Does Stock Misvaluation Differentiate the Motives for Takeovers?

2009 ◽  
Vol 12 (03) ◽  
pp. 545-566 ◽  
Author(s):  
Yi-Cheng Shih ◽  
Bai-Jia Hsu
Keyword(s):  
Empirical Evidence ◽  
Merger And Acquisition ◽  
Previous Literature ◽  
The Other ◽  
Payment Methods ◽  
Other Hand ◽  
Market Valuations

We use pre-offer market valuations to examine the motives for takeovers under the misvaluation theory. According to previous literature, the motives for merger and acquisition consist of synergy, agency and hubris. We find that overvalued acquirers paying by cash have the motives of synergy and hubris. However, overvalued acquirers paying by stock have the motives of agency and hubris. On the other hand, the motive of undervalued acquirers paying by cash is only hubris. Lastly, the motives of those undervalued acquirers paying by stock are synergy and hubris. In this study, we provide the empirical evidence to show that acquirers' stock misevaluation and their payment methods will differentiate the motives for takeovers.

scholarly journals The Milky Way: summary and outlook

1985 ◽  
Vol 106 ◽  
pp. 635-639
Author(s):  
Jeremiah P. Ostriker
Keyword(s):  
Empirical Evidence ◽  
Milky Way ◽  
Oblate Spheroid ◽  
The Other ◽  
Human Thought ◽  
Conspicuous Feature ◽  
Other Hand ◽  
Absorption Of Light ◽  
The Galaxy ◽  
The One

First let me review the historical discussions presented during our symposium: the papers by Paul, Gingerich, Hoskin and Smith. I was greatly impressed by the power of abstract human thought in its confrontation with resistant reality. On the one hand we see again and again extraordinary prescience, where abstract beliefs based on little or no empirical evidence–like the island-universe hypothesis–turn out to be, in their essentials, true. Clearly, we often know more than we know that we know. On the other hand, there are repeated instances of resistance to the most obvious truth due to ingrained beliefs. These may be termed conspiracies of silence. Van Rhijn and Shapley agreed about few things. But one of them was that there was no significant absorption of light in the Galaxy. Yet the most conspicuous feature of the night sky is the Milky Way, and the second most conspicuous feature is the dark rift through its middle. What looks to the most untutored eye like a “sandwich” was modeled as an oblate spheroid. These eminent scientists must have known about the rift, but somehow wished it away in their analyses. I find that very curious. Other examples from earlier times abound. We all know that the Crab supernova was seen from many parts of the globe but, though it was bright enough to be detected by the unaided eye in daylight, its existence was never–so far as we know–recorded in Europe. It did not fit in with the scheme of things, so it was not seen.

scholarly journals Empirical Evidence on Korea’s Import Demand Behavior Revisited

2015 ◽  
Vol 7 (2) ◽  
pp. 11 ◽  
Author(s):  
Jungho Baek
Keyword(s):  
Empirical Evidence ◽  
Import Demand ◽  
The Other ◽  
Distributed Lag ◽  
Other Hand ◽  
Long Run ◽  
Ardl Approach ◽  
Short Run ◽  
Econometric Technique

<p>This paper attempts to re-examine Korea’s import demand behavior with an enhanced<br />econometric technique and an up-to-date dataset. To achieve the goal, an autogressive<br />distributed lag (ARDL) approach is adopted. Our results show the existence of the long-run<br />relationship between Korea’s imports and its major determinants such as income and price. It<br />is also found that income plays an important role in influencing Korea’s imports in both the<br />short- and long-run. On the other hand, price is found to have a significant impact on Korea’s<br />imports only in the short-run.</p>

Budget Deficits: A Major Cause of Inflation?

1978 ◽  
Vol 6 (1) ◽  
pp. 115-127 ◽  
Author(s):  
Ansel M. Sharp ◽  
Phyllis Smith Flenniken
Keyword(s):  
Economic Theory ◽  
Empirical Evidence ◽  
Money Supply ◽  
The Other ◽  
Real Output ◽  
Budget Deficits ◽  
Single Variable ◽  
Other Hand

This paper examines the proposition that budget deficits are a major cause of inflation. Economic theory does not unconditionally support the proposition, and available empirical evidence does not support the proposition. During periods of expansion, 1949–1973, the increases in the money supply that can be directly traced to budget deficits are often a contributing but not necessarily a major cause of inflations. On the other hand, the fiscal effects of the budget, because of the automatic growth in federal receipts, are usually checking the growth in both prices and real output. Based on the discussion and data presented in this paper, the deficit hypothesis cannot be accepted. Inflations are too complicated phenomena to be explained by a single variable such as budget deficits.

scholarly journals Scandal, Protection, and Recovery in the Cabinet

2007 ◽  
Vol 101 (1) ◽  
pp. 63-77 ◽  
Author(s):  
TORUN DEWAN ◽  
DAVID P. MYATT
Keyword(s):  
Empirical Evidence ◽  
Prime Minister ◽  
The Other ◽  
Short Term ◽  
Other Hand ◽  
Collective Reputation ◽  
Political Scandals

Empirical evidence suggests that a prime minister benefits from firing ministers who are involved in political scandals. We explore a model in which scandals are positively related to policy activism, so that a prime minister may wish to protect a minister from resignation calls. We find that protection can sometimes discourage activism: it enhances the value of a minister's career and hence encourages him to “sit tight” by moderating his activities. On the other hand, an exogenous increase in exposure to scandals may lead a minister to “live for today” by pursuing controversial policies. The prime minister's ability to protect ministers is limited by her short-term incentive to fire. She may, however, enhance her credibility by building a collective reputation with the cabinet; the heterogeneity of cabinet membership plays an important role.

scholarly journals THE LACK OF SUBJECT INVERSION IN PUERTO RICAN INFINITIVE CLAUSES.

Dialectologia ◽  
2020 ◽  
Author(s):  
Raquel GONZÁLEZ RODRÍGUEZ
Keyword(s):  
Puerto Rican ◽  
Empirical Evidence ◽  
The Other ◽  
Puerto Rican Spanish ◽  
Syntactic Variation ◽  
Other Hand ◽  
The One

This paper explores the syntactic variation in Spanish focusing on a difference between European and Puerto Rican Spanish: the lack of subject-verb inversion in Puerto Rican infinitive clauses. Whereas infinitive subjects must follow the verb in European Spanish, they can also appear in preverbal position in Puerto Rican Spanish. On the one hand, this paper provides a detailed description of the phenomenon; for example, it determines what type of subjects can occupy the preverbal position in Puerto Rican Spanish. On the other hand, it offers empirical evidence for the following claim: this asymmetry between European and Puerto Rican Spanish is derived from infinitive subjects occupying different positions in these varieties, but not from the verb moving from T(ense) to C(omplementizer) in European Spanish.

scholarly journals Nikola Milosevic as critic of Marxism

2013 ◽  
Vol 56 (4) ◽  
pp. 95-110 ◽  
Author(s):  
Dejan Stankovic
Keyword(s):  
Empirical Evidence ◽  
Political Attitudes ◽  
Methodological Approach ◽  
The Other ◽  
Logical Consistency ◽  
Ethical Argument ◽  
False Theory ◽  
Other Hand ◽  
Real Socialism

In this essay, author analyses Nikola Milosevic's critique of Marxism. His methodological approach is the mixture of philosophy, literature and positive sciences, mostly psychology and history. His argument against Marxism consists of two parts: practical, mostly, ethical and political, and theoretical, mostly, methodological and epistemic. Ethical argument against Marxism is based on the idea of critical reconsideration of the relation between goals and means. For Milosevic, Marxism and real socialism are obvious examples of maxim: ?Goal justifies any means necessary for its achievement?. Such ethical standpoint justifies the regime of terror and manipulation. On the other hand, at the methodological and epistemic level, Marxism is an overt example of false theory in positivistic sense. It lacks logical consistency and empirical evidence. Being a theory without a scientific grounds, Marxism is a mere projection of the psychological and political attitudes of its author. Marxism is not a theory in traditional philosophical sense, it is just a theoretical rationalization of basic psychological and political attitudes of it creator and his successors.

scholarly journals Kleine Bundesländer – Achillesferse des Föderalismus?

2007 ◽  
Vol 56 (2) ◽  
Author(s):  
Norbert Berthold ◽  
Holger Fricke ◽  
Andreas Müller
Keyword(s):  
Economic Theory ◽  
Empirical Evidence ◽  
Economies Of Scale ◽  
The Other ◽  
Economic Outcome ◽  
External Effects ◽  
Federal Level ◽  
Strategic Behaviour ◽  
Other Hand ◽  
Political Decisions

AbstractIn this article we examine whether or not the small size (in terms of population) of some German Laender (states) is harmful. The economic theory of federalism forms the ground on which we present empirical evidence, focusing on our own results for the German Laender. We find evidence that political decisions on federal level instead of Laender level cause preference costs, and so do decisions in big or merged Laender. On the other hand, economies of scale as an assumed advantage of big jurisdictions obviously do not influence the economic outcome very much. We do not find indications for strategic behaviour due to external effects either. Nonetheless, if external effects are regarded as a problem concerning “Stadtstaaten”, they should rather be internalised by horizontal negotiations than by other instruments such as vertical payments or mergers between Laender. Hence, mergers of Laender do not seem to be a necessary precondition for decentralisation, which in turn is advisable as our results show.

Public Support for the Victims' Rights Movement: Results of a Statewide Survey

1990 ◽  
Vol 36 (4) ◽  
pp. 488-502 ◽  
Author(s):  
Brent L. Smith ◽  
John J. Sloan ◽  
Richard M. Ward
Keyword(s):  
Empirical Evidence ◽  
Sex Education ◽  
Public Support ◽  
The Other ◽  
Other Hand ◽  
Path Analytic ◽  
Victimization Experience

The literature on the victims' rights movement has been largely anecdotal, and little empirical evidence has been produced about who supports victims' rights. This article examines the extent of public support for several programs regularly appearing in proposed victim legislation. Path analytic procedures were used to test variation in support by age, race, sex, education, income, and victimization experience. The results indicate that victimization experience and education were most strongly associated with support for the victims' rights programs examined. Race, on the other hand, was not significantly related to support for victims' rights when other variables were controlled.

scholarly journals THE ROLE OF DUALITY MANAGERIAL OWNERSHIP AND BOARDS ON IPO VALUE (AN EMPIRICAL EVIDENCE OF INDONESIAN FIRMS)

2020 ◽  
Vol 5 (2) ◽  
pp. 162-179
Author(s):  
Maximus Leonardo Taolin ◽  
Julia Safitri
Keyword(s):  
Empirical Evidence ◽  
Initial Public Offerings ◽  
The Other ◽  
Managerial Ownership ◽  
Public Offerings ◽  
Managerial Role ◽  
Other Hand ◽  
High Level ◽  
The Impact

The research aims to find the impact of ownership retention, managerial ownership, and boards on value IPO premium and underpricing. We investigate by using hand collect data 202 IPO prospectuses during 2008-2017 and using Warp PLS 5.0 to compute the data. Our finding suggests that may use to guide the investor in making informed decisions to see the level of the proportion of sharehold by old ownership and management. When the high level of ownership retention and managerial ownership, make the value IPO premium and underpricing will be high. On the other hand duality of the managerial role in firms making the value will be achieved. This paper contributes to the value of IPO premium and underpricing literature when influence by ownership share on initial public offerings  context of emerging markets.Keywords: Ownership retention; Managerial Ownership; Boards; IPO premium; underpricing

scholarly journals Problematizzazione, contesa e rivalutazione del bello nell’arte, tra relativismo filosofico, pratica artistica e senso comune

2022 ◽  
Author(s):  
Nicola Vitale
Keyword(s):  
Empirical Evidence ◽  
Common Sense ◽  
Expressive Language ◽  
The Other ◽  
Aesthetic Perception ◽  
Aesthetic Value ◽  
Metaphysical Foundation ◽  
Other Hand ◽  
Eventual Return ◽  
The Difference

Aesthetic perception is today a confused and controversial experience. In common sense relativistic conception of beauty, coexists with the consideration of the so-called “masterpieces” as works in which there is a stable aesthetic value. Philosophical and scientific relativism seems to have definitively set aside the conception of beauty not only as a universal value, but also as the essence of art, as it is counted among those universal metaphysical values, which have long been questioned. But some philosophers, such as Severino, say the opposite. Today seems to be a tendency to rediscover beauty above all in art, as a contemplative perception. Would the eventual return of art to beauty mean a return to universal metaphysical values? The difference between Kantian adherent beauty and free beauty is analyzed. The first is linked to metaphysical values, as an expression of an idea. The second, free beauty, on the other hand, has no metaphysical characteristics because it is not linked to a concept, therefore an expression of empirical harmonies. But also with regard to free beauty, the Kantian idea that sentiment can perceive its universality as an intersubjective value, is today difficult to accept both theoretically and empirically. This happens because today sentiment is no longer cultivated in the perception of beauty through canons, which are also disqualified for the pretense of universality in determined forms. Here, too, a distinction must be made between classical anthropometric canons and archaic non-naturalistic canons. We discover that the former are affected by a metaphysical foundation, while the latter reveal a different structure with other functions. According to Florenskij, the canon is not oppressive but liberating. On these suggestions and on empirical evidence we theorize that the (non-naturalistic) canon constitutes a guide for the recognition of a polyvalence of expressive language in which feeling coordinates with the other functions of consciousness, leading to transcend language itself in a non-metaphysical dimension. This suggests that this polyvalent structure that emerges from the canons is associated with beauty, as aimed at its realization.

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