The effects of cross-border and cross-industry mergers and acquisitions on home-region and global multinational enterprises

We examine the effects of international and product diversification through mergers and acquisitions (M&As) on the firm's risk–return profile. We identify the rewards from different types of M&As and investigate whether becoming a global firm is a value-enhancing strategy. Drawing on the theoretical work of Vachani (Journal of International Business Studies, 22 (1991), pp. 307−222) and on Rugman and Verbeke's (Journal of International Business Studies, 35 (2004), pp. 3−18) metrics, we classify firms according to their degree of international and product diversification. To account for the endogeneity of M&As, we develop a panel vector autoregression. We find that global and host-region multinational enterprises benefit from cross-border M&As that reinforce their geographical footprint. Cross-industry M&As enhance the risk–return profile of home-region firms. This effect depends on the degree of product diversification. Hence there is no value-enhancing M&A strategy for home-region and bi-regional firms to become ‘truly global’.

Major shear zones of southern Brazil and Uruguay: escape tectonics in the eastern border of Rio de La plata and Paranapanema cratons during the Western Gondwana amalgamation

The Mantiqueira Province represents a series of supracrustal segments of the South-American counterpart formed during the Gondwana Supercontinent agglutination. In this crustal domain, the process of escape tectonics played a conspicuous role, generating important NE-N-S-trending lineaments. The oblique component of the motions of the colliding tectonic blocks defined the transpressional character of the main suture zones: Lancinha-Itariri, Cubato-Arcadia-Areal, Serrinha-Rio Palmital in the Ribeira Belt and Sierra Ballena-Major Gercino in the Dom Feliciano Belt. The process as a whole lasted for ca. 60 Ma, since the initial collision phase until the lateral escape phase predominantly marked by dextral and subordinate sinistral transpressional shear zones. In the Dom Feliciano Belt, southern Brazil and Uruguay, transpressional event at 630-600 Ma is recognized and in the Ribeira Belt, despite less coevally, the transpressional event occurred between 590 and 560 Ma in its northern-central portion and between ca. 625 and 595 Ma in its central-southern portion. The kinematics of several shear zones with simultaneous movement in opposite directions at their terminations is explained by the sinuosity of these lineaments in relation to a predominantly continuous westward compression.

The basement of the Punta del Este Terrane (Uruguay): an African Mesoproterozoic fragment at the eastern border of the South American Rio de La Plata craton

The Punta del Este Terrane (eastern Uruguay) lies in a complex Neoproterozoic (Brasiliano/Pan-African) orogenic zone considered to contain a suture between South American terranes to the west of Major Gercino-Sierra Ballena Suture Zone and eastern African affinities terranes. Zircon cores from Punta del Este Terrane basement orthogneisses have U-Pb ages of ca. 1,000 Ma, which indicate an lineage with the Namaqua Belt in Southwestern Africa. U-Pb zircon ages also provide the following information on the Punta del Este terrane: the orthogneisses containing the ca. 1,000 Ma inheritance formed at ca. 750 Ma; in contrast to the related terranes now in Africa, reworking of the Punta del Este Terrane during Brasiliano/Pan-African orogenesis was very intense, reaching granulite facies at ca. 640 Ma. The termination of the Brasiliano/Pan-African orogeny is marked by formation of acid volcanic and volcanoclastic rocks at ca. 570 Ma (Sierra de Aguirre Formation), formation of late sedimentary basins (San Carlos Formation) and then intrusion at ca. 535 Ma of post-tectonic granitoids (Santa Teresa and Jos, Ignacio batholiths). The Punta del Este Terrane and unrelated western terranes represented by the Dom Feliciano Belt and the Rio de La Plata Craton were in their present positions by ca. 535 Ma.

Geology, Geochemistry, and Geochronology (U-Pb) of the Rio Fortuna Gneiss - Serra do Baú Intrusive Suite - Paraguá Terrane - SW Amazonian Craton

O Gnaisse Rio Fortuna aflora na região da serra Santa Bárbara, nas imediações do Destacamento Militar Fortuna, na fronteira Brasil-Bolívia. Estes ortognaisses estão inseridos no Terreno Paraguá, em um setor afetado pela Orogenia Sunsás (1.0 a 0.9 Ga.). São classificados como ortognaisses de composição monzo a granodiorítica, com registros de, no mínimo, três fases de deformação. Idade U-Pb em zircão de 1.711 ± 13 Ma obtida por ablação a laser MC-ICP-MS, é considerada como correspondendo à idade de cristalização do protólito ígneo. Geoquimicamente, essas rochas constituem uma sequencia ácida formada por um magmatismo subalcalino, do tipo cálcio-alcalino de alto potássio, metaluminoso a peraluminoso.

Review of The Science, Impacts and Monitoring of Drought in Western Canada: Proceedings of the 2004 Prairie Drought Workshop Edited by Dave Sauchyn, Madhav Khandekar, and E. Ray Garnett

Drought is not an unusual phenomenon on the Canadian prairies or the U.S. Great Plains. There were many short-term droughts in the prairies during the 20th century that generally lasted one to two years (e.g., 1961, 1988). The Canadian prairies multi-year drought event (1999-2003+) has been considered similar in severity to the 1930s drought years. The 2004 Prairie Drought Workshop resulted in 76 scientists and resource managers gathering in Calgary, Alberta, to share information on drought science, impacts, and monitoring. Presenters examined the impacts on agriculture, stream flow, forests, and ground water, including potential impacts under a changed climate. Though focused on the Canadian prairies, the information presented could be applied to many parts of the U.S. Great Plains.

Thermal Imagery Applied to Reducing Bird Hazards to Aircraft at Airports

Airports worldwide are at a disadvantage when it comes to being able to spot birds and warn aircrews about the location of flocks either on the ground or close to the airfield. Birds simply cannot be easily seen during the day and are nearly invisible targets for planes at night or during low visibility. Thermal imaging (infrared) devices can be used to allow ground and tower personnel to pinpoint bird locations day or night, thus giving the airport operators the ability to launch countermeasures or simply warn the aircrews. This technology is available now, though it has been predominately isolated to medical and military system modifications. The cost of these devices has dropped significantly in recent years as technology, capability, and availability have continued to increase. Davison Army Airfield (DAAF), which is located about 20 miles south of Ronald Reagan National Airport in Washington, DC, is the transient home to many bird species including an abundance of ducks, seagulls, pigeons, and migrating Canadian geese. Over the past few years, DAAF implemented a variety of measures in an attempt to control the bird hazards on the airfield. Unfortunately, when it came to controlling these birds on or near our runways and aircraft movement areas we were more reactive than proactive. We would do airfield checks several times an hour to detect and deter any birds in these areas. The deterrents used included vehicle/human presence, pyrotechnics, and the periodic use of a trained border collie. At the time, we felt like we were doing all we could to reduce the threat to aircraft and human life. It was not until a near fatal accident in October 1998, when we truly realized how dangerous our operating environment really was to aircraft at or near the airfield. It was at this time, we had a C-12 (twin-engine passenger plane) land on our primary runway at night. The tower cleared the aircraft to land, and upon touchdown to the runway the aircraft collided with a flock of geese. Neither the tower nor the crew of the aircraft saw the geese because they were obscured in the darkness. The end result was 12 dead geese and $374,000 damage to the C-12. Fortunately, there were no human fatalities, but it was painfully clear we needed to improve our method of clearing the runway at night and during low visibility conditions. It was through this realization that we ventured to the U.S. Army Communications and Electronics Command for ideas on ways to deal with our threat. It was through a sub-organization within this command, Night Vision Labs, that we realized the possibilities of modifying thermal imagery and infrared technology to detecting wildlife on airports.

Miocene basin development and volcanism along a strike-slip to flat-slab subduction transition: Stratigraphy, geochemistry, and geochronology of the central Wrangell volcanic belt, Yakutat-North America collision zone

New geochronologic, geochemical, sedimentologic, and compositional data from the central Wrangell volcanic belt (WVB) document basin development and volcanism linked to subduction of overthickened oceanic crust to the northern Pacific plate margin. The Frederika Formation and overlying Wrangell Lavas comprise >3 km of sedimentary and volcanic strata exposed in the Wrangell Mountains of south-central Alaska (United States). Measured stratigraphic sections and lithofacies analyses document lithofacies associations that reflect deposition in alluvial-fluvial-lacustrine environments routinely influenced by volcanic eruptions. Expansion of intrabasinal volcanic centers prompted progradation of vent-proximal volcanic aprons across basinal environments. Coal deposits, lacustrine strata, and vertical juxtaposition of basinal to proximal lithofacies indicate active basin subsidence that is attributable to heat flow associated with intrabasinal volcanic centers and extension along intrabasinal normal faults. The orientation of intrabasinal normal faults is consistent with transtensional deformation along the Totschunda-Fairweather fault system. Paleocurrents, compositional provenance, and detrital geochronologic ages link sediment accumulation to erosion of active intrabasinal volcanoes and to a lesser extent Mesozoic igneous sources. Geochemical compositions of interbedded lavas are dominantly calc-alkaline, range from basaltic andesite to rhyolite in composition, and share geochemical characteristics with Pliocene-Quaternary phases of the western WVB linked to subduction-related magmatism. The U/Pb ages of tuffs and Ar-40/Ar-39 ages of lavas indicate that basin development and volcanism commenced by 12.5-11.0 Ma and persisted until at least ca. 5.3 Ma. Eastern sections yield older ages (12.5-9.3 Ma) than western sections (9.6-8.3 Ma). Samples from two western sections yield even younger ages of 5.3 Ma. Integration of new and published stratigraphic, geochronologic, and geochemical data from the entire WVB permits a comprehensive interpretation of basin development and volcanism within a regional tectonic context. We propose a model in which diachronous volcanism and transtensional basin development reflect progressive insertion of a thickened oceanic crustal slab of the Yakutat microplate into the arcuate continental margin of southern Alaska coeval with reported changes in plate motions. Oblique northwestward subduction of a thickened oceanic crustal slab during Oligocene to Middle Miocene time produced transtensional basins and volcanism along the eastern edge of the slab along the Duke River fault in Canada and subduction-related volcanism along the northern edge of the slab near the Yukon-Alaska border. Volcanism and basin development migrated progressively northwestward into eastern Alaska during Middle Miocene through Holocene time, concomitant with a northwestward shift in plate convergence direction and subduction collision of progressively thicker crust against the syntaxial plate margin.

Mucosal lesions in a sheep infected with the Border Disease Virus (BDV)

A 28-week-old sheep was presented at the animal hospital because of chronic emaciation, anemia and slight diarrhea. Due to poor general condition and bad prognosis the animal was euthanized and submitted for postmortem investigation. Multiple erosions and ulcerations were found in the dorsal region of the tongue, the pharynx, the hard palate, in the esophagus and the ruminal pillars. Histologically, these lesions consisted of necrosuppurative inflammation. The animal was tested positive for pestivirus antigen both by immunohistochemical and by virological examination (cell culture, antigen capture ELISA and RT-PCR). A non-cytopathic Border Disease Virus was identified, and sequencing revealed a virus belonging to the BDV-3 cluster. Based on the macroscopical, histological, immunohistological and virological results this case was diagnosed as Border Disease with mucosal lesions. This is the first report of such a case in Switzerland.

Infection of cattle with Border disease virus by sheep on communal alpine pastures

The purpose of this study was to investigate whether sheep grazing communal alpine pastures with cattle can transmit Border disease virus (BDV) to cattle. A total of 1170 sheep and 923 cattle were tested for BDV using RT-PCR (sheep) and for pestivirus antibodies using an ELISA (cattle), respectively, before being moved to one of 4 pastures (A, B, C and D). Eight sheep from pasture C were viraemic. 396 of 923 cattle examined before the pasture season were seronegative. The latter were re-examined after the pasture season and 99 were seropositive or indeterminate. Antibody specificity was determined in 25 of these using a serum neutralization test (SNT). BDV infection was confirmed in 10 cattle and was considered likely in 8 others. BVDV infection was confirmed in 4 cattle and considered likely in 3 after pasturing. The study has shown that the transmission of BDV from sheep to cattle is possible on communal alpine pastures.

Investigation of border disease and bovine virus diarrhoea in sheep from 76 mixed cattle and sheep farms in eastern Switzerland

The purpose of this study was to examine the occurrence of sheep persistently infected with Border disease virus (BDV) on 76 mixed cattle and sheep farms and whether seroconversion to BDV infection occurred in cattle of these farms. Seroprevalence of BDV and bovine viral disease virus (BVDV) infection in sheep was also investigated. Quantitative RT-PCR for pestivirus detection and an ELISA to detect pestivirus antibodies were used in 2'384 and 2'291 ovine blood samples, respectively. Another 27 seropositive sheep from ten flocks underwent serum neutralization testing to differentiate between BDV and BVDV antibodies. A BDV titre that was at least four times higher than the BVDV titre was interpreted as the result of BDV infection. Titres against BVDV were interpreted in an analogous fashion. All examined sheep were pestivirus-negative, 310 sheep were seropositive, 119 had an indeterminate titre and 1'862 were seronegative. The flock seroprevalence ranged from 0.0 to 73.9 %. Three of the 27 flocks that underwent serum neutralization testing were interpreted as BDV-infected because of 6 sheep with higher BDV titres, and 6 flocks were interpreted as BVDV-infected because of 14 sheep with higher BVDV titres.

Saturday Morning Television Advertisements Aired on English and Spanish Language Networks along the Texas-Mexico Border

Objectives: The aim of this content analysis study is to characterize the TV advertisements aired to an at-risk child population along the Texas-Mexico border. Methods: We characterized the early Saturday morning TV advertisements aired by three broadcast network categories (U.S. English language, U.S. Spanish language, and Mexican Spanish language) in Spring 2010. The number, type (food related vs. non-food related), target audience, and persuasion tactics used were recorded. Advertised foods, based on nutrition content, were categorized as meeting or not meeting current dietary guidelines. Results: Most commercials were non-food related (82.7%, 397 of 480). The majority of the prepared foods (e.g., cereals, snacks, and drinks) advertised did not meet the current U.S. Dietary Guidelines. Additionally, nutrition content information was not available for many of the foods advertised on the Mexican Spanish language broadcast network category. Conclusions: For U.S. children at risk for obesity along the Texas-Mexico border exposure to TV food advertisements may result in the continuation of sedentary behavior as well as an increased consumption of foods of poor nutritional quality. An international regulatory effort to monitor and enforce the reduction of child-oriented food advertising is needed. Editors' Note: This article was submitted in response to the first issue of the Journal of Applied Research on Children: Latino Children.

Sheep persistently infected with Border disease readily transmit virus to calves seronegative to BVD virus.

Bovine viral diarrhea- and Border disease viruses of sheep belong to the highly diverse genus pestivirus of the Flaviviridae. Ruminant pestiviruses may infect a wide range of domestic and wild cloven-hooved mammals (artiodactyla). Due to its economic importance, programs to eradicate bovine viral diarrhea are a high priority in the cattle industry. By contrast, Border disease is not a target of eradication, although the Border disease virus is known to be capable of also infecting cattle. In this work, we compared single dose experimental inoculation of calves with Border disease virus with co-mingling of calves with sheep persistently infected with this virus. As indicated by seroconversion, infection was achieved only in one out of seven calves with a dose of Border disease virus that was previously shown to be successful in calves inoculated with BVD virus. By contrast, all calves kept together with persistently infected sheep readily became infected with Border disease virus. The ease of viral transmission from sheep to cattle and the antigenic similarity of bovine and ovine pestiviruses may become a problem for demonstrating freedom of BVD by serology in the cattle population.

Short communication: Transmission of border disease virus to seronegative cows inseminated with infected semen.

The goal of this study was to investigate the transmissibility of border disease (BD) virus to seronegative cows via artificial insemination with cryopreserved semen from a bull persistently infected with BD virus. Five pestivirus naive cows were inseminated with BD virus-infected semen. Blood was collected for detection of pestivirus antibody by means of an ELISA on day 0 (day of insemination) and then every 7 days until day 56, at which time a serum neutralisation test (SNT) for differentiation of BD and BVD virus was carried out. Seroconversion was first noticed in two cows on day 14, in two cows on day 21 and in one cow on day 28. In the SNT, all cows had distinctly positive titres against BD virus. Therefore, BD virus is readily transmitted by infected semen, but none of the cows conceived, most likely because of poor semen quality.

Barriers to cross-border research projects: A prelude to improving professional collaborations between the United States and Mexico

Study objective. This was a secondary data analysis of a study designed and executed in two phases in order to investigate several questions: Why aren't more investigators conducting successful cross-border research on human health issues? What are the barriers to conducting this research? What interventions might facilitate cross-border research? ^ Methods. Key informant interviews and focus groups were used in Phase One, and structured questionnaires in Phase Two. A multi-question survey was created based on the findings of focus groups and distributed to a wider circle of researchers and academics for completion. The data was entered and analyzed using SPSS software. ^ Setting. El Paso, TX located on the U.S-Mexico Border. ^ Participants. Individuals from local academic institutions and the State Department of Health. ^ Results. From the transcribed data of the focus groups, eight major themes emerged: Political Barriers, Language/Cultural Barriers, Differing Goals, Geographic Issues, Legal Barriers, Technology/Material Issues, Financial Barriers, and Trust Issues. Using these themes, the questionnaire was created. ^ The response rate for the questionnaires was 47%. The largest obstacles revealed by this study were identifying a funding source for the project (47% agreeing or strongly agreeing), difficulties paying a foreign counterpart (33% agreeing or strongly agreeing) and administrative changes in Mexico (31% agreeing or strongly agreeing). ^ Conclusions. Many U.S. investigators interested in cross-border research have been discouraged in their efforts by varying barriers. The majority of respondents in the survey felt financial issues and changes in Mexican governments were the most significant obstacles. While some of these barriers can be overcome simply by collaboration among motivated groups, other barriers may be more difficult to remove. Although more evaluation of this research question is warranted, the information obtained through this study is sufficient to support creation of a Cross-Border Research Resource Manual to be used by individuals interested in conducting research with Mexico. ^