Are Mergers Driven by Overvaluation? Evidence from Managerial Insider Trading Around Merger Announcements

This paper aims to understand whether “overvaluation ” is a plausible motive behind the recent merger activity by examining the insider trades of acquirer firm managers prior to merger announcements for 2,105 mergers from 1983 to 2001. If managers perceive own company stock as “overvalued ” they will be more willing to buy other firms for stock. At the same time they will be more willing to sell company stock in their personal portfolios. Using this simple prediction, I show that acquirer-firm managers abnormally increase their insider sales prior to stock mergers and bad mergers, whereas no such change is observed prior to cash mergers and good mergers. The increased willingness of managers to sell stock prior to stock mergers provides preliminary evidence for the “overvaluation” motive behind the mergers

Rebuilding the past through dusty stuff: How Turkish students respond to primary source based social studies education?

While the use of primary sources in education has long been an object of interest, their adoption is still lacking in social studies courses in Turkey. This work presents the results of a qualitative study conducted with the participation of 37 students and a social studies teacher with the aim to reveal 7th-grade students’ and teachers’ opinions on primary source-based activities used to teach a social studies unit. Semi-structured interviews, field observation notes, and primary source analysis handouts were used. We find that primary source-based activities helped participants to better understand the lessons, increased interest, motivation, and participation in the course, supported empathy development, and gave students the opportunity to express themselves. Some of the issues that emerged in the use of primary sources were the difficult readability of some of the sources, challenges in managing time effectively, and difficulty for some of the students to work in groups efficiently. Key Words: Primary source, social studies education, social studies education in Turkey

Şalgam Suyu Üretiminde Siyah Üzüm Posasının Kullanımı: Etil Alkol Düzeyine Etkisi

Ethanol naturally occurs at different levels in some foodstuffs resulting from the plant metabolism or fermentation of carbohydrates. The ethanol content of foods produced by the plant metabolism is highly lower than that of ethanol level arisen from the fermentation. Due to being the end product of anaerobic alcoholic fermentation by yeast and lactic acid fermentation by heterofermentative lactic acid bacteria, the foods subjected to both the alcoholic and lactic acid fermentations contain ethanol. Shalgam juice is a traditional Turkish beverage subjected to lactic acid fermentation. Although the main fermentation (lactic acid fermentation) progress via lactic acid bacteria, Saccharomyces and non-Saccharomyces yeast also have a role in the production of both ethanol and flavor compounds in shalgam juice.In this research, enrichment of shalgam juice in terms of polyphenolic compounds via grape pomace addition as a waste of fruit juice industry, evaluation of grape pomace as a value-added product, and determination of the change in ethanol content during the enrichment were aimed. Grape pomace was substituted with black carrot in the formulation and 9 different formulations were obtained according to the grape pomace-black carrot ratios. Fermentation took place at ambient temperature for 44 days, and ethanol content was determined by gas chromatography.When taking into consideration the grape pomace and black carrot ratios, the lowest ethanol content (0.302 g/100 ml) was determined in the shalgam juice produced from the formulation containing only black carrot. As grape pomace ratio increased in the formulation, higher ethanol contents were found in the shalgam juices. And the highest value (1.048 g/100 ml) was observed in the shalgam juice containing only grape pomace. As a conclusion, the levels of ethanol in the samples containing 50% black grape pomace+50% black carrot and 25% black grape pomace+75% black carrot, which is appreciated and accepted by the consumers, were 0.832% and 0.463%, respectively. Both levels were below 1.2% specified in the relevant legal regulations; Therefore, it was shown in this study that black grape pomace could be used in Shalgam juice production without the need to write the alcohol level on the label.Etanol bitki metabolizması ve karbonhidratların fermantasyonu sonucu bazı gıda maddelerinde farklı düzeylerde doğal olarak oluşmaktadır. Bitki metabolizması yoluyla üretilen gıdaların etanol içeriği fermantasyondan meydana gelen etanol içeriğinden oldukça düşüktür. Maya ile anaerobik alkolik fermantasyonun ve heterofermantatif laktik asit bakteri yoluyla laktik asit fermantasyonun son ürünü olması nedeniyle hem alkolik hem de laktik asit fermantasyonlarına maruz kalan gıdalar etanol ihtiva eder. Şalgam suyu, laktik asit fermantasyonuna tabi tutulan geleneksel bir Türk içeceğidir. Ana fermantasyon (laktik asit fermantasyonu) laktik asit bakterileri yoluyla ilerlemesine rağmen, Saccharomyces ve Saccharomyces olmayan mayalar da Şalgam suyunda hem etanol hem de aroma bileşiklerinin oluşumunda bir rol oynar.Bu araştırmada, meyve suyu endüstrisi atığı olarak üzüm posası ilavesi ile Şalgam suyunun polifenolik bileşikler açısından zenginleştirilmesi, üzüm posasının katma değeri yüksek bir ürün olarak değerlendirilmesi ve zenginleştirme sırasında etanol içeriğindeki değişimin belirlenmesi amaçlanmıştır. Kara üzüm posası, formülasyonda siyah havuç ile ikame edilmiş ve üzüm posası-kara havuç oranlarına göre 9 farklı formülasyon elde edilmiştir. Fermantasyon, ortam sıcaklığında 44 gün süreyle gerçekleştirilmiş ve etanol içeriği gaz kromatoğrafisiyle belirlenmiştir.Üzüm posası ve siyah havuç oranları dikkate alındığında, sadece siyah havuç içeren formülasyondan üretilen Şalgam suyunda en düşük etanol içeriği (0.302 g/100 ml) belirlendi. Formülasyonda üzüm posası oranı arttıkça, Şalgam sularında daha yüksek etanol belirlenmiştir. En yüksek değer ise (1.048 g/100 ml) sadece üzüm posası içeren Şalgam suyunda görülmüştür. Sonuç olarak, tüketiciler tarafından beğenilen ve kabul gören %50 siyah üzüm posası + %50 siyah havuç ile %25 siyah üzüm posası+%75 siyah havuç içeren örneklerde etil alkol seviyeleri sırasıyla %0.832 ve %0.463 olarak belirlendi. Her iki seviye de ilgili yasal düzenlemelerde belirtilen %1.2’nin altında olduğu görüldü. Bu nedenle bu çalışmada siyah üzüm posasının etiket üzerine alkol seviyesi yazılmasına gerek kalmadan şalgam üretiminde kullanılabileceği gösterilmiştir

Influence of drying method and infusion time on purple basil leaves tea

In this study, purple basil leaves were dried in 3 different methods (oven, microwave, and shade drying) and then infused 5 different times in hot water at 90 °C. Analyses of total phenolic content, antioxidant activity, total monomeric anthocyanin content, and color parameters were performed on tea samples. When the analysis results were evaluated, the best results were determined in the tea samples prepared from the leaves dried in the oven and in the shade, at brewing times of 10 and 15 minutes. 45 minutes was the best infusion time for the tea sample prepared from microwave dried leaves. When the three different drying methods were compared, the shade drying method gave better results than the other drying methods. According to the highest values obtained from the analysis results, the effect of the functional compounds in the purple basil leaves on the tea was calculated. It was determined that the highest percentage of phenolic compounds in tea was found in the samples prepared by the shade drying method

Enhancement of Strawberry Marmalade with Crab Apple (Malus floribunda) Anthocyanins

The usability of crab apple (Malus floribunda) as a natural colorant and anthocyanin source to stabilize the color of strawberry marmalades was investigated. Crab apple juice concentrate was added to strawberry marmalades at a rate of 2% during the production phase. The pH values of the samples changed in the range of 3.36-3.46 during the 6-month storage periods at 9, 22, and 35 ºC. With the increase in storage temperature and time, the titration acidity (TA) decreased compared to the initial values. Soluble solid content (SSC) tended to decrease with increasing storage temperature and time. As the storage temperature and time increased, the L*, a*, b* and C* values of the samples decreased, while the h values increased. The increase in temperature and time in the 6-month storage period caused a significant decrease in total phenolic content (TPC), total monomeric anthocyanin (TMA) and antioxidant activity values. The losses in the amount of TMA were measured as 36.53%, 70.74% and 91.46% in the samples stored at 9, 22, and 35 ºC, respectively. According to the kinetic data, the degradation of crab apple anthocyanins occurred according to first-order reaction kinetics during storage. The rate constants of the samples stored at 9, 22, and 35 ºC were determined as 2.6×10-3 day-1, 6.5×10-3 day-1 and 12.9×10-3 day-1, respectively. The addition of crab apple juice concentrate to strawberry marmalades increased the color intensity and anthocyanin stability that decreased during production and storage, and made the product functional

Leisure Time Use, Meaning of Life, and Psychological Distress: Comparing Canadian and Korean Older Adults

Older adults’ day-to-day leisure time activities both reflect and stimulate physical, cognitive, and social capacities that contribute to their quality of life. To better understand how leisure activity choices and possible impacts vary across two cultures, this questionnaire-based study compared leisure time use, perceived meaning of life, and psychological distress for 617 older adults in Canada (n=298) and the Republic of Korea (Korea) (n=319). Compared to Koreans, Canadian respondents spent more time overall in leisure activities and devoted a higher percentage of their total leisure time to active, rather than passive, activities. They spent significantly more of their time on cognitively active activities, while Koreans preferred socially and physically active ones and scored significantly higher on both meaning of life and psychological distress. Both groups spent more of their time watching television than on any other single reported activity. Age group, retirement status, health, education, and income varied across the two countries and were significantly associated with aspects of leisure time use for each group. The results identify areas for improvement if Canadian and Korean older adults’ leisure time use is to effectively support their aging well

Serum procalcitonin and cerebrospinal fluid cytokines level in children with meningitis.

AIMS: To determine the level of serum procalcitonin and cerebrospinal fluid cytokines in children with bacterial or viral meningitis and to document the use of these parameters in differential diagnosis. RESULTS: Before the start of antibiotic treatment, serum procalcitonin and tumor necrosis factor alpha levels were found to be higher in acute bacterial meningitis compared with viral meningitis and with the control group. Similarly, cerebrospinal fluid interleukin-6 levels were found to be significantly higher in children with acute bacterial meningitis compared with viral meningitis. However, no significant difference was determined between groups in respect to the cerebrospinal fluid interleukin-8 level. CONCLUSION: Serum procalcitonin and cerebrospinal fluid tumor necrosis factor alpha levels can be used in the early diagnosis of bacterial meningitis. Similarly, they may be useful adjuncts in differential diagnosis of bacterial and viral meningitis

The Level of hs-CRP in Coronary Artery Ectasia and Its Response to Statin and Angiotensin-Converting Enzyme Inhibitor Treatment

Background/Aim. Coronary artery ectasia (CAE) was thought of as a variant of atherosclerosis. C-reactive protein (CRP) which is among the most sensitive markers of systemic inflammation, and elevation of systemic and local levels of this inflammatory marker which has been associated with an increased risk for cardiovascular disease in the obstructive coronary artery disease (O-CAD) are well known, but little was known in CAE. The anti-inflammatory effects of statins and the effect of angiotensin-converting enzyme (ACE) inhibitors on endothelial dysfunction are well established in atherosclerosis. The aim of the present study was to investigate CRP level and its response to statin and ACE inhibitor treatment in CAE. Materials and method. We measured serum hs-CRP level in 40 CAE (26 males, mean age: 56.32 ± 9 years) and 41 O-CAD (34 males, mean age: 57.19 ± 10 years) patients referred for elective coronary angiography at baseline and after 3-month statin and ACE inhibitor treatment. Results. Plasma hs-CRP levels were significantly higher in CAE group than O-CAD group at baseline (2.68 ± 66 mg/L versus 1, 64 ± 64, resp., P < .0001). Plasma hs-CRP levels significantly decreased from baseline 3 months later in the CE (from 2.68±0.66 mg/L to 1.2±0.53 mg/L, P < .0001) as well as in the O-CAD group (from 1.64±0.64 mg/L to 1.01±0.56 mg/L, P < .001). Conclusion. We think that hs-CRP measurement may be a good prognostic value in CAE patients as in stenotic ones. Further placebo-controlled studies are needed to evaluate the clinical significance of this decrease in hs-CRP

Nebivolol And Quinapril Reduce P-Wave Duration And Dispersion In Hypertensive Patients

We aimed to investigate the effects of nebivolol and quinapril treatments on P-wave duration and dispersion in hypertensive patients. Hypertensive patients who were in sinus rhythm were assigned to the two treatment groups and received either 20 mg quinapril/day or 5 mg nebivolol/day. P-Wave dispersion (PWD) was measured at baseline and after four weeks of treatment and defined as the difference between the maximum (Pmax) and the minimum (Pmin) P-wave duration. The study group consisted of 54 patients (Mean age: 53 ± 9 years, 46% women) with 27 patients in each group. At 4-week follow up both treatment groups showed a significant reduction (p< 0.001) in systolic (SBP) and diastolic blood pressure (DBP). Heart rate (HR) reduction was significant in patients receiving nebivolol (P=0.001). Both groups showed a similar (P=0.413 for PWD, p=0.651 for Pmax) but significant reduction in PWD (nebivolol: -16± 14, P< 0.0001 and quinapril: -13± 11, P< 0.0001) and Pmax (nebivolol: -10± 11, P=0.001 and quinapril: -9± 11, P=0.001). A 2 (Time) x 2 (Group) mixed-model repeated-measures analysis of variance revealed that the main effect of Time was significant for Pmax (P=0.002) and PWD (P=0.008) after controlling for changes in SBP, DBP and HR. However, the main effect of Group and Time x Group interaction was not significant for both variables (All p values > 0.05). In conclusion, short-term treatment with nebivolol and quinapril produces a similar but significant reduction in Pmax and PWD in hypertensive patients. This effect is independent of blood pressure and heart rate changes