Divisional Buyouts by Private Equity and the Market for Divested Assets

We study the role and performance of private equity (PE) in corporate asset sales. Corporate sellers obtain significantly positive excess returns in PE deals, gains in wealth significantly greater than for intercorporate asset sales. Based on exit valuations for 98% of PE deals, we find gains in enterprise value in buyouts are significantly greater than for benchmark firms. Corporate seller excess returns are positively correlated with subsequent gains in asset enterprise value. A parsimonious auction model suggests that only restructuring capabilities of PE (not acquisition of undervalued assets) can explain the pattern of the gains generated in these PE deals

Asset sales and the role of buyers: strategic buyers versus private equity

We model bidding behavior and the interaction of private equity and strategic buyers in corporate asset sales. Private equity bidding and in turn seller gains, and type and time of exit, are determined by private equity's ability to enhance the asset's value. Our empirical results show excess returns to sellers are greater for sales to private equity than strategic buyers. Seller gains in private equity deals are related to subsequent increases in asset values and type and time of exit. Value increases during private equity ownership significantly exceed those of benchmark firms

Asset sales and the role of buyers: strategic buyers versus private equity

We model bidding behavior and the interaction of private equity and strategic buyers in corporate asset sales. Private equity bidding and in turn seller gains, and type and time of exit, are determined by private equity's ability to enhance the asset's value. Our empirical results show excess returns to sellers are greater for sales to private equity than strategic buyers. Seller gains in private equity deals are related to subsequent increases in asset values and type and time of exit. Value increases during private equity ownership significantly exceed those of benchmark firms

An implicit formulation for calculating final conditions in drainage maneuvers in pressurized water installations

[EN] Emptying processes are typical maneuvers that should be performed by water distribution companies for operation purposes. These processes involve a complex numerical analysis, since a set of algebraic and ordinary differential equations needs to be solved for the intricacy of hydraulic and thermodynamic formulations for two analyzed phases (liquid and gas). This research provides an implicit equation to compute exactly the final conditions in water emptying operations in single pipelines without an air valve (or admitted air). The implicit expression was developed by considering that for all final conditions, the water velocity is null, and thus, the water column length and air pocket pressure can be computed. The friction factor, internal pipe diameter, and opening maneuvers of drain valves do not disturb the final conditions in draining processes. The developed implicit formulation was validated using experimental measurements in a pipeline with a total length of 4.36 m. The equation is of utmost importance, since it can be utilized for engineers to easily plan for future conditions in water distribution networks.This research was funded by the Escuela Naval de Cadetes "Almirante Padilla"-Armada de Colombia with the financial support of the ARC-Minciencias for the project entitled "Console Prototype of engineering in virtual reality and simulation in the training of crew members in emergency procedures" with grant number 75926.Coronado-Hernández, OE.; Bonilla-Correa, DM.; Lovo, A.; Fuertes-Miquel, VS.; Gatica, G.; Linfati, R.; Coronado-Hernández, JR. (2022). An implicit formulation for calculating final conditions in drainage maneuvers in pressurized water installations. Water. 14(21):1-13. https://doi.org/10.3390/w14213364113142

Correspondence Between Cognitive and Audiological Evaluations Among the Elderly: A Preliminary Report of an Audiological Screening Model of Subjects at Risk of Cognitive Decline With Slight to Moderate Hearing Loss

Epidemiological studies show increasing prevalence rates of cognitive decline and hearing loss with age, particularly after the age of 65 years. These conditions are reported to be associated, although conclusive evidence of causality and implications is lacking. Nevertheless, audiological and cognitive assessment among elderly people is a key target for comprehensive and multidisciplinary evaluation of the subject's frailty status. To evaluate the use of tools for identifying older adults at risk of hearing loss and cognitive decline and to compare skills and abilities in terms of hearing and cognitive performances between older adults and young subjects, we performed a prospective cross-sectional study using supraliminal auditory tests. The relationship between cognitive assessment results and audiometric results was investigated, and reference ranges for different ages or stages of disease were determined. Patients older than 65 years with different degrees of hearing function were enrolled. Each subject underwent an extensive audiological assessment, including tonal and speech audiometry, Italian Matrix Sentence Test, and speech audiometry with logatomes in quiet. Cognitive function was screened and then verified by experienced clinicians using the Montreal Cognitive Assessment Score, the Geriatric Depression Scale, and further investigations in some. One hundred twenty-three subjects were finally enrolled during 2016-2019: 103 were >65 years of age and 20 were younger participants (as controls). Cognitive functions showed a correlation with the audiological results in post-lingual hearing-impaired patients, in particular in those affected by slight to moderate hearing loss and aged more than 70 years. Audiological testing can thus be useful in clinical assessment and identification of patients at risk of cognitive impairment. The study was limited by its sample size (CI 95%; CL 10%), strict dependence on language, and hearing threshold. Further investigations should be conducted to confirm the reported results and to verify similar screening models

Mitochondrial echoes of first settlement and genetic continuity in El Salvador

Background: From Paleo-Indian times to recent historical episodes, the Mesoamerican isthmus played an important role in the distribution and patterns of variability all around the double American continent. However, the amount of genetic information currently available on Central American continental populations is very scarce. In order to shed light on the role of Mesoamerica in the peopling of the New World, the present study focuses on the analysis of the mtDNA variation in a population sample from El Salvador. Methodology/Principal Findings: We have carried out DNA sequencing of the entire control region of the mitochondrial DNA (mtDNA) genome in 90 individuals from El Salvador. We have also compiled more than 3,985 control region profiles from the public domain and the literature in order to carry out inter-population comparisons. The results reveal a predominant Native American component in this region: by far, the most prevalent mtDNA haplogroup in this country (at ~90%) is A2, in contrast with other North, Meso- and South American populations. Haplogroup A2 shows a star-like phylogeny and is very diverse with a substantial proportion of mtDNAs (45%; sequence range 16090–16365) still unobserved in other American populations. Two different Bayesian approaches used to estimate admixture proportions in El Salvador shows that the majority of the mtDNAs observed come from North America. A preliminary founder analysis indicates that the settlement of El Salvador occurred about 13,400±5,200 Y.B.P.. The founder age of A2 in El Salvador is close to the overall age of A2 in America, which suggests that the colonization of this region occurred within a few thousand years of the initial expansion into the Americas. Conclusions/Significance: As a whole, the results are compatible with the hypothesis that today's A2 variability in El Salvador represents to a large extent the indigenous component of the region. Concordant with this hypothesis is also the observation of a very limited contribution from European and African women (~5%). This implies that the Atlantic slave trade had a very small demographic impact in El Salvador in contrast to its transformation of the gene pool in neighbouring populations from the Caribbean facade

Recuperação de área degradada com sistema agroflorestal no Vale do Rio Doce, Minas Gerais.

O Vale do Rio Doce, MG, apresenta um histórico de ocupação e uso do solo que favorece a degradação ambiental, em que predominam pastagens sob o uso constante de queimadas. Os sistemas agroflorestais têm se mostrado eficientes na recuperação de áreas degradadas. Neste estudo foram avaliados os efeitos de um sistema agroflorestal na recuperação do solo em área degradada por pastagem na comunidade de Ilha Funda,Município de Periquito, Minas Gerais. A implantação do sistema se deu em 1994 e está sendo conduzido segundo os princípios agroecológicos, potencializando a regeneração natural e a sucessão de espécies. Em 1998, foram coletadas amostras de solo na área em recuperação e em duas áreas adjacentes: uma área degradada, que se encontrava em condições semelhantes às da área em recuperação no início do processo, e outra ocupada por pastagem. Foram determinados atributos químicos do solo e realizada a caracterização da matéria orgânica. O solo da área em recuperação com sistema agroflorestal mostrou-se em melhores condições do que o solo sob pastagem e o da área degradada, apresentando maior dinâmica do carbono orgânico e maior disponibilidade de nutrientes. Embora o teor de carbono orgânico total apresentado pelo solo sob pastagem tenha sido maior que nas demais condições avaliadas, o solo do sistema agroflorestal já está se igualando ao da pastagem no acúmulo das formas mais estáveis de carbono e apresentando maior dinâmica das frações orgânicas menos estáveis. Este estudo comprovou a eficiência dos sistemas agroflorestais, conduzidos segundo os princípios agroecológicos, na recuperação de áreas degradadas

Simulating the Impact on the Local Economy of Alternative Management Scenarios for Natural Areas

This working paper estimates the impact on the local economy of the High Garda Natural Park of alternative management scenarios for the West Garda Regional Forest. The local economy is specialized in tourist services and strongly linked to the tourist presence and their level of expenditure. We wish to investigate the effects of the participative management strategy, which takes into account users preferences and the non-participative strategy, using the SAM multiplier analysis. The local SAM has been constructed considering three sectors: agriculture, tourism and a third aggregate sector including all the other activities. The resident population has been divided into two categories: residents employed in the tourist sector and the remaining resident population. The SAM analysis shows that the accounting representation of the local economy is meaningful and that the participative program, if chosen by the central regional management, would be the most desirable program also at the local level

Efecto de la presencia del hongo entomopatógeno Isaria fumosorosea en el consumo de la batata aérea por Lilioceris cheni (Coleoptera: Chrysomelidae)

31 p.La batata aérea, Dioscorea bulbifera L. (Dioscoreales: Dioscoreaceae), originaria de Asia y África, es una planta invasora en el Estado de Florida, Estados Unidos, donde está siendo controlada por su enemigo natural específico Lilioceris cheni Gressitt y Kimoto (Coleoptera: Chrysomelidae). Se evaluó el efecto en L. cheni de un factor biótico, el hongo entomopatógeno Isaria fumosorosea Wize, que es comúnmente aplicado en áreas agrícolas de Florida y podría ser llevado por acción del viento y la lluvia hasta zonas donde se encuentra L. cheni como controlador biológico. Se prepararon cinco tratamientos con diferentes concentraciones de esporas de I. fumosorosea (0, 102, 103, 104 y 106 esporas/mL). Se realizó el experimento con un diseño completamente al azar durante 22 días en dos ensayos, alimentando a los escarabajos adultos del biotipo nepalés con hojas de D. bulbifera asperjadas con una suspensión de cada tratamiento. Se colectaron las hojas cada tres días y se calculó el área foliar consumida por medio del software ImageJ, a la vez que se notó la mortalidad y micosis de L. cheni. Aunque se observó una tendencia a la reducción del consumo a medida que aumentaba la concentración de esporas, la presencia de I. fumosorosea no afectó significativamente el consumo por parte de L. cheni. Tampoco se encontraron diferencias significativas entre tratamientos para las variables longevidad, tasa de mortalidad y tasa de micosis, por lo que se infiere que el hongo I. fumosorosea no tiene ningún efecto adverso sobre los adultos de L. cheni