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Now showing items 145 - 160 of 13730

  • The Impacts of Intellectual Property Rights Protection on Cross-Border M&As

    Hasan, Iftekhar; Khalil, Fahad; Sun, Xian  

    We investigate the impacts of improved intellectual property rights (IPR) protection on cross-border M&A performance. Using multiple measures of IPR protection and based on generalized difference-in-differences estimates, we find that countries with better IPR protection attract significantly more hi-tech cross-border M&A activity, particularly in developing economies. Moreover, acquirers pay higher premiums for companies in countries with better IPR protection, and there is a significantly higher acquirer announcement effect associated with these hi-tech transactions.
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  • Diversification in M&As: Decision and shareholders’ valuation

    Isabel Feito-Ruiz   Susana Menéndez-Requejo  

    The aim of this paper is to analyze the diversification decision in Mergers and Acquisitions (M&As) and how this decision is valued by acquiring shareholders, considering the influence of the legal and institutional environment. Using a sample of 447 M&As announced by European firms, which acquire a target in any country in the world over the period 2002–2007, we find that the weak legal and institutional environment in the bidder country has a positive impact on the diversification decision. After controlling the diversification endogeneity, we observe that acquiring shareholders value diversified M&As negatively in countries with strong legal and institutional environment. This result indicates that the benefits of the internal capital market effect dominate the agency conflicts’ effect. We also observe that acquiring firms with concentrated ownership structures value diversified M&As negatively in countries with strong legal and institutional environment.
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  • extract as corrosion inhibitor for carbon steel in 0.5 M sulfuric acid

    M. Y. Díaz-Cardenas   M. G. Valladares-Cisneros   S. Lagunas-Rivera   V. M. Salinas-Bravo   R. Lopez-Sesenes   J. G. Gonzalez-Rodríguez  

    The methanolic extract of Peumus boldus (P. boldus) has been studied as a potential green corrosion inhibitor for carbon steel in 0.5 M H2SO4 using gravimetric, potentiodynamic polarization and electrochemical impedance spectroscopy tests at 25, 40 and 60°C, and concentrations of 0, 0.1, 0.3, 0.5, 0.7 and 1.0 g/L. Results indicate that P. boldus is physically adsorbed onto the steel surface and acts as a mixed corrosion inhibitor of carbon steel corrosion. The data fitted best to the Temkin adsorption isotherm. The inhibition efficiency of P. boldus extracts was observed to increase with increasing its concentration but decreases on increasing the test temperature. The inhibitive effect is attributed to the presence of vitamin E, Limonene and eucalyptol in the extract.
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  • New Aromatic Azo-Schiff as Carbon Steel Corrosion Inhibitor in 1 M H2SO4

    Edan Salman, Hamida   A. Balakit, Asim   Ahmed Abdulridha, Ali  

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  • The Determinants of Abandoned M&As in the Banking Sector

    Caiazza, Stefano   Pozzolo, Alberto F.  

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  • Short-term Stock Price Behaviour around European Cross-border Bank M&As

    Evangelos Drymbetas   George Kyriazopoulos  

    The current study explores the short-term stock price reaction of cross-border bank mergers and acquisitions (M&As) in Western Europe for the period 1998-2009 which includes 40 M&A deals. Employing the classical event study methodology, we probe into the stock price effects of cross-border bank M&As by calculating abnormal returns for both bidders and targets. Moreover, we employ multivariate regression analysis in order to identify the determinants of value creation from cross-border bank M&As. Consistent with the pertinent literature, we demonstrate that targets significantly benefit from M&As, while bidders undergo price erosions during the M&A days. In specific, we find positive and significant abnormal stock price reaction of more than 3% on M&A day for targets and negative abnormal returns for bidders. The differential market behaviour between bidders and targets is more evident when the return on equity of the involved banks is taken into account.
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  • Can firms learn by observing? Evidence from cross-border M&As

    Bill Francis   Iftekhar Hasan   Xian Sun  

    In the presence of high uncertainty and limited experience, can observing the actions of other acquiring predecessors help firms make better acquisition decisions Using a sample of cross- border M&As conducted by US acquirers in developing countries, we document a positive and significant relationship between an acquirer's performance and its predecessors' acquisition activity. This relationship is especially pronounced in the prevalence of news events about the outcome of predecessors' acquisitions, when predecessors consist of US peers from the same industry and/or when targets are based in culturally distant countries. Our findings shed light on one channel through which information spillovers across industries and acquiring firms could be a key driver of value creation in developing market cross-border M&As.
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  • The Determinants of Abandoned M&As in the Banking Sector

    Caiazza, Stefano; Pozzolo, Alberto F.  

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  • Eutectoids with cementite as the major constituent in Fe–C–M alloys

    Borgenstam, Annika   Edmonds, David   Hillert, Mats  

    Abstract The addition of a third element to hypereutectoid Fe–C alloys may cause inclusions of a minor constituent in the precipitate of cementite from austenite even if the initial austenite is supersaturated only with cementite. Cementite will often become the major constituent of this kind of microstructure. For Fe–C–Cu alloys this has been explained as the result of precipitation from supersaturated cementite. An alternative mechanism could be that the mixture of cementite and a minor constituent forms by simultaneous and cooperative growth of the two phases, i.e., by a reaction that may be regarded as eutectoid. This mechanism has already been applied to explain the occurrence of eutectoid colonies with cementite as the major constituent and a minor constituent for which there was no supersaturation initially. This phenomenon has been observed in hypereutectoid ternary Fe–C alloys with Al, Mn or Si. The necessary requirements on the ordinary isothermal phase diagram are now examined with a graphical method based on the slopes of tie-lines. It predicts the phenomenon in all cases where it has been observed, including Fe–C–Cu and not in the Fe–C–Ni and Fe–C–Cr systems where it has not been observed. The requirements become more evident when the calculated phase equilibria are plotted as an isothermal phase diagram with the alloy content as a function of the carbon activity instead of carbon content. Finally, a comparison is made with bainite in Fe–C alloys where ferrite is the major and cementite the minor constituent. The same two explanations have been proposed for that case. Graphical abstract
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  • The Impacts of Intellectual Property Rights Protection on Cross-Border M&As

    Hasan, Iftekhar   Khalil, Fahad   Sun, Xian  

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  • The M??ller-Lyer illusion as seen by an artificial neural network

    Garc?-a-Garibay Otto B.   de Lafuente Victor  

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  • Corporate life cycle, investment banks and shareholder wealth in M&As

    Kai-Shi Chuang  

    This study investigates corporate life cycle on the influence of shareholder wealth in M&As. Specifically, the current study examines whether firms in different corporate life cycle stages are more likely to hire financial advisors in M&As and whether the presence of financial advisors can create higher value to firms within various corporate life cycle stages. Using 811 targets and 3,117 bidders, the results show that growth (stagnant) bidding firms are less (more) likely to hire financial advisors in M&As. In addition, the evidence also indicates that both targets and bidders in stagnant stages on average obtain lower announcement returns around the announcement date. In contrast, stagnant bidding firms on average obtain higher post-announcement returns during long run post-announcement period. Overall, this study reveals that corporate life cycle is an important determinant to influence the choice of financial advisors and shareholder wealth in M&As.
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  • Corporate Governance and Risk-Taking: Evidence from M&As

    Hegde, Shantaram P.; Mishra, Dev R.  

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  • Closing the Curtain: M. E. Braddon’s Last Performance as Mary Seyton

    Hatter   Janine  

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  • Strategies for M&As: when is acquisition the right mode to grow?

    Capron, Laurence  

    This paper examines the conditions under which an acquisition makes sense compared with alternative modes of resource-sourcing such as internal development, licensing and alliances. Drawing on the transaction costs economics and capability views, it presents governance and knowledge reasons for choosing an acquisition over alternative modes of sourcing. While firms may have preferences for using M&A over alternatives, it is important to review and balance carefully the different resource-sourcing modes.
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  • Material Adverse Change (Lessons from Failed M&As) || Making It Right

    Stefanowski, Robert V.  

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