Effective Post‐Signing Market Check or Window Dressing? The Role of Go‐Shop Provisions in M&A Transactions

This paper examines the use of go‐shop provisions in M&A. We find that go‐shop deals tend to have higher deal premiums and receive more competing bids while the length of the go‐shop period does not affect deal premium and competition. Also, deals are less likely to be completed when a go‐shop provision is included and when the go‐shop length is longer. However, go‐shops have no effect on the completion of high premium deals. We also find that the presence of a go‐shop provision leads to a positive market reaction to deal announcements. Overall, our findings support the proposition that go‐shops reflect the efforts of target managers to fulfill the Revlon duties in the form of a post‐signing market check, which is consistent with stewardship theory.     

Social protection for enhanced food security in sub-Saharan Africa

This paper identifies several positive synergies between social protection programmes and enhanced entitlements to food. One function of social protection is to manage or reduce vulnerability. Several instruments are reviewed – weather-indexed insurance, public works programmes, emergency food aid and buffer stock management – which aim to stabilise income and access to food across good and bad years, or between the harvest and the hungry season. Other social protection instruments aim to raise household income and crop production, for instance agricultural input subsidies or input trade fairs, as well as public works projects that construct or maintain physical infrastructure such as rural feeder roads. This paper also argues that entitlements to food can be strengthened if social justice principles are introduced to the design and delivery of social protection programmes. Examples reviewed include rights-based approaches such as employment guarantee schemes, community-based targeting and demand-driven accountability mechanisms. The paper concludes by arguing for a comprehensive approach to social protection that will achieve sustainable food security, by combining interventions that stabilise income or food production with those that raise income or food production, and are designed and delivered in ways that enhance social justice.     

数字时代企业环境审计模式创新——基于环保政策响应机制的研究

企业规避环保责任的机会主义行为导致政府环保政策成效不显著。基于利益相关者理论构建环保政策利益相关者模型,并从环保权力、责任和信息三个角度分析企业的环保政策响应机制。研究发现：由于消费者缺位以及信息不对称等因素的影响,企业的环保政策响应水平较弱。政府应将环保政策施加于消费者,通过消费者来约束企业的行为;审计主体应当转变现有的审计模式,运用数字技术,与消费者合作共同完成审计监督的工作。基于此,提出一种基于消费者需求引导的综合环保政策及新型企业环境审计模式,建议政府应重视数字技术对产业的改造升级,充分考虑消费者的因素来制定环保政策并加大对企业污染数据实时监控的普及。     

居住区景观设计的探讨

本文通过对居住区景观设计的探讨,讲述了居住区景观概述、居住区景观设计的影响因素和居住区景观设计的原则。通过这些来认识居住区景观设计的发展概况,居住区景观设计与人和建筑的和谐统一关系,使景观更好的为人服务。     

浅析钢结构住宅的设计和前景

钢结构住宅是目前我国住宅工业化的发展方向,因其材料和结构形式的特点,钢结构住宅是生态的、绿化的住宅形式,有非常广泛的应用前景,应该大力推广运用此技术。     

燃气管道防雷设计的基本原则和方法

本文首先分析了燃气管道可能遭受雷击的主要通道,然后提出了堵塞这些主要危害通道的基本思路和基本技术要求,并对燃气管道防雷设计的基本原则和方法作了详尽的论述,为燃气管道的防雷设计提供了实践依据。     

绿色物流在化工生产过程中实现途径的探讨

文章从化工生产过程及其物流的特点出发,结合广义绿色物流的观点,提出化工生产物流走绿色物流之路的必要性,并探讨了化工生产实现绿色物流的途径。     

江苏省耕地保护区划研究

文章以江苏省58个县级行政区为区划单元,应用主成分析法得出影响耕地保护的4个主成分,在此基础上应用聚类分析法初步得出耕地保护区,再结合定性分析最后确定六大耕地保护区。从区划结果看,与江苏省综合农业区划相一致,与客观实际能很好地吻合,说明应用综合数值分析模型研究耕地保护区划是成功的。最后,对得出的六大耕地保护区进行了简要的分析,为有计划分区制定耕地保护政策、措施提供了理论基础。     

极端微生物及在环境保护中的研究进展

在天然极端环境中生存的极端微生物,具有独特的结构、代谢类型、生理机能和遗传因子,对极端微生物的分类及其适应机理进行了描述,介绍了极端微生物在环境保护中的研究现状,并对其应用前景进行了展望。     

探析绿色壁垒对我国对外贸易影响

随着越来越多的国家加入世界贸易组织,贸易自由化进一步深入,为了维护自身的经济利益,保护本国市场,各国纷纷利用世界贸易组织的有关规定,制订贸易壁垒,实施变相的贸易保护,对当代世界贸易产生了广泛而深刻的影响.本文就绿色壁垒对我国外贸出口的影响及应对的措施进行了深入的探析.