bluuebunny/crossref_metadata_2025_split huggingface dataset:
Sources of value creation and destruction in horizontal mergers and acquisitions
Authors: Ibrahimi Mohammed , Meghouar Hicham 
Published: April 2019

PurposeThe purpose of this paper is to investigate the determiners to create and destroy value in horizontal mergers and acquisitions (M&A) using accounting indicators supposed to influence the new entity’s value.Design/methodology/approachUsing a sample of 90 French listed companies and stepwise regression method, the authors test eight accounting indicators supposed to influence the new entity’s value.FindingsTo create value after a horizontal M&A, it is necessary to concentrate on turnover and the restructuring of charges without neglecting the control of debt capacity. To avoid destroying value after a horizontal M&A, it is necessary to concentrate on the control of debt capacity and restructuring of charges in order to reduce financial charges and financial risk. Horizontal M&A also create value through the reduction of investment costs and through tax optimization.Research limitations/implicationsThis paper is different from other contributions in that the majority of existing literature concerning the sources of value creation in M&A has been based on abnormal returns or microeconomic data. This paper analyzes accounting data that are likely to be influenced over the long term by corporate decision making. These kinds of decisions influence the firm’s value as well as the long-term gains that industrial investors may hope to obtain.Originality/valueThis study makes a significant contribution to the existing literature insofar as it seeks to divide the sources of value creation into three categories: sales synergy, cost synergies and hybrid synergies. To the best of the authors’ knowledge, this is also the first study to provide explanations from companies’ accounting data, which can lead managers to a greater vision of post-merger strategy management, reinforcing the mechanism for value creation.
M&A deal-making: Disney, Marvel and the value of “hidden assets”
Authors: Calandro Jr. Joseph 
Published: April 2019

Purpose
This paper discusses the concept of hidden assets in the context of Disney’s 2009 acquisition of the Marvel Entertainment Group (Marvel), and its value realization activities post-acquisition.

Design/methodology/approach
The paper presents a hidden assets-based value realization analysis of the 2009 acquisition of Marvel by Disney. It draws on a previously published case study of that acquisition as well as further research conducted by the author.

Findings
The Disney-Marvel acquisition supports the view that hidden assets-based analysis can be a powerful M&A tool and an equally powerful value realization tool when managed strategically over time.

Practical implications
The Disney acquisition of Marvel is a dramatic example of how knowledge of hidden assets can be used to do a deal in a competitive marketplace and how the disciplined management of those assets over time can realize a “blue ocean” of value post-acquisition.

Originality/value
This is the first paper we are aware that evaluates the hidden assets of the Disney-Marvel acquisition. It follows another paper that evaluated the acquisition (Joseph Calandro, Jr., “Disney’s Marvel Acquisition: A Strategic Financial Analysis,” Strategy & Leadership, Vol. 38, No. 2 (2010), pp. 42-51), which followed a paper that evaluated Marvel’s 1996 bankruptcy filing (Joseph Calandro, Jr., “Distressed M&A and Corporate Strategy: Lessons from Marvel Entertainment Group’s Bankruptcy,” Strategy & Leadership, Vol. 37, No. 4 (2009), pp. 23-32).
Opportunity-based growth management: enabling a company-wide effort to proactively take advantage of new business prospects
Authors: Biloshapka Vladyslav , Osiyevskyy Oleksiy 
Published: April 2019

Purpose
The growth imperative dominating in today’s market economy implies that shareholder value creation can happen only through constant, profitable growth of the business. The article offers a process for increasing the effectiveness of a firm’s strategy by improving the quality and number of growth opportunities it enables managers to take advantage of.

Design/methodology/approach
To address the problem of bridging the strategizing process with emerging opportunity landscapes, the current paper offers a practical approach for establishing opportunity-based growth management (OGM) system, comprising six basic components: Understanding, Scanning, Articulating, Testing, Choosing, and Organizing.

Findings
The presented approach allows the management to notice and exploit the emerging market opportunities before competitors, to leverage the full information available within the company (particularly among front-line employees), and to assess the current company’s business model and make the necessary adjustments.

Practical implications
A case study of the process in action is presented.

Originality/value
The proposed OGM framework enables higher-level linking of the “strategy-as-learning” with “strategy-as-planning” paradigms.
The Limits to Collaboration Across Four of the Most Innovative UK Industries
Authors: Audretsch David B. , Belitski Maksim 
Published: April 2019

AbstractThis study demonstrates the importance and limits to external knowledge collaboration across different geographical dimensions and the most innovative UK industries (knowledge‐intensive business services (KIBS), high‐tech manufacturing, information and communication technologies (ICT), creative industries). Traditionally, this issue has presented a challenge for the geography of innovation, external knowledge sourcing and open innovation literatures, in terms of first identifying the phenomenon and second measuring it. We propose and estimate a structural model that estimates the knowledge production function with innovation inputs and outputs at the firm level. Our sample includes 19,510 observations and 17,859 firms, mainly from the UK Innovation Survey and the Business Registry. We demonstrate that external collaboration may bestow a significant advantage for innovation developed by the firm and in collaboration with other businesses, but there are limits to collaboration. They are likely to be better offset by firms in knowledge‐intense sectors (KIS), while they remain consistent across collaboration with partners across four geographical regions. Our findings call for further research on innovation and revision of national and regional innovation policies.
Transnational Board Interlocks as a Source of Non‐experiential Knowledge for the Firm in Foreign Markets
Authors: González Carlos 
Published: April 2019

AbstractBoard interlocks between firms headquartered in different countries are increasing. We contribute to the understanding of this practice by investigating the transnational interlocks formed by the 100 largest British firms between 2011 and 2014. We explore the association between different attributes of a firm's internationalization process, namely performance, structural and attitudinal, and the extent of the firm's engagement in transnational interlocks. We posit that the value of transnational interlocks as a non‐experiential source of knowledge will vary according to which of these three attributes becomes more prominent as the firm internationalizes. We do not find a significant relationship between the performance and structural attributes of internationalization, as measured by the firm's percentage of foreign sales and assets, respectively, and increased engagement in transnational interlocks. We do, however, find an inverted U‐shaped relationship between the attitudinal attribute of internationalization, represented by the psychic dispersion of the firm's foreign operations, and the firm's number of transnational interlocks. This non‐linear relationship reveals both a natural boundary for the firm's capacity to engage in transnational interlocks and a reduced willingness to engage in such ties once a certain degree of attitudinal internationalization has been reached.
Change in geographic access to community health centers after Health Center Program expansion
Authors: Evans Leigh , Charns Martin P. , Cabral Howard J. , Fabian M. Patricia 
Published: April 2019

ObjectiveTo examine geographic access to community health centers (CHC accessibility) before and after Health Center Program expansion in three Southern states.Data SourcesCommunity health center data were from the Health Resources and Services Administration (1967‐2016). Population estimates and sociodemographic characteristics were from the American Community Survey (2006‐2015).Study DesignWe used the two‐step floating catchment area method to calculate CHC accessibility for census tracts in 2008 and 2016. We mapped census tract‐level variation and used spatial regression to assess to what extent indicators of potential CHC need were associated with change in accessibility from 2008 to 2016.Principal FindingsCommunity health center accessibility increased by 192 percent overall, and the proportion of tracts with no accessibility decreased by 65 percent. Indicators of potential need were not associated with greater gains in CHC accessibility from 2008 to 2016, but census tracts with less accessibility at baseline saw larger accessibility increases.ConclusionsCommunity health center accessibility substantially increased from 2008 to 2016, but increases did not differentially impact groups with greater potential need. This approach for measuring CHC accessibility offers significant improvement in granularity over traditional CHC accessibility measures.
Dietary intervention strategies for ethnic Chinese women with gestational diabetes mellitus: A systematic review and meta‐analysis
Authors: Wan Ching S. , Nankervis Alison , Teede Helena , Aroni Rosalie 
Published: April 2019

AimEthnic Chinese women are one of the populations at high risk of gestational diabetes mellitus (GDM) internationally. This systematic review aimed to determine which dietary intervention strategies were found to be effective in improving glycaemic control and pregnancy outcomes among ethnic Chinese women with GDM.MethodsThe review protocol was registered with PROSPERO (CRD42016043585). Eight English and four Chinese language databases were searched for randomised controlled trials and cohort studies of dietary intervention among ethnic Chinese women with GDM. Review Manager 5.3 and GRADE criteria were used in meta‐analysis and assessment of quality of evidence.ResultsIncluded studies comprised 3944 women in 29 eligible studies. Compared to standard treatment, low glycaemic index (GI) diets, low glycaemic load (GL) diets and fibre‐enriched diets were associated with a reduction in fasting plasma glucose, 2‐hour plasma glucose and HbA1c, and improved neonatal outcomes. Low GL diets were associated with reduced caesarean section risk.ConclusionsIn ethnic Chinese women with GDM, low GI diets, low GL diets and fibre‐enriched diets were associated with improved glycaemic control and pregnancy outcomes. Given the lack of direct comparison of these three diets, future direct comparison trials are necessary to determine optimal dietary intervention strategies.
metapop2: Re‐implementation of software for the analysis and management of subdivided populations using gene and allelic diversity
Authors: López‐Cortegano Eugenio , Pérez‐Figueroa Andrés , Caballero Armando 
Published: April 2019

AbstractManagement programmes often have to make decisions based on the analysis of the genetic properties and diversity of populations. Expected heterozygosity (or gene diversity) and population structure parameters are often used to make recommendations for conservation, such as avoidance of inbreeding or migration across subpopulations. Allelic diversity, however, can also provide complementary and useful information for conservation programmes, as it is highly sensitive to population bottlenecks, and is more related to long‐term selection response than heterozygosity. Here we present a completely revised and updated re‐implementation of the software metapop for the analysis of diversity in subdivided populations, as well as a tool for the management and dynamic estimation of optimal contributions in conservation programmes. This new update includes computation of allelic diversity for population analysis and management, as well as a simulation mode to forecast the consequences of taking different management strategies over time. Furthermore, the new implementation in C++ includes code optimization and improved memory usage, allowing for fast analysis of large data sets including single nucleotide polymorphism markers, as well as enhanced cross‐software and cross‐platform compatibility.
Vitamin D serum levels and the risk of digital ulcers in systemic sclerosis: A longitudinal study
Authors: Caimmi Cristian , Bertoldo Eugenia , Pozza Alice , Caramaschi Paola , Orsolini Giovanni , Gatti Davide , Rossini Maurizio , Viapiana Ombretta 
Published: April 2019

AbstractAimLow levels of vitamin D (25OHD) have been found to associated with digital ulcers (DUs) in systemic sclerosis (SSc), although only cross‐sectional studies have been performed. We aimed to investigate if variations in vitamin D serum levels over time affect DU in SSc.MethodsThis is a retrospective study on 65 patients. 25OHD was measured in 2011 and 2016 and its variations correlated with DU.ResultsThe mean age of our cohort was 58 (SD 12) years with a mean disease duration of 9.5 (5.3) years. Most of our patients had a limited SSc (69.2%). At baseline 50.8% and 41.5% after 5 years had 25OHD <30 ng/mL. Patients receiving supplementation (8750 IU/wk) at baseline numbered 39 (60.0%) and 45 (69.2%) at the end of follow up. Nevertheless, 31 (47.7%) had a decrease of 25OHD in 5 years. In univariate analysis, patients with incident DU had a decrease in 25OHD as compared to patients with no incident DU (−17.4 [37.0] vs 13.0 [89.5], P = 0.018). No differences in 25OHD variations were found for other disease characteristics. In multivariate analysis correcting for previous DU and modified Rodnan Skin Score at baseline, patients with a decrease in 25OHD had an increased risk of developing DU (odds ratio 16.6; 95% CI 1.7‐164.5, P = 0.017).ConclusionsA decrease in 25OHD is associated with the risk of developing DUs. In addition, vitamin D supplementation with the doses currently recommended may be insufficient in SSc. Further studies in wider cohorts are needed to confirm these results.
When is upstream collusion profitable?
Authors: Gu Dingwei , Yao Zhiyong , Zhou Wen , Bai Rangrang 
Published: April 2019

AbstractMotivated by the recent antitrust cases in which Japanese auto parts suppliers colluded to raise supply prices against their long‐term collaborators, the Japanese carmakers, we study the conditions under which an upstream collusion is profitable even after compensating downstream direct purchasers. Oligopoly competition in successive industries is shown to give rise to a vertical externality and a horizontal externality. If a collusive price of intermediate goods better balances the two externalities, the collusion will raise the joint profit of all firms in the two industries and is therefore profitable for the upstream after compensation of downstream firms.
Dynamic financial contracting with persistent private information
Authors: Fu Shiming , Krishna R. Vijay 
Published: April 2019

AbstractWe study a dynamic agency model where the agent privately observes the firm's cash flows that are subject to persistent shocks. We characterize the policy dynamics and implement the optimal contract by financial securities. Because bad performance distorts investors' beliefs downward, the agent has less incentive to misrepresent information. The agent's compensation is less than what he can divert and is convex in performance. As private information becomes more persistent, (i) the agent is compensated more by stock options; (ii) firm credit limits vary more with history, dropping after bad performance; (iii) the firm is financially constrained for longer time.
Optimal cut‐off for hourly lactate reduction in ICU‐treated patients with septic shock
Authors: Promsin Panuwat , Grip Jonathan , Norberg Åke , Wernerman Jan , Rooyackers Olav 
Published: April 2019

BackgroundA decrease in lactate concentration over time during septic shock is associated with favourable outcomes. However, if this applies to hourly intervals during the initial time period in the ICU is unknown. The aim of this study was to investigate whether there is an early hourly reduction rate of lactate that is related to clinical outcome in septic shock patients treated in the ICU.MethodsA cohort of adult septic shock patients admitted to the ICU with an initial lactate level >2 mmol/L and receiving vasopressor was retrospectively analysed. Mean hourly reduction rate of lactate (ΔLact/h) was calculated individually from all lactate concentrations measured from inclusion until normalization of lactate (≤1.5 mmol/L) within 24 hours. The mortality at 30 days following ICU admission was evaluated.ResultsAmong 1405 ICU admissions during 2 years, 104 patients were eligible. Mortality rate at 30 days was 34%. The optimal cut‐off values of baseline lactate and ΔLact/h for 30‐day mortality were 4 mmol/L and 2.5%/h. When stratifying the patients by these cut‐points, those with baseline lactate > 4 mmol/L and ΔLact/h < 2.5%/h had lowest probability of survival (27%). Multivariable logistic regression showed that ΔLact/h <2.5%/h, baseline lactate >4 mmol/L and high Simplified Acute Physiology Score III were independent risk factors of 30‐day mortality.ConclusionsIn this retrospective pilot cohort, a mean reduction rate of lactate <2.5%/h within the first 24 hours of ICU stay was associated with an increased risk of 30‐day mortality in septic shock patients.
Different pharmaceutical preparations of Δ9‐tetrahydrocannabinol differentially affect its behavioral effects in rats
Authors: Rohleder Cathrin , Pahlisch Franziska , Graf Rudolf , Endepols Heike , Leweke F. Markus 
Published: April 2019

AbstractBased on the contribution of the endocannabinoid system to the pathophysiology of schizophrenia, the primary pro‐psychotic ingredient of Cannabis sativa, Δ‐9‐tetrahydrocannabinol (Δ‐9‐THC), is used in preclinical as well as clinical research to mimic schizophrenia‐like symptoms. While it is common to administer lipid‐based formulations of Δ‐9‐THC in human studies orally, intraperitoneal injections of water‐based solutions are used in animal models. Because of the poor water solubility of Δ‐9‐THC, solubilizers such as ethanol and/or emulsifiers are needed for these preparations. In order to test whether a lipid‐based solvent would be superior over a water‐based vehicle in rats, we compared the effects on locomotor activity and prepulse inhibition (PPI) of the acoustic startle reaction, as well as pharmacokinetic data obtained from rats' serum and brain tissue samples. Up to 50 mg/kg Δ‐9‐THC in the lipid‐based formulation was not able to induce any behavioral alterations, while already 5 mg/kg of the water‐based Δ‐9‐THC preparation significantly reduced locomotor activity. This also induced a small but significant PPI reduction, which was prepulse intensity dependent. Interestingly, the reflexive motor response to the startle stimulus was not affected by the water‐based Δ‐9‐THC solution. Analysis of serum and brain Δ‐9‐THC levels by high‐performance liquid chromatography/mass spectrometry revealed that although the final concentration reached in the brain was comparable for both pharmaceutical preparations, the water‐based formulation achieved a faster kinetic. We, therefore, conclude that the slope of the Δ‐9‐THC concentration‐time curve and the resulting cannabinoid receptor type 1 activation per time unit are responsible for the induction of behavioral alterations.
Factors predicting recurrence of gestational diabetes in a high‐risk multi‐ethnic population
Authors: Wong Vincent W. , Chong Shanley , Chenn Roxanne , Jalaludin Bin 
Published: April 2019

BackgroundWomen with gestational diabetes mellitus (GDM) have an increased risk of adverse pregnancy outcomes. This study examined predictors for GDM recurrence at their next pregnancy in a multi‐ethnic population. Clinical outcomes of women with GDM at the index as well as the subsequent pregnancies were also compared.Materials and MethodsA retrospective review of women with GDM (between 2008 and 2016) who had a subsequent pregnancy at a tertiary institution was conducted. The clinical characteristics of both pregnancies were documented.ResultsAmong 3587 singleton pregnancies complicated by GDM, 501 fell pregnant again and 367 (73.1%) developed GDM in their subsequent pregnancies. Subsequent pregnancies had higher birthweight (3426 ± 563 vs 3290 ± 506 g, P < 0.001) but the rate of pre‐eclampsia was lower (1.0% vs 4.2%, P = 0.003). Univariate analysis showed that older age, prior history of GDM, pre‐pregnant body mass index (BMI), two‐hour glucose level on glucose tolerance test (GTT), insulin requirement at the index pregnancy, and inter‐pregnancy weight gain were associated with recurrent GDM. Using stepwise logistic regression analysis, pre‐pregnant BMI, glucose levels on GTT at index pregnancy and inter‐pregnancy weight gain were independent predictors for recurrent GDM. The odds ratios for recurrent GDM among those who gained more than 8 kg were 20.5 (5.0–84.5), compared with those who lost over 5 kg between the two pregnancies. GDM recurrence rate was independent of ethnic backgrounds.ConclusionWomen with GDM have high risk of GDM recurrence at their next pregnancy. Inter‐pregnancy weight gain is a strong predictor of recurrent GDM, and strategies to help women lose weight post‐partum may be invaluable.
Creating Nature in the Yucatan Peninsula: Social Inequality and the Production of Eco‐Archaeological Parks
Authors: Kurnick Sarah 
Published: April 2019

ABSTRACTOver the last several decades, scholars have reexamined the importance of spatiality to human life and argued that space produces and is produced by social relationships. This article adopts such a relational understanding of space to examine the production of eco‐archaeological tourist attractions in the eastern Yucatan Peninsula of Mexico and beyond. Specifically, this article considers the common practice of declaring areas encompassing archaeological sites as nature parks or wildernesses. Because so many sites are currently located in areas that have been deemed natural, scholars cannot fully understand the contemporary production of archaeological space without examining the historic production of nature and wilderness. Using the Xcaret Eco‐Archaeological Park and the Otoch Ma'ax Yetel Kooh, this article shows that although the creation of archaeological nature parks frequently harms indigenous peoples through processes of spatial colonization and spatial commodification, the production of such spaces can also enable and empower local, marginalized groups. [wilderness, political authority social inequality, community archaeology, the Maya]