Resource-based theory and mergers & acquisitions success

Mergers & acquisitions (M&A) are most popular external growth strategies. While the number of M&A has been increasing during the past decades, on average, only the shareholders of target firms gain value during the acquisitions process, while acquirers do not receive abnormal positive returns. This paper analyses the impact of strategically valuable resources on the success of M&A decisions. We test complementary resource-based hypotheses regarding the value of M&A for the shareholders of both transaction partners. Our sample consists of transactions in the pharmaceutical and biotechnological industry. The results of our study show that the shareholders of both transaction partners will gain above average positive returns only when the acquirer and the target own and combine strategically valuable resources and capabilities. --

Ethical Frameworks in Public Health Decision-Making: Defending a Value-Based and Pluralist Approach

A number of ethical frameworks have been proposed to support decision-making in public health and the evaluation of public health policy and practice. This is encouraging, since ethical considerations are of paramount importance in health policy. However, these frameworks have various deficiencies, in part because they incorporate substantial ethical positions. In this article, we discuss and criticise a framework developed by James Childress and Ruth Bernheim, which we consider to be the state of the art in the field. Their framework distinguishes aims, such as the promotion of public health, from constraints on the pursuit of those aims, such as the requirement to avoid limitations to liberty, or the requirement to be impartial. We show how this structure creates both theoretical and practical problems. We then go on to present and defend a more practical framework, one that is neutral in avoiding precommitment to particular values and how they ought to be weighted. We believe ethics is at the very heart of such weightings and our framework is developed to reflect this belief. It is therefore both pluralist and value-based. We compare our new framework to Childress and Bernheim’s and outline its advantages. It is justified by its impetus to consider a wide range of alternatives and its tendency to direct decisions towards the best alternatives, as well as by the information provided by the ranking of alternatives and transparent explication of the judgements that motivate this ranking. The new framework presented should be useful to decision-makers in public health, as well as being a means to stimulate further reflection on the role of ethics in public health. Keywords Decision-making Ethical frameworks Justification Public health Value pluralis

Resource-based theory and mergers & acquisitions success

Mergers & acquisitions (M&A;) are most popular external growth strategies. While the number of M&A; has been increasing during the past decades, on average, only the shareholders of target firms gain value during the acquisitions process, while acquirers do not receive abnormal positive returns. This paper analyses the impact of strategically valuable resources on the success of M&A; decisions. We test complementary resource-based hypotheses regarding the value of M&A; for the shareholders of both transaction partners. Our sample consists of transactions in the pharmaceutical and biotechnological industry. The results of our study show that the shareholders of both transaction partners will gain above average positive returns only when the acquirer and the target own and combine strategically valuable resources and capabilities

Thermalisation time and specific heat of neutron stars crust

We discuss the thermalisation process of the neutron stars crust described by solving the heat transport equation with a microscopic input for the specific heat of baryonic matter. The heat equation is solved with initial conditions specific to a rapid cooling of the core. To calculate the specific heat of inner crust baryonic matter, i.e., nuclear clusters and unbound neutrons, we use the quasiparticle spectrum provided by the Hartree-Fock-Bogoliubov approach at finite temperature. In this framework we analyse the dependence of the crust thermalisation on pairing properties and on cluster structure of inner crust matter. It is shown that the pairing correlations reduce the crust thermalisation time by a very large fraction. The calculations show also that the nuclear clusters have a non-negligible influence on the time evolution of the surface temperature of the neutron star.Comment: 7 pages, 5 figures, submitted to Phys. Rev.

Magneto-resistance quantum oscillations in a magnetic two-dimensional electron gas

Magneto-transport measurements of Shubnikov-de Haas (SdH) oscillations have been performed on two-dimensional electron gases (2DEGs) confined in CdTe and CdMnTe quantum wells. The quantum oscillations in CdMnTe, where the 2DEG interacts with magnetic Mn ions, can be described by incorporating the electron-Mn exchange interaction into the traditional Lifshitz-Kosevich formalism. The modified spin splitting leads to characteristic beating pattern in the SdH oscillations, the study of which indicates the formation of Mn clusters resulting in direct anti-ferromagnetic Mn-Mn interaction. The Landau level broadening in this system shows a peculiar decrease with increasing temperature, which could be related to statistical fluctuations of the Mn concentration.Comment: 8 pages, 6 figure

Pulsatory Patterns in Active Fluids

We show that pulsatory patterns arise in thin active films in which two chemical species regulate active stress. The regulating species diffuse within the film and are advected by self-generated flows resulting from active stress gradients. Spontaneous pulsatory patterns emerge when the following conditions are met: (i) the fast-diffusing species up-regulates and the slow-diffusing species down-regulates active stress, or (ii) the active stress up-regulator turns over faster compared to the active stress down-regulator. Our study, motivated by pulsatory patterns in the actomyosin cortex in cells and tissues, provides a simple generic mechanism for oscillatory patterns in active fluids

Alginate Microencapsulation of Human Islets Does Not Increase Susceptibility to Acute Hypoxia

Islet transplantation in diabetes is hampered by the need of life-long immunosuppression. Encapsulation provides partial immunoprotection but could possibly limit oxygen supply, a factor that may enhance hypoxia-induced beta cell death in the early posttransplantation period. Here we tested susceptibility of alginate microencapsulated human islets to experimental hypoxia (0.1–0.3% O2 for 8 h, followed by reoxygenation) on viability and functional parameters. Hypoxia reduced viability as measured by MTT by 33.8±3.5% in encapsulated and 42.9±5.2% in nonencapsulated islets (P<0.2). Nonencapsulated islets released 37.7% (median) more HMGB1 compared to encapsulated islets after hypoxic culture conditions (P<0.001). Glucose-induced insulin release was marginally affected by hypoxia. Basal oxygen consumption was equally reduced in encapsulated and nonencapsulated islets, by 22.0±6.1% versus 24.8±5.7%. Among 27 tested cytokines/chemokines, hypoxia increased the secretion of IL-6 and IL-8/CXCL8 in both groups of islets, whereas an increase of MCP-1/CCL2 was seen only with nonencapsulated islets. Conclusion. Alginate microencapsulation of human islets does not increase susceptibility to acute hypoxia. This is a positive finding in relation to potential use of encapsulation for islet transplantation

Neonatal hearing screening: modelling cost and effectiveness of hospital- and community-based screening

This is the final version of the article. Available from the publisher via the DOI in this record.BACKGROUND: Children with congenital hearing impairment benefit from early detection and management of their hearing loss. These and related considerations led to the recommendation of universal newborn hearing screening. In 2001 the first phase of a national Newborn Hearing Screening Programme (NHSP) was implemented in England. Objective of this study was to assess costs and effectiveness for hospital and community-based newborn hearing screening systems in England based on data from this first phase with regard to the effects of alterations to parameter values. METHODS: DESIGN: Clinical effectiveness analysis using a Markov Model. OUTCOME MEASURE: quality weighted detected child months (QCM). RESULTS: Both hospital and community programmes yielded 794 QCM at the age of 6 months with total costs of 3,690,000 pound sterling per 100,000 screened children in hospital and 3,340,000 pound sterling in community. Simulated costs would be lower in hospital in 48% of the trials. Any statistically significant difference between hospital and community in prevalence, test sensitivity, test specificity and costs would result in significant differences in cost-effectiveness between hospital and community. CONCLUSION: This modelling exercise informs decision makers by a quantitative projection of available data and the explicit and transparent statements about assumptions and the degree of uncertainty. Further evaluation of the cost-effectiveness should focus on the potential differences in test parameters and prevalence in these two settings.This work was undertaken by the Evaluation Team for the Implementation Pilot of Newborn Hearing Screening in England which received funding from the Department of Health