This dissertation examines the relative importance of the information effect on corporate takeover in total takeover gains. It develops the measure of information effect based on the residual income valuation model with I/B/E/S analysts' abnormal earnings forecast revisions. Empirical results show that the information effect and the synergy are estimated to be around 4 percent and 22 percent respectively in the 1,372 US samples during 1980- 2006. Furthermore, almost all of the synergy gains disappear as the deal is expected to be failed while the measured information effect remains afterwards. The evidence suggests that the information effect is more evident in the disciplinary (failed & high Tobin's-q for bidders) or acquisitional (small capitalization & high book-to-market ratio for targets) takeovers while the synergy is greater in the successful tender-offer. Overall, the corporate takeover bid generates information gains up to 15 percent of total takeover gains. It also develops a theoretical model on the market for corporate control using the assumption that there exists management slack which does not contribute to shareholder wealth. This model provides explanations to several questions about corporate takeovers, which include the following: Why do managers prefer takeovers to other investment alternatives? When are they likely to occur? What are the sources of takeover gains? Do takeovers create value? Why are stock offers more common? Who gains from such transactions both in the long and short runs? Why do they occur in massive waves? Why is diversification often attractive to bidder managers? How does corporate governance play its role during this process? And why do managers often resist takeovers? The agency model this paper develops is compatible with existing theories on takeovers including neoclassical, inefficient stock market, and the free cash flow approach. Furthermore, it is consistent with most of the empirical evidence available.

Abstract As the privatization becomes trend of reorganization in public business for sustained management, many countries port authority press ahead with privatization plans . Many kinds of resistance will happen during privatization, and the biggest one is from the employee. In this study, the employees¡¦ recognition of privatization plans, recognition of personal development relative rights and interests security in privatization plans, and takeover to organizational change before Kaohsiung Port¡¦s privatization are considered. All sampling method was used, with respect to 290 crews of member of craft service of portof Kaohsiung . There are 238 effective questionnaires among a total of 290 questionnaires test, and the effective return rate is 82.06%. The data analysis employed in this study include the Description statistics, Analysis of correlation, One-way ANOVA, and Pearson¡¦s correl-ative, through SPSS for windows. According to the analysis data, some conclusions were given as follows: 1.Employees with different age and service seniority show a obvious difference on recognition to privatization plans . 2.Employees with different kinds of vessel show a obvious difference on personal development relative rights and interests security to privatization plans. 3.Employees with different class of crew show a obvious difference on takeover intention to privatization plans. 4."Recognition to privatization plans ¡¦s benefit" shows a "high positive correlation" with takeover to privatization plans; "Recognition to change anxiety" shows a "middle positive correlation" with takeover to privatization plans. 5. "Recognition to employee ¡¦s right" and "Recognition to change communication" show a "high positive correlation" with takeover to privatization plans; 6.Employees with different age have significant influence on surplus before accepting privatization plans. But others not have significant influence.

Thesis (doctoral)--Fernuniversität, Hagen, 2000. / Book on demand.

Zugl.: Tübingen, Univ., Diss., 2005

Zugl.: Jena, Univ., Diss., 2008

The performance of the nation‟s public schools continues to be a concern of policymakers, educators, and parents. Stakeholders cite the lack of academic achievement, disruptive student behavior, and failure to provide students with a safe and orderly school environment as evidence of being unsuccessful. To ensure school districts, schools, administrators, teachers, and students meet acceptable performance standards, states are implementing a variety of accountability policies. Two of the more controversial accountability approaches are state takeovers of local school districts and the reconstitution of schools. At least 29 states have enacted policies that allow the takeover of a school district. Changes in statute during the 1991 legislative session authorized the first takeover (conservatorship) section of the law in the state of Mississippi. Sections 37-17-6 and 37-17-7 of the Mississippi Code of 1972, as amended, describes the rationale for the initiation of the takeover process. To date, the Commission on School Accreditation (CSA) and the State Board of Education (SBE) have requested the Governor declare a state of emergency on 13 occasions in 12 Mississippi school districts. The purpose of this study was to determine what led to the state takeover of Sunflower County School District (SCSD), determine the takeover process used by the Mississippi Department of Education (MDE), and make recommendations to the MDE that will improve the sustainability of the success of the state takeover process after the conservator is removed from the district and the district regains control. The findings presented in this study are based on the analysis of data collected during the on-site evaluation of the school district. The SCSD was not fully compliant with any one of the 37 process standards as published in the Mississippi Public School Accountability Standards, 2009. Governor Haley Barbour signed a Proclamation in response to the Resolutions of the CSA and the SBE. The Proclamation declared that a state of emergency did exist in the SCSD that jeopardized the safety, security, and educational interests of the students enrolled in that district. The state of emergency was related to serious violations of accreditation standards, state law, and federal law.

No description available.

The specificity of the anglo-saxon and continental understanding of corporate governance The goal of my thesis is to characterise specifics of anglo-saxon and continental corporporate governance with regard to the different historic background, capital markets` development degree, theoretical issues, shareholder structure, methods of investment funding and the organizational structure models in both of these legal cultures. The scope of the research is focused only on comparison of two systems and concepts of the corporate governance rather than overall description and analysis of its every single aspect. Second part of this paper is dedicated to the takeover bids issue, as one of the external aspects of corporate governance. Subchapter 1.1 is introductory and endeavours to define the concept of corporate governance. Subchapter 1.2 examines the history and first ocuurence of the corporate governance issues that is very closely connected to the so called "separation of ownership and control" phenomenon. As far as the relationship between shareholders and management of the company is concerned, subchapter 1.3 deals with the agency problem in relation with its costs. The comparison of shareholder structure and company funding method is the core question of the subchapter 1.4. Following part describes...

Le transfert d'une entreprise, n'ayant ni de personnalité juridique, ni de patrimoine propre se traduit par une cession, directe ou indirecte, des actifs affectés à l'exploitation de l'entreprise ainsi que des droits et obligations qui y sont attachés. Elle peut résulter de différentes modalités techniques juridiques dont la finalité est la même : le transfert du pouvoir entrepreneurial. Il s'agit de la vente et de l'apport d'un fonds de commerce. Lorsque l'entreprise est organisée en société, cela comprend également la prise de contrôle par l'achat de droits sociaux et l'augmentation de capital réservée ainsi que la fusion-absorption. Utilisées pour répondre à des objectifs différents, ces techniques posent toutes des problèmes juridiques importants, tant à l'égard du cédant qu'à l'égard du cessionnaire. Ce travail de recherche tente d'analyser, à travers une approche pluridisciplinaire, les obstacles qui peuvent gêner la conclusion et l'exécution de l'opération de cession ainsi que les moyens de les éviter ou de les contrer afin d'assurer une sécurité optimale aux parties. Les régimes juridiques applicables à chacune de ces techniques et les contextes fiscaux qui leur sont associés sont passés en revue. Les mesures légales et conventionnelles de protection des salariés, des créanciers, des cocontractants et des concurrents qui risquent de voir leurs intérêts menacés sont intégrées dans l'analyse afin de s'assurer de l'opportunité et de la portée de l'opération à l'égard des tiers / The transfer of a business, having neither legal status nor its own assets, results in a, direct or indirect, disposal of the assets assigned to the business activity including the rights and obligations attached thereto. This transfer can result from various legal methods having the same purpose: to transfer the business decisional power. The methods concerned are the sale and the contribution of the business as a going concern (fonds de commerce). When the business is incorporated, the transfer may also result from a takeover by purchase of equity interests or reserved share capital increase as well as from a merger. These legal methods are used to meet various objectives. However, they all generate legal hurdles both vis-a-vis the transferor and the transferee. This thesis attempts to analyse, by a multi-disciplinary approach, the obstacles that may impede the conclusion and the execution of the transfer of ownership as well as the means of avoiding or circumventing those obstacles in order to reach the most desirable security for the parties. The legal regimes applicable to each one of these legal methods as well as the pertaining tax liabilities are reviewed. The legal and contractual protecting measures for employees, creditors, co-contractors and competitors who are likely to see their interests threatened are included in this analysis in order to measure the relevancy and the impact of the transfer of ownership with regard to third parties

Syftet med den här magisteruppsatsen är att undersöka hur tillkännagivandet av företags-förvärv påverkar aktieavkastningen på ett uppköpande bolaget. Testet är begränsat till före-tag som enbart är listade på Stockholmsbörsen under perioden 1996 till 2005. För att testa onormal avkastning användes marknads modellen. Resultatet visade att tillkännagivandet av företagsförvärv har en signifikant effekt på avkastningen för aktien för det bolag som ska förvärva. Majoriteten av uppköpande bolag upplevde en negativ onormal avkastning under test perioden (100 dagar före tillkännagivandet och 100 dagar efter). / The purpose of this master’s thesis is to examine the effect a corporate takeover an-nouncement has on share prices for acquiring companies. The test will only involve com-panies listed on the Stockholm Stock Exchange during the period 1996 to 2005. To test the effect an announcement has, abnormal return for a period before and after the takeover announcement was calculated. The findings from the testing showed that takeover an-nouncements have a significantly impact on shareholder return. The majority of acquirers in the sample had negative average abnormal returns during the event period (100 days prior to the announcement and 100 day after).