Zugl.: Bonn, University, Diss., 2005.

xii, 84 p. : ill. A print copy of this thesis is available through the UO Libraries. Search the library catalog for the location and call number. / In this dissertation, I investigate how cross-country differences in regulatory environments affect the value and distribution of gains in cross-border acquisitions. I focus on how pre-acquisition strategies to reduce the valuation discount arising from weak regulatory environments affect the value and distribution of gains between acquiring and target firms. The two specific strategies I examine are cross-listing and voluntarily adopting International Financial Reporting Standards (IFRS). I compare the value and distribution of synergy gains for target firms from weak regulatory environments that have cross-listed or adopted IFRS (i.e., "strategic firms") to (1) target firms in similar countries that have not done so (i.e., "non-strategic firms") and (2) target firms in strong regulatory environment countries. For the first group, I expect lower total synergy gains and merger premia in acquisitions involving strategic target firms. However, I expect higher total valuation gains (i.e., the merger premium plus the increase in value from the strategy) for strategic firms. For the second comparison group, I expect higher total synergy gains and merger premia in acquisitions involving strategic firms relative to firms from strong regulatory environments. I test my predictions on a sample of cross-border acquisitions completed in 26 countries between 1995-2007. In acquisitions involving target firms from weak regulatory environments, I find no evidence that either the total synergy gain or merger premium are smaller for strategic firms. In fact, I find some evidence that the total synergy gains are higher for strategic firms relative to non-strategic firms. I find some evidence of higher total valuation gains for cross-listed firms, consistent with my hypothesis. For the second comparison group, I find no evidence that either the total synergy gain or merger premium are higher for strategic firms. By examining cross-border acquisitions, my research provides evidence on an increasingly important and economically significant type of foreign direct investment. I relate literature investigating the determinants and distribution of merger synergies to literature analyzing methods to eliminate cross-country valuation discounts. Therefore, my research makes an important contribution by providing insights beyond identifying which party captures synergy gains in cross-border acquisitions. / Committee in charge: David Guenther, Chairperson, Accounting; Steven Matsunaga, Member, Accounting; Linda Krull, Member, Accounting; Bruce Blonigen, Outside Member, Economics

Abstract This dissertation investigates the success of technology M&As. The research question is approached through four separate empirical essays, each of which assesses a different but interrelated issue of value creation of technology M&As. The approach used throughout the dissertation is to consider the motives of improving acquirer’s R&D activity through the acquisition of a technology firm and stress the role of the interaction between acquirer’s and target’s resources. The first two essays investigate the valuation consequences of M&As, while the following two essays examine pricing implications of M&As. The results indicate that technology M&As are successful in enhancing the acquiring firm’s R&D activities to the extent that it manifests as an increase in the stock market valuation of acquirer’s R&D spending and its higher future profitability. The results also demonstrate that investors do not fully recognize these benefits at the announcement of M&A. Therefore investors benefit from technology M&As in the long run when these benefits begin to materialize. Furthermore, the results show that even when compared to other possible motives, enhancing acquirer’s R&D activities is an important and successful motive for M&As, emphasizing the absorptive capacity of the acquiring firm in generating synergies from the combination of two firms. Overall, the findings of the dissertation provide more evidence on the success of mergers and acquisitions motivated by technology improvement. The thesis emphasizes the interaction between acquirer’s and target’s resources in creating synergies from M&As, with a focus on technological resources. The evidence also has important implications for the literature on the stock market valuation of R&D expenditures as it indicates that technology M&As can be considered an R&D investment with significant impacts on this activity.

During the last century, not only the legal literature but also the literature in many fields along with government efforts on all levels, were all mainly devoted to the debate of trade liberalization in general, and specifically to the case of the expected gains from using international agreements as a tool to remove the trade barriers. Meanwhile, all the parties have paid little attention to profound questions about identifying the impediments that they are facing and the other possible options that might maximize the general welfare, which are the cross-border merger and acquisition transactions. This dissertation will address that under-researched question, and it will try to identify some of those impediments that are facing the cross-border merger and acquisition transactions. The dissertation will mainly focus on the different premerger control laws that are adopted around the globe, as an impediment that faces the cross-border mergers and acquisitions, and it will try to identify the drawbacks of those laws and most importantly develop and examine reforming proposals. The underlying result of this dissertation will reveal that the multijurisdictional premerger control laws across the globe have numerous drawbacks that are actual impediments that face mergers and acquisitions in general, and especially the cross-border transactions. In addition to that, the best reformative option is the abolishing of the premerger control laws, or in other words the deregulation of the cross-border merger and acquisition transactions. The conclusion of this dissertation is that using the law as a useful tool should be reinvented on two dimensions, at one end of the spectrum the law should enable the state possibilities that are required to give a hand and facilitate the entry to markets, by abolishing the premerger control laws i.e. deregulating mergers and acquisitions, and at the other end of the spectrum the law should grant the state the power to monitor and challenge those practices that might cause harm to employees or consumers, before the courts, along with the primary power to challenge anticompetitive behaviors.

Made available in DSpace on 2016-03-15T19:32:48Z (GMT). No. of bitstreams: 1 Luciana Orozco de Gouveia.pdf: 1798459 bytes, checksum: a904ad1d5c4396a53379f94d9ad04ac8 (MD5) Previous issue date: 2014-02-19 / The number of mergers and acquisitions transactions has grown increasingly, overcoming barriers of the country of the companies origins. This is due to the increased competition, forcing companies who wish to prosper, to seek inorganic growth through acquisitions. The objective of this research was to develop a methodology for prospecting in the customer base of the commercial bank, maximizing the efficiency of the investment bank in the search of potential mergers and acquisitions transactions. The developed model in this research can be used by M&A (Mergers and Acquisitions) analysts on investment banks, since it will be possible to perform a screening in the customer base of commercial bank already using existing information held by the bank to find counterparties in transactions of M&A. It was developed a qualitative exploratory study based on historical of mergers and acquisitions transactions in the healthcare industry , it was analyzed the reasons which provided mergers and acquisitions transactions, deals value and also the acquisitions made by public companies in the healthcare industry. After that it was made a model to find counterparts in the customer base of a commercial bank, to seek potential targets or buyers. This model was applied in a real case, showing satisfactory outcome. / O número de transações em fusões de aquisições vem aumentando e cada vez mais ultrapassando as barreiras do país de origem das companhias. Isso ocorre devido à concorrência mais acirrada que obriga as empresas, que desejam prosperar, a buscar crescimento inorgânico através de aquisições. O objetivo desta pesquisa foi elaborar um modelo de prospecção na base de clientes do banco comercial, maximizando a eficiência do banco de investimentos na busca de transações na área de fusões e aquisições. O modelo desenvolvido nesta pesquisa pode ser utilizado por analistas de F&A (Fusões e Aquisições) de banco de investimentos, uma vez que será possível realizar uma triagem na base de clientes do banco comercial, já utilizando as informações existentes em poder do banco para buscar contrapartes nas transações de F&A. Foi realizada uma pesquisa qualitativa exploratória baseada em transações históricas de fusões e aquisições no setor de saúde; foram estudados os motivos que originaram as transações de F&A, perfil das empresas, valores dos deals e ainda as aquisições realizadas no setor por empresas de capital aberto. Com o estudo realizado foi elaborado um modelo para buscar contrapartes na base de clientes de um banco comercial, tanto para buscar potenciais alvos como compradores. Modelo este que foi aplicado em um caso real, demonstrando resultado satisfatório.

Universiẗat, Diss.--St. Gallen, 2006. / Zsfassung in dt. u. engl. Sprache.

This study investigates the effect of the value of financial flexibility on bidder’s merger and acquisition (M&A) performance, including the differences between domestic and cross-border M&As and the effect of the financial crisis. Using data gathered between 2005-2012 of 3,882 M&As with the bidder from developed Europe or the U.S., OLS regressions are used to predict the effect of value of financial flexibility on the bidder’s cumulative abnormal returns (CARs). Findings reveal partial evidence to support a positive effect of the value of financial flexibility and the cross-border effect on bidder’s M&A performance. Collectively, these findings increase understanding of the interdependence of financial flexibility and investments.

Företag är i dagens tillvaro ständigt på jakt efter tillväxt och överlevnad. En metod för att lyckas med detta som har börjat ske mer och mer frekvent de senaste åren är att företag köper upp andra företag i form av ett företagsförvärv. Men forskning och litteratur har samtidigt pekat på att företagsförvärv i mer än 50 procent av fallen inte har hjälpt företag att nå fram till rena ekonomiska vinster. Trots detta har antalet företagsförvärv fortsatt att öka år efter år, och ökningen pågår än. Mycket forskning har tittat på en specifik aspekt av företagsförvärv, nämligen den kulturella aspekten. Forskare menar att kulturkrockar och andra problem med kulturen kan ha varit ett av problemen som påverkat och lett till den låga grad av framgång som har nåtts. Samtidigt finns det en bransch som har växt explosionsartat den senaste tiden, nämligen IT-branschen. Informationsteknik har utvecklats mycket i samband med det moderna samhällets tillväxt och det har nu till och med blivit en källa för rikedom som företag mer än gärna tar del av. Inom IT-branschen blir företagens kultur en viktig del att titta på, eftersom en dålig kultur kan få stora konsekvenser om den kunskapsrika personalen påverkas på ett negativt sätt. Denna studie avser därför att ta kännedom av hur svenska IT-företag som genomgått ett företagsförvärv förhåller sig till kulturen och kulturskillnader mellan företagen. I studien har integrationsprocessen undersökts genom intervjuer och skriftliga förfrågningar med åtta personer från sju olika företag inom IT-branschen. I uppsatsen har det också lagts fokus på företagens motiv bakom det gällande förvärvet. Dessutom har företagens årsredovisningar studerats. Resultatet visade att många av de förvärvande företagen absorberade det uppköpta företaget, med vilket menas att det förvärvade företagets arbetsprocess och kultur förändrades för att likna det nya moderbolagets. Undersökningen visade att de mest lyckade företagsförvärven hade ekonomiska motiv i grunden och att majoriteten av de med strategiska motiv ännu inte visat på någon framgång. / Companies today are in constant pursuit of market growth and survival. One possible method to achieve this, M&A, has become more frequent over the years as more and more companies acquire one another. At the same time, researchers have been pointing to the fact that mergers and acquisitions have been failing more than 50 per cent of recorded cases. Despite this, the number of M&A has had a continuous growth that is still going on today. At the same time, the IT-sector has experienced significant growth over the last years. Information technology has developed alongside the modern society’s advancement and has become a source of income for the corporate world. The Swedish IT-sector has been through a number of M&A:s as of late, and with numerous scientists pointing out possible cultural difficulties that can occur during mergers and acquisitions, this area becomes interesting to study. This essay seeks to explore how Swedish knowledge based IT-companies work around these cultural differences between the companies. Eight interviews have been held with mainly CEO:s, discussing their view of the cultural integration between companies during the acquisitions. Questions have also been asked about their motives behind the decision to go through such an expensive affair. The result showed that while the majority of the interviewed companies had a strategic motive, they were not the most successful. Instead, it was the organizations with economic reasoning that generated the most financial success. The study also showed that the most frequent form of integration was absorption.

Post-crisis market realities in Greece are expected to lead to increased M&A activity in the coming years, little evidence is provided in the academic literature on Greek M&A post-acquisition performance and its driving factors. The overall aim of this thesis is to complement and enhance the existing M&A literature by examining the impact of two post-acquisition actions, of asset divestiture and resource redeployment on the long-term performance of Greek M&A deals over the period 2005-2009. The conceptual framework of this thesis draws on the strategic management perspective. Using the cost efficiencies argument, the thesis examines how cost savings, due to asset divestiture affect the post-acquisition performance of both the target and the acquiring firm. In addition, by drawing on the resource-based view of the firm and the dynamic capabilities perspective, the thesis explores the effects of post-acquisition resource redeployment from acquirers to targets and vice versa, on revenue-enhancing capabilities. The findings revealed that the divestiture of the acquirers’ assets does not reduce costs. In addition, the importance of revenue-based synergies was shown, through the mediating variables of market coverage and innovation capabilities. Finally, acquirer’s resource redeployment has a positive and significant effect on cost savings and the same holds true for the resource redeployment to the target. These results indicate that resource redeployment contributes in achieving higher cost efficiency. The originality of this study is that it tries to obtain new insights on the subject of the post-acquisition performance using arguments from the cost-based and resourcebased synergies, the resource-based view (RBV) of the firm and the dynamic capabilities perspective. In addition, this is a large-scale empirical study conducted in Greece drawing on detailed primary data on a high range of post-acquisition actions followed by the managers of the acquiring companies rather than secondary data.

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