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We describe the desire for a black box approach to pattern classification: a generic Autonomous Pattern Recognizer, which is capable of self-adapting to specific alphabets without human intervention. The CellNet software system is introduced, an evolutionary system that optimizes a set of pattern-recognizing agents relative to a provided set of features and a given pattern database. CellNet utilizes a new genetic operator designed to facilitate a canalization of development: Merger. CellNet utilizes our own set of arbitrarily chosen features, and is applied to the CEDAR Database of handwritten Latin characters, as well as to a database of handwritten Indian digits provided by CENPARMI. CellNet's cooperative co-evolutionary approach shows significant improvement over a more standard Genetic Algorithm, both in terms of efficiency and in nearly eliminating over-fitting (to the training set). Additionally, the binary classifiers autonomously evolved by CellNet return validation accuracies approaching 98% for both Latin and Indian digits, with no global changes to the system between the two trials.

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.

This case study focuses on how a Korean software firm, CCMedia, executed a successful global strategy by merging with its technology partner to gain access to international markets. The case study also reviews the key challenges CCMedia faced after the merger. Intangible assets, such as IT technology, could allow CCMedia to earn overseas capital investment through the merger. With capital and human resources backup from IT Inspire Inc., its former technology partner, CCMedia could enter foreign markets. This case examines the transformation of a strategic technology alliance to a hierarchical structure as a result of a merger. It shows that technology-related alliances could play an important role in possible takeover activities. It provides insights into strategies that technology-based small businesses in Korea could follow to enter international markets.

Sanaria® PfSPZ malaria vaccine wins 2014 Vaccine Industry Excellence Award for “Best Prophylactic Vaccine”.

Analytik Jena AG planning merger by absorption of CyBio AG.

Sanguine to begin work with Mayo Clinic Bioservices to accelerate individualized medicine research and development.

Thermo Fisher Scientific and the National University of Singapore Sign MOU to create strategic alliance to accelerate life science research in Singapore.

Sun Pharma to acquire Ranbaxy in a US$ 4 billion landmark transaction.

Meda and Valeant terminates joint ventures.

Crown Bioscience enters Japanese market via strategic partnership with Shin Nippon Biomedical Laboratories.

Quintiles and Biogen Idec enter comprehensive clinical development partnership.

Registration opened for Oxford Global's Drug Discovery USA Congress.

Speakers for Oxford Global's Microbiology & Infectious Diseases Congress released.

Daiichi Sankyo and UC San Francisco announce collaboration in drug discovery research for neurodegenerative diseases.

Funding crunch hits neglected diseases plan.

Coca-Cola partners with A*STAR to expand technology presence in Singapore.

DaVita expands kidney care services in Malaysia acquires Sinar Indentiti clinics in Seremban.

Increased global competition has led to a slowdown in Taiwan’s domestic semiconductor industry growth, which has resulted in many semiconductor companies reducing their investments and or seeking mergers and acquisitions (M & As) to increase market power, expand their business territories or increase their competitive edge. However, as there is general uncertainty regarding the efficiencies to be gained from these M & As, there has been an increase in M & A supervision. While past research has explored company operations and management efficiency after mergers, there has been less focus on potential mergers. Therefore, this study used a resample slacks-based measure (RSBM) and merger potential gains models to evaluate potential merger efficiency gains. Data on 29 Taiwanese-listed integrated circuit (IC) design industry firms were collected to evaluate the efficiency of potential M & As, from which it was found that the potential M & As efficiencies had positive and negative values, indicating that efficiency gains were not guaranteed. A positive value was found for a potential M & A between MTK & NOVATEK and MTK & DAVICOM, which meant that a potential M & A would increase operating efficiencies and reduce costs.

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).

Unlisted acquisitions differ from listed ones in three important aspects: the possibility of forming blockholders, which substitute debt as a monitoring mechanism; the liquidity discount, which mitigates managerial hubris; and the distinct deal process through which two-sided asymmetric information is revealed. Due to these differences, same firm and deal characteristics could induce heterogeneous market responses, depending on the target listing status. We find that such heterogeneous responses exist in usual characteristics such as method of payment, relative size, acquirer size, leverage, and market-to-book ratios. After these heterogeneous responses are incorporated, the puzzling "listing effect" disappears. Our results also indicate that the conventional approach used to investigate pooled samples of listed and unlisted acquisitions is effectively misspecified due to omitted variables.

The integration of two merging firms takes time to complete, and synergy gains from a merger can be captured only after the firms go through a costly and often lengthy post-merger integration period. This paper presents a dynamic model of capital structure for the target firm and the acquirer to examine the effects of the integration period on acquiring firms’ financing behavior around mergers. The model generates predictions that provide rational (non-behavioral) explanations for documented empirical evidence regarding leverage dynamics around mergers. When anticipating a longer and costlier integration period, acquiring firms strategically plan ahead by choosing a lower leverage prior to and at the time of the merger, and gradually lever up as the post-merger integration process nears completion. Deals with longer integration periods are financed with a larger fraction of equity. The model also implies that acquiring firms optimally time takeovers of underleveraged firms that experience negative shocks to their earnings.

This paper evaluates how the risks associated with mergers and acquisitions (M&As) affect Bank Holding Companies’ (BHCs) levels of insolvency risk. Bank insolvency is hypothesized to be affected by M&As directly and indirectly through banks’ market risk, geographical diversification, and activity diversification. The relationship between bank insolvency, diversification, and market risk is estimated as a system using the Generalized Method of Moments (GMM). The key finding is that M&As erode banks’ insolvency, both directly and indirectly through the effects associated with their geographical diversification.

This paper presents a dynamic model of mergers based on stock market valuations of merging firms with industry-wide uncertainty. The model incorporates asymmetric information and determines the terms and timing of mergers by solving cooperative option games between acquiring shareholders and target shareholders. The model predicts that (1) returns to acquiring shareholders can be negative if the managers of participants are much more optimistic over merging synergism than outside investors; (2) returns to acquiring shareholders are negatively correlated with the size of the acquirer; (3) returns to target shareholders are negatively correlated with the size of the target.

Merged multi-campus universities are a common occurrence in most parts of China and multi-campus education is now an important method for the development of modern universities for the country. Practice has proven that merge and multi-campus education allows for colleges to expand new education development space and also improves the college education capabilities and condition. However, there are several challenges with regards to the integration of campus sports culture in merged multi-campus colleges. Therefore, the colleges should undergo reforms to adapt to the development of new conditions and ensure that the “one big family” notion is rooted deeply in people’s hearts.

We study the price effects of mergers in airline networks. Guided by a review of the existing theoretical and empirical literature, we develop two classifications of routes possibly affected by an airline merger. Subsequently, we apply a difference-in-differences approach to exemplarily investigate the price effects of the America West Airlines — US Airways merger completed in 2005. We find that although average prices increased substantially on routes in which both airlines competed either on a non-stop or one-stop basis prior to the merger, substantial average price reductions observed for routes without any pre-merger overlap suggest that the merger led to a net increase in consumer welfare.