Strategic Alliance and Acquisition Performance: Impact of Interfirm Synergies and Motives in the Bio-Pharmaceutical Industry

This study draws on transaction cost, resource dependence, and organizational learning theories to posit relationships between transaction performance and transaction structure (alliances versus acquisitions), interfirm synergies, and motives. The study involves analysis of 66 international and intra­national alliances and acquisitions that were undertaken in the pharmaceutical industry. An initial survey was administered to firms involved in these transactions to gather information regarding motives, transaction structure, and interorganizational synergies. A second survey was administered two years after the transaction to gather information on transaction performance. Findings support the importance of transaction structure and strategic synergies between firms. Specifically, transaction structure and high levels of strategic fit between the firms had a positive impact on performance. There is also some evidence that synergies must be linked to the motives driving the transaction. The study yields meaningful results regarding factors leading to success of transactions (alliances and acquisitions) in a longitudinal study of intranational and international transactions in the biopharmaceutical industry.

Data Usage and the Legal Stability of Transactions for the Commercial Operation of Autonomous Vessels Based on Digital Ownership in Korean Civil Law

Stakeholders in the maritime industry have agreed to expand commercial operations by developing autonomous vessels, the epitome of innovative technologies. However, they are still concerned about the risks of infringing on the rights and interests of individuals or organizations linked to data transactions. Based on Locke’s theory of property ownership, and the assurance of absolute ownership as specified in the Constitution of the Republic of Korea, the business model is still in its early stages. This study examined the concept, transaction structure, and application scope of data activating digital platforms to support data transactions, and aid in advancing the new business sector for commercial operations of maritime autonomous surface ships (MASSs). Consequently, this study contributes to and recognizes the future value of knowledge and intellectual property related to maritime data. This is achieved by defining the intellectual property emerging from newer avenues, such as MASSs, blockchain technology, and smart ports, that are consequential to the rapid development of the maritime industry.

The application of digital technologies in the conditional agreements

This article is devoted to the study of some theoretical and practical problems of concluding a conditional agreement in the form of a smart contract. The article defines and characterizes a conditional agreement and describes its differences from ordinary transactions. The author analyzes the possibility of expressing conditional agreements in the form of a smart contract, taking into account the features of setting program code, as well as features of the agreement (a condition that the special nature of the rights and obligations of the parties activity). As a result of the research, it was concluded that the conditional transaction structure is ideally suited to the elementary program code for creating a smart contract. However, the condition contained in the transaction must be strictly formalized and expressed in clear values, such as numbers. The main problems that arise when creating a smart contract are also identified: the complexity of getting data from the real world by the system, weak state control, and possible data leakage from the system. Thus, the use of digital technologies is a prospective direction for the development of conditional agreements, but this requires solving both legal and some technical problems.

Research on the Issuance Mechanism and Implementation Path of Multi-Body Asset Securitization Products of China Rural Banks

Asset securitization can well solve the bottleneck problem of China rural banks in supporting the development of agriculture, rural areas and farmers. However, a single entity will face many constraints on issuing credit asset-backed securitization products due to the small scale, short term and high credit risk of loans of rural banks. Therefore, this paper innovatively designs a credit asset-backed securitization product program jointly issued by a number of rural banks from the three aspects of asset pool construction, transaction structure design and credit enhancement, and demonstrates the feasibility of the program with an example, and the results show that the design scheme of asset securitization products is feasible and effective.

INTERNAL CREDIT RATING FRAMEWORK FOR REAL ASSET INVESTMENT

Real asset investment, which is assumed to be worthier than traditional assets in regards to exposure to income volatility, has become central to investment portfolios in financial institutions. However, the features of illiquidity and uniqueness involved in an individual real asset deal require private investors to review the full dimensions associated with the transaction structure. Banks and global credit rating agencies assess the quality of products by relying heavily on qualitative research executed by human insights and experiences. Such an approach ensures the comprehensiveness of the review process but it requires excessive resources in time and money. This study presents an internal rating system that instantly screens features of a deal proposal and provides a rating compatible with the global rating standard. The result shows that the outcomes created by this model are mostly clustered from BBB to BB. These findings match the average ratings for real assets, as determined by global rating agencies, which strengthens the practicality of the proposed model.

Trusted Transactions in Micro-Grid Based on Blockchain

In order to build a local electricity market (LEM), community members can trade electricity peer-to-peer (P2P) with their neighbors. This paper proposes a Hierarchical Bidding and Transaction Structure based on blockchain (HBTS). First, combined with the multi-agents, each microgrid corrects the estimated cost probability distribution of other microgrids by Bayesian theorem, making its probability closer to the accurate probability. Second, for maximize the benefits of the microgrid, this paper uses the Nash equilibrium in the Cournot model to find the optimal quotation and output of different bidding strategies for the microgrid under different power demand conditions. Then the exchange of electricity translates into an exchange of digital proof of electricity purchases and sales of electricity on the Hyperledger Fabric, ensuring the security of the transaction process and the irreparable modification of ledgers. Finally, we verify the effectiveness of the bidding strategy through experiments, and analyze the transaction process.