The Takeover Effect
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The Takeover Effect
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Author : Nisha Sharma
language : en
Publisher: HarperCollins
Release Date : 2019-04-02
The Takeover Effect written by Nisha Sharma and has been published by HarperCollins this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-04-02 with Fiction categories.
Hemdeep Singh knows exactly what he wants. With his intelligence and determination, he has what it takes to build his own legacy away from Bharat, Inc. and the empire his father created. But when his brother calls him home, Hem puts his dreams on hold once again to help save the company he walked away from. That’s when he encounters the devastating Mina Kohli in the Bharat boardroom, and he realizes he’s in for more than he had bargained. Mina will do whatever it takes to recover control of her mother’s law firm, even if it means agreeing to an arranged marriage. Her newest case assignment is to assist Bharat in the midst of a potential takeover. It could be the key to finally achieving her goal while preventing her marriage to a man she doesn’t love—as long as her explosive attraction to Hem doesn’t get in the way. As Mina and Hem work to save Bharat, they not only uncover secrets that could threaten the existence of the company, but they also learn that in a winner-takes-all game, love always comes out on top.
The Evolution Of The Determinants And Effects Of Corporate Takeovers In The United States 1980 1997
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Author : SUSANNE. TRIMBATH
language : en
Publisher:
Release Date : 2000
The Evolution Of The Determinants And Effects Of Corporate Takeovers In The United States 1980 1997 written by SUSANNE. TRIMBATH and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with categories.
This thesis provides empirical evidence on the determinants and effects of takeovers that is consistent with the view that corporate control activity enhances the use of resources. Neither economic nor financial models in the past have been able to present consistent results for firm performance characteristics that are generally determinant of the risk of takeover. Furthermore, the debate about the impact of corporate takeovers on the US economy remains unresolved. The purpose of this thesis is to examine the determinants and effects of takeovers using dynamic models. The research applies hazard analysis to the study of the determinants of risk and fixed effects panel data models to the study of the takeover effect. The econometric analysis uses a sample of 897 public companies ranked among the Fortune 500 largest firms between 1980 and 1997, including 276 firms that were taken over and 162 pairs of firms that were combined in takeovers. The primary measure of efficiency is cost per unit of revenue, measured as the cost of goods sold plus overhead as a fraction of sales. The analyses provide evidence that the risk of takeover increased for firms that were relatively inefficient, supporting a motive for takeovers as a means to exploit unrealized gains in the use of resources (social gains). An important feature detected in the data is a non-linear relationship between risk and size that changes intertemporally. Regulatory restrictions on takeover financing reduced the risk of takeover for larger firms after 1989. The general results are robust across categories of heterogeneity including bid resistance, the dismissal of target management and the type of corporation that acts as the buyer. Takeovers generated significant gains in efficiency throughout the period, although the size of the gains were reduced after the regulatory activity of the late 1980s. Ex post market values are reduced when cash is used in the method of payment, supporting the hypothesis that cash payments represent a pre-takeover distribution of value, in contrast to the “signaling hypothesis” which predicts lower shareholder returns for takeovers paid for with stock.
Takeover
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Author : Domingo Morel
language : en
Publisher: Oxford University Press
Release Date : 2017-12-15
Takeover written by Domingo Morel and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-12-15 with Political Science categories.
State takeovers of local governments have garnered national attention of late, particularly following the water crisis in Flint, Michigan. In most U.S. cities, local governments are responsible for decisions concerning matters such as the local water supply and school affairs. However, once a state takes over, this decision-making capability is shuttled. Despite the widespread attention that takeovers in Flint and Detroit have gained, we know little about how such takeovers--a policy option that has been in use since the 1980s--affect political power in local communities. By focusing on takeovers of local school districts, this book offers the first systematic study of state takeovers of local governments. Although many major U.S. cities have experienced state takeovers of their local school districts, we know little about the political causes and consequences of takeovers. Complicating this phenomenon are the justifications for state takeokers; while they are assumedly based on concerns with poor academic performance, questions of race and political power play a critical role in the takeover of local school districts. However, Domingo Morel brings clarity to these questions and limitations--he examines the factors that contribute to state takeovers as well as the effects and political implications of takeovers on racialized communities, the communities most often affected by them. Morel both lays out the conditions under which the policy will disempower or empower racial and ethnic minority populations, and expands our understanding of urban politics. Morel argues that state interventions are a part of the new normal for cities and offers a novel theoretical framework for understanding the presence of the state in America's urban areas. The book is built around an original study of nearly 1000 school districts, including every school district that has been taken over by their respective state, and a powerful case study of Newark, New Jersey.
The Nature Of Informed Option Trading Evidence From The Takeover Market
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Author : Marco Klapper
language : en
Publisher: Anchor Academic Publishing (aap_verlag)
Release Date : 2014-02-01
The Nature Of Informed Option Trading Evidence From The Takeover Market written by Marco Klapper and has been published by Anchor Academic Publishing (aap_verlag) this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-02-01 with Business & Economics categories.
This study examines the kind of information ‘informed’ traders have prior to a takeover announcement using options of target firms and elaborates on the cross-sectional relationship between options and stocks around takeover announcements. Financial markets are driven by information and by individuals that generate, process, and disclose this information to the market. Naturally, there have to be individuals who possess more information about a firm or a future event than other market participants. Mergers and acquisitions are particularly interesting events in this regard because they can have significant implications for the firms and stakeholders involved, as well as for the competitive dynamics in the respective market. Because of the large potential price impact of such transactions, traders with private information about a prospective takeover are expected to trade on this information to make a profit. But who are these ‘informed traders’ and what kind of information do they possess? This study tries to give a respond to this question.
Price And Probability
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Author : Vicente Cuñat
language : en
Publisher:
Release Date : 2017
Price And Probability written by Vicente Cuñat and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with Antitakeover strategies categories.
We study the causal effects of anti-takeover provisions on takeovers. We decompose their effect on prices, takeover likelihood and target selection and explore the channels through which they change shareholders' value. We provide causal estimates based on shareholder proposals and deal with the endogenous selection of targets through bounding techniques. Voting to remove an anti-takeover provision increases the annual takeover probability by 0.9% and increases premiums by 2.8%. The premium effect is driven by more related acquisitions, better matching and higher synergies when targets are less protected. We do not find evidence of a trade-off between premiums and takeover probabilities.
Knights Raiders And Targets
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Author : John C. Coffee
language : en
Publisher: Oxford University Press
Release Date : 1988
Knights Raiders And Targets written by John C. Coffee and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988 with Business & Economics categories.
Equity Ownership And Performance
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Author : Kerstin Groß
language : en
Publisher: Springer Science & Business Media
Release Date : 2007-05-06
Equity Ownership And Performance written by Kerstin Groß 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 2007-05-06 with Business & Economics categories.
The empirical studies presented in this book model the endogeneity by applying the simultaneous equations methodology on the relation of ownership and financial performance as well as on different ownership dimensions themselves. Its final model comprises a four equations system containing performance, general ownership concentration, managerial and institutional ownership.
The Effect Of Takeover Activity On Corporate Research And Development
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Author :
language : en
Publisher:
Release Date : 1987
The Effect Of Takeover Activity On Corporate Research And Development written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1987 with categories.
Takeover Laws And Financial Development
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Author : Tatiana Nenova
language : en
Publisher: World Bank Publications
Release Date : 2006
Takeover Laws And Financial Development written by Tatiana Nenova and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Acquisition categories.
The issue of "an appropriate" legal framework, especially in the case of the takeover market, has been poorly studied in the case of emerging markets, yet it is of immediate relevance and practical policymaker interest. The study makes a first attempt to analyze takeover regulations in a comparative context across 50 countries. It proposes a methodology to create a detailed index on the most salient features of capital market laws, and illustrates the approach on the case of takeover legislation. The methodology allows better understanding of the impact of laws on markets and development, allows a detailed quantification of a given regulation, in this case takeover market rules, and helps determine relevant policy implications. Specifically, the framework permits the exploration of the effects of individual regulations, their substitutability and interplay, as well as the overall extent of friendliness of the laws to investors, or particular groups thereof (such as minority shareholders), and the links of specialized regulation with the overall legal system. Finally, the study explores the effect of the investor-friendliness of takeover laws on stock market development.
The Law And Economics Of Takeovers
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Author : Athanasios Kouloridas
language : en
Publisher: Bloomsbury Publishing
Release Date : 2008-05-19
The Law And Economics Of Takeovers written by Athanasios Kouloridas and has been published by Bloomsbury Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-05-19 with Law categories.
This book studies takeovers from the acquirer's perspective. More precisely the book focuses on the legal and regulatory treatment of the risks faced by the acquiring company shareholders in takeovers. The identified risks are categorised into two main groups: first, risks generated by managerial choices and second, regulatory or external risks. The analysis considers the legal context but also draws on the economic literature, seeking to map the area under consideration and to suggest measures to improve the present position from both a law and economics perspective. More specifically, the book examines various methods of protecting the acquiring shareholders against value-decreasing or self-interested acquisitions, such as the class transaction rules, fiduciary duties, the acquiring directors' responsibilities under the Takeover Code, the court scheme procedure, the role of institutional shareholders and reward strategies, and methods of making the acquiring directors more exposed to the discipline of the market. The effects of the choice of the medium of payment are also covered. In addition, it covers the Code's position with regard to auction situations and seeks to identify ways of addressing the acquiring shareholders' interests in auctions, including auctions where buyout teams or white Knights are involved. Moreover it identifies situations where deviations from horizontal equality rules, which increase takeover premia, are or should be recognised. To that effect the Code's rules on mandatory bids, the determination of the price and the form of payment offered, partial offers and squeeze outs are considered. In addition, it covers the Code's position with regards to auction situations and seeks to identify ways of addressing the acquiring shareholders' interests in auctions, including auctions where buyout teams or White Knights are involved. Moreover it identifies situations where deviations from horizontal equality rules, which increase takeover premia, are or should be recognised. To that effect the Code's rules on mandatory bids, the determination of the price and the form of payment offered, partial offers and squeeze outs are considered. The analysis covers both hostile and friendly situations. In relation to hostile takeovers, the legal and regulatory framework of toehold strategies is analysed (Code's requirements, Disclosure Rules and Companies Act disclosure requirements etc). Market Abuse issues in relation to stake building are also highlighted. In relation to friendly takeovers the operation of lock-up agreements and break fees (Code's requirements, fiduciary law, financial assistance and other contract law concerns), is also explored. Finally, the Panel's position on adverse changes, pre-conditions and conditions which the offer can be subject to and the bidder's exposure to Material Adverse Change risk are assessed. The book discusses developments in the area under consideration including the Takeover Code regime after the implementation of the Takeover Directive and the Companies Act 2006.
