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| Author | : Paulette Dubofsky |
| Publisher | : |
| Total Pages | : 310 |
| Release | : 1993 |
| Genre | : Corporate divestiture |
| ISBN | : |
| Author | : Raphael ('Raffi") H. Amit |
| Publisher | : |
| Total Pages | : 40 |
| Release | : 2019 |
| Genre | : |
| ISBN | : |
This paper explores the stock market performance of acquisitions and divestitures where both, one, or neither of the companies in the transaction are family firms. We find that acquirer shareholder returns are highest when family firms buy businesses from non-family firm divesters, especially when family CEO acquirers buy businesses from non-family CEO divesters. Additionally, divester shareholder returns are highest when family firms sell businesses to non-family firm acquirers, especially when family CEO divesters sell businesses to non-family CEO acquirers. These findings reveal that it is important to consider the characteristics of both the acquiring and divesting firms when analyzing acquisition and divestiture performance, and that the expected gains to family firm acquisitions and divestitures are driven by transactions in which the counterparties are non-family firms.
| Author | : Marwa Khalil Soubra |
| Publisher | : |
| Total Pages | : 82 |
| Release | : 2007 |
| Genre | : |
| ISBN | : |
With the increased number and value of mergers and acquisitions in addition to t heir high effect on a company's operation and value, it is crucial to study the effect of these transactions within our global environment today. I study the l ong term (3 years) performance of 98 mergers and acquisitions that take place in the Unites States between 1993 and 2006. I use the four factor Carhart (1997) m odel to measure the long term abnormal return with an emphasis on the effect of relatedness (same industry) on the results. My results show a negative abnormal return for all transactions and no significant effect of relatedness. I also add some deal specific variables to better formulate an idea of what affects the ab normal return.
| Author | : Joseph Joy |
| Publisher | : Springer |
| Total Pages | : 476 |
| Release | : 2019-06-04 |
| Genre | : Business & Economics |
| ISBN | : 9781493985371 |
The world of M&A has always been complex and nuanced. Corporations encounter their toughest business problems during a divestiture or a merger. At the same time, optimal execution of divestitures can also create high value for the seller as well as the buyer. This book is a collection of leading practices on Divestitures and covers end to end transaction life cycle from readiness through execution including post deal transformation. It contains the synthesis of experiences across a wide array of clients across industries, ranging from $500 million to $100 billion in revenue. Each chapter in this book can stand on its own as an authority on leading practices related to the topic it presents, and together, these chapters provide a comprehensive set of perspectives needed to successfully complete a divestiture. The highlight of the book is valuable real-life examples and references that a business can benefit from, when it is considering, analyzing or implementing a divestiture.
| Author | : Robert F. Bruner |
| Publisher | : John Wiley & Sons |
| Total Pages | : 1056 |
| Release | : 2016-02-08 |
| Genre | : Business & Economics |
| ISBN | : 1118436393 |
A comprehensive guide to the world of mergers and acquisitions Why do so many M&A transactions fail? And what drives the success of those deals that are consummated? Robert Bruner explains that M&A can be understood as a response by managers to forces of turbulence in their environment. Despite the material failure rates of mergers and acquisitions, those pulling the trigger on key strategic decisions can make them work if they spend great care and rigor in the development of their M&A deals. By addressing the key factors of M&A success and failure, Applied Mergers and Acquisitions can help readers do this. Written by one of the foremost thinkers and educators in the field, this invaluable resource teaches readers the art and science of M&A valuation, deal negotiation, and bargaining, and provides a framework for considering tradeoffs in an effort to optimize the value of any M&A deal.
| Author | : David R. King |
| Publisher | : Taylor & Francis |
| Total Pages | : 273 |
| Release | : 2022-04-19 |
| Genre | : Business & Economics |
| ISBN | : 1000573737 |
Corporate restructuring (acquisitions, alliances and divestment) is a visible form of corporate strategy. For example, firm investments in buying and selling assets exceed the gross domestic product of the majority of nations. Most research in this area examines acquisitions, but informing practice is limited by examining acquisitions in isolation or using a narrow focus. For example, a lingering problem is that average acquisition performance is consistently around zero, suggesting a need to identify practically relevant relationships. In addressing this need, research on three fundamental questions is covered: 1) How do acquisitions relate to other corporate strategy options?; 2) What helps to predict acquisition performance?; and 3) What are persistent acquisition research issues? The first question is intended to overcome a research limitation that acquisitions are often examined independent of other corporate strategies, including internal development, alliances, and divestment. The second question addresses novel relationships associated with the primary focus of acquisition research in examining what drives acquisition performance. The third question reflects on the underlying complexity of the phenomenon that makes it a challenge to identify what drives acquisition performance. Overall, the intent of presenting ideas on these fundamental questions is to illustrate promising areas for future research. This book presents the latest state of knowledge on the topic and will be of interest to researchers, academics, and advanced students in the fields of strategic management, international business, and organizational studies.
| Author | : Carolin Decker |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 195 |
| Release | : 2008-08-28 |
| Genre | : Business & Economics |
| ISBN | : 3834997595 |
Carolin Decker develops and empirically applies a framework in which business exits serve the purpose of re-establishing a firm’s previously harmed legitimacy. Her findings support the idea that legitimacy needs drive the likelihood of fit-enhancing business exits in divesting firms.
| Author | : |
| Publisher | : |
| Total Pages | : 269 |
| Release | : 2002 |
| Genre | : |
| ISBN | : |
| Author | : Robert E. Hoskisson |
| Publisher | : Oxford University Press |
| Total Pages | : 223 |
| Release | : 1994-09-01 |
| Genre | : Business & Economics |
| ISBN | : 0195360117 |
Large, diversified firms face unique challenges as they compete worldwide, and corporate restructuring is one way multinationals strive for competitive advantage. Weighing the pros and cons of a variety of approaches to restructuring, Downscoping offers executives a clear, strategic path through the maze. The authors show that when a multinational conglomerate fails to compete effectively, too much diversification may be the culprit. Whether the result of weak corporate governance or poor corporate strategy, over-diversification can make managers, unfamiliar with some of the markets in which they compete, opt for safety over innovation. This risk-aversion and lack of long-range commitment to innovation lead inevitably to stagnation over the longer term. The answer is not downsizing--closing offices and laying off personnel--but downscoping: a strategic approach to restructuring. The options include incentive and compensation adjustments for executives, leveraged buy-outs and capital structure changes, focusing on core skills, diversifying internationally while focusing on businesses in which a firm has strong competencies, and buying and selling mature businesses where product development is not a great concern. Regardless of the approach, executives must exercise strategic leadership during and after restructuring, including providing strategic direction, exploiting core competencies, developing human capital, and sustaining the corporate culture. Based on systematic research rather than casual observation, Downscoping provides a strong description of restructuring alternatives and their resulting tradeoffs. Its specific guidelines for maintaining competitiveness will be essential reading for managers involved in corporate restructuring.
| Author | : B. Espen Eckbo |
| Publisher | : Academic Press |
| Total Pages | : 1088 |
| Release | : 2010-03-12 |
| Genre | : Business & Economics |
| ISBN | : 0123846900 |
A selection of republished corporate finance articles and book chapters that can serve as an advanced corporate finance supplementary text for courses that use no textbooks. Combining convenience and an affordable price with retypeset pages and a high-quality index, the 600 pages of volume two, "Bidding Strategies, Financing, and Corporate Control", focus on a range of special topics, ranging from theories and evidence on strategic bidding behavior (offer premiums, toeholds, bidder competition, winner’s curse adjustments, and managerial overconfidence), issues arising when bidding for targets in bankruptcy auctions, effects of deal protection devices (termination agreements, poison pills), role of large shareholder voting in promoting takeover gains, deal financing issues (such as raising the cash used to pay for the target), managerial incentive effects of takeovers, governance spillovers from cross-border mergers, and returns to merger arbitrage. Including an index and new introduction, this volume will simplify and facilitate students’ interaction with new concepts and applications. Provides a status report about modern scientific evidence on corporate takeovers Exposes students to new methods and empirical evidence while reading high quality primary material Offers a concise and cost-efficient package of journal and book articles for advanced corporate finance students
