Product Market Synergies And Competition In Mergers And Acquisitions

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Product Market Synergies and Competition in Mergers and Acquisitions

Author : Gerard Hoberg
Publisher :
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Product Market Synergies and Competition in Mergers and Acquisitions by : Gerard Hoberg

Download or read book Product Market Synergies and Competition in Mergers and Acquisitions written by Gerard Hoberg and published by . This book was released on 2011 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine how product similarity and competition influence mergers and acquisitions and the ability of firms to exploit product market synergies through asset complementarities. Using novel text-based analysis of firm 10-K product descriptions, we find three key results. (1) Firms are more likely to enter mergers with firms whose language describing their assets is similar. (2) Transactions in competitive product markets with similar acquirer and target firms experience increased stock returns and real longer-term gains in cash flows and higher growth in their product descriptions. (3) These gains are higher when the target is less similar to the acquirer's closest rivals, and when firms have the potential for unique products. Our findings are consistent with firms merging and buying assets to exploit synergies and to create new products to increase product differentiation.

Product Market Synergies and Competition in Mergers and Acquisitions

Author : Gerard Hoberg
Publisher :
ISBN 13 :
Total Pages : 68 pages
Book Rating : 4.0/5 ( download)

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Book Synopsis Product Market Synergies and Competition in Mergers and Acquisitions by : Gerard Hoberg

Download or read book Product Market Synergies and Competition in Mergers and Acquisitions written by Gerard Hoberg and published by . This book was released on 2008 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine how product differentiation influences mergers and acquisitions and the ability of firms to exploit product market synergies. Using novel text-based analysis of firm 10K product descriptions, we find three key results. (1) Firms are more likely to enter restructuring transactions when the language describing their assets is similar to all other firms, consistent with their assets being more redeployable. (2) Targets earn lower announcement returns when similar alternative target firms exist. (3) Acquiring firms in competitive product markets experience increased profitability, higher sales growth, and increased changes in their product descriptions when they buy target firms that are similar to them and different from rival firms. Our findings are consistent with similar merging firms exploiting synergies to create new products and increase their product differentiation relative to ex-ante rivals.

Handbook of Corporate Finance

Author : Bjørn Espen Eckbo
Publisher : Elsevier
ISBN 13 : 0080488919
Total Pages : 559 pages
Book Rating : 4.0/5 (84 download)

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Book Synopsis Handbook of Corporate Finance by : Bjørn Espen Eckbo

Download or read book Handbook of Corporate Finance written by Bjørn Espen Eckbo and published by Elsevier. This book was released on 2007-05-21 with total page 559 pages. Available in PDF, EPUB and Kindle. Book excerpt: Judging by the sheer number of papers reviewed in this Handbook, the empirical analysis of firms’ financing and investment decisions—empirical corporate finance—has become a dominant field in financial economics. The growing interest in everything “corporate is fueled by a healthy combination of fundamental theoretical developments and recent widespread access to large transactional data bases. A less scientific—but nevertheless important—source of inspiration is a growing awareness of the important social implications of corporate behavior and governance. This Handbook takes stock of the main empirical findings to date across an unprecedented spectrum of corporate finance issues, ranging from econometric methodology, to raising capital and capital structure choice, and to managerial incentives and corporate investment behavior. 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. *The Handbooks in Finance series offers a broad group of outstanding volumes in various areas of finance *Each individual volume in the series should present an accurate self-contained survey of a sub-field of finance *The series is international in scope with contributions from field leaders the world over

Product Market Competition and Corporate Mergers and Acquisitions

Author : Yen-Chih Liu
Publisher :
ISBN 13 :
Total Pages : 258 pages
Book Rating : 4.:/5 (456 download)

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Book Synopsis Product Market Competition and Corporate Mergers and Acquisitions by : Yen-Chih Liu

Download or read book Product Market Competition and Corporate Mergers and Acquisitions written by Yen-Chih Liu and published by . This book was released on 2009 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Synergy in Mergers & Acquisitions

Author : Stefan Karenfort
Publisher : BoD – Books on Demand
ISBN 13 : 3844100350
Total Pages : 150 pages
Book Rating : 4.8/5 (441 download)

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Book Synopsis Synergy in Mergers & Acquisitions by : Stefan Karenfort

Download or read book Synergy in Mergers & Acquisitions written by Stefan Karenfort and published by BoD – Books on Demand. This book was released on 2011 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt: The creation of synergy, which is often illustrated as the "2+2=5-effect", is a dominant motive as well as a key success factor for Mergers & Acquisitions (M&A). Inadequate expectations with respect to the synergistic potential can however easily result in an overrated acquisition price. If the planned synergies later fail to materialize, it will be increasingly hard for the acquiring firm to achieve positive value gains for its shareholders. It is therefore vital to obtain a comprehensive understanding of the synergistic potential of a planned M&A project. This issue was addressed with a doctoral thesis investigating the underlying drivers of synergy realization, in particular the concept of business relatedness which describes the similarity of firm attributes, such as product-market presence, resource configuration and supply channel types. Using a quantitative hypothesis-testing survey design, more than 300 M&A consultants worldwide have been invited to evaluate past M&A transactions with respect to their synergistic effects. In contrast to earlier studies, the relatedness of the merging firms is established as a multi-dimensional concept considering various attributes of business relatedness simultaneously. The degree of relatedness is measured using managerial perceptions which is a comparatively new measurement approach transferred from diversification research to the field of M&A. The individual dimensions of relatedness show a different effectiveness concerning synergy realization providing further support to recent contributions which advocate a multi-dimensional conceptualization of business relatedness. The study identifies dimensions of business relatedness and their underlying drivers which are particularly relevant to predictions concerning the synergistic potential. The research project thus makes a valuable contribution to clarify the impact of relatedness on M&A performance and provides important implications for practitioners regarding the eval

Two Essays on Product Market Competition, Corporate Innovation, and Mergers and Acquisitions

Author : 陳翀
Publisher :
ISBN 13 :
Total Pages : 109 pages
Book Rating : 4.:/5 (112 download)

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Book Synopsis Two Essays on Product Market Competition, Corporate Innovation, and Mergers and Acquisitions by : 陳翀

Download or read book Two Essays on Product Market Competition, Corporate Innovation, and Mergers and Acquisitions written by 陳翀 and published by . This book was released on 2018 with total page 109 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Conglomerate Mergers and Market Competition

Author : John C. Narver
Publisher : Univ of California Press
ISBN 13 :
Total Pages : 172 pages
Book Rating : 4./5 ( download)

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Book Synopsis Conglomerate Mergers and Market Competition by : John C. Narver

Download or read book Conglomerate Mergers and Market Competition written by John C. Narver and published by Univ of California Press. This book was released on 1967 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Mergers in Innovative Industries

Author : Guillermo Marshall
Publisher :
ISBN 13 :
Total Pages : 30 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Mergers in Innovative Industries by : Guillermo Marshall

Download or read book Mergers in Innovative Industries written by Guillermo Marshall and published by . This book was released on 2016 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study how competition affects innovation (and welfare) when firms compete both in the product market and in innovation development. This relationship is complex and may lead to scenarios in which a lessening of competition increases R&D and consumer welfare in the long run, which is in contrast to arguments provided by antitrust agencies in recent merger cases. We provide conditions for when a merger increases industry innovation and when evaluating mergers based on static price effects is aligned with a fully dynamic merger evaluation. These conditions are based on properties of the product market payoffs.

Incorporating Dynamic Efficiency Concerns in Merger Analysis

Author : Richard J. Gilbert
Publisher :
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.3/5 ( download)

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Book Synopsis Incorporating Dynamic Efficiency Concerns in Merger Analysis by : Richard J. Gilbert

Download or read book Incorporating Dynamic Efficiency Concerns in Merger Analysis written by Richard J. Gilbert and published by . This book was released on 1994 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Handbook of the Economics of Corporate Governance

Author : Benjamin Hermalin
Publisher : Elsevier
ISBN 13 : 0444635408
Total Pages : 762 pages
Book Rating : 4.4/5 (446 download)

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Book Synopsis The Handbook of the Economics of Corporate Governance by : Benjamin Hermalin

Download or read book The Handbook of the Economics of Corporate Governance written by Benjamin Hermalin and published by Elsevier. This book was released on 2017-09-18 with total page 762 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Handbook of the Economics of Corporate Governance, Volume One, covers all issues important to economists. It is organized around fundamental principles, whereas multidisciplinary books on corporate governance often concentrate on specific topics. Specific topics include Relevant Theory and Methods, Organizational Economic Models as They Pertain to Governance, Managerial Career Concerns, Assessment & Monitoring, and Signal Jamming, The Institutions and Practice of Governance, The Law and Economics of Governance, Takeovers, Buyouts, and the Market for Control, Executive Compensation, Dominant Shareholders, and more. Providing excellent overviews and summaries of extant research, this book presents advanced students in graduate programs with details and perspectives that other books overlook. Concentrates on underlying principles that change little, even as the empirical literature moves on Helps readers see corporate governance systems as interrelated or even intertwined external (country-level) and internal (firm-level) forces Reviews the methodological tools of the field (theory and empirical), the most relevant models, and the field’s substantive findings, all of which help point the way forward

Research Handbook on Mergers and Acquisitions

Author : Claire A. Hill
Publisher : Edward Elgar Publishing
ISBN 13 : 1784711489
Total Pages : 497 pages
Book Rating : 4.7/5 (847 download)

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Book Synopsis Research Handbook on Mergers and Acquisitions by : Claire A. Hill

Download or read book Research Handbook on Mergers and Acquisitions written by Claire A. Hill and published by Edward Elgar Publishing. This book was released on 2016-09-30 with total page 497 pages. Available in PDF, EPUB and Kindle. Book excerpt: Global in scope and written by leading scholars in the field, the Research Handbook on Mergers and Acquisitions is a modern-day survey of the state of M&A. Its chapters explore the history of mergers and acquisitions and also consider the theory behind the structure of modern transaction documentation. The book also address other key M&A issues, such as takeover defenses; judges and practitioners' perspectives on litigation; the appraisal remedy and other aspects of Federal and state law, as well as M&A considerations in the structure of start-ups. This Handbook will be an invaluable resource for scholars, practitioners, judges and legislators.

Essays in Mergers and Acquisitions, Innovation and Product Markets

Author : Mosab Hammoudeh
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (135 download)

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Book Synopsis Essays in Mergers and Acquisitions, Innovation and Product Markets by : Mosab Hammoudeh

Download or read book Essays in Mergers and Acquisitions, Innovation and Product Markets written by Mosab Hammoudeh and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Chapter 2 titled "Seeking efficiency or price gouging? Evidence from pharmaceutical mergers," we show that pharmaceutical mergers are a response to ex-ante competitive pressure, and in turn, reduce product market competition. Although egregious drug price increases are not widespread, merger-induced reduction in competition does help prop up prices. We also find robust support for the efficiency perspective of mergers. Firms with a high product overlap are more likely to merge and mergers are followed by a decline in the price of drugs that are similar across the acquirer and target portfolios. This decline is likely due to efficiency gains in the R&D process and reduction in operating expenses.

The Value Killers

Author : Nuno Fernandes
Publisher : Springer
ISBN 13 : 3030122166
Total Pages : 102 pages
Book Rating : 4.0/5 (31 download)

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Book Synopsis The Value Killers by : Nuno Fernandes

Download or read book The Value Killers written by Nuno Fernandes and published by Springer. This book was released on 2019-06-25 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a business climate marked by escalating global competition and industry disruption, successful mergers and acquisitions are increasingly vital to the growth and profitability of many corporations. If history is any guide, 60 to 70 per cent of new mergers will fail – and will destroy shareholder value. To date, analyses of the M&A failure rate tend to focus on individual causes – e.g., culture clashes, valuation methods, or CEO overconfidence – rather than examining the problem holistically. The Value Killers is the first book based on a holistic analysis of successful and unsuccessful transactions. Based on research, interviews with top executives, and case studies, this book identifies the key causes of failures and successes and offers prescriptions to increase the odds that future transactions will deliver all the anticipated synergies. The Value Killers offers practical advice in the form of 5 Golden Rules. These rules will help managers and boards to ensure that target companies are properly valued; potential synergies and risks are identified in advance; checks and balances are installed to make sure that the pros and cons of the transaction are rationally and objectively evaluated; mechanisms are created that will trigger termination of bad deals; and obstacles to successful post-merger integrations are assessed (and solutions developed) before the deal closes. Each chapter includes questions for executives considering future M&As to allow them to see whether they are on the right track or not.

Development of a Synergy Tracking Tool for the Post Merger Integration

Author : Vincent Schade
Publisher :
ISBN 13 : 9783656469315
Total Pages : 78 pages
Book Rating : 4.4/5 (693 download)

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Book Synopsis Development of a Synergy Tracking Tool for the Post Merger Integration by : Vincent Schade

Download or read book Development of a Synergy Tracking Tool for the Post Merger Integration written by Vincent Schade and published by . This book was released on 2013-08 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bachelor Thesis from the year 2010 in the subject Business economics - Investment and Finance, grade: 1,3, University of Applied Sciences Bonn-Rhein-Sieg; Rheinbach, language: English, abstract: In Business Development, Mergers & Acquisitions (M&A) have become an increasingly attractive growth opportunity among companies over a long period of time. Nowadays, there is hardly a day where current developments of ongoing M&A transactions or speculations about presumed M&A deals cannot be followed in the daily press. Other external growth opportunities, such as strategic alliances, joint ventures, and franchising (inorganic growth) are still behind M&A as a strategic alternative. Organic growth, which can be achieved by increasing sales personnel, developing new products or expanding in new geographical areas, presents another alternative. Nonetheless, M&A are often preferred because they provide a faster way to enter new markets and to make operations more efficient. Moreover, the constantly increasing global competition, strengthened through lowered market entry barriers and trade enhancing conventions between several countries, contribute to an increased consolidation pressure among businesses. However, it turned out that M&A are fairly sensitive projects that are vulnerable to fail. It is proved that a huge number of M&A did not deliver on their promises. The majority of failed M&A are a result of mismanagement during the Post Merger Inte-gration (PMI) when processes have to be adjusted, personnel need to be teamed up and corporate cultures have to be reconciled. During the PMI, synergies, as the dominant motive for M&A, which are identified before the transaction, have to be realized. However, synergies can frequently not be realized due to a poor quality of information, a high level of complexity or bad implementation strategies. In spite of these difficulties, many companies have not established a well-functioning synergy management and synergy tracking i

The Impact of Horizontal Mergers and Acquisitions in Price Competition Models

Author : Awi Federgruen
Publisher :
ISBN 13 :
Total Pages : 17 pages
Book Rating : 4.:/5 (76 download)

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Book Synopsis The Impact of Horizontal Mergers and Acquisitions in Price Competition Models by : Awi Federgruen

Download or read book The Impact of Horizontal Mergers and Acquisitions in Price Competition Models written by Awi Federgruen and published by . This book was released on 2011 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt: The question of what impact mergers and acquisitions have on key equilibrium performance measures is fundamental to our understanding of competitive dynamics in an oligopolistic industry. We address these questions in the context of price competition models with differentiated goods and asymmetric firms allowing for general non-linear demand and cost functions merely assuming that both the pre- and post-merger competition games are supermodular along with two minor technical conditions. We show that, in the absence of cost synergies, post-merger equilibrium prices exceed their pre-merger levels. Moreover, the post-merger equilibrium profit of the merged firms exceeds the aggregate of the premerger equilibrium profits of the merging firms. The equilibrium profit of the non-merging firms increases as well. We establish our results, at first, for settings where each firm in the industry offers a single product; we then generalize them to industries with multi-product firms. We also derive conditions under which cost synergies, by themselves, result in lower equilibrium prices than otherwise observe post-merger, and discuss how the combined effect of increased market concentration and cost synergies can be assessed efficiently.

Mergers and Acquisitions

Author : Robert J. Graniere
Publisher :
ISBN 13 :
Total Pages : 50 pages
Book Rating : 4.3/5 (243 download)

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Book Synopsis Mergers and Acquisitions by : Robert J. Graniere

Download or read book Mergers and Acquisitions written by Robert J. Graniere and published by . This book was released on 1996 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Economic Assessment of Mergers Under European Competition Law

Author : Daniel Gore
Publisher : Cambridge University Press
ISBN 13 : 1107007720
Total Pages : 559 pages
Book Rating : 4.1/5 (7 download)

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Book Synopsis The Economic Assessment of Mergers Under European Competition Law by : Daniel Gore

Download or read book The Economic Assessment of Mergers Under European Competition Law written by Daniel Gore and published by Cambridge University Press. This book was released on 2013-04-25 with total page 559 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides a clear, concise and practical overview of the key economic techniques and evidence employed in European merger control.