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Our paper investigates the response of acquiring firms’ stock returns around the announcement date in cross-border mergers and acquisitions (M&A) between listed Chinese acquirers and German targets. We apply an event study methodology to examine the shareholder value effect based on a sample of M&A deals over the most recent period of 2012-2018. We apply a market model event study based on the argumentation of Brown and Warner (1985) and use short-term observation periods according to Andrade, Mitchell, and Stafford (2001) as well as Hackbarth and Morellec (2008). The results indicate that the announcement of M&A involving German targets results in a positive cumulative abnormal return of on average 2.18% for Chinese acquirers’ shareholders in a five-day symmetric event window. Furthermore, we found slight indications of possible information leakage prior to the formal announcement. Although it shows that the size of acquiring firms is not necessarily correlated with the positive abnormal returns in the short run, this study suggests that Chinese acquirers’ shareholders gain higher abnormal returns when the German targets are non-listed companies.
Deep learning-based fabric defect detection methods have been widely investigated to improve production efficiency and product quality. Although deep learning-based methods have proved to be powerful tools for classification and segmentation, some key issues remain to be addressed when applied to real applications. Firstly, the actual fabric production conditions of factories necessitate higher real-time performance of methods. Moreover, fabric defects as abnormal samples are very rare compared with normal samples, which results in data imbalance. It makes model training based on deep learning challenging. To solve these problems, an extremely efficient convolutional neural network, Mobile-Unet, is proposed to achieve the end-to-end defect segmentation. The median frequency balancing loss function is used to overcome the challenge of sample imbalance. Additionally, Mobile-Unet introduces depth-wise separable convolution, which dramatically reduces the complexity cost and model size of the network. It comprises two parts: encoder and decoder. The MobileNetV2 feature extractor is used as the encoder, and then five deconvolution layers are added as the decoder. Finally, the softmax layer is used to generate the segmentation mask. The performance of the proposed model has been evaluated by public fabric datasets and self-built fabric datasets. In comparison with other methods, the experimental results demonstrate that segmentation accuracy and detection speed in the proposed method achieve state-of-the-art performance.