Three Essays in Mergers and Acquisitions and Executive Compensation

Several studies in the finance literature (and other fields) focus on how compensation contracts of CEOs shape incentives and affect risk-taking behaviour. We examine how CEOs with varying risk appetites approach merger and acquisition (M&A) deals differently due to incentives driven by their compensation structure. Relying on VEGA, the sensitivity of executive’s portfolio to a one percent change in volatility of stock returns, we document that acquirers and targets behave differently vis-à-vis their compensation. We show that a longer time to completion is related to the target VEGA (and not bidder VEGA). We also find that a more risk-taking CEO (as encouraged by VEGA) selling his firm would delay completing a deal by a significant three weeks. We conjecture that target CEOs choose to delay deal completion to look for better bids that tally their need to change their portfolio of company holdings. Next, we link executive compensation, mergers and acquisitions, and environmental, social and governance in one framework that produces new insights into how CEO’s incentives yield sub-optimal investment decisions. Our sample consists of 1,280 mergers (M&A) from the period of 1993-2018 and uses the CEO’s wealth sensitivity to stock price volatility (VEGA) as a proxy for risk-taking behaviour. We establish that there is a shift in the relation between CSR rating and cumulative abnormal announcement returns of M&As deals. After 2008, the market for corporate control no longer rewards more commitment to CSR activities. We examine the performance of our sample of mergers in comparison with that of a matched sample of non-bidding firms vis-à-vis their environmental, social and governance (ESG) profiles over the long term. Our results indicate that more CSR commitment does not translate into better long-term returns for shareholders and stakeholders if the firms participate in M&As. Moreover, we investigate how the bidder and target CSR ratings, as well as management risk-taking incentives (proxied by VEGA), affect deals total synergy estimated around the announcement day. Our results show that firms with lower CSR ratings yield more synergy gains, which are not related to both bidder and target risk-taking incentives. Finally, we provide new evidence related to the debate whether corporate social responsibility (CSR) strategies intrinsically benefit organizations and contribute to wealth creation after controlling for CEO compensation. We utilize a sample of M&A deals spanning the period 1993 to 2018 of target firms with different CSR ratings and investigate the effect of CEOs’ executive compensation driven incentives. Our main finding is that Low CSR firms becoming targets of M&A contests in the subperiod post-2008 record the highest cumulative average abnormal returns (compared to High CSR over the same period and other subsamples). We report that Low CSR firms with High VEGA target CEOs specifically perform better in corporate control contests in later years. We justify this as Low CSR firms are characterized by lower governance and more agency costs where management seeks benefit its own interests instead of being considerate for the stakeholders at large

Particle swarm optimization based proportional-derivative parameters for unmanned tilt-rotor flight control and trajectory tracking

This paper presents the dynamic modelling and control technique for a tilt-rotor aerial vehicle operating in bi-rotor mode. This kind of aircraft combines two flight envelopes, making it ideal for scenarios that require hovering, vertical take-off/landing and fixed-wing capabilities. In this work, a detailed mathematical model is derived using Newton–Euler formalism. Based on the obtained model, a new control scheme that incorporates six Proportional-Derivative (PD) controllers is proposed for the attitudes (roll (φ), pitch (θ), yaw (ψ)) and the positions (x, y, z) of the aircraft. Then, intelligent Particle Swarm Optimization (PSO) and conventional Reference Model (RM) techniques are applied for optimal tuning of the controllers\u27 parameters. The stability analysis is developed using the Lyapunov approach and its application to the tilt-rotor system in the case of intelligent and conventional PD controllers. Numerical results of two scenarios prove the efficiency of the controllers tuned using the PSO method. Indeed, its ability to track the desired trajectories is demonstrated through 3D path tracking simulations, even in the presence of wind disturbances. Finally, experimental tests of stabilization and trajectory tracking are carried out on our prototype. These testing showed that our tilt-rotor was stable and suitably follows the imposed trajectories

FOOD SAFETY PRACTICES AMONG FOOD CARTS IN -NORTH LEBANON

Street food carts serve different types of popular and traditional foods; it is a common economic sector worldwide. In North Lebanon, food carts are mobile or centered in specific places serving common and well known RTE meals. In addition, the increasing incidence of foodborne illnesses associated with street foods sheds light on the importance of inspecting the practices of street vendors. Therefore, the aim of this study is to assess the food safety in 30 food carts using an observational checklist and to perform microbiological analysis for the detection of foodborne pathogens namely; yeast, mold, Listeria monocytogenes, Salmonella, Enterohemorrhagic E.coli, B-glucuronidase E.coli, Enterobacteriaceae and Clostridium perfringens in 10 samples of orange juice, 10 samples of cheese caek and 10 samples of meat shawarma; moreover to investigate the prevalence of Methicillin-resistant Staphylococcus aureus in RTE foods and street vendor’s hands. Out of 30 vendors, 100% were males, 80% with an age between 25-44, 80% of them had less than high school level and 66.7% had fixed stalls. When vendors were observed for food safety practices, 70% and 86.7% of them did not store raw materials separately nor in suitable form respectively, 43.5% cleaned their carts monthly, 96% shared utensils between many types of food, 70% did not clean the counter top surface before starting food preparation; moreover 96%, 76 % and 83% of vendors were not wearing net, gloves nor an appropriate uniform, respectively. Results showed that all tested samples were contaminated with at least one of the tested foodborne pathogens, unsatisfactory levels of yeast and mold were recorded in 10 and 9 orange juice samples, respectively. On the other hand, B-glucuronides E.coli exceeded standard limit in two samples of RTE food, one shawarma sample did not meet standard with respect to C. perfringens, Remarkably, unsatisfactory levels of S. aureus were detected in 55 % of RTE samples and in 30 % of vendor’s hands. S. aureus strains were susceptible to at least one of the used antibiotics, accordingly one isolated from vendor’s hand is considered as MRSA. Therefore, the unsatisfactory levels of yeast, mold and S. aureus in tested samples were induced by vendor’s violation of food safety practices. Consequently, the current proposes to improve the legislation needs to provide safe food for the end consumer

A novel improved elephant herding optimization for path planning of a mobile robot

Swarm intelligence algorithms have been in recent years one of the most used tools for planning the trajectory of a mobile robot. Researchers are applying those algorithms to find the optimal path, which reduces the time required to perform a task by the mobile robot. In this paper, we propose a new method based on the grey wolf optimizer algorithm (GWO) and the improved elephant herding optimization algorithm (IEHO) for planning the optimal trajectory of a mobile robot. The proposed solution consists of developing an IEHO algorithm by improving the basic EHO algorithm and then hybridizing it with the GWO algorithm to take advantage of the exploration and exploitation capabilities of both algorithms. The comparison of the IEHO-GWO hybrid proposed in this work with the GWO, EHO, and cuckoo-search (CS) algorithms via simulation shows its effectiveness in finding an optimal trajectory by avoiding obstacles around the mobile robot

Solvatochromic absorption and fluorescence studies of adenine, thymine and uracil thio-derived acyclonucleosides

Adenine, thymine and uracil thio-derived acyclonucleosides were synthesized and characterized by UV-Vis, FT-IR, 1H and 13C NMR spectroscopic techniques. The photophysical properties of the derivatives were evaluated in solvents with diverse polarities and at various pH values. The solvent dependent absorbance and emission spectral shifts were analysed using physical parameters of the selected solvents. The regression and correlation coefficients were calculated using multiple regression techniques. The fitting coefficients gave an estimate of the contribution of each interaction to the total spectral shift in various solutions. Multiple linear regression studies, Kamlet-Taft equation and stokes shift correlation with orientation polarizability provide valuable information concerning spectroscopic characteristics of the studied molecules

NEW HIDING TECHNIQUE IN DIGITAL SIGNATURE BASED ON ZIGZAG TRANSFORM AND CHAOTIC MAPS

Abstract This paper presents a novel approach to digital signature by integrating the ElGamal or Schnorr digital signature algorithms, chaotic systems, and scanning techniques. Briefly, ZZBCRP is a zigzag transformation that is used firstly to construct a permuted transaction, which technique starts from any random position and intersects in both directions, which is more complex than zigzag transform techniques. Then using ElGamal or Schnorr signature schemes based on chaotic maps. This modification aims to make private key and random number dependent on discrete chaotic maps. Even if the private key chosen is small, it is easy by using the huge amount of points in chaotic maps 2-D or 3-D to extract strong and unique key. This change complicates the relationship between the private key, public key and the transaction signature. A two-dimensional trigonometric discrete chaotic map is used that integrated Logistic-sine-cosine maps, and a three-dimensional hyperchaotic map (3-D SCC) which are based on a sine map. Our performance analysis shows that compared to schemes; this scheme not only improves the level of efficiency but also assures safety. The performance analysis shows that our scheme is not only more efficient compared to other related systems, but also safer

Cobalt Oxide Nanoparticles/Graphene/Ionic Liquid CrystalModified Carbon Paste Electrochemical Sensor for Ultra-sensitiveDetermination of a Narcotic Drug

Purpose: Drug-abuse, namely morphine (MO) affects the metabolism of neurotransmitterssuch as dopamine (DA). Therefore, it is crucial to devise a sensitive sensing technique tosimultaneously determine both compounds in real samples.Methods: The fabrication of the sensor is based on in situ modification of a carbon paste (CP)electrode with cobalt oxide nanoparticles, graphene, and ionic liquid crystal in presence ofsodium dodecyl sulfate; CoGILCCP-SDS. The modified sensor is characterized using scanningelectron microscopy, electrochemical impedance spectroscopy and voltammetry measurements.Results: Electron transfer kinetics and analytical performance of the proposed sensor wereenhanced due to the synergistic role of all the modifiers. The simultaneous determination of MOand DA achieved low detection limits of 0.54 nmol L−1 and 0.25 nmol L−1, respectively. Besides,a carbon-based electrochemical sensor is fabricated for the nano-molar determination of MOin real samples and formulations. The sensor showed fouling resistance and anti-interferenceability in presence of other species in human fluids. The real sample analysis of MO wassuccessfully achieved with good recovery results in urine samples and pharmaceutical tablets.Linear dynamic range, sensitivity, detection limit and quantification limit of MO in urine were5 nmol L−1 to 0.6 μmol L−1, 6.19 μA/μmol L-1, 0.484 nmol L−1 and 1.61 nmol L−1, respectively.Conclusion: This sensor has great ability to be extended for electrochemical applications inassaying of many drugs

Mild Cognitive Impairment among Type II Diabetes Mellitus Patients Attending University Teaching Hospital

BACKGROUND: Type II diabetes mellitus (TIIDM) has been associated with structural and functional changes in the brain. TIIDM is commonly associated with obesity, insulin resistance, hypertension, and dyslipidemia, all of which can have negative impact on brain. AIM: The aim of the study was to study the risk of mild cognitive impairment (MCI) among both diabetics and non-diabetics and to identify risk factors to MCI among both groups. METHODS: Two comparative cross-sectional studies were carried out enrolling 100 diabetics and 100 age, sex, and education matching non-diabetics. Cognitive function was assessed using Montreal Cognitive Assessment (MoCA) test and risk factors for MCI were assessed. RESULTS: The subjective complaint of memory impairment among diabetics was significantly higher (34%) compared to non-diabetics (13.0%), p < 0.05. The mean of objective MoCA score was significantly lower among diabetics (25.9 ± 2.5) compared to non-diabetics (27.4 ± 2.4), p < 0.001. The rate of MCI was significantly higher among TIIDM patients (22%) compared to non-diabetics (9%), p < 0.01 and odds ratio (OR) 2.8 (95% confidence interval 1.2–6.5). Among the two studied groups, the rate of MCI was significantly higher among those aged over 50 years compared to younger age as well as among hypertensive compared to non-hypertensive persons, (p < 0.05). Among diabetics, the MCI was significantly higher among those with secondary education, having heart diseases, longer duration of DM, or repeated hypoglycemia attack, p < 0.05. A healthy diet, brain training, and social activities were found to be significantly associated with normal cognition. Logistic analysis revealed that diabetics aged above 50 was the only significant predicting factor for MCI with an OR 2.9 (95% CI: 3.8–123.3), p < 0.001. CONCLUSION: TIIDM is significantly associated with 3-times increasing risk of having MCI compared to non-diabetics. The age, hypertension, cardiovascular diseases, duration of diabetes, and frequency of hypoglycemic episodes are risk factors for cognitive impairment. A healthy diet, brain training, and social activities were associated with better cognitive function

Acceptance of sugar reduction in yoghurt among Moroccan population

Introduction: Morocco has recently developed a plan of reducing sugar consumption to reinforce prevention of non-communicable diseases and to contribute to the achievement of global voluntary targets for non-communicable diseases set by ICN2 by 2025. The objective of the present study was to assess acceptance of yogurts with different percentage reduction of sugar by the Moroccan population. Methods: A total of 201 participants (age > 15 y.) were recruited to determine the level of sugar reduction in yogurt. Sucrose was added to a plain yoghurt in the following different concentrations 166.5; 149.8; 133.2; 116.5; 99; 83.2 mM/l, corresponding to the reduction of sugar of 0%, -10%, -20%, -30%, -40% and -50%, respectively, compared available yogurt in local market. Overall, the acceptability scores of the different yoghurts were based on liking, "Just About Right" (JAR) and purchase intent scales was used to score the different yoghurts. Results: Yogurts containing -20% and -30% added sugar were highly accepted by 81% and 74% of respondents. Based on JAR score, yoghurt with 20% (133.2mM/l) and 30% (116.5 mM/l) reduction were considered as "just about right" by 42.7% and 44.3% respectively. Best average score of purchase intent was obtained for sucrose concentration of 149.8 mM/l. 35.8% and 40.3% for yoghurt with sucrose concentration of 133.2 mM/l and 116.5 mM/l respectively. Conclusion: The finding from this study indicated that yogurts containing -20% and -30% added sugar were most accepted by respondents. Advocacy before dairy industry to have them commit towards sugar reduction in yogurt is needed, in order to help achieving the national sugar reduction strategy in Morocco