Forecasts Of Earnings By Takeover Bidders

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Takeover Activity, Valuation Estimates and Merger Gains

Author : Bjørn Espen Eckbo
Publisher : Academic Press
ISBN 13 : 0123847451
Total Pages : 863 pages
Book Rating : 4.1/5 (238 download)

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Book Synopsis Takeover Activity, Valuation Estimates and Merger Gains by : Bjørn Espen Eckbo

Download or read book Takeover Activity, Valuation Estimates and Merger Gains written by Bjørn Espen Eckbo and published by Academic Press. This book was released on 2010-06-02 with total page 863 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 one, Takeover Activity, Valuation Estimates and Merger Gains, focus on classical issues such as the existence and source of merger waves, empirical estimates of takeover announcement returns and the division of takeover gains between bidders and targets, and tests for potential sources of takeover gains (primarily involving estimation of industry wealth effects of takeovers), introducing students to modern scientific evidence about corporate takeovers. 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

Accounting for M&A

Author : Amir Amel-Zadeh
Publisher : Routledge
ISBN 13 : 1000066525
Total Pages : 331 pages
Book Rating : 4.0/5 ( download)

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Book Synopsis Accounting for M&A by : Amir Amel-Zadeh

Download or read book Accounting for M&A written by Amir Amel-Zadeh and published by Routledge. This book was released on 2020-04-29 with total page 331 pages. Available in PDF, EPUB and Kindle. Book excerpt: Spending on M&A has, in aggregate, grown so fast that it has even overtaken capital expenditure on increasing and maintaining physical assets. Yet McKinsey, the leading management consultancy, reports that "Anyone who has researched merger success rates knows that roughly 70% fail". The idea that businesses might be using huge and increasing sums of shareholders’ money for an activity that more often than not leads to failure calls into question the information on which M&A decisions are based. This book presents statistical studies, case material, and standard-setters’ opinions on company accounting before, during, and after M&A. It documents the manipulation of annual accounts by acquirers ahead of share for share bids, biased forecasts of post-merger earnings by bidders, and devices to flatter earnings when recording the deal. It explores the challenges for standard-setters in regulating information flows during and after M&A, and for account-users wishing to learn from financial statements how a deal has affected performance. Drawing on a wide range of international examples, this readable book is targeted not just at accounting specialists but at anyone who is comfortable reading the serious financial press, is intrigued by what is going on in the massive M&A market, and is concerned with achieving better-informed M&A. As such it might be of particular interest to business executives, lawyers, bankers, and investors involved in M&A as well as graduate students interested in researching or learning about the role of accounting in M&A.

Corporate Argumentation in Takeover Bids

Author : Rudi Palmieri
Publisher : John Benjamins Publishing Company
ISBN 13 : 9027269467
Total Pages : 288 pages
Book Rating : 4.0/5 (272 download)

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Book Synopsis Corporate Argumentation in Takeover Bids by : Rudi Palmieri

Download or read book Corporate Argumentation in Takeover Bids written by Rudi Palmieri and published by John Benjamins Publishing Company. This book was released on 2014-11-15 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume systematically investigates the role of argumentation in takeover bids. The announcement of these financial proposals triggers an argumentative situation, in which both the economic desirability and the social acceptability of the deal become argumentative issues for different classes of stakeholders (shareholders, employees, customers, etc.). The study focuses on the strategic maneuvers that corporate directors deploy in order to persuade their audiences while complying with precise regulatory requirements, designed to allow shareholders to make reasonable decisions. A conceptual reframing of takeovers as an argumentative context brings to light the different argumentative situations of friendly and hostile bids. The argumentative strategies that corporate directors adopt in the two situations are identified and analyzed on the basis of a corpus of takeover documents referring to offers launched in the UK market between 2006 and 2010. The argumentative reconstruction focuses in particular on the inferential configuration of arguments, which is accomplished by means of the Argumentum Model of Topics (AMT). This kind of analysis enables capturing the inherently argumentative processes through which information becomes a relevant starting point for investment decisions.

Bidding Strategies, Financing and Control

Author : Bjørn Espen Eckbo
Publisher : Academic Press
ISBN 13 : 0123846900
Total Pages : 1088 pages
Book Rating : 4.1/5 (238 download)

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Book Synopsis Bidding Strategies, Financing and Control by : Bjørn Espen Eckbo

Download or read book Bidding Strategies, Financing and Control written by Bjørn 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

do takeovers create value? an intervention approach

Author : sanjai bhagat and david hirshleifer
Publisher :
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.L/5 ( download)

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Book Synopsis do takeovers create value? an intervention approach by : sanjai bhagat and david hirshleifer

Download or read book do takeovers create value? an intervention approach written by sanjai bhagat and david hirshleifer and published by . This book was released on 1996 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Handbook of Empirical Corporate Finance

Author : Bjørn Espen Eckbo
Publisher : Elsevier
ISBN 13 : 0080932118
Total Pages : 605 pages
Book Rating : 4.0/5 (89 download)

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Book Synopsis Handbook of Empirical Corporate Finance by : Bjørn Espen Eckbo

Download or read book Handbook of Empirical Corporate Finance written by Bjørn Espen Eckbo and published by Elsevier. This book was released on 2011-10-13 with total page 605 pages. Available in PDF, EPUB and Kindle. Book excerpt: This second volume of a two-part series examines three major topics. First, it devotes five chapters to the classical issue of capital structure choice. Second, it focuses on the value-implications of major corporate investment and restructuring decisions, and then concludes by surveying the role of pay-for-performance type executive compensation contracts on managerial incentives and risk-taking behavior. In collaboration with the first volume, this handbook takes stock of the main empirical findings to date across an unprecedented spectrum of corporate finance issues. The surveys are written by leading empirical researchers that remain active in their respective areas of interest. With few exceptions, the writing style makes the chapters accessible to industry practitioners. For doctoral students and seasoned academics, the surveys offer dense roadmaps into the empirical research landscape and provide suggestions for future work. - Nine original chapters summarize research advances and future topics in the classical issues of capital structure choice, corporate investment behavior, and firm value - Multinational comparisons underline the volume's empirical perspectives - Complements the presentation of econometric issues, banking, and capital acquisition research covered by Volume 1

Journal of Financial Economics

Author :
Publisher :
ISBN 13 :
Total Pages : 454 pages
Book Rating : 4.4/5 (5 download)

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Book Synopsis Journal of Financial Economics by :

Download or read book Journal of Financial Economics written by and published by . This book was released on 1993 with total page 454 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Mergers, Acquisitions, and Corporate Restructurings

Author : Patrick A. Gaughan
Publisher : John Wiley & Sons
ISBN 13 : 1119380758
Total Pages : 676 pages
Book Rating : 4.1/5 (193 download)

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Book Synopsis Mergers, Acquisitions, and Corporate Restructurings by : Patrick A. Gaughan

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 676 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.

Strategic Financial Management: Principles and Practices

Author :
Publisher : Blue Rose Publishers
ISBN 13 :
Total Pages : 381 pages
Book Rating : 4./5 ( download)

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Book Synopsis Strategic Financial Management: Principles and Practices by :

Download or read book Strategic Financial Management: Principles and Practices written by and published by Blue Rose Publishers. This book was released on 2024-08-14 with total page 381 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book "Strategic Financial Management (Principles and Practices)" is a comprehensive study resource designed for MBA students, especially those in technical and traditional universities offering accounting and finance degrees (e.g., M-Tech and M.Com.). It features thirteen chapters, over ninety review questions, and more than sixty-two worked examples to aid in exam preparation. The text is meticulously organized to help both students and instructors delve into specific topics with clarity. Additionally, the book serves as a valuable tool for financial managers and professionals, offering insights into strategic financial management principles and practices relevant to their organizations.

Takeovers and Short-termism in the UK

Author : A. D. Cosh
Publisher : Institute for Public Policy Research
ISBN 13 : 9781872452166
Total Pages : 92 pages
Book Rating : 4.4/5 (521 download)

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Book Synopsis Takeovers and Short-termism in the UK by : A. D. Cosh

Download or read book Takeovers and Short-termism in the UK written by A. D. Cosh and published by Institute for Public Policy Research. This book was released on 1990 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Routledge Companion to Management Buyouts

Author : Mike Wright
Publisher : Routledge
ISBN 13 : 1351862537
Total Pages : 624 pages
Book Rating : 4.3/5 (518 download)

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Book Synopsis The Routledge Companion to Management Buyouts by : Mike Wright

Download or read book The Routledge Companion to Management Buyouts written by Mike Wright and published by Routledge. This book was released on 2018-09-03 with total page 624 pages. Available in PDF, EPUB and Kindle. Book excerpt: Management Buyouts (MBOs) first came to prominence in the US during the early 1980s, and have subsequently become a global phenomenon and a highly significant transaction within the corporate restructuring landscape Although much recent attention has focused on private equity (PE) backed buyouts, these are only a subset of the total MBO market. The Routledge Companion to Management Buyouts takes a much broader definition, reviewing the current state of research and theory and where further developments are likely to occur and incorporating PE and non-PE backed buyouts, as well as variations such as management buy-ins and management-employee buyouts. It goes beyond the purely financial perspective, exploring the many different aspects of management buyouts and incorporating related disciplines including strategy, organizational change, and HRM providing the first truly comprehensive authoritative resource on the topic. Expertly edited, and drawing on international scholarship, this unique volume will be an invaluable sourcebook on MBOs for researchers and advanced students as well as those interested in the broader areas of corporate restructuring and ownership change.

APAIS 1999: Australian public affairs information service

Author :
Publisher : National Library Australia
ISBN 13 :
Total Pages : 1220 pages
Book Rating : 4./5 ( download)

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Book Synopsis APAIS 1999: Australian public affairs information service by :

Download or read book APAIS 1999: Australian public affairs information service written by and published by National Library Australia. This book was released on with total page 1220 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Merger Arbitrage

Author : Thomas Kirchner
Publisher : John Wiley & Sons
ISBN 13 : 1118736664
Total Pages : 528 pages
Book Rating : 4.1/5 (187 download)

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Book Synopsis Merger Arbitrage by : Thomas Kirchner

Download or read book Merger Arbitrage written by Thomas Kirchner and published by John Wiley & Sons. This book was released on 2016-03-29 with total page 528 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mitigate risk and increase returns with an alternative hedge fund strategy Merger Arbitrage: How to Profit from Event-Driven Arbitrage, Second Edition is the definitive guide to the ins and outs of the burgeoning merger arbitrage hedge fund strategy, with real-world examples that illustrate how mergers work and how to take advantage of them. Author Thomas Kirchner, founder of the Pennsylvania Avenue Event-Driven Fund, discusses the factors that drove him to invest solely in merger arbitrage and other event-driven strategies, and details the methods used to incorporate merger arbitrage into traditional investment strategies. And while there is always a risk that a deal will fall through, the book explains how minimal such risks really are when the potential upside is factored in. Early chapters of the book focus on the basics of the merger arbitrage strategy, including an examination of mergers and the incorporation of risk into the arbitrage decision. Following chapters detail deal structures, financing, and legal aspects to provide the type of in-depth knowledge required to execute an effective investment strategy. The updated second edition stresses new, increasingly relevant information like: Worldwide legal deal regimes UK takeover code UK takeover code global offspring Regulators around the world The book provides clear, concise guidance on critical considerations including leverage and options, shorting stocks, and legal recourse for inadequate merger consideration, allowing readers to feel confident about trying a new investment strategy. With simple benefits including diversification of risk and return streams, this alternative hedge fund strategy has a place in even the most traditional plan. Merger Arbitrage: How to Profit from Event-Driven Arbitrage, Second Edition provides the information that gives investors an edge in the merger arbitrage arena.

CIMA Official Learning System Enterprise Strategy

Author : Neil Botten
Publisher : Elsevier
ISBN 13 : 1856177823
Total Pages : 709 pages
Book Rating : 4.8/5 (561 download)

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Book Synopsis CIMA Official Learning System Enterprise Strategy by : Neil Botten

Download or read book CIMA Official Learning System Enterprise Strategy written by Neil Botten and published by Elsevier. This book was released on 2009-07-18 with total page 709 pages. Available in PDF, EPUB and Kindle. Book excerpt: CIMA Official Learning Systems are the only textbooks recommended by CIMA as core reading. Written by the CIMA examiners, markers and lecturers, they specifically prepare students to pass the CIMA exams first time. Fully updated to reflect the 2010 syllabus, they are crammed with features to reinforce learning, including: - step by step coverage directly linked to CIMA's learning outcomes - fully revised examples and case studies - extensive question practice to test knowledge and understanding - integrated readings to increase understanding of key theory - colour used throughout to aid navigation * The Official Learning systems are the only study materials endorsed by CIMA * Key sections written by former examiners for the most accurate, up-to-date guidance towards exam success * Complete integrated package incorporating syllabus guidance, full text, recommended articles, revision guides and extensive question practice

The Handbook of Mergers and Acquisitions

Author : David Faulkner
Publisher : OUP Oxford
ISBN 13 : 0191628042
Total Pages : 1030 pages
Book Rating : 4.1/5 (916 download)

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Book Synopsis The Handbook of Mergers and Acquisitions by : David Faulkner

Download or read book The Handbook of Mergers and Acquisitions written by David Faulkner and published by OUP Oxford. This book was released on 2012-06-07 with total page 1030 pages. Available in PDF, EPUB and Kindle. Book excerpt: With its inception at the end of the nineteenth century as a means of consolidation and reorganization, mergers and acquisitions (M&A) have since become quasi-institutionalized as one of the primary strategic options for organizations, as they seek to secure their position in an ever more competitive and globalizing market place. Despite the optimism surrounding M&A as strategic moves, research on post-merger company performance suggests that most firms engaging in M&A activity do not achieve the sought-after performance targets, either immediately or in the years following the deal. What is it that drives M&A activity when research results do not support the performance expectations of these undertakings? Alternatively, have M&A scholars got it all wrong in the way that M&A performance is measured? Is the topic too complex, enduring, and multifaceted to study? The Handbook argues that the field of M&A is in need of a re-rooting: past research needs to be critically reviewed, and fundamental assumptions revisited. A key issue preventing efforts in the practice and study of M&A from achieving dynamic syntheses has been the disciplinary gulf separating strategy, finance, and human relations schools. The Handbook aims to bridge the hitherto separate disciplines engaged in the study and practice of M&A to provide more meaningful results. Toward this end, the Handbook brings together a set of prominent and emerging scholars and practitioners engaged in the study of M&A to provide thought-provoking, state of the art overviews of M&A through four specific 'lenses' - strategic, financial, socio-cultural, and sectorial approaches. By summarizing key findings in current research and exploring ways in which the differing approaches could and should be 'synthesized', it aims to highlight the key issues facing M&A practitioners and academics at the dawn of the third millennium.

The Merger Mystery

Author : Geoff Meeks
Publisher : Open Book Publishers
ISBN 13 : 1800647824
Total Pages : 108 pages
Book Rating : 4.8/5 (6 download)

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Book Synopsis The Merger Mystery by : Geoff Meeks

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.

ACCA F9 Financial Management

Author : BPP Learning Media
Publisher : BPP Learning Media
ISBN 13 : 1472727568
Total Pages : 530 pages
Book Rating : 4.4/5 (727 download)

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Book Synopsis ACCA F9 Financial Management by : BPP Learning Media

Download or read book ACCA F9 Financial Management written by BPP Learning Media and published by BPP Learning Media. This book was released on 2015-04-30 with total page 530 pages. Available in PDF, EPUB and Kindle. Book excerpt: BPP Learning Media's status as official ACCA Approved Learning Provider - Content means our ACCA Study Texts and Practice & Revision Kits are reviewed by the ACCA examining team. BPP Learning Media products provide you with the exam focussed material you need for exam success.