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Author: Isil Erel
Publisher:
ISBN:
Category : Consolidation and merger of corporations
Languages : en
Pages : 45
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Book Description
Managers often claim that an important source of value in acquisitions is the acquiring firm's ability to finance investments for the target firm. This claim implies that targets are financially constrained prior to being acquired and that these constraints are eased following the acquisition. We evaluate the extent to which acquisitions lower financial constraints on a sample of 5,187 European acquisitions occurring between 2001 and 2008. Each of these targets remains a subsidiary of its new parent, so we can observe the target's financial policies following the acquisition. We examine whether these post-acquisition financial policies reflect improved access to capital. We find that the level of cash target firms hold, the sensitivity of cash to cash flow, and the sensitivity of investment to cash flow all decline significantly, while investment significantly increases following the acquisition. These effects are stronger in deals more likely associated with financing improvements. These findings are consistent with the view that easing financial frictions is a source of value that motivates acquisitions -- National Bureau of Economic Research web site.
Author: Isil Erel
Publisher:
ISBN:
Category : Consolidation and merger of corporations
Languages : en
Pages : 45
Get Book Here
Book Description
Managers often claim that an important source of value in acquisitions is the acquiring firm's ability to finance investments for the target firm. This claim implies that targets are financially constrained prior to being acquired and that these constraints are eased following the acquisition. We evaluate the extent to which acquisitions lower financial constraints on a sample of 5,187 European acquisitions occurring between 2001 and 2008. Each of these targets remains a subsidiary of its new parent, so we can observe the target's financial policies following the acquisition. We examine whether these post-acquisition financial policies reflect improved access to capital. We find that the level of cash target firms hold, the sensitivity of cash to cash flow, and the sensitivity of investment to cash flow all decline significantly, while investment significantly increases following the acquisition. These effects are stronger in deals more likely associated with financing improvements. These findings are consistent with the view that easing financial frictions is a source of value that motivates acquisitions -- National Bureau of Economic Research web site.
Author: Ana Rosa del Aguila Obra
Publisher:
ISBN:
Category :
Languages : en
Pages : 43
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Book Description
Author: Kristina Kraft
Publisher: GRIN Verlag
ISBN: 3668225117
Category : Business & Economics
Languages : en
Pages : 20
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Book Description
Seminar paper from the year 2016 in the subject Business economics - Operations Research, Heilbronn University of Applied Sciences, language: English, abstract: Mergers and acquisitions have been taking place since decades and will continue. There are a lot of facts about benefits, about the risks or new methods to be profitable in a merger or an acquisition. A lot of literature shows us that more than about 60% of the mergers and acquisitions are a failure. Besides, the high failure rates this paper illustrates deal motivations for mergers and acquisitions. This paper was written by an author whose mother tongue is not English. Please excuse any mistakes or inconsistencies.
Author: Lawrence J. Gitman
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 1455
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Book Description
Introduction to Business covers the scope and sequence of most introductory business courses. The book provides detailed explanations in the context of core themes such as customer satisfaction, ethics, entrepreneurship, global business, and managing change. Introduction to Business includes hundreds of current business examples from a range of industries and geographic locations, which feature a variety of individuals. The outcome is a balanced approach to the theory and application of business concepts, with attention to the knowledge and skills necessary for student success in this course and beyond. This is an adaptation of Introduction to Business by OpenStax. You can access the textbook as pdf for free at openstax.org. Minor editorial changes were made to ensure a better ebook reading experience. Textbook content produced by OpenStax is licensed under a Creative Commons Attribution 4.0 International License.
Author: Sterling Cooper
Publisher: CreateSpace
ISBN: 9781505397253
Category : Business & Economics
Languages : en
Pages : 428
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Book Description
This is a step-by-step guide on how to buy any business for yourself, or with your co-workers. Any size of business can be acquired by following the step-by-step guide outlined in the book, by the principals of STERLING COOPER, INC., a consulting firm ( www.sterlingcooper.info ) who have participated in thousands of acquisitions, valuations, appraisals and financings. The book concentrates on the principle of structuring a LEVERAGED BUYOUT (LBO) for the prospective acquisition and guides the reader to a means of accomplishing the purchase in easy to understand, straight forward terminology, with a daily suggested step-by-step program. This is a great handbook for anyone looking to buy a business. Readers may also contact the author directly for initial advice at no cost. The book is designed both for the first time buyer, with the step by step guidance as to how to buy a business, any business, but it also works well for owner who is interested in making an add-on acquisition and grow his business though acquisitions. The principles are applicable to a small business to run personally or one with hundreds of employees. The book involves some 40 years of acquisition experience and has great stories about real and completed LBO'S ( LEVERAGED BUYOUTS) of some well known companies all done on a shoestring budget, using the assets of the acquired companies as the collateral for the loans to acquire the businesses. The book is written to allow even a relatively inexperienced buyer/business owner, to find and to complete the transaction step-by-step. The SterlingCooper firm is available as a total daily step-by-step coach in the entire process if necessary so that you are not out there all alone, trying to just follow the book, but you have a real coach to accomplish the first acquisition. Initial consultation is at no cost to the reader. The entire process is broken down to easy to follow and organized steps what start with describing how the process of structuring an LBO works, and then guides the reader though the individual steps needed to identify the business to be acquired ( or acquire the business you now work for by yourself or with other employees). Every step of the process is documented day by day to accomplish the first transaction in a period of 60-90 working days as the optimum result! Since the acquisition process is geared to minimize the funds needed from the buyer and concentrates on using the leverageable assets of the acquired company, the buyer will minimize the use of his own funds...that is the whole basis of a properly structured LBO. You heard the term "OTHER PEOPLE'S MONEY"? A properly structured LBO is the best of use of borrowed funds; the bank's! Banks are very interested in financing a properly structured acquisition since they want to lend money! The book also contains a variety of helpful and ready to use forms and agreements that can be easily used to close the deal including a Draft Stock Purchase Agreement. Most valuable is the INFORMATIONAL QUESTIONNAIRE, which provides all the questions to ask relating to the business, its operations and financial statements, and will be the document you can share with your lenders for financing. You will be able to evaluate the entire business, its history of operations and intricacies like a pro, without having to spend tens of thousands of dollars on hiring a battery of professionals to do that job for you. The ability to buy a business, literally any business is now in your hands. Depending on your available free capital there is no limit to the possibilities of what can be acquired. You will enjoy reading about the completed opportunistic acquisition of a divestiture, of a 12,000 employee firm, by a motivated seller, a large publicly traded conglomerate, and even provided a line of credit to help with the acquisition! You may contact the author directly at no cost for a quick coaching to get started! BONUS INCLUDED!
Author: Steven Carrico
Publisher: Rowman & Littlefield
ISBN: 144226277X
Category : Language Arts & Disciplines
Languages : en
Pages : 177
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Book Description
This enlightening new book in the Practical Guides for Librarians series presents the practicalities of developing, implementing, and evaluating use-driven acquisition (UDA) in academic and special libraries, from the multi-dimensional perspectives of collections, acquisitions, and e-resources. Now that UDA is a proven method of collection management being utilized by an array of libraries around the globe, the need for a straightforward, uncomplicated guidebook is more essential than ever. This book is both a reference source and a guide for current and future librarians. In addition to chapters highlighting e-book, print, and article-level UDA plans, the book will also include considerations for budgeting, interlibrary loan, consortia UDA, ongoing management and assessment strategies, and stimulating future trends. Of special interest are project management cycles detailing each phase and steps of implementing UDA plans, and relevant case studies involving librarians and vendors who have established UDA plans in libraries of various types and sizes. This book provides a practical methodology for setting up use-driven acquisitions plans to acquire access to print and e-books for users in academic and special libraries. Every chapter covers important collection development and budgeting objectives of the library, and proposes methods to assess cost and usage of the content received to determine effectiveness and potential modifications to UDA plans. Practical features that can be used in day-to-day operations include: • Project management lifecycle with phases and steps for successful implementation • Sample reports and executive summaries for administrators • Marketing and branding strategies • Step-by-step checklists • Assessment tools and examples • Multiple case studies of various types of libraries, including budgets and current UDA policies • Evaluative survey questions • Interview transcripts • Glossary of terms and acronym explanations
Author: David J. Denis
Publisher: Edward Elgar Publishing
ISBN: 1800373899
Category : Business & Economics
Languages : en
Pages : 709
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Book Description
Expertly surveying the realm of corporate finance, this adroitly-crafted Handbook offers a wealth of conceptual analysis and comprehensively outlines recent scholarly research and developments within the field. It not only delves into the theoretical dimensions of corporate finance, but also explores its practical implications, thereby bridging the gap between these distinct strands.
Author: Sterling Cooper
Publisher: CreateSpace
ISBN: 9781441478757
Category : Business & Economics
Languages : en
Pages : 408
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Book Description
This is a step-by-step guide on how to buy any business for yourself, or with your co-workers. Any size of business can be acquired by following the step-by-step guide outlined in the book, by the principals of STERLING COOPER, INC., a consulting firm ( www.sterlingcooper.info ) who have participated in thousands of acquisitions, valuations, appraisals and financings. The book concentrates on the principle of structuring a LEVERAGED BUYOUT (LBO) for the prospective acquisition and guides the reader to a means of accomplishing the purchase in easy to understand, straight forward terminology, with a daily suggested step-by-step program. This is a great handbook for anyone looking to buy a business. Readers may also contact the author directly for initial advice at no cost. The book is designed both for the first time buyer, with the step by step guidance as to how to buy a business, any business, but it also works well for owner who is interested in making an add-on acquisition and grow his business though acquisitions. The principles are applicable to a small business to run personally or one with hundreds of employees. The book involves some 40 years of acquisition experience and has great stories about real and completed LBO'S ( LEVERAGED BUYOUTS) of some well known companies all done on a shoestring budget, using the assets of the acquired companies as the collateral for the loans to acquire the businesses. The book is written to allow even a relatively inexperienced buyer/business owner, to find and to complete the transaction step-by-step. The SterlingCooper firm is available as a total daily step-by-step coach in the entire process if necessary so that you are not out there all alone, trying to just follow the book, but you have a real coach to accomplish the first acquisition. Initial consultation is at no cost to the reader. The entire process is broken down to easy to follow and organized steps what start with describing how the process of structuring an LBO works, and then guides the reader though the individual steps needed to identify the business to be acquired ( or acquire the business you now work for by yourself or with other employees). Every step of the process is documented day by day to accomplish the first transaction in a period of 60-90 working days as the optimum result! Since the acquisition process is geared to minimize the funds needed from the buyer and concentrates on using the leverageable assets of the acquired company, the buyer will minimize the use of his own funds...that is the whole basis of a properly structured LBO. You heard the term "OTHER PEOPLE'S MONEY"? A properly structured LBO is the best of use of borrowed funds; the bank's! Banks are very interested in financing a properly structured acquisition since they want to lend money! The book also contains a variety of helpful and ready to use forms and agreements that can be easily used to close the deal including a Draft Stock Purchase Agreement. Most valuable is the INFORMATIONAL QUESTIONNAIRE, which provides all the questions to ask relating to the business, its operations and financial statements, and will be the document you can share with your lenders for financing. You will be able to evaluate the entire business, its history of operations and intricacies like a pro, without having to spend tens of thousands of dollars on hiring a battery of professionals to do that job for you. The ability to buy a business, literally any business is now in your hands. Depending on your available free capital there is no limit to the possibilities of what can be acquired. You will enjoy reading about the completed opportunistic acquisition of a divestiture, of a 12,000 employee firm, by a motivated seller, a large publicly traded conglomerate, and even provided a line of credit to help with the acquisition! Do not be misguided by spiteful reviews by a former employee that we have not been able to remove0its hogwash, call instea
Author: David A. Swords
Publisher: Walter de Gruyter
ISBN: 3110253038
Category : Language Arts & Disciplines
Languages : en
Pages : 217
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Book Description
About 40 percent of the books academic libraries purchase in traditional ways never circulate and another 40 percent circulate fewer than three times. By contrast, patron-driven acquisition allows a library to borrow or buy books only when a patron needs them. In a typical workflow, the library imports bibliographic records into its catalogue at no cost. When a patron finds a patron-driven record in the course of research, a short-term loan can allow him to borrow the book, and the transaction charge to the library will be a small percentage of the list price. Typically, a library will automatically buy a book on a third or fourth use. The contributions in this volume, written by experts, describe the genesis and brief history of patron-driven acquisitions, its current status, and its promise.
Author: Ronald J. Gilson
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 1188
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Book Description
