December 6, 2020

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International Mergers and Acquisitions Activity Since 1990

International Mergers and Acquisitions Activity Since 1990
Author : Greg N. Gregoriou,Luc Renneboog
Publisher : Elsevier
Release Date : 2007-06-29
Category : Business & Economics
Total pages :320
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It is now a well-know fact that mergers and acquisitions activity comes in waves. The most recent wave, the 5th takeover wave of the 1990s, was characterized by an unprecedented number of corporate restructurings in terms of mergers and acquisitions (M&As), public-to-private transactions, spin-offs and divestitures, and leveraged recapitalizations. Following the collapse of the stock market in March 2000, M&A activity slumped dramatically, but this pause ended in the second half of 2004 when takeover deals occurred again quite frequently. Indeed, some observers wonder whether the 6th takeover wave has started. The takeover wave in the 1990s was particularly remarkable in terms of size and geographical dispersion. For the first time, Continental European firms were as eager to participate as their US and UK counterparts, and M&A activity in Europe hit levels similar to those experienced in the US. Due to its financial impact and the unprecedented activity in Continental Europe, the 5th takeover wave of the 1990s and recent takeover activity (in biotech, utilities, pharmaceuticals) have triggered a great deal of interesting academic research. This volume brings together a selection of insightful papers. An impressive group of international authors address the following themes: takeover regulation; the cyclical pattern of the M&A markets and probable causes and effects; methods to determine the performance of success of M&A actions; cross border deals; means of payment and its effects; studies of hostile bids; high leverage takeovers and delistings. *A selection of the best and latest quantitative research on M&A activity worldwide *Impressive collection of international authors *Provides important insights and implications for practitioners

Cross-border Mergers and Acquisitions

Cross-border Mergers and Acquisitions
Author : O. Morresi,A. Pezzi
Publisher : Springer
Release Date : 2014-11-19
Category : Business & Economics
Total pages :238
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Since their explosion in the mid-1990s, mergers and acquisitions (M&As) have turned into a global phenomenon with growing prevalence. A large number of theoretical and empirical studies focus on cross-border deals from several perspectives, such as motives, strategic issues, and performance. Most books treat these studies as specific characteristics of M&As, paying little attention to the distinctive elements that differentiate them from domestic operations. In short, there is now a real need for a fresh review and categorization of cross-border deals. Cross-Border Mergers and Acquisitions is the first book to provide readers with a complete guide to understanding the main concepts, theories, and results driving cross-border M&As. Morresi and Pezzi present an original framework that ties together the growing body of theoretical and empirical studies on the topic. This work describes the relevance of the phenomenon in terms of its economical, geographical, and historical impact, and analyzes the market- and accounting-based performance of cross-border deals.

Location Strategies and Value Creation of International Mergers and Acquisitions

Location Strategies and Value Creation of International Mergers and Acquisitions
Author : Ludivine Chalen?on
Publisher : John Wiley & Sons
Release Date : 2017-03-27
Category : Business & Economics
Total pages :388
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This title enriches both areas of research, finance and international management to analyze the choice of location and value creation in mergers and acquisitions. Our research answers the following question: What are the determinants of the location and value creation in mergers and acquisitions?

Mergers and Acquisitions and Executive Compensation

Mergers and Acquisitions and Executive Compensation
Author : Virginia Bodolica,Martin Spraggon
Publisher : Routledge
Release Date : 2015-06-26
Category : Business & Economics
Total pages :228
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Over the past decades, the total value of executive compensation packages has been rising dramatically, contributing to a wider pay gap between the chief executive officer and the average worker. In the midst of the financial turmoil that brought about a massive wave of corporate failures, the lavish executive compensation package has come under an intense spotlight. Public pressure has mounted to revise the levels and the structure of executive pay in a way that will tie more closely the executive wealth to that of shareholders. Merger and acquisition (M&A) activities represent an opportune setting for gauging whether shareholder value creation or managerial opportunism guides executive compensation. M&As constitute major examples of high-profile events prompted by managers who typically conceive them as a means for achieving higher levels of pay, even though they are frequently associated with disappointing returns to acquiring shareholders. Mergers and Acquisitions and Executive Compensation reviews the existing empirical evidence and provides an integrative framework for the growing body of literature that is situated at the intersection of two highly debated topics: M&A activities and executive compensation. The proposed framework structures the literature along two dimensions, such as M&A phases and firm’s role in a M&A deal, allowing readers to identify three main streams of research and five different conceptualizations of causal relationships between M&A transactions and executive compensation. The book makes a comprehensive review of empirical studies conducted to date, aiming to shed more light on the current and emerging knowledge in this field of investigation, discuss the inconsistencies encountered within each stream of research, and suggest promising directions for further exploration. This book will appeal to researchers and students alike in the fields of organizational behavior and governance as well as accounting and accountability.

Acquisitions by Emerging Multinational Corporations

Acquisitions by Emerging Multinational Corporations
Author : Johannes Distler
Publisher : Springer
Release Date : 2017-07-27
Category : Business & Economics
Total pages :429
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This thesis analyzes the motivation and performance of 403 acquisitions made by emerging multinational corporations (EMNCs) in Western Europe and North America between 1994 and 2013. The findings indicate that most EMNCs were motivated to acquire in order to obtain access to the upstream and downstream know-how of their target firms. In addition, the thesis' event study results demonstrate that EMNCs on average generated value for their shareholders with their acquisitions over short periods around acquisition announcement. This result is particularly significant since similar studies on buying firms from developed markets have frequently come to the conclusion that acquirers destroy shareholder value.

Corporate Governance and Regulatory Impact on Mergers and Acquisitions

Corporate Governance and Regulatory Impact on Mergers and Acquisitions
Author : Greg N. Gregoriou,Luc Renneboog
Publisher : Elsevier
Release Date : 2007-07-26
Category : Business & Economics
Total pages :304
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Corporate Governance and regulatory presssures have been much in the news lately. How they affect the bottom line of corporations has been difficult to quantify, and research is just beginning to be published that addresses this crucial question. This book is the first collection for new research about the impact of takeover regulation and corporate governance on M&A financial results. It will be essential reading to any M&A specialist, an investment banker, a hedge fund manager, a private equity director, or a venture capitalist. Also a must read for financial analysts who follow M&A targets. The book presents research from around the world so it provides a global perspective on this important topic. *The first and only book of research on takeover regulation and corporate governance affecting M&A results *Stands out from all the "How to" books on M&A and M&A disaster books because it provides solid high-quality research on what works and how different decisions affect company and shareholder value *Research provides a guideline for decisionmakers in investment banks, private equity companies, and for financial analysts

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

The Long-Term Success of Mergers and Acquisitions in the International Automotive Supply Industry
Author : Jan-Peer Laabs
Publisher : Springer Science & Business Media
Release Date : 2009-08-12
Category : Business & Economics
Total pages :198
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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.

A Perspective on Japanese Merger & Acquisition from International Viewpoint

A Perspective on Japanese Merger & Acquisition from International Viewpoint
Author : Anonim
Publisher : Unknown
Release Date : 1990
Category : Consolidation and merger of corporations
Total pages :63
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Retail Geography and Intelligent Network Planning

Retail Geography and Intelligent Network Planning
Author : Mark Birkin,Graham Clarke,Martin P. Clarke
Publisher : John Wiley & Sons
Release Date : 2002-06-14
Category : Science
Total pages :296
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This innovative book exemplifies the importance of sophisticated and intelligent spatial analysis techniques in dealing with the range of location, distribution and channel management issues which face today's retail and service businesses. Explores some of the trends taking place within the broad consumer-retailing sector, drawing on research undertaken in grocery, supermarket retailing, financial services, travel and leisure in Europe, North America and Australasia Numerous global case studies are used to show keys issues Details how retailers can begin to develop information and analytical frameworks to better understand what is happening in the retail environment Describes how retailers can plan their cross channel network strategy for the future

The Mergers & Acquisitions Handbook

The Mergers & Acquisitions Handbook
Author : Milton L. Rock,Robert H. Rock,Martin J. Sikora
Publisher : McGraw Hill Professional
Release Date : 1994
Category : Business & Economics
Total pages :551
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Covers strategy, valuations, negotiation, tax planning, closing services, due diligence, risk management, postmerger integration, antitrust guidelines, and the global market

Cross-Border Acquisitions and Shareholder Wealth - Evidence from Spain

Cross-Border Acquisitions and Shareholder Wealth - Evidence from Spain
Author : Martin Renze-Westendorf
Publisher : diplom.de
Release Date : 2006-08-03
Category : Business & Economics
Total pages :102
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Inhaltsangabe:Abstract: Over the last decade product and factor markets have continued to become more integrated, new markets have emerged and the globalization has become an important strategic issue for companies. As a result, international investment opportunities have in-creased while regulatory restrictions on capital markets have been eased and the market for corporate control has become more integrated. Consequently, the international acquisition activity has increased in both absolute and relative terms over the last decades leading to a significant rise of the proportion of international to domestic merger activity, particularly at the end of the 1990s. As more and more companies consider international diversification as a strategic option for their further growth, the question arises which valuation consequences accompany cross-border acquisitions. Furthermore, it is to be analyzed whether these consequences differ systematically from domestic acquisitions and what could be possible value drivers in these cases. Although mergers and acquisitions in general have received wide attention in academic research, studies concerning the wealth effects of cross-border acquisitions are limited. Moreover, existing empirical evidence primarily stems from the US and UK capital markets neglecting generally the European perspective. Spain, Europe s fifth largest economy, has seen a series of considerable cross-border acquisitions in the last decade culminating in the merger of Santander with Abbey National in 2004 for over USD 15bn, making it the tenth largest transaction worldwide in 2004.3 The Spanish M&A market boom of the 1990s was initially driven by a consolidation process in the financial services, utilities and telecoms sectors which mostly were formerly state-owned. As a consequence of the increasing market concentration Spanish companies expanded internationally, creating some of the biggest corporations world-wide and becoming South America s largest foreign investor. These recent developments and the high acquisition activity from Spain into other countries make it worthwhile to shed light on the valuation consequences and their possible explanations by an empirical analysis. Considering the aforementioned, it is the aim of this thesis to answer the question as to whether the foreign acquisition wave of the last decade in Spain really created value and therewith supports the strategic decisions of the management. The analysis should [...]

Annual Report

Annual Report
Author : European Central Bank
Publisher : Unknown
Release Date : 2002
Category : Banks and banking, Central
Total pages :129
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Annual Report

Annual Report
Author : European Monetary Institute
Publisher : Unknown
Release Date : 2003
Category : Banks and banking, Central
Total pages :129
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Corporate Governance and Capital Flows in a Global Economy

Corporate Governance and Capital Flows in a Global Economy
Author : Peter K. Cornelius
Publisher : Oxford University Press
Release Date : 2003
Category : Business & Economics
Total pages :527
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This volume is a timely and insightful exploration into the issues of corporate governance and the impact of corporate governance practices on investments in developing countries. Sponsored by the World Economic Forum, INSEAD, and Wharton, this book collects original essays from senior researchers at the worlds top academic institutions as well as from key policymakers and business leaders, It analyzes global aspects of governance in relation to such issues as corporate performance, privatization, venture capitalism, and workers. With global financial markets having become more integrated, the book pays particular attention to the role of corporate governance in emerging-market economies and international capital flows. Rich in facts and ideas, Corporate Governance and Capital Flows in a Global Economy is a must read for anyone interested in financial crises international risk management, and global competitiveness.

International Competitiveness in Financial Services

International Competitiveness in Financial Services
Author : Marvin H. Kosters,A.H. Meltzer
Publisher : Springer Science & Business Media
Release Date : 1991-02-28
Category : Business & Economics
Total pages :253
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financial markets suggests that factors such as differences in capital requirements, limi tations on size or on the range of financial activities in which firms can engage, govern ment guarantee arrangements for deposits or payments, and reporting or disclosure requirements can have important effects on the efficiency of industrial and commercial firms and thus on the international competitive positions of major sectors of the U.S. economy. Regulatory and tax policies must therefore take into account effects on inter national competitive positions in addition to domestic concerns. The articles in this issue analyze differences in market organization and regulation across countries and examine how efficiency in producing financial services is influenced by these differences. These articles were presented and discussed at a conference sponsored by the Amer ican Enterprise Institute in Washington, D.C., on May 31 and June 1, 1990. This confer ence on International Competitiveness in Financial Services brought to the attention of Washington policy officials these analyses by leading scholars in finance. Publication of these studies and critiques in the Journal of Financial Services Research is intended to stimulate further interest in research on these important issues.