Download or read book Asset Sales Operating Performance and Firm Strategy written by Patrick McColgan and published by . This book was released on 2009 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the operating performance of UK firms following a decision to sell off non-financial assets as part of a new or ongoing restructuring program. We report that asset sales normally follow a sustained period of poor operating performance, and tend to occur in well-diversified firms with high levels of financial leverage. In general, asset sales lead to a significant improvement in firm operating performance. Our findings suggest that, for the UK at least, managers sell assets in response to discipline from lender monitoring, product markets and markets for managerial labour.
Download or read book Asset Sales written by Claudia Curi and published by Springer Nature. This book was released on 2020-08-07 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a new world characterized by more frequent and rich flows of information, with more efficient and plenty of available external capital, how will the – simultaneous – investment and divestment decisions be affected? This book thoroughly covers the main features and relevance of asset sales as an integral component of many companies’ growth strategies in the current and continually evolving corporate finance eco-system. After an introductory section on the relevance of asset sales in corporations (both non-financial and financial), it discusses the corporate asset market and the mechanisms of asset sale transactions. The focus then turns to the theory of finance in asset sales (the efficiency and financing theory) and the extensive empirical literature now available. In light of recent and rapid technological and digital advances, a concluding section presents new perspectives on analyzing asset sales transactions. Chiefly intended as a primer for PhD students and academics, the book offers roadmaps for the empirical research landscape and suggests future research directions.
Download or read book Asset Sales Firm Performance and the Agency Costs of Managerial Discretion written by Larry H.P. Lang and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We argue that management sells assets when doing so provides the cheapest funds to pursue its objectives rather than for operating efficiency reasons alone. This hypothesis suggests that (1) firms selling assets have high leverage and/or poor performance, and (2) the stock market discounts asset sales proceeds retained by the selling firm. In support of this hypothesis, we find that the typical firm in our sample performs poorly before the sale and that the average stock- price reaction to asset sales is positive only when the proceeds are paid out.
Download or read book Financial Strategies for the Manager written by Charles Priester and published by Springer Science & Business Media. This book was released on 2010-03-30 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: Goals of financial management / Financial statement analysis / A systematic approach to financial performance appraisal of a company based on trend analysis / Risk and defensive strategies / Liquidity management and sales growth / Working capital management / Fixed assets / Budgeting / Economic value added / Foreign exchange and interest rate risk management / Mergers acquisitions and private equity.
Download or read book Asset Pricing and Portfolio Performance written by Robert A. Korajczyk and published by . This book was released on 1999 with total page 424 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive reference work presenting an original framework for evaluating observed differences in returns across assets.
Download or read book Corporate Level Strategy written by Olivier Furrer and published by Routledge. This book was released on 2010-10-04 with total page 265 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Corporate Level Strategy, Furrer guides the reader in developing the ability to consider the impact of change and other important environmental forces on the opportunities for establishing and sustaining competitive advantage in diversified corporations as a whole.
Download or read book Business Ratios and Formulas written by Steven M. Bragg and published by John Wiley & Sons. This book was released on 2003-04-03 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: A complete appraisal of analytical tools available to managersto assess performance "Steve Bragg has created a useful, relevant guide to applyingperformance measurements across the organization. His practicalexplanations and examples should enable managers to applysophisticated performance measures in a straightforward manner.This book will be a great tool for process improvement. It shouldbe well received by managers, accountants, and consultants." —Clint Davies, Partner (Principal), Berry, Dunn, McNeil &Parker Business managers require a variety of analytical tools toassess a host of organizational performance standards-from finance,efficiency, capacity, and market share to asset utilization, cashflows, liquidity, and capital structure. Steven Bragg'sBusiness Ratios and Formulas represents acomprehensive resource of nearly 200 operational criteria, allowingmanagers and auditors to pick and choose the tools they need tobest assess their organization's performance. Each catalogedmeasurement includes a description, an example, and sometime-tested troubleshooting. Business Ratios andFormulas proves an authoritative resource for managerswishing to thoroughly assess organizational performance.
Download or read book Bidding Strategies Financing and Control written by B. Espen Eckbo and published by Academic Press. This book was released on 2010-03-12 with total page 1088 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 two, "Bidding Strategies, Financing, and Corporate Control", focus on a range of special topics, ranging from theories and evidence on strategic bidding behavior (offer premiums, toeholds, bidder competition, winner’s curse adjustments, and managerial overconfidence), issues arising when bidding for targets in bankruptcy auctions, effects of deal protection devices (termination agreements, poison pills), role of large shareholder voting in promoting takeover gains, deal financing issues (such as raising the cash used to pay for the target), managerial incentive effects of takeovers, governance spillovers from cross-border mergers, and returns to merger arbitrage. 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 takeovers Exposes students to new methods and empirical evidence while reading high quality primary material Offers a concise and cost-efficient package of journal and book articles for advanced corporate finance students
Download or read book The Balanced Scorecard written by Robert S. Kaplan and published by Harvard Business Review Press. This book was released on 1996-08-02 with total page 322 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Balanced Scorecard translates a company's vision and strategy into a coherent set of performance measures. The four perspectives of the scorecard--financial measures, customer knowledge, internal business processes, and learning and growth--offer a balance between short-term and long-term objectives, between outcomes desired and performance drivers of those outcomes, and between hard objective measures and softer, more subjective measures. In the first part, Kaplan and Norton provide the theoretical foundations for the Balanced Scorecard; in the second part, they describe the steps organizations must take to build their own Scorecards; and, finally, they discuss how the Balanced Scorecard can be used as a driver of change.
Download or read book Small Firm Performance written by James J. Ebben and published by . This book was released on 2003 with total page 226 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Financial Strategies for Distressed Companies written by Salvatore Ferri and published by Springer Nature. This book was released on 2021-02-23 with total page 142 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial markets have undergone a significant development process, both qualitatively and quantitatively, and partly induced by major pushes for globalization and deregulation. In this context, finance has taken on an increasingly central role for companies and is now on par with production and sales, which have always been the cornerstones of business management. The effects of these structural and functional changes are not limited to the way companies operate, but also imply a change in corporate cultures; one consequence of this phenomenon is the large percentage of managers from the world of finance at the top tiers of corporate organizations. Moreover, environmental turbulence has forced companies to increasingly face negative situations characterized by economic and financial imbalances that may require far-reaching strategic changes. The purpose of this book, therefore, is to investigate the possible financial strategies that companies in distress can adopt; in this regard, it approaches financial strategies as opportunities to resolve and prevent difficult situations for the company. After having systematized the financial strategies and policies used in the governance of companies, the book analyzes both crises and turnaround processes, describing the path until the financial balance is restored. Finally, the authors analyze essential tools for the financial management of companies in trouble, focusing in particular on operational tools for managing the crisis, the recovery plan, and its monitoring.
Download or read book Does Operating Performance Really Improve Following Corporate Acquisitions written by Aloke Ghosh and published by . This book was released on 2001 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article examines the impact of the method of payment used in acquisitions on the acquiring firms' post-merger operating cash flow and some of its components cash inflow from sales, cash payments to suppliers, and payments for other operating expenses. I find that acquiring firms that pay with cash are able to increase their post-merger cash flow significantly, relative to peer firms, primarily through improved asset turnover (sales per dollar of assets). The post-merger cash flow of stock acquisitions, however, declines significantly. Although stock acquisitions are able to implement effective cost-cutting strategies, the decline in asset turnover outweighs benefits from cost-cutting strategies.
Download or read book The Balanced Scorecard written by Robert S. Kaplan and published by . This book was released on 2005 with total page 9 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Corporate Real Estate Asset Management written by Barry Haynes and published by Taylor & Francis. This book was released on 2010-10-28 with total page 313 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is important for those studying and practicing in real estate and property management to learn to manage property assets effectively, to be able to provide their companies with effective property and facilities solutions. This book raises the awareness of how real estate management can support business, transform the workplace and impact upon people and productivity, ensuring that costs are minimized and profit maximized. Written for advanced undergraduate students on property related courses, it provides them with a rounded understanding by aligning the subject with estates management, facilities management and business strategy. Case studies and action plans provide real insight and make this book an essential reference for those at the start of their careers in real estate and facilities management.
Download or read book The FT Guide to Using and Interpreting Company Accounts eBook written by Wendy Mckenzie and published by Pearson UK. This book was released on 2011-01-10 with total page 562 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book A Guide for Doing Business This Year written by and published by James Watters. This book was released on with total page 177 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Winning Strategies in a Deconstructing World written by Rudi K. F. Bresser and published by John Wiley & Sons. This book was released on 2000-12-19 with total page 339 pages. Available in PDF, EPUB and Kindle. Book excerpt: The end of the nineteenth century saw the construction of the vertically integrated value chains that came to define modern business. The end of the twentieth century witnessed their deconstruction. In industries across the economy, markets are intruding on the web of proprietary arrangements that have held these chains together. As they do, the boundaries defining business, companies and industries are coming under attack - radically transforming the nature of competition. Powerful forces, such as globalization and deregulation, are undermining the logic and practice of traditional vertical integration, but the most powerful - partly because it acts as catalyst and an accelerator - is a revolution in the economics of information. This shift in information economics is giving birth to a myriad of new strategic options The consequences of deconstruction for the strategic management of the firm - as well as for the firm itself - are dramatic. Deconstruction forces a fundamental rethinking of some of the basic principles of strategy which will impact on the concepts of the portfolio, forms of organizational structure, styles of leadership, mechanisms for acquiring and managing knowledge and approaches to uncertainty and risk. This, the latest volume in the Strategic Management Series, explores the implications of the value chain deconstruction for strategy, the changes in strategic thinking and the action necessary to cope with the challenges and opportunities. Bringing together contributions from key figures in the field of strategy in both practice and academia, this book, as with other books in the series, addresses the ideas and issues at the forefront of strategic management theory and practice.
