The Impact on U.K. Acquirers of Domestic, Cross-border, Public and Private Acquisitions

We examine the announcement and post-acquisition share returns of 4,000 acquisitions by U.K. public firms during 1984-1998. We include acquisitions of domestic and cross-border targets, and of both publicly quoted and privately held targets. In acquisitions of domestic public targets, abnormal returns are negative over both the announcement and post-acquisition period. In acquisitions of cross-border public targets, abnormal returns are zero over the announcement period but negative over the post-acquisition period. In contrast, acquisitions of both domestic and cross-border private targets result in positive announcement returns and zero long run returns. The main difference between private and public acquisitions is that glamour acquirers experience negative announcement and long run returns in public acquisitions, whereas glamour acquirers do not under-perform in private acquisitions. Furthermore, whereas the under-performance of domestic public acquisitions is limited to acquirers using non-cash methods of payment, acquirers of domestic private targets that use non-cash methods do not under-perform. Overall, cross-border acquisitions result in lower announcement and long run returns than domestic acquisitions. In cross-border acquisitions involving high?tech firms both announcement and long run returns are positive, whilst non-high-tech cross-border acquisitions experience zero announcement returns followed by negative long run performance. Our results also suggest that, in cross-border acquisitions, the national cultural difference between the bidder and target countries has a significantly negative impact on long run returns. This paper replaces WP214.Mergers and acquisitions; acquirer share returns; Cross-border targets; private targets

Evaluation of SMAP Freeze/Thaw Retrieval Accuracy at Core Validation Sites in the Contiguous United States

Seasonal freeze-thaw (FT) impacts much of the northern hemisphere and is an important control on its water, energy, and carbon cycle. Although FT in natural environments extends south of 45°N, FT studies using the L-band have so far been restricted to boreal or greater latitudes. This study addresses this gap by applying a seasonal threshold algorithm to Soil Moisture Active Passive (SMAP) data (L3_SM_P) to obtain a FT product south of 45°N (‘SMAP FT’), which is then evaluated at SMAP core validation sites (CVS) located in the contiguous United States (CONUS). SMAP landscape FT retrievals are usually in good agreement with 0–5 cm soil temperature at SMAP grids containing CVS stations (\u3e70%). The accuracy could be further improved by taking into account specific overpass time (PM), the grid-specific seasonal scaling factor, the data aggregation method, and the sampling error. Annual SMAP FT extent maps compared to modeled soil temperatures derived from the Goddard Earth Observing System Model Version 5 (GEOS-5) show that seasonal FT in CONUS extends to latitudes of about 35–40°N, and that FT varies substantially in space and by year. In general, spatial and temporal trends between SMAP and modeled FT were similar

Microwave Soil Moisture Retrieval Under Trees

Soil moisture is recognized as an important component of the water, energy, and carbon cycles at the interface between the Earth's surface and atmosphere. Current baseline soil moisture retrieval algorithms for microwave space missions have been developed and validated only over grasslands, agricultural crops, and generally light to moderate vegetation. Tree areas have commonly been excluded from operational soil moisture retrieval plans due to the large expected impact of trees on masking the microwave response to the underlying soil moisture. Our understanding of the microwave properties of trees of various sizes and their effect on soil moisture retrieval algorithms at L band is presently limited, although research efforts are ongoing in Europe, the United States, and elsewhere to remedy this situation. As part of this research, a coordinated sequence of field measurements involving the ComRAD (for Combined Radar/Radiometer) active/passive microwave truck instrument system has been undertaken. Jointly developed and operated by NASA Goddard Space Flight Center and George Washington University, ComRAD consists of dual-polarized 1.4 GHz total-power radiometers (LH, LV) and a quad-polarized 1.25 GHz L band radar sharing a single parabolic dish antenna with a novel broadband stacked patch dual-polarized feed, a quad-polarized 4.75 GHz C band radar, and a single channel 10 GHz XHH radar. The instruments are deployed on a mobile truck with an 19-m hydraulic boom and share common control software; real-time calibrated signals, and the capability for automated data collection for unattended operation. Most microwave soil moisture retrieval algorithms developed for use at L band frequencies are based on the tau-omega model, a simplified zero-order radiative transfer approach where scattering is largely ignored and vegetation canopies are generally treated as a bulk attenuating layer. In this approach, vegetation effects are parameterized by tau and omega, the microwave vegetation opacity and single scattering albedo. One goal of our current research is to determine whether the tau-omega model can work for tree canopies given the increased scatter from trees compared to grasses and crops, and. if so, what are effective values for tau and omega for trees

Feasibility and acceptability of a remotely delivered transdiagnostic CBT treatment for postnatal anxiety and related disorders: A pilot case series

Women in the postnatal period are at a high risk of developing clinically significant symptoms of anxiety. Cognitive behavioural therapy is effective in the treatment of postnatal anxiety; however, there are many barriers to accessing this treatment. This study examined the feasibility and acceptability of transdiagnostic cognitive behavioural therapy delivered remotely via Internet videoconferencing. Three women (Mage = 28.33 years; SD = 4.04) with a postnatal anxiety-related disorder were treated using the videoconference-delivered cognitive behavioural therapy. The treatment was delivered once per week over a 5-week period. All participants met criteria for clinically significant change in anxiety symptoms at post-treatment, and one participant met criteria for clinically significant change in depressive symptoms, which was maintained at 3-month follow-up. The intervention was also found to be acceptable by participants. The results provide preliminary feasibility evidence of the clinical utility and acceptability of remotely delivered transdiagnostic cognitive behavioural therapy as an intervention for postnatal anxiety disorders

Seasonal Parameterizations of the Tau-Omega Model Using the ComRAD Ground-Based SMAP Simulator

NASA's Soil Moisture Active Passive (SMAP) mission is scheduled for launch in November 2014. In the prelaunch time frame, the SMAP team has focused on improving retrieval algorithms for the various SMAP baseline data products. The SMAP passive-only soil moisture product depends on accurate parameterization of the tau-omega model to achieve the required accuracy in soil moisture retrieval. During a field experiment (APEX12) conducted in the summer of 2012 under dry conditions in Maryland, the Combined Radar/Radiometer (ComRAD) truck-based SMAP simulator collected active/passive microwave time series data at the SMAP incident angle of 40 degrees over corn and soybeans throughout the crop growth cycle. A similar experiment was conducted only over corn in 2002 under normal moist conditions. Data from these two experiments will be analyzed and compared to evaluate how changes in vegetation conditions throughout the growing season in both a drought and normal year can affect parameterizations in the tau-omega model for more accurate soil moisture retrieval

CEO pay, shareholder returns, and accounting profits

We assess the impact on CEO pay (including salary, cash bonus, and benefits in kind) of changes in both accounting and shareholder returns in 99 British companies in the years 1972-89. After correcting for heterogeneity biases inherent in the standard specifications of the problem, we find a strong positive relationship between CEO pay and within-company changes in shareholder returns, and no statistically significant relationship between CEO pay and within-company changes in accounting returns. Differences between firms in long-term average profitability do appear to have a substantial effect on CEO pay, while differences between firms in shareholder returns add nothing to the within-firm pay dynamics.These findings call into question the rationale for explicitly share-based incentive schemes

Determinants of voluntary audit and voluntary full accounts in micro- and non-micro small companies in the UK

This is an Author's Accepted Manuscript of an article published in Accounting and Business Research, 42(4), 441 - 468, 2012, copyright Taylor & Francis, available online at: http://www.tandfonline.com/10.1080/00014788.2012.667969.This study investigates the link between the auditing and filing choices made by a sample of 592 small private companies, which includes 419 micro-companies. It examines decisions made in connection with the 2006 accounts following UK's adoption of the maximum EU size thresholds in 2004, and the impact of the proposed Directive on the annual accounts of micro-companies. The research extends the model of cost, management and agency factors associated with voluntary audit, and develops a complementary model for voluntary full accounts. The results show the benefits of placing full audited accounts on public record that outweigh the costs for a significant proportion of companies. In non-micro small companies, voluntary audit is determined by cost and agency factors, whereas in micro-companies it is driven by cost, management and agency factors. In both groups, the predictors of voluntary full accounts include management and agency factors, and choosing voluntary audit is one of the key factors. The study provides models that can be tested in other jurisdictions to provide evidence of the needs of micro-companies, and the discussion of the methodological challenges for small company researchers in the UK makes further contribution to the literature

Development of SMAP Mission Cal/Val Activities

The Soil Moisture Active Passive (SMAP) mission is a NASA directed mission to map global land surface soil moisture and freeze-thaw state. Instrument and mission details are shown. The key SMAP soil moisture product is provided at 10 km resolution with 0.04cubic cm/cubic cm accuracy. The freeze/thaw product is provided at 3 km resolution and 80% frozen-thawed classification accuracy. The full list of SMAP data products is shown

Associations between defence-style, eating disorder symptoms, and quality of life in community sample of women : a longitudinal exploratory study

Background and Aim: Eating Disorders (EDs) impact an estimated 15% of the global population and are linked to maladaptive defence-styles (coping strategies) and poorer mental health outcomes. Defence-styles have been grouped into immature, neurotic, and mature behaviours. Studies have yet to examine all three defence-styles in ED symptomatic individuals over an extended period of time. The current study aimed to investigate using converse analysis the relationships between defence-style and ED outcomes over a 5-years period. Methods: Participants (n = 216, mean age 33 years) were recruited through the Women’s Eating and Health Literacy study, with the current study examining a 5-years period of two waves (year-4 and year-9). The current study tested associations over time between eating pathology (EDE-Q), psychological distress (K10), mental and physical health related quality of life (M/PHRQoL, SF-12), and defence-style (DSQ-40). Results: Mature, immature and neurotic defence-styles did not significantly change over 5 years. Over the same period, only PHRQoL significantly predicted mature defence-styles having positive effect. Both MHRQoL and PHRQoL significantly predicted immature defence-styles having positive and negative effects, respectively. Psychological distress, PHRQoL and weight concern significantly predicted neurotic defence-styles having positive effects except for psychological distress. PHRQoL, MHRQoL, restraint and eating concern significantly predicted overall eating pathology having positive effects except for PHRQoL and MHRQoL. Conversely, among the defence-style variables, over 5 years, both immature and neurotic defence-styles significantly predicted psychological distress having positive effects, immature and mature defence-styles significantly predicted MHRQoL having negative and positive effects, respectively, while only immature defence-styles significantly predicted overall eating pathology having positive effect. Conclusions: The results of the current study suggest that immaturity and neuroticism but not maturity were the defence-style variables predicting psychological distress over a 5-years period while conversely psychological distress predicted only neurotic defence styles. The findings of the current study may suggest that without intervention, mature, immature and neurotic defence-styles may largely remain immutable to significant shifts over time. Limitations in the current study included limited demographic representation. The current study is anticipated to generate considerations into treatments that could strengthen defence-styles in individuals with increased eating pathology