WorldWideScience

Sample records for integrated merger rate

  1. An integrated approach for a higher success rate in mergers and acquisitions

    Directory of Open Access Journals (Sweden)

    Andrej Bertoncelj

    2007-05-01

    Full Text Available The paper outlines the importance of balanced management of hard and soft key success factors, combining the economic logic of corporate performance and human capital through an integrated approach to mergers and acquisitions. The study, based on a questionnaire and interviews, suggests that the achievement level ofmergers and acquisitions’ objectives of acquiring companies in Slovenia should be comparable to findings of similar studies; namely, the objectives that drove the deal were met only half the time. The results indicate that five hard success factors – a professional target search and due diligence, a realistic assessment of synergies, theright mix of financial sources, a detailed post-acquisition integration plan already prepared in the pre-deal phase and its speedy implementation – and five soft success factors – a new “combined” organizational culture, a competent management team, innovative employees, efficient and consistent communication and a creative business environment – are becoming increasingly relevant. Even though they differ in their importance for individual companies in the sample, they are all considered essential to increasing the success rate of corporate combinations

  2. 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.

  3. 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.

  4. 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.

  5. 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...

  6. 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

  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. 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....

  9. 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...

  10. 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.

  11. 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...

  12. 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....

  13. The separation distribution and merger rate of double white dwarfs: improved constraints

    Science.gov (United States)

    Maoz, Dan; Hallakoun, Na'ama; Badenes, Carles

    2018-05-01

    We obtain new and precise information on the double white dwarf (DWD) population and on its gravitational-wave-driven merger rate by combining the constraints on the DWD population from two previous studies on radial velocity variation. One of the studies is based on a sample of white dwarfs (WDs) from the Sloan Digital Sky Survey (SDSS, which with its low spectral resolution probes systems at separations a distribution of initial WD separations (at the start of solely gravitational-wave-driven binary evolution), N(a)da ∝ aαda, is α = -1.30 ± 0.15 (1σ) +0.05 (systematic). The Galactic WD merger rate per WD is Rmerge = (9.7 ± 1.1) × 10-12 yr-1. Integrated over the Galaxy lifetime, this implies that 8.5-11 per cent of all WDs ever formed have merged with another WD. If most DWD mergers end as more-massive WDs, then some 10 per cent of WDs are DWD-merger products, consistent with the observed fraction of WDs in a `high-mass bump' in the WD mass function. The DWD merger rate is 4.5-7 times the Milky Way's specific Type Ia supernova (SN Ia) rate. If most SN Ia explosions stem from the mergers of some DWDs (say, those with massive-enough binary components) then ˜15 per cent of all WD mergers must lead to a SN Ia.

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

    Energy Technology Data Exchange (ETDEWEB)

    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%.

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

    International Nuclear Information System (INIS)

    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%

  16. 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.

  17. 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.

  18. 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.

  19. 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...

  20. 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.

  1. 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.

  2. 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...

  3. 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

  4. 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.

  5. 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...

  6. 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....

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

    International Nuclear Information System (INIS)

    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.

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

    International Nuclear Information System (INIS)

    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.

  9. Binary Black Hole Mergers from Field Triples: Properties, Rates, and the Impact of Stellar Evolution

    Energy Technology Data Exchange (ETDEWEB)

    Antonini, Fabio [Center for Interdisciplinary Exploration and Research in Astrophysics (CIERA) and Department of Physics and Astrophysics, Northwestern University, Evanston, IL 60208 (United States); Toonen, Silvia [Astronomical Institute Anton Pannekoek, University of Amsterdam, P.O. Box 94249, 1090 GE, Amsterdam (Netherlands); Hamers, Adrian S. [Institute for Advanced Study, School of Natural Sciences, Einstein Drive, Princeton, NJ 08540 (United States)

    2017-06-01

    We consider the formation of binary black hole (BH) mergers through the evolution of field massive triple stars. In this scenario, favorable conditions for the inspiral of a BH binary are initiated by its gravitational interaction with a distant companion, rather than by a common-envelope phase invoked in standard binary evolution models. We use a code that follows self-consistently the evolution of massive triple stars, combining the secular triple dynamics (Lidov–Kozai cycles) with stellar evolution. After a BH triple is formed, its dynamical evolution is computed using either the orbit-averaged equations of motion, or a high-precision direct integrator for triples with weaker hierarchies for which the secular perturbation theory breaks down. Most BH mergers in our models are produced in the latter non-secular dynamical regime. We derive the properties of the merging binaries and compute a BH merger rate in the range (0.3–1.3) Gpc{sup −3} yr{sup −1}, or up to ≈2.5 Gpc{sup −3} yr{sup −1} if the BH orbital planes have initially random orientation. Finally, we show that BH mergers from the triple channel have significantly higher eccentricities than those formed through the evolution of massive binaries or in dense star clusters. Measured eccentricities could therefore be used to uniquely identify binary mergers formed through the evolution of triple stars. While our results suggest up to ≈10 detections per year with Advanced-LIGO, the high eccentricities could render the merging binaries harder to detect with planned space based interferometers such as LISA.

  10. Managing processes and information technology in mergers - the integration of finance processes and systems

    OpenAIRE

    Pedain, Christoph

    2003-01-01

    Many companies use mergers to achieve their growth goals or target technology position. To realise synergies that justify the merger transaction, an integration of the merged companies is often necessary. Such integartion takes place across company business areas (such as finance or sales) and across the layers of management consideration, which are strategy, human resources, organisation, processes, and information technology. In merger integration techniques, there is a significant gap ...

  11. 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)

  12. Integrating organizational and human behavior perspectives on mergers and acquisitions: Looking inside the black box

    NARCIS (Netherlands)

    Weber, Yaakov; Drori, Israel

    2011-01-01

    This article presents a conceptual framework for investigating merger and acquisition (M&A) performance through a multistage and multilevel approach. First, human resource challenges during the integration process following a merger are explored to help explain the inconsistencies among empirical

  13. Mergers, acquisitions, divestitures, and applications for market-based rates in a deregulating electric utility industry

    International Nuclear Information System (INIS)

    Cox, A.J.

    1999-01-01

    In this article, the author reviews FERC's current procedures for undertaking competitive analysis. The current procedure for evaluating the competitive impact of transactions in the electric utility industry is described in Order 592, in particular Appendix A. These procedures effectively revised criteria that had been laid out in Commonwealth Edison and brought its merger policy in line with the EPAct and the provisions of Order 888. Order 592 was an attempt to provide more certainty and expedition in handling mergers. It established three criteria that had to be satisfied for a merger to be approved: Post-merger market power must be within acceptable thresholds or be satisfactorily mitigated, acceptable customer protections must be in place (to ensure that rates will not go up as a result of increased costs) and any adverse effect on regulation must be addressed. FERC states that its Order 592 Merger Policy Statement is based upon the Horizontal Merger Guidelines issued jointly by the Federal Trade Commission and the Antitrust Division Department of Justice (FTC/DOJ Merger Guidelines). While it borrows much of the language and basic concepts of the Merger Guidelines, FERC's procedures have been criticized as not following the methodology closely enough, leaving open the possibility of mistakes in market definition

  14. Mergers, acquisitions, divestitures, and applications for market-based rates in a deregulating electric utility industry

    Energy Technology Data Exchange (ETDEWEB)

    Cox, A.J.

    1999-05-01

    In this article, the author reviews FERC's current procedures for undertaking competitive analysis. The current procedure for evaluating the competitive impact of transactions in the electric utility industry is described in Order 592, in particular Appendix A. These procedures effectively revised criteria that had been laid out in Commonwealth Edison and brought its merger policy in line with the EPAct and the provisions of Order 888. Order 592 was an attempt to provide more certainty and expedition in handling mergers. It established three criteria that had to be satisfied for a merger to be approved: Post-merger market power must be within acceptable thresholds or be satisfactorily mitigated, acceptable customer protections must be in place (to ensure that rates will not go up as a result of increased costs) and any adverse effect on regulation must be addressed. FERC states that its Order 592 Merger Policy Statement is based upon the Horizontal Merger Guidelines issued jointly by the Federal Trade Commission and the Antitrust Division Department of Justice (FTC/DOJ Merger Guidelines). While it borrows much of the language and basic concepts of the Merger Guidelines, FERC's procedures have been criticized as not following the methodology closely enough, leaving open the possibility of mistakes in market definition.

  15. ENVIRONMENTAL DEPENDENCE OF THE GALAXY MERGER RATE IN A ΛCDM UNIVERSE

    International Nuclear Information System (INIS)

    Jian, Hung-Yu; Chiueh, Tzihong; Lin Lihwai

    2012-01-01

    We make use of four galaxy catalogs based on four different semi-analytical models (SAMs) implemented in the Millennium Simulation to study the environmental effects and the model dependence of the galaxy merger rate. We begin the analyses by finding that the galaxy merger rate in SAMs has a mild redshift evolution with luminosity-selected samples in the evolution-corrected B-band magnitude range,–21 ≤ M e B ≤ –19, consistent with the results of previous works. To study the environmental dependence of the galaxy merger rate, we adopt two estimators, the local overdensity (1 + δ n ), defined as the surface density from the nth nearest neighbor (n = 6 is chosen in this study), and the host halo mass M h . We find that the galaxy merger rate F mg shows a strong dependence on the local overdensity (1 + δ n ) and the dependence is similar at all redshifts. For the overdensity estimator, the merger rate F mg is found to be about twenty times larger in the densest regions than in underdense ones in two of the four SAMs, while it is roughly four times higher in the other two. In other words, the discrepancies of the merger rate difference between the two extremes can differ by a factor of ∼5 depending on the SAMs adopted. On the other hand, for the halo mass estimator, F mg does not monotonically increase with the host halo mass M h but peaks in the M h range between 10 12 and 10 13 h –1 M ☉ , which corresponds to group environments. The high merger rate in high local density regions corresponds primarily to the high merger rate in group environments. In addition, we also study the merger probability of 'close pairs' identified using the projected separation and the line-of-sight velocity difference C mg and the merger timescale T mg ; these are two important quantities for observations to convert the pair fraction N c into the galaxy merger rate. We discover that T mg has a weak dependence on environment and different SAMs, and is about 2 Gyr old at z

  16. The DySIIM Model for Managing IS Integration in Mergers and Acquisitions

    DEFF Research Database (Denmark)

    Henningsson, Stefan; Carlsson, Sven

    2011-01-01

    Corporate mergers and acquisitions (M&As) are prominent means for corporate strategy. In many M&As information systems (IS), integration is critical for achieving the intended goals. By integrating previous research on M&A and IS integration, we develop a six-dimensional theoretical framework...

  17. Impact of star formation inhomogeneities on merger rates and interpretation of LIGO results

    International Nuclear Information System (INIS)

    O'Shaughnessy, R; Kopparapu, R K; Belczynski, K

    2012-01-01

    Within the next decade, ground based gravitational-wave detectors are in principle capable of determining the compact object merger rate per unit volume of the local universe to better than 20% with more than 30 detections. These measurements will constrain our models of stellar, binary and star cluster evolution in the nearby present-day and ancient universe. We argue that the stellar models are sensitive to heterogeneities (in age and metallicity at least) in such a way that the predicted merger rates are subject to an additional 30-50% systematic errors unless these heterogeneities are taken into account. Without adding new electromagnetic constraints on massive binary evolution or relying on more information from each merger (e.g., binary masses and spins), as few as the 5 merger detections could exhaust the information available in a naive comparison to merger rate predictions. As a concrete example immediately relevant to analysis of initial and enhanced LIGO results, we use a nearby-universe catalog to demonstrate that no one tracer of stellar content can be consistently used to constrain merger rates without introducing a systematic error of order O(30%) at 90% confidence (depending on the type of binary involved). For example, though binary black holes typically take many Gyr to merge, binary neutron stars often merge rapidly; different tracers of stellar content are required for these two types. More generally, we argue that theoretical binary evolution can depend sufficiently sensitively on star-forming conditions-even assuming no uncertainty in binary evolution model-that the distribution of star-forming conditions must be incorporated to reduce the systematic error in merger rate predictions below roughly 40%. We emphasize that the degree of sensitivity to star-forming conditions depends on the binary evolution model and on the amount of relevant variation in star-forming conditions. For example, if after further comparison with electromagnetic and

  18. Rates of short-GRB afterglows in association with binary neutron star mergers

    Science.gov (United States)

    Saleem, M.; Pai, Archana; Misra, Kuntal; Resmi, L.; Arun, K. G.

    2018-03-01

    Assuming all binary neutron star (BNS) mergers produce short gamma-ray bursts, we combine the merger rates of BNS from population synthesis studies, the sensitivities of advanced gravitational wave (GW) interferometer networks, and of the electromagnetic (EM) facilities in various wavebands, to compute the detection rate of associated afterglows in these bands. Using the inclination angle measured from GWs as a proxy for the viewing angle and assuming a uniform distribution of jet opening angle between 3° and 30°, we generate light curves of the counterparts using the open access afterglow hydrodynamics package BOXFIT for X-ray, optical, and radio bands. For different EM detectors, we obtain the fraction of EM counterparts detectable in these three bands by imposing appropriate detection thresholds. In association with BNS mergers detected by five (three) detector networks of advanced GW interferometers, assuming a BNS merger rate of 0.6-774 Gpc-3 yr-1 from population synthesis models, we find the afterglow detection rates (per year) to be 0.04-53 (0.02-27), 0.03-36 (0.01-19), and 0.04-47 (0.02-25) in the X-ray, optical, and radio bands, respectively. Our rates represent maximum possible detections for the given BNS rate since we ignore effects of cadence and field of view in EM follow-up observations.

  19. 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.

  20. Cross-border mergers and acquisitions and European integration

    OpenAIRE

    Coeurdacier, Nicolas; de Santis, Roberto A.; Aviat, Antonin

    2009-01-01

    Cross-border mergers and acquisitions activities (M&As) sharply increased over the last two decades, partly as a result of financial liberalization policies, government policies and regional agreements. In this paper, we identify some of the main forces driving M&As, using a unique database on bilateral cross-border M&As at the sectoral level (in manufacturing and services) over the period 1985-2004. The key empirical findings are: (1) EMU helped the restructuring of capital within the same s...

  1. Compact Binary Mergers and the Event Rate of Fast Radio Bursts

    Science.gov (United States)

    Cao, Xiao-Feng; Yu, Yun-Wei; Zhou, Xia

    2018-05-01

    Fast radio bursts (FRBs) are usually suggested to be associated with mergers of compact binaries consisting of white dwarfs (WDs), neutron stars (NSs), or black holes (BHs). We test these models by fitting the observational distributions in both redshift and isotropic energy of 22 Parkes FRBs, where, as usual, the rates of compact binary mergers (CBMs) are connected with cosmic star formation rates by a power-law distributed time delay. It is found that the observational distributions can well be produced by the CBM model with a characteristic delay time from several tens to several hundreds of megayears and an energy function index 1.2 ≲ γ ≲ 1.7, where a tentative fixed spectral index β = 0.8 is adopted for all FRBs. Correspondingly, the local event rate of FRBs is constrained to {(3{--}6)× {10}4{f}{{b}}-1({ \\mathcal T }/270{{s}})}-1{({ \\mathcal A }/2π )}-1 {Gpc}}-3 {yr}}-1 for an adopted minimum FRB energy of E min = 3 × 1039 erg, where f b is the beaming factor of the radiation, { \\mathcal T } is the duration of each pointing observation, and { \\mathcal A } is the sky area of the survey. This event rate, about an order of magnitude higher than the rates of NS–NS/NS–BH mergers, indicates that the most promising origin of FRBs in the CBM scenario could be mergers of WD–WD binaries. Here a massive WD could be produced since no FRB was found to be associated with an SN Ia. Alternatively, if all FRBs can repeat on a timescale much longer than the period of current observations, then they could also originate from a young active NS that forms from relatively rare NS–NS mergers and accretion-induced collapses of WD–WD binaries.

  2. Higher Education Mergers: Integrating Organisational Cultures and Developing Appropriate Management Styles

    Science.gov (United States)

    Locke, William

    2007-01-01

    Research evidence indicates that an unusually broad range of issues take on strategic significance in a merger and that organisational cultures are critical to the successful integration of staff, students and other stakeholders within a newly combined higher education institution (HEI). This study was based on two specialist higher education (HE)…

  3. On Managing Cultural Integration and Cultural Change Processes in Mergers and Acquisitions

    NARCIS (Netherlands)

    Bijlsma-Frankema, K.M.

    2001-01-01

    This article discusses success factors of cultural integration and cultural change processes in mergers and acquisitions. The focus of the project is on the effects of frictions between structure and cultures, and frictions between different cultures, on the functioning of the organisation. The

  4. Relevant Factors in The Post-Merger Systems Integration and Information Technology in Brazilian Banks

    Directory of Open Access Journals (Sweden)

    Marcel Ginotti Pires

    2017-01-01

    Full Text Available This article discusses the factors present in post-merger integration of Systems and Information Technology (SIT that lead to positive and negative results in mergers and acquisitions (M & A. The research comprised three of the largest acquiring banks in Brazil. We adopted two methods of research, qualitative, to operationalize the theoretical concepts and quantitative, to test the hypotheses. We interviewed six executives of banks that held relevant experience in M & A processes. Subsequently, we applied questionnaires to IT professionals who were involved in the SIT integration processes. The results showed that the quality and expertise of the integration teams and managing the integration were the most relevant factors in the processes, with positive results for increased efficiency and the increased capacity of SIT. Negative results were due to failures in exploiting learning opportunities, the loss of employees and the inexpressive record of integration procedures.

  5. Implications of Binary Black Hole Detections on the Merger Rates of Double Neutron Stars and Neutron Star–Black Holes

    Energy Technology Data Exchange (ETDEWEB)

    Gupta, Anuradha; Arun, K. G.; Sathyaprakash, B. S., E-mail: axg645@psu.edu, E-mail: kgarun@cmi.ac.in, E-mail: bss25@psu.edu [Institute for Gravitation and Cosmos, Physics Department, Pennsylvania State University, University Park, PA 16802 (United States)

    2017-11-01

    We show that the inferred merger rate and chirp masses of binary black holes (BBHs) detected by advanced LIGO (aLIGO) can be used to constrain the rate of double neutron star (DNS) and neutron star–black hole (NSBH) mergers in the universe. We explicitly demonstrate this by considering a set of publicly available population synthesis models of Dominik et al. and show that if all the BBH mergers, GW150914, LVT151012, GW151226, and GW170104, observed by aLIGO arise from isolated binary evolution, the predicted DNS merger rate may be constrained to be 2.3–471.0 Gpc{sup −3} yr{sup −1} and that of NSBH mergers will be constrained to 0.2–48.5 Gpc{sup −3} yr{sup −1}. The DNS merger rates are not constrained much, but the NSBH rates are tightened by a factor of ∼4 as compared to their previous rates. Note that these constrained DNS and NSBH rates are extremely model-dependent and are compared to the unconstrained values 2.3–472.5 Gpc{sup −3} yr{sup −1} and 0.2–218 Gpc{sup −3} yr{sup −1}, respectively, using the same models of Dominik et al. (2012a). These rate estimates may have implications for short Gamma Ray Burst progenitor models assuming they are powered (solely) by DNS or NSBH mergers. While these results are based on a set of open access population synthesis models, which may not necessarily be the representative ones, the proposed method is very general and can be applied to any number of models, thereby yielding more realistic constraints on the DNS and NSBH merger rates from the inferred BBH merger rate and chirp mass.

  6. Implications of Binary Black Hole Detections on the Merger Rates of Double Neutron Stars and Neutron Star–Black Holes

    International Nuclear Information System (INIS)

    Gupta, Anuradha; Arun, K. G.; Sathyaprakash, B. S.

    2017-01-01

    We show that the inferred merger rate and chirp masses of binary black holes (BBHs) detected by advanced LIGO (aLIGO) can be used to constrain the rate of double neutron star (DNS) and neutron star–black hole (NSBH) mergers in the universe. We explicitly demonstrate this by considering a set of publicly available population synthesis models of Dominik et al. and show that if all the BBH mergers, GW150914, LVT151012, GW151226, and GW170104, observed by aLIGO arise from isolated binary evolution, the predicted DNS merger rate may be constrained to be 2.3–471.0 Gpc −3 yr −1 and that of NSBH mergers will be constrained to 0.2–48.5 Gpc −3 yr −1 . The DNS merger rates are not constrained much, but the NSBH rates are tightened by a factor of ∼4 as compared to their previous rates. Note that these constrained DNS and NSBH rates are extremely model-dependent and are compared to the unconstrained values 2.3–472.5 Gpc −3 yr −1 and 0.2–218 Gpc −3 yr −1 , respectively, using the same models of Dominik et al. (2012a). These rate estimates may have implications for short Gamma Ray Burst progenitor models assuming they are powered (solely) by DNS or NSBH mergers. While these results are based on a set of open access population synthesis models, which may not necessarily be the representative ones, the proposed method is very general and can be applied to any number of models, thereby yielding more realistic constraints on the DNS and NSBH merger rates from the inferred BBH merger rate and chirp mass.

  7. 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

    -selected samples include contamination from minor mergers. (7) Predicted rates also agree with the integrated growth in bulge mass density with cosmic time, but with a factor ∼2 uncertainty in both-up to half the bulge mass density could come from non-merger processes. We systematically vary the model assumptions, totaling ∼10 3 model permutations, and quantify the resulting uncertainties. Our conclusions regarding the importance of different mergers for bulge formation are very robust to these changes. The absolute predicted merger rates are systematically uncertain at the factor ∼2 level; uncertainties grow at the lowest masses and high redshifts.

  8. Integration and change management for successful mergers; Integration und Change Management bei Fusionen

    Energy Technology Data Exchange (ETDEWEB)

    Wolf, H.G. [Arthur Andersen Business Consulting GmbH, Duesseldorf (Germany)

    2000-05-01

    In the wake of deregulation of the energy markets in Germany, energy companies and electric utilities are confronted with fierce competition on prices and customers. The change of paradigms in the German energy industry calls for new strategies. The article discusses strategic alliances and mergers as one way to cope with the challenges, and explains suitable and proven approaches for corporate integration and change management. (CB) [German] Seit der wettbewerblichen Oeffnung des deutschen Energiemarktes sehen sich die Unternehmen mit einem dramatischen Preis- und Marketingwettbewerb konfrontiert. Aggressive neue Akteure draengen in die lukrativen Maerkte. Aber auch etablierte Teilnehmer suchen neue strategische Positionen und beschleunigen den Paradigmenwechsel in der deutschen Energiewirtschaft. Angesichts dieser Marktentwicklung bestehen massive Anforderungen zur Veraenderung. Unternehmenszusammenschluesse und Kooperationen stellen eine geeignete strategische Reaktion zur Bewaeltigung dieser Herausforderungen dar. Dabei sollten die Risiken von Fusionen nicht unterschaetzt werden. Die meisten Vorhaben scheitern auf Grund fehlender Integrationsprozesse. Ein systematischer Integrationsansatz wird beschrieben. (orig./CB)

  9. Executing on Integration: The Key to Success in Mergers and Acquisitions.

    Science.gov (United States)

    Bradley, Carol

    2016-01-01

    Health care mergers and acquisitions require a clearly stated vision and exquisite planning of integration activities to provide the best possible conditions for a successful transaction. During the due diligence process, key steps can be taken to create a shared vision and a plan to inspire confidence and build enthusiasm for all stakeholders. Integration planning should include a defined structure, roles and responsibilities, as well as a method for evaluation.

  10. On the rate of black hole binary mergers in galactic nuclei due to dynamical hardening

    Science.gov (United States)

    Leigh, N. W. C.; Geller, A. M.; McKernan, B.; Ford, K. E. S.; Mac Low, M.-M.; Bellovary, J.; Haiman, Z.; Lyra, W.; Samsing, J.; O'Dowd, M.; Kocsis, B.; Endlich, S.

    2018-03-01

    We assess the contribution of dynamical hardening by direct three-body scattering interactions to the rate of stellar-mass black hole binary (BHB) mergers in galactic nuclei. We derive an analytic model for the single-binary encounter rate in a nucleus with spherical and disc components hosting a super-massive black hole (SMBH). We determine the total number of encounters NGW needed to harden a BHB to the point that inspiral due to gravitational wave emission occurs before the next three-body scattering event. This is done independently for both the spherical and disc components. Using a Monte Carlo approach, we refine our calculations for NGW to include gravitational wave emission between scattering events. For astrophysically plausible models, we find that typically NGW ≲ 10. We find two separate regimes for the efficient dynamical hardening of BHBs: (1) spherical star clusters with high central densities, low-velocity dispersions, and no significant Keplerian component and (2) migration traps in discs around SMBHs lacking any significant spherical stellar component in the vicinity of the migration trap, which is expected due to effective orbital inclination reduction of any spherical population by the disc. We also find a weak correlation between the ratio of the second-order velocity moment to velocity dispersion in galactic nuclei and the rate of BHB mergers, where this ratio is a proxy for the ratio between the rotation- and dispersion-supported components. Because discs enforce planar interactions that are efficient in hardening BHBs, particularly in migration traps, they have high merger rates that can contribute significantly to the rate of BHB mergers detected by the advanced Laser Interferometer Gravitational-Wave Observatory.

  11. Binary neutron star merger rate via the luminosity function of short gamma-ray bursts

    Science.gov (United States)

    Paul, Debdutta

    2018-04-01

    The luminosity function of short Gamma Ray Bursts (GRBs) is modelled by using the available catalogue data of all short GRBs (sGRBs) detected till October, 2017. The luminosities are estimated via the `pseudo-redshifts' obtained from the `Yonetoku correlation', assuming a standard delay distribution between the cosmic star formation rate and the production rate of their progenitors. While the simple powerlaw is ruled out to high confidence, the data is fit well both by exponential cutoff powerlaw and broken powerlaw models. Using the derived parameters of these models along with conservative values in the jet opening angles seen from afterglow observations, the true rate of short GRBs are derived. Assuming a short GRB is produced from each binary neutron star merger (BNSM), the rate of gravitational wave (GW) detections from these mergers are derived for the past, present and future configurations of the GW detector networks. Stringent lower limits of 1.87yr-1 for the aLIGO-VIRGO, and 3.11yr-1 for the upcoming aLIGO-VIRGO-KAGRA-LIGO/India configurations are thus derived for the BNSM rate at 68% confidence. The BNSM rates calculated from this work and that independently inferred from the observation of the only confirmed BNSM observed till date, are shown to have a mild tension; however the scenario that all BNSMs produce sGRBs cannot be ruled out.

  12. Using the framework of corporate culture in "mergers" to support the development of a cultural basis for integrative medicine - guidance for building an integrative medicine department or service.

    Science.gov (United States)

    Witt, Claudia M; Pérard, Marion; Berman, Brian; Berman, Susan; Birdsall, Timothy C; Defren, Horst; Kümmel, Sherko; Deng, Gary; Dobos, Gustav; Drexler, Atje; Holmberg, Christine; Horneber, Markus; Jütte, Robert; Knutson, Lori; Kummer, Christopher; Volpers, Susanne; Schweiger, David

    2015-01-01

    An increasing number of clinics offer complementary or integrative medicine services; however, clear guidance about how complementary medicine could be successfully and efficiently integrated into conventional health care settings is still lacking. Combining conventional and complementary medicine into integrative medicine can be regarded as a kind of merger. In a merger, two or more organizations - usually companies - are combined into one in order to strengthen the companies financially and strategically. The corporate culture of both merger partners has an important influence on the integration. The aim of this project was to transfer the concept of corporate culture in mergers to the merging of two medical systems. A two-step approach (literature analyses and expert consensus procedure) was used to develop practical guidance for the development of a cultural basis for integrative medicine, based on the framework of corporate culture in "mergers," which could be used to build an integrative medicine department or integrative medicine service. Results include recommendations for general strategic dimensions (definition of the medical model, motivation for integration, clarification of the available resources, development of the integration team, and development of a communication strategy), and recommendations to overcome cultural differences (the clinic environment, the professional language, the professional image, and the implementation of evidence-based medicine). The framework of mergers in corporate culture provides an understanding of the difficulties involved in integrative medicine projects. The specific recommendations provide a good basis for more efficient implementation.

  13. Is Speed of Integration really a Success Factor of Mergers and Acquisitions? : An Analysis of the Role of Internal and External Relatedness

    OpenAIRE

    Homburg, Christian; Bucerius, Matthias

    2006-01-01

    Previous research on mergers and acquisitions (M&A) has neglected the issue of speed of post merger integration (PMI) by and large. This paper argues that there are benefits and detriments associated with speed of integration. Thus, in some situations speed may be highly beneficial whereas in others it may be harmful to the success of a merger or acquisition. It is argued that the benefits and detriments of speed of integration depend on the magnitude of internal and external relatedness ...

  14. 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.

  15. 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

  16. An increased estimate of the merger rate of double neutron stars from observations of a highly relativistic system.

    Science.gov (United States)

    Burgay, M; D'Amico, N; Possenti, A; Manchester, R N; Lyne, A G; Joshi, B C; McLaughlin, M A; Kramer, M; Sarkissian, J M; Camilo, F; Kalogera, V; Kim, C; Lorimer, D R

    2003-12-04

    The merger of close binary systems containing two neutron stars should produce a burst of gravitational waves, as predicted by the theory of general relativity. A reliable estimate of the double-neutron-star merger rate in the Galaxy is crucial in order to predict whether current gravity wave detectors will be successful in detecting such bursts. Present estimates of this rate are rather low, because we know of only a few double-neutron-star binaries with merger times less than the age of the Universe. Here we report the discovery of a 22-ms pulsar, PSR J0737-3039, which is a member of a highly relativistic double-neutron-star binary with an orbital period of 2.4 hours. This system will merge in about 85 Myr, a time much shorter than for any other known neutron-star binary. Together with the relatively low radio luminosity of PSR J0737-3039, this timescale implies an order-of-magnitude increase in the predicted merger rate for double-neutron-star systems in our Galaxy (and in the rest of the Universe).

  17. 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.

  18. LFsGRB: Binary neutron star merger rate via the luminosity function of short gamma-ray bursts

    Science.gov (United States)

    Paul, Debdutta

    2018-04-01

    LFsGRB models the luminosity function (LF) of short Gamma Ray Bursts (sGRBs) by using the available catalog data of all short GRBs (sGRBs) detected till 2017 October, estimating the luminosities via pseudo-redshifts obtained from the Yonetoku correlation, and then assuming a standard delay distribution between the cosmic star formation rate and the production rate of their progenitors. The data are fit well both by exponential cutoff powerlaw and broken powerlaw models. Using the derived parameters of these models along with conservative values in the jet opening angles seen from afterglow observations, the true rate of short GRBs is derived. Assuming a short GRB is produced from each binary neutron star merger (BNSM), the rate of gravitational wave (GW) detections from these mergers are derived for the past, present and future configurations of the GW detector networks.

  19. A 'nu' look at gravitational waves: the black hole birth rate from neutrinos combined with the merger rate from LIGO

    Energy Technology Data Exchange (ETDEWEB)

    Davis, Jonathan H.; Fairbairn, Malcolm, E-mail: jonathan.davis@kcl.ac.uk, E-mail: malcolm.fairbairn@kcl.ac.uk [Theoretical Particle Physics and Cosmology, Department of Physics, King' s College London, London WC2R 2LS (United Kingdom)

    2017-07-01

    We make projections for measuring the black hole birth rate from the diffuse supernova neutrino background (DSNB) by future neutrino experiments, and constrain the black hole merger fraction ε, when combined with information on the black hole merger rate from gravitational wave experiments such as LIGO. The DSNB originates from neutrinos emitted by all the supernovae in the Universe, and is expected to be made up of two components: neutrinos from neutron-star-forming supernovae, and a sub-dominant component at higher energies from black-hole-forming 'unnovae'. We perform a Markov Chain Monte Carlo analysis of simulated data of the DSNB in an experiment similar to Hyper-Kamiokande, focusing on this second component. Since all knowledge of the neutrino emission from unnovae comes from simulations of collapsing stars, we choose two sets of priors: one where the unnovae are well-understood and one where their neutrino emission is poorly known. By combining the black hole birth rate from the DSNB with projected measurements of the black hole merger rate from LIGO, we show that the fraction of black holes which lead to binary mergers observed today ε could be constrained to be within the range 2 ⋅ 10{sup −4} ≤ ε ≤ 3 ⋅ 10{sup −2} at 3 σ confidence, after ten years of running an experiment like Hyper-Kamiokande.

  20. A 'nu' look at gravitational waves: the black hole birth rate from neutrinos combined with the merger rate from LIGO

    International Nuclear Information System (INIS)

    Davis, Jonathan H.; Fairbairn, Malcolm

    2017-01-01

    We make projections for measuring the black hole birth rate from the diffuse supernova neutrino background (DSNB) by future neutrino experiments, and constrain the black hole merger fraction ε, when combined with information on the black hole merger rate from gravitational wave experiments such as LIGO. The DSNB originates from neutrinos emitted by all the supernovae in the Universe, and is expected to be made up of two components: neutrinos from neutron-star-forming supernovae, and a sub-dominant component at higher energies from black-hole-forming 'unnovae'. We perform a Markov Chain Monte Carlo analysis of simulated data of the DSNB in an experiment similar to Hyper-Kamiokande, focusing on this second component. Since all knowledge of the neutrino emission from unnovae comes from simulations of collapsing stars, we choose two sets of priors: one where the unnovae are well-understood and one where their neutrino emission is poorly known. By combining the black hole birth rate from the DSNB with projected measurements of the black hole merger rate from LIGO, we show that the fraction of black holes which lead to binary mergers observed today ε could be constrained to be within the range 2 ⋅ 10 −4 ≤ ε ≤ 3 ⋅ 10 −2 at 3 σ confidence, after ten years of running an experiment like Hyper-Kamiokande.

  1. On the counterintuitive consequences of high-performance work practices in cross-border post-merger human integration

    DEFF Research Database (Denmark)

    Vasilaki, A.; Smith, Pernille; Giangreco, A.

    2012-01-01

    , such as communication, employee involvement, and team building, may not always produce the expected effects on human integration; rather, it can have the opposite effects if top management does not closely monitor the immediate results of deploying such practices. Implications for managers dealing with post......, this article investigates the impact of systemic and integrated human resource practices [i.e., high-performance work practices (HPWPs)] on human integration and how their implementation affects employees' behaviours and attitudes towards post-merger human integration. We find that the implementation of HPWPs...

  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. Inferences About the Distribution, Merger Rate, and Evolutionary Processes of Compact Binaries From Gravitational Wave Observations

    Science.gov (United States)

    Wysocki, Daniel

    We are living through the dawn of the era of gravitational wave astronomy. Our first glances through this new window upon the sky has revealed a new population of objects. Since it first began observing in late 2015, the advanced Laser Interferometer Gravitational-Wave Observatory (LIGO) has detected gravitational waves three times, along with an additional strong candidate - and there shall be orders of magnitude more in the years to come. In all four cases, the waveform's signature is consistent with general relativity's predictions for the merging of two black holes. Through parameter estimation studies, estimates on features such as the black holes' masses and spins have been determined. At least two of the black hole pairs lie above the mass range spanned by comparable black holes observed through traditional means. This suggests they constitute a separate population, either too elusive or rare to be found with traditional telescopes. The most natural questions to ask about these black holes - how did they form, how many of them are there, and how can they be categorized - remain open ended. We know black holes can form when massive stars die, so it's most natural to claim stars as their progenitors. Since we now know black holes merge into larger black holes, could it be the case that they formed from previous mergers? Were the two black holes part of a binary from their birth, or did they become coupled later on in life? The measurements provided by LIGO can help answer these questions and more. Throughout this thesis, I will describe and demonstrate results from a number of novel methods whose purpose is to better understand these black holes and their progenitors. At their heart, these methods give answers to a few, critical questions. a) What is the overall rate at which these objects merge? b) What is the range of values these objects' properties can take, and how are they distributed? c) Given a number of physical models, how can we evaluate the

  4. 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

  5. THE ROTATION RATES OF MASSIVE STARS: THE ROLE OF BINARY INTERACTION THROUGH TIDES, MASS TRANSFER, AND MERGERS

    Energy Technology Data Exchange (ETDEWEB)

    De Mink, S. E. [Space Telescope Science Institute, Baltimore, MD (United States); Langer, N.; Izzard, R. G. [Argelander-Institut fuer Astronomie der Universitaet Bonn, D-53121 Bonn (Germany); Sana, H.; De Koter, A. [Astronomical Institute Anton Pannekoek, University of Amsterdam, 1098 XH Amsterdam (Netherlands)

    2013-02-20

    Rotation is thought to be a major factor in the evolution of massive stars-especially at low metallicity-with consequences for their chemical yields, ionizing flux, and final fate. Deriving the birth spin distribution is of high priority given its importance as a constraint on theories of massive star formation and as input for models of stellar populations in the local universe and at high redshift. Recently, it has become clear that the majority of massive stars interact with a binary companion before they die. We investigate how this affects the distribution of rotation rates, through stellar winds, expansion, tides, mass transfer, and mergers. For this purpose, we simulate a massive binary-star population typical for our Galaxy assuming continuous star formation. We find that, because of binary interaction, 20{sup +5} {sub -10}% of all massive main-sequence stars have projected rotational velocities in excess of 200 km s{sup -1}. We evaluate the effect of uncertain input distributions and physical processes and conclude that the main uncertainties are the mass transfer efficiency and the possible effect of magnetic braking, especially if magnetic fields are generated or amplified during mass accretion and stellar mergers. The fraction of rapid rotators we derive is similar to that observed. If indeed mass transfer and mergers are the main cause for rapid rotation in massive stars, little room remains for rapidly rotating stars that are born single. This implies that spin-down during star formation is even more efficient than previously thought. In addition, this raises questions about the interpretation of the surface abundances of rapidly rotating stars as evidence for rotational mixing. Furthermore, our results allow for the possibility that all early-type Be stars result from binary interactions and suggest that evidence for rotation in explosions, such as long gamma-ray bursts, points to a binary origin.

  6. Strange Quark Stars in Binaries: Formation Rates, Mergers, and Explosive Phenomena

    International Nuclear Information System (INIS)

    Wiktorowicz, G.; Drago, A.; Pagliara, G.; Popov, S. B.

    2017-01-01

    Recently, the possible coexistence of a first family composed of “normal” neutron stars (NSs) with a second family of strange quark stars (QSs) has been proposed as a solution of problems related to the maximum mass and to the minimal radius of these compact stellar objects. In this paper, we study the mass distribution of compact objects formed in binary systems and the relative fractions of quark and NSs in different subpopulations. We incorporate the strange QS formation model provided by the two-families scenario, and we perform a large-scale population synthesis study in order to obtain the population characteristics. According to our results, the main channel for strange QS formation in binary systems is accretion from a secondary companion on an NS. Therefore, a rather large number of strange QSs form by accretion in low-mass X-ray binaries and this opens the possibility of having explosive GRB-like phenomena not related to supernovae and not due to the merger of two NSs. The number of double strange QS systems is rather small, with only a tiny fraction that merge within a Hubble time. This drastically limits the flux of strangelets produced by the merger, which turns out to be compatible with all limits stemming from Earth and lunar experiments. Moreover, this value of the flux rules out at least one relevant channel for the transformation of all NSs into strange QSs by strangelets’ absorption.

  7. Strange Quark Stars in Binaries: Formation Rates, Mergers, and Explosive Phenomena

    Science.gov (United States)

    Wiktorowicz, G.; Drago, A.; Pagliara, G.; Popov, S. B.

    2017-09-01

    Recently, the possible coexistence of a first family composed of “normal” neutron stars (NSs) with a second family of strange quark stars (QSs) has been proposed as a solution of problems related to the maximum mass and to the minimal radius of these compact stellar objects. In this paper, we study the mass distribution of compact objects formed in binary systems and the relative fractions of quark and NSs in different subpopulations. We incorporate the strange QS formation model provided by the two-families scenario, and we perform a large-scale population synthesis study in order to obtain the population characteristics. According to our results, the main channel for strange QS formation in binary systems is accretion from a secondary companion on an NS. Therefore, a rather large number of strange QSs form by accretion in low-mass X-ray binaries and this opens the possibility of having explosive GRB-like phenomena not related to supernovae and not due to the merger of two NSs. The number of double strange QS systems is rather small, with only a tiny fraction that merge within a Hubble time. This drastically limits the flux of strangelets produced by the merger, which turns out to be compatible with all limits stemming from Earth and lunar experiments. Moreover, this value of the flux rules out at least one relevant channel for the transformation of all NSs into strange QSs by strangelets’ absorption.

  8. Strange Quark Stars in Binaries: Formation Rates, Mergers, and Explosive Phenomena

    Energy Technology Data Exchange (ETDEWEB)

    Wiktorowicz, G. [Astronomical Observatory, University of Warsaw, Al. Ujazdowskie 4, 00-478 Warsaw (Poland); Drago, A.; Pagliara, G. [Dipartimento di Fisica e Scienze della Terra dell’Università di Ferrara and INFN Sezione di Ferrara, Via Saragat 1, I-44100 Ferrara (Italy); Popov, S. B., E-mail: gwiktoro@astrouw.edu.pl [Sternberg Astronomical Institute, Lomonosov Moscow State University, Universitetsky prospekt 13, 119234, Moscow (Russian Federation)

    2017-09-10

    Recently, the possible coexistence of a first family composed of “normal” neutron stars (NSs) with a second family of strange quark stars (QSs) has been proposed as a solution of problems related to the maximum mass and to the minimal radius of these compact stellar objects. In this paper, we study the mass distribution of compact objects formed in binary systems and the relative fractions of quark and NSs in different subpopulations. We incorporate the strange QS formation model provided by the two-families scenario, and we perform a large-scale population synthesis study in order to obtain the population characteristics. According to our results, the main channel for strange QS formation in binary systems is accretion from a secondary companion on an NS. Therefore, a rather large number of strange QSs form by accretion in low-mass X-ray binaries and this opens the possibility of having explosive GRB-like phenomena not related to supernovae and not due to the merger of two NSs. The number of double strange QS systems is rather small, with only a tiny fraction that merge within a Hubble time. This drastically limits the flux of strangelets produced by the merger, which turns out to be compatible with all limits stemming from Earth and lunar experiments. Moreover, this value of the flux rules out at least one relevant channel for the transformation of all NSs into strange QSs by strangelets’ absorption.

  9. THE CFHTLS-DEEP CATALOG OF INTERACTING GALAXIES. I. MERGER RATE EVOLUTION TO z = 1.2

    International Nuclear Information System (INIS)

    Bridge, C. R.; Carlberg, R. G.; Sullivan, M.

    2010-01-01

    We present the rest-frame optical galaxy merger fraction between 0.2 vega ≤ 22.2 (∼27,000 galaxies) over 2 square degrees, we have compiled the CFHTLS-Deep Catalog of Interacting Galaxies, with ∼ 1600 merging galaxies. We find the merger fraction to be 4.3% ± 0.3% at z ∼ 0.3 and 19.0% ± 2.5% at z ∼ 1, implying evolution of the merger fraction going as (1 + z) m , with m = 2.25 ± 0.24. This result is inconsistent with a mild or non-evolving (m 4σ level of confidence. A mild trend, where by massive galaxies with M * >10 10.7 M sun are undergoing fewer mergers than less massive systems (M * ∼ 10 10 M sun ), consistent with the expectations of galaxy assembly downsizing is observed. Our results also show that interacting galaxies have on average SFRs double that found in non-interacting field galaxies. We conclude that (1) the optical galaxy merger fraction does evolve with redshift, (2) the merger fraction depends mildly on stellar mass, with lower mass galaxies having higher merger fractions at z < 1, and (3) star formation is triggered at all phases of a merger, with larger enhancements at later stages, consistent with N-body simulations.

  10. 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

  11. 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.

  12. 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.

  13. Supplement: The Rate of Binary Black Hole Mergers Inferred from Advanced LIGO Observations Surrounding 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

    This article provides supplemental information for a Letter reporting the rate of (BBH) coalescences inferred from 16 days of coincident Advanced LIGO observations surrounding the transient (GW) signal GW150914. In that work wereported various rate estimates whose 90% confidence intervals fell in the range 2600 Gpc(exp -3) yr(exp -1). Here we givedetails on our method and computations, including information about our search pipelines, a derivation of ourlikelihood function for the analysis, a description of the astrophysical search trigger distribution expected frommerging BBHs, details on our computational methods, a description of the effects and our model for calibrationuncertainty, and an analytic method for estimating our detector sensitivity, which is calibrated to our measurements.

  14. 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.

  15. 76 FR 48159 - Integrated System Power Rates

    Science.gov (United States)

    2011-08-08

    ... DEPARTMENT OF ENERGY Southwestern Power Administration Integrated System Power Rates AGENCY... American Electric Reliability Corporation and to cover increased investments and replacements in..., prepared a Current Power Repayment Study using existing system rates. The Study indicates that Southwestern...

  16. Mergers, networking, and vertical integration: managed care and investor-owned hospitals.

    Science.gov (United States)

    Brown, M

    1996-01-01

    This article links the forces of managed care and investor-owned firms as major factors driving the industry toward consolidation into vertically integrated, merged firms, often financed with investor capital. This relentless pressure to build regional systems of health services has transformed the industry from a charitable, community orientation to one of business, market shares, and profits.

  17. 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....

  18. 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

  19. 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.

  20. 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.)

  1. 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)

  2. THE DIRT ON DRY MERGERS

    International Nuclear Information System (INIS)

    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.

  3. 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.)

  4. Experiences in integrated leak rate measurements

    International Nuclear Information System (INIS)

    Shirk, R.E.

    1982-01-01

    During a hypothetical design basis accident for nuclear power plants, the reactor containment system is relied upon to maintain radioactive exposure limits below acceptable limits. Integrated leak rate testing is a means of verifying that the leakage of radioactivity material from the reactor containment will be below allowable limits. Leakage rate computations are based on the ideal gas law. The absolute method of leakage rate testing utilizing mass point method of data analysis is recommended. Integrated leak rate testing data is obtained from pressure, drybulb temperature, dewpoint temperature, and flow measuring systems. Test data does not support the usual leakage (flow) - pressure square root relationship. The major source of potential leakage from the reactor containment is reactor containment isolation valves

  5. Integral leakage rate tests of containments

    International Nuclear Information System (INIS)

    Engel, M.; Siefart, E.; Walter, R.

    1978-01-01

    A method is presented for the integral leakage rate tests of containments. This method, used in conjunction with statistical methods, provides reliable information on the tightness of the containment. This method forms the basis of DIN 25436/KTA 3405. (orig.) [de

  6. Reaction Order Ambiguity in Integrated Rate Plots

    Science.gov (United States)

    Lee, Joe

    2008-01-01

    Integrated rate plots are frequently used in reaction kinetics to determine orders of reactions. It is often emphasised, when using this methodology in practice, that it is necessary to monitor the reaction to a substantial fraction of completion for these plots to yield unambiguous orders. The present article gives a theoretical and statistical…

  7. From institutional merger integration to institutional strategic transformation: A case study of the strategic management paradigm at Shanghai Library

    Institute of Scientific and Technical Information of China (English)

    CHEN Chao

    2010-01-01

    This article attempts to apply the strategic management theory to the subsequent shaping up of a readjusted strategic development policy for Shanghai Library after its merger with the Institute of Scientific and Technological Information of Shanghai (ISTIS) in 1995.It also tries to analyze and explicate such an empirical implementation of institutional reintegration process through strategic management at Shanghai Metropolitan Library.By doing so,it aims to present an objective case study of activities based on the strategic management paradigm at a major Chinese metropolitan public library.

  8. From institutional merger integration to institutional strategic transformation:A case study of the strategic management paradigm at Shanghai Library

    Institute of Scientific and Technical Information of China (English)

    CHEN; Chao

    2010-01-01

    This article attempts to apply the strategic management theory to the subsequent shaping up of a readjusted strategic development policy for Shanghai Library after its merger with the Institute of Scientific and Technological Information of Shanghai(ISTIS)in 1995.It also tries to analyze and explicate such an empirical implementation of institutional reintegration process through strategic management at Shanghai Metropolitan Library.By doing so,it aims to present an objective case study of activities based on the strategic management paradigm at a major Chinese metropolitan public library.

  9. 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.

  10. 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.

  11. FFTF integrated leak rate computer system

    International Nuclear Information System (INIS)

    Hubbard, J.A.

    1987-01-01

    The Fast Flux Test Facility (FFTF) is a liquid-metal-cooled test reactor located on the Hanford site. The FFTF is the only reactor of this type designed and operated to meet the licensing requirements of the Nuclear Regulatory Commission. Unique characteristics of the FFTF that present special challenges related to leak rate testing include thin wall containment vessel construction, cover gas systems that penetrate containment, and a low-pressure design basis accident. The successful completion of the third FFTF integrated leak rate test 5 days ahead of schedule and 10% under budget was a major achievement for the Westinghouse Hanford Company. The success of this operational safety test was due in large part to a special network (LAN) of three IBM PC/XT computers, which monitored the sensor data, calculated the containment vessel leak rate, and displayed test results. The equipment configuration allowed continuous monitoring of the progress of the test independent of the data acquisition and analysis functions, and it also provided overall improved system reliability by permitting immediate switching to backup computers in the event of equipment failure

  12. 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.

  13. 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...

  14. 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.

  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. 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

  17. 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.

  18. Acquisition and Merger Process Through the Eyes of Employees : A Case Study on How Change Management and Integration Process Affected the Employees of Company X

    OpenAIRE

    Maidell, Terhi

    2015-01-01

    This study is a case study about acquisition and merger process, which took place in February 2014, when Company X(name changed) bought three magazines and 42 employees were transferred from Company Y (name changed). The topic covers such issues as; change management during acquisition and merger from the employees’ point of view, how employees react to change and how they experience the change management process. The aim of the study is to understand the employee side of the story during cha...

  19. 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

  20. 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).

  1. 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...

  2. UPPER LIMITS ON THE RATES OF BINARY NEUTRON STAR AND NEUTRON STAR-BLACK HOLE MERGERS FROM ADVANCED LIGO'S FIRST OBSERVING RUN

    NARCIS (Netherlands)

    Abbott, B. P.; Abbott, R.; Abbott, T. D.; Abernathy, M. R.; Acernese, E.; 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, E.; 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.; Bejger, M.; Bell, A. S.; Berger, B. K.; 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.; Boer, M.; Bogaert, J.G.; Bogan, C.; Bohe, A.; 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.; Broida, J. E.; Brooks, A. F.; Brown, A.D.; Brown, D.; Brown, N. M.; 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.; Calderon Bustillo, J.; Callister, T. A.; Calloni, E.; Camp, J. B.; Cannon, K. C.; Cao, J.; Capano, C. D.; Capocasa, E.; Carbognani, F.; Caride, S.; Casanueva Diaz, J.; Casentini, C.; Caudill, S.; Cavaglia, M.; Cavalier, F.; Cavalieri, R.; Cella, G.; Cepeda, C. B.; Cerboni Baiardi, L.; Cerretani, G.; Cesarini, E.; Chamberlin, S. J.; Chan, M.; Chao, D. S.; Chen, Y; Chassande-Mottin, E.; Cheeseboro, B. D.; 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, E.; Clark, J. A.; Cleva, E.; Coccia, E.; Cohadon, P. -E; 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.; Dasgupta, A.; Da Silva Costa, C. F.; Dattilo, V.; Dave, I.; Davier, M.; Davies, G. S.; Daw, E. J.; Day, R.; De, S.; Debra, D.; Debreczeni, G.; Degallaix, J.; De laurentis, M.; Deleglise, S.; Del Pozzo, W.; Denker, T.; Dent, T.; Dergachev, V.A.; Rosa, R.; DeRosa, R. T.; DeSalvo, R.; Devine, R. C.; Dhurandhar, S.; Diaz, M. C.; Di Fiore, L.; Giovanni, M.G.; Di Girolamo, T.; Di Lieto, A.; Di Pace, S.; Di Palma, I.; Di Virgilio, A.; Dolique, V.; Donovan, F.; Dooley, K. L.; Doravari, S.; Douglas, R.; Downes, T. P.; Drago, M.; Drever, R. W. P.; Driggers, J. C.; 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.; Fenyvesi, E.; Ferrante, I.; Ferreira, E. C.; Ferrini, F.; Fidecaro, F.; Fiori, I.; Fiorucci, D.; Fisher, R. P.; Flaminio, R.; Fletcher, M; Fournier, J. -D.; Frasca, S.; Frasconi, F.; Frei, Z.; Freise, A.; Frey, R.; Frey, V.; Fritschel, P.; Frolov, V. V.; Fulda, P.; Fyffe, M.; Gabbard, H. A. G.; Gair, J. R.; Gammaitoni, L.; Gaonkar, S. G.; Garunfi, E.; Gaur, G.; Gehrels, N.; Gemme, G.; Geng, P.; Genin, E.; Gennai, A.; George, J.; Gergely, L.; Germain, V.; Ghosh, Abhirup; Ghosh, Archisman; Ghosh, S.; Giaime, J. A.; Giardina, K. D.; Giazotto, A.; Gill, K.P.; Glaefke, A.; Goetz, E.; Goetz, R.; Gondan, L.; Gonzalez, R.G.; Gonzalez Castro, J. M.; Gopakumar, A.; Gordon, N. A.; Gorodetsky, M. L.; Gossan, S. E.; Lee-Gosselin, M.; Gouaty, R.; Grado, A.; 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.; Henry, J.A.; Heptonstall, A. W.; Heurs, M.; Hild, S.; Hoak, D.; Hofman, D.; Holt, K.; Holz, D. E.; Hopkins, P.; 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.; Indik, N.; Ingram, D. R.; Inta, R.; Isa, H. N.; Isac, J. -M.; Isi, M.; Isogai, T.; Iyer, B. R.; Izumi, K.; Jacqmin, T.; Jang, D.H.; Jani, K.; Jaranowski, P.; Jawahar, S.; Jian, L.; Jimenez-Forteza, E.; 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.; Kapadia, S. J.; Karki, S.; Karvinen, K. S.; Kasprzack, M.; Katsavounidis, E.; Katzman, W.; Kaufer, S.; Kaur, T.; Kawabe, K.; Kefelian, F.; Kehl, M. S.; Keitel, D.; Kelley, D. B.; Kells, W.; Kennedy, R.E.; Key, J. S.; Khalili, F. Y.; Khan, I.; Khan., S.; Khan, Z.; Khazanov, E. A.; Kusunchoo, N.; Kim, Chi-Woong; Kim, Chunglee; Kim, J.; Kim, K.; Kim, Namjun; Kim, W.; Kim, Y.M.; Kimbrell, S. J.; King, E. J.; King, P. J.; Kissel, J. S.; Klein, B.; Kleybolte, L.; Klimenko, S.; Koehlenbeck, S. M.; 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.; Kumar, R.; Kuo, L.; Kutynia, A.; Lackey, B. D.; Landry, M.; Lange, J.; Lantz, B.; Lasky, P. D.; Laxen, M.; Lazzarini, A.; Lazzar, 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.; Lewis, J. B.; Li, T. G. F.; Libson, A.; Littenberg, T. B.; Lockerbie, N. A.; Lombardi, A. L.; London, L. T.; Lord, J. E.; Lorenzini, M.; Loriette, V.; Lormand, M.; Losurdo, G.; Lough, J. D.; Luck, H.; Lundgren, A. P.; Lynch, R.; Ma, Y.; Machenschalk, B.; MacInnis, M.; Macleod, D. M.; Magana-Sandoval, F.; Zertuche, L. Magana; Magee, R. M.; Majorana, E.; Maksimovic, I.; Malvezzi, V.; Man, N.; Mandic, V.; Mangano, V.; Mansell, G. L.; Manske, M.; Mantovani, M.; Marchesoni, E.; Marion, F.; Marka, S.; Marka, Z.; Markosyan, A. S.; Maros, E.; Martelli, E.; Martellini, L.; Martin, I. W.; Martynov, D. V.; Marx, J. N.; Mason, K.; Masserot, A.; Massinger, T. J.; Masso-Reid, M.; Mastrogiovanni, S.; Matichard, F.; Matone, L.; Mavalvala, N.; Mazumder, N.; McCarthy, R.; McClelland, D. E.; McCormick, S.; McGuire, S. C.; McIntyre, G.; McIver, J.; McManus, D. J.; McRae, T.; McWilliams, S. T.; Meacher, D.; Meadors, G. D.; Meidam, J.; Melatos, A.; Mendell, G.; Mercer, R. A.; Merilh, E. L.; Merzougui, M.; Meshkov, S.; Messenger, C.; Messick, C.; Metzdorff, R.; Meyers, P. M.; Mezzani, F.; Miao, H.; Michel, C.; Middleton, H.; Mikhailov, E. E.; Milano, L.; Miller, A. L.; Miller, A. L.; Miller, B.; 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, 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.; Nedkova, K.; Nelemans, G.; Nelson, T. J. N.; 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'Deill, 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.; 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, E.; Paoli, A.; Papa, M. A.; Paris, H. R.; Parker, W.S; Pascucci, D.; Pasqualetti, A.; Passahieti, R.; Passuello, D.; Patricelli, B.; Patrick, Z.; Pearlstone, B. L.; Pedraza, M.; Pedurand, R.; Pekowsky, L.; Pele, A.; Penn, S.; Perreca, A.; Perri, L. M.; Phelps, M.; Piccinni, O. J.; Pichot, M.; Piergiovanni, F.; Pierro, V.; Pillant, G.; Pinard, L.; Pinto, I. M.; Pitkin, M.; Poe, M.; Poggiani, R.; Popolizio, P.; Post, A.; Powell, J.; Prasad, J.; Predoi, V.; Prestegard, T.; Price, L. R.; Prijatelj, M.; Principe, M.; Privitera, S.; Prix, R.; Prodi, G. A.; Proxhorov, L.; Puncken, O.; Punturo, M.; Puppo, P.; Purrer, M.; Qi, H.; Qin, J.; Qiu, S.; Quetschke, V.; Quintero, E. A.; Quitzow-James, R.; Raab, E. J.; Rabeling, D. S.; Radkins, H.; Raffai, P.; Raja, S.; Rajan, C.; 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.; Rizzo, D.M.; Robertson, N. A.; Robie, R.; Robinet, F.; Rocchi, A.; Rolland, L.; Rollins, J. G.; Roma, V. J.; Romano, R.; Romanov, G.; Romie, J. H.; Rosinska, D.; Rowan, S.; Rudiger, A.; Ruggi, P.; Ryan, K.A.; Sachdev, P.S.; Sadecki, T.; Sadeghian, L.; Sakellariadou, M.; 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. E. S.; Savage, R. L.; Sawadsky, A.; Schale, P.; Schilling, R.; Schmidt, J; Schmidt, P.; Schnabel, R.B.; Schofield, R. M. S.; Schonbecx, A.; Schreiber, K.E.C.; Schuette, D.; Schutz, B. F.; Scott, J.; Scott, M.S.; Sellers, D.; Sengupta, A. S.; Sentenac, D.; Sequino, V.; Sergeev, A.; Setyawati, Y.; Shaddock, D. A.; Shaffer, T. J.; Shahriar, M. S.; Shaltevi, M.; Shapiro, B.; Shawhan, P.; Sheperd, A.; Shoemaker, D. H.; Shoemaker, D. M.; Siellez, K.; Siemens, X.; Sieniawska, M.; Sigg, D.; Silva, António Dias da; 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.; 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.; Sunil, S.; 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.; Thrane, E.; Tiwari, S.; Tiwari, V.; Toxmakov, K. V.; Toland, K.; Tomlinson, C.; Tonelli, M.; Tornasi, Z.; Torres, C. V.; Torrie, C. I.; Toyra, D.; Travasso, F.; Traylor, G.; Trifiro, 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, M.G.; van den Brand, J. E. J.; Van Den Broeck, C.F.F.; Vander-Hyde, D. C.; van der Schaaf, L.; van Heuningen, 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, E.; 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.; Wen, L.M.; Wessels, P.; Westphal, T.; Wette, K.; Whelan, J. T.; 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.; Woehler, J.; Worden, J.; Wright, J.L.; Wu, D.S.; Wu, G.; Yablong, J.; Yam, W.; Yamamoto, H.; Yancey, C. C.; Yu, H.; Yvert, M.; Zadrozny, A.; Zangrando, L.; Zanolin, M.; Zendri, J. -P.; Zevin, M.; 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

    We report here the non-detection of gravitational waves from the merger of binary-neutron star systems and neutron star-black hole systems during the first observing run of the Advanced Laser Interferometer Gravitational-wave Observatory (LIGO). In particular, we searched for gravitational-wave

  3. 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.

  4. 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

  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. 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)

  8. 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...

  9. 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.

  10. 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)

  11. 78 FR 62616 - Integrated System Power Rates

    Science.gov (United States)

    2013-10-22

    .... James K. McDonald, Vice President for Corporate Operations/Chief Operating Office, Southwestern Power...) 595-6690, jim.mcdonald@swpa.gov . SUPPLEMENTARY INFORMATION: Rate Order No. SWPA-66, which has been... final approval by the Federal Energy Regulatory Commission. Available: In the marketing area of...

  12. 75 FR 1363 - Integrated System Power Rates

    Science.gov (United States)

    2010-01-11

    ... increased. Those customers taking transformation service will be affected by an increase in that rate... Regulation Purchased. With factors defined as follows: RPA = The Customer's specific monthly dollar amount of... formulas provided in Customers' contracts indicate an overrun on Hydro Peaking Power, and investigation...

  13. Integrated Monetary and Exchange Rate Frameworks

    NARCIS (Netherlands)

    L. Vinhas de Souza

    2002-01-01

    textabstractHere the author empirically estimates if the different monetary and exchange rate frameworks observed in the Accession Countries of Central and Eastern Europe and the Baltics do yield different outcomes in terms of level and variance of a set of nominal and real variables. The author

  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. 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

  16. 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.

  17. 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.…

  18. 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…

  19. 76 FR 50726 - Integrated System Power Rates: Correction

    Science.gov (United States)

    2011-08-16

    ... DEPARTMENT OF ENERGY Southwestern Power Administration Integrated System Power Rates: Correction AGENCY: Southwestern Power Administration, DOE. ACTION: Notice of public review and comment; Correction... date listed for the combined Public Information and Comment Forum (Forum) was erroneously listed in the...

  20. 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

  1. 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.

  2. 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...

  3. 47 CFR 64.1801 - Geographic rate averaging and rate integration.

    Science.gov (United States)

    2010-10-01

    ... 47 Telecommunication 3 2010-10-01 2010-10-01 false Geographic rate averaging and rate integration. 64.1801 Section 64.1801 Telecommunication FEDERAL COMMUNICATIONS COMMISSION (CONTINUED) COMMON CARRIER SERVICES (CONTINUED) MISCELLANEOUS RULES RELATING TO COMMON CARRIERS Geographic Rate Averaging and...

  4. 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.

  5. 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.

  6. Three-Axis Attitude Estimation Using Rate-Integrating Gyroscopes

    Science.gov (United States)

    Crassidis, John L.; Markley, F. Landis

    2016-01-01

    Traditionally, attitude estimation has been performed using a combination of external attitude sensors and internal three-axis gyroscopes. There are many studies of three-axis attitude estimation using gyros that read angular rates. Rate-integrating gyros measure integrated rates or angular displacements, but three-axis attitude estimation using these types of gyros has not been as fully investigated. This paper derives a Kalman filtering framework for attitude estimation using attitude sensors coupled with rate- integrating gyroscopes. In order to account for correlations introduced by using these gyros, the state vector must be augmented, compared with filters using traditional gyros that read angular rates. Two filters are derived in this paper. The first uses an augmented state-vector form that estimates attitude, gyro biases, and gyro angular displacements. The second ignores correlations, leading to a filter that estimates attitude and gyro biases only. Simulation comparisons are shown for both filters. The work presented in this paper focuses only on attitude estimation using rate-integrating gyros, but it can easily be extended to other applications such as inertial navigation, which estimates attitude and position.

  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. 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.

  9. 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)

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

    Science.gov (United States)

    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.

  11. Enabling an Integrated Rate-temporal Learning Scheme on Memristor

    Science.gov (United States)

    He, Wei; Huang, Kejie; Ning, Ning; Ramanathan, Kiruthika; Li, Guoqi; Jiang, Yu; Sze, Jiayin; Shi, Luping; Zhao, Rong; Pei, Jing

    2014-04-01

    Learning scheme is the key to the utilization of spike-based computation and the emulation of neural/synaptic behaviors toward realization of cognition. The biological observations reveal an integrated spike time- and spike rate-dependent plasticity as a function of presynaptic firing frequency. However, this integrated rate-temporal learning scheme has not been realized on any nano devices. In this paper, such scheme is successfully demonstrated on a memristor. Great robustness against the spiking rate fluctuation is achieved by waveform engineering with the aid of good analog properties exhibited by the iron oxide-based memristor. The spike-time-dependence plasticity (STDP) occurs at moderate presynaptic firing frequencies and spike-rate-dependence plasticity (SRDP) dominates other regions. This demonstration provides a novel approach in neural coding implementation, which facilitates the development of bio-inspired computing systems.

  12. 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...

  13. 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...

  14. 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.

  15. 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.

  16. On the Possibility of an Unsuccessful Merger : Implications from Stock Market and Retail Scanner Data

    OpenAIRE

    Adachi, Takanori

    2017-01-01

    Industrial economists and competition policymakers have traditionally assumed that a horizontal or vertical merger raises involved parties' joint profits, whereas whether consumers benefit or lose should be judged on a case-by-case basis. However, if a completed merger is not as successful as expected, its observed effects on the retail market may not necessarily be a result of the integrated firm's anti-competitive conduct. How can one assess whether a merger has achieved its initial objecti...

  17. Slew Rate Induced Distortion in Switched-Resistor Integrators

    NARCIS (Netherlands)

    Jiraseree-Amornkun, A.; Jiraseree-amornkun, A.; Worapishet, A.; Klumperink, Eric A.M.; Nauta, Bram; Surakampontorn, W.

    2006-01-01

    Abstract—OPAMP-RC integrators built with linear resistors and capacitors can achieve very high linearity. By means of a switched resistor, tuning of the RC time-constant is possible via the duty-cycle of the clock controlling the switched resistor. This paper analyzes the effect of OPAMP slew rate

  18. 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

  19. 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

  20. 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.

  1. Domestic merger policy in an international oligopoly: the Nordic market for electricity

    International Nuclear Information System (INIS)

    Soergard, Lars

    1997-01-01

    Many domestic markets are becoming integrated in international markets. Is this an argument for permitting mergers between domestic producers? It is shown that a merger with no cost-saving effects will always be detrimental to domestic welfare if the country is an importer of the good in question, and may increase welfare if the country is an exporter and the price-cost margin is sufficiently low initially. We specify a general condition for a merger to improve welfare, and apply the condition on the Nordic market for electricity. Numerical calculations suggest that in this particular market the Norwegian competition authority should ban domestic mergers with no cost savings. (Author)

  2. Mergers and acquisitions: Guidelines for consideration by state public utility commissions

    Energy Technology Data Exchange (ETDEWEB)

    Graniere, R.J.; Burns, R.E.

    1996-11-01

    This is the first of a series of reports on utility mergers and acquisitions published by NRRI; because it was completed Nov. 1996, it does not cover FERC Order 592 (policy statement on merger policy under Federal Power Act). Since cost-benefit analyses are expensive, state regulators need guidelines that efficiently streamline the review process for mergers and acquisitions. Purpose of this paper is to suggest such guidelines; they are applicable only to mergers and acquisitions of vertically integrated electric utilities or combination electric/gas utilities.

  3. 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...

  4. Salt Lake City Area Integrated Projects: Rate adjustment: Environmental assessment

    International Nuclear Information System (INIS)

    1990-08-01

    The Department of Energy (DOE) has determined that the proposed firm power rate increase for the Salt Lake City Area Integrated Projects (Integrated Projects) power would not constitute a major Federal action significantly affecting the quality of the human environment within the meaning of the National Environmental Policy Act of 1969 (NEPA, 42 USC 4321, et seq.) and, as such, does not require the preparation of an environmental impact statement (EIS). This determination is based on an environmental assessment (EA) prepared by the Western Area Power Administration (Western) dated August 1990 (DOE/EA-0457). The EA identifies and evaluates the potential environmental and socioeconomic effects of the proposed action, and based on the analysis contained therein, DOE concludes that the impacts to the human environment resulting from the implementation of the rate increase would be insignificant

  5. 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.

  6. The linkages between cultural differences, psychological states, and performance in international mergers and acquisitions

    NARCIS (Netherlands)

    Weber, Yaakov; Drori, Israel

    2008-01-01

    A model focusing on the role of the individual in national and corporate culture clash situations, during post-merger integration, is presented. The theory of psychological contract is adapted to explain different individual expectations in domestic versus international mergers and acquisitions

  7. 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...

  8. 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...

  9. 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

  10. 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

  11. Integrated leak rate test results of JOYO reactor containment vessel

    International Nuclear Information System (INIS)

    Tamura, M.; Endo, J.

    1982-02-01

    Integrated leak rate tests of JOYO after the reactor coolant system had been filled with sodium have been performed two times since 1978 (February 1978 and December 1979). The tests were conducted with the in-containment sodium systems, primary argon cover gas system and air conditioning systems operating. Both the absolute pressure method and the reference chamber method were employed during the test. The results of both tests confirmed the functioning of the containment vessel, and leak rate limits were satisfied. In Addition, the adequancy of the test instrumentation system and the test method was demonstrated. Finally the plant conditions required to maintain reasonable accuracy for the leak rate testing of LMFBR were established. In this paper, the test conditions and the test results are described. (author)

  12. The Dynamics and Cold Gas Content of Luminous Infrared Galaxy Mergers in the Local Universe

    Science.gov (United States)

    Privon, G. C.

    2014-08-01

    place the observations in context. Applications of this dynamical merger stage to the study of star formation rates and indicators of AGN activity are presented. Finally, newly obtained measurements of the galaxy-integrated 1-0 rotational transitions of hydrogen cyanide (HCN) and formylium (HCO^+) in a sample of U/LIRGs are used to investigate the ratio of HCN (1-0) to HCO (1-0) and its dependence on mid-infrared indicators of AGN strength. In contrast to previous claims, it is demonstrated that high values of this ratio are not uniquely linked to the presence of an AGN, but can be achieved in systems dominated by star formation. This suggests the excitation of these high critical density molecular gas tracers is determined by the complex interplay of radiation field, gas density, and gas column.

  13. 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.

  14. 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.

  15. Combined approach to reduced duration integrated leakage rate testing

    International Nuclear Information System (INIS)

    Galanti, P.J.

    1987-01-01

    Even though primary reactor containment allowable leakage rates are expressed in weight percent per day of contained air, engineers have been attempting to define acceptable methods to test in < 24 h as long as these tests have been performed. The reasons to reduce testing duration are obvious, because time not generating electricity is time not generating revenue for the utilities. The latest proposed revision to 10CFR50 Appendix J, concerning integrated leakage rate testing (ILRTs), was supplemented with a draft regulatory guide proposing yet another method. This paper proposes a method that includes elements of currently accepted concepts for short duration testing with a standard statistical check for criteria acceptance. Following presentation of the method, several cases are presented showing the results of these combined criteria

  16. 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

  17. 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.

  18. SUPPLEMENT: "THE RATE OF BINARY BLACK HOLE MERGERS INFERRED FROM ADVANCED LIGO OBSERVATIONS SURROUNDING GW150914" (2016, ApJL, 833, L1)

    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.; 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.; Calderon Bustillo, J.; 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.; De, S.; Debra, D.; Debreczeni, G.; Degallaix, J.; De laurentis, M.; Deleglise, S.; Del Pozzo, W.; Denker, T.; Dent, T.; Dereli, H.; Dergachev, V.A.; Rosa, R.; 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; Fong, H.; 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, R.G.; Castro, J. M. Gonzalez; Gopakumar, A.; Gordon, 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.; Magana-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.; Porter, E. K.; Post, A.; Powell, J.; Prasad, J.; Predoi, V.; Premachandra, S. S.; Prestegard, T.; Price, L. R.; Prijatelj, M.; Principe, M.; Privitera, S.; 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, 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.; Sampson, L. M.; 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.; Sengupta, A. S.; 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.; Trifiro, 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.; Vallisneri, M.; van Bakel, N.; van Beuzekom, M.G.; 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.; Wesels, 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.

    2016-01-01

    This article provides supplemental information for a Letter reporting the rate of (BBH) coalescences inferred from 16 days of coincident Advanced LIGO observations surrounding the transient (GW) signal GW150914. In that work we reported various rate estimates whose 90% confidence intervals fell in

  19. 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.

  20. 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.

  1. Differences between “exploration” and “exploitation” of cross-border mergers & acquisitions and its value creation effect

    OpenAIRE

    Yang Xingrui

    2016-01-01

    This paper adopts the case study method to respectively research the value creation in the exploration and exploitation type of China’s four cross-border mergers & acquisitions, and discusses the similarities and differences between the value creation in the utilization and exploration type of mergers & acquisitions, and finds that the former type of mergers and acquisitions is suitable for a medium or higher level of integration in the aspect of the organization structure, culture, human res...

  2. Exchange-rate policy in eastern Europe and EU integration

    Directory of Open Access Journals (Sweden)

    Jozef M. Van Brabant

    2001-09-01

    Full Text Available The paper examines potential conflicts between rapid EU integration of economies in transition (EiTs and their pursuing catch-up by focusing on exchange-rate policies. After justifying the proposed inquiry, official pronouncements on ER policies that EUcandidates are expected to pursue in the run-up to and upon their accession are summarized, and the salient features of recent debates on ER regimes recalled. Inasmuch as EiTs must modernize and reconcile this obligation with EU membership, in spite of the EU's cohesion experience, the paper combines real and nominal convergence issues with institutional changes upon EU accession to draw a novel perspective on the desirable postaccession transition regime for EiTs with a fairly active ER policy and the EU's cohesion strategy. Core components of such a strategy are advocated.

  3. Smart integrated containment leakage rate test system using wireless communication

    Energy Technology Data Exchange (ETDEWEB)

    Lee, Dong Hwan; Lee, Sang Yong; Kim, Jung Sun; Kim, Gun Soo; Kim, Jong Myeong; Ahn, Jong Han [Research and Development Center, Ulsan (Korea, Republic of)

    2012-10-15

    Integrated Leakage Rate Test (ILRT) is the important test the confidentiality and integrity of the containment building, which is the last barrier when Design basis accidents (DBA) of Nuclear Power plant occur. Since the result of this test is the basis to guarantee the safety of nuclear power plants, the test process, test procedure, and the test equipment are required to have high reliability. The test devices previously used have been products of VOLUMERTRICS and GRAFTEL of USA. These devices have been inconvenient to calibrate and use. Thus improved devices needed to be developed to remove the inconveniences, to verify the safety of Korean nuclear power plants with Korea's own technology, and to secure core technology. A new leak test system was developed by domestic technology for that purpose and needed to be verified. In this paper, technical details of the newly developed easy to use and highly reliable measuring test device, which is in operation at the nuclear power plant sites, will be introduced. State of art technology was applied to the device to address the shortcomings of previous US made devices and the difficulties to use on site.

  4. Advanced LIGO constraints on neutron star mergers and r-process sites

    International Nuclear Information System (INIS)

    Côté, Benoit; Belczynski, Krzysztof; Fryer, Chris L.; Ritter, Christian

    2017-01-01

    The role of compact binary mergers as the main production site of r-process elements is investigated by combining stellar abundances of Eu observed in the Milky Way, galactic chemical evolution (GCE) simulations, and binary population synthesis models, and gravitational wave measurements from Advanced LIGO. We compiled and reviewed seven recent GCE studies to extract the frequency of neutron star–neutron star (NS–NS) mergers that is needed in order to reproduce the observed [Eu/Fe] versus [Fe/H] relationship. We used our simple chemical evolution code to explore the impact of different analytical delay-time distribution functions for NS–NS mergers. We then combined our metallicity-dependent population synthesis models with our chemical evolution code to bring their predictions, for both NS–NS mergers and black hole–neutron star mergers, into a GCE context. Finally, we convolved our results with the cosmic star formation history to provide a direct comparison with current and upcoming Advanced LIGO measurements. When assuming that NS–NS mergers are the exclusive r-process sites, and that the ejected r-process mass per merger event is 0.01 M_⊙, the number of NS–NS mergers needed in GCE studies is about 10 times larger than what is predicted by standard population synthesis models. Here, these two distinct fields can only be consistent with each other when assuming optimistic rates, massive NS–NS merger ejecta, and low Fe yields for massive stars. For now, population synthesis models and GCE simulations are in agreement with the current upper limit (O1) established by Advanced LIGO during their first run of observations. Upcoming measurements will provide an important constraint on the actual local NS–NS merger rate, will provide valuable insights on the plausibility of the GCE requirement, and will help to define whether or not compact binary mergers can be the dominant source of r-process elements in the universe.

  5. SUPPLEMENT: “THE RATE OF BINARY BLACK HOLE MERGERS INFERRED FROM ADVANCED LIGO OBSERVATIONS SURROUNDING GW150914” (2016, ApJL, 833, L1)

    Energy Technology Data Exchange (ETDEWEB)

    Abbott, B. P.; Abbott, R.; Abernathy, M. R.; Adhikari, R. X. [LIGO, California Institute of Technology, Pasadena, CA 91125 (United States); Abbott, T. D. [Louisiana State University, Baton Rouge, LA 70803 (United States); Acernese, F.; Addesso, P. [Università di Salerno, Fisciano, I-84084 Salerno (Italy); Ackley, K. [University of Florida, Gainesville, FL 32611 (United States); Adams, C. [LIGO Livingston Observatory, Livingston, LA 70754 (United States); Adams, T. [Laboratoire d’Annecy-le-Vieux de Physique des Particules (LAPP), Université Savoie Mont Blanc, CNRS/IN2P3, F-74941 Annecy-le-Vieux (France); Adya, V. B.; Affeldt, C.; Allen, B. [Albert-Einstein-Institut, Max-Planck-Institut für Gravitationsphysik, D-30167 Hannover (Germany); Agathos, M.; Agatsuma, K. [Nikhef, Science Park, 1098 XG Amsterdam (Netherlands); Aggarwal, N. [LIGO, Massachusetts Institute of Technology, Cambridge, MA 02139 (United States); Aguiar, O. D. [Instituto Nacional de Pesquisas Espaciais, 12227-010 São José dos Campos, São Paulo (Brazil); Aiello, L. [INFN, Gran Sasso Science Institute, I-67100 L’Aquila (Italy); Ain, A. [Inter-University Centre for Astronomy and Astrophysics, Pune 411007 (India); Ajith, P. [International Centre for Theoretical Sciences, Tata Institute of Fundamental Research, Bangalore 560012 (India); Collaboration: LIGO Scientific Collaboration and Virgo Collaboration; and others

    2016-12-01

    This article provides supplemental information for a Letter reporting the rate of (BBH) coalescences inferred from 16 days of coincident Advanced LIGO observations surrounding the transient (GW) signal GW150914. In that work we reported various rate estimates whose 90% confidence intervals fell in the range 2–600 Gpc{sup −3} yr{sup −1}. Here we give details on our method and computations, including information about our search pipelines, a derivation of our likelihood function for the analysis, a description of the astrophysical search trigger distribution expected from merging BBHs, details on our computational methods, a description of the effects and our model for calibration uncertainty, and an analytic method for estimating our detector sensitivity, which is calibrated to our measurements.

  6. 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)

  7. 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).

  8. 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.

  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, 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...

  11. 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...

  12. 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)

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

    Science.gov (United States)

    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.

  14. 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 ...

  15. 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.

  16. 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...

  17. 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…

  18. 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

  19. 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.

  20. NEK containment integrated leak rate test at full pressure

    International Nuclear Information System (INIS)

    Skaler, F.; Planinc, V.; Gregoric, D.; Cicvaric, D.

    1999-01-01

    NPP Krsko is a Pressure Water Reactor (PWR) Plant which has four barriers to prevent release of radioactive fission products. These four barriers are following: Fuel itself, Fuel Clad, Reactor Coolant System and Containment Building. Containment is the last barrier which can prevent release of fission product when other barriers have been already broken. To find out the real condition of containment vessel and to prove its ability of withstanding increased parameters during accident we have to perform Containment Integrated Leak Rate Test at least three times in every ten years of operation. CILRT 1999 in NPP Krsko was completely performed following regulation of 10CFR50 App. J Option A and ANSI/ANS 56.8-1987. The main goal of CILRT is to prove that the leakage of containment pathways and wall structures are within limits prescribed in Technical Specifications by pressurization of containment building above peak accident pressure Pa and measuring the mass changes of air using Ideal Gas Law.(author)

  1. Inner volume leakage during integrated leakage rate testing

    International Nuclear Information System (INIS)

    Glover, J.P.

    1987-01-01

    During an integrated leak rate test (ILRT), the containment structure is maintained at test pressure with most penetrations isolated. Since penetrations typically employ dual isolation, the possibility exists for the inner isolation to leak while the outer holds. In this case, the ILRT instrumentation system would indicate containment out-leakage when, in fact, only the inner volume between closures is being pressurized. The problem is compounded because this false leakage is not readily observable outside of containment by standard leak inspection techniques. The inner volume leakage eventually subsides after the affected volumes reach test pressure. Depending on the magnitude of leakage and the size of the volumes, equalization could occur prior to the end of the pretest stabilization period, or significant false leakages may persist throughout the entire test. Two simple analyses were performed to quantify the effects of inside volume leakages. First, a lower bound for the equalization time was found. A second analysis was performed to find an approximate upper bound for the stabilization time. The results of both analyses are shown

  2. An integrated CMOS high data rate transceiver for video applications

    International Nuclear Information System (INIS)

    Liang Yaping; Sun Lingling; Che Dazhi; Liang Cheng

    2012-01-01

    This paper presents a 5 GHz CMOS radio frequency (RF) transceiver built with 0.18 μm RF-CMOS technology by using a proprietary protocol, which combines the new IEEE 802.11n features such as multiple-in multiple-out (MIMO) technology with other wireless technologies to provide high data rate robust real-time high definition television (HDTV) distribution within a home environment. The RF frequencies cover from 4.9 to 5.9 GHz: the industrial, scientific and medical (ISM) band. Each RF channel bandwidth is 20 MHz. The transceiver utilizes a direct up transmitter and low-IF receiver architecture. A dual-quadrature direct up conversion mixer is used that achieves better than 35 dB image rejection without any on chip calibration. The measurement shows a 6 dB typical receiver noise figure and a better than 33 dB transmitter error vector magnitude (EVM) at −3 dBm output power. (semiconductor integrated circuits)

  3. Large Scale System Safety Integration for Human Rated Space Vehicles

    Science.gov (United States)

    Massie, Michael J.

    2005-12-01

    Since the 1960s man has searched for ways to establish a human presence in space. Unfortunately, the development and operation of human spaceflight vehicles carry significant safety risks that are not always well understood. As a result, the countries with human space programs have felt the pain of loss of lives in the attempt to develop human space travel systems. Integrated System Safety is a process developed through years of experience (since before Apollo and Soyuz) as a way to assess risks involved in space travel and prevent such losses. The intent of Integrated System Safety is to take a look at an entire program and put together all the pieces in such a way that the risks can be identified, understood and dispositioned by program management. This process has many inherent challenges and they need to be explored, understood and addressed.In order to prepare truly integrated analysis safety professionals must gain a level of technical understanding of all of the project's pieces and how they interact. Next, they must find a way to present the analysis so the customer can understand the risks and make decisions about managing them. However, every organization in a large-scale project can have different ideas about what is or is not a hazard, what is or is not an appropriate hazard control, and what is or is not adequate hazard control verification. NASA provides some direction on these topics, but interpretations of those instructions can vary widely.Even more challenging is the fact that every individual/organization involved in a project has different levels of risk tolerance. When the discrete hazard controls of the contracts and agreements cannot be met, additional risk must be accepted. However, when one has left the arena of compliance with the known rules, there can be no longer be specific ground rules on which to base a decision as to what is acceptable and what is not. The integrator must find common grounds between all parties to achieve

  4. 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...

  5. 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...

  6. 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.

  7. 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

  8. 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.

  9. 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.

  10. 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...

  11. Exploring the Impact of Mergers and Acquisitions on Supply Chain Relationships

    DEFF Research Database (Denmark)

    Chakkol, Mehmet; Finne, Max; Raja, Jawwad

    Whilst there is a surge of mergers and acquisitions across different industries, little is known about their supply chain implications. This research investigates how supply chains can be reconfigured during post-merger period. In so doing, a recent M&A was investigated using a supply chain...... perspective. The research contributes to the literature by developing an empirically grounded, theory-based narrative of post-merger supply chain integration process. In particular, the paper demonstrates how the supply chain as a whole drew on structural, cognitive and relational elements of social capital...

  12. 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

  13. 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.

  14. 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.

  15. 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

  16. 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.

  17. Entropy in Postmerger and Acquisition Integration from an Information Technology Perspective

    Science.gov (United States)

    Williams, Gloria S.

    2012-01-01

    Mergers and acquisitions have historically experienced failure rates from 50% to more than 80%. Successful integration of information technology (IT) systems can be the difference between postmerger success or failure. The purpose of this phenomenological study was to explore the entropy phenomenon during postmerger IT integration. To that end, a…

  18. Impact of hospital mergers on staff job satisfaction: a quantitative study.

    Science.gov (United States)

    Lim, Ka Keat

    2014-12-12

    Hospital mergers began in the UK in the late 1990s to deal with underperformance. Despite their prevalence, there is a lack of research on how such organizational changes affect the staff morale. This study aims to assess the impact of NHS hospital mergers between financial years 2009/10 and 2011/12 on staff job satisfaction and to identify factors contributing to satisfaction. Data on staff job satisfaction were obtained from the annual NHS Staff Survey. A list of mergers was compiled using data provided by the Cooperation and Competition Panel and the Department of Health. Other sources of data included the NHS Hospital Estates and Facilities Statistics, the NHS 'Quarter' publication, official reports from health service regulators, individual hospitals' annual accounts, data from the NHS Information Centre and the NHS Recurrent Revenue Allocations Exposition Book. Only full mergers of acute and mental health hospitals were analyzed. Propensity scores were generated using observable factors likely to affect merger decision to select three comparable hospitals for every constituent hospital in a merger to act as a control group. A difference-in-difference was estimated between baseline (3 years before merger approval) and each subsequent year up to 4 years post-merger, controlling for work environment, drivers of job satisfaction, data year, type of hospital and occupation group. There were nine mergers during the study period. Only job satisfaction scores 1 to 2 years before (0.03 to 0.04 point) and 1 year after merger approval (0.06 point) were higher (P job clarity ratings would increase job satisfaction scores. Higher job satisfaction scores were also associated with being classified as medical, dental, management or administrative staff and working in a mental health trust. Hospital mergers have a small, transient positive impact on staff job satisfaction in the year immediately before and after merger approval. Continuous staff support and management of

  19. 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.

  20. Leadership in a post-merger context: the importance of people skills over politics

    OpenAIRE

    Heijltjes, M.G.; Velde ter, H.

    2005-01-01

    Drawing on the merger and CEO succession literature as well as on findings from research on organizational change, this study examines what leadership issues drive success in a post-merger context. Our data from 45 recently merged units within a cooperative bank in Europe indicate that the people skills of the newly appointed top manager matter most. Specifically, his/her integration ability followed by the ability to positively influence the internal working environment are significantly cor...

  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. 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.

  3. Rapid Mergers in a Mixed System of Black Holes and Neutron Stars

    Science.gov (United States)

    Tagawa, Hiromichi; Umemura, Masayuki

    Recently, it has been argued that r-process elements in galaxies primarily originate from the mergers of double neutron stars (NSs) and black hole (BH)-NS. However, there is a momentous problem that the merger timescale is estimated to be much longer than the production timescale of r-process elements inferred from metal poor stars in the Galactic halo. To solve this problem, we propose the rapid merger processes in gas-rich first-generation objects in a high redshift epoch. In such an era, it is expected that the dynamical friction by dense gas effectively promotes the merger of compact objects. To explore the possibility of mergers in a system composed of multiple NSs as well as BHs, we perform post Newtonian N-body simulations, incorporating the gas dynamical friction, the gas accretion, and the gravitational wave emission including the recoil kick. As a result, we find that NS-NS or NS-BH can merge within 10 Myr in first-generation objects. Furthermore, to satisfy the condition of the mass ejection of r-process elements, the gas accretion rate need to be lower than 0.1 Hoyle-Lyttleton accretion rate. These results imply that the mergers in early cosmic epochs may reconcile the conflict on the timescale of NS mergers.

  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. 77 FR 9226 - Physical Systems Integration, LLC; Supplemental Notice That Initial Market-Based Rate Filing...

    Science.gov (United States)

    2012-02-16

    ... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER12-1013-000] Physical Systems Integration, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes Request for... Physical Systems Integration, LLC's application for market-based rate authority, with an accompanying rate...

  6. Integrating User Reviews and Ratings for Enhanced Personalized Searching

    Science.gov (United States)

    Hu, Shuyue; Cai, Yi; Leung, Ho-fung; Huang, Dongping; Yang, Yang

    2017-01-01

    With the development of e-commerce, websites such as Amazon and eBay have become very popular. Users post reviews of products and rate the helpfulness of reviews on these websites. Reviews written by a user and reviews rated by a user reflect the user's interests and disinterest. Thus, they are very useful for user profiling. In this study, the…

  7. 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.

  8. 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...

  9. 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...

  10. 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.

  11. 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.

  12. 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

  13. 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...

  14. 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

  15. 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.

  16. Development of Wireless System for Containment Integrated Leakage Rate Test

    International Nuclear Information System (INIS)

    Lee, Kwang-Dae; Oh, Eung-Se; Yang, Seung-Ok

    2006-01-01

    The containment system leakage rate should be estimated periodically with reliable test equipment. In light-water reactor nuclear power plants, ANSI/ANS- 56.8 is a basis for determining leakage rates. Two types of data acquisition system, centralized type and networked type, has been used. In centralized type, all sensors are connected directly from sensors in the containment to the measuring equipment outside the building. The other hand, the networked type has several branch chains which connect one group of the network-sensors together. To test leakage rate, more than 20 temperature sensors and 6 humidity sensors, which are different for each plant, should be installed on a specific level in the containment. A wireless technology gives the benefits such as reducing installation efforts, making pretest easy, so it is widely used more and more in the plant monitoring. As the containment system has many kinds of complex barriers to the radio frequency, the radio power and frequency band for better transmission rate as well as the interference by the radio frequency should be considered. The overview of the wireless sensor system for the containment leakage rate test is described here and the test results on Yonggwang unit 4 PWR plant is presented

  17. 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.

  18. Integrated rate expression for the production of glucose equivalent ...

    Indian Academy of Sciences (India)

    WINTEC

    green plants is discussed. The C4 plants are chosen and in these plants, the rate of photosynthesis does not .... overall CO2 assimilation process and glucose pro-. Figure 1. ..... Thus these plants show an optimal growth of an enzyme activity ...

  19. Vertical vs. Horizontal Integration: Pre-emptive Merging.

    OpenAIRE

    Colangelo, Giuseppe

    1995-01-01

    Preemption plays a crucial role in arms merger decisions. The author studies whether and under which circumstances preemptive merging occurs in vertically related industries. He finds that vertical mergers often preempt horizontal mergers and are dominant outcomes. Preempting the threat of a detrimental horizontal integration may be the main reason for vertically integrating. Copyright 1995 by Blackwell Publishing Ltd.

  20. Managing Mergers--Governancing Institutional Integration

    Science.gov (United States)

    Frølich, Nicoline; Trondal, Jarle; Caspersen, Joakim; Reymert, Ingvild

    2016-01-01

    Despite striking similarities, the adoption and implementation of policy shifts regarding higher education governance vary considerably across the globe, suggesting a mixed picture of diversification and isomorphism both within and across national higher education systems. By unpacking one particular structural reform process, this paper focuses…

  1. 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.

  2. A model merger

    Energy Technology Data Exchange (ETDEWEB)

    Harrison, Lynda

    2012-01-15

    Theoretically, forests in Alberta could be sustainable forever but in fact they are designed to sustain themselves for about 200 years. This happens because of events that alter their progression. This paper presents a solution framework that uses a spatial planning system devised by Remsoft Inc., a software provider catering primarily to the forest industry. This system can help in making decisions on the best way to log beetle-infested stands for quicker growth and to regenerate trees so that they are available for future harvesting. Remsoft recently merged with 3esi Inc. and announced a strategic partnership for producing an integrated business planning tool to serve the oil and gas industry. From the study it appears that the combination of Remsoft's power optimization platform for the forest industry and 3esi's expertise and technology developed for the oil and gas industry can be expected to generate solutions that will help energy companies maximize asset value.

  3. Hydrodynamical simulations of the stream-core interaction in the slow merger of massive stars

    Science.gov (United States)

    Ivanova, N.; Podsiadlowski, Ph.; Spruit, H.

    2002-08-01

    We present detailed simulations of the interaction of a stream emanating from a mass-losing secondary with the core of a massive supergiant in the slow merger of two stars inside a common envelope. The dynamics of the stream can be divided into a ballistic phase, starting at the L1 point, and a hydrodynamical phase, where the stream interacts strongly with the core. Considering the merger of a 1- and 5-Msolar star with a 20-Msolar evolved supergiant, we present two-dimensional hydrodynamical simulations using the PROMETHEUS code to demonstrate how the penetration depth and post-impact conditions depend on the initial properties of the stream material (e.g. entropy, angular momentum, stream width) and the properties of the core (e.g. density structure and rotation rate). Using these results, we present a fitting formula for the entropy generated in the stream-core interaction and a recipe for the determination of the penetration depth based on a modified Bernoulli integral.

  4. Avoiding "culture rejection" in healthcare mergers and acquisitions: how New Heights Community Health Centres and York Community Services minimized the culture risk when forming Unison Health and Community Services.

    Science.gov (United States)

    Chan, Jeff

    2013-01-01

    Among the requirements for a successful merger or acquisition are strategic rationale, rigorous due diligence, the right price and revenue and cost synergies. However, bridging the culture gap between organizations is frequently overlooked. The leaders of New Heights Community Health Centres and York Community Services explicitly considered culture in their merger to form Unison Health and Community Services, and they used employee engagement surveys to assess culture in their merger planning and post-merger integration. How Unison Health leaders avoided the risk of culture rejection to achieve a successful merger, and the lessons learned from their experience, is the focus of this article.

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

    International Nuclear Information System (INIS)

    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)

  6. Repeating and non-repeating fast radio bursts from binary neutron star mergers

    Science.gov (United States)

    Yamasaki, Shotaro; Totani, Tomonori; Kiuchi, Kenta

    2018-04-01

    Most fast radio bursts (FRB) do not show evidence of repetition, and such non-repeating FRBs may be produced at the time of a merger of binary neutron stars (BNS), provided that the BNS merger rate is close to the high end of the currently possible range. However, the merger environment is polluted by dynamical ejecta, which may prohibit the radio signal from propagating. We examine this by using a general-relativistic simulation of a BNS merger, and show that the ejecta appears about 1 ms after the rotation speed of the merged star becomes the maximum. Therefore there is a time window in which an FRB signal can reach outside, and the short duration of non-repeating FRBs can be explained by screening after ejecta formation. A fraction of BNS mergers may leave a rapidly rotating and stable neutron star, and such objects may be the origin of repeating FRBs like FRB 121102. We show that a merger remnant would appear as a repeating FRB on a time scale of ˜1-10 yr, and expected properties are consistent with the observations of FRB 121102. We construct an FRB rate evolution model that includes these two populations of repeating and non-repeating FRBs from BNS mergers, and show that the detection rate of repeating FRBs relative to non-repeating ones rapidly increases with improving search sensitivity. This may explain why only the repeating FRB 121102 was discovered by the most sensitive FRB search with Arecibo. Several predictions are made, including the appearance of a repeating FRB 1-10 yr after a BNS merger that is localized by gravitational waves and subsequent electromagnetic radiation.

  7. Effects of coffee management on deforestation rates and forest integrity.

    Science.gov (United States)

    Hylander, Kristoffer; Nemomissa, Sileshi; Delrue, Josefien; Enkosa, Woldeyohannes

    2013-10-01

    Knowledge about how forest margins are utilized can be crucial for a general understanding of changes in forest cover, forest structure, and biodiversity across landscapes. We studied forest-agriculture transitions in southwestern Ethiopia and hypothesized that the presence of coffee (Coffea arabica)decreases deforestation rates because of coffee's importance to local economies and its widespread occurrence in forests and forest margins. Using satellite images and elevation data, we compared changes in forest cover over 37 years (1973-2010) across elevations in 2 forest-agriculture mosaic landscapes (1100 km(2) around Bonga and 3000 km(2) in Goma-Gera). In the field in the Bonga area, we determined coffee cover and forest structure in 40 forest margins that differed in time since deforestation. Both the absolute and relative deforestation rates were lower at coffee-growing elevations compared with at higher elevations (-10/20% vs. -40/50% comparing relative rates at 1800 m asl and 2300-2500 m asl, respectively). Within the coffee-growing elevation, the proportion of sites with high coffee cover (>20%) was significantly higher in stable margins (42% of sites that had been in the same location for the entire period) than in recently changed margins (0% of sites where expansion of annual crops had changed the margin). Disturbance level and forest structure did not differ between sites with 30% or 3% coffee. However, a growing body of literature on gradients of coffee management in Ethiopia reports coffee's negative effects on abundances of forest-specialist species. Even if the presence of coffee slows down the conversion of forest to annual-crop agriculture, there is a risk that an intensification of coffee management will still threaten forest biodiversity, including the genetic diversity of wild coffee. Conservation policy for Ethiopian forests thus needs to develop strategies that acknowledge that forests without coffee production may have higher deforestation

  8. Can galaxy growth be sustained through HI-rich minor mergers?

    Science.gov (United States)

    Lehnert, M. D.; van Driel, W.; Minchin, R.

    2016-05-01

    Local galaxies with specific star-formation rates (star-formation rate per unit mass; sSFR ~ 0.2-10 Gyr-1) that are as high as distant galaxies (z ≈ 1-3), are very rich in Hi. Those with low stellar masses, M⋆ = 108-9 M⊙, for example, have MHI/M⋆ ≈ 5-30. Using continuity arguments, whereby the specific merger rate is hypothesized to be proportional to the specific star-formation rate, along with Hi gas mass measurements for local galaxies with high sSFR, we estimate that moderate-mass galaxies, M⋆ = 109-10.5 M⊙, can acquire enough gas through minor mergers (stellar mass ratios ~4-100) to sustain their star formation rates at z ~ 2. The relative fraction of the gas accreted through minor mergers declines with increasing stellar mass, and for the most massive galaxies considered, M⋆ = 1010.5-11 M⊙, this accretion rate is insufficient to sustain their star formation. We checked our minor merger hypothesis at z = 0 using the same methodology, but now with relations for local normal galaxies, and find that minor mergers cannot account for their specific growth rates, in agreement with observations of Hi-rich satellites around nearby spirals. We discuss a number of attractive features, such as a natural downsizing effect, in using minor mergers with extended Hi disks to support star formation at high redshift. The answer to the question posed by the title, "Can galaxy growth be sustained through Hi-rich minor mergers?", is "maybe", but only for relatively low-mass galaxies and at high redshift.

  9. 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

  10. 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.

  11. 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.

  12. 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

  13. 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...

  14. 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...

  15. 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.

  16. The impact of hospital mergers on treatment intensity and health outcomes.

    Science.gov (United States)

    Hayford, Tamara B

    2012-06-01

    To analyze the impact of hospital mergers on treatment intensity and health outcomes. Hospital inpatient data from California for 1990 through 2006, encompassing 40 mergers. I used a geographic-based IV approach to determine the effect of a zip code's exposure to a merger. The merged facility's market share represents exposure, instrumented with combined premerge shares. Additional specifications include Herfindahl Index (HHI), instrumented with predicted change in HHI. The primary specification results indicate that merger completion is associated with a 3.7 percent increase in the utilization of bypass surgery and angioplasty and a 1.7 percent increase in inpatient mortality above averages in 2000 for the average zip code. Isolating the competition mechanism mutes the treatment intensity result slightly, but it more than doubles the merger exposure effect on inpatient mortality to a 3.9 percent increase. The competition mechanism is associated with a sizeable increase in number of procedures. Unlike previous studies, this analysis finds that hospital mergers are associated with increased treatment intensity and higher inpatient mortality rates among heart disease patients. Access to additional outcome measures such as 30-day mortality and readmission rates might shed additional light on whether the relationship between these outcomes is causal. © Health Research and Educational Trust.

  17. 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...

  18. 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...

  19. 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

  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. 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.

  2. 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.

  3. Organisational merger and psychiatric morbidity: a prospective study in a changing work organisation.

    Science.gov (United States)

    Väänänen, Ari; Ahola, Kirsi; Koskinen, Aki; Pahkin, Krista; Kouvonen, Anne

    2011-08-01

    Prospective studies on the relationship between organisational merger and mental health have been conducted using subjective health indicators. The objective of this prospective occupational cohort study was to examine whether a negative change during an organisational merger is an independent predictive factor of psychiatric morbidity. Survey data on organisational characteristics, health and other factors were collected prior to (1996) and after the merger (2000); register data on psychiatric morbidity were collected at baseline (1/1/1994-30/9/2000) and during the follow-up (1/10/2000-31/12/2005). Participants were 6511 (77% men) industrial employees aged 21-65 years with no register-based diagnosed psychiatric events prior to the follow-up (the Still Working Study). During the follow-up, 252 participants were admitted to the hospital due to psychiatric disorders, were prescribed a psychotropic drug or attempted or committed suicide. A negative self-reported change in the work organisation during the merger was associated with increased risk of postmerger psychiatric event (HR 1.60, 95% CI 1.19 to 2.14). This association was independent of mental health-related factors measured before the merger announcement, such as demographic characteristics, occupational status, personal orientation to life, self-rated health, self-reported psychiatric morbidity or chronic disease. A negative change in work organisation during an organisational merger may elevate the risk for postmerger psychiatric morbidity.

  4. Differences between “exploration” and “exploitation” of cross-border mergers & acquisitions and its value creation effect

    Directory of Open Access Journals (Sweden)

    Yang Xingrui

    2016-01-01

    Full Text Available This paper adopts the case study method to respectively research the value creation in the exploration and exploitation type of China’s four cross-border mergers & acquisitions, and discusses the similarities and differences between the value creation in the utilization and exploration type of mergers & acquisitions, and finds that the former type of mergers and acquisitions is suitable for a medium or higher level of integration in the aspect of the organization structure, culture, human resources and supply chain, so as to realize the value creation through the improvement of synergies and market forces; the latter type of mergers and acquisitions is suitable for higher level of integration in the aspect of the supply chain, research & development, brand and channel, so as to create value by broadening the marketing channel and enhancing innovation capability.

  5. 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...

  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. 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

  8. 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.

  9. Merger of Multiple Accreting Black Holes Concordant with Gravitational-wave Events

    Science.gov (United States)

    Tagawa, Hiromichi; Umemura, Masayuki

    2018-03-01

    Recently, the advanced Laser Interferometer Gravitational-Wave Observatory (aLIGO) has detected black hole (BH) merger events, most of which are sourced by BHs more massive than 30 M ⊙. Especially, the observation of GW170104 suggests dynamically assembled binaries favoring a distribution of misaligned spins. It has been argued that mergers of unassociated BHs can be engendered through a chance meeting in a multiple BH system under gas-rich environments. In this paper, we consider the merger of unassociated BHs, concordant with the massive BH merger events. To that end, we simulate a multiple BH system with a post-Newtonian N-body code incorporating gas accretion and general relativistic effects. As a result, we find that gas dynamical friction effectively promotes a three-body interaction of BHs in dense gas of n gas ≳ 106 cm‑3, so that BH mergers can take place within 30 Myr. This scenario predicts an isotropic distribution of spin tilts. In the concordant models with GW150914, the masses of seed BHs are required to be ≳25 M ⊙. The potential sites of such chance meeting BH mergers are active galactic nucleus (AGN) disks and dense interstellar clouds. Assuming the LIGO O1, we roughly estimate the event rates for PopI BHs and PopIII BHs in AGN disks to be ≃1–2 yr‑1 and ≃1 yr‑1, respectively. Multiple episodes of AGNs may enhance the rates by roughly an order of magnitude. For massive PopI BHs in dense interstellar clouds the rate is ≃0.02 yr‑1. Hence, high-density AGN disks are a more plausible site for mergers of chance meeting BHs.

  10. Fission and r-process nucleosynthesis in neutron star mergers

    International Nuclear Information System (INIS)

    Giuliani, Samuel Andrea

    2018-01-01

    rates are used in r-process calculations for matter dynamically ejected in neutron star mergers and we compare our results with those obtained from a more conventional set of reaction rates. We find that all the models predict the onset of fission above the shell closure N=184 and Z=100 due to the sudden decrease in fission barriers. However, the amount of material accumulated at N=184 turns out to be very sensitive to the height of the fission barriers and the shell gap. Finally, we have also explored the impact of recent advances in fission calculations on the theoretical estimation of spontaneous fission lifetimes. We find that performing dynamical approaches based on the minimization of the integral action with nontraditional collective degrees of freedom has a strong impact in the fission barriers and the spontaneous fission lifetimes. The possible consequences of this new approach for the calculation of neutron induced fission rates has to be addressed.

  11. 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.

  12. Up to 20 Gbit/s bit-rate transparent integrated interferometric wavelength converter

    DEFF Research Database (Denmark)

    Jørgensen, Carsten; Danielsen, Søren Lykke; Hansen, Peter Bukhave

    1996-01-01

    We present a compact and optimised multiquantum-well based, integrated all-active Michelson interferometer for 26 Gbit/s optical wavelength conversion. Bit-rate transparent operation is demonstrated with a conversion penalty well below 0.5 dB at bit-rates ranging from 622 Mbit/s to 20 Gbit/s....

  13. 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)

  14. 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.

  15. 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...

  16. 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...

  17. 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%

  18. 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.

  19. Social integration prospectively predicts changes in heart rate variability among individuals undergoing migration stress.

    Science.gov (United States)

    Gouin, Jean-Philippe; Zhou, Biru; Fitzpatrick, Stephanie

    2015-04-01

    Poor social integration increases risk for poor health. The psychobiological pathways underlying this effect are not well-understood. This study utilized a migration stress model to prospectively investigate the impact of social integration on change in high-frequency heart rate variability (HF-HRV), a marker of autonomic functioning. Sixty new international students were recruited shortly after their arrival in the host country and assessed 2 and 5 months later. At each assessment period, participants provided information on social integration and loneliness and had their resting HF-HRV evaluated. There was an overall decrease in HF-HRV over time. The magnitude of the within-person and between-person effects of social integration on HRV increased over time, such that greater social integration was associated with higher HF-HRV at later follow-ups. These results suggest that altered autonomic functioning might represent a key pathway linking social integration to health outcomes.

  20. 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.

  1. 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...

  2. The influence of data collection rate, containment size and data smoothing on containment Integrated Leak Rate Tests

    International Nuclear Information System (INIS)

    Wagner, W.T.; Langan, J.P.; Norris, W.E.; Lurie, D.

    1988-01-01

    Phase I of a U.S. Nuclear Regulatory Commission contract investigated nuclear power plant Integrated Leak Rate Tests (ILRTs) using data gathered at many domestic and foreign ILRTs. The study evaluated ILRTs with the ANS criteria (in ANSI/ANS-56.8-1987) and the proposed extended ANS criteria (in draft Regulatory Guide, Task MS 021-5, October 1986). The study considered (1) the effects of data collection rates on ILRT conclusions, (2) a possible relationship between containment size, data collection rate and ILRT duration, (3) the impact of the proposed extended ANS methodology on ILRTs, and (4) the influence of data smoothing on ILRT data. The study was performed using 20 sets of Type A and 17 sets of verification data

  3. THREATS AND BENEFITS OF EXCHANGE RATE REGIMES FOR UKRAINE IN TERMS OF EUROPEAN INTEGRATION

    OpenAIRE

    Svitlana Glushchenko; Svitlana Tkalenko

    2016-01-01

    The purpose of the paper is to determine threats and benefits of exchange rate regimes in terms of the integration of Ukraine into the European community. Emphasizing features of the manifestation of currency exchange rate in Ukrainian practice is a precondition for choosing the optimal exchange rate regime for Ukraine, which, in its turn, will provide an opportunity to reduce inflation and implement effective tools of monetary and fiscal policies to promote further economic growth and compet...

  4. 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

  5. Trade Liberalization, Mergers and Acquisitions, and Intra-Industry Reallocations

    DEFF Research Database (Denmark)

    Bache, Peter Arendorf

    This paper presents a Melitz-type model of international trade in final goods and Grossman-Hart-Antràs input sourcing by heterogeneous firms. We show how firms self-select into different organizational forms in a continuum of industries with different characteristics. Next, we show how a liberali...... a liberalization of trade leads to short run increases in the number of firm mergers and acquisitions and potentially new gains from trade. Finally, we show how the relative prevalence of integrating firms is increasing in some industries while constant in all others....

  6. MERGER AND ACQUISITION IN THE FINANCIAL SERVICES INDUSTRY

    Directory of Open Access Journals (Sweden)

    Éva PINTÉR

    2011-01-01

    Full Text Available The paper analyses the driving forces of the convergence in the financial sector, focused on banking and insurance companies, in terms of strategic cross-sector and cross-border mergers and acquisitions (M As. New tendencies such globalization, integration, disintermediation and deregulation give the basis for new dimensions in the financial services industry. Based on the data, the banking industry has experienced an enormous level of consolidation as M As. We find that the penetration process, so the entry into insurance services industry is mostly driven by banks. We analyse whether this risky strategic process is beneficial or necessary in the financial services industry.

  7. The transition from strategic technology alliances to mergers and acquisitions: an exploratory study

    NARCIS (Netherlands)

    Hagedoorn, J.; Sadowski, B.M.

    1999-01-01

    This paper studies a number of research topics derived from the basic question: do interfirm alliances change into mergers and acquisitions as companies that were previously co-operating become integrated? The analysis is limited to the group of strategic technology alliances, i.e. those interfirm

  8. Globalisation, Mergers and "Inadvertent Multi-Campus Universities": Reflections from Wales

    Science.gov (United States)

    Zeeman, Nadine; Benneworth, Paul

    2017-01-01

    Multi-site universities face the challenge of integrating campuses that may have different profiles and orientations arising from place-specific attachments. Multi-campus universities created via mergers seeking to ensure long-term financial sustainability, and increasing their attractiveness to students, create a tension in campuses' purposes. We…

  9. Cross-Border Mergers and Market Segmentation (Replaces TILEC DP 2010-035)

    NARCIS (Netherlands)

    Ray Chaudhuri, A.

    2011-01-01

    This paper shows that cross-border mergers are more likely to occur in industries which serve multiple segmented markets rather than a single integrated market, given that cost functions are strictly convex. The product price rises in the market where an acquisition is made but falls in the other,

  10. Cross-Border Mergers and Market Segmentation (Replaces CentER DP 2010-096)

    NARCIS (Netherlands)

    Ray Chaudhuri, A.

    2011-01-01

    This paper shows that cross-border mergers are more likely to occur in industries which serve multiple segmented markets rather than a single integrated market, given that cost functions are strictly convex. The product price rises in the market where an acquisition is made but falls in the other,

  11. 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…

  12. 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

  13. Is ASEAN Ready for Banking Integration? Evidence from Interest Rate Convergence

    Directory of Open Access Journals (Sweden)

    Fazelina Sahul Hamid

    2016-07-01

    Full Text Available Convergence in prices or returns of assets with similar characteristics indicates that the financial market is integrated with regional markets. This paper is the first that test of the movements of interest rates in ASEAN banking sector for the period 1990 - 2012. The empirical analysis is based on a yearly panel of commercial bank interest rate data from 5 ASEAN countries, namely, Indonesia, Malaysia, Philippines, Singapore and Thailand. We assessed the degree and speed of interest rate convergence using beta and sigma convergence method. The findings show that the difference and the dispersion in the interbank rates have reduced since the Asian financial crisis and this trend has become stronger after the Global financial crisis. The findings of this study confirm that interest rates in the ASEAN banking sector are converging. This provides evidence that the ASEAN banking sector is ready for financial integration.

  14. The spatial extent and distribution of star formation in 3D-HST mergers at z ˜ 1.5

    Science.gov (United States)

    Schmidt, Kasper B.; Rix, Hans-Walter; da Cunha, Elisabete; Brammer, Gabriel B.; Cox, Thomas J.; van Dokkum, Pieter; Förster Schreiber, Natascha M.; Franx, Marijn; Fumagalli, Mattia; Jonsson, Patrik; Lundgren, Britt; Maseda, Michael V.; Momcheva, Ivelina; Nelson, Erica J.; Skelton, Rosalind E.; van der Wel, Arjen; Whitaker, Katherine E.

    2013-06-01

    We present an analysis of the spatial distribution of star formation in a sample of 60 visually identified galaxy merger candidates at z > 1. Our sample, drawn from the 3D-HST survey, is flux limited and was selected to have high star formation rates based on fits of their broad-band, low spatial resolution spectral energy distributions. It includes plausible pre-merger (close pairs) and post-merger (single objects with tidal features) systems, with total stellar masses and star formation rates derived from multiwavelength photometry. Here we use near-infrared slitless spectra from 3D-HST which produce Hα or [O III] emission line maps as proxies for star formation maps. This provides a first comprehensive high-resolution, empirical picture of where star formation occurred in galaxy mergers at the epoch of peak cosmic star formation rate. We find that detectable star formation can occur in one or both galaxy centres, or in tidal tails. The most common case (58 per cent) is that star formation is largely concentrated in a single, compact region, coincident with the centre of (one of) the merger components. No correlations between star formation morphology and redshift, total stellar mass or star formation rate are found. A restricted set of hydrodynamical merger simulations between similarly massive and gas-rich objects implies that star formation should be detectable in both merger components, when the gas fractions of the individual components are the same. This suggests that z ˜ 1.5 mergers typically occur between galaxies whose gas fractions, masses and/or star formation rates are distinctly different from one another.

  15. 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

  16. 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.

  17. 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.

  18. The evaluation of the proposed merger between Goldfields gold plants Beatrix and Oryx / by N.R. Mugovhani

    OpenAIRE

    Mugovhani, Ntanganedzeni Rodrick

    2008-01-01

    This management report outlines the evaluation of the proposed merger between Gold Fields gold plants, Beatrix and Oryx at Virginia in the Free State province, South Africa. The proposed merger was as a result of the cost structure of the gold mining industry in South Africa which is escalating at an alarming rate. The main reason for the high cost structure has resulted from high demand of skilled and semi skilled labour coupled by external factors such as political, social, technological an...

  19. 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.

  20. Time-dependent integral transport equation kernels, leakage rates and collision rates for plane and spherical geometry

    International Nuclear Information System (INIS)

    Henderson, D.L.

    1987-01-01

    Time-dependent integral transport equation flux and current kernels for plane and spherical geometry are derived for homogeneous media. Using the multiple collision formalism, isotropic sources that are delta distributions in time are considered for four different problems. The plane geometry flux kernel is applied to a uniformly distributed source within an infinite medium and to a surface source in a semi-infinite medium. The spherical flux kernel is applied to a point source in an infinite medium and to a point source at the origin of a finite sphere. The time-dependent first-flight leakage rates corresponding to the existing steady state first-flight escape probabilities are computed by the Laplace transform technique assuming a delta distribution source in time. The case of a constant source emitting neutrons over a time interval, Δt, for a spatially uniform source is obtained for a slab and a sphere. Time-dependent first-flight leakage rates are also determined for the general two region spherical medium problem for isotropic sources with a delta distribution in time uniformly distributed throughout both the inner and outer regions. The time-dependent collision rates due to the uncollided neutrons are computed for a slab and a sphere using the time-dependent first-flight leakage rates and the time-dependent continuity equation. The case of a constant source emitting neutrons over a time interval, Δt, is also considered

  1. Real exchange-rates, co-integration and purchasing power parity - Irish experience in the EMS

    OpenAIRE

    Thom, R

    1989-01-01

    Dickey-Fuller and Co-Integration techniques are used to test the hypothesis that co-movements in Irish nominal exchange rates and relative prices are consistent with the implications of Purchasing Power Parity. The data reject PPP between Ireland and the US. Results from Irish/UK and Irish/German data are less decisive against the possibility that linear combinations of the nominal exchange rate and corresponding relative prices are stationary series.

  2. Integrated leak rate test of the FFTF [Fast Flux Test Facility] containment vessel

    International Nuclear Information System (INIS)

    Grygiel, M.L.; Davis, R.H.; Polzin, D.L.; Yule, W.D.

    1987-04-01

    The third integrated leak rate test (ILRT) performed at the Fast Flux Test Facility (FFTF) demonstrated that effective leak rate measurements could be obtained at a pressure of 2 psig. In addition, innovative data reduction methods demonstrated the ability to accurately account for diurnal variations in containment pressure and temperature. Further development of methods used in this test indicate significant savings in the time and effort required to perform an ILRT on Liquid Metal Reactor Systems with consequent reduction in test costs

  3. [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.

  4. 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 

  5. 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.

  6. What determines crime rates? An empirical test of integrated economic and sociological theories of criminal behavior

    NARCIS (Netherlands)

    Engelen, Peter Jan; Lander, Michel W.; van Essen, Marc

    Research on crime has by no means reached a definitive conclusion on which factors are related to crime rates. We contribute to the crime literature by providing an integrated empirical model of economic and sociological theories of criminal behavior and by using a very comprehensive set of

  7. Integration of aerial imaging and variable-rate technology for site-specific aerial herbicide application

    Science.gov (United States)

    As remote sensing and variable rate technology are becoming more available for aerial applicators, practical methodologies on effective integration of these technologies are needed for site-specific aerial applications of crop production and protection materials. The objectives of this study were to...

  8. A modified Gaussian integration method for thermal reaction rate calculation in U- and Pu-isotopes

    International Nuclear Information System (INIS)

    Bosevski, T.; Fredin, B.

    1966-01-01

    An advanced multi-group cell calculations a lot of data information is very often necessary, and hence the data administration will be elaborate, and the spectrum calculation will be time consuming. We think it is possible to reduce the necessary data information by using an effective reaction rate integration method well suited for U- and Pu-absorptions (author)

  9. A Widespread, Clumpy Starburst in the Isolated Ongoing Dwarf Galaxy Merger dm1647+21

    Energy Technology Data Exchange (ETDEWEB)

    Privon, G. C. [Instituto de Astrofśica, Facultad de Física, Pontificia Universidad Católica de Chile, Casilla 306, Santiago 22 (Chile); Stierwalt, S.; Johnson, K. E.; Kallivayalil, N.; Liss, S. [Department of Astronomy, University of Virginia, 530 McCormick Road, Charlottesville, VA 22904 (United States); Patton, D. R. [Department of Physics and Astronomy, Trent University, 1600 West Bank Drive, Peterborough, ON K9L 0G2 (Canada); Besla, G. [Department of Astronomy, University of Arizona, 933 North Cherry Avenue, Tucson, AZ 85721 (United States); Pearson, S.; Putman, M., E-mail: gprivon@astro.puc.cl [Department of Astronomy, Columbia University, 550 West 120th Street, New York, NY 10027 (United States); Collaboration: TiNy Titans

    2017-09-01

    Interactions between pairs of isolated dwarf galaxies provide a critical window into low-mass hierarchical, gas-dominated galaxy assembly and the build-up of stellar mass in low-metallicity systems. We present the first Very Large Telescope/Multi Unit Spectroscopic Explorer (VLT/MUSE) optical integral field unit (IFU) observations of the interacting dwarf pair dm1647+21 selected from the TiNy Titans survey. The H α emission is widespread and corresponds to a total unobscured star formation rate (SFR) of 0.44 M {sub ⊙} yr{sup −1}, which is 2.7 times higher than the SFR inferred from Sloan Digital Sky Survey (SDSS) data. The implied specific SFR (sSFR) for the system is elevated by more than an order of magnitude above non-interacting dwarfs in the same mass range. This increase is dominated by the lower-mass galaxy, which has a sSFR enhancement of >50. Examining the spatially resolved maps of classic optical line diagnostics, we find that the interstellar medium (ISM) excitation can be fully explained by star formation. The velocity field of the ionized gas is not consistent with simple rotation. Dynamical simulations indicate that the irregular velocity field and the stellar structure is consistent with the identification of this system as an ongoing interaction between two dwarf galaxies. The widespread, clumpy enhancements in the star formation in this system point to important differences in the effect of mergers on dwarf galaxies, compared to massive galaxies; rather than the funneling of gas to the nucleus and giving rise to a nuclear starburst, starbursts in low-mass galaxy mergers may be triggered by large-scale ISM compression, and thus may be more distributed.

  10. EFFECTS OF MERGERS AND ACQUISITIONS ON FINANCIAL PERFORMANCE OF THE TARGET COMPANY

    Directory of Open Access Journals (Sweden)

    ADRIANA DUŢESCU

    2013-05-01

    Full Text Available Many studies revealed the fact that mergers and acquisitions are a risky business. Disregarding the M&A advisers’ fees, evaluations show that most of the companies completing M&A transactions disappoint to deliver on promised financial performance. But, as many would say, it is an investment and the highest risks produce the highest results - whether they're good or bad. Within this paper, we were intending to analyse the rate of success of relevant M&A transactions that took place in 2007 in Romania, by comparing the financial statements of the target companies before and after the acquisition, in the current economic context. The main objective of this study is to generally determine the successfulness of the M&A transactions, starting from assessing changes induced by the M&A transaction to the target company, with the help of three important financial ratios: profit margin, ROE and receivable collection period. Even though the study may present some bias, we have tried to be as objective as possible and not influence its outcome: that 80% of 10 most important private Mergers and Acquisitions taking place in Romania in 2007 and that meet several conditions: o The target is part of the consumer goods and services market (mainly trade and tourism and is an important player in its industry o The target is a Romanian private company, and its shares are not listed on the stock exchange o The acquirer is majority shareholder after the transaction The target company remained as a sole entity and was not integrated into the mother company after the transaction were not successful.

  11. General-relativistic Large-eddy Simulations of Binary Neutron Star Mergers

    Energy Technology Data Exchange (ETDEWEB)

    Radice, David, E-mail: dradice@astro.princeton.edu [Institute for Advanced Study, 1 Einstein Drive, Princeton, NJ 08540 (United States)

    2017-03-20

    The flow inside remnants of binary neutron star (NS) mergers is expected to be turbulent, because of magnetohydrodynamics instability activated at scales too small to be resolved in simulations. To study the large-scale impact of these instabilities, we develop a new formalism, based on the large-eddy simulation technique, for the modeling of subgrid-scale turbulent transport in general relativity. We apply it, for the first time, to the simulation of the late-inspiral and merger of two NSs. We find that turbulence can significantly affect the structure and survival time of the merger remnant, as well as its gravitational-wave (GW) and neutrino emissions. The former will be relevant for GW observation of merging NSs. The latter will affect the composition of the outflow driven by the merger and might influence its nucleosynthetic yields. The accretion rate after black hole formation is also affected. Nevertheless, we find that, for the most likely values of the turbulence mixing efficiency, these effects are relatively small and the GW signal will be affected only weakly by the turbulence. Thus, our simulations provide a first validation of all existing post-merger GW models.

  12. Management practices and performance of mergers and acquisitions in Pakistan: mediating role of psychological contract.

    Science.gov (United States)

    Bari, Muhammad Waseem; Fanchen, Meng; Baloch, Muhammad Awais

    2016-01-01

    The objective of this study is to examine the direct and indirect effect of management practices (procedural justice, coordination approach, communication system, integration strategy, and coping programs) on merger and acquisition (M&A) performance in the Pakistan banking industry. Psychological contract (PC) acts as a mediator between Management practices and M&A performance. The Present study distributes a structured questionnaire to 700 bank employees of different management cadres. The useful response rate is 76 % (536 employees). It uses PLS-SEM technique for data analysis. (1) procedural justice is a key strategy which has highly significant direct and indirect effect on M&A performance; however integration strategy and the communication system have an only direct effect. (2) PC performs partial mediation at different levels between management practices and M&A financial and non-financial performance. This study provides an effective solution to solve the soft issues during and post-M&A process. This is one of the few studies which effectively integrate the five constructs into a single framework to study their effects on M&A performance. Limitations and future research directions are presented in the last section of the study.

  13. Neutron-Star Merger Detected By Many Eyes and Ears

    Science.gov (United States)

    Kohler, Susanna

    2017-10-01

    -Ray Burst Monitor detected a short ( 2-second) gamma-ray burst, GRB170817A, which appears to have occurred 1.7 seconds after the merger indicated by the gravitational-wave signal. This source was later identified by the International Gamma-Ray Astrophysics Laboratory (INTEGRAL) spacecraft as well.Locations of the many observatories that observed the neutron-star merger first detected on 17 August, 2017. [Abbott et al. 2017]Electromagnetic Counterpart and Host GalaxyThough they were initially foiled by the signals location (the localized region of GW170817 only became visible in Chile 10 hours after its detection), the One-Meter, Two-Hemisphere team used the Swope telescope at Las Campanas Observatory in Chile to discover an optical counterpart to the LIGO and Fermi detection, located in the early-type galaxy NGC 4993. Within an hour, five other teams had independently detected the optical source in NGC 4993, with more following after.In the subsequent hours, days, and weeks, observatories across the electromagnetic spectrum monitored the transient. The source soon faded from view in the ultraviolet and gradually reddened in the optical and infrared bands. Delayed X-ray emission was discovered 9 days after the LIGO signal, and a radio counterpart was discovered a week after that.No NeutrinosThough several neutrino observatories searched for high-energy neutrinos in the direction of NGC 4993 in the two-week period following the merger, none were detected.Summary and timeline of the observations of the neutron-star merger detected on 17 August, 2017 relative to the time tc of the gravitational-wave event. Click for a closer look. [Abbott et al. 2017]A Spectacular ConfirmationSo what do these observations tell us? Our model for neutron-star mergers appears to be remarkably successful! The associated detections of gravitational waves and electromagnetic counterparts have confirmed that merging neutron stars produce the expected gravitational-wave signal, that they are the source

  14. When Worlds Collide: Chandra Observes Titanic Merger

    Science.gov (United States)

    2002-04-01

    lobes will continue to expand into space or fall back into Arp 220 is unknown. The center of Arp 220 is of particular interest. Chandra observations allowed astronomers to pinpoint an X-ray source at the exact location of the nucleus of one of the pre-merger galaxies. Another fainter X-ray source nearby may coincide with the nucleus of the other galaxy remnant. The X-ray power output of these point-like sources is greater than expected for stellar black holes accreting from companion stars. The authors suggest that these sources could be due to supermassive black holes at the centers of the merging galaxies. These two remnant sources are relatively weak, and provide strong evidence to support the theory that the extraordinary luminosity of Arp 220 - about a hundred times that of our Milky Way galaxy - is due to the rapid rate of star formation and not to an active, supermassive black hole in the center. However, in a few hundred million years, this balance of power may change. The two massive black holes could merge to produce a central supermassive black hole. This new arrangement could cause much more gas to fall into the central black hole, creating a power source equal to or greater than that due to star formation. "The unusual concentration of X-ray sources in the very center of Arp 220 suggests that we could be observing the early stages of the creation of a supermassive black hole and the eventual rise to power of an active galactic nucleus," said Jonathan McDowell of the Harvard-Smithsonian Center for Astrophysics, Cambridge, MA, another member of the team studying Arp 220. Clements and McDowell were joined on this research by an international group of researchers from the United States, United Kingdom and Spain. Chandra observed Arp 220 on June 24, 2000, for approximately 56,000 seconds using the Advanced CCD Imaging Spectrometer (ACIS) instrument. ACIS was developed for NASA by Pennsylvania State University, University Park, PA, and the Massachusetts Institute

  15. 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...

  16. 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 ...

  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. Measuring neutron-star properties via gravitational waves from neutron-star mergers.

    Science.gov (United States)

    Bauswein, A; Janka, H-T

    2012-01-06

    We demonstrate by a large set of merger simulations for symmetric binary neutron stars (NSs) that there is a tight correlation between the frequency peak of the postmerger gravitational-wave (GW) emission and the physical properties of the nuclear equation of state (EoS), e.g., expressed by the radius of the maximum-mass Tolman-Oppenheimer-Volkhoff configuration. Therefore, a single measurement of the peak frequency of the postmerger GW signal will constrain the NS EoS significantly. For optimistic merger-rate estimates a corresponding detection with Advanced LIGO is expected to happen within an operation time of roughly a year.

  3. 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.

  4. 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.

  5. Global Trends of International Mergers and Acquisitions in the Energy Sector

    Directory of Open Access Journals (Sweden)

    Liubov Galperina

    2017-03-01

    global energy market (reform, restoration, competition. The tendencies of mergers and acquisitions in energy in the context of the energy markets transformation have been revealed, including, but not limited to: the increase in the number and value of transactions in renewable energy under any scenario of the global energy market development; the cyclical nature of the mergers and acquisitions development; synchronization of mergers and acquisitions cycles in energy and world market of mergers and acquisitions; increase in the number of transactions; involvement of innovative energy companies that implement energy-efficient production, intelligent technologies, and robotics in the consolidation processes; increase in the share of cross-border mergers and acquisitions; accelerated regional growth in the number and value of mergers and acquisitions transactions in the developed countries of Western Europe, North America (USA, Canada, Asia-Pacific (China, India, Australia; the high growth rates of international mergers and acquisitions among developing countries in the countries of Central and South America (Mexico, Brazil, as well as in some African countries where the renewable energy is being rapidly developing (Kenya, South Africa, Nigeria.

  6. Insulator photocurrents: Application to dose rate hardening of CMOS/SOI integrated circuits

    International Nuclear Information System (INIS)

    Dupont-Nivet, E.; Coiec, Y.M.; Flament, O.; Tinel, F.

    1998-01-01

    Irradiation of insulators with a pulse of high energy x-rays can induce photocurrents in the interconnections of integrated circuits. The authors present, here, a new method to measure and analyze this effect together with a simple model. They also demonstrate that these insulator photocurrents have to be taken into account to obtain high levels of dose-rate hardness with CMOS on SOI integrated circuits, especially flip-flops or memory blocks of ASICs. They show that it explains some of the upsets observed in a SRAM embedded in an ASIC

  7. The Study of an Integrated Rating System for Supplier Quality Performance in the Semiconductor Industry

    Science.gov (United States)

    Lee, Yu-Cheng; Yen, Tieh-Min; Tsai, Chih-Hung

    This study provides an integrated model of Supplier Quality Performance Assesment (SQPA) activity for the semiconductor industry through introducing the ISO 9001 management framework, Importance-Performance Analysis (IPA) Supplier Quality Performance Assesment and Taguchi`s Signal-to-Noise Ratio (S/N) techniques. This integrated model provides a SQPA methodology to create value for all members under mutual cooperation and trust in the supply chain. This method helps organizations build a complete SQPA framework, linking organizational objectives and SQPA activities to optimize rating techniques to promote supplier quality improvement. The techniques used in SQPA activities are easily understood. A case involving a design house is illustrated to show our model.

  8. Horizontal mergers in the United States health field: some practical realities.

    Science.gov (United States)

    Weil, T P

    2000-08-01

    During the past decade, 'merger mania' has been a striking trend in the US health field as a strategy to improve the integration of services, to reduce expenses, and to increase the ability of providers to manage risk-based payment. However, during the past quarter of a century limited operational and fiscal evidence has been published in both the health and general management literature that strongly supports the efficacy of horizontal mergers. This article further argues that a likely scenario over the next decade, in spite of disappointments among these mergers in effecting significant cost reductions, is for the US health networks to continue acquiring additional providers and insurers. After these alliances gain significant market penetration, they are expected to behave as oligopolists. For these mergers to eventually achieve their earlier projected savings, the health field's leadership will be forced to implement cost-cutting measures such as: more vigorously coordinating the network's key clinical services to reduce competition for revenues among the partners within an alliance, closing superfluous hospitals and centralizing expensive tertiary services, encouraging surplus physicians to relocate to under-served areas, and providing direction to carefully integrate the best elements of what the competitive and regulatory strategies are able to offer to improve access, social equity, quality of care, and to reduce total health expenditures.

  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. 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)

  11. 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)

  12. Very high frame rate volumetric integration of depth images on mobile devices.

    Science.gov (United States)

    Kähler, Olaf; Adrian Prisacariu, Victor; Yuheng Ren, Carl; Sun, Xin; Torr, Philip; Murray, David

    2015-11-01

    Volumetric methods provide efficient, flexible and simple ways of integrating multiple depth images into a full 3D model. They provide dense and photorealistic 3D reconstructions, and parallelised implementations on GPUs achieve real-time performance on modern graphics hardware. To run such methods on mobile devices, providing users with freedom of movement and instantaneous reconstruction feedback, remains challenging however. In this paper we present a range of modifications to existing volumetric integration methods based on voxel block hashing, considerably improving their performance and making them applicable to tablet computer applications. We present (i) optimisations for the basic data structure, and its allocation and integration; (ii) a highly optimised raycasting pipeline; and (iii) extensions to the camera tracker to incorporate IMU data. In total, our system thus achieves frame rates up 47 Hz on a Nvidia Shield Tablet and 910 Hz on a Nvidia GTX Titan XGPU, or even beyond 1.1 kHz without visualisation.

  13. The trials, tribulations, and relative success of the ongoing clinical merger of two large academic hospital systems.

    Science.gov (United States)

    Cohen, J R; Dowling, M; Gallagher, J S

    2001-07-01

    The North Shore Health System and the Long Island Jewish Medical Center merged in 1997 and now form the third largest not-for-profit academic health care system in the United States. The authors analyze the specific factors responsible for the relative success of the clinical merger, review their merger's initial failures and how they crafted a more pragmatic and appropriate set of guiding principles to continue the merger, and discuss the future of their institution's clinical integration strategy. In 2000, clinical integration of the 19 clinical departments at the two merged institutions was surveyed across five broad areas: conferences, residency programs, common faculty and support staff, finances, and research. Extents of clinical integration ranged from 20% to 72%. Six departments had more than 50% clinical integration, and overall clinical integration was 42%. Not surprisingly, clinical integration had occurred most frequently with conferences (50%) and least with finances (25%). The single-chairperson model for department leadership has been most successful in achieving significant clinical integration of the formerly separate departments. The relative success of the clinical merger has been guided by the principle that no clinical service should be integrated simply for the sake of merging, but rather that integration should be encouraged where and when it makes sense to achieve specific program goals. In addition, the merger would not have proceeded without constant communication among the leadership and staff, flexibility in building leadership models, patience in having events progress over a time course that developed trust among the senior leaders, and the presence of a senior executive structure whose authority to make decisions is accepted. The most important factor for achieving a reasonable level of clinical integration is the ability of the clinical leaders to collaborate and lead the change process.

  14. COSMOLOGICAL FAST RADIO BURSTS FROM BINARY WHITE DWARF MERGERS

    International Nuclear Information System (INIS)

    Kashiyama, Kazumi; Mészáros, Peter; Ioka, Kunihito

    2013-01-01

    Recently, Thornton et al. reported the detection of four fast radio bursts (FRBs). The dispersion measures indicate that the sources of these FRBs are at cosmological distance. Given the large full sky event rate ∼10 4 sky –1 day –1 , the FRBs are a promising target for multi-messenger astronomy. Here we propose double degenerate, binary white-dwarf (WD) mergers as the source of FRBs, which are produced by coherent emission from the polar region of a rapidly rotating, magnetized massive WD formed after the merger. The basic characteristics of the FRBs, such as the energetics, emission duration and event rate, can be consistently explained in this scenario. As a result, we predict that some FRBs can accompany type Ia supernovae (SNe Ia) or X-ray debris disks. Simultaneous detection could test our scenario and probe the progenitors of SNe Ia, and moreover would provide a novel constraint on the cosmological parameters. We strongly encourage future SN and X-ray surveys that follow up FRBs

  15. 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

  16. Nonlinearity and fractional integration in the US dollar/euro exchange rate

    Directory of Open Access Journals (Sweden)

    Kiran Burcu

    2012-01-01

    Full Text Available This paper examines the nonlinear behavior and the fractional integration property of the US dollar/euro exchange rate over the period from January 1999 to August 2010 by extending the procedure of Peter M. Robinson (1994 to the case of nonlinearity. First, using the approach developed by Mehmet Caner and Bruce E. Hansen (2001, we investigate the possible presence of nonlinearity in the series through the estimation of a two-regime threshold autoregressive model. After finding nonlinearity, we also allow for disturbances to be fractionally integrated based on the different versions of Robinson (1994 tests. The findings show that the US dollar/euro exchange rate follows a stationary process with a weak evidence for long memory.

  17. On the muon-nucleus integrals entering the neutrinoless μ- → e- conversion rates

    International Nuclear Information System (INIS)

    Kosmas, T S; Lagaris, I E

    2002-01-01

    The muon-nucleus integrals which determine the nuclear-structure dependence of the branching ratio R μe , i.e. the rate of the flavour-changing muon-electron conversion divided by the total rate of the ordinary muon capture, are extensively studied. Precise muon wavefunctions are employed which are obtained by solving the Schroedinger and Dirac equations. To this aim a method based on modern neural network techniques is developed which gives the radial muon wavefunctions as a linear combination of sigmoid functions

  18. Organising integration

    DEFF Research Database (Denmark)

    Axelsson, Runo

    2013-01-01

    Background: In Sweden, as in many other countries, there has been a succession of trends in the organisation of health care and other welfare services. These trends have had different implications for the integration of services in the health and welfare system. Aims: One aim is to discuss...... the implications of different organisational trends for the integration of health and welfare services. Another aim is to introduce a Swedish model of financial coordination as a flexible way to organise integration. Organisational trends: In the 1960’s there was an expansion of health and welfare services leading...... an increasing lack of integration in the health and welfare system. In the 2000’s, there has been a re-centralisation through mergers of hospitals, regions and state agencies. It has become clear, however, that mergers do not promote integration but rather increase the bureaucratisation of the system. Model...

  19. UNDERSTANDING BLACK HOLE MASS ASSEMBLY VIA ACCRETION AND MERGERS AT LATE TIMES IN COSMOLOGICAL SIMULATIONS

    International Nuclear Information System (INIS)

    Kulier, Andrea; Ostriker, Jeremiah P.; Lackner, Claire N.; Cen, Renyue; Natarajan, Priyamvada

    2015-01-01

    Accretion is thought to primarily contribute to the mass accumulation history of supermassive black holes (SMBHs) throughout cosmic time. While this may be true at high redshifts, at lower redshifts and for the most massive black holes (BHs) mergers themselves might add significantly to the mass budget. We explore this in two disparate environments—a massive cluster and a void region. We evolve SMBHs from 4 > z > 0 using merger trees derived from hydrodynamical cosmological simulations of these two regions, scaled to the observed value of the stellar mass fraction to account for overcooling. Mass gains from gas accretion proportional to bulge growth and BH-BH mergers are tracked, as are BHs that remain ''orbiting'' due to insufficient dynamical friction in a merger remnant, as well as those that are ejected due to gravitational recoil. We find that gas accretion remains the dominant source of mass accumulation in almost all SMBHs; mergers contribute 2.5% ± 0.1% for all SMBHs in the cluster and 1.0% ± 0.1% in the void since z = 4. However, mergers are significant for massive SMBHs. The fraction of mass accumulated from mergers for central BHs generally increases for larger values of the host bulge mass: in the void, the fraction is 2% at M *, bul = 10 10 M ☉ , increasing to 4% at M *, bul ≳ 10 11 M ☉ , and in the cluster it is 4% at M *, bul = 10 10 M ☉ and 23% at 10 12 M ☉ . We also find that the total mass in orbiting SMBHs is negligible in the void, but significant in the cluster, in which a potentially detectable 40% of SMBHs and ≈8% of the total SMBH mass (where the total includes central, orbiting, and ejected SMBHs) is found orbiting at z = 0. The existence of orbiting and ejected SMBHs requires modification of the Soltan argument. We estimate this correction to the integrated accreted mass density of SMBHs to be in the range 6%-21%, with a mean value of 11% ± 3%. Quantifying the growth due to mergers at these late times

  20. 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.

  1. 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.

  2. 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.

  3. 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.

  4. 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...

  5. 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

  6. 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

  7. 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.

  8. 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

  9. 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

  10. 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.

  11. 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.

  12. 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.

  13. 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

  14. 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

  15. 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.

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

    International Nuclear Information System (INIS)

    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.

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

    International Nuclear Information System (INIS)

    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).

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

    Energy Technology Data Exchange (ETDEWEB)

    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).

  19. Detectability of thermal neutrinos from binary neutron-star mergers and implications for neutrino physics

    Science.gov (United States)

    Kyutoku, Koutarou; Kashiyama, Kazumi

    2018-05-01

    We propose a long-term strategy for detecting thermal neutrinos from the remnant of binary neutron-star mergers with a future M-ton water-Cherenkov detector such as Hyper-Kamiokande. Monitoring ≳2500 mergers within ≲200 Mpc , we may be able to detect a single neutrino with a human time-scale operation of ≈80 Mtyears for the merger rate of 1 Mpc-3 Myr-1 , which is slightly lower than the median value derived by the LIGO-Virgo Collaboration with GW170817. Although the number of neutrino events is minimal, contamination from other sources of neutrinos can be reduced efficiently to ≈0.03 by analyzing only ≈1 s after each merger identified with gravitational-wave detectors if gadolinium is dissolved in the water. The contamination may be reduced further to ≈0.01 if we allow the increase of waiting time by a factor of ≈1.7 . The detection of even a single neutrino can pin down the energy scale of thermal neutrino emission from binary neutron-star mergers and could strongly support or disfavor formation of remnant massive neutron stars. Because the dispersion relation of gravitational waves is now securely constrained to that of massless particles with a corresponding limit on the graviton mass of ≲10-22 eV /c2 by binary black-hole mergers, the time delay of a neutrino from gravitational waves can be used to put an upper limit of ≲O (10 ) meV /c2 on the absolute neutrino mass in the lightest eigenstate. Large neutrino detectors will enhance the detectability, and, in particular, 5 Mt Deep-TITAND and 10 Mt MICA planned in the future will allow us to detect thermal neutrinos every ≈16 and 8 years, respectively, increasing the significance.

  20. THE INFLUENCE OF HOME COUNTRY MACROECONOMIC FACTORS ON INWARD CROSS-BORDER MERGERS AND ACQUISITIONS: THE CASE OF ROMANIA

    Directory of Open Access Journals (Sweden)

    Sehleanu Mariana

    2015-07-01

    Full Text Available Expanding abroad and entering on foreign markets is a natural step in the process of growth and development of firms. Cross-border mergers and acquisitions represent, currently, an important tool in the competitive struggle, which is increasingly intense due to the globalization of economies, and also the driving force behind the growth of Foreign Direct Investments (FDI flows globally. In Romania, the share of cross-border mergers and acquisitions inflows in the total FDI inflows increased progressively, reaching 46,6% in 2006, when the highest value of these transactions was registered (5.308 million dollars, according to UNCTAD. The aim of this empirical research is to study the correlation between the number of inward cross-border mergers acquisitions and a series of other variables, considered factors of influence, over the period 1992-2013. Using simple regression models, the study reveals that economic factors such as Gross domestic product (GDP, stock market capitalization (as a percentage of GDP, interest rate, exchange rate, M2 monetary aggregate and inflation have an important role in explaining cross-border mergers and acquisitions inflows. Between the number of inward cross-border mergers and acquisitions and GDP, M2 monetary aggregate, market capitalization, respectively the exchange rate, there is a direct and linear correlation and between the number of inward mergers and acquisitions and the interest rate, respectively the inflation, there is an inverse linear correlation. The research conducted reveals the important role played by macroeconomic factors with regard to the cross-border mergers and acquisitions inflows, as an entry mode of FDI in Romania.

  1. Numerical simulation of binary black hole and neutron star mergers

    Energy Technology Data Exchange (ETDEWEB)

    Kastaun, W.; Rezzolla, L. [Albert Einstein Institut, Potsdam-Golm (Germany)

    2016-11-01

    planning stage. It is natural to ask what could be learned from the expected observations. Particularly intriguing is the possible detection of sources at cosmological distances. The fact that observed frequencies will be reduced due to the expansion of the universe could be used to determine the distance, but only if the original frequency is known. As it turns out, numerical modeling of the source might provide this information. Independent distance measures are very valuable for cosmology, improving estimates of the past expansion rate of the universe and predictions of its future fate. Another goal of our project is to shed some light on the mystery of so called short gamma-ray bursts, intense and sudden bursts of gamma radiation that puzzled astronomers since decades. Previous simulations indicated that they are caused by neutron-star mergers. The exact emission mechanism is however unknown, and many features were completely unexplained, for example the X-ray afterglows which often accompany the main burst.

  2. Laccase-13 Regulates Seed Setting Rate by Affecting Hydrogen Peroxide Dynamics and Mitochondrial Integrity in Rice

    Directory of Open Access Journals (Sweden)

    Yang Yu

    2017-07-01

    Full Text Available Seed setting rate is one of the most important components of rice grain yield. To date, only several genes regulating setting rate have been identified in plant. In this study, we showed that laccase-13 (OsLAC13, a member of laccase family genes which are known for their roles in modulating phenylpropanoid pathway and secondary lignification in cell wall, exerts a regulatory function in rice seed setting rate. OsLAC13 expressed in anthers and promotes hydrogen peroxide production both in vitro and in the filaments and anther connectives. Knock-out of OsLAC13 showed significantly increased seed setting rate, while overexpression of this gene exhibited induced mitochondrial damage and suppressed sugar transportation in anthers, which in turn affected seed setting rate. OsLAC13 also induced H2O2 production and mitochondrial damage in the root tip cells which caused the lethal phenotype. We also showed that high abundant of OsmiR397, the suppressor of OsLAC13 mRNA, increased the seed setting rate of rice plants, and restrains H2O2 accumulation in roots during oxidative stress. Our results suggested a novel regulatory role of OsLAC13 gene in regulating seed setting rate by affecting H2O2 dynamics and mitochondrial integrity in rice.

  3. Integrating spatial and temporal oxygen data to improve the quantification of in situ petroleum biodegradation rates.

    Science.gov (United States)

    Davis, Gregory B; Laslett, Dean; Patterson, Bradley M; Johnston, Colin D

    2013-03-15

    Accurate estimation of biodegradation rates during remediation of petroleum impacted soil and groundwater is critical to avoid excessive costs and to ensure remedial effectiveness. Oxygen depth profiles or oxygen consumption over time are often used separately to estimate the magnitude and timeframe for biodegradation of petroleum hydrocarbons in soil and subsurface environments. Each method has limitations. Here we integrate spatial and temporal oxygen concentration data from a field experiment to develop better estimates and more reliably quantify biodegradation rates. During a nine-month bioremediation trial, 84 sets of respiration rate data (where aeration was halted and oxygen consumption was measured over time) were collected from in situ oxygen sensors at multiple locations and depths across a diesel non-aqueous phase liquid (NAPL) contaminated subsurface. Additionally, detailed vertical soil moisture (air-filled porosity) and NAPL content profiles were determined. The spatial and temporal oxygen concentration (respiration) data were modeled assuming one-dimensional diffusion of oxygen through the soil profile which was open to the atmosphere. Point and vertically averaged biodegradation rates were determined, and compared to modeled data from a previous field trial. Point estimates of biodegradation rates assuming no diffusion ranged up to 58 mg kg(-1) day(-1) while rates accounting for diffusion ranged up to 87 mg kg(-1) day(-1). Typically, accounting for diffusion increased point biodegradation rate estimates by 15-75% and vertically averaged rates by 60-80% depending on the averaging method adopted. Importantly, ignoring diffusion led to overestimation of biodegradation rates where the location of measurement was outside the zone of NAPL contamination. Over or underestimation of biodegradation rate estimates leads to cost implications for successful remediation of petroleum impacted sites. Crown Copyright © 2013. Published by Elsevier Ltd. All rights

  4. Integrated Strategic Planning of Global Production Networks and Financial Hedging under Uncertain Demands and Exchange Rates

    Directory of Open Access Journals (Sweden)

    Achim Koberstein

    2013-11-01

    Full Text Available In this paper, we present a multi-stage stochastic programming model that integrates financial hedging decisions into the planning of strategic production networks under uncertain exchange rates and product demands. This model considers the expenses of production plants and the revenues of markets in different currency areas. Financial portfolio planning decisions for two types of financial instruments, forward contracts and options, are represented explicitly by multi-period decision variables and a multi-stage scenario tree. Using an illustrative example, we analyze the impact of exchange-rate and demand volatility, the level of investment expenses and interest rate spreads on capacity location and dimensioning decisions. In particular, we show that, in the illustrative example, the exchange-rate uncertainty cannot be completely eliminated by financial hedging in the presence of demand uncertainty. In this situation, we find that the integrated model can result in better strategic planning decisions for a risk-averse decision maker compared to traditional modeling approaches.

  5. [Impact of sperm DNA and acrosome integrity and acrosome reaction rate on outcomes of rescue intracytoplasmic sperm injection].

    Science.gov (United States)

    He, Yongzhi; Li, Dawen; Cheng, Junping; Huo, Zhongchao; Huang, Hongyi; Xiao, Xin

    2016-01-01

    Objective To explore the effects of sperm DNA integrity rate, acrosome integrity rate and acrosome reaction rate on the outcomes of rescue intracytoplasmic sperm injection (ICSI). This retrospective analysis was conducted among 97 infertile couples receiving rescue ICSI due to failure of in vitro fertilization procedures in our Reproductive Medicine Center. Of these 97 women, 41 had clinical pregnancy and 56 did not, and the effects of sperm DNA integrity rate (estimated by DNA fragmentation index, DFI), acrosome integrity rate and acrosome reaction rate on rescue ICSI outcomes were analyzed. No significant difference was found in paternal age, testosterone value, testicular volume, FSH, female patient' age or the number of eggs retrieved between the two groups (P>0.05), but the infertility years was significantly shorter in the pregnancy group than in the non-pregnancy group (Prate and cleavage rate were similar between the two groups (P>0.05), but the good embryo rate was significantly higher in the pregnancy group (Preaction rate did not differ significantly between the two groups (P>0.05), but the acrosome integrity rate was significantly higher in the pregnancy group (Prate, acrosome integrity or acrosome reaction rate were not correlated with the fertilization rate, cleavage rate or good embryo rate (P>0.05). The pregnancy rate, twin and single fetus rates were 42.3%, 10.3% and 32.0% in this cohort after recue ICSI, respectively. Rescue ICSI is an effective treatment after failed in vitro fertilization procedure, and sperm acrosome integrity rate is associated with the outcome of rescue ICSI.

  6. 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.; Adya, V. B.; Affeldt, C.; Agathos, M.; Agatsuma, K.; Aggarwal, N.; 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, 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, 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, S.; Bock, O.; Bodiya, T. P.; Boer, M.; Bogaert, G.; Bogan, C.; Bohe, A.; Bojtos, P.; Bond, 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, D. A.; Brown, D. 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.; Calderón Bustillo, J.; Callister, T.; Calloni, E.; Camp, J. B.; Cannon, K. C.; Cao, J.; Capano, C. D.; Capocasa, E.; Carbognani, F.; Caride, S.; Casanueva Diaz, J.; Casentini, C.; Caudill, S.; Cavaglià, M.; Cavalier, F.; Cavalieri, R.; Cella, G.; Cepeda, C.; Cerboni Baiardi, L.; Cerretani, G.; Cesarini, E.; Chakraborty, R.; Chalermsongsak, T.; Chamberlin, S. J.; Chan, M.; Chao, 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, Q.; Chua, S.; Chung, 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, C. A.; 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, 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.; Deléglise, S.; Del Pozzo, W.; Denker, T.; Dent, T.; Dereli, H.; Dergachev, V.; DeRosa, R.; DeRosa, R. T.; DeSalvo, R.; Dhurandhar, S.; Díaz, M. C.; Di Fiore, L.; Di Giovanni, M.; 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, M.; Evans, T. M.; Everett, R.; Factourovich, M.; Fafone, V.; Fair, H.; Fairhurst, S.; Fan, X.; 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.; Glaefke, A.; Goetz, E.; Goetz, R.; Gondan, L.; González, G.; Gonzalez Castro, J. M.; Gopakumar, A.; Gordon, N. A.; Gorodetsky, M. L.; Gossan, S. E.; Gosselin, M.; Gouaty, R.; Graef, C.; Graff, P. B.; Granata, M.; Grant, A.; Gras, S.; Gray, C.; 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.; Hall, B. R.; Hall, E. D.; Hammond, G.; Haney, M.; Hanke, M. M.; Hanks, J.; Hanna, C.; Hannam, M. D.; Hanson, 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, H.; Jani, K.; Jaranowski, P.; Jawahar, S.; Jiménez-Forteza, F.; Johnson, W. W.; Jones, D. I.; Jones, R.; Jonker, R. J. G.; Ju, L.; K, Haris; Kalaghatgi, C. V.; Kalogera, V.; Kandhasamy, S.; Kang, G.; Kanner, J. B.; Karki, S.; Kasprzack, M.; Katsavounidis, E.; Katzman, W.; Kaufer, S.; Kaur, T.; Kawabe, K.; Kawazoe, F.; Kéfélian, F.; Kehl, M. S.; Keitel, D.; Kelley, D. B.; Kells, W.; Kennedy, R.; 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.; Królak, 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, H. K.; Lee, H. M.; 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.; Lück, H.; Lundgren, A. P.; Luo, J.; Lynch, R.; Ma, Y.; MacDonald, T.; Machenschalk, B.; MacInnis, M.; Macleod, D. M.; Magaña-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.; Márka, S.; Márka, 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.; 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, C. J.; Moraru, D.; Moreno, G.; Morriss, S. R.; Mossavi, K.; Mours, B.; Mow-Lowry, C. M.; Mueller, C. L.; Mueller, G.; Muir, A. W.; Mukherjee, Arunava; Mukherjee, 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.; Neri, M.; Neunzert, A.; Newton, 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. J.; Oh, S. H.; Ohme, F.; Oliver, M.; 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.; 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.; 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.; Puncken, O.; Punturo, M.; Puppo, P.; Pürrer, 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.; Rosińska, D.; Rowan, S.; Rüdiger, A.; Ruggi, P.; Ryan, K.; Sachdev, 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.; Schofield, R. M. S.; Schönbeck, A.; Schreiber, E.; Schuette, D.; Schutz, B. F.; Scott, J.; Scott, S. M.; 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.; Shapiro, B.; Shawhan, P.; Sheperd, A.; Shoemaker, D. H.; Shoemaker, D. M.; Siellez, K.; Siemens, X.; Sigg, D.; Silva, A. D.; Simakov, D.; Singer, A.; Singer, L. P.; Singh, A.; Singh, R.; Singhal, A.; Sintes, A. M.; Slagmolen, B. J. J.; Smith, J. R.; 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, S. P.; Stone, R.; Strain, K. A.; Straniero, N.; Stratta, G.; Strauss, N. A.; Strigin, S.; Sturani, R.; Stuver, A. L.; Summerscales, T. Z.; Sun, L.; Sutton, P. J.; Swinkels, B. L.; Szczepańczyk, M. J.; Tacca, M.; Talukder, D.; Tanner, D. B.; Tápai, M.; Tarabrin, S. P.; Taracchini, A.; Taylor, 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.; Töyrä, D.; Travasso, F.; Traylor, G.; Trifirò, 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, 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.; Vass, S.; Vasúth, M.; Vaulin, R.; Vecchio, A.; Vedovato, G.; Veitch, J.; Veitch, P. J.; Venkateswara, K.; Verkindt, D.; Vetrano, F.; Viceré, A.; Vinciguerra, S.; Vine, D. J.; Vinet, J.-Y.; Vitale, S.; Vo, T.; Vocca, H.; Vorvick, C.; Voss, D.; Vousden, W. D.; Vyatchanin, S. P.; Wade, A. R.; Wade, L. E.; Wade, M.; 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.; Weßels, P.; Westphal, T.; Wette, K.; Whelan, J. T.; White, D. J.; Whiting, B. F.; Williams, R. D.; 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.; Zadrożny, 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.; and; Zweizig, J.; LIGO Scientific Collaboration; Virgo Collaboration

    2016-02-01

    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 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 (≳ 25 {M}⊙ ) 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 1/2 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 (≳ 1 Gpc-3 yr-1) from both types of formation models. The low measured redshift (z≃ 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.

  7. The potential impact of integrated malaria transmission control on entomologic inoculation rate in highly endemic areas.

    Science.gov (United States)

    Killeen, G F; McKenzie, F E; Foy, B D; Schieffelin, C; Billingsley, P F; Beier, J C

    2000-05-01

    We have used a relatively simple but accurate model for predicting the impact of integrated transmission control on the malaria entomologic inoculation rate (EIR) at four endemic sites from across sub-Saharan Africa and the southwest Pacific. The simulated campaign incorporated modestly effective vaccine coverage, bed net use, and larval control. The results indicate that such campaigns would reduce EIRs at all four sites by 30- to 50-fold. Even without the vaccine, 15- to 25-fold reductions of EIR were predicted, implying that integrated control with a few modestly effective tools can meaningfully reduce malaria transmission in a range of endemic settings. The model accurately predicts the effects of bed nets and indoor spraying and demonstrates that they are the most effective tools available for reducing EIR. However, the impact of domestic adult vector control is amplified by measures for reducing the rate of emergence of vectors or the level of infectiousness of the human reservoir. We conclude that available tools, including currently neglected methods for larval control, can reduce malaria transmission intensity enough to alleviate mortality. Integrated control programs should be implemented to the fullest extent possible, even in areas of intense transmission, using simple models as decision-making tools. However, we also conclude that to eliminate malaria in many areas of intense transmission is beyond the scope of methods which developing nations can currently afford. New, cost-effective, practical tools are needed if malaria is ever to be eliminated from highly endemic areas.

  8. Efficient Simulation of Compressible, Viscous Fluids using Multi-rate Time Integration

    Science.gov (United States)

    Mikida, Cory; Kloeckner, Andreas; Bodony, Daniel

    2017-11-01

    In the numerical simulation of problems of compressible, viscous fluids with single-rate time integrators, the global timestep used is limited to that of the finest mesh point or fastest physical process. This talk discusses the application of multi-rate Adams-Bashforth (MRAB) integrators to an overset mesh framework to solve compressible viscous fluid problems of varying scale with improved efficiency, with emphasis on the strategy of timescale separation and the application of the resulting numerical method to two sample problems: subsonic viscous flow over a cylinder and a viscous jet in crossflow. The results presented indicate the numerical efficacy of MRAB integrators, outline a number of outstanding code challenges, demonstrate the expected reduction in time enabled by MRAB, and emphasize the need for proper load balancing through spatial decomposition in order for parallel runs to achieve the predicted time-saving benefit. This material is based in part upon work supported by the Department of Energy, National Nuclear Security Administration, under Award Number DE-NA0002374.

  9. Observation of Gravitational Waves from a Binary Black Hole Merger.

    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; Adya, V B; Affeldt, C; Agathos, M; Agatsuma, K; Aggarwal, N; Aguiar, O D; Aiello, L; Ain, A; Ajith, P; Allen, B; Allocca, A; Altin, P A; Anderson, S B; Anderson, W G; Arai, K; Arain, M A; 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, D; Barone, F; Barr, B; Barsotti, L; Barsuglia, M; Barta, D; Bartlett, J; Barton, M A; 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, J; Birney, R; Birnholtz, O; Biscans, S; Bisht, A; Bitossi, M; Biwer, C; Bizouard, M A; Blackburn, J K; Blair, C D; Blair, D G; Blair, R M; Bloemen, S; Bock, O; Bodiya, T P; Boer, M; Bogaert, G; Bogan, C; Bohe, A; Bojtos, P; Bond, 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, D A; Brown, D D; Brown, N M; 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; Calderón Bustillo, J; Callister, T; Calloni, E; Camp, J B; Cannon, K C; Cao, J; Capano, C D; Capocasa, E; Carbognani, F; Caride, S; Casanueva Diaz, J; Casentini, C; Caudill, S; Cavaglià, M; Cavalier, F; Cavalieri, R; Cella, G; Cepeda, C B; Cerboni Baiardi, L; Cerretani, G; Cesarini, E; Chakraborty, R; Chalermsongsak, T; Chamberlin, S J; Chan, M; Chao, 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, Q; Chua, S; Chung, S; Ciani, G; Clara, F; Clark, J A; Cleva, F; Coccia, E; Cohadon, P-F; Colla, A; Collette, C G; Cominsky, L; Constancio, M; Conte, A; Conti, L; Cook, D; Corbitt, T R; Cornish, N; Corsi, A; Cortese, S; Costa, C A; 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; Creighton, T D; Cripe, J; Crowder, S G; Cruise, A M; Cumming, A; Cunningham, L; Cuoco, E; Dal Canton, T; Danilishin, S L; D'Antonio, S; Danzmann, K; Darman, N S; Da Silva Costa, C F; Dattilo, V; Dave, I; Daveloza, H P; Davier, M; Davies, G S; Daw, E J; Day, R; De, S; DeBra, D; Debreczeni, G; Degallaix, J; De Laurentis, M; Deléglise, S; Del Pozzo, W; Denker, T; Dent, T; Dereli, H; Dergachev, V; DeRosa, R T; De Rosa, R; DeSalvo, R; Dhurandhar, S; Díaz, M C; Di Fiore, L; Di Giovanni, M; 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, M; Evans, T M; Everett, R; Factourovich, M; Fafone, V; Fair, H; Fairhurst, S; Fan, X; Fang, Q; Farinon, S; Farr, B; Farr, W M; Favata, M; Fays, M; Fehrmann, H; Fejer, M M; Feldbaum, D; Ferrante, I; Ferreira, E C; Ferrini, F; Fidecaro, F; Finn, L S; Fiori, I; Fiorucci, D; Fisher, R P; Flaminio, R; Fletcher, M; Fong, H; Fournier, J-D; Franco, S; Frasca, S; Frasconi, F; Frede, M; 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, Abhirup; Ghosh, Archisman; Ghosh, S; Giaime, J A; Giardina, K D; Giazotto, A; Gill, K; Glaefke, A; Gleason, J R; Goetz, E; Goetz, R; Gondan, L; González, G; Gonzalez Castro, J M; Gopakumar, A; Gordon, N A; Gorodetsky, M L; Gossan, S E; Gosselin, M; Gouaty, R; Graef, C; Graff, P B; Granata, M; Grant, A; Gras, S; Gray, C; Greco, G; Green, A C; Greenhalgh, R J S; 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; Hall, B R; Hall, E D; Hammond, G; Haney, M; Hanke, M M; Hanks, J; Hanna, C; Hannam, M D; Hanson, J; Hardwick, T; Harms, J; Harry, G M; Harry, I W; Hart, M J; Hartman, M T; Haster, C-J; Haughian, K; Healy, J; Heefner, J; Heidmann, A; Heintze, M C; Heinzel, G; 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; Jacobson, M B; Jacqmin, T; Jang, H; Jani, K; Jaranowski, P; Jawahar, S; Jiménez-Forteza, F; Johnson, W W; Johnson-McDaniel, N K; Jones, D I; Jones, R; Jonker, R J G; Ju, L; Haris, K; Kalaghatgi, C V; Kalogera, V; Kandhasamy, S; Kang, G; Kanner, J B; Karki, S; Kasprzack, M; Katsavounidis, E; Katzman, W; Kaufer, S; Kaur, T; Kawabe, K; Kawazoe, F; Kéfélian, F; Kehl, M S; Keitel, D; Kelley, D B; Kells, W; Kennedy, R; Keppel, D G; 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; Koranda, S; Korobko, M; Korth, W Z; Kowalska, I; Kozak, D B; Kringel, V; Krishnan, B; Królak, A; Krueger, C; Kuehn, G; Kumar, P; Kumar, R; Kuo, L; Kutynia, A; Kwee, P; 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, H K; Lee, H M; 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; London, L T; Lord, J E; Lorenzini, M; Loriette, V; Lormand, M; Losurdo, G; Lough, J D; Lousto, C O; Lovelace, G; Lück, H; Lundgren, A P; Luo, J; Lynch, R; Ma, Y; MacDonald, T; Machenschalk, B; MacInnis, M; Macleod, D M; Magaña-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; Márka, S; Márka, 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; 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, C J; Moraru, D; Moreno, G; Morriss, S R; Mossavi, K; Mours, B; Mow-Lowry, C M; Mueller, C L; Mueller, G; Muir, A W; Mukherjee, Arunava; Mukherjee, 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; Neri, M; Neunzert, A; Newton, 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 J; Oh, S H; Ohme, F; Oliver, M; Oppermann, P; Oram, Richard J; O'Reilly, B; O'Shaughnessy, R; Ott, C D; 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; Pan, Y; Pankow, C; Pannarale, F; Pant, B C; Paoletti, F; Paoli, A; Papa, M A; Paris, H R; Parker, W; 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; Pfeiffer, H P; Phelps, M; Piccinni, O; Pichot, M; Pickenpack, M; Piergiovanni, F; Pierro, V; Pillant, G; Pinard, L; Pinto, I M; Pitkin, M; Poeld, J H; 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; Puncken, O; Punturo, M; Puppo, P; Pürrer, 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; Ramet, C R; 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; Rosińska, D; Rowan, S; Rüdiger, A; Ruggi, P; Ryan, K; Sachdev, S; Sadecki, T; Sadeghian, L; Salconi, L; Saleem, M; Salemi, F; Samajdar, A; Sammut, L; Sampson, L M; Sanchez, E J; Sandberg, V; Sandeen, B; Sanders, G H; 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; Schofield, R M S; Schönbeck, A; Schreiber, E; Schuette, D; Schutz, B F; Scott, J; Scott, S M; Sellers, D; Sengupta, A S; Sentenac, D; Sequino, V; Sergeev, A; Serna, G; Setyawati, Y; Sevigny, A; Shaddock, D A; Shaffer, T; Shah, S; Shahriar, M S; Shaltev, M; Shao, Z; Shapiro, B; Shawhan, P; Sheperd, A; Shoemaker, D H; Shoemaker, D M; Siellez, K; Siemens, X; Sigg, D; Silva, A D; Simakov, D; Singer, A; Singer, L P; Singh, A; Singh, R; Singhal, A; Sintes, A M; Slagmolen, B J J; Smith, J R; Smith, M R; 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, S P; Stone, R; Strain, K A; Straniero, N; Stratta, G; Strauss, N A; Strigin, S; Sturani, R; Stuver, A L; Summerscales, T Z; Sun, L; Sutton, P J; Swinkels, B L; Szczepańczyk, M J; Tacca, M; Talukder, D; Tanner, D B; Tápai, M; Tarabrin, S P; Taracchini, A; Taylor, 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; Töyrä, D; Travasso, F; Traylor, G; Trifirò, 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; Vallisneri, M; 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; Vass, S; Vasúth, M; Vaulin, R; Vecchio, A; Vedovato, G; Veitch, J; Veitch, P J; Venkateswara, K; Verkindt, D; Vetrano, F; Viceré, A; Vinciguerra, S; Vine, D J; Vinet, J-Y; Vitale, S; Vo, T; Vocca, H; Vorvick, C; Voss, D; Vousden, W D; Vyatchanin, S P; Wade, A R; Wade, L E; Wade, M; Waldman, S J; Walker, M; Wallace, L; Walsh, S; Wang, G; Wang, H; Wang, M; Wang, X; Wang, Y; Ward, H; Ward, R L; Warner, J; Was, M; Weaver, B; Wei, L-W; Weinert, M; Weinstein, A J; Weiss, R; Welborn, T; Wen, L; Weßels, P; Westphal, T; Wette, K; Whelan, J T; Whitcomb, S E; White, D J; Whiting, B F; Wiesner, K; Wilkinson, C; Willems, P A; Williams, L; Williams, R D; Williamson, A R; Willis, J L; Willke, B; Wimmer, M H; Winkelmann, L; Winkler, W; Wipf, C C; Wiseman, A G; Wittel, H; Woan, G; Worden, J; Wright, J L; Wu, G; Yablon, J; Yakushin, I; Yam, W; Yamamoto, H; Yancey, C C; Yap, M J; Yu, H; Yvert, M; Zadrożny, 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

    2016-02-12

    On September 14, 2015 at 09:50:45 UTC the two detectors of the Laser Interferometer Gravitational-Wave Observatory simultaneously observed a transient gravitational-wave signal. The signal sweeps upwards in frequency from 35 to 250 Hz with a peak gravitational-wave strain of 1.0×10(-21). It matches the waveform predicted by general relativity for the inspiral and merger of a pair of black holes and the ringdown of the resulting single black hole. The signal was observed with a matched-filter signal-to-noise ratio of 24 and a false alarm rate estimated to be less than 1 event per 203,000 years, equivalent to a significance greater than 5.1σ. The source lies at a luminosity distance of 410(-180)(+160)  Mpc corresponding to a redshift z=0.09(-0.04)(+0.03). In the source frame, the initial black hole masses are 36(-4)(+5)M⊙ and 29(-4)(+4)M⊙, and the final black hole mass is 62(-4)(+4)M⊙, with 3.0(-0.5)(+0.5)M⊙c(2) radiated in gravitational waves. All uncertainties define 90% credible intervals. These observations demonstrate the existence of binary stellar-mass black hole systems. This is the first direct detection of gravitational waves and the first observation of a binary black hole merger.

  10. Observation of Gravitational Waves from a Binary Black Hole Merger

    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.; Camp, Jordan B.; hide

    2016-01-01

    On September 14, 2015 at 09:50:45 UTC the two detectors of the Laser Interferometer Gravitational-Wave Observatory simultaneously observed a transient gravitational-wave signal. The signal sweeps upwards in frequency from 35 to 250 Hz with a peak gravitational-wave strain of 1.0 x 10(exp -21). It matches the waveform predicted by general relativity for the inspiral and merger of a pair of black holes and the ring down of the resulting single black hole. The signal was observed with a matched-filter signal-to-noise ratio of 24 and a false alarm rate estimated to be less than 1 event per 203 000 years, equivalent to a significance greater than 5.1 Sigma. The source lies at a luminosity distance of 410(+160/-180) Mpc corresponding to a redshift z = 0.09(+0.03/-0.04). In the source frame, the initial black hole masses are 36(+5/-4) Mass compared to the sun, and 29(+4/-4) Mass compared to the sun, and the final black hole mass is 62(+4/-4) Mass compared to the sun, with 3.0(+0.5/-0.5)sq c radiated in gravitational waves. All uncertainties define 90% credible intervals. These observations demonstrate the existence of binary stellar-mass black hole systems. This is the first direct detection of gravitational waves and the first observation of a binary black hole merger.

  11. Evaluating whether the merger created shareholder value: the market's perception

    International Nuclear Information System (INIS)

    Gallen, B. L.

    1997-01-01

    Factors that have a bearing on determining whether a particular merger created shareholder value were examined with the caveat that since there are a large number of factors that impact upon stock prices, it is not possible to attribute any one factor as the most significant determinant responsible for the current price of a stock. Cash flow is perhaps the most important measure of growth, however, per share growth is increasingly being recognized as important, particularly on the international scene. Mergers can also be rated by what was paid in dollars for every barrel of oil equivalent in reserves. Another indicator of value may be the price to cash flow comparison of each company involved in the transaction. Expensive paper of a company trading at a higher price/cash flow multiple exchanged for the assets of the cheaper paper of a company trading at a lower price/cash flow multiple will, in general, receive a higher multiple than it had before. This is especially true if the purchase includes good, growing assets, preferably complementary to the acquiring company's current holdings. The likelihood of success is also increased by the absence of personnel conflict, especially at the top. All of these indicators are useful, but no substitutes for caution and prudence in today's industry environment

  12. 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.

  13. An integrated low-voltage rated HTS DC power system with multifunctions to suit smart grids

    Energy Technology Data Exchange (ETDEWEB)

    Jin, Jian Xun, E-mail: jxjin@uestc.edu.cn [Center of Applied Superconductivity, School of Electrical Engineering and Automation, Tianjin University, Tianjin 300072 (China); Center of Applied Superconductivity and Electrical Engineering, School of Automation Engineering, University of Electronic Science and Technology of China, Chengdu 611731 (China); Chen, Xiao Yuan [School of Engineering, Sichuan Normal University, Chengdu 610101 (China); Qu, Ronghai; Fang, Hai Yang [School of Electrical and Electronic Engineering, Huazhong University of Science and Technology, Wuhan 430074 (China); Xin, Ying [Center of Applied Superconductivity, School of Electrical Engineering and Automation, Tianjin University, Tianjin 300072 (China)

    2015-03-15

    Highlights: • A novel LVDC HTS power transmission network is presented. • An integrated power system is achieved by using HTS DC cable and SMES. • DC superconducting cable is verified to achieve self-acting fault current limitation. • SMES is verified to achieve fast-response buffering effect under a power fluctuation. • SMES is verified to achieve favorable load voltage protection effect under a fault. - Abstract: A low-voltage rated DC power transmission network integrated with superconducting cables (SCs) and superconducting magnetic energy storage (SMES) devices has been studied with analytic results presented. In addition to the properties of loss-less and high current transportation capacity, the effectively integrated system is formed with a self-acting fault current limitation feature of the SC and a buffering effect of the SMES to power fluctuations. The results obtained show that the integrated system can achieve high-quality power transmission under common power fluctuation conditions with an advanced self-protection feature under short circuit conditions, which is identified to suit especially the smart grid applications.

  14. Structure factors for tunneling ionization rates of molecules: General Hartree-Fock-based integral representation

    Science.gov (United States)

    Madsen, Lars Bojer; Jensen, Frank; Dnestryan, Andrey I.; Tolstikhin, Oleg I.

    2017-07-01

    In the leading-order approximation of the weak-field asymptotic theory (WFAT), the dependence of the tunneling ionization rate of a molecule in an electric field on its orientation with respect to the field is determined by the structure factor of the ionizing molecular orbital. The WFAT yields an expression for the structure factor in terms of a local property of the orbital in the asymptotic region. However, in general quantum chemistry approaches molecular orbitals are expanded in a Gaussian basis which does not reproduce their asymptotic behavior correctly. This hinders the application of the WFAT to polyatomic molecules, which are attracting increasing interest in strong-field physics. Recently, an integral-equation approach to the WFAT for tunneling ionization of one electron from an arbitrary potential has been developed. The structure factor is expressed in an integral form as a matrix element involving the ionizing orbital. The integral is not sensitive to the asymptotic behavior of the orbital, which resolves the difficulty mentioned above. Here, we extend the integral representation for the structure factor to many-electron systems treated within the Hartree-Fock method and show how it can be implemented on the basis of standard quantum chemistry software packages. We validate the methodology by considering noble-gas atoms and the CO molecule, for which accurate structure factors exist in the literature. We also present benchmark results for CO2 and for NH3 in the pyramidal and planar geometries.

  15. 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.

  16. The TIGRESS Integrated Plunger ancillary systems for electromagnetic transition rate studies at TRIUMF

    International Nuclear Information System (INIS)

    Voss, P.; Henderson, R.; Andreoiu, C.; Ashley, R.; Austin, R.A.E.; Ball, G.C.; Bender, P.C.; Bey, A.; Cheeseman, A.; Chester, A.; Cross, D.S.; Drake, T.E.; Garnsworthy, A.B.; Hackman, G.; Holland, R.; Ketelhut, S.; Kowalski, P.; Krücken, R.; Laffoley, A.T.; Leach, K.G.

    2014-01-01

    The TIGRESS Integrated Plunger device is a new experimental tool for nuclear structure investigations via gamma-ray spectroscopy with post-accelerated beams from the ISAC-II facility at TRIUMF. Several ancillary detection systems integral to the device's capabilities for charged-particle tagging and light-ion identification following a variety of nuclear reaction mechanisms have been constructed and characterized. In particular, a silicon PIN diode wall, an annular silicon segmented detector, and a CsI(Tl) scintillator wall have together enabled particle-gamma correlations for reaction channel selectivity and precision kinematic reconstruction in recent measurements. We highlight the construction, characteristics, and implementation of the device's ancillary detectors as they enable a rich set of electromagnetic transition rate measurements via Doppler-shift lifetime techniques and low-energy Coulomb excitation

  17. Adaptive Command Filtered Integrated Guidance and Control for Hypersonic Vehicle with Magnitude, Rate and Bandwidth Constraints

    Directory of Open Access Journals (Sweden)

    Wang Liang

    2018-01-01

    Full Text Available This paper proposes a novel integrated guidance and control (IGC method for hypersonic vehicle in terminal phase. Firstly, the system model is developed with a second order actuator dynamics. Then the back-stepping controller is designed hierarchically with command filters, where the first order command filters are implemented to construct the virtual control input with ideal states predicted by an adaptive estimator, and the nonlinear command filter is designed to produce magnitude, rate and bandwidth limited control surface deflection finally tracked by a terminal sliding mode controller with finite convergence time. Through a series of 6-DOF numerical simulations, it’s indicated that the proposed method successfully cancels out the large aerodynamics coefficient uncertainties and disturbances in hypersonic flight under limited control surface deflection. The contribution of this paper lies in the application and determination of nonlinear integrated design of guidance and control system for hypersonic vehicle.

  18. Music from the heavens - gravitational waves from supermassive black hole mergers in the EAGLE simulations

    Science.gov (United States)

    Salcido, Jaime; Bower, Richard G.; Theuns, Tom; McAlpine, Stuart; Schaller, Matthieu; Crain, Robert A.; Schaye, Joop; Regan, John

    2016-11-01

    We estimate the expected event rate of gravitational wave signals from mergers of supermassive black holes that could be resolved by a space-based interferometer, such as the Evolved Laser Interferometer Space Antenna (eLISA), utilizing the reference cosmological hydrodynamical simulation from the EAGLE suite. These simulations assume a Lambda cold dark matter cosmogony with state-of-the-art subgrid models for radiative cooling, star formation, stellar mass loss, and feedback from stars and accreting black holes. They have been shown to reproduce the observed galaxy population with unprecedented fidelity. We combine the merger rates of supermassive black holes in EAGLE with the latest phenomenological waveform models to calculate the gravitational waves signals from the intrinsic parameters of the merging black holes. The EAGLE models predict ˜2 detections per year by a gravitational wave detector such as eLISA. We find that these signals are largely dominated by mergers between seed mass black holes merging at redshifts between z ˜ 2 and z ˜ 1. In order to investigate the dependence on the assumed black hole seed mass, we introduce an additional model with a black hole seed mass an order of magnitude smaller than in our reference model. We also consider a variation of the reference model where a prescription for the expected delays in the black hole merger time-scale has been included after their host galaxies merge. We find that the merger rate is similar in all models, but that the initial black hole seed mass could be distinguished through their detected gravitational waveforms. Hence, the characteristic gravitational wave signals detected by eLISA will provide profound insight into the origin of supermassive black holes and the initial mass distribution of black hole seeds.

  19. An Integrated Assessment of Geochemical and Community Structure Determinants of Metal Reduction Rates in Subsurface Sediments

    International Nuclear Information System (INIS)

    Pfiffner, Susan M.; Brandt, Craig C.; Kostka, Joel E.; Palumbo, Anthony V.

    2005-01-01

    Our current research represents a joint effort between Oak Ridge National Laboratory (ORNL), Florida State University (FSU), and the University of Tennessee. ORNL will serve as the lead institution with Dr. A.V. Palumbo responsible for project coordination, integration, and deliverables. This project was initiated in November, 2004, in the Integrative Studies Element of the NABIR program. The overall goal of our project is to provide an improved understanding of the relationships between microbial community structure, geochemistry, and metal reduction rates. The research seeks to address the following questions: Is the metabolic diversity of the in situ microbial community sufficiently large and redundant that bioimmobilization of uranium will occur regardless of the type of electron donor added to the system? Are their donor specific effects that lead to enrichment of specific community members that then impose limits on the functional capabilities of the system? Will addition of humics change rates of uranium reduction without changing community structure? Can resource-ratio theory be used to understand changes in uranium reduction rates and community structure with respect to changing C:P ratios?

  20. Electromagnetic Chirps from Neutron Star-Black Hole Mergers

    Science.gov (United States)

    Schnittman, Jeremy D.; Dal Canton, Tito; Camp, Jordan B.; Tsang, David; Kelly, Bernard J.

    2018-01-01

    We calculate the electromagnetic signal of a gamma-ray flare coming from the surface of a neutron star shortly before merger with a black hole companion. Using a new version of the Monte Carlo radiation transport code Pandurata that incorporates dynamic spacetimes, we integrate photon geodesics from the neutron star surface until they reach a distant observer or are captured by the black hole. The gamma-ray light curve is modulated by a number of relativistic effects, including Doppler beaming and gravitational lensing. Because the photons originate from the inspiraling neutron star, the light curve closely resembles the corresponding gravitational waveform: a chirp signal characterized by a steadily increasing frequency and amplitude. We propose to search for these electromagnetic chirps using matched filtering algorithms similar to those used in LIGO data analysis.

  1. A REVIEW OF ORGANIZATIONAL CULTURE IN THE MERGERS & ACQUISITIONS PROCESS

    Directory of Open Access Journals (Sweden)

    Louis-Caleb REMANDA

    2016-12-01

    Full Text Available Mergers and acquisitions (M&A are the most widespread and most reliable international operations in the strategic market. Theoretically, they can respond to a certain amount of conventional goals like creating intrinsic value and performance. Integrating an organizational culture in an M&A process can help top management from both organizations understand cultural differences as fast as possible, in order to reduce consequences. The question remains as to whether we can go from a theoretical case to a practical one and achieve results beyond expectations. In this 2015 study we took into account cultural changes, communicated them to the members going into the process, and demonstrated the fundamental role that organizational culture plays. By comparing several approaches surrounding organizational culture, we conclude that this concept should extended to further perspectives, such as the importance of acculturation, cultural tolerance and organizational identity, all present before, during, and after the M&A process.

  2. In Search of Value Drivers in Mergers and Acquisitions

    DEFF Research Database (Denmark)

    Rose, Caspar; Sørheim, Daniel; Lerkerød, Magnus

    2017-01-01

    The international literature on M&As is extensive, but surprisingly little evidence exists for the Nordic countries. This article attempts to fill the gap by studying 184 merger announcements from 1995 to 2014. Our findings differ in a number of ways. “First, we extend the current literature since...... we find that diversifying acquisitions” generate a higher bidder abnormal return compared with focused transactions. A possible explanation is that in diversifying acquisitions acquirers overpay for target firms within their core industry because they overestimate operational synergies...... with excessive free cash flows experience negative returns prior to an announcement. Furthermore, our results imply that a bidder company must be able convincingly to justify an acquisition to the market by communicating the presence of a sound and coherent integration plan....

  3. Organizational Culture and Multinacional Mergers: An Approach to the Case of Maersk Sealand

    Directory of Open Access Journals (Sweden)

    Alberto Vallejo Peña

    2016-01-01

    Full Text Available Within the broad tradition of studies on corporate mergers in the field of the sociology of organisations, the literature has paid special attention to the influence of the organisational cultures and the national origin of the companies involved in such processes. This study addresses the acquisition of Sealand (US company by Maersk (Danish company based on a case study of its terminal in Algeciras, Spain. The employees of both companies underwent a complex integration process in the early 2000s. An inquiry into the factors that caused the culture shock they experienced led to a review of their organisational and national cultures and their impact on the post-merger process. The results suggest that differences in organisation, management style and concept of industrial relations hindered the integration of both groups.

  4. Extending the performance of single-degree-of-freedom rate integrating gyros in strapdown applications

    Science.gov (United States)

    Baker, G. N.

    This paper examines the constraints upon a typical manufacturer of gyros and strapdown systems. It describes that while being responsive to exchange and keeping abreast of 'state of the art' technology, there are many reasons why the manufacturer must satisfy the market using existing technology and production equipment. The Single-Degree-of-Freedom Rate Integrating Gyro is a well established product, yet is capable of achieving far higher performances than originally envisaged due to modelling and characterization within digital strapdown systems. The parameters involved are discussed, and a description given of the calibration process undertaken on a strapdown system being manufactured in a production environment in batch quantities.

  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. Galaxy mergers and active nuclei. II. Cosmological evolution

    International Nuclear Information System (INIS)

    Roos, N.

    1985-01-01

    Galaxy mergers may produce active galactic nuclei (AGNs) by repopulating stellar loss-cone orbits around a central black hole. In the companion paper we derived a local bolometric luminosity function of AGNs based on this process. In this paper we interpret the observed cosmological evolution of the luminosity function of AGNs as due to evolution of the merging rate among galaxies after their formation at a redshift of approx.3. An important difference between our model and previous (empirical) models is that the evolution depends on galactic (stellar) luminosity instead of central nonthermal luminosity. The radio counts at 1.4 GHz and optical counts are reproduced by the model if the merging rate of the galaxies at the bright end of the galaxy luminosity function evolves considerably faster than the merging rate of the smaller galaxies. The theoretical and observed luminosity functions at high redshift have similar characteristics: (i) at high luminosity the evolution is best described by luminosity evolution, and (2) the luminosity function has a maximum at approx.10 3 Gpc -3 , which is the space density of the most massive galaxies. A large fraction of these galaxies are presumably formed in the precursors of rich clusters. Their merger rate is high initially and declines rapidly on a time scale of a few billion years. If the initial density fluctuation spectrum for protoclusters of mass M/sub cl/ has the form deltarho/rhoproportionalM/sup( -1+n//3)/2/sub cl/, then the steep evolution of the most luminous galaxies suggests nroughly-equal-1.3 at a redshift of approx.3, which is consistent with the observed clustering of galaxies

  7. THREATS AND BENEFITS OF EXCHANGE RATE REGIMES FOR UKRAINE IN TERMS OF EUROPEAN INTEGRATION

    Directory of Open Access Journals (Sweden)

    Svitlana Glushchenko

    2016-11-01

    Full Text Available The purpose of the paper is to determine threats and benefits of exchange rate regimes in terms of the integration of Ukraine into the European community. Emphasizing features of the manifestation of currency exchange rate in Ukrainian practice is a precondition for choosing the optimal exchange rate regime for Ukraine, which, in its turn, will provide an opportunity to reduce inflation and implement effective tools of monetary and fiscal policies to promote further economic growth and competitiveness of the country. The uses of free-floating exchange rate and «currency board» regimes have either positive effects for Ukraine or certain threats. Methodology. This research is based on a synthesis of data on the uses of exchange rate regimes in Ukraine as an independent. It is considered angular regimes, which are by far the most suitable for Ukraine in terms of the European vector of its development. Peculiarities of using these regimes are revealed and their major threats to the domestic economy are pointed out. This article analyzes the dynamics of the trade balance of payments of Ukraine, the dynamics of the commodity structure of Ukraine`s exports and imports and the external debt of Ukraine. Results. Taking into account the experience of countries, which were in crisis situations, they show the necessity of the uses of freefloating exchange rate regime and possibilities of «currency board» regime, despite threats that they may have. World experience testifies the implementation of structural reforms, effective monetary policy, fiscal policy and discipline of the government. Thorough preparation of Ukraine’s transition to the «currency board» regime can justify itself in conditions of crisis and provide impetus to Ukrainian economy benefits. The paper defines conditions under which the success of a new model of exchange rate policy will be achieved. Practical implications. The study accents attention on the specifics of the uses of the

  8. 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.

  9. 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...

  10. 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.

  11. Study of 1-min rain rate integration statistic in South Korea

    Science.gov (United States)

    Shrestha, Sujan; Choi, Dong-You

    2017-03-01

    The design of millimeter wave communication links and the study of propagation impairments at higher frequencies due to a hydrometeor, particularly rain, require the knowledge of 1-min. rainfall rate data. Signal attenuation in space communication results are due to absorption and scattering of radio wave energy. Radio wave attenuation due to rain depends on the relevance of a 1-min. integration time for the rain rate. However, in practice, securing these data over a wide range of areas is difficult. Long term precipitation data are readily available. However, there is a need for a 1-min. rainfall rate in the rain attenuation prediction models for a better estimation of the attenuation. In this paper, we classify and survey the prominent 1-min. rain rate models. Regression analysis was performed for the study of cumulative rainfall data measured experimentally for a decade in nine different regions in South Korea, with 93 different locations, using the experimental 1-min. rainfall accumulation. To visualize the 1-min. rainfall rate applicable for the whole region for 0.01% of the time, we have considered the variation in the rain rate for 40 stations across South Korea. The Kriging interpolation method was used for spatial interpolation of the rain rate values for 0.01% of the time into a regular grid to obtain a highly consistent and predictable rainfall variation. The rain rate exceeded the 1-min. interval that was measured through the rain gauge compared to the rainfall data estimated using the International Telecommunication Union Radio Communication Sector model (ITU-R P.837-6) along with the empirical methods as Segal, Burgueno et al., Chebil and Rahman, logarithmic, exponential and global coefficients, second and third order polynomial fits, and Model 1 for Icheon regions under the regional and average coefficient set. The ITU-R P. 837-6 exhibits a lower relative error percentage of 3.32% and 12.59% in the 5- and 10-min. to 1-min. conversion, whereas the

  12. Integrated High-Rate Transition Radiation Detector and Tracking Chamber for the LHC

    CERN Multimedia

    2002-01-01

    % RD-6 \\\\ \\\\Over the past five years, RD-6 has developed a transition radiation detector and charged particle tracker for high rate operation at LHC. The detector elements are based on C-fibre reinforced kapton straw tubes of 4~mm diameter filled with a Xenon gas mixture. Detailed measurements with and without magnetic field have been performed in test beams, and in particular have demonstrated the possibility of operating straw tubes at very high rate (up to 20~MHz) with accurate drift-time measurement accuracy. A full-scale engineering prototype containing 10~000 straws is presently under assembly and will be accurately measured with a powerful X-ray tube. Integrated front-end electronics with fast readout have been designed and successfully operated in test beam. \\\\ \\\\Finally extensive simulations performed for ATLAS have shown that such a detector will provide powerful pattern recognition, accurate momentum measurements, efficient level-2 triggering and excellent electron identification, even at the highe...

  13. NGC 404: A REJUVENATED LENTICULAR GALAXY ON A MERGER-INDUCED, BLUEWARD EXCURSION INTO THE GREEN VALLEY

    International Nuclear Information System (INIS)

    Thilker, David A.; Bianchi, Luciana; Schiminovich, David; Gil de Paz, Armando; Seibert, Mark; Madore, Barry F.; Wyder, Ted; Barlow, Tom; Conrow, Tim; Forster, Karl; Friedman, Peter; Martin, Chris; Morrissey, Patrick; Small, Todd; Rich, R. Michael; Yi, Sukyoung; Neff, Susan

    2010-01-01

    We have discovered recent star formation in the outermost portion ((1-4) x R 25 ) of the nearby lenticular (S0) galaxy NGC 404 using Galaxy Evolution Explorer UV imaging. FUV-bright sources are strongly concentrated within the galaxy's H I ring (formed by a merger event according to del RIo et al.), even though the average gas density is dynamically subcritical. Archival Hubble Space Telescope imaging reveals resolved upper main-sequence stars and conclusively demonstrates that the UV light originates from recent star formation activity. We present FUV, NUV radial surface brightness profiles, and integrated magnitudes for NGC 404. Within the ring, the average star formation rate (SFR) surface density (Σ SFR ) is ∼2.2 x 10 -5 M sun yr -1 kpc -2 . Of the total FUV flux, 70% comes from the H I ring which is forming stars at a rate of 2.5 x 10 -3 M sun yr -1 . The gas consumption timescale, assuming a constant SFR and no gas recycling, is several times the age of the universe. In the context of the UV-optical galaxy color-magnitude diagram, the presence of the star-forming H I ring places NGC 404 in the green valley separating the red and blue sequences. The rejuvenated lenticular galaxy has experienced a merger-induced, disk-building excursion away from the red sequence toward bluer colors, where it may evolve quiescently or (if appropriately triggered) experience a burst capable of placing it on the blue/star-forming sequence for up to ∼1 Gyr. The green valley galaxy population is heterogeneous, with most systems transitioning from blue to red but others evolving in the opposite sense due to acquisition of fresh gas through various channels.

  14. 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....

  15. 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...

  16. 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.

  17. Near-infrared to Mid-infrared Observations of Galaxy Mergers: NGC 2782 and NGC 7727

    Science.gov (United States)

    Onaka, Takashi; Nakamura, Tomohiko; Sakon, Itsuki; Wu, Ronin; Ohsawa, Ryou; Kaneda, Hidehiro; Lebouteiller, Vianney; Roellig, Thomas L.

    2018-01-01

    We present the results of near-infrared-to-mid-infrared (NIR-to-MIR) imaging and NIR spectroscopic observations of two galaxy mergers, NGC 2782 (Arp 215) and NGC 7727 (Arp 222), with the Infrared Camera on board AKARI. NGC 2782 shows extended MIR emission in the eastern side of the galaxy, which corresponds to the eastern tidal tail seen in the H I 21 cm map, while NGC 7727 shows extended MIR emission in the north of the galaxy, which is similar to the plumes seen in the residual image at the K-band after subtracting a galaxy model. Both extended structures are thought to have formed in association with their merger events. They show excess emission at 7–15 μm, which can be attributed to emission from polycyclic aromatic hydrocarbons (PAHs), while the observed spectral energy distributions (SEDs) decline longward of 24 μm, suggesting that very small grains (VSGs) are deficient. These characteristics of the observed MIR SED may be explained if PAHs are formed by fragmentation of VSGs during merger events. The star formation rate is estimated from the MIR PAH emission in the eastern tail region of NGC 2782 and it is in fair agreement with those estimated from Hα and [C II] 158 μm. MIR observations are efficient for the study of dust processing and structures formed during merger events.

  18. Improving Accessibility to Services and Increasing Efficiency Through Merger and Centralization in Québec

    Directory of Open Access Journals (Sweden)

    Amélie Quesnel-Vallée

    2018-03-01

    Full Text Available On 25 September 2014, Bill 10 was tabled to reorganize Québec’s health and social services network through the abolition of an administrative layer at the regional health authority level and institutional mergers of health and social services facilities under a new governance structure. Thus, the province’s 182 health and social services facilities were merged into 34 Centre intégré de santé et des services sociaux (CISSS / Centre intégré universitaire de santé et des services sociaux (CIUSSS. CISSS/CIUSSS are responsible for delivering a range of health and social services in a designated territory through the administrative integration of facilities including: local community health centres, generalized and specialized hospitals, psychiatric hospitals, child and youth protection centres, residential and long-term care centres, and rehabilitation centres. These mergers were operationalized notably by a new governance structure whereby the minister-appointed board of directors in each CISSS/CIUSSS reports directly to the Minister of Health and Social Services. As such, a centralization of powers was also achieved. While formal evaluations of reform performance have yet to be completed, analyses projecting potential difficulties of the reform were presented during special consultation hearings. Among the key concerns identified was whether there was evidence to support claims that administrative mergers increased efficiency by achieving economies of scale. Additionally, implicit to Bill 10 is the assumption that continuity of care will follow from administrative mergers. Strategic mergers through professional networks can promote more streamlined approaches to information sharing.

  19. 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.

  20. 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.

  1. 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...

  2. 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

  3. 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...

  4. 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.

  5. 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...

  6. 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...

  7. 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...

  8. The Spatial Extent and Distribution of Star Formation in 3D-HST Mergers at z is approximately 1.5

    Science.gov (United States)

    Schmidt, Kasper B.; Rix, Hans-Walter; da Cunha, Elisabete; Brammer, Gabriel B.; Cox, Thomas J.; Van Dokkum, Pieter; Foerster Schreiber, Natascha M.; Franx, Marijn; Fumagalli, Mattia; Jonsson, Patrik; hide

    2013-01-01

    We present an analysis of the spatial distribution of star formation in a sample of 60 visually identified galaxy merger candidates at z greater than 1. Our sample, drawn from the 3D-HST survey, is flux-limited and was selected to have high star formation rates based on fits of their broad-band, low spatial resolution spectral energy distributions. It includes plausible pre-merger (close pairs) and post-merger (single objects with tidal features) systems,with total stellar masses and star formation rates derived from multi-wavelength photometry. Here we use near-infrared slitless spectra from 3D-HST which produce H or [OIII] emission line maps as proxies for star-formation maps. This provides a first comprehensive high-resolution, empirical picture of where star formation occurred in galaxy mergers at the epoch of peak cosmic star formation rate. We find that detectable star formation can occur in one or both galaxy centres, or in tidal tails. The most common case (58%) is that star formation is largely concentrated in a single, compact region, coincident with the centre of (one of) the merger components. No correlations between star formation morphology and redshift, total stellar mass, or star formation rate are found. A restricted set of hydrodynamical merger simulationsbetween similarly massive and gas-rich objects implies that star formation should be detectable in both merger components, when the gas fractions of the individual components are the same. This suggests that z is approximately 1.5 mergers typically occur between galaxies whose gas fractions, masses, andor star formation rates are distinctly different from one another.

  9. 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. ...

  10. Modeling the cosmic-ray-induced soft-error rate in integrated circuits: An overview

    International Nuclear Information System (INIS)

    Srinivasan, G.R.

    1996-01-01

    This paper is an overview of the concepts and methodologies used to predict soft-error rates (SER) due to cosmic and high-energy particle radiation in integrated circuit chips. The paper emphasizes the need for the SER simulation using the actual chip circuit model which includes device, process, and technology parameters as opposed to using either the discrete device simulation or generic circuit simulation that is commonly employed in SER modeling. Concepts such as funneling, event-by-event simulation, nuclear history files, critical charge, and charge sharing are examined. Also discussed are the relative importance of elastic and inelastic nuclear collisions, rare event statistics, and device vs. circuit simulations. The semi-empirical methodologies used in the aerospace community to arrive at SERs [also referred to as single-event upset (SEU) rates] in integrated circuit chips are reviewed. This paper is one of four in this special issue relating to SER modeling. Together, they provide a comprehensive account of this modeling effort, which has resulted in a unique modeling tool called the Soft-Error Monte Carlo Model, or SEMM

  11. Dancing to CHANGA: a self-consistent prediction for close SMBH pair formation time-scales following galaxy mergers

    Science.gov (United States)

    Tremmel, M.; Governato, F.; Volonteri, M.; Quinn, T. R.; Pontzen, A.

    2018-04-01

    We present the first self-consistent prediction for the distribution of formation time-scales for close supermassive black hole (SMBH) pairs following galaxy mergers. Using ROMULUS25, the first large-scale cosmological simulation to accurately track the orbital evolution of SMBHs within their host galaxies down to sub-kpc scales, we predict an average formation rate density of close SMBH pairs of 0.013 cMpc-3 Gyr-1. We find that it is relatively rare for galaxy mergers to result in the formation of close SMBH pairs with sub-kpc separation and those that do form are often the result of Gyr of orbital evolution following the galaxy merger. The likelihood and time-scale to form a close SMBH pair depends strongly on the mass ratio of the merging galaxies, as well as the presence of dense stellar cores. Low stellar mass ratio mergers with galaxies that lack a dense stellar core are more likely to become tidally disrupted and deposit their SMBH at large radii without any stellar core to aid in their orbital decay, resulting in a population of long-lived `wandering' SMBHs. Conversely, SMBHs in galaxies that remain embedded within a stellar core form close pairs in much shorter time-scales on average. This time-scale is a crucial, though often ignored or very simplified, ingredient to models predicting SMBH mergers rates and the connection between SMBH and star formation activity.

  12. 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.

  13. 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

  14. 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

  15. 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.

  16. 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.

  17. 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 ...

  18. Facilitating organizational mergers: amalgamation of community care access centres.

    Science.gov (United States)

    Mercer, Kevin

    2008-01-01

    The development of 14 Local Health Integration Networks (LHINs) in Ontario necessitated the re-organization of Community Care Access Centres (CCACs). The achievement of LHIN objectives was contingent upon the organizations responsible for home and long-term care placement being aligned within the LHIN geographic boundaries. This re-alignment required 42 provincial organizations to re-structure, integrate and reduce to 14. This project was focused on the amalgamation of two CCACs in the Waterloo Wellington LHIN. Both were distinctly different due to their organizational evolution, the composition of the region and leadership approach. The different organizational cultures, if not managed properly, could result in a derailing of several current projects that were underway and were also key to the overall health system transformation agenda. A literature search provided a plethora of critiques of organizational change approaches and practical suggestions. Of particular relevance was a report to the Royal Commission on Health Care in 2002 that authenticates the dismal success in health care to meet change objectives. The project included a joint planning day for the leadership teams of the two organizations followed by an Organizational Readiness Assessment conducted by the Canadian Council on Health Services Accreditation (CCHSA). Both activities brought the leadership and staff of Waterloo and Wellington together, started the integration process and solicited staff participation. A follow-up survey of the leadership teams revealed the effectiveness of the project in advancing integration between the two organizations and recognizing organizational cultural differences. The CCHSA Organizational Readiness Assessment process was viewed as an effective means for advancing the integration of the two organizations, particularly as it relates to allowing the staff groups to define for themselves the benefits of the merger. The lack of hard evidence on the benefits of a

  19. Performance analysis of 60-min to 1-min integration time rain rate conversion models in Malaysia

    Science.gov (United States)

    Ng, Yun-Yann; Singh, Mandeep Singh Jit; Thiruchelvam, Vinesh

    2018-01-01

    Utilizing the frequency band above 10 GHz is in focus nowadays as a result of the fast expansion of radio communication systems in Malaysia. However, rain fade is the critical factor in attenuation of signal propagation for frequencies above 10 GHz. Malaysia is located in a tropical and equatorial region with high rain intensity throughout the year, and this study will review rain distribution and evaluate the performance of 60-min to 1-min integration time rain rate conversion methods for Malaysia. Several conversion methods such as Segal, Chebil & Rahman, Burgeono, Emiliani, Lavergnat and Gole (LG), Simplified Moupfouma, Joo et al., fourth order polynomial fit and logarithmic model have been chosen to evaluate the performance to predict 1-min rain rate for 10 sites in Malaysia. After the completion of this research, the results show that Chebil & Rahman model, Lavergnat & Gole model, Fourth order polynomial fit and Logarithmic model have shown the best performances in 60-min to 1-min rain rate conversion over 10 sites. In conclusion, it is proven that there is no single model which can claim to perform the best across 10 sites. By averaging RMSE and SC-RMSE over 10 sites, Chebil and Rahman model is the best method.

  20. 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

  1. Convexity and Weighted Integral Inequalities for Energy Decay Rates of Nonlinear Dissipative Hyperbolic Systems

    International Nuclear Information System (INIS)

    Alabau-Boussouira, Fatiha

    2005-01-01

    This work is concerned with the stabilization of hyperbolic systems by a nonlinear feedback which can be localized on a part of the boundary or locally distributed. We show that general weighted integral inequalities together with convexity arguments allow us to produce a general semi-explicit formula which leads to decay rates of the energy in terms of the behavior of the nonlinear feedback close to the origin. This formula allows us to unify for instance the cases where the feedback has a polynomial growth at the origin, with the cases where it goes exponentially fast to zero at the origin. We also give three other significant examples of nonpolynomial growth at the origin. We also prove the optimality of our results for the one-dimensional wave equation with nonlinear boundary dissipation. The key property for obtaining our general energy decay formula is the understanding between convexity properties of an explicit function connected to the feedback and the dissipation of energy

  2. 60-GHz integrated-circuit high data rate quadriphase shift keying exciter and modulator

    Science.gov (United States)

    Grote, A.; Chang, K.

    1984-01-01

    An integrated-circuit quadriphase shift keying (QPSK) exciter and modulator have demonstrated excellent performance directly modulating a carrier frequency of 60 GHz with an output phase error of less than 3 degrees and maximum amplitude error of 0.5 dB. The circuit consists of a 60-GHz Gunn VCO phase-locked to a low-frequency reference source, a 4th subharmonic mixer, and a QPSK modlator packaged into a small volume of 1.8 x 2.5 x 0.35 in. The use of microstrip has the advantages of small size, light-weight, and low-cost fabrication. The unit has the potential for multigigabit data rate applications.

  3. Wafer scale millimeter-wave integrated circuits based on epitaxial graphene in high data rate communication.

    Science.gov (United States)

    Habibpour, Omid; He, Zhongxia Simon; Strupinski, Wlodek; Rorsman, Niklas; Zirath, Herbert

    2017-02-01

    In recent years, the demand for high data rate wireless communications has increased dramatically, which requires larger bandwidth to sustain multi-user accessibility and quality of services. This can be achieved at millimeter wave frequencies. Graphene is a promising material for the development of millimeter-wave electronics because of its outstanding electron transport properties. Up to now, due to the lack of high quality material and process technology, the operating frequency of demonstrated circuits has been far below the potential of graphene. Here, we present monolithic integrated circuits based on epitaxial graphene operating at unprecedented high frequencies (80-100 GHz). The demonstrated circuits are capable of encoding/decoding of multi-gigabit-per-second information into/from the amplitude or phase of the carrier signal. The developed fabrication process is scalable to large wafer sizes.

  4. The PWR integrated leak rate test, a review of experiences and results

    International Nuclear Information System (INIS)

    Keogh, P.

    1985-01-01

    The paper reviews the Integrated Leak Rate Test (ILRT) as it has been carried out in the USA and as reported in papers in European countries. The test procedures are critically appraised and recommendations are given for modifications to them. The values used in a PWR are identified as a main source of leaks and possibilities for improvement are discussed. The use of a part pressure test and its limitations are considered. A part pressure test cannot give the same assurance as a full pressure test but may be useful for the identification of gross leaks. Secondary effects such as weather and the use of Van de Waals equations are considered and are found to be not important for concrete containments. (orig.)

  5. Wafer scale millimeter-wave integrated circuits based on epitaxial graphene in high data rate communication

    Science.gov (United States)

    Habibpour, Omid; He, Zhongxia Simon; Strupinski, Wlodek; Rorsman, Niklas; Zirath, Herbert

    2017-02-01

    In recent years, the demand for high data rate wireless communications has increased dramatically, which requires larger bandwidth to sustain multi-user accessibility and quality of services. This can be achieved at millimeter wave frequencies. Graphene is a promising material for the development of millimeter-wave electronics because of its outstanding electron transport properties. Up to now, due to the lack of high quality material and process technology, the operating frequency of demonstrated circuits has been far below the potential of graphene. Here, we present monolithic integrated circuits based on epitaxial graphene operating at unprecedented high frequencies (80-100 GHz). The demonstrated circuits are capable of encoding/decoding of multi-gigabit-per-second information into/from the amplitude or phase of the carrier signal. The developed fabrication process is scalable to large wafer sizes.

  6. Translational and extensional energy release rates (the J- and M-integrals) for a crack layer in thermoelasticity

    Science.gov (United States)

    Chudnovsky, A.; Gommerstadt, B.

    1985-01-01

    A number of papers have been presented on the evaluation of energy release rate for thermoelasticity and corresponding J integral. Two main approaches were developed to treat energy release rate in elasticity. The first is based on direct calculation of the potential energy rate with respect to crack length. The second makes use of Lagrangian formalism. The translational and expansional energy release rates in thermoelasticity are studied by employing the formalism of irreversible thermodynamics and the Crack Layer Approach.

  7. Quantifying Effusion Rates at Active Volcanoes through Integrated Time-Lapse Laser Scanning and Photography

    Directory of Open Access Journals (Sweden)

    Neil Slatcher

    2015-11-01

    Full Text Available During volcanic eruptions, measurements of the rate at which magma is erupted underpin hazard assessments. For eruptions dominated by the effusion of lava, estimates are often made using satellite data; here, in a case study at Mount Etna (Sicily, we make the first measurements based on terrestrial laser scanning (TLS, and we also include explosive products. During the study period (17–21 July 2012, regular Strombolian explosions were occurring within the Bocca Nuova crater, producing a ~50 m-high scoria cone and a small lava flow field. TLS surveys over multi-day intervals determined a mean cone growth rate (effusive and explosive products of ~0.24 m3·s−1. Differences between 0.3-m resolution DEMs acquired at 10-minute intervals captured the evolution of a breakout lava flow lobe advancing at 0.01–0.03 m3·s−1. Partial occlusion within the crater prevented similar measurement of the main flow, but integrating TLS data with time-lapse imagery enabled lava viscosity (7.4 × 105 Pa·s to be derived from surface velocities and, hence, a flux of 0.11 m3·s−1 to be calculated. Total dense rock equivalent magma discharge estimates are ~0.1–0.2 m3·s−1 over the measurement period and suggest that simultaneous estimates from satellite data are somewhat overestimated. Our results support the use of integrated TLS and time-lapse photography for ground-truthing space-based measurements and highlight the value of interactive image analysis when automated approaches, such as particle image velocimetry (PIV, fail.

  8. Operational and Strategic Implementation of Dynamic Line Rating for Optimized Wind Energy Generation Integration

    International Nuclear Information System (INIS)

    Gentle, Jake Paul

    2016-01-01

    One primary goal of rendering today's transmission grid 'smarter' is to optimize and better manage its power transfer capacity in real time. Power transfer capacity is affected by three main elements: stability, voltage limits, and thermal ratings. All three are critical, but thermal ratings represent the greatest opportunity to quickly, reliably and economically utilize the grid's true capacity. With the 'Smarter Grid', new solutions have been sought to give operators a better grasp on real time conditions, allowing them to manage and extend the usefulness of existing transmission infrastructure in a safe and reliable manner. The objective of the INL Wind Program is to provide industry a Dynamic Line Rating (DLR) solution that is state of the art as measured by cost, accuracy and dependability, to enable human operators to make informed decisions and take appropriate actions without human or system overloading and impacting the reliability of the grid. In addition to mitigating transmission line congestion to better integrate wind, DLR also offers the opportunity to improve the grid with optimized utilization of transmission lines to relieve congestion in general. As wind-generated energy has become a bigger part of the nation's energy portfolio, researchers have learned that wind not only turns turbine blades to generate electricity, but can cool transmission lines and increase transfer capabilities significantly, sometimes up to 60 percent. INL's DLR development supports EERE and The Wind Energy Technology Office's goals by informing system planners and grid operators of available transmission capacity, beyond typical Static Line Ratings (SLR). SLRs are based on a fixed set of conservative environmental conditions to establish a limit on the amount of current lines can safely carry without overheating. Using commercially available weather monitors mounted on industry informed custom brackets developed by INL in combination with Computational Fluid Dynamics (CFD

  9. Massive Black-Hole Binary Mergers: Dynamics, Environments & Expected Detections

    Science.gov (United States)

    Kelley, Luke Zoltan

    2018-05-01

    This thesis studies the populations and dynamics of massive black-hole binaries and their mergers, and explores the implications for electromagnetic and gravitational-wave signals that will be detected in the near future. Massive black-holes (MBH) reside in the centers of galaxies, and when galaxies merge, their MBH interact and often pair together. We base our study on the populations of MBH and galaxies from the `Illustris' cosmological hydrodynamic simulations. The bulk of the binary merger dynamics, however, are unresolved in cosmological simulations. We implement a suite of comprehensive physical models for the merger process, like dynamical friction and gravitational wave emission, which are added in post-processing. Contrary to many previous studies, we find that the most massive binaries with near equal-mass companions are the most efficient at coalescing; though the process still typically takes gigayears.From the data produced by these MBH binary populations and their dynamics, we calculate the expected gravitational wave (GW) signals: both the stochastic, GW background of countless unresolved sources, and the GW foreground of individually resolvable binaries which resound above the noise. Ongoing experiments, called pulsar timing arrays, are sensitive to both of these types of signals. We find that, while the current lack of detections is unsurprising, both the background and foreground will plausibly be detected in the next decade. Unlike previous studies which have predicted the foreground to be significantly harder to detect than the background, we find their typical amplitudes are comparable.With traditional electromagnetic observations, there has also been a dearth of confirmed detections of MBH binary systems. We use our binaries, combined with models of emission from accreting MBH systems, to make predictions for the occurrence rate of systems observable using photometric, periodic-variability surveys. These variables should be detectable in

  10. Financial risk identification and control of cross border merger and acquisition enterprises

    Directory of Open Access Journals (Sweden)

    Adelina DUMITRESCU – PECULEA

    2016-12-01

    Full Text Available Mergers and acquisitions are basic channels for modern companies’ growth. With globalization speeding up, multinational companies increasingly take on M_A activities to strengthen global market positions and raise competitiveness. In recent years, M_A activities have played an important role in Chinese companies. Financial risk is inherent to M_A processes in cross-border companies. Also, more than 50% of Chinese companies did not achieve their M_A goals. Therefore, recognizing and controlling financial risk is essential. This paper analyses the financial risk from different perspectives and then provides suggestions by analysing a typical M_A case: Bohai Leasing merger with Seaco Company. Complete due diligence and clear M_A strategies, combination of various financing instrument, strategic paying methods and finance integration are some ways for controlling and decreasing finance risk.

  11. A statistical approach to the analysis of merger and acquisition efficiency in the Russian industry

    Directory of Open Access Journals (Sweden)

    Karelina M.

    2017-01-01

    Full Text Available At present, the success of economic institution transformations, as well as creating an efficient economic system with a fundamental new nature of corporate relationships are impossible without the statistical recording of factors contributing to the efficiency of merger and acquisition transactions in the Russian industry. The paper proposes a method for analyzing the efficiency of merger and acquisition transactions of enterprises in the industrial sector of the Russian economy, based on simulation methods. The methodical approach developed to analyze the efficiency of the integration transactions of Russian industrial companies allows one to consider individual preferences of investors, as well as to give a complex statistical evaluation of the strategic economic benefits from M&A transactions. This method enables to evaluate the probability and stability of the synergistic effect values within the increase of competitiveness of Russian industrial enterprises on the domestic and foreign markets.

  12. 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.

  13. 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.

  14. 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...

  15. 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...

  16. 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...

  17. 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…

  18. 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; ...

  19. 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…

  20. 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…

  1. 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

  2. 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

  3. A Behavioral Theory of the Merger: Dynamics of the Post-Merger Integration Process

    Science.gov (United States)

    2014-05-01

    the 100- meter and 400 meter sprint events. Team Interdependence is a value that indicates the fraction of agents within a team that each... 400 meter sprint events. The Actor Specialization construct characterizes the specialist-generalist nature of the individuals in the given team. In...actors in the same team are assigned, e.g., a track-and-field athlete who participates in the 400 meter and 1,000 meter relay races. Whereas, a 1.0

  4. The Electromagnetic Counterpart of the Binary Neutron Star Merger LIGO/Virgo GW170817. VII. Properties of the Host Galaxy and Constraints on the Merger Timescale

    Science.gov (United States)

    Blanchard, P. K.; Berger, E.; Fong, W.; Nicholl, M.; Leja, J.; Conroy, C.; Alexander, K. D.; Margutti, R.; Williams, P. K. G.; Doctor, Z.; Chornock, R.; Villar, V. A.; Cowperthwaite, P. S.; Annis, J.; Brout, D.; Brown, D. A.; Chen, H.-Y.; Eftekhari, T.; Frieman, J. A.; Holz, D. E.; Metzger, B. D.; Rest, A.; Sako, M.; Soares-Santos, M.

    2017-10-01

    We present the properties of NGC 4993, the host galaxy of GW170817, the first gravitational-wave (GW) event from the merger of a binary neutron star (BNS) system and the first with an electromagnetic (EM) counterpart. We use both archival photometry and new optical/near-IR imaging and spectroscopy, together with stellar population synthesis models to infer the global properties of the host galaxy. We infer a star formation history peaked at ≳ 10 {Gyr} ago, with subsequent exponential decline leading to a low current star formation rate of 0.01 {M}⊙ yr-1, which we convert into a binary merger timescale probability distribution. We find a median merger timescale of {11.2}-1.4+0.7 Gyr, with a 90% confidence range of 6.8{--}13.6 {Gyr}. This in turn indicates an initial binary separation of ≈ 4.5 {R}⊙ , comparable to the inferred values for Galactic BNS systems. We also use new and archival Hubble Space Telescope images to measure a projected offset of the optical counterpart of 2.1 kpc (0.64r e ) from the center of NGC 4993 and to place a limit of {M}r≳ -7.2 mag on any pre-existing emission, which rules out the brighter half of the globular cluster luminosity function. Finally, the age and offset of the system indicates it experienced a modest natal kick with an upper limit of ˜200 km s-1. Future GW-EM observations of BNS mergers will enable measurement of their population delay time distribution, which will directly inform their viability as the dominant source of r-process enrichment in the universe.

  5. The Electromagnetic Counterpart of the Binary Neutron Star Merger LIGO/Virgo GW170817. VII. Properties of the Host Galaxy and Constraints on the Merger Timescale

    Energy Technology Data Exchange (ETDEWEB)

    Blanchard, P. K.; Berger, E.; Fong, W.; Nicholl, M.; Leja, J.; Conroy, C.; Alexander, K. D.; Margutti, R.; Williams, P. K. G.; Doctor, Z.; Chornock, R.; Villar, V. A.; Cowperthwaite, P. S.; Annis, J.; Brout, D.; Brown, D. A.; Chen, H. -Y.; Eftekhari, T.; Frieman, J. A.; Holz, D. E.; Metzger, B. D.; Rest, A.; Sako, M.; Soares-Santos, M.

    2017-10-16

    We present the properties of NGC 4993, the host galaxy of GW170817, the first gravitational wave (GW) event from the merger of a binary neutron star (BNS) system and the first with an electromagnetic (EM) counterpart. We use both archival photometry and new optical/near-IR imaging and spectroscopy, together with stellar population synthesis models to infer the global properties of the host galaxy. We infer a star formation history peaked at $\\gtrsim 10$ Gyr ago, with subsequent exponential decline leading to a low current star formation rate of 0.01 M$_{\\odot}$ yr$^{-1}$, which we convert into a binary merger timescale probability distribution. We find a median merger timescale of $11.2^{+0.7}_{-1.4}$ Gyr, with a 90% confidence range of $6.8-13.6$ Gyr. This in turn indicates an initial binary separation of $\\approx 4.5$ R$_{\\odot}$, comparable to the inferred values for Galactic BNS systems. We also use new and archival $Hubble$ $Space$ $Telescope$ images to measure a projected offset of the optical counterpart of $2.1$ kpc (0.64$r_{e}$) from the center of NGC 4993 and to place a limit of $M_{r} \\gtrsim -7.2$ mag on any pre-existing emission, which rules out the brighter half of the globular cluster luminosity function. Finally, the age and offset of the system indicates it experienced a modest natal kick with an upper limit of $\\sim 200$ km s$^{-1}$. Future GW$-$EM observations of BNS mergers will enable measurement of their population delay time distribution, which will directly inform their viability as the dominant source of $r$-process enrichment in the Universe.

  6. Integrated leak rate testing of the fast flux test facility reactor containment building

    International Nuclear Information System (INIS)

    James, E.B.; Farabee, O.A.; Bliss, R.J.

    1978-01-01

    The initial Integrated Leak Rate Test (ILRT) of the Fast Flux Test Facility containment building was performed from May 27 to June 2, 1978. The test was conducted in air with systems vented and with the containment recirculating coolers in operation. 10 psig and 5 psig tests were run using the absolute pressure test method. The measured leakage rates were .033% Vol/24 hr. and -.0015% Vol/24 hrs. respectively. Subsequent verification tests at both 10 psig and 5 psig proved that the test equipment was operating properly and it was sensitive enough to detect leaks at low pressures. This ILRT was performed at a lower pressure than any previous ILRT on a reactor containment structure in the United States. While the initial design requirements for ice condenser containments called for a part pressure test at 6 psig, the tests were waived due to the apparent statistical problems of data analysis and the repeatability of the data itself at such low pressure. In contrast to this belief, both the 5 and 10 psig ILRT's were performed in a successful manner at FFTF

  7. 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

  8. Foreign investment, international mergers and the 1993 capital income tax reform in Finland

    OpenAIRE

    Hannu Piekkola

    1995-01-01

    Foreign direct investment in Finland and the 1993 Finnish Capital Income Tax Reform are examined in this article. Under territorial taxation, the most common form of international double taxation relief; the tax reform will encourage new capital investment. New capital investment from the US, which applies worldwide taxation, would be mildly discouraged, and FDI in the form of mergers and acquisitions largely discouraged. In the UK and Japan, the worldwide principle only covers tax rates. Thu...

  9. 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.

  10. 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.

  11. 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.

  12. Use of integrity control and automatic start of reserve in a multi-channel temperature and flow rate control device

    International Nuclear Information System (INIS)

    Strzalkowski, L.

    1975-01-01

    A way to increase reliability of process quantity control is control of the integrity of the control plants themselves. The possibilities of integrity control on control devices having simply duplicated control channels or working on the basis of the ''two-from-three'' principle are valued. A highly reliable integrity control is possible by use of test signals. For an appropriate control device, structure and function of the assemblies are described. The integrity control device may be used in the water coolant temperature and flow rate control system for all technological channels of the research reactor ''Maria''

  13. Integrating river incision rates over timescales in the Ecuadorian Andes: from uplift history to current erosion rates

    Science.gov (United States)

    Campforts, Benjamin; Govers, Gerard; Vanacker, Veerle; Tenorio, Gustavo

    2013-04-01

    River profile development is studied at different timescales, from the response to uplift over millions of years over steady state erosion rates over millennia to the response to a single event, such as a major landslide. At present, few attempts have been made to compare data obtained over various timescales. Therefore we do not know to what extent data and model results are compatible: do long-term river profile development models yield erosion rates that are compatible with information obtained over shorter time spans, both in terms of absolute rates and spatial patterns or not? Such comparisons could provide crucial insights into the nature of river development and allow us to assess the confidence we may have when predicting river response at different timescales (e.g. Kirchner et al., 2001). A major issue hampering such comparison is the uncertainty involved in the calibration of long-term river profile development models. Furthermore, calibration data on different timescales are rarely available for a specific region. In this research, we set up a river profile development model similar to the one used by Roberts & White (2010) and successfully calibrated it for the northern Ecuadorian Andes using detailed uplift and sedimentological data. Subsequently we used the calibrated model to simulate river profile development in the southern Ecuadorian Andes. The calibrated model allows to reconstruct the Andean uplift history in southern Ecuador, which is characterized by a very strong uplift phase during the last 5 My. Erosion rates derived from the modeled river incision rates were then compared with 10Be derived basin-wide erosion rates for a series of basins within the study area. We found that the model-inferred erosion rates for the last millennia are broadly compatible with the cosmogenic derived denudation rates, both in terms of absolute erosion rates as well as in terms of their spatial distribution. Hence, a relatively simple river profile development

  14. 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.

  15. 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.

  16. 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...

  17. Current trends in hospital mergers and acquisitions.

    Science.gov (United States)

    Brown, Thomas C; Werling, Krist A; Walker, Barton C; Burgdorfer, Rex J; Shields, J Jordan

    2012-03-01

    Healthcare reform will impact hospital consolidation in three key areas: Payment rates will decrease, indirectly encouraging consolidation by forcing hospitals to find new ways to reduce costs and increase negotiating clout with suppliers and payers. The cost of doing business will increase as hospitals spend more on compliance, technology, and physician employment. The ACO model will encourage hospital network formation by rewarding integrated healthcare systems that can reduce costs and improve quality.

  18. Galactic r-process enrichment by neutron star mergers in cosmological simulations of a Milky Way-mass galaxy

    Science.gov (United States)

    van de Voort, Freeke; Quataert, Eliot; Hopkins, Philip F.; Kereš, Dušan; Faucher-Giguère, Claude-André

    2015-02-01

    We quantify the stellar abundances of neutron-rich r-process nuclei in cosmological zoom-in simulations of a Milky Way-mass galaxy from the Feedback In Realistic Environments project. The galaxy is enriched with r-process elements by binary neutron star (NS) mergers and with iron and other metals by supernovae. These calculations include key hydrodynamic mixing processes not present in standard semi-analytic chemical evolution models, such as galactic winds and hydrodynamic flows associated with structure formation. We explore a range of models for the rate and delay time of NS mergers, intended to roughly bracket the wide range of models consistent with current observational constraints. We show that NS mergers can produce [r-process/Fe] abundance ratios and scatter that appear reasonably consistent with observational constraints. At low metallicity, [Fe/H] ≲ -2, we predict there is a wide range of stellar r-process abundance ratios, with both supersolar and subsolar abundances. Low-metallicity stars or stars that are outliers in their r-process abundance ratios are, on average, formed at high redshift and located at large galactocentric radius. Because NS mergers are rare, our results are not fully converged with respect to resolution, particularly at low metallicity. However, the uncertain rate and delay time distribution of NS mergers introduce an uncertainty in the r-process abundances comparable to that due to finite numerical resolution. Overall, our results are consistent with NS mergers being the source of most of the r-process nuclei in the Universe.

  19. An integrated supply chain model for the perishable items with fuzzy production rate and fuzzy demand rate

    Directory of Open Access Journals (Sweden)

    Singh Chaman

    2011-01-01

    Full Text Available In the changing market scenario, supply chain management is getting phenomenal importance amongst researchers. Studies on supply chain management have emphasized the importance of a long-term strategic relationship between the manufacturer, distributor and retailer. In the present paper, a model has been developed by assuming that the demand rate and production rate as triangular fuzzy numbers and items deteriorate at a constant rate. The expressions for the average inventory cost are obtained both in crisp and fuzzy sense. The fuzzy model is defuzzified using the fuzzy extension principle, and its optimization with respect to the decision variable is also carried out. Finally, an example is given to illustrate the model and sensitivity analysis is performed to study the effect of parameters.

  20. Operational and Strategic Implementation of Dynamic Line Rating for Optimized Wind Energy Generation Integration

    Energy Technology Data Exchange (ETDEWEB)

    Gentle, Jake Paul [Idaho National Lab. (INL), Idaho Falls, ID (United States)

    2016-12-01

    One primary goal of rendering today’s transmission grid “smarter” is to optimize and better manage its power transfer capacity in real time. Power transfer capacity is affected by three main elements: stability, voltage limits, and thermal ratings. All three are critical, but thermal ratings represent the greatest opportunity to quickly, reliably and economically utilize the grid’s true capacity. With the “Smarter Grid”, new solutions have been sought to give operators a better grasp on real time conditions, allowing them to manage and extend the usefulness of existing transmission infrastructure in a safe and reliable manner. The objective of the INL Wind Program is to provide industry a Dynamic Line Rating (DLR) solution that is state of the art as measured by cost, accuracy and dependability, to enable human operators to make informed decisions and take appropriate actions without human or system overloading and impacting the reliability of the grid. In addition to mitigating transmission line congestion to better integrate wind, DLR also offers the opportunity to improve the grid with optimized utilization of transmission lines to relieve congestion in general. As wind-generated energy has become a bigger part of the nation’s energy portfolio, researchers have learned that wind not only turns turbine blades to generate electricity, but can cool transmission lines and increase transfer capabilities significantly, sometimes up to 60 percent. INL’s DLR development supports EERE and The Wind Energy Technology Office’s goals by informing system planners and grid operators of available transmission capacity, beyond typical Static Line Ratings (SLR). SLRs are based on a fixed set of conservative environmental conditions to establish a limit on the amount of current lines can safely carry without overheating. Using commercially available weather monitors mounted on industry informed custom brackets developed by INL in combination with Computational

  1. 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.

  2. 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).

  3. How to evaluate a potential merger or acquisition.

    Science.gov (United States)

    Horowitz, Richard E; Provizer, Harold; Barry, Michael J

    2013-12-01

    Economic imperatives in health care financing are compelling a variety of mergers, acquisitions, integrations, and other forms of amalgamation. As hospitals merge, their pathology practices are merging. Physicians are forming clinically integrated groups, both with and without hospitals. Universities, commercial laboratories, and even insurance companies are acquiring laboratories and pathology practices. There are few standards or guidelines to help the practicing pathologist respond to such new undertakings. In the present study, we present a "how-to" guide or template to assist pathologists in evaluating proposals to amalgamate and in managing the alliance. The procedure begins with an articulation of the cons and pros, followed by a series of assessments of the cultures, the market, the organization, and operations, as well as a legal and financial assessment and human resources appraisal of each of the entities. We then outline the method for developing an organizational and operational model for the new merged entity and for performing the feasibility analysis, making a final decision, drafting a contract, and developing the business plan for the new venture.

  4. 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...

  5. 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...

  6. 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.

  7. Diagnoses, Intervention Strategies, and Rates of Functional Improvement in Integrated Behavioral Health Care Patients

    Science.gov (United States)

    Bridges, Ana J.; Gregus, Samantha J.; Rodriguez, Juventino Hernandez; Andrews, Arthur R.; Villalobos, Bianca T.; Pastrana, Freddie A.; Cavell, Timothy A.

    2016-01-01

    Objective Compared with more traditional mental health care, integrated behavioral health care (IBHC) offers greater access to services and earlier identification and intervention of behavioral and mental health difficulties. The current study examined demographic, diagnostic, and intervention factors that predict positive changes for IBHC patients. Method Participants were 1,150 consecutive patients (mean age = 30.10 years, 66.6% female, 60.1% Hispanic, 47.9% uninsured) seen for IBHC services at 2 primary care clinics over a 34-month period. Patients presented with depressive (23.2%), anxiety (18.6%), adjustment (11.3%), and childhood externalizing (7.6%) disorders, with 25.7% of patients receiving no diagnosis. Results The most commonly delivered interventions included behavioral activation (26.1%), behavioral medicine-specific consultation (14.6%), relaxation training (10.3%), and parent-management training (8.5%). There was high concordance between diagnoses and evidence-based intervention selection. We used latent growth curve modeling to explore predictors of baseline global assessment of functioning (GAF) and improvements in GAF across sessions, utilizing data from a subset of 117 patients who attended at least 3 behavioral health visits. Hispanic ethnicity and being insured predicted higher baseline GAF, while patients with an anxiety disorder had lower baseline GAF than patients with other diagnoses. Controlling for primary diagnosis, patients receiving behavioral activation or exposure therapy improved at faster rates than patients receiving other interventions. Demographic variables did not relate to rates of improvement. Conclusion Results suggest even brief IBHC interventions can be focused, targeting specific patient concerns with evidence-based treatment components. PMID:25774786

  8. A Comparative Risk Assessment of Extended Integrated Leak Rate Testing Intervals

    Energy Technology Data Exchange (ETDEWEB)

    Oh, Ji Yong; Hwang, Seok Won; Lee, Byung Sik [Korea Hydro and Nuclear Power Co., Daejeon (Korea, Republic of)

    2009-10-15

    This paper presents the risk impacts of extending the Integrated Leak Rate Testing (ILRT) intervals (from five years to ten years) of Yonggwang (YGN) Unit 1 and 2. These risk impacts depended on the annual variances of meteorological data and resident population. Main comparisons were performed between the initial risk assessment (2005) for the purpose of extending ILRT interval and risk reassessment (2009) where the changed plant internal configurations (core inventory and radioisotope release fraction) and plant external alterations (wind directions, rainfall and population distributions) were monitored. The reassessment showed that there was imperceptible risk increase when the ILRT interval was extended compared to the initial risk assessment. In addition, the increased value of the Large Early Release Frequency (LERF) also satisfied the acceptance guideline proposed on Reg. Guide 1.174. The MACCS II code was used for evaluating the offsite consequence analysis. The primary risk index were used as the Probabilistic Population Dose (PPD) by considering the early effects within 80 km. The Probabilistic Safety Assessment (PSA) of YGN 1 and 2 was applied to evaluate the accident frequency of each source term category and the used PSA scope was limited to internal event.

  9. Development of pixel readout integrated circuits for extreme rate and radiation

    CERN Multimedia

    Liberali, V; Rizzi, A; Re, V; Minuti, M; Pangaud, P; Barbero, M B; Pacher, L; Kluit, R; Hinchliffe, I; Manghisoni, M; Giubilato, P; Faccio, F; Pernegger, H; Krueger, H; Gensolen, F D; Bilei, G M; Da rocha rolo, M D; Prydderch, M L; Fanucci, L; Grillo, A A; Bellazzini, R; Palomo pinto, F R; Michelis, S; Huegging, F G; Kishishita, T; Marchiori, G; Christian, D C; Kaestli, H C; Meier, B; Andreazza, A; Key-charriere, M; Linssen, L; Dannheim, D; Conti, E; Hemperek, T; Menouni, M; Fougeron, D; Genat, J; Bomben, M; Marzocca, C; Demaria, N; Mazza, G; Van bakel, N A; Palla, F; Grippo, M T; Magazzu, G; Ratti, L; Abbaneo, D; Crescioli, F; Deptuch, G W; Neue, G; De robertis, G; Passeri, D; Placidi, P; Gromov, V; Morsani, F; Paccagnella, A; Christiansen, J; Dho, E; Wermes, N; Rymaszewski, P; Rozanov, A; Wang, A; Lipton, R J; Havranek, M; Neviani, A; Marconi, S; Karagounis, M; Godiot, S; Calderini, G; Seidel, S C; Horisberger, R P; Garcia-sciveres, M A; Stabile, A; Beccherle, R; Bacchetta, N

    The present hybrid pixel detectors in operation at the LHC represent a major achievement. They deployed a new technology on an unprecedented scale and their success firmly established pixel tracking as indispensable for future HEP experiments. However, extrapolation of hybrid pixel technology to the HL-LHC presents major challenges on several fronts. We propose a new RD collaboration specifically focused on the development of pixel readout Integrated Circuits (IC). The IC challenges include: smaller pixels to resolve tracks in boosted jets, much higher hit rates (1-2 GHz/cm$^{2}$), unprecedented radiation tolerance (10 MGy), much higher output bandwidth, and large IC format with low power consumption in order to instrument large areas while keeping the material budget low. We propose a collaboration to design the next generation of hybrid pixel readout chips to enable the ATLAS and CMS Phase 2 pixel upgrades. This does not imply that ATLAS and CMS must use the same exact pixel readout chip, as most of the dev...

  10. Decision Analysis and Its Application to the Frequency of Containment Integrated Leakage Rate Tests

    International Nuclear Information System (INIS)

    Apostolakis, George E.; Koser, John P.; Sato, Gaku

    2004-01-01

    For nuclear utilities to become competitive in a deregulated electricity market, costs must be reduced, safety must be maintained, and interested stakeholders must remain content with the decisions being made. One way to reduce costs is to reduce the frequency of preventive maintenance and testing. However, these changes must be weighed against their impact on safety and stakeholder relations. We present a methodology that allows the evaluation of decision options using a number of objectives that include safety, economics, and stakeholder relations. First, the candidate decision options are screened to make sure that they satisfy the relevant regulatory requirements. The remaining options are evaluated using multiattribute utility theory. The results of the formal analysis include a ranking of the options according to their desirability as well as the major reasons that explain this ranking. These results are submitted to a deliberative process in which the decision makers scrutinize the results to ensure that they are meaningful. During the deliberation, new decision options may be formulated based on the insights that the formal analysis provides, as happened in the case study of this paper. This case study deals with the reduction in frequency of the containment integrated leak rate test of a boiling water reactor

  11. Binary Black Hole Mergers in the First Advanced LIGO Observing Run

    Science.gov (United States)

    Abbott, B. P.; Abbott, R.; Abbott, T. D.; Abernathy, M. R.; Acernese, F.; Ackley, K.; Adams, C.; Adams, T.; Addesso, F.; Camp, J. B.; hide

    2016-01-01

    The first observational run of the Advanced LIGO detectors, from September 12, 2015 to January 19, 2016, saw the first detections of gravitational waves from binary black hole mergers. In this paper we present full results from a search for binary black hole merger signals with total masses up to 100M solar mass and detailed implications from our observations of these systems. Our search, based on general-relativistic models of gravitational wave signals from binary black hole systems, unambiguously identified two signals, GW150914 and GW151226, with a significance of greater than 5 alpha over the observing period. It also identified a third possible signal, LVT151012, with substantially lower significance, which has a 87 probability of being of astrophysical origin. We provide detailed estimates of the parameters of the observed systems. Both GW150914 and GW151226 provide an unprecedented opportunity to study the two-body motion of a compact-object binary in the large velocity, highly nonlinear regime. We do not observe any deviations from general relativity, and place improved empirical bounds on several high-order post-Newtonian coefficients. From our observations we infer stellar-mass binary black hole merger rates lying in the range 9-240 Gpc-3 yr-1. These observations are beginning to inform astrophysical predictions of binary black hole formation rates, and indicate that future observing runs of the Advanced detector network will yield many more gravitational wave detections.

  12. Binary Black Hole Mergers in the First Advanced LIGO Observing Run

    Directory of Open Access Journals (Sweden)

    2016-10-01

    Full Text Available The first observational run of the Advanced LIGO detectors, from September 12, 2015 to January 19, 2016, saw the first detections of gravitational waves from binary black hole mergers. In this paper, we present full results from a search for binary black hole merger signals with total masses up to 100M_{⊙} and detailed implications from our observations of these systems. Our search, based on general-relativistic models of gravitational-wave signals from binary black hole systems, unambiguously identified two signals, GW150914 and GW151226, with a significance of greater than 5σ over the observing period. It also identified a third possible signal, LVT151012, with substantially lower significance and with an 87% probability of being of astrophysical origin. We provide detailed estimates of the parameters of the observed systems. Both GW150914 and GW151226 provide an unprecedented opportunity to study the two-body motion of a compact-object binary in the large velocity, highly nonlinear regime. We do not observe any deviations from general relativity, and we place improved empirical bounds on several high-order post-Newtonian coefficients. From our observations, we infer stellar-mass binary black hole merger rates lying in the range 9–240  Gpc^{-3} yr^{-1}. These observations are beginning to inform astrophysical predictions of binary black hole formation rates and indicate that future observing runs of the Advanced detector network will yield many more gravitational-wave detections.

  13. 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

  14. 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.

  15. 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.

  16. 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.

  17. 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.

  18. 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.

  19. 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.

  20. 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.

  1. 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.)

  2. 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.

  3. Rating Requirements of the UPQC to Integrate the FSIG Type Wind Generation to the Grid

    OpenAIRE

    Jayanti, N.; Basu, Malabika; Conlon, Michael; Gaughan, Kevin

    2009-01-01

    The ability of wind generation to remain connected to the grid in the event of system faults and dynamic reactive power compensation are two aspects of grid integration, which have received particular attention. The wind driven, fixed-speed induction generator (FSIG) on its own fails to fulfil these requirements of grid integration. The application of a unified power quality conditioner (UPQC) to overcome the grid integration problems of the FSIG is investigated. The role of the UPQC in enhan...

  4. Influence of radiation exposure rate on somatic mutation frequency and loss of reproductive integrity in tradescantia stamen hairs

    International Nuclear Information System (INIS)

    Ichikawa, S.; Nauman, C.H.; Sparrow, A.H.; Takahashi, C.S.

    1978-01-01

    Inflorescences of Tradescantia clone 02 (2n=12), hetero- or hemi-zygous for flower color, were exposed to a series of γ-ray exposures at two different exposure rates, 29.3 R/min and 0.026-0.52 R/min. Pink mutation-response curves, and survival curves based on reproductive integrity, were constructed for each of the exposure rates. Loss of reproductive integrity was also assessed at high (256 R/min) and low (0.52-4.17 R/min) γ-ray exposure rates in T. blossfeldiana (2n=72). All observations were made on stamen hairs. The higher exposure rate was 1.3-1.7 times more effective in inducing pink mutations in clone 02. A greater efficiency of the higher exposure rate was also found for both taxa at the loss of reproductive integrity endpoint. The D 0 values obtained at the higher exposure rates, 154 R for clone 02 and 720 R for T. blossfeldiana, were significantly lower than the corresponding values of 270 R and 1880 R obtained at the lower exposure rates. These D 0 's differ by factors of 1.75 and 2.61 for clone 02 and T. blossfeldiana, respectively. D 0 's for the two taxa were found to be inversely correlated with their interphase chromosome volumes. (Auth.)

  5. 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.

  6. 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

  7. 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.

  8. Probing Minor-merger-driven Star Formation In Early-type Galaxies Using Spatially-resolved Spectro-photometric Studies

    Science.gov (United States)

    Kaviraj, Sugata; Crockett, M.; Silk, J.; O'Connell, R. W.; Whitmore, B.; Windhorst, R.; Cappellari, M.; Bureau, M.; Davies, R.

    2012-01-01

    Recent studies that leverage the rest-frame ultraviolet (UV) spectrum have revealed widespread recent star formation in early-type galaxies (ETGs), traditionally considered to be old, passively-evolving systems. This recent star formation builds 20% of the ETG stellar mass after z 1, driven by repeated minor mergers between ETGs and small, gas-rich satellites. We demonstrate how spatially-resolved studies, using a combination of high-resolution UV-optical imaging and integral-field spectroscopy (IFS), is a powerful tool to quantify the assembly history of individual ETGs and elucidate the poorly-understood minor-merger process. Using a combination of WFC3 UV-optical (2500-8200 angstroms) imaging and IFS from the SAURON project of the ETG NGC 4150, we show that this galaxy experienced a merger with mass ratio 1:15 around 0.9 Gyr ago, which formed 3% of its stellar mass and a young kinematically-decoupled core. A UV-optical analysis of its globular cluster system shows that the bulk of the stars locked up in these clusters likely formed 6-7 Gyrs in the past. We introduce a new HST-WFC3 programme, approved in Cycle 19, which will leverage similar UV-optical imaging of a representative sample of nearby ETGs from SAURON to study the recent star formation and its drivers in unprecedented detail and put definitive constraints on minor-merger-driven star formation in massive galaxies at late epochs.

  9. LIGO Discovers the Merger of Two Black Holes

    Science.gov (United States)

    Kohler, Susanna

    2016-02-01

    confirmation. This detection is a huge deal for astrophysics because its the first direct evidence weve had that:Heavy stellar-mass black holes exist.Weve reliably measured black holes of masses up to 1020 solar masses in X-ray binaries (binary systems in which a single neutron star or black hole accretes matter from a donor star). But this is the first proof weve found that stellar-mass black holes of 25 solar masses can form in nature.Binaries consisting of two black holes can form in nature.As well discuss shortly, there are two theorized mechanisms for the formation of these black-hole binaries. Until now, however, there was no guarantee that either of those mechanisms worked!These black-hole binaries can inspiral and merge within the age of the universe.The formation of a black-hole binary is no guarantee that it will merge on a reasonable timescale: if the binary forms with enough separation, it could take longer than the age of the universe to merge. This detection proves that black-hole binaries can form with small enough separation to merge on observable timescales.What can we learn from GW150914?Expected increase in sensitivity for LIGO/Virgo detectors is shown as a function of total system mass (x-axis) and surveyed volume (y-axis). The red star indicates the mass of GW150914. [Abbott et al. 2016]For starters, we can throw out the lower estimates we had on merger rates. This event provides a new inferred binary-black-hole merger rate for the low-redshift universe of 2400 Gpc-3 yr-1.Another interesting conclusion about this binary system is that it probably formed in a low-metallicity environment (~ 1/2 solar metallicity). We infer this based on our current understanding of massive-star winds (which drive mass loss) and their dependence on metallicity: had the environment been high-metallicity, it is unlikely that such large black holes would have been able to form.What can we learn from future gravitational-wave detections?One of the key questions wed like to answer

  10. American Health Information Management Association. Position statement. Issue: managing health information in facility mergers and acquisitions.

    Science.gov (United States)

    1994-04-01

    Healthcare facility mergers and acquisitions are becoming more common as the industry consolidates. Many critical issues must be considered in mergers and acquisitions, including the management of patient health information. In addition to operational issues, licensure, regulatory, and accreditation requirements must be addressed. To ensure availability of health information to all legitimate users, patient records should be consolidated or linked in the master patient index. A record retention policy should be developed and implemented to meet user needs and assure compliance with legal, regulatory, and accreditation requirements. If health information from closed facilities will be stored for a period of time, its integrity and confidentiality must be preserved, and it must be readily accessible for patient care. The compatibility and functionality of existing information systems should be assessed, and a plan should be formulated for integration of the systems to the extent possible. Such integration may be essential for the organization to successfully meet the demands of integrated delivery systems. Existing databases should be maintained in an accessible form to meet anticipated future needs.

  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. 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.

  13. 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.

  14. 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.

  15. 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...

  16. 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.

  17. 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.

  18. 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...

  19. 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....

  20. 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

  1. 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.

  2. 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...

  3. 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%.

  4. 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.

  5. 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.

  6. An Overview of Three Decades of Mergers and Acquisitions Research

    Directory of Open Access Journals (Sweden)

    Nuno Rosa Reis

    2015-09-01

    Full Text Available Mergers and acquisitions (M&A have long attracted managers’ attention and have been researched in different perspectives and using different theories. In this study we grasp the wealth of extant research in the field of M&As. We conducted a bibliometric study of 635 articles on strategic management and international business research published in 34 highly ranked management journals between 1983 and 2012. We performed citation, co-citation and factor analyses to uncover the issues examined by scholars, the main theoretical approaches and themes researched. The results show a relative shift from economic and financial approaches to knowledge-based and organizational learning perspectives in recent years. There was also an evolution from assessing the performance of firms after an M&A to seeking an understanding of what may drive synergy creation after the integration process. Furthermore we observed an increasing interest in cross-border M&As. We discuss our findings, identifying gaps and suggesting paths for future research.

  7. World and Russian Market of Mergers and Acquisitions

    Directory of Open Access Journals (Sweden)

    Natalya S. Zagrebel’Naya

    2015-01-01

    Full Text Available This article analyzes the global and Russian markets of mergers and acquisitions (M&A. The article also presents the dynamics of M&A deals in the world and in Russia for the period 2010-2014, the geography of transactions and their sectoral structure. The overall analysis is supported by the examples of ten largest M&A deals in the world and in Russia, committed in 2014. In the market economy many companies, mostly large, consider M&A as means to improve the material and the production sector, increase profitability, sustainability, creating a positive image. Such transactions could improve a company's development, make business more competitive and profitable. In today's global economy we could observe the growing trend of global integration, which is manifested in the access of various types of companies into new markets, as well as the concentration of capital and consolidation of business, on the one hand. However, on the other hand, there is deterioration in the conditions of the companies due to the ongoing financial, economic and political crises and economic sanctions. This leads to changes in the activity on the world and Russian markets of M&A. Thus, to study its dynamics and trends in the contemporary world and in Russia is one of the most important and actual issues.

  8. Reactor dosimetry integral reaction rate data in LMFBR Benchmark and standard neutron fields: status, accuracy and implications

    International Nuclear Information System (INIS)

    Fabry, A.; Ceulemans, H.; Vandeplas, P.; McElroy, W.N.; Lippincott, E.P.

    1977-01-01

    This paper provides conclusions that may be drawn regarding the consistency and accuracy of dosimetry cross-section files on the basis of integral reaction rate data measured in U.S. and European benchmark and standard neutron fields. In a discussion of the major experimental facilities CFRMF (Idaho Falls), BIGTEN (Los Alamos), ΣΣ (Mol, Bucharest), NISUS (London), TAPIRO (Roma), FISSION SPECTRA (NBS, Mol, PTB), attention is paid to quantifying the sensitivity of computed integral data relative to the presently evaluated accuracy of the various neutron spectral distributions. The status of available integral data is reviewed and the assigned uncertainties are appraised, including experience gained by interlaboratory comparisons. For all reactions studied and for the various neutron fields, the measured integral data are compared to the ones computed from the ENDF/B-IV and the SAND-II dosimetry cross-section libraries as well as to some other differential data in relevant cases. This comparison, together with the proposed sensitivity and accuracy assessments, is used, whenever possible, to establish how well the best cross-sections evaluated on the basis of differential measurements (category I dosimetry reactions) are reliable in terms of integral reaction rates prediction and, for those reactions for which discrepancies are indicated, in which energy range it is presumed that additional differential measurements might help. For the other reactions (category II), the inconsistencies and trends are examined. The need for further integral measurements and interlaboratory comparisons is also considered

  9. 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

  10. Exergy analysis of integrated photovoltaic thermal solar water heater under constant flow rate and constant collection temperature modes

    NARCIS (Netherlands)

    Tiwari, A.; Dubey, Swapnil; Sandhu, G.S.; Sodha, M.S.; Anwar, S.I.

    2009-01-01

    In this communication, an analytical expression for the water temperature of an integrated photovoltaic thermal solar (IPVTS) water heater under constant flow rate hot water withdrawal has been obtained. Analysis is based on basic energy balance for hybrid flat plate collector and storage tank,

  11. A bit-rate flexible and power efficient all-optical demultiplexer realised by monolithically integrated Michelson interferometer

    DEFF Research Database (Denmark)

    Vaa, Michael; Mikkelsen, Benny; Jepsen, Kim Stokholm

    1996-01-01

    A novel bit-rate flexible and very power efficient all-optical demultiplexer using differential optical control of a monolithically integrated Michelson interferometer with MQW SOAs is demonstrated at 40 to 10 Gbit/s. Gain switched DFB lasers provide ultra stable data and control signals....

  12. 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.

  13. 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...

  14. 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.

  15. 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...

  16. 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.

  17. 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.

  18. 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.

  19. 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.

  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