WorldWideScience

Sample records for price publisher mergers

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

    Science.gov (United States)

    Robertson, Kathleen

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

  2. 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…

  3. Planned Merger of 2 Big Journal Publishers Worries Academic Librarians

    Science.gov (United States)

    Glenn, David

    2006-01-01

    Last week the venerable publisher John Wiley & Sons made a surprise announcement that it would purchase Blackwell Publishing Ltd. for about $1.13-billion, an acquisition likely to have broad consequences for the world of academic journals and libraries. Assuming that the deal is completed, Wiley's scientific, technical, and medical division will…

  4. Publisher Correction: The price of fast fashion

    Science.gov (United States)

    2018-02-01

    In the version of this Editorial originally published, the rate of clothing disposal to landfill was incorrectly given as `one rubbish truck per day'; it should have read `one rubbish truck per second'. This has now been corrected in the online versions of the Editorial.

  5. The effects of mergers and acquisitions on stock price behavior in banking sector of Pakistan

    Directory of Open Access Journals (Sweden)

    Zahoor Rahman

    2018-03-01

    Full Text Available Mergers and Acquisitions are considered as one of the useful strategies for growth and expansion of businesses. These strategies have widely been adopted in developed economies while are quite often practiced in developing countries like Pakistan. This study aims to explore the effect of Mergers and Acquisitions on stock price behavior of banking sector in Pakistan by using event study analysis for the period of 2002–2012. Market Study Method was used to compute the abnormal and cumulative abnormal returns for analyzing pre and post events effect of the phenomenon on share prices. The results reveal mixed observations of the activity of mergers and acquisitions on stock price performance. Our findings indicate that most of the firms experienced negative while some firms have shown positive abnormal and cumulative abnormal returns following the activity. Overall, the results indicate that the market responded negatively towards the phenomenon of mergers and acquisition in Banking sector of Pakistan. The results would be useful in providing new insights to the investors and management in making their investment related decisions.

  6. The Effect of Merger and Acquisition Announcements on Stock Price Behaviour and Financial Performance Changes: a Case of Banks in Malaysia

    OpenAIRE

    Harjito, D. Agus; Sulong, Zunaidah

    2006-01-01

    This study attempts to examine the effect of mergers and acquisitions completion announcements on the stock price behavior for two anchor banks; Hong Leong Bank Berhad and Arab Malaysian Bank Berhad. The analysis uses the event study technique, the Naïve Model, a model that is based on Market Model with constrained  = 0 and  = 1 to compute the abnormal returns surrounding the mergers and acquisitions completion announcement date; also to evaluate the effect of mergers and acquisitions ...

  7. The Effect of Merger and Acquisition Announcements on Stock Price Behaviour and Financial Performance Changes: A Case of Banks in Malaysia

    OpenAIRE

    Harjito, D. Agus; Sulong, Zunaidah

    2009-01-01

    This study attempts to examine the effect of mergers and acquisitions completion announcements on the stock price behavior for two anchor banks; Hong Leong Bank Berhad and Arab Malaysian Bank Berhad. The analysis uses the event study technique, the Naïve Model, a model that is based on Market Model with constrained  = 0 and  = 1 to compute the abnormal returns surrounding the mergers and acquisitions completion announcement date; also to evaluate the effect of mergers and acquisitions compl...

  8. 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)

  9. The economic impact of merger control legislation

    OpenAIRE

    Carletti, Elena; Hartmann, Philipp; Onega, Steven

    2007-01-01

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

  10. 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

  11. Economics of Scholarly Publishing: Exploring the Causes of Subscription Price Variations of Scholarly Journals in Business Subject-Specific Areas

    Science.gov (United States)

    Liu, Lewis G.

    2011-01-01

    This empirical research investigates subscription price variations of scholarly journals in five business subject-specific areas using the semilogarithmic regression model. It has two main purposes. The first is to address the unsettled debate over whether or not and to what extent commercial publishers reap monopoly profits by overcharging…

  12. On Mergers in Consumer Search Markets

    NARCIS (Netherlands)

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

    2007-01-01

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

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

    OpenAIRE

    Chen, Yongmin; Gayle, Philip

    2013-01-01

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

  14. An Experimental Approach to Merger Evaluation

    OpenAIRE

    Christopher T. Conlon; Julie Holland Mortimer

    2013-01-01

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

  15. 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)

  16. 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.

  17. The determinants of merger waves: An international perspective

    Science.gov (United States)

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

    2012-01-01

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

  18. Which types of hospital mergers save consumers money?

    Science.gov (United States)

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

    1997-01-01

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

  19. 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.

  20. Price

    International Nuclear Information System (INIS)

    Anon.

    1991-01-01

    The price terms in wheeling contracts very substantially, reflecting the differing conditions affecting the parties contracting for the service. These terms differ in the manner in which rates are calculated, the formulas used, and the philosophy underlying the accord. For example, and EEI study found that firm wheeling rates ranged from 20 cents to $1.612 per kilowatt per month. Nonfirm rates ranged from .15 mills to 5.25 mills per kilowatt-hour. The focus in this chapter is on cost-based rates, reflecting the fact that the vast majority of existing contracts are based on rate designs reflecting embedded costs. This situation may change in the future, but, for now, this fact can't be ignored

  1. Mergers & Acquisitions

    DEFF Research Database (Denmark)

    Fomcenco, Alex

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

  2. Gold Open Access Publishing in Mega-Journals: Developing Countries Pay the Price of Western Premium Academic Output

    NARCIS (Netherlands)

    Ellers, Jacintha; Crowther, Thomas W.; Harvey, Jeffrey A.

    2017-01-01

    Open access publishing (OAP) makes research output freely available, and several national governments have now made OAP mandatory for all publicly funded research. Gold OAP is a common form of OAP where the author pays an article processing charge (APC) to make the article freely available to

  3. Merger negotiations with stock market feedback

    OpenAIRE

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

    2011-01-01

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

  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. Manufacturers Mergers and Product Variety in Vertically Related Markets

    OpenAIRE

    Chrysovalantou Milliou; Joel Sandonis

    2014-01-01

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

  6. 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.)

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

    OpenAIRE

    Björnerstedt, Jonas; Verboven, Frank

    2012-01-01

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

  8. Merger incentives and the failing firm defense

    NARCIS (Netherlands)

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

    2014-01-01

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

  9. 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

  10. 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.

  11. Book Trade Research and Statistics. Prices of U.S. and Foreign Published Materials; Book Title Output and Average Prices: 2000 Final and 2001 Preliminary Figures; Book Sales Statistics, 2001: AAP Preliminary Estimates; U.S. Book Exports and Imports: 2001; Number of Book Outlets in the United States and Canada; Review Media Statistics.

    Science.gov (United States)

    Sullivan, Sharon G.; Barr, Catherine; Grabois, Andrew

    2002-01-01

    Includes six articles that report on prices of U.S. and foreign published materials; book title output and average prices; book sales statistics; book exports and imports; book outlets in the U.S. and Canada; and review media statistics. (LRW)

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

    Science.gov (United States)

    Gagnon, Marc-André; Volesky, Karena D

    2017-08-22

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

  13. 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.

  14. Mergers and Acquisitions

    OpenAIRE

    Frasch, Manfred; Leptin, Maria

    2000-01-01

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

  15. Characterizing Black Hole Mergers

    Science.gov (United States)

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

    2010-01-01

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

  16. 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.

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

    Energy Technology Data Exchange (ETDEWEB)

    Hawes, D.W.

    1995-10-01

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

  18. Simulations of galaxy mergers

    International Nuclear Information System (INIS)

    Villumsen, J.V.

    1982-01-01

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

  19. GdF-Suez. The challenges of a merger

    International Nuclear Information System (INIS)

    Lepetit, V.

    2007-01-01

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

  20. Mergers at z = 1

    Science.gov (United States)

    Kao, Lancelot L.

    1993-01-01

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

  1. Mergers 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...

  2. A scoreboard of mergers and acquisitions

    Energy Technology Data Exchange (ETDEWEB)

    Parent, L.V

    1989-08-01

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

  3. Predation and Mergers: Is Merger Law Counterproductive?

    OpenAIRE

    Persson, Lars

    1999-01-01

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

  4. Asset Pricing With Multiplicative Habit and Power-Expo Preferences (Subsequently published in "Economics Letters", 2007, 94(3), 319-325. )

    OpenAIRE

    William T. Smith; Qiang Zhang

    2006-01-01

    Multiplicative habit introduces an additional consumption risk as a determinant of equity premium, and allows time preference and habit strength, in addition to risk aversion, to affect "price of risk". A model combining multiplicative habit and power-expo preferences cannot be rejected.

  5. The Library as Publisher.

    Science.gov (United States)

    Field, Roy

    1979-01-01

    Presents a guide to for-profit library publishing of reprints, original manuscripts, and smaller items. Discussed are creation of a publications panel to manage finances and preparation, determining prices of items, and drawing up author contracts. (SW)

  6. 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.

  7. 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.

  8. 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...

  9. 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)

  10. MERGER ACCOUTING FOR COMPANIES

    OpenAIRE

    SUCIU GHEORGHE

    2014-01-01

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

  11. Analysis of factors determining enterprise value of company merger and acquisition: A case study of coal in Kalimantan, Indonesia

    Science.gov (United States)

    Candra, Ade; Pasasa, Linus A.; Simatupang, Parhimpunan

    2015-09-01

    The main purpose of this paper is looking at the relationship between the factors of technical, financial and legal with enterprise value in mergers and acquisitions of coal companies in Kalimantan, Indonesia over the last 10 years. Data obtained from secondary data sources in the company works and from published data on the internet. The data thus obtained are as many as 46 secondary data with parameters resources, reserves, stripping ratio, calorific value, distance from pit to port, and distance from ports to vessels, production per annum, the cost from pit to port, from port to vessel costs, royalties, coal price and permit status. The data was analysis using structural equation modeling (SEM) to determine the factors that most significant influence enterprise value of coal company in Kalimantan. The result shows that a technical matter is the factor that most affects the value of enterprise in coal merger and acquisition company. Financial aspect is the second factor that affects the enterprise value.

  12. 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)

  13. 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.

  14. 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)

  15. 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...

  16. EdF-Gaz de France. No merger without dismembering

    International Nuclear Information System (INIS)

    Lepetit, V.

    2007-01-01

    Gathering together the two historical French energy monopolies, Electricite de France (EdF) and Gaz de France (GdF), and warranting low electricity and gas prices is still an attractive idea for some political and syndicate representatives. However, such a merger would create a dominating position which is forbidden with respect to Brussels criteria. (J.S.)

  17. College Mergers: An Emerging Alternative.

    Science.gov (United States)

    Breuder, Robert L.

    1989-01-01

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

  18. Understanding FE Mergers. Research Report

    Science.gov (United States)

    Calvert, Natasha

    2009-01-01

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

  19. PRICE AND PRICING STRATEGIES

    OpenAIRE

    SUCIU Titus

    2013-01-01

    In individual companies, price is one significant factor in achieving marketing success. In many purchase situations, price can be of great importance to customers. Marketers must establish pricing strategies that are compatible with the rest of the marketing mix. Management should decide whether to charge the same price to all similar buyers of identical quantities of a product (a one-price strategy) or to set different prices (a flexible price strategy). Many organizations, especially retai...

  20. Prices and Price Setting

    NARCIS (Netherlands)

    R.P. Faber (Riemer)

    2010-01-01

    textabstractThis thesis studies price data and tries to unravel the underlying economic processes of why firms have chosen these prices. It focuses on three aspects of price setting. First, it studies whether the existence of a suggested price has a coordinating effect on the prices of firms.

  1. Hospital and Health Insurance Markets Concentration and Inpatient Hospital Transaction Prices in the U.S. Health Care Market.

    Science.gov (United States)

    Dauda, Seidu

    2018-04-01

    To examine the effects of hospital and insurer markets concentration on transaction prices for inpatient hospital services. Measures of hospital and insurer markets concentration derived from American Hospital Association and HealthLeaders-InterStudy data are linked to 2005-2008 inpatient administrative data from Truven Health MarketScan Databases. Uses a reduced-form price equation, controlling for cost and demand shifters and accounting for possible endogeneity of market concentration using instrumental variables (IV) technique. The findings suggest that greater hospital concentration raises prices, whereas greater insurer concentration depresses prices. A hypothetical merger between two of five equally sized hospitals is estimated to increase hospital prices by about 9 percent (p costs. © Published 2017. This article is a U.S. Government work and is in the public domain in the USA.

  2. Desktop Publishing.

    Science.gov (United States)

    Stanley, Milt

    1986-01-01

    Defines desktop publishing, describes microcomputer developments and software tools that make it possible, and discusses its use as an instructional tool to improve writing skills. Reasons why students' work should be published, examples of what to publish, and types of software and hardware to facilitate publishing are reviewed. (MBR)

  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. Internationalize Mergers and Acquisitions

    OpenAIRE

    Zhou, Lili

    2017-01-01

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

  5. Mergers & Acquisitions and Intangibles

    OpenAIRE

    Ott, Christian

    2012-01-01

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

  6. Music publishing

    OpenAIRE

    Simões, Alberto; Almeida, J. J.

    2003-01-01

    Current music publishing in the Internet is mainly concerned with sound publishing. We claim that music publishing is not only to make sound available but also to define relations between a set of music objects like music scores, guitar chords, lyrics and their meta-data. We want an easy way to publish music in the Internet, to make high quality paper booklets and even to create Audio CD's. In this document we present a workbench for music publishing based on open formats, using open-source t...

  7. Observing Galaxy Mergers in Simulations

    Science.gov (United States)

    Snyder, Gregory

    2018-01-01

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

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

    Energy Technology Data Exchange (ETDEWEB)

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

    1996-11-01

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

  9. Publisher Correction

    DEFF Research Database (Denmark)

    Turcot, Valérie; Lu, Yingchang; Highland, Heather M

    2018-01-01

    In the published version of this paper, the name of author Emanuele Di Angelantonio was misspelled. This error has now been corrected in the HTML and PDF versions of the article.......In the published version of this paper, the name of author Emanuele Di Angelantonio was misspelled. This error has now been corrected in the HTML and PDF versions of the article....

  10. 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?

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

    Energy Technology Data Exchange (ETDEWEB)

    Reiter, H.L.

    1999-06-30

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

  12. 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

  13. Competition and Mergers among Nonprofits

    NARCIS (Netherlands)

    Prüfer, J.

    2007-01-01

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

  14. Knowledge management in international mergers

    NARCIS (Netherlands)

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

    2002-01-01

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

  15. Indexing mergers and acquisitions

    OpenAIRE

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

    2017-01-01

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

  16. 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.

  17. Analysis of Economic Performance in Mergers and Acquisition

    Institute of Scientific and Technical Information of China (English)

    王立杰; 孙涛

    2003-01-01

    Based on the methods of financial analysis, the direct earnings in mergers and acquisition M&A, profit or loss from stock price fluctuation, influence on the earning per stock(EPS) and revenue growth after M&A were analyzed in detail. And several quantitative models were established in relevant part accordingly. It can be useful to improve the present low efficiency in the M&A performance in Chinese capital market.

  18. 7 CFR 3575.89 - Mergers.

    Science.gov (United States)

    2010-01-01

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

  19. 7 CFR 1779.89 - Mergers.

    Science.gov (United States)

    2010-01-01

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

  20. 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

  1. 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

  2. Publisher Correction

    DEFF Research Database (Denmark)

    Bonàs-Guarch, Sílvia; Guindo-Martínez, Marta; Miguel-Escalada, Irene

    2018-01-01

    In the originally published version of this Article, the affiliation details for Santi González, Jian'an Luan and Claudia Langenberg were inadvertently omitted. Santi González should have been affiliated with 'Barcelona Supercomputing Center (BSC), Joint BSC-CRG-IRB Research Program in Computatio......In the originally published version of this Article, the affiliation details for Santi González, Jian'an Luan and Claudia Langenberg were inadvertently omitted. Santi González should have been affiliated with 'Barcelona Supercomputing Center (BSC), Joint BSC-CRG-IRB Research Program...

  3. The UP/SP merger could derail Western bituminous

    International Nuclear Information System (INIS)

    Vaninetti, J.; Leshock, J.C.

    1995-01-01

    The 3 billion dollars per year US Western bituminous coal industry annually produces more than 100 million tons of compliance coal to utility, industrial and export markets. About half of production is consumed locally, this sector has grown most in recent years. New markets are utilities in the Mid-west. The UP and SP railroads have profited accordingly. The merger may cause a change in the pricing strategies for the new company, leading to increased freight and coal prices. 1 fig., 1 tab

  4. Publisher Correction

    DEFF Research Database (Denmark)

    Stokholm, Jakob; Blaser, Martin J.; Thorsen, Jonathan

    2018-01-01

    The originally published version of this Article contained an incorrect version of Figure 3 that was introduced following peer review and inadvertently not corrected during the production process. Both versions contain the same set of abundance data, but the incorrect version has the children...

  5. Publisher Correction

    DEFF Research Database (Denmark)

    Turcot, Valérie; Lu, Yingchang; Highland, Heather M

    2018-01-01

    In the version of this article originally published, one of the two authors with the name Wei Zhao was omitted from the author list and the affiliations for both authors were assigned to the single Wei Zhao in the author list. In addition, the ORCID for Wei Zhao (Department of Biostatistics and E...

  6. Dear Publisher.

    Science.gov (United States)

    Chelton, Mary K.

    1992-01-01

    Addresses issues that concern the relationship between publishers and librarians, including differences between libraries and bookstores; necessary information for advertisements; out-of-stock designations and their effect on budgets; the role of distributors and vendors; direct mail for book promotions; unsolicited review copies; communications…

  7. Electronic Publishing.

    Science.gov (United States)

    Lancaster, F. W.

    1989-01-01

    Describes various stages involved in the applications of electronic media to the publishing industry. Highlights include computer typesetting, or photocomposition; machine-readable databases; the distribution of publications in electronic form; computer conferencing and electronic mail; collaborative authorship; hypertext; hypermedia publications;…

  8. 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

  9. Justice Department Airline Merger Policy

    Science.gov (United States)

    Farmer, D. A.

    1972-01-01

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

  10. 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.

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

    Science.gov (United States)

    Chan, Jeff

    2013-01-01

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

  12. Upward Pricing Pressure in Two-Sided Markets

    NARCIS (Netherlands)

    Affeldt, P.; Filistrucchi, L.; Klein, T.J.

    2012-01-01

    Abstract: Pricing pressure indices have recently been proposed as alternative screening devices for horizontal mergers involving differentiated products. We extend the concept of Upward Pricing Pressure (UPP) proposed by Farrell and Shapiro (2010) to two-sided markets. Examples of such markets are

  13. 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)

  14. Oil company mergers raise concern among some geoscientists

    Science.gov (United States)

    Showstack, Randy

    With the blessings of the antitrust regulatory agencies and the ghost of John D. Rockefeller, the proposed marriage between Exxon and Mobil would create the world's largest energy company and corporation of any type. This merger also would reunite the two biggest pieces of Rockefeller's Standard Oil Company, which the U.S. Supreme Court ordered dismantled in 1911 in an antitrust case.Exxon, Mobil, and financial analysts say the merger is driven by the need to operate more efficiently in a tough, competitive environment. The price of oil, after all, recently has been scraping near bottom of the barrel at about $11 per barrel, and companies often need to muster significant capital resources to develop more remote reservoirs.

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

    NARCIS (Netherlands)

    Ray Chaudhuri, A.

    2011-01-01

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

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

    NARCIS (Netherlands)

    Ray Chaudhuri, A.

    2011-01-01

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

  17. The Merger Paradox and R&D

    OpenAIRE

    MIYAGIWA, Kaz; WAN, Jiangyun(Yunyun)

    2015-01-01

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

  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. Mergers, Strategic Investments and Antitrust Policy

    OpenAIRE

    Deneffe, Daniel; Wakker, Peter

    1996-01-01

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

  20. 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.

  1. 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)

  2. Assessment of Innovation Effects of Mergers

    OpenAIRE

    Kern, Benjamin René

    2015-01-01

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

  3. 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.

  4. 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...

  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. Mergers in European Higher Education

    DEFF Research Database (Denmark)

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

    2018-01-01

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

  8. Mergers and Acquisitions in India

    OpenAIRE

    Agarwal, Ankita

    2009-01-01

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

  9. 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 th...... if the producers keep the wholesale prices unchanged. If the producers adjust their wholesale prices, then RPM hurts both the merged and the independent shops and benefits only the producers. The harmful effects on consumer welfare and efficiency are intensified....... 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...... would most likely significantly affect retail prices. The harmful effects are markedly intensified through the possible abuse of buyer power to raise barriers to the market and curb the competitiveness of minor rivals. However, the dominant position is vulnerable if increased profits induce the entrance...

  10. 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.

  11. 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

  12. More Mergers,More Acquisitions

    Institute of Scientific and Technical Information of China (English)

    2010-01-01

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

  13. More Mergers,More Acquisitions

    Institute of Scientific and Technical Information of China (English)

    LAN XINZHEN

    2010-01-01

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

  14. Creating lenticular galaxies with mergers

    NARCIS (Netherlands)

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

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

  15. STS pricing policy

    Science.gov (United States)

    Lee, C. M.; Stone, B.

    1982-01-01

    In 1977 NASA published Shuttle Reimbursement Policies for Civil U.S. Government, DOD and Commercial and Foreign Users. These policies were based on the principle of total cost recovery over a period of time with a fixed flat price for initial period to time to enhance transition. This fixed period was to be followed with annual adjustments thereafter, NASA is establishing a new price for 1986 and beyond. In order to recover costs, that price must be higher than the initial fixed price through FY 1985. NASA intends to remain competitive. Competitive posture includes not only price, but other factors such as assured launch, reliability, and unique services. NASA's pricing policy considers all these factors.

  16. Book Trade Research and Statistics. Prices of U.S. and Foreign Published Materials; Book Title Output and Average Prices: 2001 Final and 2002 Preliminary Figures; Book Sales Statistics, 2002: AAP Preliminary Estimates; U.S. Book Exports and Imports:2002; Number of Book Outlets in the United States and Canada; Review Media Statistics.

    Science.gov (United States)

    Sullivan, Sharon G.; Grabois, Andrew; Greco, Albert N.

    2003-01-01

    Includes six reports related to book trade statistics, including prices of U.S. and foreign materials; book title output and average prices; book sales statistics; book exports and imports; book outlets in the U.S. and Canada; and numbers of books and other media reviewed by major reviewing publications. (LRW)

  17. 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.

  18. Price fairness

    OpenAIRE

    Diller, Hermann

    2013-01-01

    Purpose – The purpose of this article is to integrate the various strands of fair price research into a concise conceptual model. Design/methodology/approach – The proposed price fairness model is based on a review of the fair pricing literature, incorporating research reported in not only English but also German. Findings – The proposed fair price model depicts seven components of a fair price: distributive fairness, consistent behaviour, personal respect and regard for the partner, fair dea...

  19. PENGATURAN MENGENAI HARGA SAHAM WAJAR SEBAGAI BENTUK PERLINDUNGAN HUKUM TERHADAP PEMEGANG SAHAM PUBLIK DALAM MERGER BANK YANG BERBENTUK PERSEROAN TERBUKA

    Directory of Open Access Journals (Sweden)

    Pande Yogantara S.

    2013-01-01

    Full Text Available Banking crisis that occurred in 1997 and the issuance of Bank Indonesia regulations Number 8/16/PBI/2006 Regarding Single Presence on Indonesian Banking, led to a merger in the banking industry. Merger action is a legal act, not only causes economic and financial consequences but also the juridical consequences. The consequences of the merger to be seen is the impact on the public shareholders especially in the of bank in form public company.In the event of a merger, position of public shareholders is very weak in regard to corporate decision-making (the company. If the views of the ownership of shares, public shareholders are almost always going to lose when dealing with shareholders, because for every share issued has one vote. The results of this research showedCapital Markets Law and BAPEPAM regulation Number IX.G.1 About Merger or Consolidation Enterprises Public Company or the Issuerdoes not regulate further the understanding and clear criteria of "reasonable stock price". But in bank merger the form of public company,necessary services as a professional independent appraisal supporting the capital markets as mentioned in Article 64 and Article 67 of Act Number 8 Year 1995 About Capital Market,which in turn can make a reasonable assessment of the stock price that reflects fairness for public or minority shareholders.

  20. Dynamic Pricing

    DEFF Research Database (Denmark)

    Sharifi, Reza; Anvari-Moghaddam, Amjad; Fathi, S. Hamid

    2017-01-01

    Dynamic pricing scheme, also known as real-time pricing (RTP), can be more efficient and technically beneficial than the other price-based schemes (such as flat-rate or time-of-use (TOU) pricing) for enabling demand response (DR) actions. Over the past few years, advantages of RTP-based schemes h...... of dynamic pricing can lead to increased willingness of consumers to participate in DR programs which in turn improve the operation of liberalized electricity markets.......Dynamic pricing scheme, also known as real-time pricing (RTP), can be more efficient and technically beneficial than the other price-based schemes (such as flat-rate or time-of-use (TOU) pricing) for enabling demand response (DR) actions. Over the past few years, advantages of RTP-based schemes...

  1. 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.

  2. Mergers as an Omega estimator

    International Nuclear Information System (INIS)

    Carlberg, R.G.

    1990-01-01

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

  3. Mergers, managerial incentives, and efficiencies

    OpenAIRE

    Jovanovic, Dragan

    2014-01-01

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

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

    OpenAIRE

    Sumeet Gupta

    2009-01-01

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

  5. 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

  6. National Versus International Mergers and Trade Liberalization

    OpenAIRE

    Yildiz, Halis Murat

    2003-01-01

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

  7. 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

  8. LEGAL CONSEQUENCES OF MERGERS AND ACQUISITIONS

    Directory of Open Access Journals (Sweden)

    Amelia-Raluca ONIŞOR

    2016-05-01

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

  9. 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

  10. The Changing Business of Scholarly Publishing.

    Science.gov (United States)

    Hunter, Karen

    1993-01-01

    Discussion of changes and trends in scholarly publishing highlights monographs; journals; user-centered publishing; electronic products and services, including adding value, marketing strategies, and new pricing systems; changing attitudes regarding copyright; trends in publishing industry reorganization; and impacts on research libraries. (LRW)

  11. Transfer Pricing

    DEFF Research Database (Denmark)

    Nielsen, Søren Bo

    2014-01-01

    Against a background of rather mixed evidence about transfer pricing practices in multinational enterprises (MNEs) and varying attitudes on the part of tax authorities, this paper explores how multiple aims in transfer pricing can be pursued across four different transfer pricing regimes. A MNE h...

  12. Gold prices

    OpenAIRE

    Joseph G. Haubrich

    1998-01-01

    The price of gold commands attention because it serves as an indicator of general price stability or inflation. But gold is also a commodity, used in jewelry and by industry, so demand and supply affect its pricing and need to be considered when gold is a factor in monetary policy decisions.

  13. 17 CFR 242.201 - Price test.

    Science.gov (United States)

    2010-04-01

    ... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Price test. 242.201 Section...-Regulation of Short Sales § 242.201 Price test. Link to an amendment published at 75 FR 11323, Mar. 10, 2010. (a) No short sale price test, including any short sale price test of any self-regulatory organization...

  14. Mergers, Strategic Investments and Antitrust Policy

    NARCIS (Netherlands)

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

    1996-01-01

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

  15. 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.

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

    Directory of Open Access Journals (Sweden)

    G. A. Goldman

    2006-12-01

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

  17. Essays on mergers and acquisitions

    OpenAIRE

    Faelten, A.I.

    2016-01-01

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

  18. 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.

  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. 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.

  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. Upward pricing pressure in two-sided markets

    NARCIS (Netherlands)

    Affeldt, P.; Filistrucchi, L.; Klein, T.J.

    2013-01-01

    Measuring upward pricing pressure (UPP) has recently been proposed by Farrell and Shapiro (2010) as an alternative screening device for horizontal mergers. We extend the concept of UPP to two-sided markets. Examples of such markets are the newspaper market, where the demand for advertising is

  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. Transfer Pricing

    DEFF Research Database (Denmark)

    Rohde, Carsten; Rossing, Christian Plesner

    trade internally as the units have to decide what prices should be paid for such inter-unit transfers. One important challenge is to uncover the consequences that different transfer prices have on the willingness in the organizational units to coordinate activities and trade internally. At the same time...... the determination of transfer price will affect the size of the profit or loss in the organizational units and thus have an impact on the evaluation of managers‟ performance. In some instances the determination of transfer prices may lead to a disagreement between coordination of the organizational units...

  5. 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)

  6. Factors affecting geographic market definition and merger control for the Dutch electricity sector. Final report. Non-confidential version

    International Nuclear Information System (INIS)

    Moselle, B.; Newbery, D.; Harris, D.

    2006-06-01

    The NMA (Netherlands Competition Authority NMa) asked The Brattle Group to analyse: (1) Factors that would affect geographic market definition for the purpose of merger control in the Dutch electric power industry; and (2) The competitive effects of some specific (hypothetical) mergers in that industry. This study does not refer to any actual merger proceedings, and the NMa have not asked to analyse any mergers of which they have been notified. All mergers analysed are hypothetical. This study is performed using both statistical analysis of historical data, and results from a comprehensive model of the European power market, the Brattle Annual Model (BAM). Standard tools of competitive analysis are used, including the so-called SSNIP test (Small but Significant and Non-transitory Increase in Price) for geographic market definition, and measures of concentration (market shares, Hirschmann-Herfindahl Indices (HHIs), which are used to examine horizontal issues in competitive analysis, and Pivotal Supply Index) for merger analysis, as well as more sophisticated economic modelling (e.g., Cournot model)

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

    Science.gov (United States)

    2010-01-01

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

  8. 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...

  9. 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

  10. 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.

  11. 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.

  12. Petroleum price

    International Nuclear Information System (INIS)

    Chevallier, B.

    2009-01-01

    The 'AFTP' conference on 'petroleum prices' organized by Total last March, tries to explain the different aspects of the crisis we undergo for July 2007 and its consequential effects on the petroleum markets (supply, demand evolvements, impacts on reserves, prices, refining...). (O.M.)

  13. Pages from the Desktop: Desktop Publishing Today.

    Science.gov (United States)

    Crawford, Walt

    1994-01-01

    Discusses changes that have made desktop publishing appealing and reasonably priced. Hardware, software, and printer options for getting started and moving on, typeface developments, and the key characteristics of desktop publishing are described. The author's notes on 33 articles from the personal computing literature from January-March 1994 are…

  14. ROLE OF INTERNATIONAL MERGERS AND ACQUISITIONS IN CORPORATE INTEGRATION

    OpenAIRE

    Lucia P. BLĂJUȚ

    2015-01-01

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

  15. 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

  16. Outpatient provider concentration and commercial colonoscopy prices.

    Science.gov (United States)

    Pozen, Alexis

    2015-01-01

    The objective was to evaluate the magnitude of various contributors to outpatient commercial colonoscopy prices, including market- and provider-level factors, especially market share. We used adjudicated fee-for-service facility claims from a large commercial insurer for colonoscopies occurring in hospital outpatient department or ambulatory surgery center from October 2005 to December 2012. Claims were matched to provider- and market-level data. Linear fixed effects regressions of negotiated colonoscopy price were run on provider, system, and market characteristics. Markets were defined as counties. There were 178,433 claims from 169 providers (104 systems). The mean system market share was 76% (SD = 0.34) and the mean real (deflated) price was US$1363 (SD = 374), ranging from US$169 to US$2748. For every percentage point increase in a system or individual facility's bed share, relative price increased by 2 to 4 percentage points; this result was stable across a number of specifications. Market population and price were also consistently positively related, though this relation was small in magnitude. No other factor explained price as strongly as market share. Price variation for colonoscopy was driven primarily by market share, of particular concern as the number of mergers increases in wake of the recession and the Affordable Care Act. Whether variation is justified by better quality care requires further research to determine whether quality is subsumed in prices. © The Author(s) 2015.

  17. 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

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

    Directory of Open Access Journals (Sweden)

    Filip Boen

    2005-12-01

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

  19. 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

  20. Can this merger be saved?

    Science.gov (United States)

    Cliffe, S

    1999-01-01

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

  1. Merger & Acquisition and Capital Expenditure in Health Care

    Science.gov (United States)

    Ouyang, Wenjing; Hilsenrath, Peter E.

    2017-01-01

    Investment, especially through merger and acquisition (M&A), is a leading topic of concern among health care managers. In addition, the implications of this activity for organization and market concentration are of great interest to policy makers. Using a sample of 2256 firm-year observations in the health care industry during the period from 1985 to 2011, this article provides novel evidence that managers learn from financial markets in making capital expenditure (CAPEX) and M&A investment decisions. Within the industry, managers in the Drugs subsector are most likely to do so, whereas managers in the Medical Equipment and Supplies are least likely to do so. We find informative stock prices improve firm financial performance. This article highlights the importance of financial markets for real economic activity in the health care industry. PMID:28220717

  2. Publishing and Revising Content

    Science.gov (United States)

    Editors and Webmasters can publish content without going through a workflow. Publishing times and dates can be set, and multiple pages can be published in bulk. Making an edit to published content created a revision.

  3. Gas prices and price process

    International Nuclear Information System (INIS)

    Groenewegen, G.G.

    1992-01-01

    On a conference (Gas for Europe in the 1990's) during the Gasexpo '91 the author held a speech of which the Dutch text is presented here. Attention is paid to the current European pricing methods (prices based on the costs of buying, transporting and distributing the natural gas and prices based on the market value, which is deducted from the prices of alternative fuels), and the transparency of the prices (lack of information on the way the prices are determined). Also attention is paid to the market signal transparency and gas-gas competition, which means a more or less free market of gas distribution. The risks of gas-to-gas competition for a long term price stability, investment policies and security of supply are discussed. Opposition against the Third Party Access (TPA), which is the program to implement gas-to-gas competition, is caused by the fear of natural gas companies for lower gas prices and lower profits. Finally attention is paid to government regulation and the activities of the European Commission (EC) in this matter. 1 fig., 6 ills., 1 tab

  4. Publishing with XML structure, enter, publish

    CERN Document Server

    Prost, Bernard

    2015-01-01

    XML is now at the heart of book publishing techniques: it provides the industry with a robust, flexible format which is relatively easy to manipulate. Above all, it preserves the future: the XML text becomes a genuine tactical asset enabling publishers to respond quickly to market demands. When new publishing media appear, it will be possible to very quickly make your editorial content available at a lower cost. On the downside, XML can become a bottomless pit for publishers attracted by its possibilities. There is a strong temptation to switch to audiovisual production and to add video and a

  5. Getting to Yes on a Merger.

    Science.gov (United States)

    Burkhardt, John

    1994-01-01

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

  6. 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.

  7. 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...

  8. 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...

  9. 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%

  10. Models for mergers in higher education

    African Journals Online (AJOL)

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

  11. Price increase

    CERN Multimedia

    2006-01-01

    Please take note that after five years of stable prices at Restaurant No 1 a price increase will come into force on 1st January 2006. This increase has been agreed after discussions between the CSR (Comité de Surveillance des Restaurants) and the catering company Novae and will reflect the inflation rate of the last few years. In addition, a new children's menu will be introduced, as well as 'Max Havelaar' fair-trade coffee at a price of 1.70 CHF.

  12. Price increase

    CERN Multimedia

    2005-01-01

    Please take note that after five years of stable prices at Restaurant No 1 a price increase will come into force on 1st January 2006. This increase has been agreed after discussions between the CSR (Comité de Surveillance des Restaurants) and the catering company Novae and will reflect the inflation rate of the last few years. In addition, a new children's menu will be introduced as well as 'Max Havelaar' fair-trade coffee at a price of 1.70 CHF.

  13. 76 FR 60494 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies; Correction

    Science.gov (United States)

    2011-09-29

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies; Correction This notice corrects a notice (FR Doc. 2011-24388) published on page 58812 of the... with Polonia Bancorp, Inc., Baltimore, Maryland, which proposes to become a savings and loan holding...

  14. 78 FR 63476 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies; Correction

    Science.gov (United States)

    2013-10-24

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies; Correction This notice corrects a notice (FR Doc. 2013-24511) published on page 62363 of the issue for Monday, October 21, 2013. Under the Federal Reserve Bank of Dallas heading, the entry for WCM-Parkway, Ltd, Dallas, Texas, is revised to read as...

  15. 78 FR 15015 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies; Correction

    Science.gov (United States)

    2013-03-08

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies; Correction This notice corrects a notice (FR Doc. 2013-03831) published on page 11884 of the issue for Wednesday, February 20, 2013. Under the Federal Reserve Bank of San Francisco heading, the entry for One PacificCoast Foundation and One PacificCoast...

  16. An Electronic Publishing Model for Academic Publishers.

    Science.gov (United States)

    Gold, Jon D.

    1994-01-01

    Describes an electronic publishing model based on Standard Generalized Markup Language (SGML) and considers its use by an academic publisher. Highlights include how SGML is used to produce an electronic book, hypertext, methods of delivery, intellectual property rights, and future possibilities. Sample documents are included. (two references) (LRW)

  17. 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.

  18. Strategic Brand Management Tools in Publishing

    OpenAIRE

    Pitsaki, Irini

    2011-01-01

    Further to the introduction of the brand concept evolution and theory, as well as the ways these operate in the publishing sector (see paper: Pitsaki, I. 2010), the present paper treats publishing strategies and the tools used to establish them. Publishers often base their brand strategy on classic marketing approaches, such as the marketing mix -product, price, promotion, placement and people. They also direct their products to specific market segments in regard to the type of content and te...

  19. Freemium Pricing

    DEFF Research Database (Denmark)

    Runge, Julian; Wagner, Stefan; Claussen, Jörg

    Firms commonly run field experiments to improve their freemium pricing schemes. However, they often lack a framework for analysis that goes beyond directly measurable outcomes and focuses on longer term profit. We aim to fill this gap by structuring existing knowledge on freemium pricing...... into a stylized framework. We apply the proposed framework in the analysis of a field experiment that contrasts three variations of a freemium pricing scheme and comprises about 300,000 users of a software application. Our findings indicate that a reduction of free product features increases conversion as well...... as viral activity, but reduces usage – which is in line with the framework’s predictions. Additional back-of-the-envelope profit estimations suggest that managers were overly optimistic about positive externalities from usage and viral activity in their choice of pricing scheme, leading them to give too...

  20. 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

  1. Petroleum price

    International Nuclear Information System (INIS)

    Maurice, J.

    2001-01-01

    The oil market is the most volatile of all markets, with the exception of the Nasdaq. It is also the biggest commodity market in the world. Therefore one cannot avoid forecasting oil prices, nor can one expect to avoid the forecasting errors that have been made in the past. In his report, Joel Maurice draws a distinction between the short term and the medium-long term in analysing the outlook for oil prices. (author)

  2. Impact of European pharmaceutical price regulation on generic price competition: a review.

    Science.gov (United States)

    Puig-Junoy, Jaume

    2010-01-01

    Although economic theory indicates that it should not be necessary to intervene in the generic drug market through price regulation, most EU countries intervene in this market, both by regulating the maximum sale price of generics (price cap) and by setting the maximum reimbursement rate, especially by means of reference pricing systems. We analyse current knowledge of the impact of direct price-cap regulation of generic drugs and the implementation of systems regulating the reimbursement rate, particularly through reference pricing and similar tools, on dynamic price competition between generic competitors in Europe. A literature search was carried out in the EconLit and PubMed databases, and on Google Scholar. The search included papers published in English or Spanish between January 2000 and July 2009. Inclusion criteria included that studies had to present empirical results of a quantitative nature for EU countries of the impact of price capping and/or regulation of the reimbursement rate (reference pricing or similar systems) on price dynamics, corresponding to pharmacy sales, in the generic drug market. The available evidence indicates that price-cap regulation leads to a levelling off of generic prices at a higher level than would occur in the absence of this regulation. Reference pricing systems cause an obvious and almost compulsory reduction in the consumer price of all pharmaceuticals subject to this system, to a varying degree in different countries and periods, the reduction being greater for originator-branded drugs than for generics. In several countries with a reference pricing system, it was observed that generics with a consumer price lower than the reference price do not undergo price reductions until the reference price is reduced, even when there are other lower-priced generics on the market (absence of price competition below the reference price). Beyond the price reduction forced by the price-cap and/or reference pricing regulation itself

  3. 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…

  4. 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

  5. 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.

  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. Getting Your Textbook Published.

    Science.gov (United States)

    Irwin, Armond J.

    1982-01-01

    Points to remember in getting a textbook published are examined: book idea, publisher's sales representatives, letter of inquiry, qualifications for authorship, author information form, idea proposal, reviews, marketing and sales, publishing agreement, author royalties, and copyright assignment. (CT)

  8. 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.

  9. Risk Management in Mergers and Acquisitions

    Directory of Open Access Journals (Sweden)

    Dmitry O. Verdiev

    2015-01-01

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

  10. Marketplace pricing

    International Nuclear Information System (INIS)

    Anon.

    1991-01-01

    As discussed in this chapter, interest in marketplace pricing has been increasing in recent years, reflecting the societal trend toward substituting competition for regulation where appropriate. Competition is valuable because it encourages utilities to make efficient decisions with a minimum of regulatory intervention. It enhances efficiency through the incentive for innovation by the regulated companies and by increasing the likelihood they will come forward with proposals for better services, lower prices or both. Ultimately, consumers are beneficiaries. Marketplace pricing is emblematic of the view that the degree of regulation should reflect the degree of market power, that workably competitive markets should be allowed to operate with as little regulatory interference as possible. The Edison Electric Institute has made perhaps the most detailed proposal on marketplace pricing. It and others perceive numerous benefits from this method of pricing transmission services. Given the undeniable market power resulting from line ownership, FERC has emphasized the need to find a workably competitive market before approving such proposals. The ability to make this distinction without a full-blown antitrust review for every transaction is questionable, and FERC has yet to provide generic guidance. Finally, FERC's legal ability to depart from cost-based standards is questionable

  11. State energy price and expenditure report 1990

    International Nuclear Information System (INIS)

    1992-01-01

    The State Energy Price and Expenditure Report (SEPER) presents energy price and expenditure estimates individually for the 50 States and the District of Columbia and in aggregate for the United States. The estimates are provided by energy source and economic sector. This report is an update of the State Energy Price and Expenditure Report 1989 published in September 1991. Energy price and expenditure estimates are published for the years 1970, 1975, 1980, and 1985 through 1990. Documentation follows the tables and describes how the price estimates are developed, including sources of data, methods of estimation, and conversion factors applied

  12. 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.

  13. Competition effects of mergers: An event study of the German electricity market

    International Nuclear Information System (INIS)

    Keller, Andreas

    2010-01-01

    This paper investigates the competition effects of the entry of Vattenfall into the German electricity market. While the competition authorities supported the entry by approving Vattenfall's acquisition of three regional utilities, other market participants raised concerns over the emergence of an upcoming oligopoly in the German market for power generation. We contrast the efficiency hypothesis postulating pro-competitive effects of mergers with the market power hypothesis postulating anti-competitive effects. For the analysis of the two opposing hypotheses, we use an event study approach to the stock prices of Vattenfall's competitors in the German market. While we find no empirical evidence for increased market power in the German electricity market due to Vattenfall's mergers, there is some indication for efficiency increases. We therefore cannot oppose the view of the competition authorities predicting an overall positive effect for consumers as a result of Vattenfall's entry into the German electricity market.

  14. Embracing Electronic Publishing.

    Science.gov (United States)

    Wills, Gordon

    1996-01-01

    Electronic publishing is the grandest revolution in the capture and dissemination of academic and professional knowledge since Caxton developed the printing press. This article examines electronic publishing, describes different electronic publishing scenarios (authors' cooperative, consolidator/retailer/agent oligopsony, publisher oligopoly), and…

  15. Electricity pricing

    International Nuclear Information System (INIS)

    Wijayatunga, P.D.C.

    1994-01-01

    Electricity pricing in most countries, especially in the developing world, has been determined by traditional accounting criteria where it raises revenue requirements to cover the operating costs and a return on past and future capital investments in possible power systems. The use of economic principles to improve the total economic efficiency in the electricity industry is discussed. Basic marginal cost theory, long run marginal costing (LRMC) cost categories and rating periods, marginal capacity costs, marginal energy costs, consumer costs, short run marginal costing (SRMC), marginal cost of fuel, marginal cost of network losses, market clearing price, value of unserved energy and network quality of supply cost are discussed

  16. 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

  17. [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.

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

    Directory of Open Access Journals (Sweden)

    Dani Amran Hakim

    2016-04-01

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

  19. 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)

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

    Directory of Open Access Journals (Sweden)

    Borovikov A.D.

    2017-04-01

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

  1. 29 CFR 4231.7 - De minimis mergers and transfers.

    Science.gov (United States)

    2010-07-01

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

  2. 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 ...

  3. 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...

  4. 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...

  5. 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...

  6. 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...

  7. 7 CFR 1710.108 - Mergers and consolidations.

    Science.gov (United States)

    2010-01-01

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

  8. 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.

  9. Copyright of Electronic Publishing.

    Science.gov (United States)

    Dong, Elaine; Wang, Bob

    2002-01-01

    Analyzes the importance of copyright, considers the main causes of copyright infringement in electronic publishing, discusses fair use of a copyrighted work, and suggests methods to safeguard copyrighted electronic publishing, including legislation, contracts, and technology. (Author/LRW)

  10. Railroad mergers and acquisitions take shape

    Energy Technology Data Exchange (ETDEWEB)

    Fiscor, S.

    1995-12-01

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

  11. Publishing: The Creative Business.

    Science.gov (United States)

    Bohne, Harald; Van Ierssel, Harry

    This book offers guidelines to emerging and would-be publishers, whether they plan to enter publishing as a career, a sideline, or a diversion. It stresses the business aspects of publishing and emphasizes the major housekeeping functions encountered in the business, except methods of sales and distribution. Contents include "The Mechanics of…

  12. Academic Nightmares: Predatory Publishing

    Science.gov (United States)

    Van Nuland, Sonya E.; Rogers, Kem A.

    2017-01-01

    Academic researchers who seek to publish their work are confronted daily with a barrage of e-mails from aggressive marketing campaigns that solicit them to publish their research with a specialized, often newly launched, journal. Known as predatory journals, they often promise high editorial and publishing standards, yet their exploitive business…

  13. Desktop Publishing Made Simple.

    Science.gov (United States)

    Wentling, Rose Mary

    1989-01-01

    The author discusses the types of computer hardware and software necessary to set up a desktop publishing system, both for use in educational administration and for instructional purposes. Classroom applications of desktop publishing are presented. The author also provides guidelines for preparing to teach desktop publishing. (CH)

  14. Data Sharing & Publishing at Nature Publishing Group

    Science.gov (United States)

    VanDecar, J. C.; Hrynaszkiewicz, I.; Hufton, A. L.

    2015-12-01

    In recent years, the research community has come to recognize that upon-request data sharing has important limitations1,2. The Nature-titled journals feel that researchers have a duty to share data without undue qualifications, in a manner that allows others to replicate and build upon their published findings. Historically, the Nature journals have been strong supporters of data deposition in communities with existing data mandates, and have required data sharing upon request in all other cases. To help address some of the limitations of upon-request data sharing, the Nature titles have strengthened their existing data policies and forged a new partnership with Scientific Data, to promote wider data sharing in discoverable, citeable and reusable forms, and to ensure that scientists get appropriate credit for sharing3. Scientific Data is a new peer-reviewed journal for descriptions of research datasets, which works with a wide of range of public data repositories4. Articles at Scientific Data may either expand on research publications at other journals or may be used to publish new datasets. The Nature Publishing Group has also signed the Joint Declaration of Data Citation Principles5, and Scientific Data is our first journal to include formal data citations. We are currently in the process of adding data citation support to our various journals. 1 Wicherts, J. M., Borsboom, D., Kats, J. & Molenaar, D. The poor availability of psychological research data for reanalysis. Am. Psychol. 61, 726-728, doi:10.1037/0003-066x.61.7.726 (2006). 2 Vines, T. H. et al. Mandated data archiving greatly improves access to research data. FASEB J. 27, 1304-1308, doi:10.1096/fj.12-218164 (2013). 3 Data-access practices strengthened. Nature 515, 312, doi:10.1038/515312a (2014). 4 More bang for your byte. Sci. Data 1, 140010, doi:10.1038/sdata.2014.10 (2014). 5 Data Citation Synthesis Group: Joint Declaration of Data Citation Principles. (FORCE11, San Diego, CA, 2014).

  15. 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)

  16. Mergers and acquisitions in the oil and gas industries

    Energy Technology Data Exchange (ETDEWEB)

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

    1999-07-01

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

  17. Panorama of explicit carbon pricing instruments around the world

    International Nuclear Information System (INIS)

    2016-09-01

    In September 2016, I4CE updated its database on carbon pricing policies and published a panorama of explicit carbon pricing policies. This panorama presents an implementation timeline, a world map and a table that together, provide information on the jurisdictions that have implemented or plan to implement explicit carbon pricing policies, the type of instrument chosen, the sectors covered and the carbon prices

  18. 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.

  19. Comparing gender discrimination and inequality in indie and traditional publishing.

    Science.gov (United States)

    Weinberg, Dana B; Kapelner, Adam

    2018-01-01

    In traditional publishing, female authors' titles command nearly half (45%) the price of male authors' and are underrepresented in more prestigious genres, and books are published by publishing houses, which determined whose books get published, subject classification, and retail price. In the last decade, the growth of digital technologies and sales platforms have enabled unprecedented numbers of authors to bypass publishers to publish and sell books. The rise of indie publishing (aka self-publishing) reflects the growth of the "gig" economy, where the influence of firms has diminished and workers are exposed more directly to external markets. Encompassing the traditional and the gig economy, the book industry illuminates how the gig economy may disrupt, replicate, or transform the gender discrimination mechanisms and inequality found in the traditional economy. In a natural experiment spanning from 2002 to 2012 and including over two million book titles, we compare discrimination mechanisms and inequality in indie and traditional publishing. We find that indie publishing, though more egalitarian, largely replicates traditional publishing's gender discrimination patterns, showing an unequal distribution of male and female authors by genre (allocative discrimination), devaluation of genres written predominantly by female authors (valuative discrimination), and lower prices within genres for books by female authors (within-job discrimination). However, these discrimination mechanisms are associated with far less price inequality in indie, only 7%, in large part due to the smaller and lower range of prices in indie publishing compared to traditional publishing. We conclude that, with greater freedom, workers in the gig economy may be inclined to greater equality but will largely replicate existing labor market segmentation and the lower valuation of female-typical work and of female workers. Nonetheless, price setting for work may be more similar for workers in the

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

    Energy Technology Data Exchange (ETDEWEB)

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

    2016-01-20

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

  1. 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%

  2. 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.

  3. 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.

  4. 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.

  5. Bargaining in Mergers and Termination Fees

    NARCIS (Netherlands)

    Weitzel, U.; Rosenkranz, S.

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

  6. 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.

  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. 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

  9. 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

  10. 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.

  11. Using transfer learning to detect galaxy mergers

    Science.gov (United States)

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

    2018-05-01

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

  12. 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

  13. 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.

  14. 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.

  15. 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.

  16. The AGN Luminosity Fraction in Galaxy Mergers

    Science.gov (United States)

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

    2017-01-01

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

  17. 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

  18. 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

  19. 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.

  20. Publishing for Learned Societies: The Secret Life of a Scholarly Publisher

    Science.gov (United States)

    Nicholson, David

    Wiley-Blackwell was formed in February 2007 as a result of the acquisition of Blackwell Publishing Ltd. by John Wiley & Sons, Inc. and the merger between Blackwell and Wiley's Scientific, Technical, and Medical business. Wiley-Blackwell publishes approximately 1,250 scholarly peer-reviewed journals including Monthly Notices of the Royal Astronomical Society and Astronomische Nachrichten, and has relationships with over 800 learned societies. The "secret life" of the article's title refers to the two broad areas of activity we undertake for our society partners, namely practical assistance and strategic advice. One of our goals at Wiley-Blackwell is to set the standard for both areas, and this article illustrates how we are doing this with a series of tangible examples.

  1. Publishing studies: what else?

    Directory of Open Access Journals (Sweden)

    Bertrand Legendre

    2015-07-01

    Full Text Available This paper intends to reposition “publishing studies” in the long process that goes from the beginning of book history to the current research on cultural industries. It raises questions about interdisciplinarity and the possibility of considering publishing independently of other sectors of the media and cultural offerings. Publishing is now included in a large range of industries and, at the same time, analyses tend to become more and more segmented according to production sectors and scientific fields. In addition to the problems created, from the professional point of view, by this double movement, this one requires a questioning of the concept of “publishing studies”.

  2. A Countrywide House Price Index for 152 Years

    DEFF Research Database (Denmark)

    Lunde, Jens; Helding Madsen, Anders; Lundbæk Laursen, Maria

    for Herengracht (the Netherlands), Norway, USA, France, and recently also Australia. Until now, the here presented house price index for Denmark is the longest countrywide house price index ever been published, based on official data, and qualitatively probably the best long house price index....... in house prices is depicted. The Danish house price index covering all the 152 years is in reality a simple average sale price index for houses. From 1920 on it was possible to construct another and a “pure” house price index, based on the Sales Price Appraisal Ratio (SPAR) method. Several challenges...... for creating the house price index arose, especially in converting the previous registered house prices in the statistics into current market prices. In real terms, the average sale price index increased more than the SPAR index for the years where the two indices were compared, and the difference express...

  3. Publisher Correction to

    NARCIS (Netherlands)

    Barrio, Isabel C.; Lindén, Elin; Beest, Te Mariska; Olofsson, Johan; Rocha, Adrian; Soininen, Eeva M.; Alatalo, Juha M.; Andersson, Tommi; Asmus, Ashley; Boike, Julia; Bråthen, Kari Anne; Bryant, John P.; Buchwal, Agata; Bueno, C.G.; Christie, Katherine S.; Egelkraut, Dagmar; Ehrich, Dorothee; Fishback, Lee Ann; Forbes, Bruce C.; Gartzia, Maite; Grogan, Paul; Hallinger, Martin; Heijmans, Monique M.P.D.; Hik, David S.; Hofgaard, Annika; Holmgren, Milena; Høye, Toke T.; Huebner, Diane C.; Jónsdóttir, Ingibjörg Svala; Kaarlejärvi, Elina; Kumpula, Timo; Lange, Cynthia Y.M.J.G.; Lange, Jelena; Lévesque, Esther; Limpens, Juul; Macias-Fauria, Marc; Myers-Smith, Isla; Nieukerken, van Erik J.; Normand, Signe; Post, Eric S.; Schmidt, Niels Martin; Sitters, Judith; Skoracka, Anna; Sokolov, Alexander; Sokolova, Natalya; Speed, James D.M.; Street, Lorna E.; Sundqvist, Maja K.; Suominen, Otso; Tananaev, Nikita; Tremblay, Jean Pierre; Urbanowicz, Christine; Uvarov, Sergey A.; Watts, David; Wilmking, Martin; Wookey, Philip A.; Zimmermann, Heike H.; Zverev, Vitali; Kozlov, Mikhail V.

    2018-01-01

    The above mentioned article was originally scheduled for publication in the special issue on Ecology of Tundra Arthropods with guest editors Toke T. Høye . Lauren E. Culler. Erroneously, the article was published in Polar Biology, Volume 40, Issue 11, November, 2017. The publisher sincerely

  4. About this Publishing System

    African Journals Online (AJOL)

    This journal uses Open Journal Systems 2.4.3.0, which is open source journal management and publishing software developed, supported, and freely distributed by the Public Knowledge Project under the GNU General Public License. OJS Editorial and Publishing Process. ISSN: 0258-252X. AJOL African Journals Online.

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    African Journals Online (AJOL)

    This journal uses Open Journal Systems 2.4.3.0, which is open source journal management and publishing software developed, supported, and freely distributed by the Public Knowledge Project under the GNU General Public License. OJS Editorial and Publishing Process. ISSN: 1596-6798. AJOL African Journals Online.

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    African Journals Online (AJOL)

    This journal uses Open Journal Systems 2.4.3.0, which is open source journal management and publishing software developed, supported, and freely distributed by the Public Knowledge Project under the GNU General Public License. OJS Editorial and Publishing Process. ISSN: 1115-2613. AJOL African Journals Online.

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    African Journals Online (AJOL)

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    African Journals Online (AJOL)

    This journal uses Open Journal Systems 2.4.3.0, which is open source journal management and publishing software developed, supported, and freely distributed by the Public Knowledge Project under the GNU General Public License. OJS Editorial and Publishing Process. ISSN: 0856-8960. AJOL African Journals Online.

  16. About this Publishing System

    African Journals Online (AJOL)

    This journal uses Open Journal Systems 2.4.3.0, which is open source journal management and publishing software developed, supported, and freely distributed by the Public Knowledge Project under the GNU General Public License. OJS Editorial and Publishing Process. ISSN: 0855-5591. AJOL African Journals Online.

  17. About this Publishing System

    African Journals Online (AJOL)

    This journal uses Open Journal Systems 2.4.3.0, which is open source journal management and publishing software developed, supported, and freely distributed by the Public Knowledge Project under the GNU General Public License. OJS Editorial and Publishing Process. ISSN: 1531-4065. AJOL African Journals Online.

  18. About this Publishing System

    African Journals Online (AJOL)

    This journal uses Open Journal Systems 2.4.3.0, which is open source journal management and publishing software developed, supported, and freely distributed by the Public Knowledge Project under the GNU General Public License. OJS Editorial and Publishing Process. ISSN: 1110-5607. AJOL African Journals Online.

  19. About this Publishing System

    African Journals Online (AJOL)

    This journal uses Open Journal Systems 2.4.3.0, which is open source journal management and publishing software developed, supported, and freely distributed by the Public Knowledge Project under the GNU General Public License. OJS Editorial and Publishing Process. ISSN: 2076-7714. AJOL African Journals Online.

  20. About this Publishing System

    African Journals Online (AJOL)

    This journal uses Open Journal Systems 2.4.3.0, which is open source journal management and publishing software developed, supported, and freely distributed by the Public Knowledge Project under the GNU General Public License. OJS Editorial and Publishing Process. ISSN: 1858-554X. AJOL African Journals Online.

  1. About this Publishing System

    African Journals Online (AJOL)

    This journal uses Open Journal Systems 2.4.3.0, which is open source journal management and publishing software developed, supported, and freely distributed by the Public Knowledge Project under the GNU General Public License. OJS Editorial and Publishing Process. ISSN: 1994-8220. AJOL African Journals Online.

  2. About this Publishing System

    African Journals Online (AJOL)

    This journal uses Open Journal Systems 2.4.3.0, which is open source journal management and publishing software developed, supported, and freely distributed by the Public Knowledge Project under the GNU General Public License. OJS Editorial and Publishing Process. ISSN: 1596-6232. AJOL African Journals Online.

  3. About this Publishing System

    African Journals Online (AJOL)

    This journal uses Open Journal Systems 2.4.3.0, which is open source journal management and publishing software developed, supported, and freely distributed by the Public Knowledge Project under the GNU General Public License. OJS Editorial and Publishing Process. ISSN: 2224-0020. AJOL African Journals Online.

  4. About this Publishing System

    African Journals Online (AJOL)

    This journal uses Open Journal Systems 2.4.3.0, which is open source journal management and publishing software developed, supported, and freely distributed by the Public Knowledge Project under the GNU General Public License. OJS Editorial and Publishing Process. ISSN: 0556-8641. AJOL African Journals Online.

  5. About this Publishing System

    African Journals Online (AJOL)

    This journal uses Open Journal Systems 2.4.3.0, which is open source journal management and publishing software developed, supported, and freely distributed by the Public Knowledge Project under the GNU General Public License. OJS Editorial and Publishing Process. ISSN: 1596-5414. AJOL African Journals Online.

  6. About this Publishing System

    African Journals Online (AJOL)

    This journal uses Open Journal Systems 2.4.3.0, which is open source journal management and publishing software developed, supported, and freely distributed by the Public Knowledge Project under the GNU General Public License. OJS Editorial and Publishing Process. ISSN: 2305-2678. AJOL African Journals Online.

  7. About this Publishing System

    African Journals Online (AJOL)

    This journal uses Open Journal Systems 2.4.3.0, which is open source journal management and publishing software developed, supported, and freely distributed by the Public Knowledge Project under the GNU General Public License. OJS Editorial and Publishing Process. ISSN: 1119-3077. AJOL African Journals Online.

  8. About this Publishing System

    African Journals Online (AJOL)

    This journal uses Open Journal Systems 2.4.3.0, which is open source journal management and publishing software developed, supported, and freely distributed by the Public Knowledge Project under the GNU General Public License. OJS Editorial and Publishing Process. ISSN: 2078-676X. AJOL African Journals Online.

  9. About this Publishing System

    African Journals Online (AJOL)

    This journal uses Open Journal Systems 2.4.3.0, which is open source journal management and publishing software developed, supported, and freely distributed by the Public Knowledge Project under the GNU General Public License. OJS Editorial and Publishing Process. ISSN: 1027-4332. AJOL African Journals Online.

  10. About this Publishing System

    African Journals Online (AJOL)

    This journal uses Open Journal Systems 2.4.3.0, which is open source journal management and publishing software developed, supported, and freely distributed by the Public Knowledge Project under the GNU General Public License. OJS Editorial and Publishing Process. ISSN: 1814-232X. AJOL African Journals Online.

  11. About this Publishing System

    African Journals Online (AJOL)

    This journal uses Open Journal Systems 2.4.3.0, which is open source journal management and publishing software developed, supported, and freely distributed by the Public Knowledge Project under the GNU General Public License. OJS Editorial and Publishing Process. ISSN: 1998-9881. AJOL African Journals Online.

  12. About this Publishing System

    African Journals Online (AJOL)

    This journal uses Open Journal Systems 2.4.3.0, which is open source journal management and publishing software developed, supported, and freely distributed by the Public Knowledge Project under the GNU General Public License. OJS Editorial and Publishing Process. ISSN: 0303-691X. AJOL African Journals Online.

  13. About this Publishing System

    African Journals Online (AJOL)

    This journal uses Open Journal Systems 2.4.3.0, which is open source journal management and publishing software developed, supported, and freely distributed by the Public Knowledge Project under the GNU General Public License. OJS Editorial and Publishing Process. ISSN: 0376-8902. AJOL African Journals Online.

  14. About this Publishing System

    African Journals Online (AJOL)

    This journal uses Open Journal Systems 2.4.3.0, which is open source journal management and publishing software developed, supported, and freely distributed by the Public Knowledge Project under the GNU General Public License. OJS Editorial and Publishing Process. ISSN: 2507-7961. AJOL African Journals Online.

  15. About this Publishing System

    African Journals Online (AJOL)

    This journal uses Open Journal Systems 2.4.3.0, which is open source journal management and publishing software developed, supported, and freely distributed by the Public Knowledge Project under the GNU General Public License. OJS Editorial and Publishing Process. ISSN: 0189-5117. AJOL African Journals Online.

  16. About this Publishing System

    African Journals Online (AJOL)

    This journal uses Open Journal Systems 2.4.3.0, which is open source journal management and publishing software developed, supported, and freely distributed by the Public Knowledge Project under the GNU General Public License. OJS Editorial and Publishing Process. ISSN: 1012-2796. AJOL African Journals Online.

  17. About this Publishing System

    African Journals Online (AJOL)

    This journal uses Open Journal Systems 2.4.3.0, which is open source journal management and publishing software developed, supported, and freely distributed by the Public Knowledge Project under the GNU General Public License. OJS Editorial and Publishing Process. ISSN: 2313-1799. AJOL African Journals Online.

  18. About this Publishing System

    African Journals Online (AJOL)

    This journal uses Open Journal Systems 2.4.3.0, which is open source journal management and publishing software developed, supported, and freely distributed by the Public Knowledge Project under the GNU General Public License. OJS Editorial and Publishing Process. ISSN: 1025-9848. AJOL African Journals Online.

  19. About this Publishing System

    African Journals Online (AJOL)

    This journal uses Open Journal Systems 2.4.3.0, which is open source journal management and publishing software developed, supported, and freely distributed by the Public Knowledge Project under the GNU General Public License. OJS Editorial and Publishing Process. ISSN: 2449-108X. AJOL African Journals Online.

  20. About this Publishing System

    African Journals Online (AJOL)

    This journal uses Open Journal Systems 2.4.3.0, which is open source journal management and publishing software developed, supported, and freely distributed by the Public Knowledge Project under the GNU General Public License. OJS Editorial and Publishing Process. ISSN: 2141-9884. AJOL African Journals Online.

  1. About this Publishing System

    African Journals Online (AJOL)

    This journal uses Open Journal Systems 2.4.3.0, which is open source journal management and publishing software developed, supported, and freely distributed by the Public Knowledge Project under the GNU General Public License. OJS Editorial and Publishing Process. ISSN: 1727-3781. AJOL African Journals Online.

  2. About this Publishing System

    African Journals Online (AJOL)

    This journal uses Open Journal Systems 2.4.3.0, which is open source journal management and publishing software developed, supported, and freely distributed by the Public Knowledge Project under the GNU General Public License. OJS Editorial and Publishing Process. ISSN: 2090-7214. AJOL African Journals Online.

  3. About this Publishing System

    African Journals Online (AJOL)

    This journal uses Open Journal Systems 2.4.3.0, which is open source journal management and publishing software developed, supported, and freely distributed by the Public Knowledge Project under the GNU General Public License. OJS Editorial and Publishing Process. ISSN: 2410-8936. AJOL African Journals Online.

  4. About this Publishing System

    African Journals Online (AJOL)

    This journal uses Open Journal Systems 2.4.3.0, which is open source journal management and publishing software developed, supported, and freely distributed by the Public Knowledge Project under the GNU General Public License. OJS Editorial and Publishing Process. ISSN: 0856-0714. AJOL African Journals Online.

  5. About this Publishing System

    African Journals Online (AJOL)

    This journal uses Open Journal Systems 2.4.3.0, which is open source journal management and publishing software developed, supported, and freely distributed by the Public Knowledge Project under the GNU General Public License. OJS Editorial and Publishing Process. ISSN: 1684-5374. AJOL African Journals Online.

  6. About this Publishing System

    African Journals Online (AJOL)

    This journal uses Open Journal Systems 2.4.3.0, which is open source journal management and publishing software developed, supported, and freely distributed by the Public Knowledge Project under the GNU General Public License. OJS Editorial and Publishing Process. ISSN: 1998-8125. AJOL African Journals Online.

  7. About this Publishing System

    African Journals Online (AJOL)

    This journal uses Open Journal Systems 2.4.3.0, which is open source journal management and publishing software developed, supported, and freely distributed by the Public Knowledge Project under the GNU General Public License. OJS Editorial and Publishing Process. ISSN: 1016-0728. AJOL African Journals Online.

  8. About this Publishing System

    African Journals Online (AJOL)

    This journal uses Open Journal Systems 2.4.3.0, which is open source journal management and publishing software developed, supported, and freely distributed by the Public Knowledge Project under the GNU General Public License. OJS Editorial and Publishing Process. ISSN: 1821-9241. AJOL African Journals Online.

  9. About this Publishing System

    African Journals Online (AJOL)

    This journal uses Open Journal Systems 2.4.3.0, which is open source journal management and publishing software developed, supported, and freely distributed by the Public Knowledge Project under the GNU General Public License. OJS Editorial and Publishing Process. ISSN: 1607-0011. AJOL African Journals Online.

  10. About this Publishing System

    African Journals Online (AJOL)

    This journal uses Open Journal Systems 2.4.3.0, which is open source journal management and publishing software developed, supported, and freely distributed by the Public Knowledge Project under the GNU General Public License. OJS Editorial and Publishing Process. AJOL African Journals Online. HOW TO USE ...

  11. About this Publishing System

    African Journals Online (AJOL)

    This journal uses Open Journal Systems 2.4.3.0, which is open source journal management and publishing software developed, supported, and freely distributed by the Public Knowledge Project under the GNU General Public License. OJS Editorial and Publishing Process. ISSN: 2591 6831. AJOL African Journals Online.

  12. Desktop Publishing for Counselors.

    Science.gov (United States)

    Lucking, Robert; Mitchum, Nancy

    1990-01-01

    Discusses the fundamentals of desktop publishing for counselors, including hardware and software systems and peripherals. Notes by using desktop publishing, counselors can produce their own high-quality documents without the expense of commercial printers. Concludes computers present a way of streamlining the communications of a counseling…

  13. Publishing: Alternatives and Economics.

    Science.gov (United States)

    Penchansky, Mimi; And Others

    The Library Association of the City University of New York presents an annotated bibliography on the subject of small and alternative publishing. In the first section directories, indexes, catalogs, and reviews are briefly described. Book distributors for small publishers are listed next. The major portion of the bibliography is a listing of books…

  14. About this Publishing System

    African Journals Online (AJOL)

    This journal uses Open Journal Systems 2.4.3.0, which is open source journal management and publishing software developed, supported, and freely distributed by the Public Knowledge Project under the GNU General Public License. OJS Editorial and Publishing Process. ISSN: 1999-7671. AJOL African Journals Online.

  15. About this Publishing System

    African Journals Online (AJOL)

    This journal uses Open Journal Systems 2.4.3.0, which is open source journal management and publishing software developed, supported, and freely distributed by the Public Knowledge Project under the GNU General Public License. OJS Editorial and Publishing Process. ISSN: 1110-6859. AJOL African Journals Online.

  16. About this Publishing System

    African Journals Online (AJOL)

    This journal uses Open Journal Systems 2.4.3.0, which is open source journal management and publishing software developed, supported, and freely distributed by the Public Knowledge Project under the GNU General Public License. OJS Editorial and Publishing Process. ISSN: 0794-4721. AJOL African Journals Online.

  17. About this Publishing System

    African Journals Online (AJOL)

    This journal uses Open Journal Systems 2.4.3.0, which is open source journal management and publishing software developed, supported, and freely distributed by the Public Knowledge Project under the GNU General Public License. OJS Editorial and Publishing Process. ISSN: 2520–7997. AJOL African Journals Online.

  18. About this Publishing System

    African Journals Online (AJOL)

    This journal uses Open Journal Systems 2.4.3.0, which is open source journal management and publishing software developed, supported, and freely distributed by the Public Knowledge Project under the GNU General Public License. OJS Editorial and Publishing Process. ISSN: 2072-6589. AJOL African Journals Online.

  19. About this Publishing System

    African Journals Online (AJOL)

    This journal uses Open Journal Systems 2.4.3.0, which is open source journal management and publishing software developed, supported, and freely distributed by the Public Knowledge Project under the GNU General Public License. OJS Editorial and Publishing Process. ISSN: 0012-835X. AJOL African Journals Online.

  20. About this Publishing System

    African Journals Online (AJOL)

    This journal uses Open Journal Systems 2.4.3.0, which is open source journal management and publishing software developed, supported, and freely distributed by the Public Knowledge Project under the GNU General Public License. OJS Editorial and Publishing Process. ISSN: 1680-6905. AJOL African Journals Online.

  1. About this Publishing System

    African Journals Online (AJOL)

    This journal uses Open Journal Systems 2.4.3.0, which is open source journal management and publishing software developed, supported, and freely distributed by the Public Knowledge Project under the GNU General Public License. OJS Editorial and Publishing Process. ISSN: 1821-8148. AJOL African Journals Online.

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

    Science.gov (United States)

    Weil, T P

    2000-08-01

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

  3. Do Merger And Acquisition Affect On Company’s Financial Performance?

    Directory of Open Access Journals (Sweden)

    Novia Dian Larasati

    2018-02-01

    Full Text Available This research aims to determine whether there are differences in the company's financial performance before and after merger and acquisition are conducted. The design of this researchis quantitative research. This research was conducted on the listing company in the Indonesian Stock Exchange 2010-2014. The data source was obtained from secondary data; the data obtained from the financial conditionments. The total final samples used were 24 companies by usingpurposive sampling method. The data used were analyzed using the Wilcoxon Signed Ranked Test. The results of this research indicate that current ratio (CR,debt to equity ratio (DER,net profit margin(NPM,price earnings ratio (PER, total asset turnover (TATO had no significant difference on the company before and after merger and acquisitionon the listing company in the Indonesian Stock Exchange (merger and acquisitionof 2010-2014.

  4. Short sellers’ accusations against Chinese reverse mergers: Information analytics or guilt by association?

    Directory of Open Access Journals (Sweden)

    Hongqi Liu

    2015-06-01

    Full Text Available This paper studies short sellers’ trading strategies and their effects on the financial market by examining their accusations of fraud against Chinese reverse merger firms (CRMs in the US. We find that short sellers rely on firms’ fundamental information, especially relative financial indicators, to locate their “prey.” Specifically, they compare a target firm’s financial indicators (e.g., growth and receivables with both the industry average and the firm’s history. We find no evidence that short sellers accuse CRMs simply because of their reverse merger label. Additionally, we test the accuracy of short sellers’ accusations in the long run and find that accused firms are more likely to delist and less likely to recover from price plunges. Our results also indicate that CRMs’ high exposure to short sellers’ accusations stem from adverse selection problems: firms with high litigation risk are more likely to choose reverse mergers to access the US capital market. Overall, our results support the view that short sellers are sophisticated investors and shed some light on their decision processes.

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

    Science.gov (United States)

    Shon, Zhengyi

    2003-01-01

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

  6. Transition to electronic publishing

    Science.gov (United States)

    Bowning, Sam

    Previous communications have described some of the many changes that will occur in the next few months as AGU makes the transition to fully electronic publishing. With the advent of the new AGU electronic publishing system, manuscripts will be submitted, edited, reviewed, and published in electronic formats. This piece discusses how the electronic journals will differ from the print journals. Electronic publishing will require some adjustments to the ways we currently think about journals from our perspective of standard print versions. Visiting the Web site of AGU's Geochemistry, Geophysics, Geosystems (G-Cubed) is a great way to get familiar with the look and feel of electronic publishing. However, protocols, especially for citations of articles, are still evolving. Some of the biggest changes for users of AGU publications may be the lack of page numbers, the use of a unique identifier (DOI),and changes in citation style.

  7. The Academic Publishing Industry

    DEFF Research Database (Denmark)

    Nell, Phillip Christopher; Wenzel, Tim Ole; Schmidt, Florian

    2014-01-01

    The case starts with introducing the outstanding profitability of academic journal publishers such as Elsevier and then dives into describing the research process from an idea to conducting research and to publishing the results in academic journals. Subsequently, demand and supply for scientific...... journals and papers are discussed including drivers and involved parties. Furthermore, the case describes competition between suppliers, customers, and publishers. In sum, the case study features a rich description of the industry’s many unusual attributes which allows for discussing the benefits...

  8. Elearning and digital publishing

    CERN Document Server

    Ching, Hsianghoo Steve; Mc Naught, Carmel

    2006-01-01

    ""ELearning and Digital Publishing"" will occupy a unique niche in the literature accessed by library and publishing specialists, and by university teachers and planners. It examines the interfaces between the work done by four groups of university staff who have been in the past quite separate from, or only marginally related to, each other - library staff, university teachers, university policy makers, and staff who work in university publishing presses. All four groups are directly and intimately connected with the main functions of universities - the creation, management and dissemination

  9. 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.

  10. Desktop Publishing in Libraries.

    Science.gov (United States)

    Cisler, Steve

    1987-01-01

    Describes the components, costs, and capabilities of several desktop publishing systems, and examines their possible impact on work patterns within organizations. The text and graphics of the article were created using various microcomputer software packages. (CLB)

  11. Sisyphus desperately seeking publisher

    Indian Academy of Sciences (India)

    Antoinette Molinié

    The editors wield their Olympian authority by making today's scientists endlessly push their weighty boulders up ... since publishing has become a highly lucrative business. ... estimate that the richest 8.4 % own 83.3 % (see Global Wealth.

  12. Issues in Electronic Publishing.

    Science.gov (United States)

    Meadow, Charles T.

    1997-01-01

    Discusses issues related to electronic publishing. Topics include writing; reading; production, distribution, and commerce; copyright and ownership of intellectual property; archival storage; technical obsolescence; control of content; equality of access; and cultural changes. (Author/LRW)

  13. The Book Publishing Industry

    OpenAIRE

    Jean-Paul Simon; Giuditta de Prato

    2012-01-01

    This report offers an in-depth analysis of the major economic developments in the book publishing industry. The analysis integrates data from a statistical report published earlier as part of this project. The report is divided into 4 main parts. Chapter 1, the introduction, puts the sector into an historical perspective. Chapter 2 introduces the markets at a global and regional level; describes some of the major EU markets (France, Germany, Italy, Spain and the United Kingdom). Chapter 3 ana...

  14. Open-Access Publishing

    Directory of Open Access Journals (Sweden)

    Nedjeljko Frančula

    2013-06-01

    Full Text Available Nature, one of the most prominent scientific journals dedicated one of its issues to recent changes in scientific publishing (Vol. 495, Issue 7442, 27 March 2013. Its editors stressed that words technology and revolution are closely related when it comes to scientific publishing. In addition, the transformation of research publishing is not as much a revolution than an attrition war in which all sides are buried. The most important change they refer to is the open-access model in which an author or an institution pays in advance for publishing a paper in a journal, and the paper is then available to users on the Internet free of charge.According to preliminary results of a survey conducted among 23 000 scientists by the publisher of Nature, 45% of them believes all papers should be published in open access, but at the same time 22% of them would not allow the use of papers for commercial purposes. Attitudes toward open access vary according to scientific disciplines, leading the editors to conclude the revolution still does not suit everyone.

  15. 77 FR 65690 - Change in Bank Control Notices; Formations of, Acquisitions by, and Mergers of Bank Holding...

    Science.gov (United States)

    2012-10-30

    ... FEDERAL RESERVE SYSTEM Change in Bank Control Notices; Formations of, Acquisitions by, and Mergers of Bank Holding Companies; Correction This notice corrects a notice (FR Doc. 2012-26297) published on page 65190 of the issue for Thursday, October 25, 2012. Under the Federal Reserve Bank of Dallas heading, the entry for Bryon Dirk Bagenstos,...

  16. 77 FR 21100 - Change in Bank Control Notices; Formations of, Acquisitions by, and Mergers of Bank Holding...

    Science.gov (United States)

    2012-04-09

    ... FEDERAL RESERVE SYSTEM Change in Bank Control Notices; Formations of, Acquisitions by, and Mergers of Bank Holding Companies; Correction This notice corrects a notice (FR Doc. 2012-7210) published on page 17478 of the issue for Monday, March 26, 2012. Under the Federal Reserve Bank of Richmond heading, the entry for U.S. Immigration Investment...

  17. 78 FR 2996 - Change in Bank Control Notices; Formations of, Acquisitions by, and Mergers of Bank Holding...

    Science.gov (United States)

    2013-01-15

    ... FEDERAL RESERVE SYSTEM Change in Bank Control Notices; Formations of, Acquisitions by, and Mergers of Bank Holding Companies; Correction Correction This notice corrects a notice (FR Doc. 2013-00331) published on page 2273 of the issue for Thursday, January 10, 2013. Under the Federal Reserve Bank of Kansas City heading, the entry for Whitewater...

  18. 78 FR 62633 - Change in Bank Control Notices; Formations of, Acquisitions by, and Mergers of Bank Holding...

    Science.gov (United States)

    2013-10-22

    ... FEDERAL RESERVE SYSTEM Change in Bank Control Notices; Formations of, Acquisitions by, and Mergers of Bank Holding Companies; Correction This notice corrects a notice (FR Doc. 2013-24477) published on page 62333 of the issue for Thursday, October 17, 2013. Under the Federal Reserve Bank of Minneapolis heading, the entry for Karen Neidhardt, Tamp...

  19. 78 FR 57853 - Change in Bank Control Notices; Formations of, Acquisitions by, and Mergers of Bank Holding...

    Science.gov (United States)

    2013-09-20

    ... FEDERAL RESERVE SYSTEM Change in Bank Control Notices; Formations of, Acquisitions by, and Mergers of Bank Holding Companies; Correction This notice corrects a notice (FR Doc. 2013-22047) published on pages 55716 and 55717 of the issue for Wednesday, September 11, 2013. Under the Federal Reserve Bank of New York heading, the entry for Donald J....

  20. [The French medecine pricing committee].

    Science.gov (United States)

    Giorgi, D

    2017-09-01

    The French medicine pricing committee (CEPS) has to reconcile several major constraints, including optimal patient access to medicines and a good control of expenditures on reimbursable medicines. From 2013 to 2015, drug price decreases and discounts obtained by CEPS contributed more than € 5 billion to the balance of the health insurance accounts. As for price setting, there is a significant drop in the prices of medicines in France once they are registered for reimbursement. France is affected by a limited, but costly, flow of innovative medicines, whose prices are higher than those of previous generations, a reflection of an international gradient to which France is obviously subject, despite prices that remain at the low end of the range in Western Europe. The provision of innovative medicines for all patients who need them has been ensured in France over the last fifteen years at a controlled cost. But with the arrival of new expensive products, a resolute policy of control of expenditures must take over from the fall in prices, and original financing channels will have to be explored. Copyright © 2017 Académie Nationale de Pharmacie. Published by Elsevier Masson SAS. All rights reserved.

  1. Pricing Software and Information on CD-ROM.

    Science.gov (United States)

    Gibbins, Patrick

    1987-01-01

    Examines the relationships between purchases of optical data disk products, publishers, and software suppliers. The discussion covers current pricing strategies for optical data disk software and information products, and possible future developments in marketing and pricing. (CLB)

  2. Energy prices and taxes

    International Nuclear Information System (INIS)

    2004-01-01

    Energy Prices and Taxes contains a major international compilation of energy prices at all market levels: import prices, industry prices and consumer prices. The statistics cover main petroleum products, gas, coal and electricity, giving for imported products an average price both for importing country and country of origin. Every issue includes full notes on sources and methods and a description of price mechanisms in each country

  3. MARKET ECONOMICS PRICING PARTICULARS

    Directory of Open Access Journals (Sweden)

    V. I. Parshin

    2011-01-01

    Full Text Available The price performs several economic functions: accounting, stimulation, distribution, demand and offer balancing, serving as production site rational choice criterion, information. Most important pricing principles are: price scientific and purpose-aimed substantiation, single pricing and price control process. Pricing process factors are external, internal, basic (independent on money-market, market-determined and controlling. Different pricing methods and models are to be examined, recommendations on practical application of those chosen are to be written.

  4. State energy price and expenditure report 1994

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1997-06-01

    The State Energy Price and Expenditure Report (SEPER) presents energy price and expenditure estimates individually for the 50 States and the District of Columbia and in aggregate for the United States. The price and expenditure estimates developed in the State Energy Price and Expenditure Data System (SEPEDS) are provided by energy source and economic sector and are published for the years 1970 through 1994. Consumption estimates used to calculate expenditures and the documentation for those estimates are taken from the State Energy Data Report 1994, Consumption Estimates (SEDR), published in October 1996. Expenditures are calculated by multiplying the price estimates by the consumption estimates, which are adjusted to remove process fuel; intermediate petroleum products; and other consumption that has no direct fuel costs, i.e., hydroelectric, geothermal, wind, solar, and photovoltaic energy sources. Documentation is included describing the development of price estimates, data sources, and calculation methods. 316 tabs.

  5. State energy price and expenditure report 1994

    International Nuclear Information System (INIS)

    1997-06-01

    The State Energy Price and Expenditure Report (SEPER) presents energy price and expenditure estimates individually for the 50 States and the District of Columbia and in aggregate for the United States. The price and expenditure estimates developed in the State Energy Price and Expenditure Data System (SEPEDS) are provided by energy source and economic sector and are published for the years 1970 through 1994. Consumption estimates used to calculate expenditures and the documentation for those estimates are taken from the State Energy Data Report 1994, Consumption Estimates (SEDR), published in October 1996. Expenditures are calculated by multiplying the price estimates by the consumption estimates, which are adjusted to remove process fuel; intermediate petroleum products; and other consumption that has no direct fuel costs, i.e., hydroelectric, geothermal, wind, solar, and photovoltaic energy sources. Documentation is included describing the development of price estimates, data sources, and calculation methods. 316 tabs

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

    Energy Technology Data Exchange (ETDEWEB)

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

    2012-07-10

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

  7. 77 FR 15370 - General Services Administration Acquisition Regulation; Information Collection; Price Reductions...

    Science.gov (United States)

    2012-03-15

    ... Services Administration Acquisition Regulation; Information Collection; Price Reductions Clause; Extension... notice of request for comments regarding OMB Control No. 3090-0235, Price Reductions Clause, published in... 16, 2012. ADDRESSES: Submit comments identified by Information Collection 3090- 0235, Price...

  8. Mergers and acquisitions for the radiologist.

    Science.gov (United States)

    Fleishon, Howard B

    2008-05-01

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

  9. Do Municipal Mergers Improve Fiscal Outcomes?

    DEFF Research Database (Denmark)

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

    2014-01-01

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

  10. The importance of partnerships, mergers and acquisitions

    Energy Technology Data Exchange (ETDEWEB)

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

    1998-09-01

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

  11. 12 CFR 516.70 - Where must I publish the public notice?

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 5 2010-01-01 2010-01-01 false Where must I publish the public notice? 516.70 Section 516.70 Banks and Banking OFFICE OF THRIFT SUPERVISION, DEPARTMENT OF THE TREASURY APPLICATION... for permission to organize under § 543.2 of this chapter, a Bank Merger Act application under 563.22(a...

  12. Analisis Perbandingan Kinerja Keuangan Sebelum Dan Sesudah Merger Dengan Menggunakan Metode Economic Value Added (Eva Dan Market Value Added (Mva Pada Pt Unilever Indonesia Tbk

    Directory of Open Access Journals (Sweden)

    Rakhmi Ayu Zulvina

    2010-04-01

    Full Text Available Merger is a decision to combine or merge two or more companies into one new company. One of the merged company in Indonesia is PT Unilever Indonesia Tbk with PT Knorr Indonesia in 2004. To identify and analyze it, EVA and MVA method is used, then the results of the calculations tested using normality test statistical tool kolmogorov smirnov, and carried out by means of differential test paired samples T-test.The increase of  EVA before and after the merger worth 125.30%. While the increase in MVA before and after the merger worth 227.33%. Increasing the value of MVA was more due to the company's market value, which is reflected in the share price and listed share, although not free from invested capital in the company

  13. Publishers and repositories

    CERN Multimedia

    CERN. Geneva

    2007-01-01

    The impact of self-archiving on journals and publishers is an important topic for all those involved in scholarly communication. There is some evidence that the physics arXiv has had no impact on physics journals, while 'economic common sense' suggests that some impact is inevitable. I shall review recent studies of librarian attitudes towards repositories and journals, and place this in the context of IOP Publishing's experiences with arXiv. I shall offer some possible reasons for the mis-match between these perspectives and then discuss how IOP has linked with arXiv and experimented with OA publishing. As well as launching OA journals we have co-operated with Cornell and the arXiv on Eprintweb.org, a platform that offers new features to repository users. View Andrew Wray's biography

  14. Ethics in Scientific Publishing

    Science.gov (United States)

    Sage, Leslie J.

    2012-08-01

    We all learn in elementary school not turn in other people's writing as if it were our own (plagiarism), and in high school science labs not to fake our data. But there are many other practices in scientific publishing that are depressingly common and almost as unethical. At about the 20 percent level authors are deliberately hiding recent work -- by themselves as well as by others -- so as to enhance the apparent novelty of their most recent paper. Some people lie about the dates the data were obtained, to cover up conflicts of interest, or inappropriate use of privileged information. Others will publish the same conference proceeding in multiple volumes, or publish the same result in multiple journals with only trivial additions of data or analysis (self-plagiarism). These shady practices should be roundly condemned and stopped. I will discuss these and other unethical actions I have seen over the years, and steps editors are taking to stop them.

  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. A Textbook Example of International Price Discrimination

    OpenAIRE

    Christos Cabolis; Sofronis Clerides; Ioannis Ioannou; Daniel Senft

    2005-01-01

    We investigate differences in book prices between the United States and other countries. We find that general audience books are similarly priced internationally, but textbooks are substantially more expensive in the United States (often more than double the price). This disparity is much more pronounced for commercial publishers than for university presses. We argue that supply-side factors like cost and market structure can not explain this phenomenon. We discuss several demand-side explana...

  18. 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.

  19. GRAVITATIONAL MEMORY IN BINARY BLACK HOLE MERGERS

    International Nuclear Information System (INIS)

    Pollney, Denis; Reisswig, Christian

    2011-01-01

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

  20. Cosmic Collisions: Galaxy Mergers and Evolution

    Science.gov (United States)

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

    2014-08-01

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

  1. Merger and Innovation Incentives in a Differentiated Industry

    OpenAIRE

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

    2017-01-01

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

  2. The benefit of mergers and taking-overs

    International Nuclear Information System (INIS)

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

    2001-01-01

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

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

    OpenAIRE

    Eslami, Sara

    2011-01-01

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

  4. Strategy and Tactics of International Mergers and Acquisitions

    Directory of Open Access Journals (Sweden)

    Denys Kiriakov

    2011-12-01

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

  5. 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....

  6. of Mergers and Acquisitions on the Human Resource Department

    OpenAIRE

    mohatta, maulshree

    2007-01-01

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

  7. 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...

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

    OpenAIRE

    Maneckji, Hilla Shahpur

    2006-01-01

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

  9. 24 CFR 242.67 - New corporations, subsidiaries, affiliations, and mergers.

    Science.gov (United States)

    2010-04-01

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

  10. Publisher Correction: Predicting unpredictability

    Science.gov (United States)

    Davis, Steven J.

    2018-06-01

    In this News & Views article originally published, the wrong graph was used for panel b of Fig. 1, and the numbers on the y axes of panels a and c were incorrect; the original and corrected Fig. 1 is shown below. This has now been corrected in all versions of the News & Views.

  11. Web Publishing Schedule

    Science.gov (United States)

    Section 207(f)(2) of the E-Gov Act requires federal agencies to develop an inventory and establish a schedule of information to be published on their Web sites, make those schedules available for public comment. To post the schedules on the web site.

  12. Hprints - Licence to publish

    DEFF Research Database (Denmark)

    Rabow, Ingegerd; Sikström, Marjatta; Drachen, Thea Marie

    2010-01-01

    realised the potential advantages for them. The universities have a role here as well as the libraries that manage the archives and support scholars in various aspects of the publishing processes. Libraries are traditionally service providers with a mission to facilitate the knowledge production...

  13. The Academic Publishing Industry

    DEFF Research Database (Denmark)

    Nell, Phillip Christopher; Wenzel, Tim Ole; Schmidt, Florian

    2014-01-01

    . The case is intended to be used as a basis for class discussion rather than to illustrate effective handling of a managerial situation. It is based on published sources, interviews, and personal experience. The authors have disguised some names and other identifying information to protect confidentiality....

  14. Desktop Publishing in Education.

    Science.gov (United States)

    Hall, Wendy; Layman, J.

    1989-01-01

    Discusses the state of desktop publishing (DTP) in education today and describes the weaknesses of the systems available for use in the classroom. Highlights include document design and layout; text composition; graphics; word processing capabilities; a comparison of commercial and educational DTP packages; and skills required for DTP. (four…

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

    Directory of Open Access Journals (Sweden)

    Anna Szewczyk

    2007-06-01

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

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

    International Nuclear Information System (INIS)

    Anon.

    1996-01-01

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

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

    International Nuclear Information System (INIS)

    Zhang, Congyao; Yu, Qingjuan; Lu, Youjun

    2016-01-01

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

  18. Using Black Hole Mergers to Explore Structure Formation

    Science.gov (United States)

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

    2009-01-01

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

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

    Science.gov (United States)

    Lazarus, A

    1995-01-01

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

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

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1996-12-01

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

  1. 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 ...

  2. The price-perceived quality relationship

    DEFF Research Database (Denmark)

    Völckner, Franziska; Hofmann, Julian

    2009-01-01

    The authors conducted a meta-analysis of study results on the price-perceived quality relationship published from 1989 to 2006. The findings show that the price effect on perceived quality has decreased. Furthermore, the price–quality relationship is stronger in studies that use a within-subjects...

  3. The Effect of Price: Early Observations.

    Science.gov (United States)

    Hunter, Karen

    Scientific journal publishers have very little commercial experience with electronic full text distribution and it is difficult to segregate the effect of pricing on user acceptance and behavior. This paper examines some of the known experiences and ongoing and proposed experiments to get a sense of the interaction of pricing and user acceptance…

  4. Pricing hospital care: Global budgets and marginal pricing strategies.

    Science.gov (United States)

    Sutherland, Jason M

    2015-08-01

    The Canadian province of British Columbia (BC) is adding financial incentives to increase the volume of surgeries provided by hospitals using a marginal pricing approach. The objective of this study is to calculate marginal costs of surgeries based on assumptions regarding hospitals' availability of labor and equipment. This study is based on observational clinical, administrative and financial data generated by hospitals. Hospital inpatient and outpatient discharge summaries from the province are linked with detailed activity-based costing information, stratified by assigned case mix categorizations. To reflect a range of operating constraints governing hospitals' ability to increase their volume of surgeries, a number of scenarios are proposed. Under these scenarios, estimated marginal costs are calculated and compared to prices being offered as incentives to hospitals. Existing data can be used to support alternative strategies for pricing hospital care. Prices for inpatient surgeries do not generate positive margins under a range of operating scenarios. Hip and knee surgeries generate surpluses for hospitals even under the most costly labor conditions and are expected to generate additional volume. In health systems that wish to fine-tune financial incentives, setting prices that create incentives for additional volume should reflect knowledge of hospitals' underlying cost structures. Possible implications of mis-pricing include no response to the incentives or uneven increases in supply. Copyright © 2015 The Authors. Published by Elsevier Ireland Ltd.. All rights reserved.

  5. Support open access publishing

    DEFF Research Database (Denmark)

    Ekstrøm, Jeannette

    2013-01-01

    Projektet Support Open Access Publishing har til mål at få opdateret Sherpa/Romeo databasen (www.sherpa.ac.uk/romeo) med fagligt relevante, danske tidsskrifter. Projektet skal endvidere undersøge mulighederne for at få udviklet en database, hvor forskere på tværs af relevante tidsskriftsinformati......Projektet Support Open Access Publishing har til mål at få opdateret Sherpa/Romeo databasen (www.sherpa.ac.uk/romeo) med fagligt relevante, danske tidsskrifter. Projektet skal endvidere undersøge mulighederne for at få udviklet en database, hvor forskere på tværs af relevante...

  6. Prepare to publish.

    Science.gov (United States)

    Price, P M

    2000-01-01

    "I couldn't possibly write an article." "I don't have anything worthwhile to write about." "I am not qualified to write for publication." Do any of these statements sound familiar? This article is intended to dispel these beliefs. You can write an article. You care for the most complex patients in the health care system so you do have something worthwhile to write about. Beside correct spelling and grammar there are no special skills, certificates or diplomas required for publishing. You are qualified to write for publication. The purpose of this article is to take the mystique out of the publication process. Each step of publishing an article will be explained, from idea formation to framing your first article. Practical examples and recommendations will be presented. The essential components of the APA format necessary for Dynamics: The Official Journal of the Canadian Association of Critical Care Nurses will be outlined and resources to assist you will be provided.

  7. Reclaiming Society Publishing

    Directory of Open Access Journals (Sweden)

    Philip E. Steinberg

    2015-07-01

    Full Text Available Learned societies have become aligned with commercial publishers, who have increasingly taken over the latter’s function as independent providers of scholarly information. Using the example of geographical societies, the advantages and disadvantages of this trend are examined. It is argued that in an era of digital publication, learned societies can offer leadership with a new model of open access that can guarantee high quality scholarly material whose publication costs are supported by society membership dues.

  8. Market structure and price adjustment in the U.S. wholesale gasoline markets

    International Nuclear Information System (INIS)

    Oladunjoye, Olusegun

    2008-01-01

    The issue of sticky prices in U.S. wholesale gasoline market is re-examined allowing for the effect of market structure due to increased market concentration caused by mergers, acquisitions and joint ventures which started in the late 1990s in the U.S. oil industry. I investigate the effects of market structure on the pattern of price adjustment based on the notion that increased market concentration leads to downward price stickiness and asymmetric short run price adjustment in the transmission of crude price changes to wholesale gasoline price. I find that market concentration has an insignificant asymmetric effect on the speed of price adjustment but a significant asymmetric effect on short run price adjustments in the response of wholesale gasoline prices to crude price shocks in three U.S. wholesale markets. Furthermore, the signs on the coefficients of market concentration effects on price dynamics in the models support the assertion that increased market concentration leads to downward price stickiness in only one of the three markets examined. Overall, the results indicate that market structure does not have a strong effect on the dynamics of price adjustment. (author)

  9. Pricing and Trust

    DEFF Research Database (Denmark)

    Huck, Steffen; Ruchala, Gabriele K.; Tyran, Jean-Robert

    -competitive (monopolistic) markets. We then introduce a regulated intermediate price above the oligopoly price and below the monopoly price. The effect in monopolies is more or less in line with standard intuition. As price falls volume increases and so does quality, such that overall efficiency is raised by 50%. However......We experimentally examine the effects of flexible and fixed prices in markets for experience goods in which demand is driven by trust. With flexible prices, we observe low prices and high quality in competitive (oligopolistic) markets, and high prices coupled with low quality in non...

  10. 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

  11. 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.

  12. 7 CFR 1000.50 - Class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Class prices, component prices, and advanced pricing... advanced pricing factors. Class prices per hundredweight of milk containing 3.5 percent butterfat, component prices, and advanced pricing factors shall be as follows. The prices and pricing factors described...

  13. Plagiarism in scientific publishing.

    Science.gov (United States)

    Masic, Izet

    2012-12-01

    Scientific publishing is the ultimate product of scientist work. Number of publications and their quoting are measures of scientist success while unpublished researches are invisible to the scientific community, and as such nonexistent. Researchers in their work rely on their predecessors, while the extent of use of one scientist work, as a source for the work of other authors is the verification of its contributions to the growth of human knowledge. If the author has published an article in a scientific journal it cannot publish the article in any other journal h with a few minor adjustments or without quoting parts of the first article, which are used in another article. Copyright infringement occurs when the author of a new article with or without the mentioning the author used substantial portions of previously published articles, including tables and figures. Scientific institutions and universities should,in accordance with the principles of Good Scientific Practice (GSP) and Good Laboratory Practices (GLP) have a center for monitoring,security, promotion and development of quality research. Establish rules and compliance to rules of good scientific practice are the obligations of each research institutions,universities and every individual-researchers,regardless of which area of science is investigated. In this way, internal quality control ensures that a research institution such as a university, assume responsibility for creating an environment that promotes standards of excellence, intellectual honesty and legality. Although the truth should be the aim of scientific research, it is not guiding fact for all scientists. The best way to reach the truth in its study and to avoid the methodological and ethical mistakes is to consistently apply scientific methods and ethical standards in research. Although variously defined plagiarism is basically intended to deceive the reader's own scientific contribution. There is no general regulation of control of

  14. PLAGIARISM IN SCIENTIFIC PUBLISHING

    Science.gov (United States)

    Masic, Izet

    2012-01-01

    Scientific publishing is the ultimate product of scientist work. Number of publications and their quoting are measures of scientist success while unpublished researches are invisible to the scientific community, and as such nonexistent. Researchers in their work rely on their predecessors, while the extent of use of one scientist work, as a source for the work of other authors is the verification of its contributions to the growth of human knowledge. If the author has published an article in a scientific journal it cannot publish the article in any other journal h with a few minor adjustments or without quoting parts of the first article, which are used in another article. Copyright infringement occurs when the author of a new article with or without the mentioning the author used substantial portions of previously published articles, including tables and figures. Scientific institutions and universities should,in accordance with the principles of Good Scientific Practice (GSP) and Good Laboratory Practices (GLP) have a center for monitoring,security, promotion and development of quality research. Establish rules and compliance to rules of good scientific practice are the obligations of each research institutions,universities and every individual-researchers,regardless of which area of science is investigated. In this way, internal quality control ensures that a research institution such as a university, assume responsibility for creating an environment that promotes standards of excellence, intellectual honesty and legality. Although the truth should be the aim of scientific research, it is not guiding fact for all scientists. The best way to reach the truth in its study and to avoid the methodological and ethical mistakes is to consistently apply scientific methods and ethical standards in research. Although variously defined plagiarism is basically intended to deceive the reader’s own scientific contribution. There is no general regulation of control of

  15. Regional Price Levels in the Czech Republic

    Directory of Open Access Journals (Sweden)

    Petr Musil

    2017-06-01

    Full Text Available International comparison belongs to statistical topics which attracts either experts or general public. Official statistics provides estimates of national price levels only. Therefore, official regional analysis is based on national price levels and does not take into account potential differences in prices among regions within a country. Fortunately, researchers have been dealing with them and estimates for several countries are available. The topic is also important in the Czech Republic even two papers focused on regional price levels were published in Statistika journal in 2016. The aim of the paper is to compare both approaches from various perspectives.

  16. RETRACTION: Publishers' Note

    Science.gov (United States)

    post="(Executive Editor">Graeme Watt,

    2010-06-01

    Withdrawal of the paper "Was the fine-structure constant variable over cosmological time?" by L. D. Thong, N. M. Giao, N. T. Hung and T. V. Hung (EPL, 87 (2009) 69002) This paper has been formally withdrawn on ethical grounds because the article contains extensive and repeated instances of plagiarism. EPL treats all identified evidence of plagiarism in the published articles most seriously. Such unethical behaviour will not be tolerated under any circumstance. It is unfortunate that this misconduct was not detected before going to press. My thanks to Editor colleagues from other journals for bringing this fact to my attention.

  17. PUBLISHER'S ANNOUNCEMENT: Refereeing standards

    Science.gov (United States)

    Bender, C.; Scriven, N.

    2004-08-01

    On 1 January 2004 I will be assuming the position of Editor-in-Chief of Journal of Physics A: Mathematical and General (J. Phys. A). I am flattered at the confidence expressed in my ability to carry out this challenging job and I will try hard to justify this confidence. The previous Editor-in-Chief, Ed Corrigan, has worked tirelessly for the last five years and has done an excellent job for the journal. Everyone at the journal is profoundly grateful for his leadership and for his achievements. Before accepting the position of Editor-in-Chief, I visited the office of J. Phys. A to examine the organization and to assess its strengths and weaknesses. This office is located at the Institute of Physics Publishing (IOPP) headquarters in Bristol. J. Phys. A has been expanding rapidly and now publishes at the rate of nearly 1000 articles (or about 14,000 pages) per year. The entire operation of the journal is conducted in a very small space---about 15 square metres! Working in this space are six highly intelligent, talented, hard working, and dedicated people: Neil Scriven, Publisher; Mike Williams, Publishing Editor; Rose Gray and Sarah Nadin, Publishing Administrators; Laura Smith and Steve Richards, Production Editors. In this small space every day about eight submitted manuscripts are downloaded from the computer or received in the post. These papers are then processed and catalogued, referees are selected, and the papers are sent out for evaluation. In this small space the referees' reports are received, publication decisions are made, and accepted articles are then published quickly by IOPP. The whole operation is amazingly efficient. Indeed, one of the great strengths of J. Phys. A is the speed at which papers are processed. The average time between the receipt of a manuscript and an editorial decision is under sixty days. (Many distinguished journals take three to five times this amount of time.) This speed of publication is an extremely strong enticement for

  18. Competitive Pricing by a Price Leader

    OpenAIRE

    Abhik Roy; Dominique M. Hanssens; Jagmohan S. Raju

    1994-01-01

    We examine the problem of pricing in a market where one brand acts as a price leader. We develop a procedure to estimate a leader's price rule, which is optimal given a sales target objective, and allows for the inclusion of demand forecasts. We illustrate our estimation procedure by calibrating this optimal price rule for both the leader and the follower using data on past sales and prices from the mid-size sedan segment of the U.S. automobile market. Our results suggest that a leader-follow...

  19. ACCOUNTING ASPECTS OF PRICING AND TRANSFER PRICING

    Directory of Open Access Journals (Sweden)

    TÜNDE VERES

    2011-01-01

    Full Text Available The pricing methods in practice need really complex view of the business situation and depend on the strategy and market position of a company. The structure of a price seems simple: cost plus margin. Both categories are special area in the management accounting. Information about the product costs, the allocation methodologies in cost accounting, the analyzing of revenue and different level of the margin needs information from accounting system. This paper analyzes the pricing methods from management accounting aspects to show out the role of the accounting system in the short term and long term pricing and transfer pricing decisions.

  20. Hospital prices and market structure in the hospital and insurance industries.

    Science.gov (United States)

    Moriya, Asako S; Vogt, William B; Gaynor, Martin

    2010-10-01

    There has been substantial consolidation among health insurers and hospitals, recently, raising questions about the effects of this consolidation on the exercise of market power. We analyze the relationship between insurer and hospital market concentration and the prices of hospital services. We use a national US dataset containing transaction prices for health care services for over 11 million privately insured Americans. Using three years of panel data, we estimate how insurer and hospital market concentration are related to hospital prices, while controlling for unobserved market effects. We find that increases in insurance market concentration are significantly associated with decreases in hospital prices, whereas increases in hospital concentration are non-significantly associated with increases in prices. A hypothetical merger between two of five equally sized insurers is estimated to decrease hospital prices by 6.7%.

  1. 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).

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

    OpenAIRE

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

    1997-01-01

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

  3. Transparency and Coordinated Effects in European Merger Control

    DEFF Research Database (Denmark)

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

    2010-01-01

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

  4. 12 CFR 931.5 - Liquidation, merger, or consolidation.

    Science.gov (United States)

    2010-01-01

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

  5. 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...

  6. 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…

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

    African Journals Online (AJOL)

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

  8. 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…

  9. 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…

  10. Do Mergers of Potentially Dominant firms foster Innovation?

    NARCIS (Netherlands)

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

    2007-01-01

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

  11. 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

  12. PUBLISHER'S ANNOUNCEMENT: Editorial developments

    Science.gov (United States)

    2009-01-01

    We are delighted to announce that from January 2009, Professor Murray T Batchelor of the Australian National University, Canberra will be the new Editor-in-Chief of Journal of Physics A: Mathematical and Theoretical. Murray Batchelor has been Editor of the Mathematical Physics section of the journal since 2007. Prior to this, he served as a Board Member and an Advisory Panel member for the journal. His primary area of research is the statistical mechanics of exactly solved models. He holds a joint appointment in mathematics and physics and has held visiting positions at the Universities of Leiden, Amsterdam, Oxford and Tokyo. We very much look forward to working with Murray to continue to improve the journal's quality and interest to the readership. We would like to thank our outgoing Editor-in-Chief, Professor Carl M Bender. Carl has done a magnificent job as Editor-in-Chief and has worked tirelessly to improve the journal over the last five years. Carl has been instrumental in designing and implementing strategies that have enhanced the quality of papers published and service provided by Journal of Physics A: Mathematical and Theoretical. Notably, under his tenure, we have introduced the Fast Track Communications (FTC) section to the journal. This section provides a venue for outstanding short papers that report new and timely developments in mathematical and theoretical physics and offers accelerated publication and high visibility for our authors. During the last five years, we have raised the quality threshold for acceptance in the journal and now reject over 60% of submissions. As a result, papers published in Journal of Physics A: Mathematical and Theoretical are amongst the best in the field. We have also maintained and improved on our excellent receipt-to-first-decision times, which now average less than 50 days for papers. We have recently announced another innovation; the Journal of Physics A Best Paper Prize. These prizes will honour excellent papers

  13. 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

  14. Why publish with AGU?

    Science.gov (United States)

    Graedel, T. E.

    The most visible activity of the American Geophysical Union is its publication of scientific journals. There are eight of these: Journal of Geophysical Research—Space Physics (JGR I), Journal of Geophysical Research—Solid Earth (JGR II), Journal of Geophysical Research—Oceans and Atmospheres (JGR III), Radio Science (RS), Water Resources Research (WRR), Geophysical Research Letters (GRL), Reviews of Geophysics and Space Physics (RGSP), and the newest, Tectonics.AGU's journals have established solid reputations for scientific excellence over the years. Reputation is not sufficient to sustain a high quality journal, however, since other factors enter into an author's decision on where to publish his or her work. In this article the characteristics of AGU's journals are compared with those of its competitors, with the aim of furnishing guidance to prospective authors and a better understanding of the value of the products to purchasers.

  15. 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.

  16. 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.

  17. Performance Assessment of Mergers and Acquisitions

    DEFF Research Database (Denmark)

    Wang, Daojuan; Moini, Hamid

    2012-01-01

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

  18. Value-based differential pricing: efficient prices for drugs in a global context.

    Science.gov (United States)

    Danzon, Patricia; Towse, Adrian; Mestre-Ferrandiz, Jorge

    2015-03-01

    This paper analyzes pharmaceutical pricing between and within countries to achieve second-best static and dynamic efficiency. We distinguish countries with and without universal insurance, because insurance undermines patients' price sensitivity, potentially leading to prices above second-best efficient levels. In countries with universal insurance, if each payer unilaterally sets an incremental cost-effectiveness ratio (ICER) threshold based on its citizens' willingness-to-pay for health; manufacturers price to that ICER threshold; and payers limit reimbursement to patients for whom a drug is cost-effective at that price and ICER, then the resulting price levels and use within each country and price differentials across countries are roughly consistent with second-best static and dynamic efficiency. These value-based prices are expected to differ cross-nationally with per capita income and be broadly consistent with Ramsey optimal prices. Countries without comprehensive insurance avoid its distorting effects on prices but also lack financial protection and affordability for the poor. Improving pricing efficiency in these self-pay countries includes improving regulation and consumer information about product quality and enabling firms to price discriminate within and between countries. © 2013 The Authors. Health Economics published by John Wiley & Sons Ltd.

  19. 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.

  20. 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.

  1. 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

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

    DEFF Research Database (Denmark)

    Svane, Marita; Boje, David

    2014-01-01

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

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

    Energy Technology Data Exchange (ETDEWEB)

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

    1998-08-01

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

  4. 17 CFR Appendix A to Part 36 - Guidance on Significant Price Discovery Contracts

    Science.gov (United States)

    2010-04-01

    ... the contract likely will be the primary motivation for a publisher to publish particular prices. In other words, the fact that the price of a contract is being used as a reference by industry participants...

  5. Addressing Pricing Power in Integrated Delivery: The Limits of Antitrust.

    Science.gov (United States)

    Berenson, Robert

    2015-08-01

    Prices are the major driver of why the United States spends so much more on health care than other countries do. The pricing power that hospitals have garnered recently has resulted from consolidated delivery systems and concentrated markets, leading to enhanced negotiating leverage. But consolidation may be the wrong frame for viewing the problem of high and highly variable prices; many "must-have" hospitals achieve their pricing power from sources other than consolidation, for example, reputation. Further, the frame of consolidation leads to unrealistic expectations for what antitrust's role in addressing pricing power should be, especially because in the wake of two periods of merger "manias" and "frenzies" many markets already lack effective competition. It is particularly challenging for antitrust to address extant monopolies lawfully attained. New payment and delivery models being pioneered in Medicare, especially those built around accountable care organizations (ACOs), offer an opportunity to reduce pricing power, but only if they are implemented with a clear eye on the impact on prices in commercial insurance markets. This article proposes approaches that public and private payers should consider to complement the role of antitrust to assure that ACOs will actually help control costs in commercial markets as well as in Medicare and Medicaid. Copyright © 2015 by Duke University Press.

  6. [International reference prices and cost minimization analysis for the regulation of medicine prices in Colombia].

    Science.gov (United States)

    Vacca, Caludia; Acosta, Angela; Rodriguez, Ivan

    2011-01-01

    To suggest a scheme of decision making on pricing for medicines that are part of Free Regulated Regime, a regulation way of the pharmaceutical pricing policy in Colombia. It includes two regulation tools: international reference prices and a cost minimization analysis methodology. Following the current pricing policy, international reference prices were built with data from five countries for selected medicines, which are under Free Regulated Regime. The cost minimization analysis methodology includes selection of those medicines under Free Regulated Regime with possible comparable medicines, selection of comparable medicines, and treatment costs evaluation. As a result of the estimate of International Reference Prices, four medicines showed in the domestic pharmaceutical market a bigger price than the Reference Price. A scheme of decision-making was design containing two possible regulation tools for medicines that are part of Free Regulated Regime: estimate of international reference prices and cost minimization analysis methodology. This diagram would be useful to assist the pricing regulation of Free Regulated Regime in Colombia. As present results shows, international reference prices make clear when domestic prices are higher than those of reference countries. In the current regulation of pharmaceutical prices in Colombia, the international reference price has been applied for four medicines. Would be suitable to extend this methodology to other medicines of high impact on the pharmaceutical expenditure, in particular those covered by public funding. The availability of primary sources about treatment costs in Colombia needs to be improved as a requirement to develop pharmaco-economic evidence. SISMED is an official database that represents an important primary source of medicines prices in Colombia. Nevertheless, having into account that SISMED represents an important advantage of transparency in medicines prices, it needs to be improved in quality and data

  7. Orphan Drug Pricing: An Original Exponential Model Relating Price to the Number of Patients

    Directory of Open Access Journals (Sweden)

    Andrea Messori

    2016-10-01

    Full Text Available In managing drug prices at the national level, orphan drugs represent a special case because the price of these agents is higher than that determined according to value-based principles. A common practice is to set the orphan drug price in an inverse relationship with the number of patients, so that the price increases as the number of patients decreases. Determination of prices in this context generally has a purely empirical nature, but a theoretical basis would be needed. The present paper describes an original exponential model that manages the relationship between price and number of patients for orphan drugs. Three real examples are analysed in detail (eculizumab, bosentan, and a data set of 17 orphan drugs published in 2010. These analyses have been aimed at identifying some objective criteria to rationally inform this relationship between prices and patients and at converting these criteria into explicit quantitative rules.

  8. Heterogeneity and option pricing

    NARCIS (Netherlands)

    Benninga, Simon; Mayshar, Joram

    2000-01-01

    An economy with agents having constant yet heterogeneous degrees of relative risk aversion prices assets as though there were a single decreasing relative risk aversion pricing representative agent. The pricing kernel has fat tails and option prices do not conform to the Black-Scholes formula.

  9. North American natural gas storage, market and price outlook

    International Nuclear Information System (INIS)

    George, R.

    1999-01-01

    A series of overhead viewgraphs accompanied this presentation which dealt with the fundamental factors and short-term considerations that will impact Canadian and U.S. natural gas pricing. The short-term pricing outlook and some transportation issues were also highlighted. The major transportation issues for 1999/2000 are: (1) Nova tolling, (2) incentive tolling and negotiations, (3) decontracting, (4) pipeline project schedules, and (5) land use and environmental considerations. The major supply issues are: (1) impact of oil prices on gas drilling and production, (2) impact of merger and acquisition activity, and (3) land use and environmental considerations. The major demand issues for the same time period are: (1) greenhouse gas emissions, (2) electricity restructuring, and (3) new end-use technologies. 3 tabs., 21 figs

  10. Marketing Theory Applied to Price Discrimination in Journals.

    Science.gov (United States)

    Talaga, James; Haley, Jean Walstrom

    1991-01-01

    Discussion of discriminatory pricing by journal publishers and its effects on libraries focuses on six prerequisites for successful discriminatory pricing that are based on marketing theory. Strategies to eliminate some of these prerequisites--and therefore eliminate discriminatory pricing--are suggested, including the need to change the attitudes…

  11. Trends in College Pricing, 2016. Trends in Higher Education Series

    Science.gov (United States)

    Ma, Jennifer; Baum, Sandy; Pender, Matea; Welch, Meredith

    2016-01-01

    In 2016-17, published tuition and fee prices rose slightly less than the year before. The rapid price growth observed during the Great Recession has abated, as typically happens when the economy recovers, but the rate of increase in tuition and fees continues to exceed inflation. More notable, however, is the pattern of the net prices students…

  12. Regulation of Pharmaceutical Prices

    DEFF Research Database (Denmark)

    Kaiser, Ulrich; Mendez, Susan J.; Rønde, Thomas

    On April 1, 2005, Denmark changed the way references prices, a main determinant of reimbursements for pharmaceutical purchases, are calculated. The previous reference prices, which were based on average EU prices, were substituted to minimum domestic prices. Novel to the literature, we estimate...... the joint eects of this reform on prices and quantities. Prices decreased more than 26 percent due to the reform, which reduced patient and government expenditures by 3.0 percent and 5.6 percent, respectively, and producer revenues by 5.0 percent. The prices of expensive products decreased more than...

  13. Consortium Negotiations with Publishers - Past and Future

    Directory of Open Access Journals (Sweden)

    Pierre Carbone

    2007-09-01

    Full Text Available Since the mid nineties, with the development of online access to information (journals, databases, e-books, libraries strengthened their cooperation. They set up consortia at different levels around the world, generally with the support of the public authorities, for negotiating collectively with the publishers and information providers general agreements for access to these resources. This cooperation has been reinforced at the international level with the exchange of experiences and the debates in the ICOLC seminars and statements. So did the French consortium Couperin, which is now gathering more than 200 academic and research institutions. The level of access and downloading from these resources is growing with geometrical progression, and reaches a scale with no comparison to ILL or access to printed documents, but the costs did not reduce and the libraries budgets did not increase. At first, agreements with the major journal publishers were based on cross-access, and evolved rapidly to the access at a large bundle of titles in the so-called Big deal. After experiencing the advantages of the Big deal, the libraries are now more sensitive to the limits and lack of flexibility and to cost-effectiveness. These Big deals were based on a model where online access fee is built on the cost of print subscriptions, and the problem for the consortia and for the publishers is now to evolve from this print plus online model to an e-only model, no more based on the historical amount of the print subscriptions, to a new deal. In many European countries, VAT legislation is an obstacle to e-only, and this problem must be discussed at the European level. This change to e-only takes place at a moment where changes in the scientific publishing world are important (mergers of publishing houses, growth of research and of scientific publishing in the developing countries, open access and open archives movement. The transition to e-only leads also the library

  14. One TV, One Price?

    OpenAIRE

    Jean Imbs; Haroon Mumtaz; Morten O. Ravn; Hélène Rey

    2009-01-01

    We use a unique dataset on television prices across European countries and regions to investigate the sources of differences in price levels. Our findings are as follows: (i) Quality is a crucial determinant of price differences. Even in an integrated economic zone as Europe, rich economies tend to consume higher quality goods. This effect accounts for the lion’s share of international price dispersion. (ii) Sizable international price differentials subsist even for the same television sets. ...

  15. Value-based pricing

    OpenAIRE

    Netseva-Porcheva Tatyana

    2010-01-01

    The main aim of the paper is to present the value-based pricing. Therefore, the comparison between two approaches of pricing is made - cost-based pricing and value-based pricing. The 'Price sensitively meter' is presented. The other topic of the paper is the perceived value - meaning of the perceived value, the components of perceived value, the determination of perceived value and the increasing of perceived value. In addition, the best company strategies in matrix 'value-cost' are outlined. .

  16. HUBBLE CAPTURES MERGER BETWEEN QUASAR AND GALAXY

    Science.gov (United States)

    2002-01-01

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

  17. 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).

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

    Science.gov (United States)

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

    2009-07-01

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

  19. 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...

  20. 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...

  1. 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.

  2. ACCOUNTING ASPECTS OF PRICING AND TRANSFER PRICING

    OpenAIRE

    TÜNDE VERES

    2011-01-01

    The pricing methods in practice need really complex view of the business situation and depend on the strategy and market position of a company. The structure of a price seems simple: cost plus margin. Both categories are special area in the management accounting. Information about the product costs, the allocation methodologies in cost accounting, the analyzing of revenue and different level of the margin needs information from accounting system. This paper analyzes the pricing methods from m...

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

    Science.gov (United States)

    Feldman, R; Wholey, D; Christianson, J

    1996-01-01

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

  4. 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

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

    Science.gov (United States)

    Melfi, Andrew; Viswanath, Divakar

    2018-05-01

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

  6. 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.

  7. 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.

  8. Exporter Price Premia?

    DEFF Research Database (Denmark)

    Jäkel, Ina Charlotte; Sørensen, Allan

    This paper provides new evidence on manufacturing firms' output prices: in Denmark, on average, exported varieties are sold at a lower price (i.e. a negative exporter price premium) relative to only domestically sold varieties. This finding stands in sharp contrast to previous studies, which have...... found positive exporter price premia. We also document that the exporter price premium varies substantially across products (both in terms of sign and magnitude). We show that in a standard heterogeneous firms model with heterogeneity in quality as well as production efficiency there is indeed no clear......-cut prediction on the sign of the exporter price premium. However, the model unambiguously predicts a negative exporter price premium in terms of quality-adjusted prices, i.e. prices per unit of quality. This prediction is broadly borne out in the Danish data: while the magnitude of the premium varies across...

  9. Price strategy and pricing strategy: terms and content identification

    OpenAIRE

    Panasenko Tetyana

    2015-01-01

    The article is devoted to the terminology and content identification of seemingly identical concepts "price strategy" and "pricing strategy". The article contains evidence that the price strategy determines the direction, principles and procedure of implementing the company price policy and pricing strategy creates a set of rules and practical methods of price formation in accordance with the pricing strategy of the company.

  10. 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.

  11. The U.S. utility experience: Is there life after mergers and downsizing?

    International Nuclear Information System (INIS)

    Warkentin, D.

    1997-01-01

    Deregulation has pervaded the ranks of many different industries in the US. The electric utility industry, which has been often thought of as an untouchable industry to the likes of deregulation or reregulation, is undergoing a change from being considered a monopoly industry to one that is market-based. The electric utility industry is undergoing deregulation, or perhaps it is more fitting to say re-regulation since some regulation will remain, for much the same reasons that many other industries before it have. These reasons include major shifts in the nation's economy and the resultant need for more competitive pricing. Impending re-regulation of the industry is having several ripple effects on the energy industry as a whole, particularly in the area of merger activity and also with respect to reengineering, which more often than not includes a degree of downsizing, or if you prefer, reducing the workforce. And, yes, despite the fact that these truly are difficult and trying times, there is life after mergers and downsizing albeit a different kind of life. Certainly it is the case that the industry will not just come to a halt because restructuring activities are under way

  12. Optimizing asset value (OAV) -- A decision tool for mergers and acquisitions

    Energy Technology Data Exchange (ETDEWEB)

    Blanchard, D.; Brinsfield, W.; Franklin, E. [Tenera Energy, LLC, San Francisco, CA (United States); Turnage, J. [US Generating Co., Bethesda, MD (United States)

    1999-11-01

    As the energy industry restructures and realigns, companies are increasingly engaged in all aspects of mergers, acquisitions, and divestiture. Successful transactions are no accident, and new insights are emerging daily. This paper describes a tool called Optimizing Asset Value (OAV) that provides support to the Valuation phase of the merger, acquisition, and divestiture process. The methodology is based upon a quantitative, risk-based approach that is used to calculate the impact of equipment operation and operations/maintenance practices upon the ability to generate maximum revenue. By combining probabilistic reliability data with the economic consequences of plant derating, equipment can be prioritized as to its importance to revenue generation. Savvy buyers can apply OAV to plants under consideration for purchase to estimate where the plant is on its revenue generation capability curve, and thus gain a better understanding as to the risks, or opportunities for improvement, that exist. This information can be used along with other pro forma analyses to set the bid price for the asset.

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

    Energy Technology Data Exchange (ETDEWEB)

    Shibata, Masaru

    2016-12-15

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

  14. 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....

  15. 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.

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

    Science.gov (United States)

    Grant, E A

    1988-02-01

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

  17. Valuation Struggles over Pricing

    DEFF Research Database (Denmark)

    Pallesen, Trine

    2016-01-01

    of creating political markets, and political prices, here understood as market distortion. This paper studies the ‘politics’ of pricing by following the adoption of the first feed-in tariff in France. Pricing as a way of achieving non-economic ends, such as climate mitigation, brings the values of several...... public goods into play, all the while prompting a translation of these values into a single price. Following the struggles over the pricing of wind power in the early 2000s, the study illustrates that rather than a pollution of the market sphere by that of politics, a politics of pricing can be observed...

  18. Perceived Costs and Benefits of IFRS Adoption of Cross-Border Mergers: A Statistical Analysis of Indian and Chinese Companies

    Directory of Open Access Journals (Sweden)

    Ibrahim Mert

    2014-02-01

    Full Text Available The purpose of this quantitative study was to examine the links between IFRS adoption status, mergers tempo, and perception of IFRS costs and benefits among Indian and Chinese companies. As more capital accrues in India and China, more cross-border mergers activity initiated from these countries should be expected. This paper is trying to extant a research to observe the results related the adaption of IFRS in India and China. During the analyses around 2 authors‘ books were related to this paper. During the study it was focused to collect information observation through published academic books and articles. Some questions raised by the increased tempo of cross-border mergers activity are as follows: (a What are the differences between Indian and Chinese companies‘ perceptions of IFRS costs and benefits? (b What are the differences between IFRS adopters and IFRS non-adopters in perceptions of IFRS costs and benefits? This study identified some significant differences between Indian and Chinese companies‘ perceived IFRS costs and benefits, centering on the role that management accounting played for Chinese companies. Additionally, there were significant differences between how IFRS adopters and non-adopters perceived IFRS in terms of statement simplification, global credibility, and investor attractiveness. This study provides a statistical analysis for the IFRS adaption process of Indian and Chinese companies for the crossborder merger actions.

  19. 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.

  20. 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.

  1. 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

  2. Analyzing and executing mergers and acquisitions.

    Science.gov (United States)

    Woodard, M A; Lindstrom, K

    1997-05-01

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

  3. 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.

  4. Neutrino flavor evolution in neutron star mergers

    Science.gov (United States)

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

    2017-08-01

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

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

    Energy Technology Data Exchange (ETDEWEB)

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

    2000-05-01

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

  6. PRICES IN COMPETITIVE SYSTEM

    Directory of Open Access Journals (Sweden)

    VADUVA MARIA

    2017-08-01

    Full Text Available Regularities of competitive market determine rules for determining prices and their dynamics. Orientation prices to competition (competitive pricing is the strategy most frequently used in countries with market economies and especially for exports. Moreover, in an economy dominated by market competition it cannot be ignored without certain risks the prices resulting from competition between products bidders. Companies that use this type of strategy seek to maintain a level of prices linked to that charged by other competitors (or exporting producers generally no longer covering production costs or demand, relying on the assumption that the average market price is a reasonable basis of costs. But the way how practical guidance and reporting to the competition in every price strategy, will be determined by the company's market position, by the available power and enjoyed prestige, objectives and prospects of its market share etc. according to these elements, there may be several versions of pricing strategies oriented to competitors.

  7. Retail Price Model

    Science.gov (United States)

    The Retail Price Model is a tool to estimate the average retail electricity prices - under both competitive and regulated market structures - using power sector projections and assumptions from the Energy Information Administration.

  8. Natural gas pricing

    International Nuclear Information System (INIS)

    Freedenthal, C.

    1993-01-01

    Natural gas pricing is the heart and soul of the gas business. Price specifically affects every phase of the industry. Too low a price will result in short supplies as seen in the mid-1970s when natural gas was scarce and in tight supply. To fully understand the pricing of this energy commodity, it is important to understand the total energy picture. In addition, the effect and impact of world and US economies, and economics in general are crucial to understanding natural gas pricing. The purpose of this presentation will be to show the parameters going into US natural gas pricing including the influence of the many outside industry factors like crude oil and coal pricing, market drivers pushing the gas industry, supply/demand parameters, risk management for buyers and sellers, and other elements involved in pricing analysis

  9. Drug Pricing Reforms

    DEFF Research Database (Denmark)

    Kaiser, Ulrich; Mendez, Susan J.; Rønde, Thomas

    2015-01-01

    Reference price systems for prescription drugs have found widespread use as cost containment tools. Under such regulatory regimes, patients co-pay a fraction of the difference between pharmacy retail price of the drug and a reference price. Reference prices are either externally (based on drug...... prices in other countries) or internally (based on domestic drug prices) determined. In a recent study, we analysed the effects of a change from external to internal reference pricing in Denmark in 2005, finding that the reform led to substantial reductions in prices, producer revenues, and expenditures...... for patients and the health insurance system. We also estimated an increase in consumer welfare but the size effect depends on whether or not perceived quality differences between branded and other drugs are taken into account....

  10. Oil industry consolidation and refined product prices. Evidence from US wholesale gasoline terminals

    International Nuclear Information System (INIS)

    Kendix, Michael; Walls, W.D.

    2010-01-01

    Our objective in this paper is to quantify the impact of petroleum industry consolidation on refined product prices, controlling for other important factors that could also impact prices. Our empirical analysis focuses on the US petroleum refining industry using data on industry consolidation and wholesale gasoline prices collected over the interval 2000-2008. We match refinery units to wholesale city-terminal gasoline markets, and then estimate pooled cross-section time-series regressions to quantify the impact of petroleum industry consolidation on wholesale gasoline prices at city-specific terminals. The results of the empirical analysis of mergers are mixed, showing that some petroleum industry mergers resulted in statistically significant increases in refined product prices; others resulted in statistically significant declines and still others had no statistical impact at all. Our analysis of the effects of measures of market concentration - one at the level of city-specific wholesale terminals and another at the level of regional spot markets - found evidence that less concentrated markets are associated with lower price levels. (author)

  11. NUKEM adjusts price definitions

    International Nuclear Information System (INIS)

    Anon.

    1994-01-01

    This article is the October-November 1994 market report, providing trading volume and prices in the Uranium market. During this period, there were five deals in the spot concentrates market, five deals in the medium and long-term market, one deal in the conversion market, and two deals in the enrichment market. Restricted prices strengthened while unrestricted prices held steady. Price re-definitions were also announced

  12. Delegating Pricing Decisions

    OpenAIRE

    Pradeep Bhardwaj

    2001-01-01

    An outstanding problem in marketing is why some firms in a competitive market delegate pricing decisions to agents and other firms do not. This paper analyzes the impact of competition on the delegation decision and, in turn, the impact of delegation on prices and incentives. The theory builds on the simplest framework of competition in two dimensions: prices and (sales agents') effort. Specifically, we are interested in answering the following questions: (1) Does competition affect the price...

  13. 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.

  14. 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.

  15. 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.

  16. 76 FR 72823 - Voluntary Mergers of Federal Home Loan Banks

    Science.gov (United States)

    2011-11-28

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

  17. 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.

  18. 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.

  19. 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...

  20. 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...

  1. The effects of union mergers and internal restructuring:

    DEFF Research Database (Denmark)

    Navrbjerg, Steen Erik; Larsen, Trine Pernille

    2016-01-01

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

  2. 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

  3. 7 CFR 1735.19 - Mergers and consolidations.

    Science.gov (United States)

    2010-01-01

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

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

    Institute of Scientific and Technical Information of China (English)

    Peter Zong

    2007-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Vancea Mariana

    2012-12-01

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

  6. 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.

  7. 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.

  8. State energy price and expenditure report, 1995

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1998-08-01

    The State Energy Price and Expenditure Report (SEPER) presents energy price and expenditure estimates individually for the 50 States and the District of Columbia and in aggregate for the US. The estimates developed in the State Energy Price and Expenditure Data System (SEPEDS) are provided by energy source and economic sector and are published for the years 1970 through 1995. Data for all years are available on a CD-ROM and via Internet. Consumption estimates used to calculate expenditures and the documentation for those estimates are taken from the State Energy Data Report 1995, Consumption Estimates (SEDR), published in December 1997. Expenditures are calculated by multiplying the price estimates by the consumption estimates, which are adjusted to remove process fuel; intermediate petroleum products; and other consumption that has no direct fuel costs, i.e., hydroelectric, geothermal, wind, solar, and photovoltaic energy sources.

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

    Directory of Open Access Journals (Sweden)

    S. A. Barkov

    2017-01-01

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

  10. Price competition on graphs

    NARCIS (Netherlands)

    Soetevent, A.R.

    2010-01-01

    This paper extends Hotelling's model of price competition with quadratic transportation costs from a line to graphs. I propose an algorithm to calculate firm-level demand for any given graph, conditional on prices and firm locations. One feature of graph models of price competition is that spatial

  11. Press point on prices

    International Nuclear Information System (INIS)

    Schilansky, J.L.

    2005-06-01

    This document presents information and statistical data on the prices of the crude oils, refining and petroleum products, at the date of the 28 June 2005: evolution of the barrel price, supply and demand, geo-policy, consumption, diesel and gasoline, prices at the service station. (A.L.B.)

  12. Price control and macromarketing

    Directory of Open Access Journals (Sweden)

    Kancir Rade

    2003-01-01

    Full Text Available Price control at macro level is part of integral macro marketing strategic control system, or more precisely, part of social marketing mix control. Price impact is direct, if it is regarded in the context of needs satisfaction, and indirect, within the context of resource allocation. These two patterns of price impact define control mechanism structuring. Price control in sense of its direct impact at process of need satisfaction should comprise qualitative and quantitative level of needs satisfaction at a given price level and its structure, informational dimension of price and different disputable forms of corporate pricing policies. Control of price allocation function is based at objectives of macro marketing system management in the area of resource allocation and the role of price as allocator in contemporary market economies. Control process is founded, on one hand, at theoretical models of correlation between price and demand in different market structures, and on the other hand, at complex limits that price as allocator has, and which make whole control process even more complex because of reduction of the degree of determinism in functioning of contemporary economic systems. Control of price allocation function must be continuous and dynamic process if it is to provide for convergence with environmental changes and if it is to provide for placing control systems at micro marketing levels in the function of socially valid objectives.

  13. Simulating Price-Taking

    Science.gov (United States)

    Engelhardt, Lucas M.

    2015-01-01

    In this article, the author presents a price-takers' market simulation geared toward principles-level students. This simulation demonstrates that price-taking behavior is a natural result of the conditions that create perfect competition. In trials, there is a significant degree of price convergence in just three or four rounds. Students find this…

  14. Dutch house price fundamentals

    NARCIS (Netherlands)

    Haffner, M.E.A.; de Vries, P.

    2009-01-01

    This paper discusses house price developments in the Netherlands, specifically focussing on the question whether current house prices in the Dutch owner-occupied market are likely to decrease. We analyse three aspects of the question based on a literature review: (1) whether there is a house price

  15. 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.

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

    OpenAIRE

    Mysore, Somashekar Sthaneshwar

    2008-01-01

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

  17. 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.

  18. The failing firm defence: merger policy and entry

    OpenAIRE

    Mason, Robin; Weeds, Helen

    2003-01-01

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

  19. Evaluating mergers and acquisitions with a purchase investigation.

    Science.gov (United States)

    Grant, E A; Giniat, E J

    1988-04-01

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

  20. Mergers and acquisitions in the natural gas industry

    Energy Technology Data Exchange (ETDEWEB)

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

    1984-04-26

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