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The Performance Consequences Of Mergers And Acquisitions In The Us Telecommunications Industry
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Book Synopsis The Performance Consequences of Mergers and Acquisitions in the U.S. Telecommunications Industry by : Ulku Yaylacicegi
Download or read book The Performance Consequences of Mergers and Acquisitions in the U.S. Telecommunications Industry written by Ulku Yaylacicegi and published by . This book was released on 2005 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The performance consequences of mergers and acquisitions in the United States telecommunications industry by : Ulku Yaylacicegi
Download or read book The performance consequences of mergers and acquisitions in the United States telecommunications industry written by Ulku Yaylacicegi and published by . This book was released on 2005 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Impact of Mergers on Performance in the US Telecommunications Industry, 1988 to 2001 by : Sumit K. Majumdar
Download or read book The Impact of Mergers on Performance in the US Telecommunications Industry, 1988 to 2001 written by Sumit K. Majumdar and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mergers and acquisitions in the Telecommunications industry have become a distinctive trend of the U.S. economy, with steady consolidation of carriers to head off or take on the competition. While the wealth effects of mergers have been extensively analyzed in prior literature, previous studies fail to correctly relate the causes of such phenomena to ex-post performance. This study elaborates on the consequences of mergers and acquisitions in the telecommunications industry using statistics of communications common carriers for the period 1988 to 2001. Using a dynamic panel data analysis estimation technique - Arellano-Bond (1991) estimation -, which outperforms the event studies methodology used predominantly in prior research, we examine the synergistic effects and success factors of mergers over time with an exhaustive set of financial, operational and technological performance measures that capture profitability, growth, efficiency, productivity, economies of scale and scope, and technology progressiveness. We control for critical periods that constitute structural shift in telecommunications merger and acquisitions activity, and account for many mergers with huge welfare implications. The results of this study will serve to project the future structure of the telecommunications industry. We find significant evidence that mergers are followed by substantial deterioration in profitability and operational performance, in addition to a significant decrease in the investment on new technology.
Book Synopsis Mergers and Acquisitions in the U.S. Telecommunications Industry - An Empirical Analysis of Diversification Strategies, Influencing Factors and Their Performance Implications by : Alexandre Robert Mounier
Download or read book Mergers and Acquisitions in the U.S. Telecommunications Industry - An Empirical Analysis of Diversification Strategies, Influencing Factors and Their Performance Implications written by Alexandre Robert Mounier and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The telecommunications industry is among the most dynamic industries in terms of mergers and acquisitions activity. Yet, only few studies have been concerned with the particular challenges and dynamics telecommunications firms face when engaging in takeover activity. This thesis addresses this gap and contributes to existing re- search by investigating influencing factors and their performance implications for mergers and acquisitions in the U.S. telecommunications industry. The analysis is conducted using a five-day event study methodology based on abnormal returns in combination with ordinary least squares and weighted least squares regressions. The evidence obtained suggests that on average, related acquisitions are expected to out- perform unrelated acquisitions with an underlying U-shaped pattern, and acquirer experience and acquisition timing also exhibit a curvilinear linkage to market expectations about firm performance. The results of this thesis emphasize the importance for managers to consider the particular setting of their acquisitions along with the need to clearly communicate how an acquisition fits into an overall corporate strategy, and how it is to be evaluated with respect to the competitive positioning of the firm.
Book Synopsis Quest for Efficiency by : Sumit K. Majumdar
Download or read book Quest for Efficiency written by Sumit K. Majumdar and published by . This book was released on 2009 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: We evaluate the impact of the various mergers of the local exchange companies that took place between 1988 and 2001 on several measures of performance of the firms that have undergone the mergers. Our analysis reveals that relative cash flows decrease after mergers, the pattern of accompanying sales growth is ambiguous and driven by increased market presence while the impact of mergers on the measures of efficiency and synergy are negative. If the efficiency motive is primary in influencing merger approval, then the past mergers approved have led to inefficiencies and welfare losses for the American consumer and the mergers of communication common carriers have not been in the public interest. On the other hand, given the inefficiency outcomes views that the quiet life, hubris and a quest for possible market power have motivated the mergers cannot be discarded.
Author :United States. Congress. House. Committee on Energy and Commerce. Subcommittee on Telecommunications and Finance Publisher : ISBN 13 : Total Pages :196 pages Book Rating :4.F/5 ( download)
Book Synopsis Impact of Mergers and Acquisitions by : United States. Congress. House. Committee on Energy and Commerce. Subcommittee on Telecommunications and Finance
Download or read book Impact of Mergers and Acquisitions written by United States. Congress. House. Committee on Energy and Commerce. Subcommittee on Telecommunications and Finance and published by . This book was released on 1987 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Estimating the Efficiency Effects of U.S. Telecommunications Mergers by : Nakil Sung
Download or read book Estimating the Efficiency Effects of U.S. Telecommunications Mergers written by Nakil Sung and published by . This book was released on 2003 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper attempts to examine the effects of two horizontal mergers between Baby Bells, the SBC-Pacific Telesis merger and the Bell Atlantic-Nynex merger, on the performance of the respective operating companies. The effects of the mergers are investigated by comparing the performance of the merging companies with a control group of non-merging companies and also, the performance of the merging companies before and after merger. The comparisons are made on total factor productivity (TFP) change, shifts in the total cost function and shareholder returns. In addition, the estimation of total cost functions provides estimates for economies of scale and scope, which are often cited as one of the main drivers for mergers. The empirical analysis is carried out with annual data for 38 operating companies over the period 1991-2000.One of the main results is that while in terms of shareholder returns merged holding companies slightly outperformed non-merged companies for a short-period, this small gain soon disappeared. There was no significant increase in TFP for merged companies before and after merger and also, no systematic difference in TFP between merged and non-merged companies. The TFP regressions show that mergers have a negative or zero impact on TFP. Moreover, the cost analysis indicates that mergers might have even increased total costs. We control for demand fluctuations, the state of technology and two policy variables (regulation and competition) in both the productivity and the cost analysis. Finally, no economies of scale and scope are identified. Based on all these findings, the paper suggests that mergers between large Baby Bells did not produce net economies of scale and did not lead to substantial productivity growth.
Book Synopsis Mergers, Jobs and Wages in the US Telecommunications Industry by : Sumit K. Majumdar
Download or read book Mergers, Jobs and Wages in the US Telecommunications Industry written by Sumit K. Majumdar and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study evaluates the human capital consequences of the several mergers of the local exchange companies that took place between 1988 and 2001. Many firms in the sector underwent one merger event while several firms have undergone two events. The levels of jobs and average wages in the firms are assessed after the merger events and analysis reveals that while the first merger events experienced by firms led to growth in jobs and wages of just over 5 percent, the second merger events, which have included the several mega-mergers of the late 1990s and early 2000s, have led to stagnation and decline in employment levels and to significantly negative human capital outcomes with declines of up to 17 percent in wage levels.
Book Synopsis Analysis of the Impacts of Merger and Acquisition on Business Development in Telecommunication Industry in India by : Dinesh Chathuranga
Download or read book Analysis of the Impacts of Merger and Acquisition on Business Development in Telecommunication Industry in India written by Dinesh Chathuranga and published by GRIN Verlag. This book was released on 2015-10-01 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2013 in the subject Business economics - Investment and Finance, grade: 76.00%, Kings College London, course: MBA, language: English, comment: Analysis of business and financial performance before and after M&A, SWOT analysis, Market share analysis in the context of India etc., abstract: According to literature, it could be noted that there is no significant research studies conducted in respect of merger and acquisition transactions and their impact of business development within the context of Indian telecommunication industry. Accordingly, this research study has mainly focused on merger and acquisition (M&As) transactions and their effects on business development within the context of telecommunication industry in India. For this purpose, market expansions and business and financial performance of Bharti Airtel and Vodafone over last seven years due to their merger and acquisition transactions were investigated, and found that such transactions have positively affected to business development of both Vodafone and Bharti Airtel.
Author :United States. Congress. Senate. Committee on the Judiciary. Subcommittee on Antitrust, Monopolies, and Business Rights Publisher : ISBN 13 : Total Pages :346 pages Book Rating :4.0/5 ( download)
Book Synopsis Examining the Effects of Megamergers in the Telecommunications Industry by : United States. Congress. Senate. Committee on the Judiciary. Subcommittee on Antitrust, Monopolies, and Business Rights
Download or read book Examining the Effects of Megamergers in the Telecommunications Industry written by United States. Congress. Senate. Committee on the Judiciary. Subcommittee on Antitrust, Monopolies, and Business Rights and published by . This book was released on 1995 with total page 346 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :United States. Congress. Senate. Committee on Commerce, Science, and Transportation Publisher : ISBN 13 : Total Pages :88 pages Book Rating :4.:/5 (51 download)
Book Synopsis Mergers in the Telecommunications Industry by : United States. Congress. Senate. Committee on Commerce, Science, and Transportation
Download or read book Mergers in the Telecommunications Industry written by United States. Congress. Senate. Committee on Commerce, Science, and Transportation and published by . This book was released on 2002 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Deregulation, Competition and Merger Activity in the U.S. Telecommunications Industry by : Kevin Okoeguale
Download or read book Deregulation, Competition and Merger Activity in the U.S. Telecommunications Industry written by Kevin Okoeguale and published by . This book was released on 2015 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using the 1996 Telecommunications Act as a natural experiment, I examine the role of competition in “how” economic shocks drive industry-level clustering of merger activity and “who buys whom?” In the telecom industry, deregulation opened both the local and long-distance markets to competition from new communication technologies, driving significant increases in IPO and merger activity. My findings support the view that the increase in merger activity following the 1996 deregulation was an efficiency-improving restructuring response to increased competition from deregulation and technological change, and not to increased misvaluation. The economic shocks from deregulation and technological change drive merger activity by increasing industry competition. I find no significant relationship between the level of merger activity and stock market misvaluation. I find evidence systematically relating telecom firms' performance and merger characteristics; pre-1996 deregulation levels of efficiency and leverage show up as important determinants of an incumbents' survival and/or merger fate; the more efficient and less leveraged incumbents are more likely to be the acquirers than the targets in mergers involving two incumbents.
Book Synopsis Effects of Consolidation on the State of Competition in the Telecommunications Industry by : United States. Congress. House. Committee on the Judiciary
Download or read book Effects of Consolidation on the State of Competition in the Telecommunications Industry written by United States. Congress. House. Committee on the Judiciary and published by . This book was released on 1999 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Valuation Effects of Telecommunications Mergers and Acquisitions by : A. B. Sagna
Download or read book Valuation Effects of Telecommunications Mergers and Acquisitions written by A. B. Sagna and published by . This book was released on 2004 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Empirical Essays on Mergers and Regulation in the Telecommunications Industry by :
Download or read book Three Empirical Essays on Mergers and Regulation in the Telecommunications Industry written by and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This empirical dissertation consists of three essays on mergers and regulation in the U.S. telecommunications industry. An abstract for each of the three essays follows. Essay 1: This study has attempted to measure the productivity growth associated with 25 incumbent local exchange carriers (ILECs) over the period 1996-2005 using a Malmquist productivity index. The average efficiency scores for our sample companies have not changed significantly between 1996 and 2005, which indicates that the average ILECs shows no measurable improvement in terms of optimizing their input-output combinations over time. We find some empirical evidence of a positive merger effect, although this effect diminishes over time. In addition, we find that non-merged firms underperform in terms of average productivity growth. Essay 2: This study analyzes the merger effects for 25 ILECs over the period 1996-2005 using stochastic frontier analysis with a time-varying inefficiency model. In addition, we conduct a comparison of indices between the stochastic frontier analysis and the Malmquist index method. The empirical results indicate that the sample of telecommunications firms has experienced deterioration in average productivity growth following the mergers. In addition, both approaches suggest that firms that do not merge underperform in terms of average productivity growth. Essay 3: This essay investigates whether the substitution of price cap regulation (PCR), along with other regulatory regimes, for traditional rate of return regulation (RRR) has had a measurable effect on productivity growth in the U.S. telecommunications industry. A stochastic frontier approach, which differs from previous studies, is employed to compute efficiency change, technological progress, and productivity growth for 25 LECs over the period 1988-1998. By examining the relationship between the change in productivity growth and regulatory regime variables, while controlling for other effects, we find that PCR and other regulatory regimes have a positive effect on productivity growth. However, only PCR has a significant and positive effect in both contemporaneous and lagged model specifications.
Book Synopsis Financing, Mergers & Acquisitions in the Telecommunications Industry by : Stephen E. Jacobs
Download or read book Financing, Mergers & Acquisitions in the Telecommunications Industry written by Stephen E. Jacobs and published by . This book was released on 1997 with total page 470 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Enterprise Optimization by : William Duncan
Download or read book Enterprise Optimization written by William Duncan and published by Dog Ear Publishing. This book was released on 2006-08 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inside this book, you'll find.. Three root causes of most M&A failures (Chapter 1) Ten lessons we should all learn from the history of mergers and acquisitions (Chapter 2) What every manager should know about the odds of succeeding in mergers and acquisitions today (Chapter 3) Six reasons that acquirers become enamored with acquisition targets, and overpay for them (Chapter 3) Seven "best practices" of today's most successful business acquirers (Chapter 3) Advice from C-level executives in M&A-built companies about what works, what doesn't, and why (Chapter 3) How to avoid the most commonly cited problems that drain financial performance from M&A transactions (Chapter 4) How to assess your company's preparedness to benefit from M&A - whether the M&A is in your company's past or its future (Chapter 6) How to align leadership, business processes, and information systems to capture earnings and market share (Chapters 7 through 9) How to utilize a strengthened platform of leadership, processes and systems to accelerate and heighten the benefits of future mergers and acquisitions (Chapter 10) ..and a special bonus feature for busy executives who need to home in quickly on the most pertinent information: An executive summary of each chapter is contained in the book's introduction, enabling the reader to turn immediately to topics of greatest interest. Enterprise Optimization Is filled with powerful, detailed examples from A&D, Manufacturing, Healthcare, Financial Services, and Telecommunications industries showing exactly how to drive M&A activity directly to bottom-line financial performance Decades of studies show that most mergers and acquisitions fail to deliver on promised financial results. In fact, many of them actually destroy shareholder value If your company has mergers or acquisitions in its history, there is a strong likelihood that a lot of money was left on the table. This book explains why that happens, and how to recapture those earnings. The first half of this book explores the reasons that so many M&A transactions produce poor results. It also includes detailed explanations of how M&A pitfalls can be avoided. It contains original research, insights from interviews with C-level executives in M&A-built corporations, and survey results from senior managers with extensive M&A experience. The second half of this book lays out a winning approach to achieving real leverage from the total asset base of the merged enterprise, strengthening business processes and information systems to achieve sustainable competitive advantage. It also describes how to use this platform of strengthened performance to accelerate the financial gains from future mergers and acquisitions. Rich in detail, this book is packed with powerful illustrations from A&D, Telecommunications, Health Care, Financial Services, and Manufacturing industries. Bill Duncan has spent more than 30 years in management positions at some of the largest and most successful companies in the world including John Deere, McDonnell Douglas, and Boeing. He is an award-winning author with three other business books and numerous articles to his credit. He has taught courses in Strategic Planning all over the U.S. as well as Asia, and courses in Information Systems at major universities. As Director of Production, Director of Materials Management, Director of Information Systems, and Vice President of Operations, he has experience on both sides of the M&A table, in the United States as well as internationally. Now a management consultant, Duncan encounters many clients with millions of dollars in unrealized earnings and uncaptured market share as a result of previous acquisitions and mergers. He has written this book to help business leaders understand how to recover the money that was left "on the table," and produce sustainable competitive advantage.
