Defense Industrial Base Mergers and Acquisitions in the Post-Cold War Era

The United States Department of Defense (DoD) relies on prime contractors for weapon system development, acquisition, and sustainability, but the increased consolidation of the Defense Industrial Base (DIB) through mergers and acquisitions (M&A) has raised concerns over reduced competition. This research consists of two studies. The first reviews existing literature to identify factors behind the DIB\u27s increased M&A activity since the 1990s, such as DoD budget cuts and market structure. The second study examines the relationship between a prime contractor\u27s financial health and M&A spending, finding a significant relationship between efficiency and M&A spending. Policymakers can use this information to make informed policies and regulations, ensuring a competitive defense industry, global military superiority, and strengthened national defense

A Panel Data Regression Model for Defense Merger and Acquisition Activity

Excerpt: This paper examines the relationship between a prime contractor\u27s financial health and its mergers and acquisitions (M&A) spending in the defense industry. It aims to provide models that give the United States Department of Defense (DoD) indications of future M&A activity, informing decision-makers and contributing to ensuring competitive markets that benefit the consumer. The results show a significant relationship between efficiency and M&A spending, indicating that companies with lower efficiency tend to spend more on M&As. However, there was no significant relationship between M&A spending and a company\u27s profitability or solvency. These results were consistent with previous research and the study\u27s hypotheses for profitability and solvency. However, the effect of liquidity was the opposite of the expected result, possibly due to the defense industry\u27s different view on liquidity compared to previous research

ROBERT BURNS AND FRIENDS essays by W. Ormiston Roy Fellows presented to G. Ross Roy

Robert Burns & Friends essays by W. Ormiston Roy Fellows presented to G. Ross Roy edited by Patrick Scott and Kenneth Simpson This volume of essays about the Scottish poet Robert Burns (1759-1796) pays tribute to the distinguished Burns scholar G. Ross Roy. Subjects covered include writers who influenced Burns; aspects of the writing of Burns and that of his friends and contemporaries; and Burns\u27s influence on later writers. The volume also includes essays on Ross Roy\u27s own accomplishments and on the Burns collection he built (now at the University of South Carolina), together with a checklist of his published writings. G. Ross Roy, Distinguished Professor Emeritus of English and Comparative Literature, founded the journal Studies in Scottish Literature in 1963, and as its editor for nearly fifty years he has had a central role in establishing international academic recognition for the field. His own scholarly work includes the standard Letters of Robert Burns (2 vols., Clarendon Press, 1985). His contributions to Scottish literature have earned him honorary doctorates from the Universities of Edinburgh (2002) and Glasgow (2009). The contributors are all former W. Ormiston Roy Visiting Fellows at the University of South Carolina. This book is also available in a print edition (ISBN: 978-1439270974) through the usual on-line vendors. It is not available for direct purchase from the editors or the University of South Carolina

Averting biodiversity collapse in tropical forest protected areas

The rapid disruption of tropical forests probably imperils global biodiversity more than any other contemporary phenomenon¹⁻³. With deforestation advancing quickly, protected areas are increasingly becoming final refuges for threatened species and natural ecosystem processes. However, many protected areas in the tropics are themselves vulnerable to human encroachment and other environmental stresses⁴⁻⁹. As pressures mount, it is vital to know whether existing reserves can sustain their biodiversity. A critical constraint in addressing this question has been that data describing a broad array of biodiversity groups have been unavailable for a sufficiently large and representative sample of reserves. Here we present a uniquely comprehensive data set on changes over the past 20 to 30 years in 31 functional groups of species and 21 potential drivers of environmental change, for 60 protected areas stratified across the world’s major tropical regions. Our analysis reveals great variation in reserve ‘health’: about half of all reserves have been effective or performed passably, but the rest are experiencing an erosion of biodiversity that is often alarmingly widespread taxonomically and functionally. Habitat disruption, hunting and forest-product exploitation were the strongest predictors of declining reserve health. Crucially, environmental changes immediately outside reserves seemed nearly as important as those inside in determining their ecological fate, with changes inside reserves strongly mirroring those occurring around them. These findings suggest that tropical protected areas are often intimately linked ecologically to their surrounding habitats, and that a failure to stem broad-scale loss and degradation of such habitats could sharply increase the likelihood of serious biodiversity declines.Keywords: Ecology, Environmental scienc