The extensive use of fossil fuels coupled with its decreasing availability has ignited many countries to enact policies on energy usage. Energy Services Companies (ESCOs) all over the world are implementing initiatives to save energy. The South African ESCO industry must still overcome many barriers for it to be as effective as other global ESCOs. One of the stakeholders of an energy-savings intervention is the measurement and verification (M&V) team. The M&V team aims to provide objective and independent quantification of energy savings realised during an intervention. Despite the importance of the M&V function, the M&V process was shown to be inefficient, lacking in standardisation and research. The focus of this dissertation is to identify opportunities for improvement within the M&V process and to determine methods for the easy management thereof. The first two research aims are met by evaluating the process and determining the requirements for improving the process with regard to the critical areas that were identified. It is realised that the management of the M&V process could be simplified by using an information management system. This leads to the design of an information management system for the M&V process using the knowledge obtained during the evaluation. A case study is performed on one of South Africa’s largest ESCOs. The findings of the case study underline improvements regarding certain performance indicators. Moreover, the findings suggest that an information management system can support all the desired process requirements. / MIng (Mechanical Engineering), North-West University, Potchefstroom Campus, 2014

The extensive use of fossil fuels coupled with its decreasing availability has ignited many countries to enact policies on energy usage. Energy Services Companies (ESCOs) all over the world are implementing initiatives to save energy. The South African ESCO industry must still overcome many barriers for it to be as effective as other global ESCOs. One of the stakeholders of an energy-savings intervention is the measurement and verification (M&V) team. The M&V team aims to provide objective and independent quantification of energy savings realised during an intervention. Despite the importance of the M&V function, the M&V process was shown to be inefficient, lacking in standardisation and research. The focus of this dissertation is to identify opportunities for improvement within the M&V process and to determine methods for the easy management thereof. The first two research aims are met by evaluating the process and determining the requirements for improving the process with regard to the critical areas that were identified. It is realised that the management of the M&V process could be simplified by using an information management system. This leads to the design of an information management system for the M&V process using the knowledge obtained during the evaluation. A case study is performed on one of South Africa’s largest ESCOs. The findings of the case study underline improvements regarding certain performance indicators. Moreover, the findings suggest that an information management system can support all the desired process requirements. / MIng (Mechanical Engineering), North-West University, Potchefstroom Campus, 2014

This paper researches the effects of choice of payment (cash and stock) and M&A type (technological and non-technological) on bidders’ performance. We investigate 500 events in Swedish market between 2005 and 2015. Moreover, we also control the size of firms and the value of takeovers. In this paper, we conduct an event study in order to generate abnormal returns for the bidders at and around the M&A announcement. This research generates statistically significant and positive abnormal returns for the bidders especially when deals are financed by shares. Moreover, we also find that the technological M&A brings about lower abnormal returns than non-technological M&A. When we control for payment choice in technological M&A, the result shows that technological M&A paid for in shares generates higher abnormal returns than technological M&A paid for in cash.

Thesis advisor: Jérôme Taillard / This paper studies the dynamics between levels of M&A activity (average transaction value and number of deals) and crises in seven Latin American countries from the period between 1990 through 2007. Two hypotheses are tested using regression analysis: (1) whether the level of M&A activity increases during crises due to the “bargain hypothesis,” due to the low valuation of target companies, or (2) whether M&A activity decreases due to the financial distress of potential buyers (“financing constraints” hypothesis) or the financial distress of potential targets (“loss of confidence” hypothesis). Analyses at the country and industry level show that the average transaction value of M&A deals decreases with every crisis. Support for the second hypothesis is found within the Manufacturing, Energy and Utilities industry, in which the number of deals increases. / Thesis (BS) — Boston College, 2013. / Submitted to: Boston College. College of Arts and Sciences. / Discipline: Economics Honors Program. / Discipline: Economics.

Müllerian mimicry theory postulate that individuals of different species benefit from decreased per-capita attack risks by sharing similar warning signals. In species-rich mimetic assemblages, there is the formation of several distinct sympatric groups of species sharing the same warning signals, often color pattern, called mimetic rings. The coexistence of multiple rings seems paradoxical considering that selection among unpalatable species should favor convergence and thus reinforce a single color pattern. Different rings evolving in distinct habitats could explain the coexistence of multiple mimicry rings. However, the way species use the habitats might influence the emergence of multiple mimicry rings. We combined mathematical modeling and numerical simulations to explore how habitat heterogeneity, abiotic selection and habitat generalist species influence the formation of mimicry rings in a community. We showed that distinct selection pressures, derived from habitat heterogeneity, favored the formation of distinctive mimicry rings. Nevertheless, just the co-existence of species was enough to drive the emergence of the rings. Simulations in which there was just biotic or abiotic selection, time for convergence was faster than when both sources of selection acted together, suggesting conflicting selective pressures exerted by environment and co-existing species. In the presence of species that was habitat generalist, species converged to similar trait values, decreasing the distinctiveness of mimicry rings. A unique mimicry ring was formed if the different habitats optima in the community were very similar or when most species were habitat generalists. Our results suggest that multiple sympatric mimicry rings are formed by a complex interplay between abiotic and biotic selection and is only possible in groups of animals in which local species composition is strongly affected by habitat heterogeneity such as butterflies / No mimetismo Mülleriano, indivíduos de diferentes espécies, ao compartilharem um mesmo sinal de advertência, beneficiam-se mutuamente devido ao menor risco de predação. Em comunidades ricas em mímicos há a formação de grupos simpátricos de espécies denominados anéis miméticos, que compartilham os mesmos sinais de advertência, como por exemplo padrões de coloração. A coexistência de anéis miméticos parece paradoxal, uma vez que, em teoria, a seleção favoreceria a convergência das espécies impalatáveis e, portanto, geraria um único padrão de cor. A evolução de diferentes anéis miméticos em habitats distintos poderia explicar a coexistência desses anéis em uma comunidade. No entanto, a maneira como as espécies utilizam esses habitats talvez influencie também a emergência dos múltiplos anéis miméticos. Utilizamos modelos matemáticos e simulações computacionais para melhor compreender como a heterogeneidade de habitats, a seleção ambiental e espécies generalistas de habitat influenciam a formação de anéis miméticos em uma comunidade. Demonstramos que diferentes pressões seletivas, derivadas de uma heterogeneidade de habitats, podem favorecer a formação de anéis miméticos. Porém, a simples coexistência das espécies é suficiente para a emergência de anéis. Em simulações nas quais só havia seleção imposta por espécies impalatáveis ou pelo ambiente, o tempo de convergência foi mais rápido do que quando as duas forças seletivas atuavam juntas. Isto demonstra que provavelmente há conflito entre a seleção biótica e abiótica, não favorecendo o mesmo ótimo fenotípico. A presença de uma espécie generalista de habitat favoreceu a convergência de espécies para um valor fenotípico similar, diminuindo a distinção entre os anéis. Um único anel foi formado quando os diferentes fenótipos favorecidos pela seleção imposta pelo ambiente eram muito similares entre habitats, ou quando muitas espécies eram generalistas de habitat. Nosso trabalho sugere que múltiplos anéis miméticos simpátricos são formados por uma complexa interação entre seleção biótica e abiótica e que só são possíveis em grupos no qual a diversidade é estruturada em pequenas escalas espaciais, como borboletas

The pursuit of business growth is unquestionable. However, there are many ways to achieve the growth. In recent years, the number of mergers and acquisitions has risen, in order to achieve the effect of rapid growth, but M & A behavior cannot always guarantee positive business performance. Therefore, this study refers to the literature presented, with year 2000 to 2010 as the scope of study, to look deeply into the influences caused by main characters, differences in corporate culture and industry factors on M & A performance. We expect to construct the relationship between different factors and performance of acquisition. This research uses multiple-regression model which has five independent variables-company scale, management ability, Growth opportunities, cultural differences and industry factors. This research also applies 3 dependent variables to compare different aspects of performance, which are CAR, EPS after taxes and unit employee output value. The result shows that the Company scale indeed has a positive effect on the performance of acquisition. On the other hand, the company's growth opportunities are negatively correlated with the performance of M, thus our assumption is false. In addition, the study has assumed, beforehand, that all differences in organizational culture and industry factors have significant influence on acquisition performance, but the result shows that it is not necessarily true in all cases, which reflects that different factors introduce different effects to the performance of mergers and acquisitions.

It is a common method to use mergers and acquisitions to grow for enterprises. Cross-border mergers and acquisitions is one of the ways to expand the oversea marker share, besides mergers and acquisitions in domestic market itself. In the past, the enterprises from developed countries took the role to buy oversee targets. The enterprises from emerging markets gradually become the protagonist for the reason of the rise of emerging markets, especially after the Global Financial Crisis and European Debt Crisis. This study refers to literature presented to look deeply into the motivations of mergers and acquisitions from different acquirers. We classified the motivations we found in the secondary data, with year 2007 to May 2012 as the scope, expecting to figure out the differences between developed-country acquirers and emerging-market acquirers. The result shows that the main motivations for developed-country acquirers are seeking for the resources needed, entering local market and increasing the size of itself. On the other hand, going into international market, reaching economy of scale and seeking for the resources needed are the main motivations for emerging-market acquirers. Furthermore, the motivation of mergers and acquisition differs from one industry to another.

Cross-border Merger and Acquisitions (M&As) are an increasingly important strategy adopted by firms in order to create value in fiercely competitive global markets. Cross-border M&A value creation, that is, wealth creation for shareholders from cross-border M&As, is therefore of considerable theoretical and practical importance. However, our understanding of the sources of cross-border M&A value creation remains limited. Researchers have found that the most commonly researched variables have little effect on cross-border M&A value creation. We therefore still do not understand the processes behind cross-border M&As. In this is dissertation I examine the main effects of host country regulatory, economic and physical infrastructure institutions on cross-border M&A value creation. I further examine the moderating effects of host country political institutions on the relationship between host country regulatory institutions and cross-border M&A value creation. Moreover, I investigate the effects of institutional distance between host and home country on cross-border M&A value creation. I argue that the effects of institutional distance (regulatory and economic distance) on cross-border M&A value creation are not symmetric, but rather the effects are contingent upon the direction of the distance. My hypotheses are tested on a sample of 6141 cross-border M&As between 1995 and 2003. Results of this analysis show that acquirers are more likely to create value by acquiring targets in countries with less advanced regulatory institutions. Further, my results indicate that host country political institutions positively moderate the relationship between host country regulatory institutions and cross-border M&A value creation. Host country economic institutions have an inverted U-shaped relationship with cross-border M&A value creation, and host country physical infrastructure institutions have a positive relationship with cross-border M&A value creation. Additionally, results show that there is an inverted U-shaped relationship between institutional distance and cross-border M&A value creation. The findings suggest that the effects of regulatory and economic institutional distance on cross-border M&A value creation are not symmetric. The effects are contingent upon the direction of the distance. That is whether the level of host country institutions is higher or lower than that of home country institutions. Implications for management and public policy are discussed.

Abstract Because of the globalization tendency and high information technology applied, the enterprises, pursuing their expanding, surviving, or reach the synergy, tend to adopt M&A strategy with the other firms, integrate all the resources and acquire the leading high technology or management systems in the rapid movements of the business environment. In recent years, the number and the scale of M&A events are boosting and increasing. More and more international enterprises conduct M&A strategy and change their market sharing and standing by doing so. No doubt, M&A has become the important main strategy of worldwide firms. In fact, mergers and acquisitions same as marriage ceremony, it's not so difficult to deal with transaction. But the key point is how to put two or more different firms together and work well. Unfortunately, during the traditional procedure of due diligence, it's only emphasized forms, price, values, finance, and lawful parts, but undervalued the importance of organizational culture, talents and human resources. M&A is so important to corporations in all categories that the key integrative elements, differ from different field of industry, should be focused with more attentions. The development of worldwide internet industry is one of the momentum to improve the globalization and happening of M&A. There are many M&A cases which concerning about internet firms meanwhile. As we know, portal sites play great roles in internet world, that¡¦s the reason why the shifting of the portal site leading status is too important to ignore. This study is aimed to base on few components of strategy highly involve in internet, and two of companies (Yahoo! and Kimo) were selected for case research sample. Through reviewing the theories of connecting field information and the interview of the high rank staffs of case company and others, we find out the procedure of merge between Yahoo! and Kimo are smooth due to the motives and bilateral benefits of both are high level matched. Yahoo! want to capture Taiwan¡¦s most market share in short time in order to get the leading position of China, even the whole Asia , in the near future .Simultaneously, Kimo are seeking plenty of capitals form the world capital market. Also, Kimo try to concrete the portal site No.1 title in Taiwan and make more efforts to dance in the global stage. Both of them can give each other what they want easily, so Kimo become one part of Yahoo! Family smoothly. Finally, this study summarized their comments, and generated the suggestions of key factors of successful M&A for other study reference.

Background: Mergers and acquisitions (hereinafter referred to as M&As) are increasing in their importance and they have become a commonly applied strategic option for organizations. A major reason for an acquisition is often the objective of gaining new knowledge from the acquired company and then transferring that knowledge among other parts within the acquiring organization. Furthermore, the explicit and tacit nature of knowledge is essential for the transfer of knowledge during M&As. Also, the process of knowledge transfer is dynamic and complex and thus, numerous challenges can arise along the way. As proved by the literature individuals are the key factors, which constrain the transfer of knowledge in M&As. Aim: Despite the extensive existing literature in the area of knowledge transfer, it provides a rather static view and thus, less is known about the dynamic process nature of knowledge transfer in M&As. Therefore, the purpose of this qualitative research is to gain deeper understanding of how the process of knowledge transfer evolves over time and how employees constrain it within the acquiring organization during the post-acquisition phase in a merger and acquisition (hereinafter referred to as M&A). In addition, the redefined models in this thesis provide a foundation for future research. Methodology: This thesis is based on a qualitative single-case study method, which builds upon empirical data of an anonymous Swedish international organization (hereinafter referred to as Globex) operating in the manufacturing sector. Theoretical constructs are applied in order to form a generalization. First-hand information is primarily used for this thesis, which was collected in the form of in-depth interviews with the employees of Globex. In order to present the analysed data in a more understandable and visible manner, tables and graphs were applied. Furthermore, our research method is based on the iterative grounded theory, which deals with organizational process research. Thus, we were able to analyse the dynamics in the knowledge transfer process despite its high level of complexity. Due to this complicated essence of the knowledge transfer process, we were unable to explore it entirely and could not acquire all necessary information. However, we still contribute with novelty to the academic society, as previous research explores the static view of knowledge transfer and our research relies on its dynamics. Results: The process of knowledge transfer and how it evolves is illustrated with the necessary phases for its accomplishment. The first model, which demonstrates the dynamic nature of the knowledge transfer process during M&As, is presented. In order to positively influence the transfer of knowledge, enablers should be applied. The second model highlights the importance of planning the process of knowledge transfer within the post-acquisition phase during M&As. Lastly, constraints from the employees’ side can influence the transfer of knowledge. The importance to consider enablers and constraints during the knowledge transfer is also emphasised. Theoretical implications: We urge that more research should accentuate on the process nature of the knowledge transfer and should further explore its dynamics and complexity especially in the context of organizational changes, such as M&As. Managerial implications: Managers should understand the evolving nature of the knowledge transfer process and strengthen their focus on the planning phase of knowledge transfer in order to minimize the issues during the post-acquisition phase.