The Market For Corporate Control Including Takeovers

Download The Market For Corporate Control Including Takeovers full books in PDF, epub, and Kindle. Read online The Market For Corporate Control Including Takeovers ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!

The Market for Corporate Control (Including Takeovers).

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

DOWNLOAD NOW!

Book Synopsis The Market for Corporate Control (Including Takeovers). by : George Bittlingmayer

Download or read book The Market for Corporate Control (Including Takeovers). written by George Bittlingmayer and published by . This book was released on 2001 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Mergers, acquisitions and takeovers often imply dramatic changes for employees, competitors, customers and suppliers. Not surprisingly, the market for corporate control has generated controversy and is frequently regulated by law or business custom. Though transfers of control take place in many countries, explicit and public struggles for control occur most frequently in the U.S. and U.K. During most of the 20th century, critics of mergers and acquisitions in the U.S. pointed to the danger of monopoly and increased concentration. Partly in response to the emergence of new control transactions such as the hostile takeover and leveraged buyout, more recent criticism has focused on the consequences for corporate productivity, profitability and employee welfare. Subject to qualifications, the market for corporate control reallocates productive assets ? in the form of going concerns ? to the highest bidder. In cases where the bidder uses his own money or acts on behalf of the bidding firm's shareholders, the asset goes to the highest value use. In cases where managers of the bidding firm are able to serve their own interests rather than the interests of shareholders, the market for corporate control plays a paradoxical role. It simultaneously provides (1) a means by which managers may acquire companies using other people's money and (2) a means by which they may themselves be disciplined or displaced.

The Market for Corporate Control in Japan

Author : Enrico Colcera
Publisher : Springer Science & Business Media
ISBN 13 : 3540715886
Total Pages : 398 pages
Book Rating : 4.5/5 (47 download)

DOWNLOAD NOW!

Book Synopsis The Market for Corporate Control in Japan by : Enrico Colcera

Download or read book The Market for Corporate Control in Japan written by Enrico Colcera and published by Springer Science & Business Media. This book was released on 2007-09-04 with total page 398 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyzes the modern trend in the Japanese M and A market. It reveals from different perspectives the process of convergence to a new monitoring model of the corporation: "the market for corporate control". The book contains a systematic survey of all relevant economic and legal information in this field. Analysis of 17 recent cases of hostile takeover is presented.

The Market for Corporate Control.The Theory and the Empirical Evidence

Author : Marius Beckermann
Publisher : GRIN Verlag
ISBN 13 : 3656868182
Total Pages : 29 pages
Book Rating : 4.6/5 (568 download)

DOWNLOAD NOW!

Book Synopsis The Market for Corporate Control.The Theory and the Empirical Evidence by : Marius Beckermann

Download or read book The Market for Corporate Control.The Theory and the Empirical Evidence written by Marius Beckermann and published by GRIN Verlag. This book was released on 2014-12-30 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2012 in the subject Business economics - Investment and Finance, grade: 1,3, Otto Beisheim School of Management Vallendar (Chair for Corporate Finance), course: Seminar on Recent Developments in Corporate Governance, language: English, abstract: The market for corporate control, often referred to as the takeover market, is subject to scientific research since many years. This paper starts with Manne‘s (1965) initial essay on the topic, introduce the theory of the market for corporate control. Therefore, it will begin with a definition of the terms “corporate control” and “the market for corporate control”. Following this, it will explain the possibilities of taking over the control of a corporation. Subsequently, it will argue why the market for corporate control is of great importance. Afterwards, a synopsis on the current empirical evidence of its efficiency follows. Finally, the author takes a look on the welfare effects of the market for corporate control, before concluding on its applicability and having a look on solutions to correct the imperfections of the model.

Mergers and the Market for Corporate Control

Author : Fred S. McChesney
Publisher : Edward Elgar Publishing
ISBN 13 : 9781849801362
Total Pages : 0 pages
Book Rating : 4.8/5 (13 download)

DOWNLOAD NOW!

Book Synopsis Mergers and the Market for Corporate Control by : Fred S. McChesney

Download or read book Mergers and the Market for Corporate Control written by Fred S. McChesney and published by Edward Elgar Publishing. This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume provides an essential overview of one of the most important developments in economics, finance and law of the past generation: the growing realization of how the market for corporate control functions and why its operation is of crucial importance. Presenting seventeen seminal contributions, the book illustrates the importance of corporate control changes - mergers, acquisitions and other takeovers - in helping to align the interests of corporate shareholders and their managers. The mechanics of various takeover techniques (poison pills, greenmail and other gambits) are also explored alongside empirical research concerning the functioning of the market for corporate control.

Japanese Takeovers

Author : W. Carl Kester
Publisher : Beard Books
ISBN 13 : 9781587982101
Total Pages : 328 pages
Book Rating : 4.9/5 (821 download)

DOWNLOAD NOW!

Book Synopsis Japanese Takeovers by : W. Carl Kester

Download or read book Japanese Takeovers written by W. Carl Kester and published by Beard Books. This book was released on 2003-11 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a reprint of a previously published work. It deals with japanese mergers and acquisitions which reached a zenith in the 1980s.

Governance and the Market for Corporate Control

Author : John L. Teall
Publisher : Routledge
ISBN 13 : 1317834704
Total Pages : 285 pages
Book Rating : 4.3/5 (178 download)

DOWNLOAD NOW!

Book Synopsis Governance and the Market for Corporate Control by : John L. Teall

Download or read book Governance and the Market for Corporate Control written by John L. Teall and published by Routledge. This book was released on 2014-02-25 with total page 285 pages. Available in PDF, EPUB and Kindle. Book excerpt: Governance and the Market for Corporate Control is a textbook for use on business courses dealing with mergers, acquisitions, governance restructuring and corporate control. Three key features distinguish this book from competing texts. First, following up on recent developments in the corporate arena, it places a heavy emphasis on managerial compensation, incentives and corporate performance. Second, its conciseness allows for flexibility of use. Third, its coverage is broad and examines many topics including: significant discussions of corporate governance power and voting managerial compensation takeovers going private transactions corporate restructuring event study methodology. As well as combining theoretical, empirical, quantitative and practitioner-oriented matter, the material in this key book provides the academic foundation necessary to ensure students’ understanding of important concepts.

The Transformation of Corporate Control

Author : Neil Fligstein
Publisher : Harvard University Press
ISBN 13 : 9780674903593
Total Pages : 408 pages
Book Rating : 4.9/5 (35 download)

DOWNLOAD NOW!

Book Synopsis The Transformation of Corporate Control by : Neil Fligstein

Download or read book The Transformation of Corporate Control written by Neil Fligstein and published by Harvard University Press. This book was released on 1993 with total page 408 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this book Neil Fligstein takes issue with prevailing theories of the corporation and proposes a radically new view that has important implications for American competitiveness.

The Oxford Handbook of Corporate Governance

Author : Mike Wright
Publisher : OUP Oxford
ISBN 13 : 0191649368
Total Pages : 832 pages
Book Rating : 4.1/5 (916 download)

DOWNLOAD NOW!

Book Synopsis The Oxford Handbook of Corporate Governance by : Mike Wright

Download or read book The Oxford Handbook of Corporate Governance written by Mike Wright and published by OUP Oxford. This book was released on 2013-03-28 with total page 832 pages. Available in PDF, EPUB and Kindle. Book excerpt: The behavior of managers-such as the rewards they obtain for poor performance, the role of boards of directors in monitoring managers, and the regulatory framework covering the corporate governance mechanisms that are put in place to ensure managers' accountability to shareholder and other stakeholders-has been the subject of extensive media and policy scrutiny in light of the financial crisis of the early 2000s. However, corporate governance covers a much broader set of issues, which requires detailed assessment as a central issue of concern to business and society. Critiques of traditional governance research based on agency theory have noted its "under-contextualized" nature and its inability to compare accurately and explain the diversity of corporate governance arrangements across different institutional contexts. The Oxford Handbook of Corporate Governance aims at closing these theoretical and empirical gaps. It considers corporate governance issues at multiple levels of analysis-the individual manager, firms, institutions, industries, and nations-and presents international evidence to reflect the wide variety of perspectives. In analyzing the effects of corporate governance on performance, a variety of indicators are considered, such as accounting profit, economic profit, productivity growth, market share, proxies for environmental and social performance, such as diversity and other aspects of corporate social responsibility, and of course, share price effects. In addition to providing a high level review and analysis of the existing literature, each chapter develops an agenda for further research on a specific aspect of corporate governance. This Handbook constitutes the definitive source of academic research on corporate governance, synthesizing studies from economics, strategy, international business, organizational behavior, entrepreneurship, business ethics, accounting, finance, and law.

Corporate Takeover Law and Management Discipline

Author : Francis A Okanigbuan Jnr
Publisher : Routledge
ISBN 13 : 042989578X
Total Pages : 215 pages
Book Rating : 4.4/5 (298 download)

DOWNLOAD NOW!

Book Synopsis Corporate Takeover Law and Management Discipline by : Francis A Okanigbuan Jnr

Download or read book Corporate Takeover Law and Management Discipline written by Francis A Okanigbuan Jnr and published by Routledge. This book was released on 2019-12-06 with total page 215 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the effectiveness of corporate takeovers. The dominant ideologies of corporate takeovers include synergistic gains and its managerial disciplinary role. These dominant themes are being undermined by the challenges of costly acquisitions. The UK Takeover Code is a regulatory response to the role of managers of target companies only. Also, the regulatory framework for takeovers in the United States is largely focused on target companies. The book demonstrates that managements can influence the role of takeovers, thereby undermining its synergistic and disciplinary values. Presenting an identification and evaluation of the limits of current regulatory and judicial control over the role of management during takeovers in the UK and the US -Delaware, it will identify the relevance of institutional control as an effective mechanism for addressing the challenges of managerial influence over takeover functions. It will also identify how the role of managements can be addressed with the complementary benefit to shareholder and employee interests; thereby challenging the shareholder/ stakeholder primacy debate in corporate law, particularly in relation to takeovers. This book will be essential reading for scholars and students interested in the market for corporate control, corporate law and company law.

Mergers, Restructuring, and Corporate Control

Author : John Fred Weston
Publisher :
ISBN 13 :
Total Pages : 808 pages
Book Rating : 4.4/5 (91 download)

DOWNLOAD NOW!

Book Synopsis Mergers, Restructuring, and Corporate Control by : John Fred Weston

Download or read book Mergers, Restructuring, and Corporate Control written by John Fred Weston and published by . This book was released on 1990 with total page 808 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents recent literature on corporate mergers, acquisitions, takeovers, restructuring, and corporate governance as well as discussions of valuation, cost of capital, and strategic financial planning. This book discusses how M&As fit into a company's long-term strategy and how restructuring can unlock values in a company. It presents strategies designed to increase a firm's value: i.e., joint ventures, ESOPs, LBOs, share repurchases, and international strategies. The book also provides guides on selecting M&As to strengthen a company or increase its value. The second edition of Takeovers, Restructuring and Corporate Governance has been revised to include the latest empirical data and literature. It also now includes 38 important recent case studies: i.e., QVC-Paramount; Boeing-McDonnell Douglas; Ciba-Geigy-Sandoz, Disney-Cap Cities-ABC, and Time Warner-Turner.

Corporate Governance and Corporate Control. The Market for Corporate Control in Australia

Author : Daniel Meidl
Publisher : GRIN Verlag
ISBN 13 : 3668194912
Total Pages : 18 pages
Book Rating : 4.6/5 (681 download)

DOWNLOAD NOW!

Book Synopsis Corporate Governance and Corporate Control. The Market for Corporate Control in Australia by : Daniel Meidl

Download or read book Corporate Governance and Corporate Control. The Market for Corporate Control in Australia written by Daniel Meidl and published by GRIN Verlag. This book was released on 2016-04-13 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2014 in the subject Business economics - Business Management, Corporate Governance, grade: 1,7, Munich Business School University of Applied Sciences, language: English, abstract: Particularly in the last decades the awareness of companies themselves and the public for good corporate governance increased dramatically. “Corporate governance is set to be the primary focus for the 21st” century. Most of the advanced economies have released new corporate governance rules and codes or company laws, especially as a result of the financial crisis in 2007 and the breakdown of several big companies worldwide. In Australia attention to corporate governance has grown after the „major corporate collapses and scandals of 2001 and 2002“, which included „five publicly traded (...) companies (...) [such as the] telecom company (One.Tel)“. One.Tel ran out of money and collapsed in 2001. The company could not be revived, all assets were sold and the workers laid off. It has once been the fourth largest telecom company in Australia. The collapse of the Australian company is „associated with serious deficiencies in its corporate governance, including weaknesses in internal control, (...) management communication with the board, and poor executive pay-to-performance link.“ In the first part, this paper will provide you with background information on the terms corporate governance and corporate control. The second part outlines corporate control in Australia by elaborating on the market for corporate control, monitoring by shareholders, monitoring by non-executives and renumeration.

The Economic Nature of the Firm

Author : Randall S. Kroszner
Publisher : Cambridge University Press
ISBN 13 : 1316025233
Total Pages : 664 pages
Book Rating : 4.3/5 (16 download)

DOWNLOAD NOW!

Book Synopsis The Economic Nature of the Firm by : Randall S. Kroszner

Download or read book The Economic Nature of the Firm written by Randall S. Kroszner and published by Cambridge University Press. This book was released on 2009-09-21 with total page 664 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book brings together classic writings on the economic nature and organization of firms, including works by Ronald Coase, Oliver Williamson, and Michael Jensen and William Meckling, as well as more recent contributions by Paul Milgrom, Bengt Holmstrom, John Roberts, Oliver Hart, Luigi Zingales, and others. Part I explores the general theme of the firm's nature and place in the market economy; Part II addresses the question of which transactions are integrated under a firm's roof and what limits the growth of firms; Part III examines employer-employee relations and the motivation of labor; and Part IV studies the firm's organization from the standpoint of financing and the relationship between owners and managers. The volume also includes a consolidated bibliography of sources cited by these authors and an introductory essay by the editors that surveys the new institutional economics of the firm and issues raised in the anthology.

Public Policy Toward Corporate Takeovers

Author : Murray L. Weidenbaum
Publisher : Transaction Publishers
ISBN 13 : 9781412832458
Total Pages : 200 pages
Book Rating : 4.8/5 (324 download)

DOWNLOAD NOW!

Book Synopsis Public Policy Toward Corporate Takeovers by : Murray L. Weidenbaum

Download or read book Public Policy Toward Corporate Takeovers written by Murray L. Weidenbaum and published by Transaction Publishers. This book was released on with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume examines critical issues in the debate over the effects' of the current wave of corporate takeovers. Media accounts are often sensational, but proposed public policy remedies need to be evaluated on the basis of more than simple rhetoric. The studies contained in this collection provide solid economic grounding for the debate. Public Policy Toward Corporate Takeovers is the result of extensive research sponsored by the Center for the Study of American Business and directed by Murray Weidenbaum; it examines key aspects of takeovers: the evolving regulatory role of the Antitrust Division, state versus federal authority over offensive and defensive takeover maneuvers, whether leveraged buyouts improve the firm's economic performance, and the validity of assertions about "entrenched" managements. The book also includes the views of the most publicized corporate raider, T. Boone Pickens. Balancing Pickens' highly favorable view of the value of hostile takeovers as a disciplining factor for subpar management performance is a chapter by David Ravenscraft of the Federal Trade Commission, who takes a long-term viewpoint and argues that the popular belief that takeovers create substantial efficiencies has not been borne out by the record. The overall findings do not fully support either side of the takeover controversy. The book presents both legal and economic perspectives, and suggests strategies for government policymakers as well as leaders of private enterprise.

The Market for Corporate Control

Author : Richard S. Ruback
Publisher :
ISBN 13 :
Total Pages : 62 pages
Book Rating : 4.:/5 (129 download)

DOWNLOAD NOW!

Book Synopsis The Market for Corporate Control by : Richard S. Ruback

Download or read book The Market for Corporate Control written by Richard S. Ruback and published by . This book was released on 2006 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews much of the scientific literature on the market for corporate control. The evidence indicates that corporate takeovers generate positive gains, that target firm shareholders benefit, and that bidding firm shareholders do not lose. The gains created by corporate takeovers do not appear to come from the creation of market power. With the exception of actions that exclude potential bidders, it is difficult to find managerial actions related to corporate control that harm shareholders. Finally, we argue the market for corporate control is best viewed as an arena in which managerial teams compete for the rights to manage corporate resources.

Reviving the Market for Corporate Control

Author : Chad Leechor
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (931 download)

DOWNLOAD NOW!

Book Synopsis Reviving the Market for Corporate Control by : Chad Leechor

Download or read book Reviving the Market for Corporate Control written by Chad Leechor and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Changes in corporate control-through mergers, takeovers, acquisitions, divestitures, and the like-enhance shareholders' value. They allow the businesses to be transferred to the control of new owners who can put business assets to work more efficiently. In most countries, however, the market for corporate control is significantly restricted by anti-takeover laws and business practices used to entrench management, such as poison pills, heavy debt, pyramid schemes, and cross-holdings of equity. The key to overcoming these obstacles is to restructure incentives-by requiring business groups to disclose intercorporate ownership and banks to limit connected lending, by ensuring that bankruptcy law allows effective transfer of control, and by removing regulatory barriers to takeovers. Many studies of mergers, takeovers, acquisitions, and divestitures have confirmed that these control transactions generally maximize shareholders' value (Jensen and Ruback 1983). The gain in value is most visible in target firms' stock prices following announcements of takeover attempts or merger agreements. Even in the most advanced markets, where control transactions are common, stock prices increase 20 to 30 percent on average, depending on the type of transaction (Jarrell, Brickley, and Netter 1988). This gain represents one part of the increased business value that the acquirer is prepared to share with the target firm.

Corporate Governance in Modern Financial Capitalism

Author : Markus Kallifatides
Publisher : Edward Elgar Publishing
ISBN 13 : 1849805334
Total Pages : 445 pages
Book Rating : 4.8/5 (498 download)

DOWNLOAD NOW!

Book Synopsis Corporate Governance in Modern Financial Capitalism by : Markus Kallifatides

Download or read book Corporate Governance in Modern Financial Capitalism written by Markus Kallifatides and published by Edward Elgar Publishing. This book was released on 2010-01-01 with total page 445 pages. Available in PDF, EPUB and Kindle. Book excerpt: This insightful book focuses upon corporate governance processes, and explores the conditions required for effective corporate governance and control in 21st century globalized and financialized economies. In presenting a comprehensive study of a cross-border hostile corporate take-over process, describing the actors, institutions and events involved, this book examines and questions the current forms of corporate governance and control both from a national and a global perspective. Using Old Mutual s takeover of Skandia as a case study, the authors address corporate governance theory, and highlight its two fundamental dimensions: financial and operational flows. An important conclusion of the book is that the motives and theories of contemporary financial markets appear to have gained in importance at the expense of the corresponding operational considerations, something that has dramatically changed the rationales of different types of actors. The book critically questions these transformations, calling for the reconsideration and redesign of regulating institutions and corporate governance processes. This critical investigation of the competition for corporate control in the era of modern financial capitalism will prove a fascinating read for students, academics and researchers in the fields of corporate governance, finance and international business. It will also appeal to policymakers and practitioners within the realms of corporate finance, banking and the wider financial services industry.

Essays on the Market for Corporate Control

Author : Hyunjung Kim
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (75 download)

DOWNLOAD NOW!

Book Synopsis Essays on the Market for Corporate Control by : Hyunjung Kim

Download or read book Essays on the Market for Corporate Control written by Hyunjung Kim and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation examines the relative importance of the information effect on corporate takeover in total takeover gains. It develops the measure of information effect based on the residual income valuation model with I/B/E/S analysts' abnormal earnings forecast revisions. Empirical results show that the information effect and the synergy are estimated to be around 4 percent and 22 percent respectively in the 1,372 US samples during 1980- 2006. Furthermore, almost all of the synergy gains disappear as the deal is expected to be failed while the measured information effect remains afterwards. The evidence suggests that the information effect is more evident in the disciplinary (failed & high Tobin's-q for bidders) or acquisitional (small capitalization & high book-to-market ratio for targets) takeovers while the synergy is greater in the successful tender-offer. Overall, the corporate takeover bid generates information gains up to 15 percent of total takeover gains. It also develops a theoretical model on the market for corporate control using the assumption that there exists management slack which does not contribute to shareholder wealth. This model provides explanations to several questions about corporate takeovers, which include the following: Why do managers prefer takeovers to other investment alternatives? When are they likely to occur? What are the sources of takeover gains? Do takeovers create value? Why are stock offers more common? Who gains from such transactions both in the long and short runs? Why do they occur in massive waves? Why is diversification often attractive to bidder managers? How does corporate governance play its role during this process? And why do managers often resist takeovers? The agency model this paper develops is compatible with existing theories on takeovers including neoclassical, inefficient stock market, and the free cash flow approach. Furthermore, it is consistent with most of the empirical evidence available.