Trade and mergers in the presence of firm heterogeneity

We investigate the role of firm heterogeneity in considering profitability and desirability of mergers in the international economy. Analysis shows that higher trade costs make only crossborder mergers profitable whereas larger firm heterogeneity is likely to increase both domestic and cross-border mergers. Furthermore, it is shown that whether or not a merger leads to merger waves depends on the types of firms involved in it. It is also demonstrated that larger firm heterogeneity can reduce the discrepancy between profitability and desirability of mergers when the trade cost is sufficiently low.M&As, trade, firm heterogeneity, Cournot competition

Horizontal mergers, firm heterogeneity, and R&D investments

We investigate the incentive and the welfare implications of a merger when heterogeneous oligopolists compete both in process R&D and on the product market. We examine how a merger affects the output, investment, and profits of firms, whether firms have merger incentives, and, if so, whether such mergers are desirable from the viewpoint of social welfare. We also derive equilibrium configurations and explore their welfare properties.

Reactivities of azoxybenzenes (I) : Wallach rearrangement of 2,2'-dimetlyl azoxybenzene

　In this paper we authors studied on Wallach rearrangement reaction of 2,2'-dimethyl azoxybenzene (DMAB) using sulfuric acid, chlorosulfonic acid and some other weak acids as catalysts, and obtained the following results ; (1) We could obtain 4-hydroxy-2,2'-dimethyl azobenzene as a rearrangement product from DMAB in 80% sulfuric acid, under the reaction temperature 80℃ and time 30 minutes. The yield of 64% obtained in this experiment was better than that of 31% at which Gore et al had obtained the product. (2) In case where chlorosulfonic acid was used in the rearrangement, It is a contradictory results against Wallach rearrangement by ordinary acid catalysts. The yield of o-isomer in the reaction products was higher than that of p-isomer in rearrangement. (3) We also tried Wallach rearrangement by weak acids for the first taime, and obtained p-isomer at yield of max. 38.8% with trichloroacetic acid in acetic anhydride

Intraoral Vertical Ramus Osteotomy Improved the Stomatognathic Function in an Elderly Patient with Mandibular Protrusion:A Case Report

This article reports the successful surgical-orthodontic treatment of an elderly patient with dentofacial deformity and signs and symptoms of temporomandibular disorder (TMD). The patient was a 63-year-old woman with a concave profile due to mandibular protrusion. To correct skeletal deformities, the mandible was posteriorly repositioned by employing intraoral vertical ramus osteotomy (IVRO) following presurgical orthodontic treatment. After active treatment for 31 months, the facial profile was significantly improved and satisfactory occlusion was achieved. In addition, TMD symptoms of clicking sounds on the left side and difficulty in mouth opening were resolved. Regarding the findings of magnetic resonance imaging, anterior disc displacement in the opening phase was improved in the temporomandibular joint on the left side. Furthermore, stomatognathic functions were also improved without any aggravation of age-related problems. In conclusion, surgical repositioning of the mandible using IVRO leads to both morphological and functional improvements even in elderly patients

Land mobile satellite propagation measurements in Japan using ETS-V satellite

Propagation characteristics of land mobile satellite communications channels have been investigated actively in recent years. Information of propagation characteristics associated with multipath fading and shadowing is required to design commercial land mobile satellite communications systems, including protocol and error correction method. CRL (Communications Research Laboratory) has carried out propagation measurements using the Engineering Test Satellite-V (ETS-V) at L band (1.5 GHz) through main roads in Japan by a medium gain antenna with an autotracking capability. This paper presents the propagation statistics obtained in this campaign