The role of real options in the takeover premia in mergers and acquisitions

This paper applies a real option framework to suggest that the takeover premia in mergers and acquisitions can be influenced by (a) the pre-bid ownership of target and (b) the real option characteristics of both acquirer and target firms. Our findings show that pre-bid ownership reduces the takeover premia, which is consistent with the argument that pre-bid ownership reduces information asymmetry. However, we find that the takeover premia is higher when both the acquirer and target firms exhibit real option capacity as measured by positive risk-return sensitivity. As a result, an acquirer with real option capacity is willing to pay higher takeover premia for an option embedded in the target firm

Reachable Workspace and Proximal Function Measures for Quantifying Upper Limb Motion.

There are a lack of quantitative measures for clinically assessing upper limb function. Conventional biomechanical performance measures are restricted to specialist labs due to hardware cost and complexity, while the resulting measurements require specialists for analysis. Depth cameras are low cost and portable systems that can track surrogate joint positions. However, these motions may not be biologically consistent, which can result in noisy, inaccurate movements. This paper introduces a rigid body modelling method to enforce biological feasibility of the recovered motions. This method is evaluated on an existing depth camera assessment: the reachable workspace (RW) measure for assessing gross shoulder function. As a rigid body model is used, position estimates of new proximal targets can be added, resulting in a proximal function (PF) measure for assessing a subject's ability to touch specific body landmarks. The accuracy, and repeatability of these measures is assessed on ten asymptomatic subjects, with and without rigid body constraints. This analysis is performed both on a low-cost depth camera system and a gold-standard active motion capture system. The addition of rigid body constraints was found to improve accuracy and concordance of the depth camera system, particularly in lateral reaching movements. Both RW and PF measures were found to be feasible candidates for clinical assessment, with future analysis needed to determine their ability to detect changes within specific patient populations

ENT care of children and adolescents in the Brazilian public healthy system in three different municipalities

The data base of ENT care in the Brazilian public health system (Sistema Unico de Saude - SUS) will help organize public health programs. AIM: The following items were investigated in patients aged up to 17 years attended in public health system outpatient units in the city of Mariana, in the ENT screening unit, UNIFESP-EPM, and in CISMISEL: 1) The main otorhinolaryngological diagnoses; 2) The most frequently required exams, drugs, and surgical procedures and their indications; 3) The jobs of parents; the number of siblings; and 4) A statistical analysis and comparison of data in each location. MATERIAL AND METHODS: We undertook a prospective study and a statistical analysis of variables that were gathered during the first visit. RESULTS: The age, the parents' salary, the number of siblings aged below 18 years, the presence of rhinitis, ears diseases, the exams, drugs and otological surgeries that were indicated were all statistically significant. CONCLUSION: The most common diagnosis was mouth breathing. The most common surgery was adenotonsillectomy. The most frequently requested exam was a lateral cranial radiograph. The number of unemployed parents, their poor salaries, and the number of siblings make if difficult for these patients to be treated in any facility other than the public heath system.A criação de um banco de dados sobre as demandas otorrinolaringológicas no SUS poderá fornecer informações para organizar estratégias de saúde e criar ou otimizar recursos do governo ou privados. OBJETIVOS: Determinar em pacientes até 17 anos de idade: 1) As principais doenças otorrinolaringológicas diagnosticadas; 2) Exames complementares mais solicitados; 3) Medicamentos mais prescritos; 4) Procedimentos ambulatoriais realizados e as indicações cirúrgicas; 5) Estado empregatício dos pais e o número de irmãos dependentes; 6) Comparar e analisar estatisticamente os dados nos locais estudados. MATERIAL E MÉTODO: Estudo prospectivo e análise estatística das variáveis obtidas nas primeiras-consultas na Policlínica de Mariana, na sede Consórcio Intermunicipal de Saúde da Microrregião de Sete Lagoas e na Triagem da Otorrinolaringologia da UNIFESP-EPM. RESULTADOS: Há diferenças estatisticamente significativas quanto às variáveis idade, média salarial dos pais empregados, número de irmãos até 17 anos, rinite, doenças otológicas, exames solicitados, prescrições e indicações de cirurgias micro-otológicas. CONCLUSÕES: O diagnóstico mais encontrado foi respiração oral. O exame complementar e a cirurgia mais indicados foram a radiografia de cavum e a adenoamigdalectomia. O nível de desemprego, a baixa média salarial e o número de dependentes na família dificultam tratamentos que não estejam disponíveis na rede pública de saúde.Hospital João XXIIIInstituto de Otorrinolaringologia de Minas GeraisUNIFESP-EPM Departamento de Otorrinolaringologia e Cirurgia de Cabeça e PescoçoUNIFESP-EPM Programa de Pós-Graduação em Otorrinolaringologia e Cirurgia de Cabeça e PescoçoUNIFESP, EPM, Depto. de Otorrinolaringologia e Cirurgia de Cabeça e PescoçoUNIFESP, EPM Programa de Pós-Graduação em Otorrinolaringologia e Cirurgia de Cabeça e PescoçoSciEL

ISSUES CONTRIBUTING TO LOW PERFORMANCE OF ENGLISH IN A NATIONAL SCHOOL IN SONG, SARAWAK

English is becoming more important in this globalized world. In Malaysia, calls have been made from rulers and commoners alike to use English as the primary medium of instruction in primary schools. Although Malaysia has centralized education system for every state, rural schools might be in danger of losing out to their counterparts in the urban areas. Numerous programmes have been done to bring the standard of English in the school up to par with their counterparts from urban schools and yet English remains a tricky subject to master. In a rural school in the district of Song, Sarawak, English has always been the lowest performing subjects in UPSR year after year. Parallel to UPSR, the pupils for English intervention programme (LINUS BI) has the most compared to Bahasa Malaysia (BM) and Mathematics. This paper will attempt to research and understand the primary issues contributing to low performance of English in the school. At the same time, this paper will attempt to compare the background of pupils with high performance of English and pupils with low and mediocre performance in English and the causes leading to what they are today

Evaluation of Network Reliability for Computer Networks with Multiple Sources

Evaluating the reliability of a network with multiple sources to multiple sinks is a critical issue from the perspective of quality management. Due to the unrealistic definition of paths of network models in previous literature, existing models are not appropriate for real-world computer networks such as the Taiwan Advanced Research and Education Network (TWAREN). This paper proposes a modified stochastic-flow network model to evaluate the network reliability of a practical computer network with multiple sources where data is transmitted through several light paths (LPs). Network reliability is defined as being the probability of delivering a specified amount of data from the sources to the sink. It is taken as a performance index to measure the service level of TWAREN. This paper studies the network reliability of the international portion of TWAREN from two sources (Taipei and Hsinchu) to one sink (New York) that goes through a submarine and land surface cable between Taiwan and the United States

Prediction Markets: A Systematic Review and Meta-Analysis

Prediction markets (PM) have drawn considerable attention in recent years as a tool for forecasting events. Studies surveying and examining relevant the trends of PM using traditional approaches have been reported in the literature. However, research using meta-analysis to review Prediction markets systems is very limited in Management Information System (MIS). This paper aimed to fill this gap by using Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) method to study Prediction markets trends over the past decades. Our results are as follows. First, we find that shows that more than 64% of academic studies on Prediction markets are published in top journals such as Journal of the Association for Information Systems, Journal of Consumer Research and Information Systems Research. Second, we showed that Prediction markets applications can be can be divided into two groups: internal use PMS and general public usage. Finally, our significant meta-analysis result show that on average prediction markets is 79% more accurate than alternative forecast methods based

The Impact of the Costs of Subscription on Measured IPO Returns: The Case of Asia

Asian initial public offerings (IPOs) require investors to pay subscription funds up-front upon submission of applications, and these funds are locked-up for one to three weeks without interest. Hence, the IPO process entails an explicit financing cost (opportunity cost) whether investors borrow funds or use their own funds to apply for IPO shares. The IPO subscription costs are not trivial, especially in a high interest rate environment or when an IPO is highly oversubscribed. These costs should be considered in any comparison of IPO returns across countries

Modeling of micro-perforated panels in a complex vibro-acoustic environment using patch transfer function approach

International audienceThe micro-perforated panel (MPP) with a backing cavity is a well known efficient device for noise absorption. This device has been thoroughly studied in the experimental conditions of an acoustic tube (Kundt tube), in which the MPP is excited by a normal incident plane wave in one dimension. In an industrial situation, the efficiency of MPP may be influenced by the vibro-acoustic behaviour of the surrounding systems as well as excitation. To deal with this problem, a vibroacoustic formulation based on the Patch Transfer Functions (PTF) approach is proposed to model the behaviour of micro-perforated structure in a complex vibro-acoustic environment. PTF is a substructuring approach which allows assembling different vibro-acoustic subsystems through coupled surfaces. Upon casting micro-perforations and the flexibility of the MPP under transfer function framework, the proposed PTF formulation provides explicit representation of the coupling between subsystems and facilitates explanation of physical phenomenon. As an illustration example, application to a MPP with a backing cavity located in an infinite baffle is demonstrated. The proposed PTF formulation is finally validated through comparison with experimental measurements available in the literature

Multimodal Fusion Interactions: A Study of Human and Automatic Quantification

In order to perform multimodal fusion of heterogeneous signals, we need to understand their interactions: how each modality individually provides information useful for a task and how this information changes in the presence of other modalities. In this paper, we perform a comparative study of how humans annotate two categorizations of multimodal interactions: (1) partial labels, where different annotators annotate the label given the first, second, and both modalities, and (2) counterfactual labels, where the same annotator annotates the label given the first modality before asking them to explicitly reason about how their answer changes when given the second. We further propose an alternative taxonomy based on (3) information decomposition, where annotators annotate the degrees of redundancy: the extent to which modalities individually and together give the same predictions, uniqueness: the extent to which one modality enables a prediction that the other does not, and synergy: the extent to which both modalities enable one to make a prediction that one would not otherwise make using individual modalities. Through experiments and annotations, we highlight several opportunities and limitations of each approach and propose a method to automatically convert annotations of partial and counterfactual labels to information decomposition, yielding an accurate and efficient method for quantifying multimodal interactions.Comment: International Conference on Multimodal Interaction (ICMI '23), Code available at: https://github.com/pliang279/PID. arXiv admin note: text overlap with arXiv:2302.1224

Entire large solutions for semilinear elliptic equations

We analyze the semilinear elliptic equation $\Delta u=\rho(x) f(u)$, $u>0$ in ${\mathbf R}^D$ $(D\ge3)$, with a particular emphasis put on the qualitative study of entire large solutions, that is, solutions $u$ such that $\lim_{|x|\rightarrow +\infty}u(x)=+\infty$. Assuming that $f$ satisfies the Keller-Osserman growth assumption and that $\rho$ decays at infinity in a suitable sense, we prove the existence of entire large solutions. We then discuss the more delicate questions of asymptotic behavior at infinity, uniqueness and symmetry of solutions.Comment: Journal of Differential Equations 2012, 28 page