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Author : Roisin O'Connell
Publisher :
ISBN 13 :
Total Pages : 95 pages
Book Rating : 4.:/5 (65 download)
Download or read book The Effect of Merger and Acquisition Announcements on the Share Price of Bidding Firms written by Roisin O'Connell and published by . This book was released on 1999 with total page 95 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Simon Peck
Publisher : Taylor & Francis
ISBN 13 : 9780415226271
Total Pages : 494 pages
Book Rating : 4.2/5 (262 download)
Download or read book Mergers and Acquisitions: Performance consequences written by Simon Peck and published by Taylor & Francis. This book was released on 2002 with total page 494 pages. Available in PDF, EPUB and Kindle. Book excerpt: This set includes articles from the four main fields which have influenced the study of Mergers and Acquisitions: Economics, Finance, Strategic Management and Human Resource Management. Featuring the key papers by individuals who shaped the field, the collection presents these formative pieces in thematically grouped sections, including coverage of: * Perspectives on the modern business corporation and the role of mergers and acquisitions: historical, financial, strategic and management * Causes of mergers and acquisitions activity * Performance impact of mergers and acquisitions activity * Public policy and the corporation The set features a comprehensive index and original introductory material.
Author : G. Gregoriou
Publisher : Springer
ISBN 13 : 0230589685
Total Pages : 292 pages
Book Rating : 4.2/5 (35 download)
Download or read book Mergers and Acquisitions written by G. Gregoriou and published by Springer. This book was released on 2007-11-13 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection of exclusive articles presents the latest research in the area of mergers and acquisitions. It presents what drives corporate performance under different economic conditions, both in the US and across the globe, and examines the role of mergers and acquisitions in maintaining the efficiency of world markets.
Author : Mark L. Sirower
Publisher : Simon and Schuster
ISBN 13 : 1439137706
Total Pages : 321 pages
Book Rating : 4.4/5 (391 download)
Download or read book The Synergy Trap written by Mark L. Sirower and published by Simon and Schuster. This book was released on 2010-05-11 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: With acquisition activity running into the trillions of dollars, it continues to be a favorite for corporate growth strategy, but creating shareholder value remains the most elusive outcome of these corporate strategies—after decades of research and billions of dollars paid in advisory fees, why do these major decisions continue to destroy value? Building on his groundbreaking research first cited in Business Week, Mark L. Sirower explains how companies often pay too much—and predictably never realize the promises of increased performance and competitiveness—in their quest to acquire other companies. Armed with extensive evidence, Sirower destroys the popular notion that the acquisition premium represents potential value. He provides the first formal and functional definition for synergy -- the specific increases in performance beyond those already expected for companies to achieve independently. Sirower's refreshing nuts-and-bolts analysis of the fundamentals behind acquisition performance cuts sharply through the existing folklore surrounding failed acquisitions, such as lack of "strategic fit" or corporate culture problems, and gives managers the tools to avoid predictable losses in acquisition decisions. Using several detailed examples of recent major acquisitions and through his masterful integration and extension of techniques from finance and business strategy, Sirower reveals: -The unique business gamble that acquisitions represent -The managerial challenges already embedded in current stock prices -The competitive conditions that must be met and the organizational cornerstones that must be in place for any possibility of synergy -The precise Required Performance Improvements (RPIs) implicitly embedded in acquisition premiums and the reasons why these RPIs normally dwarf realistic performance gains -The seductiveness and danger of sophisticated valuation models so often used by advisers The Synergy Trap is the first exposé of its kind to prove that the tendency of managers to succumb to the "up the ante" philosophy in acquisitions often leads to disastrous ends for their shareholders. Sirower shows that companies must meticulously plan—and account for huge uncertainties—before deciding to enter the acquisition game. To date, Sirower's work is the most comprehensive and rigorous, yet practical, analysis of the drivers of acquisition performance. This definitive book will become required reading for managers, corporate directors, consultants, investors, bankers, and academics involved in the mergers and acquisitions arena.
Author : Lai-kuen Wong
Publisher :
ISBN 13 :
Total Pages : 50 pages
Book Rating : 4.:/5 (513 download)
Download or read book The Effect of Mergers and Acquisitions Announcement on the Security Prices of Bidding Firms in Asia written by Lai-kuen Wong and published by . This book was released on 1999 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Lai-Kuen Wong
Publisher :
ISBN 13 : 9781361225653
Total Pages : pages
Book Rating : 4.2/5 (256 download)
Download or read book The Effect of Mergers and Acquisitions Announcement on the Security Prices of Bidding Firms in Asia written by Lai-Kuen Wong and published by . This book was released on 2017-01-26 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation, "The Effect of Mergers and Acquisitions Announcement on the Security Prices of Bidding Firms in Asia" by Lai-kuen, Wong, 黃麗娟, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. DOI: 10.5353/th_b3195479 Subjects: Consolidation and merger of corporations - China - Hong Kong Stocks - Prices - China - Hong Kong Consolidation and merger of corporations Stocks - Prices
Author : Amit Sharma
Publisher : Independent Author
ISBN 13 : 9781805294412
Total Pages : 0 pages
Book Rating : 4.2/5 (944 download)
Download or read book AN APPRAISAL OF MERGERS AND ACQUISITIONS written by Amit Sharma and published by Independent Author. This book was released on 2023-05-29 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Questions have generally raised as to why the corporate entities go for mergers and acquisitions (M&As) as this may affect the shareholders of involved companies in different ways and this also influenced by various factors including the prevailing economic environment, size of the companies and more specifically the management of the merger process. This book is based on a study that analyses the impact of M&As on bidders' shareholder wealth and market risk through empirical evidence based on event study methods and cross-sectional regressions. The present study endeavors to analyses the impact of mergers and acquisitions (M&As) on the shareholders' value creation both in short as well as during long-term. The short-term impact has investigated by examining the abnormal returns accruing to the shareholders of acquiring, target and the hypothetical combined entity in event period around the day of announcement of M&As using the market-adjusted model of the popular event study methodology. This study uses a sample of 55 Cases of TATA group of companies involved in M&As during the period January 1, 2000, to December 31, 2015. Analysis has been categorized into three different stages. Under the first stage analysis, all 55 cases have been analyzed one by one, using Market Model and Market Adjusted Model. Abnormal Return and Cumulative Abnormal return have been calculated under both the model. In second stage analysis researcher prepared result of Pre-Event (-10 day to -1 day), Event (0 days), and Post-Event (+1 to +10 day) analysis also provide an average return of pre or postevent. Second stage analysis concluded that overall, the top company i.e. Tata Sons firm faces loss in dealing with mergers and acquisitions. As the event study is classified in Pre-Event days, Event day, and Post-Event days. The conclusion of the were based on Market Model and Market Adjusted Model. After evaluating all 55 cases of mergers and acquisitions researcher find 31 negative and 24 positive cumulative abnormal returns around the pre-event day (t-10 to t-2) under Market Model, 30 negative and 25 positive cumulative abnormal return around the pre-event day (t-10 to t-2) under Market Adjusted Model. In third stage analysis Cumulative Average Abnormal Return across the various event windows have been calculated and check the t-test and P-Value to understand the outcomes. Cumulative Average Abnormal Return values across the various pre-announcement event window (-1, 0), (-5, 0) and (-10, 0) were positive but not significant. The CAAR during the event window (0, 0) were also positive but not significant. The CAAR Value during the post-event window of (0, +1), (0, +5) and (0, +10) there was a constant fall in the CAAR values. The analysis presents the results of t-test conducted to measure the CAAR of acquisitions on different event window Share prices of the Tata firm. On the day of the event is a reaction of the random surprise because of the Mergers and Acquisition announcement as well as the other firm-specific reaction affecting the share price of the firm. Estimation of abnormal returns of Tata firm's has greater variance around the event period than in the contiguous period. These results indicated that returns to bidder firms' shareholders is not appropriate at different event window hence we can say that the market, in general, reacts positive to Mergers and Acquisitions announcements. Later, a strong correction in the market price of the bidder firm's take place as almost all the CAAR values during the post announcements periods are negative. So, a conclusion that can be drawn from the above analysis for the Principal Holding Company also, for Mergers, Managerial Hubris theory seems to hold.
Author : Syed Mohammod Mostofa Shams
Publisher :
ISBN 13 :
Total Pages : 674 pages
Book Rating : 4.:/5 (11 download)
Download or read book The Performance of Bidding Firms in Merger and Acquisition (M&A) Deals written by Syed Mohammod Mostofa Shams and published by . This book was released on 2013 with total page 674 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis investigates the market reaction to acquisition announcements made by Australian bidders as well as the long-run operating performance of them using three separate samples of acquisitions: acquisitions of public, private and subsidiary targets. This study was motivated by the economic significance of acquisition activities in Australia, particularly the acquisitions of private and subsidiary targets by listed bidders. These acquisitions are important corporate investment decisions to Australian managers since they have divergent impacts on shareholders and other corporate stakeholders. The first two empirical studies of this thesis investigate the market reaction to acquisition announcements made by Australian bidding firms using large samples of domestic and foreign acquisitions for the period 2000-2010. The second empirical study examines the long-run operating performance of bidding firms. This study employs single factor, Fama-French three factor and four-factor models in generating abnormal returns when investigating the market response to acquisition announcements. It further analyses the impact of bid and firm characteristics in a multivariate setting. In addition, this study also analyses the market adjusted buy and hold returns as an alternative measure of abnormal return. The long-run operating performance is analysed using profitability and cash flow returns while controlling for the 'industry' and 'industry-and-size' benchmarks.The first empirical study examines the market reaction to acquisition announcements when bidders announce acquisitions of domestic targets. The main findings of the first empirical study of this thesis are: (i) the market reactions are positive and significant around the acquisition announcements for all three samples analysed; (ii) bidders for private and subsidiary targets earn higher abnormal returns than bidders for public targets; (iii) bidders on private targets earn higher abnormal returns when the method of payment is stock; (iv) multiple bids for public targets are penalised by the capital market while acquisitions of unlisted public targets are rewarded; (v) privately negotiated acquisitions of private targets and acquisitions of subsidiaries from listed parents for cash are associated with higher abnormal returns; (vi) acquisitions of private targets during the Global Financial Crisis (GFC) have a significant favourable effect on the wealth gains of Australian acquirers. The second empirical study investigates the market reactions when Australian bidders announce acquisitions of foreign public, private and subsidiary targets. The main findings of this study are: (i) the market reaction is positive and significant for the subsidiary targets sample only, while it is negative and insignificant for the public targets and private targets samples; (ii) bidders on private targets earn significant positive abnormal returns when they use stock as the payment method; (iii) multiple bids for private targets and acquisitions of mining subsidiaries are rewarded by the capital market; (iv) investor protection offered by the target country positively influences the abnormal returns generated by the acquirers of public targets while it is negatively related with the return earned by the bidders for subsidiary targets ; (v) acquisitions of private and subsidiary targets from civil-law based target countries are associated with negative announcement period returns; (vi) the market reaction is significantly positive when bidders acquire private targets during the period when the Australian dollar is strong; (vi) acquisitions of public targets from the US are rewarded while the acquisitions of public targets from the UK are penalised.The third empirical study examines the long-run operating performance of bidding firms following the acquisitions announcement. The main findings of this study are: (i) the long-run operating performance is positive and significant for the acquirers of private targets while it is declining for public and subsidiary targets samples; (ii) there is a negative relationship between stock-financed acquisitions and the long-run operating performance for all three samples; (iii) multiple bidders for private targets enjoy significant positive long-run operating performance; (iv) there is a negative (positive) relationship between the pre-acquisition profitability(pre-acquisition cash flow) and the long-run operating performance of bidders for public targets.
Author : Michael Keenan
Publisher : Beard Books
ISBN 13 : 9781587981876
Total Pages : 372 pages
Book Rating : 4.9/5 (818 download)
Download or read book Mergers and Acquisitions written by Michael Keenan and published by Beard Books. This book was released on 2003 with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a reprint of a previously published work. It is the product of a conference held in 1981 by the Salomon Center for the Study of Financial Institutions at NYU to explore a wide range of issues concerning mergers and acquisitions.
Author : Sandra Maaike Lof
Publisher : LAP Lambert Academic Publishing
ISBN 13 : 9783845436494
Total Pages : 96 pages
Book Rating : 4.4/5 (364 download)
Download or read book The Announcement Share-Price Performance of Acquiring Firms written by Sandra Maaike Lof and published by LAP Lambert Academic Publishing. This book was released on 2011-10 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book describes the value generated to the shareholders of acquiring companies by the announcement of mergers and acquisitions. Cumulative Abnormal Announcement Returns to those shareholders, due to the announcement of a merger or acquisition, reflect a possible revision of the expected value resulting from boosted economies of scale, future synergies or wealth redistribution among stakeholders. The author investigated how bidder returns dispersed in 168 acquisitions by Dutch companies, and whether or not this dispersion can be explained based upon nine explanatory variables, being Announcement date equals rumour date, Domestic or cross border acquisitions, Payment type, Industry similarity between bidder and target, Public or private target, Owner control in the bidding company, Relative size of the target, Bidder acquisition experience and Market timing. These variables serve as determinants, of which some prove to have a positive or negative influence on the CAAR. Some determinants however have (according to prior empirical research) a positive effect on the announcement share price. A must for all shareholders of acquiring firms acting as bidders in a takeover.
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 : Richard J. Rosen
Publisher :
ISBN 13 :
Total Pages : 39 pages
Book Rating : 4.:/5 (129 download)
Download or read book Merger Momentum and Investor Sentiment written by Richard J. Rosen and published by . This book was released on 2006 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the effects of mergers on bidding firms' stock prices. We find evidence of merger momentum: bidder stock prices are more likely to increase when a merger is announced if recent mergers by other firms have been received well (a quot;hotquot; merger market) or if the overall stock market is doing better. However, there is long run reversal. Long-run bidder stock returns are lower for mergers announced when the either merger or stock markets were hot at the time of the merger than for those announced at other times.
Author : Jan Gropp
Publisher : GRIN Verlag
ISBN 13 : 365631523X
Total Pages : 89 pages
Book Rating : 4.6/5 (563 download)
Download or read book Anchoring in Mergers & Acquisitions written by Jan Gropp and published by GRIN Verlag. This book was released on 2012-11-20 with total page 89 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2012 in the subject Business economics - Investment and Finance, grade: 1.0, Copenhagen Business School, course: Corporate Finance, language: English, abstract: Several studies show that people are often influenced by reference points which are derived from the context at hand in estimations or decisions under uncertainty. This analysis deals with the importance of reference points in the UK and to a lesser extent the European takeover market. Applying "prospect theory" to equity investment we would predict that shareholders value gains and losses relative to a reference point in a very human fashion. In a psychological bias called the "anchoring effect", investors adopt irrelevant salient anchor values as reference points and are biased towards these. We follow these predictions and, in this thesis, test historic peak prices as anchor values in corporate takeovers for bidder and target management as well as shareholders. Firstly, we analyze whether bid prices are affected by the 13-, 26-, 39-, 52- and 65-week high prices. Secondly, we are interested in whether for companies whose valuation has fallen far from the historic peaks, these anchor values are of lesser relevance, consistent with the S-shaped form of the prospect theory value function. Finally, bidding above the historic peak prices is tested and analyzed, in whether this entails a higher probability of bidding success. For the purpose of the thesis, a dataset of in total 1602 takeover bids for listed companies in the United Kingdom (1559), Germany (36) and Poland (7) from Thomson ONE Banker was constructed. The sample includes bids announced and completed in the time period of 1985 - 2011. Data on stock price history for the target companies was extracted from Thomson Reuters Datastream. OLS regression, Gaussian Kernel Regression, Piecewise Linear Regression and Probit regressions are the tools employed to thoroughly analyze the data. We find that all historic reference values examined exhibit statistically significant impact on the bidder offer prices with diminishing impact of the reference prices observed for extreme values. Importantly, no statistically significant evidence that bidding above historic peak prices secures a higher acceptance rate from target shareholders was discovered. This finding does not support the reference point thinking for target shareholders. The same is true for offer price increases. Offer prices below peak prices do not carry a higher probability of being amended than offer prices ranging above reference prices.
Author : George William Schwert
Publisher :
ISBN 13 :
Total Pages : 68 pages
Book Rating : 4.X/5 (2 download)
Download or read book Mark-up Pricing in Mergers and Acquisitions written by George William Schwert and published by . This book was released on 1994 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the premiums paid in successful tender offers and mergers involving NYSE and Amex-listed target firms from 1975-91 in relation to pre-announcement stock price runups. It has been conventional to measure corporate control premiums including the price runups that occur before the initial formal bid. There has been little evidence on the relation between the pre-bid runup and the post-announcement premium (the premium paid to target stockholders measured from the date of the first bid). Under what circumstances are runups associated with larger total premiums? The evidence in this paper shows that in most cases, the pre-bid runup and the post- announcement premium are uncorrelated (i.e. little or no substitution between the runup and the post-announcement premium), so the runup is an added cost to the bidder. This has important implications for assessing the costs of illegal insider trading based on private information about a potential bid.
Author : Imen Tebourbi
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)
Download or read book Timing of Mergers and Acquisitions written by Imen Tebourbi and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides evidence of merger timing induced by investors' overoptimism. We distinguish between hot and cold merger markets and examine the movements of bidding firms' stock prices, around, before and after mergers announcements. Our results provide strong evidence that mergers are driven by stock market valuation and that these events occur during periods when investors are highly overoptimistic and react irrationally to a merger announcement. We find evidence that bidders' managers are aware of the overvaluation of their firms and act rationally by timing their mergers and paying with stock. The market can however, correct itself when merger results start to appear.
Author : Timo Gebken
Publisher : GRIN Verlag
ISBN 13 : 3640264460
Total Pages : 174 pages
Book Rating : 4.6/5 (42 download)
Download or read book The Dynamics Within Merger Waves written by Timo Gebken and published by GRIN Verlag. This book was released on 2009-02 with total page 174 pages. Available in PDF, EPUB and Kindle. Book excerpt: Doctoral Thesis / Dissertation from the year 2008 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: Summa cum Laude, European Business School - International University Schlo Reichartshausen Oestrich-Winkel, 129 entries in the bibliography, language: English, abstract: Empirical corporate finance research analyzes the link between major corporate decisions and the shareholder value development of the respective companies. Enhancing the welfare of shareholders is a fundamental and common objective of all firms and corporate managers are required to implement policies consistent with shareholder welfare. However, the financial literature shows that major corporate decisions are not associated with stock market gains to the respective companies. Especially, the mergers and acquisitions related literature shows that the returns to bidding firm shareholders are essentially zero when they pursue an acquisition. Due to these empirical results, there is an ongoing debate why so many value decreasing decisions occur and how the success of corporate actions is related to company specific internal characteristics and the firms' external environment. Timo Gebken's dissertation contributes to this debate. Timo links the time series behavior of industry specific M&A activity to the shareholder wealth effects of the transactions. The majority of deals within an industry occur in very short time periods, so called industry merger waves. These industry merger waves are characterized by a fast consolidation process, which drastically changes the competitive environment for all firms within the industry. Timo analyzes how and why this rapidly changing environment influences the shareholder wealth effects of M&A activity. His results show that the gains associated with transactions change dramatically during an industry merger wave. At the beginning of an industryspecific consolidation process, mergers and acquisitions are accompanied by sig
Author : Yaduveer Yadav
Publisher :
ISBN 13 :
Total Pages : 12 pages
Book Rating : 4.:/5 (13 download)
Download or read book Impact of Mergers and Acquisitions on the Performance of the Indian Bank's Share Price written by Yaduveer Yadav and published by . This book was released on 2019 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents an investigation into the relationship between the announcement of mergers and acquisition and the existence of positive abnormal returns for shares of these firms. The aim of this project is to examine the impact of Merger and Acquisition on the stock prices of Indian Banks by using the Event Study Methodology; it is one of the most frequently used tools in financial research. The objective of Event Study is to assess whether there are any abnormal or excess returns earned by security holders accompanying specific events (e.g. merger announcements, earnings announcements, stock splits), where an abnormal return is the difference between observed return and appropriate return by stock market during a particularly defined event window.In order to analyse the effect of announcement of bank's Merger and Acquisition on stock price, we have considered four cases of Mergers in banking sector. In this study, we tested our results by analysing the daily return of the event windows and compare with average pe-riod return of security. By accepting the abnormal return as a benefit of the acquisition and investors of Acquirer Company received profit in term of share value appraisal. We observed that acquirer got benefit by the acquisition deals and it reflect through the excess return over the normal return of bank's share prices. In last 10 to 15 years banking industry passed through different scenario and to compete in this scenario some banks acquired other banks to improve their own market cap and financial conditions with expanding market by acquisition. The purpose of this study is to figure out the effect of the acquisition on the share capitalization value of the Acquirer Company and abnormal return due to the acquisition. This paper is based upon the secondary data analysis of the acquirer company share prices movements in respect of the market index price movements.
