Debt and Corporate Performance: Evidence from Unsuccessful Takeovers

This paper examines how debt affects firms following failed takeovers. Using a sample of 573 unsuccessful takeovers, we find that, on average, targets significantly increase their debt levels. Targets that increase their debt levels more than the median amount reduce their levels of capital expenditures, sell off assets, reduce employment, increase focus and increase their operating cash flows. These leverage-increasing targets also realize superior stock price performance over the five years following the failed takeover. In contrast, those firms that increase their leverage the least show insignificant changes in their level of investment and their operating cash flows and realize stock price performance that is no different than their benchmarks. Those failed targets that increase their leverage the least, and fail to get taken over in the future, realize significant negative stock returns following their initial failed takeovers. The evidence is consistent with the hypothesis that debt helps firms remain independent not because it entrenches managers, but because it commits the manager to making the improvements that would be made by potential raiders.

Un attracteur étrange 3D versatile à six ailes

To create additional wings to a given strange attractor, several methods based on the heteroclinic loop or switching controls for example are applied, but complicate the approach and require the extension of the system to one or more other dimensions of the phase space. This deflects us from the objectives of research on low-dimensional chaotic systems. Remaining in this narrow area of 3D phase spaces to invent multi-wing attractors constitutes the main scope of the present paper. Indeed, we present a rapid investigation of a very simple autonomous 3D system of firts-order differential equations with a rich variety of phase portraits. This new intentionally constructed model exhibits double, four-or even six-wing strange attractors. We point out that under the influence of the scalar parameters, such versatile chaotic attractors are obtained. A similar sequence was likewise observed for the periodic behaviors. Besides, both chaotic or regular featured trajectories are found to be in bilateral agreement even when the morphology of the portrait changes. Obviously, we present the basic attributes of the system and its bifurcation diagram. Eventually, we emphasize that the study of the relationship between the written differential equations and the observed characteristics of attractors remains undervalued.En vue de susciter l"apparition d"ailes supplémentaires pour un attracteur étrange donné, plusieurs méthodes basées sur la boucle hétéroclinique ou une commande de commutation, par exemple, sont appliquées. Toutefois, elles compliquent l'approche et nécessitent l'extension du système vers une ou plusieurs autres dimensions de l'espace des phases. Cela nous détourne des objectifs même de la recherche sur les systèmes chaotiques à faible dimension. C'est ainsi que rester dans cette zone étroite d'espaces de phase 3D pour inventer des attracteurs à ailes multiples constitue le principal sujet du présent article. En effet, nous présentons une étude rapide d’un système 3D très simple et autonome d’équations différentielles du premier ordre avec une grande variété de portraits de phase. Ce nouveau modèle construit intentionnellement présente des attracteurs étranges à deux, quatre voire même six ailes. Nous soulignons que sous l’influence des seuls paramètres scalaires, de tels attracteurs chaotiques versatiles sont obtenus. Une séquence similaire a également été observée pour les comportements périodiques. En outre, les trajectoires chaotiques ou régulières sont en accord bilatéral même lorsque la morphologie du portrait de phase change. Nous présentons évidemment les attributs de base du système et son diagramme de bifurcation. Finalement, nous soulignons que l’étude de la relation entre la formulation des équations différentielles et les caractéristiques observées des attracteurs demeure marginale dans la littérature scientifique

Strange Attractor Morphogenesis by Sensitive Dependence on Initial Conditions

A feedback loop to a 3D chaotic system with only six-terms on the right-hand of the equations and only two nonlinearities is applied to intentionally build a minimalist novel 4D chaotic system. Simulations depict the coexistence of strange attractors not by the modification of an unique or several parameters but surprisingly by a slight modification of the intial conditions. It is acknowledged that a strange attractor is locally unstable but globally stable. Our experiementation displays that strange attractors could be unstable at all scales.Une boucle de rétroaction à un système chaotique 3D à six termes est appliquée pour construire intentionnellement un nouveau système chaotique minimaliste 4D. Les simulations décrivent la coexistence d'attracteurs étranges non par la modification d'un ou de plusieurs paramètres mais de manière surprenante par une légère modification des conditions initiales. Il est reconnu qu'un attracteur étrange est localement instable mais globalement stable. Notre expérimentation montre que les attracteurs étranges pourraient être instables à toute échelle

Identifying Fake News from the Variables that Governs the Spread of Fake News

Several researchers have attempted to investigate the processes that govern and support the spread of fake news. This paper collates and identifies these variables. This paper then categorises these variables based on three key players that are involved in the process: Users, Content, and Social Networks. The authors conducted an extensive review of the literature and a reflection on the key variables that are involved in the process. The paper has identified a total of twenty-seven variables. Then the paper presents a series of tasks to mitigate or eliminate these variables in a holistic process that could be automated to reduce or eliminate fake news propagation. Finally, the paper suggests further research into testing the method in lab conditions

Facebook Fake Profile Identification: Technical and Ethical Considerations

March 2019, Facebook updated its security procedures requesting ID verification for people who wish to advertise or promote political posts of adverts. The announcement received little media coverage even though it is an interesting development in the battle against Fake News. This paper reviews the current literature on different approaches in the battle against the spread of fake news, including the use of computer algorithms, A.I, and introduction of ID checks. Critical to the evaluation is consideration into ID checks as a means to combat the spread of Fake News. To understand the process and how it works, the team undertook a social experiment combined with reflective analysis to better understand the impact of ID check policies when combined with other standards policies of a typical platform. The analysis identifies grave concerns. In a wider context, standardising such policy will leave political activists in countries vulnerable to reprisal from authoritarian regimes. Other impacts include people who use fake names to protect the identity of adopted children or to protect anonymity from abusive partners. The analysis also points to the fact that troll arms could bypass these checks rendering the use of ID checks less effective in the battle to combat fake news. The analysis also points to the fact that troll arms could bypass these checks rendering the use of ID checks less effective in the battle to combat fake news