Purpose - The purpose of this paper is to present new insights on cross-border merger and acquisition (M&A) process based on received wisdom in the literature and exploratory field interviews of several leading firms that have conducted cross-border M&As. Starting from existing literature the authors explore current trend in cross-border M&A process with the aim to pose several points for future studies. Design/methodology/approach - Based on previous studies (Brocke and Sinnl, 2011; Gogan et al., 2013; Soni and Kodali, 2011) the authors conduct a structured literature review aimed to divide M&A process in three phases evidencing for each of them the specific aspects and future development of researches. Findings - The paper evidences new strategic motivations, implementation and post-merger integration challenges, especially focussing on cultural issues. Finally the authors emphasize the need for novel indicators of acquisition success such as new and distinct capability development post acquisition. Originality/value - New trend in cross-border M&As impose to rethink the challenges and opportunities posed by cross-border M&As in a tumultuous global business environment, from strategic, cultural, organizational and financial perspectives.
Purpose – The purpose of this paper is to present new insights on cross-border merger and acquisition (M&A) process based on received wisdom in the literature and exploratory field interviews of several leading firms that have conducted cross-border M&As. Starting from existing literature the authors explore current trend in cross-border M&A process with the aim to pose several points for future studies. Design/methodology/approach – Based on previous studies (Brocke and Sinnl, 2011; Gogan et al., 2013; Soni and Kodali, 2011) the authors conduct a structured literature review aimed to divide M&A process in three phases evidencing for each of them the specific aspects and future development of researches. Findings – The paper evidences new strategic motivations, implementation and post-merger integration challenges, especially focussing on cultural issues. Finally the authors emphasize the need for novel indicators of acquisition success such as new and distinct capability development post acquisition. Originality/value – New trend in cross-border M&As impose to rethink the challenges and opportunities posed by cross-border M&As in a tumultuous global business environment, from strategic, cultural, organizational and financial perspectives.
Harkonen, Antti
Suomalainen, Soile
Rantamaki, Antti
Nikkinen, Jari
Wang, Yicheng
Griebner, Uwe
Steinmeyer, Guenter
Guina, Mircea
Mode locking of a 1.34 mu m vertical external cavity surface emitting laser is demonstrated using a GaSb-based semiconductor saturable absorber mirror (SESAM). The SESAM includes six AlGaSb quantum wells (QWs) with an absorption edge at similar to 1.37 mu m. The proposed approach has two key benefits: the QWs can be grown lattice matched, and only a small number of Bragg reflector layers is required to provide high reflectivity. Pump-probe measurements also reveal that the AlGaSb/GaSb structure exhibits an intrinsically fast absorption recovery on a picosecond timescale. The mode-locked laser pulse train had a fundamental repetition rate of 1.03 GHz, a pulse duration of similar to 5 ps, and a peak power of similar to 1.67 W. The demonstration paves the way for exploiting GaSb-based SESAMs for mode locking in the 1.3-2 mu m wavelength range, which is not sufficiently addressed by GaAs and InP material systems. (c) 2018 Optical Society of America
In this Letter, we report for the first time, to the best of our knowledge, on an emission at 8 mu m from Tb3+-doped Ga5Ge20Sb10Se65 chalcogenide fibers with doping levels at 1000 ppm and 500 ppm. These fibers were drawn following conventional melt-quenching methods and pumped at 2.05 mu m using a Tm3+ : YAG laser. The spectroscopic properties of the emitting F-7(4) manifold are investigated to rule out any parasitic signal mimicking the real Tb3+ 8 mu m emission. Time-resolved spectroscopic experiments are presented to build a comprehensive study of this 8 mu m fluorescence recorded with a clear signal-to-noise ratio. (c) 2018 Optical Society of America
Answering a question of M. Talagrand, we show that there is a fixed L with the following property. For positive integers k <=3D n and p is an element of[0,1], if F is the set of subgraphs of K-n containing at least ((n)(k))p((2k)) copies of K-k, then there is a set G of subgraphs of K-n such that (i) each member of F contains a member of G and (ii) Sigma(S is an element of G)(p/L)(vertical bar S vertical bar) <=3D 1/2(where |S| means number of edges). (c) 2014 Wiley Periodicals, Inc.
Caiazza, Stefano; Pozzolo, Alberto Franco; Trovato, Giovanni
The empirical literature has obtained mixed results regarding the probability for more efficient banks to be bidders in merger and acquisitions (M&A) operations. From an econometric point of view, this might be attributed to an inaccurate control of unobserved bank heterogeneity that can bias parameter estimation severely. In this paper, we adequately control for unobserved heterogeneity through a finite mixture, random parameters logistic model, and we estimate the probability for a bank to be a bidder in an M&A depending on its ex-ante efficiency, therefore avoiding any parametric assumption on the distribution of the random effect. This leads to a likelihood function defined as the integral of the kernel density with respect to the mixing density, which has no analytical solution. For this reason, we approximate the integral with a finite sum of kernel densities, each one characterized by a different set of model parameters. We then obtain a set of non-overlapping clusters with matching values of ex-ante efficiency, and assign each bank to a cluster based on the estimated posterior probability of it being in that cluster. Moreover, in our analysis we use two different sets of measures of bank efficiency, obtained using parametric as well as semi-parametric techniques. Our results are based on a sample of 612 banks, from 34 countries, between 1991 and 2006. They show that, considering unobserved heterogeneity, cost efficiency has a major impact on the probability for a bank to bid in a cross-border M&A, but no effect in the case of domestic M&A.