The Effect Of Esg Information On Market Returns In Mergers

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The Effect of ESG Information on Market Returns in Mergers

Author : Runyun Song
Publisher :
ISBN 13 :
Total Pages : 77 pages
Book Rating : 4.:/5 (113 download)

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Book Synopsis The Effect of ESG Information on Market Returns in Mergers by : Runyun Song

Download or read book The Effect of ESG Information on Market Returns in Mergers written by Runyun Song and published by . This book was released on 2017 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using environment, social and governance (ESG) data from the MSCI Intangible Value Assessment (IVA) database, we examine how the aggregate ESG information and the ESG pillar information of targets and acquirers influence their market returns and total market returns around the announcement date. We find that acquirers with higher ESG-related risks and incommensurate managerial ability have lower acquirer and synergistic market returns. We find that an acquirer’s aggregate ESG strength has a significant positive impact on its market returns, yet the impact of a target’s aggregate ESG performance is not very certain or significant. The target’s governance strength and the acquirer’s social strength are valued by the market. We also find that targets in the IVA database tend to be large firms with good performance. This phenomenon may explain the insignificant influences of the target’s ESG performance on announcement date abnormal returns.

ESG and Responsible Institutional Investing Around the World: A Critical Review

Author : Pedro Matos
Publisher : CFA Institute Research Foundation
ISBN 13 : 1944960988
Total Pages : 80 pages
Book Rating : 4.9/5 (449 download)

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Book Synopsis ESG and Responsible Institutional Investing Around the World: A Critical Review by : Pedro Matos

Download or read book ESG and Responsible Institutional Investing Around the World: A Critical Review written by Pedro Matos and published by CFA Institute Research Foundation. This book was released on 2020-05-29 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: This survey examines the vibrant academic literature on environmental, social, and governance (ESG) investing. While there is no consensus on the exact list of ESG issues, responsible investors increasingly assess stocks in their portfolios based on nonfinancial data on environmental impact (e.g., carbon emissions), social impact (e.g., employee satisfaction), and governance attributes (e.g., board structure). The objective is to reduce exposure to investments that pose greater ESG risks or to influence companies to become more sustainable. One active area of research at present involves assessing portfolio risk exposure to climate change. This literature review focuses on institutional investors, which have grown in importance such that they have now become the largest holders of shares in public companies globally. Historically, institutional investors tended to concentrate their ESG efforts mostly on corporate governance (the “G” in ESG). These efforts included seeking to eliminate provisions that restrict shareholder rights and enhance managerial power, such as staggered boards, supermajority rules, golden parachutes, and poison pills. Highlights from this section: · There is no consensus on the exact list of ESG issues and their materiality. · The ESG issue that gets the most attention from institutional investors is climate change, in particular their portfolio companies’ exposure to carbon risk and “stranded assets.” · Investors should be positioning themselves for increased regulation, with the regulatory agenda being more ambitious in the European Union than in the United States. Readers might come away from this survey skeptical about the potential for ESG investing to affect positive change. I prefer to characterize the current state of the literature as having a “healthy dose of skepticism,” with much more remaining to be explored. Here, I hope the reader comes away with a call to action. For the industry practitioner, I believe that the investment industry should strive to achieve positive societal goals. CFA Institute provides an exemplary case in its Future of Finance series (www.cfainstitute.org/research/future-finance). For the academic community, I suggest we ramp up research aimed at tackling some of the open questions around the pressing societal goals of ESG investing. I am optimistic that practitioners and academics will identify meaningful ways to better harness the power of global financial markets for addressing the pressing ESG issues facing our society.

Advances in Mergers and Acquisitions

Author : Cary L. Cooper
Publisher : Emerald Group Publishing
ISBN 13 : 1837538603
Total Pages : 202 pages
Book Rating : 4.8/5 (375 download)

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Book Synopsis Advances in Mergers and Acquisitions by : Cary L. Cooper

Download or read book Advances in Mergers and Acquisitions written by Cary L. Cooper and published by Emerald Group Publishing. This book was released on 2023-08-24 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt: Volume 22 explores a range of issues relevant to a post-pandemic world– the cost-of-living crisis, energy insecurity, war in Ukraine and rising inflation are pushing many countries into recession, adversely affecting the global economy and leading to downsizing, restructurings and inevitably an increase in mergers and acquisitions.

Roles of Information in Corporate Mergers, Acquisitions and Investments

Author : Serif Aziz Simsir
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (46 download)

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Book Synopsis Roles of Information in Corporate Mergers, Acquisitions and Investments by : Serif Aziz Simsir

Download or read book Roles of Information in Corporate Mergers, Acquisitions and Investments written by Serif Aziz Simsir and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The goal of this dissertation is to show how information asymmetries among market participants affect the way they operate in the financial markets. The first chapter investigates deal initiation in the context of mergers and acquisitions. We use Securities Exchange Commission (SEC) documents of the merging firms in our sample to discover which side (acquirer or target) initiated the deal. Our analysis indicates that target firms receive substantially lower premiums when they initiate the merger: abnormal returns to target firm stocks around the merger announcement date are 12 percentage points lower in such deals. When premiums are calculated over a longer time period, this difference increases to 27 percentage points. We argue that the information asymmetries between merging firms is the primary reason for this finding. Alternative explanations, such as financial distress and liquidity hypotheses, are considered as well. Our findings also relate to acquirer returns, synergy gains from mergers, characteristics of firms involved in buyer- and seller-initiated deals and the effect of the Sarbanes-Oxley Act on premium differences across initiation groups. The second chapter examines how information asymmetries within the set of outside investors influence the investment and financing decisions of firms. In our model, some investors have access to private level information which is not publicly available to others. We show that this external information asymmetry systematically influences the equilibrium stock price, which in turn affects firm's payoff from equity financing. In particular, firms are better off with equity financing when the information asymmetry among the set of outside investors is low. In the third chapter, we analyze past stock returns of the merging firms, and examine their role in explaining abnormal returns around the announcement of the merger to the public. We provide several hypotheses that link these two return variables, and discuss their relevance in our context.

The Impact of Mergers and Acquisitions on World Energy Enterprises' Stock Returns

Author : Aristeidis Samitas
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis The Impact of Mergers and Acquisitions on World Energy Enterprises' Stock Returns by : Aristeidis Samitas

Download or read book The Impact of Mergers and Acquisitions on World Energy Enterprises' Stock Returns written by Aristeidis Samitas and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines energy firms' stock returns' behaviour, when they announce mergers and acquisitions. The methodology used is event study analysis. The particular companies that were selected are companies from all over the world and are divided into four regions. Companies' selected taking into consideration the market where they are listed, if they are bidders or targets, if they are domestic or not, the value of the transaction and the year of announcement. Findings show that mergers and acquisitions add financial value on energy firms' shares.

ESG investment and its societal impacts

Author : Shigeyuki Hamori
Publisher : Frontiers Media SA
ISBN 13 : 2832509266
Total Pages : 349 pages
Book Rating : 4.8/5 (325 download)

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Book Synopsis ESG investment and its societal impacts by : Shigeyuki Hamori

Download or read book ESG investment and its societal impacts written by Shigeyuki Hamori and published by Frontiers Media SA. This book was released on 2023-02-09 with total page 349 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Advances in Mergers and Acquisitions

Author : Cary L. Cooper
Publisher : Emerald Group Publishing
ISBN 13 : 183753862X
Total Pages : 222 pages
Book Rating : 4.8/5 (375 download)

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Book Synopsis Advances in Mergers and Acquisitions by : Cary L. Cooper

Download or read book Advances in Mergers and Acquisitions written by Cary L. Cooper and published by Emerald Group Publishing. This book was released on 2023-08-24 with total page 222 pages. Available in PDF, EPUB and Kindle. Book excerpt: Volume 22 explores a range of issues relevant to a post-pandemic world– the cost-of-living crisis, energy insecurity, war in Ukraine and rising inflation are pushing many countries into recession, adversely affecting the global economy and leading to downsizing, restructurings and inevitably an increase in mergers and acquisitions.

Valuation

Author : McKinsey & Company Inc.
Publisher : John Wiley & Sons
ISBN 13 : 0470889934
Total Pages : 860 pages
Book Rating : 4.4/5 (78 download)

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Book Synopsis Valuation by : McKinsey & Company Inc.

Download or read book Valuation written by McKinsey & Company Inc. and published by John Wiley & Sons. This book was released on 2010-07-16 with total page 860 pages. Available in PDF, EPUB and Kindle. Book excerpt: The number one guide to corporate valuation is back and better than ever Thoroughly revised and expanded to reflect business conditions in today's volatile global economy, Valuation, Fifth Edition continues the tradition of its bestselling predecessors by providing up-to-date insights and practical advice on how to create, manage, and measure the value of an organization. Along with all new case studies that illustrate how valuation techniques and principles are applied in real-world situations, this comprehensive guide has been updated to reflect new developments in corporate finance, changes in accounting rules, and an enhanced global perspective. Valuation, Fifth Edition is filled with expert guidance that managers at all levels, investors, and students can use to enhance their understanding of this important discipline. Contains strategies for multi-business valuation and valuation for corporate restructuring, mergers, and acquisitions Addresses how you can interpret the results of a valuation in light of a company's competitive situation Also available: a book plus CD-ROM package (978-0-470-42469-8) as well as a stand-alone CD-ROM (978-0-470-42457-7) containing an interactive valuation DCF model Valuation, Fifth Edition stands alone in this field with its reputation of quality and consistency. If you want to hone your valuation skills today and improve them for years to come, look no further than this book.

Reframing Mergers and Acquisitions around Stakeholder Relationships

Author : Simon Segal
Publisher : Taylor & Francis
ISBN 13 : 1000613771
Total Pages : 148 pages
Book Rating : 4.0/5 (6 download)

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Book Synopsis Reframing Mergers and Acquisitions around Stakeholder Relationships by : Simon Segal

Download or read book Reframing Mergers and Acquisitions around Stakeholder Relationships written by Simon Segal and published by Taylor & Francis. This book was released on 2022-07-07 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt: Among the significant repercussions of the coronavirus pandemic is escalating public questioning of the desirability and sustainability of the market economy and the societal role of business. These concerns are linked to merger and acquisition (M&A) activity, with significant disruptive consequences for stakeholder relationships and their management. This book explores these changes, moving away from the traditional focus on the financial and strategic aspects of M&A and its rational, technocratic approach. Viewing M&A activity as economic, political, and social (EPS) processes, Segal provides a dialectic understanding of stakeholder relationships around M&A activity and challenges the view that M&A activity is static, linear, and predictable. He develops a conceptual framework to enable practitioners, researchers and policymakers to identify, understand and address the stakeholder and management implications of M&A activity. This is applied to four case studies that make explicit how complex stakeholder relationships play out around M&A and how these power dynamics were managed with different balances. Useful for academics, researchers, managers, advisors, investors, analysts, and other stakeholders, this book highlights the need to understand the EPS implications and processes involved around M&A.

Individual Behaviors and Technologies for Financial Innovations

Author : Wesley Mendes-Da-Silva
Publisher : Springer
ISBN 13 : 3319919113
Total Pages : 395 pages
Book Rating : 4.3/5 (199 download)

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Book Synopsis Individual Behaviors and Technologies for Financial Innovations by : Wesley Mendes-Da-Silva

Download or read book Individual Behaviors and Technologies for Financial Innovations written by Wesley Mendes-Da-Silva and published by Springer. This book was released on 2018-07-26 with total page 395 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers comprehensive examination of research on the relevance of individual behavior and technology to financial innovations. The chapters cover current topics in finance including integrated reporting, people finance, crowdfunding, and corporate networks. It provides readers with an organized starting point to explore individual behaviors and new technologies used in financial innovations. The explicit and growing speed of the spread of new technologies has hastened the emergence of innovation in the field of finance. Topics like the Internet of Things, semantic computing and big data finance are motivating the construction of financial tools that translate into new financial mechanisms. This book strives help readers better understand the dynamic of the changes in financial systems and the proliferation of financial products. Individual Behaviors and Technologies for Financial Innovations is organized in 16 chapters, organized in three parts. Part I has eight chapters that review the research on gender differences in attitudes about risk and propensity to purchase automobile insurance, financial literacy models for college students, wellness and attitude of university students in the use of credit cards, impact of programs income distribution and propensity to remain in employment, financial literacy and propensity to resort to informal financing channels, risk behavior in the use of credit cards by students. Part II reviews the research on financing for startups and SMEs, exploring funding through crowdfunding platform, operating credit unions, and using networks of friends to finance small businesses outside the domestic market. The four chapters of Part III describe contexts of financial innovation in listed companies, including society's demands on their behavior - we discuss motivations for companies to participate in corporate sustainability indexes, corporate performance through their profile of socially responsible investments, influence of networks of social relations in the formation of boards, and management of companies, and also the precariousness of financial decisions in large companies, as well as the role of the internet in corporate communication with the market.

Hedge Fund Activism

Author : Alon Brav
Publisher : Now Publishers Inc
ISBN 13 : 1601983387
Total Pages : 76 pages
Book Rating : 4.6/5 (19 download)

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Book Synopsis Hedge Fund Activism by : Alon Brav

Download or read book Hedge Fund Activism written by Alon Brav and published by Now Publishers Inc. This book was released on 2010 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hedge Fund Activism begins with a brief outline of the research literature and describes datasets on hedge fund activism.

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.

Research on Corporate Sustainability

Author : Jody Grewal
Publisher :
ISBN 13 : 9781680837186
Total Pages : 66 pages
Book Rating : 4.8/5 (371 download)

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Book Synopsis Research on Corporate Sustainability by : Jody Grewal

Download or read book Research on Corporate Sustainability written by Jody Grewal and published by . This book was released on 2020-09-02 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: This monograph provides an overview of key papers in the corporate sustainability literature and directions for future research. It is structured on three key themes: measuring, managing and communicating corporate sustainability performance.

Managing Sustainable Business

Author : Gilbert G. Lenssen
Publisher : Springer
ISBN 13 : 9402411445
Total Pages : 705 pages
Book Rating : 4.4/5 (24 download)

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Book Synopsis Managing Sustainable Business by : Gilbert G. Lenssen

Download or read book Managing Sustainable Business written by Gilbert G. Lenssen and published by Springer. This book was released on 2018-03-07 with total page 705 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers 32 texts and case studies from across a wide range of business sectors around a managerial framework for Sustainable Business. The case studies are developed for and tested in executive education programmes at leading business schools. The book is based on the premise that the key for managing the sustainable business is finding the right balance over time between managing competitiveness and profitability AND managing the context of the business with its political, social and ecological risks and opportunities. In that way, a sustainable business is highly responsive to the demands and challenges from both markets and societies and managers embrace the complexity, ambivalence and uncertainty that goes along with this approach. The book presents a framework that facilitates the adoption of best business practice. This framework leads executives through a systematic approach of strategic analysis and business planning in risk management, issues management, stakeholder management, sustainable business development and strategic differentiation, business model innovation and developing dynamic capabilities. The approach helps broaden the understanding of what sustainable performance means, by protecting business value against sustainability risks and creating business value from sustainability opportunities.

Governance And Financial Performance: Current Trends And Perspectives

Author : Constantin Zopounidis
Publisher : World Scientific
ISBN 13 : 9811260516
Total Pages : 340 pages
Book Rating : 4.8/5 (112 download)

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Book Synopsis Governance And Financial Performance: Current Trends And Perspectives by : Constantin Zopounidis

Download or read book Governance And Financial Performance: Current Trends And Perspectives written by Constantin Zopounidis and published by World Scientific. This book was released on 2023-02-10 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses on corporate governance and proposes a novel framework for combining the Corporate Governance Framework (CGF) with current corporate finance issues arising in the Contemporary Business Environment (CBE) and cointegrating them with today's business needs. It consists of a good collection of state-of-the-art approaches that will be useful for new researchers and practitioners working in this field, helping them to quickly grasp the current state of corporate governance and corporate financial performance.Good corporate governance is not only important for companies, but also for the society. To begin with, good corporate governance strengthens the public's faith and trust in corporate governance. Legislative processes were developed to protect the society from known threats and prevent problems from occurring or recurring. Recent corporate scandals shed light on the impact that corporations have on social responsibility. The new focus on the corporate governance framework increases the responsibility and accountability of companies to their stakeholders and provides a solid framework for enhancing corporate performance.

Environmental Policies in Japan

Author : Organisation for Economic Co-operation and Development
Publisher : Organisation for Economic Co-operation and Development ; [Washington, D.C. : sold by OECD Publications Center]
ISBN 13 :
Total Pages : 106 pages
Book Rating : 4.3/5 (91 download)

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Book Synopsis Environmental Policies in Japan by : Organisation for Economic Co-operation and Development

Download or read book Environmental Policies in Japan written by Organisation for Economic Co-operation and Development and published by Organisation for Economic Co-operation and Development ; [Washington, D.C. : sold by OECD Publications Center]. This book was released on 1977 with total page 106 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Sustainable Business Blueprint

Author : Zabihollah Rezaee
Publisher : Taylor & Francis
ISBN 13 : 1040112072
Total Pages : 166 pages
Book Rating : 4.0/5 (41 download)

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Book Synopsis The Sustainable Business Blueprint by : Zabihollah Rezaee

Download or read book The Sustainable Business Blueprint written by Zabihollah Rezaee and published by Taylor & Francis. This book was released on 2024-08-14 with total page 166 pages. Available in PDF, EPUB and Kindle. Book excerpt: Understanding how to build and manage a sustainability business plan has become a business imperative as investors demand, regulators require, and stakeholders increasingly expect companies to report their financial economic sustainability performance (ESP) and non-financial environmental, social, and governance (ESG) sustainability information. This book provides both the rationale for and key practical steps in how to approach business sustainability factors of planning, performance, risk, reporting, and assurance. This comprehensive book covers all the areas that a business would need to embed, articulate, and execute a strategy of profit-with-purpose in promoting shared value creation for all stakeholders. It addresses drivers, sources, and international guidelines (GRI, IIRC, SASB, FASB, PCAOB, IAASB, ISSB) for prioritising business sustainability factors, and establishing the link between ESG performance and financial performance. It presents key performance indicators (KPIs) of ESP and ESG dimensions of sustainability performance. It also provides templates for performance, risk, and disclosure; presenting cases and examples of why to disclose ESG performance, what to disclose, and where and how to disclose ESG performance information. For businesses wanting a detailed understanding of how to deliver on these important areas, including boards of directors, senior management, financial officers, internal auditors, external auditors, legal counsel, investors, and regulators, this book is an invaluable resource.