Technical Efficiency and Stock Market Reaction to Horizontal Mergers

This study examines the relationship between stock market reaction to horizontal merger announcements and technical efficiency levels of the participating firms. The analysis is based on data pertaining to eighty mergers between firms in the U.S. manufacturing industry during the 1990s. We employ Data Envelopment Analysis (DEA) to measure technical efficiency, which capture the firms. competence to produce the maximum output given certain productive resources. Abnormal returns related to the merger announcements provide the investor.s re-evaluation on the future performance of the participating firms. In order to avoid the problem of nonnormality, heteroskedasticity in the regression analysis, bootstrap method is employed for estimations and inferences. We found that there is a significant relationship between technical efficiency and market response. The market apparently welcomes the merger as an arrangement to improve resource utilizations.

Metro de Madrid rolling stock models and comparative studies relating to comfort

This paper presents the work carried out by Metro de Madrid and the Railway Technology Research Centre (Polytechnic University of Madrid), aimed at setting up rolling stock simulation models with a high level of detail. To do this, the features of the SIMPACK simulation tool used to create models have been briefly outlined, explaining the main features of models in two of the series modelled: 7000 and 8000. Finally, the results obtained from comparing comfort in the 7000 and 8000 series are presented.

Hybrid City. Learning to make cities through the daily use of the internet

The concept hybrid city responds to a series of real demands of liveability in cities in an information society as it integrates the physical and the virtual in an "augmented" reality by the everyday use of ICT and virtual social network.

Assessment methodology to make urban transport interchanges attractive for users

En las ciudades europeas, los patrones de movilidad son cada vez más complejos debido fundamentalmente a un crecimiento sostenido de la población así como a la tendencia de dispersión de los núcleos urbanos. En consecuencia, muchos de los usuarios del transporte público se ven obligados a combinar varios modos o servicios de transporte para completar sus viajes diarios. Por tanto, el mayor reto de las ciudades es conseguir una mejora e incremento en la movilidad mientras que al mismo tiempo se reducen problemas como la congestión, los accidentes y la contaminación (COM, 2006). Un principio básico para lograr una movilidad sostenible es reducir los inconvenientes y molestias derivados de la transferencia o ruptura del viaje. En este sentido, los intercambiadores de transporte público juegan un papel fundamental como nodos de la red urbana de transporte y la calidad del servicio prestado en ellos tiene una influencia directa sobre la experiencia diaria de los viajeros. Como señaló Terzis and Last (2002), un intercambiador de transportes urbano eficiente debe ser competitivo y al mismo tiempo, debe ser atractivo para los usuarios dado que sus experiencias físicas y sus reacciones psicológicas se ven influenciadas de manera significativa por el diseño y operación del intercambiador. Sin embargo, todavía no existen standards o normativas a nivel europeo que especifiquen como deberían ser estos intercambiadores. Esta tesis doctoral proporciona conocimientos y herramientas de análisis dirigidas a planificadores y gestores de los propios intercambiadores con el fin de entender mejor el funcionamiento de los intercambiadores y gestionar así los recursos disponibles. Así mismo, esta tesis identifica los factores clave en el diseño y operación de intercambiadores urbanos de transporte y proporciona algunas guías generales de planificación en base a ellos. Dado que las percepciones de los usuarios son particularmente importantes para definir políticas adecuadas para intercambiadores, se diseñó y se llevó a cabo en 2013 una encuesta de satisfacción al viajero en tres intercambiadores de transporte urbano europeos: Moncloa (Madrid, España), Kamppi (Helsinki, Finlandia) e Ilford Railway Station ( Londres, Reino Unido). En resumen, esta tesis pone de relieve la naturaleza ambivalente de los intercambiadores urbanos de transporte, es decir, como nodos de la red de transporte y como lugares en sí mismos donde los usuarios pasan tiempo dentro de ellos y propone algunas recomendaciones para hacer más atractivos los intercambiadores a los usuarios. Travel patterns in European urban areas are becoming increasingly complex due to a sustained increase in the urban population and the trend towards urban sprawl. Consequently, many public transport users need to combine several modes or transport services to complete their daily trips. Therefore, the challenge facing all major cities is how to increase mobility while at the same time reducing congestion, accididents and pollution (COM, 2006). Reducing the inconvenience inherent in transferring between modes is a basic principle for achieving sustainable mobility. In this regard, transport interchanges play a key role as urban transport network nodes, and the quality of the service provided in them has a direct influence on travellers' daily experience. As noted by Terzis and Last (2000), an efficient urban transport interchange must be competitive and, at the same time, be attractive for users given that their physical experiences and psychological reactions are significantly influenced by the design and operation of the interchange. However, yet there are no standards or regulations specifying the form these interchanges should take in Europe. This doctoral thesis provides knowledge and analysis tools addressed to developers and managers in order to understand better the performance of an urban transport interchange and manage the available resources properly. Likewise, key factors of the design and operation of urban transport interchanges are identified and some 'Planning guidelines' are proposed on the basis on them. Since the users' perceptions of their experience are particularly important for achieving the most appropriate policy measures for interchanges, an ad‐hoc travellers' satisfaction survey was designed and carried out in 2013 at three European transport interchanges: Moncloa (Madrid, Spain), Kamppi (Helsinki, Finland) and Ilford Railway Station (London, United Kingdom) In summary, this thesis highlights the ambivalent nature of the urban transport interchanges, i.e. as nodes within the transport network and as places where users spending time and proposes some policy recommendations in order to make urban transport interchanges attractive for users.

Are We Family? Lesbian Mothers and the Decision to Make Contact with Their Children's Donor Siblings

The current study examines the experiences of three lesbian families who have made contact with their children's donor siblings: a single mother by choice, a couple and a mother who had children in the context of a relationship that has since ended. It builds on prior research that has addressed this topic, but has primarily utilized survey methodology. Participants of the current study shared their experiences via focus group and individual interviews. A narrative research approach was used to analyze and present the findings.

How to make a natural language interface to query databases accessible to everyone: An example

Natural Language Interfaces to Query Databases (NLIDBs) have been an active research field since the 1960s. However, they have not been widely adopted. This article explores some of the biggest challenges and approaches for building NLIDBs and proposes techniques to reduce implementation and adoption costs. The article describes {AskMe*}, a new system that leverages some of these approaches and adds an innovative feature: query-authoring services, which lower the entry barrier for end users. Advantages of these approaches are proven with experimentation. Results confirm that, even when {AskMe*} is automatically reconfigurable against multiple domains, its accuracy is comparable to domain-specific NLIDBs.

Using multilevel modeling and mixed methods to make theoretical progress in microfoundations for strategy research

The microfoundations research agenda presents an expanded theoretical perspective because it considers individuals, their characteristics, and their interactions as relevant variables to help us understand firm-level strategic issues. However, microfoundations empirical research faces unique challenges because processes take place at different levels of analysis and these multilevel processes must be considered simultaneously. We describe multilevel modeling and mixed methods as methodological approaches whose use will allow for theoretical advancements. We describe key issues regarding the use of these two types of methods and, more importantly, discuss pressing substantive questions and topics that can be addressed with each of these methodological approaches with the goal of making theoretical advancements regarding the microfoundations research agenda and strategic management studies in general.

Building from building waste: The development of an instrument to determine the circularity of materials from the existing building stock in order to maximise high quality reuse

On a global level the population growth and increase of the middle class lead to a growing demand on material resources. The built environment has an enormous impact on this scarcity. In addition, a surplus of construction and demolition waste is a common problem. The construction industry claims to recycle 95% of this waste but this is in fact mainly downcycling. Towards the circular economy, the quality of reuse becomes of increasing importance. Buildings are material warehouses that can contribute to this high quality reuse. However, several aspects to achieve this are unknown and a need for more insight into the potential for high quality reuse of building materials exists. Therefore an instrument has been developed that determines the circularity of construction waste in order to maximise high quality reuse. The instrument is based on three principles: ‘product and material flows in the end of life phase’, ‘future value of secondary materials and products’ and ‘the success of repetition in a new life cycle’. These principles are further divided into a number of criteria to which values and weighting factors are assigned. A degree of circularity can then be determined as a percentage. A case study for a typical 70s building is carried out. For concrete, the circularity is increased from 25% to 50% by mapping out the potential for high quality reuse. During the development of the instrument it was clarified that some criteria are difficult to measure. Accurate and reliable data are limited and assumptions had to be made. To increase the reliability of the instrument, experts have reviewed the instrument several times. In the long-term, the instrument can be used as a tool for quantitative research to reduce the amount of construction and demolition waste and contribute to the reduction of raw material scarcity.

How one juvenile court helps to make child labor legislation effective

by Mabel Brown Ellis.