Accurate modeling of galaxy formation in a hierarchical, cold dark matter universe requires the use of sufficiently high-resolution merger trees to obtain convergence in the predicted properties of galaxies. When semi-analytic galaxy formation models are applied to cosmological N-body simulation merger trees, it is often the case that those trees have insufficient resolution to give converged g...

We investigate the stellar composition of bulges and elliptical galaxies as predicted by the CDM paradigm using semi-analytical modelling. We argue that spheroid stars are built up of two main components, merger and quiescent, according to the origin of the stars. The merger component is formed during major mergers by gas driven to the centre, while the quiescent component is formed in gaseous ...

In the standard Cold Dark Matter model of structure formation, massive clusters form via the merger of smaller clusters. N-body/hydrodynamical simulations of merging galaxy clusters have shown that mergers can temporarily boost the X-ray luminosity and temperature of the merged cluster above the equilibrium values for the merged system. The cumulative effect of these “merger boosts” will affect...

A key obstacle to understanding the galaxy merger rate and its role in galaxy evolution is the difficulty in constraining the merger properties and time-scales from instantaneous snapshots of the real universe. The most common way to identify galaxy mergers is by morphology, yet current theoretical calculations of the time-scales for galaxy disturbances are quite crude. We present a morphologic...

We exploit a natural experiment associated with a large merger in the Swedish market for analgesics (painkillers). We confront the predictions from a merger simulation study, as conducted during the investigation, with the actual merger e¤ects over a two-year comparison window. The merger simulation model is based on a constant expenditures speci…cation for the aggregate nested logit model (as ...

MARCH/APRIL 2011 | IEEE SOFTWARE 75 WHAT WOULD YOU do if you realized your company owns two similar software systems—that is, it holds complete rights and control of two systems intended to fi ll the same user needs? You might fi rst ask how the company came to be in such an awkward position.1 But actually, this situation is typical after a company merger or acquisition or when a large organiza...

This paper investigates the relation between investment analyst recommendations and merger completion. Unlike the new issues market, we argue analysts’ incentives are skewed to issue recommendations that ensure merger completion rather than maximize the overall deal value. Using a comprehensive sample of completed and withdrawn mergers, we observe the direction and affiliation of recommendation...

On a daily basis, we are bombarded with the news of yet another mega-merger. The business press generally greets these announcements with breathless projections based on extrapolations of combined sales, earnings, and R&D spending, with little emphasis on whether the merged companies will be worth the sum of their parts. In this paper we examine patent analysis techniques for evaluating the tec...

The world’s markets are increasingly interconnected, imposing additional challenges for both regulators and market participants. This paper considers the effect of inter-market dependencies on the spread of endogenously generated merger waves. Though merger activity can generate efficiency gains, it disrupts market competition and can lead to negative effects for consumers. The conditions under...