The Performance of Reverse Leveraged Buyouts

Reverse leveraged buyouts (RLBOs) have received increased public scrutiny but attracted little systematic study. We collect a comprehensive sample of 496 RLBOs between 1980 and 2002 and examine three- and five-year stock performance of these offerings. RLBOs appear to consistently outperform other IPOs and the stock market as a whole, with economically and statistically meaningful positive returns. There is no evidence of a deterioration of returns over time, despite the growth of the buyout market: RLBOs performed strongly in the late 1980s, the mid-1990s, and the 2000s. Large RLBOs that are backed by private equity firms with more capital under management perform better. We also find the so-called quick flips--when private equity firms sell off an investment within a year after acquisition--underperform.

The Performance of Reverse Leveraged Buyouts

Reverse leveraged buyouts (RLBOs) have been received increased public scrutiny but attracted little systematic study. We collect a comprehensive sample of 496 RLBOs between 1980 and 2002 and examine three- and five-year stock performance of these offerings. RLBOs appear to consistently outperform other IPOs and the stock market as a whole, with economically and statistically meaningful positive returns. There is no evidence of a deterioration of returns over time, despite the growth of the buyout market: RLBOs performed strongly in the late 1980s, the mid-1990s, and the 2000s. Large RLBOs that are backed by private equity firms with more capital under management perform better. We also find the so-called quick flips—when private equity firms sell off an investment within a year after acquisition—underperform

Effective radiation attenuation calibration for breast density: compression thickness influences and correction

<p>Abstract</p> <p>Background</p> <p>Calibrating mammograms to produce a standardized breast density measurement for breast cancer risk analysis requires an accurate spatial measure of the compressed breast thickness. Thickness inaccuracies due to the nominal system readout value and compression paddle orientation induce unacceptable errors in the calibration.</p> <p>Method</p> <p>A thickness correction was developed and evaluated using a fully specified two-component surrogate breast model. A previously developed calibration approach based on effective radiation attenuation coefficient measurements was used in the analysis. Water and oil were used to construct phantoms to replicate the deformable properties of the breast. Phantoms consisting of measured proportions of water and oil were used to estimate calibration errors without correction, evaluate the thickness correction, and investigate the reproducibility of the various calibration representations under compression thickness variations.</p> <p>Results</p> <p>The average thickness uncertainty due to compression paddle warp was characterized to within 0.5 mm. The relative calibration error was reduced to 7% from 48-68% with the correction. The normalized effective radiation attenuation coefficient (planar) representation was reproducible under intra-sample compression thickness variations compared with calibrated volume measures.</p> <p>Conclusion</p> <p>Incorporating this thickness correction into the rigid breast tissue equivalent calibration method should improve the calibration accuracy of mammograms for risk assessments using the reproducible planar calibration measure.</p

Divergence in Life History Traits Between Two Populations of a Seed-Dimorphic Halophyte in Response to Soil Salinity

Production of heteromorphic seeds is common in halophytes growing in arid environments with strong spatial and temporal heterogeneity. However, evidence for geographic variation (reflecting local adaptation) is almost nonexistent. Our primary aims were to compare the life history traits of two desert populations of this halophytic summer annual Suaeda corniculata subsp. mongolica and to investigate the phenotypic response of its plant and heteromorphic seeds to different levels of salt stress. Dimorphic seeds (F1) of the halophyte S. corniculata collected from two distant populations (F0) that differ in soil salinity were grown in a common environment under different levels of salinity to minimize the carryover effects from the field environment and tested for variation in plant (F1) and seed (F2) traits. Compared to F1 plants grown in low soil salinity, those grown in high salinity (\u3e0.2 mol⋅L-1) were smaller and produced fewer seeds but had a higher reproductive allocation and a higher non-dormant brown seed: dormant black seed ratio. High salinity during plant growth decreased germination percentage of F2 black seeds but had no effect on F2 brown seeds. Between population differences in life history traits in the common environment corresponded with those in the natural populations. Phenotypic differences between the two populations were retained in F1 plants and in F2 seeds in the common environment, which suggests that the traits are genetically based. Our results indicate that soil salinity plays an ecologically important role in population regeneration of S. corniculata by influencing heteromorphic seed production in the natural habitat

One-child policy and family firms in China

Ministry of Education, Singapore under its Academic Research Funding Tier