day

Unless otherwise specified, midnight-to-midnight 24-hour period comprising a calendar day. In the computation of a period, the day on which an agreement or event commences is generally not counted. For the determination of a default, if the last day is a Saturday, Sunday, or federal (or gazetted or statutory) holiday, the default commences from the next working day. For the filing of an official document, if the last day is a Saturday, Sunday, or federal (or gazetted or statutory) holiday, or the day on which weather or other phenomenon or occurrence causes the closure of the designated accepting office (for part or whole of the day), the next day that office is open is counted as the last day. See also daycount.

In contemplating business mergers and acquisitions, many managers tend to focus on whether the transaction is immediately dilutive or anti-dilutive to earnings per share (or, at financial institutions, to per-share book value). An emphasis of this sort carries great dangers. Going back to our college-education example, imagine that a 25-year-old first-year MBA student is considering merging his future economic interests with those of a 25-year-old day laborer. The MBA student, a non-earner, would find that a "share-for-share" merger of his equity interest in himself with that of the day laborer would enhance his near-term earnings (in a big way!). But what could be sillier for the student than a deal of this kind? In corporate transactions, it's equally silly for the would-be purchaser to focus on current earnings when the prospective acquiree has either different prospects, different amounts of non-operating assets, or a different capital structure.

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