Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download A Study On The Role Of Financial Performance In Pre And Post Mergers And Acquisitions Transactions PDF full book. Access full book title A Study On The Role Of Financial Performance In Pre And Post Mergers And Acquisitions Transactions.
| Author | : Hong Zou |
| Publisher | : |
| Total Pages | : |
| Release | : 2017 |
| Genre | : |
| ISBN | : |
| Author | : Eli Amir |
| Publisher | : Springer Nature |
| Total Pages | : 304 |
| Release | : 2021-02-02 |
| Genre | : Business & Economics |
| ISBN | : 3030617696 |
Mergers and acquisitions (M&As) reshape the corporate landscape helping companies expand market share and gain a strategic advantage. The ability to understand and analyze these transactions is a crucial skill. The first step in acquiring that skill is being able to gather and analyse information on M&As from public sources, such as financial statements. This textbook helps its readers better analyze M&A transactions using information provided in financial statements. Covering accounting and reporting of consolidations, goodwill, non-controlling interests, step acquisitions, spin-offs, equity carve-outs, joint ventures, leveraged buyouts, disposal of subsidiaries, special purpose entities, and taxes, it focuses on the link between underlying economic events and the information in financial statements and how this link affects the assessment of corporate performance. The first part of the book provides description of the accounting rules governing M&A transactions, while the second part includes cases of M&A transactions. Each case focuses on a different element of an M&A transaction, and it is followed by a detailed solution with a complete analysis. Unlike other books in this field, this textbook focuses exclusively on accounting and financial analysis for graduate and upper undergraduate level courses in financial analysis, corporate finance, and financial accounting.
| Author | : David Faulkner |
| Publisher | : OUP Oxford |
| Total Pages | : 784 |
| Release | : 2012-06-07 |
| Genre | : Business & Economics |
| ISBN | : 0191628034 |
With its inception at the end of the nineteenth century as a means of consolidation and reorganization, mergers and acquisitions (M&A) have since become quasi-institutionalized as one of the primary strategic options for organizations, as they seek to secure their position in an ever more competitive and globalizing market place. Despite the optimism surrounding M&A as strategic moves, research on post-merger company performance suggests that most firms engaging in M&A activity do not achieve the sought-after performance targets, either immediately or in the years following the deal. What is it that drives M&A activity when research results do not support the performance expectations of these undertakings? Alternatively, have M&A scholars got it all wrong in the way that M&A performance is measured? Is the topic too complex, enduring, and multifaceted to study? The Handbook argues that the field of M&A is in need of a re-rooting: past research needs to be critically reviewed, and fundamental assumptions revisited. A key issue preventing efforts in the practice and study of M&A from achieving dynamic syntheses has been the disciplinary gulf separating strategy, finance, and human relations schools. The Handbook aims to bridge the hitherto separate disciplines engaged in the study and practice of M&A to provide more meaningful results. Toward this end, the Handbook brings together a set of prominent and emerging scholars and practitioners engaged in the study of M&A to provide thought-provoking, state of the art overviews of M&A through four specific 'lenses' - strategic, financial, socio-cultural, and sectorial approaches. By summarizing key findings in current research and exploring ways in which the differing approaches could and should be 'synthesized', it aims to highlight the key issues facing M&A practitioners and academics at the dawn of the third millennium.
| Author | : Sydney Finkelstein |
| Publisher | : Emerald Group Publishing |
| Total Pages | : 182 |
| Release | : 2015-07-14 |
| Genre | : Business & Economics |
| ISBN | : 1785600907 |
These ten chapters explore sequential aspects of the M & A process, from the pre-combination phase, to issues that should be taken into account when considering a merger or acquisition, to post-merger integration concerning the determinants of acquisition performance.
| Author | : William Duncan |
| Publisher | : Dog Ear Publishing |
| Total Pages | : 304 |
| Release | : 2006-08 |
| Genre | : Consolidation and merger of corporations |
| ISBN | : 1598581686 |
Inside this book, you'll find.. Three root causes of most M&A failures (Chapter 1) Ten lessons we should all learn from the history of mergers and acquisitions (Chapter 2) What every manager should know about the odds of succeeding in mergers and acquisitions today (Chapter 3) Six reasons that acquirers become enamored with acquisition targets, and overpay for them (Chapter 3) Seven "best practices" of today's most successful business acquirers (Chapter 3) Advice from C-level executives in M&A-built companies about what works, what doesn't, and why (Chapter 3) How to avoid the most commonly cited problems that drain financial performance from M&A transactions (Chapter 4) How to assess your company's preparedness to benefit from M&A - whether the M&A is in your company's past or its future (Chapter 6) How to align leadership, business processes, and information systems to capture earnings and market share (Chapters 7 through 9) How to utilize a strengthened platform of leadership, processes and systems to accelerate and heighten the benefits of future mergers and acquisitions (Chapter 10) ..and a special bonus feature for busy executives who need to home in quickly on the most pertinent information: An executive summary of each chapter is contained in the book's introduction, enabling the reader to turn immediately to topics of greatest interest. Enterprise Optimization Is filled with powerful, detailed examples from A&D, Manufacturing, Healthcare, Financial Services, and Telecommunications industries showing exactly how to drive M&A activity directly to bottom-line financial performance Decades of studies show that most mergers and acquisitions fail to deliver on promised financial results. In fact, many of them actually destroy shareholder value If your company has mergers or acquisitions in its history, there is a strong likelihood that a lot of money was left on the table. This book explains why that happens, and how to recapture those earnings. The first half of this book explores the reasons that so many M&A transactions produce poor results. It also includes detailed explanations of how M&A pitfalls can be avoided. It contains original research, insights from interviews with C-level executives in M&A-built corporations, and survey results from senior managers with extensive M&A experience. The second half of this book lays out a winning approach to achieving real leverage from the total asset base of the merged enterprise, strengthening business processes and information systems to achieve sustainable competitive advantage. It also describes how to use this platform of strengthened performance to accelerate the financial gains from future mergers and acquisitions. Rich in detail, this book is packed with powerful illustrations from A&D, Telecommunications, Health Care, Financial Services, and Manufacturing industries. Bill Duncan has spent more than 30 years in management positions at some of the largest and most successful companies in the world including John Deere, McDonnell Douglas, and Boeing. He is an award-winning author with three other business books and numerous articles to his credit. He has taught courses in Strategic Planning all over the U.S. as well as Asia, and courses in Information Systems at major universities. As Director of Production, Director of Materials Management, Director of Information Systems, and Vice President of Operations, he has experience on both sides of the M&A table, in the United States as well as internationally. Now a management consultant, Duncan encounters many clients with millions of dollars in unrealized earnings and uncaptured market share as a result of previous acquisitions and mergers. He has written this book to help business leaders understand how to recover the money that was left "on the table," and produce sustainable competitive advantage.
| Author | : Suruchi Juneja |
| Publisher | : LAP Lambert Academic Publishing |
| Total Pages | : 80 |
| Release | : 2012 |
| Genre | : |
| ISBN | : 9783847373414 |
Acquisitions are used to gain competitive advantage over other firms through gaining greater market share for improving competitiveness of companies and, entering new markets and geographies, capitalizing on economies of scale and broadening the portfolio to reduce business risk, etc. India has emerged as one of the top countries with respect to merger and acquisition deals. Indian companies have been actively involved in acquisitions in India domestically as well as internationally, as India increase its participation in M&A deals. This research study is aimed to study the Pre & Post Acquisition Comparison of Financial Performance Of Acquiring Companies [With special reference to Manufacturing sector in India (2000-2006)] by examining some pre- and post-acquisition financial ratios of these firms and to see the differences in the pre acquisition and post acquisition ratios of the firms that go for acquisitions. The results suggest that acquisitions did not experience any significant increase in profitability of the overall firms in the post acquisition period.
| Author | : Amir Amel-Zadeh |
| Publisher | : Routledge |
| Total Pages | : 331 |
| Release | : 2020-04-29 |
| Genre | : Business & Economics |
| ISBN | : 1000066525 |
Spending on M&A has, in aggregate, grown so fast that it has even overtaken capital expenditure on increasing and maintaining physical assets. Yet McKinsey, the leading management consultancy, reports that "Anyone who has researched merger success rates knows that roughly 70% fail". The idea that businesses might be using huge and increasing sums of shareholders’ money for an activity that more often than not leads to failure calls into question the information on which M&A decisions are based. This book presents statistical studies, case material, and standard-setters’ opinions on company accounting before, during, and after M&A. It documents the manipulation of annual accounts by acquirers ahead of share for share bids, biased forecasts of post-merger earnings by bidders, and devices to flatter earnings when recording the deal. It explores the challenges for standard-setters in regulating information flows during and after M&A, and for account-users wishing to learn from financial statements how a deal has affected performance. Drawing on a wide range of international examples, this readable book is targeted not just at accounting specialists but at anyone who is comfortable reading the serious financial press, is intrigued by what is going on in the massive M&A market, and is concerned with achieving better-informed M&A. As such it might be of particular interest to business executives, lawyers, bankers, and investors involved in M&A as well as graduate students interested in researching or learning about the role of accounting in M&A.
| Author | : Mohammed Ibrahimi |
| Publisher | : John Wiley & Sons |
| Total Pages | : 260 |
| Release | : 2018-08-14 |
| Genre | : Mathematics |
| ISBN | : 1786303450 |
This book deals with corporate mergers and acquisitions by analyzing the financial and strategic aspects. It starts with a chronological justification of the evolution of external growth operations and ends with case studies in order to put into practice the theoretical contribution of the previous titles. Through this book, we wish to detail the types of mergers and acquisitions, their modes, their motivations, their consequences and their performances. First of all, we propose a panoply of scientific research, methodological explanations and logical structuring to expose a subject of experience considered for a long time as a phenomenon in finance. Then, through a sample of 90 mergers or acquisitions, we analyze the effects of these transactions on French companies.
| Author | : Ingo Walter |
| Publisher | : Oxford University Press |
| Total Pages | : 318 |
| Release | : 2004-01-29 |
| Genre | : Business & Economics |
| ISBN | : 019803606X |
This book is intended to lay out, in a clear and intuitive as well as comprehensive way, what we know - or think we know - about mergers and acquisitions in the financial services sector. It evaluates their underlying drivers, factual evidence as to whether or not the basic economic concepts and strategic precepts are correct. It looks closely at the managerial dimensions in terms of the efficacy of merger implementation, notably the merger integration process. The focus is on enhancing shareholder value creation and the execution of strategies for the successful management of mergers. It also has a strong public-policy component in this "special" industry where successes can pay dividends and failures can cause serious problems that reach well beyond the financial services industry itself. The financial services sector is about halfway through one of the most dramatic periods of restructuring ever undergone by a major global industry. The impact of the restructuring has carried well beyond shareholders of the firms and involved into the domain of regulation and public policy as well as global competitive performance and economic growth. Financial services are a center of gravity of economic restructuring activity. M&A transactions in the financial sector comprise a surprisingly large share of the value of merger activity worldwide -- including only deals valued in excess of $100 million, during the period 1985-2000 there were approximately 233,700 M&A transactions worldwide in all industries, for a total volume of $15.8 trillion. Of this total, there were 166,200 mergers in the financial services industry (49.7%), valued at $8.5 trillion (54%). In all of restructuring frenzy, the financial sector has probably had far more than its share of strategic transactions that have failed or performed far below potential because of mistakes in basic strategy or mistakes in post-merger integration. It has also had its share of rousing successes. This book considers the key managerial issues, focusing on M&A transactions as a key tool of business strategy - "doing the right thing" to augment shareholder value. But in addition, the degree of integration required and the historic development of integration capabilities on the part of the acquiring firm, disruptions in human resources and firm leadership, cultural issues, timeliness of decision-making and interface management have co-equal importance - "doing it right."
| Author | : Malwina Woznik |
| Publisher | : GRIN Verlag |
| Total Pages | : 115 |
| Release | : 2013-08-07 |
| Genre | : Business & Economics |
| ISBN | : 3656475709 |
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.
