WorldWideScience

Sample records for mergers

  1. Mergers & Acquisitions

    DEFF Research Database (Denmark)

    Fomcenco, Alex

    MERGERS & ACQUISITIONS: Counseling and Choice of Method describes and analyzes 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. The focus is aimed and maintained at application...

  2. Mergers + acquisitions.

    Science.gov (United States)

    Hoppszallern, Suzanna

    2002-05-01

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

  3. Mergers & Acquisitions

    DEFF Research Database (Denmark)

    Fomcenco, Alex

    This dissertation is a legal dogmatic thesis, the goal of which is to describe and analyze the current state of law in Europe in regard to some relevant selected elements related to mergers and acquisitions, and the adviser’s counsel in this regard. Having regard to the topic of the dissertation...

  4. Galaxy mergers

    International Nuclear Information System (INIS)

    Roos, N.

    1981-01-01

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

  5. Observational evidence for mergers

    International Nuclear Information System (INIS)

    Schweizer, F.

    1983-01-01

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

  6. Surviving mergers & acquisitions.

    Science.gov (United States)

    Dixon, Diane L

    2002-01-01

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

  7. Decoding Galactic Merger Histories

    Directory of Open Access Journals (Sweden)

    Eric F. Bell

    2017-12-01

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

  8. Characterizing Black Hole Mergers

    Science.gov (United States)

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

    2010-01-01

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

  9. Simulations of galaxy mergers

    International Nuclear Information System (INIS)

    Villumsen, J.V.

    1982-01-01

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

  10. Mergers at z = 1

    Science.gov (United States)

    Kao, Lancelot L.

    1993-01-01

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

  11. Mergers and Acquisitions

    DEFF Research Database (Denmark)

    Risberg, Annette

    , 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......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...... 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...

  12. Mergers and Acquisitions

    DEFF Research Database (Denmark)

    Risberg, Annette

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

  13. Mergers: Success versus failure

    International Nuclear Information System (INIS)

    Carley, G. R.

    1997-01-01

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

  14. Hospital mergers: a panacea?

    Science.gov (United States)

    Weil, Thomas

    2010-10-01

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

  15. MERGER ACCOUTING FOR COMPANIES

    Directory of Open Access Journals (Sweden)

    SUCIU GHEORGHE

    2014-05-01

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

  16. Power plays - global mergers

    International Nuclear Information System (INIS)

    Allen, Simon

    1997-01-01

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

  17. Simulations of galaxy mergers

    International Nuclear Information System (INIS)

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

    1982-01-01

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

  18. Anti- versus Pro-Competitive Mergers

    OpenAIRE

    Fridolfsson, Sven-Olof

    2007-01-01

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

  19. Merger relics of cluster galaxies

    Science.gov (United States)

    Yi, S. K.; Lee, J.; Jung, I.; Ji, I.; Sheen, Y.-K.

    2013-06-01

    Context. Sheen and collaborators recently found that a surprisingly large portion (38%) of massive early-type galaxies in heavy clusters show strong merger-related disturbed features. This contradicts the general understanding that massive clusters are hostile environments for galaxy mergers. Considering the significance of mergers in galaxy evolution, it is important to understand this. Aims: We aim to present a theoretical foundation that explains galaxy mergers in massive clusters. Methods: We used the N-body simulation technique to perform a cosmological-volume simulation and derive dark-halo merger trees. Then, we used the semi-analytic modeling technique to populate each halo with galaxies. We ran hydrodynamic simulations of galaxy mergers to estimate the lifetime of merger features for the imaging condition used by Sheen and collaborators. We applied this merger feature lifetime to our semi-analytic models. Finally, we counted the massive early-type galaxies in heavy model clusters that would show strong merger features. Results: While there still are substantial uncertainties, our preliminary results are remarkably close to the observed fraction of galaxies with merger features. Key ingredients for the success are twofold: firstly, the subhalo motion in dark haloes has been accurately traced, and, second, the lifetime of merger features has been properly estimated. As a result, merger features are expected to last very long in cluster environments. Many massive early-type galaxies in heavy clusters therefore show merger features not because they experience mergers in the current clusters in situ, but because they still carry their merger features from their previous halo environments. Conclusions: Investigating the merger relics of cluster galaxies is potentially important, because it uniquely allows us to backtrack the halo merger history.

  20. Nonmarket strategy for merger reviews

    NARCIS (Netherlands)

    Clougherty, J.A.

    2003-01-01

    Mergers and acquisitions can involve a significant review by antitrust authorities; however, neither the business strategy not the corporate political strategy literature has fully explored the antitrust dimensions of merger activity. This article considers the ability of corporate political

  1. Understanding FE Mergers. Research Report

    Science.gov (United States)

    Calvert, Natasha

    2009-01-01

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

  2. Mixing processes in galaxy mergers

    International Nuclear Information System (INIS)

    White, S.D.M.

    1980-01-01

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

  3. Binary Neutron Star Mergers

    Directory of Open Access Journals (Sweden)

    Joshua A. Faber

    2012-07-01

    Full Text Available We review the current status of studies of the coalescence of binary neutron star systems. We begin with a discussion of the formation channels of merging binaries and we discuss the most recent theoretical predictions for merger rates. Next, we turn to the quasi-equilibrium formalisms that are used to study binaries prior to the merger phase and to generate initial data for fully dynamical simulations. The quasi-equilibrium approximation has played a key role in developing our understanding of the physics of binary coalescence and, in particular, of the orbital instability processes that can drive binaries to merger at the end of their lifetimes. We then turn to the numerical techniques used in dynamical simulations, including relativistic formalisms, (magneto-hydrodynamics, gravitational-wave extraction techniques, and nuclear microphysics treatments. This is followed by a summary of the simulations performed across the field to date, including the most recent results from both fully relativistic and microphysically detailed simulations. Finally, we discuss the likely directions for the field as we transition from the first to the second generation of gravitational-wave interferometers and while supercomputers reach the petascale frontier.

  4. Observing Galaxy Mergers in Simulations

    Science.gov (United States)

    Snyder, Gregory

    2018-01-01

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

  5. Welfare standards in hospital mergers.

    Science.gov (United States)

    Katona, Katalin; Canoy, Marcel

    2013-08-01

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

  6. Competition and Mergers among Nonprofits

    NARCIS (Netherlands)

    Prüfer, J.

    2007-01-01

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

  7. Competition and Mergers among Nonprofits

    NARCIS (Netherlands)

    Prüfer, J.

    2007-01-01

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

  8. Welfare Standards in Hospital Mergers

    NARCIS (Netherlands)

    Katona, K.; Canoy, M.F.M.

    2011-01-01

    There is a broad literature on the consequences of applying different welfare standards in merger control. Specific aspects of health care mergers, however, have not yet been considered. Two features of the health care sector are especially relevant. First, health care providers are possi-bly not

  9. On universality in ergoregion mergers

    International Nuclear Information System (INIS)

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

    2009-01-01

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

  10. Endogenous mergers: bidder momentum and market reaction

    NARCIS (Netherlands)

    Kling, G.; Weitzel, G.U.

    2010-01-01

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

  11. Endogenous mergers: Bidder momentum and market reaction

    NARCIS (Netherlands)

    Kling, G.; Weitzel, U.

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

  12. Galaxy Mergers Moulding the CGM

    Science.gov (United States)

    Hani, Maan H.; Sparre, Martin; Ellison, Sara L.; Torrey, Paul; Vogelsberger, Mark

    2017-07-01

    Galaxies are surrounded by sizeable gas reservoirs which host a significant amount of metals: the circum-galactic medium (CGM). The CGM acts as a mediator between the galaxy and the extra-galactic medium. However, our understanding of how galaxy mergers, a major evolutionary transformation, impact the CGM remains deficient. We present a theoretical study of the effect of galaxy mergers on the CGM: We use hydrodynamical cosmological zoom-in simulations of a major merger selected from the Illustris project such that the z=0 descendant is a Milky Way-like galaxy, and then re-simulated at a 40 times higher mass resolution. We include post-processing ionization modelling. This work demonstrates the effect the merger has on the characteristic size of the CGM, its metallicity and the predicted covering fraction of various commonly observed gas-phase species, such as H I, C IV and O VI. We show that merger-induced outflows can increase the CGM metallicity by 0.2-0.3 dex within 0.5 Gyr post-merger. These effects last up to 6 Gyr post-merger. While the merger increases the total metal covering fractions by factors of 2-3, the covering fractions of commonly observed UV ions decrease due to the hard ionizing radiation from the active galactic nucleus. The case study of the single simulated major merger presented in this work demonstrates the significant impact that a galaxy interaction can have on the size, metallicity and observed column densities of the CGM (Hani et al. in prep).

  13. Creating lenticular galaxies with mergers

    Science.gov (United States)

    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

    2017-03-01

    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 galaxies (e.g. photometric bulge-disc coupling) seemed to rule out a potential merger origin. Here, we summarise our recent work in which we have shown, through N-body numerical simulations, that disc-dominated lenticulars can emerge from major mergers of spiral galaxies, in good agreement with observational photometric scaling relations. Moreover, we show that mergers simultaneously increase the light concentration and reduce the angular momentum relative to their spiral progenitors. This explains the mismatch in angular momentum and concentration between spirals and lenticulars recently revealed by CALIFA observations, which is hard to reconcile with simple fading mechanisms (e.g. ram-pressure stripping).

  14. 76 FR 37895 - Merger Applications

    Science.gov (United States)

    2011-06-28

    ....treas.gov . OTS will post comments and the related index on the OTS Internet Site at http://www.ots... Act. OTS merger regulations are found at 12 CFR 563.22(a), and corporate governance requirements are...

  15. THE DIRT ON DRY MERGERS

    International Nuclear Information System (INIS)

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

    2011-01-01

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

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

    Science.gov (United States)

    Michelson, Grant

    2000-01-01

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

  17. Tidal Tales of Minor Mergers: Star Formation in the Tidal Tails of Minor Mergers

    Science.gov (United States)

    Knierman, Karen; Monkiewicz, Jacqueline; Scowen, Paul; Groppi, Christopher

    2018-01-01

    While major mergers and their tidal debris are well studied, equal mass galaxy mergers are relatively rare compared to minor mergers (mass ratio HI for 15 minor mergers, are providing a larger sample of environments to study the threshold for star formation that can inform star formation models, particularly at low densities.

  18. University Mergers in Finland: Mediating Global Competition

    Science.gov (United States)

    Välimaa, Jussi; Aittola, Helena; Ursin, Jani

    2014-01-01

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

  19. DARK MATTER HALO MERGERS: DEPENDENCE ON ENVIRONMENT

    International Nuclear Information System (INIS)

    Hester, J. A.; Tasitsiomi, A.

    2010-01-01

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

  20. Bundling and mergers in energy markets

    International Nuclear Information System (INIS)

    Granier, Laurent; Podesta, Marion

    2010-01-01

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

  1. Nurse Executive Leadership During Organizational Mergers.

    Science.gov (United States)

    Piper, Letty Roth; Schneider, Maureen

    2015-12-01

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

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

    Science.gov (United States)

    2010-01-01

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

  3. 7 CFR 3575.89 - Mergers.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 15 2010-01-01 2010-01-01 false Mergers. 3575.89 Section 3575.89 Agriculture... GENERAL Community Programs Guaranteed Loans § 3575.89 Mergers. (a) General. The Agency may approve mergers or consolidations (herein referred to as “mergers”) when the resulting organization will be eligible...

  4. 7 CFR 1779.89 - Mergers.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 12 2010-01-01 2010-01-01 false Mergers. 1779.89 Section 1779.89 Agriculture... (CONTINUED) WATER AND WASTE DISPOSAL PROGRAMS GUARANTEED LOANS § 1779.89 Mergers. (a) General. The Agency may approve mergers or consolidations (herein referred to as “mergers”) when the resulting organization will...

  5. Is Education Getting Lost in University Mergers?

    Science.gov (United States)

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

    2010-01-01

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

  6. Accounting for distress in bank mergers

    NARCIS (Netherlands)

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

    2007-01-01

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

  7. Cross-border merger and domestic welfare

    OpenAIRE

    Arijit Mukherjee

    2006-01-01

    We consider the welfare effect of cross-border merger in presence of international R&D competition. Cross-border merger increases domestic welfare if the bargaining power of the foreign firm and the slope of the marginal cost of R&D are sufficiently low. Otherwise, domestic welfare is lower under cross-border merger.

  8. Matter in compact binary mergers

    Science.gov (United States)

    Read, Jocelyn; LIGO Scientific Collaboration, Virgo Scientific Collaboration

    2018-01-01

    Mergers of binary neutron stars or neutron-star/black-hole systems are promising targets for gravitational-wave detection. The dynamics of merging compact objects, and thus their gravitational-wave signatures, are primarily determined by the mass and spin of the components. However, the presence of matter can make an imprint on the final orbits and merger of a binary system. I will outline efforts to understand the impact of neutron-star matter on gravitational waves, using both theoretical and computational input, so that gravitational-wave observations can be used to measure the properties of source systems with neutron-star components.

  9. Medical group mergers: strategies for success.

    Science.gov (United States)

    Latham, Will

    2014-01-01

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

  10. Essays on mergers and acquisitions

    NARCIS (Netherlands)

    Faelten, A.I.

    2016-01-01

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

  11. HI Absorption in Merger Remnants

    Science.gov (United States)

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

    2012-01-01

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

  12. Mergers in European Higher Education

    DEFF Research Database (Denmark)

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

    2018-01-01

    In recent years, mergers have been widely used in higher education (HE) to achieve a variety of purposes, ranging from problems of institutional fragmentation to the lack of financial and academic viability, and low institutional efficiency and quality. However, despite a large stream of HE...... experience of 25 European countries with these processes, aiming at identifying main patterns regarding key drivers and motivations. We also analyze the main difficulties identified, the role of funding and financial incentives and, whenever possible, the main impacts and economic gains associated with those...... 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...

  13. Can consumers bank on mergers?

    OpenAIRE

    Kerton, Robert / R

    2003-01-01

    How big do banks need to be to gain all the economies of scale? The largest Canadian banks already achieve scale economies and further increases in size can make them "too big to fail." Available evidence indicates normal monopoly risks will be passed on to Canadian firms and consumers if the largest banks merge. Improved service will make Canada's banks world competitive. Despite the banks' enthusiasm for heft to enter the US market, policy measures exist to prevent mergers that are contr...

  14. Disclosure requirements for merger and acquisition transactions

    International Nuclear Information System (INIS)

    Holm, D.I.

    1998-01-01

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

  15. Mergers and acquisitions: valuation and risk assessment

    International Nuclear Information System (INIS)

    McVeigh, C.A.

    1996-01-01

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

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

    International Nuclear Information System (INIS)

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

    2010-01-01

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

  17. Potential gains from hospital mergers in Denmark.

    Science.gov (United States)

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

    2010-12-01

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

  18. Relics as Probes of Galaxy Cluster Mergers

    Indian Academy of Sciences (India)

    2016-01-27

    Jan 27, 2016 ... http://www.ias.ac.in/article/fulltext/joaa/032/04/0505-0508. Keywords. Cosmology: large-scale structure of Universe; galaxies: clusters: general, intracluster medium. Abstract. Galaxy clusters grow by mergers with other clusters and galaxy groups. These mergers create shocks within the intracluster medium ...

  19. Mergers and integrated care: the Quebec experience

    Directory of Open Access Journals (Sweden)

    Louis Demers

    2013-02-01

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

  20. Mergers and integrated care: the Quebec experience.

    Science.gov (United States)

    Demers, Louis

    2013-01-01

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

  1. Impact of bank mergers on shareholders’ wealth

    Directory of Open Access Journals (Sweden)

    Odero Naor Juma

    2013-07-01

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

  2. Risks of Mergers and Acquisitions Processes

    Directory of Open Access Journals (Sweden)

    Skitsko Volodymyr I.

    2017-06-01

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

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

    International Nuclear Information System (INIS)

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

    2009-01-01

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

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

    International Nuclear Information System (INIS)

    Stewart, K.

    2009-01-01

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

  5. 7 CFR 1782.15 - Mergers and consolidations.

    Science.gov (United States)

    2010-01-01

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

  6. An assessment of bank merger success in Germany

    NARCIS (Netherlands)

    Koetter, Michael

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

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

    Directory of Open Access Journals (Sweden)

    Božo Matić

    2011-07-01

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

  8. Cost effects of hospital mergers in Portugal.

    Science.gov (United States)

    Azevedo, Helda; Mateus, Céu

    2014-12-01

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

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

    Science.gov (United States)

    Roos, Anne-Fleur; Postma, Jeroen

    2016-01-01

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

  10. Do municipal mergers improve fiscal outcomes?

    DEFF Research Database (Denmark)

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

    2014-01-01

    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....... For liquidity and debt, however, the improvement only entails re-establishing the levels prior to the reform. The testing ground is the recent mergers of Danish municipalities, which, it is argued, constitute a quasi-experiment. This forms the basis of a Difference-in-Difference design, allowing the alleviation...

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

    International Nuclear Information System (INIS)

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

    2010-01-01

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

  12. Mergers and acquisitions: a most strategic decision.

    Science.gov (United States)

    Laine, Mike; Tyler, David

    2007-11-01

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

  13. DATA MINING THE GALAXY ZOO MERGERS

    Data.gov (United States)

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

  14. French bank mergers and acquisitions performance

    Directory of Open Access Journals (Sweden)

    Houda Ben Said

    2017-11-01

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

  15. Avoiding potential pitfalls in mergers and acquisitions.

    Science.gov (United States)

    Glanstein, J; Sallis, M

    1992-01-01

    The single most important factor in determining the success of mergers and acquisitions, write Joy Glanstein, Ph.D., and Mary Sallis, is the human equation and in particular benefit plans--the focus of this article.

  16. Multiemployer Pension Plan Terminations, Mergers, and Insolvencies

    Data.gov (United States)

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

  17. Managing Employees’ Adaptation in Mergers: Theoretical Issues

    Directory of Open Access Journals (Sweden)

    Stravinskienė Inga

    2017-06-01

    Full Text Available On the basis of scientific literature analysis, the article focuses on the conceptual framework of adaptation of employees and management of this adaptation in the merged organisations. The article reasons the aspect of change and transition in the post-merger context. The author discusses psychological and behavioural responses of organisation staff towards the post-merger and introduces transition phases of employees. There are also highlighted specific features of staff adaptation management in the merged organisations.

  18. SMBH accretion and mergers: removing the symmetries

    International Nuclear Information System (INIS)

    King, Andrew; Nixon, Chris

    2013-01-01

    We review recent progress in studying accretion flows on to supermassive black holes (SMBH). Much of this removes earlier assumptions of symmetry and regularity, such as aligned and prograde disc rotation. This allows a much richer variety of effects, often because cancellation of angular momentum allows rapid infall. Potential applications include lower SMBH spins allowing faster mass growth and suppressing gravitational-wave reaction recoil in mergers, gas-assisted SMBH mergers, and near-dynamical accretion in galaxy centres. (paper)

  19. TAX ASPECTS REGARDING THE MERGER AND DIVISION

    Directory of Open Access Journals (Sweden)

    BRAGĂ FILOFTEIA VIORICA

    2014-05-01

    Full Text Available In this paper, we want to present the tax issues that influencing the merger and division starting from the economic context characterized by a lack of liquidity, business reorganization to streamline the business and from the advantages and disadvantages of this operation achievement. The documentation was performed by consulting the Tax Code, the Methodological Norms regarding the accounting operations of merger, division, liquidation and professional literature.

  20. Double neutron stars: merger rates revisited

    Science.gov (United States)

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

    2018-03-01

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

  1. Black hole mergers in the universe

    OpenAIRE

    Zwart, Simon Portegies; McMillan, Stephen

    1999-01-01

    Mergers of black-hole binaries are expected to release large amounts of energy in the form of gravitational radiation. However, binary evolution models predict merger rates too low to be of observational interest. In this paper we explore the possibility that black holes become members of close binaries via dynamical interactions with other stars in dense stellar systems. In star clusters, black holes become the most massive objects within a few tens of millions of years; dynamical relaxation...

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

    Directory of Open Access Journals (Sweden)

    Soegiharto Soegiharto

    2010-05-01

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

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

    Science.gov (United States)

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

    2017-09-01

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

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

    Science.gov (United States)

    Stensaker, Bjørn; Persson, Mats; Pinheiro, Rómulo

    2016-01-01

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

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

    NARCIS (Netherlands)

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

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

  6. Binary neutron star merger simulations

    Energy Technology Data Exchange (ETDEWEB)

    Bruegmann, Bernd [Jena Univ. (Germany)

    2016-11-01

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

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

    Science.gov (United States)

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

    2012-01-01

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

  8. Risk Management in Mergers and Acquisitions

    Directory of Open Access Journals (Sweden)

    Dmitry O. Verdiev

    2015-01-01

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

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

    International Nuclear Information System (INIS)

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

    2014-01-01

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

  10. Spin Complicates Eccentric BH-NS Mergers

    Science.gov (United States)

    Kohler, Susanna

    2015-08-01

    When a neutron star (NS) has a glancing encounter with a black hole (BH), its spin has a significant effect on the outcome, according to new simulations run by William East of Stanford University and his collaborators. Spotting an Eccentric Merger. In a traditional BH-NS merger, the two objects orbit each other quasi-circularly as they spiral in. But there's another kind of merger that's possible in high-density environments like galactic nuclei or globular clusters: a dynamical capture merger, in which a NS and BH pass each other just close enough that the gravity of the black hole "catches" the NS, leading the two objects to merge with very eccentric orbits. During an eccentric merger, the NS can be torn apart -- at which point some fraction of the tidally-disrupted material will escape the system, while some fraction instead accretes back onto the BH. Knowing these fractions is important for being able to model the expected electromagnetic signatures for the merger: the unbound material can power transients like kilonovae, whereas the accreting material may be the cause of short gamma-ray bursts. The amount of material available for events like these would change their observable strengths. Testing the Effects of Spin. To see whether NS spin has an impact on the behavior of the merger, East and collaborators use a general-relativistic hydrodynamic code to simulate the glancing encounter of a BH and a NS with dimensionless spin between a=0 (non-spinning) and a=0.756 (rotation period of 1 ms). They also vary the separation of the first encounter. The group finds that changing the NS's spin can change a number of outcomes of the merger. To start with, it can affect whether the NS is captured by the BH, or if the encounter is glancing and then both objects carry on their merry way. And if the NS is trapped by the BH and torn apart, then the higher the NS's spin, the more matter outside of the BH ends up unbound, instead of getting trapped into an accretion disk

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

    Science.gov (United States)

    Ingebrigtsen, Tor

    2010-05-06

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

  12. Can mergers make slowly rotating elliptical galaxies

    International Nuclear Information System (INIS)

    White, S.D.M.

    1979-01-01

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

  13. BPASS predictions for binary black hole mergers

    Science.gov (United States)

    Eldridge, J. J.; Stanway, E. R.

    2016-11-01

    Using the Binary Population and Spectral Synthesis code, BPASS, we have calculated the rates, time-scales and mass distributions for binary black hole (BH) mergers as a function of metallicity. We consider these in the context of the recently reported first Laser Interferometer Gravitational-Wave Observatory (LIGO) event detection. We find that the event has a very low probability of arising from a stellar population with initial metallicity mass fraction above Z = 0.010 (Z ≳ 0.5 Z⊙). Binary BH merger events with the reported masses are most likely in populations below 0.008 (Z ≲ 0.4 Z⊙). Events of this kind can occur at all stellar population ages from 3 Myr up to the age of the Universe, but constitute only 0.1-0.4 per cent of binary BH mergers between metallicities of Z = 0.001 and 0.008. However at metallicity Z = 10-4, 26 per cent of binary BH mergers would be expected to have the reported masses. At this metallicity, the progenitor merger times can be close to ≈10 Gyr and rotationally mixed stars evolving through quasi-homogeneous evolution, due to mass transfer in a binary, dominate the rate. The masses inferred for the BHs in the binary progenitor of GW 150914 are amongst the most massive expected at anything but the lowest metallicities in our models. We discuss the implications of our analysis for the electromagnetic follow-up of future LIGO event detections.

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

    Science.gov (United States)

    Foster, Thomas V., Jr.

    1982-01-01

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

  15. Financial Synergy in Mergers and Acquisitions in Saudi Arabia

    OpenAIRE

    Basmah Al Qudaiby; Muhammad Rahatullah Khan

    2013-01-01

    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 facto...

  16. Galaxy mergers moulding the circum-galactic medium - I. The impact of a major merger

    Science.gov (United States)

    Hani, Maan H.; Sparre, Martin; Ellison, Sara L.; Torrey, Paul; Vogelsberger, Mark

    2018-03-01

    Galaxies are surrounded by sizeable gas reservoirs which host a significant amount of metals: the circum-galactic medium (CGM). The CGM acts as a mediator between the galaxy and the extragalactic medium. However, our understanding of how galaxy mergers, a major evolutionary transformation, impact the CGM remains deficient. We present a theoretical study of the effect of galaxy mergers on the CGM. We use hydrodynamical cosmological zoom-in simulations of a major merger selected from the Illustris project such that the z = 0 descendant has a halo mass and stellar mass comparable to the Milky Way. To study the CGM we then re-simulated this system at a 40 times better mass resolution, and included detailed post-processing ionization modelling. Our work demonstrates the effect the merger has on the characteristic size of the CGM, its metallicity, and the predicted covering fraction of various commonly observed gas-phase species, such as H I, C IV, and O VI. We show that merger-induced outflows can increase the CGM metallicity by 0.2-0.3 dex within 0.5 Gyr post-merger. These effects last up to 6 Gyr post-merger. While the merger increases the total metal covering fractions by factors of 2-3, the covering fractions of commonly observed UV ions decrease due to the hard ionizing radiation from the active galactic nucleus, which we model explicitly. Our study of the single simulated major merger presented in this work demonstrates the significant impact that a galaxy interaction can have on the size, metallicity, and observed column densities of the CGM.

  17. 7 CFR 1735.62 - Approval of acquisitions and mergers.

    Science.gov (United States)

    2010-01-01

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

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

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 11 2010-01-01 2010-01-01 false Required documentation for all mergers. 1717.152... ELECTRIC LOANS Mergers and Consolidations of Electric Borrowers § 1717.152 Required documentation for all mergers. In order for RUS to advance funds, send bills, and otherwise conduct business with a successor...

  19. 29 CFR 4231.3 - Requirements for mergers and transfers.

    Science.gov (United States)

    2010-07-01

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

  20. 7 CFR 1735.19 - Mergers and consolidations.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 11 2010-01-01 2010-01-01 false Mergers and consolidations. 1735.19 Section 1735.19... Basic Policies § 1735.19 Mergers and consolidations. RUS does not make loans for the sole purpose of merging or consolidating telephone organizations. After a merger or consolidation, RUS will consider...

  1. 7 CFR 1710.108 - Mergers and consolidations.

    Science.gov (United States)

    2010-01-01

    ... 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... operating efficiency and financial soundness. (b) After a merger or consolidation, RUS will give priority...

  2. 29 CFR 4011.6 - Mergers, consolidations, and spinoffs.

    Science.gov (United States)

    2010-07-01

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

  3. 7 CFR 1717.615 - Consolidations and mergers.

    Science.gov (United States)

    2010-01-01

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

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

    African Journals Online (AJOL)

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

  5. The Fate of Neutron Star Binary Mergers

    Energy Technology Data Exchange (ETDEWEB)

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

    2017-08-01

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

  6. Mergers and acquisitions in the oil and gas industries

    International Nuclear Information System (INIS)

    Corlay, C.; Huby, D.

    1999-01-01

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

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

    Science.gov (United States)

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

    2017-12-01

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

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

    International Nuclear Information System (INIS)

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

    2013-01-01

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

  9. Black Hole Mergers as Probes of Structure Formation

    Science.gov (United States)

    Alicea-Munoz, Emily

    2008-01-01

    Observations of gravitational waves from massive black hole (MBH) mergers can provide us with important clues about the era of structure formation in the early universe. Previous research in this field has been limited to calculating merger rates of MBHs using different models where many assumptions are made about the specific values of physical parameters of the mergers, resulting in merger rate estimates that span 5 to 6 orders of magnitude. We develop a semi-analytical, phenomenological model that includes plausible combinations of several physical parameters involved in the mergers. which we then turn around to determine how well LISA observations will be able to enhance our understanding of the universe during the critical z approximately equal to 5-30 structure formation era. We do this by generating synthetic LISA observable data (masses, redshifts, merger rates), which are then analyzed using a Markov Chain Monte Carlo (MCMC) method. This allows us to constrain the physical parameters of the mergers.

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

    International Nuclear Information System (INIS)

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

    2016-01-01

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

  11. Mergers and acquisitions involving equine veterinary practices.

    Science.gov (United States)

    Jackman, Brad R; McCafferty, Owen E

    2009-12-01

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

  12. Mergers and alliances the wider view

    CERN Document Server

    Woodsworth, Anne

    2013-01-01

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

  13. Resilience and Coping After Hospital Mergers.

    Science.gov (United States)

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

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

  14. Fueling QSOs: the relevance of mergers

    Czech Academy of Sciences Publication Activity Database

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

    2008-01-01

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

  15. Mergers and innovation in the pharmaceutical industry.

    Science.gov (United States)

    Comanor, William S; Scherer, F M

    2013-01-01

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

  16. Efficiency Effects of Bank Mergers and Acquisitions

    NARCIS (Netherlands)

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

    2001-01-01

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

  17. Merger and Acquisition in the Banking Sector

    Directory of Open Access Journals (Sweden)

    Anna Szewczyk

    2008-12-01

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

  18. Black Hole Mergers in the Universe.

    Science.gov (United States)

    Portegies Zwart SF; McMillan

    2000-01-01

    Mergers of black hole binaries are expected to release large amounts of energy in the form of gravitational radiation. However, binary evolution models predict merger rates that are too low to be of observational interest. In this Letter, we explore the possibility that black holes become members of close binaries via dynamical interactions with other stars in dense stellar systems. In star clusters, black holes become the most massive objects within a few tens of millions of years; dynamical relaxation then causes them to sink to the cluster core, where they form binaries. These black hole binaries become more tightly bound by superelastic encounters with other cluster members and are ultimately ejected from the cluster. The majority of escaping black hole binaries have orbital periods short enough and eccentricities high enough that the emission of gravitational radiation causes them to coalesce within a few billion years. We predict a black hole merger rate of about 1.6x10-7 yr-1 Mpc-3, implying gravity-wave detection rates substantially greater than the corresponding rates from neutron star mergers. For the first-generation Laser Interferometer Gravitational-Wave Observatory (LIGO-I), we expect about one detection during the first 2 years of operation. For its successor LIGO-II, the rate rises to roughly one detection per day. The uncertainties in these numbers are large. Event rates may drop by about an order of magnitude if the most massive clusters eject their black hole binaries early in their evolution.

  19. Synergy disclosures in mergers and acquisitions

    NARCIS (Netherlands)

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

    2013-01-01

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

  20. Shareholders’ expectations, aspiration levels, and mergers

    NARCIS (Netherlands)

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

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

  1. A CEO roundtable on making mergers succeed.

    Science.gov (United States)

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

    2000-01-01

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

  2. DO ROMANIAN MERGERS REALLY CREATE VALUE?

    Directory of Open Access Journals (Sweden)

    Anca-Simona HROMEI

    2015-12-01

    Full Text Available The realities of our modern society demonstrate that businesses operate in a competitive environment, which requires continuous improvement and development of production and sales. In this context, for financial, economic and fiscal reasons, companies resort to a process of concentration, through the merger of all the factors involved in the fulfilment and diversification of their activities. Often, the reasons for engaging in a merger refer to the fact that two merged companies create, in terms of value, an entity that exceeds the individual values of the two participants if they were to continue to activate separately. This paper aims at analysing whether the well-known relationship ‘1+1=3’, which describes merger synergies, applies at the Romanian level. For this reason, each of the values of 77 merged companies were compared with the sum of the individual values of the firms that initially created them. It was found that 56% of the mergers analysed generated added value for shareholders.

  3. Estimating the potential gains from mergers

    DEFF Research Database (Denmark)

    Bogetoft, Peter; Wang, Dexiang

    2005-01-01

    We introduce simple production economic models to estimate the potential gains from mergers. We decompose the gains into technical ef¿ciency, size (scale) and harmony (mix) gains, and we discuss alternative ways to capture these gains. We propose to approximate the production processes using...

  4. Corporate Employee-Engagement and Merger Outcomes

    NARCIS (Netherlands)

    Liang, H.; Renneboog, Luc

    2017-01-01

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

  5. Ultraluminous Infrared Mergers: Elliptical Galaxies in Formation?

    Science.gov (United States)

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

    2001-12-01

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

  6. Technology-based Mergers and Acquisitions

    DEFF Research Database (Denmark)

    Wang, Daojuan; Moini, Hamid

    2014-01-01

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

  7. Cross-border Mergers and Acquisitions

    DEFF Research Database (Denmark)

    Wang, Daojuan

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

  8. Models for mergers in higher education

    African Journals Online (AJOL)

    creativity. New York: Cambridge University Press. Eggleston J 1992. Teaching design and technology. Buckingham: Open University. Press. Fisher R 1990. Teaching children to ... Creative thinking as a self-regulatory metacognitive process — a model ..... merger between companies with “identical products operating in.

  9. Mergers and acquisitions: valuation and risk assessment

    International Nuclear Information System (INIS)

    Calvin, B.N.

    1996-01-01

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

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

    Science.gov (United States)

    Gagnon, Marc-André; Volesky, Karena D

    2017-08-22

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

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

    Directory of Open Access Journals (Sweden)

    Jaroslav Sedláček

    2013-01-01

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

  12. Financial Synergy in Mergers and Acquisitions in Saudi Arabia

    Directory of Open Access Journals (Sweden)

    Basmah Al Qudaiby (Basmah, A. Q.,

    2013-11-01

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

  13. Mergers and acquisitions for the radiologist.

    Science.gov (United States)

    Fleishon, Howard B

    2008-05-01

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

  14. Kilonova Counterparts of Binary Neutron Star Mergers

    Science.gov (United States)

    Metzger, Brian

    2018-01-01

    The merger of a binary neutron star is accompanied by the ejection of neutron-rich matter into space at velocities up to several tenths that of light, which synthesizes rare heavy isotopes through the rapid neutron capture process (r-process). The radioactive decay of these nuclei was predicted by Metzger et al. (2010) to power an optical transient roughly 1000 times more luminous than a classical nova (a "kilonova"), which is among the most promising electromagnetic counterparts to accompany gravitational wave signal from the merger. I will describe how the luminosities, color, and spectra of the kilonova emission inform the properties of the merging binary (neutron star masses/radii and inclination angle) and the long sought origin of the heaviest elements in the Universe. Results will be discussed in the context of recent discoveries by Advanced LIGO/Virgo.

  15. Estimating the potential gains from mergers

    DEFF Research Database (Denmark)

    Bogetoft, Peter; Wang, Dexiang

    2005-01-01

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

  16. Maximum Redshift of Gravitational Wave Merger Events

    Science.gov (United States)

    Koushiappas, Savvas M.; Loeb, Abraham

    2017-12-01

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

  17. ACEC and AES Merger Workshop Report

    Science.gov (United States)

    1992-03-01

    AD-A261 194 . WL-TR-93- 1004 ACEC & AES MERGER WORKSHOP REPORT RAYMOND SZYMANSKI WRIGHT LABORATORY AVOINICS DIRECTORATE WL/AAAF-2 WRIGHT-PATTERSON...34-_’ WýAYMOND SZYMANSKI TA 28 WU 53 E--FOI1MJNG ORGANJZATiK2;J AA\\TlES ,’,D -ýDRESS(E(- £’C:.i-NG ORGANIZATION WRIGHT LABORATORY -;EPOT NUMBER AVOINICS

  18. GRAVITATIONAL MEMORY IN BINARY BLACK HOLE MERGERS

    International Nuclear Information System (INIS)

    Pollney, Denis; Reisswig, Christian

    2011-01-01

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

  19. Experimentally, How Dark Are Black Hole Mergers?

    Energy Technology Data Exchange (ETDEWEB)

    Annis, James [Fermilab; Soares-Santos, Marcelle [Fermilab

    2016-09-29

    The first Advanced LIGO observing run detected two black hole merger events with confidence and likely a third. Many groups organized to followup the events in the optical even though the strong theoretical prior that no optical emission should be seen. We carry through the logic of this by asking about the experimental upper limits to the optical light from Advanced LIGO black hole mergere events. We inventory the published optical searches for transient events associated with the black hole mergers. We describe the factors that go into a formal limit on the visibility of an event (sky area coverage, the coverage factor of the camera, the fraction of sky not covered by intervening objects), and list what is known from the literature of the followup teams quantitative assessment of each factor. Where possible we calculate the total probability from each group that the source was imaged. The calculation of confidence level is reviewed for the case of no background. We find that an experimental 95% upper limit on the magnitude of a black hole requires the sum of the total probabilities over all events to be more than 3. In the first Advanced LIGO observing run we were far from reaching that threshold.

  20. Gravitational waves from primordial black hole mergers

    Energy Technology Data Exchange (ETDEWEB)

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

    2017-09-01

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

  1. Cosmic Collisions: Galaxy Mergers and Evolution

    Science.gov (United States)

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

    2014-08-01

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

  2. Simulated galaxy remnants produced by binary and multiple mergers

    Science.gov (United States)

    Novak, Gregory S.

    2008-10-01

    I compute simulated integral field kinematic data for the remnants produced in a large suite of hydrodynamic binary galaxy merger simulations in order to compare to the galaxies observed as part of the SAURON survey. I find that binary mergers are plausibly the formation mechanism for the ~80% of SAURON galaxies with fast rotation velocities, in agreement with previous studies. However, the simulations of gas-rich binary mergers produce virtually no slow rotators observed to make up ~20% of the SAURON galaxies. In order to identify the origin of these slow rotators, I perform a new set of galaxy merger simulations involving merger histories more complex than single binary mergers of disk galaxies. I set up simple, idealized simulations with four or eight progenitor galaxies in order to build intuition about how a simulated galaxy's merger history affects its kinematic structure. I find that if the merger tree consists solely of roughly equal mass binary mergers, then the remnant is a fast rotator similar to that produced by a single binary merger of disk galaxies. However, if the progenitors merge with the central galaxy one after another in a sequence of mergers with decreasing mass ratios, then the remnant does not rotate. This is a plausible formation scenario for the observed SAURON slowly-rotating galaxies. To see how frequently this happens with realistic initial conditions, I extract halos from a large-scale cosmological simulation and re-simulate the region with higher resolution. These simulations include intergalactic gas that is able to replenish the galaxies' gas supply as the simulation runs. In all cases, I get rapidly rotating remnant galaxies in spite of having several halos with diverse merger histories.

  3. The benefit of mergers and taking-overs

    International Nuclear Information System (INIS)

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

    2001-01-01

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

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

    DEFF Research Database (Denmark)

    Holm Larsen, Michael

    2005-01-01

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

  5. Strategy and Tactics of International Mergers and Acquisitions

    Directory of Open Access Journals (Sweden)

    Denys Kiriakov

    2011-12-01

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

  6. An Empirical Analysis of Post-Merger Organizational Integration

    OpenAIRE

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

    2015-01-01

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

  7. 24 CFR 242.67 - New corporations, subsidiaries, affiliations, and mergers.

    Science.gov (United States)

    2010-04-01

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

  8. When what we get is not what we want-The role of implemented versus desired merger patterns in support for mergers.

    NARCIS (Netherlands)

    Täuber, Susanne; Gleibs, Ilka H.; Viki, G. Tendayi; Giessner, Steffen R.

    2013-01-01

    Integrating an intergroup perspective on mergers with discrepancy theories, we argue that merger partners aim for merger patterns that benefit their group’s standing best. Importantly, we hypothesize and show that the discrepancy between what merger partners want and what they get affects outcomes

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

    International Nuclear Information System (INIS)

    Zhang, Congyao; Yu, Qingjuan; Lu, Youjun

    2016-01-01

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

  10. Using Black Hole Mergers to Explore Structure Formation

    Science.gov (United States)

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

    2009-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Anna Szewczyk

    2007-06-01

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

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

    International Nuclear Information System (INIS)

    Anon.

    1996-01-01

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

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

    OpenAIRE

    MOTTA, Massimo; VASCONCELOS, Helder

    2003-01-01

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

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

    International Nuclear Information System (INIS)

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

    2016-01-01

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

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

    International Nuclear Information System (INIS)

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

    2009-01-01

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

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

    International Nuclear Information System (INIS)

    Bailey, S.

    1999-01-01

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

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

    International Nuclear Information System (INIS)

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

    2009-01-01

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

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

    Science.gov (United States)

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

    2009-01-01

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

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

    Science.gov (United States)

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

    2018-01-01

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

  20. Integrating organizational and human behavior perspectives on mergers and acquisitions

    NARCIS (Netherlands)

    Weber, Yaakov; Drori, Israel

    2011-01-01

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

  1. Strategic Mergers of Strong Institutions to Enhance Competitive Advantage

    Science.gov (United States)

    Harman, Grant; Harman, Kay

    2008-01-01

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

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

    DEFF Research Database (Denmark)

    Bartholdy, Jan; Blunck, Benjamin

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

  3. Star formation in mergers with comologically motivated initial conditions

    NARCIS (Netherlands)

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

    2015-01-01

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

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

    International Nuclear Information System (INIS)

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

    2010-01-01

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

  5. MORTUARY MERGERS AND THE INTERNATIONALIZATION OF INTERMENT

    Directory of Open Access Journals (Sweden)

    David O. Whitten

    2001-01-01

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

  6. Performance Assessment of Mergers and Acquisitions

    DEFF Research Database (Denmark)

    Wang, Daojuan; Moini, Hamid

    2012-01-01

    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...... 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...

  7. The human resources in mergers and acquisitions

    Directory of Open Access Journals (Sweden)

    Noemí Martínez Caraballo

    2007-07-01

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

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

    Science.gov (United States)

    Weech-Maldonado, Robert

    2002-01-01

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

  9. ROLE OF INTERNATIONAL MERGERS AND ACQUISITIONS IN CORPORATE INTEGRATION

    Directory of Open Access Journals (Sweden)

    Lucia P. BLĂJUȚ

    2015-04-01

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

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

    International Nuclear Information System (INIS)

    Shiry, J.

    1998-01-01

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

  11. Neutron Star Mergers and the R process

    Science.gov (United States)

    Joniak, Ronald; Ugalde, Claudio

    2017-09-01

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

  12. Pair fireball precursors of neutron star mergers

    Science.gov (United States)

    Metzger, Brian D.; Zivancev, Charles

    2016-10-01

    If at least one neutron star (NS) is magnetized in a binary NS merger, then the orbital motion of the conducting companion during the final inspiral induces a strong voltage and current along the magnetic field lines connecting the NSs. If a modest fraction η of the extracted electromagnetic power extracted accelerates relativistic particles, the resulting gamma-ray emission a compact volume will result in the formation of an electron-positron pair fireball. Applying a steady-state pair wind model, we quantify the detectability of the precursor fireball with gamma-ray satellites. For η ˜ 1 the gamma-ray detection horizon of Dmax ≈ 10(Bd/1014 G)3/4 Mpc is much closer than the Advanced Laser Interferometer Gravitational-Wave Observatory (LIGO)/Virgo horizon of 200 Mpc, unless the NS surface magnetic field strength is very large, B_d ≲ 10^{15} G. Given the quasi-isotropic nature of the emission, mergers with weaker NS fields could contribute a nearby population of short gamma-ray bursts. Power not dissipated close to the binary is carried to infinity along the open field lines by a large-scale Poynting flux. Reconnection within this outflow, well outside of the pair photosphere, provides a potential site for non-thermal emission, such as a coherent millisecond radio burst.

  13. 17 CFR 270.17a-8 - Mergers of affiliated companies.

    Science.gov (United States)

    2010-04-01

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

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

    Science.gov (United States)

    Centrella, Joan

    2012-01-01

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

  15. 12 CFR 250.182 - Terms defining competitive effects of proposed mergers.

    Science.gov (United States)

    2010-01-01

    ... mergers. 250.182 Section 250.182 Banks and Banking FEDERAL RESERVE SYSTEM (CONTINUED) BOARD OF GOVERNORS... competitive effects of proposed mergers. Under the Bank Merger Act (12 U.S.C. 1828(c)), a Federal Banking agency receiving a merger application must request the views of the other two banking agencies and the...

  16. 7 CFR 1717.159 - Applications for RUS approvals of mergers.

    Science.gov (United States)

    2010-01-01

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

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

    Science.gov (United States)

    Flokou, Angeliki; Aletras, Vassilis; Niakas, Dimitris

    2017-12-01

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

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

    Science.gov (United States)

    Melfi, Andrew; Viswanath, Divakar

    2018-04-12

    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. Published by Elsevier Inc.

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

    International Nuclear Information System (INIS)

    Iben, I. Jr.

    1990-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Vancea Mariana

    2011-07-01

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

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

    Science.gov (United States)

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

    2018-01-01

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

  2. Mergers and acquisitions in the international banking sector

    Directory of Open Access Journals (Sweden)

    Botis, S.

    2013-06-01

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

  3. An Empirical Analysis of Post-Merger Organizational Integration

    DEFF Research Database (Denmark)

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

    2016-01-01

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

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

    International Nuclear Information System (INIS)

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

    2012-01-01

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

  5. Electromagnetic Counterparts to Black Hole Mergers

    Science.gov (United States)

    Schnittman, Jeremy D.

    2011-01-01

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

  6. Post-Merger Evolution of Betelgeuse

    Science.gov (United States)

    Sullivan, James; Wheeler, J. Craig; Nance, Sarafina; Diaz, Manuel

    2017-01-01

    Betelgeuse appears to rotate anomalously rapidly. One possible explanation is that if merged with a companion of about 1 solar mass when it evolved up the Hyashi track to become a red giant. We have used the MESA evolutionary code to explore the effects of such a merger. We have added a solar mass of matter with angular momentum corresponding to the Keplerian angular velocity at the current radius of Betelgeuse and then followed the evolution of that mass and angular momentum. A wave of angular momentum propagates in toward the core where it is stalled by the composition barrier at the boundary with the helium core. There is also a rearrangement of the envelope material that results in a decrease in the surface gravity, yielding a result in closer agreement with observations than either non-rotating models or models evolved from rotating ZAMS models.

  7. Managing mergers in the petroleum industry

    International Nuclear Information System (INIS)

    Swartout, H. B.

    1997-01-01

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

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

    Science.gov (United States)

    Cavanaugh, S J

    1996-01-01

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

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

    Science.gov (United States)

    Centrella, Joan

    2012-01-01

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

  10. A radio counterpart to a neutron star merger.

    Science.gov (United States)

    Hallinan, G; Corsi, A; Mooley, K P; Hotokezaka, K; Nakar, E; Kasliwal, M M; Kaplan, D L; Frail, D A; Myers, S T; Murphy, T; De, K; Dobie, D; Allison, J R; Bannister, K W; Bhalerao, V; Chandra, P; Clarke, T E; Giacintucci, S; Ho, A Y Q; Horesh, A; Kassim, N E; Kulkarni, S R; Lenc, E; Lockman, F J; Lynch, C; Nichols, D; Nissanke, S; Palliyaguru, N; Peters, W M; Piran, T; Rana, J; Sadler, E M; Singer, L P

    2017-12-22

    Gravitational waves have been detected from a binary neutron star merger event, GW170817. The detection of electromagnetic radiation from the same source has shown that the merger occurred in the outskirts of the galaxy NGC 4993, at a distance of 40 megaparsecs from Earth. We report the detection of a counterpart radio source that appears 16 days after the event, allowing us to diagnose the energetics and environment of the merger. The observed radio emission can be explained by either a collimated ultrarelativistic jet, viewed off-axis, or a cocoon of mildly relativistic ejecta. Within 100 days of the merger, the radio light curves will enable observers to distinguish between these models, and the angular velocity and geometry of the debris will be directly measurable by very long baseline interferometry. Copyright © 2017, American Association for the Advancement of Science.

  11. Efficiency defense and administrative fuzziness in merger regulation

    Czech Academy of Sciences Publication Activity Database

    Medvedev, Andrei

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

  12. Quality competition and hospital mergers-An experiment.

    Science.gov (United States)

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

    2017-12-01

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

  13. Modeling the Effects of Mergers in the Retail Sector

    DEFF Research Database (Denmark)

    Blomgren-Hansen, Niels

    2013-01-01

    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...... 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...

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

    Science.gov (United States)

    Centrella, Joan M.

    2010-01-01

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

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

    Science.gov (United States)

    Bernuzzi, Sebastiano; Dietrich, Tim; Nagar, Alessandro

    2015-08-28

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

  16. Horizontal mergers and weak and strong competition commissions

    Directory of Open Access Journals (Sweden)

    Ristić Bojan

    2014-01-01

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

  17. Black-hole Merger Simulations for LISA Science

    Science.gov (United States)

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

    2009-01-01

    The strongest expected sources of gravitational waves in the LISA band are the mergers of massive black holes. LISA may observe these systems to high redshift, z>10, to uncover details of the origin of massive black holes, and of the relationship between black holes and their host structures, and structure formation itself. These signals arise from the final stage in the development of a massive black-hole binary emitting strong gravitational radiation that accelerates the system's inspiral toward merger. The strongest part of the signal, at the point of merger, carries much information about the system and provides a probe of extreme gravitational physics. Theoretical predictions for these merger signals rely on supercomputer simulations to solve Einstein's equations. We discuss recent numerical results and their impact on LISA science expectations.

  18. Numerical Relativity Simulations for Black Hole Merger Astrophysics

    Science.gov (United States)

    Baker, John G.

    2010-01-01

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

  19. Modeling the Effects of Mergers in the Retail Sector

    DEFF Research Database (Denmark)

    Blomgren-Hansen, Niels

    2013-01-01

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

  20. Understanding Information Systems Integration Deficiencies in Mergers and Acquisitions

    DEFF Research Database (Denmark)

    Henningsson, Stefan; Kettinger, William J.

    2017-01-01

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

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

    Science.gov (United States)

    Kroon, David P; Noorderhaven, Niels G

    2018-04-01

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

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

    Directory of Open Access Journals (Sweden)

    S. A. Barkov

    2017-01-01

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

  3. Analisis Kinerja Keuangan Perusahaan Sebelum dan Sesudah Merger dan Akuisisi

    OpenAIRE

    Esterlina, Prisya; Firdausi, Nila Nuzula

    2017-01-01

    The research aimed to examine the conditions of companies' financial performance before and after conducting merger and acquisition. Indonesia Stock Exchange (IDX known as BEI) noticed that a whole sector in thirty companies did a merger and acquisition during 2010-2012 periods, except financial sector.Using financial ratio as the parameter of financial performance, it turned out to be the variables that used in this research were current ratio, total asset turnover, fixed asset turnover, deb...

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

    International Nuclear Information System (INIS)

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

    2011-01-01

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

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

    DEFF Research Database (Denmark)

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

    2011-01-01

    In this work I investigate the redshift evolution of pair fraction of a sample of 196 massive galaxies from z = 0 to 3, selected from the COSMOS field. We find that on average a massive galaxy undergoes ~ 1.1 \\pm 0.5 major merger since z = 3. I will review the current limitations of using the pair...... fraction as a probe for quantifying the impact of mergers on galaxy evolution. This work is based on the paper Man et al. (2011)....

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

    Science.gov (United States)

    Centrella, Joan

    2012-01-01

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

  7. The Detection and Parameter Estimation of Binary Black Hole Mergers

    Science.gov (United States)

    Biwer, Christopher M.

    In this dissertation we study gravitational-wave data analysis techniques for binary neutron star and black hole mergers. During its first observing run, the Advanced Laser Interferometer Gravitational-wave Observatory (Advanced LIGO) reported the first, direct observations of gravitational waves from two binary black hole mergers. We present the results from the search for binary black hole mergers which unambiguously detected the binary black hole mergers. We determine the effect of calibration errors on the detection statistic of the search. Since the search is not designed to precisely measure the astrophysical parameters of the binary neutron star and black hole mergers, we use Bayesian methods to develop a new parameter estimation analysis. We demonstrate the performance of the analysis on the binary black hole mergers detected during Advanced LIGO's first observing run. We use the parameter estimation analysis to assess the ability of gravitational-wave observatories to observe a gap in the black hole mass distribution between 52 M and 133 M due to pair-instability supernovae. Finally, we use simulated signals added to the Advanced LIGO detectors to validate the search and parameter estimation analyses used to publish the detection of the astrophysical events.

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

    Directory of Open Access Journals (Sweden)

    Kindy Miftah

    2017-02-01

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

  9. Black Hole Mergers and Recoils in Low-Mass Galaxies

    Science.gov (United States)

    Blecha, Laura; Kelley, Luke; Koss, Michael; Satyapal, Shobita

    2018-01-01

    Mergers between massive black holes (BHs) in the intermediate-mass range are one of the most promising sources of gravitational waves (GWs) detectable with LISA. These highly energetic GW events could be observed out to very high redshift, in the epoch where massive BH seeds are thought to form. Despite recent progress, however, much is still not known about the low-mass BH population even in the local Universe. The rates of BH binary formation, inspiral, and merger are also highly uncertain across the BH mass scale. To address these pressing issues in advance of LISA, cosmological hydrodynamics simulations and semi-analytic modeling are being used to model the formation and evolution of BH binaries, and the GW signals they produce. Efforts are also underway to understand the electromagnetic (EM) signatures of the BH binary population. These have proven largely elusive thus far, but an increasing population of BH pairs has been found, and advances in the coming years will provide important comparisons for models of GW sources. Moreover, asymmetry in the GW emission from BH mergers imparts a recoil kick to the merged BH, which in extreme cases can eject the BH from its host galaxy. This creates additional uncertainty in the BH merger rate, but the remnant recoiling BH could be observed as an offset quasar. Identifications of such objects would provide another EM signature of BH mergers that would help pave the way for LISA. We will review model predictions of the BH inspiral and merger rate across the mass scale. We will also describe how the EM signatures of active, merging BHs can be used to constrain theoretical merger rates. Finally, we will discuss the predicted observability of recoiling BHs and ongoing efforts to identify and confirm candidate recoils.

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

    Directory of Open Access Journals (Sweden)

    Rina P. Steynberg

    2011-02-01

    Full Text Available Orientation: Mergers and Acquisitions (M&As are a frequent, alternative strategic growth option to organic growth for organisations. The failure rate of mergers and acquisitions is alarmingly high (70% plus failures. The people factor is seen as one of the main contributors to this failure.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.

  11. Integrated delivery systems: mergers and acquisitions.

    Science.gov (United States)

    Pinkerton, S

    1999-01-01

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

  12. The Galaxy Cluster Merger Catalog: An Online Repository of Mock Observations from Simulated Galaxy Cluster Mergers

    Science.gov (United States)

    ZuHone, J. A.; Kowalik, K.; Öhman, E.; Lau, E.; Nagai, D.

    2018-01-01

    We present the “Galaxy Cluster Merger Catalog.” This catalog provides an extensive suite of mock observations and related data for N-body and hydrodynamical simulations of galaxy cluster mergers and clusters from cosmological simulations. These mock observations consist of projections of a number of important observable quantities in several different wavebands, as well as along different lines of sight through each simulation domain. The web interface to the catalog consists of easily browsable images over epoch and projection direction, as well as download links for the raw data and a JS9 interface for interactive data exploration. The data are presented within a consistent format so that comparison between simulations is straightforward. All of the data products are provided in the standard Flexible Image Transport System file format. The data are being stored on the yt Hub (http://hub.yt), which allows for remote access and analysis using a Jupyter notebook server. Future versions of the catalog will include simulations from a number of research groups and a variety of research topics related to the study of interactions of galaxy clusters with each other and with their member galaxies. The catalog is located at http://gcmc.hub.yt.

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

    Directory of Open Access Journals (Sweden)

    Rina P. Steynberg

    2011-03-01

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

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

    Science.gov (United States)

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

    2010-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Alexandra-Gabriela Rolea

    2013-11-01

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

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

    International Nuclear Information System (INIS)

    Saastamoinen, Antti; Bjørndal, Endre; Bjørndal, Mette

    2017-01-01

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

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

    DEFF Research Database (Denmark)

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

    2016-01-01

    This article presents an analysis of the mergers in the Danish Higher Education (HE)-sector with a particular emphasis on the 2007 mergers involving universities and Government Research Institutes (GRIs). Furthermore, it follows the post-merger processes up to 2014/2015 at two Danish universities...... and the outcomes. Finally, it is shown that it makes a significant difference whether a federal or a unitary structure is implemented after the merger, although each solution has both strengths and weaknesses....

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

    Science.gov (United States)

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

    2018-02-01

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

  19. Hydrodynamic evolution of neutron star merger remnants

    Science.gov (United States)

    Liu, Men-Quan; Zhang, Jie

    2017-11-01

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

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

    International Nuclear Information System (INIS)

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

    2013-01-01

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

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

    International Nuclear Information System (INIS)

    Reiter, H.L.

    1999-01-01

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

  2. Astrophysics of Super-Massive Black Hole Mergers

    Science.gov (United States)

    Schnittman, Jeremy D.

    2013-01-01

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

  3. Employer-provided health insurance and hospital mergers.

    Science.gov (United States)

    Garmon, Christopher

    2013-07-01

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

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

    DEFF Research Database (Denmark)

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

    2011-01-01

    In this work I investigate the redshift evolution of pair fraction of a sample of 196 massive galaxies from z = 0 to 3, selected from the COSMOS field. We find that on average a massive galaxy undergoes ~ 1.1 \\pm 0.5 major merger since z = 3. I will review the current limitations of using the pai...... fraction as a probe for quantifying the impact of mergers on galaxy evolution. This work is based on the paper Man et al. (2011).......In this work I investigate the redshift evolution of pair fraction of a sample of 196 massive galaxies from z = 0 to 3, selected from the COSMOS field. We find that on average a massive galaxy undergoes ~ 1.1 \\pm 0.5 major merger since z = 3. I will review the current limitations of using the pair...

  5. The effects of union mergers and internal restructuring:

    DEFF Research Database (Denmark)

    Navrbjerg, Steen Erik; Larsen, Trine Pernille

    2016-01-01

    Trade union mergers and restructuring are often seen as strategy for union revitalisation and renewal and have been ongoing in the majority of European trade unions. This paper explores how recent union mergers and internal restructuring has affected unions service provision, union democracy...... and interest representation. This is analysed drawing on longitudinal data from two Danish shop steward surveys conducted in 1998 and 2010, comparing shop stewards in merged and non-merged unions respectively. The main results are that although it could be expected that union mergers and internal restructuring...... may entail lower service levels, democratic deficit and weakening of union identities, this is not always the case. Danish shop stewards appear more satisfied with their union’s service provision anno 2010 compared to 1998 and feel more able to influence union politics. However, variations also exist...

  6. How Enterprise Architecture Maturity Enables Post-merger IT Integration

    DEFF Research Database (Denmark)

    Törmer, Robert Lorenz; Henningsson, Stefan

    2017-01-01

    While world-wide Mergers and Acquisitions (M&As) activity continues to accelerate, a substantial proportion of deals fails to yield the expected value. The inability to plan and implement post-merger integration of information technology contributes substantially to these failure rates. This paper...... advances the argument that a company’s pre-existing Enterprise Architecture decisively shapes the capability to implement post-merger IT integration and subsequently realize benefits from M&A. Our multiple-case study investigates three acquisition cases and develops an explanatory theory of how Enterprise...... Architecture maturity enables the implementation of distinct integration strategies. The results do not only enrich the academic literature on M&A, but also show the strategic value of Enterprise Architecture maturity....

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

    DEFF Research Database (Denmark)

    Svane, Marita; Boje, David

    2014-01-01

    Structured Abstract: Purpose: The strategy is dynamic, however the cross-cultural polyphonic dynamics were ignored, with dire consequencs. Our purpose is to explore how the organisation tries to make sense of the happening through storytelling and how the leadership practices may change due...... (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......, the proliferation of ever more living stories, expanding the web of differences (Bakhtin, 1984). Gadamer (1975: 367) makes the point that "to conduct a dialogue requies first of all that the partners do not talk at cross purposes." The living story web expanded in ways that so may cross purpose proliferated...

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

    DEFF Research Database (Denmark)

    Alaranta, Maria; Kautz, Karlheinz

    2012-01-01

    that researchers and managers of post-merger IS integration should pay particular attention to the IS and organizational merger contexts; the need to build relationships and collaboration between the merging parties; power struggles; and, perhaps most importantly, understanding and treating post......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...

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

    Science.gov (United States)

    2010-04-01

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

  10. Relics as Probes of Galaxy Cluster Mergers R. J. van Weeren1,∗ , M ...

    Indian Academy of Sciences (India)

    waves from a binary cluster merger event, which develop after the core passage of two subclusters. The idea is that double relics can be used to put constraints on the merger time scale, mass ratio, impact parameter and viewing angle. 2. Simulating binary cluster mergers and double radio relics. We used the FLASH 3.2 ...

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

    Science.gov (United States)

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

    2016-01-01

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

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

    Science.gov (United States)

    Cai, Yuzhuo; Yang, Xi

    2016-01-01

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

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

    Science.gov (United States)

    Stephenson, Sandria S.

    2011-01-01

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

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

    Science.gov (United States)

    2010-01-01

    ... districtwide mergers. 611.1125 Section 611.1125 Banks and Banking FARM CREDIT ADMINISTRATION FARM CREDIT SYSTEM ORGANIZATION Mergers, Consolidations, and Charter Amendments of Associations § 611.1125 Treatment of associations not approving districtwide mergers. (a) Issuance of charters. When issuing charters or...

  15. 17 CFR 240.16b-7 - Mergers, reclassifications, and consolidations.

    Science.gov (United States)

    2010-04-01

    ... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Mergers, reclassifications...) § 240.16b-7 Mergers, reclassifications, and consolidations. (a) The following transactions shall be..., pursuant to a merger, reclassification or consolidation, in exchange for a security of a company that...

  16. 7 CFR 1717.158 - Mergers with borrowers who prepaid RUS loans.

    Science.gov (United States)

    2010-01-01

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

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

    Science.gov (United States)

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

    2016-01-01

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

  18. MERGERS AND ACQUISITIONS AND PRODUCTIVITY IN THE U.S. MEAT PRODUCTS INDUSTRIES: EVIDENCE FROM MICRODATA

    OpenAIRE

    Ollinger, Michael; Nguyen, Sang V.

    2001-01-01

    This paper investigates the motives for mergers and acquisitions in the U.S. meat products industry from 1977-92. Results show that acquired meat and poultry plants were highly productive before mergers, and that meat plants significantly improved productivity growth in the post-merger periods, but poultry plants did not.

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

    NARCIS (Netherlands)

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

    2011-01-01

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

  20. 5 CFR 890.504 - Disposition of contingency reserves upon reorganization or merger of plans.

    Science.gov (United States)

    2010-01-01

    ... reorganization or merger of plans. 890.504 Section 890.504 Administrative Personnel OFFICE OF PERSONNEL... Contributions and Withholdings § 890.504 Disposition of contingency reserves upon reorganization or merger of plans. Upon reorganization or merger of a plan, OPM must credit to the surviving plan the reserves of...

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

    NARCIS (Netherlands)

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

    2015-01-01

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

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

    International Nuclear Information System (INIS)

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

    2013-01-01

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

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

    Energy Technology Data Exchange (ETDEWEB)

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

    2017-04-01

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

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

    Directory of Open Access Journals (Sweden)

    Christian Toll

    2017-08-01

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

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

    Science.gov (United States)

    Ho, V; Hamilton, B H

    2000-09-01

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

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

    DEFF Research Database (Denmark)

    Smith, Pernille; Carugati, Andrea; Giangreco, Antonio

    This is the third of a four-case series (408-115-1, 908-025-1, 308-343-1 and 608-037-1). This case is about resistance to organisational change in relation to a merger. The case describes a major organisational change in a newly established department, which has been instituted to speed up...... the integration process of the merger. The main issue is how a middle manager constitutes an obstacle to this organisational change by re-inforcing the 'old' ways of working in his group. To solve this case satisfactorily students should be able to see the organisation from several different layers (employee...

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

    Science.gov (United States)

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

    2003-01-01

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

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

    Energy Technology Data Exchange (ETDEWEB)

    Lotz, Jennifer M. [National Optical Astronomical Observatories, 950 N. Cherry Avenue, Tucson, AZ 85719 (United States); Jonsson, Patrik [Harvard-Smithsonian Center for Astrophysics, Cambridge, MA (United States); Cox, T. J. [Carnegie Observatories, Pasadena, CA (United States); Croton, Darren [Centre for Astrophysics and Supercomputing, Swinburne University of Technology, Hawthorn (Australia); Primack, Joel R. [Department of Physics, University of California, Santa Cruz, CA (United States); Somerville, Rachel S. [Space Telescope Science Institute, 3700 San Martin Dr., Baltimore, MD 21218 (United States); Stewart, Kyle, E-mail: lotz@stsci.edu [Jet Propulsion Laboratory, Pasadena, CA (United States)

    2011-12-01

    Calculating the galaxy merger rate requires both a census of galaxies identified as merger candidates and a cosmologically averaged 'observability' timescale (T{sub obs}(z)) for identifying galaxy mergers. While many have counted galaxy mergers using a variety of techniques, (T{sub 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{sub obs}(z)) for (1) close galaxy pairs with a range of projected separations, (2) the morphology indicator G - M{sub 20}, and (3) the morphology indicator asymmetry A. Then, we apply these timescales to the observed merger fractions at z < 1.5 from the recent literature. When our physically motivated timescales are adopted, the observed galaxy merger rates become largely consistent. The remaining differences between the galaxy merger rates are explained by the differences in the ranges of the mass ratio measured by different techniques and differing parent galaxy selection. The major merger rate per unit comoving volume for samples selected with constant number density evolves much more strongly with redshift ({proportional_to}(1 + z){sup +3.0{+-}1.1}) than samples selected with constant stellar mass or passively evolving luminosity ({proportional_to}(1 + z){sup +0.1{+-}0.4}). We calculate the minor merger rate (1:4 merger rate from close pairs from the 'total' merger rate determined by G - M{sub 20}. The implied minor merger rate is {approx}3 times the major merger rate at z {approx} 0.7 and shows little evolution with redshift.

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

    Science.gov (United States)

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

    2018-01-01

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

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

    DEFF Research Database (Denmark)

    Nilsson, Jerker; Madsen, Ole Øhlenschlæger

    A merger between agricultural co-operatives involves two merger processes - one concerningthe two co-operative business firms and the other concerning the two co-operative societies,i.e., the ownership organisations. These two merger processes are mutually dependent. If amerger involves co......-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......-border mergers between agricultural co-operatives....

  11. Learning from the politics of a merger: when being merged is not a choice.

    Science.gov (United States)

    Bruhn, J G

    2001-03-01

    Organizational mergers have poor track records for success. Success usually refers to financial success, and little or no evaluation is planned to determine whether the merged partners have a good cultural fit. Therefore, the social and psychological costs of mergers and acquisitions are high. One factor that is part of every merger and acquisition is politics. Politics is both a positive and a negative force in organizational life. This article discusses the ways politics affects the process and outcome of a merger, using the reorganization of the campuses of a large university as an example, and presents lessons learned from managing around the politics of this merger.

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

    International Nuclear Information System (INIS)

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

    2012-01-01

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

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

    DEFF Research Database (Denmark)

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

    2015-01-01

    Merger analysis is usually drawing on concepts derived from competitive horizontal markets, such as market concentration, predatory foreclosure and economies of scale in marketing. In evaluating horizontal mergers among energy network operators, regulators must use different tools to evaluate...... 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...... be interpreted in other ways. We use Data Envelopment Analysis (DEA) to estimate the potential cost savings from mergers ex ante, and we decompose the gains into gains from learning best practice and from improving economies of scale and scope. Moreover, we compare the sources of post merger performance...

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

    Directory of Open Access Journals (Sweden)

    Wissal Ben Letaifa

    2017-02-01

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

  15. Downsizings, Mergers, and Acquisitions: Perspectives of Human Resource Development Practitioners

    Science.gov (United States)

    Shook, LaVerne; Roth, Gene

    2011-01-01

    Purpose: This paper seeks to provide perspectives of HR practitioners based on their experiences with mergers, acquisitions, and/or downsizings. Design/methodology/approach: This qualitative study utilized interviews with 13 HR practitioners. Data were analyzed using a constant comparative method. Findings: HR practitioners were not involved in…

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

    Science.gov (United States)

    Laux, Judy

    2012-01-01

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

  17. Astrophysical Implications of the Binary Black Hole Merger GW150914

    Science.gov (United States)

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

    2016-01-01

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

  18. Electromagnetic Signals Following Stellar-mass Black Hole Mergers

    NARCIS (Netherlands)

    de Mink, S.E.; King, A.

    2017-01-01

    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⊙ during its prior evolution. If even a tiny fraction of this

  19. Transparency and Coordinated Effects in European Merger Control

    DEFF Research Database (Denmark)

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

    2010-01-01

    of that theory. Next, we discuss in more detail a recent Danish merger prohibition that was based on the presence of coordinated effects. This case poses special challenges to the theory of coordinated effects, because a very large number of products were involved, and significant, individualized discounts were...

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

    Science.gov (United States)

    Babel, Molly; McAuliffe, Michael; Haber, Graham

    2013-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Molly eBabel

    2013-09-01

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

  2. Gravitational-Wave Luminosity of Binary Neutron Stars Mergers.

    Science.gov (United States)

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

    2018-03-16

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

  3. Early Experiences Implementing Voluntary School District Mergers in Vermont

    Science.gov (United States)

    Rogers, John D.; Glesner, Talia J.; Meyers, Herman W.

    2014-01-01

    This article describes the implementation of an initiative to encourage voluntary school district mergers in Vermont. The law was intended to increase educational opportunities for Vermont students while reducing costs. Three research activities were conducted to understand how districts and supervisory unions around the state responded to the new…

  4. Models for mergers in higher education | Botha | South African ...

    African Journals Online (AJOL)

    As it is highly unlikely that no combinations whatsoever will be effected, it is valuable to investigate a combination/merger scenario. This article provides some basic information on various models for merging institutions/ companies, that has been sourced from the literature regarding the private sector. The appropriateness ...

  5. Financing and Regulatory Frictions in Mergers and Acquisitions

    NARCIS (Netherlands)

    Q. Zhang (Quxian)

    2018-01-01

    markdownabstractThis dissertation studies how financial frictions and regulatory costs affect mergers and acquisitions (M&A). The first conclusion is that financial distress drives firms to make diversifying acquisitions. Acquisitions made by distressed firms in recent years are economically

  6. Effects of Mergers and Acquisitions to Shareholders' Wealth ...

    African Journals Online (AJOL)

    This paper sets out to empirically analyse the impact of mergers and acquisitions on shareholders returns. it uses the U.K. data for 60 companies that were involved in takeovers in the period between 1992-95. The paper assesses stock market response to the announcement of takeover bids for these randomly chosen ...

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

    DEFF Research Database (Denmark)

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

    2017-01-01

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

  8. ASTROPHYSICAL IMPLICATIONS OF THE BINARY BLACK HOLE MERGER GW150914

    NARCIS (Netherlands)

    Abbott, B. P.; Abbott, R.; Abbott, T. D.; Abernathy, M. R.; Acernese, F.; Ackley, K.; Adams, C.; Phythian-Adams, A.T.; Addesso, P.; Adhikari, R. X.; Adya, V. B.; Affeldt, C.; Agathos, M.; Agatsuma, K.; Aggarwal, N.T.; Aguiar, O. D.; Aiello, L.; Ain, A.; Ajith, P.; Allen, B.; Allocca, A.; Altin, P. A.; Anderson, S. B.; Anderson, W. G.; Arai, K.; Araya, M. C.; Arceneaux, C. C.; Areeda, J. S.; Arnaud, N.; Arun, K. G.; Ascenzi, S.; Ashton, G.; Ast, M.; Aston, S. M.; Astone, P.; Aufmuth, P.; Aulbert, C.; Babak, S.; Bacon, P.; Bader, M. K. M.; Baker, P. T.; Baldaccini, F.; Ballardin, G.; Ballmer, S. W.; Barayoga, J. C.; Barclay, S. E.; Barish, B. C.; Barker, R.D.; Barone, F.; Barr, B.; Barsotti, L.; Barsuglia, M.; Barta, D.; Bartlett, J.; Bartos, I.; Bassiri, R.; Basti, A.; Batch, J. C.; Baune, C.; Bavigadda, V.; Bazzan, M.; Behnke, B.; Bejger, M.; Belczynski, C.; Bell, A. S.; Bell, C. J.; Berger, B. K.; Bergman, J.; Bergmann, G.; Berry, C. P. L.; Bersanetti, D.; Bertolini, A.; Betzwieser, J.; Bhagwat, S.; Bhandare, R.; Bilenko, I. A.; Billingsley, G.; Birch, M.J.; Birney, R.; Biscans, S.; Bisht, A.; Bitossi, M.; Biwer, C.; Bizouard, M. A.; Blackburn, J. K.; Blair, C. D.; Blair, D. G.; Blair, R. M.; Bloemen, A.L.S.; Bock, O.; Bodiya, T. P.; Boer, M.; Bogaert, J.G.; Bogan, C.; Bohe, A.; Bojtos, P.; Bond, T.C; Bondu, F.; Bonnand, R.; Boom, B. A.; Bork, R.; Boschi, V.; Bose, S.; Bouffanais, Y.; Bozzi, A.; Bradaschia, C.; Brady, P. R.; Braginsky, V. B.; Branchesi, M.; Brau, J. E.; Briant, T.; Brillet, A.; Brinkmann, M.; Brisson, V.; Brockill, P.; Brooks, A. F.; Brown, A.D.; Brown, D.; Brown, N. M.; Buchanan, C. C.; Buikema, A.; Bulik, T.; Bulten, H. J.; Buonanno, A.; Buskulic, D.; Buy, C.; Byer, R. L.; Cadonati, L.; Cagnoli, G.; Cahillane, C.; Bustillo, J. Calderon; Callister, T. A.; Calloni, E.; Camp, J. B.; Cannon, K. C.; Cao, J.; Capano, C. D.; Capocasa, E.; Carbognani, F.; Caride, S.; Diaz, J. Casanueva; Casentini, C.; Caudill, S.; Cavaglia, M.; Cavalier, F.; Cavalieri, R.; Cella, G.; Cepeda, C. B.; Baiardi, L. Cerboni; Cerretani, G.; Cesarini, E.; Chakraborty, R.; Chalermsongsak, T.; Chamberlin, S. J.; Chan, M.; Chao, D. S.; Charlton, P.; Chassande-Mottin, E.; Chen, H. Y.; Chen, Y; Cheng, C.; Chincarini, A.; Chiummo, A.; Cho, H. S.; Cho, M.; Chow, J. H.; Christensen, N.; Chu, Qian; Chua, S. E.; Chung, E.S.; Ciani, G.; Clara, F.; Clark, J. A.; Cleva, F.; Coccia, E.; Cohadon, P. -F.; Colla, A.; Collette, C. G.; Cominsky, L.; Constancio, M., Jr.; Conte, A.; Conti, L.; Cook, D.; Corbitt, T. R.; Cornish, N.; Corsi, A.; Cortese, S.; Costa, A.C.; Coughlin, M. W.; Coughlin, S. B.; Coulon, J. -P.; Countryman, S. T.; Couvares, P.; Cowan, E. E.; Coward, D. M.; Cowart, M. J.; Coyne, D. C.; Coyne, R.; Craig, K.; Creighton, J. D. E.; Cripe, J.; Crowder, S. G.; Cumming, A.; Cunningham, A.L.; Cuoco, E.; Dal Canton, T.; Danilishin, S. L.; D'Antonio, S.; Danzmann, K.; Darman, N. S.; Dattilo, V.; Dave, I.; Daveloza, H. P.; Davier, M.; Davies, G. S.; Daw, E. J.; Day, R.; Debra, D.; Debreczeni, G.; Degallaix, J.; De laurentis, M.; Deleglise, S.; Del Pozzo, W.; Denker, T.; Dent, T.; Dereli, H.; Dergachev, V.A.; DeRosa, R. T.; DeRosa, R. T.; DeSalvo, R.; Dhurandhar, S.; Diaz, M. C.; Di Fiore, L.; Giovanni, M.G.; Di Lieto, A.; Di Pace, S.; Di Palma, I.; Di Virgilio, A.; Dojcinoski, G.; Dolique, V.; Donovan, F.; Dooley, K. L.; Doravari, S.; Douglas, R.; Downes, T. P.; Drago, M.; Drever, R. W. P.; Driggers, J. C.; Du, Z.; Ducrot, M.; Dwyer, S. E.; Edo, T. B.; Edwards, M. C.; Effler, A.; Eggenstein, H. -B.; Ehrens, P.; Eichholz, J.; Eikenberry, S. S.; Engels, W.; Essick, R. C.; Etzel, T.; Evans, T. M.; Evans, T. M.; Everett, R.; Factourovich, M.; Fafone, V.; Fair, H.; Fairhurst, S.; Fan, X.M.; Fang, Q.; Farinon, S.; Farr, B.; Farr, W. M.; Favata, M.; Fays, M.; Fehrmann, H.; Fejer, M. M.; Ferrante, I.; Ferreira, E. C.; Ferrini, F.; Fidecaro, F.; Fiori, I.; Fiorucci, D.; Fisher, R. P.; Flaminio, R.; Fletcher, M; Fournier, J. -D.; Franco, S; Frasca, S.; Frasconi, F.; Frei, Z.; Freise, A.; Frey, R.; Frey, V.; Fricke, T. T.; Fritschel, P.; Frolov, V. V.; Fulda, P.; Fyffe, M.; Gabbard, H. A. G.; Gair, J. R.; Gammaitoni, L.; Gaonkar, S. G.; Garufi, F.; Gatto, A.; Gaur, G.; Gehrels, N.; Gemme, G.; Gendre, B.; Genin, E.; Gennai, A.; George, J.; Gergely, L.; Germain, V.; Ghosh, Archisman; Ghosh, S.; Giaime, J. A.; Giardina, K. D.; Giazotto, A.; Gill, K.P.; Glaefke, A.; Goetz, E.; Goetz, R.; Gondan, L.; Gonzalez, Idelmis G.; Gonzalez Castro, J. M.; Gopakumar, A.; Gordon, N. A.; Gorodetsky, M. L.; Gossan, S. E.; Lee-Gosselin, M.; Gouaty, R.; Graef, C.; Graff, P. B.; Granata, M.; Grant, A.; Gras, S.; Gray, C.M.; Greco, G.; Green, A. C.; Groot, P.; Grote, H.; Grunewald, S.; Guidi, G. M.; Guo, X.; Gupta, A.; Gupta, M. K.; Gushwa, K. E.; Gustafson, E. K.; Gustafson, R.; Hacker, J. J.; Buffoni-Hall, R.; Hall, E. D.; Hammond, G.L.; Haney, M.; Hanke, M. M.; Hanks, J.; Hanna, C.; Hannam, M. D.; Hanson, P.J.; Hardwick, T.; Harms, J.; Harry, G. M.; Harry, I. W.; Hart, M. J.; Hartman, M. T.; Haster, C. -J.; Haughian, K.; Heidmann, A.; Heintze, M. C.; Heitmann, H.; Hello, P.; Hemming, G.; Hendry, M.; Heng, I. S.; Hennig, J.; Heptonstall, A. W.; Heurs, M.; Hild, S.; Hoak, D.; Hodge, K. A.; Hofman, D.; Hollitt, S. E.; Holt, K.; Holz, D. E.; Hopkins, P.; Hosken, D. J.; Hough, J.; Houston, E. A.; Howell, E. J.; Hu, Y. M.; Huang, S.; Huerta, E. A.; Huet, D.; Hughey, B.; Husa, S.; Huttner, S. H.; Huynh-Dinh, T.; Idrisy, A.; Indik, N.; Ingram, D. R.; Inta, R.; Isa, H. N.; Isac, J. -M.; Isi, M.; Islas, G.; Isogai, T.; Iyer, B. R.; Izumi, K.; Jacqmin, T.; Jang, D.H.; Jani, K.; Jaranowski, P.; Jawahar, S.; Jimenez-Forteza, F.; Johnson, W.; Jones, I.D.; Jones, R.; Jonker, R. J. G.; Ju, L.; Haris, K.; Kalaghatgi, C. V.; Kalogera, V.; Kandhasamy, S.; Kang, G.H.; Kanner, J. B.; Karki, S.; Kasprzack, M.; Katsavounidis, E.; Katzman, W.; Kaufer, S.; Kaur, T.; Kawabe, K.; Kawazoe, F.; Kefelian, F.; Kehl, M. S.; Keitel, D.; Kelley, D. B.; Kells, W.; Kennedy, R.E.; Key, J. S.; Khalaidovski, A.; Khalili, F. Y.; Khan, I.; Khan., S.; Khan, Z.; Khazanov, E. A.; Kijbunchoo, N.; Kim, C.; Kim, J.; Kim, K.; Kim, Nam-Gyu; Kim, Namjun; Kim, Y.M.; King, E. J.; King, P. J.; Kinzel, D. L.; Kissel, J. S.; Kleybolte, L.; Klimenko, S.; Koehlenbeck, S. M.; Kokeyama, K.; Koley, S.; Kondrashov, V.; Kontos, A.; Korobko, M.; Korth, W. Z.; Kowalska, I.; Kozak, D. B.; Kringel, V.; Krishnan, B.; Krolak, A.; Krueger, C.; Kuehn, G.; Kumar, P.; Kuo, L.; Kutynia, A.; Lackey, B. D.; Landry, M.; Lange, J.; Lantz, B.; Lasky, P. D.; Lazzarini, A.; Lazzaro, C.; Leaci, P.; Leavey, S.; Lebigot, E. O.; Lee, C.H.; Lee, K.H.; Lee, M.H.; Lee, K.; Lenon, A.; Leonardi, M.; Leong, J. R.; Leroy, N.; Letendre, N.; Levin, Y.; Levine, B. M.; Li, T. G. F.; Libson, A.; Littenberg, T. B.; Lockerbie, N. A.; Logue, J.; Lombardi, A. L.; Lord, J. E.; Lorenzini, M.; Loriette, V.; Lormand, M.; Losurdo, G.; Lough, J. D.; Lueck, H.; Lundgren, A. P.; Luo, J.; Lynch, R.; Ma, Y.; MacDonald, T.T.; Machenschalk, B.; MacInnis, M.; Macleod, D. M.; Magna-Sandoval, F.; Magee, R. M.; Mageswaran, M.; Majorana, E.; Maksimovic, I.; Malvezzi, V.; Man, N.; Mandel, I.; Mandic, V.; Mangano, V.; Mansell, G. L.; Manske, M.; Mantovani, M.; Marchesoni, F.; Marion, F.; Marka, S.; Marka, Z.; Markosyan, A. S.; Maros, E.; Martelli, F.; Martellini, L.; Martin, I. W.; Martin, R.M.; Martynov, D. V.; Marx, J. N.; Mason, K.; Masserot, A.; Massinger, T. J.; Masso-Reid, M.; Matichard, F.; Matone, L.; Mavalvala, N.; Mazumder, N.; Mazzolo, G.; McCarthy, R.; McClelland, D. E.; McCormick, S.; McGuire, S. C.; McIntyre, G.; McIver, J.; McManus, D. J.; McWilliams, S. T.; Meacher, D.; Meadors, G. D.; Meidam, J.; Melatos, A.; Mendell, G.; Mendoza-Gandara, D.; Mercer, R. A.; Merilh, E. L.; Merzougui, M.; Meshkov, S.; Messenger, C.; Messick, C.; Meyers, P. M.; Mezzani, F.; Miao, H.; Michel, C.; Middleton, H.; Mikhailov, E. E.; Milano, L.; Miller, J.; Millhouse, M.; Minenkov, Y.; Ming, J.; Mirshekari, S.; Mishra, C.; Mitra, S.; Mitrofanov, V. P.; Mitselmakher, G.; Mittleman, R.; Moggi, A.; Mohan, M.; Mohapatra, S. R. P.; Montani, M.; Moore, B.C.; Moore, J.C.; Moraru, D.; Gutierrez Moreno, M.; Morriss, S. R.; Mossavi, K.; Mours, B.; Mow-Lowry, C. M.; Mueller, C. L.; Mueller, G.; Muir, A. W.; Mukherjee, Arunava; Mukherjee, S.D.; Mukherjee, S.; Mukund, N.; Mullavey, A.; Munch, J.; Murphy, D. J.; Murray, P.G.; Mytidis, A.; Nardecchia, I.; Naticchioni, L.; Nayak, R. K.; Necula, V.; Nedkova, K.; Nelemans, G.; Gutierrez-Neri, M.; Neunzert, A.; Newton-Howes, G.; Nguyen, T. T.; Nielsen, A. B.; Nissanke, S.; Nitz, A.; Nocera, F.; Nolting, D.; Normandin, M. E. N.; Nuttall, L. K.; Oberling, J.; Ochsner, E.; O'Dell, J.; Oelker, E.; Ogin, G. H.; Oh, J.; Oh, S. H.; Ohme, F.; Oliver, M. B.; Oppermann, P.; Oram, Richard J.; O'Reilly, B.; O'Shaughnessy, R.; Ottaway, D. J.; Ottens, R. S.; Overmier, H.; Owen, B. J.; Pai, A.; Pai, S. A.; Palamos, J. R.; Palashov, O.; Palomba, C.; Pal-Singh, A.; Pan, H.; Pankow, C.; Pannarale, F.; Pant, B. C.; Paoletti, F.; Paoli, A.; Papa, M. A.; Paris, H. R.; Parker, W.S; Pascucci, D.; Pasqualetti, A.; Passaquieti, R.; Passuello, D.; Patricelli, B.; Patrick, Z.; Pearlstone, B. L.; Pedraza, M.; Pedurand, R.; Pekowsky, L.; Pele, A.; Penn, S.; Perreca, A.; Phelps, M.; Piccinni, O. J.; Pichot, M.; Piergiovanni, F.; Pierro, V.; Pillant, G.; Pinard, L.; Pinto, I. M.; Pitkin, M.; Poggiani, R.; Popolizio, P.; Post, A.; Powell, J.; Prasad, J.; Predoi, V.; Premachandra, S. S.; Prestegard, T.; Price, L. R.; Prijatelj, M.; Principe, M.; Privitera, S.; Prix, R.; Prodi, G. A.; Prokhorov, L. G.; Puncken, O.; Punturo, M.; Puppo, P.; Puerrer, M.; Qi, H.; Qin, J.; Quetschke, V.; Quintero, E. A.; Quitzow-James, R.; Raab, F. J.; Rabeling, D. S.; Radkins, H.; Raffai, P.; Raja, S.; Rakhmanov, M.; Rapagnani, P.; Raymond, V.; Razzano, M.; Re, V.; Read, J.; Reed, C. M.; Regimbau, T.; Rei, L.; Reid, S.; Reitze, D. H.; Rew, H.; Reyes, S. D.; Ricci, F.; Riles, K.; Robertson, N. A.; Robie, R.; Robinet, F.; Rocchi, A.; Rolland, L.; Rollins, J. G.; Roma, V. J.; Romano, J. D.; Romano, R.; Romanov, G.; Romie, J. H.; Rosinska, D.; Rowan, S.; Ruediger, A.; Ruggi, P.; Ryan, K.A.; Sachdev, P.S.; Sadecki, T.; Sadeghian, L.; Salconi, L.; Saleem, M.; Salemi, F.; Samajdar, A.; Sammut, L.; Sanchez, E. J.; Sandberg, V.; Sandeen, B.; Sanders, J. R.; Sassolas, B.; Sathyaprakash, B. S.; Saulson, P. R.; Sauter, O.; Savage, R. L.; Sawadsky, A.; Schale, P.; Schilling, R.; Schmidt, J; Schmidt, P.; Schnabel, R.B.; Schofield, R. M. S.; Schoenbeck, A.; Schreiber, K.E.C.; Schuette, D.; Schutz, B. F.; Scott, J.; Scott, M.S.; Sellers, D.; Sentenac, D.; Sequino, V.; Sergeev, A.; Serna, G.; Setyawati, Y.; Sevigny, A.; Shaddock, D. A.; Shah, S.; Shahriar, M. S.; Shaltev, M.; Shao, Z.M.; Shapiro, B.; Shawhan, P.; Sheperd, A.; Shoemaker, D. H.; Shoemaker, D. M.; Siellez, K.; Siemens, X.; Sigg, D.; Silva, António Dias da; Simakov, D.; Singer, A; Singer, L. P.; Singh, A.; Singh, R.; Singhal, A.; Sintes, A. M.; Slagmolen, B. J. J.; Smith, R. J. E.; Smith, N.D.; Smith, R. J. E.; Son, E. J.; Sorazu, B.; Sorrentino, F.; Souradeep, T.; Srivastava, A. K.; Staley, A.; Steinke, M.; Steinlechner, J.; Steinlechner, S.; Steinmeyer, D.; Stephens, B. C.; Stevenson-Moore, P.; Stone, J.R.; Strain, K. A.; Straniero, N.; Stratta, G.; Strauss, N. A.; Strigin, S. E.; Sturani, R.; Stuver, A. L.; Summerscales, T. Z.; Sun, L.; Sutton, P. J.; Swinkels, B. L.; Szczepanczyk, M. J.; Tacca, M.D.; Talukder, D.; Tanner, D. B.; Tapai, M.; Tarabrin, S. P.; Taracchini, A.; Taylor, W.R.; Theeg, T.; Thirugnanasambandam, M. P.; Thomas, E. G.; Thomas, M.; Thomas, P.; Thorne, K. A.; Thorne, K. S.; Thrane, E.; Tiwari, S.; Tiwari, V.; Tokmakov, K. V.; Tomlinson, C.; Tonelli, M.; Torres, C. V.; Torrie, C. I.; Toyra, D.; Travasso, F.; Traylor, G.; Trifir, D.; Tringali, M. C.; Trozzo, L.; Tse, M.; Turconi, M.; Tuyenbayev, D.; Ugolini, D.; Unnikrishnan, C. S.; Urban, A. L.; Usman, S. A.; Vahlbruch, H.; Vajente, G.; Valdes, G.; Van Bakel, N.; Van Beuzekom, Martin; Van den Brand, J. F. J.; Van Den Broeck, C.F.F.; Vander-Hyde, D. C.; van der Schaaf, L.; van Heijningen, J. V.; van Veggel, A. A.; Vardaro, M.; Vass, S.; Vasuth, M.; Vaulin, R.; Vecchio, A.; Vedovato, G.; Veitch, J.; Veitch, P.J.; Venkateswara, K.; Verkindt, D.; Vetrano, F.; Vicere, A.; Vinciguerra, S.; Vine, D. J.; Vinet, J. -Y.; Vitale, S.; Vo, T.; Vocca, H.; Vorvick, C.; Voss, D. V.; Vousden, W. D.; Vyatchanin, S. P.; Wade, A. R.; Wade, L. E.; Wade, MT; Walker, M.; Wallace, L.; Walsh, S.; Wang, G.; Wang, H.; Wang, M.; Wang, X.; Wang, Y.; Ward, R. L.; Warner, J.; Was, M.; Weaver, B.; Wei, L. -W.; Weinert, M.; Weinstein, A. J.; Weiss, R.; Welborn, T.; Wen, L.M.; Wessels, P.; Westphal, T.; Wette, K.; Whelan, J. T.; White, D. J.; Whiting, B. F.; Williams, D.R.; Williamson, A. R.; Willis, J. L.; Willke, B.; Wimmer, M. H.; Winkler, W.; Wipf, C. C.; Wittel, H.; Woan, G.; Worden, J.; Wright, J.L.; Wu, G.; Yablon, J.; Yam, W.; Yamamoto, H.; Yancey, C. C.; Yap, M. J.; Yu, H.; Yvert, M.; Zadrozny, A.; Zangrando, L.; Zanolin, M.; Zendri, J. -P.; Zevin, M.; Zhang, F.; Zhang, L.; Zhang, M.; Zhang, Y.; Zhao, C.; Zhou, M.; Zhou, Z.; Zhu, X. J.; Zucker, M. E.; Zuraw, S. E.; Zweizig, J.

    2016-01-01

    The discovery of the gravitational-wave (GW) source GW150914 with the Advanced LIGO detectors provides the first observational evidence for the existence of binary black hole (BH) systems that inspiral and merge within the age of the universe. Such BH mergers have been predicted in two main types of

  9. Merger origin of radio galaxies investigated with HI observations

    NARCIS (Netherlands)

    Emonts, BHC; Morganti, R; Oosterloo, TA; van der Hulst, JM; Tadhunter, CN; van Moorsel, G; Holt, J

    2006-01-01

    We present results of an H I study of a complete sample of nearby radio galaxies. Our goal is to investigate whether merger or interaction events could be at the origin of the radio-AGN activity. Around five of our radio galaxies, hosted mainly by early-type galaxies, we detect extended H I in

  10. MINOR MERGERS AND THE SIZE EVOLUTION OF ELLIPTICAL GALAXIES

    International Nuclear Information System (INIS)

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

    2009-01-01

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

  11. Gravitational-Wave Luminosity of Binary Neutron Stars Mergers

    Science.gov (United States)

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

    2018-03-01

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

  12. The Impact of Belonging Groups in an Institutional Merger Process

    DEFF Research Database (Denmark)

    Broeng, Susanne

    2017-01-01

    for the discussions and worker's disaffection and anxieties about job security were brought to light in the research process. The analysis of the research process is informed by psychodynamic system theory and focuses on individual and group processes, and on the leaders' roles in the merger process. This leads...

  13. The Evolution of Stellar Velocity Dispersion during Dissipationless Galaxy Mergers

    Science.gov (United States)

    Stickley, Nathaniel R.; Canalizo, Gabriela

    2012-03-01

    Using N-body simulations, we studied the detailed evolution of central stellar velocity dispersion, σ*, during dissipationless binary mergers of galaxies. Stellar velocity dispersion was measured using the common mass-weighting method as well as a flux-weighting method designed to simulate the technique used by observers. A toy model for dust attenuation was introduced in order to study the effect of dust attenuation on measurements of σ*. We found that there are three principal stages in the evolution of σ* in such mergers: oscillation, phase mixing, and dynamical equilibrium. During the oscillation stage, σ* undergoes damped oscillations of increasing frequency. The oscillation stage is followed by a phase mixing stage during which the amplitude of the variations in σ* is smaller and more chaotic than in the oscillation stage. Upon reaching dynamical equilibrium, σ* assumes a stable value. We used our data regarding the evolution of σ* during mergers to characterize the scatter inherent in making measurements of σ* in non-quiescent systems. In particular, we found that σ* does not fall below 70% nor exceed 200% of its final, quiescent value during a merger and that a random measurement of σ* in such a system is much more likely to fall near the equilibrium value than near an extremum. Our toy model of dust attenuation suggested that dust can systematically reduce observational measurements of σ* and increase the scatter in σ* measurements.

  14. Marketing And Financial Prospects Of Development Bank Mergers ...

    African Journals Online (AJOL)

    Two research propositions (RPs) were put forward and treated using data from 42 randomly selected officials of the bank. The study empirically established that the merger portends significant enormous marketing, financial, and allied institutional economies. These could be actualized with the government and banks ...

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

    NARCIS (Netherlands)

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

    2017-01-01

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

  16. Organisational mergers: a behavioural perspective on identity management

    NARCIS (Netherlands)

    S.R. Giessner (Steffen)

    2016-01-01

    markdownabstractOrganisational mergers are one of the most extreme forms of organisational change processes. Consequently, they often result in difficulties for employees to adjust to the altered organisational conditions. This is often reflected in low levels of employee identification with the

  17. On order and chaos in the mergers of galaxies

    Science.gov (United States)

    Vandervoort, Peter O.

    2018-03-01

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

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

    DEFF Research Database (Denmark)

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

    2017-01-01

    .26 . 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 ) less than 11 hours after the merger by the One-Meter, Two Hemisphere (1M2H) team using the 1 m Swope...

  19. THE FATE OF THE COMPACT REMNANT IN NEUTRON STAR MERGERS

    Energy Technology Data Exchange (ETDEWEB)

    Fryer, Chris L. [Department of Physics, The University of Arizona, Tucson, AZ 85721 (United States); Belczynski, Krzysztoff [Astronomical Observatory, University of Warsaw, Al Ujazdowskie 4, 00-478 Warsaw (Poland); Ramirez-Ruiz, Enrico [Department of Astronomy and Astrophysics, University of California, Santa Cruz, CA 95064 (United States); Rosswog, Stephan [The Oskar klein Center, Department of Astronomy, AlbaNova, Stockholm University, SE-106 91 Stockholm (Sweden); Shen, Gang [Institute for Nuclear Theory, University of Washington, Seattle, WA 98195 (United States); Steiner, Andrew W. [Department of Physics and Astronomy, University of Tennessee, Knoxville, TN 37996 (United States)

    2015-10-10

    Neutron star (binary neutron star and neutron star–black hole) mergers are believed to produce short-duration gamma-ray bursts (GRBs). They are also believed to be the dominant source of gravitational waves to be detected by the advanced LIGO and advanced VIRGO and the dominant source of the heavy r-process elements in the universe. Whether or not these mergers produce short-duration GRBs depends sensitively on the fate of the core of the remnant (whether, and how quickly, it forms a black hole). In this paper, we combine the results of Newtonian merger calculations and equation of state studies to determine the fate of the cores of neutron star mergers. Using population studies, we can determine the distribution of these fates to compare to observations. We find that black hole cores form quickly only for equations of state that predict maximum non-rotating neutron star masses below 2.3–2.4 solar masses. If quick black hole formation is essential in producing GRBs, LIGO/Virgo observed rates compared to GRB rates could be used to constrain the equation of state for dense nuclear matter.

  20. Utah's uranium mines operated by new company as merger requirement

    International Nuclear Information System (INIS)

    Anon.

    1977-01-01

    When Utah International became a wholly owned subsidiary of the General Electric Company on December 20, 1976, a special provision of the merger was that Utah and General Electric would divest themselves of Utah's uranium operations. A new wholly-owned subsidiary of Utah was established, Lucky McUranium Corporation, to manage and operate Utah's uranium properties. The article briefly describes the operations

  1. 29 CFR 4231.8 - Notice of merger or transfer.

    Science.gov (United States)

    2010-07-01

    ... § 4231.6(b): (i) The present value of the accrued benefits and fair market value of plan assets under the... date of a merger or transfer is the earlier of— (i) The date on which one plan assumes liability for... transfers assets to another plan involved in the transaction. (2) Method of filing. The PBGC applies the...

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

    Directory of Open Access Journals (Sweden)

    Paulus Aluk Fajar Dwi Santo

    2011-05-01

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

  3. Structural remedies in merger regulation in a Cournot framework

    Czech Academy of Sciences Publication Activity Database

    Medvedev, Andrei

    -, 2004-006 (2004), s. 1-21 ISSN 1572-4042 Institutional research plan: CEZ:AV0Z7085904 Keywords : merger regulation * structural remedies * auction Subject RIV: AH - Economics http://www.tilburguniversity.nl/tilec/publications/discussionpapers/2004-006.pdf

  4. Staff perceptions of the merger between two South African regional ...

    African Journals Online (AJOL)

    A survey of various employee issues was conducted at the newly ... extrinsic motivation contributed to decreased job satisfaction and employee loyalty. ... However, significant positive factors identified in the study include intrinsically motivated staff and a consensus in support of merger objectives and educational benefits.

  5. The impact of mergers on pharmaceutical R&D.

    Science.gov (United States)

    LaMattina, John L

    2011-08-01

    Mergers and acquisitions in the pharmaceutical industry have substantially reduced the number of major companies over the past 15 years. The short-term business rationale for this extensive consolidation might have been reasonable, but at what cost to research and development productivity?

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

    African Journals Online (AJOL)

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

  7. Information Quality and Risk Around Mergers and Acquisition ...

    African Journals Online (AJOL)

    We consolidate our understanding of the link between risk and quality of new around information intensive periods for a sample of 169 stocks from London Stock Exchange by using mergers and acquisitions announcements as a source of unscheduled news disclosure. We document that volatility of stock returns around ...

  8. Mergers & Acquisitions in Japan : Lessons for Dutch companies

    NARCIS (Netherlands)

    Grotenhuis, F.D.J.

    2009-01-01

    This article deals with lessons learned from mergers and acquisitions in Japan. In general, such combinations are not success stories, since 50–80 percent of them do not bring the benefits that were expected. Several reasons for such failures have been brought up in the literature, but real-life

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

    African Journals Online (AJOL)

    Journal of Fundamental and Applied Sciences ... Though this method have enormous benefits but at the same time are firms are able to convert these qualitative aspects into quantitative form and if yes than do they ... Keywords: mergers and acquisitions; du pont analysis; long run; financial performance; return on assets ...

  10. Numerical Relativity, Black Hole Mergers, and Gravitational Waves: Part I

    Science.gov (United States)

    Centrella, Joan

    2012-01-01

    This series of 3 lectures will present recent developments in numerical relativity, and their applications to simulating black hole mergers and computing the resulting gravitational waveforms. In this first lecture, we introduce the basic ideas of numerical relativity, highlighting the challenges that arise in simulating gravitational wave sources on a computer.

  11. Numerical Relativity, Black Hole Mergers, and Gravitational Waves: Part III

    Science.gov (United States)

    Centrella, Joan

    2012-01-01

    This series of 3 lectures will present recent developments in numerical relativity, and their applications to simulating black hole mergers and computing the resulting gravitational waveforms. In this third and final lecture, we present applications of the results of numerical relativity simulations to gravitational wave detection and astrophysics.

  12. THE ELM SURVEY. IV. 24 WHITE DWARF MERGER SYSTEMS

    Energy Technology Data Exchange (ETDEWEB)

    Kilic, Mukremin [Homer L. Dodge Department of Physics and Astronomy, University of Oklahoma, 440 West Brooks Street, Norman, OK 73019 (United States); Brown, Warren R.; Kenyon, S. J. [Smithsonian Astrophysical Observatory, 60 Garden Street, Cambridge, MA 02138 (United States); Allende Prieto, Carlos [Instituto de Astrofisica de Canarias, E-38205 La Laguna, Tenerife (Spain); Heinke, Craig O. [Department of Physics, CCIS 4-183, University of Alberta, Edmonton, AB, T6G 2E1 (Canada); Agueeros, M. A. [Department of Astronomy, Columbia University, 550 West 120th Street, New York, NY 10027 (United States); Kleinman, S. J., E-mail: kilic@ou.edu [Gemini Observatory, 670 North A' ohoku Place, Hilo, HI 96720 (United States)

    2012-06-01

    We present new radial velocity and X-ray observations of extremely low mass (ELM, {approx}0.2 M{sub Sun }) white dwarf (WD) candidates in the Sloan Digital Sky Survey Data Release 7 area. We identify seven new binary systems with 1-18 hr orbital periods. Five of the systems will merge due to gravitational wave radiation within 10 Gyr, bringing the total number of merger systems found in the ELM Survey to 24. The ELM Survey has now quintupled the known merger WD population. It has also discovered the eight shortest period detached binary WD systems currently known. We discuss the characteristics of the merger and non-merger systems observed in the ELM Survey, including their future evolution. About half of the systems have extreme mass ratios. These are the progenitors of the AM Canum Venaticorum systems and Type Ia supernovae. The remaining targets will lead to the formation of extreme helium stars, subdwarfs, or massive WDs. We identify three targets that are excellent gravitational wave sources. These should be detected by the Laser Interferometer Space Antenna like missions within the first year of operation. The remaining targets are important indicators of what the Galactic foreground may look like for gravitational wave observatories.

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

    International Nuclear Information System (INIS)

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

    2011-01-01

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

  14. The Effect of Merger on Performance: Evidence from the UAE

    African Journals Online (AJOL)

    user

    Page 88. Islamic banking clients. The total income of the two banks reached AED 7.1 billion, an increase of 50 per cent year on year. The group became a major player in the corporate banking arena with a joint market share of almost a fifth of corporate loans. This strategic merger was meant to create a bank with scale,.

  15. On the Progenitor of Binary Neutron Star Merger GW170817

    Science.gov (United States)

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

    2017-12-01

    On 2017 August 17 the merger of two compact objects with masses consistent with two neutron stars was discovered through gravitational-wave (GW170817), gamma-ray (GRB 170817A), and optical (SSS17a/AT 2017gfo) observations. The optical source was associated with the early-type galaxy NGC 4993 at a distance of just ˜40 Mpc, consistent with the gravitational-wave measurement, and the merger was localized to be at a projected distance of ˜2 kpc away from the galaxy’s center. We use this minimal set of facts and the mass posteriors of the two neutron stars to derive the first constraints on the progenitor of GW170817 at the time of the second supernova (SN). We generate simulated progenitor populations and follow the three-dimensional kinematic evolution from binary neutron star (BNS) birth to the merger time, accounting for pre-SN galactic motion, for considerably different input distributions of the progenitor mass, pre-SN semimajor axis, and SN-kick velocity. Though not considerably tight, we find these constraints to be comparable to those for Galactic BNS progenitors. The derived constraints are very strongly influenced by the requirement of keeping the binary bound after the second SN and having the merger occur relatively close to the center of the galaxy. These constraints are insensitive to the galaxy’s star formation history, provided the stellar populations are older than 1 Gyr.

  16. Merger rate of primordial black-hole binaries

    Science.gov (United States)

    Ali-Haïmoud, Yacine; Kovetz, Ely D.; Kamionkowski, Marc

    2017-12-01

    Primordial black holes (PBHs) have long been a candidate for the elusive dark matter (DM), and remain poorly constrained in the ˜20 - 100 M⊙ mass range. PBH binaries were recently suggested as the possible source of LIGO's first detections. In this paper, we thoroughly revisit existing estimates of the merger rate of PBH binaries. We compute the probability distribution of orbital parameters for PBH binaries formed in the early Universe, accounting for tidal torquing by all other PBHs, as well as standard large-scale adiabatic perturbations. We then check whether the orbital parameters of PBH binaries formed in the early Universe can be significantly affected between formation and merger. Our analytic estimates indicate that the tidal field of halos and interactions with other PBHs, as well as dynamical friction by unbound standard DM particles, do not do significant work on nor torque PBH binaries. We estimate the torque due to baryon accretion to be much weaker than previous calculations, albeit possibly large enough to significantly affect the eccentricity of typical PBH binaries. We also revisit the PBH-binary merger rate resulting from gravitational capture in present-day halos, accounting for Poisson fluctuations. If binaries formed in the early Universe survive to the present time, as suggested by our analytic estimates, they dominate the total PBH merger rate. Moreover, this merger rate would be orders of magnitude larger than LIGO's current upper limits if PBHs make a significant fraction of the dark matter. As a consequence, LIGO would constrain ˜10 - 300 M⊙ PBHs to constitute no more than ˜1 % of the dark matter. To make this conclusion fully robust, though, numerical study of several complex astrophysical processes—such as the formation of the first PBH halos and how they may affect PBH binaries, as well as the accretion of gas onto an extremely eccentric binary—is needed.

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

    International Nuclear Information System (INIS)

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

    2011-01-01

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

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

    International Nuclear Information System (INIS)

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

    2014-01-01

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

  19. EVOLUTION OF SHOCKS AND TURBULENCE IN MAJOR CLUSTER MERGERS

    International Nuclear Information System (INIS)

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

    2011-01-01

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

  20. Resolving the generation of starburst winds in Galaxy mergers

    Science.gov (United States)

    Hopkins, Philip F.; Kereš, Dusan; Murray, Norman; Hernquist, Lars; Narayanan, Desika; Hayward, Christopher C.

    2013-07-01

    We study galaxy superwinds driven in major mergers, using pc-scale resolution simulations with detailed models for stellar feedback that can self-consistently follow the generation of winds. The models include molecular cooling, star formation at high densities in giant molecular clouds, and gas recycling and feedback from supernovae (I and II), stellar winds and radiation pressure. We study mergers of systems from Small-Magellanic-Cloud-like dwarfs and Milky Way analogues to z ˜ 2 starburst discs. Multiphase superwinds are generated in all passages, with outflow rates up to ˜1000 M⊙ yr-1. However, the wind mass-loading efficiency (outflow rate divided by star formation rate, SFR) is similar to that in the isolated galaxy counterparts of each merger: it depends more on global galaxy properties (mass, size and escape velocity) than on the dynamical state or orbital parameters of the merger. Winds tend to be bi- or unipolar, but multiple `events' build up complex morphologies with overlapping, differently oriented bubbles and shells at a range of radii. The winds have complex velocity and phase structure, with material at a range of speeds up to ˜1000 km s-1 (forming a Hubble-like flow), and a mix of molecular, ionized and hot gas that depends on galaxy properties. We examine how these different phases are connected to different feedback mechanisms. These simulations resolve a problem in some `subgrid' models, where simple wind prescriptions can dramatically suppress merger-induced starbursts, often making it impossible to form Ultra Luminous Infrared Galaxies (ULIRGs). Despite large mass-loading factors (≳10-20) in the winds simulated here, the peak SFRs are comparable to those in `no wind' simulations. Wind acceleration does not act equally, so cold dense gas can still lose angular momentum and form stars, while these stars blow out gas that would not have participated in the starburst in the first place. Considerable wind material is not unbound, and falls

  1. Binary neutron star mergers: a review of Einstein's richest laboratory.

    Science.gov (United States)

    Baiotti, Luca; Rezzolla, Luciano

    2017-09-01

    In a single process, the merger of binary neutron star systems combines extreme gravity, the copious emission of gravitational waves, complex microphysics and electromagnetic processes, which can lead to astrophysical signatures observable at the largest redshifts. We review here the recent progress in understanding what could be considered Einstein's richest laboratory, highlighting in particular the numerous significant advances of the last decade. Although special attention is paid to the status of models, techniques and results for fully general-relativistic dynamical simulations, a review is also offered on the initial data and advanced simulations with approximate treatments of gravity. Finally, we review the considerable amount of work carried out on the post-merger phase, including black-hole formation, torus accretion onto the merged compact object, the connection with gamma-ray burst engines, ejected material, and its nucleosynthesis.

  2. Social Network Mixing Patterns In Mergers & Acquisitions - A Simulation Experiment

    Directory of Open Access Journals (Sweden)

    Robert Fabac

    2011-01-01

    Full Text Available In the contemporary world of global business and continuously growing competition, organizations tend to use mergers and acquisitions to enforce their position on the market. The future organization’s design is a critical success factor in such undertakings. The field of social network analysis can enhance our uderstanding of these processes as it lets us reason about the development of networks, regardless of their origin. The analysis of mixing patterns is particularly useful as it provides an insight into how nodes in a network connect with each other. We hypothesize that organizational networks with compatible mixing patterns will be integrated more successfully. After conducting a simulation experiment, we suggest an integration model based on the analysis of network assortativity. The model can be a guideline for organizational integration, such as occurs in mergers and acquisitions.

  3. Compact binary merger and kilonova: outflows from remnant disc

    Science.gov (United States)

    Yi, Tuan; Gu, Wei-Min; Liu, Tong; Kumar, Rajiv; Mu, Hui-Jun; Song, Cui-Ying

    2018-05-01

    Outflows launched from a remnant disc of compact binary merger may have essential contribution to the kilonova emission. Numerical calculations are conducted in this work to study the structure of accretion flows and outflows. By the incorporation of limited-energy advection in the hyper-accretion discs, outflows occur naturally from accretion flows due to imbalance between the viscous heating and the sum of the advective and radiative cooling. Following this spirit, we revisit the properties of the merger outflow ejecta. Our results show that around 10-3 ˜ 10-1 M⊙ of the disc mass can be launched as powerful outflows. The amount of unbound mass varies with the disc mass and the viscosity. The outflow-contributed peak luminosity is around 1040 ˜ 1041 erg s-1. Such a scenario can account for the observed kilonovae associated with short gamma-ray bursts, including the recent event AT2017gfo (GW170817).

  4. A Framework for Operational Due Diligence in Mergers and Acquisitions

    DEFF Research Database (Denmark)

    Porsgaard, Chris Berg; Haubjerg, Mathias; Herbert-Hansen, Zaza Nadja Lee

    The number of mergers and acquisitions (M&As) has over the last five years increased greatly (Institute of Mergers, Acquisitions and Alliances, 2016). Furthermore, private equity professionals point to operational performance gains to drive an acquisition decision and attribute cost reductions...... as the most important lever for value creation, after a private equity firm acquires a company (PwC, 2016). However, the overall success rate of M&A activity remains low and the approach to understand an acquisition target’s operating model remains non-exhaustive and unstandardized. This paper investigates...... the pivotal eterminants for assessing operational performance and identifying improvement potentials in an acquisition target. The research question is: “What are the fundamental operational determinants influencing the acquisition decision for private equity firms in the due diligence phase?” This paper...

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

    International Nuclear Information System (INIS)

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

    2012-01-01

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

  6. Mergers and acquisitions. Frequently asked questions and answers.

    Science.gov (United States)

    Lin, S M; Smeltzer, C H; Thomas, C

    2000-03-01

    This article is structured in a question/answer format based on interviews with Dr. Carolyn Hope Smeltzer and Salima Manji Lin of PricewaterhouseCoopers, Chicago, and Chuck Thomas of Hinshaw & Culbertson, Rockford. The questions come from CEO's, healthcare executives, and nurse executives at hospitals that are contemplating mergers or that have both succeeded and failed to merge their institutions. The experts share their knowledge.

  7. Integral Field Spectroscopy of the Merger Remnant NGC 7252

    Science.gov (United States)

    Weaver, John; Husemann, Bernd; Kuntschner, Harald; Martín-Navarro, Ignacio

    2018-01-01

    The merging of galaxies is a key aspect of the hierarchical ΛCDM Universe. The formation of massive quiescent elliptical galaxies may be explained through the merger of two star-forming disc galaxies. Despite nearly a century of effort, our understanding of this complex transformational process is remains incomplete and requires diligent observational study.NGC 7252 is one of the nearest starbursting major-merger galaxy remnants, formed about 1 Gyr after the collision of presumably two disc galaxies. It is therefore an ideal laboratory to study the underlying processes involved in transformation of two disc galaxies to an elliptical galaxy via a merger.We obtained wide-field IFU spectroscopy with the VLT-VIMOS integral-field spectrograph covering the central 50’’ × 50’’ of NGC 7252 to map the stellar and ionized gas kinematics, and the distribution and conditions of the ionized gas, revealing the extent of ongoing star formation and recent star formation history.Contrary to previous studies we find the inner gas disc not to be counter-rotating with respect to the overall stellar angular momentum. However, the stellar kinematics appear to be complex with a superposition of at least two nearly perpendicular angular momentum components. The host galaxy is still blue with g - i ~ 0.8 with an ongoing star formation rate of 2.2 ± 0.6 Msun/yr, placing NGC 7252 close to the blue cloud of galaxies and consistent with a disc-like molecular depletion time of ~2 Gyr.Although NGC 7252 appears as a fading starburst galaxy at the center, the elliptical-like major merger remnant appears to active, inconsistent with a fast quenching scenario. NGC 7252 may take several Gyr to reach the red sequence of galaxies unless star formation becomes quenched by either AGN feedback or inefficient gas conversion, leading to an H I-rich elliptical galaxy.

  8. Merger of Nuclear Data with Criticality Safety Calculations

    Energy Technology Data Exchange (ETDEWEB)

    Derrien, H.; Larson, N.M.; Leal, L.C.

    1999-09-20

    In this paper we report on current activities related to the merger of differential/integral data (especially in the resolved-resonance region) with nuclear criticality safety computations. Techniques are outlined for closer coupling of many processes � measurement, data reduction, differential-data analysis, integral-data analysis, generating multigroup cross sections, data-testing, criticality computations � which in the past have been treated independently.

  9. Merger of Nuclear Data with Criticality Safety Calculations

    International Nuclear Information System (INIS)

    Derrien, H.; Larson, N.M.; Leal, L.C.

    1999-01-01

    In this paper we report on current activities related to the merger of differential/integral data (especially in the resolved-resonance region) with nuclear criticality safety computations. Techniques are outlined for closer coupling of many processes measurement, data reduction, differential-data analysis, integral-data analysis, generating multigroup cross sections, data-testing, criticality computations which in the past have been treated independently

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

    International Nuclear Information System (INIS)

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

    2009-01-01

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

  11. Diffuse X-Ray-emitting Gas in Major Mergers

    Science.gov (United States)

    Smith, Beverly J.; Campbell, Kristen; Struck, Curtis; Soria, Roberto; Swartz, Douglas; Magno, Macon; Dunn, Brianne; Giroux, Mark L.

    2018-02-01

    Using archived data from the Chandra X-ray telescope, we have extracted the diffuse X-ray emission from 49 equal-mass interacting/merging galaxy pairs in a merger sequence, from widely separated pairs to merger remnants. After the removal of contributions from unresolved point sources, we compared the diffuse thermal X-ray luminosity from hot gas (L X(gas)) with the global star formation rate (SFR). After correction for absorption within the target galaxy, we do not see a strong trend of L X(gas)/SFR with the SFR or merger stage for galaxies with SFR > 1 M ⊙ yr‑1. For these galaxies, the median L X(gas)/SFR is 5.5 × 1039 ((erg s‑1)/M ⊙ yr‑1)), similar to that of normal spiral galaxies. These results suggest that stellar feedback in star-forming galaxies reaches an approximately steady-state condition, in which a relatively constant fraction of about 2% of the total energy output from supernovae and stellar winds is converted into X-ray flux. Three late-stage merger remnants with low SFRs and high K-band luminosities (L K ) have enhanced L X(gas)/SFR; their UV/IR/optical colors suggest that they are post-starburst galaxies, perhaps in the process of becoming ellipticals. Systems with L K < 1010 L ⊙ have lower L X(gas)/SFR ratios than the other galaxies in our sample, perhaps due to lower gravitational fields or lower metallicities. We see no relation between L X(gas)/SFR and Seyfert activity in this sample, suggesting that feedback from active galactic nuclei is not a major contributor to the hot gas in our sample galaxies.

  12. Neutron star mergers and gamma-ray bursts

    Science.gov (United States)

    Narayan, Ramesh

    1993-01-01

    Under the support of grant NAG 5-1904, we have carried out research on several topics related to gamma-ray bursts (GRB's). In our proposal, we stated that we would study three topics: (1) fireball evolution; (2) neutron star mergers; and (3) statistics of bursts. We have completed a significant amount of work in each of these areas. Resulting papers from this work are presented.

  13. Mergers, Acquisitions and Restructuring: Types, Regulation, and Patterns of Practice

    OpenAIRE

    Coates, John C

    2014-01-01

    An important component of corporate governance is the regulation of significant transactions – mergers, acquisitions, and restructuring. This paper (a chapter in Oxford Handbook on Corporate Law and Governance, forthcoming) reviews how M&A and restructuring are regulated by corporate and securities law, listing standards, antitrust and foreign investment law, and industry-specific regulation. Drawing on real-world examples from the world’s two largest M&A markets (the US and the UK) and a rep...

  14. Towards a governance perspective to mergers and acquisitions

    OpenAIRE

    Parvinen, Petri M. T.

    2003-01-01

    The aim of the present study is to conceptually integrate insights from governance theories of the firm to the research area of mergers and acquisitions (M & A). The primary governance theories of the firm are understood to consist of the neoclassical view of the firm, the nexus of contracts perspective, agency theory, early incomplete contracting theory, transaction cost economics and property rights theory. This study uses a bipartite research agenda, consisting of conceptual and biblio...

  15. Mergers and acquisitions : the case of Kraft Foods and Cadbury

    OpenAIRE

    Ribeiro, Sara Isabel de Paula

    2013-01-01

    The aim of this dissertation is to focus on a determinant aspect of Corporate Finance that is Mergers and Acquisitions (M&A). This dissertation not only provides a practical analysis of main issued regarding a process of M&A, but also provides a theoretical framework about M&A. Specifically, this dissertation explores the real case of Kraft Foods - world’s second largest manufacturer and packager food products – and Cadbury - the world’s second largest confectionery firm. ...

  16. Elucidate Innovation Performance of Technology-driven Mergers and Acquisitions

    Energy Technology Data Exchange (ETDEWEB)

    Huang, L.; Wang, K.; Yu, H.; Shang, L.; Mitkova, L.

    2016-07-01

    The importance and value of Mergers and Acquisitions (M&As) have increased with the expectancy to obtain key technology capabilities and rapid impact on innovation. This article develops an original analytical framework to elucidate the impact of the technology and product relatedness (similarity/complementarity) of the Technology-driven M&A’ partners on post-innovation performance. We present results drawing on a multiple case studies of Chinese High-Tech firms from three industries. (Author)

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

    Directory of Open Access Journals (Sweden)

    Geert T.M.J. Raaijmakers

    2008-03-01

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

  18. Decoding Mode-mixing in Black-hole Merger Ringdown

    Science.gov (United States)

    Kelly, Bernard J.; Baker, John G.

    2013-01-01

    Optimal extraction of information from gravitational-wave observations of binary black-hole coalescences requires detailed knowledge of the waveforms. Current approaches for representing waveform information are based on spin-weighted spherical harmonic decomposition. Higher-order harmonic modes carrying a few percent of the total power output near merger can supply information critical to determining intrinsic and extrinsic parameters of the binary. One obstacle to constructing a full multi-mode template of merger waveforms is the apparently complicated behavior of some of these modes; instead of settling down to a simple quasinormal frequency with decaying amplitude, some |m| = modes show periodic bumps characteristic of mode-mixing. We analyze the strongest of these modes the anomalous (3, 2) harmonic mode measured in a set of binary black-hole merger waveform simulations, and show that to leading order, they are due to a mismatch between the spherical harmonic basis used for extraction in 3D numerical relativity simulations, and the spheroidal harmonics adapted to the perturbation theory of Kerr black holes. Other causes of mode-mixing arising from gauge ambiguities and physical properties of the quasinormal ringdown modes are also considered and found to be small for the waveforms studied here.

  19. THE DRIVING MECHANISM OF STARBURSTS IN GALAXY MERGERS

    International Nuclear Information System (INIS)

    Teyssier, Romain; Chapon, Damien; Bournaud, Frederic

    2010-01-01

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

  20. Near-IR Explorations of Buried AGN in Advanced Mergers

    Science.gov (United States)

    Ferguson, Jason; Constantin, Anca; Satyapal, Shobita; Rothberg, Barry

    2018-01-01

    Close separation dual AGNs provide unambiguous confirmation of ongoing mergers where the black holes experience their most rapid growth. Most of these systems have been discovered serendipitously, and confirmed cases remain, however, extremely rare. We present here the results of the analysis of new near-IR spectroscopy of nine advanced merger systems that display mid-IR colors suggestive of AGNs while lacking signatures of activity in the optical. Using the Large Binocular Telescope's LUCI (LBT Utility Camera for Infrared) 1 & 2 spectrographs we confirm the presence of broadened and/or high-excitation lines indicative of powerful AGN, reveal signs of hidden AGN feedback in the form of kinematic outflows, measure the properties of the host stellar populations, and begin to probe the gas-metallicities in these systems. Our results yield critical evidence that the epoch of peak black hole growth in mergers occurs in a highly obscured phase, consistent with theoretical predictions. We also confirm the effectiveness of using mid-IR colors as a pre-selection technique to identify dual AGN systems. This is one of the first detailed investigations into the physical environment of optically obscured dual AGNs, and provides key indications for finding and characterizing elusive black hole accretion.

  1. Prompt electromagnetic transients from binary black hole mergers

    Science.gov (United States)

    Kelly, Bernard J.; Baker, John G.; Etienne, Zachariah B.; Giacomazzo, Bruno; Schnittman, Jeremy

    2017-12-01

    Binary black hole (BBH) mergers provide a prime source for current and future interferometric gravitational wave observatories. Massive BBH mergers may often take place in plasma-rich environments, leading to the exciting possibility of a concurrent electromagnetic (EM) signal observable by traditional astronomical facilities. However, many critical questions about the generation of such counterparts remain unanswered. We explore mechanisms that may drive EM counterparts with magnetohydrodynamic simulations treating a range of scenarios involving equal-mass black-hole binaries immersed in an initially homogeneous fluid with uniform, orbitally aligned magnetic fields. We find that the time development of Poynting luminosity, which may drive jetlike emissions, is relatively insensitive to aspects of the initial configuration. In particular, over a significant range of initial values, the central magnetic field strength is effectively regulated by the gas flow to yield a Poynting luminosity of 1 045-1046ρ-13M8 2 erg s-1 , with BBH mass scaled to M8≡M /(108 M⊙) and ambient density ρ-13≡ρ /(10-13 g cm-3) . We also calculate the direct plasma synchrotron emissions processed through geodesic ray-tracing. Despite lensing effects and dynamics, we find the observed synchrotron flux varies little leading up to merger.

  2. Searching for the full symphony of black hole binary mergers

    Science.gov (United States)

    Harry, Ian; Bustillo, Juan Calderón; Nitz, Alex

    2018-01-01

    Current searches for the gravitational-wave signature of compact binary mergers rely on matched-filtering data from interferometric observatories with sets of modeled gravitational waveforms. These searches currently use model waveforms that do not include the higher-order mode content of the gravitational-wave signal. Higher-order modes are important for many compact binary mergers and their omission reduces the sensitivity to such sources. In this work we explore the sensitivity loss incurred from omitting higher-order modes. We present a new method for searching for compact binary mergers using waveforms that include higher-order mode effects, and evaluate the sensitivity increase that using our new method would allow. We find that, when evaluating sensitivity at a constant rate-of-false alarm, and when including the fact that signal-consistency tests can reject some signals that include higher-order mode content, we observe a sensitivity increase of up to a factor of 2 in volume for high mass ratio, high total-mass systems. For systems with equal mass, or with total mass ˜50 M⊙, we see more modest sensitivity increases, applicable in searches for generic compact binaries.

  3. Merger and Acquisition Market: from World Experience to National Practice

    Directory of Open Access Journals (Sweden)

    Hrechana Svitlana I.

    2014-03-01

    Full Text Available The goal of the article lies in identification of tendencies and prospects of development of the merger and acquisition market of Ukraine in the context of influence of the world M and A experience upon this process under conditions of globalisation. In the result of the study the article analyses the most significant merger and acquisition operations that took place in the world practice and in Ukraine in recent years. The article reveals and deeply assesses the variety of motives and mechanisms of their realisation from the position of practice of developed countries and trans-national corporations and also domestic associations of enterprises. It shows that transactions of tough or forced character of acquisition prevail in Ukraine, specific features of which are not only the reduced cost but also direct belonging of buyers to oligarchic-political structures. It explains negative influence of these specific features upon volume and activity of the national M and A market. It formulates and offers a system of state and economic subjects measures, immediate application of which would allow creation of favourable conditions for development of the national merger and acquisition market.

  4. Gravitationally Consistent Halo Catalogs and Merger Trees for Precision Cosmology

    Science.gov (United States)

    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/.

  5. Energetic constraints on electromagnetic signals from double black hole mergers

    Science.gov (United States)

    Dai, Lixin; McKinney, Jonathan C.; Miller, M. Coleman

    2017-09-01

    The possible Fermi detection of an electromagnetic counterpart to the double black hole merger GW150914 has inspired many theoretical models, some of which propose that the holes spiralled together inside a massive star. However, we show that the heat produced by the dynamical friction on such black hole orbits can exceed the stellar binding energy by a large factor, which means that this heat could destroy the star. The energy scale of the explosion and the terminal velocity of the gas can be much larger than those in conventional supernovae. If the star unbinds before the merger, it would be hard for enough gas to remain near the holes at the merger to produce a gamma-ray burst, and this consideration should be taken into account when models are proposed for electromagnetic counterparts to the coalescence of two stellar-mass black holes. We find that only when the two black holes form very close to the centre can the star certainly avoid destruction. In that case, dynamical friction can make the black holes coalesce faster than they would in vacuum, which leads to a modification of the gravitational waveform that is potentially observable by advanced LIGO.

  6. PECULIARITIES OF APPROACHES TO THE ASSESSMENT OF CORPORATE MERGERS IN THE BANKING SECTOR OF UKRAINE

    Directory of Open Access Journals (Sweden)

    S. Naumenkova

    2013-08-01

    Full Text Available In this article peculiarities of existing approaches to the assessment of the results of corporate mergers and acquisitions are investigated, advantages and disadvantages of their application in the banking sector are identified, the algorithm of synergy effect from the merger of banks is substantiated, main sources of growth in the value of the corporation as a result of mergers(acquisitions are discovered.

  7. The success factors of technology-sourcing through mergers & acquisitions : an intuitive meta-analysis

    OpenAIRE

    Schön, Benjamin; Pyka, Andreas

    2013-01-01

    With mergers & acquisitions playing an increasingly important role in today's business world, academic research has strived to follow this trend by investigating their underlying causes and consequences. For a long time this research focused on the analysis of the financial effect of mergers & acquisitions as measured by market value or debt level. Thus, despite being a major vehicle of industry concentration and method of reallocation of resources, the technological impact of mergers & acqui...

  8. Reasons for Mergers and Economic Groups: The Davivienda case - Bansuperior - Bancafé

    OpenAIRE

    Ingrid Suárez; Yuri Gorbaneff; Jorge Beltrán

    2009-01-01

    The article studies the motives for mergers. It groups them according to their theoretical roots and shows their usefulness in the case of the merger of Colombian banks Davivienda - Bansuperior - Bancafé. The theoretical frame compiles 17 typologies of motives for merger grouped into three blocks: scale and scope economies, transaction costs and resource based approach. We used the case study method. We obtained data from interviews with Davivienda executives and secondary sources. We used th...

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

    International Nuclear Information System (INIS)

    Lee, H.M.

    1987-01-01

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

  10. The Impact of Mergers and Acquisitions on the Market Value of Shares of Erste Bank Group

    Directory of Open Access Journals (Sweden)

    Popovici Andreea Nicoleta

    2014-06-01

    Full Text Available Mergers and acquisitions are ways used by banks to improve their profitability and to obtain other advantages. The purpose of this study is to analyze the impact of mergers and acquisitions on the performance of the bidder bank. For this study, I have chosen to research the impact of acquisitions and mergers of Erste Group during 2000-2011, considering the target bank is in Central and Eastern Europe. Using the event study methodology, the result of the study shows that a merger or an acquisition does not improve the value market of the shares of the bidder bank.

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

    International Nuclear Information System (INIS)

    Soergard, Lars

    1997-01-01

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

  12. The Impact of Mergers and Acquisitions on the Market Value of Shares of Erste Bank Group

    OpenAIRE

    Andreea Nicoleta POPOVICI

    2014-01-01

    Mergers and acquisitions are ways used by banks to improve their profitability and to obtain other advantages. The purpose of this study is to analyze the impact of mergers and acquisitions on the performance of the bidder bank. For this study, I have chosen to research the impact of acquisitions and mergers of Erste Group during 2000-2011, considering the target bank is in Central and Eastern Europe. Using the event study methodology, the result of the study shows that a merger or an acquisi...

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

    International Nuclear Information System (INIS)

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

    2012-01-01

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

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

    Science.gov (United States)

    Abbott, B. P.; Abbott, R.; Abbott, T. D.; Acernese, F.; Ackley, K.; Adams, C.; Adams, T.; Addesso, P.; Adhikari, R. X.; Adya, V. B.; Affeldt, C.; Afrough, M.; Agarwal, B.; Agathos, M.; Agatsuma, K.; Aggarwal, N.; Aguiar, O. D.; Aiello, L.; Ain, A.; Ajith, P.; Allen, B.; Allen, G.; Allocca, A.; Altin, P. A.; Amato, A.; Ananyeva, A.; Anderson, S. B.; Anderson, W. G.; Angelova, S. V.; Antier, S.; Appert, S.; Arai, K.; Araya, M. C.; Areeda, J. S.; Arnaud, N.; Arun, K. G.; Ascenzi, S.; Ashton, G.; Ast, M.; Aston, S. M.; Astone, P.; Atallah, D. V.; Aufmuth, P.; Aulbert, C.; AultONeal, K.; Austin, C.; Avila-Alvarez, A.; Babak, S.; Bacon, P.; Bader, M. K. M.; Bae, S.; Baker, P. T.; Baldaccini, F.; Ballardin, G.; Ballmer, S. W.; Banagiri, S.; Barayoga, J. C.; Barclay, S. E.; Barish, B. C.; Barker, D.; Barkett, K.; Barone, F.; Barr, B.; Barsotti, L.; Barsuglia, M.; Barta, D.; Barthelmy, S. D.; Bartlett, J.; Bartos, I.; Bassiri, R.; Basti, A.; Batch, J. C.; Bawaj, M.; Bayley, J. C.; Bazzan, M.; Bécsy, B.; Beer, C.; Bejger, M.; Belahcene, I.; Bell, A. S.; Berger, B. K.; Bergmann, G.; Bero, J. J.; Berry, C. P. L.; Bersanetti, D.; Bertolini, A.; Betzwieser, J.; Bhagwat, S.; Bhandare, R.; Bilenko, I. A.; Billingsley, G.; Billman, C. R.; Birch, J.; Birney, R.; Birnholtz, O.; Biscans, S.; Biscoveanu, S.; Bisht, A.; Bitossi, M.; Biwer, C.; Bizouard, M. A.; Blackburn, J. K.; Blackman, J.; Blair, C. D.; Blair, D. G.; Blair, R. M.; Bloemen, S.; Bock, O.; Bode, N.; Boer, M.; Bogaert, G.; Bohe, A.; Bondu, F.; Bonilla, E.; Bonnand, R.; Boom, B. A.; Bork, R.; Boschi, V.; Bose, S.; Bossie, K.; Bouffanais, Y.; Bozzi, A.; Bradaschia, C.; Brady, P. R.; Branchesi, M.; Brau, J. E.; Briant, T.; Brillet, A.; Brinkmann, M.; Brisson, V.; Brockill, P.; Broida, J. E.; Brooks, A. F.; Brown, D. A.; Brown, D. D.; Brunett, S.; Buchanan, C. C.; Buikema, A.; Bulik, T.; Bulten, H. J.; Buonanno, A.; Buskulic, D.; Buy, C.; Byer, R. 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C.; Di Fiore, L.; Di Giovanni, M.; Di Girolamo, T.; Di Lieto, A.; Di Pace, S.; Di Palma, I.; Di Renzo, F.; Doctor, Z.; Dolique, V.; Donovan, F.; Dooley, K. L.; Doravari, S.; Dorrington, I.; Douglas, R.; Dovale Álvarez, M.; Downes, T. P.; Drago, M.; Dreissigacker, C.; Driggers, J. C.; Du, Z.; Ducrot, M.; Dupej, P.; Dwyer, S. E.; Edo, T. B.; Edwards, M. C.; Effler, A.; Ehrens, P.; Eichholz, J.; Eikenberry, S. S.; Eisenstein, R. A.; Essick, R. C.; Estevez, D.; Etienne, Z. B.; Etzel, T.; Evans, M.; Evans, T. M.; Factourovich, M.; Fafone, V.; Fair, H.; Fairhurst, S.; Fan, X.; Farinon, S.; Farr, B.; Farr, W. M.; Fauchon-Jones, E. J.; Favata, M.; Fays, M.; Fee, C.; Fehrmann, H.; Feicht, J.; Fejer, M. M.; Fernandez-Galiana, A.; Ferrante, I.; Ferreira, E. C.; Ferrini, F.; Fidecaro, F.; Finstad, D.; Fiori, I.; Fiorucci, D.; Fishbach, M.; Fisher, R. P.; Fitz-Axen, M.; Flaminio, R.; Fletcher, M.; Fong, H.; Font, J. A.; Forsyth, P. W. F.; Forsyth, S. 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K.; Gustafson, R.; Halim, O.; Hall, B. R.; Hall, E. D.; Hamilton, E. Z.; Hammond, G.; Haney, M.; Hanke, M. M.; Hanks, J.; Hanna, C.; Hannam, M. D.; Hannuksela, O. A.; Hanson, J.; Hardwick, T.; Harms, J.; Harry, G. M.; Harry, I. W.; Hart, M. J.; Haster, C.-J.; Haughian, K.; Healy, J.; Heidmann, A.; Heintze, M. C.; Heitmann, H.; Hello, P.; Hemming, G.; Hendry, M.; Heng, I. S.; Hennig, J.; Heptonstall, A. W.; Heurs, M.; Hild, S.; Hinderer, T.; Hoak, D.; Hofman, D.; Holt, K.; Holz, D. E.; Hopkins, P.; Horst, C.; Hough, J.; Houston, E. A.; Howell, E. J.; Hreibi, A.; Hu, Y. M.; Huerta, E. A.; Huet, D.; Hughey, B.; Husa, S.; Huttner, S. H.; Huynh-Dinh, T.; Indik, N.; Inta, R.; Intini, G.; Isa, H. N.; Isac, J.-M.; Isi, M.; Iyer, B. R.; Izumi, K.; Jacqmin, T.; Jani, K.; Jaranowski, P.; Jawahar, S.; Jiménez-Forteza, F.; Johnson, W. W.; Jones, D. I.; Jones, R.; Jonker, R. J. G.; Ju, L.; Junker, J.; Kalaghatgi, C. V.; Kalogera, V.; Kamai, B.; Kandhasamy, S.; Kang, G.; Kanner, J. B.; Kapadia, S. 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J.; Masso-Reid, M.; Mastrogiovanni, S.; Matas, A.; Matichard, F.; Matone, L.; Mavalvala, N.; Mazumder, N.; McCarthy, R.; McClelland, D. E.; McCormick, S.; McCuller, L.; McGuire, S. C.; McIntyre, G.; McIver, J.; McManus, D. J.; McNeill, L.; McRae, T.; McWilliams, S. T.; Meacher, D.; Meadors, G. D.; Mehmet, M.; Meidam, J.; Mejuto-Villa, E.; Melatos, A.; Mendell, G.; Mercer, R. A.; Merilh, E. L.; Merzougui, M.; Meshkov, S.; Messenger, C.; Messick, C.; Metzdorff, R.; Meyers, P. M.; Miao, H.; Michel, C.; Middleton, H.; Mikhailov, E. E.; Milano, L.; Miller, A. L.; Miller, B. B.; Miller, J.; Millhouse, M.; Milovich-Goff, M. C.; Minazzoli, O.; Minenkov, Y.; Ming, J.; Mishra, C.; Mitra, S.; Mitrofanov, V. P.; Mitselmakher, G.; Mittleman, R.; Moffa, D.; Moggi, A.; Mogushi, K.; Mohan, M.; Mohapatra, S. R. P.; Montani, M.; Moore, C. J.; Moraru, D.; Moreno, G.; Morriss, S. R.; Mours, B.; Mow-Lowry, C. M.; Mueller, G.; Muir, A. 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P.; Rebolo, R.; Serra-Ricart, M.; Tlatov, A. G.; Ishmuhametova, Yu. V.; MASTER Collaboration; Abe, F.; Aoki, K.; Aoki, W.; Asakura, Y.; Baar, S.; Barway, S.; Bond, I. A.; Doi, M.; Finet, F.; Fujiyoshi, T.; Furusawa, H.; Honda, S.; Itoh, R.; Kanda, N.; Kawabata, K. S.; Kawabata, M.; Kim, J. H.; Koshida, S.; Kuroda, D.; Lee, C.-H.; Liu, W.; Matsubayashi, K.; Miyazaki, S.; Morihana, K.; Morokuma, T.; Motohara, K.; Murata, K. L.; Nagai, H.; Nagashima, H.; Nagayama, T.; Nakaoka, T.; Nakata, F.; Ohsawa, R.; Ohshima, T.; Ohta, K.; Okita, H.; Saito, T.; Saito, Y.; Sako, S.; Sekiguchi, Y.; Sumi, T.; Tajitsu, A.; Takahashi, J.; Takayama, M.; Tamura, Y.; Tanaka, I.; Tanaka, M.; Terai, T.; Tominaga, N.; Tristram, P. J.; Uemura, M.; Utsumi, Y.; Yamaguchi, M. S.; Yasuda, N.; Yoshida, M.; Zenko, T.; J-GEM; Adams, S. M.; Anupama, G. C.; Bally, J.; Barway, S.; Bellm, E.; Blagorodnova, N.; Cannella, C.; Chandra, P.; Chatterjee, D.; Clarke, T. E.; Cobb, B. E.; Cook, D. O.; Copperwheat, C.; De, K.; Emery, S. W. K.; Feindt, U.; Foster, K.; Fox, O. D.; Frail, D. A.; Fremling, C.; Frohmaier, C.; Garcia, J. A.; Ghosh, S.; Giacintucci, S.; Goobar, A.; Gottlieb, O.; Grefenstette, B. W.; Hallinan, G.; Harrison, F.; Heida, M.; Helou, G.; Ho, A. Y. Q.; Horesh, A.; Hotokezaka, K.; Ip, W.-H.; Itoh, R.; Jacobs, Bob; Jencson, J. E.; Kasen, D.; Kasliwal, M. M.; Kassim, N. E.; Kim, H.; Kiran, B. S.; Kuin, N. P. M.; Kulkarni, S. R.; Kupfer, T.; Lau, R. M.; Madsen, K.; Mazzali, P. A.; Miller, A. A.; Miyasaka, H.; Mooley, K.; Myers, S. T.; Nakar, E.; Ngeow, C.-C.; Nugent, P.; Ofek, E. O.; Palliyaguru, N.; Pavana, M.; Perley, D. A.; Peters, W. M.; Pike, S.; Piran, T.; Qi, H.; Quimby, R. M.; Rana, J.; Rosswog, S.; Rusu, F.; Sadler, E. M.; Van Sistine, A.; Sollerman, J.; Xu, Y.; Yan, L.; Yatsu, Y.; Yu, P.-C.; Zhang, C.; Zhao, W.; GROWTH; JAGWAR; Caltech-NRAO; TTU-NRAO; NuSTAR Collaborations; Chambers, K. C.; Huber, M. E.; Schultz, A. S. B.; Bulger, J.; Flewelling, H.; Magnier, E. A.; Lowe, T. B.; Wainscoat, R. J.; Waters, C.; Willman, M.; Pan-STARRS; Ebisawa, K.; Hanyu, C.; Harita, S.; Hashimoto, T.; Hidaka, K.; Hori, T.; Ishikawa, M.; Isobe, N.; Iwakiri, W.; Kawai, H.; Kawai, N.; Kawamuro, T.; Kawase, T.; Kitaoka, Y.; Makishima, K.; Matsuoka, M.; Mihara, T.; Morita, T.; Morita, K.; Nakahira, S.; Nakajima, M.; Nakamura, Y.; Negoro, H.; Oda, S.; Sakamaki, A.; Sasaki, R.; Serino, M.; Shidatsu, M.; Shimomukai, R.; Sugawara, Y.; Sugita, S.; Sugizaki, M.; Tachibana, Y.; Takao, Y.; Tanimoto, A.; Tomida, H.; Tsuboi, Y.; Tsunemi, H.; Ueda, Y.; Ueno, S.; Yamada, S.; Yamaoka, K.; Yamauchi, M.; Yatabe, F.; Yoneyama, T.; Yoshii, T.; The MAXI Team; Coward, D. M.; Crisp, H.; Macpherson, D.; Andreoni, I.; Laugier, R.; Noysena, K.; Klotz, A.; Gendre, B.; Thierry, P.; Turpin, D.; Consortium, TZAC; Im, M.; Choi, C.; Kim, J.; Yoon, Y.; Lim, G.; Lee, S.-K.; Lee, C.-U.; Kim, S.-L.; Ko, S.-W.; Joe, J.; Kwon, M.-K.; Kim, P.-J.; Lim, S.-K.; Choi, J.-S.; KU Collaboration; Fynbo, J. P. U.; Malesani, D.; Xu, D.; Optical Telescope, Nordic; Smartt, S. J.; Jerkstrand, A.; Kankare, E.; Sim, S. A.; Fraser, M.; Inserra, C.; Maguire, K.; Leloudas, G.; Magee, M.; Shingles, L. J.; Smith, K. W.; Young, D. R.; Kotak, R.; Gal-Yam, A.; Lyman, J. D.; Homan, D. S.; Agliozzo, C.; Anderson, J. P.; Angus, C. R.; Ashall, C.; Barbarino, C.; Bauer, F. E.; Berton, M.; Botticella, M. T.; Bulla, M.; Cannizzaro, G.; Cartier, R.; Cikota, A.; Clark, P.; De Cia, A.; Della Valle, M.; Dennefeld, M.; Dessart, L.; Dimitriadis, G.; Elias-Rosa, N.; Firth, R. E.; Flörs, A.; Frohmaier, C.; Galbany, L.; González-Gaitán, S.; Gromadzki, M.; Gutiérrez, C. P.; Hamanowicz, A.; Harmanen, J.; Heintz, K. E.; Hernandez, M.-S.; Hodgkin, S. T.; Hook, I. M.; Izzo, L.; James, P. A.; Jonker, P. G.; Kerzendorf, W. E.; Kostrzewa-Rutkowska, Z.; Kromer, M.; Kuncarayakti, H.; Lawrence, A.; Manulis, I.; Mattila, S.; McBrien, O.; Müller, A.; Nordin, J.; O’Neill, D.; Onori, F.; Palmerio, J. T.; Pastorello, A.; Patat, F.; Pignata, G.; Podsiadlowski, P.; Razza, A.; Reynolds, T.; Roy, R.; Ruiter, A. J.; Rybicki, K. A.; Salmon, L.; Pumo, M. L.; Prentice, S. J.; Seitenzahl, I. R.; Smith, M.; Sollerman, J.; Sullivan, M.; Szegedi, H.; Taddia, F.; Taubenberger, S.; Terreran, G.; Van Soelen, B.; Vos, J.; Walton, N. A.; Wright, D. E.; Wyrzykowski, Ł.; Yaron, O.; pre="(">ePESSTO,

    2017-10-01

    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) 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 deg2 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}ȯ . 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

  15. Inverse Compton Scattered Merger-nova: Late X-Ray Counterpart of Gravitational-wave Signals from NS–NS/BH Mergers

    Science.gov (United States)

    Ai, Shunke; Gao, He

    2018-01-01

    The recent observations of GW170817 and its electromagnetic (EM) counterparts show that double neutron star mergers could lead to rich and bright EM emissions. Recent numerical simulations suggest that neutron star and neutron star/black hole (NS–NS/BH) mergers would leave behind a central remnant surrounded by a mildly isotropic ejecta. The central remnant could launch a collimated jet and when the jet propagates through the ejecta, a mildly relativistic cocoon would be formed and the interaction between the cocoon and the ambient medium would accelerate electrons via external shock in a wide angle, so that the merger-nova photons (i.e., thermal emission from the ejecta) would be scattered into higher frequency via an inverse Compton (IC) process when they propagate through the cocoon shocked region. We find that the IC scattered component peaks at the X-ray band and it will reach its peak luminosity on the order of days (simultaneously with the merger-nova emission). With current X-ray detectors, such a late X-ray component could be detected out to 200 Mpc, depending on the merger remnant properties. It could serve as an important electromagnetic counterpart of gravitational-wave signals from NS–NS/BH mergers. Nevertheless, simultaneous detection of such a late X-ray signal and the merger-nova signal could shed light on the cocoon properties and the concrete structure of the jet.

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

    Science.gov (United States)

    Kohler, Susanna

    2017-10-01

    Where were you on Thursday, 17 August 2017? I was in Idaho, getting ready for Monday mornings solar eclipse. What I didnt know was that, at the time, around 70 teams around the world were mobilizing to point their ground- and space-based telescopes at a single patch of sky suspected to host the first gravitational-wave-detected merger of two neutron stars.Sudden Leaps for ScienceThe masses for black holes detected through electromagnetic observations (purple), black holes measured by gravitational-wave observations (blue), neutron stars measured with electromagnetic observations (yellow), and the neutron stars that merged in GW170817 (orange). [LIGO-Virgo/Frank Elavsky/NorthwesternUniversity]The process of science is long and arduous, generally occurring at a slow plod as theorists make predictions, and observations are then used to chip away at these theories, gradually confirming or disproving them. It is rare that science progresses forward in a giant leap, with years upon years of theories confirmed in one fell swoop.14 September 2015 marked the day of one such leap, as the Laser Interferometer Gravitational-Wave Observatory (LIGO) detected gravitational waves for the first time simultaneously verifying that black holes exist, that black-hole binaries exist, and that they can merge on observable timescales, emitting signals that directly confirm the predictions of general relativity.As it turns out, 17 August 2017 was another such day. On this day, LIGO observed a gravitational-wave signal unlike its previous black-hole detections. Instead, this was a signal consistent with the merger of two neutron stars.Artists illustrations of the stellar-merger model for short gamma-ray bursts. In the model, 1) two neutron stars inspiral, 2) they merge and produce a gamma-ray burst, 3) a small fraction of their mass is flung out and radiates as a kilonova, 4) a massive neutron star or black hole with a disk remains after the event. [NASA, ESA, and A. Feild (STScI)]What We

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

    International Nuclear Information System (INIS)

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

    2014-01-01

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

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

    Science.gov (United States)

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

    2012-01-01

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

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

    International Nuclear Information System (INIS)

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

    2017-01-01

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

  20. BANK MERGERS AND ACQUISITIONS IN ROMANIA AFTER 1989

    Directory of Open Access Journals (Sweden)

    Copil Crina Angela

    2014-07-01

    Full Text Available In this paper I proposed to myself to analyse the main bank acquisitions and mergers from Romania after 1989, causes that led to their appearance, their effects on the bank system and their future perspectives on the Romanian bank market. In the context of adherence to the European bank system a solution for the Romanian banks is the concentration of the bank system by mergers and acquisitions or the increase of the bank capitals because in the period of transition the smaller banks are vulnerable, don’t dispose of an infrastructure that would alow them to offer financial services comparable to those offered by the great bank groups, can’t offer large credits and is addressing to the smaller and average enterprise, which in their turn are exposed to all the shocks that are felt in the economy. The strategies of concentration and consolidation applied by the banks in this period implemented by the transactions with mergers and acquisitions are essential because of their success depends the existence of the bank, the rank it will have on the market, the profit of the bank, the efficiency, the increase of the satisfaction degree of the clients and the increase of the shares’ value. The increase of the interest of the investor in mergers and acquisitions determined the creating of the great financial conglomerates that offer a large range of services, operates simultaneously on many markets and include beside the bank activity insurance, leasing subsidiaries, investment funds, pension funds, subsidiaries specialized in credit saving. In the last decades the Romanian bank financial system suffered significant changes, registering an ample consolidation process, the number of bank institutions decreased and in the context of the present financial crisis, the continuing of the process of restructuring is anticipated.The main reason for choosing this subject if the fact that in the evolution of the concentration the bank mergers and acquisitions

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

    International Nuclear Information System (INIS)

    Kastaun, W.; Rezzolla, L.

    2016-01-01

    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

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

    Energy Technology Data Exchange (ETDEWEB)

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

    2016-11-01

    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

  3. The Growth in Mergers and Acquisitions in the United States Publishing Industry: 1984-1988.

    Science.gov (United States)

    Greco, Albert N.

    This paper argues that because of a recent, sizable increase in the number of mergers and acquisitions, especially by foreign corporations in the United States, it is possible that a small number of firms could dominate the publishing and information processing industry in the world. The paper outlines briefly the patterns of mergers and…

  4. 76 FR 68458 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2011-11-04

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking... a result of the merger, to increase its ownership of West One Bank, Kalispell, Montana, from 34.92...

  5. 26 CFR 1.401(k)-5 - Special rules for mergers, acquisitions and similar events. [Reserved

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 5 2010-04-01 2010-04-01 false Special rules for mergers, acquisitions and similar events. [Reserved] 1.401(k)-5 Section 1.401(k)-5 Internal Revenue INTERNAL REVENUE SERVICE... Bonus Plans, Etc. § 1.401(k)-5 Special rules for mergers, acquisitions and similar events. [Reserved] [T...

  6. 78 FR 6326 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-01-30

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... owned merger subsidiary, NM Lobo Acquisition Corporation, and thereby acquire First National Bank of... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a...

  7. 26 CFR 1.401(m)-4 - Special rules for mergers, acquisitions and similar events. [Reserved

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 5 2010-04-01 2010-04-01 false Special rules for mergers, acquisitions and similar events. [Reserved] 1.401(m)-4 Section 1.401(m)-4 Internal Revenue INTERNAL REVENUE SERVICE... Bonus Plans, Etc. § 1.401(m)-4 Special rules for mergers, acquisitions and similar events. [Reserved] ...

  8. College and University Mergers: Recent Trends. Policy Matters: A Higher Education Policy Brief

    Science.gov (United States)

    McBain, Lesley

    2009-01-01

    Given the current economic turbulence characterized, in part, by unprecedented business consolidations, talk of mergers has spread to higher education. At first glance, merger discussions may seem more appropriate to the corporate world than academe because American colleges and universities were not created in accordance with a centralized…

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

    International Nuclear Information System (INIS)

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

    2011-01-01

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

  10. 48 CFR 204.7205 - Novation agreements, mergers and sales of assets.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 3 2010-10-01 2010-10-01 false Novation agreements, mergers and sales of assets. 204.7205 Section 204.7205 Federal Acquisition Regulations System DEFENSE... 204.7205 Novation agreements, mergers and sales of assets. Contracting officers shall process and...

  11. CGCG 292-057: A Near-Distance Merger Galaxy with Double ...

    Indian Academy of Sciences (India)

    Interestingly, the host of this source is a near-distance bright galaxy named CGCG292-057, which is clearly disturbed, with tidal features and shells as plausible signs of a recent merger. Key words. Galaxies: active—individual: CGCG 292-057. 1. Introduction. Galaxy mergers and interactions are main triggers for many of ...

  12. Do legal frameworks direct merger outcomes? A study of the legal ...

    African Journals Online (AJOL)

    This article traces the legal challenges and contestations embedded in five recent cases of higher education mergers in South Africa. I am aware that there are a number of forms of mergers. For the purposes of this article I use the term as one that is descriptive of a policy decision. Where necessary I make a brief distinction ...

  13. Incipient merger of Cls 11 and 5 in Xhosa? | Gowlett | South African ...

    African Journals Online (AJOL)

    In Xhosa, there appears to be an incipient merger between Noun Classes 5 and 11, as revealed by frequent mismatches between Cl. 11 nouns and various concordial elements, and even the replacement of the Cl. 11 noun prefix by that of Cl. 5. In this article we explore possible reasons for this putative merger, and present ...

  14. Merger of noun classes 3 and 1: A case study with bilingual isiXhosa ...

    African Journals Online (AJOL)

    Class reduction (the loss of a noun class) in Southern Bantu languages is an acknowledged but under-researched phenomenon. A recent study of isiXhosa concords suggests an incipient merger of noun classes 11 and 5, but no research to date has examined other possible concord mergers or concord flux in the ...

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

    NARCIS (Netherlands)

    Abbott, B. P.; Abbott, R.; Abbott, T. D.; Abernathy, M. R.; Acernese, F.; Ackley, K.; Adams, C.; Phythian-Adams, A.T.; Addesso, P.; Adhikari, R. X.; Adya, V. B.; Affeldt, C.; Agathos, M.; Agatsuma, K.; Aggarwal, N.T.; Aguiar, O. D.; Aiello, L.; Ain, A.; Ajith, P.; Allen, B.; Allocca, A.; Altin, P. A.; Anderson, S. B.; Anderson, W. G.; Arai, K.; Araya, M. C.; Arceneaux, C. C.; Areeda, J. S.; Arnaud, N.; Arun, K. G.; Ascenzi, S.; Ashton, G.; Ast, M.; Aston, S. M.; Astone, P.; Aufmuth, P.; Aulbert, C.; Babak, S.; Bacon, P.; Bader, M. K. M.; Baker, P. T.; Baldaccini, F.; Ballardin, G.; Ballmer, S. W.; Barayoga, J. C.; Barclay, S. E.; Barish, B. C.; Barker, R.D.; Barone, F.; Barr, B.; Barsotti, L.; Barsuglia, M.; Barta, D.; Bartlett, J.; Bartos, I.; Bassiri, R.; Basti, A.; Batch, J. C.; Baune, C.; Bavigadda, V.; Bazzan, M.; Bejger, M.; Bell, A. S.; Berger, B. K.; Bergmann, G.; Berry, C. P. L.; Bersanetti, D.; Bertolini, A.; Betzwieser, J.; Bhagwat, S.; Bhandare, R.; Bilenko, I. A.; Billingsley, G.; Birch, M.J.; Birney, R.; Birnholtz, O.; Biscans, S.; Bisht, A.; Bitossi, M.; Biwer, C.; Bizouard, M. A.; Blackburn, J. K.; Blair, C. D.; Blair, D. G.; Blair, R. M.; Bloemen, A.L.S.; Bock, O.; Boer, M.; Bogaert, J.G.; Bogan, C.; Bohe, A.; Bond, T.C; Bondu, F.; Bonnand, R.; Boom, B. A.; Bork, R.; Boschi, V.; Bose, S.; Bouffanais, Y.; Bozzi, A.; Bradaschia, C.; Brady, P. R.; Braginsky, V. B.; Branchesi, M.; Brau, J. E.; Briant, T.; Brillet, A.; Brinkmann, M.; Brisson, V.; Brockill, P.; Broida, J. E.; Brooks, A. F.; Brown, A.D.; Brown, D.; Brown, N. M.; Brunett, S.; Buchanan, C. C.; Buikema, A.; Bulik, T.; Bulten, H. J.; Buonanno, A.; Buskulic, D.; Buy, C.; Byer, R. L.; Cabero, M.; Cadonati, L.; Cagnoli, G.; Cahillane, C.; Bustillo, J. Calderon; Callister, T. A.; Calloni, E.; Camp, J. B.; Cannon, K. C.; Cao, J.; Capano, C. D.; Capocasa, E.; Carbognani, F.; Caride, S.; Diaz, J. Casanueva; Casentini, C.; Caudill, S.; Cavaglia, M.; Cavalier, F.; Cella, G.; Cepeda, C. B.; Baiardi, L. Cerboni; Cerretani, G.; Cesarini, E.; Chamberlin, S. J.; Chan, M.; Chao, D. S.; Charlton, P.; Chassande-Mottin, E.; Cheeseboro, B. D.; Chen, H. Y.; Chen, Y; Cheng, C.; Chincarini, A.; Chiummo, A.; Cho, H. S.; Cho, M.; Chow, J. H.; Christensen, N.; Chu, Qian; Chua, S. E.; Chung, E.S.; Ciani, G.; Clara, F.; Clark, J. A.; Cleva, F.; Coccia, E.; Cohadon, P. -F.; Colla, A.; Collette, C. G.; Cominsky, L.; Constancio, M., Jr.; Conte, A.; Conti, L.; Cook, D.; Corbitt, T. R.; Cornish, N.; Corsi, A.; Cortese, S.; Costa, A.C.; Coughlin, M. W.; Coughlin, S. B.; Coulon, J. -P.; Countryman, S. T.; Couvares, P.; Cowan, E. E.; Coward, D. M.; Cowart, M. J.; Coyne, D. C.; Coyne, R.; Craig, K.; Creighton, J. D. E.; Cripe, J.; Crowder, S. G.; Cumming, A.; Cunningham, A.L.; Cuoco, E.; Dal Canton, T.; Danilishin, S. L.; D'Antonio, S.; Danzmann, K.; Darman, N. S.; Dasgupta, A.; Da Silva Costa, C. F.; Dattilo, V.; Dave, I.; Davier, M.; Davies, G. S.; Daw, E. J.; Day, R.; De, S.; Debra, D.; Debreczeni, G.; Degallaix, J.; De laurentis, M.; Deleglise, S.; Del Pozzo, W.; Denker, T.; Dent, T.; Dergachev, V.A.; Rosa, R.; DeRosa, R. T.; DeSalvo, R.; Devine, R. C.; Dhurandhar, S.; Diaz, M. C.; Di Fiore, L.; Giovanni, M.G.; Di Girolamo, T.; Di Lieto, A.; Di Pace, S.; Di Palma, I.; Di Virgilio, A.; Dolique, V.; Donovan, F.; Dooley, K. L.; Doravari, S.; Douglas, R.; Downes, T. P.; Drago, M.; Drever, R. W. P.; Driggers, J. C.; Ducrot, M.; Dwyer, S. E.; Edo, T. B.; Edwards, M. C.; Effler, A.; Eggenstein, H. -B.; Ehrens, P.; Eichholz, J.; Eikenberry, S. S.; Engels, W.; Essick, R. C.; Etzel, T.; Evans, T. M.; Evans, T. M.; Everett, R.; Factourovich, M.; Fafone, V.; Fair, H.; Fairhurst, S.; Fan, X.M.; Fang, Q.; Farinon, S.; Farr, B.; Farr, W. M.; Favata, M.; Fays, M.; Fehrmann, H.; Fejer, M. M.; Fenyvesi, E.; Ferrante, I.; Ferreira, E. C.; Ferrini, F.; Fidecaro, F.; Fiori, I.; Fiorucci, D.; Fisher, R. P.; Flaminio, R.; Fletcher, M; Fong, H.; Fournier, J. -D.; Frasca, S.; Frasconi, F.; Frei, Z.; Freise, A.; Frey, R.; Frey, V.; Fritschel, P.; Frolov, V. V.; Fulda, P.; Fyffe, M.; Gabbard, H. A. G.; Gaebel, S. M.; Gair, J. R.; Gammaitoni, L.; Gaonkar, S. G.; Garufi, F.; Gaur, G.; Gehrels, N.; Gemme, G.; Geng, P.; Genin, E.; Gennai, A.; George, J.; Gergely, L.; Germain, V.; Ghosh, Abhirup; Ghosh, Archisman; Ghosh, S.; Giaime, J. A.; Giardina, K. D.; Giazotto, A.; Gill, K.P.; Glaefke, A.; Goetz, E.; Goetz, R.; Gondan, L.; Gonzalez, R.G.; Castro, J. M. Gonzalez; Gopakumar, A.; Gordon, N. A.; Gorodetsky, M. L.; Gossan, S. E.; Lee-Gosselin, M.; Gouaty, R.; Grado, A.; Graef, C.; Graff, P. B.; Granata, M.; Grant, A.; Gras, S.; Gray, C.M.; Greco, G.; Green, A. C.; Groot, P.; Grote, H.; Grunewald, S.; Guidi, G. M.; Guo, X.; Gupta, A.; Gupta, M. K.; Gushwa, K. E.; Gustafson, E. K.; Gustafson, R.; Hacker, J. J.; Buffoni-Hall, R.; Hall, E. D.; Hamilton-Ayers, M.; Hammond, G.L.; Haney, M.; Hanke, M. M.; Hanks, J.; Hanna, C.; Hannam, M. D.; Hanson, P.J.; Hardwick, T.; Harms, J.; Harry, G. M.; Harry, I. W.; Hart, M. J.; Hartman, M. T.; Haster, C. -J.; Haughian, K.; Healy, J.; Heidmann, A.; Heintze, M. C.; Heitmann, H.; Hello, P.; Hemming, G.; Hendry, M.; Heng, I. S.; Hennig, J.; Henry, J.A.; Heptonstall, A. W.; Heurs, M.; Hild, S.; Hoak, D.; Hofman, D.; Holt, K.; Holz, D. E.; Hopkins, P.; Hough, J.; Houston, E. A.; Howell, E. J.; Hu, Y. M.; Huang, S.; Huerta, E. A.; Huet, D.; Hughey, B.; Husa, S.; Huttner, S. H.; Huynh-Dinh, T.; Indik, N.; Ingram, D. R.; Inta, R.; Isa, H. N.; Isac, J. -M.; Isi, M.; Isogai, T.; Iyer, B. R.; Izumi, K.; Jacqmin, T.; Jang, D.H.; Jani, K.; Jaranowski, P.; Jawahar, S.; Jian, L.; Jimenez-Forteza, F.; Johnson, W.; Johnson-McDaniel, N. K.; Jones, I.D.; Jones, R.; Jonker, R. J. G.; Ju, L.; Haris, K.; Kalaghatgi, C. V.; Kalogera, V.; Kandhasamy, S.; Kang, G.H.; Kanner, J. B.; Kapadia, S. J.; Karki, S.; Karvinen, K. S.; Kasprzack, M.; Katsavounidis, E.; Katzman, W.; Kaufer, S.; Kaur, T.; Kawabe, K.; Kefelian, F.; Kehl, M. S.; Keitel, D.; Kelley, D. B.; Kells, W.; Kennedy, R.E.; Key, J. S.; Khalili, F. Y.; Khan, I.; Khan., S.; Khan, Z.; Khazanov, E. A.; Kijbunchoo, N.; Kim, Chi-Woong; Kim, Chunglee; Kim, J.; Kim, K.; Kim, Namjun; Kim, W.; Kim, Y.M.; Kimbrell, S. J.; King, E. J.; King, P. J.; Kissel, J. S.; Klein, B.; Kleybolte, L.; Klimenko, S.; Koehlenbeck, S. M.; Koley, S.; Kondrashov, V.; Kontos, A.; Korobko, M.; Korth, W. Z.; Kowalska, I.; Kozak, D. B.; Kringel, V.; Krishnan, B.; Krolak, A.; Krueger, C.; Kuehn, G.; Kumar, P.; Kumar, R.; Kuo, L.; Kutynia, A.; Lackey, B. D.; Landry, M.; Lange, J.; Lantz, B.; Lasky, P. D.; Laxen, M.; Lazzarini, A.; Lazzaro, C.; Leaci, P.; Leavey, S.; Lebigot, E. O.; Lee, C.H.; Lee, K.H.; Lee, M.H.; Lee, K.; Lenon, A.; Leonardi, M.; Leong, J. R.; Leroy, N.; Letendre, N.; Levin, Y.; Lewis, J. B.; Li, T. G. F.; Libson, A.; Littenberg, T. B.; Lockerbie, N. A.; Lombardi, A. L.; London, L. T.; Lord, J. E.; Lorenzini, M.; Loriette, V.; Lormand, M.; Losurdo, G.; Lough, J. D.; Lousto, C.; Lueck, H.; Lundgren, A. P.; Lynch, R.; Ma, Y.; Machenschalk, B.; MacInnis, M.; Macleod, D. M.; Magana-Sandoval, F.; Zertuche, L. Magana; Magee, R. M.; Majorana, E.; Maksimovic, I.; Malvezzi, V.; Man, N.; Mandel, I.; Mandic, V.; Mangano, V.; Mansell, G. L.; Manske, M.; Mantovani, M.; Marchesoni, F.; Marion, F.; Marka, S.; Marka, Z.; Markosyan, A. S.; Maros, E.; Martelli, F.; Martellini, L.; Martin, I. W.; Martynov, D. V.; Marx, J. N.; Mason, K.; Masserot, A.; Massinger, T. J.; Masso-Reid, M.; Mastrogiovanni, S.; Matichard, F.; Matone, L.; Mavalvala, N.; Mazumder, N.; McCarthy, R.; McClelland, D. E.; McCormick, S.; McGuire, S. C.; McIntyre, G.; McIver, J.; McManus, D. J.; McRae, T.; McWilliams, S. T.; Meacher, D.; Meadors, G. D.; Meidam, J.; Melatos, A.; Mendell, G.; Mercer, R. A.; Merilh, E. L.; Merzougui, M.; Meshkov, S.; Messenger, C.; Messick, C.; Metzdorff, R.; Meyers, P. M.; Mezzani, F.; Miao, H.; Michel, C.; Middleton, H.; Mikhailov, E. E.; Milano, L.; Miller, A. L.; Miller, A. L.; Miller, B.; Miller, J.; Millhouse, M.; Minenkov, Y.; Ming, J.; Mirshekari, S.; Mishra, C.; Mitra, S.; Mitrofanov, V. P.; Mitselmakher, G.; Mittleman, R.; Moggi, A.; Mohan, M.; Mohapatra, S. R. P.; Montani, M.; Moore, B.C.; Moore, J.C.; Moraru, D.; Gutierrez Moreno, M.; Morriss, S. R.; Mossavi, K.; Mours, B.; Mow-Lowry, C. M.; Mueller, G.; Muir, A. W.; Mukherjee, Arunava; Mukherjee, S.D.; Mukherjee, S.; Mukund, N.; Mullavey, A.; Munch, J.; Murphy, D. J.; Murray, P.G.; Mytidis, A.; Nardecchia, I.; Naticchioni, L.; Nayak, R. K.; Nedkova, K.; Nelemans, G.; Nelson, T. J. N.; Gutierrez-Neri, M.; Neunzert, A.; Newton-Howes, G.; Nguyen, T. T.; Nielsen, A. B.; Nissanke, S.; Nitz, A.; Nocera, F.; Nolting, D.; Normandin, M. E. N.; Nuttall, L. K.; Oberling, J.; Ochsner, E.; O'Dell, J.; Oelker, E.; Ogin, G. H.; Oh, J.; Oh, S. H.; Ohme, F.; Oliver, M. B.; Oppermann, P.; Oram, Richard J.; O'Reilly, B.; O'Shaughnessy, R.; Ottaway, D. J.; Overmier, H.; Owen, B. J.; Pai, A.; Pai, S. A.; Palamos, J. R.; Palashov, O.; Palomba, C.; Pal-Singh, A.; Pan, H.; Pan, Y.; Pankow, C.; Pannarale, F.; Pant, B. C.; Paoletti, F.; Paoli, A.; Papa, M. A.; Paris, H. R.; Parker, W.S; Pascucci, D.; Pasqualetti, A.; Passaquieti, R.; Passuello, D.; Patricelli, B.; Patrick, Z.; Pearlstone, B. L.; Pedraza, M.; Pedurand, R.; Pekowsky, L.; Pele, A.; Penn, S.; Perreca, A.; Perri, L. M.; Pfeiffer, H. P.; Phelps, M.; Piccinni, O. J.; Pichot, M.; Piergiovanni, F.; Pierro, V.; Pillant, G.; Pinard, L.; Pinto, I. M.; Pitkin, M.; Poe, M.; Poggiani, R.; Popolizio, P.; Porter, E. K.; Post, A.; Powell, J.; Prasad, J.; Predoi, V.; Prestegard, T.; Price, L. R.; Prijatelj, M.; Principe, M.; Privitera, S.; Prix, R.; Prodi, G. A.; Prokhorov, L. G.; Puncken, O.; Punturo, M.; Puppo, P.; Puerrer, M.; Qi, H.; Qin, J.; Qiu, S.; Quetschke, V.; Quintero, E. A.; Quitzow-James, R.; Raab, F. J.; Rabeling, D. S.; Radkins, H.; Raffai, P.; Raja, S.; Rajan, C.; Rakhmanov, M.; Rapagnani, P.; Raymond, V.; Razzano, M.; Re, V.; Read, J.; Reed, C. M.; Regimbau, T.; Rei, L.; Reid, S.; Reitze, D. H.; Rew, H.; Reyes, S. D.; Ricci, F.; Riles, K.; Rizzo, D.M.; Robertson, N. A.; Robie, R.; Robinet, F.; Rocchi, A.; Rolland, L.; Rollins, J. G.; Roma, V. J.; Romano, J. D.; Romano, R.; Romanov, G.; Romie, J. H.; Rosinska, D.; Rowan, S.; Ruediger, A.; Ruggi, P.; Ryan, K.A.; Sachdev, P.S.; Sadecki, T.; Sadeghian, L.; Sakellariadou, M.; Salconi, L.; Saleem, M.; Salemi, F.; Samajdar, A.; Sammut, L.; Sanchez, E. J.; Sandberg, V.; Sandeen, B.; Sanders, J. R.; Sassolas, B.; Sathyaprakash, B. S.; Saulson, P. R.; Sauter, O. E. S.; Savage, R. L.; Sawadsky, A.; Schale, P.; Schilling, R.; Schmidt, J; Schmidt, P.; Schnabel, R.B.; Schofield, R. M. S.; Schreiber, K.E.C.; Schuette, D.; Schutz, B. F.; Scott, J.; Scott, M.S.; Sellers, D.; Sengupta, A. S.; Sentenac, D.; Sequino, V.; Sergeev, A.; Setyawati, Y.; Shaddock, D. A.; Shaffer, T. J.; Shahriar, M. S.; Shaltev, M.; Shapiro, B.; Shawhan, P.; Sheperd, A.; Shoemaker, D. H.; Shoemaker, D. M.; Siellez, K.; Siemens, X.; Sieniawska, M.; Sigg, D.; Silva, António Dias da; Singer, A; Singer, L. P.; Singh, A.; Singh, R.; Singhal, A.; Sintes, A. M.; Slagmolen, B. J. J.; Smith, R. J. E.; Smith, N.D.; Smith, R. J. E.; Son, E. J.; Sorazu, B.; Sorrentino, F.; Souradeep, T.; Srivastava, A. K.; Staley, A.; Steinke, M.; Steinlechner, J.; Steinlechner, S.; Steinmeyer, D.; Stephens, B. C.; Stevenson-Moore, P.; Stone, J.R.; Strain, K. A.; Straniero, N.; Stratta, G.; Strauss, N. A.; Strigin, S. E.; Sturani, R.; Stuver, A. L.; Summerscales, T. Z.; Sun, L.; Sunil, S.; Sutton, P. J.; Swinkels, B. L.; Szczepanczyk, M. J.; Tacca, M.D.; Talukder, D.; Tanner, D. B.; Tapai, M.; Tarabrin, S. P.; Taracchini, A.; Taylor, W.R.; Theeg, T.; Thirugnanasambandam, M. P.; Thomas, E. G.; Thomas, M.; Thomas, P.; Thorne, K. A.; Thrane, E.; Tiwari, S.; Tiwari, V.; Tokmakov, K. V.; Toland, K.; Tomlinson, C.; Tonelli, M.; Tornasi, Z.; Torres, C. V.; Torrie, C. I.; Toyra, D.; Travasso, F.; Traylor, G.; Trifiro, D.; Tringali, M. C.; Trozzo, L.; Tse, M.; Turconi, M.; Tuyenbayev, D.; Ugolini, D.; Unnikrishnan, C. S.; Urban, A. L.; Usman, S. A.; Vahlbruch, H.; Vajente, G.; Valdes, G.; Vallisneri, M.; van Bakel, N.; van Beuzekom, M.G.; van den Brand, J. F. J.; Van Den Broeck, C.F.F.; Vander-Hyde, D. C.; van der Schaaf, L.; van Heijningen, J. V.; van Veggel, A. A.; Vardaro, M.; Vass, S.; Vasuth, M.; Vaulin, R.; Vecchio, A.; Vedovato, G.; Veitch, J.; Veitch, P.J.; Venkateswara, K.; Verkindt, D.; Vetrano, F.; Vicere, A.; Vinciguerra, S.; Vine, D. J.; Vinet, J. -Y.; Vitale, S.; Vo, T.; Vocca, H.; Vorvick, C.; Voss, D. V.; Vousden, W. D.; Vyatchanin, S. P.; Wade, A. R.; Wade, L. E.; Wade, MT; Walker, M.; Wallace, L.; Walsh, S.; Wang, G.; Wang, H.; Wang, M.; Wang, X.; Wang, Y.; Ward, R. L.; Warner, J.; Was, M.; Weaver, B.; Wei, L. -W.; Weinert, M.; Weinstein, A. J.; Weiss, R.; Wen, L.M.; Wessels, P.; Westphal, T.; Wette, K.; Whelan, J. T.; Whitcomb, S. E.; Whiting, B. F.; Williams, D.R.; Williamson, A. R.; Willis, J. L.; Willke, B.; Wimmer, M. H.; Winkler, W.; Wipf, C. C.; Wittel, H.; Woan, G.; Woehler, J.; Worden, J.; Wright, J.L.; Wu, D.S.; Wu, G.; Yablon, J.; Yam, W.; Yamamoto, H.; Yancey, C. C.; Yu, H.; Yvert, M.; Zadrozny, A.; Zangrando, L.; Zanolin, M.; Zendri, J. -P.; Zevin, M.; Zhang, L.; Zhang, M.; Zhang, Y.; Zhao, C.; Zhou, M.; Zhou, Z.; Zhu, X. J.; Zucker, M. E.; Zuraw, S. E.; Zweizig, J.

    2016-01-01

    The first observational run of the Advanced LIGO detectors, from September 12, 2015 to January 19, 2016, saw the first detections of gravitational waves from binary black hole mergers. In this paper, we present full results from a search for binary black hole merger signals with total masses up to

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

    Science.gov (United States)

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

    2018-05-01

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

  17. The Relationship between Organizational Culture and Performance: Merger in the Nigerian Banking Industry

    Science.gov (United States)

    Okoro, Henrietta Mbamalu

    2010-01-01

    Recent merger waves in most organizations fail to increase organizational performance and sustain competitive advantage. Several U.S. organizational mergers failed to sustain market competition and retain employees. Most consolidated and merged banks in Nigeria are in distress and have failed to increase organizational performance. Currently,…

  18. Competitive Effects of Merger Remedies in Europe’s High-Tech Industry

    NARCIS (Netherlands)

    Angelov, P.A.|info:eu-repo/dai/nl/35720865X; Rosenkranz, S.|info:eu-repo/dai/nl/157222241; Schenk, E.J.J.|info:eu-repo/dai/nl/074056344

    2012-01-01

    Using an event study methodology, this paper assesses the competitive effects of remedies implemented by the European Commission in 11 horizontal mergers in the ICT industry between 1990 and 2010. The estimates of merger announcement effects for both merging parties and competitors have

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

    NARCIS (Netherlands)

    Weber, Yaakov; Drori, Israel

    2008-01-01

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

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

    NARCIS (Netherlands)

    Weber, Yaakov; Drori, Israel

    2011-01-01

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

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

    Science.gov (United States)

    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…

  2. Ex-post Analysis of Mobile Telecom Mergers: The Case of Austria and The Netherlands

    NARCIS (Netherlands)

    Aguzzoni, L. (Luca); Buehler, B. (Benno); Di Martile, L. (Luca); R.G.M. Kemp (Ron G.M.); Schwarz, A. (Anton)

    2017-01-01

    textabstractRecently there has been an increased attention towards the ex-post evaluation of competition policy enforcement decisions and in particular merger decisions. In this paper we study the effects of two mobile telecommunication mergers on prices. We apply a standard

  3. ENHANCING THE INTERNATIONALIZATION OF THE GLOBAL INSURANCE MARKET: CHANGING DRIVERS OF MERGERS AND ACQUISITIONS

    Directory of Open Access Journals (Sweden)

    D. Rasshyvalov

    2014-03-01

    Full Text Available One-third of worldwide mergers and acquisitions involving firms from different countries make M&A one of the key drivers of internationalization. Over the past five years insurance cross-border merger and acquisition activities have globally paralleled deep financial crisis.

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

    International Nuclear Information System (INIS)

    Cox, A.J.

    1999-01-01

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

  5. When galaxy clusters collide : the impact of merger shocks on cluster gas and galaxy evolution

    NARCIS (Netherlands)

    Stroe, Andra

    2015-01-01

    Galaxy clusters mainly grow through mergers with other clusters and groups. Major mergers give rise to cluster-wide traveling shocks, which can be detected at radio wavelengths as relics: elongated, diffuse synchrotron emitting areas located at the periphery of merging clusters. The 'Sausage'

  6. Electromagnetic counterparts to structured jets from gravitational wave detected mergers

    Science.gov (United States)

    Lamb, Gavin P.; Kobayashi, Shiho

    2017-12-01

    We show the peak magnitude for orphan afterglows from the jets of gravitational wave (GW) detected black hole/neutron star - neutron star (BH/NS-NS) mergers highly depend on the jet half-opening angle θj. Short γ-ray bursts (GRBs) with a homogeneous jet structure and θj > 10°, the orphan afterglow viewed at the typical inclination for a GW detected event, 38°, are brighter at optical frequencies than the comparable macronova emission. Structured jets, where the energetics and Lorentz factor Γ vary with angle from the central axis, may have low-Γ components where the prompt emission is suppressed; GW electromagnetic (EM) counterparts may reveal a population of failed-GRB orphan afterglows. Using a Monte Carlo method assuming an NS-NS detection limit we show the fraction of GW-EM counterparts from homogeneous, two-component, power-law structured and Gaussian jets where the variable structure models include a wide low energy and Γ component: for homogeneous jets, with a θj = 6° and typical short GRB parameters, we find r-band magnitude mr ≤ 21 counterparts for ∼13.6 per cent of GW detected mergers; where jet structure extends to a half-opening angle of 25°, two-component jets produce mr ≤ 21 counterparts in ∼30 per cent of GW detected mergers, power-law structured-jets result in ∼37 per cent and Gaussian jets with our parameters ∼13 per cent. We show the features in the light curves from orphan afterglows can be used to indicate the presence of extended structure.

  7. Kilonova/Macronova Emission from Compact Binary Mergers

    Directory of Open Access Journals (Sweden)

    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.

  8. 12 CFR 741.208 - Mergers of federally insured credit unions: voluntary termination or conversion of insured status.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Mergers of federally insured credit unions... Insured State-Chartered Credit Unions § 741.208 Mergers of federally insured credit unions: voluntary... 708a and 708b of this chapter concerning mergers and voluntary termination or conversion of insured...

  9. 26 CFR 1.414(l)-1 - Mergers and consolidations of plans or transfers of plan assets.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 5 2010-04-01 2010-04-01 false Mergers and consolidations of plans or transfers... Plans, Etc. § 1.414(l)-1 Mergers and consolidations of plans or transfers of plan assets. (a) In general... qualified under section 403 (a) and 405 (a), unless, in the case of a merger or consolidation (as defined in...

  10. 26 CFR 1.401(a)-12 - Mergers and consolidations of plans and transfers of plan assets.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 5 2010-04-01 2010-04-01 false Mergers and consolidations of plans and... Bonus Plans, Etc. § 1.401(a)-12 Mergers and consolidations of plans and transfers of plan assets. A... in the case of any merger or consolidation with, or transfer of assets or liabilities to, another...

  11. Leadership, Change Management, and Acculturation in the Merger of Two Institutions of Higher Education: A Case Study

    Science.gov (United States)

    Hazelwood, Anita Cook

    2016-01-01

    Mergers and consolidations within the higher education sector are "relatively rare occurrences and each merger has a distinct set of circumstances, actors, and characteristics" (Etschmaier, 2010, p. 1). Institutional mergers and consolidations require well-planned and strategic organizational change and include an examination of…

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

    Science.gov (United States)

    Lim, Ka Keat

    2014-12-12

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

  13. Success Factors of the Companies Mergers and Acquisitions

    Directory of Open Access Journals (Sweden)

    Maria Sierpińska

    2007-03-01

    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 researchersí and specialists-practitionersí 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.

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

    DEFF Research Database (Denmark)

    Bache, Peter Arendorf

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

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

    International Nuclear Information System (INIS)

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

    2010-01-01

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

  16. PERBEDAAN PROFITABILITAS DAN TINGKAT PENGAWASAN SEBELUM DAN SESUDAH MERGER PADA BANK PERKREDITAN RAKYAT

    Directory of Open Access Journals (Sweden)

    I Nyoman Nugraha Ardana Putra

    2017-03-01

    Full Text Available This research was aimed at finding the influence of merger. Furthermore, it was also to find out the differenceof before and after merger to Profitability and Controlling in Society Credit Bank (BPR. In order to find outit, it included 46 Society Credit Bank (BPR-LKP doing merger in West Nusa Tenggara province as thesample. By using t-test paired, then it came the finding that there was difference of before and after merger toprofitability in Society Credit Bank (BPR-LKP compared with ROA indicator.  Further more, it was also tofind out the difference of before and after merger to Society Credit Bank (BPR-LKP controlled with NPLindicator.

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

    Science.gov (United States)

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

    2016-01-01

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

  18. Reasons for Mergers and Economic Groups: The Davivienda case - Bansuperior - Bancafé

    Directory of Open Access Journals (Sweden)

    Ingrid Suárez

    2009-09-01

    Full Text Available The article studies the motives for mergers. It groups them according to their theoretical roots and shows their usefulness in the case of the merger of Colombian banks Davivienda - Bansuperior - Bancafé. The theoretical frame compiles 17 typologies of motives for merger grouped into three blocks: scale and scope economies, transaction costs and resource based approach. We used the case study method. We obtained data from interviews with Davivienda executives and secondary sources. We used the Likert scale to capture the attitudes of the respondents. We found in the case the majority of motives studied in the literature. One new motive was identified. Particularly one motive for a horizontal merger of Davivienda was the transaction costs economizing by other firms of the economic group to which belongs Davivienda. The specific weight of the transaction costs vertical motives in an essentially horizontal merger deserves further research.

  19. Process and impact of mergers of NHS trusts: multicentre case study and management cost analysis.

    Science.gov (United States)

    Fulop, Naomi; Protopsaltis, Gerasimos; Hutchings, Andrew; King, Annette; Allen, Pauline; Normand, Charles; Walters, Rhiannon

    2002-08-03

    To study the processes involved in and impact of mergers between NHS trusts, including the effect on management costs. Cross sectional study involving in depth interviews and documentary analysis; case study to compare savings in management costs between case trusts and control trusts. Nine trusts (cross sectional study) and four trusts (case study) in London. 96 interviews with trust board members, other senior managers, clinicians, service managers, and representatives of health authorities, regional office, community health councils, local authorities, other trusts in the area, and primary care groups and trusts. Stated and unstated drivers, and impact of merger on delivery and development of services, management structures, and staff recruitment, retention, and morale. Effects of difference in trust size before and after the merger. Savings in management costs two years after merger. Some important drivers for merger are not publicly stated. Mergers had a negative effect on delivery of services because of a loss of managerial focus on services. Planned developments in services were delayed by at least 18 months. Trusts' larger sizes after mergers had unintended negative consequences, as well as predicted advantages. The tendency for one trust's management team to dominate over the other resulted in tension. No improvement in recruitment or retention of clinical and managerial staff was reported. Perceived differences in organisational culture were an important barrier to bringing together two or more organisations. Two years after merger, merged trusts had not achieved the objective of saving pound 500 000 a year in management costs. Important unintended consequences need to be accounted for when mergers are planned. Mergers can cause considerable disruptions to services, and require greater management support than previously acknowledged. Other organisations undergoing restructuring, such as primary care groups developing into primary care trusts and health

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

    Science.gov (United States)

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

    2009-01-01

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

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

    International Nuclear Information System (INIS)

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

    2011-01-01

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

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

    Science.gov (United States)

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

    2016-01-01

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

  3. Tomorrow is another day! Merger review and counterfactual analysis

    Directory of Open Access Journals (Sweden)

    Andrea Pezzoli

    2014-03-01

    Full Text Available The choice of a counterfactual scenario other than the status quo is quite challenging. The investigation has to be particularly convincing if the deterioration of the competitive process which is likely to arise in the absence of the merger is related to a failing firm scenario – a special case of the more general counterfactual analysis. Could counterfactual analysis provide alternative tools to those required by the failing firm defense? Alternative but equally rigorous?The extent to which a broader counterfactual analysis might be taken into consideration is discussed in the paper. More precisely it will be discussed i if and when it may be desirable to focus the assessment not only on the most likely counterfactual, ii if the incomplete fulfillment of the three requirements for the failing firm defense necessarily leads to a prohibition and iii the role which may be played by entry and dynamic competition in the application of the failing firm defense. Finally, merger policy based on a broader counterfactual analysis is discussed in a bidding market context where tender design is not already set.

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

    Science.gov (United States)

    Abbott, B P; Abbott, R; Abbott, T D; Abernathy, M R; Acernese, F; Ackley, K; Adams, C; Adams, T; Addesso, P; Adhikari, R X; Adya, V B; Affeldt, C; Agathos, M; Agatsuma, K; Aggarwal, N; Aguiar, O D; Aiello, L; Ain, A; Ajith, P; Allen, B; Allocca, A; Altin, P A; Anderson, S B; Anderson, W G; Arai, K; Arain, M A; Araya, M C; Arceneaux, C C; Areeda, J S; Arnaud, N; Arun, K G; Ascenzi, S; Ashton, G; Ast, M; Aston, S M; Astone, P; Aufmuth, P; Aulbert, C; Babak, S; Bacon, P; Bader, M K M; Baker, P T; Baldaccini, F; Ballardin, G; Ballmer, S W; Barayoga, J C; Barclay, S E; Barish, B C; Barker, D; Barone, F; Barr, B; Barsotti, L; Barsuglia, M; Barta, D; Bartlett, J; Barton, M A; Bartos, I; Bassiri, R; Basti, A; Batch, J C; Baune, C; Bavigadda, V; Bazzan, M; Behnke, B; Bejger, M; Belczynski, C; Bell, A S; Bell, C J; Berger, B K; Bergman, J; Bergmann, G; Berry, C P L; Bersanetti, D; Bertolini, A; Betzwieser, J; Bhagwat, S; Bhandare, R; Bilenko, I A; Billingsley, G; Birch, J; Birney, R; Birnholtz, O; Biscans, S; Bisht, A; Bitossi, M; Biwer, C; Bizouard, M A; Blackburn, J K; Blair, C D; Blair, D G; Blair, R M; Bloemen, S; Bock, O; Bodiya, T P; Boer, M; Bogaert, G; Bogan, C; Bohe, A; Bojtos, P; Bond, C; Bondu, F; Bonnand, R; Boom, B A; Bork, R; Boschi, V; Bose, S; Bouffanais, Y; Bozzi, A; Bradaschia, C; Brady, P R; Braginsky, V B; Branchesi, M; Brau, J E; Briant, T; Brillet, A; Brinkmann, M; Brisson, V; Brockill, P; Brooks, A F; Brown, D A; Brown, D D; Brown, N M; Buchanan, C C; Buikema, A; Bulik, T; Bulten, H J; Buonanno, A; Buskulic, D; Buy, C; Byer, R L; Cabero, M; Cadonati, L; Cagnoli, G; Cahillane, C; Calderón Bustillo, J; Callister, T; Calloni, E; Camp, J B; Cannon, K C; Cao, J; Capano, C D; Capocasa, E; Carbognani, F; Caride, S; Casanueva Diaz, J; Casentini, C; Caudill, S; Cavaglià, M; Cavalier, F; Cavalieri, R; Cella, G; Cepeda, C B; Cerboni Baiardi, L; Cerretani, G; Cesarini, E; Chakraborty, R; Chalermsongsak, T; Chamberlin, S J; Chan, M; Chao, S; Charlton, P; Chassande-Mottin, E; Chen, H Y; Chen, Y; Cheng, C; Chincarini, A; Chiummo, A; Cho, H S; Cho, M; Chow, J H; Christensen, N; Chu, Q; Chua, S; Chung, S; Ciani, G; Clara, F; Clark, J A; Cleva, F; Coccia, E; Cohadon, P-F; Colla, A; Collette, C G; Cominsky, L; Constancio, M; Conte, A; Conti, L; Cook, D; Corbitt, T R; Cornish, N; Corsi, A; Cortese, S; Costa, C A; Coughlin, M W; Coughlin, S B; Coulon, J-P; Countryman, S T; Couvares, P; Cowan, E E; Coward, D M; Cowart, M J; Coyne, D C; Coyne, R; Craig, K; Creighton, J D E; Creighton, T D; Cripe, J; Crowder, S G; Cruise, A M; Cumming, A; Cunningham, L; Cuoco, E; Dal Canton, T; Danilishin, S L; D'Antonio, S; Danzmann, K; Darman, N S; Da Silva Costa, C F; Dattilo, V; Dave, I; Daveloza, H P; Davier, M; Davies, G S; Daw, E J; Day, R; De, S; DeBra, D; Debreczeni, G; Degallaix, J; De Laurentis, M; Deléglise, S; Del Pozzo, W; Denker, T; Dent, T; Dereli, H; Dergachev, V; DeRosa, R T; De Rosa, R; DeSalvo, R; Dhurandhar, S; Díaz, M C; Di Fiore, L; Di Giovanni, M; Di Lieto, A; Di Pace, S; Di Palma, I; Di Virgilio, A; Dojcinoski, G; Dolique, V; Donovan, F; Dooley, K L; Doravari, S; Douglas, R; Downes, T P; Drago, M; Drever, R W P; Driggers, J C; Du, Z; Ducrot, M; Dwyer, S E; Edo, T B; Edwards, M C; Effler, A; Eggenstein, H-B; Ehrens, P; Eichholz, J; Eikenberry, S S; Engels, W; Essick, R C; Etzel, T; Evans, M; Evans, T M; Everett, R; Factourovich, M; Fafone, V; Fair, H; Fairhurst, S; Fan, X; Fang, Q; Farinon, S; Farr, B; Farr, W M; Favata, M; Fays, M; Fehrmann, H; Fejer, M M; Feldbaum, D; Ferrante, I; Ferreira, E C; Ferrini, F; Fidecaro, F; Finn, L S; Fiori, I; Fiorucci, D; Fisher, R P; Flaminio, R; Fletcher, M; Fong, H; Fournier, J-D; Franco, S; Frasca, S; Frasconi, F; Frede, M; Frei, Z; Freise, A; Frey, R; Frey, V; Fricke, T T; Fritschel, P; Frolov, V V; Fulda, P; Fyffe, M; Gabbard, H A G; Gair, J R; Gammaitoni, L; Gaonkar, S G; Garufi, F; Gatto, A; Gaur, G; Gehrels, N; Gemme, G; Gendre, B; Genin, E; Gennai, A; George, J; Gergely, L; Germain, V; Ghosh, Abhirup; Ghosh, Archisman; Ghosh, S; Giaime, J A; Giardina, K D; Giazotto, A; Gill, K; Glaefke, A; Gleason, J R; Goetz, E; Goetz, R; Gondan, L; González, G; Gonzalez Castro, J M; Gopakumar, A; Gordon, N A; Gorodetsky, M L; Gossan, S E; Gosselin, M; Gouaty, R; Graef, C; Graff, P B; Granata, M; Grant, A; Gras, S; Gray, C; Greco, G; Green, A C; Greenhalgh, R J S; Groot, P; Grote, H; Grunewald, S; Guidi, G M; Guo, X; Gupta, A; Gupta, M K; Gushwa, K E; Gustafson, E K; Gustafson, R; Hacker, J J; Hall, B R; Hall, E D; Hammond, G; Haney, M; Hanke, M M; Hanks, J; Hanna, C; Hannam, M D; Hanson, J; Hardwick, T; Harms, J; Harry, G M; Harry, I W; Hart, M J; Hartman, M T; Haster, C-J; Haughian, K; Healy, J; Heefner, J; Heidmann, A; Heintze, M C; Heinzel, G; Heitmann, H; Hello, P; Hemming, G; Hendry, M; Heng, I S; Hennig, J; Heptonstall, A W; Heurs, M; Hild, S; Hoak, D; Hodge, K A; Hofman, D; Hollitt, S E; Holt, K; Holz, D E; Hopkins, P; Hosken, D J; Hough, J; Houston, E A; Howell, E J; Hu, Y M; Huang, S; Huerta, E A; Huet, D; Hughey, B; Husa, S; Huttner, S H; Huynh-Dinh, T; Idrisy, A; Indik, N; Ingram, D R; Inta, R; Isa, H N; Isac, J-M; Isi, M; Islas, G; Isogai, T; Iyer, B R; Izumi, K; Jacobson, M B; Jacqmin, T; Jang, H; Jani, K; Jaranowski, P; Jawahar, S; Jiménez-Forteza, F; Johnson, W W; Johnson-McDaniel, N K; Jones, D I; Jones, R; Jonker, R J G; Ju, L; Haris, K; Kalaghatgi, C V; Kalogera, V; Kandhasamy, S; Kang, G; Kanner, J B; Karki, S; Kasprzack, M; Katsavounidis, E; Katzman, W; Kaufer, S; Kaur, T; Kawabe, K; Kawazoe, F; Kéfélian, F; Kehl, M S; Keitel, D; Kelley, D B; Kells, W; Kennedy, R; Keppel, D G; Key, J S; Khalaidovski, A; Khalili, F Y; Khan, I; Khan, S; Khan, Z; Khazanov, E A; Kijbunchoo, N; Kim, C; Kim, J; Kim, K; Kim, Nam-Gyu; Kim, Namjun; Kim, Y-M; King, E J; King, P J; Kinzel, D L; Kissel, J S; Kleybolte, L; Klimenko, S; Koehlenbeck, S M; Kokeyama, K; Koley, S; Kondrashov, V; Kontos, A; Koranda, S; Korobko, M; Korth, W Z; Kowalska, I; Kozak, D B; Kringel, V; Krishnan, B; Królak, A; Krueger, C; Kuehn, G; Kumar, P; Kumar, R; Kuo, L; Kutynia, A; Kwee, P; Lackey, B D; Landry, M; Lange, J; Lantz, B; Lasky, P D; Lazzarini, A; Lazzaro, C; Leaci, P; Leavey, S; Lebigot, E O; Lee, C H; Lee, H K; Lee, H M; Lee, K; Lenon, A; Leonardi, M; Leong, J R; Leroy, N; Letendre, N; Levin, Y; Levine, B M; Li, T G F; Libson, A; Littenberg, T B; Lockerbie, N A; Logue, J; Lombardi, A L; London, L T; Lord, J E; Lorenzini, M; Loriette, V; Lormand, M; Losurdo, G; Lough, J D; Lousto, C O; Lovelace, G; Lück, H; Lundgren, A P; Luo, J; Lynch, R; Ma, Y; MacDonald, T; Machenschalk, B; MacInnis, M; Macleod, D M; Magaña-Sandoval, F; Magee, R M; Mageswaran, M; Majorana, E; Maksimovic, I; Malvezzi, V; Man, N; Mandel, I; Mandic, V; Mangano, V; Mansell, G L; Manske, M; Mantovani, M; Marchesoni, F; Marion, F; Márka, S; Márka, Z; Markosyan, A S; Maros, E; Martelli, F; Martellini, L; Martin, I W; Martin, R M; Martynov, D V; Marx, J N; Mason, K; Masserot, A; Massinger, T J; Masso-Reid, M; Matichard, F; Matone, L; Mavalvala, N; Mazumder, N; Mazzolo, G; McCarthy, R; McClelland, D E; McCormick, S; McGuire, S C; McIntyre, G; McIver, J; McManus, D J; McWilliams, S T; Meacher, D; Meadors, G D; Meidam, J; Melatos, A; Mendell, G; Mendoza-Gandara, D; Mercer, R A; Merilh, E; Merzougui, M; Meshkov, S; Messenger, C; Messick, C; Meyers, P M; Mezzani, F; Miao, H; Michel, C; Middleton, H; Mikhailov, E E; Milano, L; Miller, J; Millhouse, M; Minenkov, Y; Ming, J; Mirshekari, S; Mishra, C; Mitra, S; Mitrofanov, V P; Mitselmakher, G; Mittleman, R; Moggi, A; Mohan, M; Mohapatra, S R P; Montani, M; Moore, B C; Moore, C J; Moraru, D; Moreno, G; Morriss, S R; Mossavi, K; Mours, B; Mow-Lowry, C M; Mueller, C L; Mueller, G; Muir, A W; Mukherjee, Arunava; Mukherjee, D; Mukherjee, S; Mukund, N; Mullavey, A; Munch, J; Murphy, D J; Murray, P G; Mytidis, A; Nardecchia, I; Naticchioni, L; Nayak, R K; Necula, V; Nedkova, K; Nelemans, G; Neri, M; Neunzert, A; Newton, G; Nguyen, T T; Nielsen, A B; Nissanke, S; Nitz, A; Nocera, F; Nolting, D; Normandin, M E N; Nuttall, L K; Oberling, J; Ochsner, E; O'Dell, J; Oelker, E; Ogin, G H; Oh, J J; Oh, S H; Ohme, F; Oliver, M; Oppermann, P; Oram, Richard J; O'Reilly, B; O'Shaughnessy, R; Ott, C D; Ottaway, D J; Ottens, R S; Overmier, H; Owen, B J; Pai, A; Pai, S A; Palamos, J R; Palashov, O; Palomba, C; Pal-Singh, A; Pan, H; Pan, Y; Pankow, C; Pannarale, F; Pant, B C; Paoletti, F; Paoli, A; Papa, M A; Paris, H R; Parker, W; Pascucci, D; Pasqualetti, A; Passaquieti, R; Passuello, D; Patricelli, B; Patrick, Z; Pearlstone, B L; Pedraza, M; Pedurand, R; Pekowsky, L; Pele, A; Penn, S; Perreca, A; Pfeiffer, H P; Phelps, M; Piccinni, O; Pichot, M; Pickenpack, M; Piergiovanni, F; Pierro, V; Pillant, G; Pinard, L; Pinto, I M; Pitkin, M; Poeld, J H; Poggiani, R; Popolizio, P; Post, A; Powell, J; Prasad, J; Predoi, V; Premachandra, S S; Prestegard, T; Price, L R; Prijatelj, M; Principe, M; Privitera, S; Prix, R; Prodi, G A; Prokhorov, L; Puncken, O; Punturo, M; Puppo, P; Pürrer, M; Qi, H; Qin, J; Quetschke, V; Quintero, E A; Quitzow-James, R; Raab, F J; Rabeling, D S; Radkins, H; Raffai, P; Raja, S; Rakhmanov, M; Ramet, C R; Rapagnani, P; Raymond, V; Razzano, M; Re, V; Read, J; Reed, C M; Regimbau, T; Rei, L; Reid, S; Reitze, D H; Rew, H; Reyes, S D; Ricci, F; Riles, K; Robertson, N A; Robie, R; Robinet, F; Rocchi, A; Rolland, L; Rollins, J G; Roma, V J; Romano, J D; Romano, R; Romanov, G; Romie, J H; Rosińska, D; Rowan, S; Rüdiger, A; Ruggi, P; Ryan, K; Sachdev, S; Sadecki, T; Sadeghian, L; Salconi, L; Saleem, M; Salemi, F; Samajdar, A; Sammut, L; Sampson, L M; Sanchez, E J; Sandberg, V; Sandeen, B; Sanders, G H; Sanders, J R; Sassolas, B; Sathyaprakash, B S; Saulson, P R; Sauter, O; Savage, R L; Sawadsky, A; Schale, P; Schilling, R; Schmidt, J; Schmidt, P; Schnabel, R; Schofield, R M S; Schönbeck, A; Schreiber, E; Schuette, D; Schutz, B F; Scott, J; Scott, S M; Sellers, D; Sengupta, A S; Sentenac, D; Sequino, V; Sergeev, A; Serna, G; Setyawati, Y; Sevigny, A; Shaddock, D A; Shaffer, T; Shah, S; Shahriar, M S; Shaltev, M; Shao, Z; Shapiro, B; Shawhan, P; Sheperd, A; Shoemaker, D H; Shoemaker, D M; Siellez, K; Siemens, X; Sigg, D; Silva, A D; Simakov, D; Singer, A; Singer, L P; Singh, A; Singh, R; Singhal, A; Sintes, A M; Slagmolen, B J J; Smith, J R; Smith, M R; Smith, N D; Smith, R J E; Son, E J; Sorazu, B; Sorrentino, F; Souradeep, T; Srivastava, A K; Staley, A; Steinke, M; Steinlechner, J; Steinlechner, S; Steinmeyer, D; Stephens, B C; Stevenson, S P; Stone, R; Strain, K A; Straniero, N; Stratta, G; Strauss, N A; Strigin, S; Sturani, R; Stuver, A L; Summerscales, T Z; Sun, L; Sutton, P J; Swinkels, B L; Szczepańczyk, M J; Tacca, M; Talukder, D; Tanner, D B; Tápai, M; Tarabrin, S P; Taracchini, A; Taylor, R; Theeg, T; Thirugnanasambandam, M P; Thomas, E G; Thomas, M; Thomas, P; Thorne, K A; Thorne, K S; Thrane, E; Tiwari, S; Tiwari, V; Tokmakov, K V; Tomlinson, C; Tonelli, M; Torres, C V; Torrie, C I; Töyrä, D; Travasso, F; Traylor, G; Trifirò, D; Tringali, M C; Trozzo, L; Tse, M; Turconi, M; Tuyenbayev, D; Ugolini, D; Unnikrishnan, C S; Urban, A L; Usman, S A; Vahlbruch, H; Vajente, G; Valdes, G; Vallisneri, M; van Bakel, N; van Beuzekom, M; van den Brand, J F J; Van Den Broeck, C; Vander-Hyde, D C; van der Schaaf, L; van Heijningen, J V; van Veggel, A A; Vardaro, M; Vass, S; Vasúth, M; Vaulin, R; Vecchio, A; Vedovato, G; Veitch, J; Veitch, P J; Venkateswara, K; Verkindt, D; Vetrano, F; Viceré, A; Vinciguerra, S; Vine, D J; Vinet, J-Y; Vitale, S; Vo, T; Vocca, H; Vorvick, C; Voss, D; Vousden, W D; Vyatchanin, S P; Wade, A R; Wade, L E; Wade, M; Waldman, S J; Walker, M; Wallace, L; Walsh, S; Wang, G; Wang, H; Wang, M; Wang, X; Wang, Y; Ward, H; Ward, R L; Warner, J; Was, M; Weaver, B; Wei, L-W; Weinert, M; Weinstein, A J; Weiss, R; Welborn, T; Wen, L; Weßels, P; Westphal, T; Wette, K; Whelan, J T; Whitcomb, S E; White, D J; Whiting, B F; Wiesner, K; Wilkinson, C; Willems, P A; Williams, L; Williams, R D; Williamson, A R; Willis, J L; Willke, B; Wimmer, M H; Winkelmann, L; Winkler, W; Wipf, C C; Wiseman, A G; Wittel, H; Woan, G; Worden, J; Wright, J L; Wu, G; Yablon, J; Yakushin, I; Yam, W; Yamamoto, H; Yancey, C C; Yap, M J; Yu, H; Yvert, M; Zadrożny, A; Zangrando, L; Zanolin, M; Zendri, J-P; Zevin, M; Zhang, F; Zhang, L; Zhang, M; Zhang, Y; Zhao, C; Zhou, M; Zhou, Z; Zhu, X J; Zucker, M E; Zuraw, S E; Zweizig, J

    2016-02-12

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

  5. MERGERS IN DOUBLE-PEAKED [O III] ACTIVE GALACTIC NUCLEI

    International Nuclear Information System (INIS)

    Fu Hai; Djorgovski, S. G.; Myers, Adam D.; Yan Lin

    2011-01-01

    As a natural consequence of galaxy mergers, binary active galactic nuclei (AGNs) should be commonplace. Nevertheless, observational confirmations are rare, especially for binaries with separations less than 10 kpc. Such a system may show two sets of narrow emission lines in a single spectrum owing to the orbital motion of the binary. We have obtained high-resolution near-infrared images of 50 double-peaked [O III]λ5007 AGNs with the Keck II laser guide star adaptive optics system. The Sloan Digital Sky Survey sample is compiled from the literature and consists of 17 type-1 AGNs between 0.18 BH -σ * relation because of overestimated stellar velocity dispersions, illustrating the importance of removing mergers from the samples defining the M BH -σ * relations. Finally, we find that the emission-line properties are indistinguishable for spatially resolved and unresolved sources, emphasizing that scenarios involving a single AGN can produce the same double-peaked line profiles and they account for at least 70% of the double-peaked [O III] AGNs.

  6. ELECTROMAGNETIC COUNTERPARTS TO BLACK HOLE MERGERS DETECTED BY LIGO

    Energy Technology Data Exchange (ETDEWEB)

    Loeb, Abraham, E-mail: aloeb@cfa.harvard.edu [Department of Astronomy, Harvard University, 60 Garden St., Cambridge, MA 02138 (United States)

    2016-03-10

    Mergers of stellar-mass black holes (BHs), such as GW150914 observed by Laser Interferometer Gravitational Wave Observatory (LIGO), are not expected to have electromagnetic counterparts. However, the Fermi GBM detector identified a γ-ray transient 0.4 s after the gravitational wave (GW) signal GW150914 with consistent sky localization. I show that the two signals might be related if the BH binary detected by LIGO originated from two clumps in a dumbbell configuration that formed when the core of a rapidly rotating massive star collapsed. In that case, the BH binary merger was followed by a γ-ray burst (GRB) from a jet that originated in the accretion flow around the remnant BH. A future detection of a GRB afterglow could be used to determine the redshift and precise localization of the source. A population of standard GW sirens with GRB redshifts would provide a new approach for precise measurements of cosmological distances as a function of redshift.

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

    International Nuclear Information System (INIS)

    Gallen, B. L.

    1997-01-01

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

  8. NONLINEAR GRAVITATIONAL-WAVE MEMORY FROM BINARY BLACK HOLE MERGERS

    International Nuclear Information System (INIS)

    Favata, Marc

    2009-01-01

    Some astrophysical sources of gravitational waves can produce a 'memory effect', which causes a permanent displacement of the test masses in a freely falling gravitational-wave detector. The Christodoulou memory is a particularly interesting nonlinear form of memory that arises from the gravitational-wave stress-energy tensor's contribution to the distant gravitational-wave field. This nonlinear memory contributes a nonoscillatory component to the gravitational-wave signal at leading (Newtonian-quadrupole) order in the waveform amplitude. Previous computations of the memory and its detectability considered only the inspiral phase of binary black hole coalescence. Using an 'effective-one-body' (EOB) approach calibrated to numerical relativity simulations, as well as a simple fully analytic model, the Christodoulou memory is computed for the inspiral, merger, and ringdown. The memory will be very difficult to detect with ground-based interferometers, but is likely to be observable in supermassive black hole mergers with LISA out to redshifts z ∼< 2. Detection of the nonlinear memory could serve as an experimental test of the ability of gravity to 'gravitate'.

  9. Rotational properties of hypermassive neutron stars from binary mergers

    Science.gov (United States)

    Hanauske, Matthias; Takami, Kentaro; Bovard, Luke; Rezzolla, Luciano; Font, José A.; Galeazzi, Filippo; Stöcker, Horst

    2017-08-01

    Determining the differential-rotation law of compact stellar objects produced in binary neutron stars mergers or core-collapse supernovae is an old problem in relativistic astrophysics. Addressing this problem is important because it impacts directly on the maximum mass these objects can attain and, hence, on the threshold to black-hole formation under realistic conditions. Using the results from a large number of numerical simulations in full general relativity of binary neutron star mergers described with various equations of state and masses, we study the rotational properties of the resulting hypermassive neutron stars. We find that the angular-velocity distribution shows only a modest dependence on the equation of state, thus exhibiting the traits of "quasiuniversality" found in other aspects of compact stars, both isolated and in binary systems. The distributions are characterized by an almost uniformly rotating core and a "disk." Such a configuration is significantly different from the j -constant differential-rotation law that is commonly adopted in equilibrium models of differentially rotating stars. Furthermore, the rest-mass contained in such a disk can be quite large, ranging from ≃0.03 M⊙ in the case of high-mass binaries with stiff equations of state, up to ≃0.2 M⊙ for low-mass binaries with soft equations of state. We comment on the astrophysical implications of our findings and on the long-term evolutionary scenarios that can be conjectured on the basis of our simulations.

  10. Galaxy Zoo: Mergers - Dynamical models of interacting galaxies

    Science.gov (United States)

    Holincheck, Anthony J.; Wallin, John F.; Borne, Kirk; Fortson, Lucy; Lintott, Chris; Smith, Arfon M.; Bamford, Steven; Keel, William C.; Parrish, Michael

    2016-06-01

    The dynamical history of most merging galaxies is not well understood. Correlations between galaxy interaction and star formation have been found in previous studies, but require the context of the physical history of merging systems for full insight into the processes that lead to enhanced star formation. We present the results of simulations that reconstruct the orbit trajectories and disturbed morphologies of pairs of interacting galaxies. With the use of a restricted three-body simulation code and the help of citizen scientists, we sample 105 points in parameter space for each system. We demonstrate a successful recreation of the morphologies of 62 pairs of interacting galaxies through the review of more than 3 million simulations. We examine the level of convergence and uniqueness of the dynamical properties of each system. These simulations represent the largest collection of models of interacting galaxies to date, providing a valuable resource for the investigation of mergers. This paper presents the simulation parameters generated by the project. They are now publicly available in electronic format at http://data.galaxyzoo.org/mergers.html. Though our best-fitting model parameters are not an exact match to previously published models, our method for determining uncertainty measurements will aid future comparisons between models. The dynamical clocks from our models agree with previous results of the time since the onset of star formation from starburst models in interacting systems and suggest that tidally induced star formation is triggered very soon after closest approach.

  11. Numerical relativity simulations of precessing binary neutron star mergers

    Science.gov (United States)

    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.

  12. Surviving neoliberalism, maintaining values: Community health mergers in Victoria, Australia.

    Science.gov (United States)

    Roussy, Véronique; Livingstone, Charles

    2018-03-24

    Independent, not-for-profit community health services in the state of Victoria, Australia, provide one of that country's few models of comprehensive primary health care (PHC). Recent amalgamations among some such agencies created regional-sized community health organisations, in a departure from this sector's traditionally small local structure. This study explored the motivations, desired outcomes, and decision-making process behind these mergers. Qualitative exploratory study was based on 26 semistructured interviews with key informants associated with 2 community health mergers, which took place in 2014 in Victoria, Australia. Thematic data analysis was influenced by concepts derived from institutional theory. Becoming bigger by merging was viewed as the best way to respond to mounting external pressures, such as increasingly neoliberal funding mechanisms, perceived as threatening survival. Desired outcomes were driven by comprehensive PHC values, and related to creating organisational capacity to continue providing quality services to disadvantaged communities. This study offers insights into decision-making processes geared towards protecting the comprehensiveness of PHC service delivery for disadvantaged communities, ensuring financial viability, and surviving neoliberal economic policy whilst preserving communitarian values. These are relevant to an international audience, within a global context of rising health inequities, increasingly tight fiscal environments, and growing neoliberal influences on health policymaking and funding. Copyright © 2018 John Wiley & Sons, Ltd.

  13. Development of mergers in the Czech Republic in 2001–2010

    Directory of Open Access Journals (Sweden)

    Eva Hýblová

    2012-01-01

    Full Text Available One of consequences of the substantial market globalization is company transformations, which essentially affect the creation, existence or dissolution of companies; their number has been on the increase in recent years. They are mergers and acquisitions; mergers represent a combination of companies, whereas acquisitions involve selling, purchase or investments of companies. The main reason for a merger is economic growth which can be provided in various ways: these are e.g. decreases in costs, strengthening of a position in the market or access to new markets, decrease in prices and thus gaining new customers, access to knowledge or diversification of risks.The process of a merger is a highly demanding matter which includes the economic view (a choice of the right partner, setting merger objectives, preparation of merger project and the legal view as the merger involves commercial law, reporting and taxation legislation. Discrepancies in the legal, reporting and taxation procedures in the area can have a negative effect on the process of merger and economic practice. The development of mergers and acquisitions and their success rate is related to the development of the economic and legislative environment. An important aspect is also the successfulness of mergers in the following year which will confirm (or not the quality of all previous decisions.Research studies conducted in this field focus on mergers with the aim to evaluate procedures during mergers. An important part of research is an analysis of the effect of a merger on the evaluation of the successor company’s performance, changes in capital and capital structure of the entities. The aim of the paper is to publish first partial results in this direction of research. The first part of the research focuses on the creation of a database of companies as this is essential for practical verification of the results of the theoretical research. Due to the fact that there is no similar

  14. The Response of Performance to Merger Strategy in Indonesian Banking Industry: Analyses on Bank Mandiri, Bank Danamon, and Bank Permata

    Directory of Open Access Journals (Sweden)

    Murti Lestari

    2010-05-01

    Full Text Available This study analyzes the responses of performances of BankMandiri, Bank Danamon, and Bank Permata to merger strategy.This paper harnesses the quantitative approach with structuralbreak analysis method and impulse response function. Theplausible findings indicate that the merger of Bank Permataproduces a better performance response in comparison to theconsolidation of Bank Mandiri and the merger of Bank Danamon.The merger of Bank Permata does not result in performanceshocks, and the structural break does not prevail either. On theother hand, the consolidation of Bank Mandiri and the mergerof Bank Danamon result in structural breaks, particularly in thespread performance. In order to return to the stable position, themergers of Bank Mandiri and Bank Danamon require a longertime than does the merger of Bank Permata. This researchindicates that for large banks, the mergers and acquisitions(retaining one existing bank will deliver a better performanceresponse than will the consolidations (no existing bank. Keywords: impulse response function; merger; structural break

  15. PAIRING OF SUPERMASSIVE BLACK HOLES IN UNEQUAL-MASS GALAXY MERGERS

    International Nuclear Information System (INIS)

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

    2009-01-01

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

  16. The rate of neutron star binary mergers in the universe - Minimal predictions for gravity wave detectors

    Science.gov (United States)

    Phinney, E. S.

    1991-01-01

    Of the many sources which gravitational wave observatories might see, merging neutron star binaries are the most predictable. Their waveforms at the observable frequencies are easy to calculate. And three systems which will merge in less than a Hubble time have already been observed as binary pulsars: two in the disk of the Galaxy, and one in a globular cluster. From the lifetimes and positions of these, a lower limit to the merger rate in the Galaxy and globular cluster system are inferred with confidence. Taking the merger rate in other galaxies to scale with the star formation rate, the merger rate expected in the local universe is computed. An ultraconservative lower limit to the rate gives three per year within 1 Gpc. The best estimate, still conservative in that it considers only systems like those already observed, gives three per year within 200 Mpc. An upper limit of three mergers per year within 23/h Mpc is set by the rate of Type Ib supernovae. The rates of black hole binary mergers and black hole-neutron star binary mergers are model-dependent, but could be comparable to the given rate of neutron-star binary mergers.

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

    Directory of Open Access Journals (Sweden)

    Li Tianqi

    2016-01-01

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

  18. Development of mergers and acquisitions in the conditions of the Czech economy 2001–2010

    Directory of Open Access Journals (Sweden)

    Jaroslav Sedláček

    2011-01-01

    Full Text Available This paper presents the first results of a research project which has the aims to identify the problems appearing during the preparation of mergers in compliance with valid Czech regulations and to analyze economic causes and consequences of mergers. At the first stage it was necessary to compile a basic dataset in a structure needed for a statistical analysis. The aim of the analysis presented in this paper is to ascertain, both theoretically and empirically, how the external environment affected the development of mergers of trading companies in the conditions of the Czech economy. The covered period is the past ten years, i.e. 2001–2010, when the development of the global economy was affected by the bank crisis in the USA and the economic recession. The analysis of the development of mergers and acquisitions focuses on three groups of factors affecting activities in the field of company combinations. These are mergers and acquisitions which are subject to approval by regulatory bodies, the effect of new regulations of financing (financial factors and the effect of the macroeconomic situation in the form of GDP indicator and PX index. Macroeconomic indicators are related to mergers whose development has not been published or explored within scientific research. The results of the analysis allowed us to describe the dependence of activities in the field of company mergers which took place in the Czech Republic in the past decade on the selected factors of the external environment.

  19. The Merger-Free Growth of Galaxies and Supermassive Black Holes

    Science.gov (United States)

    Simmons, Brooke; Smethurst, Rebecca; Lintott, Chris; Martin, Garreth; Kaviraj, Sugata; Devriendt, Julien; Galaxy Zoo Team

    2018-01-01

    There is now clear evidence that the merger-driven pathway to black hole and galaxy growth is only half the story. Merger-free evolution contributes roughly equally to the overall growth of black holes in the Universe and is also responsible for a significant amount of galaxy growth over cosmic time. A recent study examining the growth of black holes in unambiguously disk-dominated galaxies shows these black holes reach quasar-like luminosities and black hole masses typical of those hosted in bulge-dominated and elliptical galaxies with major mergers in their evolutionary histories. However, while there appears to be no correlation between the size of the black hole and upper limits on the host galaxy bulges, the fitted correlation between black hole mass and total galaxy stellar mass in these merger-free systems is fully consistent with the canonical relationship based on merger-driven systems. There is further evidence via comparison between observed populations and cosmological simulations confirming that bulgeless systems are generally consistent with having merger-free histories. If bulgeless and disk-dominated galaxies are indeed signatures of systems with no violent mergers in their formation histories, the same correlation between black hole and galaxy in these systems versus that seen in elliptical galaxy samples indicates the black hole-galaxy connection must originate with a process more fundamental than the dynamical configuration of a galaxy's stars.

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

    Science.gov (United States)

    Centrella, Joan

    2010-01-01

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

  1. Development of measures on increase of economic security of merger and acquisition transactions in Ukraine

    Directory of Open Access Journals (Sweden)

    Khmelenko Galyna G.

    2013-03-01

    Full Text Available The article shows the essence of merger and acquisition processes, characterises their types, analyses positive and negative consequences of these processes. It generalises main methods of assessment of effectiveness of merger and acquisition processes. It analyses dynamics, structure and effectiveness of activity of the banks with foreign capital in Ukraine. It offers measures on increase of effectiveness of regulation of merger and acquisition processes and develops an algorithm of assessment and analysis of the portfolio of bank products under conditions of consolidation of banking institutions.

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

    OpenAIRE

    Lim, Ka Keat

    2014-01-01

    Background Hospital mergers began in the UK in the late 1990s to deal with underperformance. Despite their prevalence, there is a lack of research on how such organizational changes affect the staff morale. This study aims to assess the impact of NHS hospital mergers between financial years 2009/10 and 2011/12 on staff job satisfaction and to identify factors contributing to satisfaction. Methods Data on staff job satisfaction were obtained from the annual NHS Staff Survey. A list of mergers ...

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

    International Nuclear Information System (INIS)

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

    2012-01-01

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

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

    DEFF Research Database (Denmark)

    Chakkol, Mehmet; Finne, Max; Raja, Jawwad

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

  5. Company Mergers and Acquisitions on the Edge of Unlawful Competition

    Directory of Open Access Journals (Sweden)

    Elena - Mădălina Rotaru

    2016-01-01

    Full Text Available In the field of economy, transactions represent one of the fastest means available for improvingany company’s commercial and strategic position in the market. The context of technologicaldevelopments in recent years and the trend of globalization have largely influenced work in thefields of goods and services. Currently, geographical factors are no longer an obstacle andcompanies can expand their production without being influenced by state frontiers. Internationalmergers and acquisitions are, most often, joined by a true "cultural shock" [1] and must comply withregulations on competition both nationally and internationally. Since the penalties imposed byauthorities in charge of competition regulations are substantial, both internationally andnationally, this means that, when making mergers, one should be very cautious.

  6. Managers and mergers: functioning in a blended organization.

    Science.gov (United States)

    McConnell, Charles R

    2008-01-01

    Health care is well along in its steady change from a cottage industry of scattered providers to an industry of larger organizations and multi-institutional systems. Various organizational combinations continue to occur, especially in the form of mergers, affiliations, and the creation and expansion of health care systems. In the midst of this ongoing dramatic change, the role of the individual manager remains essentially unchanged in concept, but the arena in which it is applied is rapidly changing. Areas of responsibility are becoming broader, staffs are becoming larger for individual managers, and many of the older "principles" of management are being tested and strained. Today's health care manager is learning that survival and success depend more than ever on flexibility and adaptability.

  7. Electromagnetic Chirps from Neutron Star–Black Hole Mergers

    Science.gov (United States)

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

    2018-02-01

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

  8. Particle ejection during mergers of dark matter halos

    Energy Technology Data Exchange (ETDEWEB)

    Carucci, Isabella P.; Sparre, Martin; Hansen, Steen H. [Dark Cosmology Centre, Niels Bohr Institute, University of Copenhagen, Juliane Maries Vej 30, Copenhagen, 2100 Denmark (Denmark); Joyce, Michael, E-mail: carucci@dark-cosmology.dk, E-mail: sparre@dark-cosmology.dk, E-mail: hansen@dark-cosmology.dk, E-mail: joyce@lpnhe.in2p3.fr [Laboratoire de Physique Nucléaire et Hautes Énergies, Université Pierre et Marie Curie - Paris 6, CNRS IN2P3 UMR 7585, 4 Place Jussieu, Paris Cedex 05, 75752 France (France)

    2014-06-01

    Dark matter halos are built from accretion and merging. During merging some of the dark matter particles may be ejected with velocities higher than the escape velocity. We use both N-body simulations and single-particle smooth-field simulations to demonstrate that rapid changes to the mean field potential are responsible for such ejection, and in particular that dynamical friction plays no significant role in it. Studying a range of minor mergers, we find that typically between 5–15% of the particles from the smaller of the two merging structures are ejected. We also find that the ejected particles originate essentially from the small halo, and more specifically are particles in the small halo which pass later through the region in which the merging occurs.

  9. The Final Merger of Black-Hole Binaries

    Science.gov (United States)

    Kelly, Bernard J.; Centrealla, Joan; Baker, John G.; Kelly, Bernard J.; vanMeter, James R.

    2010-01-01

    Recent breakthroughs in the field of numerical relativity have led to dramatic progress in understanding the predictions of General Relativity for the dynamical interactions of two black holes in the regime of very strong gravitational fields. Such black-hole binaries are important astrophysical systems and are a key target of current and developing gravitational-wave detectors. The waveform signature of strong gravitational radiation emitted as the black holes fall together and merge provides a clear observable record of the process. After decades of slow progress / these mergers and the gravitational-wave signals they generate can now be routinely calculated using the methods of numerical relativity. We review recent advances in understanding the predicted physics of events and the consequent radiation, and discuss some of the impacts this new knowledge is having in various areas of astrophysics

  10. In Search of Value Drivers in Mergers and Acquisitions

    DEFF Research Database (Denmark)

    Rose, Caspar; Sørheim, Daniel; Lerkerød, Magnus

    2017-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Louis-Caleb REMANDA

    2016-12-01

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

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

    International Nuclear Information System (INIS)

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

    2009-01-01

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

  13. The NGC 454 system: anatomy of a mixed ongoing merger

    Science.gov (United States)

    Plana, H.; Rampazzo, R.; Mazzei, P.; Marino, A.; Amram, Ph.; Ribeiro, A. L. B.

    2017-12-01

    This paper focuses on NGC 454, a nearby interacting pair of galaxies (AM 0112-554, RR23), composed of an early-type (NGC 454 E) and a star-forming late-type companion (NGC 454 W). We aim at characterizing this wet merger candidate via a multi-λ analysis, from near-UV (NUV) to optical using Swift UV/Optical Telescope (UVOT), and mapping the H α intensity (I) distribution, velocity (Vr) and velocity dispersion (σ) fields with SAM+Fabry-Perot@SOAR observations. Luminosity profiles suggest that NGC 454 E is an S0. Distortions in its outskirts caused by the ongoing interaction are visible in both optical and NUV frames. In NGC 454 W, the NUV-UVOT images and the H α show a set of star-forming complexes connected by a faint tail. H α emission is detected along the line connecting NGC 454 E to the NGC 454 main H II complex. We investigate the (I-σ), (I-Vr) and (Vr-σ) diagnostic diagrams of the H II complexes, most of which can be interpreted in a framework of expanding bubbles. In the main H II complex, enclosed in the UV brightest region, the gas velocity dispersion is highly supersonic reaching 60 km s-1. However, H α emission profiles are mostly asymmetric indicating the presence of multiple components with an irregular kinematics. Observations point towards an advanced stage of the encounter. Our smoothed particle hydrodynamic simulations with chemo-photometric implementation suggest that this mixed pair can be understood in terms of a 1:1 gas/halo encounter giving rise to a merger in about 0.2 Gyr from the present stage.

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

    International Nuclear Information System (INIS)

    Roos, N.

    1985-01-01

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

  15. Merger Activity and Radio Emission Within A2061

    Science.gov (United States)

    Bailey, Avery; Sarazin, Craig L.; Clarke, Tracy E.; Chatzikos, Marios; Hogge, Taylor; Wik, Daniel R.; Rudnick, Lawrence; Farnsworth, Damon; Van Weeren, Reinout J.; Brown, Shea

    2015-01-01

    Abell 2061 is a galaxy cluster located in the Corona Borealis Supercluster that boasts radio and X-ray structures indicative of a merger. A2061 is located at a redshift z = .0784, contains two brightest cluster galaxies, and has another cluster (A2067) about 2.5 Mpc to the NE, falling towards it. Within A2061, there exists an elongated structure of soft X-ray emission extending to the NE of cluster's center (referred to as the 'Plume') along with a hard X-ray shock region (the 'Shock') located just NE of the cluster's center. Previous observations in the radio have indicated the presence of a extended, central radio halo/relic accompanying the cluster's main X-ray emission but with slight NE displacement and further NE extension. Also emitting in the radio, to the SW of A2061, is a radio relic. The X-ray structures of A2061 were previously examined in 2009 by a Chandra observation. Here we present the results of an August 2013 XMM-Newton observation of the cluster. This XMM-Newton observation, imaged by three detectors, covers a greater field of view with a longer exposure (48.6 ks) than the previous Chandra observation. We will present images and spectra of various regions of the cluster. In addition, we will discuss the dynamics of the cluster, the nature of the Plume, Shock and other features, and origin of the central diffuse radio halo/relic and SW radio relic. These X-ray observations will also be compared to a numerical simulation from the Simulation Library of Astrophysics cluster Mergers (SLAM).

  16. Mergers and Acquisitions-1998 M&A: The Year in Review.

    Science.gov (United States)

    Defendeifer, Linda

    1999-01-01

    Discusses mergers and acquisitions in the publishing industry, including alliances among the largest publishers and printers; planned and abandoned deals; issues in academia, including rising scholarly journal prices and electronic journals; smaller firm alliances; magazine publishing; and newspaper consolidations. (LRW)

  17. Accretion of satellites onto central galaxies in clusters: merger mass ratios and orbital parameters

    Science.gov (United States)

    Nipoti, Carlo; Giocoli, Carlo; Despali, Giulia

    2018-02-01

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

  18. The 0302/1802/1803 MOS Merger: Infantry and Combat Arms One in the Same

    National Research Council Canada - National Science Library

    Lewis, Brian R

    2008-01-01

    ...) 1802, 1802 and 0302 into a single entity. The aggregate result of this merger will provide commanders with a multi-talented ground combat officer thereby capitalizing on the Marine Corps' scarce manpower resources...

  19. Do large mergers increase or decrease the productivity of pharmaceutical R&D?

    Science.gov (United States)

    Ringel, Michael S; Choy, Michael K

    2017-12-01

    There is current uncertainty regarding the effects of mergers on pharmaceutical R&D productivity, with various mechanisms reported by which mergers could either help or harm R&D, and mixed empirical findings in prior analyses. Here, we present an analysis that is novel in several ways: we use downstream measures of R&D productivity, account for both inputs and outputs in our calculations, and use a self-controlled design. We find that recent large pharmaceutical mergers are associated with statistically significant increases in R&D productivity. These results are perhaps not surprising in light of the broader literature on R&D productivity that points to two factors as instrumental in driving higher R&D productivity (depth of scientific information, and objectivity of decision-making based on that information), both of which could be expected to increase because of a merger. Copyright © 2017 Elsevier Ltd. All rights reserved.

  20. 13 CFR 108.470 - SBA approval of merger, consolidation, or reorganization of NMVC Company.

    Science.gov (United States)

    2010-01-01

    ... BUSINESS ADMINISTRATION NEW MARKETS VENTURE CAPITAL (âNMVCâ) PROGRAM Changes in Ownership, Structure, or... partnership) or reorganize without SBA's prior written approval. Any such merger or consolidation will be...

  1. 77 FR 18883 - Surety Companies Acceptable on Federal Bonds-Termination and Merger; Pioneer General Insurance...

    Science.gov (United States)

    2012-03-28

    .... Department of the Treasury, Financial Management Service, Financial Accounting and Services Division, Surety... Carrico, Director, Financial Accounting and Services Division, Financial Management Service. [FR Doc. 2012...--Termination and Merger; Pioneer General Insurance Company AGENCY: Financial Management Service, Fiscal Service...

  2. Electric power oligopoly and suspicious minds - a critique of a recently approved merger

    International Nuclear Information System (INIS)

    Nilsson, M.

    2005-01-01

    The main purpose of this paper is to discuss the welfare effects of a proposed merger in the Swedish electric power market, using firm level data on power capacity. By using a simulation model we calculate the unilateral effects of the merger on the welfare effects for society. The merger is then evaluated, using a tacit collusion (coordinated effects) framework highlighting important features of the institutional setting. The latter mimics the methodology some European competition authorities use to evaluate mergers in oligopolistic settings, when it is obvious that it is joint dominance, not single dominance that may result. The results from our simulations suggest that in most cases the unilateral effects will decrease the welfare. The outcome of the qualitative elaboration using the tacit collusion framework basically confirms these results. (author)

  3. Electric power oligopoly and suspicious minds--a critique of a recently approved merger

    International Nuclear Information System (INIS)

    Nilsson, Mats

    2005-01-01

    The main purpose of this paper is to discuss the welfare effects of a proposed merger in the Swedish electric power market, using firm level data on power capacity. By using a simulation model we calculate the unilateral effects of the merger on the welfare effects for society. The merger is then evaluated, using a tacit collusion (coordinated effects) framework highlighting important features of the institutional setting. The latter mimics the methodology some European competition authorities use to evaluate mergers in oligopolistic settings, when it is obvious that it is joint dominance, not single dominance that may result. The results from our simulations suggest that in most cases the unilateral effects will decrease the welfare. The outcome of the qualitative elaboration using the tacit collusion framework basically confirms these results

  4. Back to the Green Valley: How to Rejuvenate an S0 Galaxy through Minor Mergers

    Directory of Open Access Journals (Sweden)

    Michela Mapelli

    2015-11-01

    Full Text Available About half of the S0 galaxies in the nearby Universe show signatures of recent or ongoing star formation. Whether these S0 galaxies were rejuvenated by the accretion of fresh gas is still controversial. We study minor mergers of a gas-rich dwarf galaxy with an S0 galaxy, by means of N-body smoothed-particle hydrodynamics simulations. We find that minor mergers trigger episodes of star formation in the S0 galaxy, lasting for \\(\\sim\\10 Gyr. One of the most important fingerprints of the merger is the formation of a gas ring in the S0 galaxy. The ring is reminiscent of the orbit of the satellite galaxy, and its lifetime depends on the merger properties: polar and counter-rotating satellite galaxies induce the formation of long-lived smooth gas rings.

  5. Effects of merger and acquisition on the performance of selected Commercial Banks in Nigeria

    Directory of Open Access Journals (Sweden)

    AJALA Oladayo Ayorinde

    2013-07-01

    Full Text Available The paper examined the effects of merger and acquisition on the performance of selected commercial banks in Nigeria with greater emphasis on gross earnings, profit after tax and deposit profile as financial efficiency parameters. For this paper, seven Nigerian commercial banks were selected using convenience and judgmental sample selection methods. Data were collected from the published annual report and accounts of the selected banks and were subsequently analyzed appling regression analysis through statistical package for social sciences. The results showed that post merger and acquisition period was more financially improved than the pre merger and acquisition period.Therefore, the study recommended that banks should be more proactive in driving for profit for enhanced financial performance to reap the benefit of mergers and acquisition bid in the Nigeria banking sector.

  6. 12 CFR 708b.106 - Approval of the merger proposal by members.

    Science.gov (United States)

    2010-01-01

    ... summary of the merger plan, including, but not necessarily limited to, current financial statements for each credit union, a consolidated financial statement for the continuing credit union, analyses of...

  7. Impact of Defense Industry Mergers on The Cost of Military Weapons Systems

    National Research Council Canada - National Science Library

    Alfonso, Grisko R

    2007-01-01

    .... The Selected Acquisition Reports (SARs) provided the data for this research. The analysis of the data suggests that the defense industry's consolidation did not result in higher costs for DoD's military weapons in the post-merger period...

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

    Directory of Open Access Journals (Sweden)

    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

  9. The effects of a hot gaseous halo on disc thickening in galaxy minor mergers

    Science.gov (United States)

    Moster, Benjamin P.; Macciò, Andrea V.; Somerville, Rachel S.; Naab, Thorsten; Cox, T. J.

    2012-07-01

    We employ hydrodynamical simulations to study the effects of dissipational gas physics on the vertical heating and thickening of disc galaxies during minor mergers. For the first time we present a suite of simulations that includes a diffuse, rotating, cooling, hot gaseous halo, as predicted by cosmological hydrodynamical simulations as well as models of galaxy formation. We study the effect of this new gaseous component on the vertical structure of a Milky Way-like stellar disc during 1:10 and 1:5 mergers. For 1:10 mergers, we find no increased final thin disc scale height compared to the isolated simulation, leading to the conclusion that thin discs can be present even after a 1:10 merger if a reasonable amount of hot gas is present. The reason for this is the accretion of new cold gas, leading to the formation of a massive new thin stellar disc that dominates the surface brightness profile. In a previous study, in which we included only cold gas in the disc, we showed that the presence of cold gas decreased the thickening by a minor merger relative to the no-gas case. Here, we show that the evolution of the scale height in the presence of a cooling hot halo is dominated by the formation of the new stellar disc. In this scenario, the thick disc is the old stellar disc that has been thickened in a minor merger at z≳ 1, while the thin disc is the new stellar disc that reforms after this merger. When galactic winds are also considered, the final scale height is larger due to two effects. First, the winds reduce the star formation rate, leading to a less massive new stellar disc, such that the thickened old disc still dominates. Secondly, the winds exert a pressure force on the gas in the disc, leading to a shallower gas profile and thus to a thicker new stellar disc. In addition, we study the evolution of the scale height during a 1:5 merger and find that a thin disc can be present even after this merger, provided enough hot gas is available. The final scale

  10. Financing and Value Creation Under Mergers and Acquisitions: Comparative Study OF 350 Companies

    OpenAIRE

    Gupta, Ankit

    2009-01-01

    In this study, 350 mergers and acquisitions has been undertaken to examine, what form of payment method was used for financing those deals and their post acquisition returns of acquirers in terms of share capital. An attempt has been made to investigate how important is the correct financing/ payment technique for shareholder value creation and what determines financing decision in a merger and acquisition process. After conducting a literature review and analyzing the theoretical background ...

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

    International Nuclear Information System (INIS)

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

    2015-01-01

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

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

    International Nuclear Information System (INIS)

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

    2012-01-01

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

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

    Science.gov (United States)

    Yamasaki, Shotaro; Totani, Tomonori; Kiuchi, Kenta

    2018-04-01

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

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

    International Nuclear Information System (INIS)

    Tanaka, Takamitsu L

    2014-01-01

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

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

    International Nuclear Information System (INIS)

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

    2013-01-01

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

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

    Energy Technology Data Exchange (ETDEWEB)

    Gao, He; Ding, Xuan; Wu, Xue-Feng [Purple Mountain Observatory, Chinese Academy of Sciences, Nanjing 210008 (China); Dai, Zi-Gao [School of Astronomy and Space Science, Nanjing University, Nanjing 2100093 (China); Zhang, Bing, E-mail: hug18@psu.edu, E-mail: xfwu@pmo.ac.cn, E-mail: dzg@nju.edu.cn, E-mail: zhang@physics.unlv.edu [Department of Physics and Astronomy, University of Nevada Las Vegas, NV 89154 (United States)

    2015-07-10

    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.

  17. Merger rates of black hole binaries: prospects for gravitational wave detectors

    OpenAIRE

    Zwart, Simon Portegies; McMillan, Stephen

    1999-01-01

    Mergers of black-hole binaries are expected to release large amounts of energy in the form of gravitational radiation. However, binary evolution models predict merger rates too low to be of observational interest. In this paper we explore the possibility that black holes become members of close binaries via dynamical interactions with other stars in dense stellar systems. In star clusters, black holes become the most massive objects within a few tens of millions of years; dynamical relaxation...

  18. The Effects Of Competition Policy: Merger Approval, Entry Barrier Removal, Antitrust Enforcement Compared

    OpenAIRE

    Svetlana B. Avdasheva; Dina V. Tsytsulina

    2014-01-01

    There is little evidence on the comparative effectiveness of different competition policy measures, especially in transition economies. This research represents the effort to expand the financial event study method for the assessment of different competition policy measures: merger control, antitrust investigations on abuse of dominance, and changes of import tariffs in the Russian ferrous and non-ferrous metals markets from 2007 to 2012. According to the reaction of financial market, mergers...

  19. Diversity and identity: The merger of five research councils in Norway

    OpenAIRE

    Hans Skoie

    2000-01-01

    The merger in 1993 of Norway's five research councils into a single organisation was a bold decision going against the normal funding arrangements in other OECD countries. There have been considerable teething problems and criticisms and complaints from many quarters. There is a lack of confidence in the new Council within the research community and among important users. Misgivings are today expressed by supporters of the merger, yet the very fact of the Council's survival as one body is rem...

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

    OpenAIRE

    Liubov Galperina; Yuliia Klen

    2017-01-01

    The article explores conditions, factors and results of mergers and acquisitions in international business with the example of the energy industry. The directions of world energy market transformation in the framework of PESTLE analysis have been determined by the factors influencing the efficiency and future of the companies that have effected mergers and acquisitions. The transformation of the global energy market is associated with changes in the main market parameters that ...

  1. STORIES OF ORGANIZATIONAL CHANGE : Qualitative analyses of individuals' experiences in merger cases

    OpenAIRE

    Huttula, Tiina

    2015-01-01

    Organizational change is a complex phenomenon and always comes hand in hand with change management. In the modern world, mergers and acquisitions are common ways for companies to increase their market share and try to keep making profit. In merger situations, it is crucial for a business to have both, solid management and clever leadership. Change communication acquires a lot of effort and for gaining the trust of the employees it needs to be as truthful and honest as possible. The purpos...

  2. Assessment of Financial Performances of Indian Firms Involved in Domestic and Overseas Mergers & Acquisitions

    OpenAIRE

    Banerjee, Sirsanath

    2016-01-01

    In order to increase competitiveness, portfolio expansion, minimize business risk, enter unchartered territories, make full use of the economies of scale, face the challenges of globalization and achieve competitive advantage over other companies, an unprecedented wave of mergers & acquisitions has engulfed the world in the past few decades. Today, India is on the world map for being a hotbed for mergers & acquisitions with transactions worth US$ 38.1 billion (IBEF, 2015) recorded in 2014 whi...

  3. LIGO Discovers the Merger of Two Black Holes

    Science.gov (United States)

    Kohler, Susanna

    2016-02-01

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

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

    Directory of Open Access Journals (Sweden)

    Miguel Querejeta

    2015-12-01

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

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

    International Nuclear Information System (INIS)

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

    2017-01-01

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

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

    Science.gov (United States)

    Hayford, Tamara B

    2012-06-01

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

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

    International Nuclear Information System (INIS)

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

    2010-01-01

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

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

    Energy Technology Data Exchange (ETDEWEB)

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

    2017-02-01

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

  9. Multi-messenger studies of compact binary mergers in the in the ngVLA era

    Science.gov (United States)

    Corsi, Alessandra

    2018-01-01

    We explore some of the scientific opportunities that the next generation Very Large Array (ngVLA) will open in the field of multi-messenger time-domain astronomy. We focus on compact binary mergers, golden astrophysical targets of ground-based gravitational wave (GW) detectors such as advanced LIGO. A decade from now, a large number of these mergers is likely to be discovered by a world-wide network of GW detectors. We discuss how a radio array with 10 times the sensitivity of the current Karl G. Jansky VLA and 10 times the resolution, would enable resolved radio continuum studies of binary merger hosts, probing regions of the galaxy undergoing star formation (which can be heavily obscured by dust and gas), AGN components, and mapping the offset distribution of the mergers with respect to the host galaxy light. For compact binary mergers containing at least one neutron star (NS), from which electromagnetic counterparts are expected to exist, we show how the ngVLA would enable direct size measurements of the relativistic merger ejecta and probe, for the first time directly, their dynamics.

  10. EU Merger Control – Results and Challenges in the Context of Globalisation

    Directory of Open Access Journals (Sweden)

    Lucia Iordache

    2015-01-01

    Full Text Available In the context of globalisation and EU Member States’ efforts to return to a sustainable growth path, merger control by the European Commission guarantees the development of companies in a dynamic way in order to become stronger and more competitive, both on the EU Internal Market and global markets. However, some mergers may reduce competition in the market to the detriment of EU businesses and consumers, in particular by the creation or strengthening of dominant positions in the relevant markets. The central objective of EU merger control, as an important tool of EU competition policy and law, is to effectively prevent mergers from resulting in anticompetitive effects în the Internal Market. This article focuses on the main components of merger control system and the implications of enforcing the rules in this field for exploiting the full growth potential offered by the EU Internal Market, and for achieving the key goals of the Europe 2020 Strategy. The experience of over ten years of the European Commission has shown that there is scope for further improving certain areas of EU merger control and the White Paper published by the Commission in July 2014 outlines the steps towards making control procedures simpler and more efficient.

  11. Efficiency of Mergers of Mechanical Engineering Companies in the Czech Republic

    Directory of Open Access Journals (Sweden)

    Režňáková Mária

    2016-12-01

    Full Text Available This paper presents the research results in the field of the efficiency of mergers and acquisitions in the mechanical engineering industry of the Czech Republic. The aim of this paper is to determine whether mergers taking place in mechanical engineering are successful, or possibly to identify factors which may be deemed as synergies sources. In our research, the success rate of mergers is identified on the basis of the increasing revenues and operating profit. It has been established that out of mergers completed in 2004 - 2011, success has been achieved in approximately half of them. For this reason, we have focused on identifying the factors which may serve as the reasons for such a difference. The selected indicators of the cost-to-revenue ratio and utilization of fixed assets, investments, and net working capital we analysed before and after the mergers in both groups of successful and unsuccessful mergers. The Mann-Whitney U test was used to test the results. The research results have demonstrated that synergies are not achieved due to the change in the market power of the merged companied but owing to operational efficiency which is reflected in a drop in labour costs and depreciation to revenues ratios and increasing asset utilization.

  12. Hot subdwarfs formed from the merger of two He white dwarfs

    Science.gov (United States)

    Schwab, Josiah

    2018-03-01

    We perform stellar evolution calculations of the remnant of the merger of two He white dwarfs (WDs). Our initial conditions are taken from hydrodynamic simulations of double WD mergers and the viscous disc phase that follows. We evolve these objects from shortly after the merger into their core He-burning phase, when they appear as hot subdwarf stars. We use our models to quantify the amount of H that survives the merger, finding that it is difficult for ≳ [10^{-4}]{M_{⊙}} of H to survive, with even less being concentrated in the surface layers of the object. We also study the rotational evolution of these merger remnants. We find that mass loss over the ˜[104]yr following the merger can significantly reduce the angular momentum of these objects. As hot subdwarfs, our models have moderate surface rotation velocities of 30 - 100 km s-1. The properties of our models are not representative of many apparently-isolated hot subdwarfs, suggesting that those objects may form via other channels or that our modelling is incomplete. However, a sub-population of hot subdwarfs are moderate-to-rapid rotators and/or have He-rich atmospheres. Our models help to connect the observed properties of these objects to their progenitor systems.

  13. ANALYSIS OF MERGERS&ACQUISITIONS IN TURKEY BY YEARS AND COMPARASION WITH WORLDWIDE, USA, EU AND ASIA-PACIFIC DATA

    OpenAIRE

    ŞAHİN, Osman Nuri

    2016-01-01

    With the industrialrevolution, companies started to operate in large scales and used merger as atool. The reasons for merge corporations are taking advantage of the scaleeconomy, synergy impact, diversification, financial issues, tax advantage, andreducing the competition. Mergers came to the fore especially after 1980's andthe "merger madness" era has started with the increase in the numberof international companies. These eras are 1920's when oligopoly becamepopular, 196...

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

    Science.gov (United States)

    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.

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

    International Nuclear Information System (INIS)

    Stewart, K.

    2009-01-01

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

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

    Energy Technology Data Exchange (ETDEWEB)

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

    2009-08-03

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

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

    Science.gov (United States)

    Mercer, Kevin

    2008-01-01

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

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

    International Nuclear Information System (INIS)

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

    2011-01-01

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

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

    Science.gov (United States)

    Tagawa, Hiromichi; Umemura, Masayuki

    2018-03-01

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

  20. Leadership by fragmented destruction after a merger: an example from a facility of acute psychiatry

    Directory of Open Access Journals (Sweden)

    Jorid Grimeland

    2013-09-01

    Full Text Available Hospitals are labor intensive facilities based on highly skilled employees. A merger of hospitals is an effort to increase and rationalize this production. Decisions behind a merger are made at the top leadership level. How this might be done is demonstrated by examples from a 36 bed acute psychiatric facility. The aim of the study was to calculate the hidden costs of fragmented destruction of parts of a total hospital supply to patients after a merger. Fragmented destruction is the deliberate stopping of activities deemed not part of the core activities of the hospital without due consideration of the impact on core activities. The proposed changes to operational expenses at a single acute psychiatric hospital were materials for the study. The changes included activities as a reduction in local laboratory service, cleaning services, closure of physiotherapy unit, closing of cultural activities and reduced productivity. The selected activities are calculated as giving an imputed gain of € 630,000 as indicated by the leadership. The not calculated costs of reducing or removing the selected activities are estimated at € 1,955,640. The cost of staff disappointment after a merger is difficult to assess, but is probably higher than assumed in the present calculations. Imputed cost containment is not attained. The calculations indicate that implemented changes may increase cost, contrary to the belief of the leadership at both the hospital level and further up in the hospital trust. Arguments in favor of a merger have to be scrutinized thoroughly for optimistic neglect of uncalculated costs of mergers. Future hospital mergers and selected fragmentation of productive tasks at ward or hospital levels should include calculations of unavoidable costs as shown in the present paper.

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

    Science.gov (United States)

    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.

  2. Mergers, liquidations and bankruptcies in the European banking sector

    Directory of Open Access Journals (Sweden)

    Themistokles Lazarides

    2015-05-01

    Full Text Available The inactivity of banks may be the result of a number of events, such as merger & acquisition (M&A, liquidation, default-bankruptcy, etc. All these phenomena of inactivity contribute to the same result, the reform of the European banking sector and they may have the same causes. The paper will address the issue of inactivity and will try to detect its causes using econometric models. Six groups of indicators are examined: performance, size, ownership, corporate governance, capital adequacy or capital structure and loan growth. Three econometric methods (Probit, Logit, OLS have been used to create a system that predicts inactivity. The results of the econometric models show that from the six groups of indicators, four have been found to be statistically important (performance, size, ownership, corporate governance. Two have a negative impact (ownership, corporate governance on the probability of inactivity and two positive (performance, size. The paper’s value and innovation is that it has given a systemic approach to find indicators of inactivity and it has excluded two groups of indicators as non-statistically important (capital adequacy or capital structure and growth.

  3. World and Russian Market of Mergers and Acquisitions

    Directory of Open Access Journals (Sweden)

    Natalya S. Zagrebel’Naya

    2015-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Nuno Rosa Reis

    2015-09-01

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

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

    Directory of Open Access Journals (Sweden)

    Liubov Galperina

    2017-03-01

    Full Text Available The article explores conditions, factors and results of mergers and acquisitions in international business with the example of the energy industry. The directions of world energy market transformation in the framework of PESTLE analysis have been determined by the factors influencing the efficiency and future of the companies that have effected mergers and acquisitions. The transformation of the global energy market is associated with changes in the main market parameters that affect the sectoral and regional structure of international mergers and acquisitions. Including: growing demand for energy from the growing population of the planet, including due to an increase in the middle class share; fluctuation of world oil market prices; the growth of supply of shale oil changing the transnational flows of trade in primary petroleum products; rising demand for renewable energy as a result of cheapening technologies and diversification policies; the growth of renewable energy sources supply; increase in demand for atomic energy; improvement of energy infrastructure; introduction of energy efficient and low carbon technologies; introduction of safe technologies by energy companies; reduction of transaction costs in power grids due to optimization of modes at application of Smart Grid at all levels (local, on-site, regional, national, international; the expansion of the world-leading countries in the primary energy markets; demonopolization of national energy markets and liberalization of energy markets of the EU, USA, Japan, South Korea, Australia, etc. The world market of mergers and acquisitions has been characterized with the definition of key features of its development. International mergers and acquisitions in the energy sector are analysed on the basis of regional and industry characteristics. The international mergers and acquisitions in the energy sector has been analysed, taking into account the main scenarios for the development of the

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

    International Nuclear Information System (INIS)

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

    2012-01-01

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

  7. Comparing ligo merger rate observations with theory: distribution of star-forming conditions

    Energy Technology Data Exchange (ETDEWEB)

    Belczynski, Kryzysztof [Los Alamos National Laboratory; Kopparapu, R [LSU; O' Shaughnessy, R [PSU

    2008-01-01

    Within the next decade, ground based gravitational wave detectors are in principle capable of determining the compact object merger rate per unit volume of the local universe to better than 20% with more than 30 detections. Though these measurements can constrain our models of stellar, binary, and cluster evolution in the nearby present-day and ancient universe, we argue that the universe is sufficiently heterogeneous (in age and metallicity distribution at least) and that merger rates predicted by these models can be sufficiently sensitive to those heterogeneities so that a fair comparison of models per unit similar star forming mass necessarily introduces at least an additional 30%--50% systematic error into any constraints on compact binary evolution models. Without adding new electromagnetic constraints on massive binary evolution or relying on more information from each merger (e.g. , binary masses and spins), as few as the {approx_equal}5 merger detections could exhaust the information available in a naive comparison to merger rate predictions. As a concrete example immediately relevant to analysis of initial and enhanced LIGO results, we use a nearby-universe catalog to demonstrate that no one tracer of stellar content can be consistently used to constrain merger rates without introducing a systematic error of order 0(30%) at 90% confidence (depending on the type of binary involved). For example, though binary black holes typically take many Gyr to merge, binary neutron stars often merge rapidly; different tracers of stellar content are required for these two types. More generally, we argue that theoretical binary evolution can depend sufficiently sensitively on star-forming conditions -- even assuming no uncertainty in binary evolution model -- that the distribution of star forming conditions must be incorporated to reduce the systematic error in merger rate predictions below roughly 40%. We emphasize that the degree of sensitivity to star

  8. Gravitational-wave localization alone can probe origin of stellar-mass black hole mergers.

    Science.gov (United States)

    Bartos, I; Haiman, Z; Marka, Z; Metzger, B D; Stone, N C; Marka, S

    2017-10-10

    The recent discovery of gravitational waves from stellar-mass binary black hole mergers by the Laser Interferometer Gravitational-wave Observatory opened the door to alternative probes of stellar and galactic evolution, cosmology and fundamental physics. Probing the origin of binary black hole mergers will be difficult due to the expected lack of electromagnetic emission and limited localization accuracy. Associations with rare host galaxy types-such as active galactic nuclei-can nevertheless be identified statistically through spatial correlation. Here we establish the feasibility of statistically proving the connection between binary black hole mergers and active galactic nuclei as hosts, even if only a sub-population of mergers originate from active galactic nuclei. Our results are the demonstration that the limited localization of gravitational waves, previously written off as not useful to distinguish progenitor channels, can in fact contribute key information, broadening the range of astrophysical questions probed by binary black hole observations.Binary black hole mergers have recently been observed through the detection of gravitational wave signatures. The authors demonstrate that their association with active galactic nuclei can be made through a statistical spatial correlation.

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

    Science.gov (United States)

    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) 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).

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

    Energy Technology Data Exchange (ETDEWEB)

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

    2017-03-20

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

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

    Science.gov (United States)

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

    2018-01-26

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

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

    Science.gov (United States)

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

    2017-06-01

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

  13. Structure of stable binary neutron star merger remnants: Role of initial spin

    Science.gov (United States)

    Kastaun, W.; Ciolfi, R.; Endrizzi, A.; Giacomazzo, B.

    2017-08-01

    We present general relativistic numerical simulations of binary neutron star (BNS) mergers with different initial spin configurations. We focus on models with stars of mass 1.4 M⊙ each, which employ the equation of state (EOS) by Shen, Horowitz, and Teige, and which result in stable NSs as merger remnants. For comparison, we consider two irrotational equal mass (M =1.35 M⊙) and unequal mass (M =1.29 , 1.42 M⊙ ) BNS models using the APR4 EOS, which result in a supramassive merger remnant. We present visualizations of the fluid flow and temperature distribution and find a strong impact of the spin on vortex structure and nonaxisymmetric deformation. We compute the radial mass distribution and the rotation profile in the equatorial plane using recently developed measures independent of spatial gauge, revealing slowly rotating cores that can be well approximated by the cores of spherical stars. We also study the influence of the spin on the inspiral phase and the gravitational wave (GW) signal. Using a newly developed analysis method, we further show that gravitational waveforms from BNS mergers can exhibit one or more phase jumps after merger, which occur together with minima of the strain amplitude. We provide a natural explanation in terms of the remnant's quadrupole moment, and show that cancellation effects due to phase jumps can have a strong impact on the GW power spectrum. Finally, we discuss the impact of the spin on the amount of ejected matter.

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

    International Nuclear Information System (INIS)

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

    2009-01-01

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

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

    International Nuclear Information System (INIS)

    Luo, Wentao; Yang, Xiaohu; Zhang, Youcai

    2014-01-01

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

  16. The Incidence of Buried Dual AGN in Advanced Mergers: New results from Chandra

    Science.gov (United States)

    Pfeifle, Ryan William; Satyapal, Shobita; Secrest, Nathan; Gliozzi, Mario; Ricci, Claudio; Ellison, Sara L.; Blecha, Laura; Rothberg, Barry; Constantin, Anca

    2018-01-01

    Since the vast majority of galaxies contain supermassive black holes (SMBHs) and galaxy interactions trigger nuclear gas accretion, a direct consequence of the hierarchical model of galaxy formation would be the existence of dual active galactic nuclei (AGN). The existence, frequency, and characteristics of such dual AGN have important astrophysical implications on the SMBH mass function, the interplay between SMBHs and the host galaxy, and the M-sigma relation. Despite decades of searching, and strong theoretical reasons for their existence, observationally confirmed cases of dual AGN are extremely rare, and most have been discovered serendipitously. Using the all-sky WISE survey, we identified a population of over one hundred strongly interacting galaxies that display extreme red mid-infrared colors thus far exclusively associated with extragalactic sources possessing powerful AGN. In a recent Chandra, XMM-Newton, and NuSTAR investigation of advanced mergers selected by WISE, we find dual AGN candidates in 8 out of 15 mergers, all of which show no evidence for AGN based on optical spectroscopy. Our results demonstrate that 1) optical studies miss a significant fraction of single and dual AGN in advanced mergers, and 2) mid-infrared pre-selection is extremely effective in identifying dual AGN candidates in late-stage mergers. Our multi-wavelength observations suggest that the buried AGN in these mergers are highly absorbed, with intrinsic column densities in excess of NH > 1024 cm-2, consistent with hydrodynamic simulations.

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

    Science.gov (United States)

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

    2018-01-01

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

  18. The mass function of unprocessed dark matter haloes and merger tree branching rates

    Science.gov (United States)

    Benson, Andrew J.

    2017-05-01

    A common approach in semi-analytic modelling of galaxy formation is to construct Monte Carlo realizations of merger histories of dark matter haloes whose masses are sampled from a halo mass function. Both the mass function itself and the merger rates used to construct merging histories are calibrated to N-body simulations. Typically, 'backsplash' haloes (those which were once subhaloes within a larger halo, but which have since moved outside of the halo) are counted in both the halo mass functions and in the merger rates (or, equivalently, progenitor mass functions). This leads to a double counting of mass in Monte Carlo merger histories, which will bias results relative to N-body results. We measure halo mass functions and merger rates with this double counting removed in a large, cosmological N-body simulation with cosmological parameters consistent with current constraints. Furthermore, we account for the inherently noisy nature of N-body halo mass estimates when fitting functions to N-body data, and show that ignoring these errors leads to a significant systematic bias given the precision statistics available from state-of-the-art N-body cosmological simulations.

  19. TRADING VOLUME ACTIVITY AND BID-ASK SPREAD BEFORE AND AFTER THE MERGER ANNOUNCEMENT

    Directory of Open Access Journals (Sweden)

    Lailatul Mubarokah

    2017-03-01

    Full Text Available Jakarta stock exchange (JSX and Surabaya Stock exchange (SSX were the organizers of capital market inIndonesia. Thus, to srengthen the capital market in Indonesia SSX merged into JSX on November 30th, 2007.New information coming into market would influence the trading activities, including trading volume activity(TVA, and bid-ask spread. While, merger also influenced the total issuer of listed companies in Indonesiastock exchange (IDX. This research included an event study with quantitative method about the analysis oftotal issuer differences, TVA and bid-ask spread before and after the merger announcement of SSX into JSX. Itused t-test method and autoregressive distribution lag test. The result of research analysis showed the difference,significance and insignificance. Based on t-test, the total issuer, TVA, and bid-ask spread were notsignificant before and after the merger announcement of SSX into JSX shown by the higher value of sig.2 tailedthan level of significance and value of standard deviation before the merger announcement of SSX into JSXfrom each variable. Based on autoregressive distribution lag test, it showed significant response by hightrading volume of TVA and bid-ask spread and also high volume of buy-offer investor did on several days ofwindows period before and after the merger announcement of SSX into JSX.

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

    Science.gov (United States)

    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.

  1. Electromagnetic Signals Following Stellar-mass Black Hole Mergers

    Energy Technology Data Exchange (ETDEWEB)

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

    2017-04-10

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

  2. HI in Early Type Galaxies as Gaseous Merger History Evidence

    Science.gov (United States)

    Martin, J. R.; Hibbard, J. E.; O'Connell, R. W.

    2003-12-01

    The presence of gaseous merger histories in early type galaxies was tested through a detection survey of 21cm hydrogen emission in the environments of two samples of early type galaxies. The test sample consisted of early type galaxies with central spikes in their surface brightness profiles which may indicate a former dense star formation region. The control sample consisted of early type galaxies without central spikes (and presumably without as recent or as densely located star formation events) and covered a similar range of distances and sizes. Both samples were chosen to be free of dust and active galactic nuclei. The two samples (17 test galaxies and 19 controls) were observed with the Green Bank Telescope with the spectrometer. The spectra were reduced by removing the radio frequency inteference, calibrating via the noise diode and position switching, averaging the multi-integrated spectra, baselining, and calibrating the flux via the observation of a standard source (3C295). The spectra of three galaxies were contaminated by continuum sources in the beam. The spectra of nine more galaxies displayed one or more 21cm lines. Three of these galaxies are members of the test sample and 6 are controls. After comparing the positions and velocities of neighboring galaxies which may have contaminated the beam to the observed spectral features, the probability that environmental gas can be associated with early type galaxies with central spikes is slightly higher. However, the numbers are too low for an adequate statistical analysis and mapping may be required to determine better positions for the detected gas. This work has been funded by NSF REU for NRAO's Summer Student Research Assistantship Program.

  3. The close pair fraction of BCGs since z = 0.5: major mergers dominate recent BCG stellar mass growth

    Science.gov (United States)

    Groenewald, Danièl N.; Skelton, Rosalind E.; Gilbank, David G.; Loubser, S. Ilani

    2017-06-01

    Using the redMaPPer (red-sequence Matched-filter Probabilistic Percolation) cluster catalogue based on the Sloan Digital Sky Survey (SDSS) photometry, we investigate the importance of major mergers in the stellar mass build-up of brightest cluster galaxies (BCGs) between 0.08 ≤ z ≤ 0.50. We use the SDSS spectroscopy, supplemented with spectroscopic observations from the Southern African Large Telescope at higher redshifts, to identify which BCGs and nearby companions are potential major merger candidates. We use the pair fraction as a proxy for the merger fraction in order to determine how much stellar mass growth the BCGs have experienced due to major mergers. We observe a weak trend of the BCG pair fraction increasing with decreasing redshift, suggesting that major mergers may become more important towards the present day. Major mergers are found to contribute, on average, 24 ± 14 (29 ± 17) per cent towards the stellar mass of a present-day BCG since z = 0.32 (0.45), assuming that half of the companion's stellar mass is accreted on to the BCG. Furthermore, using our merger results in conjunction with predictions from two recent semi-analytical models along with observational measurements from the literature, we find that major mergers have sufficient stellar material to account for the stellar mass growth of the intracluster light between z = 0.3 and 0.

  4. Assessing Unilateral Merger Effects in a Two-Sided Market : An Application to the Dutch Daily Newspaper Market

    NARCIS (Netherlands)

    Filistrucchi, L.; Klein, T.J.; Michielsen, T.O.

    2011-01-01

    We compare different methods to assess unilateral merger effects in a two-sided market by applying them to a hypothetical merger in the Dutch newspaper industry. For this, we first specify and estimate a structural model of demand for differentiated products on both the readership and the

  5. Assessing unilateral merger effects in a two-sided market : An application to the Dutch daily newspaper market

    NARCIS (Netherlands)

    Filistrucchi, L.; Klein, T.J.; Michielsen, T.O.

    2012-01-01

    We compare different methods to assess unilateral merger effects in a two-sided market by applying them to a hypothetical merger in the Dutch newspaper industry. We first specify and estimate a structural model of demand for differentiated products in both the readership and the advertising sides of

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

    International Nuclear Information System (INIS)

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

    2010-01-01

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

  7. The impact of geographic market definition on the stringency of hospital merger control in Germany and the Netherlands

    NARCIS (Netherlands)

    M. Varkevisser (Marco); F.T. Schut (Erik)

    2012-01-01

    textabstractIn markets where hospitals are expected to compete, preventive merger control aims to prohibit anticompetitive mergers. In the hospital industry, however, the standard method for defining the relevant market (SSNIP) is difficult to apply and alternative approaches have proven inaccurate.

  8. Long-Term Human Outcomes of a "Shotgun" Marriage in Higher Education: Anatomy of a Merger, Two Decades Later

    Science.gov (United States)

    Pritchard, Rosalind; Williamson, Arthur

    2007-01-01

    This article addresses a gap in the research literature on mergers in higher education by giving special consideration to the human resource dimension. It focuses on the forced merger of two higher education institutions that was implemented in Northern Ireland over 20 years ago and from which the University of Ulster was established. The authors…

  9. Simulating the toothbrush: evidence for a triple merger of galaxy clusters

    Science.gov (United States)

    Brüggen, M.; van Weeren, R. J.; Röttgering, H. J. A.

    2012-09-01

    The newly discovered galaxy cluster 1RXS J0603.3+4214 hosts a 1.9 Mpc long, bright radio relic with a peculiar linear morphology. Using hydrodynamical N-body adaptive mesh refinement simulations of the merger between three initially hydrostatic clusters in an idealized set-up, we are able to reconstruct the morphology of the radio relic. Based on our simulation, we can constrain the merger geometry, predict lensing mass measurements and X-ray observations. Comparing such models to X-ray, redshift and lensing data will validate the geometry of this complex merger which helps in constraining the parameters for shock acceleration of electrons that produces the radio relic.

  10. The 'toothbrush-cluster': probing particle acceleration by merger induced shock waves

    Science.gov (United States)

    van Weeren, Reinout

    2012-09-01

    We have discovered a spectacular merging galaxy cluster hosting a 2-Mpc elongated radio source, suggesting particle acceleration at merger shocks. The large straight extent is however very difficult to explain with current merger scenarios and a very high Mach number of 4.5 is required to explain the radio spectral index. We therefore argue that this cluster is a key object to test current models of shock acceleration and cluster formation. The proposed Chandra+EVLA observations will address the following: (i) is there a compelling need for a more sophisticated particle acceleration mechanism than standard diffusive shock acceleration? And (ii) are we witnessing a very special configuration consisting of multiple merger events that collectively conspire to yield such a linear shock?

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

    Science.gov (United States)

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

    2015-07-31

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

  12. The dynamics of mergers and acquisitions: ancestry as the seminal determinant.

    Science.gov (United States)

    Viegas, Eduardo; Cockburn, Stuart P; Jensen, Henrik J; West, Geoffrey B

    2014-11-08

    Understanding the fundamental mechanisms behind the complex landscape of corporate mergers and acquisitions is of crucial importance to economies across the world. Adapting ideas from the fields of complexity and evolutionary dynamics to analyse business ecosystems, we show here that ancestry, i.e. the cumulative sum of historical mergers across all ancestors, is the key characteristic to company mergers and acquisitions. We verify this by comparing an agent-based model to an extensive range of business data, covering the period from the 1830s to the present day and a range of industries and geographies. This seemingly universal mechanism leads to imbalanced business ecosystems, with the emergence of a few very large, but sluggish 'too big to fail' entities, and very small, niche entities, thereby creating a paradigm where a configuration akin to effective oligopoly or monopoly is a likely outcome for free market systems.

  13. Mergers of Black-Hole Binaries with Aligned Spins: Waveform Characteristics

    Science.gov (United States)

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

    2011-01-01

    "We apply our gravitational-waveform analysis techniques, first presented in the context of nonspinning black holes of varying mass ratio [1], to the complementary case of equal-mass spinning black-hole binary systems. We find that, as with the nonspinning mergers, the dominant waveform modes phases evolve together in lock-step through inspiral and merger, supporting the previous model of the binary system as an adiabatically rigid rotator driving gravitational-wave emission - an implicit rotating source (IRS). We further apply the late-merger model for the rotational frequency introduced in [1], along with a new mode amplitude model appropriate for the dominant (2, plus or minus 2) modes. We demonstrate that this seven-parameter model performs well in matches with the original numerical waveform for system masses above - 150 solar mass, both when the parameters are freely fit, and when they are almost completely constrained by physical considerations."

  14. Factors of Voluntary Mergers of Municipalities: a case study of the Czech Republic

    Directory of Open Access Journals (Sweden)

    Musilová Karolína

    2015-10-01

    Full Text Available Territorial fragmentation is considered as one of the most problematic characteristics of the Czech municipal system, however, there are no effective ways how to encourage small units to amalgamate. This paper focuses on cases of voluntary mergers that occured in 2002 and 2003, as the number of amalgamated units had no comparison in last 20 years. Through the analysis of documents, data from statistical office, press and interviews with actors we examine the aspect of those mergers such as main causes, process of the merger itself and actors involved. The analysis reveals the amalgamation was not a result of long-term process but more likely an ad hoc solution of problematic situation caused by administrative, economic and socio-demographic factors.

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

    Science.gov (United States)

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

    2010-04-30

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

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

    Directory of Open Access Journals (Sweden)

    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.

  17. Rapid formation of supermassive black hole binaries in galaxy mergers with gas.

    Science.gov (United States)

    Mayer, L; Kazantzidis, S; Madau, P; Colpi, M; Quinn, T; Wadsley, J

    2007-06-29

    Supermassive black holes (SMBHs) are a ubiquitous component of the nuclei of galaxies. It is normally assumed that after the merger of two massive galaxies, a SMBH binary will form, shrink because of stellar or gas dynamical processes, and ultimately coalesce by emitting a burst of gravitational waves. However, so far it has not been possible to show how two SMBHs bind during a galaxy merger with gas because of the difficulty of modeling a wide range of spatial scales. Here we report hydrodynamical simulations that track the formation of a SMBH binary down to scales of a few light years after the collision between two spiral galaxies. A massive, turbulent, nuclear gaseous disk arises as a result of the galaxy merger. The black holes form an eccentric binary in the disk in less than 1 million years as a result of the gravitational drag from the gas rather than from the stars.

  18. SPIRAL INSTABILITY CAN DRIVE THERMONUCLEAR EXPLOSIONS IN BINARY WHITE DWARF MERGERS

    Energy Technology Data Exchange (ETDEWEB)

    Kashyap, Rahul; Fisher, Robert [Department of Physics, University of Massachusetts Dartmouth, 285 Old Westport Road, North Dartmouth, MA 02740 (United States); García-Berro, Enrique; Aznar-Siguán, Gabriela [Departament de Física Aplicada, Universitat Politècnica de Catalunya, c/Esteve Terrades, 5, E-08860 Castelldefels (Spain); Ji, Suoqing [Department of Physics, Broida Hall, University of California Santa Barbara, Santa Barbara, CA 93106–9530 (United States); Lorén-Aguilar, Pablo [School of Physics, University of Exeter, Stocker Road, Exeter EX4 4QL (United Kingdom)

    2015-02-10

    Thermonuclear, or Type Ia supernovae (SNe Ia), originate from the explosion of carbon–oxygen white dwarfs, and serve as standardizable cosmological candles. However, despite their importance, the nature of the progenitor systems that give rise to SNe Ia has not been hitherto elucidated. Observational evidence favors the double-degenerate channel in which merging white dwarf binaries lead to SNe Ia. Furthermore, significant discrepancies exist between observations and theory, and to date, there has been no self-consistent merger model that yields a SNe Ia. Here we show that a spiral mode instability in the accretion disk formed during a binary white dwarf merger leads to a detonation on a dynamical timescale. This mechanism sheds light on how white dwarf mergers may frequently yield SNe Ia.

  19. Rapid Formation of Supermassive Black Hole Binaries in Galaxy Mergers with Gas

    Energy Technology Data Exchange (ETDEWEB)

    Mayer, L.; /Zurich U. /Zurich, ETH; Kazantzidis, S.; /KIPAC, Menlo Park; Madau, P.; /UC, Santa Cruz /Garching, Max Planck Inst.; Colpi, M.; /Milan Bicocca U.; Quinn, T.; /Washington U., Seattle; Wadsley, J.; /McMaster U.

    2008-03-24

    Supermassive black holes (SMBHs) are a ubiquitous component of the nuclei of galaxies. It is normally assumed that, following the merger of two massive galaxies, a SMBH binary will form, shrink due to stellar or gas dynamical processes and ultimately coalesce by emitting a burst of gravitational waves. However, so far it has not been possible to show how two SMBHs bind during a galaxy merger with gas due to the difficulty of modeling a wide range of spatial scales. Here we report hydrodynamical simulations that track the formation of a SMBH binary down to scales of a few light years following the collision between two spiral galaxies. A massive, turbulent nuclear gaseous disk arises as a result of the galaxy merger. The black holes form an eccentric binary in the disk in less than a million years as a result of the gravitational drag from the gas rather than from the stars.

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

    International Nuclear Information System (INIS)

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

    2016-01-01

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