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

An experimental investigation of two large annular diffusers with swirling and distorted inflow

Two annular diffusers downstream of a nacelle-mounted fan were tested for aerodynamic performance, measured in terms of two static pressure recovery parameters (one near the diffuser exit plane and one about three diameters downstream in the settling duct) in the presence of several inflow conditions. The two diffusers each had an inlet diameter of 1.84 m, an area ratio of 2.3, and an equivalent cone angle of 11.5, but were distinguished by centerbodies of different lengths. The dependence of diffuser performance on various combinations of swirling, radially distorted, and/or azimuthally distorted inflow was examined. Swirling flow and distortions in the axial velocity profile in the annulus upstream of the diffuser inlet were caused by the intrinsic flow patterns downstream of a fan in a duct and by artificial intensification of the distortions. Azimuthal distortions or defects were generated by the addition of four artificial devices (screens and fences). Pressure recovery data indicated beneficial effects of both radial distortion (for a limited range of distortion levels) and inflow swirl. Small amounts of azimuthal distortion created by the artificial devices produced only small effects on diffuser performance. A large artificial distortion device was required to produce enough azimuthal flow distortion to significantly degrade the diffuser static pressure recovery

Measurement of Radio-Frequency Radiation Pressure

We perform measurements of the radiation pressure of a radio-frequency (RF) electromagnetic field which may lead to a new SI-traceable power calibration. There are several groups around the world investigating methods to perform more direct SI traceable measurement of RF power (where RF is defined to range from 100s of MHz to THz). A measurement of radiation pressure offers the possibility for a power measure traceable to the kilogram and to Planck's constant through the redefined SI. Towards this goal, we demonstrate the ability to measure the radiation pressure/force carried in a field at 15~GHz.Comment: 2 pages 4 figure

Parametric correlations versus fidelity decay: the symmetry breaking case

We derive fidelity decay and parametric energy correlations for random matrix ensembles where time--reversal invariance of the original Hamiltonian is broken by the perturbation. Like in the case of a symmetry conserving perturbation a simple relation between both quantities can be established.Comment: 8 pages, 8 figure