Установлено, что выявленные ранее амбивалентные (ваго- и симпато-тонические) эффекты биоактивной воды Нафтуся на вегетативный гомеостаз крыс существенно и различным образом влияют на пост-стрессовую вегетативную и гормональную регуляцию, ферментемию, а также обмен электролитов и липидов.Is established, that revealed earlier ambivalence (vago- and sympathototonic) effects of bioactive water Naftussya on vegetative homeostase at rats it is essential also by various image influence on poststressory vegetative and hormonal regulation, fermentemia, and also exchange of electrolytes and lipids

Rosenkranz, S.

Weitzel, U.

We model takeovers as a bargaining process and explain the existence and net effect of target as well as bidder termination fees, subject to bargaining power and outside options. In equilibrium, net termination fees (target minus acquirer fees) are offered by firms with a superior bargaining position in exchange for a greater share of merger synergies. This even holds when the target negotiates with the most efficient bidder and in the absence of bidding-related costs. Using a sample of 1232 U.S. mergers from 1986 to 2003, our theoretical predictions and the concept of net termination fees find empirical support. Net termination fees and premiums are positively correlated, while net fees decrease (increase) in targets’ (acquirers’) bargaining power, proxied by market capitalization, and increase (decrease) intargets’ (acquirers’) outside options, proxied inter alia by market-to-book ratios. These results question existing explanations for termination fees and lockup options, like cost compensation, target commitment, agency costs and management entrenchment. They also imply that judicial ruling according to the more lenient business judgement is at least as justified as the application of more restrictive legal standards

Utrecht University Repository

Bargaining in Mergers: The Role of Outside Options and Termination Provisions

Козявкіна, О.В.

Наукова електронна бібліотека періодичних видань НАН України (Vernadsky National Library of Ukraine)

Постстресові зміни нейро-ендокринного статусу та метаболізму у щурів з різними типами початкового вегетативного гомеостазу, індукованими біоактивною водою Нафтуся

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Utrecht University Repository

Наукова електронна бібліотека періодичних видань НАН України (Vernadsky National Library of Ukraine)

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