlorophyll-α concentration varies from 0.19 to 37 mg.L-1 (stations and months combined). The concentration of phosphorus ranged from 0.02 to 0.42 mg.L-1 while nitrogen varied from 1.91 to 4.03 mg.L-1. Only nitrogen is not in critical proportion for the ecosystem. It should be noted that with the exception of the Carlson index, all other indices revealed that the ecosystem is in a state of advanced eutrophication with a tendency to hyper-trophication according to the eutrophication index of Primpas et al. (2010). Consequently, Toho-Todougba lagoon complex is eutrophic and requires adequate measures for its restoration despite its good health revealed by the physico-chemical parameters

EVALUATION ET SELECTION PARTICIPATIVE DES VARIETES AMELIOREES DE NIEBE EN MILIEU RURAL DANS LE DEPARTEMENT DE COUFFO AU BENIN

Lack of seeds of high-performing varieties is one of the constraints to the development of cowpea production in Benin. The objective of this study was to enhance the capacity of the farmers to evaluate and select improved varieties for sustainable production of cowpea. Four varieties, containing three improved varieties from Burkina-Faso and one from local germ bank, were evaluated in farmer\u2019s fields of the farmers\u2019 platform of Klouekanme and Aplahou\ue9 agricultural sectors in the department of Mono, south west of Benin. The varieties KVX 421-2J\ua0; KVX 402-5-2\ua0; KVX 397-6-6\ua0from Burkina-Faso and local Kakanon were tested during one season, using mother and babies approach by forty height (48) farmers partners. The farmers were trained on the method of selection and evaluation of varieties an inter and intra visits were organized to permit farmers to compare their own plots to those of their colleagues. Synthesis and restitution meetings involving farmers and non-farmers were organized. Grain and biomass yields, production cycle time, seed fat and color were the selection criteria defined by producers. Based on these criteria, the ranking by producers in order is: KVX 421-2J, KVX 402-5-2, Kakanon and KVX 397-6-6. Improved variety KVX 421-2J from Burkina-Faso were selected by the farmers. This variety presented the best grain yield at 1065 kg ha-1 and a high level of biomass yield at 1735 kg ha-1, with short production cycle of 67 days. The introduction of this new variety will increase quantitatively and qualitatively the production of cowpea in the area and improve farmer income.Le manque de semences de vari\ue9t\ue9s performantes constitue au B\ue9nin l\u2019une des contraintes au d\ue9veloppement de la production de ni\ue9b\ue9. L\u2019objectif de cette \ue9tude est de mettre \ue0 la disposition des producteurs de nouvelles vari\ue9t\ue9s am\ue9lior\ue9es \ue0 travers l\u2019am\ue9lioration de leur capacit\ue9 \ue0 \ue9valuer et \ue0 s\ue9lectionner des vari\ue9t\ue9s am\ue9lior\ue9es pour une production durable de ni\ue9b\ue9. Quatre vari\ue9t\ue9s, comportant trois vari\ue9t\ue9s am\ue9lior\ue9es du Burkina-Faso et une locale, ont \ue9t\ue9 \ue9valu\ue9es dans les champs paysans de la plateforme des producteurs des secteurs agricoles de Klou\ue9kanm\ue8 et d\u2019Aplahou\ue9 dans le d\ue9partement du Mono au B\ue9nin. Les vari\ue9t\ue9s KVX 421-2J; KVX 402-5-2; KVX 397-6-6 du Burkina-Faso et Kakanon, une vari\ue9t\ue9 locale, ont \ue9t\ue9 test\ue9es en utilisant l\u2019approche m\ue8re et b\ue9b\ue9s par quarante huit (48) producteurs partenaires. Ces producteurs impliqu\ue9s ont \ue9t\ue9 form\ue9s sur la m\ue9thode de s\ue9lection et d\u2019\ue9valuation et des visites inter et intra villages ont \ue9t\ue9 organis\ue9es pour permettre aux partenaires de comparer leurs parcelles \ue0 celles de leurs pairs. Des s\ue9ances de synth\ue8se et de restitution qui ont regroup\ue9 les producteurs partenaires ou non, ont \ue9t\ue9 organis\ue9es. Les rendements en grains et en biomasse, la dur\ue9e de cycle de production, la grosseur des graines et la couleur ont \ue9t\ue9 les crit\ue8res de choix d\ue9finis par les producteurs. Se basant sur ces crit\ue8res, le classement r\ue9alis\ue9 par les producteurs par ordre d\ue9croissant est\ua0: KVX 421-2J , KVX 402-5-2, Kakanon et KVX 397-6-6. La vari\ue9t\ue9 am\ue9lior\ue9e KVX 421-2J du Burkina-Faso qui pr\ue9sentait le meilleur rendement en grains de 1065 kg ha-1 et un rendement \ue9lev\ue9 en biomasse de 1735 kg ha-1, avec un cycle de production de 67 jours, a \ue9t\ue9 s\ue9lectionn\ue9e par les agriculteurs. L\u2019introduction de cette nouvelle vari\ue9t\ue9 augmentera quantitativement et qualitativement la production de ni\ue9b\ue9 dans la r\ue9gion et am\ue9liorera le revenu des producteurs