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Now showing items 17 - 32 of 13730

  • M/XDR-Tuberculosis: Therapy as Prevention

    Lange   C.  

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  • M/XDR-tuberculosis: therapy as prevention.

    Lange, C  

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  • Value creation from M&As: New evidence

    G. Alexandridis   N. Antypas   N. Travlos  

    Abstract M&A deals create more value for acquiring firm shareholders post-2009 than ever before. Public acquisitions fuel positive and statistically significant abnormal returns for acquirers while stock-for-stock deals no longer destroy value. Mega deals, priced at least $500 mil, typically associated with more pronounced agency problems, investor scrutiny and media attention, seem to be driving the documented upturn. Acquiring shareholders now gain $62 mil around the announcement of such deals; a $325 mil gain improvement compared to 1990–2009. The corresponding synergistic gains have also catapulted to more than $542 mil pointing to overall value creation from M&As on a large scale. Our results are robust to different measures and controls and appear to be linked with profound improvements in the quality of corporate governance among acquiring firms in the aftermath of the 2008 financial crisis. Highlights • M&A deals create more value for acquiring firm shareholders post-2009 than ever before. • Public acquisitions fuel positive and statistically significant abnormal returns for acquirers. • Mega deals, priced at least $500mil drive the documented upturn. • Acquiring shareholders now gain $62mil around the announcement of such deals while the corresponding synergistic gains have catapulted to more than $542mil. • Improvements in the quality of corporate governance among acquiring firms seem to explain the results.
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  • Stock-financed M&As of newly listed firms

    Signori, Andrea   Vismara, Silvio  

    Newly listed firms are increasingly active in mergers and acquisitions (M&As). The "stock as currency" motivation explains why firms engage in stock-financed acquisitions after their Initial Public Offering (IPO). We extend its implications by focusing on the role played by stock liquidity, which entails potential benefits not only for prospective acquirers, but also for targets. We find that 16.3 % of the population of 3433 firms going public in Europe from 1995 to 2009 become acquirers within 3 years of the IPO, while 16.8 % are targeted. Firms with more liquid stocks are more likely to acquire and complete a larger number of stock-financed acquisitions. More liquid firms are also more likely to be acquired, and at higher valuations. Our firm-level findings, supported by time-series regressions, imply that firms should time their IPO based on liquidity considerations to facilitate subsequent M&A activity as either acquirer or target.
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  • M&As in India: Trends and Evidence

    Chakrabarti, Rajesh  

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  • M&As in India: Trends and Evidence

    Chakrabarti, Rajesh  

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  • W. M. Epstein, Empowerment as Ceremony

    Artelt, Thomas A.  

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  • W. M. Epstein, Empowerment as Ceremony

    Artelt   Thomas A.  

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  • Assessing Corporate Governance in M&As

    Shapiro   David M.  

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  • Stock-financed M&As of newly listed firms

    Signori, Andrea   Vismara, Silvio  

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  • Professor Joachim M?ssner Retires as Editor-in-Chief

    Klar, Ernst   K?hler, Georg   Neurath, Markus F.  

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  • Assessing Corporate Governance in M&As

    Shapiro, David M.  

    This article considers how to assess whether the leadership of a merger and acquisition (M&A) target includes essential human resource from the acquirer's point of view. After all, M&A should be seen for what it is: a primarily privately controlled reordering of economic, financial, and human resources that occasionally leaves significant disruption in its wake. M&A needs to consider more than accounting and financial issues, thus becoming more professionalized, broader minded, and less exploitative and parochial. (C) 2015 Wiley Periodicals, Inc.
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  • Value creation from M&As: New evidence

    Alexandridis, G.   Antypas, N.   Travlos, N.  

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  • Value Creation from M&As: New Evidence

    Alexandridis, George; Antypas, Nikolaos; Travlos, Nickolaos G.  

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  • Value Creation from M&As: New Evidence

    Alexandridis George   Antypas Nikolaos   Travlos Nickolaos G.  

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  • Cross-Border M&As Involving an Emerging Market

    Kim, Byoung-jin; Jung, Jin-young  

    This study analyzes Korean firms' motives for cross-border M&As, Asia's representative emerging capital market, from the perspective of financial attributes, and defines the effects of group attributes of cross-border M&As on the wealth of acquiring firms' shareholders. As for the group attributes of cross-border M&As, shareholders of small firms with high ROA do not like cross-border M&As, because the shareholders of small acquiring firms with sufficient internal growth factors are reluctant to transfer their present wealth to shareholders of foreign target firms. We also verify that the diversification effect with regard to cross-border M&As is accompanied by the diversification discount, but that firms with ample internal funds due to their high ROA like entering into new industries through cross-border M&As. Lastly, when target companies are listed in countries with highly uncertain GDP growth rates, acquiring firms' value decreased.
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