Does merger & acquisition (M&A) strategy matter? A contingency perspective

This paper takes a contingency approach to investigate whether there are market performance variations for different types of M&A. Eight different types of M&A are identified in a typology based upon the conjunction of three contextual dimensions: external environmental, acquiring firm level strategy and CEO motivation. Drawing upon a sample of 1,926 domestic UK deals we evaluate the typology to determine whether the financial markets distinguish between different types of M&A. Results indicate significant market and risk-adjusted performance differences by M&A type. These confirm that a contingency approach to M&A performance has merit. We suggest that the proposed integrated typology, that recognizes the importance of multiple aspects of strategic fit to M&A performance, addresses the paradox that M&A practitioners continue to pursue deals despite widespread acceptance that they result in high failure rates

Socio-cognitive determinants of consumers’ support for the fair trade movement

Despite the reasonable explanatory power of existing models of consumers’ ethical decision making, a large part of the process remains unexplained. This article draws on previous research and proposes an integrated model that includes measures of the theory of planned behavior, personal norms, self-identity, neutralization, past experience, and attitudinal ambivalence. We postulate and test a variety of direct and moderating effects in the context of a large survey with a representative sample of the U.K. population. Overall, the resulting model represents an empirically robust and holistic attempt to identify the most important determinants of consumers’ support for the fair-trade movement. Implications and avenues for further research are discussed

Pharmacokinetics of cefepime in bile and gall bladder tissue after prophylactic administration in patients with extrahepatic biliary diseases

The purpose of this study was to determine the cefepime concentrations in serum, bile and gall bladder tissue after administration of a single dose in patients with extrahepatic biliary diseases for pre-operative antimicrobial prophylaxis. During a 3-year period (1999-2002), 30 patients aged above 18 years with extrahepatic biliary diseases (acute and chronic cholecystitis and symptomatic cholelithiasis) were included in the study. Cefepime concentrations were determined by the agar microbiological diffusion method. A significant correlation between serum and gall bladder tissue concentrations of cefepime with the sampling interval was observed (r(2) = 0.771, P < 0.0001), whereas no correlation between serum and bile fluid concentrations of the drug was noted. In patients with non-functioning gall bladder, very low tissue levels of cefepime were detected. During the time of surgery, serum and gall bladder tissue concentrations of cefepime exceeded the minimum inhibitory concentration for 90% of the organisms (MIC90) for most common pathogens. Cefepime has the required pharmacokinetic properties to be considered for pre-operative antimicrobial prophylaxis in patients undergoing biliary tract surgery. (c) 2006 Published by Elsevier B.V. and the International Society of Chemotherapy

Dynamic hyperinflation and tolerance to interval exercise in patients with advanced COPD

Dynamic hyperinflation (DH) contributes importantly to the limitation of constant-load exercise (CLE) in patients with chronic obstructive pulmonary disease (COPD). However, its role in the limitation of interval exercise (IE) remains to be explored. The change (Delta) in inspiratory capacity (IC) was measured to reflect changes in DH in 27 COPD patients (forced expiratory volume in one second mean+/-SEM % predicted: 40+/-3) at the end of a symptom-limited CLE test at 80% of peak work capacity (WRmax) and an IE test at 100% WRmax (30 s of work, alternated with 30 s of unloaded pedalling). At the limit of tolerance in both IE and CLE, patients exhibited similar DH (DeltaIC:0.39 +/-0.05 L and 0.45+/-0.05 L, respectively). However, exercise endurance time (tend) for IE (32.7+/-3.0 min) was significantly greater than for CLE (10.3+/-1.6 min). The IE tend correlated with resting IC, expressed as % pred normal. At 30 and 90% of total IE tend, DeltaIC (0.43+/-0.06 and 0.39+/-0.05 L, respectively) and minute ventilation (31.1+/-1.6 and 32.7+/-2.2 L(.)min(-1), respectively) were not significantly different. Resting hyperinflation helps to explain the limitation of interval exercise. Implementation of interval exercise for rehabilitation should provide important clinical benefits because it prolongs exercise endurance time and allows sustaining higher stable ventilation

Does M&A strategy matter? A contingency perspective

This paper takes a contingency approach to investigate whether there are market performance variations for different types of M&A. Eight different types of M&A are identified in a typology based upon the conjunction of three contextual dimensions: external environmental, acquiring firm level strategy and CEO motivation.  Drawing upon a sample of 1,926 domestic UK deals we evaluate the typology to determine whether the financial markets distinguish between different types of M&A. Results indicate significant market and risk-adjusted performance differences by M&A type. These confirm that a contingency approach to M&A performance has merit. We suggest that the proposed integrated typology, that recognises the importance of multiple aspects of strategic fit to M&A performance, addresses the paradox that M&A practitioners continue to pursue deals despite widespread acceptance that they result in high failure rates

Patterns of dynamic hyperinflation during exercise and recovery in patients with severe chronic obstructive pulmonary disease

Background: Not all patients with severe chronic obstructive pulmonary disease (COPD) progressively hyperinflate during symptom limited exercise. The pattern of change in chest wall volumes (Vcw) was investigated in patients with severe COPD who progressively hyperinflate during exercise and those who do not. Methods: Twenty patients with forced expiratory volume in 1 second (FEV(1)) 35 (2)% predicted were studied during a ramp incremental cycling test to the limit of tolerance (Wpeak). Changes in Vcw at the end of expiration (EEVcw), end of inspiration (EIVcw), and at total lung capacity (TLCVcw) were computed by optoelectronic plethysmography (OEP) during exercise and recovery. Results: Two significantly different patterns of change in EEVcw were observed during exercise. Twelve patients had a progressive significant increase in EEVcw during exercise (early hyperinflators, EH) amounting to 750 (90) ml at Wpeak. In contrast, in all eight remaining patients EEVcw remained unchanged up to 66% Wpeak but increased significantly by 210 (80) ml at Wpeak (late hyperinflators, LH). Although at the limit of tolerance the increase in EEVcw was significantly greater in EH, both groups reached similar Wpeak and breathed with a tidal EIVcw that closely approached TLCVcw (EIVcw/TLCVcw 93 (1)% and 93 (3)%, respectively). EEVcw was increased by 254 (130) ml above baseline 3 minutes after exercise only in EH. Conclusions: Patients with severe COPD exhibit two patterns during exercise: early and late hyperinflation. In those who hyperinflate early, it may take several minutes before the hyperinflation is fully reversed after termination of exercise

Respiratory kinematics by optoelectronic plethysmography during exercise in men and women

Gender differences in resting pulmonary function are attributable to the smaller lung volumes in women relative to men. We sought to investigate whether the pattern of response in operational lung volumes during exercise is different between men and women of similar fitness levels. Breath-by-breath volume changes of the entire chest wall ((V) over dot(cw)) and its rib cage ((V) over dot(Rc)) and abdominal ((V) over dot(Ab)) compartments were studied by optoelectronic plethysmography in 15 healthy subjects (10 men) who underwent a symptom-limited (W-peak) incremental bicycle test. The pattern of change in end-inspiratory and end-expiratory (V) over dot(cw) ((V) over dot(CW,EI) and (V) over dot(CW,EE), respectively) did not differ between the sexes. With increasing workload the decrease in (V) over dot(CW,EE) was almost entirely attributable to a reduction in end-expiratory (V) over dot(Ab), whereas the increase in (V) over dot(CW,El) was due to the increase in end-inspiratory (V) over dot(Rc) in both sexes. In men, at W-peak tidal volume [(V) over dot(T), 2.7 (0.2) 1] and inspiratory capacity [IC, 3.4 (0.2) 1] were significantly greater than in women [1.8 (0.2) and 2.6 (0.2) 1, respectively]. However, after controlling for lung size using forced vital capacity (FVC) as a surrogate, the differences between men and women were eliminated [(V) over dot(T) /FVC 49 (3) and 45 (3) respectively, and IC/FVC 63 (2) and 65 (3) respectively]. All data are presented as mean (SE). In both men and women the contribution of the rib cage compartment to (V) over dot(T) expansion was significantly greater than that of the abdominal compartment. We conclude that gender differences in operational lung volumes in response to progressive exercise are principally attributable to differences related to lung size, whereas compartmental chest wall kinematics do not differ among sexes