How do Takeovers Create Synergies? Evidence from France

Based on bidder-target asymmetry, our study investigates the source of synergy gains derived from corporate takeovers and their specific contribution to bidder value creation. Prior researches have focused on the relevance of only one source of potential synergy. We find that French takeovers tend to create long-term operating and financial synergies. These two synergy components are positive and significant with a large contribution of the former. Furthermore, cutbacks in investment expenditures represent the most significant source of operating synergies, while post-acquisition market power is non-significant. Moreover, both total and operating synergies are higher in focused takeovers initiated by “value” as opposed to “glamour” bidders. Lastly, financial synergies are likely to arise from bidder leverage level and target relative size.

POLARISED PHOTON BEAMS AT ELSA AND RECENT RESULTS OF DOUBLE POLARISATION MEASURMENTS

The puzzle of the excitation spectrum of the nucleon, composed of broad and overlapping resonances, is still unresolved. For a complete experiment at least 8 well chosen single and double polarisation observables are needed. At the electron accelerator ELSA of the University of Bonn single- and double polarisation experiments are currently performed with the Crystal Barrel/TAPS experiment. The experimental setup includes a ɸ-symmetric calorimeter system covering almost the complete solid angle and it is ideally suited to detect single and multiple neutral meson final states. Circularly or linearly polarised photon beams impinge on a longitudinal polarised butanol target in the center of the setup. The linearly polarised photon beams provide the basis for the measurement of azimuthal beam asymmetries, such as Σ and, in combination with the polarised target, G . Circularly polarised photon beams allow the extraction of the beam-target asymmetry E . Preliminary results for the polarisation observables Σ, G and E will be presented.

Convergence issues in baryon chiral perturbation theory for the reaction π + N → 2π + N

We study the reaction π + N → 2π + N within the framework of heavy-baryon chiral perturbation theory of chiral order three. We find that contributions from amplitudes of chiral order three are large and play an essential role in reproducing the experimental data. In addition, we evaluate a polarization observable (target asymmetry) for the transverse polarization of the proton target and find that the asymmetry is generally small for the reaction under consideration. PACS Nos.: 25.80.Hp, 13.75.Gx, 11.30.Rd, 11.10.Ef