bluuebunny/crossref_metadata_2025_split huggingface dataset:
M&A in the high tech industry: value and valuation
Authors: Mchawrab Safwan 
Published: June 2016

Purpose
In the past decade, a high substantial number of academic literature and press articles have questioned merger or acquisition (M&A) transactions. If this enthusiasm towards M&A can be explained by the importance and the influence of any merger or acquisition decision for a company, it can be also attributed to the volume and the number of transactions that have been reported. This paper aims to analyse the value and the valuation of the most recent M&A deal in high tech industry.

Design/methodology/approach
This briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context.

Findings
The valuation tools and methods play a central role in M&A deal. Improving these tools to capture the uncertainty that embeds M&A deals remain the most challenging task for both practitioners and researchers.

Practical implications
The paper provides strategic insights and practical thinking that have influenced some of the world’s leading organizations.

Originality/value
The briefing saves busy executives and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy-to-digest format.
Innovation through M&A in the biopharmaceutical sector
Authors: Amir-Aslani Arsia , Chanel Mark Anthony 
Published: June 2016

Purpose
This paper aims to review the latest management developments across the globe and pinpoint practical implications from cutting-edge research and case studies.

Design/methodology/approach
This briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context.

Findings
Acquiring innovation will continue to be a necessity for pharmaceutical companies and to enjoy a sustainable advantage, they have the obligation to look for competitive advantage through coordination between both upstream and downstream capacities. A strict focus on the core competency of the enterprise is fast becoming obsolete.

Practical implications
The paper provides strategic insights and practical thinking that have influenced some of the world’s leading organizations.

Originality/value
The briefing saves busy executives and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy-to-digest format.
Can a merger of equals truly exist?
Authors: Alluru Jayanth-Reddy , Thomas Mark 
Published: June 2016

Purpose
Between 1985 and 2001, only 45 of 90,480 total European mergers and acquisitions were identified as a merger of equals (Zaheer et al., 2003). This indicates that there were less than 1 per cent of the M&A deals that could actually be categorized as a merger of equals. This paper aims to analyse two recent mergers and assess to what extent they are “of equals”.

Design/methodology/approach
The paper takes a multi-case study approach looking specifically at the Lafarge-Holcim and DuPont-Dow Chemical mergers.

Findings
Zaheer et al. (2003) point out that in the case of a merger of equals emotions run usually high, perceptions of fairness and unfairness are strongly related to identification with their former organizations, and the very idea of “equality” can backfire, as integration can never be equal in all its aspects. It remains to be seen if the Lafarge-Holcim and the DuPont-Dow Chemicals will truly be equal.

Practical implications
The paper provides strategic insights and practical thinking that have influenced some of the world’s leading organizations.

Originality/value
The briefing saves busy executives and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy-to-digest format.
Allianz and its fateful acquisition of Dresdner Bank
Authors: Thomas Mark , Weber Christian 
Published: June 2016

Purpose
The Allianz acquisition of Dresdner Bank was announced as one of the most important deals of the year, in 2001. It was certainly one of the largest. In April 2001, the Munich-based insurance firm, Allianz, bought Dresdner Bank for more than €20 bn. Unfortunately, such optimism was unfounded. The projected synergies never materialized and in August 2008, Allianz sold Dresdner Bank to Commerzbank for €9.8 bn. The company had lost more than half its value in just seven years. The purpose of this article is to analyze how this happened.

Design/methodology/approach
The article is a case study of the acquisition Dresdner, looking specifically at problems of post-merger integration.

Findings
The article shows that problems of corporate culture were a serious handicap to the success of the merger.

Originality/value
The briefing saves busy executives and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy-to-digest format.
Strategic sourcing business models
Authors: Vitasek Kate 
Published: June 2016

Purpose
The purpose of this paper is to describe how seven sourcing models operate along a continuum depending on the complexity of the marketplace and the strategic needs of buyers and suppliers. Studies of business procurement and sourcing practices reveal that collaborative and holistic approaches will increase efficiencies and value in strategic outsourcing relationships.

Design/methodology/approach
The design is based on research and fieldwork from the University of Tennessee and vetted with the Sourcing Industry Group, the Center for Outsourcing Research and Education and the International Association for Contracts and Commercial Management. This work provided the basis and framework for the 2015 book, Strategic Sourcing in the New Economy: Harnessing the Potential of Sourcing Business Models in Modern Procurement.

Findings
Most organizations operate under conventional transaction-based models that are constrained by a formal, legally oriented, risk-averse and liability-based culture. There is growing awareness that transactional-based approaches do not always give each party the intended, or best, results. University of Tennessee research shows how organizations apply alternative output- and outcome-based approaches for complex contracts. That experience demonstrates that alternative Sourcing Business Models are viable approaches to the conventional transactional methods[1]. As senior leaders see positive results from carefully crafted collaborative agreements, momentum grows for both output- and outcome-based approaches.

Practical implications
Education on sourcing business models.

Originality/value
Collaborative outsourcing.
A modified ANP and fuzzy inference system based approach for risk assessment of in-house and third party e-procurement systems
Authors: Ramkumar M. 
Published: June 2016

Purpose
The increasing complexity and dynamism of new technology implemented or to implement have imposed substantial uncertainties and subjectivities in the risk assessment process. This paper aims to present a risk assessment methodology for e-procurement implementation based on modified analytic network process (ANP) coupled with fuzzy inference systems.

Design/methodology/approach
ANP is modified in such a way that the experts can provide necessary data precise numerical value, a range of numerical values, a linguistic term or a fuzzy number. The proposed methodology incorporates knowledge and judgements obtained from experts to carry out identification of risk factors and to assess the risk magnitude of the identified risk factors based on factor index, risk likelihood and risk severity.

Findings
Risk magnitude of third party systems are found to be minor with a belief of 100 per cent, and for in-house systems, the risk is found to be between minor with a belief of 30 per cent and major of 70 per cent. The results indicate that by using the proposed methodology, the technological risk assessment of new technology can be done effectively and efficiently.

Research limitations/implications
Using the results of this study, the practitioners can better know the pros and cons of implementing both in-house and third party e-procurement systems.

Originality/value
The modified ANP is used mainly to structure and prioritize the diverse risk factors. Finally, an illustrative example on technological risk assessment of both in-house and third party e-procurement systems is used to demonstrate the applicability of the proposed methodology in real life situations.
Strategic manoeuvers in outsourcing arrangements
Authors: Plugge Albert , Borman Mark , Janssen Marijn 
Published: June 2016

PurposeAdaptation is often seen as a key competitive advantage for outsourcing vendors. Outsourcing research has often assumed that vendor capabilities are static. However, as a result of uncertainties and/or changes in the client environment, vendors need to be able to adapt their outsourcing capabilities. The aim of our research is to compare two contrasting outsourcing approaches and illustrate how an adaptive approach may deliver better results for clients in the long term.Design/methodology/approachThe paper uses a combination of literature and case study research. A retrospective case study approach was adopted, using interviews, observations and analysis of reports. Two case studies utilizing contrasting clients approaches were investigated and compared. In one of the case studies, the client reorganized activities first and then outsourced them, while in the other, the client did the reverse – outsourced first and then reorganized.FindingsThe findings indicate that reorganizing first and outsourcing afterwards contributes to a more controlled implementation, which results in a more defined and stable set of vendor outsourcing capabilities that contributed to short-term success. In contrast, outsourcing first and reorganizing later demonstrates a less controlled redesign of the client’s organizational structure, which requires a malleable set of outsourcing capabilities to accommodate future change. The latter strategic manoeuver results in an extended adaptation period, as some capabilities need to be developed over time. However, it may improve success over time as subsequent changes in the client environment can be catered for in a better way.Research limitations/implicationsOnly two explorative case studies were performed, limiting confidence in the degree of generalization of the results. We plea for more research on the effect of context dependency as various contingencies may impact the adaptation of outsourcing capabilities; for example, the volatility of the client’s market or the stability of the technology concerned.Practical implicationsWhen a client applies a proactive manoeuver, reorganizing first and then applying outsourcing, the number of adaptive capabilities required of the outsourcing vendor is reduced, limiting the risk for the client in the short term. In the longer term, however, subsequent change requirements may be less well-accommodated.Originality/valueStrategic manoeuvers within an outsourcing context have received limited attention in research. As far as we know, this is the first empirical research that investigates the benefits of vendors having adaptive capability.
Do thermoregulatory costs limit altitude distributions of Andean forest birds?
Authors: Londoño Gustavo A. , Chappell Mark A. , Jankowski Jill E. , Robinson Scott K. 
Published: June 2016

Summary

Along tropical mountains, species often occupy narrow altitude ranges. Numerous biotic and abiotic factors have been proposed as determinants of altitude occupancy.

We measured several aspects of thermal physiology of 215 bird species across a 2·6‐km altitude gradient in the Peruvian Andes. We predicted that highland species would show adaptation to the colder high‐altitude climate and that energy costs of thermoregulation might limit upslope dispersal of lowland natives.

We found reductions in thermal conductance, body temperature and lower critical temperature in highland birds compared with lowland species. These combine to make highland natives more resistant to heat loss.

We did not find convincing evidence that acute thermal limits or energy costs of thermoregulation constrained altitude distributions. Heat‐budget models predicted low‐to‐moderate long‐term costs at native altitudes. Costs increased for lowland natives modelled in the highland climate, but for all but a few species, costs remained within putative expenditure limits.

Although we did not test heat tolerances, we measured all species at temperatures similar to the hottest air temperatures at the lowland site. There was no evidence that high lowland temperatures preclude downslope movements of highland birds.

While thermal tolerances probably do not directly determine altitude occupancy by most species, the additional energy cost of thermoregulation experienced by lowland species moving upslope may trade off against investment in important life‐history components such as breeding, and thereby affect altitude range limits.

A Lay Summary is available for this article.
Positive species diversity and above‐ground biomass relationships are ubiquitous across forest strata despite interference from overstorey trees
Authors: Zhang Yu , Chen Han Y. H. , Taylor Anthony R. 
Published: June 2016

Summary

There is growing concern over rates of global species diversity loss and its implications on healthy ecosystem functioning. While positive relationships between tree species diversity and forest biomass production have been observed, forests are structurally complex, consisting of understorey vegetation layers that also contribute to ecosystem functioning as they often account for the majority of species richness. However, relationships between understorey vegetation diversity and function are largely unexplored. Further, few studies have simultaneously assessed how both overstorey and understory vegetation interact and contribute to overall ecosystem function.

By analysing Canada's National Forest Inventory data base using structural equation modelling, we explored the relationships between species richness and above‐ground biomass production across forest vegetation strata while accounting for potentially confounding factors, including climate, physical site characteristics and forest ageing.

We found positive relationships between species richness and biomass production across all forest vegetation layers, but the relationship was strongest for the overstorey layer. Species richness of the understorey tree, shrub and herb layers was positively related to overstorey species richness. However, overstorey biomass had a negative effect on the biomass production of all understorey layers.

Our results suggest that resource filtering by overstorey trees might have reduced the strength of the positive diversity–productivity relationships in the forest understorey, supporting previous hypotheses that the magnitude and direction of diversity–productivity relationships is context specific and dependent on the conditions of the surrounding environment. Further, heterogeneity in understory resources, as affected by the overstorey, may promote niche complementarity as the main mechanism driving diversity–productivity relationships in understorey vegetation.
Parasite infection and decreased thermal tolerance: impact of proliferative kidney disease on a wild salmonid fish in the context of climate change
Authors: Bruneaux Matthieu , Visse Marko , Gross Riho , Pukk Lilian , Saks Lauri , Vasemägi Anti 
Published: June 2016

Summary

Parasites and pathogens can have an important effect on their host's thermal resistance. The impact of parasite infection on host physiological performances has traditionally been studied in controlled laboratory conditions, and much less is known about its actual effects in wild populations. Nonetheless, such knowledge is critical when assessing the effect of climate change on the future survival of the host.

Tetracapsuloides bryosalmonae is a myxozoan endoparasite causing proliferative kidney disease (PKD) in salmonids. Infection and clinical symptoms of PKD are dependent on environmental temperature and PKD has become an emerging disease of primary importance for farmed and wild salmonids in the last decades. Despite important achievements in understanding PKD pathology in recent years, there are still crucial gaps in the knowledge of the disease ecology, notably in how the parasite affects host performance in the wild.

We sampled juvenile (0+) brown trout (Salmo trutta) from the wild during early and late summer and assessed relative parasite load (DNA quantification with qPCR) and disease severity (kidney hyperplasia). We also measured haematocrit, leucocyte formula, aerobic scope and upper thermal tolerance in a field‐physiology approach in order to better understand the relationships between PKD severity and host performance. By using wild‐caught individuals and performing measurements directly on location, we aimed to gain insights into host physiology in a natural environment while avoiding biases caused by laboratory acclimation.

We found that most physiopathological symptoms in the wild were strongly correlated with kidney hyperplasia, but more weakly linked to parasite load. Disease severity was positively correlated with anaemia and abundance of circulating thrombocytes, and negatively correlated with aerobic scope and thermal tolerance.

Our results suggest that impaired aerobic performances and thermal tolerance in infected fish may potentially result in decreased host survival in the wild, especially in relation with predicted higher average summer temperatures and increased frequency of extreme events (summer heatwaves) in the context of global climate change.

A Lay Summary is available for this article.
The effect of egg size on hatch time and metabolic rate: theoretical and empirical insights on developing insect embryos
Authors: Maino James L. , Pirtle Elia I. , Kearney Michael R. 
Published: June 2016

Summary

Body size scaling relationships allow biologists to study ecological phenomena in terms of individual level metabolic processes. Recently, dynamic energy budget (DEB) theory has been shown to offer novel insights on the effect of body size on biological rates.

We test whether DEB theory and its unique partitioning of biomass into reserve and structural components can explain the effect of egg size on hatch time and the time course of respiration in insect embryos.

We find that without any parameterization (calibration), DEB theory is able to predict hatch time for eggs sizes spanning four orders of magnitude from fundamental biological processes.

We find, however, that the standard DEB model poorly predicts the time course of respiration, particularly in early embryonic development where a strong effect of egg size is observed. Further, we show that other theoretical models also poorly predict early embryonic respiration.

By modifying the assumption that a fresh egg is entirely reserve, we show that embryonic respiration and hatch time can be better predicted by the DEB model.

Useful theories in metabolic ecology, such as DEB theory, can help explain universal scaling patterns in development times. However, simple theoretical models must be expanded if they are to capture the scaling of metabolic rate in insect eggs.

A Lay Summary is available for this article.
Complications of external cephalic version: a retrospective analysis of 1121 patients at a tertiary hospital in Sydney
Authors: Rodgers R , Beik N , Nassar N , Brito I , de Vries B 
Published: June 2016

ObjectiveTo report the complication rate associated with external cephalic version (ECV) at term.DesignSingle‐centre retrospective study.SettingA major tertiary hospital in Sydney, Australia.Population or SampleAll women who underwent an ECV at Royal Prince Alfred Hospital from 1995–2013 were included.MethodsECV was attempted on all consenting women with a breech presentation at term in the absence of contraindications. Complications were classified as minor (transient cardiotocography abnormalities, ruptured membranes, small antepartum haemorrhage) or serious (fetal death, placental abruption, fetal distress requiring emergency caesarean section, fetal bone injury, cord prolapse). ECV success rates and rate of reversion to breech were recorded.Main outcome measuresThe primary outcome was the incidence of serious complications. Secondary outcome measures were the rate of minor complications and reversion to breech.ResultsOf 1121 patients that underwent ECV, five (0.45%) experienced a serious complication. There was one placental abruption, one emergency caesarean section for fetal distress and two cord prolapses. There was one fetal death attributable to a successful ECV. Forty‐eight women (4.28%) experienced a minor complication. Reversion to the breech occurred in sixteen patients (3.32%).ConclusionECV at term is associated with a low rate of serious complications.Tweetable abstractStudy of 1121 consecutive ECV attempts shows low rate of complications although one fetal death reported.
Is there any gender‐specific difference in the cut‐off values of ankylosing spondylitis disease activity score in patients with axial spondyloarthritis?
Authors: Kilic Gamze , Kilic Erkan , Ozgocmen Salih 
Published: June 2016

AbstractAimTo assess the validity of Assessment in Spondyloarthritis International Society (ASAS) endorsed Ankylosing Spondylitis Disease Activity Score (ASDAS) C‐reactive protein (‐CRP) and ASDAS erythrocyte sedimentation rate (‐ESR) in axial spondyloarthritis (axSpA) and to estimate the cut‐off values for male and female patients with axSpA.MethodsPatients with axSpA were assessed for disease activity, functions, mobility and AS Quality of Life (ASQoL) and pain. The discriminant ability of ASDAS versions was assessed using standardized mean differences. Optimal cut‐off values of ASDAS versions were calculated.ResultsPatients with axSpA were included (196 AS, 164 non‐radiographic axSpA). ASDAS versions and Bath Ankylosing Spondylitis Disease Activity Index (BASDAI) had good correlations with patient's global (PtG) and physician's global (PhG) assessment in both groups; however, men had relatively higher coefficients. Women had significantly higher pain, ASQoL, ASDAS‐ESR, BASDAI item scores, PtG, PhG and ESR. Discriminant abilities of ASDAS‐CRP, ASDAS‐ESR and BASDAI were similar in men and women regarding low and high disease activity. ASDAS cut‐offs are quite similar in both genders and in accordance with predefined values. The cut‐offs for ASDAS‐ESR were relatively lower than ASDAS‐CRP and women tend to have higher cut‐offs than men.ConclusionThe construct validity of ASDAS‐CRP to discriminate low and high disease activity and cut‐off values are similar in male and female patients with axSpA; however, cut‐offs for ASDAS‐ESR need to be defined.