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Mergers And Acquisitions In The Us Telecommunications Industry An Empirical Analysis Of Diversification Strategies Influencing Factors And Their Performance Implications
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Book Synopsis Mergers and Acquisitions in the U.S. Telecommunications Industry - An Empirical Analysis of Diversification Strategies, Influencing Factors and Their Performance Implications by : Alexandre Robert Mounier
Download or read book Mergers and Acquisitions in the U.S. Telecommunications Industry - An Empirical Analysis of Diversification Strategies, Influencing Factors and Their Performance Implications written by Alexandre Robert Mounier and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The telecommunications industry is among the most dynamic industries in terms of mergers and acquisitions activity. Yet, only few studies have been concerned with the particular challenges and dynamics telecommunications firms face when engaging in takeover activity. This thesis addresses this gap and contributes to existing re- search by investigating influencing factors and their performance implications for mergers and acquisitions in the U.S. telecommunications industry. The analysis is conducted using a five-day event study methodology based on abnormal returns in combination with ordinary least squares and weighted least squares regressions. The evidence obtained suggests that on average, related acquisitions are expected to out- perform unrelated acquisitions with an underlying U-shaped pattern, and acquirer experience and acquisition timing also exhibit a curvilinear linkage to market expectations about firm performance. The results of this thesis emphasize the importance for managers to consider the particular setting of their acquisitions along with the need to clearly communicate how an acquisition fits into an overall corporate strategy, and how it is to be evaluated with respect to the competitive positioning of the firm.
Book Synopsis Analysis and Evaluation of Success Factors and Synergistic Effects in M&A Transactions in the Technology, Media and Telecommunication Industry by : Anonym
Download or read book Analysis and Evaluation of Success Factors and Synergistic Effects in M&A Transactions in the Technology, Media and Telecommunication Industry written by Anonym and published by Grin Publishing. This book was released on 2017-08-30 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bachelor Thesis from the year 2017 in the subject Business economics - Investment and Finance, grade: 1, language: English, abstract: Mergers and acquisitions are one of the most used opportunities to combine businesses and achieve growth inorganically, despite a high failure rate. The main motive during transactions is the realization of synergies. To achieve those synergies, the mechanisms of those effects need to be evoked by certain success factors during the post-merger integration. A post-merger integration that is executed incorrectly is one of the main reasons why transactions go fail and synergies are not achieved. This thesis will examine synergies and success factors for the post-merger integration of mergers and acquisitions in the technology, media and telecommunication industry, focusing on the acquisition of Time Warner Inc. by AT&T Inc. The technology, media and telecommunication industry is currently flourishing, which is evidenced by an increasing number of transactions. Nevertheless, wireless and mobile giants like AT&T are under huge pressure in their traditional barriers of business and therefore depend on a new strategy to diversify outside their traditional barriers of business. For this purpose, AT&T aims at generating further growth in the video and entertainment market through the acquisition of Time Warner. AT&T would not only increase their growth but they would also build up a second foothold since their traditional business is stagnating. AT&T will become the leader in converging technology, media and telecommunication.
Book Synopsis The Impact of Mergers on Performance in the US Telecommunications Industry, 1988 to 2001 by : Sumit K. Majumdar
Download or read book The Impact of Mergers on Performance in the US Telecommunications Industry, 1988 to 2001 written by Sumit K. Majumdar and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mergers and acquisitions in the Telecommunications industry have become a distinctive trend of the U.S. economy, with steady consolidation of carriers to head off or take on the competition. While the wealth effects of mergers have been extensively analyzed in prior literature, previous studies fail to correctly relate the causes of such phenomena to ex-post performance. This study elaborates on the consequences of mergers and acquisitions in the telecommunications industry using statistics of communications common carriers for the period 1988 to 2001. Using a dynamic panel data analysis estimation technique - Arellano-Bond (1991) estimation -, which outperforms the event studies methodology used predominantly in prior research, we examine the synergistic effects and success factors of mergers over time with an exhaustive set of financial, operational and technological performance measures that capture profitability, growth, efficiency, productivity, economies of scale and scope, and technology progressiveness. We control for critical periods that constitute structural shift in telecommunications merger and acquisitions activity, and account for many mergers with huge welfare implications. The results of this study will serve to project the future structure of the telecommunications industry. We find significant evidence that mergers are followed by substantial deterioration in profitability and operational performance, in addition to a significant decrease in the investment on new technology.
Book Synopsis The Performance Consequences of Mergers and Acquisitions in the U.S. Telecommunications Industry by : Ulku Yaylacicegi
Download or read book The Performance Consequences of Mergers and Acquisitions in the U.S. Telecommunications Industry written by Ulku Yaylacicegi and published by . This book was released on 2005 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The performance consequences of mergers and acquisitions in the United States telecommunications industry by : Ulku Yaylacicegi
Download or read book The performance consequences of mergers and acquisitions in the United States telecommunications industry written by Ulku Yaylacicegi and published by . This book was released on 2005 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Quest for Efficiency by : Sumit K. Majumdar
Download or read book Quest for Efficiency written by Sumit K. Majumdar and published by . This book was released on 2009 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: We evaluate the impact of the various mergers of the local exchange companies that took place between 1988 and 2001 on several measures of performance of the firms that have undergone the mergers. Our analysis reveals that relative cash flows decrease after mergers, the pattern of accompanying sales growth is ambiguous and driven by increased market presence while the impact of mergers on the measures of efficiency and synergy are negative. If the efficiency motive is primary in influencing merger approval, then the past mergers approved have led to inefficiencies and welfare losses for the American consumer and the mergers of communication common carriers have not been in the public interest. On the other hand, given the inefficiency outcomes views that the quiet life, hubris and a quest for possible market power have motivated the mergers cannot be discarded.
Author :United States. Congress. Senate. Committee on Commerce, Science, and Transportation Publisher : ISBN 13 : Total Pages :88 pages Book Rating :4.:/5 (51 download)
Book Synopsis Mergers in the Telecommunications Industry by : United States. Congress. Senate. Committee on Commerce, Science, and Transportation
Download or read book Mergers in the Telecommunications Industry written by United States. Congress. Senate. Committee on Commerce, Science, and Transportation and published by . This book was released on 2002 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :United States. Congress. House. Committee on Energy and Commerce. Subcommittee on Telecommunications and Finance Publisher : ISBN 13 : Total Pages :196 pages Book Rating :4.F/5 ( download)
Book Synopsis Impact of Mergers and Acquisitions by : United States. Congress. House. Committee on Energy and Commerce. Subcommittee on Telecommunications and Finance
Download or read book Impact of Mergers and Acquisitions written by United States. Congress. House. Committee on Energy and Commerce. Subcommittee on Telecommunications and Finance and published by . This book was released on 1987 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Empirical Essays on Mergers and Regulation in the Telecommunications Industry by :
Download or read book Three Empirical Essays on Mergers and Regulation in the Telecommunications Industry written by and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This empirical dissertation consists of three essays on mergers and regulation in the U.S. telecommunications industry. An abstract for each of the three essays follows. Essay 1: This study has attempted to measure the productivity growth associated with 25 incumbent local exchange carriers (ILECs) over the period 1996-2005 using a Malmquist productivity index. The average efficiency scores for our sample companies have not changed significantly between 1996 and 2005, which indicates that the average ILECs shows no measurable improvement in terms of optimizing their input-output combinations over time. We find some empirical evidence of a positive merger effect, although this effect diminishes over time. In addition, we find that non-merged firms underperform in terms of average productivity growth. Essay 2: This study analyzes the merger effects for 25 ILECs over the period 1996-2005 using stochastic frontier analysis with a time-varying inefficiency model. In addition, we conduct a comparison of indices between the stochastic frontier analysis and the Malmquist index method. The empirical results indicate that the sample of telecommunications firms has experienced deterioration in average productivity growth following the mergers. In addition, both approaches suggest that firms that do not merge underperform in terms of average productivity growth. Essay 3: This essay investigates whether the substitution of price cap regulation (PCR), along with other regulatory regimes, for traditional rate of return regulation (RRR) has had a measurable effect on productivity growth in the U.S. telecommunications industry. A stochastic frontier approach, which differs from previous studies, is employed to compute efficiency change, technological progress, and productivity growth for 25 LECs over the period 1988-1998. By examining the relationship between the change in productivity growth and regulatory regime variables, while controlling for other effects, we find that PCR and other regulatory regimes have a positive effect on productivity growth. However, only PCR has a significant and positive effect in both contemporaneous and lagged model specifications.
Book Synopsis Mergers and Competition in the Telecommunications Industry by : United States. Congress. Senate. Committee on the Judiciary
Download or read book Mergers and Competition in the Telecommunications Industry written by United States. Congress. Senate. Committee on the Judiciary and published by . This book was released on 1997 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Estimating the Efficiency Effects of U.S. Telecommunications Mergers by : Nakil Sung
Download or read book Estimating the Efficiency Effects of U.S. Telecommunications Mergers written by Nakil Sung and published by . This book was released on 2003 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper attempts to examine the effects of two horizontal mergers between Baby Bells, the SBC-Pacific Telesis merger and the Bell Atlantic-Nynex merger, on the performance of the respective operating companies. The effects of the mergers are investigated by comparing the performance of the merging companies with a control group of non-merging companies and also, the performance of the merging companies before and after merger. The comparisons are made on total factor productivity (TFP) change, shifts in the total cost function and shareholder returns. In addition, the estimation of total cost functions provides estimates for economies of scale and scope, which are often cited as one of the main drivers for mergers. The empirical analysis is carried out with annual data for 38 operating companies over the period 1991-2000.One of the main results is that while in terms of shareholder returns merged holding companies slightly outperformed non-merged companies for a short-period, this small gain soon disappeared. There was no significant increase in TFP for merged companies before and after merger and also, no systematic difference in TFP between merged and non-merged companies. The TFP regressions show that mergers have a negative or zero impact on TFP. Moreover, the cost analysis indicates that mergers might have even increased total costs. We control for demand fluctuations, the state of technology and two policy variables (regulation and competition) in both the productivity and the cost analysis. Finally, no economies of scale and scope are identified. Based on all these findings, the paper suggests that mergers between large Baby Bells did not produce net economies of scale and did not lead to substantial productivity growth.
Book Synopsis Financing, Mergers & Acquisitions in the Telecommunications Industry by : Stephen E. Jacobs
Download or read book Financing, Mergers & Acquisitions in the Telecommunications Industry written by Stephen E. Jacobs and published by . This book was released on 1997 with total page 470 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Mergers and Efficiency by : Susanne Trimbath
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.
Book Synopsis Comprehensive Dissertation Index by :
Download or read book Comprehensive Dissertation Index written by and published by . This book was released on 1989 with total page 978 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :United States. Congress. Senate. Committee on the Judiciary. Subcommittee on Antitrust, Competition Policy, and Consumer Rights Publisher : ISBN 13 : Total Pages :98 pages Book Rating :4.0/5 (14 download)
Book Synopsis SBC/ATT and Verizon/MCI Mergers by : United States. Congress. Senate. Committee on the Judiciary. Subcommittee on Antitrust, Competition Policy, and Consumer Rights
Download or read book SBC/ATT and Verizon/MCI Mergers written by United States. Congress. Senate. Committee on the Judiciary. Subcommittee on Antitrust, Competition Policy, and Consumer Rights and published by . This book was released on 2005 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Merger Arbitrage by : Elizabeth Barrett
Download or read book Merger Arbitrage written by Elizabeth Barrett and published by . This book was released on 2024 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Merger arbitrage is an investment strategy that profits from price convergences resulting from corporate events, specifically mergers and acquisitions (M&A). This thesis explores the intricacies of merger arbitrage, focusing on its potential for achieving risk-adjusted returns in advanced financial markets. By examining the theoretical framework of merger arbitrage, this study seeks to explain the mechanics of the strategy and the factors that influence its profitability. A comprehensive empirical analysis of select companies is conducted to evaluate their financial performance following merger announcements. Furthermore, the study sheds light on the impact of M&A events on the stock prices and Cumulative Abnormal Returns (CARs) of target and acquiring firms, which were found through an event study. The analysis uncovers notable variations among target companies, further providing insights into market reactions following merger announcements. A detailed case study of Miromatrix Medical Inc. (MIRO) and Hawaiian Holdings Inc. (HA) provides an understanding of the dynamics of M&A transactions and their implications for involved stakeholders. Overall, this thesis seeks to contribute to the vast existing body of literature on merger arbitrage by offering empirical evidence and insightful analyses of real-world merger events.
Book Synopsis Mergers and Investments in the Wireless Industry by : Evgeni Drynkin
Download or read book Mergers and Investments in the Wireless Industry written by Evgeni Drynkin and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation studies the U.S. wireless telecommunications industry. I propose a novel model, which I then estimate. I analyze potential counterfactual results in the first chapter of my dissertation. Second (joint with Nick Doudchenko) and third (joint with Dmitry Arkhangelsky and Lanier Benkard) chapters develop methodology that is necessary for the estimation of the models alike the one analyzed in the first chapter. The first chapter studies the outcomes of a hypothetical T-Mobile/Sprint and AT& T/T-Mobile mergers in the U.S. wireless telecommunications industry. I propose a model in which consumers trade off price and network coverage, so firms have to compete on both price and investment. The key finding is that had T-Mobile and Sprint merged in 2009, consumers would have benefited from expanded network coverage. The two firms would have increased profits due to less duplication on the investment side. An acquisition of T-Mobile by AT& T, on the other hand, would have harmed consumers because it would not have resulted in better coverage. Additionally, the outcomes of the T-Mobile/Sprint merger vary across geographic areas. Markets with high population density or flat terrain typically have a strong initial Sprint or T-Mobile presence, and would therefore experience lower, often negative, changes in consumer surplus as a result of the merger. Conversely, markets where the merging parties struggle to enter separately, mainly those with lower population density and harder to cover terrain, benefit more because the merger would diversify carrier choices. In the second chapter we propose a new method of estimation for discrete choice demand models when individual level data are available. The method employs a two-step procedure. Step 1 predicts the choice probabilities as functions of the observed individual level characteristics. Step 2 estimates the structural parameters of the model using the estimated choice probabilities at a fixed point and the moment restrictions. In essence, the method uses nonparametric approximation (followed by) moment estimation. Hence the name--NAME. We use simulations to compare the performance of NAME with the standard methodology. We find that our method delivers an improved precision as well as a substantially faster convergence time. We supplement the analysis by providing the large sample properties of the proposed estimator. In the third chapter we investigate the finite sample properties of iterative two-step procedures. We show how iterations of the fixed point equation might reduce the first-order bias in the problem. Based on this, we propose a new iterative estimator that works in games and achieves fully parametric properties even if the initial first stage estimator is not accurate. The estimator has several appealing properties such as bias reduction, stability, and computational feasibility. Some known results, such as iterative estimators by policy function iterations in the single agent dynamic discrete choice models Aguirregabiria and Mira (2002) or recursive projections methods from Kasahara and Shimotsu (2009) are special cases of our corrected procedure. We test the performance of our estimator in several examples via simulations.
