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Author :
Publisher :
ISBN 13 :
Total Pages : 262 pages
Book Rating : 4.:/5 (934 download)
Download or read book The Effect of Mergers and Acquisitions on Long-run Financial Performance of Acquiring Companies written by and published by . This book was released on 2011 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Dieter Bernhardt Halfar
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (956 download)
Download or read book The Effect of Mergers and Acquisitions on Long-run Financial Performance of Acquiring Companies written by Dieter Bernhardt Halfar and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Mergers and acquisitions continue to enjoy importance as strategies for achieving growth, although their success in creating shareholder value remains contested. The aim of this research was to evaluate whether, in the long-run, acquiring companies created or destroyed value by evaluating the differences between pre- and post-acquisition firm performance, using, abnormal share price performance, operating financial performance and intrinsic value performance metrics. This research used a non-representative, judgemental sample of 29 JSE listed firms to conclude that, on average, mergers and acquisitions destroy value within two years post-acquisition, although some evidence was found in support of acquiring firm value creation in the third year after the acquisition. Results indicated a significant -6.62% decline in acquiring firm average cumulative average abnormal return (ACAAR) between 504 trading days before and after acquisition announcement dates. This finding reversed in year three, resulting in a positive ACAAR of 8.76%. Similarly, average intrinsic value (AIV) performance indicated that between one year before and one year after the acquisition, AIV deteriorated with a significant -0.131. However, between year one and two after the acquisition, AIV recovered by 0.112. Overall evidence indicated positive and significant AIV growth of 0.370 between one year before and three years after the acquisition. The research found insignificant results for the pre and post-acquisition evaluation of industry-adjusted cash-flow return on all assets (IACRAA).
Author : Neelam Rani
Publisher : Springer
ISBN 13 : 9811022038
Total Pages : 277 pages
Book Rating : 4.8/5 (11 download)
Download or read book Mergers and Acquisitions written by Neelam Rani and published by Springer. This book was released on 2016-09-15 with total page 277 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book examines the market reaction to mergers and acquisitions (M&A) announcements over a period from 2003 to 2015. Mergers and acquisitions continue to be amongst the preferred competitive options available to the companies seeking to grow fast in the rapidly changing global business scenario. M&A as a growth strategy has received attention from developed as well as emerging economies. It has been extensively used by managers as an expansion strategy and also serves as an important instrument for increasing corporate efficiency. Recently, M&A has grown at a rapid pace, creating a need for research to analyze what drives this phenomenon and how it affects firms and markets. As such, this book evaluates the impact of M&A on short-term abnormal returns as well long-term financial performance. It also assesses the management view concerning the motives for undertaking M&A. In addition, the book investigates the corporate governance practices of the acquiring firms and their impact on the short- term as well as long- term performance of those firms.
Author : Dennis C. Mueller
Publisher : Cambridge, Mass. : Oelgeschlager, Gunn & Hain ; Königstein/Ts. : Verlag A. Hain
ISBN 13 :
Total Pages : 402 pages
Book Rating : 4.3/5 (97 download)
Download or read book The Determinants and Effects of Mergers written by Dennis C. Mueller and published by Cambridge, Mass. : Oelgeschlager, Gunn & Hain ; Königstein/Ts. : Verlag A. Hain. This book was released on 1980 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Trevor Stevens
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (956 download)
Download or read book The Comparative Impact of Acquisitions on the Financial Performance of Acquiring Companies Across Market Segments of the JSE written by Trevor Stevens and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: There is broad agreement in the literature that in general, mergers and acquisitions in both the short and long run are largely zero or negative, net present value exercises for the shareholders of the acquiring company. At the same time it is believed that significant returns are realised by the shareholders of the target companies. Despite this broad agreement and due to the complexity of the open market, there are still a large number of variables which can and could possibly account for many of the exceptions which have been highlighted in a range of studies. The aim of this study was to investigate whether there is any evidence to suggest that merger and acquisition activity in the different market sectors of the JSE are either, more or less successful than the average. A total of 82 transactions were identified as meeting the strict requirements of the methodology. These included representatives from five sectors Basic Industries, Consumer Goods & Services, Financials, Information Technology and Resources. Event study methodology was used to investigate the abnormal returns of acquiring companies before and after the announcement of the event. It was established that in all but one of the market sectors there was statistically significant evidence that merger and acquisition transactions in different market sectors are either better or worse than the average at creating value for the acquiring company shareholders.
Author : Malwina Woznik
Publisher : GRIN Verlag
ISBN 13 : 3656475709
Total Pages : 115 pages
Book Rating : 4.6/5 (564 download)
Download or read book The Impact of Merger and Acquisition Activities on Corporate Performance Measured on an Accounting and Market Base written by Malwina Woznik and published by GRIN Verlag. This book was released on 2013-08-07 with total page 115 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2013 in the subject Business economics - Controlling, grade: 1,3, University of Cologne (Seminar für allgemeine BWL und Controlling), language: English, abstract: “Warren Buffett swallows Heinz: Sauce for the sage” – a typical takeover announcement was published lately on 14th February 2013. Warren Buffett, a well known inves tor, acquired along with the financial investor 3G Capital the H. J. Heinz Company for $ 28 billion. This is likely to become the largest transaction in the food industry. The company's stock price rose more than 20.0 percent after the publication which is a very characteristic reaction to deal announcements. Hence, the important question is, if transactions, such as the takeover of the H. J. Heinz Company, affect the corporate performance consistently. In general, the core idea about mergers and acquisitions (M&A) is to generate additional future growth if for example organic growth is limited. If two companies merge or a target is bought by another company (the acquirer), shareholders believe in synergy effects. These are revenue enhancements, cost reductions, tax gains and reduced capital requirements leading to business growth and thus to a higher value of the new company. However, it is questionable if this theory can also be experienced in the real world. Ever since the effects of M&A have been analysed, the market of the United States (US) was used as data source. This is plausible due to the fact that the very first information was well recorded for US companies. It is remarkable that literature contributes very little research on Europe, although the number of announced European transactions is comparable to those of the US. For example, in 2007 the European deals volume overtook the one from the United States of America (USA) for the first time. Moreover, research on single European countries almost never exists or only rarely. One exception is the United Kingdom (UK) with an early takeover history beginning in the 1960s. However, European countries should be analysed separately because of its high diversity regarding the accounting framework, the corporate governance or the legal and regulation structure. For instance, Germany is characterised by conservative accounting principles and a high regulation by the banking sector. These issues may also influence the M&A decision making process.
Author : Neelam Rani
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)
Download or read book Financial Performance Analysis of Mergers and Acquisitions written by Neelam Rani and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Purpose - The purpose of this paper is to investigate the impact of mergers and acquisitions (M&A) on corporate performance. It addresses the major question related to the long-term performance of the acquiring firm. Design/methodology/approach - The paper uses the long-term pre- and post-merger financial data to investigate the long-term performance. It compares performance of the acquiring firms before and after M&A. The present work conducts a comprehensive ratio analysis of 14 major ratios related to profitability, efficiency, leverage and liquidity. To ascertain the sources of the better long-term post-M&A returns, the present work decomposes the measure of operating performance into its constituents in terms of DuPont analysis. Findings - Taking a sample of 305 M&As during the period of January 2003 to December 2008, it has been observed that there is significant improvement in the profitability of the acquiring companies involved in M&A. The results pertaining to profitability, efficiency (in terms of utilization of fixed assets), expense and liquidity ratios show that there is an improvement in performance of the acquiring firms in the post-M&A period. The analysis in terms of DuPont shows improvement in the long-term operating profit margin of the acquiring firms. This means higher profit is generated per unit net sales by the acquiring firms after the M&A. The higher profits (profit before interest and taxes and non-operating income) are generated primarily due to the better operating margins. The improved operating cash flows are on account of the improvement in the post-M&A operating margins of the acquirers, not due to the efficient utilization of the assets turnover to generate higher sales. Originality/value - The paper contributes to the existing literature by comparing operating performance and profitability of acquirers before and after M&A using a comprehensive set of 14 ratios for a substantially large sample.
Author : Jan-Peer Laabs
Publisher : Springer Science & Business Media
ISBN 13 : 3834994898
Total Pages : 213 pages
Book Rating : 4.8/5 (349 download)
Download or read book The Long-Term Success of Mergers and Acquisitions in the International Automotive Supply Industry written by Jan-Peer Laabs and published by Springer Science & Business Media. This book was released on 2009-08-12 with total page 213 pages. Available in PDF, EPUB and Kindle. Book excerpt: Based on a sample of 230 M&A between 1981 and 2007, Jan-Peer Laabs challenges the short-term return behavior of acquirers in this industry in contrast to their long-term performance based on capital market and financial accounting information. A clearly negative yet consistent perspective on the long-term value creation potential emerges across the different empirical analyses. An additional case study on the takeover of Siemens VDO by Continental AG offers a number of valuable key success factors and insights on how to evade the negative return destiny.
Author : Stuart Ferguson (Ph. D.)
Publisher : McGraw Hill Professional
ISBN 13 : 9780071402118
Total Pages : 390 pages
Book Rating : 4.4/5 (21 download)
Download or read book Financial Analysis of M&A Integration written by Stuart Ferguson (Ph. D.) and published by McGraw Hill Professional. This book was released on 2003 with total page 390 pages. Available in PDF, EPUB and Kindle. Book excerpt: A quantitative tool for assessing and improving post-mergers and acquisitions (M & A) performance. Stuart Ferguson explains how to use the tool as a way to anticipate, measure and prevent functional problems when merging disparate groups. It is designed to translate often difficult-to-understand behavioural concepts and data into their direct impacts on business ratios and indicators, such as ROI, cost of sales, and payback period.
Author : Paul M Healy
Publisher : Legare Street Press
ISBN 13 : 9781021498649
Total Pages : 0 pages
Book Rating : 4.4/5 (986 download)
Download or read book Does Corporate Performance Improve After Mergers? written by Paul M Healy and published by Legare Street Press. This book was released on 2023-07-18 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the phenomenon of corporate mergers and the impact they have on performance. Drawing on extensive research and case studies, the authors explore the conditions under which mergers are most likely to succeed and offer guidance to managers looking to pursue a merger strategy. This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work is in the "public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Author : Neelam Rani
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)
Download or read book Impact of Corporate Governance Score on Abnormal Returns and Financial Performance of Mergers and Acquisitions written by Neelam Rani and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The present study attempts to investigate whether differences in the quality of firm level corporate governance standards influence performance of acquiring firms for a sample of companies by creating a corporate governance index. The study is based on a survey of sample of 155 companies having completed mergers and acquisitions deals announced during January 2003-December 2008. The paper analyzes the relationship between corporate governance practices of the acquiring firms and abnormal returns during event windows around the announcement of M&A and post-M&A financial performance of the acquirers. The results reveal a positive relationship between corporate governance standards and the performance of the acquiring firms in short-run as well as long-run.
Author : Mohammed Ibrahimi
Publisher : John Wiley & Sons
ISBN 13 : 1786303450
Total Pages : 260 pages
Book Rating : 4.7/5 (863 download)
Download or read book Mergers & Acquisitions written by Mohammed Ibrahimi and published by John Wiley & Sons. This book was released on 2018-08-14 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book deals with corporate mergers and acquisitions by analyzing the financial and strategic aspects. It starts with a chronological justification of the evolution of external growth operations and ends with case studies in order to put into practice the theoretical contribution of the previous titles. Through this book, we wish to detail the types of mergers and acquisitions, their modes, their motivations, their consequences and their performances. First of all, we propose a panoply of scientific research, methodological explanations and logical structuring to expose a subject of experience considered for a long time as a phenomenon in finance. Then, through a sample of 90 mergers or acquisitions, we analyze the effects of these transactions on French companies.
Author : Sydney Finkelstein
Publisher : Emerald Group Publishing
ISBN 13 : 1800717237
Total Pages : 167 pages
Book Rating : 4.8/5 (7 download)
Download or read book Advances in Mergers and Acquisitions written by Sydney Finkelstein and published by Emerald Group Publishing. This book was released on 2022-09-14 with total page 167 pages. Available in PDF, EPUB and Kindle. Book excerpt: Advances in Mergers and Acquisitions stands out from the competition due to its focus on three key characteristics: studies from scholars in different countries, with different research questions, relying on different theoretical perspective.
Author : Seyedtaban Hajimirza
Publisher :
ISBN 13 :
Total Pages : 122 pages
Book Rating : 4.:/5 (926 download)
Download or read book The Impact of Mergers and Acquisitions on the Financial Performance of Acquiring Firms in the UK House-building Industry written by Seyedtaban Hajimirza and published by . This book was released on 2010 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Greg N. Gregoriou
Publisher : Elsevier
ISBN 13 : 008054732X
Total Pages : 321 pages
Book Rating : 4.0/5 (85 download)
Download or read book International Mergers and Acquisitions Activity Since 1990 written by Greg N. Gregoriou and published by Elsevier. This book was released on 2007-06-29 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is now a well-know fact that mergers and acquisitions activity comes in waves. The most recent wave, the 5th takeover wave of the 1990s, was characterized by an unprecedented number of corporate restructurings in terms of mergers and acquisitions (M&As), public-to-private transactions, spin-offs and divestitures, and leveraged recapitalizations. Following the collapse of the stock market in March 2000, M&A activity slumped dramatically, but this pause ended in the second half of 2004 when takeover deals occurred again quite frequently. Indeed, some observers wonder whether the 6th takeover wave has started. The takeover wave in the 1990s was particularly remarkable in terms of size and geographical dispersion. For the first time, Continental European firms were as eager to participate as their US and UK counterparts, and M&A activity in Europe hit levels similar to those experienced in the US. Due to its financial impact and the unprecedented activity in Continental Europe, the 5th takeover wave of the 1990s and recent takeover activity (in biotech, utilities, pharmaceuticals) have triggered a great deal of interesting academic research. This volume brings together a selection of insightful papers. An impressive group of international authors address the following themes: takeover regulation; the cyclical pattern of the M&A markets and probable causes and effects; methods to determine the performance of success of M&A actions; cross border deals; means of payment and its effects; studies of hostile bids; high leverage takeovers and delistings. *A selection of the best and latest quantitative research on M&A activity worldwide*Impressive collection of international authors*Provides important insights and implications for practitioners
Author : Thomas Straub
Publisher : Springer Science & Business Media
ISBN 13 : 3835096370
Total Pages : 238 pages
Book Rating : 4.8/5 (35 download)
Download or read book Reasons for Frequent Failure in Mergers and Acquisitions written by Thomas Straub and published by Springer Science & Business Media. This book was released on 2007-10-16 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using four statistical methods, Thomas Straub shows that M&A performance is a multi-dimensional function of: strategic logic, organizational behavior, and financial aspects.
Author : Yakov Amihud
Publisher : Springer Science & Business Media
ISBN 13 : 1475727992
Total Pages : 249 pages
Book Rating : 4.4/5 (757 download)
Download or read book Bank Mergers & Acquisitions written by Yakov Amihud and published by Springer Science & Business Media. This book was released on 2013-04-17 with total page 249 pages. Available in PDF, EPUB and Kindle. Book excerpt: As the financial services industry becomes increasingly international, the more narrowly defined and historically protected national financial markets become less significant. Consequently, financial institutions must achieve a critical size in order to compete. Bank Mergers & Acquisitions analyses the major issues associated with the large wave of bank mergers and acquisitions in the 1990's. While the effects of these changes have been most pronounced in the commercial banking industry, they also have a profound impact on other financial institutions: insurance firms, investment banks, and institutional investors. Bank Mergers & Acquisitions is divided into three major sections: A general and theoretical background to the topic of bank mergers and acquisitions; the effect of bank mergers on efficiency and shareholders' wealth; and regulatory and legal issues associated with mergers of financial institutions. It brings together contributions from leading scholars and high-level practitioners in economics, finance and law.
