published_or_final_version / Economics and Finance / Master / Master of Economics

published_or_final_version / abstract / Law / Doctoral / Doctor of Philosophy

De nombreuses études ses sont intéressées à l’influence du sommeil sur la mémoire. Une période de sommeil comparée à une période d’éveil permet de réduire l’oubli, d’améliorer les performances mais également de réorganiser les traces mnésiques, favorisant ainsi la créativité et l’extraction de règles. Ces études se basent sur les modèles classiques de la mémoire et expliquent ces observations par une interaction entre les processus implicites et explicites au cours du sommeil. Cependant, les modèles classiques de la mémoire semblent limités pour décrire la totalité des processus de réorganisation des traces mnésiques observés après une période de sommeil. Dans ce travail de thèse, nous avons tenté de comprendre l’influence du sommeil sur la réorganisation des traces à travers le modèle Act-In, un modèle de mémoire à traces multiples se plaçant dans la lignée de la cognition incarnée.Nous avons développé notre recherche autour de quatre axes expérimentaux. Dans un premier temps nous souhaitions vérifier si une période de sommeil permet de transformer passivement une trace implicite en trace explicite. Nous souhaitions par la suite étudier l’effet du sommeil sur les processus d’intégration multi-composants et d’activation inter-traces. Selon nous, le sommeil permettrait de renforcer l’intégration des composants au sein d’une trace et il permettrait également de favoriser la mise en relation de plusieurs traces, conduisant à l’émergence d’éléments communs. Enfin, dans le dernier axe de ce travail de recherche, nous nous sommes intéressés aux conséquences des modifications nocturnes liées à l’âge sur la consolidation mnésique au cours du sommeil. / Numerous studies have been interested in the effect of sleep on memory. For instance, a period of sleep as compared to a similar period of wakefulness protects memories from interferences, improves performances, but also reorganizes memory traces favoring creativity and rules extraction. These studies are based on classical memory models and explain these observations by an interaction between implicit and explicit processes. However, these models seem to be limited to describe all the processes involved in memory reorganization. In this thesis, we tried to understand the influence of sleep on memory reorganization within Act-In memory model, a multiple traces memory model in the line of grounded cognition. We developed our research within four experimental axes. First of all, we wanted to verify if sleep could transform an implicit trace into an explicit one. We also wanted to study the effect of sleep on multi-components integration and inter-traces activation. We assumed that sleep could transform memory traces enhancing the integration of the trace components and could favor the link between different traces leading to the emergence of common elements. Finally, we were interested in the consequences of nocturnal modifications during aging on memory consolidation.

Le sommeil joue un rôle majeur dans les processus de consolidation des apprentissages. Les performances des sujets lors de la restitution de tests de mémoire sont meilleures lorsque les phases d'apprentissage et de restitution sont séparées par une période de sommeil plutôt que par une période d'éveil. Les effets du sommeil sur ces processus de consolidation ont largement été étudiés chez l'adulte, notamment à l'aide de protocoles de privation de sommeil spécifiques. Néanmoins, l'utilisation de ces protocoles de privation de sommeil est impossible chez les enfants pour des raisons d'éthique. Nos connaissances actuelles relatives aux effets du sommeil sur les processus de consolidation des apprentissages dépendants du sommeil sont donc très limitées chez l'enfant. Les troubles du sommeil touchent une proportion non négligeable des enfants et ont des répercussions diurnes importantes, notamment au niveau académique. De manière surprenante, bien que la majorité des enfants ayant des troubles du sommeil soit en échec scolaire, l'impact de ces troubles du sommeil sur les processus de consolidation des apprentissages dépendants du sommeil a très rarement été évalué. L'objectif de ce projet de thèse était donc d'évaluer l'impact des troubles du sommeil sur ces processus de consolidation. Pour atteindre cet objectif, nous avons sélectionné 3 pathologies présentant des atteintes spécifiques du sommeil : la narcolepsie, le syndrome d'apnées obstructives du sommeil (SAOS) et l'épilepsie bénigne de l'enfant à pointes centro-temporales (EPCT). Nous avons soumis ces groupes d'enfants ainsi qu'un groupe d'enfants contrôles appariés en âge et en sexe à des tests de consolidation mnésique dont la phase d'apprentissage était réalisée le soir avant le coucher et la phase de restitution le matin après la nuit post-apprentissage. Afin d'avoir la vision la plus complète possible de l'impact des troubles du sommeil sur les processus de consolidation des apprentissages, ces tests de consolidation mnésique impliquaient des apprentissages de nature déclarative (tâches verbale, visuo-spatiale et émotionnelle) et non-déclarative (tâche procédurale). Nous avons également mesuré les capacités attentionnelles des enfants avant l'apprentissage et avant la restitution des tests de consolidation mnésique. Les résultats que nous avons obtenus semblent indiquer que la narcolepsie, le SAOS et l'EPCT auraient un impact négatif sur les processus de consolidation des apprentissages visuo-spatiaux dépendants du sommeil. En revanche, ces 3 pathologies ne semblent pas avoir d'influence sur ces processus dans le cadre des apprentissages verbal, émotionnel et procédural. Ces résultats suggèrent donc que les aspects concernant la consolidation nocturne des apprentissages devraient être intégrés dans les évaluations neuropsychologiques rentrant en compte dans le diagnostic des enfants porteurs de ces pathologies. De plus, les suivis pédagogique et rééducatif de ces enfants devraient être reconsidérés / Sleep plays a key role in sleep-dependent memory consolidation processes. Subject’s performances during the restitution phase of memory tests are better when the learning and restitution are separated by a sleep period than by a wake period. Effects of sleep on memory consolidation processes have widely been investigated in adults by using specific sleep deprivation protocols. However, these sleep deprivation protocols can’t be used in children for ethical reasons. Thus, our knowledge about sleep-dependent memory consolidation processes in children is extremely restricted. Sleep disorders concern a large proportion of children and they have an important range of daytime consequences including academic achievement. Surprisingly, despite the fact that the majority of children with sleep disorders display school difficulties, the impact of these sleep disorders on sleep-dependent memory consolidation processes has scarcely been investigated. This thesis project aimed at evaluating the impact of sleep disorders on sleep-dependent memory consolidation processes. In order to reach this objective, we selected 3 pathologies with specific sleep impairments: narcolepsy, obstructive sleep apnea syndrome (OSAS) and benign childhood epilepsy with centro-temporal spikes (BECTS). We have submitted these children, as well as a control group children matched on age and sex, to memory consolidation tests whereby the learning phase took place in the evening before sleep and the restitution phase took place after the post-learning night. In the way to have the more complete understanding of the impact of sleep disorders on memory consolidation processes, these memory consolidation tests included declarative (verbal, visuo-spatial and emotional tasks) and non-declarative (procedural task) learnings. Moreover, attention ability was measured before learning and restitution phases. Results indicated that narcolepsy, SAOS and EPCT impacted sleep-dependent memory consolidation processes of the visuo-spatial task. However, no impact of these pathologies on sleep-dependent memory consolidation processes of the verbal, emotional and procedural tasks has been found. These results suggest that nocturnal consolidation aspects of learning’s should be integrated in neuropsychological assessments accounting for sleep disorders diagnosis. Moreover, pedagogic and re-educational supervisions of these children should be reconsidered

This dissertation is a growth options analysis of high tech mergers. I analyze the impact growth options have on the likelihood of a high tech firm being acquired, the premiums paid for these acquisitions, and the synergies that result from these mergers. I examine how proxies for growth options interact with those for the resources needed to fund growth. A significant part of my analysis involves developing and examining a new growth options proxy, Gamma, the return on investment a firm realizes in growth options value from its R&D expenditures. I find that firms that are better than their peers in converting R&D into growth options value, i.e. they have high Gamma, are more likely to be targeted for acquisition than low-Gamma firms. The premiums paid are impacted most by the characteristics of the deal, primarily when deals are competitive, and GDP growth. The acquirer's Gamma, however, is very significant in predicting premiums. Acquiring firms with high Gamma pay significantly lower premiums. The synergies that result from a merger are measured in short and long run returns, and most mergers result in value destruction to the combined firm. In the fewer than 20% of the mergers that resulted in positive long run abnormal returns, the premium paid and whether the deal was competitive significantly reduced the returns. However the two characteristics that significantly increased returns were the acquirer's Gamma and if the acquirer and target had complementary characteristics for growth options levels and free cash flow. / by Sean M. Davis. / Thesis (Ph.D.)--Florida Atlantic University, 2011. / Includes bibliography. / Electronic reproduction. Boca Raton, Fla., 2011. Mode of access: World Wide Web. FboU

Acquisitions are regarded as a strategy to redeploy a firm's intangible assets, apart from tangible assets. A critical intangible asset to be redeployed in acquisitions is nonmarket capital, particularly in emerging economies. Nonmarket capital, defined as political capital, social capital and reputational capital that increase firm's institutional relatedness, has been viewed as an intangible asset of salient importance in emerging economies, for it can help firms enhance legitimacy, access market information and resources, and reduce uncertainty. And yet, the role of nonmarket capital in corporate acquisitions has been understudied. The main objective of this dissertation is to provide a comprehensive analysis of functions and dimensions of nonmarket capital, and examine how nonmarket capital is related to an emerging economy firm's acquisition strategy and performance. / Drawing from resource-based view and the signaling theory, I posit that substantial nonmarket capital generates value via substantial functions execution and by directly facilitating business transactions, while symbolic nonmarket capital helps signal a firm's underlying attributes and reduce market uncertainties. Accordingly, acquiring firms should leverage their nonmarket capital such that its substantive and symbolic functions can be effectively redeployed in target firms. In this study, I focus on three main target attributes, i.e. state ownership, product relatedness, and listing status that represent the uniqueness of strategic factor markets---political, product, and capital markets---in emerging economies. / Key words: nonmarket capital, acquisitions, China / This dissertation aims to offer several contributions. First, this study enriches the concept of nonmarket capital by theorizing its different functions and dimensions, using the resource-based view and the signaling theory. Second, the study extends the acquisition literature to emerging economies context by highlighting nonmarket capital as a unique intangible asset to be redeployed in acquisitions and effects of nonmarket capital on corporate acquisitions. Finally, the study also offers strategic implications to managers in emerging economies by suggesting how they can leverage (or deploy) their nonmarket capital portfolios in pursuing corporate acquisition strategy. / Using China as the empirical context, data of615 listed firms for 2003-2006 show that: (1) symbolic, instead of substantial, political capital interacts with state-owned targets and is positively related to firm performance; (2) substantial social capital is positively related to product-unrelated targets and such strategy leads to superior firm performance; and (3) symbolic, as opposed to substantial, reputational capital positively affects firm performance in case of unlisted targets. / Zhang, Lingqing. / Advisers: Hang-yue Ngo; Daphne W. Y. Yiu; Kenneth S. K. Law. / Source: Dissertation Abstracts International, Volume: 73-06, Section: A, page: . / Thesis (Ph.D.)--Chinese University of Hong Kong, 2011. / Includes bibliographical references (leaves 186-204). / Electronic reproduction. Hong Kong : Chinese University of Hong Kong, [2012] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Electronic reproduction. [Ann Arbor, MI] : ProQuest Information and Learning, [201-] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Electronic reproduction. Ann Arbor, MI : ProQuest dissertations and theses, [201-] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Abstract also in Chinese.

by Sung Chun. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1995. / Includes bibliographical references (leaves 85-88). / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iv / ACKNOWLEDGMENTS --- p.vi / Chapter / INTRODUCTION --- p.1 / Prologue --- p.1 / Purpose of Study --- p.2 / Scope of Study --- p.2 / Organization of Paper --- p.2 / Limitation of the Study --- p.3 / MACRO-ENVIRONMENT --- p.4 / Political Environment --- p.4 / Communist Party Congress --- p.4 / National People's Congress --- p.7 / Legal Environment --- p.10 / Economic Environment --- p.12 / Inflation --- p.12 / The Scale of Investment --- p.13 / State-owned Enterprises --- p.14 / Agriculture --- p.16 / Consumer Goods Market Environment --- p.20 / COMPANY PROFILE --- p.24 / Goldlion Holding Limited --- p.24 / Introduction --- p.24 / Business --- p.25 / Performance --- p.27 / Strengths --- p.29 / Prospects --- p.30 / Forever Attempt Limited --- p.32 / Introduction --- p.32 / Business --- p.34 / Strengths --- p.36 / Prospects --- p.38 / EVALUATION --- p.40 / External Issues --- p.40 / Internal Issues --- p.43 / The Acquisition Deal --- p.49 / CONCLUSION --- p.53 / APPENDIX --- p.54 / BIBLIOGRAPHY --- p.85

by Lam Chui Yan, Coris, Lam Tsz Cheung. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1995. / Includes bibliographical references (leaves 95-97). / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iii / LIST OF TABLES --- p.v / ACKNOWLEDGMENT --- p.vi / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Background --- p.1 / Objective and Scope --- p.2 / Chapter II. --- METHODOLOGY --- p.4 / Literature Review --- p.4 / Field Studies --- p.4 / Analysis and Conclusion --- p.5 / Chapter III. --- OVERVIEW OF VALUATION METHODOLOGY --- p.6 / Chapter IV. --- VALUATION METHODS REVIEW --- p.8 / Capitalization of Earnings (P/E) --- p.8 / Net Asset value (NAV) --- p.14 / Net Cash flow (NCF) --- p.22 / Chapter V. --- PITFALLS --- p.27 / General Problems Inherent in Valuation Methods --- p.27 / Accounting Policies --- p.29 / Tax Reforms --- p.37 / Asset Valuation Practices --- p.45 / Unification of Foreign Exchange --- p.54 / Legal Issues --- p.55 / Others --- p.67 / Chapter VI. --- CONCLUSION --- p.73 / Combination of Techniques --- p.73 / Range Estimate --- p.74 / "Keep Abreast of ""Surprises""" --- p.74 / Appendix / Chapter I. --- COMPONENTS OF INCOME TO BE EXCLUDED FROM MAINTAINABLE EARNINGS --- p.76 / Chapter II. --- MAJOR FACTORS TO BE CONSIDERED IN ASSESSING THE CAPITALIZATION RATE --- p.78 / Chapter III . --- COMPARISON BETWEEN INTERNATIONAL ACCOUNTING PRACTICES AND PRC ACCOUNTING RULES --- p.80 / Chapter IV. --- COMPARISON OF NEW BT WITH CICT AND THE OLD BT --- p.88 / Chapter V. --- REAL PROPERTY GAINS TAX --- p.90 / Chapter VI. --- MAIN FEATURES OF VALUE ADDED TAX --- p.93 / BIBLIOGRAPHY --- p.95

by Lee Ka Wing, Liu Chi Ngai. / Thesis (M.B.A.)--Chinese University of Hong Kong, 2001. / Includes bibliographical references (leaves 46-47). / ABSTRACT --- p.i / TABLE OF CONTENTS --- p.ii / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Chapter II. --- COMPANY BACKGROUND --- p.3 / Pacific Century CyberWorks Limited --- p.3 / History --- p.3 / Major Business --- p.5 / Performance --- p.7 / Management of PCCW --- p.8 / Shareholdings Distribution (Prior to the merger) --- p.9 / Cable & Wireless HKT --- p.9 / History --- p.10 / Major business --- p.11 / Performance --- p.11 / Shareholdings Distribution (Prior to the merger) --- p.13 / Chapter III. --- REASONS FOR THE ACQUISITION --- p.14 / Chapter IV. --- MAJOR EVENTS --- p.17 / Competitive bid by SingTel --- p.17 / Arrangement for the USS12 billion loan --- p.18 / The Composite Document --- p.19 / Stories Behind the Offers (Prior to the Mergcr) --- p.20 / Probable strategy of C&W behind the acceptance --- p.21 / Chapter V. --- FINANCING PACKAGE --- p.24 / PCCW Equity Funding --- p.24 / PCCW Loan Funding --- p.25 / Chapter VI. --- ANALYSIS ON THE EFFECTS OF CORPORATE ANNOUNCEMENTS --- p.27 / Market Efficiency --- p.27 / Methodology --- p.28 / Announcements --- p.29 / Chapter VII. --- AFTERMATH --- p.31 / Financial Ferformance --- p.31 / What Went Wrong? --- p.32 / Economic and Corporate Governance --- p.34 / APPENDIX --- p.39 / BIBLIOGRAPHY --- p.46

by Mao Yim Cheung, Ng Kai Chung. / Thesis (M.B.A.)--Chinese University of Hong Kong, 2001. / Includes bibliographical references (leaves 58-59). / ABSTRACT --- p.i / CHAPTER / Chapter I. --- INTRODUCTION --- p.1 / Chapter II. --- LITERATURE REVIEW --- p.6 / Chapter (I) --- Review Of The Justifications For A Merged Entity Failing To Create Value --- p.6 / Chapter (II) --- Analytical Framework --- p.13 / Chapter III. --- COMPANY BACKGROUND --- p.27 / Chapter (I) --- Pacific Century Cyber Works --- p.27 / Chapter (II) --- Cable & Wireless HKT --- p.33 / Chapter IV. --- MERGER DIAGNOSIS --- p.37 / Chapter (I) --- Value Dynamics Framework Analysis --- p.37 / Chapter V. --- RECOMMENDATIONS --- p.52 / Chapter (I) --- Reposition NOW --- p.52 / Chapter (II) --- Focus More On HKT's Corporate Clients --- p.52 / Chapter (III) --- Restructure The CyberWorks Venture (CWV) --- p.53 / Chapter (IV) --- Transform Core Businesses Into Joint Ventures --- p.54 / APPENDIX --- p.55 / BIBLIOGRAPHY --- p.58