I use a quasi-exogeneous shock to information asymmetry among shareholders to evaluate the effect of information asymmetry on corporate disclosure. In the post-Regulation FD period, the merger between a shareholder and a lender of the same firm provides a shock to the information asymmetry among equity investors, because Regulation FD applies to shareholders but not lenders. After the merger, the shareholder gains access to the firm-specific private information held by the lender. I first provide evidence that information asymmetry among shareholders increases after the shareholder-lender mergers. I then use a difference-in-differences research design to show that after shareholder-lender merger transactions, firms issue more quarterly forecasts (including earnings, sales, capital expenditure, EBITDA, and gross margin), and the quarterly earnings forecasts are more precise. This study provides direct empirical evidence that information asymmetry among investors affects corporate disclosure.

<p>This paper provides practical implications through the case of Swedbank on the corporate cultures of companies that want to enter into merger or acquisition process. By comparing earlier research and theory with the processes of Swedbank, it aims to provide solutions to companies that face these specific challenges.</p>

<p>Title: Are Mergers and Acquisitions a successful way of growth- A Case Study of AstraZeneca</p><p>Subject: Bachelors thesis within the field of Business Management, School of Economics and Engineering, Halmstad University, Sweden</p><p>Authors: Frida Ekenberg & Simon Utas</p><p>Supervisor: Christer Norr</p><p>Objective: The objective of this thesis is to analyse the effects of a fusion from a business perspective. Furthermore, a case study approach is used in order to identify factors that have been reached by AstraZeneca through the joint venture.</p><p>Working Structure: The thesis is based on a qualitative case study of AstraZeneca. The empirical data is based on interviews with people who were working at the company at the time of the merger and people within the field of the stock market. Furthermore, studies of documents, articles, press releases and annual reports have been used as a framework for the empirical data.</p><p>Conclusion: The results from our study are not unequivocal. However, today AstraZeneca is considered to be a successful joint venture since the company is one of the greatest market leaders in the pharmaceutical industry. Even though, the analysis state that the deal created both financial and international advantages, its effects on the share price movement are not equivalent. Furthermore, the share price movement is only a short term effect and since synergy effects were accomplished concurren</p>

This paper provides practical implications through the case of Swedbank on the corporate cultures of companies that want to enter into merger or acquisition process. By comparing earlier research and theory with the processes of Swedbank, it aims to provide solutions to companies that face these specific challenges.

Title: Are Mergers and Acquisitions a successful way of growth- A Case Study of AstraZeneca Subject: Bachelors thesis within the field of Business Management, School of Economics and Engineering, Halmstad University, Sweden Authors: Frida Ekenberg & Simon Utas Supervisor: Christer Norr Objective: The objective of this thesis is to analyse the effects of a fusion from a business perspective. Furthermore, a case study approach is used in order to identify factors that have been reached by AstraZeneca through the joint venture. Working Structure: The thesis is based on a qualitative case study of AstraZeneca. The empirical data is based on interviews with people who were working at the company at the time of the merger and people within the field of the stock market. Furthermore, studies of documents, articles, press releases and annual reports have been used as a framework for the empirical data. Conclusion: The results from our study are not unequivocal. However, today AstraZeneca is considered to be a successful joint venture since the company is one of the greatest market leaders in the pharmaceutical industry. Even though, the analysis state that the deal created both financial and international advantages, its effects on the share price movement are not equivalent. Furthermore, the share price movement is only a short term effect and since synergy effects were accomplished concurren

Abstract In Taiwan, there are many types of real estate business model, due to the threshold of its public offering higher than other industries, making the business case often built using a model of a company's business, so companies can not sustainable. In addition, the cost of land continued to improve and build the company purchased the land fund for improvement, using the pattern of joint ventures to cash flow can not meet the high, so the construction company should consider other business model. This research will use case study method will be A company as the case study, the merger into the real estate industry over the past two years, in order to have acquired companies to achieve sustainable development the idea of public companies, this study will focus on merger¡¦s motivation, the subject matter of the filter acquisition, merger integration process and the synergy of the merger case analysis. Based on interviews and case study, this study proposes the following management implications. First, the success of mergers and acquisitions, the acquirer of the personality traits of its M & A decision-making process. Second, a critical success factor in this case, including: targeted, no time pressure, set the merger conditions, actively funding and personnel issues. Third, the merger synergies in the case show the business model into a public company and increase the convenience of obtaining funds, but also enhances the growth force of the future development of enterprises. Keywords: mergers and acquisitions, synergy, case studies

In the context of increasing consolidation in the banking industry, this research examined the profitability and efficiency performance before and after international mergers and acquisitions of acquiring banks, and the major determinants to improve performance. In a sample of 295 commercial banks and bank holding companies, international mergers and acquisitions does lead to potential improvement in efficiency for acquiring banks. However, no evidence shows that profitability would be improved through international mergers and acquisitions. Further, it is found that enhancement in net interest margin is most significant variable to influence the improvement in profitability; while reduction of administrative costs and net-interest revenues and improvement in generating loans are significant to enhance the efficiency performance.

The key corporate objective of any company should be the constant creation of shareholder value. This can be achieved either organically by earning revenue from the value proposition they offer customers or through mergers and acquisitions. Sage plc, a FTSE 100 company on the London Stock Exchange is a stalwart contender that believes an effective growth strategy has to be the right kind of acquisition - a business combination that increases the power of the customer value proposition allowing the combined entity to achieve genuine organic growth. As one CEO put it, - believe that you don't get better by being bigger, you get bigger by being better.. (Internet Ref 7) This study undertakes to evaluate Sage plc's strategy of protecting and improving shareholder value through acquisitions. It will also determine whether all management's thoughts and actions, from strategizing with respect to competitive positioning and cutting costs and streamlining operations to creating a productive environment that provides employees with economic benefits and opportunities for advancement, correlate to preserve and increase the organic growth of the firms they are managing and whether effective shareholder value was created or diminished over the designated period of major acquisitions. In order to address this issue the thesis presents a general view on the different approaches used to create shareholder. The use of mergers and acquisitions, to increase growth in an organisation, is discussed and analysed. A key aspect to value creation is measurement. A suitable value based management metric must be established in order to measure value creation. The study will examine all different metrics used to measure shareholder value creation and find the most appropriate measurement. Finally this study makes recommendations, based upon its finding on value creation and measurement. / Thesis (MBA)-University of KwaZulu-Natal, Westville, 2006.

Using a large sample of about 1,900 M&A deals from 1993 to 2005, and data on more than 3,100 CEOs, I explore merger and acquisition activities from a psychological perspective, and provide another explanation for M&A motives and associated firm stock performance. Specifically, I empirically test if highly narcissistic CEOs are more likely to conduct mergers or acquisitions than lowly narcissistic CEOs. I also examine the impact of high level of CEO narcissism on the market reaction to firm M&A announcements, and also long run post-M&A stock returns. In addition, I empirically investigate the impact of the parallel CEO narcissistic tendency of target firm on acquiring firm M&A performance. Three proxies for CEO narcissism are used in this study: Holder67, a CEO option exercise-based measure, CEO media portrayal, and a third new measure based on the formal content analysis of actual CEO speech. I find empirical evidence that CEOs with high level of narcissism are more likely to conduct mergers and acquisitions than other CEOs. My results also suggest that a high level of acquiring firm CEO narcissism has a significantly negative impact on acquiring firm short run M&A performance. Post-acquisition, I find that deals conducted by highly narcissistic CEOs significantly underperform those by lowly narcissistic CEOs. Moreover, my results show that a high level of target firm CEO narcissism similarly negatively affects acquiring firm short run M&A performance. In an additional analysis, I find that the positive link between CEO narcissism and the likelihood of a CEO conducting an M&A deal is stronger and the impact of CEO narcissism on firm M&A performance is more negative in large firms than that in smaller firms. My results also show that the negative impact of CEO narcissism on firm short run M&A performance is strongest when both acquiring firm and target firm CEO narcissism coexist concurrently. However, I find that the level of CEO narcissism is negatively associated with the quality of corporate governance, and the positive link between CEO narcissism and the likelihood of a CEO conducting an M&A deal is weaker in firms with good corporate governance than that in firms with poorer corporate governance, which may suggest that effective corporate governance mechanisms might play positive roles in curbing CEO narcissistic tendencies and in helping to ameliorate, to some extent, the adverse impact of high level of CEO narcissism on firm M&A decision making.

(kein Abstract vorhanden) / Series: Schriftenreihe des Instituts für Transportwirtschaft und Logistik - Supply Chain Management