Empirical Evidence on Relationships between Ex Ante Innovation Pursuit and Post-M&A Performance in the Vietnamese M&A Industry, 2005-2012

This research aims to communicate new results of empirical investigations to learn about the relationship between determination of controlling an acquired firm’s capital, assets and brand versus its capability of innovation and ex post performance of the rising Vietnamese M&A industry in the 2005-2012 period. The analysis employs a categorical data sample, consisting of 212 M&A cases reported by various information sources, and performs a number of logistic regressions with significant results as follows. Firstly, the overall relationship between pre-M&A pursuit’s determination on acquiring resources and performance of the post-M&A performance is found significant. There exist profound effects of a ‘size matters’ strategy in M&A ex post performance. When there is an overwhelming ‘resources acquiring’ strategy, the innovation factor’s explanatory power becomes negligible. Secondly, for negative performance of post-M&A operations, the emphasis on both capital base and asset size, and the brand value at the time of the M&A pursuit is the major explanation in the post-M&A period. So does the absence of innovation as a goal in the pre-M&A period. These two insights together are useful in careful M&A planning. Lastly, expensive pre-M&A expenditures tend to adversely affect the post-M&A performance. As a general conclusion, this study shows that innovation can be an important factor to pursue in M&A transitions, together with the need to emphasize and find capable and willing human capital, rather than a capital base (equity or debt) and existing values of the acquired brands.

H.M.'s personal crossword puzzles: understanding memory and language.

The amnesic patient H.M. has been solving crossword puzzles nearly all his life. Here, we analysed the linguistic content of 277 of H.M.'s crossword-puzzle solutions. H.M. did not have any unusual difficulties with the orthographic and grammatical components inherent to the puzzles. He exhibited few spelling errors, responded with appropriate parts of speech, and provided answers that were, at times, more convincing to observers than those supplied by the answer keys. These results suggest that H.M.'s lexical word-retrieval skills remain fluid despite his profound anterograde amnesia. Once acquired, the maintenance of written language comprehension and production does not seem to require intact medial temporal lobe structures.

Operational scales, sources of finance, and firms’ performance: evidence from Vietnamese longitudinal data

This study investigates a longitudinal dataset consisting of financial and operational data from 37 listed companies listed on Vietnamese stock market, covering the period 2004-13. By performing three main types of regression analysis - pooled OLS, fixed-effect and random-effect regressions - the investigation finds mixed results on the relationships between operational scales, sources of finance and firms' performance, depending on the choice of analytical model and use of independent/dependent variables. In most situation, fixed-effect models appear to be preferable, providing for reasonably consistent results. Toward the end, the paper offers some further explanation about the obtained insights, which reflect the nature of a business environment of a transition economy and an emerging market.

Be rich or don’t be sick: Estimating Vietnamese patients’ risk of falling into destitution

This paper represents the first research attempt to estimate the probabilities for Vietnamese patients to fall into destitution facing financial burdens occurring during their curative stay in hospital. The study models the risk against such factors as level of insurance coverage, location of patient, costliness of treatment, among others. The results show that very high probabilities of destitution, approximately 70%, apply to a large group of patients, who are nonresident, poor and ineligible for significant insurance coverage. There is also a probability of 58% that low-income patients who are seriously ill and face higher health care costs would quit their treatment. These facts will put Vietnamese government’s ambitious plan of increasing both universal coverage (UC) to 100% of expenditure and rate of UC beneficiaries to 100% at a serious test. The study also raises issues of asymmetric information and alternative financing options for the poor, who are most exposed to risk of destitution, following market-based health care reforms.

The body language: The spontaneous influence of congruent bodily arousal on the awareness of emotional words

Nowadays, the idea of a reciprocal influence of physiological and psychological processes seems to be widely accepted. For instance, current theories of embodied emotion suggest that knowledge about an emotion concept involves simulations of bodily experienced emotional states relevant to the concept. In line with this framework, the present study investigated whether actual levels of physiological arousal interact with the processing of emotional words. Participants performed 2 blocks of an attentional blink task, once after a cycling session (increased arousal) and once after a relaxation session (reduced arousal). Concretely, participants were instructed to detect and report 2 target words (T1 and T2) presented among a series of nonword distractors. T1 and T2 were either neutral, high arousal, or low arousal words. Results revealed that increased physiological arousal led to improved reports of high arousal T2 words, whereas reduced physiological arousal led to improved reports of low arousal T2 words. Neutral T2 remained unaffected by the arousing conditions. These findings emphasize that actual levels of physiological arousal modulate the cognitive access to arousal (in-)congruent emotional concepts and suggest a direct grounding of emotion knowledge in our bodily systems of arousal.

[Book Review] Noel Starkey (ed), Connectionist Natural Language Processing: Readings from 'Connection Science'

Review of: Noel Starkey (ed), Connectionist Natural Language Processing: Readings from 'Connection Science'

A policy-definition language and prototype implementation library for policy-based autonomic systems

This paper presents work towards generic policy toolkit support for autonomic computing systems in which the policies themselves can be adapted dynamically and automatically. The work is motivated by three needs: the need for longer-term policy-based adaptation where the policy itself is dynamically adapted to continually maintain or improve its effectiveness despite changing environmental conditions; the need to enable non autonomics-expert practitioners to embed self-managing behaviours with low cost and risk; and the need for adaptive policy mechanisms that are easy to deploy into legacy code. A policy definition language is presented; designed to permit powerful expression of self-managing behaviours. The language is very flexible through the use of simple yet expressive syntax and semantics, and facilitates a very diverse policy behaviour space through both hierarchical and recursive uses of language elements. A prototype library implementation of the policy support mechanisms is described. The library reads and writes policies in well-formed XML script. The implementation extends the state of the art in policy-based autonomics through innovations which include support for multiple policy versions of a given policy type, multiple configuration templates, and meta-policies to dynamically select between policy instances and templates. Most significantly, the scheme supports hot-swapping between policy instances. To illustrate the feasibility and generalised applicability of these tools, two dissimilar example deployment scenarios are examined. The first is taken from an exploratory implementation of self-managing parallel processing, and is used to demonstrate the simple and efficient use of the tools. The second example demonstrates more-advanced functionality, in the context of an envisioned multi-policy stock trading scheme which is sensitive to environmental volatility

The AGILE policy expression language for autonomic systems

This paper presents the AGILE policy expression language. The language enables powerful expression of self-managing behaviours and facilitates policy-based autonomic computing in which the policies themselves can be adapted dynamically and automatically. The language is generic so as to be deployable across a wide spectrum of application domains, and is very flexible through the use of simple yet expressive syntax and semantics. The development of AGILE is motivated by the need for adaptive policy mechanisms that are easy to deploy into legacy code and can be used by non autonomics-expert practitioners to embed self-managing behaviours with low cost and risk. A library implementation of the policy language is described. The implementation extends the state of the art in policy-based autonomics through innovations which include support for multiple policy versions of a given policy type, multiple configuration templates, and higher-level ‘meta-policies’ to dynamically select between differently configured business-logic policy instances and templates. Two dissimilar example deployment scenarios are examined.

Issues in second language proficiency

Benati provides clarity about the characteristics and notion of language proficiency in the field of second language acquisition. He looks at four areas of research paradigmatically related to the role of proficiency: theorizing and measuring second language proficiency; the dimensions of L2 proficiency; factors contributing to the attainment of L2 proficiency and attaining L2 proficiency in the classroom. It also contains a variety of research accounts about the specific factors which have an effect on proficiency together with a theorised measurement of proficiency in second language research. It will be required reading for researchers in applied linguistics and second language acquisition.

Japanese language teaching: a communicative approach

Japanese Language Teaching examines the practical aspects of the acquisition of Japanese as a second language, underpinned by current theory and research. Each chapter examines the theory and practice of language teaching, and progresses to a consideration of the practical design of tasks for teaching. The final section applies theory and practice to an empirical case study, drawn from a classroom with Japanese as a second language. With its emphasis on practice underpinned by contemporary theory, this book will be of interest to postgraduates studying second language acquisition and applied linguistics. [Source: publisher's description].

Key terms in second language acquisition

Key Terms in Second Language Acquisition includes definitions of key terms within second language acquisition, and also provides accessible summaries of the key issues within this complex area of study. The final section presents a list of key readings in second language acquisition that signposts the reader towards classic articles and also provides a springboard to further study.

[Book Review] The role of formal features in second language acquisition - edited by J. Liceras, H. Zobl, and H. Goodluck

Book review of: J. Liceras, H. Zobl, and H. Goodluck (eds.), 2008, The Role of Formal Features in Second Language Acquisition. London/New York: Lawrence Erlbaum Associates, 577 pages, ISBN: 0-8058-5354-5.

Second language processing: an analysis of theory, problems and possible solutions

Second Language Processing examines the problems facing learners in the second language classroom from the theoretical perspectives of Processing Instruction (structured input) and Enhanced Input. These two theories are brought to bear on a variety of processing problems, such as the difficulty of connecting second language grammatical forms encoding tense and mood as well as noun-adjective agreement with their meaning. Empirical studies examine a range of languages including Japanese, Italian and Spanish, through which the authors suggest practical solutions to these processing problems.