Acquiring foreign firms far away might be hazardous to your share price: evidence from Germany

This paper examines shareholder wealth effects of cross-border acquisitions. In a sample of 155 large acquisitions by German corporations from 1985–2006 international transactions in total do not lead to significant announcement returns. Geography, however, makes a difference: Shareholders of acquiring firms gain 6.5% in cross-border transactions into countries that have a common border with Germany but lose 4.4% in other international transactions. We find proximity to be one of the most important success factors in cross-border mergers and acquisitions, even when we control for firm, deal and country characteristics

Imaging spontaneous imbibition in full Darcy‐scale samples at pore‐scale resolution by fast X‐ray tomography

Spontaneous imbibition is a process occurring in a porous medium which describes wetting phase replacing nonwetting phase spontaneously due to capillary forces. This process is conventionally investigated by standardized, well-established spontaneous imbibition tests. In these tests, for instance, a rock sample is surrounded by wetting fluid. The following cumulative production of nonwetting phase versus time is used as a qualitative measure for wettability. However, these test results are difficult to interpret, because many rocks do not show a homogeneous but a mixed wettability in which the wetting preference of a rock varies from location to location. Moreover, during the test the flow regime typically changes from countercurrent to cocurrent flow and no phase pressure or pressure drop can be recorded. To help interpretation, we complement Darcy-scale production curves with X-ray imaging to describe the differences in imbibition processes between water-wet and mixed-wet systems. We found that the formation of a spontaneous imbibition front occurs only for water-wet systems; mixed-wet systems show localized imbibition events only. The asymmetry of the front depends on the occurrence of preferred production sites, which influences interpretation. Fluid layers on the outside of mixed-wet samples increase connectivity of the drained phase and the effect of buoyancy on spontaneous imbibition. The wider implication of our study is the demonstration of the capability of benchtop laboratory equipment to image a full Darcy-scale experiment while at the same time obtaining pore-scale information, resolving the natural length and time scale of the underlying processes

In Search of Simplification: the Use of Topological Complexity Indices to Guide Retrosynthetic Analysis

Topological complexity indices NS, NT, NS(lpe), NT(lpe), twc and wcx are used to rank the one-bond disconnections of bicyclo[2.2.1]heptane, spiro[3.3]heptane and their aza derivatives with respect to the degree of simplification they afford. Selected two-bond disconnections of bicyclo[2.2.1]heptane and its aza derivatives are also evaluated. Simplification principles are derived which are useful for guiding the retrosynthetic analysis of complex target molecules. Comparison with the LHASA rules for strategic bonds reveals a great deal of similarity and some important differences

Test beam measurement of the first prototype of the fast silicon pixel monolithic detector for the TT-PET project

The TT-PET collaboration is developing a PET scanner for small animals with 30 ps time-of-flight resolution and sub-millimetre 3D detection granularity. The sensitive element of the scanner is a monolithic silicon pixel detector based on state-of-the-art SiGe BiCMOS technology. The first ASIC prototype for the TT-PET was produced and tested in the laboratory and with minimum ionizing particles. The electronics exhibit an equivalent noise charge below 600 e- RMS and a pulse rise time of less than 2 ns, in accordance with the simulations. The pixels with a capacitance of 0.8 pF were measured to have a detection efficiency greater than 99% and, although in the absence of the post-processing, a time resolution of approximately 200 ps

On composite likelihood in bivariate meta-analysis of diagnostic test accuracy studies

The composite likelihood (CL) is amongst the computational methods used for estimation of the generalized linear mixed model (GLMM) in the context of bivariate meta-analysis of diagnostic test accuracy studies. Its advantage is that the likelihood can be derived conveniently under the assumption of independence between the random effects, but there has not been a clear analysis of the merit or necessity of this method. For synthesis of diagnostic test accuracy studies, a copula mixed model has been proposed in the biostatistics literature. This general model includes the GLMM as a special case and can also allow for flexible dependence modelling, different from assuming simple linear correlation structures, normality and tail independence in the joint tails. A maximum likelihood (ML) method, which is based on evaluating the bi-dimensional integrals of the likelihood with quadrature methods has been proposed, and in fact it eases any computational difficulty that might be caused by the double integral in the likelihood function. Both methods are thoroughly examined with extensive simulations and illustrated with data of a published meta-analysis. It is shown that the ML method has non-convergence issues or computational difficulties and at the same time allows estimation of the dependence between study-specific sensitivity and specificity and thus prediction via summary receiver operating curves

Thermodynamics of C incorporation on Si(100) from ab initio calculations

We study the thermodynamics of C incorporation on Si(100), a system where strain and chemical effects are both important. Our analysis is based on first-principles atomistic calculations to obtain the important lowest energy structures, and a classical effective Hamiltonian which is employed to represent the long-range strain effects and incorporate the thermodynamic aspects. We determine the equilibrium phase diagram in temperature and C chemical potential, which allows us to predict the mesoscopic structure of the system that should be observed under experimentally relevant conditions.Comment: 5 pages, 3 figure

Si3AlP: A new promising material for solar cell absorber

First-principles calculations are performed to study the structural and optoelectronic properties of the newly synthesized nonisovalent and lattice-matched (Si2)0.6(AlP)0.4 alloy [T. Watkins et al., J. Am. Chem. Soc. 2011, 133, 16212.] We find that the ordered CC-Si3AlP with a basic unit of one P atom surrounded by three Si atoms and one Al atom is the most stable one within the experimentally observed unit cell.1 Si3AlP has a larger fundamental band gap and a smaller direct band gap than Si, thus it has much higher absorption in the visible light region. The calculated properties of Si3AlP suggest that it is a promising candidate for improving the performance of the existing Si-based solar cells. The understanding on the stability and band structure engineering obtained in this study is general and can be applied for future study of other nonisovalent and lattice-matched semiconductor alloys

Connected pathway relative permeability from pore-scale imaging of imbibition

Pore-scale images obtained from a synchrotron-based X-ray computed micro-tomography (µCT) imbibition experiment in sandstone rock were used to conduct Navier–Stokes flow simulations on the connected pathways of water and oil phases. The resulting relative permeability was compared with steady-state Darcy-scale imbibition experiments on 5 cm large twin samples from the same outcrop sandstone material. While the relative permeability curves display a large degree of similarity, the endpoint saturations for the µCT data are 10% in saturation units higher than the experimental data. However, the two datasets match well when normalizing to the mobile saturation range. The agreement is particularly good at low water saturations, where the oil is predominantly connected. Apart from different saturation endpoints, in this particular experiment where connected pathway flow dominates, the discrepancies between pore-scale connected pathway flow simulations and Darcy-scale steady-state data are minor overall and have very little impact on fractional flow. The results also indicate that if the pore-scale fluid distributions are available and the amount of disconnected non-wetting phase is low, quasi-static flow simulations may be sufficient to compute relative permeability. When pore-scale fluid distributions are not available, fluid distributions can be obtained from a morphological approach, which approximates capillary-dominated displacement. The relative permeability obtained from the morphological approach compare well to drainage steady state whereas major discrepancies to the imbibition steady-state experimental data are observed. The morphological approach does not represent the imbibition process very well and experimental data for the spatial arrangement of the phases are required. Presumably for modeling imbibition relative permeability an approach is needed that captures moving liquid-liquid interfaces, which requires viscous and capillary forces simultaneously