Acquisition Of Experience Research Articles

Will investors’ excitement last? Determinants of investors’ responses to cross-border acquisitions by Chinese firms

Previous studies have found that in the short term, investors in emerging economies tend to react optimistically to cross-border acquisitions. However, studies in both financial economics and strategic management have acknowledged that there may be short-term abnormal returns in the stock market. As such, based on a behavioral perspective on investor valuation, we examine whether and when investors’ initial reactions are sustained using a sample of cross-border acquisitions by Chinese firms from 1998 to 2018. We find that the investor’s initial positive reactions are more likely to be sustained in the long term when (1) a cash payment is used for the acquisition, (2) the acquiring firm has more international acquisition experience, (3) the target firm’s country has a large economy, and (4) the target firm’s country has a culture of high uncertainty avoidance. Our findings extend the behavioral perspective on market reactions to cross-border acquisitions, and we contend that investors’ market valuations are a complex process that relies on various contextual cues. We contribute to an improved understanding of how investors evaluate a firm’s cross-border acquisitions over time.

Acquisition experience and the winner’s curse in corporate acquisitions

ABSTRACT The winner’s curse describes the behavioural phenomenon that the winner of a bidding contest pays a price that is too high. This paper shows that experiential learning cannot prevent a winner’s curse on the market of corporate control as acquiring firms with acquisition experience still pay a higher price for the target in a bidding contest. Acquisition experience, however, is related to a superior post-acquisition performance of the winning firm after acquisitions associated with a bidding contest.

Investigating the effects of institutional distance and experience on acquisition performance across emerging markets

PurposeThis study combines institutional and organizational learning perspectives to investigate the impact of institutional distance and institution-specific cross-border acquisition experience in emerging markets on cross-border acquisition performance.Design/methodology/approachThe sample consists of 874 transactions involving targets across 37 emerging markets by 484 different acquirers from 45 developed and emerging markets. The authors decompose institutional distance and acquisition experience along their cultural, administrative, geographic and economic dimensions.FindingsThe authors find that cultural, administrative and geographic distance have a negative impact on acquisition performance. In contrast, economic distance does not appear detrimental to acquisition performance across markets. The study provides evidence that a company may apply learnings from previous transactions in similar cultural and economic emerging market environments to elevate the likelihood of a successful acquisition.Originality/valueThis study offers a more fine-grained perspective of the distance concept by decomposing the concepts of institutional distance and acquisition experience along different institutional dimensions. The research across 37 emerging markets sheds light on which of the similarities and differences between these markets are relevant concerning acquisition experience and performance.

Research on High-Frequency Data Acquisition Technology in Distributed Photovoltaic Station Areas

With the large-scale development of low-voltage distributed photovoltaic in power systems, the safe and effective operation of the power grid has been put forward. The analysis of the operation of distributed photovoltaics depends on the development of high-frequency data acquisition technology. This paper mainly aims at the problem of high-frequency data acquisition for distributed photovoltaic users and proposes a solution to achieve high-frequency data acquisition using high-speed power line carriers and dual-mode communication technology. The high-speed power line carrier is used to achieve minute-level data acquisition. The dual-mode communication technology further improves communication reliability. This paper provides theoretical support and construction experience for data acquisition and analysis of distributed photovoltaic users.

The establishment mode of Chinese MNEs abroad and the Belt and Road Initiative: insights from a strategy tripod perspective

PurposeEmerging-market multinational enterprises (MNEs) have pushed institutional factors to the cutting-edge of international business research. As for Chinese MNEs, the importance of institutions has been strengthened since the Chinese government launched the Belt and Road Initiative (BRI), which seeks to promote a comprehensive platform for cooperation among countries. This study aims to investigate the role played by the BRI as an institutional factor moderating the influence of other institution-, industry- and firm-specific factors on establishment mode choice by Chinese MNEs.Design/methodology/approachDrawing on the strategy tripod, a perspective claiming that a firm's strategies are the result of internal, industrial and institutional conditions, this study develops a number of hypotheses that are tested with data on 1,076 outward foreign direct investments (OFDIs) of Chinese MNEs between 2013 and 2021.FindingsThe results show that the BRI moderates the influence of both the firm's prior international acquisition experience and Chinese government's OFDI restrictions on the establishment by means of an acquisition. They also report that this moderating effect does not apply for acquisition experience in the host country nor institutional distance.Originality/valueThis study contributes to reinforce the importance of institutions as the third leg of a strategy tripod when explaining international behavior of Chinese MNEs. It also suggests that the BRI is a diplomatic tool that may act as a substitute for the firm's resources and may mitigate the negative influence of other external factors.

Land acquisition and development? Aspirations and economic mobility in Singrauli

ABSTRACT This paper examines economic outcomes and aspirations of land oustees at a PSU’s land acquisition site in Singrauli, Madhya Pradesh (India). Despite more heterogenous economic outcomes based on land acquisition experiences and caste positioning, land oustees have a common aspiration for employment in the urban economy. The resilience of this common aspiration despite the uncertainty of commensurate economic outcomes points to a shared culture of aspirations that recognizes development in terms of non-agrarian futures. While lower-caste land oustees experience circumscribed economic mobility, the process of land acquisition facilitates an expansion in their capacity to navigate the future.

The application of a homemade boomer source in offshore seismic survey: From field data acquisition to post-processing

This work presents a case study about applying a homemade boomer source working with a well-designed field geometry in an offshore seismic survey. Some measurements were carried out to calibrate the boomer source acoustic characteristics in an anechoic tank. Then a catamaran, taking account of the boomer source signature, is designed to control the source depth and entirely use ghosts as part of the source wavelet. This way, the vertical resolution is sacrificed to signal-to-noise ratio (SNR), and the source wavelet meets the minimum phase characteristics. Furthermore, the detailed analytical results of the calibrated source wavelets also provide a reliable basis for determining post-processing parameters. Two surveys have been conducted on the same line using this source in combination with two different hydrophone streamers. Some valuable experiences in field data acquisition and post-processing are analyzed and summarized. The most important one is taking the ghost part of the source wavelet by controlling source depth. This work is a reliable reference to other research on improving the quality of seismic imaging of offshore shallow strata.

Performance Analysis of Yili’s Acquisition of Ausnutria under the Background of ‘New Consumption’

As a well-known dairy company in China, Yili officially completed the acquisition of infant formula goat milk powder head company Ausnutria Dairy in 2022. This acquisition has become the largest merger in the dairy industry in recent years. This paper analyzes the motivation and integration process of Yili’s merger and acquisition of Ausnutria Dairy, and uses event research method and accounting research method to measure the market performance and financial performance of the merger and acquisition, and on this basis, the effect of the merger and acquisition is systematically evaluated. The study found that after the merger, the market responded positively, shareholder wealth increased, and mergers and acquisitions had a positive impact on profitability, growth ability and solvency in addition to a slight reduction in Yili’s operating capacity. Finally, the research puts forward the enlightenment of enterprise merger and acquisition, and provides experience for enterprise horizontal merger and acquisition.

Learning Vocabulary Seamlessly: To What Extent Does the SLL Model Influence CFL Learners‘ Experience, Perception, and Vocabulary Enhancement?

The Seamless Language Learning (SLL) model holds the potential for enriching second language (L2) learners’ vocabulary acquisition by focusing on their experiences and perceptions. However, prior research on SLL has suffered from methodological issues and poor understanding of the model. This study aims to address these issues by quantitatively assessing the impact of the SLL model on Chinese as a Foreign Language (CFL) learners’ vocabulary acquisition experience, their perceived use of the DingTalk platform, and vocabulary learning enhancement. To achieve these objectives, a design-based research (DBR) approach is employed, with data gathered from real-world seamless Chinese vocabulary learning activities involving 32 intermediate-level participants with no prior exposure to SLL. Data analysis involves a paired sample t-test. Pre-test and post-test assessments, using a five-point Likert scale, are conducted to gauge the effectiveness of the SLL model. The assessment tool, the Seamless Chinese Vocabulary Learning Questionnaire (SCVLQ), encompasses various dimensions such as participants’ emotional engagement, satisfaction, interaction with SLL, perceptions of the SLL platform (DingTalk), and vocabulary learning enhancement through the utilization of the SLL model. Empirical results from valid SCVLQ responses indicate significant post-test improvements compared to pre-tests, indicating enhanced learner experiences and perceptions. Moreover, the SLL model is found to positively contribute to vocabulary learning enhancement. These findings provide quantitative support, addressing the limitations of previous qualitative approaches, and confirming the efficacy of the SLL model in promoting active learning engagement, enhancing learners’ experiences with the DingTalk platform, and facilitating vocabulary acquisition. This study offers insights for future research to delve into additional factors influencing the SLL model’s effectiveness and to extend its application to diverse language learning contexts.

ТЕОРЕТИЧНІ ЗАСАДИ РОЗВИТКУ БІЛІНГВАЛЬНОГО НАВЧАННЯ В ПОЛІКУЛЬТУРНОМУ СЕРЕДОВИЩІ США

The article examines the theoretical foundations of the development of bilingual education in the USA. The essence of the concept of «bilingual education» and other related concepts related to the field of bilingualism are revealed. The author introduces the leading ideals of the American philosophy of education, trends, and fundamental principles of the development of bilingual education. The author emphasizes that bilingual education in the USA is quite developed. Many foreign scholars have studied bilingual education in the United States. The most authoritative of them are K. Baker, C. Price-Jones, O. Garcia, J. Cummins, and others. The basis of bilingual education is the theory of constructivism, which is based on the study of the experience of the natural acquisition of a second language. Based on research, its authors concluded that the main principle of learning a second language is the principle of using the skills acquired when learning the first (native) language, which serves as the basis for learning the second. The author assures that during the past ten years of practicing bilingual education in the USA, the country has gained a lot of experience which is a good example for other multicultural states, in particular Ukraine.

ECHO ROUND: THREE DIMENSIONAL TRIMMING, THE FREE ANGLE ALTERNATIVE FOR MITRAL AND AORTIC VALVE VITIUM ASSESSMENT.

Three-dimensional (3D) Technology provides real time dynamic assessment and allows for multiplanar reconstruction (MPR) for the different cardiac structures. However, it is much more demanding regarding the Echo device specification, and operator experience in both loop acquisition, enhancement and of course interpretation. Trimming function is one of the post-acquisition software tools, which can be used in step-by-step assessment of the Mitral valve (MV) and aortic valve (AV) vitrium. It didn't overcome the required experience required for the interpretation of 3D images. But when systematically done, it makes it more objective and allows for assessment of the coaptation line along the valve leaflets, even in cases where it is impossible to assess in 2D as between non-coronary and left coronary AV cusps. The loops in this poster were acquired with the Philips Affinity 70 and the X7-2T transoesophageal matrix array transducer. The basic requirement of the 3D loop acquisition is guided by the published recommendation as it is and when possible multibeat acquisition is used.1. In MV Our examination started in Midesophageal Intercommisural View with 3D Zoom function. We rotated the acquired loop to obtain the surgical view of the MV with the Aorta at 12 O'clock (Figure 1, Step 1). At this point we rotated the aorta to be positioned at 9 O'clock. (Figure 1 Step 2). Then, using the track ball, we rotated the 3D picture 90 degrees in the vertical axis to be facing the lateral annulus of the MV (Figure 1, Step 3) . Starting from this view, using the face Trimming function (figure 1 Step 4) we have adjusted the trimming level going deeper all through the MV from lateral to medial, examining the coaptation line all through all parts of the leaflets. What also helped to delineate the leaflets was to add more gain (in controversy to what is normally done to improve the 3D Image). For orientation, we recommend rotating the 3D loop back to surgical view to localize the trimming level. Color Flow Examination normally requires a multibeat acquisition to get a reasonable frame rate. We also trimmed from lateral to medial till we could see the Regurgitation Jet. (Figure 3) For AV we started with the Midesophageral AV short axis view and using loop was acquired using the 3D zoom function (Figure 4). Using the same technique we have adjusted the trimming line to go through the coaptation line needed to be examined between Non coronary cusp (NCC) – Right coronary cusp (RCC), RCC- Left coronary cusp (LCC) and NCC-LCC . (figure 5) .In each level we used the track ball to rotate the 3D image to get an inface view where we could see the coaptation. We could also measure coaptation height, coaptation length and identify single leaflet pathology. <b>Conclusion:</b> In contrast to 2D images the Trimming function allows a free angle generation of 2D images for angles difficult or sometimes impossible to be obtained with normal 2D cutting or even biplane.

Positive Influence of Cooperative Learning and Emotion Regulation on EFL Learners' Foreign Language Enjoyment.

This study approaches foreign language enjoyment (FLE) through the lenses of positive psychology, and in particular, examines how enjoyment is affected by emotion regulation (ER) and two factors concerning cooperative learning (CL) in a classroom climate, namely positive goal interdependence (PGI) and peer personal support (PPS). To achieve this goal, 115 Chinese university freshmen (male 47; female 68) aged between 18 to 20 (M = 18.69; SD = 0.65) were invited to complete a questionnaire. Regression analyses revealed a clear three-factor structure determining the FLE of students learning English as a foreign language (EFL), which are ER, PGI that highlights cooperation, and PPS that emphasizes the interpersonal relationship between peers. It also showed that PGI and PPS significantly influence each other while positively and jointly shaping FLE. The findings suggest that university EFL students with higher ER abilities are more likely to obtain enjoyment in the learning process and that positive interdependence and interpersonal support during CL also play an effective role in deciding students’ FLE. The study not only confirms the importance of ER and CL which may lead to high-level learning enjoyment, but also provides practical implications for the realization of an enjoyable second language acquisition (SLA) experience.

The Role of Firm Reputation Between The Relationship of CEO Characteristics and Firm Performance After Merger and Acquisition

Purpose: This study was conducted to examine the effect of CEO characteristics and firm reputation on firm performance after conducting mergers and acquisition. The object of this research is companies that carry out mergers and acquisitions listed on the Indonesia Stock Exchange (IDX) from 2014-2018. Design/methodology/approach: In selecting the sample, this research used a purposive sampling method. This study uses the SmartPLS program to analyze the data. Company performance is measured by Buy and Hold Abnormal Return. This study uses acquisition experience, previous acquisitions with positive performance, average acquisitions, acquisition success rate, experience in acquiring the same industry, and political connections to measure CEO characteristics. The Firm Reputation is measured by price earning ratio. Findings: The results of this research indicate that choosing a CEO who has high experience, knowledge, and capability will increase the firm's reputation and performance. Practical implications: The findings in this study will greatly help management to maximize the firm's performance when conducting mergers and acquisitions and management can also minimize failures by choosing a CEO who has the capability and is more experienced. Originality/value: The novelty of this research is implementing the theory of hubris and RBV by adding firm reputation as a mediating variable that strengthens the relationship between CEO characteristics and CEO political connections on firm performance after mergers and acquisitions.

The Effect of Categorical Typicality on Target Selection in Mergers and Acquisitions

The use of shared categories reduces uncertainty in markets, thus facilitating exchanges. Acquisitions are typical contexts in which uncertainty plays a dominant role since prospective acquirers usually face a high risk of adverse selection. Yet, prior research did not study the effects of categories on M&A activity. This paper argues that the extent to which a firm fits a clear category (how typical it is) will affect how easy it is to use category-specific schemas to interpret information about the firm and, in turn, how easily it can be evaluated as a target for an acquisition, thus influencing the likelihood of it being acquired. Conversely, we submit that information about difficult-to-classify firms and/or those that do not fit with a single category (atypical firms) is more complex to interpret and that they are thus comparatively less likely to be acquired. We test our hypotheses on a sample of 9,061 US-listed firms from 1995 to 2018, which represent the whole population of listed firms net of missing data. Our measure of typicality is constructed starting from annual reports (forms 10-K) and using a new methodology to locate the firm in the semantic space based on the meaning of the words contained in its annual report. Results indicate that typical firms are more likely to be acquisition targets. The acquirer's experience in acquisitions and with the target's category negatively moderate this effect. Using a sample of 4,528,585 dyads, we also analyze the categorical typicality of the acquiring firm as a boundary condition of our main effect and find that a typical acquirer is more likely to acquire typical firms.

Knowledge Similarity and Structural Integration in Technology Acqusitions

We examine how the similarity between acquiring and target firm knowledge stocks influence the decision to structurally integrate the two firms following a technology acquisition. We find that the relationship between knowledge similarity and the likelihood of structural integration is U-shaped, such that acquiring firms integrate target firms when their knowledge stock has either low or high degree of similarity. When knowledge similarity is low, acquiring firms structurally integrate target firms to extend their knowledge base, whereas when knowledge similarity is high, acquiring firms structurally integrate target firms to deepen their knowledge base. However, such a tendency to structurally integrate a target firm when knowledge similarity is low or high is weaker when the two firms have a prior alliance relationship but stronger when the acquiring firm has greater general acquisition experience. Our findings suggest that the role of post-acquisition structural integration in managing acquired knowledge varies depending on the degree of knowledge similarity between acquiring and target firms.

Temporal Dynamics in Acquisition Behavior: The Effects of Activity Load on Strategic Momentum

AbstractMomentum theory suggests that acquisition experience leads to acquisition momentum in the form of a higher likelihood of subsequent acquisitions of the same type. However, this argument has been challenged theoretically and empirically. We reconcile conflicting predictions and findings of prior research and extend momentum theory by incorporating activity load as a novel causal mechanism to both replicate the base finding and explain deviations from it. We find that a high activity load due to increased acquisition activity acts as a counterforce to momentum, decreasing the likelihood of subsequent acquisitions of the same type. Moreover, we also find that the interplay of routines, cognitive frames, and activity load causes companies to alternate between different types of acquisitions – from small to large and from large to small – as management engages in attention modulation to preserve momentum. Taken together, our arguments and findings contribute to an improved understanding of temporal patterns of acquisition behaviour.

How and when female directors effectively cut down acquisition premiums

Grounded upon the group dynamics and the human capital literature, this paper proposes that the presence and conditions of female directors on a board substantially affect the acquisition decision. In detail, it argues that female board representation decreases the acquisition premium offered. It also examines the effects of female directors are contingent upon their conditions. When the females are inside, rather than outside, directors, their influence is greater. When the female directors have more prior acquisition experiences than male directors, the negative impact on premiums is strengthened, particularly when their acquisition experiences are those accumulated at acquirers rather than at targets. Empirical analyses on a sample of 1750 acquisitions made by US public firms in 2003–2013 provide evidence to support our predictions.

Qualitative Study on the Information Needs of Patients Undergoing Da Vinci Robotic Surgery.

To explore the information needs and experiences of patients who underwent Da Vinci robotic surgery and to establish a reference for providing information support to these patients. Semi-structured interviews were conducted with 11 patients who underwent robotic surgery. Thematic analysis was subsequently executed on the data obtained from the interviews to identify the themes. Thematic analysis generated two main themes with six supporting sub-themes. The main themes were (1) surgical information acquisition experience and (2) the need for personalization to obtain satisfactory information. Patients who received Da Vinci robotic surgery had insufficient understanding of the surgical methods and possessed high demand for surgical-related information. Although patients' understanding of robotic surgery might be improved through multi-channel information support, due to the differences in patient access to information, personalized experiences would occur during this process. Professional information support could effectively enhance their positive psychological experiences with surgery.

Tattoo information creation: Towards a holistic understanding of tattoo information experience

The tattoo information experience reveals possibilities to explore how tattoo images are created as things, what actions lead to the creation of a tattoo image, who is considered a creator of a tattoo image, and how different personal, social and cultural contexts influence creation of information through the tattoo acquisition experience. Based on the findings from nine interviews, the process of tattoo information creation was conceptualized encompassing all stages of the tattoo experience: from the moment the first idea of getting a tattoo emerges to sharing of information about a tattoo. Participants' stories about their tattoo experiences were used to develop a framework of four key phases of tattoo information creation: conceptualizing, verbalizing, visualizing, and pluralizing. These phases occur between four anchors identified in the participants' stories: anticipation, identification, ideation, and creation. This framework can be used to assist future empirical and theoretical research on tattoo information experience.

The Effect of Resource Complementarity on a Company's Performance Post-Merger and Acquisition in the Southeast Asia Region: The Moderating Role of the Merger and Acquisition Experience

This study examines the effect of resource complementarity on a post-merger and acquisition company's performance, moderated by the bidder's merger and acquisition experience. Resource complementarity is an important aspect that needs to be considered when carrying out mergers and acquisitions (M&amp;A). This study uses a purposive sampling method, which has specific criteria for selecting the sample, while the dataset is cross-sectional. Tests have been conducted on 97 non-financial companies that carried out M&amp;A in Southeast Asia between 2007 to 2017, and their post-M&amp;A performance has been examined. This research’s methodology utilizes a quantitative approach and explanatory variables. The results indicate that resource complementarity has a significant effect on the performance of post-M&amp;A companies. In other words, resource complementarity has a positive and significant effect on changes in the performance of companies after their M&amp;A. The moderation test shows exciting findings, namely, for companies with little experience, the effect of resource complementarity on post-M&amp;A performance is more substantial. This study has practical recommendations for decision-makers. When conducting their M&amp;A, organizations should select targets with complementary resources and not depend on prior experience, since it is not necessarily applicable to the present circumstances. Furthermore, as they integrate feedback systems to relate earlier experiences, the acquisition experience will have a more robust learning impact.