Financial Strategies in Mergers and Acquisitions (M&A): The Case of Regulated Firms

In this paper, a general model of strategic behaviour of (regulated and non-regulated) firms in M&A is presented. For non-regulated firms, the model indicates that targeted firms issue new debt strategically. In this case, the firm's capital structure is chosen so that it maximizes the (ex-ante) market value of the firm. However, the focus of the paper is on regulated firms (mostly monopolies). For these firms, the model shows that managers, acting on behalf of shareholders, make their strategic decisions on debt issuing and investment, in anticipation of both the decisions of the regulatory body and the responses of financial markets. These decisions are aimed at influencing the probability that an acquisition occurs as well as the price the potential bidder will have to pay. However, such decisions are also made with a view to influencing the regulatory policies (maximum price or rate of return permitted), thereby mitigating the probability that, in the regulatory game, the regulator adopts an opportunistic behaviour. Application of these results to some real-world situations (such as regulated public utilities´companies) is straighforward.Mergers & Acquisitions, Capital and Ownership Structure, Economics of Regulation

On History and Liberty: The ‘Revisionism’ of Bronisław Baczko

The ‘Warsaw School of History of Ideas’ is the name given to a ‘revisionist think tank’ which was led by the historian Bronisław Baczko from 1956 to 1968 in Communist Poland. This group reunited scholars like Leszek Kołakowski or Krzysztof Pomian around questions related to political believes, theological conceptions or utopian thought. Expelled from the University, B. Baczko left Poland and seek shelter in Geneva where he became a Professor of history of Ideas and historiography. In his new home, he developed an original vision on Enlightenment and the French Revolution

Fine properties of Lp-cocycles which allow abundance of simple and trivial spectrum

In this paper we generalize [3] and prove that the class of accessible and saddle-conservative cocycles (a wide class which includes cocycles evolving in GL(d,R), SL(d,R) and Sp(d,R) Lp-densely have a simple spectrum. We also generalize [3, 1] and prove that for an Lp-residual subset of accessible cocycles we have a one-point spectrum, by using a different approach of the one given in [3]. Finally, we show that the linear differential system versions of previous results also hold and give some applications.Comment: 29 page

Ongoing Emergence: A Core Concept in Epigenetic Robotics

We propose ongoing emergence as a core concept in epigenetic robotics. Ongoing emergence refers to the continuous development and integration of new skills and is exhibited when six criteria are satisfied: (1) continuous skill acquisition, (2) incorporation of new skills with existing skills, (3) autonomous development of values and goals, (4) bootstrapping of initial skills, (5) stability of skills, and (6) reproducibility. In this paper we: (a) provide a conceptual synthesis of ongoing emergence based on previous theorizing, (b) review current research in epigenetic robotics in light of ongoing emergence, (c) provide prototypical examples of ongoing emergence from infant development, and (d) outline computational issues relevant to creating robots exhibiting ongoing emergence

Social mobility in Portugal (1860–1960): operative issues and trends

This article presents the results of a study of social mobility in Portugal from the 1860s to the 1960s. Four distinct social contexts were examined by reference to selected criteria, and marriage records were used as the source for data collection and analysis. The HISCO coding scheme was followed to allow comparisons of intergenerational mobility, stratification, and social change. We present the methodological and operative issues inherent in the hermeneutics of the sources used, identifying difficulties in the process of coding arising from the use of a common language to locate individuals in society. We shall offer an opinion on the pace of Portuguese social mobility during the period. La mobilité sociale au Portugal (1860–1960): résultats et tendances Nous présentons ici les résultats d'une enquête sur la mobilité sociale au Portugal des années 1860 aux années 1960. Nous avons enquêté sur quatre contextes sociaux différents, selon des critères que nous avons choisis; nous avons aussi recouru aux registres de mariage comme sources de données et d'analyses. Nous avons adopté le code HISCO qui nous permet une étude comparative de la mobilité intergénérationnelle, de la stratification et des changements sociaux. Nous présentons les problèmes tant méthodologiques qu'opératoires liés à l'herméneutique des sources utilisées, tout en relevant les difficultés provenant de la procédure de codage qui utilise un langage généraliste pour situer des individus au sein de la société. Nous donnerons notre point de vue sur le rythme de la mobilité sociale au Portugal durant cette période. Soziale Mobilität in Portugal (1860–1960): operative Fragen und Trends In dieser Aufsatz werden die Ergebnisse einer Studie zur sozialen Mobilität in Portugal von den 1860er zu den 1960er Jahren mitgeteilt. Mit Hilfe ausgewählter Kriterien wurden vier unterschiedliche soziale Kontexte untersucht, wobei als Quelle für die Datenerhebung und -analyse Heiratsakten benutzt wurden. Um Vergleiche der intergenerationalen Mobilität, der sozialen Schichtung und des sozialen Wandels zu ermöglichen, wurde das HISCO-Kodierungsschema verwendet. Wir legen die methodologischen und operativen Probleme offen, die der Hermeneutik der benutzten Quellen innewohnen, und benennen die Schwierigkeiten bei der Kodierung, die aus der Verwendung einer gemeinsamen Sprache erwachsen, um Individuen in der Gesellschaft zu lokalisieren. Wir äußern auch eine Einschätzung zum Tempo der sozialen Mobilität in Portugal im Untersuchungszeitraum

The impact of trade liberalisation on the Indonesian food crop sector : a thesis presented in partial fulfilment of the requirements for the degree of Master of Agricultural Economics at Massey University

Studies of agricultural trade policies in developed countries generally focus their attention on impacts in their own domestic markets. Less attention has been given to impacts on developing countries nor their need for special and differential treatment in multilateral trade negotiations. This study assesses the impacts of trade liberalisation by modelling the outcome of the Uruguay Round of GATT negotiations. The removal of support in the industrialised nations on the Indonesian food crops sector was examined. Using the Static World Policy Simulation (SWOPSIM) model of world agricultural trade, the impacts on Indonesian consumption, production and net trade were estimated. The results indicate that Indonesian exports of corn would expand, and the country could also become an exporter of rice. Imports of sugar could expand partly as a result of a reduction in Indonesian sugar subsidies. While multilateral trade liberalisation that results in higher world prices may have a negative effect on food importing developing countries, this was found not to be the case for Indonesia (at least for the food crops studied). The increase in producer welfare would more than compensate for the fall in consumer welfare, government subsidy expenditures would fall and the country's trade balance would improve. In addition, continuing unilateral deregulatory and liberalisation measures in other sectors of the Indonesian economy, as well as in agriculture, will provide scope for the development of further new export opportunities