Suchergebnisse

A selection of republished corporate finance articles and book chapters that can serve as an advanced corporate finance supplementary text for courses that use no textbooks. Combining convenience and an affordable price with retypeset pages and a high-quality index, the 600 pages of volume one, Takeover Activity, Valuation Estimates and Sources of Merger Gains, focus on classical issues such as the existence and source of merger waves, empirical estimates of takeover announcement returns and the division of takeover gains between bidders and targets, and tests for potential sources of takeover gains (primarily involving estimation of industry wealth effects of takeovers), introducing students to modern scientific evidence about corporate takeovers. Including an index and new introduction, this volume will simplify and facilitate students' interaction with new concepts and applications. Provides a status report about modern scientific evidence on corporate takeoversExposes students to new methods and empirical evidence while reading high quality primary materialOffers a concise and cost-efficient package of journal and book articles for advanced corporate finance students

1. Mergers and acquisitions in practice : a state-of-art and future directions / Shlomo Y. Tarba. [et al.] -- 2. Motives for European mergers and acquisitions : analysis of pre-merger press announcements and post-merger interviews / Agyenim Boateng, George Lordofos, and Keith W. Glaister -- 3. Motives for cross-border mergers and acquisitions : perspective of UK firms / Mohammad F. Ahammad. [et al.] -- 4. Strategic mergers in the public sector : comparing universities and hospitals / Romulo Pinheiro. [et al.] -- 5. Chinese cross-border M&A into industrialized countries : the case of Chinese acquisitions in Germany / Fabian Jintae Froese, Marina Schmitz and Winno V. Wangenheim -- 6. Post-merger-integration in the pharmaceutical and biotechnology industry / Lars Schweizer -- 7. Human resource management in the context of mergers and acquisitions / Fang Lee Cooke -- 8. The role of human resource management practices in mergers and acquisitions / Sut I Wong. [et al.] -- 9. How do communication and cultural differences explain post-merger identification? Evidence from two merged dairy firms / David Kroon -- 10. Multiple shared identities in cross-border M&As / Anna Lupina-Wegener and Rolf van Dick -- 11. The link between cultural due diligence and sociocultural post-merger integration management as a critical success factor in M&As / Natalie Witzmann and Christoph Dorrenbacher -- 12. Acquisition in banking sector in the transition process to the market economy / Ruth Alas. [et al.] -- 13. Does acquisition experience matter? From yes or no to why, when, and how / Florian Bauer, Andreas Strobl, and Kurt Matzler -- 14. Strategic alliances in the organizational and financial literatures : a review / Ian P.L. Kwan.

This dissertation studies the political economy of cross-border mergers and acquisitions (M&As) from two angles, namely, compatibility of national security interests and political uncertainty around national elections. Using the presence of military alliance as a proxy for the compatibility of security interests between countries, this study finds that the presence of military alliance between two countries is positively associated with the intensity of cross-border M&A activity. This result is robust to different measures of M&A volume and using colonial contiguity before World War II to instrument for the presence of alliance. The positive effect of military alliance on cross-border M&As is greater when the alliance includes a defense commitment, the allied acquirer country is a major power nation, and the legal environment of the target country is weaker. What's more, the presence of military alliance reduces the premium offered and increases the probability of a bidder obtaining full control of the target firm. These findings suggest that compatible security interests act as a facilitator in the international market of control by reducing transaction costs associated with cross-border deals. This study also examines the effect of political uncertainty around national elections on outbound cross-border M&As in 47 countries between 2001 and 2010. The results show that the year before a national election is associated with greater volume of outbound cross-border M&As. An acquisition deal is more likely to be cross-border and increase acquirer's announcement returns in the year before a national election. Across countries, this relation is stronger in countries with lower checks and balances and lower level of shareholder protection. Within countries, this relation is weaker when elections with high likelihood to reappoint incumbent leader and stronger when a new leader is more likely to win. In addition, firms doing outbound cross-border acquisitions in the year before national election tend to choose targets from different industries with them. These results are consistent with the hypothesis that firms strategically time cross-border acquisitions and diversify political uncertainty abroad before national elections. ; published_or_final_version ; Economics and Finance ; Doctoral ; Doctor of Philosophy

Introduction to mergers and acquisitions -- Merger strategy : why do firms merge? -- Merger success research -- Valuation and overpaying -- Corporate governance : part of the solution -- Reversing the error : sell-offs and other restructurings -- Joint ventures and strategic alliances : alternatives to mergers and acquisitions

Considers (86) S. 442, (86) S. 1005. ; Considers S. 442 and related S. 1005, to amend the Clayton Antitrust Act to require companies to notify regulatory agencies 60 days before acquiring another company through a merger. ; Record is based on bibliographic data in CIS US Congressional Committee Hearings Index. Reuse except for individual research requires license from Congressional Information Service, Inc. ; Indexed in CIS US Congressional Committee Hearings Index Part VII ; Considers (86) S. 442, (86) S. 1005. ; Considers S. 442 and related S. 1005, to amend the Clayton Antitrust Act to require companies to notify regulatory agencies 60 days before acquiring another company through a merger. ; Mode of access: Internet.

Item 1028-A, 1028-B (microfiche). ; "Serial 97-75." ; Includes bibliographical references. ; Mode of access: Internet.

by Sung Chun. ; Thesis (M.B.A.)--Chinese University of Hong Kong, 1995. ; Includes bibliographical references (leaves 85-88). ; ABSTRACT --- p.ii ; TABLE OF CONTENTS --- p.iv ; ACKNOWLEDGMENTS --- p.vi ; Chapter ; INTRODUCTION --- p.1 ; Prologue --- p.1 ; Purpose of Study --- p.2 ; Scope of Study --- p.2 ; Organization of Paper --- p.2 ; Limitation of the Study --- p.3 ; MACRO-ENVIRONMENT --- p.4 ; Political Environment --- p.4 ; Communist Party Congress --- p.4 ; National People's Congress --- p.7 ; Legal Environment --- p.10 ; Economic Environment --- p.12 ; Inflation --- p.12 ; The Scale of Investment --- p.13 ; State-owned Enterprises --- p.14 ; Agriculture --- p.16 ; Consumer Goods Market Environment --- p.20 ; COMPANY PROFILE --- p.24 ; Goldlion Holding Limited --- p.24 ; Introduction --- p.24 ; Business --- p.25 ; Performance --- p.27 ; Strengths --- p.29 ; Prospects --- p.30 ; Forever Attempt Limited --- p.32 ; Introduction --- p.32 ; Business --- p.34 ; Strengths --- p.36 ; Prospects --- p.38 ; EVALUATION --- p.40 ; External Issues --- p.40 ; Internal Issues --- p.43 ; The Acquisition Deal --- p.49 ; CONCLUSION --- p.53 ; APPENDIX --- p.54 ; BIBLIOGRAPHY --- p.85

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.

Intro -- Dedication -- Acknowledgments -- Contents -- Introduction -- The Enduring Allure of 2 + 2 = 5 -- Most Mergers Destroy Value -- The Usual Suspects -- The Road to Hell … -- The Five Golden Rules -- 1: Don't Rely on Investment Banks for Valuation -- Where Were the External Advisers? -- Winners and Losers -- Alternatives to the Success Fee -- The Benefits of In-House Valuations -- Internal Teams Should Steer the M& -- A from A to Z -- Summary -- Questions for Executives Considering Future M& -- As -- 2: Avoid "Strategic" Deals -- "Strategic" Is a Dangerous Word -- Good and Bad Reasons for Doing Deals -- Boards Can Prevent Bad Deals -- It's Not the CEO's Job to Diversify the Company's Portfolio -- Red Flags and Green Flags -- Summary -- Questions for Future M& -- As -- 3: Link the Before and After -- Multiple Teams Can Produce Disappointing Results -- Why Use Different Teams? -- Wanted: Preparation and Follow-Through -- Culture: The Universal Scapegoat -- Insights from Successful Culture Warriors -- Should Culture Ever Be a Deal Killer? -- Culture Integration Solutions -- Desired End State -- Summary -- Questions for Future M& -- As -- 4: Think Like a Financial Investor -- Most Acquirers Overpay -- What Would Gordon Gekko Do? -- Identify Hard and Soft Synergies -- Calculate the Target's Stand-Alone Value and the Value with Synergies -- How Payment Methods Affect Deal Outcomes -- Measures to Prevent Overpaying -- Synergy Summits -- Summary -- Questions for Future M& -- As -- 5: Move Fast and Communicate Transparently -- Higher Attrition Rates Can Last for Years -- Speed and Effective Communication Are Imperative -- For Employees, Bad News Is Often Better Than No News -- Meet with New Customers ASAP -- Use Your Time Wisely -- Summary -- Questions for Future M& -- As -- 6: Conclusion: Closing the Deal, But at What Price?.