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Book Synopsis An Efficiency Perspective on the Gains from Mergers and Asset Purchases by : Sugata Ray
Download or read book An Efficiency Perspective on the Gains from Mergers and Asset Purchases written by Sugata Ray and published by . This book was released on 2007 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
A rational, efficiency-based view of acquisitions imply that larger transactions generate greater gains for the acquirer and the seller. We test this prediction and find a positive relationship between acquirer abnormal returns and transaction size. This relationship holds for many classes of acquisitions, including asset purchases and mergers that target private firms. We find a similar relationship between total acquirer and seller abnormal returns and transaction size. The results suggest that, in general, acquisitions help shift capital to more productive owners. Furthermore, we present evidence demonstrating that the average acquirer captures a significant portion of the total gains generated from an acquisition.
Book Synopsis An Efficiency Perspective on the Gains from Mergers and Asset Purchases by : Sugata Ray
Download or read book An Efficiency Perspective on the Gains from Mergers and Asset Purchases written by Sugata Ray and published by . This book was released on 2009 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: A rational, efficiency-based view of acquisitions imply that larger transactions generate greater gains for the acquirer and the seller. We test this prediction and find a positive relationship between acquirer abnormal returns and transaction size. This relationship holds for many classes of acquisitions, including asset purchases and mergers that target private firms. We find a similar relationship between total acquirer and seller abnormal returns and transaction size. The results suggest that, in general, acquisitions help shift capital to more productive owners. Furthermore, we present evidence demonstrating that the average acquirer captures a significant portion of the total gains generated from an acquisition.
Book Synopsis Demand Elasticities in Antitrust Analysis by : Gregory Werden
Download or read book Demand Elasticities in Antitrust Analysis written by Gregory Werden and published by . This book was released on 1996 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Determinants of Cost Efficiencies in Bank Mergers by : Robert DeYoung
Download or read book Determinants of Cost Efficiencies in Bank Mergers written by Robert DeYoung and published by . This book was released on 1993 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Determinants and Effects of Mergers by : Dennis C. Mueller
Download or read book The Determinants and Effects of Mergers written by Dennis C. Mueller and published by Cambridge, Mass. : Oelgeschlager, Gunn & Hain ; Königstein/Ts. : Verlag A. Hain. This book was released on 1980 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt:
As the financial services industry becomes increasingly international, the more narrowly defined and historically protected national financial markets become less significant. Consequently, financial institutions must achieve a critical size in order to compete. Bank Mergers & Acquisitions analyses the major issues associated with the large wave of bank mergers and acquisitions in the 1990's. While the effects of these changes have been most pronounced in the commercial banking industry, they also have a profound impact on other financial institutions: insurance firms, investment banks, and institutional investors. Bank Mergers & Acquisitions is divided into three major sections: A general and theoretical background to the topic of bank mergers and acquisitions; the effect of bank mergers on efficiency and shareholders' wealth; and regulatory and legal issues associated with mergers of financial institutions. It brings together contributions from leading scholars and high-level practitioners in economics, finance and law.
Book Synopsis Bank Mergers & Acquisitions by : Yakov Amihud
Download or read book Bank Mergers & Acquisitions written by Yakov Amihud and published by Springer Science & Business Media. This book was released on 2013-04-17 with total page 249 pages. Available in PDF, EPUB and Kindle. Book excerpt: As the financial services industry becomes increasingly international, the more narrowly defined and historically protected national financial markets become less significant. Consequently, financial institutions must achieve a critical size in order to compete. Bank Mergers & Acquisitions analyses the major issues associated with the large wave of bank mergers and acquisitions in the 1990's. While the effects of these changes have been most pronounced in the commercial banking industry, they also have a profound impact on other financial institutions: insurance firms, investment banks, and institutional investors. Bank Mergers & Acquisitions is divided into three major sections: A general and theoretical background to the topic of bank mergers and acquisitions; the effect of bank mergers on efficiency and shareholders' wealth; and regulatory and legal issues associated with mergers of financial institutions. It brings together contributions from leading scholars and high-level practitioners in economics, finance and law.
Mergers and Productivity offers probing analyses of high-profile mergers in a variety of industries. Focusing on specific acquisitions, it illustrates the remarkable range of contingencies involved in any merger attempt. The authors clearly establish each merger's presumed objectives and the potential costs and benefits of the acquisition, and place it within the context of the broader industry. Striking conclusions that emerge from these case studies are that merger and acquisition activities were associated with technological or regulatory shocks, and that a merger's success or failure was dependent upon the acquirer's thorough understanding of the target, its corporate culture, and its workforce and wage structures prior to acquisition. Sifting through a wealth of carefully gathered evidence, these papers capture the richness, the complexity, and the economic intangibles inherent in contemporary merger activity in a way that large-scale studies of mergers cannot.
Book Synopsis Mergers and Productivity by : Steven N. Kaplan
Download or read book Mergers and Productivity written by Steven N. Kaplan and published by University of Chicago Press. This book was released on 2007-12-01 with total page 350 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mergers and Productivity offers probing analyses of high-profile mergers in a variety of industries. Focusing on specific acquisitions, it illustrates the remarkable range of contingencies involved in any merger attempt. The authors clearly establish each merger's presumed objectives and the potential costs and benefits of the acquisition, and place it within the context of the broader industry. Striking conclusions that emerge from these case studies are that merger and acquisition activities were associated with technological or regulatory shocks, and that a merger's success or failure was dependent upon the acquirer's thorough understanding of the target, its corporate culture, and its workforce and wage structures prior to acquisition. Sifting through a wealth of carefully gathered evidence, these papers capture the richness, the complexity, and the economic intangibles inherent in contemporary merger activity in a way that large-scale studies of mergers cannot.
The Handbook of the Economics of Corporate Governance, Volume One, covers all issues important to economists. It is organized around fundamental principles, whereas multidisciplinary books on corporate governance often concentrate on specific topics. Specific topics include Relevant Theory and Methods, Organizational Economic Models as They Pertain to Governance, Managerial Career Concerns, Assessment & Monitoring, and Signal Jamming, The Institutions and Practice of Governance, The Law and Economics of Governance, Takeovers, Buyouts, and the Market for Control, Executive Compensation, Dominant Shareholders, and more. Providing excellent overviews and summaries of extant research, this book presents advanced students in graduate programs with details and perspectives that other books overlook. Concentrates on underlying principles that change little, even as the empirical literature moves on Helps readers see corporate governance systems as interrelated or even intertwined external (country-level) and internal (firm-level) forces Reviews the methodological tools of the field (theory and empirical), the most relevant models, and the field’s substantive findings, all of which help point the way forward
Book Synopsis The Handbook of the Economics of Corporate Governance by : Benjamin Hermalin
Download or read book The Handbook of the Economics of Corporate Governance written by Benjamin Hermalin and published by Elsevier. This book was released on 2017-09-18 with total page 762 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Handbook of the Economics of Corporate Governance, Volume One, covers all issues important to economists. It is organized around fundamental principles, whereas multidisciplinary books on corporate governance often concentrate on specific topics. Specific topics include Relevant Theory and Methods, Organizational Economic Models as They Pertain to Governance, Managerial Career Concerns, Assessment & Monitoring, and Signal Jamming, The Institutions and Practice of Governance, The Law and Economics of Governance, Takeovers, Buyouts, and the Market for Control, Executive Compensation, Dominant Shareholders, and more. Providing excellent overviews and summaries of extant research, this book presents advanced students in graduate programs with details and perspectives that other books overlook. Concentrates on underlying principles that change little, even as the empirical literature moves on Helps readers see corporate governance systems as interrelated or even intertwined external (country-level) and internal (firm-level) forces Reviews the methodological tools of the field (theory and empirical), the most relevant models, and the field’s substantive findings, all of which help point the way forward
"Driven by ideology, economic reasoning, and early success stories, vast amounts of financial resources and effort have been spent on reforming infrastructure industries in developing countries. It is therefore important to examine whether evidence supports the logic of reforms. The authors review the empirical evidence on electricity reform in developing countries. They find that country institutions and sector governance play an important role in the success and failure of reform. And reforms also appear to have increased operating efficiency and expanded access to urban customers. However, the reforms have to a lesser degree passed on efficiency gains to customers, tackled distributional effects, and improved rural access. Moreover, some of the literature is not methodologically robust and on par with general development economics literature. Further, findings on some issues are limited and inconclusive, while other important areas are yet to be addressed. Until we know more, implementation of reforms will be more based on ideology and economic theory rather than solid economic evidence. "--World Bank web site.
Book Synopsis Electricity Sector Reform in Developing Countries by : Tooraj Jamasb
Download or read book Electricity Sector Reform in Developing Countries written by Tooraj Jamasb and published by World Bank Publications. This book was released on 2005 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Driven by ideology, economic reasoning, and early success stories, vast amounts of financial resources and effort have been spent on reforming infrastructure industries in developing countries. It is therefore important to examine whether evidence supports the logic of reforms. The authors review the empirical evidence on electricity reform in developing countries. They find that country institutions and sector governance play an important role in the success and failure of reform. And reforms also appear to have increased operating efficiency and expanded access to urban customers. However, the reforms have to a lesser degree passed on efficiency gains to customers, tackled distributional effects, and improved rural access. Moreover, some of the literature is not methodologically robust and on par with general development economics literature. Further, findings on some issues are limited and inconclusive, while other important areas are yet to be addressed. Until we know more, implementation of reforms will be more based on ideology and economic theory rather than solid economic evidence. "--World Bank web site.
Mergers and acquisitions are happening in record numbers, with billions of dollars changing hands and major corporate deals making headlines every day. But the harsh reality is that most deals fail. Why? Because the companies didn't plan, didn't prepare, and didn't perform up to expectations. They didn't think beyond the deal. This revolutionary guide--written by two top consultants who've worked with some of the biggest companies in the world--goes beyond other books on the subject by giving you a complete, systematic “framework” of hands-on strategies for every step of the process. No matter which side of the acquisition you're on, what stage of the game you're at, or whatever level of management you're in, you will learn how to create new value for yourself, recognize new opportunities for your team--and inspire unprecedented levels of performance for your organization. If you've got “the urge to merge” and the need to succeed, Beyond the Deal offers a wealth of ready-to-use tools and techniques, including: 6 essential keys to a smooth integration 4 steps to making a “quantum leap” in performance 3 common mistakes that lessen value 3 surefire ways to get your team on board Dozens of case examples, quizzes, checklists, and more In addition to step-by-step planning strategies, the book shows you how to assess a company's full potential and--more specifically--how to motivate full-time workers as they face new challenges, take on new responsibilities, and work with new people. You'll also find crucial advice on corporate branding, customer service, company leadership, and knowledge management. And you'll be surprised to discover just how do-able--and profitable--mergers and acquisitions can be. The book also includes self-questionnaires to test your “acquisition readiness,” case-by-case examples of famous successes and notorious failures, and other tools.
Book Synopsis Beyond the Deal: A Revolutionary Framework for Successful Mergers & Acquisitions That Achieve Breakthrough Performance Gains by : Hubert Saint-Onge
Download or read book Beyond the Deal: A Revolutionary Framework for Successful Mergers & Acquisitions That Achieve Breakthrough Performance Gains written by Hubert Saint-Onge and published by McGraw Hill Professional. This book was released on 2008-08-10 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mergers and acquisitions are happening in record numbers, with billions of dollars changing hands and major corporate deals making headlines every day. But the harsh reality is that most deals fail. Why? Because the companies didn't plan, didn't prepare, and didn't perform up to expectations. They didn't think beyond the deal. This revolutionary guide--written by two top consultants who've worked with some of the biggest companies in the world--goes beyond other books on the subject by giving you a complete, systematic “framework” of hands-on strategies for every step of the process. No matter which side of the acquisition you're on, what stage of the game you're at, or whatever level of management you're in, you will learn how to create new value for yourself, recognize new opportunities for your team--and inspire unprecedented levels of performance for your organization. If you've got “the urge to merge” and the need to succeed, Beyond the Deal offers a wealth of ready-to-use tools and techniques, including: 6 essential keys to a smooth integration 4 steps to making a “quantum leap” in performance 3 common mistakes that lessen value 3 surefire ways to get your team on board Dozens of case examples, quizzes, checklists, and more In addition to step-by-step planning strategies, the book shows you how to assess a company's full potential and--more specifically--how to motivate full-time workers as they face new challenges, take on new responsibilities, and work with new people. You'll also find crucial advice on corporate branding, customer service, company leadership, and knowledge management. And you'll be surprised to discover just how do-able--and profitable--mergers and acquisitions can be. The book also includes self-questionnaires to test your “acquisition readiness,” case-by-case examples of famous successes and notorious failures, and other tools.