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This thesis consists of four essays or chapters that investigate acquisitions made by UK firms. The main focus of the research is the acquirers’ abnormal returns that are associated with the announcement of domestic and cross-border acquisitions. The research provides empirical evidence on some of the significant issues that have been raised in the literature, particularly focusing on measuring operating performance for domestic and cross-border acquisitions over the long-term. The first essay investigates acquirers’ announcement abnormal returns for acquisitions that have been conducted by UK firms, either domestically or internationally. The principal finding is that acquisitions of domestic firms appear to generate larger returns, whereas acquisitions classified as cross-border do not appear to add value to the acquiring firm. The second essay examines the characteristics of the deal, and how these impact the acquirers’ returns for both domestic and cross-border acquisitions. The characteristics considered are the method of payment, the industrial relationship between the acquirer and the target, the relative size of the acquirer to the target, the type of the target firm and the Book-to-Market ratio of the acquiring firm. The third essay investigates the directors’ overconfidence and its impact on the acquirers’ returns. Directors’ overconfidence is examined depending on the self-attribution bias by distinguishing between the abnormal returns to frequent and infrequent acquirers. The fourth essay examines insider trading via studying the relationship between the private investment decisions of the directors and the firm’s investment in respect of acquisitions it makes over the announcement date of the acquisition. Two different methods are proposed to classify directors into optimistic and neutral based on these personal portfolio trades. The fifth empirical chapter focuses on domestic and cross-border acquisitions with public targets, and studies their synergy gains and operating performance for a 3-year period after the announcement year. The aim is to try to understand what these firms gain from such acquisitions, given the apparent absence of a gain in value at the announcement of the investment. It is essential to add that the importance of this thesis comes from shedding a light on the role of acquisition activity in UK market within last 10 years domestically and internationally. Furthermore, providing a significant advice to firms not to allocate their capital in acquisitions with public targets because there is not benefit from investing in these types of investment.

This thesis is, on behalf of Saab AB, a pre-study of possible on-board solutions for position measuring during store separation tests aimed for the test and evaluation of JAS 39 Gripen. The purpose is to replace the present ground-based system in order to achieve more effective trials regarding time and economy. Three different concept development methodologies were investigated in order to find the most suitable one for this thesis. Those were merged into one adapted methodology containing the following phases; \textit{Planning}, \textit{Function Analysis}, \textit{Concept Generation} and \textit{Concept Evaluation}. The work progressed as the methodology states, and the highest amount of work was dedicated to the Planning phase. The requirements and desiderata for the system were produced with an agile process, resulting in the Construction Specification List that eventually became the basis for the Concept Generation phase. Knowledge about the technical theory needed to solve the problem was obtained in parallel with the Function Analysis and Concept Generation. The most adaptable techniques to measure position were found out to be with the use of the Global Positioning System (GPS) or Inertial Navigation System (INS). After an extensive work with the Concept Generation in parallel with a continuously updated Construction Specification List, three concepts were developed. One concept is based on GPS, the second one on INS and the third one is a combination of GPS and INS. All three concepts shares the same telemetry system and casing, which fulfills the requirement of simple installation and possibility to install in different stores. In the final phase, Concept Evaluation, a comparison between the concepts was performed. Advantages and disadvantages was listed and the fulfillment of requirements was investigated. All three concepts were handed over to Saab in order to let them decide which concept(s) to further develop.

O objetivo central deste trabalho foi desenvolver um modelo empírico que mostrasse a existência, ou não, de diferentes probabilidades de consumo do álcool nas regiões abrangidas pela Pesquisa de Orçamentos Familiares (POF). Isto permite analisar se políticas energéticas para o setor de combustíveis devem ser diferenciadas por região. Em um segundo momento, esses resultados foram usados para a realização de simulações, por meio de modificações nas variáveis explicativas, da probabilidade de consumo do álcool. O intuito foi verificar as modificações esperadas, desses resultados, na demanda da gasolina e do álcool combustível e fazer comparação, por meio de ilustração, entre os resultados reais e os simulados em relação à emissão de CO2 resultante do consumo estimado para esses combustíveis. Os dados exibem baixa preferência pelo álcool no Brasil, abaixo de 10% do total da amostra. Em relação às probabilidades reais estimadas, a região Sudeste apresenta efeitos superiores aos alcançados para Brasil, aproximadamente 1,3 vezes maior. Os resultados encontrados em relação a acréscimos no preço do álcool combustível mostram, de maneira similar à verificada para Brasil, maior sensibilidade da redução da probabilidade para acréscimos entre os intervalos de variação de 05 e 20%. Variações no preço da gasolina de forma a aumentar o preço desse combustível causam maior diferença entre a probabilidade real e a simulada, aumento, do que reduções no preço do álcool. Para a região Sudeste, o impacto na probabilidade em virtude de aumentos no preço da gasolina é cerca de três vezes maiores do que os verificados em conseqüência de reduções no preço do álcool. Os resultados encontrados para as simulações que consideram reduções no preço da gasolina para a região Sudeste mostram que em torno de 40% de aumento nesse preço a probabilidade estimada aproxima-se de zero. Para Brasil, essa condição corresponderia a valores próximos a 35% de redução no preço desse combustível. De modo geral, para os intervalos de variações considerados, aumentos no preço da gasolina implicam aumentos em torno de três vezes maiores na probabilidade de consumo do álcool em relação a reduções no preço do álcool. As estimativas encontradas para a demanda total de combustíveis, gasolina e álcool, em litros, e a emissão de carbono, em toneladas por litro, esperados para um período de cinco anos e impactos na probabilidade para variação nos preços de 5% mostram que a demanda total e, consequentemente, a emissão de carbono verificada para Brasil é cerca de 2,5 vezes maior que à da região Sudeste. Examinando a diferença entre as estimativas de emissão de carbono esperadas para um comportamento futuro que exibisse a probabilidade real estimada de consumo atual e as probabilidades de consumo estimadas para alterações desse comportamento, via preço, tem-se que para as situações que implicam aumento da probabilidade de consumo do álcool combustível, ou seja, redução do preço desse combustível e aumento do preço da gasolina, reduções em torno 0,15% para o primeiro caso, e 0,37%, para o segundo, para Brasil. Para a região Sudeste, redução do preço do álcool originaria redução de cerca de 955,16 toneladas ano-1, e 2.519,13 toneladas ano-1 para semelhante percentual de aumento no preço da gasolina, o que corresponderia a reduções de 0,165 e 0,43% . Nota-se que alterações no preço da gasolina originam impactos em torno de 2,6 e 2,4 vezes maiores na redução de emissão para região Sudeste e Brasil, respectivamente. Aumento do preço do álcool implica em aumentar o nível de emissão de carbono em cerca de 1.969,81 toneladas ano-1 para Brasil, e 855,60 toneladas ano-1 na região Sudeste. Isto implica em aumentar o nível de emissões em 0,13% para Brasil e 0,15% para a região Sudeste. Para redução no preço da gasolina esse aumento no nível de emissões será de cerca de 0,28%, para Brasil, e 0,35%, Sudeste. Como previsto, mudanças no preço da gasolina provocam maiores alterações na demanda e emissão. Assim, os resultados do modelo base e os simulados mostram que programas políticos que promovam maior eficiência, autonomia, da gasolina possuem maior probabilidade de reduzir seu consumo do que no caso de programas que incentivem o consumo de combustíveis alternativos, como células de hidrogênio, biodiesel, gás natural e eletricidade. / The main objective of this work is developing an empirical model that can show the existence, or not, of different probabilities for the consumption of alcohol fuel in the regions covered by the Research of Family Budget (POF). It allows us to analyze if the energetic policies to the sector of fuels should be considered differently per region. On a second moment, these results were used to make simulations, by modifying the explicative variables of the probability for the consumption of alcohol. The intention was to verify the modifications expected in the demand for gasoline and alcohol, and make a comparison, through illustration, between the real results and the simulated ones, considering the emission of CO2, as a result of the estimated consumption for those kinds of fuel. The data show us a low preference for alcohol in Brazil, less than 10% of the total amount. Regarding the real probabilities estimated, the Southeast region presents effects that are higher to the Brazilian average, approximately 1.3 times higher. The results obtained in relation to increases in the price of alcohol demonstrate, similarly to what happens in the rest of Brazil, a more sensitive reduction of the probability for increases, between 5% and 20%. Variations in the price of gasoline, when it rises, results in a bigger difference between the real probability and the simulated one, more than a reduction in the price of alcohol. To the Southeast region, the impacts provoked by it, if we consider an increase in the price of gasoline, are three times higher than the impacts resulted from reductions in the price of alcohol. The results gotten through the simulations, where there is a decrease in the price of gasoline for the Southeast region, show that when we have an increase of 40% in that price, the estimated probability is around zero. In terms of Brazil, it would correspond to numbers close to 35% of reduction in the price of this kind of fuel. On the whole, considering the intervals of variations, rises in the price of gasoline result in an increase of around three times in the probability for the consumption of alcohol, in relation to decreases in the price of alcohol. The estimates found for the total demand for fuels, gasoline and alcohol, in liters, and the emission of carbon, in tons per liter, expected for a period of five years, and impacts in the probability of a variation of 5% in prices, show that the total demand and, consequently, the emission of carbon verified in Brazil is around 2.5 times higher than the one in the Southeast region. If we consider the difference among the estimates for the emission of carbon expected for a future behavior, which could show the real probability estimated for the current consumption and the probabilities of consumption estimated for alterations in this behavior, via price, we can see that for the situations that cause an increase in the possibility of consumption of alcohol, that is, decrease in the price of this kind of fuel, there is a decrease of around 0.15% for the first situation and 0.37% for the second one, in terms of Brazil. For the Southeast region, a decrease in the price of alcohol would be responsible for a reduction of 955.16 tons per year, and 2,519.13 tons per year for a similar percentage of increase in the price of gasoline, what would correspond to reductions of 0.165 and 0.43%. We can notice that alterations in the price of gasoline cause impacts of around 2.6 and 2.4 times higher in the reduction of emission to the Southeast region and Brazil, respectively. An increase in the price of alcohol involves an increase in the level of emission of carbon of around 1,969.81 tons per year, in terms of Brazil, and 855.60 tons per year, in terms of Southeast region. That means an increase in the level of emissions of 0.13% for Brazil and 0.15% for the Southeast region. If there is a decrease in the price of gasoline, the increase in the level of emissions will be of 0.28% for Brazil and 0.35% for the Southeast. As we had expected, changes in the price of gasoline cause bigger changes in demand and emission. So, the results gotten from the model and the simulated ones show us that political programs that promote more gasoline efficiency, autonomy, have a bigger chance of reducing its consumption than the programs that encourage the consumption of alternative fuels, such as hydrogen cells, biodiesel, natural gas and electricity.

The aim of this study was to investigate longitudinally how a child learner acquired verbal morpho-syntax in Japanese in a naturalistic second language (L2) context. Specifically the points of emergence for three verbal morpho-syntactic structures, namely verbal inflection, the V-te V structure and the passive/causative structure, were investigated within a framework of Processability Theory (PT) (Pienemann, 1998b). The subsequent development of these structures was also examined. Unlike earlier research about morpheme orders and developmental sequences in language acquisition which was criticised because of its apparent lack of theoretical underpinnings, Pienemann's Processability Theory (PT)(1998b) connects the processability of morpho-syntactic structure to linguistic theories. Pienemann also claims that this theory can be used to explain the acquisition of a wide range of morpho-syntactic structures and that it is typologically plausible and applicable to any language. In recent times PT has been extensively tested in a range of languages acquired as an L2, including German, English and Swedish (Pienemann, 1998b; Pienemann & Hakansson, 1999) and Italian and Japanese (Di Biase & Kawaguchi, 2002). The findings from these studies support this theory.

This study examines factors that influence the language use of preschool children in a child/parent education program. The Preschool for Child/Parent Education Project was initiated to address concerns for at risk children and their families in the community of Nipawin, Saskatchewan. The families invited to participate in the program were identified as having preschool children who were potentially at risk for school success.<p> The language experiences of four preschool children were observed as they participated in one nine-week child/parent education session. The parents, caregivers and preschool teacher were interviewed regarding their views about the language experiences of the children.<p> The factors that emerged as having an influence on the children's use of language in the preschool program were: play center activities, direct instruction, authentic experiences, parent/caregiver involvement and teacher efficacy. Results showed that the children in the Preschool for Child/Parent Education Project experienced a program that understood the language needs of young children and the powerful influence of a supportive family.<p> Implications are drawn concerning the benefits of providing opportunities for language development and use during the crucial preschool years in a child/parent education program. Recommendations for further research suggest recognition of the effects of early language intervention on young children with difficult life circumstances.

Wayfinding is a complex skill and the lack of tools supporting the specific sub-types of navigation hinders performance in large-scale virtual environments and consequently can slow the adoption of virtual technology for training. The VTrail System is designed to support virtual training by providing trainers (trailblazers) with the ability to create trails to guide users (trail followers) during training simulations. Without an effective interface to assist with creating trails, the task of trailblazing remains difficult. The objective of this research was to design a default interface for the VTrail System that adheres to the basic human factors engineering guidelines of simplicity, universality, and that does not interfere with primary task performance. Two studies (trailblazing, trail following), with a total of four experiments, were performed to evaluate and modify the proposed interfaces. The first experiments in each study determined that the proposed default interfaces are simple enough to use so as to not interfere with primary task performance. The second set of experiments found that, aside from the interface components included in the default interface, novice trailblazers and trail followers did not make use of any additional wayfinding aids when users were provided with the ability to create a custom interface. Secondary benefits included; the development of a novel approach for measuring spatial knowledge acquisition (called the SKAT), a set of criteria for qualitative analysis of trail quality in the form of the Trail Quality Questionnaire (referred to as TQQ), and improved understanding of the role individual differences, such as gender and spatial ability, in wayfinding performance. The high correlation between spatial ability score and performance on the SKAT suggests that the test provides a valid means of measuring spatial knowledge acquisition in a virtual environment. A measurable difference in the trail quality between males and females indicates that the TQQ can distinguish between trails of variable quality. Finally, there are measurable gender performance differences, despite similar levels in spatial ability between the genders. With the proposed interface designs the VTrail is closer to being ready to be incorporated as a support tool into virtual training programs. In addition, the designs for the VTrail System can be adapted for other platforms to support trailblazing in a range of applications, from use in military operations to providing an enhanced tourism experience. This research also serves as a starting point for future research projects on topics ranging from improving the design of the SKAT measure to understanding the effect of expertise on trailblazing performance.

Wayfinding is a complex skill and the lack of tools supporting the specific sub-types of navigation hinders performance in large-scale virtual environments and consequently can slow the adoption of virtual technology for training. The VTrail System is designed to support virtual training by providing trainers (trailblazers) with the ability to create trails to guide users (trail followers) during training simulations. Without an effective interface to assist with creating trails, the task of trailblazing remains difficult. The objective of this research was to design a default interface for the VTrail System that adheres to the basic human factors engineering guidelines of simplicity, universality, and that does not interfere with primary task performance. Two studies (trailblazing, trail following), with a total of four experiments, were performed to evaluate and modify the proposed interfaces. The first experiments in each study determined that the proposed default interfaces are simple enough to use so as to not interfere with primary task performance. The second set of experiments found that, aside from the interface components included in the default interface, novice trailblazers and trail followers did not make use of any additional wayfinding aids when users were provided with the ability to create a custom interface. Secondary benefits included; the development of a novel approach for measuring spatial knowledge acquisition (called the SKAT), a set of criteria for qualitative analysis of trail quality in the form of the Trail Quality Questionnaire (referred to as TQQ), and improved understanding of the role individual differences, such as gender and spatial ability, in wayfinding performance. The high correlation between spatial ability score and performance on the SKAT suggests that the test provides a valid means of measuring spatial knowledge acquisition in a virtual environment. A measurable difference in the trail quality between males and females indicates that the TQQ can distinguish between trails of variable quality. Finally, there are measurable gender performance differences, despite similar levels in spatial ability between the genders. With the proposed interface designs the VTrail is closer to being ready to be incorporated as a support tool into virtual training programs. In addition, the designs for the VTrail System can be adapted for other platforms to support trailblazing in a range of applications, from use in military operations to providing an enhanced tourism experience. This research also serves as a starting point for future research projects on topics ranging from improving the design of the SKAT measure to understanding the effect of expertise on trailblazing performance.