Do synergies exist in related acquisitions? A meta-analysis of acquisition studies

Mergers and acquisitions (M&A) aim to increase the wealth of shareholders of the acquiring company, in particular by creating synergies. It is often assumed that relatedness is a source of synergies. Our study distinguishes between business, cultural, technological, and size relatedness. It discusses the reasons why these different forms of relatedness can lead to an acquisition success and we conduct a meta-analysis of 67 prior M&A studies. Results indicate that positive effects can be expected under specific conditions only and have a limited overall impact on acquisition success. A moderator analysis finds that synergies stemming from relatedness depend on industry-, country-, and investor-characteristics.

明清绍兴的人口规模与"士多"现象——韩国崔溥《漂海录》有关绍兴记载解读

明弘治间韩国学者崔溥《漂海录》记载其时绍兴府城其阛阓之繁,人物之盛,三倍于宁波,颇与今人感受和统计数字悬隔;关系绍兴文化在明清时代大发展的绍兴府境人口的兴衰,向亦缺乏系统研究。本文在参考和审慎解读人口史成果的基础上,通过充分占有历史文献指出,明末绍兴府总人口很可能已达600万,与当今绍兴全市人口加上旧属绍兴的余姚、萧山人口规模总和不相上下,保守估计也达460万,今之绍兴市范围1990年的人口在明末已具备七八成;清代盛极而衰之前,绍兴府的人口总量遥居全省第一,成为全省乃至全国人口压力最大、最紧张的一个地区,今之绍兴市范围在鸦片战争爆发时人口已达430万,太平天国武装进入浙江前更多达478万,创造了迄今没有再现的绍兴人口最高纪录;绍兴文化在明清时期获得大发展,绍兴也在明清时期成为全国首屈一指的人才摇篮,作为绍兴文化创造主体的绍兴人才之盛堪称登峰造极,有士比鲫鱼多之誉,由庞大人口规模所带来的人口红利是其中极为重要的原因之一。     

东汉南阳人才的作用

南阳人才在东汉时达到了历史上的最高峰，南阳人凭借他们渊博的学识、杰出的才能和优越的政治地位，对东汉政权的建立和巩固，对东汉政治的稳定、经济的发展、文化的繁荣和科技的进步都做出了卓越的贡献，促进了东汉一代良好社会风气的形成，而且一直影响到三国两晋南北朝时期。     

ON THE INVARIANCE OF ISOMETRY UNDER UNEQUAL SCALE CHANGES

Isometry is the independence of a size variable G(X) and shape. This note characterizes G(X) =γΦX^b1_i as the only continuous size variable for which isometry with respect to G can continue to hold for all unequal changes of scale of the variables X_i, assuming some conditions on the ranges of the X_i.     

我国股票市场期望收益的横向关系

本文研究了在上海和深圳股票交易市场中,β值,公司规模和股票的账面-市场价值比对月度和季度横截面普通股预期慎益的解释作用。经验结果表明,无论是在上海股票交易市场还是在深圳股票交易市场,股票的β值以及其账面-市场价值比对月度和季度的横截面股票预期收益都完全没有解释能力,公司规模和股票的预期收益之间存在着很不显著的负相关性。     

A Note on Comparing Several Poisson Means

There has been a renewed interest lately in comparing the means (rates) of several Poisson distributions (processes) due to its wide applicability in various fields, especially in life sciences. In this article we first review the recent developments in the literature, and then propose a parametric bootstrap method which performs as good as, if not better than, the existing methods. Results of our comprehensive simulation study have been provided to compare the relevant methods. Finally these methods have been used to four real-life datasets including a most recent one obtained from a clinical trial on the Intrinsa hormone patch developed by Proctor & Gamble.     

More powerful sign test using median ranked set sample: Finite sample power comparison

Sign test using median ranked set samples (MRSS) is introduced and investigated. We show that, this test is more powerful than the sign tests based on simple random sample (SRS) and ranked set sample (RSS) for finite sample size. It is found that, when the set size of MRSS is odd, the null distribution of the MRSS sign test is the same as the sign test obtained by using SRS. The exact null distributions and the power functions, in case of finite sample sizes, of these tests are derived. Also, the asymptotic distribution of the MRSS sign tests are derived. Numerical comparison of the MRSS sign test power with the power of the SRS sign test and the RSS sign test is given. Illustration of the procedure, using real data set of bilirubin level in Jaundice babies who stay in neonatal intensive care is introduced.     

The disassembly line: balancing and modeling,by S.M. McGovern and S.M. Gupta

This note addresses a problem faced by an actual firm. The problem is to decide on the optimal level of product quality. In performing the economic analysis to determine product quality level, the firm considers revenue, production costs, and research and development costs. However, this note shows that ignoring inventory costs in the analysis will lead to suboptimal product quality levels. Also, including inventory costs in the analysis will lead to reduced production lot sizes. Numerical examples are used to illustrate the results of the model.     

显示器行电路的原理和维修

通过对微机显示器行频电路的结构特点、工作原理的分析,并结合维修经验,阐述其检修的简捷方法。