Synergy Recognition: Do CFOs with Investment Banking Backgrounds Make More Acquisitions Than Their Peers?

Numerous academic studies point out the detrimental effects of large acquisitions on the performance of acquirers, often concluding that companies rarely recognize the revenue and cost synergies that they hope to attain with an acquisition. Concurrently, a number of finance professionals propose that investment bankers tend to maintain extreme optimism about the value of acquisitions. Thus, in study I ask the following research question: Are individuals with work experience in investment banking more likely to participate in M&A activity than their non-banking peers? Specifically, I test whether the executives (specifically CFOs) of publicly traded technology companies with investment banking work experience are more likely to make acquisitions than their peers who have never worked in transaction advisory. I predict that CFOs with backgrounds in investment banking are more likely to participate in M&A activity due to the confidence they possess in their ability to realize merger synergies. I find evidence indicating that firms with CFOs with work experience in the investment banking industry make more acquisitions than firms that have CFOs with no investment banking work experience. That is, CFOs with investment banking work experience make twice as many acquisitions as firms that have CFOs with no investment banking experience

The Science of Sungrazers, Sunskirters, and Other Near-Sun Comets

This review addresses our current understanding of comets that venture close to the Sun, and are hence exposed to much more extreme conditions than comets that are typically studied from Earth. The extreme solar heating and plasma environments that these objects encounter change many aspects of their behaviour, thus yielding valuable information on both the comets themselves that complements other data we have on primitive solar system bodies, as well as on the near-solar environment which they traverse. We propose clear definitions for these comets: We use the term near-Sun comets to encompass all objects that pass sunward of the perihelion distance of planet Mercury (0.307 AU). Sunskirters are defined as objects that pass within 33 solar radii of the Sun’s centre, equal to half of Mercury’s perihelion distance, and the commonly-used phrase sungrazers to be objects that reach perihelion within 3.45 solar radii, i.e. the fluid Roche limit. Finally, comets with orbits that intersect the solar photosphere are termed sundivers. We summarize past studies of these objects, as well as the instruments and facilities used to study them, including space-based platforms that have led to a recent revolution in the quantity and quality of relevant observations. Relevant comet populations are described, including the Kreutz, Marsden, Kracht, and Meyer groups, near-Sun asteroids, and a brief discussion of their origins. The importance of light curves and the clues they provide on cometary composition are emphasized, together with what information has been gleaned about nucleus parameters, including the sizes and masses of objects and their families, and their tensile strengths. The physical processes occurring at these objects are considered in some detail, including the disruption of nuclei, sublimation, and ionisation, and we consider the mass, momentum, and energy loss of comets in the corona and those that venture to lower altitudes. The different components of comae and tails are described, including dust, neutral and ionised gases, their chemical reactions, and their contributions to the near-Sun environment. Comet-solar wind interactions are discussed, including the use of comets as probes of solar wind and coronal conditions in their vicinities. We address the relevance of work on comets near the Sun to similar objects orbiting other stars, and conclude with a discussion of future directions for the field and the planned ground- and space-based facilities that will allow us to address those science topics

SECCHI observations of the Sun-s Garden-Hose Density spiral

The SECCHI HI2 white-light imagers on the STEREO A and B spacecraft show systematically different proper motions of material moving outward from the Sun in front of high-speed solar wind streams from coronal holes. As a group of ejections enters the eastern (A) field of view, the elements at the rear of the group appear to overrun the elements at the front. (This is a projection effect and does not mean that the different elements actually merge.) The opposite is true in the western (B) field; the elements at the front of the group appear to run away from the elements at the rear. Elongation/time maps show this effect as a characteristic grouping of the tracks of motion into convergent patterns in the east and divergent patterns in the west, consistent with ejections from a single longitude on the rotating Sun. Evidently, we are observing segments of the “garden-hose” spiral made visible when fast wind from a low-latitude coronal hole compresses blobs of streamer material being shed at the leading edge of the hole

Heliospheric Images of the Solar Wind at Earth

During relatively quiet solar conditions throughout the spring and summer of 2007, the SECCHI HI2 white-light telescope on the STEREO B solar-orbiting spacecraft observed a succession of wave fronts sweeping past Earth.We have compared these heliospheric images with in situ plasma and magnetic field measurements obtained by near-Earth spacecraft, and we have found a near perfect association between the occurrence of these waves and the arrival of density enhancements at the leading edges of high-speed solar wind streams. Virtually all of the strong corotating interaction regions are accompanied by large-scale waves, and the low-density regions between them lack such waves. Because the Sun was dominated by long-lived coronal holes and recurrent solar wind streams during this interval, there is little doubt that we have been observing the compression regions that are formed at low latitude as solar rotation causes the high-speed wind from coronal holes to run into lower speed wind ahead of it

Asparagine-linked Oligosaccharides Present on a Non-consensus Amino Acid Sequence in the CH1 Domain of Human Antibodies

We report that N-linked oligosaccharide structures can be present on an asparagine residue not adhering to the consensus site motif NX(S/T), where X is not proline, described in the literature. We have observed oligosaccharides on a non-consensus asparaginyl residue in the CH1 constant domain of IgG1 and IgG2 antibodies. The initial findings were obtained from characterization of charge variant populations evident in a recombinant human antibody of the IgG2 subclass. HPLC-MS results indicated that cation-exchange chromatography acidic variant populations were enriched in antibody with a second glycosylation site, in addition to the well documented canonical glycosylation site located in the CH2 domain. Subsequent tryptic and chymotryptic peptide map data indicated that the second glycosylation site was associated with the amino acid sequence TVSWN162SGAL in the CH1 domain of the antibody. This highly atypical modification is present at levels of 0.5–2.0% on most of the recombinant antibodies that have been tested and has also been observed in IgG1 antibodies derived from human donors. Site-directed mutagenesis of the CH1 domain sequence in a recombinant-human IgG1 antibody resulted in an increase in non-consensus glycosylation to 3.15%, a greater than 4-fold increase over the level observed in the wild type, by changing the −1 and +1 amino acids relative to the asparagine residue at position 162. We believe that further understanding of the phenomenon of non-consensus glycosylation can be used to gain fundamental insights into the fidelity of the cellular glycosylation machinery