Investigating the Integration of Acquired Firms in High-technology Industries: Implications for Industrial Policy

Acquisition activity persists despite evidence that acquisitions do not improve firm performance. Further, government policy toward the defense industry has advocated consolidation in the name of nominal cost savings. We explore the role acquisitions play toward technology transfer and begin to identify factors associated with acquisition success through a review of existing research on post-acquisition performance that primarily considers acquiring firm stock performance. Using this research as a foundation, we build a model to analyze post-acquisition performance using a sample of high-technology firms. Results suggest critical success factors associated with post-acquistion stock performance are poorly understood. We conclude that proactive government policy toward high-technology industry mergers and acquisitions may be misguided due to difficulty in predicting acquisition outcome

An Initial Look at Technology and Institutions on Defense Industry Consolidation

Conventional wisdom holds that defense industry consolidation resulted from decreased defense spending. However, we maintain that understanding dynamic changes in key defense institutions helps provide a more complete explanation for observed consolidation. Specifically, we examine the interaction of evolving technology and changing institutions. Institutions reviewed include procurement policies, weapons requirements process and the procurement organizations. We take an initial look at the industry and highlight how these changes influenced transaction costs in the defense industry more fully explain the forces driving consolidation and provide greater insight to policy makers seeking to improve the performance of the defense industry. Further research is needed to build a robust institutional framework of the defense industry and the related government agencies to allow better policy prescriptions

Do jumbo-CD holders care about anything?

Uninsured deposits represent a theoretically appealing but relatively untested alternative to subordinated debt for incorporating market discipline into banking supervision. To make the deposit market a useful supervisory tool, it is necessary to know what types of risk are priced by depositors and in what proportions. Using a clustering technique to select from among a large set of potential regressors, as well as a carefully chosen set of control variables, we attempt to determine the types of risk that cause uninsured depositors to react in both the price and quantity dimensions. As a benchmark for economic significance, we estimate similar regressions on supervisory ratings. We find that, in contrast to government supervisors, depositors have not priced most types of risk since 1997. Indeed, the only risk variables that consistently come up as statistically significant are those that measure capital adequacy. Our interpretation of these results is that, because aggregate banking conditions are good, it is not worth depositors' effort to investigate individual bank quality very carefully. We conclude that, in the current economic and regulatory environment, the market is content to delegate most of its monitoring and discipline to the government. To the extent that it does monitor, it only monitors capital. The jumbo-CD market is thus not likely to be of much supervisory use, particularly given that examiners already have good information about capital levels. The depositor emphasis on capital also supports the conjecture that market discipline was responsible for much of the recent capital build-up.Bank deposits ; Bank supervision

Low energy ion scattering

Low energy ion scattering (LEIS) is the study of the composition and structure of a surface by the detection of low energy ions with energies ranging from 100 eV to 10 keV elastically scattered off the surface. The extreme sensitivity to the outermost atomic layer makes it as a unique tool for surface analysis. In this paper, concepts of shadowing, blocking, and also polar and azimuthal scans have been described. Surface order and surface atom spacings are revealed by using these concepts and measuring the intensity of backscattered projectiles as a function of the incident and azimuthal angles

The isolation of spatial patterning modes in a mathematical model of juxtacrine cell signalling

Juxtacrine signalling mechanisms are known to be crucial in tissue and organ development, leading to spatial patterns in gene expression. We investigate the patterning behaviour of a discrete model of juxtacrine cell signalling due to Owen \& Sherratt (\emph{Math. Biosci.}, 1998, {\bf 153}(2):125--150) in which ligand molecules, unoccupied receptors and bound ligand-receptor complexes are modelled. Feedback between the ligand and receptor production and the level of bound receptors is incorporated. By isolating two parameters associated with the feedback strength and employing numerical simulation, linear stability and bifurcation analysis, the pattern-forming behaviour of the model is analysed under regimes corresponding to lateral inhibition and induction. Linear analysis of this model fails to capture the patterning behaviour exhibited in numerical simulations. Via bifurcation analysis we show that, since the majority of periodic patterns fold subcritically from the homogeneous steady state, a wide variety of stable patterns exists at a given parameter set, providing an explanation for this failure. The dominant pattern is isolated via numerical simulation. Additionally, by sampling patterns of non-integer wavelength on a discrete mesh, we highlight a disparity between the continuous and discrete representations of signalling mechanisms: in the continuous case, patterns of arbitrary wavelength are possible, while sampling such patterns on a discrete mesh leads to longer wavelength harmonics being selected where the wavelength is rational; in the irrational case, the resulting aperiodic patterns exhibit `local periodicity', being constructed from distorted stable shorter-wavelength patterns. This feature is consistent with experimentally observed patterns, which typically display approximate short-range periodicity with defects

Electron Optics

Contains research objectives, summary of research on one research project, and reports on two research project.Joint Services Electronics Program (Contract DAAB07-74-C-0630

Developments in the High Precision Control of Magnet Currents for LHC

The LHC will require over 1700 magnet power converters, some of which will need an unprecedented precision of about 1 ppm (of 13 kA). This paper presents the approach taken, prototype methods, initial results and charts future design directions. These results confirm that such performance can be obtained reliably and at a reduced cost compared to conventional methods. Developments of a real-time controls infrastructure needed to support on-line beam feedback are outlined

Cooling of cryogenic electron bilayers via the Coulomb interaction

Heat dissipation in current-carrying cryogenic nanostructures is problematic because the phonon density of states decreases strongly as energy decreases. We show that the Coulomb interaction can prove a valuable resource for carrier cooling via coupling to a nearby, cold electron reservoir. Specifically, we consider the geometry of an electron bilayer in a silicon-based heterostructure, and analyze the power transfer. We show that across a range of temperatures, separations, and sheet densities, the electron-electron interaction dominates the phonon heat-dissipation modes as the main cooling mechanism. Coulomb cooling is most effective at low densities, when phonon cooling is least effective in silicon, making it especially relevant for experiments attempting to perform coherent manipulations of single spins.Comment: 9 pages, 5 figure