The Insiders' Dilemma: An Experiment on Merger Formation

This paper tests the insiders' dilemma hypothesis in a laboratory experiment. The insiders' dilemma means that a profitable merger does not occur, because it is even more profitable for each firm to unilaterally stand as an outsider (Kamien and Zang, 1990 and 1993). The experimental data provides support for the insiders' dilemma, and thereby for endogenous rather than exogenous merger theory. More surprisingly, our data suggests that fairness considerations also make profitable mergers difficult. Mergers that should occur in equilibrium do not, since they require an unequal split of surplus.  Coalition Formation; Experiment; Insiders' Dilemma; Mergers; Antitrust

Is It Wrong to Sue for Rape?

The title of this Article poses a rhetorical question. Of course it is not improper to site a rapist. The act of rape qualifies as a tort in all fifty states. Rape causes egregious injuries, both physical and psychological. The Supreme Court regards rape as the ultimate violation of personal autonomy. Other than homicide, no act is more plainly tortious. Yet the criminal justice system is surprisingly hostile to civil suits by rape survivors. Judges in criminal cases virtually always allow impeachment of accusers with evidence of civil suits against the alleged assailants or third parties. This Article surveys every published decision on the subject since the 1970s, and it notes judges\u27 general agreement that civil litigation corrupts accusers in prosecutions for rape. The courts\u27 aversion to civil litigation reflects a misapprehension of the theoretical principles underlying the impeachment rules; it also reflects assumptions that injuries caused by rape are not remediable in tort. Although civil suits are sometimes a legitimate ground for impeachment, accusers should not automatically forfeit their credibility in criminal cases simply because they file tort claims. Indeed, given the different standards of proof in criminal and civil proceedings, the alleged victim\u27s failure to file a tort claim may be more noteworthy than her filing of a claim. Impeachment of accusers based on parallel civil litigation actually says more about the wealth of the accused (a highly prejudicial topic) than about the mendacity of the accusers. Reforms are necessary to harmonize criminal and civil litigation. The rules of evidence should require a more precise showing of relevance before permitting impeachment of accusers based on their civil claims. Pattern instructions should guide jurors in weighing this evidence. New tolling provisions for civil statutes of limitation can help to reduce the friction between the criminal and civil justice systems. The goal is to ensure that the criminal and civil justice systems are complementary, not mutually exclusive

The Insiders' Dilemma: An Experiment on Merger Formation

This paper tests the insiders' dilemma hypothesis in a laboratory experiment. The insiders' dilemma means that a profitable merger does not occur, because it is even more profitable for each firm to unilaterally stand as an outsider (Kamien and Zang, 1990 and 1993). The experimental data provides support for the insiders' dilemma, and thereby for endogenous rather than exogenous merger theory. More surprisingly, our data suggests that fairness considerations also make profitable mergers difficult. Mergers that should occur in equilibrium do not, since they require an unequal split of surplus.coalition formation; experiment; insiders' dilemma; mergers; antitrust

A Query Language With the Star Operator

Model pattern matching is an important operation in model transformation and therefore in model-driven development tools. In this paper we present a pattern based approach that includes a star operator that can be used to represent recursive or hierarchical structures in models. We also present a matching algorithm, motivating examples and we discuss its implementation in a modeling tool

Saab Combat Simulation Evaluation

Kommer senar

Asymmetric Cerebral Blood Flow in Patients with Mild Cognitive Impairment: Possible Relationship to Further Cognitive Deterioration

To explore patterns of cerebral blood flow in patients with mild cognitive impairment (MCI), who (1) eventually deteriorate into overt dementia, with no particular focus on the type of dementia, or (2) do not appear to further deteriorate in their cognitive functions

Effectiveness of web-based education in addition to basic life support learning activities: A cluster randomised controlled trial

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Effects of achromatic and chromatic lights on pupillary response, endocrinology, activity, and milk production in dairy cows

Artificial light can be used as a management tool to increase milk yield in dairy production. However, little is known about how cows respond to the spectral composition of light. The aim of this study was to investigate how dairy cows respond to artificial achromatic and chromatic lights. A tie-stall barn equipped with light-emitting diode (LED) light fixtures was used to create the controlled experimental light environments. Two experiments were conducted, both using dairy cows of Swedish Red and light mixtures with red, blue or white light. In experiment I, the response to light of increasing intensity on pupil size was evaluated in five pregnant non-lactating cows. In experiment II 16h of achromatic and chromatic daylight in combination with dim, achromatic night light, was tested on pregnant lactating cows during five weeks to observe long term effects on milk production, activity and circadian rhythms. Particular focus was given to possible carry over effects of blue light during the day on activity at night since this has been demonstrated in humans. Increasing intensity of white and blue light affected pupil size (P<0.001), but there was no effect on pupil size with increased intensity of red light. Milk yield was maintained throughout experiment II, and plasma melatonin was higher during dim night light than in daylight for all treatments (P<0.001). In conclusion, our results show that LED fixtures emitting red light driving the ipRGCs indirectly via ML-cones, blue light stimulating both S-cones and ipRGCs directly and a mixture of wavelengths (white light) exert similar effects on milk yield and activity in tied-up dairy cows. This suggests that the spectral composition of LED lighting in a barn is secondary to duration and intensity