成功的企業購併需仰賴正確的投資評估以及有效的購併過程管理,本文包含兩個部分,第一部分主要探討購併利益評估的問題,使用的方法為real-option approach簡化了購併效益之評估,且可獲得較正確的結果;第二部分為兩家國際出版業合併之個案研究,就此成功的例子而言,管理者可以獲得較有利且完善的合併經營方法。 / Successful mergers depend on proper valuation of this special type of investment and effective management of this process. First essay devoted to the problem of merger profitability valuation. Using real-option approach, a simple model is developed to expand accuracy in decision making process about merger possibility. This model considers uncertainty of situation and provides flexibility in company’s strategy. According to this approach profitability of merger may be calculated by using value of premium paid for acquiring company and value of synergy that expected from merge of two companies. Main problem of merger’s valuation in this approach is correct definition of synergy. In second essay, merger of two publishing companies Addison Wesley Longman and Simon & Schuster is analyzed. Positive experience in choosing candidates for merge, pre- and post-acquisition decision making process can serve as a good example of effective merger’s management.

<p>Date             29 May 2009Program        International Business and Entrepreneurship (IB&E)Course          Master Thesis (EFO705).Authors         Karol Duda, 851010 – T317                    Hong Y Pham, 841117 - T153Tutor             Love BörjessonTitle              Human and Culture integration in Mergers & Acquisitions: A study of Andersen acquisition by KPMG in Vietnam.Research problem: What did KPMG Vietnam do to integrate organizational culture and human resource of Andersen during and after its acquisition in 2002?Purpose         The aim of this research was to focus on culture and human resource dimensions by investigating the case KPMG acquired Andersen in Vietnam in 2002.Method          The conducted methodological stance in this report is interpretive research. The qualitative method has also been utilized. This research has mostly based on primary data in which semi-structured interviews and questionnaires were implemented to collect empirical data related to Andersen Vietnam acquisition. Secondary data from books, journals, websites etc has also been gathered.Conclusion     Although KPMG did not employ every tool suggested by researchers, it was proven to perform fair or good in culture integration dimension</p>

Background : Globalisation has led company to think globally and act locally. Such a change in the business world have made emerge the need to find partner around the world, and even to merge with complementary companies in order to sustain the corporate strategic advantage and to create value. Purpose : The objective of this paper is to integrate major Merger &amp; Acquisitions theories in order to establish a warning model pointing out the main pitfalls changing promising motivations into failed implementation in the process of Merger &amp; Acquisition. Such a model will aim at preventing managers engaged in a transnational horizontal merger from the potential hazards leading to value destruction. Delimitations : We choose to focus on the transnational merger because it should play with different national management and with the consequent variance in cultural distance ; the human and social context appears more clearly as fundamentally variable when a merger involves different sensibilities. Results : After having integrated the main theoretical finding into a holistic framework which enabled us to shape a warning model we tested successfully in case of Pharmacia-Upjohn merger, which aims at analysing the general risks of one strategic merger or/and the following implementation process.

This study investigates the digital presence of cultural centers in three regions of Germany taking into account the theoretical framework of knowledge age. In order to find out if the adaption of online tools has a positive influence on visitor reach, i.e. on the success of the centers, the thesis attempts to gather information on online tool usage of individual institutions via questionnaires. Taking into consideration the overall context three factors referring to traditional economic concepts namely industry Size, institutions size and program diversity are proposed as additional success factors. The research results indicate that digital presence, together with the other measured factors, have a positive impact on the success of the centers. Moreover, the cultural infrastructure appears to have a direct positive impact on the industry size and, consequently, an indirect impact on the success of cultural centers.

Date             29 May 2009Program        International Business and Entrepreneurship (IB&amp;E)Course          Master Thesis (EFO705).Authors         Karol Duda, 851010 – T317                    Hong Y Pham, 841117 - T153Tutor             Love BörjessonTitle              Human and Culture integration in Mergers &amp; Acquisitions: A study of Andersen acquisition by KPMG in Vietnam.Research problem: What did KPMG Vietnam do to integrate organizational culture and human resource of Andersen during and after its acquisition in 2002?Purpose         The aim of this research was to focus on culture and human resource dimensions by investigating the case KPMG acquired Andersen in Vietnam in 2002.Method          The conducted methodological stance in this report is interpretive research. The qualitative method has also been utilized. This research has mostly based on primary data in which semi-structured interviews and questionnaires were implemented to collect empirical data related to Andersen Vietnam acquisition. Secondary data from books, journals, websites etc has also been gathered.Conclusion     Although KPMG did not employ every tool suggested by researchers, it was proven to perform fair or good in culture integration dimension

Abstract Mergers and Acquisitions (M&amp;A) have been around for a long time and has experienced waves of popularity during these times and they are very much an important part of today’s business world. M&amp;As have also become increasingly international which can be due to the rising global competition. The popularity of cross-border M&amp;As makes it important to look at M&amp;As from an international perspective. One of the main reasons a company choose to M&amp;A is growth (Lees, 2003) and there are several possible motives why a company chooses to grow through an M&amp;A but the most common motive is to create synergy (DePhamphilis, 2005). Although synergy is one motive, according to the literature more M&amp;As destroy value instead of creating it (Habeck, et al. 2000). This makes this subject interesting to study: especially the post-M&amp;A phase since the integration process in this phase has been pointed out to be the riskiest, when creating synergy, but also the most crucial in order for a successful M&amp;A (Habeck, et al. 2000; Shaver, 2006). Purpose: The purpose of this thesis is to analyze how the management of a company create and realize synergies in the post-M&amp;A process of a cross-border M&amp;A. Method: In order to fulfil the purpose the case study approach was chosen. The empirical data was gathered through semi-structured face-to–face (except two telephone) interviews. This approach was used because the information needed to fulfil the purpose was of the character to be found in a qualitative way by going in-depth into the field of interest with a management team with extensive knowledge in this subject. Conclusion: Creating and realizing synergies is a long process on average 5-10 years. There is no manual for the M&amp;A process only a general approach and each M&amp;A process is customized. It was found that one cannot separate the pre-deal phase from the post-phase. An M&amp;A process includes three different important parts; the strategic intent phase, the due diligence phase, and finally the integration phase. Key success factors for conducting an M&amp;A are that you set up a special management group which will focus on the creation and realisation of synergies and that one focus on motivating and assisting managers through offer new exiting challenges.

本研究將我國獨立專家可能發揮之功能分為能夠認證交易係公平且無弊端之「消極認證功能」及能積極預測綜效並為市場排除不具綜效交易之「積極認證功能」，並藉由分析代理成本與獨立專家選擇之關聯性，以及獨立專家自我選擇與併購後綜效之關聯性，實證探討我國獨立專家制度之運作概況及其功能。 研究結果發現，衡量代理成本之公司及交易特性變數中，負債比率較高、外部大股東持股比率較低、機構投資人持股比率較低、併購溢價較高、主併與被併公司相對規模較接近時，公司聘僱高聲譽獨立專家的可能性較高，支持我國獨立專家可能具有降低代理成本之消極認證功能之論點。積極認證功能方面，本研究發現，以併購金額市佔率衡量獨立專家聲譽時，高聲譽獨立專家簽發評價報告之併購案，併購後市場佔有率成長幅度較高，支持我國獨立專家可能具有積極認證功能之論點，但僅限於市場綜效部分。 / This study tests whether the negative certification function and positive certification function are important service performed by independent experts in the M&A transaction. It conducts an empirical investigation of the choice of independent experts and the synergy in the M&A transaction. The result demonstrates that when the debt ratio is high, the percentage of stock owned by institutional owners and external shareholders is low, the premium is high, and the size of acquirer and target is similar, acquirer tends to hire a more prestigious independent expert. It confirms that the negative certification function exists. In addition, we find that when the reputation (measured by market share) of independent experts is high, the market synergy in the M&A may be higher than others. It is because of that the independent experts tend to protect their reputation by choosing their clients rigorously. Therefore, the positive certification function is also confirmed.

The purpose of the thesis is to investigate and analyze how three different actors linked to the urban transformation in the city of Kiruna, in this case LKAB, the Municipality of Kiruna and the County Administrative Board of Norrbotten, believe that the identity of a historical monument that is marked cultural heritage is affected by future relocation. The second part of the study is to investigate the impact the building might have on the city in the future. This study is based on the relocation of Hjalmar Lundbohmsgården. The study is based on a qualitative approach in which five informants from the three actors were interviewed. The interviews have been analyzed through thematic analysis, where a combination of theoretical thematic analysis and empirical thematic analysis was used.   The result shows that the new location of Hjalmar Lundbohmsgården is preferred to be in a suitable context close to other cultural buildings. All informants agree that accessibility is a fundamental element in, which a synergistic effect is an increase in visitor numbers. Since the greatest value around Hjalmar Lundbohmsgården is Hjalmar Lundbohm and his deeds, the identity can still be passed on even though the place is not the same. The informants agree that it is important with cultural references in a city so people have something to relate to. / Denna uppsats syftar till att undersöka och analysera hur tre olika aktörer kopplade till samhällsomvandlingen i Kirunas centrala delar, i detta fall LKAB, Kiruna kommun samt Länsstyrelsen Norrbotten, anser hur identiteten kring ett byggnadsminnesmärkt kulturarv påverkas genom en framtida flytt. Vidare undersöks vilken inverkan byggnaden kan ha i den framtida staden. Uppsatsen har sin utgångspunkt kring en ny framtida placering av Hjalmar Lundbohmsgården.   Studien är baserad på en kvalitativ ansats där fem informanter från tre olika aktörer; LKAB, Kiruna kommun samt Länsstyrelsen Norrbotten har intervjuats. Intervjuerna har sedan analyserats genom tematisk analys, där en kombination av teoretisk tematisk analys och empirisk tematisk analys använts.   Resultatet av intervjuerna visar att Hjalmar Lundbohmsgårdens nya placering bör hamna i en lämplig kontext nära andra kulturbyggnader. Samtliga informanter är eniga om att tillgängligheten är en grundläggande faktor där en synergieffekt är ett ökat besökarantal. Det största kulturella värdet kring Hjalmar Lundbohmsgården är Hjalmar Lundbohm och hans gärningar, vilket gör att identiteten fortfarande kan vidareförmedlas trots att platsen inte är densamma. Informanterna är överens om att det är viktigt med kulturella referenser i en stad så människorna har något att förhålla sig till.

I denna studie har aktieutvecklingen hos förvärvade börsnoterade företag vid budets offentliggörande studerats. Företagen som förvärvades under lågkonjunkturen år 2007-2009, och högkonjunkturen år 2001-2004 har undersökts för att se om det finns någon skillnad i aktieprisutvecklingen som skulle kunna bero på vilket tillstånd ekonomin i samhället befinner sig. Därefter utreds om det finns en skillnad beroende på vilken bransch företagen befinner sig i. Studien förankras teoretiskt ur den effektiva marknadshypotesen där en semistark effektiv marknad antas. Denna grad av effektivitet antas vanligen för finansiella marknader och är den form som eventstudier utgår ifrån. Den undersökningsform som används i denna uppsats är en eventstudie och denna statistiska metod mäter marknadens reaktion på ny information. Den abnorma avkastningen har beräknats vilket sedan belysts genom tabeller och diagram, vilka i sin tur tolkats av en analytiker. Studien resulterade i att företagsförvärv i lågkonjunktur har högre abnorm avkastning än uppköp som sker under högkonjunktur. Uppsatsen uppvisade även att kommunikationssektorn hade en högre abnorm avkastning än resterande branscher. / Share development of acquired companies listed at the bearer's publication has been studied. Companies acquired during the recession years 2007-2009 and the boom years 2001-2004 have been studied to see if there is any difference in the share price that would depend on what cyclical the economy in the society is. I have further investigated whether there is a difference depending on what industry the companies are active in. The study is anchored in theory from the efficient market hypothesis in which a semi-strong efficient market is assumed. This degree of efficiency is usually assumed in financial markets and is the form that event studies adopt. The survey form used in this paper is an event study and this statistical method measures the market’s reaction to new information. The abnormal return is calculated which is then illustrated by tables and charts, which in turn is interpreted by an analyst. The study showed that acquisitions in the recession had higher abnormal returns than purchases made during the boom. The paper also showed that the communications companies had a higher abnormal return than the remaining sectors.

In markets where suppliers experience learning by doing over time or, more generally, economies of scale in production, buyers are auctioning off longer-term contracts with an eroding price policy. Under an eroding price contract, the buyer initially competitively awards production to the lowest-bid supplier via an auction. Before the auction takes place, the buyer makes it clear to the suppliers that, if chosen, a sequence of price reductions will be mandatory in subsequent periods. In this thesis, we mainly study the design of the optimal eroding price contract in a two period setting under three different model settings : (1) Every supplier faces a new cost in each period (NLI model), (2) The supplier who wins the auction in the first period locks-in his cost for the future, and the buyer makes the future payment based on the winning supplier's current bid (LI1), and (3) The supplier who wins the auction in the first period locks-in his cost for the future, and the buyer makes the future payment based on the winning supplier's actual cost (LI1). Under NLI setting, the magnitude of the cost reduction due to learning by doing is common knowledge, while the magnitude is uncertain under LI1 and LI2 settings. We also study the optimal reserve prices in sequential independent auctions under NLI setting. We go on to compare the performance of the eroding price policy against sequential independent auctions (without or with the optimal reserve prices) under the above model settings. Via analytical and numerical comparisons, we find that even in the presence of learning by doing/economies of scale in production, a buyer is often better off running sequential auctions with a reserve price, rather than limiting competition and contracting with a single supplier in the hopes of extracting a better future price.