Download or read book Two Essays on Reverse Mergers written by Frederick Amon Adjei and published by . This book was released on 2006 with total page 87 pages. Available in PDF, EPUB and Kindle. Book excerpt: An investigation of the effects of various features proposed as indicators of firm survival following reverse mergers is conducted using the accelerated failure time (AFT) model. The results imply that large, high performance, and low risk private firms that engage in reverse mergers will have longer survival time in the aftermarket. The use of a financial advisor as well as venture capital backing lengthens survival time. Additionally, the most probable delisting time of an average reverse merged firm is in the 24th month with a probability of delisting of 5.69 percent. For NASDAQ reverse merged firms, the maximum probability of delisting is 5.75 percent in the 23rd month and for NYSE/AMEX reverse merged firms; the maximum delisting probability is 5.37 percent in the 27th month.

Download or read book Two Essays Related to Corporate Finance 1 Product Market Competition Mergers and Acquisitions and Acquirer Returns 2 Motivations and Long term Performance of Reverse Mergers Evidence from Taiwan written by 劉晉吉 and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Reverse Mergers written by David N. Feldman and published by John Wiley & Sons. This book was released on 2010-05-20 with total page 305 pages. Available in PDF, EPUB and Kindle. Book excerpt: In good markets or bad, reverse mergers play a key role for companies that want to avoid the IPO route for going public. Since the successful first edition of Reverse Mergers was published in 2006, the economic and regulatory landscape has changed. Executives, owners, lawyers, accountants, professional investors, regulators, and others need to know what those changes mean for reverse mergers. Reverse-merger expert David Feldman gives an overview of the most important changes since the previous edition was published: new SEC regulations, the changing nature of SPACs (Special-Purpose Acquisition Company), and the emergence of new instruments called WRASPs (WestPark Alternative Senior Exchange Process). The book includes a new chapter on China, and the “Experts Speak” chapter features all new interviewees. David Feldman is one of the country’s leading experts on reverse mergers, self-filings, and other alternatives to IPOs. His firm has guided hundreds of companies on going public, advising them on structure and mechanics, financing, due diligence, regulatory issues, and more.

Download or read book Two Essays on Leverage Mergers and Acquisitions and Institutional Investors written by Chune Young Chung and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In the first essay of my dissertation, I study how bidders' appetite for financial and operating (expected and unexpected) leverage of targets affects merger activities, and whether this appetite varies through the business cycle. I document evidence that bidders have a time-varying appetite for targets' leverages through the business cycle. The effect of financial and operating leverage on the likelihood of becoming a target of a takeover, likelihood of becoming an acquirer, the takeover premium, the announcement CARs of bidders, and long-run BHARs of bidders all depend on the business cycle. The time-varying effects of leverage on merger decisions are consistent with the time-varying benefits of financial and operating leverage, and uniquely capture the well-known time-varying risk in corporate investments.

Download or read book Essays on Firm Behaviors and Performance Under Information Asymmetry and Uncertainty written by HoWook Shin and published by . This book was released on 2016 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three essays exploring firm behaviors and performance under information asymmetry and uncertainty. While the first two essays examine investment in firms and divestment by firms respectively by depending on real options theory, the final essay investigates determinants of performance of microenterprises receiving microfinance funds. In the first essay (Chapter 1), I examine the determinants of private investments in firms newly going public through reverse mergers (RMs). Using real options theory, I argue that reverse merger firms (i.e., firms going public through reverse merger) with institutional and industrial backgrounds, indicating a wider distribution of potential future values, will attract larger investments. I further examine how an institutional change reducing the cost of initial public offerings (IPOs), which is the more lucrative alternative to the reverse merger, affects investment in reverse merger firms. I thus argue that the influence of those backgrounds on the investment size in RM firms will be weaker. Using data of reverse mergers in the United States from 2009 to 2014, I found empirical support for my arguments. My second essay (Chapter 2) explores the determinants of foreign subsidiary divestment by multinational corporations (MNCs). I argue that MNCs with higher operational flexibility and/or cultural diversity will be less likely to divest their foreign subsidiaries even if those subsidiaries confront host country economic downturn. Using a panel data of 511 Korean MNCs and event history analysis, I found empirical support for our arguments. In my third essay (Chapter 3), I investigate the determinants of performance improvement of microenterprises receiving microfinance funds. I argue that damage from a natural disaster that increases a microenterprise’s risks of going out of business will provide entrepreneurs with self-control incentives to use microfinance funds effectively. Thus, the entrepreneurs’ self-control incentives will be positively associated with microenterprises’ post-funding performance improvement. I also contend that cash is more effective than in-kind funds in improving microenterprise performance by generating fewer moral hazards. Using a sample of Sri Lankan microenterprises that experienced a tsunami and difference-in-difference estimations, I found empirical support for my arguments.

Download or read book Hayek s Triangles Two Essays On The Business Cycle written by and published by Laissez Faire Books. This book was released on with total page 215 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Two Essays on Mergers and Acquisitions written by Yang Duan (Ph. D.) and published by . This book was released on 2013 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Two Essays on Mergers and Acquisitions written by Zhaoran Gong and published by . This book was released on 2019 with total page 113 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Dissertation Abstracts International written by and published by . This book was released on 2009 with total page 634 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Mergers Acquisitions and Other Restructuring Activities written by Donald DePamphilis and published by Academic Press. This book was released on 2015-07-28 with total page 783 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mergers, Acquisitions, and Other Restructuring Activities is unique in that it is the most current, comprehensive, and cutting-edge text on M&A and corporate restructuring available. It is current in that it includes many of the most up-to-date and notable deals (e.g., Facebook's takeover of WhatsApp, the Dell privatization, and Verizon's mega buyout of Vodafone's share of Verizon Wireless), precedent setting judicial decisions (e.g., efforts to overturn defenses at Airgas and Sotheby's), new regulations (e.g., expediting backend mergers), trends (e.g., increasing role of activist investors in takeovers), and new tactics (e.g., two-tiered poison pill) employed in M&As. Most integrative case studies are new for this edition and involve transactions that have been announced or completed since 2013. It is comprehensive in that nearly all aspects of M&As and corporate restructuring are explored. It is cutting edge in that conclusions and insights are anchored by the most recent academic research, with references to more than 200 empirical studies published in leading peer-reviewed journals just since 2012. And the substantially updated content is illustrated with numerous practical exhibits, case studies involving diverse transactions, easy-to-understand numerical examples, and hundreds of discussion questions and practice exercises. The highlights of the new edition are listed here: · New Chapters: Two new chapters: Chapter 9 and 14. Chapter 9 discusses the basics of applying financial modeling methods to firm valuation and assists the reader in understanding the power (and limitations) of models in analyzing real world situation. Chapter 14 illustrates how complex financial models often are used to support the deal structuring process during M&A negotiations. · New Cases: Ninety percent of the nearly forty case studies are new and involve transactions announced or completed during the last three years. These cases represent friendly, hostile, highly leveraged, and cross-border deals in ten different industries, involving public and private firms as well as firms experiencing financial distress. All end of chapter case studies begin with a "Key Objectives" section indicating what the student should learn from the case study and include discussion questions and solutions available in the online instructors' manual. · Latest Research: This edition focuses on the most recent and relevant academic studies, some of which contain surprising insights changing the way we view this subject matter. Recent research has significant implications for academicians, students, M&A practitioners, and government policy makers shedding new light on current developments and trends in the ever-changing mergers and acquisitions market. The market for corporate control and corporate restructuring strategies are constantly changing, reflecting the ongoing globalization of both product and capital markets, accelerating technological change, escalating industry consolidation, changing regulatory practices, and intensifying cross-border competition. While continuing to be relevant, empirical research covering the dynamics of the M&A markets of the 1970s, 1980s, and 1990s may be less germane in explaining current undercurrents and future trends.

Download or read book Going public Reverse Mergers written by Robert Comment and published by Createspace Independent Publishing Platform. This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book describes a method that small businesses use regularly to go public in the US. Here, a private company merges with a public shell company and the private owners end up with the lion's share of the post-merger shares. The book cites over 300 real-world examples of both successes and failures. It includes 30 tables and charts with data on typical deal terms, with breakdowns by size and type of private company.

Download or read book How to Pick Hot Reverse Merger Penny Stocks written by and published by Eagle Point Publishing. This book was released on with total page 174 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Private Equity written by Harry Cendrowski and published by John Wiley & Sons. This book was released on 2012-05-01 with total page 389 pages. Available in PDF, EPUB and Kindle. Book excerpt: An authoritative guide to understanding the world of private equity (PE) investing, governance structures, and operational assessments of PE portfolio companies An essential text for any business/finance professional's library, Private Equity: History, Governance, and Operations, Second Edition begins by presenting historical information regarding the asset class. This information includes historical fundraising and investment levels, returns, correlation of returns to public market indices, and harvest trends. The text subsequently analyzes PE fund and portfolio company governance structures. It also presents ways to improve existing governance structures of these entities. A specific focus on portfolio company operations, including due diligence assessments, concludes the text. Seamlessly blends historical information with practical guidance based on risk management and fundamental accounting techniques Assists the book's professional audience in maximizing returns of their PE investments Highly conducive to advanced, graduate-level classroom use Purchase of the text includes access to a website of teaching materials for instructional use Learn more about PE history, governance, and operations with the authoritative guidance found in Private Equity: History, Governance, and Operations, Second Edition.

Download or read book Reverse Merger Waves Market Timing and Managerial Behaviour written by Igor Semenenko and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines timing of reverse mergers (takeovers) and behaviour of managers of firms that go public in reverse mergers. Results suggest that small private firms go public through mergers with financially distressed firms when market conditions are unfavourable, whereas reverse takeovers in which participating public company is a going concern are procyclical. Managers of private firms that go public through a reverse takeover mechanism - both small and large - sell overvalued equity upon merger completion. Raising capital through equity issuance and use of equity to redeem debt is critical for survival of small firms. These findings imply that managers of firms that go public through reverse mergers behave strategically: they time the market when they merge with publicly traded counterparts and sell overvalued capital to investors.

Download or read book Reverse Mergers written by David N. Feldman and published by Bloomberg Press. This book was released on 2014-05-14 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written for CEOs, CFOs, and the investment bankers, lawyers, and auditors who advise them, this is the first book to explain how reverse mergers work, from the business and legal points of view.

Download or read book The Truth About Reverse Mergers written by William K. Sjostrom and published by . This book was released on 2008 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Article examines the reverse merger method of going public. It describes the principal features of reverse mergers, including deal structure and legal compliance. Although reverse mergers are routinely pitched as cheaper and quicker than traditional IPOs, the Article argues that such pitches are misleading and, for many companies, irrelevant.

Download or read book The Oxford Handbook of IPOs written by Douglas Cumming and published by . This book was released on 2018 with total page 841 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a comprehensive analysis of IPOs. The chapters cover the latest information on a range of fundamental questions, including: How are IPOs regulated? How are IPOs valued? How well does an IPO perform in the short and long run, and what are the drivers of performance?