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Now showing items 81 - 96 of 7881

  • Diversification in M&As: Decision and shareholders‿valuation

    Isabel Feito-Ruiza   Susana Menéndez-Requejob  

    The aim of this paper is to analyze the diversification decision in Mergers and Acquisitions (M&As) and how this decision is valued by acquiring shareholders, considering the influence of the legal and institutional environment. Using a sample of 447 M&As announced by European firms, which acquire a target in any country in the world over the period 2002-2007, we find that the weak legal and institutional environment in the bidder country has a positive impact on the diversification decision. After controlling the diversification endogeneity, we observe that acquiring shareholders value diversified M&As negatively in countries with strong legal and institutional environment. This result indicates that the benefits of the internal capital market effect dominate the agency conflicts‿effect. We also observe that acquiring firms with concentrated ownership structures value diversified M&As negatively in countries with strong legal and institutional environment.
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  • History as an Open Whole: The Metaphysics of Tone in Nikolai M. Karamzin

    Ol'khov, Pavel A.  

    This article discusses one of the least studied aspects of Nikolai Karamzin's legacy, the implicit preconditions for his historical thought. I argue that, in Karamzin's History of the Russian State and his other historical works, there are no rigid theoretical blueprints, nor an ideological design for ultimate meanings of historical processes and events. Therefore, it seems to be more promising to reconstruct the prerequisites of Karamzin's historical thought in the context of the organic (hermeneutic and dialogic) tradition found in the writings of Russian and Western thinkers of the nineteenth and twentieth centuries. It thus becomes possible to clarify Karamzin's understanding of history as an open semantic whole, which reveals the metaphysical tone of Karamzin's historical deed writing inherent in his historical thought.
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  • Dynamics of Fe atoms in Fe-gluconate as seen by M?ssbauer spectroscopy

    Dubiel, S M   Cie?lak, J  

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  • The certification role of financial advisors in cross-border M&As

    Francis, Bill B.   Hasan, Iftekhar   Sun, Xian  

    This paper examines the determinants of the choice of financial advisors and their impact on the announcement effects of US acquirers in cross-border M&As. Two hypotheses are tested: one pertains to the certification role of financial advisors, and the other relates to advisors' experience in target countries. Evidence supports the certification hypothesis in the selection of advisors, particularly in all-cash paid transactions where acquirers assume the entire risk of not realizing the expected synergy value. We also observe significantly more favorable shareholder reactions to the choice of US-domiciled advisors and foreign-domiciled advisors actively doing business in US markets. The fact that this positive reaction exists when the chosen US advisors do not have significant experience in the target country suggests how much US acquirers and shareholders value the certification role of financial advisors in cross-border M&As. (C) 2014 Elsevier Inc. All rights reserved.
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  • Strategies for M&As: when is acquisition the right mode to grow?

    Capron   Laurence  

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  • Can firms learn by observing? Evidence from cross-border M&As

    Francis, Bill B.   Hasan, Iftekhar   Sun, Xian   Waisman, Maya  

    In the presence of high uncertainty and limited experience, can observing the actions of other acquiring predecessors help firms make better acquisition decisions? Using a sample of cross-border M&As conducted by US acquirers in developing countries, we document a positive and significant relationship between an acquirer's performance and its predecessors' acquisition activity. This relationship is especially pronounced in the prevalence of news events about the outcome of predecessors' acquisitions, when predecessors consist of US peers from the same industry and/or when targets are based in culturally distant countries. Our findings shed light on one channel through which information spillovers across industries and acquiring firms could be a key driver of value creation in developing market cross-border M&As. (C) 2013 Elsevier B.V. All rights reserved.
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  • The impact of mispricing and growth on UK M&As

    Coakley, Jerry; Gazzaz, Heba; Thomas, Hardy  

    This paper investigates the impact of mispricing and growth on salient aspects of 434 UK merger and acquisition (M&A) deals over the 1990-2009 period. Mispricing is proxied by both the 26-week high price and misvaluation given by the deviation of target price from its estimated fundamental value. One or both of these variables has a significantly pervasive influence on all aspects of M&As studied. The target 26-week high price, misvaluation and growth all have a significant effect on both the offer premium and whether bidders pay with cash or stock for the full sample. The 26-week high price is the main driver for the overvalued (price exceeds value) target sub-sample and growth prospects for the undervalued target sub-sample. Short run abnormal returns around the announcement are driven by misvaluation only while offers in excess of the 26-week high and of fundamental value increase the probability of deal success.
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  • A structural event study for M&As: an application in corporate governance

    da Graça, Tarcisio; Masson, Robert  

    We apply structural event study methodology in the context of corporate governance to account for the interaction of two merger and acquisition (M&A) effects: synergy (total value) and dominance (bargaining power). The interaction of these effects simultaneously determines the parties' abnormal returns. We posit that M&A synergy effects correspond to changes in agency costs between target's management and target's shareholders, while the dominance effects correspond to the balance of power between acquirer and target during negotiations. Our structural estimates suggest that more stable or entrenched directors generate higher value during normal operations but are softer negotiators when their firm becomes an acquisition target.
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  • The M??ller-Lyer illusion as seen by an artificial neural network

    Garc?-a-Garibay Otto B.   de Lafuente Victor  

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  • Closing the Curtain: M. E. Braddon’s Last Performance as Mary Seyton

    Hatter   Janine  

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  • Increasing Foreign Banks' Presence through M&As: The Case of Turkey

    EDA ORHUN  

    Turkey had been a closed economy until the beginning of 1980s. However, this changed once the government adopted liberalization and de-regulation programs at that time. Decreasing entry barriers and approved foreign ownership in the banking sector naturally triggered more foreign bank entry in the coming years. This trend got changed in nature especially after the currency crisis of 2001. Recovering from the crisis stronger with a growing economy, Turkish banking sector with its technologically advanced banks evoked the appetite of foreign counterparts that mostly chose the entry method of M&As. This created the empirical fact that while the number of foreign banks have been increasing, the number of (local) private banks have been decreasing due to these acquisitions in the decade of 2000s. This paper presents data for the mentioned result together with the review of Turkish banking sector starting from 1980s. The paper also examines the major deals that were realized in the last decade and tries to understand the reasons of increased foreign bank presence by outlining the 'pull factors' of the Turkish economy.
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  • A Unified Theory of Forward- and Backward-looking M&As and Divestitures

    Qing Ma   Susheng Wang  

    This paper presents a unified theory of forward- and backward-looking M&As and divestitures. An M&A today may be a cause for a divestiture in the future; conversely a divesti- ture today may be a consequence of an M&A in the past. Hence, a decision on an M&A today should consider a possible divestiture in the future, and a planned divestiture in the future may be dependent on today's decisions. M&As and divestitures are not only two sides of the same coin, they are also causes and consequences of each other. In this paper, in a two-period model, two firms consider integrating or separating in each period. We analyze forward- and backward-looking M&As and divestitures, and compare them with static M&As and divesti- tures.
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  • M&As in the Process of Banking Consolidation-Preliminary Evidence from Vietnam

    Xuan Vinh Vo  

    The conduct of Mergers and Acquisitions (M&As) of commercial banks is an important activity in order to fulfill the strategic objectives of all banks involved. However, M&As activities in Vietnamese banking sector have unique characteristics because most of the recent deals are to consolidate the system. These are arranged by central bank and other financial regulatory authority bodies with the purpose of achieving a prudential financial system. This article examines the effects of M&As activities in banking sector by analyzing profits and risks of commercial banks pre and post M&As in the recent liberalization episode in Vietnam. The preliminary result suggests that most of commercial banks experience lower profits and higher credit risks after M&As. Hence, it seems that most of banks face more difficulties after M&As.
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  • Institutions and the performance of politically connected M&As

    Brockman, Paul   Rui, Oliver M   Zou, Huan  

    We investigate the association between a firm's political connections and its merger and acquisition (M&A) performance. Using a sample of M&A deals made by politically connected acquirers and their matched non-connected peers across 22 countries, we find that political connections play an economically significant role in post-merger performance. The nature of this effect depends on the institutional setting. In countries with strong legal systems or low levels of corruption, politically connected bidders underperform unconnected bidders by roughly 15% in terms of abnormal stock returns over a 3-year period. In contrast, politically connected bidders outperform unconnected bidders by more than 20% in countries with weak legal systems or high levels of corruption. We find more evidence of differential post-merger performance for domestic mergers than for cross-border mergers. Overall, our findings show that political connectedness has a significant influence on M&A activities, and the nature of this influence depends crucially on the institutional environment.
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  • “Shotgun” Bank M&As

    James S. Sagner  

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  • A structural event study for M&As: an application in corporate governance

    da Gra?a, Tarcisio   Masson, Robert  

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