Run-up, toeholds, and agency effects in mergers and acquisitions: evidence from an emerging market

This paper analyses some particular characteristics of merger and acquisition (M&A) transactions in an emerging market (Portugal) using a sample of 52 M&A targets between 1989 and 2001. Our evidence shows that the run-up effect in the Portuguese market is of a significantly larger magnitude (as a proportion of total abnormal returns for targets) than the one shown in studies for well developed capital markets (UK and US). In fact, the cumulative run-up target stock price abnormal increase in this emerging market is on average 13% in the 40 days before the M&A announcement, which corresponds to almost sixty percent of the entire cumulative abnormal return of 23% enjoyed by target shareholders around the announcement date (-40,+40). The presence of acquirers’ toeholds in targets is positively related to the relative magnitude of such run-up effect, while hostility and the presence of large shareholders in the target have a negative impact. Evidence is also presented that abnormal returns for both bidders and targets are substantially lower in bearish markets as compared to bullish markets, with acquirers experiencing sizeable negative abnormal returns in bear markets but significantly positive ones in bull periods. Overall, our results caution for the existence of particularities of M&A transactions in emerging markets in comparison to well developed markets, and point to a number of research directions that are relevant both to emerging and developed markets.mergers and acquisitions, run-up, agency theory, emerging markets

A Constituição europeia e a ordem jurídica portuguesa

Traça um panorama histórico da Constituição da União Européia

Factores que obstaculizan el cambio en profesores y directivos de liceos vulnerables en la región de la Araucanía (Chile)

Las dinámicas de cambio e innovación tensionan al sistema educativo en general. Las variables contextuales agudizan dichas tensiones y demandan de los profesores competencias profesionales que les permitan avanzar en la mejora de los resultados de todos sus estudiantes. Al mismo tiempo, interpelan a la organización por la existencia de estructuras y procesos que permitan avanzar en su mejora y su eficacia internas, de manera que el cambio y la innovación respondan de manera cabal a un proceso que recoja las particularidades de la organización desde una dimensión social y cultural. El trabajo propuesto busca avanzar en la identificación de factores que, en contextos vulnerables, obstaculizan el cambio y la innovación.Les dinàmiques de canvi i d'innovació tesen el sistema educatiu en general. Les variables contextuals aguditzen les tensions i demanen dels professors competències professionals que els permetin avançar cap a la millora dels resultats de tots els seus estudiants. D'altra banda, requereixen l'existència d'estructures i processos que permetin avançar en la millora i l'eficàcia internes de l'organització, de manera que el canvi i la innovació responguin com cal a un procés que en reculli les particularitats des d'una dimensió social i cultural. El treball proposat té per objectiu avançar cap a la identificació de factors que, en contextos vulnerables, obstaculitzen el canvi i la innovació.The dynamics of change and innovation irritate the educational system in general. Contextual variables exacerbate these tensions and demand that teachers for professional skills that enable them to make progress in their students' incomes. Moreover, it is necessary to have structures and processes that allow improvement and internal efficiency of the organization so that change and innovation respond, correctly, one to one process that reflects the peculiarities of the organization from a social and cultural dimension. The work proposed aims to identify factors that, in vulnerable contexts, obstruct change and innovation

Photochemistry Of Aromatic Thiones And Of Compartmentalized Ketones

This thesis is concerned with three main topics. The first of them refers to some mechanistic aspects of the photocyclization of phenyl 1-naphthyl thione (PNT) and related thiones. It was found that for PNT the disappearance quantum yield increases mildly with electron-withdrawal substituents in the para position of the phenyl ring. The transients generated by laser flash photolysis of the thiones are assigned to their triplet states. The triplet of PNT is quenched by oxygen with a rate constant of 2.8 x 10(\u279) M(\u27-1) s(\u27-1).;By monitoring the triplet tetracene generated by energy transfer from PNT excited by a 337 nm-laser, the intersystem crossing quantum yield of the thione could be estimated. The values thus obtained were 0.71 for PNT and 0.65 for phenyl 6-chrysenyl thione. It is concluded that the main reason for the disappearance quantum yield being low is not the reversion of an intermediate, but its inefficient formation owing to competing photophysical processes.;Absorption spectroscopy of nitrite esters and carbonyl functions, and (\u2713)C chemical shifts of the oxo-carbon, in substituted dodecanoate micelles appear to indicate the presence of a polar environment in the neighbourhood of the substituent.;Photolysis of 5-nonanone in an urea inclusion compound leads to the formation of Norrish Type II products. The product distribution is different from that formed by irradiation in solution. The cyclization to fragmentation ratio was higher for irradiations in the urea inclusion compound than in solution. One cyclobutanol was formed in the urea inclusion compound; the other was almost entirely absent

Race car data acquisition system

Implementació d'un sistema per la adquisició de dades en vehicles de carreres de resistència. Construcció d'una PCB per l'adquisició de dades del bus CAN del vehicle

The peace process with the FARC-EP and its importance in the economy of Colombia

El conflicto interno colombiano es uno de los más antiguos de Latinoamérica y el mundo, sus repercusiones sociales y económicas han sido catastróficas para el país, especialmente en los sectores sociales y económicos, prueba de ello es la presencia de innumerables víctimas y un elevado costo económico que mantiene el Estado para el sostenimiento de la seguridad nacional; un posible acuerdo de paz entre el gobierno nacional y las FARC-EP, generará mejoras en la economía del país, disminuyendo los gastos directos del conflicto armado y fortaleciendo las variables económicas y macroeconómicas de Colombia.The Colombian internal conflict is one of the oldest in Latin America and the world, its social and economic repercussions have been catastrophic for the country, especially in the social and economic sectors, proof of this is the presence of countless victims and a high economic cost Maintained by the State for the maintenance of national security; A possible peace agreement between the national government and the FARC-EP will generate improvements in the country's economy, reducing direct costs of the armed conflict and strengthening Colombia's economic and macroeconomic variables