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Author: Andreas Schertzinger
Publisher: Springer Science & Business Media
ISBN: 3834982105
Category : Business & Economics
Languages : en
Pages : 361
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Book Description
Andreas Schertzinger identifies determinants of successful transactions, such as transaction timing and diversifying transaction strategy, through a multivariate statistical analysis. Two case studies illustrate success factors specifically related to the conduct of transactions in greater detail.
Author: Andreas Schertzinger
Publisher: Springer Science & Business Media
ISBN: 3834982105
Category : Business & Economics
Languages : en
Pages : 361
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Book Description
Andreas Schertzinger identifies determinants of successful transactions, such as transaction timing and diversifying transaction strategy, through a multivariate statistical analysis. Two case studies illustrate success factors specifically related to the conduct of transactions in greater detail.
Author: Sven Bach
Publisher: GRIN Verlag
ISBN: 3656724067
Category : Business & Economics
Languages : en
Pages : 354
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Book Description
Doctoral Thesis / Dissertation from the year 2014 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,3, University of Cologne (Seminar für Allg. BWL, Risikomanagement und Versicherungslehre), language: English, abstract: Since the 20th century, the insurance industry has experienced an unprecedented wave of M&A. However, in spite of the drastic increase in insurance M&A activity, there has been little consistent empirical evidence on the value enhancement of these deals. Hence, many open questions still exist in this research area. The most fundamental questions are whether insurance M&A actually create value and what determinants influence the success of these undertakings. This thesis attempts to find answers to these questions by first examining the status quo of academic literature published in this field of research and bringing together the empirical findings on the success of insurance M&A and its influencing factors. Overall, the literature review outlines that insurance M&A on average tend to create value for shareholders of the target firms as well as for the combined entity of acquirer and target. Moreover, shareholders of acquiring US insurance firms, on average, also benefit from these corporate undertakings. However, negative short-term as well as long-term wealth effects for acquiring insurers’ shareholders are the common finding in capital market studies analyzing the effects of M&A transactions in the European insurance industry. Secondly, the reliability and validity of the findings of previous research are tested in an own empirical analysis which uses a fairly new approach to evaluating the success of M&A by using the idea of stochastic dominance (SD). More precisely, using a sample of 102 transactions conducted by publicly traded Western European insurance firms between the years 1993 and 2009, this work analyzes whether investors in acquiring insurance firms benefit from M&A by comparing return distributions of acquiring firm portfolios with benchmark portfolios using the first two orders of SD. The results show that insurance M&A trigger a negative short-term capital market reaction for acquiring European insurance firms. However, this short-term underperformance diminishes over time, and over a longer period of time of up to three years after M&A announcement, there is no underperformance of acquiring European insurers. In conclusion, based on the accumulated evidence from past empirical studies as well as the empirical investigation of this thesis, it can be concluded that M&A, not only in the US insurance market but also in the European insurance market, seem to be a viable model and are likely to lead to success for all parties involved.
Author: J David Cummins
Publisher:
ISBN:
Category :
Languages : en
Pages : 37
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Book Description
This paper examines whether global insurance mergers and acquisitions (M&As) create value for shareholders by conducting an event study of M&A transactions for the period 1990-2006. Insurance acquirers realized small positive cumulative average abnormal returns (CAARs), whereas targets realized substantial positive CAARs. Both cross-border and within-border transactions led to substantial value-creation. Market value gains for acquirers are centered in the U.S. and Europe; acquirer CAARs for Asian M&As are mostly insignificant. Targets realize significant market value gains in the U.S., Europe, and Asia. Acquirers from the insurance industry realize small market value gains from within-industry transactions, but cross-industry M&As are value-neutral. Targets realize significant market value gains in both cross and within-industry transactions, but the within-industry gains are significantly larger. The results suggest that insurers should concentrate on focusing rather than diversifying transactions.
Author: Michael A. Hitt
Publisher: Oxford University Press
ISBN: 0199923612
Category : Business & Economics
Languages : en
Pages : 241
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Book Description
In 1999, MCI WorldComm and Sprint agreed to merge. Valued at $129 billion, this expected transaction was the largest in history. However, it fell victim to regulators in Europe concerned with the potential monopoly power of the merged firm. This M&A action was merely the latest in a growing trend of "blockbuster" mergers over the past several years. Once a phenomenon seen primarily in the United States, mergers and acquisitions are increasingly being pursued across national boundaries. In short, acquisition strategies are among the most important corporate-level strategies in the new millennium. The need for clear, complete, and up-to-date guide to successful mergers and acquisitions had never been greater. This book more than fills that need. Looking at successful--and unsuccessful--mergers and acquisitions in a number of different industries, Mergers and Acquisitions: A Guide to Creating Value explains how to conduct an acquisition and how to avoid pitfalls that have doomed many such ventures. The authors take the reader step-by-step through the process, starting with the elements of a successful merger, due diligence to ensure that the target firm is sound and fits well with the acquiring firm, and how mergers and acquisitions are financed. They move on to explore how firms find partners/targets for acquisitions that have complementary resources and how to find partners with which integration and synergy can be achieved. Finally, they discuss the potential hazards found in M&A's and how to avoid them, how to conduct successful cross-border acquisitions, and how to ensure that ethical principles aren't breached during the process. Based on 15 years of research, this essential guide goes beyond specific case studies to cover all aspects of these ventures, making it required reading for all managers seeking to build a successful strategy.
Author: Marlon Sandvoss
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
After declining M&A activities in the European insurance sector since the beginning of the global financial crisis, mergers and acquisitions and strategic investments of insurers have again gained momentum in recent years. The existing literature about shareholder value effects from insurance M&A transactions is limited and provides partly inconsistent findings especially for acquiring insurers. Therefore, this thesis reviews the current understanding of European insurance M&A performance and empirically investigates the short-term shareholder value effects, resulting from M&A activities between Western European insurers on the acquirer side and worldwide insurance firms on the target side. Using an event study methodology for a recent European M&A transaction data set, abnormal stock returns of the corresponding insurers in the sample are analysed. The study finds insignificant value gains for acquiring insurers while worldwide target insurance companies achieve significant positive cumulative average abnormal returns around M&A announcements. In addition, a subsample analysis provides further insights into relevant company and transaction characteristics that tend to influence value effects in the context of insurance M&A transactions. Characteristics that tend to have value effect influencing relevance include the public status of targets, the strategic transaction direction, and the transaction value as well as the geographic transaction focus besides the applied payment considerations.
Author: Insurance Frameworks Inc.
Publisher: Createspace Independent Publishing Platform
ISBN: 9781544103693
Category :
Languages : en
Pages : 56
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Book Description
Panorama 360 - The Insurance and Wealth Management Merger and Acquisition Methodology is the definitive reference for managing mergers and acquisitions in the financial industry. Panorama 360 is used as an accelerator by insurance and wealth management organizations throughout the world. The financial services industry is consolidating constantly. Each year, several companies enter into merger and acquisition agreements in order to grow and gain infrastructure efficiencies and to acquire new clients. Unfortunately, a number of these mergers and acquisitions do not deliver the expected cost savings or revenue synergies. Many merger initiatives drag on enslessly. There is often insufficient understanding of what is being merged or purchased. The plan to align the two organizations is often superficial. The subsequent steps and accountabilities to ensure that benefits are delivered are not specified. Cultures clash over processes and information technology. These factors can make the difference between success and failure. A structured and focused management approach to planning merger projects contributes to success in building a thriving new business entity. Depending on the vision, the business objectives and the nature of the agreement between the two companies, a number of areas within the acquired organization may need to be adjusted in order to integrate it with the acquiring organization. To achieve a successful merger and acquisition project, it is important to thoroughly scope the project, identifying all the activities that need to happen. Whether you are an insurance company, a consulting organization or an independent consultant, Panorama 360 Merger and Acquisition Methodology is a key resource to create value, reduce costs while increasing quality and speed. Pierre Gagn� is President of Insurance Frameworks Inc. a global company focussed on the Insurance and Wealth Management industry knowledge. He is the creator of Panorama 360, a set of reference material to manage organizations, processes and technology.
Author: P. S. Sudarsanam
Publisher:
ISBN: 9781405891202
Category : Consolidation and merger of corporations
Languages : en
Pages : 593
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Book Description
Author: George B. Bradt
Publisher: John Wiley & Sons
ISBN: 1119899842
Category : Business & Economics
Languages : en
Pages : 406
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Book Description
Make your next merger or acquisition one for the ages Meant to create value potentially fueled by synergies, the reality is that most mergers and acquisitions fail. It’s estimated that 83% of mergers and acquisitions do not hit their desired results. The Merger & Acquisition Leader’s Playbook tells you why most mergers fail. More importantly, it tells you how to make your next one a sweeping success. In the book, a team of private equity experts deliver a masterful walkthrough of how to integrate organizations by driving commercial success, instead of focusing purely on cutting costs. Readers will find: Concrete strategies for increasing the odds of success and reducing the risk of failure – of a new merger or acquisition A comprehensive, easily deployed and implemented plan to realize synergies Proven tools, techniques, and tricks of the trade to help leaders stay on top of their latest merger and keep everything on track A must-read resource for business leaders considering a fresh merger or acquisition, The Merger & Acquisition Leader's Playbook: A Practical Guide to Integrating Organizations, Executing Strategy, and Driving New Growth after M&A or Private Equity Deals will also earn a place in the libraries of investors, agents, corporate service providers, and consultants trying to get two or more businesses to pull in the same direction.
Author: Giovanna Mariani
Publisher: G Giappichelli Editore
ISBN: 8892108476
Category : Law
Languages : it
Pages : 193
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Book Description
Most literature research argues that Merger&Acquisitions is a strategy by which companies gain access to new resources, increase revenues, efficiency and cost reducing to create value. Many multinational companies around the world today are the result of M&A between two or more companies.As strategy, every deal should realize positive results in terms of value. Instead, recent studies have found a high failure rate, regardless of sector, country, or historical phase. The debate in literature about M&A phenomenon is extensive and authoritative: this book fits within this discussion with some peculiarities, by focusing on the Strengths, Opportunities, Weaknesses and Threats of a successful deal, so that it has a real strategic value. In particular, Chapter 1 is dedicated to the introduction of the strategic relevance of M&A and its key factors. In connection with this, in the second chapter, the aim is to deepen the study of the key factors that the acquisition team has to tune together in the complex evaluation process that a successful deal requires. Using the strategic tool, SWOT analysis, we study the different Strengths, Weaknesses, Opportunities and Threats always under the value creation perspective. Between the Strengths, a particular focus is on the evaluation process, with all the implications in terms of synergies evaluation and financial structure management.Chapter 3 opens a window on some “serial acquirers” that consider M&A the strategic base of their wealth creation mission. With the presentation of the case studies, the aim is to draw the attention on the strategic dimension of corporate acquisitions. In the Appendix 1 and 2, the debate moves to the lens of practitioners, with a focus on the normative and tax determinants.Francesco Greggio, as advisor, in Appendix 1 gives a real practitioners vision on the limits and opportunities in Italian low for merger and acquisition strategies. In the Appendix 2, Gino Reolon, Colonel of Guardia di Finanza (fiscal police), highlights that merger and acquisition are operations intrinsically linked to international tax planning. Giovanna Mariani is Associate Professor of Corporate Finance at University of Pisa, in Italy. She has taught financial management for just short of thirty years now over a range of undergraduates, postgraduates. She has written and published several monographs and academic articles on corporate finance, corporate governance, business planning and entrepreneurship. She is in editorial boards of some international journals.
Author: Claudia Max
Publisher: Corporate Finance and Governance
ISBN: 9783631670170
Category : Capital market
Languages : en
Pages : 0
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Book Description
The book describes a valuation approach tailored to brokers and analyses insurance intermediary M&A revealing positive abnormal returns for acquirers. It provides a comprehensive analysis of insurance intermediaries including an up-to-date market perspective, pointing out performance drivers for tied agents.
