Acquisition target selection of a serial acquirer : case KONE Oyj

Acquisitions are a way for a company to grow, enter new geographical areas, buy out competition or diversify. Acquisitions have recently grown in both size and value. Despite of this, only approximately 25 percent of acquisitions reach their targets and goals. Companies making serial acquisitions seem to be exceptionally successful and succeed in the majority of their acquisitions. The main research question this study aims to answer is: “What issues impact the selection of acquired companies from the point of view of a serial acquirer? The main research question is answered through three sub questions: “What is a buying process for a serial acquirer like?”, “What are the motives for a serial acquirer to buy companies?” and “What is the connection between company strategy and serial acquisitions?”. The case company KONE is a globally operating company which mainly produces and maintains elevators and escalators. Its headquarter is located in Helsinki, Finland. The company has a long history of making acquisitions and does 20- 30 acquisitions a year. By a key person interview, the acquisition process of the case company is compared with the literature about successful serial acquirers. The acquisition motives in this case are reflected upon three of the acquisition motive theories by Trautwein: efficiency theory, monopoly theory and valuation theory. The linkage between serial acquisitions and company strategy is studied through the key person interview. The main research findings are that the acquisition process of KONE is compatible with a successful acquisition process recognized in literature (RAID). This study confirms the efficiency theory as an acquisition motive and more closely the operational synergies. The monopoly theory can only vaguely be supported by this study, but cannot be totally rejected because of the structure of the industry. The valuation theory does not get any support in this study and can therefore be rejected. The linkage between company strategy and serial acquisitions is obvious and making acquisitions can be seen as growth strategy and a part of other company strategies.

The psychophysics of decision making in a two-direction random dot motion target selection task

La tâche de kinématogramme de points aléatoires est utilisée avec le paradigme de choix forcé entre deux alternatives pour étudier les prises de décisions perceptuelles. Les modèles décisionnels supposent que les indices de mouvement pour les deux alternatives sont encodés dans le cerveau. Ainsi, la différence entre ces deux signaux est accumulée jusqu’à un seuil décisionnel. Cependant, aucune étude à ce jour n’a testé cette hypothèse avec des stimuli contenant des mouvements opposés. Ce mémoire présente les résultats de deux expériences utilisant deux nouveaux stimuli avec des indices de mouvement concurrentiels. Parmi une variété de combinaisons d’indices concurrentiels, la performance des sujets dépend de la différence nette entre les deux signaux opposés. De plus, les sujets obtiennent une performance similaire avec les deux types de stimuli. Ces résultats supportent un modèle décisionnel basé sur l’accumulation des indices de mouvement net et suggèrent que le processus décisionnel peut intégrer les signaux de mouvement à partir d’une grande gamme de directions pour obtenir un percept global de mouvement.

The influence of distractors on saccade­ target selection: saccade trajectory effects

It has long been known that the path (trajectory) taken by the eye to land on a target is rarely straight (Yarbus, 1967). Furthermore, the magnitude and direction of this natural tendency for curvature can be modulated by the presence of a competing distractor stimu­ lus presented along with the saccade target. The distractor­related modulation of saccade trajectories provides a subtle measure of the underlying competitive processes involved in saccade target selection. Here we review some of our own studies into the effects distract­ ors have on saccade trajectories, which can be regarded as a way of probing the competit­ ive balance between target and distractor salience.

VHITS: Vertical handoff initiation and target selection in a heterogeneous wireless network

Global connectivity, for anyone, at anyplace, at anytime, to provide high-speed, high-quality, and reliable communication channels for mobile devices, is now becoming a reality. The credit mainly goes to the recent technological advances in wireless communications comprised of a wide range of technologies, services, and applications to fulfill the particular needs of end-users in different deployment scenarios (Wi-Fi, WiMAX, and 3G/4G cellular systems). In such a heterogeneous wireless environment, one of the key ingredients to provide efficient ubiquitous computing with guaranteed quality and continuity of service is the design of intelligent handoff algorithms. Traditional single-metric handoff decision algorithms, such as Received Signal Strength (RSS) based, are not efficient and intelligent enough to minimize the number of unnecessary handoffs, decision delays, and call-dropping and/or blocking probabilities. This research presented a novel approach for the design and implementation of a multi-criteria vertical handoff algorithm for heterogeneous wireless networks. Several parallel Fuzzy Logic Controllers were utilized in combination with different types of ranking algorithms and metric weighting schemes to implement two major modules: the first module estimated the necessity of handoff, and the other module was developed to select the best network as the target of handoff. Simulations based on different traffic classes, utilizing various types of wireless networks were carried out by implementing a wireless test-bed inspired by the concept of Rudimentary Network Emulator (RUNE). Simulation results indicated that the proposed scheme provided better performance in terms of minimizing the unnecessary handoffs, call dropping, and call blocking and handoff blocking probabilities. When subjected to Conversational traffic and compared against the RSS-based reference algorithm, the proposed scheme, utilizing the FTOPSIS ranking algorithm, was able to reduce the average outage probability of MSs moving with high speeds by 17%, new call blocking probability by 22%, the handoff blocking probability by 16%, and the average handoff rate by 40%. The significant reduction in the resulted handoff rate provides MS with efficient power consumption, and more available battery life. These percentages indicated a higher probability of guaranteed session continuity and quality of the currently utilized service, resulting in higher user satisfaction levels.

Vertical Handoff Target Selection in a Heterogeneous Wireless Network Using Fuzzy ELECTRE

Global connectivity is on the verge of becoming a reality to provide high-speed, high-quality, and reliable communication channels for mobile devices at anytime, anywhere in the world. In a heterogeneous wireless environment, one of the key ingredients to provide efficient and ubiquitous computing with guaranteed quality and continuity of service is the design of intelligent handoff algorithms. Traditional single-metric handoff decision algorithms, such as Received Signal Strength (RSS), are not efficient and intelligent enough to minimize the number of unnecessary handoffs, decision delays, call-dropping and blocking probabilities. This research presents a novel approach for of a Multi Attribute Decision Making (MADM) model based on an integrated fuzzy approach for target network selection.

Photometric redshifts and k-corrections for the Sloan Digital Sky Survey Data Release 7

We present a catalogue of galaxy photometric redshifts and k-corrections for the Sloan Digital Sky Survey Data Release 7 (SDSS-DR7), available on the World Wide Web. The photometric redshifts were estimated with an artificial neural network using five ugriz bands, concentration indices and Petrosian radii in the g and r bands. We have explored our redshift estimates with different training sets, thus concluding that the best choice for improving redshift accuracy comprises the main galaxy sample (MGS), the luminous red galaxies and the galaxies of active galactic nuclei covering the redshift range 0 < z < 0.3. For the MGS, the photometric redshift estimates agree with the spectroscopic values within rms = 0.0227. The distribution of photometric redshifts derived in the range 0 < z(phot) < 0.6 agrees well with the model predictions. k-corrections were derived by calibration of the k-correct_v4.2 code results for the MGS with the reference-frame (z = 0.1) (g - r) colours. We adopt a linear dependence of k-corrections on redshift and (g - r) colours that provide suitable distributions of luminosity and colours for galaxies up to redshift z(phot) = 0.6 comparable to the results in the literature. Thus, our k-correction estimate procedure is a powerful, low computational time algorithm capable of reproducing suitable results that can be used for testing galaxy properties at intermediate redshifts using the large SDSS data base.

THE SLOAN DIGITAL SKY SURVEY CO-ADD: A GALAXY PHOTOMETRIC REDSHIFT CATALOG

We present and describe a catalog of galaxy photometric redshifts (photo-z) for the Sloan Digital Sky Survey (SDSS) Co-add Data. We use the artificial neural network (ANN) technique to calculate the photo-z and the nearest neighbor error method to estimate photo-z errors for similar to 13 million objects classified as galaxies in the co-add with r < 24.5. The photo-z and photo-z error estimators are trained and validated on a sample of similar to 83,000 galaxies that have SDSS photometry and spectroscopic redshifts measured by the SDSS Data Release 7 (DR7), the Canadian Network for Observational Cosmology Field Galaxy Survey, the Deep Extragalactic Evolutionary Probe Data Release 3, the VIsible imaging Multi-Object Spectrograph-Very Large Telescope Deep Survey, and the WiggleZ Dark Energy Survey. For the best ANN methods we have tried, we find that 68% of the galaxies in the validation set have a photo-z error smaller than sigma(68) = 0.031. After presenting our results and quality tests, we provide a short guide for users accessing the public data.

Calibrating photometric redshifts of luminous red galaxies

We discuss the construction of a photometric redshift catalogue of luminous red galaxies (LRGs) from the Sloan Digital Sky Survey (SDSS), emphasizing the principal steps necessary for constructing such a catalogue: (i) photometrically selecting the sample, (ii) measuring photometric redshifts and their error distributions, and (iii) estimating the true redshift distribution. We compare two photometric redshift algorithms for these data and find that they give comparable results. Calibrating against the SDSS and SDSS-2dF (Two Degree Field) spectroscopic surveys, we find that the photometric redshift accuracy is sigma similar to 0.03 for redshifts less than 0.55 and worsens at higher redshift (similar to 0.06 for z < 0.7). These errors are caused by photometric scatter, as well as systematic errors in the templates, filter curves and photometric zero-points. We also parametrize the photometric redshift error distribution with a sum of Gaussians and use this model to deconvolve the errors from the measured photometric redshift distribution to estimate the true redshift distribution. We pay special attention to the stability of this deconvolution, regularizing the method with a prior on the smoothness of the true redshift distribution. The methods that we develop are applicable to general photometric redshift surveys.

The 2df SDSS LRG and QSO survey: evolution of the luminosity function of luminous red galaxies to z=0.6

We present new measurements of the luminosity function (LF) of luminous red galaxies (LRGs) from the Sloan Digital Sky Survey (SDSS) and the 2dF SDSS LRG and Quasar (2SLAQ) survey. We have carefully quantified, and corrected for, uncertainties in the K and evolutionary corrections, differences in the colour selection methods, and the effects of photometric errors, thus ensuring we are studying the same galaxy population in both surveys. Using a limited subset of 6326 SDSS LRGs (with 0.17 < z < 0.24) and 1725 2SLAQ LRGs (with 0.5 < z < 0.6), for which the matching colour selection is most reliable, we find no evidence for any additional evolution in the LRG LF, over this redshift range, beyond that expected from a simple passive evolution model. This lack of additional evolution is quantified using the comoving luminosity density of SDSS and 2SLAQ LRGs, brighter than M-0.2r - 5 log h(0.7) = - 22.5, which are 2.51 +/- 0.03 x 10(-7) L circle dot Mpc(-3) and 2.44 +/- 0.15 x 10(-7) L circle dot Mpc(-3), respectively (< 10 per cent uncertainty). We compare our LFs to the COMBO-17 data and find excellent agreement over the same redshift range. Together, these surveys show no evidence for additional evolution (beyond passive) in the LF of LRGs brighter than M-0.2r - 5 log h(0.7) = - 21 ( or brighter than similar to L-*).. We test our SDSS and 2SLAQ LFs against a simple 'dry merger' model for the evolution of massive red galaxies and find that at least half of the LRGs at z similar or equal to 0.2 must already have been well assembled (with more than half their stellar mass) by z similar or equal to 0.6. This limit is barely consistent with recent results from semi-analytical models of galaxy evolution.

The 2dF-SDSS LRG and QSO (2SLAQ) luminous red galaxy survey

We present a spectroscopic survey of almost 15 000 candidate intermediate-redshift luminous red galaxies (LRGs) brighter than i = 19.8, observed with 2dF on the Anglo-Australian Telescope. The targets were selected photometrically from the Sloan Digital Sky Survey (SDSS) and lie along two narrow equatorial strips covering 180 deg(2). Reliable redshifts were obtained for 92 per cent of the targets and the selection is very efficient: over 90 per cent have 0.45 < z < 0.8. More than 80 per cent of the similar to 11 000 red galaxies have pure absorption-line spectra consistent with a passively evolving old stellar population. The redshift, photometric and spatial distributions of the LRGs are described. The 2SLAQ data will be released publicly from mid-2006, providing a powerful resource for observational cosmology and the study of galaxy evolution.

A proteomic approach toward the selection of proteins with enhanced intrinsic conformational stability

Journal of Proteome Research (2006)5: 2720-2726

Dissociation between the impact of evidence on eye movement target choice and confidence judgements

It has been suggested that the evidence used to support a decision to move our eyes and the confidence we have in that decision are derived from a common source. Alternatively, confidence may be based on further post-decisional processes. In three experiments we examined this. In Experiment 1, participants chose between two targets on the basis of varying levels of evidence (i.e., the direction of motion coherence in a Random-Dot-Kinematogram). They indicated this choice by making a saccade to one of two targets and then indicated their confidence. Saccade trajectory deviation was taken as a measure of the inhibition of the non-selected target. We found that as evidence increased so did confidence and deviations of saccade trajectory away from the non-selected target. However, a correlational analysis suggested they were not related. In Experiment 2 an option to opt-out of the choice was offered on some trials if choice proved too difficult. In this way we isolated trials on which confidence in target selection was high (i.e., when the option to opt-out was available but not taken). Again saccade trajectory deviations were found not to differ in relation to confidence. In Experiment 3 we directly manipulated confidence, such that participants had high or low task confidence. They showed no differences in saccade trajectory deviations. These results support post-decisional accounts of confidence: evidence supporting the decision to move the eyes is reflected in saccade control, but the confidence that we have in that choice is subject to further post-decisional processes.

Tn5/IS50 target recognition

This communication reports an analysis of Tn5/IS50 target site selection by using an extensive collection of Tn5 and IS50 insertions in two relatively small regions of DNA (less than 1 kb each). For both regions data were collected resulting from in vitro and in vivo transposition events. Since the data sets are consistent and transposase was the only protein present in vitro, this demonstrates that target selection is a property of only transposase. There appear to be two factors governing target selection. A target consensus sequence, which presumably reflects the target selection of individual pairs of Tn5/IS50 bound transposase protomers, was deduced by analyzing all insertion sites. The consensus Tn5/IS50 target site is A-GNTYWRANC-T. However, we observed that independent insertion sites tend to form groups of closely located insertions (clusters), and insertions very often were spaced in a 5-bp periodic fashion. This suggests that Tn5/IS50 target selection is facilitated by more than two transposase protomers binding to the DNA, and, thus, for a site to be a good target, the overlapping neighboring DNA should be a good target, too. Synthetic target sequences were designed and used to test and confirm this model.

Laminar disorganisation of mitral cells in the olfactory bulb does not affect topographic targeting of primary olfactory axons

Primary olfactory neurons expressing the same odorant receptor protein typically project to topographically fixed olfactory bulb sites. While cell adhesion molecules and odorant receptors have been implicated in guidance of primary olfactory axons. the postsynaptic mitral cells may also have a role in final target selection. We have examined the effect of disorganisation of the mitral cell soma layer in mutant mice heterozygous for the beta-subunit of platelet activating factor acetylhydrolase (Lis1(-/+)) on the targeting of primary olfactory axons. Lis1(-/+) mice display abnormal lamination of neurons in the olfactory bulb. Lis1(-/+) mice were crossed with the P2-IRES-tau:LacZ line of transgenic mice that selectively expresses beta-galactosidase in primary olfactory neurons expressing the P2 odorant receptor. LacZ histochemistry revealed blue-stained P2 axons that targeted topographically fixed glomeruli in these mice in a manner similar to that observed in the parent P2-IRES-tau:LacZ line. Thus, despite the aberrant organisation of postsynaptic mitral cells in Lis1(-/+) mice, primary olfactory axons continued to converge and form glomeruli at correct sites in the olfactory bulb. Next we examined whether challenging primary olfactory axons in adult Lis(-/+) mice with regeneration would affect their ability to converge and form glomeruli. Following partial chemical ablation of the olfactory neuroepithelium with dichlobenil, primary olfactory neurons die and are replaced by newly differentiating neurons that project axons to the olfactory bulb where they converge and form glomeruli. Despite the aberrant mitral cell layer in Lis(-/+) mice. primary olfactory axons continued to converge and form glomeruli during regeneration. Together these results demonstrate that the convergence of primary olfactory axons during development and regeneration is not affected by gross perturbations to the lamination of the mitral cell layer. Thus, these results support evidence from other studies indicating that mitral cells do not play a major role in the convergence and targeting of primary olfactory axons in the olfactory bulb. (C) 2002 Elsevier Science B.V. All rights reserved.

Targetting of the ventro-intermediate nucleus using ultra-high field (7T) MRI for gamma knife surgery purposes: A pilot in vivo study on healthy subjects.

INTRODUCTION: Gamma Knife surgery (GKS) is a non-invasive neurosurgical stereotactic procedure, increasingly used as an alternative to open functional procedures. This includes targeting of the ventro-intermediate nucleus of the thalamus (e.g. Vim) for tremor. We currently perform an indirect targeting, as the Vim is not visible on current 3Tesla MRI acquisitions. Our objective was to enhance anatomic imaging (aiming at refining the precision of anatomic target selection by direct visualisation) in patients treated for tremor with Vim GKS, by using high field 7T MRI. MATERIALS AND METHODSH: Five young healthy subjects were scanned on 3 (T1-w and diffusion tensor imaging) and 7T (high-resolution susceptibility weighted images (SWI)) MRI in Lausanne. All images were further integrated for the first time into the Gamma Plan Software(®) (Elekta Instruments, AB, Sweden) and co-registered (with T1 was a reference). A simulation of targeting of the Vim was done using various methods on the 3T images. Furthermore, a correlation with the position of the found target with the 7T SWI was performed. The atlas of Morel et al. (Zurich, CH) was used to confirm the findings on a detailed analysis inside/outside the Gamma Plan. RESULTS: The use of SWI provided us with a superior resolution and an improved image contrast within the basal ganglia. This allowed visualization and direct delineation of some subgroups of thalamic nuclei in vivo, including the Vim. The position of the target, as assessed on 3T, perfectly matched with the supposed one of the Vim on the SWI. Furthermore, a 3-dimensional model of the Vim-target area was created on the basis of the obtained images. CONCLUSION: This is the first report of the integration of SWI high field MRI into the LGP, aiming at the improvement of targeting validation of the Vim in tremor. The anatomical correlation between the direct visualization on 7T and the current targeting methods on 3T (e.g. quadrilatere of Guyot, histological atlases) seems to show a very good anatomical matching. Further studies are needed to validate this technique, both by improving the accuracy of the targeting of the Vim (potentially also other thalamic nuclei) and to perform clinical assessment.