scholarly journals Financial Market Reaction to Patent Lawsuits against Integrated Circuit Design Companies

2021 ◽  
Vol 14 (9) ◽  
pp. 433
Author(s):  
Su-Chen Yu ◽  
Kuang-Hsun Shih
Keyword(s):  
Strategic Alliances ◽  
Integrated Circuit ◽  
Semiconductor Industry ◽  
Abnormal Returns ◽  
Multiple Regression Model ◽  
Investment Strategies ◽  
Patent Litigation ◽  
Cross Sectional ◽  
Before And After ◽  
Underlying Stocks

With the rapid advancement in technology, Taiwan’s integrated circuit (IC) design companies have made a mark in the international semiconductor industry but are unable to independently develop the key core technologies they need. Therefore, strategic alliances, competition and cooperation have become a means for enterprises to quickly obtain patents and capture the market. However, listed companies upstream and downstream of Taiwan’s supply chain have been facing patent infringement lawsuits in recent years. This research mainly aims to provide investors with investment strategies when companies face patent litigation, analyze the abnormal returns on the underlying stocks through the event research method, and use the cross-sectional multiple regression model to explore the changes in different factors based on the results. The empirical results show that positive abnormal returns are generated before and after a company faces patent litigation and the cumulative abnormal rewards are all positive and significant after the incident, which indicates that the company may still have an opportunity to make a profit when facing patent litigation, which can be used as a reference for investors.

scholarly journals Contrarian and Momentum Investment Strategies in Pakistan Stock Exchange

2018 ◽  
Vol 57 (3) ◽  
pp. 253-282
Author(s):  
Jalal Shah ◽  
Attaullah Shah
Keyword(s):  
Stock Exchange ◽  
Abnormal Returns ◽  
Relative Strength ◽  
Investment Strategies ◽  
Momentum Strategies ◽  
Cross Sectional ◽  
Momentum Profits ◽  
Cumulative Abnormal Returns ◽  
Lag Effect ◽  
Penny Stocks

This study examines several aspects of the momentum strategies, such as profitability, risk-based explanation, and decomposition of the momentum profits. For this purpose, we use weekly and monthly data of 581 firms listed at the Pakistan Stock Exchange (PSX) for the period 2004-2014. We found the presence of momentum profits over short and long-horizons, while majority of the contrarian profits were observed only in the presence of penny stocks that have share prices of PKR 10 or less. As a robustness check, we computed returns through the weighted relative strength scheme (WRSS) procedure and average cumulative abnormal returns (ACARs). Interestingly, the results reported through WRSS have shown a similar pattern to that obtained through average cumulative abnormal returns (ACARs). Further, to know which factor contributes more to momentum and contrarian profits, we used the model proposed by Lo and MacKinlay (1990). Our findings show that the overreaction effect is the largest contributing factor of contrarian profits in PSX, while cross-sectional risk is the second largest factor and negatively affects the contrarian profits. Moreover, the lead-lag effect contributes positively to the contrarian profits. Similarly, the largest contributing factor for momentum profits is the underreaction effect, whereas cross-sectional risk is the second largest factor that positively affects momentum profits. Unlike contrarian profits, lead-lag effect reduces the momentum profits in the PSX.

Development of PECS Application for Sample Preparation

2008 ◽  
Author(s):  
Xianfeng Chen ◽  
Ming Li ◽  
Qiang Guo ◽  
W.T. Kary Chien
Keyword(s):  
Semiconductor Industry ◽  
Plasma Cleaning ◽  
Sem Images ◽  
Cross Sectional ◽  
Major Function ◽  
Two Samples ◽  
Before And After ◽  
One Step ◽  
Ar Plasma ◽  
Short Time

Abstract Cross-sectional polishing has been widely used in the semiconductor industry. As demand for higher throughput increases, the time spent manually performing a final polish is an improper method for cross-section preparation. Etching is the major function of Precise Etching and Coating System (PECS). In this article, the focus is on Ar plasma cleaning performance on a sample after rough polishing and a sample after a short time final polishing using PECS. To evaluate performance of Ar plasma cleaning, two samples were prepared for SEM observation. X-SEM images before and after Ar plasma cleaning revealed that Ar plasma cleaning is not an effective method to correct micro scratches. The combination of final polishing and stain into one step was found to improve sample quality and throughput. PECS Ar plasma was found to be an effective sample cleaning method when compared to the time spent on final polishing.

The intra business group effects of alliance network extensions

2016 ◽  
Vol 54 (6) ◽  
pp. 1420-1442 ◽  
Author(s):  
I-Fen Chen ◽  
Shao-Chi Chang
Keyword(s):  
Strategic Alliances ◽  
Business Groups ◽  
Abnormal Returns ◽  
Business Group ◽  
Ordinary Least Squares ◽  
Network Effect ◽  
Share Price ◽  
Cross Sectional ◽  
Content Type ◽  
The Impact

Purpose – The purpose of this paper is to better understand the influence of business group membership by exploring how actions by a member firm influence other firms in the business group. Specifically, the authors ask two questions in this study: when a member firm forms strategic alliances with partners outside of the business group, how does the alliance influence other members in the business group? Moreover, which types of member firms are more affected than others? Design/methodology/approach – The authors employ standard event-study methodology to examine the stock price responses for the focal and member firms on the announcement of an alliance. Moreover, the authors employ the cross-sectional regression analyses to test hypotheses concerning the impact of alliance, group, and firm characteristics on the cumulative abnormal returns of non-announcing members. All regressions are estimated using ordinary least squares. Findings – The results show that, on average, alliance-announcing member firms experience significantly positive share price responses to announcements of strategic alliances. Moreover, the impact of alliance formation spillover to other non-announcing members in the business group. The authors also find that the influences on the non-announcing members are dissimilar. The non-announcing members are more strongly affected when they are in different industries from the non-member partner, and when the ownership of the business group is more concentrated. Originality/value – This study is to extend the resource complementarities perspective, which may help firms to more effectively configure their network portfolios in order to develop synergies among related network resources. The study thus extends the alliance portfolio literature to the literature on business groups. Since the inter-firm networks within business groups are more complex than those in alliance portfolios, the authors are able to study how the structure of a business, such as ownership concentration, can influence the intra-network effect.

scholarly journals Using managerial and market tools to measure the impact of acquisition operations on firm performance

2021 ◽  
Vol 18 (1) ◽  
pp. 315-334
Author(s):  
Zakia Abdelmoneim ◽  
Mostafa Abdelrahman Fekry
Keyword(s):  
Balanced Scorecard ◽  
Abnormal Returns ◽  
Multiple Regression Model ◽  
Shareholder Wealth ◽  
Differential Analysis ◽  
Financial Firms ◽  
Final Sample ◽  
Before And After ◽  
The Difference ◽  
The Impact

This paper aims to investigate and evaluate the effect of pre- and post-mergers and acquisitions (M&A) on non-financial Egyptian firms’ performance using a balanced scorecard (BSC), as well as to empirically investigate the impact of M&A on shareholder wealth using cumulative abnormal returns (CAR). The paper is limited to non-financial firms listed on the Egyptian stock market (EGX) that have undergone acquisition operations during the time specified in the paper from 2003 to 2016. Four perspectives for the BSC are assessed before and after the acquisition operations to evaluate performance. The final sample for the BSC appraisal is 12 companies for 12 acquisition operations, while the sample for shareholders’ wealth consists of 10 companies. The difference in the sample is that some companies became out-of-counter after the M&A process. Cumulative differential analysis and graph observation show preferable values for post-acquisition operations versus pre-acquisition operations for the three non-financial perspectives, namely Customer satisfaction, Learning and growth, and Internal business process, and for two financial perspectives, namely Sales and Profitability. The results show preferable values for pre-acquisition operations for two financial perspectives: Liquidity and Market value. The T-test results failed to establish a relationship between M&A and enhancing BSC perspectives. The results could not find any evidence to support the impact of pre-post M&A on the shareholders’ wealth. The relationship between BSC before and after M&A and CAR is tested using a multiple regression model. The results show a significant relationship only between shareholder wealth and the Learning and growth perspective.

The Precipitation of Si in AlCuSi Thin Films

1973 ◽  
Vol 31 ◽  
pp. 34-35 ◽  
Author(s):  
R. M. Anderson
Keyword(s):  
Electron Microscopy ◽  
Thin Films ◽  
Heat Treatment ◽  
Solid Solution ◽  
Integrated Circuit ◽  
Copper Film ◽  
Solution Concentration ◽  
X Ray ◽  
Silicon Thin Films ◽  
Before And After

Aluminum-copper-silicon thin films have been considered as an interconnection metallurgy for integrated circuit applications. Various schemes have been proposed to incorporate small percent-ages of silicon into films that typically contain two to five percent copper. We undertook a study of the total effect of silicon on the aluminum copper film as revealed by transmission electron microscopy, scanning electron microscopy, x-ray diffraction and ion microprobe techniques as a function of the various deposition methods.X-ray investigations noted a change in solid solution concentration as a function of Si content before and after heat-treatment. The amount of solid solution in the Al increased with heat-treatment for films with ≥2% silicon and decreased for films <2% silicon.

Ion thinning of integrated circuit transverse specimens for transmission electron microscopy

1992 ◽  
Vol 50 (2) ◽  
pp. 1426-1427
Author(s):  
F. Shaapur
Keyword(s):  
Electron Microscopy ◽  
Transmission Electron Microscopy ◽  
Integrated Circuit ◽  
Substrate Surface ◽  
Homogeneous Material ◽  
Material System ◽  
Ion Milling ◽  
Cross Sectional ◽  
Transmission Electron ◽  
Motion Profile

Non-uniform ion-thinning of heterogenous material structures has constituted a fundamental difficulty in preparation of specimens for transmission electron microscopy (TEM). A variety of corrective procedures have been developed and reported for reducing or eliminating the effect. Some of these techniques are applicable to any non-homogeneous material system and others only to unidirectionalfy heterogeneous samples. Recently, a procedure of the latter type has been developed which is mainly based on a new motion profile for the specimen rotation during ion-milling. This motion profile consists of reversing partial revolutions (RPR) within a fixed sector which is centered around a direction perpendicular to the specimen heterogeneity axis. The ion-milling results obtained through this technique, as studied on a number of thin film cross-sectional TEM (XTEM) specimens, have proved to be superior to those produced via other procedures.XTEM specimens from integrated circuit (IC) devices essentially form a complex unidirectional nonhomogeneous structure. The presence of a variety of mostly lateral features at different levels along the substrate surface (consisting of conductors, semiconductors, and insulators) generally cause non-uniform results if ion-thinned conventionally.

The Effects of Share Repurchase Announcements on Returns in the Malaysia Stock Market

2018 ◽  
Vol 1 (1) ◽  
pp. 1 ◽  
Author(s):  
Tze San Ong ◽  
Pei San Ng
Keyword(s):  
Stock Market ◽  
Abnormal Return ◽  
Small Firms ◽  
Abnormal Returns ◽  
Share Repurchase ◽  
Before And After ◽  
Positive Abnormal Return ◽  
Repurchase Announcements ◽  
Signaling Hypothesis ◽  
Firm Characteristic

This paper examines the market response surrounding the share repurchase announcements of Malaysia Listed Companies from years 2012 to 2016. One sample T-test was carried out to identify the abnormal return in the range before and after 20 days from share repurchase announcements. The result shows a significant positive abnormal return in the day of repurchase announcements and continuously until day 1 after the announcements. Multiple regression analysis was performed in order to identify the firm characteristic of share repurchase. The finding is supported with information asymmetric, which shows that stock market reacts more favorably through the repurchase announcements by small firms than large firms. This study is consistent with the signaling hypothesis that shows share repurchase announcement can be an effective tool in stabilizing the stock market in Malaysia. The finding of this study acts as a useful tool for managers and investors to improve their decisions on share repurchase announcements in Malaysia. Company’s managers can conduct share repurchase announcements that are able to make the stock market react positively in order to generate positive abnormal returns.

TEM Sample Preparation Tricks for Advanced DRAMs

2015 ◽  
Author(s):  
Ching Shan Sung ◽  
Hsiu Ting Lee ◽  
Jian Shing Luo
Keyword(s):  
Electron Microscopy ◽  
Transmission Electron Microscopy ◽  
Sample Preparation ◽  
Integrated Circuit ◽  
Focused Ion Beam ◽  
Ion Beam ◽  
Tem Analysis ◽  
Cross Sectional ◽  
Transmission Electron ◽  
Characterization Of Materials

Abstract Transmission electron microscopy (TEM) plays an important role in the structural analysis and characterization of materials for process evaluation and failure analysis in the integrated circuit (IC) industry as device shrinkage continues. It is well known that a high quality TEM sample is one of the keys which enables to facilitate successful TEM analysis. This paper demonstrates a few examples to show the tricks on positioning, protection deposition, sample dicing, and focused ion beam milling of the TEM sample preparation for advanced DRAMs. The micro-structures of the devices and samples architectures were observed by using cross sectional transmission electron microscopy, scanning electron microscopy, and optical microscopy. Following these tricks can help readers to prepare TEM samples with higher quality and efficiency.

SUBLINGUAL VITAMIN D3 DRUG THERAPY IN VITAMIN D DEFICIENCY PATIENTS AT PRAVARA RURAL HOSPITAL

2019 ◽  
pp. 18-20
Author(s):  
Sanjeeva Kumar Goud T ◽  
Rahul Kunkulol
Keyword(s):  
Vitamin D ◽  
Vitamin D Deficiency ◽  
Vitamin D3 ◽  
Serum Vitamin ◽  
Cross Sectional ◽  
Serum Vitamin D ◽  
Significant Difference ◽  
Before And After

The present study was aimed to study the effect of Sublingual Vitamin D3 on Serum Vitamin D level in Vitamin D deficiency patients. This was a cross-sectional and interventional study. All the Vitamin D deficiency patients of age 18-60years and either gender, willing to participate in the study were included. Patients who had greater than 20 ng/ml were excluded from the study. The total number of participants in our study was 200, out of these 111 males and 89 females, the mean age in our study was 51.07 ± 7.39Yrs. All volunteers were given sublingual vitamin D3 (60,000IU) in six doses every fifteen days of follow up for 3 months. The subject’s serum 25(OH)D levels were estimated before and after the treatment of sublingual vitamin D3. There was a statistically significant difference in serum vitamin D3 level before 16.61±6.71 ng/ml and after 35.80±7.80 ng/ml after treatment with Sublingual Vitamin D3. Six doses of 60,000IU of Vitamin D3 sublingual route having improved the role of serum 25(OH)D levels in the treatment of Vitamin D3 deficiency patients.Keywords: Vitamin D3; Sublingual route

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