Journal articles: 'Reverse mergers'

1

Bartlett, Joseph W., and Paul E. Kunz. "Reverse Mergers and Shells." Journal of Private Equity 1, no. 2 (1997): 45–51. http://dx.doi.org/10.3905/jpe.1997.409669.

Full text

APA, Harvard, Vancouver, ISO, and other styles

2

Mao, Juan, and Qin Jennifer Yin. "Auditor Reverse-Merger Expertise: Evidence from Chinese Reverse-Merger Companies." AUDITING: A Journal of Practice & Theory 36, no. 4 (2017): 115–33. http://dx.doi.org/10.2308/ajpt-51690.

Full text

Abstract:

SUMMARY This study investigates if hiring auditors with Chinese reverse-merger expertise affected 182 Chinese companies that executed reverse mergers with U.S. shell companies from 2003 to 2011 to become U.S. publicly traded companies (Chinese reverse-merger companies, or CRM companies). We find that CRM companies that employ CRM-expert auditors pay higher audit fee premiums, and are more likely to up-list to national exchanges, when they are compared to CRM companies with non-CRM-expert auditors. Additional analyses suggest that clients of CRM experts also are more likely to file annual financial reports on time, but CRM-expert auditors are not associated with fewer misstatements in financial reporting or continued trading on national exchanges. This suggests that CRM-specialist auditors help clients navigate regulatory requirements for up-listing, but they do not achieve improved financial reporting quality.

APA, Harvard, Vancouver, ISO, and other styles

3

Dr. Samiksha Ojha, Dr Samiksha Ojha. "Reverse Mergers: The Way Forward." IOSR Journal of Business and Management 10, no. 3 (2013): 21–29. http://dx.doi.org/10.9790/487x-01032129.

Full text

APA, Harvard, Vancouver, ISO, and other styles

4

주용이 and Moosung Kim. "Factors Influencing the Announcement Effect of Reverse Mergers and Mergers." Korean Journal of Financial Engineering 14, no. 4 (2015): 59–88. http://dx.doi.org/10.35527/kfedoi.2015.14.4.003.

Full text

APA, Harvard, Vancouver, ISO, and other styles

5

Chen, Chu, Giorgio Gotti, Don Herrmann, and Kathryn Schumann. "Earnings Quality of Foreign versus U.S. Reverse Mergers: Geographical Location or Firm-Level Incentives?" Journal of International Accounting Research 15, no. 1 (2015): 49–66. http://dx.doi.org/10.2308/jiar-51160.

Full text

Abstract:

ABSTRACT We test whether geographical location, audit quality, and equity offering play a role in the earnings quality of reverse merger (RM) firms. We provide evidence that, contrary to the popular focus on foreign reverse mergers by the business press, earnings management is equally likely in both U.S. and foreign RM companies. We find that firm characteristics are more indicative of the likelihood to manage earnings than geographical location. The presence of a Big 4 auditor for RM firms is associated with higher earnings quality and a survival rate almost twice as high in comparison to RM firms audited by a non-Big 4 auditor. Moreover, we find that while earnings management is a common practice at all RM firms, it is especially pervasive for RM firms that are issuing new equity after the reverse merger.

APA, Harvard, Vancouver, ISO, and other styles

6

Lamb, Gavin P., and Shiho Kobayashi. "Reverse shocks in the relativistic outflows of gravitational wave-detected neutron star binary mergers." Monthly Notices of the Royal Astronomical Society 489, no. 2 (2019): 1820–27. http://dx.doi.org/10.1093/mnras/stz2252.

Full text

Abstract:

ABSTRACT The afterglows to gamma-ray bursts (GRBs) are due to synchrotron emission from shocks generated as an ultrarelativistic outflow decelerates. A forward and a reverse shock will form, however, where emission from the forward shock is well studied as a potential counterpart to gravitational wave-detected neutron star mergers the reverse shock has been neglected. Here, we show how the reverse shock contributes to the afterglow from an off-axis and structured outflow. The off-axis reverse shock will appear as a brightening feature in the rising afterglow at radio frequencies. For bursts at ∼100 Mpc, the system should be inclined ≲20° for the reverse shock to be observable at ∼0.1–10 d post-merger. For structured outflows, enhancement of the reverse shock emission by a strong magnetic field within the outflow is required for the emission to dominate the afterglow at early times. Early radio photometry of the afterglow could reveal the presence of a strong magnetic field associated with the central engine.

APA, Harvard, Vancouver, ISO, and other styles

7

Lee, Charles M. C., Yuanyu Qu, and Tao Shen. "Going public in China: Reverse mergers versus IPOs." Journal of Corporate Finance 58 (October 2019): 92–111. http://dx.doi.org/10.1016/j.jcorpfin.2019.04.003.

Full text

APA, Harvard, Vancouver, ISO, and other styles

8

Greene, Daniel. "The wealth of private firm owners following reverse mergers." Journal of Corporate Finance 37 (April 2016): 56–75. http://dx.doi.org/10.1016/j.jcorpfin.2015.12.002.

Full text

APA, Harvard, Vancouver, ISO, and other styles

9

Adjei, Frederick, Ken B. Cyree, and Mark M. Walker. "The determinants and survival of reverse mergers vs IPOs." Journal of Economics and Finance 32, no. 2 (2007): 176–94. http://dx.doi.org/10.1007/s12197-007-9012-4.

Full text

APA, Harvard, Vancouver, ISO, and other styles

10

Kimbrough, Michael D., and Henock Louis. "Voluntary Disclosure to Influence Investor Reactions to Merger Announcements: An Examination of Conference Calls." Accounting Review 86, no. 2 (2011): 637–67. http://dx.doi.org/10.2308/accr.00000022.

Full text

Abstract:

ABSTRACT: We find that bidders are more likely to hold conference calls at merger announcements when the mergers are financed with stock and when the transactions are large. After controlling for endogeneity, we also find that conference calls are associated with more favorable market reactions to merger announcements. A content analysis of merger-related information releases for a limited subsample indicates that the more favorable reaction is related to the fact that, compared to press releases, conference calls provide a greater volume of information and place greater emphasis on forward-looking details. We find no evidence that the superior announcement returns associated with conference calls subsequently reverse or that conference calls are positively associated with pre-merger announcement abnormal accruals. Overall, the results suggest that managers use conference calls around merger announcements to credibly convey favorable private information to the market.

APA, Harvard, Vancouver, ISO, and other styles

11

DuVal, Charles, Will Quilliam, Quang Vu, and Noema Santos. "Backing into the U.S.: A Study of Chinese Reverse Mergers." Journal of Business and Policy Research 11, no. 1 (2016): 36–48. http://dx.doi.org/10.21102/jbpr.2016.07.111.03.

Full text

APA, Harvard, Vancouver, ISO, and other styles

12

Carpentier, Cécile, Douglas Cumming, and Jean-Marc Suret. "The Value of Capital Market Regulation: IPOs Versus Reverse Mergers." Journal of Empirical Legal Studies 9, no. 1 (2012): 56–91. http://dx.doi.org/10.1111/j.1740-1461.2011.01247.x.

Full text

APA, Harvard, Vancouver, ISO, and other styles

13

Xin, Qingquan, Ruitao Li, and Sonia Wong. "A survey of reverse mergers in the Chinese stock market." China Finance Review International 9, no. 1 (2019): 5–21. http://dx.doi.org/10.1108/cfri-07-2018-0062.

Full text

Abstract:

Purpose The purpose of this paper is to provide an introduction to the reverse mergers (RMs) conducted in the Chinese stock market by summarizing the regulatory system, surveying the literature on RMs and analyzing the major characteristics of 161 RM cases. Design/methodology/approach This paper introduces the characteristics and evolution of the regulatory framework governing RM activity in China. Then the paper reviews relevant academic studies on the RMs in China and other countries. Finally, the paper identifies and discusses the major characteristics of 161 RM cases in the Chinese stock market from 2006 to 2016. Findings Private companies that go public via RMs in China not only have superior asset quality but also demonstrate good accounting and stock price performance after listing, and these results are unlike those of studies on the quality of RMs in other countries. Research limitations/implications This paper is based on a survey of 161 RM cases in China’s stock market, with the major characteristics of the RMs being identified and analyzed. The limitations of previous studies and suggestions for further research are discussed. Originality/value This paper suggests that the relative superior performance of RMs in the Chinese stock market is caused by the interplay of market forces and regulatory oversight. The Chinese regulator’s pragmatic and flexible approach plays an important role in formulating regulatory policies that respond to the changing macroeconomic environment and financial markets.

APA, Harvard, Vancouver, ISO, and other styles

14

Lawrence, Stacy. "Reverse mergers attract top-tier biotechs in sluggish IPO market." Nature Biotechnology 24, no. 6 (2006): 598–99. http://dx.doi.org/10.1038/nbt0606-598.

Full text

APA, Harvard, Vancouver, ISO, and other styles

15

Fu, Lei, and Qian Wang. "Driving factors of merger momentum in China: empirical evidence from listed companies." China Finance Review International 9, no. 2 (2019): 235–53. http://dx.doi.org/10.1108/cfri-06-2017-0153.

Full text

Abstract:

Purpose The purpose of this paper is to study merger momentum and its driving factors in China by sampling 376 listed bidders from 2008 to 2013. Design/methodology/approach The empirical model captures the dependency of market reaction on recent merger and stock market states. The independent variables are designed from two dimensions, i.e. at the level of market-wide as an integral and bidder-specific as individuals. Furthermore, both the market and bidding firms contain merger momentum and market momentum, respectively. Findings The empirical results show that there is merger momentum in the market. Particularly, merger momentum is significant both in short run and long run for the mergers with cash payment, which supports the synergy effect. It also implicates the mergers with stock driven by investor sentiment. Besides, investors’ over-optimism is significant in the bull markets while managerial hubris is found in the bear markets. Research limitations/implications The driving factors for merger momentum in China are complex. Three impacts with different effects interact with one another. They are investor sentiment and managerial hubris with negative effects resulting in reversal abnormal return in the long run, and synergies with positive shocks resulting in no reverse at all. The limitation of the paper is insufficient analysis of the mergers financed by stocks, which will be the focus for future study. Practical implications The conclusions of the study help to intensify the understanding of the immature and unnormalized capital market in China. The empirical analyses give some inspiration and suggestions to three parties in the market, i.e. investors, bidding firms and regulators, respectively. Originality/value There are three contributions. The first one is to provide a novel model to identify how these different effects work on the merger momentum. The second one is the measurement of investor sentiment from different perspectives. The last but most important one is the new findings with novel explanations, which proves that the impacts on merger momentum are complex.

APA, Harvard, Vancouver, ISO, and other styles

16

Banakar, Zahra, Madjid Tavana, Brian Huff, and Debora Di Caprio. "A bank merger predictive model using the Smoluchowski stochastic coagulation equation and reverse engineering." International Journal of Bank Marketing 36, no. 4 (2018): 634–62. http://dx.doi.org/10.1108/ijbm-05-2017-0106.

Full text

Abstract:

Purpose The purpose of this paper is to provide a theoretical framework for predicting the next period financial behavior of bank mergers within a statistical-oriented setting. Design/methodology/approach Bank mergers are modeled combining a discrete variant of the Smoluchowski coagulation equation with a reverse engineering method. This new approach allows to compute the correct merging probability values via the construction and solution of a multi-variable matrix equation. The model is tested on real financial data relative to US banks collected from the National Information Centre. Findings Bank size distributions predicted by the proposed method are much more adherent to real data than those derived from the estimation method. The proposed method provides a valid alternative to estimation approaches while overcoming some of their typical drawbacks. Research limitations/implications Bank mergers are interpreted as stochastic processes focusing on two main parameters, that is, number of banks and asset size. Future research could expand the model analyzing the micro-dynamic taking place behind bank mergers. Furthermore, bank demerging and partial bank merging could be considered in order to complete and strengthen the proposed approach. Practical implications The implementation of the proposed method assists managers in making informed decisions regarding future merging actions and marketing strategies so as to maximize the benefits of merging actions while reducing the associated potential risks from both a financial and marketing viewpoint. Originality/value To the best of the authors’ knowledge, this is the first study where bank merging is analyzed using a dynamic stochastic model and the merging probabilities are determined by a multi-variable matrix equation in place of an estimation procedure.

APA, Harvard, Vancouver, ISO, and other styles

17

Schoderbek, Michael. "Accounting for mergers and reverse mergers: An instructional assignment using SEC Form 10-K and S-4 disclosures." Journal of Accounting Education 29, no. 2-3 (2011): 122–41. http://dx.doi.org/10.1016/j.jaccedu.2012.02.003.

Full text

APA, Harvard, Vancouver, ISO, and other styles

18

Moosung Kim and 주용이. "Market Efficiency for the Public Announcement of Reverse Mergers and General Mergers before and after the Global Financial Crisis." Korean Journal of Financial Engineering 12, no. 3 (2013): 155–81. http://dx.doi.org/10.35527/kfedoi.2013.12.3.007.

Full text

APA, Harvard, Vancouver, ISO, and other styles

19

Stiner, Frederic M., and Susan A. Lynn. "Auditing Issues with Chinese Reverse Merger Companies Traded in the United States." International Journal of Accounting and Financial Reporting 2, no. 2 (2012): 76. http://dx.doi.org/10.5296/ijafr.v2i2.2187.

Full text

Abstract:

Recently there have been two issues related to Chinese companies seeking capital in the United States. The first issue is frauds that have been perpetrated by companies using reverse mergers in order to go public. The second issue is fraud in continuing audit engagements when there has been reliance by an American audit firm on a foreign accountant’s audit work. There is also conflict between the Public Company Accounting Oversight Board (PCAOB) demanding to inspect audit workpapers for companies in China and the Chinese government’s refusal to let the PCAOB see these workpapers. These issues relate to characteristics of the practice of accounting and auditing in China that threaten auditor independence and audit quality. The paper discusses: (1) issues involving reverse mergers and the response of the Securities and Exchange Commission (SEC) to these issues, (2) issues involving reliance on the work of foreign Certified Public Accountants (CPAs) and the response of the PCAOB to these issues, (3) issues involving conflicts between U.S. regulatory agencies and the Chinese government over access to audit-related documents, and (4) suggestions for future research.

APA, Harvard, Vancouver, ISO, and other styles

20

Wang, Liu. "Do investors care about earnings quality? The case of Chinese reverse mergers." Pacific-Basin Finance Journal 55 (June 2019): 82–94. http://dx.doi.org/10.1016/j.pacfin.2019.02.008.

Full text

APA, Harvard, Vancouver, ISO, and other styles

21

Naumovska, Ivana, Peggy M. Lee, and Edward Zajac. "When Practices Diffuse in a Bubble: Reverse Mergers and the Internet Wave." Academy of Management Proceedings 2012, no. 1 (2012): 17360. http://dx.doi.org/10.5465/ambpp.2012.17360abstract.

Full text

APA, Harvard, Vancouver, ISO, and other styles

22

Pollard, Troy. "Sneaking in the back door? An evaluation of reverse mergers and IPOs." Review of Quantitative Finance and Accounting 47, no. 2 (2015): 305–41. http://dx.doi.org/10.1007/s11156-015-0502-8.

Full text

APA, Harvard, Vancouver, ISO, and other styles

23

Liu, Hongqi, Nan Xu, and Jianming Ye. "Short sellers’ accusations against Chinese reverse mergers: Information analytics or guilt by association?" China Journal of Accounting Research 8, no. 2 (2015): 111–31. http://dx.doi.org/10.1016/j.cjar.2015.02.002.

Full text

APA, Harvard, Vancouver, ISO, and other styles

24

Abbott, Lawrence J., Katherine Gunny, and Troy Pollard. "The Impact of Litigation Risk on Auditor Pricing Behavior: Evidence From Reverse Mergers." Contemporary Accounting Research 34, no. 2 (2017): 1103–27. http://dx.doi.org/10.1111/1911-3846.12300.

Full text

APA, Harvard, Vancouver, ISO, and other styles

25

Han, Seung Hun, and Yonghyun Kwon. "Ownership Structure and the Survival of Listed Firms: Evidence from Korean Reverse Mergers." Asia-Pacific Journal of Financial Studies 44, no. 3 (2015): 387–420. http://dx.doi.org/10.1111/ajfs.12094.

Full text

APA, Harvard, Vancouver, ISO, and other styles

26

Aydogdu, Murat, Chander Shekhar, and Violet Torbey. "Shell companies as IPO alternatives: an analysis of trading activity around reverse mergers." Applied Financial Economics 17, no. 16 (2007): 1335–47. http://dx.doi.org/10.1080/09603100600993752.

Full text

APA, Harvard, Vancouver, ISO, and other styles

27

Chen, Yu, and Jared S. Soileau. "Does pedigree matter? Earnings quality of U.S. listed domestic firms via reverse mergers." Journal of Accounting and Public Policy 33, no. 6 (2014): 573–95. http://dx.doi.org/10.1016/j.jaccpubpol.2014.08.003.

Full text

APA, Harvard, Vancouver, ISO, and other styles

28

Yang, Yanan, Christoph Lütge, and Hongwei Yang. "Organisational culture affecting post-merger integration." Review of International Business and Strategy 29, no. 2 (2019): 139–54. http://dx.doi.org/10.1108/ribs-12-2018-0104.

Full text

Abstract:

Purpose The purpose of this paper is to determine the principal organisational cultural dimensions that affect levels of post-merger integration (PMI) in Chinese acquisitions in Germany and to explore the relationship of these specific organisational cultural dimensions and levels of integration. Design/methodology/approach Data set were collected using a structured questionnaire given to Chinese and German managers and employees, who implemented/were responsible for the PMI in 12 Chinese acquisitions in Germany. A total of 120 questionnaires were distributed and there were 67 respondents, corresponding to a response rate of about 56 per cent. Principal components analysis, one-way ANOVA and bi-variate Spearman’s correlation were applied to analyse the data. Findings Findings revealed that five organisational cultural dimensions (i.e. adaptability, consistency, involvement, balance and flexibility) were extracted to be the primary indicators affecting levels of integration in Chinese reverse mergers and acquisitions (M&As) in the German market. Further, adaptability emerged as the only predictor with a significant negative implication on predicting the degree of PMI that Chinese investors would initiate to integrate their acquired German subsidiaries. Originality/value This study is one of the few studies to consider the specific organisational cultural dimensions affecting the integration levels of reverse M&As and is the first study, to the best of our knowledge, to explore the correlations of specific corporate cultural dimensions and integration levels in emerging multinational enterprises’ reverse M&As through quantitative research.

APA, Harvard, Vancouver, ISO, and other styles

29

Bodolica, Virginia, and Raymond Siu Yeung Chan. "Editorial note." Corporate Ownership and Control 15, no. 4 (2018): 4–5. http://dx.doi.org/10.22495/cocv15i4_editorial.

Full text

Abstract:

The recent volume of the journal “Corporate Ownership and Control” is devoted to the issues of dividend policy, cost management, public sector, leadership, earnings announcements, share prices, earnings relevance, concentrated ownership, financial reporting, risk disclosures, public listing, profitability, initial public offerings, market timing, company performance, board diversity, CEO characteristics, board independence, ownership network, national intelligence, earnings management, securities class actions, auditor litigation, audit quality, reverse mergers etc.

APA, Harvard, Vancouver, ISO, and other styles

30

Lee, Charles M. C., Kevin K. Li, and Ran Zhang. "Shell Games: The Long-Term Performance of Chinese Reverse-Merger Firms." Accounting Review 90, no. 4 (2014): 1547–89. http://dx.doi.org/10.2308/accr-50960.

Full text

Abstract:

ABSTRACT We examine the financial health and performance of reverse mergers (RMs) that became active on U.S. stock markets between 2001 and 2010, particularly those from China (around 85 percent of all foreign RMs). As a group, RMs are early-stage companies that typically trade over the counter. However, Chinese RMs (CRMs) tend to be more mature and less speculative than either their U.S. counterparts or a group of exchange-industry-size-matched firms. As a group, CRMs outperformed their matched peers from inception through the end of 2013, even after including most of the firms accused of accounting fraud. CRMs that receive private investment in public equity (PIPE) financing from sophisticated investors perform particularly well. Overall, despite the negative publicity, we find little evidence that CRMs are inherently toxic investments. Our results shed light on the risk-performance trade-off for CRMs, as well as the delicate balance between credibility and access in well-functioning markets. JEL Classifications: G34; M41; N20

APA, Harvard, Vancouver, ISO, and other styles

31

Clarke, Cathie. "The physics and modes of star cluster formation: simulations." Philosophical Transactions of the Royal Society A: Mathematical, Physical and Engineering Sciences 368, no. 1913 (2010): 733–54. http://dx.doi.org/10.1098/rsta.2009.0262.

Full text

Abstract:

We review progress in numerical simulations of star cluster formation. These simulations involve the bottom-up assembly of clusters through hierarchical mergers, which produces a fractal stellar distribution at young (approx. 0.5 Myr) ages. The resulting clusters are predicted to be mildly aspherical and highly mass-segregated, except in the immediate aftermath of mergers. The upper initial mass function within individual clusters is generally somewhat flatter than for the aggregate population. Recent work has begun to clarify the factors that control the mean stellar mass in a star-forming cloud and also the efficiency of star formation. The former is sensitive to the thermal properties of the gas while the latter depends both on the magnetic field and the initial degree of gravitational boundedness of the natal cloud. Unmagnetized clouds that are initially bound undergo rapid collapse, which is difficult to reverse by ionization feedback or stellar winds.

APA, Harvard, Vancouver, ISO, and other styles

32

Zhu, Tingting, Meiting Lu, Yaowen Shan, and Yuanlong Zhang. "Accrual-based and real activity earnings management at the back door: Evidence from Chinese reverse mergers." Pacific-Basin Finance Journal 35 (November 2015): 317–39. http://dx.doi.org/10.1016/j.pacfin.2015.01.008.

Full text

APA, Harvard, Vancouver, ISO, and other styles

33

Puspita, Nindi Vaulia, and Kartika Yuliari. "Analisis Pengaruh Stock Split Terhadap Harga Saham, Abnormal Return Dan Risiko Sistematik Saham Perusahaan (Studi Pada Perusahaan Yang Terdaftar Di Bei 2016-2018)." Ekonika : Jurnal ekonomi universitas kadiri 4, no. 1 (2019): 95. http://dx.doi.org/10.30737/ekonika.v4i1.335.

Full text

Abstract:

The purpose of this study is to analyze the effect of stock split on stock price, abnormal return and systematic risk of stock, The sample in this study as many as 82 companies are doing stock splits in the period 2016-2018 with the requirement that no other corporate actions such as mergers and acquisitions or reverse stock splits. The result indicated there are differences in stock prices and abnormal return before and after the stock split event, and the systematic risk no difference after and before the stock split event. This condition because of the strong internal factors of the company, this is indicated by no effect of systematic risk (beta) on stocks due to unstable market because investors buy stocks in the short term so they are not affected by systematic risk. Penelitian bertujuan untuk melakukan analisis pengaruh stock split terhadap harga saham, abnormal return dan risiko sistematik saham, sampel penelitian terdiri dari 82 perusahaan yang melakukan stock split dalam rentang waktu 2016-2018 dengan persyaratan tidak ada corporate action yang lain seperti merger dan akuisisi ataupun reverse stock split. Hasil penelitian menunjukkan terdapat perbedaan harga saham sebelum dan sesudah peristiwa stock split, adanya perbedaan abnormal return sebelum dan sesudah stock split dan yang terakhir risiko sistematik menghasilkan tidak adanya perbedaan setelah dan sebelum adanya peristiwa stock split, kondisi ini karena kuatnya factor internal perusahaan, hal ini ditunjukkan dengan tidak adanya pengaruh risiko sistematik (beta) terhadap saham yang disebabkan kondisi pasar yang tidak stabil menyebabkan investor membeli saham dengan tujuan jangka pendek sehingga tidak terpengaruh dengan risiko sistematik.

APA, Harvard, Vancouver, ISO, and other styles

34

Faisal Khan, Abu Naiahn, Kabir Hassan, Neal Maroney, and Jose Francisco Rubio. "Efficiency, Value addition and performance of US bank mergers." Corporate Ownership and Control 14, no. 1 (2016): 59–72. http://dx.doi.org/10.22495/cocv14i1p6.

Full text

Abstract:

There is little consensus regarding the overall performance of mergers and acquisitions in the banking industry. The goal of this paper is to investigate the change in operating performance, efficiency, and value addition of US bank mergers and acquisitions after GLBA. We extend the previous research by combining all the previous methodologies used in mergers and acquisitions studies and add a new methodology, namely Expected EVA improvement. We will test whether these performance metrics yield similar results or if the performance of mergers varies depending on the measurements. We will also examine the factors that have significant impact on changes in bank performance. Our empirical results lead to the conclusion that the industry-adjusted operating performance of merged banks increases significantly after a merger. This finding is consistent with the findings of Cornett et al. (2006).We also find that the acquirer expected EVA improvement increases significantly after a merger. Revenue enhancement opportunity appears to be more profitable if there exists more opportunity for cost cutting such as geographically focused and diversified mergers. Product diversification mergers increase the industry adjusted performance more than product focused mergers. The efficiency or profitability of targets have either a positive or no effect on acquirer performance.

APA, Harvard, Vancouver, ISO, and other styles

35

Grove, Hugh, and Maclyn Clouse. "Corporate governance standards in cross-border investing: lessons learned from Chinese companies listed in the United States." Corporate Ownership and Control 11, no. 3 (2014): 429–37. http://dx.doi.org/10.22495/cocv11i3conf2p4.

Full text

Abstract:

This paper will examine five Chinese company stocks that have been listed on United States exchanges with either initial public offerings (IPOs) or reverse mergers, often called reverse take-overs (RTOs). Their shares were initially well received in the market, especially as China’s economy continued to grow at rates much higher than the rest of the world’s countries, with increasing stock prices creating significant gains for their investors. However, in spite of these firms’ apparent compliance to the U. S. regulations, there is now evidence of fraud, poor auditing, and a lack of corporate governance and control. The resultant stock price declines have led to billions of dollars of losses for investors, and some of these Chinese firms have subsequently been delisted by U. S. stock exchanges. In this paper, we will show that had auditors, boards of directors, and financial analysts been more diligent and responsible, these problems could have been identified earlier than they were. Perhaps some of the investors’ losses could have been prevented

APA, Harvard, Vancouver, ISO, and other styles

36

Ai, Qi, and Hui Tan. "Acquirers’ prior related knowledge and post-acquisition integration." Journal of Organizational Change Management 30, no. 4 (2017): 647–62. http://dx.doi.org/10.1108/jocm-08-2015-0145.

Full text

Abstract:

Purpose This paper examines the role of acquirers’ prior related knowledge in the post-acquisition integration process. The purpose of this paper is to identify what constitutes the key prior related knowledge that can contribute to the reverse knowledge transfer following Chinese firms’ outward mergers and acquisitions (M&As) to Europe, and explain how prior related knowledge affects such transfer of knowledge. Design/methodology/approach The authors employ a multiple case study approach. Semi-structured interviews were conducted from February 2012 to June 2013 with 24 managers. Findings The authors find that, in addition to knowledge about the target, prior international business experience, R&D capability, and industrial capabilities are key components of acquirers’ prior related knowledge that can contribute to the success of M&A integration and post-acquisition reverse knowledge transfer. Indeed, Chinese acquirers’ prior related knowledge can influence the reverse knowledge transfer from acquired firms to acquirers by directly improving acquirers’ absorptive capacity and building a harmonious organisational climate to facilitate such transfer. Originality/value This paper contributes to the absorptive capacity and the cross-border M&A literature. It extends the current knowledge on the key components of an acquirer’s prior related knowledge in the outward M&A by Chinese firms. It also uncovers how post-acquisition reverse knowledge transfer is affected by acquirers’ prior related knowledge.

APA, Harvard, Vancouver, ISO, and other styles

37

Su, Yi, Wen Guo, and Zaoli Yang. "Reverse Knowledge Transfer in Cross-Border Mergers and Acquisitions in the Chinese High-Tech Industry under Government Intervention." Complexity 2021 (January 4, 2021): 1–18. http://dx.doi.org/10.1155/2021/8881989.

Full text

Abstract:

The high-tech industry is the main force promoting the development of China’s national economy. As its industrial economic strength grows, China’s high-tech industry is increasingly using cross-border mergers and acquisitions (CBM&A) as an important way to “go out.” To explore the rules governing the process and operation mechanism of reverse knowledge transfer (RKT) through the CBM&A of China’s high-tech industry under government intervention, a tripartite evolutionary game model of the government, the parent company, and the subsidiary as the main subjects is constructed in this paper. The strategies adopted by the three subjects in the RKT game process are analysed, and the factors influencing RKT through CBM&A under government intervention are simulated and analysed using Python 3.7 software. The results show that, under government intervention, the parent company and subsidiary have different degrees of influence on each other. Subsidiaries are highly sensitive to the compensation rate of RKT. Positive intervention by the government tends to foster stable cooperation between the parent company and the subsidiary. However, over time, the government gradually relaxes its intervention in the RKT and innovation of multinational companies.

APA, Harvard, Vancouver, ISO, and other styles

38

Sun, Zhe, and Liang Zhao. "Chinese reverse M&As in the Netherlands: Chinese managers’ trust building practices." Chinese Management Studies 14, no. 1 (2019): 69–91. http://dx.doi.org/10.1108/cms-11-2018-0748.

Full text

Abstract:

Purpose Building trust is critical in reverse mergers and acquisitions (M&As), attributed to the divergence of governance and culture between the East and the West. This paper aims to explore the barriers and trust-building practices of Chinese managers in reverse M&As in developed countries. Design/methodology/approach The primary data set of this research contains case studies of two Chinese M&A deals and in-depth interviews with managers and advisories in the Netherlands. Findings This research finds that the divergences of decision-making structure, communication style and trust orientation generate barriers to the trust building in Chinese reverse M&As. The third-party advisory participation helps to build cognition-based trust of acquired company managers on Chinese acquiring company managers through providing information and explanation, fitting Chinese buyers in the Western M&A procedure and offering communication. It also helps to build affect-based trust through bridging the divergence of trust orientation and filling the cultural voids. Meanwhile, the invisible integration helps to build cognition-based trust through maintaining the core business, offering great help to acquired companies for their business expansion and selecting the business collaboration areas in the long term. It also helps to build affect-based trust through granting a high degree of governance independence and enabling a balanced status in acquired companies. Originality/value This research unveils the “black box” of Chinese reverse M&As from an inter-personal trust perspective and advances the nuanced understanding of trust and trust-building practices in Chinese reverse M&As. It also provides practical tools for both Chinese companies and acquired companies in developed countries.

APA, Harvard, Vancouver, ISO, and other styles

39

Bong Jin Chung. "A Study Of the U.S. Law On the Effect Of Reverse Triangular Mergers On Anti-Assignment Provisions In Contracts." Ajou Law Review 8, no. 1 (2014): 281–314. http://dx.doi.org/10.21589/ajlaw.2014.8.1.281.

Full text

APA, Harvard, Vancouver, ISO, and other styles

40

Hamers, Adrian S., and Johan Samsing. "Analytic computation of the secular effects of encounters on a binary: features arising from second-order perturbation theory." Monthly Notices of the Royal Astronomical Society 487, no. 4 (2019): 5630–48. http://dx.doi.org/10.1093/mnras/stz1646.

Full text

Abstract:

AbstractBinary–single interactions play a crucial role in the evolution of dense stellar systems such as globular clusters. In addition, they are believed to drive black hole (BH) binary mergers in these systems. A subset of binary–single interactions are secular encounters, for which the third body approaches the binary on a relatively wide orbit, and such that it is justified to average the equations of motion over the binary’s orbital phase. Previous works used first-order (FO) perturbation theory to compute the effects of such secular encounters on the binary. However, this approach can break down for highly eccentric binaries, which are important for BH binary mergers and gravitational wave sources. Here, we present an analytic computation using second-order perturbation techniques, valid to the quadrupole-order approximation. In our calculation, we take into account the instantaneous back reaction of the binary to the third body, and compute corrections to previous FO results. Using singly averaged and direct three-body integrations, we demonstrate the validity of our expressions. In particular, we show that the eccentricity change for highly eccentric binaries can reach a plateau, associated with a large inclination change, and can even reverse sign. These effects are not captured by previous FO results. We provide a simple script to conveniently evaluate our analytic expressions, including routines for numerical integration and verification.

APA, Harvard, Vancouver, ISO, and other styles

41

Nasim, Imran Tariq, Cristobal Petrovich, Adam Nasim, Fani Dosopoulou, and Fabio Antonini. "Formation of counter-rotating and highly eccentric massive black hole binaries in galaxy mergers." Monthly Notices of the Royal Astronomical Society 503, no. 1 (2021): 498–510. http://dx.doi.org/10.1093/mnras/stab351.

Full text

Abstract:

ABSTRACT Supermassive black hole (SMBH) binaries represent the main target for missions such as the Laser Interferometer Space Antenna and Pulsar Timing Arrays. The understanding of their dynamical evolution prior to coalescence is therefore crucial to improving detection strategies and for the astrophysical interpretation of the gravitational wave data. In this paper, we use high-resolution N-body simulations to model the merger of two equal-mass galaxies hosting a central SMBH. In our models, all binaries are initially prograde with respect to the galaxy sense of rotation. But, binaries that form with a high eccentricity, e ≳ 0.7, quickly reverse their sense of rotation and become almost perfectly retrograde at the moment of binary formation. The evolution of these binaries proceeds towards larger eccentricities, as expected for a binary hardening in a counter-rotating stellar distribution. Binaries that form with lower eccentricities remain prograde and at comparatively low eccentricities. We study the origin of the orbital flip by using an analytical model that describes the early stages of binary evolution. This model indicates that the orbital plane flip is due to the torque from the triaxial background mass distribution that naturally arises from the galactic merger process. Our results imply the existence of a population of SMBH binaries with a high eccentricity and could have significant implications for the detection of the gravitational wave signal emitted by these systems.

APA, Harvard, Vancouver, ISO, and other styles

42

Tannan, S. K., and J. K. Badjatya. "TRIPS AND INDIAN PHARMACEUTICAL INDUSTRY." International Journal of Drug Regulatory Affairs 1, no. 3 (2018): 7–13. http://dx.doi.org/10.22270/ijdra.v1i3.114.

Full text

Abstract:

The TRIPs Agreement has led to a reinforcement of the protection of intellectual property, particularly in many developing countries. From the point of view of transfer of technology, the imitation of technologies from industrialized countries and the marketing of the resulting products will now be more difficult. The MNCs are also expanding vigorously in the generic segments. They are trying to grow not only organically, but through mergers and acquisitions and strategic alliance with Indian generic companies. 90% of the Indian Pharmaceutical Industry was dominated by the Global companies that imported most of the drugs. During the early 1970s, the Indian players gradually gained prominence as a result of the Indian Patent Act, 1970 which allowed Indian companies to reverse engineer Patented Molecules and launched them in the domestic markets.

APA, Harvard, Vancouver, ISO, and other styles

43

Ogada, Agnes, George Achoki, and Amos Njuguna. "EFFECT OF DIVERSIFICATION ON THE FINANCIAL PERFORMANCE OF MERGED INSTITUTIONS." American Journal of Finance 1, no. 2 (2016): 91. http://dx.doi.org/10.47672/ajf.98.

Full text

Abstract:

Purpose: The purpose of the study was to assess the effect of diversification on the financial performance of merged institutions.Methodology: The study adopted a mixed methodology research design. The study population included all the 51 merged financial service institutions in Kenya. Purposive sampling was used. Primary data was obtained from questionnaires and a secondary data collection template was also used. The researcher used quantitative techniques in analyzing the data. Descriptive analysis for the study included the use of means, frequencies and percentages. Inferential statistics such as correlation analysis was also used. Panel data analysis was also applied. Further, a pre and post merger analysis was used.Results: Diversification had no significant effect on financial performance of merged institutions.Unique contribution to theory, practice and policy: The study findings call for a re-assessment of the literature on diversification. Further research is necessary to study why sometimes the diversification-performance relationship is positive, others negative, and often quadratic. Further research is needed to investigate whether diversification effects on performance depends on the industries considered. This study recommends that companies with a weak and unstable capital base should seek to consolidate their establishments through mergers and acquisitions. Through mergers and acquisitions, these companies will be able to extend their market share and revenue base hence increase their profitability. In addition, mergers and acquisition leads to a higher CAR which improves the financial soundness of the companies.

APA, Harvard, Vancouver, ISO, and other styles

44

Bruhn, Nádia Campos Pereira, Cristina Lelis Leal Calegário, Francisval de Melo Carvalho, Renato Silvério Campos, and Antônio Carlos dos Santos. "Mergers and acquisitions in Brazilian industry: a study of spillover effects." International Journal of Productivity and Performance Management 66, no. 1 (2017): 51–77. http://dx.doi.org/10.1108/ijppm-11-2014-0179.

Full text

Abstract:

Purpose The purpose of this paper is to investigate the effects of different kinds of merger and acquisitions (M&As) on domestic industries’ productivity in the form of technological change (TC) and efficiency change (EC) in the Brazilian extracting and processing industries. Design/methodology/approach Panel data analysis is employed to test the impact of different kinds of M&As spillovers on each component of productivity growth. The database contains data collected from 2007 to 2011 referring to the Brazilian industries. The estimation procedure involves two stages. The first stage decomposes TFP growth into EC and TC using a input-based Malmquist Productivity Index. In the second step, EC and TC indexes are used interchangeably as a dependent variable in panel data regressions on the M&As-spillover variables. Findings The results indicate a positive relationship between TC and M&As made by Brazilian majority capital acquiring foreign-held capital from a company established abroad, which is consistent with reverse spillover theory. They also suggest an inverse relationship between TC and M&A operations made by companies with foreign majority capital acquiring both Brazilian-held capital and foreign-held capital from a company established in Brazil. Only the sectors that are capable of increasing their productivity via TC are able to benefit from technology transfer. Research limitations/implications This study is limited by the extent of data aggregation applied, which did not identify M&A transaction effects at the firm level. The available data do not allow isolating the effects of M&A processes on industry performance, given the co-occurrence of several factors that affect the performance of the industry. The study results imply that public managers must remain cognizant of the critical need to preserve and maximize competition between foreign and domestic firms while promoting a competitive environment that encourages the development of domestic technological capacities and skilled human capital. Practical implications M&A processes raise important issues with respect to organizational decisions and industrial policy. Studies of M&A transactions may be of fundamental importance to the expansion of healthy companies as they evolve through successive stages of growth and development. Liberalizing regulations to promote M&A transactions, and corporate market control is only justified if it promotes social welfare and economic development. Understanding the complexity and dynamics of this phenomenon and appreciating the heterogeneity of possible outcomes can lead to more relevant discussion regarding their contributions. Social implications Results found in this study indicate the need for greater efforts to understand how M&A operations, especially those associated to foreign-held capital, interact with local owned enterprises in developing economies and what benefits can be achieved through public policy. M&A operations need to be well evaluated by considering the kinds and intensities of externalities they might generate, whether and how local firms can potentially internalize those gains, building up absorptive capacities in order to achieve productivity spillover gains. Originality/value This study not only offers a more accurate understanding of the diverse nature and effects of M&A operations, but also stimulates a more relevant public policy discussion related to both foreign direct investment and OFDI incentives in Brazil. The growing economic importance of the activities of developing emerging countries’ multinational enterprises is making governments more inclined to re-evaluate their political strategies. Indeed, governments are beginning to recognize that markets need to be created, monitored and nurtured.

APA, Harvard, Vancouver, ISO, and other styles

45

Brož, M., O. Chrenko, D. Nesvorný та M. Lambrechts. "Dynamics of multiple protoplanets embedded in gas and pebble discs and its dependence on Σ and ν parameters". Astronomy & Astrophysics 620 (грудень 2018): A157. http://dx.doi.org/10.1051/0004-6361/201833855.

Full text

Abstract:

Protoplanets of super-Earth size may get trapped in convergence zones for planetary migration and form gas giants there. These growing planets undergo accretion heating, which triggers a hot-trail effect that can reverse migration directions, increase planetary eccentricities, and prevent resonant captures of migrating planets. In this work, we study populations of embryos that are accreting pebbles under different conditions, by changing the surface density, viscosity, pebble flux, mass, and the number of protoplanets. For modelling, we used the FARGO-THORIN two-dimensional (2D) hydrocode, which incorporates a pebble disc as a second pressure-less fluid, the coupling between the gas and pebbles, and the flux-limited diffusion approximation for radiative transfer. We find that massive embryos embedded in a disc with high surface density (Σ = 990 g cm−2 at 5.2 au) undergo numerous “unsuccessful” two-body encounters that do not lead to a merger. Only when a third protoplanet arrives in the convergence zone do three-body encounters lead to mergers. For a low-viscosity disc (ν = 5 × 1013 cm2 s−1), a massive co-orbital is a possible outcome, for which a pebble isolation develops and the co-orbital is further stabilised. For more massive protoplanets (5 M⊕), the convergence radius is located further out, in the ice-giant zone. After a series of encounters, there is an evolution driven by a dynamical torque of a tadpole region, which is systematically repeated several times until the co-orbital configuration is disrupted and planets merge. This may be a way to solve the problem that co-orbitals often form in simulations but they are not observed in nature. In contrast, the joint evolution of 120 low-mass protoplanets (0.1 M⊕) reveals completely different dynamics. The evolution is no longer smooth, but rather a random walk. This is because the spiral arms, developed in the gas disc due to Lindblad resonances, overlap with each other and affect not only a single protoplanet but several in the surrounding area. Our hydrodynamical simulations may have important implications for N-body simulations of planetary migration that use simplified torque prescriptions and are thus unable to capture protoplanet dynamics in its full glory.

APA, Harvard, Vancouver, ISO, and other styles

46

Carbaugh, Bob. "The Decline of College Textbook Publishing: Cengage Learning and McGraw-Hill." American Economist 65, no. 2 (2020): 284–99. http://dx.doi.org/10.1177/0569434520936621.

Full text

Abstract:

America’s college textbook publishers historically had a business model based on continuing profits and growth led by high prices. However, that model eroded as competition from the used-book market and rental textbooks resulted in falling textbook sales and losses for publishers. Textbook publishers are currently revising their business model so as to move away from printed textbooks to digital (online) educational materials. Also, publishers are downsizing their operations and undergoing mergers with each other to survive in the marketplace. The 2019 merger proposal of McGraw-Hill and Cengage Learning reflects the current problems of college textbook publishing: The merger would be between two financially weak companies that are attempting to reduce overhead and production costs and create additional revenue streams. However, the U.S. Department of Justice’s concerns about the harmful effects on competition led to the companies’ agreement to abandon their plans to merge in May 2020. JEL Classification: A00, K21, L22, L41

APA, Harvard, Vancouver, ISO, and other styles

47

Baker, Raymond Reed, Gary C. Biddle, Michelle René Lowry, and Neale G. O'Connor. "Shades of Gray: Internal Control Reporting by Chinese U.S.-Listed Firms." Accounting Horizons 32, no. 4 (2018): 1–30. http://dx.doi.org/10.2308/acch-52300.

Full text

Abstract:

SYNOPSIS Chinese firms listing in the U.S. via reverse mergers (CRMs) have dominated prior media, regulator, and research attention. Yet CRMs have effectively ceased, leaving Chinese firms listing via initial public offerings (CIPOs) as the relevant remaining class of Chinese firms listing on U.S. exchanges. This study documents salient differences between CIPOs, CRMs, and U.S.-domiciled U.S.-listed firms by examining Sarbanes-Oxley Act Section 302 and 404(b) ineffective internal control (IIC) and related disclosures that underlie financial reporting quality, with three main sets of findings. First, both CIPOs and CRMs are more likely to report IICs than U.S.-domiciled counterparts. Second, both CIPOs and CRMs are more likely to under-report IICs than U.S.-domiciled counterparts (CIPO for only 302 disclosures). Third, CIPOs are both less likely to report and less likely to under-report IICs than CRMs. These findings clarify and recast prior characterizations of the internal controls underlying the reporting quality of Chinese U.S.-listed firms. JEL Classifications: G18; G34; G38; M41; M42; M48. Data Availability: All data are available from public sources.

APA, Harvard, Vancouver, ISO, and other styles

48

Dølvik, Jon Erik, and Jeremy Waddington. "Private sector services: challenges to European trade unions." Transfer: European Review of Labour and Research 8, no. 3 (2002): 356–76. http://dx.doi.org/10.1177/102425890200800304.

Full text

Abstract:

This article maps the challenges faced by European trade unions arising from the growth and diversification of employment in private sector services, and analyses union responses to these challenges. Focusing on recruitment, internal interest intermediation, and articulation between the central and local tiers of union activity, it shows that many unions are making considerable efforts to renew their organisational structures and policies, so as to reverse the decline in membership and strengthen their workplace presence in private sector services. Approaches include union mergers, extension of collective bargaining into new areas, development of new styles of organising, digital unions, and creation of unions for particular groups. A critical issue is how to combine the differentiation and decentralisation of unions with coordination of union objectives: union renewal is a contested process, implying difficult choices as regards target groups and internal power relations. The article suggests that although the reforms have been insufficient to turn the tide thus far, the breadth of change cautions against precipitate judgements about the demise of unionism in private sector services.

APA, Harvard, Vancouver, ISO, and other styles

49

Feng, Nancy Chun, and Ross D. Fuerman. "Securities class actions of Chinese companies." Corporate Ownership and Control 15, no. 4 (2018): 107–30. http://dx.doi.org/10.22495/cocv15i4art10.

Full text

Abstract:

This paper provides the first empirical evidence documenting the determinants and outcomes of private securities class action lawsuits filed in the US and Canada against Chinese companies and their auditors. Our findings show that, in the global context, Chinese companies are positively associated with their auditors being defendants and experiencing an adverse outcome (for example, related government enforcement actions and/or settlement payments to terminate class actions). A group of companies from outside the US with low country level audit quality, the Chinese companies, and the overall global sample were compared. For the low country level audit quality comparison group, we found that a restatement was negatively associated with auditors being defendants; this is a new finding. Two unique Chinese characteristics are that reverse mergers are positively associated with auditor litigation and bankruptcy has no association with auditor litigation. Aggregate Chinese companies’ settlements are positively associated with the occurrence of an auditor settlement and with class period length. Auditor settlements are associated with several factors. No mainland China CPA firm has ever paid to settle a private securities class action filed in the US or Canada; this also is a new finding. Several factors explain this last result.

APA, Harvard, Vancouver, ISO, and other styles

50

Ghosh, Aloke (Al), Elisabeth Peltier, and Cunyu Xing. "Audit Quality of Chinese ADR Engagements." Accounting Horizons 31, no. 2 (2016): 25–43. http://dx.doi.org/10.2308/acch-51646.

Full text

Abstract:

SYNOPSIS The controversy over Chinese reverse mergers has led to concerns about the audit quality of all U.S.-listed Chinese companies. Because a sizeable number of foreign firms cross-list their shares as American Depositary Receipts (ADRs) issued by U.S. depositary banks (as opposed to direct listings), we study how auditors have managed their audits of Chinese ADRs. Our motivation for examining Chinese ADRs is based on the findings that cross-listing via the ADR process is beneficial for U.S. shareholders. We find that relative to ADRs from countries other than China, and relative to directly listed Chinese companies, Chinese ADRs are more likely to be associated with a Big 4 auditor and are less likely to restate prior-period financial statements. We also find that Chinese ADRs pay significantly higher fees than other emerging market ADRs and Chinese direct-listings. Collectively, these results suggest high audit quality for Chinese ADRs, which is in sharp contrast to the Chinese direct-listing results. Using Tobin's Q as a measure of market value, we find that the stock market rewards Chinese ADRs, indicating that investors incorporate the benefits of higher audit quality when evaluating Chinese ADRs.

APA, Harvard, Vancouver, ISO, and other styles

Journal articles on the topic 'Reverse mergers'

Create a spot-on reference in APA, MLA, Chicago, Harvard, and other styles