Analisis Strategi Akuisisi PT. Pertamina Trans Kontinental Terhadap Murphy Sabah Oil Co Ltd Di Malaysia Dalam Ekspansi Pasar Luar Negeri

This study aims to show that the decision of a company in expanding in overseas companies products by some one of the implemented strategy is to acquire over the company Murphy Sabah Oil Co Ltd by buying shares, important for the manager of PT. Pertamina Trans Kontinental in the acquisition of Murphy Sabah Oil Co Ltd shares and factors influencing acquisition decision for PT. Pertamina Trans Kontinental Company is a target company to achieve fund raising, with one of the management taking acquisition decisions to outside companies, management targets to increase the growth of the company, fast growth, good size, stock market and business diversification can widen the business through acquisition. The research type is descriptive research with qualitative approach. The focus of this research is how the acquisition strategy implemented by PT. Pertamina Trans Kontinental when taking over Murphy Sabah Oil Co Ltd in Malaysia and the factors that influence PT. Pertamina Trans Kontinental in expanding overseas while taking over Murphy Sabah Oil Co Ltd in Malaysia

An Investigation of Target Acquisition with Visually Expanding Targets in Constant Motor-space

Target acquisition is a core part of modern computer use. Fitts’ law has frequently been proven to predict performance of target acquisition tasks; even with targets that change size as the cursor approaches. Research into expanding targets has focussed on targets that expand in both visual- and motor-space. We investigate whether a visual expansion with no change in motor-space offers any performance benefit. We investigate constant motor-space visual expansion in both abstract pointing tasks (based on the ISO9241–9 standard) and in a realistic deployment of the technique within fisheye menus. Our fisheye menu system eliminates the ‘hunting effect’ of target acquisition observed in Bederson’s initial proposal of fisheye menus, and in an evaluation we show that it allows faster selection times and is subjectively preferred to Bederson’s menus. We also show that visually expanding targets can improve selection times in target acquisition tasks, particularly with small targets

Preserving, Protecting, and Expanding Affordable Housing: A Policy Toolkit for Public Health

Resurgent interest in urban living is helping to revive neighborhoods in numerous American cities, stabilizing populations and sometimes beginning to reverse previous declines. One consequence of the influx of residents is new public and private investment in amenities such as parks, bike paths and grocery and other stores. However, new demand and investment can also drive up housing costs. That's particularly true in areas that have traditionally been affordable to low- and moderate-income individuals and families, notes a report by ChangeLab Solutions. With support from Kresge's Health Program, the nonprofit ChangeLab Solutions developed a guide to help practitioners and community advocates preserve and expand the number of affordable rental housing options in high-demand neighborhoods. The guide is aimed at practitioners who work at the intersection of housing and health, an area of increasing emphasis for Kresge's Health Program.The ChangeLab team has produced a policy toolkit with information on housing market trends and research on the links between rising housing costs and poor health outcomes. The toolkit identifies strategies to help ensure that households of all incomes have housing options in the areas where they want to live. It covers six policy areas: preservation, protection, inclusion, revenue generation, incentives and property acquisition

Shareholder wealth effects of European takeovers : 1997-2004 : a thesis presented in partial fulfilment of the requirements for the degree of Masters of Business Studies in Finance at Massey University

This study provides an empirical analysis of the returns to acquirers and targets in European mergers and acquisitions. An event study has been carried out to test the announcement effect of a merger on the bidding and target company stock prices over the period. January 1, 1997 to December 31, 2004. for twenty-three markets in Europe. This is the first comprehensive study, the author is aware of, to complete such that includes transactions throughout all of Europe, including Eastern Europe and countries from the former Soviet Union. This thesis tests the hypothesis that the incentive mechanisms created by investor protection rights, along with the strength of legal enforcement across countries, affects the value created and destroyed by managers in domestic and cross-border acquisitions within Europe. Thus, the relative difference in corporate governance rules between nations is a source of value for merged firms in and of itself. Prior studies have found significant variation in the gains to acquiring and bidding firms as a function of the nationality of the bidder, but the ultimate source of this international variation in returns has not been satisfactorily addressed. It is argued that a firm's legal and corporate governance environment provides a partial explanation for the observed variation in returns for domestic and cross-border acquisitions and it is tested across all European countries, something that has not been done before. The results suggest that countries with stronger investor protection rules generate larger returns to target shareholders. The better accounting standards increase disclosure, helping acquirers identify potential targets. This reduces the cost of capital and thus increases the competition among bidders and the premium paid by the winning bid. Similarly, target shareholders in strong investor protection and disclosure regimes also experience a price drift in 30 days leading up to a takeover announcement. The sophistication of legal rules requires substantial legal and financial consultation resulting in leakages in the market. The analysis also looks at the difference between domestic and cross-border transactions, and confirms that targets in cross-border deals generate higher returns, implying that targets benefit from expanding into foreign marketplaces. However, acquirers receive lower benefits in cross-border deals than in national transactions, signalling that acquiring firms are to some extent penalized for engaging in a cross-border merger

Acquiring foreign firms far away might be hazardous to your share price: evidence from Germany

This paper examines shareholder wealth effects of cross-border acquisitions. In a sample of 155 large acquisitions by German corporations from 1985–2006 international transactions in total do not lead to significant announcement returns. Geography, however, makes a difference: Shareholders of acquiring firms gain 6.5% in cross-border transactions into countries that have a common border with Germany but lose 4.4% in other international transactions. We find proximity to be one of the most important success factors in cross-border mergers and acquisitions, even when we control for firm, deal and country characteristics

Astro2020 Project White Paper: The Cosmic Accelerometer

We propose an experiment, the Cosmic Accelerometer, designed to yield velocity precision of $\leq 1$ cm/s with measurement stability over years to decades. The first-phase Cosmic Accelerometer, which is at the scale of the Astro2020 Small programs, will be ideal for precision radial velocity measurements of terrestrial exoplanets in the Habitable Zone of Sun-like stars. At the same time, this experiment will serve as the technical pathfinder and facility core for a second-phase larger facility at the Medium scale, which can provide a significant detection of cosmological redshift drift on a 6-year timescale. This larger facility will naturally provide further detection/study of Earth twin planet systems as part of its external calibration process. This experiment is fundamentally enabled by a novel low-cost telescope technology called PolyOculus, which harnesses recent advances in commercial off the shelf equipment (telescopes, CCD cameras, and control computers) combined with a novel optical architecture to produce telescope collecting areas equivalent to standard telescopes with large mirror diameters. Combining a PolyOculus array with an actively-stabilized high-precision radial velocity spectrograph provides a unique facility with novel calibration features to achieve the performance requirements for the Cosmic Accelerometer

Acquisitions: Walmart vs Amazon

The retail industry is in the process of undergoing major change. Historically big box brick and mortar strategies have dominated, but this is changing in the age of impatience and instant gratification. As consumers want items more conveniently, online retail has taken hold with no semblance of anticipated decline. At the forefront of this transformation are two industry giants: Walmart and Amazon. Walmart finds itself on the side of brick and mortar with 11,718 physical retail locations worldwide. Amazon is dominating the online retail space with control of a staggering 44% of all US e-commerce sales in 2017. These equally powerful yet opposing forces seem to have come to a realization. Walmart has determined that a purely brick and mortar strategy will not suffice and there must be a major focus on expanding e-commerce. Amazon has come to the realization that a pure e-commerce play will not be as effective as a mixed approach and is working into the brick and mortar space. As each giant finds itself on opposite sides of the spectrum they seek to reach the ideal equilibrium between physical and online retail, and acquisitions have been the remedy of choice

Greenfield or Acquisition Entry: A Review of the Empirical Foreign Establishment Mode Literature

This paper reviews the empirical literature on the determinants of the choice by multinational enterprises between entering foreign countries through greenfields or acquisitions. We discuss and compare the main theoretical perspectives used, provide a detailed overview of the empirical findings, examine why these findings have often been inconsistent, and offer theoretical and methodological suggestions to guide future research.review;establishment mode choice;acquisition;greenfield

Channels of Firm Adjustment: Theory and Empirical Evidence

We provide a comprehensive analysis of how firms choose between different expansion and contraction forms, unifying existing approaches from the industrial organization and corporate finance literature. Using novel data covering almost the entire universe of UK firms, we document firms� use of internal adjustment, greenfield investment and mergers and acquisitions (M&As). We describe frequency and aggregate importance of the different channels, and show that their use varies systematically with observable firm characteristics, in particular firm size and the magnitude of adjustment. We also demonstrate that there is positive assortative matching on the UK merger market. Based on these facts, we propose a theoretical framework which accommodates all three adjustment channels in a unified setting, and is able to replicate the adjustment and matching patterns found in the data.

Location Advantages, Governance Quality, Stock Market Development and Firm Characteristics as Antecedents of African M&As

This study explores firm- and country-specific antecedents of African M&As. We use one of the largest datasets to-date consisting of 1,490 unique African firms (11,183 firm-year observations) from 1996 to 2012. Our results suggest that improvements in time-varying country-level factors, including location advantages (market size, human capital and efficiency opportunities), national governance quality, and stock market development are associated with an increase in the volume of M&A activity. Consistent with the resource-curse paradox, high resource endowments are not associated with increased levels of M&A. In support of the management inefficiency but contrary to the traditional firm size hypotheses, African targets are generally characterised by declining stock returns and accounting profitability but are more likely to be larger firms; suggesting the presence of information asymmetry concerns in their selection. Notwithstanding, we find evidence of heterogeneity across countries with inconsistent support for established target prediction hypotheses. A model which combines firm- and country- specific factors better explains observed variations in African M&A activity