How does the takeover of a company in developed markets through a firm coming from emerging countries affect the share price of the acquirer in the short term in comparison to both inbound emerging markets as well as domestic takeovers and how does the impact of a diversification strategy differ from an industry focused strategy in terms of value creation for acquiring companies?

O objectivo desta tese é de examinar o impacto no preço das ações da empresa adquirente causado pelo anúncio de aquisição de outra empresa, diferenciando entre transações domésticas, de inbound e outbound de mercados emergentes assim como entre transações de diversificação ou focadas numa indústria. Adicionalmente, fatores contextuais que impactam os padrões de criação de valor observados no estudo podem ser determinados. Os resultados, que foram obtidos através de uma amostra de 1,434 transações num periodo de tempo desde Janeiro de 2000 até Janeiro de 2016 e considerando uma janela de acontecimento de 21dias de trading (-10, +10) sobre o anúncio, sugerem que as trasações das empresas alvo e adquirentes em mercados emergentes criam, em média, o maior valor com um CAAR de 2.41% em comparação com M&A outbound e inbound com CAARs de 1.32% e 1.26% respetivamente. Adicionalmente, aquisições de diversificação criam um maior valor para os acionistas do que transações focadas numa indústria tanto para mercados desenvolvidos como emergentes. Finalmente, os resultados da regressão OLS sugerem que existe uma correlação positiva entre a criação de valor para os acionistas da empresa adquirente e a dimensão relativa da transação, o estatuto legal privado da empresa-alvo assim como o método de pagamento (dinheiro e ações). Por outro lado, a percentagem de controlo adquirida não foi comprovada como significante.The aim of this thesis is to examine the value impact on acquiring companies’ share prices caused by takeover announcements, differentiating between domestic, inbound and outbound emerging markets transactions as well as between industry diversifying and industry focused M&A. Additionally contextual factors shall be determined that drive the value creation patterns observed in the event study. The results obtained for a total sample of 1,434 transactions in a time period from January 2000 until January 2016 and an event window of 21 trading days (-10,+10) around the announcement day suggest that transactions with target and acquiring companies coming from emerging markets on average create the highest value with a CAAR of 2.41% in comparison to outbound and inbound M&A with CAARs of 1.32% and 1.26% respectively. Additionally, industry diversifying takeovers are equally superior to focused transactions in terms of value creation for both developed and emerging markets acquiring companies engaged in outbound and inbound M&A respectively. Finally, OLSregression results suggest that there is a positive correlation between acquiring firms’ shareholder value creation and relative deal size, non-public legal status of the target company as well as a combined payment method (cash and stock), whereas for the percentage of ownership acquired no statistically significant results are obtained

Wireless distance estimation with low-power standard components in wireless sensor nodes

In the context of increasing use of moving wireless sensor nodes the interest in localizing these nodes in their application environment is strongly rising. For many applications, it is necessary to know the exact position of the nodes in two- or three-dimensional space. Commonly used nodes use state-of-the-art transceivers like the CC430 from Texas Instruments with integrated signal strength measurement for this purpose. This has the disadvantage, that the signal strength measurement is strongly dependent on the orientation of the node through the antennas inhomogeneous radiation pattern as well as it has a small accuracy on long ranges. Also, the nodes overall attenuation and output power has to be calibrated and interference and multipath effects appear in closed environments. Another possibility to trilaterate the position of a sensor node is the time of flight measurement. This has the advantage, that the position can also be estimated on long ranges, where signal strength methods give only poor accuracy. In this paper we present an investigation of the suitability of the state-of-the-art transceiver CC430 for a system based on time of flight methods and give an overview of the optimal settings under various circumstances for the in-field application. For this investigation, the systematic and statistical errors in the time of flight measurements with the CC430 have been investigated under a multitude of parameters. Our basic system does not use any additional components but only the given standard hardware, which can be found on the Texas Instruments evaluation board for a CC430. Thus, it can be implemented on already existent sensor node networks by a simple software upgrade.Comment: 8 pages, Proceedings of the 14th Mechatronics Forum International Conference, Mechatronics 201

Business model design and technological innovation : Multi-method essays on drivers, working mechanisms, and consequences

This dissertation shows the substance that the business model concept has for technological innovation and vice versa. With four distinct studies, this project was set out to make a small but hopefully significant contribution to resolving the high complexity of a vital relationship and the constructs it involves. The empirical advancements of this dissertation consist of multiple methods, data sources, and industries individually selected for each one of the four studies to ensure high degrees of methodological fit. The toolkit employed covers conceptual approaches such as a systematic review of highly regarded literature, qualitative empirical processes such as case study analysis based on triangulated data, as well as a number of quantitative empirical techniques such as Tobit regression models and propensity score matching, partially based on longitudinal information. These algorithms utilize two distinct quantitative data sets: high quality secondary data from the Mannheim Innovation Panel (MIP) for over two thousand firms from multiple industries as well as a manually collected set of primary survey data to be able to look at specific aspects of the complex relationship between business models and technological innovation. In addition, this dissertation extends operationalizations of the business model construct regarding both its static configurations in form of novelty-, efficiency-, complementarities-, and lock-in-centered designs, as well as for its dynamic changes represented by distinct variables of central firm activities nested in novel business model content, structure, and governance

Personality traits and career success : a multilayered approach

For years now career success emerged as one of the focal points in managerial psychology research. It still remains a key topic in contemporary literature. Personality has been identified as an essential predictor of work and career success. In examining associations between personality traits and professional outcomes, the Big Five represents the prevalent theoretical basis. This widely recognized framework stands primarily for bright and affirmative personality attributes. In more recent times, the rather negative side of the personality range received increasing scientific attention, not least triggered by severe scandals in the business world. Especially the Dark Triad personality construct consisting of Machiavellianism, psychopathy and narcissism has attracted growing academic consideration. Surprisingly these rather undesirable personality characteristics do not only promote counterproductive outcomes. Consequently, the two topics of bright as well as dark personality traits and career success constitute the scope of the thesis. To split the topic up and to explore it as sophisticated as possible, a comprehensive scientific approach is required. Supported by a multilayered methodological procedure, the interplay of personality and career success was investigated on heterogeneous criteria: (1) multifaceted bandwidth of personality, (2) diversity of career success indicators, (3) varied decision-making levels, and (4) new work environment. In summary, this dissertation answers the following research questions in three interrelated essays: 1. How successful are both light and dark personalities in terms of objective success criteria? 2. Does a GFP-E specific for executives exist and how is it related to the Dark Triad, success and satisfaction measures? 3. Do paradox personalities, in particular narcissism and humility, succeed in new work environments? The first paper represents the basis for gain in knowledge. It takes a broad attempt by addressing both the bright and dark personality traits of the Big Five and the Dark Triad. Accordingly, the influence of these expansive personality attributes and the selected objective career success indicators budget responsibility and personnel decision-making authority were examined. Empirically, a dual approach with a German sample combining an AI-based automated speech analysis tool with self-reported survey data was chosen. The results indicate a positive relationship between psychopathy and personnel decision-making authority, as well as between narcissism and emotional stability to budget responsibility. In the second article, the interest shifts entirely to the top-management. Here, a narrower personality approach was considered. For this purpose, self-reported survey data from German top-managers were collected. The study demonstrates that a superordinate singular factor (General Factor of Personality, GFP) specifically for executives (GFP-E) exists that is characterized by high agreeableness, extraversion, conscientiousness and openness to experience as well as low neuroticism. Furthermore, the relationship of the GFP-E to the Dark Triad and to success and satisfaction indicators were examined. Positive correlations to these criteria as well as to narcissism were evident. In contrast, negative connections to Machiavellianism and psychopathy were apparent, indicating the existence of a Dark Dyad. Finally, the third essay highlights the impact of paradox personalities on career success, namely the combination of narcissism and humility. In order to reflect the current transformation in the business world, new work settings are integrated in this study as well. Methodologically, a dyadic approach relating self-reported and other-reported survey data of US-professionals was selected. Further, to represent career success in its entirety, especially in new work environments, four measures of objective career success as well as a multidimensional subjective career success scale were included. The interaction between narcissism and humility indicated negative effects on leadership position, project responsibility and salary. However, when the working environment is included, the humble narcissist is materially successful in the new world of work. In total these findings contribute to existing knowledge of both bright and dark personality by showing that psychopaths and especially narcissists can be quite successful in their professional life. Emotional stability and conscientiousness proved to be the relevant predictors in a professional setting. Supplementary to the important content-related insights, this thesis further contributes to an increasing body of research incorporating language and personality. It encompasses as one of the first studies that introduces elements of artificial intelligence to the research streams of personality and success by using an automated psycholinguistic analysis technology. This dissertation further contributes to the literature on paradoxes in the workplace by enhancing previous leadership approaches. While positive effects of paradoxical personalities have already been found at the top management level it was demonstrated that this phenomenon couldnt be converted to the general career success perspective. Further, by expending the research focus to new modes of working it could be shown that the working environment in todays organizations proves to be an essential contextual factor impacting an employees career.Seit Jahren steht der berufliche Erfolg im Fokus der psychologischen Managementforschung. Auch in der aktuellen Literatur stellt er ein zentrales Thema dar. Dabei hat sich die Persönlichkeit als ein wesentlicher Prädiktor für den Berufserfolg erwiesen. Bei der Untersuchung von Zusammenhängen zwischen Wesensmerkmalen und beruflichen Erfolgskriterien bilden die Big Five den vorherrschenden theoretischen Bezugsrahmen. Sie stehen in erster Linie für helle und affirmative Charaktermerkmale. In jüngerer Zeit erfährt die eher negative Seite des Persönlichkeitsspektrums zunehmende Aufmerksamkeit, nicht zuletzt ausgelöst durch folgenschwere Skandale in der Geschäftswelt. Insbesondere das Persönlichkeitskonstrukt der Dunklen Triade, bestehend aus Machiavellismus, Psychopathie und Narzissmus, fand zunehmende wissenschaftliche Beachtung. Überraschenderweise wirken sich diese eher unerwünschten Persönlichkeitsmerkmale nicht unbedingt kontraproduktiv aus. Entsprechend bilden die beiden Themenschwerpunkte Persönlichkeit und Berufserfolg den Rahmen für diese Arbeit. Um die Fragestellung möglichst differenziert zu betrachten, ist eine umfassende wissenschaftliche Herangehensweise erforderlich. Unterstützt durch ein multi-methodisches Konzept wurde das Zusammenspiel von Persönlichkeit und Berufserfolg nach heterogenen Kriterien untersucht: (1) Bandbreite der Persönlichkeit, (2) Vielfalt der Indikatoren für beruflichen Erfolg, (3) Entscheidungsebenen der Untersuchungssubjekte und (4) neues Arbeitsumfeld. Zusammenfassend beantwortet diese Dissertation die folgenden Forschungsfragen in drei miteinander verknüpften Aufsätzen: 1. Wie erfolgreich sind sowohl helle als auch dunkle Persönlichkeiten in Bezug auf objektive Erfolgskriterien? 2. Gibt es einen GFP-E speziell für Führungskräfte und wie ist der Zusammenhang zu Dunkler Triade, Erfolg und Zufriedenheit? 3. Haben paradoxe Persönlichkeiten, insbesondere bescheidene Narzissten, in der neuen Arbeitswelt Erfolg? Der erste Aufsatz bildet die Grundlage der Erkenntnisgewinnung. Er ermöglicht einen breiten Einstieg, indem er sowohl die hellen als auch die dunklen Persönlichkeitsmerkmale der Big Five und der Dunklen Triade untersucht. Hier wurde der Einfluss dieser expansiven Persönlichkeitsmerkmale an Hand der ausgewählten objektiven Karriereerfolgsindikatoren Budgetverantwortung und Personalentscheidungsbefugnis untersucht. Empirisch wurde ein dualer Ansatz mit einer deutschen Stichprobe gewählt. Er kombiniert die Persönlichkeitserfassung durch ein KI-basiertes automatisiertes Sprachanalysetool mit selbstberichteten Befragungsdaten. Die Ergebnisse zeigen einen positiven Zusammenhang zwischen Psychopathie und Personalentscheidungsbefugnis sowie zwischen Narzissmus und emotionaler Stabilität zu Budgetverantwortung. Im zweiten Artikel verlagert sich das Interesse ganz auf das Top-Management. Hier wurde ein engerer Persönlichkeitsbezug herangezogen. Zu diesem Zweck wurden selbstberichtete Umfragedaten von deutschen Top-Managern erhoben. Die Studie zeigt, dass ein übergeordneter singulärer Faktor (General Factor of Personality, GFP) speziell für Executives (GFP-E) existiert, der durch hohe Verträglichkeit, Extraversion, Gewissenhaftigkeit und Offenheit für Erfahrungen sowie geringem Neurotizismus gekennzeichnet ist. Darüber hinaus wurde der Zusammenhang des GFP-E mit der Dunklen Triade sowie mit Erfolgs- und Zufriedenheitsmaßen untersucht. Es zeigen sich positive Korrelationen zu diesen Kriterien sowie zum Narzissmus. Negative Zusammenhänge wurden hingegen mit Machiavellismus und Psychopathie festgestellt, was auf die Existenz einer dunklen Dyade hindeutet. Der dritte Aufsatz beleuchtet schließlich die Auswirkungen paradoxer Persönlichkeitseigenschaften auf den beruflichen Erfolg, hier die Kombination von Narzissmus und Bescheidenheit. Um der Transformation der Berufswelt in jüngster Zeit gerecht zu werden, integriert die Studie auch neue Arbeitsumgebungen. Methodisch wurde ein dyadischer Ansatz herangezogen, der selbst- und fremdberichtete Befragungsdaten von US-Mitarbeitenden in Beziehung setzt. Um den beruflichen Erfolg in seiner Gesamtheit, insbesondere auch in neuen Arbeitsumgebungen, abzubilden, wurden vier Maße für den objektiven sowie eine multidimensionale Skala für den subjektiven beruflichen Erfolg einbezogen. Die Interaktion zwischen Narzissmus und Bescheidenheit zeigte negative Auswirkungen auf die erreichte Führungsposition, Projektverantwortung und das Gehalt. Bezieht man jedoch das Arbeitsumfeld mit ein, so erweisen sich die bescheidenen Narzissten in der neuen Arbeitswelt als materiell erfolgreich. Insgesamt tragen diese Ergebnisse zum bestehenden Wissen über helle und dunkle Persönlichkeiten bei, indem sie zeigen, dass auch Psychopathen und insbesondere Narzissten im Beruf erfolgreich sein können. Emotionale Stabilität und Gewissenhaftigkeit erwiesen sich als relevante Prädiktoren im Berufsumfeld. Neben wichtigen inhaltlichen Erkenntnissen leistet diese Arbeit einen zusätzlichen Beitrag zu einer wachsenden Zahl von Forschungsarbeiten, die Sprache und Persönlichkeit untersuchen. In einer der ersten Studien werden Elemente künstlicher Intelligenz in die Forschungsströme zu Persönlichkeit und Erfolg eingeführt, indem eine automatisierte psycholinguistische Analyse-Technologie angewendet wird. Diese Dissertation erweitert auch die Literatur über Paradoxien am Arbeitsplatz. Während positive Auswirkungen paradoxer Persönlichkeiten bisher auf der Ebene des Top-Managements gefunden wurden, zeigte sich, dass sich dieses Phänomen nicht auf den allgemeinen beruflichen Erfolg übertragen lässt. Durch die Ausweitung des Forschungsschwerpunkts auf neue Arbeitsformen erwies sich auch das Arbeitsumfeld in Organisationen als wesentlicher Kontextfaktor, der die Karriere von Mitarbeitern zu beeinflussen vermag

Generation of the CRISPR/Cas9-mediated KIF1C knock-out human iPSC line HIHRSi003-A-1

Bi-allelic loss-of-function mutations in the gene encoding the motor protein KIF1C are associated with Hereditary Spastic Paraplegia (HSP) type SPG58, a slowly progressive neurodegenerative motoneuron disease. The biological role of KIF1C is incompletely understood. We used a protein-based CRISPR/Cas9 genome editing approach to generate a homozygous KIF1C knock-out iPSC line (HIHRSi003-A-1) from a healthy control. This iPSC-KIF1C$^{-/-}$ line and the corresponding isogenic control are a useful model to study the physiological function of KIF1C and the pathophysiological consequences of KIF1C dysfunction in human disease

Induced pluripotent stem cells (iPSCs) derived from cerebrotendinous xanthomatosis (CTX) patient's fibroblasts carrying a R395S mutation

AbstractInduced pluripotent stem cells (iPSCs) were generated from dermal fibroblasts from a 60-year-old cerebrotendinous xanthomatosis (CTX) patient, carrying a homozygous mutation c. [1183C>A]; p. R395S in CYP27A1. Episomal plasmids encoding the pluripotency genes OCT4, SOX2, KLF4, L-MYC and LIN28 were introduced via electroporation. The generated line iPS-CTX-R395S has no sign of plasmid integration or chromosomal aberration and retained the mutation site in CYP27A1. Furthermore, iPSCs express pluripotency markers and are able to differentiate in all germ layers in vitro. The generated line may be a useful tool for disease modelling of CTX

A Component-Based Middleware for a Reliable Distributed and Reconfigurable Spacecraft Onboard Computer

Emerging applications for space missions require increasing processing performance from the onboard computers. DLR's project “Onboard Computer - Next Generation” (OBC-NG) develops a distributed, reconfigurable computer architecture to provide increased performance while maintaining the high reliability of classical spacecraft computer architectures. Growing system complexity requires an advanced onboard middleware, handling distributed (realtime) applications and error mitigation by reconfiguration. The OBC-NG middleware follows the Component-Based Software Engineering (CBSE) approach. Using composite components, applications and management tasks can easily be distributed and relocated on the processing nodes of the network. Additionally, reuse of components for future missions is facilitated. This paper presents the flexible middleware architecture, the composite component framework, the middleware services and the model-driven Application Programming Interface (API) design of OBC-NG. Tests are conducted to validate the middleware concept and to investigate the reconfiguration efficiency as well as the reliability of the system. A relevant use case shows the advantages of CBSE for the development of distributed reconfigurable onboard software

PaTaS: Quality Assurance for Model-driven Software Development

The quality of software products in safety critical applications, extensively found within the space domain, is a key success factor but also a major cost driver. To ensure high quality of the software product, quality assurance processes with quality models and metrics are applied. With these tools and processes, product assurance managers and software developers are able to quantify the quality of the software under development. Within the ESA-funded study PaTaS (Product Assurance with TASTE Study), a product quality model with software and model metrics was developed and implemented in an end-to-end model-driven software development (MDSD) life cycle demonstrator. The goal of this study was to identify applicable concepts to maintain quality and dependability levels when MDSD is applied. This requires the definition of connected model and software quality indicators. These indicators were integrated into ESA’s reference software product quality model (ECSS-Q-HB-80-04A). The resulting adapted quality model got incorporated in a model-driven software development life cycle demonstrator. To evaluate this demonstrator and the integrated quality indicators in a realistic development scenario, mission-critical parts of the command and data handling subsystem of a satellite mission were modelled and subsequently coded. The aim of the activity was to demonstrate the effect of the end-to-end life cycle in combination with the developed quality model on the final onboard software product. In this paper we present the result of the study. The focus is on the quality model for MDSD and new quality metrics for models, which can be embedded in an end-to-end model-driven product development life cycle

PaTaS - Quality Assurance in Model-Driven Software Engineering for Spacecraft

Within PATAS (Product Assurance with TASTE Study), a product quality model with software and model metrics is developed and implemented in an end-to-end model-driven software engineering (MDSE) lifecycle demonstrator, based on TASTE. The goal of this study is to find applicable concepts to maintain quality and dependability levels, when MDSE is applied. This requires the definition of connected model and software quality indicators. These indicators are identified and integrated with ESA's reference software product quality model (ECSS-Q-HB-80-04A). The resulting quality model is integrated in a model-based software development lifecycle demonstrator, based on TASTE. To evaluate this demonstrator and the integrated quality indicators, mission-critical parts of the command and data handling subsystem of a satellite mission are modelled and subsequently coded, simulating a realistic development scenario as use case. The aim of the activity is to demonstrate the effect of the end-to-end lifecycle in combination with the developed quality model on the final onboard software product. The final results will set the baseline for recommendations to improve Quality Assurance in MDSE at ESA. In this talk, we present the on-going study and its latest results

Evaluation of two test methods for the strain measurement of interior paints

The appearance of structural cracks is nothing unusual neither in old nor in new buildings. The causes of these cracks range from improper selection and use of materials to faulty design, and can have serious consequences. In buildings in which the structural integrity is not endangered, cracking, especially in interior spaces, constitutes a significant impairment of the building’s serviceability. The repair costs for these cracks are often considerable. Fortunately, a cost-effective and lasting solution to this cracking problem can be found in the use of more elastic interior paints. In order to utilize this solution, it is essential to know the elastic properties of the paint; however, manufacturers often fail to provide adequate information in this respect. In addition, the European market lacks standardized procedures for quantitatively determining the elasticity of paint. By combining two independent mechanical test methods, it is attempted to obtain a quantitative determination of the strain of interior paints. The suitability and relevance of the test methods used is discussed on the basis of the results obtained. The tests used are the classical tensile test in accordance with DIN EN ISO 6892-1 and a modified 3-point bending test based on DIN EN ISO 178. In order to determine the strain, optical deformation analysis by means of digital image correlation (DIC) is used for both test methods.Keywords: Interior paint, Strain, Cracks, Tensile test, 3-point bending tes