Jeffery S. Perry and Thomas J. Herd
Making an M&A deal “work” is one of the hardest tasks in business. A handful of best practices can reduce the risk and give the deal a fighting chance. The inherent danger in due…
Abstract
Making an M&A deal “work” is one of the hardest tasks in business. A handful of best practices can reduce the risk and give the deal a fighting chance. The inherent danger in due diligence is not that companies fail to do it, but that they fail to do it well. The deals that are being struck today are far riskier than those of the 1990s. Four “best practices” separate the winners from the losers in the M&A playoffs. Call on the experts (internal and external) who have experience in helping companies identify and realize cost and revenue synergies. Trust but verify. Focus on what matters – such as: create an aggressive market penetration strategy; devise an innovative plan for product launches; realign the sales force; rationalize the supply chain network and IT applications and create a shared services organization. Identify the high priority, complex initiatives, determine the associated risks and craft risk mitigation plans. Orchestrate the unveiling – smart acquirers know that analysts react more favorably to an announcement of an acquisition if it is followed up with a cogent discussion about the acquirer’s high priority integration initiatives, key risk factors and risk mitigation plans (including timing of each).
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Yu-Fen Chen, Thomas C. Chiang, Fu-Lai Lin and Sheng-Yung Yang
This chapter examines herd behavior across national borders. A dynamic latent factor model with Gibbs sampling is used to decompose the national herd behavior into the world…
Abstract
This chapter examines herd behavior across national borders. A dynamic latent factor model with Gibbs sampling is used to decompose the national herd behavior into the world, regional, and country-specific components. Testing the daily data from 2000 through 2014 for 47 countries, we find that the impact of world factor on national herd behavior is short-lived. This study indicates that world and regional factors play a significant role in explaining the variations of national herd behavior, constituting 33% of the herding variability. The significance of world and regional components is likely to produce a biased herding estimator.
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Ackmez Mudhoo, Gaurav Sharma, Khim Hoong Chu and Mika Sillanpää
Adsorption parameters (e.g. Langmuir constant, mass transfer coefficient and Thomas rate constant) are involved in the design of aqueous-media adsorption treatment units. However…
Abstract
Adsorption parameters (e.g. Langmuir constant, mass transfer coefficient and Thomas rate constant) are involved in the design of aqueous-media adsorption treatment units. However, the classic approach to estimating such parameters is perceived to be imprecise. Herein, the essential features and performances of the ant colony, bee colony and elephant herd optimisation approaches are introduced to the experimental chemist and chemical engineer engaged in adsorption research for aqueous systems. Key research and development directions, believed to harness these algorithms for real-scale water treatment (which falls within the wide-ranging coverage of the Sustainable Development Goal 6 (SDG 6) ‘Clean Water and Sanitation for All’), are also proposed. The ant colony, bee colony and elephant herd optimisations have higher precision and accuracy, and are particularly efficient in finding the global optimum solution. It is hoped that the discussions can stimulate both the experimental chemist and chemical engineer to delineate the progress achieved so far and collaborate further to devise strategies for integrating these intelligent optimisations in the design and operation of real multicomponent multi-complexity adsorption systems for water purification.
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Conceptualizing development in terms of risk management has become a prominent feature of mainstream development discourse. This has led to a convergence between the rubrics of…
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Conceptualizing development in terms of risk management has become a prominent feature of mainstream development discourse. This has led to a convergence between the rubrics of financial inclusion and risk management whereby improved access for poor households to private sector credit, insurance and savings products is represented as a necessary step toward building “resilience.” This convergence, however, is notable for a shallow understanding of the production and distribution of risks. By naturalizing risk as an inevitable product of complex systems, the approach fails to interrogate how risk is produced and displaced unevenly between social groups. Ignoring the structural and relational dimensions of risk production leads to an overly technical approach to risk management that is willfully blind to the intersection of risk and social power. A case study of the promotion of index-based livestock insurance in Mongolia – held as a model for innovative risk management via financial inclusion – is used to indicate the tensions and contradictions of this projected synthesis of development and risk management.
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In an interesting article, which recently appeared in The New Statesman, relating to the prevalence of bovine tuberculosis, the writer observes that whenever the question of…
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In an interesting article, which recently appeared in The New Statesman, relating to the prevalence of bovine tuberculosis, the writer observes that whenever the question of tubercle in milk is raised, reassuring statements are promptly forthcoming from official sources, but apparently they are not always based upon sound knowledge. For example, the Minister of Agriculture stated in the House of Commons some months ago that the working of the Tuberculosis Order of 1925 showed that only about two per cent. of the cattle in England are affected. This statement is in all probability not only wrong, but wrong to an extent that would surprise any save those who are in touch with actual conditions. Reliable statistics tend to suggest that more than 30 per cent. of the cows in the British Islands are affected by the disease, the only exceptions to this proportion being in those herds which have been submitted regularly to the tuberculin test and from which reactors have been eliminated. The whole question is so important that no apology is needed for dealing with it here and setting out facts rather than theories. In 1924 a herd of 84 cows and 2 bulls belonging to a leading agriculturist was submitted to the tuberculin test; both bulls and 54 cows reacted. A year later, when the herd consisted of 87 cows and 2 bulls, 12 cows and 1 bull were tested for the first time. The bull and 11 cows reacted; of the remaining 75 cows and 1 bull only 7 cows reacted. In 1926 the herd consisted of 108 cows and 3 bulls; 11 cows were tested for the first time and 4 reacted. Of the remainder of the herd, consisting of 97 cows and 3 bulls, there were only 5 reactors, all cows. Many of the reactors in 1924–25–26 were slaughtered and tuberculosis was found to be present in every beast examined. There are at least four methods of testing: intradermal, ophthalmic, palpebral and subcutaneous, the subcutaneous being reliable under laboratory conditions for the first time only, because the maximum period of nonreaction to this test is not yet ascertained. It is well to remember that a tuberculous cow does not necessarily give tuberculous milk; in fact, little more than one per cent. of the cows that are afflicted with the disease have affected milk, and this is usually found where there is udder trouble. The tuberculin test is optional and at present owners are left to report suspected cases in their herds to the police. It follows in a great majority of cases that the cows they report are wasters, only fit for the knacker, who will pay 10s. to 15s. a piece for them. It is likely that a high percentage of cows in herds of standing, where the tuberculin test is not given regularly, would react to it. Under the Milk and Dairies Order of 1926, which came into operation in October of that year, sanitary authorities are required to keep registers of all persons carrying on the trade of dairykeeper or cowkeeper in their district, and all farms and other premises which are used as dairies; no man may carry on the trade of dairykeeper or cowkeeper unless he and his premises are registered. County Councils and County Borough Councils may order inspections, and a cowkeeper may not permit any cow to be removed from his premises after he has received notice that the Inspector is about to make a call. Further provisions for light, air and water made under the Order have been postponed for the benefit of the trade, but they will come into working not later than 1929. The powers of the Medical Officer of Health are considerable; if he is of opinion that anybody is suffering from an infectious disease caused by the consumption of milk supplied within the district from any registered premises, he may stop that supply until he is satisfied that there is no longer any trouble. There are in the Order many other clauses of interest to the consumer and the cowkeeper is obliged to take a large number of precautionary measures which will tend to increase rather than to diminish. Unfortunately the Milk and Dairies Act of the Ministry of Health and the Tuberculosis Order of the Ministry of Agriculture are not administered with uniformity. The local authorities up and down the country appear to vary the procedure as they think best. In these days when so great an effort is being made to promote increased consumption of milk, and when the food value of the pure article is admitted on nearly every hand, herds should be inspected regularly by a qualified veterinary surgeon, once a year at least, and certain of the present methods should be very carefully revised. To show the danger of the present procedure the following authenticated instances are interesting. Not long ago the London County Council, in accordance with the Milk and Dairies Act, took samples of milk from four distributors and caused it to be examined biologically. This examination took six weeks and in every case the milk was found to be tuberculous. The Medical Officer of the County from which the milk came was notified and he caused the herds in question to be examined and samples taken once more for biological examination. Tubercle being found, the case was handed over to the police to deal with under the Tuberculosis Order, and the Veterinary Inspector under the Contagious Diseases of Animals Act repeated the examination. In one of these four cases the London County Council notified the County Medical Officer in October, 1926, and the alleged offender among the herd was discovered by a process of elimination over a long period in April, 1927! On discovery the Veterinary Inspector condemned the beast and arrangements were being made for its slaughter when the owner produced a certificate to show that this particular cow was free from tuberculosis; it had been submitted to the tuberculin test and failed to react. A further sample was taken and the cow was pronounced healthy. In none of the four cases referred to was any cow giving tuberculous milk traced. It is not difficult to understand why this should be so. In these days, when many leading dairymen record their milk, some of them sell cows as soon as they are going out of profit and buy down‐calvers in order to keep the herd in full profit It follows that by the time the milk has been submitted to two or three biological examinations and three or four months have passed, the cow that has caused trouble may be infecting another herd. When we come to remember how closely the cows stand together in most cow houses, and how quickly, in the heated atmosphere of most of them, germs would spread, particularly in the winter, it is very easy to realise that the healthy may be infected by the sick and that many a cow may be tuberculous long before the owner has any idea that there is trouble. Something should be done to shorten procedure without rendering it ineffective, and the testing should be compulsory. At present an animal reported under the Tuberculosis Order and condemned is valued by agreement between the Local Authority and the owner of the animal, and if they fail to agree by a valuer appointed by the local authority and the owner, and the market value is assumed to be the price which might reasonably have been obtained from a purchaser in the open market who had no knowledge of any trouble other than he might have been supposed to have learned from inspection. If an animal, after being slaughtered, is found to be free from tubercle, the local authority must pay the market value plus 20s. If the animal was suffering from tuberculosis that was not in an advanced stage the local authority must pay a sum equal to three‐quarters of the market value, or 45s., whichever is the greater. If the animal was suffering from advanced tuberculosis, the compensation is one‐fourth of the market value, or 45s., whichever is the greater. This system of compensation is not found satisfactory. The owner may be honestly unaware of his cow's condition, he may even be disposed to do his best in the public interest, but when a man has any doubt as to whether he will get a fair price or not for his beast, he is extremely unlikely to submit to these examinations; he would prefer, unless the symptoms are obvious, to take the chance of selling in the open market. One of the difficulties of the position is to find the most suitable method of dealing with reactors, because the tuberculin test does not tell to what extent any animal is affected. But undoubtedly the present practice would be much improved if the control of diseases in cows were looked after by a department of the Ministry of Health, with a chief veterinary officer at its head who would be directly responsible to the Minister. All orders under the Contagious Diseases of Animals Act should be administered in the same fashion in all counties, i.e., by a veterinary officer and not by the police. Under the Dairies Acts veterinary inspection of all milk‐giving cows should be obligatory and not optional, and the full market value should be paid to owners whose cows are slaughtered under the Tuberculosis Order. The excessive delay and the duplication of procedure that is now so common should be avoided in some fashion that may be found practical by those who are best qualified to handle an extremely difficult situation. It is important that we should not deal too optimistically with the question of tuberculosis in cows. There is a big movement to increase the consumption of milk, yet there is ample evidence to lead us to believe that, outside the tested herds at least, one cow in three or four is tuberculous.
The Professors of the Imperial College of Science and Technology have addressed to Lord Crewe, the Chairman of the Governors of the College, a memorial urging the necessity of the…
Abstract
The Professors of the Imperial College of Science and Technology have addressed to Lord Crewe, the Chairman of the Governors of the College, a memorial urging the necessity of the encouragement of science and of research. In commenting upon this document the Journal of Chemical Technology observes that “a satisfactory feature of the memorial is the recognition on the part of the signatories that scientific education should be on broad lines.” “We have always contended that an indispensable preliminary to a professional career should be a thoroughly sound general education. Whether or not the study of science is the best kind of study may be a debatable point, but it is certain that exclusive attention to science is thoroughly bad. A man's mind is narrow when he is unable to recognise the importance of things outside his own particular sphere of action, and it is precisely this state of mind that the exclusive study of science tends to produce. It is, therefore, the more necessary, in seeking to secure greater attention to scientific studies in the reform of our educational system, to take care that nothing be done which may curtail the period required for the acquisition of general knowledge. It is far better to delay than to hasten specialisation. A step in the right direction has been made when scientific men themselves state that they do not believe that “an education which includes good teaching of science need be a narrow education,” but we wish that this opinion had been positively rather than negatively expressed. The memorial refers to the “lethargy, misconception, and ignorance” of the public regarding national education. It is pertinent here to remark that when anything goes wrong and no particular individual or individuals can be held to be, or will acknowledge themselves to be, responsible, the “public” is blamed; the public being everybody with the exception of the denunciator and his friends. In the present instance the fault is not, even for the greater part, with the people. They are, naturally enough, interested in education only in so far as it is expressed in terms of school and college accounts and of wage‐earning capacity. Of the bearing that improvement in education and the advancement of physical science has on the welfare of the community the average man knows little and cares less. He has to be educated in the value of education. He is not, and probably never will be, interested in education as an abstract good. What interest he has in it is purely utilitarian. If he sees that the knowledge which he himself does not possess carries with it but doubtful prospects for the future, poor remuneration in the present and a social position little better than his own, he is unlikely to be impressed with the value of education. The fact is that there is a lamentable want of opportunity for the intellectual classes in this country and until this state of things is remedied the public will continue to display—and with every justification — “lethargy, misconception, and ignorance” in respect to national education.
Julia Henker, Thomas Henker and Anna Mitsios
The purpose of this research is to consider whether market wide herding occurs intraday.
Abstract
Purpose
The purpose of this research is to consider whether market wide herding occurs intraday.
Design/methodology/approach
Using the 1995 Christie and Huang and the 2000 Chang et al. models, the paper tests whether market wide and industry sector herding occurs intraday in the Australian equities market.
Findings
Neither market wide nor industry sector herding occurs intraday.
Research limitations/implications
Both herding measures focus on one specific type of herding, herding evidenced by changes in the cross‐sectional return distribution. Therefore the herding measures are ill suited to capture the effects of period specific abnormally high or low market returns and they can also capture herding of market participants or groups of market participants only in as far as it manifests itself in security specific returns.
Originality/value
No previous studies have considered the possibility of intraday herding in equities markets. Even if there is little evidence of herding over longer time periods, market frictions and inefficiencies continue to be exploited at least anecdotally by traders with very short time horizons to the detriment of longer term investors.
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The recent debate in the House of Lords showed that the official plans for milk of better quality, set out in the White Paper three years ago, are only slowly being put into…
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The recent debate in the House of Lords showed that the official plans for milk of better quality, set out in the White Paper three years ago, are only slowly being put into effect. A more active policy was, however, promised by Lord Ammon when labour and plant made it possible. Farmers have come to accept the view that a safe milk supply depends both upon the improvement of animal health and on the heat‐treatment of milk. Some recent figures issued in the Monthly Bulletin of the Ministry of Health show what the pasteurisation of milk has already achieved in reducing the number of deaths among young children from abdominal tuberculosis, a form of the disease which is generally due to tubercle bacillus of bovine origin. In 1921, in the administrative county of London, 136 out of every 1,000,000 children died from this disease. In 1944 the corresponding figure was six. In rural areas the rate in 1921 was 252 and in 1944 still sixty, or ten times the London rate. The London figures for 1944 show a reduction to one‐twenty‐third of the 1921 rate, while for rural areas the reduction is only about one‐quarter. These figures suggest a high degree of correspondence between the increase of pasteurisation and the decrease of mortality from abdominal tuberculosis. In 1944 99 per cent. of London milk supplies was pasteurised; and though more milk has been treated in rural areas and in urban areas outside London during the past twenty years, nothing like the London standard has yet been generally reached. Large towns such as London are at one disadvantage in regard to milk safety in that they receive their supplies in bulk, and samples, before pasteurisation, show a high degree of infection. To this extent rural areas might be expected to have better figures. That they do not would appear to be proof of the greater safety provided by pasteurisation. In the House of Lords debate Lord Rothschild estimated the annual casualties from raw milk contaminated by bovine tuberculosis germs as between 7,000 and 8,000. The case for speedier progress with the provision of pasteurisation plant will be generally endorsed. This development under the auspices of the Ministry of Health needs to be supported by a vigorous effort by the Ministry of Agriculture to build up the health of dairy herds. The problems involved in establishing clean areas, beginning with isolated districts and extending them gradually until in ten or fifteen years' time the whole country is clear of tuberculosis and contagious abortion, were recently discussed in these columns. The Milk Marketing Board, the producers' organisation, has now declared its support for a national drive to clean up the dairy herds; and the Government are assured of general support when a comprehensive plan for ensuring safety in milk is put forward.