Location, Proximity, and M&A Transactions

In this paper, we examine how the geographic location of firms affects acquisition decisions and value creation for acquirers in takeover transactions. We find that firms located in an urban area are more likely to receive a takeover bid and complete a takeover transaction as a target than firms located in rural areas, and takeover deals involving an urban target are associated with higher acquirer announcement returns, after controlling for the proximity between the target and the acquirer. In addition, a target\u27s urban location significantly attenuates the negative effect of a long distance between the target and the acquirer on acquirer returns, a fact that is documented in the existing literature. Our findings reveal a previously underexplored force—firm location—that can affect takeover transactions, in addition to proximity. Our paper suggests that a firm\u27s location plays an important role in facilitating the dissemination of soft information and enhancing information-based synergies

Ozone Measurements with Meteors: A Revisit

Understanding the role of ozone in the Mesosphere/Lower Thermosphere (MLT) region is essential for understanding the atmospheric processes in the upper atmosphere. Earlier studies have shown that it is possible to use overdense meteor trails to measure ozone concentration in the meteor region. Here we revisit this topic by comparing a compilation of radar observations to satellite measurements. We observe a modest agreement between the values derived from these two methods, which confirm the usefulness of the meteor trail technique for measuring ozone content at certain heights in the MLT region. Future simultaneous measurements will help quantifying the performance of this technique.Comment: MNRAS in pres

Constructing Fewer Open Cells by GCD Computation in CAD Projection

A new projection operator based on cylindrical algebraic decomposition (CAD) is proposed. The new operator computes the intersection of projection factor sets produced by different CAD projection orders. In other words, it computes the gcd of projection polynomials in the same variables produced by different CAD projection orders. We prove that the new operator still guarantees obtaining at least one sample point from every connected component of the highest dimension, and therefore, can be used for testing semi-definiteness of polynomials. Although the complexity of the new method is still doubly exponential, in many cases, the new operator does produce smaller projection factor sets and fewer open cells. Some examples of testing semi-definiteness of polynomials, which are difficult to be solved by existing tools, have been worked out efficiently by our program based on the new method.Comment: Accepted by ISSAC 2014 (July 23--25, 2014, Kobe, Japan

Fundamentals of Inter-cell Overhead Signaling in Heterogeneous Cellular Networks

Heterogeneous base stations (e.g. picocells, microcells, femtocells and distributed antennas) will become increasingly essential for cellular network capacity and coverage. Up until now, little basic research has been done on the fundamentals of managing so much infrastructure -- much of it unplanned -- together with the carefully planned macro-cellular network. Inter-cell coordination is in principle an effective way of ensuring different infrastructure components behave in a way that increases, rather than decreases, the key quality of service (QoS) metrics. The success of such coordination depends heavily on how the overhead is shared, and the rate and delay of the overhead sharing. We develop a novel framework to quantify overhead signaling for inter-cell coordination, which is usually ignored in traditional 1-tier networks, and assumes even more importance in multi-tier heterogeneous cellular networks (HCNs). We derive the overhead quality contour for general K-tier HCNs -- the achievable set of overhead packet rate, size, delay and outage probability -- in closed-form expressions or computable integrals under general assumptions on overhead arrivals and different overhead signaling methods (backhaul and/or wireless). The overhead quality contour is further simplified for two widely used models of overhead arrivals: Poisson and deterministic arrival process. This framework can be used in the design and evaluation of any inter-cell coordination scheme. It also provides design insights on backhaul and wireless overhead channels to handle specific overhead signaling requirements.Comment: 21 pages, 9 figure

Imaging in scattering media via the second-order correlation of light field

Imaging with the second-order correlation of two light fields is a method to image an object by two-photon interference involving a joint detection of two photons at distant space-time points. We demonstrate for the first time that an image with high quality can still be obtained in the scattering media by applying the second-order correlation of illuminating light field. The scattering effect on the visibility of images is analyzed both theoretically and experimentally. Potential applications and the methods to further improve the visibility of the images in scattering media are also discussed.Comment: 4 pages, 3 figure