HELIN Acquisitions Manual

HELIN Acquisitions Manual - 2007-2008 revisio

Review: Acquisitions 06

Review of Acquisitions 06

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

Corporate Acquisitions and Firm-level Uncertainty: Domestic versus Cross-Border Deals

This paper studies the impact of corporate acquisitions on the uncertainty faced by acquiring firms. We use data for UK public companies from 2004 to 2017 and employ a matching estimator combined with difference-in-differences to control for the endogenous selection of firms into acquiring status. Acquisitions exert a large and persistent effect on the volatility of stock returns of acquirers and is characterized by a pecking order: domestic takeovers lead to a reduction in the uncertainty faced by the acquirer, while cross-border acquisitions|particularly those involving target firms in emerging markets|engender a positive response in acquirers' volatility

The risk effects of bank acquisitions

An examination of the risk effects of bank acquisitions that occurred between the first quarter of 1984 and the last quarter of 1993. Its findings -- that banks are not using acquisitions to increase their risk exposure and that acquisitions increase profitability over time -- cast doubt on the importance of risk diversification as a motive for bank acquisitions.Bank mergers ; Risk

Power and Practice in Academic Library Materials Selection Paradigms

This article examines the theoretical and practical implications of three methods of materials acquisitions in an academic library. First, it evaluates how traditional collection development, electronic patron driven acquisitions (PDA) and other older forms of PDA affect materials storage, preservation, purchase speed and usage. Then this paper employs Foucault’s theories about power to discuss the ramifications of these acquisitions methods for librarians and three major user groups: faculty, graduate students and undergraduates. The article concludes that each method presents different practical and theoretical advantages and disadvantages

Effect of Food Industry Mergers and Acquisitions on Employment and Wages

Empirical analysis of mergers and acquisitions in eight important food industries suggests that workers in acquired plants realized modest increases in employment and wages relative to other workers. Results also show that mergers and acquisitions reduced the likelihood of plant closures while high relative labor costs encouraged plant shutdowns. These results differ from commonly held views that mergers and acquisitions lead to fewer jobs, wage cuts, and plant shutdowns.Food product industries, mergers and acquisitions, plant closures, Agribusiness, Industrial Organization,

An Assignment Theory of Foreign Direct Investment

We develop an assignment theory to analyze the volume and composition of foreign direct investment (FDI). Firms conduct FDI by either engaging in greenfield investment or in cross-border acquisitions. Cross-border acquisitions involve firms trading heterogeneous corporate assets to exploit complementarities, while greenfield FDI involves building a new plant in the foreign market. In equilibrium, greenfield FDI and cross-border acquisitions co-exist, but the composition of FDI between these modes varies with firm and country characteristics. Firms engaging in greenfield investment are systematically more efficient than those engaging in cross-border acquisitions. Furthermore, most FDI takes the form of cross-border acquisitions when factor price differences between countries are small, while greenfield investment plays a more important role for FDI from high-wage into low-wage countries. These results capture important features of the data.

Reports Of Conferences, Institutes, And Seminars

This quarter\u27s column offers coverage of multiple sessions from the 2016 Electronic Resources & Libraries (ER&L) Conference, held April 3–6, 2016, in Austin, Texas. Topics in serials acquisitions dominate the column, including reports on altmetrics, cost per use, demand-driven acquisitions, and scholarly communications and the use of subscriptions agents; ERMS, access, and knowledgebases are also featured

Motives for Acquisitions in the UK

This paper investigates the motives for acquisitions in the UK. Standard event study methodology is inadequate to distinguish between different motives for acquisitions in any sample. Berkovitch and Narayanan (1993) propose a different methodology to distinguish between competing motives in any sample. This methodology analyses the relationship between the target gain and total gain to distinguish acquisitions driven by efficiency from those driven by agency motives. To differentiate managerial hubris from agency problems, the relationship between target gain and bidder gain is also analysed. The results show that efficiency is the primary motive for acquisitions exhibiting positive total gains. However, there is evidence of managerial hubris in the sample. In acquisitions were total gains are negative, agency problems are the primary motive.Acquisitions, event studies, efficiency, agency problems, managerial hubris.