Impact of Japanese Mergers on Shareholder Wealth: An Analysis of Bidder and Target Companies

The market for corporate control in the second largest economy in the world behaves very different from that in the U.S. Using a sample of 91 mergers in the period 1982-2003 we document several distinctive features of this market in Japan. First, we show that in stark contrast to the pro-cyclical U.S. merger waves, mergers in Japan tend to be counter-cyclical, both with respect to the general economy as well as with respect to stock market valuations. Second, and again in contrast to the U.S. experience, we find that a significant fraction of Japanese mergers are orchestrated by the main banks; in such cases, mergers are not between two weak companies, but at least one of the merging companies is financially strong. Other distinctive features of Japanese mergers are the positive pre-announcement returns accruing to both bidders and targets, with bidders capturing approximately half the gains that accrue to target firms. We also find differential shareholder wealth effects in the bubble period (1982-1989), the early 1990s, and the post-financial regulation regime (1997-2003). Overall our results point to a market for corporate control that is distinctly less shareholder-centered than that in the U.S. and one where creditors play an important, perhaps dominant, role.mergers;Japanse mergers;corporate control;take-over

Preference reversal: Memory and contextual biases with choice

A virtue of good theory is that it is general; theories that predict a wide range of events have obvious merit. Several promi- nent theories of decision making achieve this objective by proposing that all decisions can be modeled with the same generic representation (e.g., Birnbaum, 2008; Tversky & Kahneman, 1992; von Neumann & Mor- genstern, 1947). For example, these theories assume that all decisions under risk or uncertainty can be represented as gambles, with monetary amounts representing the outcomes. In five experiments, we pursue an opposing, not previously investigated idea: Risky choices are affected by decision content, even when utilities and probabilities are known. We studied the influences of context (Experiments 1 and 2), memory (Experiments 3 and 4) and computational complexity (Experiment 5). In contrast with traditional theories, we find that people do not have un- derlying generic preferences; people’s experiences “leak” into decisions even when risk information is explicitly provided

The use of information in online healthcare provider choice

In order to evaluate and facilitate the provision of health information online, we must first understand how it is perceived by those who use it. Two important considerations in research on patients’ information use in online healthcare provider choice are the need for a conceptual framework for studying information types and methods for studying information use. Therefore, our first contribution lies in using Donabedian's structure-process-outcome model of healthcare quality to identify specific patterns of preference and information use in online healthcare provider choice, and differences in information use between two healthcare provider types. Our second contribution lies in identifying differences in results between data collection methods (importance rating/selection, concurrent self-report of online information use and retrospective information use) in relation to choice tasks. In a mixed-methods design, provider type (primary and secondary care) was systematically varied during participants’ use of the infomediary NHS Choices. Participants preferred process topics over structure topics, in contrast with the results of concurrent and retrospective self-report. We conclude that the differences in results between the types of data collection method reflect underlying differences in choice task. Future research should address the use of novel infomediary user-interfaces, and infomediaries in relation to the use of other information sources and (e-)health literacy

M&A in Japan: An Analysis of Merger Waves and Hostile Takeovers

The number of mergers between large companies has been low and hostile takeover cases have been rare in post-war Japan. Since the 1990s total M&A activity is increasing in number of cases and value, and coinciding with this trend, hostile tender offer attempts are also more frequent. Previous research argues that the low level of merger and hostile takeover activity is caused by three institutional elements within the Japanese society: the main bank system, the horizontal keiretsu, and the specific Japanese culture. Regarding mergers we examine whether the main bank system influences merger activity of companies. With two event studies we show that involvement of a main bank does not create shareholder wealth in mergers. The main bank appears to act in order to protect its own interests as creditor. With reference to hostile takeovers we show that it is important to make a distinction between greenmail and hostile tender offers. We build an institutional model and show that it is necessary to consider each institutional element from a broad and historical perspective. Finally, we indicate that the low number of hostile tender offers might be explained by the vertical keiretsu and trade association

Single-bit-per-weight deep convolutional neural networks without batch-normalization layers for embedded systems

Batch-normalization (BN) layers are thought to be an integrally important layer type in today's state-of-the-art deep convolutional neural networks for computer vision tasks such as classification and detection. However, BN layers introduce complexity and computational overheads that are highly undesirable for training and/or inference on low-power custom hardware implementations of real-time embedded vision systems such as UAVs, robots and Internet of Things (IoT) devices. They are also problematic when batch sizes need to be very small during training, and innovations such as residual connections introduced more recently than BN layers could potentially have lessened their impact. In this paper we aim to quantify the benefits BN layers offer in image classification networks, in comparison with alternative choices. In particular, we study networks that use shifted-ReLU layers instead of BN layers. We found, following experiments with wide residual networks applied to the ImageNet, CIFAR 10 and CIFAR 100 image classification datasets, that BN layers do not consistently offer a significant advantage. We found that the accuracy margin offered by BN layers depends on the data set, the network size, and the bit-depth of weights. We conclude that in situations where BN layers are undesirable due to speed, memory or complexity costs, that using shifted-ReLU layers instead should be considered; we found they can offer advantages in all these areas, and often do not impose a significant accuracy cost.Comment: 8 pages, published IEEE conference pape

The evolution of female copulation calls in primates: a review and a new model

Female copulation calls are mating-associated vocalizations that occur in some species of Old World monkeys and apes. We argue that copulation calls have two immediate functions: to encourage mating attempts by other males and to increase mate guarding by the consort male. We hypothesize that female copulation calls have evolved under the selective pressures of risk of infanticide and sperm competition. When male mate guarding is effective, copulation calls allow females to concentrate paternity in dominant males and benefit from their protection against the risk of infanticide. When mate guarding is ineffective, copulation calls may bring genetic benefits to females through facilitation of sperm competition. We present a quantitative model in which interspecific variation in females' promiscuity predicts their tendency to use copulation calls in conjunction with mating. The model predicts that in species with little female promiscuity, copulation calls should be rare and exhibited only in association with mating with dominant males. In species in which females are highly promiscuous, copulation calls should be frequent and unrelated to male dominance rank. The limited data available to test the model support its main predictions as well as the predicted relation between copulation calls and male dominance rank

Risk perceptions of cyber-security and precautionary behaviour

A quantitative empirical online study examined a set of 16 security hazards on the Internet and two comparisons in 436 UK- and US students, measuring perceptions of risk and other risk dimensions. First, perceived risk was highest for identity theft, keylogger, cyber-bullying and social engineering. Second, consistent with existing theory, significant predictors of perceived risk were voluntariness, immediacy, catastrophic potential, dread, severity of consequences and control, as well as Internet experience and frequency of Internet use. Moreover, control was a significant predictor of precautionary behaviour. Methodological implications emphasise the need for non-aggregated analysis and practical implications emphasise risk communication to Internet users

Low-power transcutaneous current stimulator for wearable applications

BACKGROUND: Peripheral neuropathic desensitization associated with aging, diabetes, alcoholism and HIV/AIDS, affects tens of millions of people worldwide, and there is little or no treatment available to improve sensory function. Recent studies that apply imperceptible continuous vibration or electrical stimulation have shown promise in improving sensitivity in both diseased and healthy participants. This class of interventions only has an effect during application, necessitating the design of a wearable device for everyday use. We present a circuit that allows for a low-power, low-cost and small form factor implementation of a current stimulator for the continuous application of subthreshold currents. RESULTS: This circuit acts as a voltage-to-current converter and has been tested to drive + 1 to - 1 mA into a 60 k[Formula: see text] load from DC to 1 kHz. Driving a 60 k[Formula: see text] load with a 2 mA peak-to-peak 1 kHz sinusoid, the circuit draws less than 21 mA from a 9 V source. The minimum operating current of the circuit is less than 12 mA. Voltage compliance is ± 60 V with just 1.02 mA drawn by the high voltage current drive circuitry. The circuit was implemented as a compact 46 mm × 21 mm two-layer PCB highlighting its potential for use in a body-worn device. CONCLUSIONS: No design to the best of our knowledge presents comparably low quiescent power with such high voltage compliance. This makes the design uniquely appropriate for low-power transcutaneous current stimulation in wearable applications. Further development of driving and instrumentation circuitry is recommended

Impact of Japanese Mergers on Shareholder Wealth: An Analysis of Bidder and Target Companies

The market for corporate control in the second largest economy in the world behaves very different from that in the U.S. Using a sample of 91 mergers in the period 1982-2003 we document several distinctive features of this market in Japan. First, we show that in stark contrast to the pro-cyclical U.S. merger waves, mergers in Japan tend to be counter-cyclical, both with respect to the general economy as well as with respect to stock market valuations. Second, and again in contrast to the U.S. experience, we find that a significant fraction of Japanese mergers are orchestrated by the main banks; in such cases, mergers are not between two weak companies, but at least one of the merging companies is financially strong. Other distinctive features of Japanese mergers are the positive pre-announcement returns accruing to both bidders and targets, with bidders capturing approximately half the gains that accrue to target firms. We also find differential shareholder wealth effects in the bubble period (1982-1989), the early 1990s, and the post-financial regulation regime (1997-2003). Overall our results point to a market for corporate control that is distinctly less shareholder-centered than that in the U.S. and one where creditors play an important, perhaps dominant, role