Corporate Takeovers and Non-Financial Stakeholders

2021 ◽  
Author(s):  
Daniel Greene ◽  
Omesh Kini ◽  
Mo Shen ◽  
Jaideep Shenoy
Keyword(s):  
Large Body ◽  
Corporate Ownership ◽  
Corporate Takeovers ◽  
Ex Post ◽  
Acquiring Firms ◽  
Contractual Relationships ◽  
Big Picture ◽  
Implicit And Explicit ◽  
Deal Completion ◽  
The Impact

A large body of work has examined the impact of corporate takeovers on the financial stakeholders (shareholders and bondholders) of the merging firms. Since the late 2000s, empirical research has increasingly highlighted the crucial role played by the non-financial stakeholders (labor, suppliers, customers, government, and communities) in these transactions. It is, therefore, important to understand the interplay between corporate takeovers and the non-financial stakeholders of the firm. Financial economists have long viewed the firm as a nexus of contracts between various stakeholders connected to the firm. Corporate takeovers not only play an important role in redefining the broad boundaries of the firm but also result in major changes to corporate ownership and structure. In the process, takeovers can significantly alter the contractual relationships with non-financial stakeholders. Because the firm’s relationships with these stakeholders are governed by implicit and explicit contracts, circumstances can arise that allow acquiring firms to fully or partially abrogate these contracts and extract rents from non-financial stakeholders after deal completion. In contrast, non-financial stakeholders can also potentially benefit from a takeover if they get to share in any efficiency gains that are generated in the deal. Given this framework, the ex-ante importance of these contractual relationships can have a bearing on the efficacy of takeovers. The ability to alter contractual relationships ex post can affect the propensity of a takeover and merging firms’ shareholders and, in turn, impact non-financial stakeholders. Non-financial stakeholders will be more vested in post-takeover success if they can trust the acquiring firm to not take actions that are detrimental to them. The big picture that emerges from the surveyed literature is that non-financial stakeholder considerations affect takeover decisions and post-takeover outcomes. Moreover, takeovers also have an impact on non-financial stakeholders. The directions of all these effects, however, depend on the economic environment in which the merging firms operate.

Proximity to urban centers in mergers and acquisitions

2017 ◽  
Vol 43 (11) ◽  
pp. 1292-1308 ◽  
Author(s):  
Patty Bick ◽  
Matthew D. Crook ◽  
Andrew A. Lynch ◽  
Brian Walkup
Keyword(s):  
Mergers And Acquisitions ◽  
Information Asymmetry ◽  
Rural Setting ◽  
Target Firm ◽  
Data Set ◽  
Content Type ◽  
Acquiring Firms ◽  
Announcement Returns ◽  
Deal Completion ◽  
The Impact

Purpose The purpose of this paper is to examine the impact firm proximity to financial centers has on announcement returns and time to deal completion for mergers and acquisitions. Design/methodology/approach Using a data set of merger and acquisition activity from 1986 to 2014, target and acquiring firms are classified as rural or urban based on their geographic proximity to major financial centers. The impact of this proximity on short-term acquisition announcement returns and on the amount of time required to complete the transaction are tested. Findings Markets react more favorably to the acquisition of firms headquartered in a rural area, likely due to increased information advantage on the part of the acquiring firm. Furthermore, the acquisition of a rural firm requires greater time to completion. Practical implications Acquiring firms may be able to use information asymmetry to their advantage when acquiring firms located in a more rural setting with higher levels of information asymmetry. However, this requires the acquiring firm to generate an informational advantage and will also require a greater time commitment on average to complete the deal. Originality/value While prior literature has demonstrated that the distance between target and acquirer can affect acquisition returns and time to deal completion, this study adds to the literature by demonstrating that the geographic location of the target firm relative to major financial hubs can have a unique effect on mergers and acquisitions as well.

Implicit and explicit corrective feedback and feedback exposure conditions

2020 ◽  
Vol 4 (1) ◽  
pp. 3-48
Author(s):  
Takehiro Iizuka ◽  
Kimi Nakatsukasa
Keyword(s):  
Explicit Knowledge ◽  
Corrective Feedback ◽  
Significant Difference ◽  
Oral Corrective Feedback ◽  
Post Test ◽  
Picture Description ◽  
Potential Factors ◽  
Implicit And Explicit ◽  
Instructional Settings ◽  
The Impact

This exploratory study examined the impact of implicit and explicit oral corrective feedback (CF) on the development of implicit and explicit knowledge of Japanese locative particles (activity de, movement ni and location ni) for those who directly received CF and those who observed CF in the classroom. Thirty-six college students in a beginning Japanese language course received either recast (implicit), metalinguistic (explicit) or no feedback during an information-gap picture description activity, and completed a timed picture description test (implicit knowledge) and an untimed grammaticality judgement test (explicit knowledge) in a pre-test, immediate post-test and delayed post-test. The results showed that overall there was no significant difference between CF types, and that CF benefited direct and indirect recipients similarly. Potential factors that might influence the effectiveness of CF, such as instructional settings, complexity of target structures and pedagogy styles, are discussed.

Survey Data Quality in Analyzing Harmonized Indicators of Protest Behavior: A Survey Data Recycling Approach

2021 ◽  
pp. 000276422110216
Author(s):  
Kazimierz M. Slomczynski ◽  
Irina Tomescu-Dubrow ◽  
Ilona Wysmulek
Keyword(s):  
Data Processing ◽  
Data Quality ◽  
Survey Data ◽  
A Priori ◽  
Data Sets ◽  
New Approach ◽  
Survey Quality ◽  
Survey Error ◽  
Ex Post ◽  
The Impact

This article proposes a new approach to analyze protest participation measured in surveys of uneven quality. Because single international survey projects cover only a fraction of the world’s nations in specific periods, researchers increasingly turn to ex-post harmonization of different survey data sets not a priori designed as comparable. However, very few scholars systematically examine the impact of the survey data quality on substantive results. We argue that the variation in source data, especially deviations from standards of survey documentation, data processing, and computer files—proposed by methodologists of Total Survey Error, Survey Quality Monitoring, and Fitness for Intended Use—is important for analyzing protest behavior. In particular, we apply the Survey Data Recycling framework to investigate the extent to which indicators of attending demonstrations and signing petitions in 1,184 national survey projects are associated with measures of data quality, controlling for variability in the questionnaire items. We demonstrate that the null hypothesis of no impact of measures of survey quality on indicators of protest participation must be rejected. Measures of survey documentation, data processing, and computer records, taken together, explain over 5% of the intersurvey variance in the proportions of the populations attending demonstrations or signing petitions.

scholarly journals The Demerger Impact upon Sustainable Development of Economic Entities: Evidence from Romania

2021 ◽  
Vol 13 (15) ◽  
pp. 8316
Author(s):  
Camelia Mirela Baba ◽  
Constantin Duguleană ◽  
Marius Sorin Dincă ◽  
Liliana Duguleană ◽  
Gheorghița Dincă
Keyword(s):  
Sustainable Development ◽  
Business Strategies ◽  
The Sustainable Development ◽  
Ex Post ◽  
Before And After ◽  
Almost All ◽  
The Impact ◽  
Profitability Ratios ◽  
Positive Effect

The Covid-19 induced economic crisis has significantly affected almost all businesses from nearly every sector, causing severe financial problems, lack of cash assets, and decrease of revenues. In this context, the economic entities were forced to look for adjustment and rescue solutions of their activities. One possible solution for the recovery and reorganization of economic entities’ activities is demerger. This paper evaluates the impact of demerger upon the sustainable development of economic entities in terms of economic efficiency and financial performances. To achieve this goal, a statistical analysis of profitability ratios before and after the demerger, as well as a structural analysis of 268 demerger projects for the April 2012–April 2021 period, were performed. The results attest there are no significant differences between the ex-ante and ex-post financial performances. However, demerger seems to have a positive effect upon analyzed companies helping them to overcome economic hardships, rethink their business strategies, and continue their activity in the medium and long-term time horizon.

scholarly journals Are UX Evaluation Methods Providing the Same Big Picture?

Sensors ◽  
2021 ◽  
Vol 21 (10) ◽  
pp. 3480
Author(s):  
Walter Takashi Nakamura ◽  
Iftekhar Ahmed ◽  
David Redmiles ◽  
Edson Oliveira ◽  
David Fernandes ◽  
...  
Keyword(s):  
Software Development ◽  
Decision Process ◽  
Development Process ◽  
Evaluation Methods ◽  
Sentence Completion ◽  
Software Development Process ◽  
Software Application ◽  
Software Products ◽  
Big Picture ◽  
The Impact

The success of a software application is related to users’ willingness to keep using it. In this sense, evaluating User eXperience (UX) became an important part of the software development process. Researchers have been carrying out studies by employing various methods to evaluate the UX of software products. Some studies reported varied and even contradictory results when applying different UX evaluation methods, making it difficult for practitioners to identify which results to rely upon. However, these works did not evaluate the developers’ perspectives and their impacts on the decision process. Moreover, such studies focused on one-shot evaluations, which cannot assess whether the methods provide the same big picture of the experience (i.e., deteriorating, improving, or stable). This paper presents a longitudinal study in which 68 students evaluated the UX of an online judge system by employing AttrakDiff, UEQ, and Sentence Completion methods at three moments along a semester. This study reveals contrasting results between the methods, which affected developers’ decisions and interpretations. With this work, we intend to draw the HCI community’s attention to the contrast between different UX evaluation methods and the impact of their outcomes in the software development process.

scholarly journals A Person-to-Person and Person-to-Place COVID-19 Contact Tracing System Based on OGC IndoorGML

2020 ◽  
Vol 10 (1) ◽  
pp. 2 ◽  
Author(s):  
Soroush Ojagh ◽  
Sara Saeedi ◽  
Steve H. L. Liang
Keyword(s):  
Data Model ◽  
Low Cost ◽  
Large Body ◽  
Contact Tracing ◽  
Trajectory Data ◽  
Sequential Order ◽  
Human Contact ◽  
Wide Availability ◽  
Data Points ◽  
The Impact

With the wide availability of low-cost proximity sensors, a large body of research focuses on digital person-to-person contact tracing applications that use proximity sensors. In most contact tracing applications, the impact of SARS-CoV-2 spread through touching contaminated surfaces in enclosed places is overlooked. This study is focused on tracing human contact within indoor places using the open OGC IndoorGML standard. This paper proposes a graph-based data model that considers the semantics of indoor locations, time, and users’ contexts in a hierarchical structure. The functionality of the proposed data model is evaluated for a COVID-19 contact tracing application with scalable system architecture. Indoor trajectory preprocessing is enabled by spatial topology to detect and remove semantically invalid real-world trajectory points. Results show that 91.18% percent of semantically invalid indoor trajectory data points are filtered out. Moreover, indoor trajectory data analysis is innovatively empowered by semantic user contexts (e.g., disinfecting activities) extracted from user profiles. In an enhanced contact tracing scenario, considering the disinfecting activities and sequential order of visiting common places outperformed contact tracing results by filtering out unnecessary potential contacts by 44.98 percent. However, the average execution time of person-to-place contact tracing is increased by 58.3%.

scholarly journals Times of change in complex environments - Evaluating hospital co-payments in Palestine refugee camps

2020 ◽  
Vol 30 (Supplement_5) ◽  
Author(s):  
S V Valente de Almeida ◽  
H Ghattas ◽  
G Paolucci ◽  
A Seita
Keyword(s):  
Length Of Stay ◽  
Policy Change ◽  
Negative Binomial ◽  
Negative Impact ◽  
Average Length ◽  
Lessons Learned ◽  
Policy Impact ◽  
Average Length Of Stay ◽  
Ex Post ◽  
The Impact

Abstract We measure the impact introducing a of 10% co-payment component on hospitalisation costs for Palestine refugees from Lebanon in public and private hospitals. This ex-post analysis provides a detailed insight on the direction and magnitude of the policy impact in terms of demand and supply for healthcare. The data was collected by the United Nations Relief and Works Agency for Palestine Refugees in the Near East and include episode level information from all public, private and Red Crescent Hospitals in Lebanon, between April 2016 and October 2017. This is a complete population episode level dataset with information from before and after the policy change. We use multinomial logit, negative binomial and linear models to estimate the policy impact on demand by type of hospital, average length of stay and treatment costs for the patient and the provider. After the new policy was implemented patients were 18% more likely to choose a (free-of-charge) PRCS hospital for secondary care, instead of a Private or Public hospital, where the co-payment was introduced. This impact was stronger for episodes with longer stays, which are also the more severe and more expensive cases. Average length of stay decreased in general for all hospitals and we could not find a statistically significant impact on costs for the provider nor the patient. We find evidence that the introduction of co-payments is hospital costs led to a shift in demand, but it is not clear to what extent the hospitals receiving this demand shift were prepared for having more patients than before, also because these are typically of less quality then the others. Regarding costs, there is no evidence that the provider managed to contain costs with the new policy, as the demand adapted to the changes. Our findings provide important information on hospitalisation expenses and the consequences of a policy change from a lessons learned perspective that should be taken into account for future policy decision making. Key messages We show that in a context of poverty, the introduction of payment for specific hospital types can be efficient for shifting demand, but has doubtable impact on costs containment for the provider. The co-payment policy can have a negative impact on patients' health since after its implementation demand increased at free-of-charge hospitals, which typically have less resources to treat patients.

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