The Effect of Board Structure on Bidder-Shareholders' Wealth: Further Evidence from the UK Bidding Firms

In this study we provide evidence of cross-sectional dependence of bidder-shareholder wealth and target’s board characteristics. More specifically we provide evidence that the percentage of non-executives, the board size, the stock holdings of executives, and the other directorships held by non-executives serving the target board are important in assessing the announcement of the bid, whereas in the bidder’s board only the percentage of non-executive directors is important for bidder-shareholders. In addition to that we provide evidence that some of these relationships are not monotonic in nature. Finally, in this study it is documented that bidder-shareholder wealth is favoured in acquisitions where bidders have marginally more executive than non-executive directors in their boards and therefore the question arises as to whether “dependent” boards are more efficient than “independent” ones.Takeovers, Board Characteristics, Corporate Governance, Shareholder-wealth

Vector Bremsstrahlung by Ultrarelativistic Collisions in Higher Dimensions

A classical computation of vector bremsstrahlung in ultrarelativistic gravitational-force collisions of massive point particles is presented in an arbitrary number d of extra dimensions. Our method adapts the post-linear formalism of General Relativity to the multidimensional case. The total emitted energy, as well as its angular and frequency distribution and characteristic values, are discussed in detail. For an electromagnetic mediation propagated in the bulk, the emitted energy $E_{em}$ of scattering with impact parameter b has magnitude $E_{em} \sim e^4 e'^2 \gamma^{d+2}/(m^2 b^{3d+3})$, with dominant frequency $\omega_{em} \sim \gamma^2/b$. For the gravitational force the charge emits via vector field, propagated in the bulk, energy $E_{rad}\sim[G_D m' e]^2 \gamma^{d+2}/b^{3d+3}$ for $d \geq 2$, with dominant frequency $\omega\sim\gamma^2/b$ and energy $E_{rad}\sim[G_5 m' e]^2\gamma^{3}\ln \gamma/b^{6}$ for $d=1$, with most of the energy coming from a wide frequency region $\omega \in [\gamma/b),\gamma^2/b]$. For the UED model with extra space volume $V=(2\pi R)^d$ the emitted energy is $E_{UED}\sim (b^{d}/V)^2 E_{rad}$. Finally, for the ADD model, including four dimensions, the electromagnetic field living on 3-brane, loses on emission the energy $E_{ADD}\sim[G_D m'e]^2\gamma^{3}/(V b^{2d+3})$, with characteristic frequency $\omega_{ADD}\sim\gamma/b$. The contribution of the low frequency part of the radiation (soft photons) to the total radiated energy is shown to be negligible for all values of d. The domain of validity of the classical result is discussed. The result is analyzed from the viewpoint of the deWitt - Brehme - Hobbs equation (and corresponding equations in higher dimensions).Comment: 39 pages, 4 figure

Supporting use of evidence in argumentation through practice in argumentation and reflection in the context of SOCRATES learning environment

The aim of this study was to examine how students used evidence in argumentation while they engaged in argumentive and reflective activities in the context of a designed learning environment. A web-based learning environment, SOCRATES, was developed, which included a rich data base on the topic of Climate Change. Sixteen 11th graders, working with a partner, engaged in electronic argumentive dialogs with classmates who held an opposing view on the topic and in some evidence-focused reflective activities, based on transcriptions of their dialogs. Another sixteen 11th graders, who studied the data base in the learning environment for the same amount of time as experimental-condition students but did not engage in an argumentive discourse activity, served as a comparison condition. Students who engaged in an evidence-focused dialogic intervention increased the use of evidence in their dialogs, used more evidence that functioned to weaken opponents’ claims and used more accurate evidence. Significant gains in evidence use and in meta-level communication about evidence were observed after students engaged in reflective activities. We frame our discussion of these findings in terms of their implications for promoting use of evidence in argumentation, and in relation to the development of epistemological understanding in science