The program guide for the 2009 Student Leadership Conference: Synergy, held at UBC on January 10, 2009.

Basically, my dissertation focuses on License Auctions. Four chapters of my dissertation are theoretical analysis of license auctions. Broadly speaking, I analyze the effects of different auction rules on revenue, efficiency and social welfare. The first chapter studies the flaw in the design of the 2000 Turkish GSM auction. In this auction, the Turkish government wants to raise as much revenue as possible and to increase competition in the cell-phone market by selling two licenses to new firms via a sequential auction, but it ends up with only one license sold. I identify this auction design failure. And I also show that if the auction were designed as a “simultaneous auction”, the government would sell two licenses and receive more revenue. In the second chapter, I show that if the cost asymmetry between the bidding firms is large enough, then having fewer firms in the market will surprisingly result in higher social welfare. This result is contrast to the common or general case in which “social welfare” will be higher if there are more firms competing in the market. In the third chapter, I characterize the optimal bidding strategies of local and global bidders for two heterogeneous licenses in a multi-unit simultaneous ascending auction with synergies. I determine the optimal bidding strategies in the presence of an exposure problem and show that global bidders may accept a loss even when they win all licenses and moreover, if a “bid-withdrawal” rule is introduced to the auction, the exposure problem disappears, and the simulation results show that revenue will be higher. In the last chapter, I study the Canadian AWS auction in which 40 percent spectrum are set aside for new firms. I characterize the effect of spectrum set-aside auctions on seller's revenue, consumer surplus and social welfare. I show that a spectrum set aside may not only encourage new entry and increase competition in the downstream market, but also under some circumstance, decreases the seller's revenue and consumer surplus. But a spectrum set aside results in inefficient allocation, and this inefficient entry further reduces social welfare.

Basically, my dissertation focuses on License Auctions. Four chapters of my dissertation are theoretical analysis of license auctions. Broadly speaking, I analyze the effects of different auction rules on revenue, efficiency and social welfare. The first chapter studies the flaw in the design of the 2000 Turkish GSM auction. In this auction, the Turkish government wants to raise as much revenue as possible and to increase competition in the cell-phone market by selling two licenses to new firms via a sequential auction, but it ends up with only one license sold. I identify this auction design failure. And I also show that if the auction were designed as a “simultaneous auction”, the government would sell two licenses and receive more revenue. In the second chapter, I show that if the cost asymmetry between the bidding firms is large enough, then having fewer firms in the market will surprisingly result in higher social welfare. This result is contrast to the common or general case in which “social welfare” will be higher if there are more firms competing in the market. In the third chapter, I characterize the optimal bidding strategies of local and global bidders for two heterogeneous licenses in a multi-unit simultaneous ascending auction with synergies. I determine the optimal bidding strategies in the presence of an exposure problem and show that global bidders may accept a loss even when they win all licenses and moreover, if a “bid-withdrawal” rule is introduced to the auction, the exposure problem disappears, and the simulation results show that revenue will be higher. In the last chapter, I study the Canadian AWS auction in which 40 percent spectrum are set aside for new firms. I characterize the effect of spectrum set-aside auctions on seller's revenue, consumer surplus and social welfare. I show that a spectrum set aside may not only encourage new entry and increase competition in the downstream market, but also under some circumstance, decreases the seller's revenue and consumer surplus. But a spectrum set aside results in inefficient allocation, and this inefficient entry further reduces social welfare.

In this study, a strategic thinking and planning model known as Synergy Value Index (SVI) model was developed for estimating the synergy value in MandA. The SVI (QE) from the confirmed SVI model allows quick estimation of synergy between two companies in a merger and acquisition. SVI (QE) is expressed as a percentage, which is a measurement of synergy between two companies in an MandA. This confirmed SVI model evolved from the theoretical model through a process of model building. The study took a holistic approach of understanding synergy value drivers from different schools of thought found in the literatures. A theoretical strategic thinking and planning model was developed and confirmed by expert panelists, from which a conceptual model was created. The conceptual model was tested in two case studies and modified to the preliminary model. The preliminary model was further tested in two case studies to arrive at the confirmed model. During the process of model building, the concepts of synergy value and synergy value drivers become clearer. The study found that 39 synergy value drivers are important in estimating synergy value for MandA. However, only 11 synergy value drivers need be considered for quick computation of Synergy Value Index. In addition, the study offers insight to the study of synergy in MandA. Approaching the study from various different schools of thought was significant because it contributes to a holistic understanding of the behavior of the various synergy value drivers. The study proposed a model identifying synergy value drivers that was confirmed by both expert panelists and case studies. By using the SVI as a unit of measurement of synergy, synergy value drivers of different importance can be measured relative to each other for comparison. The model allowed for a quick evaluation of synergy fit in MandA, especially when the time frame for making a good decision with minimum error during the pre-acquisition phase can be very short. In practice, the SVI model can be used with other financial evaluation tools to provide a strategic perspective of the potential merger and acquisition to the acquirer. Hence, the model can be a very useful platform for the acquirer to think and discuss internally and quantitatively in terms of SVI of the various takeover candidate companies. / Thesis (PhDBusinessandManagement)--University of South Australia, 2005.

In this study, a strategic thinking and planning model known as Synergy Value Index (SVI) model was developed for estimating the synergy value in MandA. The SVI (QE) from the confirmed SVI model allows quick estimation of synergy between two companies in a merger and acquisition. SVI (QE) is expressed as a percentage, which is a measurement of synergy between two companies in an MandA. This confirmed SVI model evolved from the theoretical model through a process of model building. The study took a holistic approach of understanding synergy value drivers from different schools of thought found in the literatures. A theoretical strategic thinking and planning model was developed and confirmed by expert panelists, from which a conceptual model was created. The conceptual model was tested in two case studies and modified to the preliminary model. The preliminary model was further tested in two case studies to arrive at the confirmed model. During the process of model building, the concepts of synergy value and synergy value drivers become clearer. The study found that 39 synergy value drivers are important in estimating synergy value for MandA. However, only 11 synergy value drivers need be considered for quick computation of Synergy Value Index. In addition, the study offers insight to the study of synergy in MandA. Approaching the study from various different schools of thought was significant because it contributes to a holistic understanding of the behavior of the various synergy value drivers. The study proposed a model identifying synergy value drivers that was confirmed by both expert panelists and case studies. By using the SVI as a unit of measurement of synergy, synergy value drivers of different importance can be measured relative to each other for comparison. The model allowed for a quick evaluation of synergy fit in MandA, especially when the time frame for making a good decision with minimum error during the pre-acquisition phase can be very short. In practice, the SVI model can be used with other financial evaluation tools to provide a strategic perspective of the potential merger and acquisition to the acquirer. Hence, the model can be a very useful platform for the acquirer to think and discuss internally and quantitatively in terms of SVI of the various takeover candidate companies. / Thesis (PhDBusinessandManagement)--University of South Australia, 2005.

Master of Science / Department of Biological & Agricultural Engineering / Donghai Wang / Gums are water-soluble polysaccharides used in many industrial and food applications because of their functions such as thickening, gelling, emulsification, adhesion, and encapsulation. Interactions between gums are conducted to enhance functional properties of finished products and reduce processing costs. In this study, camelina gum, from the oil-seed plant Camelina sativa, is characterized by carbohydrate composition and morphological, thermal, and rheological properties. Interactions with xanthan gum, galactomannans guar gum, and locust bean gum (LBG) are also studied. Camelina gum is composed of arabinose, rhamnose, galactose, glucose, xylose and mannose; according to high-performance anion exchange chromatography analysis. Scanning electron microscopy and transmission electron microscopy images showed camelina gum with fibrillar structure and intermeshed network. Camelina gum solutions exhibited a shear thinning flow behavior in a range of concentrations (0.1% to 2.0% w/w) and shear rate (0.001 sˉ¹ to 3000 sˉ¹). Camelina gum is temperature independent at temperature ranges from 4 °C to 90 °C. The apparent viscosity increased as gum concentration increased. Mechanical properties of camelina gum demonstrated viscoelastic behavior with entangled molecular chains. Interaction of camelina gum with monovalent salt NaCl significantly reduced the viscosity of camelina gum solution at 1% when NaCl concentration increased. Camelina gum is soluble in water up to 60% ethanol content, in which the rheological properties do not significantly differ from camelina gum in water solution only. A synergy with xanthan and galactomannans was determined. All mixtures exhibited shear-thinning flow behavior, solid-like behavior at low frequencies, and liquid-like behavior at high frequencies. For camelina-galactomannans mixtures, synergistic interactions occurred in LBG-camelina mixtures at ratios of 1:1 and 3:1. For xanthan-camelina mixture, maximum synergy was observed at the ratio 1:1. Synergistic effects of gum mixtures suggest dependency on the ratios and chemical structures of the gums. The effect of temperature on apparent viscosity of mixtures is not significant. Results showed that camelina gum can be used for commercial applications.

Targeting the mutant BRAF and immunotherapy are new approaches to the treatment of metastatic malignant melanoma that has significantly improved survival but is associated with significant toxicity and cost. Potent and specific BRAF inhibitors like vemurafenib and dabrafenib are superior to chemotherapy in treatment of BRAF mutant melanomas which represent nearly 50% of all melanomas. A less toxic approach to treatment of malignant melanoma is hence appealing. Delta-tocotrienol (DT3), an unsaturated vitamin E isoform, and simvastatin, an HMG-CoA reductase inhibitor have been shown to have anti-neoplastic properties. We studied the effects of these chemicals in both BRAF-mutated SK-MEL-28 and BRAF-wild type SK-MEL-2 melanoma cells. MTS assays were used to analyze cytotoxicity. SK-MEL-28 and SK-MEL-2 cells were cultured in MEM media containing 10% serum and plated in 96-well culture plates for 48 hours then treated with DT3 (0-80 µM), simvastatin (0-10 µM), or a combination and dosed again at 72 hours. SK-MEL-28 and SK-MEL-2 cells were grown in 60 mm plates and treated with DT3 at concentrations of 30 µM, simvastatin at concentrations of 10 µM and combination of DT3 and simvastatin at concentrations of 10 µM and 2 µM. Cell were lysed with RIPPA buffer with protease and phosphatase inhibitor after 6 hours of treatment. Protein concentration of cell lysates was measured spectrophotometrically (GLO Max Multi+, Promega), using a BCA protein assay kit. The samples were run in SDS PAGE and blotted onto nitrocellulose membranes. Membranes were incubated with antibodies against Hsp 70 (Enzo Life Sciences, Farmingdale, NY), Hsp 90 (Santa Cruz, Dallas, TX), pS6 and pERK (Cell Signaling, Danvers, MA) and pAKT. Using MTS assay, we found that DT3 (IC50 75.2 μM) and simvastatin (IC50 8.3μM) have cytotoxic effects on melanoma cell line SK-MEL-2, but not on the SK-MEL-28 cells DT3 and simvastatin at the concentrations studied (10-80 μM DT3) and (0.625- 10 μM simvastatin). Further studies determined that simvastatin decreased expression of pS6, pERK on SK-MEL-2 and not DT3. However, these effects are different in SK-MEL-28 cells where there is only decrease in expression of pS6; treated SK-MEL-2 cells also show over-expression of Hsp70 suggestive of a rescue effect leading to lesser cytotoxic activity. The selective cytotoxicity observed in wild type BRAF melanoma cell lines by DT3 and simvastatin warrants further research into the potential therapeutic use of these drugs. A differential cytotoxicity is shown by DT3 and simvastatin in malignant melanoma cells with selective more potency in wild type BRAF melanoma compared to mutant BRAF melanoma cells. Further studies will be undertaken to dissect the mechanistic basis of this differential response.

Read abstract in the document / Dissertation (MInt(Prof))--University of Pretoria, 2014. / Architecture / MInt(Prof) / Unrestricted

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