Corporate Takeovers And Productivity

Author : Frank R. Lichtenberg
Publisher : MIT Press
Page : 180 pages
File Size : 55,5 Mb
Release : 1992
Category : Business & Economics
ISBN : 0262121646

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Corporate Takeovers and Productivity by Frank R. Lichtenberg Pdf

In this revealing study Frank Lichtenberg uses Census Bureau and other data on hundreds of business transactions during the 1970s and 1980s to examine the effects of changes in corporate control on productivity. The 1980s saw explosive activity in the arena of corporate takeovers. In this revealing study Frank Lichtenberg uses Census Bureau and other data on hundreds of business transactions during the 1970s and 1980s to examine the effects of changes in corporate control on productivity. He concludes that the restructuring of the U.S. economy during the past decade has contributed to higher productivity and increased international competitiveness. Corporate Takeovers and Productivity examines the effects of mergers and acquisitions, in general, and leveraged buyouts, in particular on a number of important, interrelated variables: on the productivity and market share of manufacturing plants, on fixed and R&D investment, on the employment and wages of both blue- and white-collar workers, and on corporate diversification. Among Lichtenberg's findings are that the least productive plants are most likely to change owners - a change that tends to raise productivity performance; that takeovers significantly reduce the employment and wages of white-collar workers (except R&D personnel) but not of blue-collar workers; that industrial consolidation is one source of the productivity gains from takeovers; and that the U.S. LBOs and foreign mergers and acquisitions do not have the same effects as U.S. mergers and acquisitions.

Author : Murray L. Weidenbaum,Kenneth W. Chilton
Publisher : Transaction Publishers
Page : 200 pages
File Size : 49,9 Mb
Release : 2024-06-13
Category : Political Science
ISBN : 1412832454

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Public Policy Toward Corporate Takeovers by Murray L. Weidenbaum,Kenneth W. Chilton Pdf

This volume examines critical issues in the debate over the effects' of the current wave of corporate takeovers. Media accounts are often sensational, but proposed public policy remedies need to be evaluated on the basis of more than simple rhetoric. The studies contained in this collection provide solid economic grounding for the debate. Public Policy Toward Corporate Takeovers is the result of extensive research sponsored by the Center for the Study of American Business and directed by Murray Weidenbaum; it examines key aspects of takeovers: the evolving regulatory role of the Antitrust Division, state versus federal authority over offensive and defensive takeover maneuvers, whether leveraged buyouts improve the firm's economic performance, and the validity of assertions about "entrenched" managements. The book also includes the views of the most publicized corporate raider, T. Boone Pickens. Balancing Pickens' highly favorable view of the value of hostile takeovers as a disciplining factor for subpar management performance is a chapter by David Ravenscraft of the Federal Trade Commission, who takes a long-term viewpoint and argues that the popular belief that takeovers create substantial efficiencies has not been borne out by the record. The overall findings do not fully support either side of the takeover controversy. The book presents both legal and economic perspectives, and suggests strategies for government policymakers as well as leaders of private enterprise.

Author : D. Fubini,C. Price,M. Zollo
Publisher : Springer
Page : 143 pages
File Size : 46,7 Mb
Release : 2016-01-12
Category : Business & Economics
ISBN : 9780230800755

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Mergers by D. Fubini,C. Price,M. Zollo Pdf

Drawing on their own extensive integration experience, the systematic analysis of 167 mergers, and cutting edge academic research, the authors of this book identify the common leadership challenges to be tackled for the achievement of what we call 'corporate health', the most thorough and sustainable test of merger success.

Author : Charles W. Calomiris,S. Kaplan
Publisher : Unknown
Page : 128 pages
File Size : 41,5 Mb
Release : 1997
Category : Electronic
ISBN : OCLC:753288006

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Mergers and Productivity by Charles W. Calomiris,S. Kaplan Pdf

Author : Alan J. Auerbach
Publisher : University of Chicago Press
Page : 354 pages
File Size : 55,5 Mb
Release : 2013-12-30
Category : Business & Economics
ISBN : 9780226032160

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Corporate Takeovers by Alan J. Auerbach Pdf

The takeover boom that began in the mid-1980s has exhibited many phenomena not previously observed, such as hostile takeovers and takeover defenses, a widespread use of cash as a means of payment for targeted firms, and the acquisitions of companies ranking among the largest in the country. With the aim of more fully understanding the implications of such occurances, contributors to this volume consider a broad range of issues as they analyze mergers and acquisitions and study the takeoveer process itself.

Author : B. Espen Eckbo
Publisher : Elsevier
Page : 558 pages
File Size : 49,6 Mb
Release : 2007-05-21
Category : Business & Economics
ISBN : 0080488919

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Handbook of Corporate Finance by B. Espen Eckbo Pdf

Judging by the sheer number of papers reviewed in this Handbook, the empirical analysis of firms’ financing and investment decisions—empirical corporate finance—has become a dominant field in financial economics. The growing interest in everything “corporate is fueled by a healthy combination of fundamental theoretical developments and recent widespread access to large transactional data bases. A less scientific—but nevertheless important—source of inspiration is a growing awareness of the important social implications of corporate behavior and governance. This Handbook takes stock of the main empirical findings to date across an unprecedented spectrum of corporate finance issues, ranging from econometric methodology, to raising capital and capital structure choice, and to managerial incentives and corporate investment behavior. The surveys are written by leading empirical researchers that remain active in their respective areas of interest. With few exceptions, the writing style makes the chapters accessible to industry practitioners. For doctoral students and seasoned academics, the surveys offer dense roadmaps into the empirical research landscape and provide suggestions for future work. *The Handbooks in Finance series offers a broad group of outstanding volumes in various areas of finance *Each individual volume in the series should present an accurate self-contained survey of a sub-field of finance *The series is international in scope with contributions from field leaders the world over

Author : Paul M. Healy
Publisher : Unknown
Page : 48 pages
File Size : 42,7 Mb
Release : 2015-08-05
Category : Business & Economics
ISBN : 1332258522

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Does Corporate Performance Improve After Mergers? (Classic Reprint) by Paul M. Healy Pdf

Excerpt from Does Corporate Performance Improve After Mergers? We thank Robin Cooper, George Foster, Michael Jensen, Bob Kaplan, Richard Leftwich, Mark Wolfson, Karen Wruck, and seminar participants at Baruch College, Carnegie Mellon, Columbia, Dartmouth, Duke, Federal Reserve Bank Washington D.C.), Harvard, Michigan, MIT, NYU, Rochester, Stanford, USC, and U.S. Department of Justice for helpful comments on earlier drafts, Chris Fox and Ken Hao for research assistance, and the International Financial Services Center at MIT and the Division of Research at HBS for financial support. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

Author : Malwina Woznik
Publisher : GRIN Verlag
Page : 115 pages
File Size : 40,6 Mb
Release : 2013-08-07
Category : Business & Economics
ISBN : 9783656475705

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The Impact of Merger and Acquisition Activities on Corporate Performance Measured on an Accounting and Market Base by Malwina Woznik Pdf

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.

Author : Pauline Greenidge
Publisher : Createspace Independent Publishing Platform
Page : 156 pages
File Size : 46,7 Mb
Release : 2016-08-30
Category : Electronic
ISBN : 1537131044

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A Grand Dinner Party by Pauline Greenidge Pdf

Mergers and acquisitions are complicated business transactions that are occurring more frequently in today's business world. These types of business events are disruptive and impact employee productivity. Many books and articles have been written on the process of mergers and acquisitions. However, only a few of these specifically articulate the employee experience during these events. Even fewer describe what an actual merger or acquisition is like for employees and the steps an executive or business owner can take to manage and engage them through all of the phases of a merger or acquisition. This book was written for business owners, executive teams, and HR professionals who are in the planning stages of a merger or acquisition and want to realize and position the long-term value of an effective business transformation. The end goal of a merger or acquisition is to increase profitability, market share, opportunities, and growth-in essence, to transform. Planning ahead to properly engage your employees so they can help the organization achieve the desired transformation is the missing link in creating a successful merger or acquisition outcome. A Grand Dinner Party is a metaphor for the steps to create the employee engagement that underpins and drives corporate alignment and sustainable business results.

Author : John Fred Weston,Juan A. Siu,Brian A. Johnson
Publisher : Unknown
Page : 728 pages
File Size : 50,5 Mb
Release : 2001
Category : Consolidation and merger of corporations
ISBN : PSU:000044639822

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Takeovers, Restructuring, and Corporate Governance by John Fred Weston,Juan A. Siu,Brian A. Johnson Pdf

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.

Author : Alan J. AUERBACH
Publisher : Unknown
Page : 353 pages
File Size : 47,7 Mb
Release : 1988
Category : Electronic
ISBN : 078374093X

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Corporate Takeovers by Alan J. AUERBACH Pdf

The takeover boom that began in the mid-1980s has exhibited many phenomena not previously observed, such as hostile takeovers and takeover defenses, a widespread use of cash as a means of payment for targeted firms, and the acquisitions of companies ranking among the largest in the country. With the aim of more fully understanding the implications of such occurances, contributors to this volume consider a broad range of issues as they analyze mergers and acquisitions and study the takeoveer process itself.

Author : Thomas J. Kopp
Publisher : Unknown
Page : 184 pages
File Size : 43,9 Mb
Release : 1990
Category : Consolidation and merger of corporations
ISBN : UCSC:32106009476703

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Perspectives on Corporate Takeovers by Thomas J. Kopp Pdf

Combining the experiences of those who have participated in mergers and acquisitions with those who have studied the phenomena, this book offers the reader a unique opportunity to access and to assess the current merger wave engulfing our economy. These articles illustrate the diverse concerns a discussion of this issue encompass, and why development of a consensus public policy has not been achieved. Contents: Perspective of an Acquisitions Veteran, A Common Sense Approach to Mergers and Acquisitions, The Impact of Acquisitions on the SCM Corporation 1966-1986, Managing a First Rate Investment into a Major Corporate Disaster: The European Health Spas Story, Sustainable Growth and Business Combinations, Mergers, Acquisitions, and Divestiture...Effects on Workers, Acquisition and Divestiture Strategy: The Stockholders' Perception, The Consequences for Stockholders of Fending Off Unfriendly Takeovers: The Case of UNOCAL versus Mesa Partners II, The Impact of Mergers and Acquisitions on Research and Development Expenditures, The Causal Factors in U.S. Merger Movements, Mergers & Acquisitions: A Classical Tale, Mergers in Higher Education.

Author : Steven N. Kaplan
Publisher : University of Chicago Press
Page : 350 pages
File Size : 55,7 Mb
Release : 2007-12-01
Category : Business & Economics
ISBN : 9780226424330

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Mergers and Productivity by Steven N. Kaplan Pdf

Mergers and Productivity offers probing analyses of high-profile mergers in a variety of industries. Focusing on specific acquisitions, it illustrates the remarkable range of contingencies involved in any merger attempt. The authors clearly establish each merger's presumed objectives and the potential costs and benefits of the acquisition, and place it within the context of the broader industry. Striking conclusions that emerge from these case studies are that merger and acquisition activities were associated with technological or regulatory shocks, and that a merger's success or failure was dependent upon the acquirer's thorough understanding of the target, its corporate culture, and its workforce and wage structures prior to acquisition. Sifting through a wealth of carefully gathered evidence, these papers capture the richness, the complexity, and the economic intangibles inherent in contemporary merger activity in a way that large-scale studies of mergers cannot.

Author : Margaret M. Blair
Publisher : Brookings Institution Press
Page : 416 pages
File Size : 50,5 Mb
Release : 1993
Category : Consolidation and merger of corporations
ISBN : UOM:39076001316491

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The Deal Decade by Margaret M. Blair Pdf

U.S. companies are still reeling from the takeovers, leveraged buyouts, junk bond issues, re-capitalizations, and other financial restructuring transactions that reshaped corporations in the 1980s. In this book, distinguished economists and scholars in the business administration, management, and law discuss how those transactions affected corporate management and the financial markets. The authors examine why so much corporate restructuring occurred and, particularly, what corporate governance problems were behind it. They evaluate the causes and effects of restructuring, the economic, political, and legal environment that encouraged it, and the new laws and court rulings that resulted. The contributors explain that financial restructuring was driven by a dispute over who should control large public corporations, what their goals should be, to whom the organizations and their managers should be accountable, and how to make them more accountable. Although the wave of financial restructuring itself has subsided, this conflict remains unsolved and will continue to influence the business climate. The Deal Decade addresses such issues as: Why did long-dormant questions about corporate performance and governance surface in the 1980s? Why did they manifest themselves in takeovers and financial restructurings? Why would capital structure be likely to affect corporate performance? Were the increased use of debt and rapid pace of innovation in financial markets, and the explosion in takeover activity independent phenomena or related? And if related, which caused which? Finally, why did the impulse to restructure subside without having resolved the controversies that underlay it?

Author : John C. Coffee
Publisher : Oxford University Press
Page : 562 pages
File Size : 48,8 Mb
Release : 1988
Category : Business & Economics
ISBN : 9780195364552

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Knights, Raiders, and Targets by John C. Coffee Pdf