Miracle-dz/UniFAR-FTUs huggingface dataset:
The Synergy Valuation Models: Towards the Real Value of Mergers and Acquisitions

The purpose of this paper is to examine the use and effectiveness of synergy valuation models in mergers and acquisitions (M&A). This paper advances the current debate on synergy and valuation models in accounting and finance studies. In particular, it answers the call for a detailed investigation of the failure rates of mergers and acquisitions, which have remained consistently high.Relevant literature is reviewed and critically assessed. An interpretive methodology is used to analyze empirical data from a questionnaire survey and interviews of M&A experts. M&A experts perceive net present value as the most frequently used and most appropriate valuation model. There is a strong consensus on the simultaneous use of multiple models as control models. The effectiveness of the synergy value depends more on the valuation path and the assessment process than on the models used. The strategic factors that are considered very relevant to generating reliable forecasts are, surprisingly, not adequately quantified. Indeed, there are several mismatches in valuation practices. This set of contributions is important for both scholars and practitioners. We highlight that the synergy assessment process and the effective use of synergy valuation models are critical points to cut the failure rate of mergers and acquisitions Our findings show the need to warn firms of the potential risks of inaccurate synergy estimations and, at the same time, suggest that an effective synergy assessment model have to be developed to increase the likelihood of M&A success. This is the first comprehensive investigation of synergy valuation models in M&A. The findings recommend that synergy valuation processes must rely on knowledge and experience from accounting as well as from other disciplines such as finance and management.
Flare X-Ray Observations of AB Doradus: Evidence of Stellar Coronal Opacity

X-ray spectra of the late-type star AB Dor obtained with the XMM-Newton satellite are analyzed. AB Dor was particularly active during the observations. An emission measure reconstruction technique is employed to analyze flare and quiescent spectra, with emphasis on the Fe XVII 15-17 Å wavelength region. The Fe XVII 16.78 Å/15.01 Å line ratio increases significantly in the hotter flare plasma. This change in the ratio is opposite to the theoretical predictions and is attributed to the scattering of 15.01 Å line photons from the line of sight. The escape probability technique indicates an optical depth of ≈0.4 for the 15.01 Å line. During the flare, the electron density is 4.4 × 1010 cm-3, and the fractional Fe abundance is 0.5 ± 0.1 of the solar photospheric value. Using these parameters, a path length of ≈8000 km is derived. There is no evidence of opacity in the quiescent X-ray spectrum of the star.
Two-Level Free-Form and Axial Deformation for Exploratory Aerodynamic Shape Optimization

An intuitive shape parameterization and control technique suitable for high-fidelity aerodynamic shape optimization is presented. It relies on the principles of free-form and axial deformation, enabling thorough exploration of the design space while keeping the number of design variables manageable. Surface sensitivities to the design variables are readily available; their inclusion in a highly efficient and robust adjoint-based optimization methodology involving linearly elastic volume mesh deformation and a Newton–Krylov solver for the Euler equations is described. The flexibility of the proposed approach is demonstrated through the exploratory shape optimization of a three-pronged feathered winglet, leading to a span efficiency of 1.19 under a height-to-span ratio constraint of 0.1, and an optimization of a regional jet wing at transonic speed where a winglet is allowed to develop starting from a planar wingtip extension, leading to an 18.8% reduction in drag.
Techniques for high accuracy relative and absolute localization of TerraSAR-X / TanDEM-X data

The German SAR (synthetic aperture radar) satellites TSX-1 and TDX-1 outperform former civilian space-borne radar sensors in terms of geometric accuracy. Recently, both satellites constitute the first bistatic SAR system in space: TanDEM-X. With the high geometric accuracy of both satellites, the geolocation of ground targets has to accurately consider signal propagation effects and geodynamic effects which formerly were negligible. The prediction of expected radar positions is additionally complicated by the bistatic acquisition geometry of TanDEM-X. Here, we present our approach to cope with these demanding requirements. With the application of these techniques, measurements of the geometric accuracy of TSX-1 and TDX-1 reveal that their pixel localization accuracy is significantly better than in previous studies.
Workplace Industrial Relations and Deregulation

Australia offers an example of a formerly centralized system of industrial relations which is in the process of significant change towards a more decentralized and deregulated system. However, many of the criticisms of the previous system, which focused on its inflexibility and rigidity, were based largely on anecdotal evidence. The results of the Australian Workplace Industrial Relations Survey revealed that many of these criticisms did not appear to be supported. Presents further evidence, based on a series of detailed case studies, that there was a good deal of flexibility at the workplace level under the so‐called centralized system. It argues that many of the criticisms of the arbitration systems and of union resistance to change, especially by employer organizations, have been misplaced. Indeed, where management pursued a clear strategy to achieve greater efficiency, and actively involved both employees and unions in the process, their initiatives were generally well received and successful.
Association of α-Adducin and G-Protein β3 Genetic Polymorphisms with Hypertension: A Meta-Analysis of Chinese Populations

Background Mounting evidence has suggested that α-adducin and G-protein β3 (GNB3) genes are logical candidates for salt-sensitive hypertension. Some, but not all, studies have reported that α-adducin G460T and GNB3 C825T polymorphisms may influence the risk of the disease. To comprehensively address this issue, we performed a meta-analysis to evaluate the influence of these two polymorphisms on hypertension and potential biases in Chinese. Methods Data were analyzed using Stata (v11.0) and random-effects model was applied irrespective of between-studies heterogeneity, which was evaluated via subgroup and meta-regression analyses. Study quality was assessed in duplicate. Publication bias was weighed using Egger's test and funnel plot. Results 36 study populations totaling 9042 hypertensive patients and 8399 controls were finally identified. Overall, in allelic/genotypic/dominant/recessive models, no significant association was identified for both G460T and C825T polymorphisms (P>0.05) and there was possible heterogeneity (I 2>25%). Subgroup analyses by study design indicated that the magnitude of association in population-based studies was marginally significantly strengthened for α-adducin G460T allelic model (OR = 1.12; 95% CI: 1:00–1.25; P = 0.043). Moreover, subgroup analyses by geographic distribution indicated comparison of 825T with 825C yielded a marginally significant increased risk in southern Chinese only (OR = 1.48; 95% CI: 1.01–2.16; P = 0.045). Further meta-regression analyses showed that geographic regions were a significant source of between-study heterogeneity for both polymorphisms. There was a possibility of publication bias for G460T, but not for C825T. Conclusions Our overall results suggest null association of α-adducin G460T and GNB3 C825T polymorphisms with hypertension in Chinese but indicate local marginal significance of C825T, as a putative salt-sensitive switch, in southern Chinese.
Coriandrum sativum L. (Coriander) Essential Oil: Antifungal Activity and Mode of Action on Candida spp., and Molecular Targets Affected in Human Whole-Genome Expression

Oral candidiasis is an opportunistic fungal infection of the oral cavity with increasingly worldwide prevalence and incidence rates. Novel specifically-targeted strategies to manage this ailment have been proposed using essential oils (EO) known to have antifungal properties. In this study, we aim to investigate the antifungal activity and mode of action of the EO from Coriandrum sativum L. (coriander) leaves on Candida spp. In addition, we detected the molecular targets affected in whole-genome expression in human cells. The EO phytochemical profile indicates monoterpenes and sesquiterpenes as major components, which are likely to negatively impact the viability of yeast cells. There seems to be a synergistic activity of the EO chemical compounds as their isolation into fractions led to a decreased antimicrobial effect. C. sativum EO may bind to membrane ergosterol, increasing ionic permeability and causing membrane damage leading to cell death, but it does not act on cell wall biosynthesis-related pathways. This mode of action is illustrated by photomicrographs showing disruption in biofilm integrity caused by the EO at varied concentrations. The EO also inhibited Candida biofilm adherence to a polystyrene substrate at low concentrations, and decreased the proteolytic activity of Candida albicans at minimum inhibitory concentration. Finally, the EO and its selected active fraction had low cytotoxicity on human cells, with putative mechanisms affecting gene expression in pathways involving chemokines and MAP-kinase (proliferation/apoptosis), as well as adhesion proteins. These findings highlight the potential antifungal activity of the EO from C. sativum leaves and suggest avenues for future translational toxicological research.
Adaptive Model-Based Mammogram Enhancement

Five fully automatic methods for X-ray digital mammogram enhancement based on a fast analytical textural model are presented. These efficient single and double view enhancement methods are based on the underlying two-dimensional adaptive causal autoregressive texture model. The methods locally predict breast tissue texture from single or double view mammograms and enhance breast tissue abnormalities, such as the sign of a developing cancer, using the estimated model prediction statistics. The double-view mammogram enhancement is based on the cross-prediction of two mutually registered left and right breasts mammograms or alternatively a temporal sequence of mammograms. The single-view mammogram enhancement is based on modeling prediction error in case of not the both breasts' mammograms being available.
Essays on the economics of small business finance

Ylhäinen, Ilkka Essays on the Economics of Small Business Finance Jyväskylä: University of Jyväskylä, 2013, 204 p. (Jyväskylä Studies in Business and Economics ISSN 1457-1986; 127) ISBN 978-951-39-5304-1 (nid.) ISBN 978-951-39-5305-8 (PDF) This dissertation studies the financing of small businesses. It focuses on the role of government funding in alleviating credit market imperfections and on the evolution of the cost and use of credit over the firm life cycle. The first two essays utilize the panel data of Finnish manufacturing firms covering the 2000-2008 period and focus on the financing provided by a stateowned specialized financing company, whose objective is to cure credit market imperfections. The first essay studies the repeat customers among the firms that obtain subsidized financing using dynamic discrete choice methods. The findings suggest that while the permanent unobserved firm-specific heterogeneity accounts for much of this persistence, the firms that have previously obtained subsidized financing are also more likely to obtain subsidized financing in the future. The second essay studies the real and financial effects of subsidized loans granted to small businesses using several alternative econometric policy evaluation methods. The findings suggest that subsidized financing helps firms to expand their operations. However, the effects on labor productivity are negative or insignificant, casting doubt on the potential of subsidized financing to promote long-term productivity and economic growth. The third essay studies the life-cycle profiles of small firms’ financing costs and use of credit using a panel of Finnish firms from the period 1999-2010. The findings suggest that the cross-sectional age profiles of financing costs are humpshaped and consistent with hold-up theories. In contrast, the financing costs decrease monotonically as firms mature when cohort or firm fixed effects are controlled for. The findings suggest that these differences in the life-cycle profiles relate to cohort effects. The findings also indicate that firms are more dependent on financial intermediaries in the early periods of their lives. Several findings are made about the cohort effects. The younger cohorts face lower financing costs than the older cohorts do. The younger cohorts also rely less on new bank loans than the older cohorts, whereas the amount of bank financing used suggests a more complex relationship. Cohorts born during recessions, particularly the Finnish Great Depression and the banking crisis of the 1990s, pay higher financing costs and use lower amounts of bank loans, even after controlling for the creditworthiness of firms.
EFFECT OF EXCHANGE RATE VOLATILITY ON EXPORTS: EVIDENCE FROM EIGHT DEVELOPED COUNTRIES

The purpose of this study is to empirically examine the relation between volatility in exchange rate and exports of eight developed countries (Australia, Canada, Japan, Korea, New Zealand, Norway, Sweden, and U.K). This study helps in understanding why developed nations have positive relation between volatility in exchange rate and exports. I have regressed three independent variables that are Gross Domestic Product, Consumer Price Index and volatility in exchange rate on total exports of eight developed nations. I have used three estimation techniques in this study including Pooled Ordinary Least Square, Fixed Effect Model and Random Effect Model. Panel Data has been used from 1991Q3 to 2011 Q4. For measuring the volatility in exchange rate “Moving Average Standard Deviation” technique has been used in this study. The results suggest a significant and positive relation between volatility in exchange rate and exports. The reason of these results highlights the important role played by the financial sector in developed nations. Strong financial sector helps the traders by providing hedging facilities which become the major reason to cope with uncertain situation created by volatile exchange rate. Gross Domestic Product variable also shown significant and positive impact on exports while Consumer Price Index shown significant negative impact on total exports.
Summit metabolism and metabolic expansibility in Wahlberg's epauletted fruit bats (Epomophorus wahlbergi): seasonal acclimatisation and effects of captivity

Summit metabolism (Msum), the maximum rate of resting metabolic thermogenesis, has been found to be broadly correlated with climatic variables and the use of heterothermy in some endotherms. Far less is known about Msum and metabolic expansibility [ME, the ratio of Msum to basal metabolic rate (BMR)] in bats compared with many other endotherm taxa. We measured BMR and Msum during winter and summer in captive and wild populations of a pteropodid from the southern subtropics, Wahlberg's epauletted fruit bat (Epomophorus wahlbergi) in Pretoria, South Africa. The Msum of fruit bats ranged from 5.178±0.611 W (captive, summer) to 6.006±0.890 W (captive, winter), and did not vary significantly between seasons. In contrast, BMR decreased by 17–25% in winter. The combination of seasonally stable Msum but flexible BMR resulted in ME being significantly higher in winter than in summer, ranging from 7.24±1.49 (wild, summer) to 13.11±2.14 (captive, winter). The latter value is well above the typical mammalian range. Moreover, both Msum and ME were significantly higher in captive bats than in wild individuals; we speculate this represents a phenotypic response to a reduction in exercise-associated heat production while in captivity. Our data for E. wahlbergi, combined with those currently available for other chiropterans, reveal that Msum in bats is highly variable compared with allometrically expected values for other mammals.
An analysis of Persuasive Text Passwords

Text-based password is widely considered as the most ubiquitous authentication scheme in computer systems nowadays. However, text-based password are vulnerable to some attacks such as brute-fore attack and dictionary-based attack. Consequently, a large number of research has focused on enhancing the security strength of text-based password. Persuasive Text Passwords (PTP) is a technique to improve password strength by adding some random characters to user's password. In this paper, we compare PTP with some common password policies. Thanks to this, some flaws of PTP are determined. An improvement of PTP is proposed to alleviate its drawbacks. The improvement is implemented by combining PTP with a password policy. The experimental results show that the new version of PTP is better than the original version in both security and usability.
Highly‐skilled Colombian immigrants in Spain: Do they have to return home to start up in business?

Purpose – The purpose of this paper is to understand why high‐skilled immigrants from a developing country (Colombia) are returning to their home country to create businesses instead of starting up in their host country (Spain). Design/methodology/approach – A case study methodology was used to present the experiences of three high‐skilled immigrants. All subjects presented had migrated from Colombia to Spain, held degrees from a Colombian university, had a university background in entrepreneurship and intended to run a business in Colombia instead of in Spain.Findings – This study shows how the expectations of highly‐skilled immigrants can influence their decision to return to their home country to set up in business. Because of their skills and international experience, these individuals have good professional prospects in their home countries and a lower tolerance of the barriers and difficulties encountered in the host country than immigrants with other profiles.Research limitations/implications – In e.
Foreign Aid: International Donor Coordination of Development Assistance

This report provides a summary of official development assistance (ODA), discusses coordination goals established by donors at international development policy forums, and provides an overview of U.S. policy and efforts to meet these goals. The report concludes by identifying key issues in donor coordination, including the growing role of non-traditional donors, such as China, in development cooperation.
Totally Laparoscopic Distal Gastrectomy with D2 Lymphadenectomy and Billroth II Gastrojejunostomy for Gastric Cancer: Short- and Medium-term Results of 139 Consecutive Cases from a Single Institution

Objective: The goal of this study was to investigate the feasibility, safety, and associated 3-year survival outcomes of the totally laparoscopic distal gastrectomy (TLDG) for the treatment of gastric cancer. Methods: Herein, we analyzed the clinical data from 139 consecutive patients with gastric cancer who received TLDG at our institution from March of 2007 to March of 2013. Results: TLDG was successfully carried out in 139 patients; no cases were converted to open surgery. The mean operation time was 228.6 ± 51.0 minutes, mean blood loss was 131.2 ± 85.2 mL, and mean number of dissected lymph nodes was 31.1 ± 9.0. The average time to flatus, time to fluid diet, and length of hospital stay were 3.6 ± 1.1 days, 4.8 ± 1.6 days, and 9.8 ± 4.0 days, respectively. The postoperative morbidity was 10.1%. A total of 135 patients were followed for a subsequent 1-73 months (median, 24.0 months). The 3-year disease-free survival (DFS) and overall survival (OS) rates were 82.3% and 82.9%, respectively. When divided by stage, the 3-year DFS for stage I, II, and III were 100%, 86.2%, and 48.8%, respectively; and the 3-year OS for stage I, II, and III were 98.0%, 92.3%, and 51.6%, respectively. Conclusions: In this preliminary report, TLDG was found to be a safe, feasible, and efficacious procedure for the treatment of gastric cancer with encouraging 3-year overall and stage-by-stage survival rates.
No Free Lunch: Brute Force vs. Locality-Sensitive Hashing for Cross-lingual Pairwise Similarity

This work explores the problem of cross-lingual pairwise similarity, where the task is to extract similar pairs of documents across two different languages. Solutions to this problem are of general interest for text mining in the multilingual context and have specific applications in statistical machine translation. Our approach takes advantage of cross-language information retrieval (CLIR) techniques to project feature vectors from one language into another, and then uses locality-sensitive hashing (LSH) to extract similar pairs. We show that effective cross-lingual pairwise similarity requires working with similarity thresholds that are much lower than in typical monolingual applications, making the problem quite challenging. We present a parallel, scalable MapReduce implementation of the sort-based sliding window algorithm, which is compared to a brute-force approach on German and English Wikipedia collections. Our central finding can be summarized as“no free lunch”: there is no single optimal solution. Instead, we characterize effectivenessefficiency tradeoffs in the solution space, which can guide the developer to locate a desirable operating point based on applicationand resource-specific constraints.
Inverse modelling of multi-objective thermodynamically optimized turbojet engines using GMDH-type neural networks and evolutionary algorithms

A novel approach is presented in this article for obtaining inverse mapping of thermodynamically Pareto-optimized ideal turbojet engines using group method of data handling (GMDH)-type neural networks and evolutionary algorithms (EAs). EAs are used in two different aspects. Firstly, multi-objective EAs (non–dominated sorting genetic algorithm-II) with a new diversity preserving mechanism are used for Pareto-based optimization of the thermodynamic cycle of ideal turbojet engines considering four important conflicting thermodynamic objectives, namely, specific thrust ({ST}), specific fuel consumption ({SFC}), propulsive efficiency (ηp), and thermal efficiency (ηt). The best obtained Pareto front, as a result, is a data table representing data pairs of non-dominated vectors of design variables, which are Mach number and pressure ratio, and the corresponding four objective functions. Secondly, EAs and singular value decomposition are deployed simultaneously for optimal design of both connectivity configuration and the values of coefficients, respectively, involved in GMDH-type neural networks which are used for the inverse modelling of the input–output data table obtained as the best Pareto front. Therefore, two different polynomial relations among the four thermo-mechanical objectives and both Mach number and pressure ratio are searched using that Pareto front. The results obtained in this paper are very promising and show that such important relationships may exist and could be discovered using both multi-objective EAs and evolutionarily designed GMDH-type neural networks.