Acquisitions Driven by Stock Overvaluation

Overvaluation might drive a firm to use its stock to acquire another firm whose stock is not as overpriced. Though hypothetically desirable, these acquisitions create little, if any, value for acquirer shareholders. Two factors impede value creation for acquirer stockholders from these transactions (despite large differences in relative overvaluation at announcement): acquirers paying large premiums to targets, and investors’ correction of acquirer overvaluation during the bid period. Furthermore, acquirer CEOs obtain a large amount of new stock and option grants after acquisitions and realize a net gain in wealth, further suggesting that equity overvaluation increases agency costs and the resulting actions benefit managers more than shareholders (Jensen (2005))

Käivitus mahepiimakarjakasvatuse rahvusvaheline koostööprojekt

2018. aasta kevadel käivitus ERA-Net CORE Organic Cofund projekt „Uuenduslikud, jätkusuutlikud ja karjatamisel põhinevad piimatootmissüsteemid, mis integreerivad lehmade ja noorloomade koos pidamise (GrazyDaisy)“. Projekti üldine eesmärk on parandada karjamaade kasutamist ning uurida, millised on olnud mahetootjate senised kogemused piimalehmade ja vasikate koos kasvatamisel. Lisaks selgitatakse välja, millised on peamised terviseprobleemid, kuidas loomi ravitakse ja mil moel oleks võimalik ravimite kasutust vähendada. Projektiga kutsutakse liituma mahepiima tootmisega tegelevaid talusid. Kavas on hinnata karjamaade kasutamist, karjatamise korraldust, loomade söötmist jm tegevusi. Praegu püütakse välja selgitada, millised on tootjate huvid ja ideed uuringute läbiviimisel. Projekt kestab 2020. aasta lõpuni ja sellega on seotud 15 partnerit 8 riigist. Projekti toetab Maaeluministeerium

The feasibility of utilizing remotely sensed data to assess and monitor oceanic gamefish

There are no author-identified significant results in this report

Bayesian Wavelet Estimation of Long Memory Parameter

A Bayesian wavelet estimation method for estimating parameters of a stationary I(d) process is represented as an useful alternative to the existing frequentist wavelet estimation methods. The effectiveness of the proposed method is demonstrated through Monte Carlo simulations. The sampling from the posterior distribution is through the Markov Chain Monte Carlo (MCMC) easily implemented in the WinBUGS software package

Spin-3/2 baryons from an anisotropic lattice QCD action

The mass spectrum of baryons in the spin-3/2 sector is computed in quenched lattice QCD using a tadpole-improved anisotropic action. Both isospin 1/2 and 3/2 (the traditional decuplet) are considered, as well as members that contain strange quarks. States with positive and negative parities are isolated by parity projection, while states with spin-3/2 and spin-1/2 are separated by spin projection. The extent to which spin projection is needed is examined. The issue of optimal interpolating field is also investigated. The results are discussed in relation to previous calculations and experiment.Comment: modified version to appear in Phys Rev

Change Point Estimation of Bilevel Functions

Reconstruction of a bilevel function such as a bar code signal in a partially blind deconvolution problem is an important task in industrial processes. Existing methods are based on either the local approach or the regularization approach with a total variation penalty. This article reformulated the problem explicitly in terms of change points of the 0-1 step function. The bilevel function is then reconstructed by solving the nonlinear least squares problem subject to linear inequality constraints, with starting values provided by the local extremas of the derivative of the convolved signal from discrete noisy data. Simulation results show a considerable improvement of the quality of the bilevel function using the proposed hybrid approach over the local approach. The hybrid approach extends the workable range of the standard deviation of the Gaussian kernel significantly

Magnetic polarizability of hadrons from lattice QCD in the background field method

We present a calculation of hadron magnetic polarizability using the techniques of lattice QCD. This is carried out by introducing a uniform external magnetic field on the lattice and measuring the quadratic part of a hadron's mass shift. The calculation is performed on a $24^4$ lattice with standard Wilson actions at beta=6.0 (spacing $a=0.1$ fm) and pion mass down to about 500 MeV. Results are obtained for 30 particles covering the entire baryon octet ($n$, $p$, $\Sigma^0$, $\Sigma^-$, $\Sigma^+$, $\Xi^-$, $\Xi^0$, $\Lambda$) and decuplet ($\Delta^0$, $\Delta^-$, $\Delta^+$, $\Delta^{++}$, $\Sigma^{*0}$, $\Sigma^{*-}$, $\Sigma^{*+}$, $\Xi^{*0}$, $\Xi^{*-}$, $\Omega^-$), plus selected mesons ($\pi^0$, $\pi^+$, $\pi^-$, $K^0$, $K^+$, ${K}^-$, $\rho^0$, $\rho^+$, $\rho^-$, $K^{*0}$, $K^{*+}$, $K^{*-}$). The results are compared with available values from experiments and other theoretical calculations.Comment: 30 pages, 23 figures, 5 table

Ülevaade rahvusvahelisest karjatamisalasest projektist GrazyDaiSy

2018. aastal alustas tegevust ERA-Net CORE Organic Cofund kolmeaastane projekt „Uuenduslikud, jätkusuutlikud ja karjatamisel põhinevad piimatootmissüsteemid, mis integreerivad lehmade ja noorloomade koos pidamise“ (Innovative and sustainable grazing-based dairy systems integrating cows and young stock, akronüüm GrazyDaiSy). Projekti on kaasatud kaheksast riigist 15 partnerit nii Euroopast kui Türgist. Lisaks ülikoolidele panustavad projekti mitmed uurimisasutused ja tootjaorganisatsioonid. Projekt kestab 2020. aasta lõpuni

GrazyDaiSy: Uuenduslikud, jätkusuutlikud ja karjatamisel põhinevad piimatootmissüsteemid, mis integreerivad lehmade ja noorloomade koos pidamise

2018. aastal alustas tegevust ERA-Net CORE Organic Cofund kolmeaastane projekt „Uuenduslikud, jätkusuutlikud ja karjatamisel põhinevad piimatootmissüsteemid, mis integreerivad lehmade ja noorloomade koos pidamise“ (Innovative and sustainable grazing-based dairy systems integrating cows and young stock, akronüüm GrazyDaiSy). Projekti on kaasatud kaheksast riigist 15 partnerit nii Euroopast kui Türgist. Lisaks ülikoolidele panustavad projekti mitmed uurimisasutused ja tootjaorganisatsioonid. Projekt kestab 2020. aasta lõpuni

Wavelet Reconstruction of Nonuniformly Sampled Signals

For the reconstruction of a nonuniformly sampled signal based on its noisy observations, we propose a level dependent l1 penalized wavelet reconstruction method. The LARS/Lasso algorithm is applied to solve the Lasso problem. The data adaptive choice of the regularization parameters is based on the AIC and the degrees of freedom is estimated by the number of nonzero elements in the Lasso solution. Simulation results conducted on some commonly used 1_D test signals illustrate that the proposed method possesses good empirical properties