Target company cross-border effects in acquisitions into the UK

We analyse the abnormal returns to target shareholders in crossborder and domestic acquisitions of UK companies. The crossborder effect during the bid month is small (0.84%), although crossborder targets gain significantly more than domestic targets during the months surrounding the bid. We find no evidence for the level of abnormal returns in crossborder acquisitions to be associated with market access or exchange rate effects, and only limited support for an international diversification effect. However, the crossborder effect appears to be associated with significant payment effects, and there is no significant residual crossborder effect once various bid characteristics are controlled for

Ground State Entropy of Potts Antiferromagnets: Bounds, Series, and Monte Carlo Measurements

We report several results concerning $W(\Lambda,q)=\exp(S_0/k_B)$, the exponent of the ground state entropy of the Potts antiferromagnet on a lattice $\Lambda$. First, we improve our previous rigorous lower bound on $W(hc,q)$ for the honeycomb (hc) lattice and find that it is extremely accurate; it agrees to the first eleven terms with the large-$q$ series for $W(hc,q)$. Second, we investigate the heteropolygonal Archimedean $4 \cdot 8^2$ lattice, derive a rigorous lower bound, on $W(4 \cdot 8^2,q)$, and calculate the large-$q$ series for this function to $O(y^{12})$ where $y=1/(q-1)$. Remarkably, these agree exactly to all thirteen terms calculated. We also report Monte Carlo measurements, and find that these are very close to our lower bound and series. Third, we study the effect of non-nearest-neighbor couplings, focusing on the square lattice with next-nearest-neighbor bonds.Comment: 13 pages, Latex, to appear in Phys. Rev.

Prospects for radical emissions reduction through behaviour and lifestyle change

Over the past two decades, scholars and practitioners across the social sciences, in policy and beyond have proposed, trialled and developed a wide range of theoretical and practical approaches designed to bring about changes in behaviours and lifestyles that contribute to climate change. With the exception of the establishment of a small number of iconic behaviours such as recycling, it has however proved extremely difficult to bring about meaningful transformations in personal greenhouse gas emissions at either the individual or societal level, with multiple reviews now pointing to the limited efficacy of current approaches. We argue that the majority of approaches designed to achieve mitigation have been constrained by the need to operate within prevailing social scientific, economic and political orthodoxies which have precluded the possibility of non-marginal change. In this paper we ask what a truly radical approach to reducing personal emissions would look like from social science perspectives which challenge the unstated assumptions severely limiting action to date, and which explore new alternatives for change. We emphasise the difficulties likely to impede the instituting of genuinely radical societal change regarding climate change mitigation, whilst proposing ways that the ground could be prepared for such a transformation to take place

Routine activities and proactive police activity: a macro-scale analysis of police searches in London and New York City

This paper explored how city-level changes in routine activities were associated with changes in frequencies of police searches using six years of police records from the London Metropolitan Police Service and the New York City Police Department. Routine activities were operationalised through selecting events that potentially impacted on (a) the street population, (b) the frequency of crime or (c) the level of police activity. OLS regression results indicated that routine activity variables (e.g. day of the week, periods of high demand for police service) can explain a large proportion of the variance in search frequency throughout the year. A complex set of results emerged, revealing cross-national dissimilarities and the differential impact of certain activities (e.g. public holidays). Importantly, temporal frequencies in searches are not reducible to associations between searches and recorded street crime, nor changes in on-street population. Based on the routine activity approach, a theoretical police-action model is proposed

Far from 'the magic of the mall': Retail (Change) in 'other places'

Abstract: A pre-occupation with the ‘new' and a focus on corporate retailers and spaces has led to a lack of consideration of change and issues in secondary or ‘other places' of retail. Using a longitudinal survey methodology, data on retail stock, churn, vacancy and use are considered for one such ‘other place' - Shettleston in Glasgow. The data show complex dimensions and aspects of vulnerability and resilience, compounded by reactions to exogenous retail and other economic and social changes. Far from being ‘seedy, pre-historical backwaters', Shettleston and similar ‘other' places can be vital, local centres playing a variety of useful roles. They require support and attention every bit as much as more high profile town centres and high streets

Meta-analysis of genome-wide association studies of asthma in ethnically diverse North American populations.

Asthma is a common disease with a complex risk architecture including both genetic and environmental factors. We performed a meta-analysis of North American genome-wide association studies of asthma in 5,416 individuals with asthma (cases) including individuals of European American, African American or African Caribbean, and Latino ancestry, with replication in an additional 12,649 individuals from the same ethnic groups. We identified five susceptibility loci. Four were at previously reported loci on 17q21, near IL1RL1, TSLP and IL33, but we report for the first time, to our knowledge, that these loci are associated with asthma risk in three ethnic groups. In addition, we identified a new asthma susceptibility locus at PYHIN1, with the association being specific to individuals of African descent (P = 3.9 × 10(-9)). These results suggest that some asthma susceptibility loci are robust to differences in ancestry when sufficiently large samples sizes are investigated, and that ancestry-specific associations also contribute to the complex genetic architecture of asthma

The Olympic Games and raising sports participation: a systematic review of evidence and an interrogation of policy for a demonstration effect

Research questions: Can a demonstration effect, whereby people are inspired by elite sport, sports people and events to actively participate themselves, be harnessed from an Olympic Games to influence sport participation? Did London 2012 sport participation legacy policy draw on evidence about a demonstration effect, and was a legacy delivered? Research methods: A worldwide systematic review of English language evidence returned 1,778 sources iteratively reduced by the author panel, on advice from an international review panel, to 21 included sources that were quality appraised and synthesised narratively. The evidence was used to examine the influence of a demonstration effect on sport participation engagement and to interrogate sport participation legacy policy for London 2012. Results and findings: There is no evidence for an inherent demonstration effect, but a potential demonstration effect, properly leveraged, may deliver increases in sport participation frequency and re-engage lapsed participants. Despite setting out to use London 2012 to raise sport participation, successive UK governments’ policy failures to harness the potential influence of a demonstration effect on demand resulted in failure to deliver increased participation. Implications: If the primary justification for hosting an Olympic Games is the potential impact on sport participation, the Games are a bad investment. However, the Games can have specific impacts on sport participation frequency and re-engagement, and if these are desirable for host societies, are properly leveraged by hosts, and are one among a number of reasons for hosting the Games, then the Games may be a justifiable investment in sport participation terms

Rural Development Programme measures on cultivated land in Europe to mitigate greenhouse gas emissions – regional ‘hotspots’ and priority measures

© 2016 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group. This is an Open Access article distributed under the terms of the Creative Commons Attribution-NonCommercial-NoDerivatives License (http://creativecommons.org/licenses/by-nc-nd/4.0/), which permits non-commercial re-use, distribution, and reproduction in any medium, provided the original work is properly cited, and is not altered, transformed, or built upon in any way.Agriculture is a significant source of GHG emissions, contributing 10% of total emissions within the EU-28. Emissions from European agriculture have been reduced, albeit at the expense of crop yield and the risk of production displacement (the transfer of production, and associated emissions, to land outside of Europe). This article assesses the impact on GHG emissions of selected European Rural Development Program measures, representative of a diversity of management strategies implemented on cultivated land, within nine European Member States. Climatic zone and underlying spatial environmental variables were accounted for using a novel technique, “Regional Variation Categories,” developed with European-scale GIS data sets. Production displacement is assessed with two benchmarks: (1) compared with existing crop production and (2) relative to a “minimum requirement” land management scenario, where an emissions reduction of less than this does not constitute mitigation. Most measures reduce emissions relative to the baseline crop scenario; however, many do not reduce emissions beyond the “minimum requirement,” this being limited to measures such as catch crops and within-field grass areas to prevent soil erosion. The selection and targeting of measures to maximize agricultural GHG mitigation on cultivated land within Europe is discussed...Peer reviewedFinal Published versio

Unravelling legacy: a triadic actor-network theory approach to understanding the outcomes of mega events

Mega events have recently attracted the attention of social scientists due to their important role for festival capitalism, urban regeneration and political propaganda. Their planning stage often produces elaborate strategies for maximising the benefits before, during and after the actual event, which has given rise to interdisciplinary studies of event legacy and leveraging. This paper aims to advance ongoing debates on the outcomes of sports mega events by bringing together the literatures on mega event legacy, leveraging and actor-network theory. Drawing on a case study on the usage of the Queen Elizabeth Olympic Park, the main legacy of the London 2012 Olympic Games, the paper develops a novel conceptual framework for researching the multi-scalar outcomes of mega events and locating respective studies within the resulting wider research agenda. The proposed concept extends Preuss’ (2007) legacy cube in two ways by visualising its five research dimensions in the legacy rings and using three rather than two sub-dimensions per ring, thereby replacing the restrictive dyads of dualistic thinking through more comprehensive but still manageable triads of triadic thought (Jöns, 2006)