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Why Investment Banks Are Not Used in Some Mergers
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Why Investment Banks Are Not Used in Some Mergers ab 48.99 € als Taschenbuch: Role of Investment Banks Mergers Acquisitions Abnormal Returns. Aus dem Bereich: Bücher, Wissenschaft, Wirtschaftswissenschaft,

Anbieter: hugendubel
Stand: 05.06.2020
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Why Investment Banks Are Not Used in Some Mergers
48,99 € *
ggf. zzgl. Versand

Why Investment Banks Are Not Used in Some Mergers ab 48.99 EURO Role of Investment Banks Mergers Acquisitions Abnormal Returns

Anbieter: ebook.de
Stand: 05.06.2020
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Agency Costs in Small Firm Acquisitions
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This event study examines small Russell 2000 firms acquired during the two years ending June 30, 2001. This study tests whether bidders highly value sales or assets (the agency hypothesis) or profits/cash flows (the alternative hypothesis). This study finds that independent director majorities or the presence of academic directors on acquirer boards of directors are associated with lower target-firm announcement-period abnormal returns. Acquirer boards with both an independent director majority and at least one director from academia are associated with the lowest target-firm announcement-period abnormal returns of any of the groups examined. Consistent with prior research, diversifying acquisitions are associated with higher target-firm and lower acquirer announcement-period abnormal returns than focusing acquisitions. However, a closer look at diversifying acquisitions suggests that acquirers more highly value smaller, more profitable target firms for use in entering unfamiliar industries. Therefore, a dip your toe into a different pond theory might be more appropriate for these types of diversifying acquisitions than either the agency or hubris theories.

Anbieter: Dodax
Stand: 05.06.2020
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The  Announcement Share-Price  Performance of A...
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This book describes the value generated to the shareholders of acquiring companies by the announcement of mergers and acquisitions. Cumulative Abnormal Announcement Returns to those shareholders, due to the announcement of a merger or acquisition, reflect a possible revision of the expected value resulting from boosted economies of scale, future synergies or wealth redistribution among stakeholders. The author investigated how bidder returns dispersed in 168 acquisitions by Dutch companies, and whether or not this dispersion can be explained based upon nine explanatory variables, being Announcement date equals rumour date, Domestic or cross border acquisitions, Payment type, Industry similarity between bidder and target, Public or private target, Owner control in the bidding company, Relative size of the target, Bidder acquisition experience and Market timing. These variables serve as determinants, of which some prove to have a positive or negative influence on the CAAR. Some determinants however have (according to prior empirical research) a positive effect on the announcement share price. A must for all shareholders of acquiring firms acting as bidders in a takeover.

Anbieter: Dodax
Stand: 05.06.2020
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Pharma M&A versus alliances and its underlying ...
51,95 € *
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From a capital market perspective, the author analyzes Merger and Acquisitions transactions (M&A) and in-licensings in the pharmaceutical industry between 1998 and 2012. Utilizing the event study methodology, the volume shows that M&A experiences significant, negative cumulative average abnormal returns whereas in-licensings are able to create value. But what are the underlying value drivers which make a deal a success or a failure story? The author derives significant innovative determinants of success for both strategies.

Anbieter: Dodax
Stand: 05.06.2020
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Mergers and Acquisitions
133,32 € *
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The book examines the market reaction to mergers and acquisitions (M&A) announcements over a period from 2003 to 2015. Mergers and acquisitions continue to be amongst the preferred competitive options available to the companies seeking to grow fast in the rapidly changing global business scenario. M&A as a growth strategy has received attention from developed as well as emerging economies. It has been extensively used by managers as an expansion strategy and also serves as an important instrument for increasing corporate efficiency. Recently, M&A has grown at a rapid pace, creating a need for research to analyze what drives this phenomenon and how it affects firms and markets. As such, this book evaluates the impact of M&A on short-term abnormal returns as well long-term financial performance. It also assesses the management view concerning the motives for undertaking M&A. In addition, the book investigates the corporate governance practices of the acquiring firms and their impact on the short- term as well as long- term performance of those firms.

Anbieter: Dodax
Stand: 05.06.2020
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Mergers and Acquisitions
116,80 € *
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The book examines the market reaction to mergers and acquisitions (M&A) announcements over a period from 2003 to 2015. Mergers and acquisitions continue to be amongst the preferred competitive options available to the companies seeking to grow fast in the rapidly changing global business scenario. M&A as a growth strategy has received attention from developed as well as emerging economies. It has been extensively used by managers as an expansion strategy and also serves as an important instrument for increasing corporate efficiency. Recently, M&A has grown at a rapid pace, creating a need for research to analyze what drives this phenomenon and how it affects firms and markets. As such, this book evaluates the impact of M&A on short-term abnormal returns as well long-term financial performance. It also assesses the management view concerning the motives for undertaking M&A. In addition, the book investigates the corporate governance practices of the acquiring firms and their impact on the short- term as well as long- term performance of those firms.

Anbieter: Dodax
Stand: 05.06.2020
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Why Investment Banks Are Not Used in Some Mergers
49,00 € *
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Many extant studies have examined the impact of mergers and acquisitions on firm performance. However, there is little research regarding the role played by investment banks in M&A. This book fills this void. This book not only systematically analyzes the functions of investment banking services for M&A, but also uncovers the abnormal returns to both bidders and targets. The author finds that investment banking services are not necessary under certain circumstances, for either bidder or target firms. In addition, the author finds that target firms more likely use the services from investment banks than the bidders. The wealth gains to target firms are more sensitive to the investment banking choices than the wealth gains to bidders. This book should shed some light on M&A reserach for both researchers and practitioners in M&A field.

Anbieter: Dodax
Stand: 05.06.2020
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Measuring the Performance of Acquisitions and A...
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Scholars researching in the field of Mergers&Acquisitions use a variety of measures to determine acquisition success with more than ambiguous results. This thesis adds to this discussion from a practitioner''s perspective and generates two main findings: First, findings indicate that accounting-based measures and non-financial criteria are significantly more important than those related to the stock market. This contradicts most academic approaches that favor stock market-related measurement (in most cases using abnormal returns). Second, the thesis identifies companies that have pursued or are currently pursuing an acquisition program, defined as "the acquisition of several mutually related targets". Five of these companies are introduced in more detail, as are the characteristics of their respective acquisition program. Results show that acquisition programs have existed for quite a while. Due to their larger relative size, these programs have a more significant potential impact on the company s stock price and, as such, are more carefully watched by analysts and shareholders. Hence, stock market-oriented criteria seem to be more meaningful than for single acquisitions.

Anbieter: Dodax
Stand: 05.06.2020
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