What is the Price of Hubris? Using Takeover Battles to Infer Overpayments and Synergies

We present a framework for determining the information that can be extracted from stock prices around takeover contests. In only two types of cases is it theoretically possible to use stock price movements to infer bidder overpayment and relative synergies. The takeover contest for Paramount in 1994 illustrates one of these generic cases. We estimate that Viacom, the winning' bidder, overpaid for Paramount by more than $2 billion. This occurred despite the fact that Viacom's CEO owned roughly 3/4 of Viacom. These results are consistent with managerial overconfidence and/or large private benefits, but not with the traditional agency-based incentive problem.

The Flood in Genesis: What Does the Text Tell Geologists

Among the issues most critical to a diluvialist interpretation of the geological record are exegetical ones affecting our understanding of the historical record. How much of the earth was destroyed? How thoroughgoing was the destruction? What were the fountains of the deep? How long was the earth under water? How long was the period of drying off? Where were the mountains of Ararat? These questions are examined in the interest of defining what preconceptions we ought to bring to the geological record

Civil society, democratisation and foreign aid in Africa

This paper summarises the findings of a comparative research project on the contribution of civil society organisations to democratisation in Africa. Drawing primarily on empirical case studies of civil society organisations in South Africa and Uganda, and related material from Ghana, the research examines their ability to influence government policy and legislation through tangible shifts in policy and legislative priorities and their implementation, and to widen the opportunities available to citizens to participate in public affairs, promoting a culture of accountability and challenging the power of the state to dominate decision-making. The research also assesses the impact of foreign aid on the political efficacy and internal governance of civil society organisations to determine the extent to which these attributes are shaped by external support. Despite the acknowledged importance of policy engagement, the study finds that few civil society organisations demonstrate a consistent level of direct involvement in the policy process and fewer still make a significant difference to policy outcomes. Organisations that are closely linked to political parties and the state through ideological affinities or material resources have the greatest ability to exert policy influence, although official patronage does not guarantee successful engagement in the absence of strong organisational capacity. Donor funding for civil society policy advocacy has not made a major impact, though well-organised and substantially funded NGOs have made a significant contribution in some circumstances. Foreign aid can facilitate access to the policy process and strengthen capacity where there are opportunities for engagement and strong organisations already in place but it is not the most critical determinant of successful policy engagement. Rather it is the character of a particular organisation’s internal governance in galvanising the citizen’s voice and its specific relationship to the state and the political realm that are the most decisive factors in achieving policy influence. The contribution of civil society organisations to democracy is not limited to their capacity to influence public policy; they also foster voice and participation, which in turn are functions of internal governance practices. Their capacity to offer citizens a say in decisions and to enhance pluralism may be as important as their ability to influence policy and demand accountability from state actors. Keywords: civil society; governance; public policy; democracy; Africa

EBV+ B-cell polymorphic lymphoproliferative disorder of the lip in a patient with advanced chronic lymphocytic leukemia

Introduction: Polymorphic B-cell lymphoproliferative disorders (B-LPDs) are a rare, morphologically heterogeneous, and diagnostically challenging group of neoplasms that occur in the setting of immunosuppression. Associated lesions are almost uniformly Epstein-Barr virus-positive (EBV+) and can cause destructive masses that may mimic more aggressive lymphomas. Clinical outcomes are highly variable, ranging from resolution with withdrawal of immunosuppression to fatal dissemination of disease. Clinical case: A 77-year-old white male with a history of advanced chronic lymphocytic leukemia (CLL) presented with a six-week history of a tender sore on his right lower lip. He had previously been treated with acyclovir without improvement. Physical exam revealed a 1 cm firm tender nodule with overlying crusted erosion on the right lower lip. A deep saucerization biopsy was performed which showed a dense lymphoplasmacytic infiltrate composed primarily of plasmacytoid cells extending into the subcutis. In-situ hybridization for EBV (EBER) was diffusely positive, while CD30, CD20, and Pax-5 immunostains showed only rare clusters of positive cells. The kappa/lambda ratio was 1:10, consistent with lambda light chain restriction. IGH clonality assay failed to detect a monoclonal population. On the basis of these results, a diagnosis of EBV+ polymorphic B-LPD was favored. Unfortunately, the patient expired a few weeks after presentation as a result of complications from his CLL. Conclusion: We report a rare case of cutaneous EBV+ polymorphic B-LPD. Prompt and accurate diagnosis of this entity is important to avoid pursuit of unnecessarily aggressive therapies, prompt workup for undiagnosed immunodeficiency, and minimize the risk of fatal progression.https://scholarlycommons.henryford.com/merf2020caserpt/1108/thumbnail.jp

A comparision of saccadic eye movements by keyboard musicians when reading music versus text

Many studies have been done on saccadic eye movements while reading text, but none have been done to see how reading music differs from reading text. The saccade is one of the major components of eye movements that has been observed in previous studies, and the EYE TRAC has been used to obtain a quantitative measurement of the number of saccades while reading. The intent of this study was to determine the difference in the number of saccadic eye movements between reading music and reading text, thereby indirectly measuring the difference in visual demand between these two tasks. We used the Eye Trac to measure the number of saccades made by keyboard musicians first while reading the standard Eye Trac text, and secondly by reading musical notes which have been reproduced to simulate the standard text as closely as possible. Both graphical and statistical analyses were performed on the data obtained during testing, and both dramatically show the difference in visual demand. The mean number of saccades per second was significantly higher for reading music (5.032) as compared to reading text (3.529), and the overall time required to complete each task also was very different (16.4 seconds for text, 120 seconds for music). Statistical analysis predicted that the probability that the data occurred by chance was .0001