A theory of mergers and firm size we propose a theory of mergers that combines managerial merger motives with an industrylevel regime shift that may lead to valueincreasing merger opportunities. Some books on knot theory michael muger may 8, 20 1. A knot invariant acts very much like a fingerprint of the knot. A financial perspectfve on metgets and acq uisitions and he economy michael c. A merger of a privately held company into a publicly held company allows the target company shareholders to receive a public companys stock, despite the liquidity. Using the notion of a seifert surface of a knot, we define a knots genus, an additive invariant which allows to prove the existence of prime knots. First, the stock price of the acquirer in a merger. When graph theory meets knot theory denison university. This paper has presented a model of stockmarketdriven acquisitions. A reference point theory of mergers and acquisitions. This exploration of combinatorics and knot theory is geared toward advanced undergraduates and graduate students. Kauffman draws upon his work as a topologist to illustrate the relationships between knot theory and statistical.
It will show how knot theory originated from early attempts to apply the study of knots to other disciplines, and over time has emerged as a promising field of mathematical exploration in its own right. Much of his current research explores the relation between. Reidemeister and alexander around about 1930 were able to make signi cant progress in knot theory. Of course, from here it turns out that just as always in topology, where we have an obstruction theory we also have a classi cation theory given by changing dimensions just a bit. One of the main goals of knot theory has always been to identify properties that truly distinguish knotsto find what are known as knot invariants. A reference point theory of mergers and acquisitions malcolm baker, xin pan, jeffrey wurgler. In his article the combinatorial revolution in knot theory, to appear in the december 2011 issue of the notices of the ams, sam nelson describes a. They are somewhat rough, but possibly of interest to others. Merger%and%acquisition the impact on organizational. Overview and identification of main problems in people.
So far in the first 6 months of 2009, indian bound mergers and acquisitions abroad have only been rs 20 billion live mint, 2009. An empirical examination of efficiency theory of mergers. Ams short course applications of knot theory, on which this volume is based, was intended to introduce the area of applied knot theory to a broad mathematical audience. Building on the foundations laid in his introduction to superstrings and m theory, professor kaku discusses such topics as the classification of conformal string theories, knot theory, the yangbaxter relation, quantum groups, and the insights into 11dimensional strings recently obtained from mtheory. Apr 02, 2009 in our forthcoming journal of finance article eat or be eaten. If you want to buy a high quality research paper on any topic at affordable price please use custom research paper writing services. Jensen economic analysis and evidence indicate the market for corporate control is benefiting shareholders, society, and the corporate form of organization.
Knot theory weeks 110 ucsb 2015 outside of mathematics, knots are ways to loop a single piece of string around itself. Applied physics topological mechanics of knots and tangles vishal p. May 04, 2005 anticipation of these merger opportunities can lead to defensive acquisitions, where managers acquire other firms to avoid losing private benefits if their firms are acquired, or positioning acquisitions, where firms position themselves as more attractive takeover targets to earn takeover premia. The indian telecom giant bharti airtel is in talks for a merger with south african mtn. In the 19th century, lord kelvin made the inspired. This strategy is commonly seen within the medical technology industry, where most research has. Mergers and acquisitions practice finkel law group. The use of judgmental anchors or reference points in valuing corporations affects several basic aspects of merger and acquisition activity including offer prices, deal success, market reaction, and merger waves. Operating synergy types and their impact on postmerger. Mergers and acquisitions are usually, but not always, part of an expansion strategy. Efficiency theories differential efficiency operating synergy. Dec 19, 2012 category theory revolutionized knot theory by emphasizing that we should take knots and links and break them into little pieces called tangles. Free research papers are not written by our writers, they are contributed by users, so we are not responsible for the content of this free sample paper. A brief history of knot theory erin col berg abstract.
Theory and evidence on mergers and acquisitions by small and. This paper will provide a chronological description of the development of knot theory. Jan 01, 2006 this exploration of combinatorics and knot theory is geared toward advanced undergraduates and graduate students. Knot theory s odd origins the modern study of knots grew out an attempt by three 19thcentury scottish physicists to apply knot theory to fundamental questions about the universe daniel s.
What is the importance of knot theory to category theory. In our forthcoming journal of finance article eat or be eaten. Complexity theory and content analysis perspectives a dissertation presented. These lecture notes mostly follow the lectures, but aim to extend them in two ways. Kauffman, is a professor in the department of mathematics, statistics, and computer science at the university of illinois at chicago. With more recent times we are more selective, stressing developments related to jones type invariants of links. Over a million stunning new images at your fingertips. Difference between mergers and acquisitions a cpa valuator can help clients decide whether to merge or acquire. This sample the merger paradox research paper is published for educational and informational purposes only.
A read is counted each time someone views a publication summary such as the title, abstract, and list of authors, clicks on a figure, or views or downloads the fulltext. Efficiency theories differential efficiency operating. Merger analysis, industrial organization theory, and. The paper is a selfcontained introduction to these topics. These phenomena contradict a widelyused assumption of merger prediction. It falls into the rapidly growing field of behavioral corporate finance, which sees corporate policies such as debt and equity issuance, share repurchases, dividends, and investment as a response to market mispricing. Although the subject matter of knot theory is familiar to everyone and its problems are easily stated, arising not only in many branches of mathematics but also in such diverse. This has been known thattwo knots are ambient isotopic if and only if their complements are isotopic. Introduction to string theory 3 tures on string theory were supposed to give a pedagogical introduction and to prepare for later lectures on branes worlds, large extra dimensions, the adscft correspondence and black holes. An introduction to knot theory graduate texts in mathematics. The university of san francisco success factors in mergers and acquisitions. Merger waves and the austrian business cycle theory mises.
Ams short course lecture notes introductory survey lectures. Knot theory was a respectable if not very dynamic branch of topology until the discovery of the jones polynomial 1984 and its connections with physics speci cally, quantum eld theory, via the work of witten. The merger paradox research paper this sample the merger paradox research paper is published for educational and informational purposes only. We are more detailed when prexx century history is reported. There is a relationship between knot theory and control. Operating synergy types and their impact on post merger performance lennart horst michael junge anr 791051 master of science finance supervisor. By the early 1990s, knot theory was recognized as another such area of mathe. Start moving along the knot, as we encounter the crossings we start numbering them, so every crossing has two numbers assigned to it once we have traced the entire knot.
Merger analysis, industrial organization theory, and merger. If we could completely understand hyperbolic structures on knot complements, we could completely classify hyperbolic knots. In mathematics, we mean something slightly di erent by a knot. Using the notion of a seifert surface of a knot, we define a knot s genus, an additive invariant which allows to prove the existence of prime knots.
My father, a physical chemist, fostered my appreciation of the history of science. Operating synergy types and their impact on postmerger performance lennart horst michael junge anr 791051 master of science finance supervisor. The advantages are the ease of start up, ease of management, no special taxes on a partnership, easier to raise capital through the bank loans or new partners, largesize aids in efficient operation, and easier to attract skilled employees. Law, theory, and practice we aim to change the way that transactional law is taught in u. There is a relationship between knot theory and control theory or dynamic systems. Efficiency theories differential efficiency operating synergy finance essay. First, the stock price of the acquirer in a merger decreases. In this chapter, we briefly explain some elementary foundations of knot theory. Thus a hyperbolic structure on a knot complement is a complete invariant of the knot.
We can compose tangles by sticking them together vertically in the. According to austrian business cycle theory, when loan rates are reduced below their natural level through bank credit expansion, this falsifies the monetary calculation of capitalistentrepreneurs, and investments are initiated that calculation showed were not profitable. Applied physics topological mechanics of knots and tangles. Scottish physics and knot theorys odd origins introduction. A knot is called prime if it can not be represented as a connected sum of two knots such that both of these are knotted. The main objective in knot theory is to invent more and more powerful invariants. Overview and identification of main problems in people management context d i s s e r t a t i o n of the university of st. Two of the most important stylized facts about mergers are the following. The value of transactions in this market ran at a record rate. This account is an introduction to mathematical knot theory, the theory of knots and links of simple closed curves in threedimensional space. Merger waves and the austrian business cycle theory. Nov 10, 2011 in his article the combinatorial revolution in knot theory, to appear in the december 2011 issue of the notices of the ams, sam nelson describes a novel approach to knot theory that has gained.
An introduction to knot theory this essential introduction to vital areas of mathematics with connections to physics, while intended for graduate students, should fall within the ken of motivated upperdivision undergraduates. Knot theory, second edition is notable not only for its expert presentation of knot theory s state of the art but also for its accessibility. Then, after defining an equivalence relation on all possible ways of. This paper identifies merger waves as parts of austriantype business cycles. They can be horizontal deals, in which competitors are combined. The aim of the short course and this volume, while not covering all aspects of applied knot theory, is to provide the reader with a mathematical. Building on the foundations laid in his introduction to superstrings and m theory, professor kaku discusses such topics as the classification of conformal string theories, knot theory, the yangbaxter relation, quantum groups, and the insights into 11dimensional strings recently obtained from m theory.
An immediate invariant that comes to mind is the topological space s3 nk, the complement of knots. Offer prices are biased towards the 52week high, a highly salient but largely. Theory and evidence on mergers and acquisitions by small. The former chair of my department, prone to unguarded comment, once accused me of. Gallen, school of management, economics, law, social sciences and international affairs to obtain the title of doctor of philosophy in management submitted by nella foley from poland. A reidemeister move is an operation that can be performed on the diagram of a knot whithout altering the corresponding knot. Corporate finance the use of judgmental anchors or reference points in valuing corporations affects several basic aspects of merger and acquisition activity including offer prices, deal success, market reaction, and merger waves.
Scottish physics and knot theorys odd origins daniel s. Estimation of the impact of mergers in the banking industry. In our recently released textbook mergers and acquisitions. Merger is corporate combination of two or more independent business corporations into a single enterprise, usually the absorption of one or more firms by a dominant one. Mar 31, 2016 in our recently released textbook mergers and acquisitions. Anticipation of these merger opportunities can lead to defensive acquisitions, where managers acquire other firms to avoid losing private benefits if their firms are acquired, or positioning acquisitions, where firms position themselves as more attractive. Boost engagement with internal communication videos. An empirical examination of efficiency theory of mergers in.
Vicarious liability raises an additional challenging twist with respect to the doctrine of merger since the parties are different but the underlying cause of action is the same. A revolution in knot theory 10 november 2011 this knot has gauss code o1u2o3u1o2u3. I researched and found some articles regarding symbolic dynamics and periodic orbits, let me know if there is a. Estimation of the impact of mergers in the banking industry xiaolan zhouy job market paper december, 2007 abstract it is welldocumented that merging banks make adjustments in postmerger bank branch density. We present in this chapter chapter ii the history of ideas which lead up to the development of modern knot theory. Unreasonable effectiveness of knot theory mathematical. It is valuable as a professional reference and will serve equally well as a text for a course on knot theory. Since the early 1980s, graph theory has been a favorite topic for undergraduate research due to its accessibility and breadth of applications. Category theory revolutionized knot theory by emphasizing that we should take knots and links and break them into little pieces called tangles. Willig department of justice merger analysis, industrial organization theory, and merger guidelines the leadership of the antitrust division of the u. Ams short course lecture notes introductory survey.
The efficiency theory of mergers, which views mergers as effective tools to reap benefits of synergy, is still the basis of many merger studies. Mergers are usually accompanied by substantial entry and exit. This paper is an introduction to the landscape of knot theory and its relationships with statistical mechanics, quantum theory and quantum field theory. Then, after defining an equivalence relation on all possible ways of factoring a knot, we will show that there is only one.
Though the efficiency theory of mergers has dominated the field of research on merger motives for many years, its empirical validity is still very limited. This merger would create waves in the global telecommunication market. Sandt 2, mathias kolle, jorn dunkel knots play a fundamental role in the dynamics of biological and physical systems, from dna to turbulent. Knot theory was a respectable if not very dynamic branch of topology until the discovery of the jones polynomial 1984 and its connections with physics speci. Knots can be studied at many levels and from many points. Thesenotes consist oflectures froma graduate courseitaught at brigham young university in winter semester 2010. Strings, conformal fields, and mtheory springerlink.
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