Do cross-border mergers and acquisitions increase short-term market performance? The case of Chinese firms

Despite the new momentum in cross-border mergers and acquisitions (M&As) by emerging market firms, we have a limited understanding of the impact of these activities. Drawing on signalling theory and the institution-based view, this paper examines the extent of stock market reactions to the announcement of cross-border M&A deals, based on an event study of a sample of Chinese firms during the period 2000– 2012. The findings indicate that the announcement of cross-border M&As results in a positive stock market reaction; this effect is more significant in the mainland Chinese stock markets (Shanghai and Shenzhen) than that in the Hong Kong market. The shareholders of Chinese firms that acquire a target firm in a host country with a low level of political risk gain higher cumulative abnormal returns than those firms targeting companies in countries with a high level of political risk. The shareholders of Chinese state-owned enterprises experience lower abnormal returns compared with those of Chinese privately owned firms when engaging in cross-border M&A deals

DEVELOPMENT OF COMPLEX TECHNOLOGIES FOR PROCESSING OF RICE BRAN WITH OBTAINING OF THERAPEUTIC OIL AND MEDICINE – PHYTIN

In this article, showed effectiveness of obtaining therapeutic, edible oil and medicine-phytin and researched the viability of using waste generated during processing of rice - rice bran. Carried out research on the qualitative and physical - chemical characteristics of rice bran and defined quantitative content of phytin in raw materials and substances

DEVELOPMENT OF COMPLEX TECHNOLOGIES FOR PROCESSING OF RICE BRAN WITH OBTAINING OF THERAPEUTIC OIL AND MEDICINE – PHYTIN

In this article, showed effectiveness of obtaining therapeutic, edible oil and medicine-phytin and researched the viability of using waste generated during processing of rice - rice bran. Carried out research on the qualitative and physical - chemical characteristics of rice bran and defined quantitative content of phytin in raw materials and substances

Expatriates, subsidiary autonomy and the overseas subsidiary performance of MNEs from an emerging economy

Despite a growing body of research on the role of expatriates in subsidiary performance, the mechanisms through which expatriates affect subsidiary performance are still the subject of debate. Drawing on the resource dependence theory, we examine the indirect effect of expatriates on subsidiary performance via subsidiary autonomy based on a sample of Chinese multinational enterprises (MNEs). The findings show that an increase in expatriates reduces the level of subsidiary autonomy and thus negatively affects subsidiary performance. We also find that the institutional quality of host countries reinforces the negative impact of expatriates on subsidiary autonomy, but reduces the importance of the latter on subsidiary performance

Genome sequencing and population genomic analyses provide insights into the adaptive landscape of silver birch

Silver birch (Betula pendula) is a pioneer boreal tree that can be induced to flower within 1 year. Its rapid life cycle, small (440-Mb) genome, and advanced germplasm resources make birch an attractive model for forest biotechnology. We assembled and chromosomally anchored the nuclear genome of an inbred B. pendula individual. Gene duplicates from the paleohexaploid event were enriched for transcriptional regulation, whereas tandem duplicates were overrepresented by environmental responses. Population resequencing of 80 individuals showed effective population size crashes at major points of climatic upheaval. Selective sweeps were enriched among polyploid duplicates encoding key developmental and physiological triggering functions, suggesting that local adaptation has tuned the timing of and cross-talk between fundamental plant processes. Variation around the tightly-linked light response genes PHYC and FRS10 correlated with latitude and longitude and temperature, and with precipitation for PHYC. Similar associations characterized the growth-promoting cytokinin response regulator ARR1, and the wood development genes KAK and MED5A.Peer reviewe

Synthesis, crystal structure, and characterization of two three-fold interpenetrating Co(II) coordination polymers based on 1,4-benzenedicarboxylic acid and length modulated bisimidazole ligands

<div><p>Two Co(II) coordination polymers, {[Co(bdc)(bib)(H₂O)]·H₂O}_n (<b>1</b>) and {[Co(bdc)(bibp)]}_n (<b>2</b>), where H₂bdc = 1,4-benzenedicarboxylic acid, bib = 1,4-bis(1-imidazolyl)benzene, and bibp = 4,4′-bis(imidazolyl)biphenyl, have been synthesized by solvothermal methods and characterized by IR spectra, element analyses, thermal analysis, powder X-ray diffraction, and single crystal X-ray diffraction. Complex <b>1</b> exhibits a 3-D pillared-layer framework, the ligands of bib and bdc link Co ions to generate a 2-D layer structure, which is further pillared by the bib, giving the final 3-D pillared-layer networks. The void in <b>1</b> induces the three-fold interpenetrating structure. Complex <b>2</b> features three-fold interpenetrating 3-D architecture, bdc and bibp both adopt a bidentate bridging coordination to link Co ions to afford right- and left-handed helical chains; these helices fuse together and form the 3-D framework.</p></div

Expatriates, Subsidiary Autonomy and the Overseas Subsidiary Performance of MNEs from an Emerging Economy

Despite a growing body of research on the role of expatriates in subsidiary performance, the mechanisms through which expatriates affect subsidiary performance are still the subject of debate. Drawing on the resource dependence theory, we examine the indirect effect of expatriates on subsidiary performance via subsidiary autonomy based on a sample of Chinese multinational enterprises (MNEs). The findings show that an increase in expatriates reduces the level of subsidiary autonomy and thus negatively affects subsidiary performance. We also find that the institutional quality of host countries reinforces the negative impact of expatriates on subsidiary autonomy, but reduces the importance of the latter on subsidiary performance

Do cross-border mergers and acquisitions increase short-term market performance? The case of Chinese firms

Despite the new momentum in cross-border mergers and acquisitions (M&As) by emerging market firms, we have a limited understanding of the impact of these activities. Drawing on signalling theory and the institution-based view, this paper examines the extent of stock market reactions to the announcement of cross-border M&A deals, based on an event study of a sample of Chinese firms during the period 2000– 2012. The findings indicate that the announcement of cross-border M&As results in a positive stock market reaction; this effect is more significant in the mainland Chinese stock markets (Shanghai and Shenzhen) than that in the Hong Kong market. The shareholders of Chinese firms that acquire a target firm in a host country with a low level of political risk gain higher cumulative abnormal returns than those firms targeting companies in countries with a high level of political risk. The shareholders of Chinese state-owned enterprises experience lower abnormal returns compared with those of Chinese privately owned firms when engaging in cross-border M&A deals