M&A in the Construction Industry -Wealth Effects of Diversification into Real Estate Life Cycle Related Services

Since the late 1990s, the construction industry has undergone a change in business model, as contractors vertically expand their operations to other parts of the real estate life cycle. The question arises on whether construction companies have superior abilities as real estate service providers. We have examined the value implications of 106 large merger and acquisition (M&A) transactions in the construction industry worldwide from 1986 to 2006. We inquire if a vertical expansion of the construction value chain in the real estate life cycle through M&A leads to the creation of shareholder value. We find out that this is not the case. M&A success is mainly determined by industry-specific size effects and common agency conflicts.Construction industry; Cross-border acquisitions; Bidder gains; Global diversification

International Real Estate Review

Since the late 1990s, the construction industry has undergone a change in business model, as contractors vertically expand their operations to other parts of the real estate life cycle. The question arises on whether construction companies have superior abilities as real estate service providers. We have examined the value implications of 106 large merger and acquisition (M&amp;A) transactions in the construction industry worldwide from 1986 to 2006. We inquire if a vertical expansion of the construction value chain in the real estate life cycle through M&amp;A leads to the creation of shareholder value. We find out that this is not the case. M&amp;A success is mainly determined by industry-specific size effects and common agency conflicts.</jats:p

Militär und Gesellschaft in der Frühen Neuzeit

Aus dem Inhalt dieser Ausgabe: BEITRÄGE: Peter H. Wilson: British and american perspectives on early modern warfare Mikko Huhtamies: Kriegswesen und Gesellschaft in der frühen Neuzeit in der finnisch-schwedischen Geschichtsforschung INTERNET: Stephan Huck: Nutzungsmöglichkeiten des Internets Gundula Gahlen , Michael Herrmann, Torsten F. Reimer und Norbert Winnige: Militärgeschichte der Frühen Neuzeit im Internet Die Online-Angebote des AMG und sfn Markus Pöhlmann: Die Internetpräsenz des Arbeitskreises Militärgeschichte e.V. Josef Pauser: Das Online-Angebot des Arbeitskreises .Policey/Polizei im vormodernen Europa. Torsten F. Reimer: Eine Studie in Kriegführung. Eine Vorstellung des H-War Military History Network PROJEKTE: Antje Fuchs: Ein neuer Konfessionskrieg? Erfahrungen von Krieg und Okkupation im Kurfürstentum Hannover und benachbarten geistlichen Fürstentümern zur Zeit des Siebenjährigen Krieges 1756-1763 Sascha Möbius: Ergebnisse der Magisterarbeit .Psychologische Aspekte friederizianischer Taktik im Siebenjährigen Krieg. Wolfgang Heil: Die Gemeinen Soldaten. Das Sozialleben der militärischen Unterschicht im altpreußischen Heer und seine Stellung in der altständischen Gesellschaft. Rainer Jacobs: Militärische Dienstpflichten in der Frühen Neuzeit Michael Kaiser und Stefan Kroll: Forschungsprojekt Militär und Religiosität in der Frühen Neuzeit Ralf Blank: Die Schlosskanonen von Hohenlimburg Artilleriegeschütze mit einer wechselvollen Geschichte Gundula Gahlen und Olaf Gründel: Kataster zur Schlacht bei Wittstock von 1636 Jan Schlürmann: Die Schleswig-Holstein-Gottorfischen Auxiliairtruppen im Spanischen Erbfolgekrieg . Ergebnisse einer Untersuchung BERICHTE: Renko Geffarth: Die besetzte res publica. Zum Verhältnis von ziviler Obrigkeit und militärischer Herrschaft in besetzten Gebieten vom Spätmittelalter bis zum 18. Jahrhundert. Gundula Bavendamm: Operationsgeschichte und moderne Historiographie. Ein Widerspruch

Secukinumab in plaque psoriasis--results of two phase 3 trials.

BACKGROUND: Interleukin-17A is considered to be central to the pathogenesis of psoriasis. We evaluated secukinumab, a fully human anti-interleukin-17A monoclonal antibody, in patients with moderate-to-severe plaque psoriasis. METHODS: In two phase 3, double-blind, 52-week trials, ERASURE (Efficacy of Response and Safety of Two Fixed Secukinumab Regimens in Psoriasis) and FIXTURE (Full Year Investigative Examination of Secukinumab vs. Etanercept Using Two Dosing Regimens to Determine Efficacy in Psoriasis), we randomly assigned 738 patients (in the ERASURE study) and 1306 patients (in the FIXTURE study) to subcutaneous secukinumab at a dose of 300 mg or 150 mg (administered once weekly for 5 weeks, then every 4 weeks), placebo, or (in the FIXTURE study only) etanercept at a dose of 50 mg (administered twice weekly for 12 weeks, then once weekly). The objective of each study was to show the superiority of secukinumab over placebo at week 12 with respect to the proportion of patients who had a reduction of 75% or more from baseline in the psoriasis area-and-severity index score (PASI 75) and a score of 0 (clear) or 1 (almost clear) on a 5-point modified investigator's global assessment (coprimary end points). RESULTS: The proportion of patients who met the criterion for PASI 75 at week 12 was higher with each secukinumab dose than with placebo or etanercept: in the ERASURE study, the rates were 81.6% with 300 mg of secukinumab, 71.6% with 150 mg of secukinumab, and 4.5% with placebo; in the FIXTURE study, the rates were 77.1% with 300 mg of secukinumab, 67.0% with 150 mg of secukinumab, 44.0% with etanercept, and 4.9% with placebo (

Efficacy and safety of ligelizumab in adults and adolescents with chronic spontaneous urticaria: results of two phase 3 randomised controlled trials

International audienc