WorldWideScience

Sample records for merger visibility times

  1. The Hierarchical Spectral Merger Algorithm: A New Time Series Clustering Procedure

    Euá n, Carolina; Ombao, Hernando; Ortega, Joaquí n

    2018-01-01

    We present a new method for time series clustering which we call the Hierarchical Spectral Merger (HSM) method. This procedure is based on the spectral theory of time series and identifies series that share similar oscillations or waveforms

  2. Visibility graphlet approach to chaotic time series

    Mutua, Stephen [Business School, University of Shanghai for Science and Technology, Shanghai 200093 (China); Computer Science Department, Masinde Muliro University of Science and Technology, P.O. Box 190-50100, Kakamega (Kenya); Gu, Changgui, E-mail: gu-changgui@163.com, E-mail: hjyang@ustc.edu.cn; Yang, Huijie, E-mail: gu-changgui@163.com, E-mail: hjyang@ustc.edu.cn [Business School, University of Shanghai for Science and Technology, Shanghai 200093 (China)

    2016-05-15

    Many novel methods have been proposed for mapping time series into complex networks. Although some dynamical behaviors can be effectively captured by existing approaches, the preservation and tracking of the temporal behaviors of a chaotic system remains an open problem. In this work, we extended the visibility graphlet approach to investigate both discrete and continuous chaotic time series. We applied visibility graphlets to capture the reconstructed local states, so that each is treated as a node and tracked downstream to create a temporal chain link. Our empirical findings show that the approach accurately captures the dynamical properties of chaotic systems. Networks constructed from periodic dynamic phases all converge to regular networks and to unique network structures for each model in the chaotic zones. Furthermore, our results show that the characterization of chaotic and non-chaotic zones in the Lorenz system corresponds to the maximal Lyapunov exponent, thus providing a simple and straightforward way to analyze chaotic systems.

  3. Visibility Graph Based Time Series Analysis.

    Stephen, Mutua; Gu, Changgui; Yang, Huijie

    2015-01-01

    Network based time series analysis has made considerable achievements in the recent years. By mapping mono/multivariate time series into networks, one can investigate both it's microscopic and macroscopic behaviors. However, most proposed approaches lead to the construction of static networks consequently providing limited information on evolutionary behaviors. In the present paper we propose a method called visibility graph based time series analysis, in which series segments are mapped to visibility graphs as being descriptions of the corresponding states and the successively occurring states are linked. This procedure converts a time series to a temporal network and at the same time a network of networks. Findings from empirical records for stock markets in USA (S&P500 and Nasdaq) and artificial series generated by means of fractional Gaussian motions show that the method can provide us rich information benefiting short-term and long-term predictions. Theoretically, we propose a method to investigate time series from the viewpoint of network of networks.

  4. Visibility Graph Based Time Series Analysis.

    Mutua Stephen

    Full Text Available Network based time series analysis has made considerable achievements in the recent years. By mapping mono/multivariate time series into networks, one can investigate both it's microscopic and macroscopic behaviors. However, most proposed approaches lead to the construction of static networks consequently providing limited information on evolutionary behaviors. In the present paper we propose a method called visibility graph based time series analysis, in which series segments are mapped to visibility graphs as being descriptions of the corresponding states and the successively occurring states are linked. This procedure converts a time series to a temporal network and at the same time a network of networks. Findings from empirical records for stock markets in USA (S&P500 and Nasdaq and artificial series generated by means of fractional Gaussian motions show that the method can provide us rich information benefiting short-term and long-term predictions. Theoretically, we propose a method to investigate time series from the viewpoint of network of networks.

  5. Managing in turbulent times: issues and challenges in health care mergers and acquisitions.

    Jones, S A

    1999-09-01

    The environment of the health care system in the present and foreseeable future has been described as a revolution whose impetus comes from Wall Street. The new system of health care is characterized by mergers, acquisitions, and joint ventures. For-profit conversions and mergers of religious and secular organizations were almost unheard of before the last decade. The challenges facing nursing leadership in these turbulent times are (1) dealing with the human dynamics associated with creating new organizational cultures, (2) shifting focus away from event-driven cost avoidance and protecting institutional assets, and (3) shifting focus toward stewardship of community resources and nursing practice beyond institutional boundaries.

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

    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

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

    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.

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

    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

  9. MANAGING ORGANISATIONAL BEHABIOUR:The Analysis of AOL & Time Warner merger

    SUO FEIYA

    2017-01-01

    the massive job loss in the intervening year of the newly merged company and being desperation on falling stock prize. More important, as a frequent top manager turnover and a continuing dramatic capital and shareholder value loss (Klein,2003). Finally, in December 2009, Time Warner spin-off AOL entirely (Time Warner, 2009), the mega-merge between Time Warner and AOL announced their failure. To counter this severe situation, the AOL Time Warner indeed took a lot of measures, such as shipped off its co-chief operating officer and reduced its valuable assets (Peers & Angwin, 2003). However, with the manifestation of continuing and irretrievable loss, the fortune of the merger was doomed to end. As the universal statement for the main reason of this historic catastrophe, the merger was due to synergistic failure (Arango, 2010), which mainly due to inappropriate leadership approaches and lack of value congruence. The inappropriate leadership approaches can be classified into two categories- competencies perspective of leadership and contingency perspective of leadership. The value incongruence can be understanded in terms of organisational conflicts. This report will primarily focus on the fundamental organisational contributions that how the executives of this newly merged company moving forward in a different direction and the culture conflicts within two firms result in this unprecedented stumble.

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

    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.

  11. The Hierarchical Spectral Merger Algorithm: A New Time Series Clustering Procedure

    Euán, Carolina

    2018-04-12

    We present a new method for time series clustering which we call the Hierarchical Spectral Merger (HSM) method. This procedure is based on the spectral theory of time series and identifies series that share similar oscillations or waveforms. The extent of similarity between a pair of time series is measured using the total variation distance between their estimated spectral densities. At each step of the algorithm, every time two clusters merge, a new spectral density is estimated using the whole information present in both clusters, which is representative of all the series in the new cluster. The method is implemented in an R package HSMClust. We present two applications of the HSM method, one to data coming from wave-height measurements in oceanography and the other to electroencefalogram (EEG) data.

  12. Supernovae Ia in 2017: a long time delay from merger/accretion to explosion

    Soker, Noam

    2018-04-01

    I use recent observational and theoretical studies of type Ia supernovae (SNe Ia) to further constrain the viable SN Ia scenarios and to argue that there must be a substantial time delay between the end of the merger of the white dwarf (WD) with a companion or the end of mass accretion on to the WD and its terminal explosion. This merger/accretion to explosion delay (MED) is required to allow the binary system to lead to a more or less spherical explosion and to prevent a pre-explosion ionizing radiation. Considering these recent results and the required MED, I conclude that the core degenerate scenario is somewhat more favorable over the other scenarios, followed by the double degenerate scenario. Although the single degenerate scenario is viable as well, it is less likely to account for common (normal) SN Ia. As all scenarios require substantial MED, the MED has turned from a disadvantage of the core degenerate scenario to a challenge that theory should overcome. I hope that the requirement for a MED will stimulate the discussion of the different SN Ia scenarios and the comparison of the scenarios to each other.

  13. Observing Galaxy Mergers in Simulations

    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.

  14. Mergers + acquisitions.

    Hoppszallern, Suzanna

    2002-05-01

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

  15. DARK MATTER HALO MERGERS: DEPENDENCE ON ENVIRONMENT

    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.

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

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

    2018-05-01

    Understanding the processes that drive the formation of black holes (BHs) is a key topic in observational cosmology. While the observed MBH-MBulge correlation in bulge-dominated galaxies is thought to be produced by major mergers, the existence of an MBH-M⋆ relation, across all galaxy morphological types, suggests that BHs may be largely built by secular processes. Recent evidence that bulge-less galaxies, which are unlikely to have had significant mergers, are offset from the MBH-MBulge relation, but lie on the MBH-M⋆ relation, has strengthened this hypothesis. Nevertheless, the small size and heterogeneity of current data sets, coupled with the difficulty in measuring precise BH masses, make it challenging to address this issue using empirical studies alone. Here, we use Horizon-AGN, a cosmological hydrodynamical simulation to probe the role of mergers in BH growth over cosmic time. We show that (1) as suggested by observations, simulated bulge-less galaxies lie offset from the main MBH-MBulge relation, but on the MBH-M⋆ relation, (2) the positions of galaxies on the MBH-M⋆ relation are not affected by their merger histories, and (3) only ˜35 per cent of the BH mass in today's massive galaxies is directly attributable to merging - the majority (˜65 per cent) of BH growth, therefore, takes place gradually, via secular processes, over cosmic time.

  17. Mergers & Acquisitions

    Fomcenco, Alex

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

  18. The parametric modified limited penetrable visibility graph for constructing complex networks from time series

    Li, Xiuming; Sun, Mei; Gao, Cuixia; Han, Dun; Wang, Minggang

    2018-02-01

    This paper presents the parametric modified limited penetrable visibility graph (PMLPVG) algorithm for constructing complex networks from time series. We modify the penetrable visibility criterion of limited penetrable visibility graph (LPVG) in order to improve the rationality of the original penetrable visibility and preserve the dynamic characteristics of the time series. The addition of view angle provides a new approach to characterize the dynamic structure of the time series that is invisible in the previous algorithm. The reliability of the PMLPVG algorithm is verified by applying it to three types of artificial data as well as the actual data of natural gas prices in different regions. The empirical results indicate that PMLPVG algorithm can distinguish the different time series from each other. Meanwhile, the analysis results of natural gas prices data using PMLPVG are consistent with the detrended fluctuation analysis (DFA). The results imply that the PMLPVG algorithm may be a reasonable and significant tool for identifying various time series in different fields.

  19. Multifractal analysis of visibility graph-based Ito-related connectivity time series.

    Czechowski, Zbigniew; Lovallo, Michele; Telesca, Luciano

    2016-02-01

    In this study, we investigate multifractal properties of connectivity time series resulting from the visibility graph applied to normally distributed time series generated by the Ito equations with multiplicative power-law noise. We show that multifractality of the connectivity time series (i.e., the series of numbers of links outgoing any node) increases with the exponent of the power-law noise. The multifractality of the connectivity time series could be due to the width of connectivity degree distribution that can be related to the exit time of the associated Ito time series. Furthermore, the connectivity time series are characterized by persistence, although the original Ito time series are random; this is due to the procedure of visibility graph that, connecting the values of the time series, generates persistence but destroys most of the nonlinear correlations. Moreover, the visibility graph is sensitive for detecting wide "depressions" in input time series.

  20. Galaxy mergers

    Roos, N.

    1981-01-01

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

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

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

    2010-01-01

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

  2. Time series analysis of the developed financial markets' integration using visibility graphs

    Zhuang, Enyu; Small, Michael; Feng, Gang

    2014-09-01

    A time series representing the developed financial markets' segmentation from 1973 to 2012 is studied. The time series reveals an obvious market integration trend. To further uncover the features of this time series, we divide it into seven windows and generate seven visibility graphs. The measuring capabilities of the visibility graphs provide means to quantitatively analyze the original time series. It is found that the important historical incidents that influenced market integration coincide with variations in the measured graphical node degree. Through the measure of neighborhood span, the frequencies of the historical incidents are disclosed. Moreover, it is also found that large "cycles" and significant noise in the time series are linked to large and small communities in the generated visibility graphs. For large cycles, how historical incidents significantly affected market integration is distinguished by density and compactness of the corresponding communities.

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

    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.

  4. Observational evidence for mergers

    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.)

  5. High-visibility time-bin entanglement for testing chained Bell inequalities

    Tomasin, Marco; Mantoan, Elia; Jogenfors, Jonathan; Vallone, Giuseppe; Larsson, Jan-Åke; Villoresi, Paolo

    2017-03-01

    The violation of Bell's inequality requires a well-designed experiment to validate the result. In experiments using energy-time and time-bin entanglement, initially proposed by Franson in 1989, there is an intrinsic loophole due to the high postselection. To obtain a violation in this type of experiment, a chained Bell inequality must be used. However, the local realism bound requires a high visibility in excess of 94.63% in the time-bin entangled state. In this work, we show how such a high visibility can be reached in order to violate a chained Bell inequality with six, eight, and ten terms.

  6. Is the shell-focusing singularity of Szekeres space-time visible?

    Nolan, Brien C; Debnath, Ujjal

    2007-01-01

    The visibility of the shell-focusing singularity in Szekeres space-time--which represents quasispherical dust collapse--has been studied on numerous occasions in the context of the cosmic censorship conjecture. The various results derived have assumed that there exist radial null geodesics in the space-time. We show that such geodesics do not exist in general, and so previous results on the visibility of the singularity are not generally valid. More precisely, we show that the existence of a radial geodesic in Szekeres space-time implies that the space-time is axially symmetric, with the geodesic along the polar direction (i.e. along the axis of symmetry). If there is a second nonparallel radial geodesic, then the space-time is spherically symmetric, and so is a Lemaitre-Tolman-Bondi space-time. For the case of the polar geodesic in an axially symmetric Szekeres space-time, we give conditions on the free functions (i.e. initial data) of the space-time which lead to visibility of the singularity along this direction. Likewise, we give a sufficient condition for censorship of the singularity. We point out the complications involved in addressing the question of visibility of the singularity both for nonradial null geodesics in the axially symmetric case and in the general (nonaxially symmetric) case, and suggest a possible approach

  7. Time- and Cost-Optimal Parallel Algorithms for the Dominance and Visibility Graphs

    D. Bhagavathi

    1996-01-01

    Full Text Available The compaction step of integrated circuit design motivates associating several kinds of graphs with a collection of non-overlapping rectangles in the plane. These graphs are intended to capture various visibility relations amongst the rectangles in the collection. The contribution of this paper is to propose time- and cost-optimal algorithms to construct two such graphs, namely, the dominance graph (DG, for short and the visibility graph (VG, for short. Specifically, we show that with a collection of n non-overlapping rectangles as input, both these structures can be constructed in θ(log n time using n processors in the CREW model.

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

    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

  9. Multiscale Analysis of Time Irreversibility Based on Phase-Space Reconstruction and Horizontal Visibility Graph Approach

    Zhang, Yongping; Shang, Pengjian; Xiong, Hui; Xia, Jianan

    Time irreversibility is an important property of nonequilibrium dynamic systems. A visibility graph approach was recently proposed, and this approach is generally effective to measure time irreversibility of time series. However, its result may be unreliable when dealing with high-dimensional systems. In this work, we consider the joint concept of time irreversibility and adopt the phase-space reconstruction technique to improve this visibility graph approach. Compared with the previous approach, the improved approach gives a more accurate estimate for the irreversibility of time series, and is more effective to distinguish irreversible and reversible stochastic processes. We also use this approach to extract the multiscale irreversibility to account for the multiple inherent dynamics of time series. Finally, we apply the approach to detect the multiscale irreversibility of financial time series, and succeed to distinguish the time of financial crisis and the plateau. In addition, Asian stock indexes away from other indexes are clearly visible in higher time scales. Simulations and real data support the effectiveness of the improved approach when detecting time irreversibility.

  10. Digital tomosynthesis for evaluating metastatic lung nodules: nodule visibility, learning curves, and reading times.

    Lee, Kyung Hee; Goo, Jin Mo; Lee, Sang Min; Park, Chang Min; Bahn, Young Eun; Kim, Hyungjin; Song, Yong Sub; Hwang, Eui Jin

    2015-01-01

    To evaluate nodule visibility, learning curves, and reading times for digital tomosynthesis (DT). We included 80 patients who underwent computed tomography (CT) and DT before pulmonary metastasectomy. One experienced chest radiologist annotated all visible nodules on thin-section CT scans using computer-aided detection software. Two radiologists used CT as the reference standard and retrospectively graded the visibility of nodules on DT. Nodule detection performance was evaluated in four sessions of 20 cases each by six readers. After each session, readers were unblinded to the DT images by revealing the true-positive markings and were instructed to self-analyze their own misreads. Receiver-operating-characteristic curves were determined. Among 414 nodules on CT, 53.3% (221/414) were visible on DT. The main reason for not seeing a nodule on DT was small size (93.3%, ≤ 5 mm). DT revealed a substantial number of malignant nodules (84.1%, 143/170). The proportion of malignant nodules among visible nodules on DT was significantly higher (64.7%, 143/221) than that on CT (41.1%, 170/414) (p 0.8, and the average detection rate for malignant nodules was 85% (210/246). The inter-session analysis of the AUC showed no significant differences among the readers, and the detection rate for malignant nodules did not differ across sessions. A slight improvement in reading times was observed. Most malignant nodules > 5 mm were visible on DT. As nodule detection performance was high from the initial session, DT may be readily applicable for radiology residents and board-certified radiologists.

  11. Digital tomosynthesis for evaluating metastatic lung nodules: Nodule visibility, learning curves, and reading times

    Lee, Kyung Hee; Goo, Jin Mo; Lee, Sang Min; Park, Chang Min; Bahn, Young Eun; Kim, Hyung Jin; Song, Yong Sub; Hwang, Eui Jin

    2015-01-01

    To evaluate nodule visibility, learning curves, and reading times for digital tomosynthesis (DT). We included 80 patients who underwent computed tomography (CT) and DT before pulmonary metastasectomy. One experienced chest radiologist annotated all visible nodules on thin-section CT scans using computer-aided detection software. Two radiologists used CT as the reference standard and retrospectively graded the visibility of nodules on DT. Nodule detection performance was evaluated in four sessions of 20 cases each by six readers. After each session, readers were unblinded to the DT images by revealing the true-positive markings and were instructed to self-analyze their own misreads. Receiver-operating-characteristic curves were determined. Among 414 nodules on CT, 53.3% (221/414) were visible on DT. The main reason for not seeing a nodule on DT was small size (93.3%, < or = 5 mm). DT revealed a substantial number of malignant nodules (84.1%, 143/170). The proportion of malignant nodules among visible nodules on DT was significantly higher (64.7%, 143/221) than that on CT (41.1%, 170/414) (p < 0.001). Area under the curve (AUC) values at the initial session were > 0.8, and the average detection rate for malignant nodules was 85% (210/246). The inter-session analysis of the AUC showed no significant differences among the readers, and the detection rate for malignant nodules did not differ across sessions. A slight improvement in reading times was observed. Most malignant nodules > 5 mm were visible on DT. As nodule detection performance was high from the initial session, DT may be readily applicable for radiology residents and board-certified radiologists.

  12. Digital tomosynthesis for evaluating metastatic lung nodules: Nodule visibility, learning curves, and reading times

    Lee, Kyung Hee; Goo, Jin Mo; Lee, Sang Min; Park, Chang Min; Bahn, Young Eun; Kim, Hyung Jin; Song, Yong Sub; Hwang, Eui Jin [Dept. of Radiology, Seoul National University College of Medicine, and Institute of Radiation Medicine, Seoul National University Medical Research Center, Seoul (Korea, Republic of)

    2015-04-15

    To evaluate nodule visibility, learning curves, and reading times for digital tomosynthesis (DT). We included 80 patients who underwent computed tomography (CT) and DT before pulmonary metastasectomy. One experienced chest radiologist annotated all visible nodules on thin-section CT scans using computer-aided detection software. Two radiologists used CT as the reference standard and retrospectively graded the visibility of nodules on DT. Nodule detection performance was evaluated in four sessions of 20 cases each by six readers. After each session, readers were unblinded to the DT images by revealing the true-positive markings and were instructed to self-analyze their own misreads. Receiver-operating-characteristic curves were determined. Among 414 nodules on CT, 53.3% (221/414) were visible on DT. The main reason for not seeing a nodule on DT was small size (93.3%, < or = 5 mm). DT revealed a substantial number of malignant nodules (84.1%, 143/170). The proportion of malignant nodules among visible nodules on DT was significantly higher (64.7%, 143/221) than that on CT (41.1%, 170/414) (p < 0.001). Area under the curve (AUC) values at the initial session were > 0.8, and the average detection rate for malignant nodules was 85% (210/246). The inter-session analysis of the AUC showed no significant differences among the readers, and the detection rate for malignant nodules did not differ across sessions. A slight improvement in reading times was observed. Most malignant nodules > 5 mm were visible on DT. As nodule detection performance was high from the initial session, DT may be readily applicable for radiology residents and board-certified radiologists.

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

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

    2009-01-01

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

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

    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.

  15. Surviving mergers & acquisitions.

    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.

  16. Assessment of Time-Lapse in Visible and Thermal Face Recognition

    Farokhi, Sajad; Shamsuddin, Siti Mariyam; Flusser, Jan; Sheikh, Usman Ullah

    2012-01-01

    Roč. 6, č. 1 (2012), s. 181-186 R&D Projects: GA ČR GAP103/11/1552 Institutional support: RVO:67985556 Keywords : face recognition * moment invariants * Zernike moments Subject RIV: JD - Computer Applications, Robotics http://library.utia.cas.cz/separaty/2012/ZOI/flusser-assessment of time-lapse in visible and thermal face recognition -j.pdf

  17. Time behaviours of visible lines in turbulently heated TRIAM-1 plasma

    Hiraki, N; Nakamura, K; Nakamura, Y; Itoh, S [Kyushu Univ., Fukuoka (Japan). Research Inst. for Applied Mechanics

    1981-08-01

    Spectroscopic studies were carried out on turbulently heated TRIAM-1 tokamak plasma. The temporal evolutions of the line radiance of visible lines were measured and two types of time behaviours of the line radiance were identified. The observed remarkable reduction of the line radiance of visible lines which have low ionization potential and are localized in the skin-layer due to the application of a pulsed electric-field for turbulent heating is attributed to the strong plasma heating in the peripherical region. Spatial profiles of neutrals and ions which are related to these lines are calculated, and the temporal variations of these profiles caused by the application of the heating pulse are discussed.

  18. Decoding Galactic Merger Histories

    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.

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

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

    2010-01-01

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

  20. Mergers and Acquisitions

    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...

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

    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.

  2. Characterizing Black Hole Mergers

    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.

  3. Simulations of galaxy mergers

    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

  4. Investigations of suspension stability of iron oxide nanoparticles using time-resolved UV–visible spectroscopy

    Vikram, S.; Vasanthakumari, R. [B. S. Abdur Rahman University, Polymer Nanotechnology Centre (India); Tsuzuki, Takuya [Australian National University, Research School of Engineering, College of Engineering and Computer Science (Australia); Rangarajan, Murali, E-mail: r-murali@cb.amrita.edu [Amrita University, Center of Excellence in Advanced Materials and Green Technologies, Amrita School of Engineering Coimbatore (India)

    2016-09-15

    This study examines the suspension stability of iron oxide nanoparticles of different sizes, magnetic susceptibility, and saturation magnetization over long time scales in dilute systems using time-resolved UV–visible spectroscopy. The effects of citric acid as a chelating agent and applied external magnetic field are also studied. UV–visible spectra are obtained at different times for citric-acid-stabilized nanoparticles dispersed in water, and the peak absorbance is tracked with time, in the presence and absence of external magnetic fields. It is seen that the nanoparticles sediment slowly even in the absence of chain formation, with the phenomenon occurring in two-to-three regimes for the systems studied. Sedimentation exhibits either exponential or power-law behavior of maximum absorbance with time. In the dilute dispersions studied, thermal dispersion is about two orders of magnitude stronger than van der Waals interactions, and chain formation is not easy. Yet, it is likely that local anisotropic structures of the nanoparticles form, through which the attractive interactions result in sedimentation. Citric acid gradually stabilizes the aggregating particles; after an initial faster sedimentation, electrostatic repulsion causes the particles to segregate, as observed by a linear increase in the concentration of the nanoparticles at long times. In the presence of magnetic field, stabilization effects are significantly reduced. It is seen that though the attractive force between the nanoparticles and the external field is smaller than Brownian forces, together with van der Waals interactions, these attractive forces likely act as directing agents facilitating sedimentation. This study demonstrates that aggregation-induced sedimentation of magnetic nanoparticles is likely to play a significant role in magnetic drug targeting even when the particles are stabilized with chelating agents.Graphical abstract.

  5. Investigations of suspension stability of iron oxide nanoparticles using time-resolved UV–visible spectroscopy

    Vikram, S.; Vasanthakumari, R.; Tsuzuki, Takuya; Rangarajan, Murali

    2016-01-01

    This study examines the suspension stability of iron oxide nanoparticles of different sizes, magnetic susceptibility, and saturation magnetization over long time scales in dilute systems using time-resolved UV–visible spectroscopy. The effects of citric acid as a chelating agent and applied external magnetic field are also studied. UV–visible spectra are obtained at different times for citric-acid-stabilized nanoparticles dispersed in water, and the peak absorbance is tracked with time, in the presence and absence of external magnetic fields. It is seen that the nanoparticles sediment slowly even in the absence of chain formation, with the phenomenon occurring in two-to-three regimes for the systems studied. Sedimentation exhibits either exponential or power-law behavior of maximum absorbance with time. In the dilute dispersions studied, thermal dispersion is about two orders of magnitude stronger than van der Waals interactions, and chain formation is not easy. Yet, it is likely that local anisotropic structures of the nanoparticles form, through which the attractive interactions result in sedimentation. Citric acid gradually stabilizes the aggregating particles; after an initial faster sedimentation, electrostatic repulsion causes the particles to segregate, as observed by a linear increase in the concentration of the nanoparticles at long times. In the presence of magnetic field, stabilization effects are significantly reduced. It is seen that though the attractive force between the nanoparticles and the external field is smaller than Brownian forces, together with van der Waals interactions, these attractive forces likely act as directing agents facilitating sedimentation. This study demonstrates that aggregation-induced sedimentation of magnetic nanoparticles is likely to play a significant role in magnetic drug targeting even when the particles are stabilized with chelating agents.Graphical abstract

  6. Visibility graph analysis of heart rate time series and bio-marker of congestive heart failure

    Bhaduri, Anirban; Bhaduri, Susmita; Ghosh, Dipak

    2017-09-01

    Study of RR interval time series for Congestive Heart Failure had been an area of study with different methods including non-linear methods. In this article the cardiac dynamics of heart beat are explored in the light of complex network analysis, viz. visibility graph method. Heart beat (RR Interval) time series data taken from Physionet database [46, 47] belonging to two groups of subjects, diseased (congestive heart failure) (29 in number) and normal (54 in number) are analyzed with the technique. The overall results show that a quantitative parameter can significantly differentiate between the diseased subjects and the normal subjects as well as different stages of the disease. Further, the data when split into periods of around 1 hour each and analyzed separately, also shows the same consistent differences. This quantitative parameter obtained using the visibility graph analysis thereby can be used as a potential bio-marker as well as a subsequent alarm generation mechanism for predicting the onset of Congestive Heart Failure.

  7. Mergers at z = 1

    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.

  8. In vitro examination of the visibility of 11 stent catheters with real-time MR imaging

    Zorger, N.; Paetzel, C.; Hamer, O.W.; Lenhart, M.; Voelk, M.; Herold, T.; Feuerbach, S.

    2004-01-01

    Purpose: To evaluated artifacts of unexpended stents and to determine their exact position for MR-guided percutaneous transluminal angioplasty using real-time sequences. Materials and Methods: By using an in vitro model, 11 unexpended stents - 9 nitinol, 1 stainless steel, and 1 cobalt alloy - were investigated by MR. Each stent was studied in a vessel-phantom filled with saline solution. Imaging was performed using five different realtime sequences: fast low angle shot (Flash 2D), fast imaging with steady precession (true FISP, FISP, interactive true FISP) and segmented echo planar imaging (seg. EPI). Artifacts of the introducer system and the stent were calculated by four blinded radiologists (scale: 1 - artifacts, making an excellent contribution to visualization; 2 - artifacts, making mainly a contribution to visualization; 3 - artifacts, making no contribution to visualization). Furthermore, an evaluation of the visibility of the tip of the stent-catheter and the proximal and distal end of the stent was performed using a four-point scale (very good visibility to invisible). Results: The artifacts of the introducer system and stent were rated best for Omnilink registered (1.3±0.47), Wallstent registered (1.6±0.5), Jostent registered (1.65±0.5) and Luminexx registered (1.65±0.5). The differences between Omnilink registered and Jostent registered as well as Omnilink registered and Luminexx circledR were significant. A very good to good visibility of the catheter tip was observed with a mean of 1.7±0.66 for Omnilink registered followed by the Jostent registered (1.95±0.69), by the Wallstent registered (2.1±0.72) and by Luminexx registered (2.5±1.14). Differences between Omnilink registered and Luminexx registered were significant. The visibility of the proximal and distal end of the stent was evaluated as very good to good in 4 stent catheters (Omnilink registered , Wallstent registered , Jostent registered , Luminexx registered ). However, the differences

  9. Mergers: Success versus failure

    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

  10. Mergers and Acquisitions

    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...

  11. Predation and Mergers: Is Merger Law Counterproductive?

    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...

  12. Unattended real-time re-establishment of visibility in high dynamic range video and stills

    Abidi, B.

    2014-05-01

    We describe a portable unattended persistent surveillance system that corrects for harsh illumination conditions, where bright sun light creates mixed contrast effects, i.e., heavy shadows and washouts. These effects result in high dynamic range scenes, where illuminance can vary from few luxes to a 6 figure value. When using regular monitors and cameras, such wide span of illuminations can only be visualized if the actual range of values is compressed, leading to the creation of saturated and/or dark noisy areas and a loss of information in these areas. Images containing extreme mixed contrast cannot be fully enhanced from a single exposure, simply because all information is not present in the original data. The active intervention in the acquisition process is required. A software package, capable of integrating multiple types of COTS and custom cameras, ranging from Unmanned Aerial Systems (UAS) data links to digital single-lens reflex cameras (DSLR), is described. Hardware and software are integrated via a novel smart data acquisition algorithm, which communicates to the camera the parameters that would maximize information content in the final processed scene. A fusion mechanism is then applied to the smartly acquired data, resulting in an enhanced scene where information in both dark and bright areas is revealed. Multi-threading and parallel processing are exploited to produce automatic real time full motion corrected video. A novel enhancement algorithm was also devised to process data from legacy and non-controllable cameras. The software accepts and processes pre-recorded sequences and stills, enhances visible, night vision, and Infrared data, and successfully applies to night time and dark scenes. Various user options are available, integrating custom functionalities of the application into intuitive and easy to use graphical interfaces. The ensuing increase in visibility in surveillance video and intelligence imagery will expand the performance and

  13. Volatility behavior of visibility graph EMD financial time series from Ising interacting system

    Zhang, Bo; Wang, Jun; Fang, Wen

    2015-08-01

    A financial market dynamics model is developed and investigated by stochastic Ising system, where the Ising model is the most popular ferromagnetic model in statistical physics systems. Applying two graph based analysis and multiscale entropy method, we investigate and compare the statistical volatility behavior of return time series and the corresponding IMF series derived from the empirical mode decomposition (EMD) method. And the real stock market indices are considered to be comparatively studied with the simulation data of the proposed model. Further, we find that the degree distribution of visibility graph for the simulation series has the power law tails, and the assortative network exhibits the mixing pattern property. All these features are in agreement with the real market data, the research confirms that the financial model established by the Ising system is reasonable.

  14. Hospital mergers: a panacea?

    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.

  15. MERGER ACCOUTING FOR COMPANIES

    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.

  16. The Electromagnetic Counterpart of the Binary Neutron Star Merger LIGO/Virgo GW170817. VI. Radio Constraints on a Relativistic Jet and Predictions for Late-time Emission from the Kilonova Ejecta

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

    2017-10-16

    We present Very Large Array (VLA) and Atacama Large Millimeter/sub-millimeter Array ALMA radio observations of GW\\,170817, the first Laser Interferometer Gravitational-wave Observatory (LIGO)/Virgo gravitational wave (GW) event from a binary neutron star merger and the first GW event with an electromagnetic (EM) counterpart. Our data include the first observations following the discovery of the optical transient at both the centimeter ($13.7$ hours post merger) and millimeter ($2.41$ days post merger) bands. We detect faint emission at 6 GHz at 19.47 and 39.23 days after the merger, but not in an earlier observation at 2.46 d. We do not detect cm/mm emission at the position of the optical counterpart at frequencies of 10-97.5 GHz at times ranging from 0.6 to 30 days post merger, ruling out an on-axis short gamma-ray burst (SGRB) for energies $\\gtrsim 10^{48}$ erg. For fiducial SGRB parameters, our limits require an observer viewer angle of $\\gtrsim 20^{\\circ}$. The radio and X-ray data can be jointly explained as the afterglow emission from an SGRB with a jet energy of $\\sim 10^{49}-10^{50}$ erg that exploded in a uniform density environment with $n\\sim 10^{-4}-10^{-2}$ cm$^{-3}$, viewed at an angle of $\\sim 20^{\\circ}-40^{\\circ}$ from the jet axis. Using the results of our light curve and spectral modeling, in conjunction with the inference of the circumbinary density, we predict the emergence of late-time radio emission from the deceleration of the kilonova (KN) ejecta on a timescale of $\\sim 5-10$ years that will remain detectable for decades with next-generation radio facilities, making GW\\,170817 a compelling target for long-term radio monitoring.

  17. Long-lived visible luminescence of UV LEDs and impact on LED excited time-resolved fluorescence applications

    Jin, D; Connally, R; Piper, J

    2006-01-01

    We report the results of a detailed study of the spectral and temporal properties of visible emission from three different GaN-based ultraviolet (UV) light emitting diodes (UV LEDs). The primary UV emission in the 360-380 nm band decays rapidly (less than 1 μs) following switch-off; however, visible luminescence (470-750 nm) with a decay lifetime of tens of microseconds was observed at approximately 10 -4 of the UV intensity. For applications of UV LEDs in time-resolved fluorescence (TRF) employing lanthanide chelates, the visible luminescence from the LEDs competes with the target Eu 3+ or Tb 3+ fluorescence in both spectral and temporal domains. A UV band-pass filter (Schott UG11 glass) was therefore used to reduce the visible luminescence of the UV LEDs by three orders of magnitude relative to UV output to yield a practical excitation source for TRF

  18. Power plays - global mergers

    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)

  19. MERGER ACCOUTING FOR COMPANIES

    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...

  20. Improved Fast, Deep Record Length, Time-Resolved Visible Spectroscopy of Plasmas Using Fiber Grids

    Brockington, S.; Case, A.; Cruz, E.; Williams, A.; Witherspoon, F. D.; Horton, R.; Klauser, R.; Hwang, D.

    2017-10-01

    HyperV Technologies is developing a fiber-coupled, deep record-length, low-light camera head for performing high time resolution spectroscopy on visible emission from plasma events. By coupling the output of a spectrometer to an imaging fiber bundle connected to a bank of amplified silicon photomultipliers, time-resolved spectroscopic imagers of 100 to 1,000 pixels can be constructed. A second generation prototype 32-pixel spectroscopic imager employing this technique was constructed and successfully tested at the University of California at Davis Compact Toroid Injection Experiment (CTIX). Pixel performance of 10 Megaframes/sec with record lengths of up to 256,000 frames ( 25.6 milliseconds) were achieved. Pixel resolution was 12 bits. Pixel pitch can be refined by using grids of 100 μm to 1000 μm diameter fibers. Experimental results will be discussed, along with future plans for this diagnostic. Work supported by USDOE SBIR Grant DE-SC0013801.

  1. Simulations of galaxy mergers

    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)

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

    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

  3. Time domain reshuffling for OFDM based indoor visible light communication systems.

    You, Xiaodi; Chen, Jian; Yu, Changyuan; Zheng, Huanhuan

    2017-05-15

    For orthogonal frequency division multiplexing (OFDM) based indoor visible light communication (VLC) systems, partial non-ideal transmission conditions such as insufficient guard intervals and a dispersive channel can result in severe inter-symbol crosstalk (ISC). By deriving from the inverse Fourier transform, we present a novel time domain reshuffling (TDR) concept for both DC-biased optical (DCO-) and asymmetrically clipped optical (ACO-) OFDM VLC systems. By using only simple operations in the frequency domain, potential high peaks can be relocated within each OFDM symbol to alleviate ISC. To simplify the system, we also propose an effective unified design of the TDR schemes for both DCO- and ACO-OFDM. Based on Monte-Carlo simulations, we demonstrate the statistical distribution of the signal high peak values and the complementary cumulative distribution function of the peak-to-average power ratio under different cases for comparison. Simulation results indicate improved bit error rate (BER) performance by adopting TDR to counteract ISC deterioration. For example, for binary phase shift keying at a BER of 10 -3 , the signal to noise ratio gains are ~1.6 dB and ~6.6 dB for DCO- and ACO-OFDM, respectively, with ISC of 1/64. We also show a reliable transmission by adopting TDR for rectangle 8-quadrature amplitude modulation with ISC of < 1/64.

  4. Anti- versus Pro-Competitive Mergers

    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...

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

    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; ...

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

    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.

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

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

    2017-12-01

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

  8. UV--Visible observations with HST in the JWST North Ecliptic Pole Time-Domain Field

    Jansen, Rolf A.; Windhorst, Rogier; Grogin, Norman; Koekemoer, Anton; Royle, Patricia; Hathi, Nimish; Jones, Victoria; Cohen, Seth; Ashcraft, Teresa; Willmer, Christopher; Conselice, Christopher; White, Cameron; Frye, Brenda; HST-GO-15278 team; and the Webb Medium Deep Fields IDS GTO team.

    2018-01-01

    We report the first results from a UV–Visible HST imaging survey of the JWST North Ecliptic Pole (NEP) Time-Domain Field (TDF). Using CVZ and near-CVZ opportunities we observed the first two out of nine tiles with WFC3/UVIS in F275W and with ACS/WFC in F435W and F606W. Over the course of the next 13 months, this survey is designed to provide near-contiguous 3-filter coverage of the central r ≤ 5‧ of this new community field for time-domain science with JWST. The JWST NEP TDF is located within JWST's northern Continuous Viewing Zone, will span ~14‧ in diameter (~10‧ with NIRISS coverage), is devoid of sources bright enough to saturate the NIRCam detectors, has low Galactic foreground extinction, and will be roughly circular in shape (initially sampled during Cycle 1 at 4 distinct orientations with JWST/NIRCam — the JWST “windmill”). NIRISS slitless grism spectroscopy will be taken in parallel, overlapping an alternate NIRCam orientation. This is the only region in the sky where JWST can observe a clean extragalactic deep survey field of this size at arbitrary cadence or at arbitrary orientation. This will crucially enable a wide range of new and exciting time-domain science, including high redshift transient searches and monitoring (e.g., SNe), variability studies from Active Galactic Nuclei to brown dwarf atmospheres, as well as proper motions of extreme scattered Kuiper Belt and Oort Cloud Objects, and of nearby Galactic brown dwarfs, low-mass stars, and ultracool white dwarfs. Ancillary data across the electromagnetic spectrum will exist for this field when JWST science operations commence in the second half of 2019. This includes deep (mAB ~ 26 mag) wide-field (~23‧×25‧) Ugriz photometry of this field and its surroundings from LBT/LBC and Subaru/HSC, JHK from MMT/MMIRS, VLA 3 GHz and VLBA 4.5 GHz radio observations, and Chandra/ACIS X-ray images. Proposals for (sub)mm observations and spectroscopy to mAB ~ 24 mag are pending.

  9. College Mergers: An Emerging Alternative.

    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.…

  10. Understanding FE Mergers. Research Report

    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…

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

    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.

  12. ROLE OF INTERNATIONAL MERGERS AND ACQUISITIONS IN CORPORATE INTEGRATION

    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.

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

    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.

  14. What does the structure of its visibility graph tell us about the nature of the time series?

    Franke, Jasper G.; Donner, Reik V.

    2017-04-01

    Visibility graphs are a recently introduced method to construct complex network representations based upon univariate time series in order to study their dynamical characteristics [1]. In the last years, this approach has been successfully applied to studying a considerable variety of geoscientific research questions and data sets, including non-trivial temporal patterns in complex earthquake catalogs [2] or time-reversibility in climate time series [3]. It has been shown that several characteristic features of the thus constructed networks differ between stochastic and deterministic (possibly chaotic) processes, which is, however, relatively hard to exploit in the case of real-world applications. In this study, we propose studying two new measures related with the network complexity of visibility graphs constructed from time series, one being a special type of network entropy [4] and the other a recently introduced measure of the heterogeneity of the network's degree distribution [5]. For paradigmatic model systems exhibiting bifurcation sequences between regular and chaotic dynamics, both properties clearly trace the transitions between both types of regimes and exhibit marked quantitative differences for regular and chaotic dynamics. Moreover, for dynamical systems with a small amount of additive noise, the considered properties demonstrate gradual changes prior to the bifurcation point. This finding appears closely related to the subsequent loss of stability of the current state known to lead to a critical slowing down as the transition point is approaches. In this spirit, both considered visibility graph characteristics provide alternative tracers of dynamical early warning signals consistent with classical indicators. Our results demonstrate that measures of visibility graph complexity (i) provide a potentially useful means to tracing changes in the dynamical patterns encoded in a univariate time series that originate from increasing autocorrelation and (ii

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

    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

  16. Mixing processes in galaxy mergers

    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)

  17. Internationalize Mergers and Acquisitions

    Zhou, Lili

    2017-01-01

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

  18. Mergers & Acquisitions and Intangibles

    Ott, Christian

    2012-01-01

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

  19. Resilience and Coping After Hospital Mergers.

    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.

  20. Time series analysis of S&P 500 index: A horizontal visibility graph approach

    Vamvakaris, Michail D.; Pantelous, Athanasios A.; Zuev, Konstantin M.

    2018-05-01

    The behavior of stock prices has been thoroughly studied throughout the last century, and contradictory results have been reported in the corresponding literature. In this paper, a network theoretical approach is provided to investigate how crises affected the behavior of US stock prices. We analyze high frequency data from S&P500 via the Horizontal Visibility Graph method, and find that all major crises that took place worldwide in the last twenty years, affected significantly the behavior of the price-index. Nevertheless, we observe that each of those crises impacted the index in a different way and magnitude. Interestingly, our results suggest that the predictability of the price-index series increases during the periods of crises.

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

    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

  2. Mergers and innovation in the pharmaceutical industry.

    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.

  3. A CEO roundtable on making mergers succeed.

    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.

  4. Competition and Mergers among Nonprofits

    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

  5. Competition and Mergers among Nonprofits

    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

  6. Welfare standards in hospital mergers.

    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.

  7. Knowledge management in international mergers

    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

  8. Indexing mergers and acquisitions

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

    2017-01-01

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

  9. 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

    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.

  10. 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

    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

  11. On universality in ergoregion mergers

    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.

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

    Hawes, D.W.

    1995-10-01

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

  13. Horizontal mergers and weak and strong competition commissions

    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.

  14. 7 CFR 3575.89 - Mergers.

    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...

  15. 7 CFR 1779.89 - Mergers.

    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...

  16. Endogenous mergers: bidder momentum and market reaction

    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

  17. Endogenous mergers: Bidder momentum and market reaction

    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

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

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

    2011-01-01

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

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

    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.

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

    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.

  1. Justice Department Airline Merger Policy

    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.

  2. On the more accurate channel model and positioning based on time-of-arrival for visible light localization

    Amini, Changeez; Taherpour, Abbas; Khattab, Tamer; Gazor, Saeed

    2017-01-01

    This paper presents an improved propagation channel model for the visible light in indoor environments. We employ this model to derive an enhanced positioning algorithm using on the relation between the time-of-arrivals (TOAs) and the distances for two cases either by assuming known or unknown transmitter and receiver vertical distances. We propose two estimators, namely the maximum likelihood estimator and an estimator by employing the method of moments. To have an evaluation basis for these methods, we calculate the Cramer-Rao lower bound (CRLB) for the performance of the estimations. We show that the proposed model and estimations result in a superior performance in positioning when the transmitter and receiver are perfectly synchronized in comparison to the existing state-of-the-art counterparts. Moreover, the corresponding CRLB of the proposed model represents almost about 20 dB reduction in the localization error bound in comparison with the previous model for some practical scenarios.

  3. GRAVITATIONAL MEMORY IN BINARY BLACK HOLE MERGERS

    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.

  4. Time-resolved photoluminescence spectroscopy of semiconductors for optical applications beyond the visible spectral range

    Chernikov, Alexey A.

    2011-07-01

    The work discussed in this thesis is focused on the experimental studies regarding these three steps: (1) investigation of the fundamental effects, (2) characterization of new material systems, and (3) optimization of the semiconductor devices. In all three cases, the experimental technique of choice is photoluminescence (PL) spectroscopy. The thesis is organized as follows. Chapter 2 gives a summary of the PL properties of semiconductors relevant for this work. The first section deals with the intrinsic processes in an ideal direct band gap material, starting with a brief summary of the theoretical background followed by the overview of a typical PL scenario. In the second part of the chapter, the role of the lattice-vibrations, the internal electric fields as well as the influence of the band-structure and the dielectric environment are discussed. Finally, extrinsic PL properties are presented in the third section, focusing on defects and disorder in real materials. In chapter 3, the experimental realization of the spectroscopic studies is discussed. The time-resolved photoluminescence (TRPL) setup is presented, focusing on the applied excitation source, non-linear frequency mixing, and the operation of the streak camera used for the detection. In addition, linear spectroscopy setup for continous-wave (CW) PL and absorption measurements is illustrated. Chapter 4 aims at the study of the interactions between electrons and lattice-vibrations in semiconductor crystals relevant for the proper description of carrier dynamics as well as the heat-transfer processes. The presented discussion covers the experimental studies of many-body effects in phonon-assisted emission of semiconductors due to the carriercarrier Coulomb-interaction. The corresponding theoretical background is discussed in detail in chapter 2. The investigations are focused on the two main questions regarding electron-hole plasma contributions to the phonon-assisted light-matter interaction as well as

  5. THE DIRT ON DRY MERGERS

    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.

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

    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

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

    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 .

  8. Validation of Vegetation Index Time Series from Suomi NPP Visible Infrared Imaging Radiometer Suite Using Tower Radiation Flux Measurements

    Miura, T.; Kato, A.; Wang, J.; Vargas, M.; Lindquist, M.

    2015-12-01

    Satellite vegetation index (VI) time series data serve as an important means to monitor and characterize seasonal changes of terrestrial vegetation and their interannual variability. It is, therefore, critical to ensure quality of such VI products and one method of validating VI product quality is cross-comparison with in situ flux tower measurements. In this study, we evaluated the quality of VI time series derived from Visible Infrared Imaging Radiometer Suite (VIIRS) onboard the Suomi National Polar-orbiting Partnership (NPP) spacecraft by cross-comparison with in situ radiation flux measurements at select flux tower sites over North America and Europe. VIIRS is a new polar-orbiting satellite sensor series, slated to replace National Oceanic and Atmospheric Administration's Advanced Very High Resolution Radiometer in the afternoon overpass and to continue the highly-calibrated data streams initiated with Moderate Resolution Imaging Spectrometer of National Aeronautics and Space Administration's Earth Observing System. The selected sites covered a wide range of biomes, including croplands, grasslands, evergreen needle forest, woody savanna, and open shrublands. The two VIIRS indices of the Top-of-Atmosphere (TOA) Normalized Difference Vegetation Index (NDVI) and the atmospherically-corrected, Top-of-Canopy (TOC) Enhanced Vegetation Index (EVI) (daily, 375 m spatial resolution) were compared against the TOC NDVI and a two-band version of EVI (EVI2) calculated from tower radiation flux measurements, respectively. VIIRS and Tower VI time series showed comparable seasonal profiles across biomes with statistically significant correlations (> 0.60; p-value 0.95), with mean differences of 2.3 days and 5.0 days for the NDVI and the EVI, respectively. These results indicate that VIIRS VI time series can capture seasonal evolution of vegetated land surface as good as in situ radiometric measurements. Future studies that address biophysical or physiological interpretations

  9. The Use of the Time Average Visibility for Analyzing HERA-19 Commissioning Data: Effects of Non-Redundancy

    Benefo, Roshan; Gallardo, Samavarti; Aguirre, James; La Plante, Paul; HERA Collaboration

    2018-01-01

    The Hydrogen Epoch of Reionization Array (HERA) is a radio telescope situated in South Africa designed to observe the universe from redshifts 13 through 6, in order to detect the emission of the 21 cm line from the hydrogen spin-flip transition. We perform 21 cm cosmology due to its relation with reionization; by detecting this emission line, we can identify the timing of reionization, and understand more about the nature of the universe during the birth of the first stars and galaxies. With that, we can understand the heating conditions of the initial universe, providing us a larger picture of the conditions that created the large-scale structure of the universe we observe today. The HERA array currently consists of 19 antennas, spaced in a hexagonal grid pattern. We consider a robust observable, the time-averaged visibility (TAV), which is in principle sensitive to variations in the beam pattern between antenna elements and is easier to measure than the beam pattern itself. We use this TAV to explore the non-redundancy of baselines in the HERA array due either to cross-coupling between antennas (probed by antenna location in the array) or non-uniformity in their manufacture. The TAV may provide a simple way of verifying improvements in antenna element redundancy.

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

    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)

  11. A Qualitative Multiple-Case Study of the Merger That Formed Twin Rivers Unified School District

    Crowe, Christopher Hugh

    2013-01-01

    The history of public education in America is a history of school district mergers. Population growth and improvements in transportation and communication brought isolated communities together. Financial pressures and promises of economies of scale overcame reluctance to merger. In more recent times, federal and state legislation has provided…

  12. The Merger Paradox and R&D

    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).

  13. University Mergers in Finland: Mediating Global Competition

    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.

  14. Study of time dynamics of seismicity for the Mexican subduction zone by means of the visibility graph method.

    Ramírez-Rojas, Alejandro; Telesca, Luciano; Lovallo, Michele; Flores, Leticia

    2015-04-01

    By using the method of the visibility graph (VG), five magnitude time series extracted from the seismic catalog of the Mexican subduction zone were investigated. The five seismic sequences represent the seismicity which occurred between 2005 and 2012 in five seismic areas: Guerrero, Chiapas, Oaxaca, Jalisco and Michoacan. Among the five seismic sequences, the Jalisco sequence shows VG properties significantly different from those shown by the other four. Such a difference could be inherent in the different tectonic settings of Jalisco with respect to those characterizing the other four areas. The VG properties of the seismic sequences have been put in relationship with the more typical seismological characteristics (b-value and a-value of the Gutenberg-Richter law). The present study was supported by the Bilateral Project Italy-Mexico "Experimental Stick-slip models of tectonic faults: innovative statistical approaches applied to synthetic seismic sequences", jointly funded by MAECI (Italy) and AMEXCID (Mexico) in the framework of the Bilateral Agreement for Scientific and Technological Cooperation PE 2014-2016

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

    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.

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

    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.

  17. Mergers, Strategic Investments and Antitrust Policy

    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...

  18. The economic impact of merger control legislation

    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...

  19. Bundling and mergers in energy markets

    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)

  20. Assessment of Innovation Effects of Mergers

    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 ...

  1. Nurse Executive Leadership During Organizational Mergers.

    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.

  2. 12 CFR 708b.101 - Mergers generally.

    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...

  3. Is Education Getting Lost in University Mergers?

    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…

  4. Accounting for distress in bank mergers

    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

  5. Mergers in European Higher Education

    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...

  6. Mergers and Acquisitions in India

    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...

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

    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.

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

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

    2010-01-01

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

  9. Medical group mergers: strategies for success.

    Latham, Will

    2014-01-01

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

  10. Managing Key Risks in Post-Merger IS Integration

    Alaranta, Mar; Mathiassen, L

    2014-01-01

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

  11. Essays on mergers and acquisitions

    Faelten, A.I.

    2016-01-01

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

  12. More Mergers,More Acquisitions

    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.

  13. More Mergers,More Acquisitions

    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.

  14. Creating lenticular galaxies with mergers

    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

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

    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.

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

    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.

  17. Properties of Merger Shocks in Merging Galaxy Clusters

    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.

  18. Multi-messenger Observations of a Binary Neutron Star Merger

    Scholten, Olaf; van den Berg, Adriaan

    2017-01-01

    On 2017 August 17 a binary neutron star coalescence candidate (later designated GW170817) with merger time 12:41:04 UTC was observed through gravitational waves by the Advanced LIGO and Advanced Virgo detectors. The Fermi Gamma-ray Burst Monitor independently detected a gamma-ray burst (GRB 170817A)

  19. Multi-messenger Observations of a Binary Neutron Star Merger

    Abbott, B. P.; Abbott, R.; Abbott, T. D.

    2017-01-01

    On 2017 August 17 a binary neutron star coalescence candidate (later designated GW170817) with merger time 12:41:04 UTC was observed through gravitational waves by the Advanced LIGO and Advanced Virgo detectors. The Fermi Gamma-ray Burst Monitor independently detected a gamma-ray burst (GRB 17081...

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

    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

  1. Multi-messenger observations of a binary neutron star merger

    LIGO Scientific Collaboration and Virgo Collaboration; Fermi GBM; INTEGRAL; IceCube Collaboration; AstroSat Cadmium Zinc Telluride Imager Team; IPN Collaboration; The Insight-HXMT Collaboration; ANTARES Collaboration; The Swift Collaboration; AGILE Team; The 1M2H Team; The Dark Energy Camera GW-EM Collaboration and the DES Collaboration; The DLT40 Collaboration; GRAWITA: GRAvitational Wave Inaf TeAm; The Fermi Large Area Telescope Collaboration; ATCA: Australia Telescope Compact Array; ASKAP: Australian SKA Path finder; Las Cumbres Observatory Group; OzGrav; DWF (Deeper, Wider, Faster Program); AST3; CAASTRO Collaborations; The VINROUGE Collaboration; MASTER Collaboration; J-GEM; GROWTH; JAGWAR; Caltech- NRAO; TTU-NRAO; NuSTAR Collaborations; Pan-STARR; The MAXI Team; TZAC Consortium; KU Collaboration; Nordic Optical Telescope; ePESSTO; GROND; Texas Tech University; SALT Group; TOROS: Transient Robotic Observatory of the South Collaboration; The BOOTES Collaboration; MWA: Murchison Wide field Array; The CALET Collaboration; IKI-GW Follow-up Collaboration; H.E.S.S. Collaboration; LOFAR Collaboration; LWA: Long Wavelength Array; HAWC Collaboration; The Pierre Auger Collaboration; ALMA Collaboration; Euro VLBI Team; Pi of the Sky Collaboration; The Chandra Team at McGill University; DFN: Desert Fireball Network; ATLAS; High Time Resolution Universe Survey; RIMAS and RATIR; SKA South Africa / MeerKAT

    2017-01-01

    On 2017 August 17 a binary neutron star coalescence candidate (later designated GW170817) with merger time 12:41:04 UTC was observed through gravitational waves by the Advanced LIGO and Advanced Virgo detectors. The Fermi Gamma-ray Burst Monitor independently detected a gamma-ray burst (GRB 170817A)

  2. Capitalisation, Mergers and the Nigerian Economy: A Historical ...

    This paper, seeks to give a historical insight into the story of mergers, capitalisation and the Nigerian economy, beginning from the earliest British economic adventures in the country in the 19th century up to the present time. It also examines the impact of the recent bank re-capitalisation exercise in the country and the ...

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

    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.

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

    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.

  5. Host galaxy properties of mergers of stellar binary black holes and their implications for advanced LIGO gravitational wave sources

    Cao, Liang; Lu, Youjun; Zhao, Yuetong

    2018-03-01

    Understanding the host galaxy properties of stellar binary black hole (SBBH) mergers is important for revealing the origin of the SBBH gravitational wave sources detected by advanced LIGO and helpful for identifying their electromagnetic counterparts. Here, we present a comprehensive analysis of the host galaxy properties of SBBHs by implementing semi-analytical recipes for SBBH formation and merger into cosmological galaxy formation model. If the time delay between SBBH formation and merger ranges from ≲ Gyr to the Hubble time, SBBH mergers at redshift z ≲ 0.3 occur preferentially in big galaxies with stellar mass M* ≳ 2 × 1010 M⊙ and metallicities Z peaking at ˜0.6 Z⊙. However, the host galaxy stellar mass distribution of heavy SBBH mergers (M•• ≳ 50 M⊙) is bimodal with one peak at ˜109 M⊙ and the other peak at ˜2 × 1010 M⊙. The contribution fraction from host galaxies with Z ≲ 0.2 Z⊙ to heavy mergers is much larger than that to less heavy mergers. If SBBHs were formed in the early Universe (e.g. z > 6), their mergers detected at z ≲ 0.3 occur preferentially in even more massive galaxies with M* > 3 × 1010 M⊙ and in galaxies with metallicities mostly ≳ 0.2 Z⊙ and peaking at Z ˜ 0.6 Z⊙, due to later cosmic assembly and enrichment of their host galaxies. SBBH mergers at z ≲ 0.3 mainly occur in spiral galaxies, but the fraction of SBBH mergers that occur in elliptical galaxies can be significant if those SBBHs were formed in the early Universe; and about two-thirds of those mergers occur in the central galaxies of dark matter haloes. We also present results on the host galaxy properties of SBBH mergers at higher redshift.

  6. HI Absorption in Merger Remnants

    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.

  7. Mergers as an Omega estimator

    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

  8. Mergers, managerial incentives, and efficiencies

    Jovanovic, Dragan

    2014-01-01

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

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

    Sumeet Gupta

    2009-01-01

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

  10. MINOR MERGERS AND THE SIZE EVOLUTION OF ELLIPTICAL GALAXIES

    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.

  11. Analyzing Visibility Configurations.

    Dachsbacher, C

    2011-04-01

    Many algorithms, such as level of detail rendering and occlusion culling methods, make decisions based on the degree of visibility of an object, but do not analyze the distribution, or structure, of the visible and occluded regions across surfaces. We present an efficient method to classify different visibility configurations and show how this can be used on top of existing methods based on visibility determination. We adapt co-occurrence matrices for visibility analysis and generalize them to operate on clusters of triangular surfaces instead of pixels. We employ machine learning techniques to reliably classify the thus extracted feature vectors. Our method allows perceptually motivated level of detail methods for real-time rendering applications by detecting configurations with expected visual masking. We exemplify the versatility of our method with an analysis of area light visibility configurations in ray tracing and an area-to-area visibility analysis suitable for hierarchical radiosity refinement. Initial results demonstrate the robustness, simplicity, and performance of our method in synthetic scenes, as well as real applications.

  12. Disclosure requirements for merger and acquisition transactions

    Holm, D.I.

    1998-01-01

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

  13. National Versus International Mergers and Trade Liberalization

    Yildiz, Halis Murat

    2003-01-01

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

  14. Mergers and acquisitions: valuation and risk assessment

    McVeigh, C.A.

    1996-01-01

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

  15. Plasmon-induced photoelectrochemical biosensor for in situ real-time measurement of biotin-streptavidin binding kinetics under visible light irradiation

    Guo, Jingchun; Oshikiri, Tomoya; Ueno, Kosei; Shi, Xu; Misawa, Hiroaki

    2017-01-01

    We developed a localized surface plasmon-induced visible light-responsive photoelectrochemical (PEC) biosensor using a titanium dioxide (TiO_2) photoelectrode loaded with gold nanoislands (AuNIs) for in situ real-time measurement of biotin-streptavidin association. As a proof of concept, self-assembled thiol-terminated biotin molecules bound on a AuNIs/TiO_2 photoelectrode were successfully utilized to explore the photocurrent response to streptavidin-modified gold nanoparticle (STA-AuNP) solutions. This plasmon-induced PEC biosensor is simple and easy to miniaturize. Additionally, the PEC biosensor achieves highly sensitive measurements under only visible light irradiation and prevents the UV-induced damage of samples. Furthermore, a novel approach has been proposed to realize the real-time monitoring of biotin-STA binding affinities and kinetics by analyzing the PEC sensing characteristics. This PEC biosensor and novel analysis method could provide a new approach for the specific electrical detection and real-time kinetic measurements for clinical diagnostics and drug development. - Highlights: • A plasmon-induced visible light-responsive photoelectrochemical biosensor is developed and the system can be miniaturized.

  16. Plasmon-induced photoelectrochemical biosensor for in situ real-time measurement of biotin-streptavidin binding kinetics under visible light irradiation

    Guo, Jingchun; Oshikiri, Tomoya; Ueno, Kosei; Shi, Xu [Research Institute for Electronic Science, Hokkaido University, Sapporo 001-0021 (Japan); Misawa, Hiroaki, E-mail: misawa@es.hokudai.ac.jp [Research Institute for Electronic Science, Hokkaido University, Sapporo 001-0021 (Japan); Department of Applied Chemistry & Institute of Molecular Science, National Chiao Tung University, Hsinchu 30010, Taiwan (China)

    2017-03-08

    We developed a localized surface plasmon-induced visible light-responsive photoelectrochemical (PEC) biosensor using a titanium dioxide (TiO{sub 2}) photoelectrode loaded with gold nanoislands (AuNIs) for in situ real-time measurement of biotin-streptavidin association. As a proof of concept, self-assembled thiol-terminated biotin molecules bound on a AuNIs/TiO{sub 2} photoelectrode were successfully utilized to explore the photocurrent response to streptavidin-modified gold nanoparticle (STA-AuNP) solutions. This plasmon-induced PEC biosensor is simple and easy to miniaturize. Additionally, the PEC biosensor achieves highly sensitive measurements under only visible light irradiation and prevents the UV-induced damage of samples. Furthermore, a novel approach has been proposed to realize the real-time monitoring of biotin-STA binding affinities and kinetics by analyzing the PEC sensing characteristics. This PEC biosensor and novel analysis method could provide a new approach for the specific electrical detection and real-time kinetic measurements for clinical diagnostics and drug development. - Highlights: • A plasmon-induced visible light-responsive photoelectrochemical biosensor is developed and the system can be miniaturized.

  17. LEGAL CONSEQUENCES OF MERGERS AND ACQUISITIONS

    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.

  18. Hydrogen in hot subdwarfs formed by double helium white dwarf mergers

    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...

  19. Analyzing the Impacts of Implementation of Human Resource Information System in Mergers and Acquisitions

    QIN; YIWEN

    2016-01-01

    Mergers&Acquisitions(M&A)have become very popular throughout the world in the recent years,due to globalization,liberalization,technological developments and intensely competitive business environment.Inchoately,it suggests that strategic or financial terms are the main issues result in the failure of M&A.In this paper,it analyses the challenges of mergers and acquisitions and the implementation of HRIS from the perspective of timing,data entry,staff training,and security.Through the analysis,it is clear how to make sure the post-merger organization development successfully.

  20. Astrophysical Implications of the Binary Black Hole Merger GW150914

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

    2016-01-01

    The discovery of the gravitational-wave (GW) source GW150914 with the Advanced LIGO detectors provides the first observational evidence for the existence of binary black hole (BH) systems that in spiral and merge within the age of the universe. Such BH mergers have been predicted in two main types of formation models, involving isolated binaries in galactic fields or dynamical interactions in young and old dense stellar environments. The measured masses robustly demonstrate that relatively heavy BHs (> or approx. 25 Stellar Mass) can form in nature. This discovery implies relatively weak massive-star winds and thus the formation of GW150914 in an environment with a metallicity lower than about 12 of the solar value. The rate of binary-BH (BBH) mergers inferred from the observation of GW150914 is consistent with the higher end of rate predictions (> or approx. 1/cu Gpc/yr) from both types of formation models. The low measured redshift (z approx. = 0.1) of GW150914 and the low inferred metallicity of the stellar progenitor imply either BBH formation in a low-mass galaxy in the local universe and a prompt merger, or formation at high redshift with a time delay between formation and merger of several Gyr. This discovery motivates further studies of binary-BH formation astrophysics. It also has implications for future detections and studies by Advanced LIGO and Advanced Virgo, and GW detectors in space.

  1. Exploring the cosmic evolution of habitability with galaxy merger trees

    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.

  2. Merger, Akusisi dan Konsolidasi dalam Perspektif Hukum Persaingan Usaha

    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.

  3. On order and chaos in the mergers of galaxies

    Vandervoort, Peter O.

    2018-03-01

    This paper describes a low-dimensional model of the merger of two galaxies. The governing equations are the complete sets of moment equations of the first and second orders derived from the collisionless Boltzmann equations representing the galaxies. The moment equations reduce to an equation governing the relative motion of the galaxies, tensor virial equations, and equations governing the kinetic energy tensors. We represent the galaxies as heterogeneous ellipsoids with Gaussian stratifications of their densities, and we represent the mean stellar motions in terms of velocity fields that sustain those densities consistently with the equation of continuity. We reduce and solve the governing equations for a head-on encounter of a dwarf galaxy with a giant galaxy. That reduction includes the effect of dynamical friction on the relative motion of the galaxies. Our criterion for chaotic behaviour is sensitivity of the motion to small changes in the initial conditions. In a survey of encounters and mergers of a dwarf galaxy with a giant galaxy, chaotic behaviour arises mainly in non-linear oscillations of the dwarf galaxy. The encounter disrupts the dwarf, excites chaotic oscillations of the dwarf, or excites regular oscillations. Dynamical friction can drive a merger to completion within a Hubble time only if the dwarf is sufficiently massive. The survey of encounters and mergers is the basis for a simple model of the evolution of a `Local Group' consisting of a giant galaxy and a population of dwarf galaxies bound to the giant as satellites on radial orbits.

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

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

    2018-05-01

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

  5. V1309 Scorpii: merger of a contact binary

    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

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

    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

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

    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.

  8. Change management of mergers: the impact on NHS staff and their psychological contracts.

    Cortvriend, Penny

    2004-08-01

    The NHS has experienced a significant amount of organisational change and restructuring, which has included numerous mergers and de-mergers, since the Labour party came to power in the UK in 1997. However, to date there has been little in the way of evaluation of such changes, particularly the impact of organisational restructuring on the staff involved. This paper examines the human aspect of a merger, and subsequent de-merger, within a primary care trust (PCT) in the North of England, using a focus group methodology. The findings demonstrate that leadership and management styles have a significant impact on staff experiencing such changes. In addition, the psychological contract can be damaged due to the impact of several factors, inducing exit or intention to leave. Employees experienced a constant cycle of change with little time for stabilisation or adjustment, leading to negativity and lowered motivation at times.

  9. Mergers, Strategic Investments and Antitrust Policy

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

    1996-01-01

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

  10. On Mergers in Consumer Search Markets

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

    2007-01-01

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

  11. Potential gains from hospital mergers in Denmark.

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

    2010-12-01

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

  12. Merger rate of primordial black-hole binaries

    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.

  13. Essays on mergers and acquisitions

    Faelten, A.I.

    2016-01-01

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

  14. Mergers and integrated care: the Quebec experience.

    Demers, Louis

    2013-01-01

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

  15. Mergers and integrated care: the Quebec experience

    Louis Demers

    2013-02-01

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

  16. Risks of Mergers and Acquisitions Processes

    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.

  17. Impact of bank mergers on shareholders’ wealth

    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.

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

    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.

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

    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)

  20. Experimental and time-dependent density functional theory characterization of the UV-visible spectra of monomeric and μ-oxo dimeric ferriprotoporphyrin IX.

    Kuter, David; Venter, Gerhard A; Naidoo, Kevin J; Egan, Timothy J

    2012-10-01

    Speciation of ferriprotoporphyrin IX, Fe(III)PPIX, in aqueous solution is complex. Despite the use of its characteristic spectroscopic features for identification, the theoretical basis of the unique UV-visible absorbance spectrum of μ-[Fe(III)PPIX](2)O has not been explored. To investigate this and to establish a structural and spectroscopic model for Fe(III)PPIX species, density functional theory (DFT) calculations were undertaken for H(2)O-Fe(III)PPIX and μ-[Fe(III)PPIX](2)O. The models agreed with related Fe(III)porphyrin crystal structures and reproduced vibrational spectra well. The UV-visible absorbance spectra of H(2)O-Fe(III)PPIX and μ-[Fe(III)PPIX](2)O were calculated using time-dependent DFT and reproduced major features of the experimental spectra of both. Transitions contributing to calculated excitations have been identified. The features of the electronic spectrum calculated for μ-[Fe(III)PPIX](2)O were attributed to delocalization of electron density between the two porphyrin rings of the dimer, the weaker ligand field of the axial ligand, and antiferromagnetic coupling of the Fe(III) centers. Room temperature magnetic circular dichroism (MCD) spectra have been recorded and are shown to be useful in distinguishing between these two Fe(III)PPIX species. Bands underlying major spectroscopic features were identified through simultaneous deconvolution of UV-visible and MCD spectra. Computed UV-visible spectra were compared to deconvoluted spectra. Interpretation of the prominent bands of H(2)O-Fe(III)PPIX largely conforms to previous literature. Owing to the weak paramagnetism of μ-[Fe(III)PPIX](2)O at room temperature and the larger number of underlying excitations, interpretation of its experimental UV-visible spectrum was necessarily tentative. Nonetheless, comparison with the calculated spectra of antiferromagnetically coupled and paramagnetic forms of the μ-oxo dimer of Fe(III)porphine suggested that the composition of the Soret band involves

  1. 7 CFR 1717.152 - Required documentation for all mergers.

    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...

  2. 7 CFR 1782.15 - Mergers and consolidations.

    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...

  3. An assessment of bank merger success in Germany

    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

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

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

    2012-02-01

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

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

    Tanaka, Takamitsu L

    2014-01-01

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

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

    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.

  7. Cost effects of hospital mergers in Portugal.

    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.

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

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

    2010-01-01

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

  9. Nestlé Group acquires Starbucks Corporation : mergers and acquisitions

    Köhler, Charlotte

    2014-01-01

    This paper will analyze the possibility of creating additional shareholder value through mergers and acquisition between Nestlé Group and Starbucks Corporation at the end of the first quarter of 2013. Nestlé, the current market leader, has been under attack on its position as number one in the industry. At the same time, Starbucks has established itself as the leading speciality coffee shop chain worldwide. By using Discounted Cash Flow, a Dividend Discounted model and Relative Valuation, ...

  10. Analytic family of post-merger template waveforms

    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

  11. DOES M31 RESULT FROM AN ANCIENT MAJOR MERGER?

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

    2010-01-01

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

  12. Near Real-Time Ground-to-Ground Infrared Remote-Sensing Combination and Inexpensive Visible Camera Observations Applied to Tomographic Stack Emission Measurements

    Philippe de Donato

    2018-04-01

    Full Text Available Evaluation of the environmental impact of gas plumes from stack emissions at the local level requires precise knowledge of the spatial development of the cloud, its evolution over time, and quantitative analysis of each gaseous component. With extensive developments, remote-sensing ground-based technologies are becoming increasingly relevant to such an application. The difficulty of determining the exact 3-D thickness of the gas plume in real time has meant that the various gas components are mainly expressed using correlation coefficients of gas occurrences and path concentration (ppm.m. This paper focuses on a synchronous and non-expensive multi-angled approach combining three high-resolution visible cameras (GoPro-Hero3 and a scanning infrared (IR gas system (SIGIS, Bruker. Measurements are performed at a NH3 emissive industrial site (NOVACARB Society, Laneuveville-devant-Nancy, France. Visible data images were processed by a first geometrical reconstruction gOcad® protocol to build a 3-D envelope of the gas plume which allows estimation of the plume’s thickness corresponding to the 2-D infrared grid measurements. NH3 concentration data could thereby be expressed in ppm and have been interpolated using a second gOcad® interpolation algorithm allowing a precise volume visualization of the NH3 distribution in the flue gas steam.

  13. Low-visibility and night-time oil spill response operations; Operacoes noturnas e com baixa visibilidade em resposta a vazamentos com oleo

    Lyra, Geraldo Marcelo Barroso; Margem, Henrique da Cunha; Skrepnek, Clarissa Cavalheiro; Lyra, Ana Paula Lopes Coelho de Castro; Silva, Ana Claudia Andriolli Vieira da; Antoun, Augusto Resende [Hidroclean Protecao Ambiental, Rio de Janeiro, RJ (Brazil)

    2008-07-01

    The expansion on E and P area and the raise on importation and exportation activities by sea, cause not only commercial benefits, but also expressive environmental risks. This fact is reaffirmed by the actions of Brazilian environmental agencies in order to control potential polluter activities. However, these agencies are against any activity related to oil spill incidents that operate at night-time or during low-visibility condition because of the elevated risk of accidents on this kind of operation. In the other hand, delays on start response operation can be expensive by reducing recovery rates and increasing environmental impacts. Thus, this paper objective is to analyze studies and reports of night-time and low-visibility oil spill response operations occurred in other countries, concluding that when the right equipment is used, it is possible to start or continue oil spill operation independent of weather. However, before choose to start an operation at night, an assessment should be make to know if the risks outweigh the benefits, remarking that safety is always the primary concern. (author)

  14. Time-dependent analysis of visible helium line-ratios for electron temperature and density diagnostic using synthetic simulations on NSTX-U

    Muñoz Burgos, J. M., E-mail: jmunozbu@pppl.gov; Stutman, D.; Tritz, K. [Department of Physics and Astronomy, Johns Hopkins University, Baltimore, Maryland 21218 (United States); Barbui, T.; Schmitz, O. [Department of Engineering Physics, University of Wisconsin-Madison, Madison, Wisconsin 53706 (United States)

    2016-11-15

    Helium line-ratios for electron temperature (T{sub e}) and density (n{sub e}) plasma diagnostic in the Scrape-Off-Layer (SOL) and edge regions of tokamaks are widely used. Due to their intensities and proximity of wavelengths, the singlet, 667.8 and 728.1 nm, and triplet, 706.5 nm, visible lines have been typically preferred. Time-dependency of the triplet line (706.5 nm) has been previously analyzed in detail by including transient effects on line-ratios during gas-puff diagnostic applications. In this work, several line-ratio combinations within each of the two spin systems are analyzed with the purpose of eliminating transient effects to extend the application of this powerful diagnostic to high temporal resolution characterization of plasmas. The analysis is done using synthetic emission modeling and diagnostic for low electron density NSTX SOL plasma conditions by several visible lines. Quasi-static equilibrium and time-dependent models are employed to evaluate transient effects of the atomic population levels that may affect the derived electron temperatures and densities as the helium gas-puff penetrates the plasma. The analysis of a wider range of spectral lines will help to extend this powerful diagnostic to experiments where the wavelength range of the measured spectra may be constrained either by limitations of the spectrometer or by other conflicting lines from different ions.

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

    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...

  16. ROLE OF INTERNATIONAL MERGERS AND ACQUISITIONS IN CORPORATE INTEGRATION

    Lucia P. BLĂJUȚ

    2015-01-01

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

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

    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

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

    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

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

    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.

  20. Numerical relativity simulations of precessing binary neutron star mergers

    Dietrich, Tim; Bernuzzi, Sebastiano; Brügmann, Bernd; Ujevic, Maximiliano; Tichy, Wolfgang

    2018-03-01

    We present the first set of numerical relativity simulations of binary neutron mergers that include spin precession effects and are evolved with multiple resolutions. Our simulations employ consistent initial data in general relativity with different spin configurations and dimensionless spin magnitudes ˜0.1 . They start at a gravitational-wave frequency of ˜392 Hz and cover more than 1 precession period and about 15 orbits up to merger. We discuss the spin precession dynamics by analyzing coordinate trajectories, quasilocal spin measurements, and energetics, by comparing spin aligned, antialigned, and irrotational configurations. Gravitational waveforms from different spin configuration are compared by calculating the mismatch between pairs of waveforms in the late inspiral. We find that precession effects are not distinguishable from nonprecessing configurations with aligned spins for approximately face-on binaries, while the latter are distinguishable from nonspinning configurations. Spin precession effects are instead clearly visible for approximately edge-on binaries. For the parameters considered here, precession does not significantly affect the characteristic postmerger gravitational-wave frequencies nor the mass ejection. Our results pave the way for the modeling of spin precession effects in the gravitational waveform from binary neutron star events.

  1. Multi-messenger Observations of a Binary Neutron Star Merger

    Abbott, B. P.; Abbott, R.; Abbott, T. D.

    2017-01-01

    On 2017 August 17 a binary neutron star coalescence candidate (later designated GW170817) with merger time 12:41:04 UTC was observed through gravitational waves by the Advanced LIGO and Advanced Virgo detectors. The Fermi Gamma-ray Burst Monitor independently detected a gamma-ray burst (GRB 170817A...... Telescope. The optical transient was independently detected by multiple teams within an hour. Subsequent observations targeted the object and its environment. Early ultraviolet observations revealed a blue transient that faded within 48 hours. Optical and infrared observations showed a redward evolution....../optical/near-infrared emission. No ultra-high-energy gamma-rays and no neutrino candidates consistent with the source were found in follow-up searches. These observations support the hypothesis that GW170817 was produced by the merger of two neutron stars in NGC 4993 followed by a short gamma-ray burst (GRB 170817A...

  2. Can this merger be saved?

    Cliffe, S

    1999-01-01

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

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

    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.

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

    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.

  5. Optimal Blood Suppression inversion time based on breathing rates and heart rates to improve renal artery visibility in spatial labeling with multiple inversion pulses: A preliminary study

    Pei, Yi Gang; Li, Fang; Long, Xue Ying; Liu, Hui; Wang, Xiao Yi; Liu, Jin Kang; Li, Wen Zheng [Dept. of Radiology, Xiangya Hospital, Central South University, Changsha (China); Shen, Hao [GE Healthcare, Waukesha (United States)

    2016-02-15

    To determine whether an optimal blood suppression inversion time (BSP TI) can boost arterial visibility and whether the optimal BSP TI is related to breathing rate (BR) and heart rate (HR) for hypertension subjects in spatial labeling with multiple inversion pulses (SLEEK). This prospective study included 10 volunteers and 93 consecutive hypertension patients who had undergone SLEEK at 1.5T MRI system. Firstly, suitable BSP TIs for displaying clearly renal artery were determined in 10 volunteers. Secondly, non-contrast enhanced magnetic resonance angiography with the suitable BSP TIs were performed on those hypertension patients. Then, renal artery was evaluated and an optimal BSP TI to increase arterial visibility was determined for each patient. Patients' BRs and HRs were recorded and their relationships with the optimal BSP TI were analyzed. The optimal BSP TI was negatively correlated with BR (r1 = -0.536, P1 < 0.001; and r2 = -0.535, P2 < 0.001) and HR (r1 = -0.432, P1 = 0.001; and r2 = -0.419, P2 = 0.001) for 2 readers (κ = 0.93). For improving renal arterial visibility, BSP TI = 800 ms could be applied as the optimal BSP TI when the 95% confidence interval were 17-19/min (BR1) and 74-82 bpm (HR1) for reader#1 and 17-19/min (BR2) and 74-83 bpm (HR2) for reader#2; BSP TI = 1100 ms while 14-15/min (BR1, 2) and 71-76 bpm (HR1, 2) for both readers; and BSP TI = 1400 ms when 13-16/min (BR1) and 63-68 bpm (HR1) for reader#1 and 14-15/min (BR2) and 64-70 bpm (HR2) for reader#2. In SLEEK, BSP TI is affected by patients' BRs and HRs. Adopting the optimal BSP TI based on BR and HR can improve the renal arterial visibility and consequently the working efficiency.

  6. Getting to Yes on a Merger.

    Burkhardt, John

    1994-01-01

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

  7. Mergers and acquisitions: a most strategic decision.

    Laine, Mike; Tyler, David

    2007-11-01

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

  8. DATA MINING THE GALAXY ZOO MERGERS

    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...

  9. Multiemployer Pension Plan Terminations, Mergers, and Insolvencies

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

  10. French bank mergers and acquisitions performance

    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%

  11. Models for mergers in higher education

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

  12. An Experimental Approach to Merger Evaluation

    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...

  13. Double neutron stars: merger rates revisited

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

    2018-03-01

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

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

    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

  15. THE EVOLUTION OF BLACK HOLE SCALING RELATIONS IN GALAXY MERGERS

    Johansson, Peter H.; Burkert, Andreas; Naab, Thorsten

    2009-01-01

    We study the evolution of black holes (BHs) on the M BH -σ and M BH -M bulge planes as a function of time in disk galaxies undergoing mergers. We begin the simulations with the progenitor BH masses being initially below (Δlog M BH,i ∼ -2), on (Δlog M BH,i ∼ 0), and above (Δlog M BH,i ∼ 0.5) the observed local relations. The final relations are rapidly established after the final coalescence of the galaxies and their BHs. Progenitors with low initial gas fractions (f gas = 0.2) starting below the relations evolve onto the relations (Δlog M BH,f ∼ -0.18), progenitors on the relations stay there (Δlog M BH,f ∼ 0), and finally progenitors above the relations evolve toward the relations, but still remain above them (Δlog M BH,f ∼ 0.35). Mergers in which the progenitors have high initial gas fractions (f gas = 0.8) evolve above the relations in all cases (Δlog M BH,f ∼ 0.5). We find that the initial gas fraction is the prime source of scatter in the observed relations, dominating over the scatter arising from the evolutionary stage of the merger remnants. The fact that BHs starting above the relations do not evolve onto the relations indicates that our simulations rule out the scenario in which overmassive BHs evolve onto the relations through gas-rich mergers. By implication our simulations thus disfavor the picture in which supermassive BHs develop significantly before their parent bulges.

  16. Creditor protection in cross-border mergers; unfinished business

    Geert T.M.J. Raaijmakers

    2008-03-01

    Full Text Available In cross-border mergers, creditor protection is important to facilitate a smooth, efficient and transparent process necessary to facilitate the single market. As all assets and liabilities are being transferred and there is a risk that the liabilities of the acquiring company will exceed the assets, creditor protection needs to be safeguarded in legal mergers. As the title suggests, creditor protection in the context of cross-border mergers and the recently adopted directive is examined in this paper, as well as the position of creditors under Dutch law and the Third Directive. The ex-ante and ex-post systems of creditor protection, both existing in the Member States of the EU, and which are both supported by strong arguments, are also discussed. The fact that differences in creditor protection rules nevertheless remain may create unjustifiable differences in the position of various groups of creditors involved in one single cross-border merger. The authors conclude that the case for leaving creditor protection to the Member States is weakening. Differences in national legislation on creditor protection, defendable as they may be, are ultimately of a technical nature and create unnecessary and unjustifiable impediments. There are strong arguments, in other words, to adopt the same provisions for all transactions for the sake of simplicity, but while this may be attractive, it can lead to undesired delay. Amending the Directive at this point in time thus seems equally unfeasible. This stresses the need to make haste with at least some further harmonization of creditor protection rules related to the Third Directive.

  17. GRAVITATIONALLY CONSISTENT HALO CATALOGS AND MERGER TREES FOR PRECISION COSMOLOGY

    Behroozi, Peter S.; Wechsler, Risa H.; Wu, Hao-Yi; Busha, Michael T.; Klypin, Anatoly A.; Primack, Joel R.

    2013-01-01

    We present a new algorithm for generating merger trees and halo catalogs which explicitly ensures consistency of halo properties (mass, position, and velocity) across time steps. Our algorithm has demonstrated the ability to improve both the completeness (through detecting and inserting otherwise missing halos) and purity (through detecting and removing spurious objects) of both merger trees and halo catalogs. In addition, our method is able to robustly measure the self-consistency of halo finders; it is the first to directly measure the uncertainties in halo positions, halo velocities, and the halo mass function for a given halo finder based on consistency between snapshots in cosmological simulations. We use this algorithm to generate merger trees for two large simulations (Bolshoi and Consuelo) and evaluate two halo finders (ROCKSTAR and BDM). We find that both the ROCKSTAR and BDM halo finders track halos extremely well; in both, the number of halos which do not have physically consistent progenitors is at the 1%-2% level across all halo masses. Our code is publicly available at http://code.google.com/p/consistent-trees. Our trees and catalogs are publicly available at http://hipacc.ucsc.edu/Bolshoi/.

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

    Stensaker, Bjørn; Persson, Mats; Pinheiro, Rómulo

    2016-01-01

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

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

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

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

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

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

    2017-09-01

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

  1. Multi-messenger Observations of a Binary Neutron Star Merger

    Abbott, B. P.; Abbott, R.; Abbott, T. D.; Acernese, F.; Ackley, K.

    2017-01-01

    Here, on 2017 August 17 a binary neutron star coalescence candidate (later designated GW170817) with merger time 12:41:04 UTC was observed through gravitational waves by the Advanced LIGO and Advanced Virgo detectors. The Fermi Gamma-ray Burst Monitor independently detected a gamma-ray burst (GRB 170817A) with a time delay of ∼1.7 s with respect to the merger time. From the gravitational-wave signal, the source was initially localized to a sky region of 31 deg 2 at a luminosity distance of 40 −8 +8 Mpc and with component masses consistent with neutron stars. The component masses were later measured to be in the range 0.86 to 2.26 M ⊙ . An extensive observing campaign was launched across the electromagnetic spectrum leading to the discovery of a bright optical transient (SSS17a, now with the IAU identification of AT 2017gfo) in NGC 4993 (at ∼40 Mpc) less than 11 hours after the merger by the One-Meter, Two Hemisphere (1M2H) team using the 1 m Swope Telescope. The optical transient was independently detected by multiple teams within an hour. Subsequent observations targeted the object and its environment. Early ultraviolet observations revealed a blue transient that faded within 48 hours. Optical and infrared observations showed a redward evolution over ~10 days. Following early non-detections, X-ray and radio emission were discovered at the transient’s position ∼9 and ∼16 days, respectively, after the merger. Both the X-ray and radio emission likely arise from a physical process that is distinct from the one that generates the UV/optical/near-infrared emission. No ultra-high-energy gamma-rays and no neutrino candidates consistent with the source were found in follow-up searches. These observations support the hypothesis that GW170817 was produced by the merger of two neutron stars in NGC 4993 followed by a short gamma-ray burst (GRB 170817A) and a kilonova/macronova powered by the radioactive decay of r-process nuclei synthesized in the ejecta.

  2. Binary neutron star merger simulations

    Bruegmann, Bernd [Jena Univ. (Germany)

    2016-11-01

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

  3. Integrated delivery systems: mergers and acquisitions.

    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.

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

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

    2012-01-01

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

  5. ELECTROMAGNETIC EMISSION FROM LONG-LIVED BINARY NEUTRON STAR MERGER REMNANTS. II. LIGHT CURVES AND SPECTRA

    Siegel, Daniel M. [Max Planck Institute for Gravitational Physics (Albert Einstein Institute), Am Mühlenberg 1, D-14476 Potsdam-Golm (Germany); Ciolfi, Riccardo, E-mail: daniel.siegel@aei.mpg.de, E-mail: riccardo.ciolfi@unitn.it [Physics Department, University of Trento, Via Sommarive 14, I-38123 Trento (Italy)

    2016-03-01

    Recent observations indicate that in a large fraction of binary neutron star (BNS) mergers a long-lived neutron star (NS) may be formed rather than a black hole. Unambiguous electromagnetic (EM) signatures of such a scenario would strongly impact our knowledge on how short gamma-ray bursts (SGRBs) and their afterglow radiation are generated. Furthermore, such EM signals would have profound implications for multimessenger astronomy with joint EM and gravitational-wave (GW) observations of BNS mergers, which will soon become reality thanks to the ground-based advanced LIGO/Virgo GW detector network. Here we explore such EM signatures based on the model presented in a companion paper, which provides a self-consistent evolution of the post-merger system and its EM emission up to ∼10{sup 7} s. Light curves and spectra are computed for a wide range of post-merger physical properties. We present X-ray afterglow light curves corresponding to the “standard” and the “time-reversal” scenario for SGRBs (prompt emission associated with the merger or with the collapse of the long-lived NS). The light curve morphologies include single and two-plateau features with timescales and luminosities that are in good agreement with Swift observations. Furthermore, we compute the X-ray signal that should precede the SGRB in the time-reversal scenario, the detection of which would represent smoking-gun evidence for this scenario. Finally, we find a bright, highly isotropic EM transient peaking in the X-ray band at ∼10{sup 2}–10{sup 4} s after the BNS merger with luminosities of L{sub X} ∼ 10{sup 46}–10{sup 48} erg s{sup −1}. This signal represents a very promising EM counterpart to the GW emission from BNS mergers.

  6. Real time high frequency monitoring of water quality in river streams using a UV-visible spectrometer: interest, limits and consequences for monitoring strategies

    Faucheux, Mikaël; Fovet, Ophélie; Gruau, Gérard; Jaffrézic, Anne; Petitjean, Patrice; Gascuel-Odoux, Chantal; Ruiz, Laurent

    2013-04-01

    Stream water chemistry is highly variable in space and time, therefore high frequency water quality measurement methods are likely to lead to conceptual advances in the hydrological sciences. Sub-daily data on water quality improve the characterization of pollutant sources and pathways during flood events as well as during long-term periods [1]. However, real time, high frequency monitoring devices needs to be properly calibrated and validated in real streams. This study analyses data from in situ monitoring of a stream water quality. During two hydrological years (2010-11, 2011-12), a submersible UV-visible spectrometer (Scan Spectrolyser) was used for surface water quality measurement at the outlet of a headwater catchment located at Kervidy-Naizin, Western France (AgrHys long-term hydrological observatory, http://www.inra.fr/ore_agrhys/). The spectrometer is reagentless and equipped with an auto-cleaning system. It allows real time, in situ and high frequency (20 min) measurements and uses a multiwavelengt spectral (200-750 nm) for simultaneous measurement of nitrate, dissolved organic carbon (DOC) and total suspended solids (TSS). A global calibration based on a PLS (Partial Least Squares) regression is provided by the manufacturer as default configuration of the UV-visible spectrometer. We carried out a local calibration of the spectrometer based on nitrates and DOC concentrations analysed in the laboratory from daily manual sampling and sub-daily automatic sampling of flood events. TSS results are compared with 15 min turbidity records from a continuous turdidimeter (Ponsel). The results show a good correlation between laboratory data and spectrometer data both during basis flows periods and flood events. However, the local calibration gives better results than the global one. Nutrient fluxes estimates based on high and different low frequency time series (daily to monthly) are compared to discuss the implication for environmental monitoring strategies. Such

  7. Risk Management in Mergers and Acquisitions

    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.

  8. Visible and near infrared spectroscopy as an authentication tool: Preliminary investigation of the prediction of the ageing time of beef steaks.

    Moran, Lara; Andres, Sonia; Allen, Paul; Moloney, Aidan P

    2018-08-01

    Visible-near infrared spectroscopy (Vis-NIRS) has been suggested to have potential for authentication of food products. The aim of the present preliminary study was to assess if this technology can be used to authenticate the ageing time (3, 7, 14 and 21 days post mortem) of beef steaks from three different muscles (M. Longissimus thoracis, M. Gluteus medius and M. Semitendinosus). Various mathematical pre-treatments were applied to the spectra to correct scattering and overlapping effects, and then partial least squares-discrimination analysis (PLS-DA) procedures applied. The best models were specific for each muscle, and the ability of prediction of ageing time was validated using full (leave-one-out) cross-validation, whereas authentication performance was evaluated using the parameters of sensitivity, specificity and overall correct classification. The results indicate that overall correct classification ranging from 94.2 to 100% was achieved, depending on the muscle. In conclusion, Vis-NIRS technology seems a valid tool for the authentication of ageing time of beef steaks. Copyright © 2018 Elsevier Ltd. All rights reserved.

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

    Chris Charter

    2012-10-01

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

  10. Can mergers make slowly rotating elliptical galaxies

    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

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

    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 

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

    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)

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

    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.

  14. When Worlds Collide: Chandra Observes Titanic Merger

    2002-04-01

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

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

    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.

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

    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.

  17. Bright Merger-nova Emission Powered by Magnetic Wind from a Newborn Black Hole

    Ma, Shuai-Bing; Lei, Wei-Hua; Gao, He; Xie, Wei; Chen, Wei; Zhang, Bing; Wang, Ding-Xiong

    2018-01-01

    Mergers of neutron star–neutron star (NS–NS) or neutron star–black hole (NS–BH) binaries are candidate sources of gravitational waves (GWs). At least a fraction of the merger remnants should be a stellar mass BH with sub-relativistic ejecta. A collimated jet is launched via the Blandford–Znajek mechanism from the central BH to trigger a short gamma-ray burst (sGRB). At the same time, a near-isotropic wind may be driven by the Blandford–Payne mechanism (BP). In previous work, additional energy injection to the ejecta from the BP mechanism was ignored, and radioactive decay has long been thought to be the main source of the kilonova energy. In this Letter, we propose that the wind driven by the BP mechanism from the newborn BH’s disk can heat up and push the ejecta during the prompt emission phase or even at late times when there is fall-back accretion. Such a BP-powered merger-nova could be bright in the optical band even for a low-luminosity sGRB. The detection of a GW merger event with a BH clearly identified as a remnant, accompanied by a bright merger-nova, would provide robust confirmation of our model.

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

    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.

  19. Making Heat Visible

    Goodhew, Julie; Pahl, Sabine; Auburn, Tim; Goodhew, Steve

    2015-01-01

    Householders play a role in energy conservation through the decisions they make about purchases and installations such as insulation, and through their habitual behavior. The present U.K. study investigated the effect of thermal imaging technology on energy conservation, by measuring the behavioral effect after householders viewed images of heat escaping from or cold air entering their homes. In Study 1 (n = 43), householders who received a thermal image reduced their energy use at a 1-year follow-up, whereas householders who received a carbon footprint audit and a non-intervention control demonstrated no change. In Study 2 (n = 87), householders were nearly 5 times more likely to install draught proofing measures after seeing a thermal image. The effect was especially pronounced for actions that addressed an issue visible in the images. Findings indicate that using thermal imaging to make heat loss visible can promote energy conservation. PMID:26635418

  20. Influence of Contrast Agent Dilution on Ballon Deflation Time and Visibility During Tracheal Balloon Dilation: A 3D Printed Phantom Study

    Kim, Min Tae; Park, Jung-Hoon; Shin, Ji Hoon; Kim, Namkug; Kim, Sunghyun Daniel; Tsauo, Jiaywei; Kim, Kun Young; Kim, Guk Bae; Song, Ho-Young

    2017-01-01

    PurposeTo determine the effect of contrast medium dilution during tracheal balloon dilation on balloon deflation time and visibility using a 3-dimensional (3D) printed airway phantom.Materials and MethodsA comparison study to investigate balloon deflation times and image quality was performed using two contrast agents with different viscosities, i.e., iohexol and ioxithalamate, and six contrast dilutions with a 3D printed airway phantom.ResultsCompared to 1:0 concentration, 3:1, 2:1, 1:1, 1:2, and 1:3, contrast/saline ratios resulted in a 46% (56.2 s), 59.8% (73.1 s), 74.9% (91.6 s), 81.7% (99.8 s), and 83.5% (102 s) reduction for iohexol, respectively, and a 51.8% (54.7 s), 63.8% (67.6 s), 74.7% (79.2 s), 80.5% (85.3 s), and 82.4% (87.4 s) reduction for ioxithalamate, respectively, in the mean balloon deflation time, although at the expense of decreased balloon opacity (3.5, 6.9, 11.1, 12.4, and 13.9%, for iohexol, respectively, and 3.2, 6, 9.6, 10.8, and 12.4%, for ioxithalamate, respectively).ConclusionsUse of a lower viscosity contrast agent and higher contrast dilution is considered to be able to reduce balloon deflation times and then simultaneously decrease visualization of balloons. The rapid balloon deflation time is likely to improve the safe performance of interventional procedures.

  1. Influence of Contrast Agent Dilution on Ballon Deflation Time and Visibility During Tracheal Balloon Dilation: A 3D Printed Phantom Study.

    Kim, Min Tae; Park, Jung-Hoon; Shin, Ji Hoon; Kim, Namkug; Kim, Sunghyun Daniel; Tsauo, Jiaywei; Kim, Kun Young; Kim, Guk Bae; Song, Ho-Young

    2017-02-01

    To determine the effect of contrast medium dilution during tracheal balloon dilation on balloon deflation time and visibility using a 3-dimensional (3D) printed airway phantom. A comparison study to investigate balloon deflation times and image quality was performed using two contrast agents with different viscosities, i.e., iohexol and ioxithalamate, and six contrast dilutions with a 3D printed airway phantom. Compared to 1:0 concentration, 3:1, 2:1, 1:1, 1:2, and 1:3, contrast/saline ratios resulted in a 46% (56.2 s), 59.8% (73.1 s), 74.9% (91.6 s), 81.7% (99.8 s), and 83.5% (102 s) reduction for iohexol, respectively, and a 51.8% (54.7 s), 63.8% (67.6 s), 74.7% (79.2 s), 80.5% (85.3 s), and 82.4% (87.4 s) reduction for ioxithalamate, respectively, in the mean balloon deflation time, although at the expense of decreased balloon opacity (3.5, 6.9, 11.1, 12.4, and 13.9%, for iohexol, respectively, and 3.2, 6, 9.6, 10.8, and 12.4%, for ioxithalamate, respectively). Use of a lower viscosity contrast agent and higher contrast dilution is considered to be able to reduce balloon deflation times and then simultaneously decrease visualization of balloons. The rapid balloon deflation time is likely to improve the safe performance of interventional procedures.

  2. Influence of Contrast Agent Dilution on Ballon Deflation Time and Visibility During Tracheal Balloon Dilation: A 3D Printed Phantom Study

    Kim, Min Tae; Park, Jung-Hoon; Shin, Ji Hoon, E-mail: jhshin@amc.seoul.kr; Kim, Namkug, E-mail: namkugkim@gmail.com [University of Ulsan College of Medicine, Departments of Radiology and Research Institute of Radiology, Asan Medical Center (Korea, Republic of); Kim, Sunghyun Daniel [Seoul National University College of Medicine (Korea, Republic of); Tsauo, Jiaywei; Kim, Kun Young [University of Ulsan College of Medicine, Departments of Radiology and Research Institute of Radiology, Asan Medical Center (Korea, Republic of); Kim, Guk Bae [University of Ulsan College of Medicine, Biomedical Engineering Research Center, Asan Medical Center (Korea, Republic of); Song, Ho-Young [University of Ulsan College of Medicine, Departments of Radiology and Research Institute of Radiology, Asan Medical Center (Korea, Republic of)

    2017-02-15

    PurposeTo determine the effect of contrast medium dilution during tracheal balloon dilation on balloon deflation time and visibility using a 3-dimensional (3D) printed airway phantom.Materials and MethodsA comparison study to investigate balloon deflation times and image quality was performed using two contrast agents with different viscosities, i.e., iohexol and ioxithalamate, and six contrast dilutions with a 3D printed airway phantom.ResultsCompared to 1:0 concentration, 3:1, 2:1, 1:1, 1:2, and 1:3, contrast/saline ratios resulted in a 46% (56.2 s), 59.8% (73.1 s), 74.9% (91.6 s), 81.7% (99.8 s), and 83.5% (102 s) reduction for iohexol, respectively, and a 51.8% (54.7 s), 63.8% (67.6 s), 74.7% (79.2 s), 80.5% (85.3 s), and 82.4% (87.4 s) reduction for ioxithalamate, respectively, in the mean balloon deflation time, although at the expense of decreased balloon opacity (3.5, 6.9, 11.1, 12.4, and 13.9%, for iohexol, respectively, and 3.2, 6, 9.6, 10.8, and 12.4%, for ioxithalamate, respectively).ConclusionsUse of a lower viscosity contrast agent and higher contrast dilution is considered to be able to reduce balloon deflation times and then simultaneously decrease visualization of balloons. The rapid balloon deflation time is likely to improve the safe performance of interventional procedures.

  3. 29 CFR 4231.7 - De minimis mergers and transfers.

    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...

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

    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 ...

  5. 29 CFR 4231.3 - Requirements for mergers and transfers.

    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...

  6. 29 CFR 4011.6 - Mergers, consolidations, and spinoffs.

    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...

  7. 7 CFR 1717.615 - Consolidations and mergers.

    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...

  8. 7 CFR 1735.62 - Approval of acquisitions and mergers.

    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...

  9. 7 CFR 1710.108 - Mergers and consolidations.

    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...

  10. The Fate of Neutron Star Binary Mergers

    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.

  11. Probing the influence of X-rays on aqueous copper solutions using time-resolved in situ combined video/X-ray absorption near-edge/ultraviolet-visible spectroscopy

    Mesu, J. Gerbrand; Beale, Andrew M.; de Groot, Frank M. F.; Weckhuysen, Bert M.

    2006-01-01

    Time-resolved in situ video monitoring and ultraviolet-visible spectroscopy in combination with X-ray absorption near-edge spectroscopy (XANES) have been used for the first time in a combined manner to study the effect of synchrotron radiation on a series of homogeneous aqueous copper solutions in a

  12. Railroad mergers and acquisitions take shape

    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.

  13. Impact of Mergers on USA Parameter Estimation for Nonspinning Black Hole Binaries

    McWilliams, Sean T.; Thorpe, James Ira; Baker, John G.; Kelly, Bernard J.

    2011-01-01

    We investigate the precision with which the parameters describing the characteristics and location of nonspinning black hole binaries can be measured with the Laser Interferometer Space Antenna (LISA). By using complete waveforms including the inspiral, merger and ringdown portions of the signals, we find that LISA will have far greater precision than previous estimates for nonspinning mergers that ignored the merger and ringdown. Our analysis covers nonspinning waveforms with moderate mass ratios, q > or = 1/10, and total masses 10(exp 5) < M/M_{Sun} < 10(exp 7). We compare the parameter uncertainties using the Fisher matrix formalism, and establish the significance of mass asymmetry and higher-order content to the predicted parameter uncertainties resulting from inclusion of the merger. In real-time observations, the later parts of the signal lead to significant improvements in sky-position precision in the last hours and even the final minutes of observation. For comparable mass systems with total mass M/M_{Sun} = approx. 10(exp 6), we find that the increased precision resulting from including the merger is comparable to the increase in signal-to-noise ratio. For the most precise systems under investigation, half can be localized to within O(10 arcmin), and 18% can be localized to within O(1 arcmin).

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

    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

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

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

    2017-02-01

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

  16. Success Factors of the Companies Mergers and Acquisitions

    Maria Sierpińska

    2007-01-01

    Full Text Available Mergers and acquisitions (MA are one of the most important phenomenons influencing dynamics of the world economy growth. At the same time, big number of acquisitions turns out to be unsuccessful which induces one to examine reasons for failures and factors having influence on success of MA. In the article an attempt to systematize researchers and specialists-practitioners opinions on factors that play a key role in acquisition success was made, as complexity of MA processes causes that only actions resulting from reliable analysis, that are afterwards well planned and carried out may bring results expected by the entities.

  17. Tax Implication of Structuring and Financing Mergers and Acquisitions

    Cristian Ianca

    2008-09-01

    Full Text Available The structuring and financing of mergers and acquisitions has substantial tax consequences. The decision to acquire the assets or the shares of the target company should take into consideration, on one hand, the capital gains taxation at the transaction time and, on the other hand, the tax planning opportunities for the future. The tax burden can also be minimized by an optimum selection of the acquisition vehicle. The choice of a financing alternative should take into account the interest deductibility and the specific tax regulations of each jurisdiction concerned.

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

    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.

  19. The determinants of merger waves: An international perspective

    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

  20. Mergers and acquisitions in the oil and gas industries

    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)

  1. Mergers and acquisitions in the oil and gas industries

    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)

  2. Hospital Mergers in Norway: Employee Health and Turnover to Three Destinations

    Mari Holm Ingelsrud

    2017-03-01

    Full Text Available This article investigates the probability of turnover to three destinations following hospital merg- ers: within the hospital sector, out of the hospital sector, and out of work. It is hypothesized that mergers increase turnover to nonemployment among employees with poor health and increase turnover to employment outside of the hospital sector among healthy employees. Discrete-time survival analyses show that mergers increase turnover within the hospital sector for all employ- ees, regardless of health. Turnover to other sectors and out of work does not increase. Possible explanations for the limited turnover out of the sector associated with mergers are aspects of the Norwegian labor market such as the institution of employee participation, low unemployment, and labor shortages within hospitals.

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

    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.

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

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

    2016-01-20

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

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

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

    2016-01-01

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

  6. Corporate Employee-Engagement and Merger Outcomes

    Liang, H.; Renneboog, Luc

    2017-01-01

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

  7. Bargaining in Mergers and Termination Fees

    Weitzel, U.; Rosenkranz, S.

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

  8. Mergers and acquisitions involving equine veterinary practices.

    Jackman, Brad R; McCafferty, Owen E

    2009-12-01

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

  9. Cross-border Mergers and Acquisitions

    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...

  10. Mergers and acquisitions: valuation and risk assessment

    Calvin, B.N.

    1996-01-01

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

  11. Technology-based Mergers and Acquisitions

    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...

  12. Fueling QSOs: the relevance of mergers

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

    2008-01-01

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

  13. Mergers and alliances the wider view

    Woodsworth, Anne

    2013-01-01

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

  14. Using transfer learning to detect galaxy mergers

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

    2018-05-01

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

  15. Merger incentives and the failing firm defense

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

    2014-01-01

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

  16. Efficiency Effects of Bank Mergers and Acquisitions

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

    2001-01-01

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

  17. Merger and Acquisition in the Banking Sector

    Anna Szewczyk

    2008-12-01

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

  18. The AGN Luminosity Fraction in Galaxy Mergers

    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.

  19. Synergy disclosures in mergers and acquisitions

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

    2013-01-01

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

  20. Shareholders’ expectations, aspiration levels, and mergers

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

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

  1. Ultraluminous Infrared Mergers: Elliptical Galaxies in Formation?

    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.

  2. The Short-Term Effects of Visibility and Haze on Mortality in a Coastal City of China: A Time-Series Study

    Shaohua Gu

    2017-11-01

    Full Text Available Few studies have been conducted to investigate the acute health effects of visibility and haze, which may be regarded as proxy indicators of ambient air pollution. We used a distributed lag non-linear model (DLNM combined with quasi-Poisson regression to estimate the relationship between visibility, haze and mortality in Ningbo, a coastal city of China. We found that the mortality risk of visibility was statistically significant only on the current day, while the risk of haze and PM10 peaked on the second day and could last for three days. When the visibility was less than 10 km, each 1 km decrease of visibility at lag 0 day was associated with a 0.78% (95% CI: 0.22–1.36% increase in total mortality and a 1.61% (95% CI: 0.39–2.85% increase in respiratory mortality. The excess risk of haze at lag 0–2 days on total mortality, cardiovascular and respiratory mortality was 7.76% (95% CI: 3.29–12.42%, 7.73% (95% CI: 0.12–15.92% and 17.77% (95% CI: 7.64–28.86%, respectively. Greater effects of air pollution were observed during the cold season than in the warm season, and the elderly were at higher risk compared to youths. The effects of visibility and haze were attenuated by single pollutants. These findings suggest that visibility and haze could be used as surrogates of air quality where pollutant data are scarce, and strengthen the evidence to develop policy to control air pollution and protect vulnerable populations.

  3. Hydrodynamic evolution of neutron star merger remnants

    Liu, Men-Quan; Zhang, Jie

    2017-11-01

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

  4. Kilonova/Macronova Emission from Compact Binary Mergers

    Masaomi Tanaka

    2016-01-01

    Full Text Available We review current understanding of kilonova/macronova emission from compact binary mergers (mergers of two neutron stars or a neutron star and a black hole. Kilonova/macronova is emission powered by radioactive decays of r-process nuclei and it is one of the most promising electromagnetic counterparts of gravitational wave sources. Emission from the dynamical ejecta of ~0.01M⊙ is likely to have a luminosity of ~1040–1041 erg s−1 with a characteristic timescale of about 1 week. The spectral peak is located in red optical or near-infrared wavelengths. A subsequent accretion disk wind may provide an additional luminosity or an earlier/bluer emission if it is not absorbed by the precedent dynamical ejecta. The detection of near-infrared excess in short GRB 130603B and possible optical excess in GRB 060614 supports the concept of the kilonova/macronova scenario. At 200 Mpc distance, a typical peak brightness of kilonova/macronova with 0.01M⊙ ejecta is about 22 mag and the emission rapidly fades to >24 mag within ~10 days. Kilonova/macronova candidates can be distinguished from supernovae by (1 the faster time evolution, (2 fainter absolute magnitudes, and (3 redder colors. Since the high expansion velocity (v~0.1–0.2c is a robust outcome of compact binary mergers, the detection of smooth spectra will be the smoking gun to conclusively identify the gravitational wave source.

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

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

    2016-11-01

    One of the last predictions of general relativity that still awaits direct observational confirmation is the existence of gravitational waves. Those fluctuations of the geometry of space and time are expected to travel with the speed of light and are emitted by any accelerating mass. Only the most violent events in the universe, such as mergers of two black holes or neutron stars, produce gravitational waves strong enough to be measured. Even those waves are extremely weak when arriving at Earth, and their detection is a formidable technological challenge. In recent years sufficiently sensitive detectors became operational, such as GEO600, Virgo, and LIGO. They are expected to observe around 40 events per year. To interpret the observational data, theoretical modeling of the sources is a necessity, and requires numerical simulations of the equations of general relativity and relativistic hydrodynamics. Such computations can only be carried out on large scale supercomputers, given that many scenarios need to be simulated, each of which typically occupies hundreds of CPU cores for a week. Our main goal is to predict the gravitational wave signal from the merger of two compact objects. Comparison with future observations will provide important insights into the fundamental forces of nature in regimes that are impossible to recreate in laboratory experiments. The waveforms from binary black hole mergers would allow one to test the correctness of general relativity in previously inaccessible regimes. The signal from binary neutron star mergers will provide input for nuclear physics, because the signal depends strongly on the unknown properties of matter at the ultra high densities inside neutron stars, which cannot be observed in any other astrophysical scenario. Besides mergers, we also want to improve the theoretical models of close encounters between black holes. A gravitational wave detector with even higher sensitivity, the Einstein Telescope, is already in the

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

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

    2011-01-01

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

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

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

    2018-06-01

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

  8. Cross-border mergers between agricultural co-operatives -a governance perspective

    Nilsson, Jerker; Madsen, Ole Øhlenschlæger

    -operatives in different countries, each with its own institutional structures,farming conditions, legal framework, and other attributes, the merger between the cooperativesocieties is due to be difficult, requiring large efforts to attain the necessary degreeof homogeneity. At the same time it must be recognised...

  9. Visibility and Haze

    Haze forms when sunlight encounters particle pollution. It reduces visibility in cities and scenic areas. This web area provides regulatory information and progress towards improving visibility through EPA’s regional haze program.

  10. Visible Human Project

    ... cryosections are associated with anatomical terminology. AnatLine : A prototype system consisting of an anatomical image database and ... further information is available Publications VHJOE: Visible Human Journal of Endoscopy. NLM's Current Bibliographies in Medicine, Visible ...

  11. Visibly Pushdown Automata

    Srba, Jiri

    2006-01-01

    We investigate the possibility of (bi)simulation-like preorder/equivalence checking on the class of visibly pushdown automata and its natural subclasses visibly BPA (Basic Process Algebra) and visibly one-counter automata. We describe generic methods for proving complexity upper and lower bounds...... for a number of studied preorders and equivalences like simulation, completed simulation, ready simulation, 2-nested simulation preorders/equivalences and bisimulation equivalence. Our main results are that all the mentioned equivalences and preorders are EXPTIME-complete on visibly pushdown automata, PSPACE......-complete on visibly one-counter automata and P-complete on visibly BPA. Our PSPACE lower bound for visibly one-counter automata improves also the previously known DP-hardness results for ordinary one-counter automata and one-counter nets. Finally, we study regularity checking problems for visibly pushdown automata...

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

    Gagnon, Marc-André; Volesky, Karena D

    2017-08-22

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

  13. Financial Synergy in Mergers and Acquisitions in Saudi Arabia

    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.

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

    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.

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

    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.

  16. The Role Of Mergers In Galaxy Formation And Transformations

    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

  17. Mergers and acquisitions for the radiologist.

    Fleishon, Howard B

    2008-05-01

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

  18. Do Municipal Mergers Improve Fiscal Outcomes?

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

    2014-01-01

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

  19. The importance of partnerships, mergers and acquisitions

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

    1998-09-01

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

  20. Estimating the potential gains from mergers

    Bogetoft, Peter; Wang, Dexiang

    2005-01-01

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

  1. Merger negotiations with stock market feedback

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

    2011-01-01

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

  2. Maximum Redshift of Gravitational Wave Merger Events

    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.

  3. A scoreboard of mergers and acquisitions

    Parent, L.V

    1989-08-01

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

  4. Gravitational waves from primordial black hole mergers

    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.

  5. Cosmic Collisions: Galaxy Mergers and Evolution

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

    2014-08-01

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

  6. Merger and Innovation Incentives in a Differentiated Industry

    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...

  7. The benefit of mergers and taking-overs

    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

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

    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...

  9. Strategy and Tactics of International Mergers and Acquisitions

    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.

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

    Holm Larsen, Michael

    2005-01-01

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

  11. Manufacturers Mergers and Product Variety in Vertically Related Markets

    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...

  12. of Mergers and Acquisitions on the Human Resource Department

    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...

  13. An Empirical Analysis of Post-Merger Organizational Integration

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

    2015-01-01

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

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

    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...

  15. 24 CFR 242.67 - New corporations, subsidiaries, affiliations, and mergers.

    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. ...

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

    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.

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

    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

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

    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

  19. Using Black Hole Mergers to Explore Structure Formation

    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.

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

    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.

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

    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.

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

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

    2017-08-01

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

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

    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 ...

  4. The Merger of Two Compact Stars: A Tool for Dense Matter Nuclear Physics

    Alessandro Drago

    2018-03-01

    Full Text Available We discuss the different signals, in gravitational and electromagnetic waves, emitted during the merger of two compact stars. We will focus in particular on the possible contraints that those signals can provide on the equation of state of dense matter. Indeed, the stiffness of the equation of state and the particle composition of the merging compact stars strongly affect, e.g., the life time of the post-merger remnant and its gravitational wave signal, the emission of the short gamma-ray-burst, the amount of ejected mass and the related kilonova. The first detection of gravitational waves from the merger of two compact stars in August 2017, GW170817, and the subsequent detections of its electromagnetic counterparts, GRB170817A and AT2017gfo, is the first example of the era of “multi-messenger astronomy”: we discuss what we have learned from this detection on the equation of state of compact stars and we provide a tentative interpretation of this event, within the two families scenario, as being due to the merger of a hadronic star with a quark star.

  5. General Relativistic Simulations of Low-Mass Magnetized Binary Neutron Star Mergers

    Giacomazzo, Bruno

    2017-01-01

    We will present general relativistic magnetohydrodynamic (GRMHD) simulations of binary neutron star (BNS) systems that produce long-lived neutron stars (NSs) after merger. While the standard scenario for short gamma-ray bursts (SGRBs) requires the formation after merger of a spinning black hole surrounded by an accretion disk, other theoretical models, such as the time-reversal scenario, predict the formation of a long-lived magnetar. The formation of a long-lived magnetar could in particular explain the X-ray plateaus that have been observed in some SGRBs. Moreover, observations of NSs with masses of 2 solar masses indicate that the equation of state of NS matter should support masses larger than that. Therefore a significant fraction of BNS mergers will produce long-lived NSs. This has important consequences both on the emission of gravitational wave signals and on their electromagnetic counterparts. We will discuss GRMHD simulations of ``low-mass'' magnetized BNS systems with different equations of state and mass ratios. We will describe the properties of their post-merger remnants and of their gravitational and electromagnetic emission.

  6. Robustness of binary black hole mergers in the presence of spurious radiation

    Bode, Tanja; Shoemaker, Deirdre; Herrmann, Frank; Hinder, Ian

    2008-01-01

    We present an investigation into how sensitive the last orbits and merger of binary black hole systems are to the presence of spurious radiation in the initial data. Our numerical experiments consist of a binary black hole system starting the last couple of orbits before merger with additional spurious radiation centered at the origin and fixed initial angular momentum. As the energy in the added spurious radiation increases, the binary is invariably hardened for the cases we tested; i.e., the merger of the two black holes is hastened. The change in merger time becomes significant when the additional energy provided by the spurious radiation increases the Arnowitt-Deser-Misner mass of the spacetime by about 1%. While the final masses of the black holes increase due to partial absorption of the radiation, the final spins remain constant to within our numerical accuracy. We conjecture that the spurious radiation is primarily increasing the eccentricity of the orbit and secondarily increasing the mass of the black holes while propagating out to infinity

  7. The influence of thermal pressure on equilibrium models of hypermassive neutron star merger remnants

    Kaplan, J. D.; Ott, C. D.; Roberts, L. [TAPIR, California Institute of Technology, Mailcode 350-17, Pasadena, CA 91125 (United States); O' Connor, E. P. [CITA, University of Toronto, 60 St. George Street, Toronto, ON M5S 3H8 (Canada); Kiuchi, K. [Yukawa Institute for Theoretical Physics, University of Kyoto, Kyoto (Japan); Duez, M., E-mail: cott@tapir.caltech.edu [Department of Physics and Astronomy, Washington State University, Pullman, WA (United States)

    2014-07-20

    The merger of two neutron stars leaves behind a rapidly spinning hypermassive object whose survival is believed to depend on the maximum mass supported by the nuclear equation of state (EOS), angular momentum redistribution by (magneto-)rotational instabilities, and spindown by gravitational waves. The high temperatures (∼5-40 MeV) prevailing in the merger remnant may provide thermal pressure support that could increase its maximum mass and, thus, its life on a neutrino-cooling timescale. We investigate the role of thermal pressure support in hypermassive merger remnants by computing sequences of spherically symmetric and axisymmetric uniformly and differentially rotating equilibrium solutions to the general-relativistic stellar structure equations. Using a set of finite-temperature nuclear EOS, we find that hot maximum-mass critically spinning configurations generally do not support larger baryonic masses than their cold counterparts. However, subcritically spinning configurations with mean density of less than a few times nuclear saturation density yield a significantly thermally enhanced mass. Even without decreasing the maximum mass, cooling and other forms of energy loss can drive the remnant to an unstable state. We infer secular instability by identifying approximate energy turning points in equilibrium sequences of constant baryonic mass parameterized by maximum density. Energy loss carries the remnant along the direction of decreasing gravitational mass and higher density until instability triggers collapse. Since configurations with more thermal pressure support are less compact and thus begin their evolution at a lower maximum density, they remain stable for longer periods after merger.

  8. The influence of thermal pressure on equilibrium models of hypermassive neutron star merger remnants

    Kaplan, J. D.; Ott, C. D.; Roberts, L.; O'Connor, E. P.; Kiuchi, K.; Duez, M.

    2014-01-01

    The merger of two neutron stars leaves behind a rapidly spinning hypermassive object whose survival is believed to depend on the maximum mass supported by the nuclear equation of state (EOS), angular momentum redistribution by (magneto-)rotational instabilities, and spindown by gravitational waves. The high temperatures (∼5-40 MeV) prevailing in the merger remnant may provide thermal pressure support that could increase its maximum mass and, thus, its life on a neutrino-cooling timescale. We investigate the role of thermal pressure support in hypermassive merger remnants by computing sequences of spherically symmetric and axisymmetric uniformly and differentially rotating equilibrium solutions to the general-relativistic stellar structure equations. Using a set of finite-temperature nuclear EOS, we find that hot maximum-mass critically spinning configurations generally do not support larger baryonic masses than their cold counterparts. However, subcritically spinning configurations with mean density of less than a few times nuclear saturation density yield a significantly thermally enhanced mass. Even without decreasing the maximum mass, cooling and other forms of energy loss can drive the remnant to an unstable state. We infer secular instability by identifying approximate energy turning points in equilibrium sequences of constant baryonic mass parameterized by maximum density. Energy loss carries the remnant along the direction of decreasing gravitational mass and higher density until instability triggers collapse. Since configurations with more thermal pressure support are less compact and thus begin their evolution at a lower maximum density, they remain stable for longer periods after merger.

  9. The cocoon emission - an electromagnetic counterpart to gravitational waves from neutron star mergers

    Gottlieb, Ore; Nakar, Ehud; Piran, Tsvi

    2018-01-01

    Short gamma-ray bursts are believed to arise from compact binary mergers (either neutron star-neutron star or black hole-neutron star). If so, their jets must penetrate outflows that are ejected during the merger. As a jet crosses the ejecta, it dissipates its energy, producing a hot cocoon that surrounds it. We present here 3D numerical simulations of jet propagation in mergers' outflows, and we calculate the resulting emission. This emission consists of two components: the cooling emission, the leakage of the thermal energy of the hot cocoon, and the cocoon macronova that arises from the radioactive decay of the cocoon's material. This emission gives a brief (∼1 h) blue, wide angle signal. While the parameters of the outflow and jet are uncertain, for the configurations we have considered, the signal is bright (∼-14 to -15 absolute magnitude) and outshines all other predicted ultraviolet-optical signals. The signal is brighter when the jet breakout time is longer, and its peak brightness does not depend strongly on the highly uncertain opacity. A rapid search for such a signal is a promising strategy to detect an electromagnetic merger counterpart. A detected candidate could be then followed by deep infrared searches for the longer but weaker macronova arising from the rest of the ejecta.

  10. Astrophysical Implications of the Binary Black-hole Merger GW150914

    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.

  11. The Properties of Short Gamma-Ray Burst Jets Triggered by Neutron Star Mergers

    Murguia-Berthier, Ariadna; Ramirez-Ruiz, Enrico; Montes, Gabriela [Department of Astronomy and Astrophysics, University of California, Santa Cruz, CA 95064 (United States); De Colle, Fabio [Instituto de Ciencias Nucleares, Universidad Nacional Autónoma de México, A. P. 70-543 04510 D. F. (Mexico); Rezzolla, Luciano; Takami, Kentaro [Institute for Theoretical Physics, Goethe University, Max-von-Laue-Str. 1, D-60438 Frankfurt am Main (Germany); Rosswog, Stephan [Astronomy and Oskar Klein Centre, Stockholm University, AlbaNova, SE-106 91 Stockholm (Sweden); Perego, Albino [Institut für Kernphysik, Technische Universität Darmstadt, D-64289 Darmstadt (Germany); Lee, William H. [Instituto de Astronomía, Universidad Nacional Autónoma de México, A. P. 70-264 04510 D. F. (Mexico)

    2017-02-01

    The most popular model for short gamma-ray bursts (sGRBs) involves the coalescence of binary neutron stars. Because the progenitor is actually hidden from view, we must consider under which circumstances such merging systems are capable of producing a successful sGRB. Soon after coalescence, winds are launched from the merger remnant. In this paper, we use realistic wind profiles derived from global merger simulations in order to investigate the interaction of sGRB jets with these winds using numerical simulations. We analyze the conditions for which these axisymmetric winds permit relativistic jets to break out and produce an sGRB. We find that jets with luminosities comparable to those observed in sGRBs are only successful when their half-opening angles are below ≈20°. This jet collimation mechanism leads to a simple physical interpretation of the luminosities and opening angles inferred for sGRBs. If wide, low-luminosity jets are observed, they might be indicative of a different progenitor avenue such as the merger of a neutron star with a black hole. We also use the observed durations of sGRB to place constraints on the lifetime of the wind phase, which is determined by the time it takes the jet to break out. In all cases we find that the derived limits argue against completely stable remnants for binary neutron star mergers that produce sGRBs.

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

    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.

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

    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

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

    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.

  15. IDENTIFYING ELUSIVE ELECTROMAGNETIC COUNTERPARTS TO GRAVITATIONAL WAVE MERGERS: AN END-TO-END SIMULATION

    Nissanke, Samaya; Georgieva, Alexandra; Kasliwal, Mansi

    2013-01-01

    Combined gravitational wave (GW) and electromagnetic (EM) observations of compact binary mergers should enable detailed studies of astrophysical processes in the strong-field gravity regime. This decade, ground-based GW interferometers promise to routinely detect compact binary mergers. Unfortunately, networks of GW interferometers have poor angular resolution on the sky and their EM signatures are predicted to be faint. Therefore, a challenging goal will be to unambiguously pinpoint the EM counterparts of GW mergers. We perform the first comprehensive end-to-end simulation that focuses on: (1) GW sky localization, distance measures, and volume errors with two compact binary populations and four different GW networks; (2) subsequent EM detectability by a slew of multiwavelength telescopes; and (3) final identification of the merger counterpart amidst a sea of possible astrophysical false positives. First, we find that double neutron star binary mergers can be detected out to a maximum distance of 400 Mpc (or 750 Mpc) by three (or five) detector GW networks, respectively. Neutron-star-black-hole binary mergers can be detected a factor of 1.5 further out; their median to maximum sky localizations are 50-170 deg 2 (or 6-65 deg 2 ) for a three (or five) detector GW network. Second, by optimizing depth, cadence, and sky area, we quantify relative fractions of optical counterparts that are detectable by a suite of different aperture-size telescopes across the globe. Third, we present five case studies to illustrate the diversity of scenarios in secure identification of the EM counterpart. We discuss the case of a typical binary, neither beamed nor nearby, and the challenges associated with identifying an EM counterpart at both low and high Galactic latitudes. For the first time, we demonstrate how construction of low-latency GW volumes in conjunction with local universe galaxy catalogs can help solve the problem of false positives. We conclude with strategies that would

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

    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).

  17. Visibility and Citation Impact

    Ebrahim, Nader Ale; Salehi, Hadi; Embi, Mohamed Amin; Tanha, Farid Habibi; Gholizadeh, Hossein; Motahar, Seyed Mohammad

    2014-01-01

    The number of publications is the first criteria for assessing a researcher output. However, the main measurement for author productivity is the number of citations, and citations are typically related to the paper's visibility. In this paper, the relationship between article visibility and the number of citations is investigated. A case study of…

  18. Viewer Makes Radioactivity "Visible"

    Yin, L. I.

    1983-01-01

    Battery operated viewer demonstrates feasibility of generating threedimensional visible light simulations of objects that emit X-ray or gamma rays. Ray paths are traced for two pinhold positions to show location of reconstructed image. Images formed by pinholes are converted to intensified visible-light images. Applications range from radioactivity contamination surveys to monitoring radioisotope absorption in tumors.

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

    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.

  20. Transparency and Coordinated Effects in European Merger Control

    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...

  1. 12 CFR 931.5 - Liquidation, merger, or consolidation.

    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...

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

    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...

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

    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…

  4. Strategic Mergers of Strong Institutions to Enhance Competitive Advantage

    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…

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

    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…

  6. Do Mergers of Potentially Dominant firms foster Innovation?

    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

  7. Star formation in mergers with comologically motivated initial conditions

    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

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

    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.

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

    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.

  10. Merger of binary neutron stars of unequal mass in full general relativity

    Shibata, Masaru; Taniguchi, Keisuke; Uryu-bar, Ko-barji

    2003-01-01

    We present results of three dimensional numerical simulations of the merger of unequal-mass binary neutron stars in full general relativity. A Γ-law equation of state P=(Γ-1)ρε is adopted, where P, ρ, ε, and Γ are the pressure, rest mass density, specific internal energy, and the adiabatic constant, respectively. We take Γ=2 and the baryon rest-mass ratio Q M to be in the range 0.85-1. The typical grid size is (633,633,317) for (x,y,z). We improve several implementations since the latest work. In the present code, the radiation reaction of gravitational waves is taken into account with a good accuracy. This fact enables us to follow the coalescence all the way from the late inspiral phase through the merger phase for which the transition is triggered by the radiation reaction. It is found that if the total rest mass of the system is more than ∼1.7 times of the maximum allowed rest mass of spherical neutron stars, a black hole is formed after the merger, irrespective of the mass ratios. The gravitational waveforms and outcomes in the merger of unequal-mass binaries are compared with those in equal-mass binaries. It is found that the disk mass around the so formed black holes increases with decreasing rest-mass ratios and decreases with increasing compactness of neutron stars. The merger process and the gravitational waveforms also depend strongly on the rest-mass ratios even for the range Q M =0.85-1

  11. MORTUARY MERGERS AND THE INTERNATIONALIZATION OF INTERMENT

    David O. Whitten

    2001-01-01

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

  12. The human resources in mergers and acquisitions

    Noemí Martínez Caraballo

    2007-07-01

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

  13. Performance Assessment of Mergers and Acquisitions

    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...

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

    Robertson, Kathleen

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

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

    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

  16. Which types of hospital mergers save consumers money?

    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.

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

    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...

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

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

    1998-08-01

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

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

    Kelley, Luke Zoltan

    2018-05-01

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

  20. Mergers of agrifood cooperatives and their effects: from expectations to results. An empirical study in four Spanish Autonomous Regions

    Melia, E.; Julia, J. F.; Martinez, A.

    2010-07-01

    Mergers have become the most widely accepted formula for business growth among many different sectors. However, these processes do not always contribute to obtaining the expected results, particularly from an economic viewpoint. In light of these reflections, this study attempts to establish whether mergers carried out between Spanish agrifood cooperatives during the period 1995-2005 have contributed to reaching some of the objectives they were set out to achieve: improving the economic-financial situation of the companies involved, increasing income and reducing costs. To do so, mergers that took place during this period were analyzed in four autonomous communities (Andalusia, Navarra, La Rioja and the Basque Country). Despite the considerable variability observed following the time-based analysis of the economic-financial situation of cooperatives prior to and after merger, statistically significant differences were only found in four of the fifteen variables studied. These were operating profit (a 99% reduction), financial income (an increase of 240%), extraordinary income (400% increase) and cost of goods sold (16% reduction), of all of which are calculated with respect to production value. The results obtained generally indicate that the objectives that were originally the motivation for initiating the merger processes have not been reached, as the financial situation of the cooperatives has not, by and large, undergone any significant improvement, nor have average unit costs been reduced. Performance and profitability have not improved either and the firms involved have found themselves at lower levels than the average for the sector. (Author) 49 refs.

  1. Selected issues relating to target companies and their boards in the context of merger and acquisition transactions

    Allen, F.R.

    1998-01-01

    Some of the practical, legal and regulatory issues which the board of directors of a target company should bear in mind in their deliberations concerning a take-over bid are reviewed. Directors of such companies will require compliance with and adherence to standard legal and regulatory rules of conduct. Developing a team to deal with the myriad details of a take-over, acquisition or merger, preparing and compiling and maintaining a manual of relevant information are highly recommended. Fiduciary duties of directors and its relevance to mergers and acquisitions are illustrated by reference to a number of recent actual court cases involving these issues. Relevant Canadian and U.S. Case Law is reviewed. It is emphasized throughout the paper that take-over transactions, mergers and acquisitions are complex and time consuming processes. It is essential and customary for senior management to be active participants in most merger and acquisition matters to provide the strategic input which drives the efforts of all involved. Equally important is to establish appropriate governance practices and to prepare and equip the corporation's mergers and acquisitions team in advance, should such events arise on short notice by design or otherwise. 38 refs

  2. The DaimlerChrysler merger – a cultural mismatch? The DaimlerChrysler merger – a cultural mismatch?

    Julia Hollmann

    2010-12-01

    Full Text Available Normal 0 21 false false false PT-BR X-NONE X-NONE /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Tabela normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin:0cm; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:"Times New Roman"; mso-bidi-theme-font:minor-bidi;} American company Chrysler Corporation due to differences in the organizational cultures involved or due to a so-called ‘clash of culture'. What happens when two successful car producers with different know-how and a different knowledge background, different work processes, different product portfolios and last but not least, completely different corporate cultures decide to merge? Daimler-Benz and Chrysler wanted to strengthen their position during economically difficult times for the car industry by juggling the crisis together and they hoped to be able to combine their strengths. Therefore the two companies decided to fuse in 1998. But not even ten years later Daimler-Benz once again sold all its shares of the Chrysler division. The dream to become the third biggest car producer of the world, behind General Motors and Ford, burst. The expected and wished for synergy effects stayed out. Instead of gaining competitive advantage over their competitors, the merger rushed the two car producers ever deeper into the crisis and did not provide the companies with the necessary tools to overcome the recession. The presented paper deals with the failed merger of the German company Daimler-Benz with the U.S. American company Chrysler

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

    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.

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

    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.

  5. HUBBLE CAPTURES MERGER BETWEEN QUASAR AND GALAXY

    2002-01-01

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

  6. Neutron Star Mergers and the R process

    Joniak, Ronald; Ugalde, Claudio

    2017-09-01

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

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

    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.

  8. Galaxy mergers and active nuclei. II. Cosmological evolution

    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

  9. Merger and reconnection of Weibel separated relativistic electron beam

    Shukla, Chandrasekhar; Kumar, Atul; Das, Amita; Patel, Bhavesh G.

    2018-02-01

    The relativistic electron beam (REB) propagation in a plasma is fraught with beam plasma instabilities. The prominent amongst them is the collisionless Weibel destabilization which spatially separates the forward propagating REB and the return shielding currents. This results in the formation of REB current filaments which are typically of the size of electron skin depth during the linear stage of the instability. It has been observed that in the nonlinear stage, the size of filaments increases as they merge with each other. With the help of 2-D particle-in-cell simulations in the plane perpendicular to the REB propagation, it is shown that these mergers occur in two distinct nonlinear phases. In the first phase, the total magnetic energy increases. Subsequently, however, during the second phase, one observes a reduction in magnetic energy. It is shown that the transition from one nonlinear regime to another occurs when the typical current associated with individual filaments hits the Alfvén threshold. In the second nonlinear regime, therefore, the filaments can no longer permit any increase in current. Magnetic reconnection events then dissipate the excess current (and its associated magnetic energy) that would result from a merger process leading to the generation of energetic electron jets in the perpendicular plane. At later times when there are only few filaments left, the individual reconnection events can be clearly identified. It is observed that in between such events, the magnetic energy remains constant and shows a sudden drop as and when two filaments merge. The electron jets released in these reconnection events are thus responsible for the transverse heating which has been mentioned in some previous studies [Honda et al., Phys. Plasmas 7, 1302 (2000)].

  10. 17 CFR 270.17a-8 - Mergers of affiliated companies.

    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...

  11. 7 CFR 1717.159 - Applications for RUS approvals of mergers.

    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...

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

    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.

  13. Gravitational waves from remnant massive neutron stars of binary neutron star merger: Viscous hydrodynamics effects

    Shibata, Masaru; Kiuchi, Kenta

    2017-06-01

    Employing a simplified version of the Israel-Stewart formalism of general-relativistic shear-viscous hydrodynamics, we explore the evolution of a remnant massive neutron star of binary neutron star merger and pay special attention to the resulting gravitational waveforms. We find that for the plausible values of the so-called viscous alpha parameter of the order 10-2 the degree of the differential rotation in the remnant massive neutron star is significantly reduced in the viscous time scale, ≲5 ms . Associated with this, the degree of nonaxisymmetric deformation is also reduced quickly, and as a consequence, the amplitude of quasiperiodic gravitational waves emitted also decays in the viscous time scale. Our results indicate that for modeling the evolution of the merger remnants of binary neutron stars we would have to take into account magnetohydrodynamics effects, which in nature could provide the viscous effects.

  14. Visible spectroscopy on ASDEX

    Hofmann, J.V.

    1991-12-01

    In this report visible spectroscopy and impurity investigations on ASDEX are reviewed and several sets of visible spectra are presented. As a basis for identification of metallic impurity lines during plasma discharges spectra from a stainless steel - Cu arc have been recorded. In a next step a spectrum overview of ASDEX discharges is shown which reveals the dominating role of lines from light impurities like carbon and oxygen throughout the UV and visible range (2000 A ≤ λ ≤ 8000 A). Metallic impurity lines of neutrals or single ionized atoms are observed near localized surfaces. The dramatic effect of impurity reduction by boronization of the vessel walls is demonstrated in a few examples. In extension to some ivesti-gations already published, further diagnostic applications of visible spectroscopy are presented. Finally, the hardware and software system used on ASDEX are described in detail. (orig.)

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

    Feldman, R; Wholey, D; Christianson, J

    1996-01-01

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

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

    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.

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

    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.

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

    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.

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

    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.

  20. The Data Merger Readout Controller for the NA48 experiment data acquisition electronics

    Galagedera, S.B.; Brierton, B.; Halsall, R.

    1996-01-01

    The NA48 experiment at the CERN SPS offers a four fold improvement in statistical and systematic error over earlier measurements of the magnitude of the direct CP (Charge-Parity) violation of the neutral Kaon system. This requires maximum event readout efficiency, controlled event building and fast monitoring of run time errors. The event data flow in particular must be sustained at 100 Mbyte/s. The Data Merger Readout Controller presented in this paper offers this facility at minimal production cost

  1. The Wage Premium of Globalization: Evidence from European Mergers and Acquisitions

    Oberhofer, Harald; Stöckl, Matthias; Winner, Hannes

    2012-01-01

    We provide evidence on the impact of globalization on labor market outcomes analyzing pay differences between foreign-acquired and domestically-owned firms. For this purpose, we use firm level data from 16 European countries over the time period 1999 to 2006. Applying propensity score matching techniques we estimate positive wage premia of cross-boarder merger and acquisitions (M&As), suggesting that foreign acquired firms exhibit higher short-run (post-acquisition) wages than their domestic ...

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

    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.

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

    Privon, G. C.

    2014-08-01

    Luminous Infrared Galaxies (LIRGs; 10^11 ≤ L_IR [8 - 1000 μm]/L_sun systems in the local universe, both in terms of their absolute star formation rates—ten to several hundred times that of ``normal'' galaxies—and their star formation rate densities. Many U/LIRGs are interacting or merging disk galaxies undergoing enhanced star formation and/or nuclear activity, likely triggered as the objects transform into massive S0 and elliptical merger remnants. The LIRG population also contains a significant number of apparently isolated disk galaxies which are undergoing enhanced star formation, providing a window on secular galaxy evolution. This work examines nearby U/LIRGs chosen from the Great Observatories All-sky LIRG Survey (GOALS), an infrared flux and luminosity selected sample. The proximity of these systems enables high spatial resolution study of active galactic nuclei (AGN) and extreme star formation in these objects. New maps of the neutral hydrogen (HI) emission are presented for systems morphologically classified in the optical and mid-infrared as non-merging or pre-merger systems. The results of this study suggests that some infrared-selected galaxies may be minor mergers or interactions which are being viewed so soon after first pass that the stellar disk has not yet been significantly disturbed. Galaxy mergers appear to drive much of the enhanced activity observed in U/LIRGs; understanding the merger state of these systems provides a context for observations of star formation and AGN properties. In order to constrain the merger stage, dynamical models for a sample of nine systems were matched to the observed kinematics and morphology as obtained from optical imaging and interferometric HI maps. The resulting models are used not only to constrain the merger stage, but also the encounter geometry of the precursor. Based on these dynamical models a new merger stage classification is presented, which re-scales objects to a common timeline is used to

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

    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.

  5. An Empirical Analysis of Post-Merger Organizational Integration

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

    2016-01-01

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

  6. Mergers and acquisitions in the international banking sector

    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.

  7. GdF-Suez. The challenges of a merger

    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.)

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

    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.

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

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

    2012-01-01

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

  10. STRATEGI MEDIA RELATIONS PT BANK CIMB NIAGA.TBK KANTOR PUSAT JAKARTA PASCA MERGER

    Jezzy Dela Puspita

    2015-05-01

    Full Text Available PR concerns the interests of any organization, whether the organization is commercial or non-commercial, nor therein which includes media relations activities. News about the merger contained in the mass media can sometimes be misunderstood by the public as a controversy that is not necessarily true, can it be positive or negative. The problem studied is how the media relations PR strategy undertaken by PT Bank CIMB Niaga Tbk post-merger. The method used is the qualitative method. Descriptive method aims to collect real-time detailed information describing the existing symptoms, as well as identifying problems and practices applicable. Data collection techniques with in-depth interviews on employees and journalists.Based on the research results, we concluded that the strategy of media relations undertaken by the company after the merger is to establish good relations with the way the relationship with journalists routinely and personal, reaching the level of reporter and editor in chief, in order to produce interpersonal relations firm, and establish good communication with mass media institutions by providing access to good information. PR menyangkut kepentingan setiap organisasi, baik itu organisasi yang bersifat komersial maupun yang non-komersial, begitupula didalamnya yang termasuk kegiatan media relations. Pemberitaan mengenai merger yang terdapat pada media massa terkadang dapat disalah artikan oleh publik sebagai suatu kontroversi yang belum tentu kebenarannya, bisa itu berupa hal positif atau negatif. Permasalahan yang dikaji adalah bagaimana strategi media relations PR yang dilakukan oleh PT Bank CIMB Niaga Tbk pasca merger.Metode yang digunakan yaitu dengan metode kualitatif. Metode Deskriptif bertujuan mengumpulkan informasi aktual secara rinci yang melukiskan gejala-gejala yang ada, serta mengidentifikasikan masalah dan praktek-praktek yang berlaku . Tekhnik pengumpulan data dengan wawancara mendalam pada karyawan dan wartawan

  11. Electromagnetic Counterparts to Black Hole Mergers

    Schnittman, Jeremy D.

    2011-01-01

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

  12. Managing mergers in the petroleum industry

    Swartout, H. B.

    1997-01-01

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

  13. Analyzing and executing mergers and acquisitions.

    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.

  14. Neutrino flavor evolution in neutron star mergers

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

    2017-08-01

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

  15. LIGO Discovers the Merger of Two Black Holes

    Kohler, Susanna

    2016-02-01

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

  16. Predicting visibility of aircraft.

    Andrew Watson

    Full Text Available Visual detection of aircraft by human observers is an important element of aviation safety. To assess and ensure safety, it would be useful to be able to be able to predict the visibility, to a human observer, of an aircraft of specified size, shape, distance, and coloration. Examples include assuring safe separation among aircraft and between aircraft and unmanned vehicles, design of airport control towers, and efforts to enhance or suppress the visibility of military and rescue vehicles. We have recently developed a simple metric of pattern visibility, the Spatial Standard Observer (SSO. In this report we examine whether the SSO can predict visibility of simulated aircraft images. We constructed a set of aircraft images from three-dimensional computer graphic models, and measured the luminance contrast threshold for each image from three human observers. The data were well predicted by the SSO. Finally, we show how to use the SSO to predict visibility range for aircraft of arbitrary size, shape, distance, and coloration.

  17. Measuring visibility using smartphones

    Friesen, Jan; Bialon, Raphael; Claßen, Christoph; Graffi, Kalman

    2017-04-01

    Spatial information on fog density is an important parameter for ecohydrological studies in cloud forests. The Dhofar cloud forest in Southern Oman exhibits a close interaction between the fog, trees, and rainfall. During the three month monsoon season the trees capture substantial amounts of horizontal precipitation from fog which increases net precipitation below the tree canopy. As fog density measurements are scarce, a smartphone app was designed to measure visibility. Different smartphone units use a variety of different parts. It is therefore important to assess the developed visibility measurement across a suite of different smartphones. In this study we tested five smartphones/ tablets (Google/ LG Nexus 5X, Huawei P8 lite, Huawei Y3, HTC Nexus 9, and Samsung Galaxy S4 mini) against digital camera (Sony DLSR-A900) and visual visibility observations. Visibility was assessed from photos using image entropy, from the number of visible targets, and from WiFi signal strength using RSSI. Results show clear relationships between object distance and fog density, yet a considerable spread across the different smartphone/ tablet units is evident.

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

    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.

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

    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.

  20. 76 FR 72823 - Voluntary Mergers of Federal Home Loan Banks

    2011-11-28

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

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

    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.

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

    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.

  3. Understanding Information Systems Integration Deficiencies in Mergers and Acquisitions

    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...

  4. Modeling the Effects of Mergers in the Retail Sector

    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...

  5. The effects of union mergers and internal restructuring:

    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....

  6. Efficiency defense and administrative fuzziness in merger regulation

    Medvedev, Andrei

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

  7. Quality competition and hospital mergers-An experiment.

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

    2017-12-01

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

  8. 7 CFR 1735.19 - Mergers and consolidations.

    2010-01-01

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

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

    Peter Zong

    2007-01-01

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

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

    Vancea Mariana

    2012-12-01

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

  11. Numerical Relativity Simulations for Black Hole Merger Astrophysics

    Baker, John G.

    2010-01-01

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

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

    Kroon, David P; Noorderhaven, Niels G

    2018-04-01

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

  13. UVISS preliminary visibility analysis

    Betto, Maurizio

    1998-01-01

    The goal of this work is to obtain a preliminary assessment of the sky visibility for anastronomical telescope located on the express pallet of the International SpaceStation (ISS)} taking into account the major constraints imposed on the instrument by the ISSattitude and structure. Part of the w......The goal of this work is to obtain a preliminary assessment of the sky visibility for anastronomical telescope located on the express pallet of the International SpaceStation (ISS)} taking into account the major constraints imposed on the instrument by the ISSattitude and structure. Part...... of the work is also to setup the kernel of a software tool for the visibility analysis thatshould be easily expandable to consider more complex strucures for future activities.This analysis is part of the UVISS assessment study and it is meant to provide elementsfor the definition and the selection...

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

    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

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

    Centrella, Joan

    2012-01-01

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

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

    Mysore, Somashekar Sthaneshwar

    2008-01-01

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

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

    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.

  18. The failing firm defence: merger policy and entry

    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...

  19. Evaluating mergers and acquisitions with a purchase investigation.

    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.

  20. Mergers and acquisitions in the natural gas industry

    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.

  1. The Hidden Benefits of Part-Time Higher Education Study to Working Practices: Is There a Case for Making Them More Visible?

    Callender, Claire; Little, Brenda

    2015-01-01

    Within the UK, part-time study is now seen as important in meeting wider government objectives for higher education (HE) and for sustainable economic growth through skills development. Yet, measures to capture the impact of HE may not be wholly appropriate to part-time study. In particular, the continuing focus on tangible, economic measures may…

  2. Making Invisible Forces Visible

    Ratner, Helene Gad

    2013-01-01

    This paper investigates managerial tactics of visualisation when a need to know and manage employees' values and attitudes is expressed. Using the Danish public school as a case study, we explore how school managers use teachers' emotions to render visible presumably invisible information about...... their 'true' attitudes and values. The paper draws on theories of affect as well as actor-network theory to analyse three incidents where managers turn their interpretations of teachers' emotions into such information. These incidents suggest that the efforts to render employees' attitudes and values visible...

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

    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

  4. Query Load Balancing For Visible Object Extraction

    Bukauskas, Linas; Bøhlen, Michael Hanspeter

    2004-01-01

    Interactive visual data explorations impose rigid real-time requirements on the extraction of visible objects. Often these requirements are met by deploying powerful hardware that maintains the entire data set in huge main memory structures. In this paper we propose an approach that retrieves...... the visible data on demand and is based on a tight integration of the database and visualization systems. We propose to incrementally adjust the observer path by adding and dropping path points. The result is an optimal path that minimizes the interaction with the database system and retrieves all visible...

  5. GRB 130603B: No Compelling Evidence for Neutron Star Merger

    Shlomo Dado

    2015-01-01

    Full Text Available The near infrared (NIR flare/rebrightening in the afterglow of the short hard gamma ray burst (SHB 130603B measured with the Hubble Space Telescope (HST and an alleged late-time X-ray excess were interpreted as possible evidence of a neutron star merger origin of SHBs. However, the X-ray afterglow that was measured with the Swift XRT and Newton XMM has the canonical behaviour of a synchrotron afterglow produced by a highly relativistic jet. The H-band flux observed with HST 9.41 days after burst is that expected from the measured late-time X-ray afterglow. The late-time flare/rebrightening of the NIR-optical afterglow of SHB 130603B could have been produced also by jet collision with an interstellar density bump. Moreover, SHB plus a kilonova can be produced also by the collapse of a compact star (neutron star, strange star, or quark star to a more compact object due to cooling, loss of angular momentum, or mass accretion.

  6. Insight-HXMT observations of the first binary neutron star merger GW170817

    Li, TiPei; Xiong, ShaoLin; Zhang, ShuangNan; Lu, FangJun; Song, LiMing; Cao, XueLei; Chang, Zhi; Chen, Gang; Chen, Li; Chen, TianXiang; Chen, Yong; Chen, YiBao; Chen, YuPeng; Cui, Wei; Cui, WeiWei; Deng, JingKang; Dong, YongWei; Du, YuanYuan; Fu, MinXue; Gao, GuanHua; Gao, He; Gao, Min; Ge, MingYu; Gu, YuDong; Guan, Ju; Guo, ChengCheng; Han, DaWei; Hu, Wei; Huang, Yue; Huo, Jia; Jia, ShuMei; Jiang, LuHua; Jiang, WeiChun; Jin, Jing; Jin, YongJie; Li, Bing; Li, ChengKui; Li, Gang; Li, MaoShun; Li, Wei; Li, Xian; Li, XiaoBo; Li, XuFang; Li, YanGuo; Li, ZiJian; Li, ZhengWei; Liang, XiaoHua; Liao, JinYuan; Liu, CongZhan; Liu, GuoQing; Liu, HongWei; Liu, ShaoZhen; Liu, XiaoJing; Liu, Yuan; Liu, YiNong; Lu, Bo; Lu, XueFeng; Luo, Tao; Ma, Xiang; Meng, Bin; Nang, Yi; Nie, JianYin; Ou, Ge; Qu, JinLu; Sai, Na; Sun, Liang; Tan, Yin; Tao, Lian; Tao, WenHui; Tuo, YouLi; Wang, GuoFeng; Wang, HuanYu; Wang, Juan; Wang, WenShuai; Wang, YuSa; Wen, XiangYang; Wu, BoBing; Wu, Mei; Xiao, GuangCheng; Xu, He; Xu, YuPeng; Yan, LinLi; Yang, JiaWei; Yang, Sheng; Yang, YanJi; Zhang, AiMei; Zhang, ChunLei; Zhang, ChengMo; Zhang, Fan; Zhang, HongMei; Zhang, Juan; Zhang, Qiang; Zhang, Shu; Zhang, Tong; Zhang, Wei; Zhang, WanChang; Zhang, WenZhao; Zhang, Yi; Zhang, Yue; Zhang, YiFei; Zhang, YongJie; Zhang, Zhao; Zhang, ZiLiang; Zhao, HaiSheng; Zhao, JianLing; Zhao, XiaoFan; Zheng, ShiJie; Zhu, Yue; Zhu, YuXuan; Zou, ChangLin

    2018-03-01

    Finding the electromagnetic (EM) counterpart of binary compact star merger, especially the binary neutron star (BNS) merger, is critically important for gravitational wave (GW) astronomy, cosmology and fundamental physics. On Aug. 17, 2017, Advanced LIGO and Fermi/GBM independently triggered the first BNS merger, GW170817, and its high energy EM counterpart, GRB 170817A, respectively, resulting in a global observation campaign covering gamma-ray, X-ray, UV, optical, IR, radio as well as neutrinos. The High Energy X-ray telescope (HE) onboard Insight-HXMT (Hard X-ray Modulation Telescope) is the unique high-energy gamma-ray telescope that monitored the entire GW localization area and especially the optical counterpart (SSS17a/AT2017gfo) with very large collection area ( 1000 cm2) and microsecond time resolution in 0.2-5 MeV. In addition, Insight-HXMT quickly implemented a Target of Opportunity (ToO) observation to scan the GW localization area for potential X-ray emission from the GW source. Although Insight-HXMT did not detect any significant high energy (0.2-5 MeV) radiation from GW170817, its observation helped to confirm the unexpected weak and soft nature of GRB 170817A. Meanwhile, Insight-HXMT/HE provides one of the most stringent constraints ( 10‒7 to 10‒6 erg/cm2/s) for both GRB170817A and any other possible precursor or extended emissions in 0.2-5 MeV, which help us to better understand the properties of EM radiation from this BNS merger. Therefore the observation of Insight-HXMT constitutes an important chapter in the full context of multi-wavelength and multi-messenger observation of this historical GW event.

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

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

    2018-04-01

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

  8. Study on the Merger of the Market Areas GRTgaz Nord and Sud - Final Report

    2012-02-01

    As GRTgaz is investigating the merger of its North and South market areas in order to create a unique marketplace, this study looks at potential options for managing congestion by means of contractual and/or market-based arrangements. It first applies a simplified model of the French gas market in order to quantify the potential risk of congestion in terms of frequency and severity. The simulations cover three different scenarios which have been developed to represent different developments of the French, European and worldwide gas markets for the time horizon 2016 to 2020. It quantitatively assesses the considered potential mechanisms. It combines the outcomes of quantitative and qualitative analyses to assess detailed options of congestion management in the French gas market. It formulates a set of proposals for managing the different types of congestion, and assesses the costs of congestion management. Recommendations are made for a set of mechanisms which may be used to enable and facilitate the market merger. A number of steps to be taken in preparation of the merger are proposed

  9. Quantification of the evolution of firm size distributions due to mergers and acquisitions.

    Lera, Sandro Claudio; Sornette, Didier

    2017-01-01

    The distribution of firm sizes is known to be heavy tailed. In order to account for this stylized fact, previous economic models have focused mainly on growth through investments in a company's own operations (internal growth). Thereby, the impact of mergers and acquisitions (M&A) on the firm size (external growth) is often not taken into consideration, notwithstanding its potential large impact. In this article, we make a first step into accounting for M&A. Specifically, we describe the effect of mergers and acquisitions on the firm size distribution in terms of an integro-differential equation. This equation is subsequently solved both analytically and numerically for various initial conditions, which allows us to account for different observations of previous empirical studies. In particular, it rationalises shortcomings of past work by quantifying that mergers and acquisitions develop a significant influence on the firm size distribution only over time scales much longer than a few decades. This explains why M&A has apparently little impact on the firm size distributions in existing data sets. Our approach is very flexible and can be extended to account for other sources of external growth, thus contributing towards a holistic understanding of the distribution of firm sizes.

  10. Rural Hospital Mergers and Acquisitions: Which Hospitals Are Being Acquired and How Are They Performing Afterward?.

    Noles, Marissa J; Reiter, Kristin L; Boortz-Marx, Jonathan; Pink, George

    2015-01-01

    The number of stand-alone rural hospitals has been shrinking as larger health systems target these hospitals for mergers and acquisitions (M and As). However, little research has focused specifically on rural hospital M and A transactions. Using data from Irving Levin Associates' Healthcare M and A Report and Medicare Cost Reports from 2005 to 2012, we examined two research questions: (1) What were the characteristics of rural hospitals that merged or were acquired, and (2) were there changes in rural hospital financial performance, staffing, or services after an M and A transaction? We used logistic regression to identify factors predictive of merger, and we used multiple regression to examine various hospital measures after an M or A. Study results showed that hospitals with weaker financial performance but lower staffing levels and staffing costs were more likely to merge or be acquired. Statistically weak evidence suggested that operating margins declined after the merger; stronger evidence suggested reductions in salary expense. There was no statistically significant evidence of changes to the number of full-time equivalent (FTE) employees, the service lines that were included in the study, capital expenditures, or the amount of debt financing among the hospitals that merged or were acquired. M and A may not result in a rapid influx of capital, a relief of debt burden, or an improvement in bottom-line profitability. However, M and A may be a viable option for maintaining the hospital and the access to care it provides.

  11. Quantification of the evolution of firm size distributions due to mergers and acquisitions

    Sornette, Didier

    2017-01-01

    The distribution of firm sizes is known to be heavy tailed. In order to account for this stylized fact, previous economic models have focused mainly on growth through investments in a company’s own operations (internal growth). Thereby, the impact of mergers and acquisitions (M&A) on the firm size (external growth) is often not taken into consideration, notwithstanding its potential large impact. In this article, we make a first step into accounting for M&A. Specifically, we describe the effect of mergers and acquisitions on the firm size distribution in terms of an integro-differential equation. This equation is subsequently solved both analytically and numerically for various initial conditions, which allows us to account for different observations of previous empirical studies. In particular, it rationalises shortcomings of past work by quantifying that mergers and acquisitions develop a significant influence on the firm size distribution only over time scales much longer than a few decades. This explains why M&A has apparently little impact on the firm size distributions in existing data sets. Our approach is very flexible and can be extended to account for other sources of external growth, thus contributing towards a holistic understanding of the distribution of firm sizes. PMID:28841683

  12. Quantification of the evolution of firm size distributions due to mergers and acquisitions.

    Sandro Claudio Lera

    Full Text Available The distribution of firm sizes is known to be heavy tailed. In order to account for this stylized fact, previous economic models have focused mainly on growth through investments in a company's own operations (internal growth. Thereby, the impact of mergers and acquisitions (M&A on the firm size (external growth is often not taken into consideration, notwithstanding its potential large impact. In this article, we make a first step into accounting for M&A. Specifically, we describe the effect of mergers and acquisitions on the firm size distribution in terms of an integro-differential equation. This equation is subsequently solved both analytically and numerically for various initial conditions, which allows us to account for different observations of previous empirical studies. In particular, it rationalises shortcomings of past work by quantifying that mergers and acquisitions develop a significant influence on the firm size distribution only over time scales much longer than a few decades. This explains why M&A has apparently little impact on the firm size distributions in existing data sets. Our approach is very flexible and can be extended to account for other sources of external growth, thus contributing towards a holistic understanding of the distribution of firm sizes.

  13. Making Invisible Histories Visible

    Hanssen, Ana Maria

    2012-01-01

    This article features Omaha Public Schools' "Making Invisible Histories Visible" program, or MIHV. Omaha's schools have a low failure rate among 8th graders but a high one among high school freshmen. MIHV was created to help at-risk students "adjust to the increased demands of high school." By working alongside teachers and…

  14. Visible Solid State Lasers

    Hikmet, R.A.M.

    2007-01-01

    Diode lasers can be found in various applications most notably in optical communication and optical storage. Visible lasers were until recently were all based on IR diode lasers. Using GaN, directly blue and violet emitting lasers have also been introduced to the market mainly in the area of optical

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

    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).

  16. Mutual Visibility by Robots with Persistent Memory

    Bhagat, Subhash; Mukhopadhyaya, Krishnendu

    2017-01-01

    This paper addresses the mutual visibility problem for a set of semi-synchronous, opaque robots occupying distinct positions in the Euclidean plane. Since robots are opaque, if three robots lie on a line, the middle robot obstructs the visions of the two other robots. The mutual visibility problem asks the robots to coordinate their movements to form a configuration, within finite time and without collision, in which no three robots are collinear. Robots are endowed with a constant bits of pe...

  17. Making operational sense of mergers and acquisitions

    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.

  18. Social media visibility

    Uldam, Julie

    2018-01-01

    of activists remains under-researched. This article examines BP’s surveillance of activists who criticise the company’s corporate social responsibility (CSR) programme as ‘greenwashing’. In this way, it goes beyond corporations’ uses of big data and instead explores how they monitor and discuss strategies......As activists move from alternative media platforms to commercial social media platforms, they face increasing challenges in protecting their online security and privacy. While government surveillance of activists is well-documented in scholarly research and the media, corporate surveillance...... for responding to the activities of individual activists in social media. It shows that while social media afford an unprecedented level of visibility for activists, it comes with the risk of being monitored by corporations. Theoretically, it draws on conceptions of visibility in social sciences and media...

  19. White LED visible light communication technology research

    Yang, Chao

    2017-03-01

    Visible light communication is a new type of wireless optical communication technology. White LED to the success of development, the LED lighting technology is facing a new revolution. Because the LED has high sensitivity, modulation, the advantages of good performance, large transmission power, can make it in light transmission light signal at the same time. Use white LED light-emitting characteristics, on the modulation signals to the visible light transmission, can constitute a LED visible light communication system. We built a small visible optical communication system. The system composition and structure has certain value in the field of practical application, and we also research the key technology of transmitters and receivers, the key problem has been resolved. By studying on the optical and LED the characteristics of a high speed modulation driving circuit and a high sensitive receiving circuit was designed. And information transmission through the single chip microcomputer test, a preliminary verification has realized the data transmission function.

  20. Inspiral, merger, and ring-down of equal-mass black-hole binaries

    Buonanno, Alessandra; Cook, Gregory B.; Pretorius, Frans

    2007-01-01

    We investigate the dynamics and gravitational-wave (GW) emission in the binary merger of equal-mass black holes as obtained from numerical relativity simulations. The simulations were performed with an evolution code based on generalized harmonic coordinates developed by Pretorius, and used quasiequilibrium initial-data sets constructed by Cook and Pfeiffer. Results from the evolution of three sets of initial data are explored in detail, corresponding to different initial separations of the black holes, and exhibit between 2-8 GW cycles before coalescence. We find that to a good approximation the inspiral phase of the evolution is quasicircular, followed by a 'blurred, quasicircular plunge' lasting for about 1-1.5 GW cycles. After this plunge the GW frequency decouples from the orbital frequency, and we define this time to be the start of the merger phase. Roughly 10-15 M separates the time between the beginning of the merger phase and when we are able to extract quasinormal ring-down modes from gravitational waves emitted by the newly formed black hole. This suggests that the merger lasts for a correspondingly short amount of time, approximately 0.5-0.75 of a full GW cycle. We present first-order comparisons between analytical models of the various stages of the merger and the numerical results--more detailed and accurate comparisons will need to await numerical simulations with higher accuracy, better control of systemic errors (including coordinate artifacts), and initial configurations where the binaries are further separated. During the inspiral, we find that if the orbital phase is well modeled, the leading order Newtonian quadrupole formula is able to match both the amplitude and phase of the numerical GW quite accurately until close to the point of merger. We provide comparisons between the numerical results and analytical predictions based on the adiabatic post-Newtonian (PN) and nonadiabatic resummed-PN models (effective-one-body and Pade models). For all

  1. Paradoxes of Visibility

    Tarnay László

    2017-12-01

    Full Text Available The paper investigates two possible critical arguments following the pictorial turn. The first is formulated within ocularcentrism, the dominance of sight, and starts with the right to visibility as a general principle that governs today’s digital culture but gets twisted in special cases like the Auschwitz photos of the Shoa, the Abu Ghraib prison videos, or recently the website called Yolocaust. The second is conceived outside the visual culture and is meant to vindicate the other senses vis-à-vis the eyes. However, the argument is truncated here only to highlight the boomerang effect of the other senses: haptic vision. It is the case of visual perception when (a there is a lack of things to see and (b indeterminate synaesthesia: when vision intensifies the other senses in the embodied viewer. The two arguments converge upon a dialectic of the visible and the imaginable, which is formulated here as two paradoxes that the discussed examples transcend. By enforcing visibility at all costs where there is hardly anything recognizable to see, they lead to two diverging results. On the one hand, the meaning of “image” is extended toward the unimaginable, the traumatic experience, on the other hand, it is extended toward the invisible, the encounter with the radical Other.

  2. The benefits of visibility

    Krupnick, A.; DeWitt, D.

    1994-01-01

    The benefits of visibility improvement (or the damages with additional degradation) refer to increases (or decreases) in utility obtained in three different dimensions. The first of these is associated with the nature of the visibility change. Visual range may be improved so that features of an area become more distinct or the sky becomes clearer. Alternatively, normal features of an area may be marred, say by the site of a power plant or its plume (called plume blight). The second dimension is the location of the change: in an urban area, in a rural setting, or in a recreational area or area of particular beauty, such as the Grand Canyon. The third dimension is the type of value: use or non-use. Thus, a person who visits the Grand Canyon (or may visit it in the future) may hold use values for improving his view of the Canyon or its surroundings and may also old non-use values for improved visibility (whether for altruistic or other reasons) irrespective of present or planned visits. In all, therefore, there are 12 possible combinations of the elements in these three dimension, each of which is logically distinct from the others and which demands attention in the literature to derive willingness to pay (WTP)

  3. The benefits of visibility

    Krupnick, A; DeWitt, D

    1994-07-01

    The benefits of visibility improvement (or the damages with additional degradation) refer to increases (or decreases) in utility obtained in three different dimensions. The first of these is associated with the nature of the visibility change. Visual range may be improved so that features of an area become more distinct or the sky becomes clearer. Alternatively, normal features of an area may be marred, say by the site of a power plant or its plume (called plume blight). The second dimension is the location of the change: in an urban area, in a rural setting, or in a recreational area or area of particular beauty, such as the Grand Canyon. The third dimension is the type of value: use or non-use. Thus, a person who visits the Grand Canyon (or may visit it in the future) may hold use values for improving his view of the Canyon or its surroundings and may also old non-use values for improved visibility (whether for altruistic or other reasons) irrespective of present or planned visits. In all, therefore, there are 12 possible combinations of the elements in these three dimension, each of which is logically distinct from the others and which demands attention in the literature to derive willingness to pay (WTP)

  4. Comparison of discrete Fourier transform (DFT) and principal component analysis/DFT as forecasting tools for absorbance time series received by UV-visible probes installed in urban sewer systems.

    Plazas-Nossa, Leonardo; Torres, Andrés

    2014-01-01

    The objective of this work is to introduce a forecasting method for UV-Vis spectrometry time series that combines principal component analysis (PCA) and discrete Fourier transform (DFT), and to compare the results obtained with those obtained by using DFT. Three time series for three different study sites were used: (i) Salitre wastewater treatment plant (WWTP) in Bogotá; (ii) Gibraltar pumping station in Bogotá; and (iii) San Fernando WWTP in Itagüí (in the south part of Medellín). Each of these time series had an equal number of samples (1051). In general terms, the results obtained are hardly generalizable, as they seem to be highly dependent on specific water system dynamics; however, some trends can be outlined: (i) for UV range, DFT and PCA/DFT forecasting accuracy were almost the same; (ii) for visible range, the PCA/DFT forecasting procedure proposed gives systematically lower forecasting errors and variability than those obtained with the DFT procedure; and (iii) for short forecasting times the PCA/DFT procedure proposed is more suitable than the DFT procedure, according to processing times obtained.

  5. Genetics and neuropsychology: A merger whose time has come.

    Kremen, William S; Panizzon, Matthew S; Cannon, Tyrone D

    2016-01-01

    Genetics and neuropsychology have historically been 2 rather distant and unrelated fields. With the very rapid advances that have been taking place in genetics, research and treatment of disorders of cognition in the 21st century are likely to be increasingly informed by individual differences in genetics and epigenetics. Although neuropsychologists are not expected to become geneticists, it is our view that increased training in genetics should become more central to training in neuropsychology. This relationship should not be unidirectional. Here we note ways in which an understanding of genetics and epigenetics can inform neuropsychology. On the other hand, given the complexity of cognitive phenotypes, neuropsychology can also play a valuable role in informing and refining genetic studies. Greater integration of the 2 should advance both fields. (c) 2015 APA, all rights reserved).

  6. On spatial coalescents with multiple mergers in two dimensions.

    Heuer, Benjamin; Sturm, Anja

    2013-08-01

    We consider the genealogy of a sample of individuals taken from a spatially structured population when the variance of the offspring distribution is relatively large. The space is structured into discrete sites of a graph G. If the population size at each site is large, spatial coalescents with multiple mergers, so called spatial Λ-coalescents, for which ancestral lines migrate in space and coalesce according to some Λ-coalescent mechanism, are shown to be appropriate approximations to the genealogy of a sample of individuals. We then consider as the graph G the two dimensional torus with side length 2L+1 and show that as L tends to infinity, and time is rescaled appropriately, the partition structure of spatial Λ-coalescents of individuals sampled far enough apart converges to the partition structure of a non-spatial Kingman coalescent. From a biological point of view this means that in certain circumstances both the spatial structure as well as larger variances of the underlying offspring distribution are harder to detect from the sample. However, supplemental simulations show that for moderately large L the different structure is still evident. Copyright © 2012 Elsevier Inc. All rights reserved.

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

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

    2017-09-10

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

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

    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

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

    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.

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

    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.

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

    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.

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

    Saastamoinen, Antti; Bjørndal, Endre; Bjørndal, Mette

    2017-01-01

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

  13. Signatures of Heavy Element Production in Neutron Star Mergers

    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.

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

    Rina P. Steynberg

    2011-03-01

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

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

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

    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.

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

    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...

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

    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...

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

    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.

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

    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.

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

    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.

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

    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?

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

    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?

  4. Astrophysics of Super-Massive Black Hole Mergers

    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.

  5. Employer-provided health insurance and hospital mergers.

    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.

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

    Alaranta, Maria; Kautz, Karlheinz

    2012-01-01

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

  7. SHOCKING TAILS IN THE MAJOR MERGER ABELL 2744

    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.

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

    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…

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

    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…

  10. 7 CFR 1717.158 - Mergers with borrowers who prepaid RUS loans.

    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...

  11. 17 CFR 230.145 - Reclassification of securities, mergers, consolidations and acquisitions of assets.

    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...

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

    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.…

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

    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…

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

    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...

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

    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

  16. 12 CFR 611.1125 - Treatment of associations not approving districtwide mergers.

    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...

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

    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

  18. On court interpreters' visibility

    Dubslaff, Friedel; Martinsen, Bodil

    of the service they receive. Ultimately, the findings will be used for training purposes. Future - and, for that matter, already practising - interpreters as well as the professional users of interpreters ought to take the reality of the interpreters' work in practice into account when assessing the quality...... on the interpreter's interpersonal role and, in particular, on signs of the interpreter's visibility, i.e. active co-participation. At first sight, the interpreting assignment in question seems to be a short and simple routine task which would not require the interpreter to deviate from the traditional picture...

  19. Making Invisible Forces Visible

    Ratner, Helene Gad

    2013-01-01

    their 'true' attitudes and values. The paper draws on theories of affect as well as actor-network theory to analyse three incidents where managers turn their interpretations of teachers' emotions into such information. These incidents suggest that the efforts to render employees' attitudes and values visible...... install a normative emotional scale where an ideal employee displays emotional investment and self-control. This has implications, not only for employees who are expected to exhibit the 'right' emotions, but also for management, which comes to depend on transient emotions and co-presence in situations...

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

    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.

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

    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.

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

    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.

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

    Burhan Ali Shah

    2017-09-01

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

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

    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.

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

    Andreea Nicoleta Popovici

    2013-12-01

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

  6. Recent mergers and acquisitions changes face of RSA coal

    NONE

    1998-10-01

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

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

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

    2003-01-01

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

  8. Dynamics of merging: post-merger mixing and relaxation of an Illustris galaxy

    Young, Anthony M.; Williams, Liliya L. R.; Hjorth, Jens

    2018-02-01

    During the merger of two galaxies, the resulting system undergoes violent relaxation and seeks stable equilibrium. However, the details of this evolution are not fully understood. Using Illustris simulation, we probe two physically related processes, mixing and relaxation. Though the two are driven by the same dynamics—global time-varying potential for the energy, and torques caused by asymmetries for angular momentum—we measure them differently. We define mixing as the redistribution of energy and angular momentum between particles of the two merging galaxies. We assess the degree of mixing as the difference between the shapes of their energy distributions, N(E)s, and their angular momentum distributions, N(L2)s. We find that the difference is decreasing with time, indicating mixing. To measure relaxation, we compare N(E) of the newly merged system to N(E) of a theoretical prediction for relaxed collisionless systems, DARKexp, and witness the system becoming more relaxed, in the sense that N(E) approaches DARKexp N(E). Because the dynamics driving mixing and relaxation are the same, the timescale is similar for both. We measure two sequential timescales: a rapid, 1 Gyr phase after the initial merger, during which the difference in N(E) of the two merging halos decreases by ~ 80%, followed by a slow phase, when the difference decreases by ~ 50% over ~ 8.5 Gyrs. This is a direct measurement of the relaxation timescale. Our work also draws attention to the fact that when a galaxy has reached Jeans equilibrium it may not yet have reached a fully relaxed state given by DARKexp, in that it retains information about its past history. This manifests itself most strongly in stars being centrally concentrated. We argue that it is particularly difficult for stars, and other tightly bound particles, to mix because they have less time to be influenced by the fluctuating potential, even across multiple merger events.

  9. THE CIRCUMSTELLAR ENVIRONMENT OF R CORONAE BOREALIS: WHITE DWARF MERGER OR FINAL-HELIUM-SHELL FLASH?

    Clayton, Geoffrey C.; Andrews, J. E. [Department of Physics and Astronomy, Louisiana State University, Baton Rouge, LA 70803 (United States); Sugerman, Ben E. K. [Department of Physics and Astronomy, Goucher College, 1021 Dulaney Valley Rd., Baltimore, MD 21204 (United States); Adam Stanford, S. [IGPP, Lawrence Livermore National Laboratory, Livermore, CA 94551 (United States); Whitney, B. A. [Space Science Institute, 4750 Walnut St. Suite 205, Boulder, CO 80301 (United States); Honor, J.; Babler, B. [Department of Astronomy, 475 North Charter St., University of Wisconsin, Madison, WI 53706 (United States); Barlow, M. J. [Department of Physics and Astronomy, University College London, Gower Street, London WC1E 6BT (United Kingdom); Gordon, K. D.; Bond, Howard E.; Matsuura, M. [STScI, 3700 San Martin Dr., Baltimore, MD 21218 (United States); Geballe, T. R. [Gemini Observatory, 670 N. A' ohoku Place, Hilo, HI 96720 (United States); De Marco, O. [Department of Physics, Macquarie University, Sydney, NSW 2109 (Australia); Lawson, W. A. [School of PEMS, University of New South Wales, ADFA, P.O. Box 7916, Canberra, ACT 2610 (Australia); Sibthorpe, B. [Max-Planck-Institut fuer Astronomie, Koenigstuhl 17, D-69117 Heidelberg (Germany); Olofsson, G. [Department of Astronomy, Stockholm University, AlbaNova University Center, Roslagstullsbacken 21, SE-10691 Stockholm (Sweden); Polehampton, E. [Space Science and Technology Department, Rutherford Appleton Laboratory, Didcot OX11 0QX (United Kingdom); Gomez, H. L.; Hargrave, P. C. [School of Physics and Astronomy, Cardiff University, 5 The Parade, Cardiff, Wales CF24 3YB (United Kingdom); Ivison, R. J., E-mail: gclayton@phys.lsu.edu, E-mail: jandrews@phys.lsu.edu, E-mail: ben.sugerman@goucher.edu, E-mail: stanford@physics.ucdavis.edu, E-mail: bwhitney@spacescience.org, E-mail: jhonor@astro.wisc.edu, E-mail: brian@astro.wisc.edu, E-mail: mjb@star.ucl.ac.uk [UK Astronomy Technology Centre, ROE, Blackford Hill, Edinburgh EH9 3HJ (United Kingdom); and others

    2011-12-10

    In 2007, R Coronae Borealis (R CrB) went into a historically deep and long decline. In this state, the dust acts like a natural coronagraph at visible wavelengths, allowing faint nebulosity around the star to be seen. Imaging has been obtained from 0.5 to 500 {mu}m with Gemini/GMOS, Hubble Space Telescope/WFPC2, Spitzer/MIPS, and Herschel/SPIRE. Several of the structures around R CrB are cometary globules caused by wind from the star streaming past dense blobs. The estimated dust mass of the knots is consistent with their being responsible for the R CrB declines if they form along the line of sight to the star. In addition, there is a large diffuse shell extending up to 4 pc away from the star containing cool 25 K dust that is detected all the way out to 500 {mu}m. The spectral energy distribution of R CrB can be well fitted by a 150 AU disk surrounded by a very large diffuse envelope which corresponds to the size of the observed nebulosity. The total masses of the disk and envelope are 10{sup -4} and 2 M{sub Sun }, respectively, assuming a gas-to-dust ratio of 100. The evidence pointing toward a white dwarf merger or a final-helium-shell flash origin for R CrB is contradictory. The shell and the cometary knots are consistent with a fossil planetary nebula. Along with the fact that R CrB shows significant lithium in its atmosphere, this supports the final-helium-shell flash. However, the relatively high inferred mass of R CrB and its high fluorine abundance support a white dwarf merger.

  10. THE CIRCUMSTELLAR ENVIRONMENT OF R CORONAE BOREALIS: WHITE DWARF MERGER OR FINAL-HELIUM-SHELL FLASH?

    Clayton, Geoffrey C.; Andrews, J. E.; Sugerman, Ben E. K.; Adam Stanford, S.; Whitney, B. A.; Honor, J.; Babler, B.; Barlow, M. J.; Gordon, K. D.; Bond, Howard E.; Matsuura, M.; Geballe, T. R.; De Marco, O.; Lawson, W. A.; Sibthorpe, B.; Olofsson, G.; Polehampton, E.; Gomez, H. L.; Hargrave, P. C.; Ivison, R. J.

    2011-01-01

    In 2007, R Coronae Borealis (R CrB) went into a historically deep and long decline. In this state, the dust acts like a natural coronagraph at visible wavelengths, allowing faint nebulosity around the star to be seen. Imaging has been obtained from 0.5 to 500 μm with Gemini/GMOS, Hubble Space Telescope/WFPC2, Spitzer/MIPS, and Herschel/SPIRE. Several of the structures around R CrB are cometary globules caused by wind from the star streaming past dense blobs. The estimated dust mass of the knots is consistent with their being responsible for the R CrB declines if they form along the line of sight to the star. In addition, there is a large diffuse shell extending up to 4 pc away from the star containing cool 25 K dust that is detected all the way out to 500 μm. The spectral energy distribution of R CrB can be well fitted by a 150 AU disk surrounded by a very large diffuse envelope which corresponds to the size of the observed nebulosity. The total masses of the disk and envelope are 10 –4 and 2 M ☉ , respectively, assuming a gas-to-dust ratio of 100. The evidence pointing toward a white dwarf merger or a final-helium-shell flash origin for R CrB is contradictory. The shell and the cometary knots are consistent with a fossil planetary nebula. Along with the fact that R CrB shows significant lithium in its atmosphere, this supports the final-helium-shell flash. However, the relatively high inferred mass of R CrB and its high fluorine abundance support a white dwarf merger.

  11. Electromagnetic Signals Following Stellar-mass Black Hole Mergers

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

    2017-04-10

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

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

    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...

  13. Design for The Indoor Visible Light Communication Application System Based on LED Visible Light

    Lian Wenyu

    2017-01-01

    Full Text Available This paper designs an indoor visible light communication application system based on LED. The system can modulate the original signal one or more times, move to a specific frequency band, transmit on the power line, in the LED terminal use this module to decode, restore the Ethernet signals. This design is applicable to the simplicity of the LED visible light communication applications, which provide the premise and guarantee for the construction of smart home network.

  14. General relativistic magnetohydrodynamic simulations of binary neutron star mergers forming a long-lived neutron star

    Ciolfi, Riccardo; Kastaun, Wolfgang; Giacomazzo, Bruno; Endrizzi, Andrea; Siegel, Daniel M.; Perna, Rosalba

    2017-03-01

    Merging binary neutron stars (BNSs) represent the ultimate targets for multimessenger astronomy, being among the most promising sources of gravitational waves (GWs), and, at the same time, likely accompanied by a variety of electromagnetic counterparts across the entire spectrum, possibly including short gamma-ray bursts (SGRBs) and kilonova/macronova transients. Numerical relativity simulations play a central role in the study of these events. In particular, given the importance of magnetic fields, various aspects of this investigation require general relativistic magnetohydrodynamics (GRMHD). So far, most GRMHD simulations focused the attention on BNS mergers leading to the formation of a hypermassive neutron star (NS), which, in turn, collapses within few tens of ms into a black hole surrounded by an accretion disk. However, recent observations suggest that a significant fraction of these systems could form a long-lived NS remnant, which will either collapse on much longer time scales or remain indefinitely stable. Despite the profound implications for the evolution and the emission properties of the system, a detailed investigation of this alternative evolution channel is still missing. Here, we follow this direction and present a first detailed GRMHD study of BNS mergers forming a long-lived NS. We consider magnetized binaries with different mass ratios and equations of state and analyze the structure of the NS remnants, the rotation profiles, the accretion disks, the evolution and amplification of magnetic fields, and the ejection of matter. Moreover, we discuss the connection with the central engine of SGRBs and provide order-of-magnitude estimates for the kilonova/macronova signal. Finally, we study the GW emission, with particular attention to the post-merger phase.

  15. Visible but Unseen?

    Torkilsheyggi, Arnvør Martinsdóttir á; Hertzum, Morten

    2015-01-01

    Studies have shown that whiteboards support much cooper-ative work by for example strengthening awareness, im-proving communication, and reducing mental workload. In line with these predominantly positive findings, an emer-gency department (ED) turned to its whiteboard to improve the coordination...... of its work with blood tests. We investi-gate this use of the whiteboard through observations and informal interviews in the ED and analyze the ability of the whiteboard to support coordination and awareness in the work with blood tests. Our findings show limitations in the ability of the whiteboard...... to support awareness in a setting where the users are (locally) mobile, specifically in regard to information that requires continuous monitoring. We do however also find that the whiteboard safeguarded the work with blood tests against some risks by making blood-test information socially visible....

  16. 60 years of UK visibility measurements: impact of meteorology and atmospheric pollutants on visibility

    Singh, Ajit; Bloss, William J.; Pope, Francis D.

    2017-02-01

    properties. This approach may help constrain global model simulations which attempt to generate aerosol fields for time periods when observational data are scarce or non-existent. Both the measured visibility and the modelled aerosol properties reported in this paper highlight the success of the UK's Clean Air Act, which was passed in 1956, in cleaning the atmosphere of visibility-reducing pollutants.

  17. Hybrid-Lambda: simulation of multiple merger and Kingman gene genealogies in species networks and species trees.

    Zhu, Sha; Degnan, James H; Goldstien, Sharyn J; Eldon, Bjarki

    2015-09-15

    There has been increasing interest in coalescent models which admit multiple mergers of ancestral lineages; and to model hybridization and coalescence simultaneously. Hybrid-Lambda is a software package that simulates gene genealogies under multiple merger and Kingman's coalescent processes within species networks or species trees. Hybrid-Lambda allows different coalescent processes to be specified for different populations, and allows for time to be converted between generations and coalescent units, by specifying a population size for each population. In addition, Hybrid-Lambda can generate simulated datasets, assuming the infinitely many sites mutation model, and compute the F ST statistic. As an illustration, we apply Hybrid-Lambda to infer the time of subdivision of certain marine invertebrates under different coalescent processes. Hybrid-Lambda makes it possible to investigate biogeographic concordance among high fecundity species exhibiting skewed offspring distribution.

  18. Post-merger evolution of a neutron star-black hole binary with neutrino transport

    Foucart, Francois; O'Connor, Evan; Roberts, Luke; Duez, Matthew D.; Haas, Roland; Kidder, Lawrence E.; Ott, Christian D.; Pfeiffer, Harald P.; Scheel, Mark A.; Szilagyi, Bela

    2015-06-01

    We present a first simulation of the post-merger evolution of a black hole-neutron star binary in full general relativity using an energy-integrated general-relativistic truncated moment formalism for neutrino transport. We describe our implementation of the moment formalism and important tests of our code, before studying the formation phase of an accretion disk after a black hole-neutron star merger. We use as initial data an existing general-relativistic simulation of the merger of a neutron star of mass 1.4 M⊙ with a black hole of mass 7 M⊙ and dimensionless spin χBH=0.8 . Comparing with a simpler leakage scheme for the treatment of the neutrinos, we find noticeable differences in the neutron-to-proton ratio in and around the disk, and in the neutrino luminosity. We find that the electron neutrino luminosity is much lower in the transport simulations, and that both the disk and the disk outflows are less neutron rich. The spatial distribution of the neutrinos is significantly affected by relativistic effects, due to large velocities and curvature in the regions of strongest emission. Over the short time scale evolved, we do not observe purely neutrino-driven outflows. However, a small amount of material (3 ×10-4M⊙ ) is ejected in the polar region during the circularization of the disk. Most of that material is ejected early in the formation of the disk, and is fairly neutron rich (electron fraction Ye˜0.15 - 0.25 ). Through r-process nucleosynthesis, that material should produce high-opacity lanthanides in the polar region, and could thus affect the light curve of radioactively powered electromagnetic transients. We also show that by the end of the simulation, while the bulk of the disk remains neutron rich (Ye˜0.15 - 0.2 and decreasing), its outer layers have a higher electron fraction: 10% of the remaining mass has Ye>0.3 . As that material would be the first to be unbound by disk outflows on longer time scales, and as composition evolution is

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

    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.

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

    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.