Public-to-Private Transactions: LBOs, MBOs, MBIs and IBOs

This paper shows that a vibrant and economically important public-to-private market has reemerged in the US, UK and Continental Europe, since the second half of the 1990s.The paper shows recent trends and investigates the motives for public-to-private and LBO transactions.The reasons for the potential sources of shareholder wealth effects during the transaction period are examined: a distinction is made between tax benefits, incentive realignment, transaction costs savings, stakeholder expropriation, takeover defenses and corporate undervaluation.The paper also attempts to relate these value drivers to the post-transaction value and to the duration of the private status.Finally, the paper draws some conclusions about whether or not public-to-private transactions are useful devices for corporate restructuring.management buyouts;public-to-private transactions;going-private deals;leveraged buyouts;management buyins

Leveraged Public to Private Transactions in the UK

This paper examines the magnitude and the sources of the expected shareholder gains in UK public to private transactions (PTPs) in the second wave from 1997-2003.Pre-transaction shareholders on average receive a premium of 40% and the share price reaction to the PTP announcement is about 30%.The main sources of the shareholder wealth gains are undervaluation of the pre-transaction target firm, increased interest tax shields and incentive realignment.An expected reduction of free cash flows does not determine the premiums nor are PTPs a defensive reaction against a takeover.Public to private;going-private;LBO;MBO;IBO;Management buyins;Management buyouts;Leveraged buyouts

Universal Spectral Correlation between Hamiltonians with Disorder

We study the correlation between the energy spectra of two disordered Hamiltonians of the form $H_a=H_{0a}+s_{a}\varphi$ ($a=1,2$) with $H_{0a}$ and $\varphi$ drawn from random distributions. We calculate this correlation function explicitly and show that it has a simple universal form for a broad class of random distributions.Comment: 9 pages, Jnl.tex Version 0.3 (version taken from the bulletin board), NSF-ITP-93-13

Learning Visual Question Answering by Bootstrapping Hard Attention

Attention mechanisms in biological perception are thought to select subsets of perceptual information for more sophisticated processing which would be prohibitive to perform on all sensory inputs. In computer vision, however, there has been relatively little exploration of hard attention, where some information is selectively ignored, in spite of the success of soft attention, where information is re-weighted and aggregated, but never filtered out. Here, we introduce a new approach for hard attention and find it achieves very competitive performance on a recently-released visual question answering datasets, equalling and in some cases surpassing similar soft attention architectures while entirely ignoring some features. Even though the hard attention mechanism is thought to be non-differentiable, we found that the feature magnitudes correlate with semantic relevance, and provide a useful signal for our mechanism's attentional selection criterion. Because hard attention selects important features of the input information, it can also be more efficient than analogous soft attention mechanisms. This is especially important for recent approaches that use non-local pairwise operations, whereby computational and memory costs are quadratic in the size of the set of features.Comment: ECCV 201

The Stellar Content Near the Galactic Center

High angular resolution J, H, K, and L' images are used to investigate the stellar content within 6 arcsec of SgrA*. The data, which are complete to K ~ 16, are the deepest multicolor observations of the region published to date.Comment: 34 pages, including 12 figure

Wishing Fountain

Wishing Fountain is a YA Fantasy novel driven by action, magic, and mythology. The main character, Larissa, a black teen from New Orleans, falls into a fountain and finds herself in a magical land. This alternate world is similar to feudal Japan, and its residents believe Larissa is a prophesied Shinto goddess. Larissa solidifies her role by displaying power over water. Her quest for answers leads her to open the legendary Tamate Box and release deadly objects into the world. Anyone possessing an object is negatively affected by premature old age, uncontrollable lust, a sleep they can never wake from, and the gods know what other atrocities. Joined by her new friends, a samurai, a prince, and a girl who turns into a crane, Larissa journeys to find these objects and safely return them to the box

Public-to-Private Transactions:LBOs, MBOs, MBIs and IBOs

This paper shows that a vibrant and economically important public-to-private market has reemerged in the US, UK and Continental Europe, since the second half of the 1990s.The paper shows recent trends and investigates the motives for public-to-private and LBO transactions.The reasons for the potential sources of shareholder wealth effects during the transaction period are examined: a distinction is made between tax benefits, incentive realignment, transaction costs savings, stakeholder expropriation, takeover defenses and corporate undervaluation.The paper also attempts to relate these value drivers to the post-transaction value and to the duration of the private status.Finally, the paper draws some conclusions about whether or not public-to-private transactions are useful devices for corporate restructuring.