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Author: B. Espen Eckbo
Publisher: Academic Press
ISBN: 0123847451
Category : Business & Economics
Languages : en
Pages : 863
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Book Description
A selection of republished corporate finance articles and book chapters that can serve as an advanced corporate finance supplementary text for courses that use no textbooks. Combining convenience and an affordable price with retypeset pages and a high-quality index, the 600 pages of volume one, Takeover Activity, Valuation Estimates and Merger Gains, focus on classical issues such as the existence and source of merger waves, empirical estimates of takeover announcement returns and the division of takeover gains between bidders and targets, and tests for potential sources of takeover gains (primarily involving estimation of industry wealth effects of takeovers), introducing students to modern scientific evidence about corporate takeovers. Including an index and new introduction, this volume will simplify and facilitate students’ interaction with new concepts and applications. Provides a status report about modern scientific evidence on corporate takeovers Exposes students to new methods and empirical evidence while reading high quality primary material Offers a concise and cost-efficient package of journal and book articles for advanced corporate finance students
Author: B. Espen Eckbo
Publisher: Academic Press
ISBN: 0123847451
Category : Business & Economics
Languages : en
Pages : 863
Get Book
Book Description
A selection of republished corporate finance articles and book chapters that can serve as an advanced corporate finance supplementary text for courses that use no textbooks. Combining convenience and an affordable price with retypeset pages and a high-quality index, the 600 pages of volume one, Takeover Activity, Valuation Estimates and Merger Gains, focus on classical issues such as the existence and source of merger waves, empirical estimates of takeover announcement returns and the division of takeover gains between bidders and targets, and tests for potential sources of takeover gains (primarily involving estimation of industry wealth effects of takeovers), introducing students to modern scientific evidence about corporate takeovers. Including an index and new introduction, this volume will simplify and facilitate students’ interaction with new concepts and applications. Provides a status report about modern scientific evidence on corporate takeovers Exposes students to new methods and empirical evidence while reading high quality primary material Offers a concise and cost-efficient package of journal and book articles for advanced corporate finance students
Author: Bjørn Espen Eckbo
Publisher:
ISBN: 9780123819833
Category : Business & Economics
Languages : en
Pages : 804
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Book Description
Presents reprints of 44 articles mostly published since 2000 by Elsevier Science.
Author: Alan J. Auerbach
Publisher: University of Chicago Press
ISBN: 0226032175
Category : Business & Economics
Languages : en
Pages : 124
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Book Description
Do mergers lead to financial instability? How are shareholders' interests best served? How significant a role do taxes play? What are the implications for the structure and concentration of industry? Mergers and Acquisitions, prepared in an nontechnical format, answers these and other questions that have arisen from the takeover boom that began in the mid-1980s. "A significant piece of scholarship."—Peter Fuhrman, Forbes "Accessible to interested laypersons and policy makers. . . . [A] thoroughly readable and informative book."—Gregg A. Jarrell, Journal of Economic Literature
Author: A. P. Dash
Publisher: I. K. International Pvt Ltd
ISBN: 9380578156
Category : Business & Economics
Languages : en
Pages : 269
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Book Description
This book is an honest attempt to capture the entire spectrum of M&A activity and share the contours of the implementation process. From valuation to integration, the book is sure to help managers think through what such a strategic move would mean to the organisation. The book attempts to provide working knowledge and skill of underlying concepts, contractual obligations, tax impact and legal background of M&A. Precisely, the book is written to show business managers and financial executives which kind of corporate restructuring can be worked out in the organisation and how best to analyse, design and implement M&A deals. The book can be classified into four basic frameworks. The first three chapters may be clubbed into the conceptual framework, where conceptual issues and economic consequences of M&A are discussed in detail. Critical issues like valuation and due diligence, which forms an integral part of any M&A, are examined with great care to emphasise the framework for pre-merger issues. The legal framework borders on areas like regulatory issues, tax impact, cross-border legal complications, transfer pricing and deal structuring. It is worth mentioning that the structuring of the deals has changed a lot in the recent years under the weight of hundreds of legal precedents, accounting rules and regulatory impositions. The last framework encompasses strategic issues of merger management leading to creation of value to the organisation. Attempt has also been made to find out why mergers fail and how to make them successful. To have a logical conclusion, towards the end, great corporate cases have been presented with high level of clarity and openness to reinforce the learning in earlier chapters. In fact, the cases are the USP of the book.
Author: Timo Gebken
Publisher: GRIN Verlag
ISBN: 3640264460
Category :
Languages : en
Pages : 174
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Book Description
Doctoral Thesis / Dissertation from the year 2008 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: Summa cum Laude, European Business School - International University Schlo Reichartshausen Oestrich-Winkel, 129 entries in the bibliography, language: English, abstract: Empirical corporate finance research analyzes the link between major corporate decisions and the shareholder value development of the respective companies. Enhancing the welfare of shareholders is a fundamental and common objective of all firms and corporate managers are required to implement policies consistent with shareholder welfare. However, the financial literature shows that major corporate decisions are not associated with stock market gains to the respective companies. Especially, the mergers and acquisitions related literature shows that the returns to bidding firm shareholders are essentially zero when they pursue an acquisition. Due to these empirical results, there is an ongoing debate why so many value decreasing decisions occur and how the success of corporate actions is related to company specific internal characteristics and the firms' external environment. Timo Gebken's dissertation contributes to this debate. Timo links the time series behavior of industry specific M&A activity to the shareholder wealth effects of the transactions. The majority of deals within an industry occur in very short time periods, so called industry merger waves. These industry merger waves are characterized by a fast consolidation process, which drastically changes the competitive environment for all firms within the industry. Timo analyzes how and why this rapidly changing environment influences the shareholder wealth effects of M&A activity. His results show that the gains associated with transactions change dramatically during an industry merger wave. At the beginning of an industryspecific consolidation process, mergers and acquisitions are accompanied by sig
Author: Ravindhar Vadapalli
Publisher: Excel Books India
ISBN: 9788174465702
Category : Business enterprises
Languages : en
Pages : 280
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Book Description
Mergers, Acquisitions and Business Valuation is a practical guide to the methods of Business Valuation covering quoted and unquoted companies. This book will be invaluable to anyone engaged in a practical or academic investigation of company valuation and Due Diligence Process in Mergers and Acquisitions. This book covers American and Indian Corporate Cases. It is written keeping in view the requirements of MBA students, researchers and academicians as well as practitioners.
Author: Donald DePamphilis
Publisher: Academic Press
ISBN: 0128150769
Category : Business & Economics
Languages : en
Pages : 584
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Book Description
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
Author: Malwina Woznik
Publisher: GRIN Verlag
ISBN: 3656475709
Category : Business & Economics
Languages : en
Pages : 115
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Book Description
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.
Author: Ronald Gleich
Publisher: Routledge
ISBN: 1351143425
Category : Business & Economics
Languages : en
Pages : 273
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Book Description
The recent financial crisis has thrown many of the mergers and acquisitions of recent years into sharp focus. Too many have failed to generate real value for shareholders and many others have only proved lukewarm successes. Although it is impossible to assess accurately the extent to which these failures may be the result of poor planning and execution, they have raised considerable questions about the process, breadth and effectiveness of traditional due diligence activities. Value in Due Diligence explores new applications for due diligence including areas such as corporate culture, social responsibility, and innovation. It also examines the due diligence process itself to draw out those elements that provide effective risk and opportunity management as opposed to simple compliance.
Author: John Fred Weston
Publisher:
ISBN:
Category : Consolidation and merger of corporations
Languages : en
Pages : 728
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Book Description
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.
