Gravitational waves emanating from binary neutron star inspirals,alongside electromagnetic transients resulting from the aftermath of the GW170817 merger,have been successfully detected.However,the intricate post-merg...Gravitational waves emanating from binary neutron star inspirals,alongside electromagnetic transients resulting from the aftermath of the GW170817 merger,have been successfully detected.However,the intricate post-merger dynamics that bridge these two sets of observables remain enigmatic.This includes if,and when,the post-merger remnant star collapses to a black hole,and what are the necessary conditions to power a short gamma-ray burst,and other observed electromagnetic counterparts.Our focus is on the detection of gravitational wave(GW)emissions from hyper-massive neutron stars(NSs)formed through binary neutron star(BNS)mergers.Utilizing several kilohertz GW detectors,we simulate BNS mergers within the detection limits of LIGO-Virgo-KARGA O4.Our objective is to ascertain the fraction of simulated sources that may emit detectable post-merger GW signals.For kilohertz detectors equipped with a new cavity design,we estimate that approximately 1.1%-32%of sources would emit a detectable post-merger GW signal.This fraction is contingent on the mass converted into gravitational wave energy,ranging from 0.01M_(sun)to 0.1M_(sun).Furthermore,by evaluating other well-regarded proposed kilohertz GW detectors,we anticipate that the fraction can increase to as much as 2.1%-61%under optimal performance conditions.展开更多
The risk assessment and control of medical investment,merger,and acquisition are crucial topics within the medical industry,encompassing various aspects of investment,merger,and acquisition within this sector.The proc...The risk assessment and control of medical investment,merger,and acquisition are crucial topics within the medical industry,encompassing various aspects of investment,merger,and acquisition within this sector.The process primarily targets the unique nature and associated risks of the medical industry,focusing on effective risk management and control strategies to facilitate the smooth progression of investment,merger,and acquisition activities.展开更多
The importance of stakeholder relationship management for successful integration in post-merger management is not doubted. The establishment of a new powerful trend in investments produces strategic shifts in strategi...The importance of stakeholder relationship management for successful integration in post-merger management is not doubted. The establishment of a new powerful trend in investments produces strategic shifts in strategic management. Shareholder wealth maximization way of thinking is changing to stakeholder wealth maximization where a company's value management system is based not only on economic profit maximization, but also on environmental, social, and governance (ESG) maximization. There is especially a high need for a management system that can be used by mergers and acquisitions (M&A) practitioners during integration process. There is a critical need for metrics which can trace the interests of all stakeholders, because to achieve success in integration, it is no longer acceptable for management to focus solely on the needs of one or two stakeholder groups. In this article, the authors have introduced two frameworks: sun cube and stakeholder relationship matrix. These tools can be useful in mergers and acquisitions (M&A) process for conducting a stakeholder analysis.展开更多
The cumulus merging processes in generating the mesoscale convective system (MCS) on 23 August 2001 in the Beijing region are studied by using a cloud-resolving mesoscale model of MM5. The results suggest that the m...The cumulus merging processes in generating the mesoscale convective system (MCS) on 23 August 2001 in the Beijing region are studied by using a cloud-resolving mesoscale model of MM5. The results suggest that the merger processes occurred among isolated convective cells formed in high mountain region during southerly moving process play critical role in forming MCS and severe precipitating weather events such as hailfall, heavy rain, downburst and high-frequency lightning in the region. The formation of the MCS experiences multi-scale merging processes from single-cell scale merging to cloud cluster-scale merging, and high core merging. The merger process can apparently alter cloud dynamical and microphysical properties through enhancing both low- and middle-level forcing. Also, lightning flash rates are enhanced by the production of more intense and deeper convective cells by the merger process, especially by which, the more graupel-like ice particles are formed in clouds. The explosive convective development and the late peak lightning flash rate can be found during merging process.展开更多
An atypical occlusion process that occurred in North China on 14 July 2011 is studied based on both observations and a real-data Weather Research and Forecasting (WRF) model simulation. The results show that this at...An atypical occlusion process that occurred in North China on 14 July 2011 is studied based on both observations and a real-data Weather Research and Forecasting (WRF) model simulation. The results show that this atypical occlusion process was significantly different from the traditional, synoptic-scale occlusion process that occurs within extratropical cyclones. It was caused by the merger of two cold-type mesoscale fronts. One of the fronts developed from the gust front of convective storms, while the other was a sea-breeze front. As the two fronts moved towards each other, the warm air between them was squeezed and separated from the surface. An atypical occluded front was formed when the two fronts merged, with the warm air forced aloft. This kind of occlusion is termed a "merger" process, different from the well-known "catch-up" and "wrap-up" processes. Moreover, local convection was found to be enhanced during the merger process, with severe convective weather produced in the merger area.展开更多
This paper discusses the key factors about industrial attractiveness and enterprise strength which influence the formulation of enterprise merger strategies. A new method for supporting an enterprise to analyze and ev...This paper discusses the key factors about industrial attractiveness and enterprise strength which influence the formulation of enterprise merger strategies. A new method for supporting an enterprise to analyze and evaluate its merger strategies is developed when the enterprise is making the decision of its merger strategies the method can be used to provide scientific support.展开更多
This article presents and analyses the theories with respect to mergers and acquisitions, and list why companies or firms need to be reorganised. Different types of mergers occur under different situations. Mergers be...This article presents and analyses the theories with respect to mergers and acquisitions, and list why companies or firms need to be reorganised. Different types of mergers occur under different situations. Mergers between companies which have same products or services called horizontal mergers; mergers between companies which have buyer-seller relationship called vertical mergers; and companies which have different business fields always use conglomerate mergers. The main motive of companies or firms choosing merger or acquisition is synergy.展开更多
This paper constructs a model on the factors that influence knowledge transfer in mergers and acquisitions(M&A) and validates it via questionnaire surveys. Using 125valid collected questionnaires, multiple linear ...This paper constructs a model on the factors that influence knowledge transfer in mergers and acquisitions(M&A) and validates it via questionnaire surveys. Using 125valid collected questionnaires, multiple linear regression analysis and hierarchical regression analysis showed that five out of the ten factors had a positive effect on knowledge transfer effect. The ranking of factor importance, from high to low, was knowledge explicitness, relationship quality, learning intent, advanced transfer activities, and learning capability, which is fairly consistent with positive factors observed in other interorganizational knowledge transfer researches. Our results also showed that one of the control variables(size of acquired firm) had neither a direct or indirect effect on knowledge transfer in M&A. Additionally, our research found that knowledge distance and degree of M&A integration had a positive influence on knowledge transfer effect at the early stage after M&A, but had a negative influence at the late stage. Based on this research, several suggestions for knowledge transfer in M&A are proposed.展开更多
For the first time, this paper introduces Petri net theory to the domain of enterprise strategy management, puts forword a new way by using Petri net to analyse and describe the formulating process of enterprise merge...For the first time, this paper introduces Petri net theory to the domain of enterprise strategy management, puts forword a new way by using Petri net to analyse and describe the formulating process of enterprise merger and acquisition strategies, provides a clear and simple tool for supporting the management bureau of enterprise to make its merger and acquisition strategies.展开更多
This paper studied the change of the firm’s profit and social welfare after merger in the case of oligopoly and inhomogeneous products. By the hypothesis of an uncooperative perfect information static game model, the...This paper studied the change of the firm’s profit and social welfare after merger in the case of oligopoly and inhomogeneous products. By the hypothesis of an uncooperative perfect information static game model, the characteristics of market and products needed for the firm to improve its profit through merger were discussed under Cournot oligopoly model and Bertrand oligopoly model. To raise the firm’s profit can be well described as the incentive of advantage complementary merger. The change of social welfare influenced by the merger was also discussed. From the view of maximizing global social welfare, some advice was also given to regulate this type of merger.展开更多
This paper discusses the influences of experience effect and market growth rate on the formulation of enterprise merger strategies; develops a new model for technically analysing and evaluating enterprise merger strat...This paper discusses the influences of experience effect and market growth rate on the formulation of enterprise merger strategies; develops a new model for technically analysing and evaluating enterprise merger strategies by combining the progromming tool in market share theory-experience curve; and the key factor reflecting external enviornment-market growth rate, to provide scientific support when an enterprise decides to make its merger strategies.展开更多
This article sheds light on how synergies arise through mergers and acquisitions (M&A). Enterprises go through the process of Mergers and Acquisitions (M&A) with the goal of improving performance, increasing e...This article sheds light on how synergies arise through mergers and acquisitions (M&A). Enterprises go through the process of Mergers and Acquisitions (M&A) with the goal of improving performance, increasing efficiency and obtaining business synergy. Prior literature suggests that synergies could arise due to taxes, market power or efficiency improvements. This study evaluates the efficiency of M&A in Brazil among publicly-traded companies. We used models with multiple objectives from Goal Programming and Data Envelopment Analysis (GPDEA), employing accounting indicators as input and output variables, and thus evaluated the emergence of synergy gains. These models allow us to analyze and classify the M&A according to the efficiency obtained in such processes. Some of the M&A cases analyzed were mistakenly considered efficient when used traditional models. And, as expected, the GPDEA was proved to be superior to classical models;however it was noticed that few of the cases investigated were proved to be effective. We presented a new application for multi-objective approach that can be used to assess mergers and acquisitions. The dualapplication of GPDEA provided a greater understanding of efficiency generation in synergy creation by means of M&A.展开更多
Several neutrino observatories have searched for coincident neutrino signals associated with gravitational waves induced by the merging of two black holes. No statistically significant neutrino signal in excess of the...Several neutrino observatories have searched for coincident neutrino signals associated with gravitational waves induced by the merging of two black holes. No statistically significant neutrino signal in excess of the background level was observed. These experiments use different neutrino detection technologies and are sensitive to various neutrino types. A combined analysis was performed on the KamLAND, Super-Kamiokande and Borexino experimental data with a frequentist statistical approach to achieve a global picture of the associated neutrino fluence. Both monochromatic and Fermi-Dirac neutrino spectra were assumed in the calculation. The final results are consistent with null neutrino signals associated with the process of a binary black hole merger. The derived 90% confidence level upper limits on the fluence and luminosity of various neutrino types are presented for neutrino energy less than110 MeV.展开更多
The financial boundaries of negotiation for the acquirer and acquiree of a non-equity corporate Merger & Acquisition (hereafter M&A) is defined. A new analyzing model to determine financial boundary for thc M&...The financial boundaries of negotiation for the acquirer and acquiree of a non-equity corporate Merger & Acquisition (hereafter M&A) is defined. A new analyzing model to determine financial boundary for thc M&A decision is developed. The negotiation range of transaction price and condition for the acquirer and acquiree by quantitative analyzing is put forward.展开更多
This paper discusses the acquiring methods of corporatemerger and acquisition,defines the financial boundariesof negotiation for both an acquirer and an acquiree,de-velops a new analyzing model to determine the financ...This paper discusses the acquiring methods of corporatemerger and acquisition,defines the financial boundariesof negotiation for both an acquirer and an acquiree,de-velops a new analyzing model to determine the financialboundary for the M&A decision.The paper also putsforward the negotiation range of transferring price andcondition for the acquirer and acquiree by quantitativeanalysis.In the end,the peper points out that it is prof-itable for both of the acquirer and acquiree to implementacquisition in the range of financial boundaries.展开更多
Over the past 10 years, China's steel industry has made a substantial development in terms of scale, and has finally become a steel giant in the world. In the upcoming 10 years, fundamental changes will be made with ...Over the past 10 years, China's steel industry has made a substantial development in terms of scale, and has finally become a steel giant in the world. In the upcoming 10 years, fundamental changes will be made with the economic growth in China. Against this background, China' s steel industry will shift from a rapid development to a slow but sound development. In order to fulfill the second leap of China's steel industry, based on its current developing status and characteristics, and from the perspective of both national and corporate development, mergers and acquisition are both effective ways to raise the quality of the existing stock of asset in the steel industry, while technological innovation is the solid foundation for its second leap.展开更多
By a linear Cournot model, the factors associated with the integration of two firms are discussed in terms of their effects on the private surplus and the social welfare in economies with varying extent of openness. M...By a linear Cournot model, the factors associated with the integration of two firms are discussed in terms of their effects on the private surplus and the social welfare in economies with varying extent of openness. Meanwhile, the trade policy of the host government is taken into account. It is concluded that the more open the economy and the more intense the competition, the less profitable the integration; the most important determinant to the changes of the domestic social welfare is the industry strength of the host country. The host authority can enhance the domestic social welfare in two ways: to adjust the trade policy and to only approve the socially desirable cross-border mergers and acquisitions.展开更多
Fast radio bursts (FRBs) at cosmological distances still hold concealed physical origins. Previously Liu (2018) proposes a scenario that the collision between a neutron star (NS) and a white dwarf (WD) can be one of t...Fast radio bursts (FRBs) at cosmological distances still hold concealed physical origins. Previously Liu (2018) proposes a scenario that the collision between a neutron star (NS) and a white dwarf (WD) can be one of the progenitors of non-repeating FRBs and notices that the repeating FRBs can also be explained if a magnetar formed after such NS-WD merger. In this paper, we investigate this channel of magnetar formation in more detail. We propose that the NS-WD post-merger, after cooling and angular momentum redistribution, may collapse to either a black hole or a new NS or even remains as a hybrid WDNS, depending on the total mass of the NS and WD. In particular, the newly formed NS can be a magnetar if the core of the WD collapsed into the NS while large quantities of degenerate electrons of the WD compressed to the outer layers of the new NS. A strong magnetic field can be formed by the electrons and positive charges with different angular velocities induced by the differential rotation of the newborn magnetar. Such a magnetar can power the repeating FRBs by the magnetic reconnections due to the crustal movements or starquakes.展开更多
Mergers and acquisitions become the major force in the changing environment. The policy of liberalization, decontrol and globalization of the economy has exposed the corporate sector to domestic and global competition...Mergers and acquisitions become the major force in the changing environment. The policy of liberalization, decontrol and globalization of the economy has exposed the corporate sector to domestic and global competition. It is true that there is little scope for companies to learn from their past experience. Therefore, to determine the success of a merger, it is to be ascertained if there is financial gain from mergers. It is very important to study the liquidity performance of those companies to test whether those companies have sufficient liquid assets to meet its current obligations. The present study is limited to a sample of companies which underwent merger in the same industry during the period of 2002-2005 listed in one of the Indian stock exchange namely Bombay Stock Exchange. It is proposed to compare the liquidity performance of the thirteen sample acquirer and target companies before and after the period of mergers by using ratio analysis and t-test during the study period of three years. The study found that the shareholders of the acquirer companies increased their liquidity performance after the merger event.展开更多
Tunneling is to describe transfer resource out of the firm for benefit of their controlling shareholders. Better legal protection and stronger social norms improve minority shareholders' protection from expropriation...Tunneling is to describe transfer resource out of the firm for benefit of their controlling shareholders. Better legal protection and stronger social norms improve minority shareholders' protection from expropriation. They consequently reduce the private benefits of controlling shareholders (La Porta, 1999). This study aims to investigate tunneling in the context merger and acquisition (M&A) and to examine whether tunneling occurs only in emerging markets with poor law enforcement or whether it also occurs in developed countries. This study documents that managers are more likely to overpay target in merger and acquisition with high overlapped owner which have stakes in bidder and target firm. That overpayment, a transfer of wealth from owners of bidder's firm to overlapping owners, is a type of tunneling. This study concludes that tunneling occurs in nations not only with low investor protection, but also with high investor protection.展开更多
基金supported by the National Natural Science Foundation of China (Grant Nos.12021003,11920101003,and 11633001)the Strategic Priority Research Program of the Chinese Academy of Sciences (Grant No.XDB23000000)。
文摘Gravitational waves emanating from binary neutron star inspirals,alongside electromagnetic transients resulting from the aftermath of the GW170817 merger,have been successfully detected.However,the intricate post-merger dynamics that bridge these two sets of observables remain enigmatic.This includes if,and when,the post-merger remnant star collapses to a black hole,and what are the necessary conditions to power a short gamma-ray burst,and other observed electromagnetic counterparts.Our focus is on the detection of gravitational wave(GW)emissions from hyper-massive neutron stars(NSs)formed through binary neutron star(BNS)mergers.Utilizing several kilohertz GW detectors,we simulate BNS mergers within the detection limits of LIGO-Virgo-KARGA O4.Our objective is to ascertain the fraction of simulated sources that may emit detectable post-merger GW signals.For kilohertz detectors equipped with a new cavity design,we estimate that approximately 1.1%-32%of sources would emit a detectable post-merger GW signal.This fraction is contingent on the mass converted into gravitational wave energy,ranging from 0.01M_(sun)to 0.1M_(sun).Furthermore,by evaluating other well-regarded proposed kilohertz GW detectors,we anticipate that the fraction can increase to as much as 2.1%-61%under optimal performance conditions.
文摘The risk assessment and control of medical investment,merger,and acquisition are crucial topics within the medical industry,encompassing various aspects of investment,merger,and acquisition within this sector.The process primarily targets the unique nature and associated risks of the medical industry,focusing on effective risk management and control strategies to facilitate the smooth progression of investment,merger,and acquisition activities.
文摘The importance of stakeholder relationship management for successful integration in post-merger management is not doubted. The establishment of a new powerful trend in investments produces strategic shifts in strategic management. Shareholder wealth maximization way of thinking is changing to stakeholder wealth maximization where a company's value management system is based not only on economic profit maximization, but also on environmental, social, and governance (ESG) maximization. There is especially a high need for a management system that can be used by mergers and acquisitions (M&A) practitioners during integration process. There is a critical need for metrics which can trace the interests of all stakeholders, because to achieve success in integration, it is no longer acceptable for management to focus solely on the needs of one or two stakeholder groups. In this article, the authors have introduced two frameworks: sun cube and stakeholder relationship matrix. These tools can be useful in mergers and acquisitions (M&A) process for conducting a stakeholder analysis.
基金the Chinese National Natural Science Foundation of China (Grant Nos. 40575003 and 40333033) the Chinese Academy of Sciences Innovation Foundation (Grant Nos. KZCX3- SW-213 and KZCX3-SW-225) the Key Project of the Ministry of Science and Technology of China (Grant No. 2001BA610A-06).
文摘The cumulus merging processes in generating the mesoscale convective system (MCS) on 23 August 2001 in the Beijing region are studied by using a cloud-resolving mesoscale model of MM5. The results suggest that the merger processes occurred among isolated convective cells formed in high mountain region during southerly moving process play critical role in forming MCS and severe precipitating weather events such as hailfall, heavy rain, downburst and high-frequency lightning in the region. The formation of the MCS experiences multi-scale merging processes from single-cell scale merging to cloud cluster-scale merging, and high core merging. The merger process can apparently alter cloud dynamical and microphysical properties through enhancing both low- and middle-level forcing. Also, lightning flash rates are enhanced by the production of more intense and deeper convective cells by the merger process, especially by which, the more graupel-like ice particles are formed in clouds. The explosive convective development and the late peak lightning flash rate can be found during merging process.
基金supported by the National Research Fund for Public Welfare (Grant No.GYHY200906011)the National Key Technology R&D Program of China (Grant No.2009BAC51B01)the National Fundamental 973 Research Program of China (Grant No.2013CB430100)
文摘An atypical occlusion process that occurred in North China on 14 July 2011 is studied based on both observations and a real-data Weather Research and Forecasting (WRF) model simulation. The results show that this atypical occlusion process was significantly different from the traditional, synoptic-scale occlusion process that occurs within extratropical cyclones. It was caused by the merger of two cold-type mesoscale fronts. One of the fronts developed from the gust front of convective storms, while the other was a sea-breeze front. As the two fronts moved towards each other, the warm air between them was squeezed and separated from the surface. An atypical occluded front was formed when the two fronts merged, with the warm air forced aloft. This kind of occlusion is termed a "merger" process, different from the well-known "catch-up" and "wrap-up" processes. Moreover, local convection was found to be enhanced during the merger process, with severe convective weather produced in the merger area.
基金National science Foundation of China.No.79570040
文摘This paper discusses the key factors about industrial attractiveness and enterprise strength which influence the formulation of enterprise merger strategies. A new method for supporting an enterprise to analyze and evaluate its merger strategies is developed when the enterprise is making the decision of its merger strategies the method can be used to provide scientific support.
文摘This article presents and analyses the theories with respect to mergers and acquisitions, and list why companies or firms need to be reorganised. Different types of mergers occur under different situations. Mergers between companies which have same products or services called horizontal mergers; mergers between companies which have buyer-seller relationship called vertical mergers; and companies which have different business fields always use conglomerate mergers. The main motive of companies or firms choosing merger or acquisition is synergy.
基金supported by the National Planning Office of Philosophy and Social Science(Grant No.07BTQ011)
文摘This paper constructs a model on the factors that influence knowledge transfer in mergers and acquisitions(M&A) and validates it via questionnaire surveys. Using 125valid collected questionnaires, multiple linear regression analysis and hierarchical regression analysis showed that five out of the ten factors had a positive effect on knowledge transfer effect. The ranking of factor importance, from high to low, was knowledge explicitness, relationship quality, learning intent, advanced transfer activities, and learning capability, which is fairly consistent with positive factors observed in other interorganizational knowledge transfer researches. Our results also showed that one of the control variables(size of acquired firm) had neither a direct or indirect effect on knowledge transfer in M&A. Additionally, our research found that knowledge distance and degree of M&A integration had a positive influence on knowledge transfer effect at the early stage after M&A, but had a negative influence at the late stage. Based on this research, several suggestions for knowledge transfer in M&A are proposed.
基金national Natural science Fundation of China. No.79570040
文摘For the first time, this paper introduces Petri net theory to the domain of enterprise strategy management, puts forword a new way by using Petri net to analyse and describe the formulating process of enterprise merger and acquisition strategies, provides a clear and simple tool for supporting the management bureau of enterprise to make its merger and acquisition strategies.
文摘This paper studied the change of the firm’s profit and social welfare after merger in the case of oligopoly and inhomogeneous products. By the hypothesis of an uncooperative perfect information static game model, the characteristics of market and products needed for the firm to improve its profit through merger were discussed under Cournot oligopoly model and Bertrand oligopoly model. To raise the firm’s profit can be well described as the incentive of advantage complementary merger. The change of social welfare influenced by the merger was also discussed. From the view of maximizing global social welfare, some advice was also given to regulate this type of merger.
基金This work is supported by the Nation Science Foundation(No.79570040)
文摘This paper discusses the influences of experience effect and market growth rate on the formulation of enterprise merger strategies; develops a new model for technically analysing and evaluating enterprise merger strategies by combining the progromming tool in market share theory-experience curve; and the key factor reflecting external enviornment-market growth rate, to provide scientific support when an enterprise decides to make its merger strategies.
文摘This article sheds light on how synergies arise through mergers and acquisitions (M&A). Enterprises go through the process of Mergers and Acquisitions (M&A) with the goal of improving performance, increasing efficiency and obtaining business synergy. Prior literature suggests that synergies could arise due to taxes, market power or efficiency improvements. This study evaluates the efficiency of M&A in Brazil among publicly-traded companies. We used models with multiple objectives from Goal Programming and Data Envelopment Analysis (GPDEA), employing accounting indicators as input and output variables, and thus evaluated the emergence of synergy gains. These models allow us to analyze and classify the M&A according to the efficiency obtained in such processes. Some of the M&A cases analyzed were mistakenly considered efficient when used traditional models. And, as expected, the GPDEA was proved to be superior to classical models;however it was noticed that few of the cases investigated were proved to be effective. We presented a new application for multi-objective approach that can be used to assess mergers and acquisitions. The dualapplication of GPDEA provided a greater understanding of efficiency generation in synergy creation by means of M&A.
基金funded by the National Natural Science Foundation of China (Grant No. 11080922)
文摘Several neutrino observatories have searched for coincident neutrino signals associated with gravitational waves induced by the merging of two black holes. No statistically significant neutrino signal in excess of the background level was observed. These experiments use different neutrino detection technologies and are sensitive to various neutrino types. A combined analysis was performed on the KamLAND, Super-Kamiokande and Borexino experimental data with a frequentist statistical approach to achieve a global picture of the associated neutrino fluence. Both monochromatic and Fermi-Dirac neutrino spectra were assumed in the calculation. The final results are consistent with null neutrino signals associated with the process of a binary black hole merger. The derived 90% confidence level upper limits on the fluence and luminosity of various neutrino types are presented for neutrino energy less than110 MeV.
文摘The financial boundaries of negotiation for the acquirer and acquiree of a non-equity corporate Merger & Acquisition (hereafter M&A) is defined. A new analyzing model to determine financial boundary for thc M&A decision is developed. The negotiation range of transaction price and condition for the acquirer and acquiree by quantitative analyzing is put forward.
文摘This paper discusses the acquiring methods of corporatemerger and acquisition,defines the financial boundariesof negotiation for both an acquirer and an acquiree,de-velops a new analyzing model to determine the financialboundary for the M&A decision.The paper also putsforward the negotiation range of transferring price andcondition for the acquirer and acquiree by quantitativeanalysis.In the end,the peper points out that it is prof-itable for both of the acquirer and acquiree to implementacquisition in the range of financial boundaries.
文摘Over the past 10 years, China's steel industry has made a substantial development in terms of scale, and has finally become a steel giant in the world. In the upcoming 10 years, fundamental changes will be made with the economic growth in China. Against this background, China' s steel industry will shift from a rapid development to a slow but sound development. In order to fulfill the second leap of China's steel industry, based on its current developing status and characteristics, and from the perspective of both national and corporate development, mergers and acquisition are both effective ways to raise the quality of the existing stock of asset in the steel industry, while technological innovation is the solid foundation for its second leap.
基金The National Natural Science Foundationof China (No.70372057)
文摘By a linear Cournot model, the factors associated with the integration of two firms are discussed in terms of their effects on the private surplus and the social welfare in economies with varying extent of openness. Meanwhile, the trade policy of the host government is taken into account. It is concluded that the more open the economy and the more intense the competition, the less profitable the integration; the most important determinant to the changes of the domestic social welfare is the industry strength of the host country. The host authority can enhance the domestic social welfare in two ways: to adjust the trade policy and to only approve the socially desirable cross-border mergers and acquisitions.
文摘Fast radio bursts (FRBs) at cosmological distances still hold concealed physical origins. Previously Liu (2018) proposes a scenario that the collision between a neutron star (NS) and a white dwarf (WD) can be one of the progenitors of non-repeating FRBs and notices that the repeating FRBs can also be explained if a magnetar formed after such NS-WD merger. In this paper, we investigate this channel of magnetar formation in more detail. We propose that the NS-WD post-merger, after cooling and angular momentum redistribution, may collapse to either a black hole or a new NS or even remains as a hybrid WDNS, depending on the total mass of the NS and WD. In particular, the newly formed NS can be a magnetar if the core of the WD collapsed into the NS while large quantities of degenerate electrons of the WD compressed to the outer layers of the new NS. A strong magnetic field can be formed by the electrons and positive charges with different angular velocities induced by the differential rotation of the newborn magnetar. Such a magnetar can power the repeating FRBs by the magnetic reconnections due to the crustal movements or starquakes.
文摘Mergers and acquisitions become the major force in the changing environment. The policy of liberalization, decontrol and globalization of the economy has exposed the corporate sector to domestic and global competition. It is true that there is little scope for companies to learn from their past experience. Therefore, to determine the success of a merger, it is to be ascertained if there is financial gain from mergers. It is very important to study the liquidity performance of those companies to test whether those companies have sufficient liquid assets to meet its current obligations. The present study is limited to a sample of companies which underwent merger in the same industry during the period of 2002-2005 listed in one of the Indian stock exchange namely Bombay Stock Exchange. It is proposed to compare the liquidity performance of the thirteen sample acquirer and target companies before and after the period of mergers by using ratio analysis and t-test during the study period of three years. The study found that the shareholders of the acquirer companies increased their liquidity performance after the merger event.
文摘Tunneling is to describe transfer resource out of the firm for benefit of their controlling shareholders. Better legal protection and stronger social norms improve minority shareholders' protection from expropriation. They consequently reduce the private benefits of controlling shareholders (La Porta, 1999). This study aims to investigate tunneling in the context merger and acquisition (M&A) and to examine whether tunneling occurs only in emerging markets with poor law enforcement or whether it also occurs in developed countries. This study documents that managers are more likely to overpay target in merger and acquisition with high overlapped owner which have stakes in bidder and target firm. That overpayment, a transfer of wealth from owners of bidder's firm to overlapping owners, is a type of tunneling. This study concludes that tunneling occurs in nations not only with low investor protection, but also with high investor protection.