Mergers and acquisitions transactions strategies in diffusion - type financial systems in highly volatile global capital markets with nonlinearities

The M and A transactions represent a wide range of unique business optimization opportunities in the corporate transformation deals, which are usually characterized by the high level of total risk. The M and A transactions can be successfully implemented by taking to an account the size of investments, purchase price, direction of transaction, type of transaction, and using the modern comparable transactions analysis and the business valuation techniques in the diffusion type financial systems in the finances. We developed the MicroMA software program with the embedded optimized near-real-time artificial intelligence algorithm to create the winning virtuous M and A strategies, using the financial performance characteristics of the involved firms, and to estimate the probability of the M and A transaction completion success. We believe that the fluctuating dependence of M and A transactions number over the certain time period is quasi periodic. We think that there are many factors, which can generate the quasi periodic oscillations of the M and A transactions number in the time domain, for example: the stock market bubble effects. We performed the research of the nonlinearities in the M and A transactions number quasi-periodic oscillations in Matlab, including the ideal, linear, quadratic, and exponential dependences. We discovered that the average of a sum of random numbers in the M and A transactions time series represents a time series with the quasi periodic systematic oscillations, which can be finely approximated by the polynomial numbers. We think that, in the course of the M and A transaction implementation, the ability by the companies to absorb the newly acquired knowledge and to create the new innovative knowledge bases, is a key predeterminant of the M and A deal completion success as in Switzerland.Comment: 160 pages, 9 figures, 37 table

Mergers, acquisitions and technological regimes: the European experience over the period 2002-2005

Comparisons by countries and by sectors of mergers and acquisitions have usually been performed in separate fields of research. A first group of studies, focusing on international comparisons, has explored the role of corporate governance systems, investor protection laws and other countries’ regulatory institutions as the main determinants of takeovers around the world. A second group of contributions has attributed a central role to variations in industry composition, documenting that, in each country, mergers occur in waves and within each wave clustering by industry is observed. This paper aims to integrate both perspectives and to make comparisons by countries and by sectors, thus exploring the role of various driving forces on takeover activities. It also intends to consider the specific influence that technological regimes and their innovation patterns may exert in reallocating assets and moving capital among sectors. This will be done by examining the European experience of the last few years (2002-2005). We found that even in countries where transfer of control is a frequent phenomenon, mergers are less frequent in those sectors where innovation is a cumulative process and where takeovers may be a threat to the continuity of accumulation of innovative capabilities.Mergers and Acquisitions, Corporate Governance, Technological Regimes

Consolidation and efficiency in the financial sector: a review of the international evidence

In response to fundamental changes in regulation and technology, the financial industry around the world is undergoing an unprecedented wave of consolidation. A growing body of empirical literature has attempted to measure the efficiency gains from M&As; however there is little sense of how the results might depend on the country, industry and time period analysed. In this paper we review critically works that cover the main sectors of the financial industry (commercial and investment banks, insurance and asset management companies) in the major industrialized countries over the last twenty years, searching for common patterns that transcend national and sectoral peculiarities. We find that consolidation in the financial sector is beneficial up to a relatively small size in order to reap economies of scale, but there is little evidence that mergers yield economies of scope or gains in managerial efficiency.mergers, efficiency, bank mergers

Integrated welfare systems and disclosure. Approaching emerging issues

The aim of this paper is to investigate the integrated welfare and disclosure by proposing emerging issues in the contemporary scenario. Thus, company welfare is represented as internal sociability; environmental protection or innovation can be interpreted as external sociability, representing the uses of resources that a company does not incur costs, but demonstrates its health and social responsibility. Following a theoretical approach, the paper proposes as result a conceptual study introducing an updated literature analysis on the topic proposed of the integrated welfare systems and disclosure trying to point out emerging issues through a case study. Moreover, the research methodology is based on a qualitative approach and secondary sources in order to propose not only to scientific community a literature analysis. In this way, the implications of the research can be directed to academic communities and policy makers. The research question is the following: Which are emerging issues on the integrated welfare and its disclosure

Services trade and growth

The competitiveness of firms in open economies is increasingly determined by access to low-cost and high-quality producer services - telecommunications, transport and distribution services, financial intermediation, etc. This paper discusses the role of services in economic growth, focusing in particular on channels through which openness to trade in services may increase productivity at the level of the economy as a whole, industries and the firm. The authors explore what recent empirical work suggests could be done to enhance comparative advantage in the production and export of services and how to design policy reforms to open services markets to greater foreign participation in a way that ensures not just greater efficiency but also greater equity in terms of access to services.Economic Theory&Research,Banks&Banking Reform,Transport Economics Policy&Planning,ICT Policy and Strategies,Emerging Markets

Information and Communication Technologies and Migration

Surveying existing literature, this paper starts by identifying links between attainments in human development and the presence of ICTs. The research then looks at instances where ICTs affect the opportunity for migration and how they affect its outcomes. We will see how migrants are making use of ICTs and the importance that these technologies have come to occupy in their life. Attempting to illustrate both positive and negative implications of the roles of ICTs in human mobility, this paper surveys research that demonstrates how ICTs are used in both regular and irregular migration, in maintaining family relations, in sustaining cultural identities, and in supporting a family from abroad. We will see that ICTs have not replaced older forms of communication but that they have greatly increased the range of available options for communications. Throughout the text, this paper also includes the roles of governments and civil society in working to increase access and use of ICTs while also making mention of instances where they actively pursue the opposite. As we will see, the skills necessary for use of ICTs and the infrastructure necessary for their access can be found in all countries of the world, albeit in unequal distribution.information and communication technologies, diaspora, migration

The study of events approach applied to the impact of mergers and acquisitions on the performance of consulting engineering companies

Recent research suggests that one of the main motivations for mergers and acquisitions is the attempt to acquire companies to incorporate intangible assets. Such assets provide important sources of sustainable competitive advantages and opportunities for growth. This article analyzes the strategies of engineering companies, as well as value creation in acquisition events of multinational companies, by using the study of the events method, providing an innovative way to be applied to this phenomenon. This method is used in our research to study the influence of the announcement of acquisitions on the abnormal accumulated returns of the acquiring companies, and is allowed to confirm that influence. In general, the average accumulated returns were positive and statistically significant in the three windows of the method, according to the significance tests used. The results validate the hypothesis that the events generate synergy gains for market players, emphasizing the importance of growth via acquisitions for the sector under analysis.info:eu-repo/semantics/publishedVersio

Exploring the significance of domestic investment for foreign direct investment in China: a city-network approach

This paper uses a network approach and a negative binomial regression model (NBRM) to shed light on the association between Domestic Investment (DI) and Foreign Direct Investment (FDI) in interlinking Chinese cities in a space of flows. The empirical analysis is based on 2743 FDI and 9315 DI projects covering 77 Chinese cities. We address the question of what is the association between DI network measures and city attractiveness for FDI, and does the geographic distance of DI matter? While the physical distance of DI activity is found to have a negative association with FDI, city functional proximity and structural position in the DI network are found to have a positive association. We conclude that strategic policies to stimulate cross-territorial economic ties between Chinese cities should be advantageous in attracting inward foreign investment