Innovation Performance in Healthcare M&A: An Empirical Analysis

The relationship between mergers and acquisitions (M&A) and innovation in the healthcare sector (pharmaceuticals, biotechnology, medical devices, and life sciences) is investigated using a new self-generated dataset of 41 firms. Patents are used as proxy for innovation performance of acquiring firms. This work can also be seen as an extended replication study of Ahuja and Katila (2001) and Cloodt et al. (2006). The extension comprises of newly added variables relatedness of acquirer knowledge and acquisition experience. The findings are consistent with previous research. Non-technological M&A appear to have a negative impact on the acquiring firm’s innovation performance. The absolute size of acquired knowledge has a small positive effect. The relative size of acquired knowledge has a negative effect on the acquiring firm's innovation performance. The relatedness of the target knowledge base has a curvilinear impact on innovative performance. The relatedness of acquirer knowledge has a negative effect on innovation performance. Finally, the effect of previous acquisition experience is ambiguous. The findings of this study indicate that the firms' innovation performance can benefit from M&A by carefully selecting targets that provide the appropriate amount of "innovative" input. Keywords: Mergers & Acquisitions; Innovation; Innovation Performance; Patents; Knowledge based view.The relationship between mergers and acquisitions (M&A) and innovation in the healthcare sector (pharmaceuticals, biotechnology, medical devices, and life sciences) is investigated using a new self-generated dataset of 41 firms. Patents are used as proxy for innovation performance of acquiring firms. This work can also be seen as an extended replication study of Ahuja and Katila (2001) and Cloodt et al. (2006). The extension comprises of newly added variables relatedness of acquirer knowledge and acquisition experience. The findings are consistent with previous research. Non-technological M&A appear to have a negative impact on the acquiring firm’s innovation performance. The absolute size of acquired knowledge has a small positive effect. The relative size of acquired knowledge has a negative effect on the acquiring firm's innovation performance. The relatedness of the target knowledge base has a curvilinear impact on innovative performance. The relatedness of acquirer knowledge has a negative effect on innovation performance. Finally, the effect of previous acquisition experience is ambiguous. The findings of this study indicate that the firms' innovation performance can benefit from M&A by carefully selecting targets that provide the appropriate amount of "innovative" input. Keywords: Mergers & Acquisitions; Innovation; Innovation Performance; Patents; Knowledge based view

Rapport Medegelding Maritiem Arbeidsverdrag 2006 Nederlandse Antillen en Aruba

Sociale cohesie en sociaal-economische vraagstukke

Advies Wetgevingsimplicaties Implementatie Maritiem Arbeidsverdrag

Sociale cohesie en sociaal-economische vraagstukke

Results of final focus test beam

International audienceThe beam experiments of Final Focus Test Beam (FFTB) started in September 1993 at SLAC, and have produced a 1.7 μm×75 nm spot of 46 GeV electron beam. A number of new techniques involving two nanometer spot-size monitors have been developed. Several beam diagnostic/tuning schemes are applied to achieve and maintain the small spot. This experiment opens the way toward the nanometer world for future linear collider

Personal semantics: Is it distinct from episodic and semantic memory? An electrophysiological study of memory for autobiographical facts and repeated events in honor of Shlomo Bentin

Declarative memory is thought to consist of two independent systems: episodic and semantic. Episodic memory represents personal and contextually unique events, while semantic memory represents culturally-shared, acontextual factual knowledge. Personal semantics refers to aspects of declarative memory that appear to fall somewhere in between the extremes of episodic and semantic. Examples include autobiographical knowledge and memories of repeated personal events. These two aspects of personal semantics have been studied little and rarely compared to both semantic and episodic memory. We recorded the event-related potentials (ERPs) of 27 healthy participants while they verified the veracity of sentences probing four types of questions: general (i.e., semantic) facts, autobiographical facts, repeated events, and unique (i.e., episodic) events. Behavioral results showed equivalent reaction times in all 4 conditions. True sentences were verified faster than false sentences, except for unique events for which no significant difference was observed. Electrophysiological results showed that the N400 (which is classically associated with retrieval from semantic memory) was maximal for general facts and the LPC (which is classically associated with retrieval from episodic memory) was maximal for unique events. For both ERP components, the two personal semantic conditions (i.e., autobiographical facts and repeated events) systematically differed from semantic memory. In addition, N400 amplitudes also differentiated autobiographical facts from unique events. Autobiographical facts and repeated events did not differ significantly from each other but their corresponding scalp distributions differed from those associated with general facts. Our results suggest that the neural correlates of personal semantics can be distinguished from those of semantic and episodic memory, and may provide clues as to how unique events are transformed to semantic memory

First Measurement of Z/gamma* Production in Compton Scattering of Quasi-real Photons

We report the first observation of Z/gamma* production in Compton scattering of quasi-real photons. This is a subprocess of the reaction e+e- to e+e-Z/gamma*, where one of the final state electrons is undetected. Approximately 55 pb-1 of data collected in the year 1997 at an e+e- centre-of-mass energy of 183 GeV with the OPAL detector at LEP have been analysed. The Z/gamma* from Compton scattering has been detected in the hadronic decay channel. Within well defined kinematic bounds, we measure the product of cross-section and Z/gamma* branching ratio to hadrons to be (0.9+-0.3+-0.1) pb for events with a hadronic mass larger than 60 GeV, dominated by (e)eZ production. In the hadronic mass region between 5 GeV and 60 GeV, dominated by (e)egamma* production, this product is found to be (4.1+-1.6+-0.6) pb. Our results agree with the predictions of two Monte Carlo event generators, grc4f and PYTHIA.Comment: 18 pages, LaTeX, 5 eps figures included, submitted to Physics Letters

Search for Higgs Bosons in e+e- Collisions at 183 GeV

The data collected by the OPAL experiment at sqrts=183 GeV were used to search for Higgs bosons which are predicted by the Standard Model and various extensions, such as general models with two Higgs field doublets and the Minimal Supersymmetric Standard Model (MSSM). The data correspond to an integrated luminosity of approximately 54pb-1. None of the searches for neutral and charged Higgs bosons have revealed an excess of events beyond the expected background. This negative outcome, in combination with similar results from searches at lower energies, leads to new limits for the Higgs boson masses and other model parameters. In particular, the 95% confidence level lower limit for the mass of the Standard Model Higgs boson is 88.3 GeV. Charged Higgs bosons can be excluded for masses up to 59.5 GeV. In the MSSM, mh > 70.5 GeV and mA > 72.0 GeV are obtained for tan{beta}>1, no and maximal scalar top mixing and soft SUSY-breaking masses of 1 TeV. The range 0.8 < tanb < 1.9 is excluded for minimal scalar top mixing and m{top} < 175 GeV. More general scans of the MSSM parameter space are also considered.Comment: 49 pages. LaTeX, including 33 eps figures, submitted to European Physical Journal

A Measurement of the Product Branching Ratio f(b->Lambda_b).BR(Lambda_b->Lambda X) in Z0 Decays

The product branching ratio, f(b->Lambda_b).BR(Lambda_b->Lambda X), where Lambda_b denotes any weakly-decaying b-baryon, has been measured using the OPAL detector at LEP. Lambda_b are selected by the presence of energetic Lambda particles in bottom events tagged by the presence of displaced secondary vertices. A fit to the momenta of the Lambda particles separates signal from B meson and fragmentation backgrounds. The measured product branching ratio is f(b->Lambda_b).BR(Lambda_b->Lambda X) = (2.67+-0.38(stat)+0.67-0.60(sys))% Combined with a previous OPAL measurement, one obtains f(b->Lambda_b).BR(Lambda_b->Lambda X) = (3.50+-0.32(stat)+-0.35(sys))%.Comment: 16 pages, LaTeX, 3 eps figs included, submitted to the European Physical Journal

Measurement of the Michel Parameters in Leptonic Tau Decays

The Michel parameters of the leptonic tau decays are measured using the OPAL detector at LEP. The Michel parameters are extracted from the energy spectra of the charged decay leptons and from their energy-energy correlations. A new method involving a global likelihood fit of Monte Carlo generated events with complete detector simulation and background treatment has been applied to the data recorded at center-of-mass energies close to sqrt(s) = M(Z) corresponding to an integrated luminosity of 155 pb-1 during the years 1990 to 1995. If e-mu universality is assumed and inferring the tau polarization from neutral current data, the measured Michel parameters are extracted. Limits on non-standard coupling constants and on the masses of new gauge bosons are obtained. The results are in agreement with the V-A prediction of the Standard Model.Comment: 32 pages, LaTeX, 9 eps figures included, submitted to the European Physical Journal

Observation of a new chi_b state in radiative transitions to Upsilon(1S) and Upsilon(2S) at ATLAS

The chi_b(nP) quarkonium states are produced in proton-proton collisions at the Large Hadron Collider (LHC) at sqrt(s) = 7 TeV and recorded by the ATLAS detector. Using a data sample corresponding to an integrated luminosity of 4.4 fb^-1, these states are reconstructed through their radiative decays to Upsilon(1S,2S) with Upsilon->mu+mu-. In addition to the mass peaks corresponding to the decay modes chi_b(1P,2P)->Upsilon(1S)gamma, a new structure centered at a mass of 10.530+/-0.005 (stat.)+/-0.009 (syst.) GeV is also observed, in both the Upsilon(1S)gamma and Upsilon(2S)gamma decay modes. This is interpreted as the chi_b(3P) system.Comment: 5 pages plus author list (18 pages total), 2 figures, 1 table, corrected author list, matches final version in Physical Review Letter