Synergy Hypothesis Research Articles

Why Do Distressed Firms Acquire?

textabstractAcquisitions made by distressed firms in recent years are economically important. This paper explores the rationale behind such acquisitions using a natural experiment. Exploiting a recent tax change which reduces debt restructuring costs for certain creditors and decreases bankruptcy risk, I identify the causal link between financial distress and acquisitions. Upon an exogenous reduction in the probability of bankruptcy, distressed firms react by cutting 34% of cash spending on acquisitions. Moreover, distressed firms refocus by decreasing 75% of the transaction value of diversifying acquisitions and doubling divestitures. The evidence supports the financial synergy hypothesis that distressed firms acquire to diversify cash flow risk, rather than the growth opportunity hypothesis that distressed firms acquire to capture external growth opportunities and revive growth. These findings indicate a new effect of financial distress on investment decisions. When firms are under pressure to meet debt obligations, it creates an incentive for firms to diversify via acquisitions.

Confirmation of Maslow's Hypothesis of Synergy: Developing an Acceptance of Selfishness at the Workplace Scale.

This study aimed to develop a new Acceptance of Selfishness at the Workplace Scale (ASWS) and to confirm Maslow’s hypothesis of synergy: if both a sense of contribution and acceptance of selfishness at the workplace are high, workers are psychologically healthy. In a cross-sectional study with employees of three Japanese companies, 656 workers answered a self-administered questionnaire on paper completely (response rate = 66.8%). Each questionnaire was submitted to us in a sealed envelope and analyzed. The ASWS indicated high internal consistency (Cronbach’s alpha = 0.86). Significant (p < 0.001) positive moderate correlations between ASWS scores and job control scores support the ASWS’s convergent and discriminant validity. Significant (p < 0.001) associations of ASWS scores with psychological distress and work engagement supported the ASWS’s criterion validity. In short, ASWS was a psychometrically satisfactory measure. Significant (p < 0.05) interactions between a sense of contribution and acceptance of selfishness at the workplace in linear regression models showed that when those two factors are low, psychological distress becomes high. However, when a sense of contribution and acceptance of selfishness are high, work engagement also becomes high. Thus, Maslow’s hypothesis of synergy was confirmed.

Extracting motor synergies from random movements for low-dimensional task-space control of musculoskeletal robots

In the field of human motor control, the motor synergy hypothesis explains how humans simplify body control dimensionality by coordinating groups of muscles, called motor synergies, instead of controlling muscles independently. In most applications of motor synergies to low-dimensional control in robotics, motor synergies are extracted from given optimal control signals. In this paper, we address the problems of how to extract motor synergies without optimal data given, and how to apply motor synergies to achieve low-dimensional task-space tracking control of a human-like robotic arm actuated by redundant muscles, without prior knowledge of the robot. We propose to extract motor synergies from a subset of randomly generated reaching-like movement data. The essence is to first approximate the corresponding optimal control signals, using estimations of the robot's forward dynamics, and to extract the motor synergies subsequently. In order to avoid modeling difficulties, a learning-based control approach is adopted such that control is accomplished via estimations of the robot's inverse dynamics. We present a kernel-based regression formulation to estimate the forward and the inverse dynamics, and a sliding controller in order to cope with estimation error. Numerical evaluations show that the proposed method enables extraction of motor synergies for low-dimensional task-space control.

A Riemannian geometry theory of human movement: The geodesic synergy hypothesis

Mass-inertia loads on muscles change with posture and with changing mechanical interactions between the body and the environment. The nervous system must anticipate changing mass-inertia loads, especially during fast multi-joint coordinated movements. Riemannian geometry provides a mathematical framework for movement planning that takes these inertial interactions into account. To demonstrate this we introduce the controlled (vs. biomechanical) degrees of freedom of the body as the coordinate system for a configuration space with movements represented as trajectories. This space is not Euclidean. It is endowed at each point with a metric equal to the mass-inertia matrix of the body in that configuration. This warps the space to become Riemannian with curvature at each point determined by the differentials of the mass-inertia at that point. This curvature takes nonlinear mass-inertia interactions into account with lengths, velocities, accelerations and directions of movement trajectories all differing from those in Euclidean space. For newcomers to Riemannian geometry we develop the intuitive groundwork for a Riemannian field theory of human movement encompassing the entire body moving in gravity and in mechanical interaction with the environment. In particular we present a geodesic synergy hypothesis concerning planning of multi-joint coordinated movements to achieve goals with minimal muscular effort.

Abstract 5515: Neoadjuvant chemoradiotherapy for rectal cancer with CRLX101, an investigational nanoparticle-drug conjugate with a camptothecin payload

Abstract Background: There has been great interest in developing novel agents and strategies to improve chemoradiotherapy (CRT) for locally advanced rectal cancer. Irinotecan, a campothecin (CPT) analogue, held high potential, but the combination was clinically infeasible due to severe gastrointestinal toxicities. CRLX101, is an investigational nanoparticle drug conjugate (NDC). Preclinical experiments showed that CRLX101 differentially delivers CPT into cancer cells and appears to durably suppress HIF-1α as well as topoisomerase 1, but with less gastrointestinal toxicities than irinotecan. We therefore hypothesized that the addition of CRLX101 to rectal CRT (5-FU + XRT) may further improve the therapeutic index in this setting. Methods: Synergy with CRLX101 in combination with either XRT or CRT was studied in vitro (SW480 and HT29 colorectal cancer cell lines) and in vivo (murine flank xenograft models). Skin toxicity and hematologic toxicity were also characterized. In order to test the synergy hypothesis in the clinic, a Phase Ib/II clinical trial (LCCC1315) evaluating the addition of CRLX101 to CRT in the neo-adjuvant treatment of rectal cancer is currently underway. A standard 3 + 3 design is being employed for the phase Ib with a CRLX101 starting dose of 12 mg/m2 in the first cohort escalating to the CRLX101 monotherapy MTD of 15 mg/m2 in the second. The primary phase 2 end-point is the pathological complete response (pCR) rate from treatment. Results: CRLX101 was found to be as potent as camptothecin in vitro. We have demonstrated that CRLX101 functions by inhibition of both DNA repair and HIF-1α signaling. The addition of CRLX101 to radiotherapy increased and prolonged the number of γH2AX foci, even at 24 hours post radiotherapy. We also confirmed that CRLX101 decreased HIF-1α and its downstream targets VEGF and carbonic anhydrase IX in mice bearing HT29 xenografts. Our findings were further validated in vivo: we demonstrated that both CRLX101+5FU+XRT and CRLX101+XRT delayed tumor growth more than other regimens (p-values &amp;lt; 0.05). More importantly, we found CRT with CRLX101+5FU is significantly more effective than CRT with oxaliplatin+5FU (25 days to double tumor volume vs. 11 days), a regimen that has been extensively studied clinically. Preclinical toxicity studies demonstrated that the addition of CRLX101 did not increase hematologic or skin toxicities. In the ongoing clinical trial, none of the first 6 patients enrolled have experienced dose-limiting toxicities, and 1 out of 3 patients who underwent surgery had a pCR. The other 2 patients had extensive treatment response with minimal residual tumor. Conclusions: Preclinical data suggests that CRLX101 improves the therapeutic index of CRT for rectal cancer. Preliminary clinical data is encouraging, and supports further clinical assessment of CRLX101+5FU+XRT in patients with locally advanced rectal cancer. Citation Format: XI TIAN, Minh Nguyen, Henry Foote, Kyle T. Wagner, Hanna K. Sanoff, Autumn J. McRee, Bert H. O'Neil, Benjamin F. Calvo, William A. Blackstock, Joel E. Tepper, Edward Garmey, Scott Eliasof, Andrew Z. Wang. Neoadjuvant chemoradiotherapy for rectal cancer with CRLX101, an investigational nanoparticle-drug conjugate with a camptothecin payload. [abstract]. In: Proceedings of the 106th Annual Meeting of the American Association for Cancer Research; 2015 Apr 18-22; Philadelphia, PA. Philadelphia (PA): AACR; Cancer Res 2015;75(15 Suppl):Abstract nr 5515. doi:10.1158/1538-7445.AM2015-5515

Perceived burdensomeness, thwarted belongingness, and suicide ideation: Re-examination of the Interpersonal-Psychological Theory in two samples

The Interpersonal-Psychological Theory of Suicide (IPTS) proposes that suicide ideation is caused by the interaction of perceived burdensomeness and thwarted belongingness, in which each predictor amplifies the harm of the other. Though several studies support this synergy hypothesis, research has not considered potential quadratic effects of perceived burdensomeness and thwarted belongingness, which can distort the sign, size, and significance of interactions, if mistakenly neglected in a model. This investigation examined the synergy hypothesis in samples of university undergraduates and psychiatric inpatients, this time controlling for quadratic effects. Despite adequate power, results showed no interaction between perceived burdensomeness and thwarted belongingness in either sample, regardless of the presence of quadratic effects. Additionally, no quadratic effects were observed. The lower-order, linear perceived burdensomeness term was positively associated with suicide ideation in both samples, but the thwarted belongingness term was not associated with suicide ideation in either sample. The discussion considers implications of current findings for the IPTS, highlighting a need to formally test the impact of sample characteristics on the estimation of theory parameters. Recommendations for systematic evaluation of such sample and theory parameters are offered and their clinical implications are discussed.

Real-Time Task Discrimination for Myoelectric Control Employing Task-Specific Muscle Synergies.

We present a novel formulation that employs task-specific muscle synergies and state-space representation of neural signals to tackle the challenging myoelectric control problem for lower arm prostheses. The proposed framework incorporates information about muscle configurations, e.g., muscles acting synergistically or in agonist/antagonist pairs, using the hypothesis of muscle synergies. The synergy activation coefficients are modeled as the latent system state and are estimated using a constrained Kalman filter. These task-dependent synergy activation coefficients are estimated in real-time from the electromyogram (EMG) data and are used to discriminate between various tasks. The task discrimination is helped by a post-processing algorithm that uses posterior probabilities. The proposed algorithm is robust as well as computationally efficient, yielding a decision with > 90% discrimination accuracy in approximately 3 ms . The real-time performance and controllability of the algorithm were evaluated using the targeted achievement control (TAC) test. The proposed algorithm outperformed common machine learning algorithms for single- as well as multi-degree-of-freedom (DOF) tasks in both off-line discrimination accuracy and real-time controllability (p < 0.01).

Cross-Border Mergers and Acquisitions in China: A Test of the Free Cash Flow Hypothesis

This research investigates whether Chinese cross-border investments have positive impact on shareholders wealth and whether the amount of bidders’ free cash flow influences the shareholder returns resulted from the acquisitions. The sample is based on 77 top Chinese cross-border investments during the years 2005-2009 with each deal value of minimum US$100 million. The assessments of acquisition abnormal returns are based on the event study methodology (Brown & Warner, 1985). Cross-sectional regression analysis is used to determine the bidding firms factors which significantly affect the returns. Factors are examined using OLS with White’s heteroscedasticity-corrected standard errors, since the assumption of homoscedasticity is likely to be violated. The study proves Chinese cross- border acquisitions result in positive abnormal returns which is consistent with synergy hypothesis. The amount of bidders’ free cash flow is also found to be marginally but positively associated with shareholders return which is consistent with Myers and Majluf’s pecking order hypothesis but unsupportive of Jensen’s free cash flow hypothesis.

Muscle synergy analysis for similar upper limb motion tasks.

Muscle synergy is considered as a vector specifying a pattern of relative muscle activation. The goal of this paper is to explore whether there exists similarities between muscle synergies in similar upper limb motion tasks. One center-out-center reaching task and two path movement tasks with regard to the elbow and shoulder joints were designed, and seven healthy adults were recruited in this study. Surface electromyographic (sEMG) signals were recorded from 10 upper arm and shoulder muscles, and muscle synergies were extracted using nonnegative matrix factorization algorithm. Although there existed individual differences among subjects, experimental results showed that the structures of muscle synergies extracted from these three similar tasks were similar on the ground of the values of Pearson's correlation coefficient was greater than 0.85. Through this finding, the neuromuscular control strategies of upper limb in similar tasks could be explained clearly, which also provided significant evidence to support the hypothesis of muscle synergies.

Pilot study on quantitative assessment of muscle imbalance: differences of muscle synergies, equilibrium-point trajectories, and endpoint stiffness in normal and pathological upper-limb movements.

This paper proposes a novel method for assessment of muscle imbalance based on muscle synergy hypothesis and equilibrium point (EP) hypothesis of motor control. We explain in detail the method for extracting muscle synergies under the concept of agonist-antagonist (AA) muscle pairs and for estimating EP trajectories and endpoint stiffness of human upper limbs in a horizontal plane using an electromyogram. The results of applying this method to the reaching movement of one normal subject and one hemiplegic subject suggest that (1) muscle synergies (the balance among coactivation of AA muscle pairs), particularly the synergies that contributes to the angular directional kinematics of EP and the limb stiffness, are quite different between the normal subject and the hemiplegic subject; (2) the concomitant EP trajectory is also different between the normal and hemiplegic subjects, corresponding to the difference of muscle synergies; and (3) the endpoint (hand) stiffness ellipse of the hemiplegic subject becomes more elongated and orientation of the major axis rotates clockwise more than that of the normal subject. The level of motor impairment would be expected to be assessed from a comparison of these differences of muscle synergies, EP trajectories, and endpoint stiffness among normal and pathological subjects using the method.

Do muscle synergies reduce the dimensionality of behavior?

The muscle synergy hypothesis is an archetype of the notion of Dimensionality Reduction (DR) occurring in the central nervous system due to modular organization. Toward validating this hypothesis, it is important to understand if muscle synergies can reduce the state-space dimensionality while maintaining task control. In this paper we present a scheme for investigating this reduction utilizing the temporal muscle synergy formulation. Our approach is based on the observation that constraining the control input to a weighted combination of temporal muscle synergies also constrains the dynamic behavior of a system in a trajectory-specific manner. We compute this constrained reformulation of system dynamics and then use the method of system balancing for quantifying the DR; we term this approach as Trajectory Specific Dimensionality Analysis (TSDA). We then investigate the consequence of minimization of the dimensionality for a given task. These methods are tested in simulations on a linear (tethered mass) and a non-linear (compliant kinematic chain) system. Dimensionality of various reaching trajectories is compared when using idealized temporal synergies. We show that as a consequence of this Minimum Dimensional Control (MDC) model, smooth straight-line Cartesian trajectories with bell-shaped velocity profiles emerged as the optima for the reaching task. We also investigated the effect on dimensionality due to adding via-points to a trajectory. The results indicate that a trajectory and synergy basis specific DR of behavior results from muscle synergy control. The implications of these results for the synergy hypothesis, optimal motor control, motor development, and robotics are discussed.

Building the Eco-social State: Do Welfare Regimes Matter?

AbstractAuthors such as Dryzek, Gough and Meadowcroft have indicated that social-democratic welfare states could be in a better position to deal with development of the ‘green’ or ‘eco’ state, and the intersection of social and environmental policies, than conservative or liberal welfare regimes (synergy hypothesis). However, this hypothesis has as yet not been examined in comparative empirical research. Based on comparative empirical data from EUROSTAT, the World Bank, the OECD, the Global Footprint Network and the International Social Survey Programme, we are carrying out two research operations: First, by applying correspondence analysis, we contrast the macro-structural welfare and sustainability indicators of thirty countries and ask whether clusters largely follow the synergy hypothesis. Second, we raise the issue of whether differences in the institutional and organisational capabilities of combining welfare with environmental policies are reflected in people's attitudes and opinions. With regard to the first issue, our results suggest that there is no ‘automatic’ development of the ecostate based on already existing advanced welfare institutions. Representatives of all welfare regimes are spread across established, deadlocked, failing, emerging and endangered ecostates. As for the second issue, the results are mixed. While responses to the statements ‘economic growth always harms the environment’ and ‘governments should pass laws to make ordinary people protect the environment, even if it interferes with people's rights to make their own decisions’ did not vary according to welfare regimes, people from social-democratic countries expressed more often than average their willingness to accept cuts in their standard of living in order to protect the environment.

Procedure or performance? Assessing citizen’s attitudes toward legitimacy in Swedish and Norwegian local government

A common understanding prevails that political systems generate legitimacy by both democratic procedures and performance in service production. With the increase of NPM models in local services, some scholars argue that performance is becoming a more important source of legitimacy than conventional legitimacy originating from the procedural side of governance. The aim of the article is to discuss and analyze the importance of and relation between these sources of legitimacy. The article examines three hypotheses: (1) the trade-off hypothesis, (2) the synergy hypothesis, and (3) the independence hypothesis. Based on citizen surveys in Norway and Sweden, our analysis argues that the dimensions are synergetic.

Analysis of Motor Synergies Utilization for Optimal Movement Generation for a Human-like Robotic Arm

Controlling human-like robots with musculoskeletal structure has been a challenging problem in engineering. In biological studies, motor synergy hypothesis has been proposed as a solution in order to control high degree-of-freedom and complex human body. In this paper, we focus on exploring the applicability of motor synergies in generating goal-directed movements by optimal control in a human-like robotic arm. We focus on three problems: 1) Can motor synergies facilitate the solving of optimal control problem? 2) What properties should motor synergies have in order to achieve tasks? 3) How should motor synergies be utilized better? For the first problem we show that goal-directed movements can be achieved by utilizing motor synergies which have properties of achieving the goals. For the second problem, we testify motor synergies which have different properties and discover that energy efficiency is an important aspect in motor synergies which can also be utilized to achieve goal-directed movements. This discovery also implies that we can obtain motor synergies by other ways rather than from goal-directed optimal control signals. For the third problem, we show that the control complexity can be further reduced by utilizing a subset of motor synergies which are effective to achieve goals.

Collaborative authorship in the twelfth century: A stylometric study of Hildegard of Bingen and Guibert of Gembloux

Hildegard of Bingen (1098–1179) is one of the most influential female authors of the Middle Ages. From the point of view of computational stylistics, the oeuvre attributed to Hildegard is fascinating. Hildegard dictated her texts to secretaries in Latin, a language of which she did not master all grammatical subtleties. She therefore allowed her scribes to correct her spelling and grammar. Especially Hildegard’s last collaborator, Guibert of Gembloux, seems to have considerably reworked her works during his secretaryship. Whereas her other scribes were only allowed to make superficial linguistic changes, Hildegard would have permitted Guibert to render her language stylistically more elegant. In this article, we focus on two shorter texts: the Visio ad Guibertum missa and Visio de Sancto Martino, both of which Hildegard allegedly authored during Guibert’s secretaryship. We analyze a corpus containing the letter collections of Hildegard, Guibert, and Bernard of Clairvaux using a number of common stylometric techniques. We discuss our results in the light of the Synergy Hypothesis, suggesting that texts resulting from collaboration can display a style markedly different from that of the collaborating authors. Finally, we demonstrate that Guibert must have reworked the disputed visionary texts allegedly authored by Hildegard to such an extent that style-oriented computational procedures attribute the texts to Guibert.

Anticipatory synergy adjustments: preparing a quick action in an unknown direction

We studied a mechanism of feed-forward control of a multi-finger action, namely anticipatory synergy adjustments (ASAs), prior to a quick force correction in response to a change in the gain of the visual feedback. Synergies were defined as co-varied across trials adjustments of commands to fingers that stabilized (decreased variance of) the total force. We hypothesized that ASAs would be highly sensitive to prior information about the timing of the action but not to information on its direction, i.e., on whether the gain would go up or down. The subjects produced accurate constant total force by pressing with four fingers on individual force sensors. The feedback signal could change from veridical (the sum of finger forces) to modified, with the middle finger force multiplied by 0.2 or by 1.8. The timing of the gain change and its direction could be known or unknown to the subject in advance. When the timing of the gain change was known, ASA was seen as a drop in the synergy index starting about 250-300 ms prior to the first visible correction of the total force. When the gain change timing was unknown, ASAs started much later, less than 100 ms prior to the total force correction. The magnitude of synergy index changes was significantly larger under the "time known" conditions. Information on the direction of the visual gain change had no effect on the ASA timing, while the ASA magnitude was somewhat larger when this information was not available to the subject. After the total force correction, the synergy index was significantly larger for the force signal computed using the modified gain values as compared to the synergy index value for the actual total force. We conclude that ASAs represent an important feed-forward motor control mechanism that allows preparing for a quick action even when the direction of the action is not known in advance. The results emphasize the subtle control of multi-finger synergies that are specific to the exact contributions of individual fingers to performance variables. The data fit well the central back-coupling hypothesis of synergies and the idea of control with referent body configurations.

Data integration and small domain estimation in Poland – experiences and problems

The aim of the study could be identified twofold. On the one hand, it was a presentation of Polish experiences as concerns the most important methodological issues of contemporary statistics. These are the problems of data integration (DI) and statistical estimation for small domains (SDE).On the other hand, attempts to determine relationship between these two groups of methods were undertaken. Given convergence of the objectives of both SDE and DI, that is: striving to increase efficiency of the use of existing sources of information, simulation study was conducted. It was aimed at verifying the hypothesis of synergies referring to combined application of both groups of methods: SDE and DI.

CPGシナジー仮説：非定常リズム信号を生成可能なCPGシナジーモデルの提案と指タップ運動の表現

CPGシナジー仮説：非定常リズム信号を生成可能なCPGシナジーモデルの提案と指タップ運動の表現

How does information asymmetry affect the division of gains in mergers?

Purpose – The purpose of this paper is to analyze the implications of the target valuation uncertainty on the wealth distribution between the target and acquirer firms in successful mergers. The paper specifically analyzes the division of the total dollar gains between the two parties and also whether the target and/or the acquirer experience a positive/negative gain in mergers when valuation of the target company is more uncertain.Design/methodology/approach – The analyses contrast the implications of the uncertainty in three well‐known merger hypotheses; the market‐for‐corporate‐control, hubris and synergy.Findings – The results are supportive of the implications of the synergy hypothesis. As target valuation uncertainty decreases, it is more likely that both parties experience positive gains from the transaction although more of the gains from the merger significantly shift towards the target company.Originality/value – Results suggest that both parties are bargaining on the synergy gains and the targe...

Responsabilidad social corporativa y resultado financiero: evidencia sobre la doble dirección de la causalidad en el sector de las Cajas de Ahorros

In contrast with other financial institutions in Spain, Saving Banks play a social function as well as a financial function. Considering this fact, and the limited evidence up to date, our paper aims to make an in-depth study of the Corporate Social Responsibility (CSR)-financial performance relationship in this sector. More specifically, the main goal is to analyze such a relationship in both directions, trying to overcome the major limitations of previous studies. After employing different panel data methods (1996-2006), results showed a negative interactive relationship between CSR, measured as «obra social» — a CSR practice that incurs a cost for the Saving Banks — and financial performance, measured as ROA (return on assets) and ROE (return on equity). Consequently, results support the negative synergy hypothesis in Spanish Saving Banks.