Do Fairness Opinion Valuations Contain Useful Information?

We analyze target firm valuations disclosed in the fairness opinions of negotiated mergers between 1998 and 2005. On average, acquirer advisors exhibit a greater degree of valuation optimism than do target advisors. Top-tier advisors produce more accurate valuations than lower-tier advisors, but valuation accuracy is unrelated to the contingency structure of advisory fees. The stock price reactions to merger announcements and to the public disclosure of fairness opinions are positively related to the difference between target firm valuations contained in the fairness opinion and the merger offer price. We conclude that fairness opinions contain information not previously available to market participants.

A compilation of magnetic observatories

Magnetic observatories for use during international quiet sun year /iqsy

Earnouts: A Study of Financial Contracting in Acquisition Agreements

We empirically examine earnout contracts, which provide for contingent payments in acquisition agreements. Our analysis reveals considerable heterogeneity in the terms of earnout contracts, i.e. the potential size of the earnout, the performance measure on which the contingent payment is based, the period over which performance is measured, the frequency with which performance is measured, and the form of payment for the earnout. Consistent with the costly contracting hypothesis, we find that the terms of earnout contracts are associated with measures of target valuation uncertainty, target growth opportunities, and the degree of post-acquisition integration between target and acquirer. We conclude that earnouts are structured to minimize the costs of adverse selection and moral hazard in acquisition negotiations.

A global magnetic anomaly map

A subset of POGO satellite magnetometer data has been formed that is suitable for analysis of crustal magnetic anomalies. Using a thirteenth order field model, fit to these data, magnetic residuals have been calculated over the world to latitude limits of plus 50 deg. These residuals averaged over one degree latitude-longitude blocks represent a detailed global magnetic anomaly map derived solely from satellite data. Preliminary analysis of the map indicates that the anomalies are real and of geological origin

Research Study for Determination of Liquid Surface Profile in a Cryogenic Tank During Gas Injection Annual Report, 18 Jun. 1967 - 17 Jun. 1968

Determining entrainment of entrapped liquid as function of air flow, and viscosit

Research Study for Determination of Liquid Surface Profile in a Cryogenic Tank During Gas Injection Quarterly Report, 18 Dec. 1967 - 17 Mar. 1968

Correlation equation on entrainment-viscosity behavior in cryogenic tank during gas injectio

Rewriting systems and biautomatic structures for Chinese, hypoplactic, and sylvester monoids

This paper studies complete rewriting systems and biautomaticity for three interesting classes of finite-rank homogeneous monoids: Chinese monoids, hypoplactic monoids, and sylvester monoids. For Chinese monoids, we first give new presentations via finite complete rewriting systems, using more lucid constructions and proofs than those given independently by Chen & Qui and Güzel Karpuz; we then construct biautomatic structures. For hypoplactic monoids, we construct finite complete rewriting systems and biautomatic structures. For sylvester monoids, which are not finitely presented, we prove that the standard presentation is an infinite complete rewriting system, and construct biautomatic structures. Consequently, the monoid algebras corresponding to monoids of these classes are automaton algebras in the sense of Ufnarovskij

Research study for determination of liquid surface profile in a cryogenic tank during gas injection Quarterly progress report no. 9, Jun. 18 - Sep. 17, 1966

Determining liquid surface profiles in cryogenic tank during gas injectio

Bilinear Programming and Protein Structure Alignment

Proteins are a primary functional component of organic life, and understanding their function is integral to many areas of research in biochemistry. The three-dimensional structure of a protein largely determines this function. Protein structure alignment compares the structure of a protein with known function to that of a protein with unknown function. A protein’s three-dimensional structure can be transformed through a smooth piecewise-linear sigmoid function to a real symmetric contact matrix that represents the functional significance of certain parts of the protein. We address the protein alignment problem as a minimization of the 2-norm difference of two proteins’ contact matrices. The minimization is presented as a bilinear program, and spectral bounds for best- and worst-case alignments are provided, which are continuous with respect to small changes in the protein’s structure. Further conditions for a perfect alignment and heuristics for finding quality solutions are given