M&A has for decades been an important topic within the corporate world as well as financial research, due to its performance and the impact it generates. The main objective of this study is to explore the effect of M&A announcements on the short-term performance of acquiring firms on the Swedish stock market. By conducting an event study with a sample of 194 M&As in various industries from 2007-01-01 to 2018-02-07, we are able to retrieve abnormal returns, analysing cumulative abnormal returns in order to measure the effect the announcements have on the stock price. Three performance factors are included in order to get an understanding of the potential impact they have, and if so, how strong that impact is. The performance factors are (1) payment method, (2) diversified versus focused M&As, and (3) cross-border versus domestic M&As. The empirical findings tell us that the abnormal returns are significant for most industries, and to a great extent positive. The performance variables only show significance for cash as a payment method where it generates a negative effect on the main event window (-1, +1). With these findings we hope to contribute to existing research by creating higher awareness to society and organisations about the performance M&As bring.

Our purpose is to understand how learnings are drawn from previous experiences of cross-border acquisition integration, to later be utilized for integration of subsequent acquisitions. Elaborately, we intend to empirically study how learnings from previous endeavors are captured and built upon. Thus, there are two research questions given the sequence: learnings are first captured, then utilized. The study aims to extend current body of literature and deepening the understanding on deliberate learning through case study aspects. To answer this, we have constructed two research questions:    (1)  How can learnings be captured from previous experience in integration after cross-border acquisition?    (2)  How can learnings from previous experience of cross-border acquisition integration be utilized in subsequent deals?   The founding pillars of our literature review are perspectives on M&A and perspectives on learning. More specifically, the first perspective focuses on cross-border aspects and post-merger integration phases. Regarding the perspective on learning, our study particularly focuses on deliberate learning theory. Beyond named focus is dynamic capabilities, serial acquirers and previous experience discussed due to its connection to deliberate learning theory and our study. The literature review concludes in a theoretical tool, which summarizes the literature and is portrayed through a model.   The case study method was constructed with a qualitative and interpretive approach, which we found appropriate to reach a deeper in-depth understanding regarding the purpose and to answer our research questions. Six semi-structured interviews with managers were conducted to understand how they operated. We collected primary data by using snowball sampling and received secondary data of documentation from the studied firm. Further, this was qualitatively analyzed from a coding procedure of categories.    Our findings disclose how previous experience of post-merger integrations in cross-border acquisition is deliberately captured by our case company through learning mechanisms discussed in deliberate learning theory. The mechanisms are accordingly articulation, codification, sharing and internalizing. However, the findings disclosed a discrepancy between the literature and our empirical case due to the rotation of integration team members, which caused a disruption in sharing and internalizing of previous experience.    The contributions are both theoretical and managerial. First, the theoretical contribution is given through our revised theoretical tool, in which the findings regarding the different mechanisms are discussed and elaborated. The managerial findings provide recommendations in the assembling of an M&A integration team to preserve experience from previous endeavors and disseminate to new members.

Submitted by Ruben Kuijper (rubenkuijper@live.nl) on 2016-10-31T12:22:44Z No. of bitstreams: 1 fgv_thesis_334875.pdf: 825817 bytes, checksum: b3a16060bbfc6e618b215abd550a5ed2 (MD5) / Rejected by Joana Martorini (joana.martorini@fgv.br), reason: Ruben, seu trabalho foi rejeitado devido a correção porém "GETULIO" não tem acento. Favor retirar e postar o seu trabalho novamente. on 2016-11-07T18:29:22Z (GMT) / Submitted by Ruben Kuijper (rubenkuijper@live.nl) on 2017-01-19T07:17:50Z No. of bitstreams: 1 fgv_thesis_334875.pdf: 825817 bytes, checksum: b3a16060bbfc6e618b215abd550a5ed2 (MD5) / Rejected by Josineide da Silva Santos Locatelli (josineide.locatelli@fgv.br), reason: Dear Ruben, It’s necessary to do some corrections in your thesis, see: - Full name: RUBEN DANIËL KUIJPER; - At the page 2, must to be just your advisor name: PEDRO LUIZ VALLS PEREIRA; - Withdraw the little line above the professors name at the page 4; - It’s missing the third professor at the page 4: Xanthi Gkougkousi; Please, do the correction and post again. on 2017-01-19T10:50:32Z (GMT) / Submitted by Ruben Kuijper (rubenkuijper@live.nl) on 2017-01-19T11:13:30Z No. of bitstreams: 1 fgv_thesis_334875.pdf: 825994 bytes, checksum: 4014aed39b5f71d04db719c1d6c64394 (MD5) / Approved for entry into archive by Josineide da Silva Santos Locatelli (josineide.locatelli@fgv.br) on 2017-01-19T11:23:50Z (GMT) No. of bitstreams: 1 fgv_thesis_334875.pdf: 825994 bytes, checksum: 4014aed39b5f71d04db719c1d6c64394 (MD5) / Made available in DSpace on 2017-01-19T12:21:17Z (GMT). No. of bitstreams: 1 fgv_thesis_334875.pdf: 825994 bytes, checksum: 4014aed39b5f71d04db719c1d6c64394 (MD5) Previous issue date: 2016-09-30 / This is a study on the share price effect of Sovereign Wealth Funds (SWFs) investment announcements. The study examines the short- and the long-term impact of SWF investments on publicly traded companies, performed with an event study methodology to estimate the abnormal returns of the stock prices of the acquired firms around the dates when the announcements become publicly available. The announcements included in this study were made between 1990 and 2015. First, the results are compared to the level of transparency, as measured by the LTMI Index, to examine how the changes in stock prices react to the event. Then, the study presents six extensions with portfolios for IFSWF membership, SWF funding source, open market transactions and privately negotiated deals, domestic and foreign targets, deal value and acquired target stake. The results of the study provide empirical evidence of short-term significant cumulative abnormal returns and that SWFs with high transparency tend to generate more and positive cumulative abnormal returns, while SWFs with low transparency generate negative cumulative abnormal returns. Moreover, the longterm results suggest negative cumulative abnormal returns, though mostly insignificant, and show a tendency to mean revert. / Esta dissertação centra-se na actividade de gestão de lucros por empresas anteriores aquisições. Esta pesquisa faz a distinção entre gerenciamento de resultados de exercício e actividades manipulação real. Usando dados dos Estados Unidos, esta dissertação compara os períodos antes e depois da implementação da Lei Sarbanes-Oxley (SOX). Antes da implementação do SOX, adquirentes baseados em estoque parecia ter acumulações discricionárias mais elevadas do que os adquirentes baseadas em dinheiro, enquanto esta diferença não persistiu após a implementação deste ato. As diferenças são menos claras para a gestão de lucro real. Eu não encontrar suporte para uma relação robusta entre gerenciamento de resultados e desempenho do mercado de ações.

Mergers and acquisitions (M&As) offer a framework to shed a new light on whether corporate social responsibility (CSR) performance enhances corporate financial performance (CFP). Using ASSET4 data as a measurement of CSR performance in a sample of worldwide deals for the period 2004-2017, I find evidence that the environmental performance of target firms enhances acquirers’ shareholder wealth. No influence is found for different value implications in different institutional contexts. Additionally, shareholders reward (disvalue) acquirers even stronger if the target is outperforming (underperforming) the acquirer in environmental performance. These findings suggest that shareholders reward the acquirer for making environmental investments and support the stakeholder view, which indicates that fulfilling stakeholder interests can be combined with shareholder wealth creation.

歷經兩次金改，我國本國銀行的家數從2000年最高峰53間，降至2014年的39間，但國內銀行金融服務市場已趨飽和，銀行家數過多且規模過小的現象仍然存在，近年存放款利差縮小，銀行間價格競爭日趨激烈，對於整體銀行業的獲利能力影響甚鉅。為利我國銀行掌握亞洲經濟成長契機，提升獲利及國際競爭力，金融監督管理委員會自2013年起推動金融業布局亞洲，提出「金融業打亞洲盃」的政策宣言，鼓勵金融業整併或參股海外機構以擴大規模。 元大金控係以證券投資服務為主體而發展之金融控股公司，亦是金融監督管理委員會點名最積極投入打亞洲盃的金控之一，2015年8月元大金控宣布併購大眾銀行，合併後由子公司元大銀行為存續公司。本研究採個案研究法，以元大金控併購大眾銀行為例，個別探討雙方發展現況及併購動機，並分析此併購案的策略目的及併購綜效。 本研究結果得出，元大金控藉由合併大眾銀行將產生以下併購綜效：(一)規模經濟效益、(二)均衡業務結構、(三)提升銀行獲利貢獻、(四)維持穩健資產品質，元大金控藉此拉升銀行業務的恆常獲利貢獻，進而轉型成證券及銀行雙主軸的金控，同時取得大眾銀行的香港分行，以香港為前進大陸的發展據點，經營兩岸三地金融服務市場，有助其朝向「亞太區最佳金融服務提供者」之願景邁進。 / After going through two financial reforms, the number of the banks in Taiwan had decreased from 53 banks in 2000 to around 39 banks in 2014. Still, the problem of an excess of the banking operators had persisted. Due to the saturated Taiwanese domestic market for commercial banking services, the interest spread had thinned remarkably and this oppressive situation had drawn the local commercial banks into a price war on interest rates on deposits and loans. In 2013, following the growing concern over the price competition and in the hope of enhancing international competiveness of Taiwan’s banking industry, Financial Supervisory Commission unveiled its plan—Asia Cup policy—to promote consolidation of domestic financial institutions and encourage them to invest overseas market to further scale up the business. Yuanta Financial Holdings, one of the holding companies that actively seek overseas business opportunities, was the biggest securities broker in Taiwan. After completing the acquisitions and mergers of Ta Chong bank in August 2015, the company not only remains the leading position in securities market but also further strengthens its banking business. The thesis is based on the M&A case, and the purpose of the study is to determine the reasons and motivations behind the M&A between two financial institutions as well as the company’s current development in order to analyze and understand what are synergistic gains that two banks benefit from the merger. In short, the study suggests that the merger between Yaunta financial holdings and Ta Chong Bank has created following M&A synergies—realizing economies of scale, balancing business structure, enhancing banking profitability, and maintaining steady asset quality. After merging with Ta Chong bank, Yaunta financial holdings transitioned from a securities brokerage-focused company to a holding company focused on Twins Pillar of securities and banking operations. Also, company’s Hong Kong branch, which was acquired from the M&A, will serve as a firm foothold in Chinese market in order for this banking giant Yaunta to achieve the goal of becoming best financial service provider in the Asia Pacific region.

由於科技進步、國與國之間的監管制度放寬，使得產業邁向全球化，進而帶動金融業的跨國併購浪潮，並開啟了併購領域之實證研究。過去學者對於銀行併購動機與併購績效之研究，所探討的因子層面有所不同，因此，本研究欲探討影響銀行進行跨國併購動機的國家特性差異，對主併銀行的併購績效有何影響。 由SDC併購資料庫選取2002年至2014年，已開發和新興市場國家之商業銀行跨國併購案件作為研究樣本，以事件研究法探討主併國與被併國之國家特性因子，如：經濟規模、經濟成長率、金融產業發展程度，以及兩國間心理距離等，對主併銀行宣告效果之影響。 結果發現僅目標國之金融產業發展程度與主併銀行宣告效果呈顯著負相關，即併購金融發展程度較低的國家銀行，能為主併銀行獲得更多成長機會，故市場對於主併銀行短期的績效反應較為正面，主併銀行擁有正的異常報酬。 此實證結果符合「獲利機會理論 (Focarelli and Pozzolo, 2001b) 」故當銀行選擇併購策略時，建議可考慮往金融產業發展程度較低的新興市場國家，以獲取更多的成長機會與獲利空間。 / With the advancement of technology and deregulation between countries, industries around the world have entered into a globalized era. Therefore, waves of cross-border merger and acquisition (M&A) among financial institutions have opened new area in M&A empirical research. Different factors were used in previous literatures on M&A motives and performance. As a result, this study examines whether country characteristic factors, which influence acquirer’s M&A motives, have impact on acquirer’s announcement effect. We use event study methodology with 105 final samples, which made of listed commercial banks in developed and emerging market countries (EMC) between 2002 and 2014, to analyze the effects of country characteristic factors (like GDP, GDP growth, financial development, and psychic distance) on the acquirer’s short-term performance. According to our results, we find that: First, on average, the acquirer’s announcement effect of EMC is higher than developed countries, but it is not statistically significant. Second, only the degree of financial development in target countries has significant impact on acquirer’s announcement effect, which is consistent with profit opportunity theory. Therefore, we suggest that acquirers can target commercial banks in financially underdeveloped countries to obtain more growth and profit opportunity.

The thesis reflects current issue of banking M&A in Europe and its consequences in the regulatory and supervisory area. The thesis sets a general topic of M&A into context of the banking industry. It drops the typology of consolidation entities, methods and reasons for consolidation. It examines the regulatory framework with accent on contemporary trends, namely the financial crisis and its impact into the regulatory and supervisory framework.

This thesis deals with legal, accounting and tax aspects of mergers in the legal environment of the Czech republic, particularly in relation to the amendment to Act. No. 125/2008 Coll., on Transformations of Trading Companies and Cooperatives, and to other related legislation. Furthermore, the paper identifies the main differences in accounting solutions when performed according to Czech accounting standards and IAS/IFRS, defines the basic features and characteristics of mergers and acquisitions and outlines their current importance in the international context. The above is demonstrated on the case of a merger of two capital-related companies in the telecommunications industry. Using quantitative and qualitative methods, the present work also evaluates the success of the selected transaction.

Purpose                               The main purpose of this study is to test in which part of the economic cycle that generates the best results on corporate acquisitions for the acquirer in the short-term. The study examines the Swedish market and has the aim to study both domestic and foreign acquisitions made by Swedish acquirers. The study also has a purpose of examining if there is a difference in results with domestic acquisitions and foreign acquisitions.   Theory The theoretical perspective will include previous research, concepts and theories. The theoretical framework includes Efficient market hypothesis, The random walk theory and the Non-random walk theory.  Method This study undertakes a quantitative approach with a deductive reasoning. The event study includes a 10 day event window (t-4, t+5). It is an event study that examines 100 acquisitions listed on the Nasdaq OMX Stockholm during the time period 2008- 2018.  Results Data has been collected from the databases Zephyr, Orbis and Nasdaq OMX Nordic. In the empirical foundation AAR and CAR is presented. The results show that it is better to make acquisitions during a upturn in the short-term perspective. The results also show a very slim difference between domestic and foreign acquisitions. / Syfte Syftet med denna studie är att undersöka i vilket konjunkturläge företagsförvärv genererar högst abnormal avkastning på det förvärvande företagets aktie på kort sikt. Studien mäter förvärv på den svenska marknaden och avser att analysera om förvärv utförda mellan svenska företag kontra svenska förvärv på utländska företag påverkar den abnormala avkastningen på. Teori Studien utgår från två stycken teorier och innefattar en referensram med utvalda tidigare forskningar inom området. Teorierna som ingår i studien är Effektiva marknadshypotesen och The Random walk som även inkluderar non-random walk. Metod Denna studie har en kvantitativ forskningsdesign med deduktiv ansats som bygger på ett metodval i form av eventstudie. Eventstudien består av ett eventfönster på 10 dagar (t-4 till t+5)och undersöker reaktionen på marknaden vid 100 stycken förvärv där det förvärvande företaget är börsnoterat på OMX Stockholm nasdaq. Resultat Datan är insamlad via databaserna Zephyr, Orbis och Nasdaq OMX Nordic. I empirinpresenteras AAR och CAR där resultaten visar på att det är bättre att genomföra förvärv i högkonjunktur i ett kortsiktigt perspektiv. Resultaten för inhemska kontra utländska marknadenvisar på väldigt små skillnader.

Purpose: The purpose of this study is to explore the role of IT specialists in systems integration during M&A processes including the issues faced during the process and provide suggestions based on experience from top management staff and IT specialists about improving the merger-IT integration process. Methods: In-depth interviews with open-ended questions were conducted on ten individuals belonging to the senior management of the companies under the study. The collected data were transcribed and analyzed and coded using qualitative thematic analysis to derive categories and themes. Results: The analysis resulted in 5 themes and 14 categories from a total of 39 codes. The analysis revealed the implications of "Underestimating the importance of IT" and analyzed the "Preferred IT integration approach" methods followed by the participants. The coded data also revealed the "Perception of management toward including IT and IT experts" and the “Issues faced in the M&A process due to the delay/non-involvement of IT experts". The results of the analysis conclude with the "Perceptions of managers toward the timing of IT integration" and suggestions from the participants based on their experiences. Conclusion: The five themes obtained from the qualitative thematic analysis from the interviews of ten participants suggest that IT and IT specialists were a necessary and core function of the M&A process. The analysis also recommends senior management responsible for the merger or acquisition engage IT, specialists, during the early stages of the process to enable better IT integration and follow a centralized approach towards merging the IT systems.