Browsing by Subject "Acquisition"

Now showing 1 - 9 of 9

Conditioning variables at interfaces for Spanish pronominal subject expression : heritage language learners across proficiency levels
(2012-05) Witte, Jennifer Lauren; Koike, Dale April; Toribio, Almeida Jacqueline
Contributing to a more detailed understanding of heritage language (HL) learner levels of Spanish competence, this study examines the first-person singular Spanish pronominal subject expression by 17 HL learners across three levels of proficiency in oral interviews – as rated by modified ACTFL Proficiency Guidelines: intermediate (n = 3), intermediate-advanced (n = 4), and advanced (n = 10). Using a variationist approach, I analyze five conditioning variables (including discourse function and verb class) that have been found to affect pronominal expression in native speaker Spanish (Bentivoglio, 1980; Cameron, 1992, 1994; Cacoullos & Travis, 2010; Otheguy et al, 2007; Silva-Corvalán, 1989, 2001; Travis, 2005, 2007), as well as two additional variables (correct verbal inflection and presence of hesitation phenomena) seen in second language acquisition studies. Following theories of interface vulnerability (cf. Montrul, 2011b; Sorace, 2004, 2005; Sorace & Serratrice 1995), I hypothesized that the incremental development of sensitivity to conditioning variables would be reflective of the complexity of the interface at which the variable is conditioned. Based on previous studies of HL leaners (Montrul, 2004; Montrul & Rodríguez-Louro, 2006) and second language learners (Geeslin & Gudmestad, 2010a, Rothman, 2007a, 2007b, 2009), I predicted that the variables related to the more vulnerable and complex interface of syntax-discourse/pragmatics would be acquired only by the advanced proficiency group. My analysis indicated that HL pronominal expression is in free variation and unconstrained by any of the interface-related variables at the intermediate-advanced proficiency level. Neither the intermediate-advanced nor the advanced proficiency level HL leaners showed native-like sensitivity to variables conditioned at the syntax-discourse/pragmatic interface. Importantly, the only variable that was significant in first-person singular subject expression by HL leaners of all proficiency levels was the presence of hesitation phenomena. These results support the claim (Evans, 1985; Fehringer & Fry, 2007; Kormos, 1999; Riazantseva, 2001; van Hest 1996a, 1996b; Verhoeven, 1989) of a relationship between hesitation phenomena in oral speech and anxiety and increased processing demands while speaking the heritage language. Comparing the results across three proficiency levels, I analyze when and to what degree HL learners show sensitivity to these variables. The findings illustrate the benefits of extending the application of sociolinguistic methodology (specifically the comparative multivariable analysis and the stepwise logistic regression procedure) to HL and second language acquisition studies because it facilitates a fine-grained examination and comparison of leaners across proficiency levels.
An evaluation of cost in government aircraft acquisition programs
(2011-08) Reynolds, Robert Paul; McCann, Robert Bruce, 1948-; Nichols, Steven Parks, 1950-
Aircraft system development has been steadily increasing in cost since the inception of human flight. Several factors have influenced this including economics, increasing complexity and increased customer expectations and requirements. In addition, the contractors which produce these systems have almost consistently been unable to complete them within the originally contracted budget and schedule. The factors which influence cost increase have been studied extensively by industry, government and private organizations and a study of those findings will be conducted in the following work with the intention of determining the factors which are primarily responsible for cost increase in aircraft acquisition programs. Following the discussion of data, recommendations for reducing cost will made with the goal of identifying the methods with which systems engineering can be used to improve the process at the system and program level. The intent will be to show how improved techniques for managing programs, meeting customer requirements and improving cost estimates can be implemented to manage cost growth. The ultimate goal of this study is to show that program risk can and should be managed more effectively and that high technology programs can be executed if they are properly managed.
How information asymmetry affects contract design : paying for private firms with IOU's
(2016-05) Jansen, Mark; Parrino, Robert, 1957-; Fracassi, Cesare; Almazan, Andres; Hartzell, Jay; Starks, Laura; Abrevaya, Jason
This dissertation examines a financing mechanism that is common in the acquisition of privately-held firms. Using a novel database of transactions in which the target firm is private, this paper shows that sellers receive a debt claim as a contingent payment for the firm that is being sold. The debt claim, which takes the form of seller financing, is secured by the assets of the target firm. I show that proxies for information asymmetry are correlated with the presence of seller financing as payment in the transaction. I also find that when the firm is more likely to have received a financial audit, the transaction is less likely to include seller financing. Since financial audits improve firm transparency, I interpret this as evidence that a reduction in information asymmetries between the parties of a acquisition affect the deal structure. A complementary explanation for the use of seller financing is related to capital constraints faced by buyers in the financing of the transaction. I present evidence that contract structures are affected by cross-sectional and time-series changes in the supply of local investment capital for buyouts. I find that seller financing is less common in areas in which locally informed capital is more abundant. I also find that transactions contain a lower percentage of seller financing in city-years in which Small Business Administration provides loan guarantees for the acquisition and expansion of firm’s loan guarantees are higher. The evidence suggests that seller financing is solving a contracting problem because it is unaffected by controls for local banking activity.
Information technology and corporate acquisitions
(2013-08) Du, Kui, active 2013; Tanriverdi, Hüseyin
This dissertation examines how information technology can help acquirers to improve the performance of their acquisition targets. An acquisition creates value when the acquirer can generate more returns from the acquired business than its former owner can, a condition we call the acquirer's parenting advantage. Then, we introduce two IT-related sources of parenting advantage. Acquirers with more extensive process digitization can provide richer digitized resource to serve their newly acquired businesses, and acquirers with more related process digitization can unlock more synergies between the newly acquired and existing business units. So, as we argue, digitization extensiveness enables a digitization-revitalization mechanism for acquisition value creation, and digitization relatedness enables an integration-synergy-creation mechanism. Both mechanisms can be carried out through digital accommodation activities after acquisitions. Furthermore, the digitization gap between acquirers and targets is a major contingency for digital accommodation, with the second mechanism functioning mostly when the target has already had advanced digitization achievements. We empirically validated these hypothesized relationships by tracking the IT and performance changes in 109 U.S. hospitals before and after they were acquired, using a 7 year study timeframe.
Innovation restrained : unlocking the innovation of acquired software startups
(2011-12) McNutt, Robert Blaine; Darwin, Thomas Jason, 1966-; Nichols, Steven Parks, 1950-; Lewis, Kyle
The ability to exploit disruptive innovation is the main factor in a company’s continued success. The ability to significantly advance a field or create a new field is paramount not only to a venture’s ability to generate revenue, but it is key to our nation’s economic vitality. Yet today’s business environment is dominated by funding options and exit strategies focused on near-term results and unreasonable profit expectations (Estrin, 2008b). Given these constraints, software startups must focus on incremental innovation to obtain initial funding. The result is an industry focused on short-term strategies that limit the likelihood of developing disruptive innovations and companies with long-term focuses. Current business models do not adequately address a key factor in preventing the loss of innovations and stagnancy in industries and their markets. New business frameworks and models are required that focus on preserving the core teams found in software startups and to provide them with the runway they require to develop disruptive innovations. Nowhere is innovation more crucial than in the startup environment where the abilities to invent, adapt, outwit, and outlast on a shoestring budget predict success. This paper evaluates today’s business models to determine how they help overcome roadblocks faced by software startups in today’s acquisition environment, identifies related research, and recommends new models and adaptations to existing models to overcome these roadblocks. “It is estimated that 70-95 percent of acquisitions fail. A significant percentage is due to the friction that is created by trying to integrate the startup with the large company's financials, HR department, product, market and business model. Most startups when they are acquired are uncertain on many of these dimensions, and forcing them to conform on any one of these dimensions to the large company can stunt their growth and often kill them.” – (Herrmann, September 2011) This paper investigates how to preserve innovation within a startup and within an acquiring company, how innovation is interwoven in team members, the leadership characteristics that inspire innovation, and the importance of balancing the value of innovation against process. The recommended guidance and frameworks focus on preserving the core team and their innovations, as well as generating a strong return on investment, when an established business acquires a startup. The perspectives presented are based on the author’s experiences as a key team member in two startups in the mid 1990s, multiple failed internal incubation groups within a fortune 100 company, and in considering a new startup in today’s environment.
Mergers and acquisition – post merger IT integration
(2012-05) Deshmukh, Rani; McCann, Robert Bruce, 1948-; Nichols, Steven Parks, 1950-
“All marriages are happy. It’s the living together afterwards that causes all the trouble.” - Raymond Hull, Canadian Playwright. Although Mergers and Acquisitions are common, no merger is termed as successful until post merger integration is successful. During M&A, two companies that function uniquely are fused together, and the Information Technology group is expected to consolidate two different systems efficiently. This integration should be well-executed, and without any disruption to business or customers. Every merger is different, and can have innumerable reasons for failure, ranging from poor implementation strategies to cultural or attitudinal problems. One of the reasons, many Post-Merger Integration activities fail, is due to the Information Technology complexity and inadequacy to address the issues, it brings to the table. This thesis aims at studying the importance of post-merger Information Technology (IT) integration and developing an IT strategy for the integration. There are no scientific guidelines laid out for a post-merger IT integration and each company employs its own methods. Hence the author has researched and developed a post-merger IT integration framework that can give definitive approach and assist in seamless integration. This framework includes practices that can be followed for a smooth IT transition and checklist to ensure successful integration. Lastly the author presents two cases of M&A that illustrate the importance of IT integration, namely, Sallie Mae- USA Group and HP-Compaq. Sallie Mae & USA Group was a huge success due to its successful IT integration implementation while HP-Compaq merger was a disappointment for the lack of understanding the importance of IT integration. From these two cases, the author has also derived the usefulness of the proposed framework. Author has also presented another case of Oracle-Sun merger, which does an analysis of the IT integration carried out by the two companies. It would not be unwise to say, that IT plays an ever increasing pervasive role in today’s organizations, hence a successful merger demands successful IT integration.
Moneymaking and economics in Aristotle's politics
(2020-05-07) Quillen, Henry T.; Stauffer, Devin, 1970-
Aristotle’s Politics I.8-11 contains a profound reflection on the relationship between moneymaking and the divergent needs of individuals and politics. It offers not only a clear confrontation with the issue of scarcity, but, unlike modern economics, also a causal explanation of limitless demand. Moreover, Aristotle suggests that the psychological consequences of scarcity pull human beings away from the satisfaction of a fuller range of their needs, and that clarity about those needs greatly weakens the human passion for limitless moneymaking. Need and utility, not unlimited acquisitiveness, are the focus of Aristotelian economics. Yet he also shows that clarity about human needs is quite rare, and, in political life, necessarily absent. I argue that Aristotle’s teaching in Politics I.8-11 is that the philosopher, an essentially private individual, is the true economist on account of his unique clarity about human neediness.
Nonprofit  mergers and  acquisitions : preconditions  and  factors critical to  success 
(2010-05) Rodriguez, Katherine Wayland; Lincove, Jane Arnold; Edward, Deborah; Jemison, David
Mergers and acquisitions have steadily emerged as an important topic within the nonprofit sector over the past twenty years. Using lessons and conceptual frameworks from the nonprofit and private sectors, this report explores preconditions conducive to M&A activity (including funding strain, subsector disaggregation, and executive director departure) as well as common challenges facing the organizations that undertake them. A case study of the imminent merger between two SAT preparatory nonprofits is presented to provide context for a successful M&A approach. This report concludes that organizations can benefit by simply exploring potential strategic partnerships, regardless of the end decision of whether or not to fully merge.
Overpriced mergers and acquisitions in the chemical industry
(2009-12) Momin, Farid L.; Lewis, Kyle, 1961-; Duvic, Robert Conrad, 1947-
Mergers and acquisitions within the chemical industry is a common practice to increase market presence and customer base. Common justifications for M&A include synergy, business growth and competitive advantages, and management reasoning. Synergies are benefits a combined firm is able to receive through cost reductions, market expansion, and efficiencies in processes. As a result, firms are able to grow and position themselves competitively. To prevent an overpriced acquisition, numerous valuation techniques exist. The discount cash flow examines the value of a firm based on future cash flow. The market multiple compares target firms to similar firms in the industry. Lastly, the asset valuation determines the value of a firm based on the liquidation of the firm. To maximize the return on an acquisition, proper due diligence should be conducted based on the needs and goals of the purchaser, and the value added by the target firm. The premium paid for an acquisition should be based on the valued added through the synergies identified. Current business cycles and future outlook should also factor into the pricing of the acquisition. Having a thorough analysis of a target firm can help the acquirer to clearly understand what is being purchased and hence, determine an appropriate price for the acquisition.