Value creation from M&As: New evidence

M&A deals create more value for acquiring firm shareholders post-2009 than ever before. Public acquisitions fuel positive and statistically significant abnormal returns for acquirers while stock-for-stock deals no longer destroy value. Mega deals, priced at least $500mil, typically associated with more pronounced agency problems, investor scrutiny and media attention, seem to be driving the documented upturn. Acquiring shareholders now gain$62mil around the announcement of such deals; a $325 mil gain improvement compared to 1990-2009. The corresponding synergistic gains have also catapulted to more than$542mil pointing to overall value creation from M&As on a large scale. Our results are robust to different measures and controls and appear to be linked with profound improvements in the quality of corporate governance among acquiring firms in the aftermath of the 2009 financial crisis

A statewide evaluation of seven strategies to reduce opioid overdose in North Carolina

Background In response to increasing opioid overdoses, US prevention efforts have focused on prescriber education and supply, demand and harm reduction strategies. Limited evidence informs which interventions are effective. We evaluated Project Lazarus, a centralised statewide intervention designed to prevent opioid overdose. Methods Observational intervention study of seven strategies. 74 of 100 North Carolina counties implemented the intervention. Dichotomous variables were constructed for each strategy by county-month. Exposure data were: Process logs, surveys, addiction treatment interviews, prescription drug monitoring data. Outcomes were: Unintentional and undetermined opioid overdose deaths, overdose-related emergency department (ED) visits. Interrupted time-series Poisson regression was used to estimate rates during preintervention (2009-2012) and intervention periods (2013-2014). Adjusted IRR controlled for prescriptions, county health status and time trends. Time-lagged regression models considered delayed impact (0-6 months). Results In adjusted immediate-impact models, provider education was associated with lower overdose mortality (IRR 0.91; 95% CI 0.81 to 1.02) but little change in overdose-related ED visits. Policies to limit ED opioid dispensing were associated with lower mortality (IRR 0.97; 95% CI 0.87 to 1.07), but higher ED visits (IRR 1.06; 95% CI 1.01 to 1.12). Expansions of medication-assisted treatment (MAT) were associated with increased mortality (IRR 1.22; 95% CI 1.08 to 1.37) but lower ED visits in time-lagged models. Conclusions Provider education related to pain management and addiction treatment, and ED policies limiting opioid dispensing showed modest immediate reductions in mortality. MAT expansions showed beneficial effects in reducing ED-related overdose visits in time-lagged models, despite an unexpected adverse association with mortality

Quantitative description of temperature induced self-aggregation thermograms determined by differential scanning calorimetry

A novel thermodynamic approach for the description of differential scanning calorimetry (DSC) experiments on self-aggregating systems is derived and presented. The method is based on a mass action model where temperature dependence of aggregation numbers is considered. The validity of the model was confirmed by describing the aggregation behavior of poly(ethylene oxide)-poly(propylene oxide) block copolymers, which are well-known to exhibit a strong temperature dependence. The quantitative description of the thermograms could be performed without any discrepancy between calorimetric and van 't Hoff enthalpies, and moreover, the aggregation numbers obtained from the best fit of the DSC experiments are in good agreement with those obtained by light scattering experiments corroborating the assumptions done in the derivation of the new model

Pricing Rainfall Based Futures Using Genetic Programming

Rainfall derivatives are in their infancy since starting trading on the Chicago Mercantile Exchange (CME) since 2011. Being a relatively new class of financial instruments there is no generally recognised pricing framework used within the literature. In this paper, we propose a novel framework for pricing contracts using Genetic Programming (GP). Our novel framework requires generating a risk-neutral density of our rainfall predictions generated by GP supported by Markov chain Monte Carlo and Esscher transform. Moreover, instead of having a single rainfall model for all contracts, we propose having a separate rainfall model for each contract. We compare our novel framework with and without our proposed contract-specific models for pricing against the pricing performance of the two most commonly used methods, namely Markov chain extended with rainfall prediction (MCRP), and burn analysis (BA) across contracts available on the CME. Our goal is twofold, (i) to show that by improving the predictive accuracy of the rainfall process, the accuracy of pricing also increases. (ii) contract-specific models can further improve the pricing accuracy. Results show that both of the above goals are met, as GP is capable of pricing rainfall futures contracts closer to the CME than MCRP and BA. This shows that our novel framework for using GP is successful, which is a significant step forward in pricing rainfall derivatives

Investigation of aggregation effects in vegetation condition monitoring at a national scale

Abstract Monitoring vegetation condition is an important issue in the Mediterranean region, in terms of both securing food and preventing fires. Vegetation indices (VIs), mathematical transformations of reflectance bands, have played an important role in vegetation monitoring, as they depict the abundance and health of vegetation. Instead of storing raster VI maps, aggregated statistics can be derived and used in long-term monitoring. The aggregation schemes (zonations) used in Greece are the forest service units, the fire service units and the administrative units. The purpose of this work was to explore the effect of the Modifiable Areal Unit Problem (MAUP) in vegetation condition monitoring at the above mentioned aggregation schemes using 16day Normalized Difference Vegetation Index (NDVI) composites acquired by the MODIS (Moderate Resolution Imaging Spectroradiometer) satellite sensor. The effects of aggregation in the context of MAUP were examined by analyzing variance, from which the among polygon variation (objects' heterogeneity) and the within polygon variation (pixels' homogeneity) was derived. Significant differences in objects' heterogeneity were observed when aggregating at the three aggregation schemes, therefore there is a MAUP effect in monitoring vegetation condition on a nationwide scale in Greece with NDVI. Monitoring using the fire service units has significantly higher pixels' homogeneity, therefore there is indication that it is the most appropriate for monitoring vegetation condition on a nationwide scale in Greece with NDVI. Results were consistent between the two major types of vegetation, natural and agricultural. According to the statistical validation, conclusions based on the examined years (2003 and 2004) are justified

Designing AfriCultuReS services to support food security in Africa

ABSTRACT: Earth observation (EO) data are increasingly being used to monitor vegetation and detect plant growth anomalies due to water stress, drought, or pests, as well as to monitor water availability, weather conditions, disaster risks, land use/land cover changes and to evaluate soil degradation. Satellite data are provided regularly by worldwide organizations, covering a wide variety of spatial, temporal and spectral characteristics. In addition, weather, climate and crop growth models provide early estimates of the expected weather and climatic patterns and yield, which can be improved by fusion with EO data. The AfriCultuReS project is capitalizing on the above to contribute towards an integrated agricultural monitoring and early warning system for Africa, supporting decision making in the field of food security. The aim of this article is to present the design of EO services within the project, and how they will support food security in Africa. The services designed cover the users' requirements related to climate, drought, land, livestock, crops, water, and weather. For each category of services, results from one case study are presented. The services will be distributed to the stakeholders and are expected to provide a continuous monitoring framework for early and accurate assessment of factors affecting food security in Africa.This paper is part of the AfriCultuReS project "Enhancing Food Security in African Agricultural Systems with the Support of Remote Sensing", which received funding from the European Union's Horizon 2020 Research and Innovation Framework Programme under grant agreement No. 77465

Bodies in Transition – Dissolving the Boundaries of Embodied Knowledge

This volume engages from the perspective of the an- cient Mediterranean world with current debates in the field of cultural studies revolving around the idea of embodied knowledge. In particular, it deals with the dissolution of the concept of the ideal body as a repos- itory of knowledge through instances of deformation or hybridization. The starting point comprises a series of case studies of less than perfect bodies: bodies that are misshapen, stigmatized, fragmented, as well as hybrid human/ animal creatures, transgendered persons, and bodies on the cultural periphery of the classical world. All of these examples represent deviations from the ‘normal’ order of things and evoke familiar feelings of alienation. The ordered knowledge that has shaped the body is subverted and falls into disorder. One strategy for dealing with this is to canonize trans- gression in visual form. Fluid bodies are captured in the image and domesticated, creating a visual order in disorder. The body-as-ruin is a fixed figure of fluidity and thus especially receptive to attributions of mean- ing, which helps explain its persistence as a cultural trope. It allows for the observation of cultural change

Capital structure revisited. Do crisis and competition matter in a Keiretsu corporate structure?

The file attached to this record is the author's final peer reviewed version.open accessWe investigate firm-level determinants of capital structure using a large sample of 4,284 Japanese firms over a nineteen-year period (i.e., over 61,000 firm-year observations), a hitherto less examined sample for this purpose. We conduct our analysis and interpret our findings predominantly within the pecking order, the trade-off and the agency theoretical frameworks. We uncover three new findings. First, our evidence indicates that insights derived from the extant literature on capital structure are cross-national and are applicable in the context of Japan, despite the unique characteristics of Japanese firms. Second, financial crisis significantly impacts the relationship between leverage and firm-level determinants, particularly accentuating the effect of asset tangibility and growth. Third, product market competition significantly impacts the observed relationship between firm-level determinants and leverage. Our results are robust, controlling for the joint effects of competition and crisis

Structural Characterization of Mesoporous Silica Nanofibers Synthesized Within Porous Alumina Membranes

Mesoporous silica nanofibers were synthesized within the pores of the anodic aluminum oxide template using a simple sol–gel method. Transmission electron microscopy investigation indicated that the concentration of the structure-directing agent (EO20PO70EO20) had a significant impact on the mesostructure of mesoporous silica nanofibers. Samples with alignment of nanochannels along the axis of mesoporous silica nanofibers could be formed under the P123 concentration of 0.15 mg/mL. When the P123 concentration increased to 0.3 mg/mL, samples with a circular lamellar mesostructure could be obtained. The mechanism for the effect of the P123 concentration on the mesostructure of mesoporous silica nanofibres was proposed and discussed