Download or read book Evaluating Merger Activity Using a Quantitative Case Study Approach to Aid in the Determination If Mergers and Acquisitions are a Strategic Advantage to the Creation of Financial Value for Acquiring Company Shareholders written by John R. Tuggle and published by . This book was released on 2021 with total page 149 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporations use a merger and acquisition strategy for business and profitability growth (Akinbuli & Kelilume, 2013), and this methodology for growth is common because mergers and acquisitions provide most companies the ability to achieve growth at a much faster pace than they would experience through organic methods (Gaughan, 2013). Despite the popularity of this growth strategy, mergers and acquisitions are not overly successful and a large amount of empirical evidence shows that acquiring organizations involved in the merger are likely to break- even at best, and have a complete failure at worst (Brouthers, Hastenburg & Ven, 1998). This quantitative case study will identify four merger and acquisition transactions that occurred between 1991 and 1994, from highly prominent corporations that were selected from the technology sector in order to provide an unbiased metric for gauging merger and acquisition success. The acquiring company’s total shareholder return is the unbiased metric used in this research and was calculated at three unique intervals. The intervals used were six months before the merger to six months after the merger, 12-months before the merger to 12-months after the merger, and 18-months before the merger to 18-months after the merger. The intervals were used to aid in evaluating the outcome from the merger transaction in order to gauge if the transactions provided a creation of value for the acquiring corporation’s shareholder. This research could benefit a shareholder or stakeholder in a company that utilizes mergers and acquisitions as part of their organization’s growth strategy as well as merger and acquisition teams to better identify successful transactions in order to model future strategy.
Download or read book Evaluating Companies for Mergers and Acquisitions written by and published by Emerald Group Publishing. This book was released on 2014-06-04 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Mergers Acquisitions And Business Valuation written by Ravindhar Vadapalli and published by Excel Books India. This book was released on 2007-11 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mergers, Acquisitions and Business Valuation is a practical guide to the methods of Business Valuation covering quoted and unquoted companies. This book will be invaluable to anyone engaged in a practical or academic investigation of company valuation and Due Diligence Process in Mergers and Acquisitions. This book covers American and Indian Corporate Cases. It is written keeping in view the requirements of MBA students, researchers and academicians as well as practitioners.
Download or read book Mergers and Acquisitions written by David R. King and published by Routledge. This book was released on 2018-10-30 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt: The process of identifying and evaluating a target firm, completing a deal after its negotiation and announcement, and then integrating a target firm after legal combination is a multi-year process with uncertain returns to acquiring firms. Research on mergers and acquisitions (M&As) is progressing rapidly yet it remains fragmented across multiple research perspectives that largely examine different acquisition phases separately and coincide with a focus on different research variables. As a result, research fragmentation means that a researcher in one area may be unaware of research from related areas that is likely relevant. This contributes to research silos with M&A research displaying different traditions, starting points, and assumptions. Mergers and Acquisitions: A Research Overview summarizes the frontier in M&A research and provides insights into where it can be expanded. It undertakes the needed integration and reconciliation of research in order to derive practical knowledge for managing acquisitions from beginning to end, providing a summary of what is known and its implications for future research. This concise overview reconciles and integrates the state of the art in our understanding of mergers and acquisitions, providing an essential first stopping point in the research journey of students and scholars working in this area.
Download or read book Understanding Merger Activity written by Bernard Allen Kemp and published by . This book was released on 1969 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Financial Analysis of Merhers and Acquisitions written by Eli Amir and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Mergers and acquisitions (M&As) reshape the corporate landscape helping companies expand market share and gain a strategic advantage. The ability to understand and analyze these transactions is a crucial skill. The first step in acquiring that skill is being able to gather and analyse information on M&As from public sources, such as financial statements. This textbook helps its readers better analyze M&A transactions using information provided in financial statements. Covering accounting and reporting of consolidations, goodwill, non-controlling interests, step acquisitions, spin-offs, equity carve-outs, joint ventures, leveraged buyouts, disposal of subsidiaries, special purpose entities, and taxes, it focuses on the link between underlying economic events and the information in financial statements and how this link affects the assessment of corporate performance. The first part of the book provides description of the accounting rules governing M&A transactions, while the second part includes cases of M&A transactions. Each case focuses on a different element of an M&A transaction, and it is followed by a detailed solution with a complete analysis. Unlike other books in this field, this textbook focuses exclusively on accounting and financial analysis for graduate and upper undergraduate level courses in financial analysis, corporate finance, and financial accounting.--
Download or read book Mergers and Acquisitions written by Helén Anderson and published by Routledge. This book was released on 2012-11-12 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt: A merger or acquisition is usually a challenging endeavor with a single ultimate aim: to create value for the owner. However, stakeholder theory shows how such a narrow and one-sided focus is detrimental to value-creation in general – not only for other stakeholders within and outside the organization, but also for the owner. Especially in a merger or an acquisition, it is evident that there are many groups and individuals who have a stake in the success or failure of a business. So far, the overwhelming majority of research in the field of mergers and acquisitions has focused on the merging organizations, and so researchers have mainly studied internal stakeholder groups, such as employees and managers. This book shows how different stakeholders, internal and external, may play a critical role during a merger or an acquisition process. The book builds on empirical examples that illustrate how various stakeholders play active roles throughout the different phases, and, thus, ultimately affect the outcome and the value formation process of the merger or the acquisition. There is still much debate on how and when to best measure the outcome of a merger or an acquisition. With its comprehensive focus on stakeholders, this volume explores why some mergers and acquisitions fail while others succeed.
Download or read book Mergers and Acquisitions written by Craig Emerson and published by Taylor & Francis. This book was released on 1963 with total page 229 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Mergers and Efficiency written by Susanne Trimbath and published by Springer Science & Business Media. This book was released on 2002-07-31 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mergers And Efficiency: Changes Across Time focuses on one aspect of the corporate finance revolution that restructured Corporate America and led to the longest expansion in U.S. history - changes in rates of merger efficiency. Demystifying this most controversial and dynamic period of U.S. economic history is key to understanding the business, financial and economic innovations that defined the last two decades of the 20th century. In addition, it is important to create a careful empirical understanding of the conditions under which merger activity increased or decreased firm efficiency, industrial productivity, and overall improvements in aggregate output and economic performance.
Download or read book Mergers and Acquisitions written by Hazel Johnson and published by FT Press. This book was released on 1999 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Disk is "an Excel 7.0-based system that facilitates a discounted cash flow (DCF) valuation of a commercail enterprise"--Page 207
Download or read book The Handbook of the Economics of Corporate Governance written by Benjamin Hermalin and published by Elsevier. This book was released on 2017-09-18 with total page 762 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Handbook of the Economics of Corporate Governance, Volume One, covers all issues important to economists. It is organized around fundamental principles, whereas multidisciplinary books on corporate governance often concentrate on specific topics. Specific topics include Relevant Theory and Methods, Organizational Economic Models as They Pertain to Governance, Managerial Career Concerns, Assessment & Monitoring, and Signal Jamming, The Institutions and Practice of Governance, The Law and Economics of Governance, Takeovers, Buyouts, and the Market for Control, Executive Compensation, Dominant Shareholders, and more. Providing excellent overviews and summaries of extant research, this book presents advanced students in graduate programs with details and perspectives that other books overlook. Concentrates on underlying principles that change little, even as the empirical literature moves on Helps readers see corporate governance systems as interrelated or even intertwined external (country-level) and internal (firm-level) forces Reviews the methodological tools of the field (theory and empirical), the most relevant models, and the field’s substantive findings, all of which help point the way forward
Download or read book The Determinants and Effects of Mergers written by Dennis C. Mueller and published by Cambridge, Mass. : Oelgeschlager, Gunn & Hain. This book was released on 1980 with total page 394 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Mergers written by Patrick A. Gaughan and published by John Wiley & Sons. This book was released on 2005-05-20 with total page 370 pages. Available in PDF, EPUB and Kindle. Book excerpt: A powerful guide for seeking out the best acquisition and merger targets As increasingly more companies look to mergers and acquisitions (M&As) as a source of new growth and revenue, there is an even greater chance that these M&As will go bad. This insightful guide focuses on one of the most often debated and key issues in mergers and acquisitions-why some deals fail miserably and why others prosper. It provides a complete road map for what potential buyers should look for when picking a target and what characteristics of sellers they should steer clear of, as well as pitfalls to avoid during the M&A process. Real-world examples are provided of high-profile failures-Quaker Oats, United Airlines, Sears, and Mattel-and high-profile successes-General Electric and Cisco. Patrick A. Gaughan (New York, NY) is President of Economatrix Research Associates and a professor of Economics and Finance at the College of Business, Fairleigh Dickinson University. He is actively engaged in the practice of business valuations for mergers and acquisitions, as well as other related applications.
Download or read book Muddling Through a Merger written by Elsmere Gracey and published by Independently Published. This book was released on 2018-11-11 with total page 143 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mergers continue to be part of business culture but only some are successful. "Muddling Through a Merger" is a comprehensive research project in the aftermath of a financial organisation's merger to establish the adverse effects it had on the human element. The purpose of the research was to examine the sources of resistance experienced during the change process. Research instruments are examined and tested; a case study approach was selected using both a quantitative and qualitative approach collected by an inductive strategy to unravel avoidable problems. Strategic recommendations are made for the future which incorporate a wide range of stakeholders.The lessons from "Muddling Through a Merger" demonstrate the importance of employees and the honest communication leaders should supply when an organisation is going through a transitional period.
Download or read book Testing Merger and Acquisition Sensitivity to Changes in Firm Resources written by Ryan Andrew Maddux and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation adapts a model of market discipline developed by Zweibel (1994) to describe how managers should use internal resources in the market for mergers and acquisitions. Prior literature, namely Harford (1999), has argued that additional cash on hand leads firms to undertake further merger activity. This paper argues that a more careful examination of the data demonstrates that this pattern does not hold in the data and also offers a simple model to explain why exogenous increases in a firm's cash holdings should not lead a manager to spend more money on either mergers and acquisitions or on capital expenditure, if both are viewed as wasteful or value decreasing spending at the margin. This dissertation adapts Rauh's (2005) use of pension funding status to identify exogenous changes in the level of cash holdings and then uses a Tobit model to test whether or not additional cash holdings leads firms to accumulate more capital or spend more on mergers and acquisitions. This dissertation finds that having more exogenous cash on hand does not lead to more merger and acquisitions spending or capital expenditure. The marginal expenditure on mergers and acquisition activity in also calculated as part of the study. Whether one uses instruments or not, the marginal expenditure is very small, suggesting that firms do not waste a significant amount of resources on merger and acquisition activity on the margin. This finding also suggests that stock price responses to merger and acquisitions announcements must be due to the dilution of shareholders value, revelation of a manager's characteristics, or some other factor besides the loss of a firm's assets.
Download or read book The Merger Mystery written by Geoff Meeks and published by Open Book Publishers. This book was released on 2022-06-23 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt: Statistical studies over the last forty-five years show that, although there are success stories, very many mergers and acquisitions do not result in the increased operating profits that economics textbooks would lead one to expect. As consultancy McKinsey have put it, ‘Anyone who has researched merger success rates knows that roughly 70% fail’. Yet—mysteriously—M&A activity has boomed across the globe, with a forty-fold increase in deals done each year now compared with four decades ago, in spite of the adverse general evidence. How can it be that talented, energetic, highly skilled, law-abiding, income-maximising participants in the M&A market will often promote mergers that lead to no operating gains, frequently with adverse effects on the wider economy too? Drawing on findings from a wealth of statistical analyses and case evidence from many businesses, the book presents answers to this merger mystery. In a synthesis of ideas from several disciplines, solutions are detected in misaligned incentives, distorted financial engineering and information asymmetry. By revealing how weaknesses at multiple points can interact and cumulate to produce inefficient outcomes, the discussion serves as a corrective to the overwhelmingly positive tone of most commentary on M&A, whilst also advocating changes in participants’ contracts, in taxation, and in regulation which could significantly reduce the number of mergers that fail. Designed to be accessible to a wide readership, the book will be of interest to investors, to M&A practitioners and commentators, to researchers and students of economics, political economy, finance, management and accounting, and—importantly—to policy makers working in these areas.
Download or read book Mergers Acquisitions and Corporate Restructurings written by Patrick A. Gaughan and published by John Wiley & Sons. This book was released on 2017-11-27 with total page 819 pages. Available in PDF, EPUB and Kindle. Book excerpt: The essential M&A primer, updated with the latest research and statistics Mergers, Acquisitions, and Corporate Restructurings provides a comprehensive look at the field's growth and development, and places M&As in realistic context amidst changing trends, legislation, and global perspectives. All-inclusive coverage merges expert discussion with extensive graphs, research, and case studies to show how M&As can be used successfully, how each form works, and how they are governed by the laws of major countries. Strategies and motives are carefully analyzed alongside legalities each step of the way, and specific techniques are dissected to provide deep insight into real-world operations. This new seventh edition has been revised to improve clarity and approachability, and features the latest research and data to provide the most accurate assessment of the current M&A landscape. Ancillary materials include PowerPoint slides, a sample syllabus, and a test bank to facilitate training and streamline comprehension. As the global economy slows, merger and acquisition activity is expected to increase. This book provides an M&A primer for business executives and financial managers seeking a deeper understanding of how corporate restructuring can work for their companies. Understand the many forms of M&As, and the laws that govern them Learn the offensive and defensive techniques used during hostile acquisitions Delve into the strategies and motives that inspire M&As Access the latest data, research, and case studies on private equity, ethics, corporate governance, and more From large megadeals to various forms of downsizing, a full range of restructuring practices are currently being used to revitalize and supercharge companies around the world. Mergers, Acquisitions, and Corporate Restructurings is an essential resource for executives needing to quickly get up to date to plan their own company's next moves.
