The use of visual and automatized behavioral markers to assess methodologies: a study case on PIT-tagging in the Alpine newt

peer reviewedBiomarkers are now widely used as tools in various research fields to assess individual integrity. The recent advances in quantification methods of behavioral patterns, such as computerized video-tracking procedures, make them valuable biomarkers. However, the corollary of these novelties is that they remain relatively unknown and unused. In this study, we show that such tools can assess the validity of research methods, such as individual recognition. To demonstrate this we employed as a model a marking method (Passive Integrate Transponders: PIT-tagging) widely used in amphibians. Both detailed visual observations and video-tracking methods were complementary in highlighting components at different behavioral scales: locomotion, feeding, and breeding. We illustrate the scientific and ethical adequacy of the targeted marking method but also suggest that more studies should integrate behavioral analyses. Such biomarkers are a powerful tool to assess conservation concerns when other techniques cannot detect detrimental effects

Mergers and acquisitions : the impact of hiring financial advisors on acquirer shareholder wealth in the US and UK financial services sector

We document the impact of financial advisors in the announcement returns of M&A deals for the UK and the US financial services sectors. Our sample includes 1438 M&A deals announced during the period January 1999 to January 2010. The acquirer in these deals is a UK or US public listed firm in the financial sector, but there are no restrictions for the country of origin, the sector, or the listing status for the target firms.We provide some contrary evidence to prior studies that documented a positive relationship between various measures of financial advisor quality and M&A returns. Our results show that acquiring firms performing in-house M&As, rather than hiring financial advisors, have consistently achieved higher abnormal returns. Furthermore, acquiring firms hiring top-tier advisors within our sample achieve lower abnormal returns than the acquirers hiring lower-tier advisors. In addition, acquiring firms hiring top-tier advisors achieve low (negative) returns in M&As where targets are publicly listed. However, consistent with prior research, our findings suggest that top-tier advisors are able to achieve the highest deal completion rates amongst any other tier of advisors and commanded the highest fees. The question thus also revolves around not only whether financial advisors add value but rather whether their added value and knowledge also seem to be compensated by the huge sums of money they get paid. Achieving higher returns will be a justification of financial advisory excellence and higher premiumfees.Overall, returns around theM&Aannouncement in this sector are perceived pessimistically. Our results also imply that financial advisors are not equally important across all deal types. Top-tier advisors perform much more complex deals which are on average at least ten times larger in size than any other M&A deal