The role of leverage in cross-border mergers and acquisitions

We examine the relationship between leverage and cross-border mergers and acquisitions. Using a sample of 85,560 cross-border mergers and acquisitions in 57 countries over the period 1990 to 2010, we find that firms with higher leverage are less likely to acquire foreign targets, whereas firms with lower leverage tend to be targets acquired by foreign firms. These effects are more pronounced in Asian countries than North America. Acquisition premium, the likelihood of all-cash offer and the percentage of cash in the acquisition offer decrease with leverage in cross-border mergers and acquisitions. Foreign targets gain positive abnormal returns in the both short run and long run, while acquirers earn positive abnormal returns in the short-run, but negative returns in the long run. We also find that firms adjust their capital structure after the acquisition by issuing more equity if they were overleveraged, or issuing more debt if they were underleveraged before the acquisition. Our results provide international evidence on how leverage affects managerial decision to acquire foreign targets, payment method and acquisition premium in cross-border mergers and acquisitions. This study shows that the interdependent relationship between investment decision and financing decision exists worldwide.

A displaced Britishness: Welsh Patagonians in Canada and Australia

This paper focuses on a unique group of British emigrants in their double migration experience from Wales to Patagonia in the second half of the nineteenth century and thence to Canada or Australia in the early twentieth. The history of the Welsh Patagonian settlements in the Chubut Valley of Argentina and the Andes foothills has been extensively documented. Less is known about the two subsequent migrations from Patagonia to Canada in 1902, and from Patagonia to Australia between 1910 and 1915. What distinguishes these movements is that, in each case, the settlers migrated as a group and placed a high priority on taking up adjoining land. In their three adopted countries they established discrete Welsh communities, some more enduring than others.

There is a general consensus that the initial move from Wales to Patagonia in 1865 was for nationalistic, cultural and linguistic reasons but for those who followed later, economic motives were more common. By the time of the migration from Patagonia to Canada in 1902, there was no illusion that Welsh nationalism could be preserved intact or autonomy guaranteed. Historians dispute the primary motivation for this particular move, some arguing that socio-economic and political factors in Patagonia were paramount, others that it resulted from inducements and political manoeuvrings from Canada and Great Britain. What is clear is the desire of the settlers to return to a country 'under a British flag'.

This paper addresses these issues relating to the Welsh Patagonian migration to Canada in the context of a comparison with the migration to Australia some years later. Such a comparative analysis has not previously been undertaken. Notions of identity and an erstwhile ‘Britishness’ are explored, in terms of the migrant’s sense of self and the political implications of citizenship, military service, reception and assimilation in the
host societies.

Global distribution of permian conulariids and palaeobiogeographical implications

Previously, minimal work has been carried out on conulariids due to their rare occurrences and resultant biostratigraphical limitations. The palaeobiogeographical distribution of Permian conulariids suggests that they have a marked preference for cold to cool-water regions, that they are significant indicators for migration patterns, and that they can potentially provide information on the palaeogeographical configuration and movement of terranes. Permian conulariids are found in Australia, India, New Zealand, Pakistan, Iran, Afghanistan, Kashmir, China, Japan, Russia, Germany, Canada, United States of America, and Bolivia. The diversity of Permian conulariids is markedly higher in the polar regions than in the palaeoequatorial region.

Permian conulariid genera include Notoconularia Thomas 1969, Gondaconularia Waterhouse 1986, Cheliconularia Waterhouse 1986, Neoconularia Sugiyama 1942, Calloconularia Sinclair 1952, Diconularia Sinclair 1952, Paraconularia Sinclair 1940, Mesoconularia Boucek 1939 and Conularia Sowerby 1821. This paper describes two new species of conulariids: Diconularia meadepeakensis sp. nov. from the Phosphoria Formation (Guadalupian), Idaho, USA and Paraconularia kazanensis sp. nov. from the Sokian Horizon (?Roadian), Volga Region, Russia.

Psyshoanalysis and its discontents

There are only 5,000 patients in psychoanalysis with members of the American Psychoanalytic Association (APsaA), and these analysts are often viewed as arrogant and insular. As a laboratory for psychoanalytic institutions the APsaA provides crucial lessons for the future across the field. What ingredients are needed for psychoanalysis to be a vibrant discipline? What factors have prevailed where psychoanalysis is successful? The author explores the cases of Argentina and France, where psychoanalysis is relatively popular, and then returns to the U.S. situation. Insular mind-sets led to many missed opportunities for cultural and academic engagement in the United States. As an example, the author explores responses to the making of John Huston's film Freud: The Secret Passion. To become revitalized, psychoanalysis needs to be a cultural asset. Psychoanalysts need to build bridges, engage in partnerships, and emphasize the exciting method of philosophical probing of the human mind and the nature of human nature.

Sustaining regional environmental NGOs in Latin America and Eastern Europe : considering the experience of the FARN and the REC

Democratisation presents opportunities and threats to non-governmental organisations (NGOs). Greater openness associated with democratic regimes provides opportunities for participation and influence not previously available. At the same time, increasing state capacity may threaten the continued relevance of NGOs. The article examines the Environment and Natural Resources Foundation (FARN) of Argentina and the Regional Environmental Center (REC) of eastern Europe to assess environmental support organisations in post-authoritarian contexts. The aims of the article are to identify opportunities and threats to environmental support organisations and to examine the strategies they adopt to advance their interests and achieve their goals.

Boom and bust in Australian screen policy: 10BA, the Film Finance Corporation, and Hollywood's 'race to the bottom'.

In recent years, a narrative has emerged in the Australian popular media about the box office 'unpopularity' of Australian feature films and the 'failure' of the domestic screen industry. This article explores the recent history of Australian screen policy with particular reference to the '10BA' tax incentive of the 1980s; the Film Finance Corporation of Australia (FFC), a government screen agency established in 1988 to bring investment bank-style portfolio management to Australia's screen industry; and local production incentive policies pursed by Australian state governments in a chase for Hollywood's runaway production.

We argue the 10BA incentive catalysed an unsustainable bubble in Australian production, while its policy successor, the FFC, fundamentally failed in its stated mission of 'commercial' screen financing (over its 20-year lifespan, the FFC invested 1.345 billion Australian dollars for 274.2 million Australian dollars recouped - a cumulative return of negative 80 percent). For their part, private investors in Australian films discovered that the screen production process involved high levels of risk.

Foreign-financed production also proved highly volatile, due to the vagaries of trade exposure, currency fluctuations and tax arbitrage. The result of these macro and micro-economic factors often structural and cross-border in nature was that Australia's screen industry failed to develop the local investment infrastructure required to finance a sustainable, non-subsidised local sector.

Disparities in pediatric leukemia early survival in Argentina: a population-based study

To identify disparities-using recursive partitioning (RP)-in early survival for children with leukemias treated in Argentina, and to depict the main characteristics of the most vulnerable groups.

Welsh Patagonians the Australian connection

One hundred and fifty-one Welsh Patagonians migrated to Australia between 1910 and 1916. A similar number of Welsh had sailed away to Patagonia in 1865 to start their own self-sufficient colony along the Chubut River in southern Argentina, free to speak and teach in Welsh, worship as they pleased, and to govern themselves. A magnet to a better life in Australia was the prospect of legal title to their own land. Migrating as groups, they separately formed two ‘Welsh settlements’ along the Murrumbidgee River of New South Wales and around Moora-Miling in Western Australia. Two large families who went to Darwin never took up their promised land. Drought, depression and poor quality land eventually dispersed these immigrants to all parts of Australia. This book traces the unique experiences of an almost complete group of immigrants, whose extensive kinship and affiliations kept alive their stories long enough for them to be related in this book. Rich personal testimonies gleaned from oral histories with sixty-three descendants, together with genealogical information spanning generations, are blended here with library and archival research from four countries. The result is a fascinating story of the connections of these Welsh Patagonians to Australia. Australian immigration encouragement policies are seen through the experiences of the Welsh Patagonians, casting new light on the application of Australian immigration policies and settlement schemes in the early twentieth century.

Michele Langfield and Peta Roberts tell the epic story of the double migration of the hundreds of Welsh colonists who settled in southern Argentina and Chile after 1865, and who came on to Australia early last century.

Traces the family groups and tells their stories through interviews with the participants.

Practising gender : the production of identity by school children

The thesis utilises ‘practice theory’ to argue that the self is not only an effect of social practices but also a technique for action and develops an alternative way of explicating and conceptualising the constitution of the self within the micro-practices of routine, everyday life. This is in contrast to a general tendency within ‘practice theory’, ‘constructionist’ and ‘discursive’ approaches towards a determinist conception of the self. The thesis explores this conceptual framework in fieldwork focussed on formation and production of gender-identity among young school children and offers a new perspective of gender-identity in the classroom. The thesis provides a fourfold contribution: (1) It provides insights into how in the classroom, children take up (conventional) gender differentiated conduct and dispositions in order to forge both their identity and the establishment of a social order based on gender. This gender order is not simply imposed on them by teachers but is actively constructed by the children. The thesis provides insights into how the children in the classroom seize and appropriate the practices of gender for their own ends. These ends, I argue, are the construction of their gender-identity, and the establishment and maintenance of a ‘matrix of intelligibility’. (2) It offers a close-up illustration of how gender construction is negotiated and contested between girls and boys. This is characterised as largely a struggle for enablement — the power to be and to do — rather than as a struggle of one gender over another. (3) It develops an analysis of classrooms as productive sites, as ‘complex strategical situations’ in which the participating agents — the teachers and students—deploy and utilise available resources in their ongoing construction of the world. This suggests that that the social world is not as unitary and totalising as ‘constraint perspectives’ within practice theory often imply. (4) It proposes methodological perspectives and strategies for researching empirically the day-to-day production of gender and for capturing that complex and often elusive process ‘in flight’. It shows the value of an ‘ascending analysis’, one that does not foreclose findings on the basis of a pre-existing theoretical position, and the rich potential of ‘flashpoints’ as a way of illuminating ongoing and often ‘unremarkable’ and therefore unnoticed practices of gender production. The theoretical terrain explored a range of theorists on the self not usually brought together, including Butler, Rose, Foucault, Giddens and Garfinkel and Schatzki. These theorists share in common the perspective that social practices rather than the agent or social totality are the ontological basis of the social world. It is argued that the self is constituted in its enactment and the thesis pursues Foucault’s (2002) question of how the self participates in its own subjectification. The empirical focus of the thesis examined the activities of children at school for insights into how they participated in the making of their gender-identity. The research addressed the questions: (1) To what extent do children construct their gender-identity and what kinds of encouragement do they receive for this? (2) To what extent did the children seem to be appropriating gender practices and inciting the making of gender-identity in the classroom? (3) To what extent can the classroom be viewed as a site of gender contestation and borderwork? Using the concept of ‘flashpoints’, — significant or poignant moments in the classroom — classroom activities were observed to catch gender-identity production ‘in flight’ and to describe how the children seize upon moments to make gender salient. Year Three children in five classrooms in two Victorian schools were observed during English communication and literacy lessons. Individual interviews with teachers in the participating schools and group interviews with the children from the classrooms were undertaken to amplify the observations. Much of the children’s behaviour can be interpreted as their efforts to make gender salient in social interactions. Gender-identity production and gender ‘border work’ (Thorne, 1993) and contestation appeared to be a major activity and preoccupation of the children, even in the face of teacher’s attempts to encourage a gender-neutral environment The children were often more active than the teachers in imposing the ‘gender agenda’ identified by Evans (1988). Overall, this thesis contributes to the development of the theory of subjectivity and identity formation. Social practices are not imposed and individuals seize upon social practices to further their own ends. It is through these routine, everyday activities that social practices are reproduced. The study provides an avenue for understanding the actions of children and the operation of gender power and border work within the classroom.

Accounting convergence of intangibles : value relevance of R & D accounting treatment

The rapid globalization of markets has resulted in further acceleration of the worldwide convergence of accounting standards, including the development of high-quality and globally consistent accounting standards for both domestic and cross-border financial reporting. Prior studies report that earnings value relevance of U.S. companies is decreasing, and the decline is partially attributable to the immediate expensing of intangibles, like research and development (R&D). Being one of the areas of divergence, accounting for R&D was highlighted as one of the seven short-term convergence projects by the FASB and IASB. Australia's adoption of IFRS in 2005 presents an empirical setting to evaluate the value relevance of different accounting treatments for R&D, and ultimately assist financial accounting standard setters in the U.S. and abroad in finding an appropriate accounting treatment for R&D.

N-dimensional animal energetic niches clarify behavioural options in a variable marine environment

Animals respond to environmental variation by exhibiting a number of different behaviours and/or rates of activity, which result in corresponding variation in energy expenditure. Successful animals generally maximize efficiency or rate of energy gain through foraging. Quantification of all features that modulate energy expenditure can theoretically be modelled as an animal energetic niche or power envelope; with total power being represented by the vertical axis and n-dimensional horizontal axes representing extents of processes that affect energy expenditure. Such an energetic niche could be used to assess the energetic consequences of animals adopting particular behaviours under various environmental conditions. This value of this approach was tested by constructing a simple mechanistic energetics model based on data collected from recording devices deployed on 41 free-living Magellanic penguins (Spheniscus magellanicus), foraging from four different colonies in Argentina and consequently catching four different types of prey. Energy expenditure was calculated as a function of total distance swum underwater (horizontal axis 1) and maximum depth reached (horizontal axis 2). The resultant power envelope was invariant, irrespective of colony location, but penguins from the different colonies tended to use different areas of the envelope. The different colony solutions appeared to represent particular behavioural options for exploiting the available prey and demonstrate how penguins respond to environmental circumstance (prey distribution), the energetic consequences that this has for them, and how this affects the balance of energy acquisition through foraging and expenditure strategy.

The passage of authority: imagining the political transformation of Australia’s Christmas Island, from sovereignty to governance

In 2012, Australia’s Christmas Island is best known as an island of immigration detention, a key component of Australia’s growing offshore border security apparatus, where interdicted boat arrivals seeking asylum are detained and processed. This article offers one account of how the Island came to be what it is, by providing two snapshots of the operable set of power relations on Christmas Island, then and now: ‘Island in the Sun’, and ‘Tropics of Governance’. Side by side, their stark contrast reveals the passage of authority through time and place, from the embodied, unified voice of the sovereignty of the British Empire to the palliative communication and bureaucratic sincerity that characterise governance. By disclosing shifting patterns of emergence and decay and showing border security’s intimate relation to governance, this article seeks to offer a deepened understanding of the current detention situation in its immanence. What can now be seen as Christmas Island’s past follies also reveals the restless work of successive political imaginations, the shifting ways and means by which an island can be translated into a solution to a political problem, and how successive solutions tend toward wreck and ruin.

The political economy of cross-border relations : the TNI and East Timor

Within a framework of formally increasingly cordial bilateral relations, the Indonesian military, the TNI, was engaging in and allowing extensive cross-border trade and smuggling while pursuing a policy of limited cross-border destabilization of East Timor. This seemingly contradictory policy, run from the TNI's 'strategic command centre' in Atambua, West Timor, met the TNI's continuing need to fund its own activities (and those of its proxies) through both legal and illegal means, to provide leverage for the coming talks about the formal demarcation of the border, and to provide a foothold to longer-term irredentist claims to the former occupied province and now independent state.