Does Corporate Performance Improve After Acquisitions? A Case of Indian Companies

This thesis examines the results of merger and acquisition (M&A) activities of Indian corporates related to Outward Foreign Direct Investment (OFDI). The key issue is the extent to which these M&As create value for the shareholders of the Indian acquiring firms. There are two components to this question relating to the short and longer term impacts. First, how does the market react to the announcements of OFDI related M&As by Indian corporates in the short term? and second, how successful are the Indian companies in creating value to the shareholder in the long run? The research further considers the firm specific level using a sample of M&A companies and how media material may have contributed to the market impacts experienced by the corporates. The liberalisation investment policy initiations by the Indian government lead to rapid growth in outward foreign direct investments between 2000 and 2008. It is interesting to note that India experienced annual average growth of 1399% in OFDIs during the period 2001-2008. Encouraged by the financial reforms, an increase in large scale mergers and acquisitions (M&As) by Indian corporate occurred. The present study examines the performance of Indian corporates involved in the OFDI related M&As. The research is important because it is the first to assess the success of Indian corporates involved in outward foreign direct investments from the short term and long term perspective and across sectors. The thesis fills the gap in the literature in which it examines the aggregate performance and also looks into firm specific level performance. The study links the ownership, location and internationalisation (OLI) theory to the strategies of Indian corporates and discusses how they are aligning with international brands to stand in the international market The short-run performance is assessed using an event method utilising a three-day short-event window surrounding the acquisition announcement period. Various metrics including abnormal returns (AR), cumulative abnormal returns (CAR) and standardised cumulative abnormal returns (SCAR) are analysed. The study adopts event approach to measure the long term performance and includes: CAR, and Buy and Hold Abnormal Returns (BHAR). The study considers parametric and non-parametric tests. The other measures like Wealth Relative and Tobin’s Q are also used. The study considers a maximum 36 months following the acquisition event month. The empirical results showed positive wealth effects to stockholders in the short- and long-term periods and the empirical results supported rejection of the null hypotheses. However, specific firm-level empirical findings showed mixed results in the short term. The variations in the outcomes, such as why one M&A should receive an initial positive market reaction while another adverse market reaction, relate to the individual contexts and how the market assesses the changing return and risk parameters. The study proposed explanations for the variations in outcomes based on prior findings and OLI theory. Drawing on secondary information the study offers explanations for the share market reactions. Commentaries from financial analysts and commentators, and media releases from the company concerning a mooted M&A may impact investors’ assessments of the return and risk parameters for each company. Context is important and the specific characteristics of the Indian companies affect the outcomes. Prior studies undertaken from the context of Indian Internationalisation viewed that Indian firms have the capacity and the ability to compete in the world market. The attributes of Indian firms, which created such capacities and abilities, are embedded in the past and have emerged over a much longer period of time. The motivations for Indian firms’ overseas acquisitions include: gaining access to international markets, firm-specific intangibles, such as technology and human skills, and benefits from operational synergies, to overcome constraints from limited home market growth, and to survive in an increasingly competitive business environment. The rationale for OFDI related M&As by firms is to create value to their investments (Pradhan & Abraham 2004; Kumar 2006; Deepak 2008). The study examined five cases of Indian corporates. It identified that Indian corporates acquired competitive ownership advantages through the OFDI related M&As. For instance, through acquisitions the Indian corporates had the advantage of being local in foreign destinations and avoided the disadvantages of being foreigners in European, UK & US markets. Likewise, by undertaking integrated production networking, the Indian corporates linked the low-end players with the high-end players and were able to draw synergies and deliver value. In other words, the initial processing of raw materials was carried out in India closer to source and then the remaining processes were carried out in the acquired company’s country which allowed them to have access to the technology and also interface with the customers of the acquired companies. The study shows how the synergies occur due to disintegrated model of operations subsequent to the acquisitions. The explanations of the present study are in line with the prior findings. By adding to the prior studies and by integrating empirical research of aggregate results with explanations of the specific firm level, the thesis opens up possibilities for future research

Revealing the effects of ill global eco-financial systems and their capsules

This paper examines the origins of the global crisis, the impact of the crisis and the different capsules taken to address the crisis. Using daily data from mid-July 2002 to mid-July 2012 for five groups of economies, our estimation is based on BEKK diagonal GARCH. We augmented two dummy variables to represent the U.S. financial crisis and the debt crisis of Greece. We find that the U.S crisis has insignificant impact on the mean returns of all the economies except the African economies. The U.S. financial crisis, however, has positive and significant impact on the stock volatilities of all the groups except the African economies. The debt crisis of Greece, on the other hand, has negative and significant impact on the mean returns of the European and Latin American economies. Its impact on the stock volatilities, however, is positive and significant in all the economies except the African economies. In examining the origins of the crisis, we identify that excessive reliance of the U.S. economy on the credit system and on the stock market together with historic negligence of the production sector and inadequate regulation are some causative factors

Determination of Thallium(I) by Hybrid Mesoporous Silica (SBA-15) Modified Electrode

Chemically modified mesoporous silica material (SBA-15) was used for the construction of Tl(I) selective carbon paste electrode. The best response was found with the electrode containing 10% modifier as electrode material. The electrode has a lower detection limit of 6.0 × 10−9 M in a working concentration range of 1.0 × 10−8–1.0 × 10−1 M. The selectivity coefficient calculated by match potential method (MPM) shows the high selectivity of electrode towards Tl(I) over other tested ions. The electrode was successfully applied as an indicator electrode for the titration of 0.01 M TlNO3 solution with standards EDTA solution and for sequential titration of mixture of different anions

NPK Deficiency Detection in Paddy Leaf Images

Majority of people in India has got their source of income by means of rice cultivation (approximately 70%). But if they easily prone to deficiencies the entire crop field will be wasted. So, in order to get the paddy field high we need to predict the diseases or deficiencies caused to that paddy fields. Paddy leaves will be deficient with multiple nutrient components at a same time. The deviation from being healthy can be identified based on the color and pattern because the healthy leaves are dominant in green color rather than any other color, whereas unhealthy leaves are not dominant in green. The proposed work is to identify individual N, P, K and combination of nitrogen phosphorous (NP), nitrogen-potassium (NK), phosphorous-potassium (PK) and nitrogen-phosphorous-potassium (NPK) deficiencies in a leaf at a same time. Here pattern analysis and RGB color options are extracted to spot defected paddy leaves. Multiple color and multiple pattern comparison is done against the healthy leaves thereby we can easily identify the exact deficiency of nutrient (like N, P, K, NP, NK, PK, NPK) of that unhealthy leaf

Hysteroscopic salpingosonography: a novel technique for infertile patients

Background: Infertility is akin to curse in our country. Patients of infertility run from pillar to post to get relief. Government Hospitals in India lie at the tail end of window-shopping of infertility centres by the patients having exhausted all their resources. Patients report without any detailed records, lost reports, coming after long hiatus of having stopped treatment in desperation, making one wonder how to proceed. At the other end are patients who have undergone laparotomy for various reasons like intestinal obstruction, tubercular abdomen, adnexal masses and their tubal status is not very clear on HSG. So, repeat laparoscopy in the former group and performing ab initio in the latter, involves putting the patients to the risk of general anesthesia, injury to internal organs due to anticipated adhesions. Although Hassan’s technique of open trocar entry is well accepted the first port entry, whatever be the mode, is an entry open to risks.Methods: In a selected group of infertile women, a baseline TVS was done on 2/3 day of menses and on the 7/8 day of menstrual cycle hysteroscopy was done which was immediately followed by another transvaginal ultrasound. The descriptive statistics is presented in the form of percentages and appropriate graphs.Results: Among the 54 patients who underwent this procedure, 65% had normal uterine cavity. 18% were referred for IVF. 9.2% conceived post procedure.Conclusions: Successive use of transvaginal ultrasound after hysteroscopy i.e Hysteroscopic sonosalpingography is a useful procedure in a select group of infertile patients. 

Atypical polypoid adenomyoma with extensive morular metaplasia - Case report

Atypical polypoid adenomyoma (APA) is a rare and benign endometrial polypoid lesion. APA was found in a 38-year-old woman who presented with excessive vaginal bleeding. Histopathological examination of the polyp was consistent with “APA” with extensive morular metaplasia. Immunohistochemical marker CD10 was done to establish the diagnosis of morular metaplasia. Morular metaplasia is dissimilar to squamous metaplasia. It is sometimes misreported as adenosquamous carcinoma. This case illustrates the significance of morular metaplasia as a differential diagnosis

In Vivo Antidiabetic Activity and GCMS Analysis of Ethanolic Extracts of Rabdosia Rugosa (Wal ex Benth) H Hara

The current study examined the effects of an ethanolic extract of R. rugosa (Rabdosia rugosa (Wall. ex Benth.) H. Hara) on alloxan-induced diabetes rats, detailing its hypoglycemic potential and using gas chromatography-mass spectrometry to analyze its phytoconstituents. The FTIR spectrum verified the presence of various functional groups in the active ingredients. This research opted to use an extract from fresh leaves and flowers. Chichiri is the local name for the shrub R. rugosa, which belongs to the sage family (Labiatae) and is used as traditional medicine. To determine the hypoglycemic activity of plant extracts the rats were randomly assigned to one of four treatment groups for two weeks of experiments: a normal control group that received no treatment, a diabetic control group that received only alloxan (150 mg/kg BW), a drug control group that received glibenclamide (5mg/kg BW), and a treatment group that received R. rugosa extract (50 mg/kg BW). Our results demonstrated that the extract and medication group saw statistically significant improvement (p≤0.001) in body weight, blood glucose levels, lipid profile, liver and renal parameters. The GCMS analysis showed that numerous active phytoconstituents were present. Phenols, alkanes, alcohols, and other compounds were detected in the FTIR spectrum. After examining the data, we determined that the leaves and inflorescences of R. rugosa have hypoglycemic potential. Continued study of the naturally separated chemicals can aid in the creation of organic medications for diabetic treatment

GCMS Analysis In Vitro Antioxidant and Antidiabetic Activity of Oxyria digyna (L.) Hill

Oxyria digyna (mountain sorrel) is an edible and medicinal herb with a wide array of ethnopharmacological uses. A literature review revealed that this species is less explored for its pharmacological efficacy. Methanolic leaf extract of O. digyna was screened for antioxidant potential utilizing “2,2-diphenyl-1-picrylhydrazyl” DPPH and “Hydrogen peroxide” H202 assay, in addition, the antidiabetic potential was evaluated using enzyme alpha-amylase. Further, the bioactive compounds were analyzed through GC/MS and FTIR techniques. The antioxidant results demonstrated that the extract showed strong reducing potential for both DPPH and Hydrogen peroxide assay, plant extract revealed scavenging activity with an IC50 value of 42.55±0.7311 µg/ml for DPPH and an IC50 value of 51.77±1.855 µg/ml for H2O2. Furthermore, O. digyna showed a moderate inhibitory outcome towards alpha-amylase with an IC50 =131.02±1.90 µg/ml while the standard showed an IC50 = of 22.05±3.9 µg/ml. The extract exhibited an enormous amount of total flavonoid and phenolic. Moreover, the FTIR spectrum showed the presence of alcohol, alkanes, alkyne, aldehyde, etc. and the GC/MS study reveals the presence of sixty compounds. The most prevalent one is 9,12,15- Octadecatrienoic acid (Z, Z, Z) 38.33 %. According to our knowledge, this study is the first to validate its antidiabetic potential and identification of numerous phytoconstituents through GC/MS and identification of several functional groups employing FTIR analysis. The above finding suggests that O. digyna possess a high amount of phenols, and flavonoids, showing significant antioxidant properties, which makes it a promising source of natural antioxidant, also it can be used in food industries and for future drug synthesis. Further, the extract showed potential alpha-amylase inhibition but the potential was less, further, the active biochemical constituent can be isolated and utilized in therapeutic applications

Seroprevalence of Chlamydia trachomatis infection among pregnant women and their outcome

Background: Genitourinary infections either sexually transmitted or by other means are a major concern among women, particularly young adults and teens. The objective was to find out seroprevalence of Chlamydia trachomatis infection in pregnant women and its effect on pregnancy outcome.Methods: the present study was carried out in the department of obstetrics and gynaecology, King George Medical University of Lucknow, Uttar Pradesh, India, over a period of September 2003 to July 2004. Total 120 pregnant women were included in the study, these pregnant women were selected according to their will in taking part in the study irrespective of age and parity. 2 ml of blood sample was collected and determination of antichlamydial IgM antibody was done by VIRCELL SL IgM ELISA Kit in microbiology department. Prevalence of chlamydia trachomatis in pregnant women were assessed and correlated with age group, parity, socioeconomic status, previous obstetric outcome, anaemia, PROM, mode of termination according to gestational age, perinatal outcome regards birthweight, and adverse neonatal outcome.Results: Out of 120 cases, total 70 (58.33%) were positive while the remaining 50 cases were negative. 80 cases were followed till delivery in which 66.25% were positive for antichlamydial IgM antibody. There was significant association of previous history of 2-3 abortion and preterm delivery with IgM positive cases. Low birth weight deliveries were 78% and very low birth weight was 100% in positive cases. Caesarean section at <37 weeks of gestation, IUGR and low APGAR score were significantly high in IgM positive group. 100% PROM cases were IgM positive.Conclusions: The prevalence of chlamydia trachomatis infection among pregnant women in our population is high and is strongly associated with premature rupture of membranes, IUGR, LBW, and low APGAR score deliveries

Evidence of charge carrier number fluctuations in InN thin films?

Due to its small band-gap and its high mobility, InN is a promising material for a large number of key applications like band-gap engineering for high efficiency solar cells, light emitting diodes, and high speed devices. Unfortunately, it has been reported that this material exhibits strong surface charge accumulation which may depend on the type of surface. Current investigations are conducted in order to explain the mechanisms which govern such a behavior and to look for ways of avoiding it and/or finding applications that may use such an effect. In this framework, low frequency noise measurements have been performed at different temperatures on patterned MBE grown InN layers. The evolution of the 1/f noise level with temperature in the 77 K-300 K range is consistent with carrier number fluctuations thus indicating surface mechanisms: the surface charge accumulation is confirmed by the noise measurements