Leuven's Den Hoorn brewery, now AB Inbev SA, has become the world's largest brewing group by far, but critics say the company overpaid for its acquisitions. In this article, we study typical stock market reactions to the many takeover announcements by AB Inbev and the industry's runner-up, Heineken. Unlike Heineken's, the market leader's takeover announcements were met by, on average, a –2% price reaction in the stock market in the announcement month, but most of that is already undone in the next month. For Heineken, the same pattern shows up, only faster: the V-shaped reaction takes a few weeks rather than a few months. Such V-reactions may actually reflect a temporary rise in uncertainty rather than overpaying. The finding that reactions are reversed and heterogeneous across firms, raises issues of interpretation and optimal test design of event studies. (JEL Classifications: G12, G14, G17)

Disentangling local and historical factors that determine species diversity patterns at multiple spatial scales is fundamental to elucidating processes that govern ecological communities. Here we investigated how environmental correlates may influence diversity at local and regional scales. Primarily utilizing published species lists, amphibian and reptile alpha and beta diversity were assessed at 17 well-surveyed sites distributed among ecoregions throughout Costa Rica. The degree to which regional species diversity patterns were related to environmental variables and geographic distance was determined using Canonical Correspondence Analysis and Mantel tests. Amphibian alpha diversity was highest in lowland Pacific sites (mean = 43.3 species) and lowest at the high elevation site (9 species). Reptile alpha diversity values were high for both lowland Atlantic (mean = 69.5 species) and lowland Pacific (mean = 67 species) sites and lowest for the high elevation site (8 species). We found high species turnover between local sites and ecoregions, demonstrating the importance of beta diversity in the determination of regional diversity. For both amphibians and reptiles, beta diversity was highest between the high-elevation site and all others, and lowest among lowland sites within the same ecoregion. The effect of geographic distance on beta diversity was minor. Ecologically significant climatic variables related to rain, temperature, sunshine and insolation were found to be important determinants of local and regional diversity for both amphibians and reptiles in Costa Rica.

Despite several works that have documented patterns of diversity in deep sea organisms, trends of diversity and the processes responsible for such trends still remain unclear. To date very few studies have documented the effects of variables such as latitude and longitude in deep-sea organisms in the Antarctic region. We explored the spatial patterns of diversity of benthic gastropods and bivalves in an extensive region about 2200 km long and 500 km wide from the South Shetland Islands to the Bellingshausen Sea in West Antarctica. A total of 134 species from 54 sites was recorded. Alpha diversity and beta diversity (measured as Whittaker’s and Bray-Curtis similarity indices) were highly variable among areas. None of the species richness estimators measured as Sobs, Chao2, Jacknife1 and Jacknife2, stabilized towards asymptotic values in any area. The number of rare species was large with almost half of species represented by 1 or 2 individuals (41%) and most species (62%) restricted to 1 or 2 sites. The partial Mantel test revealed that similarity between sites increased with the decrease of depth differences, but not with horizontal separation.

Asymmetry of waking electroencephalography (EEG) alpha power in frontal regions has been correlated with waking emotional reactivity and the emotional content of dream reports. Little is known regarding alpha asymmetry during sleep. The present study was performed to compare alpha power and alpha power asymmetry in various brain regions across states of sleep and wakefulness. Waking and sleep EEG were recorded in a group of patients undergoing polysomnographic evaluation for possible sleep disorders. Alpha EEG asymmetry in frontal and temporal regions was significantly correlated in waking versus sleep, particularly during rapid eye movement (REM) sleep. These results suggest that patterns of frontal alpha asymmetry are stable across sleep and waking and may be related to emotional reactivity during dreaming. During sleep, alpha power was highest during slow-wave sleep and lowest during REM sleep. Implications of these data for understanding the functional significance of alpha power during waking and sleeping are considered.

Event-related potentials (ERPs) were elicited with auditory stimuli, and spectral analysis was performed on the poststimulus electroencephalographic (EEG) activity to assess how variables that influence the P300 affect spectral parameters of the resultant ERP. In Experiment 1, a no-stimulus condition was compared with a single repeated tone that was either ignored or counted. In Experiment 2, an auditory oddball paradigm was used in which the subject ignored all stimuli, counted only the target, or counted both the target and the standard stimuli in different conditions. In Experiment 3, stimulus probability was manipulated in separate conditions (.20, .50, .80), with the subject required to count the target stimulus. Delta and theta band spectral power increased whenever P300 amplitude increased. However, as the attentional requirements increased across tasks, alpha-1 and alpha-2 power and mean frequency increased. The findings indicate that auditory stimulus processing modulates the EEG more than just by adding ERP components to the epoch.

The influence of the level of prestimulus alpha phase synchronicity on the N100 component and reaction time (RT) was examined, in target auditory oddball data from 25 normal subjects. Alpha phase synchronicity is a new measure consisting (for a given stimulus presentation) of the angular or circular variance of the alpha phase at stimulus onset across the parieto-occipital sites. The lower the angular variance, the higher the phase synchronicity (the more closely in phase the alpha activity across these sites) and vice versa. Subaveraged event-related potentials (ERPs) were formed for high and low prestimulus alpha phase synchronicity stimulus presentations. N100 amplitude was significantly greater in the high than the low phase synchronicity subaverages. In addition, RT was significantly reduced in the high prestimulus alpha phase synchronicity cases. Alpha phase synchronicity reflects an aspect of brain state that influences subsequent stimulus processing.

Electroencephalogram (EEG) alpha power has been demonstrated to be inversely related to mental activity and has subsequently been used as an indirect measure of brain activation. The thalamus has been proposed as an important site for modulation of rhythmic alpha activity. Studies in animals have suggested that cortical alpha rhythms are correlated with alpha rhythms in the thalamus. However, little empirical evidence exists for this relation in humans. In the current study, resting EEG and a fluorodeoxyglucose positron emission tomography scan were measured during the same experimental session. Over a 30-min period, average EEG alpha power across 28 electrodes from 27 participants was robustly inversely correlated with glucose metabolic activity in the thalamus. These data provide the first evidence for a relation between alpha EEG power and thalamic activity in humans.