Acquisition Activity Research Articles

Development of a 40+ color full spectrum flow cytometry panel for in-depth immunophenotyping of chief cell subsets in non-human primate peripheral blood mononuclear cells

Abstract Leveraging full-spectrum technology, we designed and optimized a 40+ color flow cytometry panel for the analysis of non-human primate peripheral blood mononuclear cells (PBMCs). Non-human primate models of disease allow for the closest approximation of human outcomes to vaccination, disease, and treatment due to similarities in physiological host responses, which increase predictive accuracy. This first panel of its kind achieves comprehensive profiling of immune subpopulations by the inclusion of surface, intracellular, and cytokine markers representative of differentiation, activation, functionality, and proliferation to deeply interrogate the immune response to infectious disease and vaccination. The optimized panel is additionally appropriate for the discovery of new immune phenotypes important for protection against pathogens. After initial optimization for use with cynomolgus macaque (Macaca fascicularis) and rhesus macaque (Macaca mulatta) PBMCs, the panel was further adapted for use with African green monkey (Chlorocebus aethiops) PBMCs to allow for cross-comparison between three frequently implemented non-human primate models of infectious disease. This study was supported by the US Army Medical Research Acquisition Activity contract number W81XWH1910027 to TWG and Department of Health and Human Services, National Institutes of Health grant number UC7AI094660 for BSL-4 operations support of the Galveston National Laboratory.

Macrophage extracellular traps require peptidylarginine deiminase 2 and 4 and are a source of citrullinated antigens bound by rheumatoid arthritis autoantibodies

Abstract Anti-citrullinated protein antibodies (ACPAs) are a hallmark of rheumatoid arthritis, but the sources of citrullinated antigens remain incompletely defined. Neutrophil extracellular traps (NETs) appear to be a source of ACPA targets. However, while the citrullinating enzyme peptidylarginine deiminase (PAD)4 is required for producing citrullinated NETs, it is not required for citrullination in murine arthritis. Conversely, PAD2 has a limited role in producing NETs but is a major contributor to citrullinated proteins. Thus, additional sources of citrullinated antigens likely exist. We investigated if macrophage extracellular traps (METs) could be a source of citrullinated proteins in a PAD2 or PAD4 dependent manner. Thioglycolate induced macrophages from wild-type, PAD2 −/−and PAD4 −/−mice were activated with a variety of stimulants, then fixed and stained with DAPI and either anti-citrullinated histone H4 (H4C3) antibody or sera from ACPA+ or ACPA− rheumatoid arthritis subjects. METs were visualized by immunofluorescence, confirmed to be extracellular using DNase, counted in a blinded manner, and compared by paired-T test. We found that ionomycin and monosodium urate (MSU) crystals induce citrullinated METs (H4C3 stained). In the absence of PAD2 or PAD4, citrullinated METs were reduced in response to ionomycin and MSU when compared to wildtype, with a complete absence of citrullinated METs in PAD4 −/−macrophages. Also, IgG from ACPA+ sera, but not ACPA− sera, bound to METs. Finally, in the absence of PAD2 or PAD4, ACPA bound METs were reduced in response to ionomycin and MSU. Thus, METs appear to contribute to the generation of citrullinated antigens targeted by ACPAs in rheumatoid arthritis in a PAD2− and PAD4-dependent manner. Funding for this work was provided by the U.S. Army MedicalResearch Acquisition Activity through the Peer Reviewed MedicalResearch Program (W81XWH-18-1-0717) to M.A.S.

Legal Implications of Post-Merger Notification Policy on Digital Companies in Indonesian Competition Law

In any market structure, potential competition violations arising from merger, consolidation, and acquisition (M&A) activities cannot be completely avoided. This holds true for digital markets that involve multi-sided markets, network effects, and significant consumer data. The intricate nature of the digital market poses a challenge for competition authorities in effectively monitoring M&A transactions between digital companies. A notable example is the GoTo merger, which is set to become the largest digital company in Southeast Asia. To address this issue, this legal research aims to discuss the legal implications of the current notification policy based on Law No. 5 of 1999 by conducting contextual research on digital market operations and studying previous violations committed by foreign digital companies. This research follows a normative legal research approach, employing statutory, conceptual, and case analysis to address the problem formulation. The findings indicate that digital companies possess various possibilities to violate competition law, including monopolistic practices and unfair business competition, if the existing post-merger notification policy remains in place. As many countries are already grappling with complex issues such as data ownership thresholds, Indonesia is taking its initial steps towards implementing changes to its merger policy. By adopting a pre-merger notification policy as a reporting obligation, Indonesia will enable the Commission for the Supervision of Business Competition (KPPU) to assess M&A transactions more effectively and provide legal certainty for businesses regarding the lawfulness of their M&A activities.

Family Firms’ Acquisitions and Politicians as Directors: A Socioemotional Wealth Approach

This study analyzes how family control influences firms’ acquisition activity using a socioemotional wealth (SEW) approach and discusses their anticipated SEW gains and losses when making acquisition decisions. Data collected from Spanish public companies from 2010 to 2015 indicates that family firms are more reticent about undertaking acquisitions than nonfamily firms, and their lower propensity is more pronounced when there are no former politicians on the board of directors whose presence could reduce potential SEW losses. Furthermore, the benefits of former politicians on the board of family firms in terms of acquisition activity only occur in low-velocity industries.

Better performance after mergers and acquisitions? The case of US farmer cooperatives

PurposeThis study analyzes the long-term effect of merger and acquisition (M&A) activity on the profitability, efficiency and liquidity of the largest 500 farmer cooperatives in the United States.Design/methodology/approachSecondary data from the U.S. Department of Agriculture are complemented with primary data collected from print media publications about M&A activity by US farmer cooperatives. The analysis is based on group comparisons of means and distributions to study the effect of M&A activity on financial performance.FindingsFarmer cooperatives with M&A activity generally have lower profitability, efficiency and liquidity than farmer cooperatives without M&A activity, both at the time of the merger or acquisition as well as afterward. Marketing cooperatives in particular perform worse following M&As. Also, the post-merger performance of farmer cooperatives with M&A activity is not affected by the profitability, efficiency or liquidity of the target.Originality/valueResearch on the post-merger performance of farmer cooperatives is both scarce and dated. This study analyzes the effect of M&A activity for a relatively large sample and a relatively long time period (2005–2020).

Are acquirers different? Identifying firm precursors to acquisitions

PurposeThe authors propose and test a theoretical framework that develops and analyzes precursors to firm acquisitions to determine if acquirers differ from other firms.Design/methodology/approachThe authors use longitudinal, archival data from a sample of the largest firms in the global pharmaceutical industry from 1991 to 2012 with 1,327 firm-year observations.FindingsThe authors integrate prior research to show that the firm characteristics involving (1) R&D investment, (2) prior experience and (3) network centrality influence the likelihood that a firm will complete an acquisition.Originality/valueIn contrast to research focusing on the performance of acquiring firms, the authors show that firm characteristics predict acquisition activity by highlighting that acquiring firms differ from other firms. The authors also develop how network synergies can be realized by acquirers that have information advantages from more central network positions.

Technical debt in the engineering of complex systems

AbstractThe metaphor of technical debt (TD) is widely adopted in the software engineering field, referring to short‐term compromises in software artifacts in exchange for speed or to meet release schedules or other constraints. The implication is that TDs accumulate over time, and may eventually make rework or maintenance very expensive or even impossible. The analogy is generally applicable in the systems engineering field, particularly concerning numerous program cancellation and obsolescence challenges due to premature decisions made in early acquisition phases. This paper adapts this metaphor of TD to the systems engineering field, and proposes a TD taxonomy to support the early identification and assessment of TD items in engineering complex systems, especially in the early life cycle phases of engineering complex, distributed systems. The taxonomy identifies seven TD types: functionality, performance, interoperability, version conflicts, documentation and support, system evolution, and organic, based on systematic indicators and signs discoverable during early acquisition activities. We expect that the notion and the taxonomy of TD will offer an additional perspective for design decisions that will help mitigate challenging integration and obsolescence issues in the engineering of complex systems.

Exploring how an integrated skills acquisition activity impacts the teaching ability and perceived self-efficacy to teach agricultural technical skills of preservice teachers

School based agricultural education (SBAE) teachers are required to have expertise in pedagogy and a complex array of agricultural content areas. This study integrated an experience with agricultural technical skills and pedagogical experimentation for preservice teachers in a teaching methods course. An integrated skills acquisition (ISA) treatment based on an experiential learning cycle and specific to each skill was developed to provide guided instruction for technical skills demonstrated in a microteaching. Treatment and control groups were compared and measured on their self-efficacy to teach an agricultural technical skill and their ability to teach an agricultural technical skill. The treatment group received guided instruction for skills and the teaching method while the comparison group were only guided through the teaching method. The treatment group participants increased their self-efficacy to teach and ability to teach agricultural technical skills. The comparison group had no statistically significant changes in self-efficacy or ability to teach agricultural technical skills.

The impact of government borrowing on corporate acquisitions: international evidence

This study examines how variation in government borrowing affects corporate acquisition activity around the world. Using a large sample of firms and deals from 50 countries between 1991 and 2017, the paper finds that government debt issuance is strongly negatively associated with acquisition activity at the firm and aggregate levels. An instrumental variable approach corroborates these findings, thus supporting their causal interpretation. In response to increases in government borrowing, firms appear to make more value-enhancing deals. These effects are stronger for cash-financed deals and for financially stronger firms. Collectively, these findings suggest that rising government debt leads to ‘real crowding out’ by affecting firms’ ability to make large investments.

LABOR INTENSITY, ADVERTISING INTENSITY, AND FIRM PERFORMANCE: EVIDENCE FROM MERGERS & ACQUISITIONS

This study examines the relation between a firm’s labor intensity and its operating performance. Using a large sample of US public firms from the period 2001 to 2018, we find that firms with a higher level of labor intensity are less likely to engage in mergers & acquisitions (M&As) activities. Our main finding suggests that a firm’s operating performance, proxied by return on assets and return on equity, decreases with a higher level of labor intensity. Further analysis shows that if labor-intensive firms engage in M&As, they are less likely to use cash and stock as payment methods and consider the target’s legal forms of business orientation. The negative relation between labor intensity and firm performance is aggravated (attenuated) by the firm’s advertising intensity (stock payment method and private target of potential M&A characteristics). Finally, labor productivity is also negatively associated with labor intensity.

Intellectual property rights enforcement and mergers and acquisitions: Evidence from China

In this paper, the impact of intellectual property rights (IPR) enforcement on merger and acquisition (M&A) activity based on provincial data in China is examined. We document a significant increase in the probability of implementing M&A bids in provinces with efficient IPR enforcement. The result is robust after considering endogeneity and using alternatives to IPR measurements. In addition, cash-financed and local M&A bids are more likely to occur in provinces with better IPR enforcement. Our results suggest that increasing R&D expenditures, alleviating financing constraints and increasing product market competition are the possible mechanisms through which IPR enforcement affects the probability of M&A activity.

Does geopolitical risk matter for corporate investment decisions? Evidence from cross‐border acquisitions

AbstractHeightened geopolitical risk has become the new normal. We study the effects of geopolitical risks on cross‐border acquisition activity. Using military alliance to proxy for the degree of geopolitical risks, we find that the formation of military alliance between two countries is associated with greater cross‐border acquisition flows. Using the recent North Atlantic Treaty Organization enlargements as identification strategy, we find stronger effects of military alliance, especially with defense pacts. One important channel is that military alliance can substitute for target countries’ institutional quality and minimize extreme geopolitical threats faced by acquirers. We find that countries with poor governance and weaker legal enforcement benefit more from military alliance, especially by receiving inbound acquisitions from major military powers. These findings highlight the role of military alliance in the global market for corporate control by reducing geopolitical risks.

Acquisitions of divested business units: A typology and strategies for success

Acquisitions are notoriously difficult to execute successfully. Poor implementation of the postacquisition integration process is a major source of acquisition value destruction. To find new solutions for this vexing problem, we leverage the emerging, triadic view of mergers and acquisitions (M&A) activities, which emphasizes the interconnectedness between sellers, acquirers, and the units that are transferred between them. We apply the triadic lens to acquisitions of divested business units, and we find that a unit’s experiences with its seller before and during divestiture can profoundly shape the unit’s needs and expectations, which, in turn, must be addressed by the acquirer in the integration process. We identify four key mechanisms—status, resource accessibility, trust, and self-sufficiency—that underpin the seller’s impact on the divested unit, and we develop a typology—comprising favored, neglected, shocked, and independent units—that animates the ramifications of the seller’s actions. Then, for each type, we discern strategies for its postacquisition integration execution that are tailored to its distinctive needs, which originate from its experiences with the seller. To make these insights practical and readily implementable, we provide a diagnostic checklist for identifying the four types of divested units and offer an action plan of type-specific strategies for successfully managing them in the postacquisition integration process.

Short-term responses of soil nutrients and enzyme activities to nitrogen addition in a Larix principis-rupprechtii plantation in North China

Atmospheric nitrogen (N) deposition is among the main manifestations of global change and has profoundly affected forest biogeochemical cycles. However, the threshold of N deposition to soil nutrient contents and enzyme activities has rarely been studied in a forest. In this study, we explored the effects of N deposition on soil nutrients and enzyme activities in a Larix principis-rupprechtii plantation on the northern Yanshan Mountain through multigradient N addition experiments (0, 5, 10, 20, 40, 80, and 160 kg N ha−1 year−1) after fertilization for 2 years. Compared with the controls, N addition first led to a decrease in soil NH4+-N and NO3--N, which then increased significantly. N addition had no significant effects on other soil nutrients. N addition overall elevated soil β-glucosidase activity. N application of >40 kg N ha−1 year−1 significantly reduced soil leucine aminopeptidase activity but had no significant effects on soil acid phosphatase, N-acetyl-β-D-glucosidase, and urease activities. N addition increased the overall stoichiometry ratio of EEA C:N and EEA C:P, but EEA N:P started decreasing after N application of 40 kg N ha−1 year−1. The ratios of C, N, and P acquisition activities changed from 1:1.2:1 under the control conditions to 1:1.1:1 under the N application of 160 kg N ha−1 year−1. N addition increased the overall vector length and had no significant effects on the vector angle. Correlation and redundancy analyses revealed that N addition-induced change in available soil N was the main factor affecting soil enzyme activity and stoichiometry. In general, different enzyme activities had different sensitivities to N addition. Moderate N addition or atmospheric N deposition (e.g., <40 kg N ha−1 year−1) had beneficial effects on soil nutrient cycling and microorganisms in a Larix principis-rupprechtii plantation.

Special issue on all‐electric and hybrid‐electric flight

Special issue on all‐electric and hybrid‐electric flight

Impact of Economic Freedom Distance on India’s Inbound Cross-Border Acquisition Volume: Moderating Role of Economic Distance

Cross-border acquisitions (CBA) are a form of foreign direct investments and have been dramatically increasing over the last three decades. India has been one of the top CBA destinations among emerging economies, making it interesting to explore the determinants. Even though the CBA research is voluminous, the role of economic freedom is understudied. In this background, by extending the knowledge of distance measures impacting cross-border acquisition (CBA) activities, we examine the impact of economic freedom distance on India’s inbound CBA volume and the moderating role of economic distance. We used a sample of 979 observations by collecting the CBA data from Thomson’s EIKON Mergers and Acquisitions database for our study period covering 1990 to 2020. We show that economic freedom distance negatively impacts India’s inbound CBA volume. Moreover, economic distance significantly moderated their effect. These results indicate that India should strengthen its economic freedom and grow steadily to attract more CBA volume inflow. These findings have important theoretical and practical implications for multinational firms and policymakers in making emerging economies like India an attractive destination for CBA activities.

Организация архивного дела в Коми области в 1920-е гг.

The article is to show the organization of archiving in the Komi region in the 1920s. Thus, the following tasks have been solved: considering the conditions for formation of the regional archive and archives of organizations, their activities in acquisition and preservation of archival materials, role of regional and uezd authorities in the management of archives. A number of fundamental works are devoted to the history of national archiving formation in the 1920s; however, the organization of archiving in various regions has been studied insufficiently. The relevance of the study is enhanced by the Komi Republic archiving celebrating its centenary anniversary in 2022. The accumulated historical experience can be successfully applied today. This is especially true of the period under study, when the foundations of archiving were laid out, documents actively collected, criteria for interaction between the authorities and archival institutions determined. The article draws on published and unpublished sources deposited in the fonds of the National Archive of the Komi Republic. They are well known to researchers; however, a number of documents have not yet been presented to scholars, these are being introduced into scientific use for the first time. In addition to archival sources, published sources have also been used. In 1922, the Komi Regional Archive was opened in Ust-Sysolsk (Syktyvkar). One of the reasons for the appearance of the first archival institution in the Komi region was the first decrees and resolutions of the Soviet government in the field of archiving. The local history movement played an important role, as well as enthusiasm of some representatives of the national intelligentsia. The opening of the archive was accompanied by certain difficulties: there was practically no funding, not enough qualified personnel, etc. Only by the end of the studied period, the situation improved somewhat: district archives were opened, training of archival workers began. Considering the organization of archiving in the Komi region in the 1920s, it should be noted that archival construction began, the regional archive was acquiring and describing documents, measures were taken to preserve unique sources and to use documents for the purposes of national economic. At the same time, there was no archiving in organizations and institutions, no conditions for storing documents, almost no personnel.

The contribution of Cardinal Friedrich Egon of Fürstenberg to the building up of the picture collection of the Olomouc archbishops

The text brings new findings regarding the collecting activity of Olomouc Archbishop Cardinal Friedrich Egon of Fürstenberg (1813-1892), whose acquisition activity in works of art has so far been in the shadow of his construction activities and has been unfairly undervalued. The article makes available the results of archival research. It is based, on the one hand, on the study of accounting documents, especially from Cardinal Fürstenberg's longer stays in Rome, which have so far only been studied on a selective basis. It also makes available information unknown until recently, contained in the income and expenditure books of the Archbishop's Secretariat from 1854-1873. The study of accounting documents has made it possible to enrich the list of Fürstenberg's acquisitions for the picture collection of Olomouc bishops and archbishops with several new items and attributions. In particular, however, it has shed new light on the archbishop's acquisitions of works of art from his period in Rome. Cardinal Fürstenberg made purchases at select Roman antiquarians and maintained close contacts with the priest and senior Vatican official Marcello Massarenti Ordelaffi (1817-1905). In his time, this man, who mediated certain art purchases for the Archbishop of Olomouc, was one of the well-known collectors of the second half of the 19th century in Rome. Massarenti's collection became the basis of the collection of American tycoon Henry Walters (1812-1894) in Baltimore.

Commitment or Constraint? The Effect of Loan Covenants on Merger and Acquisition Activity

Commitment or Constraint? The Effect of Loan Covenants on Merger and Acquisition Activity

Do Corporate Taxes Impede Merger and Acquisition Activity? Evidence from Private Corporations

Do Corporate Taxes Impede Merger and Acquisition Activity? Evidence from Private Corporations