Location, Proximity, and M&A Transactions

In this paper, we examine how the geographic location of firms affects acquisition decisions and value creation for acquirers in takeover transactions. We find that firms located in an urban area are more likely to receive a takeover bid and complete a takeover transaction as a target than firms located in rural areas, and takeover deals involving an urban target are associated with higher acquirer announcement returns, after controlling for the proximity between the target and the acquirer. In addition, a target\u27s urban location significantly attenuates the negative effect of a long distance between the target and the acquirer on acquirer returns, a fact that is documented in the existing literature. Our findings reveal a previously underexplored force—firm location—that can affect takeover transactions, in addition to proximity. Our paper suggests that a firm\u27s location plays an important role in facilitating the dissemination of soft information and enhancing information-based synergies

Intrinsic Regularization Method in QCD

There exist certain intrinsic relations between the ultraviolet divergent graphs and the convergent ones at the same loop order in renormalizable quantum field theories. Whereupon we may establish a new method, the intrinsic regularization method, to regularize those divergent graphs. In this paper, we apply this method to QCD at the one loop order. It turns out to be satisfactory:The gauge invariance is preserved manifestly and the results are the same as those derived by means of other regularization methods.Comment: 18 pages, LaTeX , 7 figures in a separate compressed postscript fil