Effect Of Mergers And Acquisitions On Stockholders And The Economy

The size and volume of takeover activity has increased astronomically since the frenzy of current takeover activity began with the 1974 raid on ESB, Inc. in Philadelphia. Since then we have witnessed the growth of the raider financing tool: the junk bond. This high yield but incredibly risky bond has helped finance some of the largest mergers and acquisitions in history. The risk has not driven away investors looking for substantial fast earnings. The demand for these so called bellow-investment-grade bonds continue to grow. Are these bonds causing companies to take on too much debt to finance takeovers? Does this frenzy of takeover activity do more harm than good to shareholders, employees, the capital markets, and the economy as a whole? From the research I have done, I have determined that there are no hard and fast rules to provide the answer to these questions. There is little concrete proof that mergers and acquisitions are good or bad. Some mergers and acquisitions will be beneficial, others will not. To find the answer, you must evaluate the effects on a company by company basis.

Trudging the Road of Happy Destiny: The Gift Economy in Early Alcoholics Anonymous History and the Creation of The Big Book

In 1939, Bill Wilson and his peers published Alcoholics Anonymous: The Story of How Many Thousands of Men and Women Have Recovered from Alcoholism, and in doing so, codified a spiritual gift economy through which millions of people have recovered from alcoholism and other addictions. This project examines the pragmatic formulation of this economy and argues its origins were driven as much by self-interest as altruism. It further explores the syncretic leadership of Bill Wilson and his mark on The Big Book

Geomorphic evidence for ancient seas on Mars

Geomorphic evidence is presented for ancient seas on Mars. Several features, similar to terrestrial lacustrine and coastal features, were identified along the northern plains periphery from Viking images. The nature of these features argues for formation in a predominantly liquid, shallow body of standing water. Such a shallow sea would require either relatively rapid development of shoreline morphologies or a warmer than present climate at the time of outflow channel formation

Geomorphic evidence for ancient seas in west Deuteronilus Mensae, Mars-1: Regional geomorphology

The fretted terrain in west Deuteronilus Mensae consists of extensive cratered upland penninsulas or isolated plateaus cut by long, finger-like canyons typically 10 to 20 km wide and upwards of 300 km long. The longest of these canyons trend roughly north-south to north-northeast, which may reflect some local structural and/or topographic control. At least three geomorphic zones roughly parallel to the lowland/upland boundary, suggestive of increasing modification northward, can be recognized on the fretted region of the region. The southern-most zone (zone A) consists of sharply defined fretted terrain. The middle zone (zone B) consists of well defined fretted terrain in which the plateau surfaces appear smoother, with a somewhat darker and much less varied albedo surface than those of zone A. The northern-most zone (zone C) consists of rounded or softened fretted terrain. The zones were interpreted as surface exposures of successively lower stratigraphic units

Curvilinear ridges and related features in southwest Cydonia Mensae, Mars

Examined is a region on Mars in southwest Cydonia Mensae (32 deg lat., 17 deg long.) just northwest of the lowland/upland boundary escarpment. The dominant morphological features in this region are the clusters of large massifs and plateau outliers (PI), knobby material (K), and smooth lowland plains (Ps). Surrounding the clusters and linking many isolated knobs is a system of curvilinear ridges and arcuate terrain boundaries which tend to separate the massifs and knobs from the smooth plains. Curvilinear ridges are arcuate to nearly linear and smoother in plan than wrinkle ridges and show no apparent correlation with regional structural grain. They are typically 5 to 10 km long but can range from as little as 2 or 3 km to greater than 50 km long. The widths vary from about 100 m to as much as 2 km. Curvilinear ridges are most numerous within 100 km of the lowland/upland boundary escarpment and are associated with massifs and knobby terrain. Arcuate terrain boundaries appear between units of different apparent albedo or arcuate breaks in slope

Geomorphic evidence for ancient seas in west Deuteronilus Mensae, Mars-2: From very high resolution Viking Orbiter images

Very high resolution Viking Orbiter images of the Martian surface, though rare, make it possible to examine specific areas at image scales approaching those of high altitude terrestrial aerial photographs. Twenty three clear images lie within west Deuteronilus Mensae. The northernmost images which constitute an almost unbroken mosaic of the west wall of a long fingerlike canyon are examined. Morphological details on the plateau surface within zone B, not detectable at low resolution, make it possible to divide the zone into two distinct subzones separated by an east-west escarpment. The morphology of the canyon floor is described in detail

Geologic mapping of Argyre Planitia

This report describes the results from the geologic mapping of the central and southern Argyre basin of Mars. At the Mars Geologic Mapper's Meeting in Flagstaff during July, 1993, Dave Scott (United States Geological Survey, Mars Geologic Mapping Steering Committee Chair) recommended that all four quadrangles be combined into a single 1:1,000,000 scale map for publication. It was agreed that this would be cost-effective and that the decrease in scale would not compromise the original science goals of the mapping. Tim Parker completed mapping on the 1:500,000 scale base maps, for which all the necessary materials had already been produced, and included the work as a chapter in his dissertation, which was completed in the fall of 1994. Geologic mapping of the two southernmost quadrangles (MTM -55036 and MTM -55043; MTM=Mars Transverse Mercator) was completed as planned during the first year of work. These maps and a detailed draft of the map text were given a preliminary review by Dave Scott during summer, 1993. Geologic mapping of the remaining two quadrangles (MTM -50036 and MTM -50043) was completed by summer, 1994. Results were described at the Mars Geologic Mappers Meeting, held in Pocatello, Idaho, during July, 1994. Funds for the third and final year of the project have been transferred to the Jet Propulsion Laboratory, where Tim Parker will revise and finalize all maps and map text for publication by the United States Geological Survey at the 1:1,000,000 map scale

The Asymmetric Thick Disk: A Star Count and Kinematic Analysis. II The Kinematics

We report a kinematic signature associated with the observed asymmetry in the distribution of thick disk/inner halo stars interior to the Solar circle described in Paper I. In that paper we found a statistically significant excess (20% to 25 %) of stars in quadrant I (l ~ 20 deg to 55 deg) both above and below the plane (b ~ +/- 25 deg to +/- 45 deg) compared to the complementary region in quadrant IV. We have measured Doppler velocities for 741 stars, selected according to the same magnitude and color criteria, in the direction of the asymmetry and in the corresponding fields in quadrant IV. We have also determined spectral types and metallicities measured from the same spectra. We not only find an asymmetric distribution in the V_LSR velocities for the stars in the two regions, but the angular rate of rotation, w, for the stars in quadrant I reveals a slower effective rotation rate compared to the corresponding quadrant IV stars. We use our [Fe/H] measurements to separate the stars into the three primary population groups, halo, thick disk, and disk, and conclude that it is primarily the thick disk stars that show the slower rotation in quadrant I. A solution for the radial, tangential and vertical components of the V_LSR velocities, reveals a significant lag of ~ 80 to 90 km/s in the direction of Galactic rotation for the thick disk stars in quadrant I, while in quadrant IV, the same population has only a ~ 20 km/s lag. The results reported here support a rotational lag among the thick disk stars due to a gravitational interaction with the bar as the most likely explanation for the asymmetry in both the star counts and the kinematics. The affected thick disk stars, however, may be associated with the recently discovered Canis Major debris stream or a similar merger event (abridged).Comment: Accepted for publication in the Astronomical Journa

Molecular simulation of hydrogen storage and transport in cellulose

In this work we describe a computational workflow to model the sorption and transport of molecular hydrogen in cellulose frameworks. The work demonstrates the value of the molecular dynamics code, DL_POLY and Monte Carlo code, DL_MONTE sharing common input formats to enhance the compatibility of the codes, being supported by DL_FIELD. Structures generated using cellulose-builder were processed by DL_FIELD to generate input files for DL_POLY using the OPLS_2005 force field. After relaxation in molecular dynamics, structures were used for GCMC simulations in DL_MONTE before passing back to DL_POLY to evaluate transport properties at different levels of sorption. While no hydrogen sorption was seen in pure crystalline cellulose, increasing separation between layers did allow sorption. When slit-pores were sufficiently wide, interactions with the cellulose led to the volumetric density of adsorbed hydrogen exceeding vacuum density at accessible partial pressures as well as allowing diffusion through the system. These model systems can give useful insight into the behaviour of amorphous cellulose in future simulation and experiment

Origins of the sarsen megaliths at Stonehenge

The sources of the stone used to construct Stonehenge around 2500 BCE have been debated for over four centuries. The smaller “bluestones” near the center of the monument have been traced to Wales, but the origins of the sarsen (silcrete) megaliths that form the primary architecture of Stonehenge remain unknown. Here, we use geochemical data to show that 50 of the 52 sarsens at the monument share a consistent chemistry and, by inference, originated from a common source area. We then compare the geochemical signature of a core extracted from Stone 58 at Stonehenge with equivalent data for sarsens from across southern Britain. From this, we identify West Woods, Wiltshire, 25 km north of Stonehenge, as the most probable source area for the majority of sarsens at the monument