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Recent findings of a link between high blood pressure (BP) and dementia have given new prospects. The aim of this study is to analyze a mixture of Chinese herbs, Tianma Gouteng Decoction (TGD), which was traditionally used to treat hypertension, and investigate its relation to ameliorating cognitive impairment. We discovered that TGD also had properties involving enhancement of memory acquisition (learning) skills in mice, but not memory consolidation. It was observed that TGD could prolong the step-through latency at doses of 1.0 and 2.5 g/kg on passive avoidance task in mice. TGD could be developed further to treat mice with amnesia, which was induced by scopolamine at the same dose under long-term (8 days) administration.

Business transfers are linked to both the beginning and the end of entrepreneurial processes. A person can become an entrepreneur by acquiring an existing business instead of starting one, and exit from entrepreneurship can occur through selling the business. Business transfers are gradually becoming more common among small businesses, largely due to entrepreneurs’ aging, and thus deserve attention from entrepreneurship scholars. In particular, the issue of why and how business transfer negotiations fail without achieving a transfer has received little research attention. The purpose of this paper is to explore this phenomenon from potential buyers’ and sellers’ perspectives. The findings are based on a sample of 156 responses. The results suggest that the problems occurring in unfinished business transfers are quite numerous and the gaps between the views of the two negotiating parties are wider than in cases where business transfer negotiations are concluded successfully, indicating that the initial negotiation positions can be crucial. This research proposes some key elements to consider when planning an exit by business transfer and highlight the importance of unfinished small business transfers as an essential element of a dynamic business transfer market; a substantial proportion of the potential buyers and sellers are satisfied with the outcome even though the transfer did not occur.

Foster's Group is an Australia-based global alcoholic beverages company which produces a wide range of beer and wine. Case (A), set in February 2008, opens up with damning media reports, questioning the ability of Foster's CEO Trevor O'Hoy to deliver satisfying financial performance. The case then traces the evolution of Foster's Group, originally a beer company, and outlines its strategy of internationalisation (in North America, the U.K. and Asia) and corporate strategy based on diversifying acquisitions in wine. The case's focus is on the last two decades of Foster's growth under the leadership of two CEOs — Ted Kunkel and Trevor O'Hoy. Case (A) describes the difficulties Trevor O'Hoy experienced in integrating the acquisitions of Beringer (U.S.) and Southcorp (Australia) and pushing a "One Foster's" multi-beverage strategy.

Cases (B) and (C), set in June and July of 2008, provide follow-up information. Trevor O'Hoy resigns, and Foster's Board of Directors urgently needs to sort out the company's future strategy and succession.

The case allows the students to examine central issues in corporate and international strategy, namely internationalisation of a leading domestic company and issues of international acquisitions; corporate strategy, with a focus on diversifying acquisitions, post-merger integration and synergies; and corporate governance issues and the role of the Board in strategy.

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This study creates, models and calibrates the prices of real estate investment trusts (REITs) within an option pricing framework. Unlike Barraclough et al. [(2013). Using option prices overpayments and synergies in M&A transactions. The Review of Financial Studies, 26(3), 695-772] and Marcato and Sebehela [(2022). The paradoxical prices of options. Review of Pacific Basin Financial Markets & Policies, 25(2), 2250009], this study went further and incorporated new information in the form of news. The results show that for a target (acquiring) firm, the exponential risk premium is made up of the cost of carry plus (less) new news. The same illustration applies equally in a merged entity.

This study conceptualized and created the three-person cooperative game. To date, the existing cooperative game is the two-person cooperative game by [Nash, J (1953). Two-person cooperative games. Econometrica, 21(1), 128-140]. The three-person cooperative game leads to cross-subsidization. Therefore, in the context of real estate investment trust (REIT) acquisitions, friendly deals are more beneficial than hostile mergers. The latter finding is consistent with prior studies such as [Womack, KS (2012). Real estate mergers: Corporate control & shareholder wealth. The Journal of Real Estate Finance and Economics, 44(4), 446–471].

Discounted cash flow techniques are the generally accepted methods for valuing firms. Such methods do not provide explicit acknowledgment of the value determinants and overlook their interrelations. This paper proposes a different method of firm valuation based on fuzzy logic and expert systems. It does represent a conceptual transposition of discounted cash flow techniques but, unlike the latter, it takes explicit account of quantitative and qualitative variables and their mutual integration. Financial, strategic and business aspects are considered by focusing on 29 value drivers that are combined together via "if–then" rules. The output of the system is a real number in the interval [0, 1], which represents the value-creation power of the firm. To corroborate the model a sensitivity analysis is conducted. The system may be used for rating and ranking firms as well as for assessing the impact of managers' decisions on value creation and as a tool of corporate governance.

In Global Positioning System (GPS), receivers use FFT-based convolvers to acquire the signals. This paper shows a robust substitute algorithm for calculating the convolution that is less sensitive to additive noise.

The accounting standards related to mergers and acquisitions (M&A) have changed drastically in the past twenty years. In spite of significant debate and arguments that the proposed accounting changes might hinder optimal decision-making, the use of business combinations as a means of growth by international companies has escalated. In this paper, we review the extant academic literature on the subject, as well as the changes in the standards on accounting for M&A. We also express some concerns about the ways the standard changes impact accounting data, and the need for extra care in addressing these changes in academic research. The changes addressed include the accounting for goodwill and bargain purchases, contingent consideration (such as earnouts), step acquisitions, and in-process R&D. We present pros and cons for many of these changes, and offer some alternatives and recommendations for improvement as we move forward. In addition, we provide an analysis of the number of M&A transactions relevant in various accounting standard-setting periods and by M&A topic (consideration used, earnouts, step acquisitions, and non-controlling interests).

Acquisitions are widely argued to be an increasingly common solution for technology needs. This paper uses the information and telecommunications industry as background for assessing how technical knowledge and absorptive capacity, the rate of invention and prior acquisition experience affect the likelihood of acquisition. The results indicate that in this standards-based industry, even firms with relevant patent portfolios and R&D expenditures are as likely as less knowledgeable firms to acquire rather than enter the market with internally developed products. The strong predictors of acquisition are experience in acquisitions and the ability to pay. Thus, while the number of acquisitions has increased dramatically, the use of this approach is limited to a small group of firms and is not a widespread solution.