Abnormal returns for vertical merger announcements are positive until the late 1990s, and turn negative afterward. As the results of a vertical merger, successive activities in a value chain which has been conducted by different firms are brought in-house in a single firm. This is the reason why antitrust agencies are less likely to contest a vertical merger than a horizontal merger.
The simplest types of chemical formulas are called empirical formulas, which indicate the ratio of each element in the molecule. The empirical formula is the simplest whole number ratio of all the atoms in a molecule. For example: The molecular formula for glucose is C6H12O6.
A chemical formula identifies each constituent element by its chemical symbol and indicates the proportionate number of atoms of each element. In empirical formulas, these proportions begin with a key element and then assign numbers of atoms of the other elements in the compound, as ratios to the key element.