Takeover Risk and the Market for Corporate Control: The Experience of British Firms in the 1970s and 1980s

This paper investigates the determinants of takeovers in a large sample of UK quoted companies. We focus on the channels through which the market for corporate control monitors company performance and discretionary managerial behaviour. Our results indicate that the market for corporate control disciplines poorly performing companies, and that this effect is quantitatively important: a one standard deviation increase in profitability is associated with a fall in the conditional probability of takeover of over 20%. However, we find no evidence that firms without apparent profitable investment opportunities are more likely to be taken over if managers increase investment or reduce dividends, contrary to the predictions of the free cash-flow theory of takovers

Is Attack the Best form of Defence? A Competing Risks Analysis of Acquisition Activity in the UK

The primary purpose of this paper is to investigate whether companies can use acquisition as a strategy to reduce their probability of takeover. A subsidiary issue is whether such a strategy has any impact on their subsequent probability of bankruptcy. The determinants of making an acquisition, being taken over, and bankruptcy are modelled within a competing risks framework using two large samples of UK manufacturing companies. Our results indicate that, ceteris paribus, companies which make acquisitions can significantly reduce their conditional probability of being taken over, largely through the impact that acquisition has on corporate size. In this sense, attack, through acquisition, is the best form of defence, against takeover

Attempting to Acutely Manipulate Ground Contact Time Imbalances Impairs Running Economy

Running economy (RE) is a key performance determinant. Biomechanical markers have been linked to RE, including ground contact time (GCT), cadence, and vertical oscillation (VO). Recently, we showed a strong relationship between GCT imbalances and RE. Because these markers can be tracked real-time with consumer-wearable devices, runners now have access to instant feedback concerning their mechanics. PURPOSE: Determine if attempting to correct GCT imbalances real-time alters mechanics and RE. METHODS: 7 recreational runners (38 ± 15 years, 24.7 ± 2.8 kg/m2, 5 male) completed 2, 10-minute running trials (9.65 km/hr) on separate days. For both trials, subjects ran with a heart rate (HR) monitor/watch that measured GCT, GCT imbalances, cadence, and VO. For the control (CT) trial, subjects were not permitted to receive feedback from the watch. During the feedback (FB) trial, the watch was set to display GCT imbalances, and subjects were prompted every 20-30 seconds to monitor/attempt to correct any imbalances. Both trials were preceded by a dynamic warmup and 5-minute jog. For the FB trial warmup, subjects were acclimated to the watch and allowed to experiment with manipulating their GCT imbalances. VO2 was monitored continuously throughout each 10-minute trial, and average values from 6 to 9 minutes were determined for each trial. Average values for all running biomechanical variables were calculated from 0.5 minutes to 9.5 minutes. Comparisons between trials were made with a dependent sample t-test. RESULTS: The FB trial elicited a significantly higher (p = .011) working VO2 (35.5 ± 1.6 ml/kg/min) compared to the CT trial (33.4 ± 1.8 ml/kg/min). There were no other significant differences between trials for the other measured variables. Average values for each variable by trial were as follows: RER (CT: .91 ± .04; FB: .92 ± .05), HR (CT: 159 ± 26 bpm; FB: 163 ± 24 bpm), GCT % difference (CT: 1.69 ± .67%; FB: 1.70 ± 1.70%), GCT absolute difference (CT: 9 ± 3 ms; FB: 8 ± 7 ms), GCT (CT: 272 ± 26 ms; FB: 268 ± 31 ms), Cadence (CT: 165 ± 9 steps/min; FB: 167 ± 9 steps/min); VO (CT: 9.3 ± 2.0 cm; FB: 9.2 ± 1.9 cm), VO ratio (CT: 9.5 ± 1.6 cm/m; FB: 9.5 ± 1.6 cm/m). CONCLUSIONS: Acutely attempting to correct GCT imbalances did not result in improved mechanics and actually impaired RE. Altering mechanics based on real-time feedback from consumer-wearable devices may impair performance in the short term. Given that GCT imbalances have been linked to impaired RE, future research should determine how to better correct these imbalances rather than attempting to acutely manipulate them

Power-Based Droop Control in DC Microgrids Enabling Seamless Disconnection From Upstream Grids

This paper proposes a local power-based droop controller for distributed energy resource converters in dc microgrids that are connected to upstream grids by grid-interface converters. During normal operation, the grid-interface converter imposes the microgrid bus voltage, and the proposed controller allows power flow regulation at distributed energy resource converters\u2019 output. On the other hand, during abnormal operation of the grid-interface converter (e.g., due to faults in the upstream grid), the proposed controller allows bus voltage regulation by droop control. Notably, the controller can autonomously convert from power flow control to droop control, without any need of bus voltage variation detection schemes or communication with other microgrid components, which enables seamless transitions between these two modes of operation. Considering distributed energy resource converters employing the power-based droop control, the operation modes of a single converter and of the whole microgrid are defined and investigated herein. The controller design is also introduced. Furthermore, the power sharing performance of this control approach is analyzed and compared with that of classical droop control. The experimental results from a laboratory-scale dc microgrid prototype are reported to show the final performances of the proposed power-based droop control

Preceramic Polymers for Use as Fiber Coatings

Polymeric precursors to Si-C-O, SI-B-N and Si-C were evaluated for use as ceramic interfaces in ceramic matrix composites. Use of the preceramic polymers allows for easy dip coating of fibers from dilute solutions of a polymer, which are then pyrolyzed to obtain the ceramic. SCS-0 fibers (Textron Specialty Materials, Lowell, MA) were coated with polymers from three systems: polysilsesquioxanes, polyborosilazanes and polycarbosilanes. The polysilsesquioxane systems were shown to produce either silicon oxycarbide or silicon oxynitride, depending on the pyrolysis conditions, and demonstrated some promise in an RBSN (reaction-bonded silicon nitride) matrix model system. Polyborosilazanes were shown, in studies of bulk polymers, to give rise to oxidation resistant Si-B-N ceramics which remain amorphous to temperatures of 1600 C, and should therefore provide a low modulus interface. Polycarbosilanes produce amorphous carbon-rich Si-C materials which have demonstrated oxidation resistance

Strain hardening of fcc metal surfaces induced by microploughing

Microploughing experiments were used as a method for better understanding the ploughing mechanism in gold and iridium single crystals. The plough depths ranged from 20 nm in iridium to 1,600 nm in gold. Yield stress profiles and TEM analyses indicate that both materials strain harden even when very small volumes of material are involved. Strain hardening theory, as applied to bulk material, is useful in analyzing the results

PENGARUH PENAMBAHAN LENSA NOZZLE DAN JUMLAH BLADE AIRFOIL TIPE NACA 4415 TERHADAP HASIL DAYA LISTRIK TURBIN ANGIN SUMBU HORISONTAL

Danur Lambang Pristiandaru. PENGARUH PENAMBAHAN LENSA NOZZLE TURBIN ANGIN DAN JUMLAH BLADE AIRFOIL TIPE NACA 4415 TERHADAP HASIL DAYA LISTRIK. Skripsi, Fakultas Keguruan dan Ilmu Pendidikan Universitas Sebelas Maret Surakarta. Januari 2016 Tujuan penelitian ini adalah: (1) Menyelidiki pengaruh jumlah blade pada turbin angin non-twisted blade tipe airfoil NACA 4415 terhadap daya listrik yang dihasilkan. (2) Menyelidiki pengaruh penambahan lensa nozzle pada turbin angin non-twisted blade tipe airfoil NACA 4415 terhadap daya listrik yang dihasilkan turbin angin. (3) Menyelidiki pengaruh bersama (interaksi) antara penambahan lensa nozzle dan jumlah blade terhadap daya listrik yang dihasilkan turbin angin. Penelitian ini menggunakan metode deskriptif kuantitatif. Sampel dalam penelitian ini adalah Turbin Angin Sumbu Horisontal (TASH) dengan desain blade airfoil NACA 4415 non-twisted. 3 desain lensa nozzle digunakan untuk mengetahui pengaruhnya terhadap peningkatan daya listrik TASH. Terdapat 3 variasi jumlah blade yaitu jumlah blade 2, jumlah blade 3, dan jumlah blade 4. Variasi kecepatan angin yang digunakan dalam penelitian ini adalah 2,5 m/s, 3,5 m/s, dan 4,5 m/s. Data diperoleh dengan melakukan pengujian TASH menggunakan angin rekayasa, daya listrik yang dihasilkan dibaca dan direkam oleh data logger. Data yang diperoleh dari hasil penelitian dimasukkan ke dalam tabel dan ditampilkan dalam bentuk grafik, kemudian dianalisis. Berdasarkan hasil penelitian dapat disimpulkan bahwa: (1) Adanya pengaruh variasi jumlah blade terhadap daya listrik turbin angin. TASH 3 blade menghasilkan daya listrik yang paling besar yaitu 0,7222 W pada kecepatan angin 4,5 m/s. (2) Adanya pengaruh penambahan lensa nozzle terhadap turbin angin. Lensa nozzle mampu meningkatkan hasil daya listrik turbin angin semua jenis variasi jumlah blade dibandingkan turbin angin tanpa lensa nozzle. (3) Ada pengaruh bersama yang signifikan antara variasi jumlah blade dan variasi jenis lensa terhadap daya listrik turbin angin. TASH 3 blade dengan lensa C pada kecepatan angin 4,5 m/s memiliki daya listrik tertinggi yaitu sebesar 0,82041 W. Daya listrik tersebut meningkat 13,60% dibanding TASH 3 blade tanpa penambahan lensa, yaitu 0,7222 W. Kata kunci: Turbin Angin, Lensa Nozzle, Daya Listrik, Data Logge

Association of Social Risk Factors With Mortality among Us adults With a New Cancer Diagnosis

This cohort study examines the associations of multiple social risk factors with mortality risk among patients newly diagnosed with cancer in the US

A panel analysis of UK industrial company failure

We examine the failure determinants for large quoted UK industrials using a panel data set comprising 539 firms observed over the period 1988-93. The empirical design employs data from company accounts and is based on Chamberlain’s conditional binomial logit model, which allows for unobservable, firm-specific, time-invariant factors associated with failure risk. We find a noticeable degree of heterogeneity across the sample companies. Our panel results show that, after controlling for unobservables, lower liquidity measured by the quick assets ratio, slower turnover proxied by the ratio of debtors turnover, and profitability were linked to the higher risk of insolvency in the analysis period. The findings appear to support the proposition that the current cash-flow considerations, rather than the future prospects of the firm, determined company failures over the 1990s recession