392 research outputs found
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How, and when, to catch a falling knife: The Benefits, Risks, and Timing Issues Around Distressed M&A
Importance of the system for Hazard Analysis and Critical Control Point (HACCP) in child nutrition
Historical data on the creation, dissemination and validation of systematic internal control over the production and distribution of food to the population and the HACCP system as a main tool of the preventive approach in modern food hygiene for the supply of safe food are presented. The system is applied in all developed countries, including Bulgaria, and its mandatory application is regulated in the international normative documents of Codex Alimentarius in the Regulations of the European Union. The basic steps and principles of the HACCP system are considered. In short, an overview of the main groups of food hazards is given – physical, chemical and biological. The produced large groups of children's food and the importance of the HACCP principles for the protection of their safety are considered. Emphasis is placed on the traditional for Bulgaria children's milk kitchens - unique food objects for complex lunch feeding of children from 8 months to 3 years of age. The specific features of these essentially health facilities and the importance of the HACCP system for ensuring a full, varied, healthy and safe nutrition of this most vulnerable group of the child population are discussed
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Playing the long game: Do certain financial advisors in the UK bring longer term value to the M&A table?
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'Hedge Funds: Stock Pickers or Managers?
For decades, corporate managers have criticised analysts, fund managers, hedge fund managers and private equity professionals for telling them how to run their business, wihout having had the necessary experience. Now hedge fund activists are regularly suggesting operational decisions, and in some cases even in areas traditionally reserved for management. ‘Activism has gone from being frowned upon, something that marks you out as a rogue or maverick, to almost socially responsible.’1 These hedge funds may have become an accepted part of the governance universe but are they actually adding value?
Recent studies have answered this question in the affirmative, but what if those companies picked out by hedge funds for their attention were already on their way to outperformance? The observed outperformance may not be due to a hedge fund’s ability to contribute to value creation but a mere reflection of their stock picking abilities. The difficulty is in identifying those companies that would have made typical hedge fund targets but which were not actually targeted, i.e. build an appropriate group of comparable companies. We have developed a statistical model to identify just these companies
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Does the Early Bird Always get the Worm?
M&A can be motivated by many different things and it is not unnatural to believe that these motivations could be dependent on where we are in the M&A cycle. By extension if we believe that different motivations lead to different ‘success’ rates then there could be different success rates at different points in the cycle. This is the topic of this report.
First movers have historically been feted for their strategic motivations in pursuing M&A and the advantages gained from moving early, such as the availability of attractive targets. In contrast, late followers have been characterised as firms that exemplify irrational behaviour as they are compelled by competitive pressures to mimic the actions of their rivals without a logical rationale for the motivations underlying the M&A announcement.
We set out to test this simplistic view and in this report we tested the difference in performance between first movers and late followers using a sample of global M&A deals for two periods, Wave 1 (1990-2002) and Wave 2 (2003-2009).
We found considerable evidence that this simplistic view may not be correct, with our so called ‘late followers’ at least as successful as the ‘first movers’.
Before we highlight some relevant practical findings for practitioners we will also show that there may be something different about the latest M&A wave. There are certain features of this second wave (notably the prevalence of cross-border M&A) that may make first mover advantage less prevalent. In addition, insight from literature in other fields may be casting those first movers in a less unreservedly flattering light, which should give managements pause in their attempts to be the first to acquire.
We conclude:
- It’s not too late. If you find a compelling M&A opportunity but you feel others have invested in that area already, it’s not necessarily a bad thing.
- Something’s changed in the latest wave The M&A market is becoming more about new geographies and opportunities, deals where the more you know before you proceed, the better.
- M&A can and does add value Unavoidably, we looked at the data and saw a generally positive reaction to acquisitions, regardless of which end of the ‘wave’ we are at.
And perhaps, judging by the positive reception given by the market to both our first movers and late followers, we must conclude that you don’t want to be caught in the middle.
In M&A, unlike nature, the early bird may not always get the worm
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