This thesis explores the impact of capital structure and financial media on Mergers and Acquisitions. The empirical evidence on this thesis demonstrates that firm’s capital structure and financial media are both significantly related to the M&A success and M&A performances. Chapter 3 empirically investigates the interaction between a bidder’s capital structure and the probability of M&A success. It suggests that bidders with great leverage deficit are less likely to be successful in M&A. The potential explanation is that overleveraged bidders are unable to provide attractive takeover offers with high premiums and thus reducing the probability of success. Chapter 4 further studies the implications of capital structure theory for M&A. The empirical evidence shows that bidder’s leverage deficit is negatively related to the probability of using pure cash payment. This implies that firms may actively rebalance their financial leverage to optimal level through M&A. Overleveraged bidders are less likely to use cash payment since they are willing to reduce their deficit level by acquiring targets with equity. By contrast, underleveraged bidders have more incentive to use cash payment because they tend to increase their debt level. Chapter 4 also shows that bidder’s capital structure has large impact on the merging firms’ stock performances in both short term and long term. Therefore bidder’s capital structure is considered as an important determinant for M&A performance. In addition, Chapter 5 further examines the relation between M&A performance and financial media. It reports that bidders with positive media attitude in pre-merger period are significantly outperformance than those with negative media attitude. It concludes that the pre-merger news released by influential financial media has large impact on market reactions to M&A announcements. Furthermore, the empirical evidence suggests that financial media is able to partially predict merging firm’s long term stock performance. Overall, our research in this thesis contributes to the literature with conclusive evidence that the considerations of capital structure and financial media provide further understandings with M&A performances.

During the course of this project, a variety of different areas dealing with the aftertreatment of nylon 6.6 dyed with commercial acid dyes was investigated in an attempt to increase the fastness of dyeings to wet treatment. Protease enzyme was used in conjunction with tannic acid in a single-bath, two stage aftertreatment for nylon 6.6 dyed with acid dyes. The effectiveness of this tannic acid/enzyme aftertreatment was comparable to that of six established aftertreatments namely four commercial syntans, the traditional full backtan and a tannic acid/tin system. The metal-free, tannic acid/enzyme aftertreatment offers a potentially more environmentally acceptable alternative to the antimony-based full backtan aftertreatment, as well as formaldehyde-based syntans and tin-derived system. The effectiveness of the newly developed tannic acid/enzyme aftertreatment in improving the fastness to repeated washing of commercial acid dyes on nylon 6.6 was measured against that of a traditional full backtan aftertreatment. The efficiency of the tannic acid/enzyme system was examined under different aftertreatment conditions including temperature, pH and time. The aftertreatment created a system that was free from any heavy metals and environmentally friendly.

This thesis examines the French prohibition on both importing printed cotton from India and printing it in France between 1686 and 1759, an interdiction significantly longer than any other European country, and challenges the portrayal of the ban as a sustained protectionist measure for the anciennes manufactures. Although it was undeniably instigated for this reason, the ban was prolonged due to conflicting government policies, vested interests and an overriding fear for France’s reputation for high-quality products. The study shows that attacking a fledgling, technically incompetent industry conveniently concealed that the textiles trades’ loss of skilled workers and markets were the result of decades of a poor economic situation. The examination of primary sources has revealed how the government unwittingly handicapped the state-controlled French East India Company, whose main cargo was cotton, and the repeated granting of exemptions as appeasement negated the possibility of effective law enforcement and engendered perpetual confusion. Restricting the public’s use of the fabrics only excited demand, and the challenges of enforcing the ban and eradicating the banned merchandise are explored through a case study of Nantes. The correspondence of officials has revealed the extent to which provincial application of the law was discretionary, and evidence from prosecutions has shown that women of lower social status were particularly vulnerable. Significantly, this study has also uncovered that enforcement was indeed frequent and widespread, and that the severest sentences have been masked in prosecutions for other types of contraband. The complex processes involved in imitating Indian techniques, and the widely accepted method of transfer of technology from Asia are re-examined, confirming that French cotton prints were technically inferior throughout the period, and concurrent development to other European nations should not be assumed. The study has also revealed that a greater amount of the indiennes were used as furnishings than imagined, that different qualities circulated, and also that covert printing was mainly carried out on linen, which has been greatly overlooked. French printing continued to be inferior for decades, and the conclusions made on prohibition-era products based on later samples must be questioned.

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There is an abundance of information available (from industry journals, company websites, and specialist trade fairs) relating to commercial digital textile printing. However, there is a scarcity of information regarding how digital textile printing is being used and taught, in undergraduate textile design degree programmes and how staff and students deal with colour accuracy issues. This research aims to explore and compare approaches to achieving colour accuracy in digital textile printing in industry and HE environments. The research findings are intended to provide useful information for educators involved with delivering digital textile printing in Higher Education (HE) to benefit the industry. Secondary research contextualises the study, with the history of printed textiles examined in order to place digital textile printing in context. The evolution of digital textile printing, colour communication and colour management in the digital textile printing process are also studied, as is the current status of digital textile printing in industry. A review of literature relating to learning and teaching styles presents aspects of pedagogy relating to the research aims and objectives. The primary research undertaken for the study was through interviews, visits and questionnaires. Questionnaires completed by educators at HE institutions that offer digital textile printing as part of their undergraduate textile design programmes were followed by visits to comparison institutions. The second stage of data collection consisted of individual and group interviews with educators and students from a BSc textile design programme. The individual and group interviews with educators and students led to the formulation of a questionnaire that was sent to industry professionals (including graduates of the BSc programme). For the final stage of the data collection, interviews were conducted with graduates from the BSc programme who were working with digital print. From the primary data collection the key aspects that require teaching for a good understanding of the design process for digital print were identified and rated with regard to importance. This led to a teaching model for an undergraduate textile design programme and the development of initial lectures for such a programme. In addition the data analysis indicated that further work could be done to develop learning resources to improve students’ knowledge in this area and support their transition from the HE environment to industry.

This research explored a Digital Laser Dye (DLD) patterning process as an alternative coloration method within a textile design practice context. An interdisciplinary framework employed to carry out the study involved Optical Engineering, Dyeing Chemistry, Textile Design and Industry Interaction through collaboration with the Society of Dyers and Colourists. In doing so, combined creative, scientific and technical methods facilitated design innovation. Standardized polyester (PET) knitted jersey and plain, woven fabrics were modified with CO2 laser technology in order to engineer dye onto the fabric with high-resolution graphics. The work considered the aesthetic possibilities, production opportunities and environmental potential of the process compared to traditional and existing surface design techniques. Laser-dyed patterns were generated by a digital dyeing technique involving CAD, laser technology and dye practices to enable textile coloration and patterning. An understanding of energy density was used to define the tone of a dye in terms of colour depth in relation to the textile. In doing so, a system for calibrating levels of colour against laser energy in order to build a tonal image was found. Central to the investigation was the consideration of the laser beam spot as a dots-per-inch tool, drawing on the principles used in digital printing processes. It was therefore possible to utilise the beam as an image making instrument for modifying textile fibres with controlled laser energy. Qualitative approaches employed enabled data gathering to incorporate verbal and written dialogue based on first-hand interactions. Documented notes encompassed individual thought and expression which facilitated the ability to reflect when engaged in practical activity. As such, tacit knowledge and designerly intuition, which is implicit by nature, informed extended design experiments and the thematic documentation of samples towards a textile design collection. Quantitative measurement and analysis of the outcomes alongside creative exploration aided both a tacit understanding of, and ability to control processing parameters. This enabled repeatability of results parallel to design development and has established the potential to commercially apply the technique. Sportswear and intimate apparel prototypes produced in the study suggest suitable markets for processing polyester garments in this way.