Merger Announcement Returns with PreparationsLee, Sang-Hyun 01 January 2012 (has links)
This paper analyzes the relationship between the merger announcement returns and the bidding firms' preparations for mergers. In this study, merger preparations are defined as bidding firms' adaptive actions of changing their executives prior to mergers. An analysis of the relative effectiveness of merger preparations is conducted through event study for univariate tests. In addition, a regression for multivariate tests analyzes incentives for making merger preparations. The results of these studies indicate that (1) hiring of new executives from outside the target proves to be the most effective merger preparation, (2) firms who make merger preparations have higher returns, and (3) hiring of new executives from the targets proves to have negative effects on bidding firms' returns, though this can vary based on the relative size of the target.
Essays on horizontal merger simulation: the curse of dimensionality, retail price discrimination, and supply channel stage-gamesPofahl, Geoffrey Michael 25 April 2007 (has links)
In the words of Joel I. Klein, former Assistant Attorney General of the United States, Ã¢ÂÂ[a]ntitrust enforcement in the merger area has never been as time-consuming, complex, or as central to the functioning of our economy as it is todayÃ¢ÂÂ (Klein, 1998). As such, the development of transparent, efficient, and accurate merger analysis tools is an endeavor whose value continues to increase in the eyes of regulators and industry participants alike. Arguably, the most visible result of such endeavors is the emergence and advancement of a practice known as merger simulation. The first goal of this dissertation is to evaluate the merits of the Distance Metric (DM) demand model and its usefulness in merger simulations. Revered by its creators as easy-to-use, flexible, and able to handle large numbers of products, the DM approach has not received the Ã¢ÂÂroad-testingÃ¢ÂÂ necessary for establishing its practical usefulness. The DM model is used to estimate demand elasticities for 45 bottled-juice products. Elasticities are then used to simulate numerous hypothetical mergers. While adding validity to the alleged strengths of the DM approach, an additional contribution is made by demonstrating the robustness of merger simulation results across 22 DM specifications. Despite the oft-recognized reality of zone pricing by food retailers, this form of price discrimination has received little attention within the context of upstream merger analysis. Thus, the second objective of this dissertation is to relax the conventional merger simulation assumption of uniform pricing by retailers, allowing us to explore the impacts of zone pricing on post-merger price effects. Using the ready-to-eat cereals industry as a backdrop, it is shown that ignoring retail price discrimination veils a potentially diverse set of price effects that are otherwise lost in uniform pricing analyses. The goal of the final essay is to explore the implementation of more realistic supply channel interactions in merger simulations. In particular, a two-stage pricing game is used to conduct merger simulations in the refrigerated orange juice category. The overriding finding is that comparisons with conventionally used models will not be practical until the relationship between demand specification and two-stage game modeling is better understood.
Employees’ motivation in post-Merger phase : The Case of Premo and Bring Citymail, SwedenNasir, Ufra, Riaz, Adil January 2016 (has links)
Aim: The aim of our research is to explore and narrate the post-merger effects on employees' motivation and effective managerial role for the motivation management in the staff in Post-Merger Phase. Methodology: The research is qualitative and covers both, the managerial and employees’ approach through application of Herzberg (1966) motivational theory to assess certain changes in employees’ motivation level during the Post-Merger phase. Primary data is sourced from face to face interviews of respondents and narrated in empirical findings. Analysis and conclusion are derived on the basis of the State of Art theories. Conclusion: Merger affects the employees’ motivations by ignoring their motivational factors, communication and information sharing management. Managerial role is important to answer the employees’ job insecurities and maintain the level of their motivation effectively. Optimum employees-organization relationship can be secured through effective information and communication management for the success of corporate objectives and employees’ satisfaction. Contribution: The research greatly contributes towards knowledge in management studies and relevant information is useful for business management students, managers, and Merger implementing management about certain aspects of consequential organizational changes and motivational factors of the workforce. The repeated research to periodically observe the staff's motivation and effective managerial implements can enhance in-depth knowledge of potential effective remedies especially for new and possibly merging organizations. Through such kind of research works, Merger failure rate can be reduced and overcome gradually that result due to employee’s diminishing motivations at workplace and management's’ failure to take cognizance of Post-Merger changes in employee’s behaviour
Post-merger integration strategies :Chiu, Hung. Unknown Date (has links)
This research seeks to develop a model of PMI strategy, incorporating four constructs: M&A motives, PMI, M&A performance, and contextual factors. / Firms use Mergers and Acquisitions (M&As) to pursue growth as they are regarded as a fast and seemingly less expensive way to acquire production capacity, market share, and knowledge given the shortening product life cycles, fierce global competition, and accelerating technological innovations. However, the literature, studying M&A mechanisms from different perspectives, suggests most M&A deals fail. / Post-merger integration (PMI) is commonly agreed to be an extremely important decision making process for management, which ensures value creation through M&As. PMI is also a subject of great interest to management and academics in Taiwan, following an unprecedented M&A boom due to the entry into WTO, regional economic integration, and regulatory reform since the year 2000. / PMI is conceptualised through integration speed and scope to capture the construct's abstract meanings, and is observed in two specific aspects, task integration and human integration. The developed framework was tested across a sample of 51 M&A cases in Taiwan. The case survey method was used. Correlation and multiple regression analyses were conducted to investigate the proposed relationship. / This research confirms the relationship between M&A motives and integration scope, in that integration scope is positively associated with motives for synergy. Management style has a positive moderator effect on integration scope, but not integration speed. Firm size does not affect integration speed and scope. Knowledge has a significant moderator effect on integration speed and scope. / Thesis ((DBusinessAdministration)--University of South Australia, 2007.
Daňové aspekty přeměn společností při restrukturalizaci skupin / Tax aspects of restructuring proceses with the groupTrnka, Michal January 2011 (has links)
The aim of the thesis is, on one hand, to analyze various options of the group restructuring from the perspective of the Czech tax and accounting legislation and, on the other hand, to summarize the most important accounting and tax aspects arising from the Czech legislation. A partial aim is especially suggest the possibility of using a particular type of transformation in specific cases which should lead to an optimal tax regime. The thesis is mainly focused on the Czech legislation and on relevant European Union Directive.
German mergers & acquisitions in the USA transaction management and success /Wübben, Bernd. January 2007 (has links)
Univ., Diss., 2006 u.d.T.: Wübben, Bernd: German cross-border mergers and acquisitions in the United States--Witten, Herdecke.
German mergers & acquisitions in the USA transaction management and success /Wübben, Bernd. January 2007 (has links)
Univ., Diss., 2006 u.d.T.: Wübben, Bernd: German cross-border mergers and acquisitions in the United States--Witten,Herdecke.
Equilibrium and strategies of horizontal mergers inasymmetric differentiated oligopolyLU, Juan 21 August 2013 (has links)
Building an asymmetric differentiated goods quantity competition model, the present paper explores how substitutability of products, one of the factors affecting the unilateral effect, determines horizontal mergers and acquisitions equilibrium and strategies. It seems intuitively obvious that the merger between firms with goods that are sufficiently close substitutes can be more profitable. However, this thesis's counter-intuitive results show that, for some parameter values, a merger is more profitable for the merging firm when the target firm produces a distant substitutes (i.e., when it is not the closest competitor to the acquiring firm in the market).The theoretical analysis shows that to merge with firm with low substitute parameter is more profitable provided that target firms are close enough and the both of them are distant enough from merging firms. The results in Cournot model and Bertrand have some similarities, for example, they both harm to consumer surplus and the optimal strategy harms most. For the difference, for example, in Coumot model, whenever it is profitable to merge with a distant competitor, it is the optimal strategy, while in Bertrand model, it depends. The paper also extends the classical "horizontal merger paradox" to a setting of asymmetric differentiated oligopoly.
An emperical analysis on the effects of a merger on employees at Taletso FET college / P.B KgorobaKgoroba, P B January 2011 (has links)
The main focus of the study was to make an analysis on the impact of a merger on employees at Taletso FET College. In order to achieve this, it was necessary to consult literature on the subject which other researchers and writers had written on. This included an in-depth search using the Internet on the subject. This was necessary as it provided an overall understanding and gave insight to the study which also helped the researcher to tap into some other issues which were previously unknown to her. In conducting the investigation, the use of the questionnaire was found to be the best data collection instrument for the methodology. Reasons as to why the questionnaire was preferred as well as the disadvantages of the questionnaire were also stated. Participants were selected from the three colleges, which had merged to create Taletso FET College. The findings of the study were presented in a clear and understandable manner in the form of graphs. The study generally found that during mergers, human issues are often neglected and that if these issues are not properly addressed they can affect the success of the merger. The study through the results also displayed that when people are involved in the merger process, they are likely to remain loyal and remain in their jobs after the merger. It is for this reason that the study concludes that people need to be involved before and during the merger process. The study also gave its findings, conclusion and recommendations and advised that further research needed to be done as the subject was wide and in-exhaustive. / Thesis (MBA) North-West University, Mafikeng Campus, 2011
Cross border mergers and acquisitions: a new challenge to South African managers13 August 2012 (has links)
M.Comm. / South Africa has been going through a sweeping transformation process since the early 1990's. This transformation process unleashed new political and economic dynamics in the country which had far reaching consequences for all its citizens. One of the most important economical consequences of this process was trade liberalisation. The South African economy opened its doors overnight to a highly competitive international business environment. The sheltered economic seclusion characterised by the "apartheid era" was suddenly something of the past. The African National Congress government released its new macro-economic strategy entitled: Growth, employment and redistribution (GEAR) in 1996. It became evident that economic growth and job creation were the major challenges facing the new government. (Botha, 1998:6) South Africa, as an emerging market, is becoming more confident of its strength in an international environment and is viewed by the international community as the gateway to Africa and therefore an attractive partner of choice. (Parsons, 1999:41) South African businesses will in this regard inevitably be exposed to international practices and trends. One of these international trends is the rampant occurrence of cross-border mergers and acquisitions. Ettorre (1999:8) explains this trend as follows: "An astonishing $1,3 trillion in merger and acquisition activity took place in the United States in the first quarter of last year alone. That is a colossal urge to merge. Unfortunately, as the experts report, between 60 percent and 80 percent of mergers are financially unsuccessful. That is a colossal waste of resources and human capital".The merger and acquisition trend is moving like a tidal wave into the global arena.
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