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1
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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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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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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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.
5
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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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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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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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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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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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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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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Sodeik, Nicole. "Projektmanagement wertorientierter Mergers & Acquisitions." Lohmar Köln Eul, 2008. http://d-nb.info/99498944X/04.
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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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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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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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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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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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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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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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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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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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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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Langer, Bruno. "Früherfassung der Unternehmenskultur als Risikofaktor bei Mergers & Acquisitions : eine methodisch-kritische Pre-Merger-Analyse /." Hamburg : Kovač, 1999. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=008693913&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.
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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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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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Stahl, Günter, Rikard Larsson, Ina Kremershof, and Sim B. Sitkin. "Trust Dynamics in Acquisitions: A Case Survey." Wiley, 2011. http://epub.wu.ac.at/3612/1/Trust_in_Acquisitions_manuscript_HRM_submission.pdf.
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Drawing on the organizational trust literature and research on postmerger
integration, the authors develop a model that conceptually synthesizes the
antecedents and consequences of trust in acquired organizations. The model
proposes that the acquiring and target firms' relationship history, the interfirm distance, and the acquirer's integration approach will affect target firm
member trust in the acquiring firm's management. Target firm member trust,
in turn, may influence several sociocultural integration outcomes as well as
postacquisition performance. The results of a case survey suggest that certain
aspects of the relationship history and interfirm distance, such as the firms' collaboration history and preacquisition performance differences, are poor predictors of trust, whereas integration process variables, such as speed of
integration, communication quality, and acquirer multiculturalism are major factors infl uencing trust. The implications for postmerger integration research
and practice are discussed.
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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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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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Liu, Jia. "Chinese mergers and acquisitions : performance and factors." Thesis, Durham University, 2016. http://etheses.dur.ac.uk/11839/.
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In this thesis, I reviewed the past mergers and acquisitions in China, calculated the acquirer post mergers short and long run performances, indentified the factors related to the performances, and discussed the possible reasons of these factors. Firstly, I reviewed past literature of mergers and acquisition. Especially, the Chinese merger and acquisition activity, including three subgroups: Chinese overseas merger, Chinese domestic mergers, and foreign overseas mergers. Second, I endeavour to review the past twenty years of M&A activity. I calculated the short and long abnormal return in different time intervals for the three subgroups and offered possible explanations for the results. I also classified different groups based on payment method, acquirer ownership, previous merger experience, target status, merger type, final completion status, and target listing status. Certain groups experience significantly higher abnormal returns than other groups, and different subgroups exhibit significantly different returns. Thirdly, I determined whether buyers are winners or losers and to identify the factors that affect buyer performance. Several newly recognized factors in the Chinese market, such as state owned ownership, final completion status, and momentum effect are applied in the analysis. Finally, I compared the post-merger results and differences in explanatory factors between different groups and markets with the results of other researchers. I used different time interval short and long run abnormal return as dependent variables. The independent variables were in three groups, including acquirer financial characteristics, deals unique characteristics and momentum effect factors. These factors have different impacts on different groups. In the short-term, financial factors, merger characteristics and previous performance have very limited effects on returns. The impacts of variables on short term abnormal return are largest for Chinese domestic mergers and acquisitions, moderate for foreign buyer mergers, and non-existent for Chinese overseas mergers. In the long run, these factors have more explanatory power.
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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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PAIVA, BERNARDO RANGEL DA COSTA. "PERFORMANCE AND VALUE CREATION: MERGERS AND ACQUISITIONS." PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2014. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=24257@1.
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A presente pesquisa se insere em um contexto caracterizado pela crescente
discussão de geração de valor ao acionista intensificada pela crise econômica
ocorrida entre os anos de 2008 e 2009, que fez crescer diversas dúvidas
relacionadas à doutrina de maximização do valor para o acionista principalmente
no que tange as estratégias para alcançar este objetivo. Neste contexto, a definição
e a escolha da estratégia mais adequada se mostram como diferenciais para
enfrentar os desafios impostos pelo cenário econômico no que tange a questão do
desempenho da empresa e seu retorno para os acionistas. Desta forma, o objetivo
central do estudo foi relacionar as estratégias de crescimento (fusões e aquisições
ou crescimento orgânico) com o desempenho de empresas que passaram por um
processo de fusões e aquisições no período de 2003 até 2013 baseado no indicador
de desempenho definido como Q de Tobin. A pesquisa foi realizada por meio de
testes estatísticos com dados empíricos das empresas de capital aberto, com ações
negociadas na bolsa de valores de São Paulo e avaliou indicadores de retornos das
ações das empresas que foram adquiridas e das firmas que as compraram, bem
como características da transação tais como a forma de pagamento, a quantidade
de compradores, o tamanho relativo entre as empresas e o desempenho destas
empresas medido pelo índice Q de Tobin. Os resultados demonstraram que a base
de dados disponível para o período analisado não é suficiente para chegarmos a
uma conclusão definitiva sobre o impacto das variáveis citadas acima sobre o
retorno das ações.This research is part of a context characterized by increasing use of discussion to generate shareholder value enhanced by the economic crisis that occurred in 2008 and 2009 that has increased several questions related to the doctrine of maximizing shareholder value, especially regarding the strategies to achieve this goal. In this context, the definition and selection of the most appropriate strategy is shown as differential to face the challenges posed by the economic scenario regarding the issue of the performance of the company and its shareholder return. Thus, the main objective of this research was to compare the growth strategies ( mergers and acquisitions or organic growth ) with the performance of companies that have gone through a process of mergers and acquisitions from 2003 to 2013 based on the performance indicator defined as Tobin s Q. The survey was conducted by means of statistical tests with empirical data of publicly traded companies with shares traded on the São Paulo Stock Exchange and assessed indicators of stock returns of companies that went through the acquisition event as well as features transaction such as payment method, the number of buyers, the relative size between firms and the performance of these companies measured by Tobin s Q. The results showed that the available database for the reporting period is not sufficient to come to a definite conclusion about the impact of the aforementioned variables on stock returns.
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Zhao, Jun S. M. Massachusetts Institute of Technology. "The IT integration of mergers & acquisitions." Thesis, Massachusetts Institute of Technology, 2006. http://hdl.handle.net/1721.1/35101.
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Thesis (S.M.)--Massachusetts Institute of Technology, System Design and Management Program, 2006.Also issued in pages.
Includes bibliographical references (leaves 113-116).
The role of information systems in mergers and acquisitions (M&A) becomes increasingly important as the need for speed of reaction and information is growing. Mergers and acquisitions may disrupt the operations of the organizations involved. Major issues include the need to integrate personnel, business processes, information systems, and diverse information technologies across the merging organizations. Executives who underestimate or disregard the costs and time associated with merging computer applications, infrastructure or IT organizations will face unpleasant surprises. However, if carefully planned and properly managed, the merger/acquisition and the resulting integration process can become an opportunity to strengthen the capabilities of the combined organization and place it in a better competitive position. The study addresses some of the most important M&A IT planning concepts that executives should know about so that technology-related problems do not delay M&A related business benefits. This study investigates factors that influence the effectiveness of IT integration in M&A.
(cont.) After studying trade journals and examining some cases, I investigated the following: 1. Determine the proper integration approach based on strategic intent of the merger or acquisition and the type of transaction 2. Determine the integration approach based on the business function support level The research is based on cases developed through archival research and field-based interviews. The case study research method allows researchers to gather holistic and meaningful characteristics of real-life events. The research includes the study of trade journals and case studies, and a literature review to understand basic problems and solutions of IT integration under the context of M&A. Then study of trade journals and cases led to the development of a set of research questions that are important to the success of IT integration. Hypotheses are proposed for those research questions based on academic literature review. This was followed by archival analysis of M&A cases to examine and refine the framework.
by Jun Zhao.
S.M.
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Ploskonka, Karolina. "Collection of essays on mergers & acquisitions." Thesis, University of Exeter, 2015. http://hdl.handle.net/10871/18118.
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This PhD thesis consists of three essays which are interlinked by two themes - the problem of risk and information asymmetry in cross-border mergers and acquisitions carried out by UK investors. Majority of empirical research in finance, and in particular in mergers and acquisitions focuses on the US outward investments. However, UK investors are the second most active when it comes to international acquisitions. The country's physical proximity to continental Europe and common legal system make UK transactions a particularly interesting dataset. In the first essay we try to understand how UK investors decide in which country to invest. We investigate in which cases increased level of risk and higher information asymmetry are desired by UK investors and find that higher corporate governance standards, more stringent accounting standards and strong creditor and shareholder protection deter investors. Legal system seems to be of no statistical significance indicating that the law of the host country does not fully reflect the level of such standards, while lack of significance of media coverage indicates that investors are not concerned about the public scrutiny. The second paper looks at how increased risk and information asymmetry impact the likelihood of using a contingent payout agreement and if investors always will use this method to reduce the risk of overpaying for the target. The evidence shows that deal-specific features reflecting higher asymmetry of information and risk increase the chances of using an earnout contract. However, cross-border transactions do not involve earnout contracts more often than the domestic ones which is most likely due to potential enforcement issues resulting from different legal systems. The last chapter of this thesis looks at the ways in which the acquirer can structure the transaction to reduce the risk that the offer will be rejected. Our results stress the importance of bilateral negotiations. Although the size of the premium is significant, its importance is fairly negligible when compared with the impact of hostile transactions, competing bids and the inclusions of a termination fee. From the above we can infer that carefully planned bilateral negotiations leading to a high premium would maximise the chances of deal completion. Recapitulating, in this collection of essays we try to answer the questions of how risk and information asymmetry influence UK investors' decision where to invest, how to pay for the target and whom and how to acquire in order to maximise the chances that the transaction will be successfully finalised.
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Van, den Honert Robin Charles. "Game-theoretic models for mergers and acquisitions." Doctoral thesis, University of Cape Town, 1995. http://hdl.handle.net/11427/22556.
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This thesis examines the corporate merger process as a bargaining game, under the assumption that the two companies are essentially in conflict over the single issue of the price to be offered by the acquirer to the target. The first part of the thesis deals with the construction and testing of analytical game-theoretic models to explain the proportion of the synergy gains accruing to the target company under different assumptions about the players' a priori knowledge. Assuming full certainty amongst the players about the pre- and post-merger values of the companies, the distribution of gains between target and acquiring companies that would be consistent with the Nash-Kalai axioms is determined in principle. The resulting model depends on the players' utility functions, and is parameterised by the relative bargaining strength of the players and their risk aversion coefficients. An operational version of the model is fitted to empirical data from a set of 24 recent mergers of companies quoted on the Johannesburg Stock Exchange. The model is shown to have good predictive power within this data set. Under the more realistic assumption of shared uncertainty amongst the two players about the post-merger value of the combined company, a Nash-Kalai bargaining model incorporating this uncertainty is developed. This model is an improvement over those with complete certainty in that it offers improved model fit in terms of predicting the total amount paid by an acquirer, and is able to dichotomise this payment into a cash amount and a share transfer amount. The theoretical model produced some results of practical value. Firstly, a cash-only offer is never optimal. Conditions under which shares only should be tendered are identified. Secondly, the optimal offer amount depends on the form of payment and the level of perceived risk. In a share-only offer the amount is constant regardless of risk, whilst if cash is included an increase in risk will imply a decrease in the optimal amount of cash offered. The Nash-Kalai model incorporating shared uncertainty is empirically tested on the same data set used previously. This allows a comparison with earlier results and estimation of the extent of the uncertainty. An extension of this model is proposed, incorporating an alternative form of the utility functions. The second part of the thesis makes use of ideas from negotiation analysis to construct a dynamic model of the complex processes involved in negotiation. It offers prescriptive advice to one of the players on likely Pareto-optimal bargaining strategies, given a description of the strategy the other party is likely to employ. The model describes the negotiating environment and each player's negotiating strategy in terms of a few simple parameters. The model is implemented via a Monte Carlo simulation procedure, which produces expected gains to each player and average transaction values for a wide range of each of the players' strategies. The resulting two-person game bimatrix is analysed to offer general insights into negotiated outcomes, and using conventional game-theoretic and Bayesian approaches to identify "optimal" strategies for each of the players. It is shown that for the purposes of identifying optimal negotiating strategies, the players strategies (described by parameters which are continuous in nature) can be adequately approximated by a sparse grid of discrete strategies, providing that these discrete strategies are chosen so as to achieve an even spread across the set of continuous strategies. A sensitivity analysis on the contextual parameters shows that the optimal strategy pair is very robust to changes to the negotiating environment, and any such changes that have the players start negotiating from positions more removed from one another is more detrimental to the target. A conceptual decision support system which uses the model and simulated results as key components is proposed and outlined.
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Simonova, Olga. "Brand Portfolio Strategy for Mergers and Acquisitions." Master's thesis, Vysoká škola ekonomická v Praze, 2014. http://www.nusl.cz/ntk/nusl-194156.
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This study represents an analysis of theoretical frameworks around brand integration strategies after mergers and acquisitions. The theoretical part of the paper is dedicated to the importance of brand equity, motives and advantages of brand acqui-sition and defines possible frameworks for brand integration strategies. A case study has been conducted on the application of the possible brand integration strategies based on an in-depth interview and thorough analysis of the outcomes of a specific acquisition in the domestic appliances industry
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Schertzinger, Andreas. "Creating value in insurance mergers and acquisitions." Wiesbaden Gabler, 2008. http://d-nb.info/991054083/04.
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Bösecke, Kathrin. "Value creation in mergers, acquisitions, and alliances." Wiesbaden Gabler, 2009. http://d-nb.info/993366996/04.
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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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Scroccaro, Davide <1991>. "Mergers & Acquisitions of Family-controlled firms." Master's Degree Thesis, Università Ca' Foscari Venezia, 2016. http://hdl.handle.net/10579/8611.
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Abdi, Mohamed Aukar, and Song Pantaléon. "The Process of Post-Merger Organizational Identification : An analysis of mergers and acquisitions." Thesis, Umeå universitet, Företagsekonomi, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-160655.
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Today, mergers and acquisitions often grab headlines due to the large sums of money involved, and the number of stakeholders affected by it. Still, the increase in merger and acquisition activities, the capital involved, and the pervasiveness of these activities stand in sharp contrast to their high rates of failures. Scholars have attributed the failure of mergers and acquisitions to management failure when it comes to dealing with human aspects during the integration phase. The purpose of this paper was to examine how individual’s identities change overtime in a merger. More specifically, it examines the process of post-merger organizational identification in merger contexts through the lens of social identity theory. From this purpose, we formulated the following research question and two sub-questions: • How can post-merger identification be managed and integrated in an organization? o How can organizational identities transit from a pre-merger state to a post-merger state successfully? o What is the outcome of the post-merger identification process? The method used in this study was qualitative with an interpretive approach, which allowed us to gain a deeper understanding regarding the purpose and to answer our research question. Primary data came from purposive sampling, where 14 semi-structured interviews with individuals with various managerial positions in post-merger integrations were conducted to gain an understanding of how they tackled the integration process. The secondary data used resulted from previous research, literature, articles and other internet sources. The interviews were qualitatively analyzed through a thematic coding procedure. The backbone of our theory consists of perspectives on mergers and acquisitions from the lens of social identity theory. Particularly, it was used to understand the post-merger organizational identification process. The theoretical components were used to understand group formations and intra- and intergroup relationships, the effects mergers have on individuals, and what the effects of the outcomes of post-merger identification have on group and organizational identity. Our findings disclose that organizational identities are exclusive by nature and that they remain in this state unless managerial actions are taken which triggers commitment from groups to change. These actions must combine communication efforts with managerial interventions which promote intergroup cooperation, prototypical norms and values. Depending on the actions and the goal of the merger, the nature of the post-merger identity is a combination of two identities which forms an overarching one, or an assimilation of one identity into another. The contributions from this study come in two forms: theoretical and managerial. The theoretical contributions come through our findings showing how organizational identity emerge, change and how they are formed. The managerial contributions provide recommendations on how practitioners should facilitate the process, the vital role the manager has in the process and approaches they could take based on our findings.
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Pauser, Stephan H. "M&A in der Bauindustrie Werteffekte und Erfolgsdeterminanten /." Wiesbaden : Deutscher Universitäts-Verlag, 2007. http://sfx.metabib.ch:9003/sfx_locater?sid=ALEPH:DSV01&genre=book&isbn=978-3-8350-0943-1&id=doi:10.1007/978-3-8350-5543-8.
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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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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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Maloney, Brendan. "Mergers and Acquisitions: : Their impact on technological performance." Thesis, University of Kalmar, Baltic Business School, 2006. http://urn.kb.se/resolve?urn=urn:nbn:se:hik:diva-121.
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This Thesis examines the impact of mergers and acquisitions (M&As) on the subsequent technological performance of the related firms. The investigated firms are selected according to their strategic choice which consists in seeing M&As as a shortcut for acquiring technological assets and capabilities and therefore the subsequent technological performance. The relatedness issue as well as the resource-based view of the firm are theoretical hints, which effectiveness on technological performance is discussed. A more managerial approach using case studies is also used in order to demonstrate a new organisational form of cooperation, derived from strategic alliances and M&As. With the help of the Renault-Nissan Alliance it is argued that this hybrid form presents many capacities for developing a successful integration process, and subsequently enhancing technological performance.