Simulated Annealing for Location Area Planning in Cellular networks

LA planning in cellular network is useful for minimizing location management cost in GSM network. In fact, size of LA can be optimized to create a balance between the LA update rate and expected paging rate within LA. To get optimal result for LA planning in cellular network simulated annealing algorithm is used. Simulated annealing give optimal results in acceptable run-time.Comment: 7 Pages, JGraph-Hoc Journa

Financial market integration and the value of global diversification: evidence from US acquirers in cross-border mergers and acquisitions

Using theories of internal capital markets, this paper examines the link between financial market integration and the value of global diversification. Based on a sample of 1,491 completed cross-border mergers and acquisitions (M&As) conducted by US acquirers during the 1990–2003 period, we find that, in general, US shareholders gain significant positive abnormal returns following the announcement of the merger/acquisition. Specifically, firms that acquire/merge with targets from countries with financially segmented markets experience significantly higher positive abnormal returns than those that acquire/merge with targets from countries with financially integrated capital markets. We find that the significantly higher positive returns are driven particularly by deals between firms from unrelated industries. These firms with higher announcement returns are also characterized by positive and significant post-merger operating performance. This finding is consistent with our event study results and suggests that the overall improvement in the merged firms’ performance is likely due to the influx of internal capital from wholly integrated acquirers to segmented targets, firms that, on average are usually faced with higher capital constraints.financial market integration; global diversification; internal capital markets; mergers; acquisitions

Political connections and the process of going public: evidence from China

We examine how political connections impact the process of going public. Specifically, we test how political connections impact the pricing of newly offered shares, the magnitude of underpricing, and the fixed cost of going public. Based on experiences of the new public firms in the Chinese security markets and using multiple measures of political connections, we find robust evidence that issuing firms with political connections reap significant preferential benefits from going public. To be specific, we find that firms – irrespective of ownership arrangements – with greater political connections have higher offering prices, less underpricing, and lower fixed costs during the going-public process.political connections; IPO; emerging markets

Return-volatility linkages in the international equity and currency markets

This paper, which is motivated by the literature on international asset pricing and recent work on exchange rate determination, investigates dynamic relationshiops between major currency and equity markets. Using a multivariate GARCH framework, we examine conditional cross-autocorrelations between pairs of national equity markets and related exchange rates. This provides a parsimonious way of testing mean-volatility relationships in currency and equity markets and re-examining the robustness of relationships between equity markets, while controlling for exchange rate effects. We find that the relationship between currency and equity markets is bi-directional, significant, persistent, and independent of the relationship strictly between equity markets, and that it is better captured by the conditional second moments.international asset pricing; exchange rate determination; equity markets; relationships between currency and equity markets

Return-volatility linkages in the international equity and currency markets

This paper, which is motivated by the literature on international asset pricing and recent work on exchange rate determination, investigates dynamic relationshiops between major currency and equity markets. Using a multivariate GARCH framework, we examine conditional cross- autocorrelations between pairs of national equity markets and related exchange rates. This provides a parsimonious way of testing mean- volatility relationships in currency and equity markets and re-examining the robustness of relationships between equity markets, while controlling for exchange rate effects. We find that the relationship between currency and equity markets is bi-directional, significant, persistent, and independent of the relationship strictly between equity markets, and that it is better captured by the conditional second momentsinternational asset pricing, exchange rate determination, equity markets, relationships between currency and equity markets

Does hedging tell the full story? Reconciling differences in US aggregate and industry-level exchange rate risk premia

While the importance of currency movements to industry competitiveness is theoretically well established, there is little evidence that currency risk impacts US industries. Applying a conditional asset-pricing model to 36 US industries, we find that all industries have a significant currency premium that adds about 2.47 percentage points to the cost of equity and accounts for approximately 11.7% of the absolute value of total risk premia. Cross-industry variation in the currency premium is explained by foreign income, industry competitiveness, leverage, liquidity and other industry characteristics, while its time variation is explained by US aggregate foreign trade, monetary policy, growth opportunities and other macro variables. The results indicate that methodological weakness, not hedging, explains the insignificant industry currency risk premium found in previous work, thus resolving the conundrum that the currency risk premium is important at the aggregate stock market level, but not at industry level.exposure; currency risk premium; cost of equity; industry competition; international asset pricing

Interlanguage in Error Analysis Study

Interlanguage theory is naturally a constantly evolving theory, having changed considerably since its initial formulation. It is, therefore, not an easy task to produce an accurate account of the theory. The aim of this article is basically to provide a brief and composite account of the interlanguage theory. In so doing, some crucial issues are accordingly viewed: (1) error analysis, (2) stages of interlanguage development, (3) Interlanguage transfer, (4) fossilization, (5) input hypothesis, (6) and pidginization fossilization, I ginization as well. There is in fact considerable disagreement about how best to characterize the nature of an interlanguage system. Nevertheless, this principle is able to account for insights provided byform-function analysis