UK Competition Policy and Shareholder Value: The Impact of Merger Inquiries

Some previous studies have suggested that competition re´gimes can destroy shareholder value. This study examines data on 50 mergers in the UK between 1989 and 2002. The study confirms the finding from earlier studies of greater gains to shareholders in target than bidding companies, but does not find evidence supporting overall loss of shareholder value to target company shareholders when a merger is prohibited. It finds evidence that when the regulatory re´gime is stable and well understood the capital market behaves efficiently in response to new information. However, for a subgroup of the mergers involving companies with a new regulatory re´gime, where the industry and the stock market had little or no experience with respect to mergers, the capital market operated less efficiently

Henri Temianka Correspondence; (marnold)

This collection contains material pertaining to the life, career, and activities of Henri Temianka, violin virtuoso, conductor, music teacher, and author. Materials include correspondence, concert programs and flyers, music scores, photographs, and books.https://digitalcommons.chapman.edu/temianka_correspondence/3680/thumbnail.jp

Henri Temianka Correspondence; (marnold)

This collection contains material pertaining to the life, career, and activities of Henri Temianka, violin virtuoso, conductor, music teacher, and author. Materials include correspondence, concert programs and flyers, music scores, photographs, and books.https://digitalcommons.chapman.edu/temianka_correspondence/3682/thumbnail.jp

Henri Temianka Correspondence; (marnold)

This collection contains material pertaining to the life, career, and activities of Henri Temianka, violin virtuoso, conductor, music teacher, and author. Materials include correspondence, concert programs and flyers, music scores, photographs, and books.https://digitalcommons.chapman.edu/temianka_correspondence/3681/thumbnail.jp

Henri Temianka Correspondence; (marnold)

This collection contains material pertaining to the life, career, and activities of Henri Temianka, violin virtuoso, conductor, music teacher, and author. Materials include correspondence, concert programs and flyers, music scores, photographs, and books.https://digitalcommons.chapman.edu/temianka_correspondence/1101/thumbnail.jp

Optical, gravitational, and kinesthetic determinants of judged eye level

Subjects judged eye level, defined in three distinct ways relative to three distinct reference planes: a gravitational horizontal, giving the gravitationally referenced eye level (GREL); a visible surface, giving the surface-referenced eye level (SREL); and a plane fixed with respect to the head, giving the head-referenced eye level (HREL). The information available for these judgements was varied by having the subjects view an illuminated target that could be placed in a box which: (1) was pitched at various angles, (2) was illuminated or kept in darkness, (3) was moved to different positions along the subject's head-to-foot body axis, and (4) was viewed with the subjects upright or reclining. The results showed: (1) judgements of GREL made in the dark were 2.5 deg lower than in the light, with a significantly greater variability; (2) judged GREL was shifted approximately half of the way toward SREL when these two eye levels did not coincide; (3) judged SREL was shifted about 12 percent of the way toward HREL when these two eye levels did not coincide, (4) judged HREL was shifted about half way toward SREL when these two eye level did not coincide and when the subject was upright (when the subject was reclining, HREL was shifted approx. 90 percent toward SREL); (5) the variability of the judged HREL in the dark was nearly twice as great with the subject reclining than with the subject upright. These results indicate that gravity is an important source of information for judgement of eye level. In the absence of information concerning the direction of gravity, the ability to judge HREL is extremely poor. A visible environment does not seem to afford precise information as to judgements of direction, but it probably does afford significant information as to the stability of these judgements

Regulation of mergers by the UK competition authorities: the effects on shareholder value and management motivations for mergers

The UK competition authorities are responsible for regulating company mergers that were originally considered to have adverse effects that were “against the public interest”, or presently that could result in a “substantial lessening of competition”. The research in this thesis examines wider economic side effects of this regulatory policy that fall outside the remit of the competition authorities. Data on 63 merger cases that were subject to the merger regulatory process by the UK competition authorities between 1989 and 2002 are studied for effects on two economic aspects, shareholder value and managers’ motivations to undertake mergers. Some previous studies have suggested that competition regimes can destroy shareholder value. The research in this thesis confirms the finding from earlier studies of greater gains to shareholders in target rather than bidding companies, but does not find evidence supporting overall loss of shareholder value to target company shareholders when a merger is prohibited. It finds evidence that when the regulatory regime is stable and well understood the capital market behaves efficiently in response to new information. However, for a sub group of the mergers involving companies with a new regulatory regime, of which industry and the market had little or no experience with respect to mergers, the capital market operated less efficiently. A number of studies have also considered the motivation of managers to follow a merger strategy. Apparently, none has looked at the influence of competition regulation on merger motives using stock market data and event study techniques. This research examined data for the stock market’s perceptions of what motivated managers to pursue their initial merger bid. The findings suggest that Synergy and Hubris dominate as motivations for mergers and that, unintentionally, competition policy may help to reduce the number of mergers motivated by Managerialism

Corrigendum: Calpain activation contributes to hyperglycemia-induced apoptosis in cardiomyocytes (Cardiovascular Research (2009) 84 (100-110) DOI: 10.1093/cvr/cvp189)

The authors regret that they mixed up the immunoblot images in the above article, and mistakenly placed the wrong images for Fig. 1 C1 and C2. Please find the corrected Fig. 1 C1 and C2 below. (Figure Presented)

Performance of chaos diagnostics based on Lagrangian descriptors. Application to the 4D standard map

We investigate the ability of simple diagnostics based on Lagrangian descriptor (LD) computations of initially nearby orbits to detect chaos in conservative dynamical systems with phase space dimensionality higher than two. In particular, we consider the recently introduced methods of the difference ($D_L^n$) and the ratio ($R_L^n$) of the LDs of neighboring orbits, as well as a quantity ($S_L^n$) related to the finite-difference second spatial derivative of the LDs, and use them to determine the chaotic or regular nature of ensembles of orbits of a prototypical area-preserving map model, the 4-dimensional (4D) symplectic standard map. Using the distributions of the indices' values we determine appropriate thresholds to discriminate between regular and chaotic orbits, and compare the obtained characterization against that achieved by the Smaller Alignment Index (SALI) method of chaos detection, by recording the percentage agreement $P_A$ between the two classifications. We study the influence of various factors on the performance of these indices, and show that the increase of the final number of orbit iterations T and the order n of the indices (i.e. the dimensionality of the space where the considered nearby orbits lie), as well as the decrease of the distance $\sigma$ of neighboring orbits, increase the $P_A$ values along with the required computational effort. Balancing between these two factors we find appropriate T, n and $\sigma$ values, which allow the efficient use of the $D_L^n$, $R_L^n$ and $S_L^n$ indices as short time and computationally cheap chaos diagnostics achieving $P_A \gtrsim 90 \%$, with $D_L^n$ and $S_L^n$ having larger $P_A$ values than $R_L^n$. Our results show that the three LDs-based indices perform better for systems with large percentages of chaotic orbits

EVALUATION OF DIAGNOSTIC CRITERIA FOR ANKYLOSING SPONDYLITIS: A COMPARISON OF THE ROME, NEW YORK AND MODIFIED NEW YORK CRITERIA IN PATIENTS WITH A POSITIVE CLINICAL HISTORY SCREENING TEST FOR ANKYLOSING SPONDYLITIS

The modified New York criteria for the diagnosis of ankylosing spondylitis were evaluated and compared to the older criteria in 151 patients, referred to hospital because of low back pain and who had a positive clinical history screening test for ankylosing spondylitis and in 31 controls with noninflammatory back pain. Radiological examination of the sacro-iliac joints showed sacro-iliitis in 124 (82%) from the 151 with inflammatory back pain. In 110(72%) of those patients a diagnosis of definite ankylosing spondylitis according to the classical New York criteria could be made and they had a prevalence of HLA-B27 of 84%. Application of the modified New York scheme increased the number of patients meeting the criteria for definite ankylosing spondylitis to all 124 patients with sacro-iliitis, and 82% of this group carried HLA-B27. The classical New York criteria of ‘limitation of the lumbar spine in three directions' and of ‘limitation of chest expansion' appeared to reflect disease duration rather than help in the initial diagnosi