An empirical investigation on firm-level performance of cross border mergers and acquisitions

This empirical study investigates the performance of cross border M&A. The first stage is to identify the determinants of making cross border M&A complete. One focus here is to extend the existing empirical evidence in the field of cross border M&A and exploit the likelihood of M&A from a different perspective. Given the determinants of cross border M&A completions, the second stage is to investigate the effects of cross border M&A on post-acquisition firm performance for both targets and acquirers. The thesis exploits a hitherto unused data base, which consists of those firms that are rumoured to be undertaking M&A, and then follow the deal to completion or abandonment. This approach highlights a number of limitations to the previous literature, which relies on statistical methodology to identify potential but non-existent mergers. This thesis changes some conventional understanding for M&A activity. Cross border M&A activity is underpinned by various motives such as synergy, management discipline, and acquisition of complementary resources. Traditionally, it is believed that these motives will boost the international M&A activity and improve firm performance after takeovers. However, this thesis shows that such factors based on these motives as acquirer’s profitability and liquidity and target’s intangible resource actually deter the completion of cross border M&A in the period of 2002-2011. The overall finding suggests that the cross border M&A is the efficiency-seeking activity rather than the resource-seeking activity. Furthermore, compared with firms in takeover rumours, the completion of M&A lowers firm performance. More specifically, the difficulties in transfer of competitive advantages and integration of strategic assets lead to low firm performance in terms of productivity. Besides, firms cannot realise the synergistic effect and managerial disciplinary effect once a cross border M&A is completed, which suggests a low post-acquisition profitability level.

The migration crisis: representation of a border conflict in Hungarian, German and Pan-European television new coverage

In this article we review the methods used by television news channels in their reporting of the clashes between the Hungarian police and refugees at the Serbian-Hungarian border on 16th of September 2015. With the help of content analysis we examine the techniques used by each editorial board to portray events differently,resulting in dissimilar effects on recipients. During the analysis we examine news coverage for one specific day as presented by Hungarian, German and pan-European broadcasters. German news programs were chosen for comparison with Hungarian ones due to the fact that most of the refugees were heading towards Germany. We conclude that there are significant differences between the information that was broadcast according to television channels; owner expectations presumably play an important role in this.

Class in Classrooms: The Challenges Public Librarians Face as Border Crossing Educators

In border crossing pedagogy, educators help students negotiate identity and cultural issues. Public librarians help special populations of patrons improve on class issues through education. This study explored the issues public librarians face when they teach and border cross across social classes.

Surrey-Hampshire border ware ceramics in seventeenth-century English North America

During the sixteenth and seventeenth centuries, Surrey-Hampshire Border ware ceramics were among of the most popular and widely used ceramics in southern England. This ceramic, produced along the Surrey-Hampshire border, was also shipped to English colonies in North America throughout the seventeenth century. This thesis will explore the types of vessels uncovered on archaeological sites in Newfoundland, New England and the Chesapeake, and examine the similarities and differences in the forms available to various colonists during this time period. By comparing the collections of Border ware found at various sites it is possible to not only determine what vessel forms are present in Northeastern English North America, but to determine the similarities and differences in vessels based on temporal, geographic, social or economic factors. A comparative study of Border ware also provides information on the socio-economic status of the colonists and on trading networks between England and North America during the seventeenth century.

(Table 1) Composition of organic matter from sediments of the triple junction area in the Indian Ocean

Bituminous substances in metalliferous sediments from the region of the triple junction in the Indian Ocean were studied. Specific peculiarities of their structure confirming location in "hot conditions" were revealed. Hydrocarbons are genetically connected with hydrothermal matter, and thus they could be considered as a geochemical indicator of hydrothermal processes in the ocean.

Estructura familiar no informativa y fenotipo tumoral triple-negativo como variables predictivas de mutaciones germinales en "BRCA1/2" en mujeres jóvenes con cáncer de mama esporádico

Un porcentaje no desdeñable de mujeres jóvenes con cáncer de mama esporádico son portadoras de mutaciones germinales en BRCA1/2. Esta prevalencia está estrechamente condicionada por otras variables como el tipo de población, fenotipo tumoral y edad de diagnóstico de cáncer de mama. La presencia de una estructura familiar no informativa es una variable predictiva de la presencia de mutaciones en BRCA1/2 en estas pacientes, pero este hallazgo no ha sido debidamente validado en cohortes independientes. Existe una fuerte asociación entre las mutaciones en BRCA1 y los tumores mamarios de tipo triple negativo (TN). En el presente trabajo analizamos la utilidad de las variables estructura familiar no informativa y fenotipo TN como variables predictivas de mutaciones germinales en BRCA1/2 en una cohorte de mujeres jóvenes ( 35 años) con cáncer de mama esporádico previamente remitidas (1998-2012) a unidades de asesoramiento genético españolas (n = 341). Retrospectivamente, la estructura familiar fue clasificada en informativa, no informativa o no clasificable mediante la revisión centralizada de los pedigrees disponibles en el momento de realizarse los respectivos estudios genéticos. Asimismo, los tumores de mama fueron clasificados en TN, no-TN y no clasificables mediante la revisión de las historias clínicas. Veinticuatro pacientes (7.12 %) fueron portadoras de mutaciones patogénicas, 14 en BRCA1 y 10 en BRCA2. Tanto la estructura familiar no informativa (OR = 3.61, p = 0.027) como el subtipo TN (OR = 3.14, p = 0.013) fueron variables independientes de la presencia de mutaciones germinales en BRCA1/2. La prevalencia de mutaciones en el subgrupo de mujeres con al menos un factor predictivo (estructura familiar no informativa, subtipo TN o ambos) fue del 13.5 %, frente al 2.8 % en aquellas mujeres con estrucutra familiar informativa y tumores no-TN (OR = 5.31, p = 0.006). Demostramos, con la información disponible en un contexto de práctica clínica rutinaria, la utilidad de la estructura familiar y el fenotipo TN como modelo predictivo de mutaciones germinales en BRCA1/2 en mujeres jóvenes con cáncer de mama esporádico. Nuestro estudio sugiere que restringir el análisis tan solo a aquellas mujeres con al menos un factor predicitivo podría ser una estrategia válida para optimizar la realización de estudios genéticos en este subgrupo de mujeres.

Accurate and precise quantification of Cu,Zn-SOD in human red blood cells using species-specific double and triple IDMS

Peer reviewed

TPEA good practice guide: lessons for cross-border MSP from transboundary planning in the European Atlantic

This Good Practice Guide is the outcome of a project co-funded by the European Commission (DG Mare) called Transboundary Planning in the European Atlantic (TPEA), which ran from December 2012 to May 2014. The aim of the project was to demonstrate approaches to transboundary maritime spatial planning (MSP) in the European Atlantic region. This is one of a series of projects exploring the opportunities and challenges of carrying out cross-border MSP in Europe’s regional seas, making connections with integrated coastal management (ICM). TPEA focused on two pilot areas: one involving Portugal and Spain and the other Ireland and the United Kingdom. Despite distinct identities in the region relating to different traditions of planning and stages of MSP implementation, TPEA worked towards a commonly-agreed approach to transboundary MSP and developed principles of cross-border working which it is hoped will be of wider benefit. This guide presents these principles, illustrated with examples from the TPEA project.

(Supplement Table1) Abundances of major elements from KH93-3_DR10 at the Southwest Indian Ridge near the Rodriguez Triple Junction

Petrographic and geochemical analyses of basaltic rocks dredged from the first segment of the Southwest Indian Ridge near the Rodriguez Triple Junction have been completed in order to investigate water-rock interaction processes during mid-ocean ridge (MOR) hydrothermal alteration in the Indian Ocean. In the study area, we have successfully recovered a serial section of upper oceanic crust exposed along a steep rift valley wall which was uplifted and emplaced along a low angle normal fault. On the basis of microscopic observation, dredged samples are classified into three types: fresh lavas, low-temperature altered rocks, and high-temperature altered rocks. The fresh lavas have essentially the same chemical composition as typical N-MORB, although LILE and Nb are slightly enriched and depleted, respectively. Low temperature alteration brought about the enrichment of K2O, Rb, and U due to the presence of K-rich celadonite and U-adsorption onto Fe-oxyhydroxide and clay minerals. On the other hand, chloritization, albitization, and addition of base metals by high temperature hydrothermal alteration result in enrichments of MnO, MgO, Na2O, Cu, and Zn and depletions of CaO, K2O, Cr, Co, Ni, Rb, Sr, and Ba. In addition, U-enrichment is also observable in the high temperature altered rocks probably due to the decrease of uranite solubility in the reducing high-temperature hydrothermal solution. These petrological and geochemical features are comparable to those of the volcanic zone to transition zone rocks in the DSDP/ODP Hole 504B, indicating that our samples were recovered from the upper ~1000 m section of the oceanic crust. Only the alteration minerals related to off-axis alteration are absent in our samples dredged from near the spreading axis. The similarity of alteration between our samples from the Indian Ocean and the Hole 504B rocks from the Pacific Ocean suggests that MOR hydrothermal systems are probably similar across all world oceans.

Inkjet-Printed Filtennas with Triple Bandnotch

This paper presents the layout and results of a compact inkjet-printed filtenna operating at the S-band, ISM and UWB frequencies. The filtenna has a wide passband and, alongside, rejects WiMAX 3.5 GHz, WLAN 5.8 GHz and ITU service 8.2 GHz bands. The filtenna is simulated, printed using silver nanoparticle ink on flexible Kapton substrate and measured. Obtained simulation and measurement results agree well with each other. Measured return loss of the filtenna is more than 10 dB for 1.6–10.85 GHz and triple bandnotch, measuring at an average of 1.87 dB, are present at the unwanted bands. Radiation patterns, as well as the gain and efficiency of the filtenna have also been presented; with the average values being 3.4 dBi and 90 % respectively for the passband and averaging at −1.0 dBi and 22 % respectively for the three rejected bands.

Euphoria in financial markets: how Indian companies generate value in their cross-border acquisitions

In this paper, we investigate the effect of euphoria on returns derived by Indian companies in their cross-border acquisitions. Cognitive legitimacy generated at the country level facilitated firms in deriving higher value from internationalization. In addition, overoptimism after the legitimacy-building event led to euphoria in financial markets and short-term abnormal returns. Hence we argue that the springboard effect created by legitimacy is short-lived, as euphoria fades away over time. Using cross-border and domestic acquisitions by Indian companies during 1999-2009, and controlling for fundamental factors, both financial and non-financial, we find support for our euphoria hypothesis. Because of overoptimism, Indian companies experienced short-term abnormal returns in their cross-border acquisitions in the few years following the legitimation process, but not in later years.

ARB: Phase II window of opportunity study of short-term preoperative treatment with enzalutamide in ER-positive and triple-negative breast cancer

The androgen receptor (AR) is expressed in 60-80% of breast cancers (BC) across all molecular phenotypes, with a higher incidence in oestrogen receptor positive (ER+) BC compared to ER negative tumours. In ER+ disease, AR-expression has been linked to endocrine resistance which might be reversed with combined treatment targeting ER and AR. In triple negative BCs (TNBC), preclinical and clinical investigations have described a subset of patients that express the AR and are sensitive to androgen blockade, providing a novel therapeutic target. Enzalutamide, a potent 2nd generation anti-androgen, has demonstrated substantial preclinical and clinical anti-tumour activity in AR+ breast cancer. Short-term preoperative window of opportunity studies are a validated strategy for novel treatments to provide proof-of-concept and define the most appropriate patient population by directly assessing treatment effects in tumour tissue before and after treatment. The ARB study aims to assess the anti-tumour effects of enzalutamide in early ER+ breast cancer and TNBC, to identify the optimal target population for further studies and to directly explore the biologic effects of enzalutamide on BC and stromal cells. Methods: ARB is an international, investigator sponsored WOO phase II study in women with newly diagnosed primary ER+ BC or AR+ TNBC of ≥ 1cm. The study has two cohorts. In the ER+ cohort, postmenopausal patients will be randomised 2:1 to receive either enzalutamide (160mg OD) plus exemestane (50mg OD) or exemestane (25mg OD). In the TNBC cohort, AR+ will receive single agent treatment with enzalutamide (160mg OD). Study treatment is planned for 15–29 days, followed by surgery or neo-adjuvant therapy. Tissue and blood samples are collected before treatment and on the last day of study treatment. The primary endpoint is inhibition of tumour-cell proliferation, as measured by change in Ki67 expression, determined centrally by 2 investigators. Secondary endpoints include induction of apoptosis (Caspase3), circulating hormone levels and safety. ARB aims to recruit ≈235 patients from ≈40 sites in the UK, Germany, Spain and USA. The study is open to recruitment.