Premiums, announcement returns and desperation in high tech mergers: A growth options analysis

2017 ◽  
Vol 28 (1) ◽  
pp. 61-78 ◽  
Author(s):  
Sean M. Davis ◽  
Jeff Madura
2016 ◽  
Vol 31 (3) ◽  
pp. 123-145
Author(s):  
Bhanu Balasubramnian ◽  
Kathleen Fuller ◽  
Tanja Steigner

Purpose The purpose of this paper is to examine the impact of regulatory changes by the US Securities and Exchange Commission in 2000 on private information leakage prior to merger announcements. Design/methodology/approach Using a sample of 5,045 merger announcements between 1990 and 2008, the authors examine differences in information leakage between the pre- and post-regulation period merger announcements for acquirers using regression analysis. Findings The results suggest that regulatory changes have been effective in preventing private information leakage in merger announcements for large- and medium-sized firms, for high-tech firms, and for stock deals. The authors find that abnormal trading volume due to differences in information quality is reduced post-regulation for stock deals, high-tech firms, large- and medium-sized bidders, indicating less leakage of information after the new regulations. The authors find higher announcement returns post-regulation for the entire sample and for all subsamples except stock deals, small firms, and public targets. Higher announcement returns indicate that merger announcements are a greater surprise to the market due to a reduction in leaked private information after the regulatory changes. Practical implications The results have implications on future rule changes, on refinements of insider trading rules, regulation fair disclosure, and regulation M-A. The authors leave for future research why certain types of firms or deals are not impacted by regulatory changes. Originality/value Examine the effect of changes in information environment on merger announcements for acquirers because the impact likely has greater significance on acquirers than that on targets. Past studies have examined only targets.


2003 ◽  
Vol 29 (2-3) ◽  
pp. 269-299
Author(s):  
Janna C. Merrick

Main Street in Sarasota, Florida. A high-tech medical arts building rises from the east end, the county's historic three-story courthouse is two blocks to the west and sandwiched in between is the First Church of Christ, Scientist. A verse inscribed on the wall behind the pulpit of the church reads: “Divine Love Always Has Met and Always Will Meet Every Human Need.” This is the church where William and Christine Hermanson worshipped. It is just a few steps away from the courthouse where they were convicted of child abuse and third-degree murder for failing to provide conventional medical care for their seven-year-old daughter.This Article is about the intersection of “divine love” and “the best interests of the child.” It is about a pluralistic society where the dominant culture reveres medical science, but where a religious minority shuns and perhaps fears that same medical science. It is also about the struggle among different religious interests to define the legal rights of the citizenry.


2019 ◽  
Vol 50 (4) ◽  
pp. 693-702 ◽  
Author(s):  
Christine Holyfield ◽  
Sydney Brooks ◽  
Allison Schluterman

Purpose Augmentative and alternative communication (AAC) is an intervention approach that can promote communication and language in children with multiple disabilities who are beginning communicators. While a wide range of AAC technologies are available, little is known about the comparative effects of specific technology options. Given that engagement can be low for beginning communicators with multiple disabilities, the current study provides initial information about the comparative effects of 2 AAC technology options—high-tech visual scene displays (VSDs) and low-tech isolated picture symbols—on engagement. Method Three elementary-age beginning communicators with multiple disabilities participated. The study used a single-subject, alternating treatment design with each technology serving as a condition. Participants interacted with their school speech-language pathologists using each of the 2 technologies across 5 sessions in a block randomized order. Results According to visual analysis and nonoverlap of all pairs calculations, all 3 participants demonstrated more engagement with the high-tech VSDs than the low-tech isolated picture symbols as measured by their seconds of gaze toward each technology option. Despite the difference in engagement observed, there was no clear difference across the 2 conditions in engagement toward the communication partner or use of the AAC. Conclusions Clinicians can consider measuring engagement when evaluating AAC technology options for children with multiple disabilities and should consider evaluating high-tech VSDs as 1 technology option for them. Future research must explore the extent to which differences in engagement to particular AAC technologies result in differences in communication and language learning over time as might be expected.


2015 ◽  
Vol 24 (3) ◽  
pp. 106-113 ◽  
Author(s):  
Stephen N. Calculator

Purpose To provide an overview of communication characteristics exhibited by individuals with Angelman Syndrome (AS) and special considerations associated with the design and implementation of augmentative and alternative communication (AAC) programs. Method Results of recent studies exploring individuals' uses of AAC are reviewed, with particular emphasis on factors related to individuals' acceptance and successful uses of AAC systems. Results Not applicable Conclusion Despite their inconsistent access to practices previously found to foster individuals' acceptance of AAC systems, individuals with AS demonstrate the ability to use AAC systems, including high-tech AAC devices, successfully.


2010 ◽  
Vol 19 (1) ◽  
pp. 21-28
Author(s):  
Kathryn Wishart

Abstract Speech-language pathologists, working in a multicultural, community-based environment for young children with special needs in Vancouver, Canada, collected information on 84 clients using AAC from a chart review. The speech-language pathologists collected additional usage information and attended a group interview to discuss barriers and facilitators of AAC. Thirty-one percent of the children were using AAC. Children aged between 16 and 72 months typically relied on multiple modes of communication, including sign, communication boards and binders, and low- and high-tech communication devices. All of the children used at least one type of unaided mode. Fifty-five percent used pictures or communication boards/displays, and 29% used technology with speech output. Similarities in usage of AAC were noted in home and child-care settings with increased use of unaided in homes and a slightly increased use of aided communication in child care settings. Speech-language pathologists reported that the time needed for AAC intervention as well as limited funding for high-tech devices continue to be major barriers. Additional research is needed to describe current AAC practices with young children particularly from minority linguistic and cultural backgrounds. Stakeholder input is needed to explore perceptions of children's usage of AAC in daily life with familiar and unfamiliar communication partners.


2011 ◽  
Vol 44 (8) ◽  
pp. 62
Author(s):  
KERRI WACHTER
Keyword(s):  

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