No description available.

No description available.

The aim of this thesis is to identify the financial characteristics of takeover targets in UK for the period 1982-1990. An examination of the financial characteristics of the target firms may bring about an immediate recognition of the motives of takeover activity. The present study attempts to identify the financial characteristics of takeover target firms both at an economy wide level and at an industrial level. The thesis has been motivated primarily by the fact that there is no comprehensive study examining mergers and acquisitions in the UK in the 1980s and particularly within an industrial classification framework. The present thesis provides a comprehensive study of merger and acquisition activity for the UK over the period 1982-1990. The sample selected includes an initial population of 314 target firms, 603 bidder firms and a sample of 236 non- target firms matched by industry with the target firms. The basic methodology is logit analysis. The novelty of the economy wide study of mergers and acquisitions is as follows: the use of multivariate logit for a study of the UK, the separation of the data into distinct estimation (1982-1985) and validation (1986-1990) periods and the binomial choice problem is differentiated into bidders versus targets and non targets versus targets. The industry by industry study examines the following sectors: chemicals, construction, food, electrical and electronics engineering and mechanical engineering. The present thesis suggests that the financial characteristics of target firms vary between different industries.

The number of domestic and cross border bank mergers and acquisitions (M&A) has increased over the last decade with a resultant impact on the bank dividend. This study examines the effect of M&A on the dividend policy by comparing the abnormal returns, profitability and dividend policy of the domestic and cross border bank acquirers. The study focused on EU mega-bank mergers and acquisitions within 1997-2007 involving only commercial-to-commercial banks. The sample consists of a total of 62 mega-M&A with a minimum deal value of €500 million. Three hypotheses were formulated specifically to test: (i) the wealth effect and geographical diversification of the M&A between domestic and cross border acquirers; (ii) the effect on in the financial performance of both acquirers and (iii) the M&A impact on dividend policy on banks after bank M&A. Two strands of the literature were reviewed focusing on M&A and dividend policy. The event study methodology was used to calculate the abnormal returns of both the domestic and cross border acquirers which were standardised. A long window of 61 days was applied to capture a satisfactory length of pre and post merger events that could capture the behaviour of the abnormal returns and consequent effect on dividend policy. The hierarchical regression model was used to estimate the impact of the variables on the profitability and dividend policy of the acquirer banks. In comparison with the domestic acquirers, the cross border abnormal returns showed a trend of significant negative results following the M&A announcement. The domestic acquirers showed no significance but, on average have higher cumulative total standardised abnormal returns (CTSAR) than the cross border acquired banks. The result of the financial performance showed that CTSAR of the cross border acquirers is significantly affected by the profitability of the banks but insignificant with domestic acquirers. However, the cost-to –income ratio (CIR) significantly affects the performance of both bank acquirers. CIR and RISK (measured by the ratio of the loan provision to net interest revenue of the banks) highly correlated with profitability of both the domestic and cross border acquirers. The management of costs and loans risks were found to be significant variables in the achievement of profitability among domestic acquirers. The dividend policy hypothesis result indicated that CTSAR has a weak correlation and insignificant effect on the dividend policy variables. Infact, the Causality test result confirmed that the CTSAR does not Granger cause dividend policy. However, the study provides strong support to previous studies that beta, liquidity, taxes, and the finance structure of the acquirers are significant variables in the formulation of the dividend policy of the merged banks. The beta, which a proxy for risk, is the most significant factor affecting the dividend policy of the merged banks.

I have lived through nineteen mergers and acquisitions and without moving companies, have signed eight employment contracts, all following M&As. Only two of the eight companies still trade, the others went bankrupt or shut down. My roles have been in engineering, sales, middle management and more recently a contributor at meetings where M&As were discussed and advisors attended. Despite professional advice, these M&As rarely turned out as planned including the envisaged growth and improvements. Often matters got worse, even for top executives. Yet, in both the literature and the way that people talk, businesses and individuals are portrayed as separate entities, M&As are aimed at changing only the businesses and are routinely associated with growth and improvements. My experience of M&As includes confusion about power and powerlessness, a sense of loss of valued relationships, identity issues and idealization of merged businesses. Using a narrative methodology and taking my experience seriously (Stacey and Griffin, 2005), I explore change and continuity through M&As and the experiencing of organizational upheavals. I also explore change in the idea of M&As and how we think of them. Drawing on complex responsive processes theory, I argue that we can enhance our understanding of change and continuity through M&As by exploring our experience of local interaction. Combined organizations as patterns of local interactions between people where these patterns emerge and evolve in the interplay of intentions, plans, actions and choices of all involved includes those between members of the merged organizations and between them and advisors, mediators, shareholders, competitors, customers, regulators and the media. To say that combined businesses emerge in this interplay is to understand change and continuity in terms of these evolving patterns of local interaction. These patterns include interpretations and conversations reflecting our ideologies, power relations, identities, idealizations and expectations about M&As. My expectations and reflections were influenced by and influence the discourse about M&As which I argue as social object evolves through our complex responsive processes of relating. Idealization of merged businesses, professional advice, the mainstream view of M&As as growth and improvement which amounts to ‘putting thought before action’ (Griffin, 2002: 25), all emerge and evolve through local interaction validating reflexive exploration of experience to enhance our understanding of change and continuity through M&As.

CROSS-BORDER BANK ACQUISITIONS AND COMPANY PERFORMANCE: THE CASE OF EMERGING MARKETS Demir, Mert MBA, Department of Business Administration Supervisor : Assist. Prof. Dr. Seza DaniSoglu May 2008, 103 pages In recent years, cross-border mergers and acquisitions have spurred in the global economy. With the breaking down of barriers around national economies, those economies that used to be centrally-planned and closed in the past have emerged as economies that offer invaluable investment and risk diversification opportunities that investors seek. As a natural result of this change, these economies become major targets for foreign investors. This thesis examines the impact of this foreign investment trend specifically for those bank mergers and acquisitions that take place in emerging economies. The impact of these transactions on the acquirer and target company shareholders and firm performance are analyzed and it is found that neither parties&rsquo / shareholders receive a significantly positive benefit in the short-term but there are significant benefits in the long-term. Moreover, while these bank consolidations resulted in improved profitability, efficiency and asset size for the target firms, no significant change is observed in deposit size, market share and capital adequacy of the targets. Similarly, improvement in profitability is evidenced for the acquirers while no major change in leverage risk is observed.

Mergers and Acquisitions (M&A) are major strategic initiatives undertaken by many organisations. Within the construction context, these have been used, amongst others, to accelerate growth, reduce the effects of the construction cycle, enter into new markets, and spread risk. During the last decade, M&A were recognised as the preferred vehicle for expansion into the global construction market. Major European and international construction organisations use mergers or acquisitions to increase their geographical coverage and business portfolio. Mergers and Acquisitions impact on a number of organisational dimensions ranging from `soft' issues such as organisational culture to `hard' issues such as IT integration. Four specific aspects of mergers and acquisitions are investigated within this thesis. These are as follows: Strategy, Business Portfolio and Performance Measurement of construction organisations and the impact of M&A on subsequent performance; the Acquisition Strategy adopted for entering emerging markets such as Central and Eastern Europe; the Impact of Mergers and Acquisitions on construction companies' Information Systems and Information Technology (IS/IT); and an Investigation of Knowledge Management Strategies for organisations that have undergone mergers and acquisitions. The thesis adopts a qualitative research methodology. An extensive literature review was conducted on mergers and acquisitions with particular emphasis on its use within the construction sector. The literature review provided a sound basis for theory development and identified areas in which further understanding was requiired. A multiple case study approach was selected for each of the four aspects studied and the data was obtained using semi-structured interviews. Based on the case study data, analysis and discussion were conducted resulting in conclusions for each of the four aspects investigated. The research concluded that Mergers and Acquisitions were an important vehicle for construction organisations to achieve growth, and expand geographically into new markets and new sectors. However,. the implications of mergers and acquisitions need to be understood and the processes . before, during and after the merger or acquisition is finalised need to be carefully planned and communicated to the relevant parties. Mergers and Acquisitions'- can offer' tremendous advantage to an organisation and several recommendations are made regarditig how the process may be improved within the construction context.

This paper utilizes a short-term event study to analyze the stock price reaction of domestic and foreign M&A target firms to the 2014, 2015, and 2016 Treasury regulatory announcements aimed at restricting corporate tax inversions. The results suggest that domestic M&A target firms experience insignificant abnormal returns as a result of the Treasury overlooking tax-favored acquisitions by foreign acquirers of domestic target firms with significant locked out earnings. Meanwhile, foreign M&A target firms experience insignificant abnormal returns associated with the ineffective 2014 and 2015 Treasury regulations and experience significant abnormal returns associated with the highly effective 2016 Treasury regulations. This paper contributes to the existing debate on corporate inversions by highlighting the common techniques used to escape the United States’ tax jurisdiction, as well as shedding light on a hidden inversion alternative that has been largely overlooked by the Treasury’s regulatory actions.

This paper investigates the influence of various macroeconomic variables on Japan’s merger and acquisition (M&A) activity, both in terms of total deal value and total number of deals. Looking at monthly data from June 1997 to December 2013, I use econometric time-series analysis to find that: First, total deal value per month is not well explained by our macroeconomic variables, but about half of the variation in number of deals per month can be explained by our dataset. Second, the most important determinant in the total number of deals per month during our period is the level of national debt, and interest rates had the opposite effect from what was originally expected. Third, adding lag variables to our analysis proved to be relatively fruitless. Finally, when taking a look at only the past couple of years to determine the effects of “Abenomics” on M&A activity in Japan, I conclude that there is not enough data, and better results would be obtained in the future.

Cette thèse sur le management des systèmes comptables dans les fusions-acquisitions repose sur l’étude de vingt-deux opérations de fusions-acquisitions réalisées entre 1992 et 2007 par quatre groupes, cotés ou non, opérant dans des secteurs différents (distribution, vins et spiritueux, champagne, sidérurgie). L’analyse des données est effectuée en utilisant la cartographie cognitive pour les entretiens et la matrice chronologique pour les autres données recueillies (observation directe, études de documents in-situ et externes). Les résultats montrent des approches différenciées et non linéaires selon les groupes acquéreurs. En s’inspirant des modèles d’acculturation, une double typologie des déterminants et des conséquences de l’intégration des systèmes comptables dans chaque groupe étudié et un modèle général ont été élaborés en distinguant quatre logiques d’intégration : l’absorption, la séparation, l’adoption partielle inversée et la combinaison. A partir de ce modèle, nous recensons les caractéristiques de l’intégration des systèmes comptables dans les quatre groupes étudiés en isolant les facteurs explicatifs et les conséquences dans chaque logique d’intégration. Ensuite, nous construisons une typologie de l’intégration des systèmes comptables dans les fusions-acquisitions en mettant en évidence les facteurs explicatifs prédominants tels que le mode de gestion peu ou très centralisé du groupe acquéreur et le niveau plus ou moins avancé des systèmes comptables du groupe acquéreur et de l’entreprise acquise. Au niveau des conséquences, l’adaptation plus ou moins volontaire des salariés aux changements organisationnels proposés ou imposés par le groupe acquéreur se détache fortement hormis dans la logique séparation où ces changements apparaissent comme mineurs dans la mesure où les équipes en place et les méthodes de travail sont maintenues. / This thesis on the management of the accounting systems in the mergers-acquisitions rests on the survey of twenty-two operations of mergers-acquisitions achieved between 1992 and 2007 by four groups, quoted or no, operating in different sectors (distribution, wines and spirits, champagne, steel industry). The analysis of the data is done while using the cognitive mapping for the interviews and the chronological matrix for the other introverted data (direct observation, study of in-situ documents and external). The results show the differentiated approaches and non linear according to the groupspurchasers. While being inspired by the acculturation models, a double typology of the determinants and the consequences of the accounting systems integration in every studied group and a general model has been elaborated while distinguishing four logical of integration: the absorption, the separation, the reversed partial adoption and the combination. From this model we count features of the accounting systems integration in the four studied groups while isolating the explanatory factors and the consequences in every logic of integration. Then, we construct a typology of the accounting systems integration in the mergers-acquisitions while putting little in evidence the predominant explanatory factors as the fashion of management or very centralized more or less of the group purchaser and the level advanced of the accounting systems of the grouppurchaser and the enterprise acquired. To the level of the consequences, the adaptation more or less voluntary of the salaried employee to the proposed organizational changes either imposed by the group purchaser detaches himself strongly except in the logical separation where these changes appear like miners insofar as the teams in place and themethods of work are maintained.