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penjelasan report text pepohonan-stem

text Reports explanation trees -stem

Last Update: 2014-09-08
Subject: General
Usage Frequency: 1
Quality:
Reference: Anonymous
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something about you

Translation

Last Update: 2014-05-29
Usage Frequency: 1
Quality:
Reference: Wikipedia

Much Ado About Nothing

Much Ado About Nothing

Last Update: 2014-09-14
Usage Frequency: 1
Quality:
Reference: Wikipedia

What did you like least about your job and why?

google english translation indonesi

Last Update: 2014-07-21
Subject: General
Usage Frequency: 1
Quality:
Reference: Anonymous

when you talk about the evils of others I just want middle finger saying. . . . faak you very much !!

when you talk about the evils of others I just want middle finger saying. . . . faak you very much !!

Last Update: 2014-10-08
Subject: General
Usage Frequency: 1
Quality:
Reference: Anonymous

it's all about me. so for now i want to know about u. hope u understand me with all my situations. and hope u wish tell me how about your life.

your life.

Last Update: 2013-11-06
Subject: General
Usage Frequency: 1
Quality:
Reference: Anonymous

WELCOME TO VBUILDER! "You're not truly free unless you're financially free." - Robert Kiyosaki Welcome to VBUILDER™, Idris Sugiono! You're about to take your first step toward financial freedom! It's not exactly the Yellow Brick Road, but the tour you are about to take will be an eye-opening adventure Idris Sugiono. You are about to learn about our automated, online marketing system that is so revolutionary it has a patent pending. Our System has been a successful tool for thousands of people just like you! In fact, your Personal VBuilder™ account has already been setup for you and is ready to go! Your login ID is: 36441852 Your password is: 58085 (Please write this information down. You will need it when you return to www.vbuilder.com in the future.) You will soon receive this information and more in our Welcome email for new Pre-Enrollees that we just sent to you at sugiono_idris@yahoo.co.id. Idris Sugiono, this website is your road map to success as an Internet-based business owner. Take the tour of our legendary automated business-building System during this FREE test drive to discover how to build a successful and profitable home-based business. Visit both our Front and Back Office, Idris Sugiono, and familiarize yourself with the astounding information available. We've loaded this site with profitable tips and valuable resources designed to give you the competitive edge you'll need to build a successful and lucrative home-based business. Learn the secrets to success that million-dollar earners follow! Discover how you can turbocharge your business with pre-qualified prospects! Learn when you can listen in on conference calls jam-packed with overviews of the VBuilder opportunity, advanced training, and marketing advice from renowned industry leaders, who share key insights and top moneymaking secrets! Obtain up-to-the-minute reports on your growing business! And much, much more! Now for the good stuff, Idris Sugiono! To start your test drive of VBuilder™, click on "Our System" in the menu above. As people are placed in Your VBuilder™ SuccessLine™, you will receive emails announcing that your SuccessLine™ is growing. (Don't be surprised if you receive quite a few of these notices when your SuccessLine™ is doing particularly well!! This is a sign that your business is prospering!!) To learn how to make the most of this remarkable system, click on "Our System" to start your tour. We look forward to working with you, and are here to help you every step of the way!! If you have any questions, chances are you will find the answers during your tour. We highly recommend you take the time to explore each menu selection. If you still can't find answers to your questions, get in touch with your Enroller or a top upline leader. If you require immediate attention, Idris Sugiono, feel free to contact us. Understand that the wait time for an answer can vary depending upon the volume of emails we are currently receiving. Sincerely, -Your VBuilder™ Support Team

trenselet

Last Update: 2014-10-08
Subject: General
Usage Frequency: 1
Quality:
Reference: Anonymous
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Product Type: Garment Labels Material: 100% polyester yarn Label Type: Main Labels Technics: weave Feature: Eco-Friendly, Washable Use: Garment, Shoes, Bags Place of Origin: Guangdong, China (Mainland) Brand Name: YoungLion Model Number: YLW-127 quality: white machine damask material: 50D denier damask fold: end fold sample time: 3-4 days delivery time: about 5 days

Product Type: Garment Labels Material: 100% polyester yarn Label Type: Main Labels Technics: weave Feature: Eco-Friendly, Washable Use: Garment, Shoes, Bags Place of Origin: Guangdong, China (Mainland) Brand Name: YoungLion Model Number: YLW-127 quality: white damask machine material: 50D denier damask fold: Fold end sample time: 3-4 days delivery time: about 5 days

Last Update: 2014-10-02
Subject: Marketing
Usage Frequency: 1
Quality:
Reference: Anonymous

This Page Will Allow You To Create Your Own Ad Products. Use the Tabs To Create, Text, Image or Video Ads *NOTE Advertisers cannot purchase ads on your website until your ad zone code has been placed on your website. Once the AdHitz system verifies placement of the code, your ad zones can then be purchased. After your ad zones and types are set, you should create code to place on your website. Create code by Clicking Here. e.

Sick

Last Update: 2014-09-30
Subject: General
Usage Frequency: 1
Quality:
Reference: Anonymous

Do not deceive your child about the medicine, such as pretending that tablets are sweet or that liquid medicines are soft drinks. Never leave a child’s medicine within reach; he or she may be tempted to take an extra dose in order to hasten recovery. Missing a dose of your medication can be a problem only if you are taking the drug as part of a regular course of treatment. Missing a drug dose it not uncommon and it is not a cause for concern in most cases. The missed dose may sometimes produce a recurrence of symptoms or a change in the action of the drug, so you should know what to do when you have forgotten to take your medication

so dont come back for me

Last Update: 2014-09-30
Subject: General
Usage Frequency: 1
Quality:
Reference: Anonymous

Snowy owls or nyctea scandiaca are large prey birds , they are diurnal . wich means they are active duting the daya instead of night. Snowy owls breed in remote areas or artic and sub artic regions mostly north amerika.as their name suggests snowy owls heve dark white feathers with dark brown markings. Their feathers are thick covering even its leg and feet. They weigh around 1,6 kg to 2 kg and they stand about half a meter tall with the wing span 2 meter. They have around white head a black claw.

report text about owl

Last Update: 2014-09-25
Subject: General
Usage Frequency: 1
Quality:
Reference: Anonymous

Peter Wong Tung Ke kpa_jepot@yahoo.co.id Attn: Dear Friend, I am Mr. Peter Wong Tung, a staff member of HSBC Bank Malaysia. I have a business transaction which I will like to introduce you into that will be of our mutual benefit. (19,305,050.12) Nineteen Millions Three Hundred and Five Thousand, Fifty Dollars and Twelve Cents only. The above amount was left behind by a deceased client of mine who shares the same last names as yours. All confirmable documents to back up the claims will be made available to you prior to your acceptance and as soon as I receive your return mail via my email address, I will let you know what is required. I will like to hear from you so that I will explain more details about the transaction. Email on mrpeterwong@live.com.my Sincerely Yours Peter Wong T. HSBC MALAYSIA.

Indonesian translation google english

Last Update: 2014-09-22
Subject: General
Usage Frequency: 1
Quality:
Reference: Anonymous

INTRODUCTION Given the obsession we have with slimness in the United States and the fact that millions of Americans are overweight it is no wonder that a multibillion dollar weight control industry has developed. Weight loss centers and health and fitness spas cater to this obsession and promise us a new body just in time for the swimsuit season. Phamaceutical companies produce drugs, both prescription and over the counter types to help us lose fat the easy way. Food manufacturers market convenient, low calorie, prepackaged but expensive meals. Each year at least one diet book on the best seller list is advertised as the last diet we will ever need. A variety of techniques, some useful and some not are used in attempt to stimulate weight loss. Drugs are used to depress the appetite or increase metabolism. Creams are applied to specific body parts to srink local fat deposits. Surgical techniques include intestinal bypasses, removal or stapling part of the stomach, excising or suction removal of subcutaneous fat tissue, and wiring the jaw shut. Weight loss diets involve almost every possible manipulation, including the high fat diet, the high protein diet, the grapefruit diet, the starvation diet, and even the "no diet" diet. Exercising programs in specially designed clothing are advertised as helping you lose inches of fat in hours. Psychological techniques such as hypnosis or behavior modification are designed to change your eating habits. In severe cases of clinical obesity, treatment usually is administered under medical supervision and may involve a combination of many of these techniques including surgery, hormone therapy, drugs and starvation type diets. An individualized, medically supervised weight control program is very important for the clinically obese because so many health risks are related obesity is very resistant to treatment and over 95 percent of those individuals who lose weight regain it within one to five years and may di this repeatedly.As noted at chapter 10 these fluctuations in body weight, known as weight cycling may not exert deleterious effects on metabolism and health and should not deter obese individuals from attempts to lose weight. The National Institute of Health notes that other group may need medically supervised weight loss programs, including children, pregnant women, persons over the age of 65, and individuals with medical conditions that could be exacerbated by weight loos. Weight control programs have greater chances for success in individuals who have accumulated excess body fat throught environmental conditions, such as excessive eating and decreased physical activity, and who do not have a strong genetic predisposition to obesity. Such a treatmentprogram may be beneficial to the typical adult, for substantial amounts of body fat appear to accumulate between the age of 25 and 35. The prevalence of overweight individuals in the United States has increased in the past quarter century in both children and adults. It is interesting to note that the average American male age 25-50, increased his BMI from 22 to 25 between the 1980 and 1989 RDA, the average female went from about 21 to 24. Moreover prevention of excess weight gain should be a life long life style, beginning in childhood and continuing through adulthood, as suggested by the data presented above. Maintenance of a healthy body weight through prevention techniques may be especially helpfull during the first to years of college when young females typically gain 10-15 pounds. Additionally prevention may also curtail the weight gain in those genetically predisposed, as supported by the recent twin study of Newman and others.

Indonesian translation google english

Last Update: 2014-09-21
Subject: General
Usage Frequency: 1
Quality:
Reference: Anonymous
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HI Jyothi, Here a little description about my profile, for more detail you can confirm me during technical discussion by telephone. Total exp: 3 Years Relevant exp: 2 Years Technical Skills : 1. Installation, Configuration, Integration, and Performance analyze for storage ( HDS VSP, HDS USP-V, HP XP 24K, EMC Clarion, IBM DS8100 and IBM DS49K) 2. Configuration and monitoring for Tibco administrator (user management, resource management, failure recovery) 3. Installation, Configuration, Integration and Performance Analyze for SAN switch (Brocade DCX, Brocade DCX-4S, Brocade 48K, Brocade 5100, Brocade 300, Cisco MDS9509, and Cisco MDS9506) 4. Installation , configuration and monitoring for storage replication software ( TrueCopy, Universal Replicator, and Shadow Image) 5. Installation, configuration, and monitoring for server performance monitoring (HP-BSM, HP-BTO and many others) Work Authorization status(Visa or Citizenship Citizenship Visa validity : - Current Company:PT. Bank OCBCNISP Tbk Current salary: Rp. 5.000.000, Expected salary: Rp. 15.000.000 (Negoitable) Reason for change : Need more challenge to compete with new technology Notice time : 1 Month Notice after Hiring Willing to relocation: Yes (Negoitable) Thank you and warm regards Hendro Lukito

google translation

Last Update: 2014-05-27
Subject: General
Usage Frequency: 1
Quality:
Reference: Anonymous

This statement is one I do not agree with. Furthermore I cannot give it any credibility. For one thing, it is gathering all peoples into one group. To say that theists and athiests are both victims, in my mind, is comparing apples to oranges. There is a distinct and comprehensive difference between the two. A theists has faith in a Higher Power. The atheist has no faith in anything. As he relates to the theist, there is faith in a Higher Power, and it is the Bible, Quran, or the Bhagavad Gita that teaches and guides the person in faith as it relates to the person’s Higher Power. The atheist has no such teachings, faith, teachings, or Holy Book that does what the Theists believes and is the foundation which the Theist draws from. As Christians, we believe in God the Father, His Son Christ, and the Holy Spirit. They are the One God from whom all of us are created, exist and draws its strength from. We believe our total existence comes from the Bible, which is the foundation from where is The One God’s Holy, Final, and Written Word. I do not understand how or why His Holiness comes to such conclusions. Even Wiccans and Pagans have faith and belief in something. To say that, “He can say yes to whatsoever life brings to him; he is a yea-sayer”, is not in accordance to Christian belief. Actually, if one thinks about it, this is a statement that no believer whatever his religion is can take as having any merit or credence what so ever. There is such a things as provocative, critical, and reasoning thinking. This statement from His Holiness does not, in my estimation, provides none of these. This is just off the top of my head, it is early, and not had my coffee yet. I look at this, and find it ludicrous.

Indonesian cuisine

Last Update: 2014-05-09
Usage Frequency: 1
Quality:
Reference: Wikipedia

Do not deceive your child about the medicine, such as pretending that tablets are sweet or that liquid medicines are soft drinks. Never leave a child’s medicine within reach; he or she may be tempted to take an extra dose in order to hasten recovery. Missing a dose of your medication can be a problem only if you are taking the drug as part of a regular course of treatment. Missing a drug dose it not uncommon and it is not a cause for concern in most cases. The missed dose may sometimes produce a recurrence of symptoms or a change in the action of the drug, so you should know what to do when you have forgotten to take your medication

One day longer

Last Update: 2014-04-30
Subject: General
Usage Frequency: 1
Quality:
Reference: Anonymous

Pekalongan, April 28, 2014 To: HRD Department PT. Amron Citinet Gd. Cyber Lantai 10 Jl. Kuningan Barat No. 88 Jakarta 12710 Dear Sir, According to the advertisement about vacancy in your company. I feel I have the necessary qualyfication needed for the position that you advertised in your company. Kindly please allow me ro apply a posittion: Accounting Staff. I am 19 years old, innovative, energettic, highly ambitious, and good leadership. I am a computer fresh graduate student of STMIK Widya Pratama Pekalongan majoring in management of Information. I have been usual work in a team and in organization. I can learn anything fast with initiative and great wiil to succeed. I am certain it all can be useful to work well in this company, an I would apprecate if you give me the opportunity to discuss my qualification in person. For detail, I enclosed my CV, Academic Transcript and a recent photograph. Hopfully I may have the opportunity of proving my capability by being grated on interview. Thank you for your kind attention. Your faithfully, Nisaul Mufida

xxl-Indonesian english translation

Last Update: 2014-04-27
Subject: General
Usage Frequency: 1
Quality:
Reference: Anonymous

Venice is a city in northern Italy. It is the capital of region Veneto. Together with Padua, the city is included in the Padua-Venice Metropolitan Area. Venice has been known as the “Queen of the Adriatic”, “City of Water”, “City of Bridges”, and “The City of Light”. The city stretches across 117 small islands in the marshy Venetian Lagoon along the Adriatic Sea in northeast Italy. Venice is world-famous for its canals. It is built on an archipelago of 117 islands formed by about 150 canals in a shallow lagoon. The islands on which the city is built are connected by about 400 bridges. In the old center, the canals serve the function of roads, and every form of transport is on water or on foot. You can ride gondola there. It is the classical Venetian boat which nowadays is mostly used for tourists, or for weddings, funerals, or other ceremonies. Now, most Venetians travel by motorised waterbuses (“vaporetti”) which ply regular routes along the major canals and between the city’s islands. The city also has many private boats. The only gondolas still in common use by Venetians are the traghetti, foot passenger ferries crossing the Grand Canal at certain points without bridges. You can see the amusing city’s landmarks such as Piazza San Marco, Palazzo Contarini del Bovolo, Saint Mark’s Cathedral or villas of the Veneto. The villas of the Veneto, rural residences for nobles during the Republic, are one of the most interesting aspects of Venetian countryside. They are surrounded by elegant gardens, suitable for fashionable parties of high society. The city is also well known for its beautiful and romantic view, especially at night.

Indonesian english translation google

Last Update: 2014-03-11
Subject: General
Usage Frequency: 1
Quality:
Reference: Anonymous

nyaman Home Education Fables Family Inspiration Life Love Motivation Submit Story The Rabbit and the Turtle 1 Star2 Stars3 Stars4 Stars5 Stars rabbit-n-turtleOne day a rabbit was boasting about how fast he could run. He was laughing at the turtle for being so slow. Much to the rabbit’s surprise, the turtle challenged him to a race. The rabbit thought this was a good joke and accepted the challenge. The fox was to be the umpire of the race. As the race began, the rabbit raced way ahead of the turtle, just like everyone thought. The rabbit got to the halfway point and could not see the turtle anywhere. He was hot and tired and decided to stop and take a short nap. Even if the turtle passed him, he would be able to race to the finish line ahead of him. All this time the turtle kept walking step by step by step. He never quit no matter how hot or tired he got. He just kept going. However, the rabbit slept longer than he had thought and woke up. He could not see the turtle anywhere! He went at full-speed to the finish line but found the turtle there waiting for him.

When the watery Cancer soul and flaming Aries soul come in romantic relationship, there are equal counts of burns and tranquility. Aries ride high on spontaneity, and is quite open in the expression of feelings while Cancer tends to take time when it comes to both expressing feelings and moving forward in a relationship. A Cancer man is usually a shy person who minds his own business. He loves money, fame and recognition and mostly has all these in long term with his determination and hard work. When he falls for an Aries woman, he loves to be possessed and passionately loved by her. He is basically loyal and faithful and is often admired by his Aries woman for his ability to stick it out through the bad times. But he is very sensitive to hurt and is sometimes offended by the careless nature of the Aries woman. An Aries woman is an impulsive and sovereign lady. She meets all the obstacles headlong and headfirst, even when she must go out of her way to find them. An Aries woman may seem inconsiderate and thoughtless but she would never hurt anyone on purpose. She can actually find a real gentleman in her Cancer man who is able to look behind the veil of rashness and admire her innocence. Though she really needs to mind her fiery temper as it can often cause depressive state for her Cancer man. An Aries woman complements a Cancer man well by allowing him to feel strong and masculine. She has got such a great optimist approach of winning that it helps him to give up his hidden fears and move up in life even more confidently. The protectiveness and possessiveness shown by her makes him feel loved and needed enhancing his sentiments and attachment to his lady love. But the secrets kept by him can be stressful on a relationship between the two. This attitude of him can make the mind of his Aries female to wonder causing outbursts of frenzy in her nature. While he may need to deal with the outrageous and self-centered attitude of the Aries woman sometimes by reminding himself that she doesn’t mean any hurt and is herself unaware of her behavior. The Cancer male typically proves to be a prince charming to an Aries woman who admires him passionately for all the emotions and affection he has to offer to her. She is thrilled by the feeling of being courted by him who makes her feel desirable as a woman. He brings laughter to him which shines a light on her. He brings out a personality in her that others cannot resist. She feels at peace around him because she can finally be herself. He continues to adore her throughout life as much as he did the first time they met. But she always needs to consider the moodiness of her Cancer man and give him appropriate space when needed by him. Also he needs to keep up his spirits and emotions even if he finds his damsel aloof and running at times because all she needs is her space and nothing else. With the unusual blend of Fire and Water, together these two can create unbelievable miracles in their relationship. The Cancer man always cherishes his sentiments and makes the Aries woman feel more feminine. He fulfills the entire child like needs his Aries woman makes and keeps her cozy in the protective blankets of his tender loving care, which he can provide to her forever. On the other hand, she makes her Cancer male feel a lot loved and care with the devotion she gives to him and the determination with which she stand by him in all the ups and downs of life. She makes him feel more enthusiastic and optimistic and fills his life with lot more passion. They hold a fairy tale love story with him as Price Charming and she as Cinderella who keeps on chasing her dreams and finally finds herself gratified in the arms of her dream man. The physical intimacy between the Aries woman and Cancer man is just like that of fire and ice. They both compliment each other so well that their love making is always a long lasting pleasure for them. As time passes these two get intimately close in their sex life. He makes her feel cherished and emotionally secure. The Cancer is clever and imaginative when making love. This gives a lot of excitement to the Aries female who is full of blaze. Her vulnerability in the sack stirs him deeply. Her ability to bring innocence to her love making, regardless of her past, gives him enormous emotional security. She loves fiercely and passionately. This makes him crave for her more passionately and lovingly. When he leans his face in closer, and she reached out and pulls him the rest of the way, so that he could bury his face in the security, the warmth, the lusciousness of her deep, full breaths and body in rhythm. But at times, he can tend to be moody causing distance in the bed. When he refuses to respond to her advances, it is hard for her to remember their once strong compatibility in the bedroom. As the Aries woman and Cancer man set to start a relationship, they both enjoy it mutual desire of loving and to be loved. For both of them love is most important but while for Aries it was more of a demand, for a Cancer it’s more an uncertain sentimental feeling. Though Aries admire the care and tenderness of Cancer, they become upset of the ever fluctuating moods of the Cancer. Aries always provides Cancer with the sense of confidence and security by their optimistic approach and possessiveness but their impulsive behavior can hurt the sensitive Cancer heart very frequently. Money often tends to be the biggest problem between these two as she likes to spend money, while he is a saver. When these two learn to properly line up their communication, they work wonders together. a Last Update: 2014-01-16 Subject: General Usage Frequency: 1 Quality: Excellent Reference: Anonymous nyaman Home Education Fables Family Inspiration Life Love Motivation Submit Story The Rabbit and the Turtle 1 Star2 Stars3 Stars4 Stars5 Stars rabbit-n-turtleOne day a rabbit was boasting about how fast he could run. He was laughing at the turtle for being so slow. Much to the rabbit’s surprise, the turtle challenged him to a race. The rabbit thought this was a good joke and accepted the challenge. The fox was to be the umpire of the race. As the race began, the rabbit raced way ahead of the turtle, just like everyone thought. The rabbit got to the halfway point and could not see the turtle anywhere. He was hot and tired and decided to stop and take a short nap. Even if the turtle passed him, he would be able to race to the finish line ahead of him. All this time the turtle kept walking step by step by step. He never quit no matter how hot or tired he got. He just kept going. However, the rabbit slept longer than he had thought and woke up. He could not see the turtle anywhere! He went at full-speed to the finish line but found the turtle there waiting for him. laugh

Last Update: 2014-03-05
Subject: General
Usage Frequency: 1
Quality:
Reference: Anonymous

1 Predicting Australian Takeover Targets: A Logit Analysis Maurice Peat* Maxwell Stevenson* * Discipline of Finance, School of Finance, The University of Sydney Abstract Positive announcement-day adjusted returns to target shareholders in the event of a takeover are well documented. Investors who are able to accurately predict firms that will be the subject of a takeover attempt should be able to earn these excess returns. In this paper a series of probabilistic regression models were developed that use financial statement variables suggested by prior research as explanatory variables. The models, applied to in-sample and out-of-sample data, led to predictions of takeover targets that were better than chance in all cases. The economic outcome resulting from holding a portfolio of the predicted targets over the prediction period are also analysed. Keywords: takeovers, targets, prediction, classification, logit analysis JEL Codes: G11, G17, G23, G34 This is a draft copy and not to be quoted. 2 1. Introduction In this paper our aim is to accurately predict companies that will become takeover targets. Theoretically, if it is possible to predict takeovers with accuracy greater than chance, it should be possible to generate abnormal returns from holding a portfolio of the predicted targets. Evidence of abnormal returns of 20% to 30% made by shareholders of firms on announcement of a takeover bid is why prediction of these events is of interest to academics and practitioners alike. The modelling approach adopted in this study was based on the discrete choice approach used by Palepu (1986) and Barnes (1999). The models were based on financial statement information, using variables suggested by the numerous theories that have been put forward to explain takeover activity. The performance of the models was evaluated using statistical criteria. Further, the predictions from the models were rated against chance and economic criteria through the formation and tracking of a portfolio of predicted targets. Positive results were found under both evaluation criteria. Takeover prediction studies are a logical extension of the work of Altman (1968) who used financial statement information to explain corporate events. Early studies by Simkowitz and Monroe (1971) and Stevens (1973) were based on the Multiple Discriminant Analysis (MDA) technique. Stevens (1973) coupled MDA with factor analysis to eliminate potential multicollinearity problems and reported a predictive accuracy of 67.5%, suggesting that takeover prediction was viable. Belkaoui (1978) and Rege (1984) conducted similar analyses in Canada with Belkaoui (1978) confirming the results of these earlier researchers and reporting a predictive accuracy of 85% . Concerns were raised by Rege (1984) who was unable to predict with similar accuracy. These concerns were also raised in research by others such as Singh (1971) and Fogelberg, Laurent, and McCorkindale (1975). Reacting to the wide criticism of the MDA method, researchers began to use discrete choice models as the basis of their research. Harris et al. (1984) used probit analysis to develop a model and found that it had extremely high explanatory power, but were unable to discriminate between target and non-target firms with any degree of accuracy. Dietrich and Sorensen (1984) continued this work using a logit model and achieved a classification accuracy rate of 90%. Palepu (1986) addressed a number of methodological problems in takeover prediction. He suggested the use of statebased prediction samples where a number of targets were matched with non-targets 3 for the same sample period. While this approach was appropriate for the estimation sample, it exaggerated accuracies within the predictive samples because the estimated error rates in these samples were not indicative of error rates within the population of firms. He also proposed the use of an optimal cut-off point derivation which considered the decision problem at hand. On the basis of this rectified methodology, along with the application of a logit model to a large sample of US firms, Palepu (1986) provided evidence that the ability of the model was no better than a chance selection of target and non-target firms. Barnes (1999) also used the logit model and a modified version of the optimal cut-off rule on UK data. His results indicated that a portfolio of predicted targets may have been consistent with Palepu’s finding, but he was unable to document this in the UK context due to model inaccuracy. In the following section the economic explanations underlying takeover activity are discussed. Section 3 outlines our takeover hypotheses and describes the explanatory variables that are used in the modelling procedure. The modelling framework and data used in the study is contained in Section 4, while the results of our model estimation, predictions, classification accuracy and portfolio economic outcomes are found in Section 5. We conclude in Section 6. 2. Economic explanations of takeover activity Economic explanations of takeover activity have suggested the explanatory variables that were included in this discrete choice model development study. Jensen and Meckling (1976) posited that agency problems occurred when decision making and risk bearing were separated between management and stakeholders1, leading to management inefficiencies. Manne (1965) and Fama (1980) theorised that a mechanism existed that ensured management acted in the interests of the vast number of small non-controlling shareholders2. They suggested that a market for corporate control existed in which alternative management teams competed for the rights to control corporate assets. The threat of acquisition aligned management objectives with those of stakeholders as managers are terminated in the event of an acquisition in order to rectify inefficient management of the firm’s assets. Jensen and Ruback (1983) suggested that both capital gains and increased dividends are available to an 1 Stakeholders are generally considered to be both stock and bond holders of a corporation. 2 We take the interests of shareholders to be in the maximization of the present value of the firm. 4 acquirer who could eliminate the inefficiencies created by target management, with the attractiveness of the firm for takeover increasing with the level of inefficiency. Jensen (1986) looked at the agency costs of free cash flow, another form of management inefficiency. In this case, free cash flow referred to cash flows in excess of positive net present value (NPV) investment opportunities and normal levels of financial slack (retained earnings). The agency cost of free cash flow is the negative NPV value that arises from investing in negative NPV projects rather than returning funds to investors. Jensen (1986) suggested that the market value of the firm should be discounted by the expected agency costs of free cash flow. These, he argued, were the costs that could be eliminated either by issuing debt to fund an acquisition of stock, or through merger with, or acquisition of a growing firm that had positive NPV investments and required the use of these excess funds. Smith and Kim (1994) combined the financial pecking order argument of Myers and Majluf (1984) with the free cash flow argument of Jensen (1986) to create another motivational hypothesis that postulated inefficient firms forgo profitable investment opportunities because of informational asymmetries. Further, Jensen (1986) argued that, due to information asymmetries that left shareholders less informed, management was more likely to undertake negative NPV projects rather than returning funds to investors. Smith and Kim (1994) suggested that some combination of these firms, like an inefficient firm and an efficient acquirer, would be the optimal solution to the two respective resource allocation problems. This, they hypothesised, would result in a market value for the combined entity that exceeded the sum of the individual values of the firms. This is one form of financial synergy that can arise in merger situations. Another form of financial synergy is that which results from a combination of characteristics of the target and bidding firms. Jensen (1986) suggested that an optimal capital structure exists, whereby the marginal benefits and marginal costs of debt are equal. At this point, the cost of capital for a firm is minimised. This suggested that increases in leverage will only be viable for those firms who have free cash flow excesses, and not for those which have an already high level of debt. Lewellen (1971) proposed that in certain situations, financial efficiencies may be realized without the realization of operational efficiencies. These efficiencies relied on a simple Miller and Modigliani (1964) model. It proposed that, in the absence of corporate taxes, an increase in a firm’s leverage to reasonable levels would increase the value of the equity share of the company due to a lower cost of capital. By a 5 merger of two firms, where either one or both had not utilised their borrowing capacity, would result in a financial gain. This financial gain would represent a valuation gain above that of the sum of the equity values of the individual firms. However, this result is predicated on the assumption that the firms need to either merge or be acquired in order to achieve this result. Merger waves are well documented in the literature. Gort (1969) suggested that industry disturbances are the source of these merger waves, his argument being that they occurred in response to discrepancies between the valuation of a firm by shareholders and potential acquirers. As a consequence of economic shocks (such as deregulation, changes in input or output prices, etc.), expectations concerning future cash flow became more variable. This results in an increased probability that the value the acquirer places on a potential target is greater than its current owner’s valuation. The result is a possible offer and subsequent takeover. Mitchell and Mulherin (1996), in their analysis of mergers and acquisitions in the US during the 1980s, provided evidence that mergers and acquisitions cluster by industries and time. Their analysis confirmed the theoretical and empirical evidence provided by Gort (1969) and provided a different view suggesting that mergers, acquisitions, and leveraged buyouts were the least cost method of adjusting to the economic shocks borne by an industry. These theories suggested a clear theoretical base on which to build takeover prediction models. As a result, eight main hypotheses for the motivation of a merger or acquisition have been formulated, along with twenty three possible explanatory variables to be incorporated predictive models. 3. Takeover hypotheses and explanatory variables The most commonly accepted motivation for takeovers is the inefficient management hypothesis.3 The hypothesis states that inefficiently managed firms will be acquired by more efficiently managed firms. Accordingly, H1: Inefficient management will lead to an increased likelihood of acquisition. Explanatory variables suggested by this hypothesis as candidates to be included in the specifications of predictive models included: 1. ROA (EBIT/Total Assets – Outside Equity Interests) 3 It is also known as the disciplinary motivation for takeovers. 6 2. ROE (Net Profit After Tax / Shareholders Equity – Outside Equity Interests) 3. Earnings Before Interest and Tax Margin (EBIT/Operating Revenue) 4. EBIT/Shareholders Equity 5. Free Cash Flow (FCF)/Total Assets 6. Dividend/Shareholders Equity 7. Growth in EBIT over past year, along with an activity ratio, 8. Asset Turnover (Net Sales/Total Assets) While there are competing explanations for the effect that a firm’s undervaluation has on the likelihood of its acquisition by a bidder, there is consistent agreement across all explanations that the greater the level of undervaluation then the greater the likelihood a firm will be acquired. The hypothesis that embodies the impact of these competing explanations is as follows: H2: Undervaluation of a firm will lead to an increased likelihood of acquisition. The explanatory variable suggested by this hypothesis is: 9. Market to book ratio (Market Value of Securities/Net Assets) The Price Earnings (P/E) ratio is closely linked to the undervaluation and inefficient management hypotheses. The impact of the P/E ratio on the likehood of acquisition is referred to as the P/E hypothesis: H3: A high Price to Earnings Ratio will lead to a decreased likelihood of acquisition. It follows from this hypothesis that the P/E ratio is a likely candidate as an explanatory variable for inclusion in models for the prediction of potential takeover targets. 10. Price/Earnings Ratio The growth resource mismatch hypothesis is the fourth hypothesis. However, the explanatory variables used in models specified to examine this hypothesis capture growth and resource availability separately. This gives rise to the following: H4: Firms which possess low growth / high resource combinations or, alternatively, high growth / low resource combinations will have an increased likelihood of acquisition. The following explanatory variables suggested by this hypothesis are: 7 11. Growth in Sales (Operating Revenue) over the past year 12. Capital Expenditure/Total Assets 13. Current Ratio (Current Assets/Current Liabilities) 14. (Current Assets – Current Liabilities)/Total Assets 15. Quick Assets (Current Assets – Inventory)/Current Liabilities The behaviour of some firms to pay out less of their earnings in order to maintain enough financial slack (retained earnings) to exploit future growth opportunities as they arise, has led to the dividend payout hypothesis: H5: High payout ratios will lead to a decreased likelihood of acquisition. The obvious explanatory variable suggested by this hypothesis is: 16. Dividend Payout Ratio Rectification of capital structure problems is an obvious motivation for takeovers. However, there has been some argument as to the impact of low or high leverage on acquisition likelihood. This paper proposes a hypothesis known as the inefficient financial structure hypothesis from which the following hypothesis is derived. H6: High leverage will lead to a decreased likelihood of acquisition. The explanatory variables suggested by this hypothesis include: 17. Net Gearing (Short Term Debt + Long Term Debt)/Shareholders Equity 18. Net Interest Cover (EBIT/Interest Expense) 19. Total Liabilities/Total Assets 20. Long Term Debt/Total Assets The existence of Merger and Acquisition (M&A) activity waves, where takeovers are clustered in wave-like profiles, have been proposed as indicators of changing levels of M&A activity over time. It has been argued that the identification of M&A waves, with the corresponding improved likelihood of acquisition when the wave is surging, captures the effect of the rate of takeover activity at specific points in time, and serves as valuable input into takeover prediction models. Consistent with M&A activity waves and their explanation as a motivation for takeovers is the industry disturbance hypothesis: 8 H7: Industry merger and acquisition activity will lead to an increased likelihood of acquisition. An industry relative ratio of takeover activity is suggested by this hypothesis: 21. The numerator is the total bids launched in a given year, while the denominator is the average number of bids launched across all the industries in the ASX. Size will have an impact on the likelihood of acquisition. It seems plausible that smaller firms will have a greater likelihood of acquisition due to larger firms generally having fewer bidding firms with the resources to acquire them. This gives rise to the following hypothesis: H8: The size of a firm will be negatively related to the likelihood of acquisition. Explanatory variables that can be employed to control for size include: 21. Log (Total Assets) 22. Net Assets 4. Data and Method The data requirements for the variables defined above are derived from the financial statements and balance sheet date price information for Australian listed companies. The financial statement information was sourced from the AspectHuntley data base which includes annual financial statement data for all ASX listed companies between 1995 and 2006. The database includes industry classifications for all firms included in the construction of industry relative ratios. Lists of takeover bids and their respective success were obtained from the Connect4 database. This information enabled the construction of variables for relative merger activity between industries. Additionally, stock prices from the relevant balance dates of all companies were sourced from the AspectHuntley online database, the SIRCA Core Price Data Set and Yahoo! Finance. 4.1 The Discrete Choice Modelling Framework The modelling procedure used is the nominal logit model, made popular in the bankruptcy prediction literature by Ohlson (1980) and, subsequently, in the takeover prediction literature by Palepu (1986). Logit models are commonly utilised for dichotomous state problems. The model is given by equations [1] to [3] below. 9 [3] The logit model was developed to overcome the rigidities of the Linear Probability Model in the presence of a binary dependent variable. Equations [1] and [2] show the existence of a linear relationship between the log-odds ratio (otherwise known as the logit Li) and the explanatory variables. However, the relationship between the probability of the event and acquisition likelihood is non-linear. This non-linear relationship has a major advantage that is demonstrated in equation [3]. Equation [3] measures the change in the probability of the event as a result of a small increment in the explanatory variables, . When the probability of the event is high or low, the incremental impact of a change in an explanatory variable on the likelihood of the event will be compressed, requiring a large change in the explanatory variables to change the classification of the observation. If a firm is clearly classified as a target or non-target, a large change in the explanatory variables is required to change its classification. 4.2 Sampling Schema Two samples were used in the model building and evaluation procedure. They were selected to mimic the problem faced by a practitioner attempting to predict takeover targets into the future. The first sample was used to estimate the model and to conduct in-sample classification. It was referred to as the Estimation Sample. This sample was based on financial data for the 2001 and 2002 financial years for firms that became takeover targets, as well as selected non-targets, between January, 2003 and D

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