Market returns to acquirers of substantial assets

Does poor post-acquisition performance characterise firms that make non-M&A acquisitions? We investigate the wealth effects of substantial asset acquisitions (i.e. acquisitions that cost over $10 million) on acquiring firms' shareholders. We find significant abnormal positive market reaction to asset acquisition announcements and, contrary to findings for firms undertaking M&As, the acquiring firms perform exceptionally well post-acquisition. Our findings are robust to the research method weaknesses common to many studies of long-term performance and we control for free-cash-flow as well. Our results contradict the hubris hypothesis of acquisitions and lend weight to the argument that the auction-style process that characterizes corporate takeover bids contributes to overpayment

The Demutualisation of the Australian Stock Exchange: Causes and Consequences

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Bioecologia e controle de Spodoptera frugiperda em milho.

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Dynamics of nano beams with attached masses randomly distributed

In this paper we analyze the dynamic behavior of micro/nano beams with attached masses distributed in a random field. A model of shear deformable micro beam is employed as the basis for deterministic calculations that are carried out in the context of the finite element method. The deterministic model is developed under the frame of non-local elasticity. Attached masses modify the vibratory pattern of unloaded nano-beams, and by the way conveying the possibility to detect alterations (this is the way in which nano-sensors can detect the presence of biomolecules or other nano-particles). The variability of mass and/or the stiffness properties of the nano- beam are assumed as random parameters or random fields taking into account the elastic coupling between bending and shear in the contexts of non-local approaches. The probabilistic model is constructed, under the basis of a first-order-shear-deformation (FOST) beam theory, appealing to the Maximum Entropy Principle in order to derive the probability density functions, according to increasing levels of entropy (i.e. with less number of constraints or less information). The analysis is performed in the frequency domain by comparing the probabilistic models with different levels of information (i.e., given the mean and/or the bounds, etc.) with previously developed probabilistic approaches such as the ones with parametric uncertainty.Publicado en: Mecánica Computacional vol. XXXV, no. 22Facultad de Ingenierí

Electronic Properties and Charge Transfer of Topologically Protected States in Hybrid Bismuthene Layers

We have performed first-principles calculations of electronic and dielectric properties of single-layer bismuth (bismuthene) adsorbed with −COOH groups. We show that in a high coverage regime, the Bi–COOH hybrid structure is a two-dimensional topological insulator with protected edge Dirac states. The adsorption process of −COOH induces a planar configuration to the initially pristine buckled bismuthene. We claim that the stability of these planar structures mainly stems from strain induced by the adsorption of the −COOH organic group, but it is also related to ligand–ligand interactions. Furthermore, we demonstrate that many-body corrections are crucial to obtain a proper description of the electronic and dielectric properties of the investigated hybrid systems. Analysis of the charge density shows that the role of this organic group is not only to stabilize the layer but also to functionalize it, which is very important for future applications such as sensing and biomolecules immobilization, as well as in electronic spintronic and even optical devices

Self-fictions: writing among languages-cultures

: This paper aim to call into question the role of writing in the foreign language learning process and in the construction of 'self' in another language. To achieve this goal, we analyzed texts written by Portuguese learners, which were produced during the school year of 2013-2014. Inserted in the Applied Linguistics field, this discussion is grounded on the theoretical intersection among discourse, psychoanalysis, and deconstruction studies, and understands that writing in another language not only (de)(an)nounces representations of the foreigner, but also works as a mirror for a multiple identity construction, which is in constant transformation. The data allowed us to state that it is possible to write oneself beyond the stativity that often prevails in school / academic writing activities, which contributes to the (re)inscription of 'self', affected by the constant presence of the other, as an irreducible multiplicity to a single language-culture.: Neste artigo, propomo-nos a indagar sobre o papel da escrita no aprendizado de línguas estrangeiras e na construção de uma imagem de si em uma língua outra. Para tanto, analisamos excertos da produção textual de aprendizes de português como língua estrangeira, realizada durante o ano letivo de 2013-2014. Inseridos no domínio da Linguística Aplicada, ancoramos esta discussão no cruzamento entre os estudos do discurso, da psicanálise e da desconstrução, entendendo que a escrita na língua do outro não só (d)enuncia o imaginário acerca do estrangeiro, mas também funciona como espelho para uma constituição identitária múltipla e em constante transformação. Os fragmentos analisados permitem-nos afirmar que é possível escrever(-se) para além da estaticidade que, muitas vezes, impera nas atividades de escrita escolares/acadêmicas, o que contribui para a (re)inscrição de si, afetada pela presença constante do outro, enquanto multiplicidade irredutível a uma única língua-cultura.1618110