Uncertainty triggers overreaction: evidence from corporate takeovers

Behavioural finance models suggest that under uncertainty, investors overweight their private information and overreact to it. We test this theoretical prediction in an M&A framework. We find that under high information uncertainty, when investors are more likely to possess firm-specific information, acquiring firms generate highly positive and significant gains following the announcement of private stock and private cash acquisitions (positive news) while the market heavily punishes public stock (negative news) deals. On the other hand, under conditions of low information uncertainty, when investors do not possess private information, the market reaction is complete (i.e. zero abnormal returns) irrespective of the type of acquisition. Overall, we provide empirical evidence that shows that information uncertainty plays a significant role in explaining short-run acquirer abnormal returns

Is Area Yield Insurance Competitive with Farm Yield Insurance?

This article compares risk reduction from MPCI and GRP crop insurance contracts. The analysis extends and improves on the existing area-yield insurance literature in four important respects. First, the geographical scope greatly exceeds that of previous work. Second, unlike previous efforts, the area is not assumed to consist only of those farms included in the analysis. Third, the analysis is based on the actual GRP indemnity function rather than the area-yield indemnity function commonly used in the literature. Fourth, the analysis avoids the questionable assumption that GRP scale can be optimized at the individual farm level. Even with a number of conservative assumptions favoring MPCI relative to GRP, results indicate that at least for some crops and regions GRP is aviable alternative to MPCI.area yield insurance, Multiple Peril Crop Insurance, risk reduction, Risk and Uncertainty,

Uncertainty Triggers Overreaction: Evidence from Corporate Takeovers

Behavioural finance models suggest that under uncertainty, investors overweight their private information and overreact to it. We test this theoretical prediction in an M&A framework. We find that under high information uncertainty, when investors are more likely to possess firm-specific information, acquiring firms generate highly positive and significant gains following the announcement of private stock and private cash acquisitions (positive news) while the market heavily punishes public stock (negative news) deals. On the other hand, under conditions of low information uncertainty, when investors do not possess private information, the market reaction is complete (i.e. zero abnormal returns) irrespective of the type of acquisition. Overall, we provide empirical evidence that shows that information uncertainty plays a significant role in explaining short-run acquirer abnormal returns

Pairing correlations and transitions in nuclear systems

We discuss several pairing-related phenomena in nuclear systems, ranging from superfluidity in neutron stars to the gradual breaking of pairs in finite nuclei. We describe recent experimental evidence that points to a relation between pairing and phase transitions (or transformations) in finite nuclear systems. A simple pairing interaction model is used in order to study and classify an eventual pairing phase transition in finite fermionic systems such as nuclei. We show that systems with as few as 10-16 fermions can exhibit clear features reminiscent of a phase transition.Comment: Proceedings of COMEX1, Sorbonne, Paris, june 10-13 2003. To appear in Nuclear Physics

Stochastic Interdigitation As a Toughening Mechanism at the Interface between Tendon and Bone

AbstractReattachment and healing of tendon to bone poses a persistent clinical challenge and often results in poor outcomes, in part because the mechanisms that imbue the uninjured tendon-to-bone attachment with toughness are not known. One feature of typical tendon-to-bone surgical repairs is direct attachment of tendon to smooth bone. The native tendon-to-bone attachment, however, presents a rough mineralized interface that might serve an important role in stress transfer between tendon and bone. In this study, we examined the effects of interfacial roughness and interdigital stochasticity on the strength and toughness of a bimaterial interface. Closed form linear approximations of the amplification of stresses at the rough interface were derived and applied in a two-dimensional unit-cell model. Results demonstrated that roughness may serve to increase the toughness of the tendon-to-bone insertion site at the expense of its strength. Results further suggested that the natural tendon-to-bone attachment presents roughness for which the gain in toughness outweighs the loss in strength. More generally, our results suggest a pathway for stochasticity to improve surgical reattachment strategies and structural engineering attachments

Parallel Parent–Child Mindfulness Intervention Among Chinese Migrant Families:A Mixed-Methods Feasibility Study

Purpose: This study examines the feasibility and effects of a parallel parent–child mindfulness intervention on parenting stress, child behavior, and parent–child relationship among low-income migrant families. Methods: Using a quasi-experimental design, 21 Chinese migrant parents and one child of each parent were assigned to an 8-week intervention (n = 11 pairs) or waitlist control (n = 10 pairs). Semi-structured qualitative interviews and pre–post quantitative measures were used to assess intervention feasibility and effects. Results: Qualitative interviews suggest mindfulness training promotes family well-being through enhanced parental and child emotional regulation. Quantitative results suggest within-group parenting stress significantly decreased in the intervention group (partial η 2 =.423) but not in controls (partial η 2 =.000); between-group analyses showed a nonsignificant, medium effect size on parenting stress (partial η 2 =.069). Conclusions: The intervention shows good feasibility and initial support for reducing parenting stress. Future research requires a larger randomized controlled trial among high-stress populations such as migrant families.</p

Amino acid intakes are associated with bone mineral density and prevalence of low bone mass in women: evidence from discordant monozygotic twins

Although a higher protein intake, particularly from vegetable sources, has been shown to be associated with higher bone mineral density (BMD) the relative impact of specific amino acids (AA) on BMD and risk of osteoporosis remains to be determined. Mechanistic research suggests that a number of specific AA, including five non-essential AA, alanine, arginine, glutamic acid, glycine and proline, may play a role in bone health, principally through improved production of insulin and insulin-like growth factor 1 and the synthesis of collagen and muscle protein. However to date, no previous studies have examined the associations between habitual intake of AA and direct measures of BMD and prevalence of osteoporosis or osteopenia and no studies have examined this relationship in discordant identical twin-pairs. In these analyses of female monozygotic twin-pairs discordant for AA intake (n=135), twins with higher intakes of alanine and glycine had significantly higher BMD at the spine than their co-twins with within-pair differences in spine-BMD of 0.012 g/cm2 (SE 0.01 P=0.039) and 0.014g/cm2 (SE 0.01 P=0.026) respectively. Furthermore, in cross-sectional multivariable analyses of 3160 females aged 18-79y, a higher intake of total protein was significantly associated with higher DXA-measured BMD at the spine (Q4-Q1 0.017g/cm2 SE 0.01 P=0.035) and forearm (Q4-Q1 0.010g/cm2 SE 0.003 P=0.002). Intake of six AA (alanine, arginine, glutamic acid, leucine, lysine and proline) were associated with higher BMD at the spine and forearm with the strongest association observed for leucine (Q4-Q1 0.024g/cm2 SE 0.01 P=0.007). When intakes were stratified by protein source, vegetable or animal, prevalence of osteoporosis or osteopenia was 13-19% lower comparing extreme quartiles of vegetable intake for five AA (not glutamic acid or proline). These data provide evidence to suggest that intake of protein and several AA, including alanine and glycine, may be beneficial for bone health, independent of genetic background

<i>Zygomaticus major</i> muscle bony attachment site:a Thiel-embalmed cadaver study

Objective: Thezygomaticus major is a principal muscle of facial expression which is engaged when smiling. The zygomaticus major origin of the zygomatic bone is often discussed relevant to its importance in the field of plastic surgery. In addition, the zygomaticus major attachment site is also significant for forensic craniofacial reconstruction, separating the cheek into frontal and lateral surfaces. However, there are discrepancies amongst published articles regarding the precise origin of the zygomaticus major muscle. The aim of this study is to investigate more distinctive and palpable landmarks as the bony attachment of the zygomaticus major. Methods: This project is the first zygomaticus major dissection study utilising Thiel embalmed cadavers. Fifty-two facial dissections were investigated in 26 Thiel embalmed bodies, bequeathed to the Centre for Anatomy and Human Identification at The University of Dundee between 2013 and 2015. Results: This study found that the origin of zygomaticus major muscle was located at the superior margin of the temporal process on the lateral surface of zygomatic bone. Moreover, the zygomaticus major muscle overlapped the anterosuperior border of the masseter muscle. One out of 52 zygomaticus major muscles presented bifurcation. Conclusion: The origin site of zygomaticus major is considered important to increase resemblance in forensic craniofacial reconstruction. Furthermore, since zygomaticus major is a salient muscle involved in facial expression, the potential effects for cosmetic/surgical procedures are also relevant to the medical field and successful surgical outcomes. The current study provided easily palpable landmarks of zygomaticus major origin site which is beneficial for both surgeons and forensic craniofacial reconstruction practitioners. © 202