Effects of M&A Announcement on Shareholders Wealth: New Evidence from The US Market During Recession

This study examines the shareholder returns for US publically traded firms that have been involved in M&A activity in the short term (5 day event window) during the global financial crisis. On a general scale the study documents that bidders acquiring public targets obtain a negative abnormal return of -3.45%. Further the study scrutinizes the distinction in the announcement returns by isolating the sample on the basis of different deal characteristics like acquirer size, relative size of target, payment methods, diversification and targets tobin’s Q Ratio. The results for these characteristics are in line with the hypothesis developed from past literature and empirical researches. The results of the univariate tests suggest that larger acquirer size, larger relative size to target, focused acquisitions and target firms with tobin Q Ratio more than 1 are negatively related to the abnormal returns experienced by shareholders. A striking pattern that is observed is that cash financed transactions outperform the stock financed transactions consistently even after considering deal characteristics. Finally suggestions are made that can help formulate stronger conclusive results

e-Sanctuary: open multi-physics framework for modelling wildfire urban evacuation

The number of evacuees worldwide during wildfire keep rising, year after year. Fire evacuations at the wildland-urban interfaces (WUI) pose a serious challenge to fire and emergency services and are a global issue affecting thousands of communities around the world. But to date, there is a lack of comprehensive tools able to inform, train or aid the evacuation response and the decision making in case of wildfire. The present work describes a novel framework for modelling wildfire urban evacuations. The framework is based on multi-physics simulations that can quantify the evacuation performance. The work argues that an integrated approached requires considering and integrating all three important components of WUI evacuation, namely: fire spread, pedestrian movement, and traffic movement. The report includes a systematic review of each model component, and the key features needed for the integration into a comprehensive toolkit

Radial club hand managed with ulnar osteotomy and centralization of hand: a case report and review

Radial club hand also called radial longitudinal deficiency or radial dyspasia is a preaxial longitudinal failure of formation. As the defect is preaxial it is often associated with thumb hypoplasia or anomaly of the radial aspect of the carpus. It is diagnosed clinically and on X-rays. It is frequently syndromic so it is a must to look for associated congenital anomalies by doing a through clinical examination. The frequency of this anomaly is between 1:50000 to 1:100000 live births. The incidence of all radial ray-deficient limbs, including hypoplastic thumbs alone, is approximately 1:30000. The radial deficiency is bilateral in 50% of the cases and the male:female is 3:2. It includes a wide spectrum of disorders that encompass an absent thumb or thumb hypoplasia, a thin first metacarpal and an absent radius. We report here a 1.5 years old child with isolated type IV radial club hand without any restricted range of motion in elbow managed with osteotomy of ulna and centralization of hand

Effects of M&A Announcement on Shareholders Wealth: New Evidence from The US Market During Recession

This study examines the shareholder returns for US publically traded firms that have been involved in M&A activity in the short term (5 day event window) during the global financial crisis. On a general scale the study documents that bidders acquiring public targets obtain a negative abnormal return of -3.45%. Further the study scrutinizes the distinction in the announcement returns by isolating the sample on the basis of different deal characteristics like acquirer size, relative size of target, payment methods, diversification and targets tobin’s Q Ratio. The results for these characteristics are in line with the hypothesis developed from past literature and empirical researches. The results of the univariate tests suggest that larger acquirer size, larger relative size to target, focused acquisitions and target firms with tobin Q Ratio more than 1 are negatively related to the abnormal returns experienced by shareholders. A striking pattern that is observed is that cash financed transactions outperform the stock financed transactions consistently even after considering deal characteristics. Finally suggestions are made that can help formulate stronger conclusive results