A RE-EXAMINATION OF EVENT STUDIES APPLIED TO CHALLENGED HORIZONTAL MERGERS

A growing body of empirical studies have been interpreted as support for a laissez-faire policy towards mergers. These "event studies" examine the reaction of stock market prices of firms that announce an agreement to merge. The type ~f reaction reveals whether a merger is motivated by a desire for market power or purely to improve market efficiency. In this paper, a version of the capital asset pricing model (CAPM) is applied to determine if abnormal returns are earned by rivals of 22 pairs of firms whose attempted horizontal mergers were challenged by the federal antitrust agencies. At most eight, and possibly only five, of the cases were found to be motivated by efficiency in seeking merger, and at most six, and possibly only one, were motivated by market power; the rest were inconclusive. The event-study technique is highly flawed for the study of business-regulation effects. Numerous unrealistic assumptions, inappropriate data constraints, and questionable interpretations hamper .the application of this technique to policy analysis.Industrial Organization,

The Bass-less Trio

Miles Davis asserts in his autobiography, that "a great artist needs to be able to stretch" [Davis, Troup, 1990]. While I may not a great artist, I aspire to make art with my music, and in my own musical journey I have been interested in trying out new ideas. Jazz musicians, because of their various skills (and in particular, in the art of improvisation) find themselves straddling musical boundaries and genres, just to pay the rent. In my own projects however, this musical adroitness was born just as much out of artistic curiosity as it was necessity, leading me to compose and perform in a variety of contexts and styles for a broad range of instrumentation. These contexts and styles include: duos for saxophone and piano accordion; Bach sonatas with string ensembles; improvising live dance music with DJs; organ trios; in electronica contexts; art and poetry collaborations. The need for creativity has expressed itself in all of my work, to varying degrees. On reflection, it's the need to create something new and fresh out of work and ideas that are already explored to some extent. This desire is consistent with the jazz legacy I have inherited. In much the way Louis Armstrong began transforming popular songs into jazz vehicles, Charles Mingus took ideas from older African American musical traditions and transformed them to offer a fresh perspective on those traditions, and Miles Davis borrowed ideas from rock and soul music to pioneer new directions in jazz during the 1960s and 1970s, I too am looking for new avenues of expression for jazz musicians

Joint Planes in the Rhyolites of the Butte District, Montana

The problem herein discussed deals with the pointing planes found in the area of rhyolite located in the northwestern portion of the Butte District. The question to be determined was whether or not the pointing planes in the rhyolites could be class­ified with the Butte Ore fissure systems

Atlanta Pops Orchestra, In the Spirit, A Celebration of the Holidays

Atlanta\u27s premier Pops orchestra takes the stage with John Driskell Hopkins, founding member of the GRAMMY® award-winning Zac Brown Band, for an evening of holiday favorites.https://digitalcommons.kennesaw.edu/musicprograms/1995/thumbnail.jp