Merger And Acquisition Performance Measured Through A Characteristic Based Benchmark

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Merger and Acquisition Performance Measured Through a Characteristic-based Benchmark

Author : Fadi Sami Chlah
Publisher :
ISBN 13 :
Total Pages : 98 pages
Book Rating : 4.:/5 (787 download)

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Book Synopsis Merger and Acquisition Performance Measured Through a Characteristic-based Benchmark by : Fadi Sami Chlah

Download or read book Merger and Acquisition Performance Measured Through a Characteristic-based Benchmark written by Fadi Sami Chlah and published by . This book was released on 2008 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt: Post- Merger and Acquisition stock performance has been extensively examined, an d results have been mixed. Anomalies in finance lead to imprecise results, espec ially for long-term performance measurements. Methodological errors, length of t ime and the use of improper control models or examined samples can be the result of the misinterpretation of the performance of firms engaging in merger or acqu isition deals. Market- and accounting-based studies of long-term stock performan ce yielded conflicting results; moreover, these studies have been subjected to c riticism for the use of improper methodologies. In this paper we used a new benchmark constructed initially by Daniel, K., Grinb latt, M., Titman, S., and Wermers, R. (1997), known as the characteristic-based benchmark. This benchmark is based on size, book-to-market ratio and momentum. T his allows measuring the abnormal performance with a characteristic-based approa ch that provides better estimates of expected returns than those provided by fac tor sensitivities analysis. We examined one- to five-year abnormal performance for overlapping and non-overl apping mergers; the abnormal returns for all the five years examined were negati ve. We found an overall severe underperformance for all bid characteristics with an increasing magnitude each year, reaching -45% for the five-year period. Ther eby, it seemed that investment by acquiring or merging with other firm(s) does n ot create any value to acquirers' shareholders, regardless of type and deal char acteristics.

The Impact of Merger and Acquisition Activities on Corporate Performance Measured on an Accounting and Market Base

Author : Malwina Woznik
Publisher : GRIN Verlag
ISBN 13 : 3656475709
Total Pages : 115 pages
Book Rating : 4.6/5 (564 download)

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Book Synopsis The Impact of Merger and Acquisition Activities on Corporate Performance Measured on an Accounting and Market Base by : Malwina Woznik

Download or read book The Impact of Merger and Acquisition Activities on Corporate Performance Measured on an Accounting and Market Base written by Malwina Woznik and published by GRIN Verlag. This book was released on 2013-08-07 with total page 115 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2013 in the subject Business economics - Controlling, grade: 1,3, University of Cologne (Seminar für allgemeine BWL und Controlling), language: English, abstract: “Warren Buffett swallows Heinz: Sauce for the sage” – a typical takeover announcement was published lately on 14th February 2013. Warren Buffett, a well known inves tor, acquired along with the financial investor 3G Capital the H. J. Heinz Company for $ 28 billion. This is likely to become the largest transaction in the food industry. The company's stock price rose more than 20.0 percent after the publication which is a very characteristic reaction to deal announcements. Hence, the important question is, if transactions, such as the takeover of the H. J. Heinz Company, affect the corporate performance consistently. In general, the core idea about mergers and acquisitions (M&A) is to generate additional future growth if for example organic growth is limited. If two companies merge or a target is bought by another company (the acquirer), shareholders believe in synergy effects. These are revenue enhancements, cost reductions, tax gains and reduced capital requirements leading to business growth and thus to a higher value of the new company. However, it is questionable if this theory can also be experienced in the real world. Ever since the effects of M&A have been analysed, the market of the United States (US) was used as data source. This is plausible due to the fact that the very first information was well recorded for US companies. It is remarkable that literature contributes very little research on Europe, although the number of announced European transactions is comparable to those of the US. For example, in 2007 the European deals volume overtook the one from the United States of America (USA) for the first time. Moreover, research on single European countries almost never exists or only rarely. One exception is the United Kingdom (UK) with an early takeover history beginning in the 1960s. However, European countries should be analysed separately because of its high diversity regarding the accounting framework, the corporate governance or the legal and regulation structure. For instance, Germany is characterised by conservative accounting principles and a high regulation by the banking sector. These issues may also influence the M&A decision making process.

Performance Measurement of Acquisitions and Acquisition Series

Author : Jens Engelhardt
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (611 download)

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Book Synopsis Performance Measurement of Acquisitions and Acquisition Series by : Jens Engelhardt

Download or read book Performance Measurement of Acquisitions and Acquisition Series written by Jens Engelhardt and published by . This book was released on 2006 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: "The profitability of merger and acquisition (M&A) activity has generated a small mountain of research over the past 20 years" (Bruner, 2002: 48). This 'small mountain' uses a variety of measures to determine acquisition success - with more than ambiguous results. This thesis adds to this discussion from a different perspective: practitioners were asked to illustrate their approach to measuring acquisition performance. Drawing from a survey of 24 very active acquirers, this thesis generates two main findings. First, it reviews the various criteria used to measure acquisition performance and presents manager's assessment of each of them. Findings indicate that accounting-based measures and non-financial criteria are significantly more important than those of a stock market nature. This contradicts most academic approaches that favor stock market-related measurement (in most cases using abnormal returns). In addition, the mutual relatedness of the criteria is discussed. Second, the thesis identifies companies that have pursued or are currently pursuing an acquisition program, defined as the acquisition of several mutually related targets. Five of these companies are introduced in more detail, as are the characteristics of their respective acquisition program. I also elaborate on the performance measurement of these programs. A five-dimensional framework is used to compare the performance measurement of the case study companies. Results show that acquisition programs have existed for quite a while. Only one major difference could be found to the measurement of single acquisitions: due to their larger relative size, acquisition programs have a more significant potential impact on the company's stock price and, as such, are more carefully watched by analysts and shareholders. Hence, stock market-oriented criteria seem to be more meaningful than for single acquisitions.

Evaluating Companies for Mergers and Acquisitions

Author : Pervez Ghauri
Publisher : Emerald Group Publishing
ISBN 13 : 1783506210
Total Pages : 198 pages
Book Rating : 4.7/5 (835 download)

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Book Synopsis Evaluating Companies for Mergers and Acquisitions by : Pervez Ghauri

Download or read book Evaluating Companies for Mergers and Acquisitions written by Pervez Ghauri and published by Emerald Group Publishing. This book was released on 2014-06-04 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume in the IBM series investigates how the evaluation of a target firm influence the outcome of mergers and acquisitions (M&As). Co-authored by international business expert Pervez Ghauri, it highlights the processes that evaluate potential acquisition targets, and how a proper evaluation can positively influence the M&A performance.

Performance Implications of Participating in an Industry Merger Wave

Author :
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (93 download)

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Book Synopsis Performance Implications of Participating in an Industry Merger Wave by :

Download or read book Performance Implications of Participating in an Industry Merger Wave written by and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In this thesis the performance implications for acquirers participating in an industry merger wave were studied from a short-term and long-term perspective. In line with findings from previous research, it was observed that acquisition performance tends to decrease over the course of an industry merger wave while following a U-shaped pattern, which indicates that acquisition performance is lowest at the peak of an industry merger wave but slightly improves thereafter. These findings were confirmed using both short-term abnormal returns and long-term industry-adjusted returns. Thus, with respect to the performance implications associated with the relative position of an acquisition within a wave, it appears that there exists a strong link between market expectations formed immediately after the announcement of a deal and firms' long-term stock performance, a link which has generally been debated in mergers and acquisitions research. Additionally, as in the study of McNamara, Haleblian, and Dykes (2008), potential moderating effects on acquisition performance related to industry and firm characteristics were analyzed. While not all of these moderating effects showed consistent results across all alternative performance measures, a newly introduced variable based on acquisition rhythm was identified to be significant in both the short-term and long-term models, which provided evidence that the variability in acquisition rate seems to be an influential factor for acquisition performance in the context of industry merger waves. After rerunning all models on a more recent dataset covering ten new industry merger waves between 2001 and 2012, it was found that surprisingly few of the initially identified effects could be reconfirmed.

Advances in Mergers and Acquisitions

Author : Sydney Finkelstein
Publisher : Emerald Group Publishing
ISBN 13 : 1836080743
Total Pages : 132 pages
Book Rating : 4.8/5 (36 download)

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Book Synopsis Advances in Mergers and Acquisitions by : Sydney Finkelstein

Download or read book Advances in Mergers and Acquisitions written by Sydney Finkelstein and published by Emerald Group Publishing. This book was released on 2024-07-08 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: Volume 23 of this annual series explores a range of issues, from cross-border mergers and acquisitions, MNE strategies and multi-business firms to outsourcing and strategic choices.

Strategic Deals in Emerging Capital Markets

Author : Irina Ivashkovskaya
Publisher : Springer Nature
ISBN 13 : 3030238504
Total Pages : 279 pages
Book Rating : 4.0/5 (32 download)

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Book Synopsis Strategic Deals in Emerging Capital Markets by : Irina Ivashkovskaya

Download or read book Strategic Deals in Emerging Capital Markets written by Irina Ivashkovskaya and published by Springer Nature. This book was released on 2019-12-09 with total page 279 pages. Available in PDF, EPUB and Kindle. Book excerpt: The industrial development of emerging markets has been a powerful driver for mergers and acquisitions. The contributions collected in this book assess major M&A deals in the largest emerging capital markets (Brazil, Russia, India, China) and their role in shareholder value creation in the markets’ specific business environments. In addition, the book explores various dimensions of M&A deals in order to summarize the main trends in corporate control markets in the largest emerging countries, and how they differ from those in developed countries; to identify deal-performance relationships and the determinants of success or failure; to reveal the drivers for the premium in M&A deals; and to capture market responses to different M&A strategies. By doing so, the book makes a significant contribution to the literature, which has to date largely focused on developed markets.

Mergers & Acquisitions

Author : Annette Risberg
Publisher : Routledge
ISBN 13 : 1135032548
Total Pages : 246 pages
Book Rating : 4.1/5 (35 download)

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Book Synopsis Mergers & Acquisitions by : Annette Risberg

Download or read book Mergers & Acquisitions written by Annette Risberg and published by Routledge. This book was released on 2013-04-15 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mergers and acquisitions remain one of the most common forms of growth, yet they present considerable challenges for the companies and management involved. The effects on stakeholders, including shareholders, managers and employees, must be considered as well as the wider implications for the economy, the level of competition and employment. By drawing on classic research perspectives and placing them alongside more recent alternatives, this book provides readers with a focused yet far-reaching introduction to the study of M&As. Each paper is set in context by editorial commentaries and reflects the important organizational and behavioural aspects which have often been ignored in the past. By providing this in-depth understanding of the mergers and acquisitions process, the reader understands, not only how and why mergers and acquisitions occur, but also the broader implications for organizations. The book is structured clearly into sections concerned with the issues that arise before, during and after the mergers and acquisitions process including motives and planning, partner selection, integration, employee experiences and communication. A unique collection of selected readings and contextualising commentary, this volume will greatly appeal to MBA and graduate students as well as experienced practitioners.

Bank Mergers & Acquisitions

Author : Yakov Amihud
Publisher : Springer Science & Business Media
ISBN 13 : 1475727992
Total Pages : 249 pages
Book Rating : 4.4/5 (757 download)

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Book Synopsis Bank Mergers & Acquisitions by : Yakov Amihud

Download or read book Bank Mergers & Acquisitions written by Yakov Amihud and published by Springer Science & Business Media. This book was released on 2013-04-17 with total page 249 pages. Available in PDF, EPUB and Kindle. Book excerpt: As the financial services industry becomes increasingly international, the more narrowly defined and historically protected national financial markets become less significant. Consequently, financial institutions must achieve a critical size in order to compete. Bank Mergers & Acquisitions analyses the major issues associated with the large wave of bank mergers and acquisitions in the 1990's. While the effects of these changes have been most pronounced in the commercial banking industry, they also have a profound impact on other financial institutions: insurance firms, investment banks, and institutional investors. Bank Mergers & Acquisitions is divided into three major sections: A general and theoretical background to the topic of bank mergers and acquisitions; the effect of bank mergers on efficiency and shareholders' wealth; and regulatory and legal issues associated with mergers of financial institutions. It brings together contributions from leading scholars and high-level practitioners in economics, finance and law.

Exploring the Trust and Innovation Mechanisms in M&A of China’s State Owned Enterprises with Mixed Ownership

Author : Yan Wang
Publisher : Springer Nature
ISBN 13 : 9811644047
Total Pages : 353 pages
Book Rating : 4.8/5 (116 download)

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Book Synopsis Exploring the Trust and Innovation Mechanisms in M&A of China’s State Owned Enterprises with Mixed Ownership by : Yan Wang

Download or read book Exploring the Trust and Innovation Mechanisms in M&A of China’s State Owned Enterprises with Mixed Ownership written by Yan Wang and published by Springer Nature. This book was released on 2021-09-20 with total page 353 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is dedicated to strategic management research relating to China’s SOE. As China’s economic system of the day is featured by mixed ownership, state-owned enterprises (SOEs), under the New Normal of economic backdrop, are devoted to exploring the reform of stock resources reorganization, one of which is through mergers and acquisitions (M&A). This book explores the key points and difficulties in the successful reform of Chinese enterprises with mixed ownership by focusing on trust and innovation and by widely covering normative research, index evaluation system, game theory and empirical research with case study. It is significant for evaluating the reform of SOE in China by integrating the informal institutional aspects into the formal one and understanding the leading role of SOE in China’s economic development.

Handbook of Finance, Financial Markets and Instruments

Author : Frank J. Fabozzi
Publisher : John Wiley & Sons
ISBN 13 : 0470391073
Total Pages : 868 pages
Book Rating : 4.4/5 (73 download)

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Book Synopsis Handbook of Finance, Financial Markets and Instruments by : Frank J. Fabozzi

Download or read book Handbook of Finance, Financial Markets and Instruments written by Frank J. Fabozzi and published by John Wiley & Sons. This book was released on 2008-11-03 with total page 868 pages. Available in PDF, EPUB and Kindle. Book excerpt: Volume I: Financial Markets and Instruments skillfully covers the general characteristics of different asset classes, derivative instruments, the markets in which financial instruments trade, and the players in those markets. It also addresses the role of financial markets in an economy, the structure and organization of financial markets, the efficiency of markets, and the determinants of asset pricing and interest rates. Incorporating timely research and in-depth analysis, the Handbook of Finance is a comprehensive 3-Volume Set that covers both established and cutting-edge theories and developments in finance and investing. Other volumes in the set: Handbook of Finance Volume II: Investment Management and Financial Management and Handbook of Finance Volume III: Valuation, Financial Modeling, and Quantitative Tools.

Introduction to Suits index

Author : Gilad James, PhD
Publisher : Gilad James Mystery School
ISBN 13 : 3728629634
Total Pages : 103 pages
Book Rating : 4.7/5 (286 download)

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Book Synopsis Introduction to Suits index by : Gilad James, PhD

Download or read book Introduction to Suits index written by Gilad James, PhD and published by Gilad James Mystery School. This book was released on with total page 103 pages. Available in PDF, EPUB and Kindle. Book excerpt: Suitability index is a ranking system that is used to measure how well a particular product matches the needs and preferences of the target market. It is a widely used tool in the finance industry, especially in asset management, investment banking, and consulting. Suitability index aims to evaluate the suitability of a given financial product based on several factors, such as investment goals, risk appetite, and investment horizon. In other words, a high suitability index indicates that the product is an appropriate fit for the investor, while a low suitability index means that it may not be an appropriate investment for that investor. The suitability index can also be used to compare different financial products and find the most appropriate one for a given investor. In asset management, the suitability index is commonly used to assess the suitability of different mutual funds, exchange-traded funds (ETFs), and other types of investment vehicles. Similarly, in investment banking, the suitability index can be used to evaluate the suitability of different financial products, such as debt and equity offerings, for different types of investors, such as institutional investors and retail investors. Overall, the suitability index is a useful tool for assessing the fit between a financial product and the investment goals, preferences, and constraints of a given investor or group of investors. However, it is important to note that the suitability index is not a perfect measure since it is based on subjective factors such as risk appetite and investment horizon. Therefore, investors should also consider other factors, such as past performance, fee structure, and the quality of the investment team, before making their investment decision. Despite its limitations, the suitability index remains a valuable tool for assessing the suitability of financial products and can help investors make more informed investment decisions.

Mergers, Acquisitions, and Other Restructuring Activities

Author : Donald DePamphilis
Publisher : Academic Press
ISBN 13 : 0128150769
Total Pages : 584 pages
Book Rating : 4.1/5 (281 download)

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Book Synopsis Mergers, Acquisitions, and Other Restructuring Activities by : Donald DePamphilis

Download or read book Mergers, Acquisitions, and Other Restructuring Activities written by Donald DePamphilis and published by Academic Press. This book was released on 2019-09-04 with total page 584 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mergers, Acquisitions, and Other Restructuring Activities: An Integrated Approach to Process, Tools, Cases, and Solutions, Tenth Edition, is the most comprehensive and cutting-edge text available on the subject. Supported by recent peer-reviewed academic research, this book provides many recent, notable deals, precedent-setting judicial decisions, government policies and regulations, and trends affecting M&As, as well as takeover strategies and tactics. Today's policies, politics and economics are reflected in the book's 40 case studies, 90% of which involve deals either announced or completed during the last several years. These cases represent friendly, hostile, highly leveraged, and cross-border transactions in ten different industries, involving public and private firms and those experiencing financial distress. Sections discuss an overview of M&As, key regulations, common strategies and tactics, how managers may choose a business strategy from available options, valuation methods and basic financial modeling techniques, the negotiating process, how deal structuring and financing are inextricably linked, how consensus is reached during the bargaining process, the role of financial models in closing the deal and strategic growth options as alternatives to domestic M&As. Provides a rigorous discussion of the strengths and limitations of financial modeling as applied to M&A and how these models can be applied in various areas Includes new academic research and updated/revised case studies Presents updated M&A tactics and strategies, along with court cases and new regulations governing business combinations, valuation methodologies and financing

Dissertation Abstracts International

Author :
Publisher :
ISBN 13 :
Total Pages : 668 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Dissertation Abstracts International by :

Download or read book Dissertation Abstracts International written by and published by . This book was released on 2009 with total page 668 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Long-Term Success of Mergers and Acquisitions in the International Automotive Supply Industry

Author : Jan-Peer Laabs
Publisher : Springer Science & Business Media
ISBN 13 : 3834994898
Total Pages : 213 pages
Book Rating : 4.8/5 (349 download)

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Book Synopsis The Long-Term Success of Mergers and Acquisitions in the International Automotive Supply Industry by : Jan-Peer Laabs

Download or read book The Long-Term Success of Mergers and Acquisitions in the International Automotive Supply Industry written by Jan-Peer Laabs and published by Springer Science & Business Media. This book was released on 2009-08-12 with total page 213 pages. Available in PDF, EPUB and Kindle. Book excerpt: Based on a sample of 230 M&A between 1981 and 2007, Jan-Peer Laabs challenges the short-term return behavior of acquirers in this industry in contrast to their long-term performance based on capital market and financial accounting information. A clearly negative yet consistent perspective on the long-term value creation potential emerges across the different empirical analyses. An additional case study on the takeover of Siemens VDO by Continental AG offers a number of valuable key success factors and insights on how to evade the negative return destiny.

The Doctor of Nursing Practice and the Nurse Executive Role

Author : Albert Rundio
Publisher : Lippincott Williams & Wilkins
ISBN 13 : 1496303717
Total Pages : 311 pages
Book Rating : 4.4/5 (963 download)

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Book Synopsis The Doctor of Nursing Practice and the Nurse Executive Role by : Albert Rundio

Download or read book The Doctor of Nursing Practice and the Nurse Executive Role written by Albert Rundio and published by Lippincott Williams & Wilkins. This book was released on 2014-10-07 with total page 311 pages. Available in PDF, EPUB and Kindle. Book excerpt: Offering real-world guidance and seasoned insight, The Doctor of Nursing Practice and the Nurse Executive Role is the first book to offer DNP-trained nurse executives the tools needed to create and manage successful nursing care systems. Crucial topics in leadership and personal and organizational success are addressed, using current concrete examples in nursing management. This is a unique, indispensable tool for nursing educators, current nurse executives, and those planning on taking up the nurse executive role. Suitable as a reference for both clinical and classroom use, The Doctor of Nursing Practice and the Nurse Executive Role will take seasoned nursing professionals and future leaders of the profession on a an educational journey where they’ll learn . . . · Why evidence-based practice is critical to the delivery of quality patient care · Tough questions, such as: How can nursing faculty inspire, educate, and empower nurse-executive DNP students? · Essential pearls to help you on your journey to successful leadership and management · Why implementing the Magnet model makes sense even if your organization does not intend to pursue Magnet status · Why healthcare organizations must continually focus on improvement · The necessity of organizational transformation to ensure optimal ethical climates · How to become an effective delegator · How personal self-awareness leads to success · How to create an environment that fosters professional sustainability · How to use succession planning and management to develop and maintain strong leadership

Synergy Value and Strategic Management

Author : Stefano Garzella
Publisher : Springer
ISBN 13 : 331940671X
Total Pages : 98 pages
Book Rating : 4.3/5 (194 download)

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Book Synopsis Synergy Value and Strategic Management by : Stefano Garzella

Download or read book Synergy Value and Strategic Management written by Stefano Garzella and published by Springer. This book was released on 2016-08-29 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book addresses synergy management, which poses an important challenge for firms, advisors and practitioners involved in mergers and acquisitions (M&A). Synergy plays a key role in M&A contexts, both in the decision-making process and, subsequently, in the integration phase. However, despite the fact that synergy value is commonly regarded as one of the key success factors in M&A, research shows that firms generally fail to achieve the expected synergy. The extant literature is characterized by a lack of comprehensive models of synergy management: the assessment of synergy value remains a “black box” for scholars and practitioners alike. The authors provide a comprehensive framework for synergy management by integrating findings from prior research and various disciplines. The framework highlights the main dimensions of synergy management in mergers and acquisitions, common pitfalls, and new models and tools for avoiding them. As such, the book enriches the M&A literature, offers new insights for scholars, and provides valuable guidelines for practitioners involved in synergy management.