Future Acquisition Research Articles

The Impact of Horizontal Mergers on Rivals: Gains to Being Left Outside a Merger

abstractIt is commonly perceived that firms do not want to be outsiders to a merger between competitor firms. We instead argue that it is beneficial to be a non‐merging rival firm to a large horizontal merger. Using a sample of mergers with expert identification of relevant rivals and the event‐study methodology, we find rivals generally experience positive abnormal returns at the merger announcement date. We also find that the stock reaction of rivals to merger events is not sensitive to merger waves; hence, ‘future acquisition probability’ does not drive the positive abnormal returns of rivals. Further, we find the positive (or non‐negative) abnormal returns of rivals to be robust when considering heterogeneity in merger and rival characteristics.

Wilderness and future conservation priorities in Australia

AbstractAim Most approaches to conservation prioritization are focused on biodiversity features that are already threatened. While this is necessary in the face of accelerating anthropogenic threats, there have been calls to conserve large intact landscapes, often termed ‘wilderness’, to ensure the long‐term persistence of biodiversity. In this study, we examine the consequences of directing conservation expenditure using a threat‐based framework for wilderness conservation.Location The Australian continent.Methods We measured the degree of congruence between the extent of wilderness and the Australian protected area network in 2000 and 2006, which was established using a threat‐based systematic planning framework. We also assessed priority areas for future reserve acquisitions identified by the Australian government under the current framework.Results In 2000, 14% of Australia’s wilderness was under formal protection, while the protected area network covered only 8.5% of the continent, suggesting a historical bias towards wilderness protection. However, the expansion of the reserve system from 2000 to 2006 was biased towards non‐wilderness areas. Moreover, 90% of the wilderness that was protected over this period comprised areas not primarily designated for biodiversity conservation. We found a significant (P < 0.05) negative relationship between bioregions considered to be a priority for future reserve prioritization and the amount of wilderness they contain.Main conclusions While there is an urgent need to overcome past biases in reserve network design so as to better protect poorly represented species and habitats, prioritization approaches should not become so reactive as to ignore the role that large, intact landscapes play in conserving biodiversity, especially in a time of human‐induced climate change. This can be achieved by using current or future threats rather than past threats to prioritize areas, and by incorporating key ecological processes and costs of acquisition and management within the planning framework.

Optimal phase for coronary interpretations and correlation of ejection fraction using late-diastole and end-diastole imaging in cardiac computed tomography angiography: implications for prospective triggering

A typical acquisition protocol for multi-row detector computed tomography (MDCT) angiography is to obtain all phases of the cardiac cycle, allowing calculation of ejection fraction (EF) simultaneously with plaque burden. New MDCT protocols scanner, designed to reduce radiation, use prospectively acquired ECG gated image acquisition to obtain images at certain specific phases of the cardiac cycle with least coronary artery motion. These protocols do not we allow acquisition of functional data which involves measurement of ejection fraction requiring end-systolic and end-diastolic phases. We aimed to quantitatively identify the cardiac cycle phase that produced the optimal images as well as aimed to evaluate, if obtaining only 35% (end-systole) and 75% (as a surrogate for end-diastole) would be similar to obtaining the full cardiac cycle and calculating end diastolic volumes (EDV) and EF from the 35th and 95th percentile images. 1,085 patients with no history of coronary artery disease were included; 10 images separated by 10% of R–R interval were retrospectively constructed. Images with motion in the mid portion of RCA were graded from 1 to 3; with ‘1’ being no motion, ‘2’ if 0 to <1 mm motion, and ‘3’ if there is >1 mm motion and/or non-interpretable study. In a subgroup of 216 patients with EF > 50%, we measured left ventricular (LV) volumes in the 10 phases, and used those obtained during 25, 35, 75 and 95% phase to calculate the EF for each patient. The average heart rate (HR) for our patient group was 56.5 ± 8.4 (range 33–140). The distribution of image quality at all heart rates was 958 (88.3%) in Grade 1, 113 (10.42%) in Grade 2 and 14 (1.29%) in Grade 3 images. The area under the curve for optimum image quality (Grade 1 or 2) in patients with HR > 60 bpm for phase 75% was 0.77 ± 0.04 [95% CI: 0.61–0.87], while for similar heart rates the area under the curve for phases 75 + 65 + 55 + 45% combined was 0.92 ± 0.02. LV volume at 75% phase was strongly correlated with EDV (LV volume at 95% phase) (r = 0.970, P < 0.001). There was also a strong correlation between LVEF (75_35) and LVEF (95_35) (r = 0.93, P < 0.001). Subsequently, we developed a formula to correct for the decrement in LVEF using 35–75% phase: LVEF (95_35) = 0.783 × LVEF (75_35) + 20.68; adjusted R2 = 0.874, P < 0.001. Using 64 MDCT scanners, in order to acquire >90% interpretable studies, if HR < 60 bpm 75% phase of RR interval provides optimal images; while for HR > 60 analysis of images in 4 phases (75, 35, 45 and 55%) is needed. Our data demonstrates that LVEF can be predicted with reasonable accuracy by using data acquired in phases 35 and 75% of the R–R interval. Future prospective acquisition that obtains two phases (35 and 75%) will allow for motion free images of the coronary arteries and EF estimates in over 90% of patients.

Using Water Main Break Data to Improve Asset Management for Small and Medium Utilities: District of Maple Ridge, B.C.

An approach is developed for identifying key data to be used in asset management in general, and for predicting pipe breaks and selecting appropriate models in particular. The approach is applied to the District of Maple Ridge, B.C., Canada to identify the magnitude of a utility’s pipe burst problems today and in the future, enhance the development of pipe replacement priorities based on forecasted breaks, and identify key data to collect in future data acquisition programs. It may also be used by other utilities with varying amounts of data, and can be easily implemented with existing data management and analysis tools.

Identifying the Potential Upside of Hydrocarbon Saturation From Electric Logs

Summary Validated electrical type curves, which collectively describe a continuum of conductivity behavior of fluid-saturated rocks, allow the petrophysical evaluation of hydrocarbon saturation to be set within a generic reference framework. As part of this process, the type curves permit pre-existing data from other reservoirs to be examined as potential analogs. Through the type curves, a reservoir rock can be classified in terms of its electrical character, specifically adherence to, or departures from, classical clean-sand (Archie) conditions and, by corollary, the degree of any shale (non-Archie) effects. The classification guides the approach to future core-data acquisition and to well-log analysis. In particular, in non-Archie reservoirs the type curves indicate whether the formation-water salinity is sufficiently high for the application of shaly-sand equations for the evaluation of hydrocarbon saturation or whether recourse should be made to a (customized) pseudo-Archie approach. Thus, the type curves are used to ensure that interpretative algorithms are appropriate to the petrophysical task at hand. The application of the type curves, using initializing log data from seven shaly hydrocarbon reservoirs containing relatively fresh formation waters, has illustrated how petrophysical interpretations away from the key intervals can be screened with minimal supporting information through a pseudo-Archie approach. Comparisons of best estimates of hydrocarbon-filled porosity with previously reported values have indicated a potential volumetric upside in all cases, with hydrocarbon saturations being up to 30 saturation units higher for these complex reservoirs. This outcome is attributed to the generic nature of the screening process, which takes account of the electrical character of a reservoir without any of the procedural constraints that are associated with conventional well-log analysis. To reduce further the risk of underestimating hydrocarbon volumes, a set of equivalence charts has been constructed using basic petro-physical properties. The equivalence charts allow a quick-look recognition of any departures from Archie conditions and thence whether the type curves are likely to be required. The screening process has been synthesized into pragmatic workflows, whose adoption should impart additional quality assurance to the petrophysical evaluation of hydrocarbon volumes.

Why SPAC Investors Should Listen to the Market

Special purpose acquisition companies (SPACs) have raised around $22bn from investors since 2003, and comprised 20% of total funds raised in US IPOs in 2007. SPACs are interesting structures - allowing investors a risk-free option to invest in a future acquisition. However, we show that more than one-half of approved deals immediately destroy value. Investors, who can observe the market's view of the proposed deal, as well as that of the founders, should listen to the market, since the extreme incentives faced by the SPAC founders create corresponding conflicts of interest. We propose a simple, observable rule - based on market prices - which investors should heed.

Technique for Concept Selection Using Interactive Probabilistic Multiple Attribute Decision Making

Design is a decision-making process that depends on multiple attributes. Analysis of alternatives with respect to a single metric representing the “goodness” of the concept is difficult without resorting to subjective weightings on an overall evaluation criterion. The use of subjective factors in a decision-making process is often met with criticism, as the selection of a design may be traced to preferential decisions made on a certain day by a single individual. A methodology is needed that reduces the impact of uncertainty in the subjective weighting factors while retaining the traceability, defensibility, and rigor provided by traditional multiple attribute decision-making techniques. In this work, a standard process for systems engineering using the quality function deployment approach with a multiple attribute decision-making technique for concept selection is supplemented through the use of parametric slide bars to play “what-if” games and a probabilistic environment that plays all possible “what-if” games and summarizes the results. Using the modified process, families of concepts can be rapidly examined based on varying levels of subjective preferences. Decision makers, armed with a rapid parametric sensitivity analysis tool, can make more informed decisions about future concepts, policies, and acquisition decisions. An interactive graphical environment can be used to visualize the diverse sets of trades and understand non-intuitive answers by tracing customer needs to proposed solutions in real-time. In practice, the proposed process facilitates iteration between needs and concepts and fosters and increased understanding of the concept space between designer and decision maker.

The Intra-Industry Effects of Life Insurance Company Demutualizaton

We examine the impact of demutualization announcements by 13 life insurance companies during 1996-2000 on the value of existing stock-owned life insurance companies and companies in other segments of the insurance industry. Demutualization announcements are associated with negative stock price reactions in the days around the announcement, and with larger and positive stock price reactions in the days following announcement. Overall, the results support the contention that life insurance company demutualizations signal favorable future industry conditions and/or increased likelihood of future acquisitions for all segments of the insurance industry. Active-minded investors may use these results to develop alpha-generating investment strategies.

Biomass allocation and leaf life span in relation to light interception by tropical forest plants during the first years of secondary succession

Summary 1. We related above-ground biomass allocation to light interception by trees and lianas growing in three tropical rain forest stands that were 0.5, 2 and 3-year-old regeneration stages after slash and burn agriculture. 2. Stem height and diameter, leaf angle, the vertical distribution of total above-ground biomass and leaf longevity were measured in individuals of three short-lived pioneers (SLP), four later successional species (LS) and three lianas (L). Daily light capture per individual ( Φ d ) was calculated with a canopy model. Mean daily light interception per unit leaf area ( Φ area ), leaf mass ( Φ leaf mass ) and above-ground mass ( Φ mass ) were used as measures of instantaneous efficiency of biomass use for light capture. 3. With increasing stand age, vegetation height and leaf area index increased while light at the forest floor declined from 34 to 5%. The SLP, Trema micanthra and Ochroma pyramidale , dominated the canopy early in succession and became three times taller than the other species. SLP had lower leaf mass fractions and leaf area ratios than the other groups and this difference increased with stand age. 4. Over time, the SLP intercepted increasingly more light per unit leaf mass than the other species. Lianas, which in the earliest stage were self-supporting and started climbing later on, gradually became taller at a given mass and diameter than the trees. Yet, they were not more efficient than trees in light interception. 5. SLP had at least three-fold shorter leaf life spans than LS and lianas. Consequently, total light interception calculated over the mean life span of leaves ( Φ leaf mass total = Φ area × SLA death leaves × leaf longevity) was considerably lower for the SLP than for the other groups. 6. Synthesis . We suggest that early dominance in secondary forest is associated with a high rate of leaf turnover which in turn causes inefficient long-term use of biomass for light capture, whereas persistence in the shade is associated with long leaf life spans. This analysis shows how inherent tradeoffs in crown and leaf traits drive long-term competition for light, and it presents a conceptual tool to explain why early dominants are not also the long-term dominants.

Collaborative writing devices, types of co-operation, and individual acquisitions

What makes collaboration constructive from a cognitive point of view? After having examined the problem of the analysis of co-operative interactions and having defined of what the collaborative methods of learning from texts consist, the present article seeks to answer this question. This study considered two sources of variation in the learning task, using social science texts: on the one hand, partial or complete collaborative writing conditions are varied so as to examine the most favourable for learning, and on the other hand, the types of co-operation are analysed in small groups and individuals, in order to identify the most productive types, from the point of view of future acquisitions.

The Comparative Productivity Efficiency of Taiwan's Integrated Circuits Packaging/Testing Firms

ABSTRACTThis paper reconciles diverse efficiency measures to characterize the productivity efficiency of Taiwan's integrated circuits (IC) packaging/testing firms. Productivity efficiency ratings should be considered as a key element for achieving greater business performance and a better market position. This study applies the Data Envelopment Analysis (DEA) approach with the classical radial measure, non-radial efficiency measure and efficiency achievement measure, respectively, combining multiple outputs and inputs to measure the magnitude of performance differences between the IC firms. The empirical result reveals that the overall technical inefficiencies of the firms are primarily due to pure technical inefficiencies rather than scale inefficiencies. A scale problem really does exist in these IC packaging/testing firms, which can be treated as support for future mergers and acquisitions between the firms. The operating efficiency of the IC packaging/testing firms is negatively related to the market-entry time of these firms. In addition, the empirical results in this study indicate that the non-radial efficiency model and the efficiency achievement model can provide more discriminate efficiency measures for the IC firms, while the traditional radial efficiency model can rank the firms by their scale efficiencies as well as analyze the scale profits of the firms.

Future Acquisition Directorate Team Leading the Way In System‐of‐systems Engineering in the U.S. Defense Department

Future Acquisition Directorate Team Leading the Way In System‐of‐systems Engineering in the U.S. Defense Department

TU‐FF‐A3‐05: Optimizing KV Fluoro Acquisition for Prostate Intrafraction Motion Evaluation

Purpose: Commercially available gantry mounted kV imagers are currently restricted to manual fluoroscopy acquisitions with fixed mAs &amp; frame rate, limiting use of fluoroscopy for prostate intrafraction motion measurement. For consideration in future acquisition improvements, we investigate the parameters required to optimize the 3D accuracy of prostate intrafraction localization while minimizing imaging dose. Method and Materials: Prostate intrafraction motion is measured at our clinic using simultaneous kV fluoroscopy to visualize implanted markers for a hypofractionated radiotherapy protocol. For a 5‐beam step‐and‐shoot IMRT delivery we compare the current technique with acquiring images between MLC segments. Effects of imaging frequency and of including acquisitions during gantry rotation were also considered. The 3D localization accuracy was evaluated using simulations with existing sagittal cine‐MRI images from 6 patients consisting of 490 motion tracks for ∼8 minutes/track. Dose was evaluated using surface and central axis measurements on a 30‐cm diameter acrylic phantom, assuming adequate mAs values to achieve 80% registration success rate. Results: Simulations with the cine‐MRI data showed that 3D accuracy is acceptable even for low imaging frequencies: 95% of measurements were within 1.0 mm when imaging every 30s, and within 1.2 mm for 60s. 3D accuracy is adequate when imaging between MLC segments only (95% within 1.0 mm, 98% within 1.6 mm), with minor improvement when acquiring also during gantry rotation (95% within 1.0 mm, 98% within 1.5 mm). Maximum dose was lowered to 1.4 mGy when imaging only between MLC segments with gantry dependant mAs, compared to 3.3 mGy for the current technique and 21.1 mGy for a CBCT. Conclusion: Optimal intrafraction fluoroscopy measurement is achieved with adjustable acquisition frame rate, synchronization with MV beam delivery (acquisition between segments), and programmable gantry dependent mAs, resulting in high 3D accuracy and low imaging dose. Conflict of Interest: Partially supported by NIH Grant CA118037.

‘Speech-Smile’, ‘Speech-Laugh’, ‘Laughter’ and Their Sequencing in Dialogic Interaction

Laughing is examined auditorily and acoustico-graphically, on the basis of exemplary speech data from spontaneous German dialogues, as pulmonic air stream modulation for communicative functions, paying attention to fine phonetic detail in interactional context. These phonetic case descriptions of laughing phenomena in speaker interaction in a small corpus have as their goal to create an awareness of the phonetic and functional parameters that need to be considered in the future acquisition, acoustic analysis and statistical evaluation of large spontaneous databases.

A methodology for targeting palaeo proxy data acquisition: A case study for the terrestrial late Miocene

When planning the acquisition of new palaeo proxy data for reconstructing past climates, many factors influence the decision of where the proxies are to be collected. One such influence is the likelihood of recording a significant climate change relative to the modern. Another consideration, which is less often considered, is the desire to target regions in which there is significant uncertainty in numerical model predictions of past climate change. New proxy data in these regions enables a more rigorous test of model simulations, and results in better constraints on the various boundary conditions used to force the models. In this paper we present a methodology for targeting new palaeo proxy data, based on model simulations. We use the terrestrial late Miocene (11.6 to 5.3 Ma) as a case study. The late Miocene climate provides insights into future climate behavior, as it is believed to have been considerably warmer than the modern. We carry out a suite of late Miocene atmosphere-only General Circulation Model simulations, which we initially evaluate relative to an example dataset of terrestrial temperature and precipitation. In terms of targeting future data acquisition, we locate those regions in the model which exhibit the largest change in temperature and/or precipitation relative to the pre-industrial. We also locate those regions which display the largest variability between the model simulations, because new data in these regions are most likely to provide a strict test of the reliability of the model results. Among other regions, the Amazon basin, the Chad basin, central Canada, and northern India are identified as potentially useful areas to collect data.

An empirical analysis of the dynamic programming model of stockpile acquisition strategies for China's strategic petroleum reserve

The world's future oil price is affected by many factors. The challenge, therefore, is how to select optimal stockpile acquisition strategies to minimize the cost of maintaining a reserve. This paper provides a new method for analyzing this problem using an uncertain dynamic programming model to analyze stockpile acquisition strategies for strategic petroleum reserve. Using this model, we quantify the impact of uncertain world oil price on optimal stockpile acquisition strategies of China's strategic petroleum reserve for the period 2007–2010 and 2011–2020. Our results show that the future stockpile acquisition is related to oil prices and their probability and, if not considering the occurrence of oil supply shortage, China should at least purchase 25 million barrels when world oil price is at an optimal level. The optimal price of stockpile acquisition of every year has a stronger relationship with the probability of high price; and the optimal expected price and size of stockpile acquisition is different in each year.

Advances in DoD's ATS framework

The Automatic Test System (ATS) Executive Directorate (ED) is charged with developing objectives for the Department of Defense (DoD) ATS modernization. The DoD ATS Framework Working Group (FWG) was established by the ATS ED to create a Framework addressing these objectives. The FWG consists of two sub-groups: Management, that includes members from all of the DoD Services, and Technical. The Framework is made up of key elements and associated specifications and standards that form the open system architecture approach for DoD ATSs. In addition to creating and updating key element definitions, the FWG focuses on identifying commercial ATS related specifications that might satisfy the elements in the Framework. The standards specified in the DoD ATS Framework are documented in the DoD's Information Technology Standards Repository (DISR) and thereby become a mandatory requirement for all DoD ATS acquisitions. The Framework is also being specifically called out in DoD ATS requirements documents so that its standards are incorporated in future DoD ATS acquisitions, such as the Navy's eCASS.

Financial Regulation: What Should Be Done?

AbstractThe 2007 credit crisis is making us take a second look at regulating the financial sector. Has regulation failed? And what will be the impact on future merger and acquisition activity? © 2008 Wiley Periodicals, Inc.

Applied Multi-Dimensional Fusion

The purpose of the Applied Multi-dimensional Fusion Project is to investigate the benefits that data fusion and related techniques may bring to future military Intelligence Surveillance Target Acquisition and Reconnaissance systems. In the course of this work, it is intended to show the practical application of some of the best multi-dimensional fusion research in the UK. This paper highlights the work done in the area of multi-spectral synthetic data generation, super-resolution, joint fusion and blind image restoration, multi-resolution target detection and identification and assessment measures for fusion. The paper also delves into the future aspirations of the work to look further at the use of hyper-spectral data and hyper-spectral fusion. The paper presents a wide work base in multi-dimensional fusion that is brought together through the use of common synthetic data, posing real-life problems faced in the theatre of war. Work done to date has produced practical pertinent research products with direct applicability to the problems posed.

SEG-D for the next generation

The SEG Technical Standards Committee is currently revising the SEG-D Field Tape Standard to accommodate the needs of current and anticipated future acquisition systems. This includes not just field acquisition support for arbitrary sample rates, continuous passive recording, multicomponent sources and receivers, and sophisticated field filters, but also things like area/line/crew/client/job information, source and receiver coordinates and their reference system, and capture of processing such as trace edits in the field system.