Merger Activity Research Articles

A 600 kpc complex radio source at the center of Abell 3718 discovered by the EMU and POSSUM surveys

Context. Multifrequency studies of galaxy clusters are crucial for inferring their dynamical states and physics. Moreover, these studies allow us to investigate cluster-embedded sources, whose evolution is affected by the physical and dynamical condition of the cluster itself. So far, these kinds of studies have been preferentially conducted on clusters visible from the northern hemisphere due to the high-fidelity imaging capabilities of ground-based radio interferometers located there. Aims. In this paper, we conducted a multifrequency study of the poorly known galaxy cluster Abell 3718. We investigated the unknown origin of an extended radio source with a length of ∼612 kpc at 943 MHz detected in images from the Evolutionary Map of the Universe (EMU) and POlarisation Sky Survey of the Universe’s Magnetism (POSSUM) surveys. Methods. We analyzed optical and X-ray data to infer the dynamical state of the cluster and, in particular, the merger activity. We conducted a radio spectral index study from 943 MHz up to 9 GHz. We also evaluated the polarization properties of the brightest cluster-embedded sources to understand if they are related to the radio emission observed on larger scales. Results. The cluster appears to be in a relaxed dynamical state, but there is clear asymmetry of the X-ray surface brightness distribution perpendicular to the direction of the largest angular extension of the radio source. The morphology of the cluster radio emission observed from 900 MHz to 9 GHz shows a system composed of a northern compact radio source and a southern radio galaxy whose jets are bent in the direction of an ultra-steep (α ≈ 3.6), thin (few tens of kpc) arc of radio emission between the first two radio sources. The spectral index gradient along the radio source and the polarization images at high frequency suggest that the thin arc is an extension of the southern radio galaxy, which may have been energized by interacting with the X-ray gas. An additional structure extending to the northwest from the southern radio galaxy may be an unusual truncated radio jet that either failed to expand or faded away due to energy losses. Deeper X-ray and radio observations are needed to better constrain the physics at play in this cluster.

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.

Decoding NGC 7252 as a blue elliptical galaxy

Elliptical galaxies with blue optical colours and significant star formation are hypothesised to be major merger remnants of gas-rich spiral galaxies or normal elliptical galaxies with a sudden burst of star formation. We present here a scenario in which blue elliptical galaxies identified in shallow imaging surveys may fail to recover faint features that are indicative of past merger activity using a nearby major merger remnant. Based on deep optical imaging data of the post-merger galaxy, NGC 7252, we demonstrate that the galaxy can appear as an elliptical galaxy if it is observed at higher redshifts. The main body and the low surface brightness merger features found at the outskirts of the galaxy are blue in the optical g − r colour map. We argue that the higher-redshift blue elliptical galaxies discovered in surveys as shallow as the SDSS or DECaLS may be advanced mergers whose defining tidal features fall below the detection limits of the surveys. This should be taken into consideration during the morphological classification of these systems in future and ongoing surveys.

Remnants of recent mergers in nearby early-type galaxies and their classification

ABSTRACTWe search for signatures of recent galaxy close interactions and mergers in a sample of 202 early-type galaxies in the local universe from the public SDSS Stripe82 deep images (μr ∼ 28.5 mag arcsec−2). Using two different methods to remove galaxies’ smooth and symmetric light distribution, we identify and characterize 11 distinct types of merger remnants embedded in the diffuse light of these early-type galaxies. We discuss how the morphology of merger remnants can result from different kinds of minor and major mergers, and estimate the fraction of early-type galaxies in the local universe with evidence of recent major (27 per cent) and minor (57 per cent) mergers. The merger fractions deduced are higher than in several earlier surveys. Among remnants, we find that shells are the dominant merger debris (54 per cent) associated with early-type galaxies, resulting from both major and minor mergers, with those characteristics of major mergers being significant (24 per cent of shell host galaxies). The most uncommon merger-related structures are boxy isophotes of the stellar distribution and the presence of disc fragments near the cores of galaxies. We develop a classification scheme for these fine structures that may be used to infer their likely genesis histories. The classification is primarily based on the mass ratios of the merged galaxies. This work, when combined with predictions from numerical simulations, indicates that most (if not all) early-type galaxies in the local Universe are continually evolving as a result of (minor) merger activities.

Factors Affecting the Financial Performance of Credit Union in Indonesia

The research aims to find out a number of things in terms of macro and micro data that affect the condition of the financial performance of Credit union in all provinces in Indonesia both in terms of internal factors and external factors both in terms of microeconomics and macroeconomics. Therefore, the assessment of the financial performance of Credit union throughout Indonesia has an important role to play in terms of profitability ratios which are influenced by a number of variables. Empirical evidence in this study shows that the total assets, the age of the cooperative and the number of members have a positive and significant relationship to the profitability ratio of return on assets of credit union in Indonesia. In addition, Number of Branches, Merger Activities have a negative influence and a significant relationship to the financial performance of credit union. Meanwhile, macroeconomic variables such as provincial GRDP do not have a significant relationship and influence on the activity performance of the return on asset profitability ratio of credit union. This finding has an important role in improving services to credit cooperative members who are SMEs so that they can increase their contribution to the percentage of economic growth.

Taking Over the Size Effect: Asset Pricing Implications of Merger Activity

AbstractWe show that merger announcement returns account for virtually all of the measured size premium. An empirical proxy for ex ante takeover exposure positively and robustly relates to cross-sectional expected returns. The relation between size and expected returns becomes positive or insignificant, rather than negative, conditional on this takeover characteristic. Asset pricing models that include a factor based on the takeover characteristic outperform otherwise similar models that include the conventional size factor. We conclude that the takeover factor should replace the conventional size factor in benchmark asset pricing models.

The nature and origins of the low surface brightness outskirts of massive, central galaxies in Subaru HSC

ABSTRACT We explore the stellar mass density and colour profiles of 118 low redshift, massive, central galaxies, selected to have assembled 90 per cent of their stellar mass 6 Gyr ago, finding evidence of the minor merger activity expected to be the driver behind the size growth of quiescent galaxies. We use imaging data in the g, r, i, z, y bands from the Subaru Hyper Suprime-Cam survey and perform SED fitting to construct spatially well-resolved radial profiles in colour and stellar mass surface density. Our visual morphological classification reveals that ∼42 per cent of our sample displays tidal features, similar to previous studies, ∼43 per cent of the remaining sample displays a diffuse stellar halo, and only ∼14 per cent displays no features, down to a limiting μr-band ∼ 28 mag arcsec−2. We find good agreement between the stacked colour profiles of our sample to those derived from previous studies and an expected smooth, declining stellar mass surface density profile in the central regions (< 3 Re). However, we also see a flattening of the profile (Σ* ∼ 107.5 M⊙ kpc−2) in the outskirts (up to 10 Re), which is revealed by our method of specifically targeting tidal/accretion features. We find similar levels of tidal features and behaviour in the stellar mass surface density profiles in a younger comparison sample, however, a lack of diffuse haloes. We also apply stacking techniques similar to those in previous studies, finding such procedures wash out tidal features and thereby produce smooth declining profiles. The stellar material in the outskirts contributes on average ∼1010 M⊙ or a few per cent of the total stellar mass and has similar colours to SDSS satellites of similar stellar mass.

Statistics of Galactic-scale Quasar Pairs at Cosmic Noon

The statistics of galactic-scale quasar pairs can elucidate our understanding of the dynamical evolution of supermassive black hole (SMBH) pairs, the duty cycles of quasar activity in mergers, or even the nature of dark matter, but they have been challenging to measure at cosmic noon, the prime epoch of massive galaxy and SMBH formation. Here we measure a double quasar fraction of ∼6.2 ± 0.5 × 10−4 integrated over ∼0.″3–3″ separations (projected physical separations of ∼3–30 kpc at z ∼ 2) in luminous (L bol > 1045.8 erg s−1) unobscured quasars at 1.5 < z < 3.5 using Gaia EDR3-resolved pairs around SDSS DR16 quasars. The measurement was based on a sample of 60 Gaia-resolved double quasars (out of 487 Gaia pairs dominated by quasar+star superpositions) at these separations, corrected for pair completeness in Gaia, which we quantify as functions of pair separation, magnitude of the primary, and magnitude contrast. The double quasar fraction increases toward smaller separations by a factor of ∼5 over these scales. The division between physical quasar pairs and lensed quasars in our sample is currently unknown, requiring dedicated follow-up observations (in particular, deep, subarcsecond-resolution IR imaging for the closest pairs). Intriguingly, at this point, the observed pair statistics are in rough agreement with theoretical predictions both for the lensed quasar population in mock catalogs and for dual quasars in cosmological hydrodynamic simulations. Upcoming wide-field imaging/spectroscopic space missions such as Euclid, CSST, and Roman, combined with targeted follow-up observations, will conclusively measure the abundances and host galaxy properties of galactic-scale quasar pairs, offset AGNs, and subarcsecond lensed quasars across cosmic time.

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

Why Do Corporations Merge and Why Should Law Care?

Mergers and acquisitions are extraordinarily prevalent in the United States, generating massive expenditures every year. However, a serious empirical puzzle lies at the heart of all that activity. That empirical phenomenon’s most remarkable feature by far is that even though it is well established in an extensive literature and implies far-reaching policy consequences, American law ignores it entirely. Generations of researchers have failed to find evidence that merger and acquisition activity generates any lasting benefits for the combining firms’ owners or anyone else. No one seriously doubts that efficiencies of scale or technological integration are real or that acquisitions sometimes achieve them. Still, the evidence strongly implies that they are mostly available in small deals among small firms. While the results are no longer very seriously contested, no one has any conclusive explanation for the several puzzles they pose. This paper comprehensively reviews the empirical literature and works through the policy implications for the major bodies of law it affects. The most important insights are two. First, the evidence should undermine the confidence among scholars of corporation law in the regulatory self-sufficiency of market institutions, on which corporation theory depends so heavily. In particular, a major hope for controlling managerial agency cost—one of the theory’s chief preoccupations—remains the hope that the so-called “market for corporate control” governing hostile takeovers will discipline underperforming managers. The evidence discussed here suggests that the market produces no meaningful benefits at all. The second lesson is simpler. The other major legal regime governing mergers and acquisitions—antitrust—should return to the simpler, pro-enforcement presumptions by which it once more effectively limited market concentration. The fear of jeopardizing pro-competitive gains, on which antitrust merger law has been rendered largely inert, is no longer very defensible. The balance between false positive and false negative should be reset.

Innovation and Evidence-Based Decision-Making: Addressing New Graduate Nurse Turnover.

Merger and acquisition activities in health care are increasing in both the number and cumulative value of transactions in recent years, creating new and dynamic pressures on health care systems and current operating environments. These industry shifts, coupled with crises such as the COVID-19 global pandemic, create opportunities for innovation to increase capacity, improve productivity, achieve economies of scale, and positively impact health care quality, safety, access, and cost. However, neither consolidation nor innovation in and of themselves will yield sustainable clinical best practices nor achieve the desired quality, financial, efficiency, retention, or engagement outcomes. This article describes the approach used by one system-level Doctor of Nursing Practice prepared nurse executive to leverage evidence-based decision-making to guide, lead, and support the innovation needed to address first-year new graduate nurse turnover in a multistate not-for-profit health care system.

The Impact of Mergers and Acquisitions on the Financial Performance of Indian Banking Sector: An Analytical Study

An efficient and sound banking system is one of the cornerstones of a strong economy. India’s banking system differs greatly from that of other Asian countries due to the nation’s distinct geographic, social, and economic attributes. The banking industry makes a significant contribution to the Indian economy by providing timely loans to all societal segments while also collecting deposits from them. Commercial banks promote balanced regional development in India by providing the required financial infrastructure and finances for underdeveloped areas. They also encourage individuals to preserve their money and use it for investments in profitable endeavours, so fostering economic growth and resulting in a significant boost to employment prospects. In recent times, the Indian banking sector is an industry that is expanding quickly and changing its shape through mergers and acquisitions with prime objectives to control the rise in bad loans or non-performing assets, robust financial health, upgradation of technology and ensure better scale efficiency. Numerous domestic and foreign banks are involved in merger and acquisition activities. This study tries to examine how major mergers and acquisitions have operated in the Indian banking industry. A crucial pre-requisite is the integration of the Indian banking sector through mergers and acquisitions based on business considerations and strategies. Bank mergers encourage institutions to expand globally and create better synergy while also enabling larger banks to acquire the troubled assets of smaller banks. Thus, the present paper is an initiative to elucidate the need for bank mergers and acquisitions and to study the impact of such mergers and acquisitions on the equity shares of the shareholders’ capital and on the financial performance of the concerned banks.

The NuSTAR and Chandra View of CL 0217+70 and Its Tell-tale Radio Halo

Mergers of galaxy clusters are the most energetic events in the universe, driving shock and cold fronts, generating turbulence, and accelerating particles that create radio halos and relics. The galaxy cluster CL 0217+70 is a remarkable late-stage merger, with a double peripheral radio relic and a giant radio halo. Chandra detects surface brightness (SB) edges that correspond to radio features within the halo. In this work, we present a study of this cluster with Nuclear Spectroscopic Telescope Array and Chandra data using spectro-imaging methods. The global temperature is found to be kT = 9.1 keV. We set an upper limit for the inverse Compton (IC) flux of ∼2.7 × 10−12 erg s−1 cm−2, and a lower limit to the magnetic field of 0.08 μG. Our local IC search revealed a possibility that IC emission may have a significant contribution at the outskirts of the radio halo emission and on/near shock regions within ∼0.6 r 500 of clusters. We detected a “hot spot” feature in our temperature map coincident with an SB edge, but our investigation on its origin is inconclusive. If the “hot spot” is the downstream of a shock, we set a lower limit of kT > 21 keV to the plasma that corresponds to ∼2. We found three shock fronts within 0.5 r 500. Multiple weak shocks within the cluster center hint at an ongoing merger activity and continued feeding of the giant radio halo. CL 0217+70 is the only example hosting these secondary shocks in multiple form.

Does Democracy Shape International Merger Activity?

Does Democracy Shape International Merger Activity?

Impact and Effort of Legal Protection for Stakeholders Due to Merger Activities Islamic Banks in Indonesia

&lt;p&gt;Mechanism of the merger of 3 (three) state-owned banks, PT. BRI Syariah, PT. BNI Syariah and Bank Syariah Mandiri became Bank Syariah Indonesia involving many stakeholders. Preventive measures need to be implemented to avoid violating the rules of Law and principles of corporate governance and harming stakeholders. This research aims to know the steps of merger activities against the three state-owned Islamic banks and provide information about the impact faced by stakeholders and legal protection of interested parties, especially on minority shareholders, employees/employees of Islamic banks, and customers/business partners. This research is a sociological juridical study using qualitative descriptive methods. The conclusion is to optimize legal protection for interested parties for merger activities in the banking field. Some things need to be realized. Some of these include the preparation of guidelines about sharia bank mergers made by the Financial Services Authority and the National Sharia Council for uniformity under sharia principles. The need for data migration schemes so that customers are not harmed due to system errors due to data integration and the need to harmonize employee performance with bank merger results.&lt;/p&gt;

AGNs in post-mergers from the ultraviolet near infrared optical northern survey

ABSTRACT The kinematic disturbances associated with major galaxy mergers are known to produce gas inflows, which in turn may trigger accretion onto the supermassive black holes (SMBH) of the participant galaxies. While this effect has been studied in galaxy pairs, the frequency of active galactic nuclei (AGNs) in fully coalesced post-merger systems is poorly constrained due to the limited size or impurity of extant post-merger samples. Previously, we combined convolutional neural network (CNN) predictions with visual classifications to identify a highly pure sample of 699 post-mergers in deep r-band imaging. In the work presented here, we quantify the frequency of AGNs in this sample using three metrics: optical emission lines, mid-infrared (mid-IR) colour, and radio detection of low-excitation radio galaxies (LERGs). We also compare the frequency of AGNs in post-mergers to that in a sample of spectroscopically identified galaxy pairs. We find that AGNs identified by narrow-line optical emission and mid-IR colour have an increased incidence rate in post-mergers, with excesses of ~4 over mass- and redshift-matched controls. The optical and mid-IR AGN excesses in post-mergers exceed the values found for galaxy pairs, indicating that AGN activity in mergers peaks after coalescence. Conversely, we recover no significant excess of LERGs in post-mergers or pairs. Finally, we find that the [O iii] luminosity (a proxy for SMBH accretion rate) in post-mergers that host an optical AGN is ~0.3 dex higher on average than in non-interacting galaxies with an optical AGN, suggesting that mergers generate higher accretion rates than secular triggering mechanisms.

Project Tool Allows for Continuous Improvements to Business Processes

_ This article, written by JPT Technology Editor Chris Carpenter, contains highlights of paper SPE 205603, “Reserves and Resources Management: A Continuous Improvement of the Business Processes,” by Aen Nuril Hadi, Stephen Leonardo, and Khairul Anwar, Pertamina, et al. The paper has not been peer reviewed. _ To obtain standardized reserves and resources management of geographically diverse assets, Pertamina has launched a company guideline influenced by the SPE Petroleum Resources Management System (PRMS). A tool called the Project Box enables reserves analysts to map all projects, evaluate portfolios, and monitor progress of the project in the development and exploration phases. Furthermore, in line with a digitalization campaign, the Project Box, all reserves and resources data, and other strategic information are stored and maintained by in‑house software. Introduction As an Indonesian state‑owned energy company, Pertamina has managed more than 800 structures in Indonesia and overseas. In terms of structures, most of the company’s assets are associated with two islands, Sumatra and Java, which collectively contribute more than 75% of these assets. However, in terms of petroleum initial in place (PIIP), the island of Kalimantan is more significant. In terms of operatorship, assets that are scattered throughout the region are managed differently. More than 80% of these assets are operated by the company, while the rest is operated by other companies in the form of participating-interest division and unitization. From 2011 to 2020, because of merger and acquisition activities, the PIIP value continuously increased. In 2018, the acquisition of the Mahakam block led to an addition to PIIP of almost 50%. Subsurface-Asset Performance Heterogeneity Several key performance parameters are used to evaluate the reserves and resource performance of all structures managed by the company. These parameters include the following: - Reserves to production (RTP) indicates the reserves life span of a field or structure in years with the latest annual production. An abnormally high RTP may indicate either that the field or structure is just being put into production or that the reserves are subject to reevaluation. - Maturity is related to project maturity relative to current cumulative production. A maturity close to 100% means that almost all projects are matured into production and nearly approaching end life of the structure or field. - Withdrawal rate indicates the latest annual production performance relative to reserves. A low withdrawal rate may indicate either a petroleum-recovery optimization opportunity or that the reserves are subject to reevaluation. - Reserves replacement ratio (RRR) indicates the annual additional reserves 1P relative to annual production. An RRR equivalent to 100% means that the additional reserves—namely, projects maturing through final investment decision (FID) approval—can make up the produced volume of petroleum in the respective year. - Ultimate recovery factor (RF) indicates the expected recovery of a field or structure through the entire development process. While ultimate RF may seem to be greatly affected by subsurface aspects, it also can be improved through technology breakthroughs.

MASCOT: molecular gas depletion times and metallicity gradients – evidence for feedback in quenching active galaxies

ABSTRACT We present results from the first public data release of the MaNGA-ARO Survey of CO Targets (MASCOT), focusing our study on galaxies whose star formation rates and stellar masses place them below the ridge of the star-forming main sequence. In optically selected type 2 AGN/low-ionization nuclear emission regions (LINERs)/Composites, we find an empirical relation between gas-phase metallicity gradients ∇Z and global molecular gas depletion times $t_{\rm dep} = M_{\rm H_2} /{\rm SFR}$ with ‘more quenched’ systems showing flatter/positive gradients. Our results are based on the O3N2 metallicity diagnostic (applied to star-forming regions within a given galaxy), which was recently suggested to also be robust against emission by diffuse ionized gas (DIG) and LINERs. We conduct a systematic investigation into possible drivers of the observed ∇Z − tdep relation (ouflows, gas accretion, in situ star formation, mergers, and morphology). We find a strong relation between ∇Z or tdep and centralized outflow strength traced by the [O iii] velocity broadening. We also find signatures of suppressed star formation in the outskirts in AGN-like galaxies with long depletion times and an enhancement of metals in the outer regions. We find no evidence of inflows impacting the metallicity gradients, and none of our results are found to be significantly affected by merger activity or morphology. We thus conclude that the observed ∇Z–tdep relation may stem from a combination of metal redistribution via weak feedback, and a connection to in situ star formation via a resolved mass-metallicity–SFR relation.

Witnessing a Galaxy Cluster Merger with JWST and a Chandra X-Ray Temperature Map

The first James Webb Space Telescope (JWST) image released was of galaxy cluster SMACSJ0723.3-7327, a lensing cluster at z = 0.39 showing detail only JWST can provide. While the majority of the focus has been on the brilliantly lensed galaxies at redshifts far beyond it, there is more to the story than it being just a lensing cluster. The Chandra X-ray temperature map tells a tale of a merging cluster with a significant subcluster leaving a wake in the intracluster medium (ICM). This paper presents a high fidelity temperature map of SMACSJ0723.3-7327 using adaptive circular binning, overlaid with the JWST image, showing clear signs of merger activity. As the ICM extends well past the boundaries of the JWST imagery, and no low-frequency radio observations are yet published, a fuller story of this cluster remains to be told. This new X-ray temperature map reveals new details of a moderately distant actively merging cluster.