Corporate Governance and Acquisitions: Acquirer Wealth Effects in the Netherlands

We examine 865 acquisitions by Dutch industrial firms over the period 1993–2004. Theoretical work based on principal–agent problems predicts that managers of exchange-listed corporations may pursue acquisitions even when these do not add value for the shareholders. Corporate governance structures serve to constrain managers in their acquisition activity. In this chapter we measure the shareholder wealth effects of acquisitions and the factors that determine these wealth effects, including the governance characteristics of corporations. Firms in the Netherlands are interesting from the perspective of corporate governance, because the managerial board has a relatively strong position vis-à-vis shareholders. Several takeover defenses commonly used in the Netherlands not only limit shareholder influence during takeover battles, but also in absence of such fights. On the other hand, ownership is relatively concentrated, which may provide shareholders with the incentives and power to monitor the management. The average abnormal stock return following acquisition announcements is 1.1%, which is a significant positive effect. There is only a significant negative impact of the so-called structured regime, a situation where several shareholder rights are delegated to the supervisory board. This result suggests that governance improves acquisition decisions.The Netherlands;Corporate governance;Event study;Mergers & acquisitions

Corporate Governance, Firm Risk and Shareholder Value

This dissertation consists of three studies in the field of corporate governance. The research examines the impact of the way Dutch firms are managed and controlled on risk characteristics and the implications for shareholder value. The first study examines the relation between board interlocks and firm risk. In particular, we measure the effect of supervisory directors’ connectivity on firm risk. We find yet unknown aspects of connectivity and based on our findings the validity of the motivation behind recent Dutch civil law amendments can be questioned. In the second study we examine how firms adapted their communication with investors to the changing demands of the financial markets in the 1990s. Using Royal Philips NV as a case study we find that Philips’ communication was not able to satisfy the demands of the changing financial markets. As a consequence, its shareholders have suffered billion euro value losses. In the third study, we measure the effect of managers’ discretion offered by takeover defenses on shareholder wealth. Dutch firms are known for the frequent use of takeover defenses, protecting managers and providing them a relatively strong position towards shareholders. We find that acquisitions conducted by Dutch firms generate significant positive abnormal announcement returns, which suggests that shareholders have other means to control management

The role of non-executive directors in Dutch firms

According to recent research, the traditional belief that companies could suffer in performance terms if members of the supervisory board have too many commitments elsewhere needs to be revised

Corporate Governance and Acquisitions: Acquirer Wealth Effects in the Netherlands

We examine 865 acquisitions by Dutch industrial firms over the period 1993–2004. Theoretical work based on principal–agent problems predicts that managers of exchange-listed corporations may pursue ac

Extensive flow cytometric immunophenotyping of human PBMC incorporating detection of chemokine receptors, cytokines and tetramers

Characterization of immune cells is essential to advance our understanding of immunology and flow cytometry is an important tool in this context. Addressing both cellular phenotype and antigen-specific functional responses of the same cells is valuable to achieve a more integrated understanding of immune cell behavior and maximizes information obtained from precious samples. Until recently, panel size was limiting, resulting in panels generally focused on either deep immunophenotyping or functional readouts. Ongoing developments in the field of (spectral) flow cytometry have made panels of 30(+) markers more accessible, opening up possibilities for advanced integrated analyses. Here, we optimized immune phenotyping by co-detection of markers covering chemokine receptors, cytokines and specific T cell/peptide tetramer interaction using a 32-color panel. Such panels enable integrated analysis of cellular phenotypes and markers assessing the quality of immune responses and will contribute to our understanding of the immune system.Immunogenetics and cellular immunology of bacterial infectious disease

Predictive value of lymphocytopenia and the neutrophil-lymphocyte count ratio for severe imported malaria

Background: Lymphocytopenia has frequently been described in patients with malaria, but studies on its association with disease severity have yielded conflicting results. The neutrophil/lymphocyte count ratio (NLCR) has been introduced as a parameter for systemic inflammation in critically ill patients and was found, together with lymphocytopenia, to be a better predictor of bacteraemia than routine parameters like C-reactive protein and total leukocyte count. In the present study, the predictive value of the NLCR and lymphocytopenia for severe disease was evaluated in patients with imported malaria. Methods. All patients diagnosed with malaria at the Harbour Hospital between January 1§ssup§st§esup§ 1999 and January 1§ssup§st§esup§ 2012 with differential white cell counts determined within the first 24 hours after admission were included in this retrospective study. Severe malaria was defined according to the WHO criteria. The performance of the NLCR and lymphocytopenia as a marker of severe malarial disease was compared back-to-back with that of C-reactive protein as a reference biomarker. Results: A total of 440 patients (severe falciparum malaria n = 61, non-severe falciparum malaria n = 259, non-falciparum malaria n=120) were included in the study. Lymphocytopenia was present in 52% of all patients and the median NLCR of all patients was 3.2. Total lymphocyte counts and NLCR did not differ significantly between groups. A significant correlation of total leukocyte count and NLCR, but not lymphocyte count, with parasitaemia was found. ROC analysis revealed a good negative predictive value but a poor positive predictive value of both lymphocytopenia and NLCR and performance was inferior to that of C-reactive protein. After complete parasite clearance a significant rise in total leukocyte count and lymphocyte count and a significant decrease in NLCR was observed. Conclusion: The NLCR was found to correlate with parasitaemia, but b

Гарантоздатність як фундаментальний узагальнюючий та інтегруючий підхід

Представлені головні принципи та умови становлення і етапи розвитку фундаментальної теорії і практики узагальнюючих та інтегруючих концепцій гарантоздатності, починаючи з першої об’єднаної конференції двох наукових шкіл Дж. фон Неймана і Н. Вінера. Приведені основні положення розвитку теоретичних засад і результатів прикладних досліджень інтеграційних процесів безвідмовності (надійності), відмовостійкості та гарантоздатності інформаційно-управляючих комп’ютерних систем (ІУКС).Представлены главные принципы, условия становления и этапы развития фундаментальной теории и практики обобщающих и интегрирующих концепций гарантоспособности, начиная с первой объединённой конференции двух научных школ Дж. фон Неймана и Н. Винера. Приведены основные положения развития теоретических основ и результатов прикладных исследований интеграционных процессов безотказности (надёжности), отказоустойчивости и гарантоспособности информационно-управляющих компьютерных систем (ИУКС).The main principles and conditions of formation and stages of development of the fundamental theory and practice of the generalizing and integrating concepts of dependability were presented after the leadthrough the first joint conference of two scientific schools of J. von Neumann and N. Wiener. The basic aspects of development of theoretical principles and results of applied researches of integration processes of reliability (fail-safety)

A simple and fast method to exclude high Plasmodium falciparum parasitaemia in travellers with imported malaria

Background: Counts of malaria parasites in peripheral blood are important to assess severity of Plasmodium falciparum malaria. Thin and thick smears are routinely used for this purpose. Methods. In this study the Binax NOW® Malaria Test, an easy-to-perform rapid diagnostic test, with Histidine Rich Protein-2 (HRP-2) and aldolase as diagnostic markers, was used for semi-quantitative assessment of parasitaemia of P. faciparum. Results: In 257 patients with imported P. falciparum malaria, reactivity of aldolase increased with higher parasitaemia. In all patients with a parasitaemia above 50,000 asexual parasites/l (> 1%) co-reactivity of HRP-2 and aldolase was observed. Absence of aldolase reactivity in the presence of HRP-2 was a reliable predictive marker to exclude high (> 1%) parasitaemia in P. falciparum malaria. Conclusions: Assessment of HRP-2 and aldolase co-reactivity can be of help in clinical decision making in the acute care setting of returning travellers suspected of having malaria

A Literature Review on Cloud Computing Adoption Issues in Enterprises

Part 3: Creating Value through ApplicationsInternational audienceCloud computing has received increasing interest from enterprises since its inception. With its innovative information technology (IT) services delivery model, cloud computing could add technical and strategic business value to enterprises. However, cloud computing poses highly concerning internal (e.g., Top management and experience) and external issues (e.g., regulations and standards). This paper presents a systematic literature review to explore the current key issues related to cloud computing adoption. This is achieved by reviewing 51 articles published about cloud computing adoption. Using the grounded theory approach, articles are classified into eight main categories: internal, external, evaluation, proof of concept, adoption decision, implementation and integration, IT governance, and confirmation. Then, the eight categories are divided into two abstract categories: cloud computing adoption factors and processes, where the former affects the latter. The results of this review indicate that enterprises face serious issues before they decide to adopt cloud computing. Based on the findings, the paper provides a future information systems (IS) research agenda to explore the previously under-investigated areas regarding cloud computing adoption factors and processes. This paper calls for further theoretical, methodological, and empirical contributions to the research area of cloud computing adoption by enterprises