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This paper aims to address the question: What is the distribution of value (in pounds) created in a sample of domestic takeovers in the United Kingdom from 2013 to 2020 among acquirer and target stockholders?

The author employs a traditional event study methodology to calculate the percentage excess returns of companies on the announcement date. These returns are then converted into pound-denominated excess returns using the companies' market capitalizations. This allows the author to estimate the synergies of the mergers and acquisitions (M&As) and how they are allocated between acquirers and targets. This innovative transformation from percentage to pound excess returns establishes a new ratio methodology for addressing the paper's objective.

This paper reveals that in UK takeovers, 40 percent of the synergies in pounds are allocated to the stockholders of acquiring companies, while 60 percent go to the stockholders of target companies. In other words, acquirers retain a significant portion—more than half—of the synergies generated in these domestic deals. This original finding is statistically significant at the one percent level and strongly contradicts the hypothesis that acquirers, at best, merely break even.

The evidence that UK takeovers distribute value gains nearly equally between domestic deal parties challenges the enduring conventional insight in the M&A literature. This conventional wisdom suggests that the value created by business combinations is entirely distributed to target company stockholders. Consequently, this reexamination may have broader implications, offering an alternative perspective on the motives behind business combinations. This perspective differs from the “managerial hubris hypothesis,” which aligns with the prevailing conventional insight but receives limited support in the original finding reported here.

Wireless sensor networks (WSN), as a solution for buried water pipe monitoring, face a new set of challenges compared to traditional application for above-ground infrastructure monitoring. One of the main challenges for underground WSN deployment is the limited range (less than 3 m) at which reliable wireless underground communication can be achieved using radio signal propagation through the soil. To overcome this challenge, the purpose of this paper is to investigate a new approach for wireless underground communication using acoustic signal propagation along a buried water pipe.

An acoustic communication system was developed based on the requirements of low cost (tens of pounds at most), low power supply capacity (in the order of 1 W-h) and miniature (centimetre scale) size for a wireless communication node. The developed system was further tested along a buried steel pipe in poorly graded SAND and a buried medium density polyethylene (MDPE) pipe in well graded SAND.

With predicted acoustic attenuation of 1.3 dB/m and 2.1 dB/m along the buried steel and MDPE pipes, respectively, reliable acoustic communication is possible up to 17 m for the buried steel pipe and 11 m for the buried MDPE pipe.

Although an important first step, more research is needed to validate the acoustic communication system along a wider water distribution pipe network.

This paper shows the possibility of achieving reliable wireless underground communication along a buried water pipe (especially non-metallic material ones) using low-frequency acoustic propagation along the pipe wall.

Open educational resources (OERs) are internet-based digital content that is used for academic purposes by instructors, students and researchers in the era of the information economy. Hence, this study aims to systematically review the literature, focusing on OERs’ benefits and challenges in the academic world.

The relevant literature systematically reviewed following the preferred reporting items for systematic literature reviews and meta-analyses (PRISMA) guidelines. The pertinent literature was obtained from four main scholarly databases, and finally, 21 papers that met the inclusion criteria were included in this study.

The findings revealed that the key benefits of OERs include expanded access to knowledge, supporting lifelong learning, pedagogical benefits and enhancing students’ learning outcomes. However, the key challenges include lack of time to find appropriate resources, lack of awareness about the usage and copyrights, quality assurance and technological limitations and lack of organizational support.

The practical and policy implications highlight the joint venture of academia and library professionals to help the students evaluating OERs, quality assurance, copyright issues and lifelong learning.

Earlier studies missed few significant insights of OERs, such as they did not address the quality assurance of OERs; the issue of understanding of copy right (creative common license) challenges related with OERs; and lack of time for finding suitable resources. Hence, this study identified significance insights related with OERs.

This case invites students to assess the impact that Brexit, the withdrawal of the United Kingdom from the European Union, might have on a New York–based hedge fund's portfolio and, specifically, its UK assets. The case is designed to prompt students to make market assumptions and investment hypotheses based on a combination of numerical data and qualitative information. It requires no numerical computations; instead, it asks the student to interpret both markets' short-term reactions to the Brexit vote and strategy shifts from UK and European business leaders in order to evaluate longer-term implications for the economies of the United Kingdom, Europe, and the world.

Extant literature in supply chain management tends to address a portion of the product flow to make food accessible to clients in need. The authors present a broader view of food insecurity and present nuances relevant to appreciate the complexities of dealing with this social problem.

The authors conducted an inductive study to reveal the deep meaning of the context as managers of nonprofit organizations (NPO) define and address food insecurity. The focus was on a delimited geographic area for capturing interactions among NPOs which have not been described previously.

This study describes the role of supply chains collaborating in unexpected ways in the not-for-profit context, leading to interesting insights for the conceptual development of service ecosystems. This is relevant because the solution for the food insecure stems from the orchestration of assistance provided by the many supply chains for social assistance.

The authors introduce two concepts: customer sharing and customer release. Customer sharing enables these supply chains behave like an ecosystem with no focal organization. Customer release is the opposite to customer retention, when the food insecure stops needing assistance.

The authors describe the use of customer-centric measures of success such improved health measured. The solution to food insecurity for an individual is likely to be the result of the orchestration of assistance provided by several supply chains.

The authors started asking who the client is and how the NPOs define food insecurity, leading to discussing contrasts between food access and utilization, between hunger relief and nourishment, between assistance and solution of the problem, and between supply chains and ecosystems.

In August, 2015, Serena Williams, one of the most successful female athletes of all time, was body shamed in a New York Times article. The incident highlights the issue of unequal treatment of male and female athletes – while a muscular frame enhances masculinity for male athletes, a muscular physique invites body shaming for female athletes. In this study, symbolic interactionist theories regarding the generalized other are called into question. While George Mead's theorizing exhibits a nonproblematic role taking of the generalized other in a cooperative manner, this study reports the presence of paradoxical generalized others, and consequently, the incongruent role taking of a latent generalized other by individuals. This study investigates if the issue of body image exists among college female athletes, if college female athletes experience the dilemma of choosing between outstanding performance with a muscular frame or maintaining traditional female appearance. To provide answers to the question, female athletes in a midwest university were invited to fill out a survey. The survey results confirm the existence of a paradox between performance and appearance among some college female athletes.

This study focuses on listed and over-the-counter (OTC) companies in the Taiwan Stock Exchange. It found that an increase in the ownership proportion of institutional investors (INs), including foreign investors, investment trusts, and dealers can enhance the informativeness of stock prices. The relationship between these factors follows an inverted U-shaped pattern, indicating that excessively high ownership ratios can actually lead to a decrease in the informativeness of stock prices. Additionally, increasing the ownership proportions of foreign investors and investment trusts can reduce the risk of stock price collapse, while dealers show no significant relationship in this regard. This study also reveals that the technical variable of the price deviation rate is an important explanatory factor for post-collapse returns. It is positively correlated with the magnitude of the price decline after a collapse, meaning that stocks with weaker pre-collapse performance experience larger post-collapse declines. When the data during the 2020 pandemic period are excluded, changes in foreign ownership ratios show a significant positive correlation with postcrash returns in both the long and short term. The significant correlation in the short term may be due to a high proportion of foreign ownership. Any reduction in this could put pressure on stock prices, and retail investors may follow suit and sell-off, using foreign investors as a reference. The significant correlation in the long term might be due to foreign investors themselves possibly also trying to avoid the pressure that their own short-term sell-offs could exert on stock prices. The changes in the ownership ratios of investment trusts and dealers indicate that medium and long-term changes have a significant impact on postcrash returns, while the changes in the major players' ownership show no significant correlation. When data from 2020 are included in the analysis, the significance of all INs decreases.

In the last two decades, risk reporting has followed a normative and calculative culture rather than the “materiality” of data. Although integrated reporting (IR) has become flooded with extra information, it does not adequately disseminate material information to stakeholders. In addition, the poor tone from the top diminishes creativity. This study aims to investigate how companies creatively address issues of the materiality of risk information in IR and how IR can be aligned with enterprise risk management.

Qualitative research was conducted via interviews with 50 chief risk officers and senior management executives in the Indian and UK insurance markets.

Overall, five institutions were observed to exhibit elements of being early adopters of institutional creativity. This confirmed the present study’s theoretical contribution of five divergent types of early adopters. The motivations for creativity are reflected in the resources available to these institutions.

To the best of the authors’ knowledge, this study provides a new insight into IR from internal mechanisms to deal with issue of materiality.

The proliferation of the coronavirus disease (COVID-19) has threatened the service industry, especially the restaurant sector, requiring innovative ways to help restaurants overcome this challenge. Thus, based on the stimulus–organism–response (SOR) model, the purpose of this study is to examine the role of customers' perception of a restaurant's innovativeness (CPRI) in brand evangelism by mediating customer engagement (CE). Additionally, this study examines the moderating role of customer openness to experience.

A Web-based survey collected the primary data from 483 Egyptian customers. The data were analysed using the partial least squares structural equation modelling method based on WarpPLS.7 software.

According to the findings, CPRI, which acts as a stimulus in the SOR model, positively affects CE (organism) and brand evangelism (response). CE positively affects restaurant evangelism. Additionally, CE mediates the relationship between CPRI and evangelism. Openness to experience moderates the relationship between CPRI, engagement and brand evangelism.

This study addresses the gaps in understanding CE and brand evangelism within the context of restaurant innovation. This study assesses restaurant innovativeness scales of developing economies in multiple dimensions. Egyptian restaurant marketing managers should innovate products, services, experiences, and promotions to increase consumer engagement and feedback through technology.

This study investigates how Egyptian restaurants engage with and evangelise customers through innovation. This is one of the few studies that examine brand evangelism in a restaurant setting from the perspective of the SOR theory. Additionally, this study analyses CE as a mediator and openness to experience as a moderator.

In June 23, 2016, voters in the United Kingdom have just approved a referendum calling for leaving the European Union. The case describes the motives for European integration, the rise of separatist movements in the United Kingdom and elsewhere, and the referendum process itself.

The purpose of this case is to provide a contemporary counterpoint to a discussion of the economic and political motivations for the American Civil War. Dominant themes highlighted here are economic nationalism, political nationalism, cultural centrism and ethnocentrism, and populism.