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...

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.

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.

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.

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.

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 �

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...

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 ...

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

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.

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

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.

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

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.

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...

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....

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

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.

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.

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.

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.

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).

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)

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...

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.

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.

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

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.

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 ...

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

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)…

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.

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.

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.

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.

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.

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

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).

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.

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.

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.

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.

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.

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.

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)

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

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...

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�

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.

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.

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.

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.

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.

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.

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.

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

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.

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

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)

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.

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

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...

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

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.

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.)

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.

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...

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

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)

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.

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

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...

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.

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.

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

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...

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.

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.

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.

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.

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.

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.

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.

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...

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...

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.

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...

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.

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

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...

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.

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...

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.

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...

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...

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.;

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

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

International Nuclear Information System (INIS)

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

2013-01-01

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

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

Energy Technology Data Exchange (ETDEWEB)

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

2013-07-20

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

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)

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

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.

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.

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.

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.

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.

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.

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.

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

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)

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.

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)

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).

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.

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.…

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.

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…

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.

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...

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.

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

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

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.

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...

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)

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.

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)

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...

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;

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...

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.

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.

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.

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.

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

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.

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.

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.

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.

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.

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

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.

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.

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…

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.

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.

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.;

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.

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.

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

International Nuclear Information System (INIS)

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

2013-01-01

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

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 ...

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.

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…

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

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...

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

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

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.

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.

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

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.

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.

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.

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...

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.

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.

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.

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.

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.

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.

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...

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…

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.

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...

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...

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

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...

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.

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,

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.

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.

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...

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.

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.

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.

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 

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.

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)

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...

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.

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).

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...

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)

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)

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%

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

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.

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...

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

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.

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,

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

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.

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

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...

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…

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

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.

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).

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).

Merger control in the energy sector. An empirical investigation for the Federal Republic of Germany; Fusionskontrolle in der leitungsgebundenen Energiewirtschaft. Eine empirische Untersuchung fuer Deutschland

Energy Technology Data Exchange (ETDEWEB)

Lauk, Martina Margret

2008-11-06

In 1998, EU legislation initiated a liberalisation process among European energy markets. The process of market opening has significantly changed the functioning of the markets and the competition conditions of the energy sector. At the same time, the industry witnessed a surge of mergers and far-reaching changes in the structure of German electricity and natural gas markets occurred. Against this background, the doctoral thesis at hand surveys the merger activities in the energy sector as well as the merger control policy of the German Federal Cartel Office during the first years of liberalisation. The study starts with a portrayal of the institutional framework of the German merger control regime and a survey of the relevant economic literature on horizontal and vertical mergers. Subsequent to the legal and theoretical considerations, the merger activities and the merger control policy of the German Federal Cartel Office are investigated empirically. The data set is based on information taken from merger control files at the archive of the Federal Cartel Office in Bonn. It contains information on more than 250 merger cases and appendant decisions in the German natural gas and electricity sector put before the Federal Cartel Office between 1999 and 2003. In order to perform a statistical analysis, the information contained in the written decisions is transformed into variables. The data set is complemented by information on electricity and gas networks taken from external data sources. The empirical part of the study is divided into two parts: The aim of the first part is to investigate the integration strategies of energy utilities with respect to basic characteristics of the firms involved as well as structural factors of the markets affected by the respective mergers. In the descriptive section, key patterns of the integration strategies of the energy utilities can be identified. The results of the discrete choice analysis show that in addition to firm size of

Merger control in the energy sector. An empirical investigation for the Federal Republic of Germany; Fusionskontrolle in der leitungsgebundenen Energiewirtschaft. Eine empirische Untersuchung fuer Deutschland

Energy Technology Data Exchange (ETDEWEB)

Lauk, Martina Margret

2008-11-06

In 1998, EU legislation initiated a liberalisation process among European energy markets. The process of market opening has significantly changed the functioning of the markets and the competition conditions of the energy sector. At the same time, the industry witnessed a surge of mergers and far-reaching changes in the structure of German electricity and natural gas markets occurred. Against this background, the doctoral thesis at hand surveys the merger activities in the energy sector as well as the merger control policy of the German Federal Cartel Office during the first years of liberalisation. The study starts with a portrayal of the institutional framework of the German merger control regime and a survey of the relevant economic literature on horizontal and vertical mergers. Subsequent to the legal and theoretical considerations, the merger activities and the merger control policy of the German Federal Cartel Office are investigated empirically. The data set is based on information taken from merger control files at the archive of the Federal Cartel Office in Bonn. It contains information on more than 250 merger cases and appendant decisions in the German natural gas and electricity sector put before the Federal Cartel Office between 1999 and 2003. In order to perform a statistical analysis, the information contained in the written decisions is transformed into variables. The data set is complemented by information on electricity and gas networks taken from external data sources. The empirical part of the study is divided into two parts: The aim of the first part is to investigate the integration strategies of energy utilities with respect to basic characteristics of the firms involved as well as structural factors of the markets affected by the respective mergers. In the descriptive section, key patterns of the integration strategies of the energy utilities can be identified. The results of the discrete choice analysis show that in addition to firm size of

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.

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

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

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...

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...

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 ...

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

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

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

Background 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. Purpose The aim of this project was to transfer the concept of corporate culture in mergers to the merging of two medical systems. Methods 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 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). Conclusion 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. PMID:25632226

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...

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.

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.

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.

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.

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

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.

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.

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...

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...

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

International Nuclear Information System (INIS)

Reiter, H.L.

1999-01-01

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

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

Energy Technology Data Exchange (ETDEWEB)

Reiter, H.L.

1999-06-30

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

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

Science.gov (United States)

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

2018-02-01

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

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....

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.

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. ...

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.

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.

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 ...

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.

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.

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.

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...

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.

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.

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.

[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.

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...

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.

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...

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.

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.

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

DEFF Research Database (Denmark)

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

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

A method for estimating time-frequency characteristics of compact binary mergers to improve searches for inspiral, merger and ring-down phases separately

International Nuclear Information System (INIS)

Hanna, Chad; Megevand, Miguel; Palenzuela, Carlos; Ochsner, Evan

2009-01-01

Recent advances in the description of compact binary systems have produced gravitational waveforms that include inspiral, merger and ring-down phases. Comparing results from numerical simulations with those of post-Newtonian, and related, expansions has provided motivation for employing post-Newtonian waveforms in near merger epochs when searching for gravitational waves and has encouraged the development of analytic fits to full numerical waveforms. Until searches employ full waveforms as templates, data analysts can still conduct separate inspiral, merger and ring-down searches. Improved knowledge about the end of the inspiral phase, the beginning of the merger and the ring-down frequencies will increase the efficiency of searches over each phase separately without needing the exact waveform. We will show that knowledge of the final spin, of which there are many theoretical models and analytic fits to simulations, may give an insight into the time-frequency properties of the merger. We also present implications on the ability to probe the tidal disruption of neutron stars through gravitational waves.

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

Science.gov (United States)

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

2018-01-01

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

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.

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.)

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...

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

International Nuclear Information System (INIS)

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

2011-01-01

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

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...

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.

Discovery of a Detached, Eclipsing 40 Minute Period Double White Dwarf Binary and a Friend: Implications for He+CO White Dwarf Mergers

International Nuclear Information System (INIS)

Brown, Warren R.; Kilic, Mukremin; Kosakowski, Alekzander; Gianninas, A.

2017-01-01

We report the discovery of two detached double white dwarf (WD) binaries, SDSS J082239.546+304857.19 and SDSS J104336.275+055149.90, with orbital periods of 40 and 46 minutes, respectively. The 40 minute system is eclipsing; it is composed of a 0.30 M ⊙ and a 0.52 M ⊙ WD. The 46 minute system is a likely LISA verification binary. The short 20 ± 2 Myr and ∼34 Myr gravitational-wave merger times of the two binaries imply that many more such systems have formed and merged over the age of the Milky Way. We update the estimated Milky Way He+CO WD binary merger rate and affirm our previously published result: He+CO WD binaries merge at a rate at least 40 times greater than the formation rate of stable mass-transfer AM CVn binaries, and so the majority must have unstable mass-transfer. The implication is that spin–orbit coupling in He+CO WD mergers is weak, or perhaps nova-like outbursts drive He+CO WDs into merger, as proposed by Shen.

Discovery of a Detached, Eclipsing 40 Minute Period Double White Dwarf Binary and a Friend: Implications for He+CO White Dwarf Mergers

Energy Technology Data Exchange (ETDEWEB)

Brown, Warren R. [Smithsonian Astrophysical Observatory, 60 Garden Street, Cambridge, MA 02138 (United States); Kilic, Mukremin; Kosakowski, Alekzander; Gianninas, A., E-mail: wbrown@cfa.harvard.edu, E-mail: kilic@ou.edu, E-mail: alexg@nhn.ou.edu [Homer L. Dodge Department of Physics and Astronomy, University of Oklahoma, 440 W. Brooks Street, Norman, OK 73019 (United States)

2017-09-20

We report the discovery of two detached double white dwarf (WD) binaries, SDSS J082239.546+304857.19 and SDSS J104336.275+055149.90, with orbital periods of 40 and 46 minutes, respectively. The 40 minute system is eclipsing; it is composed of a 0.30 M {sub ⊙} and a 0.52 M {sub ⊙} WD. The 46 minute system is a likely LISA verification binary. The short 20 ± 2 Myr and ∼34 Myr gravitational-wave merger times of the two binaries imply that many more such systems have formed and merged over the age of the Milky Way. We update the estimated Milky Way He+CO WD binary merger rate and affirm our previously published result: He+CO WD binaries merge at a rate at least 40 times greater than the formation rate of stable mass-transfer AM CVn binaries, and so the majority must have unstable mass-transfer. The implication is that spin–orbit coupling in He+CO WD mergers is weak, or perhaps nova-like outbursts drive He+CO WDs into merger, as proposed by Shen.

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

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.

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

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.

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...

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.

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.

Observing Mergers of Non-Spinning Black-Hole Binaries

Science.gov (United States)

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

2010-01-01

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

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.;

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.

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.

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.

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.

Imprint of the merger and ring-down on the gravitational wave background from black hole binaries coalescence

Science.gov (United States)

Marassi, S.; Schneider, R.; Corvino, G.; Ferrari, V.; Portegies Zwart, S.

2011-12-01

We compute the gravitational wave background (GWB) generated by a cosmological population of black hole-black hole (BH-BH) binaries using hybrid waveforms recently produced by numerical simulations of (BH-BH) coalescence, which include the inspiral, merger, and ring-down contributions. A large sample of binary systems is simulated using the population synthesis code SeBa, and we extract fundamental statistical information on (BH-BH) physical parameters (primary and secondary BH masses, orbital separations and eccentricities, formation, and merger time scales). We then derive the binary birth and merger rates using the theoretical cosmic star formation history obtained from a numerical study which reproduces the available observational data at redshifts zrate of 0.85Mpc-3Myr-1. Third generation detectors, such as the Einstein Telescope (ET), could reveal the GWB from the inspiral phase predicted by any of the considered models. In addition, ET could sample the merger phase of the evolution at least for models which predict local merger rates between [0.053-0.85]Mpc-3Myr-1, which are more than a factor 2 lower than the upper limit inferred from the analysis of the LIGO S5 run [J. Abadie , Phys. Rev. DPRVDAQ1550-7998 83, 122005 (2011)10.1103/PhysRevD.83.122005]. The frequency dependence and amplitude of the GWB generated during the coalescence is very sensitive to the adopted core mass threshold for BH formation. This opens up the possibility to better understand the final stages of the evolution of massive stellar binaries using observational constraints on the associated gravitational wave emission.

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...

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....

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

Science.gov (United States)

2010-01-01

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

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.

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

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.

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...

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

Mergers and acquisitions: A synthesis of theories and directions for future research

Directory of Open Access Journals (Sweden)

Wissal Ben Letaifa

2017-02-01

Full Text Available The purpose of this paper is to review a synthesis of theories and empirical studies dealing with the mergers and acquisitions in the recent decay in an attempt to provide directions for future research. The review focuses on four main streams including: first, the motives for mergers-acquisitions; which are the strategic profits, the overconfidence of managers and the desire to create a big empire resulting from merger. From second, corporate characteristics of firms that did merger or acquisition; third, the economic consequences of the operation of merger and acquisition and finally; fourth, the implication on the market with the impact of merger on the value of the firm. We think that this article can give another idea about the information disclosed by any company choosing to merge and can be analyzed by practitioners by giving them the theoretical background of the merger and acquisition problem.

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...

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...

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.

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.

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.

PAIRING OF SUPERMASSIVE BLACK HOLES IN UNEQUAL-MASS GALAXY MERGERS

International Nuclear Information System (INIS)

Callegari, Simone; Mayer, Lucio; Kazantzidis, Stelios; Colpi, Monica; Governato, Fabio; Quinn, Thomas; Wadsley, James

2009-01-01

We examine the pairing process of supermassive black holes (SMBHs) down to scales of 20-100 pc using a set of N-body/SPH simulations of binary mergers of disk galaxies with mass ratios of 1:4 and 1:10. Our numerical experiments are designed to represent merger events occurring at various cosmic epochs. The initial conditions of the encounters are consistent with the ΛCDM paradigm of structure formation, and the simulations include the effects of radiative cooling, star formation (SF), and supernovae feedback. We find that the pairing of SMBHs depends sensitively on the amount of baryonic mass preserved in the center of the companion galaxies during the last phases of the merger. In particular, due to the combination of gasdynamics and SF, we find that a pair of SMBHs can form efficiently in 1:10 minor mergers, provided that galaxies are relatively gas-rich (gas fractions of 30% of the disk mass) and that the mergers occur at relatively high redshift (z ∼ 3), when dynamical friction timescales are shorter. Since 1:10 mergers are most common events during the assembly of galaxies, and mergers are more frequent at high redshift when galaxies are also more gas-rich, our results have positive implications for future gravitational wave experiments such as the Laser Interferometer Space Antenna.

EVOLUTION OF THE MERGER-INDUCED HYDROSTATIC MASS BIAS IN GALAXY CLUSTERS

International Nuclear Information System (INIS)

Nelson, Kaylea; Nagai, Daisuke; Rudd, Douglas H.; Shaw, Laurie

2012-01-01

In this work, we examine the effects of mergers on the hydrostatic mass estimate of galaxy clusters using high-resolution Eulerian cosmological simulations. We utilize merger trees to isolate the last merger for each cluster in our sample and follow the time evolution of the hydrostatic mass bias as the systems relax. We find that during a merger, a shock propagates outward from the parent cluster, resulting in an overestimate in the hydrostatic mass bias. After the merger, as a cluster relaxes, the bias in hydrostatic mass estimate decreases but remains at a level of –5%-10% with 15%-20% scatter within r 500 . We also investigate the post-merger evolution of the pressure support from bulk motions, a dominant cause of this residual mass bias. At r 500 , the contribution from random motions peaks at 30% of the total pressure during the merger and quickly decays to ∼10%-15% as a cluster relaxes. Additionally, we use a measure of the random motion pressure to correct the hydrostatic mass estimate. We discover that 4 Gyr after mergers, the direct effects of the merger event on the hydrostatic mass bias have become negligible. Thereafter, the mass bias is primarily due to residual bulk motions in the gas which are not accounted for in the hydrostatic equilibrium equation. We present a hydrostatic mass bias correction method that can recover the unbiased cluster mass for relaxed clusters with 9% scatter at r 500 and 11% scatter in the outskirts, within r 200 .

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

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.

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.

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 CFR 1717.158 - Mergers with borrowers who prepaid RUS loans.

Science.gov (United States)

2010-01-01

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

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...

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.

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...

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; ...

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.

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.

Properties of Merger Shocks in Merging Galaxy Clusters

Science.gov (United States)

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

2018-04-01

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

Towards a Novel Conceptual Framework for Understanding Mergers in Higher Education

Science.gov (United States)

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

2016-01-01

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

Transparency and Coordinated Effects in European Merger Control

DEFF Research Database (Denmark)

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

2010-01-01

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

12 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...

Astrophysics of Super-Massive Black Hole Mergers

Science.gov (United States)

Schnittman, Jeremy D.

2013-01-01

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

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

Directory of Open Access Journals (Sweden)

Witt CM

2015-01-01

Full Text Available Claudia M Witt,1–3 Marion Pérard,2 Brian Berman,3,4 Susan Berman,4 Timothy C Birdsall,5 Horst Defren,6 Sherko Kümmel,7 Gary Deng,8 Gustav Dobos,9 Atje Drexler,10 Christine Holmberg,2 Markus Horneber,11 Robert Jütte,9 Lori Knutson,12 Christopher Kummer,13 Susanne Volpers,14 David Schweiger15 1University Hospital Zurich, Institute for Complementary and Integrative Medicine, Zurich, Switzerland; 2Institute for Social Medicine, Epidemiology and Health Economics, Charité-Universitätsmedizin, Berlin, Germany; 3University of Maryland School of Medicine, Center for Integrative Medicine, Baltimore, Maryland, USA; 4The Institute for Integrative Health, Baltimore, USA; 5Cancer Treatment Centers of America, Goodyear, Arizona, USA, 6Kliniken Essen Mitte, Evang, Huyssen-Stiftung/Knappschaft GmbH Patientenmanagement, Essen, Germany; 7Department of Senology, Breast Center, Kliniken Essen-Mitte, Evang. Huyssens Stiftung, Knappschaft GmbH, Essen, Germany; 8Memorial Sloan-Kettering Cancer Center, New York, USA; 9Department of Internal and Integrative Medicine, Kliniken Essen-Mitte, Academic Teaching Hospital of the University of Duisburg-Essen, Germany; 10Robert Bosch Foundation GmbH, Stuttgart, Germany; 11Department of Internal Medicine, Division of Oncology and Hematology, Paracelsus Medical University, Klinikum Nürnberg, Germany; 12Integrative Healthcare Solutions, Minneapolis, Minnesota, USA; 13Institute of Mergers, Acquisitions and Alliances (IMAA, Zurich, Switzerland; 14Frauenselbsthilfe nach Krebs, Bonn, Germany; 15Schweiger, Schweiger & Associates, Hilton Head Island, South Carolina, USA Background: 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

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

NARCIS (Netherlands)

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

2011-01-01

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

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...

Mergers and acquisitions: valuation and risk assessment; CD-ROM ed.

Energy Technology Data Exchange (ETDEWEB)

McVeigh, C.A. [Currie Coopers and Lybrand, Toronto, ON (Canada)

1996-04-01

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.

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.

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

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

Science.gov (United States)

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

2018-05-01

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

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.

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....

Evolution Models of Helium White Dwarf–Main-sequence Star Merger Remnants

International Nuclear Information System (INIS)

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

2017-01-01

It is predicted that orbital decay by gravitational-wave radiation and tidal interaction will cause some close binary stars to merge within a Hubble time. The merger of a helium-core white dwarf with a main-sequence (MS) star can produce a red giant branch star that has a low-mass hydrogen envelope when helium is ignited and thus become a hot subdwarf. Because detailed calculations have not been made, we compute post-merger models with a stellar evolution code. We find the evolutionary paths available to merger remnants and find the pre-merger conditions that lead to the formation of hot subdwarfs. We find that some such mergers result in the formation of stars with intermediate helium-rich surfaces. These stars later develop helium-poor surfaces owing to diffusion. Combining our results with a model population and comparing to observed stars, we find that some observed intermediate helium-rich hot subdwarfs can be explained as the remnants of the mergers of helium-core white dwarfs with low-mass MS stars.

Evolution Models of Helium White Dwarf–Main-sequence Star Merger Remnants

Energy Technology Data Exchange (ETDEWEB)

Zhang, Xianfei; Bi, Shaolan [Department of Astronomy, Beijing Normal University, Beijing, 100875 (China); Hall, Philip D.; Jeffery, C. Simon, E-mail: zxf@bnu.edu.cn [Armagh Observatory, College Hill, Armagh BT61 9DG (United Kingdom)

2017-02-01

It is predicted that orbital decay by gravitational-wave radiation and tidal interaction will cause some close binary stars to merge within a Hubble time. The merger of a helium-core white dwarf with a main-sequence (MS) star can produce a red giant branch star that has a low-mass hydrogen envelope when helium is ignited and thus become a hot subdwarf. Because detailed calculations have not been made, we compute post-merger models with a stellar evolution code. We find the evolutionary paths available to merger remnants and find the pre-merger conditions that lead to the formation of hot subdwarfs. We find that some such mergers result in the formation of stars with intermediate helium-rich surfaces. These stars later develop helium-poor surfaces owing to diffusion. Combining our results with a model population and comparing to observed stars, we find that some observed intermediate helium-rich hot subdwarfs can be explained as the remnants of the mergers of helium-core white dwarfs with low-mass MS stars.

Gravitational-Wave Luminosity of Binary Neutron Stars Mergers

Science.gov (United States)

Zappa, Francesco; Bernuzzi, Sebastiano; Radice, David; Perego, Albino; Dietrich, Tim

2018-03-01

We study the gravitational-wave peak luminosity and radiated energy of quasicircular neutron star mergers using a large sample of numerical relativity simulations with different binary parameters and input physics. The peak luminosity for all the binaries can be described in terms of the mass ratio and of the leading-order post-Newtonian tidal parameter solely. The mergers resulting in a prompt collapse to black hole have the largest peak luminosities. However, the largest amount of energy per unit mass is radiated by mergers that produce a hypermassive neutron star or a massive neutron star remnant. We quantify the gravitational-wave luminosity of binary neutron star merger events, and set upper limits on the radiated energy and the remnant angular momentum from these events. We find that there is an empirical universal relation connecting the total gravitational radiation and the angular momentum of the remnant. Our results constrain the final spin of the remnant black hole and also indicate that stable neutron star remnant forms with super-Keplerian angular momentum.

Gravitational-Wave Luminosity of Binary Neutron Stars Mergers.

Science.gov (United States)

Zappa, Francesco; Bernuzzi, Sebastiano; Radice, David; Perego, Albino; Dietrich, Tim

2018-03-16

We study the gravitational-wave peak luminosity and radiated energy of quasicircular neutron star mergers using a large sample of numerical relativity simulations with different binary parameters and input physics. The peak luminosity for all the binaries can be described in terms of the mass ratio and of the leading-order post-Newtonian tidal parameter solely. The mergers resulting in a prompt collapse to black hole have the largest peak luminosities. However, the largest amount of energy per unit mass is radiated by mergers that produce a hypermassive neutron star or a massive neutron star remnant. We quantify the gravitational-wave luminosity of binary neutron star merger events, and set upper limits on the radiated energy and the remnant angular momentum from these events. We find that there is an empirical universal relation connecting the total gravitational radiation and the angular momentum of the remnant. Our results constrain the final spin of the remnant black hole and also indicate that stable neutron star remnant forms with super-Keplerian angular momentum.

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.

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

POST-MERGER SIGNATURES OF RED-SEQUENCE GALAXIES IN RICH ABELL CLUSTERS AT z ∼< 0.1

International Nuclear Information System (INIS)

Sheen, Yun-Kyeong; Yi, Sukyoung K.; Lee, Jaehyun; Ree, Chang H.

2012-01-01

We have investigated the post-merger signatures of red-sequence galaxies in rich Abell clusters at z ∼ r < –20) cluster red-sequence galaxies show post-merger signatures in four clusters consistently. Most (∼71%) of the featured galaxies were found to be bulge dominated, and for the subsample of bulge-dominated red-sequence galaxies, the post-merger fraction rises to ∼38%. We also found that roughly 4% of bulge-dominated red-sequence galaxies interact (ongoing merger). A total of 42% (38% post-merger, 4% ongoing merger) of galaxies show merger-related features. Compared to a field galaxy study with a similar limiting magnitude by van Dokkum in 2005, our cluster study presents a similar post-merger fraction but a markedly lower ongoing merger fraction. The merger fraction derived is surprisingly high for the high density of our clusters, where the fast internal motions of galaxies are thought to play a negative role in galaxy mergers. The fraction of post-merger and ongoing merger galaxies can be explained as follows. Most of the post-merger galaxies may have carried over their merger features from their previous halo environment, whereas interacting galaxies interact in the current cluster in situ. According to our semi-analytic calculation, massive cluster halos may very well have experienced tens of halo mergers over the last 4-5 Gyr; post-merger features last that long, allowing these features to be detected in our clusters today. The apparent lack of dependence of the merger fraction on the clustocentric distance is naturally explained this way. In this scenario, the galaxy morphology and properties can be properly interpreted only when the halo evolution characteristics are understood first.

Employer-provided health insurance and hospital mergers.

Science.gov (United States)

Garmon, Christopher

2013-07-01

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

Gravitational wave spectroscopy of binary neutron star merger remnants with mode stacking

Science.gov (United States)

Yang, Huan; Paschalidis, Vasileios; Yagi, Kent; Lehner, Luis; Pretorius, Frans; Yunes, Nicolás

2018-01-01

A binary neutron star coalescence event has recently been observed for the first time in gravitational waves, and many more detections are expected once current ground-based detectors begin operating at design sensitivity. As in the case of binary black holes, gravitational waves generated by binary neutron stars consist of inspiral, merger, and postmerger components. Detecting the latter is important because it encodes information about the nuclear equation of state in a regime that cannot be probed prior to merger. The postmerger signal, however, can only be expected to be measurable by current detectors for events closer than roughly ten megaparsecs, which given merger rate estimates implies a low probability of observation within the expected lifetime of these detectors. We carry out Monte Carlo simulations showing that the dominant postmerger signal (the ℓ=m =2 mode) from individual binary neutron star mergers may not have a good chance of observation even with the most sensitive future ground-based gravitational wave detectors proposed so far (the Einstein Telescope and Cosmic Explorer, for certain equations of state, assuming a full year of operation, the latest merger rates, and a detection threshold corresponding to a signal-to-noise ratio of 5). For this reason, we propose two methods that stack the postmerger signal from multiple binary neutron star observations to boost the postmerger detection probability. The first method follows a commonly used practice of multiplying the Bayes factors of individual events. The second method relies on an assumption that the mode phase can be determined from the inspiral waveform, so that coherent mode stacking of the data from different events becomes possible. We find that both methods significantly improve the chances of detecting the dominant postmerger signal, making a detection very likely after a year of observation with Cosmic Explorer for certain equations of state. We also show that in terms of detection

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

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.

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.

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

DEFF Research Database (Denmark)

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

2016-01-01

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

Bank Consolidation and Consumer Loan Interest Rates

OpenAIRE

Charles Kahn; George Pennacchi; Ben Sopranzetti

2001-01-01

The recent wave of bank mergers has raised concern with its effect on competition. This paper examines the influence of concentration and merger activity on consumer loan interest rates. It uses Bank Rate Monitor, Inc. survey data on loan rates quoted weekly by large commercial banks in ten major U.S. cities during the 1989 to 1997 period. The pricing behavior of banks is analyzed for two types of loans: new automobile loans and unsecured personal loans. Market concentration is found to have ...

Selection of Mergers and Acquisitions by Foreign Capital in Open Economies

Institute of Scientific and Technical Information of China (English)

ZHENG Ying-fei; CHEN Hong-min; XU Li

2007-01-01

By a linear Cournot model, the factors associated with the integration of two firms are discussed in terms of their effects on the private surplus and the social welfare in economies with varying extent of openness. Meanwhile, the trade policy of the host government is taken into account. It is concluded that the more open the economy and the more intense the competition, the less profitable the integration; the most important determinant to the changes of the domestic social welfare is the industry strength of the host country. The host authority can enhance the domestic social welfare in two ways: to adjust the trade policy and to only approve the socially desirable cross-border mergers and acquisitions.

A study on the impact of mergers & acquisitions on shareholders’ wealth and efficiency

Directory of Open Access Journals (Sweden)

Li Tianqi

2016-01-01

Full Text Available As nowadays mergers & acquisitions are becoming more and more prevalent, this paper concerns the impact of mergers & acquisition on shareholders’ wealth and efficiency. Choosing mergers & acquisitions events in bank industry, we apply literature analysis to see what previous scholars have found and CAPM model to calculate their CAR, which reflects the change of shareholders’ values (positive CAR means shareholders gain positive returns from mergers & acquisitions and vice versa. And finally, we find that bank mergers and acquisitions do create shareholder wealth for the target bank acquired and that in many cases the acquiring firm’s shareholders tend to lose out because their ownership in the newly formed bank is severely diluted and the same is with the efficiency. What’s more, when we take the financial crisis into consideration, mergers are seen to be a safe haven. Besides that, senior management must be skilled at corporate restructuring within the newly merged banks for merged banks to survive post-merger activity.

Viscous Dissipation and Heat Conduction in Binary Neutron-Star Mergers.

Science.gov (United States)

Alford, Mark G; Bovard, Luke; Hanauske, Matthias; Rezzolla, Luciano; Schwenzer, Kai

2018-01-26

Inferring the properties of dense matter is one of the most exciting prospects from the measurement of gravitational waves from neutron star mergers. However, it requires reliable numerical simulations that incorporate viscous dissipation and energy transport as these can play a significant role in the survival time of the post-merger object. We calculate time scales for typical forms of dissipation and find that thermal transport and shear viscosity will not be important unless neutrino trapping occurs, which requires temperatures above 10 MeV and gradients over length scales of 0.1 km or less. On the other hand, if direct-Urca processes remain suppressed, leaving modified-Urca processes to establish flavor equilibrium, then bulk viscous dissipation could provide significant damping to density oscillations right after merger. When comparing with data from state-of-the-art merger simulations, we find that the bulk viscosity takes values close to its resonant maximum in a typical merger, motivating a more careful assessment of the role of bulk viscous dissipation in the gravitational-wave signal from merging neutron stars.

Viscous Dissipation and Heat Conduction in Binary Neutron-Star Mergers

Science.gov (United States)

Alford, Mark G.; Bovard, Luke; Hanauske, Matthias; Rezzolla, Luciano; Schwenzer, Kai

2018-01-01

Inferring the properties of dense matter is one of the most exciting prospects from the measurement of gravitational waves from neutron star mergers. However, it requires reliable numerical simulations that incorporate viscous dissipation and energy transport as these can play a significant role in the survival time of the post-merger object. We calculate time scales for typical forms of dissipation and find that thermal transport and shear viscosity will not be important unless neutrino trapping occurs, which requires temperatures above 10 MeV and gradients over length scales of 0.1 km or less. On the other hand, if direct-Urca processes remain suppressed, leaving modified-Urca processes to establish flavor equilibrium, then bulk viscous dissipation could provide significant damping to density oscillations right after merger. When comparing with data from state-of-the-art merger simulations, we find that the bulk viscosity takes values close to its resonant maximum in a typical merger, motivating a more careful assessment of the role of bulk viscous dissipation in the gravitational-wave signal from merging neutron stars.

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.

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

NARCIS (Netherlands)

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

2015-01-01

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

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.

Analytic family of post-merger template waveforms

Science.gov (United States)

Del Pozzo, Walter; Nagar, Alessandro

2017-06-01

Building on the analytical description of the post-merger (ringdown) waveform of coalescing, nonprecessing, spinning binary black holes introduced by Damour and Nagar [Phys. Rev. D 90, 024054 (2014), 10.1103/PhysRevD.90.024054], we propose an analytic, closed form, time-domain, representation of the ℓ=m =2 gravitational radiation mode emitted after merger. This expression is given as a function of the component masses and dimensionless spins (m1 ,2,χ1 ,2) of the two inspiraling objects, as well as of the mass MBH and (complex) frequency σ1 of the fundamental quasinormal mode of the remnant black hole. Our proposed template is obtained by fitting the post-merger waveform part of several publicly available numerical relativity simulations from the Simulating eXtreme Spacetimes (SXS) catalog and then suitably interpolating over (symmetric) mass ratio and spins. We show that this analytic expression accurately reproduces (˜0.01 rad ) the phasing of the post-merger data of other data sets not used in its construction. This is notably the case of the spin-aligned run SXS:BBH:0305, whose intrinsic parameters are consistent with the 90% credible intervals reported in the parameter-estimation followup of GW150914 by B.P. Abbott et al. [Phys. Rev. Lett. 116, 241102 (2016), 10.1103/PhysRevLett.116.241102]. Using SXS waveforms as "experimental" data, we further show that our template could be used on the actual GW150914 data to perform a new measure of the complex frequency of the fundamental quasinormal mode so as to exploit the complete (high signal-to-noise-ratio) post-merger waveform. We assess the usefulness of our proposed template by analyzing, in a realistic setting, SXS full inspiral-merger-ringdown waveforms and constructing posterior probability distribution functions for the central frequency damping time of the first overtone of the fundamental quasinormal mode as well as for the physical parameters of the systems. We also briefly explore the possibility

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

International Nuclear Information System (INIS)

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

2013-01-01

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

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…

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

Science.gov (United States)

Stephenson, Sandria S.

2011-01-01

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

Risk and prevention mergers and acquisitions financial%企业并购中的财务风险与防范

Institute of Scientific and Technical Information of China (English)

车莹

2015-01-01

Mergers and acquisitions market economy develops to a certain stage, the competition fierce, full of the inevitable manifestation of the current mergers and acquisitions is widespread, some companies through mergers and acquisitions to achieve the effective integration of the production, management, marketing, competition, and other factors achieve the effect of business development and growth, but there are a lot of mergers and acquisitions in the financial risk, the study from the perspective of merger control financial risk to start thinking, describes the different types of financial risks arising from mergers and acquisitions, corporate mergers and acquisitions process to produce the main causes of the financial risk of a profound analysis and anatomy, provides an entry point to the merger process for financial risk control measures.%企业并购是市场经济发展到一定阶段，竞争激烈化、全面化的必然表现形式，当前我国企业并购十分普遍，一些企业通过并购实现了生产、经营、市场、竞争等各项要素的有效整合，达到了企业发展和壮大的效果，但是企业并购中存在着大量的财务风险，本研究从企业并购财务风险的控制角度展开了思考，阐述了企业并购所产生的不同种类的财务风险，对企业并购过程中产生财务风险的主要成因进行了深刻的分析与解剖，提供了以企业并购过程为切入点的财务风险控制措施。

Mergers and Acquisitions in Selected Frontier Markets of Asia

Directory of Open Access Journals (Sweden)

Farhan Ahmed

2018-01-01

Full Text Available This paper aims to provide contemporary and comparative information on mergers and acquisition activities. The findings have shown that Vietnam is very active in mergers and acquisitions activities, for instance in Vietnam 2946 transactions were announced, and 2114 completed in the last decade. Furthermore, Vietnam has a distinctive element of merging local firms; Out of top 20 deals, in 18 transactions target firms and acquirer both were from Vietnam. On the other hand, Sri Lanka has the highest percentage of completed M&A transactions in the last decade compared to Pakistan and Vietnam. In case of Pakistan, the findings suggest that Pakistan has had the highest number of value-based Mergers and Acquisitions deals in comparison to Sri Lanka and Vietnam. Interestingly, even though the number of transactions is higher compared to Sri Lanka and Vietnam; however, mergers and acquisition have had no significant impact on the profitability of Pakistan companies.DOI: 10.15408/sjie.v7i1.6074

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

International Nuclear Information System (INIS)

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

2014-01-01

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

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.

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.

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

Science.gov (United States)

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

2016-01-01

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

Toward the Distribution of Orbital Parameters of Nearby Major Galaxy Mergers

Science.gov (United States)

Mortazavi, S. Alireza

2016-01-01

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

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.

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.

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…

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

Science.gov (United States)

2010-04-01

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

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

Science.gov (United States)

Cai, Yuzhuo; Yang, Xi

2016-01-01

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

Signatures of Heavy Element Production in Neutron Star Mergers

Science.gov (United States)

Barnes, Jennifer

2018-06-01

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

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...

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.

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

Energy Technology Data Exchange (ETDEWEB)

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

2014-10-20

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

Hot subdwarfs formed from the merger of two He white dwarfs

Science.gov (United States)

Schwab, Josiah

2018-06-01

We perform stellar evolution calculations of the remnant of the merger of two He white dwarfs (WDs). Our initial conditions are taken from hydrodynamic simulations of double WD mergers and the viscous disc phase that follows. We evolve these objects from shortly after the merger into their core He-burning phase, when they appear as hot subdwarf stars. We use our models to quantify the amount of H that survives the merger, finding that it is difficult for ≳ 10^{-4} M_{⊙} of H to survive, with even less being concentrated in the surface layers of the object. We also study the rotational evolution of these merger remnants. We find that mass-loss over the {˜ } 10^4 yr following the merger can significantly reduce the angular momentum of these objects. As hot subdwarfs, our models have moderate surface rotation velocities of 30-100 km s-1. The properties of our models are not representative of many apparently isolated hot subdwarfs, suggesting that those objects may form via other channels or that our modelling is incomplete. However, a sub-population of hot subdwarfs are moderate-to-rapid rotators and/or have He-rich atmospheres. Our models help to connect the observed properties of these objects to their progenitor systems.

Creating S0s with Major Mergers: A 3D View

Directory of Open Access Journals (Sweden)

Miguel Querejeta

2015-12-01

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

Discovery of a Detached, Eclipsing 40 Minute Period Double White Dwarf Binary and a Friend: Implications for He+CO White Dwarf Mergers

Science.gov (United States)

Brown, Warren R.; Kilic, Mukremin; Kosakowski, Alekzander; Gianninas, A.

2017-09-01

We report the discovery of two detached double white dwarf (WD) binaries, SDSS J082239.546+304857.19 and SDSS J104336.275+055149.90, with orbital periods of 40 and 46 minutes, respectively. The 40 minute system is eclipsing; it is composed of a 0.30 M ⊙ and a 0.52 M ⊙ WD. The 46 minute system is a likely LISA verification binary. The short 20 ± 2 Myr and ˜34 Myr gravitational-wave merger times of the two binaries imply that many more such systems have formed and merged over the age of the Milky Way. We update the estimated Milky Way He+CO WD binary merger rate and affirm our previously published result: He+CO WD binaries merge at a rate at least 40 times greater than the formation rate of stable mass-transfer AM CVn binaries, and so the majority must have unstable mass-transfer. The implication is that spin-orbit coupling in He+CO WD mergers is weak, or perhaps nova-like outbursts drive He+CO WDs into merger, as proposed by Shen. Based on observations obtained at the MMT Observatory, a joint facility of the Smithsonian Institution and the University of Arizona, and on observations obtained with the Apache Point Observatory 3.5 m telescope, which is owned and operated by the Astrophysical Research Consortium.

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

DEFF Research Database (Denmark)

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

2015-01-01

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

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

OpenAIRE

Björnerstedt, Jonas; Verboven, Frank

2012-01-01

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

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

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.

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.

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.

Faculty Experiences of Merger and Organizational Change in a Social Work Program.

Science.gov (United States)

Adedoyin, A Christson; Miller, Monte; Jackson, Mary S; Dodor, Bernice; Hall, Kristen

2016-01-01

Social work programs are experiencing unprecedented organizational changes due to budget cuts, dwindling resources, global, and technological challenges. However, there is limited information in the literature about the merger experiences of faculty in social work programs. On one hand undergoing merger and reorganization provides the opportunity to reorganize, reprioritize, re-assess, develop strategies, and explore previously untapped opportunities for social work programs. Conversely, merger experiences have caused frustration, intention to quit, confusion, and loss of professional identity for social work faculty. In this article the authors utilize a journaling method and sense-making approach of the merger experiences of some of the faculty members of a social work program in the United States. The authors suggest a framework to understand how the faculty confronted the challenges, overcame the pitfalls, and maximized the opportunities offered during the merger and organizational change process.

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…

Merger, Akusisi dan Konsolidasi dalam Perspektif Hukum Persaingan Usaha

Directory of Open Access Journals (Sweden)

Paulus Aluk Fajar Dwi Santo

2011-05-01

Full Text Available Mergers, acquisitions and consolidation is a business strategy that is commonly used in the business world to be able to build competitive advantage company, which in time can enhance shareholder value while maximizing the prosperity of the company owners or shareholders. To achieve the above objective normative, policy-makers need a plan and steps of strategic and accurate information to avoid the risk of failure. However, the strategy of merger, acquisition and consolidation of certain potentially inhibit fair competition conditions, thus becoming one of the objects that need to be regulated in Law no. 5 Year 1999 concerning Prohibition of Monopolistic Practices and Unfair Business Competition. Market impact of mergers, acquisitions and consolidation is important for analysis because it can have significant legal consequences for businesses, so that the research method used is the juridical normative and empirical approaches. In practice of mergers, acquisitions and consolidation intersect with regulation in other sectors, especially banking and capital markets. That is, there should be equality of perception and interpretation among the institutions that issued the policy.

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.

Cell Mergers and Their Impact on Cloud-to-Ground Lightning Over the Houston Area

Science.gov (United States)

Gauthier, Michael L.; Petersen, Walter A.; Carey, Lawrence D.

2009-01-01

A previous hypothesis advanced from observational studies such as METROMEX suggests that the intensity, frequency, and organization of cumulus convection may be impacted by the forcing of enhanced merger activity downstream of urban zones. A resulting corollary is that cities may exert an indirect anthropogenic forcing of parameters related to convection and associated phenomena such as lightning and precipitation. This paper investigates the urban merger hypothesis by examining the role of convective cell mergers on the existence and persistence of the Houston lightning "anomaly", a local maximum in cloud-to-ground (CG) lightning activity documented to exist over and east of Houston. Using eight summer seasons of peak columnar radar reflectivity, CG lightning data and a cell-tracking algorithm, a two-dimensional cell merger climatology is created for portions of eastern Texas and Louisiana. Results from the tracking and analysis of over 3.8 million cells indicate that merger-driven enhancements in convection induce a positive response (O 46%) in ground-flash densities throughout the domain, with areas of enhanced lightning typically being co-located with areas of enhanced merger activity. However, while mergers over the Houston area (relative to elsewhere in the domain) do result in more vigorous convective cells that produce larger CG flash densities, we find that CG lightning contributions due to mergers are distributed similarly throughout the domain. Hence while we demonstrate that cell mergers do greatly impact the production of lightning, the urban cell merger hypothesis does not uniquely explain the presence of a local lightning maximum near and downstream of Houston.

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.

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

Energy Technology Data Exchange (ETDEWEB)

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

2017-04-01

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

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

Science.gov (United States)

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

2017-04-01

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

Maintenance of subjective health during a merger : the role of experienced change and pre-merger social support at work in white- and blue-collar workers

NARCIS (Netherlands)

Vaananen, A; Pahkin, K; Kalimo, R; Buunk, BP; Väänänen, A.; Buunk, Abraham (Bram)

Prospective research on psychosocial effects on employees' health associated with organizational mergers has been scarce. The first aim of this study was to explore the subjective health effects (exhaustion and functional incapacity) of an organizational merger among employees who had experienced a

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.

THE MAIN OPERATIONS OF REORGANIZATION THROUGH MERGERS OF TRADING COMPANIES

Directory of Open Access Journals (Sweden)

Alexandra-Gabriela Rolea

2013-11-01

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

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...

Dynamical effects of successive mergers on the evolution of spherical stellar systems

International Nuclear Information System (INIS)

Lee, H.M.

1987-01-01

Numerical investigations are carried out to study the dynamical effects of high-mass stars formed out of successive mergers among tidally captured binaries on the evolution of spherical stellar systems. It is assumed that all tidally captured systems become mergers in order to maximize these effects. Stellar systems with N greater than about 10 to the 7th are susceptible to merger instability which may lead to the formation of a central black hole. It is shown that globular clusters are likely to achieve postcollapse expansion due to three-body binary heating and stellar evolution, while galactic nuclei can easily be overcome by the merger instability in the core. 25 references

Binary neutron star mergers: Dependence on the nuclear equation of state

International Nuclear Information System (INIS)

Hotokezaka, Kenta; Kyutoku, Koutarou; Okawa, Hirotada; Shibata, Masaru; Kiuchi, Kenta

2011-01-01

We perform a numerical-relativity simulation for the merger of binary neutron stars with 6 nuclear-theory-based equations of states (EOSs) described by piecewise polytropes. Our purpose is to explore the dependence of the dynamical behavior of the binary neutron star merger and resulting gravitational waveforms on the EOS of the supernuclear-density matter. The numerical results show that the merger process and the first outcome are classified into three types: (i) a black hole is promptly formed, (ii) a short-lived hypermassive neutron star (HMNS) is formed, (iii) a long-lived HMNS is formed. The type of the merger depends strongly on the EOS and on the total mass of the binaries. For the EOS with which the maximum mass is larger than 2M · , the lifetime of the HMNS is longer than 10 ms for a total mass m 0 =2.7M · . A recent radio observation suggests that the maximum mass of spherical neutron stars is M max ≥1.97±0.04M · in one σ level. This fact and our results support the possible existence of a HMNS soon after the onset of the merger for a typical binary neutron star with m 0 =2.7M · . We also show that the torus mass surrounding the remnant black hole is correlated with the type of the merger process; the torus mass could be large, ≥0.1M · , in the case that a long-lived HMNS is formed. We also show that gravitational waves carry information of the merger process, the remnant, and the torus mass surrounding a black hole.

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.

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

OpenAIRE

Lim, Ka Keat

2014-01-01

Background 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. Methods Data on staff job satisfaction were obtained from the annual NHS Staff Survey. A list of mergers ...

17 CFR 240.16b-7 - Mergers, reclassifications, and consolidations.

Science.gov (United States)

2010-04-01

... financial statements for a 12 month period before the merger, reclassification or consolidation, or such..., and consolidations. 240.16b-7 Section 240.16b-7 Commodity and Securities Exchanges SECURITIES AND...) § 240.16b-7 Mergers, reclassifications, and consolidations. (a) The following transactions shall be...

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

International Nuclear Information System (INIS)

Stewart, K.

2009-01-01

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

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...

Search for Post-merger Gravitational Waves from the Remnant of the Binary Neutron Star Merger GW170817

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Abbott, B. P.; Abbott, R.; Abbott, T. D.; Acernese, F.; Ackley, K.; Adams, C.; Adams, T.; Addesso, P.; Adhikari, R. X.; Adya, V. B.; Affeldt, C.; Afrough, M.; Agarwal, B.; Agathos, M.; Agatsuma, K.; Aggarwal, N.; Aguiar, O. D.; Aiello, L.; Ain, A.; Ajith, P.; Allen, B.; Allen, G.; Allocca, A.; Altin, P. A.; Amato, A.; Ananyeva, A.; Anderson, S. B.; Anderson, W. G.; Angelova, S. V.; Antier, S.; Appert, S.; Arai, K.; Araya, M. C.; Areeda, J. S.; Arnaud, N.; Arun, K. G.; Ascenzi, S.; Ashton, G.; Ast, M.; Aston, S. M.; Astone, P.; Atallah, D. V.; Aufmuth, P.; Aulbert, C.; AultONeal, K.; Austin, C.; Avila-Alvarez, A.; Babak, S.; Bacon, P.; Bader, M. K. M.; Bae, S.; Baker, P. T.; Baldaccini, F.; Ballardin, G.; Ballmer, S. W.; Banagiri, S.; Barayoga, J. C.; Barclay, S. E.; Barish, B. C.; Barker, D.; Barkett, K.; Barone, F.; Barr, B.; Barsotti, L.; Barsuglia, M.; Barta, D.; Bartlett, J.; Bartos, I.; Bassiri, R.; Basti, A.; Batch, J. C.; Bawaj, M.; Bayley, J. C.; Bazzan, M.; Bécsy, B.; Beer, C.; Bejger, M.; Belahcene, I.; Bell, A. S.; Berger, B. K.; Bergmann, G.; Bernuzzi, S.; Bero, J. J.; Berry, C. P. L.; Bersanetti, D.; Bertolini, A.; Betzwieser, J.; Bhagwat, S.; Bhandare, R.; Bilenko, I. A.; Billingsley, G.; Billman, C. R.; Birch, J.; Birney, R.; Birnholtz, O.; Biscans, S.; Biscoveanu, S.; Bisht, A.; Bitossi, M.; Biwer, C.; Bizouard, M. A.; Blackburn, J. K.; Blackman, J.; Blair, C. D.; Blair, D. G.; Blair, R. M.; Bloemen, S.; Bock, O.; Bode, N.; Boer, M.; Bogaert, G.; Bohe, A.; Bondu, F.; Bonilla, E.; Bonnand, R.; Boom, B. A.; Bork, R.; Boschi, V.; Bose, S.; Bossie, K.; Bouffanais, Y.; Bozzi, A.; Bradaschia, C.; Brady, P. R.; Branchesi, M.; Brau, J. E.; Briant, T.; Brillet, A.; Brinkmann, M.; Brisson, V.; Brockill, P.; Broida, J. E.; Brooks, A. F.; Brown, D. A.; Brown, D. D.; Brunett, S.; Buchanan, C. C.; Buikema, A.; Bulik, T.; Bulten, H. J.; Buonanno, A.; Buskulic, D.; Buy, C.; Byer, R. L.; Cabero, M.; Cadonati, L.; Cagnoli, G.; Cahillane, C.; Calderón Bustillo, J.; Callister, T. A.; Calloni, E.; Camp, J. B.; Canepa, M.; Canizares, P.; Cannon, K. C.; Cao, H.; Cao, J.; Capano, C. D.; Capocasa, E.; Carbognani, F.; Caride, S.; Carney, M. F.; Casanueva Diaz, J.; Casentini, C.; Caudill, S.; Cavaglià, M.; Cavalier, F.; Cavalieri, R.; Cella, G.; Cepeda, C. B.; Cerdá-Durán, P.; Cerretani, G.; Cesarini, E.; Chamberlin, S. J.; Chan, M.; Chao, S.; Charlton, P.; Chase, E.; Chassande-Mottin, E.; Chatterjee, D.; Cheeseboro, B. D.; Chen, H. Y.; Chen, X.; Chen, Y.; Cheng, H.-P.; Chia, H.; Chincarini, A.; Chiummo, A.; Chmiel, T.; Cho, H. S.; Cho, M.; Chow, J. H.; Christensen, N.; Chu, Q.; Chua, A. J. K.; Chua, S.; Chung, A. K. W.; Chung, S.; Ciani, G.; Ciolfi, R.; Cirelli, C. E.; Cirone, A.; Clara, F.; Clark, J. A.; Clearwater, P.; Cleva, F.; Cocchieri, C.; Coccia, E.; Cohadon, P.-F.; Cohen, D.; Colla, A.; Collette, C. G.; Cominsky, L. R.; Constancio, M., Jr.; Conti, L.; Cooper, S. J.; Corban, P.; Corbitt, T. R.; Cordero-Carrión, I.; Corley, K. R.; Corsi, A.; Cortese, S.; Costa, C. A.; Coughlin, M. W.; Coughlin, S. B.; Coulon, J.-P.; Countryman, S. T.; Couvares, P.; Covas, P. B.; Cowan, E. E.; Coward, D. M.; Cowart, M. J.; Coyne, D. C.; Coyne, R.; Creighton, J. D. E.; Creighton, T. D.; Cripe, J.; Crowder, S. G.; Cullen, T. J.; Cumming, A.; Cunningham, L.; Cuoco, E.; Dal Canton, T.; Dálya, G.; Danilishin, S. L.; D'Antonio, S.; Danzmann, K.; Dasgupta, A.; Da Silva Costa, C. F.; Dattilo, V.; Dave, I.; Davier, M.; Davis, D.; Daw, E. J.; Day, B.; De, S.; DeBra, D.; Degallaix, J.; De Laurentis, M.; Deléglise, S.; Del Pozzo, W.; Demos, N.; Denker, T.; Dent, T.; De Pietri, R.; Dergachev, V.; De Rosa, R.; DeRosa, R. T.; De Rossi, C.; DeSalvo, R.; de Varona, O.; Devenson, J.; Dhurandhar, S.; Díaz, M. C.; Dietrich, T.; Di Fiore, L.; Di Giovanni, M.; Di Girolamo, T.; Di Lieto, A.; Di Pace, S.; Di Palma, I.; Di Renzo, F.; Doctor, Z.; Dolique, V.; Donovan, F.; Dooley, K. L.; Doravari, S.; Dorrington, I.; Douglas, R.; Dovale Álvarez, M.; Downes, T. P.; Drago, M.; Dreissigacker, C.; Driggers, J. C.; Du, Z.; Ducrot, M.; Dupej, P.; Dwyer, S. E.; Edo, T. B.; Edwards, M. C.; Effler, A.; Eggenstein, H.-B.; Ehrens, P.; Eichholz, J.; Eikenberry, S. S.; Eisenstein, R. A.; Essick, R. C.; Estevez, D.; Etienne, Z. B.; Etzel, T.; Evans, M.; Evans, T. M.; Factourovich, M.; Fafone, V.; Fair, H.; Fairhurst, S.; Fan, X.; Farinon, S.; Farr, B.; Farr, W. M.; Fauchon-Jones, E. J.; Favata, M.; Fays, M.; Fee, C.; Fehrmann, H.; Feicht, J.; Fejer, M. M.; Fernandez-Galiana, A.; Ferrante, I.; Ferreira, E. C.; Ferrini, F.; Fidecaro, F.; Finstad, D.; Fiori, I.; Fiorucci, D.; Fishbach, M.; Fisher, R. P.; Fitz-Axen, M.; Flaminio, R.; Fletcher, M.; Flynn, E.; Fong, H.; Font, J. A.; Forsyth, P. W. F.; Forsyth, S. S.; Fournier, J.-D.; Frasca, S.; Frasconi, F.; Frei, Z.; Freise, A.; Frey, R.; Frey, V.; Fries, E. M.; Fritschel, P.; Frolov, V. V.; Fulda, P.; Fyffe, M.; Gabbard, H.; Gadre, B. U.; Gaebel, S. M.; Gair, J. R.; Gammaitoni, L.; Ganija, M. R.; Gaonkar, S. G.; Garcia-Quiros, C.; Garufi, F.; Gateley, B.; Gaudio, S.; Gaur, G.; Gayathri, V.; Gehrels, N.; Gemme, G.; Genin, E.; Gennai, A.; George, D.; George, J.; Gergely, L.; Germain, V.; Ghonge, S.; Ghosh, Abhirup; Ghosh, Archisman; Ghosh, S.; Giaime, J. A.; Giardina, K. D.; Giazotto, A.; Gill, K.; Glover, L.; Goetz, E.; Goetz, R.; Gomes, S.; Goncharov, B.; González, G.; Gonzalez Castro, J. M.; Gopakumar, A.; Gorodetsky, M. L.; Gossan, S. E.; Gosselin, M.; Gouaty, R.; Grado, A.; Graef, C.; Granata, M.; Grant, A.; Gras, S.; Gray, C.; Greco, G.; Green, A. C.; Gretarsson, E. M.; Groot, P.; Grote, H.; Grunewald, S.; Gruning, P.; Guidi, G. M.; Guo, X.; Gupta, A.; Gupta, M. K.; Gushwa, K. E.; Gustafson, E. K.; Gustafson, R.; Halim, O.; Hall, B. R.; Hall, E. D.; Hamilton, E. Z.; Hammond, G.; Haney, M.; Hanke, M. M.; Hanks, J.; Hanna, C.; Hannam, M. D.; Hannuksela, O. A.; Hanson, J.; Hardwick, T.; Harms, J.; Harry, G. M.; Harry, I. W.; Hart, M. J.; Haster, C.-J.; Haughian, K.; Healy, J.; Heidmann, A.; Heintze, M. C.; Heitmann, H.; Hello, P.; Hemming, G.; Hendry, M.; Heng, I. S.; Hennig, J.; Heptonstall, A. W.; Heurs, M.; Hild, S.; Hinderer, T.; Hoak, D.; Hofman, D.; Holt, K.; Holz, D. E.; Hopkins, P.; Horst, C.; Hough, J.; Houston, E. A.; Howell, E. J.; Hreibi, A.; Hu, Y. M.; Huerta, E. A.; Huet, D.; Hughey, B.; Husa, S.; Huttner, S. H.; Huynh-Dinh, T.; Indik, N.; Inta, R.; Intini, G.; Isa, H. N.; Isac, J.-M.; Isi, M.; Iyer, B. R.; Izumi, K.; Jacqmin, T.; Jani, K.; Jaranowski, P.; Jawahar, S.; Jiménez-Forteza, F.; Johnson, W. W.; Jones, D. I.; Jones, R.; Jonker, R. J. G.; Ju, L.; Junker, J.; Kalaghatgi, C. V.; Kalogera, V.; Kamai, B.; Kandhasamy, S.; Kang, G.; Kanner, J. B.; Kapadia, S. J.; Karki, S.; Karvinen, K. S.; Kasprzack, M.; Kastaun, W.; Katolik, M.; Katsavounidis, E.; Katzman, W.; Kaufer, S.; Kawabe, K.; Kéfélian, F.; Keitel, D.; Kemball, A. J.; Kennedy, R.; Kent, C.; Key, J. S.; Khalili, F. Y.; Khan, I.; Khan, S.; Khan, Z.; Khazanov, E. A.; Kijbunchoo, N.; Kim, Chunglee; Kim, J. C.; Kim, K.; Kim, W.; Kim, W. S.; Kim, Y.-M.; Kimbrell, S. J.; King, E. J.; King, P. J.; Kinley-Hanlon, M.; Kirchhoff, R.; Kissel, J. S.; Kleybolte, L.; Klimenko, S.; Knowles, T. D.; Koch, P.; Koehlenbeck, S. M.; Koley, S.; Kondrashov, V.; Kontos, A.; Korobko, M.; Korth, W. Z.; Kowalska, I.; Kozak, D. B.; Krämer, C.; Kringel, V.; Krishnan, B.; Królak, A.; Kuehn, G.; Kumar, P.; Kumar, R.; Kumar, S.; Kuo, L.; Kutynia, A.; Kwang, S.; Lackey, B. D.; Lai, K. H.; Landry, M.; Lang, R. N.; Lange, J.; Lantz, B.; Lanza, R. K.; Lartaux-Vollard, A.; Lasky, P. D.; Laxen, M.; Lazzarini, A.; Lazzaro, C.; Leaci, P.; Leavey, S.; Lee, C. H.; Lee, H. K.; Lee, H. M.; Lee, H. W.; Lee, K.; Lehmann, J.; Lenon, A.; Leonardi, M.; Leroy, N.; Letendre, N.; Levin, Y.; Li, T. G. F.; Linker, S. D.; Liu, J.; Lo, R. K. L.; Lockerbie, N. A.; London, L. T.; Lord, J. E.; Lorenzini, M.; Loriette, V.; Lormand, M.; Losurdo, G.; Lough, J. D.; Lousto, C. O.; Lovelace, G.; Lück, H.; Lumaca, D.; Lundgren, A. P.; Lynch, R.; Ma, Y.; Macas, R.; Macfoy, S.; Machenschalk, B.; MacInnis, M.; Macleod, D. M.; Magaña Hernandez, I.; Magaña-Sandoval, F.; Magaña Zertuche, L.; Magee, R. M.; Majorana, E.; Maksimovic, I.; Man, N.; Mandic, V.; Mangano, V.; Mansell, G. L.; Manske, M.; Mantovani, M.; Marchesoni, F.; Marion, F.; Márka, S.; Márka, Z.; Markakis, C.; Markosyan, A. S.; Markowitz, A.; Maros, E.; Marquina, A.; Martelli, F.; Martellini, L.; Martin, I. W.; Martin, R. M.; Martynov, D. V.; Mason, K.; Massera, E.; Masserot, A.; Massinger, T. J.; Masso-Reid, M.; Mastrogiovanni, S.; Matas, A.; Matichard, F.; Matone, L.; Mavalvala, N.; Mazumder, N.; McCarthy, R.; McClelland, D. E.; McCormick, S.; McCuller, L.; McGuire, S. C.; McIntyre, G.; McIver, J.; McManus, D. J.; McNeill, L.; McRae, T.; McWilliams, S. T.; Meacher, D.; Meadors, G. D.; Mehmet, M.; Meidam, J.; Mejuto-Villa, E.; Melatos, A.; Mendell, G.; Mercer, R. A.; Merilh, E. L.; Merzougui, M.; Meshkov, S.; Messenger, C.; Messick, C.; Metzdorff, R.; Meyers, P. M.; Miao, H.; Michel, C.; Middleton, H.; Mikhailov, E. E.; Milano, L.; Miller, A. L.; Miller, B. B.; Miller, J.; Milovich-Goff, M. C.; Minazzoli, O.; Minenkov, Y.; Ming, J.; Mishra, C.; Mitra, S.; Mitrofanov, V. P.; Mitselmakher, G.; Mittleman, R.; Moffa, D.; Moggi, A.; Mogushi, K.; Mohan, M.; Mohapatra, S. R. P.; Montani, M.; Moore, C. J.; Moraru, D.; Moreno, G.; Morriss, S. R.; Mours, B.; Mow-Lowry, C. M.; Mueller, G.; Muir, A. W.; Mukherjee, Arunava; Mukherjee, D.; Mukherjee, S.; Mukund, N.; Mullavey, A.; Munch, J.; Muñiz, E. A.; Muratore, M.; Murray, P. G.; Napier, K.; Nardecchia, I.; Naticchioni, L.; Nayak, R. K.; Neilson, J.; Nelemans, G.; Nelson, T. J. N.; Nery, M.; Neunzert, A.; Nevin, L.; Newport, J. M.; Newton, G.; Ng, K. K. Y.; Nguyen, T. T.; Nichols, D.; Nielsen, A. B.; Nissanke, S.; Nitz, A.; Noack, A.; Nocera, F.; Nolting, D.; North, C.; Nuttall, L. K.; Oberling, J.; O'Dea, G. D.; Ogin, G. H.; Oh, J. J.; Oh, S. H.; Ohme, F.; Okada, M. A.; Oliver, M.; Oppermann, P.; Oram, Richard J.; O'Reilly, B.; Ormiston, R.; Ortega, L. F.; O'Shaughnessy, R.; Ossokine, S.; Ottaway, D. J.; Overmier, H.; Owen, B. J.; Pace, A. E.; Page, J.; Page, M. A.; Pai, A.; Pai, S. A.; Palamos, J. R.; Palashov, O.; Palomba, C.; Pal-Singh, A.; Pan, Howard; Pan, Huang-Wei; Pang, B.; Pang, P. T. H.; Pankow, C.; Pannarale, F.; Pant, B. C.; Paoletti, F.; Paoli, A.; Papa, M. A.; Parida, A.; Parker, W.; Pascucci, D.; Pasqualetti, A.; Passaquieti, R.; Passuello, D.; Patil, M.; Patricelli, B.; Pearlstone, B. L.; Pedraza, M.; Pedurand, R.; Pekowsky, L.; Pele, A.; Penn, S.; Perez, C. J.; Perreca, A.; Perri, L. M.; Pfeiffer, H. P.; Phelps, M.; Phukon, K. S.; Piccinni, O. J.; Pichot, M.; Piergiovanni, F.; Pierro, V.; Pillant, G.; Pinard, L.; Pinto, I. M.; Pirello, M.; Pitkin, M.; Poe, M.; Poggiani, R.; Popolizio, P.; Porter, E. K.; Post, A.; Powell, J.; Prasad, J.; Pratt, J. W. W.; Pratten, G.; Predoi, V.; Prestegard, T.; Prijatelj, M.; Principe, M.; Privitera, S.; Prodi, G. A.; Prokhorov, L. G.; Puncken, O.; Punturo, M.; Puppo, P.; Pürrer, M.; Qi, H.; Quetschke, V.; Quintero, E. A.; Quitzow-James, R.; Raab, F. J.; Rabeling, D. S.; Radkins, H.; Raffai, P.; Raja, S.; Rajan, C.; Rajbhandari, B.; Rakhmanov, M.; Ramirez, K. E.; Ramos-Buades, A.; Rapagnani, P.; Raymond, V.; Razzano, M.; Read, J.; Regimbau, T.; Rei, L.; Reid, S.; Reitze, D. H.; Ren, W.; Reyes, S. D.; Ricci, F.; Ricker, P. M.; Rieger, S.; Riles, K.; Rizzo, M.; Robertson, N. A.; Robie, R.; Robinet, F.; Rocchi, A.; Rolland, L.; Rollins, J. G.; Roma, V. J.; Romano, R.; Romel, C. L.; Romie, J. H.; Rosińska, D.; Ross, M. P.; Rowan, S.; Rüdiger, A.; Ruggi, P.; Rutins, G.; Ryan, K.; Sachdev, S.; Sadecki, T.; Sadeghian, L.; Sakellariadou, M.; Salconi, L.; Saleem, M.; Salemi, F.; Samajdar, A.; Sammut, L.; Sampson, L. M.; Sanchez, E. J.; Sanchez, L. E.; Sanchis-Gual, N.; Sandberg, V.; Sanders, J. R.; Sarin, N.; Sassolas, B.; Sathyaprakash, B. S.; Saulson, P. R.; Sauter, O.; Savage, R. L.; Sawadsky, A.; Schale, P.; Scheel, M.; Scheuer, J.; Schmidt, J.; Schmidt, P.; Schnabel, R.; Schofield, R. M. S.; Schönbeck, A.; Schreiber, E.; Schuette, D.; Schulte, B. W.; Schutz, B. F.; Schwalbe, S. G.; Scott, J.; Scott, S. M.; Seidel, E.; Sellers, D.; Sengupta, A. S.; Sentenac, D.; Sequino, V.; Sergeev, A.; Shaddock, D. A.; Shaffer, T. J.; Shah, A. A.; Shahriar, M. S.; Shaner, M. B.; Shao, L.; Shapiro, B.; Shawhan, P.; Sheperd, A.; Shoemaker, D. H.; Shoemaker, D. M.; Siellez, K.; Siemens, X.; Sieniawska, M.; Sigg, D.; Silva, A. D.; Singer, L. P.; Singh, A.; Singhal, A.; Sintes, A. M.; Rana, J.; Slagmolen, B. J. J.; Smith, B.; Smith, J. R.; Smith, R. J. E.; Somala, S.; Son, E. J.; Sonnenberg, J. A.; Sorazu, B.; Sorrentino, F.; Souradeep, T.; Sowell, E.; Spencer, A. P.; Srivastava, A. K.; Staats, K.; Staley, A.; Steinke, M.; Steinlechner, J.; Steinlechner, S.; Steinmeyer, D.; Stevenson, S. P.; Stone, R.; Stops, D. J.; Strain, K. A.; Stratta, G.; Strigin, S. E.; Strunk, A.; Sturani, R.; Stuver, A. L.; Summerscales, T. Z.; Sun, L.; Sunil, S.; Suresh, J.; Sutton, P. J.; Swinkels, B. L.; Szczepańczyk, M. J.; Tacca, M.; Tait, S. C.; Talbot, C.; Talukder, D.; Tanner, D. B.; Tápai, M.; Taracchini, A.; Tasson, J. D.; Taylor, J. A.; Taylor, R.; Tewari, S. V.; Theeg, T.; Thies, F.; Thomas, E. G.; Thomas, M.; Thomas, P.; Thorne, K. A.; Thrane, E.; Tiwari, S.; Tiwari, V.; Tokmakov, K. V.; Toland, K.; Tonelli, M.; Tornasi, Z.; Torres-Forné, A.; Torrie, C. I.; Töyrä, D.; Travasso, F.; Traylor, G.; Trinastic, J.; Tringali, M. C.; Trozzo, L.; Tsang, K. W.; Tse, M.; Tso, R.; Tsukada, L.; Tsuna, D.; Tuyenbayev, D.; Ueno, K.; Ugolini, D.; Unnikrishnan, C. S.; Urban, A. L.; Usman, S. A.; Vahlbruch, H.; Vajente, G.; Valdes, G.; van Bakel, N.; van Beuzekom, M.; van den Brand, J. F. J.; Van Den Broeck, C.; Vander-Hyde, D. C.; van der Schaaf, L.; van Heijningen, J. V.; van Veggel, A. A.; Vardaro, M.; Varma, V.; Vass, S.; Vasúth, M.; Vecchio, A.; Vedovato, G.; Veitch, J.; Veitch, P. J.; Venkateswara, K.; Venugopalan, G.; Verkindt, D.; Vetrano, F.; Viceré, A.; Viets, A. D.; Vinciguerra, S.; Vine, D. J.; Vinet, J.-Y.; Vitale, S.; Vo, T.; Vocca, H.; Vorvick, C.; Vyatchanin, S. P.; Wade, A. R.; Wade, L. E.; Wade, M.; Walet, R.; Walker, M.; Wallace, L.; Walsh, S.; Wang, G.; Wang, H.; Wang, J. Z.; Wang, W. H.; Wang, Y. F.; Ward, R. L.; Warner, J.; Was, M.; Watchi, J.; Weaver, B.; Wei, L.-W.; Weinert, M.; Weinstein, A. J.; Weiss, R.; Wen, L.; Wessel, E. K.; Weßels, P.; Westerweck, J.; Westphal, T.; Wette, K.; Whelan, J. T.; White, D. D.; Whiting, B. F.; Whittle, C.; Wilken, D.; Williams, D.; Williams, R. D.; Williamson, A. R.; Willis, J. L.; Willke, B.; Wimmer, M. H.; Winkler, W.; Wipf, C. C.; Wittel, H.; Woan, G.; Woehler, J.; Wofford, J.; Wong, K. W. K.; Worden, J.; Wright, J. L.; Wu, D. S.; Wysocki, D. M.; Xiao, S.; Yamamoto, H.; Yancey, C. C.; Yang, L.; Yap, M. J.; Yazback, M.; Yu, Hang; Yu, Haocun; Yvert, M.; Zadrożny, A.; Zanolin, M.; Zelenova, T.; Zendri, J.-P.; Zevin, M.; Zhang, L.; Zhang, M.; Zhang, T.; Zhang, Y.-H.; Zhao, C.; Zhou, M.; Zhou, Z.; Zhu, S. J.; Zhu, X. J.; Zimmerman, A. B.; Zucker, M. E.; Zweizig, J.; (LIGO Scientific Collaboration; Virgo Collaboration

2017-12-01

The first observation of a binary neutron star (NS) coalescence by the Advanced LIGO and Advanced Virgo gravitational-wave (GW) detectors offers an unprecedented opportunity to study matter under the most extreme conditions. After such a merger, a compact remnant is left over whose nature depends primarily on the masses of the inspiraling objects and on the equation of state of nuclear matter. This could be either a black hole (BH) or an NS, with the latter being either long-lived or too massive for stability implying delayed collapse to a BH. Here, we present a search for GWs from the remnant of the binary NS merger GW170817 using data from Advanced LIGO and Advanced Virgo. We search for short- (≲1 s) and intermediate-duration (≲500 s) signals, which include GW emission from a hypermassive NS or supramassive NS, respectively. We find no signal from the post-merger remnant. Our derived strain upper limits are more than an order of magnitude larger than those predicted by most models. For short signals, our best upper limit on the root sum square of the GW strain emitted from 1-4 kHz is {h}{rss}50 % =2.1× {10}-22 {{Hz}}-1/2 at 50% detection efficiency. For intermediate-duration signals, our best upper limit at 50% detection efficiency is {h}{rss}50 % =8.4× {10}-22 {{Hz}}-1/2 for a millisecond magnetar model, and {h}{rss}50 % =5.9× {10}-22 {{Hz}}-1/2 for a bar-mode model. These results indicate that post-merger emission from a similar event may be detectable when advanced detectors reach design sensitivity or with next-generation detectors.

Modeling the Impact of Mergers and Acquisitions of Companies on their Capitalization

Directory of Open Access Journals (Sweden)

Kolodiazhna Tatiana V.

2017-07-01

Full Text Available In the context of economic globalization, the most common approaches to creating powerful companies that have high market value are those that use mergers and acquisitions. In Ukraine, such processes also have been considerably intensified in recent years. However, in the national economic science, the problems of evaluating the impact of mergers and acquisitions of companies on their capitalization, as well as on the concentration and competitiveness of the country’s economy, have not been solved to date. The article is aimed at analyzing the market capitalization of the world’s largest companies and modeling the impact of their mergers and acquisitions on the capitalization of their economies. As a result of the study, it has been determined that modeling the impact of the mergers and acquisitions of the world’s companies on the level of capitalization of their economies has proved the hypothesis that the countries of the world, where mergers and acquisitions of companies are more extensive, also have larger capitalization level.

SHOCKING TAILS IN THE MAJOR MERGER ABELL 2744

Energy Technology Data Exchange (ETDEWEB)

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

2012-05-01

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

V1309 Scorpii: merger of a contact binary

Science.gov (United States)

Tylenda, R.; Hajduk, M.; Kamiński, T.; Udalski, A.; Soszyński, I.; Szymański, M. K.; Kubiak, M.; Pietrzyński, G.; Poleski, R.; Wyrzykowski, Ł.; Ulaczyk, K.

2011-04-01

Context. Stellar mergers are expected to take place in numerous circumstences in the evolution of stellar systems. In particular, they are considered as a plausible origin of stellar eruptions of the V838 Mon type. V1309 Sco is the most recent eruption of this type in our Galaxy. The object was discovered in September 2008. Aims: Our aim is to investigate the nature of V1309 Sco. Methods: V1309 Sco has been photometrically observed in course of the OGLE project since August 2001. We analyse these observations in different ways. In particular, periodogram analyses were done to investigate the nature of the observed short-term variability of the progenitor. Results: We find that the progenitor of V1309 Sco was a contact binary with an orbital period of ~1.4 day. This period was decreasing with time. The light curve of the binary was also evolving, indicating that the system evolved towards its merger. The violent phase of the merger, marked by the systematic brightenning of the object, began in March 2008, i.e. half a year before the outburst discovery. We also investigate the observations of V1309 Sco during the outburst and the decline and show that they can be fully accounted for within the merger hypothesis. Conclusions: For the first time in the literature we show from direct observations that contact binaries indeed end up by merging into a single object, as was suggested in numerous theoretical studies of these systems. Our study also shows that stellar mergers indeed result in eruptions of the V838 Mon type. Based on observations obtained with the 1.3-m Warsaw telescope at the Las Campanas Observatory of the Carnegie Institution of Washington. The photometric data analysed in the present paper are available from the OGLE Internet archive: ftp://ogle.astrouw.edu.pl/ogle/ogle3/V1309_SCO

Hydrogen in hot subdwarfs formed by double helium white dwarf mergers

OpenAIRE

Hall, Philip D.; Jeffery, C. Simon

2016-01-01

Isolated hot subdwarfs might be formed by the merging of two helium-core white dwarfs. Before merging, helium-core white dwarfs have hydrogen-rich envelopes and some of this hydrogen may survive the merger. We calculate the mass of hydrogen that is present at the start of such mergers and, with the assumption that hydrogen is mixed throughout the disrupted white dwarf in the merger process, estimate how much can survive. We find a hydrogen mass of up to about $2 \\times 10^{-3}\\,\\mathrm{M}_{\\o...

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.

Overcoming Knowledge Gaps in Postmerger Integration

DEFF Research Database (Denmark)

Alaranta, Maria Eliisa; Martela, Eero

2012-01-01

Over 50% of mergers and acquisitions (M&As) fail, mainly because of integration problems. In such integrations, much of the experiential (learning-by-doing) knowledge critical for running the business becomes redundant or is lost. However, we know virtually nothing about what type of mechanisms...

Can mergers-in-progress be unmerged in speech accommodation?

Science.gov (United States)

Babel, Molly; McAuliffe, Michael; Haber, Graham

2013-01-01

This study examines spontaneous phonetic accommodation of a dialect with distinct categories by speakers who are in the process of merging those categories. We focus on the merger of the NEAR and SQUARE lexical sets in New Zealand English, presenting New Zealand participants with an unmerged speaker of Australian English. Mergers-in-progress are a uniquely interesting sound change as they showcase the asymmetry between speech perception and production. Yet, we examine mergers using spontaneous phonetic imitation, which is phenomenon that is necessarily a behavior where perceptual input influences speech production. Phonetic imitation is quantified by a perceptual measure and an acoustic calculation of mergedness using a Pillai-Bartlett trace. The results from both analyses indicate spontaneous phonetic imitation is moderated by extra-linguistic factors such as the valence of assigned conditions and social bias. We also find evidence for a decrease in the degree of mergedness in post-exposure productions. Taken together, our results suggest that under the appropriate conditions New Zealanders phonetically accommodate to Australian English and that in the process of speech imitation, mergers-in-progress can, but do not consistently, become less merged.

Can mergers-in-progress be unmerged in speech accommodation?

Directory of Open Access Journals (Sweden)

Molly eBabel

2013-09-01

Full Text Available This study examines spontaneous phonetic accommodation of a dialect with distinct categories by speakers who are in the process of merging those categories. We focus on the merger of the NEAR and SQUARE lexical sets in New Zealand English, presenting New Zealand participants with an unmerged speaker of Australian English. Mergers-in-progress are a uniquely interesting sound change as they showcase the asymmetry between speech perception and production. Yet, we examine mergers using spontaneous phonetic imitation, which is phenomenon that is necessarily a behavior where perceptual input influences speech production. Phonetic imitation is quantified by a perceptual measure and an acoustic calculation of mergedness using a Pillai-Bartlett trace. The results from both analyses indicate spontaneous phonetic imitation is moderated by extra-linguistic factors such as the valence of assigned conditions and social bias. We also find evidence for a decrease in the degree of mergedness in post-exposure productions. Taken together, our results suggest that under the appropriate conditions New Zealanders phonetically accommodate to Australian English and that in the process of speech imitation, mergers-in-progress can, but do not consistently, become less merged.

Merger of two dispatch centres: does it improve quality and patient safety?

Science.gov (United States)

Moser, Alexandre; Mettler, Annette; Fuchs, Vincent; Hanhart, Walter; Robert, Claude-François; Della Santa, Vincent; Dami, Fabrice

2017-04-13

Dispatch centres (DCs) are considered an essential but expensive component of many highly developed healthcare systems. The number of DCs in a country, region, or state is usually based on local history and often related to highly decentralised healthcare systems. Today, current technology (Global Positioning System or Internet access) abolishes the need for closeness between DCs and the population. Switzerland went from 22 DCs in 2006 to 17 today. This study describes from a quality and patient safety point of view the merger of two DCs. The study analysed the performance (over and under-triage) of two medical DCs for 12 months prior to merging and for 12 months again after the merger in 2015. Performance was measured comparing the priority level chosen by dispatcher and the severity of cases assessed by paramedics on site using the National Advisory Committee for Aeronautics (NACA) score. We ruled that NACA score > 3 (injuries/diseases which can possibly lead to deterioration of vital signs) to 7 (lethal injuries/diseases) should require a priority dispatch with lights and siren (L&S). While NACA score  3. Prior to merging, Dispatch A had a sensitivity/specificity regarding the use of lights and sirens and severity of cases of 86%/48% with over- and under-triage rates of 78% and 5%, respectively. Dispatch B had sensitivity and specificity of 92%/20% and over- and under-triage rates of 84% and 7%, respectively. After they merged, global sensitivity/specificity reached 87%/67%, and over- and under-triage rates were 71% and 3%, respectively CONCLUSIONS: A part the potential cost advantage achieved by the merger of two DCs, it can improve the quality of services to the population, reducing over- and under-triage and the use of lights and sirens and therefore, the risk of accidents. This is especially the case when a DC with poor triage performance merges with a high-performing DC.

ARE ALL SHORT-HARD GAMMA-RAY BURSTS PRODUCED FROM MERGERS OF COMPACT STELLAR OBJECTS?

International Nuclear Information System (INIS)

Virgili, Francisco J.; Zhang Bing; O'Brien, Paul; Troja, Eleonora

2011-01-01

The origin and progenitors of short-hard gamma-ray bursts (GRBs) remain a puzzle and a highly debated topic. Recent Swift observations suggest that these GRBs may be related to catastrophic explosions in degenerate compact stars, denoted as 'Type I' GRBs. The most popular models include the merger of two compact stellar objects (NS-NS or NS-BH). We utilize a Monte Carlo approach to determine whether a merger progenitor model can self-consistently account for all the observations of short-hard GRBs, including a sample with redshift measurements in the Swift era (z-known sample) and the CGRO/BATSE sample. We apply various merger time delay distributions invoked in compact star merger models to derive the redshift distributions of these Type I GRBs, and then constrain the unknown luminosity function of Type I GRBs using the observed luminosity-redshift (L-z) distributions of the z-known sample. The best luminosity function model, together with the adopted merger delay model, is then applied to confront the peak flux distribution (log N-log P distribution) of the BATSE and Swift samples. We find that for all the merger models invoking a range of merger delay timescales (including those invoking a large fraction of 'prompt mergers'), it is difficult to reconcile the models with all the data. The data are instead statistically consistent with the following two possible scenarios. First, that short/hard GRBs are a superposition of compact-star-merger-origin (Type I) GRBs and a population of GRBs that track the star formation history, which are probably related to the deaths of massive stars (Type II GRBs). Second, the entire short/hard GRB population is consistent with a typical delay of 2 Gyr with respect to the star formation history with modest scatter. This may point toward a different Type I progenitor than the traditional compact star merger models.

MODELS OF KILONOVA/MACRONOVA EMISSION FROM BLACK HOLE–NEUTRON STAR MERGERS

International Nuclear Information System (INIS)

Kawaguchi, Kyohei; Shibata, Masaru; Kyutoku, Koutarou; Tanaka, Masaomi

2016-01-01

Black hole–neutron star (BH–NS) mergers are among the most promising gravitational-wave sources for ground-based detectors, and gravitational waves from BH–NS mergers are expected to be detected in the next few years. The simultaneous detection of electromagnetic counterparts with gravitational waves would provide rich information about merger events. Among the possible electromagnetic counterparts from BH–NS mergers is the so-called kilonova/macronova, emission powered by the decay of radioactive r-process nuclei, which is one of the best targets for follow-up observations. We derive fitting formulas for the mass and the velocity of ejecta from a generic BH–NS merger based on recently performed numerical-relativity simulations. We combine these fitting formulas with a new semi-analytic model for a BH–NS kilonova/macronova lightcurve, which reproduces the results of radiation-transfer simulations. Specifically, the semi-analytic model reproduces the results of each band magnitude obtained by the previous radiation-transfer simulations within ∼1 mag. By using this semi-analytic model we found that, at 400 Mpc, the kilonova/macronova is as bright as 22–24 mag for cases with a small chirp mass and a high black hole spin, and >28 mag for a large chirp mass and a low black hole spin. We also apply our model to GRB 130603B as an illustration, and show that a BH–NS merger with a rapidly spinning black hole and a large neutron star radius is favored.

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.

Massive Black Hole Mergers: Can We "See" what LISA will "Hear"?

Science.gov (United States)

Centrella, Joan

2010-01-01

The final merger of massive black holes produces strong gravitational radiation that can be detected by the space-borne LISA. If the black hole merger takes place in the presence of gas and magnetic fields, various types of electromagnetic signals may also be produced. Modeling such electromagnetic counterparts of the final merger requires evolving the behavior of both gas and fields in the strong-field regions around the black holes. We will review current efforts to simulate these systems, and discuss possibilities for observing the electromagnetic signals they produce.

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.

Constructing and Monitoring the Infrared SED of the First Known Recent Stellar Merger

Science.gov (United States)

McCollum, Bruce; Laine, Seppo; Bruhweiler, Frederick; Rottler, Lee

2012-12-01

Stellar mergers have long been thought to be astrophysically important to the evolution and global properties of dense stellar aggregates and even open clusters. However, the study of this phenomenon has until now been severely impeded by the lack of any definite, recent merger with which to compare models. It was recently realized that a 2008 nova was in fact a contact binary which erupted when the two stars finally merged. We have obtained post-merger infrared observations which show a large IR excess and a nonstellar SED which have changed subsantially over time, and near-IR emission lines from shocked material. This object is an important opportunity to learn about the nature and time evolution of recent merger products, and to assemble a unique data set which will be used for many years as a basis for modeling stellar mergers.

The Recent and Continuing Assembly of Field Elliptical Galaxies by Red Mergers

Science.gov (United States)

van Dokkum, Pieter G.

2005-12-01

We present a study of tidal debris associated with 126 nearby red galaxies, selected from the 1.2 deg2 Multiwavelength Survey by Yale-Chile and the 9.3 deg2 NOAO Deep Wide-Field Survey. In the full sample, 67 galaxies (53%) show morphological signatures of tidal interactions consisting of broad fans of stars, tails, and other asymmetries at very faint surface brightness levels. When restricting the sample to the 86 bulge-dominated early-type galaxies, the fraction of tidally disturbed galaxies rises to 71%, which implies that for every ``normal'' undisturbed elliptical there are two that show clear signs of interactions. The tidal features are red and smooth and often extend over >50 kpc. Of the tidally distorted galaxies, about two-thirds are remnants, and one-third are interacting with a companion galaxy. The companions are usually bright red galaxies as well; the median R-band luminosity ratio of the tidal pairs is 0.31, and the median color difference after correcting for the slope of the color-magnitude relation is -0.02 in B-R. If the ongoing mergers are representative for the progenitors of the remnants, ~35% of bulge-dominated galaxies experienced a merger with mass ratio >1:4 in the recent past. With further assumptions it is estimated that the present-day mass accretion rate of galaxies on the red sequence ΔM/M=0.09+/-0.04 Gyr-1. For a constant or increasing mass accretion rate with redshift, we find that red mergers may lead to an evolution of a factor of >~2 in the stellar mass density in luminous red galaxies over the redshift range 0interesting to determine whether this mode of merging only plays an important role at low redshift or is relevant for galaxies at any redshift if they exceed a critical mass scale.

More Mergers,More Acquisitions

Institute of Scientific and Technical Information of China (English)

无

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.

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.

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.

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

Valuation of Company Merger from the Shareholders’ Point of View

Directory of Open Access Journals (Sweden)

Christian Toll

2017-08-01

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

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...

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

Energy Technology Data Exchange (ETDEWEB)

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

2009-08-03

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

THE ELM SURVEY. II. TWELVE BINARY WHITE DWARF MERGER SYSTEMS

International Nuclear Information System (INIS)

Kilic, Mukremin; Brown, Warren R.; Kenyon, S. J.; Prieto, Carlos Allende; Agueeros, M. A.; Heinke, Craig

2011-01-01

We describe new radial velocity and X-ray observations of extremely low-mass white dwarfs (ELM WDs, ∼0.2 M sun ) in the Sloan Digital Sky Survey Data Release 4 and the MMT Hypervelocity Star survey. We identify four new short period binaries, including two merger systems. These observations bring the total number of short period binary systems identified in our survey to 20. No main-sequence or neutron star companions are visible in the available optical photometry, radio, and X-ray data. Thus, the companions are most likely WDs. Twelve of these systems will merge within a Hubble time due to gravitational wave radiation. We have now tripled the number of known merging WD systems. We discuss the characteristics of this merger sample and potential links to underluminous supernovae, extreme helium stars, AM CVn systems, and other merger products. We provide new observational tests of the WD mass-period distribution and cooling models for ELM WDs. We also find evidence for a new formation channel for single low-mass WDs through binary mergers of two lower mass objects.

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.

GRB 080503 LATE AFTERGLOW RE-BRIGHTENING: SIGNATURE OF A MAGNETAR-POWERED MERGER-NOVA

International Nuclear Information System (INIS)

Gao, He; Ding, Xuan; Wu, Xue-Feng; Dai, Zi-Gao; Zhang, Bing

2015-01-01

GRB 080503 is a short gamma-ray burst (GRB) detected by Swift and has been classified as a GRB originating from a compact star merger. The soft extended emission and the simultaneous late re-brightening in both the X-ray and optical afterglow light curves raise interesting questions regarding its physical origin. We show that the broadband data of GRB 080503 can be well explained within the framework of the double neutron star merger model, provided that the merger remnant is a rapidly rotating massive neutron star with an extremely high magnetic field (i.e., a millisecond magnetar). We show that the late optical re-brightening is consistent with the emission from a magnetar-powered “merger-nova.” This adds one more case to the growing sample of merger-novae associated with short GRBs. The soft extended emission and the late X-ray excess emission are well connected through a magnetar dipole spin-down luminosity evolution function, suggesting that direct magnetic dissipation is the mechanism to produce these X-rays. The X-ray emission initially leaks from a hole in the merger ejecta pierced by the short GRB jet. The hole subsequently closes after the magnetar spins down and the magnetic pressure drops below ram pressure. The X-ray photons are then trapped behind the merger-nova ejecta until the ejecta becomes optically thin at a later time. This explains the essentially simultaneous re-brightening in both the optical and X-ray light curves. Within this model, future gravitational-wave sources could be associated with a bright X-ray counterpart along with the merger-nova, even if the short GRB jet beams away from Earth

MOCCA-SURVEY Database. I. Eccentric Black Hole Mergers during Binary–Single Interactions in Globular Clusters

Science.gov (United States)

Samsing, Johan; Askar, Abbas; Giersz, Mirek

2018-03-01

We estimate the population of eccentric gravitational wave (GW) binary black hole (BBH) mergers forming during binary–single interactions in globular clusters (GCs), using ∼800 GC models that were evolved using the MOCCA code for star cluster simulations as part of the MOCCA-Survey Database I project. By re-simulating BH binary–single interactions extracted from this set of GC models using an N-body code that includes GW emission at the 2.5 post-Newtonian level, we find that ∼10% of all the BBHs assembled in our GC models that merge at present time form during chaotic binary–single interactions, and that about half of this sample have an eccentricity >0.1 at 10 Hz. We explicitly show that this derived rate of eccentric mergers is ∼100 times higher than one would find with a purely Newtonian N-body code. Furthermore, we demonstrate that the eccentric fraction can be accurately estimated using a simple analytical formalism when the interacting BHs are of similar mass, a result that serves as the first successful analytical description of eccentric GW mergers forming during three-body interactions in realistic GCs.

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

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...

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.

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.

Determinants of premiums in aerospace mergers and acquisitions: A preliminary analysis