by Mao Yim Cheung, Ng Kai Chung. / Thesis (M.B.A.)--Chinese University of Hong Kong, 2001. / Includes bibliographical references (leaves 58-59). / ABSTRACT --- p.i / CHAPTER / Chapter I. --- INTRODUCTION --- p.1 / Chapter II. --- LITERATURE REVIEW --- p.6 / Chapter (I) --- Review Of The Justifications For A Merged Entity Failing To Create Value --- p.6 / Chapter (II) --- Analytical Framework --- p.13 / Chapter III. --- COMPANY BACKGROUND --- p.27 / Chapter (I) --- Pacific Century Cyber Works --- p.27 / Chapter (II) --- Cable & Wireless HKT --- p.33 / Chapter IV. --- MERGER DIAGNOSIS --- p.37 / Chapter (I) --- Value Dynamics Framework Analysis --- p.37 / Chapter V. --- RECOMMENDATIONS --- p.52 / Chapter (I) --- Reposition NOW --- p.52 / Chapter (II) --- Focus More On HKT's Corporate Clients --- p.52 / Chapter (III) --- Restructure The CyberWorks Venture (CWV) --- p.53 / Chapter (IV) --- Transform Core Businesses Into Joint Ventures --- p.54 / APPENDIX --- p.55 / BIBLIOGRAPHY --- p.58

本文主要研究兼收并购目标公司进行股权回购对于并购结果的影响。通过对美国1995年至2010年间媒体报道可能收到并购要约的公司样本进行分析，本文主要有以下发现：首先，股权回购能够降低目标公司实际收到并购要约的可能性；其次，对于市场传闻属实，的确收到要约的公司，股权回购能够降低公司被成功收购的概率。以上的发现与理论研究相符合，证明了股权回购能够有效的阻止目标公司被收购。进一步的，本文分析了该种防御性股票回购对于目标公司股东的影响。假设目标公司管理层进行回购的目的仅仅是为了自身利益而防止公司被收购，那么该举措将降低公司的价值以及股东的回报率。相反的，如果目标公司管理层进行回购的目的是防止公司价值被低估，并提高其在并购谈判中的议价能力，那么该举措将增加公司的价值以及股东的收益。通过对成功的并购案例进行实证分析，本文发现股票回购能够提高目标公司在并购整个过程中的收益。具体地，进行股权回购的目标公司相比收到现金的可能性增加，收到现金所占整个交易额的比例增加，并能获得更高的报酬率。另外，收购方的收益并不会随之增加，说明回购使得市场上调对于目标公司的估值，并且全部相应的收益都被目标公司得到。这从另一个方面说明目标公司的议价能力上升。 / This paper examines the effect of target share repurchase on outcomes of possible takeover attempts between 1995 and 2010. Consistent with deterrent effect hypothesis, I find that rumored targets are less likely to receive actual bids if they use share repurchase as a self-defense strategy. Moreover, for the subsample of rumored targets that receive bids afterwards, I find a significant negative relation between share repurchase and the likelihood of deal completion. Furthermore, I test the hypothesis that share repurchase is used by self-interested target managers for entrenchment purpose, and as a result the cost of signaling may lead to lower premiums for target shareholders. As an alternative hypothesis, share repurchase may increase bargaining power of target managers and result in better negotiated terms. Consistent with the enhanced bargaining power hypothesis, I find that target share repurchase is associated with higher probability of receiving cash as part of payment, with higher percentage of cash received, and with higher target takeover premiums. / Detailed summary in vernacular field only. / Xia, Yidan. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2013. / Includes bibliographical references (leaves 29-30). / Abstracts also in Chinese. / Chapter I. --- Introduction --- p.1 / Chapter II. --- Data collection and summary statistics --- p.6 / Chapter A. --- Sample Construction --- p.6 / Chapter A.1. --- Rumor sample --- p.7 / Chapter A.2. --- Complete Sample --- p.8 / Chapter B. --- Sample Description --- p.9 / Chapter C. --- Variable Construction and Summary Statistics --- p.11 / Chapter C.1. --- Repurchase variables --- p.11 / Chapter C.2. --- Premiums --- p.12 / Chapter III. --- Empirical Results --- p.17 / Chapter A. --- Deterrent Effect --- p.18 / Chapter A.1. --- Probability of Receiving Actual Bid --- p.18 / Chapter A.2. --- Probability of Deal Completion for Firms Received Bid after Rumor --- p.19 / Chapter B. --- Bargaining Power --- p.20 / Chapter B.1. --- The Relation between Repurchase and Payment method --- p.20 / Chapter B.2. --- The Relation between Repurchase and Target Premiums --- p.22 / Chapter B.2. --- The Acquirer Returns --- p.24 / Chapter IV. --- Conclusions --- p.27 / Appendix --- p.28 / References --- p.29 / Tables --- p.31

Le sujet de thèse concerne la maîtrise de la texturation de milieux granulaires par l'étude des dynamiques de structuration et de consolidation et l'application aux poudres céréalières réactives. La démarche s'appuie sur la confrontation d'approches scientifiques complémentaires (physique, physico-chimiques, génie des procédés et technologiques) pour étudier les dynamiques (i.e. évolutions cinétiques sous contraintes mécaniques) de structuration, de croissance, de rétraction et de consolidation. La méthodologie s'appuie sur la mise en œuvre d'une approche multi échelles. (i) À l'échelle des procédés, avec une approche technologique (basée sur une étude paramétrique avec des expérimentations à l'échelle pilote) et avec la construction d'un modèle de description des processus. (ii) À l'échelle des mécanismes pour étudier la génération de contacts (i.e. mécanismes de croissance) et la consolidation des interfaces (i.e. mécanismes de solubilisation & de séchage), avec des approches physico-chimiques expérimentales et le développement de modèles mécanistiques. (iii) À l'échelle de la structure : description de la microstructure interne (distribution de la compacité) et des caractéristiques texturales locales des structures formées. La thèse de doctorat prend en compte la réactivité des poudres pour la construction de modèles mécanistiques de croissance et de consolidation des milieux granulaires. Ces travaux trouvent des applications évidentes pour la filière céréales. / The PhD thesis subject concerns the control of the structures of granular matters, by the study of the dynamics of structuring and consolidation, and the application in reactive cereal powders. The approach leans on the confrontation of complementary scientific approaches (physical, physico-chemical, process engineering and technological) to study the dynamics (i.e. kinetic evolutions under mechanical stresses) of structuring, growth, shrinkage and consolidation. The experimental methodology is based on a multi-scales approach. (i) On the scale of the processes, with a technological approach (based on a parametric study with experiments using pilot scales equipments) and with the construction of a descriptive model of the reactions. (ii) On the scale of mechanisms, to study the generation of contacts (i.e. mechanisms of growth) and the consolidation of the interfaces (i.e. mechanisms of solubilization and drying), with experimental physico-chemical approaches and development of mechanistic models. (iii) On the scale of the structure, with the description of the intern microstructure (distribution of the compactness) and the measurement of local characteristics of the structures. The PhD thesis takes into account the reactivity of powders for the construction of mechanistic models to describe the growth and the consolidation mechanisms of the granular matter. These works find obvious applications for the cereal sector.

No description available.

Thesis (M.B.A.)--University of Hong Kong, 1985.

Globalization has had two major implications for national merger control regimes: national competition authorities are called more and more to examine transactions with cross-border dimensions and secondly, domestic business practices may be scrutinized by foreign nations. In light of this, divergent substantive standards have become a source of international friction, notably between the two most mature merger control regimes, the European Union and the United States. / Facing this new reality, it has become clear that some sort of international arrangement will be needed in order to reduce the inefficiencies created by multijurisdictional review. Various proposals have been made, ranging from ambitious ones that would include the creation of an international competition code and enforcement agency, to more realistic proposals of achieving international coordination of merger control regimes through bilateral and multilateral cooperation amongst antitrust agencies. / This thesis argues that the path of large-scale cooperation is the most appropriate way to cope with the problems raised by globalization. As such, cooperation does not imply the harmonization of merger control regimes. The future lies in the hands of the International Competition Network which, despite considerable achievements, must evolve in the near future.

The Zimbabwean economy had reached historically low levels in terms of its performance. Coupled with this, the country's volatile political environment saw many once prosperous business ventures struggling for survival. One of the immediate options followed by many organisations was the undertaking of mergers with similar or related companies in a bid to ensure continued growth. Among the hardest hit industries by the economic decline was the advertising industry. In order to maintain its market dominance, the Ogilvy and Mather group of Zimbabwe (comprising Barker McCormark and CM & A) embarked on discussion with a smaller rival, Carroll O'Donovan Hardy TBWA. The discussions would culminate in a merger of the three agencies in September 2001. From the onset the merger was characterised by a series of staff resignation particularly from Carroll O'Donovan Hardy and CM & A. In addition, existing clients began to complain about the handling of their business. The study will examine the causes for these grievances and assess the impact of the group's post merger strategies aimed at consolidating the merger. It will examine the group's capability at maintaining the sustainable growth that was envisaged at the time of merger. An assessment of whether post merger strategies at Ogilvy and Mather Zimbabwe are successful in terms of their impact on employee and customer retention will be conducted. Based on the findings, a best case scenario will be mapped out so as to ensure Ogilvy and Mather maintain their market dominance of the advertising industry in Zimbabwe The next chapter will develop a theoretical framework for strategies aimed at successful post merger management. This framework will be used to analyse the effect of the merger at Ogilvy and Mather and provide guidelines on the best way possible in a post merger environment of its nature. / Thesis (MBA)-University of Natal, 2003.

Univ., Diss.--Frankfurt (Main), 2004. / Literaturverz. S. 459 - 485.

Thesis (M.B.A.)--University of Hong Kong, 1990.

Thesis (M.B.A.)--University of Hong Kong, 1985. / Also available in print.