Empirical Evidence On Shareholder Value Effects Of Corporate Restructuring
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Empirical Evidence On Shareholder Value Effects Of Corporate Restructuring
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Author : Arne Hildebrandt
language : en
Publisher: GRIN Verlag
Release Date : 2005-04-16
Empirical Evidence On Shareholder Value Effects Of Corporate Restructuring written by Arne Hildebrandt and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-04-16 with Business & Economics categories.
Seminar paper from the year 2004 in the subject Business economics - Investment and Finance, grade: 2,0, European Business School - International University Schloß Reichartshausen Oestrich-Winkel, language: English, abstract: It is the goal of this paper to provide an overview of empirical studies that might give evidences on how shareholder value responds to different modes of restruc-turing. Due to the restriction in pages, this study will give an insight in different modes of restructurings but will not go into detail on how corporate restructuring influences the shareholder value for specific regions or industries. Rather, the aim is to present a compact picture of the restructuring results which serve as an “appetizer” for further in depth readings about this topic. To do so, this paper will approach the subject step by step: The first part of this paper deals with fundamentals of corporate restructuring. It de-fines the term “shareholder value” and explains different approaches of how an effect of corporate restructuring can be measured monetarily. Furthermore, the term “corpo-rate restructuring” and the different changes in the firm’s portfolio, organization, or capital structure are described and categorized in an easily memorable model. The second part of the paper presents different important empirical studies of whether and how restructuring effects shareholder value. The model, described in the first part, is being employed to structure these findings and is being combined with the positive or negative impacts of the conducted method of restructuring. Lastly, the third part will briefly summarize the introduced effects on shareholder value and will give advice as to which forms of restructuring should be accomplished to enhance the overall economic performance of the firm and therefore the shareholder value.
The Art Of Capital Restructuring
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Author : H. Kent Baker
language : en
Publisher: John Wiley & Sons
Release Date : 2011-06-07
The Art Of Capital Restructuring written by H. Kent Baker and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-06-07 with Business & Economics categories.
The most up-to-date guide on making the right capital restructuring moves The Art of Capital Restructuring provides a fresh look at the current state of mergers, acquisitions, and corporate restructuring around the world. The dynamic nature of M&As requires an evolving understanding of the field, and this book considers several different forms of physical restructuring such as divestitures as well as financial restructuring, which refers to alterations in the capital structure of the firm. The Art of Capital Restructuring not only explains the financial aspects of these transactions but also examines legal, regulatory, tax, ethical, social, and behavioral considerations. In addition to this timely information, coverage also includes discussion of basic concepts, motives, strategies, and techniques as well as their application to increasingly complex, real-world situations. Emphasizes best practices that lead to M&A success Contains important and relevant research studies based on recent developments in the field Comprised of contributed chapters from both experienced professionals and academics, offering a variety of perspectives and a rich interplay of ideas Skillfully blending theory with practice, this book will put you in a better position to make the right decisions with regard to capital restructuring in today's dynamic business world.
The Art Of Capital Restructuring
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Author : H. Kent Baker
language : en
Publisher: John Wiley & Sons
Release Date : 2011-07-28
The Art Of Capital Restructuring written by H. Kent Baker and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-07-28 with Business & Economics categories.
The most up-to-date guide on making the right capital restructuring moves The Art of Capital Restructuring provides a fresh look at the current state of mergers, acquisitions, and corporate restructuring around the world. The dynamic nature of M&As requires an evolving understanding of the field, and this book considers several different forms of physical restructuring such as divestitures as well as financial restructuring, which refers to alterations in the capital structure of the firm. The Art of Capital Restructuring not only explains the financial aspects of these transactions but also examines legal, regulatory, tax, ethical, social, and behavioral considerations. In addition to this timely information, coverage also includes discussion of basic concepts, motives, strategies, and techniques as well as their application to increasingly complex, real-world situations. Emphasizes best practices that lead to M&A success Contains important and relevant research studies based on recent developments in the field Comprised of contributed chapters from both experienced professionals and academics, offering a variety of perspectives and a rich interplay of ideas Skillfully blending theory with practice, this book will put you in a better position to make the right decisions with regard to capital restructuring in today's dynamic business world.
Financial Distress Corporate Restructuring And Firm Survival
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Author : Philipp Jostarndt
language : en
Publisher: Springer Science & Business Media
Release Date : 2007-11-17
Financial Distress Corporate Restructuring And Firm Survival written by Philipp Jostarndt and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-11-17 with Business & Economics categories.
Philipp Jostarndt studies distress-induced changes in ownership and control, success factors in distressed equity infusions, and firms’ choice between in- and out-of-court debt restructurings. In addition, he analyzes the determinants of survival, acquisition, and bankruptcy as alternative paths to exit financial distress. He includes both the firm perspective as well as the market valuations of the undertaken restructurings and, where applicable, relates the findings to the microstructure of Germany’s revised bankruptcy legislation.
Corporate Restructuring
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Author : Milton L. Rock
language : en
Publisher: McGraw-Hill Companies
Release Date : 1990
Corporate Restructuring written by Milton L. Rock and has been published by McGraw-Hill Companies this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990 with Business & Economics categories.
Restructuring For Growth
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Author : John C. Michaelson
language : en
Publisher: McGraw Hill Professional
Release Date : 2003
Restructuring For Growth written by John C. Michaelson and has been published by McGraw Hill Professional this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Business & Economics categories.
This text demonstrates how restructuring via financial transactions leads to growth and improves shareholder value. There is in-depth information on topics such as: initial public offerings as value-building events; characteristics of spin-offs and carve-outs; and sale and merger alternatives.
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.
Corporate Restructuring
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Author : Bjørn Espen Eckbo
language : en
Publisher: Now Pub
Release Date : 2013-07
Corporate Restructuring written by Bjørn Espen Eckbo and has been published by Now Pub this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-07 with Business & Economics categories.
We survey the empirical literature on corporate financial restructuring, including breakup transactions (divestitures, spinoffs, equity carveouts, tracking stocks), leveraged recapitalizations, and leveraged buyouts (LBOs). For each transaction type, we survey techniques, deal financing, transaction volume, valuation effects and potential sources of restructuring gains. Many breakup transactions appear to be a response to excessive conglomeration and attempt to reverse a potentially costly diversification discount. The empirical evidence shows that the typical restructuring creates substantial value for shareholders. The value-drivers include elimination of costly cross-subsidizations characterizing internal capital markets, reduction in financing costs for subsidiaries through asset securitization and increased divisional transparency, improved (and more focused) investment programs, reduction in agency costs of free cash flow, implementation of executive compensation schemes with greater pay-performance sensitivity, and increased monitoring by lenders and LBO sponsors. Buyouts after the 1990s on average create value similar to LBOs of the 1980s. Recent developments include consortiums of private equity funds (club deals), exits through secondary buyouts (sale to another LBO fund), and evidence of persistence in fund returns. LBO deal financing has evolved toward lower leverage ratios. In Europe, recent deals are financed with less leveraged loans and mezzanine debt and more high-yield debt than before. Future research challenges include integrating analyses across transaction types and financing mixes, and producing unbiased estimates of the expected return from buyout investments in the presence of limited data on portfolio companies that do not return to public status.
Creating Value Through Corporate Restructuring
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Author : Stuart C. Gilson
language : en
Publisher: John Wiley & Sons
Release Date : 2010-04-05
Creating Value Through Corporate Restructuring written by Stuart C. Gilson and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-04-05 with Business & Economics categories.
An updated look at how corporate restructuring really works Stuart Gilson is one of the leading corporate restructuring experts in the United States, teaching thousands of students and consulting with numerous companies. Now, in the second edition of this bestselling book, Gilson returns to present new insight into corporate restructuring. Through real-world case studies that involve some of the most prominent restructurings of the last ten years, and highlighting the increased role of hedge funds in distressed investing, you'll develop a better sense of the restructuring process and how it can truly create value. In addition to "classic" buyout and structuring case studies, this second edition includes coverage of Delphi, General Motors, the Finova Group and Warren Buffett, Kmart and Sears, Adelphia Communications, Seagate Technology, Dupont-Conoco, and even the Eurotunnel debt restructuring. Covers corporate bankruptcy reorganization, debt workouts, "vulture" investing, equity spin-offs, asset divestitures, and much more Addresses the effect of employee layoffs and corporate downsizing Examines how companies allocate value and when a corporation should "pull the trigger" From hedge funds to financial fraud to subprime busts, this second edition offers a rare look at some of the most innovative and controversial restructurings ever.
Radical Restructuring
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Author : Stuart C. Gilson
language : en
Publisher: Wiley
Release Date : 2021-12-02
Radical Restructuring written by Stuart C. Gilson and has been published by Wiley this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-12-02 with Business & Economics categories.
Improve shareholder value through proactive corporate restructuring practices From a Harvard professor and widely recognized expert in the field comes a cutting edge look at how to use corporate restructuring to improve shareholder value. Radical Restructuring: Strategies to Increase Financial Performance looks at corporate restructuring as a creative tool to proactively improve the business rather than as a reactionary way to avert financial ruin. It was written using the author's extensive and award-winning research on domestic and international restructuring over the past two decades. All businesses must provide value to their shareholders in order to succeed, and that value can be expanded dramatically through the use of smart business strategies. This book examines proactive ways to use corporate restructuring in order to exploit new opportunities, boost financial performance, and increase competitive advantage. Discover how to use restructuring strategies like spin-offs, mergers, bankruptcy, and tort claims to return health to the business Study restructuring theory, particularly as it relates to corporate restructuring Learn how to identify the right restructuring strategies for specific business objectives Read real world examples from companies like Humana, Lucent, Delphi Automotive, Continental Airlines, Scott Paper, Agilent Technologies, and Dupont-Conoco The focus of the book is not on restructuring because of bankruptcy or poor management problems, but rather on restructuring as a business tool to facilitate change and growth in an organization. With real success stories to supplement the theory, this book is ideal for finance professionals, managers, institutional investors, and even students looking to better understand how to utilize restructuring practices to solve today's most pressing business challenges.