The Rationale for Mergers & Acquisitions in the U.S. Wireless Industry

The mergers between AT&T and Cingular, Sprint and Nextel, and Verizon and Alltel telecommunication companies have become the most fascinating transactions in the wireless industry. This paper provides a detailed summary of the two companies in each merger as separate entities before the merger, the actions they took while completing the merger, and the new look and strategies they put into place after the merger. The thesis provides a thorough view of how AT&T, Sprint Nextel, and Verizon successfully completed their merger plans and how they gained nationwide consumer satisfaction. The reader will examine the problems within the companies such as the case with the Sprint/Nextel merger. The paper briefly shows the intense competition between Verizon Wireless and Cingular/AT&T. The overall question to this thesis is: Which of these companies completed the ideal merger? The thesis analyzes the mergers in chronological order of the merger deals starting from the AT&T Inc. to Verizon Wireless

On Portfolio Choice, Liquidity, and Short Selling: A Nonparametric Investigation

This paper studies the time series effect of changes in liquidity on optimal portfolio allocations. Using a nonparametric approach, we are able to handle models that are analytically intractable. Specifically, we directly estimate optimal portfolio weights for a CRRA investor as functions of liquidity. Liquidity is measured by turnover, dollar volume, or price impact. We consider three different investment horizons: daily, weekly, and monthly. Using a sample of NYSE stocks from 1963-2000, we document a very interesting temporal dimension to the effects of changes in liquidity: whereas optimal weights are strongly increasing functions of liquidity at the very short daily and weekly horizons, they become decreasing functions of liquidity at longer monthly horizons. Overall, the dependence of optimal weights on liquidity is most noticeable for small stocks at short investment horizons. Finally, the optimal conditional portfolio weights documented in this paper are never negative, which may help explain the low level of short selling observed in the US stock market. Nous estimons des décisions de choix de portefeuille en fonction de mesures de liquidité à l'aide de méthodes non paramétriques. Nous trouvons que les parts optimales de portefeuilles sont surtout influencées par la liquidité pour des horizons à court-terme. Par ailleurs, ces parts optimales sont toujours positives, ce qui pourrait expliquer le peu de vente à découvert observé sur le marché américain.portfolio choice, liquidity, short-selling, choix de portefeuille, liquidité, vente à découvert

The executive toolbox:building legislative support in a multiparty presidential regime

How do presidents win legislative support under conditions of extreme multipartism?Comparative presidential research has offered two parallel answers, one relying on distributivepolitics and the other claiming that legislative success is a function of coalition formation. Wemerge these insights in an integrated approach to executive-legislative relations, also addingcontextual factors related to dynamism and bargaining conditions. We find that the twopresidential “tools” – pork and coalition goods – are substitutable resources, with porkfunctioning as a fine-tuning instrument that interacts reciprocally with legislative support. Porkexpenditures also depend upon a president’s bargaining leverage and the distribution oflegislative seats.

Evaluation de la diversification de l’offre événementielle du tournoi de tennis de Gstaad par la création d’un camp d’entraînement

Ce travail a pour objectif de diversifier l’offre événementielle du Swiss Open Gstaad, le tournoi de tennis professionnel masculin, en créant un camp d’entraînement de tennis affilié au tournoi. Le but principal de cette création d’offre de camp est d’augmenter l’affluence des spectateurs du tournoi et de renforcer l’intérêt et la notoriété du Swiss Open Gstaad. Premièrement, ce travail traite du tourisme sportif, de son histoire et de son développement. Ensuite, l’histoire du tennis, son développement et son avènement jusqu’en Suisse sont relatés afin d’enchaîner avec le concept des activités touristiques organisées pendant ou en dehors d’une manifestation sportive

Competitive interactions between ectomycorrhizal and saprotrophic fungi on chestnut tree

In Northeast of Portugal the macrofungal community associated to chestnut tree (Castanea sativa is rich and diversified. Among fungal species, the ectomycorrhizal Pisolithus tínctorius and the saprotroph Hypholoma fasciculare are common in this habitat. The aim of the present work was to assess the effect of the interaction between both fungi on growth, nutritional status and physiology of C. satíva seedlings. In pot experiments, C. satíva seedlings were inoculated with P. tínctorius and H. fasciculare individually or in combination. Inoculation with P. tinctorius stimulated the plant growth and resulted in increased foliar-N, -P, and photosynthetic pigment contents. These effects were suppressed when H. fasciculare was simultaneously applied with P. tínctorius. This result could be related to the inhibition of ectomycorrhizal fungus root colonization as a result of antagonism or to the competition for nutrient sources. If chestnut seedlings have been previously inoculated with P. tinctorius, the subsequent inoculation of H. fasciculare 30 days later did not affect root colonization and mycorrhization benefits were observed. This work confirms an antagonistic interaction between ectomycorrhizal and saprotrophic fungi with consequences on the ectomycorrhizal host physiology. Although P. tinctorius is effective in promoting growth of host trees by establishing mycorrhizae, in the presence of other fungi it may not always be able to interact with host roots due to an inability to compete with certain fungi.This work has been supported by FCT (PTDC/ AGR-AAM/ 099556/2008)

A importância das interacções entre fungos do solo em agroecologia

Os microrganismos vivem no solo sob a forma de comunidades complexas, sendo constantes as interacções que estabelecem entre si e com as raízes das plantas. Esta enorme diversidade de interacções contribui, de forma preponderante, para a fertilidade do solo, desenvolvimento, nutrição e sanidade das plantas. Ao nível da comunidade fúngica do solo é possível observar vários tipos de interacção entre diferentes espécies fúngicas, sendo o antagonismo um dos mais comuns. Os fungos do solo são igualmente capazes de interagir com as plantas, sendo as associações patogénicas e as micorrízicas, as interacções mais significativas em agroecologia. No presente trabalho pretende-se fazer uma revisão sobre a complexidade das interacções estabelecidas entre diferentes fungos do solo e entre estes e a planta. Ao nível das interacções interespecíficas será dado especial ênfase aos diversos tipos de interacção que podem ocorrer entre fungos de diversos grupos ecológicos (saprófitas, micorrízicos e fitopatogénicos), os factores que a afectam, o seu efeito na comunidade fúngica do solo e a sua aplicação na luta biológica de doenças. O efeito destas interacções na composição, dimensão e funcionamento da comunidade fúngica existente no solo, bem como no crescimento das plantas, tem consequências para a prática de uma agricultura sustentável, produtiva e ambientalmente equilibrada. Neste trabalho será particularmente focada a influência de fungos saprófitas na colonização de plantas por fungos arbusculares ou ectomicorrízicos, com consequências no crescimento e desenvolvimento das plantas

Biological control of chestnut blight. Detection, identification and characterization of the Hypovirus - CHV1

O cancro do castanheiro é provocado pelo fungo Cryphonectria parasitica é considerado a principal causa do declínio dos castanheiros na Europa. C. parasitica é um ascomiceta (Diaporthales) nativo do continente asiático. A infeção do castanheiro manifesta-se pelo aparecimento de necroses extensas na casca dos ramos e troncos, que resulta na morte dos castanheiros. A hipovirulência é um método seletivo de controlo biológico do Cancro do Castanheiro, trata-se de uma infeção do fungo C. parasitica com Cryphonectria hypovirus 1 (CHV1), um vírus de dsRNA não encapsulado do género Hypovirus. O controlo biológico com estirpes hipovirulentas é considerado um método eficaz no controlo da doença e promove a recuperação dos castanheiros. A aplicação necessita da produção em laboratório de estirpes hipovirulentas compatíveis com a estirpe virulenta presente no campo e a sua introdução na margem de cancros ativos. Neste estudo pretendeu-se detetar, identificar e caracterizar o hipovirus CHV1 com potencial para integrar programas de controlo biológico do Cancro do castanheiro em Portugal. Com a utilização de métodos moleculares foram identificados e caracterizados 11 hipovirus em isolados brancos de C. parasitica obtidos em cancros no nordeste de Portugal.The chestnut blight caused by the fungus Cryphonectria parasitica is considered a major cause of the decline and disappearance of chestnut trees across Europe. C. parasitica is an ascomycete fungus (Diaporthales) that is native to eastern Asia. Infection of chestnut plants with this fungus is typically associated with extensive necrosis (cankers) of the bark on stems and branches, resulting in the subsequent death of the tree. Hypovirulence is a specific method for biological control of Chestnut Blight, it is an infection of C. parasitica with Cryphonectria hypovirus 1 (CHV1), a unencapsidate dsRNA virus of the genus Hypovirus. Biological control with hypovirulent strains is considered an efficient method to control the disease and improve the host plant recovery. The field application needs laboratorial production of compatible hypovirulent strain and introduction by inoculation at the margin of active cankers. In this work it was intended to identify and characterize the hypovirus with potential ability to integrate biological control programmes against Chestnut Blight. Using molecular techniques 11 hypovirus with hypovirulence potential were identified on white isolates of C. parasitica isolated on cankers from northeast of Portugal

Entomopathogenic fungi associated with the main insect pest in the Northeast of Portugal: preliminary results

Due to the problems caused by the use of chemical insecticides for humans and environment alternative pest control methods are an important topic of research. The use of microbial insecticides especially fungal agents are an attractive and promising alternative for biological control of insect pests. The aim of this work was to identify naturally occurring entomophatogenic fungi on the olive moth, Prays oleae Bern., in the northeast of Portugal, as first step to select biological control agent again this olive pest. The experimental work was carried out during 2007 in the three generation of the insect (phyllophagous, anthophagous and carpophagous generation). In each generation P. oleae larvae and pupae were collected in different groves and were put in glass vials in a climatic chamber with a photoperiod of 12h light:12h dark, 22ºC (light): 16ºC (dark) and 60% relative humidity, until emergency of the adults. From dead larvae, fungi were isolated on PDA plates and incubated at room temperature. Pure cultures were morphological and molecularly identified based on the ITS region of the rDNA. From the identified species Beauveria bassiana Vuill. and Cordyceps sinensis (Berk.) Sacc. were the most promising being B. bassiana the most abundant one.This work was partially financed by the project INTERREG III

Genetic diversity of the Chestnut blight fungus Cryphonectria parasitica and its associated hypovirus in Portugal

The European chestnut (Castanea sativa Mill.) agro‐ecosystem has been of high social, economic, and landscape importance in Portugal. Chestnut blight caused by the fungus Cryphonectria parasitica is considered a major cause of the decline of chestnut trees across Europe. C. parasitica is an ascomycete (Diaporthales) that is native to eastern Asia. Infection of chestnut trees with this pathogen is typically associated with extensive bark necrosis (so‐called cankers) on stems and branches, resulting in the subsequent death of the part of the tree above the infection point. Chestnut blight in Portugal was first reported in 1992 and since expanding in distribution. Here, we investigated the invasion history of C. parasitica and its associated hypovirus in Portugal. For this, we characterized 137 isolates collected between 2013 and 2014 in four chestnut stands for virus‐infection, vegetative compatibility (vc) type, mating type and microsatellite haplotype. A total of 33 haplotypes and four vc types were observed, although the Portuguese C. parasitica population is currently dominated by a single haplotype and a single vc type (EU‐11). Further diversification may be expected due to ongoing sexual recombination, but eventually also to new migration and additional introductions. Cryphonectria hypovirus 1 (CHV‐1) was found in two populations. Genetic analysis of the six CHV‐1 isolates obtained revealed that three viral strains belong to the Italian subtype and three to the French subtype, which suggest different, independent introductions.info:eu-repo/semantics/publishedVersio