Material Adverse Change Clauses and Acquisition Dynamics

Material-Adverse-Change clauses (MACs) are present in over 90% of acquisition agreements. These clauses are the outcome of extensive negotiation and exhibit substantial cross-sectional variation in the number and types of events that are excluded from being ‘material adverse events’ (MAEs). MAEs are the underlying cause of more than 50% of acquisition terminations and 60% of acquisition renegotiations. Moreover, these renegotiations lead to substantial changes in the price offered to target shareholders (13-15%). We find that acquisitions with fewer MAE exclusions are characterized by wider arbitrage spreads (i.e., the difference between the price offered to target shareholders and the current market price of the target’s shares) during the acquisition period and are associated with higher offer premiums. We conclude that material adverse change clauses have an economically important impact on the dynamics of corporate acquisitions and stock prices during the acquisition period.Acquisitions, Contractual mechanisms, Material-Adverse-Change clause (MACs), Material-Adverse Event (MAE) exclusions, merger agreement, risk allocation, flexibility

Explotación directa o medianería en el viñedo canario durante el siglo XVIII: Estrategias para una crisis

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Ensayos sobre las condiciones literarias y morales del refrán español

En port.: "El refrán es hijo de la esperiencia" [sic]Copia digital. Valladolid : Junta de Castilla y León. Consejería de Cultura y Turismo, 2009-201

La intercooperación representativa en España. Evolución y expansión

En el presente trabajo se revisa el proceso legislativo nacional de la inserción del principio cooperativo de cooperación entre cooperativas desde su vertiente representativa, señalando las soluciones que ha ido dando el legislador nacional al asociacionismo cooperativo, así como otras políticas legislativas actuales que, de forma indirecta, potencian la intercooperación representativa, así como señalar la presente interrelación de las sociedades cooperativas con otras estructuras jurídicas con las que concurre en el mercado para el mismo papel de defensa de sus intereses y proyección, produciéndose una simbiosis entre estructuras que en principio resultan antagónicas, pero unidas por el interés

Educación e instrucción : bosquejo histórico de la pedagogía como institución social y como ciencia filosófica

Copia digital. Valladolid : Junta de Castilla y León. Consejería de Cultura y Turismo, 2009-201

Defining the DESI Bright Galaxy Survey target selection

This thesis aims to cover the steps taken for the selection of the input galaxy catalogue for the Dark Energy Spectroscopic Instrument (DESI) Bright Galaxy Survey (BGS) using the photometric Legacy Surveys. The BGS is a redshift survey of bright galaxies that will be performed using the DESI 5,000 fibre spectrograph on the 4m Mayall telescope in at Kitt Peak, Arizona. Our galaxy selection implements a new way to perform star galaxy separation using the Gaia photometry. The purity of our sample is assessed with previous galaxy surveys GAMA and the SDSS Main Galaxy Sample, and with the MXXL light-cone mock catalogue through clustering measurements. The robustness of the BGS selection criteria are assessed by quantifying the dependence of the target galaxy density on imaging and other properties. Systematic correlations are found with amplitudes of less than 5 per cent. This work also presents the first results from the Survey Validation (SV) stage of DESI. Using the SV data we were able to assess our BGS selection and tune it to achieve a high redshift success rate. The final catalogue includes nearly 30 Million galaxies for a 14,000 deg2 area that covers the North and South Galactic Caps

An approach to distribution of the product of two normal variables

The distribution of product of two normally distributed variables come from the first part of the XX Century. First works about this issue were [1] and [2] showed that under certain conditions the product could be considered as a normally distributed. A more recent approach is [3] that studied approximation to density function of the product using three methods: numerical integration, Monte Carlo simulation and analytical approximation to the result using the normal distribution. They showed as the inverse variation coefficient µ/σ increases, the distribution of the product of two independent normal variables tends towards a normal distribution. Our study is focused in Ware and Lad approaches. The objective was studying which factors have more influence in the presence of normality for the product of two independent normal variables. We have considered two factors: the inverse of the variation coefficient value µ/σ and the combined ratio (product of the two means divided by standard deviation): (µ1µ2(/σ for two normal variables with the same variance. Our results showed that for low values of the inverse of the variation coefficient (less than 1) normal distribution is not a good approximation for the product. Another one, influence of the combined ratio value is less than influence of the inverse of coefficients of variation value.info:eu-repo/semantics/publishedVersio

Vulcanismo histórico y cambio agrario en el siglo XVIII: los "enarenados" de Lanzarote (Islas Canarias)

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Génesis, desarrollo y estado actual del espacio rural de Canarias

Sobre un espacio frágil, reducido, y de escasos recursos naturales, el canario ha construido un medio rural muy peculiar, que el turismo de los últimos años no ha respetado, compuesto de innumerables teselas epartidas entre los tres pisos bioclimáticos existentes en casi todas sus islas. Lugar de aclimatación de cultivos como la caña de azúcar, o de la patata, fue asiento de productos agrocomerciales como la caña, la vid, la grana, plátano, tomate o flores, junto con un policultivo en terrazas que cubrió la mayor proporción de su espacio agrícola.Genèse, développement et état actuel de l'espace rural des Iles Canaries.- Sur un espace fragile et réduit, dépourvu de ressources naturelles, le Canarien a su construire un espace rural particulier, que le tourisme de ces derniers années n'a pas respecté, composé d'innombrables tesselles répandues sur les trois domaines bioclimatiques présents dans presque toutes les îles. Cet espace fut le lieu d'acclimatation de cultures telles que la canne à sucre ou la pomme de terre, et siège de certaines productions vouées à la commercialisation, comme la canne, le vignoble, la cochenille, la banane, la tomate et les fleurs, sans oublier une policulture sur terrasses qui couvrit la plus grande portion de son espace agricole.Origin, development and present time of the Canarian rural space.- On a fragile, scanty space, lacking of natural resources, the Canarian inhabitant have achieved a particular rural space, severely damaged by tourism in recent years, which was made up with small pieces distributed over the three bioclimatic zones present in almost all the islands. There were acclimated crops like sugarcane and potato, and take seat the commercial agriculture of wine growing, cochineal, bananas, tomatoes or flowers, associated to a farming on terraces which occupied most of the agricultural space.Publicad

A template-based approach for responsibility management in executable business processes

Process-oriented organisations need to manage the different types of responsibilities their employees may have w.r.t. the activities involved in their business processes. Despite several approaches provide support for responsibility modelling, in current Business Process Management Systems (BPMS) the only responsibility considered at runtime is the one related to performing the work required for activity completion. Others like accountability or consultation must be implemented by manually adding activities in the executable process model, which is time-consuming and error-prone. In this paper, we address this limitation by enabling current BPMS to execute processes in which people with different responsibilities interact to complete the activities. We introduce a metamodel based on Responsibility Assignment Matrices (RAM) to model the responsibility assignment for each activity, and a flexible template-based mechanism that automatically transforms such information into BPMN elements, which can be interpreted and executed by a BPMS. Thus, our approach does not enforce any specific behaviour for the different responsibilities but new templates can be modelled to specify the interaction that best suits the activity requirements. Furthermore, libraries of templates can be created and reused in different processes. We provide a reference implementation and build a library of templates for a well-known set of responsibilities