Relevant bibliographies by topics / Mergers and acquisition

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  1. Journal articles
  2. Dissertations / Theses
  3. Books
  4. Book chapters
  5. Conference papers
  6. Reports

Academic literature on the topic 'Mergers and acquisition'

Author: Grafiati
Published: 4 June 2021
Last updated: 29 January 2023

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Journal articles on the topic "Mergers and acquisition"

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Soundarya, M. Baby, S. Moghana Lavanya, and S. Hemalatha. "Merger and Acquisition of Business Organization and Its Impact on Human Resources." Journal of Business Strategy Finance and Management 1 and 2, no. 1 and 2 (December 28, 2019): 69–72. http://dx.doi.org/10.12944/jbsfm.01.0102.07.

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There is an assumption that, when merger and acquisition takes place, two companies join together will have greater value than the companies functioning alone, ie., to create synergy. Merger and acquisition among the companies are gaining its momentum, due to the enhanced competition among the corporates in domestic and the global market. This paper discusses about merger and acquisition and the motives behind it. Some mergers and acquisitions are unsuccessful due to some factors like financial, marketing and operational issues. Human resource problems in the merged companies also resulted in the failure of the mergers and acquisitions. So, this article proposes to discuss about HR issues at each phase of merger and acquisition, strategies to overcome the issues were also discussed.
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Brews, P. "Corporate growth through mergers and acquisitions: Viable strategy or road to ruin?" South African Journal of Business Management 18, no. 1 (March 31, 1987): 10–20. http://dx.doi.org/10.4102/sajbm.v18i1.992.

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Corporate growth through mergers and acquisitions is strategy adopted by many South African companies to achieve their growth objectives. However, research in both the United Kingdom and the United States of America has found that most mergers and acquisitions do not meet expectations. Many fail and are divested, at considerable human and financial cost. To date, little research on the viability of growth through mergers and acquisitions has been done in South Africa. In the light of this, in-depth interviews were recently held with 20 senior South African executives, concerning the practices adopted by their organizations in the execution of mergers and acquisitions. This article presents the findings of the research in three specific areas: the formulation of a merger and acquisition strategy; the formulation of an acquisition profile; and the viability and critical success factors in adopting a growth through mergers and acquisitions strategy. Broadly speaking, it was found that the sample interviewed had a good understanding of the acquisition profile, but tended to be less focused in their reasons why their organizations elected to pursue a growth through merger and acquisition strategy. In addition, mergers or acquisitions seem to be more successful in the South African context than in other countries, where similar research has been conducted. A number of reasons for success or failure enumerated in the literature were confirmed. The main finding was that corporate growth through mergers and acquisitions can be either a viable strategy or road to ruin. Companies that systematically plan and manage their merger or acquisition programmes are likely to be successful; ad hoc approaches are likely to fail. The article provides aspects of a framework within which such a merger or acquisition programme may be structured to ensure success.
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Ben Letaifa, Wissal. "Mergers and acquisitions: A synthesis of theories and directions for future research." Risk Governance and Control: Financial Markets and Institutions 7, no. 1 (2017): 71–74. http://dx.doi.org/10.22495/rgcv7i1art9.

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The purpose of this paper is to review a synthesis of theories and empirical studies dealing with the mergers and acquisitions in the recent decay in an attempt to provide directions for future research. The review focuses on four main streams including: first, the motives for mergers-acquisitions; which are the strategic profits, the overconfidence of managers and the desire to create a big empire resulting from merger. From second, corporate characteristics of firms that did merger or acquisition; third, the economic consequences of the operation of merger and acquisition and finally; fourth, the implication on the market with the impact of merger on the value of the firm. We think that this article can give another idea about the information disclosed by any company choosing to merge and can be analyzed by practitioners by giving them the theoretical background of the merger and acquisition problem.
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Gu, Yue, Shenglin Ben, and Jiamin Lv. "Peer Effect in Merger and Acquisition Activities and Its Impact on Corporate Sustainable Development: Evidence from China." Sustainability 14, no. 7 (March 25, 2022): 3891. http://dx.doi.org/10.3390/su14073891.

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The research aims to investigate the existence of peer effect in mergers and acquisitions and study its impact on corporate sustainable development. It first constructs a peer effect testing model to examine whether there is peer effect in mergers and acquisitions, based on quarterly data in China between 2005 and 2019. Then, two econometric models are proposed separately to explore the impact of economic policy uncertainty on the merger and acquisition peer effect, as well as how the peer effect affects corporate sustainability. The key findings show that (i) firms tend to imitate their peers’ merger and acquisition behaviors, which means that the peer effect does exist in mergers and acquisitions; (ii) economic policy uncertainty could strengthen the peer effect in mergers and acquisitions; (iii) the peer effect has a negative impact on corporate sustainable development, and the impact is more significant within a relatively short period. Therefore, this study enriches the research of behavior science in mergers and acquisitions, improves the accuracy of peer effect testing and enables both firms and policymakers to mitigate irrational imitation in merger and acquisition deals, thus achieving their sustainable development goals.
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SKALOZUB, Liudmyla. "Merger & acquisition in the banking sector." Economics. Finances. Law, no. 2/2 (February 28, 2020): 19–23. http://dx.doi.org/10.37634/efp.2020.2(2).4.

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Nowadays there is a considerable amount of information in the literature about mergers and acquisitions of companies in various business fields which gives the world economy an incentive for mergers and acquisitions of financial institutions – banks, which, having large assets, control economic processes in individual countries. The article examines the current state of the market of mergers and acquisitions in the banking sector of Europe and Ukraine. The experience of merging banking structures is examined, the advantages and disadvantages of concluding agreements are identified, factors that may trigger merger or acquisition agreements are identified. The purpose of the article is to investigate the processes of mergers and acquisitions of banks in the Ukrainian and European financial markets. The current market conditions dictate strict rules not only for entry, but also for the functioning of banks in their segment. Globalization processes in today's world are one of the prerequisites for increasing the number of mergers and acquisitions concluded in the banking sector. The article examines the current state of the market of mergers and acquisitions in the banking sector of Europe and Ukraine. The experience of merging banking structures is examined, the advantages and disadvantages of concluding agreements are identified, factors that may trigger merger or acquisition agreements are identified. The merger or acquisition agreements concluded on the European banking market have been analyzed. By analyzing the concluded M&A agreements in the European banking market, we can say that the value of such agreements is gradually reduced over the period 2012-2017. The practice of merger and acquisition agreements in the banking sector of Ukraine is analyzed. Crises in the banking sector and the Ukrainian economy as a whole make it possible to say that investors are less interested in the domestic banking system, which indicates that it is impossible to increase the number of mergers and acquisitions of domestic banking institutions. It is worth noting that there are currently about 100 banks in Ukraine that are declared insolvent, and a significant amount of non-performing loans can be a serious deterrent to increasing M&A transactions.
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Nuansari, Shindy Dwita. "PERFORMANCE OF MERGER AND ACQUISITION, DIRECTOR EXPERIENCE, AND MODERATION EFFECTS OF BOARD CHARACTERISTICS, BIDDER CHARACTERISTICS, AND TYPE OF MERGER AND ACQUISITION." Manajemen Bisnis 10, no. 1 (August 27, 2020): 41. http://dx.doi.org/10.22219/jmb.v10i1.10788.

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This research focuses on influence of the experience of independent directors (two tier systems) on mergers acquisitions performance and considers several other factors as moderation. Purpose of this study was to determine the effect of the experience of independent directors to be moderated by board characteristics, bidder characteristics, and types of merger acquisitions on merger and acquisition performance and to be controlled by independent director’s age. Research obtained from the company's financial and annual report data in 2009 - 2019. The dependent variable used in this study was merger and acquisition performance. Independent variable used in this study is independent director experience. Moderating variables in this are board characteristics, bidder characteristics, mergers and acquisitions types. The results of this study proves that the experience of director experience positively influences performance of merger and acquisition, board and bidder characteristics, type of merger and acquisition strengthen the positive influence of the experience of independent directors on merger and acquisition performance.
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Tang, Yijia, and Yiding Yao. "A Business Analysis of Cross-Border M&A in the Context of Sustainable Development Strategy——A Case Study of ANTA & FILA." BCP Business & Management 20 (June 28, 2022): 1002–9. http://dx.doi.org/10.54691/bcpbm.v20i.1092.

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Transnational mergers and acquisitions are an essential part of economic globalization. In recent years, it has also become a new trend in corporate development. More and more companies seek international sustainable development through cross-border mergers and acquisitions. However, cross-border mergers and acquisitions obtain more efficient income and bear a certain degree of risk. Making a suitable merger and acquisition plan, selecting the merger and acquisition target, and the enterprise's operation and development after merger and acquisition have essential research value. This article uses quantitative analysis and qualitative analysis methods to study the case of ANTA's purchase of FILA, starting from the initial stage of the merger, the status quo and the development forecast. After the merger and acquisition, according to the indicators of Revenue Share, Return on Equity (ROE), Current assets turnover rate in the financial data, the results show that both FILA and ANTA have significant improvement in profitability and operating capacity, and have long-term development potential. On the other hand, from the point of the business model and brand positioning, this paper analyzes the positive impact of the acquisition on brand management and brand development. Thus, this Sub-cross-border mergers and acquisitions case has a positive impact and promotes a win-win result. Finally, this article will combine the topic itself, and according to the status quo of brand development and market trends, some views and recommendations are also put forward for the further development and operation of enterprises. It is hoped that the case study can provide useful case references for more entrepreneurs and academic researchers.
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Chandra, Budi, and Seli Seli. "Tata Kelola Perusahaan, Keuangan, Merger dan Akuisisi, dan Efisiensi Modal Manusia Sebagai Variabel Moderasi." E-Jurnal Akuntansi 32, no. 10 (October 9, 2022): 3046. http://dx.doi.org/10.24843/eja.2022.v32.i10.p11.

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This study aims to determine the effect of corporate governance and finance on mergers and acquisitions and to use human capital efficiency as a moderating variable. This research theoretically uses the theory of corporate control. The research sample is companies that carry out merger and acquisition activities and have been listed on the IDX in 2017-2021. The analytical method used was logistic regression and moderated regression analysis (MRA). The results showed that the size of the board of directors, institutional shareholders, and foreign ownership had a significant positive effect on mergers and acquisitions. Human capital efficiency is able to moderate the relationship between institutional shareholders and cash dividends on mergers and acquisitions. Keywords: Merger and Acquisition; Corporate Governance; Human Capital Efficiency
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Raj, Priyanka, and Priyanka Pathak. "Level of Job Satisfaction among Acquisition and Erstwhile Bank Employees after Merger and Acquisition." Journal of Humanities and Social Sciences Studies 4, no. 3 (July 13, 2022): 113–18. http://dx.doi.org/10.32996/jhsss.2022.4.3.7.

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Mergers and Acquisitions are taking place and have dramatically increased in every industry, and the banking industry is not left untouched. As we all know, the banking sector plays an important role in the Indian economy, and it is like a base of the Indian economy. In the last five years, most of the public sector banks were merged for the betterment of the banking industry, and 12 nationalized public sector banks remain after merger and acquisitions. Everything has its own advantages and disadvantages. So Mergers and Acquisitions also have their own advantages, such as - minimized operating expenses, a rise in the share, it prevents the shutdown of an unsuccessful business, avoiding duplication, etc., and disadvantages like:- a breakdown in communication, it creates joblessness, no working experience in the past, strict evaluation, complicated situations, etc. Apart from these things, many bank employees have experienced many psychological effects of mergers and acquisitions. The purpose of this research was to study the effects of the merger and acquisition process on the job satisfaction level of bank employees. For this purpose, the Job Satisfaction Scale (Developed by B. L. Dubey) was used to collect data from 100 bank employees from various banks in the Patna District of Bihar aged between 25 to 50 years. Analysis was done with the help of statistical techniques like mean, SD, and t – value. The result of this study reveals significant differences in job satisfaction levels among Erstwhile and Acquisition Bank Employees as well as officers and clerks groups belonging to the same bank.
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Babatunde Bunmi, Osifalujo, Isiaka Najeem Ayodeji, and Olufemi O. Omotilewa. "Merger and Acquisition and Perfomance of Deposit Money Banks in Nigeria: Pre and Post Analysis." Sumerianz Journal of Business Management and Marketing, no. 312 (December 4, 2020): 183–91. http://dx.doi.org/10.47752/sjbmm.312.183.191.

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Low capital base, insolvency, poor corporate governance and incessant banks distress among other factors have contributed to the recent failure of banks in Nigeria. To curb such challenges, banks all over the world now adopt mergers and acquisitions as a strategy to improve their performances. Therefore, this study examined the impact of mergers and acquisition on the performance of deposit money banks in Nigeria. The study considered capital structure, asset profile, total deposit and profit after tax of the selected bank as the measurement for the performance and effect of merger and acquisition of the bank in both pre and post merger and acquisition period. Data were collected from the published financial statements of the bank namely former Intercontinental Bank Plc and Access Bank (now Access Bank Plc) from 2005 to 2017 and the model was formulated using ordinary least square method. It was revealed that for both the pre-merger and post-merger periods, it was revealed that the access bank performed better. In the post – merger and acquisition period as asset profile and total deposit has no significant effect on the profit after tax of access bank in Nigeria, while capital structure has a significant effect on profit after tax of access bank plc. While in the pre-merger and acquisition capital structure, asset profile and total deposit have no significant impact on profit after tax of access bank plc. The study concludes that mergers and acquisitions have a significant impact on the performance of deposit money bank in Nigeria. Therefore, the study recommended that banks can merge or acquire one and other. This has proved to be an effective strategy for rescuing ailing or weak banks. This would provide financial muscles and managerial competence that would enhance financial performance.
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Dissertations / Theses on the topic "Mergers and acquisition"

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Li, Lu. "The impact of pre-merger disclosure and acquisition experience on mergers and acquisitions." Thesis, Durham University, 2018. http://etheses.dur.ac.uk/12902/.

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This thesis focuses on the effect of factors in the pre-acquisition planning stage on M&A outcomes. With three empirical chapters, the main findings provide compelling evidence that pre-acquisition factors are related to M&A fundamentals such as the motivation and incentives to carry out M&A transaction, and play significant roles in deal’s negotiation and post-acquisition integration. The first empirical chapter of this thesis investigates whether the voluntary disclosure at pre-acquisition issuance activities, i.e. the intended ‘use of proceeds’, has influence on subsequent M&A outcomes. The results show that firms disclosing acquisition intention at debt/equity issuance significantly raise more funds but fail to allocate capital efficiently on value-increasing M&A transactions. This evidence is consistent with the capital need theory. The second empirical chapter examines the wealth effect of mega corporate takeover and explores whether rich acquisition experience facilitate acquirers to generate shareholder value in mega-deals. The findings show that acquirer’s acquisition experience is positively related to mega-deals completion likelihood, stock performance in short- and long-run, and operating performance in the long-run following mega-mergers. The evidence indicates that acquirers are able to learn though experience and develop skills to deal with the complexity of mega-mergers. The final empirical chapter provides evidence on the relationship between target CEOs’ acquisition experience and takeover gains for target shareholders. The results show that target shareholders are likely to receive lower bid premiums and earn lower abnormal stock returns around deal announcement when they have a CEO with more acquisition experience. Additionally, target CEOs’ acquisition experience is positively related to stock payment. Our evidence suggests that more experienced target CEOs tend to bargain for more personal benefits related to the voting influence in the combined firm instead of helping their shareholders to gain bargaining advantage in the negotiation.
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Engelhardt, Jens. "Performance Measurement of Acquisitions and Acquisition Series." St. Gallen, 2006. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/02606911002/$FILE/02606911002.pdf.

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Li, Xi. "Mergers and acquisitions : takeover efficiency, social connection and acquisition performance." Thesis, Durham University, 2018. http://etheses.dur.ac.uk/12460/.

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This thesis develops a composite index to evaluate takeover efficiency and deal quality, and then examines the impact of social connection on takeover process and acquisition performance with U.S mergers and acquisitions (M&A). Initially, Chapter 2 constructs a composite indicator (“M&A index”) to measure takeover efficiency and evaluate the overall deal quality based on stochastic frontier analysis. The M&A index is computed for each takeover transaction and standardised between 0 and 1. Deals with a higher M&A index imply higher takeover efficiency. The empirical results show that the M&A index is significantly and positively associated with the probability of deal completion and post-acquisition performance in the short run and even in the long run, indicating that the M&A index is effective and forward-looking indicator. Then Chapter 3 examines social connections between bidders and targets and its impact on acquisition premium. Consequently, acquirers, who are closely connected with targets, pay significantly lower premium and tend to use stock as the method of payment. The findings indicate that social connection enhances information transfer and reduces information asymmetry between connected firms. Therefore, acquirers with social connections have better access to target information and enhanced bargaining power in negotiations. Finally, Chapter 4 addresses the connection between acquirers and their M&A advisors. Investment banks are further classified into full-service advisors and boutique advisors. Consequently, it is found that acquirers are more likely to hire closely connected boutique advisors, especially domestic boutique advisors, in takeover deals while connections between bidding firms and full-service advisors reduces the probability of full-service banks being appointed. Moreover, boutique advisors, who have strong social linkage with bidders, serve the interests of bidders, negotiate lower acquisition premiums and deliver higher deal quality. In contrast, full-service banks act against the interests of the connected acquirers, leading to higher premiums paid and inferior long-run acquisition performance.
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Bi, Xiao Gang. "Stock market driven acquisitions : evidence fro UK mergers and acquisition market." Thesis, University of Exeter, 2008. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.479414.

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Lai, Shaojie. "Two Essays on Mergers and Acquisitions." Kent State University / OhioLINK, 2018. http://rave.ohiolink.edu/etdc/view?acc_num=kent1522771083410377.

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SOARES, FABIO MAIA. "MERGERS AND ACQUISITION: MODELING THE PROCESS ANALYSIS." PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2005. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=7341@1.

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COORDENAÇÃO DE APERFEIÇOAMENTO DO PESSOAL DE ENSINO SUPERIOR
Este estudo estabelece uma modelagem para o processo de análise de fusões e aquisições de empresas e ativos. O modelo é composto por seis fases, que englobam desde as reais motivações para aquisição de uma empresa até o desenvolvimento de um plano de take over que deverá ser implementado para gerir a empresa após a concretização da transação. À luz da proposta apresentada, é analisado o processo de aquisição da Agip do Brasil pela Petrobras. Procura-se verificar a aderência do processo ocorrido com a metodologia proposta, identificando as possíveis conseqüências advindas das diferenças encontradas. A proposta contribui para a manutenção da racionalidade econômica na Companhia na medida em que auxilia o processo de tomada de decisão, tornando-o mais transparente e agregando maior valor aos seus acionistas.
The study establishes a proposal of modeling the assets mergers and acquisition process analysis. The model is composed of six phases, in witch is defined all the steps from the motivation to the acquisition in the beginning process, to the take over plan that will run after the deal. Based on the presented methodology, the case analyzes the acquisition process of Agip do Brasil by Petrobras. The study compares the real process to the proposed methodology, looking for consequences that might appear from the differences found. The proposal contributes to the economic rationality in the company, since it discloses and assists the decision making process, adding value to its shareholders.
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Fung, Kam-yiu Tommy. "Mergers & acquisitions : management issues and strategic implications in it organization : case study of acquisition of Midland Bank by Hongkong Bank /." Hong Kong : University of Hong Kong, 1996. http://sunzi.lib.hku.hk/hkuto/record.jsp?B17956778.

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Säisä, Johan, and Daniela Ragnås. "The Infrastructure for Cultural Adoption: An Investigation in the Field of Mergers and Acquisitions." Thesis, KTH, Industriell ekonomi och organisation (Inst.), 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-123807.

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This master thesis investigates how an infrastructure for cultural adoption in a merger and acquisition integration could be designed. This research is valuable since prior research indicate that culture plays an important role in the success of integrating an acquired firm into the acquirer’s organization. However, there has been no research conducted in the field of how the culture should be regarded for. Our research took place at the Stockholm office of Logica, an Information Technology (IT) consultancy company which was acquired by CGI in August 2012. We have by the means of interviews and observations through our study at the case company derived numerous factors which all have a positive impact on the cultural adoption. These factors have then been categorized into three major themes; Experience, Planning, and Communication. These themes, and thus also factors, are not entirely independent but rather impose effects on each other, most notably in the case of experience. However, it is still our suggestion that the infrastructure for cultural adoption in a merger and acquisition (M&A) integration should address these three topics. Furthermore, it is in our beliefs that if these areas are addressed, the frequently recurring problem of unsuccessful M&As due to the neglecting of culture can be managed. And hopefully, by applying an infrastructural approach, it will aid the cultural adoption and moreover increase the probability of a successful M&A integration.
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Eliasson, Sofie. "Synergies in Mergers and Acquisitions : A Qualitative Study of Technical Trading Companies." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Företagsekonomi, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-17881.

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Background Synergies or rather the absence of synergies has been blamed for many failures in regards to mergers and acquisitions. Still, there are companies using mergers and acquisitions as a natural part of their growth strategy, indicating that these organizations manage to handle synergies efficiently. Purpose The purpose of this study is to analyze synergies in regards to mergers and acquisitions in technical trading companies to learn about success factors. Method Because of synergies’ complexity this study has used a qualitative approach. The empirical findings have been compiled by semi-conducted interviews with company representatives from the organizations regarded in the study. Conclusion The conclusion points at several success factors in regards to synergies and mergers and acquisitions. However, the three most important were found to be; the entrepreneurship and human capital, the corporate head’s knowledge, the experience and selection capability and the inclusion of acquisitions (developed from the urge for growth) in their business models.
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Zhu, Jing. "Impact of mergers and acquisition on supply chain performance." Thesis, McGill University, 2012. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=107642.

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This thesis consists of three essays that examine the impact of mergers and acquisitions on supply chain performance. In the first essay, we analytically study the effects of upstream and downstream mergers on suppliers, retailers and consumers, in an oligopolistic market. We start with a benchmark case where mergers do not generate any synergy. By assuming that firms compete in Bertrand or Cournot fashion, we compare the effects of an upstream merger with a downstream one. We find that upstream (respectively, downstream) mergers always benefit the merging firms, while adversely affecting their dependent downstream (respectively, upstream) supply chain partners; non-dependent suppliers and non-dependent retailers also benefit from such horizontal mergers. Moreover, an upstream merger is more detrimental to consumers than a downstream merger. We then analyze three extended models: (i) In a case where mergers generate synergies through economies of scale at both levels, merging firms still benefit while non-merging competitors suffer a loss in profit. (ii) If the synergy comes as a result of economies of scope, then an upstream merger benefits not only the merging suppliers but also the related downstream retailers; a downstream merger benefits all the firms in the merging industry and upstream unrelated suppliers. (iii) If market demand is uncertain, then each firm's optimal strategy will depend on the value of parameters.The second essay is an empirical investigation of the effects of horizontal mergers and acquisitions on the merging firms' performance. Our primary focus is on inventory-related supply chain metrics, while other operating performance measures are also considered. By using accounting panel data from COMPUSTAT database and the data on horizontal mergers and acquisitions in manufacturing, wholesale and retail sectors from SDC Platinum database, we study how the (one-year) post-merger performance compares to that of the (one-year) pre-merger level for these metrics. The analysis is conducted at two different levels. We first examine changes in absolute performance. Relative performance compared to the industry average is studied next. We then extend our study to test the longer term effects of mergers (two-year post-merger), and also compare the performance of merging firms to similar non-merging competitors. In addition, a multivariate regression analysis is performed to identify the performance factors that significantly affect merging firms' profitability.In the third essay, we again empirically study an issue that complements the second essay. Specifically, we evaluate the merging firms' performance after vertical mergers and acquisitions. We find that after the vertical integration, the acquiring firms' operational performance actually deteriorates in the first year after the transaction. The negative effect lessens over time and it normally takes at least two years for those merged firms to catch up with their matching rivals. Looking at five years performance after vertical mergers, we find that merging firms do not gain significant competitive advantage over the industry average.
Cette thèse se compose de trois essais qui examinent l'impact des fusions et acquisitions sur la performance des chaînes d'approvisionnement. Le premier essai est consacré à l'étude des effets d'une fusion en amont et en aval sur les fournisseurs, les détaillants et les consommateurs dans un marché oligopolistique. Nous commençons par un cas de référence où les fusions ne génèrent pas de synergie. Nous comparons les effets d'une fusion en amont à celle en aval dans le cas d'une concurrence à la Bertrand ou à la Cournot. Nous constatons que les fusions en amont (aval) bénéficient toujours les entreprises fusionnantes, tandis qu'elles nuisent à leur partenaires dans la chaîne d'approvisionnement en aval (amont). Ces fusions horizontales profitent aussi aux concurrents. Par ailleurs, les fusions en amont sont plus préjudiciables pour les consommateurs que les fusions en aval. Par la suite, nous analysons trois différents cas: (i) lorsque les fusions génèrent des synergies grâce à des économies d'échelle, aussi bien en amont qu'en aval, ces fusions bénéficient aux entreprises fusionnantes alors que leur concurrents non fusionnants voient leur profits baisser. (ii) Si la synergie est le résultat des économies d'envergure, alors les fusions en amont profitent non seulement aux fournisseurs fusionnants mais aussi aux détaillants dans la chaîne d'approvisionnement. On note aussi que ces fusions nuisent à d'autres fournisseurs alors qu'elles bénéficient à d'autres détaillants. Quant aux fusions en aval, elles bénéficient aux entreprises qui fusionnent et leurs concurrents et aux fournisseurs pour les concurrents, tandis que le bénéfice de leurs fournisseurs diminue. Du point de vue des consommateurs, une fusion en amont est préférable à celle en aval. (iii) Si la demande du marché est incertaine, alors la stratégie optimale de chaque entreprise dépendra de la valeur des paramètres.Le deuxième essai consiste en une étude empirique des effets des fusions et des acquisitions horizontales sur la performance des entreprises fusionnantes. Nous nous intéressons principalement aux mesures relatives à l'inventaire tout en considérant d'autres mesures des performances opérationnelles. En utilisant des données de panel extraites de la base de données Compustat et des données sur les fusions et acquisitions horizontales dans le secteur manufacturier, commerce de gros et de détail disponibles dans la base de données SDC Platinum, nous étudions comment la performance (annuelle) après la fusion se compare à la performance (annuelle) avant la fusion. L'analyse est effectuée à deux niveaux différents. Nous examinons d'abord les changements dans la performance absolue. Par la suite, nous étudions la performance relativement à la moyenne du secteur. Nous étendons ensuite notre étude pour tester les effets à long terme (deux ans après la fusion) des fusions, et aussi comparer la performance des entreprises fusionnantes à celle des concurrents similaires non fusionnants. En plus, une analyse de régression multi-variée est effectuée afin d'identifier les facteurs de performance qui affectent significativement la rentabilité des entreprises fusionnantes. Dans le troisième essai, nous évaluons la performance des entreprises fusionnantes suite à des fusions et acquisitions verticales. Nous constatons qu'avec l'amélioration de l'intégration verticale, la performance opérationnelle de l'acquéreur s'est détériorée dans la première année qui suit la transaction. L'effet négatif diminue au fil du temps et il faut normalement au moins deux ans à ces entreprises fusionnantes pour rattraper leurs rivaux. Concernant la performance dans les cinq ans qui suivent les fusions verticales, nous constatons que les entreprises fusionnantes ne gagnent pas un avantage concurrentiel significatif sur la moyenne du secteur.
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Books on the topic "Mergers and acquisition"

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Brancato, Carolyn Kay. Merger and acquisition activity: The level of hostile mergers. [Washington, D.C.]: Library of Congress, Congressional Research Service, 1987.

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O, Chiejina Ezekiel, and Nigerian Insurers Association, eds. Mergers and acquisition for the insurance industry. Lagos: Nigerian Insurers Association, 2005.

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Markovich, Denise E. United States bank acquisition prices: Implications for North Dakota. Grand Forks, N.D: Bureau of Business and Economic Research, College of Business and Public Administration, University of North Dakota, 1992.

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Zuckerman, Alan M. Leading your healthcare organization through a merger or acquisition. Chicago: Health Administration Press, 2010.

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Moore, Robert R. Bank acquisition determinants: Implications for small business credit. Dallas, Tex: Federal Reserve Bank of Dallas, 1997.

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C, Smith Roy. Global patterns of mergers and acquisition activity in the financial services industry. Fontainebleau: INSEAD, 1996.

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Wasserstein, Bruce. Big deal: Mergers and acquisitions in the digital age. New York: Warner Books, 2000.

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Ginsburg, Martin D. Mergers, acquisitions, and leveraged buyouts: Sample acquisition agreements with tax and legal analysis, as of January 1, 1994. Chicago, Ill: Commerce Clearing House, 1994.

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Mertikass, Alexandros. The role of H R M in mergers and acquisitions: A comparative study of one merger and one acquisition in the Greek banking sector. Oxford: Oxford Brookes University, 2003.

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Wasserstein, Bruce. Big deal: Mergers and acquisitions in the digital age. New York: Warner Books, 2000.

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Book chapters on the topic "Mergers and acquisition"

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Devonshire-Ellis, Chris, Andy Scott, and Sam Woollard. "Acquisition." In Mergers & Acquisitions in China, 33–36. Berlin, Heidelberg: Springer Berlin Heidelberg, 2011. http://dx.doi.org/10.1007/978-3-642-14919-1_4.

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Tang, Keow Ngang. "Restructuring: Mergers and Acquisition." In Leadership and Change Management, 57–61. Singapore: Springer Singapore, 2019. http://dx.doi.org/10.1007/978-981-13-8902-3_6.

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Meglio, Olimpia. "The Notion of Process in Merger and Acquisition Research." In Mergers and Acquisitions, 59–84. Cham: Springer International Publishing, 2020. http://dx.doi.org/10.1007/978-3-030-40459-8_3.

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Schriber, Svante. "The Notion of Fit in Merger and Acquisition Research." In Mergers and Acquisitions, 85–114. Cham: Springer International Publishing, 2020. http://dx.doi.org/10.1007/978-3-030-40459-8_4.

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Meglio, Olimpia. "The Notion of Integration in Merger and Acquisition Research." In Mergers and Acquisitions, 115–39. Cham: Springer International Publishing, 2020. http://dx.doi.org/10.1007/978-3-030-40459-8_5.

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Schriber, Svante. "The Notion of Performance in Merger and Acquisition Research." In Mergers and Acquisitions, 141–69. Cham: Springer International Publishing, 2020. http://dx.doi.org/10.1007/978-3-030-40459-8_6.

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Carlin, Tyrone M., Nigel Finch, and Guy Ford. "A Deal Too Far: The Case of the Killer Acquisition." In Mergers and Acquisitions, 234–48. London: Palgrave Macmillan UK, 2007. http://dx.doi.org/10.1057/9780230589681_15.

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Kumar, Vinod, and Priti Sharma. "Accounting for Mergers and Acquisition." In An Insight into Mergers and Acquisitions, 107–21. Singapore: Springer Singapore, 2019. http://dx.doi.org/10.1007/978-981-13-5829-6_6.

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Meglio, Olimpia, and Svante Schriber. "Umbrella Constructs and the Progress of the Merger and Acquisition Field." In Mergers and Acquisitions, 173–91. Cham: Springer International Publishing, 2020. http://dx.doi.org/10.1007/978-3-030-40459-8_7.

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Fiordelisi, Franco. "Post-acquisition Integration." In Mergers and Acquisitions in European Banking, 153–69. London: Palgrave Macmillan UK, 2009. http://dx.doi.org/10.1057/9780230245402_8.

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Conference papers on the topic "Mergers and acquisition"

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Garškaitė-Milvydienė, Kristina. "Assessment of the dynamics and forecasts of mergers and acquisitions in the Baltic States." In 11th International Scientific Conference „Business and Management 2020“. VGTU Technika, 2020. http://dx.doi.org/10.3846/bm.2020.499.

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In terms of corporate merger and acquisition (M&A) deals, the year 2018 was an exceptional year for the Baltic States, with the highest number of deals in the region over the past few years. However, not only were their numbers increasing, but also their value, which increased compared to previous years. Based on the latest data available, the article analyses and forecasts the Baltic M&A market and its trends. The main purpose of the paper is to ascertain the situation in the area of mergers and acquisitions, identify the sectors with the largest number of such deals and trends of mergers and acquisitions
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Xiong, Jianming, Li Huang, and Lulu Liu. "Technological Leapfrogging Based on Enterprise Mergers & Acquisition." In 2011 International Conference on Management and Service Science (MASS 2011). IEEE, 2011. http://dx.doi.org/10.1109/icmss.2011.5998141.

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Jedin, Mohd Haniff. "Relationship Engagement in Mergers and Acquisition through Collegial Leadership." In ISSC 2016 International Conference on Soft Science. Cognitive-crcs, 2016. http://dx.doi.org/10.15405/epsbs.2016.08.84.

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Shenglei Pi and Hailin Lan. "Study on transaction cost analysis in mergers and acquisition process." In 2011 2nd International Conference on Artificial Intelligence, Management Science and Electronic Commerce (AIMSEC). IEEE, 2011. http://dx.doi.org/10.1109/aimsec.2011.6009834.

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Yunlan Chen and Nan Li. "International comparative study to government regulation about Cross-border Mergers and Acquisition." In 2010 International Conference on Future Information Technology and Management Engineering (FITME). IEEE, 2010. http://dx.doi.org/10.1109/fitme.2010.5656296.

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Ossevoort, Miriam, Daan Tavenier, and Jan Riezebos. "Students' experiences with learning mergers and acquisition skills in a multi-disciplinary learning community." In Sixth International Conference on Higher Education Advances. Valencia: Universitat Politècnica de València, 2020. http://dx.doi.org/10.4995/head20.2020.11053.

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The aim of this paper is to evaluate the implementation of an extra-curricular multi-disciplinary, multi-level Learning Community (LC) on Mergers and Acquisition (M&A) of Small-Medium-sized Enterprises (SMEs). This LC was developed according to established guiding principles, namely the theme extends beyond the theme of the regular courses, and it should attract both BSc and MSc students of different disciplines, and enhances students’ professional preparation and employability. The LC consisted of 8 meetings of 2 hours and one meeting for a whole day during a full semester. During the whole day, students played a game in which they had to purchase a company using all acquired knowledge and skills. In the guest lectures offered, students discussed different aspects of M&A with professionals within the field. The LC is evaluated by students on e.g. the content of the LC, what they have learned, the social aspect and guidance, and what could be improved. Overall, the students appreciated the content and structure of the LCs, especially the game, the guest lectures, and the fact that they worked together with students of different disciplines.
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Yuan, Xu-mei, and Li-li Zhu. "Integration on supply chain of technology-motivated mergers and acquisition based on the cost synergy." In EM 2011). IEEE, 2011. http://dx.doi.org/10.1109/icieem.2011.6035437.

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Gbakon, Kaase, and Olalekan Abiola. "Upstream Mergers and Acquisition Deal Valuation - A Global and Africa Outlook with Perspectives for Nigeria." In SPE Nigeria Annual International Conference and Exhibition. Society of Petroleum Engineers, 2018. http://dx.doi.org/10.2118/193484-ms.

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Li, Chunling, Yu Wang, and Liang Liu. "Effects of Mergers and Acquisitions on the Enhancement of International Competitiveness of Chinese Airlines—China Eastern Airlines' Acquisition of Shanghai Airlines." In Fourth International Conference on Transportation Engineering. Reston, VA: American Society of Civil Engineers, 2013. http://dx.doi.org/10.1061/9780784413159.443.

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Cheng, Bo, Ting Xiong, and Na He. "Research on cultural integration in mergers and acquisition: A conceptual framework from the viewpoint of entrepreneur ability." In 2011 International Conference on Electronics, Communications and Control (ICECC). IEEE, 2011. http://dx.doi.org/10.1109/icecc.2011.6068107.

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Reports on the topic "Mergers and acquisition"

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Luong, Ngor, Rebecca Gelles, and Melissa Flagg. Mapping the AI Investment Activities of Top Global Defense Companies. Center for Security and Emerging Technology, October 2021. http://dx.doi.org/10.51593/20210015.

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Militaries around the world have often relied on the largest global defense companies to acquire and integrate cutting-edge technologies. This issue brief examines the investment and mergers and acquisition activities in artificial intelligence of the top 50 global defense companies — a key, if limited, approach to accessing AI innovation in the commercial sector — and assesses investment trends of their corporate venture capital subsidiaries and offers a geographic breakdown of defense companies and their AI target companies.
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Schmid, Frank A., and Mark Wahrenburg. Mergers and Acquisitions in Germany. Federal Reserve Bank of St. Louis, 2002. http://dx.doi.org/10.20955/wp.2002.027.

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Erel, Isil, Yeejin Jang, and Michael Weisbach. Cross-Border Mergers and Acquisitions. Cambridge, MA: National Bureau of Economic Research, October 2022. http://dx.doi.org/10.3386/w30597.

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Erel, Isil, Rose Liao, and Michael Weisbach. World Markets for Mergers and Acquisitions. Cambridge, MA: National Bureau of Economic Research, July 2009. http://dx.doi.org/10.3386/w15132.

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Schwert, G. William. Mark-Up Pricing in Mergers and Acquisitions. Cambridge, MA: National Bureau of Economic Research, September 1994. http://dx.doi.org/10.3386/w4863.

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Baker, Malcolm, Xin Pan, and Jeffrey Wurgler. A Reference Point Theory of Mergers and Acquisitions. Cambridge, MA: National Bureau of Economic Research, December 2009. http://dx.doi.org/10.3386/w15551.

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Danzon, Patricia, Andrew Epstein, and Sean Nicholson. Mergers and Acquisitions in the Pharmaceutical and Biotech Industries. Cambridge, MA: National Bureau of Economic Research, June 2004. http://dx.doi.org/10.3386/w10536.

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Bell, Anthony B. Rationalization and Modernization of Defense Contractors After Mergers and Acquisitions. Fort Belvoir, VA: Defense Technical Information Center, April 2002. http://dx.doi.org/10.21236/ada404436.

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Blonigen, Bruce, and Donghyun Lee. Heterogeneous Frictional Costs Across Industries in Cross-border Mergers and Acquisitions. Cambridge, MA: National Bureau of Economic Research, August 2016. http://dx.doi.org/10.3386/w22546.

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Evenett, Simon. The Cross Border Mergers and Acquisitions Wave of the Late 1990s. Cambridge, MA: National Bureau of Economic Research, April 2003. http://dx.doi.org/10.3386/w9655.

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