World Market for Mergers and Acquisitions

Despite the fact that one-third of worldwide mergers involve firms from different countries, the vast majority of the academic literature on mergers studies domestic mergers. What little has been written about cross-border mergers has focused on public firms, usually from the United States. Yet, the vast majority of cross-border mergers involve private firms that are not from the United States. We provide an analysis of a sample of 56,978 cross-border mergers occurring between 1990 and 2007. We first characterize the patterns of who buys whom: Geography matters, with firms being much more likely to purchase firms in nearby countries than in countries far away. Purchasers are usually but not always from developed countries and they tend to purchase firms in countries with lower accounting standards. A significant factor in determining acquisition patterns is currency movements; firms tend to purchase firms from countries relative to which the currency of the acquirers country has appreciated. In addition, economy-wide factors reflected in the countrys stock market returns lead to acquisitions as well. Both the currency and stock market effect could suggest either misvaluation or wealth explanations. Our evidence is more consistent with the wealth explanation than the misvaluation explanation.Mergers; Currency movements; Market movements; Valuation

Convict Criminology and the Struggle for Inclusion

Convict Criminology (CC) began in the early 1990s as a reaction to the then current state of academic criminology that did not adequately reflect the voices of convicted felons. Since its beginnings, CC has attempted to draw attention to a range of problems created by the criminal justice apparatus and defenders of the status quo. Dr. Joanne Belknap’s 2014 ASC presidential address and subsequent article presented an argument that stressed the importance of activism to be considered as part of criminological research. In the process, she reviewed her career and then criticized the field of Critical Criminology, in particular Convict Criminology. The article, however, ignored the numerous efforts that CC has engaged in to build an inclusive group school, movement, organization and network that includes the diverse voices of Ph.D. educated convicts and excons, and overall reflected a superficial understanding of the history and intent of Convict Criminology. This article attempts to explain the shortcomings of Belknap’s article and clarifies misunderstandings

A speed-accuracy trade-off in children’s processing of scalar implicatures

Scalar implicatures—inferences from a weak description (“Iate some of the cookies”) that a stronger alternative is true(“I didn’t eat all”)—are paradigm cases of pragmatic infer-ence. Children’s trouble with scalar implicatures is thus animportant puzzle for theories of pragmatic development, giventheir communicative competence in other domains. Previousresearch has suggested that access to alternatives might be key.Here, we explore children’s reaction times in a new paradigmfor measuring scalar implicature processing. Alongside fail-ures on scalar implicatures with “some,” we replicate previ-ous reports of failures with “none,” and find evidence of aspeed-accuracy trade-off for both quantifiers. Motivated bythese findings, we explore the relationship between accuracyand reaction time with a Drift Diffusion Model. We find evi-dence consistent with the hypothesis that preschoolers lack ac-cess to the alternatives for scalar implicature computation, al-though this set of alternatives may be broader than previouslyassumed

You never surf alone. Ubiquitous tracking of users' browsing habits

In the early age of the internet users enjoyed a large level of anonymity. At the time web pages were just hypertext documents; almost no personalisation of the user experience was o ered. The Web today has evolved as a world wide distributed system following specific architectural paradigms. On the web now, an enormous quantity of user generated data is shared and consumed by a network of applications and services, reasoning upon users expressed preferences and their social and physical connections. Advertising networks follow users' browsing habits while they surf the web, continuously collecting their traces and surfing patterns. We analyse how users tracking happens on the web by measuring their online footprint and estimating how quickly advertising networks are able to pro le users by their browsing habits

Treatment for inclusion body myositis

Background Inclusion body myositis (IBM) is a late-onset inflammatory muscle disease (myopathy) associated with progressive proximal and distal limb muscle atrophy and weakness. Treatment options have attempted to target inflammatory and atrophic features of this condition (for example with immunosuppressive and immunomodulating drugs, anabolic steroids, and antioxidant treatments), although as yet there is no known effective treatment for reversing or minimising the progression of inclusion body myositis. In this review we have considered the benefits, adverse effects, and costs of treatment in targeting cardinal effects of the condition, namely muscle atrophy, weakness, and functional impairment. Objectives To assess the effects of treatment for IBM. Search methods On 7 October 2014 we search ed the Cochrane Neuromuscular Disease Group Specialized Register, the Cochrane Central Register for Controlled Trials (CENTRAL), MEDLINE, and EMBASE. Additionally in November 2014 we searched clinical trials registries for ongoing or completed but unpublished trials. Selection criteria We considered randomised or quasi-randomised trials, including cross-over trials, of treatment for IBM in adults compared to placebo or any other treatment for inclusion in the review. We specifically excluded people with familial IBM and hereditary inclusion body myopathy, but we included people who had connective tissue and autoimmune diseases associated with IBM, which may or may not be identified in trials. We did not include studies of exercise therapy or dysphagia management, which are topics of other Cochrane systematic reviews. Data collection and analysis We used standard Cochrane methodological procedures. Main results The review included 10 trials (249 participants) using different treatment regimens. Seven of the 10 trials assessed single agents, and 3 assessed combined agents. Many of the studies did not present adequate data for the reporting of the primary outcome of the review, which was the percentage change in muscle strength score at six months. Pooled data from two trials of interferon beta-1a (n = 58) identified no important difference in normalised manual muscle strength sum scores from baseline to six months (mean difference (MD) -0.06, 95% CI -0.15 to 0.03) between IFN beta-1a and placebo (moderate-quality evidence). A single trial of methotrexate (MTX) (n = 44) provided moderate-quality evidence that MTX did not arrest or slow disease progression, based on reported percentage change in manual muscle strength sum scores at 12 months. None of the fully published trials were adequately powered to detect a treatment effect. We assessed six of the nine fully published trials as providing very low-quality evidence in relation to the primary outcome measure. Three trials (n = 78) compared intravenous immunoglobulin (combined in one trial with prednisone) to a placebo, but we were unable to perform meta-analysis because of variations in study analysis and presentation of trial data, with no access to the primary data for re-analysis. Other comparisons were also reported in single trials. An open trial of anti-T lymphocyte immunoglobulin (ATG) combined with MTX versus MTX provided very low-quality evidence in favour of the combined therapy, based on percentage change in quantitative muscle strength sum scores at 12 months (MD 12.50%, 95% CI 2.43 to 22.57). Data from trials of oxandrolone versus placebo, azathioprine (AZA) combined with MTX versus MTX, and arimoclomol versus placebo did not allow us to report either normalised or percentage change in muscle strength sum scores. A complete analysis of the effects of arimoclomol is pending data publication. Studies of simvastatin and bimagrumab (BYM338) are ongoing. All analysed trials reported adverse events. Only 1 of the 10 trials interpreted these for statistical significance. None of the trials included prespecified criteria for significant adverse events. Authors\u27 conclusions Trials of interferon beta-1a and MTX provided moderate-quality evidence of having no effect on the progression of IBM. Overall trial design limitations including risk of bias, low numbers of participants, and short duration make it difficult to say whether or not any of the drug treatments included in this review were effective. An open trial of ATG combined with MTX versus MTX provided very low-quality evidence in favour of the combined therapy based on the percentage change data given. We were unable to draw conclusions from trials of IVIg, oxandrolone, and AZA plus MTX versus MTX. We need more randomised controlled trials that are larger, of longer duration, and that use fully validated, standardised, and responsive outcome measures

INTERNATIONAL STUDENT ADAPTABILITY: THE INFLUENCE OF THE SINO-AMERICAN 1+2+1 DUAL DEGREE PROGRAM

An increasing reliance on expatriate employees makes it critical that multinational organizations make a concerted effort to facilitate the successful transition of employees from foreign cultures. The parallels between the experience of expatriate employees and international students suggests that the results of research investigating issues of cross‑cultural adaptability that are conducted in academic settings should generalize to the workplace. The current study investigated the influence of the Sino‑American 1+2+1 Dual Degree Program on the cross‑cultural adaptability, acculturation, and withdrawal intentions of international students. It was hypothesized that participants in the 1+2+1 program would demonstrate higher levels of psychological adaptability and socio‑cultural adaptability, while demonstrating lower levels of withdrawal intentions. In addition, it was hypothesized that 1+2+1 participants would be more likely to adopt an acculturation orientation style than 1+2+1 non‑participants. To test the hypotheses, survey responses were obtained from 50 Chinese international students who were currently enrolled at California State University, San Bernardino, Northern Arizona University, and Coastal Carolina University. Results provided partial support for the 1+2+1 program improving the socio‑cultural adaptability of international students, while providing no support for the other three hypotheses. An interpretation of the results is provided that cites past studies which present potential explanations for the findings. Finally, an overview of the limitations of the current study, as well as the theoretical and practical implications of the results are discussed

Visual-Vestibular Habituation and Balance Training for Motion Sickness

Background and Purpose. This case report describes physical therapy for motion sickness in a 34-year-old woman. The purpose of the report is twofold: (1) to provide an overview of the literature regarding motion sickness syndrome, causal factors, and rationale for treatment and (2) to describe the evaluation and treatment of a patient with motion sickness. Case Description and Outcomes. The patient initially had moderate to severe visually induced motion sickness, which affected her functional abilities and prevented her from working. Following 10 weeks of a primarily home-based program of visualvestibular habituation and balance training, her symptoms were alleviated and she could resume all work-related activities. Discussion. Although motion sickness affects nearly one third of all people who travel by land, sea, or air, little documentation exists regarding prevention or management

Establishing Observational Baselines for Two δ Scuti Variables: V966 Herculis and V1438 Aquilae

We have examined the previously understudied δ Scuti stars V966 Herculis and V1438 Aquilae. We find that V966 Her is a stable pulsator with a refined period of 0.1330302 days with a full V amplitude of 0.096 mag. We also find that V966 Her has an average radial velocity of +7.8 km s-1, a full radial velocity amplitude of 7.6 km s-1, and a v sin i = 63.8 km s-1. For V1438 Aql we report a revised Hipparcos period of 0.1612751 days with a full amplitude of 0.056. The average radial velocity is found to be -43 km s-1, with full amplitude of 9.7 km s-1, and a v sin i = 76.7 km s-1. Due to some anomalies seen in V1438 Aql we feel that a much larger photometric and spectroscopic campaign is required to determine the true nature of this star

Disassociation between glomerular hyperfiltration and extracellular volume in diabetic rats

Disassociation between glomerular hyperfiltration and extracellular volume in diabetic rats. The relationship of the development of glomerular hyperfiltration in diabetes to changes in extracellular fluid volume has not been previously examined. To accomplish this task, male Wistar rats were chronically cannulated in the bladder, femoral artery and vein. Control measurements of glomerular filtration rate (GFR), renal plasma flow (RPF), extracellular fluid volume (ECF), and urinary sodium excretion were performed on two separate days prior to infusion of streptozotocin (65 mg/kg body wt i.v.). After infusion of streptozotocin, the IDDM rats were separated into two groups: untreated IDDM group of rats and IDDM rats treated with insulin at doses sufficient to normalize blood glucose (Ultralente, 2 to 8 IU/day). A third group of normal non-diabetic rats served as time controls. Measurements of renal function occurred at 1, 4, 7, 11, and 15 days after infusion of streptozotocin. Blood glucose in the non-diabetic measurement period averaged 137 ± 30 mg/dl and increased from 412 ± 55 after 24 hours in the untreated diabetic rats to 533 ± 33 mg/dl after 15 days of IDDM. The time controls and the insulin-treated diabetic rats did not differ in blood glucose values at the time measurements were performed. Glomerular filtration rate increased from 1.0 ± 0.1 to 1.7 ± 0.1 ml/min/100g body wt by day 15 in the untreated diabetic rats with significant increases in GFR within 24 hours. GFR of both time controls and the insulin-treated IDDM rats did not significantly vary during the time of the study. The increase in GFR in the untreated IDDM group was associated with a concomitant increase in RPF. However, ECF decreased in both the insulin treated and untreated groups by one day after streptozotocin infusion and was less than control throughout the 15 day IDDM measurement period. Therefore, the data indicate that the development of hyperfiltration in IDDM is not caused by ECF expansion and cannot be temporally linked to changes in ECF