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1
Annosi, Maria Carmela, Elena Casprini, Antonella Martini, and Jessica Geovana Ramón Torres. "Post-acquisition knowledge management practices for exploration and exploitation: insights from a food service organization." Journal of Knowledge Management 25, no. 11 (June 3, 2021): 129–48. http://dx.doi.org/10.1108/jkm-10-2020-0784.
Анотація:
Purpose Drawing from the knowledge-based view of the firm, this paper aims to explore the knowledge management practices that the acquirer uses to exploit its knowledge creating conditions for the exploitation of the target’s knowledge and to explore its knowledge by realizing routines for the integration of new knowledge within the target. Design/methodology/approach This paper presents an in-depth case study analysis based on the acquisition of a Dutch food service organization by an Italian company operating in the same sector. Findings The case study analysis reveals four mechanisms for knowledge integration, two aimed at exploiting the acquirer’s knowledge, and two aimed at exploring the acquirer’s knowledge. Originality/value This paper unveils that it is the interlinkage among organizational, human and technological factors, at multiple layers of the target, which allows the knowledge integration within the post-acquisition process.
2
Sareewiwatthana, Paiboon, and Patarapon Janin. "Tests of quantitative investing strategies of famous investors: case of Thailand." Investment Management and Financial Innovations 14, no. 3 (November 9, 2017): 218–26. http://dx.doi.org/10.21511/imfi.14(3-1).2017.06.
Анотація:
This research studied quantitative investing strategies of famous investors in the Stock Exchange of Thailand from 2002 to 2016. This study found that the Graham’s net nets, Dreman’s contrarian, Fisher’s super stock, O’Neil’s CANSLIM, Slater’s zulu principle, Neff’s Cheapo, O’Shaughnessy’s tiny titans, Greenblatt’s magic formula, Carlisle’s acquirer’s multiple and Piotroski’s F-score strategies beat the market (SET TRI). It also found that the Benjamin Graham’s net nets strategy which used the market capitalization of less than two thirds of net current assets value (NCAV) criterion produced the highest return among the strategies used. However, the Tobias Carlisle’s Acquirer’s multiple strategy which used EBIT to enterprise value (EBIT/EV) to sort stocks for 30 stocks yielded the highest risk-adjusted return.
3
Ai, Qi, and Hui Tan. "Acquirers’ prior related knowledge and post-acquisition integration." Journal of Organizational Change Management 30, no. 4 (July 3, 2017): 647–62. http://dx.doi.org/10.1108/jocm-08-2015-0145.
Анотація:
Purpose This paper examines the role of acquirers’ prior related knowledge in the post-acquisition integration process. The purpose of this paper is to identify what constitutes the key prior related knowledge that can contribute to the reverse knowledge transfer following Chinese firms’ outward mergers and acquisitions (M&As) to Europe, and explain how prior related knowledge affects such transfer of knowledge. Design/methodology/approach The authors employ a multiple case study approach. Semi-structured interviews were conducted from February 2012 to June 2013 with 24 managers. Findings The authors find that, in addition to knowledge about the target, prior international business experience, R&D capability, and industrial capabilities are key components of acquirers’ prior related knowledge that can contribute to the success of M&A integration and post-acquisition reverse knowledge transfer. Indeed, Chinese acquirers’ prior related knowledge can influence the reverse knowledge transfer from acquired firms to acquirers by directly improving acquirers’ absorptive capacity and building a harmonious organisational climate to facilitate such transfer. Originality/value This paper contributes to the absorptive capacity and the cross-border M&A literature. It extends the current knowledge on the key components of an acquirer’s prior related knowledge in the outward M&A by Chinese firms. It also uncovers how post-acquisition reverse knowledge transfer is affected by acquirers’ prior related knowledge.
4
Pathak, Atul Arun. "Tata Motors’ successful cross-border acquisition of Jaguar Land Rover: key take-aways." Strategic Direction 32, no. 9 (September 12, 2016): 15–18. http://dx.doi.org/10.1108/sd-05-2016-0083.
Анотація:
Purpose This paper aims to focus on Tata Motors, an automobile company from an emerging market, and its successful acquisition of two global marquee car brands in Jaguar and Land Rover (JLR). It traces the evolution of JLR under the stewardship of Tata Motors over an eight-year long period and examines the strategic reasons for the success of the acquisition. Design/methodology/approach The paper approaches strategic issues in cross-border acquisitions using an illustration of a successful deal. It is based on statements of leaders and secondary data about the acquirer and acquired organizations. The paper explores the strategic challenges faced when emerging market firms carry out cross border acquisition deals. It recommends the short-term and long-term strategies that acquirers can follow to improve the chances of a successful acquisition. Findings Any acquisition is challenging. Cross-border acquisitions face greater challenges, especially if the acquirer is from an emerging market country while the target company is from a developed country. Success of the acquisition, especially over the long run, depends on both internal factors that are under the control of the acquirer’s management, as well as external environmental factors that it needs to address. Both patience and luck are required ingredients for success in such contexts. Practical implications While the general temptation in any acquisition is to extract synergies as quickly as possible, the Tata Motors’ acquisition of JLR is an exception. Tata Motors carefully handled short-term challenges and continued to invest in the core competencies of JLR and reaped benefits over the long run. It was also fortunate that a variety of factors in the external environment turned favorable for Tata Motors and JLR in the eight years since the deal took place. Social implications It concedes that during an M&A deal, the leaders of a seller organization may be nervous about their future. JLR trade union leaders were initially not sure whether jobs in UK would remain secure. To ensure success of the deal, the leaders of the acquirer firm need to balance the interests of multiple stakeholders, both in the short-term, as well as over a longer-term perspective. Originality/value The paper considers the Tata Motors’ acquisition of JLR. It is an example of a large, difficult cross-border acquisition by an emerging market based company. While the acquisition proved difficult in the short term, it has yielded excellent dividends to the parent company over the long term. This paper explores the reasons why this cross-border acquisition succeeded and recommends strategies that other companies considering cross-border acquisitions can consider to improve their chances of success.
5
Giannopoulos, George, Ehsan Khansalar, and Patel Neel. "The Impact of Single and Multiple Mergers and Acquisitions on Shareholders’ Wealth of UK Bidder Firms." International Journal of Economics and Finance 9, no. 3 (February 20, 2017): 141. http://dx.doi.org/10.5539/ijef.v9n3p141.
Анотація:
This study investigates the impact of takeover announcements on UK acquirer shareholders’ wealth during the period 2002-2006. More specifically, it is investigated whether the impact of single acquirers on shareholders’ wealth is significantly different from the impact of multiple acquirers. Findings suggest that acquirer shareholders experience positive abnormal returns during the announcement period. Moreover, the results indicate single acquirers consistently outperform multiple acquirers when testing for deal characteristics such as: payment method (cash or equity), target status (public or private), target location (domestic or cross-border) and industry relatedness (specification or diversification). Performance declines with sequential acquisitions due to merger programme announcement hypothesis. Successful first time acquirers suffer from hubris whilst unsuccessful first time acquirers learn from their experiences suggested by the organisation learning hypothesis but go on to suffer from hubris. Acquisitions of private firms yield significant abnormal returns whereas public acquisitions reduce the value of UK acquirers. The effect of cash and equity, domestic and foreign, related and unrelated takeovers are inconclusive for the short-term windows investigated by this study.
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Öberg, Christina. "Transferring acquisition knowledge – sources, directions and outcomes." Management Research: Journal of the Iberoamerican Academy of Management 15, no. 1 (April 10, 2017): 28–46. http://dx.doi.org/10.1108/mrjiam-02-2016-0644.
Анотація:
Purpose The literature has described knowledge transfer in terms of how companies advance their merger and acquisition activities through experience. This indicates a knowledge transfer from one acquisition to the next, with the acquiring party being the carrier of such knowledge. The present paper aims to add to this view through pointing out how knowledge on how to acquire and how to integrate, follows also from other parties and their experiences. The paper discusses and classifies sources, directions and outcomes of knowledge transfer on acquisitions from a stakeholder point of view. Focus is on external stakeholders and knowledge is divided between knowledge on acquiring and knowledge on integrating, thus dealing with the pre- and post-merger stages of acquisitions. Design/methodology/approach The paper adopts a multiple case study research design to illustrate its point. While the individual acquisitions are interconnected through the acquirer or acquired party being the same company, indications are that knowledge on how, when and what party to acquire and how to integrate (degree, direction, timing and function) follows from external stakeholders and their previous experiences. Findings The findings suggest that knowledge on acquiring follows from general knowledge on sector levels, while specific parties – including customers, competitors and the acquired party – are the sources of knowledge on integration. Knowledge on acquiring is imitative, while knowledge on integrating rests more on the external stakeholders’ failures. Originality/value The paper provides a research design contribution to acquisition studies, as most such studies adopt a quantitative, secondary data approach. The main contribution is though the focus on external stakeholders as sources of knowledge on acquiring and integrating. The previous literature seems to suggest that it is the experience accumulated through the acquirer’s previous acquisitions that provides the acquisition knowledge. The paper’s perspective, which includes several external stakeholders, provides a rather unique piece of research on stakeholders in mergers and acquisitions.
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Brueller, Nir N., and Laurence Capron. "Acquisitions of Startups by Incumbents: The 3 Cs of Co-Specialization from Startup Inception to Post-Merger Integration." California Management Review 63, no. 3 (March 7, 2021): 70–93. http://dx.doi.org/10.1177/0008125621996502.
Анотація:
Facing constant pressures to grow, established firms increasingly harness external innovation by collaborating with and eventually acquiring startups. To succeed in their exit through acquisition, startup firms and incumbents have to master three steps (the “3 Cs”) that enhance the co-specialization with the acquirer: establishing the Complementarity of offerings, generating Customer endorsement, and attracting an acquirer executive Champion. Drawing on a multiple-case, inductive study of seven Israeli startup acquisitions completed by two acquirers from the information and communications technology (ICT) industry, this article illustrates the different approaches pursued by the startup firms and their acquirers to succeed in managing pre- and post-acquisition processes.
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Amiri, Sina, David King, and Samuel DeMarie. "Divestiture of prior acquisitions: competing explanations of performance." Journal of Strategy and Management 13, no. 1 (November 21, 2019): 33–50. http://dx.doi.org/10.1108/jsma-05-2019-0076.
Анотація:
Purpose There are multiple perspectives of divestiture and its performance that require reconciliation. While research finds a positive market response to divestment announcement, divestiture of prior acquisitions are generally viewed negatively. The purpose of this paper is to develop and empirically test different explanations for the divestment of prior acquisitions. Design/methodology/approach This research employs event study to capture market reaction at acquisition announcement and subsequent divestments in a sample of 69 public US high-technology acquisitions between 2003 and 2008 that were divested by 2015. Only initial acquisitions involving public firms were included from the Thomson One Banker SDC database. Public press releases and companies’ SEC filings were reviewed to track divestitures back to prior acquisitions. Ordinary least squared regression was used to estimate coefficients. Findings Results indicate a positive relation between acquisition and divestiture performance around announcement dates. This finding rejects the correction of mistake explanation, suggesting that a negative stigma surrounding divestments is largely unwarranted and that investors reward capable acquirer’s divestiture decisions. Practical implications Investors do not treat all information signals at divestiture equally. For example, acquisitions made by larger and more profitable firms, or acquisitions paid for with stock, are associated with lower return upon divestiture announcement. Originality/value This study finds that investors view divestiture as a proactive strategy, suggesting firms can improve performance by actively managing acquisitions and divestments to optimize their portfolio of businesses.
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Greene, Daniel. "Valuations in Corporate Takeovers and Financial Constraints on Private Targets." Journal of Financial and Quantitative Analysis 52, no. 4 (August 2017): 1343–73. http://dx.doi.org/10.1017/s0022109017000527.
Анотація:
I examine acquisitions of private firms by public acquirers to better understand the effects of financial constraints on the division of economic gains in takeovers. Empirical tests exploit interstate bank branching deregulation, which relaxes financial constraints on private firms and can strengthen their bargaining position in an acquisition. Using a proxy for the degree to which targets depend on acquirers for financing, I find that private targets depend less on acquirers as a result of interstate bank branching deregulation. Relaxing financial constraints on private targets leads to an increase in target valuation multiples and a decrease in acquirer wealth gains.
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Hutzschenreuter, Thomas, Ingo Kleindienst, and Michael Schmitt. "How mindfulness and acquisition experience affect acquisition performance." Management Decision 52, no. 6 (July 8, 2014): 1116–47. http://dx.doi.org/10.1108/md-07-2013-0376.
Анотація:
Purpose – The purpose of this paper is to provide insights to the impact of acquisition experience from prior acquisitions on the performance of subsequent ones. The authors base the analysis on the concept of mindfulness which has recently gained increasing attention in organizational learning theory. The aim is to extend prior research on mindfulness in organizational learning by empirically addressing how mindfulness in knowledge transfer affects task performance in the context of a rare organizational event, i.e. an acquisition, and how it is moderated by the conditions surrounding that event. Design/methodology/approach – Employing a path-related approach, the authors analyzed large acquisitions of multiple US acquirers in a sequence to be able to clearly identify feedback from preceding acquisitions on subsequent ones. The authors adopt individual acquisition events as the unit of analysis to demonstrate the effect of mindfulness on task performance, and follow the widely used approach of measuring acquisition performance by abnormal stock market returns around the time of an acquisition announcement. Findings – The analysis reveals an alternating relationship between an acquirer's acquisition experience and its acquisition performance. This relationship is positively moderated by an acquirer's cash reserves and by the temporal spacing of its acquisitions, but negatively moderated by an acquirer's market-to-book value. Originality/value – Path-related approaches are rarely used in the mergers & acquisitions literature. The paper is based on the concept of mindfulness and identifies an up to now unrecognized pattern in the performance of multiple acquisitions.
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Hasan, Iftekhar, Fahad Khalil, and Xian Sun. "The Impacts of Intellectual Property Rights Protection on Cross-Border M&As." Quarterly Journal of Finance 07, no. 03 (August 21, 2017): 1750005. http://dx.doi.org/10.1142/s2010139217500057.
Анотація:
We investigate the impacts of improved intellectual property rights (IPR) protection on cross-border M&A performance. Using multiple measures of IPR protection and based on generalized difference-in-differences estimates, we find that countries with better IPR protection attract significantly more hi-tech cross-border M&A activity, particularly in developing economies. Moreover, acquirers pay higher premiums for companies in countries with better IPR protection, and there is a significantly higher acquirer announcement effect associated with these hi-tech transactions.
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Ahn, Seoungpil, Pornsit Jiraporn, and Young Sang Kim. "Multiple directorships and acquirer returns." Journal of Banking & Finance 34, no. 9 (September 2010): 2011–26. http://dx.doi.org/10.1016/j.jbankfin.2010.01.009.
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Shams, Syed M. M., and Abeyratna Gunasekarage. "Private public distinction of the target and the long run operating performance of acquirers." Pacific Accounting Review 28, no. 1 (February 1, 2016): 38–58. http://dx.doi.org/10.1108/par-02-2014-0004.
Анотація:
Purpose – The purpose of this study is to examine whether the acquirers of private targets outperform their peers that acquire public targets in the long run. Design/methodology/approach – Using two samples of acquirers of private and public targets, this paper analyses their short-run market performance and long-run operating performance. Univariate analyses and multiple regressions are used to analyse abnormal stock returns and abnormal cash flow performances of bidders. Findings – Acquirers of private targets earn significantly higher abnormal return than acquirers of public targets during the announcement period. Similarly, the long-run operating performance of acquirers of private targets is significantly higher than that of the acquirers of public targets. However, the performance difference between two groups is more pronounced when cash flows are scaled by the market value of acquirers. Originality/value – This is the first Australian study to examine whether the long-run operating performance of acquirers depends on the organisational form of the target acquired.
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Hsu, Ching-Chiu, Jeong-Yang Park, and Yong Kyu Lew. "Resilience and risks of cross-border mergers and acquisitions." Multinational Business Review 27, no. 4 (December 9, 2019): 427–50. http://dx.doi.org/10.1108/mbr-05-2019-0035.
Анотація:
Purpose In cross-border mergers and acquisitions (M&As), acquirers often fail to achieve the expectations they held when they made the M&A deals. This paper aims to propose that the risks of cross-border M&As can be mitigated by building and cultivating organizational resilience as a prime means of risk management. Design/methodology/approach The research examines risks associated with cross-border M&A and how such risks can be mitigated by developing resilience. It presents dual cases of acquisitions of the biggest branded mobile phone manufacturer in Taiwan. Findings The authors find that the acquirer faces multiple risks in cross-border M&A transactions, including financial, strategic and organizational, and process risks that arise from misalignment between the goal of the M&As and the post-acquisition performance of the target firms. Originality/value The research provides theoretical insights on organizational resilience and how it can mitigate the specific risks involved in cross-border M&As, thereby developing coherent organizational resilience processes.
15
Stefanova Petrova, Vanya. "To Switch or Not to Switch: Evidence from Multiple U. S. Acquirers." International Journal of Finance and Banking Research 2, no. 3 (2016): 49. http://dx.doi.org/10.11648/j.ijfbr.20160203.11.
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Ooghe, Hubert, Tine De Langhe, and Jan Camerlynck. "Profile of multiple versus single acquirers and their targets: a research note." Applied Economics 38, no. 7 (April 20, 2006): 725–33. http://dx.doi.org/10.1080/00036840500293581.
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Jain, Samta, Smita Kashiramka, and P. K. Jain. "Do frequent acquirers outperform in cross-border acquisitions? A study of Indian companies." Review of International Business and Strategy 30, no. 4 (August 14, 2020): 491–514. http://dx.doi.org/10.1108/ribs-12-2019-0160.
Анотація:
Purpose The purpose of this paper is to examine the impact of cross-border acquisitions (CBAs) on the financial and operating performance of acquiring firms from emerging economies in the long-term; the acquiring firms have been segregated into frequent (multiple) and first-time (single) acquirers based on their prior cross-border experience. The intent is to identify if overseas activities bring over and above advantage to multiple acquirers in terms of enhanced financial synergies and reduced costs, motivating them to engage in sequential international transactions. Design/methodology/approach The paper analyses the impact of CBAs announced and completed during 2004–2013 by Indian companies listed on the NIFTY 500 index. The post-acquisition financial and operating performance of Indian cross-border acquirers has been compared with their pre-acquisition performance. The average performance over three-years immediately preceding the acquisition year constitutes the benchmark for the post-acquisition performance. The post-acquisition period includes a year of integration followed by three successive post-integration years. Therefore, in operational terms, the research period extends from 2001–2017. The long-term performance of frequent (multiple) and first-time (single) Indian acquirers has been investigated comprehensively using a set of 16 financial ratios. The performance has been assessed using the secondary data collected from financial statements of acquiring companies; the financial statements and the list of CBAs by Indian companies have been obtained from Thomson Reuter’s EIKON database. Findings The financial and operating performance of frequent as well as first-time acquirers have depicted a similarly deteriorating trend during the post-acquisition period. These findings indicate that the international expansion of Indian companies is not guided by synergy creation potential and may be pushed by the overconfidence or over-optimism and agency conflicts of managers. This, perhaps, indicates that firms are being imprudent in investing free cash flows available with them. Originality/value The study is the first of its kind. No study, to the best of the authors’ knowledge, has analysed the performance of acquiring firms by segregating them into frequent and first-time acquirers using accounting measures of performance. More so, an extensive analysis of the long-term financial and operating performance of acquiring companies is rare to come across in the extant literature.
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Mtar, Monia. "Institutional, Industry and Power Effects on Integration in Cross-border Acquisitions." Organization Studies 31, no. 8 (August 2010): 1099–127. http://dx.doi.org/10.1177/0170840610376147.
Анотація:
Drawing on comparative institutional theory, this paper examines post-acquisition integration in international acquisitions, which has seldom been examined through this perspective. Based on a longitudinal and comparative study of three blue-chip French acquirers in the UK that shared similar integration intentions but realized those to varying degrees, this paper theorizes this variation in integration outcomes as a dynamic interplay of institutional distance, market structure and power dependencies. Whilst all important, those effects do not equally explain integration outcomes and can only be understood in conjunction with one another. Thus, contrary to a core assumption of institutional theory that institutional distance is consistently a dominant influence on multinational firms’ behaviour, the study shows that its effect is varied. It will only become extremely constraining when the market structure is highly localized, and both dynamics combine to make the acquirer largely dependent on the target firm. The study’s first contribution is to provide a fuller conceptual understanding of post-acquisition integration. Secondly, it introduces the role of market structure into a politico-institutional framework and, thirdly, it demonstrates complex relationships among three effects located at multiple levels. The results have important implications for the debate about environmental determinism vs multinationals’ agency at host-country level.
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Amor, Salma Ben, and Maher Kooli. "Do acquisitions affect IPO long-run performance? Evidence from single vs. multiple acquirers." Journal of International Financial Markets, Institutions and Money 40 (January 2016): 63–79. http://dx.doi.org/10.1016/j.intfin.2015.05.017.
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Ismail, Ahmad. "Which acquirers gain more, single or multiple? Recent evidence from the USA market." Global Finance Journal 19, no. 1 (January 2008): 72–84. http://dx.doi.org/10.1016/j.gfj.2008.01.002.
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Fang, Xiang, and Xiaoyu Wang. "Examining consumer responses to cross-border brand acquisitions." European Journal of Marketing 52, no. 7/8 (July 9, 2018): 1727–49. http://dx.doi.org/10.1108/ejm-04-2016-0200.
Анотація:
PurposeThe purpose of this study is to investigate the effect of cross-border acquisitions on brand image dimensions (functional, symbolic and global image) of the acquirer brand from a consumer’s perspective.Design/methodology/approachThe authors measured Chinese consumers’ perceptions of eight fictitious cross-border acquisition scenarios and tested the hypotheses by using multiple hierarchical regression.FindingsFirst, the acquisition significantly improves functional, symbolic and global image of the acquirer brand. Second, both image perceptions of the acquirer and the acquired brands before acquisition significantly impact post-image of the acquirer. The effect is greater for pre-image of the acquirer (dominance effect). Finally, brand fit, product fit and country-of-origin fit influence attitude toward the acquisition significantly.Research limitations/implicationsThere are limitations in the generalizations of the findings due to its reliance on a single country (China) and one industry (home appliances).Practical implicationsFirst, engaging in cross-border acquisitions significantly enhances the brand image of the acquirer brand. The global image has the largest improvement. Second, practitioners should carefully consider different levels of fit before the acquisition.Originality/valueThis study contributes to the extant literature by investigating brand acquisitions from the perspective of home country consumers (acquirer) and integrating multiple brand image dimensions and various levels of fit simultaneously.
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GUEST, PAUL M., ANDY COSH, ALAN HUGHES, and ROBERT L. CONN. "WHY MUST ALL GOOD THINGS COME TO AN END? THE PERFORMANCE OF MULTIPLE ACQUIRERS." Academy of Management Proceedings 2004, no. 1 (August 2004): S1—S6. http://dx.doi.org/10.5465/ambpp.2004.13863814.
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Dixit, Bipin Kumar. "Operating performance of acquirers after acquisition: evidence from India." Journal of Indian Business Research 12, no. 3 (November 18, 2019): 327–41. http://dx.doi.org/10.1108/jibr-08-2018-0204.
Анотація:
Purpose The purpose of this paper is to examine the operating performance of Indian using difference-in-difference (DD) methodology. It, further, examines whether there is a difference in the operating performance of acquirers doing partial and full acquisitions. Design/methodology/approach Four different benchmark criteria are used to select control firms, namely, size, size and industry, size and leverage, and size and book-to-market ratio. To measure the operating performance, return on assets (ROA) is calculated as the ratio between earnings before depreciation, interest, tax and amortization (EBDITA) and total assets (TA), expressed in percentage. This paper examines the ROA of event and control firms for three years in each pre- and post-acquisition period and finally compares them using the DD method. Findings Using a sample of Indian acquirers, the results show that the operating performance of Indian acquirers neither improves nor deteriorates after accounting for an appropriate benchmark. Operating performance of event firms significantly reduces in the post-acquisition period. However, non-acquiring firms of similar size and pre-operating performance also exhibit similar results. Finally results show that, the operating performance of acquirers making full acquisitions deteriorates. Originality/value It provides insights into the operating performance of Indian acquirers with an improved methodology, which accounts for the performance of control firms. The author also uses multiple matching criteria to find control firms to overcome the possible bias of the results dependent on the matching criteria. To the best of the author’s knowledge, the author could not find other studies comparing the operating performance of acquirers making partial and full acquisitions.
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Company Company, Concepción. "Multiple dative-marking grammaticalization." Studies in Language 25, no. 1 (October 1, 2001): 1–47. http://dx.doi.org/10.1075/sl.25.1.02com.
Анотація:
The aim of this paper is to provide some diachronic evidence of how a language acquires primary object properties, and to shed some light on the disputable status of dative expressions (Dats) in two object constructions. Spanish having in its origin two object case-markings, one for the Acc-patient and one for the Dat-recipient, has been progressively acquiring only one object case-marking. This language would have been sliding from a DO–IO language toward a special kind of PO–SO language. This paper examines seven apparently unconnected syntactic changes, showing that a common deep pattern unifies them: a grammaticalization process which reinforces Dat object-marking as a prime argument in the history of Spanish. In various areas of the transitivity system, Dats usurped the grammatical function performed originally by the Acc. As a consequence, a fair distinction between DO and IO does not hold; there are primary object effects in this language.
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Verma, Updesh, and A. K. Sharma. "Laser focusing and multiple ionization of Ar in a hydrogen plasma channel created by a pre-pulse." Laser and Particle Beams 29, no. 2 (April 6, 2011): 219–25. http://dx.doi.org/10.1017/s0263034611000188.
Анотація:
AbstractA model for plasma channel formation by a laser pre-pulse in a low Z gas (Hydrogen) embedded with high Z atoms (Ar) is developed. The laser of intensity I ≅ 1014 W/cm2 ionizes hydrogen atoms fully whereas Ar atoms are ionized only singly. After the first pulse is gone, plasma expands on the time scale of a nanosecond to produce a hydrogen plasma channel with minimum density on the axis. A second intense short pulse laser of intensity I ≥ 1016 W/cm2 gets focused. It tunnel ionizes the remaining Ar. The Ar acquires Ar8+ charge state after loosing 8 ions and acquires Ne like configuration and could emit X-rays.
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Wang, Dongzhen, and Daqing Huang. "Multiple Points Localization With Defocused Images." International Journal of Multimedia Data Engineering and Management 11, no. 2 (April 2020): 1–15. http://dx.doi.org/10.4018/ijmdem.2020040101.
Анотація:
3D points reconstruction has attracted increasing attentions both in computer vision and robotic intelligence areas. However, the real depth measurement still relies on depth measurement instruments. Although many measurement methods for depth exist, they usually need additional instruments, which always increase the cost of the measurement system. To better localize the position of 3D points without use of other instruments, a direct method is proposed which acquires depth from defocus of current images in this paper. The method utilizes the property of camera lens system and mechanism of SFM to remove the ambiguity of structure scale and the relative error between these 3D points. In addition, a multiple image setting for improving the robustness of depth estimation is proposed that can further eliminate depth error from some kinds of nature noises. Experiments on the real scene are implemented, which shows that the proposed method outperforms the ordinary 3D points localization method.
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Petri, Judith, Sebastian Hochstädt, Tristan Nentwig, Ansgar Pausch, Arne Langhoff, and Diethelm Johannsmann. "A Fast Electrochemical Quartz Crystal Microbalance,which Acquires Frequency and Bandwidth on Multiple Overtones." Electroanalysis 29, no. 3 (November 2, 2016): 806–13. http://dx.doi.org/10.1002/elan.201600580.
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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.
Анотація:
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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Liu, Yipeng, Christina Öberg, Shlomo Yedidia Tarba, and Yijun Xing. "Brand management in mergers and acquisitions." International Marketing Review 35, no. 5 (September 10, 2018): 710–32. http://dx.doi.org/10.1108/imr-01-2017-0011.
Анотація:
Purpose The purpose of this paper is to focus on emerging market companies that internationalize into advanced economies by means of acquisitions and to investigate brand management during post-acquisition integration from a multi-level perspective and to identify how a brand management strategy can be constructed. It takes into account the influences of country-of-origin image, corporate brand and brand portfolio to obtain a granular view of post-acquisition brand management. Design/methodology/approach A multiple case study approach was adopted. By using case studies and storytelling qualitative research methods, the empirical setting was related to the acquisitions undertaken by Chinese companies in Germany. Findings The authors identified three mechanisms for brand management in the post-acquisition integration of emerging market companies – namely, transferring, dynamically redeploying and categorizing – that underpin the interconnection and combined influence of country-of-origin image at the national level, corporate brand at the organizational level and brand portfolio at the product level. Practical implications Brand has been viewed as a strategic asset in Chinese cross-border mergers and acquisitions (M&As). Brand management is a dynamic process that involves learning and interaction between the acquirer and target. The research offers a practical guideline for both acquirers and targets in managing brand in the context of acquisitions undertaken by emerging market companies in advanced economies. Originality/value The findings provide important insights into the brand management strategies adopted in Chinese cross-border M&As in particular, and emerging market companies venturing into advanced economies in general. The interlinking of country, company and product levels introduces new ideas to the brand literature related to acquisitions, and the setting of Chinese companies acquiring German ones constitutes an important contribution to the understanding of the different ways in which companies from emerging economies may pursue branding strategies in the context of cross-border M&As.
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Su, Hsun-Cheng, Kevin Ramkissoon, Janet Doolittle, Martha Clark, Jainab Khatun, Ashley Secrest, Matthew C. Wolfgang, and Morgan C. Giddings. "The Development of Ciprofloxacin Resistance in Pseudomonas aeruginosa Involves Multiple Response Stages and Multiple Proteins." Antimicrobial Agents and Chemotherapy 54, no. 11 (August 9, 2010): 4626–35. http://dx.doi.org/10.1128/aac.00762-10.
Анотація:
ABSTRACT Microbes have developed resistance to nearly every antibiotic, yet the steps leading to drug resistance remain unclear. Here we report a multistage process by which Pseudomonas aeruginosa acquires drug resistance following exposure to ciprofloxacin at levels ranging from 0.5× to 8× the initial MIC. In stage I, susceptible cells are killed en masse by the exposure. In stage II, a small, slow to nongrowing population survives antibiotic exposure that does not exhibit significantly increased resistance according to the MIC measure. In stage III, exhibited at 0.5× to 4× the MIC, a growing population emerges to reconstitute the population, and these cells display heritable increases in drug resistance of up to 50 times the original level. We studied the stage III cells by proteomic methods to uncover differences in the regulatory pathways that are involved in this phenotype, revealing upregulation of phosphorylation on two proteins, succinate-semialdehyde dehydrogenase (SSADH) and methylmalonate-semialdehyde dehydrogenase (MMSADH), and also revealing upregulation of a highly conserved protein of unknown function. Transposon disruption in the encoding genes for each of these targets substantially dampened the ability of cells to develop the stage III phenotype. Considering these results in combination with computational models of resistance and genomic sequencing results, we postulate that stage III heritable resistance develops from a combination of both genomic mutations and modulation of one or more preexisting cellular pathways.
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Babington, Stuart C. "None of your business: Media companies and disclosure of employment reductions." Newspaper Research Journal 41, no. 1 (September 16, 2019): 71–87. http://dx.doi.org/10.1177/0739532919873114.
Анотація:
Ethical obligations for news organizations and their parent companies announcing employment reductions were explored. Scholarship concerning multiple ethical perspectives was reviewed and analyzed. Findings suggest that when a company acquires media properties, it should announce the details of newsroom layoffs in the same spirit of transparency that has become fundamental to journalism.
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Merikas, Andreas G., Dionysios Polemis, and Anna Triantafyllou. "Mergers And Acquisitions In The Shipping Industry." Journal of Applied Business Research (JABR) 27, no. 4 (June 20, 2011): 9. http://dx.doi.org/10.19030/jabr.v27i4.4653.
Анотація:
<p>The purpose of our research is to analyze Acquired and Acquiring companies in the Maritime Transport sector in order to determine whether the two groups can be distinguished from each other based on their different financial characteristics. Although this area of research is considered as very fruitful by many academics, it was given less attention due to the rare sequence of such events and the difficulty to gain access to valuable data. The authors are not aware of any other papers that have examined the maritime transport sector in such a way in the past.</p><p>However, since many shipping companies have taken the opportunity to access stock markets around the world, in order to gain equity finance to upgrade or expand their merchant fleets, their financial statements became public. Moreover, the fact that over the last decades Mergers and Acquisitions are considered by many managers as very efficient method of company expansion, the view of the past that considered Mergers & Acquisitions in the maritime sector as a difficult area of research is starting to change.</p><p> The study will be based upon a sample of 60 companies, consisting of 37 targets (either through merger or acquisition), occurring during the calendar years from 1994 to 2009 and 23 acquirers (some of them multiple acquirers). In the analysis, ratios measuring different aspects of business activity will be investigated; such as profitability, liquidity, efficiency and leverage, with the utilization of multiple Logit Regression Analysis.</p>
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Li, Kun, Chaohua He, Wassim Dbouk, and Ke Zhao. "The Value of CSR in Acquisitions: Evidence from China." Sustainability 13, no. 7 (March 26, 2021): 3721. http://dx.doi.org/10.3390/su13073721.
Анотація:
In this paper, we aim to test whether and how corporate social responsibility (CSR) is valued in merger and acquisition (M&A) transactions. Employing multiple regression and logistic regression methods to examine the CSR in China’s domestic M&A market from 2007 to 2018, we reveal the following: (i) acquisition targets with higher social performance can attain higher acquisition valuation, especially when the acquirers are also socially responsible; (ii) high-CSR acquirers are inclined to choose equity payments, while high-CSR acquisition targets prefer to be paid in cash; (iii) high CSR performance boosts M&A success rate. The findings are robust, due to adopting two-stage least squares method to tackle endogeneity, substituting variable measures and data sources, and winsorizing variables at high levels to eliminate outliers. The value of CSR in M&As possibly results from the role of CSR in reducing information frictions, agency concerns, and corporate risks and is primarily associated with activities which are friendly to suppliers, customers, shareholders, public welfare, and natural environment, as well as being higher in developed regions and irrelevant to corporate ownership and nature. The study is of vital significance to the valuation and decision making in M&A deals.
34
Zhao, Wei Yang, and Bin Zhang. "Research on the Optimization of Inventory Routing Problem Based on VMI-TPL Mode." Applied Mechanics and Materials 409-410 (September 2013): 1089–92. http://dx.doi.org/10.4028/www.scientific.net/amm.409-410.1089.
Анотація:
The paper establishes an inventory routing integrated model to economize the supply chain cost based on a supply chain composed of a single supplier, a third party logistics enterprise and multiple retailers. First of all, the paper acquires the optimal path arrangement for the third party logistics vehicles and the initial fixed partition through ant colony algorithm. Secondly, the paper calculates the total cost of the supply chain through the integral multiple sampling period and the fixed partition policies. Finally, the paper adjusts the third party logistics replenishment period for different partitions until the cost of supply chain comes to the minimum.
35
Rescorla, Robert A. "Contemporary Study of Pavlovian Conditioning." Spanish Journal of Psychology 6, no. 2 (November 2003): 185–95. http://dx.doi.org/10.1017/s1138741600005333.
Анотація:
Pavlov's first report on conditioning emphasized its role in allowing the animal to adjust to its environment. Contemporary theories have seen this adjustment in terms of developing accurate knowledge of the environment. Three aspects of that thinking are explored: how the animal acquires initial knowledge, how it changes its knowledge when conditions of the world change, and how it makes use of multiple knowledge representations.
36
Wang, Sun, Li, and Ding. "A New Multiple Hypothesis Tracker Integrated with Detection Processing." Sensors 19, no. 23 (November 30, 2019): 5278. http://dx.doi.org/10.3390/s19235278.
Анотація:
In extant radar signal processing systems, detection and tracking are carried out independently, and detected measurements are utilized as inputs to the tracking procedure. Therefore, the tracking performance is highly associated with detection accuracy, and this performance may severely degrade when detections include a mass of false alarms and missed-targets errors, especially in dense clutter or closely-spaced trajectories scenarios. To deal with this issue, this paper proposes a novel method for integrating the multiple hypothesis tracker with detection processing. Specifically, the detector acquires an adaptive detection threshold from the output of the multiple hypothesis tracker algorithm, and then the obtained detection threshold is employed to compute the score function and sequential probability ratio test threshold for the data association and track estimation tasks. A comparative analysis of three tracking algorithms in a clutter dense scenario, including the proposed method, the multiple hypothesis tracker, and the global nearest neighbor algorithm, is conducted. Simulation results demonstrate that the proposed multiple hypothesis tracker integrated with detection processing method outperforms both the standard multiple hypothesis tracker algorithm and the global nearest neighbor algorithm in terms of tracking accuracy.
37
Hwang, Byoung-Hyoun, José María Liberti, and Jason Sturgess. "Information Sharing and Spillovers: Evidence from Financial Analysts." Management Science 65, no. 8 (August 2019): 3624–36. http://dx.doi.org/10.1287/mnsc.2017.2986.
Анотація:
We study how information sharing within an organization affects individual performance. We look at situations in which the same analyst, while working at the same broker, covers multiple mergers and acquisitions (M&As), in particular the acquirer prior to the M&A and the merged firm thereafter. We find that earnings forecasts for the merged firm are significantly more accurate when the analyst has a colleague (working at the same broker) covering the target prior to the M&A. This holds particularly true if acquirer analysts and target analysts reside in the same locale, if they are part of a smaller team, and if the target analyst is of higher quality. Our findings highlight the importance of information spillovers on individual performance in knowledge-based industries. This paper was accepted by Amit Seru, finance.
38
Maeda, Taro, Euichi Hirose, Yoshito Chikaraishi, Masaru Kawato, Kiyotaka Takishita, Takao Yoshida, Heroen Verbruggen, et al. "Algivore or Phototroph? Plakobranchus ocellatus (Gastropoda) Continuously Acquires Kleptoplasts and Nutrition from Multiple Algal Species in Nature." PLoS ONE 7, no. 7 (July 25, 2012): e42024. http://dx.doi.org/10.1371/journal.pone.0042024.
39
Jara, Luis M., María Pérez-Varela, Jordi Corral, Marta Arch, Pilar Cortés, Germán Bou, Jesús Aranda, and Jordi Barbé. "Novobiocin Inhibits the Antimicrobial Resistance Acquired through DNA Damage-Induced Mutagenesis in Acinetobacter baumannii." Antimicrobial Agents and Chemotherapy 60, no. 1 (October 26, 2015): 637–39. http://dx.doi.org/10.1128/aac.01810-15.
Анотація:
ABSTRACTAcinetobacter baumannii, a worldwide emerging nosocomial pathogen, acquires antimicrobial resistances in response to DNA-damaging agents, which increase the expression of multiple error-prone DNA polymerase components. Here we show that the aminocoumarin novobiocin, which inhibits the DNA damage response in Gram-positive bacteria, also inhibits the expression of error-prone DNA polymerases in this Gram-negative multidrug-resistant pathogen and, consequently, its potential acquisition of antimicrobial resistance through DNA damage-induced mutagenesis.
40
Murakami, Tomoki, Masahiko Miyazaki, Shigemi Ishida, and Akira Fukuda. "Wireless LAN-Based CSI Monitoring System for Object Detection." Electronics 7, no. 11 (November 1, 2018): 290. http://dx.doi.org/10.3390/electronics7110290.
Анотація:
Sensing services for the detection of humans and animals by analyzing the environmental changes of wireless local area network (WLAN) signals have attracted attention in recent years. In object detection using WLAN signals, a widely known technique is the use of time changes in received signal strength indicators that are easily measured between WLAN devices. Utilizing channel response, including power and phase values per subcarrier on multiple input multiple output (MIMO), the orthogonal frequency division multiplexing transmission was researched as channel state information (CSI) to further improve detection accuracy. This paper describes a WLAN-based CSI monitoring system that efficiently acquires the CSI of multiple links in a target area where multiple CSI measuring stations are distributed. In the system, a novel CSI monitoring station captures wireless packets sent within the area and extracts CSI by analyzing the packets on the sounding protocol, specified by IEEE 802.11ac. The paper also describes the system configuration and shows that indoor experimental measurements confirmed the system’s feasibility.
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Memon, Sufyan, Myungun Kim, and Hungsun Son. "Tracking and Estimation of Multiple Cross-Over Targets in Clutter." Sensors 19, no. 3 (February 12, 2019): 741. http://dx.doi.org/10.3390/s19030741.
Анотація:
Tracking problems, including unknown number of targets, target trajectories behaviour and uncertain motion of targets in the surveillance region, are challenging issues. It is also difficult to estimate cross-over targets in heavy clutter density environment. In addition, tracking algorithms including smoothers which use measurements from upcoming scans to estimate the targets are often unsuccessful in tracking due to low detection probabilities. For efficient and better tracking performance, the smoother must rely on backward tracking to fetch measurement from future scans to estimate forward track in the current time. This novel idea is utilized in the joint integrated track splitting (JITS) filter to develop a new fixed-interval smoothing JITS (FIsJITS) algorithm for tracking multiple cross-over targets. The FIsJITS initializes tracks employing JITS in two-way directions: Forward-time moving JITS (fJITS) and backward-time moving JITS (bJITS). The fJITS acquires the bJITS predictions when they arrive from future scans to the current scan for smoothing. As a result, the smoothing multi-target data association probabilities are obtained for computing the fJITS and smoothing output estimates. This significantly improves estimation accuracy for multiple cross-over targets in heavy clutter. To verify this, numerical assessments of the FIsJITS are tested and compared with existing algorithms using simulations.
42
Lun, Jiaqi, Jia Zhu, Yong Tang, and Min Yang. "Multiple Data Augmentation Strategies for Improving Performance on Automatic Short Answer Scoring." Proceedings of the AAAI Conference on Artificial Intelligence 34, no. 09 (April 3, 2020): 13389–96. http://dx.doi.org/10.1609/aaai.v34i09.7062.
Анотація:
Automatic short answer scoring (ASAS) is a research subject of intelligent education, which is a hot field of natural language understanding. Many experiments have confirmed that the ASAS system is not good enough, because its performance is limited by the training data. Focusing on the problem, we propose MDA-ASAS, multiple data augmentation strategies for improving performance on automatic short answer scoring. MDA-ASAS is designed to learn language representation enhanced by data augmentation strategies, which includes back-translation, correct answer as reference answer, and swap content. We argue that external knowledge has a profound impact on the ASAS process. Meanwhile, the Bidirectional Encoder Representations from Transformers (BERT) model has been shown to be effective for improving many natural language processing tasks, which acquires more semantic, grammatical and other features in large amounts of unsupervised data, and actually adds external knowledge. Combining with the latest BERT model, our experimental results on the ASAS dataset show that MDA-ASAS brings a significant gain over state-of-art. We also perform extensive ablation studies and suggest parameters for practical use.
43
Long, Ling, Ya Dong Shao, and Hai Shang Liu. "Solar-Powered Environment Monitoring System Based on ARM." Applied Mechanics and Materials 641-642 (September 2014): 1168–71. http://dx.doi.org/10.4028/www.scientific.net/amm.641-642.1168.
Анотація:
In order to accurately obtain the real-time environment information, this paper introduces a solar energy environmental monitoring intelligent system, and gives the corresponding design of hardware and software flow. The system adopts solar energy to supply power, uses ARM as the core microprocessor, and acquires environment information by multiple sensors, so that system terminal displays the real-time monitoring information. This design not only enhances Security for people's work, life and travel, but also makes full use of solar energy to achieve a modern green life.
44
Li, Hui, Yun Liu, Chuanxu Wang, Shujun Zhang, and Xuehong Cui. "Tracking Algorithm of Multiple Pedestrians Based on Particle Filters in Video Sequences." Computational Intelligence and Neuroscience 2016 (2016): 1–17. http://dx.doi.org/10.1155/2016/8163878.
Анотація:
Pedestrian tracking is a critical problem in the field of computer vision. Particle filters have been proven to be very useful in pedestrian tracking for nonlinear and non-Gaussian estimation problems. However, pedestrian tracking in complex environment is still facing many problems due to changes of pedestrian postures and scale, moving background, mutual occlusion, and presence of pedestrian. To surmount these difficulties, this paper presents tracking algorithm of multiple pedestrians based on particle filters in video sequences. The algorithm acquires confidence value of the object and the background through extracting a priori knowledge thus to achieve multipedestrian detection; it adopts color and texture features into particle filter to get better observation results and then automatically adjusts weight value of each feature according to current tracking environment. During the process of tracking, the algorithm processes severe occlusion condition to prevent drift and loss phenomena caused by object occlusion and associates detection results with particle state to propose discriminated method for object disappearance and emergence thus to achieve robust tracking of multiple pedestrians. Experimental verification and analysis in video sequences demonstrate that proposed algorithm improves the tracking performance and has better tracking results.
45
Si, Yi Fang, Jun Qi Yu, Bo Dang, and Jian Heng Huang. "The Use of Wireless Systems and Assessment Models for the Sustainability of Intelligent Buildings." Advanced Materials Research 953-954 (June 2014): 1663–67. http://dx.doi.org/10.4028/www.scientific.net/amr.953-954.1663.
Анотація:
Sustainability assessment of intelligent buildings involves multiple indicators and parameters, multi-criteria decision-making and multiple variables model. In order to solve the problem: firstly, identify the key performance indicators of the sustainability related to intelligent buildings (environmental, social, economic and technological factors);optimize the selected indicators with both experts knowledge and measurable data; secondly, develop a new model for measuring the level of sustainability for intelligent buildings. The data acquisition of objective indicators for intelligent buildings is based upon the wireless wearable sensors networks, and the subjective indicators connected with expert experience derived through questionnaire surveys. Using a consensus-based model, which is analyzed by the analytical hierarchical process (AHP) for multi-criteria decision-making. Using the multi-attribute model based on structure entropy weight methodology and fuzzy comprehensive evaluation for priority and weight setting in the sustainability assessment is studied. It is concluded that the whole system not only acquires multiple data but also gets available and reliable assessment for the sustainability of intelligent buildings.
46
Paranjape, Avinash. "Economic Slowdown and the Indian Corporate Sector." Vikalpa: The Journal for Decision Makers 34, no. 3 (July 2009): 53–58. http://dx.doi.org/10.1177/0256090920090307.
Анотація:
In the face of the complexities created by the turbulence, volatility, and uncertainty in the global economy, the Indian corporate sector finds itself in a state of flux. Avinash Paranjape sees the impact of the global crisis on the Indian industry as a contagion effect, being in the form of a slowdown. From the study emerge four distinct patterns of the effect of the slowdown on Indian firms. While the firms exposed to foreign currency have become victims of volatility, those in the IT-related services faced export blues. The firms in the financial and real estate sectors experienced the burst bubble syndrome, whereas the acquirers faced multiple financial issues. Despite the prevalence of pockets of weakness, in general, the author finds the Indian banks, financial institutions, and the corporate sector as strong and less exposed to the vagaries of the global recession
47
Zhang, Yan, and Ru Lin Wang. "Underground Sensor Interaction Technique Based on DSP." Advanced Materials Research 488-489 (March 2012): 1429–33. http://dx.doi.org/10.4028/www.scientific.net/amr.488-489.1429.
Анотація:
In the underground data gathering and processing system, TMS320VC55X acquires signal and send it to display correctly on the LCD. The related hardware and software design of system is introduced in this paper. System adopts MzLH01-12864 display module with serial peripheral interface to realize graphic & text display. On the basis of the hardware interface circuit, SPI working mode of DSP multi-channel buffer serial port, software protocol and sequential flow are recommended. System realizes to display signal on LCD correctly, to demonstrate multiple menu of character and graphics and to implement the human-computer interaction.
48
Parola, Heather R., Kimberly M. Ellis, and Peggy Golden. "Performance effects of top management team gender diversity during the merger and acquisition process." Management Decision 53, no. 1 (February 9, 2015): 57–74. http://dx.doi.org/10.1108/md-03-2014-0141.
Анотація:
Purpose – The purpose of this paper is to uncover the performance effects of top management team (TMT) gender diversity in the merger and acquisition (M&A) process. To do so, an integration of the upper echelons perspective and the M&A process literature is offered to consider the “double-edge sword” of gender diversity on both pre- and post-integration performance. Additionally, the boundary effects of acquirer experience on the TMT gender diversity-performance relationship is examined. Design/methodology/approach – The hypotheses are tested in a sample of 310 acquisitions by Fortune 1,000 companies. Multiple regression analysis is utilized to test the effects on the two different performance variables. Findings – The findings reveal that TMT gender diversity is beneficial to pre-integration performance, but hinders post-integration performance. Additionally, the findings provide evidence that acquirer experience can overcome the negative effects of gender diversity in post-integration performance. Originality/value – This study contributes to a better understanding of the double-edge sword of TMT gender diversity by providing evidence that performance implications depend on the performance variable of interest. Specifically in the M&A context, gender diversity has differing effects on pre- and post-integration performance.
49
Zuo, J., D. Rungger, and R. Voellmy. "Multiple layers of regulation of human heat shock transcription factor 1." Molecular and Cellular Biology 15, no. 8 (August 1995): 4319–30. http://dx.doi.org/10.1128/mcb.15.8.4319.
Анотація:
Upon heat stress, monomeric human heat shock transcription factor 1 (hHSF1) is converted to a trimer, acquires DNA-binding ability, is transported to the nucleus, and becomes transcriptionally competent. It was not known previously whether these regulatory changes are caused by a single activation event or whether they occur independently from one another, providing a multilayered control that may prevent inadvertant activation of hHSF1. Comparison of wild-type and mutant hHSF1 expressed in Xenopus oocytes and human HeLa cells suggested that retention of hHSF1 in the monomeric form depends on hydrophobic repeats (LZ1 to LZ3) and a carboxy-terminal sequence element in hHSF1 as well as on the presence of a titratable factor in the cell. Oligomerization of hHSF1 appears to induce DNA-binding activity as well as to uncover an amino-terminally located nuclear localization signal. A mechanism distinct from that controlling oligomerization regulates the transcriptional competence of hHSF1. Components of this mechanism were mapped to a region, including LZ2 and nearby sequences downstream from LZ2, that is clearly separated from the carboxy-terminally located transcription activation domain(s). We propose the existence of a fold-back structure that masks the transcription activation domain in the unstressed cell but is opened up by modification of hHSF1 and/or binding of a factor facilitating hHSF1 unfolding in the stressed cell. Activation of hHSF1 appears to involve at least two independently regulated structural transitions.
50
Zhang, Jianxin, Junkai Wu, Xudong Hu, and Xinen Zhang. "Multi-color measurement of printed fabric using the hyperspectral imaging system." Textile Research Journal 90, no. 9-10 (November 4, 2019): 1024–37. http://dx.doi.org/10.1177/0040517519883953.
Анотація:
Printed fabrics usually have multiple colors and intricate patterns, which make it difficult to directly measure the colors of the printed fabrics with a traditional spectrophotometer. However, a hyperspectral imaging system (HIS) can measure multiple colors since it acquires the spectral reflectance of a continuous band at every point of the fabric. For multiple-color printed fabrics, color segmentation is also very important. In this paper, color measurement of printed fabrics using the HIS was implemented; an algorithm which combines the self-organizing map (SOM) algorithm and the density peaks clustering (DPC) algorithm was then proposed to automatically determine the number of colors on the printed fabric and accurately segment the color regions for measurement. Firstly, the SOM algorithm was used to identify the main clusters, the DPC algorithm with Silhouette Index was then used to identify the optimal number of colors and merge the clusters. Experimental results show that this algorithm not only automatically determines the optimal number of colors for printed fabric and achieves accurate color segmentation, but requires less time for execution.