Postacquisition performance of acquiring firms

We investigate whether negative postacquisition stock-price performance of acquiring firms is a genuine phenomenon or a statistical artifact. Using a comprehensive sample of domestic acquisitions in the 1966-1986 period, we show that acquiring firms underperform a control portfolio only during the three years but not five years following the acquisition. There is evidence of negative performance in the second and third postacquisition years, but that performance occurs mainly in the 1960s and 1970s, and disappears in the 1980s. Thus, especially in the later years, the postacquisition years do not provide convincing evidence of wasteful corporate acquisitions, or strong evidence that contradicts market efficiency.

Evaluation of Dietary Laidlomycin Propionate and Synovex Plus Implants for Enhancing Performance of Feedlot Steers

One hundred fifty crossbred yearling steers with an average weight of 876 pounds were used in a 111-day experiment. Steers received either 1) no implant and no ionophore, 2) Synovex Plus¨ and no ionophore, 3) Cattlyst¨ and no implant, 4) Synovex Plus¨ and Cattlyst¨, or 5) Revalor S¨ and Rumensin¨. Implanting steers with ) Synovex Plus¨ increased gain and improved feed efficiency compared with control steers. Compared with steers not implanted, steers implanted with Synovex Plus¨ had heavier carcasses and larger ribeye areas, but similar fat thickness and yield grades. Feeding Cattlyst¨ alone did not increase gain or improve feed conversion, but there was some improvement in feedlot performance when Cattlyst¨ was fed to steers implanted with Synovex Plus¨. Steers implanted with Synovex Plus¨ and fed Cattlyst¨ had superior gains to steers implanted with Revalor S¨ and fed Rumensin¨.

Effects of Initial Body Condition, Frame Size and Concentration of Dietary Energy on Performance of Finishing Steers

Steers were sorted into four groups based on hip height and fat cover at the start of the finishing period. Each group of sorted steers was fed a diet containing 0.59 or 0.64 Mcal NEg per pound of diet. Steers with less initial fat cover (.08 in.) gained slightly faster, consumed less feed, and therefore tended to be more efficient than steers with greater finish (.16 in.). Steers fed the lower-energy diet consumed more feed, gained similarly, and were less efficient than steers fed the higher-energy diet. The NRC computer model to evaluate beef cattle diets underpredicted performance of cattle in this experiment, but accurately predicted the differences in gain and feed efficiency observed between the leaner and fatter steers and between the two diets. In this study, the shorter steers (49.4 vs 52.2 in. initial height at the hip) gained faster with slightly greater feed intake and the same feed conversion.

The Effects of Feeding a Live Microbial Product on Feedlot Performance and Carcass Value of Finishing Steers Fed Wet Corn Gluten Feed

This experiment was conducted to evaluate the efficacy of daily feeding a live microbial preparation containing two live organisms to finishing cattle. One organism was a lactobacillus, and the other was a propionibacterium, thought to work in concert to improve fermentation in the rumen and overall digestion. The study was conducted with Angus steers with an average initial weight of 550 lbs that were fed a finishing ration containing 50% wet corn gluten feed on a dry basis for 184 days. Feeding the microbial product improved daily gain and feed efficiency 1.7% and 2.4%, respectively, but the differences were not statistically significant. The microbial preparation increased carcass weights 1% but had no effects on quality or yield grades. It is concluded that potential benefits of this product are more likely to be greater when cattle are fed high grain rations rather than diets containing high concentrations of corn gluten feed.

Effect of Parenteral Vitamin E and/or A on Reproductive Performance of Ewes Mated on Pasture or in Drylot

Forty-four Hampshire (H) and 41 Suffolk (S) ewes were allotted within breed to one of four treatment groups (VitA, VitE, VitAE, and Control) to evaluate the effect of supplemental vitamin E and A on reproductive performance of ewes mated on pasture or in drylot. Beginning two weeks before the mating period, ewes received 0 or 300 IU of vitamin E every 14 days and 0 or 250,000 IU of vitamin A every 28 days. Hampshire ewes remained on pasture during the mating period, whereas S ewes were moved to drylot. Treatment did not affect ovulation rate (OR), embryonic loss (EL), fetal loss (FL) or litter size (LS) of H ewes. Embryonic loss was higher (P<.05) in the H yearlings and two-year olds than in older ewes. Litter size was lower (P<.01) for H yearlings compared with other age groups. Suffolk ewes in the VitE group exhibited a lower (P<.01) OR than S ewes in other treatment groups, but no effect of treatment was observed for EL, FL, or LS. Although S yearling ewes did not differ from ewes of other age groups for OR and EL, they did produce fewer (P<.05) lambs. Analysis of serum samples revealed that H yearling ewes exhibited lower (P<.05) serum a-tocopherol levels than older H ewes. In addition, H ewes had a higher (P<.05) serum a-tocopherol level than S ewes at the beginning of study when they were managed as one group. Even though age and breed influenced certain reproductive parameters, results of this study indicate little effect of supplemental vitamin E and A on the overall reproductive efficiency of ewes mated on pasture or in drylot.

Effect of Early Weaning of Beef Calves on Performance and Carcass Quality

A study was conducted to evaluate early weaning of beef calves at 60-70 days of age on feedlot performance and carcass characteristics. One hundred twenty steer calves sired by either Simmental or Angus sires were weaned at an average age of 67 (early weaned, EW) or 147 (late weaned, LW) days. Calves were allotted to 16 feedlot pens by weaning treatment and sire breed at approximately 750-800 lb. EW calves were heavier (P < .05) in initial feedlot weight. There were no differences due to weaning age on daily gain, dry matter intake, feed efficiency or slaughter weights. Simmental steers required more days on feed than Angus steers (P < .05). Early-weaned calves had a higher percent intramuscular fat (5.7 vs. 5.1%), higher average marbling scores (Small78 vs. Small20, P < .05), a higher percentage of cattle grading average USDA Choice and higher (38% vs. 14%, P < .05) and a higher percentage of USDA Prime (10% vs. 0%, P < .05). These data confirm observations in previous studies that early weaning and placing calves on a higher grain diet improves marbling at slaughter. In this study, the effect was shown in calves weaned at an average of 67 days.

Can a novel web-based computer test predict poor simulated driving performance? A pilot study with healthy and cognitive-impaired participants

BACKGROUND Driving a car is a complex instrumental activity of daily living and driving performance is very sensitive to cognitive impairment. The assessment of driving-relevant cognition in older drivers is challenging and requires reliable and valid tests with good sensitivity and specificity to predict safe driving. Driving simulators can be used to test fitness to drive. Several studies have found strong correlation between driving simulator performance and on-the-road driving. However, access to driving simulators is restricted to specialists and simulators are too expensive, large, and complex to allow easy access to older drivers or physicians advising them. An easily accessible, Web-based, cognitive screening test could offer a solution to this problem. The World Wide Web allows easy dissemination of the test software and implementation of the scoring algorithm on a central server, allowing generation of a dynamically growing database with normative values and ensures that all users have access to the same up-to-date normative values. OBJECTIVE In this pilot study, we present the novel Web-based Bern Cognitive Screening Test (wBCST) and investigate whether it can predict poor simulated driving performance in healthy and cognitive-impaired participants. METHODS The wBCST performance and simulated driving performance have been analyzed in 26 healthy younger and 44 healthy older participants as well as in 10 older participants with cognitive impairment. Correlations between the two tests were calculated. Also, simulated driving performance was used to group the participants into good performers (n=70) and poor performers (n=10). A receiver-operating characteristic analysis was calculated to determine sensitivity and specificity of the wBCST in predicting simulated driving performance. RESULTS The mean wBCST score of the participants with poor simulated driving performance was reduced by 52%, compared to participants with good simulated driving performance (P<.001). The area under the receiver-operating characteristic curve was 0.80 with a 95% confidence interval 0.68-0.92. CONCLUSIONS When selecting a 75% test score as the cutoff, the novel test has 83% sensitivity, 70% specificity, and 81% efficiency, which are good values for a screening test. Overall, in this pilot study, the novel Web-based computer test appears to be a promising tool for supporting clinicians in fitness-to-drive assessments of older drivers. The Web-based distribution and scoring on a central computer will facilitate further evaluation of the novel test setup. We expect that in the near future, Web-based computer tests will become a valid and reliable tool for clinicians, for example, when assessing fitness to drive in older drivers.

Performance Analysis and Comparison between Legacy-PSM and U-APSD

This paper evaluates the performance of the most popular power saving mechanisms defined in the IEEE 802.11 standard, namely the Power Save Mode (Legacy-PSM) and the Unscheduled Automatic Power Save Delivery (U-APSD). The assessment comprises a detailed study concerning energy efficiency and capability to guarantee the required Quality of Service (QoS) for a certain application. The results, obtained in the OMNeT++ simulator, showed that U-APSD is more energy efficient than Legacy-PSM without compromising the end-to- end delay. Both U-APSD and Legacy-PSM revealed capability to guarantee the application QoS requirements in all the studied scenarios. However, unlike U-APSD, when Legacy-PSM is used in the presence of QoS demanding applications, all the stations connected to the network through the same access point will consume noticeable additional energy.

Enhancing IEEE 802.11 Energy Efficiency for Continuous Media Applications

This paper proposes the Optimized Power save Algorithm for continuous Media Applications (OPAMA) to improve end-user device energy efficiency. OPAMA enhances the standard legacy Power Save Mode (PSM) of IEEE 802.11 by taking into consideration application specific requirements combined with data aggregation techniques. By establishing a balanced cost/benefit tradeoff between performance and energy consumption, OPAMA is able to improve energy efficiency, while keeping the end-user experience at a desired level. OPAMA was assessed in the OMNeT++ simulator using real traces of variable bitrate video streaming applications. The results showed the capability to enhance energy efficiency, achieving savings up to 44% when compared with the IEEE 802.11 legacy PSM.

Thermal acclimation to 4 or 10 degrees C imparts minimal benefit on swimming performance in Atlantic cod (Gadus morhua L.).

Thermal acclimation is frequently cited as a means by which ectothermic animals improve their Darwinian fitness, i.e. the beneficial acclimation hypothesis. As the critical swimming speed (U (crit)) test is often used as a proxy measure of fitness, we acclimated Atlantic cod (Gadus morhua) to 4 and 10 degrees C and then assessed their U (crit) swimming performance at their respective acclimation temperatures and during acute temperature reversal. Because phenotypic differences exist between different populations of cod, we undertook these experiments in two different populations, North Sea cod and North East Arctic cod. Acclimation to 4 or 10 degrees C had a minimal effect on swimming performance or U (crit), however test temperature did, with all groups having a 10-17% higher U (crit) at 10 degrees C. The swimming efficiency was significantly lower in all groups at 4 degrees C arguably due to the compression of the muscle fibre recruitment order. This also led to a reduction in the duration of "kick and glide" swimming at 4 degrees C. No significant differences were seen between the two populations in any of the measured parameters, due possibly to the extended acclimation period. Our data indicate that acclimation imparts little benefit on U (crit) swimming test in Atlantic cod. Further efforts need to identify the functional consequences of the long-term thermal acclimation process.

Performance analysis of a miniature turbine generator for intracorporeal energy harvesting

Replacement intervals of implantable medical devices are commonly dictated by battery life. Therefore, intracorporeal energy harvesting has the potential to reduce the number of surgical interventions by extending the life cycle of active devices. Given the accumulated experience with intravascular devices such as stents, heart valves, and cardiac assist devices, the idea to harvest a small fraction of the hydraulic energy available in the cardiovascular circulation is revisited. The aim of this article is to explore the technical feasibility of harvesting 1 mW electric power using a miniature hydrodynamic turbine powered by about 1% of the cardiac output flow in a peripheral artery. To this end, numerical modelling of the fluid mechanics and experimental verification of the overall performance of a 1:1 scale friction turbine are performed in vitro. The numerical flow model is validated for a range of turbine configurations and flow conditions (up to 250 mL/min) in terms of hydromechanic efficiency; up to 15% could be achieved with the nonoptimized configurations of the study. Although this article does not entail the clinical feasibility of intravascular turbines in terms of hemocompatibility and impact on the circulatory system, the numerical model does provide first estimates of the mechanical shear forces relevant to blood trauma and platelet activation. It is concluded that the time-integrated shear stress exposure is significantly lower than in cardiac assist devices due to lower flow velocities and predominantly laminar flow.

Visuospatial working memory in very preterm and term born children - Impact of age and performance

Working memory is crucial for meeting the challenges of daily life and performing academic tasks, such as reading or arithmetic. Very preterm born children are at risk of low working memory capacity. The aim of this study was to examine the visuospatial working memory network of school-aged preterm children and to determine the effect of age and performance on the neural working memory network. Working memory was assessed in 41 very preterm born children and 36 term born controls (aged 7–12 years) using functional magnetic resonance imaging (fMRI) and neuropsychological assessment. While preterm children and controls showed equal working memory performance, preterm children showed less involvement of the right middle frontal gyrus, but higher fMRI activation in superior frontal regions than controls. The younger and low-performing preterm children presented an atypical working memory network whereas the older high-performing preterm children recruited a working memory network similar to the controls. Results suggest that younger and low-performing preterm children show signs of less neural efficiency in frontal brain areas. With increasing age and performance, compensational mechanisms seem to occur, so that in preterm children, the typical visuospatial working memory network is established by the age of 12 years.

On the interaction of attentional focus and gaze: The quiet eye inhibits focus-related performance decrements

To date, despite a large body of evidence in favor of the advantage of an effect-related focus of attention compared with a movement-related focus of attention in motor control and learning, the role of vision in this context remains unclear. Therefore, in a golf-putting study, the relation between attentional focus and gaze behavior (in particular, quiet eye, or QE) was investigated. First, the advantage of an effect-related focus, as well as of a long QE duration, could be replicated. Furthermore, in the online-demanding task of golf putting, high performance was associated with later QE offsets. Most decisively, an interaction between attentional focus and gaze behavior was revealed in such a way that the efficiency of the QE selectively manifested under movement-related focus instructions. As these findings suggest neither additive effects nor a causal chain, an alternative hypothesis is introduced explaining positive QE effects by the inhibition of not-to-be parameterized movement variants.

Functional brain network efficiency predicts intelligence

The neuronal causes of individual differences in mental abilities such as intelligence are complex and profoundly important. Understanding these abilities has the potential to facilitate their enhancement. The purpose of this study was to identify the functional brain network characteristics and their relation to psychometric intelligence. In particular, we examined whether the functional network exhibits efficient small-world network attributes (high clustering and short path length) and whether these small-world network parameters are associated with intellectual performance. High-density resting state electroencephalography (EEG) was recorded in 74 healthy subjects to analyze graph-theoretical functional network characteristics at an intracortical level. Ravens advanced progressive matrices were used to assess intelligence. We found that the clustering coefficient and path length of the functional network are strongly related to intelligence. Thus, the more intelligent the subjects are the more the functional brain network resembles a small-world network. We further identified the parietal cortex as a main hub of this resting state network as indicated by increased degree centrality that is associated with higher intelligence. Taken together, this is the first study that substantiates the neural efficiency hypothesis as well as the Parieto-Frontal Integration Theory (P-FIT) of intelligence in the context of functional brain network characteristics. These theories are currently the most established intelligence theories in neuroscience. Our findings revealed robust evidence of an efficiently organized resting state functional brain network for highly productive cognitions.

Can you see me thinking (about my answers)? Using eye-tracking to illuminate developmental differences in monitoring and control skills and their relation to performance

This study focuses on relations between 7- and 9-year-old children’s and adults’ metacognitive monitoring and control processes. In addition to explicit confidence judgments (CJ), data for participants’ control behavior during learning and recall as well as implicit CJs were collected with an eye-tracking device (Tobii 1750). Results revealed developmental progression in both accuracy of implicit and explicit monitoring across age groups. In addition, efficiency of learning and recall strategies increases with age, as older participants allocate more fixation time to critical information and less time to peripheral or potentially interfering information. Correlational analyses, recall performance, metacognitive monitoring, and controlling indicate significant interrelations between all of these measures, with varying patterns of correlations within age groups. Results are discussed in regard to the intricate relationship between monitoring and recall and their relation to performance.