Do firms with excess cash pay higher premia?

This study implements a quantitative approach. For calculating excess cash we use Opler et al. (1999) approach. For bid premia model we use Alexandridis et al. (2013) approach. Testing our hypothesis we use regression analysis. We also include a survivorship bias approach. Public acquisitions by firms in the S&P 500 index; we also include dropped firms to bypass survivorship bias. Henceforth we show the importance of such an approach. Our sample consists of 519 non-financial firms, 565 public acquisitions and 2684 private acquisitions. In this investigation we find support for our main hypothesis, which says that excess cash is statistically significant in the regression model. The interpretation is that the more excess cash a firm has, the more they overbid

Оральные антикоагулянты в профилактике венозных тромбоэмболических осложнений у ожоговых больных

ТРОМБОЭМБОЛИЯАНТИКОАГУЛЯНТЫТРОМБОЗ ВЕНОЗНЫЙОЖОГИВВЕДЕНИЕ ЛЕКАРСТВ ПЕРОРАЛЬНО

Этиологические факторы острого илиофеморального венозного тромбоза

ТРОМБОЗ ВЕНОЗНЫЙ /ЭТИОЛКОНЕЧНОСТЬ НИЖНЯ

Experimental study of time-dependent properties of a low-pH concrete for deposition tunnels

The Swedish Nuclear Fuel and Waste Management Company developed a method for the final disposal of canisters for spent nuclear fuel in tunnels at depths of about 500 meters. The concept for closure of the deposition tunnels is based on a bentonite seal supported by a spherical concrete dome structure. In order to fulfil the requirements specific to the repository concept, a special mix of low-pH self-compacting concrete was developed. A series of large-scale castings and laboratory tests were conducted to gain experience on this low-pH concrete mix, in conjunction with the full-scale demonstration test of an unreinforced concrete dome plug in the underground hard rock laboratory in \uc4sp\uf6, Sweden. The laboratory tests aimed at studying the creep properties under high sustained compressive stresses of the low-pH concrete mix, its shrinkage properties and the properties of the rock-concrete interface. This paper provides an overview of these tests and analyses the latest results of the recently completed creep tests, which include 6 years of measurements. These results allow to improve understanding of the structural behaviour of the concrete plug and to assess the effects of the very high pressure acting on the plug on its deformations, cracking and water tightness

Experimental study of time-dependent properties of a low-pH concrete for deposition tunnels

The Swedish Nuclear Fuel and Waste Management Company developed a method for the final disposal of canisters for spent nuclear fuel in tunnels at depths of about 500 meters. The concept for closure of the deposition tunnels is based on a bentonite seal supported by a spherical concrete dome structure. In order to fulfil the requirements specific to the repository concept, a special mix of low-pH self-compacting concrete was developed. A series of large-scale castings and laboratory tests were conducted to gain experience on this low-pH concrete mix, in conjunction with the full-scale demonstration test of an unreinforced concrete dome plug in the underground hard rock laboratory in \uc4sp\uf6, Sweden. The laboratory tests aimed at studying the creep properties under high sustained compressive stresses of the low-pH concrete mix, its shrinkage properties and the properties of the rock-concrete interface. This paper provides an overview of these tests and analyses the latest results of the recently completed creep tests, which include 6 years of measurements. These results allow to improve understanding of the structural behaviour of the concrete plug and to assess the effects of the very high pressure acting on the plug on its deformations, cracking and water tightness

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Gastric cancer in Iceland

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All Aboard: ERP Implementation as Participatory Design

Following a previous description of Enterprise Resource Planning (ERP) implementations as participatory design (Pries-Heje & Dittrich, 2009), this paper explores the case of a medium-sized, family-owned manufacturing company and its endeavors with changing their current ERP system. The case was selected on the premise of it being perceived a success by the involved stakeholders. Through a series of interviews and analysis of secondary material, the case covers the period between 1995 and 2010. As the results show, several instances of user involvement and participation can be found throughout the case. According to the respondents, this is seen as one of the central elements of the success. This is discussed in relation to previous findings and a call for future research into ERP implementation is presented

Assimilation of point SWE data into a distributed snow cover model comparing two contrasting methods

In alpine and high-latitude regions, water resource decision making often requires large-scale estimates of snow amounts and melt rates. Such estimates are available through distributed snow models which in some situations can be improved by assimilation of remote sensing observations. However, in regions with frequent cloud cover, complex topography, or large snow amounts satellite observations may feature information of limited quality. In this study, we examine whether assimilation of snow water equivalent (SWE) data from ground observations can improve model simulations in a region largely lacking reliable remote sensing observations. We combine the model output with the point data using three-dimensional sequential data assimilation methods, the ensemble Kalman filter, and statistical interpolation. The filter performance was assessed by comparing the simulation results against observed SWE and snow-covered fraction. We find that a method which assimilates fluxes (snowfall and melt rates computed from SWE) showed higher model performance than a control simulation not utilizing the filter algorithms. However, an alternative approach for updating the model results using the SWE data directly did not show a significantly higher performance than the control simulation. The results show that three-dimensional data assimilation methods can be useful for transferring information from point snow observations to the distributed snow model. Key Points Evaluating methods for assimilating snow observations into distributed models Assimilation can improve model skill also at locations without observations Assimilation of fluxes appears more successful than assimilation of state