Corporate Takeovers And Productivity

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

Corporate Takeovers and Productivity

Author : Frank R. Lichtenberg
Publisher : MIT Press
ISBN 13 : 9780262121644
Total Pages : 180 pages
Book Rating : 4.1/5 (216 download)

DOWNLOAD NOW!

Book Synopsis Corporate Takeovers and Productivity by : Frank R. Lichtenberg

Download or read book Corporate Takeovers and Productivity written by Frank R. Lichtenberg and published by MIT Press. This book was released on 1992 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this revealing study Frank Lichtenberg uses Census Bureau and other data on hundreds of business transactions during the 1970s and 1980s to examine the effects of changes in corporate control on productivity. The 1980s saw explosive activity in the arena of corporate takeovers. In this revealing study Frank Lichtenberg uses Census Bureau and other data on hundreds of business transactions during the 1970s and 1980s to examine the effects of changes in corporate control on productivity. He concludes that the restructuring of the U.S. economy during the past decade has contributed to higher productivity and increased international competitiveness. Corporate Takeovers and Productivity examines the effects of mergers and acquisitions, in general, and leveraged buyouts, in particular on a number of important, interrelated variables: on the productivity and market share of manufacturing plants, on fixed and R&D investment, on the employment and wages of both blue- and white-collar workers, and on corporate diversification. Among Lichtenberg's findings are that the least productive plants are most likely to change owners - a change that tends to raise productivity performance; that takeovers significantly reduce the employment and wages of white-collar workers (except R&D personnel) but not of blue-collar workers; that industrial consolidation is one source of the productivity gains from takeovers; and that the U.S. LBOs and foreign mergers and acquisitions do not have the same effects as U.S. mergers and acquisitions.

Does Speculative News Hurt Productivity?

Author : Christian Andres
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

DOWNLOAD NOW!

Book Synopsis Does Speculative News Hurt Productivity? by : Christian Andres

Download or read book Does Speculative News Hurt Productivity? written by Christian Andres and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Speculative news on corporate takeovers may hurt productivity because uncertainty and threat of job loss cause anxiety, distraction, and reduced collaboration and morale among employees and managers. Using a panel of OECD-headquartered firms, we show that firm productivity temporarily declines upon announcements of speculative takeover rumors that do not materialize. This productivity dip is more pronounced for targets and for firms in countries with weaker employee rights and less long-term orientation. Abnormal stock returns mirror these results. The evidence fosters our understanding of potential real effects of speculative financial news and the costs of takeover threats.

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.

Corporate Takeovers

Author : Alan J. Auerbach
Publisher : University of Chicago Press
ISBN 13 : 0226032167
Total Pages : 354 pages
Book Rating : 4.2/5 (26 download)

DOWNLOAD NOW!

Book Synopsis Corporate Takeovers by : Alan J. Auerbach

Download or read book Corporate Takeovers written by Alan J. Auerbach and published by University of Chicago Press. This book was released on 2013-12-30 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt: The takeover boom that began in the mid-1980s has exhibited many phenomena not previously observed, such as hostile takeovers and takeover defenses, a widespread use of cash as a means of payment for targeted firms, and the acquisitions of companies ranking among the largest in the country. With the aim of more fully understanding the implications of such occurances, contributors to this volume consider a broad range of issues as they analyze mergers and acquisitions and study the takeoveer process itself.

Productivity, Restructuring, and the Gains from Takeovers

Author : Xiaoyang Li
Publisher :
ISBN 13 :
Total Pages : 51 pages
Book Rating : 4.:/5 (13 download)

DOWNLOAD NOW!

Book Synopsis Productivity, Restructuring, and the Gains from Takeovers by : Xiaoyang Li

Download or read book Productivity, Restructuring, and the Gains from Takeovers written by Xiaoyang Li and published by . This book was released on 2013 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates how takeovers create value. Using plant-level data, I show that acquirers increase targets' productivity through more efficient use of capital and labor. Acquirers significantly reduce capital expenditures, wages, and employment in target plants, though output is unchanged. Acquirers improve targets'investment efficiency through better capital reallocation. Moreover, changes in productivity help explain the merging firms' announcement returns. The combined announcement returns are driven by improvements in target's productivity. Targets with greater productivity improvements receive higher premiums. These results provide some first empirical evidence on the relation between productivity and stock returns in the context of takeovers.

Knights, Raiders, and Targets

Author : John C. Coffee
Publisher : Oxford University Press
ISBN 13 : 0195364554
Total Pages : 562 pages
Book Rating : 4.1/5 (953 download)

DOWNLOAD NOW!

Book Synopsis Knights, Raiders, and Targets by : John C. Coffee

Download or read book Knights, Raiders, and Targets written by John C. Coffee and published by Oxford University Press. This book was released on 1988 with total page 562 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Handbook of Corporate Finance

Author : Bjørn Espen Eckbo
Publisher : Elsevier
ISBN 13 : 0080488919
Total Pages : 559 pages
Book Rating : 4.0/5 (84 download)

DOWNLOAD NOW!

Book Synopsis Handbook of Corporate Finance by : Bjørn Espen Eckbo

Download or read book Handbook of Corporate Finance written by Bjørn Espen Eckbo and published by Elsevier. This book was released on 2007-05-21 with total page 559 pages. Available in PDF, EPUB and Kindle. Book excerpt: Judging by the sheer number of papers reviewed in this Handbook, the empirical analysis of firms’ financing and investment decisions—empirical corporate finance—has become a dominant field in financial economics. The growing interest in everything “corporate is fueled by a healthy combination of fundamental theoretical developments and recent widespread access to large transactional data bases. A less scientific—but nevertheless important—source of inspiration is a growing awareness of the important social implications of corporate behavior and governance. This Handbook takes stock of the main empirical findings to date across an unprecedented spectrum of corporate finance issues, ranging from econometric methodology, to raising capital and capital structure choice, and to managerial incentives and corporate investment behavior. The surveys are written by leading empirical researchers that remain active in their respective areas of interest. With few exceptions, the writing style makes the chapters accessible to industry practitioners. For doctoral students and seasoned academics, the surveys offer dense roadmaps into the empirical research landscape and provide suggestions for future work. *The Handbooks in Finance series offers a broad group of outstanding volumes in various areas of finance *Each individual volume in the series should present an accurate self-contained survey of a sub-field of finance *The series is international in scope with contributions from field leaders the world over

The Post-Merger Performance of Corporate Takeovers

Author : Sherry L. Jarrell
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)

DOWNLOAD NOW!

Book Synopsis The Post-Merger Performance of Corporate Takeovers by : Sherry L. Jarrell

Download or read book The Post-Merger Performance of Corporate Takeovers written by Sherry L. Jarrell and published by . This book was released on 1998 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Event studies on announcement-period stock returns have found that takeovers are expected to improve firm performance, yet the dominant finding in the existing literature on post-takeover long-term performance is that mergers destroy corporate value. This paper examines this apparent contradiction by developing a new benchmark methodology which is based on forecasts of performance and a control portfolio matched to the event firms on the basis of expected future performance and other exogenous variables. This benchmark captures what the performance of the bidder and target firms would have been had the merger not occurred, and controls for many of the inherent problems due to endogeneity (of the decision to merge) found with other approaches taken in the literature. I find that the long- term post-takeover performance of the merged firm is better than it would have been without the merger. The method is verified by examining the performance of a portfolio of canceled takeovers, where no effect is found.

Takeovers, Restructuring, and Corporate Governance

Author : John Fred Weston
Publisher :
ISBN 13 :
Total Pages : 728 pages
Book Rating : 4.0/5 ( download)

DOWNLOAD NOW!

Book Synopsis Takeovers, Restructuring, and Corporate Governance by : John Fred Weston

Download or read book Takeovers, Restructuring, and Corporate Governance written by John Fred Weston and published by . This book was released on 2001 with total page 728 pages. Available in PDF, EPUB and Kindle. Book excerpt: The takeover process - The legal and regulatory framework - Accounting for M & As - Tax planning options - Strategic processes - Theories of mergers and tender offers - A chemical industry case study - Measurement of abnormal returns - The timing of merger activity - Empirical tests of M & A performance - Alternative approaches to valuation - Foundations of DCF spreadsheet valuation - Derivation of revenue growth valuation formulas - Derivation of investment opportunity valuation formulas - Increasing the value of the organization - Restructuring and divestitures - Restructuring organization and ownership relationships - Financial restructuring - Joint ventures and alliances - ESOPs and MLPs - Going private and leveraged buyouts - International takeovers and restructuring Share repurchade - Takeover defenses - Corporate governance and performance - Implementation and management guides for M & As.

The Impact of Merger and Acquisition Activities on Corporate Performance Measured on an Accounting and Market Base

Author : Malwina Woznik
Publisher : GRIN Verlag
ISBN 13 : 3656475709
Total Pages : 115 pages
Book Rating : 4.6/5 (564 download)

DOWNLOAD NOW!

Book Synopsis The Impact of Merger and Acquisition Activities on Corporate Performance Measured on an Accounting and Market Base by : Malwina Woznik

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.

Corporate Performance, Corporate Takeovers, and Management Turnover

Author : Kenneth J. Martin
Publisher :
ISBN 13 :
Total Pages : 17 pages
Book Rating : 4.:/5 (658 download)

DOWNLOAD NOW!

Book Synopsis Corporate Performance, Corporate Takeovers, and Management Turnover by : Kenneth J. Martin

Download or read book Corporate Performance, Corporate Takeovers, and Management Turnover written by Kenneth J. Martin and published by . This book was released on 1991 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Corporate Takeovers, Firm Performance, and Board Composition

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

DOWNLOAD NOW!

Book Synopsis Corporate Takeovers, Firm Performance, and Board Composition by : Omesh Kini

Download or read book Corporate Takeovers, Firm Performance, and Board Composition written by Omesh Kini and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the relationship between corporate takeovers and the hoard of directors as alternative control mechanisms to discipline top management. Previous research shows that CEO turnover subsequent to corporate takeovers is inversely related to pre-takeover market-related performance. We find this relation is concentrated in targets with insider-dominated boards of directors. Our results support the notion that, as an alternative control device, takeovers serve as a quot;substitutequot; for outside directors. Further, we show that the discipline associated with corporate takeovers extends beyond top management to effect restructuring of the entire board. The nature of the discipline depends on the composition of the target board prior to the takeover. Disciplinary takeovers result in two general effects: (1) for inside-dominated targets, the number of inside directorships decreases while the number of outside directorships remains about the same; and (2) for outside-dominated boards, the number of inside directorships increases while the number of outside directorships decreases. As a result, the board is recomposed toward a more even balance between inside and outside directorships.

Mergers and Acquisitions: Performance consequences

Author : Simon Peck
Publisher : Taylor & Francis
ISBN 13 : 9780415226271
Total Pages : 494 pages
Book Rating : 4.2/5 (262 download)

DOWNLOAD NOW!

Book Synopsis Mergers and Acquisitions: Performance consequences by : Simon Peck

Download or read book Mergers and Acquisitions: Performance consequences written by Simon Peck and published by Taylor & Francis. This book was released on 2002 with total page 494 pages. Available in PDF, EPUB and Kindle. Book excerpt: This set includes articles from the four main fields which have influenced the study of Mergers and Acquisitions: Economics, Finance, Strategic Management and Human Resource Management. Featuring the key papers by individuals who shaped the field, the collection presents these formative pieces in thematically grouped sections, including coverage of: * Perspectives on the modern business corporation and the role of mergers and acquisitions: historical, financial, strategic and management * Causes of mergers and acquisitions activity * Performance impact of mergers and acquisitions activity * Public policy and the corporation The set features a comprehensive index and original introductory material.

Impact on Workers of Takeovers, Leveraged Buyouts, Corporate Restructuring, and Greenmail

Author : United States. Congress. House. Committee on Government Operations. Employment and Housing Subcommittee
Publisher :
ISBN 13 :
Total Pages : 152 pages
Book Rating : 4.0/5 ( download)

DOWNLOAD NOW!

Book Synopsis Impact on Workers of Takeovers, Leveraged Buyouts, Corporate Restructuring, and Greenmail by : United States. Congress. House. Committee on Government Operations. Employment and Housing Subcommittee

Download or read book Impact on Workers of Takeovers, Leveraged Buyouts, Corporate Restructuring, and Greenmail written by United States. Congress. House. Committee on Government Operations. Employment and Housing Subcommittee and published by . This book was released on 1987 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Takeovers

Author :
Publisher :
ISBN 13 : 9780642261199
Total Pages : 57 pages
Book Rating : 4.2/5 (611 download)

DOWNLOAD NOW!

Book Synopsis Takeovers by :

Download or read book Takeovers written by and published by . This book was released on 1997 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Effect of Full Takeovers on Corporate Performance

Author : Lydia J. Segara
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (782 download)

DOWNLOAD NOW!

Book Synopsis The Effect of Full Takeovers on Corporate Performance by : Lydia J. Segara

Download or read book The Effect of Full Takeovers on Corporate Performance written by Lydia J. Segara and published by . This book was released on 2006 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis investigates whether corporate takeovers create value and examines the effect of full takeovers on the financial performance of the combined firm in the post-takeover period. A sample of 95 Australian takeovers over a twenty-two year period between 1979 and 2000 was employed. The sample was made up of Australian publicly listed industrial firms. Bidder firms that are private or foreign were excluded. In addition, firms in sectors other than industrials were not included because of noncomparability of accounting methods. Nine performance measures were used and comprised of six financial performance measures: three profitability (accrual) measures as well as three operating cash flow measures, one asset turnover measure and two debt/financial leverage measures. These nine performance measures used are (1) Return on assets, (2) Return on equity, (3) Earnings before interest and tax profit margin, 4) Operating cash flow on total assets, (5) Operating cash flow on sales, (6) Operating cash flow on total equity, (7) Asset turnover, (8) Total liabilities on total assets and (9) Total liabilities on total equity. A five year window on either side of the event year was used to examine any changes for each of the nine post-takeover performance measures. A method similar to that used by Healy, Palepu and Ruback (1992) was undertaken, where industry benchmarks was used to control for market-wide and industry-specific effects. For each of the nine performance measures, industry adjusted figures were calculated by subtracting the industry benchmarks from the combined firm performance both in the post and pre-takeover periods. Differences between the post- and pre- takeover industry adjusted performance measures based on the change model were analysed. Several extended cross-sectional regression analysis was performed as the regression model factored in any persistence in the pre-takeover performance measure. Explanatory variables used in the regression models include (i) the relative size of the acquisition; (ii) the method of financing; (iii) the degree of industry relatedness for the takeover; and (iv the degree of takeover hostility. Similar findings are reported by both the change and regression models; in that financial performance measures showed declines in the post-takeover period. The size of the acquisition and stock financing had a positive correlation with all six financial performance measures in the post-takeover period, however an inverse relationship was found for hostile takeovers. Based on the empirical evidence presented in this thesis, it appears that corporate takeovers in Australia do not lead to improved financial performance. The results of this thesis is not consistent with the synergy hypothesis, but is interpreted as providing support for the agency and the hubris hypotheses.

Mergers and Productivity

Author : Steven N. Kaplan
Publisher : University of Chicago Press
ISBN 13 : 0226424332
Total Pages : 350 pages
Book Rating : 4.2/5 (264 download)

DOWNLOAD NOW!

Book Synopsis Mergers and Productivity by : Steven N. Kaplan

Download or read book Mergers and Productivity written by Steven N. Kaplan and published by University of Chicago Press. This book was released on 2007-12-01 with total page 350 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mergers and Productivity offers probing analyses of high-profile mergers in a variety of industries. Focusing on specific acquisitions, it illustrates the remarkable range of contingencies involved in any merger attempt. The authors clearly establish each merger's presumed objectives and the potential costs and benefits of the acquisition, and place it within the context of the broader industry. Striking conclusions that emerge from these case studies are that merger and acquisition activities were associated with technological or regulatory shocks, and that a merger's success or failure was dependent upon the acquirer's thorough understanding of the target, its corporate culture, and its workforce and wage structures prior to acquisition. Sifting through a wealth of carefully gathered evidence, these papers capture the richness, the complexity, and the economic intangibles inherent in contemporary merger activity in a way that large-scale studies of mergers cannot.