Location, Proximity, and M&A Transactions

In this paper, we examine how the geographic location of firms affects acquisition decisions and value creation for acquirers in takeover transactions. We find that firms located in an urban area are more likely to receive a takeover bid and complete a takeover transaction as a target than firms located in rural areas, and takeover deals involving an urban target are associated with higher acquirer announcement returns, after controlling for the proximity between the target and the acquirer. In addition, a target\u27s urban location significantly attenuates the negative effect of a long distance between the target and the acquirer on acquirer returns, a fact that is documented in the existing literature. Our findings reveal a previously underexplored force—firm location—that can affect takeover transactions, in addition to proximity. Our paper suggests that a firm\u27s location plays an important role in facilitating the dissemination of soft information and enhancing information-based synergies

Mutual Information-Maximizing Quantized Belief Propagation Decoding of Regular LDPC Codes

In mutual information-maximizing lookup table (MIM-LUT) decoding of low-density parity-check (LDPC) codes, table lookup operations are used to replace arithmetic operations. In practice, large tables need to be decomposed into small tables to save the memory consumption, at the cost of degraded error performance. In this paper, we propose a method, called mutual information-maximizing quantized belief propagation (MIM-QBP) decoding, to remove the lookup tables used for MIM-LUT decoding. Our method leads to a very efficient decoder, namely the MIM-QBP decoder, which can be implemented based only on simple mappings and fixed-point additions. Simulation results show that the MIM-QBP decoder can always considerably outperform the state-of-the-art MIM-LUT decoder, mainly because it can avoid the performance loss due to table decomposition. Furthermore, the MIM-QBP decoder with only 3 bits per message can outperform the floating-point belief propagation (BP) decoder at high signal-to-noise ratio (SNR) regions when testing on high-rate codes with a maximum of 10-30 iterations

Interface-Resolving Simulations of Gas-Liquid Two-Phase Flows in Solid Structures of Different Wettability

This PhD study is devoted to numerical investigations of two-phase flows on and through elementary and complex solid structures of varying wettability. The phase-field method is developed and implemented in OpenFOAM®. The numerical method/code is verified by a series of test cases of two-phase flows, and then applied to investigate: (1) droplet wetting on solid surfaces; (2) air bubble rising and interacting with cellular structures and (3) gas-liquid interfacial flows in foam structures