Abstract An approach is presented for directly deriving a variable parameter Muskingum method from the St. Venant equations for routing floods in channels having any shape of prismatic cross-section and flow following either Manning's or Chezy's friction law. The approach also allows the simultaneous computation of the stage hydrograph corresponding to a given inflow or the routed hydrograph. T...

This paper examines the stock market’s reaction to merger and acquisition announcements to determine whether the market perceives that diversified or focused firms create more value when acquiring other firms. We also examine whether differences in merger announcements between diversified and focused firms explain differences in real firm performance following the merger. Diversified firms may ...

Extreme climate events are becoming more intense in Melbourne in recent years. This increasing intensity of excessive rainfall has an adverse effect on the sewer network by causing sewage overflow hazards. Extreme rainfall events increase flow into the sewer system, both directly (inflow) and through infiltration into sewer. As a result of this Rainfall Derived Infiltration and Inflow (RDII), S...

The strategy and financial economics literature have long investigated the problem of adverse selection between buyers and sellers in M&A markets, which can create inefficiencies and stop acquirers from gaining access to valuable resources and capabilities via acquisitions. In turn, the entrepreneurship literature has highlighted the challenges faced by entrepreneurial firms to raise external c...

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This paper proposes an investment-based explanation and resolves the post-merger performance puzzle. Traditional asset pricing models fail to take into account the link between investment and performance, and hence, resulting in post-merger performance puzzle. Upon observing that disproportionately high fraction of acquirers are high Tobin’s Q firms, a group characterized with high investment r...

The primary accomplishment of this study is to explore how national culture dissimilarities impact pre and post performances of the resulted acquirers in China Merger and Acquisition (M&A) cases. This article developed the simplified representations of the National Culture Dissimilarity Index (NCDI) to examine the built-in models by taking hierarchical regression analysis approach. The NCDI con...

Little is known about the underlying sources of gains from takeovers. Using plant-level data from the U.S. Census Bureau, I show that one source of gains is increased productivity of capital and labor in target plants. In particular, acquirers significantly reduce investments, wages, and employment in target plants, though output is unchanged relative to comparable plants. Acquirers also aggres...

We identify a novel aspect of potential collaboration between targets and acquirers in managing earnings during mergers and acquisitions. Using a sample of 2,128 mergers & acquisitions from 1985-2010, we find that target firms report lower earnings for quarters during the “quiet” period between announcement and completion of these deals. Targets‟ reduced earnings are due mainly to higher expens...