Effect of atmospheric plasma treatment on pad-dyeing of natural dyes on wool

Plasma treatment is an emerging surface modification technique that alters dye uptake of wool without using chemicals or water for pre-treatment. Padding is an established continuous dyeing technique known for its efficient use of water, time and energy. This study combined these two techniques for colouration of wool fabric using two natural dyes derived from the Acacia plant family. The investigation focused on the effects of plasma treatment and obtaining unique patterning effects. Helium (100%) and a mixture of helium and nitrogen (95%/5%) were used as the plasma gases under atmospheric conditions. Plasma treated wool fabric was padded with the above natural dyes. Copper sulphate and ferrous sulphate were applied on the dyed fabric as mordant yielding neutral shades of beige and grey respectively. Up to a 30% enhancement of dye adsorption on plasma treated wool substrate was observed as compared to untreated sample for both gases used. This higher adsorption indicates the hydrophilic character of the natural dyes used. Key performance parameters such as fastness to washing, rubbing and light were tested and found to be satisfactory. A single process tone-on-tone pattern was achieved by controlling the plasma exposure of treated area. This study concluded that a merger of natural dyes with modern plasma treatment and padding techniques for wool colouration was feasible.

The diversification discount and takeovers : some Australian evidence

Purpose – The purpose of this paper is to examine the existence of a diversification discount in the Australian takeover market. A sample of 446 Australian publicly-listed firms involved in the market for corporate control was observed between 2000 and 2007. The authors examined two pre-announcement and four post-announcement periods, predominantly around the immediate event date, but also examined activity out to one year following the announcement.
Design/methodology/approach – An event study, in this case, is used to examine abnormal returns around the announcement of a merger or acquisition. The timeframe this study intends to focus on is the period from announcement date to a time one year down the track which, although some studies may deem it “long-term”, is still a relatively short-term measure of performance.While many variables in acquisitions have been looked at in depth over the years, such as outcome, nature, payment method and size of deal, one area which has had considerably less attention is the area of specialisation and diversification. That is, do focus increasing (or non-diversification) deals have different return patterns relative to focus decreasing (or diversification) deals?
Findings – The overall findings of this paper are fairly mixed, barring a few exceptions, and there does not appear to be a great deal of variation in return patterns based purely on whether the announced acquisition is non-diversifying or diversifying in nature.
Originality/value – The paper is of particular value in Australia. Most of the research of diversification to date has taken place in the USA. Australia is similar to the USA in that it has a well-developed economy based on common law principles and an active equity market, however, the existence of institutional and regulatory differences suggests that US results may not hold in Australia.

REIT mergers and acquisitions : a meta-analysis

Purpose – Mergers and acquisitions in the real estate investment trust (REIT) sector have been studied in distinct periods and locations, often leading to findings which are relevant only for the period and/or location investigated. The purpose of this paper is to examine the merger and acquisition studies in aggregate using meta-analysis so that broader findings of factors influencing the returns by targets and bidders are divulged.

Design/methodology/approach – Using a methodology similar to Veld and Veld-Merkoulova a sample of 15 REIT studies with 35 observations for bidders and 25 observations for targets is analysed. A variety of potential factors influencing the returns for bidders and targets are explored.

Findings – Consistent with prior non-REIT research, the evidence shows targets enjoy positive and significant gains in a merger. There is also evidence that acquirers earn significant wealth when all previous studies are examined in aggregate. Meta-analysis results show targets experience higher wealth gains by accepting cash financed deals, but share total gains when both parties are REITs. Additionally, acquirers enjoy improved abnormal returns when the target is privately listed and the use of scrip and/or a combination of scrip and cash produces higher wealth gains for bidding REITs.

Originality/value – This paper aggregates the merger and acquisition literature of REITs to understand better factors influencing returns made by bidders and targets.

Strategic planning to build transformational preparedness : an application of enterprise architecture practice

Enterprises are continuously evolving systems; this evolution can be directed or emergent. Enterprise transformation has special aspects due to the enterprise being a socio-technical system whereupon evolution happens on the levels of individuals / humans / organisation, on the level of the technology and on the level of the Information Systems that integrates the activities performed by humans and by technology. Furthermore, changes are typically continuous, due partly to external factors and partly to strategic foresights. Either way, transformation needs to happen so that the enterprise can keep satisfying its objectives. An important transformation mechanism is to perform mergers or acquisitions (M&As). Interestingly, literature reveals that an unacceptably high percentage of M&As do not achieve the aimed objectives and (as we demonstrate) the success of such trajectory depends on several factors. This article proposes a methodology to overcome potential problems by making necessary anticipatory transformations opening up a possibility to perform M&As with a better chance of success.

A-REIT bidder returns : an evaluation of public and private targets and method of payment

This study examines the wealth effects of fifty-six Australian Real Estate Investment Trusts (A-REITS) acquirers around the announcement date of a merger and acquisition over the period of 1996 to 2010. This study extends Ratcliffe et al (2009) by examining mergers and acquisitions of private entity targets as well as public targets and confirms recent US REIT work in this field. Utilising event study methodology we find that bidding A-REITs earn positive and significant cumulative abnormal returns (CARs) of +0.966% around the three-day announcement period [-1, +1]. Analysis also indicates bidding firms earn higher CARs when the acquisition is financed by scrip and/or a combination of scrip and cash. Consistent with prior REIT research, event study results show that A-REIT acquirers earn higher excess returns when the target is private as compared to a public target, +2.834% and +0.457% respectively. Further investigation, employing regression analysis, shows book-to-market ratio has a negative impact on bidding firms CARs, suggesting that investors penalise high book-to-market A-REITs in an M&A due to their higher risk characteristics. We also find that both specialisation by property type and relative size of the bidder compared to the target has a positive and significant influence on bidder excess returns. Finally, our results show support for the method of payment findings in the event study, with method of payment returning a negative and significant impact on the bidder CARs.

Comparison of not for resuscitation (NFR) forms across five Victorian health services

Background: 

Intimacy at work: Playback theatre and corporate cultural change in Mercedes Benz, Brazil

On the back of a faltering economic year in 2007 and a major merger of motor car and truck dealerships, international motor car giant Mercedes Benz adopted a radical approach to re-aligning the company vision for their Brazilian business. Adopting a people-centred approach to change, they integrated participatory theatre and personal stories into a nationwide cultural development programme producing twelve performances in twelve cities. The central content of the performances came from employees who told personal stories that were then performed onstage. Each event acted as a unique expression of workplace values that would be led by employee attitudes and behaviour. Through the dialogic process, the company established a new code of conduct for customer care for the next phase of company activity. This article critiques various aspects of the programme and considers the value and limitations in the person-centred approach facilitated through theatre.

Evaluation of Victoria Police SOCIT-MDC reforms for sexual assault investigation

 This thesis evaluated the impact of sexual offence reforms implemented by Victoria Police. The findings of this thesis demonstrated that the reforms reduced victim-blaming attitudes of police, improved investigators’ understanding of sexual offending, increased perceptions of case authorisation, and demonstrated faster police investigation times after the reform.

Multiple states of financially distressed companies: Tests using a competing-risks model

This study examines the determinants of multiple states of financial distress by applying a competing-risks model. It investigates the effect of financial ratios, market-based variables and company-specific variables, including company age, size and squared size on three different states of corporate financial distress: active companies; distressed external administration companies; and distressed takeover, merger or acquisition companies. A sample of 1,081 publicly listed Australian non-financial companies over the period 1989 to 2005 using a competing-risks model is used to determine the possible differences in the factors of entering various states of financial distress. It is found that specifically, distressed external administration companies have a higher leverage, lower past excess returns and a larger size; while distressed takeover, merger or acquisition companies have a lower leverage, a higher capital utilisation efficiency and a larger size compared to active companies. Comparing the results from both the single-risk model and the competing-risks model reveals the need to distinguish between financial distress states.

Corporate political connections and the 2008 Malaysian election

We examine whether the relationship between political connections and firm value is moderated by the length of time firms have been politically connected. We find that compared to firms with political connections for a short period, firms with political connections for a long period have a smaller magnitude of negative stock price reaction to the 2008 General Election loss of the supermajority by the ruling party in Malaysia. We also find that the smaller magnitude of negative stock price reaction is, in part, attributable to improvements in board of director characteristics. Furthermore, we find that while the performance subsequent to the General Election of politically connected firms is worse than that of non-politically connected firms, firms with political connections for a long period exhibit better performance than those connected for short periods. Collectively, the evidence shows that the length of political connections is an important factor that moderates economic value.

A new industry concentration index

We propose and analyse a new concentration index alternative to the Herfindahl-Hirschman Index (HHI). This new index emphasises the concept of competitive balance. It is designed to preserve the convexity property of the HHI when a merger involves one of the m largest firms, but to decrease and thus to indicate an increase in competition when a merger is purely among the (n − m) smallest firms.

Aspects of Brazilian competition policy

Este Trabalho Discute a Evolução da Defesa da Concorrência no Brasil a Partir de uma Perspectiva Histórica e Comparada. para Tanto, Primeiramente são Apresentadas as Transformações Estruturais da Economia Brasileira Assim como as Circunstâncias Internacionais que Fizeram com que a Defesa da Concorrência se Tornasse Relevante, o que Permite Fazer um Contraste com a Evolução de Outros Regimes de Concorrência. em Segundo Lugar, são Apresentados os Desafios e as Peculiaridades da Implementação da Defesa da Concorrência em uma Economia em Desenvolvimento e como Tais Desafios Foram Tratados no Caso Brasileiro. a Principal Conclusão é que as Melhores Práticas dos Países do Ocde não Podem ser Automaticamente Importadas sem a Devida Atenção Às Peculiaridades de uma Economia em Desenvolvimento.

A internacionalização da publicidade brasileira - 1970/2002

O processo de globalização da economia tem moldado um cenário complexo e desafiante para o setor publicitário brasileiro. A fusão e incorporação entre agências, com a absorção de muitas por grandes grupos de comunicação, é uma das mais visíveis transformações estruturais desde a década de 1980. O presente estudo investigou as seguintes questões: o impacto da internacionalização da publicidade brasileira nas relações entre as agências, anunciantes e veículos de comunicação; como as agências brasileiras têm ajustado seu modo de operação e competição, visando vantagem competitiva e lucratividade; as alternativas de continuidade das agências brasileiras diante da transmissão do poder aos sucessores legais e das propostas de fusão ou incorporação de grupos estrangeiros. Este estudo se insere na linha de pesquisa "Estudos da Cultura e do Consumo", desenvolvida pelo CECC - Centro de Estudos da Cultura e do Consumo, da EAESP/FGV.

Roteiro para análise de atos de concentração: uma proposta para o quadro institucional brasileiro

O objetivo deste projeto é elaborar uma proposta de roteiro para a análise de concentrações econômicas horizontais aplicável à jurisdição brasileira. O estudo será dividido em três partes: i. avaliação do atual estágio de orientação para o agente econômico no tocante ao roteiro de análise de atos de concentração ao amparo da Lei 8884/94 (Lei antitruste); ii. resenha da experiência internacional em roteiros de análise de atos de concentração; iii. proposta de roteiro aplicável ao caso brasileiro com duas variantes: a) supondo o atual marco legal que faculta o controle estrutural ex post; b) admitindo alteração legal que introduz o controle estrutural ex ante.

Fusões, aquisições estratégicas, e capacidades tecnológicas inovadoras: evidências da indústria de telecomunicações multinacional

This dissertation studies the innovative technological capabilities available in the merger and acquisitions processes and the relationship between these processes with the technological capabilities accumulation to get convergence of technology and services. This study was examined in fourteen companies of the telecommunications industry during 2002 to 2007. Starting on 1990 there were from one end a profusion of studies on the technological capabilities as source of competitive advantages; from another end there are studies on merger and acquisitions with the objective to evaluate the motivations derived from technological factors and stimulation to the competition and the opening of the market. However few of the empirical studies of long stated period that examine the correlation of these events in the industry of telecommunications under the optics of the technological qualification in the level of the companies and for the strategic perspective of enterprise based on the dynamics abilities. An analytical framework already available in the literature was used to describe the contribution of the merger and acquisitions processes for the accumulation of innovative technological capabilities in the studied companies. However the framework was adapted specifically for the industry of Telecommunications. This dissertation also studies the importance of the strategic merger and acquisitions as organizational form in the complementation of technological capability for external sources. Such empirical evidences had been collected from information and data bases published for the own companies who had been examined in this dissertation. Regarding the results, it was found that: 1. In terms of participation with ingress technological capabilities in strategic merger and acquisitions the equipment manufacturers had entered with 71% to 55 of the technological capabilities and the service operator company had entered with 61% to 71 technological capabilities. 2. In terms of implications of the merger and acquisitions for the configuration of resultant technologic capabilities, it was found that the equipment manufacturers had increased 31% the ratio of convergence of technology and the operators of services had increased 4% the ratio for the change in the organizational structure. 3. Regarding the accumulation technological capability to obtain convergence of technology and services was verified the increase these technological capabilities after the merger and acquisitions process in the companies studied. Considering the limitation of this study, the evidences found in this dissertation suggest that the companies use the processes of strategic merger and acquisitions to search for external complementation of their knowledge base to compete in the globalization market. The result demonstrates that this movement has implied in an alteration and accumulation of capability from organization on innovative technological activities regarding the convergence of technology and services.