The role of geographic distance in completing related acquisitions: Evidence from U.S. chemical manufacturers

Acquisitions often do not reach completion when buyers' initial evaluations change during post‐announcement due diligence investigations, but research offers only limited explanations for when such deal‐cancelling new information will be most common. Drawing from the spatial geography and acquisition strategy literatures, we argue that successful completion of acquisitions can be partially explained by their spatial characteristics. We start by predicting that geographic distance has a particularly strong impact in reducing the likelihood of completing related acquisitions; we then identify contingencies based on multiple forms of direct, contextual, and vicarious experience that can help acquirers overcome the constraints of distance. We test the arguments with a sample of 1,603 domestic acquisitions announced by 724 U.S. chemical manufacturing firms between 1980 and 2004. Copyright © 2015 John Wiley & Sons, Ltd.     

基于CD4052的温度采样系统的设计

在温度采样系统中,经常遇到单片机A/D引脚不够的情况,现以CD4052为基础,把软件操作系统分时复用的思想应用到单片机编程中,结合CD4052选通不同的通道,实现较少A/D引脚采样多处温度点的功能。     

Natural resource rents and internal conflicts: Can decentralization lift the curse?

We study how natural resource rents affect the risk of internal conflict within countries and how the federal structure of countries influences this relationship. Natural resource abundance may induce excessive rent-seeking and thus increase the risk of internal conflict. Fiscal and political decentralization as an institutional arrangement for rent-sharing and political codetermination of regions within a country may limit the destructive effect of natural resource rents on internal stability. Using cross-country and panel data from more than 90 countries covering the period 1984–2004, we find evidence that natural resource rents indeed increase the risk of internal conflict, but this relationship is significantly mitigated by political decentralization.     

Illegal waste disposal: Enforcement actions and decentralized environmental policy

Environmental non-compliance is affected by the decentralized shaping of environmental policy by local governments and enforcement actions by public bodies. Illegal waste disposal is examined in a relevant national case, by means of an original regionally disaggregated panel dataset for Italy, a country which witnesses heterogeneous environmental performances across regions and a decentralized policy system. Our empirical analysis produces two main insights of strong policy interest. First, commitment to a more stringent waste policy tends to increase illegal disposal of waste. Second, a nonlinear bell shaped relationship exists between the number of inspections and the quantity of illegal disposal. The key message is that deterrence might only result after a relatively high level of controls is implemented.     

Scarcity, regulation and endogenous technical progress

This paper studies to which extent a firm using a scarce resource input and facing environmental regulation can still manage to have a sustainable growth of output and profits. The firm has a vintage capital technology with two complementary factors, capital and a resource input subject to quota, the latter being increasingly scarce through an exogenously rising price. The firm can scrap obsolete capital and invest in adoptive and/or innovative R&D resource-saving activities. Within this realistic framework, we first characterize long-term growth regimes driven by scarcity (induced-innovation) vs. long-term growth regimes driven by quota regulation (Porter-like innovation). More importantly, we study the interaction between scarcity and quota regulation. In particular, we show that there exists a threshold level for the growth rate of the resource price above which the Porter mechanism is killed while the scarcity-induced growth regime may emerge. Symmetrically, we also find that there must exist a threshold value for the environmental quota under which the growth regime induced by scarcity vanishes while the Porter-like growth regime may survive.     

Effects of international sharing of pollution abatement burdens on income inequality among countries

Improvements in environmental quality will boost output production and hence economic growth. However, although environmental abatement equally benefits all economies in the world, it is shown that, if the private productive resources are not yet accumulated sufficiently in low income economies, income inequality among economies can be widened in the short term not only under equal burden sharing of pollution abatement but even under income-proportional burden sharing. When the marginal productivity is diminishing, the negative effect of the burden is large relative to the positive effect of the improved environment in economies in which resources are not accumulated sufficiently.     

浅析新型分子筛材料的性能及检验方法—4A分子筛的标准化

4A分子筛作为一种新型材料,具有很好的吸附、分离、分散等性能,广泛应用于化工、涂料、日化、汽车及现代医学等领域。由于涉及领域较多,新修订的HG／T2524—2010《4A分子筛》标准在使用过程中可能会遇到一些问题。本文对该标准进行了解读与介绍,包括主要技术性能和检验方法,可以帮助各领域标准应用者正确运用标准,以达到预期目的。     

AutoCAD在架空线路施工计算中的应用

在架空线路施工过程中,我们通常对各种受力和长度采用计算公式法进行计算,或采用手工作图法绘图测量。但是传统计算方法计算公式冗长繁杂不够直观简便,甚至难以完成某些复杂特殊施工环境下的计算,而计算机CAD作图法却很简便、直观,且计算精度完全满足要求,从根本上解决了困扰架空线路施工技术人员多年的施工难题。本文就架空线路施工中某些常用及复杂特殊施工环境下的各种受力和线长如何采用CAD作图法进行计算作具体说明应用。     

恶劣环境对船舶焊接的影响

在船舶建造过程中焊接工作量约占全部的30%~40%,焊接是保证质量的重中之重。焊接质量出问题,就可能造成严重的后果。我厂沿江堤而建,空气中湿度大,工作条件差。密集性气孔很严重。所以,在这种情况下,对我厂焊接质量控制提出更高的要求。     

Optimality conditions¶and bubbles in sequential economies¶and bounded relative risk-aversion

We provide specific qualifications in order that Kuhn–Tucker type Euler equations and transversality conditions at infinity hold in stochastic equilibrium models with heterogeneous agents and where assets are traded in sequential markets. It is not assumed that uncertainty is modeled as an event-tree structure or that preferences are necessarily bounded. We also describe an important class of preferences based on bounded relative risk aversion which yields relevant simplifications. Our results are used to establish conditions that rule out asset pricing bubbles. Specific examples of economies with bubbles are also discussed. Received: 28 January 2002 / Accepted: 19 July 2002 We are grateful to the editor and an anonymous referee for their valuable comments. This research was partially supported by MURST (Italy), National Group on “Nonlinear Dynamics and Stochastic Models in Economics and Finance”.