This paper constructs a model on the factors that influence knowledge transfer in mergers and acquisitions(M&A)and validates it via questionnaire surveys.Using 125valid collected questionnaires,multiple linear reg...This paper constructs a model on the factors that influence knowledge transfer in mergers and acquisitions(M&A)and validates it via questionnaire surveys.Using 125valid collected questionnaires,multiple linear regression analysis and hierarchical regression analysis showed that five out of the ten factors had a positive effect on knowledge transfer effect.The ranking of factor importance,from high to low,was knowledge explicitness,relationship quality,learning intent,advanced transfer activities,and learning capability,which is fairly consistent with positive factors observed in other interorganizational knowledge transfer researches.Our results also showed that one of the control variables(size of acquired firm)had neither a direct or indirect effect on knowledge transfer in M&A.Additionally,our research found that knowledge distance and degree of M&A integration had a positive influence on knowledge transfer effect at the early stage after M&A,but had a negative influence at the late stage.Based on this research,several suggestions for knowledge transfer in M&A are proposed.展开更多
This article presents and analyses the theories with respect to mergers and acquisitions, and list why companies or firms need to be reorganised. Different types of mergers occur under different situations. Mergers be...This article presents and analyses the theories with respect to mergers and acquisitions, and list why companies or firms need to be reorganised. Different types of mergers occur under different situations. Mergers between companies which have same products or services called horizontal mergers; mergers between companies which have buyer-seller relationship called vertical mergers; and companies which have different business fields always use conglomerate mergers. The main motive of companies or firms choosing merger or acquisition is synergy.展开更多
This article sheds light on how synergies arise through mergers and acquisitions (M&A). Enterprises go through the process of Mergers and Acquisitions (M&A) with the goal of improving performance, increasing e...This article sheds light on how synergies arise through mergers and acquisitions (M&A). Enterprises go through the process of Mergers and Acquisitions (M&A) with the goal of improving performance, increasing efficiency and obtaining business synergy. Prior literature suggests that synergies could arise due to taxes, market power or efficiency improvements. This study evaluates the efficiency of M&A in Brazil among publicly-traded companies. We used models with multiple objectives from Goal Programming and Data Envelopment Analysis (GPDEA), employing accounting indicators as input and output variables, and thus evaluated the emergence of synergy gains. These models allow us to analyze and classify the M&A according to the efficiency obtained in such processes. Some of the M&A cases analyzed were mistakenly considered efficient when used traditional models. And, as expected, the GPDEA was proved to be superior to classical models;however it was noticed that few of the cases investigated were proved to be effective. We presented a new application for multi-objective approach that can be used to assess mergers and acquisitions. The dualapplication of GPDEA provided a greater understanding of efficiency generation in synergy creation by means of M&A.展开更多
In recent years,the frequent adjustment of the government’s economic policies and the uncertainty of foreign economic situations have made the degree of uncertainty of China’s economic policies rise continuously.The...In recent years,the frequent adjustment of the government’s economic policies and the uncertainty of foreign economic situations have made the degree of uncertainty of China’s economic policies rise continuously.The increasing degree of policy uncertainty will inevitably affect the investment and financing decisions of micro enterprises.Then,how does economic policy uncertainty(EPU)affect mergers and acquisitions(M&A)behavior?What’s the mechanism?Based on the above questions,this paper uses the data of non-financial listed companies in the Shanghai and Shenzhen stock exchanges from 2008 to 2018 as a sample to explore the relationship between EPU and M&A.The study shows that rising EPU will promote corporate M&A behavior,and this effect is more significant in slow-growth companies.The relationship between EPU and M&A is affected by corporate governance,stock price volatility and financing constraints.Specifically,the company’s M&A size is more sensitive to EPU with higher level of corporate governance,higher level of stock price volatility,and lesser financing constraints.Further research shows that the rise of EPU will significantly promote the improvement of M&A performance in the short-term,but this effect does not exist in the long-term.Various robustness checks do not change the empirical results of this paper.展开更多
This paper investigates how accounting standards(AS) convergence influences Chinese firms’ overseas mergers and acquisitions(M&As) and shows that this convergence significantly promotes Chinese firms’ overseas M...This paper investigates how accounting standards(AS) convergence influences Chinese firms’ overseas mergers and acquisitions(M&As) and shows that this convergence significantly promotes Chinese firms’ overseas M&As.Specifically, we find that both the probability of success and the value of transactions increases significantly in countries that implemented International Financial Reporting Standards(IFRS) prior to 2007.These results suggest that accounting standards(AS) convergence can improve the comparability of accounting information between China and other countries that have adopted IFRS.Moreover, we find that the impact of accounting standards(AS) convergence on state-owned enterprise(SOE) acquirers is weak.These findings demonstrate that accounting standards(AS) convergence can facilitate Chinese firms’ overseas M&As by improving the comparability of accounting information between China and target countries.展开更多
This paper studies short sellers' trading strategies and their effects on the financial market by examining their accusations of fraud against Chinese reverse merger firms(CRMs) in the US. We find that short selle...This paper studies short sellers' trading strategies and their effects on the financial market by examining their accusations of fraud against Chinese reverse merger firms(CRMs) in the US. We find that short sellers rely on firms' fundamental information, especially relative financial indicators, to locate their "prey." Specifically, they compare a target firm's financial indicators(e.g., growth and receivables) with both the industry average and the firm's history. We find no evidence that short sellers accuse CRMs simply because of their reverse merger label. Additionally, we test the accuracy of short sellers' accusations in the long run and find that accused firms are more likely to delist and less likely to recover from price plunges. Our results also indicate that CRMs' high exposure to short sellers' accusations stem from adverse selection problems: firms with high litigation risk are more likely to choose reverse mergers to access the US capital market. Overall, our results support the view that short sellers are sophisticated investors and shed some light on their decision processes.展开更多
In this paper,two investment modes,greenfield investment and cross-border mergers and acquisitions,are introduced on the basis of Manova(2008),and it is found that enterprises with less financing constraints tend to c...In this paper,two investment modes,greenfield investment and cross-border mergers and acquisitions,are introduced on the basis of Manova(2008),and it is found that enterprises with less financing constraints tend to choose cross-border mergers and acquisitions.Therefore,this paper takes Chinese industrial enterprises that conducted cross-border mergers and acquisitions and greenfield investment in 2003−2010 as examples to test the above hypothesis.The result shows that enterprises with lower financing constraints are more likely to choose cross-border mergers and acquisitions,while those with stronger constraints choose greenfield investment.More specifi cally,a 1%reduction in financing constraints raises the probability of choosing cross-border mergers and acquisitions by 2.51%.The authors also find that the influence of financing constraints varies under different investment motivation.For business service and production-related investment,enterprises with lower financing constraints tend to choose cross-border mergers and acquisitions;while for R&D investment,financing constraints have no impact on the choice of investment mode.展开更多
The risk assessment and control of medical investment,merger,and acquisition are crucial topics within the medical industry,encompassing various aspects of investment,merger,and acquisition within this sector.The proc...The risk assessment and control of medical investment,merger,and acquisition are crucial topics within the medical industry,encompassing various aspects of investment,merger,and acquisition within this sector.The process primarily targets the unique nature and associated risks of the medical industry,focusing on effective risk management and control strategies to facilitate the smooth progression of investment,merger,and acquisition activities.展开更多
China aims to maintain sound development of the national economy through M&As Anew round of corporate mergers and acquisitions (M&As) is on the way. On September 6, the State Council announced that it would re...China aims to maintain sound development of the national economy through M&As Anew round of corporate mergers and acquisitions (M&As) is on the way. On September 6, the State Council announced that it would require companies in the automobile, iron and steel, cement, machinery manufacturing, electro- lytic aluminum and rare earth industries to accelerate M&As.展开更多
Interregional housing price comovement is a stylized fact worldwide.This study explores how it is affected by administrative division adjustment.We exploit city-county mergers in China as a quasi-natural experiment to...Interregional housing price comovement is a stylized fact worldwide.This study explores how it is affected by administrative division adjustment.We exploit city-county mergers in China as a quasi-natural experiment to construct a difference-in-differences strategy for causal identification.Based on monthly housing price data for districts(counties)in China from 2010 to 2019,we find that city-county mergers significantly improve correlations in housing prices between the merged county and the urban district.This effect is more obvious in cities with a large economic gap between merged counties and urban districts,located in the central and western regions,and with lower administrative hierarchies(non-provincial-capital cities).The mechanism test shows that the impact of city-county mergers on housing price comovement results mainly from integrating housing demand rather than integrating housing supply,like the unified land supply policy that local government implements in the new administrative scope after mergers.The results are helpful in understanding housing price comovement from the view of regional integration and provide clear policy implications for housing market regulation in China.展开更多
Mergers have become an important means for low-carbon manufacturers to improve their efficiency and competitiveness.This paper studies the impact of horizontal mergers between asymmetric low-carbon manufacturers on pr...Mergers have become an important means for low-carbon manufacturers to improve their efficiency and competitiveness.This paper studies the impact of horizontal mergers between asymmetric low-carbon manufacturers on product diversity,profits,consumer surplus,and the environment.In the premerger model,we consider two asymmetric manufacturers in terms of market potential that produce two products and compete on prices and carbon emissions.In the postmerger model,the two asymmetric manufacturers merge into one firm.The merged manufacturer can either continue to produce two products and collude on both products'prices and carbon emissions or enjoy both production and green technology investment cost savings to produce only one product.Our result suggests that when the merged manufacturer produces two products,the merger does not necessarily lead to higher prices,which stands in sharp contrast to the conventional wisdom.Furthermore,the merger always benefits the manufacturer but harms consumers.When the merged manufacturer chooses to produce only one product,however,we confirm that the merger can lead to a win-win-win outcome,i.e.,the manufacturer,customers,and environment all become better off if either the production or investment savings are salient.The conventional wisdom shows that salient costing savings lead to price reduction.Nevertheless,we show that the merged manufacturer can charge consumers higher prices to provide lower-emission products.In addition,we show that improving investment(production)cost savings is more effective for the merged manufacturer if these two cost savings are salient(not salient).Finally,the merged manufacturer should not reduce diversity if these two cost savings are relatively low because the profit and consumer surplus may be simultaneously lower.We also extend our base model to the case where there exist three manufacturers in the premerger model and the merged firm still operates in a competitive market.展开更多
The measurement of gravitational waves produced by binary black-hole mergers at the Advanced LIGO has encouraged extensive studies on the stochastic gravitational wave background. Recent studies have focused on gravit...The measurement of gravitational waves produced by binary black-hole mergers at the Advanced LIGO has encouraged extensive studies on the stochastic gravitational wave background. Recent studies have focused on gravitational wave sources made of the same species, such as mergers from binary primordial black holes or those from binary astrophysical black holes. In this paper, we study a new possibility - the stochastic gravitational wave background produced by mergers of one primordial black hole and one astrophysical black hole. Such systems are necessarily present if primordial black holes exist. We study the isotropic gravitational wave background produced through the history of the universe. We find it is very challenging to detect such a signal. We also demonstrate that it is improper to treat the gravitational waves produced by such binaries in the Milky Way as a directional stochastic background due to a very low binary formation rate.展开更多
Under the background of Chinese market segmentation,whether governmentled administrative division adjustments can promote regional economic integration is a practical issue.Taking interregional firms’stock price como...Under the background of Chinese market segmentation,whether governmentled administrative division adjustments can promote regional economic integration is a practical issue.Taking interregional firms’stock price comovement as a micro measurement of regional integration,this paper investigates the regional integration effect of administrative division adjustments,i.e.,city–county mergers.We find that stock price comovement between county-level and municipal district-level firms in the merged counties and municipal districts significantly improve after city–county mergers,particularly in regions with a higher degree of market segmentation and lower degree of marketization.We further find that the increase in stock price comovement caused by city–county mergers emerges from the increase in comovement of real activities between firms in the merged counties and municipal districts.Taken together,our results suggest that government-led administrative division adjustments effectively promote regional integration.展开更多
Gravitational waves have been detected in the past few years from several transient events such as merging stellar mass black holes, binary neutron stars, etc. These waves have frequencies in a band ranging from a few...Gravitational waves have been detected in the past few years from several transient events such as merging stellar mass black holes, binary neutron stars, etc. These waves have frequencies in a band ranging from a few hundred hertz to around a kilohertz to which LIGO type instruments are sensitive. LISA would be sensitive to much lower range of frequencies from SMBH mergers. Apart from these cataclysmic burst events, there are innumerable sources of radiation which are continuously emitting gravitational waves of all frequencies. These include a whole mass range of compact binary and isolated compact objects as well as close planetary stellar entities. In this work, quantitative estimates are made of the gravitational wave background produced in typical frequency ranges from such sources emitting over a Hubble time and the fluctuations in the <i>h</i> values measured in the usual devices. Also estimates are made of the high frequency thermal background gravitational radiation from hot stellar interiors and newly formed compact objects.展开更多
Background:The wealth effect of limiting shareholder rights via anti-takeover provisions(ATPs)is a contentious issue.By taking the differential effect hypothesis perspective,our study aims to provide additional eviden...Background:The wealth effect of limiting shareholder rights via anti-takeover provisions(ATPs)is a contentious issue.By taking the differential effect hypothesis perspective,our study aims to provide additional evidence about the relation between ATPs and acquisition performance.Methods:We examine the interaction of antitakeover provisions(ATPs)with firm characteristics and governance environment in explaining the cross-section of bidder announcement returns.Using a sample of 3,340 completed acquisitions by 1,217 firms during 1996–2006,we test the association between ATPs,firm characteristics,and governance environments with bidder returns.Results:We find that ATPs hurt acquisition performance only when acquirers hold a high level of excess cash.Similarly,ATPs are associated with lower bidder returns only when industry competition is weak and public pension fund ownership is low as well.By contrast,when industry competition is intense and/or public pension fund ownership is high,ATPs do not hurt bidder returns.Conclusions:The complementarity among ATPs,excess cash,industry competition,and public pension fund ownership suggests that ATPs per se do not necessarily result in value-destroying acquisitions for all firms.We address the endogeneity issue of unknown variables by using a proxy for firm prestige and draw the same conclusions.展开更多
The Big Four is the name given to the top four professional consultancy firms of the world namely Pw C(Price Waterhouse Coopers), KPMG, Ernst and Young and Deloitte. These firms provide audit, accounting, taxation, fi...The Big Four is the name given to the top four professional consultancy firms of the world namely Pw C(Price Waterhouse Coopers), KPMG, Ernst and Young and Deloitte. These firms provide audit, accounting, taxation, financial and other professional consultancy to the clients(being businesses and companies). The paper discusses the reasons for the formation of the Big Four and the future aspects of the big four. It was found that the current market structure and the existing status of the Big Four will not change in the near future and there is near to impossible chances of new entrants in the auditing and accounting markets because of barriers to entry established by the Big Four in the existing market.展开更多
Counting has always been one of the most important operations for human be-ings. Naturally, it is inherent in economics and business. We count with the unique arithmetic, which humans have used for millennia. However,...Counting has always been one of the most important operations for human be-ings. Naturally, it is inherent in economics and business. We count with the unique arithmetic, which humans have used for millennia. However, over time, the most inquisitive thinkers have questioned the validity of standard arithmetic in certain settings. It started in ancient Greece with the famous philosopher Zeno of Elea, who elaborated a number of paradoxes questioning popular knowledge. Millennia later, the famous German researcher Herman Helmholtz (1821-1894) [1] expressed reservations about applicability of conventional arithmetic with respect to physical phenomena. In the 20th and 21st century, mathematicians such as Yesenin-Volpin (1960) [2], Van Bendegem (1994) [3], Rosinger (2008) [4] and others articulated similar concerns. In validation, in the 20th century expressions such as 1 + 1 = 3 or 1 + 1 = 1 occurred to reflect important characteristics of economic, business, and social processes. We call these expressions synergy arithmetic. It is common notion that synergy arithmetic has no meaning mathematically. However in this paper we mathematically ground and explicate synergy arithmetic.展开更多
China had been increasing outbound investments before the global financial crisis as result of seeking a stable supply chain, stable market and advanced technology. The global financial crisis did not reduce Chinese e...China had been increasing outbound investments before the global financial crisis as result of seeking a stable supply chain, stable market and advanced technology. The global financial crisis did not reduce Chinese enterprises' driving force of outbound investment but provides more opportunities. Chinese enterprises may also face more traps in outbound investments. However, they can avoid failure by choosing objects prudently.展开更多
We identify five phases in the formation of M&A from the beginning until the newest developments when economic sanctions were imposed.The paper summarizes the results of empirical analysis of mergers and acquisiti...We identify five phases in the formation of M&A from the beginning until the newest developments when economic sanctions were imposed.The paper summarizes the results of empirical analysis of mergers and acquisitions(M&A)of Russian companies over the period 1995-2013.To capture the time series behaviour of M&A processes,we fit an autoregressive integrated moving average(ARIMA)model.We further analysed co-integration of M&A processes in Russia and US,China,and Germany.The results indicate German and Chinese M&A series have a long-term influence on Russian series,while no significant causal links were evidenced in the dataset between US and Russian series.展开更多
The eddy tracking approach is developed using the global nearest neighbor filter(GNNF) to investigate the evolution processes and behaviors of mesoscale eddies in the South China Sea(SCS). Combining the Kalman filter ...The eddy tracking approach is developed using the global nearest neighbor filter(GNNF) to investigate the evolution processes and behaviors of mesoscale eddies in the South China Sea(SCS). Combining the Kalman filter and optimal data association technologies, the GNNF algorithm is able to reduce pairing errors to 0.2% in tracking synthetic eddy tracks, outperforming other existing methods. A total of 4 913 eddy tracks that last more than a week are obtained by the GNNF during 1993–2012. The analysis of a growth and a decay based on 3 445 simple eddy tracks show that eddy radius, amplitude, and vorticity smoothly increase during the first half of lifetime and decline during the second half following a parabola opening downwards. The genesis of eddies mainly clusters northwest and southwest of Luzon Island whereas the dissipations concentrate the Xisha Islands where the underwater bay traps and terminates eddies. West of the Luzon Strait, northwest of Luzon Island, and southeast of Vietnam are regions where eddy splits and mergers are frequently observed. Short disappearances mainly distribute in the first two regions. Moreover, eddy splits generally result in a decrease of the radius and the amplitude whereas eddy mergers induce growing up. Eddy intensity and vorticity, on the contrary, are strengthened in the eddy splits and diminished in mergers.展开更多
基金supported by the National Planning Office of Philosophy and Social Science(Grant No.07BTQ011)
文摘This paper constructs a model on the factors that influence knowledge transfer in mergers and acquisitions(M&A)and validates it via questionnaire surveys.Using 125valid collected questionnaires,multiple linear regression analysis and hierarchical regression analysis showed that five out of the ten factors had a positive effect on knowledge transfer effect.The ranking of factor importance,from high to low,was knowledge explicitness,relationship quality,learning intent,advanced transfer activities,and learning capability,which is fairly consistent with positive factors observed in other interorganizational knowledge transfer researches.Our results also showed that one of the control variables(size of acquired firm)had neither a direct or indirect effect on knowledge transfer in M&A.Additionally,our research found that knowledge distance and degree of M&A integration had a positive influence on knowledge transfer effect at the early stage after M&A,but had a negative influence at the late stage.Based on this research,several suggestions for knowledge transfer in M&A are proposed.
文摘This article presents and analyses the theories with respect to mergers and acquisitions, and list why companies or firms need to be reorganised. Different types of mergers occur under different situations. Mergers between companies which have same products or services called horizontal mergers; mergers between companies which have buyer-seller relationship called vertical mergers; and companies which have different business fields always use conglomerate mergers. The main motive of companies or firms choosing merger or acquisition is synergy.
文摘This article sheds light on how synergies arise through mergers and acquisitions (M&A). Enterprises go through the process of Mergers and Acquisitions (M&A) with the goal of improving performance, increasing efficiency and obtaining business synergy. Prior literature suggests that synergies could arise due to taxes, market power or efficiency improvements. This study evaluates the efficiency of M&A in Brazil among publicly-traded companies. We used models with multiple objectives from Goal Programming and Data Envelopment Analysis (GPDEA), employing accounting indicators as input and output variables, and thus evaluated the emergence of synergy gains. These models allow us to analyze and classify the M&A according to the efficiency obtained in such processes. Some of the M&A cases analyzed were mistakenly considered efficient when used traditional models. And, as expected, the GPDEA was proved to be superior to classical models;however it was noticed that few of the cases investigated were proved to be effective. We presented a new application for multi-objective approach that can be used to assess mergers and acquisitions. The dualapplication of GPDEA provided a greater understanding of efficiency generation in synergy creation by means of M&A.
文摘In recent years,the frequent adjustment of the government’s economic policies and the uncertainty of foreign economic situations have made the degree of uncertainty of China’s economic policies rise continuously.The increasing degree of policy uncertainty will inevitably affect the investment and financing decisions of micro enterprises.Then,how does economic policy uncertainty(EPU)affect mergers and acquisitions(M&A)behavior?What’s the mechanism?Based on the above questions,this paper uses the data of non-financial listed companies in the Shanghai and Shenzhen stock exchanges from 2008 to 2018 as a sample to explore the relationship between EPU and M&A.The study shows that rising EPU will promote corporate M&A behavior,and this effect is more significant in slow-growth companies.The relationship between EPU and M&A is affected by corporate governance,stock price volatility and financing constraints.Specifically,the company’s M&A size is more sensitive to EPU with higher level of corporate governance,higher level of stock price volatility,and lesser financing constraints.Further research shows that the rise of EPU will significantly promote the improvement of M&A performance in the short-term,but this effect does not exist in the long-term.Various robustness checks do not change the empirical results of this paper.
基金financial support from the National Natural Science Foundation of China (No.71602112)the Shanghai Educational Development Foundation Morning Project (15CG57)+1 种基金financial support from the National Natural Science Foundation of China (Nos.91746117 and 71572101)the Ministry of Education (MOE) Key Research Institute of Humanities and Social Sciences at Universities (No.16JJD790037)
文摘This paper investigates how accounting standards(AS) convergence influences Chinese firms’ overseas mergers and acquisitions(M&As) and shows that this convergence significantly promotes Chinese firms’ overseas M&As.Specifically, we find that both the probability of success and the value of transactions increases significantly in countries that implemented International Financial Reporting Standards(IFRS) prior to 2007.These results suggest that accounting standards(AS) convergence can improve the comparability of accounting information between China and other countries that have adopted IFRS.Moreover, we find that the impact of accounting standards(AS) convergence on state-owned enterprise(SOE) acquirers is weak.These findings demonstrate that accounting standards(AS) convergence can facilitate Chinese firms’ overseas M&As by improving the comparability of accounting information between China and target countries.
文摘This paper studies short sellers' trading strategies and their effects on the financial market by examining their accusations of fraud against Chinese reverse merger firms(CRMs) in the US. We find that short sellers rely on firms' fundamental information, especially relative financial indicators, to locate their "prey." Specifically, they compare a target firm's financial indicators(e.g., growth and receivables) with both the industry average and the firm's history. We find no evidence that short sellers accuse CRMs simply because of their reverse merger label. Additionally, we test the accuracy of short sellers' accusations in the long run and find that accused firms are more likely to delist and less likely to recover from price plunges. Our results also indicate that CRMs' high exposure to short sellers' accusations stem from adverse selection problems: firms with high litigation risk are more likely to choose reverse mergers to access the US capital market. Overall, our results support the view that short sellers are sophisticated investors and shed some light on their decision processes.
基金The General Program of National Natural Science Foundation“Outward Foreign Direct Investment Mode Choice of Chinese Enterprises and Internationalization Features Studies”(71973112).
文摘In this paper,two investment modes,greenfield investment and cross-border mergers and acquisitions,are introduced on the basis of Manova(2008),and it is found that enterprises with less financing constraints tend to choose cross-border mergers and acquisitions.Therefore,this paper takes Chinese industrial enterprises that conducted cross-border mergers and acquisitions and greenfield investment in 2003−2010 as examples to test the above hypothesis.The result shows that enterprises with lower financing constraints are more likely to choose cross-border mergers and acquisitions,while those with stronger constraints choose greenfield investment.More specifi cally,a 1%reduction in financing constraints raises the probability of choosing cross-border mergers and acquisitions by 2.51%.The authors also find that the influence of financing constraints varies under different investment motivation.For business service and production-related investment,enterprises with lower financing constraints tend to choose cross-border mergers and acquisitions;while for R&D investment,financing constraints have no impact on the choice of investment mode.
文摘The risk assessment and control of medical investment,merger,and acquisition are crucial topics within the medical industry,encompassing various aspects of investment,merger,and acquisition within this sector.The process primarily targets the unique nature and associated risks of the medical industry,focusing on effective risk management and control strategies to facilitate the smooth progression of investment,merger,and acquisition activities.
文摘China aims to maintain sound development of the national economy through M&As Anew round of corporate mergers and acquisitions (M&As) is on the way. On September 6, the State Council announced that it would require companies in the automobile, iron and steel, cement, machinery manufacturing, electro- lytic aluminum and rare earth industries to accelerate M&As.
基金the Program for Innovation Research at Central University of Finance and Economics(No.020150321004)the National Natural Science Foundation of China(No.71903210)。
文摘Interregional housing price comovement is a stylized fact worldwide.This study explores how it is affected by administrative division adjustment.We exploit city-county mergers in China as a quasi-natural experiment to construct a difference-in-differences strategy for causal identification.Based on monthly housing price data for districts(counties)in China from 2010 to 2019,we find that city-county mergers significantly improve correlations in housing prices between the merged county and the urban district.This effect is more obvious in cities with a large economic gap between merged counties and urban districts,located in the central and western regions,and with lower administrative hierarchies(non-provincial-capital cities).The mechanism test shows that the impact of city-county mergers on housing price comovement results mainly from integrating housing demand rather than integrating housing supply,like the unified land supply policy that local government implements in the new administrative scope after mergers.The results are helpful in understanding housing price comovement from the view of regional integration and provide clear policy implications for housing market regulation in China.
基金This paper was supported by the National Natural Science Foundation of China under Grant Nos.72001048 and 72102080the Guangdong Basic and Applied Basic Research Foundation under Grant Nos.2019A1515011767,2019A1515110848,2021A1515011969,and 2021A1515011876the Planning Projects of Philosophy and So-cial Science of Guangdong under Grant No.GD19YGL12.
文摘Mergers have become an important means for low-carbon manufacturers to improve their efficiency and competitiveness.This paper studies the impact of horizontal mergers between asymmetric low-carbon manufacturers on product diversity,profits,consumer surplus,and the environment.In the premerger model,we consider two asymmetric manufacturers in terms of market potential that produce two products and compete on prices and carbon emissions.In the postmerger model,the two asymmetric manufacturers merge into one firm.The merged manufacturer can either continue to produce two products and collude on both products'prices and carbon emissions or enjoy both production and green technology investment cost savings to produce only one product.Our result suggests that when the merged manufacturer produces two products,the merger does not necessarily lead to higher prices,which stands in sharp contrast to the conventional wisdom.Furthermore,the merger always benefits the manufacturer but harms consumers.When the merged manufacturer chooses to produce only one product,however,we confirm that the merger can lead to a win-win-win outcome,i.e.,the manufacturer,customers,and environment all become better off if either the production or investment savings are salient.The conventional wisdom shows that salient costing savings lead to price reduction.Nevertheless,we show that the merged manufacturer can charge consumers higher prices to provide lower-emission products.In addition,we show that improving investment(production)cost savings is more effective for the merged manufacturer if these two cost savings are salient(not salient).Finally,the merged manufacturer should not reduce diversity if these two cost savings are relatively low because the profit and consumer surplus may be simultaneously lower.We also extend our base model to the case where there exist three manufacturers in the premerger model and the merged firm still operates in a competitive market.
基金Supported by the National Key Research and Development Program of China (2020YFC2201501)supported by the National Natural Science Foundation of China (12025507, 12150015, 12047503)+4 种基金the Strategic Priority Research Program and Key Research Program of Frontier Science of the Chinese Academy of Sciences (XDB21010200, XDB23010000, ZDBS-LY-7003)CAS project for Young Scientists in Basic Research YSBR-006supported by the International Postdoctoral Exchange Fellowship Programby the National Science Foundation of China (12022514,11875003)supported by U.S. Department of Energy(DESC0009959)
文摘The measurement of gravitational waves produced by binary black-hole mergers at the Advanced LIGO has encouraged extensive studies on the stochastic gravitational wave background. Recent studies have focused on gravitational wave sources made of the same species, such as mergers from binary primordial black holes or those from binary astrophysical black holes. In this paper, we study a new possibility - the stochastic gravitational wave background produced by mergers of one primordial black hole and one astrophysical black hole. Such systems are necessarily present if primordial black holes exist. We study the isotropic gravitational wave background produced through the history of the universe. We find it is very challenging to detect such a signal. We also demonstrate that it is improper to treat the gravitational waves produced by such binaries in the Milky Way as a directional stochastic background due to a very low binary formation rate.
基金the financial support from the National Natural Science Foundation of China(No.71872199)the Beijing Social Science Foundation(No.20JJB015)+1 种基金the financial support from the Youth Program of National Natural Science Foundation of China(No.71902210)the Youth program of Ministry of Education Humanities and Social Science Research(No.19YJC630092)
文摘Under the background of Chinese market segmentation,whether governmentled administrative division adjustments can promote regional economic integration is a practical issue.Taking interregional firms’stock price comovement as a micro measurement of regional integration,this paper investigates the regional integration effect of administrative division adjustments,i.e.,city–county mergers.We find that stock price comovement between county-level and municipal district-level firms in the merged counties and municipal districts significantly improve after city–county mergers,particularly in regions with a higher degree of market segmentation and lower degree of marketization.We further find that the increase in stock price comovement caused by city–county mergers emerges from the increase in comovement of real activities between firms in the merged counties and municipal districts.Taken together,our results suggest that government-led administrative division adjustments effectively promote regional integration.
文摘Gravitational waves have been detected in the past few years from several transient events such as merging stellar mass black holes, binary neutron stars, etc. These waves have frequencies in a band ranging from a few hundred hertz to around a kilohertz to which LIGO type instruments are sensitive. LISA would be sensitive to much lower range of frequencies from SMBH mergers. Apart from these cataclysmic burst events, there are innumerable sources of radiation which are continuously emitting gravitational waves of all frequencies. These include a whole mass range of compact binary and isolated compact objects as well as close planetary stellar entities. In this work, quantitative estimates are made of the gravitational wave background produced in typical frequency ranges from such sources emitting over a Hubble time and the fluctuations in the <i>h</i> values measured in the usual devices. Also estimates are made of the high frequency thermal background gravitational radiation from hot stellar interiors and newly formed compact objects.
文摘Background:The wealth effect of limiting shareholder rights via anti-takeover provisions(ATPs)is a contentious issue.By taking the differential effect hypothesis perspective,our study aims to provide additional evidence about the relation between ATPs and acquisition performance.Methods:We examine the interaction of antitakeover provisions(ATPs)with firm characteristics and governance environment in explaining the cross-section of bidder announcement returns.Using a sample of 3,340 completed acquisitions by 1,217 firms during 1996–2006,we test the association between ATPs,firm characteristics,and governance environments with bidder returns.Results:We find that ATPs hurt acquisition performance only when acquirers hold a high level of excess cash.Similarly,ATPs are associated with lower bidder returns only when industry competition is weak and public pension fund ownership is low as well.By contrast,when industry competition is intense and/or public pension fund ownership is high,ATPs do not hurt bidder returns.Conclusions:The complementarity among ATPs,excess cash,industry competition,and public pension fund ownership suggests that ATPs per se do not necessarily result in value-destroying acquisitions for all firms.We address the endogeneity issue of unknown variables by using a proxy for firm prestige and draw the same conclusions.
文摘The Big Four is the name given to the top four professional consultancy firms of the world namely Pw C(Price Waterhouse Coopers), KPMG, Ernst and Young and Deloitte. These firms provide audit, accounting, taxation, financial and other professional consultancy to the clients(being businesses and companies). The paper discusses the reasons for the formation of the Big Four and the future aspects of the big four. It was found that the current market structure and the existing status of the Big Four will not change in the near future and there is near to impossible chances of new entrants in the auditing and accounting markets because of barriers to entry established by the Big Four in the existing market.
文摘Counting has always been one of the most important operations for human be-ings. Naturally, it is inherent in economics and business. We count with the unique arithmetic, which humans have used for millennia. However, over time, the most inquisitive thinkers have questioned the validity of standard arithmetic in certain settings. It started in ancient Greece with the famous philosopher Zeno of Elea, who elaborated a number of paradoxes questioning popular knowledge. Millennia later, the famous German researcher Herman Helmholtz (1821-1894) [1] expressed reservations about applicability of conventional arithmetic with respect to physical phenomena. In the 20th and 21st century, mathematicians such as Yesenin-Volpin (1960) [2], Van Bendegem (1994) [3], Rosinger (2008) [4] and others articulated similar concerns. In validation, in the 20th century expressions such as 1 + 1 = 3 or 1 + 1 = 1 occurred to reflect important characteristics of economic, business, and social processes. We call these expressions synergy arithmetic. It is common notion that synergy arithmetic has no meaning mathematically. However in this paper we mathematically ground and explicate synergy arithmetic.
文摘China had been increasing outbound investments before the global financial crisis as result of seeking a stable supply chain, stable market and advanced technology. The global financial crisis did not reduce Chinese enterprises' driving force of outbound investment but provides more opportunities. Chinese enterprises may also face more traps in outbound investments. However, they can avoid failure by choosing objects prudently.
文摘We identify five phases in the formation of M&A from the beginning until the newest developments when economic sanctions were imposed.The paper summarizes the results of empirical analysis of mergers and acquisitions(M&A)of Russian companies over the period 1995-2013.To capture the time series behaviour of M&A processes,we fit an autoregressive integrated moving average(ARIMA)model.We further analysed co-integration of M&A processes in Russia and US,China,and Germany.The results indicate German and Chinese M&A series have a long-term influence on Russian series,while no significant causal links were evidenced in the dataset between US and Russian series.
基金The National Natural Science Foundation of China under contract Nos 41421001 and 41371378
文摘The eddy tracking approach is developed using the global nearest neighbor filter(GNNF) to investigate the evolution processes and behaviors of mesoscale eddies in the South China Sea(SCS). Combining the Kalman filter and optimal data association technologies, the GNNF algorithm is able to reduce pairing errors to 0.2% in tracking synthetic eddy tracks, outperforming other existing methods. A total of 4 913 eddy tracks that last more than a week are obtained by the GNNF during 1993–2012. The analysis of a growth and a decay based on 3 445 simple eddy tracks show that eddy radius, amplitude, and vorticity smoothly increase during the first half of lifetime and decline during the second half following a parabola opening downwards. The genesis of eddies mainly clusters northwest and southwest of Luzon Island whereas the dissipations concentrate the Xisha Islands where the underwater bay traps and terminates eddies. West of the Luzon Strait, northwest of Luzon Island, and southeast of Vietnam are regions where eddy splits and mergers are frequently observed. Short disappearances mainly distribute in the first two regions. Moreover, eddy splits generally result in a decrease of the radius and the amplitude whereas eddy mergers induce growing up. Eddy intensity and vorticity, on the contrary, are strengthened in the eddy splits and diminished in mergers.
