This thesis aims at investigating the puzzling relationship between cor- porate acquisitions and expected stock returns by reviewing numerous studies on this topic through the use of state of the art meta-analysis tools. Such an analysis is required because many papers examined this relationship but their results varied. We therefore collected 421 estimates from 20 papers and led multiple regressions to test for the presence of publication bias. Throughout this analysis we indeed found evidence supporting the existence of publication bias. Furthermore, we decided to apply Bayesian Model Averaging to reduce the model uncertainty and find out why our abnormal returns estimates greatly vary across stud- ies. Our results suggest that one of the most important drivers are the standard-error terms. This subsequently proves that publication bias is the most responsible for the heterogeneity amongst our estimates. Our analysis fails to demonstrate any positive effects from M&A activity on a firm post-acquisition performance. We suggest that other motives are under-represented in the underlying theory that aims to assess M&A outcomes. Keywords Mergers and Acquisitions, Stock Returns, Abnormal Re- turns, Meta-Analysis, Publication bias Author's e-mail thibault.parreau@gmail.com Supervisor's e-mail...

We use logistic analysis to predict the probability of making non-programmed merger in a data sample of 45 US banks. Non-programmed merger is the merger that happens next to the subject merger but has at least three years apart from the subject merger. We apply logistic regression of the occurrence of the non-programmed merger on main characteristics of the subject merger. We first examine the effects of each of three explanatory variables, which are firstly abnormal return around the approved date, secondly hubris management hidden in the subject merger, and thirdly the value of asset acquired, on the dependent variable. We then try to find the best prediction model by controlling some variables both confounding and rescaling. Our final prediction model shows that the probability of making a next merger at least three year after the subject merger will significantly decrease if there is abnormal return realized in the subject merger. On the other hand, using event study methodology to search for the abnormal return of the acquirer's stock price around the approved date, we prove that the information of FDIC s' merger decision is not totally confidential to public and has significant impact on the stock price of the acquirer

As one of the most important means of globalization for companies around the world, mergers and acquisitions (M&As) have been adopted as a core growth and expansion strategy. M&A integration involves combination in various areas, in which cultural integration has an important role. Nevertheless, the potential positive and negative impact of cultural dimensions on the success of M&A activity is somewhat less acknowledged in the business community. The purpose of this paper is to explore problematic cultural issues in order to get an understanding of the characteristics and outcome of cultural integration as influenced by both national culture and organizational culture in M&A. In order to fulfil the purpose a qualitative case study approach was chosen. Semi-structured phone interviews were made with the top managers who were responsible for the deal and employees that worked for both companies during the transition period. In addition, two survey were conducted among KPMG and Andesen members. It could be summarized that KPMG and Andersen deal result in a great loss of ex-Andersen employees, due to the resistence from employees to the new culture after integration.

The thesis put contemporary M&A practices and M&A research into context and in so doing identifies challanges in the value creating process. Looking closer at how the relationship development is treated in the M&A process the study sheds further light on how practitioners work and could work to increase the chances of success in M&As in the future.

Integration through strategy of mergers and acquisitions have become popular all over the world thanks to globalization, technological developments, liberalization, and saturated competitive business environment. On The Journal published on www.globusz.com, it has been announced that the number of M&A corporations has reached 5000 mergers, and the total value of the companies acquired is of about $1.7 trillion in 2000. In USA, it was the period where the most important and largest M&As were ever announced, it was the year where AOL and Time Warner were merged. Most of researches conducted on M&A activities have recognized that firms prefer to enlarge their activity by merging or acquiring new businesses rather than enlarging organically. However, in some cases, results collected are not the ones expected. IBM has made about 800 strategic alliances, Hewlet Packard about 300, and AT with T about 400. This proves that those alliances either with strategic suppliers, or with competitor or partners, they are an effective and a prompt access towards capital increase, talents discovery, effective distribution channels and manufacturing productive designs or operations. According to a study conducted by Coopers and Lybrand, companies that form strategic alliances grow 20% faster and gain 11% more in sales than those who choose to rely solely on their own expertise (Segil 1998). The study also identified that two thirds of middle level firms have entered some form of alliance: 37% with their customers; 35% with their suppliers; 15% with competitors. The gaining from M&As is said to be a means of protecting the market share and of expanding growth domestically and internationally, because it leads to more beneficial using of resources and assets, to more efficient managеmеnt, and to еcоnomies of scale, etc.  Thus, the question to raise is: do results of M&As create real value for the shareholders of acquirers?

This thesis examines the linkages between macroeconomic variables and the number of domestic Mergers & Acquisitions (M&A) in Sweden during 1998-2011 (in terms of changes). This study treats stationary times series data, from which multiple regression models are assembled. These models include gross domestic product, OMX Stockholm price index, lending rate, money supply, debt rate, consumer confidence, the unemployment rate and capacity utilization as explanatory variables. Aggregate number of M&As is set to the dependent variable. The outcome was that gross domestic product, money supply, unemployment rate and stock prices can help explain fluctuations in M&A activity during different time frames. However, the majority of the explanation for fluctuations in M&A activity lies within factors beyond ourestimation model. Through a Granger-causality test, we establish if the significant variables can help to predict M&A activity and vice versa. During different time periods gross domestic product and unemployment helps in predicting M&A activity. M&A activity also improves the prediction of gross domestic product in some time periods.

After 2008-2009 financial crisis, now global economy and market activity begin to recover in 2010. We can find out that emerging markets create high demand and America drive new technologies and innovation for world. So we can see many consumer electric products with high innovation and technology from second half of 2009. Apple company, an amazing enterprise, he launch smart phone-iPhone and combine touch technology and software for the first time. From now on, the market of smart phone will vigorous and penetration rate will reach about 50% in 2014. Recently, Apple create another new product of tablet PC-iPad and creating new topic and leading trend again. FPCB is one of the most important parts on smart phones and tablet PCs. The more light and thin and multi-functional integration ,the more FPCB must be used. That¡¦s why we want to study the FPCB industry. If we want to analyze it further,we need research global and Taiwan recent market status. At the same time,we need study a company of FPCB to analyze five forces and SWOT. First of all, collect relative FPCB industry information of second-hand and research the case ¡VTaiflex company at same time to Visit GM of Taiflex. After cross-matching the data,we can conclude it and propose strategic advice. In this case,can be realized the upstream is almost like oligopoly market and downstream just like completely competition .If Taiflex want to keep competition advantages¡Ait must be have bargain power with suppliers. Vertical integration maybe is a good idea.To customers, establish brand name and customer relative management are necessary. Internal industry competiion issue,Taiflex need upgrade R&D technology,in addition to reduce production cost otherwise can develop different products to avoid potential entrants.

Under the situation of the internationalization and global trend, enterprises are facing ever more rigorous competition. Therefore the best way to keep sustainable competitive advantage is to upgrade continuously, and through economies of scale and economies of scope to keep the cost down. Furthermore, to ensure firm¡¦s global competitiveness, the fast growth strategies are through mergers and acquisitions. Based on that American enterprises had over nine thousand M&A cases, we found about three fourth of the result of M&A are not successful achievement; its failure rate is extremely high. The reasons included fault in selecting the target, over-paying, and failing to integrate after M&A. Although M&A can instantly gain the another firm, but still long way to achieving success, because the effects in M&A must go through integration stages. Even if the M&A strategy is correct and the price is reasonable, failing to integrate after M&A, the synergy of M&A is unable to reach. This individual research is deeply researching the process and result of USI group after M&A, then compare between the research results and related documents, and conduct to conclude the suggestion for the further integration.

Since the accelerating development of globalization and market opening, the competitive advantages in this economic environment are innovation, information and market access. Passive component industry usually takes price cost-down strategy to keep the advantage to adapt this formidable pressure from the vicious competition in the market, and the fastest way to implement this strategy is merger & acquisition, then a tendency is formed at this kind of economic situation. This paper focused on 2 M&A models which composed of 4 passive component companies, Yageo, Compostar, Walsin and Pan Overseas. It based on the model analysis for the related issues regarding the common stock exchange ratio in their M&A process. Our study and observation models adopted from the L-G model brought up from Kermit D. Larson and Nicholas J.Gonedes. Furthermore, we take systematic risk indicator(£]) to adjust the marginal condition derived from the highest and lowest exchange ratio of L-G model, then we analyzed by comparing with the actual ratio. With regards to the budget EPS, it was applied to estimate by the reduced form model from Terry A. Marsh and Robert C. Merton. Comparing the estimate result with the actual public M&A information, we found the more information we can use for regression estimation, the much precise estimate results will be. For example, it is close to the results by comparing to the reference estimate digits from Yageo & Walsin models. The decision of actual exchange ratio depends on the bilateral negotiation abilities, and we used L-G model to estimate the reasonable range of exchange ratio. Because of many factors which can not be quantified during the merger negotiation process, the importance of the exchange ratio estimate range from is paper is providing the bottom line for the negotiation, and these key information should be helpful for both parties during the M&A discussion. Recently, M&A process in passive component industry occur frequently, it was said that 2006 is the M&A year for this industry. I wish the empirical result in this paper can provide the reference indication to help the development of passive component industry in the future.

After China¡¦s entering WTO structure, there was no boundary in retailing industry from November, 2004. It not only changed operating rules, but also aroused many M&A events. Because we cannot get information about China freely, we have few ideas about this issue. Based on this phenomenon, the focus of the research is to realize the M&A development in China retailing industry with the cautiously growing up in China. This research can be divided into three parts: the structure of the theory, the development of retailing industry and M&A in China, and induce the M&A practical process of the case. Through relevant theories, we can verify whether these theories are suitable for the KSFs and motivations in the retailing industry. Meanwhile, we can present the overview and background of M&A styles and cases in China, and generalize the M&A practical process through formal or informal interviews with related executives. At last, with the viewpoint of M&A practical process, we address practical suggestions to the government, the companies which want to make an M&A move, and the case. The purpose of this research is to picture the environment of China retailing industry and M&A processes from the case ¡§TESCO merged HY-mall¡¨. By generalizing from the total environment to the case, we can understand the details when making an M&A in China retailing industry.