Corporate Takeovers And Productivity
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Corporate Takeovers And Productivity
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Author : Frank R. Lichtenberg
language : en
Publisher: MIT Press
Release Date : 1992
Corporate Takeovers And Productivity written by Frank R. Lichtenberg and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with Business & Economics categories.
In this revealing study Frank Lichtenberg uses Census Bureau and other data on hundreds of business transactions during the 1970s and 1980s to examine the effects of changes in corporate control on productivity. The 1980s saw explosive activity in the arena of corporate takeovers. In this revealing study Frank Lichtenberg uses Census Bureau and other data on hundreds of business transactions during the 1970s and 1980s to examine the effects of changes in corporate control on productivity. He concludes that the restructuring of the U.S. economy during the past decade has contributed to higher productivity and increased international competitiveness. Corporate Takeovers and Productivity examines the effects of mergers and acquisitions, in general, and leveraged buyouts, in particular on a number of important, interrelated variables: on the productivity and market share of manufacturing plants, on fixed and R&D investment, on the employment and wages of both blue- and white-collar workers, and on corporate diversification. Among Lichtenberg's findings are that the least productive plants are most likely to change owners - a change that tends to raise productivity performance; that takeovers significantly reduce the employment and wages of white-collar workers (except R&D personnel) but not of blue-collar workers; that industrial consolidation is one source of the productivity gains from takeovers; and that the U.S. LBOs and foreign mergers and acquisitions do not have the same effects as U.S. mergers and acquisitions.
Mergers And Productivity
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Author : Steven N. Kaplan
language : en
Publisher: University of Chicago Press
Release Date : 2007-12-01
Mergers And Productivity written by Steven N. Kaplan and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-12-01 with Business & Economics categories.
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.
Mergers
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Author : D. Fubini
language : en
Publisher: Springer
Release Date : 2016-01-12
Mergers written by D. Fubini and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-01-12 with Business & Economics categories.
Drawing on their own extensive integration experience, the systematic analysis of 167 mergers, and cutting edge academic research, the authors of this book identify the common leadership challenges to be tackled for the achievement of what we call 'corporate health', the most thorough and sustainable test of merger success.
Public Policy Toward Corporate Takeovers
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Author : Murray L. Weidenbaum
language : en
Publisher: Transaction Publishers
Release Date :
Public Policy Toward Corporate Takeovers written by Murray L. Weidenbaum and has been published by Transaction Publishers this book supported file pdf, txt, epub, kindle and other format this book has been release on with Political Science categories.
This volume examines critical issues in the debate over the effects' of the current wave of corporate takeovers. Media accounts are often sensational, but proposed public policy remedies need to be evaluated on the basis of more than simple rhetoric. The studies contained in this collection provide solid economic grounding for the debate. Public Policy Toward Corporate Takeovers is the result of extensive research sponsored by the Center for the Study of American Business and directed by Murray Weidenbaum; it examines key aspects of takeovers: the evolving regulatory role of the Antitrust Division, state versus federal authority over offensive and defensive takeover maneuvers, whether leveraged buyouts improve the firm's economic performance, and the validity of assertions about "entrenched" managements. The book also includes the views of the most publicized corporate raider, T. Boone Pickens. Balancing Pickens' highly favorable view of the value of hostile takeovers as a disciplining factor for subpar management performance is a chapter by David Ravenscraft of the Federal Trade Commission, who takes a long-term viewpoint and argues that the popular belief that takeovers create substantial efficiencies has not been borne out by the record. The overall findings do not fully support either side of the takeover controversy. The book presents both legal and economic perspectives, and suggests strategies for government policymakers as well as leaders of private enterprise.
The Impact Of Merger And Acquisition Activities On Corporate Performance Measured On An Accounting And Market Base
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Author : Malwina Woznik
language : en
Publisher: GRIN Verlag
Release Date : 2013-08-07
The Impact Of Merger And Acquisition Activities On Corporate Performance Measured On An Accounting And Market Base written by Malwina Woznik and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-08-07 with Business & Economics categories.
Master's Thesis from the year 2013 in the subject Business economics - Controlling, grade: 1,3, University of Cologne (Seminar für allgemeine BWL und Controlling), language: English, abstract: “Warren Buffett swallows Heinz: Sauce for the sage” – a typical takeover announcement was published lately on 14th February 2013. Warren Buffett, a well known inves tor, acquired along with the financial investor 3G Capital the H. J. Heinz Company for $ 28 billion. This is likely to become the largest transaction in the food industry. The company's stock price rose more than 20.0 percent after the publication which is a very characteristic reaction to deal announcements. Hence, the important question is, if transactions, such as the takeover of the H. J. Heinz Company, affect the corporate performance consistently. In general, the core idea about mergers and acquisitions (M&A) is to generate additional future growth if for example organic growth is limited. If two companies merge or a target is bought by another company (the acquirer), shareholders believe in synergy effects. These are revenue enhancements, cost reductions, tax gains and reduced capital requirements leading to business growth and thus to a higher value of the new company. However, it is questionable if this theory can also be experienced in the real world. Ever since the effects of M&A have been analysed, the market of the United States (US) was used as data source. This is plausible due to the fact that the very first information was well recorded for US companies. It is remarkable that literature contributes very little research on Europe, although the number of announced European transactions is comparable to those of the US. For example, in 2007 the European deals volume overtook the one from the United States of America (USA) for the first time. Moreover, research on single European countries almost never exists or only rarely. One exception is the United Kingdom (UK) with an early takeover history beginning in the 1960s. However, European countries should be analysed separately because of its high diversity regarding the accounting framework, the corporate governance or the legal and regulation structure. For instance, Germany is characterised by conservative accounting principles and a high regulation by the banking sector. These issues may also influence the M&A decision making process.
Performance Of Corporate Acquisitions Over The Medium Term In Germany
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Author :
language : de
Publisher: Springer-Verlag
Release Date : 2013-07-02
Performance Of Corporate Acquisitions Over The Medium Term In Germany written by and has been published by Springer-Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-07-02 with Business & Economics categories.
K. Randolf Scheller evaluates the excess stock returns not only during an announcement period, but over a longer term period of up to five years.
Takeovers Restructuring And Corporate Governance
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Author : John Fred Weston
language : en
Publisher:
Release Date : 2001
Takeovers Restructuring And Corporate Governance written by John Fred Weston and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Consolidation and merger of corporations categories.
The takeover process - The legal and regulatory framework - Accounting for M & As - Tax planning options - Strategic processes - Theories of mergers and tender offers - A chemical industry case study - Measurement of abnormal returns - The timing of merger activity - Empirical tests of M & A performance - Alternative approaches to valuation - Foundations of DCF spreadsheet valuation - Derivation of revenue growth valuation formulas - Derivation of investment opportunity valuation formulas - Increasing the value of the organization - Restructuring and divestitures - Restructuring organization and ownership relationships - Financial restructuring - Joint ventures and alliances - ESOPs and MLPs - Going private and leveraged buyouts - International takeovers and restructuring Share repurchade - Takeover defenses - Corporate governance and performance - Implementation and management guides for M & As.
A Grand Dinner Party
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Author : Pauline Greenidge
language : en
Publisher: Createspace Independent Publishing Platform
Release Date : 2016-08-30
A Grand Dinner Party written by Pauline Greenidge and has been published by Createspace Independent Publishing Platform this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-08-30 with categories.
Mergers and acquisitions are complicated business transactions that are occurring more frequently in today's business world. These types of business events are disruptive and impact employee productivity. Many books and articles have been written on the process of mergers and acquisitions. However, only a few of these specifically articulate the employee experience during these events. Even fewer describe what an actual merger or acquisition is like for employees and the steps an executive or business owner can take to manage and engage them through all of the phases of a merger or acquisition. This book was written for business owners, executive teams, and HR professionals who are in the planning stages of a merger or acquisition and want to realize and position the long-term value of an effective business transformation. The end goal of a merger or acquisition is to increase profitability, market share, opportunities, and growth-in essence, to transform. Planning ahead to properly engage your employees so they can help the organization achieve the desired transformation is the missing link in creating a successful merger or acquisition outcome. A Grand Dinner Party is a metaphor for the steps to create the employee engagement that underpins and drives corporate alignment and sustainable business results.
Takeovers
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Author :
language : en
Publisher:
Release Date : 1997
Takeovers written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Consolidation and merger of corporations categories.
Perspectives On Corporate Takeovers
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Author : Thomas J. Kopp
language : en
Publisher:
Release Date : 1990
Perspectives On Corporate Takeovers written by Thomas J. Kopp and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990 with Consolidation and merger of corporations categories.
Combining the experiences of those who have participated in mergers and acquisitions with those who have studied the phenomena, this book offers the reader a unique opportunity to access and to assess the current merger wave engulfing our economy. These articles illustrate the diverse concerns a discussion of this issue encompass, and why development of a consensus public policy has not been achieved. Contents: Perspective of an Acquisitions Veteran, A Common Sense Approach to Mergers and Acquisitions, The Impact of Acquisitions on the SCM Corporation 1966-1986, Managing a First Rate Investment into a Major Corporate Disaster: The European Health Spas Story, Sustainable Growth and Business Combinations, Mergers, Acquisitions, and Divestiture...Effects on Workers, Acquisition and Divestiture Strategy: The Stockholders' Perception, The Consequences for Stockholders of Fending Off Unfriendly Takeovers: The Case of UNOCAL versus Mesa Partners II, The Impact of Mergers and Acquisitions on Research and Development Expenditures, The Causal Factors in U.S. Merger Movements, Mergers & Acquisitions: A Classical Tale, Mergers in Higher Education.