This dissertation examines the partial anticipation hypothesis by employing the bid-ask spread approach in market microstructure theory. Selecting the OTC bidding firms with a careful research design, this dissertation divides sample firms into firms with acquisition programs and firms without acquisition programs.

While it has been established that temperature can change the preconsolidation pressure of clays, the current understanding is limited to specific ranges of temperatures, with temperatures above freezing being studied entirely independently of temperatures below freezing. However, as temperature is a continuous domain and clays may be subjected to both above- and below- freezing temperatures over the course of an engineering application, a unified view is necessary. The first goal of this thesis is to develop a single model which can be used to predict the preconsolidation pressure of a normally consolidated clay at any temperature over a wide range which includes both frozen and elevated temperatures. To do so, consolidation tests were run at various temperatures between -7 °C and 50 °C, and the yield stress at each consolidation temperature was determined. As previous studies have established that the temperature response of clays is dependent upon their mechanical stress history, the specimens were consolidated initially at a reference temperature until they reached the normally consolidated state. Subsequently, the temperature of the specimens was changed and the volume changes during the temperature change stage were recorded. Once the specimens stabilized at the new temperature, they were consolidated once again and the preconsolidation pressure determined at the new consolidation temperature. The volumetric strains and changes in preconsolidation pressure for each temperature used in this study align generally with the previous data published for each temperature domain. Heating led to a decrease in the volume of the specimens, cooling to minimal strain, and freezing to an increase in the specimen volume. Changing the consolidation temperature by either heating, cooling, or freezing the specimen led to various degrees of increase in the preconsolidation pressure. A mathematical model was developed to fit the observed preconsolidation pressures at each consolidation temperature. This model can be used to predict the yield stress of NC kaolinite at any temperature within the tested range, and captures the smaller magnitude increases in yield stress which occur upon heating and cooling as well as the large increases which occur upon freezing the clay. With the effects of unidirectional thermal paths having been treated in the previous portion, a second investigation was also undertaken to assess how much of the temperature history of the soil might influence the behavior at its final consolidation temperature. In particular, the impacts of previous freezing on the preconsolidation pressure at elevated temperatures were investigated. The same clay material was first consolidated to the NC state and then frozen to -15 °C. Subsequently, the material was thawed or heated to various final temperatures and consolidated further to determine the preconsolidation pressure. The results of these tests indicate that the preconsolidation pressure was independent of the consolidation temperature for previously-frozen soil. While increasing contractive axial strains were recorded with increasing temperature, there was no accompanying increase in the preconsolidation pressure. These results indicate the thermal history of the clay can alter its behavior at the current temperature, overriding the effects of the most recent thermal path. / Master of Science / Temperatures around the globe are becoming more extreme every year due to global warming. The warming climate has destabilized permafrost. Additionally, new energy applications, such as heat exchange piles, and existing energy infrastructure, such as oil and gas pipelines, also constitute extreme thermal environments. The settlement of soils in these conditions must be well understood so that engineers can predict and mitigate potentially damaging conditions. One engineering parameter which is necessary to predicting the amount of consolidation settlement in clays is the overconsolidation ratio (OCR), and the preconsolidation pressure of clays is required in order to compute OCR. Previous studies have established that preconsolidation pressure is a function of temperature. However, in addition to changing soil temperatures due to climate, soil temperatures between in situ and laboratory settings where preconsolidation pressure is determined are often different as well. Therefore, in order to develop resilient foundations and structures in areas with thermal variations, a thorough understanding of how the preconsolidation pressure changes with temperature is necessary. The goal of this study is firstly to develop a mathematical model which can be used to predict the preconsolidation pressure of a clay over a wide temperature range which includes both frozen (<0 °C) and heated (>20 °C) temperatures. Consolidation tests were run on kaolinite clay specimens to determine the preconsolidation pressure at various temperatures within the chosen range. Then, a single expression was developed to allow the user to predict the preconsolidation pressure at any temperature within this range. While the mineralogy and stress state of the clay impact the parameters of this equation, the general form models the expected change in yield stress for a given change in temperature. The second goal is to assess whether the thermal history of the clay, in particular a prior frozen state, affects the preconsolidation pressure determined following subsequent thawing and heating.

Lorsque la victoire n’est à la portée d’aucun groupe et que la paix se fait par compromis les institutions politiques, les règles et les normes qui régissent l’autorité politique, deviennent les principaux enjeux des débats politiques. Cette thèse cherche à comprendre pourquoi la paix négociée est si chaotique. Elle démontre que la reconstruction politique suit un cycle enchainant des phases de blocage, de débat (transformation) et de crise (contestation). Ce processus est profondément influencé par l’importance des divisions sociopolitiques et la complexité de l’environnement international. Lorsque l’espace politique est fortement divisé et l’environnement international conflictuel, comme dans le cas du Liban et de la Bosnie-et-Herzégovine, ce cycle est accéléré par la multiplicité des connexions transnationales possibles. Ces deux processus de reconstruction ont initialement été bloqués, puis réactivés avec la formation de coalitions transnationales cherchant à renforcer l’État central. Ces initiatives ont connu des succès limités, mais elles ont donné lieu à des démarches de négociations multipartites inédites. Néanmoins, dans le cas du Liban comme dans celui de la Bosnie, le processus de réforme a rapidement cédé la place à une crise politique. Ce changement de climat politique s’explique par la difficulté de maintenir le dialogue politique lorsqu’il y a discordance parmi les acteurs étrangers, par le désengagement international et l’exercice de pressions pour atteindre certains objectifs sans avoir l’appui politique nécessaire. Cette dégradation des conditions de la coopération amène un rééquilibrage politique ainsi qu’un retour des idées radicales. / When war ends with a settlement, political institutions, norms and rules defining authority, are the main topics of conflict. The aim of this thesis is to understand why in this context reconstruction is so messy. It demonstrates that political reconstruction follows a cycle which alternates between phases of status quo, debate (transformation), and crisis (contestation). This process is primarily influenced by the degree of societal division and of complexity of the international environment. When the political space is deeply divided and the international environment conflictual, as it is the cases of Lebanon and Bosnia-and-Herzegovina, the cycle speeds up because of the multiple possibilities of transnational connections. These two processes were at first frozen, and were reactivated a few years later by transnational coalitions. These coalitions promoted state-building reforms which succeeded in pushing reforms forward, and gave way to multilateral negotiations unseen since the end of the war. However, this transformative period soon gave rise to contestation that made way for a political crisis, followed by a return to a new status quo. This change in political climate can be best explained by the disengagement of interveners supporting state-building measures, and by external pressures to speed up reforms. It weakened pro-reform coalitions and supported the return to more radical political objectives.

Thesis (MComm)--Stellenbosch University, 2000. / ENGLISH ABSTRACT: TAX CONSIDERATIONS OF MERGERS AND ACQUISITIONS During the past few years the South African business environment experienced a considerable increase in corporate mergers and acquisitions. At a corporate tax rate of thirty per cent, the tax implications of mergers and acquisitions have an important impact on the financial success thereof. By way of background information, a short exposition of the characteristics, the various forms and the reasons for the increase, of mergers and acquisitions is provided. Essentially a merger or acquisition entails the acquisition of either the business of, or the shares in, the target company. A comparison is drawn between the tax consequences of the above two options for both parties to mergers and acquisitions. The composition of the purchase price payable by an acquiring company in respect of the acquisition of the target company's business or shares may have far reaching tax consequences. Consequently, the most commonly used arrangements relating to payment of the purchase price are scrutinized from a tax point of view. The bulk of the study consists of an analysis of particular aspects of mergers and acquisitions, which may, depending on how a particular transaction is structured, result in important tax benefits. The analysis is directed towards, firstly, establishing the tax consequences arising from mergers and acquisitions and, secondly, suggesting tax efficient structuring methods or alerting against structuring options that may have detrimental tax results. Some of the proposed tax structuring techniques have tax efficient results for one party to the merger or acquisition, but result in corresponding negative tax effects for the other. There are, however, opportunities to structure a tax efficient transaction in such a way to ensure that both parties share in the tax benefit. lt is even possible to, in respect of certain aspects of mergers and acquisitions, achieve a tax efficient result for both parties to the transaction without any commensurate disadvantage, or without them having to share the benefits thereof. lt is important to evaluate tax planning strategies against the general antiavoidance measures contained in the doctrine of substance over form and in tax legislation. Consequently, in the final analysis, the applicability of the antiavoidance measures to the tax planning strategies proposed in this study, is considered. / AFRIKAANSE OPSOMMING: BELASTINGOORWEGINGS OM IN GEDAGTE TE HOU BY SAMESMEL TINGS EN OORNAMES VAN SUID-AFRIKAANSE MAATSKAPPYE Korporatiewe samesmeltings en oornames is 'n dinamiese en immer groeiende area van die Suid-Afrikaanse besigheidsomgewing. Teen 'n korporatiewe belastingkoers van dertig persent is die belastinggevolge van 'n samesmelting of oorname 'n belangrike faktor in die finansiele sukses daarvan. Ter agtergrondinligting word daar in hierdie studie 'n kort uiteensetting van wat 'n samesmelting en oorname behels, die verskillende vorme wat dit kan aanneem en die redes waarom samesmeltings en oornames plaasvind, gegee. In wese kan 'n samesmelting of oorname geskied deur die verkryging van of die besigheid of die aandele van 'n teikenmaatskappy. 'n Vergelyking tussen die belastingimplikasies van genoemde twee opsies word uit die perspektief van beide die verkrygende maatskappy en die teikenmaatskappy, getref. Die samestelling van die koopprys wat ingevolge 'n oorname of 'n samesmelting betaalbaar is, kan verreikende belastingimplikasies inhou. Die mees algemene wyses van betaling, en die belastinggevolge wat daaruit voortvloei, word dus geanaliseer. Die studie behels hoofsaaklik 'n ontleding van spesifieke aspekte inherent aan samesmeltings en oornames wat, afhangend van die strukturering van die transaksie, verskillende belastinggevolge inhou. Die doel met die ontleding is tweeledig, naamlik om, eerstens, die belastinggevolge van samesmeltings en oornames vas te stel en om, tweedens, enersyds voorstelle te maak vir effektiewe belastingstrukturering, en andersins te waarsku teen struktureringsopsies wat negatiewe belastinggevolge mag inhou. Sommige struktureringstegnieke hou voordelige belastinggevolge vir een party tot 'n samesmelting of oorname in, maar lei tot korresponderende nadelige belastinggevolge vir die ander party. In sommige gevalle is dit egter moontlik om 'n middeweg tussen die voordeel en korresponderende nadeel te vind, sodat die partye in die voordeel kan deel. Daar word ook aangetoon dat sommige aspekte van samesmeltings en oornames, indien dit noukeurig beplan word, belastingvoordele sonder enige korresponderende nadele vir beide partye kan inhou. Belastingbeplanningstegnieke moet egter aan die algemene teenvermydingsmaatreels wat in die leerstuk van wese bo vorm, asook in belastingwetgewing, vervat word, gemeet word. Die studie word dus afgesluit met 'n bespreking van die toepaslikheid van die algemene teenvermydingsmaatreels op die voorstelle wat gemaak word ten opsigte van belastingstruktureringsopsies.

published_or_final_version / Management Studies / Master / Master of Business Administration

Vid en hypotetisk torrhamn i Viared där HCT-fordon förväntas användas kommer bådekonsolidering och de-konsolidering att förekomma. Den ökade kapacitet som är möjlig attlasta på ett HCT fordon, jämfört med ett normalt fordon, bidrar till att det är mer gods somska de-konsolideras vid ankomst till terminal. För att gods inte skall bli stående på terminalenkrävs ett tydligt informationsutbyte, vilket det inte finns mycket studier kring kopplat till HCTtransporter.Syftet med examensarbetet är att undersöka informationsutbyte vid konsolidering och dekonsolidering.Arbetet kommer utgå ifrån frågeställningen om hur ett effektivt kaninformationsutbyte skapas i samband med stora volymer av gods.En av slutsatserna som kan dras efter fallstudien på Kerry Logistics är att en ökad mängd godsendast kommer bidra till volymproblem, främst i form av resursbrist. Det skulle därför intevara svårare ur ett HCT-perspektiv, utan ju mer gods som kommer samtidigt desto störretryck blir det på informationsutbytet.Att ligga steget före med informationsutbytet vid hantering och planering av stora mängdergods framgår också vara av stor vikt. Med nödvändig information tillgänglig vid rätt tillfälleeffektiviseras informationsutbytet. Olika åsikter och uppfattningar kring vilken informationsom klassas som nödvändig och önskvärd har gjort det svårt att dra slutsatser kring de berördainformationsattributens roll. Goda affärsrelationer har däremot visat sig spela en stor roll vidett effektivt informationsutbyte. / At a hypothetical dry port in Viared where HCT-vehicles are expected to be used, bothconsolidation and de-consolidation will occur. The increased capacity of freight that ispossible to load on a HCT-vehicle, compared to a normal vehicle, contributes to the fact thatthere is more freight to be de-consolidated on arrival at the terminal. In order for goods not tobe left at the terminal, a clear exchange of information is required as there is not much studiesrelated to HCT-transport. The purpose of the thesis is to explore the information exchangerelated to consolidation and de-consolidation of goods.One of the conclusions that can be drawn from the case study at Kerry Logistics is that anincreased amount of goods only will contribute to problems related to volume, primarily inlack of resources. The informations exchange will not be more difficult from an HCTperspective, but when greater amount of freight arrives at the same time the pressure willincrease on the information exchange.To be ahead of the information exchange when it comes to handling and planninglarger amounts of goods is also important. With the necessary information available at theright time, the information exchange will be more efficient. Different opinions andperceptions about what information that should be classified as necessary and/or desirable hasmade it difficult to draw conclusions about the role of the relevant information attributes.Good business relations on the other hand, have proven to play a major role in order to createefficient information exchange.

Although recognized as an important stage of the merger and acquisition (M&A) process, little is understood about the processes that unfold during deal negotiations. In line with recent qualitative research highlighting the role of interorganizational trust, I examine the role of acquirer trust during M&A negotiations. Specifically, through two essays, I consider the effects of acquirer trust on two outcome variables: the acquisition premium and target executive retention. In Essay One, I integrate the social embeddedness theory and agency theory and find that acquirer trust leads to higher premiums. In Essay Two, I integrate the social embeddedness perspective with justice theory and find that the positive relationship between acquirer trust and target executive retention is mediated by justice. Boundary conditions are also considered in each essay. These two essay provide contributions to the nascent literature on M&A negotiations and the complex role of trust in M&A negotiations. / Includes bibliography. / Dissertation (Ph.D.)--Florida Atlantic University, 2015. / FAU Electronic Theses and Dissertations Collection

by Chou Tak-Ki Dicky. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1990. / Bibliography: leaves 55-57. / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iii / LIST OF EXHIBITS --- p.v / ACKNOWLEDGEMENT --- p.vi / Chapter I. --- INTRODUCTION --- p.1 / Chapter II. --- METHODOLOGY --- p.4 / Chapter III. --- A STATISTICAL REVIEW --- p.5 / Chapter IV. --- CASE STUDY 一 HONG KONG AND SHANGHAI HOTELS --- p.10 / Introduction --- p.10 / Background of the Target --- p.10 / The Raider --- p.11 / The Scenario of Takeover --- p.11 / Initiation --- p.11 / Fighting for Control --- p.12 / Climax - The Annual Shareholders Meeting --- p.13 / Trigger Point - 35% --- p.13 / Settle Down --- p.15 / A Review of the Issues --- p.17 / Why Did This Takeover Take Place --- p.17 / Strategy Used --- p.19 / Acting in Concert --- p.20 / Reasons of Failure --- p.21 / Who Are the Winners --- p.21 / The HK Hotels Afterwards --- p.22 / Chapter V. --- PROCEDURES OF TAKEOVERS --- p.24 / Chapter VI. --- "COST, RISK AND BENEFITS IN CORPORATE TAKEOVERS" --- p.26 / Cost --- p.26 / Risk --- p.26 / Benefits --- p.27 / Chapter VII. --- ATTACK AND DEFENSE STRATEGIES --- p.28 / Private Company --- p.28 / Public Company --- p.28 / Takeover Strategies --- p.28 / Public Relations and Advertising --- p.28 / Move Fast --- p.29 / Anti-Takeover Strategies --- p.29 / Active Strategies --- p.29 / Keep Share Price High --- p.29 / Stock Watch --- p.30 / Multiple-Vote Common Stock --- p.30 / Employee Stock Ownership Plans --- p.31 / Golden Parachutes --- p.31 / Reactive Strategies --- p.31 / Anti-Trust Suit --- p.32 / Selling the Crown Jewels --- p.32 / Pac-Man --- p.32 / Greenmail --- p.33 / Chapter VIII. --- THE EFFECTS OF TAKEOVERS ON ECONOMY --- p.34 / Effects on Company and Management --- p.34 / Effects on Stock Prices and Stock Market --- p.36 / Effects on Economy --- p.37 / Effects on a Nation --- p.38 / Chapter IX. --- CONTROL OF TAKEOVERS --- p.40 / Why Control is Needed --- p.40 / Investors --- p.40 / General Public --- p.41 / Nations --- p.41 / Control of Takeovers in Hong Kong --- p.42 / The Hong Kong Code on Takeovers and Mergers --- p.42 / General Principles --- p.43 / Power of the Code --- p.45 / Main Problem with the Code --- p.47 / Possible Future Control --- p.48 / Chapter X. --- ROLE OF MARKET PARTICIPANTS & FUTURE TRENDS CONCERNING MERGERS AND ACQUISITIONS --- p.49 / Hong Kong Government --- p.49 / Management --- p.49 / Merchant Banks --- p.50 / Financial Consultants --- p.50 / Europe Economic Community --- p.51 / Junk Bond --- p.52 / APPENDIX --- p.53 / BIBLIOGRAPHY --- p.55

Li Xi. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2006. / Includes bibliographical references (leaves 42-44). / Abstracts in English and Chinese. / Chapter 1. --- Introduction --- p.1 / Chapter 2. --- Literature Review / Chapter 2.1. --- Literature on Mature Markets --- p.6 / Chapter 2.2. --- Evidence from China --- p.8 / Chapter 3. --- Theoretical Rationale for the Main Hypotheses / Chapter 3.1. --- Institutional Settings --- p.10 / Chapter 3.2. --- Theoretical Argument --- p.11 / Chapter 3.3. --- Hypotheses --- p.13 / Chapter 4. --- Data / Chapter 4.1. --- Data Description --- p.16 / Chapter 4.2. --- Summary Statistics / Chapter 4.2.1. --- Pre-acquisition Characteristics --- p.18 / Chapter 4.2.2. --- Post-acquisition Operating Performance Dynamics --- p.19 / Chapter 5. --- Methodology / Chapter 5.1. --- Control Group Matching --- p.20 / Chapter 5.2. --- Comparison Analysis / Chapter 5.2.1. --- The Sample Group and the Control Group --- p.22 / Chapter 5.2.2. --- The Subgroups --- p.22 / Chapter 5.3. --- Post-acquisition Activities / Chapter 5.3.1. --- Restructuring Activities --- p.23 / Chapter 5.3.2. --- Financing Activities --- p.24 / Chapter 5.4. --- Pooled Regression / Chapter 5.4.1. --- Whole Sample Analysis --- p.26 / Chapter 5.4.2. --- Subgroups Analysis --- p.28 / Chapter 6. --- Empirical Results / Chapter 6.1. --- Post-acquisition Operating Performance Comparison --- p.29 / Chapter 6.2. --- Post-acquisition Restructuring Activities --- p.30 / Chapter 6.3. --- Post-acquisition Financing Activities --- p.32 / Chapter 6.4. --- Effectiveness of Takeovers --- p.33 / Chapter 6.5. --- Hypothesis Testing on Financing --- p.35 / Chapter 7. --- Discussion and Extension --- p.37 / Chapter 8. --- Conclusion --- p.41 / Chapter 9. --- References --- p.42 / Chapter 10. --- Tables --- p.45 / Chapter 11. --- Figures --- p.65

L’avènement des Technologies de l’Information et de la Communication (TIC) représente une véritable opportunité dans la diffusion des ressources numériques et des connaissances pour tous. De nombreux résultats ont déjà été obtenus dans le cadre de l’étude de plates-formes informatiques numériques. Elles visent essentiellement à faciliter la mise à disposition des contenus numériques, accompagner l’utilisateur en lui offrant des modalités d’interaction avec le système et dans un contexte de formation, valider les connaissances acquises. Le déploiement large et massif des systèmes d’information de gestion de contenus numériques constitue une première génération d’outils de gestion. Dans ce cadre, des travaux de thèse ont été réalisés au sein du laboratoire L3I dans l’objectif de permettre à ces environnements de gérer efficacement l’interactivité avec leurs utilisateurs et d’adapter leurs exécutions en fonction des profils et du contexte de leurs utilisateurs. Certains résultats de ces travaux ont été mis en œuvre sur la plate-forme POLARIS du laboratoire. Ce contexte a créé un climat qui favorise la production massive et hétérogène de documents numériques dont la gestion (la conception, l’organisation, la sélection et l’usage) pose de nouveaux problèmes. L’objectif général de la thèse consiste à proposer des solutions permettant aux utilisateurs des applications interactives, de gérer leurs documents numériques afin d’éviter qu’ils ne soient submergés par l’immense quantité de documents qu’ils produisent et utilisent quotidiennement. En effet, pour mieux gérer ces documents, nous les encapsulons dans des structures complexes que nous appelons « ressources numériques ». Cela nous permet de mettre en œuvre nos mécanismes d’adaptation : pré-sélectionner les ressources numériques les plus adaptées aux activités de l’utilisateur et adapter les ressources numériques sélectionnées en fonction des caractéristiques de l’utilisateur et de son activité. Les contributions des travaux réalisés dans cette thèse se décrivent sur quatre niveaux. Premièrement, nous proposons un modèle de représentation des données qui caractérisent un utilisateur dans un système de gestion de ressources numériques. Deuxièmement, nous proposons des algorithmes et des mécanismes pour permettre à un utilisateur de sélectionner les ressources numériques pertinentes lors de la réalisation d’une activité. Les mécanismes de sélection proposés permettent une gestion consolidée des ressources numériques, parce qu’ils tiennent compte de la cohérence entre les ressources de l’activité afin de permettre une meilleure utilisation et maintenir une exécution cohérente de son activité. Troisièmement, nous proposons un modèle de ressources numériques qui s’adapte en fonction des caractéristiques de l’utilisateur et de l’activité. Quatrièmement, nous proposons un modèle d’architecture logicielle pour la conception d’une application interactive à exécution adaptative centrée sur la gestion des ressources numériques. Pour expérimenter et valider nos propositions, nous avons développé un prototype logiciel d’une plate-forme pour la gestion personnalisée et collaborative de ressources numériques dédié aux chercheurs appelé PRISE (PeRsonal Interactive Research Smart Environment). / The emergence of Information and Communication Technology (ICT) represents a real opportunity for spreading digital resources and knowledge for all. Many results have already been achieved through the study of digital computing environments. They primarily aim at facilitating the provision of digital content, supporting users by ensuring interaction means with the system, and validating the knowledge acquired. The broad and massive deployment of digital content management information systems has left its mark as first generation of digital document management tools. In this context, PhD thesis researches have been carried out in the laboratory L3i to enable these environments to manage interactivity with their users and adapt their performances to users’ profiles and usage contexts. Some results of these works have been implemented within the laboratory platform called POLARIS. This latter has created a climate that fosters the production of massive heterogeneous digital resources which their management (organization, selection, and use) raises new challenges. The main aim of the thesis is to propose solutions that enable users of interactive applications to manage their digital documents in such a way that they are not overwhelmed by the large amount of material they produce and use everyday. In other terms, to better manage these documents, we encapsulate them in complex structures named digital resources. That allows us to implement our adaptation mechanisms : to pre-select the most relevant digital resources to the user’s activities and adapt the selected digital resources to both user and activity characteristics.The contributions of our thesis can be described in four levels. First of all, we propose a data representation model that characterizes a user in a digital resources management system. Secondly, we propose algorithms and mechanisms to enable a user to select relevant digital resources when performing an activity. Selection mechanisms we proposed allow consolidated management of digital resources, since they take into account the consistency among the resources being used in a given activity to enable better use and maintain coherent execution of the activity. Thirdly, we propose a model for digital resources that adapts itself based on both user and activity characteristics. Finally, we propose a software architecture model for the design of an interactive application with adaptive execution centered on digital resource management. To experiment and validate our proposals, we developed a prototype of a platform for personalized and collaborative management of digital resources dedicated to researchers called PRISE (PeRsonal Interactive Research Smart Environment).