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Author: Ning Jia
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Author: Ning Jia
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Author: Robert Chatt
Publisher:
ISBN:
Category :
Languages : en
Pages :
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This dissertation is composed of two essays regarding merger and acquisition (M&A) activity. The first takes a narrower view and makes use of merger and acquisition activity to assess governance faced by individual firms, while the second takes a broader view and investigates how labor market frictions impact overall merger and acquisition activity.The first essay examines how serving as trustee of a sponsor firms 401(k) assets alters the incentives of mutual fund companies to monitor firm behavior. The author uses the M&A decisions of firms to reveal the governance effort of mutual fund families serving as trustee. Over a sample of acquisitions announced between 1999-2013, the evidence presented shows that firms with mutual fund family trustees undertake lower quality mergers at higher frequencies. These firms are more likely to select private or diversifying targets, to pay with cash, and to complete the mergers they announce. This evidence suggests mutual fund families decrease their monitoring of retirement asset client firms. In the second essay, which is joint work with Matthew Gustafson and Adam Welker, the authors provide evidence on the nuanced effect of firing costs on U.S. M&A activity. Following the adoption of state laws that increase firing costs, there is an immediate increase in withdrawn deals and an immediate and persistent 30% reduction in M&A dollar volume, suggesting that post-merger employee turnover is a first-order source of value for large U.S. mergers. In contrast, small firms respond to firing costs by using the M&A market to reorganize into larger entities. There is no decline in small M&As. Instead, small M&As increase over time as average M&A size and the number of small firms decline.
Author: Wenjing Ouyang
Publisher:
ISBN:
Category : Finance
Languages : en
Pages : 204
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Advisor: Samuel Szewczyk.
Author: Dongnyoung Kim
Publisher:
ISBN:
Category :
Languages : en
Pages :
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In the first essay, we examine the link between CEOs political ideology - conservatism - and their firms' investment decisions. We focus on the effect of CEO conservatism on M&A decisions. Our evidence indicates that politically conservative CEOs are less likely to engage in M&A activities. When they do undertake acquisitions, their firms are more likely to use cash as the method of payment, and the target firms are more likely to be public firms and to be from the same industry. Conditional on the merger, CEO conservatism appears to have a significantly positive impact on long-run firm valuation. However, we find no evidence that conservative CEOs create value in the short run. All our results hold after controlling for CEO overconfidence. In the second essay, we investigate the impact of difference in local political ideologies between acquirers and targets on the likelihood of deal completion and announcement returns over the period of 1981-2009. We posit that increase in political ideology distance between acquirer and target leads to greater risks/costs associated with the integration process. This increase in distance is less likely to allow for the completion of deals and elicit less favorable market response to merger announcements. We find that when political ideology distance between acquirer and target in a merger are minimal, deals are more likely to be completed. We also find that acquirer which are politically proximate to their targets earn significantly higher returns than distant acquirers. After controlling for the geographic effect and other determinants of announcement returns, the political ideology effect still exists. Overall, the evidence suggests that corporate political ideology plays an important role in completing deals and determining announcement returns.
Author: Dennis C. Mueller
Publisher: Cambridge, Mass. : Oelgeschlager, Gunn & Hain ; Königstein/Ts. : Verlag A. Hain
ISBN:
Category : Business & Economics
Languages : en
Pages : 392
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Author: Haley Virginia O'Steen
Publisher:
ISBN:
Category :
Languages : en
Pages : 188
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This dissertation examines the relationship between the market for mergers and acquisitions and the antitrust policy regulating it. The two essays herein address, independently, several aspects of the relationship. I analyze the characteristics of industries that are linked with future merger activity, in Chapter 2. My results provide evidence that merger and acquisition transactions with higher profitability occur in industries where there is a large disparity in size between the largest firm and other firms in the industry. Also, there is a larger quantity of transactions between firms in industries with many medium-sized firms, but smaller firms drive this result. The largest firms in these industries are less likely to merge in the future, and I propose that this is the case because larger firms in these industries decide not to merge to avoid potential costs associated with antitrust challenges. Chapter 300 focuses on analyzing mergers challenged by the U.S. antitrust agencies and the nature of remedies assigned by the agencies. Size and industry type are related to the likelihood of challenge, but measures of market power are linked to the size of the remedy. This dissertation adds to our understanding of the connection between merger activity and antitrust policy.
Author: Stefan Ebner
Publisher:
ISBN:
Category :
Languages : en
Pages : 344
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Author: Anna Faelten
Publisher: The Economist
ISBN: 1610397916
Category : Business & Economics
Languages : en
Pages : 227
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The combined value of all M&A deals from 1980 to the end of 2015 was almost 65 trillion -- bigger than the current annual world economy value outside the US. In that same period, almost 900,000 deals were announced. Many were questionable, as Why Deals Fail shows. With companies expected to continue to merge in record numbers, it is time to learn some critical lessons from those deals. In 2014 the government of the UK -- one of the most open markets globally for M&A -- commissioned Cass Business School's Mergers and Acquisitions Research Centre, headed by Scott Moeller, to investigate whether M&A has a negative or positive impact on the country's economy. Their findings: M&A deals do generate short-term benefits for the economy, especially because some large deals were spectacularly successful. However, over the longer term, the results are less clear-cut. Despite those highly successful tie-ups that drove the economic results to an overall positive average, the majority of UK mergers by number in the research period actually destroyed value. In summary, deals can be hugely beneficial for all involved when you get it right but they still, at large, struggle to live up to their initial hype -- and potential. Done wrong, they can damage business and, by extension, the economy and result in hundreds if not thousands of employees being made redundant. Most of the mergers detailed in this book are lessons in what not to do; the authors get behind the corporate veil to show what went wrong when huge and otherwise highly successful global businesses such as the Royal Bank of Scotland, Microsoft, and HP embarked on M&A transactions. Why Deals Fail is aimed at business people who want to understand better how M&A can drive corporate fortunes. Whether you are a seasoned M&A professional, an employee in a company that is acquiring or being acquired, or a newly graduated business student doing analysis about a deal, this book will help you to make the right decisions when they are most crucial.
Author: Cary L. Cooper
Publisher: Emerald Group Publishing
ISBN: 1780521960
Category : Business & Economics
Languages : en
Pages : 189
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Focuses on the studies of the advances in mergers and acquisitions from scholars in different countries, with different research questions, relying on different theoretical perspectives. This title helps scholars think about mergers and acquisitions in different ways.
Author:
Publisher:
ISBN:
Category : Dissertations, Academic
Languages : en
Pages : 668
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