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Journal articles on the topic 'Post-deal performance'
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1
Thompson, Ephraim Kwashie, and Changki Kim. "Information asymmetry, time until deal completion and post-M&A performance." Journal of Derivatives and Quantitative Studies: 선물연구 28, no. 3 (August 13, 2020): 123–40. http://dx.doi.org/10.1108/jdqs-06-2020-0014.
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This paper aims to show that information asymmetry plays a vital role in the post-M&A performance-time until deal completion nexus. The findings are that the due diligence hypothesis and the overdue hypothesis proposed and tested in Thompson and Kim (2020) are influenced by the information asymmetry of the target during the negotiation process. Thus, mergers that involve more opaque targets that take a shorter time to close perform better, whereas those that take too long to close experience poor post-M&A performance. Conversely, there is no such effect when the mergers involve targets that are transparent and not plagued with large information asymmetry problems. These results hold for the short-term supporting the evidence that information asymmetry problems are severe before the merger is consummated and become attenuated post-merger.
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Kapil, Sheeba, and Gaurav Barick. "Post-acquisition Performance Analysis of Indian Target Firms: The Role of Deal Characteristics." Indian Economic Journal 66, no. 3-4 (December 2018): 250–69. http://dx.doi.org/10.1177/0019466220938042.
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The aim of this article is to identify and determine various dimensions of deal characteristics affecting the post-acquisition performance of Indian target firms. Available researches have focussed on the stock market reaction as the indicator of target firm performance. Nonetheless, various determinants are found to affect the post-acquisition performance of target firms. Bearing that in mind, this article focusses on the significance of deal characteristics while assessing the performance of the Indian target firms post-acquisition. The article attempts to analyse the post-acquisition performance of target firms independent of the acquirer firm to get a more appropriate perception of their position. The change model, generalised method of moments (GMM) model and the regression model has been employed to assess the changes in operating performance, analyse the importance of financial variables in post-acquisition performance and study the impact of deal characteristics in the post-acquisition performance of the Indian target firms. The outcomes reveal that there has been a significant difference in the improvement of targets depending on whether it has been taken over by a domestic acquirer or inbound acquirer.
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Thompson, Ephraim Kwashie, and Changki Kim. "Post-M&A Performance and Failure: Implications of Time until Deal Completion." Sustainability 12, no. 7 (April 8, 2020): 2999. http://dx.doi.org/10.3390/su12072999.
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Firm values change substantially between deal announcement and closing, risking renegotiation or termination. For deals that eventually close, does waiting longer to close benefit the acquirer post-M&A? We investigate whether the time that elapses until deal completion is an indicator of post-M&A performance and failure. We find that deals taking an optimum time to implement perform better, supporting the due diligence hypothesis, while taking too long to close is an indication of poor post-M&A performance and subsequent failure, supporting the overdue hypothesis.
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Li, Kai, Buhui Qiu, and Rui Shen. "Organization Capital and Mergers and Acquisitions." Journal of Financial and Quantitative Analysis 53, no. 4 (May 11, 2018): 1871–909. http://dx.doi.org/10.1017/s0022109018000145.
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Using a sample of completed U.S. acquisition deals over the period 1984–2014, we find that acquirer organization capital as measured by capitalized selling, general, and administrative (SG&A) expenses is associated with superior deal performance. We show that high organization-capital acquirers achieve significantly higher abnormal announcement period returns, and better post-merger operating and stock performance, than low organization-capital acquirers. Additional tests suggest a causal relation between acquirer organization capital and deal performance. We further show that post-merger, high organization-capital acquirers cut more on the cost of goods sold, invest more in SG&A expenses, and achieve greater asset turnover and innovative efficiency.
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Krishnan, C. N. V., and Paul Laux. "Legal advisors: Popularity versus economic performance in acquisitions." Corporate Ownership and Control 6, no. 2 (2008): 475–99. http://dx.doi.org/10.22495/cocv6i2c4p6.
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Law firms provide extensive intermediation in corporate acquisitions, including negotiation, certification, and drafting of contracts and agreements. Using a broad sample of U.S. acquisition offers, we find that large-market-share law firms are regularly called upon to facilitate completion of large, legally-complex offers. Complex offers are often withdrawn but, controlling for complexity; large-share law firms are associated with enhanced deal completion. Further, we document that some law firms are consistently associated with deal completion over time, and that acquirers with good deal completion experience use fewer different law firms. Acquirers‟ risk-adjusted returns, though, are smaller around announcements of offers advised by large-share law firms. Post-offer long-run returns of the acquirers are also lower and often negative following offers advised by large-share law firms. We find no evidence that particular law firms are consistently associated over time with strong returns. Our conclusion is that large law firms enhance deal completion in difficult situations, consistent with the aims of acquirer management. However, we find no systematic evidence that these popular law firms act as “gatekeepers” in the sense of not wanting to be associated with value-destroying deals.
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Wang, Isabel Yanyan, Xue Wang, and Daniel Wangerin. "Consequences of Increased Compensation Disclosure Transparency: Evidence From CEO Pay in Acquiring Firms." Journal of Accounting, Auditing & Finance 35, no. 4 (January 23, 2018): 667–95. http://dx.doi.org/10.1177/0148558x17752815.
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We investigate the consequences of increased compensation disclosure transparency on the pay for chief executive officers (CEOs) in firms that are more prone to a misalignment between manager and shareholder interests. Prior research documents that acquiring CEOs’ pay is insensitive to poor post-deal performance after firms complete large acquisitions. Using the 2006 Securities and Exchange Commission (SEC) compensation disclosure regulation as our empirical setting, we find that this result disappears after firms begin to provide more transparent compensation disclosure. Our cross-sectional analyses show that acquiring firms with higher quality compensation disclosure exhibit greater CEO pay sensitivity to poor post-deal performance after 2006. Our findings indicate that increased compensation disclosure transparency helps strengthen the relation between CEO pay and poor performance in acquiring firms.
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Croci, Ettore, Eric Nowak, and Olaf Ehrhardt. "The corporate governance endgame – minority squeeze-out regulation and post-deal litigation in Germany." Managerial Finance 43, no. 1 (January 9, 2017): 95–123. http://dx.doi.org/10.1108/mf-01-2016-0032.
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Purpose The purpose of this paper is to examine minority squeeze-outs and their regulation in Germany, a country where majority shareholders have extensively used this tool since its introduction in 2002. Using unique hand-collected data, the authors carry out the first detailed analysis of the German squeeze-out offers from the announcement to the outcome of post-deal litigation, examining also the determinants of the decision to squeeze-out minority investors. Design/methodology/approach Using unique data on court rulings and compensations, the authors analyze a sample of 324 squeeze-outs of publicly listed companies from 2002 to 2011 to carry out the first detailed analysis of the squeeze-out procedure and the post-deal litigation. The authors employ the event study methodology to assess the stock market reaction around the announcement of the squeeze-out. Findings Large firms with foreign large shareholders are the most likely to be delisted. Positive stock price performance increases the likelihood of a squeeze-out, but operating performance has the opposite effect. Stock prices react positively to squeeze-out announcements, in particular when the squeeze-out does not follow a previous takeover offer. Post-deal litigation is widespread: nearly all squeeze-outs are legally challenged by minority shareholders. Additional cash compensation is larger in appraisal procedures, but actions of avoidance are completed in less time. Overall, the evidence suggests that starting post-deal litigation by challenging the cash compensation offered in a squeeze-out delivers high returns for minority investors. Research limitations/implications The lack of data concerning the identity of minority shareholders in firms undergoing a squeeze-out does not allow a proper investigation of the incentives of the different types of investors. Practical implications The paper provides evidence about the incentives of the different players in a squeeze-out offer. The findings of the paper could be helpful in assessing the impact of the squeeze-out rule. The results also contribute to the understanding of minority investors’ incentives to start post-deal litigation. Originality/value This paper provides new evidence about post-deal litigation, in particular how investors use the procedures that the system provides them to protect themselves against controlling shareholders. The paper examines all the phases of the squeeze-out procedure and challenges.
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Jeong, Nara. "Diversity management and postmergers and acquisitions performance." Management Decision 59, no. 10 (April 29, 2021): 2369–84. http://dx.doi.org/10.1108/md-05-2020-0635.
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PurposeThe purpose of this paper is to examine the role of diversity management on postmergers and acquisitions (M&A) performance. Building on prior literature, it investigates whether a firm ability to harmonize people with different backgrounds and to deal with uncertainty and dynamics in the diverse work environment will affect post-M&A performance either directly or through its interactions with acquirer-target characteristics.Design/methodology/approachThis paper used panel regression analysis on a sample of 218 M&As conducted by listed large US firms across industries.FindingsResults show that the diversity management of an acquiring firm positively influences post-M&A performance. This paper also finds support for diversity management having a more significant moderating role where merged firms have a bigger size difference and higher industry relatedness.Originality/valueThe primary contribution of this study is in testing and finding evidence to support the claim that diversity management is a useful factor in predicting post-M&A performance. The success of post-M&A integration should be considered alongside the extent of firm capabilities to manage internal diversity.
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Wiles, David. "Reading Greek Performance." Greece and Rome 34, no. 2 (October 1987): 136–51. http://dx.doi.org/10.1017/s0017383500028096.
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Simon Goldhill's Reading Greek Tragedy is a welcome publication – not for its originality but because it makes available an important and eclectic body of critical approaches to Greek texts. Goldhill gives no quarter to the idea that the Greekless reader cannot deal with complex theoretical arguments. The (post-)structuralist revolution in modern thought, associated with Derrida, Foucault, and above all Barthes, mediated for the most part through classical scholars such as J-P. Vernant, Froma Zeitlin, and Charles Segal, has here found its way into a book targeted at the undergraduate market. I welcome Goldhill's book as one which demonstrates, without mystification, both the complexity of Greek tragedy, and the contemporary relevance of the questions which Greek tragedy poses. At the same time, as one who teaches students of Drama, I cannot but feel frustration.
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Loyeung, Anna. "The role of boutique financial advisors in mergers and acquisitions." Australian Journal of Management 44, no. 2 (October 5, 2018): 212–47. http://dx.doi.org/10.1177/0312896218792970.
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This study examines the choice of boutique financial advisors in mergers and acquisitions, and the consequences of this choice on deal outcomes and post-acquisition performance. Boutique advisors often specialize in a particular industry and focus exclusively on providing advice in mergers and acquisitions. The results suggest that boutique financial advisors are preferred when the deal is considered complex and when information asymmetry is high. The study finds that the benefits of hiring a boutique advisor flow to both the acquirers and the target firms. Acquiring firms benefit in terms of improved post-merger performance, while target firms benefit in terms of higher completion of value-enhancing deals and positive cumulative abnormal returns. Overall, these results provide support for the growing popularity of boutique financial advisors in the Australian market. JEL classification: G24, G34
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Mishra, Sarita, and Dinabandhu Bag. "Deriving successful venture capital deal profile through decision tree analysis in Indian context." World Journal of Entrepreneurship, Management and Sustainable Development 16, no. 2 (April 10, 2020): 97–108. http://dx.doi.org/10.1108/wjemsd-03-2018-0031.
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PurposeThis study is based on the development of predictive classification for the success of a venture capital (VC) deal derived from both qualitative and quantitative indicators.Design/methodology/approachDecision tree analysis has used for devising the success model of VC deal. Various deal characteristics are considered in this study as the observable component of success.FindingsThe finding of this analysis indicates that the success of the deal does not only depend on the final outcome like post company valuation (POST_COMP), realised revenue (RREV) but also depends on various observable contractual characteristics like syndication, use of convertible security and ownership percentage with some noticeable deal features.Practical implicationsThis study increases the further scope of study on a contractual mechanisms such as allocation of cash flow right and control right in the deal contract between venture investor and entrepreneur firm. This could give a better understanding of success path of a venture deal.Originality/valueThis study has attempted to derive a performance model based on observable attributes of a VC deal.
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Bouresli, Amani Khaled, and Wallace N. Davidson III. "Changes in compensation structure, corporate governance, and short-run operating performance in IPO firms." Corporate Ownership and Control 5, no. 4 (2008): 328–44. http://dx.doi.org/10.22495/cocv5i4c3p1.
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The IPO process may potentially introduce or increase agency costs. The newly public firm must deal with these agency problems. We find that following an IPO, the CEO compensation structure on average becomes more pay and performance-sensitive, and the board of directors becomes more independent. Venture capitalist participation seems to positively influence these findings. However, these post-IPO changes do not lead to better short-run operating performance
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Tang, Alex, Alexis Kwasinski, John Eidinger, Colin Foster, and Pete Anderson. "Telecommunication Systems’ Performance: Christchurch Earthquakes." Earthquake Spectra 30, no. 1 (February 2014): 231–52. http://dx.doi.org/10.1193/022213eqs046m.
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Telecommunication systems generally performed better than other lifelines in the Christchurch-area earthquake sequence of 2010–2011; however, various service interruptions were a major concern for subscribers. Power disruption was the primary reason for service interruption in Christchurch, as has been similarly observed in many other major earthquakes around the world. Extensive ground failures impacted underground cabling, while Central Offices (COs) sustained minor damage due to strong shaking. Closure of the Central Business District and increased call volumes created additional strain on telecommunication service providers to deal with emergency response. This paper presents the findings of the post-earthquake lifeline performance investigations of both the landline network and the cellular network. Voice and data services of these networks are examined and commented based on the findings. The authors’ view of rendering the telecommunication systems more resilient is presented ( Eidinger and Tang 2014 ).
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Fidanza, Barbara. "Does Technology Matter When Selecting a Target Firm in an M&A? Some Evidence on a European M&A Sample." International Business Research 12, no. 5 (April 24, 2019): 111. http://dx.doi.org/10.5539/ibr.v12n5p111.
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Using a sample of European M&As from 2009 to 2017, this work assesses whether there is a linkage between a firm's innovation orientation and its participation in an M&A. This main aim has been divided into three aims: defining the target firms’ characteristics in M&A deals with a special focus on innovation orientation, performance, financial structure and size; understanding what kind of firm is generally acquired from institutional investors; describing the effects of M&A deals on the targets. With reference to the analysis method, aims were pursued through logistic regressions on the cross-sectional sample and by comparing pre-deal and post-deal average balance values.
The result is twofold. First, a high probability of being targeted is associated with high portfolio patents and low research and development costs of a firm, but only in cases of technological overlap; otherwise the R&D intensity, performance and size of firms are relevant. Second, when analysing the effects of M&As, comparing the same variables in post vs. pre deal period, they are only significant for patent and R&D costs. These results confirm that the M&A transactions produce useful synergy in terms of innovation capability.
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Narayan, P. C., and M. Thenmozhi. "Do cross-border acquisitions involving emerging market firms create value." Management Decision 52, no. 8 (September 9, 2014): 1451–73. http://dx.doi.org/10.1108/md-04-2014-0227.
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Purpose – The purpose of this paper is to contribute to M&A literature by explicitly investigating whether cross-border acquisitions involving emerging markets, either as acquirers or as targets, create value and how is the performance outcome in such acquisitions impacted by deal-specific characteristics. Design/methodology/approach – This study uses industry-adjusted operating performance to measure acquisition gains, the Wilcoxon signed rank test to examine value creation potential and OLS regression to evaluate the impact of deal characteristics on acquisition gains. Findings – The authors find very pronounced value destruction when emerging market firms acquire targets in developed markets, the adverse outcome being further aggravated when the mode of acquisition is “tender offer” rather than a “negotiated deal”. On the other hand, when developed market firms acquire targets from emerging markets, there is an even chance of value creation, the outcome being favourably influenced by the pre-acquisition performance of the two firms, relative size of the target and cash (not stock-swap) as the mode of payment. Originality/value – The findings from this paper offer an important, statistically significant explanation on the value creation potential and the impact of deal characteristics on post-acquisition operating performance in cross-border acquisitions involving emerging market firms. This finding assumes immense significance, given the rapidly changing landscape of global M&A, witnessed through a continuous rise in the volume and value of cross-border acquisitions involving emerging market firms.
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Courteau, Lucie. "The information content of Fairness Opinions in M&A: Evidence from Italy." FINANCIAL REPORTING, no. 1 (June 2020): 5–46. http://dx.doi.org/10.3280/fr2020-001001.
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One of the major sources of inefficiencies in M&A transactions is the asymmetry of information between the bidder and the target. Several disclosure strategies are used by bidders to convince target shareholders to tender their shares but also to convince their own shareholders about the value of the proposed deal. Target managers also try to communicate to their shareholders their appreciation of the offer. To add credibility to this communication, experts are often called on to express an independent opinion on the offer price, in a document called the Fairness Opinion (FO). While FOs have been found to have no effect on deal efficiency in the US, this study re-examines the issue by considering the actual content of the document, in terms of the valuation process that leads to the expert opinion, in the context of Italian M&As where FOs are mostly voluntary and often provide detailed information about target valuation. The results show that even in a setting where weak enforcement of disclosure regulations allows bidders and targets to choose the level and detail of disclosure, the quality of the content of FO has only a weak association with the performance of the deal, both in terms of bidder announcement returns and of post-deal market and operating performance.
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Lamagna, L., A. Paiella, S. Masi, L. Bottini, A. Boschetto, and F. Veniali. "Selective Laser Melting Process of Al–Based Pyramidal Horns for the W-Band: Fabrication and Testing." Journal of Infrared, Millimeter, and Terahertz Waves 42, no. 2 (January 8, 2021): 154–72. http://dx.doi.org/10.1007/s10762-020-00759-2.
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AbstractIn the context of exploring the possibility of using Al-powder Selective Laser Melting to fabricate horn antennas for astronomical applications at millimeter wavelengths, we describe the design, the fabrication, the mechanical characterization, and the electromagnetic performance of additive manufactured horn antennas for the W-band. Our aim, in particular, is to evaluate the performance impact of two basic kinds of surface post-processing (manual grinding and sand-blasting) to deal with the well-known issue of high surface roughness in 3D printed devices. We performed comparative tests of co-polar and cross-polar angular response across the whole W-band, assuming a commercially available rectangular horn antenna as a reference. Based on gain and directivity measurements of the manufactured samples, we find decibel-level detectable deviations from the behavior of the reference horn antenna, and marginal evidence of performance degradation at the top edge of the W-band. We conclude that both kinds of post-processing allow achieving good performance for the W-band, but the higher reliability and uniformity of the sand-blasting post-process encourage exploring similar techniques for further development of aluminum devices at these frequencies.
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Biggart, Timothy B., and Vidyaranya B. Gargeya. "Impact of JIT on inventory to sales ratios." Industrial Management & Data Systems 102, no. 4 (June 1, 2002): 197–202. http://dx.doi.org/10.1108/02635570210423235.
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Just‐In‐Time (JIT) production has received a great deal of attention, worldwide, since its introduction in Japan a few decades ago. It has been well documented that some of the main benefits of JIT implementation are reduction of inventories, lead‐time reduction, and cost savings. Most of the previous research on the impact of JIT on firm performance has either been anecdotal (one‐firm studies), or cross‐sectional (comparing JIT firms with non‐JIT firms at one point in time) in nature. This paper focuses on studying the impact of JIT on inventories to sales ratios prior‐ and post‐adoption based on actual performance of 74 firms as reported in COMPUSTAT data. Results show that the total inventory to sales ratio and raw material inventory to sales ratio decreased post‐implementation; however, there has not been any statistically significant change in work‐in‐process inventory to sales ratio and finished goods inventory to sales ratio post‐implementation.
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La Rosa, Fabio, Francesca Bernini, and Giovanna Mariani. "Diversified, integrated and cross-border acquisitions and firm performance: A comparison of family and non-family Italian listed firms." Corporate Ownership and Control 16, no. 1 (2018): 72–86. http://dx.doi.org/10.22495/cocv16i1art8.
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In family firms, the principal-agent relationship and the steward role of family managers are determinants for external growth and acquisition target selection. In fact, some acquisitions are better for the family’s need for risk reduction and company preservation. We aim to verify if family involvement in ownership and management influences firms’ acquisition propensity, type of strategy, and post-deal performance. We develop an empirical analysis for a sample of 141 Italian listed companies during 2005–2011, which includes the global financial crisis. Our results reveal that Italian listed family firms have lower acquisition propensity than non-family firms because of family involvement in ownership and executive committees. Especially, diversifying strategies are less pursued by family firms, and this is corroborated when family ownership increases. However, while family firms do not differ from non-family firms on post-acquisition performance, a moderating role of family firms and family ownership does exist for diversified acquisitions and performance.
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Nangia, V. K., Rajat Agarawal, Vinay Sharma, and K. Srinivasa Reddy. "Conglomerate diversification through cross-continent acquisition: Vedanta weds Cairn India." Emerald Emerging Markets Case Studies 1, no. 1 (January 1, 2011): 1–15. http://dx.doi.org/10.1108/20450621111127430.
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Subject area corporate policy and strategy – mergers and acquisitions. Study level/applicability Post graduation (MBA and other management degrees). It includes courses on Strategic Management, Business Environment and International Business. Case overview Markets are becoming highly connective, accessible and communicative and reaching maturity at a very high phase. Acquisition is a choice to enhance the emerging and diversified markets. This case paper presents insights on Vedanta – Cairn India cross-border acquisition deal in Indian oil and exploration industry. This case synchronizes the gap between strategic planning and outcome of actions. The study exclusively evidences the reaction of stocks of all attached parties against acquisition announcement and compares with market performance. Expected learning outcomes Strategic mapping of business negotiations, while in-organic choices, further the impact of economic, political, legal and regulatory factors on cross-border mergers and acquisitions (M&A), deliberate deal financing mechanism and leadership diplomacy. It proposes from the viewpoint of corporate in-organic alternatives and to strengthen the upcoming research field of strategy & policy. Supplementary materials Global M&A market, shareholding pattern, income statement and balance sheet of Cairn India Ltd, financial figures of Vedanta Resources, tabular data on stock and index performance, deal structure and teaching note.
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Galpin, Timothy J. "As another M&A wave begins: three keys to success." Strategy & Leadership 49, no. 2 (March 15, 2021): 14–21. http://dx.doi.org/10.1108/sl-01-2021-0008.
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Purpose As the Covid-19 crisis recedes, struggling firms will be bought by bargain hunters and suffering industries will consolidate, giving rise to another wave of M&A transactions. But buyers beware! There is ample evidence that M&A creates significant post-deal performance issues for acquiring “buy-side” firms. Design/methodology/approach New research shows that effectively managing three processes of acquisitions can have an outsized beneficial impact on M&A success. Findings Recent research has identified three mission-critical tasks that stand out as being vital to creating M&A success: Process 1: Accurately valuing targets. Process 2: Proficiently managing post-merger integration. Process 3: Skillfully addressing the “big-three human factors” of M&A. Practical implications Robust talent retention and re-recruitment plans initially entail identifying key talent, defined as individuals and groups who are essential to retain and re-recruit during a transitionary period and those required for long-term value creation. Originality/value The articles describes best practices for post-deal M&A activities companies could perform better including operations and technology integration, communication, cultural analysis and integration, talent management and retention, senior leadership involvement and measurement and reporting.
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Bhabra, Harjeet Singh, and Ashrafee Tanvir Hossain. "The Sarbanes-Oxley Act and corporate acquisitions." Managerial Finance 43, no. 4 (April 10, 2017): 452–70. http://dx.doi.org/10.1108/mf-10-2016-0291.
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Purpose The purpose of this paper is to analyze and compare the performance of corporate acquisitions between the pre- and post-SOX periods, using both short-term and long-term analyses. Design/methodology/approach The sample includes 9,463 mergers and tender offers undertaken by publicly traded US firms between 1996 and 2009. The authors used the standard event study methodology for short-term performance analysis; Berkovitch and Narayanan (1993) method to identify merger motives; and standard benchmark adjusted return on assets (sales) (Barber and Lyon, 1996) and buy-and-hold abnormal returns (Mitchell and Stafford, 2000) to analyze long-term performance. Findings Compared to the pre-SOX period, US acquirers experience significantly higher announcement returns in the post-SOX period; the results are robust to various controls like bidder, target and deal characteristics, bidder management quality, and product market competition. Similar results (in favor of post-SOX US acquirers) are obtained with long-term post-acquisition operating and stock performance analyses. Research limitations/implications This paper only addressed domestic acquisitions. Originality/value This paper adds to the growing body of research on the impact of SOX on publicly traded US corporations. By examining corporate acquisitions, an important long-term investment decision for a firm, the paper shows that despite the complex nature of SOX, substantial compliance costs and the unintended negative consequence it engendered, the act had a beneficial impact in an important area of corporate finance.
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Tănăsoiu, Cosmina. "Intellectuals and Post-Communist Politics in Romania." East European Politics and Societies: and Cultures 22, no. 1 (February 2008): 80–113. http://dx.doi.org/10.1177/0888325407311790.
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This article starts from the assumption that public intellectuals have the potential of being valuable actors of democratization through their propensity of creating debate by cultivating the alternative and relentlessly challenging thinking patterns in the societies in which they live. By examining the public discourses practiced during the first decade of post-communist politics, this article considers whether the Romanian public intellectuals have fulfilled this function. This article identifies both deconstructive, anti-discourses aimed at dismantling specific narratives (i.e., communism, ethnic nationalist rhetoric, clan politics) and constructive discourses centered on building new narratives (i.e., European, civil society, democratic). The article argues that the performance of public intellectuals should not be judged on their electoral success, but on their ability to fuel debate and deal with those issues considered to be politically uncomfortable by conventional political actors and by the society at large.
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Hossain, Ashrafee Tanvir. "Dual-class firms and governance: an acquisition perspective." Managerial Finance 41, no. 11 (November 9, 2015): 1221–35. http://dx.doi.org/10.1108/mf-05-2014-0141.
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Purpose – The purpose of this paper is to examine the impact of governance quality on firms with multiple voting structures. Design/methodology/approach – The sample includes 487 acquisitions undertaken by dual-class firms from 1996 to 2009. The author used event studies (Patell, 1976) for short-term performance analysis around merger announcement dates; Berkovitch and Narayanan (1993) methods to identify the motive behind these transactions; and standard benchmark adjusted return on assets (and return on sales) (Barber and Lyon, 1996) and BHAR (Mitchell and Stafford, 2000) to analyze long-term post-acquisition performance. Findings – First, dual-class acquirers with better governance quality show stronger performance around takeovers which indicates that these firms make better acquisition decisions. These results hold even after controlling for different firm and deal characteristics. Second, transactions undertaken by acquirers with good governance show little or no sign of agency motive. This reinforces the findings in first. Third, the author reports that acquirers with above-median governance quality display stronger long-term post-acquisition operating as well as stock performances. These results are robust to different benchmarks used for this study. Originality/value – This paper expands the literature on dual-class firms by showing the impact of governance quality on acquisition activities undertaken by these firms. This is the first study to show that despite agency issues inherent in the dual-class structure, improving governance quality would have a positive impact, at least in the case of corporate takeovers.
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Pacifico, Antonio. "Structural Panel Bayesian VAR with Multivariate Time-Varying Volatility to Jointly Deal with Structural Changes, Policy Regime Shifts, and Endogeneity Issues." Econometrics 9, no. 2 (May 2, 2021): 20. http://dx.doi.org/10.3390/econometrics9020020.
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This paper improves a standard Structural Panel Bayesian Vector Autoregression model in order to jointly deal with issues of endogeneity, because of omitted factors and unobserved heterogeneity, and volatility, because of policy regime shifts and structural changes. Bayesian methods are used to select the best model solution for examining if international spillovers come from multivariate volatility, time variation, or contemporaneous relationship. An empirical application among Central-Eastern and Western Europe economies is conducted to describe the performance of the methodology, with particular emphasis on the Great Recession and post-crisis periods. A simulated example is also addressed to highlight the performance of the estimating procedure. Findings from evidence-based forecasting are also addressed to evaluate the impact of an ongoing pandemic crisis on the global economy.
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Bereskin, Fred, Seong K. Byun, Micah S. Officer, and Jong-Min Oh. "The Effect of Cultural Similarity on Mergers and Acquisitions: Evidence from Corporate Social Responsibility." Journal of Financial and Quantitative Analysis 53, no. 5 (August 22, 2018): 1995–2039. http://dx.doi.org/10.1017/s0022109018000716.
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We study the effect of corporate cultural similarity on merger decisions and outcomes. Using the similarity in firms’ corporate social responsibility characteristics to proxy for cultural similarity, we find that culturally similar firms are more likely to merge. Moreover, these mergers are associated with greater synergies, superior long-run operating performance, and fewer write-offs of goodwill. Our evidence is consistent with the notion that cultural similarity eases post-deal integration. Our results contribute to the literature on the determinants of merger success, provide new evidence on the impact of corporate culture, and offer a new approach to defining firms’ cultural similarity.
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Chemmanur, Thomas J., Mine Ertugrul, and Karthik Krishnan. "Is It the Investment Bank or the Investment Banker? A Study of the Role of Investment Banker Human Capital in Acquisitions." Journal of Financial and Quantitative Analysis 54, no. 2 (September 7, 2018): 587–627. http://dx.doi.org/10.1017/s002210901800073x.
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Using a novel data set that links individual investment bankers to the acquisition deals they advise on, we find that individual investment bankers with greater deal experience are associated with higher acquisition returns and post-acquisition operating performance, particularly for acquirers in complex and more opaque industries. The advisory fee on acquisitions is also positively associated with the investment banking team’s experience. Finally, when more experienced investment bankers switch to a new bank, acquirers are more likely to move with them. Overall, our results suggest that the human capital of individual investment bankers is valuable to acquirers.
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Glick, Mark. "Antitrust and Economic History: The Historic Failure of the Chicago School of Antitrust." Antitrust Bulletin 64, no. 3 (August 15, 2019): 295–340. http://dx.doi.org/10.1177/0003603x19863586.
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This article presents an historical analysis of the antitrust laws. Its central contention is that the history of antitrust can only be understood in light of U.S. economic history and the succession of dominant economic policy regimes that punctuated that history. The antitrust laws and a subset of other related policies have historically focused on the negative consequences resulting from the rise, expansion, and dominance of big business. Antitrust specifically uses competition as its tool to address these problems. The article traces the evolution of the emergence, growth, and expansion of big business over six economic eras: the Gilded Age, the Progressive Era, the New Deal, the post–World War II Era, the 1970s, and the era of neoliberalism. It considers three policy regimes: laissez-faire during the Gilded Age and the Progressive Era, the New Deal, policy regime from the Depression through the early 1970s, and the neoliberal policy regime that dominates today and includes the Chicago School of antitrust. The principal conclusion of the article is that the activist antitrust associated with the New Deal that existed from the late 1930s to the 1960s resulted in far stronger economic performance than have the policies of the Chicago School that have dominated antitrust policy since the 1980s.
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Panda, Brahmadev, and N. M. Leepsa. "RIL’s Strategic Alliance with BP." Asian Journal of Management Cases 16, no. 2 (September 2019): 218–39. http://dx.doi.org/10.1177/0972820119858549.
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Reliance Industries Ltd. (RIL), the largest private sector company in India, invested in oil and gas fields by winning the bid under New Exploration and Licensing Policy in the year 1999 and aspired to exploit the growing Indian energy market. Though RIL developed the KG-D6 gas blocks in record time, soon after, it was engulfed with some issues like lack of technical expertise, geological complexities and huge capital expenditures. To tackle these issues RIL was hunting for a partner with technical expertise. Meanwhile, British Petroleum (BP) was also grappling with some serious hurdles and eyeing for a new market. India was the best bet for BP as it has recognized the potential of the subcontinent and its earlier stint with RIL inspired BP to invest in India. This case study analyses whether the much-anticipated deal was successful or not. This case study discusses the entire background, issues and difficulties encountered by RIL and BP prior to the deal. Further, we investigate the impact of the deal on RIL by analyzing its operational efficiency, financial performance and stock gains in the pre and post period of the alliance. This is an analytical case study based on the secondary databases, where it analyses the various pros and cons of the alliance between RIL and BP.
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Van der Berg-Cloete, Sophy Evelyn, Steve Olorunju, John George White, and Eric Buch. "The Albertina Sisulu Executive Leadership Programme enhancing the competencies and performance of public health service managers in South Africa." Leadership in Health Services 33, no. 2 (February 14, 2020): 163–83. http://dx.doi.org/10.1108/lhs-08-2019-0053.
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Purpose The purpose of this paper is to evaluate the effect of the Albertina Sisulu Executive Leadership Programme in Health (ASELPH) in improving the competencies and performance of public healthcare managers in South Africa (SA). Design/methodology/approach This study used a quasi-experimental study design, with pre-post assessments to assess the performance and competencies of students participating in a public health leadership programme. Students were assessed using a 360° assessment of 14 competencies and 56 performance indicators. Findings Students improved significantly in 11 competencies and 44 performance indicators; they perceived improvements in their own performance. The assessors observed the same improvements, which confirmed performance change at the students’ workplaces. The study showed the positive effect of the ASELPH Fellowship in improving the competencies and performance of public healthcare managers in SA. Originality/value The ASELPH Fellowship enhanced the leadership competencies and the performance of South African public healthcare managers. South African public healthcare managers face significant challenges and concerns have been raised regarding the competencies of healthcare managers to deal with these challenges. This study shows that leadership programmes can improve competencies and performance of managers to have an impact on the South African healthcare system
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Bao, Wenzheng, Bin Yang, Zhengwei Li, and Yong Zhou. "LAIPT: Lysine Acetylation Site Identification with Polynomial Tree." International Journal of Molecular Sciences 20, no. 1 (December 29, 2018): 113. http://dx.doi.org/10.3390/ijms20010113.
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Post-translational modification plays a key role in the field of biology. Experimental identification methods are time-consuming and expensive. Therefore, computational methods to deal with such issues overcome these shortcomings and limitations. In this article, we propose a lysine acetylation site identification with polynomial tree method (LAIPT), making use of the polynomial style to demonstrate amino-acid residue relationships in peptide segments. This polynomial style was enriched by the physical and chemical properties of amino-acid residues. Then, these reconstructed features were input into the employed classification model, named the flexible neural tree. Finally, some effect evaluation measurements were employed to test the model’s performance.
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Zhang, Liang Feng, Duo Chen, and Ming Wei Liu. "Research of Finite Element Simulation for Diesel Intake Port." Applied Mechanics and Materials 34-35 (October 2010): 1415–20. http://dx.doi.org/10.4028/www.scientific.net/amm.34-35.1415.
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In this paper, we study how the geometry of helical intake port of diesel engine influent air flowing conditions to reduce the complexity and difficulty of getting air flowing conditions by experiments. In numerical modeling, we import model of intake port into ANSYS software and do mesh processing on intake port in sections. We then analyze air flow based on working conditions, including difference of pressure between intake and exhaust port and lift-range. We deal with data by post-processing module in ANSYS and obtain velocity distribution and turbulence energy distribution of intake and exhaust port. Finally, we can predict the performance of intake port and find optimizations theoretically.
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Bitler, Marianne P., Jonah B. Gelbach, and Hilary W. Hoynes. "What Mean Impacts Miss: Distributional Effects of Welfare Reform Experiments." American Economic Review 96, no. 4 (August 1, 2006): 988–1012. http://dx.doi.org/10.1257/aer.96.4.988.
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Labor supply theory predicts systematic heterogeneity in the impact of recent welfare reforms on earnings, transfers, and income. Yet most welfare reform research focuses on mean impacts. We investigate the importance of heterogeneity using random-assignment data from Connecticut's Jobs First waiver, which features key elements of post-1996 welfare programs. Estimated quantile treatment effects exhibit the substantial heterogeneity predicted by labor supply theory. Thus mean impacts miss a great deal. Looking separately at samples of dropouts and other women does not improve the performance of mean impacts. We conclude that welfare reform's effects are likely both more varied and more extensive than has been recognized.
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Zhu, Jia, Zhangqin Zhu, Chong Wang, and Zhongfu Ye. "Cosmic-Ray Detection Based on Gray-Scale Morphology of Spectroscopic CCD Images." Publications of the Astronomical Society of Australia 26, no. 1 (2009): 58–63. http://dx.doi.org/10.1071/as08050.
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AbstractDetection of cosmic-ray hits is important because of their disturbing effects on image processing. An algorithm based on gray-scale morphology to detect cosmic-rays in single spectroscopic CCD images is presented in this paper. Based on the morphological differences between cosmic-ray hits and spectra, the operations of erosion and dilation are used to deal with images successively, with appropriate structuring elements. Points of cosmic-ray hits can be detected by analyzing the variation between data pre- and post-operation. Examples of the algorithm are given at the end of this paper, with several groups of both simulated LAMOST images and observed SDSS images to show its performance.
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Katiyar, Rajesh, Mukesh Kumar Barua, and Purushottam L. Meena. "Modelling the measures of supply chain performance in the Indian automotive industry." Benchmarking: An International Journal 22, no. 4 (May 5, 2015): 665–96. http://dx.doi.org/10.1108/bij-09-2014-0091.
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Purpose – The purpose of this paper is to investigate the interactions among the key factors of supply chain (SC) in the Indian automotive industry. These key factors are helpful to measure supply chain performance (SCP) and to improve the firm’s effectiveness. Design/methodology/approach – In this paper, an interpretive structural modeling with a fuzzy cross-impact matrix multiplication applied to classification-based approach is used to examine the interactions among the key factors of SCP measurement. Findings – The authors have identified the most dominant key factors used for measuring the performance in automotive SC. The results exhibit that the order lead-time and order entry method are the most significant key factors. These key factors have high driving power to measure SCP whereas the post-transaction measure of customer service and customer query time are highly dependent on other factors. Such relationships among the key factors can help a firm’s top management to make essential judgments in order to solve the overall SC problems and provide a better approach to proactively deal with problems. Originality/value – In this paper, the authors have explored the interactions among the key factors of the SCP in the Indian automotive industry.
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Muhammad, Hussain, Muhammad Waqas, and Stefania Migliori. "The impact of M&A on bank’s financial performance: Evidence from emerging economy." Corporate Ownership and Control 16, no. 3 (2019): 52–63. http://dx.doi.org/10.22495/cocv16i3art5.
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The proliferation of bank M&A has been a global phenomenon. In many emerging economies, bank M&A has often been driven by policies for restructuring the banking industry in the hope of improving stability in the financial system. The Pakistan M&A market is relatively new and is characterized by several unique features. In this regards, our study aim is to examine the impact of pre and post M&A on the bank’s financial performance in Pakistan during the period (2004-2015). Our results reveal that liquidity, profitability and investment ratios of the banks are positively and significantly increased the performance after M&A. Nevertheless, the solvency ratios indicate negative effects which are mainly based on the fact that after undergoing M&A the acquiring bank has to deal with the greater amount of debt burden as compared to pre-M&A. In light of these results, this study suggests implications for both theory and practice and also recommends ideas for future research.
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Saadawi, Ghalya. "A Book Review in the Form of a Polemic Chad Elias's Posthumous Images: Contemporary Art and Memory Politics in Post-Civil War Lebanon and the Old New World Order." ARTMargins 9, no. 3 (October 2020): 69–86. http://dx.doi.org/10.1162/artm_a_00273.
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Chad Elias' 2018 book Posthumous Images: Contemporary Art and Memory Politics in Post-Civil War Lebanon attempts to deal with the question of post-civil war representation, image-making and contemporary art from the perspective of memory studies in Lebanon. Dealing with a particular group of artists working since the 1990's in installation, video, film, and performance, the book attempts to create a relation between their artistic propositions and narratives on the one hand, and the post-war reckoning with the missing and disappeared, the history of former Leftist combatants, neglected space programs, reconstruction and urban space, on the other. The book has a series of shortcomings and structural, theoretical blind spots that this review essay attempts to redress. For instance, Posthumous Images has no framework for the notions of communities of witnessing, collective memory, or post-war amnesia that seems to underpin its claims, as they seem to figure only nominally. In these theoretical omissions, the essay argues, the book adopts and furthers the ideology human rights as this relates to the politics of remembrance, as well as to Lebanon's neoliberal post-war realities. Moreover, it lacks a rigorous art historical frame to study the given artworks formally, or theoretically, leaving the book open to a post-historical method that disavows a critical, social history of art needed for an analysis of post-civil war and post-Cold war art forms in Lebanon and beyond.
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Werkmann, Caroline, and Sergiu Gherghina. "Organized for Parliament? Explaining the Electoral Success of Radical Right Parties in Post-Communist Europe." Government and Opposition 53, no. 3 (November 10, 2016): 461–85. http://dx.doi.org/10.1017/gov.2016.38.
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Over the last three decades a great deal of research has been carried out in an attempt to explain the electoral performance of radical right parties in Europe. Most approaches concentrate on demand-side determinants and have some limitations. We compensate for these shortcomings and focus on the context of party competition and supply-side determinants (consistency of ideological discourse, functioning party propaganda, the continuity of the leader in office and strong party organization) to explain the electoral success of radical right parties in post-communist Europe. We conducted our analysis at party level in nine radical right parties in four countries from Central and Eastern Europe (Bulgaria, the Czech Republic, Hungary and Romania) between 1990 and 2014. The bivariate and multivariate (ordinal logistic regression) analyses draw on unique data collected from primary and secondary sources.
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Ullah, Nazim, Fauzias Mat Nor, and Junaidah Abu Seman. "Impact of Mergers and Acquisitions on Operational Performance of Islamic Banking Sector." Journal of South Asian Studies 9, no. 1 (February 23, 2021): 25–36. http://dx.doi.org/10.33687/jsas.009.01.3472.
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Merger and acquisition (hereafter MA) are the business expansion strategy. Islamic bank is the niche banking sector compared to its peers while it is categorized as too small to succeed. The paper aims to analyze the impact of MA on the operational performance of the Islamic banking sector. This study employs empirical research methods, namely cross-sectional pooled regression and panel data regression to analyze a set of samples consisting of 10 Islamic banks involved in MA from 6 countries, drawn from the International Monetary Fund (IMF), World bank, Ficth Connect, and Bloomberg over the years of 2009Q1to 2018Q4. The operational performance is estimated using accounting-based measures while the Herfindahl-Hirschman Index (HHI) and the concentration ratio (CR) are applied to signify market structure. Total assets, total deposits, and operating income variables are used to represent bank size. The findings indicate that bank size shows a negative impact on operational performance. While the segregated level of bank size which is larger banks and concentrated market structure has a greater impact on the operational performance of Islamic banks in the post-MA period. The paper concludes by discussing policy implications for policymakers and academicians for having the strategic decision on the MA deal and further research.
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Mai, Liuqing. "Trading costs around M&A announcements." International Journal of Managerial Finance 8, no. 2 (March 30, 2012): 120–38. http://dx.doi.org/10.1108/17439131211216602.
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PurposeThe purpose of this paper is to examine trading costs of both acquiring firms and target firms differentiated by method of payment, mode of acquisition, and deal attitude around merger and acquisition (M&A) announcements. The author calculates four spread measures of trading costs: quoted spread, percentage quoted spread, effective spread, and percentage effective spread.Design/methodology/approachDifferences in spreads differentiated by M&A characteristics are calculated and two‐sample t‐tests applied. A linear regression model is developed to test whether changes in trading costs are related to acquiring firm's post‐merger price performance. The regression is estimated by OLS method.FindingsIt is found that various methods of payment affect the spreads of target firm differently on certain days around M&A announcement. For acquiring firms, significant differences are found in spreads between cash offers and stock offers, and between stock offers and mix offers. Significant difference was not found in spreads between cash offers and mix offers. The mode of acquisition affects the bid‐ask spreads of target firms only, but not those of acquiring firms. Deal attitudes affect the spreads of target firms on and after M&A announcements. It was also found that all four spread measures are significantly linked to acquiring firms’ post‐merger daily returns.Research limitations/implicationsFurther study can be done on mechanisms through which M&A characteristics impact trading costs.Practical implicationsThis study suggests that M&A characteristics affect firms’ spreads and that changes in spreads need to be accounted for in explaining acquiring firms’ post‐merger daily returns.Originality/valueThe paper fills in an important gap in existing literature by examining trading costs of acquiring firms around M&A announcements. It provides additional evidence on the anomaly of acquiring firm's negative post‐merger returns. The paper is intended to help improve the understanding of trading costs and the behavior of the market participants in response to a major corporate event.
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KÖhler, T., R. Mosenthin, M. W. A. Verstegen, J. Huisman, L. A. Den Hartog, and F. Ahrens. "Effect of ileo-rectal anastomosis and post-valve T-caecum cannulation on growing pigs." British Journal of Nutrition 68, no. 1 (July 1992): 293–303. http://dx.doi.org/10.1079/bjn19920086.
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The effects of post-valve T-caecum (PVTC) cannulation and end-to-side ileo-rectal anastomosis (IRA) on growth performance, nitrogen retention and intestinal fermentation were measured in growing pigs by comparison with a control group of intact animals. There were no differences between PVTC-pigs and intact pigs in growth performance and N balance. In IRA-animals reduced growth (P < 0.01), less efficient feed conversion (P < 0.01) and decreased N retention (P < 0.001) were found. Indices of fermentation measured in deal digesta of PVTC- and IRA-pigs were considerably different. In IRA-animals the concentration of volatile fatty acids (VFA) was about 112–162 mmol/l, higher (P < 0.001) than in digesta of PVTC-pigs (20–31 mmol/l). The molar proportions of acetate and propionate depended (P < 0.01 and P < 0.001 respectively) on the digesta-collection technique. Concentrations and ratios of VFA measured in PVTC-pigs were similar to reported values. Diaminopimelic acid (DAPA) concentration and N:DAPA ratios measured in digesta were significantly (P < 0.05 and P < 0.001 respectively) different between treatments. All digesta variables measured showed increased microbial activity in digesta of IRA-pigs; thus, an influence on digestibility measurement can be assumed.
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Vargas, MD, MSc, Juan P., Ives Hubloue, MD, PhD, Jazmín J. Pinzón, MD, and Alejandra Caycedo Duque, MD. "The effect of training and experience on mass casualty incident triage performance: Evidence from emergency personnel in a high complexity university hospital." American Journal of Disaster Medicine 14, no. 2 (April 1, 2019): 113–19. http://dx.doi.org/10.5055/ajdm.2019.0322.
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Mass casualty incident (MCI) can occur at any time and place and health care institutions must be prepared to deal with these incidents. Emergency department staff rarely learn how to triage MCI patients during their medical or nurse degrees, or through on-the-job training. This study aims to evaluate the effect of training and experience on the MCI triage performance of emergency personnel.Methodology: This was a cross-sectional prospective study that analyzed the performance of 94 emergency department staff on the triage classifications of 50 trauma patients, before and after a short training in MCI triage, while taking into account their academic background and work experience.Results: The participants were assigned initially to one of two groups: low experience if they had less than 5 years of practice, and high experience if they had more than 5 years of practice. In the low experience group, the initial accuracy was 45.76 percent, over triage 45.84 percent, and subtriage 8.38 percent. In the high experience group, the initial accuracy was 53.80 percent, over triage 37.66 percent, and sub triage 8.57 percent.Postintervention Results: In the low experience group, the post intervention accuracy was 63.57 percent, over triage 21.15 percent, and subtriage 15.30 percentage. In the high experience group, the post-intervention accuracy was 67.66 percentage, over triage 15.19 percentage, and subtriage 17.14 percentage. Conclusion: Upon completion of this study, it can be concluded that MCI triage training significantly improved the performance of all those involved in the workshop and that experience plays an important role in MCI triage performance.
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Zhang, Wenjie, and Hongping Yuan. "A Bibliometric Analysis of Energy Performance Contracting Research from 2008 to 2018." Sustainability 11, no. 13 (June 27, 2019): 3548. http://dx.doi.org/10.3390/su11133548.
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Increasing research interests in energy performance contracting (EPC) has resulted in a large number of publications over the past decade. However, very limited attempts have been made to map the global research in this area. To identify the state of the field and trends in EPC research, the VOSviewer software package was used to conduct a series of content analyses and examine global patterns among publications, including the distribution of core authors and institutions, high-frequency categories and keywords, journal and author contributions, highly cited papers, etc. Based on a systematical and deeply qualitative analysis on the 127 identified papers, five mainstream research topics in EPC were summarized, covering implementations of EPC, mechanisms for effective EPC projects, stakeholder behaviors and decisions in EPC projects, energy service company (ESCO) in EPC projects, and risk management in EPC. In addition, six main research gaps in EPC were identified, including lack of effective measurement and verification of energy savings, limited studies on EPC projects in the residential sector, ineffective mechanisms to ensure post-EPC energy-saving, limited research on the dual relationships among EPC project stakeholders, how to improve the energy users’ (EU) attitudes/cognitions toward ESCO/EPC, and lack of effective mechanisms to prevent risks in EPC projects. Furthermore, based on the current EPC research topics and research gaps in EPC, six potential research directions in EPC in future were also explored, which are how to develop effective methods for measuring and verifying energy efficiency?, EPC diffusion issues in the residential sector, effective mechanisms to ensure post-EPC energy-saving, effects of cooperative and competitive relationships between EU and ESCO on the performance of EPC projects, how to improve the EU’s attitudes/cognitions toward ESCO/EPC, and how to deal with risks in EPC projects. The outcomes would be useful for understanding the latest development of global EPC research and guiding future research in the subject.
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Ghosh, Indranil, and Tamal Datta Chaudhuri. "FEB-Stacking and FEB-DNN Models for Stock Trend Prediction: A Performance Analysis for Pre and Post Covid-19 Periods." Decision Making: Applications in Management and Engineering 4, no. 1 (March 15, 2021): 51–86. http://dx.doi.org/10.31181/dmame2104051g.
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In this paper, stock price prediction is perceived as a binary classification problem where the goal is to predict whether an increase or decrease in closing prices is going to be observed the next day. The framework will be of use for both investors and traders. In the aftermath of the Covid-19 pandemic, global financial markets have seen growing uncertainty and volatility and as a consequence, precise prediction of stock price trend has emerged to be extremely challenging. In this background, we propose two integrated frameworks wherein rigorous feature engineering, methodology to sort out class imbalance, and predictive modeling are clubbed together to perform stock trend prediction during normal and new normal times. A number of technical and macroeconomic indicators are chosen as explanatory variables, which are further refined through dedicated feature engineering process by applying Kernel Principal Component (KPCA) analysis. Bootstrapping procedure has been used to deal with class imbalance. Finally, two separate Artificial Intelligence models namely, Stacking and Deep Neural Network models are deployed separately on feature engineered and bootstrapped samples for estimating trends in prices of underlying stocks during pre and post Covid-19 periods. Rigorous performance analysis and comparative evaluation with other well-known models justify the effectiveness and superiority of proposed frameworks.
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Scarpati, Fernando, and Wilson Ng. "Chasing the deal with the money: Measuring the required risk premium and expected abnormal returns of private equity funds to maximize their internal rate of return." Risk Governance and Control: Financial Markets and Institutions 3, no. 3 (2013): 56–69. http://dx.doi.org/10.22495/rgcv3i3art6.
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A number of scholars of private equity (“PE”) have attempted to assess the ex-post returns, or performance, of PEs by adopting an ex-post perspective of asset pricing. In doing so a set of phenomena has been recognized that is thought to be specific to the PE sector, such as “money-chasing deal phenomenon” (Gompers and Lerner, 2000) and “performance persistence” (Lerner and Schoar, 2005). However, based on their continuing use of an ex-post perspective, few scholars have paid attention to the possible extent to which these and other PE phenomena may affect expected returns from PE investments. To address this problem this article draws on an ex-ante perspective of investment decision-making in suggesting how a number of drivers and factors of PE phenomena may produce “abnormal returns”, and that each of those drivers and factors should therefore be considered in accurately assessing the required risk premium and expected abnormal returns of PE investments. In making these contributions we examined a private equity investment of a regional PE in Italy and administered a telephone questionnaire to 40 PEs in Italy and the UK and found principally that while size is the most important driver in producing abnormal returns illiquidity alone cannot explain the expected returns of PE investments (cf. Franzoni et al., 2012). Based on our findings we developed a predictive model of PE decision-making that draws on an ex-ante perspective of asset pricing and takes into account PE phenomena and abnormal returns. This model extends the work of Franzoni et al. (2012), Jegadeesh et al. (2009), and Korteweg and Sorensen (2010) who did not consider the possible influence of PE phenomena in decision-making and will also help PE managers in making better-informed decisions
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Gupta, Vikas, Shveta Singh, and Surendra S. Yadav. "Impact of anchor investors on IPO returns during pre-market and aftermarket: evidence from India." Journal of Advances in Management Research 17, no. 3 (November 20, 2019): 351–68. http://dx.doi.org/10.1108/jamr-07-2019-0131.
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Purpose The unique regulatory design of India provides us with the opportunity to disaggregate traditional initial public offering (IPO) underpricing into three categories: voluntary, pre-market and post-market. The presence of anchor investors in India makes it a compelling case to study. These individuals were introduced to bring transparency in the book building process, but their impact on pre-market and post-market underpricing was not foreseen. Therefore, the purpose of this paper is to evaluate the impact of anchor investors on the IPO underpricing after disaggregation and on the long-run performance of an IPO. Design/methodology/approach A sample covering 232 IPOs from a period of 2009–2018 is included. The empirical analysis explores the impact of various firm-specific as well as market-specific variables on IPO underpricing. The financial data for the empirical analysis are extracted from Prime database and websites of National Stock Exchange and Bombay Stock Exchange. To deal with the outliers effectively, this paper deploys “robust-regression.” Findings The study finds that investor’s subscription rate and voluntary underpricing impacts the pre-market but do not have any impact on the post-market while the age of the firm has a different impact on both the markets and the number of anchor investors have the same impact in both markets. Anchor investors’ participation increases the pre-market as well as post-market underpricing. Lastly, the long-term performance of IPOs backed by the anchor investors is high relative to the IPOs not subscribed to by the anchor investors. Originality/value This paper is believed to be the first attempt to study the impact of anchor investors on the disaggregated IPO underpricing. The findings of this study will have a great insight for the investors.
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Park, Minsoo. "Human multiple information task behavior on the web." Aslib Journal of Information Management 67, no. 2 (March 16, 2015): 118–35. http://dx.doi.org/10.1108/ajim-12-2013-0154.
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Purpose – The purpose of this paper is to explore the general nature of human multiple information task behavior in Web information seeking and retrieval contexts and identify the factors that influence the processes of prioritizing mul.tiple information tasks. Design/methodology/approach – Experiments were conducted in a laboratory setting to collect data from multiple sources including search logs, think aloud reports during the searches and interviews, questionnaires, and post-search interviews. Quantitative and qualitative analysis techniques were both used. Findings – The findings of this study reveal that effort, time and perception may all be necessary factors in producing good performance in dynamic and complex information situations, but how the author effectively manages the emotions ultimately yields successful performance. High mental effort, even when accompanied by productive time management, is not sufficient to produce high performance unless the author effectively deal with the emotions and feelings in such situations. Originality/value – A comprehensive understanding of the affective, cognitive, and physical processes underlying the human multiple information task behavior is vital if the author is to design emotionally intelligent information systems that can support people when managing dynamic and complex information situations in hi-tech environments.
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Pallikara, Rameshan. "Boss was not yet pleased; Did the performance matter?" Emerald Emerging Markets Case Studies 10, no. 1 (April 2, 2020): 1–37. http://dx.doi.org/10.1108/eemcs-09-2019-0245.
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Learning outcomes To evaluate a difficult career choice under compelling organizational circumstances. To analyse a complex organizational culture to understand the nuances of career decisions. To relate career dilemmas to relevant conceptual and theoretical strands of organizational behaviour. To interpret the leadership style and its interaction with organizational culture. To determine possible strategic recourses to deal with the dynamics of destructive leadership and toxic cultures. Case overview/synopsis The case is about the experiences of Raamit Pell, a Middle-level Executive at Accadia Management Services, and his encounters with a new boss, Pret Sohn. Raamit Pell had joined Accadia at a time when the organization was undergoing some political and cultural turmoil. When Pret Sohn came in as the new Chief Executive Officer six months later, there were a lot of expectations. But, Pret Sohn too began following Accadia’s existing political culture, indulging in unhealthy organizational practices. He caused mental harassment to many executives. One such executive was Raamit Pell. Despite Raamit’s excellent performance, Pret Sohn denied him a well-deserved promotion. Sohn justified it by saying that performance alone did not matter. Raamit felt deeply disturbed and considered quitting Accadia. He was reluctant to leave as a defeated man. Subsequently, he received an offer from another subsidiary of Accadia’s holding agency. As he was undergoing a three-month mandatory notice period for his release, Raamit became concerned about his decision to leave Accadia. Deep in his mind he longed to redeem his hurt pride at Accadia. So, he was pondering whether he had taken the decision to resign in haste. Complexity academic level Level: Post-graduate/doctoral and executive education programmes in management and allied subjects. Courses: Courses in Career Decisions, Organizational Behaviour, Leadership, Organizational Culture and Organizational Ethics. Supplementary materials Teaching Notes are available for educators only. Subject code CSS 7: Management Science.
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Guerlain, Stephanie. "Using the Critiquing Approach to Cope with Brittle Expert Systems." Proceedings of the Human Factors and Ergonomics Society Annual Meeting 39, no. 4 (October 1995): 233–37. http://dx.doi.org/10.1177/154193129503900403.
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We have conducted a series of studies aimed at understanding how to design cooperative problem-solving systems to deal with situations in which the computer is not fully competent (the “brittleness” problem). Results from an initial empirical study showed that an expert system acting as an automated assistant induced new errors in such situations, but that this did not occur when the system was designed to critique user's performance on the task. Guided by these results, a more complete critiquing system was then designed and evaluated. On cases where the computer was fully competent, outcome errors were completely eliminated (a 30–60% reduction in errors). On a case for which the system was brittle (less than fully competent), misdiagnosis rates were still reduced by 31%, giving an overall significance of p < 0.000003 across all Post-Test Cases, further supporting our initial study regarding the potential value of critiquing as an effective role for an expert system. A detailed analysis of the influence of performance further indicates the ways in which different classes of critics detect errors and influence the user's problem-solving.
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Ieva, Francesca, Anna Maria Paganoni, and Paolo Zanini. "Detection of Structural Changes in Tachogram Series for the Diagnosis of Atrial Fibrillation Events." Computational and Mathematical Methods in Medicine 2013 (2013): 1–11. http://dx.doi.org/10.1155/2013/373401.
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Atrial Fibrillation (AF) is the most common cardiac arrhythmia. It naturally tends to become a chronic condition, and chronic Atrial Fibrillation leads to an increase in the risk of death. The study of the electrocardiographic signal, and in particular of the tachogram series, is a usual and effective way to investigate the presence of Atrial Fibrillation and to detect when a single event starts and ends. This work presents a new statistical method to deal with the identification of Atrial Fibrillation events, based on the order identification of the ARIMA models used for describing the RR time series that characterize the different phases of AF (pre-, during, and post-AF). A simulation study is carried out in order to assess the performance of the proposed method. Moreover, an application to real data concerning patients affected by Atrial Fibrillation is presented and discussed. Since the proposed method looks at structural changes of ARIMA models fitted on the RR time series for the AF event with respect to the pre- and post-AF phases, it is able to identify starting and ending points of an AF event even when AF follows or comes before irregular heartbeat time slots.