Corporate Governance And Regulatory Impact On Mergers And Acquisitions

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Corporate Governance and Regulatory Impact on Mergers and Acquisitions

Author : Greg N. Gregoriou
Publisher : Elsevier
ISBN 13 : 0080549322
Total Pages : 304 pages
Book Rating : 4.0/5 (85 download)

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Book Synopsis Corporate Governance and Regulatory Impact on Mergers and Acquisitions by : Greg N. Gregoriou

Download or read book Corporate Governance and Regulatory Impact on Mergers and Acquisitions written by Greg N. Gregoriou and published by Elsevier. This book was released on 2007-07-26 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate Governance and regulatory presssures have been much in the news lately. How they affect the bottom line of corporations has been difficult to quantify, and research is just beginning to be published that addresses this crucial question. This book is the first collection for new research about the impact of takeover regulation and corporate governance on M&A financial results. It will be essential reading to any M&A specialist, an investment banker, a hedge fund manager, a private equity director, or a venture capitalist. Also a must read for financial analysts who follow M&A targets. The book presents research from around the world so it provides a global perspective on this important topic. *The first and only book of research on takeover regulation and corporate governance affecting M&A results*Stands out from all the "How to" books on M&A and M&A disaster books because it provides solid high-quality research on what works and how different decisions affect company and shareholder value*Research provides a guideline for decisionmakers in investment banks, private equity companies, and for financial analysts

International Corporate Governance Spillovers

Author : Rui Albuquerque
Publisher : International Monetary Fund
ISBN 13 : 1475515138
Total Pages : 41 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis International Corporate Governance Spillovers by : Rui Albuquerque

Download or read book International Corporate Governance Spillovers written by Rui Albuquerque and published by International Monetary Fund. This book was released on 2013-11-12 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: We develop and test the hypothesis that foreign direct investment promotes corporate governance spillovers in the host country. Using firm-level data on cross-border mergers and acquisitions (M&A) and corporate governance in 22 countries, we find that cross-border M&As are associated with subsequent improvements in the governance, valuation, and productivity of the target firms’ local rivals. This positive spillover effect is stronger when the acquirer is from a country with stronger shareholder protection and if the target’s industry is more competitive. We conclude that the international market for corporate control promotes the adoption of better corporate governance practices around the world.

The Economics of Corporate Governance and Mergers

Author : K. Gugler
Publisher : Edward Elgar Publishing
ISBN 13 : 1848443927
Total Pages : 373 pages
Book Rating : 4.8/5 (484 download)

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Book Synopsis The Economics of Corporate Governance and Mergers by : K. Gugler

Download or read book The Economics of Corporate Governance and Mergers written by K. Gugler and published by Edward Elgar Publishing. This book was released on 2008-01-01 with total page 373 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides an insightful view of major issues in the economics of corporate governance (CG) and mergers. It presents a systematic update on the developments in the two fields during the last decade, as well as highlighting the neglected topics in CG research, such as the role of boards, CG and public interest and the relation of CG to mergers. Two important conclusions can be drawn from this book: the first is that corporate governance systems that better align shareholders and managers interests lead to better corporate performance; second, there is an important relationship between CG structures and the quality of firm decision-making, one of the most important being the decision to merge or take over another firm. Focusing on some of the often-neglected aspects of corporate governance such as non-profit organizations and public interest, as well as mergers and acquisitions from a CG perspective, this book will be a valuable resource for both academics and postgraduate students of finance, business and economics.

The Oxford Handbook of Corporate Law and Governance

Author : Jeffrey Neil Gordon
Publisher : Oxford University Press
ISBN 13 : 0198743688
Total Pages : 1217 pages
Book Rating : 4.1/5 (987 download)

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Book Synopsis The Oxford Handbook of Corporate Law and Governance by : Jeffrey Neil Gordon

Download or read book The Oxford Handbook of Corporate Law and Governance written by Jeffrey Neil Gordon and published by Oxford University Press. This book was released on 2018 with total page 1217 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate law and governance are at the forefront of regulatory activities worldwide, and subject to increasing public attention in the wake of the Global Financial Crisis. Comprehensively referencing the key debates, the Handbook provides a much-needed framework for understanding the aims and methods of legal research in the field.

Spillover of Corporate Governance Standards in Cross-border Mergers and Acquisitions

Author : Marina Vladimirovna Martynova
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (213 download)

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Book Synopsis Spillover of Corporate Governance Standards in Cross-border Mergers and Acquisitions by : Marina Vladimirovna Martynova

Download or read book Spillover of Corporate Governance Standards in Cross-border Mergers and Acquisitions written by Marina Vladimirovna Martynova and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Mergers, Acquisitions, and Other Restructuring Activities

Author : Donald DePamphilis
Publisher : Academic Press
ISBN 13 : 0128150769
Total Pages : 584 pages
Book Rating : 4.1/5 (281 download)

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Book Synopsis Mergers, Acquisitions, and Other Restructuring Activities by : Donald DePamphilis

Download or read book Mergers, Acquisitions, and Other Restructuring Activities written by Donald DePamphilis and published by Academic Press. This book was released on 2019-09-04 with total page 584 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mergers, Acquisitions, and Other Restructuring Activities: An Integrated Approach to Process, Tools, Cases, and Solutions, Tenth Edition, is the most comprehensive and cutting-edge text available on the subject. Supported by recent peer-reviewed academic research, this book provides many recent, notable deals, precedent-setting judicial decisions, government policies and regulations, and trends affecting M&As, as well as takeover strategies and tactics. Today's policies, politics and economics are reflected in the book's 40 case studies, 90% of which involve deals either announced or completed during the last several years. These cases represent friendly, hostile, highly leveraged, and cross-border transactions in ten different industries, involving public and private firms and those experiencing financial distress. Sections discuss an overview of M&As, key regulations, common strategies and tactics, how managers may choose a business strategy from available options, valuation methods and basic financial modeling techniques, the negotiating process, how deal structuring and financing are inextricably linked, how consensus is reached during the bargaining process, the role of financial models in closing the deal and strategic growth options as alternatives to domestic M&As. Provides a rigorous discussion of the strengths and limitations of financial modeling as applied to M&A and how these models can be applied in various areas Includes new academic research and updated/revised case studies Presents updated M&A tactics and strategies, along with court cases and new regulations governing business combinations, valuation methodologies and financing

The Art of Capital Restructuring

Author : H. Kent Baker
Publisher : John Wiley & Sons
ISBN 13 : 1118030354
Total Pages : 612 pages
Book Rating : 4.1/5 (18 download)

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Book Synopsis The Art of Capital Restructuring by : H. Kent Baker

Download or read book The Art of Capital Restructuring written by H. Kent Baker and published by John Wiley & Sons. This book was released on 2011-07-28 with total page 612 pages. Available in PDF, EPUB and Kindle. Book excerpt: The most up-to-date guide on making the right capital restructuring moves The Art of Capital Restructuring provides a fresh look at the current state of mergers, acquisitions, and corporate restructuring around the world. The dynamic nature of M&As requires an evolving understanding of the field, and this book considers several different forms of physical restructuring such as divestitures as well as financial restructuring, which refers to alterations in the capital structure of the firm. The Art of Capital Restructuring not only explains the financial aspects of these transactions but also examines legal, regulatory, tax, ethical, social, and behavioral considerations. In addition to this timely information, coverage also includes discussion of basic concepts, motives, strategies, and techniques as well as their application to increasingly complex, real-world situations. Emphasizes best practices that lead to M&A success Contains important and relevant research studies based on recent developments in the field Comprised of contributed chapters from both experienced professionals and academics, offering a variety of perspectives and a rich interplay of ideas Skillfully blending theory with practice, this book will put you in a better position to make the right decisions with regard to capital restructuring in today's dynamic business world.

Managing Corporate Governance Issues in M&A

Author : Gary S. Schiff
Publisher : Aspatore Books
ISBN 13 : 9780314266972
Total Pages : 0 pages
Book Rating : 4.2/5 (669 download)

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Book Synopsis Managing Corporate Governance Issues in M&A by : Gary S. Schiff

Download or read book Managing Corporate Governance Issues in M&A written by Gary S. Schiff and published by Aspatore Books. This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Managing Corporate Governance Issues in M&A provides an authoritative, insiders perspective on key strategies for navigating the current corporate governance climate in mergers and acquisitions. Featuring partners from some of the nations leading law firms, these experts guide the reader through the process of analyzing governance issues in an M&A transaction. These top lawyers offer advice on understanding the legal standards and compliance issues for corporate governance, performing due diligence to resolve concerns, and improving and assimilating governance standards in a merger. From assessing risks involved when acquiring an insolvent firm to understanding the liability issues that arise from poor governance, these authors explain the key issues that affect corporate governance in todays economy. Additionally, these leaders discuss corporate governance issues and regulations in Canada. The different niches represented and the breadth of perspectives presented enable readers to get inside some of the great legal minds of today, as these experienced lawyers offer up their thoughts around the keys to success within this ever-evolving field.

Corporate Governance and Mergers and Acquisitions

Author : Rabi Narayan Kar
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis Corporate Governance and Mergers and Acquisitions by : Rabi Narayan Kar

Download or read book Corporate Governance and Mergers and Acquisitions written by Rabi Narayan Kar and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: M&As scenario started changing in India after the introduction of liberalization process in 1991.The policy initiatives of the Government led to a structural transformation in the Indian industries. This industrial transformation has provided a launch pad for the corporate to grow and expand through M&As strategy. Corporate governance broadly refers to a set of practices that are designed to govern the behaviour of corporate enterprises. In the backdrop of several American corporate debacles, corporate governance has been increasingly seen as a means to promote healthier corporate practices and to check the errant enterprises. In this context, M&A serves as a vital instrument of corporate governance to increase corporate efficiency. Corporate governance in the context of a company, deals with laws, procedures, practices and implicit rules that determine a company's ability to take managerial decisions vis-a-vis its stakeholders. In this paper, an attempt has been made to present the relationship between corporate governance and mergers and acquisitions. Further, an exploratory attempt has been made to analyse the impact of M&A on share price bahaviour to identify the important issues, which could improve the corporate governance practices of enterprises. From the literature review, evidence of shareholders gaining positively in case of target firms has been proved at the time of M&As. In case of acquiring firms, there have been divergent of opinions on this issue. However, none of the studies in the Indian context examined these issues. Being an important area having wide policy implications, it needs to be investigated. In the recent past, some corporate actions has proved that hostile M&A front prevailing in the Indian corporate front. Many companies are also playing safe by shoring up their holdings through buy-back of shares to thwart hostile corporate raids. In this backdrop, better corporate governance practices have become more essential. The impact of mergers and acquisitions on corporate performance could be measured in several ways. One way of analysing is to evaluate the impact of M&As in terms of various measures of profitability before and after mergers and acquisitions. There are two sets of arguments. One set of arguments hold that significant improvement in profitability after M&As and vice-versa. Another aspect relating to the performance analysis is that many firms engaged in a series of M&A activities over a time as has been observed in the present study. Thus, it is difficult to isolate the influence of a single acquisition event. Thus, the best course of action is to investigate each of the pre and post merger acquisitions events to analyse impact, which has been followed in this study. The other way to measure the performance is to monitor the share prices after the merger or acquisition deal is struck, which assumes that stock markets are efficient. Empirical studies of this type indicate that a target firm's shareholders benefit and the bidding firm's shareholders either gain or do not lose. An exploratory attempt has been made here to investigate the impact of M&As on share price behaviour of the acquiring firms. This study concentrated only on acquiring firms, as relevant data is not available for target firms because either they are merged or taken over by the acquiring firms. It is observed that in majority of the cases acquiring company's shareholder's gain due to the M&A. This also in consistent with the literature that Indian stock markets do take a positive view of M&A strategies being adopted by the Indian companies. As has been stated in the research findings, the reasons for appreciation may be related to the anticipated value enhancement of the merged entity as a result of expected increase in cash flows from the M&A., This is in tandem with the arguments that the shareholders might have taken into account the expected increase in performance due to better profitability, market leadership, new growth prospects and cost efficiency. It has also been found from the literature that takeovers are motivated by expectations of improved performance due to the realization of synergistic benefits, which reflected in the share prices. This has been reflected in motives of Indian M&As which might have caused the share prices appreciation. A Strong R&D and Strategic alignment has also emerged as important motive of Indian M&As which may have influenced the share price behaviour of the Indian enterprises. However, there are some important issues, which needs to be taken care of for better corporate governance practices when corporate enterprises indulge in mergers and acquisitions.

Takeover Defense

Author : Arthur Fleischer Jr.
Publisher :
ISBN 13 : 9781543850192
Total Pages : 3078 pages
Book Rating : 4.8/5 (51 download)

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Book Synopsis Takeover Defense by : Arthur Fleischer Jr.

Download or read book Takeover Defense written by Arthur Fleischer Jr. and published by . This book was released on 2021-10-07 with total page 3078 pages. Available in PDF, EPUB and Kindle. Book excerpt: Takeover Defense: Mergers and Acquisitions (2 Volumes), 9th Edition

A Legal and Economic Assessment of European Takeover Regulation

Author : Christophe Clerc
Publisher :
ISBN 13 : 9789461382344
Total Pages : 0 pages
Book Rating : 4.3/5 (823 download)

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Book Synopsis A Legal and Economic Assessment of European Takeover Regulation by : Christophe Clerc

Download or read book A Legal and Economic Assessment of European Takeover Regulation written by Christophe Clerc and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Takeovers are an exceptional event in the life of a corporation, fundamentally altering both control and strategy. But the prospect of becoming the target of a bid, even when remote, influences daily corporate decision-making. Takeover rules are therefore central to company law and the balance of power among managers, shareholders and stakeholders alike. To what extent is it possible to balance an active market for corporate control with long-term, firm-specific investments? This book is an abridged version of a comprehensive study carried out by the law firm Marccus Partners and the Centre for European Policy Studies for the European Commission and supplemented by additional policy recommendations. The study analyses the corporate governance considerations driving takeover regulation. It also assesses the implementation of the EU Directive on takeover bids and compares it with the legal framework of nine other major jurisdictions, including the United States. The authors find that similar rules have different effects, depending on company-level and country-level characteristics, and examine the use of modular legislation and optional provisions to cater for these differences. Offering the reader a unique and thorough legal review, this book draws on the work of a global network of law firms and an in-depth economic study, including a survey of the relevant academic literature and an empirical analysis based on a comprehensive dataset on takeovers in Europe dating back to the early 2000s. An analysis of the impact of takeover rules on competitiveness and employment is also provided. Book jacket.

Corporate Governance and Foreign Direct Investment

Author : Joseph D. Alba
Publisher :
ISBN 13 :
Total Pages : 21 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Corporate Governance and Foreign Direct Investment by : Joseph D. Alba

Download or read book Corporate Governance and Foreign Direct Investment written by Joseph D. Alba and published by . This book was released on 2014 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: Merger and acquisition (M&A) activity is motivated by increasing shareholder value through improved corporate governance. Therefore, stronger corporate governance can reduce the returns from M&A activity, including M&A foreign direct investment (FDI). This, in turn, can reduce the returns from non-M&A FDI in light of the complementary relationship between M&A and non-M&A FDI. We use firm-level evidence to empirically examine the effect of corporate governance in the United States (US) on Japanese M&A and non-M&A FDI inflows. In doing so, we expand upon Alba, Park, and Wang (2009), which looked only at the M&A FDI inflows. We find that two landmark US corporate governance regulations help explain the sharp drop in both Japanese M&A and non-M&A FDI into the US during the 1990s. The regulations apparently encouraged US firms to improve their corporate governance. Our evidence thus suggests that corporate governance may affect both M&A and non-M&A FDI.

The Federalization of Corporate Governance

Author : Marc I. Steinberg
Publisher : Oxford University Press
ISBN 13 : 0190876301
Total Pages : 256 pages
Book Rating : 4.1/5 (98 download)

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Book Synopsis The Federalization of Corporate Governance by : Marc I. Steinberg

Download or read book The Federalization of Corporate Governance written by Marc I. Steinberg and published by Oxford University Press. This book was released on 2018-02-23 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses on the federalization of corporate governance in the United States from both historical and contemporary perspectives. Although the states traditionally have regulated the sphere of corporate governance - encompassing the relations among and between the subject corporation, its directors, its officers, its stockholders, and other stakeholders - federal law today impacts the governance of publicly-traded companies to a greater degree than ever before in U.S. history. This book discusses the evolution and development of corporate governance from a federal law perspective from the commencement of the twentieth century to the present. It examines the tension between state company law and federal law, analyzes the federal historical developments, explains the ramifications of the federal legislation enacted during the past two decades, and recommends corrective measures that should be implemented. The book accordingly provides an original, historical, and contemporary analysis of the federalization of corporate governance - a subject that impacts this country's economic well-being in a very fundamental way.

Corporate Governance Structure and Mergers

Author : Elijah Brewer
Publisher :
ISBN 13 :
Total Pages : 28 pages
Book Rating : 4.:/5 (66 download)

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Book Synopsis Corporate Governance Structure and Mergers by : Elijah Brewer

Download or read book Corporate Governance Structure and Mergers written by Elijah Brewer and published by . This book was released on 2010 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Few transactions have the potential to generate revelations about the market value of corporate assets and liabilities as mergers and acquisitions (M&A). Corporate governance and control mechanisms such as independent directors, independent blockholders, and managerial share ownership are usually important predictors of the size and distribution of the incremental wealth generated by M&A transactions. The authors add to this literature by investigating these relationships using a sample of banking organization M&A transactions over the period 1990-2004. Unlike research on nonfinancial firms, the impact of independent directors, share ownership of the top five managers, and independent block holders on bank merger purchase premiums in this environment is likely to be measured more consistently because of industry operating standards and regulations. It is also the case that research on banks in this area has not received adequate attention. The authors model controls for risk characteristics of the target banks, the deal characteristics, and the economic environment. Their results are robust. They support the hypothesis that independent directors may provide an important internal governance mechanism for protecting shareholders' interests, especially in large-scale transactions such as mergers and takeovers. The authors also find the results to be consistent with the hypothesis that independent blockholders play an important role in the market for corporate control as does managerial share ownership. But these effects dampen the impact of independent directors on target shareholders' merger prices. Their overall findings would support policies that promote independent outside directors on the board of banking firms in order to provide protection for shareholders and investors at large.

Mergers, Acquisitions and Restructuring

Author : Coates, IV (John C.)
Publisher :
ISBN 13 :
Total Pages : 42 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Mergers, Acquisitions and Restructuring by : Coates, IV (John C.)

Download or read book Mergers, Acquisitions and Restructuring written by Coates, IV (John C.) and published by . This book was released on 2014 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: An important component of corporate governance is the regulation of significant transactions - mergers, acquisitions, and restructuring. This paper (a chapter in Oxford Handbook on Corporate Law and Governance, forthcoming) reviews how M&A and restructuring are regulated by corporate and securities law, listing standards, antitrust and foreign investment law, and industry-specific regulation. Drawing on real-world examples from the world's two largest M&A markets (the US and the UK) and a representative developing nation (India), major types of M&A transactions are reviewed, and six goals of M&A regulation are summarized - to (1) clarify authority, (2) reduce costs, (3) constrain conflicts of interest, (4) protect dispersed owners, (5) deter looting, asset-stripping and excessive leverage, and (6) cope with side effects. Modes of regulation either (a) facilitate M&A - collective action and call-right statutes - or (b) constrain M&A - disclosure laws, approval requirements, augmented duties, fairness requirements, regulation of terms, process and deal-related debt, and bans or structural limits. The paper synthesizes empirical research on types of transactions chosen, effects of law on M&A, and effects of M&A. Throughout, similarities and differences across transaction types and countries are noted. The paper concludes with observations about what these variations imply and how law affects economic activity.

Corporate Governance

Author : H. Kent Baker
Publisher : John Wiley & Sons
ISBN 13 : 0470877952
Total Pages : 690 pages
Book Rating : 4.4/5 (78 download)

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Book Synopsis Corporate Governance by : H. Kent Baker

Download or read book Corporate Governance written by H. Kent Baker and published by John Wiley & Sons. This book was released on 2010-08-20 with total page 690 pages. Available in PDF, EPUB and Kindle. Book excerpt: A detailed look at the importance of corporate governance in today's business world The importance of corporate governance became dramatically clear at the beginning of the twenty-first century as a series of corporate meltdowns from managerial fraud, misconduct, and negligence caused a massive loss of shareholder wealth. As part of the Robert W. Kolb Series in Finance, this book provides a comprehensive view of the shareholder-manager relationship and examines the current state of governance mechanisms in mitigating the principal-agent conflict. This book also offers informed suggestions and predictions about the future direction of corporate governance. Relies on recent research findings to provide guidance through the maze of theories and concepts Uses a structured approach to put corporate governance in perspective Addresses essential issues related to corporate governance including the idea of principal-agent conflict, role of the board of directors, executive compensation, corporate monitoring, proxy contests and corporate takeovers, and regulatory intervention Corporate governance is an essential part of mainstream finance. If you need to gain a better understanding of this topic, look no further than this book.

The Law and Economics of Corporate Governance

Author : Alessio M. Pacces
Publisher : Edward Elgar Publishing
ISBN 13 : 1849807086
Total Pages : 321 pages
Book Rating : 4.8/5 (498 download)

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Book Synopsis The Law and Economics of Corporate Governance by : Alessio M. Pacces

Download or read book The Law and Economics of Corporate Governance written by Alessio M. Pacces and published by Edward Elgar Publishing. This book was released on 2010-01-01 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this timely book, the law and economics of corporate governance is approached from a range of angles. This study reveals that perspectives are changing: they differ between the economic and the legal standpoint; they vary across countries; they evolve over time. A group of leading scholars offer their views some provide fresh empirical evidence on existing theories and others attempt to develop new theoretical insights based on empirical puzzles. They all analyse the economics of corporate governance with a view to how it should, or should not, be regulated. Economic analysis of law proves to be the common language for understanding corporate governance on both sides of the Atlantic. The law and economics approach is applied to topical issues in the international debate, such as the harmonization of company laws; regulatory competition; determinants of separation of ownership and control; enforcement of investor protection; and the political economy of corporate governance.