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Sample records for dry major mergers

  1. THE DIRT ON DRY MERGERS

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    Desai, Vandana; Soifer, B. T.; Dey, Arjun; Cohen, Emma; Le Floc'h, Emeric

    2011-01-01

    Using data from the Spitzer Space Telescope, we analyze the mid-infrared (3-70 μm) spectral energy distributions of dry merger candidates in the Booetes field of the NOAO Deep Wide-Field Survey. These candidates were selected by previous authors to be luminous, red, early-type galaxies with morphological evidence of recent tidal interactions. We find that a significant fraction of these candidates exhibit 8 and 24 μm excesses compared to expectations for old stellar populations. We estimate that a quarter of dry merger candidates have mid-infrared-derived star formation rates greater than ∼1 M sun yr -1 . This represents a 'frosting' on top of a large old stellar population, and has been seen in previous studies of elliptical galaxies. Further, the dry merger candidates include a higher fraction of star-forming galaxies relative to a control sample without tidal features. We therefore conclude that the star formation in these massive ellipticals is likely triggered by merger activity. Our data suggest that the mergers responsible for the observed tidal features were not completely dry, and may be minor mergers involving a gas-rich dwarf galaxy.

  2. DRY MERGER RATE AND POST-MERGER FRACTION IN THE COMA CLUSTER CORE

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    Cordero, Juan P.; Campusano, Luis E.; Haines, Christopher P. [Departamento de Astronomía, Universidad de Chile, Casilla 36-D, Santiago (Chile); De Propris, Roberto [Finnish Centre for Astronomy with ESO, University of Turku, Vaisalantie 20, Piikkio, FI-21500 (Finland); Weinzirl, Tim [School of Physics and Astronomy, The University of Nottingham, University Park, Nottingham NG7 2RD (United Kingdom); Jogee, Shardha, E-mail: jcordero@das.uchile.cl [Department of Astronomy, The University of Texas at Austin, Austin, TX 78712-1205 (United States)

    2016-01-20

    We evaluate the dry merger activity in the Coma cluster, using a spectroscopically complete sample of 70 red-sequence (RS) galaxies, most of which (∼75%) are located within 0.2R{sub 200} (∼0.5 Mpc) from the cluster center, with data from the Coma Treasury Survey obtained with the Hubble Space Telescope. The fraction of close galaxy pairs in the sample is the proxy employed for the estimation of the merger activity. We identify 5 pairs and 1 triplet, enclosing a total of 13 galaxies, based on limits on projected separation and line-of-sight velocity difference. Of these systems, none show signs of ongoing interaction, and therefore we do not find any true mergers in our sample. This negative result sets a 1σ upper limit of 1.5% per Gyr for the major dry merger rate, consistent with the low rates expected in present-day clusters. Detailed examination of the images of all the RS galaxies in the sample reveals only one with low surface brightness features identifiable as the remnant of a past merger or interaction, implying a post-merger fraction below 2%.

  3. DRY MERGER RATE AND POST-MERGER FRACTION IN THE COMA CLUSTER CORE

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    Cordero, Juan P.; Campusano, Luis E.; Haines, Christopher P.; De Propris, Roberto; Weinzirl, Tim; Jogee, Shardha

    2016-01-01

    We evaluate the dry merger activity in the Coma cluster, using a spectroscopically complete sample of 70 red-sequence (RS) galaxies, most of which (∼75%) are located within 0.2R 200 (∼0.5 Mpc) from the cluster center, with data from the Coma Treasury Survey obtained with the Hubble Space Telescope. The fraction of close galaxy pairs in the sample is the proxy employed for the estimation of the merger activity. We identify 5 pairs and 1 triplet, enclosing a total of 13 galaxies, based on limits on projected separation and line-of-sight velocity difference. Of these systems, none show signs of ongoing interaction, and therefore we do not find any true mergers in our sample. This negative result sets a 1σ upper limit of 1.5% per Gyr for the major dry merger rate, consistent with the low rates expected in present-day clusters. Detailed examination of the images of all the RS galaxies in the sample reveals only one with low surface brightness features identifiable as the remnant of a past merger or interaction, implying a post-merger fraction below 2%

  4. The galaxy major merger fraction to {z} 1

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    López-Sanjuan, C.; Balcells, M.; Pérez-González, P. G.; Barro, G.; García-Dabó, C. E.; Gallego, J.; Zamorano, J.

    2009-07-01

    Aims: The importance of disc-disc major mergers in galaxy evolution remains uncertain. We study the major merger fraction in a SPITZER/IRAC-selected catalogue in the GOODS-S field up to z 1 for luminosity- and mass-limited samples. Methods: We select disc-disc merger remnants on the basis of morphological asymmetries/distortions, and address three main sources of systematic errors: (i) we explicitly apply morphological K-corrections; (ii) we measure asymmetries in galaxies artificially redshifted to zd = 1.0 to deal with loss of morphological information with redshift; and (iii) we take into account the observational errors in z and A, which tend to overestimate the merger fraction, though use of maximum likelihood techniques. Results: We obtain morphological merger fractions (f_m^mph) below 0.06 up to z 1. Parameterizing the merger fraction evolution with redshift as f_m^mph(z) = f_m^mph(0) (1+z)^m, we find that m = 1.8 ± 0.5 for MB ≤ -20 galaxies, while m = 5.4 ± 0.4 for Mstar ≥ 1010 M⊙ galaxies. When we translate our merger fractions to merger rates (Re_m^mph), their evolution, parameterized as Re_m^mph(z) = Re_m^mph(0) (1+z)^n, is quite similar in both cases: n = 3.3 ± 0.8 for MB ≤ -20 galaxies, and n = 3.5 ± 0.4 for Mstar ≥ 1010 M⊙ galaxies. Conclusions: Our results imply that only 8% of today's Mstar ≥ 1010 M⊙ galaxies have undergone a disc-disc major merger since z 1. In addition, 21% of Mstar ≥ 1010 M⊙ galaxies at z 1 have undergone one of these mergers since z 1.5. This suggests that disc-disc major mergers are not the dominant process in the evolution of Mstar ≥ 1010 M⊙ galaxies since z 1, with only 0.2 disc-disc major mergers per galaxy, but may be an important process at z > 1, with ˜1 merger per galaxy at 1 < z < 3.

  5. SHOCKING TAILS IN THE MAJOR MERGER ABELL 2744

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    Owers, Matt S.; Couch, Warrick J. [Center for Astrophysics and Supercomputing, Swinburne University of Technology, Hawthorn, VIC 3122 (Australia); Nulsen, Paul E. J.; Randall, Scott W., E-mail: mowers@aao.gov.au [Harvard Smithsonian Center for Astrophysics, 60 Garden Street, Cambridge, MA 02138 (United States)

    2012-05-01

    We identify four rare 'jellyfish' galaxies in Hubble Space Telescope imagery of the major merger cluster Abell 2744. These galaxies harbor trails of star-forming knots and filaments which have formed in situ in gas tails stripped from the parent galaxies, indicating they are in the process of being transformed by the environment. Further evidence for rapid transformation in these galaxies comes from their optical spectra, which reveal starburst, poststarburst, and active galactic nucleus features. Most intriguingly, three of the jellyfish galaxies lie near intracluster medium features associated with a merging 'Bullet-like' subcluster and its shock front detected in Chandra X-ray images. We suggest that the high-pressure merger environment may be responsible for the star formation in the gaseous tails. This provides observational evidence for the rapid transformation of galaxies during the violent core passage phase of a major cluster merger.

  6. THE SPACE DENSITY EVOLUTION OF WET AND DRY MERGERS IN THE CANADA-FRANCE-HAWAII TELESCOPE LEGACY SURVEY

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    Chou, Richard C. Y.; Abraham, Roberto G.; Bridge, Carrie R.

    2011-01-01

    We analyze 1298 merging galaxies with redshifts up to z = 0.7 from the Canada-France-Hawaii Telescope Legacy Survey, taken from the catalog presented in the work of Bridge et al. By analyzing the internal colors of these systems, we show that the so-called wet and dry mergers evolve in different senses, and quantify the space densities of these systems. The local space density of wet mergers is essentially identical to the local space density of dry mergers. The evolution in the total merger rate is modest out to z ∼ 0.7, although the wet and dry populations have different evolutionary trends. At higher redshifts, dry mergers make a smaller contribution to the total merging galaxy population, but this is offset by a roughly equivalent increase in the contribution from wet mergers. By comparing the mass density function of early-type galaxies to the corresponding mass density function for merging systems, we show that not all the major mergers with the highest masses (M stellar >10 11 M sun ) will end up with the most massive early-type galaxies, unless the merging timescale is dramatically longer than that usually assumed. On the other hand, the usually assumed merging timescale of ∼0.5-1 Gyr is quite consistent with the data if we suppose that only less massive early-type galaxies form via mergers. Since low-intermediate-mass ellipticals are 10-100 times more common than their most massive counterparts, the hierarchical explanation for the origin of early-type galaxies may be correct for the vast majority of early types, even if incorrect for the most massive ones.

  7. EVOLUTION OF SHOCKS AND TURBULENCE IN MAJOR CLUSTER MERGERS

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    Paul, S.; Mannheim, K.; Iapichino, L.; Miniati, F.; Bagchi, J.

    2011-01-01

    We performed a set of cosmological simulations of major mergers in galaxy clusters, in order to study the evolution of merger shocks and the subsequent injection of turbulence in the post-shock region and in the intra-cluster medium (ICM). The computations have been performed with the grid-based, adaptive mesh refinement hydrodynamical code Enzo, using a refinement criterion especially designed for refining turbulent flows in the vicinity of shocks. When a major merger event occurs, a substantial amount of turbulence energy is injected in the ICM of the newly formed cluster. Our simulations show that the shock launched after a major merger develops an ellipsoidal shape and gets broken by the interaction with the filamentary cosmic web around the merging cluster. The size of the post-shock region along the direction of shock propagation is of the order of 300 kpc h -1 , and the turbulent velocity dispersion in this region is larger than 100 km s -1 . We performed a scaling analysis of the turbulence energy within our cluster sample. The best fit for the scaling of the turbulence energy with the cluster mass is consistent with M 5/3 , which is also the scaling law for the thermal energy in the self-similar cluster model. This clearly indicates the close relation between virialization and injection of turbulence in the cluster evolution. As for the turbulence in the cluster core, we found that within 2 Gyr after the major merger (the timescale for the shock propagation in the ICM), the ratio of the turbulent to total pressure is larger than 10%, and after about 4 Gyr it is still larger than 5%, a typical value for nearly relaxed clusters. Turbulence at the cluster center is thus sustained for several gigayears, which is substantially longer than typically assumed in the turbulent re-acceleration models, invoked to explain the statistics of observed radio halos. Striking similarities in the morphology and other physical parameters between our simulations and the

  8. DOES M31 RESULT FROM AN ANCIENT MAJOR MERGER?

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    Hammer, F.; Wang, J. L.; Puech, M.; Flores, H.; Fouquet, S.; Yang, Y. B.

    2010-01-01

    The M31 haunted halo is likely associated with a rich merger history, currently assumed to be caused by multiple minor mergers. Here we use the GADGET2 simulation code to test whether M31 could have experienced a major merger in its past history. Our results indicate that a (3 ± 0.5):1 gaseous-rich merger with r pericenter = 25 ± 5 kpc and a polar orbit can explain many properties of M31 and of its halo. The interaction and fusion may have begun 8.75 ± 0.35 and 5.5 ± 0.5 Gyr ago, respectively. Observed fractions of the bulge and the thin and thick disks can be retrieved for a star formation history that is almost quiescent before the fusion. This also accords well with the observed relative fractions of intermediate age and old stars in both the thick disk and the Giant Stream. In this model, the Giant Stream is caused by returning stars from a tidal tail which contains material previously stripped from the satellite prior to the fusion. These returning stars are trapped into elliptical orbits or loops for long periods of time which can reach a Hubble time, and belong to a plane that is 45 0 offset from the M31 disk position angle. Because these streams of stars are permanently fed by new infalling stars with high energy from the tidal tail, we predict large loops which scale rather well with the features recently discovered in the M31 outskirts. We demonstrate that a single merger could explain first-order (intensity and size), morphological, and kinematical properties of the disk, thick disk, bulge, and streams in the halo of M31, as well as the observed distribution of stellar ages, and perhaps metallicities. This challenges the current scenarios assuming that each feature in the disk (the 10 kpc ring) or in its outskirts (thick disk, the Giant Stream, and the numerous streams) is associated with an equivalent number of minor mergers. Given the large number of parameters, further constraints are certainly required to better render the complexity of M31 and

  9. MAJOR-MERGER GALAXY PAIRS IN THE COSMOS FIELD—MASS-DEPENDENT MERGER RATE EVOLUTION SINCE z = 1

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    Xu, C. Kevin; Zhao, Yinghe; Gao, Y.; Scoville, N.; Capak, P.; Drory, N.

    2012-01-01

    We present results of a statistical study of the cosmic evolution of the mass-dependent major-merger rate since z = 1. A stellar mass limited sample of close major-merger pairs (the CPAIR sample) was selected from the archive of the COSMOS survey. Pair fractions at different redshifts derived using the CPAIR sample and a local K-band-selected pair sample show no significant variations with stellar mass. The pair fraction exhibits moderately strong cosmic evolution, with the best-fitting function of f pair = 10 –1.88(±0.03) (1 + z) 2.2(±0.2) . The best-fitting function for the merger rate is R mg (Gyr –1 ) = 0.053 × (M star /10 10.7 M ☉ ) 0.3 (1 + z) 2.2 /(1 + z/8). This rate implies that galaxies of M star ∼ 10 10 -10 11.5 M ☉ have undergone ∼0.5-1.5 major mergers since z = 1. Our results show that, for massive galaxies (M star ≥ 10 10.5 M ☉ ) at z ≤ 1, major mergers involving star-forming galaxies (i.e., wet and mixed mergers) can account for the formation of both ellipticals and red quiescent galaxies (RQGs). On the other hand, major mergers cannot be responsible for the formation of most low mass ellipticals and RQGs of M star ∼ 10.3 M ☉ . Our quantitative estimates indicate that major mergers have significant impact on the stellar mass assembly of the most massive galaxies (M star ≥ 10 11.3 M ☉ ), but for less massive galaxies the stellar mass assembly is dominated by the star formation. Comparison with the mass-dependent (ultra)luminous infrared galaxies ((U)LIRG) rates suggests that the frequency of major-merger events is comparable to or higher than that of (U)LIRGs.

  10. Satellite dwarf galaxies in a hierarchical universe: the prevalence of dwarf-dwarf major mergers

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    Deason, Alis [Department of Astronomy and Astrophysics, University of California Santa Cruz, Santa Cruz, CA (United States); Wetzel, Andrew [TAPIR, California Institute of Technology, Pasadena, CA (United States); Garrison-Kimmel, Shea, E-mail: alis@ucolick.org [Center for Cosmology, Department of Physics and Astronomy, University of California, Irvine, CA (United States)

    2014-10-20

    Mergers are a common phenomenon in hierarchical structure formation, especially for massive galaxies and clusters, but their importance for dwarf galaxies in the Local Group remains poorly understood. We investigate the frequency of major mergers between dwarf galaxies in the Local Group using the ELVIS suite of cosmological zoom-in dissipationless simulations of Milky Way- and M31-like host halos. We find that ∼10% of satellite dwarf galaxies with M {sub star} > 10{sup 6} M {sub ☉} that are within the host virial radius experienced a major merger of stellar mass ratio closer than 0.1 since z = 1, with a lower fraction for lower mass dwarf galaxies. Recent merger remnants are biased toward larger radial distance and more recent virial infall times, because most recent mergers occurred shortly before crossing within the virial radius of the host halo. Satellite-satellite mergers also occur within the host halo after virial infall, catalyzed by the large fraction of dwarf galaxies that fell in as part of a group. The merger fraction doubles for dwarf galaxies outside of the host virial radius, so the most distant dwarf galaxies in the Local Group are the most likely to have experienced a recent major merger. We discuss the implications of these results on observable dwarf merger remnants, their star formation histories, the gas content of mergers, and massive black holes in dwarf galaxies.

  11. Satellite dwarf galaxies in a hierarchical universe: the prevalence of dwarf-dwarf major mergers

    International Nuclear Information System (INIS)

    Deason, Alis; Wetzel, Andrew; Garrison-Kimmel, Shea

    2014-01-01

    Mergers are a common phenomenon in hierarchical structure formation, especially for massive galaxies and clusters, but their importance for dwarf galaxies in the Local Group remains poorly understood. We investigate the frequency of major mergers between dwarf galaxies in the Local Group using the ELVIS suite of cosmological zoom-in dissipationless simulations of Milky Way- and M31-like host halos. We find that ∼10% of satellite dwarf galaxies with M star > 10 6 M ☉ that are within the host virial radius experienced a major merger of stellar mass ratio closer than 0.1 since z = 1, with a lower fraction for lower mass dwarf galaxies. Recent merger remnants are biased toward larger radial distance and more recent virial infall times, because most recent mergers occurred shortly before crossing within the virial radius of the host halo. Satellite-satellite mergers also occur within the host halo after virial infall, catalyzed by the large fraction of dwarf galaxies that fell in as part of a group. The merger fraction doubles for dwarf galaxies outside of the host virial radius, so the most distant dwarf galaxies in the Local Group are the most likely to have experienced a recent major merger. We discuss the implications of these results on observable dwarf merger remnants, their star formation histories, the gas content of mergers, and massive black holes in dwarf galaxies.

  12. The Insignificance of Major Mergers in Driving Star Formation at z approximately equal to 2

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    Kaviraj, S.; Cohen, S.; Windhorst, R. A.; Silk, J.; O'Connell, R. W.; Dopita, M. A.; Dekel, A.; Hathi, N. P.; Straughn, A.; Rutkowski, M.

    2012-01-01

    We study the significance of major mergers in driving star formation in the early Universe, by quantifying the contribution of this process to the total star formation budget in 80 massive (M(*) > 10(exp 10) Solar M) galaxies at z approx = 2. Employing visually-classified morphologies from rest-frame V-band HST imaging, we find that 55(exp +/-14)% of the star formation budget is hosted by non-interacting late-types, with 27(exp +/-18% in major mergers and 18(exp +/- 6)% in spheroids. Given that a system undergoing a major merger continues to experience star formation driven by other processes at this epoch (e.g. cold accretion, minor mergers), approx 27% is a likely upper limit for the major-merger contribution to star formation activity at this epoch. The ratio of the average specific star formation rate in major mergers to that in the non-interacting late-types is approx 2.2:1, suggesting that the typical enhancement of star formation due to major merging is modest and that just under half the star formation in systems experiencing major mergers is unrelated to the merger itself. Taking this into account, we estimate that the actual major-merger contribution to the star formation budget may be as low as approx 15%. While our study does not preclude a major-merger-dominated. era in the very early Universe, if the major-merger contribution to star formation does not evolve significantly into larger look-back times, then this process has a relatively insignificant role in driving stellar mass assembly over cosmic time.

  13. THE EFFECT OF DRY MERGERS ON THE COLOR-MAGNITUDE RELATION OF EARLY-TYPE GALAXIES

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    Skelton, Rosalind E.; Bell, Eric F.; Somerville, Rachel S.

    2009-01-01

    We investigate the effect of dry merging on the color-magnitude relation (CMR) of galaxies and find that the amount of merging predicted by a hierarchical model results in a red sequence that compares well with the observed low-redshift relation. A sample of ∼ 29,000 early-type galaxies selected from the Sloan Digital Sky Survey Data Release 6 shows that the bright end of the CMR has a shallower slope and smaller scatter than the faint end. This magnitude dependence is predicted by a simple toy model in which gas-rich mergers move galaxies onto a 'creation red sequence' (CRS) by quenching their star formation, and subsequent mergers between red, gas-poor galaxies (so-called 'dry' mergers) move galaxies along the relation. We use galaxy merger trees from a semianalytic model of galaxy formation to test the amplitude of this effect and find a change in slope at the bright end that brackets the observations, using gas fraction thresholds of 10%-30% to separate wet and dry mergers. A more realistic model that includes scatter in the CRS shows that dry merging decreases the scatter at the bright end. Contrary to previous claims, the small scatter in the observed CMR thus cannot be used to constrain the amount of dry merging.

  14. THE MAJOR AND MINOR GALAXY MERGER RATES AT z < 1.5

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    Lotz, Jennifer M.; Jonsson, Patrik; Cox, T. J.; Croton, Darren; Primack, Joel R.; Somerville, Rachel S.; Stewart, Kyle

    2011-01-01

    Calculating the galaxy merger rate requires both a census of galaxies identified as merger candidates and a cosmologically averaged 'observability' timescale (T obs (z)) for identifying galaxy mergers. While many have counted galaxy mergers using a variety of techniques, (T obs (z)) for these techniques have been poorly constrained. We address this problem by calibrating three merger rate estimators with a suite of hydrodynamic merger simulations and three galaxy formation models. We estimate (T obs (z)) for (1) close galaxy pairs with a range of projected separations, (2) the morphology indicator G – M 20 , and (3) the morphology indicator asymmetry A. Then, we apply these timescales to the observed merger fractions at z +3.0±1.1 ) than samples selected with constant stellar mass or passively evolving luminosity (∝(1 + z) +0.1±0.4 ). We calculate the minor merger rate (1:4 sat /M primary ∼ 20 . The implied minor merger rate is ∼3 times the major merger rate at z ∼ 0.7 and shows little evolution with redshift.

  15. The fraction of AGNs in major merger galaxies and its luminosity dependence

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    Weigel, Anna K.; Schawinski, Kevin; Treister, Ezequiel; Trakhtenbrot, Benny; Sanders, David B.

    2018-05-01

    We use a phenomenological model which connects the galaxy and active galactic nucleus (AGN) populations to investigate the process of AGNs triggering through major galaxy mergers at z ˜ 0. The model uses stellar mass functions as input and allows the prediction of AGN luminosity functions based on assumed Eddington ratio distribution functions (ERDFs). We show that the number of AGNs hosted by merger galaxies relative to the total number of AGNs increases as a function of AGN luminosity. This is due to more massive galaxies being more likely to undergo a merger and does not require the assumption that mergers lead to higher Eddington ratios than secular processes. Our qualitative analysis also shows that to match the observations, the probability of a merger galaxy hosting an AGN and accreting at a given Eddington value has to be increased by a factor ˜10 relative to the general AGN population. An additional significant increase of the fraction of high Eddington ratio AGNs among merger host galaxies leads to inconsistency with the observed X-ray luminosity function. Physically our results imply that, compared to the general galaxy population, the AGN fraction among merger galaxies is ˜10 times higher. On average, merger triggering does however not lead to significantly higher Eddington ratios.

  16. Driving the growth of the earliest supermassive black holes with major mergers of host galaxies

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    Tanaka, Takamitsu L

    2014-01-01

    The formation mechanism of supermassive black holes (SMBHs) in general, and of ∼10 9  m ⊙ SMBHs observed as luminous quasars at redshifts z>6 in particular, remains an open fundamental question. The presence of such massive BHs at such early times, when the Universe was less than a billion years old, implies that they grew via either super-Eddington accretion, or nearly uninterrupted gas accretion near the Eddington limit; the latter, at first glance, is at odds with empirical trends at lower redshifts, where quasar episodes associated with rapid BH growth are rare and brief. In this work, I examine whether and to what extent the growth of the z>6 quasar SMBHs can be explained within the standard quasar paradigm, in which major mergers of host galaxies trigger episodes of rapid gas accretion below or near the Eddington limit. Using a suite of Monte Carlo merger tree simulations of the assembly histories of 40 likely z>6 quasar host halos, I investigate (i) their growth and major merger rates out to z∼40, and (ii) how long the feeding episodes induced by host mergers must last in order to explain the observed z≳6 quasar population without super-Eddington accretion. The halo major merger rate scales roughly as ∝ (1+z) 5/2 , consistent with cosmological simulations at lower redshifts, with quasar hosts typically experiencing ≳10 major mergers between 15>z>6 (≈650 Myr), compared to ∼1 for typical massive galaxies at 3>z>0 (≈11 Gyr). The high rate of major mergers allows for nearly continuous SMBH growth if (for example) a merger triggers feeding for a duration comparable to the halo dynamical time. These findings suggest that the growth mechanisms of the earliest quasar SMBHs need not have been drastically different from their counterparts at lower redshifts. (paper)

  17. MAJOR GALAXY MERGERS ONLY TRIGGER THE MOST LUMINOUS ACTIVE GALACTIC NUCLEI

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    Treister, E.; Schawinski, K.; Urry, C. M.; Simmons, B. D.

    2012-01-01

    Using multiwavelength surveys of active galactic nuclei (AGNs) across a wide range of bolometric luminosities (10 43 bol (erg s –1 ) 46 ) and redshifts (0 bol -f merger relation suggests that downsizing, i.e., the general decline in AGN and star formation activity with decreasing redshift, is driven by a decline in the frequency of major mergers combined with a decrease in the availability of gas at lower redshifts.

  18. Creating S0s with Major Mergers: A 3D View

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    Miguel Querejeta

    2015-12-01

    Full Text Available A number of simulators have argued that major mergers can sometimes preserve discs, but the possibility that they could explain the emergence of lenticular galaxies (S0s has been generally neglected. In fact, observations of S0s reveal a strong structural coupling between their bulges and discs, which seems difficult to reconcile with the idea that they come from major mergers. However, in our recent papers we have used N-body simulations of binary mergers to show that, under favourable conditions, discs are first destroyed but soon regrow out of the leftover debris, matching observational photometric scaling relations. Additionally, we have shown how the merger scenario agrees with the recent discovery that S0s and most spirals are not compatible in an angular momentum–concentration plane. This important result from CALIFA constitutes a serious objection to the idea that spirals transform into S0s mainly by fading (e.g., via ram-pressure stripping, as that would not explain the observed simultaneous change in λ Re and concentration, but our simulations of major mergers do explain that mismatch. From such a 3D comparison we conclude that mergers must be a relevant process in the build-up of the current population of S0s.

  19. Loops formed by tidal tails as fossil records of a major merger

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    Wang, J.; Hammer, F.; Athanassoula, E.; Puech, M.; Yang, Y.; Flores, H.

    2012-02-01

    Context. Many haloes of nearby disc galaxies contain faint and extended features, including loops, which are often interpreted as relics of satellite infall in the main galaxy's potential well. In most cases, however, the residual nucleus of the satellite is not seen, although it is predicted by numerical simulations. Aims: We test whether such faint and extended features can be associated to gas-rich, major mergers, which may also lead to disc rebuilding and thus be a corner stone for the formation of spiral galaxies. Our goal is to test whether the major merger scenario can provide a good model for a particularly difficult case, that of NGC 5907, and to compare to the scenario of a satellite infall. Methods: Using the TreeSPH code GADGET-2, we model the formation of an almost bulge-less galaxy similar to NGC 5907 (B/T ≲ 0.2) after a gas-rich major merger. First, we trace tidal tail particles captured by the galaxy gravitational potential to verify whether they can form loops similar to those discovered in the galactic haloes. Results: We indeed find that 3:1 major mergers can form features similar to the loops found in many galactic haloes, including in NGC 5907, and can reproduce an extended thin disc, a bulge, as well as the pronounced warp of the gaseous disc. Relatively small bulge fractions can be reproduced by a large gas fraction in the progenitors, as well as appropriate orbital parameters. Conclusions: Even though it remains difficult to fully cover the large volume of free parameters, the present modelling of the loops in NGC 5907 proves that they could well be the result of a major merger. It has many advantages over the satellite infall scenario; e.g., it solves the problem of the visibility of the satellite remnant, and it may explain some additional features in the NGC 5907 halo, as well as some gas properties of this system. For orbital parameters derived from cosmological simulations, the loops in NGC 5907 can be reproduced by major mergers (3

  20. Evolution of the major merger galaxy pair fraction at z < 1

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    Keenan, R. C.; Hsieh, B. C.; Lin, L.; Chou, R. C. Y.; Huang, S.; Lin, J. H.; Chang, K. H.; Foucaud, S.; De Propris, R.

    2014-01-01

    We present a study of the largest available sample of near-infrared selected (i.e., stellar mass selected) dynamically close pairs of galaxies at low redshifts (z < 0.3). We combine this sample with new estimates of the major merger pair fraction for stellar mass selected galaxies at z < 0.8, from the Red Sequence Cluster Survey (RCS1). We construct our low-redshift K-band selected sample using photometry from the UKIRT Infrared Deep Sky Survey and the Two Micron All Sky Survey (2MASS) in the K band (∼2.2 μm). Combined with all available spectroscopy, our K-band selected sample contains ∼250, 000 galaxies and is >90% spectroscopically complete. The depth and large volume of this sample allow us to investigate the low-redshift pair fraction and merger rate of galaxies over a wide range in K-band luminosity. We find the major merger pair fraction to be flat at ∼2% as a function of K-band luminosity for galaxies in the range 10 8 -10 12 L ☉ , in contrast to recent results from studies in the local group that find a substantially higher low-mass pair fraction. This low-redshift major merger pair fraction is ∼40%-50% higher than previous estimates drawn from K-band samples, which were based on 2MASS photometry alone. Combining with the RCS1 sample, we find a much flatter evolution (m = 0.7 ± 0.1) in the relation f pair ∝(1 + z) m than indicated in many previous studies. These results indicate that a typical L ∼ L* galaxy has undergone ∼0.2-0.8 major mergers since z = 1 (depending on the assumptions of merger timescale and percentage of pairs that actually merge).

  1. Evolution of the major merger galaxy pair fraction at z < 1

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    Keenan, R. C.; Hsieh, B. C.; Lin, L.; Chou, R. C. Y.; Huang, S.; Lin, J. H.; Chang, K. H. [Academia Sinica Institute for Astronomy and Astrophysics, Taipei, Taiwan (China); Foucaud, S. [Shanghai Jiao Tong University, Shanghai (China); De Propris, R. [Finnish Centre for Astronomy with ESO (FINCA), University of Turku, Turku (Finland)

    2014-11-10

    We present a study of the largest available sample of near-infrared selected (i.e., stellar mass selected) dynamically close pairs of galaxies at low redshifts (z < 0.3). We combine this sample with new estimates of the major merger pair fraction for stellar mass selected galaxies at z < 0.8, from the Red Sequence Cluster Survey (RCS1). We construct our low-redshift K-band selected sample using photometry from the UKIRT Infrared Deep Sky Survey and the Two Micron All Sky Survey (2MASS) in the K band (∼2.2 μm). Combined with all available spectroscopy, our K-band selected sample contains ∼250, 000 galaxies and is >90% spectroscopically complete. The depth and large volume of this sample allow us to investigate the low-redshift pair fraction and merger rate of galaxies over a wide range in K-band luminosity. We find the major merger pair fraction to be flat at ∼2% as a function of K-band luminosity for galaxies in the range 10{sup 8}-10{sup 12} L {sub ☉}, in contrast to recent results from studies in the local group that find a substantially higher low-mass pair fraction. This low-redshift major merger pair fraction is ∼40%-50% higher than previous estimates drawn from K-band samples, which were based on 2MASS photometry alone. Combining with the RCS1 sample, we find a much flatter evolution (m = 0.7 ± 0.1) in the relation f {sub pair}∝(1 + z) {sup m} than indicated in many previous studies. These results indicate that a typical L ∼ L* galaxy has undergone ∼0.2-0.8 major mergers since z = 1 (depending on the assumptions of merger timescale and percentage of pairs that actually merge).

  2. Toward the Distribution of Orbital Parameters of Nearby Major Galaxy Mergers

    Science.gov (United States)

    Mortazavi, S. Alireza

    2016-01-01

    In this thesis project our goal is to measure the initial conditions of a sample of ~20 local disk-disk major galaxy mergers. Measuring the orbital parameters is possible by findingthe most similar galaxy merger simulation to the morphology and kinematics of the data.We have developed an automated modeling method based on the Identikit software package,which also estimates the uncertainty of the measured initial conditions. We tested our modeling method using an independent set of GADGET simulations, and we acquired reliable results onprograde merger systems. We observed the Hα kinematics of our sample using SparsePak IFU on the WIYN telescope at KPNO, and DIS on the 3.5m telescope at APO. For the few merger systems in our sample with archival HI data available, we compare the use of HI vs Hα as the kinematic tracer. This work lays the ground-work for the analysis of larger statistical samples of mergers from on-going IFU galaxy survey such as MaNGA.

  3. SATELLITE DWARF GALAXIES IN A HIERARCHICAL UNIVERSE: THE PREVALENCE OF DWARF-DWARF MAJOR MERGERS

    OpenAIRE

    Deason, A; Wetzel, A; Garrison-Kimmel, S

    2014-01-01

    Mergers are a common phenomenon in hierarchical structure formation, especially for massive galaxies and clusters, but their importance for dwarf galaxies in the Local Group remains poorly understood. We investigate the frequency of major mergers between dwarf galaxies in the Local Group using the ELVIS suite of cosmological zoom-in dissipationless simulations of Milky Way- and M31-like host halos. We find that ~10% of satellite dwarf galaxies with M_star > 10^6 M_sun that are within the host...

  4. WHERE DO WET, DRY, AND MIXED GALAXY MERGERS OCCUR? A STUDY OF THE ENVIRONMENTS OF CLOSE GALAXY PAIRS IN THE DEEP2 GALAXY REDSHIFT SURVEY

    International Nuclear Information System (INIS)

    Lin, Lihwai; Cooper, Michael C.; Willmer, Christopher N. A.; Jian, Hung-Yu; Chiueh, Tzihong; Koo, David C.; Guhathakurta, Puragra; Patton, David R.; Yan, Renbin; Coil, Alison L.; Croton, Darren J.; Gerke, Brian F.; Lotz, Jennifer; Newman, Jeffrey A.

    2010-01-01

    We study the environments of wet, dry, and mixed galaxy mergers at 0.75 c ) is observed to increase with overdensity, using N-body simulations, we find that the fraction of pairs that will eventually merge decreases with the local density, predominantly because interlopers are more common in dense environments. After taking into account the merger probability of pairs as a function of local density, we find only marginal environment dependence of the galaxy merger rate for wet mergers. On the other hand, the dry and mixed merger rates increase rapidly with local density due to the increased population of red galaxies in dense environments, implying that the dry and mixed mergers are most effective in overdense regions. We also find that the environment distribution of K+A galaxies is similar to that of wet mergers alone and of wet+mixed mergers, suggesting a possible connection between K+A galaxies and wet and/or wet+mixed mergers. Based on our results, we therefore expect that the properties, including structures and masses, of red-sequence galaxies should be different between those in underdense regions and those in overdense regions since the dry mergers are significantly more important in dense environments. We conclude that, as early as z ∼ 1, high-density regions are the preferred environment in which dry mergers occur, and that present-day red-sequence galaxies in overdense environments have, on average, undergone 1.2 ± 0.3 dry mergers since this time, accounting for (38 ± 10)% of their mass accretion in the last 8 billion years. The main uncertainty in this finding is the conversion from the pair fraction to the galaxy merger rate, which is possibly as large as a factor of 2. Our findings suggest that dry mergers are crucial in the mass assembly of massive red galaxies in dense environments, such as brightest cluster galaxies in galaxy groups and clusters.

  5. THE ROLE OF DRY MERGERS FOR THE FORMATION AND EVOLUTION OF BRIGHTEST CLUSTER GALAXIES

    International Nuclear Information System (INIS)

    Ruszkowski, M.; Springel, V.

    2009-01-01

    Using a resimulation technique, we perform high-resolution cosmological simulations of dry mergers in a massive (10 15 M sun ) galaxy cluster identified in the Millennium Run. Our initial conditions include well resolved compound galaxy models consisting of dark matter halos and stellar bulges that are used to replace the most massive cluster progenitor halos at redshift z = 3, allowing us to follow the subsequent dry merger processes that build up the cluster galaxies in a self-consistent cosmological setting. By construction, our galaxy models obey the stellar mass-size relation initially. Also, we study both galaxy models with adiabatically contracted and uncompressed halos. We demonstrate that the brightest cluster galaxy (BCG) evolves away from the Kormendy relation as defined by the smaller mass galaxies (i.e., the relation bends). This is accompanied by a significantly faster dark matter mass growth within the half-light radius of the BCG compared to the increase in the stellar mass inside the same radius. As a result of the comparatively large number of mergers the BCG experiences, its total mass-to-light ratio becomes significantly higher than in typical elliptical galaxies. We also show that the mixing processes between dark matter and stars lead to a small but numerically robust tilt in the fundamental plane and that the BCG lies on the tilted plane. Our model is consistent with the observed steepening of the logarithmic mass-to-light gradient as a function of the stellar mass. As we have not included effects from gas dynamics or star formation, these trends are exclusively due to N-body and stellar dynamical effects. Surprisingly, we find only tentative weak distortion in the Faber-Jackson relation that depends on the aperture size, unlike expected based on studies of isolated merger simulations. This may be due to differences in the distribution of galaxy orbits, which is given in our approach directly by the cosmological context while it has to be

  6. The role of major mergers in (obscured) black hole growth and galaxy evolution

    Science.gov (United States)

    Treister, E.; Privon, G.; Ricci, C.; Bauer, F.; Schawinski, K.; MODA Collaboration

    2017-10-01

    A clear picture is emerging in which rapid supermassive black hole (SMBH) growth episodes (luminous AGN) are directly linked to major galaxy mergers. Here, we present the first results from our MODA program aimed to obtain optical and near-IR Integral Field Unit (IFU) spectroscopy and mm/sub-mm ALMA maps for a sample of confirmed nearby dual AGN (separation 10 kpc), including the archetypical galaxy NGC6240. Specifically, we will focus here on Mrk 463, a very rich system of two galaxies separated by 3.8 kpc hosting two SMBH growing simultaneously. Clear evidence for complex morphologies and kinematics, outflows and feedback effects can be seen in this system, evidencing the deep connection between major galaxy mergers, SMBH growth and galaxy evolution.

  7. Major cluster mergers and the location of the brightest cluster galaxy

    International Nuclear Information System (INIS)

    Martel, Hugo; Robichaud, Fidèle; Barai, Paramita

    2014-01-01

    Using a large N-body cosmological simulation combined with a subgrid treatment of galaxy formation, merging, and tidal destruction, we study the formation and evolution of the galaxy and cluster population in a comoving volume (100 Mpc) 3 in a ΛCDM universe. At z = 0, our computational volume contains 1788 clusters with mass M cl > 1.1 × 10 12 M ☉ , including 18 massive clusters with M cl > 10 14 M ☉ . It also contains 1, 088, 797 galaxies with mass M gal ≥ 2 × 10 9 M ☉ and luminosity L > 9.5 × 10 5 L ☉ . For each cluster, we identified the brightest cluster galaxy (BCG). We then computed two separate statistics: the fraction f BNC of clusters in which the BCG is not the closest galaxy to the center of the cluster in projection, and the ratio Δv/σ, where Δv is the difference in radial velocity between the BCG and the whole cluster and σ is the radial velocity dispersion of the cluster. We found that f BNC increases from 0.05 for low-mass clusters (M cl ∼ 10 12 M ☉ ) to 0.5 for high-mass clusters (M cl > 10 14 M ☉ ) with very little dependence on cluster redshift. Most of this result turns out to be a projection effect and when we consider three-dimensional distances instead of projected distances, f BNC increases only to 0.2 at high-cluster mass. The values of Δv/σ vary from 0 to 1.8, with median values in the range 0.03-0.15 when considering all clusters, and 0.12-0.31 when considering only massive clusters. These results are consistent with previous observational studies and indicate that the central galaxy paradigm, which states that the BCG should be at rest at the center of the cluster, is usually valid, but exceptions are too common to be ignored. We built merger trees for the 18 most massive clusters in the simulation. Analysis of these trees reveal that 16 of these clusters have experienced 1 or several major or semi-major mergers in the past. These mergers leave each cluster in a non-equilibrium state, but eventually the cluster

  8. THE MULTIPHASE STRUCTURE AND POWER SOURCES OF GALACTIC WINDS IN MAJOR MERGERS

    International Nuclear Information System (INIS)

    Rupke, David S. N.; Veilleux, Sylvain

    2013-01-01

    Massive, galaxy-scale outflows are known to be ubiquitous in major mergers of disk galaxies in the local universe. In this paper, we explore the multiphase structure and power sources of galactic winds in six ultraluminous infrared galaxies (ULIRGs) at z –1 , and the highest velocities (2000-3000 km s –1 ) are seen only in ionized gas. The outflow energy and momentum in the QSOs are difficult to produce from a starburst alone, but are consistent with the QSO contributing significantly to the driving of the flow. Finally, when all gas phases are accounted for, the outflows are massive enough to provide negative feedback to star formation.

  9. MAJOR-MERGER GALAXY PAIRS AT Z = 0: DUST PROPERTIES AND COMPANION MORPHOLOGY

    Energy Technology Data Exchange (ETDEWEB)

    Domingue, Donovan L.; Ronca, Joseph; Hill, Emily; Jacques, Allison [Georgia College and State University, CBX 82, Milledgeville, GA 31061 (United States); Cao, Chen [School of Space Science and Physics, Shandong University, Weihai, Weihai, Shandong 264209 (China); Xu, C. Kevin [Infrared Processing and Analysis Center, California Institute of Technology 100-22, Pasadena, CA 91125 (United States); Jarrett, Thomas H. [University of Cape Town, Private Bag X3, Rondebosch 7701, Republic of South Africa (South Africa)

    2016-10-01

    We present an analysis of dust properties of a sample of close major-merger galaxy pairs selected by K {sub s} magnitude and redshift. The pairs represent the two populations of spiral–spiral (S+S) and mixed morphology spiral–elliptical (S+E). The Code Investigating GALaxy Emission software is used to fit dust models to the Two Micron All Sky Survey, Wide-Field Infrared Survey Explorer , and Herschel flux density measurements, and to derive the parameters describing the polycyclic aromatic hydrocarbons contribution, interstellar radiation field, and photodissociation regions. Model fits verify our previous Spitzer Space Telescope analysis that S+S and S+E pairs do not have the same level of enhancement of star formation and differ in dust composition. The spirals of mixed-morphology galaxy pairs do not exhibit the enhancements in interstellar radiation field and therefore dust temperature for spirals in S+S pairs in contrast to what would be expected according to standard models of gas redistribution due to encounter torques. This suggests the importance of the companion environment/morphology in determining the dust properties of a spiral galaxy in a close major-merger pair.

  10. MAJOR-MERGER GALAXY PAIRS AT Z = 0: DUST PROPERTIES AND COMPANION MORPHOLOGY

    International Nuclear Information System (INIS)

    Domingue, Donovan L.; Ronca, Joseph; Hill, Emily; Jacques, Allison; Cao, Chen; Xu, C. Kevin; Jarrett, Thomas H.

    2016-01-01

    We present an analysis of dust properties of a sample of close major-merger galaxy pairs selected by K s magnitude and redshift. The pairs represent the two populations of spiral–spiral (S+S) and mixed morphology spiral–elliptical (S+E). The Code Investigating GALaxy Emission software is used to fit dust models to the Two Micron All Sky Survey, Wide-Field Infrared Survey Explorer , and Herschel flux density measurements, and to derive the parameters describing the polycyclic aromatic hydrocarbons contribution, interstellar radiation field, and photodissociation regions. Model fits verify our previous Spitzer Space Telescope analysis that S+S and S+E pairs do not have the same level of enhancement of star formation and differ in dust composition. The spirals of mixed-morphology galaxy pairs do not exhibit the enhancements in interstellar radiation field and therefore dust temperature for spirals in S+S pairs in contrast to what would be expected according to standard models of gas redistribution due to encounter torques. This suggests the importance of the companion environment/morphology in determining the dust properties of a spiral galaxy in a close major-merger pair.

  11. Quantifying the impact of mergers on the angular momentum of simulated galaxies

    Science.gov (United States)

    Lagos, Claudia del P.; Stevens, Adam R. H.; Bower, Richard G.; Davis, Timothy A.; Contreras, Sergio; Padilla, Nelson D.; Obreschkow, Danail; Croton, Darren; Trayford, James W.; Welker, Charlotte; Theuns, Tom

    2018-02-01

    We use EAGLE to quantify the effect galaxy mergers have on the stellar specific angular momentum of galaxies, jstars. We split mergers into dry (gas-poor)/wet (gas-rich), major/minor and different spin alignments and orbital parameters. Wet (dry) mergers have an average neutral gas-to-stellar mass ratio of 1.1 (0.02), while major (minor) mergers are those with stellar mass ratios ≥0.3 (0.1-0.3). We correlate the positions of galaxies in the jstars-stellar mass plane at z = 0 with their merger history, and find that galaxies of low spins suffered dry mergers, while galaxies of normal/high spins suffered predominantly wet mergers, if any. The radial jstars profiles of galaxies that went through dry mergers are deficient by ≈0.3 dex at r ≲ 10 r50 (with r50 being the half-stellar mass radius), compared to galaxies that went through wet mergers. Studying the merger remnants reveals that dry mergers reduce jstars by ≈30 per cent, while wet mergers increase it by ≈10 per cent, on average. The latter is connected to the build-up of the bulge by newly formed stars of high rotational speed. Moving from minor to major mergers accentuates these effects. When the spin vectors of the galaxies prior to the dry merger are misaligned, jstars decreases by a greater magnitude, while in wet mergers corotation and high orbital angular momentum efficiently spun-up galaxies. We predict what would be the observational signatures in the jstars profiles driven by dry mergers: (i) shallow radial profiles and (ii) profiles that rise beyond ≈10 r50, both of which are significantly different from spiral galaxies.

  12. VizieR Online Data Catalog: Dust properties of major-merger galaxy pairs (Domingue+, 2016)

    Science.gov (United States)

    Domingue, D. L.; Cao, C.; Xu, C. K.; Jarrett, T. H.; Ronca, J.; Hill, E.; Jacques, A.

    2018-04-01

    We present an analysis of dust properties of a sample of close major-merger galaxy pairs selected by Ks magnitude and redshift. The pairs represent the two populations of spiral-spiral (S+S) and mixed morphology spiral-elliptical (S+E). The Code Investigating GALaxy Emission (CIGALE) software is used to fit dust models to the Two Micron All Sky Survey, Wide-Field Infrared Survey Explorer, and Herschel flux density measurements, and to derive the parameters describing the polycyclic aromatic hydrocarbons contribution, interstellar radiation field, and photodissociation regions. Model fits verify our previous Spitzer Space Telescope analysis that S+S and S+E pairs do not have the same level of enhancement of star formation and differ in dust composition. (1 data file).

  13. Major galaxy mergers and the growth of supermassive black holes in quasars.

    Science.gov (United States)

    Treister, Ezequiel; Natarajan, Priyamvada; Sanders, David B; Urry, C Megan; Schawinski, Kevin; Kartaltepe, Jeyhan

    2010-04-30

    Despite observed strong correlations between central supermassive black holes (SMBHs) and star formation in galactic nuclei, uncertainties exist in our understanding of their coupling. We present observations of the ratio of heavily obscured to unobscured quasars as a function of cosmic epoch up to z congruent with 3 and show that a simple physical model describing mergers of massive, gas-rich galaxies matches these observations. In the context of this model, every obscured and unobscured quasar represents two distinct phases that result from a massive galaxy merger event. Much of the mass growth of the SMBH occurs during the heavily obscured phase. These observations provide additional evidence for a causal link between gas-rich galaxy mergers, accretion onto the nuclear SMBH, and coeval star formation.

  14. MAJOR MERGERS WITH SMALL GALAXIES: THE DISCOVERY OF A MAGELLANIC-TYPE GALAXY AT z = 0.12

    International Nuclear Information System (INIS)

    Koch, Andreas; Frank, Matthias J.; Pasquali, Anna; Rich, R. Michael; Rabitz, Andreas

    2015-01-01

    We report on the serendipitous discovery of a star-forming galaxy at redshift z = 0.116 with morphological features that indicate an ongoing merger. This object exhibits two clearly separated components with significantly different colors, plus a possible tidal stream. Follow-up spectroscopy of the bluer component revealed a low star-forming activity of 0.09 M ⊙ yr −1 and a high metallicity of 12 + log(O/H) = 8.6. Based on comparison with mass–star formation-rate and mass–metallicity relations, and on fitting of spectral energy distributions, we obtain a stellar mass of 3 × 10 9 M ⊙ , which renders this object comparable to the Large Magellanic Cloud. Thus our finding provides a further piece of evidence of a major merger already acting on small, dwarf-galaxy-like scales

  15. MAJOR MERGERS WITH SMALL GALAXIES: THE DISCOVERY OF A MAGELLANIC-TYPE GALAXY AT z = 0.12

    Energy Technology Data Exchange (ETDEWEB)

    Koch, Andreas; Frank, Matthias J. [Zentrum für Astronomie der Universität Heidelberg, Landessternwarte, Königstuhl 12, D-69117 Heidelberg (Germany); Pasquali, Anna [Zentrum für Astronomie der Universität Heidelberg, Astronomisches Rechen-Institut, Mönchhofstrasse 12, D-69117 Heidelberg (Germany); Rich, R. Michael [University of California Los Angeles, Department of Physics and Astronomy, Los Angeles, CA (United States); Rabitz, Andreas, E-mail: akoch@lsw.uni-heidelberg.de [Leibniz-Institut für Astrophysik Potsdam, An der Sternwarte 16, D-14482 Potsdam (Germany)

    2015-12-20

    We report on the serendipitous discovery of a star-forming galaxy at redshift z = 0.116 with morphological features that indicate an ongoing merger. This object exhibits two clearly separated components with significantly different colors, plus a possible tidal stream. Follow-up spectroscopy of the bluer component revealed a low star-forming activity of 0.09 M{sub ⊙} yr{sup −1} and a high metallicity of 12 + log(O/H) = 8.6. Based on comparison with mass–star formation-rate and mass–metallicity relations, and on fitting of spectral energy distributions, we obtain a stellar mass of 3 × 10{sup 9} M{sub ⊙}, which renders this object comparable to the Large Magellanic Cloud. Thus our finding provides a further piece of evidence of a major merger already acting on small, dwarf-galaxy-like scales.

  16. A 2-3 billion year old major merger paradigm for the Andromeda galaxy and its outskirts

    Science.gov (United States)

    Hammer, F.; Yang, Y. B.; Wang, J. L.; Ibata, R.; Flores, H.; Puech, M.

    2018-04-01

    Recent observations of our neighbouring galaxy M31 have revealed that its disc was shaped by widespread events. The evidence for this includes the high dispersion (V/σ ≤ 3) of stars older than 2 Gyr, and a global star formation episode, 2-4 Gyr ago. Using the modern hydrodynamical code, GIZMO, we have performed 300 high-resolution simulations to explore the extent to which these observed properties can be explained by a single merger. We find that the observed M31 disc resembles models having experienced a 4:1 merger, in which the nuclei coalesced 1.8-3 Gyr ago, and where the first passage took place 7-10 Gyr ago at a large pericentre distance (32 kpc). We also show that within a family of orbital parameters, the Giant Stream (GS) can be formed with various merger mass ratios, from 2:1 to 300:1. A recent major merger may be the only way to create the very unusual age-dispersion relation in the disc. It reproduces and explains the long-lived 10 kpc ring, the widespread and recent star formation event, the absence of a remnant of the GS progenitor, the apparent complexity of the 3D spatial distribution of the GS, the NE and G Clumps and their formation process, and the observed slope of the halo profile. These modelling successes lead us to propose that the bulk of the substructure in the M31 halo, as well as the complexity of the inner galaxy, may be attributable to a single major interaction with a galaxy that has now fully coalesced with Andromeda.

  17. LOCAL BENCHMARKS FOR THE EVOLUTION OF MAJOR-MERGER GALAXIES-SPITZER OBSERVATIONS OF A K-BAND SELECTED SAMPLE

    International Nuclear Information System (INIS)

    Xu, C. Kevin; Cheng Yiwen; Lu Nanyao; Mazzarella, Joseph M.; Cutri, Roc; Domingue, Donovan; Huang Jiasheng; Gao Yu; Sun, W.-H.; Surace, Jason

    2010-01-01

    We present Spitzer observations for a sample of close major-merger galaxy pairs (KPAIR sample) selected from cross-matches between the Two Micron All Sky Survey and Sloan Digital Sky Survey Data Release 3. The goals are to study the star formation activity in these galaxies and to set a local bench mark for the cosmic evolution of close major mergers. The Spitzer KPAIR sample (27 pairs, 54 galaxies) includes all spectroscopically confirmed spiral-spiral (S+S) and spiral-elliptical (S+E) pairs in a parent sample that is complete for primaries brighter than K = 12.5 mag, projected separations of 5 h -1 kpc ≤ s ≤ 20 h -1 kpc, and mass ratios ≤2.5. The Spitzer data, consisting of images in seven bands (3.6, 4.5, 5.8, 8, 24, 70, 160 μm), show very diversified IR emission properties. Compared to single spiral galaxies in a control sample, only spiral galaxies in S+S pairs show significantly enhanced specific star formation rate (sSFR = SFR/M), whereas spiral galaxies in S+E pairs do not. Furthermore, the SFR enhancement of spiral galaxies in S+S pairs is highly mass-dependent. Only those with M ∼> 10 10.5 M sun show significant enhancement. Relatively low-mass (M ∼ 10 10 M sun ) spirals in S+S pairs have about the same SFR/M compared to their counterparts in the control sample, while those with 10 11 M sun have on average a ∼3 times higher SFR/M than single spirals. There is evidence for a correlation between the global star formation activities (but not the nuclear activities) of the component galaxies in massive S+S major-merger pairs (the H olmberg effect ) . There is no significant difference in the SFR/M between the primaries and the secondaries, nor between spirals of SEP KPAIR =2.54 x 10 -4 (M sun yr -1 Mpc -3 ).

  18. Major Mergers in CANDELS up to z=3: Calibrating the Close-Pair Method Using Semi-Analytic Models and Baryonic Mass Ratio Estimates

    Science.gov (United States)

    Mantha, Kameswara; McIntosh, Daniel H.; Conselice, Christopher; Cook, Joshua S.; Croton, Darren J.; Dekel, Avishai; Ferguson, Henry C.; Hathi, Nimish; Kodra, Dritan; Koo, David C.; Lotz, Jennifer M.; Newman, Jeffrey A.; Popping, Gergo; Rafelski, Marc; Rodriguez-Gomez, Vicente; Simmons, Brooke D.; Somerville, Rachel; Straughn, Amber N.; Snyder, Gregory; Wuyts, Stijn; Yu, Lu; Cosmic Assembly Near-Infrared Deep Extragalactic Legacy Survey (CANDELS) Team

    2018-01-01

    Cosmological simulations predict that the rate of merging between similar-mass massive galaxies should increase towards early cosmic-time. We study the incidence of major (stellar mass ratio SMR 10.3 galaxies spanning 01.5 in strong disagreement with theoretical merger rate predictions. On the other hand, if we compare to a simulation-tuned, evolving timescale prescription from Snyder et al., 2017, we find that the merger rate evolution agrees with theory out to z=3. These results highlight the need for robust calibrations on the complex and presumably redshift-dependent pair-to-merger-rate conversion factors to improve constraints of the empirical merger history. To address this, we use a unique compilation of mock datasets produced by three independent state-of-the-art Semi-Analytic Models (SAMs). We present preliminary calibrations of the close-pair observability timescale and outlier fraction as a function of redshift, stellar-mass, mass-ratio, and local over-density. Furthermore, to verify the hypothesis by previous empirical studies that SMR-selection of major pairs may be biased, we present a new analysis of the baryonic (gas+stars) mass ratios of a subset of close pairs in our sample. For the first time, our preliminary analysis highlights that a noticeable fraction of SMR-selected minor pairs (SMR>4) have major baryonic-mass ratios (BMR<4), which indicate that merger rates based on SMR selection may be under-estimated.

  19. Decoding Galactic Merger Histories

    Directory of Open Access Journals (Sweden)

    Eric F. Bell

    2017-12-01

    Full Text Available Galaxy mergers are expected to influence galaxy properties, yet measurements of individual merger histories are lacking. Models predict that merger histories can be measured using stellar halos and that these halos can be quantified using observations of resolved stars along their minor axis. Such observations reveal that Milky Way-mass galaxies have a wide range of stellar halo properties and show a correlation between their stellar halo masses and metallicities. This correlation agrees with merger-driven models where stellar halos are formed by satellite galaxy disruption. In these models, the largest accreted satellite dominates the stellar halo properties. Consequently, the observed diversity in the stellar halos of Milky Way-mass galaxies implies a large range in the masses of their largest merger partners. In particular, the Milky Way’s low mass halo implies an unusually quiet merger history. We used these measurements to seek predicted correlations between the bulge and central black hole (BH mass and the mass of the largest merger partner. We found no significant correlations: while some galaxies with large bulges and BHs have large stellar halos and thus experienced a major or minor merger, half have small stellar halos and never experienced a significant merger event. These results indicate that bulge and BH growth is not solely driven by merger-related processes.

  20. HERSCHEL OBSERVATIONS OF MAJOR MERGER PAIRS AT z = 0: DUST MASS AND STAR FORMATION

    International Nuclear Information System (INIS)

    Cao, Chen; Xu, Cong Kevin; Lu, Nanyao; Mazzarella, Joe; Domingue, Donovan; Ronca, Joseph; Jacques, Allison; Buat, Veronique; Cheng, Yi-Wen; Gao, Yu; Huang, Jiasheng; Jarrett, Thomas H.; Lisenfeld, Ute; Sun, Wei-Hsin; Wu, Hong; Yun, Min S.

    2016-01-01

    We present Herschel PACS and SPIRE far-infrared (FIR) and submillimeter imaging observations for a large K-band selected sample of 88 close major-merger pairs of galaxies (H-KPAIRs) in 6 photometric bands (70, 100, 160, 250, 350, and 500 μm). Among 132 spiral galaxies in the 44 spiral–spiral (S+S) pairs and 44 spiral–elliptical (S+E) pairs, 113 are detected in at least 1 Herschel band. The star formation rate (SFR) and dust mass (M dust ) are derived from the IR SED fitting. The mass of total gas (M gas ) is estimated by assuming a constant dust-to-gas mass ratio of 0.01. Star-forming spiral galaxies (SFGs) in S+S pairs show significant enhancements in both specific star formation rate (sSFR) and star formation efficiency (SFE), while having nearly the same gas mass compared to control galaxies. On the other hand, for SFGs in S+E pairs, there is no significant sSFR enhancement and the mean SFE enhancement is significantly lower than that of SFGs in S+S pairs. This suggests an important role for the disk–disk collision in the interaction-induced star formation. The M gas of SFGs in S+E pairs is marginally lower than that of their counterparts in both S+S pairs and the control sample. Paired galaxies with and without interaction signs do not differ significantly in their mean sSFR and SFE. As found in previous works, this much larger sample confirms that the primary and secondary spirals in S+S pairs follow a Holmberg effect correlation on sSFR

  1. Effects of dry period length on clinical mastitis and other major clinical health disorders

    DEFF Research Database (Denmark)

    Enevoldsen, Carsten; Sørensen, J.T.

    1992-01-01

    Four, 7-, and 10-wk dry periods were randomly assigned to 366 dairy cows in eight herds. A multiple polytomous logistic regression analysis was conducted with the objective to reveal possible important effects of the dry period on the risk of contracting major clinical health disorders. Several...... complex statistical interactions were revealed. Complications around and after drying off occurred least frequently at 7-wk dry periods. There was little evidence of an effect of the dry period on the risk of clinical mastitis and other severe clinical disorders around and after calving. With short...... like milk yield at drying off and previous mastitis are much more important predisposing factors....

  2. SMM J04135+10277: A CANDIDATE EARLY-STAGE ''WET-DRY'' MERGER OF TWO MASSIVE GALAXIES AT z = 2.8

    Energy Technology Data Exchange (ETDEWEB)

    Riechers, Dominik A., E-mail: dr@astro.cornell.edu [Astronomy Department, California Institute of Technology, MC 249-17, 1200 East California Boulevard, Pasadena, CA 91125 (United States)

    2013-03-10

    We report interferometric imaging of CO(J = 3{yields}2) emission toward the z = 2.846 submillimeter-selected galaxy SMM J04135+10277, using the Combined Array for Research in Millimeter-wave Astronomy (CARMA). SMM J04135+10277 was previously thought to be a gas-rich, submillimeter-selected quasar, with the highest molecular gas mass among high-z quasars reported in the literature. Our maps at {approx}6 Multiplication-Sign improved linear resolution relative to earlier observations spatially resolve the emission on {approx}1.''7 scales, corresponding to a (lensing-corrected) source radius of {approx}5.2 kpc. They also reveal that the molecular gas reservoir, and thus, likely the submillimeter emission, is not associated with the host galaxy of the quasar, but with an optically faint gas-rich galaxy at 5.''2, or 41.5 kpc projected distance from the active galactic nucleus (AGN). The obscured gas-rich galaxy has a dynamical mass of M{sub dyn} sin{sup 2} i = 5.6 Multiplication-Sign 10{sup 11} M{sub Sun }, corresponding to a gas mass fraction of {approx_equal}21%. Assuming a typical M{sub BH}/M{sub *} ratio for z {approx}> 2 quasars, the two galaxies in this system have an approximate mass ratio of {approx}1.9. Our findings suggest that this quasar-starburst galaxy pair could represent an early stage of a rare major, gas-rich/gas-poor ({sup w}et-dry{sup )} merger of two massive galaxies at z = 2.8, rather than a single, gas-rich AGN host galaxy. Such systems could play an important role in the early buildup of present-day massive galaxies through a submillimeter-luminous starburst phase, and may remain hidden in larger numbers among rest-frame far-infrared-selected quasar samples at low and high redshift.

  3. DARK MATTER HALO MERGERS: DEPENDENCE ON ENVIRONMENT

    International Nuclear Information System (INIS)

    Hester, J. A.; Tasitsiomi, A.

    2010-01-01

    This paper presents a study of the specific major merger rate as a function of group membership, local environment, and redshift in a very large, 500 h -1 Mpc, cosmological N-body simulation, the Millennium Simulation. The goal is to provide environmental diagnostics of major merger populations in order to test simulations against observations and provide further constraints on major merger driven galaxy evolution scenarios. A halo sample is defined using the maximum circular velocity, which is both well defined for subhalos and closely correlated with galaxy luminosity. Subhalos, including the precursors of major mergers, are severely tidally stripped. Major mergers between subhalos are therefore rare compared to mergers between subhalos and their host halos. Tidal stripping also suppresses dynamical friction, resulting in long major merger timescales when the more massive merger progenitor does not host other subhalos. When other subhalos are present, however, major merger timescales are several times shorter. This enhancement may be due to inelastic unbound collisions between subhalos, which deplete their orbital angular momentum and lead to faster orbital decay. Following these results, we predict that major mergers in group environments are dominated by mergers involving the central galaxy, that the specific major merger rate is suppressed in groups when all group members are considered together, and that the frequency of fainter companions is enhanced for major mergers and their remnants. We also measure an 'assembly bias' in the specific major merger rate in that major mergers of galaxy-like halos are slightly suppressed in overdense environments while major mergers of group-like halos are slightly enhanced. A dynamical explanation for this trend is advanced which calls on both tidal effects and interactions between bound halos beyond the virial radii of locally dynamically dominant halos.

  4. Formation of the Small Magellanic Cloud: ancient major merger as a solution to the kinematical differences between old stars and HI gas

    OpenAIRE

    Bekki, Kenji; Chiba, Masashi

    2008-01-01

    Recent observations of the Small Magellanic Cloud (SMC) have revealed that the HI gas shows a significant amount of rotation (V_c 60 km/s), while no or little rotation is evident for the old stellar populations. We suggest that this unique kinematical difference between these components in the SMC can be caused by a major merger event which occurred in the early stage of the SMC formation. Our simulations show that dissipative dwarf-dwarf merging can transform two gas-rich dwarf irregulars in...

  5. Simulations of galaxy mergers

    International Nuclear Information System (INIS)

    Villumsen, J.V.; Yale Univ., New Haven, CT

    1982-01-01

    A number of N-body simulations of mergers of equal and unequal galaxies are presented. A new code is presented which determines the potential from a mass distribution by a fourth-order expansion in Tesseral harmonics in three dimensions as an approximation to a collisionless system. The total number of particles in the system is 1200. Two galaxies, each a spherical non-rotating system with isothermal or Hubble density profile, are put in orbit around each other where tidal effects and dynamical friction lead to merging. The final system has a Hubble profile, and in some mergers an 'isothermal' halo forms as found in cD galaxies. Equal mass mergers are more flattened than unequal mass mergers. The central surface brightness decreases except in a merger of isothermal galaxies which shows a major redistribution of energy towards a Hubble profile. Mixing is severe in equal mass mergers, where radial gradients are weakened, while in unequal mass encounters gradients can build up due to less mixing and the formation of a halo. Oblate systems with strong rotation form in high angular momentum encounters while prolate systems with little rotation are formed in near head-on collisions. (author)

  6. Nurse Executive Leadership During Organizational Mergers.

    Science.gov (United States)

    Piper, Letty Roth; Schneider, Maureen

    2015-12-01

    The recent growth in hospital mergers and the resultant mergers of nursing service departments (NSDs) have produced a need for chief nursing officers (CNOs) to be aware of implications and anticipated dynamic changes. This article addresses the major issues raised by mergers for NSDs and presents an operational step-by-step checklist for CNOs.

  7. Observing Galaxy Mergers in Simulations

    Science.gov (United States)

    Snyder, Gregory

    2018-01-01

    I will describe results on mergers and morphology of distant galaxies. By mock-observing 3D cosmological simulations, we aim to contrast theory with data, design better diagnostics of physical processes, and examine unexpected signatures of galaxy formation. Recently, we conducted mock surveys of the Illustris Simulations to learn how mergers would appear in deep HST and JWST surveys. With this approach, we reconciled merger rates estimated using observed close galaxy pairs with intrinsic merger rates predicted by theory. This implies that the merger-pair observability time is probably shorter in the early universe, and therefore that major mergers are more common than implied by the simplest arguments. Further, we show that disturbance-based diagnostics of late-stage mergers can be improved significantly by combining multi-dimensional image information with simulated merger identifications to train automated classifiers. We then apply these classifiers to real measurements from the CANDELS fields, recovering a merger fraction increasing with redshift in broad agreement with pair fractions and simulations, and with statistical errors smaller by a factor of two than classical morphology estimators. This emphasizes the importance of using robust training sets, including cosmological simulations and multidimensional data, for interpreting observed processes in galaxy evolution.

  8. THE STRUCTURES AND TOTAL (MINOR + MAJOR) MERGER HISTORIES OF MASSIVE GALAXIES UP TO z ∼ 3 IN THE HST GOODS NICMOS SURVEY: A POSSIBLE SOLUTION TO THE SIZE EVOLUTION PROBLEM

    International Nuclear Information System (INIS)

    Bluck, Asa F. L.; Conselice, Christopher J.; Buitrago, Fernando; Grützbauch, Ruth; Hoyos, Carlos; Mortlock, Alice; Bauer, Amanda E.

    2012-01-01

    We investigate the total major (>1:4 by stellar mass) and minor (>1:100 by stellar mass) merger history of a population of 80 massive (M * > 10 11 M ☉ ) galaxies at high redshifts (z = 1.7-3). We utilize extremely deep and high-resolution Hubble Space Telescope H-band imaging from the GOODS NICMOS Survey, which corresponds to rest-frame optical wavelengths at the redshifts probed. We find that massive galaxies at high redshifts are often morphologically disturbed, with a CAS (concentration, C; asymmetry, A; clumpiness, S) deduced merger fraction f m = 0.23 ± 0.05 at z = 1.7-3. We find close accord between close pair methods (within 30 kpc apertures) and CAS methods for deducing major merger fractions at all redshifts. We deduce the total (minor + major) merger history of massive galaxies with M * > 10 9 M ☉ galaxies, and find that this scales roughly linearly with log-stellar-mass and magnitude range. We test our close pair methods by utilizing mock galaxy catalogs from the Millennium Simulation. We compute the total number of mergers to be (4.5 ± 2.9)/(τ m ) from z = 3 to the present, to a stellar mass sensitivity threshold of ∼1:100 (where τ m is the merger timescale in Gyr which varies as a function of mass). This corresponds to an average mass increase of (3.4 ± 2.2) × 10 11 M ☉ over the past 11.5 Gyr due to merging. We show that the size evolution observed for these galaxies may be mostly explained by this merging.

  9. THE STRUCTURES AND TOTAL (MINOR + MAJOR) MERGER HISTORIES OF MASSIVE GALAXIES UP TO z {approx} 3 IN THE HST GOODS NICMOS SURVEY: A POSSIBLE SOLUTION TO THE SIZE EVOLUTION PROBLEM

    Energy Technology Data Exchange (ETDEWEB)

    Bluck, Asa F. L. [Gemini Observatory, Northern Operations Center, Hilo, Hawaii 96720 (United States); Conselice, Christopher J.; Buitrago, Fernando; Gruetzbauch, Ruth; Hoyos, Carlos; Mortlock, Alice [Centre for Astronomy and Particle Theory, School of Physics and Astronomy, University of Nottingham, Nottingham NG7 2RD (United Kingdom); Bauer, Amanda E., E-mail: abluck@gemini.edu, E-mail: conselice@nottingham.ac.uk, E-mail: abauer@aa0.gov.au [Australian Astronomical Observatory, Epping, NSW 1710 (Australia)

    2012-03-01

    We investigate the total major (>1:4 by stellar mass) and minor (>1:100 by stellar mass) merger history of a population of 80 massive (M{sub *} > 10{sup 11} M{sub Sun }) galaxies at high redshifts (z = 1.7-3). We utilize extremely deep and high-resolution Hubble Space Telescope H-band imaging from the GOODS NICMOS Survey, which corresponds to rest-frame optical wavelengths at the redshifts probed. We find that massive galaxies at high redshifts are often morphologically disturbed, with a CAS (concentration, C; asymmetry, A; clumpiness, S) deduced merger fraction f{sub m} = 0.23 {+-} 0.05 at z = 1.7-3. We find close accord between close pair methods (within 30 kpc apertures) and CAS methods for deducing major merger fractions at all redshifts. We deduce the total (minor + major) merger history of massive galaxies with M{sub *} > 10{sup 9} M{sub Sun} galaxies, and find that this scales roughly linearly with log-stellar-mass and magnitude range. We test our close pair methods by utilizing mock galaxy catalogs from the Millennium Simulation. We compute the total number of mergers to be (4.5 {+-} 2.9)/({tau}{sub m}) from z = 3 to the present, to a stellar mass sensitivity threshold of {approx}1:100 (where {tau}{sub m} is the merger timescale in Gyr which varies as a function of mass). This corresponds to an average mass increase of (3.4 {+-} 2.2) Multiplication-Sign 10{sup 11} M{sub Sun} over the past 11.5 Gyr due to merging. We show that the size evolution observed for these galaxies may be mostly explained by this merging.

  10. ROLE OF INTERNATIONAL MERGERS AND ACQUISITIONS IN CORPORATE INTEGRATION

    OpenAIRE

    Lucia P. BLĂJUȚ

    2015-01-01

    This paper highlights the role of international mergers and acquisitions in corporate integration. The factors that stimulate mergers and acquisitions activities bring real changes in the world economy. Mergers and acquisitions are a form of expansion: mergers can take place either as a statutory merger or consolidation and minority, majority or full acquisitions dominate the international market. It is very important to not confuse the meaning of the two terms. Multinational companies are fo...

  11. Mergers + acquisitions.

    Science.gov (United States)

    Hoppszallern, Suzanna

    2002-05-01

    The hospital sector in 2001 led the health care field in mergers and acquisitions. Most deals involved a network augmenting its presence within a specific region or in a market adjacent to its primary service area. Analysts expect M&A activity to increase in 2002.

  12. MERGERS AND BULGE FORMATION IN ΛCDM: WHICH MERGERS MATTER?

    International Nuclear Information System (INIS)

    Hopkins, Philip F.; Bundy, Kevin; Wetzel, Andrew; Croton, Darren; Hernquist, Lars; Keres, Dusan; Younger, Joshua D.; Khochfar, Sadegh; Stewart, Kyle

    2010-01-01

    We use a suite of semi-empirical models to predict the galaxy-galaxy merger rate and relative contributions to bulge growth as a function of mass (both halo and stellar), redshift, and mass ratio. The models use empirical constraints on the halo occupation distribution, evolved forward in time, to robustly identify where and when galaxy mergers occur. Together with the results of high-resolution merger simulations, this allows us to quantify the relative contributions of mergers with different properties (e.g., mass ratios, gas fractions, redshifts) to the bulge population. We compare with observational constraints, and find good agreement. We also provide useful fitting functions and make public a code to reproduce the predicted merger rates and contributions to bulge mass growth. We identify several robust conclusions. (1) Major mergers dominate the formation and assembly of ∼L * bulges and the total spheroid mass density, but minor mergers contribute a non-negligible ∼30%. (2) This is mass dependent: bulge formation and assembly is dominated by more minor mergers in lower-mass systems. In higher-mass systems, most bulges originally form in major mergers near ∼L * , but assemble in increasingly minor mergers. (3) The minor/major contribution is also morphology dependent: higher B/T systems preferentially form in more major mergers, with B/T roughly tracing the mass ratio of the largest recent merger; lower B/T systems preferentially form in situ from minor mergers. (4) Low-mass galaxies, being gas-rich, require more mergers to reach the same B/T as high-mass systems. Gas-richness dramatically suppresses the absolute efficiency of bulge formation, but does not strongly influence the relative contribution of major versus minor mergers. (5) Absolute merger rates at fixed mass ratio increase with galaxy mass. (6) Predicted merger rates agree well with those observed in pair and morphology-selected samples, but there is evidence that some morphology

  13. Mergers & Acquisitions

    DEFF Research Database (Denmark)

    Fomcenco, Alex

    This dissertation is a legal dogmatic thesis, the goal of which is to describe and analyze the current state of law in Europe in regard to some relevant selected elements related to mergers and acquisitions, and the adviser’s counsel in this regard. Having regard to the topic of the dissertation...... and fiscal neutrality, group-related issues, holding-structure issues, employees, stock exchange listing issues, and corporate nationality....

  14. Fast-Growing SMBHs in Fast-Growing Galaxies, at High Redshifts: The Role of Major Mergers As Revealed by ALMA

    Energy Technology Data Exchange (ETDEWEB)

    Trakhtenbrot, Benny [Department of Physics, ETH Zurich, Zurich (Switzerland); Lira, Paulina [Departamento de Astronomia, Universidad de Chile, Santiago (Chile); Netzer, Hagai [Raymond and Beverly Sackler Faculty of Exact Sciences, School of Physics and Astronomy and the Wise Observatory, Tel-Aviv University, Tel-Aviv (Israel); Cicone, Claudia [Department of Physics, ETH Zurich, Zurich (Switzerland); INAF-Osservatorio Astronomico di Brera, Milan (Italy); Maiolino, Roberto [Cavendish Laboratory, University of Cambridge, Cambridge (United Kingdom); Kavli Institute for Cosmology, University of Cambridge, Cambridge (United Kingdom); Shemmer, Ohad, E-mail: benny.trakhtenbrot@phys.ethz.ch [Department of Physics, University of North Texas, Denton, TX (United States)

    2017-11-30

    We present a long-term, multi-wavelength project to understand the epoch of fastest growth of the most massive black holes by using a sample of 40 luminous quasars at z ≃ 4.8. These quasars have rather uniform properties, with typical accretion rates and black hole masses of L/L{sub Edd} ≃ 0.7 and M{sub BH} ≃ 10{sup 9}M{sub ⊙}. The sample consists of “FIR-bright” sources with a previous Herschel/SPIRE detection, suggesting SFR > 1,000 M{sub ⊙} yr−1, as well as of “FIR-faint” sources for which Herschel stacking analysis implies a typical SFR of ~400 M{sub ⊙} yr−1. Six of the quasars have been observed by ALMA in [C ii] λ157.74μm line emission and adjacent rest-frame 150μm continuum, to study the dusty cold ISM. ALMA detected companion, spectroscopically confirmed sub-mm galaxies (SMGs) for three sources—one FIR-bright and two FIR-faint. The companions are separated by ~14–45 kpc from the quasar hosts, and we interpret them as major galaxy interactions. Our ALMA data therefore clearly support the idea that major mergers may be important drivers for rapid, early SMBH growth. However, the fact that not all high-SFR quasar hosts are accompanied by interacting SMGs, and their ordered gas kinematics observed by ALMA, suggest that other processes may be fueling these systems. Our analysis thus demonstrates the diversity of host galaxy properties and gas accretion mechanisms associated with early and rapid SMBH growth.

  15. Fast-Growing SMBHs in Fast-Growing Galaxies, at High Redshifts: The Role of Major Mergers As Revealed by ALMA

    International Nuclear Information System (INIS)

    Trakhtenbrot, Benny; Lira, Paulina; Netzer, Hagai; Cicone, Claudia; Maiolino, Roberto; Shemmer, Ohad

    2017-01-01

    We present a long-term, multi-wavelength project to understand the epoch of fastest growth of the most massive black holes by using a sample of 40 luminous quasars at z ≃ 4.8. These quasars have rather uniform properties, with typical accretion rates and black hole masses of L/L Edd ≃ 0.7 and M BH ≃ 10 9 M ⊙ . The sample consists of “FIR-bright” sources with a previous Herschel/SPIRE detection, suggesting SFR > 1,000 M ⊙ yr−1, as well as of “FIR-faint” sources for which Herschel stacking analysis implies a typical SFR of ~400 M ⊙ yr−1. Six of the quasars have been observed by ALMA in [C ii] λ157.74μm line emission and adjacent rest-frame 150μm continuum, to study the dusty cold ISM. ALMA detected companion, spectroscopically confirmed sub-mm galaxies (SMGs) for three sources—one FIR-bright and two FIR-faint. The companions are separated by ~14–45 kpc from the quasar hosts, and we interpret them as major galaxy interactions. Our ALMA data therefore clearly support the idea that major mergers may be important drivers for rapid, early SMBH growth. However, the fact that not all high-SFR quasar hosts are accompanied by interacting SMGs, and their ordered gas kinematics observed by ALMA, suggest that other processes may be fueling these systems. Our analysis thus demonstrates the diversity of host galaxy properties and gas accretion mechanisms associated with early and rapid SMBH growth.

  16. Galaxy mergers

    International Nuclear Information System (INIS)

    Roos, N.

    1981-01-01

    This thesis contains a series of four papers dealing with the effects of interactions among galaxies during the epoch of cluster formation. Galaxy interactions are investigated and the results incorporated in numerical simulations of the formation of groups and clusters of galaxies. The role of galaxy interactions is analysed in the more general context of simulations of an expanding universe. The evolution of galaxies in rich clusters is discussed. The results of the investigations are presented and their relation to other work done in the field are briefly reviewed and an attempt is made to link galaxy mergers to the occurrence of activity in galactic nuclei. (Auth.)

  17. Observational evidence for mergers

    International Nuclear Information System (INIS)

    Schweizer, F.

    1983-01-01

    Theory has long suggested that dynamical friction between colliding galaxies must lead to mergers. The problem for observers has been to find which galaxies are mergers. The author first reviews the available evidence for mergers in various kinds of galaxies, then proposes a tentative classification scheme for mergers, and finally discusses mergers in giant ellipticals and their relation to the evolution and perhaps even the formation of ellipticals. (Auth.)

  18. Rethinking and re-imagining mergers in further and higher ...

    African Journals Online (AJOL)

    Higher and Further Education in South Africa has been characterized by major changes regarding the shape and size of the system. One of these changes has been the so-called mergers. This article addresses the scenario which contributed to the mergers. An overview of various frameworks or models for mergers is ...

  19. The University of Johannesburg merger: Academics experience of the pre-merger phase

    Directory of Open Access Journals (Sweden)

    G. A. Goldman

    2006-12-01

    Full Text Available Purpose of the study: The aim of this study is to gain an understanding of the merger experiences academic staff were exposed to during the pre-merger phase of the University of Johannesburg merger. Of particular interest is how these experiences translate into acceptance of the merger amongst academic staff. The study was borne out of the transformation of the higher education landscape in South Africa, which is typified by a spate of mergers between higher education institutions. Design/methodology/approach: As the purpose of the study was, inter alia, aimed at understanding the merger experiences of academic staff, the study was conducted according to an interpretive research paradigm, where interpretation of data calls for an insider perspective, in order to "see things through their eyes" as it were. In this regard, a qualitative methodology was employed. Findings: Findings indicate that academic staff members at the University of Johannesburg experience two distinct mental states during the pre-merger phase. Following the announcement of the merger, reaction and experience tend to be emotionally driven but as merging efforts become more concrete over time, this emotive state is replaced by a more rationally driven disposition. Implications: The distinction between an emotive and rational demeanour during the pre-merger phase of a merger affords managers and leaders the opportunity to plan change interventions in such a way that irrational, emotive responses and behaviour do not hamper progress in terms of merger implementation. In a more general sense, this study highlights the process of transition individual staff members pass through as they have to come to terms with the changes brought about by a merger. Originality / Value: The majority of merger literature, as well as change literature, focuses on the organisational context of change during a merger. Limited literature exists on the personal effects of a change event such as a

  20. Molecular Gas in a Submillimeter Galaxy at z = 4.5: Evidence for a Major Merger at 1 Billion Years after the Big Bang

    Science.gov (United States)

    Schinnerer, E.; Carilli, C. L.; Capak, P.; Martinez-Sansigre, A.; Scoville, N. Z.; Smolčić, V.; Taniguchi, Y.; Yun, M. S.; Bertoldi, F.; Le Fevre, O.; de Ravel, L.

    2008-12-01

    We report the detection of CO molecular line emission in the z = 4.5 millimeter-detected galaxy COSMOS J100054+023436 (hereafter J1000+0234) using the IRAM Plateau de Bure interferometer (PdBI) and NRAO's Very Large Array (VLA). The 12CO(4-3) line as observed with PdBI has a full line width of ~1000 km s-1, an integrated line flux of 0.66 Jy km s-1, and a CO luminosity of 3.2 × 1010 L⊙. Comparison to the 3.3 σ detection of the CO(2-1) line emission with the VLA suggests that the molecular gas is likely thermalized to the J = 4-3 transition level. The corresponding molecular gas mass is 2.6 × 1010 M⊙ assuming an ULIRG-like conversion factor. From the spatial offset of the red- and blueshifted line peaks and the line width a dynamical mass of 1.1 × 1011 M⊙ is estimated assuming a merging scenario. The molecular gas distribution coincides with the rest-frame optical and radio position of the object while being offset by 0.5'' from the previously detected Lyα emission. J1000+0234 exhibits very typical properties for lower redshift (z ~ 2) submillimeter galaxies (SMGs) and thus is very likely one of the long sought after high-redshift (z > 4) objects of this population. The large CO(4-3) line width taken together with its highly disturbed rest-frame UV geometry suggest an ongoing major merger about a billion years after the big bang. Given its large star formation rate (SFR) of >1000 M⊙ yr-1 and molecular gas content this object could be the precursor of a "red and dead" elliptical observed at a redshift of z = 2. Based on observations carried out with the IRAM Plateau de Bure Interferometer. IRAM is supported by INSU/CNRS (France), MPG (Germany), and IGN (Spain).

  1. THE HALO MERGER RATE IN THE MILLENNIUM SIMULATION AND IMPLICATIONS FOR OBSERVED GALAXY MERGER FRACTIONS

    International Nuclear Information System (INIS)

    Genel, Shy; Genzel, Reinhard; Bouche, Nicolas; Naab, Thorsten; Sternberg, Amiel

    2009-01-01

    We have developed a new method to extract halo merger rates from the Millennium Simulation. First, by removing superfluous mergers that are artifacts of the standard friends-of-friends (FOF) halo identification algorithm, we find a lower merger rate compared to previous work. The reductions are more significant at lower redshifts and lower halo masses, and especially for minor mergers. Our new approach results in a better agreement with predictions from the extended Press-Schechter model. Second, we find that the FOF halo finder overestimates the halo mass by up to 50% for halos that are about to merge, which leads to an additional ∼20% overestimate of the merger rate. Therefore, we define halo masses by including only particles that are gravitationally bound to their FOF groups. We provide new best-fitting parameters for a global formula to account for these improvements. In addition, we extract the merger rate per progenitor halo, as well as per descendant halo. The merger rate per progenitor halo is the quantity that should be related to observed galaxy merger fractions when they are measured via pair counting. At low-mass/redshift, the merger rate increases moderately with mass and steeply with redshift. At high enough mass/redshift (for the rarest halos with masses a few times the 'knee' of the mass function), these trends break down, and the merger rate per progenitor halo decreases with mass and increases only moderately with redshift. Defining the merger rate per progenitor halo also allows us to quantify the rate at which halos are being accreted onto larger halos, in addition to the minor and major merger rates. We provide an analytic formula that converts any given merger rate per descendant halo into a merger rate per progenitor halo. Finally, we perform a direct comparison between observed merger fractions and the fraction of halos in the Millennium Simulation that have undergone a major merger during the recent dynamical friction time, and find a

  2. Mergers and acquisitions in the oil and gas industries

    International Nuclear Information System (INIS)

    Corlay, C.; Huby, D.

    1999-01-01

    This paper focuses on mergers and acquisitions in the oil and gas industries, and lists the most important mergers in terms of transaction value for the period 1981-1997, and plots oil and gas mergers and acquisitions activity by sector and by major region. The mean operation indicator in 1998 in terms of reserves, production and refining capacity of the major companies are tabulated. The impact of the mergers on the oil and gas markets are examined, and issues concerning these mergers and acquisitions are explored. (UK)

  3. Mergers and acquisitions in the oil and gas industries

    Energy Technology Data Exchange (ETDEWEB)

    Corlay, C.; Huby, D. [Institut Francais du Petrole, Rueil-Malmaison (France)

    1999-07-01

    This paper focuses on mergers and acquisitions in the oil and gas industries, and lists the most important mergers in terms of transaction value for the period 1981-1997, and plots oil and gas mergers and acquisitions activity by sector and by major region. The mean operation indicator in 1998 in terms of reserves, production and refining capacity of the major companies are tabulated. The impact of the mergers on the oil and gas markets are examined, and issues concerning these mergers and acquisitions are explored. (UK)

  4. Dry Eye Post-Laser-Assisted In Situ Keratomileusis: Major Review and Latest Updates

    Science.gov (United States)

    Spierer, Oriel

    2018-01-01

    Dry eye is one of the most common complications occurring after laser-assisted in situ keratomileusis (LASIK), with virtually all patients experiencing some degree of postoperative dry eye symptoms. Enhanced understanding of the pathophysiology and mechanism of dry eye development in addition to preoperative screening of patients who are prone to dry eye is essential for better patient satisfaction and for improving short-term visual outcome postoperatively. This article reviews the latest studies published on LASIK-associated dry eye, including epidemiology, pathophysiology, risk factors, preoperative assessment, and management. PMID:29619255

  5. Aspergillus westerdijkiae as a major ochratoxin A risk in dry-cured ham based-media.

    Science.gov (United States)

    Vipotnik, Ziva; Rodríguez, Alicia; Rodrigues, Paula

    2017-01-16

    Penicillium nordicum is well known for its ability to produce high amounts of ochratoxin A (OTA) in cured meat-derived products. On the other hand, Aspergillus westerdijkiae, one of the most relevant OTA-producing species of the genus Aspergillus, is usually considered a major risk in carbon-rich food matrices of plant origin. The objective of this work was to evaluate, for the first time, the ecophysiological conditions governing growth, OTA production and sporulation of A. westerdijkiae (the type-strain and one ham-native strain), in comparison with P. nordicum, in dry-cured ham based medium. For that purpose, the interaction between temperature (15, 20, 25 and 30°C) and water activity (a w ) (0.99, 0.97, 0.93, 0.90 and 0.85), achieved with a combination of ionic (NaCl) and non-ionic (glycerol) solutes, was studied by using dry-cured ham-based medium as a model system. Different OTA production profiles were found between the two genera, and also between the two strains of A. westerdijkiae, mostly in terms of amounts of OTA produced. The optimal OTA production conditions for A. westerdijkiae were at 0.94-0.97 a w and 20-25°C, and for P. nordicum at 0.95-0.97 a w between 18 and 22°C. Under these conditions, A. westerdijkiae produced 1934ng/g agar, while P. nordicum produced 712ng/g. None of the strains was able to produce detectable amounts of OTA at 0.85 a w , under all temperatures tested. Growth and sporulation were not good indicators of OTA production by A. westerdijkiae or P. nordicum. The results obtained show that A. westerdijkiae may represent a great potential risk of OTA contamination in dry-cured ham due to the high production under a wide range of conditions. Knowledge of the ecophysiology of important Aspergillus and Penicillium species and of their adaptability to the matrices can be determinant to adopt appropriate technological modifications during ham ripening process. Copyright © 2016 Elsevier B.V. All rights reserved.

  6. Galaxy Mergers and Dark Matter Halo Mergers in LCDM: Mass, Redshift, and Mass-Ratio Dependence

    International Nuclear Information System (INIS)

    Stewart, K.

    2009-01-01

    We employ a high-resolution LCDM N-body simulation to present merger rate predictions for dark matter halos and investigate how common merger-related observables for galaxies - such as close pair counts, starburst counts, and the morphologically disturbed fraction - likely scale with luminosity, stellar mass, merger mass ratio, and redshift from z = 0 to z = 4. We provide a simple 'universal' fitting formula that describes our derived merger rates for dark matter halos a function of dark halo mass, merger mass ratio, and redshift, and go on to predict galaxy merger rates using number density-matching to associate halos with galaxies. For example, we find that the instantaneous merger rate of m/M > 0.3 mass ratio events into typical L ∼> fL * galaxies follows the simple relation dN/dt ≅ 0.03(1+f)Gyr -1 (1+z) 2.1 . Despite the rapid increase in merger rate with redshift, only a small fraction of > 0.4L * high-redshift galaxies (∼ 3% at z = 2) should have experienced a major merger (m/M > 0.3) in the very recent past (t 0.3) in the last 700 Myr and conclude that mergers almost certainly play an important role in delivering baryons and influencing the kinematic properties of Lyman Break Galaxies (LBGs)

  7. MERGERS IN ΛCDM: UNCERTAINTIES IN THEORETICAL PREDICTIONS AND INTERPRETATIONS OF THE MERGER RATE

    International Nuclear Information System (INIS)

    Hopkins, Philip F.; Bundy, Kevin; Wetzel, Andrew; Ma, Chung-Pei; Croton, Darren; Khochfar, Sadegh; Hernquist, Lars; Genel, Shy; Van den Bosch, Frank; Somerville, Rachel S.; Keres, Dusan; Stewart, Kyle; Younger, Joshua D.

    2010-01-01

    Different theoretical methodologies lead to order-of-magnitude variations in predicted galaxy-galaxy merger rates. We examine how this arises and quantify the dominant uncertainties. Modeling of dark matter and galaxy inspiral/merger times contribute factor of ∼2 uncertainties. Different estimates of the halo-halo merger rate, the subhalo 'destruction' rate, and the halo merger rate with some dynamical friction time delay for galaxy-galaxy mergers, agree to within this factor of ∼2, provided proper care is taken to define mergers consistently. There are some caveats: if halo/subhalo masses are not appropriately defined the major-merger rate can be dramatically suppressed, and in models with 'orphan' galaxies and under-resolved subhalos the merger timescale can be severely over-estimated. The dominant differences in galaxy-galaxy merger rates between models owe to the treatment of the baryonic physics. Cosmological hydrodynamic simulations without strong feedback and some older semi-analytic models (SAMs), with known discrepancies in mass functions, can be biased by large factors (∼5) in predicted merger rates. However, provided that models yield a reasonable match to the total galaxy mass function, the differences in properties of central galaxies are sufficiently small to alone contribute small (factor of ∼1.5) additional systematics to merger rate predictions. But variations in the baryonic physics of satellite galaxies in models can also have a dramatic effect on merger rates. The well-known problem of satellite 'over-quenching' in most current SAMs-whereby SAM satellite populations are too efficiently stripped of their gas-could lead to order-of-magnitude under-estimates of merger rates for low-mass, gas-rich galaxies. Models in which the masses of satellites are fixed by observations (or SAMs adjusted to resolve this 'over-quenching') tend to predict higher merger rates, but with factor of ∼2 uncertainties stemming from the uncertainty in those

  8. Creating lenticular galaxies with mergers

    NARCIS (Netherlands)

    Querejeta, Miguel; Eliche-Moral, M. Carmen; Tapia, Trinidad; Borlaff, Alejandro; van de Ven, Glenn; Lyubenova, Mariya; Martig, Marie; Falcón-Barroso, Jesús; Méndez-Abreu, Jairo; Zamorano, Jaime; Gallego, Jesús

    Lenticular galaxies (S0s) represent the majority of early-type galaxies in the local Universe, but their formation channels are still poorly understood. While galaxy mergers are obvious pathways to suppress star formation and increase bulge sizes, the marked parallelism between spiral and lenticular

  9. Evaluation and intercomparison of five major dry deposition algorithms in North America

    Science.gov (United States)

    Dry deposition of various pollutants needs to be quantified in air quality monitoring networks as well as in chemical transport models. The inferential method is the most commonly used approach in which the dry deposition velocity (Vd) is empirically parameterized as a function o...

  10. Potential gains from hospital mergers in Denmark.

    Science.gov (United States)

    Kristensen, Troels; Bogetoft, Peter; Pedersen, Kjeld Moeller

    2010-12-01

    The Danish hospital sector faces a major rebuilding program to centralize activity in fewer and larger hospitals. We aim to conduct an efficiency analysis of hospitals and to estimate the potential cost savings from the planned hospital mergers. We use Data Envelopment Analysis (DEA) to estimate a cost frontier. Based on this analysis, we calculate an efficiency score for each hospital and estimate the potential gains from the proposed mergers by comparing individual efficiencies with the efficiency of the combined hospitals. Furthermore, we apply a decomposition algorithm to split merger gains into technical efficiency, size (scale) and harmony (mix) gains. The motivation for this decomposition is that some of the apparent merger gains may actually be available with less than a full-scale merger, e.g., by sharing best practices and reallocating certain resources and tasks. Our results suggest that many hospitals are technically inefficient, and the expected "best practice" hospitals are quite efficient. Also, some mergers do not seem to lower costs. This finding indicates that some merged hospitals become too large and therefore experience diseconomies of scale. Other mergers lead to considerable cost reductions; we find potential gains resulting from learning better practices and the exploitation of economies of scope. To ensure robustness, we conduct a sensitivity analysis using two alternative returns-to-scale assumptions and two alternative estimation approaches. We consistently find potential gains from improving the technical efficiency and the exploitation of economies of scope from mergers.

  11. Surviving mergers & acquisitions.

    Science.gov (United States)

    Dixon, Diane L

    2002-01-01

    Mergers and acquisitions are never easy to implement. The health care landscape is a minefield of failed mergers and uneasy alliances generating great turmoil and pain. But some mergers have been successful, creating health systems that benefit the communities they serve. Five prominent leaders offer their advice on minimizing the difficulties of M&As.

  12. Major advances in concentrated and dry milk products, cheese, and milk fat-based spreads.

    Science.gov (United States)

    Henning, D R; Baer, R J; Hassan, A N; Dave, R

    2006-04-01

    Advances in dairy foods and dairy foods processing since 1981 have influenced consumers and processors of dairy products. Consumer benefits include dairy products with enhanced nutrition and product functionality for specific applications. Processors convert raw milk to finished product with improved efficiencies and have developed processing technologies to improve traditional products and to introduce new products for expanding the dairy foods market. Membrane processing evolved from a laboratory technique to a major industrial process for milk and whey processing. Ultra-filtration and reverse osmosis have been used extensively in fractionation of milk and whey components. Advances in cheese manufacturing methods have included mechanization of the making process. Membrane processing has allowed uniform composition of the cheese milk and starter cultures have become more predictable. Cheese vats have become larger and enclosed as well as computer controlled. Researchers have learned to control many of the functional properties of cheese by understanding the role of fat and calcium distribution, as bound or unbound, in the cheese matrix. Processed cheese (cheese, foods, spreads, and products) maintain their importance in the industry as many product types can be produced to meet market needs and provide stable products for an extended shelf life. Cheese delivers concentrated nutrients of milk and bio-active peptides to consumers. The technologies for the production of concentrated and dried milk and whey products have not changed greatly in the last 25 yr. The size and efficiencies of the equipment have increased. Use of reverse osmosis in place of vacuum condensing has been proposed. Modifying the fatty acid composition of milkfat to alter the nutritional and functional properties of dairy spread has been a focus of research in the last 2 decades. Conjugated linoleic acid, which can be increased in milkfat by alteration of the cow's diet, has been reported to have

  13. Chandra Observations of Galaxy Zoo Mergers: Frequency of Binary Active Nuclei in Massive Mergers

    Science.gov (United States)

    Teng, Stacy H.; Schawinski, Kevin; Urry, C. Megan; Darg, Dan W.; Kaviraj, Sugata; Oh, Kyuseok; Bonning, Erin W.; Cardamone, Carolin N.; Keel, William C.; Lintott, Chris J.; hide

    2012-01-01

    We present the results from a Chandra pilot study of 12 massive galaxy mergers selected from Galaxy Zoo. The sample includes major mergers down to a host galaxy mass of 1011 M that already have optical AGN signatures in at least one of the progenitors. We find that the coincidences of optically selected active nuclei with mildly obscured (N(sub H) approx merger is found to have confirmed binary X-ray nuclei, though the X-ray emission from its southern nucleus could be due solely to star formation. Thus, the occurrences of binary AGN in these mergers are rare (0-8%), unless most merger-induced active nuclei are very heavily obscured or Compton thick.

  14. Mergers and Acquisitions

    OpenAIRE

    Frasch, Manfred; Leptin, Maria

    2000-01-01

    Mergers and acquisitions (M&As) are booming a strategy of choice for organizations attempting to maintain a competitive advantage. Previous research on mergers and acquisitions declares that acquirers do not normally benefit from acquisitions. Targets, on the other hand, have a tendency of gaining positive returns in the few days surrounding merger announcements due to several characteristic on the acquisitions deal. The announcement period wealth effect on acquiring firms, however, is as cle...

  15. Characterizing Black Hole Mergers

    Science.gov (United States)

    Baker, John; Boggs, William Darian; Kelly, Bernard

    2010-01-01

    Binary black hole mergers are a promising source of gravitational waves for interferometric gravitational wave detectors. Recent advances in numerical relativity have revealed the predictions of General Relativity for the strong burst of radiation generated in the final moments of binary coalescence. We explore features in the merger radiation which characterize the final moments of merger and ringdown. Interpreting the waveforms in terms of an rotating implicit radiation source allows a unified phenomenological description of the system from inspiral through ringdown. Common features in the waveforms allow quantitative description of the merger signal which may provide insights for observations large-mass black hole binaries.

  16. of Mergers and Acquisitions on the Human Resource Department

    OpenAIRE

    mohatta, maulshree

    2007-01-01

    Mergers and acquisitions take place in all forms of industries and businesses, however small or large. They have and impact on almost all the areas and departments of business. One department in any business or industry on which a merger or an acquisition has a major impact is the human recourse department or the personnel of the companies which have undergone a merger, or have acquired, or have been acquired. The following dissertation represents an analysis of the research carried out...

  17. The Fallacies of Mergers Being Acquisitions: Fact or Fiction?

    OpenAIRE

    Maneckji, Hilla Shahpur

    2006-01-01

    The goal of this dissertation study was to examine the fallacies of mergers being acquisitions, which is a very new topic, and that hasn’t been investigated in detail before. The aim of this research was to investigate if major global mergers were acquisitions in camouflage and were only created to portray a false perception. The study was conducted to understand the differences and characteristics between mergers and acquisitions that were further examined taking into account live case studi...

  18. Simulations of galaxy mergers

    International Nuclear Information System (INIS)

    Villumsen, J.V.

    1982-01-01

    This work is a theoretical investigation of the mechanisms and results of mergers of elliptical galaxies. An N-body code is developed to simulate the dynamics of centrally concentrated collisionless systems. It is used for N-body simulations of the mergers of galaxies with mass ratios of 1:1, 2:1 and 3:1 with a total of 1200 or 2400 particles. The initial galaxies are spherical and non-rotating with Hubble type profiles and isotropic velocity distributions. The remnants are flattened (up to E4) and are oblate, triaxial or prolate depending on the impact parameter. Equal mass mergers are more flattened than unequal mass mergers and have significant velocity anisotropies. The remnants have Hubble type profiles with decreased central surface brightness and increased core radii and tidal radii. In some unequal mass mergers ''isothermal'' haloes tend to form. The density profiles are inconsistent with De Vaucouleurs profiles even though the initial profiles were not. The central velocity dispersion increases in 1:1 and 2:1 mass mergers but decreases in 3:1 mass mergers. Near head-on mergers lead to prolate systems with little rotation while high angular momentum mergers lead to oblate systems with strong rotation. The rotation curves show solid body rotation out to the half mass radius followed by a slow decline. Radial mixing is strong in equal mass mergers where it will weaken radial gradients. In unequal mass mergers there is little radial mixing but matter from the smaller galaxy ends up in the outer parts of the system where it can give rise to colour gradient

  19. Financial Synergy in Mergers and Acquisitions in Saudi Arabia

    Directory of Open Access Journals (Sweden)

    Basmah Al Qudaiby (Basmah, A. Q.,

    2013-11-01

    Full Text Available Businesses today consider mergers and acquisitions a new strategy for their company’s growth. Companies aim to grow through sales’ increase, assets purchase, profits’ accumulation and market share gains. The better way for achieving these targets is by getting into either a Merger or an Acquisition. As a matter of fact, growth through mergers and acquisitions has been a critical part of the success of many companies operating in the new economy. Mergers and Acquisitions are an important factor in building up market capitalization. Based on three detailed and in depth structured interviews with major Saudi Arabian banks it has been found that, Mergers motivated by economies of scale should be approached cautiously. Companies should also approach vertical mergers cautiously because it is often difficult to gain synergy through a vertical merger and firms should also seek out mergers which allow the firm to acquire specialized knowledge. It has also been found that the firms should look for mergers that increase market power and avoid unrelated or conglomerate mergers.

  20. Mergers at z = 1

    Science.gov (United States)

    Kao, Lancelot L.

    1993-01-01

    Multiband images of nearby interacting pairs of galaxies, mergers, and normal field galaxies are used to simulate images of high redshift mergers by identifying distinctive morphological features. Preliminary results indicate that it is feasible for the HST to detect these high redshift objects.

  1. Mergers: Success versus failure

    International Nuclear Information System (INIS)

    Carley, G. R.

    1997-01-01

    Successful mergers in the context of long-term value creation, as measured by return realized on investor-provided capital, were discussed. In essence, a successful merger is characterized by being motivated by a sound business reason and strategy for the merger, a reasonable price and sound execution. The acquiror's pre-merger success in managing a company is a good indicator of future success. Poorly managed companies that acquire other companies generally continue to be poorly managed with no significant increase in shareholder value. Prior to the acquisition, identification of the potential target, assessment of the people involved on both sides of the transaction, thorough knowledge of the target's potential for value creation, financial implications (debt, equity, terms and demand, tax implications, the potential effect of the proposed acquisition on the acquiror's business plan) and finally the execution of the process itself, are the important determinants of successful mergers

  2. Mergers and Acquisitions

    DEFF Research Database (Denmark)

    Risberg, Annette

    Introduction to the study of mergers and acquisitions. This book provides an understanding of the mergers and acquisitions process, how and why they occur, and also the broader implications for organizations. It presents issues including motives and planning, partner selection, integration......, employee experiences and communication. Mergers and acquisitions remain one of the most common forms of growth, yet they present considerable challenges for the companies and management involved. The effects on stakeholders, including shareholders, managers and employees, must be considered as well...... by editorial commentaries and reflects the important organizational and behavioural aspects which have often been ignored in the past. By providing this in-depth understanding of the mergers and acquisitions process, the reader understands not only how and why mergers and acquisitions occur, but also...

  3. HI Absorption in Merger Remnants

    Science.gov (United States)

    Teng, Stacy H.; Veileux, Sylvain; Baker, Andrew J.

    2012-01-01

    It has been proposed that ultraluminous infrared galaxies (ULIRGs) pass through a luminous starburst phase, followed by a dust-enshrouded AGN phase, and finally evolve into optically bright "naked" quasars once they shed their gas/dust reservoirs through powerful wind events. We present the results of our recent 21- cm HI survey of 21 merger remnants with the Green Bank Telescope. These remnants were selected from the QUEST (Quasar/ULIRG Evolution Study) sample of ULIRGs and PG quasars; our targets are all bolometrically dominated by AGN and sample all phases of the proposed ULIRG -> IR-excess quasar -> optical quasar sequence. We explore whether there is an evolutionary connection between ULIRGs and quasars by looking for the occurrence of HI absorption tracing neutral gas outflows; our results will allow us to identify where along the sequence the majority of a merger's gas reservoir is expelled.

  4. Predation and Mergers: Is Merger Law Counterproductive?

    OpenAIRE

    Persson, Lars

    1999-01-01

    This Paper shows that predation might help firms overcome the free riding problem of mergers by changing the acquisition situation in the buyer's favour relative to the firms outside the merger. It is also shown that the bidding competition for the prey's assets is most harmful to predators when the use of the prey's assets exerts strong negative externalities on rivals, i.e. when their use severely reduces competitors' profits. The reason is that potential buyers are then willing to pay a hi...

  5. Hospital mergers: a panacea?

    Science.gov (United States)

    Weil, Thomas

    2010-10-01

    Hospital mergers in Europe and North America have been launched to scale down expenditure, enhance the delivery of health care and elevate quality. However, the outcome of mergers suggest that they neither generated cost savings nor improved the quality of care. Almost all consolidations fall short, since those in leadership positions lack the necessary understanding and appreciation of the differences in culture, values and goals of the existing facilities. In spite of these shortcomings, hospital mergers will continue to be pursued in order to improve market share, eliminate excess capacity, gain access to capital and enhance the personal egos of the organizations' leaders.

  6. MERGER ACCOUTING FOR COMPANIES

    Directory of Open Access Journals (Sweden)

    SUCIU GHEORGHE

    2014-05-01

    Full Text Available Companies, especially nowadays, are characterized through great mobility, fast circulation of capital, occurring in their chase for profit. In this context, companies look for alliances, economical and political assistance. These objectives can materialize through merging of companies. The merger can be internal (between Romanian companies or transboundary, which includes foreign companies. In order to correctly reflect these events, the merger operations must be regulated and must respect national and international regulations. One important request concerning the merger operations is that the accounting values of the assets, debts and ownership equity must be brought to the present financial value.

  7. THE MERGER-TRIGGERED ACTIVE GALACTIC NUCLEUS CONTRIBUTION TO THE ULTRALUMINOUS INFRARED GALAXY POPULATION

    International Nuclear Information System (INIS)

    Draper, A. R.; Ballantyne, D. R.

    2012-01-01

    It has long been thought that there is a connection between ultraluminous infrared galaxies (ULIRGs), quasars, and major mergers. Indeed, simulations show that major mergers are capable of triggering massive starbursts and quasars. However, observations by the Herschel Space Observatory suggest that, at least at high redshift, there may not always be a simple causal connection between ULIRGs and mergers. Here, we combine an evolving merger-triggered active galactic nucleus (AGN) luminosity function with a merger-triggered starburst model to calculate the maximum contribution of major mergers to the ULIRG population. We find that major mergers can account for the entire local population of ULIRGs hosting AGNs and ∼25% of the total local ULIRG luminosity density. By z ∼ 1, major mergers can no longer account for the luminosity density of ULIRGs hosting AGNs and contribute ∼<12% of the total ULIRG luminosity density. This drop is likely due to high-redshift galaxies being more gas rich and therefore able to achieve high star formation rates through secular evolution. Additionally, we find that major mergers can account for the local population of warm ULIRGs. This suggests that selecting high-redshift warm ULIRGs will allow for the identification of high-redshift merger-triggered ULIRGs. As major mergers are likely to trigger very highly obscured AGNs, a significant fraction of the high-redshift warm ULIRG population may host Compton thick AGNs.

  8. Sensory profile and contribution of major components of aroma in dry red wine quality

    Directory of Open Access Journals (Sweden)

    Luisa Costa de Oliveira

    2012-11-01

    Full Text Available This study aimed to determine the sensory profile and main volatile compounds of a set of commercial wines from two major wine regions in Brazil. A total of 28 descriptors were selected by quantitative descriptive analysis, and “red”, “violet”, “pungent aroma”, “vinegary aroma” and “softness” were the most important descriptors in sample discrimination (p<=0.05. 42 volatile aroma compounds were considered relevant for the evaluation of red wine samples. Several acetates and esters that contribute to the pleasant aroma in wines were found in the samples, but other undesirable compounds were also identified: acetic acid and octanoic acid may have contributed to the vinegary and sulphur odors perceived by a trained team.

  9. Extending the baseline of tropical dry forest loss in Ghana (1984–2015) reveals drivers of major deforestation inside a protected area

    OpenAIRE

    Janssen, T; Ametsisi, G; Collins, M; Adu-Bredu, S; Oliveras-Menor, I; Mitchard, ETA; Veenendaal, EM

    2017-01-01

    Abstract Tropical dry forests experience the highest deforestation rates on Earth, with major implications for the biodiversity of these ecosystems, as well as for its human occupants. Global remote sensing based forest cover data (2000 − 2012) point to the rapid loss of tropical dry forest in South America and Africa, also, if not foremost, inside formally protected areas. Here, we significantly extend the baseline of tropical dry forest loss inside a protected area in Ghana using a generali...

  10. Power plays - global mergers

    International Nuclear Information System (INIS)

    Allen, Simon

    1997-01-01

    This article focuses on the increasing number of mergers and acquisitions by electric utilities in the face of growing competition in home markets. The liberalisation of the UK and Scandinavian electricity markets, the impact in Europe of the EU directive on liberalisation, mergers in Switzerland, the selling of Australian generators to UK electric utilities, the globalisation of the industry, and the growing trend for deals between gas and electric utilities are discussed. (UK)

  11. MERGER ACCOUTING FOR COMPANIES

    OpenAIRE

    SUCIU GHEORGHE

    2014-01-01

    Companies, especially nowadays, are characterized through great mobility, fast circulation of capital, occurring in their chase for profit. In this context, companies look for alliances, economical and political assistance. These objectives can materialize through merging of companies. The merger can be internal (between Romanian companies) or transboundary, which includes foreign companies. In order to correctly reflect these events, the merger operations must be regulated and mu...

  12. Extending the baseline of tropical dry forest loss in Ghana (1984–2015) reveals drivers of major deforestation inside a protected area

    NARCIS (Netherlands)

    Janssen, Thomas A.J.; Ametsitsi, George K.D.; Collins, Murray; Adu-Bredu, Stephen; Oliveras, Imma; Mitchard, Edward T.A.; Veenendaal, Elmar M.

    2018-01-01

    Tropical dry forests experience the highest deforestation rates on Earth, with major implications for the biodiversity of these ecosystems, as well as for its human occupants. Global remote sensing based forest cover data (2000 − 2012) point to the rapid loss of tropical dry forest in South America

  13. Extending the baseline of tropical dry forest loss in Ghana (1984–2015) reveals drivers of major deforestation inside a protected area

    NARCIS (Netherlands)

    Janssen, Thomas A.J.; Ametsitsi, George K.D.; Collins, Murray; Adu-Bredu, Stephen; Oliveras, Imma; Mitchard, Edward T.A.; Veenendaal, Elmar M.

    2018-01-01

    Abstract Tropical dry forests experience the highest deforestation rates on Earth, with major implications for the biodiversity of these ecosystems, as well as for its human occupants. Global remote sensing based forest cover data (2000 − 2012) point to the rapid loss of tropical dry forest in South

  14. Anti- versus Pro-Competitive Mergers

    OpenAIRE

    Fridolfsson, Sven-Olof

    2007-01-01

    In a framework where mergers are mutually excluding, I show that firms pursue anti- rather than (alternative) pro-competitive mergers. Potential outsiders to anti-competitive mergers refrain from pursuing pro-competitive mergers if the positive externalities from anti-competitive mergers are strong enough. Potential outsiders to pro-competitive mergers pursue anti-competitive mergers if the negative externalities from the pro-competitive mergers are strong enough. Potential participants in an...

  15. Convergence properties of halo merger trees; halo and substructure merger rates across cosmic history

    Science.gov (United States)

    Poole, Gregory B.; Mutch, Simon J.; Croton, Darren J.; Wyithe, Stuart

    2017-12-01

    We introduce GBPTREES: an algorithm for constructing merger trees from cosmological simulations, designed to identify and correct for pathological cases introduced by errors or ambiguities in the halo finding process. GBPTREES is built upon a halo matching method utilizing pseudo-radial moments constructed from radially sorted particle ID lists (no other information is required) and a scheme for classifying merger tree pathologies from networks of matches made to-and-from haloes across snapshots ranging forward-and-backward in time. Focusing on SUBFIND catalogues for this work, a sweep of parameters influencing our merger tree construction yields the optimal snapshot cadence and scanning range required for converged results. Pathologies proliferate when snapshots are spaced by ≲0.128 dynamical times; conveniently similar to that needed for convergence of semi-analytical modelling, as established by Benson et al. Total merger counts are converged at the level of ∼5 per cent for friends-of-friends (FoF) haloes of size np ≳ 75 across a factor of 512 in mass resolution, but substructure rates converge more slowly with mass resolution, reaching convergence of ∼10 per cent for np ≳ 100 and particle mass mp ≲ 109 M⊙. We present analytic fits to FoF and substructure merger rates across nearly all observed galactic history (z ≤ 8.5). While we find good agreement with the results presented by Fakhouri et al. for FoF haloes, a slightly flatter dependence on merger ratio and increased major merger rates are found, reducing previously reported discrepancies with extended Press-Schechter estimates. When appropriately defined, substructure merger rates show a similar mass ratio dependence as FoF rates, but with stronger mass and redshift dependencies for their normalization.

  16. ROLE OF INTERNATIONAL MERGERS AND ACQUISITIONS IN CORPORATE INTEGRATION

    Directory of Open Access Journals (Sweden)

    Lucia P. BLĂJUȚ

    2015-04-01

    Full Text Available This paper highlights the role of international mergers and acquisitions in corporate integration. The factors that stimulate mergers and acquisitions activities bring real changes in the world economy. Mergers and acquisitions are a form of expansion: mergers can take place either as a statutory merger or consolidation and minority, majority or full acquisitions dominate the international market. It is very important to not confuse the meaning of the two terms. Multinational companies are forced by the competitive environment to adopt new strategies to penetrate a particular market and decrease the position of competition on global market or to counteract competitor action on the other market. Cross-border M and A is functionally classified in horizontal, vertical, concentric and conglomerate. The balance between these types of M and A has been changing over time and the distinction among these four categories is not always clear-cut.

  17. Energy mergers, acquisitions and trusts : no end in sight

    International Nuclear Information System (INIS)

    Shiry, J.

    1998-01-01

    An overview of Canadian export of natural gas to the U.S. and mergers in the Canadian gas industry was presented. Issues discussed included: (1) the Canadian role in U.S. gas markets, (2) growth, returns, and reinvestment rates in the Canadian gas industry, (3) current and historical mergers and acquisitions activity, (4) the driving forces of continued mergers, and (5) the role of trusts in mergers and acquisitions. It was stressed that the recent trend of energy industry mergers is reshaping the industry. Canadian gas producers are currently finding themselves in a high risk, low-return, capital intensive industry caught in a 10-year major growth trend driven by U.S. exports. Unfortunately, for the immediate future there is no end in sight. figs

  18. Energy mergers, acquisitions and trusts : no end in sight

    Energy Technology Data Exchange (ETDEWEB)

    Shiry, J. [Woodside Research Ltd., Calgary, AB (Canada)

    1998-08-01

    An overview of Canadian export of natural gas to the U.S. and mergers in the Canadian gas industry was presented. Issues discussed included: (1) the Canadian role in U.S. gas markets, (2) growth, returns, and reinvestment rates in the Canadian gas industry, (3) current and historical mergers and acquisitions activity, (4) the driving forces of continued mergers, and (5) the role of trusts in mergers and acquisitions. It was stressed that the recent trend of energy industry mergers is reshaping the industry. Canadian gas producers are currently finding themselves in a high risk, low-return, capital intensive industry caught in a 10-year major growth trend driven by U.S. exports. Unfortunately, for the immediate future there is no end in sight. figs.

  19. GALAXY MERGERS AND DARK MATTER HALO MERGERS IN ΛCDM: MASS, REDSHIFT, AND MASS-RATIO DEPENDENCE

    International Nuclear Information System (INIS)

    Stewart, Kyle R.; Bullock, James S.; Barton, Elizabeth J.; Wechsler, Risa H.

    2009-01-01

    We employ a high-resolution ΛCDM N-body simulation to present merger rate predictions for dark matter (DM) halos and investigate how common merger-related observables for galaxies-such as close pair counts, starburst counts, and the morphologically disturbed fraction-likely scale with luminosity, stellar mass, merger mass ratio, and redshift from z = 0 to z = 4. We investigate both rate at which subhalos first enter the virial radius of a larger halo (the 'infall rate'), and the rate at which subhalos become destroyed, losing 90% of the mass they had at infall (the d estruction rate ) . For both merger rate definitions, we provide a simple 'universal' fitting formula that describes our derived merger rates for DM halos a function of dark halo mass, merger mass ratio, and redshift, and go on to predict galaxy merger rates using number density matching to associate halos with galaxies. For example, we find that the instantaneous (destruction) merger rate of m/M > 0.3 mass-ratio events into typical L ∼> f L * galaxies follows the simple relation dN/dt ≅ 0.03(1 + f) Gyr -1 (1 + z) 2.1 . Despite the rapid increase in merger rate with redshift, only a small fraction of >0.4 L * high-redshift galaxies (∼3% at z = 2) should have experienced a major merger (m/M > 0.3) in the very recent past (t 0.3) in the previous 700 Myr and conclude that mergers almost certainly play an important role in delivering baryons and influencing the kinematic properties of Lyman break galaxies (LBGs).

  20. Understanding Information Systems Integration Deficiencies in Mergers and Acquisitions

    DEFF Research Database (Denmark)

    Henningsson, Stefan; Kettinger, William J.

    2017-01-01

    Information systems (IS) integration is a critical challenge for value-creating mergers and acquisitions. Appropriate design and implementation of IS integration is typically a precondition for enabling a majority of the anticipated business benefits of a combined organization. Often...

  1. College Mergers: An Emerging Alternative.

    Science.gov (United States)

    Breuder, Robert L.

    1989-01-01

    Examines the merger of Williamsport Area Community College (WACC) and the University of Pennsylvania, necessitated by the city of Williamsport's decision to discontinue its sponsorship of WACC. Considers the principles underlying the merger, legal questions, reactions from within WACC and the surrounding community, and the benefits of the merger.…

  2. Understanding FE Mergers. Research Report

    Science.gov (United States)

    Calvert, Natasha

    2009-01-01

    This report presents research findings and discussion to help develop an understanding of what gives rise to mergers and, when they do happen, what makes them work. The research has focused on merger activity between further education (FE) colleges since incorporation in 1993. Mergers are highly contextual, and part of ensuring success is…

  3. GdF-Suez. The challenges of a merger

    International Nuclear Information System (INIS)

    Lepetit, V.

    2007-01-01

    After 18 months of stamping, the GdF-Suez merger is finally started. This operation will lead to the creation of a major actor of the European energy scene in particular for natural gas and LNG. This paper reviews the stakes of this merger in terms of employment and its impacts on energy prices and markets. One goal of this merger is to gain market shares in electricity and to compete with EdF (Electricite de France), the French electric utility. (J.S.)

  4. RECOILING MASSIVE BLACK HOLES IN GAS-RICH GALAXY MERGERS

    International Nuclear Information System (INIS)

    Guedes, Javiera; Madau, Piero; Mayer, Lucio; Callegari, Simone

    2011-01-01

    The asymmetric emission of gravitational waves produced during the coalescence of a massive black hole (MBH) binary imparts a velocity 'kick' to the system that can displace the hole from the center of its host. Here, we study the trajectories and observability of MBHs recoiling in three (one major, two minor) gas-rich galaxy merger remnants that were previously simulated at high resolution, and in which the pairing of the MBHs had been shown to be successful. We run new simulations of MBHs recoiling in the major merger remnant with Mach numbers in the range 1≤M≤6 and use simulation data to construct a semi-analytical model for the orbital evolution of MBHs in gas-rich systems. We show the following. (1) In major merger remnants the energy deposited by the moving hole into the rotationally supported, turbulent medium makes a negligible contribution to the thermodynamics of the gas. This contribution becomes significant in minor merger remnants, potentially allowing for an electromagnetic signature of MBH recoil. (2) In major merger remnants, the combination of both deeper central potential well and drag from high-density gas confines even MBHs with kick velocities as high as 1200 km s -1 within 1 kpc from the host's center. (3) Kinematically offset nuclei may be observable for timescales of a few Myr in major merger remnants in the case of recoil velocities in the range 700-1000 km s -1 . (4) In minor merger remnants the effect of gas drag is weaker, and MBHs with recoil speeds in the range 300-600 km s -1 will wander through the host halo for longer timescales. When accounting for the probability distribution of kick velocities, however, we find that the likelihood of observing recoiling MBHs in gas-rich galaxy mergers is very low even in the best-case scenario.

  5. CHANDRA OBSERVATIONS OF GALAXY ZOO MERGERS: FREQUENCY OF BINARY ACTIVE NUCLEI IN MASSIVE MERGERS

    Energy Technology Data Exchange (ETDEWEB)

    Teng, Stacy H. [Observational Cosmology Laboratory, NASA/GSFC, Greenbelt, MD 20771 (United States); Schawinski, Kevin; Urry, C. Megan; Bonning, Erin W. [Department of Physics, Yale University, New Haven, CT 06511 (United States); Darg, Dan W.; Kaviraj, Sugata; Lintott, Chris J. [Department of Physics, University of Oxford, Keble Road, Oxford OX1 3RH (United Kingdom); Oh, Kyuseok [Department of Astronomy, Yonsei University, Seoul 120-749 (Korea, Republic of); Cardamone, Carolin N. [Harriet W. Sheridan Center for Teaching and Learning, Brown University, P.O. Box 1912, Providence, RI 02912 (United States); Keel, William C. [Department of Physics and Astronomy, 206 Gallalee Hall, 514 University Boulevard, University of Alabama, Tuscaloosa, AL 35487-034 (United States); Simmons, Brooke D. [Yale Center for Astronomy and Astrophysics, Yale University, P.O. Box 208121, New Haven, CT 06520 (United States); Treister, Ezequiel, E-mail: stacy.h.teng@nasa.gov [Departamento de Astronomia, Universidad de Concepcion, Casilla 160-C, Concepcion (Chile)

    2012-07-10

    We present the results from a Chandra pilot study of 12 massive galaxy mergers selected from Galaxy Zoo. The sample includes major mergers down to a host galaxy mass of 10{sup 11} M{sub Sun} that already have optical active galactic nucleus (AGN) signatures in at least one of the progenitors. We find that the coincidences of optically selected active nuclei with mildly obscured (N{sub H} {approx}< 1.1 Multiplication-Sign 10{sup 22} cm{sup -2}) X-ray nuclei are relatively common (8/12), but the detections are too faint (<40 counts per nucleus; f{sub 2-10keV} {approx}< 1.2 Multiplication-Sign 10{sup -13} erg s{sup -1} cm{sup -2}) to reliably separate starburst and nuclear activity as the origin of the X-ray emission. Only one merger is found to have confirmed binary X-ray nuclei, though the X-ray emission from its southern nucleus could be due solely to star formation. Thus, the occurrences of binary AGNs in these mergers are rare (0%-8%), unless most merger-induced active nuclei are very heavily obscured or Compton thick.

  6. A CEO roundtable on making mergers succeed.

    Science.gov (United States)

    Mandl, A; Bohnett, D; Liddy, E; Komansky, D; Kozlowski, D; Leschly, J; Gupta, R; McDonald, M; Avery, B; Moore, N; Krekel, T

    2000-01-01

    The announcement in January of the merger between America Online and Time Warner marked the convergence of the two most important business trends of the last five years--the rise of the Internet and the resurgence of mergers and acquisitions. M&A activity is at a fever pitch, spurred in large part by the breathtaking influx of capital into the Internet space. And all signs indicate the trend will only accelerate. Against this background, an impressive group of experienced deal makers came together to share their experiences of what makes mergers work. They were assembled in Scottsdale, Arizona, under the auspices of the M&A Group, a professional society formed in 1999 for CEOs interested in M&A as a business strategy. Participants included top executives from Internet start-ups like Teligent; venture capital firms like Baroda Ventures; financial institutions like Merrill Lynch and PricewaterhouseCoopers; and major corporations like Allstate, Tyco International, SmithKline Beecham, Rohm and Haas, VF, Crown Cork & Seal, and Hughes Space and Communications. The spirited and surprisingly frank discussion cut a wide swath, considering issues such as whether most mergers fail to pan out as well as expected, how to increase the odds of success, the nuts and bolts of the integration process, the trade-offs between acquiring a company and growing from within, the importance of cultural issues, and why anyone would want to be on the board of a merged company.

  7. Field guide to the major organisms and processes building reefs and islands of the Dry Tortugas: the Carnegie Dry Tortugas Laboratory Centennial Celebration (1905-2005)

    Science.gov (United States)

    Shinn, Eugene A.; Jaap, Walter C.

    2005-01-01

    This guide to the geology and biology of the Dry Tortugas is divided into four sections: 1) geologic and anthropogenic features you will pass on your trip to and from the Tortugas, 2) a summary of items of Tortugas geologic, historic, and human interest and what you will experience at Loggerhead Key while walking and snorkeling, 3) a summary of recent coral-monitoring results, and 4) an Appendix with tributes to some of the significant research accomplishments of researchers at the laboratory between 1905 and 1939.

  8. Mixing processes in galaxy mergers

    International Nuclear Information System (INIS)

    White, S.D.M.

    1980-01-01

    Previously published simulations of mergers between galaxies are used to examine the degree to which population gradients are weakened during the coalescence of two or more stellar systems. Although substantial mixing occurs during a merger, its effect on such gradients is quite moderate and can be overwhelmed by the effect of changes in structure. Experiment suggests that the centre-to-edge population difference in a merger remnant will be 20 per cent smaller than that in its progenitor galaxies if these are identical centrally concentrated systems. A sequence of three binary mergers is thus required to reduce such differences by a factor of 2. Because of changes in radial structure, population gradients are, in general, reduced more rapidly than is suggested by these numbers. Mixing is more efficient in mergers between less concentrated systems. In real merger remnants any weakening of gradients may often be masked by star-formation in residual interstellar gas. (author)

  9. Internationalize Mergers and Acquisitions

    OpenAIRE

    Zhou, Lili

    2017-01-01

    As globalization processes, an increasing number of companies use mergers and acquisitions as a tool to achieve company growth in the international business world. The purpose of this thesis is to investigate the process of an international M&A and analyze the factors leading to success. The research started with reviewing different academic theory. The important aspects in both pre-M&A phase and post-M&A phase have been studied in depth. Because of the complexity in international...

  10. Mergers & Acquisitions and Intangibles

    OpenAIRE

    Ott, Christian

    2012-01-01

    This dissertation explores the disclosure on intangibles acquired in Mergers & Acquisitos. The related empirical analyses are based on a sample of M&As that are accounted for under the International Financial Reporting Standards (IFRS) and United States Generally Accepted Accounting Principles (US-GAAP). In three different research papers I answer three distinct research questions. In order to enable capital providers and other external stakeholders to evaluate the PPA, the International Fina...

  11. The Greater Impact of Mergers on the Growth of Massive Galaxies: Implications for Mass Assembly and Evolution since z sime 1

    Science.gov (United States)

    Bundy, Kevin; Fukugita, Masataka; Ellis, Richard S.; Targett, Thomas A.; Belli, Sirio; Kodama, Tadayuki

    2009-06-01

    Using deep infrared observations conducted with the MOIRCS imager on the Subaru Telescope in the northern GOODS field combined with public surveys in GOODS-S, we investigate the dependence on stellar mass, M *, and galaxy type of the close pair fraction (5 h -1 kpc implied merger rate. In terms of combined depth and survey area, our publicly available mass-limited sample represents a significant improvement over earlier infrared surveys used for this purpose. In common with some recent studies, we find that the fraction of paired systems that could result in major mergers is low (~4%) and does not increase significantly with redshift to z ≈ 1.2, with vprop(1 + z)1.6±1.6. Our key finding is that massive galaxies with M *>1011 M sun are more likely to host merging companions than less massive systems (M * ~ 1010 M sun). We find evidence for a higher pair fraction for red, spheroidal hosts compared to blue, late-type systems, in line with expectations based on clustering at small scales. The so-called "dry" mergers between early-type galaxies devoid of star formation (SF) represent nearly 50% of close pairs with M *>3 × 1010 M sun at z ~ 0.5, but less than 30% at z ~ 1. This result can be explained by the increasing abundance of red, early-type galaxies at these masses. We compare the volumetric merger rate of galaxies with different masses to mass-dependent trends in galaxy evolution. Our results reaffirm the conclusion of Bundy et al. that major mergers do not fully account for the formation of spheroidal galaxies since z ~ 1. In terms of mass assembly, major mergers contribute little to galaxy growth below M * ~ 3 × 1010 M sun but play a more significant role among galaxies with M * gsim 1011 M sun ~ 30% of which have undergone mostly dry mergers over the observed redshift range. Overall, the relatively rapid and recent coalescence of high-mass galaxies mirrors the expected hierarchical growth of halos and is consistent with recent model predictions, even if

  12. The effects of union mergers and internal restructuring:

    DEFF Research Database (Denmark)

    Navrbjerg, Steen Erik; Larsen, Trine Pernille

    2016-01-01

    Trade union mergers and restructuring are often seen as strategy for union revitalisation and renewal and have been ongoing in the majority of European trade unions. This paper explores how recent union mergers and internal restructuring has affected unions service provision, union democracy...... and interest representation. This is analysed drawing on longitudinal data from two Danish shop steward surveys conducted in 1998 and 2010, comparing shop stewards in merged and non-merged unions respectively. The main results are that although it could be expected that union mergers and internal restructuring......, where union size and less so the union’s recent merger and restructuring history appears to affect shop stewards’ relations with their unions....

  13. Competition and Mergers among Nonprofits

    NARCIS (Netherlands)

    Prüfer, J.

    2007-01-01

    Should mergers among nonprofit organizations be regulated differently than mergers among for-profit firms? The relevant empirical literature is highly controversial, the theoretical literature is scarce. We analyze the question by modeling duopoly competition with quality-differentiated goods. We

  14. Competition and Mergers among Nonprofits

    NARCIS (Netherlands)

    Prüfer, J.

    2007-01-01

    Should mergers among nonprofit organizations be regulated differently than mergers among for-profit firms? The relevant empirical literature is highly controversial, the theoretical literature is scarce. I analyze the question by modeling duopoly competition with quality-differentiated goods. I

  15. Welfare standards in hospital mergers.

    Science.gov (United States)

    Katona, Katalin; Canoy, Marcel

    2013-08-01

    There is a broad literature on the consequences of applying different welfare standards in merger control. Total welfare is usually defined as the sum of consumer and provider surplus, i.e., potential external effects are not considered. The general result is then that consumer welfare is a more restrictive standard than total welfare, which is advantageous in certain situations. This relationship between the two standards is not necessarily true when the merger has significant external effects. We model mergers on hospital markets and allow for not-profit-maximizing behavior of providers and mandatory health insurance. Mandatory health insurance detaches the financial and consumption side of health care markets, and the concept consumer in merger control becomes non-evident. Patients not visiting the merging hospitals still are affected by price changes through their insurance premiums. External financial effects emerge on not directly affected consumers. We show that applying a restricted interpretation of consumer (neglecting externality) in health care merger control can reverse the relation between the two standards; consumer welfare standard can be weaker than total welfare. Consequently, applying the wrong standard can lead to both clearing socially undesirable and to blocking socially desirable mergers. The possible negative consequences of applying a simple consumer welfare standard in merger control can be even stronger when hospitals maximize quality and put less weight on financial considerations. We also investigate the implications of these results for the practice of merger control.

  16. Knowledge management in international mergers

    NARCIS (Netherlands)

    Grotenhuis, F.D.J.; Weggeman, M.C.D.P.

    2002-01-01

    This paper discusses the need for knowledge management in mergers and acquisitions. In mergers and acquisitions two cultures are combined, and also two systems of knowledge and insights are integrated. In order to develop and sustain competitive advantages for the knowledge-intensive firm, strategic

  17. Indexing mergers and acquisitions

    OpenAIRE

    Gang, Jianhua; Guo, Jie (Michael); Hu, Nan; Li, Xi

    2017-01-01

    We measure the efficiency of mergers and acquisitions by putting forward an index (the ‘M&A Index’) based on stochastic frontier analysis. The M&A Index is calculated for each takeover deal and is standardized between 0 and 1. An acquisition with a higher index encompasses higher efficiency. We find that takeover bids with higher M&A Indices are more likely to succeed. Moreover, the M&A Index shows a strong and positive relation with the acquirers’ post-acquisition stock perfo...

  18. On universality in ergoregion mergers

    International Nuclear Information System (INIS)

    Elvang, Henriette; Figueras, Pau; Hubeny, Veronika E; Rangamani, Mukund; Horowitz, Gary T

    2009-01-01

    We study non-dynamical mergers of ergoregions in d + 1-dimensional vacuum gravity. At the merger point, where the ergosurfaces bounding each ergoregion just touch, solutions exhibit universal behavior when there is rotation only in one plane: the angle between the merging ergosurfaces depends only on the symmetries of the solution, not on any other details of the configuration. We show that universality follows from the fact that the relevant component of Einstein's equation reduces to Laplace's equation at the point of merger. Thus ergoregion mergers mimic mergers of Newtonian equipotentials and have similar universal behavior. For solutions with rotation in more than one plane, universality is lost. We demonstrate universality and non-universality in several explicit examples.

  19. The importance of partnerships, mergers and acquisitions

    Energy Technology Data Exchange (ETDEWEB)

    Trabandt, C.A. [Merrill Lynch, New York, NY (United States)

    1998-09-01

    An overview of the electric utility industry was presented. The main factors driving mergers and acquisitions in the industry were identified as being consolidation, disaggregation, convergence and international expansion. To prove the point, statistics from recent merger and acquisition transactions in the U.S. were presented. The importance of disaggregation of the utility business and convergence as the major themes of the electricity and natural gas industries were demonstrated. They are driven by a new competitive marketplace and fewer regulations. The driving forces behind them were explained, buttressing the arguments with recent statistics reflecting an upsurge in convergence transactions. Significant opportunities abroad and recent foreign acquisitions by U. S. utilities were also reviewed. With regard to convergence, it was shown to be occurring in both the generation/wholesale and distribution/retail marketing segment of the electric power industry. 3 figs.

  20. 7 CFR 3575.89 - Mergers.

    Science.gov (United States)

    2010-01-01

    ... merged borrower. Mergers may be approved when: (1) The merger is in the best interest of the Government.... (b) Distinguishing mergers from transfers and assumptions. Mergers occur when one entity combines with another entity in such a way that the first entity ceases to exist as a separate entity while the...

  1. 7 CFR 1779.89 - Mergers.

    Science.gov (United States)

    2010-01-01

    ... of the merged borrower. Mergers may be approved when: (1) The merger is in the best interest of the... borrower. (b) Distinguishing mergers from transfers and assumptions. Mergers occur when one entity combines with another entity in such a way that the first entity ceases to exist as a separate entity while the...

  2. Endogenous mergers: bidder momentum and market reaction

    NARCIS (Netherlands)

    Kling, G.; Weitzel, G.U.

    2010-01-01

    Recent empirical studies on stock misvaluation as a possible determinant of mergers are inconclusive concerning the central hypothesis that over (under) valuation is negatively (positively) associated with merger announcement returns in stock mergers, but not in cash mergers. We provide empirical

  3. Endogenous mergers: Bidder momentum and market reaction

    NARCIS (Netherlands)

    Kling, G.; Weitzel, U.

    Recent empirical studies on stock misvaluation as a possible determinant of mergers are inconclusive concerning the central hypothesis that over(under)valuation is negatively (positively) associated with merger announcement returns in stock mergers, but not in cash mergers. We provide empirical

  4. Justice Department Airline Merger Policy

    Science.gov (United States)

    Farmer, D. A.

    1972-01-01

    Justice Department airline merger policy is developed within the context of the Federal Aviation Act, in which there is an unusually explicit reliance on competition as a means of fulfilling statutory goals. The economics of the airline industry appear to indicate that low concentration and vigorous competition are particularly viable and desirable. Several factors, including existing regulatory policy, create incentives for airlines to merge whether or not an individual merger promotes or conflicts with the public interest. Specific benefits to the public should be identified and shown to clearly outweight the detriments, including adverse competitive impact, in order for airline mergers to be approved.

  5. Cosmic Collisions: Galaxy Mergers and Evolution

    Science.gov (United States)

    Trouille, Laura; Willett, Kyle; Masters, Karen; Lintott, Christopher; Whyte, Laura; Lynn, Stuart; Tremonti, Christina A.

    2014-08-01

    Over the years evidence has mounted for a significant mode of galaxy evolution via mergers. This process links gas-rich, spiral galaxies; starbursting galaxies; active galactic nuclei (AGN); post-starburst galaxies; and gas-poor, elliptical galaxies, as objects representing different phases of major galaxy mergers. The post-starburst phase is particularly interesting because nearly every galaxy that evolves from star-forming to quiescent must pass through it. In essence, this phase is a sort of galaxy evolution “bottleneck” that indicates that a galaxy is actively evolving through important physical transitions. In this talk I will present the results from the ‘Galaxy Zoo Quench’ project - using post-starburst galaxies to place observational constraints on the role of mergers and AGN activity in quenching star formation. `Quench’ is the first fully collaborative research project with Zooniverse citizen scientists online; engaging the public in all phases of research, from classification to data analysis and discussion to writing the article and submission to a refereed journal.

  6. EPISODIC ACTIVITIES OF SUPERMASSIVE BLACK HOLES AT REDSHIFT z ≤ 2: DRIVEN BY MERGERS?

    International Nuclear Information System (INIS)

    Li Yanrong; Wang Jianmin; Hu Chen; Zhang Shu; Yuan Yefei

    2010-01-01

    It has been suggested for quite a long time that galaxy mergers trigger activities of supermassive black holes (SMBHs) on the grounds of imaging observations of individual galaxies. To quantitatively examine this hypothesis, we calculate quasar luminosity functions (LFs) by manipulating the observed galaxy LFs (z ∼ maj ∼ 0.2 at z ∼ 2 to f maj → 0 at z ∼ 0. As a consequence, the newly formed SMBHs from major mergers at z ∼ 2 may acquire a maximal spin due to the orbital angular momentum of the merging holes. Subsequently, random accretion led by minor mergers rapidly drives the SMBHs to spin down. Such an evolutionary trend of the SMBH spins is consistent with the fact that radiative efficiency of accreting SMBHs strongly declines with cosmic time, reported by Wang et al. This suggests that minor mergers are important in triggering activities of SMBHs at low redshift, while major mergers may dominate at high redshift.

  7. Late-stage galaxy mergers in cosmos to z ∼ 1

    International Nuclear Information System (INIS)

    Lackner, C. N.; Silverman, J. D.; Salvato, M.; Kampczyk, P.; Kartaltepe, J. S.; Sanders, D.; Lee, N.; Capak, P.; Scoville, N.; Civano, F.; Halliday, C.; Ilbert, O.; Le Fèvre, O.; Jahnke, K.; Koekemoer, A. M.; Liu, C. T.; Sheth, K.; Toft, S.

    2014-01-01

    The role of major mergers in galaxy and black hole formation is not well-constrained. To help address this, we develop an automated method to identify late-stage galaxy mergers before coalescence of the galactic cores. The resulting sample of mergers is distinct from those obtained using pair-finding and morphological indicators. Our method relies on median-filtering of high-resolution images to distinguish two concentrated galaxy nuclei at small separations. This method does not rely on low surface brightness features to identify mergers, and is therefore reliable to high redshift. Using mock images, we derive statistical contamination and incompleteness corrections for the fraction of late-stage mergers. The mock images show that our method returns an uncontaminated (<10%) sample of mergers with projected separations between 2.2 and 8 kpc out to z∼1. We apply our new method to a magnitude-limited (m FW 814 <23) sample of 44,164 galaxies from the COSMOS HST/ACS catalog. Using a mass-complete sample with logM ∗ /M ⊙ >10.6 and 0.25mergers. Correcting for incompleteness and contamination, the fractional merger rate increases strongly with redshift as r merge ∝(1+z) 3.8±0.9 , in agreement both with earlier studies and with dark matter halo merger rates. Separating the sample into star-forming and quiescent galaxies shows that the merger rate for star-forming galaxies increases strongly with redshift, (1+z) 4.5±1.3 , while the merger rate for quiescent galaxies is consistent with no evolution, (1+z) 1.1±1.2 . The merger rate also becomes steeper with decreasing stellar mass. Limiting our sample to galaxies with spectroscopic redshifts from zCOSMOS, we find that the star formation rates and X-ray selected active galactic nucleus (AGN) activity in likely late-stage mergers are higher by factors of ∼2 relative to those of a control sample. Combining our sample with more widely separated pairs, we find that 8

  8. Observations on the use of tarantula burrows by the anurans Leptodactylus bufonius (Leptodactylidae and Rhinella major (Bufonidae in the Dry Chaco ecoregion of Bolivia

    Directory of Open Access Journals (Sweden)

    Christopher M. Schalk

    2014-06-01

    Full Text Available Some species of anurans have been observed utilizing burrows of other animals, such as rodents and tarantulas. Here we report the observations of two anuran species, Leptodactylus bufonius and Rhinella major, utilizing the burrows of tarantulas (Acanthoscurria sp.; Family Theraphosidae in the dry Chaco ecoregion of Bolivia. Both species of anurans never co-occurred with tarantulas in the burrows and used burrows that were wider in diameter and closer to breeding ponds as compared to the total available tarantula burrows in the area. These burrows may serve as refuges from predators, especially for conspicuous, calling males.

  9. Performance Assessment of Mergers and Acquisitions

    DEFF Research Database (Denmark)

    Wang, Daojuan; Moini, Hamid

    2012-01-01

    on the performance measures and benchmarks adopted in M&A research field and the relevant empirical results. We find that the definitions of performance varied in terms of accounting, financial, operational and perceptual metrics. And performance assessment is sensitive to the definition of performance, methodology......Corporate mergers and acquisitions (M&As) have been increasing popular during these decades. However, a majority of research show failure rate (40% - 80%) has not significantly changed. This “success paradox” triggers us to reflect on performance assessment of M&As: how the performance of M...

  10. Mergers, Acquisitions, and Access: STM Publishing Today

    Science.gov (United States)

    Robertson, Kathleen

    Electronic publishing is changing the fundamentals of the entire printing/delivery/archive system that has served as the distribution mechanism for scientific research over the last century and a half. The merger-mania of the last 20 years, preprint pools, and publishers' licensing and journals-bundling plans are among the phenomena impacting the scientific information field. Science-Technology-Medical (STM) publishing is experiencing a period of intense consolidation and reorganization. This paper gives an overview of the economic factors fueling these trends, the major STM publishers, and the government regulatory bodies that referee this industry in Europe, Canada, and the USA.

  11. Recent mergers and acquisitions changes face of RSA coal

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1998-10-01

    During the last two years, the South African coal industry has altered dramatically, with several major mergers and acquisitions taking place affecting production and Richards Bay Coal Terminal (RBCT) entitlement. This article summarises the current position, as it happened. Events discussed include: the merger of Trans-Natal and Randcoal; Sasol becoming a member of RBCT; Tavistock`s Shell acquisition; the Duiker Mining-Lonrho acquisition; Amcoal`s purchase of Gold Fields Coal; the sale of Welgedacht Exploration Company to the Kangra Group and the formation of New Coal by Amcoal and Ingwe. 2 tabs., 2 photos.

  12. Trade Union Mergers: A Survey of the Literature.

    Science.gov (United States)

    Michelson, Grant

    2000-01-01

    Examines trade union mergers highlighting merger forms, merger motivation, role played by union officers, and merger waves. Discusses the consequences of mergers on members and union performance and concludes that union merger activity has had little impact. (Contains 74 references.) (JOW)

  13. Managing Key Risks in Post-Merger IS Integration

    DEFF Research Database (Denmark)

    Alaranta, Mar; Mathiassen, L

    2014-01-01

    Mergers and acquisitions (M&A) require organizations to blend together different information system (IS) configurations. Unfortunately, less than 50 percent of M&A's achieve their goals, with IS integration being a major problem. Here, the authors offer a framework to help managers prepare for......, analyze, and mitigate risks during post-merger IS integration. They identify key risks relating to IS integration content, process, and context, and present five strategies for mitigating those risks. Their framework aims to help managers proactively reduce the impact of adverse events. Adopting...... the framework supported by their templates is straightforward and the time and resources required are minimal. When properly executed, adoption increases the likelihood of successful merger outcomes; the framework is thus a valuable addition to the management tool box and can be applied in collaboration...

  14. Galaxy pairs as a probe for mergers at z ~ 2

    DEFF Research Database (Denmark)

    Man, A.W.S.; Zirm, Andrew Wasmuth; Toft, Sune

    2011-01-01

    In this work I investigate the redshift evolution of pair fraction of a sample of 196 massive galaxies from z = 0 to 3, selected from the COSMOS field. We find that on average a massive galaxy undergoes ~ 1.1 \\pm 0.5 major merger since z = 3. I will review the current limitations of using the pair...

  15. Post-merger IT integration strategies: An IT alignment perspective

    NARCIS (Netherlands)

    Wijnhoven, Alphonsus B.J.M.; Spil, Antonius A.M.; Stegwee, R.A.; Fa, Rachel Tjang A

    2006-01-01

    When a company decides to merge with or to acquire another company, a major question is to what extent to integrate the information technologies and the organization. Interpreting merger objectives to proper IT integration strategies is a complex and time-consuming process, due to a lack of explicit

  16. Topics in Finance: Part VIII--Mergers & Acquisitions

    Science.gov (United States)

    Laux, Judy

    2012-01-01

    In this series, three key axioms--stockholder wealth maximization, the risk-return tradeoff, and agency conflicts--are applied to the major topics in financial management. The current article looks at mergers and acquisitions, reviewing the presumed motivations, the ethical challenges, and the literature dedicated to this financial activity.

  17. The Scanfin Merger: Managing Organisational Change (Case C)

    DEFF Research Database (Denmark)

    Smith, Pernille; Carugati, Andrea; Giangreco, Antonio

    This is the third of a four-case series (408-115-1, 908-025-1, 308-343-1 and 608-037-1). This case is about resistance to organisational change in relation to a merger. The case describes a major organisational change in a newly established department, which has been instituted to speed up the in...

  18. The Merger Paradox and R&D

    OpenAIRE

    MIYAGIWA, Kaz; WAN, Jiangyun(Yunyun)

    2015-01-01

    The merger paradox is revisited in the presence of cost-reducing R&D in Cournot oligopoly. Two cases are found, in which merger is profitable without satisfying the 80-percent threshold requirement of Salant et al (1983).

  19. University Mergers in Finland: Mediating Global Competition

    Science.gov (United States)

    Välimaa, Jussi; Aittola, Helena; Ursin, Jani

    2014-01-01

    University mergers have become a common strategy for increasing global competitiveness. In this chapter, the authors analyze the implementation of mergers in Finnish universities from the perspective of social justice as conceived within Finland and other Nordic countries.

  20. Mergers, Strategic Investments and Antitrust Policy

    OpenAIRE

    Deneffe, Daniel; Wakker, Peter

    1996-01-01

    textabstractEstablished firms can diversify into new markets in two distinct modes: through internal development or through conglomerate merger. Building on a dynamic three-stage bargaining model with variable threats, this paper shows that a lenient antitrust position toward horizontal mergers can induce established firms that would otherwise not have entered to enter via conglomerate merger. The vigor of antitrust enforcement toward horizontal mergers also affects the conglomerate acquisiti...

  1. The economic impact of merger control legislation

    OpenAIRE

    Carletti, Elena; Hartmann, Philipp; Onega, Steven

    2007-01-01

    We construct a unique dataset of legislative reforms in merger control legislation that occurred in nineteen industrial countries in the period 1987-2004, and investigate the economic impact of these changes on stock prices. In line with the hypothesis that merger control should challenge anticompetitive mergers and thus limit future monopolistic profits, we find that the strengthening of merger control decreases the stock prices of non-financial firms. In contrast, we find that bank stock pr...

  2. Bundling and mergers in energy markets

    International Nuclear Information System (INIS)

    Granier, Laurent; Podesta, Marion

    2010-01-01

    Does bundling trigger mergers in energy industries? We observe mergers between firms belonging to various energy markets, for instance between gas and electricity providers. These mergers enable firms to bundle. We consider two horizontally differentiated markets. In this framework, we show that bundling strategies in energy markets create incentives to form multi-market firms in order to supply bi-energy packages. Moreover, we find that this type of merger is detrimental to social welfare. (author)

  3. Mergers of black-hole binaries with aligned spins: Waveform characteristics

    International Nuclear Information System (INIS)

    Kelly, Bernard J.; Baker, John G.; Centrella, Joan; Boggs, William D.; McWilliams, Sean T.

    2011-01-01

    We conduct a descriptive analysis of the multipolar structure of gravitational-radiation waveforms from equal-mass aligned-spin mergers, following an approach first presented in the complementary context of nonspinning black holes of varying mass ratio [J. G. Baker et al., Phys. Rev. D 78, 044046 (2008).]. We find that, as with the nonspinning mergers, the dominant waveform mode phases evolve together in lock-step through inspiral and merger, supporting the previous waveform description in terms of an adiabatically rigid rotator driving gravitational-wave emission--an implicit rotating source. We further apply the late-time merger-ringdown model for the rotational frequency introduced in [J. G. Baker et al., Phys. Rev. D 78, 044046 (2008).], along with an improved amplitude model appropriate for the dominant (2, ±2) modes. This provides a quantitative description of the merger-ringdown waveforms, and suggests that the major features of these waveforms can be described with reference only to the intrinsic parameters associated with the state of the final black hole formed in the merger. We provide an explicit model for the merger-ringdown radiation, and demonstrate that this model agrees to fitting factors better than 95% with the original numerical waveforms for system masses above ∼150M · . This model may be directly applicable to gravitational-wave detection of intermediate-mass black-hole mergers.

  4. Assessment of Innovation Effects of Mergers

    OpenAIRE

    Kern, Benjamin René

    2015-01-01

    Summary of Doctoral Dissertation Assessment of Innovation Effects of Mergers The adequate consideration of innovation effects of mergers in merger review was, and still is, one of the most controversially discussed issues between antitrust scholars. In this connection the question has been raised whether the traditional categories in competition law are sufficiently suitable for dealing with innovation aspects or whether new ...

  5. 12 CFR 708b.101 - Mergers generally.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Mergers generally. 708b.101 Section 708b.101 Banks and Banking NATIONAL CREDIT UNION ADMINISTRATION REGULATIONS AFFECTING CREDIT UNIONS MERGERS OF FEDERALLY-INSURED CREDIT UNIONS; VOLUNTARY TERMINATION OR CONVERSION OF INSURED STATUS Mergers § 708b.101...

  6. Is Education Getting Lost in University Mergers?

    Science.gov (United States)

    Ursin, Jani; Aittola, Helena; Henderson, Charles; Valimaa, Jussi

    2010-01-01

    Mergers are common phenomena in higher education institutions. Improving educational quality is typically one of the stated goals of university mergers. Yet, little information exists about how merging institutions approach this goal. This paper presents results from a study of planning documents created prior to four mergers in the Finnish higher…

  7. Accounting for distress in bank mergers

    NARCIS (Netherlands)

    Koetter, M.; Bos, J. W. B.; Heid, F.; Kolari, J. W.; Kool, C. J. M.; Porath, D.

    2007-01-01

    Most bank merger studies do not control for hidden bailouts, which may lead to biased results. In this study we employ a unique data set of approximately 1000 mergers to analyze the determinants of bank mergers. We use undisclosed information on banks' regulatory intervention history to distinguish

  8. Mergers in European Higher Education

    DEFF Research Database (Denmark)

    Rocha, Vera; Teixeira, Pedro N.; Biscaia, Ricardo

    2018-01-01

    In recent years, mergers have been widely used in higher education (HE) to achieve a variety of purposes, ranging from problems of institutional fragmentation to the lack of financial and academic viability, and low institutional efficiency and quality. However, despite a large stream of HE...... literature addressing those issues, there has been little attention to the link between funding-related problems and merger processes. Moreover, there is very little comparative research among different higher education systems experiencing those processes. In this paper, we map and characterize the recent...

  9. Mergers and Acquisitions in India

    OpenAIRE

    Agarwal, Ankita

    2009-01-01

    From the past few decades, Mergers and Acquisitions (M&A) have dominated the environment in which the companies operate. Whenever there is an announcement about a merger, there is an excitement and expectation among the shareholders. This expectation may or may not convert into an abnormal return. It is useful to have some kind of research activity on the performance of M&A, as both bidders and target firms will gain from it. The results have revealed that on average, the returns to the targ...

  10. Mergers in galaxy groups. I. Structure and properties of elliptical remnants

    International Nuclear Information System (INIS)

    Taranu, Dan S.; Dubinski, John; Yee, H. K. C.

    2013-01-01

    We present collisionless simulations of dry mergers in groups of 3 to 25 galaxies to test the hypothesis that elliptical galaxies form at the centers of such groups. Mock observations of the central remnants confirm their similarity to ellipticals, despite having no dissipational component. We vary the profile of the original spiral's bulge and find that ellipticals formed from spirals with exponential bulges have too low Sersic indices. Mergers of spirals with de Vaucouleurs (classical) bulges produce remnants with larger Sersic indices correlated with luminosity, as with Sloan Digital Sky Survey ellipticals. Exponential bulge mergers are better fits to faint ellipticals, whereas classical bulge mergers better match luminous ellipticals. Similarly, luminous ellipticals are better reproduced by remnants undergoing many (>5) mergers, and fainter ellipticals by those with fewer mergers. The remnants follow tight size-luminosity and velocity dispersion-luminosity (Faber-Jackson) relations (<0.12 dex scatter), demonstrating that stochastic merging can produce tight scaling relations if the merging galaxies also follow tight scaling relations. The slopes of the size-luminosity and Faber-Jackson relations are close to observations but slightly shallower in the former case. Both relations' intercepts are offset—remnants are too large but have too low dispersions at fixed luminosity. Some remnants show substantial (v/σ > 0.1) rotational support, although most are slow rotators and few are very fast rotators (v/σ > 0.5). These findings contrast with previous studies concluding that dissipation is necessary to produce ellipticals from binary mergers of spirals. Multiple, mostly minor and dry mergers can produce bright ellipticals, whereas significant dissipation could be required to produce faint, rapidly rotating ellipticals.

  11. Medical group mergers: strategies for success.

    Science.gov (United States)

    Latham, Will

    2014-01-01

    As consolidation sweeps over the healthcare industry, many medical groups are considering mergers with other groups as an alternative to employment. While mergers are challenging and fraught with risk, an organized approach to the merger process can dramatically increase the odds for success. Merging groups need to consider the benefits they seek from a merger, identify the obstacles that must be overcome to merge, and develop alternatives to overcome those obstacles. This article addresses the benefits to be gained and issues to be addressed, and provides a tested roadmap that has resulted in many successful medical group mergers.

  12. Chemical composition and major odor-active compounds of essential oil from PINELLIA TUBER (dried rhizome of Pinellia ternata) as crude drug.

    Science.gov (United States)

    Iwasa, Megumi; Iwasaki, Toshiki; Ono, Toshirou; Miyazawa, Mitsuo

    2014-01-01

    The chemical composition of the essential oil from PINELLIA TUBER (Japanese name: Hange), the dried rhizome of Pinellia ternata, was investigated by capillary gas chromatography (GC) and GC-mass spectrometry (MS) analyses. The oil obtained from Pinellia tuber was revealed the presence of 114 compounds, representing 90.6% of the total oil identified. This colorless oil had a spicy and woody odor. The main components of the oil were β-cubebene (8.8%), atractylon (7.8%), methyl eugenol (6.2%), and δ-cadinene (5.3%). Fifteen major odor-active compounds were identified in the essential oil from PINELLIA TUBER by the GC-olfactometry (GC-O) and aroma extract dilution analysis (AEDA). Among these, safrole (spicy) and β-vatirenene (woody) showed the highest flavor dilution (FD) factor (128), followed by paeonol (FD = 64; woody, spicy), α-humulene (FD = 64; woody), and β-phenylnaphthalene (FD = 64; spicy).

  13. Essays on mergers and acquisitions

    NARCIS (Netherlands)

    Faelten, A.I.

    2016-01-01

    “Essays on Mergers and Acquisitions" tackles some of the most prominent business challenges related to M&A activity. The Introduction examines the reasons why deals fail through well-known case studies; Chapter 1 presents a new index measuring countries M&A maturity worldwide; Chapter 2 focus on the

  14. More Mergers,More Acquisitions

    Institute of Scientific and Technical Information of China (English)

    2010-01-01

    China aims to maintain sound development of the national economy through M&As Anew round of corporate mergers and acquisitions (M&As) is on the way. On September 6, the State Council announced that it would require companies in the automobile, iron and steel, cement, machinery manufacturing, electro- lytic aluminum and rare earth industries to accelerate M&As.

  15. More Mergers,More Acquisitions

    Institute of Scientific and Technical Information of China (English)

    LAN XINZHEN

    2010-01-01

    @@ A new round of corporate mergers and acquisitions(M&As)is on the way.On September 6,the State Council announced that it would require companies in the automobile,iron and steel,cement,machinery manufacturing,electrolytic aluminum and rare earth industries to accelerate M&As.

  16. Post-Mergers and Acquisitions: The Motives, Success Factors and Key Success Indicators

    OpenAIRE

    Hatem El Zuhairy; Ahmed Taher; Ingy Shafei

    2015-01-01

    There is a wide body of evidence showing a significant increase in the adoption of mergers and acquisitions (M&A) worldwide. Moreover, research confirms that the integration and implementation stage (post-M&A) has a major impact on the success or failure of a merger or acquisition. Therefore it has become increasingly important to explore the post-M&A phase further in order to support the management teams of organizations pursuing a merger or acquisition in meeting all their desired objective...

  17. MINOR MERGERS AND THE SIZE EVOLUTION OF ELLIPTICAL GALAXIES

    International Nuclear Information System (INIS)

    Naab, Thorsten; Johansson, Peter H.; Ostriker, Jeremiah P.

    2009-01-01

    Using a high-resolution hydrodynamical cosmological simulation of the formation of a massive spheroidal galaxy we show that elliptical galaxies can be very compact and massive at high redshift in agreement with recent observations. Accretion of stripped infalling stellar material increases the size of the system with time and the central concentration is reduced by dynamical friction of the surviving stellar cores. In a specific case of a spheroidal galaxy with a final stellar mass of 1.5 x 10 11 M sun we find that the effective radius r e increases from 0.7 ± 0.2 kpc at z = 3 to r e = 2.4 ± 0.4 kpc at z = 0 with a concomitant decrease in the effective density of an order of magnitude and a decrease of the central velocity dispersion by approximately 20% over this time interval. A simple argument based on the virial theorem shows that during the accretion of weakly bound material (minor mergers) the radius can increase as the square of the mass in contrast to the usual linear rate of increase for major mergers. By undergoing minor mergers compact high-redshift spheroids can evolve into present-day systems with sizes and concentrations similar to observed local ellipticals. This indicates that minor mergers may be the main driver for the late evolution of sizes and densities of early-type galaxies.

  18. Mergers as an Omega estimator

    International Nuclear Information System (INIS)

    Carlberg, R.G.

    1990-01-01

    The redshift dependence of the fraction of galaxies which are merging or strongly interacting is a steep function of Omega and depends on the ratio of the cutoff velocity for interactions to the pairwise velocity dispersion. For typical galaxies the merger rate is shown to vary as (1 + z)exp m, where m is about 4.51 (Omega)exp 0.42, for Omega near 1 and a CDM-like cosmology. The index m has a relatively weak dependence on the maximum merger velocity, the mass of the galaxy, and the background cosmology, for small variations around a cosmology with a low redshift, z of about 2, of galaxy formation. Estimates of m from optical and IRAS galaxies have found that m is about 3-4, but with very large uncertainties. If quasar evolution follows the evolution of galaxy merging and m for quasars is greater than 4, then Omega is greater than 0.8. 21 refs

  19. Gas-Rich Mergers in LCDM: Disk Survivability and the Baryonic Assembly of Galaxies

    International Nuclear Information System (INIS)

    Stewart, K.

    2009-01-01

    We use N-body simulations and observationally-normalized relations between dark matter halo mass, stellar mass, and cold gas mass to derive robust expectations about the baryonic content of major mergers out to redshift z ∼ 2. First, we find that the majority of major mergers (m/M > 0.3) experienced by Milky Way size dark matter halos should have been gas-rich, and that gas-rich mergers are increasingly common at high redshift. Though the frequency of major mergers into galaxy halos in our simulations greatly exceeds the observed late-type galaxy fraction, the frequency of gas-poor major mergers is consistent with the observed fraction of bulge-dominated galaxies across the halo mass range M DM ∼ 10 11 - 10 13 M · . These results lend support to the conjecture that mergers with high baryonic gas fractions play an important role in building and/or preserving disk galaxies in the universe. Secondly, we find that there is a transition mass below which a galaxy's past major mergers were primarily gas-rich and above which they were gas poor. The associated stellar mass scale corresponds closely to that marking the observed bimodal division between blue, star-forming, disk-dominated systems and red, bulge-dominated systems with old populations. Finally, we find that the overall fraction of a galaxy's cold baryons deposited directly via major mergers is substantial. Approximately 30% of the cold baryonic material in M star ∼ 10 10 M · (M DM ∼ 10 11.5 M · ) galaxies is accreted as cold gas in major mergers. For more massive galaxies with M star ∼ 10 11 M · (M DM ∼ 10 13 M · the fraction of baryons amassed in mergers is even higher, ∼ 50%, but most of these accreted baryons are delivered directly in the form of stars. This baryonic mass deposition is almost unavoidable, and provides a limit on the fraction of a galaxy's cold baryons that can originate in cold flows or from hot halo cooling

  20. Gas-Rich Mergers in LCDM: Disk Survivability and the Baryonic Assembly of Galaxies

    Energy Technology Data Exchange (ETDEWEB)

    Stewart, Kyle R.; Bullock, James S.; /UC, Irvine; Wechsler, Risa H.; /KIPAC, Menlo Park /SLAC; Maller, Ariyeh H.; /New York City Coll. Tech.

    2009-08-03

    We use N-body simulations and observationally-normalized relations between dark matter halo mass, stellar mass, and cold gas mass to derive robust expectations about the baryonic content of major mergers out to redshift z {approx} 2. First, we find that the majority of major mergers (m/M > 0.3) experienced by Milky Way size dark matter halos should have been gas-rich, and that gas-rich mergers are increasingly common at high redshift. Though the frequency of major mergers into galaxy halos in our simulations greatly exceeds the observed late-type galaxy fraction, the frequency of gas-poor major mergers is consistent with the observed fraction of bulge-dominated galaxies across the halo mass range M{sub DM} {approx} 10{sup 11} - 10{sup 13} M{sub {circle_dot}}. These results lend support to the conjecture that mergers with high baryonic gas fractions play an important role in building and/or preserving disk galaxies in the universe. Secondly, we find that there is a transition mass below which a galaxy's past major mergers were primarily gas-rich and above which they were gas poor. The associated stellar mass scale corresponds closely to that marking the observed bimodal division between blue, star-forming, disk-dominated systems and red, bulge-dominated systems with old populations. Finally, we find that the overall fraction of a galaxy's cold baryons deposited directly via major mergers is substantial. Approximately 30% of the cold baryonic material in M{sub star} {approx} 10{sup 10} M{sub {circle_dot}} (M{sub DM} {approx} 10{sup 11.5} M{sub {circle_dot}}) galaxies is accreted as cold gas in major mergers. For more massive galaxies with M{sub star} {approx} 10{sup 11} M{sub {circle_dot}} (M{sub DM} {approx} 10{sup 13} M{sub {circle_dot}} the fraction of baryons amassed in mergers is even higher, {approx} 50%, but most of these accreted baryons are delivered directly in the form of stars. This baryonic mass deposition is almost unavoidable, and provides a

  1. Mergers, managerial incentives, and efficiencies

    OpenAIRE

    Jovanovic, Dragan

    2014-01-01

    We analyze the effects of synergies from horizontal mergers in a Cournot oligopoly where principals provide their agents with incentives to cut marginal costs prior to choosing output. We stress that synergies come at a cost which possibly leads to a countervailing incentive effect: The merged firm's principal may be induced to stifle managerial incentives in order to reduce her agency costs. Whenever this incentive effect dominates the well-known direct synergy effect, synergies actually red...

  2. Pre and Post Merger Valuation- A Study of Tata Corus Merger Deal

    OpenAIRE

    Sumeet Gupta

    2009-01-01

    Indian Economy being characterized as Global Economy leading to inorganic growth through Mergers, Acquisitions, Takeovers and Joint Ventures. Mergers would affect the company’s inflow and outflow of various variables like sales, expenses and cash position etc. It becomes imperative to evaluate the pre merger and post merger conditions of the firms so that successful deal can be carried out. The deal would also affect the shareholders wealth. The prediction of future forecasted sales and other...

  3. Disclosure requirements for merger and acquisition transactions

    International Nuclear Information System (INIS)

    Holm, D.I.

    1998-01-01

    The legal disclosure requirements for merger and acquisition transactions involving Canadian public companies are described. The focus is on issues regarding merger and acquisition related disclosure, including the potential consequences of failing to provide proper information, Ontario Securities Commission Policy 9.1 considerations regarding valuation, review, and approval, cross border considerations and financing a merger and acquisition transaction. Legal and practical consequences for failing to provide proper disclosure, including the steps involved in establishing the due diligence defence, are also discussed

  4. National Versus International Mergers and Trade Liberalization

    OpenAIRE

    Yildiz, Halis Murat

    2003-01-01

    This paper uses an endogenous merger formation approach in a concentrated international oligopoly to examine the effects of trade liberalization on the nature of merger incentives (national vs. international). The effects of unilateral trade liberalization on a country’s industry structure are found to be depending on the other country’s trade policy regime. If the other country practices free trade, unilateral liberalization by a country yields international mergers whereas if it practices a...

  5. Mergers and acquisitions: valuation and risk assessment

    International Nuclear Information System (INIS)

    McVeigh, C.A.

    1996-01-01

    An overview of various aspects of mergers and acquisition transactions in the petroleum industry were presented. Incentives to mergers and acquisitions were reviewed and discussed, among them value opportunity, critical size, incremental tax pools, financial distress, shareholder dissatisfaction, strategic infrastructure position, complementary assets, and undeveloped land inventory. Current trends in mergers and acquisitions were highlighted. An industry checklist for risk assessments discussing financial position, engineering forecasts, and taxation was also included

  6. LEGAL CONSEQUENCES OF MERGERS AND ACQUISITIONS

    Directory of Open Access Journals (Sweden)

    Amelia-Raluca ONIŞOR

    2016-05-01

    Full Text Available The research analyses the legal effects of mergers and acquisitions from the Romanian Company Law perspective, underlining certain general principles, the procedure of annulment of such a legal transformation of companies and the protection of the employees of companies participating in the merger according to the Law no. 67/2006. These consequences of mergers and acquisions are to be seen in the broader light of the most important purpose of this legal instrument, maximizing financial and organizational efficiencies, thus legal certainty is a desirable goal to be assumed by any merger regulation.

  7. THE ROLE OF MERGERS IN EARLY-TYPE GALAXY EVOLUTION AND BLACK HOLE GROWTH

    International Nuclear Information System (INIS)

    Schawinski, Kevin; Dowlin, Nathan; Urry, C. Megan; Thomas, Daniel; Edmondson, Edward

    2010-01-01

    Models of galaxy formation invoke the major merger of gas-rich progenitor galaxies as the trigger for significant phases of black hole growth and the associated feedback that suppresses star formation to create red spheroidal remnants. However, the observational evidence for the connection between mergers and active galactic nucleus (AGN) phases is not clear. We analyze a sample of low-mass early-type galaxies known to be in the process of migrating from the blue cloud to the red sequence via an AGN phase in the green valley. Using deeper imaging from Sloan Digital Sky Survey Stripe 82, we show that the fraction of objects with major morphological disturbances is high during the early starburst phase, but declines rapidly to the background level seen in quiescent early-type galaxies by the time of substantial AGN radiation several hundred Myr after the starburst. This observation empirically links the AGN activity in low-redshift early-type galaxies to a significant merger event in the recent past. The large time delay between the merger-driven starburst and the peak of AGN activity allows for the merger features to decay to the background and hence may explain the weak link between merger features and AGN activity in the literature.

  8. Mergers, Strategic Investments and Antitrust Policy

    NARCIS (Netherlands)

    D. Deneffe (Daniel); P.P. Wakker (Peter)

    1996-01-01

    textabstractEstablished firms can diversify into new markets in two distinct modes: through internal development or through conglomerate merger. Building on a dynamic three-stage bargaining model with variable threats, this paper shows that a lenient antitrust position toward horizontal mergers can

  9. On Mergers in Consumer Search Markets

    NARCIS (Netherlands)

    M.C.W. Janssen (Maarten); J.L. Moraga-Gonzalez (José Luis)

    2007-01-01

    textabstractWe study mergers in a market where N firms sell a homogeneous good and consumers search sequentially to discover prices. The main motivation for such an analysis is that mergers generally affect market prices and thereby, in a search environment, the search behavior of consumers.

  10. Essays on mergers and acquisitions

    OpenAIRE

    Faelten, A.I.

    2016-01-01

    “Essays on Mergers and Acquisitions" tackles some of the most prominent business challenges related to M&A activity. The Introduction examines the reasons why deals fail through well-known case studies; Chapter 1 presents a new index measuring countries M&A maturity worldwide; Chapter 2 focus on the importance of corporate governance when conducting deals in unknown territories; whilst Chapter 3 and 4 conduct research on companies’ decision to tap capital markets and their subsequent M&A acti...

  11. Mergers and integrated care: the Quebec experience.

    Science.gov (United States)

    Demers, Louis

    2013-01-01

    As a researcher, I have studied the efforts to increase the integration of health and social services in Quebec, as well as the mergers in the Quebec healthcare system. These mergers have often been presented as a necessary transition to break down the silos that compartmentalize the services dispensed by various organisations. A review of the studies about mergers and integrated care projects in the Quebec healthcare system, since its inception, show that mergers cannot facilitate integrated care unless they are desired and represent for all of the actors involved an appropriate way to deal with service organisation problems. Otherwise, mergers impede integrated care by creating increased bureaucratisation and standardisation and by triggering conflicts and mistrust among the staff of the merged organisations. It is then preferable to let local actors select the most appropriate organisational integration model for their specific context and offer them resources and incentives to cooperate.

  12. Mergers and integrated care: the Quebec experience

    Directory of Open Access Journals (Sweden)

    Louis Demers

    2013-02-01

    Full Text Available As a researcher, I have studied the efforts to increase the integration of health and social services in Quebec, as well as the mergers in the Quebec healthcare system. These mergers have often been presented as a necessary transition to break down the silos that compartmentalize the services dispensed by various organisations. A review of the studies about mergers and integrated care projects in the Quebec healthcare system, since its inception, show that mergers cannot facilitate integrated care unless they are desired and represent for all of the actors involved an appropriate way to deal with service organisation problems. Otherwise, mergers impede integrated care by creating increased bureaucratisation and standardisation and by triggering conflicts and mistrust among the staff of the merged organisations. It is then preferable to let local actors select the most appropriate organisational integration model for their specific context and offer them resources and incentives to cooperate.

  13. Risks of Mergers and Acquisitions Processes

    Directory of Open Access Journals (Sweden)

    Skitsko Volodymyr I.

    2017-06-01

    Full Text Available Despite structural changes both in the economies of individual countries and in the world at large, the size of the merger/acquisition market is not declining and is tending to grow further. However, uncertainty in the global environment increases the importance of proper analysis, assessment and risk management in merger/acquisition transactions. Using the relevant research and publications by various authors, we have built a general ranking of the significance of merger and acquisition risks according to phases of the indicated process, with comparison of individual risk ratings, based on the publications by authors from Central and Eastern Europe and other countries around the world. The ranking of risks and threats of mergers/acquisitions proposed in this work can be considered one of the most complete for today. Further research needs to focus on the analysis, evaluation, and modeling of merger/acquisition risks, which occupy the top of the ranking, presented by the article.

  14. Impact of bank mergers on shareholders’ wealth

    Directory of Open Access Journals (Sweden)

    Odero Naor Juma

    2013-07-01

    Full Text Available Mergers and acquisitions (M&As perform a vital role in corporate finance in enabling firms achieve varied objectives and financial strategies. This study sought to comprehend the impacts that previous bank mergers have had on the shareholders’ wealth. The study location was in Kenya and it adopted the descriptive survey and correlation design in which the success of mergers was measured based on the objective oriented model using the annual accounts. The study computed the return on assets (ROA, return on equity (ROE and the efficiency ratio (EFF as indicators of shareholder value. The results of the commercial banks were analysed for a five-year period (2006-2010. The study reveals that mergers significantly influence shareholder value with banks that have undertaken mergers creating more value than those that have not. Such banks were ascertained to have posted better results than the overall sector.

  15. EFFICIENT MERGER OF BINARY SUPERMASSIVE BLACK HOLES IN MERGING GALAXIES

    International Nuclear Information System (INIS)

    Khan, Fazeel Mahmood; Just, Andreas; Merritt, David

    2011-01-01

    In spherical galaxies, binary supermassive black holes (SMBHs) have difficulty reaching sub-parsec separations due to depletion of stars on orbits that intersect the massive binary-the 'final parsec problem'. Galaxies that form via major mergers are substantially non-spherical, and it has been argued that the centrophilic orbits in triaxial galaxies might provide stars to the massive binary at a high enough rate to avoid stalling. Here we test that idea by carrying out fully self-consistent merger simulations of galaxies containing central SMBHs. We find hardening rates of the massive binaries that are indeed much higher than in spherical models and essentially independent of the number of particles used in the simulations. Binary eccentricities remain high throughout the simulations. Our results constitute a fully stellar-dynamical solution to the final parsec problem and imply a potentially high rate of events for low-frequency gravitational wave detectors like LISA.

  16. Accretion of satellites on to central galaxies in clusters: merger mass ratios and orbital parameters

    Science.gov (United States)

    Nipoti, Carlo; Giocoli, Carlo; Despali, Giulia

    2018-05-01

    We study the statistical properties of mergers between central and satellite galaxies in galaxy clusters in the redshift range 0 identify dark-matter haloes, we construct halo merger trees for different values of the overdensity Δc. While the virial overdensity definition allows us to probe the accretion of satellites at the cluster virial radius rvir, higher overdensities probe satellite mergers in the central region of the cluster, down to ≈0.06rvir, which can be considered a proxy for the accretion of satellite galaxies on to central galaxies. We find that the characteristic merger mass ratio increases for increasing values of Δc: more than 60 per cent of the mass accreted by central galaxies since z ≈ 1 comes from major mergers. The orbits of satellites accreting on to central galaxies tend to be more tangential and more bound than orbits of haloes accreting at the virial radius. The obtained distributions of merger mass ratios and orbital parameters are useful to model the evolution of the high-mass end of the galaxy scaling relations without resorting to hydrodynamic cosmological simulations.

  17. Drying of building lumber

    Energy Technology Data Exchange (ETDEWEB)

    Washimi, Hiroshi

    1988-08-20

    Dried lumber is classified into air dried and kiln-dried lumber. The water content of kiln-dried lumber is specified by the Japan Agricultural Standards. However, since building lumber varies in such factors as the location where it was growing, species and shape, the standards, though relaxed, are not being observed. In fact, lumbered products which are not ''Kiln-dried'' frequently bear ''kiln-dried lumber'' marks. In an attempt to correct the situation, the Forestry Agency has set up voluntary standards, but problems still remain. The conventional drying method consists of first subjecting the lumber to optimum drying, then letting bending and deformations to freely and fully appear, and follow this with corrective sawing to produce planks straight from end to end. Compared with air dried lumber in terms of moisture content, kiln-dried lumber remains much with same with minimal shrinkage and expansion. For oil-containing resin, such normal treatments as drying by heating, steaming and boiling seem to be quite effective. Kiln drying, which is becoming more and more important with changes in the circulation system, consists of the steaming-drying-heating method and the dehumidizing type drying method. The major factor which determines the drying cost is the number of days required for drying, which depends largely on the kind of lumber and moisture content. The Forestry Angency is promoting production of defoiled lumber. (2 figs, 2 tables)

  18. 7 CFR 1717.152 - Required documentation for all mergers.

    Science.gov (United States)

    2010-01-01

    ... mergers. In order for RUS to advance funds, send bills, and otherwise conduct business with a successor..., borrowers must submit: (1) A transmittal letter on corporate letterhead signed by the manager of each active... evidence the merger pursuant to applicable law. Examples include plan of merger, articles of merger...

  19. 7 CFR 1782.15 - Mergers and consolidations.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 12 2010-01-01 2010-01-01 false Mergers and consolidations. 1782.15 Section 1782.15... AGRICULTURE (CONTINUED) SERVICING OF WATER AND WASTE PROGRAMS § 1782.15 Mergers and consolidations. Mergers... transaction under consideration and the unique facts involved in each transaction. Mergers occur when two or...

  20. An assessment of bank merger success in Germany

    NARCIS (Netherlands)

    Koetter, Michael

    German banks have experienced a merger wave since the early 1990s. However, the success or bank mergers remains a continuous matter or debate. This paper suggests a taxonomy to evaluate post-merger performance on the basis of cost and profit efficiency (CE and PE). I identify successful mergers as

  1. HYDRODYNAMICS OF HIGH-REDSHIFT GALAXY COLLISIONS: FROM GAS-RICH DISKS TO DISPERSION-DOMINATED MERGERS AND COMPACT SPHEROIDS

    International Nuclear Information System (INIS)

    Bournaud, Frederic; Chapon, Damien; Teyssier, Romain; Powell, Leila C.; Duc, Pierre-Alain; Elmegreen, Bruce G.; Elmegreen, Debra Meloy; Contini, Thierry; Epinat, Benoit; Shapiro, Kristen L.

    2011-01-01

    Disk galaxies at high redshift (z ∼ 2) are characterized by high fractions of cold gas, strong turbulence, and giant star-forming clumps. Major mergers of disk galaxies at high redshift should then generally involve such turbulent clumpy disks. Merger simulations, however, model the interstellar medium as a stable, homogeneous, and thermally pressurized medium. We present the first merger simulations with high fractions of cold, turbulent, and clumpy gas. We discuss the major new features of these models compared to models where the gas is artificially stabilized and warmed. Gas turbulence, which is already strong in high-redshift disks, is further enhanced in mergers. Some phases are dispersion dominated, with most of the gas kinetic energy in the form of velocity dispersion and very chaotic velocity fields, unlike merger models using a thermally stabilized gas. These mergers can reach very high star formation rates, and have multi-component gas spectra consistent with SubMillimeter Galaxies. Major mergers with high fractions of cold turbulent gas are also characterized by highly dissipative gas collapse to the center of mass, with the stellar component following in a global contraction. The final galaxies are early type with relatively small radii and high Sersic indices, like high-redshift compact spheroids. The mass fraction in a disk component that survives or re-forms after a merger is severely reduced compared to models with stabilized gas, and the formation of a massive disk component would require significant accretion of external baryons afterwards. Mergers thus appear to destroy extended disks even when the gas fraction is high, and this lends further support to smooth infall as the main formation mechanism for massive disk galaxies.

  2. Analysis of International Mergers and Acquisitions in the Pharmaceutical Industry

    Directory of Open Access Journals (Sweden)

    Božo Matić

    2011-07-01

    Full Text Available There are numerous researches which analyze mergers and acquisitions, but most of them do not focus on a certain industry, but their sample considers companies from different industries. This paper focuses on mergers and acquisitions in the pharmaceutical industry. It is assumed that pharmaceutical companies with no experience in mergers and acquisitions achieve better results in relatively small and domestic mergers and acquisitions while pharmaceutical companies with greater experience in mergers and acquisitions are successful even in bigger and international mergers and acquisitions. Bigger mergers and acquisitions and international mergers and acquisitions are more risky for the companies so lack of experience in mergers and acquisitions additionally increases risks during the process of mergers and acquisitions. On average, such increase of the risk results in lower returns for stock owners of pharmaceutical companies.

  3. Cost effects of hospital mergers in Portugal.

    Science.gov (United States)

    Azevedo, Helda; Mateus, Céu

    2014-12-01

    The Portuguese hospital sector has been restructured by wide-ranging hospital mergers, following a conviction among policy makers that bigger hospitals lead to lower average costs. Since the effects of mergers have not been systematically evaluated, the purpose of this article is to contribute to this area of knowledge by assessing potential economies of scale to explore and compare these results with realized cost savings after mergers. Considering the period 2003-2009, we estimate the translog cost function to examine economies of scale in the years preceding restructuring. Additionally, we use the difference-in-differences approach to evaluate hospital centres (HC) that occurred between 2004 and 2007, comparing the years after and before mergers. Our findings suggest that economies of scale are present in the pre-merger configuration with an optimum hospital size of around 230 beds. However, the mergers between two or more hospitals led to statistically significant post-merger cost increases, of about 8 %. This result indicates that some HC become too large to explore economies of scale and suggests the difficulty of achieving efficiencies through combining operations and service specialization.

  4. Mergers and Product Quality: Evidence from the Airline Industry

    OpenAIRE

    Chen, Yongmin; Gayle, Philip

    2013-01-01

    Retrospective studies of horizontal mergers have focused on their price effects, leaving the important question of how mergers affect product quality largely unanswered. This paper empirically investigates this issue for two recent airline mergers: Delta/Northwest and Continental/United. Consistent with the theoretical premise that mergers improve coordination but diminish competitive pressure for quality provision, we find: (i) each merger is associated with a quality increase in markets whe...

  5. Getting cold feet?: Why health care mergers are abandoned.

    Science.gov (United States)

    Roos, Anne-Fleur; Postma, Jeroen

    2016-01-01

    Despite the frequent occurrence and sizeable consequences of merger abandonment in other sectors, there is no thorough understanding of merger abandonment in health care. The purpose of this study is to improve the understanding of determinants of health care merger abandonment. On the basis of the literature on merger abandonment, we formulated a framework on potential determinants of health care merger abandonment. We then constructed a survey that was sent to 70% of all executives of Dutch health care organizations (response rate = 35%, n = 291). We provide descriptive overviews of open, multiple-response, and multiple-choice questions on merger abandonment and use chi-square tests and Fisher's exact tests to test whether abandoned and completed merger processes differ. About 62% of the respondents were involved in at least one merger process during the period of 2005-2012. Thirty-eight percent of these respondents reported that their last merger case ended prematurely (n = 53). The most frequently mentioned determinants of merger abandonment are changing insights on the desirability and feasibility during merger processes, incompatibilities between executives, and insufficient support for the merger from internal stakeholders. We did not find significant relationships between merger abandonment and executives' previous merger experience, degree of organizational diversification, health care sector, size differences, or other organizational differences. Our findings partially confirm results from previous studies, especially with regard to the importance of changing insights and incompatibilities between the involved executives in merger abandonment. We also find that pressure from internal stakeholders, particularly nonexecutive directors, and distrust, fear, and animosity play an important role in merger abandonment. To minimize the organizational and societal costs of abandoned mergers, we advise executives who engage in mergers to construct backup plans with

  6. THE DRIVING MECHANISM OF STARBURSTS IN GALAXY MERGERS

    International Nuclear Information System (INIS)

    Teyssier, Romain; Chapon, Damien; Bournaud, Frederic

    2010-01-01

    We present hydrodynamic simulations of a major merger of disk galaxies, and study the interstellar medium (ISM) dynamics and star formation (SF) properties. High spatial and mass resolutions of 12 pc and 4 x 10 4 M sun allow us to resolve cold and turbulent gas clouds embedded in a warmer diffuse phase. We compare lower-resolution models, where the multiphase ISM is not resolved and is modeled as a relatively homogeneous and stable medium. While merger-driven bursts of SF are generally attributed to large-scale gas inflows toward the nuclear regions, we show that once a realistic ISM is resolved, the dominant process is actually gas fragmentation into massive and dense clouds and rapid SF therein. As a consequence, SF is more efficient by a factor of up to ∼10 and is also somewhat more extended, while the gas density probability distribution function rapidly evolves toward very high densities. We thus propose that the actual mechanism of starburst triggering in galaxy collisions can only be captured at high spatial resolution and when the cooling of gas is modeled down to less than 10 3 K. Not only does our model reproduce the properties of the Antennae system, but it also explains the 'starburst mode' recently revealed in high-redshift mergers compared to quiescent disks.

  7. The Impact of Merger Status and Relative Representation on Identification with a Merger Group

    Directory of Open Access Journals (Sweden)

    Filip Boen

    2005-12-01

    Full Text Available This experiment tested to what extent identification with a new merger group is determined by the status of that merger group and by the relative representation of the pre-merger ingroup. One hundred university students were assigned to a team of 'inductive' thinkers, and were later merged with a team of 'deductive' thinkers to form a team of 'analyst' thinkers. The status of the merger group (low, high and the relative representation of the ingroup into the novel merger group (low, high were manipulated. Participants identified more with the merger group in the high than in the low status condition, and they identified more in the high than in the low representation condition. The predicted interaction between relative representation and merger status was not significant. However, relative representation did interact with participants' pre-merger identification: Pre- and post-merger identification were positively related when the ingroup was highly represented, but 'negatively' when the ingroup was lowly represented.

  8. Can this merger be saved?

    Science.gov (United States)

    Cliffe, S

    1999-01-01

    In this fictional case study, a merger that looked like a marriage made in heaven to those at corporate headquarters is feeling like an infernal union to those on the ground. The merger is between Synergon Capital, a U.S. financial-services behemoth, and Beauchamp, Becker & Company, a venerable British financial-services company with strong profits and an extraordinarily loyal client base of wealthy individuals. Beauchamp also boasts a strong group of senior managers led by Julian Mansfield, a highly cultured and beloved patriarch who personifies all that's good about the company. Synergon isn't accustomed to acquiring such companies. It usually encircles a poorly managed turnaround candidate and then, once the deal is done, drops a neutron bomb on it, leaving file cabinets and contracts but no people. Before acquiring Beauchamp, Synergon's macho men offered loud assurances that they would leave the tradition-bound company alone-provided, of course, that Beauchamp met the ambitious target numbers and showed sufficient enthusiasm for cross-selling Synergon's products to its wealthy clients. In charge of making the acquisition work is Nick Cunningham, one of Synergon's more thoughtful executives. Nick, who was against the deal from the start, is the face and voice of Synergon for Julian Mansfield. And Mansfield, in his restrained way, is angry at the constant flow of bureaucratic forms, at the rude demands for instant information, at the peremptory changes. He's even dropping broad hints at retirement. Nick has already been warned: if Mansfield goes, you go. Six commentators advise Nick on how to save his job by bringing peace and prosperity to the feuding couple.

  9. Getting to Yes on a Merger.

    Science.gov (United States)

    Burkhardt, John

    1994-01-01

    The merger of the University of Detroit and Mercy College (Michigan) is chronicled from early conversations through preparation and decision making. Salient issues that had to be addressed, especially persistent conflicts, and lessons learned from the experience are noted. (MSE)

  10. Mergers and acquisitions: a most strategic decision.

    Science.gov (United States)

    Laine, Mike; Tyler, David

    2007-11-01

    Five steps are basic to successfully concluding (or deciding not to conclude) a merger or acquisition: Identify targets. Begin with the end in mind. Choose a transaction team. Perform due diligence. Commit to the deal--or to no deal.

  11. DATA MINING THE GALAXY ZOO MERGERS

    Data.gov (United States)

    National Aeronautics and Space Administration — DATA MINING THE GALAXY ZOO MERGERS STEVEN BAEHR, ARUN VEDACHALAM, KIRK BORNE, AND DANIEL SPONSELLER Abstract. Collisions between pairs of galaxies usually end in the...

  12. Multiemployer Pension Plan Terminations, Mergers, and Insolvencies

    Data.gov (United States)

    Pension Benefit Guaranty Corporation — A listing of multiemployer pension plan terminations, mergers, and insolvencies reported to the PBGC for the current fiscal year. This data set will be updated...

  13. French bank mergers and acquisitions performance

    Directory of Open Access Journals (Sweden)

    Houda Ben Said

    2017-11-01

    Full Text Available In this paper, we empirically investigate the impact of mergers and acquisitions on French bank performance. Performance is measured by potential gains in efficiency and value creation. We first analyzed efficiency using the data envelopment analysis (DEA under input oriented with variable returns to scale to obtain the efficiency scores. Second, we analyzed the impact on French bank value creation following mergers-acquisitions operations of a set of control variables (model 1 and explicative variables measuring strategic similarities between bidders and targets (model 2. The sample studied is composed of French bank mergers-acquisitions happening between 1996 and 2006 and implying one of the 14 greatest French banking groups. Empirical result showed that mergers and acquisitions have been traduced by an improvement in the overall efficiency by 17.82% and a shareholder value reduction by 5.14%

  14. Models for mergers in higher education

    African Journals Online (AJOL)

    Investing in creativity: Many happy returns. Education Leadership, ... A possible model for higher education mergers, based on such extrapolation, is ..... working styles should be carefully managed from the very beginning of the process.

  15. An Experimental Approach to Merger Evaluation

    OpenAIRE

    Christopher T. Conlon; Julie Holland Mortimer

    2013-01-01

    The 2010 Department of Justice and Federal Trade Commission Horizontal Merger Guidelines lay out a new standard for assessing proposed mergers in markets with differentiated products. This new standard is based on a measure of ``upward pricing pressure,'' (UPP) and the calculation of a ``gross upward pricing pressure index'' (GUPPI) in turn relies on a ``diversion ratio,'' which measures the fraction of consumers of one product that switch to another product when the price of the first produc...

  16. Double neutron stars: merger rates revisited

    Science.gov (United States)

    Chruslinska, Martyna; Belczynski, Krzysztof; Klencki, Jakub; Benacquista, Matthew

    2018-03-01

    We revisit double neutron star (DNS) formation in the classical binary evolution scenario in light of the recent Laser Interferometer Gravitational-wave Observatory (LIGO)/Virgo DNS detection (GW170817). The observationally estimated Galactic DNS merger rate of R_MW = 21^{+28}_{-14} Myr-1, based on three Galactic DNS systems, fully supports our standard input physics model with RMW = 24 Myr-1. This estimate for the Galaxy translates in a non-trivial way (due to cosmological evolution of progenitor stars in chemically evolving Universe) into a local (z ≈ 0) DNS merger rate density of Rlocal = 48 Gpc-3 yr-1, which is not consistent with the current LIGO/Virgo DNS merger rate estimate (1540^{+3200}_{-1220} Gpc-3 yr-1). Within our study of the parameter space, we find solutions that allow for DNS merger rates as high as R_local ≈ 600^{+600}_{-300} Gpc-3 yr-1 which are thus consistent with the LIGO/Virgo estimate. However, our corresponding BH-BH merger rates for the models with high DNS merger rates exceed the current LIGO/Virgo estimate of local BH-BH merger rate (12-213 Gpc-3 yr-1). Apart from being particularly sensitive to the common envelope treatment, DNS merger rates are rather robust against variations of several of the key factors probed in our study (e.g. mass transfer, angular momentum loss, and natal kicks). This might suggest that either common envelope development/survival works differently for DNS (˜10-20 M⊙ stars) than for BH-BH (˜40-100 M⊙ stars) progenitors, or high black hole (BH) natal kicks are needed to meet observational constraints for both types of binaries. Our conclusion is based on a limited number of (21) evolutionary models and is valid within this particular DNS and BH-BH isolated binary formation scenario.

  17. What Drive the Damage to Post-Merger Operating Performance?

    Directory of Open Access Journals (Sweden)

    Soegiharto Soegiharto

    2010-05-01

    Full Text Available This study examines whether bidders’ post-merger operat-ing performance are affected by their CEO behavior, premiumspaid to the target firms, the period of mergers, the method ofpayment, the industry of merged firms, capital liquidity, andtheir pre-merger operating performance. Testing the U.S. suc-cessful merger and acquisition data for the period of 1990s, thisstudy finds that in-wave mergers, intra-industry mergers, thepayment of lower premiums, and better pre-merger operatingperformance drive the bidders to produce better post-mergeroperating performance. Three measures of CEO behavior—themain predictor scrutinezed in this study—are proposed andexamined, and the results demonstrate that the effects of thesemeasures on post-merger operating performance are mixed,suggesting that each of the behavioral measures designed in thisstudy may capture CEO behavior in different ways. Keywords: capital liquidity; CEO overconfidence; merger waves, method of pay-ment operating performance

  18. When Mergers Fail: A Case Study on the Critical Role of External Stakeholders in Merger Initiatives

    Science.gov (United States)

    Stensaker, Bjørn; Persson, Mats; Pinheiro, Rómulo

    2016-01-01

    One can, in principle, identify numerous arguments for mergers in higher education (HE), including efficiency, diversity, quality, and regional needs. This diversity can be explained by the growing societal interest in the sector, not least concerning the contributions from HE to society at large. However, research on merger processes has tended…

  19. The challenge of merging : Merger patterns, premerger status, and merger support

    NARCIS (Netherlands)

    Giessner, [No Value; Täuber, Susanne; Viki, GT; Otten, S; Terry, DJ; Giessner, S.R

    Employees of merging organizations often show resistance to the merger. The employees' support depends on the companies' premerger status and on the merger pattern. Based on an inter-group perspective, three studies were conducted to investigate the influence of premerger status (high, low) and

  20. Change commitment in low-status merger partners: The role of information processing, relative ingroup prototypicality, and merger patterns.

    Science.gov (United States)

    Rosa, Miriam; Kavanagh, Eithne; Kounov, Pavel; Jarosz, Sywlia; Waldzus, Sven; Collins, Elizabeth C; Giessner, Steffen

    2017-09-01

    Merger announcements cause stress among employees, often leading to low change commitment, especially among employees from the lower-status merger partner. Such stress influences how deeply employees process merger-relevant information. Previous research examined how merger patterns that preserve versus change status differences impact merger support, but did not address how employees' information processing may influence this relationship. The current research addresses this gap through a scenario experiment, focusing on the low-status merger partner. The interplay between merger patterns and information processing was examined regarding employees' prototypicality claims in relation to merger support. Results suggest that an integration-equality merger pattern increases change commitment via prototypicality claims in the new organization, conditional to employees' systematic information processing. © 2017 The British Psychological Society.

  1. Binary neutron star merger simulations

    Energy Technology Data Exchange (ETDEWEB)

    Bruegmann, Bernd [Jena Univ. (Germany)

    2016-11-01

    Our research focuses on the numerical tools necessary to solve Einstein's equations. In recent years we have been particularly interested in spacetimes consisting of two neutron stars in the final stages of their evolution. Because of the emission of gravitational radiation, the objects are driven together to merge; the emitted gravitational wave signal is visualized. This emitted gravitational radiation carries energy and momentum away from the system and contains information about the system. Late last year the Laser Interferometer Gravitational-wave Observatory (LIGO) began searches for these gravitational wave signals at a sensitivity at which detections are expected. Although such systems can radiate a significant amount of their total mass-energy in gravitational waves, the gravitational wave signals one expects to receive on Earth are not strong, since sources of gravitational waves are often many millions of light years away. Therefore one needs accurate templates for the radiation one expects from such systems in order to be able to extract them out of the detector's noise. Although analytical models exist for compact binary systems when the constituents are well separated, we need numerical simulation to investigate the last orbits before merger to obtain accurate templates and validate analytical approximations. Due to the strong nonlinearity of the equations and the large separation of length scales, these simulations are computationally demanding and need to be run on large supercomputers. When matter is present the computational cost as compared to pure black hole (vacuum) simulations increases even more due to the additional matter fields. But also more interesting astrophysical phenomena can happen. In fact, there is the possibility for a strong electromagnetic signal from the merger (e.g., a short gamma-ray burst or lower-energy electromagnetic signatures from the ejecta) and significant neutrino emission. Additionally, we can expect that

  2. Dry Eye

    Science.gov (United States)

    ... Eye » Facts About Dry Eye Listen Facts About Dry Eye Fact Sheet Blurb The National Eye Institute (NEI) ... and their families search for general information about dry eye. An eye care professional who has examined the ...

  3. Risk Management in Mergers and Acquisitions

    Directory of Open Access Journals (Sweden)

    Dmitry O. Verdiev

    2015-01-01

    Full Text Available M&A statistics show that less than a third of newly merged companies has realized their planned synergistic effects and increased shareholder value. According to the author, such disgusting situation is due to improper planning and failure of corporate management to understand the importance of risk management in M&A. Lack of practice in identification, evaluation, mitigation and regular monitoring of risks leads to the situation when many companies merge despite the fact that the merger bears substantial risks. Corporate management fails to include risk mitigation expenses in merger costs. In many cases, risk mitigation expenses may be so substantive that the merger loses its attractiveness. Only few companies implement risk management methodology while planning M&A activity. This methodology may anticipate and minimize the consequences of various risk factors that negatively influence integration process. The article suggests an implementation of risk management best practice. This risk management best practice may act as an effective tool of successful realization of synergistic effects in M&A and may be helpful in increasing shareholder value in post-merger period. Risk management is conducted throughout the stages of merger and includes identification, analysis, assessment, management and monitoring of risks. Implementation of risk management at early stages of merger planning significantly decreases uncertainty in relation to achievement of financial and operational goals of newly merged company. The article provides with typical M&A risk matrix that may be adapted for specific M&A project. Risk matrix includes a register of risks sorted by stages of M&A deal, quality assessment of their probability, influence and impact on merger as well as risk mitigation methods.

  4. Radioactively powered emission from black hole-neutron star mergers

    International Nuclear Information System (INIS)

    Tanaka, Masaomi; Wanajo, Shinya; Hotokezaka, Kenta; Kyutoku, Koutarou; Kiuchi, Kenta; Sekiguchi, Yuichiro; Shibata, Masaru

    2014-01-01

    Detection of the electromagnetic counterparts of gravitational wave (GW) sources is important to unveil the nature of compact binary coalescences. We perform three-dimensional, time-dependent, multi-frequency radiative transfer simulations for radioactively powered emission from the ejecta of black hole (BH)-neutron star (NS) mergers. Depending on the BH to NS mass ratio, spin of the BH, and equations of state of dense matter, BH-NS mergers can eject more material than NS-NS mergers. In such cases, radioactively powered emission from the BH-NS merger ejecta can be more luminous than that from NS-NS mergers. We show that, in spite of the expected larger distances to BH-NS merger events, the observed brightness of BH-NS mergers can be comparable to or even higher than that of NS-NS mergers. We find that, when the tidally disrupted BH-NS merger ejecta are confined to a small solid angle, the emission from BH-NS merger ejecta tends to be bluer than that from NS-NS merger ejecta for a given total luminosity. Thanks to this property, we might be able to distinguish BH-NS merger events from NS-NS merger events by multi-band observations of the radioactively powered emission. In addition to the GW observations, such electromagnetic observations can potentially provide independent information on the progenitors of GW sources and the nature of compact binary coalescences.

  5. CONNECTIONS BETWEEN GALAXY MERGERS AND STARBURST: EVIDENCE FROM THE LOCAL UNIVERSE

    International Nuclear Information System (INIS)

    Luo, Wentao; Yang, Xiaohu; Zhang, Youcai

    2014-01-01

    Major mergers and interactions between gas-rich galaxies with comparable masses are thought to be the main triggers of starburst. In this work, we study, for a large stellar mass range, the interaction rate of the starburst galaxies in the local universe. We focus independently on central and satellite star forming galaxies extracted from the Sloan Digital Sky Survey. Here the starburst galaxies are selected in the star formation rate (SFR) stellar mass plane with SFRs five times larger than the median value found for ''star forming'' galaxies of the same stellar mass. Through visual inspection of their images together with close companions determined using spectroscopic redshifts, we find that ∼50% of the ''starburst'' populations show evident merger features, i.e., tidal tails, bridges between galaxies, double cores, and close companions. In contrast, in the control sample we selected from the normal star forming galaxies, only ∼19% of galaxies are associated with evident mergers. The interaction rates may increase by ∼5% for the starburst sample and 2% for the control sample if close companions determined using photometric redshifts are considered. The contrast of the merger rate between the two samples strengthens the hypothesis that mergers and interactions are indeed the main causes of starburst

  6. Employees' responses to an organizational merger: Intraindividual change in organizational identification, attachment, and turnover.

    Science.gov (United States)

    Sung, Wookje; Woehler, Meredith L; Fagan, Jesse M; Grosser, Travis J; Floyd, Theresa M; Labianca, Giuseppe Joe

    2017-06-01

    The authors used pre-post merger data from 599 employees experiencing a major corporate merger to compare 3 conceptual models based on the logic of social identity theory (SIT) and exchange theory to explain employees' merger responses. At issue is how perceived change in employees' own jobs and roles (i.e., personal valence) and perceived change in their organization's status and merger appropriateness (i.e., organizational valence) affect their changing organizational identification, attachment attitudes, and voluntary turnover. The first model suggests that organizational identification and organizational attachment develop independently and have distinct antecedents. The second model posits that organizational identification mediates the relationships between change in organizational and personal valence and change in attachment and turnover. The third model posits that change in personal valence moderates the relationship between changes in organizational valence and in organizational identification and attachment. Using latent difference score (LDS) modeling in an SEM framework and survival analysis, the results suggest an emergent fourth model that integrates the first and second models: Although change in organizational identification during the merger mediates the relationship between change in personal status and organizational valence and change in attachment, there is a direct and unmediated relationship between change in personal valence and attachment. This integrated model has implications for M&A theory and practice. (PsycINFO Database Record (c) 2017 APA, all rights reserved).

  7. The rise and fall of stellar across the peak of cosmic star formation history: effects of mergers versus diffuse stellar mass acquisition

    Science.gov (United States)

    Welker, C.; Dubois, Y.; Devriendt, J.; Pichon, C.; Kaviraj, S.; Peirani, S.

    2017-02-01

    Building galaxy merger trees from a state-of-the-art cosmological hydrodynamical simulation, Horizon-AGN, we perform a statistical study of how mergers and diffuse stellar mass acquisition processes drive galaxy morphologic properties above z > 1. By diffuse mass acquisition here, we mean both accretion of stars by unresolved mergers (relative stellar mass growth smaller than 4.5 per cent) as well as in situ star formation when no resolved mergers are detected along the main progenitor branch of a galaxy. We investigate how stellar densities, galaxy sizes and galaxy morphologies (defined via shape parameters derived from the inertia tensor of the stellar density) depend on mergers of different mass ratios. We investigate how stellar densities, effective radii and shape parameters derived from the inertia tensor depend on mergers of different mass ratios. We find strong evidence that diffuse stellar accretion and in situ formation tend to flatten small galaxies over cosmic time, leading to the formation of discs. On the other hand, mergers, and not only the major ones, exhibit a propensity to puff up and destroy stellar discs, confirming the origin of elliptical galaxies. We confirm that mergers grow galaxy sizes more efficiently than diffuse processes (r_{0.5}∝ M_s^{0.85} and r_{0.5}∝ M_s^{0.1} on average, respectively) and we also find that elliptical galaxies are more susceptible to grow in size through mergers than disc galaxies with a size-mass evolution r_{0.5}∝ M_s^{1.2} instead of r_{0.5}∝ M_s^{-0.5}-M^{0.5} for discs depending on the merger mass ratio. The gas content drives the size-mass evolution due to merger with a faster size growth for gas-poor galaxies r_{0.5}∝ M_s2 than for gas-rich galaxies r0.5 ∝ Ms.

  8. Binary Black Hole Mergers from Globular Clusters: Implications for Advanced LIGO.

    Science.gov (United States)

    Rodriguez, Carl L; Morscher, Meagan; Pattabiraman, Bharath; Chatterjee, Sourav; Haster, Carl-Johan; Rasio, Frederic A

    2015-07-31

    The predicted rate of binary black hole mergers from galactic fields can vary over several orders of magnitude and is extremely sensitive to the assumptions of stellar evolution. But in dense stellar environments such as globular clusters, binary black holes form by well-understood gravitational interactions. In this Letter, we study the formation of black hole binaries in an extensive collection of realistic globular cluster models. By comparing these models to observed Milky Way and extragalactic globular clusters, we find that the mergers of dynamically formed binaries could be detected at a rate of ∼100 per year, potentially dominating the binary black hole merger rate. We also find that a majority of cluster-formed binaries are more massive than their field-formed counterparts, suggesting that Advanced LIGO could identify certain binaries as originating from dense stellar environments.

  9. Mergers and acquisitions report. 1995: a record year for hospital deals.

    Science.gov (United States)

    Lutz, S

    Healthcare executives whose organizations didn't do anything this year are the odd men out in an industry that made big news almost daily in 1995. The year included not only the usual smattering of mega-mergers but also featured wrongly amputated limbs, more than the normal trade association positioning, and major Medicare and Medicaid reform proposals.

  10. Mergers and acquisitions in the global food processing industry in 1986–2006

    NARCIS (Netherlands)

    Muehlfeld, K.; Weitzel, G.U.; Witteloostuijn, A. van

    2011-01-01

    Food systems around the world experienced increased merger and acquisition (M&A) activity over the past decades. Based on a sample of 13,911M&A attempts worldwide during 1986–2006, this study provides an analysis of major determinants of M&A completion in the food processing industry. Friendly

  11. Can mergers make slowly rotating elliptical galaxies

    International Nuclear Information System (INIS)

    White, S.D.M.

    1979-01-01

    The results of numerical experiments are used to guide an analytic discussion of hyperbolic mergers among an uncorrelated galaxy population. The expected merger rate is derived as a function of progenitor mass and relative angular momentum, and is used to predict the distribution of the parameter V/sub c//sigma 0 for merger products where V/sub c/ is the maximum observed rotation velocity in a galaxy and sigma 0 is its central velocity dispersion. The median value of this parameter for mergers between comparable galaxies is estimated to be 0.65 and is higher than the observed value in any of the 14 galaxies for which data are available. It seems unlikely that most elliptical galaxies are the result of single or multiple mergers between initially unbound stellar systems; further observational and theoretical work is suggested which should lead to a conclusive test of this picture. The present arguments cannot, however, exclude formation from low angular momentum elliptical orbits

  12. [Effects of hospital mergers on health economy].

    Science.gov (United States)

    Ingebrigtsen, Tor

    2010-05-06

    Norwegian hospitals have been characterised by increasing activity, expansion of services and increasing costs for a long time. Differences in quality and accessibility have been documented between hospitals in various geographic locations. Transferral of hospital ownership to the state (from 2002) aimed at increasing capacities and improving quality of services, but also at restricting the increase of costs. These goals have only been partly met. The structure of hospital trusts and organisation of services are therefore continuously debated. This literature review aims at examining whether hospital mergers can reduce costs and at the same time increase the quality of services offered. Literature was identified through a Medline search using the terms "hospital", "merger" and "cost saving". The results are summarized and discussed. Seven original studies of totally 476 hospital mergers (in the USA, Great Britain and Norway) were identified in the period 1982 - 2000. The literature indicates that hospital mergers have a potential to reduce costs by about 10 % if the process achieves complete fusion of previously independent organisations, with a more optimal dimensioning of services and development of a common organizational culture. Collaboration between top management and the professional bureaucracy are prerequisites for success. Mergers are associated with a significant risk of unexpected problems and temporary reduced quality of the services.

  13. PERLINDUNGAN HUKUM TERHADAP KEPENTINGAN PARA PIHAK DI DALAM MERGER BANK

    Directory of Open Access Journals (Sweden)

    Dani Amran Hakim

    2016-04-01

    Full Text Available The legal protection of interests of the parties in the merger of banks, which is formulated into the problem as follows a Is the legal basis for bank mergers? b How is the legal protection of the parties in a bank merger? Merger is one of the company's development and growth. Merger is also one other alternative for capital investment through internal and organic growth. In banking mergers regulated in Law Number 10 of 1998. In the implementation of the merger must also consider the interests of the parties, namely, 1 the interests of the shareholders, 2 the interests of the depositors, 3 the interest of the bank employees, and 4 the interests of officials. Keywords: Protection Law, the Parties, Bank Merger 

  14. Merger 1980: The Organizational Integration of College Mental Health Services.

    Science.gov (United States)

    Foster, Thomas V., Jr.

    1982-01-01

    The merger of a traditional counseling center with a traditional comprehensive student health center at Indiana University, Bloomington is described. Important variables, costs and benefits, suggestions for similar mergers, and the outcome of the Indiana University program are discussed. (CJ)

  15. The problems of assessing the value of mergers and acquisitions

    Directory of Open Access Journals (Sweden)

    Borovikov A.D.

    2017-04-01

    Full Text Available the article discusses some questions concerning mergers and acquisitions of companies. The essential foundation of any mergers and acquisitions is always the competitive environment, more precisely, its constant changes.

  16. 29 CFR 4231.7 - De minimis mergers and transfers.

    Science.gov (United States)

    2010-07-01

    ... actuarial valuation. (b) De minimis merger defined. A merger is de minimis if the present value of accrued... market value of all the assets of the transferor plan; (2) The present value of the accrued benefits... value of the plan's assets is the highest. (1) A merger is not de minimis if the total present value of...

  17. 29 CFR 4231.3 - Requirements for mergers and transfers.

    Science.gov (United States)

    2010-07-01

    ... 29 Labor 9 2010-07-01 2010-07-01 false Requirements for mergers and transfers. 4231.3 Section 4231..., REORGANIZATION, TERMINATION, AND OTHER RULES APPLICABLE TO MULTIEMPLOYER PLANS MERGERS AND TRANSFERS BETWEEN MULTIEMPLOYER PLANS § 4231.3 Requirements for mergers and transfers. (a) General requirements. A plan sponsor...

  18. 29 CFR 4011.6 - Mergers, consolidations, and spinoffs.

    Science.gov (United States)

    2010-07-01

    ... 29 Labor 9 2010-07-01 2010-07-01 false Mergers, consolidations, and spinoffs. 4011.6 Section 4011... REPORTING AND DISCLOSURE REQUIREMENTS DISCLOSURE TO PARTICIPANTS § 4011.6 Mergers, consolidations, and spinoffs. In the case of a plan involved in a merger, consolidation, or spinoff transaction that becomes...

  19. 7 CFR 1717.615 - Consolidations and mergers.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 11 2010-01-01 2010-01-01 false Consolidations and mergers. 1717.615 Section 1717.615... Controls § 1717.615 Consolidations and mergers. A distribution or power supply borrower may without the..., merger, conveyance or transfer shall be on such terms as shall fully preserve the lien and security of...

  20. 7 CFR 1735.62 - Approval of acquisitions and mergers.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 11 2010-01-01 2010-01-01 false Approval of acquisitions and mergers. 1735.62 Section 1735.62 Agriculture Regulations of the Department of Agriculture (Continued) RURAL UTILITIES SERVICE... Mortgage Controls on Acquisitions and Mergers § 1735.62 Approval of acquisitions and mergers. (a) If a...

  1. 7 CFR 1710.108 - Mergers and consolidations.

    Science.gov (United States)

    2010-01-01

    ... operating efficiency and financial soundness. (b) After a merger or consolidation, RUS will give priority... 7 Agriculture 11 2010-01-01 2010-01-01 false Mergers and consolidations. 1710.108 Section 1710.108... and Basic Policies § 1710.108 Mergers and consolidations. (a) RUS encourages its borrowers to consider...

  2. The Fate of Neutron Star Binary Mergers

    Energy Technology Data Exchange (ETDEWEB)

    Piro, Anthony L. [The Observatories of the Carnegie Institution for Science, 813 Santa Barbara Street, Pasadena, CA 91101 (United States); Giacomazzo, Bruno [Physics Department, University of Trento, via Sommarive 14, I-38123 Trento (Italy); Perna, Rosalba, E-mail: piro@carnegiescience.edu [Department of Physics and Astronomy, Stony Brook University, Stony Brook, NY 11794 (United States)

    2017-08-01

    Following merger, a neutron star (NS) binary can produce roughly one of three different outcomes: (1) a stable NS, (2) a black hole (BH), or (3) a supramassive, rotationally supported NS, which then collapses to a BH following angular momentum losses. Which of these fates occur and in what proportion has important implications for the electromagnetic transient associated with the mergers and the expected gravitational wave (GW) signatures, which in turn depend on the high density equation of state (EOS). Here we combine relativistic calculations of NS masses using realistic EOSs with Monte Carlo population synthesis based on the mass distribution of NS binaries in our Galaxy to predict the distribution of fates expected. For many EOSs, a significant fraction of the remnants are NSs or supramassive NSs. This lends support to scenarios in which a quickly spinning, highly magnetized NS may be powering an electromagnetic transient. This also indicates that it will be important for future GW observatories to focus on high frequencies to study the post-merger GW emission. Even in cases where individual GW events are too low in signal to noise to study the post merger signature in detail, the statistics of how many mergers produce NSs versus BHs can be compared with our work to constrain the EOS. To match short gamma-ray-burst (SGRB) X-ray afterglow statistics, we find that the stiffest EOSs are ruled out. Furthermore, many popular EOSs require a significant fraction of ∼60%–70% of SGRBs to be from NS–BH mergers rather than just binary NSs.

  3. Merger and acquisition in the international oil industry

    Energy Technology Data Exchange (ETDEWEB)

    Imai, Yoshiichi

    1988-07-01

    Outlines are given of the background and evaluation of recent giant mergers and acquisitions in the international oil industry and of future trends of them. The petroleum exporting countries or OPEC nationalized oil resourses in the first half of 1970's and acquired the crude oil deposits that had been controlled by the seven majors. The percentage of the seven majors' crude oil deposits in the free world was about 70% in 1968, but decreased sharply down to about 6% in 1978 to 1979, when the world experienced the second oil crisis. The decrease of Texaco, COCAL, and Mobil was remarkable. That was the background of these three companies' giant acquisitions in 1984. For the oil companies suffering from decrease of oil deposits, the inexpensive and dependable way to secure deposits was to take over developed reserves of other companies. Although there are the pros and cons in the evaluation of the merger and acquisition, these trends continues, including the oil exporting countries, and are very likely to move to the international reconstraction of the oil industry. (10 tabs)

  4. Impact of faecal DM excretion on faecal calcium losses in dogs eating complete moist and dry pet foods - food digestibility is a major determinant of calcium requirements.

    Science.gov (United States)

    Kienzle, Ellen; Brenten, Thomas; Dobenecker, Britta

    2017-01-01

    The recommendations for the Ca supply for maintenance of dogs have been reduced by about 75 % in the last decades. An important factor for Ca requirements is faecal Ca losses. In previous studies with experimental diets faecal Ca losses depended on Ca intake and on faecal DM excretion. A predictive equation for faecal Ca losses in mg/kg body weight (BW) developed in a fibre model is: faecal losses = -33·8 + (13·6 faecal DM excretion (g/kg BW)) + (0·78 Ca intake (mg/kg BW)). The present study aimed at testing this equation in pet food with material from trials carried out for other purposes. Digestion trials with twenty-five dry and fifteen moist foods (326 observations in total) were evaluated retrospectively. Faecal DM excretion and faecal Ca losses were significantly correlated ( r 2  0·86; P  losses in a practical feeding situation. In conclusion, Ca requirements for maintenance may vary with food DM intake and digestibility.

  5. Railroad mergers and acquisitions take shape

    Energy Technology Data Exchange (ETDEWEB)

    Fiscor, S.

    1995-12-01

    This year has been one of the most exciting years in recent history concerning US railroads and coal transportation, as mergers and acquisitions narrow the field for Western coal carriers. The views on the mergers and how they will affect coal transportation are mixed. The coal industry`s growth in the West and its stability in the East is the basis for the most recent changes in the rail industry. Restructuring US coal markets to confirm to environmental policy has had a profound effect on much more than the coal industry itself. Deregulation of rail transport has also been an important factor. 1 fig., 3 tabs.

  6. Potassium-based algorithm allows correction for the hematocrit bias in quantitative analysis of caffeine and its major metabolite in dried blood spots.

    Science.gov (United States)

    De Kesel, Pieter M M; Capiau, Sara; Stove, Veronique V; Lambert, Willy E; Stove, Christophe P

    2014-10-01

    Although dried blood spot (DBS) sampling is increasingly receiving interest as a potential alternative to traditional blood sampling, the impact of hematocrit (Hct) on DBS results is limiting its final breakthrough in routine bioanalysis. To predict the Hct of a given DBS, potassium (K(+)) proved to be a reliable marker. The aim of this study was to evaluate whether application of an algorithm, based upon predicted Hct or K(+) concentrations as such, allowed correction for the Hct bias. Using validated LC-MS/MS methods, caffeine, chosen as a model compound, was determined in whole blood and corresponding DBS samples with a broad Hct range (0.18-0.47). A reference subset (n = 50) was used to generate an algorithm based on K(+) concentrations in DBS. Application of the developed algorithm on an independent test set (n = 50) alleviated the assay bias, especially at lower Hct values. Before correction, differences between DBS and whole blood concentrations ranged from -29.1 to 21.1%. The mean difference, as obtained by Bland-Altman comparison, was -6.6% (95% confidence interval (CI), -9.7 to -3.4%). After application of the algorithm, differences between corrected and whole blood concentrations lay between -19.9 and 13.9% with a mean difference of -2.1% (95% CI, -4.5 to 0.3%). The same algorithm was applied to a separate compound, paraxanthine, which was determined in 103 samples (Hct range, 0.17-0.47), yielding similar results. In conclusion, a K(+)-based algorithm allows correction for the Hct bias in the quantitative analysis of caffeine and its metabolite paraxanthine.

  7. Dried Blood Spots Combined With Ultra-High-Performance Liquid Chromatography-Mass Spectrometry for the Quantification of the Antipsychotics Risperidone, Aripiprazole, Pipamperone, and Their Major Metabolites.

    Science.gov (United States)

    Tron, Camille; Kloosterboer, Sanne M; van der Nagel, Bart C H; Wijma, Rixt A; Dierckx, Bram; Dieleman, Gwen C; van Gelder, Teun; Koch, Birgit C P

    2017-08-01

    Risperidone, aripiprazole, and pipamperone are antipsychotic drugs frequently prescribed for the treatment of comorbid behavioral problems in children with autism spectrum disorders. Therapeutic drug monitoring (TDM) could be useful to decrease side effects and to improve patient outcome. Dried blood spot (DBS) sample collection seems to be an attractive technique to develop TDM of these drugs in a pediatric population. The aim of this work was to develop and validate a DBS assay suitable for TDM and home sampling. Risperidone, 9-OH risperidone, aripiprazole, dehydroaripiprazole, and pipamperone were extracted from DBS and analyzed by ultra-high-performance liquid chromatography-tandem mass spectrometry using a C18 reversed-phase column with a mobile phase consisting of ammonium acetate/formic acid in water or methanol. The suitability of DBS for TDM was assessed by studying the influence of specific parameters: extraction solution, EDTA carryover, hematocrit, punching location, spot volume, and hemolysis. The assay was validated with respect to conventional guidelines for bioanalytical methods. The method was linear, specific without any critical matrix effect, and with a mean recovery around 90%. Accuracy and imprecision were within the acceptance criteria in samples with hematocrit values from 30% to 45%. EDTA or hemolysis did not skew the results, and no punching carryover was observed. No significant influence of the spot volume or the punch location was observed. The antipsychotics were all stable in DBS stored 10 days at room temperature and 1 month at 4 or -80°C. The method was successfully applied to quantify the 3 antipsychotics and their metabolites in patient samples. A UHPLC-MS/MS method has been successfully validated for the simultaneous quantification of risperidone, 9-OH risperidone, aripiprazole, dehydroaripiprazole, and pipamperone in DBS. The assay provided good analytical performances for TDM and clinical research applications.

  8. No Assembly Required: Mergers are Mostly Irrelevant for the Growth of Low-mass Dwarf Galaxies

    Science.gov (United States)

    Fitts, Alex; Boylan-Kolchin, Michael; Bullock, James S.; Weisz, Daniel R.; El-Badry, Kareem; Wheeler, Coral; Faucher-Giguère, Claude-André; Quataert, Eliot; Hopkins, Philip F.; Kereš, Dušan; Wetzel, Andrew; Hayward, Christopher C.

    2018-06-01

    We investigate the merger histories of isolated dwarf galaxies based on a suite of 15 high-resolution cosmological zoom-in simulations, all with masses of Mhalo ≈ 1010 M⊙ (and M⋆ ˜ 105 - 107 M⊙) at z = 0, from the Feedback in Realistic Environments (FIRE) project. The stellar populations of these dwarf galaxies at z = 0 are formed essentially entirely "in situ": over 90% of the stellar mass is formed in the main progenitor in all but two cases, and all 15 of the galaxies have >70% of their stellar mass formed in situ. Virtually all galaxy mergers occur prior to z ˜ 3, meaning that accreted stellar populations are ancient. On average, our simulated dwarfs undergo 5 galaxy mergers in their lifetimes, with typical pre-merger galaxy mass ratios that are less than 1:10. This merger frequency is generally comparable to what has been found in dissipationless simulations when coupled with abundance matching. Two of the simulated dwarfs have a luminous satellite companion at z = 0. These ultra-faint dwarfs lie at or below current detectability thresholds but are intriguing targets for next-generation facilities. The small contribution of accreted stars make it extremely difficult to discern the effects of mergers in the vast majority of dwarfs either photometrically or using resolved-star color-magnitude diagrams (CMDs). The important implication for near-field cosmology is that star formation histories of comparably massive galaxies derived from resolved CMDs should trace the build-up of stellar mass in one main system across cosmic time as opposed to reflecting the contributions of many individual star formation histories of merged dwarfs.

  9. The determinants of merger waves: An international perspective

    Science.gov (United States)

    Gugler, Klaus; Mueller, Dennis C.; Weichselbaumer, Michael

    2012-01-01

    One of the most conspicuous features of mergers is that they come in waves that are correlated with increases in share prices and price/earnings ratios. We use a natural way to discriminate between pure stock market influences on firm decisions and other influences by examining merger patterns for both listed and unlisted firms. If “real” changes in the economy drive merger waves, as some neoclassical theories of mergers predict, both listed and unlisted firms should experience waves. We find significant differences between listed and unlisted firms as predicted by behavioral theories of merger waves. PMID:27346903

  10. BANK MERGERS AND ACQUISITIONS IN ROMANIA AFTER 1989

    Directory of Open Access Journals (Sweden)

    Copil Crina Angela

    2014-07-01

    have a special purpose, they are necessary operations of draining the bank life by the absorption of the banks without stability by those with potential of economical and managerial stable capital. It is well known that the great banks, very strong and well consolidated created in the process of mergers and acquisitions have another potential in maintenance of the flux of profit and the balanced increase of the profitableness, having a great impact on the economy. The contribution consists in combining some conceptual elements with some empirical aspects, with the process of bank concentration created by acquisitions and fusions that leads to the elimination of some bank entitites that are not credible and stable and maintenance of those that are efficient, useful and credible for the client and for the Romanian society. The subject is a present one in the entire world, in a continuous change and adapting to the existent tendencies in the entire world, having a major impact also on the Romanian bank market, on the bank financial institutions that in order to face the competition have directed their strategies for the diversification of the risks.

  11. THE POPULATION OF HELIUM-MERGER PROGENITORS: OBSERVATIONAL PREDICTIONS

    International Nuclear Information System (INIS)

    Fryer, Chris L.; Belczynski, Krzysztof; Bulik, Tomasz; Berger, Edo; Thöne, Christina; Ellinger, Carola

    2013-01-01

    The helium-merger gamma-ray burst (GRB) progenitor is produced by the rapid accretion onto a compact remnant (neutron star or black hole) when it undergoes a common envelope inspiral with its companion's helium core. This merger phase produces a very distinct environment around these outbursts and recent observations suggest that, in some cases, we are detecting the signatures of the past merger in the GRB afterglow. These observations allow us, for the first time, to study the specific features of the helium-merger progenitor. In this paper, we couple population synthesis calculations to our current understanding of GRB engines and common envelope evolution to make observational predictions for the helium-merger GRB population. Many mergers do not produce GRB outbursts and we discuss the implications of these mergers with the broader population of astrophysical transients.

  12. Corporate Employee-Engagement and Merger Outcomes

    NARCIS (Netherlands)

    Liang, H.; Renneboog, Luc

    2017-01-01

    Extending the theories of employee incentives and inalienability of human capital, we investigate the link between a firm’s engagement in employee issues and the returns to shareholders around mergers and acquisitions (M&As) and analyze an international sample of 4,565 M&A deals from 48 countries.

  13. Mergers and innovation in the pharmaceutical industry.

    Science.gov (United States)

    Comanor, William S; Scherer, F M

    2013-01-01

    Conflicting trends confound the pharmaceutical industry. The productivity of pharmaceutical innovation has declined in recent years. At the same time, the cohort of large companies who are the leading engines of pharmaceutical R&D has become increasingly concentrated. The concurrent presence of these trends is not sufficient to determine causation. In response to lagging innovation prospects, some companies have sought refuge in mergers and acquisitions to disguise their dwindling prospects or gain R&D synergies. On the other hand, the increased concentration brought on by recent mergers may have contributed to the declining rate of innovation. In this paper, we consider the second of these causal relationships: the likely impact of the recent merger wave among the largest pharmaceutical companies on the rate of innovation. In other words, have recent mergers, which may have been taken in response to lagging innovation, represented a self-defeating strategy that only made industry outcomes worse? Copyright © 2012 Elsevier B.V. All rights reserved.

  14. Bargaining in Mergers and Termination Fees

    NARCIS (Netherlands)

    Weitzel, U.; Rosenkranz, S.

    We model takeovers as a bargaining process and explain termination fees for, both, the target and the acquirer, subject to parties’ bargaining power and outside options. In equilibrium, termination fees are offered by firms with outside options in exchange for a greater share of merger synergies.

  15. Mergers and acquisitions involving equine veterinary practices.

    Science.gov (United States)

    Jackman, Brad R; McCafferty, Owen E

    2009-12-01

    This article discusses mergers and acquisitions involving equine veterinary practices. Combining practices can be professionally and economically advantageous but requires a great deal of thought, planning, and implementation. If due diligence is performed and true business teamwork is undertaken, the benefits can be enormous and rewarding.

  16. Cross-border Mergers and Acquisitions

    DEFF Research Database (Denmark)

    Wang, Daojuan

    This paper focuses on three topics in cross-border mergers and acquisitions (CBM&As) field: motivations for CBM&As, valuation techniques and CBM&A performance (assessment and the determinants). By taking an overview of what have been found so far in academic field and investigating...

  17. Mergers and acquisitions: valuation and risk assessment

    International Nuclear Information System (INIS)

    Calvin, B.N.

    1996-01-01

    An independent review of all facets of risk management, as it pertains to mergers and acquisitions within the petroleum industry, with no transactional motivation, was provided by a representative of a firm specializing in all phases of risk assessment. The following topics received attention: (1) the forward curve versus industry expectations, (2) investor expectations, (3) financial versus physical transactions, and (4) synthetic debt

  18. Technology-based Mergers and Acquisitions

    DEFF Research Database (Denmark)

    Wang, Daojuan; Moini, Hamid

    2014-01-01

    The purpose of this chapter is to provide an updated review of what is known about the performance of technology-based mergers and acquisitions (TBM&As) and their determinants. This review brings together papers published from 1990 to 2012 in top-rated academic journals within nearly all fields...

  19. Fueling QSOs: the relevance of mergers

    Czech Academy of Sciences Publication Activity Database

    Bennert, N.; Canalizo, G.; Jungwiert, Bruno; Stockton, A.; Schweizer, F.; Peng, Ch.; Lacy, M.

    2008-01-01

    Roč. 79, č. 4 (2008), s. 1247-1250 ISSN 0037-8720 R&D Projects: GA MŠk(CZ) LC06014 Institutional research plan: CEZ:AV0Z10030501 Keywords : galaxy mergers * quasars * photometry Subject RIV: BN - Astronomy, Celestial Mechanics, Astrophysics

  20. Mergers and alliances the wider view

    CERN Document Server

    Woodsworth, Anne

    2013-01-01

    Volume 36 of Advances in Librarianship seeks to provide a broad review of the factors that lead to mergers and other alliances, the methods used to ensure effective and successful collaborations, and descriptions of the factors which contributed to less successful efforts at consolidation.

  1. Using transfer learning to detect galaxy mergers

    Science.gov (United States)

    Ackermann, Sandro; Schawinksi, Kevin; Zhang, Ce; Weigel, Anna K.; Turp, M. Dennis

    2018-05-01

    We investigate the use of deep convolutional neural networks (deep CNNs) for automatic visual detection of galaxy mergers. Moreover, we investigate the use of transfer learning in conjunction with CNNs, by retraining networks first trained on pictures of everyday objects. We test the hypothesis that transfer learning is useful for improving classification performance for small training sets. This would make transfer learning useful for finding rare objects in astronomical imaging datasets. We find that these deep learning methods perform significantly better than current state-of-the-art merger detection methods based on nonparametric systems like CAS and GM20. Our method is end-to-end and robust to image noise and distortions; it can be applied directly without image preprocessing. We also find that transfer learning can act as a regulariser in some cases, leading to better overall classification accuracy (p = 0.02). Transfer learning on our full training set leads to a lowered error rate from 0.0381 down to 0.0321, a relative improvement of 15%. Finally, we perform a basic sanity-check by creating a merger sample with our method, and comparing with an already existing, manually created merger catalogue in terms of colour-mass distribution and stellar mass function.

  2. Merger incentives and the failing firm defense

    NARCIS (Netherlands)

    Bouckaert, J.M.C.; Kort, P.M.

    2014-01-01

    The merger incentives between profitable firms differ fundamentally from the incentives of a profitable firm to merge with a failing firm. We investigate these incentives under different modes of price competition and Cournot behavior. Our main finding is that firms strictly prefer exit of the

  3. Efficiency Effects of Bank Mergers and Acquisitions

    NARCIS (Netherlands)

    H.P. Huizinga; J.H.M. Nelissen (Jan); R. Vander Vennet

    2001-01-01

    textabstractNext to technological progress and deregulation, the introduction of the euro is widely considered to be an important catalyst for bank consolidation in Europe. In order to assess the public policy issues surrounding bank mergers, this paper analyzes the efficiency effects of 52

  4. Merger and Acquisition in the Banking Sector

    Directory of Open Access Journals (Sweden)

    Anna Szewczyk

    2008-12-01

    Full Text Available The article presents situation on mergers and acquisitions (MA in banking sector during last twenty years. The main motives are selected and analyzed. All is explained on the base on research reports of the Deutsche Bundesbank and the European Central Bank.

  5. Resilience and Coping After Hospital Mergers.

    Science.gov (United States)

    Russo, Cynthia; Calo, Oriana; Harrison, Georgia; Mahoney, Kathleen; Zavotsky, Kathleen Evanovich

    The aim of this study was to explore the relationship between resilience and coping in frontline nurses working in a healthcare system that has recently undergone a merger. Hospital mergers are common in the current healthcare environment. Mergers can provide hospital nurses the opportunity to use and develop positive coping strategies to help remain resilient during times of change. An anonymous-survey, quantitative, exploratory, descriptive study design was used. Data were obtained from an electronic survey that was made available to all nurses working in a 3-hospital system located in the northeast. Overall, the results showed that, when nurses reported using positive coping strategies, they report higher levels of resilience. The levels of resilience also varied from campus to campus. The campus that has been through 2 recent mergers reported the highest levels of resilience. This study suggests that, during times of change in the workplace, if nurses are encouraged to use positive coping strategies, they may have higher levels of resilience. This changing environment provides the clinical nurse specialists/clinical nurse educators the opportunity to foster and support frontline nurses in the use of healthy coping strategies and to help improve and maintain a high level of resilience, which is critical in today's healthcare environment.

  6. The AGN Luminosity Fraction in Galaxy Mergers

    Science.gov (United States)

    Dietrich, Jeremy; Weiner, Aaron; Ashby, Matthew; Martinez-Galarza, Juan Rafael; Smith, Howard Alan

    2017-01-01

    Galaxy mergers are key events in galaxy evolution, generally triggering massive starbursts and AGNs. However, in these chaotic systems, it is not yet known what fraction each of these two mechanisms contributes to the total luminosity. Here we measure and model spectral energy distributions (SEDs) using the Code for Investigating Galaxy Emission (CIGALE) in up to 33 broad bands from the UV to the far-IR for 23 IR-luminous galaxies to estimate the fraction of the bolometric IR luminosity that can be attributed to the AGN. The galaxies are split nearly evenly into two subsamples: late-stage mergers, found in the IRAS Revised Bright Galaxy Sample or Faint Source Catalog, and early-stage mergers found in the Spitzer Interacting Galaxy Sample. We find that the AGN contribution to the total IR luminosity varies greatly from system to system, from 0% up to ~90%, but is substantially greater in the later-stage and brighter mergers. This is consistent with what is known about galaxy evolution and the triggering of AGNs.The SAO REU program is funded in part by the National Science Foundation REU and Department of Defense ASSURE programs under NSF Grant no. 1262851, and by the Smithsonian Institution.

  7. Synergy disclosures in mergers and acquisitions

    NARCIS (Netherlands)

    M.D.R.P. Dutordoir (Marie); P.G.J. Roosenboom (Peter); M. Teixeira de Vasconcelos (Manuel)

    2013-01-01

    textabstractWe examine bidding firms’ motives for disclosing a synergy forecast when announcing a merger or acquisition. Our sample consists of 1,990 M&A deals, of which 345 announce synergy estimates. Our results suggest that synergy disclosures serve to obtain a more favorable market reception for

  8. Shareholders’ expectations, aspiration levels, and mergers

    NARCIS (Netherlands)

    Diecidue, E.; van de Ven, J.; Weitzel, U.

    This paper offers a new explanation of value-reducing mergers and stock market driven takeovers by introducing recent research on aspiration levels and individual decision making under risk. If market valuation constitutes an aspiration level for managers, we show that managers may be tempted to

  9. Ultraluminous Infrared Mergers: Elliptical Galaxies in Formation?

    Science.gov (United States)

    Genzel, R.; Tacconi, L. J.; Rigopoulou, D.; Lutz, D.; Tecza, M.

    2001-12-01

    We report high-quality near-IR spectroscopy of 12 ultraluminous infrared galaxy mergers (ULIRGs). Our new VLT and Keck data provide ~0.5" resolution, stellar and gas kinematics of these galaxies, most of which are compact systems in the last merger stages. We confirm that ULIRG mergers are ``ellipticals in formation.'' Random motions dominate their stellar dynamics, but significant rotation is common. Gasdynamics and stellar dynamics are decoupled in most systems. ULIRGs fall on or near the fundamental plane of hot stellar systems, and especially on its less evolution-sensitive, reff-σ projection. The ULIRG velocity dispersion distribution, their location in the fundamental plane, and their distribution of vrotsini/σ closely resemble those of intermediate-mass (~L*), elliptical galaxies with moderate rotation. As a group ULIRGs do not resemble giant ellipticals with large cores and little rotation. Our results are in good agreement with other recent studies indicating that disky ellipticals with compact cores or cusps can form through dissipative mergers of gas-rich disk galaxies while giant ellipticals with large cores have a different formation history. Based on observations at the European Southern Observatory, Chile (ESO 65.N-0266, 65.N-0289), and on observations at the W. M. Keck Observatory, which is operated as a scientific partnership among the California Institute of Technology, The University of California, and the National Aeronautics and Space Administration. The Keck Observatory was made possible by the general financial support by the W. M. Keck Foundation.

  10. Dry socket

    Science.gov (United States)

    Alveolar osteitis; Alveolitis; Septic socket ... You may be more at risk for dry socket if you: Have poor oral health Have a ... after having a tooth pulled Have had dry socket in the past Drink from a straw after ...

  11. A survey of dual active galactic nuclei in simulations of galaxy mergers: frequency and properties

    Science.gov (United States)

    Capelo, Pedro R.; Dotti, Massimo; Volonteri, Marta; Mayer, Lucio; Bellovary, Jillian M.; Shen, Sijing

    2017-08-01

    We investigate the simultaneous triggering of active galactic nuclei (AGN) in merging galaxies, using a large suite of high-resolution hydrodynamical simulations. We compute dual-AGN observability time-scales using bolometric, X-ray and Eddington-ratio thresholds, confirming that dual activity from supermassive black holes (BHs) is generally higher at late pericentric passages, before a merger remnant has formed, especially at high luminosities. For typical minor and major mergers, dual activity lasts ˜20-70 and ˜100-160 Myr, respectively. We also explore the effects of X-ray obscuration from gas, finding that the dual-AGN time decreases at most by a factor of ˜2, and of contamination from star formation. Using projected separations and velocity differences rather than three-dimensional quantities can decrease the dual-AGN time-scales by up to ˜4, and we apply filters that mimic current observational-resolution limitations. In agreement with observations, we find that for a sample of major and minor mergers hosting at least one AGN, the fraction harbouring dual AGN is ˜20-30 and ˜1-10 per cent, respectively. We quantify the effects of merger mass ratio (0.1 to 1), geometry (coplanar, prograde and retrograde, and inclined), disc gas fraction and BH properties, finding that the mass ratio is the most important factor, with the difference between minor and major mergers varying between factors of a few to orders of magnitude, depending on the luminosity and filter used. We also find that a shallow imaging survey will require very high angular resolution whereas a deep imaging survey will be less resolution-dependent.

  12. Merger and Centralisation : can We be Big AND Good

    Directory of Open Access Journals (Sweden)

    Bill Simpson

    2005-11-01

    Full Text Available The merger of the Victoria University of Manchester and UMIST in 2004 to create Britain’s largest university (though the achievement of world-class status rather than mere size was the real objective of the merger raised a range of parallel issues for the libraries of the two universities and for the Manchester Business School (MBS Library, which had previously operated independently, but was also merged into the new University Library. The first issue was the name of the new library and here the shift was so subtle that few people notice it until it is pointed out to them. If the “John Rylands University Library, The University of Manchester” seems hardly to differ from the “John Rylands University Library of Manchester” (the name of the former Victoria University of Manchester’s Library, this is because the Rylands name already has global brand recognition and it would have been foolish to risk a major name change that might have put that recognition at risk. It was a case of subtly shifting the emphasis of the name to reflect the fact that we are a new entity whilst not creating confusion in relation to our great historic collections.

  13. The Role Of Mergers In Galaxy Formation And Transformations

    Science.gov (United States)

    Conselice, Christopher J.; Mundy, Carl; Duncan, Kenneth

    2017-06-01

    Baryonic assembly of galaxies is one of the largest questions in extragalactic studies, which relates to many other issues, including environment, feedback, star formation, gas accretion and merging. In fact, all of these processes are related and must be accounted for and understood to paint a full picture of galaxy assembly. Perhaps the most straightforward of these processes to measure are the merging and star formation histories. I will present results of combining in a new reanalysis of the three deepest and large NIR surveys take to date: UDS, Ultra-VISTA and VIDEO as part of the REFINE project. Using consistently measured stellar masses and photometric redshifts for galaxies in these fields up to z =3, I will show how the major and minor merger rate can consistently be measured across these fields. Our new method involves a full use of the PDF for photo-zs and stellar masses. We show how the merger fraction and rate are lower than previous results and the implications for this for other methods of galaxy assembly and feedback mechanisms. Invited Talk presented at the conference Galaxy Evolution Across Time, 12-16 June, Paris, France

  14. Merger mania: mergers and acquisitions in the generic drug sector from 1995 to 2016.

    Science.gov (United States)

    Gagnon, Marc-André; Volesky, Karena D

    2017-08-22

    Drug shortages and increasing generic drug prices are associated with low levels of competition. Mergers and acquisitions impact the level of competition. Record merger and acquisition activity was reported for the pharmaceutical sector in 2014/15, yet information on mergers and acquisitions in the generic drug sector are absent from the literature. This information is necessary to understand if and how such mergers and acquisitions can be a factor in drug shortages and increasing prices. Data on completed merger and acquisition deals that had a generic drug company being taken over (i.e. 'target') were extracted from Bloomberg Finance L.P. The number and announced value of deals are presented globally, for the United States, and globally excluding the United States annually from 1995 to 2016 in United States dollars. Generic drug companies comprised 9.3% of the value of all deals with pharmaceutical targets occurring from 1995 to 2016. Globally, in 1995 there were no deals, in 2014 there were 22 deals worth $1.86 billion, in 2015 there were 34 deals totalling $33.56 billion, and in 2016 there were 42 deals worth in excess of $44 billion. This substantial increase was partially attributed to Teva's 2016 acquisition of Allergan's generic drug business. The surge in mergers and acquisitions for 2015/16 was driven by deals in the United States, where they represented 89.7% of the dollar value of deals in those years. The recent blitz in mergers and acquisitions signals that the generic drug industry is undergoing a transformation, especially in the United States. This restructuring can negatively affect the level of competition that might impact prices and shortages for some products, emphasizing the importance of updating regulations and procurement policies.

  15. Synergic motives and economic success of mergers of Czech companies

    Directory of Open Access Journals (Sweden)

    Jaroslav Sedláček

    2013-01-01

    Full Text Available One of the motives for mergers and acquisitions is the synergy effect, which can take several forms. This paper tries to find out whether mergers implemented at the Czech market bring positive or negative synergies. The basis of our investigation is the database of the companies that implemented a merger within 2001–2009; out of these, the companies that published their financial statements in a digitalized form were selected. We monitored the development of six indicators characterizing the economic status of a company. The values of these indicators were compared for all participating companies before the merger and for the successor company three years after the merger. The hypotheses were formulated so that they expressed an expectation of a positive synergy brought about by mergers. However, hypothesis testing has not provided a clear result. A positive effect of a merger on the key indicator of net assets, whose growth means an increase in the accounting value of the company after the merger, has been proved for small and medium-sized companies only. The effect of mergers on the increase in indicators has been confirmed for retained earnings from past years and personal costs. Further research will concentrate on the relations between the indicators with the aim to create an integral indicator for the economic success of mergers.

  16. THE LOW FREQUENCY OF DUAL ACTIVE GALACTIC NUCLEI VERSUS THE HIGH MERGER RATE OF GALAXIES: A PHENOMENOLOGICAL MODEL

    International Nuclear Information System (INIS)

    Yu Qingjuan; Lu Youjun; Mohayaee, Roya; Colin, Jacques

    2011-01-01

    Dual active galactic nuclei (AGNs) are natural byproducts of hierarchical mergers of galaxies in the ΛCDM cosmogony. Recent observations have shown that only a small fraction (∼0.1%-2.5%) of AGNs at redshift z ∼< 0.3 are dual with kpc-scale separations, which is rather low compared to the high merger rate of galaxies. Here we construct a phenomenological model to estimate the number density of dual AGNs and its evolution according to the observationally estimated major merger rates of galaxies and various scaling relations on the properties of galaxies and their central massive black holes. We show that our model reproduces the observed frequency and separation distribution of dual AGNs provided that significant nuclear activities are triggered only in gas-rich progenitor galaxies with central massive black holes and only when the nuclei of these galaxies are roughly within the half-light radii of their companion galaxies. Under these constraints, the observed low dual AGN frequency is consistent with the relatively high merger rate of galaxies and supports the hypothesis that major mergers lead to AGN/QSO activities. We also predict that the number of kpc-scale dual AGNs decreases with increasing redshift and only about 0.02%-0.06% of AGNs are dual AGNs with double-peaked narrow line features at redshifts of z ∼ 0.5-1.2. Future observations of high-redshift dual AGNs would provide a solid test for this prediction.

  17. Mergers and acquisitions for the radiologist.

    Science.gov (United States)

    Fleishon, Howard B

    2008-05-01

    In 2006 and the first half of 2007, the rapid pace of global activity contributed to the popularity of mergers and acquisitions (M&A). In fact, the medical imaging industry has a significant history in M&A as well. Along with the expectation of continued growth in medical imaging utilization and other industry trends, radiologists may become more involved in M&A transactions. There is little in the radiology literature dealing with the logistics and pitfalls of M&A. This article is an introduction for radiologists who might consider buying or selling their practices or merging with strategic partners. Although there are significant differences in the approaches of buy or sell situations compared with mergers, they do share several concepts that are outlined. One key to success in M&A transactions is the "process" or approach, which is described with some practical guidelines. Some basic terms and suggestions are also presented for reference.

  18. Do Municipal Mergers Improve Fiscal Outcomes?

    DEFF Research Database (Denmark)

    Hansen, Sune Welling; Houlberg, Kurt; Holm Pedersen, Lene

    2014-01-01

    Improved fiscal management is a frequent justification for promoting boundary consolidations. However, whether or not this is actually the case is rarely placed under rigorous empirical scrutiny. Hence, this article investigates if fiscal outcomes are improved when municipalities are merged....... The basic argument is that the conceptualisation of fiscal management in political science is often too narrow as it focuses on the budget and pays hardly any attention to balances in the final accounts and debts – elements of management which are central to policy making. On this background, the causal...... relationship between municipal mergers and fiscal outcomes is analysed. Measured on the balance between revenues and expenses, liquid assets and debts, municipal mergers improve the fiscal outcomes of the municipalities in a five-year perspective, although the pre-reform effects tend to be negative...

  19. Estimating the potential gains from mergers

    DEFF Research Database (Denmark)

    Bogetoft, Peter; Wang, Dexiang

    2005-01-01

    We introduce simple production economic models to estimate the potential gains from mergers. We decompose the gains into technical ef¿ciency, size (scale) and harmony (mix) gains, and we discuss alternative ways to capture these gains. We propose to approximate the production processes using...... the non-parametric. Data Envelopment Analysis (DEA) approach, and we use the resulting operational approach to estimate the potential gains from merging agricultural extension of¿ces in Denmark....

  20. Merger negotiations with stock market feedback

    OpenAIRE

    Betton, Sandra; Eckbo, B. Espen; Thompson, Rex; Thorburn, Karin S.

    2011-01-01

    Merger negotiations routinely occur amidst economically significant a target stock price runups. Since the source of the runup is unobservable (is it a target stand-alone value change and/or deal anticipation?), feeding the runup back into the offer price risks "paying twice" for the target shares. We present a novel structural empirical analysis of this runup feedback hypothesis. We show that rational deal anticipation implies a nonlinear relationship between the runup and the offer price ma...

  1. Maximum Redshift of Gravitational Wave Merger Events

    Science.gov (United States)

    Koushiappas, Savvas M.; Loeb, Abraham

    2017-12-01

    Future generations of gravitational wave detectors will have the sensitivity to detect gravitational wave events at redshifts far beyond any detectable electromagnetic sources. We show that if the observed event rate is greater than one event per year at redshifts z ≥40 , then the probability distribution of primordial density fluctuations must be significantly non-Gaussian or the events originate from primordial black holes. The nature of the excess events can be determined from the redshift distribution of the merger rate.

  2. A scoreboard of mergers and acquisitions

    Energy Technology Data Exchange (ETDEWEB)

    Parent, L.V

    1989-08-01

    In the late 70s and early 80s when market growth was not a viable alternative and price deregulation was imminent, new strategies were sought that would provide some basis for survival in a deregulated environment, and merger/acquisition strategy took on new significance. According to the author, eight mega gas pipe line companies have evolved. The strategic objectives behind these merges is analyzed.

  3. Gravitational waves from primordial black hole mergers

    Energy Technology Data Exchange (ETDEWEB)

    Raidal, Martti; Vaskonen, Ville; Veermäe, Hardi, E-mail: martti.raidal@cern.ch, E-mail: ville.vaskonen@kbfi.ee, E-mail: hardi.veermae@cern.ch [NICPB, Rävala 10, 10143 Tallinn (Estonia)

    2017-09-01

    We study the production of primordial black hole (PBH) binaries and the resulting merger rate, accounting for an extended PBH mass function and the possibility of a clustered spatial distribution. Under the hypothesis that the gravitational wave events observed by LIGO were caused by PBH mergers, we show that it is possible to satisfy all present constraints on the PBH abundance, and find the viable parameter range for the lognormal PBH mass function. The non-observation of a gravitational wave background allows us to derive constraints on the fraction of dark matter in PBHs, which are stronger than any other current constraint in the PBH mass range 0.5−30 M {sub ⊙}. We show that the predicted gravitational wave background can be observed by the coming runs of LIGO, and its non-observation would indicate that the observed events are not of primordial origin. As the PBH mergers convert matter into radiation, they may have interesting cosmological implications, for example in the context of relieving the tension between high and low redshift measurements of the Hubble constant. However, we find that these effects are suppressed as, after recombination, no more that 1% of dark matter can be converted into gravitational waves.

  4. GRAVITATIONAL MEMORY IN BINARY BLACK HOLE MERGERS

    International Nuclear Information System (INIS)

    Pollney, Denis; Reisswig, Christian

    2011-01-01

    In addition to the dominant oscillatory gravitational wave signals produced during binary inspirals, a non-oscillatory component arises from the nonlinear 'memory' effect, sourced by the emitted gravitational radiation. The memory grows significantly during the late-inspiral and merger, modifying the signal by an almost step-function profile, and making it difficult to model by approximate methods. We use numerical evolutions of binary black holes (BHs) to evaluate the nonlinear memory during late-inspiral, merger, and ringdown. We identify two main components of the signal: the monotonically growing portion corresponding to the memory, and an oscillatory part which sets in roughly at the time of merger and is due to the BH ringdown. Counterintuitively, the ringdown is most prominent for models with the lowest total spin. Thus, the case of maximally spinning BHs anti-aligned to the orbital angular momentum exhibits the highest signal-to-noise ratio (S/N) for interferometric detectors. The largest memory offset, however, occurs for highly spinning BHs, with an estimated value of h tot 20 ≅ 0.24 in the maximally spinning case. These results are central to determining the detectability of nonlinear memory through pulsar timing array measurements.

  5. Merger and Innovation Incentives in a Differentiated Industry

    OpenAIRE

    Kesavayuth, Dusanee; Lee, Sang-Ho; Zikos, Vasileios

    2017-01-01

    In this paper, we consider a duopoly with product differentiation and examine the interaction between merger and innovation incentives. The analysis reveals that a merger tends to discourage innovation, unless the investment cost is sufficiently low. This result holds whether or not side payments between firms are allowed. When side payments are permitted, a bilateral merger-to-monopoly is always profitable, a standard result in the literature. When side payments are not permitted, however, w...

  6. The benefit of mergers and taking-overs

    International Nuclear Information System (INIS)

    Nillesen, P.H.L.; Keats, K.; Pollitt, M.

    2001-01-01

    Electricity companies can realize considerable efficiency benefits through mergers by using management skills of a more efficient company and the resulting changed mix of inputs. In this article a pattern of thought is introduced by means of which cost savings of mergers can be identified in a strategic and scientific way. Such a way of thinking can be applied, e.g. in a cash flow analysis, in the valuation of companies and in the merger and taking-over process. 7 refs

  7. VersaCold: Analysis of Change Management in Mergers & Acquisitions

    OpenAIRE

    Eslami, Sara

    2011-01-01

    Many firms use mergers and acquisitions as a corporate strategy to increase shareholder value. Therefore, understanding such a widely exercised strategy and its implications on corporate change would be critical for organizations that wish to pursue this strategy. This study provides an in depth review of mergers and acquisitions and introduces best practices for managing changes that result from mergers and acquisitions. Next, the concepts are applied to two cases of acquisitions in VersaCol...

  8. Strategy and Tactics of International Mergers and Acquisitions

    Directory of Open Access Journals (Sweden)

    Denys Kiriakov

    2011-12-01

    Full Text Available The article reviews contemporary strategy and tactics issues in terms of international mergers and acquisitions, along with displaying cyclical waves of mergers and acquisitions over the last century as well as motivation thereof. Five strategies adhered to by international companies initiating conclusion of such agreements as well as challenges accompanying execution thereof have been analyzed. Modern strategic and tactical tools of international mergers and acquisitions process management have been researched on exemplary buyer (a corporation case-study.

  9. Value Creation through ICT Integration in Merger & Acquisition Processes

    DEFF Research Database (Denmark)

    Holm Larsen, Michael

    2005-01-01

    As deals are becoming more complex, and as technology, and the people supporting it, are becoming key drivers of merger and acquisition processes, planning of information and communication technologies in early stages of the integration process is vital to the realization of benefits of an Merger...... & Acquisition process. This statement is substantiated through review of literature from academics as well as practitioners, and case exemplifications of the financial service organization, the Nordea Group. Keywords: ICT Integration, Mergers & Acquisitions, Nordea Group....

  10. Manufacturers Mergers and Product Variety in Vertically Related Markets

    OpenAIRE

    Chrysovalantou Milliou; Joel Sandonis

    2014-01-01

    We study final product manufacturers’ incentives to introduce new products into the market and how they are affected by a merger among them. We show that when manufacturers distribute their products through multi-product retailers, a manufacturers merger, although it leads to an increase in the wholesale prices, it can enhance product variety. The merger generated product variety efficiencies though arise only when vertical relations are present: when manufacturers sell directly their produ...

  11. An Empirical Analysis of Post-Merger Organizational Integration

    OpenAIRE

    Smeets, Valerie Anne Rolande; Gibbs, Michael; Ierulli, Kathryn

    2015-01-01

    We study post-merger organizational integration using linked employer-employee data. Integration is implemented by reassigning a small number of high skilled workers, especially in R&D and management. Workforce mixing is concentrated to establishments set up after merger rather than to previously existing establishments. Worker turnover is high after merger, but new hiring yields stable total employment. Target employees have higher turnover and reassignment, particularly if the target fi...

  12. 24 CFR 242.67 - New corporations, subsidiaries, affiliations, and mergers.

    Science.gov (United States)

    2010-04-01

    ..., affiliations, and mergers. 242.67 Section 242.67 Housing and Urban Development Regulations Relating to Housing... Reporting, and Financial Requirements § 242.67 New corporations, subsidiaries, affiliations, and mergers... written approval for all future mergers. ...

  13. BOOSTED TIDAL DISRUPTION BY MASSIVE BLACK HOLE BINARIES DURING GALAXY MERGERS FROM THE VIEW OF N -BODY SIMULATION

    Energy Technology Data Exchange (ETDEWEB)

    Li, Shuo; Berczik, Peter; Spurzem, Rainer [National Astronomical Observatories and Key Laboratory of Computational Astrophysics, Chinese Academy of Sciences, 20A Datun Rd., Chaoyang District, Beijing 100012 (China); Liu, F. K., E-mail: lishuo@nao.cas.cn [Department of Astronomy, School of Physics, Peking University, Yiheyuan Lu 5, Haidian Qu, Beijing 100871 (China)

    2017-01-10

    Supermassive black hole binaries (SMBHBs) are productions of the hierarchical galaxy formation model. There are many close connections between a central SMBH and its host galaxy because the former plays very important roles on galaxy formation and evolution. For this reason, the evolution of SMBHBs in merging galaxies is a fundamental challenge. Since there are many discussions about SMBHB evolution in a gas-rich environment, we focus on the quiescent galaxy, using tidal disruption (TD) as a diagnostic tool. Our study is based on a series of numerical, large particle number, direct N -body simulations for dry major mergers. According to the simulation results, the evolution can be divided into three phases. In phase I, the TD rate for two well separated SMBHs in a merging system is similar to that for a single SMBH in an isolated galaxy. After two SMBHs approach close enough to form a bound binary in phase II, the disruption rate can be enhanced by ∼2 orders of magnitude within a short time. This “boosted” disruption stage finishes after the SMBHB evolves to a compact binary system in phase III, corresponding to a reduction in disruption rate back to a level of a few times higher than in phase I. We also discuss how to correctly extrapolate our N -body simulation results to reality, and the implications of our results to observations.

  14. Organisational culture and post-merger integration in an academic health centre: a mixed-methods study.

    Science.gov (United States)

    Ovseiko, Pavel V; Melham, Karen; Fowler, Jan; Buchan, Alastair M

    2015-01-22

    Around the world, the last two decades have been characterised by an increase in the numbers of mergers between healthcare providers, including some of the most prestigious university hospitals and academic health centres. However, many mergers fail to bring the anticipated benefits, and successful post-merger integration in university hospitals and academic health centres is even harder to achieve. An increasing body of literature suggests that organisational culture affects the success of post-merger integration and academic-clinical collaboration. This paper reports findings from a mixed-methods single-site study to examine 1) the perceptions of organisational culture in academic and clinical enterprises at one National Health Service (NHS) trust, and 2) the major cultural issues for its post-merger integration with another NHS trust and strategic partnership with a university. From the entire population of 72 clinician-scientists at one of the legacy NHS trusts, 38 (53%) completed a quantitative Competing Values Framework survey and 24 (33%) also provided qualitative responses. The survey was followed up by semi-structured interviews with six clinician-scientists and a group discussion including five senior managers. The cultures of two legacy NHS trusts differed and were primarily distinct from the culture of the academic enterprise. Major cultural issues were related to the relative size, influence, and history of the legacy NHS trusts, and the implications of these for respective identities, clinical services, and finances. Strategic partnership with a university served as an important ameliorating consideration in reaching trust merger. However, some aspects of university entrepreneurial culture are difficult to reconcile with the NHS service delivery model and may create tension. There are challenges in preserving a more desirable culture at one of the legacy NHS trusts, enhancing cultures in both legacy NHS trusts during their post-merger integration, and

  15. Role of Human Resources in the Mergers and Acquisitions Processes

    Directory of Open Access Journals (Sweden)

    Anna Szewczyk

    2007-06-01

    Full Text Available The human resources are one of the most important topics when you talk about the value and importance of a company itself. The article tries to show the different aspects where the human resource affects a merger in the different states of a merger process, especially to the pre-merger-phase, and to which problems it can lead when you not pay attention to it. Finally the question, which is indeed the most important aim concerning mergers namely: how and in which degree the human resource effects the goodwill, is tried to answer.

  16. Maximizing value through mergers and acquisitions in the petroleum industry

    International Nuclear Information System (INIS)

    Anon.

    1996-01-01

    An 'Insight' conference was held in February 1996 to help understand the economics of mergers and acquisitions in the petroleum industry. Speaking notes, overhead projection slides and full text of the presentations (where available) from seven contributors at the conference were combined in this volume of proceedings. Specific topics of discussion included a review of the current scene in mergers and acquisitions, assessing management and employees, optimizing tax advantages, looking for synergies, the value of human perspective in mergers and acquisitions, tips on analyzing the engineering report, and the market's perception of merger and acquisition reporting. tabs., figs

  17. A BARYONIC EFFECT ON THE MERGER TIMESCALE OF GALAXY CLUSTERS

    International Nuclear Information System (INIS)

    Zhang, Congyao; Yu, Qingjuan; Lu, Youjun

    2016-01-01

    Accurate estimation of the merger timescales of galaxy clusters is important for understanding the cluster merger process and further understanding the formation and evolution of the large-scale structure of the universe. In this paper, we explore a baryonic effect on the merger timescale of galaxy clusters by using hydrodynamical simulations. We find that the baryons play an important role in accelerating the merger process. The merger timescale decreases upon increasing the gas fraction of galaxy clusters. For example, the merger timescale is shortened by a factor of up to 3 for merging clusters with gas fractions of 0.15, compared with the timescale obtained with 0 gas fractions. The baryonic effect is significant for a wide range of merger parameters and is particularly more significant for nearly head-on mergers and high merging velocities. The baryonic effect on the merger timescale of galaxy clusters is expected to have an impact on the structure formation in the universe, such as the cluster mass function and massive substructures in galaxy clusters, and a bias of “no-gas” may exist in the results obtained from the dark matter-only cosmological simulations

  18. Using Black Hole Mergers to Explore Structure Formation

    Science.gov (United States)

    Alicea-Munoz, E.; Miller, M. Coleman

    2009-01-01

    Observations of gravitational waves from massive black hole mergers will open a new window into the era of structure formation in the early universe. Past efforts have concentrated on calculating merger rates using different physical assumptions, resulting in merger rate estimates that span a wide range (0.1 - 10(exp 4) mergers/year). We develop a semi-analytical, phenomenological model of massive black hole mergers that includes plausible combinations of several physical parameters, which we then turn around to determine how well observations with the Laser Interferometer Space Antenna (LISA) will be able to enhance our understanding of the universe during the critical z approximately equal to 5-30 epoch. Our approach involves generating synthetic LISA observable data (total BH masses, BH mass ratios, redshifts, merger rates), which are then analyzed using a Markov Chain Monte Carlo method, thus finding constraints for the physical parameters of the mergers. We find that our method works well at estimating merger parameters and that the number of merger events is a key discriminant among models, therefore making our method robust against observational uncertainties. Our approach can also be extended to more physically-driven models and more general problems in cosmology. This work is supported in part by the Cooperative Education Program at NASA/GSFC.

  19. The effect of mergers and acquisitions on behavioral health care.

    Science.gov (United States)

    Lazarus, A

    1995-01-01

    The consolidation of America's managed health care industry rivals any corporate raider scenario. Unlike previous merger booms, however, health care unions in the 1990s have been strategically planned. Particular attention is paid to merger activity in the behavioral health care field. Ultimately, the author writes, mergers will bring greater efficiency and lower costs to health care but also less choice for patients. Unless providers and payers pay close attention to the human side of mergers and acquisitions, new alliances are likely to fall short of their goals.

  20. Maximizing value through mergers and acquisitions in the petroleum industry

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1996-12-01

    An `Insight` conference was held in February 1996 to help understand the economics of mergers and acquisitions in the petroleum industry. Speaking notes, overhead projection slides and full text of the presentations (where available) from seven contributors at the conference were combined in this volume of proceedings. Specific topics of discussion included a review of the current scene in mergers and acquisitions, assessing management and employees, optimizing tax advantages, looking for synergies, the value of human perspective in mergers and acquisitions, tips on analyzing the engineering report, and the market`s perception of merger and acquisition reporting. tabs., figs.

  1. DOUBLE COMPACT OBJECTS. I. THE SIGNIFICANCE OF THE COMMON ENVELOPE ON MERGER RATES

    International Nuclear Information System (INIS)

    Dominik, Michal; Belczynski, Krzysztof; Bulik, Tomasz; Fryer, Christopher; Holz, Daniel E.; Berti, Emanuele; Mandel, Ilya; O'Shaughnessy, Richard

    2012-01-01

    The last decade of observational and theoretical developments in stellar and binary evolution provides an opportunity to incorporate major improvements to the predictions from population synthesis models. We compute the Galactic merger rates for NS-NS, BH-NS, and BH-BH mergers with the StarTrack code. The most important revisions include updated wind mass-loss rates (allowing for stellar-mass black holes up to 80 M ☉ ), a realistic treatment of the common envelope phase (a process that can affect merger rates by 2-3 orders of magnitude), and a qualitatively new neutron star/black hole mass distribution (consistent with the observed m ass gap ) . Our findings include the following. (1) The binding energy of the envelope plays a pivotal role in determining whether a binary merges within a Hubble time. (2) Our description of natal kicks from supernovae plays an important role, especially for the formation of BH-BH systems. (3) The masses of BH-BH systems can be substantially increased in the case of low metallicities or weak winds. (4) Certain combinations of parameters underpredict the Galactic NS-NS merger rate and can be ruled out. (5) Models incorporating delayed supernovae do not agree with the observed NS/BH 'mass gap', in accordance with our previous work. This is the first in a series of three papers. The second paper will study the merger rates of double compact objects as a function of redshift, star formation rate, and metallicity. In the third paper, we will present the detection rates for gravitational-wave observatories, using up-to-date signal waveforms and sensitivity curves.

  2. Efficiency Gains and Myopic Antitrust Authority in a Dynamic Merger Game

    OpenAIRE

    MOTTA, Massimo; VASCONCELOS, Helder

    2003-01-01

    This Paper models a sequential merger formation game with endogenous efficiency gains in which every merger has to be submitted for approval to the Antitrust Authority (AA). Two different types of AA are studied: first, a myopic AA, which judges a given merger without considering that subsequent mergers may occur; and, second, a forward-looking AA, which anticipates the ultimate market structure a given merger will lead to. By contrasting the decisions of these two types of AA, merger policy ...

  3. Dry Etching

    DEFF Research Database (Denmark)

    Stamate, Eugen; Yeom, Geun Young

    2016-01-01

    generation) to 2,200 × 2,500 mm (eighth generation), and the substrate size is expected to increase further within a few years. This chapter aims to present relevant details on dry etching including the phenomenology, materials to be etched with the different recipes, plasma sources fulfilling the dry...

  4. Mergers and Acquisitions in the Spanish Banking Industry: some Empirical Evidence.

    OpenAIRE

    Ignacio Fuentes; Teresa Sastre

    1999-01-01

    Since the late eighties, the Spanish banking system has been undergoing major changes that have affected both its structure and the nature of strategic interaction among banking institutions. Various different strategies have been adopted to tackle the demands of this new operating environment, one such strategy having been consolidation via mergers and acquisitions. This paper attempts to provide some empirical evidence on the impact of the consolidation process on the monetary transmission ...

  5. A MULTIWAVELENGTH STUDY OF A SAMPLE OF 70 μm SELECTED GALAXIES IN THE COSMOS FIELD. II. THE ROLE OF MERGERS IN GALAXY EVOLUTION

    International Nuclear Information System (INIS)

    Kartaltepe, Jeyhan S.; Sanders, D. B.; Le Floc'h, E.; Frayer, D. T.; Aussel, H.; Arnouts, S.; Ilbert, O.; Cassata, P.; Le Fevre, O.; Salvato, M.; Scoville, N. Z.; Capak, P.; Surace, J.; Yan, L.; Caputi, K.; Carollo, C. M.; Lilly, S.; Civano, F.; Hasinger, G.; Koekemoer, A. M.

    2010-01-01

    We analyze the morphological properties of a large sample of 1503 70 μm selected galaxies in the COSMOS field spanning the redshift range 0.01 8 IR (8 - 1000 μm) 14 L sun with a median luminosity of 10 11.4 L sun . In general, these galaxies are massive, with a stellar mass range of 10 10 -10 12 M sun , and luminous, with -25 K IR , with the fraction at the highest luminosity (L IR > 10 12 L sun ) being up to ∼50%. We also find that the fraction of spirals drops dramatically with L IR . Minor mergers likely play a role in boosting the infrared luminosity for sources with low luminosities (L IR 11.5 L sun ). The precise fraction of mergers in any given L IR bin varies by redshift due to sources at z > 1 being difficult to classify and subject to the effects of bandpass shifting; therefore, these numbers can only be considered lower limits. At z 1, the fraction of major mergers is lower, but is at least 30%-40% for ULIRGs. In a comparison of our visual classifications with several automated classification techniques we find general agreement; however, the fraction of identified mergers is underestimated due to automated classification methods being sensitive to only certain timescales of a major merger. Although the general morphological trends agree with what has been observed for local (U)LIRGs, the fraction of major mergers is slightly lower than seen locally. This is in part due to the difficulty of identifying merger signatures at high redshift. The distribution of the U - V color of the galaxies in our sample peaks in the green valley ((U - V) = 1.1) with a large spread at bluer and redder colors and with the major mergers peaking more strongly in the green valley than the rest of the morphological classes. We argue that, given the number of major gas-rich mergers observed and the relatively short timescale that they would be observable in the (U)LIRG phase, it is plausible for the observed red sequence of massive ellipticals ( 12 M sun ) to have been

  6. Merger market power analysis: Pacific Enterprises and Enova Corporation

    International Nuclear Information System (INIS)

    Bailey, S.

    1999-01-01

    The Pacific Enterprises - Enova (PE-Enova) merger may be viewed as an example of the new breed of gas and power 'convergence' mergers. The merger involved the combination of a large gas distribution utility and a contiguous gas and electric utility located in Southern California. As with most mergers, the PE-Enova merger was proposed to federal and state regulators as an opportunity to achieve ratepayer savings. However, the merger also presented an issue of vertical market power involving the substantial electric generation capacity served by Southern California Gas Company (SoCalGas) and its potential impact on electric market prices, and the associated revenues for generation assets owned by San Diego Gas and Electric (SDGandE). In order for the merger to proceed, the approval of at least five separate State and federal regulators would be required. Although much of the attention of state regulators, proponents, and intervenors surrounded the division of synergy savings between ratepayers and shareholders, the analysis of the potential for market power abuse was extensive. Intervenors presented numerous complex arguments regarding the potential adverse effects of the merger on competition. In particular, intervenors argued that the combined company would manipulate its storage and transport operations to influence the delivered price of gas to California generators, and therefore, the price of power in the wholesale electric market. The arguments surrounding the existence and impacts of market power in this case are of interest in the understanding the nature and complexity of factors that may be considered in evaluating mergers. The proceeding also provides insight into how regulators are grappling with market power issues associated with convergence mergers, and weigh merger costs and benefits

  7. MERGER SIGNATURES IN THE DYNAMICS OF STAR-FORMING GAS

    International Nuclear Information System (INIS)

    Hung, Chao-Ling; Sanders, D. B.; Hayward, Christopher C.; Smith, Howard A.; Ashby, Matthew L. N.; Martínez-Galarza, Juan R.; Zezas, Andreas; Lanz, Lauranne

    2016-01-01

    The recent advent of integral field spectrographs and millimeter interferometers has revealed the internal dynamics of many hundreds of star-forming galaxies. Spatially resolved kinematics have been used to determine the dynamical status of star-forming galaxies with ambiguous morphologies, and constrain the importance of galaxy interactions during the assembly of galaxies. However, measuring the importance of interactions or galaxy merger rates requires knowledge of the systematics in kinematic diagnostics and the visible time with merger indicators. We analyze the dynamics of star-forming gas in a set of binary merger hydrodynamic simulations with stellar mass ratios of 1:1 and 1:4. We find that the evolution of kinematic asymmetries traced by star-forming gas mirrors morphological asymmetries derived from mock optical images, in which both merger indicators show the largest deviation from isolated disks during strong interaction phases. Based on a series of simulations with various initial disk orientations, orbital parameters, gas fractions, and mass ratios, we find that the merger signatures are visible for ∼0.2–0.4 Gyr with kinematic merger indicators but can be approximately twice as long for equal-mass mergers of massive gas-rich disk galaxies designed to be analogs of z ∼ 2–3 submillimeter galaxies. Merger signatures are most apparent after the second passage and before the black holes coalescence, but in some cases they persist up to several hundred Myr after coalescence. About 20%–60% of the simulated galaxies are not identified as mergers during the strong interaction phase, implying that galaxies undergoing violent merging process do not necessarily exhibit highly asymmetric kinematics in their star-forming gas. The lack of identifiable merger signatures in this population can lead to an underestimation of merger abundances in star-forming galaxies, and including them in samples of star-forming disks may bias the measurements of disk

  8. INSPIRALLING SUPERMASSIVE BLACK HOLES: A NEW SIGNPOST FOR GALAXY MERGERS

    International Nuclear Information System (INIS)

    Comerford, Julia M.; Gerke, Brian F.; Newman, Jeffrey A.; Davis, Marc; Yan, Renbin; Cooper, Michael C.; Coil, Alison L.; Faber, S. M.; Koo, David C.; Rosario, D. J.; Dutton, Aaron A.

    2009-01-01

    We present a new technique for observationally identifying galaxy mergers spectroscopically rather than through host galaxy imaging. Our technique exploits the dynamics of supermassive black holes (SMBHs) powering active galactic nuclei (AGNs) in merger-remnant galaxies. Because structure in the universe is built up through galaxy mergers and nearly all galaxies host a central SMBH, some galaxies should possess two SMBHs near their centers as the result of a recent merger. These SMBHs spiral to the center of the resultant merger-remnant galaxy, and one or both of the SMBHs may power AGNs. Using the DEEP2 Galaxy Redshift Survey, we have examined 1881 red galaxies, of which 91 exhibit [O III] and Hβ emission lines indicative of Seyfert 2 activity. Of these, 32 AGNs have [O III] emission-line redshifts significantly different from the redshifts of the host galaxies' stars, corresponding to velocity offsets of ∼50 km s -1 to ∼300 km s -1 . Two of these AGNs exhibit double-peaked [O III] emission lines, while the remaining 30 AGNs each exhibit a single set of velocity-offset [O III] emission lines. After exploring a variety of physical models for these velocity offsets, we argue that the most likely explanation is inspiralling SMBHs in merger-remnant galaxies. Based on this interpretation, we find that roughly half of the red galaxies hosting AGNs are also merger remnants, which implies that mergers may trigger AGN activity in red galaxies. The AGN velocity offsets we find imply a merger fraction of ∼30% and a merger rate of ∼3 mergers Gyr -1 for red galaxies at redshifts 0.34 < z < 0.82.

  9. Cross-border mergers and minority protection
    An open-ended harmonization

    Directory of Open Access Journals (Sweden)

    Marieke Wyckaert

    2008-03-01

    Full Text Available Minority protection is an important, though difficult, issue in company law, and a subtle balance must be struck between the legitimate interests of the majority and minority shareholder(s. The rules on minority protection in the context of the Cross-border Mergers Directive, which was recently adopted and should have been transposed into Member States’ national law towards the end of 2007, are examined in this paper. The authors analyse how minority shareholders are protected within the scope of this Directive and how some of the Member States (such as Germany, Italy, Belgium and the Netherlands have transposed or will transpose some of these protective provisions. The different levels of minority protection (information rights, consultation rights, rights to challenge majority decisions and other specific rights are considered, as well as which types of shareholders can benefit from such protection, and why they should be afforded protection. With respect to the last question, the authors conclude that the change in corporate law encountered especially by the shareholders of the disappearing company seems to be the major rationale underlying the European legislator's decision to introduce minority protection (but not oblige Member States to do so. The authors submit that this reflects too narrow a vision on the need for minority protection because it ignores the fact that the change of the corporate form as a consequence of a merger is in itself sufficient rationale for protecting minority shareholders. It remains somewhat of a mystery as to why the European legislator, while confirming that a cross-border merger should be subject to the same rules as a national merger, has created one possible and very vague exception to that rule.

  10. STRUCTURAL ANALYSIS OF MERGERS AND ACQUISITIONS IN THE FOOD INDUSTRY

    OpenAIRE

    Adams, Wendi L.; Love, H. Alan; Capps, Oral, Jr.

    1997-01-01

    Determinants of merger and acquisition activity in the food industry are analyzed using logit regression analysis. Factors affecting the food processing, food retailing and food service sectors are considered. Results indicate merger and acquisition activity in all three sectors are significantly influenced by antitrust activity, profitability and real gross domestic product.

  11. Transparency and Coordinated Effects in European Merger Control

    DEFF Research Database (Denmark)

    Albæk, Svend; Møllgaard, H. Peter; Overgaard, Per Baltzer

    2010-01-01

    In this paper, we first outline the foundations in economic theory of so-called coordinated effects with a particular view to mergers and with a special focus on transparency. Then, we review a number of seminal merger cases in EU competition policy (Airtours, Sony/BMG, ABF/GBI Business) in light...

  12. 12 CFR 931.5 - Liquidation, merger, or consolidation.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Liquidation, merger, or consolidation. 931.5 Section 931.5 Banks and Banking FEDERAL HOUSING FINANCE BOARD FEDERAL HOME LOAN BANK RISK MANAGEMENT AND CAPITAL STANDARDS FEDERAL HOME LOAN BANK CAPITAL STOCK § 931.5 Liquidation, merger, or consolidation. The...

  13. What Drives Private and Public Merger Waves in Europe?

    DEFF Research Database (Denmark)

    Bartholdy, Jan; Blunck, Benjamin

    What drives merger waves? Harford 2005 argues that mergers are an efficient response to economic shocks to an industry, whereas Rhodes-Kropf, Robinson & Viswanathan 2005 argues that merger waves are driven by overvaluation of the acquiring firm, and to a lesser extent, the target firm. Both paper...... significant differences between driving forces for listed firms and for private firms. Public or listed firm mergers and acquisitions are primarily driven by overvaluation or behavioural factors, whereas private transactions are driven by economic factors.......What drives merger waves? Harford 2005 argues that mergers are an efficient response to economic shocks to an industry, whereas Rhodes-Kropf, Robinson & Viswanathan 2005 argues that merger waves are driven by overvaluation of the acquiring firm, and to a lesser extent, the target firm. Both papers...... are based on empirical analyses of listed US firms. This paper presents additional evidence of merger waves in the European Union (EU). The use of European data allows a more detailed analysis, since firm level data is available for both listed as well as private transactions. This analysis reveals...

  14. Migrating Legacy Systems in the Global Merger & Acquisition Environment

    Science.gov (United States)

    Katerattanakul, Pairin; Kam, Hwee-Joo; Lee, James J.; Hong, Soongoo

    2009-01-01

    The MetaFrame system migration project at WorldPharma, while driven by merger and acquisition, had faced complexities caused by both technical challenges and organizational issues in the climate of uncertainties. However, WorldPharma still insisted on instigating this post-merger system migration project. This project served to (1) consolidate the…

  15. Mergers and acquisitions's impact on financial performance: an ...

    African Journals Online (AJOL)

    Mergers and acquisitions's impact on financial performance: an evaluation with perspective of time. ... Journal Home > Vol 9, No 5S (2017) > ... are firms are able to convert these qualitative aspects into quantitative form and if yes than ... Keywords: mergers and acquisitions; du pont analysis; long run; financial performance; ...

  16. Strategic Mergers of Strong Institutions to Enhance Competitive Advantage

    Science.gov (United States)

    Harman, Grant; Harman, Kay

    2008-01-01

    Strategic mergers are formal combinations or amalgamations of higher education institutions with the aim of enhancing competitive advantage, or merging for "mutual growth". Recently, in a number of countries, there has been a decided shift from mergers initiated by governments, and dealing mainly with "problem" cases, towards…

  17. University Mergers in Russia: Four Waves of Educational Policy

    Science.gov (United States)

    Romanenko, K. R.; Lisyutkin, M. A.

    2018-01-01

    This article is aimed at identifying distinctive features of the educational policy of university mergers--their main stages, types, and declared goals. We analyzed cases of university mergers and acquisitions (M&A) from the 1990s to the present, which allowed us to identify and describe four Russia-specific waves of educational policy. Based…

  18. Do Mergers of Potentially Dominant firms foster Innovation?

    NARCIS (Netherlands)

    Cefis, E.; Sabidussi, A.; Schenk, E.J.J.

    2007-01-01

    We investigate the effects of M&A on innovation in the specific context of potential or realized market dominance. Authorities are challenged by balancing both detrimental and beneficial effects of mergers on innovation, especially when a merger threatens to result in market dominance, while

  19. Star formation in mergers with comologically motivated initial conditions

    NARCIS (Netherlands)

    Karman, Wouter; Macciò, Andrea V.; Kannan, Rahul; Moster, Benjamin P.; Somerville, Rachel S.

    2015-01-01

    We use semi-analytic models and cosmological merger trees to provide the initial conditions for multimerger numerical hydrodynamic simulations, and exploit these simulations to explore the effect of galaxy interaction and merging on star formation (SF). We compute numerical realizations of 12 merger

  20. Discriminating strange star mergers from neutron star mergers by gravitational-wave measurements

    International Nuclear Information System (INIS)

    Bauswein, A.; Oechslin, R.; Janka, H.-T.

    2010-01-01

    We perform three-dimensional relativistic hydrodynamical simulations of the coalescence of strange stars and explore the possibility to decide on the strange matter hypothesis by means of gravitational-wave measurements. Self-binding of strange quark matter and the generally more compact stars yield features that clearly distinguish strange star from neutron star mergers, e.g. hampering tidal disruption during the plunge of quark stars. Furthermore, instead of forming dilute halo structures around the remnant as in the case of neutron star mergers, the coalescence of strange stars results in a differentially rotating hypermassive object with a sharp surface layer surrounded by a geometrically thin, clumpy high-density strange quark matter disk. We also investigate the importance of including nonzero temperature equations of state in neutron star and strange star merger simulations. In both cases we find a crucial sensitivity of the dynamics and outcome of the coalescence to thermal effects, e.g. the outer remnant structure and the delay time of the dense remnant core to black hole collapse depend on the inclusion of nonzero temperature effects. For comparing and classifying the gravitational-wave signals, we use a number of characteristic quantities like the maximum frequency during inspiral or the dominant frequency of oscillations of the postmerger remnant. In general, these frequencies are higher for strange star mergers. Only for particular choices of the equation of state the frequencies of neutron star and strange star mergers are similar. In such cases additional features of the gravitational-wave luminosity spectrum like the ratio of energy emitted during the inspiral phase to the energy radiated away in the postmerger stage may help to discriminate coalescence events of the different types. If such characteristic quantities could be extracted from gravitational-wave signals, for instance with the upcoming gravitational-wave detectors, a decision on the

  1. MORTUARY MERGERS AND THE INTERNATIONALIZATION OF INTERMENT

    Directory of Open Access Journals (Sweden)

    David O. Whitten

    2001-01-01

    Full Text Available “Mortuary Mergers and the Internationalization of Interment” is a study ofthe death services industry’s response to a changing market. Throughout the industry and across national borders, independent mortuaries and cemeteries are merging or consolidating. International death services firms are structured much as the automobile, oil, and communications multinationals are. Monopolistic competition is increasingly replaced by national and international oligopoly that may well translate into monopoly in isolated markets and lead to antitrust action and regulation. The study develops the historical roots of the death services industry but concentrates on the revolution underway. The prospects for the industry in the twenty-first century conclude the paper.

  2. The human resources in mergers and acquisitions

    Directory of Open Access Journals (Sweden)

    Noemí Martínez Caraballo

    2007-07-01

    Full Text Available In view of intangible resources -and, among them, human capital- play a significant role in the managerial strategy, this article aims to analyze the fit of human resources in companies that has been target of mergers and/or acquisitions processes. In this sense, the present paper will be centered in carrying out a state of the art of this topic and in showing some evidences about the top managers perceptions of the target company with the purpose of better understanding which are the reasons for the departure and the permanence of them.

  3. Impact of HMO mergers and acquisitions on financial performance.

    Science.gov (United States)

    Weech-Maldonado, Robert

    2002-01-01

    This study examines the effect of health maintenance organization (HMO) mergers and acquisitions on financial performance, as indicated by cash flow returns, profitability ratios, and efficiency indicators. Pooled, cross-sectional files of financial performance data were created for HMO mergers occurring in the period of 1988 to 1994. The study uses a time-series design involving the analysis of pre- and post-acquisition financial performance measured over a period of four years. Change scores for the industry-adjusted financial performance measures were calculated and then evaluated using t-tests. The study showed that HMO mergers had a positive effect on financial performance and efficiency. This effect disappeared, however, after adjusting for HMO industry returns. Potential synergies arising from HMO mergers have been largely illusory. Mergers may have been a result of non-value enhancing motives or management overconfidence.

  4. Which types of hospital mergers save consumers money?

    Science.gov (United States)

    Connor, R A; Feldman, R D; Dowd, B E; Radcliff, T A

    1997-01-01

    This study analyzes the changes in costs and prices from 1986 to 1994 for more than 3,500 U.S. short-term general hospitals, including 122 horizontal mergers. These mergers were generally financially beneficial to consumers, providing average price reductions of approximately 7 percent. Merger-related price reductions were considerably less in market areas with higher market concentration levels. Merger-related price reductions in areas with higher penetration by health maintenance organizations (HMOs) were approximately twice those in areas with lower HMO penetration. Merger-related price reductions were greater for low-occupancy hospitals, nonteaching hospitals, nonsystem hospitals, similar-size hospitals, and hospitals with greater premerger service duplication.

  5. Merger Strategy, Cross-Cultural Involvement, and Polyphony

    DEFF Research Database (Denmark)

    Svane, Marita; Boje, David

    2014-01-01

    to the learning from the experience. By storytelling we mean the dynamic interplay between grander narratives of the past and more emergent living stories of participants. Living story is ontological in its Being-in-the-world, its aliveness primordially in lived-life from birth to death. In this case...... (Aristotle, 350 BCE: 1450b: 25, p. 233). Design: We present a dialogic performance of the cross-cultural dynamics of a merger. The context is a two-year old merger. The merger was strategically a good decision that takes into the consideration that the market is highly competitive with a decreasing number...... of customers and many competitors. The industry is therefore characterised by a high degree of mergers and acquisitions. Despite the strategic advantages the idea of the merger was not equally attractive to both of the organisations. They had a history of being competitors with a good deal of hostility. One...

  6. The incidence of stellar mergers and mass gainers among massive stars

    International Nuclear Information System (INIS)

    De Mink, S. E.; Sana, H.; Langer, N.; Izzard, R. G.; Schneider, F. R. N.

    2014-01-01

    Because the majority of massive stars are born as members of close binary systems, populations of massive main-sequence stars contain stellar mergers and products of binary mass transfer. We simulate populations of massive stars accounting for all major binary evolution effects based on the most recent binary parameter statistics and extensively evaluate the effect of model uncertainties. Assuming constant star formation, we find that 8 −4 +9 % of a sample of early-type stars are the products of a merger resulting from a close binary system. In total we find that 30 −15 +10 % of massive main-sequence stars are the products of binary interaction. We show that the commonly adopted approach to minimize the effects of binaries on an observed sample by excluding systems detected as binaries through radial velocity campaigns can be counterproductive. Systems with significant radial velocity variations are mostly pre-interaction systems. Excluding them substantially enhances the relative incidence of mergers and binary products in the non-radial velocity variable sample. This poses a challenge for testing single stellar evolutionary models. It also raises the question of whether certain peculiar classes of stars, such as magnetic O stars, are the result of binary interaction and it emphasizes the need to further study the effect of binarity on the diagnostics that are used to derive the fundamental properties (star-formation history, initial mass function, mass-to-light ratio) of stellar populations nearby and at high redshift.

  7. HUBBLE CAPTURES MERGER BETWEEN QUASAR AND GALAXY

    Science.gov (United States)

    2002-01-01

    This NASA Hubble Space Telescope image shows evidence fo r a merger between a quasar and a companion galaxy. This surprising result might require theorists to rethink their explanations for the nature of quasars, the most energetic objects in the universe. The bright central object is the quasar itself, located several billion light-years away. The two wisps on the (left) of the bright central object are remnants of a bright galaxy that have been disrupted by the mutual gravitational attraction between the quasar and the companion galaxy. This provides clear evidence for a merger between the two objects. Since their discovery in 1963, quasars (quasi-stellar objects) have been enigmatic because they emit prodigious amounts of energy from a very compact source. The most widely accepted model is that a quasar is powered by a supermassive black hole in the core of a galaxy. These new observations proved a challenge for theorists as no current models predict the complex quasar interactions unveiled by Hubble. The image was taken with the Wide Field Planetary Camera-2. Credit: John Bahcall, Institute for Advanced Study, NASA.

  8. Neutron Star Mergers and the R process

    Science.gov (United States)

    Joniak, Ronald; Ugalde, Claudio

    2017-09-01

    About half of the elements of the periodic table that are present today in the Solar System were synthesized before the formation of the Sun via a rapid neutron capture process (r process). However, the astrophysical site of the r process is a longstanding problem that has captivated both experimental and theoretical astrophysicists. Up to date, two possible scenarios for the site of the r process have been suggested: the first involves the high entropy wind of core collapse supernovae, and the second corresponds to the merger of two compact stellar objects such as neutron stars. We will study the robustness of the nucleosynthesis abundance pattern between the second and third r process peaks as produced by neutron star mergers with r process-like neutron exposures. First, we will vary parameters to obtain an understanding of the astrophysical mechanisms that create the r process. Next, we will create a program to obtain the best possible parameters based on a chi-squared test. Once we have the best fits, we will test the effect of fission in the overall isotope abundance pattern distribution. Later on, we will vary the ratio of masses of the two fission fragments and study its effect on elemental abundances. This research was supported by the UIC College of Liberal Arts and Sciences Undergraduate Research Initiative (LASURI).

  9. Dry cell battery poisoning

    Science.gov (United States)

    Batteries - dry cell ... Acidic dry cell batteries contain: Manganese dioxide Ammonium chloride Alkaline dry cell batteries contain: Sodium hydroxide Potassium hydroxide Lithium dioxide dry cell batteries ...

  10. NEUTRON-STAR MERGER EJECTA AS OBSTACLES TO NEUTRINO-POWERED JETS OF GAMMA-RAY BURSTS

    Energy Technology Data Exchange (ETDEWEB)

    Just, O.; Janka, H.-T.; Schwarz, N. [Max-Planck-Institut für Astrophysik, Karl-Schwarzschild-Str. 1, D-85748 Garching (Germany); Obergaulinger, M. [Departament d´Astronomia i Astrofísica, Universitat de València, Edifici d´Investigació Jeroni Muñoz, C/ Dr. Moliner, 50, E-46100 Burjassot (València) (Spain); Bauswein, A., E-mail: ojust@mpa-garching.mpg.de, E-mail: thj@mpa-garching.mpg.de [Department of Physics, Aristotle University of Thessaloniki, 54124 Thessaloniki (Greece)

    2016-01-10

    We present the first special relativistic, axisymmetric hydrodynamic simulations of black hole-torus systems (approximating general relativistic gravity) as remnants of binary-neutron star (NS–NS) and neutron star–black hole (NS–BH) mergers, in which the viscously driven evolution of the accretion torus is followed with self-consistent energy-dependent neutrino transport and the interaction with the cloud of dynamical ejecta expelled during the NS–NS merging is taken into account. The modeled torus masses, BH masses and spins, and the ejecta masses, velocities, and spatial distributions are adopted from relativistic merger simulations. We find that energy deposition by neutrino annihilation can accelerate outflows with initially high Lorentz factors along polar low-density funnels, but only in mergers with extremely low baryon pollution in the polar regions. NS–BH mergers, where polar mass ejection during the merging phase is absent, provide sufficiently baryon-poor environments to enable neutrino-powered, ultrarelativistic jets with terminal Lorentz factors above 100 and considerable dynamical collimation, favoring short gamma-ray bursts (sGRBs), although their typical energies and durations might be too small to explain the majority of events. In the case of NS–NS mergers, however, neutrino emission of the accreting and viscously spreading torus is too short and too weak to yield enough energy for the outflows to break out from the surrounding ejecta shell as highly relativistic jets. We conclude that neutrino annihilation alone cannot power sGRBs from NS–NS mergers.

  11. NEUTRON-STAR MERGER EJECTA AS OBSTACLES TO NEUTRINO-POWERED JETS OF GAMMA-RAY BURSTS

    International Nuclear Information System (INIS)

    Just, O.; Janka, H.-T.; Schwarz, N.; Obergaulinger, M.; Bauswein, A.

    2016-01-01

    We present the first special relativistic, axisymmetric hydrodynamic simulations of black hole-torus systems (approximating general relativistic gravity) as remnants of binary-neutron star (NS–NS) and neutron star–black hole (NS–BH) mergers, in which the viscously driven evolution of the accretion torus is followed with self-consistent energy-dependent neutrino transport and the interaction with the cloud of dynamical ejecta expelled during the NS–NS merging is taken into account. The modeled torus masses, BH masses and spins, and the ejecta masses, velocities, and spatial distributions are adopted from relativistic merger simulations. We find that energy deposition by neutrino annihilation can accelerate outflows with initially high Lorentz factors along polar low-density funnels, but only in mergers with extremely low baryon pollution in the polar regions. NS–BH mergers, where polar mass ejection during the merging phase is absent, provide sufficiently baryon-poor environments to enable neutrino-powered, ultrarelativistic jets with terminal Lorentz factors above 100 and considerable dynamical collimation, favoring short gamma-ray bursts (sGRBs), although their typical energies and durations might be too small to explain the majority of events. In the case of NS–NS mergers, however, neutrino emission of the accreting and viscously spreading torus is too short and too weak to yield enough energy for the outflows to break out from the surrounding ejecta shell as highly relativistic jets. We conclude that neutrino annihilation alone cannot power sGRBs from NS–NS mergers

  12. 17 CFR 270.17a-8 - Mergers of affiliated companies.

    Science.gov (United States)

    2010-04-01

    ... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Mergers of affiliated... (CONTINUED) RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 § 270.17a-8 Mergers of affiliated companies. (a) Exemption of affiliated mergers. A Merger of a registered investment company (or a series thereof...

  13. 7 CFR 1717.159 - Applications for RUS approvals of mergers.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 11 2010-01-01 2010-01-01 false Applications for RUS approvals of mergers. 1717.159... ELECTRIC LOANS Mergers and Consolidations of Electric Borrowers § 1717.159 Applications for RUS approvals of mergers. If a proposed merger requires RUS approval according to RUS regulations and/or the loan...

  14. Galaxy Mergers from the Largest to the Smallest Scales: Introduction and Overview

    Science.gov (United States)

    Centrella, Joan

    2012-01-01

    Galaxy mergers encompass a wide range of astrophysical phenomena, including cosmological considerations, gas and stellar dynamics, AGN evolution, and mergers of the central SMBHs. Astrophysical signatures of galaxy mergers can be observed across most of the electromagnetic spectrum and through gravitational radiation. This talk provides an introduction and overview of the meeting, highlighting the key aspects of galaxy mergers from large to small scales.

  15. Testing the hierarchical assembly of massive galaxies using accurate merger rates out to z ˜ 1.5

    Science.gov (United States)

    Rodrigues, Myriam; Puech, M.; Flores, H.; Hammer, F.; Pirzkal, N.

    2018-04-01

    We established an accurate comparison between observationally and theoretically estimated major merger rates over a large range of mass (log Mbar/M⊙ =9.9-11.4) and redshift (z = 0.7-1.6). For this, we combined a new estimate of the merger rate from an exhaustive count of pairs within the virial radius of massive galaxies at z ˜ 1.265 and cross-validated with their morphology, with estimates from the morpho-kinematic analysis of two other samples. Theoretical predictions were estimated using semi-empirical models with inputs matching the properties of the observed samples, while specific visibility time-scales scaled to the observed samples were used. Both theory and observations are found to agree within 30 per cent of the observed value, which provides strong support to the hierarchical assembly of galaxies over the probed ranges of mass and redshift. Here, we find that ˜60 per cent of population of local massive (Mstellar =1010.3-11.6 M⊙) galaxies would have undergone a wet major merger since z = 1.5, consistently with previous studies. Such recent mergers are expected to result in the (re-)formation of a significant fraction of local disc galaxies.

  16. Economic and organizational determinants of HMO mergers and failures.

    Science.gov (United States)

    Feldman, R; Wholey, D; Christianson, J

    1996-01-01

    This study analyzed data from all operational health maintenance organizations (HMOs) in the United States from 1986 through 1993. Eighty HMOs disappeared through mergers and 149 failed over that period. We estimated a multinomial logit model to predict whether an HMO would merge and survive, merge and disappear, or fail, relative to the probability of no event. We found that enrollment and profitability play a critical role in explaining HMO mergers and failures: large and profitable HMOs were more likely to merge and survive, but less likely to merge and disappear or fail. These results explain why HMO merger and failure rates fell after 1988, as most surviving HMOs became larger and more profitable. Among several market-area variables in the model, state anti-takeover regulations had a negative impact on mergers. Mergers were more likely in markets with more competing HMOs, but the overall market penetration of HMOs had no effect on mergers. This result may have important implications for the current debate over the future of the competitive health care strategy. If public policy successfully stimulates the development of large numbers of new HMOs, another wave of mergers and failures is likely to occur. But it appears that growth in overall HMO penetration will not lead inevitably to increased market concentration.

  17. On the consequences of low-mass white dwarf mergers

    International Nuclear Information System (INIS)

    Iben, I. Jr.

    1990-01-01

    The theory of binary star evolution suggests that about 10 percent of all main-sequence binary systems should evolve into a close pair of light white dwarfs which merge within a Hubble time. This paper explores the consequences of such mergers on the assumption that a merger can be approximated by a mass-transfer event which occurs on a time scale shorter than that given by the Eddington accretion limit. The evolution of He + He mergers and of CO + He and of hybrid + He mergers are discussed. The birthrate of helium degenerate pairs which merge in less than a Hubble time is estimated, and the space density of low-luminosity merger products currently present in the Galaxy is predicted. It is shown that the evolutionary tracks of models of simulated mergers pass through the region in the H-R diagram occupied by subdwarfs, but that the predicted space density of merger products exceeds by over a factor of three the space density of subdwarf estimated form the known sample of such stars. 61 refs

  18. Single and simultaneous binary mergers in Wright-Fisher genealogies.

    Science.gov (United States)

    Melfi, Andrew; Viswanath, Divakar

    2018-05-01

    The Kingman coalescent is a commonly used model in genetics, which is often justified with reference to the Wright-Fisher (WF) model. Current proofs of convergence of WF and other models to the Kingman coalescent assume a constant sample size. However, sample sizes have become quite large in human genetics. Therefore, we develop a convergence theory that allows the sample size to increase with population size. If the haploid population size is N and the sample size is N 1∕3-ϵ , ϵ>0, we prove that Wright-Fisher genealogies involve at most a single binary merger in each generation with probability converging to 1 in the limit of large N. Single binary merger or no merger in each generation of the genealogy implies that the Kingman partition distribution is obtained exactly. If the sample size is N 1∕2-ϵ , Wright-Fisher genealogies may involve simultaneous binary mergers in a single generation but do not involve triple mergers in the large N limit. The asymptotic theory is verified using numerical calculations. Variable population sizes are handled algorithmically. It is found that even distant bottlenecks can increase the probability of triple mergers as well as simultaneous binary mergers in WF genealogies. Copyright © 2018 Elsevier Inc. All rights reserved.

  19. Decomposition of potential efficiency gains from hospital mergers in Greece.

    Science.gov (United States)

    Flokou, Angeliki; Aletras, Vassilis; Niakas, Dimitris

    2017-12-01

    This paper evaluates the technical efficiency of 71 Greek public hospitals and examines potential efficiency gains from 13 candidate mergers among them. Efficiency assessments are performed using bootstrapped Data Envelopment Analysis (DEA) whilst merger analysis is conducted by applying the Bogetoft and Wang methodology which allows the overall potential merger gains to be decomposed into three main components of inefficiency, namely technical (or learning), scope (or harmony) and scale (or size) effects. Thus, the analysis provides important insights not only on the magnitude of the potential total efficiency gains but also on their sources. The overall analysis is conducted in the context of a complete methodological framework where methods for outlier detection, returns to scale identification, and bias corrections for DEA estimations are also applied. Mergers are analyzed under the assumptions of constant, variable and non-decreasing returns to scale in an input oriented DEA model with three inputs and three outputs. The main finding of the study indicates that almost all mergers show substantial potential room for efficiency improvement, which is mainly attributed to the pre-merger technical inefficiencies of the individual hospitals and therefore it might be possible to be achieved without the need of implementing full-scale mergers. The same -though, at a lower extent- applies to the harmony effect whilst the size effect shows marginal or even negative gains.

  20. EUROPEAN CROSS-BORDER MERGERS AND ACQUISITIONS- REALITIES AND PERSPECTIVES

    Directory of Open Access Journals (Sweden)

    Vancea Mariana

    2011-07-01

    Full Text Available This paper analyses the impact of the economic and financial crisis on merger and acquisition activity in Europe and the latest trends manifested on the cross-border merger and acquisition market involving European companies. Thus, a first objective of this research is to reveal the evolution of the European cross-border merger and acquisition activity in terms of dynamics, volume and structure. Another objective of this research is to reveal the short and medium term perspectives on mergers and acquisitions in Europe. Thus, under the continuous economic recovery of the European countries and the other worldwide economies, the recovery of financial markets and the growth of corporate profits, we shall witness an intensive cross-border merger and acquisition activity in Europe. The expansion engine of these operations seems to be represented by the emerging economies. This research is based on a systematic, logical and comparative analysis of scientific literature and statistical data regarding the cross-border mergers and acquisitions that involve European companies in recent years. This paper is part of the doctoral thesis Mergers and acquisitions- strategies of growth and development of enterprises. European and national particularities, coordinated by professor Ph.D. Alina Bădulescu from University of Oradea, Faculty of Economics. The doctoral research is supported by The Sectorial Operational Program for Human Resources Development 2007-2013, Contract POSDRU 59/1.5/S/1- Romanian researchers through modern and efficient doctoral programs.

  1. Properties of Kilonovae from Dynamical and Post-merger Ejecta of Neutron Star Mergers

    Science.gov (United States)

    Tanaka, Masaomi; Kato, Daiji; Gaigalas, Gediminas; Rynkun, Pavel; Radžiūtė, Laima; Wanajo, Shinya; Sekiguchi, Yuichiro; Nakamura, Nobuyuki; Tanuma, Hajime; Murakami, Izumi; Sakaue, Hiroyuki A.

    2018-01-01

    Ejected material from neutron star mergers gives rise to electromagnetic emission powered by radioactive decays of r-process nuclei, the so-called kilonova or macronova. While properties of the emission are largely affected by opacities in the ejected material, available atomic data for r-process elements are still limited. We perform atomic structure calculations for r-process elements: Se (Z = 34), Ru (Z = 44), Te (Z = 52), Ba (Z = 56), Nd (Z = 60), and Er (Z = 68). We confirm that the opacities from bound–bound transitions of open f-shell, lanthanide elements (Nd and Er) are higher than those of the other elements over a wide wavelength range. The opacities of open s-shell (Ba), p-shell (Se and Te), and d-shell (Ru) elements are lower than those of open f-shell elements, and their transitions are concentrated in the ultraviolet and optical wavelengths. We show that the optical brightness can be different by > 2 mag depending on the element abundances in the ejecta such that post-merger, lanthanide-free ejecta produce brighter and bluer optical emission. Such blue emission from post-merger ejecta can be observed from the polar directions if the mass of the preceding dynamical ejecta in these regions is small. For the ejecta mass of 0.01 {M}ȯ , observed magnitudes of the blue emission will reach 21.0 mag (100 Mpc) and 22.5 mag (200 Mpc) in the g and r bands within a few days after the merger, which are detectable with 1 m or 2 m class telescopes.

  2. Dry storage

    International Nuclear Information System (INIS)

    Arnott, Don.

    1985-01-01

    The environmental movement has consistently argued against disposal of nuclear waste. Reasons include its irretrievability in the event of leakage, the implication that reprocessing will continue and the legitimacy attached to an expanding nuclear programme. But there is an alternative. The author here sets out the background and a possible future direction of a campaign based on a call for dry storage. (author)

  3. Merger of binary neutron stars: Gravitational waves and electromagnetic counterparts

    Energy Technology Data Exchange (ETDEWEB)

    Shibata, Masaru

    2016-12-15

    Late inspiral and merger phases of binary neutron stars are the valuable new experimental fields for exploring nuclear physics because (i) gravitational waves from them will bring information for the neutron-star equation of state and (ii) the matter ejected after the onset of the merger could be the main site for the r-process nucleosynthesis. We will summarize these aspects of the binary neutron stars, describing the current understanding for the merger process of binary neutron stars that has been revealed by numerical-relativity simulations.

  4. An Empirical Analysis of Post-Merger Organizational Integration

    DEFF Research Database (Denmark)

    Smeets, Valerie Anne Rolande; Ierulli, Kathryn; Gibbs, Michael

    2016-01-01

    existing establishments. Worker turnover is high after merger, but new hiring yields stable total employment. Target employees have higher turnover and reassignment, particularly if the target firm is small relative to the acquiring firm. These findings may suggest integration is costly, but can......We study post-merger organizational integration using linked employer-employee data. Integration is implemented by reassigning a small number of high skilled workers, especially in R&D and management. Workforce mixing is concentrated to establishments set up after merger rather than to previously...... be achieved by focusing on key employees. Alternatively, reassigning a few key employees is sufficient for achieving integration....

  5. Mergers and acquisitions in the international banking sector

    Directory of Open Access Journals (Sweden)

    Botis, S.

    2013-06-01

    Full Text Available The economic crisis emphasized the risks that banks assume and run. Reducing them is a strong reason for the acceleration of mergers and acquisitions in the international banking field. The merger of banking entities has established itself as a modern method of global credit risk management within every country and internationally. The main objective of this article is to highlight the latest developments on the bank mergers and acquisitions market in the U.S. and EU and on emerging market trends.

  6. Mergers and acquisitions: new arrangements in health care. Part 1.

    Science.gov (United States)

    Grant, E A

    1988-02-01

    Mergers and acquisitions are assuming a more important role in the healthcare industry today. These transactions require various issues be considered, such as valuation, capital planning, and so forth. In this article, the first in a five-part series on mergers and acquisitions, the fundamental methods and techniques of valuation are discussed. Some of these valuation methods, including comparative market transactions and free cash flow, are explained and examples are used to help potential purchasers and sellers to determine an organization's true value. Other articles in this series will include legal issues, tax implications, purchase investigations, and capital planning for mergers and acquisitions.

  7. A machine learning approach to galaxy-LSS classification - I. Imprints on halo merger trees

    Science.gov (United States)

    Hui, Jianan; Aragon, Miguel; Cui, Xinping; Flegal, James M.

    2018-04-01

    The cosmic web plays a major role in the formation and evolution of galaxies and defines, to a large extent, their properties. However, the relation between galaxies and environment is still not well understood. Here, we present a machine learning approach to study imprints of environmental effects on the mass assembly of haloes. We present a galaxy-LSS machine learning classifier based on galaxy properties sensitive to the environment. We then use the classifier to assess the relevance of each property. Correlations between galaxy properties and their cosmic environment can be used to predict galaxy membership to void/wall or filament/cluster with an accuracy of 93 per cent. Our study unveils environmental information encoded in properties of haloes not normally considered directly dependent on the cosmic environment such as merger history and complexity. Understanding the physical mechanism by which the cosmic web is imprinted in a halo can lead to significant improvements in galaxy formation models. This is accomplished by extracting features from galaxy properties and merger trees, computing feature scores for each feature and then applying support vector machine (SVM) to different feature sets. To this end, we have discovered that the shape and depth of the merger tree, formation time, and density of the galaxy are strongly associated with the cosmic environment. We describe a significant improvement in the original classification algorithm by performing LU decomposition of the distance matrix computed by the feature vectors and then using the output of the decomposition as input vectors for SVM.

  8. Post-Mergers and Acquisitions: The Motives, Success Factors and Key Success Indicators

    Directory of Open Access Journals (Sweden)

    Hatem El Zuhairy

    2015-07-01

    Full Text Available There is a wide body of evidence showing a significant increase in the adoption of mergers and acquisitions (M&A worldwide. Moreover, research confirms that the integration and implementation stage (post-M&A has a major impact on the success or failure of a merger or acquisition. Therefore it has become increasingly important to explore the post-M&A phase further in order to support the management teams of organizations pursuing a merger or acquisition in meeting all their desired objectives. This paper proposes a framework to help in the successful execution of M&A. The framework contains three main elements: the motives, success factors and key success indicators (KSI. A qualitative research approach using the multiple case study methodology was conducted to test the framework. Ten case studies were selected from the industrial sector in Egypt and used to validate the research. The final version of the M&A framework was provided after applying the research results. Considering the practical implications of the M&A framework, a tool was proposed for its application in light of the balanced scorecard (BSC methodology. The proposed M&A scorecard tool should be used in the strategic planning and execution of M&A. Both the proposed M&A framework and the M&A scorecard tool should be used to guide the implementation of M&A in order to increase the success rate enjoyed by organizations.

  9. Empirical Analysis of Effects of Bank Mergers and Acquisitions on Small Business Lending in Nigeria

    Science.gov (United States)

    Ita, Asuquo Akabom

    2012-11-01

    Mergers and acquisitions are the major instruments of the recent banking reforms in Nigeria.The effects and the implications of the reforms on the lending practices of merged banks to small businesses were considered in this study. These effects were divided into static and dynamic effects (restructuring, direct and external). Data were collected by cross-sectional research design and were subsequently analyzed by the ordinary least square (OLS) method.The analyses show that bank size, financial characteristics and deposit of non-merged banks are positively related to small business lending. While for the merged banks, the reverse is the case. From the above result, it is evident that merger and acquisition have not only static effect on small business lending but also dynamic effect, therefore, given the central position of small businesses in the current government policy on industrialization in Nigeria, policy makers in Nigeria, should consider both the static and dynamic effects of merger and acquisition on small business lending in their policy thrust.

  10. The Study of Airline Merger and Acquisition in the Great China Area

    Science.gov (United States)

    Shon, Zhengyi

    2003-01-01

    The Asian financial crisis in the late 20 th century has some long lasting effect on the air transportation industry in Asia, especially in the Great China Area. Starting from 1998, airlines in both China and Taiwan suffered some serious financial losses due to the diminishing travel demand caused by the economic recession. Airlines were forced to cut price to attract passengers and hence crashed the market discipline. A number of airline mergers and acquisitions were then driven by the markets and the governments. After China and Taiwan have both entered the World Trade Organization, some mega-merging cases were finalized in late 2002 for better fitting the world's aviation competitions. This paper reviews the nine merging and acquiring cases in the Great China Area in the past 5 years. Almost all the airlines in the area were involved. The new groups of airlines and the survival airlines are introduced. Market response to the airline mergers will also be examined. A general look over the performance of the new airlines will be discussed. And the future of the market will also be analyzed. Finally, the practices and the impacts of current inter-state mergers in the Great China Area will be examined. The study has expected a highly concentrated domestic market in both China and Taiwan. Each of the market will be dominated by three major airline groups of their own. Cross-holding equity within these 6 leading aviation groups would also be possible after further deregulations.

  11. TIDAL TAILS OF MINOR MERGERS: STAR FORMATION EFFICIENCY IN THE WESTERN TAIL OF NGC 2782

    Energy Technology Data Exchange (ETDEWEB)

    Knierman, Karen; Scowen, Paul; Jansen, Rolf A. [School of Earth and Space Exploration, Arizona State University, 550 East Tyler Mall, Room PSF-686 (P.O. Box 871404), Tempe, AZ 85287-1404 (United States); Knezek, Patricia M. [WIYN Consortium, Inc., 950 North Cherry Avenue, Tucson, AZ 85719 (United States); Wehner, Elizabeth, E-mail: karen.knierman@asu.edu, E-mail: paul.scowen@asu.edu, E-mail: rolf.jansen@asu.edu, E-mail: pknezek@noao.edu, E-mail: ewehner@haverford.edu [Department of Astronomy, Haverford College, Haverford, PA 19041 (United States)

    2012-04-10

    While major mergers and their tidal debris are well studied, they are less common than minor mergers (mass ratios {approx}< 0.3). The peculiar spiral NGC 2782 is the result of a merger between two disk galaxies with a mass ratio of {approx}4: 1 occurring {approx}200 Myr ago. This merger produced a molecular and H I-rich, optically bright eastern tail and an H I-rich, optically faint western tail. Non-detection of CO in the western tail by Braine et al. suggested that star formation had not yet begun to occur in that tidal tail. However, deep H{alpha} narrowband images show evidence of recent star formation in the western tail. Across the entire western tail, we find the global star formation rate per unit area ({Sigma}{sub SFR}) to be several orders of magnitude less than expected from the total gas density. Together with extended FUV+NUV emission from Galaxy Evolution Explorer along the tail, this indicates a low global star formation efficiency in the tidal tail producing lower mass star clusters. The H II region that we observed has a local (few-kiloparsec scale) {Sigma}{sub SFR} from H{alpha} that is less than that expected from the total gas density, which is consistent with other observations of tidal debris. The star formation efficiency of this H II region inferred from the total gas density is low, but normal when inferred from the molecular gas density. These results suggest the presence of a very small, locally dense region in the western tail of NGC 2782 or of a low-metallicity and/or low-pressure star-forming region.

  12. Effects of feeding canola meal or wheat dried distillers grains with solubles as a major protein source in low- or high-crude protein diets on ruminal fermentation, omasal flow, and production in cows.

    Science.gov (United States)

    Mutsvangwa, T; Kiran, D; Abeysekara, S

    2016-02-01

    The objective of this study was to determine the effects of feeding canola meal (CM) or wheat dried distillers grains with solubles (W-DDGS) as the major source of protein in diets varying in crude protein (CP) content on ruminal fermentation, microbial protein production, omasal nutrient flow, and production performance in lactating dairy cows. Eight lactating dairy cows were used in a replicated 4×4 Latin square design with 29-d periods (21 d of dietary adaptation and 8 d of measurements) and a 2×2 factorial arrangement of dietary treatments. Four cows in 1 Latin square were ruminally cannulated to allow ruminal and omasal sampling. The treatment factors were (1) source of supplemental protein (CM vs. W-DDGS) and (2) dietary CP content (15 vs. 17%; DM basis). Diets contained 50% forage and 50% concentrate, and were fed twice daily at 0900 and 1600 h as total mixed rations for ad libitum intake. Dry matter intake and milk yield were unaffected by dietary treatments; however, milk yield in cows that were fed CM was numerically greater (+1.1 kg/d) when compared with cows fed W-DDGS. Feeding CM increased milk lactose content compared with feeding W-DDGS. Milk urea nitrogen and ruminal NH3-N concentrations were greater in cows fed the high-CP compared with those fed the low-CP diet. The rumen-degradable protein supply was greater in cows fed the high-CP when compared with those fed the low-CP diet when diets contained CM, whereas rumen-degradable protein supply was lower in cows fed the high-CP when compared with those fed the low-CP diet when diets contained W-DDGS. Total N flow at the omasal canal was not affected by diet; however, omasal flow of NH3-N was greater in cows fed CM when compared with those fed W-DDGS. The rumen-undegradable protein supply was greater in cows fed the low-CP when compared with those fed the high-CP diet when diets contained CM, whereas rumen-undegradable protein supply was lower in cows fed the low-CP when compared with those fed the

  13. Electromagnetic Counterparts to Black Hole Mergers

    Science.gov (United States)

    Schnittman, Jeremy D.

    2011-01-01

    During the final moments of a binary black hole (BH) merger, the gravitational wave (GW) luminosity of the system is greater than the combined electromagnetic (EM) output of the entire observable universe. However, the extremely weak coupling between GWs and ordinary matter makes these waves very difficult to detect directly. Fortunately, the inspirating BH system will interact strongly-on a purely Newtonian level-with any surrounding material in the host galaxy, and this matter can in turn produce unique EM signals detectable at Earth. By identifying EM counterparts to GW sources, we will be able to study the host environments of the merging BHs, in turn greatly expanding the scientific yield of a mission like LISA. Here we present a comprehensive review of the recent literature on the subject of EM counterparts, as well as a discussion of the theoretical and observational advances required to fully realize the scientific potential of the field.

  14. Managing mergers in the petroleum industry

    International Nuclear Information System (INIS)

    Swartout, H. B.

    1997-01-01

    The size and scope of various acquisitions by Precision Drilling Corporation over the last decade were examined from the point of view of the acquiror. Also examined were Precision Drilling's approach to acquisitions and the probable reasons for the Corporation's success in acquiring other companies. In a series of 15 acquisitions from 1985 to 1997, the company went from the initial three drilling rigs to 205 rigs and from $4.5 million in revenues in 1985 to $455 million in 1997. Knowing the drilling business and the customers' business, an informed assessment of the target company's long term potential, decisive action, efficient and knowledgeable negotiators able to assess what is driving the other side, and a flexible, creative approach to financing mergers, were identified as most responsible for the Corporation's success

  15. Analyzing and executing mergers and acquisitions.

    Science.gov (United States)

    Woodard, M A; Lindstrom, K

    1997-05-01

    Healthcare organization are consolidating at an unprecedented rate. With the number of mergers and acquisitions not likely to abate, healthcare organizations will need to become involved in strategic planning to manage the effects of this transaction activity and exert more control over the direction it will take. In particular, healthcare organizations need to know how to respond when their organizations are approached about a consolidation opportunity and how to determine whether a consolidation transaction would be strategically advantageous. Healthcare organizations can increase the chances that a consolidation will be successful by following six steps: performing a business inventory; determining the desire business profile; setting criteria for selecting a partner; identifying potential buyers and sellers; negotiating terms; and closing the transaction.

  16. Neutrino flavor evolution in neutron star mergers

    Science.gov (United States)

    Tian, James Y.; Patwardhan, Amol V.; Fuller, George M.

    2017-08-01

    We examine the flavor evolution of neutrinos emitted from the disklike remnant (hereafter called "neutrino disk") of a binary neutron star (BNS) merger. We specifically follow the neutrinos emitted from the center of the disk, along the polar axis perpendicular to the equatorial plane. We carried out two-flavor simulations using a variety of different possible initial neutrino luminosities and energy spectra and, for comparison, three-flavor simulations in specific cases. In all simulations, the normal neutrino mass hierarchy was used. The flavor evolution was found to be highly dependent on the initial neutrino luminosities and energy spectra; in particular, we found two broad classes of results depending on the sign of the initial net electron neutrino lepton number (i.e., the number of neutrinos minus the number of antineutrinos). In the antineutrino-dominated case, we found that the matter-neutrino resonance effect dominates, consistent with previous results, whereas in the neutrino-dominated case, a bipolar spectral swap develops. The neutrino-dominated conditions required for this latter result have been realized, e.g., in a BNS merger simulation that employs the "DD2" equation of state for neutron star matter [Phys. Rev. D 93, 044019 (2016), 10.1103/PhysRevD.93.044019]. For this case, in addition to the swap at low energies, a collective Mikheyev-Smirnov-Wolfenstein mechanism generates a high-energy electron neutrino tail. The enhanced population of high-energy electron neutrinos in this scenario could have implications for the prospects of r -process nucleosynthesis in the material ejected outside the plane of the neutrino disk.

  17. CANDELS: CONSTRAINING THE AGN-MERGER CONNECTION WITH HOST MORPHOLOGIES AT z {approx} 2

    Energy Technology Data Exchange (ETDEWEB)

    Kocevski, Dale D.; Faber, S. M.; Mozena, Mark; Trump, Jonathan R.; Koo, David C. [University of California Observatories/Lick Observatory, University of California, Santa Cruz, CA 95064 (United States); Koekemoer, Anton M.; Somerville, Rachel S.; Lotz, Jennifer M.; Dahlen, Tomas; Donley, Jennifer L. [Space Telescope Science Institute, Baltimore, MD 21218 (United States); Nandra, Kirpal; Brusa, Marcella; Wuyts, Stijn [Max-Planck-Institut fuer extraterrestrische Physik, D-85748 Garching (Germany); Rangel, Cyprian; Laird, Elise S. [Astrophysics Group, Imperial College London, London, SW7 2AZ (United Kingdom); Bell, Eric F. [Department of Astronomy, University of Michigan, Ann Arbor, MI 48109 (United States); Alexander, David M. [Department of Physics, Durham University, Durham DH1 3LE (United Kingdom); Bournaud, Frederic [CEA, IRFU, SAp and Laboratoire AIM Paris-Saclay, F-91191 Gif-sur-Yvette (France); Conselice, Christopher J. [Centre for Astronomy and Particle Theory, University of Nottingham, Nottingham, NG7 2RD (United Kingdom); Dekel, Avishai, E-mail: kocevski@ucolick.org [Racah Institute of Physics, The Hebrew University of Jerusalem, Jerusalem 91904 (Israel); and others

    2012-01-10

    Using Hubble Space Telescope/WFC3 imaging taken as part of the Cosmic Assembly Near-infrared Deep Extragalactic Legacy Survey, we examine the role that major galaxy mergers play in triggering active galactic nucleus (AGN) activity at z {approx} 2. Our sample consists of 72 moderate-luminosity (L{sub X} {approx} 10{sup 42-44} erg s{sup -1}) AGNs at 1.5 < z < 2.5 that are selected using the 4 Ms Chandra observations in the Chandra Deep Field South, the deepest X-ray observations to date. Employing visual classifications, we have analyzed the rest-frame optical morphologies of the AGN host galaxies and compared them to a mass-matched control sample of 216 non-active galaxies at the same redshift. We find that most of the AGNs reside in disk galaxies (51.4{sup +5.8}{sub -5.9}%), while a smaller percentage are found in spheroids (27.8{sup +5.8}{sub -4.6}%). Roughly 16.7{sup +5.3}{sub -3.5}% of the AGN hosts have highly disturbed morphologies and appear to be involved in a major merger or interaction, while most of the hosts (55.6{sup +5.6}{sub -5.9}%) appear relatively relaxed and undisturbed. These fractions are statistically consistent with the fraction of control galaxies that show similar morphological disturbances. These results suggest that the hosts of moderate-luminosity AGNs are no more likely to be involved in an ongoing merger or interaction relative to non-active galaxies of similar mass at z {approx} 2. The high disk fraction observed among the AGN hosts also appears to be at odds with predictions that merger-driven accretion should be the dominant AGN fueling mode at z {approx} 2, even at moderate X-ray luminosities. Although we cannot rule out that minor mergers are responsible for triggering these systems, the presence of a large population of relatively undisturbed disk-like hosts suggests that the stochastic accretion of gas plays a greater role in fueling AGN activity at z {approx} 2 than previously thought.

  18. LIGO Discovers the Merger of Two Black Holes

    Science.gov (United States)

    Kohler, Susanna

    2016-02-01

    Big news: the Laser Interferometer Gravitational-Wave Observatory (LIGO) has detected its first gravitational-wave signal! Not only is the detection of this signal a major technical accomplishment and an exciting confirmation of general relativity, but it also has huge implications for black-hole astrophysics.What did LIGO see?LIGO is designed to detect the ripples in space-time created by two massive objects orbiting each other. These waves can reach observable amplitudes when a binary system consisting of two especially massive objects i.e., black holes or neutron stars reach the end of their inspiral and merge.LIGO has been unsuccessfully searching for gravitational waves since its initial operations in 2002, but a recent upgrade in its design has significantly increased its sensitivity and observational range. The first official observing run of Advanced LIGO began 18 September 2015, but the instruments were up and running in engineering mode several weeks before that. And it was in this time frame before official observing even began! that LIGO spotted its first gravitational wave signal: GW150914.One of LIGOs two detection sites, located near Hanford in eastern Washington. [LIGO]The signal, detected on 14 September, 2015, provides astronomers with a remarkable amount of information about the merger that caused it. From the detection, the LIGO team has extracted the masses of the two black holes that merged, 36+5-4 and 29+4-4 solar masses, as well as the mass of the final black hole formed by the merger, ~62 solar masses. The team also determined that the merger happened roughly a billion light-years away (at a redshift of z~0.1), and the direction of the signal was localized to an area of ~600 square degrees (roughly 1% of the sky).Why is this detection a big deal?This is the firstdirect detection of gravitational waves, providing spectacular further confirmation of Einsteins theory of general relativity. But the implications of GW150914 go far beyond this

  19. Black Hole Mergers, Gravitational Waves, and Multi-Messenger Astronomy

    Science.gov (United States)

    Centrella, Joan M.

    2010-01-01

    The final merger of two black holes is expected to be the strongest source of gravitational waves for both ground-based detectors such as LIGO and VIRGO, as well as the space-based LISA. Since the merger takes place in the regime of strong dynamical gravity, computing the resulting gravitational waveforms requires solving the full Einstein equations of general relativity on a computer. Although numerical codes designed to simulate black hole mergers were plagued for many years by a host of instabilities, recent breakthroughs have conquered these problems and opened up this field dramatically. This talk will focus on the resulting gold rush of new results that is revealing the dynamics and waveforms of binary black hole mergers, and their applications in gravitational wave detection, astrophysics, and testing general relativity.

  20. Black Hole Mergers and Gravitational Waves: Opening the New Frontier

    Science.gov (United States)

    Centrella, Joan

    2012-01-01

    The final merger of two black holes produces a powerful burst of gravitational waves, emitting more energy than all the stars in the observable universe combined. Since these mergers take place in the regime of strong dynamical gravity, computing the gravitational waveforms requires solving the full Einstein equations of general relativity on a computer. For more than 30 years, scientists tried to simulate these mergers using the methods of numerical relativity. The resulting computer codes were plagued by instabilities, causing them to crash well before the black holes in the binary could complete even a single orbit. In the past several years, this situation has changed dramatically, with a series of remarkable breakthroughs. This talk will highlight these breakthroughs and the resulting 'gold rush' of new results that is revealing the dynamics of binary black hole mergers, and their applications in gravitational wave detection, testing general relativity, and astrophysics.

  1. Horizontal mergers and weak and strong competition commissions

    Directory of Open Access Journals (Sweden)

    Ristić Bojan

    2014-01-01

    Full Text Available In this paper we analyse the horizontal merger of companies in an already concentrated industry. The participants in mergers are obliged to submit notification to the Competition Commission but they also have the option of rejecting the merger. At the time of the notification submission the participants do not know whether the Commission is strong or weak, and they can complain to the Court if the Commission prohibits the merger. We model the strategic interaction between Participants and Commission in a dynamic game of incomplete information and determine weak perfect Bayesian equilibria. The main finding of our paper is that Participants will base their decision to submit notification on their belief in a weak Commission decision and will almost completely ignore the possibility of a strong Commission decision. We also provide a detailed examination of one case from Serbian regulatory practice, which coincides with the results of our game theoretical model.

  2. 76 FR 72823 - Voluntary Mergers of Federal Home Loan Banks

    Science.gov (United States)

    2011-11-28

    ... corporate law, disclosure practices that are required under the federal securities laws, and the approval standards required under federal banking laws relating to mergers of insured depository institutions. D...

  3. Mergers and acquisitions: some implications of cultural change.

    Science.gov (United States)

    Cavanaugh, S J

    1996-01-01

    A result of recent National Health Service reforms is the need to investigate, and possibly change, the culture of the professional working relationship between members of staff and their employer. This is particularly the case in situations of mergers and acquisitions where staff working from different cultural environments must work together. Mergers are becoming a feature of health service provision, perhaps this becomes most obvious with the recent moves by colleges of nursing and midwifery into the higher education sector and amalgamations of some purchasing authorities. Mergers highlight the practical issues of bringing together different organizational and work cultures to deliver a high quality service. This article discusses some aspects of the nature of organizational culture, the human impact of mergers and acquisitions and offers strategies for managing these events.

  4. Modeling the Complete Gravitational Wave Spectrum of Neutron Star Mergers.

    Science.gov (United States)

    Bernuzzi, Sebastiano; Dietrich, Tim; Nagar, Alessandro

    2015-08-28

    In the context of neutron star mergers, we study the gravitational wave spectrum of the merger remnant using numerical relativity simulations. Postmerger spectra are characterized by a main peak frequency f2 related to the particular structure and dynamics of the remnant hot hypermassive neutron star. We show that f(2) is correlated with the tidal coupling constant κ(2)^T that characterizes the binary tidal interactions during the late-inspiral merger. The relation f(2)(κ(2)^T) depends very weakly on the binary total mass, mass ratio, equation of state, and thermal effects. This observation opens up the possibility of developing a model of the gravitational spectrum of every merger unifying the late-inspiral and postmerger descriptions.

  5. Modeling the Effects of Mergers in the Retail Sector

    DEFF Research Database (Denmark)

    Blomgren-Hansen, Niels

    2013-01-01

    the retail and wholesale markets is constructed, calibrated and simulated based on a concrete case (the acquisition and merger of 250 shops previously organized in a voluntary chain of shops comprising roughly half of the market for high-end cosmetics in Denmark). Model simulations predicts that the merger......According to EU competition law, mergers that significantly impedes effective competition, particularly by creating or strengthening a dominant position are prohibited. To identify these cases, authorities need a quantifiable model of the relationship between the variables that are affected...... by the merger and some measure of competition. Furthermore, the authorities must make their decision quickly, rendering deliberate data collection and econometric analyses infeasible in practice. The decision must be based on easily accessible data. In this paper, a simple model of the interaction between...

  6. Efficiency defense and administrative fuzziness in merger regulation

    Czech Academy of Sciences Publication Activity Database

    Medvedev, Andrei

    -, č. 234 (2004), s. 1-42 ISSN 1211-3298 Institutional research plan: CEZ:AV0Z7085904 Keywords : merger regulation * efficiency defense Subject RIV: AH - Economics http://www.cerge-ei.cz/pdf/wp/Wp234.pdf

  7. Quality competition and hospital mergers-An experiment.

    Science.gov (United States)

    Han, Johann; Kairies-Schwarz, Nadja; Vomhof, Markus

    2017-12-01

    On the basis of a Salop model with regulated prices, we investigate quality provision behaviour of competing hospitals before and after a merger. For this, we use a controlled laboratory experiment where subjects decided on the level of treatment quality as head of a hospital. We find that the post-merger average quality is significantly lower than the average pre-merger quality. However, for merger insiders and outsiders, average quality choices are significantly higher than predicted for pure profit-maximising hospitals. This upward deviation is potentially driven by altruistic behaviour towards patients. Furthermore, we find that in the case where sufficient cost synergies are realised by the merged hospitals, there is a significant increase in average quality choices compared to the scenario without synergies. Finally, we find that our results do not change when comparing individual decisions to team decisions. Copyright © 2017 John Wiley & Sons, Ltd.

  8. 7 CFR 1735.19 - Mergers and consolidations.

    Science.gov (United States)

    2010-01-01

    ... Basic Policies § 1735.19 Mergers and consolidations. RUS does not make loans for the sole purpose of... making loans to the telephone system to finance the improvement or extension of telephone service in...

  9. Mergers and Acquisitions By China's Petroleum and Chemical Companies

    Institute of Scientific and Technical Information of China (English)

    Peter Zong

    2007-01-01

    @@ In the world of mergers and acquisitions (M&A), deals by Asian players usually account for around 15% of the activity.In 2005 and 2006, however, this proportion increased and was estimated to be 18% - 20%.

  10. AN OVERVIEW ON THE DETERMINANTS OF MERGERS AND ACQUISITIONS WAVES

    Directory of Open Access Journals (Sweden)

    Vancea Mariana

    2012-12-01

    Full Text Available This paper concentrates on the presentation of the economic dimension of the mergers and acquisitions from a macroeconomic perspective. Thus, the objective of this paper is to reveal the main drivers of merger and acquisition activity. These operations take place in waves, which enters the context of changing the competition game marked by economic changes, technological evolutions, changes generated by the phenomenon of globalization, and by regulating changes. On the other side, a series of studies in the literature argue the existence of a connection between evaluating the securities and the merger and acquisition activity. This research is based on a systematic, logical and comparative analysis of scientific literature regarding the macroeconomic determinants of mergers and acquisitions.

  11. Numerical Relativity Simulations for Black Hole Merger Astrophysics

    Science.gov (United States)

    Baker, John G.

    2010-01-01

    Massive black hole mergers are perhaps the most energetic astronomical events, establishing their importance as gravitational wave sources for LISA, and also possibly leading to observable influences on their local environments. Advances in numerical relativity over the last five years have fueled the development of a rich physical understanding of general relativity's predictions for these events. Z will overview the understanding of these event emerging from numerical simulation studies. These simulations elucidate the pre-merger dynamics of the black hole binaries, the consequent gravitational waveform signatures ' and the resulting state, including its kick velocity, for the final black hole produced by the merger. Scenarios are now being considered for observing each of these aspects of the merger, involving both gravitational-wave and electromagnetic astronomy.

  12. The Role of Occupational Identification During Post-Merger Integration.

    Science.gov (United States)

    Kroon, David P; Noorderhaven, Niels G

    2018-04-01

    Integration processes after mergers are fraught with difficulties, and constitute a main cause of merger failure. This study focuses on the human aspect of post-merger integration, and in particular, on the role of occupational identification. We theorize and empirically demonstrate by means of a survey design that employees' identification with their occupation is positively related to their willingness to cooperate in the post-merger integration process, over and above the effect of organization members' organizational identification. This positive effect of occupational identification is stronger for uniformed personnel but attenuates in the course of the integration process. Qualitative interviews further explore and interpret the results from our statistical analysis. Together, these findings have important practical implications and suggest future research directions.

  13. COMPANIES’ MERGERS AND AQUISITIONS AS A SOCIAL PROCESS: MODERN REALITIES

    Directory of Open Access Journals (Sweden)

    S. A. Barkov

    2017-01-01

    Full Text Available Mergers and acquisitions have become one of the main business strategies in the past decades. However, as the international experience indicates, the impact of mergers and acquisitions is rather ambiguous. On the one hand, mergers accelerate the evolution of organizations, strengthen their market positions and competitive advantages, create opportunities for the future development. On the other hand, mergers and acquisitions often lead to severe system crises, caused by various confrontations and risks. From the social and administrative point of view, mergers and acquisitions are commonly perceived as troublesome transformation processes instilling distrust and fear in the workers. Fear of the upcoming mergers is typical not only for ordinary employees, but also for senior management, who remains the most vulnerable unit in the M&A process. Mergers are considered as a stress and challenge for all the categories of employees. The employees realize the instability and the vulnerability of their current statuses, the limited ability to influence the situation and job insecurity. The uncertainty and fear lead to the employees’ resistance of different kinds, which eventually destroys the corporate unity, exacerbates the contradictions between various groups of employees and destabilizes the operation of companies. The authors assume that in the post-industrial age the employees’ perceptions of the merger processes can change and study the trends and factors which determine employees’ attitude towards mergers and acquisitions. Nowadays management strategies and the logic of administrative processes change radically, the structure of companies and the relationships in organizations networks undergo crucial transformations. The tendency to the democratization of organizations has received widespread recognition; companies become more flexible and are more frequently perceived and operate as open systems. The companies start to use the project

  14. Numerical Relativity, Black Hole Mergers, and Gravitational Waves: Part II

    Science.gov (United States)

    Centrella, Joan

    2012-01-01

    This series of 3 lectures will present recent developments in numerical relativity, and their applications to simulating black hole mergers and computing the resulting gravitational waveforms. In this second lecture, we focus on simulations of black hole binary mergers. We hig hlight the instabilities that plagued the codes for many years, the r ecent breakthroughs that led to the first accurate simulations, and the current state of the art.

  15. Imposed Change During Merger: Impact on Psychological Contract of employees

    OpenAIRE

    Mysore, Somashekar Sthaneshwar

    2008-01-01

    Acquisitions, amalgamation or mergers and change have been an ongoing part of the operational strategy of many organisations with the intention of achieving growth or rationalisation (Cartwright & cooper, 1992). Kavanagh and Ashkanasy (2006) have noted that amalgamation or mergers are highly complex events with a number of factors that can lead to success or failure and because they influence so many parts of the participating organisations in such fundamental ways. As such, amalgamation, mer...

  16. The failing firm defence: merger policy and entry

    OpenAIRE

    Mason, Robin; Weeds, Helen

    2003-01-01

    This Paper considers the 'failing firm defence'. Under this principle, found in most antitrust jurisdictions, a merger that would otherwise be blocked due to its adverse effect on competition is permitted when the firm to be acquired is a failing firm, and an alternative, less detrimental merger is unavailable. Competition authorities have shown considerable reluctance to accept the failing firm defence, and it has been successfully used in just a handful of cases. The Paper considers the def...

  17. Evaluating mergers and acquisitions with a purchase investigation.

    Science.gov (United States)

    Grant, E A; Giniat, E J

    1988-04-01

    Mergers and acquisitions are risk transactions. Therefore, a well-planned and executed purchase investigation that considers financial, personnel, legal and risk management, third-party payer, and medical staff issues is imperative. Organizations that can successfully complete a purchase investigation will be able to make better informed, lower risk, financial decisions, and will have a competitive advantage in achieving strategic goals. This article is the third in a series on mergers and acquisitions. Other articles will include legal issues and capital planning.

  18. Mergers and acquisitions in the natural gas industry

    Energy Technology Data Exchange (ETDEWEB)

    Burkhardt, D.A.; Brown, M.L.

    1984-04-26

    Three examples of natural gas distribution companies involved in merger activity illustrate how the distribution as well as the transmission side of the industry may be attractive to potential acquiring companies seeking diversification. Although the mergers are a new phenonmenon, the acquiring firms are attracted by the overlapping service areas and the operating efficiency of the regulated distributors. They also see a possible outlet for surplus natural gas. 1 table.

  19. Electric utility mergers and acquisitions seen in a larger perspective

    Energy Technology Data Exchange (ETDEWEB)

    Hawes, D.W.

    1995-10-01

    Merger negotiations are intricate and sensitive dances which, far more often than not, may end in failure. The famed prediction of {open_quotes}50 in five{close_quotes} may prove correct - though it may be 50 utilities in 2005. Still, mergers are only a partial hedge against what may, after all, be 10 years of better prices for customers and tougher times for shareholders.

  20. Merger and Industrial Acceleration: Study at Indonesian Islamic Banking Industry

    Directory of Open Access Journals (Sweden)

    Kindy Miftah

    2017-02-01

    Full Text Available The purpose of this research tries to feed the alternatives of merger between Islamic banks which becomes a form of recommendation to optimize the merger result, so it will contribute to the development of Indonesia’s banking sector in particular. Methodolgy of this study is using comparison technique utilize result of calculation valuation based on valuation theory in general with method discounted cash flaw (DCF. Valuation data processing using data past performance sharia banks is to plan future financial performance. Results of valuation will be conducted both with individual banks that will be merged and alternative merger determined. These findings implied from various possibility alternative mergers between sharia banks, there are 5 alternatives that are feasible considering the internal aspect such as tendency shareholder and condition sharia bank to be merged related to internal interest and external aspect namely scale of assets from merger banks and probability success from merger process.DOI:  10.15408/sjie.v6i1.4728

  1. R -process Element Cosmic Rays from Neutron Star Mergers

    Energy Technology Data Exchange (ETDEWEB)

    Komiya, Yutaka; Shigeyama, Toshikazu [Research Center for the Early Universe, Graduate School of Science, University of Tokyo, Hongo 7-3-1, Bunkyo-ku, 113-0033, Tokyo (Japan)

    2017-09-10

    Neutron star mergers (NSMs) are one of the most plausible sources of r -process elements in the universe. Therefore, NSMs can also be a major source of ultra-heavy elements in cosmic rays. In this paper, we first estimate the contribution of r -process elements synthesized in NSMs to the ultra-heavy element cosmic rays (UHCRs) by calculating transport equations that take into account energy loss processes and spallations. We show that the flux of UHCRs accelerated by the NSMs themselves fluctuates by many orders of magnitude on a timescale of several million years and can overwhelm UHCRs accelerated by supernova remnants (SNRs) after an NSM takes place within a few kiloparsec from the solar system. Experiments with very long exposure times using meteorites as UHCR detectors can detect this fluctuation. As a consequence, we show that if NSMs are the primary source of UHCRs, future experiments using meteorites may be able to reveal the event history of NSMs in the solar vicinity. We also describe a possible difference in the abundance pattern and energy spectrum of UHCRs between NSM and SNR accelerations.

  2. Integrated delivery systems: mergers and acquisitions.

    Science.gov (United States)

    Pinkerton, S

    1999-01-01

    Mergers and acquisitions are usually the way an IDS is built. The CNO and/or CNOs/DONs have an integral role in the resolution of the M/A process. During this time of significant change, during which there may even be chaos, the CNOs work to maintain stability so there is as little impact as possible on patient outcomes, a core responsibility of the CNOs. The CNOs should focus on identifying and working with the highly skilled individuals in the organization to get to the recovery stage of the M/A process, at which time a high-performing organization is achieved. To build this new organization or IDS, the old organizations of the M/A must be changed (Moss Kanter, 1994). The successful CNOs will manage the trade-offs and will become experts in collaboration. The CNO's goals are to maximize the quality of patient care, the professional satisfaction of the nurse, and the goals of achieving cost effectiveness for the system (Clifford, 1998), and keeping this focus through the M/A process will yield success.

  3. When Worlds Collide: Chandra Observes Titanic Merger

    Science.gov (United States)

    2002-04-01

    NASA's Chandra X-ray Observatory has provided the best X-ray image yet of two Milky Way-like galaxies in the midst of a head-on collision. Since all galaxies - including our own - may have undergone mergers, this provides insight into how the universe came to look as it does today. Astronomers believe the mega-merger in the galaxy known as Arp 220 triggered the formation of huge numbers of new stars, sent shock waves rumbling through intergalactic space, and could possibly lead to the formation of a supermassive black hole in the center of the new conglomerate galaxy. The Chandra data also suggest that merger of these two galaxies began only 10 million years ago, a short time in astronomical terms. "The Chandra observations show that things really get messed up when two galaxies run into each other at full speed," said David Clements of the Imperial College, London, one of the team members involved in the study. "The event affects everything from the formation of massive black holes to the dispersal of heavy elements into the universe." Arp 220 is considered to be a prototype for understanding what conditions were like in the early universe, when massive galaxies and supermassive black holes were presumably formed by numerous galaxy collisions. At a relatively nearby distance of about 250 million light years, Arp 220 is the closest example of an "ultra-luminous" galaxy, one that gives off a trillion times as much radiation as our Sun. The Chandra image shows a bright central region at the waist of a glowing, hour-glass-shaped cloud of multimillion-degree gas. Rushing out of the galaxy at hundreds of thousands of miles per hour, the super-heated as forms a "superwind," thought to be due to explosive activity generated by the formation of hundreds of millions of new stars. Farther out, spanning a distance of 75,000 light years, are giant lobes of hot gas that could be galactic remnants flung into intergalactic space by the early impact of the collision. Whether the

  4. Making operational sense of mergers and acquisitions

    Energy Technology Data Exchange (ETDEWEB)

    Anderson, J.E.

    1999-09-01

    Mergers and acquisitions place a new requirement on many utilities. Not only must they be operationally efficient, but they must also be able to effectively manage internal change projects that results in the integration of new and acquired businesses. Evidence from US industry suggests that this is not an easy feat. However, careful planning of integration strategy, as well as taking the proper steps to design, develop, and implement integrated overhead functions, contribute significantly to successful M and A. Fundamentally, this means choosing the right integration organizational structure, picking the right overhead functions for integration, developing complete plans for integration, and thoroughly executing those plans. For the many utilities that are attempting to develop shared services operations, a number of specific steps can be taken to avoid common pitfalls. Key among these is to develop plans in a manner very similar to the establishment of new ventures. Communicating these efforts to the affected staff and garnering executive buy-in are key aspects of the change effort. Ultimately, utilities must track the impacts of these change efforts in cost savings and service quality improvements.

  5. Evolution models of helium white dwarf-main-sequence star merger remnants: the mass distribution of single low-mass white dwarfs

    Science.gov (United States)

    Zhang, Xianfei; Hall, Philip D.; Jeffery, C. Simon; Bi, Shaolan

    2018-02-01

    It is not known how single white dwarfs with masses less than 0.5Msolar -- low-mass white dwarfs -- are formed. One way in which such a white dwarf might be formed is after the merger of a helium-core white dwarf with a main-sequence star that produces a red giant branch star and fails to ignite helium. We use a stellar-evolution code to compute models of the remnants of these mergers and find a relation between the pre-merger masses and the final white dwarf mass. Combining our results with a model population, we predict that the mass distribution of single low-mass white dwarfs formed through this channel spans the range 0.37 to 0.5Msolar and peaks between 0.45 and 0.46Msolar. Helium white dwarf--main-sequence star mergers can also lead to the formation of single helium white dwarfs with masses up to 0.51Msolar. In our model the Galactic formation rate of single low-mass white dwarfs through this channel is about 8.7X10^-3yr^-1. Comparing our models with observations, we find that the majority of single low-mass white dwarfs (<0.5Msolar) are formed from helium white dwarf--main-sequence star mergers, at a rate which is about $2$ per cent of the total white dwarf formation rate.

  6. Dry eyes: etiology and management.

    Science.gov (United States)

    Latkany, Robert

    2008-07-01

    Until recently, the cause of dry eye syndrome was uncertain and the treatment was palliative. Since discovering that dry eyes are caused by inflammation, there has been an abundance of research focusing on anti-inflammatory therapies, other contributing causes, and better diagnostic testing. This review summarizes some of the interesting published research on ocular surface disease over the past year. The definition of dry eye now highlights the omnipresent symptom of blurry vision. The re-evaluation of ocular surface staining, tear meniscus height, and visual change will allow for a better diagnosis and understanding of dry eyes. Punctal plugs, and oral and topical anti-inflammatory use will strengthen our arsenal against ocular surface disease. Major progress has occurred in the past few years in gaining a better understanding of the etiology of dry eye syndrome, which will inevitably lead to more effective therapeutic options.

  7. The cosmic merger rate of neutron stars and black holes

    Science.gov (United States)

    Mapelli, Michela; Giacobbo, Nicola

    2018-06-01

    Six gravitational wave detections have been reported so far, providing crucial insights on the merger rate of double compact objects. We investigate the cosmic merger rate of double neutron stars (DNSs), neutron star-black hole binaries (NSBHs) and black hole binaries (BHBs) by means of population-synthesis simulations coupled with the Illustris cosmological simulation. We have performed six different simulations, considering different assumptions for the efficiency of common envelope (CE) ejection and exploring two distributions for the supernova (SN) kicks. The current BHB merger rate derived from our simulations spans from ˜150 to ˜240 Gpc-3 yr-1 and is only mildly dependent on CE efficiency. In contrast, the current merger rates of DNSs (ranging from ˜20 to ˜600 Gpc-3 yr-1) and NSBHs (ranging from ˜10 to ˜100 Gpc-3 yr-1) strongly depend on the assumptions on CE and natal kicks. The merger rate of DNSs is consistent with the one inferred from the detection of GW170817 only if a high efficiency of CE ejection and low SN kicks (drawn from a Maxwellian distribution with one dimensional root mean square σ = 15 km s-1) are assumed.

  8. Observing Mergers of Non-Spinning Black-Hole Binaries

    Science.gov (United States)

    McWilliams, Sean T.; Boggs, William D.; Baker, John G.; Kelly, Bernard J.

    2010-01-01

    Advances in the field of numerical relativity now make it possible to calculate the final, most powerful merger phase of binary black-hole coalescence for generic binaries. The state of the art has advanced well beyond the equal-mass case into the unequal-mass and spinning regions of parameter space. We present a study of the nonspinning portion of parameter space, primarily using an analytic waveform model tuned to available numerical data, with an emphasis on observational implications. We investigate the impact of varied m8BS ratio on merger signal-to-noise ratios (SNR) for several detectors, and compare our results with expectations from the test-mass limit. We note a striking similarity of the waveform phasing of the merger waveform across the available mass ratios. Motivated by this, we calculate the match between our equal-mass and 4:1 mass-ratio waveforms during the merger as a function of location on the source sky, using a new formalism for the match that accounts for higher harmonics. This is an indicator of the amount of degeneracy in mass ratio for mergers of moderate mass ratio systems.

  9. THE MAIN OPERATIONS OF REORGANIZATION THROUGH MERGERS OF TRADING COMPANIES

    Directory of Open Access Journals (Sweden)

    Alexandra-Gabriela Rolea

    2013-11-01

    Full Text Available Notwithstanding the optimistic forecasts issued by experts a couple of years ago, the economic predicaments of the European Union’s member states, including Romania, are far from being settled. The extension of the economic and financial dowturn, the continuing process of globalization and the financial markets’ volatility have imposed an unparalleled flexibility upon the economic agents, in that the amount of mergers and acquisitions has risen at a both national and international level. This background calls for a detailed but nonetheless approachable study of the reorganization of the trading companies though mergers, aimed mainly at the business environment. In order to reach the aforementioned objectives, the theoretical endeavor seeks to explore the relevant legal provisions, including the European Directives. The juridical and accounting operations of mergers, their legal consequences and concrete implications on the activity of the trading companies will also be analysed. Some particular approaches embraced by the legal practice are to be presented, as in Romania mergers are submitted to the control of the court. The study will have a positive impact on the economic agents, who are fostered to conclude this type of restructuring, by altering the line of thought shaped a few years ago, according to which mergers are difficult, isolated and sometimes even unacceptable operations.

  10. Specification of merger gains in the Norwegian electricity distribution industry

    International Nuclear Information System (INIS)

    Saastamoinen, Antti; Bjørndal, Endre; Bjørndal, Mette

    2017-01-01

    Electricity distribution often exhibits economies of scale. In Norway, a number of smaller distribution system operators exist and thus there is potential to restructure the industry, possibly through mergers. However, the revenue cap regulatory model in Norway does not incentivize firms to merge as merging leads to a stricter revenue cap for the merged company. Thus the regulator compensates the firms in order to create such incentives. The amount of compensation is based on the potential gains of the merger estimated using a data envelopment analysis (DEA) based frontier approach introduced by Bogetoft and Wang (2005). DEA is however only one of many possible frontier estimators that can be used in estimation. Furthermore, the returns to scale assumption, the operating environment of firms and the presence of stochastic noise and outlier observations are all known to affect to the estimation of production technology. In this paper we explore how varying assumptions under two alternative frontier estimators shape the distribution of merger gains within the Norwegian distribution industry. Our results reveal that the restructuring policies of the industry may be significantly altered depending how potential gains from the mergers are estimated. - Highlights: • The merger gains of Norwegian electricity distribution firm are investigated. • Different estimators and model specifications are applied. • Results show that the gains are significantly affected by the model choice. • Incentives to merge may be shaped through the estimation of gains.

  11. Signatures of Heavy Element Production in Neutron Star Mergers

    Science.gov (United States)

    Barnes, Jennifer

    2018-06-01

    Compact object mergers involving at least one neutron star have long been theorized to be sites of astrophysical nucleosynthesis via rapid neutron capture (the r-process). The observation in light and gravitational waves of the first neutron star merger (GW1701817) this past summer provided a stunning confirmation of this theory. Electromagnetic emission powered by the radioactive decay of freshly synthesized nuclei from mergers encodes information about the composition burned by the r-process, including whether a particular merger event synthesized the heaviest nuclei along the r-process path, or froze out at lower mass number. However, efforts to model the emission in detail must still contend with many uncertainties. For instance, the uncertain nuclear masses far from the valley of stability influence the final composition burned by the r-process, as will weak interactions operating in the merger’s immediate aftermath. This in turn can affect the color electromagnetic emission. Understanding the details of these transients’ spectra will also require a detailed accounting the electronic transitions of r-process elements and ions, in order to identify the strong transitions that underlie spectral formation. This talk will provide an overview of our current understanding of radioactive transients from mergers, with an emphasis on the role of experiment in providing critical inputs for models and reducing uncertainty.

  12. A comprehensive, holistic people integration process for mergers and acquisitions

    Directory of Open Access Journals (Sweden)

    Rina P. Steynberg

    2011-03-01

    Research purpose: To develop and validate a comprehensive, holistic model for the people integration process during mergers and acquisitions. Motivation for the study: The literature on a comprehensive, holistic people integration process for mergers and acquisitions is sparse and fragmented. Research design, approach and method: A qualitative approach was adopted consisting of a three step process which solicited the views of seasoned M&A Practioners; these views were compared against the available literature. Finally, practioners were asked to critique the final model from a practice perspective. The utility of the final model was assessed against two mergers and acquisitions case studies. Main findings: A comprehensive, holistic people integration process model for mergers and acquisitions was developed and validated. However, this model will only significantly enhance mergers and acquisitions value realisation if it is applied from the appropriate vantage point. Practical/managerial implications: The proposed approach will increase the probability of a successful M&A people-wise and M&A value realisation. Contribution/value add: Theoretically, the development and validation of a M&A people process integration model; practically, guidelines for successful people integration; organisationally, significantly enhancing the chances of M&A success; and community wise, the reduction of the negative effects of M&A failure on communities.

  13. University Merger Reforms: Rational, political, institutional or incidental processes? The case of Denmark

    DEFF Research Database (Denmark)

    Aagaard, Kurt; Hansen, Hanne Foss; Rasmussen, Jørgen Gulddahl

    Mergers have for some years been popular within the public sector in many countries this includes mergers between higher education institutions. In the Danish university and Government Research Institutions sector a process of merger took place in 2006. ‘University merger reforms’ is an analysis ...... on an organizational level demands the use of more than one conceptual model for agenda-setting - decision making and institutional restructuring,......-sector and some of the conclusions made from other kinds of merger studies. Important conclusions of the study of the three universities are that mergers and especially post-mergers processes are much more than linear, straight forward rational processes and that understanding merger processes...

  14. What Is Dry Eye?

    Medline Plus

    Full Text Available ... Stories Español Eye Health / Eye Health A-Z Dry Eye Sections What Is Dry Eye? Dry Eye Symptoms ... of Dry Eye Dry Eye Treatment What Is Dry Eye? Leer en Español: ¿Qué es el ojo seco? ...

  15. What Is Dry Eye?

    Medline Plus

    Full Text Available ... Español Eye Health / Eye Health A-Z Dry Eye Sections What Is Dry Eye? Dry Eye Symptoms ... Dry Eye Dry Eye Treatment What Is Dry Eye? Leer en Español: ¿Qué es el ojo seco? ...

  16. A Marketing Perspective on Mergers and Acquisitions : How Marketing Integration Affects Postmerger Performance

    OpenAIRE

    Homburg, Christian; Bucerius, Matthias

    2004-01-01

    Previous research on mergers and acquisitions (M&A) has neglected marketing issues by and large. This paper examines the effects of post merger integration (PMI) in marketing (ex tent and speed of marketing integration) on M&A performance mediated by integration outcomes (magnitude of cost savings and market-related performance). Results from a survey of 232 horizontal mergers and acquisitions show that market-related performance after the merger or acquisition has a much stronger impac...

  17. Does Merger Simulation Work? A "Natural Experiment" in the Swedish Analgesics Market Market

    OpenAIRE

    Björnerstedt, Jonas; Verboven, Frank

    2012-01-01

    We exploit a natural experiment associated with a large merger in the Swedish market for analgesics (painkillers). We confront the predictions from a merger simulation study, as conducted during the investigation, with the actual merger effects over a two-year comparison window. The merger simulation model is based on a constant expenditures specification for the nested logit model (as an alternative to the typical unit demand specification). The model predicts a large price increase of 34% b...

  18. Hydrodynamic evolution of neutron star merger remnants

    Science.gov (United States)

    Liu, Men-Quan; Zhang, Jie

    2017-11-01

    Based on the special relativistic hydrodynamic equations and updated cooling function, we investigate the long-term evolution of neutron stars merger (NSM) remnants by a one-dimensional hydrodynamic code. Three NSM models from one soft equation of state, SFHo, and two stiff equations of state, DD2 and TM1, are used to compare their influences on the hydrodynamic evolution of remnants. We present the luminosity, mass and radius of remnants, as well as the velocity, temperature and density of shocks. For a typical interstellar medium (ISM) density with solar metallicity, we find that the NSM remnant from the SFHo model makes much more changes to ISM in terms of velocity, density and temperature distributions, compared with the case of DD2 and TM1 models. The maximal luminosity of the NSM remnant from the SFHo model is 3.4 × 1038 erg s-1, which is several times larger than that from DD2 and TM1 models. The NSM remnant from the SFHo model can maintain high luminosity (>1038 erg s-1) for 2.29 × 104 yr. Furthermore, the density and temperature of remnants at the maximal luminosity are not sensitive to the power of the original remnant. For the ISM with the solar metallicity and nH = 1 cm- 3, the density of the first shock ∼10-23 g cm-3 and the temperature ∼3 × 105 K in the maximal luminosity phase; The temperature of the first shock decreases and there is a thin 'dense' shell with density ∼10-21 g cm-3 after the maximal luminosity. These characteristics may be helpful for future observations of NSM remnants.

  19. BRIGHT 'MERGER-NOVA' FROM THE REMNANT OF A NEUTRON STAR BINARY MERGER: A SIGNATURE OF A NEWLY BORN, MASSIVE, MILLISECOND MAGNETAR

    International Nuclear Information System (INIS)

    Yu, Yun-Wei; Zhang, Bing; Gao, He

    2013-01-01

    A massive millisecond magnetar may survive the merger of a neutron star (NS) binary, which would continuously power the merger ejecta. We develop a generic dynamic model for the merger ejecta with energy injection from the central magnetar. The ejecta emission (the m erger-nova ) powered by the magnetar peaks in the UV band and the peak of the light curve, progressively shifts to an earlier epoch with increasing frequency. A magnetar-powered merger-nova could have an optical peak brightness comparable to a supernova, which is a few tens or hundreds times brighter than the radioactive-powered merger-novae (the so-called macro-nova or kilo-nova). On the other hand, such a merger-nova would peak earlier and have a significantly shorter duration than that of a supernova. An early collapse of the magnetar could suppress the brightness of the optical emission and shorten its duration. Such millisecond-magnetar-powered merger-novae may be detected from NS-NS merger events without an observed short gamma-ray burst, and could be a bright electromagnetic counterpart for gravitational wave bursts due to NS-NS mergers. If detected, it suggests that the merger leaves behind a massive NS, which has important implications for the equation-of-state of nuclear matter

  20. Implications of mergers and acquisitions in gas and electric markets: The role of yardstick competition in merger analysis

    International Nuclear Information System (INIS)

    Reiter, H.L.

    1999-01-01

    There has been no shortage of proposed and consummated mergers of regulated utilities in the electric, natural gas, and telecommunication industries over the last decade. For example, the National Rural Electric Cooperative Association states that there have been thirty electric utility mergers since 1992 and dozens of so-called convergence mergers between electric and gas utilities during that period. Yardstick competition or the competition that occurs when the regulator can compare the relative performances of utilities it regulates with other utilities it regulates or with neighboring utilities in other jurisdictions, places pressure on the regulated utilities to perform better for fear of coming up short in the comparison process. There are three important questions regulators may ask about the importance of yardstick competition as regulatory tool and the weight regulators should give to diminution of yardstick competition in the merger context. First, does it make that much difference? In the electric industry, for example, distribution costs typically comprise less than ten percent of the delivered price of electricity. Second, to preserve theoretical yardstick competition, are regulators then going to block mergers that bring other efficiencies? And finally, are there sound tools at the regulators' disposal should they be inclined to take yardstick competition seriously as a factor in regulation of utilities?

  1. Implications of mergers and acquisitions in gas and electric markets: The role of yardstick competition in merger analysis

    Energy Technology Data Exchange (ETDEWEB)

    Reiter, H.L.

    1999-06-30

    There has been no shortage of proposed and consummated mergers of regulated utilities in the electric, natural gas, and telecommunication industries over the last decade. For example, the National Rural Electric Cooperative Association states that there have been thirty electric utility mergers since 1992 and dozens of so-called convergence mergers between electric and gas utilities during that period. Yardstick competition or the competition that occurs when the regulator can compare the relative performances of utilities it regulates with other utilities it regulates or with neighboring utilities in other jurisdictions, places pressure on the regulated utilities to perform better for fear of coming up short in the comparison process. There are three important questions regulators may ask about the importance of yardstick competition as regulatory tool and the weight regulators should give to diminution of yardstick competition in the merger context. First, does it make that much difference? In the electric industry, for example, distribution costs typically comprise less than ten percent of the delivered price of electricity. Second, to preserve theoretical yardstick competition, are regulators then going to block mergers that bring other efficiencies? And finally, are there sound tools at the regulators' disposal should they be inclined to take yardstick competition seriously as a factor in regulation of utilities?

  2. Astrophysics of Super-Massive Black Hole Mergers

    Science.gov (United States)

    Schnittman, Jeremy D.

    2013-01-01

    We present here an overview of recent work in the subject of astrophysical manifestations of super-massive black hole (SMBH) mergers. This is a field that has been traditionally driven by theoretical work, but in recent years has also generated a great deal of interest and excitement in the observational astronomy community. In particular, the electromagnetic (EM) counterparts to SMBH mergers provide the means to detect and characterize these highly energetic events at cosmological distances, even in the absence of a space-based gravitational-wave observatory. In addition to providing a mechanism for observing SMBH mergers, EM counterparts also give important information about the environments in which these remarkable events take place, thus teaching us about the mechanisms through which galaxies form and evolve symbiotically with their central black holes.

  3. Employer-provided health insurance and hospital mergers.

    Science.gov (United States)

    Garmon, Christopher

    2013-07-01

    This paper explores the impact of employer-provided health insurance on hospital competition and hospital mergers. Under employer-provided health insurance, employer executives act as agents for their employees in selecting health insurance options for their firm. The paper investigates whether a merger of hospitals favored by executives will result in a larger price increase than a merger of competing hospitals elsewhere. This is found to be the case even when the executive has the same opportunity cost of travel as her employees and even when the executive is the sole owner of the firm, retaining all profits. This is consistent with the Federal Trade Commission's findings in its challenge of Evanston Northwestern Healthcare's acquisition of Highland Park Hospital. Implications of the model are further tested with executive location data and hospital data from Florida and Texas.

  4. A Framework for Understanding Post-Merger Information Systems Integration

    DEFF Research Database (Denmark)

    Alaranta, Maria; Kautz, Karlheinz

    2012-01-01

    This paper develops a theoretical framework for the integration of information systems (IS) after a merger or an acquisition. The framework integrates three perspectives: a structuralist, an individualist, and an interactive process perspective to analyze and understand such integrations....... The framework is applied to a longitudinal case study of a manufacturing company that grew through an acquisition. The management decided to integrate the production control IS via tailoring a new system that blends together features of existing IS. The application of the framework in the case study confirms...... several known impediments to IS integrations. It also identifies a number of new inhibitors, as well as known and new facilitators that can bring post-merger IS integration to a success. Our findings provide relevant insights to researching and managing post-merger IS integrations. They emphasize...

  5. Dry Skin

    Science.gov (United States)

    ... often is overlooked as a major feature of Sjögren’s syndrome but deserves greater recognition as a frequent issue ... immediately use a moisturizer. For more information on Sjögren’s syndrome, visit the SSF Web site at www.sjogrens. ...

  6. Towards a Novel Conceptual Framework for Understanding Mergers in Higher Education

    Science.gov (United States)

    Cai, Yuzhuo; Pinheiro, Rómulo; Geschwind, Lars; Aarrevaara, Timo

    2016-01-01

    This paper tries to develop a conceptual framework for a comprehensive understanding of the merger process, which is regarded as a matter of institutionalization of organizational innovation. In the framework, a number of factors affecting merger process or institutionalization of merger are identified, such as those related to environmental…

  7. Discursive "Policy Logics" of Mergers in US Higher Education: Strategy or Tragedy?

    Science.gov (United States)

    Stephenson, Sandria S.

    2011-01-01

    Mergers are part of the historical fabric of US higher education. However, the current economic recession and other policy issues have experts and academicians predicting an increase in higher education mergers in the USA. Consequently, this study analysed the discursive "policy logics" surrounding merger negotiations in US higher…

  8. 7 CFR 1717.158 - Mergers with borrowers who prepaid RUS loans.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 11 2010-01-01 2010-01-01 false Mergers with borrowers who prepaid RUS loans. 1717.158 Section 1717.158 Agriculture Regulations of the Department of Agriculture (Continued) RURAL... GUARANTEED ELECTRIC LOANS Mergers and Consolidations of Electric Borrowers § 1717.158 Mergers with borrowers...

  9. 17 CFR 230.145 - Reclassification of securities, mergers, consolidations and acquisitions of assets.

    Science.gov (United States)

    2010-04-01

    ..., mergers, consolidations and acquisitions of assets. 230.145 Section 230.145 Commodity and Securities... § 230.145 Reclassification of securities, mergers, consolidations and acquisitions of assets.... A statutory merger or consolidation or similar plan or acquisition in which securities of such...

  10. Mergers in Chinese Higher Education: Lessons for Studies in a Global Context

    Science.gov (United States)

    Cai, Yuzhuo; Yang, Xi

    2016-01-01

    Since the 1990s, there have been more than 400 cases of university mergers in China, representing various types and involving 1000 public institutions. While China has provided good and abundant cases for studies on university mergers, such an opportunity has not yet been fully exploited by international scholars of university merger research.…

  11. Mergers between Governmental Research Institutes and Universities in the Danish HE Sector

    Science.gov (United States)

    Aagaard, Kaare; Hansen, Hanne Foss; Rasmussen, Jørgen Gulddahl

    2016-01-01

    This article presents an analysis of the mergers in the Danish Higher Education (HE)-sector with a particular emphasis on the 2007 mergers involving universities and Government Research Institutes (GRIs). Furthermore, it follows the post-merger processes up to 2014/2015 at two Danish universities and examines the consequences of the changes seen…

  12. Mergers between governmental research institutes and Universities in the Danish HE sector

    DEFF Research Database (Denmark)

    Aagaard, Kaare; Hansen, Hanne Foss; Rasmussen, Jørgen Gulddahl

    2016-01-01

    This article presents an analysis of the mergers in the Danish Higher Education (HE)-sector with a particular emphasis on the 2007 mergers involving universities and Government Research Institutes (GRIs). Furthermore, it follows the post-merger processes up to 2014/2015 at two Danish universities...

  13. Creditor-focused corporate governance: Evidence from mergers and acquisitions in Japan

    NARCIS (Netherlands)

    V. Mehrotra (Vikas); D. van Schaik (Dimitri); J. Spronk (Jaap); O.W. Steenbeek (Onno)

    2011-01-01

    textabstractMergers in Japan have the dubious distinction of not creating wealth for shareholders of target firms, in sharp contrast to what occurs in much of the rest of the world. Using a sample of 91 mergers from 1982 through 2003 we document several distinctive features of the merger market in

  14. 12 CFR 611.1125 - Treatment of associations not approving districtwide mergers.

    Science.gov (United States)

    2010-01-01

    ... in a districtwide merger or consolidation: (1) Discriminate in the provision of any financial service... ORGANIZATION Mergers, Consolidations, and Charter Amendments of Associations § 611.1125 Treatment of... certificates of territory for districtwide mergers or consolidations of associations, the Farm Credit...

  15. From discs to bulges: effect of mergers on the morphology of galaxies

    NARCIS (Netherlands)

    Kannan, Rahul; Macciò, Andrea V.; Fontanot, Fabio; Moster, Benjamin P.; Karman, Wouter; Somerville, Rachel S.

    2015-01-01

    We study the effect of mergers on the morphology of galaxies by means of the simulated merger tree approach first proposed by Moster et al. This method combines N-body cosmological simulations and semi-analytic techniques to extract realistic initial conditions for galaxy mergers. These are then

  16. REPRODUCING THE OBSERVED ABUNDANCES IN RCB AND HdC STARS WITH POST-DOUBLE-DEGENERATE MERGER MODELS-CONSTRAINTS ON MERGER AND POST-MERGER SIMULATIONS AND PHYSICS PROCESSES

    Energy Technology Data Exchange (ETDEWEB)

    Menon, Athira; Herwig, Falk; Denissenkov, Pavel A. [Department of Physics and Astronomy, University of Victoria, Victoria, BC V8P5C2 (Canada); Clayton, Geoffrey C.; Staff, Jan [Department of Physics and Astronomy, Louisiana State University, 202 Nicholson Hall, Tower Dr., Baton Rouge, LA 70803-4001 (United States); Pignatari, Marco [Department of Physics, University of Basel, Klingelbergstrasse 82, CH-4056 Basel (Switzerland); Paxton, Bill [Kavli Institute for Theoretical Physics and Department of Physics, Kohn Hall, University of California, Santa Barbara, CA 93106 (United States)

    2013-07-20

    The R Coronae Borealis (RCB) stars are hydrogen-deficient, variable stars that are most likely the result of He-CO WD mergers. They display extremely low oxygen isotopic ratios, {sup 16}O/{sup 18}O {approx_equal} 1-10, {sup 12}C/{sup 13}C {>=} 100, and enhancements up to 2.6 dex in F and in s-process elements from Zn to La, compared to solar. These abundances provide stringent constraints on the physical processes during and after the double-degenerate merger. As shown previously, O-isotopic ratios observed in RCB stars cannot result from the dynamic double-degenerate merger phase, and we now investigate the role of the long-term one-dimensional spherical post-merger evolution and nucleosynthesis based on realistic hydrodynamic merger progenitor models. We adopt a model for extra envelope mixing to represent processes driven by rotation originating in the dynamical merger. Comprehensive nucleosynthesis post-processing simulations for these stellar evolution models reproduce, for the first time, the full range of the observed abundances for almost all the elements measured in RCB stars: {sup 16}O/{sup 18}O ratios between 9 and 15, C-isotopic ratios above 100, and {approx}1.4-2.35 dex F enhancements, along with enrichments in s-process elements. The nucleosynthesis processes in our models constrain the length and temperature in the dynamic merger shell-of-fire feature as well as the envelope mixing in the post-merger phase. s-process elements originate either in the shell-of-fire merger feature or during the post-merger evolution, but the contribution from the asymptotic giant branch progenitors is negligible. The post-merger envelope mixing must eventually cease {approx}10{sup 6} yr after the dynamic merger phase before the star enters the RCB phase.

  17. REPRODUCING THE OBSERVED ABUNDANCES IN RCB AND HdC STARS WITH POST-DOUBLE-DEGENERATE MERGER MODELS—CONSTRAINTS ON MERGER AND POST-MERGER SIMULATIONS AND PHYSICS PROCESSES

    International Nuclear Information System (INIS)

    Menon, Athira; Herwig, Falk; Denissenkov, Pavel A.; Clayton, Geoffrey C.; Staff, Jan; Pignatari, Marco; Paxton, Bill

    2013-01-01

    The R Coronae Borealis (RCB) stars are hydrogen-deficient, variable stars that are most likely the result of He-CO WD mergers. They display extremely low oxygen isotopic ratios, 16 O/ 18 O ≅ 1-10, 12 C/ 13 C ≥ 100, and enhancements up to 2.6 dex in F and in s-process elements from Zn to La, compared to solar. These abundances provide stringent constraints on the physical processes during and after the double-degenerate merger. As shown previously, O-isotopic ratios observed in RCB stars cannot result from the dynamic double-degenerate merger phase, and we now investigate the role of the long-term one-dimensional spherical post-merger evolution and nucleosynthesis based on realistic hydrodynamic merger progenitor models. We adopt a model for extra envelope mixing to represent processes driven by rotation originating in the dynamical merger. Comprehensive nucleosynthesis post-processing simulations for these stellar evolution models reproduce, for the first time, the full range of the observed abundances for almost all the elements measured in RCB stars: 16 O/ 18 O ratios between 9 and 15, C-isotopic ratios above 100, and ∼1.4-2.35 dex F enhancements, along with enrichments in s-process elements. The nucleosynthesis processes in our models constrain the length and temperature in the dynamic merger shell-of-fire feature as well as the envelope mixing in the post-merger phase. s-process elements originate either in the shell-of-fire merger feature or during the post-merger evolution, but the contribution from the asymptotic giant branch progenitors is negligible. The post-merger envelope mixing must eventually cease ∼10 6 yr after the dynamic merger phase before the star enters the RCB phase

  18. Properties of Merger Shocks in Merging Galaxy Clusters

    Science.gov (United States)

    Ha, Ji-Hoon; Ryu, Dongsu; Kang, Hyesung

    2018-04-01

    X-ray shocks and radio relics detected in the cluster outskirts are commonly interpreted as shocks induced by mergers of subclumps. We study the properties of merger shocks in merging galaxy clusters, using a set of cosmological simulations for the large-scale structure formation of the universe. As a representative case, we focus on the simulated clusters that undergo almost head-on collisions with mass ratio ∼2. Due to the turbulent nature of the intracluster medium, shock surfaces are not smooth, but composed of shocks with different Mach numbers. As the merger shocks expand outward from the core to the outskirts, the average Mach number, , increases in time. We suggest that the shocks propagating along the merger axis could be manifested as X-ray shocks and/or radio relics. The kinetic energy through the shocks, F ϕ , peaks at ∼1 Gyr after their initial launching, or at ∼1–2 Mpc from the core. Because of the Mach number dependent model adopted here for the cosmic-ray (CR) acceleration efficiency, their CR-energy-weighted Mach number is higher with }CR}∼ 3{--}4, compared to the kinetic-energy-weighted Mach number, }φ ∼ 2{--}3. Most energetic shocks are to be found ahead of the lighter dark matter (DM) clump, while the heavier DM clump is located on the opposite side of clusters. Although our study is limited to the merger case considered, the results such as the means and variations of shock properties and their time evolution could be compared with the observed characteristics of merger shocks, constraining interpretations of relevant observations.

  19. Spatially Offset Active Galactic Nuclei. II. Triggering in Galaxy Mergers

    Energy Technology Data Exchange (ETDEWEB)

    Barrows, R. Scott; Comerford, Julia M. [Department of Astrophysical and Planetary Sciences, University of Colorado Boulder, Boulder, CO 80309 (United States); Greene, Jenny E. [Department of Astrophysical Sciences, Princeton University, Princeton, NJ 08544 (United States); Pooley, David, E-mail: Robert.Barrows@Colorado.edu [Department of Physics and Astronomy, Trinity University, San Antonio, TX 78212 (United States)

    2017-04-01

    Galaxy mergers are likely to play a role in triggering active galactic nuclei (AGNs), but the conditions under which this process occurs are poorly understood. In Paper I, we constructed a sample of spatially offset X-ray AGNs that represent galaxy mergers hosting a single AGN. In this paper, we use our offset AGN sample to constrain the parameters that affect AGN observability in galaxy mergers. We also construct dual-AGN samples with similar selection properties for comparison. We find that the offset AGN fraction shows no evidence for a dependence on AGN luminosity, while the dual-AGN fractions show stronger evidence for a positive dependence, suggesting that the merger events forming dual AGNs are more efficient at instigating accretion onto supermassive black holes than those forming offset AGNs. We also find that the offset and dual-AGN fractions both have a negative dependence on nuclear separation and are similar in value at small physical scales. This dependence may become stronger when restricted to high AGN luminosities, although a larger sample is needed for confirmation. These results indicate that the probability of AGN triggering increases at later merger stages. This study is the first to systematically probe down to nuclear separations of <1 kpc (∼0.8 kpc) and is consistent with predictions from simulations that AGN observability peaks in this regime. We also find that the offset AGNs are not preferentially obscured compared to the parent AGN sample, suggesting that our selection may be targeting galaxy mergers with relatively dust-free nuclear regions.

  20. Valuation of Company Merger from the Shareholders’ Point of View

    Directory of Open Access Journals (Sweden)

    Christian Toll

    2017-08-01

    Full Text Available By means of a company merger formerly legally and economically independent companies are tied up to an economic entity. To order the financial state of affairs after the merger, the current shareholders must revalue their stake in the merged company. The interest is focused on the valuation of shares and, consequently, on the allocation of the future economic benefits of the merged company to each owner. Despite the apparent relevance of company mergers in practice, the scientific literature deals with this topic only in an unsatisfying manner. After some early simple model-oriented approaches with the aim to define an ideal exchange ratio, the valuation problem of a merger was taken up again not earlier than in Hering (2004. Based on his considerations, the aim of our paper is to extend and generalize the valuation methods for a company merger and foremost to set the algebra for the computation of the critical share by using maximization of wealth as target function on a firm foundation. We assign a certain marginal quota to the shareholders representing the minimum share in the merged company which puts them in a financial position no worse than compared to the going concern basis. For this reason, we introduce the state marginal quota model as an innovative valuation approach that considers both existing market imperfections and individual expectations of a specific shareholder. To pinpoint our key finding: If private financial redistributions are available, our extended and generalized model shows that the marginal quota * in question cannot be “trivially” obtained as a ratio of utilities. Instead, it is essential to consider the private decision field of a shareholder to allow a restructuring of the dividend payout stream offered by the merged company in order to reach at least a level of utility which is comparable to the state before the merger.

  1. Spatially Offset Active Galactic Nuclei. II. Triggering in Galaxy Mergers

    Science.gov (United States)

    Barrows, R. Scott; Comerford, Julia M.; Greene, Jenny E.; Pooley, David

    2017-04-01

    Galaxy mergers are likely to play a role in triggering active galactic nuclei (AGNs), but the conditions under which this process occurs are poorly understood. In Paper I, we constructed a sample of spatially offset X-ray AGNs that represent galaxy mergers hosting a single AGN. In this paper, we use our offset AGN sample to constrain the parameters that affect AGN observability in galaxy mergers. We also construct dual-AGN samples with similar selection properties for comparison. We find that the offset AGN fraction shows no evidence for a dependence on AGN luminosity, while the dual-AGN fractions show stronger evidence for a positive dependence, suggesting that the merger events forming dual AGNs are more efficient at instigating accretion onto supermassive black holes than those forming offset AGNs. We also find that the offset and dual-AGN fractions both have a negative dependence on nuclear separation and are similar in value at small physical scales. This dependence may become stronger when restricted to high AGN luminosities, although a larger sample is needed for confirmation. These results indicate that the probability of AGN triggering increases at later merger stages. This study is the first to systematically probe down to nuclear separations of <1 kpc (˜0.8 kpc) and is consistent with predictions from simulations that AGN observability peaks in this regime. We also find that the offset AGNs are not preferentially obscured compared to the parent AGN sample, suggesting that our selection may be targeting galaxy mergers with relatively dust-free nuclear regions.

  2. Electromagnetic Signals Following Stellar-mass Black Hole Mergers

    Energy Technology Data Exchange (ETDEWEB)

    Mink, S. E. de; King, A., E-mail: S.E.deMink@uva.nl, E-mail: ark@leicester.ac.uk [Anton Pannekoek Institute for Astronomy, University of Amsterdam, 1090 GE Amsterdam (Netherlands)

    2017-04-10

    It is often assumed that gravitational-wave (GW) events resulting from the merger of stellar-mass black holes are unlikely to produce electromagnetic (EM) counterparts. We point out that the progenitor binary has probably shed a mass ≳10 M {sub ⊙} during its prior evolution. If even a tiny fraction of this gas is retained in a circumbinary disk, the sudden mass loss and recoil of the merged black hole shocks and heats it within hours of the GW event. Whether the resulting EM signal is detectable is uncertain. The optical depth through the disk is likely to be high enough that the prompt emission consists only of photons from its optically thin skin, while the majority may take years to emerge. However, if some mechanism can release more photons in a time comparable to the few-hour energy production time, the peak luminosity of the EM signal could be detectable. For a disk retaining only ∼10{sup −3} of the mass shed in the earlier binary evolution, medium-energy X-rays to infrared emission would be observable hours after the GW event for source distances of ∼500 Mpc. Events like this may already have been observed, but ascribed to unidentified active galactic nuclei. Improved sky localization should eventually allow identification based on spatial coincidence. A detection would provide unique constraints on formation scenarios and potentially offer tests of strong-field general relativity. Accordingly, we argue that the high scientific payoff of an EM detection fully justifies search campaigns.

  3. Mergers and acquisitions: A comparative review of literature

    Directory of Open Access Journals (Sweden)

    Ghosh Sohini

    2016-01-01

    Full Text Available The paper aims to review scholastic research on the effect of M&As on firm performance and present a comparative analysis of Indian M&As vis­a-vis those occurring in other nations. 108 articles in referred journals published between 2005 and 2015 have been surveyed with a focus on comparing firm performance parameters prior and post the M&A. Firm performance has been inspected via three measures i.e. accounting measures, stock market performance measures and qualitative measures. On the basis of these three measures, literature on mergers in India with those occurring in another 23 countries was compared. The review has shown that irrespective of the nation, M&As may impact the accounting and stock market performance measures of the acquirer and target firms in a positive, negative or mixed manner. M&As in nations other than India have received more academic attention with respect to the effect on qualitative issues like cultural compatibility, downsizing and innovation. Cultural incompatibility and downsizing are problems of M&As in India as well as other nations. Indian domestic M&As have resulted in greater market share whereas majority of the M&As in other nations have lost customer base. Although literature studying the outcomes of M&As on firm performance from a pre-post perspective are multifarious, a comparative assessment of the studies on M&As occurring in India with those carried out in other nations of the world is a novel attempt.

  4. Suez-Gaz de France merger, E.ON's public takeover bid on Endesa... The new energy fight

    International Nuclear Information System (INIS)

    Lepetit, V.; Rouaud, P.O.; Mairet, C.

    2006-01-01

    The energy sector is in fever. In less than a week (February 21 to 26, 2006), the Europe of energy has fallen into a frenzy of mergers and acquisitions: the German E.ON offered 29.1 billion euros to get the Spanish Endesa, Electricite de France (EdF), who already got the Italian Edison in 2005, is ready for more major acquisitions, the Italian Enel is candidate for the repurchasing of Suez, while Gaz de France (GdF) and Suez have started a surprise merger. The stake of this match between giants is their growing up and the penetration of foreign markets before their complete liberalization in July 2007. The potential victims of these actions are the competition and the clients, the industrial ones first. (J.S.)

  5. Impacts of Mergers and Acquisitions on Acquirer Banks’ Performance

    Directory of Open Access Journals (Sweden)

    Burhan Ali Shah

    2017-09-01

    Full Text Available This study investigates the effects of mergers and acquisitions (M & A on the operating performance of the acquirer banks in Pakistan. For this purpose, a sample of 18 transactions, involving acquirer banks, listed on the Karachi Stock Exchange, is used. The Financial Ratio Analysis (FRA is used to determine the effects of M & A. The significance of change in the operating performances is tested through a paired sample t-test. The results indicate deterioration in the performances of the acquirer banks in the post-merger period.

  6. Hospital mergers and acquisitions: does market consolidation harm patients?

    Science.gov (United States)

    Ho, V; Hamilton, B H

    2000-09-01

    Debate continues on whether consolidation in health care markets enhances efficiency or instead facilitates market power, possibly damaging quality. We compare the quality of hospital care before and after mergers and acquisitions in California between 1992 and 1995. We analyze inpatient mortality for heart attack and stroke patients, 90-day readmission for heart attack patients, and discharge within 48 h for normal newborn babies. Recent mergers and acquisitions have not had a measurable impact on inpatient mortality, although the associated standard errors are large. Readmission rates and early discharge increased in some cases. The adverse consequences of increased market power on the quality of care require further substantiation.

  7. MERGERS, ACQUISITIONS AND BANKING CONSOLIDATION IN CENTRAL AND EASTERN EUROPE

    Directory of Open Access Journals (Sweden)

    Andreea Nicoleta Popovici

    2013-12-01

    Full Text Available Acquisitions and mergers are the growth and expansion strategies that are commonly used by the companies in all over the world because of several reasons such as increasing the profit, sales and market share, entering into new markets, operating with economics of scale, coping with managerial problems and so on. This article underlines the characteristics of mergers and acquisitions (M&A, the different types of M&A, the challenges and opportunities for the banking system in Central and Eastern Europe and we analyze the implications of the recently observed sharp expansion of foreign banks in the Central and Eastern European Countries.

  8. Antecedents of hospital ownership conversions, mergers, and closures.

    Science.gov (United States)

    Sloan, Frank A; Ostermann, Jan; Conover, Christopher J

    2003-01-01

    This study assesses the determinants of conversions in hospital ownership from 1986 through 1996. To place such changes in context, we also analyze causes of hospital mergers and closures, which are often alternatives to hospital ownership conversion. A consistent result from our analysis is that an important antecedent of ownership conversions is a low profit margin. Conversions from private nonprofit or government ownership to for-profit status are preceded by chronically low margins and high debt-to-asset ratios. By contrast, conversions from for-profit ownership occur quickly following declines in margins. Many mergers seem motivated by a desire to increase market power--a consideration not evident for conversions.

  9. The impact of post-merger cross-shareholdings on South African merger control policy

    Directory of Open Access Journals (Sweden)

    Chris Charter

    2012-10-01

    Full Text Available There is a concentration of EU and US standards in the South African economy. In addition, a number of large industries have been undergoing consolidation. As a result, the phenomenon of cross-holdings, both within and across industries, is not unusual. In cases where the level of cross-holding falls short of joint control, the competition authorities have at times sought to apply the co-ordinated effects doctrine or some variation thereof hoping to lessen potential competition. More recently, the Tribunal has also considered the possible unilateral effects of the acquisition of a minority stake in a rival. A number of cases has emerged that to a greater or lesser degree explores the impact of crossholdings and cross-directorships on the competitive behaviour of the firms concerned. This paper includes a review of some of these decisions with a view to determining whether any clear policy seems likely to emerge from the competition authorities. The authorities’ approach to date, reveals an evolution from reflex suspicion to a more reasoned, fact-based outlook. Cross-holdings and directorships are treated in the same way as any other evidence relevant to an analysis of a given merger. However, despite the Tribunal’s willingness to wrestle with various economic theories, the most recent decision suggests that the acquisition of a non-controlling cross-holding in a company may not fall under the analysis of South African merger regulation at all. Should that position change, following clarification by the Tribunal or an unequivocal ruling of the Competition Appeal Court, the body of case law goes some way to indicating the type and manner of analysis the authorities will employ.

  10. Eccentric, nonspinning, inspiral, Gaussian-process merger approximant for the detection and characterization of eccentric binary black hole mergers

    Science.gov (United States)

    Huerta, E. A.; Moore, C. J.; Kumar, Prayush; George, Daniel; Chua, Alvin J. K.; Haas, Roland; Wessel, Erik; Johnson, Daniel; Glennon, Derek; Rebei, Adam; Holgado, A. Miguel; Gair, Jonathan R.; Pfeiffer, Harald P.

    2018-01-01

    We present ENIGMA, a time domain, inspiral-merger-ringdown waveform model that describes nonspinning binary black holes systems that evolve on moderately eccentric orbits. The inspiral evolution is described using a consistent combination of post-Newtonian theory, self-force and black hole perturbation theory. Assuming eccentric binaries that circularize prior to coalescence, we smoothly match the eccentric inspiral with a stand-alone, quasicircular merger, which is constructed using machine learning algorithms that are trained with quasicircular numerical relativity waveforms. We show that ENIGMA reproduces with excellent accuracy the dynamics of quasicircular compact binaries. We validate ENIGMA using a set of Einstein Toolkit eccentric numerical relativity waveforms, which describe eccentric binary black hole mergers with mass-ratios between 1 ≤q ≤5.5 , and eccentricities e0≲0.2 ten orbits before merger. We use this model to explore in detail the physics that can be extracted with moderately eccentric, nonspinning binary black hole mergers. In particular, we use ENIGMA to show that the gravitational wave transients GW150914, GW151226, GW170104, GW170814 and GW170608 can be effectively recovered with spinning, quasicircular templates if the eccentricity of these events at a gravitational wave frequency of 10 Hz satisfies e0≤{0.175 ,0.125 ,0.175 ,0.175 ,0.125 }, respectively. We show that if these systems have eccentricities e0˜0.1 at a gravitational wave frequency of 10 Hz, they can be misclassified as quasicircular binaries due to parameter space degeneracies between eccentricity and spin corrections. Using our catalog of eccentric numerical relativity simulations, we discuss the importance of including higher-order waveform multipoles in gravitational wave searches of eccentric binary black hole mergers.

  11. The Efficiency of the Regulation for Horizontal Mergers Among Electricity Distribution Operators in Norway

    DEFF Research Database (Denmark)

    Agrell, Per J.; Bogetoft, Peter; Gammeltvedt, Thor Erik

    2015-01-01

    the attractiveness of mergers. Norway is one country having implemented an ex ante regulation for mergers among electricity distribution operators (DSOs). We investigate whether the actual mergers of Norwegian DSOs in the period 1995-2004 can be rationalized as cost saving exercises or whether they should...... to identify plausible pre-merger motivations. We also discuss the possibility to gain from strategic gaming in the regulation. We compare the regulated revenues and the regulated efficiency improvement requirements before and after the mergers. We find limited potential cost gains ex ante but some improvement...

  12. What Is Dry Eye?

    Medline Plus

    Full Text Available ... Eye? Dry Eye Symptoms Causes of Dry Eye Dry Eye Treatment What Is Dry Eye? Leer en Español: ¿Qué ... Inside of Your Eyelid Nov 29, 2017 New Dry Eye Treatment is a Tear-Jerker Jul 21, 2017 Three ...

  13. What Is Dry Eye?

    Science.gov (United States)

    ... Eye? Dry Eye Symptoms Causes of Dry Eye Dry Eye Treatment What Is Dry Eye? Leer en Español: ¿Qué ... Inside of Your Eyelid Nov 29, 2017 New Dry Eye Treatment is a Tear-Jerker Jul 21, 2017 Three ...

  14. Major depression

    Science.gov (United States)

    Depression - major; Depression - clinical; Clinical depression; Unipolar depression; Major depressive disorder ... providers do not know the exact causes of depression. It is believed that chemical changes in the ...

  15. Normal black holes in bulge-less galaxies: the largely quiescent, merger-free growth of black holes over cosmic time

    Science.gov (United States)

    Martin, G.; Kaviraj, S.; Volonteri, M.; Simmons, B. D.; Devriendt, J. E. G.; Lintott, C. J.; Smethurst, R. J.; Dubois, Y.; Pichon, C.

    2018-05-01

    Understanding the processes that drive the formation of black holes (BHs) is a key topic in observational cosmology. While the observed MBH-MBulge correlation in bulge-dominated galaxies is thought to be produced by major mergers, the existence of an MBH-M⋆ relation, across all galaxy morphological types, suggests that BHs may be largely built by secular processes. Recent evidence that bulge-less galaxies, which are unlikely to have had significant mergers, are offset from the MBH-MBulge relation, but lie on the MBH-M⋆ relation, has strengthened this hypothesis. Nevertheless, the small size and heterogeneity of current data sets, coupled with the difficulty in measuring precise BH masses, make it challenging to address this issue using empirical studies alone. Here, we use Horizon-AGN, a cosmological hydrodynamical simulation to probe the role of mergers in BH growth over cosmic time. We show that (1) as suggested by observations, simulated bulge-less galaxies lie offset from the main MBH-MBulge relation, but on the MBH-M⋆ relation, (2) the positions of galaxies on the MBH-M⋆ relation are not affected by their merger histories, and (3) only ˜35 per cent of the BH mass in today's massive galaxies is directly attributable to merging - the majority (˜65 per cent) of BH growth, therefore, takes place gradually, via secular processes, over cosmic time.

  16. Mergers and acquisitions: A synthesis of theories and directions for future research

    Directory of Open Access Journals (Sweden)

    Wissal Ben Letaifa

    2017-02-01

    Full Text Available The purpose of this paper is to review a synthesis of theories and empirical studies dealing with the mergers and acquisitions in the recent decay in an attempt to provide directions for future research. The review focuses on four main streams including: first, the motives for mergers-acquisitions; which are the strategic profits, the overconfidence of managers and the desire to create a big empire resulting from merger. From second, corporate characteristics of firms that did merger or acquisition; third, the economic consequences of the operation of merger and acquisition and finally; fourth, the implication on the market with the impact of merger on the value of the firm. We think that this article can give another idea about the information disclosed by any company choosing to merge and can be analyzed by practitioners by giving them the theoretical background of the merger and acquisition problem.

  17. Welfare effects of mergers and multilateral trade liberalization

    NARCIS (Netherlands)

    Ray Chaudhuri, A.; Benchekroun, H.

    2012-01-01

    In a two-country model where firms behave à la Cournot, we show that trade liberalization increases (decreases) the social desirability of those mergers that generate sufficiently large (small) reductions in marginal cost. There exists a range of intermediate levels of marginal cost savings such

  18. THE ELM SURVEY. IV. 24 WHITE DWARF MERGER SYSTEMS

    International Nuclear Information System (INIS)

    Kilic, Mukremin; Brown, Warren R.; Kenyon, S. J.; Allende Prieto, Carlos; Heinke, Craig O.; Agüeros, M. A.; Kleinman, S. J.

    2012-01-01

    We present new radial velocity and X-ray observations of extremely low mass (ELM, ∼0.2 M ☉ ) white dwarf (WD) candidates in the Sloan Digital Sky Survey Data Release 7 area. We identify seven new binary systems with 1-18 hr orbital periods. Five of the systems will merge due to gravitational wave radiation within 10 Gyr, bringing the total number of merger systems found in the ELM Survey to 24. The ELM Survey has now quintupled the known merger WD population. It has also discovered the eight shortest period detached binary WD systems currently known. We discuss the characteristics of the merger and non-merger systems observed in the ELM Survey, including their future evolution. About half of the systems have extreme mass ratios. These are the progenitors of the AM Canum Venaticorum systems and Type Ia supernovae. The remaining targets will lead to the formation of extreme helium stars, subdwarfs, or massive WDs. We identify three targets that are excellent gravitational wave sources. These should be detected by the Laser Interferometer Space Antenna like missions within the first year of operation. The remaining targets are important indicators of what the Galactic foreground may look like for gravitational wave observatories.

  19. EdF-Gaz de France. No merger without dismembering

    International Nuclear Information System (INIS)

    Lepetit, V.

    2007-01-01

    Gathering together the two historical French energy monopolies, Electricite de France (EdF) and Gaz de France (GdF), and warranting low electricity and gas prices is still an attractive idea for some political and syndicate representatives. However, such a merger would create a dominating position which is forbidden with respect to Brussels criteria. (J.S.)

  20. Multi-messenger Observations of a Binary Neutron Star Merger

    NARCIS (Netherlands)

    Scholten, Olaf; van den Berg, Adriaan

    2017-01-01

    On 2017 August 17 a binary neutron star coalescence candidate (later designated GW170817) with merger time 12:41:04 UTC was observed through gravitational waves by the Advanced LIGO and Advanced Virgo detectors. The Fermi Gamma-ray Burst Monitor independently detected a gamma-ray burst (GRB 170817A)

  1. Astrophysical Implications of the Binary Black Hole Merger GW150914

    Science.gov (United States)

    Abbott, B. P.; Abbott, R.; Abbott, T. D.; Abernathy, M. R.; Acernese, F.; Ackley, K.; Adams, C.; Adams, T.; Addesso, P.; Adhikari, R. X.; hide

    2016-01-01

    The discovery of the gravitational-wave (GW) source GW150914 with the Advanced LIGO detectors provides the first observational evidence for the existence of binary black hole (BH) systems that in spiral and merge within the age of the universe. Such BH mergers have been predicted in two main types of formation models, involving isolated binaries in galactic fields or dynamical interactions in young and old dense stellar environments. The measured masses robustly demonstrate that relatively heavy BHs (> or approx. 25 Stellar Mass) can form in nature. This discovery implies relatively weak massive-star winds and thus the formation of GW150914 in an environment with a metallicity lower than about 12 of the solar value. The rate of binary-BH (BBH) mergers inferred from the observation of GW150914 is consistent with the higher end of rate predictions (> or approx. 1/cu Gpc/yr) from both types of formation models. The low measured redshift (z approx. = 0.1) of GW150914 and the low inferred metallicity of the stellar progenitor imply either BBH formation in a low-mass galaxy in the local universe and a prompt merger, or formation at high redshift with a time delay between formation and merger of several Gyr. This discovery motivates further studies of binary-BH formation astrophysics. It also has implications for future detections and studies by Advanced LIGO and Advanced Virgo, and GW detectors in space.

  2. Numerical Relativity, Black Hole Mergers, and Gravitational Waves: Part I

    Science.gov (United States)

    Centrella, Joan

    2012-01-01

    This series of 3 lectures will present recent developments in numerical relativity, and their applications to simulating black hole mergers and computing the resulting gravitational waveforms. In this first lecture, we introduce the basic ideas of numerical relativity, highlighting the challenges that arise in simulating gravitational wave sources on a computer.

  3. Numerical Relativity, Black Hole Mergers, and Gravitational Waves: Part III

    Science.gov (United States)

    Centrella, Joan

    2012-01-01

    This series of 3 lectures will present recent developments in numerical relativity, and their applications to simulating black hole mergers and computing the resulting gravitational waveforms. In this third and final lecture, we present applications of the results of numerical relativity simulations to gravitational wave detection and astrophysics.

  4. Staff perceptions of the merger between two South African regional ...

    African Journals Online (AJOL)

    As a result of political changes in South Africa in 1994, the Government of National Unity proposed that the higher education system should be reorganised to address past inequities. Subsequent investigations into restructuring the higher education system resulted in a wave of mergers across the sector. The literature on ...

  5. Exploring the cosmic evolution of habitability with galaxy merger trees

    Science.gov (United States)

    Stanway, E. R.; Hoskin, M. J.; Lane, M. A.; Brown, G. C.; Childs, H. J. T.; Greis, S. M. L.; Levan, A. J.

    2018-04-01

    We combine inferred galaxy properties from a semi-analytic galaxy evolution model incorporating dark matter halo merger trees with new estimates of supernova and gamma-ray burst rates as a function of metallicity from stellar population synthesis models incorporating binary interactions. We use these to explore the stellar-mass fraction of galaxies irradiated by energetic astrophysical transients and its evolution over cosmic time, and thus the fraction which is potentially habitable by life like our own. We find that 18 per cent of the stellar mass in the Universe is likely to have been irradiated within the last 260 Myr, with GRBs dominating that fraction. We do not see a strong dependence of irradiated stellar-mass fraction on stellar mass or richness of the galaxy environment. We consider a representative merger tree as a Local Group analogue, and find that there are galaxies at all masses which have retained a high habitable fraction (>40 per cent) over the last 6 Gyr, but also that there are galaxies at all masses where the merger history and associated star formation have rendered galaxies effectively uninhabitable. This illustrates the need to consider detailed merger trees when evaluating the cosmic evolution of habitability.

  6. Impact of information technology infrastructure flexibility on mergers and acquisitions

    NARCIS (Netherlands)

    Benitez, Jose; Ray, Gautam; Henseler, Jörg

    2018-01-01

    Although mergers and acquisitions (M&A) are a common strategy to reduce costs and pursue growth, the variance in returns from M&A is very high. This research examines how information technology (IT) infrastructure flexibility affects M&A. We use a combination of secondary as well as matched-pair

  7. Multi-messenger Observations of a Binary Neutron Star Merger

    DEFF Research Database (Denmark)

    Abbott, B. P.; Abbott, R.; Abbott, T. D.

    2017-01-01

    On 2017 August 17 a binary neutron star coalescence candidate (later designated GW170817) with merger time 12:41:04 UTC was observed through gravitational waves by the Advanced LIGO and Advanced Virgo detectors. The Fermi Gamma-ray Burst Monitor independently detected a gamma-ray burst (GRB 17081...

  8. THE ELM SURVEY. IV. 24 WHITE DWARF MERGER SYSTEMS

    Energy Technology Data Exchange (ETDEWEB)

    Kilic, Mukremin [Homer L. Dodge Department of Physics and Astronomy, University of Oklahoma, 440 West Brooks Street, Norman, OK 73019 (United States); Brown, Warren R.; Kenyon, S. J. [Smithsonian Astrophysical Observatory, 60 Garden Street, Cambridge, MA 02138 (United States); Allende Prieto, Carlos [Instituto de Astrofisica de Canarias, E-38205 La Laguna, Tenerife (Spain); Heinke, Craig O. [Department of Physics, CCIS 4-183, University of Alberta, Edmonton, AB, T6G 2E1 (Canada); Agueeros, M. A. [Department of Astronomy, Columbia University, 550 West 120th Street, New York, NY 10027 (United States); Kleinman, S. J., E-mail: kilic@ou.edu [Gemini Observatory, 670 North A' ohoku Place, Hilo, HI 96720 (United States)

    2012-06-01

    We present new radial velocity and X-ray observations of extremely low mass (ELM, {approx}0.2 M{sub Sun }) white dwarf (WD) candidates in the Sloan Digital Sky Survey Data Release 7 area. We identify seven new binary systems with 1-18 hr orbital periods. Five of the systems will merge due to gravitational wave radiation within 10 Gyr, bringing the total number of merger systems found in the ELM Survey to 24. The ELM Survey has now quintupled the known merger WD population. It has also discovered the eight shortest period detached binary WD systems currently known. We discuss the characteristics of the merger and non-merger systems observed in the ELM Survey, including their future evolution. About half of the systems have extreme mass ratios. These are the progenitors of the AM Canum Venaticorum systems and Type Ia supernovae. The remaining targets will lead to the formation of extreme helium stars, subdwarfs, or massive WDs. We identify three targets that are excellent gravitational wave sources. These should be detected by the Laser Interferometer Space Antenna like missions within the first year of operation. The remaining targets are important indicators of what the Galactic foreground may look like for gravitational wave observatories.

  9. Structural remedies in merger regulation in a Cournot framework

    Czech Academy of Sciences Publication Activity Database

    Medvedev, Andrei

    -, 2004-006 (2004), s. 1-21 ISSN 1572-4042 Institutional research plan: CEZ:AV0Z7085904 Keywords : merger regulation * structural remedies * auction Subject RIV: AH - Economics http://www.tilburguniversity.nl/tilec/publications/discussionpapers/2004-006.pdf

  10. Gravitational-Wave Luminosity of Binary Neutron Stars Mergers

    Science.gov (United States)

    Zappa, Francesco; Bernuzzi, Sebastiano; Radice, David; Perego, Albino; Dietrich, Tim

    2018-03-01

    We study the gravitational-wave peak luminosity and radiated energy of quasicircular neutron star mergers using a large sample of numerical relativity simulations with different binary parameters and input physics. The peak luminosity for all the binaries can be described in terms of the mass ratio and of the leading-order post-Newtonian tidal parameter solely. The mergers resulting in a prompt collapse to black hole have the largest peak luminosities. However, the largest amount of energy per unit mass is radiated by mergers that produce a hypermassive neutron star or a massive neutron star remnant. We quantify the gravitational-wave luminosity of binary neutron star merger events, and set upper limits on the radiated energy and the remnant angular momentum from these events. We find that there is an empirical universal relation connecting the total gravitational radiation and the angular momentum of the remnant. Our results constrain the final spin of the remnant black hole and also indicate that stable neutron star remnant forms with super-Keplerian angular momentum.

  11. Can mergers-in-progress be unmerged in speech accommodation?

    Science.gov (United States)

    Babel, Molly; McAuliffe, Michael; Haber, Graham

    2013-01-01

    This study examines spontaneous phonetic accommodation of a dialect with distinct categories by speakers who are in the process of merging those categories. We focus on the merger of the NEAR and SQUARE lexical sets in New Zealand English, presenting New Zealand participants with an unmerged speaker of Australian English. Mergers-in-progress are a uniquely interesting sound change as they showcase the asymmetry between speech perception and production. Yet, we examine mergers using spontaneous phonetic imitation, which is phenomenon that is necessarily a behavior where perceptual input influences speech production. Phonetic imitation is quantified by a perceptual measure and an acoustic calculation of mergedness using a Pillai-Bartlett trace. The results from both analyses indicate spontaneous phonetic imitation is moderated by extra-linguistic factors such as the valence of assigned conditions and social bias. We also find evidence for a decrease in the degree of mergedness in post-exposure productions. Taken together, our results suggest that under the appropriate conditions New Zealanders phonetically accommodate to Australian English and that in the process of speech imitation, mergers-in-progress can, but do not consistently, become less merged.

  12. Financing and Regulatory Frictions in Mergers and Acquisitions

    NARCIS (Netherlands)

    Q. Zhang (Quxian)

    2018-01-01

    markdownabstractThis dissertation studies how financial frictions and regulatory costs affect mergers and acquisitions (M&A). The first conclusion is that financial distress drives firms to make diversifying acquisitions. Acquisitions made by distressed firms in recent years are economically

  13. Merger, Akusisi dan Konsolidasi dalam Perspektif Hukum Persaingan Usaha

    Directory of Open Access Journals (Sweden)

    Paulus Aluk Fajar Dwi Santo

    2011-05-01

    Full Text Available Mergers, acquisitions and consolidation is a business strategy that is commonly used in the business world to be able to build competitive advantage company, which in time can enhance shareholder value while maximizing the prosperity of the company owners or shareholders. To achieve the above objective normative, policy-makers need a plan and steps of strategic and accurate information to avoid the risk of failure. However, the strategy of merger, acquisition and consolidation of certain potentially inhibit fair competition conditions, thus becoming one of the objects that need to be regulated in Law no. 5 Year 1999 concerning Prohibition of Monopolistic Practices and Unfair Business Competition. Market impact of mergers, acquisitions and consolidation is important for analysis because it can have significant legal consequences for businesses, so that the research method used is the juridical normative and empirical approaches. In practice of mergers, acquisitions and consolidation intersect with regulation in other sectors, especially banking and capital markets. That is, there should be equality of perception and interpretation among the institutions that issued the policy.

  14. Downsizings, Mergers, and Acquisitions: Perspectives of Human Resource Development Practitioners

    Science.gov (United States)

    Shook, LaVerne; Roth, Gene

    2011-01-01

    Purpose: This paper seeks to provide perspectives of HR practitioners based on their experiences with mergers, acquisitions, and/or downsizings. Design/methodology/approach: This qualitative study utilized interviews with 13 HR practitioners. Data were analyzed using a constant comparative method. Findings: HR practitioners were not involved in…

  15. 12 CFR 611.1122 - Requirements for mergers or consolidations.

    Science.gov (United States)

    2010-01-01

    ....1122 Section 611.1122 Banks and Banking FARM CREDIT ADMINISTRATION FARM CREDIT SYSTEM ORGANIZATION... or proposed Articles of Association; (6) All of the information specified in paragraph (e) of this... basis for the boards' recommendation on the merger or consolidation. (5) A description of any agreement...

  16. Gravitational-Wave Luminosity of Binary Neutron Stars Mergers.

    Science.gov (United States)

    Zappa, Francesco; Bernuzzi, Sebastiano; Radice, David; Perego, Albino; Dietrich, Tim

    2018-03-16

    We study the gravitational-wave peak luminosity and radiated energy of quasicircular neutron star mergers using a large sample of numerical relativity simulations with different binary parameters and input physics. The peak luminosity for all the binaries can be described in terms of the mass ratio and of the leading-order post-Newtonian tidal parameter solely. The mergers resulting in a prompt collapse to black hole have the largest peak luminosities. However, the largest amount of energy per unit mass is radiated by mergers that produce a hypermassive neutron star or a massive neutron star remnant. We quantify the gravitational-wave luminosity of binary neutron star merger events, and set upper limits on the radiated energy and the remnant angular momentum from these events. We find that there is an empirical universal relation connecting the total gravitational radiation and the angular momentum of the remnant. Our results constrain the final spin of the remnant black hole and also indicate that stable neutron star remnant forms with super-Keplerian angular momentum.

  17. Early Experiences Implementing Voluntary School District Mergers in Vermont

    Science.gov (United States)

    Rogers, John D.; Glesner, Talia J.; Meyers, Herman W.

    2014-01-01

    This article describes the implementation of an initiative to encourage voluntary school district mergers in Vermont. The law was intended to increase educational opportunities for Vermont students while reducing costs. Three research activities were conducted to understand how districts and supervisory unions around the state responded to the new…

  18. Models for mergers in higher education | Botha | South African ...

    African Journals Online (AJOL)

    As it is highly unlikely that no combinations whatsoever will be effected, it is valuable to investigate a combination/merger scenario. This article provides some basic information on various models for merging institutions/ companies, that has been sourced from the literature regarding the private sector. The appropriateness ...

  19. Mergers & Acquisitions in Japan : Lessons for Dutch companies

    NARCIS (Netherlands)

    Grotenhuis, F.D.J.

    2009-01-01

    This article deals with lessons learned from mergers and acquisitions in Japan. In general, such combinations are not success stories, since 50–80 percent of them do not bring the benefits that were expected. Several reasons for such failures have been brought up in the literature, but real-life

  20. Impact of Mergers and Acquisitions on the Performance of ...

    African Journals Online (AJOL)

    This research study examined the impact of mergers and acquisition on the performance of manufacturing firms in Nigeria. A total of thirty-five (35) companies formed the population of this study and questionnaire was used to collect data for this research work. Data generated from the study were analysed descriptively ...

  1. Organisational mergers: a behavioural perspective on identity management

    NARCIS (Netherlands)

    S.R. Giessner (Steffen)

    2016-01-01

    markdownabstractOrganisational mergers are one of the most extreme forms of organisational change processes. Consequently, they often result in difficulties for employees to adjust to the altered organisational conditions. This is often reflected in low levels of employee identification with the

  2. ASTROPHYSICAL IMPLICATIONS OF THE BINARY BLACK HOLE MERGER GW150914

    NARCIS (Netherlands)

    Abbott, B. P.; Abbott, R.; Abbott, T. D.; Abernathy, M. R.; Acernese, F.; Ackley, K.; Adams, C.; Phythian-Adams, A.T.; Addesso, P.; Adhikari, R. X.; Adya, V. B.; Affeldt, C.; Agathos, M.; Agatsuma, K.; Aggarwal, N.T.; Aguiar, O. D.; Aiello, L.; Ain, A.; Ajith, P.; Allen, B.; Allocca, A.; Altin, P. A.; Anderson, S. B.; Anderson, W. G.; Arai, K.; Araya, M. C.; Arceneaux, C. C.; Areeda, J. S.; Arnaud, N.; Arun, K. G.; Ascenzi, S.; Ashton, G.; Ast, M.; Aston, S. M.; Astone, P.; Aufmuth, P.; Aulbert, C.; Babak, S.; Bacon, P.; Bader, M. K. M.; Baker, P. T.; Baldaccini, F.; Ballardin, G.; Ballmer, S. W.; Barayoga, J. C.; Barclay, S. E.; Barish, B. C.; Barker, R.D.; Barone, F.; Barr, B.; Barsotti, L.; Barsuglia, M.; Barta, D.; Bartlett, J.; Bartos, I.; Bassiri, R.; Basti, A.; Batch, J. C.; Baune, C.; Bavigadda, V.; Bazzan, M.; Behnke, B.; Bejger, M.; Belczynski, C.; Bell, A. S.; Bell, C. J.; Berger, B. K.; Bergman, J.; Bergmann, G.; Berry, C. P. L.; Bersanetti, D.; Bertolini, A.; Betzwieser, J.; Bhagwat, S.; Bhandare, R.; Bilenko, I. A.; Billingsley, G.; Birch, M.J.; Birney, R.; Biscans, S.; Bisht, A.; Bitossi, M.; Biwer, C.; Bizouard, M. A.; Blackburn, J. K.; Blair, C. D.; Blair, D. G.; Blair, R. M.; Bloemen, A.L.S.; Bock, O.; Bodiya, T. P.; Boer, M.; Bogaert, J.G.; Bogan, C.; Bohe, A.; Bojtos, P.; Bond, T.C; Bondu, F.; Bonnand, R.; Boom, B. A.; Bork, R.; Boschi, V.; Bose, S.; Bouffanais, Y.; Bozzi, A.; Bradaschia, C.; Brady, P. R.; Braginsky, V. B.; Branchesi, M.; Brau, J. E.; Briant, T.; Brillet, A.; Brinkmann, M.; Brisson, V.; Brockill, P.; Brooks, A. F.; Brown, A.D.; Brown, D.; Brown, N. M.; Buchanan, C. C.; Buikema, A.; Bulik, T.; Bulten, H. J.; Buonanno, A.; Buskulic, D.; Buy, C.; Byer, R. L.; Cadonati, L.; Cagnoli, G.; Cahillane, C.; Bustillo, J. Calderon; Callister, T. A.; Calloni, E.; Camp, J. B.; Cannon, K. C.; Cao, J.; Capano, C. D.; Capocasa, E.; Carbognani, F.; Caride, S.; Diaz, J. Casanueva; Casentini, C.; Caudill, S.; Cavaglia, M.; Cavalier, F.; Cavalieri, R.; Cella, G.; Cepeda, C. B.; Baiardi, L. Cerboni; Cerretani, G.; Cesarini, E.; Chakraborty, R.; Chalermsongsak, T.; Chamberlin, S. J.; Chan, M.; Chao, D. S.; Charlton, P.; Chassande-Mottin, E.; Chen, H. Y.; Chen, Y; Cheng, C.; Chincarini, A.; Chiummo, A.; Cho, H. S.; Cho, M.; Chow, J. H.; Christensen, N.; Chu, Qian; Chua, S. E.; Chung, E.S.; Ciani, G.; Clara, F.; Clark, J. A.; Cleva, F.; Coccia, E.; Cohadon, P. -F.; Colla, A.; Collette, C. G.; Cominsky, L.; Constancio, M., Jr.; Conte, A.; Conti, L.; Cook, D.; Corbitt, T. R.; Cornish, N.; Corsi, A.; Cortese, S.; Costa, A.C.; Coughlin, M. W.; Coughlin, S. B.; Coulon, J. -P.; Countryman, S. T.; Couvares, P.; Cowan, E. E.; Coward, D. M.; Cowart, M. J.; Coyne, D. C.; Coyne, R.; Craig, K.; Creighton, J. D. E.; Cripe, J.; Crowder, S. G.; Cumming, A.; Cunningham, A.L.; Cuoco, E.; Dal Canton, T.; Danilishin, S. L.; D'Antonio, S.; Danzmann, K.; Darman, N. S.; Dattilo, V.; Dave, I.; Daveloza, H. P.; Davier, M.; Davies, G. S.; Daw, E. J.; Day, R.; Debra, D.; Debreczeni, G.; Degallaix, J.; De laurentis, M.; Deleglise, S.; Del Pozzo, W.; Denker, T.; Dent, T.; Dereli, H.; Dergachev, V.A.; DeRosa, R. T.; DeRosa, R. T.; DeSalvo, R.; Dhurandhar, S.; Diaz, M. C.; Di Fiore, L.; Giovanni, M.G.; Di Lieto, A.; Di Pace, S.; Di Palma, I.; Di Virgilio, A.; Dojcinoski, G.; Dolique, V.; Donovan, F.; Dooley, K. L.; Doravari, S.; Douglas, R.; Downes, T. P.; Drago, M.; Drever, R. W. P.; Driggers, J. C.; Du, Z.; Ducrot, M.; Dwyer, S. E.; Edo, T. B.; Edwards, M. C.; Effler, A.; Eggenstein, H. -B.; Ehrens, P.; Eichholz, J.; Eikenberry, S. S.; Engels, W.; Essick, R. C.; Etzel, T.; Evans, T. M.; Evans, T. M.; Everett, R.; Factourovich, M.; Fafone, V.; Fair, H.; Fairhurst, S.; Fan, X.M.; Fang, Q.; Farinon, S.; Farr, B.; Farr, W. M.; Favata, M.; Fays, M.; Fehrmann, H.; Fejer, M. M.; Ferrante, I.; Ferreira, E. C.; Ferrini, F.; Fidecaro, F.; Fiori, I.; Fiorucci, D.; Fisher, R. P.; Flaminio, R.; Fletcher, M; Fournier, J. -D.; Franco, S; Frasca, S.; Frasconi, F.; Frei, Z.; Freise, A.; Frey, R.; Frey, V.; Fricke, T. T.; Fritschel, P.; Frolov, V. V.; Fulda, P.; Fyffe, M.; Gabbard, H. A. G.; Gair, J. R.; Gammaitoni, L.; Gaonkar, S. G.; Garufi, F.; Gatto, A.; Gaur, G.; Gehrels, N.; Gemme, G.; Gendre, B.; Genin, E.; Gennai, A.; George, J.; Gergely, L.; Germain, V.; Ghosh, Archisman; Ghosh, S.; Giaime, J. A.; Giardina, K. D.; Giazotto, A.; Gill, K.P.; Glaefke, A.; Goetz, E.; Goetz, R.; Gondan, L.; Gonzalez, Idelmis G.; Gonzalez Castro, J. M.; Gopakumar, A.; Gordon, N. A.; Gorodetsky, M. L.; Gossan, S. E.; Lee-Gosselin, M.; Gouaty, R.; Graef, C.; Graff, P. B.; Granata, M.; Grant, A.; Gras, S.; Gray, C.M.; Greco, G.; Green, A. C.; Groot, P.; Grote, H.; Grunewald, S.; Guidi, G. M.; Guo, X.; Gupta, A.; Gupta, M. K.; Gushwa, K. E.; Gustafson, E. K.; Gustafson, R.; Hacker, J. J.; Buffoni-Hall, R.; Hall, E. D.; Hammond, G.L.; Haney, M.; Hanke, M. M.; Hanks, J.; Hanna, C.; Hannam, M. D.; Hanson, P.J.; Hardwick, T.; Harms, J.; Harry, G. M.; Harry, I. W.; Hart, M. J.; Hartman, M. T.; Haster, C. -J.; Haughian, K.; Heidmann, A.; Heintze, M. C.; Heitmann, H.; Hello, P.; Hemming, G.; Hendry, M.; Heng, I. S.; Hennig, J.; Heptonstall, A. W.; Heurs, M.; Hild, S.; Hoak, D.; Hodge, K. A.; Hofman, D.; Hollitt, S. E.; Holt, K.; Holz, D. E.; Hopkins, P.; Hosken, D. J.; Hough, J.; Houston, E. A.; Howell, E. J.; Hu, Y. M.; Huang, S.; Huerta, E. A.; Huet, D.; Hughey, B.; Husa, S.; Huttner, S. H.; Huynh-Dinh, T.; Idrisy, A.; Indik, N.; Ingram, D. R.; Inta, R.; Isa, H. N.; Isac, J. -M.; Isi, M.; Islas, G.; Isogai, T.; Iyer, B. R.; Izumi, K.; Jacqmin, T.; Jang, D.H.; Jani, K.; Jaranowski, P.; Jawahar, S.; Jimenez-Forteza, F.; Johnson, W.; Jones, I.D.; Jones, R.; Jonker, R. J. G.; Ju, L.; Haris, K.; Kalaghatgi, C. V.; Kalogera, V.; Kandhasamy, S.; Kang, G.H.; Kanner, J. B.; Karki, S.; Kasprzack, M.; Katsavounidis, E.; Katzman, W.; Kaufer, S.; Kaur, T.; Kawabe, K.; Kawazoe, F.; Kefelian, F.; Kehl, M. S.; Keitel, D.; Kelley, D. B.; Kells, W.; Kennedy, R.E.; Key, J. S.; Khalaidovski, A.; Khalili, F. Y.; Khan, I.; Khan., S.; Khan, Z.; Khazanov, E. A.; Kijbunchoo, N.; Kim, C.; Kim, J.; Kim, K.; Kim, Nam-Gyu; Kim, Namjun; Kim, Y.M.; King, E. J.; King, P. J.; Kinzel, D. L.; Kissel, J. S.; Kleybolte, L.; Klimenko, S.; Koehlenbeck, S. M.; Kokeyama, K.; Koley, S.; Kondrashov, V.; Kontos, A.; Korobko, M.; Korth, W. Z.; Kowalska, I.; Kozak, D. B.; Kringel, V.; Krishnan, B.; Krolak, A.; Krueger, C.; Kuehn, G.; Kumar, P.; Kuo, L.; Kutynia, A.; Lackey, B. D.; Landry, M.; Lange, J.; Lantz, B.; Lasky, P. D.; Lazzarini, A.; Lazzaro, C.; Leaci, P.; Leavey, S.; Lebigot, E. O.; Lee, C.H.; Lee, K.H.; Lee, M.H.; Lee, K.; Lenon, A.; Leonardi, M.; Leong, J. R.; Leroy, N.; Letendre, N.; Levin, Y.; Levine, B. M.; Li, T. G. F.; Libson, A.; Littenberg, T. B.; Lockerbie, N. A.; Logue, J.; Lombardi, A. L.; Lord, J. E.; Lorenzini, M.; Loriette, V.; Lormand, M.; Losurdo, G.; Lough, J. D.; Lueck, H.; Lundgren, A. P.; Luo, J.; Lynch, R.; Ma, Y.; MacDonald, T.T.; Machenschalk, B.; MacInnis, M.; Macleod, D. M.; Magna-Sandoval, F.; Magee, R. M.; Mageswaran, M.; Majorana, E.; Maksimovic, I.; Malvezzi, V.; Man, N.; Mandel, I.; Mandic, V.; Mangano, V.; Mansell, G. L.; Manske, M.; Mantovani, M.; Marchesoni, F.; Marion, F.; Marka, S.; Marka, Z.; Markosyan, A. S.; Maros, E.; Martelli, F.; Martellini, L.; Martin, I. W.; Martin, R.M.; Martynov, D. V.; Marx, J. N.; Mason, K.; Masserot, A.; Massinger, T. J.; Masso-Reid, M.; Matichard, F.; Matone, L.; Mavalvala, N.; Mazumder, N.; Mazzolo, G.; McCarthy, R.; McClelland, D. E.; McCormick, S.; McGuire, S. C.; McIntyre, G.; McIver, J.; McManus, D. J.; McWilliams, S. T.; Meacher, D.; Meadors, G. D.; Meidam, J.; Melatos, A.; Mendell, G.; Mendoza-Gandara, D.; Mercer, R. A.; Merilh, E. L.; Merzougui, M.; Meshkov, S.; Messenger, C.; Messick, C.; Meyers, P. M.; Mezzani, F.; Miao, H.; Michel, C.; Middleton, H.; Mikhailov, E. E.; Milano, L.; Miller, J.; Millhouse, M.; Minenkov, Y.; Ming, J.; Mirshekari, S.; Mishra, C.; Mitra, S.; Mitrofanov, V. P.; Mitselmakher, G.; Mittleman, R.; Moggi, A.; Mohan, M.; Mohapatra, S. R. P.; Montani, M.; Moore, B.C.; Moore, J.C.; Moraru, D.; Gutierrez Moreno, M.; Morriss, S. R.; Mossavi, K.; Mours, B.; Mow-Lowry, C. M.; Mueller, C. L.; Mueller, G.; Muir, A. W.; Mukherjee, Arunava; Mukherjee, S.D.; Mukherjee, S.; Mukund, N.; Mullavey, A.; Munch, J.; Murphy, D. J.; Murray, P.G.; Mytidis, A.; Nardecchia, I.; Naticchioni, L.; Nayak, R. K.; Necula, V.; Nedkova, K.; Nelemans, G.; Gutierrez-Neri, M.; Neunzert, A.; Newton-Howes, G.; Nguyen, T. T.; Nielsen, A. B.; Nissanke, S.; Nitz, A.; Nocera, F.; Nolting, D.; Normandin, M. E. N.; Nuttall, L. K.; Oberling, J.; Ochsner, E.; O'Dell, J.; Oelker, E.; Ogin, G. H.; Oh, J.; Oh, S. H.; Ohme, F.; Oliver, M. B.; Oppermann, P.; Oram, Richard J.; O'Reilly, B.; O'Shaughnessy, R.; Ottaway, D. J.; Ottens, R. S.; Overmier, H.; Owen, B. J.; Pai, A.; Pai, S. A.; Palamos, J. R.; Palashov, O.; Palomba, C.; Pal-Singh, A.; Pan, H.; Pankow, C.; Pannarale, F.; Pant, B. C.; Paoletti, F.; Paoli, A.; Papa, M. A.; Paris, H. R.; Parker, W.S; Pascucci, D.; Pasqualetti, A.; Passaquieti, R.; Passuello, D.; Patricelli, B.; Patrick, Z.; Pearlstone, B. L.; Pedraza, M.; Pedurand, R.; Pekowsky, L.; Pele, A.; Penn, S.; Perreca, A.; Phelps, M.; Piccinni, O. J.; Pichot, M.; Piergiovanni, F.; Pierro, V.; Pillant, G.; Pinard, L.; Pinto, I. M.; Pitkin, M.; Poggiani, R.; Popolizio, P.; Post, A.; Powell, J.; Prasad, J.; Predoi, V.; Premachandra, S. S.; Prestegard, T.; Price, L. R.; Prijatelj, M.; Principe, M.; Privitera, S.; Prix, R.; Prodi, G. A.; Prokhorov, L. G.; Puncken, O.; Punturo, M.; Puppo, P.; Puerrer, M.; Qi, H.; Qin, J.; Quetschke, V.; Quintero, E. A.; Quitzow-James, R.; Raab, F. J.; Rabeling, D. S.; Radkins, H.; Raffai, P.; Raja, S.; Rakhmanov, M.; Rapagnani, P.; Raymond, V.; Razzano, M.; Re, V.; Read, J.; Reed, C. M.; Regimbau, T.; Rei, L.; Reid, S.; Reitze, D. H.; Rew, H.; Reyes, S. D.; Ricci, F.; Riles, K.; Robertson, N. A.; Robie, R.; Robinet, F.; Rocchi, A.; Rolland, L.; Rollins, J. G.; Roma, V. J.; Romano, J. D.; Romano, R.; Romanov, G.; Romie, J. H.; Rosinska, D.; Rowan, S.; Ruediger, A.; Ruggi, P.; Ryan, K.A.; Sachdev, P.S.; Sadecki, T.; Sadeghian, L.; Salconi, L.; Saleem, M.; Salemi, F.; Samajdar, A.; Sammut, L.; Sanchez, E. J.; Sandberg, V.; Sandeen, B.; Sanders, J. R.; Sassolas, B.; Sathyaprakash, B. S.; Saulson, P. R.; Sauter, O.; Savage, R. L.; Sawadsky, A.; Schale, P.; Schilling, R.; Schmidt, J; Schmidt, P.; Schnabel, R.B.; Schofield, R. M. S.; Schoenbeck, A.; Schreiber, K.E.C.; Schuette, D.; Schutz, B. F.; Scott, J.; Scott, M.S.; Sellers, D.; Sentenac, D.; Sequino, V.; Sergeev, A.; Serna, G.; Setyawati, Y.; Sevigny, A.; Shaddock, D. A.; Shah, S.; Shahriar, M. S.; Shaltev, M.; Shao, Z.M.; Shapiro, B.; Shawhan, P.; Sheperd, A.; Shoemaker, D. H.; Shoemaker, D. M.; Siellez, K.; Siemens, X.; Sigg, D.; Silva, António Dias da; Simakov, D.; Singer, A; Singer, L. P.; Singh, A.; Singh, R.; Singhal, A.; Sintes, A. M.; Slagmolen, B. J. J.; Smith, R. J. E.; Smith, N.D.; Smith, R. J. E.; Son, E. J.; Sorazu, B.; Sorrentino, F.; Souradeep, T.; Srivastava, A. K.; Staley, A.; Steinke, M.; Steinlechner, J.; Steinlechner, S.; Steinmeyer, D.; Stephens, B. C.; Stevenson-Moore, P.; Stone, J.R.; Strain, K. A.; Straniero, N.; Stratta, G.; Strauss, N. A.; Strigin, S. E.; Sturani, R.; Stuver, A. L.; Summerscales, T. Z.; Sun, L.; Sutton, P. J.; Swinkels, B. L.; Szczepanczyk, M. J.; Tacca, M.D.; Talukder, D.; Tanner, D. B.; Tapai, M.; Tarabrin, S. P.; Taracchini, A.; Taylor, W.R.; Theeg, T.; Thirugnanasambandam, M. P.; Thomas, E. G.; Thomas, M.; Thomas, P.; Thorne, K. A.; Thorne, K. S.; Thrane, E.; Tiwari, S.; Tiwari, V.; Tokmakov, K. V.; Tomlinson, C.; Tonelli, M.; Torres, C. V.; Torrie, C. I.; Toyra, D.; Travasso, F.; Traylor, G.; Trifir, D.; Tringali, M. C.; Trozzo, L.; Tse, M.; Turconi, M.; Tuyenbayev, D.; Ugolini, D.; Unnikrishnan, C. S.; Urban, A. L.; Usman, S. A.; Vahlbruch, H.; Vajente, G.; Valdes, G.; Van Bakel, N.; Van Beuzekom, Martin; Van den Brand, J. F. J.; Van Den Broeck, C.F.F.; Vander-Hyde, D. C.; van der Schaaf, L.; van Heijningen, J. V.; van Veggel, A. A.; Vardaro, M.; Vass, S.; Vasuth, M.; Vaulin, R.; Vecchio, A.; Vedovato, G.; Veitch, J.; Veitch, P.J.; Venkateswara, K.; Verkindt, D.; Vetrano, F.; Vicere, A.; Vinciguerra, S.; Vine, D. J.; Vinet, J. -Y.; Vitale, S.; Vo, T.; Vocca, H.; Vorvick, C.; Voss, D. V.; Vousden, W. D.; Vyatchanin, S. P.; Wade, A. R.; Wade, L. E.; Wade, MT; Walker, M.; Wallace, L.; Walsh, S.; Wang, G.; Wang, H.; Wang, M.; Wang, X.; Wang, Y.; Ward, R. L.; Warner, J.; Was, M.; Weaver, B.; Wei, L. -W.; Weinert, M.; Weinstein, A. J.; Weiss, R.; Welborn, T.; Wen, L.M.; Wessels, P.; Westphal, T.; Wette, K.; Whelan, J. T.; White, D. J.; Whiting, B. F.; Williams, D.R.; Williamson, A. R.; Willis, J. L.; Willke, B.; Wimmer, M. H.; Winkler, W.; Wipf, C. C.; Wittel, H.; Woan, G.; Worden, J.; Wright, J.L.; Wu, G.; Yablon, J.; Yam, W.; Yamamoto, H.; Yancey, C. C.; Yap, M. J.; Yu, H.; Yvert, M.; Zadrozny, A.; Zangrando, L.; Zanolin, M.; Zendri, J. -P.; Zevin, M.; Zhang, F.; Zhang, L.; Zhang, M.; Zhang, Y.; Zhao, C.; Zhou, M.; Zhou, Z.; Zhu, X. J.; Zucker, M. E.; Zuraw, S. E.; Zweizig, J.

    2016-01-01

    The discovery of the gravitational-wave (GW) source GW150914 with the Advanced LIGO detectors provides the first observational evidence for the existence of binary black hole (BH) systems that inspiral and merge within the age of the universe. Such BH mergers have been predicted in two main types of

  3. Multi-messenger observations of a binary neutron star merger

    NARCIS (Netherlands)

    LIGO Scientific Collaboration and Virgo Collaboration; Fermi GBM; INTEGRAL; IceCube Collaboration; AstroSat Cadmium Zinc Telluride Imager Team; IPN Collaboration; The Insight-HXMT Collaboration; ANTARES Collaboration; The Swift Collaboration; AGILE Team; The 1M2H Team; The Dark Energy Camera GW-EM Collaboration and the DES Collaboration; The DLT40 Collaboration; GRAWITA: GRAvitational Wave Inaf TeAm; The Fermi Large Area Telescope Collaboration; ATCA: Australia Telescope Compact Array; ASKAP: Australian SKA Path finder; Las Cumbres Observatory Group; OzGrav; DWF (Deeper, Wider, Faster Program); AST3; CAASTRO Collaborations; The VINROUGE Collaboration; MASTER Collaboration; J-GEM; GROWTH; JAGWAR; Caltech- NRAO; TTU-NRAO; NuSTAR Collaborations; Pan-STARR; The MAXI Team; TZAC Consortium; KU Collaboration; Nordic Optical Telescope; ePESSTO; GROND; Texas Tech University; SALT Group; TOROS: Transient Robotic Observatory of the South Collaboration; The BOOTES Collaboration; MWA: Murchison Wide field Array; The CALET Collaboration; IKI-GW Follow-up Collaboration; H.E.S.S. Collaboration; LOFAR Collaboration; LWA: Long Wavelength Array; HAWC Collaboration; The Pierre Auger Collaboration; ALMA Collaboration; Euro VLBI Team; Pi of the Sky Collaboration; The Chandra Team at McGill University; DFN: Desert Fireball Network; ATLAS; High Time Resolution Universe Survey; RIMAS and RATIR; SKA South Africa / MeerKAT

    2017-01-01

    On 2017 August 17 a binary neutron star coalescence candidate (later designated GW170817) with merger time 12:41:04 UTC was observed through gravitational waves by the Advanced LIGO and Advanced Virgo detectors. The Fermi Gamma-ray Burst Monitor independently detected a gamma-ray burst (GRB 170817A)

  4. THE FATE OF THE COMPACT REMNANT IN NEUTRON STAR MERGERS

    Energy Technology Data Exchange (ETDEWEB)

    Fryer, Chris L. [Department of Physics, The University of Arizona, Tucson, AZ 85721 (United States); Belczynski, Krzysztoff [Astronomical Observatory, University of Warsaw, Al Ujazdowskie 4, 00-478 Warsaw (Poland); Ramirez-Ruiz, Enrico [Department of Astronomy and Astrophysics, University of California, Santa Cruz, CA 95064 (United States); Rosswog, Stephan [The Oskar klein Center, Department of Astronomy, AlbaNova, Stockholm University, SE-106 91 Stockholm (Sweden); Shen, Gang [Institute for Nuclear Theory, University of Washington, Seattle, WA 98195 (United States); Steiner, Andrew W. [Department of Physics and Astronomy, University of Tennessee, Knoxville, TN 37996 (United States)

    2015-10-10

    Neutron star (binary neutron star and neutron star–black hole) mergers are believed to produce short-duration gamma-ray bursts (GRBs). They are also believed to be the dominant source of gravitational waves to be detected by the advanced LIGO and advanced VIRGO and the dominant source of the heavy r-process elements in the universe. Whether or not these mergers produce short-duration GRBs depends sensitively on the fate of the core of the remnant (whether, and how quickly, it forms a black hole). In this paper, we combine the results of Newtonian merger calculations and equation of state studies to determine the fate of the cores of neutron star mergers. Using population studies, we can determine the distribution of these fates to compare to observations. We find that black hole cores form quickly only for equations of state that predict maximum non-rotating neutron star masses below 2.3–2.4 solar masses. If quick black hole formation is essential in producing GRBs, LIGO/Virgo observed rates compared to GRB rates could be used to constrain the equation of state for dense nuclear matter.

  5. On order and chaos in the mergers of galaxies

    Science.gov (United States)

    Vandervoort, Peter O.

    2018-03-01

    This paper describes a low-dimensional model of the merger of two galaxies. The governing equations are the complete sets of moment equations of the first and second orders derived from the collisionless Boltzmann equations representing the galaxies. The moment equations reduce to an equation governing the relative motion of the galaxies, tensor virial equations, and equations governing the kinetic energy tensors. We represent the galaxies as heterogeneous ellipsoids with Gaussian stratifications of their densities, and we represent the mean stellar motions in terms of velocity fields that sustain those densities consistently with the equation of continuity. We reduce and solve the governing equations for a head-on encounter of a dwarf galaxy with a giant galaxy. That reduction includes the effect of dynamical friction on the relative motion of the galaxies. Our criterion for chaotic behaviour is sensitivity of the motion to small changes in the initial conditions. In a survey of encounters and mergers of a dwarf galaxy with a giant galaxy, chaotic behaviour arises mainly in non-linear oscillations of the dwarf galaxy. The encounter disrupts the dwarf, excites chaotic oscillations of the dwarf, or excites regular oscillations. Dynamical friction can drive a merger to completion within a Hubble time only if the dwarf is sufficiently massive. The survey of encounters and mergers is the basis for a simple model of the evolution of a `Local Group' consisting of a giant galaxy and a population of dwarf galaxies bound to the giant as satellites on radial orbits.

  6. THE ELM SURVEY. II. TWELVE BINARY WHITE DWARF MERGER SYSTEMS

    International Nuclear Information System (INIS)

    Kilic, Mukremin; Brown, Warren R.; Kenyon, S. J.; Prieto, Carlos Allende; Agueeros, M. A.; Heinke, Craig

    2011-01-01

    We describe new radial velocity and X-ray observations of extremely low-mass white dwarfs (ELM WDs, ∼0.2 M sun ) in the Sloan Digital Sky Survey Data Release 4 and the MMT Hypervelocity Star survey. We identify four new short period binaries, including two merger systems. These observations bring the total number of short period binary systems identified in our survey to 20. No main-sequence or neutron star companions are visible in the available optical photometry, radio, and X-ray data. Thus, the companions are most likely WDs. Twelve of these systems will merge within a Hubble time due to gravitational wave radiation. We have now tripled the number of known merging WD systems. We discuss the characteristics of this merger sample and potential links to underluminous supernovae, extreme helium stars, AM CVn systems, and other merger products. We provide new observational tests of the WD mass-period distribution and cooling models for ELM WDs. We also find evidence for a new formation channel for single low-mass WDs through binary mergers of two lower mass objects.

  7. Capitalisation, Mergers and the Nigerian Economy: A Historical ...

    African Journals Online (AJOL)

    This paper, seeks to give a historical insight into the story of mergers, capitalisation and the Nigerian economy, beginning from the earliest British economic adventures in the country in the 19th century up to the present time. It also examines the impact of the recent bank re-capitalisation exercise in the country and the ...

  8. The Impact of Belonging Groups in an Institutional Merger Process

    DEFF Research Database (Denmark)

    Broeng, Susanne

    2017-01-01

    for the discussions and worker's disaffection and anxieties about job security were brought to light in the research process. The analysis of the research process is informed by psychodynamic system theory and focuses on individual and group processes, and on the leaders' roles in the merger process. This leads...

  9. The Effect of Merger on Performance: Evidence from the UAE

    African Journals Online (AJOL)

    user

    The study examines the effect of the merger on the wealth of shareholders and ... Consolidation of business entities is a world-wide phenomenon. One of the tools for ..... The expected rate of return on the security is found out using the Market.

  10. Mergers and Acquisitions in Selected Frontier Markets of Asia

    Directory of Open Access Journals (Sweden)

    Farhan Ahmed

    2018-01-01

    Full Text Available This paper aims to provide contemporary and comparative information on mergers and acquisition activities. The findings have shown that Vietnam is very active in mergers and acquisitions activities, for instance in Vietnam 2946 transactions were announced, and 2114 completed in the last decade. Furthermore, Vietnam has a distinctive element of merging local firms; Out of top 20 deals, in 18 transactions target firms and acquirer both were from Vietnam. On the other hand, Sri Lanka has the highest percentage of completed M&A transactions in the last decade compared to Pakistan and Vietnam. In case of Pakistan, the findings suggest that Pakistan has had the highest number of value-based Mergers and Acquisitions deals in comparison to Sri Lanka and Vietnam. Interestingly, even though the number of transactions is higher compared to Sri Lanka and Vietnam; however, mergers and acquisition have had no significant impact on the profitability of Pakistan companies.DOI: 10.15408/sjie.v7i1.6074

  11. EFFECTIVE SCHEMES OF FINANCING MERGERS AND ACQUISITIONS OF INTERNATIONAL CORPORATIONS

    Directory of Open Access Journals (Sweden)

    Vladimir Momot

    2013-10-01

    Full Text Available The article considers the question of a choice of the optimum scheme of financing mergers and acquisitions (M&As in the environment of international corporations. Methods and ways of financing integration transactions are considered and key factors and system processes of realization of these transactions are defined.

  12. Can mergers-in-progress be unmerged in speech accommodation?

    Directory of Open Access Journals (Sweden)

    Molly eBabel

    2013-09-01

    Full Text Available This study examines spontaneous phonetic accommodation of a dialect with distinct categories by speakers who are in the process of merging those categories. We focus on the merger of the NEAR and SQUARE lexical sets in New Zealand English, presenting New Zealand participants with an unmerged speaker of Australian English. Mergers-in-progress are a uniquely interesting sound change as they showcase the asymmetry between speech perception and production. Yet, we examine mergers using spontaneous phonetic imitation, which is phenomenon that is necessarily a behavior where perceptual input influences speech production. Phonetic imitation is quantified by a perceptual measure and an acoustic calculation of mergedness using a Pillai-Bartlett trace. The results from both analyses indicate spontaneous phonetic imitation is moderated by extra-linguistic factors such as the valence of assigned conditions and social bias. We also find evidence for a decrease in the degree of mergedness in post-exposure productions. Taken together, our results suggest that under the appropriate conditions New Zealanders phonetically accommodate to Australian English and that in the process of speech imitation, mergers-in-progress can, but do not consistently, become less merged.

  13. Information Quality and Risk Around Mergers and Acquisition ...

    African Journals Online (AJOL)

    We consolidate our understanding of the link between risk and quality of new around information intensive periods for a sample of 169 stocks from London Stock Exchange by using mergers and acquisitions announcements as a source of unscheduled news disclosure. We document that volatility of stock returns around ...

  14. Charting a path to efficiencies following a merger.

    Science.gov (United States)

    Klar, Brandon; Shufelt, Gregory P

    2015-06-01

    Health systems can access the full range of opportunities for enhanced efficiencies following a merger or an acquisition by pursuing the following five-step process, which constitutes the development of a business plan of operational efficiencies: Secure executive sponsorship and involvement. Establish an integration steering committee. Develop guiding principles. Identify and validate potential efficiencies. Develop an action plan for each department and function.

  15. What Is Dry Eye?

    Medline Plus

    Full Text Available ... Ophthalmology/Strabismus Ocular Pathology/Oncology Oculoplastics/Orbit Refractive Management/Intervention Retina/Vitreous Uveitis Focus On ... Dry Eye Sections What Is Dry Eye? Dry Eye Symptoms Causes of ...

  16. The U.S. utility experience: Is there life after mergers and downsizing?

    International Nuclear Information System (INIS)

    Warkentin, D.

    1997-01-01

    Deregulation has pervaded the ranks of many different industries in the US. The electric utility industry, which has been often thought of as an untouchable industry to the likes of deregulation or reregulation, is undergoing a change from being considered a monopoly industry to one that is market-based. The electric utility industry is undergoing deregulation, or perhaps it is more fitting to say re-regulation since some regulation will remain, for much the same reasons that many other industries before it have. These reasons include major shifts in the nation's economy and the resultant need for more competitive pricing. Impending re-regulation of the industry is having several ripple effects on the energy industry as a whole, particularly in the area of merger activity and also with respect to reengineering, which more often than not includes a degree of downsizing, or if you prefer, reducing the workforce. And, yes, despite the fact that these truly are difficult and trying times, there is life after mergers and downsizing albeit a different kind of life. Certainly it is the case that the industry will not just come to a halt because restructuring activities are under way

  17. Localization of binary neutron star mergers with second and third generation gravitational-wave detectors

    Science.gov (United States)

    Mills, Cameron; Tiwari, Vaibhav; Fairhurst, Stephen

    2018-05-01

    The observation of gravitational wave signals from binary black hole and binary neutron star mergers has established the field of gravitational wave astronomy. It is expected that future networks of gravitational wave detectors will possess great potential in probing various aspects of astronomy. An important consideration for successive improvement of current detectors or establishment on new sites is knowledge of the minimum number of detectors required to perform precision astronomy. We attempt to answer this question by assessing the ability of future detector networks to detect and localize binary neutron stars mergers on the sky. Good localization ability is crucial for many of the scientific goals of gravitational wave astronomy, such as electromagnetic follow-up, measuring the properties of compact binaries throughout cosmic history, and cosmology. We find that although two detectors at improved sensitivity are sufficient to get a substantial increase in the number of observed signals, at least three detectors of comparable sensitivity are required to localize majority of the signals, typically to within around 10 deg2 —adequate for follow-up with most wide field of view optical telescopes.

  18. Galaxy-Wide Shocks in the H$\\alpha$ Emission of Nearby Galaxy Mergers

    Science.gov (United States)

    Mortazavi, S. Alireza; Lotz, Jennifer M.

    2018-01-01

    We examine the properties of shocked gas produced as a result of binary galaxy interactions, using H$\\alpha$ emission in a sample 22 mergers observed with SparsePak Integral Field Unit (IFU) at Kitt Peak National Observatory (KPNO). Our sample consists of major and minor tidally interacting galaxies (mass ratio $1text{f}_\\text{shocked}$, and examine the spatial distribution of shocks. We find that close galaxy pairs have, on average, a higher shock fraction than wide pairs, and our coalesced mergers have the highest average $\\text{f}_\\text{shocked}$. Additionally, we find for the first time, correlations between mass ratio, mass of the companion, and $\\text{f}_\\text{shocked}$ in tidally interacting galaxy pairs. Among the non-coalesced systems in our sample, the galaxy pairs with more equal light ratio (stellar mass ratio) tend to have a higher average $\\text{f}_\\text{shocked}$. Also, the primary (more massive) companions are on average slightly more shocked than the secondary (less massive) ones. Utilizing dynamical models in the literature and this work, we inspect trends between $\\text{f}_\\text{shocked}$ and the reconstructed encounter parameters. In this very limited sample, we find that the orbital pericentric separation is correlated with shock fraction, consistent with shocks being produced by the chain of events caused by the tidal impulse during the first passage. These results lay a basis for furture analysis using the higher statistics provided by the on-going and future IFU galaxy surveys.

  19. Merger Auditor dan Kualitas Audit: Bukti Empiris Dari Bursa Efek Indonesia

    Directory of Open Access Journals (Sweden)

    Sansaloni Butar-Butar

    2016-06-01

    Full Text Available Merge rof Pricewaterhouse and Coopers & Lybrands that occurred in 1998 creates PricewaterhouseCoopers as the biggest accounting firm in history. Conceptually and supported by previous empirical result firm size is expected to be positively correlated with audit quality. Large accounting firms have financial ability to improve its auditors skill and can act more independently because major part of their income do not come from one or two clients. They spend huge investment in audit technology as well. However, this positive relationship only applies to environments where punishment is strictly imposed on audit failure. Unlike their counterparts in the United States and Europe, auditors working in Indonesia rarely face legal issues related to the audit assignment. In addition, empirical studies in Indonesia have always classified local auditors as Big N auditors if they affiliate with one of Big N auditors assuming same quality with that of Big N auditors. This assumption does not necessarily hold. Therefore, in the context of Indonesia environtments, this study predicts PricewaterhouseCoopers merger does not affect the quality of the audit. Using abnormal accruals as a proxy for audit quality, the results show that after the merger audit quality has declined significantly.

  20. TIDAL TAILS OF MINOR MERGERS: STAR FORMATION EFFICIENCY IN THE WESTERN TAIL OF NGC 2782

    International Nuclear Information System (INIS)

    Knierman, Karen; Scowen, Paul; Jansen, Rolf A.; Knezek, Patricia M.; Wehner, Elizabeth

    2012-01-01

    While major mergers and their tidal debris are well studied, they are less common than minor mergers (mass ratios ∼ SFR ) to be several orders of magnitude less than expected from the total gas density. Together with extended FUV+NUV emission from Galaxy Evolution Explorer along the tail, this indicates a low global star formation efficiency in the tidal tail producing lower mass star clusters. The H II region that we observed has a local (few-kiloparsec scale) Σ SFR from Hα that is less than that expected from the total gas density, which is consistent with other observations of tidal debris. The star formation efficiency of this H II region inferred from the total gas density is low, but normal when inferred from the molecular gas density. These results suggest the presence of a very small, locally dense region in the western tail of NGC 2782 or of a low-metallicity and/or low-pressure star-forming region.

  1. Merger rate of primordial black-hole binaries

    Science.gov (United States)

    Ali-Haïmoud, Yacine; Kovetz, Ely D.; Kamionkowski, Marc

    2017-12-01

    Primordial black holes (PBHs) have long been a candidate for the elusive dark matter (DM), and remain poorly constrained in the ˜20 - 100 M⊙ mass range. PBH binaries were recently suggested as the possible source of LIGO's first detections. In this paper, we thoroughly revisit existing estimates of the merger rate of PBH binaries. We compute the probability distribution of orbital parameters for PBH binaries formed in the early Universe, accounting for tidal torquing by all other PBHs, as well as standard large-scale adiabatic perturbations. We then check whether the orbital parameters of PBH binaries formed in the early Universe can be significantly affected between formation and merger. Our analytic estimates indicate that the tidal field of halos and interactions with other PBHs, as well as dynamical friction by unbound standard DM particles, do not do significant work on nor torque PBH binaries. We estimate the torque due to baryon accretion to be much weaker than previous calculations, albeit possibly large enough to significantly affect the eccentricity of typical PBH binaries. We also revisit the PBH-binary merger rate resulting from gravitational capture in present-day halos, accounting for Poisson fluctuations. If binaries formed in the early Universe survive to the present time, as suggested by our analytic estimates, they dominate the total PBH merger rate. Moreover, this merger rate would be orders of magnitude larger than LIGO's current upper limits if PBHs make a significant fraction of the dark matter. As a consequence, LIGO would constrain ˜10 - 300 M⊙ PBHs to constitute no more than ˜1 % of the dark matter. To make this conclusion fully robust, though, numerical study of several complex astrophysical processes—such as the formation of the first PBH halos and how they may affect PBH binaries, as well as the accretion of gas onto an extremely eccentric binary—is needed.

  2. V1309 Scorpii: merger of a contact binary

    Science.gov (United States)

    Tylenda, R.; Hajduk, M.; Kamiński, T.; Udalski, A.; Soszyński, I.; Szymański, M. K.; Kubiak, M.; Pietrzyński, G.; Poleski, R.; Wyrzykowski, Ł.; Ulaczyk, K.

    2011-04-01

    Context. Stellar mergers are expected to take place in numerous circumstences in the evolution of stellar systems. In particular, they are considered as a plausible origin of stellar eruptions of the V838 Mon type. V1309 Sco is the most recent eruption of this type in our Galaxy. The object was discovered in September 2008. Aims: Our aim is to investigate the nature of V1309 Sco. Methods: V1309 Sco has been photometrically observed in course of the OGLE project since August 2001. We analyse these observations in different ways. In particular, periodogram analyses were done to investigate the nature of the observed short-term variability of the progenitor. Results: We find that the progenitor of V1309 Sco was a contact binary with an orbital period of ~1.4 day. This period was decreasing with time. The light curve of the binary was also evolving, indicating that the system evolved towards its merger. The violent phase of the merger, marked by the systematic brightenning of the object, began in March 2008, i.e. half a year before the outburst discovery. We also investigate the observations of V1309 Sco during the outburst and the decline and show that they can be fully accounted for within the merger hypothesis. Conclusions: For the first time in the literature we show from direct observations that contact binaries indeed end up by merging into a single object, as was suggested in numerous theoretical studies of these systems. Our study also shows that stellar mergers indeed result in eruptions of the V838 Mon type. Based on observations obtained with the 1.3-m Warsaw telescope at the Las Campanas Observatory of the Carnegie Institution of Washington. The photometric data analysed in the present paper are available from the OGLE Internet archive: ftp://ogle.astrouw.edu.pl/ogle/ogle3/V1309_SCO

  3. Search for Post-merger Gravitational Waves from the Remnant of the Binary Neutron Star Merger GW170817

    NARCIS (Netherlands)

    Abbott, B. P.; Abbott, R.; Abbott, T. D.; Acernese, F.; Ackley, K.; Adams, C.; Adams, T.; Addesso, P.; Adhikari, R. X.; Adya, V. B.; Affeldt, C.; Afrough, M.; Agarwal, B.; Agathos, M.; Agatsuma, K.; Aggarwal, N.; Aguiar, O. D.; Aiello, L.; Ain, A.; Ajith, P.; Allen, B.; Allen, G.; Allocca, A.; Altin, P. A.; Amato, A.; Ananyeva, A.; Anderson, S. B.; Anderson, W. G.; Angelova, S. V.; Antier, S.; Appert, S.; Arai, K.; Araya, M. C.; Areeda, J. S.; Arnaud, N.; Arun, K. G.; Ascenzi, S.; Ashton, G.; Ast, M.; Aston, S. M.; Astone, P.; Atallah, D. V.; Aufmuth, P.; Aulbert, C.; AultONeal, K.; Austin, C.; Avila-Alvarez, A.; Babak, S.; Bacon, P.; Bader, M. K. M.; Bae, S.; Baker, P. T.; Baldaccini, F.; Ballardin, G.; Ballmer, S. W.; Banagiri, S.; Barayoga, J. C.; Barclay, S. E.; Barish, B. C.; Barker, D.; Barkett, K.; Barone, F.; Barr, B.; Barsotti, L.; Barsuglia, M.; Barta, D.; Bartlett, J.; Bartos, I.; Bassiri, R.; Basti, A.; Batch, J. C.; Bawaj, M.; Bayley, J. C.; Bazzan, M.; Becsy, B.; Beer, C.; Bejger, M.; Belahcene, I.; Bell, A. S.; Berger, B. K.; Bergmann, G.; Bernuzzi, S.; Bero, J. J.; Berry, C. P. L.; Bersanetti, D.; Bertolini, A.; Betzwieser, J.; Bhagwat, S.; Bhandare, R.; Bilenko, I. A.; Billingsley, G.; Billman, C. R.; Birch, J.; Birney, R.; Birnholtz, O.; Biscans, S.; Biscoveanu, S.; Bisht, A.; Bitossi, M.; Biwer, C.; Bizouard, M. A.; Blackburn, J. K.; Blackman, J.; Blair, C. D.; Blair, D. G.; Blair, R. M.; Bloemen, S.; Bock, O.; Bode, N.; Boer, M.; Bogaert, G.; Bohe, A.; Bondu, F.; Bonilla, E.; Bonnand, R.; Boom, B. A.; Bork, R.; Boschi, V.; Bose, S.; Bossie, K.; Bouffanais, Y.; Bozzi, A.; Bradaschia, C.; Brady, P. R.; Branchesi, M.; Brau, J. E.; Briant, T.; Brillet, A.; Brinkmann, M.; Brisson, V.; Brockill, P.; Broida, J. E.; Brooks, A. F.; Brown, D. A.; Brown, D. D.; Brunett, S.; Buchanan, C. C.; Buikema, A.; Bulik, T.; Bulten, H. J.; Buonanno, A.; Buskulic, D.; Buy, C.; Byer, R. L.; Cabero, M.; Cadonati, L.; Cagnoli, G.; Cahillane, C.; Bustillo, J. Calderon; Callister, T. A.; Calloni, E.; Camp, J. B.; Canepa, M.; Canizares, P.; Cannon, K. C.; Cao, H.; Cao, J.; Capano, C. D.; Capocasa, E.; Carbognani, F.; Caride, S.; Carney, M. F.; Diaz, J. Casanueva; Casentini, C.; Caudill, S.; Cavaglia, M.; Cavalier, F.; Cavalieri, R.; Cella, G.; Cepeda, C. B.; Cerda-Duran, P.; Cerretani, G.; Cesarini, E.; Chamberlin, S. J.; Chan, M.; Chao, S.; Charlton, P.; Chase, E.; Chassande-Mottin, E.; Chatterjee, D.; Cheeseboro, B. D.; Chen, H. Y.; Chen, X.; Chen, Y.; Cheng, H. -P.; Chia, H.; Chincarini, A.; Chiummo, A.; Chmiel, T.; Cho, H. S.; Cho, M.; Chow, J. H.; Christensen, N.; Chu, Q.; Chua, A. J. K.; Chua, S.; Chung, A. K. W.; Chung, S.; Ciani, G.; Ciolfi, R.; Cirelli, C. E.; Cirone, A.; Clara, F.; Clark, J. A.; Clearwater, P.; Cleva, F.; Cocchieri, C.; Coccia, E.; Cohadon, P. -F.; Cohen, D.; Colla, A.; Collette, C. G.; Cominsky, L. R.; Constancio, M., Jr.; Conti, L.; Cooper, S. J.; Corban, P.; Corbitt, T. R.; Cordero-Carrion, I.; Corley, K. R.; Corsi, A.; Cortese, S.; Costa, C. A.; Coughlin, M. W.; Coughlin, S. B.; Coulon, J. -P.; Countryman, S. T.; Couvares, P.; Covas, P. B.; Cowan, E. E.; Coward, D. M.; Cowart, M. J.; Coyne, D. C.; Coyne, R.; Creighton, J. D. E.; Creighton, T. D.; Cripe, J.; Crowder, S. G.; Cullen, T. J.; Cumming, A.; Cunningham, L.; Cuoco, E.; Dal Canton, T.; Dalya, G.; Danilishin, S. L.; D'Antonio, S.; Danzmann, K.; Dasgupta, A.; Costa, C. F. Da Silva; Dattilo, V.; Dave, I.; Davier, M.; Davis, D.; Daw, E. J.; Day, B.; De, S.; DeBra, D.; Degallaix, J.; De Laurentis, M.; Deleglise, S.; Del Pozzo, W.; Demos, N.; Denker, T.; Dent, T.; De Pietri, R.; Dergachev, V.; De Rosa, R.; DeRosa, R. T.; De Rossi, C.; DeSalvo, R.; de Varona, O.; Devenson, J.; Dhurandhar, S.; Diaz, M. C.; Dietrich, T.; Di Fiore, L.; Di Giovanni, M.; Di Girolamo, T.; Di Lieto, A.; Di Pace, S.; Di Palma, I.; Di Renzo, F.; Doctor, Z.; Dolique, V.; Donovan, F.; Dooley, K. L.; Doravari, S.; Dorrington, I.; Douglas, R.; Alvarez, M. Dovale; Downes, T. P.; Drago, M.; Dreissigacker, C.; Driggers, J. C.; Du, Z.; Ducrot, M.; Dupej, P.; Dwyer, S. E.; Edo, T. B.; Edwards, M. C.; Effler, A.; Eggenstein, H. -B.; Ehrens, P.; Eichholz, J.; Eikenberry, S. S.; Eisenstein, R. A.; Essick, R. C.; Estevez, D.; Etienne, Z. B.; Etzel, T.; Evans, M.; Evans, T. M.; Factourovich, M.; Fafone, V.; Fair, H.; Fairhurst, S.; Fan, X.; Farinon, S.; Farr, B.; Farr, W. M.; Fauchon-Jones, E. J.; Favata, M.; Fays, M.; Fee, C.; Fehrmann, H.; Feicht, J.; Fejer, M. M.; Fernandez-Galiana, A.; Ferrante, I.; Ferreira, E. C.; Ferrini, F.; Fidecaro, F.; Finstad, D.; Fiori, I.; Fiorucci, D.; Fishbach, M.; Fisher, R. P.; Fitz-Axen, M.; Flaminio, R.; Fletcher, M.; Flynn, E.; Fong, H.; Font, J. A.; Forsyth, P. W. F.; Forsyth, S. S.; Fournier, J. -D.; Frasca, S.; Frasconi, F.; Frei, Z.; Freise, A.; Frey, R.; Frey, V.; Fries, E. M.; Fritschel, P.; Frolov, V. V.; Fulda, P.; Fyffe, M.; Gabbard, H.; Gadre, B. U.; Gaebel, S. M.; Gair, J. R.; Gammaitoni, L.; Ganija, M. R.; Gaonkar, S. G.; Garcia-Quiros, C.; Garufi, F.; Gateley, B.; Gaudio, S.; Gaur, G.; Gayathri, V.; Gehrels, N.; Gemme, G.; Genin, E.; Gennai, A.; George, D.; George, J.; Gergely, L.; Germain, V.; Ghonge, S.; Ghosh, Abhirup; Ghosh, Archisman; Ghosh, S.; Giaime, J. A.; Giardina, K. D.; Giazotto, A.; Gill, K.; Glover, L.; Goetz, E.; Goetz, R.; Gomes, S.; Goncharov, B.; Gonzalez, G.; Castro, J. M. Gonzalez; Gopakumar, A.; Gorodetsky, M. L.; Gossan, S. E.; Gosselin, M.; Gouaty, R.; Grado, A.; Graef, C.; Granata, M.; Grant, A.; Gras, S.; Gray, C.; Greco, G.; Green, A. C.; Gretarsson, E. M.; Groot, P.; Grote, H.; Grunewald, S.; Gruning, P.; Guidi, G. M.; Guo, X.; Gupta, A.; Gupta, M. K.; Gushwa, K. E.; Gustafson, E. K.; Gustafson, R.; Halim, O.; Hall, B. R.; Hall, E. D.; Hamilton, E. Z.; Hammond, G.; Haney, M.; Hanke, M. M.; Hanks, J.; Hanna, C.; Hannam, M. D.; Hannuksela, O. A.; Hanson, J.; Hardwick, T.; Harms, J.; Harry, G. M.; Harry, I. W.; Hart, M. J.; Haster, C. -J.; Haughian, K.; Healy, J.; Heidmann, A.; Heintze, M. C.; Heitmann, H.; Hello, P.; Hemming, G.; Hendry, M.; Heng, I. S.; Hennig, J.; Heptonstall, A. W.; Heurs, M.; Hild, S.; Hinderer, T.; Hoak, D.; Hofman, D.; Holt, K.; Holz, D. E.; Hopkins, P.; Horst, C.; Hough, J.; Houston, E. A.; Howell, E. J.; Hreibi, A.; Hu, Y. M.; Huerta, E. A.; Huet, D.; Hughey, B.; Husa, S.; Huttner, S. H.; Huynh-Dinh, T.; Indik, N.; Inta, R.; Intini, G.; Isa, H. N.; Isac, J. -M.; Isi, M.; Iyer, B. R.; Izumi, K.; Jacqmin, T.; Jani, K.; Jaranowski, P.; Jawahar, S.; Jimenez-Forteza, F.; Johnson, W. W.; Jones, D. I.; Jones, R.; Jonker, R. J. G.; Ju, L.; Junker, J.; Kalaghatgi, C. V.; Kalogera, V.; Kamai, B.; Kandhasamy, S.; Kang, G.; Kanner, J. B.; Kapadia, S. J.; Karki, S.; Karvinen, K. S.; Kasprzack, M.; Kastaun, W.; Katolik, M.; Katsavounidis, E.; Katzman, W.; Kaufer, S.; Kawabe, K.; Kefelian, F.; Keitel, D.; Kemball, A. J.; Kennedy, R.; Kent, C.; Key, J. S.; Khalili, F. Y.; Khan, I.; Khan, S.; Khan, Z.; Khazanov, E. A.; Kijbunchoo, N.; Kim, Chunglee; Kim, J. C.; Kim, K.; Kim, W.; Kim, W. S.; Kim, Y. -M.; Kimbrell, S. J.; King, E. J.; King, P. J.; Kinley-Hanlon, M.; Kirchhoff, R.; Kissel, J. S.; Kleybolte, L.; Klimenko, S.; Knowles, T. D.; Koch, P.; Koehlenbeck, S. M.; Koley, S.; Kondrashov, V.; Kontos, A.; Korobko, M.; Korth, W. Z.; Kowalska, I.; Kozak, D. B.; Kraemer, C.; Kringel, V.; Krishnan, B.; Krolak, A.; Kuehn, G.; Kumar, P.; Kumar, R.; Kumar, S.; Kuo, L.; Kutynia, A.; Kwang, S.; Lackey, B. D.; Lai, K. H.; Landry, M.; Lang, R. N.; Lange, J.; Lantz, B.; Lanza, R. K.; Lartaux-Vollard, A.; Lasky, P. D.; Laxen, M.; Lazzarini, A.; Lazzaro, C.; Leaci, P.; Leavey, S.; Lee, C. H.; Lee, H. K.; Lee, H. M.; Lee, H. W.; Lee, K.; Lehmann, J.; Lenon, A.; Leonardi, M.; Leroy, N.; Letendre, N.; Levin, Y.; Li, T. G. F.; Linker, S. D.; Liu, J.; Lo, R. K. L.; Lockerbie, N. A.; London, L. T.; Lord, J. E.; Lorenzini, M.; Loriette, V.; Lormand, M.; Losurdo, G.; Lough, J. D.; Lousto, C. O.; Lovelace, G.; Lueck, H.; Lumaca, D.; Lundgren, A. P.; Lynch, R.; Ma, Y.; Macas, R.; Macfoy, S.; Machenschalk, B.; MacInnis, M.; Macleod, D. M.; Hernandez, I. Magana; Magana-Sandoval, F.; Zertuche, L. Magana; Magee, R. M.; Majorana, E.; Maksimovic, I.; Man, N.; Mandic, V.; Mangano, V.; Mansell, G. L.; Manske, M.; Mantovani, M.; Marchesoni, F.; Marion, F.; Marka, S.; Marka, Z.; Markakis, C.; Markosyan, A. S.; Markowitz, A.; Maros, E.; Marquina, A.; Martelli, F.; Martellini, L.; Martin, I. W.; Martin, R. M.; Martynov, D. V.; Mason, K.; Massera, E.; Masserot, A.; Massinger, T. J.; Masso-Reid, M.; Mastrogiovanni, S.; Matas, A.; Matichard, F.; Matone, L.; Mavalvala, N.; Mazumder, N.; McCarthy, R.; McClelland, D. E.; McCormick, S.; McCuller, L.; McGuire, S. C.; McIntyre, G.; McIver, J.; McManus, D. J.; McNeill, L.; McRae, T.; McWilliams, S. T.; Meacher, D.; Meadors, G. D.; Mehmet, M.; Meidam, J.; Mejuto-Villa, E.; Melatos, A.; Mendell, G.; Mercer, R. A.; Merilh, E. L.; Merzougui, M.; Meshkov, S.; Messenger, C.; Messick, C.; Metzdorff, R.; Meyers, P. M.; Miao, H.; Michel, C.; Middleton, H.; Mikhailov, E. E.; Milano, L.; Miller, A. L.; Miller, B. B.; Miller, J.; Milovich-Goff, M. C.; Minazzoli, O.; Minenkov, Y.; Ming, J.; Mishra, C.; Mitra, S.; Mitrofanov, V. P.; Mitselmakher, G.; Mittleman, R.; Moffa, D.; Moggi, A.; Mogushi, K.; Mohan, M.; Mohapatra, S. R. P.; Montani, M.; Moore, C. J.; Moraru, D.; Moreno, G.; Morriss, S. R.; Mours, B.; Mow-Lowry, C. M.; Mueller, G.; Muir, A. W.; Mukherjee, Arunava; Mukherjee, D.; Mukherjee, S.; Mukund, N.; Mullavey, A.; Munch, J.; Muniz, E. A.; Muratore, M.; Murray, P. G.; Napier, K.; Nardecchia, I.; Naticchioni, L.; Nayak, R. K.; Neilson, J.; Nelemans, G.; Nelson, T. J. N.; Nery, M.; Neunzert, A.; Nevin, L.; Newport, J. M.; Newton, G.; Ng, K. K. Y.; Nguyen, T. T.; Nichols, D.; Nielsen, A. B.; Nissanke, S.; Nitz, A.; Noack, A.; Nocera, F.; Nolting, D.; North, C.; Nuttall, L. K.; Oberling, J.; O'Dea, G. D.; Ogin, G. H.; Oh, J. J.; Oh, S. H.; Ohme, F.; Okada, M. A.; Oliver, M.; Oppermann, P.; Oram, Richard J.; O'Reilly, B.; Ormiston, R.; Ortega, L. F.; O'Shaughnessy, R.; Ossokine, S.; Ottaway, D. J.; Overmier, H.; Owen, B. J.; Pace, A. E.; Page, J.; Page, M. A.; Pai, A.; Pai, S. A.; Palamos, J. R.; Palashov, O.; Palomba, C.; Pal-Singh, A.; Pan, Howard; Pan, Huang-Wei; Pang, B.; Pang, P. T. H.; Pankow, C.; Pannarale, F.; Pant, B. C.; Paoletti, F.; Paoli, A.; Papa, M. A.; Parida, A.; Parker, W.; Pascucci, D.; Pasqualetti, A.; Passaquieti, R.; Passuello, D.; Patil, M.; Patricelli, B.; Pearlstone, B. L.; Pedraza, M.; Pedurand, R.; Pekowsky, L.; Pele, A.; Penn, S.; Perez, C. J.; Perreca, A.; Perri, L. M.; Pfeiffer, H. P.; Phelps, M.; Phukon, K. S.; Piccinni, O. J.; Pichot, M.; Piergiovanni, F.; Pierro, V.; Pillant, G.; Pinard, L.; Pinto, I. M.; Pirello, M.; Pitkin, M.; Poe, M.; Poggiani, R.; Popolizio, P.; Porter, E. K.; Post, A.; Powell, J.; Prasad, J.; Pratt, J. W. W.; Pratten, G.; Predoi, V.; Prestegard, T.; Prijatelj, M.; Principe, M.; Privitera, S.; Prodi, G. A.; Prokhorov, L. G.; Puncken, O.; Punturo, M.; Puppo, P.; Puerrer, M.; Qi, H.; Quetschke, V.; Quintero, E. A.; Quitzow-James, R.; Raab, F. J.; Rabeling, D. S.; Radkins, H.; Raffai, P.; Raja, S.; Rajan, C.; Rajbhandari, B.; Rakhmanov, M.; Ramirez, K. E.; Ramos-Buades, A.; Rapagnani, P.; Raymond, V.; Razzano, M.; Read, J.; Regimbau, T.; Rei, L.; Reid, S.; Reitze, D. H.; Ren, W.; Reyes, S. D.; Ricci, F.; Ricker, P. M.; Rieger, S.; Riles, K.; Rizzo, M.; Robertson, N. A.; Robie, R.; Robinet, F.; Rocchi, A.; Rolland, L.; Rollins, J. G.; Roma, V. J.; Romano, R.; Romel, C. L.; Romie, J. H.; Rosinska, D.; Ross, M. P.; Rowan, S.; Ruediger, A.; Ruggi, P.; Rutins, G.; Ryan, K.; Sachdev, S.; Sadecki, T.; Sadeghian, L.; Sakellariadou, M.; Salconi, L.; Saleem, M.; Salemi, F.; Samajdar, A.; Sammut, L.; Sampson, L. M.; Sanchez, E. J.; Sanchez, L. E.; Sanchis-Gual, N.; Sandberg, V.; Sanders, J. R.; Sarin, N.; Sassolas, B.; Sathyaprakash, B. S.; Saulson, P. R.; Sauter, O.; Savage, R. L.; Sawadsky, A.; Schale, P.; Scheel, M.; Scheuer, J.; Schmidt, J.; Schmidt, P.; Schnabel, R.; Schofield, R. M. S.; Schoenbeck, A.; Schreiber, E.; Schuette, D.; Schulte, B. W.; Schutz, B. F.; Schwalbe, S. G.; Scott, J.; Scott, S. M.; Seidel, E.; Sellers, D.; Sengupta, A. S.; Sentenac, D.; Sequino, V.; Sergeev, A.; Shaddock, D. A.; Shaffer, T. J.; Shah, A. A.; Shahriar, M. S.; Shaner, M. B.; Shao, L.; Shapiro, B.; Shawhan, P.; Sheperd, A.; Shoemaker, D. H.; Shoemaker, D. M.; Siellez, K.; Siemens, X.; Sieniawska, M.; Sigg, D.; Silva, A. D.; Singer, L. P.; Singh, A.; Singhal, A.; Sintes, A. M.; Rana, J.; Slagmolen, B. J. J.; Smith, B.; Smith, R. J. E.; Smith, R. J. E.; Somala, S.; Son, E. J.; Sonnenberg, J. A.; Sorazu, B.; Sorrentino, F.; Souradeep, T.; Sowell, E.; Spencer, A. P.; Srivastava, A. K.; Staats, K.; Staley, A.; Steinke, M.; Steinlechner, J.; Steinlechner, S.; Steinmeyer, D.; Stevenson, S. P.; Stone, R.; Stops, D. J.; Strain, K. A.; Stratta, G.; Strigin, S. E.; Strunk, A.; Sturani, R.; Stuver, A. L.; Summerscales, T. Z.; Sun, L.; Sunil, S.; Suresh, J.; Sutton, P. J.; Swinkels, B. L.; Szczepanczyk, M. J.; Tacca, M.; Tait, S. C.; Talbot, C.; Talukder, D.; Tanner, D. B.; Tapai, M.; Taracchini, A.; Tasson, J. D.; Taylor, J. A.; Taylor, R.; Tewari, S. V.; Theeg, T.; Thies, F.; Thomas, E. G.; Thomas, M.; Thomas, P.; Thorne, K. A.; Thrane, E.; Tiwari, S.; Tiwari, V.; Tokmakov, K. V.; Toland, K.; Tonelli, M.; Tornasi, Z.; Torres-Forne, A.; Torrie, C. I.; Toyra, D.; Travasso, F.; Traylor, G.; Trinastic, J.; Tringali, M. C.; Trozzo, L.; Tsang, K. W.; Tse, M.; Tso, R.; Tsukada, L.; Tsuna, D.; Tuyenbayev, D.; Ueno, K.; Ugolini, D.; Unnikrishnan, C. S.; Urban, A. L.; Usman, S. A.; Vahlbruch, H.; Vajente, G.; Valdes, G.; van Bakel, N.; van Beuzekom, M.; van den Brand, J. F. J.; Van Den Broeck, C.; Vander-Hyde, D. C.; van der Schaaf, L.; van Heijningen, J. V.; van Veggel, A. A.; Vardaro, M.; Varma, V.; Vass, S.; Vasuth, M.; Vecchio, A.; Vedovato, G.; Veitch, J.; Veitch, P. J.; Venkateswara, K.; Venugopalan, G.; Verkindt, D.; Vetrano, F.; Vicere, A.; Viets, A. D.; Vinciguerra, S.; Vine, D. J.; Vinet, J. -Y.; Vitale, S.; Vo, T.; Vocca, H.; Vorvick, C.; Vyatchanin, S. P.; Wade, A. R.; Wade, L. E.; Wade, M.; Walet, R.; Walker, M.; Wallace, L.; Walsh, S.; Wang, G.; Wang, H.; Wang, J. Z.; Wang, W. H.; Wang, Y. F.; Ward, R. L.; Warner, J.; Was, M.; Watchi, J.; Weaver, B.; Wei, L. -W.; Weinert, M.; Weinstein, A. J.; Weiss, R.; Wen, L.; Wessel, E. K.; Wessels, P.; Westerweck, J.; Westphal, T.; Wette, K.; Whelan, J. T.; White, D. D.; Whiting, B. F.; Whittle, C.; Wilken, D.; Williams, D.; Williams, R. D.; Williamson, A. R.; Willis, J. L.; Willke, B.; Wimmer, M. H.; Winkler, W.; Wipf, C. C.; Wittel, H.; Woan, G.; Woehler, J.; Wofford, J.; Wong, K. W. K.; Worden, J.; Wright, J. L.; Wu, D. S.; Wysocki, D. M.; Xiao, S.; Yamamoto, H.; Yancey, C. C.; Yang, L.; Yap, M. J.; Yazback, M.; Yu, Hang; Yu, Haocun; Yvert, M.; Zadrozny, A.; Zanolin, M.; Zelenova, T.; Zendri, J. -P.; Zevin, M.; Zhang, L.; Zhang, M.; Zhang, T.; Zhang, Y. -H.; Zhao, C.; Zhou, M.; Zhou, Z.; Zhu, S. J.; Zhu, X. J.; Zimmerman, A. B.; Zucker, M. E.; Zweizig, J.

    2017-01-01

    The first observation of a binary neutron star (NS) coalescence by the Advanced LIGO and Advanced Virgo gravitational-wave (GW) detectors offers an unprecedented opportunity to study matter under the most extreme conditions. After such a merger, a compact remnant is left over whose nature depends

  4. An ALMA view of star formation efficiency suppression in early-type galaxies after gas-rich minor mergers

    Science.gov (United States)

    van de Voort, Freeke; Davis, Timothy A.; Matsushita, Satoki; Rowlands, Kate; Shabala, Stanislav S.; Allison, James R.; Ting, Yuan-Sen; Sansom, Anne E.; van der Werf, Paul P.

    2018-05-01

    Gas-rich minor mergers contribute significantly to the gas reservoir of early-type galaxies (ETGs) at low redshift, yet the star formation efficiency (SFE; the star formation rate divided by the molecular gas mass) appears to be strongly suppressed following some of these events, in contrast to the more well-known merger-driven starbursts. We present observations with the Atacama Large Millimeter/submillimeter Array (ALMA) of six ETGs, which have each recently undergone a gas-rich minor merger, as evidenced by their disturbed stellar morphologies. These galaxies were selected because they exhibit extremely low SFEs. We use the resolving power of ALMA to study the morphology and kinematics of the molecular gas. The majority of our galaxies exhibit spatial and kinematical irregularities, such as detached gas clouds, warps, and other asymmetries. These asymmetries support the interpretation that the suppression of the SFE is caused by dynamical effects stabilizing the gas against gravitational collapse. Through kinematic modelling we derive high velocity dispersions and Toomre Q stability parameters for the gas, but caution that such measurements in edge-on galaxies suffer from degeneracies. We estimate merger ages to be about 100 Myr based on the observed disturbances in the gas distribution. Furthermore, we determine that these galaxies lie, on average, two orders of magnitude below the Kennicutt-Schmidt relation for star-forming galaxies as well as below the relation for relaxed ETGs. We discuss potential dynamical processes responsible for this strong suppression of star formation surface density at fixed molecular gas surface density.

  5. Financially fragile rural hospitals: mergers and closures.

    Science.gov (United States)

    Holmes, Mark

    2015-01-01

    Rural hospitals serve as major sources of health care and employment for their communities, but recently they have been under increased financial stress. What are the causes of this stress, and how have hospitals and their communities responded?

  6. Dry mouth and older people.

    Science.gov (United States)

    Thomson, W M

    2015-03-01

    Dry mouth is more common among older people than in any other age group. Appropriate definition and accurate measurement of dry mouth is critical for better understanding, monitoring and treatment of the condition. Xerostomia is the symptom(s) of dry mouth; it can be measured using methods ranging from single questions to multi-item summated rating scales. Low salivary flow (known as salivary gland hypofunction, or SGH) must be determined by measuring that flow. The relationship between SGH and xerostomia is not straightforward, but both conditions are common among older people, and they affect sufferers' day-to-day lives in important ways. The major risk factor for dry mouth is the taking of particular medications, and older people take more of those than any other age group, not only for symptomatic relief of various age-associated chronic diseases, but also in order to reduce the likelihood of complications which may arise from those conditions. The greater the number taken, the greater the associated anticholinergic burden, and the more likely it is that the individual will suffer from dry mouth. Since treating dry mouth is such a challenge for clinicians, there is a need for dentists, doctors and pharmacists to work together to prevent it occurring. © 2015 Australian Dental Association.

  7. Maintenance of subjective health during a merger : the role of experienced change and pre-merger social support at work in white- and blue-collar workers

    NARCIS (Netherlands)

    Vaananen, A; Pahkin, K; Kalimo, R; Buunk, BP; Väänänen, A.; Buunk, Abraham (Bram)

    Prospective research on psychosocial effects on employees' health associated with organizational mergers has been scarce. The first aim of this study was to explore the subjective health effects (exhaustion and functional incapacity) of an organizational merger among employees who had experienced a

  8. Analytic family of post-merger template waveforms

    Science.gov (United States)

    Del Pozzo, Walter; Nagar, Alessandro

    2017-06-01

    Building on the analytical description of the post-merger (ringdown) waveform of coalescing, nonprecessing, spinning binary black holes introduced by Damour and Nagar [Phys. Rev. D 90, 024054 (2014), 10.1103/PhysRevD.90.024054], we propose an analytic, closed form, time-domain, representation of the ℓ=m =2 gravitational radiation mode emitted after merger. This expression is given as a function of the component masses and dimensionless spins (m1 ,2,χ1 ,2) of the two inspiraling objects, as well as of the mass MBH and (complex) frequency σ1 of the fundamental quasinormal mode of the remnant black hole. Our proposed template is obtained by fitting the post-merger waveform part of several publicly available numerical relativity simulations from the Simulating eXtreme Spacetimes (SXS) catalog and then suitably interpolating over (symmetric) mass ratio and spins. We show that this analytic expression accurately reproduces (˜0.01 rad ) the phasing of the post-merger data of other data sets not used in its construction. This is notably the case of the spin-aligned run SXS:BBH:0305, whose intrinsic parameters are consistent with the 90% credible intervals reported in the parameter-estimation followup of GW150914 by B.P. Abbott et al. [Phys. Rev. Lett. 116, 241102 (2016), 10.1103/PhysRevLett.116.241102]. Using SXS waveforms as "experimental" data, we further show that our template could be used on the actual GW150914 data to perform a new measure of the complex frequency of the fundamental quasinormal mode so as to exploit the complete (high signal-to-noise-ratio) post-merger waveform. We assess the usefulness of our proposed template by analyzing, in a realistic setting, SXS full inspiral-merger-ringdown waveforms and constructing posterior probability distribution functions for the central frequency damping time of the first overtone of the fundamental quasinormal mode as well as for the physical parameters of the systems. We also briefly explore the possibility

  9. What Is Dry Eye?

    Medline Plus

    Full Text Available ... Eye Symptoms Causes of Dry Eye Dry Eye Treatment What Is Dry Eye? Leer en Español: ¿Qué ... Your Eyelid Nov 29, 2017 New Dry Eye Treatment is a Tear-Jerker Jul 21, 2017 Three ...

  10. Discovery of a Detached, Eclipsing 40 Minute Period Double White Dwarf Binary and a Friend: Implications for He+CO White Dwarf Mergers

    International Nuclear Information System (INIS)

    Brown, Warren R.; Kilic, Mukremin; Kosakowski, Alekzander; Gianninas, A.

    2017-01-01

    We report the discovery of two detached double white dwarf (WD) binaries, SDSS J082239.546+304857.19 and SDSS J104336.275+055149.90, with orbital periods of 40 and 46 minutes, respectively. The 40 minute system is eclipsing; it is composed of a 0.30 M ⊙ and a 0.52 M ⊙ WD. The 46 minute system is a likely LISA verification binary. The short 20 ± 2 Myr and ∼34 Myr gravitational-wave merger times of the two binaries imply that many more such systems have formed and merged over the age of the Milky Way. We update the estimated Milky Way He+CO WD binary merger rate and affirm our previously published result: He+CO WD binaries merge at a rate at least 40 times greater than the formation rate of stable mass-transfer AM CVn binaries, and so the majority must have unstable mass-transfer. The implication is that spin–orbit coupling in He+CO WD mergers is weak, or perhaps nova-like outbursts drive He+CO WDs into merger, as proposed by Shen.

  11. Discovery of a Detached, Eclipsing 40 Minute Period Double White Dwarf Binary and a Friend: Implications for He+CO White Dwarf Mergers

    Science.gov (United States)

    Brown, Warren R.; Kilic, Mukremin; Kosakowski, Alekzander; Gianninas, A.

    2017-09-01

    We report the discovery of two detached double white dwarf (WD) binaries, SDSS J082239.546+304857.19 and SDSS J104336.275+055149.90, with orbital periods of 40 and 46 minutes, respectively. The 40 minute system is eclipsing; it is composed of a 0.30 M ⊙ and a 0.52 M ⊙ WD. The 46 minute system is a likely LISA verification binary. The short 20 ± 2 Myr and ˜34 Myr gravitational-wave merger times of the two binaries imply that many more such systems have formed and merged over the age of the Milky Way. We update the estimated Milky Way He+CO WD binary merger rate and affirm our previously published result: He+CO WD binaries merge at a rate at least 40 times greater than the formation rate of stable mass-transfer AM CVn binaries, and so the majority must have unstable mass-transfer. The implication is that spin-orbit coupling in He+CO WD mergers is weak, or perhaps nova-like outbursts drive He+CO WDs into merger, as proposed by Shen. Based on observations obtained at the MMT Observatory, a joint facility of the Smithsonian Institution and the University of Arizona, and on observations obtained with the Apache Point Observatory 3.5 m telescope, which is owned and operated by the Astrophysical Research Consortium.

  12. Discovery of a Detached, Eclipsing 40 Minute Period Double White Dwarf Binary and a Friend: Implications for He+CO White Dwarf Mergers

    Energy Technology Data Exchange (ETDEWEB)

    Brown, Warren R. [Smithsonian Astrophysical Observatory, 60 Garden Street, Cambridge, MA 02138 (United States); Kilic, Mukremin; Kosakowski, Alekzander; Gianninas, A., E-mail: wbrown@cfa.harvard.edu, E-mail: kilic@ou.edu, E-mail: alexg@nhn.ou.edu [Homer L. Dodge Department of Physics and Astronomy, University of Oklahoma, 440 W. Brooks Street, Norman, OK 73019 (United States)

    2017-09-20

    We report the discovery of two detached double white dwarf (WD) binaries, SDSS J082239.546+304857.19 and SDSS J104336.275+055149.90, with orbital periods of 40 and 46 minutes, respectively. The 40 minute system is eclipsing; it is composed of a 0.30 M {sub ⊙} and a 0.52 M {sub ⊙} WD. The 46 minute system is a likely LISA verification binary. The short 20 ± 2 Myr and ∼34 Myr gravitational-wave merger times of the two binaries imply that many more such systems have formed and merged over the age of the Milky Way. We update the estimated Milky Way He+CO WD binary merger rate and affirm our previously published result: He+CO WD binaries merge at a rate at least 40 times greater than the formation rate of stable mass-transfer AM CVn binaries, and so the majority must have unstable mass-transfer. The implication is that spin–orbit coupling in He+CO WD mergers is weak, or perhaps nova-like outbursts drive He+CO WDs into merger, as proposed by Shen.

  13. Effect of Dry Season Tomato Farming on Poverty Alleviation among ...

    African Journals Online (AJOL)

    Effect of Dry Season Tomato Farming on Poverty Alleviation among Women ... their major sources of resources for tomato farming, marketing and marketing ... and the effect of dry season tomato farming as strategy for poverty reduction; ...

  14. Economics of dry storage systems

    International Nuclear Information System (INIS)

    Moore, G.R.; Winders, R.C.

    1980-01-01

    This paper postulates a dry storage application suitable as a regional away-from-reactor storage (AFR), develops an economical system design concept and estimates system costs. The system discussed uses the experience gained in the dry storage research activities and attempts to present a best foot forward system concept. The major element of the system is the Receiving and Packaging Building. In this building fuel assemblies are removed from transportation casks and encapsulated for storage. This facility could be equally applicable to silo, vault, or caisson storage. However the caisson storage concept has been chosen for discussion purposes

  15. Compact binary merger and kilonova: outflows from remnant disc

    Science.gov (United States)

    Yi, Tuan; Gu, Wei-Min; Liu, Tong; Kumar, Rajiv; Mu, Hui-Jun; Song, Cui-Ying

    2018-05-01

    Outflows launched from a remnant disc of compact binary merger may have essential contribution to the kilonova emission. Numerical calculations are conducted in this work to study the structure of accretion flows and outflows. By the incorporation of limited-energy advection in the hyper-accretion discs, outflows occur naturally from accretion flows due to imbalance between the viscous heating and the sum of the advective and radiative cooling. Following this spirit, we revisit the properties of the merger outflow ejecta. Our results show that around 10-3 ˜ 10-1 M⊙ of the disc mass can be launched as powerful outflows. The amount of unbound mass varies with the disc mass and the viscosity. The outflow-contributed peak luminosity is around 1040 ˜ 1041 erg s-1. Such a scenario can account for the observed kilonovae associated with short gamma-ray bursts, including the recent event AT2017gfo (GW170817).

  16. Oil company mergers raise concern among some geoscientists

    Science.gov (United States)

    Showstack, Randy

    With the blessings of the antitrust regulatory agencies and the ghost of John D. Rockefeller, the proposed marriage between Exxon and Mobil would create the world's largest energy company and corporation of any type. This merger also would reunite the two biggest pieces of Rockefeller's Standard Oil Company, which the U.S. Supreme Court ordered dismantled in 1911 in an antitrust case.Exxon, Mobil, and financial analysts say the merger is driven by the need to operate more efficiently in a tough, competitive environment. The price of oil, after all, recently has been scraping near bottom of the barrel at about $11 per barrel, and companies often need to muster significant capital resources to develop more remote reservoirs.

  17. Binary neutron star mergers: a review of Einstein's richest laboratory.

    Science.gov (United States)

    Baiotti, Luca; Rezzolla, Luciano

    2017-09-01

    In a single process, the merger of binary neutron star systems combines extreme gravity, the copious emission of gravitational waves, complex microphysics and electromagnetic processes, which can lead to astrophysical signatures observable at the largest redshifts. We review here the recent progress in understanding what could be considered Einstein's richest laboratory, highlighting in particular the numerous significant advances of the last decade. Although special attention is paid to the status of models, techniques and results for fully general-relativistic dynamical simulations, a review is also offered on the initial data and advanced simulations with approximate treatments of gravity. Finally, we review the considerable amount of work carried out on the post-merger phase, including black-hole formation, torus accretion onto the merged compact object, the connection with gamma-ray burst engines, ejected material, and its nucleosynthesis.

  18. Multi-messenger Observations of a Binary Neutron Star Merger

    DEFF Research Database (Denmark)

    Abbott, B. P.; Abbott, R.; Abbott, T. D.

    2017-01-01

    On 2017 August 17 a binary neutron star coalescence candidate (later designated GW170817) with merger time 12:41:04 UTC was observed through gravitational waves by the Advanced LIGO and Advanced Virgo detectors. The Fermi Gamma-ray Burst Monitor independently detected a gamma-ray burst (GRB 170817A...... Telescope. The optical transient was independently detected by multiple teams within an hour. Subsequent observations targeted the object and its environment. Early ultraviolet observations revealed a blue transient that faded within 48 hours. Optical and infrared observations showed a redward evolution....../optical/near-infrared emission. No ultra-high-energy gamma-rays and no neutrino candidates consistent with the source were found in follow-up searches. These observations support the hypothesis that GW170817 was produced by the merger of two neutron stars in NGC 4993 followed by a short gamma-ray burst (GRB 170817A...

  19. Helicity coherence in binary neutron star mergers and nonlinear feedback

    Science.gov (United States)

    Chatelain, Amélie; Volpe, Cristina

    2017-02-01

    Neutrino flavor conversion studies based on astrophysical environments usually implement neutrino mixings, neutrino interactions with matter, and neutrino self-interactions. In anisotropic media, the most general mean-field treatment includes neutrino mass contributions as well, which introduce a coupling between neutrinos and antineutrinos termed helicity or spin coherence. We discuss resonance conditions for helicity coherence for Dirac and Majorana neutrinos. We explore the role of these mean-field contributions on flavor evolution in the context of a binary neutron star merger remnant. We find that resonance conditions can be satisfied in neutron star merger scenarios while adiabaticity is not sufficient for efficient flavor conversion. We analyze our numerical findings by discussing general conditions to have multiple Mikheyev-Smirnov-Wolfenstein-like resonances, in the presence of nonlinear feedback, in astrophysical environments.

  20. A Framework for Operational Due Diligence in Mergers and Acquisitions

    DEFF Research Database (Denmark)

    Porsgaard, Chris Berg; Haubjerg, Mathias; Herbert-Hansen, Zaza Nadja Lee

    The number of mergers and acquisitions (M&As) has over the last five years increased greatly (Institute of Mergers, Acquisitions and Alliances, 2016). Furthermore, private equity professionals point to operational performance gains to drive an acquisition decision and attribute cost reductions...... as the most important lever for value creation, after a private equity firm acquires a company (PwC, 2016). However, the overall success rate of M&A activity remains low and the approach to understand an acquisition target’s operating model remains non-exhaustive and unstandardized. This paper investigates...... the pivotal eterminants for assessing operational performance and identifying improvement potentials in an acquisition target. The research question is: “What are the fundamental operational determinants influencing the acquisition decision for private equity firms in the due diligence phase?” This paper...

  1. Social Network Mixing Patterns In Mergers & Acquisitions - A Simulation Experiment

    Directory of Open Access Journals (Sweden)

    Robert Fabac

    2011-01-01

    Full Text Available In the contemporary world of global business and continuously growing competition, organizations tend to use mergers and acquisitions to enforce their position on the market. The future organization’s design is a critical success factor in such undertakings. The field of social network analysis can enhance our uderstanding of these processes as it lets us reason about the development of networks, regardless of their origin. The analysis of mixing patterns is particularly useful as it provides an insight into how nodes in a network connect with each other. We hypothesize that organizational networks with compatible mixing patterns will be integrated more successfully. After conducting a simulation experiment, we suggest an integration model based on the analysis of network assortativity. The model can be a guideline for organizational integration, such as occurs in mergers and acquisitions.

  2. POST-MERGER SIGNATURES OF RED-SEQUENCE GALAXIES IN RICH ABELL CLUSTERS AT z ∼< 0.1

    International Nuclear Information System (INIS)

    Sheen, Yun-Kyeong; Yi, Sukyoung K.; Lee, Jaehyun; Ree, Chang H.

    2012-01-01

    We have investigated the post-merger signatures of red-sequence galaxies in rich Abell clusters at z ∼ r < –20) cluster red-sequence galaxies show post-merger signatures in four clusters consistently. Most (∼71%) of the featured galaxies were found to be bulge dominated, and for the subsample of bulge-dominated red-sequence galaxies, the post-merger fraction rises to ∼38%. We also found that roughly 4% of bulge-dominated red-sequence galaxies interact (ongoing merger). A total of 42% (38% post-merger, 4% ongoing merger) of galaxies show merger-related features. Compared to a field galaxy study with a similar limiting magnitude by van Dokkum in 2005, our cluster study presents a similar post-merger fraction but a markedly lower ongoing merger fraction. The merger fraction derived is surprisingly high for the high density of our clusters, where the fast internal motions of galaxies are thought to play a negative role in galaxy mergers. The fraction of post-merger and ongoing merger galaxies can be explained as follows. Most of the post-merger galaxies may have carried over their merger features from their previous halo environment, whereas interacting galaxies interact in the current cluster in situ. According to our semi-analytic calculation, massive cluster halos may very well have experienced tens of halo mergers over the last 4-5 Gyr; post-merger features last that long, allowing these features to be detected in our clusters today. The apparent lack of dependence of the merger fraction on the clustocentric distance is naturally explained this way. In this scenario, the galaxy morphology and properties can be properly interpreted only when the halo evolution characteristics are understood first.

  3. Using communication to oil the wheel of a merger

    International Nuclear Information System (INIS)

    Wallet, Annie; Breyer, Wolfgang

    2002-01-01

    This paper presents a short overview of what has been done up to now for Mental Merger program. It has been decided to concentrate the pilot program on the main culture shock, i.e. the French-German one. The following steps were performed: Perception gathering; Mono-cultural seminars; Bi-cultural workshops. Process of launching the cooperation monitoring body is under way

  4. THE EVOLUTION OF BLACK HOLE SCALING RELATIONS IN GALAXY MERGERS

    International Nuclear Information System (INIS)

    Johansson, Peter H.; Burkert, Andreas; Naab, Thorsten

    2009-01-01

    We study the evolution of black holes (BHs) on the M BH -σ and M BH -M bulge planes as a function of time in disk galaxies undergoing mergers. We begin the simulations with the progenitor BH masses being initially below (Δlog M BH,i ∼ -2), on (Δlog M BH,i ∼ 0), and above (Δlog M BH,i ∼ 0.5) the observed local relations. The final relations are rapidly established after the final coalescence of the galaxies and their BHs. Progenitors with low initial gas fractions (f gas = 0.2) starting below the relations evolve onto the relations (Δlog M BH,f ∼ -0.18), progenitors on the relations stay there (Δlog M BH,f ∼ 0), and finally progenitors above the relations evolve toward the relations, but still remain above them (Δlog M BH,f ∼ 0.35). Mergers in which the progenitors have high initial gas fractions (f gas = 0.8) evolve above the relations in all cases (Δlog M BH,f ∼ 0.5). We find that the initial gas fraction is the prime source of scatter in the observed relations, dominating over the scatter arising from the evolutionary stage of the merger remnants. The fact that BHs starting above the relations do not evolve onto the relations indicates that our simulations rule out the scenario in which overmassive BHs evolve onto the relations through gas-rich mergers. By implication our simulations thus disfavor the picture in which supermassive BHs develop significantly before their parent bulges.

  5. Elucidate Innovation Performance of Technology-driven Mergers and Acquisitions

    Energy Technology Data Exchange (ETDEWEB)

    Huang, L.; Wang, K.; Yu, H.; Shang, L.; Mitkova, L.

    2016-07-01

    The importance and value of Mergers and Acquisitions (M&As) have increased with the expectancy to obtain key technology capabilities and rapid impact on innovation. This article develops an original analytical framework to elucidate the impact of the technology and product relatedness (similarity/complementarity) of the Technology-driven M&A’ partners on post-innovation performance. We present results drawing on a multiple case studies of Chinese High-Tech firms from three industries. (Author)

  6. Rebuilding organizational culture in the wake of a merger.

    Science.gov (United States)

    Trimnell, J; Butterill, D; Skinner, W; Golyea, G; Yue-Chan, L; Macfarlane, D

    2001-01-01

    More and more, corporate culture is being recognized as an important determinant of organizational effectiveness. This article describes how the Centre for Addiction and Mental Health proactively focused on rebuilding its culture after a mandated merger. The long-term effects of this effort need to be monitored. However, commitment is strong to the ideas articulated in the Statement of Desired Culture that was developed by a staff task force and approved by the Centre's Board.

  7. Nestlé Group acquires Starbucks Corporation : mergers and acquisitions

    OpenAIRE

    Köhler, Charlotte

    2014-01-01

    This paper will analyze the possibility of creating additional shareholder value through mergers and acquisition between Nestlé Group and Starbucks Corporation at the end of the first quarter of 2013. Nestlé, the current market leader, has been under attack on its position as number one in the industry. At the same time, Starbucks has established itself as the leading speciality coffee shop chain worldwide. By using Discounted Cash Flow, a Dividend Discounted model and Relative Valuation, ...

  8. Mergers and acquisitions. Frequently asked questions and answers.

    Science.gov (United States)

    Lin, S M; Smeltzer, C H; Thomas, C

    2000-03-01

    This article is structured in a question/answer format based on interviews with Dr. Carolyn Hope Smeltzer and Salima Manji Lin of PricewaterhouseCoopers, Chicago, and Chuck Thomas of Hinshaw & Culbertson, Rockford. The questions come from CEO's, healthcare executives, and nurse executives at hospitals that are contemplating mergers or that have both succeeded and failed to merge their institutions. The experts share their knowledge.

  9. Analysis of Economic Performance in Mergers and Acquisition

    Institute of Scientific and Technical Information of China (English)

    王立杰; 孙涛

    2003-01-01

    Based on the methods of financial analysis, the direct earnings in mergers and acquisition M&A, profit or loss from stock price fluctuation, influence on the earning per stock(EPS) and revenue growth after M&A were analyzed in detail. And several quantitative models were established in relevant part accordingly. It can be useful to improve the present low efficiency in the M&A performance in Chinese capital market.

  10. Merger of Nuclear Data with Criticality Safety Calculations

    Energy Technology Data Exchange (ETDEWEB)

    Derrien, H.; Larson, N.M.; Leal, L.C.

    1999-09-20

    In this paper we report on current activities related to the merger of differential/integral data (especially in the resolved-resonance region) with nuclear criticality safety computations. Techniques are outlined for closer coupling of many processes � measurement, data reduction, differential-data analysis, integral-data analysis, generating multigroup cross sections, data-testing, criticality computations � which in the past have been treated independently.

  11. Tax Competition and Double Tax Treaties with Mergers and Acquisitions

    OpenAIRE

    Siggelkow, Benjamin Florian

    2013-01-01

    In a two-period tax competition model with provision of local public goods, we analyze efficiency properties of double taxation reliefs incorporating either the exemption method, the tax credit system or the full taxation after deduction system. Foreign direct investments are presumed to be one-way and characterized by long-term mergers and acquisitions. We find that in case of (i) tax revenue maximization the exemption method implies inefficiently low tax rates, whereas the fu...

  12. Nonthermal Particles and Radiation Produced by Cluster Merger Shocks

    Science.gov (United States)

    2003-09-10

    NONTHERMAL PARTICLES AND RADIATION PRODUCED BY CLUSTER MERGER SHOCKS Robert C. Berrington and Charles D. Dermer Naval Research Laboratory, Code 7653...of the merging cluster and is assumed to be constant as the shock propagates outward from the cluster center. In this paper , we model the cluster ...emission in the60–250 eV band for a number of clus- ters. These clusters include Virgo , Coma, Fornax, A2199, A1795, and A4059 (Lieu et al. 1996a, 1996b

  13. Mergers and acquisitions : the case of Kraft Foods and Cadbury

    OpenAIRE

    Ribeiro, Sara Isabel de Paula

    2013-01-01

    The aim of this dissertation is to focus on a determinant aspect of Corporate Finance that is Mergers and Acquisitions (M&A). This dissertation not only provides a practical analysis of main issued regarding a process of M&A, but also provides a theoretical framework about M&A. Specifically, this dissertation explores the real case of Kraft Foods - world’s second largest manufacturer and packager food products – and Cadbury - the world’s second largest confectionery firm. ...

  14. Merger of Nuclear Data with Criticality Safety Calculations

    International Nuclear Information System (INIS)

    Derrien, H.; Larson, N.M.; Leal, L.C.

    1999-01-01

    In this paper we report on current activities related to the merger of differential/integral data (especially in the resolved-resonance region) with nuclear criticality safety computations. Techniques are outlined for closer coupling of many processes measurement, data reduction, differential-data analysis, integral-data analysis, generating multigroup cross sections, data-testing, criticality computations which in the past have been treated independently

  15. BANKING MERGERS AND ACQUISITIONS MARKET AND ITS PROSPECTS

    Directory of Open Access Journals (Sweden)

    Matvey D. Bondarenko

    2014-01-01

    Full Text Available The paper studies features of the development of the world market of mergers andacquisitions (M&A. Research results ofsome M&A practitioners and theoristson the USA M&A market developmentthrough “waves” during 1897-2007 areconsidered. Special attention in the workis paid to the identification of trends and prospects of the global banking M&Amarket, and its role in the overall market, as well as the factors that determine its development.

  16. International accounting standards and their effect on mergers and acquisitions

    Directory of Open Access Journals (Sweden)

    Blanca I. Vega Castro

    2007-09-01

    Full Text Available The main objective of this paper is to investigate whether the international accounting harmonization has favored the globalization process. This investigation examined the relationship between international accounting standards and the international merger and acquisition activities in Argentina, Brazil, Chile, México, Peru and Venezuela from 1995 to 2004. This research tested four hypotheses and used analytics such as panel data analysis, correlation, nonparametric tests and logistic regression.

  17. Creditor protection in cross-border mergers; unfinished business

    Directory of Open Access Journals (Sweden)

    Geert T.M.J. Raaijmakers

    2008-03-01

    Full Text Available In cross-border mergers, creditor protection is important to facilitate a smooth, efficient and transparent process necessary to facilitate the single market. As all assets and liabilities are being transferred and there is a risk that the liabilities of the acquiring company will exceed the assets, creditor protection needs to be safeguarded in legal mergers. As the title suggests, creditor protection in the context of cross-border mergers and the recently adopted directive is examined in this paper, as well as the position of creditors under Dutch law and the Third Directive. The ex-ante and ex-post systems of creditor protection, both existing in the Member States of the EU, and which are both supported by strong arguments, are also discussed. The fact that differences in creditor protection rules nevertheless remain may create unjustifiable differences in the position of various groups of creditors involved in one single cross-border merger. The authors conclude that the case for leaving creditor protection to the Member States is weakening. Differences in national legislation on creditor protection, defendable as they may be, are ultimately of a technical nature and create unnecessary and unjustifiable impediments. There are strong arguments, in other words, to adopt the same provisions for all transactions for the sake of simplicity, but while this may be attractive, it can lead to undesired delay. Amending the Directive at this point in time thus seems equally unfeasible. This stresses the need to make haste with at least some further harmonization of creditor protection rules related to the Third Directive.

  18. How Enterprise Architecture Maturity Enables Post-merger IT Integration

    DEFF Research Database (Denmark)

    Törmer, Robert Lorenz; Henningsson, Stefan

    2017-01-01

    advances the argument that a company’s pre-existing Enterprise Architecture decisively shapes the capability to implement post-merger IT integration and subsequently realize benefits from M&A. Our multiple-case study investigates three acquisition cases and develops an explanatory theory of how Enterprise...... Architecture maturity enables the implementation of distinct integration strategies. The results do not only enrich the academic literature on M&A, but also show the strategic value of Enterprise Architecture maturity....

  19. Enrichment of r-Process Elements by Neutron Star Mergers through the Sub-Halo Clustering

    Science.gov (United States)

    Ishimaru, Yuhri; Ojima, Takuya; Wanajo, Shinya; Prantzos, Nikos

    Neutron star mergers (NSMs) are suggested to be the most plausible site of r-process by nucleosynthesis studies, while previous chemical evolution models pointed out that the long lifetimes of NS binaries are in conflict with the observed [r/Fe] of the Galactic halo stars. We attempt to solve this problem, assuming the Galactic halo was formed from merging sub-halos. We find that [r/Fe] start increasing at [Fe/H] < -3, if the star formation efficiencies are smaller for less massive sub-halos. We also show that small numbers of NSMs for least massive sub-halos could cause the large enhancement of [r/Fe]. Our results support NSMs as the major site of r-process.

  20. The efficiency effects of bank mergers: An analysis of case studies in Vietnam

    Directory of Open Access Journals (Sweden)

    Tu DQ Le

    2017-02-01

    Full Text Available This paper employs Data Envelopment Analysis to examine the relative efficiency for Vietnamese banks from 2008 to 2015. Efficiency level is relatively high and remains stable over the examined period, suggesting the banking system is less affected by the global financial crisis. More specifically, technical efficiency and scale efficiency in Vietnamese banking is examined when controlling for problem loans. We suggest that controlling for the exogenous impact of problem loans is important for joint-stock banks. Furthermore, our results do not support the hypothesis that acquiring banks are more efficient than the acquired banks. The efficiency improved in majority of merger cases and was not related to acquiring bank’s efficiency advantage over its targets. Small-and medium- banks should be promoted in future acquisitions as a means to enjoying efficiency gains. Finally, there are mixed results on the extent to which the benefits of efficiency gains are passed on to the public.