Do M&A deals create or destroy value? : A meta-analysis.

Empirical research on the effect of M&amp;A transactions on companies’ performance has not shown clear results of success. It is often assumed that these transactions destroy rather than create value. This study employs meta-analytical techniques to evaluate the outcomes of M&amp;A transactions empirically. This method allows a large quantity of transactions to be examined. Additional factors influencing the performance of M&amp;A transactions are found using a moderator analysis. In total, 55,399 transactions between 1950 and 2010, extracted from 33 previous M&amp;A studies, have been examined. The results of this study confirm findings from previous empirical studies, stating that M&amp;A transactions predominantly do not have a positive impact on the success of a company. A moderator analysis indicates that the type of M&amp;A and the time frame used for measurement influence the success of M&amp;A transactions.</jats:p

System-size dependence of strangeness production in high-energy A+A collisions and percolation of strings

We argue that the shape of the system-size dependence of strangeness production in nucleus-nucleus collisions can be understood in a picture that is based on the formation of clusters of overlapping strings. A string percolation model combined with a statistical description of the hadronization yields a quantitative agreement with the data at sqrt s_NN = 17.3 GeV. The model is also applied to RHIC energies

Executing Safe State Machines on a Reactive Processor

Safe State Machines (SSMs) are a Statechart dialect with precise synchronous semantics, used to describe the behavior of reactive systems. A natural target for executing SSMs are reactive processors, which have an instruction set architecture (ISA) particularly well-suited for reactive control flow. When synthesizing SSMs into code, this is traditionally done via the synchronous language Esterel. However, this is not always straightforward; transitions in SSMs can jump arbitrarily between states, and there is no Esterel statement that matches this. We here propose to circumvent this by synthesizing SSMs directly onto a reactive ISA that can encode transitions directly as GOTOs. This not only has the potential for smaller and faster code, but preserves the structure of the SSM much better that going via Esterel. Conversely, we note that SSMs appear easier to implement on a reactive processor than Esterel, notably because there is not exception handling required

Gravity reference at the Argentinean–German Geodetic Observatory (AGGO) by co-location of superconducting and absolute gravity measurements

The Argentinean–German Geodetic Observatory (AGGO) is a fundamental geodetic observatory located close to the city of La Plata, Argentina. Two high-precision gravity meters are installed at AGGO: the superconducting gravimeter SG038, which is in operation since December 2015, and the absolute gravimeter FG5-227, which has provided absolute gravity measurements since January 2018. By co-location of gravity observations from both meters between January 2018 and March 2019, calibration factor and instrumental drift of the SG038 were determined. The calibration factor of the SG038 was estimated by different strategies: from tidal models, dedicated absolute gravity measurements over several days and a joint approach (including the determination of the instrumental drift) using all available absolute gravity data. The final calibration factor differs from the determination at the previous station, the transportable integrated geodetic observatory, in Concepcion, Chile, by only 0.7‰, which does not imply a significant change. From the combined approach also the mean absolute level of the SG was determined, allowing to predict absolute gravity values from the SG at any time based on a repeatability of 12nm/s2 for the FG5-227 at AGGO. Such a continuous gravity reference function provides the basis for a comparison site for absolute gravimeters in the frame of the international gravity reference frame for South America and the Caribbean. However, it requires the assessment of the total error budget of the FG5-227, including the link to the international comparisons, which will be subject of future efforts.Fil: Antokoletz, Ezequiel Darío. Universidad Nacional de La Plata. Facultad de Ciencias Astronómicas y Geofísicas; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - La Plata; ArgentinaFil: Wziontek, Hartmut. Federal Agency for Cartography and Geodesy; AlemaniaFil: Tocho, Claudia. Universidad Nacional de La Plata. Facultad de Ciencias Astronómicas y Geofísicas; ArgentinaFil: Falk, Reinhard. Federal Agency for Cartography and Geodesy; Alemani

PREDICTING PARTICIPATION IN AND SUCCESS OF A CONCURRENT SMOKING CESSATION PROGRAM DURING INPATIENT TREATMENT FOR ALCOHOL DEPENDENCE

Background: Predicting participation in and success of smoking cessation programs in alcohol dependent patients has yielded heterogeneous results. Moreover, these findings have rarely been based on prospective studies from clinical routine settings. Identifying predictors in prospective studies could help to tailor interventions that increase participation and success rates of smoking cessation therapies for these patients at a high risk for alcohol- and smoking-related morbidities and mortalities. Subjects and methods: During inpatient alcohol dependence treatment, 99 nicotine dependent patients were recruited. 73 patients chose to participate in a voluntary smoking cessation program. Interviews and questionnaires were used at baseline and at discharge to assess a large set of variables covering smoking and alcohol related factors, general psychopathology, quality of life and personality traits. Multiple logistic regression models were calculated to predict participation in the smoking cessation program and smoking abstinence at follow-up three months after discharge. Results: Participation in the smoking cessation program was predicted by higher stage of change, higher confidence in abstaining from smoking and lower perceived stress. Successful smoking cessation at follow-up was predicted by higher expectations of negative physical feelings due to smoking and lower expectations of temptations to smoke at baseline, and by lower number of daily smoked cigarettes at discharge. Conclusion: Despite the small sample size, this prospective study gives a first indication of clinically relevant predictors of participation in and success of a smoking cessation program by exploring many previously reported predictors simultaneously. The findings and their implications for treatment allocation and optimization are discussed. Key words

Reliability of the fMRI-based assessment of self-evaluation in individuals with internet gaming disorder

The self-concept—defined as the cognitive representation of beliefs about oneself—determines how individuals view themselves, others, and their actions. A negative self-concept can drive gaming use and internet gaming disorder (IGD). The assessment of the neural correlates of self-evaluation gained popularity to assess the self-concept in individuals with IGD. This attempt, however, seems to critically depend on the reliability of the investigated task-fMRI brain activation. As first study to date, we assessed test–retest reliability of an fMRI self-evaluation task. Test–retest reliability of neural brain activation between two separate fMRI sessions (approximately 12 months apart) was investigated in N = 29 healthy participants and N = 11 individuals with pathological internet gaming. We computed reliability estimates for the different task contrasts (self, a familiar, and an unknown person) and the contrast (self > familiar and unknown person). Data indicated good test–retest reliability of brain activation, captured by the “self”, “familiar person”, and “unknown person” contrasts, in a large network of brain regions in the whole sample (N = 40) and when considering both experimental groups separately. In contrast to that, only a small set of brain regions showed moderate to good reliability, when investigating the contrasts (“self > familiar and unknown person”). The lower reliability of the contrast can be attributed to the fact that the constituting contrast conditions were highly correlated. Future research on self-evaluation should be cautioned by the findings of substantial local reliability differences across the brain and employ methods to overcome these limitations

Prevalence Estimates of ADHD in a Sample of Inpatients With Alcohol Dependence

Objective: ADHD is common in patients with alcohol dependence, but prevalence results are inconsistent. We investigated ADHD prevalence in a complex design to avoid over- or underdiagnosing. Method: Patients with alcohol dependence starting long-term residential treatment were included. A structured interview (Diagnostic Interview for ADHD in Adults [DIVA]) was conducted on all patients. DIVA results indicating childhood or adulthood ADHD were assessed in successive diagnostic interviews by two expert clinicians. Results: 415 of 488 patients had completed the entire diagnostic assessment. ADHD prevalence was 20.5%. DIVA results correlated moderately with experts’ diagnoses. In patients with ADHD, a higher comorbid illicit substance use was prevalent and alcohol dependence started earlier and was more severe. Conclusion: This study provides the largest sample on ADHD prevalence in alcohol dependent inpatients. Despite great efforts to avoid overestimation, we found every fifth patient to have ADHD. ADHD diagnosis should not be based solely on a structured interview but should be clinically confirmed. (J. of Att. Dis. 2020; 24(14) 2072–2083

Layer-optimized synthetic aperture radar processing with a mobile phase-sensitive radar: a proof of concept for detecting the deep englacial stratigraphy of Colle Gnifetti, Switzerland and Italy

Radio-echo sounding is a standard technique for imaging the englacial stratigraphy of glaciers and ice sheets. In most cases, internal reflection horizons (IRHs) represent former glacier surfaces, comprise information about past accumulation and ice deformation, and enable the linking of ice core chronologies. IRHs in the lower third of the ice column are often difficult to detect or coherently trace. In the polar ice sheets, progress in IRH detection has been made by using multistatic, phase-coherent radars, enabling focused synthetic aperture radar (SAR) processing. However, these radar systems are often not suitable for deployment on mountain glaciers. We present a proof-of-concept study for a lightweight, phase-coherent and ground-based radar system, based on the phase-sensitive radio-echo sounder (pRES). To improve the detectability of IRHs we additionally adapted a layer-optimized SAR processing scheme to this setup. We showcase the system capability at Colle Gnifetti, Switzerland and Italy, where specular reflections are now apparent down to the base of the glacier. Compared to previously deployed impulse radar systems, with the mobile pRES the age of the oldest continuously traceable IRH could be increased from 78±12 to 288±35 a. Corresponding reflection mechanisms for this glacier are linked to stratified acidic impurities which in the upper part were deposited at a higher rate due to increased industrial activity in the area. Possible improvements to the system are discussed. If successfully implemented, these may provide a new way to map the deep internal structure of Colle Gnifetti and other mountain glaciers more extensively in future deployments