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Pálffy, Miklós-Paul. "Game Theory and M&A Transactions." St. Gallen, 2007. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/03606407001/$FILE/03606407001.pdf.
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Distler, Johannes. "The driving forces behind premium payments in M&A transactions." St. Gallen, 2008. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/06609325001/$FILE/06609325001.pdf.
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Gandotra, Vikrant. "The Nexus Between the Economy, M&A Transactions and Investors' Behaviour: International Evidence." Thesis, Université d'Ottawa / University of Ottawa, 2019. http://hdl.handle.net/10393/39668.
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This research contributes to the much-debated literature existing on the relationship between the economy, merger and acquisitions (M&A), and investors’ behaviour by empirically examining the relationship between aggregate M&A transactions, Real GDP and the stock market in the top nine countries with respect to M&A activity globally from the period 1999-2018. Interestingly, according to the cross-sectional dependence and slope heterogeneity tests conducted, the research finds that when a specific country's stock market, Real GDP or M&A activity is affected or influenced in some way, this may also have an affect or influence on the other countries considered in this research as well. Each of the nine countries have some common economic characteristics. Additionally, each country has its system with reference to how the stock market index(s), economic activity and M&A activities influence each other and operate individually. This indicates that an economic relationship between the variables in one country may not be replicated by the others. Furthermore, in a country-by-country causality analysis using the Toda and Yamamoto (1995) approach, the research finds considerable evidence in support of the behavioural school of thought where investors’ behaviour and M&A activity seem to influence each other. Out of the nine countries investigated, six countries support the behavioural school of thought, i.e., show strong to moderate causality between M&A activity (number or value) and stock market price index. On the other hand, with reference to the neoclassical theory, surprisingly, there seems to exist a relationship between M&A activity and economic activity where M&A activity (number or value) leads economic activity in two out of the nine countries investigated. Finally, the research also suggests that economic activity seems to have an impact on how investors behave in six out of the nine countries investigated.
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Betelmal, Nahla. "The impact of CEO Hubris on mergers and acquisitions transactions : frequency and earnings management." Thesis, Glasgow Caledonian University, 2014. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.676481.
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The behavioural corporate finance literature highlights that value-destroying Mergers and Acquisitions (M&A) could be driven by managerial hubris (i.e. excessive overconfidence) due to unrealistic optimism about both future performance and managerial abilities and skills to extract value (see: Malmendier and Tate, 2008; Hayward and Hambrick, 1997; Roll, 1986). Moreover, overconfident Chief Executive Officers (CEOs) were found to be more likely to smooth earnings, manage earnings via accruals, and commit financial fraud than average, in order to meet or beat their own optimistic expectations and the analysts' forecasts (see: Bouwman, 2014; Schrand and Zechman, 2012; Hribar and Yang, 2010). Our empirical results from studying the US market during the period from 1993 to 2010 show that hubristic CEOs have 37 per cent higher odds of engaging in corporate takeovers than rational CEOs. Hubristic bidders have higher odds when the firm is overvalued (odds ratio of 1.28); whencthe industry is heated (odds ratio of 1.63), and, when a growth opportunity presents itself (odds ratio of 1.70) relative to rational bidders who have a 1.17 odds ratio when their firm is overvalued, and a 1.66 odds ratio when there is a growth opportunity. All bidders manage earnings via accruals and real activities manipulation in the year prior to the announcement, and they use classification shifting in the year following the announcement. However, the preferred tool is different: rational bidders engage more in accrual earnings management, while hubristic bidders use real activities manipulation and classification shifting more aggressively. Overall, the magnitude of earnings management is higher for bidders classified as hubristic. This thesis applies the Campbell et at. (2011) measurement of CEO excessive overconfidence that was inspired by the work of Malmendier and Tate (2008; 2005a).
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Wübben, Bernd. "German mergers & acquisitions in the USA transaction management and success /." Wiesbaden : Dt. Univ.-Verl, 2007. http://dx.doi.org/10.1007/978-3-8350-9469-7.
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Macoris, Lucas Serrão. "Do minority acquisitions relieve financial constraints?" Universidade de São Paulo, 2018. http://www.teses.usp.br/teses/disponiveis/18/18157/tde-22102018-095334/.
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This study intends to examine the occurrence and effectiveness of minority block transactions in the presence of financial constraints in target firms. Minority transactions represent a strategic decision with specific characteristics if compared to the various forms of integration. In fact, several authors claim that minority block transactions may represent an alternative to alleviate financial constraints. However, there are still few studies that empirically address the relationship between financial constraints and the occurrence of such transactions. More specifically, there is no empirical evidence that states that minority transactions actually ease targets\' financial restrictions and foster corporate investment. Using a panel composed of approximately 12.000 deals, results show a positive relationship between the presence of financial constraints in target firms and the occurrence of minority transactions. Moreover, there is a significant difference between on the growth of investment and leverage indicators of target firms\' related to its counterfactuals after deal completion, indicating the effectiveness of minority transactions in alleviating such companies\' restrictions.Este trabalho pretende examinar a ocorrência e a efetividade de transações minoritárias de participação na presença de restrições financeiras nas empresas alvo. Transações minoritárias em empresas representam uma decisão estratégica com características peculiares em relação aos diversos tipos de integração empresarial. De fato, diversos autores afirmam que transações de partes minoritárias de empresas podem representar uma alternativa para aliviar restrições financeiras. No entanto, ainda existem poucos estudos que analisam empiricamente a relação entre restrições financeiras e a ocorrência de tais transações. Mais especificamente, não há evidência empírica que afirme de fato que compras minoritárias de participações em empresas podem aliviar suas restrições financeiras ao investimento. Utilizando um painel composto de aproximadamente doze mil transações minoritárias feitas entre adquirentes americanos e alvos internacionais, os resultados demonstram uma relação positiva entre a presença de restrições financeiras ao investimento em empresas e a ocorrência de transações minoritárias. Adicionalmente, há uma diferença significativa entre os indicadores de crescimento e alavancagem das firmas alvo em relação aos seus contrafactuais após o período da transação, indicando a efetividade dos processos de transações minoritárias em relaxar as restrições financeiras das empresas.
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Teixeira, Ricardo Moutinho. "Cluster analysis and segmentation of Global M&A transactions." Master's thesis, NSBE - UNL, 2013. http://hdl.handle.net/10362/9851.
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A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and EconomicsThe present thesis is the analysis a dataset of mergers and acquisitions (M&A) through a segmentation process by cluster analysis, to better understand combined explanatory variables and characteristics of global M&A transactions. Past researched has strongly focused on (A) whether or not M&A creates wealth for investors or (B) which factors and variables help explain value this wealth (des)creation. The present thesis is rather an attempt to reach a third leg of research which is that, by segmenting and understanding these “natural” groupings we may develop a richer understanding of this form of corporate transactions. The paper comprises a study-event dataset from global completed M&A since 1994 with high disclosure filters, a factor analysis that selected 7 out of 13 variables from previous literature review, preceded by a the cluster analysis for variable selection. The end result indicated a connection between several explanatory variables and the formation of clusters with economical meaning. Six clusters were formed under a two-step clustering process. The paper has three relevant highlights: (1) the application of cluster analysis in a M&A setting; (2) the selection of surrogate variables from the factor analysis, providing better economic representation and (3) a clustering method that automatically captures the natural grouping the dataset.
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Nöllgen, Bruno. "The impact of industrial diversification on corporate transactions." Doctoral thesis, Saechsische Landesbibliothek- Staats- und Universitaetsbibliothek Dresden, 2014. http://nbn-resolving.de/urn:nbn:de:bsz:14-qucosa-135589.
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This doctoral thesis consists of three articles: one literature overview and two empirical articles. The first article provides a literature overview about industrial diversification, corporate acquisitions and the intersection of both research areas. This thesis secondly analyzes whether conglomerates invest externally differently from focused firms. This investigation provides new insights on the question how industrial diversification influences corporate investment. It allows to draw conclusions whether internal investment is independent from external investment in diversified firms, or whether weak internal investment in conglomerates is (at least partially) offset by more efficient external investment, or even whether value-destructive internal investment is accompanied by external investment eliciting the same effects. In this case weakly managed multi-segment firms could be also identified by their behavior and success in corporate acquisitions. Third, the thesis copes with the question how conglomerates are perceived and treated as potential targets of corporate acquisitions. This analysis adds further aspects to the question whether multi-segment firms are discounted due to their organizational form. Assuming that the sum of the single segment of a diversified company is higher valued than the conglomerate as a whole, one could expect that investors should strive to acquire such companies, to dismantle them subsequently in order to create additional value by reshaping these inefficiently composed entities. However, there are also contradicting effects of lower synergies and higher integration costs compared to the acquisition of stand alone firms. New insights in these discussions allow us to draw conclusions whether a diversification discount potentially being harvested by a bust up takeover outweighs lower synergies and higher integration costs.
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Wubben, Bernd. "German mergers & acquisitions in the USA transaction management and success /." Wiesbaden : Dt. Univ.-Verl, 2006. https://www.lib.umn.edu/slog.phtml?url=http://www.myilibrary.com?id=134436.
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Wübben, Bernd. "German mergers & acquisitions in the USA : transaction management and success /." Wiesbaden : Dt. Univ.-Verl, 2006. http://www.myilibrary.com?id=134436.
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Vogel, Daniel. "Merger Waves and Post-Transaction Performance." St. Gallen, 2006. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/00635532001/$FILE/00635532001.pdf.
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Engelskirchen, Christof. "The role of family influence in M & A transactions : an empirical, capital market oriented study on pattern and performance of public German family businesses acting as bidders /." Lohmar ; Köln : Eul, 2007. http://deposit.d-nb.de/cgi-bin/dokserv?id=2952614&prov=M&dok_var=1&dok_ext=htm.
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Alhenawi, Yasser. "Essay on the Persistence of Corporate Diversification Discount after Merger and Acquisition Transactions and Essay on the Capital Structure Properties of Real Estate Investment Trusts (REITs)." ScholarWorks@UNO, 2010. http://scholarworks.uno.edu/td/107.
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In the first chapter of this dissertation, I hypothesize that several non-tax-driven benefits of debt induce REITs managers to issue debt despite no apparent tax-driven benefit. Several methodologies and tests applied in capital structure literature are introduced to the literature of REITs capital structure. First, I investigate how the market prices leverage in absence of tax-deductibility benefit. Then, I diagnose the relative importance of several non-tax-driven benefits of leverage in deriving the capital structure decisions of REITs. Third, I conduct a thought investment experiment with debt-restricted vs. non-restricted REITs portfolios. I find weak evidence that leverage, by itself, creates value. Nevertheless, I find strong evidence that during financial crisis debt-restricted REITs perform better than non-restricted ones. Also I find evidence that lends support to the pecking order story of leverage. I conclude that REITs managers issue debt mainly to avoid issuing equity and to maximize wealth of existing shareholders. The second chapter addresses corporate diversification discount. I present and test a hypothesis that diversifiers exchange immediate diversification discount with future value gain attributed to unanticipated financial and strategic advantages of diversification. Two implications of this hypothesis are tested in this dissertation. First, the initial diversification discount found in static methodologies should be attenuated in a dynamic analysis. Second, diversifier's value evolution patterns are driven by the materialization of certain financial and strategic efficiencies. The overall results indicate that there is value recovery over time. Diversifiers' performance and value evolution is dynamically linked to synchronous improvements in market power, internal capital market activities, and cost efficiencies. Further, consistent with current evidence in diversification literature, related diversifiers outperform unrelated diversifiers. Moreover, related diversifiers witness faster value recovery relative to unrelated diversifiers.
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Gouveia, Luciana Orozco de. "Fusões e aquisições: desenvolvimento de um modelo de prospecção para bancos comerciais." Universidade Presbiteriana Mackenzie, 2014. http://tede.mackenzie.br/jspui/handle/tede/937.
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Previous issue date: 2014-02-19The number of mergers and acquisitions transactions has grown increasingly, overcoming barriers of the country of the companies origins. This is due to the increased competition, forcing companies who wish to prosper, to seek inorganic growth through acquisitions. The objective of this research was to develop a methodology for prospecting in the customer base of the commercial bank, maximizing the efficiency of the investment bank in the search of potential mergers and acquisitions transactions. The developed model in this research can be used by M&A (Mergers and Acquisitions) analysts on investment banks, since it will be possible to perform a screening in the customer base of commercial bank already using existing information held by the bank to find counterparties in transactions of M&A. It was developed a qualitative exploratory study based on historical of mergers and acquisitions transactions in the healthcare industry , it was analyzed the reasons which provided mergers and acquisitions transactions, deals value and also the acquisitions made by public companies in the healthcare industry. After that it was made a model to find counterparts in the customer base of a commercial bank, to seek potential targets or buyers. This model was applied in a real case, showing satisfactory outcome.
O número de transações em fusões de aquisições vem aumentando e cada vez mais ultrapassando as barreiras do país de origem das companhias. Isso ocorre devido à concorrência mais acirrada que obriga as empresas, que desejam prosperar, a buscar crescimento inorgânico através de aquisições. O objetivo desta pesquisa foi elaborar um modelo de prospecção na base de clientes do banco comercial, maximizando a eficiência do banco de investimentos na busca de transações na área de fusões e aquisições. O modelo desenvolvido nesta pesquisa pode ser utilizado por analistas de F&A (Fusões e Aquisições) de banco de investimentos, uma vez que será possível realizar uma triagem na base de clientes do banco comercial, já utilizando as informações existentes em poder do banco para buscar contrapartes nas transações de F&A. Foi realizada uma pesquisa qualitativa exploratória baseada em transações históricas de fusões e aquisições no setor de saúde; foram estudados os motivos que originaram as transações de F&A, perfil das empresas, valores dos deals e ainda as aquisições realizadas no setor por empresas de capital aberto. Com o estudo realizado foi elaborado um modelo para buscar contrapartes na base de clientes de um banco comercial, tanto para buscar potenciais alvos como compradores. Modelo este que foi aplicado em um caso real, demonstrando resultado satisfatório.
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Marin, Pierre. "Analyse des effets des pratiques de mutualisation sur la performance des organisations publiques locales : le cas des Services départementaux d'incendie et de secours." Thesis, Pau, 2014. http://www.theses.fr/2014PAUU2011/document.
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Résumé de la thèseCette recherche doctorale propose une analyse de l’impact des pratiques de mutualisation et de leur mise en œuvre sur la performance globale des organisations publiques. Cette recherche propose une définition des pratiques de mutualisation, en s’appuyant en particulier sur celles plus connues dans le privé comme la collaboration, le reengineering ou encore les fusions-acquisition. Elle s’appuie aussi sur la théorie des coûts de transaction et du changement organisationnel. D’autre part, l’analyse de la performance se fait à travers un prisme multidimensionnel que notre étude vient opérationnaliser. L’originalité de la recherche repose sur l’usage mixte d’une méthode quantitative, avec une enquête réalisée auprès des services départementaux d’incendie et de secours (SDIS) en France, et d’une méthode qualitative, à travers l’analyse approfondie d’une recherche-intervention de trois ans effectuée au sein d’un SDIS. Au global, les apports de la recherche apparaissent multiples. Tout d’abord, sur le plan théorique, il est notamment proposé un modèle novateur d’analyse de l’influence des pratiques de mutualisation et de leurs modalités de mise en œuvre sur les différentes dimensions de la performance publique localeThis doctoral research is dedicated to the analysis of the impact of shared-resources mechanisms and their implementation on the global performance of public organizations. This research gives a proper definition to this mechanisms based on different concepts used for the private sector such as collaboration, reengineering or mergers and acquisitions. Moreover, this study is based on transaction cost theory and organizational changes. In addition, the analysis of performance that we propose uses a five dimension model that we were able to operationalize. The originality of the approach is linked to the use of both quantitative and qualitative analysis through a quantitative survey carried out in all Departmental Fire and Emergency Service in France, and, on the other and, a research-action led in one of them. The results of our research are numerous. The most important result is that the methodology of the implementation of shared resources mechanisms appears to be the most significant element which can create performance. Secondly, we propose a range of key success criteria of the methodology that can be used by manager in the public sector to run efficient shared-resources mechanisms
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Hudečková, Veronika. "Realizace synergií v mezinárodních fúzích a akvizicích." Master's thesis, Vysoká škola ekonomická v Praze, 2014. http://www.nusl.cz/ntk/nusl-194116.
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The volume of mergers and acquisitions in 2014 amounted to 3.6 trillion USD. Acquisition activity over the previous year increased by 26 % and the volume of mergers and acquisitions was the third highest in history after 2007 and 2006. The constantly increasing number of mergers and acquisitions and an increase in the volume of capital required for the realization of transactions stand in stark contrast to the high rate of failure. The primary motive for international mergers and acquisitions is the realization of synergies. The paper analyzes in detail the factors that influence the success of international mergers and acquisitions, especially strategic fit, cultural fit and integration. It also analyzes the motives which lead to realization of those transactions and how they relate to the realization of synergies. The results of previous studies are presented in the theoretical part, practical part is focused on a specific acquisition of Anheuser-Busch, which is part of the global brewing group Anheuser-Busch InBev, which in 2014 bought a small Czech brewery - Pivovar Samson.
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Strand, John. "Utvecklingsmöjligheter inom Due Diligence i fastighetstransaktioner." Thesis, KTH, Fastigheter och byggande, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-146885.
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Due Diligence is today an important part of the transaction process through sales of properties and is an important process for both sellers and buyers. The process intends to review an asset before a transaction to minimize the risks associated with the acquisition by detecting weaknesses and verify the asset's characteristics. The use of Due Diligence has become increasingly common over the past twenty years in the Swedish real estate market and there is no indication that this trend will decrease but rather increase. Although there is widespread use of the process both in acquisitions of corporations and properties, both in Sweden and in the rest of the world, it is costly for the purchasers and the concept is far from fully developed. This thesis aims to clarify what the real estate market thinks about the potential development of the process itself and the role of the actors. The main question is what opportunities exist to develop the concept of Due Diligence in real estate transactions. Given the high economic values that are found in real estate transactions, it is highly relevant to perform Due Diligence and therefore it is also important to review the opportunities to change this process if it is requested and feasible. The conclusions of the thesis shows that the actors in the real estate market believes that there are opportunities for development in the use of Due Diligence The possibilities includes seller's expanded role in information gathering , process delays , clearer and more transparent processes and a continuous development of the actors’ own processes. The thesis concludes with four proposals for a development process: An increased use of Due Diligence conducted by the seller as a complement to the buyer's own investigation, clearer procurement of consultants from the real estate owners, more accessible information earlier in the process from the sellers and consistent monitoring of the implemented processes.Due Diligence utgör idag en viktig del av transaktionsprocessen vid överlåtelser av fastigheter och är en viktig process för både säljare och köpare. Processen avser att granska en tillgång inför en transaktion för att minimera riskerna med förvärvet genom att upptäcka brister och kontrollera tillgångens egenskaper. Användningen av Due Diligence har blivit allt vanligare de senaste tjugo åren på den svenska fastighetsmarknaden och inget tyder på att denna utveckling kommer att avta utan snarare tillta. Trots att det finns ett utbrett användande av processen både vid företags- och fastighetsförvärv, i både Sverige och i övriga världen, så är det kostsamt för beställarna och konceptet är långt ifrån färdigutvecklat. Detta examensarbete har som syfte att klargöra vad fastighetsmarknaden anser om potentiella utvecklingsmöjligheter av själva processen och de aktiva aktörernas roller. Den huvudsakliga frågeställningen är vilka möjligheter som föreligger att utveckla konceptet Due Diligence vid fastighetstransaktioner. Med tanke på de stora ekonomiska värdena som finns i fastighetstransaktioner är det högst relevant att utföra Due Diligence och därför är det också av stor vikt att se över möjligheter att förändra denna process om det efterfrågas och är genomförbart. Slutsatserna i examensarbetet visar på att aktörerna på fastighetsmarknaden anser att det finns utvecklingsmöjligheter i användandet av Due Diligence. Möjligheterna innebär bland annat säljarens utökade roll i informationsinsamlingen, processens tidsåtgång, tydligare och mer transparenta processer samt ett kontinuerligt utvecklingsarbete av aktörernas egna processer. Examensarbetet avslutas med fyra förslag avseende en utveckling av processen: Ett ökat användande av Due Diligence genomförd av säljaren som komplement till köparens egen granskning, tydligare upphandlingar av konsulter från fastighetsägarna, mer tillgänglig information tidigare i processen från säljarna och konsekventa uppföljningar av genomförda processer.
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Smit, Imogan. "The application of the business judgment rule in fundamental transactions and insolvent trading in South Africa : foreign precedents and local choices." Thesis, University of the Western Cape, 2016. http://hdl.handle.net/11394/5523.
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D'Angelo, John. "Predicting mergers and acquisitions." Honors in the Major Thesis, University of Central Florida, 2012. http://digital.library.ucf.edu/cdm/ref/collection/ETH/id/537.
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Being able to predict a merger or acquisition before it takes place could lead to an investor earning a premium, if they owned shares of the targeted firm before the merger or acquisition attempt is announced. On average acquiring firms pay a premium when acquiring or merging with a targeted firm. This study uses publicly available financial information for 7,267 attempted takeover targets and 52,343 non-targeted firms for the period January 3, 2000 through December 31, 2007 to estimate (using logit) predictive models. Financial ratios are constructed based on six hypotheses found in the literature. Although statistical evidence supports a few of the hypotheses, the low predictive power of the models does not indicate the ability to accurately predict targeted firms ahead of time, let alone with any economic significance.B.S.B.A.
Bachelors
Business Administration
Finance
32 p.
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Zhou, Lili. "Internationalize Mergers and Acquisitions." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Företagsekonomi, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-38643.
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As globalization processes, an increasing number of companies use mergers and acquisitions as a tool to achieve company growth in the international business world. The purpose of this thesis is to investigate the process of an international M&A and analyze the factors leading to success. The research started with reviewing different academic theory. The important aspects in both pre-M&A phase and post-M&A phase have been studied in depth. Because of the complexity in international M&A, a qualitative method has been used in the research. The empirical findings of the case study have mainly been collected from.semi-structured interviews. The investigation shows that an international M&A is a tried-and-tested process from initial identification to integration. The process can be summarized into five steps: identification, evaluation, negotiation, implementation and integration. The important factors contributing to the success of international M&As are found to be corporate selection capability, cultural differences, human resources and communication.
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Frensch, Florian. "The social side of mergers and acquisitions cooperation relationships after mergers and acquisitions /." Wiesbaden : Dt. Univ.-Verl, 2007. http://dx.doi.org/10.1007/978-3-8350-9576-2.
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Frensch, Florian. "The social side of mergers and acquisitions cooperation relationships after mergers and acquisitions /." Wiesbaden : Dt. Univ.-Verl, 2006. http://www.myilibrary.com?id=134447.
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Ott, Christian. "Mergers & Acquisitions and Intangibles." Doctoral thesis, Saechsische Landesbibliothek- Staats- und Universitaetsbibliothek Dresden, 2012. http://nbn-resolving.de/urn:nbn:de:bsz:14-qucosa-95583.
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This dissertation explores the disclosure on intangibles acquired in Mergers & Acquisitos. The related empirical analyses are based on a sample of M&As that are accounted for under the International Financial Reporting Standards (IFRS) and United States Generally Accepted Accounting Principles (US-GAAP). In three different research papers I answer three distinct research questions. In order to enable capital providers and other external stakeholders to evaluate the PPA, the International Financial Reporting Standard 3 (IFRS 3) and the Statement of Financial Accounting Standards 141 (SFAS 141) require the acquirer firm’s management to disclose information about the assets acquired and liabilities assumed in the notes to the financial statement. The first research paper (see chapter II) addresses the following research question:
Which information about intangibles acquired in M&As does the acquirer firm’s management disclose in the notes to the financial statement?
The second research paper examines the factors that affect the initial recognition of goodwill. This research question is answered in the second research paper (see chapter III):
Does the acquirer firm’s management opportunistically or efficiently use its discretion to recognize goodwill initially?
The corporate information environment consists not only of corporate disclosure but also of disclosure by information intermediaries. The third research paper (see chapter IV) addresses this last set of research questions:
Which information about intangibles acquired in M&As is provided in voluntary or mandatory corporate disclosures and in disclosures by information intermediaries? How are the disclosure channels interrelated?
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Tran, Anh Luong Fich Eliezer. "Essays in mergers and acquisitions /." Philadelphia, Pa. : Drexel University, 2010. http://hdl.handle.net/1860/3265.
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Sodeik, Nicole. "Projektmanagement wertorientierter Mergers & Acquisitions /." Lohmar [u.a.] : Eul, 2009. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=017688008&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.
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Sodeik, Nicole. "Projektmanagement wertorientierter Mergers & Acquisitions." Lohmar Köln Eul, 2008. http://d-nb.info/99498944X/04.
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Vitkova, Valeriya. "Essays on mergers and acquisitions." Thesis, City, University of London, 2015. http://openaccess.city.ac.uk/19588/.
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This thesis comprises three essays on Mergers and Acquisitions. In the first chapter I use an international sample of M&A deals to test the implications of the clientele theory of dividends in the context of post-acquisition dividend policy. I contribute to the literature by controlling for the effect of the target’s shareholder characteristics and the gap between target and bidder pre-acquisition dividend policies on post-M&A dividend policy. In line with the clientele theory of dividends, this chapter demonstrates that, in all stock payment deals, post-acquisition dividends per share increase with the pre-acquisition percentage difference between target and acquirer DPS and with the size of the dividend clientele from the target company which becomes part of the bidder’s shareholder base. The second chapter tests how informed investors with local expertise can affect cross-border deal success using a comprehensive dataset of corporate acquirers’ share registers. We present evidence which confirms the hypothesis that acquirers in cross-border corporate transactions are more likely to be successful if the acquirer’s investors have a higher level of expertise in the target region, and that this effect is strongest when the maturity for corporate transactions of the target country is low. The third chapter contributes to the literature by investigating the wealth effects of horizontal acquisitions on the upstream and downstream participants in the product-market chain when the target company is in financial distress. This chapter posits that the financial health of the target is particularly relevant when considering the buyer power of the merging firms. Specifically, I hypothesise that industry-related acquisitions are more likely to increase the buyer power of the merging companies when the target is financially distressed due to the debtor-oriented insolvency rules in the US which allow bankrupt companies to renegotiate supplier contracts. The results of the study support this a priori expectation.
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Gazzaz, Heba. "Essays on mergers and acquisitions." Thesis, University of Essex, 2014. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.654560.
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This thesis contributes to behavioural finance literature of mergers and acquisitions (M&As) by investigating the psychological reference point, misvaluation and post abnormal return approaches using a unique UK dataset. The first substantive paper (chapter 2) examines the impact of past peak prices i.e. 52-week high on UK M&A activity, such as offer price, offer success, market reaction, and merger waves. It applies the methodology of Baker et al. (2012) and proposes a unique interpretation based on the various differences (regulatory framework, environmental factors, and other salient characteristics) between the US and UK markets. The results show that UK bidders are less prone to offering prices anchored to the last 52-week high than US bidders. The second substantive paper (chapter 3) explores new insights on (mis)market valuation. It provides empirical evidence on the relation between target misvalaution levels and some characteristics of UK M&As such as the offer premium, method of payment, market reaction, and offer success. It also combines the methodology of Baker et al. (2012) with that of Rhodes-Kropf et al. (2005). We established that misvaluation play an important role in UK M&A activities. Finally, the third substantive paper (chapter 4) contributes to the literature by providing empirical evidence on the winners' and losers' post-merger performances in a UK contested merger sample. It provides an important robustness test of the Malmendier et al. (2012) matching criterion and lays the foundation for exploring the differences between US and UK M&A markets. Moreover, it adopts the misvaluation disaggregation in Rhodes-Kropf et al. (2005). The results show that there is no significant difference between the winner's and loser's performances in the post-merger period. By tracking the winners' and loser' merger activities two years after completion, we found that both sets 'of firms prevented their stock from declining even more if had they not involved in merger activity.
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Krolikowski, Marcin. "Essays on Mergers and Acquisitions." Scholar Commons, 2014. https://scholarcommons.usf.edu/etd/5055.
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This dissertation includes two essays that examine mergers and acquisitions. In the first essay we examine how pay-for-performance influences the quality of merger decisions before and after Sarbanes-Oxley (SOX). Pay-for performance has a significant positive effect on acquirer returns of 0.9% pre-SOX and 1.1% post-SOX around the three day event window. Bidders with high pay-for-performance pay a 23.3% lower merger premium in listed target acquisitions. The positive effect of pay-for-performance is more important for public target acquisitions overall, for small acquirers pre-SOX, and for large acquirers post-SOX. In the long-run, bidders with high pre-merger pay-for-performance experience 27.6% higher returns after controlling for other merger characteristic.
In the second essay we investigate the value of customer/supplier relationships in mergers acquisitions. The findings show that targets (suppliers) with strong customer/supplier relationships obtain higher abnormal returns and higher merger premiums compared to targets with weak customer/supplier relationships. However, targets that have a strong connection with a customer have lower odds of being acquired. Acquirers that purchase targets with strong customer/supplier relationships have negative long-run abnormal returns, suggesting that the acquirers may have overpaid for such targets. Implications of customer/supplier relationships on customers, rivals and competing rivals are presented.
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Vedele, Sebastiano. "Mergers and Acquisitions - Case Study." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-125146.
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The thesis generally talks about mergers & acquisitions, discussing definitions, differences and reasons behind an M&A. I have analyzed what is a merge and what is an acquisition. Why companies combine themselves through an M&A. What are advantages and disadvantages about an M&A. After that the work is followed by a case study, which focuses on Fiat and Chrysler. With regards to this point, the case touches all the steps of the agreement between the two car automakers providing numbers, percentages and graphs to better explain how the agreement was made. After having spoken about the figures of the deal I have analyzed I went through all the steps of the acquisition showing also tables. I went through all important dates of the acquisition going deeply in the heart of the topic. I also analyzed why Fiat acquired Chrysler and why Chrysler felt down in a bankruptcy. Finally I have studied the today's situation of the two car automakers showing their actual trend on the automotive market.
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Bikourane, Nabil. "Performance boursière des fusions-acquisitions dans le secteur bancaire : influence des caractéristiques des conseils des banques initiatrices et des modalités de la transaction." Thesis, Bordeaux 4, 2011. http://www.theses.fr/2011BOR40034/document.
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Cette thèse étudie le lien entre les caractéristiques des conseils d’administration des banques acquéreuseset la performance boursière à court terme de celles-ci, analysée grâce à la méthodologie d’étude d’événement.L’objectif étant de vérifier si la structure des conseils contribue à l’atténuation des conflits d’intérêts àl’occasion des opérations de fusions-acquisitions (F&A) et crée, par conséquent, de la valeur. Deux effets ontété mis en avant. Le premier suppose une influence directe de chacune des caractéristiques du conseil sur lesrendements anormaux de l’acquéreur ; tandis que le second, introduit l’effet médiateur de la prime de contrôlepayée, en considérant que la structure du conseil influence le pouvoir de négociation de ses membres et leurengagement dans l’intérêt des actionnaires. Pour ces deux effets, nous contrôlons certains déterminants de laperformance relatifs à la transaction et aux banques impliquées.Nos résultats indiquent que les marchés financiers ont des attentes vis-à-vis des conseils lors de cesopérations, car nous avons relevé une incidence favorable sur les rendements anormaux de la présence depersonnalités extérieures en proportion significative au conseil de l’acquéreur et de l’absence de dualité dedirection dans celui-ci. Par ailleurs, en contrôlant le choix de la méthode de paiement, nous avons égalementrelevé que l’utilisation du cash est fortement associé à des rendements positifs pour l’acquéreurThis thesis analyzes the relationship between Board characteristics of acquiring Banks and short termStock Market reactions, measured with the Event Study Methodology. We examine if Board structure helps tolower conflict of interests during Mergers and Acquisitions, and creates Shareholder value. Two effects areanalysed. The first one supposes a direct influence of Board characteristics on the acquirer’s abnormal returns.The second one introduces a mediating effect of the premium, considering that Board structure affects itsmembers’ commitment. For both effects, we control some performance determinants relative to transactionand involved banks.Our results indicate that Financial Markets expect that Boards play an important role in acquisitions. Wefind a favourable impact of outside dominated Boards and the absence of duality on the acquirer's abnormalreturns. In addition, by controlling the method of payment, we obtain a significant and positive correlationbetween use of cash and acquirer's returns
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Aggoud, Rachida, and Eglantine Bourgeois. "The Mismanagement of Mergers and Acquisitions." Thesis, Linnéuniversitetet, Ekonomihögskolan, ELNU, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-19404.
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In today’s business world, it appears to be impossible for companies to survive without expanding through deals that result in mergers and acquisitions. Mergers and acquisitions represent a favourable medium of growth. However, studies indicate a high rate of failure in these operations. Evidently, there are areas that are mismanaged during the course of a merger or acquisition. If organizations make a decision to go through a merger or acquisition, it is vital that they devote significant attention and resources to understand and deal with opportunities and challenges presented during its processes. Through our research we have come to identify four important aspects as integral to a successful merger and acquisition. These components: culture, synergies, leadership and politics, each independently and together when mismanaged become the source of a merger or acquisition failing. If we are to envision the newly formed organization post a merger or acquisition as the structure, we see these four components as the pillars of this structure. The strength or weakness of these pillars will determine the future of the newly formed organization. At the other end of the spectrum, the very core aspects that result in success, we believe when mismanaged can spell catastrophe for the organization. However, lessons in mismanagement in these very four strategic areas can be the game changer that could possibly turn a merger and acquisition failure into success. It is only through an analytical study of the mismanagement pertinent in these four individual areas that we arrive at answers so that we may change this dominant trend of failure in mergers and acquisitions.
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Kim, Dongnyoung. "Two Essays on Mergers and Acquisitions." Scholar Commons, 2013. http://scholarcommons.usf.edu/etd/4910.
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In the first essay, we examine the link between CEOs political ideology - conservatism - and their firms' investment decisions. We focus on the effect of CEO conservatism on M&A decisions. Our evidence indicates that politically conservative CEOs are less likely to engage in M&A activities. When they do undertake acquisitions, their firms are more likely to use cash as the method of payment, and the target firms are more likely to be public firms and to be from the same industry. Conditional on the merger, CEO conservatism appears to have a significantly positive impact on long-run firm valuation. However, we find no evidence that conservative CEOs create value in the short run. All our results hold after controlling for CEO overconfidence. In the second essay, we investigate the impact of difference in local political ideologies between acquirers and targets on the likelihood of deal completion and announcement returns over the period of 1981-2009. We posit that increase in political ideology distance between acquirer and target leads to greater risks/costs associated with the integration process. This increase in distance is less likely to allow for the completion of deals and elicit less favorable market response to merger announcements. We find that when political ideology distance between acquirer and target in a merger are minimal, deals are more likely to be completed. We also find that acquirer which are politically proximate to their targets earn significantly higher returns than distant acquirers. After controlling for the geographic effect and other determinants of announcement returns, the political ideology effect still exists. Overall, the evidence suggests that corporate political ideology plays an important role in completing deals and determining announcement returns.
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Bradulina, Elizaveta. "Operating performance following mergers and acquisitions /." View abstract or full-text, 2009. http://library.ust.hk/cgi/db/thesis.pl?FINA%202009%20BRADUL.
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Höchstädter, Anna Katharina. "Managerielle Anreize bei Mergers & Acquisitions." St. Gallen, 2007. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/04608212001/$FILE/04608212001.pdf.
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Jordan, Martha Jean. "Mergers and Acquisitions: Organizational Integration Strategies." ScholarWorks, 2019. https://scholarworks.waldenu.edu/dissertations/7671.
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Global merger and acquisition (M&A) transactions exceeded $4.7 trillion in 2015, yet more than 70% of M&As fail to meet postmerger performance expectations with unsuccessful organizational integration cited as the primary source of failure. The purpose of this qualitative multiple case study was to explore organizational integration strategies some business leaders use to achieve anticipated postmerger performance and growth expectations. The study population consisted of 10 executive and midlevel business leaders in 2 privately held companies, domiciled in Arizona and Iowa, who have contributed to successful organizational integration in M&A transactions in the last 5 years. The tenets of organizational change management composed the conceptual framework for the study. Data were collected by semistructured interviews, reviews of internal documents, and publicly available information. Data were analyzed using inductive analysis to identify patterns and themes. The themes identified were organizational planning, communications, performance and growth, culture, and leadership and management. The study findings can assist business leaders in understanding the importance of organizational integration planning in the earliest phases of M&A transactions to improve M&A successes. The study findings contribute to positive social change by enhancing business leaders' knowledge to improve M&A postmerger performance, which can stabilize current employment, create new employment opportunities, and generate positive economic improvements for the broader stakeholder group.
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Li, Wei-Hsien. "Two Essays on Mergers and Acquisitions." Diss., Virginia Tech, 2012. http://hdl.handle.net/10919/37545.
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This dissertation consists of two chapters. The first chapter examines the valuation effect of the Q-hypothesis of mergers and acquisitions. The Q-hypothesis of mergers and acquisitions proposes that takeovers of low-Q targets by high-Q acquirers should be value creating as acquirers redeploy the targetsâ assets. I revisit the valuation effects of mergers and acquisitions by considering the potential costs of asset reallocation, impact from misvaluation, and the size of the reallocated assets. By examining the combined announcement returns and changes in operating performance, I find evidence consistent with both the benefits and costs of asset reallocation in the full sample of M&As from 1989 to 2010. Controlling for impact for market misvaluation in the proxy of Q, I find that the relation between value creation and the Q-difference is an inverse U-shape. This is direct evidence in support of the Q-hypothesis of M&As using firm-level data from after 1990. The results are not driven by the acquirerâ s corporate governance structure and the difference in industry.
The second chapter investigates investigate the effect of CEO overconfidence on learning from the market in completing the announced mergers and acquisitions (M&As). Overconfident CEOs overestimate their ability to create value and believe that the market incorrectly values the firm. Therefore, they will be less likely to revise their M&A announcement according to unfavorable market reaction. I construct a proxy for CEO overconfidence based on the CEOâ s decisions on exercising options similar to Malmendier and Tate (2005, 2008). Controlling for the corporate governance structure of the firm, I find that an overconfident CEO is more likely to complete a bid despite unfavorable market feedback. I do not find my results are driven by alternative interpretations including managerial quality and private information.Ph. D.
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Gao, Ya. "Two Essays on Mergers and Acquisitions." University of Cincinnati / OhioLINK, 2017. http://rave.ohiolink.edu/etdc/view?acc_num=ucin1505209910494279.
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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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Kuo, Kuo-Cheng. "Mergers and acquisitions between Taiwanese enterprises." Thesis, University of Edinburgh, 1999. http://hdl.handle.net/1842/28383.
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In recent years merger and acquisition (M&A) activities have increasingly claimed the attention of government officials, company management and the public in Taiwan. The primary purpose of this study is to examine merger motives and methods of payment and to compare the pre- and post-transaction performance of Taiwanese enterprises. The samples of mergers and acquisitions in Taiwan analysed in this study are relatively comprehensive and are the largest which have ever been collected for academic research. So the conclusions of this study have much greater validity than those found in previous work carried out on Taiwanese mergers. In brief, securing operational synergies is a very important merger motive for firms of all sizes. Large enterprises are motivated to take-over other firms by the desire to acquire market share while increasing corporate debt capacity or financing was more important for small acquiring enterprises than for large ones. Payment is made either by means of a cash offer or by an exchange of shares depending on tax and government regulations, the future prospects of the acquiring enterprise as perceived by the acquired enterprise's shareholders and the level of activity of the stock market. The results indicate that large and medium-sized acquiring enterprises achieve greater increases in their post-transaction operational and financial performance than do small and small-medium sized acquiring enterprises. The results of logit analysis indicate that profitability and changes in profitability are important variables for discriminating between acquired and non-acquired firms. The findings mean that firms with lower profitability have a significantly increased probability of being taken-over, but that smaller firms do not see a significant increase in the likelihood of being acquired. This implies that take-over discipline is strong for low profitability firms but is not strong for small firms. The take-over threat forces firms to improve their profitability rather than to increase their size. The empirical evidence as to the nature of the take-over mechanism of acquired firms supports the traditional theory of the firm.
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Ayoush, Maha Diab. "Are cross-border mergers and acquisitions better or worse than domestic mergers and acquisitions? : the UK evidence." Thesis, University of Birmingham, 2011. http://etheses.bham.ac.uk//id/eprint/1589/.
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Mergers and acquisitions (M&As) are important corporate strategy actions that are vital for the companies in order to survive in this competitive global world. The popularity of those actions has increased over the years, especially in the international domain. In the UK, both the number and value of cross-border M&As has increased significantly over the years. Despite this increase, there haven’t been enough studies or clear evidence about whether venturing abroad to acquire foreign targets leads the companies to better performance compared to staying domestically. Therefore, the purpose of this thesis is to investigate the M&A phenomenon deeply and compare between cross-border and domestic M&As made by UK public acquirer firms. More specifically, the thesis concentrates on three main issues which are: (1) the difference between the returns to shareholders of acquirer firms involved in cross-border and domestic M&As; (2) the difference between the operating performance of acquirer firms involved in cross-border and domestic M&As; and (3) the difference between the impacts of cross-border and domestic M&As on the operating performance of acquirer and target firms combined. Market-based and accounting-based approaches are used to investigate a sample of UK acquirer firms engaged in cross-border and domestic M&As both in the short-term and in the long-term periods. In general, the results reveal insignificant differences between the shareholders’ returns and operating performances of acquirer firms involved in cross-border and domestic M&As over the short- and long-term periods. On the other hand, the results for acquirer and target combined firms show that cross-border M&As have lower operating performances than domestic M&As. Recommendations are provided in order to help the decision and policy makers in the companies to decide whether cross-border M&As should be actively encouraged or discouraged in comparison with domestic M&As.
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Agaoglu, Cahit. "Arbitration in merger and acquisition transactions : problem of consent in parallel proceedings and in the transfer of arbitration agreements in merger and acquisition arbitration." Thesis, Queen Mary, University of London, 2012. http://qmro.qmul.ac.uk/xmlui/handle/123456789/8363.
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Merger and acquisition (M&A) transactions have increased dramatically both in number and volume around the world in the last decades. Further to these increases, disputes regarding M&A transactions are often referred to arbitration as a consensual and private mechanism which is flexible, given the freedom of the parties to select arbitrators and to adjust the process according to their needs. This study undertakes to address and examine the long and complex processes in merger and acquisition transactions in light of the emerging preference for utilising arbitration in disputes arising therein. Therefore, M&A arbitration faces certain difficulties in coping with every dispute during the transaction, a number of which the author seeks to underline. In the thesis, two main problems of arbitration in M&A Transactions have been covered. Firstly, the problem of consent in consolidation of parallel proceedings during M&A transactions, and, secondly, parties consent validating arbitration agreements/clauses in “assignment” or “succession” after M&A transactions have been completed. The very approach of the thesis proposes whether academic analysis of the subject matter can be best conducted by separation along the many phases of the long and complex process of M&A and whether it is fruitful to examine these phases individually to obtain the greatest insight. Following the dissection of the different phases of M&A transactions, the nature and operation of arbitration in possible disputes arising out of different phases of M&A has been studied. It is also argued that the utilisation of arbitration will and should provide some ideas toward clarifying the content of consent of parties to a transaction. In demarcating the phases and critical stages in M&A transactions, perspective of the problems posed by parallel proceedings is enhanced. Developing on this rich background, argument develops the idea that the logic of consolidation in arbitration and can have pragmatic application to different alternative dispute resolution (ADR) clauses too. The expansive application of consent in M&A arbitration will be tested against those different ADR methods which do not have a binding effect. On the subject of consolidation in M&A transactions, it will be argued that it is necessary not only to focus on the intention of parties, but it is also unavoidable to concentrate on surrounding relevant facts arising in different phases of M&A transactions, given the recent doctrinal developments in academia and practice. Diverging views which have emerged in order to determine consent are explored alongside their respective theories of consent. The specific importance of consent in the transfer of arbitration agreements has been examined in respect of assignment and succession. The existing rules and approaches outlined in many publications will be challenged, and arguments against their automatic application in M&A transactions will be presented in favour of an expansive approach paying attention to the fluency of facts, similar to that employed in consolidation of parallel proceedings. In examining whether current regulation is suitable given the popular emergence of M&A arbitration, the author will propose how deficiencies and inconsistencies in the area can be rectified looking forward in the form of guidelines.
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Amland, Anne Helene Høvik, and Matilda Line. "Superior Executive Incentives for Mergers and Acquisitions." Thesis, Norges teknisk-naturvitenskapelige universitet, Institutt for industriell økonomi og teknologiledelse, 2011. http://urn.kb.se/resolve?urn=urn:nbn:no:ntnu:diva-15041.
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Using an event study approach on a sample of 72 acquisitions by Norwegian listed firms we study the effect of CEO stock and options based incentives on abnormal return and risk change associated with M&A activity. Our focus is on the bidder firms’ pre-acquisition incentive structures and its effect on the abnormal return and risk change from the transaction. The regression analysis we perform supports the hypothesis that cultural differences lead to different effects of equity based incentives in Norwegian compared to US firms. We find that CEO stock options decrease bidder shareholder returns in M&A, while CEO stock ownership has a non-significant negative influence. Both incentive structures have an insignificant impact on the CEOs’ risk taking behavior. Accordingly, we cannot recommend that shareholders use stocks or options to reduce agency problems.The thesis provides a platform on which shareholders in Norwegian firms can build their decisions regarding the optimal incentive contract for their CEO. However, our limited sample and the lack of supportive research for other markets outside the US, does not allow for generalizing our findings to markets outside Norway.
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Fuchs, Matthias. "Coaching als Integrationsinstrument bei Mergers and Acquisitions /." Wiesbaden : Dt. Univ.-Verl, 2001. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=009496339&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.
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Hulthén, Andreas, and Kim Selguson. "Mergers and acquisitions : The road to success." Thesis, Linköping University, Department of Management and Economics, 2003. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-2039.
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Background: The most common reason to mergers and acquisitions is to generate synergies. Synergies emerge when two collaborating companies show a better result together than they would have done separately. Even though mergers and acquisitions have taken place since the beginning of the 17th century many of them still fail to succeed. There are many reasons why. Despite the fact that the reasons of failure have been known for a long time, new waves of mergers and acquisitions still appear.
Purpose: The purpose of the thesis is to contribute with knowledge about what should be given priority, in the merger and acquisition process, to generate synergies and thereby create shareholder value. This is achieved by investigating mergers and acquisitions in Sweden during the period 1996-2001.
Method: The thesis includes both quantitative and qualitative research. The quantitative research is calculations made to decide each company’s performances compared to index and the qualitative research is interviews made with representatives from the companies.
Result: There are no superior methods that can guarantee success, however there are certain aspects that always should be given priority. According our research those are among others: thorough due diligence, creating a committee of integration in order to keep focus on core business.
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Eckhoff, Jana. "Synergiecontrolling im Rahmen von Mergers & Acquisitions /." München : Utz, 2006. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=014786604&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.
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Simpson, Paul. "Modelling UK cross border mergers and acquisitions." Thesis, University of Manchester, 2003. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.488396.
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Azadegan, Farshid. "Change and continuity through mergers & acquisitions." Thesis, University of Hertfordshire, 2013. http://hdl.handle.net/2299/10311.
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I have lived through nineteen mergers and acquisitions and without moving companies, have signed eight employment contracts, all following M&As. Only two of the eight companies still trade, the others went bankrupt or shut down. My roles have been in engineering, sales, middle management and more recently a contributor at meetings where M&As were discussed and advisors attended. Despite professional advice, these M&As rarely turned out as planned including the envisaged growth and improvements. Often matters got worse, even for top executives. Yet, in both the literature and the way that people talk, businesses and individuals are portrayed as separate entities, M&As are aimed at changing only the businesses and are routinely associated with growth and improvements. My experience of M&As includes confusion about power and powerlessness, a sense of loss of valued relationships, identity issues and idealization of merged businesses. Using a narrative methodology and taking my experience seriously (Stacey and Griffin, 2005), I explore change and continuity through M&As and the experiencing of organizational upheavals. I also explore change in the idea of M&As and how we think of them. Drawing on complex responsive processes theory, I argue that we can enhance our understanding of change and continuity through M&As by exploring our experience of local interaction. Combined organizations as patterns of local interactions between people where these patterns emerge and evolve in the interplay of intentions, plans, actions and choices of all involved includes those between members of the merged organizations and between them and advisors, mediators, shareholders, competitors, customers, regulators and the media. To say that combined businesses emerge in this interplay is to understand change and continuity in terms of these evolving patterns of local interaction. These patterns include interpretations and conversations reflecting our ideologies, power relations, identities, idealizations and expectations about M&As. My expectations and reflections were influenced by and influence the discourse about M&As which I argue as social object evolves through our complex responsive processes of relating. Idealization of merged businesses, professional advice, the mainstream view of M&As as growth and improvement which amounts to ‘putting thought before action’ (Griffin, 2002: 25), all emerge and evolve through local interaction validating reflexive exploration of experience to enhance our understanding of change and continuity through M&As.
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Hammer, Christian. "Supply chain management bei Mergers & Acquisitions." Institut für Transportwirtschaft und Logistik, WU Vienna University of Economics and Business, 2007. http://epub.wu.ac.at/1634/1/document.pdf.
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Schertzinger, Andreas. "Creating value in insurance mergers and acquisitions." Wiesbaden : Gabler, 2009. http://dx.doi.org/10.1007/978-3-8349-8210-0.
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