Impact of Japanese Mergers on Shareholder Wealth: An Analysis of Bidder and Target Companies

The market for corporate control in the second largest economy in the world behaves very different from that in the U.S. Using a sample of 91 mergers in the period 1982-2003 we document several distinctive features of this market in Japan. First, we show that in stark contrast to the pro-cyclical U.S. merger waves, mergers in Japan tend to be counter-cyclical, both with respect to the general economy as well as with respect to stock market valuations. Second, and again in contrast to the U.S. experience, we find that a significant fraction of Japanese mergers are orchestrated by the main banks; in such cases, mergers are not between two weak companies, but at least one of the merging companies is financially strong. Other distinctive features of Japanese mergers are the positive pre-announcement returns accruing to both bidders and targets, with bidders capturing approximately half the gains that accrue to target firms. We also find differential shareholder wealth effects in the bubble period (1982-1989), the early 1990s, and the post-financial regulation regime (1997-2003). Overall our results point to a market for corporate control that is distinctly less shareholder-centered than that in the U.S. and one where creditors play an important, perhaps dominant, role.mergers;Japanse mergers;corporate control;take-over

Analyzing Risk and Performance Using the Multi-Factor Concept

In this paper, we present a new model to analyze the risk and the expected level of firm performance. This model is based on the multi-factor approach to risk, in which unexpected performance is explained through sensitivities to unexpected changes of risk factors. Instead of using the multi-factor approach for the analysis of security portfolios, it is used to analyze performance measures of firms. In this paper the multi-factor approach is not only used to analyze risk, but also to analyze the expected level of performance. Furthermore, it is analyzed how instruments, as for instance projects, can be used to change the risk and the expected level of performance. An illustrative application in the field of finance is presented, although the model can also be applied in other areas

Impact of Japanese Mergers on Shareholder Wealth: An Analysis of Bidder and Target Companies

The market for corporate control in the second largest economy in the world behaves very different from that in the U.S. Using a sample of 91 mergers in the period 1982-2003 we document several distinctive features of this market in Japan. First, we show that in stark contrast to the pro-cyclical U.S. merger waves, mergers in Japan tend to be counter-cyclical, both with respect to the general economy as well as with respect to stock market valuations. Second, and again in contrast to the U.S. experience, we find that a significant fraction of Japanese mergers are orchestrated by the main banks; in such cases, mergers are not between two weak companies, but at least one of the merging companies is financially strong. Other distinctive features of Japanese mergers are the positive pre-announcement returns accruing to both bidders and targets, with bidders capturing approximately half the gains that accrue to target firms. We also find differential shareholder wealth effects in the bubble period (1982-1989), the early 1990s, and the post-financial regulation regime (1997-2003). Overall our results point to a market for corporate control that is distinctly less shareholder-centered than that in the U.S. and one where creditors play an important, perhaps dominant, role

Noncommutative Figa-Talamanca-Herz algebras for Schur multipliers

We introduce a noncommutative analogue of the Fig\'a-Talamanca-Herz algebra $A_p(G)$ on the natural predual of the operator space $\frak{M}_{p,cb}$ of completely bounded Schur multipliers on Schatten space $S_p$. We determine the isometric Schur multipliers and prove that the space $\frak{M}_{p}$ of bounded Schur multipliers on Schatten space $S_p$ is the closure in the weak operator topology of the span of isometric multipliers.Comment: 24 pages; corrected typo

Simulation on system configuration for stationary head CT using linear carbon nanotube x-ray source arrays

Purpose: The invention of carbon nanotube (CNT) x-ray source arrays has enabled the development of novel imaging systems, including stationary tomosynthesis and stationary computed tomography (CT) with fast data acquisition, mechanically robust structures, and reduced image blur from source-detector motion. In this work, we report the results of simulation studies of potential system configurations for a stationary head CT (s-HCT) using linear CNT x-ray sources and detector arrays. Approach: We explored s-HCT configurations that utilize one, two, and three linear CNT source arrays. Simulations were implemented using three digital phantoms with both CPU and GPU computing. Sinogram coverage was used for qualitative evaluation of the CT projection collection efficiency for each configuration. A modified low-contrast Shepp-Logan (SL) phantom was implemented for image quality assessment using quantitative metrics. Different iterative reconstruction (IR) methods were compared with both qualitative and quantitative assessments. Results: Sinogram coverage of s-HCT configurations was sensitive to the number of CNT source arrays and geometry. The simulations suggest that a s-HCT configuration with three planes gives near complete sinogram coverage. Such a configuration enables accurate reconstruction of the low-contrast SL phantom and considerably diminished artifacts caused by the system geometry. Conclusions: An optimized s-HCT system configuration with three linear CNT x-ray source arrays is feasible. IR algorithms can diminish artifacts caused by sparse and asymmetrical scans. The proposed s-HCT system configuration is currently under construction

No agreement of mixed venous and central venous saturation in sepsis, independent of sepsis origin

Introduction: Controversy remains regarding the relationship between central venous saturation (ScvO(2)) and mixed venous saturation (SvO(2)) and their use and interchangeability in patients with sepsis or septic shock. We tested the hypothesis that ScvO(2) does not reliably predict SvO(2) in sepsis. Additionally we looked at the influence of the source (splanchnic or non-splanchnic) of sepsis on this relationship. Methods: In this prospective observational two-center study we concurrently determined ScvO(2) and SvO(2) in a group of 53 patients with severe sepsis during the first 24 hours after admission to the intensive care units in 2 Dutch hospitals. We assessed correlation and agreement of ScvO(2) and SvO(2), including the difference, i.e. the gradient, between ScvO(2) and SvO(2) (ScvO(2) -SvO(2)). Additionally, we compared the mean differences between ScvO(2) and SvO(2) of both splanchnic and non-splanchnic group. Results: A total of 265 paired blood samples were obtained. ScvO(2) overestimated SvO(2) by less than 5% with wide limits of agreement. For changes in ScvO(2) and SvO(2) results were similar. The distribution of the (ScvO(2) - SvO(2)) (< 0 or >= 0) was similar in survivors and nonsurvivors. The mean (ScvO(2) - SvO(2)) in the splanchnic group was similar to the mean (ScvO(2) - SvO(2)) in the non-splanchnic group (0.8 +/- 3.9% vs. 2.5 +/- 6.2%; P = 0.30). O2ER (P = 0.23) and its predictive value for outcome (P = 0.20) were similar in both groups. Conclusions: ScvO(2) does not reliably predict SvO(2) in patients with severe sepsis. The trend of ScvO(2) is not superior to the absolute value in this context. A positive difference (ScvO(2) -SvO(2)) is not associated with improved outcome

ДО ПИТАННЯ ПРО ЄДНІСТЬ ДВОРЯНСЬКОЇ ВЕРСТВИ (НА ПРИКЛАДІ КАТЕРИНОСЛАВСЬКОГО ДВОРЯНСТВА)

Встатті аналізуються внутрішньокорпоративні відносинидворянської верстви на прикладі Катеринославської губерніїCorporate Relationships ofNobility inKaterinoslavRegion are analyzed in this articl