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Author: Mosab Hammoudeh
Publisher:
ISBN:
Category : Consolidation and merger of corporations
Languages : en
Pages : 0
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Book Description
In Chapter 2 titled "Seeking efficiency or price gouging? Evidence from pharmaceutical mergers," we show that pharmaceutical mergers are a response to ex-ante competitive pressure, and in turn, reduce product market competition. Although egregious drug price increases are not widespread, merger-induced reduction in competition does help prop up prices. We also find robust support for the efficiency perspective of mergers. Firms with a high product overlap are more likely to merge and mergers are followed by a decline in the price of drugs that are similar across the acquirer and target portfolios. This decline is likely due to efficiency gains in the R&D process and reduction in operating expenses.
Author: Mosab Hammoudeh
Publisher:
ISBN:
Category : Consolidation and merger of corporations
Languages : en
Pages : 0
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Book Description
In Chapter 2 titled "Seeking efficiency or price gouging? Evidence from pharmaceutical mergers," we show that pharmaceutical mergers are a response to ex-ante competitive pressure, and in turn, reduce product market competition. Although egregious drug price increases are not widespread, merger-induced reduction in competition does help prop up prices. We also find robust support for the efficiency perspective of mergers. Firms with a high product overlap are more likely to merge and mergers are followed by a decline in the price of drugs that are similar across the acquirer and target portfolios. This decline is likely due to efficiency gains in the R&D process and reduction in operating expenses.
Author: Yu Yu
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
While innovation and growth can be promoted internally through focus on research and development (R&D), many firms find acquisition from external sources to be a speedy and attractive alternative. Despite the numerous theories of merger and acquisition (M&A) in the literature, no empirical study has tackled the problem of target selection in an acquisition. The existing studies on M&A outcomes also fail to control for the endogenous matching between the acquirer and the target. Essay 1 of this dissertation is the first to study the target selection criteria in an empirical setting. It quantifies the elusive concept of synergy by developing new measures of similarity and complementarily between the acquirer and the target that are more comprehensive than the existing measures in the literature. Using an innovative application of the discrete choice model, I find that firms use acquisition to promote growth and innovation in areas of strategic interest. Specifically, acquirers choose target firms whose product markets match their own R&D projects, and target firms whose R&D projects match their own product markets. Essay 2 enriches the modeling approach for merger partner selection in essay 1. I use a game-theoretic matching model and study the impact of matching on merger performance. With a Bayesian estimation method, I apply the model to 1895 mergers in five high-tech industries that occurred between 1992 and 2008. I find that the unobserved strategic fit between the two merging partners has a significant effect on the post-merger innovation abilities of the combined firm. Managers wisely choose merger partners that deepen their technical knowledge, but under-estimate the challenges in integrating foreign partners and partners with similar technology. I also find evidence of estimation bias due to matching induced endogeneity. Essay 3 of the dissertation is a comprehensive review of the M&A related research published in top marketing journals. This review will provide marketing scholars with a research background on M&A, both in terms of theories and marketing applications of those theories. This review will help readers to appreciate the contribution made by marketing researchers to M&A knowledge, and hopefully inspire more marketing scholars to incorporate M&A topic in their research.
Author: 陳翀
Publisher:
ISBN:
Category : Consolidation and merger of corporations
Languages : en
Pages : 109
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Book Description
Author: Vusal Eminli
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Author: Bruno Cassiman
Publisher: Edward Elgar Publishing
ISBN: 184720158X
Category : Business & Economics
Languages : en
Pages : 218
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Book Description
"The content of this book is based on the final report of a research project carried out by an international team of researchers for the European Commission's Directorate General for Research"--copyright p.
Author: Marco Testoni
Publisher:
ISBN:
Category :
Languages : en
Pages : 154
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Book Description
Mergers and acquisitions (M&As) play a central role in companies' strategies. This dissertation investigates how the location of merging companies and their competitors in the geographical, product market, or technological space influences key aspects of M&As, including the takeover price, the acquiring and the target companies' returns, the method of payment, and the spillover effects on the valuation of competitors. In particular, Chapter 1 studies how the geographical location of acquiring and target companies affects the competitiveness of the acquisition process and therefore the acquisition price. Chapter 2 investigates whether face-to-face interactions with the target's employees before an acquisition provide informational advantages to the acquirer and translate into higher acquisition returns. Chapter 3 looks at the perspective of the seller and studies how the geographical distance to the acquiring company affects the seller's incentives to retain partial ownership of the combined entity. Chapter 4 analyzes the market value spillovers of an acquisition announcement on competitors, and proposes a way to empirically disentangle the negative product market rivalry effect from a positive technological signaling effect.
Author: Abdullah A. Alshwer
Publisher:
ISBN:
Category : Capital costs
Languages : en
Pages : 258
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Book Description
Author: Tran Thi Lan Huong
Publisher:
ISBN:
Category : Competititon
Languages : en
Pages : 214
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Book Description
Author: Gusang Kang
Publisher:
ISBN:
Category : Consolidation and merger of corporations
Languages : en
Pages : 90
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Book Description
Author: Anna Faelten
Publisher: The Economist
ISBN: 1610397916
Category : Business & Economics
Languages : en
Pages : 227
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Book Description
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.
