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Market Response to the Announcement of Mergers and Acquisitions

2013
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Release : 2013
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Kind : eBook
Book Rating : /5 ( reviews)

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Book Synopsis Market Response to the Announcement of Mergers and Acquisitions by : Neelam Rani

Download or read book Market Response to the Announcement of Mergers and Acquisitions written by Neelam Rani. This book was released on 2013. Available in PDF, EPUB and Kindle. Book excerpt: The present article examines the short-run abnormal returns to India based mergers and acquisitions during 2003-2008 by using event study methodology. The present work is based on a sample of 623 mergers and acquisitions. We find that acquisitions by Indian companies significantly create short-term wealth on the announcement day to the shareholders of acquiring companies. Cumulative average abnormal return (CAAR) for Indian companies' merger and acquisition activities is 2 per cent (significant at 1 per cent) over event window of 11 days (-5, 5). It seems the market perceives the merger and acquisition activities by Indian companies as efficiency enhancing. However, the results indicate presence of high event-induced variance in abnormal return. The present study reports a high event-induced variance in the abnormal return due to the announcement of mergers and acquisition in Indian context.

The Synergy Trap

2010-05-11 Business & Economics
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Release : 2010-05-11
Genre : Business & Economics
Kind : eBook
Book Rating : 706/5 ( reviews)

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Book Synopsis The Synergy Trap by : Mark L. Sirower

Download or read book The Synergy Trap written by Mark L. Sirower. This book was released on 2010-05-11. Available in PDF, EPUB and Kindle. Book excerpt: With acquisition activity running into the trillions of dollars, it continues to be a favorite for corporate growth strategy, but creating shareholder value remains the most elusive outcome of these corporate strategies—after decades of research and billions of dollars paid in advisory fees, why do these major decisions continue to destroy value? Building on his groundbreaking research first cited in Business Week, Mark L. Sirower explains how companies often pay too much—and predictably never realize the promises of increased performance and competitiveness—in their quest to acquire other companies. Armed with extensive evidence, Sirower destroys the popular notion that the acquisition premium represents potential value. He provides the first formal and functional definition for synergy -- the specific increases in performance beyond those already expected for companies to achieve independently. Sirower's refreshing nuts-and-bolts analysis of the fundamentals behind acquisition performance cuts sharply through the existing folklore surrounding failed acquisitions, such as lack of "strategic fit" or corporate culture problems, and gives managers the tools to avoid predictable losses in acquisition decisions. Using several detailed examples of recent major acquisitions and through his masterful integration and extension of techniques from finance and business strategy, Sirower reveals: -The unique business gamble that acquisitions represent -The managerial challenges already embedded in current stock prices -The competitive conditions that must be met and the organizational cornerstones that must be in place for any possibility of synergy -The precise Required Performance Improvements (RPIs) implicitly embedded in acquisition premiums and the reasons why these RPIs normally dwarf realistic performance gains -The seductiveness and danger of sophisticated valuation models so often used by advisers The Synergy Trap is the first exposé of its kind to prove that the tendency of managers to succumb to the "up the ante" philosophy in acquisitions often leads to disastrous ends for their shareholders. Sirower shows that companies must meticulously plan—and account for huge uncertainties—before deciding to enter the acquisition game. To date, Sirower's work is the most comprehensive and rigorous, yet practical, analysis of the drivers of acquisition performance. This definitive book will become required reading for managers, corporate directors, consultants, investors, bankers, and academics involved in the mergers and acquisitions arena.

Mergers and Acquisitions

2016-09-15 Business & Economics
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Release : 2016-09-15
Genre : Business & Economics
Kind : eBook
Book Rating : 038/5 ( reviews)

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Book Synopsis Mergers and Acquisitions by : Neelam Rani

Download or read book Mergers and Acquisitions written by Neelam Rani. This book was released on 2016-09-15. Available in PDF, EPUB and Kindle. Book excerpt: The book examines the market reaction to mergers and acquisitions (M&A) announcements over a period from 2003 to 2015. Mergers and acquisitions continue to be amongst the preferred competitive options available to the companies seeking to grow fast in the rapidly changing global business scenario. M&A as a growth strategy has received attention from developed as well as emerging economies. It has been extensively used by managers as an expansion strategy and also serves as an important instrument for increasing corporate efficiency. Recently, M&A has grown at a rapid pace, creating a need for research to analyze what drives this phenomenon and how it affects firms and markets. As such, this book evaluates the impact of M&A on short-term abnormal returns as well long-term financial performance. It also assesses the management view concerning the motives for undertaking M&A. In addition, the book investigates the corporate governance practices of the acquiring firms and their impact on the short- term as well as long- term performance of those firms.

Profitability Analysis of Mergers and Acquisitions

2013 Bank mergers
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Release : 2013
Genre : Bank mergers
Kind : eBook
Book Rating : 977/5 ( reviews)

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Book Synopsis Profitability Analysis of Mergers and Acquisitions by : Mehroz Nida Dilshad

Download or read book Profitability Analysis of Mergers and Acquisitions written by Mehroz Nida Dilshad. This book was released on 2013. Available in PDF, EPUB and Kindle. Book excerpt: A strong relationship has always been suggested between fluctuations in stock prices and news of mergers and acquisitions. Although, there is definitely action in the prices of stocks around the days when mergers are announced, but they may not be significant in determining the reason for this particular behavior. The book testifies to the market efficiency with respect to mergers and acquisitions announcements, using an event study methodology. This methodology has been applied to analyze the response of financial markets to changes in the banking industry as a result of Mergers and Acquisitions. A merger or an acquisition is assumed to create value if the returns on the shares of the acquirers and the targets increase on the announcement of the merger. In this book, returns on the stocks of banks are compared to the market returns in order to study the effects of announcements of bank mergers on stock values in Europe.

The Secrets of Economic Indicators

2005 Business & Economics
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Release : 2005
Genre : Business & Economics
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Book Synopsis The Secrets of Economic Indicators by : Bernard Baumohl

Download or read book The Secrets of Economic Indicators written by Bernard Baumohl. This book was released on 2005. Available in PDF, EPUB and Kindle. Book excerpt: Every day, stocks, bonds, and currencies bounce wildly in response to new economic indicators. Money managers obsess over those statistics, because they provide crucial clues about the future of the economy and the financial markets. Now "you "can use these indicators to make smarter investment decisions, just like the professionals do.You don't need an economics degree, or a CPA... just this easy-to-use book. Former "TIME "Magazine senior economics reporter Bernard Baumohl has done the impossible: he's made economic indicators "fascinating." Using real-world examples and stories, Baumohl illuminates every U.S. and foreign indicator that matters.Where to find them.What they look like. What the insiders know about their track records. And "exactly "how to interpret them. Whether you're an investor, broker, portfolio manager, researcher, journalist, or student, you'll find this book indispensable.Nobody can predict the future with certainty. But "The Secrets of Economic Indicators "will get you as close as humanly possible. What the numbers "really "mean... ...to stocks, bonds, rates, currencies, and you Ahead of the curve: spotting turning points Calling recessions and recoveries in time to profit from them Leading indicators: where's the economy "really "heading Decoding initial unemployment claims, housing starts, the yield curve, and other predictors Beyond the borders Why foreign indicators are increasingly important-and how to use them Making sense of indicators in conflict What to do when the numbers disagree Finding the data Free web resources for the latest economic dataInvestments ""This is the most up-to-date guide to economic indicators and their importance to financial markets in print. For anyone trying to follow the economic data, this should be next to your "computer so that you can understand and find the data on the Internet." David Wyss, Chief Economist, Standard and Poor's ""I find Baumohl's writing fascinating. Just about anyone who's serious about understanding which way the economy is headed will want to read this book. It could be a classic."" Harry Domash, Columnist for MSN Money and Publisher, Winning Investing Newsletter ""Every business person or investor should keep a copy of Baumohl's book close-at-hand. It is great, at long last, to have someone who has eliminated what may have been so perplexing to so many and to have done so with such remarkable clarity."" Hugh Johnson, Chief Investment Officer, First Albany ""Bernie Baumohl has written a "must read" educational and reference book that every individual investor will find indispensable for watching, monitoring, and interpreting the markets."" Allen Sinai, President and Chief Global Economist, Decision Economics, Inc. ""Baumohl has a gift for taking a complicated subject and allowing it to read like a fast-moving novel. I recommend this book if you care about your future finances."" Morris E. Lasky, CEO, Lodging Unlimited, Inc.-manager and consultant for $6 billion in hotel assets; Chairman, Lodging Conference; Chairman, International Hotel Conference ""I think this is an excellent book. It's well written, accessible to a variety of readers, deals with an interesting and important subject, and covers the topic well. It deserves to get a lot of notice and use."" D. Quinn Mills, Alfred J. Weatherhead Jr., Professor of Business Administration, Harvard Business School "The fascinating, plain-English guide to economic indicators: what they mean, and how to use them." "Unemployment. Inflation. Consumer confidence. Retail sales.".. Every morning brings new economic statistics. Which economic indicators really matter? What do they mean for stocks, bonds, interest rates, currencies..."your portfolio?" How can you use them to make faster, smarter investment decisions? Simple, clear, non-technical, friendly, "usable."..the "only "book of its kind! By former renowned "TIME "Magazine economics journalist Bernard Baumohl. (c) Copyright Pearson Education. All rights reserved.

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