Thesis (Ph. D.)--University of Oregon, 2001. / Typescript. Includes vita and abstract. Includes bibliographical references (leaves 73-75). Also available for download via the World Wide Web; free to University of Oregon users.

Thesis (M. Phil.)--University of Hong Kong, 2002. / Includes bibliographical references (leaves 106-113).

published_or_final_version / Economics and Finance / Doctoral / Doctor of Philosophy

No description available.

China now is one of the most attractive destinations for foreign direct investment (FDI) and mergers and acquisitions (M&As) have become an increasingly important mode of FDI entry in China since its accession to the World Trade Organization. M&As in China are expected to play a vital role in the restructuring of its inefficient State-owned enterprises. This thesis characterizes and analyzes the evolving Chinese legal regime governing M&As in the context of the ongoing economic reform. In addition, it identifies the antitrust issues arising from foreign acquisitions of Chinese domestic enterprises, which can result in market dominance and restrictive practices in China. The thesis concludes that China's M&A regime can be improved and aligned more closely with international practices as its economy becomes further integrated into the world economy.

This thesis presents an empirical investigation of the role of competition in determining (1) bidder firm behaviour in, and (2) the resulting valuation effects of, corporate takeovers. The study is based on the most comprehensive sample currently available of interfirm tender offers for publicly traded U. S. target firms during the period 1971-1990. Corporate takeover contests differ in complex ways with respect to the asymmetric information and bargaining environment, distributions of bidder reservation values and target share ownership, and information acquisition costs. There is substantial theoretical work examining the strategic role of the choice of payment method, bidder elimination and target management resistance, and of particular interest in this thesis, pre-bid acquisition of target shares ("toehold") and its impact on the subsequent tender offer price. Despite a voluminous empirical literature on corporate acquisitions, systematic evidence on the extent and role of bidder toeholds on bidding strategies is sparse. While the toehold has been shown to be prevalent in takeover contests, the extant empirical literature contains few results pointing to the strategic role suggested by theory. The lack of statistical significance may reflect a combination of small samples, weak experimental design, and biases in estimation. This thesis remedies the small sample problem by examining more than 1350 takeover contests in the U. S. from 1971 to 1990. The experimental design is improved by including a larger set of sample controls, and addressing the bias issue by estimating a set of equations which simultaneously determines the toehold and the takeover premium. The wealth effects of takeover contests are estimated as a function of toeholds, the number of bids/bidders, the outcome of the bid, and the target management response. Other empirical issues, including the effect of toeholds on the probability of target management resistance and emergence of a second bid in the contest, are also examined. Finally, a new econometric technique is developed for simultaneously estimating event probabilities and conditional expected event returns in order to determine whether entering the takeover auction, and responding to rival bids for the target shares, on average enhances the wealth of the initial bidders' shareholders.

This study analyzes ownership and directorship links among larger Canadian-owned corporations. These links have received insufficient attention from Canadian economists. It shows that these corporations did not undergo the radical changes predicted for their counterparts in other countries: proprietor ownership remains high, and the board of directors persists as the centre of power. / Ownership links form the basis for the development and empirical investigation of the "Shadow Group" concept. The taxonomical classification of shadow groups reveals complex structures accompanying diversification strategies. Interlocking directorships exist among "core" corporations inside the groups and are frequent between the shadow groups and the rest of the economy. / Shadow groups were at the heart of mergers and acquisitions between 1978 and 1981. A case study shows that external growth (especially takeovers) is their characteristic tactic for expansion. Hence, the necessity exists for amending economic theories to account for the behaviour of these groups.

No abstract available. / Thesis (MBA)-University of Natal, 2003.

This research is a 'case study' analysis on Flint Construction cc, which has undergone a management buy-out. Flint Construction cc specializes in the construction and restoration of surface and underground rail systems, the sale and purchase of perway materials (rails, sleepers, etc) and general civil engineering construction. The objective of the study is to determine the value of Flint Construction cc using the relevant valuation techniques discussed in the literature. Different valuation techniques are analyzed and utilized in order to ascertain the value of the business at the time of the buyout. These include using models such as Price-earnings (earnings valuation model), balance sheet valuations (assets valuation model), discounted free cash flows model (DFCF model), and the economic value-added model (EVA model). This study is a 'case study' and is limited to Flint Construction cc, and we therefore cannot generalize. Further, the study is conducted on an unlisted company, and it is difficult to obtain information, which is not publicly available. Other unlisted companies would probably be reluctant to disclose financial information. However, an interview was conducted to obtain data on strengths, weaknesses, opportunities, threats, subjective risk adjustments and perceptions of Flint Construction cc which were used in the valuation using PIE ratios, estimation of future cash flows and the EVA method. The Price-earnings (earnings valuation model), discounted free cash flows model (DFCF model), and the economic value-added model (EVA model) reveal that the business was sold at a 'fair' value of R3 million. The range for Flint Construction cc obtained from the different valuation methods excluding the net asset value method was from R2,450,403 to R3,I06,880. A further study can be undertaken to see what happens to company value after a buyout and whether shareholder value is created. / Thesis (MBA)-University of Natal, Durban, 2003.

The topic of mergers and acquisitions, and their ability to create shareholder value, is one that continues to raise a fair amount of debate. Many studies have been carried out, both locally and abroad. They have attempted to analyse the wealth effects of mergers and acquisitions on both the shareholders of the acquiring and acquired firms. In some instances the findings have been fairly consistent across companies on the various stock exchanges, while other have produced controversial results. Generally the findings regarding the acquired firms have been consistent, across most studies, but the results regarding the acquiring firms has been less straightforward. This paper discusses the various types of mergers and acquisitions that a company may undertake, as well as the possible rationale for undertaking such investments. Some of the more recent and well-known studies that have been undertaken are then discussed, and an attempt is made to find a common thread amongst all the various studies. Further factors which "research has found to have an impact on the success or failure of mergers and acquisitions are then discussed, with the purpose of trying to identify the key reasons for merger failure, and hence the failure to create shareholder value for the acquiring firm. In other words, what are the traits or key factors that lead to successful mergers and acquisitions, ones that do not destroy shareholder value? Finally, the area of divestitures is discussed, because it is often believed that they are a key admission of the failure of past merger activity. Trends in merger and divestiture activity are also examined. Finally, a conclusion is drawn from the various studies and readings that have been done. The basis of this paper is primarily a secondary literature review. Two case studies are then undertaken; one which focus's on acquisitions by an IT Company which fail to create shareholder value, and the second examines an unrelated acquisition and subsequent divestiture by a listed company in the transport sector. A significant limitation that was encountered in doing research on the topic was the lack of availability of recent studies undertaken. The majority of the work done on this subject was researched during the 1960's to 1980's. With the only significant South African study being conducted by Aftleck-Graves et al in 1988. Although recent articles and commentary on the subject have been written in the late 1990's, I was unable to find any recent studies. The majority of research undertaken has also been done in the American and European markets, with as mentioned, only one or two studies being conducted on the JSE. / Thesis (MBA)-University of Natal, Durban, 2001.