Zugl.: Oestrich-Winkel, Europ. Business School, Diss., 2007.

European Business School, 2005--Oestrich-Winkel.

Zugl.: Diss. Oestrich-Winkel, Europ. Business School, 2007.

Cross-border mergers and acquisitions (M&As) are strategic business expansions across national boundaries, which provide bundle of resources and opportunity for growth strategies, however can prove rather problematic and complex. One of the most complex stages in cross-border M&As is when two firms are in the integration process. The most challenging part in a cross-border M&A, is the integration of two different firms that feature different management styles and organizational cultures. Once the integration seeps deeper into functional levels, the strategic level M&A commitment is faced with operational implementation issues. The marketing department is usually heavily involved in this integration process. These are the people who create and generate the sales which thereby increase the income of the combined firm. However, research on marketing integration related to M&As has paid little attention to the amalgamation of similar resources from two similar departments, particularly in the cross-border M&A context. Furthermore, the existing research does not clearly demonstrate the success factors that contribute to the marketing integration process in cross-border M&As. Hence, this thesis explores the role of the antecedents that influence the marketing integration process in cross-border M&As. Results indicate a significant impact on integration from marketing synergy and the redeployment of marketing resources. Meanwhile there is a striking result pertaining to the relationship between interaction and the speed of integration which is significant but negatively to influence the marketing integration process. In addition, cost savings and relationship effectiveness among the marketers of both the acquirer and the acquired firms are found to be highly significant and to positively support the M&A performance. This means that the commitment of the marketers from both firms relies on a close relationship in order to uphold the integration synergy while at the same time reducing cost and improving M&A performance.

In recent years, practitioners and academics have become increasingly concerned that traditional discounted cash flow valuation models, such as the net present value model, are not capable of adequately capturing the value of managerial flexibilities to delay, grow, scale down, or abandon projects. The effect of ignorance of such managerial flexibilities can be potentially substantial, with the possibility of producing biased decisions. Real options analysis provides the insights that business investment projects can be conceptually compared to financial options and is therefore able to seize the value of managerial flexibilities. <br /> The purpose of this thesis is to develop a theoretical model based on option pricing theory to evaluate the managerial flexibilities arising in a variety of mergers and acquisitions, which vary in payment forms. The thesis shows how transactions can be structured as a real exchange options, given the share price of each participating firm is subject to a specified degree of uncertainty. The takeover decisions of bidder or target, i.e., the takeover threshold to bid or to accept the bid, is obtained through the analysis. In addition, the thesis provides valuable theoretical insights into the following aspects: <br /> <ul> <li>The impact of the form of payment on the decision making process for each participant and corresponding merger terms</li> <li>The payment form that minimizes the threshold to trigger a transaction</li> <li>The allocating rule of mergers and acquisitions synergy when payment form threshold is employed </li> </ul> <br /> In the latter part of thesis, an empirical study is conducted on mergers and acquisitions completed by US public bidders between January 1985 and April 2004 excluding all financial institutions deals. Strong support is found from the data that some of the target firm characteristics such as expected growth rate and volatility are significant in explaining the payment form choices.

I use a quasi-exogeneous shock to information asymmetry among shareholders to evaluate the effect of information asymmetry on corporate disclosure. In the post-Regulation FD period, the merger between a shareholder and a lender of the same firm provides a shock to the information asymmetry among equity investors, because Regulation FD applies to shareholders but not lenders. After the merger, the shareholder gains access to the firm-specific private information held by the lender. I first provide evidence that information asymmetry among shareholders increases after the shareholder-lender mergers. I then use a difference-in-differences research design to show that after shareholder-lender merger transactions, firms issue more quarterly forecasts (including earnings, sales, capital expenditure, EBITDA, and gross margin), and the quarterly earnings forecasts are more precise. This study provides direct empirical evidence that information asymmetry among investors affects corporate disclosure.

Abstract In Taiwan, there are many types of real estate business model, due to the threshold of its public offering higher than other industries, making the business case often built using a model of a company's business, so companies can not sustainable. In addition, the cost of land continued to improve and build the company purchased the land fund for improvement, using the pattern of joint ventures to cash flow can not meet the high, so the construction company should consider other business model. This research will use case study method will be A company as the case study, the merger into the real estate industry over the past two years, in order to have acquired companies to achieve sustainable development the idea of public companies, this study will focus on merger¡¦s motivation, the subject matter of the filter acquisition, merger integration process and the synergy of the merger case analysis. Based on interviews and case study, this study proposes the following management implications. First, the success of mergers and acquisitions, the acquirer of the personality traits of its M & A decision-making process. Second, a critical success factor in this case, including: targeted, no time pressure, set the merger conditions, actively funding and personnel issues. Third, the merger synergies in the case show the business model into a public company and increase the convenience of obtaining funds, but also enhances the growth force of the future development of enterprises. Keywords: mergers and acquisitions, synergy, case studies

In the context of increasing consolidation in the banking industry, this research examined the profitability and efficiency performance before and after international mergers and acquisitions of acquiring banks, and the major determinants to improve performance. In a sample of 295 commercial banks and bank holding companies, international mergers and acquisitions does lead to potential improvement in efficiency for acquiring banks. However, no evidence shows that profitability would be improved through international mergers and acquisitions. Further, it is found that enhancement in net interest margin is most significant variable to influence the improvement in profitability; while reduction of administrative costs and net-interest revenues and improvement in generating loans are significant to enhance the efficiency performance.

Using a large sample of about 1,900 M&A deals from 1993 to 2005, and data on more than 3,100 CEOs, I explore merger and acquisition activities from a psychological perspective, and provide another explanation for M&A motives and associated firm stock performance. Specifically, I empirically test if highly narcissistic CEOs are more likely to conduct mergers or acquisitions than lowly narcissistic CEOs. I also examine the impact of high level of CEO narcissism on the market reaction to firm M&A announcements, and also long run post-M&A stock returns. In addition, I empirically investigate the impact of the parallel CEO narcissistic tendency of target firm on acquiring firm M&A performance. Three proxies for CEO narcissism are used in this study: Holder67, a CEO option exercise-based measure, CEO media portrayal, and a third new measure based on the formal content analysis of actual CEO speech. I find empirical evidence that CEOs with high level of narcissism are more likely to conduct mergers and acquisitions than other CEOs. My results also suggest that a high level of acquiring firm CEO narcissism has a significantly negative impact on acquiring firm short run M&A performance. Post-acquisition, I find that deals conducted by highly narcissistic CEOs significantly underperform those by lowly narcissistic CEOs. Moreover, my results show that a high level of target firm CEO narcissism similarly negatively affects acquiring firm short run M&A performance. In an additional analysis, I find that the positive link between CEO narcissism and the likelihood of a CEO conducting an M&A deal is stronger and the impact of CEO narcissism on firm M&A performance is more negative in large firms than that in smaller firms. My results also show that the negative impact of CEO narcissism on firm short run M&A performance is strongest when both acquiring firm and target firm CEO narcissism coexist concurrently. However, I find that the level of CEO narcissism is negatively associated with the quality of corporate governance, and the positive link between CEO narcissism and the likelihood of a CEO conducting an M&A deal is weaker in firms with good corporate governance than that in firms with poorer corporate governance, which may suggest that effective corporate governance mechanisms might play positive roles in curbing CEO narcissistic tendencies and in helping to ameliorate, to some extent, the adverse impact of high level of CEO narcissism on firm M&A decision making.

(kein Abstract vorhanden) / Series: Schriftenreihe des Instituts für Transportwirtschaft und Logistik - Supply Chain Management