Do shareholders of acquiring firms gain from acquisitions?

We examine a sample of 12,023 acquisitions by public firms from 1980 to 2001. Shareholders of these firms lost a total of $218 billion when acquisitions were announced. Though shareholders lose throughout our sample period, losses associated with acquisition announcements after 1997 are dramatic. Small firms gain from acquisitions, so that shareholders of small firms gained$8 billion when acquisitions were announced and shareholders of large firms lost $226 billion. We examine the cross-sectional variation in the announcement returns of acquisitions. Small firm shareholders earn systematically more when acquisitions are announced. This size effect is typically more important than how an acquisition is financed and than the organizational form of the assets acquired. The only acquisitions that have positive aggregate gains are acquisitions of subsidiaries.

Energy Momentum Tensor and Marginal Deformations in Open String Field Theory

Marginal boundary deformations in a two dimensional conformal field theory correspond to a family of classical solutions of the equations of motion of open string field theory. In this paper we develop a systematic method for relating the parameter labelling the marginal boundary deformation in the conformal field theory to the parameter labelling the classical solution in open string field theory. This is done by first constructing the energy-momentum tensor associated with the classical solution in open string field theory using Noether method, and then comparing this to the answer obtained in the conformal field theory by analysing the boundary state. We also use this method to demonstrate that in open string field theory the tachyon lump solution on a circle of radius larger than one has vanishing pressure along the circle direction, as is expected for a codimension one D-brane.Comment: LaTeX file, 25 pages; v2: minor addition

Erythropoietin in the critically ill: do we ask the right questions?

Creative Commons Attribution LicensePR received research funding from Polymun Scientific GmbH (Klosterneuburg, Austria), a company involved in the commercial development of cEPO-FC

Mortality Of The Veined Rapa Whelk, Rapana Venosa, In Relation To A Bloom Of Alexandrium Monilatum In The York River, United States

Veined rapa whelks (Rapana venosa), carnivorous marine gastropods experienced significant mortality during an Alexandrium monilatum bloom in the lower York River, VA in September 2007. Rapa whelks stopped feeding as dissolved oxygen and chlorophyll concentrations increased with the development of the bloom. Whelk mortality was preceded by external signs of stress including reduced ventilation, inability to attach to hard Substrates, periodic Pumping of the opercular plate, and increased mucus production over a period of 24-48 h prior to death. High concentrations (2-7 mu g g(-1) tissue) of goniodimum A, a toxin produced by A. monilatum, were observed in bivalves attached to the shells of rapa whelks. Concentrations of goniodimum A in whelk foot tissue ranged from 0.02-8.39 mu g g(-1). Mortality of rapa whelks was 100%. Mortality of oysters (Crassostrea virginica) and northern quahogs (Mercenaria mercenaria) in the same flow through system was 0%. The symptoms displayed by the rapa whelks in the 24-48 h prior to death were indicative of paralysis and followed a similar time Course documented for other molluscs exposed to toxic A. monilatum

Tachyon cosmology with non-vanishing minimum potential: a unified model

We investigate the tachyon condensation process in the effective theory with non-vanishing minimum potential and its implications to cosmology. It is shown that the tachyon condensation on an unstable three-brane described by this modified tachyon field theory leads to lower-dimensional branes (defects) forming within a stable three-brane. Thus, in the cosmological background, we can get well-behaved tachyon matter after tachyon inflation, (partially) avoiding difficulties encountered in the original tachyon cosmological models. This feature also implies that the tachyon inflated and reheated universe is followed by a Chaplygin gas dark matter and dark energy universe. Hence, such an unstable three-brane behaves quite like our universe, reproducing the key features of the whole evolutionary history of the universe and providing a unified description of inflaton, dark matter and dark energy in a very simple single-scalar field model.Comment: 18 p

Collective Autoionization in Multiply-Excited Systems: A novel ionization process observed in Helium Nanodroplets

Free electron lasers (FELs) offer the unprecedented capability to study reaction dynamics and image the structure of complex systems. When multiple photons are absorbed in complex systems, a plasma-like state is formed where many atoms are ionized on a femtosecond timescale. If multiphoton absorption is resonantly-enhanced, the system becomes electronically-excited prior to plasma formation, with subsequent decay paths which have been scarcely investigated to date. Here, we show using helium nanodroplets as an example that these systems can decay by a new type of process, named collective autoionization. In addition, we show that this process is surprisingly efficient, leading to ion abundances much greater than that of direct single-photon ionization. This novel collective ionization process is expected to be important in many other complex systems, e.g. macromolecules and nanoparticles, exposed to high intensity radiation fields

The influence of shock pressure, pre-shock temperature, and host rock composition on the survival rate of endolithic microorganisms during impact ejection from Mars

Petrographic and biological analysis of shock recovery experiments confirms the possible life transport due to an impact from Mars to Earth

"Killing them softly" … challenges in the Bacillus subtilis spore inactivation by plasma sterilization

The elimination of bacterial endospores is absolutely essential in numerous fields, ranging from hospital hygiene, the food processing industry, all the way to the space industry. A major goal of space exploration is the search for signatures of life forms and biomolecules on other planetary bodies and moons in our solar system. The transfer of microorganisms or biomolecules of terrestrial origin to critical areas of exploration is of particular risk to impact the development and integrity of life-detection missions.1 Plasma sterilization is a promising alternative to conventional sterilization methods for spaceflight purposes. Due to their extraordinary resistance properties, spores of the Gram-positive bacterium Bacillus subtilis are used as biological indicators for decontamination studies to identify the relevant mechanism that leads to the rapid bacterial inactivation.1,3 Here, we present novel insights into the key factors involved in spore inactivation by low pressure plasma sterilization using a double inductively-coupled plasma reactor. (2,4) In order to standardize the assessment of inactivation efficiencies by plasma discharges, an electrically driven spray deposition device was developed, allowing fast, reproducible, and homogeneous preparation of B. subtilis spore monolayers. We demonstrate that plasma discharges caused significant physical damage to spore surface structures as visualized by atomic force microscopy. A systematic analysis of B. subtilis spores lacking individual coat and crust layers - the first barrier to environmental influences – revealed the coat to be one of the contributing factors in the spore resistance to plasma sterilization. (2-4) Furthermore, we identified spore-specific and general protection mechanisms and DNA repair pathways during spore germination and outgrowth after plasma treatment, leading to a better understanding of the complex molecular mechanisms involved in the inactivation by plasma sterilization processes

Stereo-EEG exploration in the insula/operculum in paediatric patients with refractory epilepsy

PURPOSE: Failure to recognise involvement of the insula / opercula (I/O) region is associated with poor outcome in epilepsy surgery. Recognition is challenging due to high connectivity with adjacent structures resulting in variable and misleading semiology, often subjective and therefore likely to be underreported by children. In this study we explored prevalence and characteristics of I/O involvement in paediatric patients undergoing sEEG exploration. METHOD: We retrospectively included all consecutive patients undergoing sEEG at our centre between 11/2014 and 01/2018 with at least three contacts within I/O and excluded those with undetermined seizure onset zone (SOZ) by sEEG. We divided patients into three groups: 1) SOZ in I/O, 2) spread to I/O and 3) no I/O involvement. We compared pre-invasive characteristics, sEEG results, surgery and outcome for each group. RESULTS: 29 of all 53 consecutive patients had an identified SOZ by sEEG and at least three contacts within the I/O and were included. 41% had I/O SOZ, 38% had I/O spread and 21% had no I/O involvement. Insula associated symptoms described in adult literature were not statistically different between the three groups. Complications due to sEEG were low (2 of 53 patients). Following I/O surgery, 63% were seizure free while an additional 26% of patients achieved seizure reduction. Postoperative deficits were seen in 75% of the patients but completely resolved in all but one patient. CONCLUSIONS: Our data suggest an important role of the I/O region with frequent onset or propagation to the I/O region (at least 64% of all 53 sEEG cases). Semiology appears less specific than in adults. Insula depth electrode insertion is safe with subsequent good surgical outcomes albeit common transient deficits