Demand and Career Outcomes for Directors with M&A Experience

University of Technology Sydney. Faculty of Business.The corporate governance literature shows that directors receive additional directorships for engaging in mergers and acquisitions (M&A) even if their experience does not create value for shareholders. This occurs despite prior research finding that directors only create value for shareholders during subsequent acquisitions if their prior experience is positive. This thesis further investigates the demand for directors with M&A experience in the director labour market. First, using US data, this thesis shows that acquisition experience leads to more prestigious directorships for acquiring directors both in value-increasing and value-destroying acquisitions. However, higher director responsibility is not associated with penalties following poor M&A decisions. This reinforces that, in terms of acquisitions, experience is valued over ability. Second, this thesis identifies an association between firm and CEO characteristics and the appointment of directors with M&A experience to the board. The results also suggest that directors with M&A experience are compensated more highly than other directors. Finally, even though firms demand experienced directors, shareholders vote against the appointment of directors with M&A experience

A MARKOVIAN TWO COMMODITY QUEUEING–INVENTORY SYSTEM WITH COMPLIMENT ITEM AND CLASSICAL RETRIAL FACILITY

This paper explores the two-commodity (TC) inventory system in which commodities are classified as major and complementary items. The system allows a customer who has purchased a free product to conduct Bernoulli trials at will. Under the Bernoulli schedule, any entering customer will quickly enter an orbit of infinite capability during the stock-out time of the major item. The arrival of a retrial customer in the system follows a classical retrial policy. These two products' re-ordering process occurs under the $(s, Q)$ and instantaneous ordering policies for the major and complimentary items, respectively. A comprehensive analysis of the retrial queue, including the system's stability and the steady-state distribution of the retrial queue with the stock levels of two commodities, is carried out. The various system operations are measured under the stability condition. Finally, numerical evidence has shown the benefits of the proposed model under different random situations

Preliminary analysis of fluctuations in the received uplink-beacon-power data obtained from the GOLD experiments

Uplink data from recent free-space optical communication experiments carried out between the Table Mountain Facility and the Japanese Engineering Test Satellite are used to study fluctuations caused by beam propagation through the atmosphere. The influence of atmospheric scintillation, beam wander and jitter, and multiple uplink beams on the statistics of power received by the satellite is analyzed and compared to experimental data. Preliminary analysis indicates the received signal obeys an approximate lognormal distribution, as predicted by the weak-turbulence model, but further characterization of other sources of fluctuations is necessary for accurate link predictions

AMBIENT AIR QUALITY IN TERMS OF NITROGEN DI OXIDE 141 AMBIENT AIR QUALITY IN TERMS OF (NITROGEN DI OXIDE (NO X ) IN AND AROUND ARIYALUR, PER- AMBALUR DT, TAMIL NADU

ABSTRAC

Enhanced Selection of High Affinity DNA-Reactive B Cells Following Cyclophosphamide Treatment in Mice

A major goal for the treatment of patients with systemic lupus erythematosus with cytotoxic therapies is the induction of long-term remission. There is, however, a paucity of information concerning the effects of these therapies on the reconstituting B cell repertoire. Since there is recent evidence suggesting that B cell lymphopenia might attenuate negative selection of autoreactive B cells, we elected to investigate the effects of cyclophosphamide on the selection of the re-emerging B cell repertoire in wild type mice and transgenic mice that express the H chain of an anti-DNA antibody. The reconstituting B cell repertoire in wild type mice contained an increased frequency of DNA-reactive B cells; in heavy chain transgenic mice, the reconstituting repertoire was characterized by an increased frequency of mature, high affinity DNA-reactive B cells and the mice expressed increased levels of serum anti-DNA antibodies. This coincided with a significant increase in serum levels of BAFF. Treatment of transgene-expressing mice with a BAFF blocking agent or with DNase to reduce exposure to autoantigen limited the expansion of high affinity DNA-reactive B cells during B cell reconstitution. These studies suggest that during B cell reconstitution, not only is negative selection of high affinity DNA-reactive B cells impaired by increased BAFF, but also that B cells escaping negative selection are positively selected by autoantigen. There are significant implications for therapy