Cosmic-ray Neutron Rover Surveys of Field Soil Moisture and the Influence of Roads

Abstract

This paper provides evidence on how corporate multinationality from the perspective of acquiring firms relates to M&A returns. Using multivariate regressions and a large dataset of over 6,000 M&As (both cross‐border and domestic) by UK firms during 1987 to 2014, the paper finds multinationality to be associated with significantly higher short‐run announcement returns and long‐run operating performance. While the multinationality premium (higher M&A returns for multinationals) persists over time, it seems to be restricted to firms with superior resource/managerial capabilities and minimal agency problems. Finally, the multinationality premium appears to be driven by foreign acquisitions into advanced economies. The results are robust to correcting for sample selection bias and controlling for several firm and deal characteristics, as well as accounting for firm‐, industry‐, and year‐fixed effects. Collectively, the findings imply that multinationality could be a source of value creation for acquiring firms, particularly in foreign acquisitions, which tend to be complex, and, thereby, require superior managerial capabilities to succeed.

Introduction

An integral component of building and bridge construction codes, which set standards for infrastructure design, is guidance on the expected magnitude of local precipitation extremes. The National Building Code of Canada (NCBC, 2005), for example, includes estimates of the 10‐year return level for 15‐min rainfall accumulation and 50‐year return level for 1‐day rainfall accumulation for hundreds of communities across Canada. These estimates, which are based on station data, have historically been produced assuming a stationary climate. There is, however, an accumulating body of evidence indicating that the hydrological cycle is changing in response to anthropogenic global warming. Increases in extreme precipitation have been observed (e.g., Donat et al., 2016; Westra et al., 2013) and can be attributed to human influence at large spatial scales (e.g., Fischer & Knutti, 2015; Min et al., 2011; Zhang et al., 2013). The intensity of extreme precipitation is projected to continue to increase in the future (e.g., Kharin et al., 2013, 2018).

First Level Heading

Second Level Heading

An integral component of building and bridge construction codes, which set standards for infrastructure design, is guidance on the expected magnitude of local precipitation extremes. The National Building Code of Canada (NCBC, 2005), for example, includes estimates of the 10‐year return level for 15‐min rainfall accumulation and 50‐year return level for 1‐day rainfall accumulation for hundreds of communities across Canada. These estimates, which are based on station data, have historically been produced assuming a stationary climate. There is, however, an accumulating body of evidence indicating that the hydrological cycle is changing in response to anthropogenic global warming. Increases in extreme precipitation have been observed (e.g., Donat et al., 2016; Westra et al., 2013) and can be attributed to human influence at large spatial scales (e.g., Fischer & Knutti, 2015; Min et al., 2011; Zhang et al., 2013). The intensity of extreme precipitation is projected to continue to increase in the future (e.g., Kharin et al., 2013, 2018).