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Now showing items 209 - 224 of 7881

  • Assessing Factors Affecting M&As Versus Greenfield FDI in Emerging Countries

    Byun, Hyung-suk   Lee, Hyun-Hoon   Park, Cyn‐Young  

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  • Assessing Factors Affecting M&As Versus Greenfield FDI in Emerging Countries

    Byun, Hyung-suk; Lee, Hyun-Hoon; Park, Cyn‐Young  

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  • Assessing Factors Affecting M&As versus Greenfield FDI in Emerging Countries

    Hyung-Suk Byun   Hyun-Hoon Lee   Cyn-Young Park  

    A host of external (global and regional) and internal (country-specific) factors affect Multinational Enterprises' Foreign Direct Investment (FDI) decisions. Differentiating the two entry modes of FDI (mergers and acquisitions [M&A] and Greenfield investment), this paper aims to empirically assess whether or not being a part of global emerging market economies or any specific emerging regions affects investors' decisions of FDI flows to an emerging country in addition to various country-specific factors. For this purpose, this paper employs a system generalized method of moments estimator for the panel data consisting of 40 emerging countries for the period 1990 2009. The results suggest that there exist a strong and significant global and regional influence in both types of FDI flows to an emerging country. M&A appears to be more sensitive to external factors, both global and regional effects are about twice stronger for M&A than for Greenfield FDI. The results also suggest that country- specific factors matter a lot for FDI flows both in the form of M&A and Greenfield FDI, pointing to the importance of government roles in helping stabilize FDI flows to emerging countries. This paper also offers empirical evidence which is consistent with the phenomenon of a fire-sale FDI during the period of financial crisis. Additional evidence using extensive and intensive margins of M&A sales suggest that the fire-sale does not necessarily imply an increase in the number of deals, but it may reflect the sales of big firms during the crisis.
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  • He Comes as Kingby Patrick M. Liebergen

    Review by: Steven R. Gibson  

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  • Streptococcal M proteins and their role as virulence determinants

    Shannon, Oonagh   Morgelin, Matthias   Herwald, Heiko  

    Group A streptococci (GAS, Streptococcus pyogenes) are exclusive human pathogens that have been extensively studied for many decades. The spectrum of diseases caused by these bacteria ranges from uncomplicated and superficial to severe and invasive infections. In order to give rise to these complications, GAS have evolved a number of surface-bound and secreted virulence factors, of which the M proteins are probably the best characterized. Evidence has emerged that M proteins are multifunctional pathogenic determinants, and over the years many interactions between M proteins and the human host have been reported. The present review article aims to present a state-of-the-art overview of the most important virulence mechanisms employed by M proteins to trigger disease. (C) 2010 Elsevier B.V. All rights reserved.
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  • Winner's Curse: New Evidence from Bank Cross-border M&As

    Hui Dong   Dan Luo  

    This paper directly tests the winner's curse under the framework of bank cross-border mergers and acquisitions. The hypothesis of winner's curse pre- dicts that bidder returns are inversely related to the level of competition in a given deal and to the uncertainty in the value of the target. We use a novel dataset of rating differences to measure the uncertainty of the target bank value, and find that the returns to the acquirer banks are significantly reduced under more target uncertainty, but no such relation to competitions. We also find that in bank cross-border M&As, acquirer abnormal return will increase with information disclosure, both voluntary and mandatory disclo- sure, of the target country. Also, combined banks create more acquisition synergy if the target country has a higher quality of bank information disclo- sure. And the positive effect is large enough to mitigate the negative effect of target uncertainty. Related analysis indicates that managers of foreign acquirer banks would more accurately estimate target values if target bank disclose more information about their loans and deposits. Results of the paper are consistent with semi-strong stock market efficiency.
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  • Elinor M. Brent-Dyer's Chalet School Series: Literature as an Historical Source

    Lidbury, Clare  

    This article examines whether Elinor M. Brent-Dyer's Chalet School books-a series of girls' school stories spanning the late 1920s to the early 1970s-can be regarded as historical sources for the study of physical education and dance in girls' boarding schools during this period. An overview of her experience as teacher and headmistress, an examination of the training and role of PE teachers during this time, and observations on the role other staff played in games coaching and dance teaching confirms that this children's literature is an accurate representation. The incorporation of contemporary details in her writing, through referencing current events for example, strengthens the case for acknowledging this. However it is concluded that the source becomes less accurate in the latter half of the series when Brent-Dyer lost contact with the education world and with young people.
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  • Likely losses of M&As

    Purpose - This paper aims to review initial findings of a ten-year study into instability in executive teams preceding and after mergers. Design/methodology/approach - This briefing is prepared by an independent writer who adds their own impartial comments. Findings - Consultants and executives involved in mergers and acquisitions (M&A) will be interested in the recently published findings of a ten year study into the close relationship between takeovers and executive churn. Jeffrey A. Krug of Virginia Commonwealth University and Walt Shill of Accenture, VA, have assembled a large volume of data in order to investigate what happens to executives following an acquisition. It makes for unsettling reading for anyone considering an M&A. Practical implications - The paper gives a warning about likely executive loss to all those considering M&As, and points out possibilities for further study. Originality/value - The paper presents some key observations from a new database on several thousand companies, leading to some general expectations of the leadership problems that come with M&As.
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  • FICTION AS MUSICOLOGY: AESTHETIC LISTENING IN E. M. FORSTER'S HOWARDS END

    Zhou, Mi  

    Although Forster repeatedly considered the question of music in his writings, Howards End (1910) is his first sustained attempt to explore the issue of musical perception and the status of music. Significantly, Beethoven's Fifth Symphony is the site of contention. Through a disagreement between the Schlegel sisters over how one should listen to Beethoven's symphony, Forster dramatizes the musicological debate around aesthetic perception and the status of instrumental music. The novel, this article will argue, is no less a part of that cultural debate than professional musicology. Indeed, Forster's writing bears the influence of music critics before him and has inspired musicologists after him. Moreover, by giving voice to various aesthetic positions through his characters, Forster also explores the overlaps, ambiguities and uncertainties that are elided by the seemingly dispassionate and authoritative discourse of nineteenth-century musicology. At the same time, Forster reveals a human consequence that musicological debate neglects: the exclusion of Leonard Bast, and those like him, from aesthetic experiences.
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  • Marjoram Extract as Corrosion Inhibitor for Dissolution of Zinc in 1.0 M HCl

    Sobhi M.  

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  • Analysis of cross‐border and domestic mega‐M&As of European commercial banks

    Pasioura, Fotios; Nnadi, Matthias; Tanna, Sailesh  

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  • Auditor risk with mortgage-backed M&As

    Lance B. Metcalf   Bryne J. Liner  

    Abstract All professional service advisors have experienced the devastating impact of the credit crisis upon the economy. But auditors are particularly affected—especially by merger-and-acquisition (M&A) transactions for targets with mortgage-backed securities. The authors discuss the current M&A environment for these transactions, look at auditors' risks, and examine possible solutions. © 2009 Wiley Periodicals, Inc.
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  • A Case of <em>M. avium</em> Lung Disease Presented as Pleurisy

    HyeKyeong Park  

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  • Your vanishing vendors: Lessons from bank M&As

    James S. Sagner  

    Abstract What should corporate clients of banks do during the current period of bank consolidations? The author of this article—a treasury consultant—says that lessons from bank mergers and acquisitions (M&amp;As) can be used by firms whose other vendors are also undergoing mergers. That includes vendors who provide information processing, financial transactions, accounting, tax preparation, and other services. Clients are facing the very real prospect of their long-term vendor relationships vanishing—to be replaced by unknown firms from another part of the globe. © 2010 Wiley Periodicals, Inc.
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  • Thin-Film Capacitor M/Pb(ZrTi)O(3)/M as a Polarization-Sensitive Photocell

    Delimova, L. A.   Yuferev, V. S.   Grekhov, I. V.   Petrov, A. A.   Fedorov, K. A.   Afanasjev, V. P.  

    A steady-state short-circuit photocurrent of preliminarily polarized submicron capacitors with a polycrystalline Pb(ZrTi)O(3) (PZT) film is investigated under irradiation by light with a wavelength lambda > 0.4 mu m. The structures with different M/PZT interfaces that differ in the leakage current by more than an order of magnitude are found to demonstrate virtually the same value of the photocurrent, which is always directed opposite to the ferroelectric polarization of the PZT film. Although the magnitude of photocurrent is determined by the degree of polarization of the film, the observed photocurrent is not a depolarization current of the ferroelectric film. Therefore, the M/PZT/M capacitor behaves like a polarization-sensitive photocell. Within the proposed theory of a heterophase medium, the dependence of the photocurrent on the magnitude of the preliminary polarization is calculated and proves to be in reasonable agreement with the experimental results.
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  • Terror and Greatness: Ivan and Peter as Russian Mythsby Kevin M. F. Platt

    Review by: James Cracraft  

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