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Jurisdiktionella uteslutningar, likabehandling och dispens : Särskilt om jurisdiktionella uteslutningars tillåtlighet enligt unionsrättslig och svensk takeover-reglering / Jurisdictional limitations, equal treatment and derogations : Particularly regarding the admissibility of jurisdictional limitations according to EU and Swedish takeover regulationJosefsson, Jakob January 2021 (has links)
No description available.
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Takeover Required! Augmented Reality Head-Up Displays' Ability to Increase Driver Situation Awareness During Takeover Scenarios in Driving Automation SystemsGreatbatch, Richard 27 July 2023 (has links)
The number of automated features in surface vehicles are increasing as new vehicles are released each year. Some of these features allow drivers to temporarily take their attention off-road and en-gage in other tasks. However, there are times when it is important for drivers to immediately take control of the vehicle, if required. To safely take control, drivers must understand what is required of them and have situation awareness (SA) to understand important changes or factors within the environment around them. We can present drivers with needed takeover information using a head-up display (HUD), keeping the driver's eyes on the road. However, drivers operating conditionally automated vehicles on various roadways, such as highways and urban arterial roads, require differ-ent information to be conveyed to them as they drive due to inherent differences in roadway and obstacle features within the driving scene, such as the addition of vulnerable road users on urban arterial roads. This work aimed to (1) investigate impacts of novel HUDs on driver situation awareness during takeover on a highway, (2) identify system design criteria to fulfill driver's needs during takeover on an urban arterial road, and, (3) examine the effects of HUDs on driver situation awareness during takeover on an urban arterial road. We investigated these goals by collecting em-pirical data for takeover performance metrics, self-reported situation awareness, participant prefer-ences, and expert's opinions.
From our studies we conclude that HUDs can increase aspects of takeover performance on high-ways, with participants demonstrating lower response times and higher time to collision metrics. We did not find significant impacts of HUDs on driver situation awareness on highways. Results from our semistructed interviews indicated that experts felt systems should communicate the need for driver attention to relevant information, communicate obstacle information, and provide information using a variety of driver senses. HUDs can also increase driver situation awareness during takeover on an urban arterial road and support improved takeover performance. This work allowed us to identify potential use cases and design criteria for new designs of novel HUDs to deliver important information during takeover. / Doctor of Philosophy / More features that take some of the tasks of vehicle operation off drivers are being released with every new model year of vehicle. Currently, these features still require drivers to maintain attention to the road and, in some cases, immediately take control of the vehicle, called takeover. However, research has not identified how best to communicate the need for takeover on all types of roads. Research has utilized a head-up display (HUD) to present vehicle information, communicate navigation, and highlight objects around the world to drivers while keeping driver's eyes on road. Keeping driver's eyes on road allows drivers to maintain situation awareness (SA) where they would perceive, understand, and react to changes in the driving scene.
Currently, we can convey information to drivers both using traditional head-down displays (HDDs) in the instrument cluster and some vehicles are equipped with HUDs that can deliver in-formation within driver's field of view. This work aimed to first understand how takeover request delivered via HUD affect takeover performance and drivers' situation awareness on highways compared to HDDs. Next, we investigated expert's opinions on driver needs from the automated system during takeover on urban arterial roads to develop design criteria for new types of takeover requests. Finally, we took the design criteria to develop, test, and compare driver's takeover performance and situation awareness in new takeover requests delivered by HDDs and HUDs.
HUDs may be useful in presenting information to drivers during takeover. Results support that on highways, HUDs are beneficial for increasing safer driver responses, where they responded quick-er and kept a greater distance to an object in the road in front of them. From design criteria identified by experts, we designed alerts that directed driver's attention to bicyclists, pedestrians, and vehicles crossing the path of their vehicle. After testing the alerts, results indicated that drivers had higher levels of situation awareness and performance metrics during takeover on urban arterial roads. Though HUDs show promise in increasing driver's takeover performance and situation awareness, we must take careful consideration into design of future HUDs to give appropriate and relevant information to drivers.
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Exploring the Influence of Anger on Takeover Performance in Semi-automated VehiclesSanghavi, Harsh Kamalesh 22 May 2020 (has links)
As autonomy in vehicles increases, the role of the driver will diminish, moving on to more non-driving related tasks. We are at a juncture at which cars have the ability to drive themselves, but only if the driver is ready to take over control of the vehicle when required (e.g., Tesla autopilot). Therefore, it is important that adequate alerts are used to warn drivers in various contexts to take control back from these semi-automated vehicles. Considerable research has been conducted to design the safest alerts for the takeover transition. However, more systematic research is still required to accurately predict driver responses to different parameters of the alerts. Also, takeover research has not considered drivers' states (e.g., emotions). Anger is one of the emotions that has been shown to impair driver judgment and performance. There is limited research on how anger might influence takeover performance in semi-automated driving. This study aimed to investigate the influence of anger on takeover reaction time and safety by comparing angry and neutral drivers. Additionally, the effects of increased perceived urgency of auditory alarms on takeover reaction time were measured. Data from this research was used to help test mathematical driver behavior modeling using the QN-MHP cognitive architecture. Using a motion-based simulator, 36 participants performed takeovers in semi-automated vehicle on a 3-lane highway. Between takeovers, participants performed a secondary task (i.e., online game) on a tablet. There were no significant differences in takeover reaction time between angry and neutral drivers. However, angry drivers drove faster which can lead to dangerous collisions. Angry drivers took longer to change lanes with lower steering wheel angles. Neutral drivers' slower speeds and higher steering wheel angles indicated that they initiated the lane change earlier, and thus, made safer lane changes. As expected, higher frequency and more repetitions of the auditory takeover displays led to faster takeover reaction times. QN-MHP model predictions of takeover reaction times resulted in a 68.92% correlation with the empirical data collected. The results of this study suggest that angry drivers perform riskier than neutral drivers when taking over control of a semi-automated vehicle. This study is expected to make a significant contribution to research on the influence of emotion, specifically, anger on takeover performance in semi-automated vehicles as well as takeover display design. / Master of Science / Over the last decade, there has been an increasing shift towards the automation of cars. But, this is only made possible in situations where the driver is ready to take over control of the vehicle when required (e.g., Tesla autopilot). Therefore, it is important to use the right alert sounds to warn drivers to take control back from their self-driving cars. There has been a lot of research in designing the safest alerts for taking over control of the vehicle. However, research has not considered the driver's emotions while taking over control of their vehicle. Anger has been shown to be one of the emotions that can impair driver judgment and performance. Limited research has been performed to measure how anger can influence takeover performance. This study compared how angry drivers are different from non-angry (neutral) drivers in their takeover reaction time and safety. Additionally, the effects of a more urgent sounding alert on reaction time were also measured. The data from this research help to validate the predictions of a mathematical model of driver behavior. Thirty-six participants performed takeovers in a self-driving car simulator. While they were driving in the simulator, they also played a game on a tablet.
The results showed that angry drivers and neutral drivers took the same time to takeover. But, angry drivers drove faster which can lead to dangerous collisions. Angry drivers took longer to change lanes with lower steering wheel angles. Neutral drivers started changing lanes earlier because they drove slower and turned more. This meant they drove safer than angry drivers. A more urgent sounding alert led to faster takeover reaction times from both drivers. The mathematical model predictions of takeover reaction time were nearly 70% close to the actual data collected. The results of this study suggest that angry drivers perform worse takeovers than neutral drivers. The findings will help design safer alerts in self-driving cars and also contribute to the design of self-driving cars that consider the drivers' emotional states.
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Målbolagsstyrelsens skadeståndsansvar gentemot aktieägarna vid takeover : särskilt om takeover-kostnader och culpösa rekommendationerJurell, Matilda January 2015 (has links)
No description available.
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Informing offeree shareholders : a comparative analysis of the circulars issued in England and Switzerland by the offeree board of directors in response to a hostile takeover offer /Harris, Christopher Andrew. January 2005 (has links)
Diss. Recht St. Gallen, 2005 ; Nr 3015. / Bibliogr.
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Informationsgivning under den förberedande fasen vid en takeover / Disclosure of inside information during the preparatory phase of a takeoverBrismar, Axel January 2021 (has links)
No description available.
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敵意併購下採取防禦措施對主併公司股東利益之影響 / The Effects of Shareholders’ Value of Acquiring Companies on Hostile Takeover Defenses鄭亦珺, Cheng, I Chun Unknown Date (has links)
循著時光的隧道,自二十世紀初以來,全球企業併購的熱潮方興未艾,時至今日「併購」已為一般人所熟知,併購的型態更演變出多種樣貌。本文以敵意併購為基調,蒐集全球2000年至2015年樣本,研究結果顯示,敵意併購之宣告對主併公司股東短期有不利之影響,若目標公司採取防禦策略時,對主併公司股東而言亦不利。故如果一公司欲發動敵意併購時,需考量目標公司是否有防禦措施的設置,惟此結果未達顯著水準。
此外本研究亦針對敵意併購下主併公司股東的異常報酬,探討影響股東異常報酬的原因,實證結果得知,併購溢價越高,對於主併公司股東顯著不利,驗證「贏家的詛咒」理論,亦即併購溢價越多,將使得主併公司持股人的財富移轉至目標公司身上,對主併方股東有不利之影響。 / The trend of Merger and Acquisition is booming as of 20th century and the pattern has become variable and complicated. In this study, hostile takeover, one of the focal point on the subject of M&A, is to be discussed. Samples are collected from 2000 to 2015 globally by SDC platinum. Result shows that hostile takeover activity does not benefit shareholders’ interest of the acquiring firm. If the target firm adopts defensive tactics, situation will be worse. Therefore, as the bidding firm, it has to considered whether there are defensive tactics against hostile takeover in the target. While these aren’t significant result.
Furthermore, this paper attempts to find the factors which would affect shareholders’ abnormal return under hostile takeover, and result shows M&A premium significantly does. The higher of M&A premium, the more unfavorable to the shareholders’ interest of the acquiring firm. It supports the theory of “winner’s curse”. That is, as M&A premium increases, shareholders’ wealth of the acquiring company is expected to transfer to the targets more which is adverse to the shareholders of the acquiring one.
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Resultatmanipulering i målföretag vid välvilliga övertaganden : En kvantitativ studie av 315 europeiska övertagandenLindkvist, Dennis, Pryadko, Tatiana January 2017 (has links)
Syfte: Resultatmanipulering har visat sig förekomma hos såväl övertagande företag som hos målföretag vid situationer där ett företag tar över ett annat. Övertagandets karaktär (fientligt eller välvilligt övertagande) kan påverka hur målföretag tenderar att nyttja resultatmanipulering, eftersom incitamenten vid fientligt och välvilligt övertagande skiljer sig åt. Denna studie har syftet att undersöka förekomst och riktning (uppåt eller nedåt) av resultatmanipulation hos målföretag under året före ett välvilligt övertagande. Metod: Denna studie har ett positivistiskt perspektiv och en hypotetiskt-deduktiv ansats. Studien har utförts genom ett kvantitativt förfarande med en longitudinell design. Data har hämtats ur databaserna Thomson Reuters Eikon och Thomson Reuters Datastream, och data har analyserats med vedertagna statistiska metoder. Resultat och slutsats: Studiens resultat visar att målföretag tenderar att manipulera sina resultat i en nedåtgående riktning under året före ett välvilligt övertagande, vilket korresponderar med tidigare forskning. Även att manipulationen sker med målet att minska redovisade vinster är i linje med vad tidigare forskning har visat. Våra resultat visar även att potentiella skillnader hos redovisningsstandarder mellan USA och Europa inte tycks påverka förekomst eller riktning av resultatmanipulering hos målföretag vid välvilliga övertaganden. Förslag till vidare forskning: Vi har identifierat behov av vidare studier på följande områden: vi finner det motiverat att undersöka övertaganden där målföretaget är utomeuropeiskt men det övertagande företaget europeiskt. Vi finner det även motiverat att studera kassaflödesmanipulering istället för diskretionära periodiseringar eftersom en sådan studie kan ge en fullständigare bild av incitament och manipuleringens förekomst och riktning. Slutligen kan en jämförelse mellan länder med skilda redovisningsstandarder, och en studie som fokuserar på onoterade istället för noterade företag, tillföra ny information till litteraturen om resultatmanipulering. Uppsatsens bidrag: Denna studie bidrar på det teoretiska planet genom att fylla ett gap i forskningen om resultatmanipulering hos målföretag vid välvilliga övertaganden i Europa. Denna studie ger stöd för påståendet att incitament för användandet av resultatmanipulering samt dess riktning (uppåt eller nedåt) skiljer sig mellan fientliga och välvilliga övertaganden. På det praktiska planet kan våra resultat vara till hjälp för lagstiftare och yrkesverksamma inom redovisning eftersom en ökad insikt i hur resultatmanipulation används ger bättre förutsättningar att motverka att denna sker. / Aim:Earnings management has been shown to take place at the acquiring form and at the target firm in takeover situations. The character of the takeover (friendly or hostile)can influence how target companies tend to utilize earnings management since incentives to manipulate varies between the twodiffering attitudes. The aim of this study is thus to investigate whether earnings management is utilized by target companies during the year preceding the takeover. As a side effect the net direction (upward or downward) of the manipulation will be revealed. Method:This study is based in the positivistic philosophy with a hypothetical deductive mode of operation.The study isquantitative with a longitudinal design. The secondary data used islocated and complied using the Thomson Reuters Eikon and Thomson Reuters Datastream databases. These data arethen handled and analyzed through well-recognized statistical methods. Results & conclusions:The results of the study show that target companies tend to manage their earnings in a downward manner during the year preceding a friendly takeover. That earnings management occurs in this context corresponds with previous research. The finding that the earnings are managed downward also coincides with earlier research. Our results also show that the distinction between the Americanand Europeancontexts have no effect on the prevalence of earnings management by target companies in friendly takeovers. Suggestions for future research:We identified the need for future research in the following areas: a study with a sample in which only the target company is non-European, but the acquiring firm is European. We also find that a study with a focus on real activitiesmanagement, rather than discretionary accruals could provide additional contributions. A deeper look at the differences between countries with differing accounting standards and a greater focus on unlisted, rather than listed, companies could give additional contributions as well. Contribution of the thesis:On a theoretical level our results enrich the existing body of knowledge and fill a void in the current research. The results lend support to the assertion that the incentives for earnings management and the direction (upward or downward) it takes differs between friendly and hostile takeovers. On a practical level our results might prove useful to lawmakers and practicing accountants considering a greater understanding of earnings management give these actors a greater likelihood to prevent manipulation from taking place.
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Essays on corporate finance and governanceMolin, Johan January 1996 (has links)
This dissertation contains four essays on various topics in the fields of corporate finance and corporate governance. The first essay, entitled Corporate Governance and Ownership, presents an overview of the causes and consequences of, and possible remedies for, the separation of ownership and control in corporations. In particular, the essay addresses the costs and benefits of ownership concentration. A specific purpose is to put the role of ownership into perspective, while bringing the reader up to date with some recent developments. Essay number two, Shareholder Gains from Equity Private Placements: Evidence from the Stockholm Stock Exchange, contains an empirical investigation of the stockmarket’s reaction to announcements of equity private placements and rights issues. The essay sets out to test a range of hypotheses put forward in the literature. Extensive cross-sectional analyses of private placement discounts and abnormal returns are performed. The third essay is named Optimal Deterrence and Inducement of Take-overs: An analysis of Poison Pills and Dilution. This essay models how the ex ante wealth of shareholders could be increased with customized contractual provisions that affect takeover probabilities and premia. The proposed provisions resemble anti-takeover defense measures in the form of poison pill plans, and conversely, voluntary dilution schemes in the fashion prescribed by Sanford Grossman and Oliver Hart (1980). Finally, the fourth essay models the wealth effects of a particular takeover regulation, The Mandatory Bid Rule. This rule requires a potential bidder for a control position in a target firm to extend the offer to include any or all of the outstanding shares. Although the mandatory bid rule is aimed at the protection of minority shareholders, the essay argues that this regultion is not generally in the best interest of the shareholders. Each essay is self-contained and could, in principle, be read in any order chosen by the reader. However, for readers less familiar with the corporate finance literature, the first essay may also serve as a helpful introduction to the following three essays. / Diss. Stockholm : Handelshögsk.
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Die Pflichten der Zielgesellschaft bei unfreundlichen Übernahmeangeboten nach dem neuen deutschen WpÜG : unter besonderer Berücksichtigung europäischer und US-amerikanischer Übernahmeregelungen sowie der Konzeption des Gemeinsamen Entwurfs einer EU-Übernahmerichtlinie /Rasner, Markus, January 2005 (has links) (PDF)
Univ., Diss.--Gießen, 2003. / Literaturverz. S. 579 - 614.
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