Post Acquisition Research Articles

Visual and quantitative assessment of HRCT pulmonary changes in idiopathic interstitial pneumonia with PFT correlation

BackgroundOur study was designed to correlate the degree of parenchymal affection in idiopathic interstitial pneumonia using visual and semi-quantitative HRCT assessment with pulmonary function test results.The study involved 50 patients diagnosed as idiopathic interstitial pneumonia. They were referred from a chest outpatient clinic to the Radiology Department in the Faculty of Medicine, Cairo University for HRCT assessment in the period from January 2017 to March 2019. Variable lung parenchymal affection was studied using HRCT and variable post acquisition processing (multi-planar reconstruction, volumetric assessment, 3D color-coded images).ResultsUsual interstitial pneumonia was the most common type of IP, found in approximately 40 patients (80% of cases) followed by nonspecific interstitial pneumonia found in 5 patients (10% of cases) and lymphocytic interstitial pneumonia found in 3 patients (6% of cases), and desquamative interstitial pneumonia was the least common type of IP, found only in 2 patients (4% of cases).Honeycombing was significantly correlated with FVC%, FEV1%, and FEV1/FVC% (p = 0.013, p = <0.001, p = 0.002 respectively). Also, reticular was significantly correlated with FVC% (p = 0.041).ConclusionSemi-quantitative image analysis, including the use of machine learning, provides a great deal of promise in the ILD field; such methods may be used together with visual analysis to obtain the most accurate diagnostic and prognostic information.Summary/keywordsHRCT is most sensitive in the detection of ILD than chest radiography or conventional chest computed tomography (CT). Advances in HRCT scanning and interpretation have facilitated and improved accuracy for use in diagnosing idiopathic pulmonary fibrosis (IPF), eliminating the need for a surgical biopsy in many patients. Consequently, HRCT scans became sufficient to allow a confident IPF diagnosisIt is important to note that there are potential differences in interpretation of HRCT patterns between thoracic radiologists. However, these differences seem to be in general within a clinically acceptable range of observer variation and can be partially mitigated by review of difficult cases at ILD referral centers.Semi-quantitative CT assessment is increasingly being used in ILD to identify pulmonary abnormalities and diagnose specific ILDs; recent studies showed that outcomes of computer-assisted imaging can be correlated with lung function tests and degree of dyspnea and functional disabilityThis study was designed to correlate the degree of parenchymal affection in IP using visual and semi-quantitative HRCT assessment with PFT results. Semi-quantitative imaging, including color-coded images (HU related), is a new and promising approach in the field of ILD diagnosis and prognosis.

Impact of Merger and Acquisitions on the Financial Performance ofDeposit Money Banks in Nigeria

The overall objective of this study is to examine the impact of mergers and acquisitions on the financial performance of some selected deposit money banks in Nigerian from 2002 to 2008. This paper used Returns on Asset (ROA) and Return on Equity (ROE) of the selected banks to measure the financial performance of the banks before and after consolidation. Four Nigerian banks were selected using convenience and judgmental sampling techniques. The study utilized secondary data retrieved from the annual reports and accounts of the studied banks. Data for the study were analyzed using T-test statistics and it was revealed that bank witnessed improved and robust financial performance owing to merger and acquisition leading to more financial efficiency in the Nigerian banks. The paper recommends that banks should be more aggressive in financial products marketing to increase financial performance in order to reap the benefit of post mergers and acquisition bid in the Nigerian banking sector.

Mergers in the Digital Economy

Over the period 2015-2017, the five giant technologically leading firms, Google, Amazon, Facebook, Amazon and Microsoft (GAFAM) acquired 175 companies, from small start-ups to billion dollar deals. By investigating this intense M&A, this paper ambitions a better understanding of the Big Five's strategies. To do so, we identify 6 different user groups gravitating around these multi-sided companies along with each company's most important market segments. We then track their mergers and acquisitions and match them with the segments. This exercise shows that these five firms use M&A activity mostly to strengthen their core market segments but rarely to expand their activities into new ones. Furthermore, most of the acquired products are shut down post acquisition, which suggests that GAFAM mainly acquire firm's assets (functionality, technology, talent or IP) to integrate them in their ecosystem rather than the products and users themselves. For these tech giants, therefore, acquisition appears to be a substitute for in-house R&D. Finally, from our check for possible killer acquisitions, it appears that just a single one in our sample could potentially be qualified as such.

Review Article: Financial Performance Measures in Merger and Acquisition Studies

Mergers and Acquisitions (M&A)s are motivated by various reasons and their real result is difficult to predict as many factors affect their outcome and procedure. Current study aimed to review M&A researches which used financial and accounting measures. A group of studies indicated that restructurings leaded to better financial and operating profile of companies and they resulted in synergistic gains. However, many researches concluded no significant improvement was achieved or restructurings worsened the performance of companies. Studies implied that rationale for unsuccessful M&As could be explained by agency conflicts or hubris theory. Studies also explained financial motivation as another factor inducing M&As especially during tough times or where environmental factors provided context for restructurings. Size of the merger participants and industry classification impacted the M&A procedure. However studies reported contradictory findings of effect of M&A type on restructurings and no relationship observed between post acquisition performance of companies and method of payment.

Effectiveness of a Transesophageal Echocardiography Course.

Transesophageal echocardiography has important applications for the management of the critically ill patient. There is a need to develop effective training programs for the critical care community in acquiring skill at critical care transesophageal echocardiography. We studied the effectiveness of a 1-day simulation-based course that focused on the acquisition of skill in the performance of critical care transesophageal echocardiography. Learners received training in image acquisition with a transesophageal simulator and training in image interpretation in small group sessions. Skill at image acquisition and image interpretation was assessed at the beginning and at the completion of the course. There were 27 learners who attended the course. Pre and post knowledge scores were 55 (19; mean [SD]) and 88 (9; P < .0005), respectively. Pre and post image acquisition scores were 3.6 (3.7) and 9.9 (0.3; P < .0001), respectively. A 1-day course in critical care transesophageal echocardiography that combined case-based image interpretation with image acquisition training using a simulator improved technical skills and knowledge base.

Observing different model types interspersed with physical practice has no effect on consolidation or motor learning of an elbow flexion–extension task

We compared varied model types and their potential differential effects on learning outcomes and consolidation processes when observational practice was interspersed with physical practice. Participants (N = 75) were randomly assigned to one of five groups: (1) unskilled model observation, (2) skilled model observation, (3) mixed-model observation, (4) physical practice only, and (5) no observational or physical practice (control). All were tasked with learning a waveform-matching task. With exception of the control group not involved in acquisition sessions, participants were involved in one pre-test, two acquisition sessions, four retention tests (immediate-post acquisition 1, 24hr post acquisition 1, immediate-post acquisition 2, and approximate 7-day retention), as well as an approximate 7-day transfer test. No differences were demonstrated in consolidation processes or learning outcomes as all groups showed the same pattern of retention and transfer data. Our conclusion is that motor memory processes were not impacted differentially when different models types were used in observational practice that was intermixed with physical practice for the learning of a movement pattern with low task difficulty, and thus similar learning outcomes emerged for all groups.

Processes Adopted to Integrate Intangible Resources in Global Acquisitions among Container Lines: Perceptions of Acquirer and Acquired

The spectrum of strategic co-operations among container lines varies from loose-knitted slot charters, liner conferences, shipping alliances, joint services and consortia, through to mergers and acquisitions (M&As). However, these forms of strategic co-operations have not always been able to achieve the intended synergetic growth resulting from the integration of resources. The Resource Based View (RBV) suggests that integrating intangible resources, which are valuable, rare, inimitable and non-substitutable (VRIN), can make a significant contribution to the performance of post strategic co-operations. This research paper investigates the contribution of intangible resources to the post acquisition success six global acquisitions among container lines. The nine senior managers attached to global container lines were the main participants of this study. Five of them represented acquired container lines, four represented acquirer container lines. The paper explains their personnel experience on the processes adopts to integrate intangible resources in acquisitions.

Dynamic behavior of wind turbines. An on-board evaluation technique to monitor fatigue

The evaluation of fatigue behavior of wind turbines, that is of supporting structures, blades or gear boxes, is always performed off-line, by post processing experimental acquisitions or simulation results. Moreover, the evaluation of potentiality of smart controls, that have the aim to avoid failures by reducing loads and consequently fatigue stresses, is performed in the same way.In this paper is presented a tool that allows to on-line evaluate and foresight fatigue potential damage by simply on time processing reference signals such as tower top acceleration (typical experimental acquisition) or tower base bending moment (typical numerical measure).This evaluation technique is converted into a well know numerical code, oriented to control systems (Simulink), to be used into multibody simulation by co-simulation approach. This step allowed to verify its capabilities and the possibility to realize its physical prototype and to use its results as input variable for active control strategies oriented to minimize damage.As test case a standard 5 MW wind turbine and a classical control logic were used.

Evaluating the Effect of Repetitive Transcranial Magnetic Stimulation in Cerebral Palsy Children by Employing Electroencephalogram Signals.

Introduction:Transcranial magnetic stimulation is a new tool that has been employed to modulate the neuronal activity of brain by its excitatory and inhibitory property. In cerebral palsy (CP) learning of any new task is an extremely slow process due to damage in sensory and motor areas of brain affecting the cognitive ability of the child and putting constraints in achieving timely developmental milestones. For such patients the electroencephalogram (EEG) is one of the most cost effective diagnostic tools used that minimizes hospital stay. Its analysis helps to identify various neurological disorders determining the role of brain waves outlining the present status of mind.Materials and Methods:This study evaluated the EEG power spectrum density (PSD) of CP children both pre and post rTMS intervention to identify significance changes in signal patterns arising from different brain regions. thirty CP children participated in this study. Fifteen individuals underwent repetitive TMS (rTMS) therapy for 20 session comprising of 10 Hz frequency for 5 days a week for 4 weeks and another fifteen individual participated in activities of daily living for 20 sessions where they were administered mandatory standard therapy only. pre- EEG versus post EEG data recorded and analyzed employing the standard montage configuration. PSD was extracted employing fast fourier transform post acquisition of artifact free signal to undermine changes in signal pattern.Discussion and Conclusion:The results revealed that rTMS improves learning ability in CP children and it shows higher power peak at frequency of 50 Hz and lower power peak frequency at 100 Hz. The power intensity in gamma wave region shows significant reduction post-rTMS therapy between 38-24 power peak frequency and 7-4 range in 100 Hz power peak frequency. In future, it will be used as effective tool as memory enhancers, especially for children with neurological disorders.

Perceptual quality evaluation of synthetic pictures distorted by compression and transmission

Measuring visual quality, as perceived by human observers, is becoming increasingly important in a large number of applications where humans are the ultimate consumers of visual information. Many natural image databases have been developed that contain human subjective ratings of the images. Subjective quality evaluation data is less available for synthetic images, such as those commonly encountered in graphics novels, online games or internet ads. A wide variety of powerful full-reference, reduced-reference and no-reference Image Quality Assessment (IQA) algorithms have been proposed for natural images, but their performance has not been evaluated on synthetic images. In this paper we (1) conduct a series of subjective tests on a new publicly available Embedded Signal Processing Laboratory (ESPL) Synthetic Image Database, which contains 500 distorted images (20 distorted images for each of the 25 original images) in 1920 × 1080 resolution, and (2) evaluate the performance of more than 50 publicly available IQA algorithms on the new database. The synthetic images in the database were processed by post acquisition distortions, including those arising from compression and transmission. We collected 26,000 individual ratings from 64 human subjects which can be used to evaluate full-reference, reduced-reference, and no-reference IQA algorithm performance. We find that IQA models based on scene statistics models can successfully predict the perceptual quality of synthetic scenes. The database is available at: http://signal.ece.utexas.edu/%7Ebevans/synthetic/.

The Performance of Two Anchor Domestic Malaysian Banks before and after Acquisition

This article is undertaken to assess the performance of domestic Malaysian banks before and after acquisition. This paper focuses on two pairs of anchor banks which merged and acquired other minor banks in Malaysia from year 2001 until 2013. The research period is 2 years before and 2 years after the acquisitions. The method being used in this research is financial ratios and event study. Nine selected financial ratios were used in this research to find the difference between pre and post acquisitions. Whereas event study is used to find the abnormal return, average abnormal return, cumulative abnormal return, and t-test hypothesis. The event window in this research is a total of 21 days before and after the acquisitions including the actual day of the event announcement. The results for this research indicate that there was improvement for Hong Leong Bank and EON Bank. RHB Bank on the other hand was outperforming by Bank Utama. There were limitation when carrying out this research such as difficulties to retrieve the needed annual report and historical price to conduct the investigation. The time lag on certain banks performance may need more time to see a better result while others may perform well in short period.

Strategic resources: a missing role in understanding integration speed in international acquisition

It has long been debated whether integration speed positively or negatively contributes to acquisition performance. Drawing on the resource‐based view, this study addresses this controversy in the literature by investigating how integration speed for specific categories of strategic resources affects the integration process by capturing the expected value of an acquisition. With six in‐depth case studies, it concludes that the relationship between integration speed and acquisition performance cannot be understood quantitatively; instead, the focus should be on the interaction between integration speed and three broad groups of strategic resources (managerial, customer‐oriented, and supplier‐oriented) post acquisition. The study further finds that the understanding of integration speed should not be from a stand‐alone viewpoint but rather from a dynamic perspective—a viewpoint combined with time of integration. The findings of this study also complement the existing understanding of integration by extending the knowledge of task integration and its interaction with human integration. © 2017 Wiley Periodicals, Inc.

Studying Emotional Transformations of Employees Post Acquisition

Vodafone that has recently acquired Hutchison Essar has undergone a massive change. The change is visible in its brand name, marketing strategies, financial structure, management, as well as human resources. This change required huge input from both the sides- the acquiring and the acquired side. The study aims to study the changes in emotional identification of employees post acquisition. The study is supported by the help of statistical analysis using a structured questionnaire based on emotional changes of the employees in Vodafone. The sample size is a group of 60 employees from Vodafone. The results highlight the fact that this major acquisition of Vodafone over Hutchinson Essar has been successful so far. The results show that the components with highest mean values are Communication, team work and Co-operation, and Employee engagement. This implies the fact that the respondents of the organization are towards high agreement level to these components as being functional in the organization.

Comparison of sample preparation strategies for target analysis of total thyroid hormones levels in serum by liquid chromatography-quadrupole time-of-flight-mass spectrometry

This paper describes a novel method based on liquid chromatography quadrupole time-of-flight-mass spectrometry (LC-QTOF-MS) for target analysis of total THs in serum. Several sample preparation strategies have been evaluated to reduce matrix effect (namely, HybridSPE cartridges, supported liquid extraction, SLE and solid phase extraction, SPE). Deproteinization and further clean-up with mixed-mode SPE was selected as the best strategy for sample preparation, since achieved the cleanest extracts and reduced ionization suppression effects (between −11 and −24%).Method validation was performed by the analysis of control human serum samples. Criteria for confirming THs identity in serum extracts were based on retention times, accurate masses, isotopic pattern and MS/MS fragmentation pattern. Moreover, the quantitation capabilities of the LC-QTOF-MS method were also evaluated in terms of linearity, precision, accuracy and sensitivity by the application of matrix-matched calibration.Additionally, the developed LC-QTOF-MS method successfully provides qualitative information on endogenous components responsible of ion suppression (e.g. lysophosphatidylcholines), via post acquisition data analysis. This demonstrates the significant advantage of using LC-QTOF-MS, as it allows retrospective querying of the acquired data without the need of re-injecting/re-processing the samples.

IKZF1 Regulates BRD4 Retention and Recruitement at Enhancer in Myeloma Cells: Role of BRD4 in IMiDs Resistance

Background: MYC rearrangement is a recurrent somatic event in MM and results in super-enhancers repositioning within 3Kb (centromeric or telomeric) of the MYC locus. BRD4, a member of the bromodomain family, binds H3K27Ac and regulates enhancers activity, RNA polymerase II transcription initiation and elongation and in particular it regulates MYC transcription in MM cells. Immunomodulatory drugs (IMiDs) promote the proteasomal degradation of IKZF1/3 and the transcriptional repression of MYC and IRF4. However the exact mechanisms through which IMiDs downregulate MYC are not well understood.Methods and Results: Using a extended panel of 12 MM cell lines we have first confirmed our previous observartion that IMIDs universally degraded IKZF1/3, however unlike in IMiDs-sensitive cell lines it failed to downregulate MYC in resistant cells. Therefore, this finding suggests that MYC transcriptional regulation rather than IKF1/3 degradation is the "bottleneck" in IMiDs anti-myeloma activity or resistance. In addition, RNA-seq of paired and serially collected primary myeloma cells with acquired resistance to IMIDsconfirmed the enrichment of genes signatures associated with MYC at the time of acquired resistance. Of note, in a library of t(4;14) MM cell lines lenalidomide significantly downregulates FGFR3 while the expression of WHSC1 was not affected. As in t(4;14) cells FGFR3 is driven by the 3' IGH enhancer while WHSC1 is under the control of the intronic Em enhancer, and in view of the known role of IKZF1 in CSR, we posit that IKZF1 regulates plasma cells enhancer activity and hence MYC expression. To validate this hypothesis we first established the genome-wide distribution of IKZF1 in MM1S, RPMI8226 and OPM2 cells by ChIP-Seq. This analysis revealed the distribution of IKZF1 across the genome, predominantly to intronic an intragenic loci with only ~ 8% or reads mapping within +/- 5 kb of genes TSS. Importantly IKZF1 was also enriched at known myeloma cells enhancers or super-enhancers such as IGLL5, TXNDC5, BCL2L1, and DUSP22. We also mapped BRD4 binding to the genome in 8226 and MM1S cell lines and confirmed previously described mapping to known B-cell enhancers. Of note IKZF1 nearly universally overlapped with all BRD4 enhancers and superenhancers loci. These findings lead us to propose that IKZF1 depletion in response to IMiDs treatment will result in enhancer destabilization and displacement of BRD4 from enhancer loci. Indeed, Chip-Seq analysis of IKZF1 and BRD4 genomic distribution pre- and post- treatment with lenalidomide (10 uM for 4 or 8h) in IMiDs sensitive cell lines significantly depleted IKZF1 and BRD4 at superenhancer loci. In contrast, in IMiDs resistant cell lines (RPMI8226) and despite IKZF1 depletion, BRD4 was largely retained at these loci. These findings suggest that in IMiDs sensitive cells, IKZF1 is the major transcription factor mediating BRD4 recruitment to enhancer and superenhancer loci. In contrast, in IMiDs resistant cells and similar to BET-bromodomain inhibitor (JQ1) resistance, transcriptional plasticity or hyper-phosphorylation of BRD4 attributable to the phosphatase PP2A inactivation may also be mediating IMiDs resistance. Indeed the levels of p-BRD4 determined by western blotting were significantly higher in IMiDs resistant INA6 and RPMI8226 cells compared to MM1S cells. Furthermore, treatment of INA6 cells with the PP2A activator phenothiazine significantly sensitized INA6 cells to lenalidomide.Lastly, in order to investigate whether IMiDs resistance was associated with acquired new MYC rearrangements with an "IKZF1_resisant enhancer," we performed mate-pair sequencing of IMiDs resistance patients (18 post acquisition of IMIDs resistance and 7 pairs of pre- and post- acquisition of IMIDs resistance). MYC structural rearrangements (indels, translocations, inversions) were detected using DELLY and MANTA. Of note several MYC rearrangement were identified including MYC duplication in 1 patient, MYC structural rearrangement (±3Kb of TSS) in 9 patients (enhancer partner: TXNDC5, IGHa2, NSMCE2, IGLL5) and a newly acquired IRF4-IGH a2 rearrangement in 1 patient with pre-existing MYC-IGLL5 rearrangement.Conclusion:We have demonstrated that IMIDs alter enhancer activity in myeloma cells by depleting IKZF1 / IKZF3 and disrupting BRD4 binding to enhancers and super-enhancers, stalling of RNA polymerase II and MYC transcription. DisclosuresNeri:Celgene and Jannsen: Consultancy, Honoraria. Bergsagel:Amgen, BMS, Novartis, Incyte: Consultancy; Novartis: Research Funding. Bahlis:Onyx: Consultancy, Honoraria; Amgen: Consultancy, Honoraria; Janssen: Consultancy, Honoraria, Other: Travel Expenses, Research Funding, Speakers Bureau; BMS: Honoraria; Celgene: Consultancy, Honoraria, Other: Travel Expenses, Research Funding, Speakers Bureau.

Acute exercise and motor memory consolidation: Does exercise type play a role?

A single bout of high-intensity exercise can augment off-line gains in skills acquired during motor practice. It iscurrently unknown if the type of physical exercise influences the effect on motor skill consolidation. This study investigated the effect of three types of high-intensity exercise following visuomotor skill acquisition on the retention of motor memory in 40 young (25.3±3.6years), able-bodied male participants randomly assigned to one of four groups either performing strength training (STR), circuit training (CT), indoor hockey (HOC) or rest (CON). Retention tests of the motor skill were performed 1 (R1h) and 24h (R1d) post acquisition. For all exercise groups, mean motor performance scores decreased at R1h compared to post acquisition (POST) level; STR (P=0.018), CT (P=0.02), HOC (P=0.014) and performance scores decreased for CT compared to CON (P=0.049). Mean performance scores increased from POST to R1d for all exercise groups; STR (P=0.010), CT (P=0.020), HOC (P=0.007) while performance scores for CON decreased (P=0.043). Changes in motor performance were thus greater for STR (P=0.006), CT (P<0.001) and HOC (P<0.001) compared to CON from POST to R1d. The results demonstrate that high-intensity, acute exercise can lead to a decrease in motor performance assessed shortly after motor skill practice (R1h), but enhances offline effects promoting long-term retention (R1d). Given that different exercise modalities produced similar positive off-line effects on motor memory, we conclude that exercise-induced effects beneficial to consolidation appear to depend primarily on the physiological stimulus rather than type of exercise and movements employed.

An empirical analysis of changes in the relative timeliness of issuer-paid vs. investor-paid ratings

We investigate the lead-lag relationships between issuer-paid and investor-paid credit rating agencies (CRAs), after the regulatory reforms in the U.S. (2002–2006) also including outlooks. Over our sample period, ratings (but not outlooks) issued by issuer-paid agencies were certified by the SEC while investor-paid agencies were not certified at all. First, in the wake of the reforms, we find a weaker lead effect of investor-paid over issuer-paid CRAs: after 2002, causality turned bi-directional. Second, after the overhaul of the rating business, issuer-paid CRAs behave less conservatively when dealing with outlook changes than with rating changes, which is consistent with a more conservative approach to ratings than to outlooks, because of the effects of the SEC's certification. Third, investor-paid downgrades become associated with more negative, statistically significant abnormal stock returns, than issuer-paid downgrades are. These results support the hypothesis that issuer-paid CRAs improved the timeliness of their ratings because of the recently implemented, tighter regulations. However, differences in abnormal returns imply that investor-paid rating actions still carry superior information. Adding data from the post NRSRO status acquisition by Egan Jones Ratings, the investor-paid agency studied in our paper, does not radically affect our results and confirms that some of the previously observed differences in timeliness and market impact have been fading over time.

The Comparative of Corporate Performance Analysis Between Pre and Post Mergers and Acquisitions Companies in the Indonesia Manufacturing Industries Listed on The Stock Exchange in 2007-2012

This study aims to analyze the performance of companies doing mergers and acquisitions that proxies by Return on Capital Employed (ROCE), Return on Equity (ROE), Operating Profit Margin (OPM), NetProfit Margin (NPM), EPS (Earnings PerShare), PER (Price Earning Ratio). This studyuses the sample based on 90 companies in Indonesia manufacturing industries forthe period from 2007 to 2012.Hypothesis testing is done by using the paired t test. We had documented the results of the study findings ofthe performance of the company which showed the distinction between two conditions, pre mergers and acquisitions when compared with post mergers and acquisitions of companies. However, many out of the results are not statistically significant.&#x0D; Keywords: Mergers &amp; Acquisitions; Corporate Performance; Financial Ratios.

Mittal’s acquisition strategies

Purpose The paper highlights the success of ArcelorMittal’s acquisitions. Focusing on the strategy used to achieve smooth post-acquisition integrations of culturally distant state-owned firms. Design/methodology/approach This paper is a result of an exploratory research for qualitative information showing a similarity in the pattern in which post acquisition integrations were executed to successful completion in the history of ArcelorMittal. Findings Mittal’s post-acquisition integration processes began with programs such as the Knowledge Integration Program. These activities reduced pressure on issues related to the differences in the corporate cultures while increasing transparency among the departments of the acquired firms. Originality/value The briefing saves busy executives and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy-to-digest format.

Rule of law or country level corporate governance: What matters more in emerging market acquisitions?

A study of post-acquisition performance of cross border acquisitions involving emerging market firms shows that when developed market firms acquire emerging market firms, rule of law in the target country has a significant favorable impact on post-acquisition performance; while country level corporate governance has no impact. Contrarily, when emerging market firms acquire developed market firms, country level corporate governance in the target country has a significant adverse impact on post-acquisition performance, while rule of law has no impact. We provide evidence that if rule of law in the emerging market target country is less evolved but not dismally low, the developed market acquirer can seize the opportunity to enforce better discipline at the firm level in the target firm and thereby enhance post-acquisition performance. However, in the case of emerging market firms’ acquisitions, lower the difference in country level corporate governance, superior gains are assured. The study provides evidence that location level factors affect post acquisition performance differently for ADTE and AETD acquisitions and ADTE acquisitions give importance to rule of law, while AETD acquisitions emphasis on corporate governance factors to ensure value creation in acquisitions and the results are robust after controlling for country effects and year effects.