My objective in this dissertation was to understand the processes leading to incompletion of the high profile cross-border deals. A conceptual framework was developed which suggests that announcement of a cross-border merger and acquisition (M&A) deal starts a string of institutional processes that leads to incompletion of the bid. I proposed that less powerful host country actors threatened by the MNC’s bid proposal politicize the transaction turning the deal into a transgression. These actors publicize this transgression, initiating a scandal, to gather support of multiple audiences in their attempts to thwart the threat that the MNC poses. Thanks to their efforts in appealing to audiences and publicization of the deal as a transgression, these actors mobilize audiences who reveal hostile reaction against the MNC and the proposed bid. Such mobilization and hostile reaction, in turn, lead to proposed bid’s incompletion. Qualitative analysis results based on a sample of seven high profile cross-border transactions provided support for the conceptualized processes, namely politicization, scandal, mobilization and hostile reaction, while indicating a different order of process progression compared to the linear one conceptualized. I found that in all cases the process of scandal subsumed the other processes that kept scandal alive. In turn, scandal fed these processes giving more leverage to the mobilization efforts and/or increasing the hostility of the actors opposing the deal. The findings revealed that these processes happened simultaneously and that in cases where mobilization did not emerge, hostile reaction substituted for the lack of mobilization. Additionally, analysis showed that not only less powerful actors but also powerful actors, elites, sought to initiate a scandal when the host country political, legal or bureaucratic processes did not work for them in thwarting the deal. This dissertation by examining social construction, power and politics within the host country institutional environment in the context of high profile cross-border deals, presented a framework that explained how and why the hostility leading to deal incompletion emerges in the host country. In so doing, this dissertation strengthens institutional theory, theory of scandal, social movements theory and elite theory as powerful perspectives in international strategic -management. / Includes bibliography. / Dissertation (Ph.D.)--Florida Atlantic University, 2014. / FAU Electronic Theses and Dissertations Collection

Demand for internationally comparable accounting information has increased significantly in recent years due to rapid growth in cross-border investment. One reflection of this trend is the widespread adoption of International Financial Reporting Standards (IFRS), a set of accounting rules designed to improve financial reporting quality, including comparability. In this thesis, I empirically test whether IFRS adoption improves cross-border information comparability and whether the improvement in the information comparability, if any, facilitates international investment such as mergers and acquisitions (M&As). / In the first part of the thesis, I use data from 17 European countries that adopted IFRS in 2005 to investigate the effect of IFRS adoption on information comparability. I employ three proxies---the similarity of accounting functions, the degree of cross-border intra-industry information transfer, and the similarity of the information content of earnings and book value---to measure cross-border information comparability. I find that all three measures of information comparability indicate significantly better comparability in the post-IFRS period than in the pre-IFRS period. I also find that the improvement in comparability resulting from IFRS adoption is more evident among countries with similar institutional environments than among those with different institutional environments. / In the second part of the thesis, I examine whether the adoption of IFRS would encourage cross-border M&As. Using data from firms in 17 European countries with mandatory IFRS adoption in 2005, I calculate the frequency that a firm acquires/ merges with a foreign firm, the number of foreign bidders involved in an M&A deal, and the synergistic gains of cross-border M&As. I find that all three measures increase significantly after the mandatory IFRS adoption. These results suggest that IFRS adoption facilitates and create more value for cross-border M&As. / Yip, Wing Yue. / Adviser: Danqing Young. / Source: Dissertation Abstracts International, Volume: 73-03, Section: A, page: . / Thesis (Ph.D.)--Chinese University of Hong Kong, 2010. / Includes bibliographical references (leaves 80-85). / Electronic reproduction. Hong Kong : Chinese University of Hong Kong, [2012] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Electronic reproduction. [Ann Arbor, MI] : ProQuest Information and Learning, [201-] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Abstract also in Chinese.

For decades, acquisitions have been a remarkably popular and controversial phenomenon all over the world. However, little is known about how acquisition performance is affected by the characteristics of top executives of the acquiring as well as the target company. Acquisition performance can be examined both as investor reactions to acquisition announcements on the stock market and as post-acquisition performance of the newly integrated company. Drawing upon several research streams (signaling theory, the behavioral decision making perspective, the resource-based view, and social network research), this dissertation reports on three independent but interrelated studies that examine the effects of executive human and social capital characteristics on acquisition performance. / Study 1 focuses on the firm tenure of the acquiring company’s CEO and shows that investors responded to acquisition deals more favorably when the deals were made by either short- or long-tenured CEOs, especially when the CEO was also the chairperson of the board and when he/she had received higher compensation. Study 2 shifts the focus from stock market reactions to post-acquisition firm performance. This study examines post-acquisition integration in the form of knowledge contributions made by the executives from the target company who were retained in the newly integrated company. Results show that the positive effect of retention of target executives was stronger when an acquisition was unrelated and when the target firm was relatively small. Study 3 explores the effects of acquiring CEOs’ social ties on investor reactions to acquisition announcements and compares the effects between manufacturing and hospitality industries. / This dissertation contributes to both the acquisition research and the research on corporate executives. It contributes to the acquisition literature by applying a multi-stage view of acquisition performance and explicitly examining the performance implications of key decision makers’ characteristics. It also contributes to the executive effect literature by uncovering an unconventional U-shaped curvilinear relationship between executive tenure and acquisition performance. More important, the study examines the corporate governance mechanisms that may modify the executive effects on acquisition performance. / 企業收購是近幾十年來十分流行而又具有爭議的現象。然而，我們對高管的特徵如何影響企業收購的績效卻知之甚少。收購績效可定義爲收購公告發佈時股票市場的反應和收購完成之後的新公司的財務業績。本文綜合了來自信號理論、決策行爲、資源基礎理論和社會網路方面的文獻，用三個相互獨立而又相互聯繫的三個研究來檢驗高管的人力資本和社會資本對收購績效的影響。首先，本文提出，股市投資者傾向於更加歡迎那些由年資很短或者很長的首席執行官所執行的收購，尤其是當首席執行官同時是董事會主席或者薪酬水準很高的情況下。第二，本文從收購完成後，留用的目標公司高管知識貢獻的大小來考察收購後的整合。研究結果表明，在非相關收購和在兩家公司規模差異較大的情況下，目標公司高管留用對收購後財務業績的正向效應更加明顯。第三，本文還從社會資本的角度出發，探討了收購公司首席執行官的社會關係對股市反應的作用在酒店業收購和製造業收購的差異。本文對收購和公司高管研究的貢獻主要體現在以下三個方面。首先，從收購是多階段現象這一視角，本文檢驗了高管對收購績效的影響，豐富了關於收購的研究。其次，本文通過揭示在收購情形下任期與績效的U型關係，拓展了關於高管效應的研究。更重要的是，本文還考察了公司治理機制如何完善高管對收購績效的作用。 / Lin, Shanshan. / Thesis (Ph.D.)--Chinese University of Hong Kong, 2015. / Includes bibliographical references (leaves 203-223). / Abstracts also in Chinese. / Title from PDF title page (viewed on 30, September, 2016). / Detailed summary in vernacular field only.

Thesis (M.S.)--Massachusetts Institute of Technology, Alfred P. Sloan School of Management, 1980. / MICROFICHE COPY AVAILABLE IN ARCHIVES AND DEWEY. / Includes bibliographical references. / by Robert Bojanek. / M.S.

Chan, Chi Chuen. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2009. / Includes bibliographical references (leaf 85). / Abstract also in Chinese. / Chapter I --- Introduction --- p.1 / Chapter II --- Bargaining with Matching --- p.8 / Chapter III --- Horizontal Merger --- p.14 / Chapter IV --- Analysis --- p.22 / Chapter IV.1 --- Existence of Profitable Merger --- p.22 / Chapter IV.2 --- Endogenously Determined Merger Size --- p.36 / Chapter IV.3 --- Industry Optimal Merger Size --- p.45 / Chapter V --- Extensions --- p.49 / Chapter V.1 --- Two-step Sequential Merger --- p.49 / Chapter V.2 --- Multiple Mergers of Common Size --- p.53 / Chapter V.2.1 --- Analysis --- p.54 / Chapter V.2.2 --- Endogenously Determined Merger Size --- p.60 / Chapter V.2.3 --- Industry Optimal Merger Size --- p.63 / Chapter VI --- Discussion --- p.65 / Chapter A --- Appendix --- p.69 / Chapter A.l --- Figures --- p.69 / Chapter A.2 --- Mathematical Proof in Detail --- p.79

This thesis contends that a corporate merger, on the scale of a global order, is a 'catastrophic change' and depends on 'killing off' parts of the former organisations for its success. The act of annihilating parts of the former organisations is experienced as disengaged and murderous by organisational members. This arouses persecutory anxiety of an unbearable intensity amongst members from which they defend themselves by emotionally disconnecting from the psychic reality of the organisation. Several contentions underpin the hypothesis: 1. that a merger involves a developmental process in the creation and growth of a new organisation; 2. the event of a merger causes disruptions to roles and relationships that are experienced as a loss of power, status and identity, and also as an emotional loss for what had been cherished and valued in the former organisation/s; 3. the emotional loss evokes the symbolic experience of the loss of a 'loved object', and an instinctual loss becomes attached thereby to the real losses; and thus, 4. the process of merger involves a symbolic destruction of the 'loved organisational object' of the former organisations, as held in the minds of organisational members. The thesis is based on case study research conducted on the topic of emotional connectedness in a network organisation over a three year period. Fieldwork began at the time when the participating firm had just formed from a global merger of two large global enterprises. The Australia-New Zealand regional operations were the focus of the study. The research discovered a significant degree of emotional disconnectedness due to: 1. the nature of the work that required staff to work on client sites, away from home and often alone; 2. a multiplicity of organisational structures that engendered fragmentary connections; 3. valuing individuals' self-reliance over and above the interdependence of organisational members; 4. the many external changes experienced by the firm from the effects of the merger and from market economics, political and business turmoil, and for the Australia- New Zealand operations, a shift in the location of their corporate head office from North America to Europe; 5. increasing uncertainty within the industry, and a commensurate increase in competitiveness; 6. a loss of profitability in the Asia-Pacific region in which the case study participants were located; 7. the turnover in the regional director's role, with three appointments in less than two years; 8. dramatic rises and falls in staff numbers, ranging from an initial 450, to a high of 750, and sudden decline to 120 people during the period of the study; 9. the reluctance of vice-presidents and directors to take up a corporate management role, preferring to work as 'project managers' on client assignments; and 10. all these factors contributing to an anxiety about the future of the Australia-New Zealand (A-NZ) operations which was expressed as a fear of survival. In response to these many factors, staff and management felt vulnerable and insecure, experiencing the merger as an annihilation of 'loved objects'. These included the loss of a partner's autonomy and ownership in the firm, familiar work procedures, and the loss of belonging to a partner's work group and associated long-term relationships. The emotional aspects of dealing with these losses and feelings were placed upon individuals to manage for themselves. The burden of ensuring the survival of the firm was displaced upon individuals, such that consultants became not only the 'container for work', but also the 'container for the organisation's survival'. As the merger progressed and more changes to the business were implemented with little to no containment of people's felt experiences, the psychic reality of the A-NZ operations became saturated with persecutory anxiety. In some parts of these operations, the anxiety became so great that group interactions (what there were of them) seemed psychotic. Those in management roles displayed a level of anxiety that appeared to be unbearable for the individuals concerned, and which resulted at times in manic responses to the human and commercial needs of the business. Bion's theories of catastrophic change and emotional links, and Klein's theories on persecutory and depressive anxieties are applied to understanding the systems psychodynamics of the effects of the merger upon the organisation. The case reveals the presence of persecutory anxiety in the immediate aftermath of the merger, lasting for nearly three years. Various social defence mechanisms are identified as being used by organisational members against this anxiety. They are: the co-existence of multiple organisational structures; a sentient sub-system of 'counselling families'; idealisation of autonomous individuals; plus, the mechanisms of projection, denial and regression. Four factors are identified as significant for containing destructive forces in a corporate merger: a) the role of emotional links to understanding the internal reality of a newly merged organisation; b) the containment of experiences of catastrophic change and projective processes; c) managing the realistic and neurotic anxieties of organisational members; and, d) identifying and managing the primary risk in a merger. A model is presented on the systems psychodynamics of a corporate merger. It identifies the change process that a merger entails, and the psychodynamics of this process using Bion's concept of container'contained. The thesis contributes to understanding the psychic reality of organisational mergers and offers a perspective that being alert to staff members' felt experiences and their emotional connectedness, as a normal part of business, provides 'leading data' on the health of the enterprise. Managers who are more 'wholly' informed about organisational realities, both external and psychic realities, can work more realistically on resolving problems, assessing risks, or making strategic business decisions.

Thesis (M. Div.)--St. Vladimir's Orthodox Theological Seminary, 2006. / Abstract. Includes bibliographical references (leaves [61-63]).

Thesis (Ph. D.)--University of Hong Kong, 2007. / Title proper from title frame. Also available in printed format.

I examine investors’ reaction to the announcement of mergers and acquisitions in the pharmaceutical and biotechnology industry from 2002 to 2008. Over this period, investors anticipate the announcements, as demonstrated by the fact that the cumulative abnormal returns are not statistically significant. In addition, I test to determine the effect of excess capacity on investors’ reactions. From 2002 to 2004, investors do not recognize acquisitions as a response to excess capacity, as the excess capacity measures utilized have no effect on the size of the cumulative abnormal return. From 2005 to 2008, however, excess capacity measures have a positive effect on cumulative abnormal return, indicating that investors started to recognize the threat of excess capacity and acquisitions as a response to that threat.

Thesis (M.Sc.)--University of Alberta, 2009. / "Fall 2009." At head of title: University of Alberta. Title from pdf file t.p. (viewed on Dec. 4, 2009). "A thesis submitted to the Faculty of Graduate Studies and Researchin partial fulllment of the requirements for the degree of Master of Science Mathematical Finance, Department of Mathematical and Statistical Sciences" Includes bibliographical references.