The role of earnout financing on the valuation effects of global diversification

This article examines the impact of earnout financing on the value of acquiring firms engaged in cross-border acquisitions (CBAs), using a dataset of UK, US, Canadian and Australian firms from 1992 to 2012. The results show that firms initiating international business operations via earnout-financed CBAs enhance their value more than acquirers in (a) domestic acquisitions and (b) remaining CBAs by established multinational corporations (MNCs). Our findings demonstrate the superiority of earnout financing in CBAs announced by acquirers that have no prior international business experience. The results are robust to the firms’ endogenous choice to diversify globally and to the use of earnout financing. We contend that earnouts contribute to the reduction of valuation risk faced by firms acquiring a foreign target firm for the first time. Our empirical findings contribute to the existing debate on the merit of international expansion through CBAs and the role of earnout contingent payment

Iron-carbon hybrid capacitor: A proof-of-concept study

In the present study, cost-intensive Ni electrode is replaced by high surface-area activated carbon (AC) cathode and the possibility of the Fe anode, used in Ni-Fe battery, to function as Fe-C hybrid capacitor has been examined. The electrochemical properties of Fe-C hybrid capacitor assembly are studied using cyclic voltammetry (CV) and galvanostatic charge-discharge cycles. Over 100 galvanostatic charge-discharge cycles for Fe-C hybrid capacitor are carried out and a maximum capacitance of 24 F g(-1) is observed

Journeys in Non-Classical Computation I: A Grand Challenge for computing research

A gateway event is a change to a system that leads to the possibility of huge increases in kinds and levels of complexity. It opens up a whole new kind of phase space to the systemÕs dynamics. Gateway events during evolution of life on earth include the appearance of eukaryotes (organisms with a cell nucleus), an oxygen atmosphere, multi-cellular organisms and grass. Gateway events during the development of mathematics include each invention of a new class of numbers (negative, irrational, imaginary, ...), and dropping Euclid's parallel postulate. A gateway event produces a profound and fundamental change to the system: Once through the gateway, life is never the same again. We are currently poised on the threshold of a significant gateway event in computation: That of breaking free from many of our current Òclassical computationalÓ assumptions. Our Grand Challenge for computer science is to journey through the gateway event obtained by breaking our current classical computational assumptions, and thereby develop a mature science of Non-Classical Computatio

The roles and implications of exosomes in sarcoma

Better diagnostic biomarkers and therapeutic options are still necessary for patients with sarcomas due to the current limitations of diagnosis and treatment. Exosomes are small extracellular membrane vesicles that are released by various cells and are found in most body fluids. Tumor-derived exosomes have been proven to mediate tumorigenesis, intercellular communication, microenvironment modulation, and metastasis in different cancers, including in sarcomas. Recently, exosomes have been considered as potential biomarkers for sarcoma diagnosis, prognosis, and possible targets for sarcoma therapy. Moreover, due to their specific cell-tropism and bioavailability, exosomes can also be engineered as vehicles for drug delivery. In this review, we discuss recent advances in the roles of tumor-derived exosomes in sarcoma and their potential clinical applications