Mergers and Acquisitions An Empirical Study of Selected Indian Companies PDF Download
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Author: Dr Leesa Mohanty
Publisher: Archers & Elevators Publishing House
ISBN: 938650149X
Category : Antiques & Collectibles
Languages : en
Pages :
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Book Description
Author: Dr Leesa Mohanty
Publisher: Archers & Elevators Publishing House
ISBN: 938650149X
Category : Antiques & Collectibles
Languages : en
Pages :
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Book Description
Author: Rosy Kalra
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Mergers and Acquisitions (M&As) are important corporate strategy actions that help in quick growth and provide competitive advantage. Many big companies continue to exist today after passing through various forms of restructurings, including M&As. The present study is carried out on a sample of 47 firms listed in Indian stock exchanges which have undergone M&A during April 1, 2008-March 31, 2009. The study captures the impact of M&A on liquidity, profitability, operating performance and leverage of sample merged/acquirer companies using ratio analysis and t-test. The financial ratios used in the study are Current Ratio, Quick Ratio, Gross Profit Ratio, Net Profit Ratio, Return on Assets, Return on Capital Employed, Debtors Turnover Ratio, Fixed Assets Turnover Ratio, Total Assets Turnover Ratio, Debt Equity Ratio and Interest Coverage Ratio. The study proves that there is a significant improvement in the liquidity, profitability, operating performance and financial leverage for a few merged/acquirer firms. M&As in the Indian corporate firms over a period of April 2008-March 2009 have had negative effects on the profitability in a majority of the cases.
Author: Shailaja Dharmagi Kelshikar
Publisher: Self Publication
ISBN: 9784787671158
Category : Business & Economics
Languages : en
Pages : 0
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Book Description
Corporate restructuring has become the major source for the economic development. Indian firms are exposed to the competition and competitiveness across the world. Hence, mergers and acquisitions have been accepted as a major strategic decision by the corporate at the wide level. To sustain with the world level corporate competition, combinations, market share Indian companies have gone for various combinations in the Indian industry. There has been an excess of mergers and acquisitions happening in the Indian industry. Tata Group of companies is one of the proactive respondents to such dynamic Indian industrial environment. It is said that Jamsetji Tata was always ahead of time and as result, a many leaderships and pioneering activities are booked with their names. The group is 148 years old devoted to Indian corporate sector. They have been always the proud for India due to their noble contribution to Indian economy. The Indian conglomerate, was the first for cross border deal, was the first to start India's first integrated power plant, was the first to gift "White Elephant" - Taj, India's first luxurious hotel, was the first to think for Indian family of four to offer the cheapest car "Nano", and water purifier "Swach" and many more. The present study focuses on studying the pre and post-merger financial performance of the selected Tata group companies. Tata group has booked many corporate restructuring in different forms. The researcher puts in the efforts over here to analyse the effect of merger and acquisition decision of the company on the profitability, liquidity, leverage, operational efficiency of the merged company. First chapter deals with the conceptual clarity of corporate restricting as broad umbrella for the various types of changes to be made to existing structure of the corporate. The details like forms, type, reasons, motives and major merger and acquisition cases at the worldwide, in Indian industry Second chapter deals with the literature review done by the researcher. Researcher has taken various existing literature from different sources, which relates to the study. It includes the scholarly articles, research papers from reputed journals, online journals from authentic web sites and thesis related to the topic of the researcher are even considered.
Author: Neelam Rani
Publisher:
ISBN:
Category :
Languages : en
Pages :
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The present article examines the short-run abnormal returns to India based mergers and acquisitions during 2003-2008 by using event study methodology. The present work is based on a sample of 623 mergers and acquisitions. We find that acquisitions by Indian companies significantly create short-term wealth on the announcement day to the shareholders of acquiring companies. Cumulative average abnormal return (CAAR) for Indian companies' merger and acquisition activities is 2 per cent (significant at 1 per cent) over event window of 11 days (-5, 5). It seems the market perceives the merger and acquisition activities by Indian companies as efficiency enhancing. However, the results indicate presence of high event-induced variance in abnormal return. The present study reports a high event-induced variance in the abnormal return due to the announcement of mergers and acquisition in Indian context.
Author: Dr Ratna Roy
Publisher: Archers & Elevators Publishing House
ISBN: 8193856589
Category : Antiques & Collectibles
Languages : en
Pages :
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Author: Geeta Duppati
Publisher:
ISBN:
Category :
Languages : en
Pages :
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This paper investigates the short-term stock market reaction to the announcement of outward foreign direct investment related Mergers and Acquisitions (M&As) by Indian companies. A new trend in India evident since 2005 is the increasing number of Indian corporates becoming global players, acquiring companies through M&As in countries such as the USA, the UK, France, Germany and other parts of Europe. Prior research covering Indian cross M&As is limited to the service sector whereas the present study includes companies from seven sectors. The principal aim is to investigate the market reaction on the bidders' stock price and compare this to studies in mature markets relating to a similar time period. The second aim is to determine whether there are industry and locational effects relating to the target companies. An event study approach using both abnormal returns and price-pressure effect analyses is adopted and statistically significant results are obtained. The value and volume patterns surrounding the announcement of proposed M&As are examined conjointly and both affirm of an information effect with price and pressure effects. In general, it is found that the market reacted favourably to the announcements, in contrast to other studies using similar time periods, suggesting there may be some interesting behavioural contrasts between emerging market and mature market responses to such announcements.
Author: Mark L. Sirower
Publisher: Simon and Schuster
ISBN: 1439137706
Category : Business & Economics
Languages : en
Pages : 321
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Book Description
With acquisition activity running into the trillions of dollars, it continues to be a favorite for corporate growth strategy, but creating shareholder value remains the most elusive outcome of these corporate strategies—after decades of research and billions of dollars paid in advisory fees, why do these major decisions continue to destroy value? Building on his groundbreaking research first cited in Business Week, Mark L. Sirower explains how companies often pay too much—and predictably never realize the promises of increased performance and competitiveness—in their quest to acquire other companies. Armed with extensive evidence, Sirower destroys the popular notion that the acquisition premium represents potential value. He provides the first formal and functional definition for synergy -- the specific increases in performance beyond those already expected for companies to achieve independently. Sirower's refreshing nuts-and-bolts analysis of the fundamentals behind acquisition performance cuts sharply through the existing folklore surrounding failed acquisitions, such as lack of "strategic fit" or corporate culture problems, and gives managers the tools to avoid predictable losses in acquisition decisions. Using several detailed examples of recent major acquisitions and through his masterful integration and extension of techniques from finance and business strategy, Sirower reveals: -The unique business gamble that acquisitions represent -The managerial challenges already embedded in current stock prices -The competitive conditions that must be met and the organizational cornerstones that must be in place for any possibility of synergy -The precise Required Performance Improvements (RPIs) implicitly embedded in acquisition premiums and the reasons why these RPIs normally dwarf realistic performance gains -The seductiveness and danger of sophisticated valuation models so often used by advisers The Synergy Trap is the first exposé of its kind to prove that the tendency of managers to succumb to the "up the ante" philosophy in acquisitions often leads to disastrous ends for their shareholders. Sirower shows that companies must meticulously plan—and account for huge uncertainties—before deciding to enter the acquisition game. To date, Sirower's work is the most comprehensive and rigorous, yet practical, analysis of the drivers of acquisition performance. This definitive book will become required reading for managers, corporate directors, consultants, investors, bankers, and academics involved in the mergers and acquisitions arena.
Author: Dennis C. Mueller
Publisher: Cambridge, Mass. : Oelgeschlager, Gunn & Hain ; Königstein/Ts. : Verlag A. Hain
ISBN:
Category : Business & Economics
Languages : en
Pages : 402
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Author: Paul M Healy
Publisher: Legare Street Press
ISBN: 9781021498649
Category :
Languages : en
Pages : 0
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This book examines the phenomenon of corporate mergers and the impact they have on performance. Drawing on extensive research and case studies, the authors explore the conditions under which mergers are most likely to succeed and offer guidance to managers looking to pursue a merger strategy. This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work is in the "public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Author: Patrick A. Gaughan
Publisher: John Wiley & Sons
ISBN: 1119380731
Category : Business & Economics
Languages : en
Pages : 819
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Book Description
The essential M&A primer, updated with the latest research and statistics Mergers, Acquisitions, and Corporate Restructurings provides a comprehensive look at the field's growth and development, and places M&As in realistic context amidst changing trends, legislation, and global perspectives. All-inclusive coverage merges expert discussion with extensive graphs, research, and case studies to show how M&As can be used successfully, how each form works, and how they are governed by the laws of major countries. Strategies and motives are carefully analyzed alongside legalities each step of the way, and specific techniques are dissected to provide deep insight into real-world operations. This new seventh edition has been revised to improve clarity and approachability, and features the latest research and data to provide the most accurate assessment of the current M&A landscape. Ancillary materials include PowerPoint slides, a sample syllabus, and a test bank to facilitate training and streamline comprehension. As the global economy slows, merger and acquisition activity is expected to increase. This book provides an M&A primer for business executives and financial managers seeking a deeper understanding of how corporate restructuring can work for their companies. Understand the many forms of M&As, and the laws that govern them Learn the offensive and defensive techniques used during hostile acquisitions Delve into the strategies and motives that inspire M&As Access the latest data, research, and case studies on private equity, ethics, corporate governance, and more From large megadeals to various forms of downsizing, a full range of restructuring practices are currently being used to revitalize and supercharge companies around the world. Mergers, Acquisitions, and Corporate Restructurings is an essential resource for executives needing to quickly get up to date to plan their own company's next moves.
