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Author : Ling Cai
Publisher :
ISBN 13 :
Total Pages : 242 pages
Book Rating : 4.:/5 (155 download)
Download or read book Long-term Abnormal Operating Performance of Acquiring Firms After Mergers and Acquisitions written by Ling Cai and published by . This book was released on 2001 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Malwina Woznik
Publisher : GRIN Verlag
ISBN 13 : 3656475709
Total Pages : 115 pages
Book Rating : 4.6/5 (564 download)
Download or read book The Impact of Merger and Acquisition Activities on Corporate Performance Measured on an Accounting and Market Base written by Malwina Woznik and published by GRIN Verlag. This book was released on 2013-08-07 with total page 115 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2013 in the subject Business economics - Controlling, grade: 1,3, University of Cologne (Seminar für allgemeine BWL und Controlling), language: English, abstract: “Warren Buffett swallows Heinz: Sauce for the sage” – a typical takeover announcement was published lately on 14th February 2013. Warren Buffett, a well known inves tor, acquired along with the financial investor 3G Capital the H. J. Heinz Company for $ 28 billion. This is likely to become the largest transaction in the food industry. The company's stock price rose more than 20.0 percent after the publication which is a very characteristic reaction to deal announcements. Hence, the important question is, if transactions, such as the takeover of the H. J. Heinz Company, affect the corporate performance consistently. In general, the core idea about mergers and acquisitions (M&A) is to generate additional future growth if for example organic growth is limited. If two companies merge or a target is bought by another company (the acquirer), shareholders believe in synergy effects. These are revenue enhancements, cost reductions, tax gains and reduced capital requirements leading to business growth and thus to a higher value of the new company. However, it is questionable if this theory can also be experienced in the real world. Ever since the effects of M&A have been analysed, the market of the United States (US) was used as data source. This is plausible due to the fact that the very first information was well recorded for US companies. It is remarkable that literature contributes very little research on Europe, although the number of announced European transactions is comparable to those of the US. For example, in 2007 the European deals volume overtook the one from the United States of America (USA) for the first time. Moreover, research on single European countries almost never exists or only rarely. One exception is the United Kingdom (UK) with an early takeover history beginning in the 1960s. However, European countries should be analysed separately because of its high diversity regarding the accounting framework, the corporate governance or the legal and regulation structure. For instance, Germany is characterised by conservative accounting principles and a high regulation by the banking sector. These issues may also influence the M&A decision making process.
Author : Neelam Rani
Publisher : Springer
ISBN 13 : 9811022038
Total Pages : 277 pages
Book Rating : 4.8/5 (11 download)
Download or read book Mergers and Acquisitions written by Neelam Rani and published by Springer. This book was released on 2016-09-15 with total page 277 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book examines the market reaction to mergers and acquisitions (M&A) announcements over a period from 2003 to 2015. Mergers and acquisitions continue to be amongst the preferred competitive options available to the companies seeking to grow fast in the rapidly changing global business scenario. M&A as a growth strategy has received attention from developed as well as emerging economies. It has been extensively used by managers as an expansion strategy and also serves as an important instrument for increasing corporate efficiency. Recently, M&A has grown at a rapid pace, creating a need for research to analyze what drives this phenomenon and how it affects firms and markets. As such, this book evaluates the impact of M&A on short-term abnormal returns as well long-term financial performance. It also assesses the management view concerning the motives for undertaking M&A. In addition, the book investigates the corporate governance practices of the acquiring firms and their impact on the short- term as well as long- term performance of those firms.
Author : Paul M Healy
Publisher : Legare Street Press
ISBN 13 : 9781021498649
Total Pages : 0 pages
Book Rating : 4.4/5 (986 download)
Download or read book Does Corporate Performance Improve After Mergers? written by Paul M Healy and published by Legare Street Press. This book was released on 2023-07-18 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the phenomenon of corporate mergers and the impact they have on performance. Drawing on extensive research and case studies, the authors explore the conditions under which mergers are most likely to succeed and offer guidance to managers looking to pursue a merger strategy. This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work is in the "public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Author : Jan-Peer Laabs
Publisher : Springer Science & Business Media
ISBN 13 : 3834994898
Total Pages : 213 pages
Book Rating : 4.8/5 (349 download)
Download or read book The Long-Term Success of Mergers and Acquisitions in the International Automotive Supply Industry written by Jan-Peer Laabs and published by Springer Science & Business Media. This book was released on 2009-08-12 with total page 213 pages. Available in PDF, EPUB and Kindle. Book excerpt: Based on a sample of 230 M&A between 1981 and 2007, Jan-Peer Laabs challenges the short-term return behavior of acquirers in this industry in contrast to their long-term performance based on capital market and financial accounting information. A clearly negative yet consistent perspective on the long-term value creation potential emerges across the different empirical analyses. An additional case study on the takeover of Siemens VDO by Continental AG offers a number of valuable key success factors and insights on how to evade the negative return destiny.
Author : Greg N. Gregoriou
Publisher : Elsevier
ISBN 13 : 008054732X
Total Pages : 321 pages
Book Rating : 4.0/5 (85 download)
Download or read book International Mergers and Acquisitions Activity Since 1990 written by Greg N. Gregoriou and published by Elsevier. This book was released on 2007-06-29 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is now a well-know fact that mergers and acquisitions activity comes in waves. The most recent wave, the 5th takeover wave of the 1990s, was characterized by an unprecedented number of corporate restructurings in terms of mergers and acquisitions (M&As), public-to-private transactions, spin-offs and divestitures, and leveraged recapitalizations. Following the collapse of the stock market in March 2000, M&A activity slumped dramatically, but this pause ended in the second half of 2004 when takeover deals occurred again quite frequently. Indeed, some observers wonder whether the 6th takeover wave has started. The takeover wave in the 1990s was particularly remarkable in terms of size and geographical dispersion. For the first time, Continental European firms were as eager to participate as their US and UK counterparts, and M&A activity in Europe hit levels similar to those experienced in the US. Due to its financial impact and the unprecedented activity in Continental Europe, the 5th takeover wave of the 1990s and recent takeover activity (in biotech, utilities, pharmaceuticals) have triggered a great deal of interesting academic research. This volume brings together a selection of insightful papers. An impressive group of international authors address the following themes: takeover regulation; the cyclical pattern of the M&A markets and probable causes and effects; methods to determine the performance of success of M&A actions; cross border deals; means of payment and its effects; studies of hostile bids; high leverage takeovers and delistings. *A selection of the best and latest quantitative research on M&A activity worldwide*Impressive collection of international authors*Provides important insights and implications for practitioners
Author : Dieter Bernhardt Halfar
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (956 download)
Download or read book The Effect of Mergers and Acquisitions on Long-run Financial Performance of Acquiring Companies written by Dieter Bernhardt Halfar and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Mergers and acquisitions continue to enjoy importance as strategies for achieving growth, although their success in creating shareholder value remains contested. The aim of this research was to evaluate whether, in the long-run, acquiring companies created or destroyed value by evaluating the differences between pre- and post-acquisition firm performance, using, abnormal share price performance, operating financial performance and intrinsic value performance metrics. This research used a non-representative, judgemental sample of 29 JSE listed firms to conclude that, on average, mergers and acquisitions destroy value within two years post-acquisition, although some evidence was found in support of acquiring firm value creation in the third year after the acquisition. Results indicated a significant -6.62% decline in acquiring firm average cumulative average abnormal return (ACAAR) between 504 trading days before and after acquisition announcement dates. This finding reversed in year three, resulting in a positive ACAAR of 8.76%. Similarly, average intrinsic value (AIV) performance indicated that between one year before and one year after the acquisition, AIV deteriorated with a significant -0.131. However, between year one and two after the acquisition, AIV recovered by 0.112. Overall evidence indicated positive and significant AIV growth of 0.370 between one year before and three years after the acquisition. The research found insignificant results for the pre and post-acquisition evaluation of industry-adjusted cash-flow return on all assets (IACRAA).
Author : Tze-Yu Yen
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)
Download or read book Long Term Operating Performance of Acquiring Firms in Emerging Markets written by Tze-Yu Yen and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper determines the effect of ownership structure, governance mechanisms, and legal systems on long term operating performance of acquiring firms in emerging countries. The current work investigates the performance of sixty-nine merger and acquisition deals in emerging market countries. The major finding is that the acquiring firms with controlling shareholders (especially holding ownership between 25%-30%) improve post acquisition operating performance over three years after transaction. Board composition indexes for acquiring firms in emerging countries are more influential to post acquisition performance than those of CEO position and block-holders. Value creating deals associate with higher quality accounting standards and superior investor protection of emerging market countries. Too strong legal enforcement seemingly leads to greater value destruction, and legal origin has a varying influence on corporate performance. However, significant superior investment performance does not exist in acquiring firms from emerging countries classified as English legal origin but in those classified as German legal origin.
Author : Marina Vladimirovna Martynova
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (15 download)
Download or read book The Long-term Operating Performance of European Mergers and Acquisitions written by Marina Vladimirovna Martynova and published by . This book was released on 2006 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mohammed Ibrahimi
Publisher : John Wiley & Sons
ISBN 13 : 1786303450
Total Pages : 260 pages
Book Rating : 4.7/5 (863 download)
Download or read book Mergers & Acquisitions written by Mohammed Ibrahimi and published by John Wiley & Sons. This book was released on 2018-08-14 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book deals with corporate mergers and acquisitions by analyzing the financial and strategic aspects. It starts with a chronological justification of the evolution of external growth operations and ends with case studies in order to put into practice the theoretical contribution of the previous titles. Through this book, we wish to detail the types of mergers and acquisitions, their modes, their motivations, their consequences and their performances. First of all, we propose a panoply of scientific research, methodological explanations and logical structuring to expose a subject of experience considered for a long time as a phenomenon in finance. Then, through a sample of 90 mergers or acquisitions, we analyze the effects of these transactions on French companies.
Author : Allan Eberhart
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book The Measurement of Operating Performance Following Corporate Acquisitions written by Allan Eberhart and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine a sample of 1,175 firms following their acquisition of another firm. Consistent with previous work, we measure the operating performance of these firms in event-time, and find that they experience significantly positive abnormal operating performance subsequent to their acquisition. When we measure their abnormal operating performance in calendar-time, however, we find that our sample firms' abnormal operating performance is insignificant. In short, we find that the standard event-time measures of abnormal operating performance overstate the benefits of corporate acquisitions.
Download or read book Performance Implications of Participating in an Industry Merger Wave written by and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In this thesis the performance implications for acquirers participating in an industry merger wave were studied from a short-term and long-term perspective. In line with findings from previous research, it was observed that acquisition performance tends to decrease over the course of an industry merger wave while following a U-shaped pattern, which indicates that acquisition performance is lowest at the peak of an industry merger wave but slightly improves thereafter. These findings were confirmed using both short-term abnormal returns and long-term industry-adjusted returns. Thus, with respect to the performance implications associated with the relative position of an acquisition within a wave, it appears that there exists a strong link between market expectations formed immediately after the announcement of a deal and firms' long-term stock performance, a link which has generally been debated in mergers and acquisitions research. Additionally, as in the study of McNamara, Haleblian, and Dykes (2008), potential moderating effects on acquisition performance related to industry and firm characteristics were analyzed. While not all of these moderating effects showed consistent results across all alternative performance measures, a newly introduced variable based on acquisition rhythm was identified to be significant in both the short-term and long-term models, which provided evidence that the variability in acquisition rate seems to be an influential factor for acquisition performance in the context of industry merger waves. After rerunning all models on a more recent dataset covering ten new industry merger waves between 2001 and 2012, it was found that surprisingly few of the initially identified effects could be reconfirmed.
Author : Shantanu Dutta
Publisher :
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.:/5 (129 download)
Download or read book The Long Term Performance of Acquiring Firms written by Shantanu Dutta and published by . This book was released on 2007 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we investigate the long-term stock return performance of Canadian acquiring firms in the post event period by using 1300 Mamp;A events between 1993-2002 period. We use both event-time and calendar-time approach and conduct robustness tests for benchmarks, methodological choices, statistical techniques and other related factors such as payment methods. We also assess the role of governance variables. Contrary to stylized facts reported in the U.S. studies, we do not find negative abnormal long-term abnormal returns for the acquirer following an acquisition event.
Author : Dima Leshchinskii
Publisher :
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.:/5 (129 download)
Download or read book Can Firms Learn to Acquire? The Impact of Post-Acquisition Decisions and Learning on Long-Term Abnormal Returns written by Dima Leshchinskii and published by . This book was released on 2008 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: The objective of this paper is to study empirically how post-acquisition decisions and learning from previous acquisition experience affect the long-term performance of acquiring firm. Using financial, accounting and questionnaire response data, we investigate the post-acquisition long-term performance of 47 US bank holding companies that executed 320 acquisitions in the 1986-1995 period and compare it with their competitors' performance. Applying a long-term event study methodology, we regress measures of abnormal financial performance on a set of explanatory variables, which include measures of post-acquisition decisions, such as the degree of integration of the target within the acquirer's structure and the replacement of the top management team, as well as approximations of the acquirer's capability to implement the integration process.We find that prior acquisition experience per se does not improve post-acquisition performance, but the degree to which acquirers articulate and codify their experience in ad-hoc tools significantly affects long-term performance. Furthermore, a high level of integration of the target within the acquirer's organization improves long-term performance, whereas the replacement of top management worsens it. Also, increasing levels of integration enhance the positive impact of knowledge codification processes. Finally, experiential and deliberate learning are substitutive mechanisms for learning, rather than complements.
Author : John C. Coffee
Publisher : Oxford University Press
ISBN 13 : 0195364554
Total Pages : 562 pages
Book Rating : 4.1/5 (953 download)
Download or read book Knights, Raiders, and Targets written by John C. Coffee and published by Oxford University Press. This book was released on 1988 with total page 562 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Fadi Sami Chlah
Publisher :
ISBN 13 :
Total Pages : 98 pages
Book Rating : 4.:/5 (787 download)
Download or read book Merger and Acquisition Performance Measured Through a Characteristic-based Benchmark written by Fadi Sami Chlah and published by . This book was released on 2008 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt: Post- Merger and Acquisition stock performance has been extensively examined, an d results have been mixed. Anomalies in finance lead to imprecise results, espec ially for long-term performance measurements. Methodological errors, length of t ime and the use of improper control models or examined samples can be the result of the misinterpretation of the performance of firms engaging in merger or acqu isition deals. Market- and accounting-based studies of long-term stock performan ce yielded conflicting results; moreover, these studies have been subjected to c riticism for the use of improper methodologies. In this paper we used a new benchmark constructed initially by Daniel, K., Grinb latt, M., Titman, S., and Wermers, R. (1997), known as the characteristic-based benchmark. This benchmark is based on size, book-to-market ratio and momentum. T his allows measuring the abnormal performance with a characteristic-based approa ch that provides better estimates of expected returns than those provided by fac tor sensitivities analysis. We examined one- to five-year abnormal performance for overlapping and non-overl apping mergers; the abnormal returns for all the five years examined were negati ve. We found an overall severe underperformance for all bid characteristics with an increasing magnitude each year, reaching -45% for the five-year period. Ther eby, it seemed that investment by acquiring or merging with other firm(s) does n ot create any value to acquirers' shareholders, regardless of type and deal char acteristics.
Author :
Publisher :
ISBN 13 : 144573723X
Total Pages : 76 pages
Book Rating : 4.4/5 (457 download)
Download or read book written by and published by . This book was released on with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt:
