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Essays On Mergers And Acquisitions
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Book Synopsis Essays on Mergers & Acquisitions and Innovation by : Yu Yu
Download or read book Essays on Mergers & Acquisitions and Innovation written by Yu Yu and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: While innovation and growth can be promoted internally through focus on research and development (R&D), many firms find acquisition from external sources to be a speedy and attractive alternative. Despite the numerous theories of merger and acquisition (M&A) in the literature, no empirical study has tackled the problem of target selection in an acquisition. The existing studies on M&A outcomes also fail to control for the endogenous matching between the acquirer and the target. Essay 1 of this dissertation is the first to study the target selection criteria in an empirical setting. It quantifies the elusive concept of synergy by developing new measures of similarity and complementarily between the acquirer and the target that are more comprehensive than the existing measures in the literature. Using an innovative application of the discrete choice model, I find that firms use acquisition to promote growth and innovation in areas of strategic interest. Specifically, acquirers choose target firms whose product markets match their own R&D projects, and target firms whose R&D projects match their own product markets. Essay 2 enriches the modeling approach for merger partner selection in essay 1. I use a game-theoretic matching model and study the impact of matching on merger performance. With a Bayesian estimation method, I apply the model to 1895 mergers in five high-tech industries that occurred between 1992 and 2008. I find that the unobserved strategic fit between the two merging partners has a significant effect on the post-merger innovation abilities of the combined firm. Managers wisely choose merger partners that deepen their technical knowledge, but under-estimate the challenges in integrating foreign partners and partners with similar technology. I also find evidence of estimation bias due to matching induced endogeneity. Essay 3 of the dissertation is a comprehensive review of the M&A related research published in top marketing journals. This review will provide marketing scholars with a research background on M&A, both in terms of theories and marketing applications of those theories. This review will help readers to appreciate the contribution made by marketing researchers to M&A knowledge, and hopefully inspire more marketing scholars to incorporate M&A topic in their research.
Book Synopsis Three Essays on Mergers and Acquisitions by : Nabil El Meslmani
Download or read book Three Essays on Mergers and Acquisitions written by Nabil El Meslmani and published by . This book was released on 2017 with total page 390 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis consists of three essays. In the first essay, we examine the behavior of the implied volatility of both target and acquirer firms around merger and acquisition announcements. We find that option implied volatility is related to the bidder firm’s announcement cumulative abnormal return (CAR-Bidder), the choice of the method of payment as well as the probability that the deal will be concluded successfully. Specifically, we show that target implied volatility not only drops at the announcement day but moves towards the acquirer implied volatility post acquisition announcement for stock or mixed deals. Moreover, we find that the method of payment is related to the post announcement target implied volatility, and we document that target implied volatilities are lower in cash deals. The probability of deal success is significantly negatively affected by the spread between the actual target’s implied volatility two days after the announcement and its theoretical value. The greater the difference between the target’s implied volatility and its theoretical value, the lower the probability of successful deal completion. Next, we rely on the average of the implied volatility as a proxy for expected risk and the volatility of the implied volatility as a proxy for uncertainty about expected risk. We show that the CAR-Bidder decreases with an increase in both the expected risk and the uncertainty about expected risk of the bidder firm for stock or mixed deals. We also illustrate that the probability of a cash offer is decreasing in the expected risk and the uncertainty about expected risk of both bidder and target firms. We also find that the probability of deal success is decreasing in bidder’s expected risk. Our measures related to risk and uncertainty about risk contain information additional to common proxies for asymmetric information and uncertainty used in the literature such as the standard deviation of analysts’ forecasts and idiosyncratic volatility. The second essay examines whether the puzzling negative relationship between idiosyncratic volatility and next month performance is affected by the intensity of merger and acquisition (M&A) activity in the market. Our results show that the idiosyncratic volatility puzzle is stronger in periods of high M&A activity than in periods of low M&A activity. Further analysis shows that the negative relationship between idiosyncratic volatility and next month performance is the strongest in the high M&A activity sub-period spanning from 1982-1989. In contrast, M&A activity does not explain the negative relationship between the common factor in idiosyncratic volatility (CIV) and the next month’s performance. M&A activity can in part explain the idiosyncratic volatility puzzle, but it does not subsume the negative relationship between CIV exposure and firm returns.The third essay investigates how investor sentiment affects mergers and acquisitions. Our results show that periods of higher market sentiment are associated with a lower likelihood of observing a Cash-Only offer. We also find that for stock and mixed offers, periods of higher market sentiment are associated with lower bidder announcement returns, higher target bargaining power, and lower synergy. Our findings are consistent with Barker and Wu’s (2012) argument that associates periods of higher market sentiment with greater overpricing. These results are consistent with the argument that higher overpricing results in bidder firms opting for stock or mixed deals. However, this will also lead bidder investors to react more negatively to these non-cash offer announcements, target investors to bargain more if they are to be paid in stock (fully or partially), and the market to anticipate lower total synergy as the deal may be driven by the stock overpricing rather than the maximization of synergy. Next, we find that target firm runups are, on average, higher in periods of higher market sentiment. This relationship is not observed in the premium, which is unrelated to investor sentiment. The differing results of the runup and the premium is interesting as we expected to find a relationship between runup and premium similar to the markup pricing hypothesis of Schwert (1996). It appears that in periods of higher investor sentiment there is a higher runup potentially associated with the overreaction of optimistic investors. However, bidder firms’ management realize that this excessive runup is not an increase in the stand-alone value of the target firm and they price the deal accordingly.
Book Synopsis Essays on Mergers and Acquisitions by : Marcin Krolikowski
Download or read book Essays on Mergers and Acquisitions written by Marcin Krolikowski and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation includes two essays that examine mergers and acquisitions. In the first essay we examine how pay-for-performance influences the quality of merger decisions before and after Sarbanes-Oxley (SOX). Pay-for performance has a significant positive effect on acquirer returns of 0.9% pre-SOX and 1.1% post-SOX around the three day event window. Bidders with high pay-for-performance pay a 23.3% lower merger premium in listed target acquisitions. The positive effect of pay-for-performance is more important for public target acquisitions overall, for small acquirers pre-SOX, and for large acquirers post-SOX. In the long-run, bidders with high pre-merger pay-for-performance experience 27.6% higher returns after controlling for other merger characteristic. In the second essay we investigate the value of customer/supplier relationships in mergers acquisitions. The findings show that targets (suppliers) with strong customer/supplier relationships obtain higher abnormal returns and higher merger premiums compared to targets with weak customer/supplier relationships. However, targets that have a strong connection with a customer have lower odds of being acquired. Acquirers that purchase targets with strong customer/supplier relationships have negative long-run abnormal returns, suggesting that the acquirers may have overpaid for such targets. Implications of customer/supplier relationships on customers, rivals and competing rivals are presented.
Book Synopsis Essays on Merger and Acquisition Activity and Implications Thereof by : Robert Chatt
Download or read book Essays on Merger and Acquisition Activity and Implications Thereof written by Robert Chatt and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation is composed of two essays regarding merger and acquisition (M&A) activity. The first takes a narrower view and makes use of merger and acquisition activity to assess governance faced by individual firms, while the second takes a broader view and investigates how labor market frictions impact overall merger and acquisition activity.The first essay examines how serving as trustee of a sponsor firms 401(k) assets alters the incentives of mutual fund companies to monitor firm behavior. The author uses the M&A decisions of firms to reveal the governance effort of mutual fund families serving as trustee. Over a sample of acquisitions announced between 1999-2013, the evidence presented shows that firms with mutual fund family trustees undertake lower quality mergers at higher frequencies. These firms are more likely to select private or diversifying targets, to pay with cash, and to complete the mergers they announce. This evidence suggests mutual fund families decrease their monitoring of retirement asset client firms. In the second essay, which is joint work with Matthew Gustafson and Adam Welker, the authors provide evidence on the nuanced effect of firing costs on U.S. M&A activity. Following the adoption of state laws that increase firing costs, there is an immediate increase in withdrawn deals and an immediate and persistent 30% reduction in M&A dollar volume, suggesting that post-merger employee turnover is a first-order source of value for large U.S. mergers. In contrast, small firms respond to firing costs by using the M&A market to reorganize into larger entities. There is no decline in small M&As. Instead, small M&As increase over time as average M&A size and the number of small firms decline.
Book Synopsis Essays on Mergers and Acquisitions by : Vahap Bülent Uysal
Download or read book Essays on Mergers and Acquisitions written by Vahap Bülent Uysal and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Collection of Essays on Mergers and Acquisitions by : Karolina Ploskonka
Download or read book Collection of Essays on Mergers and Acquisitions written by Karolina Ploskonka and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays in Mergers and Acquisitions by : Anh Luong Tran
Download or read book Essays in Mergers and Acquisitions written by Anh Luong Tran and published by . This book was released on 2010 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on mergers and acquisitions and innovation by : Vusal Eminli
Download or read book Essays on mergers and acquisitions and innovation written by Vusal Eminli and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays in Mergers and Acquisitions by : Wenjing Ouyang
Download or read book Essays in Mergers and Acquisitions written by Wenjing Ouyang and published by . This book was released on 2012 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: Advisor: Samuel Szewczyk.
Book Synopsis Three Essays on Mergers and Acquisitions by : Jiayi Yuan
Download or read book Three Essays on Mergers and Acquisitions written by Jiayi Yuan and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This note is part of Quality testing.
Book Synopsis Essays on Mergers & Acquisitions and Corporate Investment by : Sangwon Lee
Download or read book Essays on Mergers & Acquisitions and Corporate Investment written by Sangwon Lee and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three essays on mergers and acquisitions (M&As) and corporate investment. In the first essay, I examine the divergence of investor opinions about target firm values after the announcement of M&A deals ("investor disagreement"). I create three measures of investor disagreement using the target firm's trading volume, bid-ask spread, and stock return volatility during a two-week window following a deal announcement. I find that investor disagreement is positively associated with deal complexity, and negatively with the offer premium. Deals with larger investor disagreement are more likely to be renegotiated, to feature slower completion time, and to fail, even after controlling for announcement returns and merger arbitrage spreads. Consistent with the divergence of opinion theory, a trading strategy that invests in target firms with low investor disagreement yields positive abnormal returns. Overall, my results highlight the importance of investor disagreement in predicting M&A outcomes. The second essay shows that M&A deals that are announced when the bidder's relative value (ratio of bidder's equity value to target's equity value) is closer to its 52-week high feature higher offer premium, lower (higher) announcement returns for the bidding (target) firm, and are more likely to fail, all else equal. Yet, bidders in such deals also experience large abnormal returns in the two-year period surrounding the announcement. Our results suggest that bidders strategically choose announcement timing to exploit relative misvaluation, and cast doubt on the idea that announcement returns represent the gains to long-term shareholders of bidding firms. In the third essay, I examine how the effect of uncertainty on capital investment varies between focused firms and conglomerate segments. One of the advantages of conglomeration is that segments have access to the conglomerate's internal capital market and are thus less likely to be financially constrained. Consistent with the idea that uncertainty exacerbates financial frictions, I find that industry-level uncertainty has a negative effect on the investment of focused firms but has no statistically significant effect on the investment of conglomerate segments. Further analysis suggests that corporate diversification may improve the efficiency of capital investment decisions under uncertainty.
Book Synopsis Essays on Mergers and Acquisitions by : Valeriya Vitkova
Download or read book Essays on Mergers and Acquisitions written by Valeriya Vitkova and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Mergers and Acquisitions by : Heba Gazzaz
Download or read book Essays on Mergers and Acquisitions written by Heba Gazzaz and published by . This book was released on 2014 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Selected Essays on the Success of Mergers and Acquisitions by : Maximilian Keisers
Download or read book Selected Essays on the Success of Mergers and Acquisitions written by Maximilian Keisers and published by Europäische Hochschulschriften / European University Studies / Publications Universitaires Européennes. This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study consists of three essays that analyze mergers and acquisitions (M&A) in the banking and REIT industries. Each of them aims to fill a gap in existing research literature. The first essay examines four case studies on the success of mergers in the German public banking sector. The second analyzes wealth effects of European cross-border M&A in the banking industry for bidder and target shareholders; it also assesses the effects of applying the same transactions on a large sample of European rivals. The third essay investigates wealth effects of international M&A in the REIT industry for bidder and target.
Book Synopsis Essays in Mergers and Acquisitions by : Can Dogan
Download or read book Essays in Mergers and Acquisitions written by Can Dogan and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Mergers and Acquisitions by : Anna Ingegerd Fältén
Download or read book Essays on Mergers and Acquisitions written by Anna Ingegerd Fältén and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on the Economics of Mergers and Acquisitions by : Stefan Ebner
Download or read book Essays on the Economics of Mergers and Acquisitions written by Stefan Ebner and published by . This book was released on 2012 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt:
