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This book pools the current know-how, and closes important knowledge gaps, to offer hands-on advice and practical answers to the many 'how to' questions relating to merger implementation. It provides a crucially important understanding of how to assess the chances of realising synergy potential and evaluate integration risks.
Begins with dramatic proof of the shortcomings of accounting numbers as earnings per share, return on investment, and return on equity, and explains to develop value-creating business strategies and how to ...
Leverage today's most complete and practical framework for driving superior business value from mergers and acquisitions -- both domestic and international. A Comprehensive Guide to Mergers and Acquisitions Management focuses on critical success factors across every stage of the process, including planning, screening, negotiation, due diligence, transition management structures, post-merger integration, leadership and trust, cultural integration, HR practices, control, monitoring, and more. Authored by Yaakov Weber, an international expert in M&A management, strategic alliances, and strategic management, this book's uniquely interdisciplinary approach fully addresses both operational and cultural requirements, supporting participants in every role. Replete with recent examples and cases, it pays special attention to crucial strategic and behavioral linkages between pre- and post-merger stages, explaining why they are so important and how they can be managed to create maximum value. Throughout, Weber provides practical tools, tables, and figures that can help M&A implementers ensure best performance and achieve success where others have failed. As just one example, he provides proven instruments for analyzing cultural differences and the potential for synergy, and translating that potential into reality. For multiple audiences, including board members and top executives who must evaluate the strategic and financial issues associated with M&A; investment bankers, VCs, and other investors who must screen and select acquisitions; managers who must execute business combinations; consultants in strategy, HR, culture, and other areas; and faculty and students in executive education, MBA, and BA-level business programs.
Focuses on the studies of the advances in mergers and acquisitions from scholars in different countries, with different research questions, relying on different theoretical perspectives. This title helps scholars think about mergers and acquisitions in different ways.
Inhaltsangabe:Summary: M&A transactions and corporate change are frequent occurrences in the globalized economies of today (c.f. section External growth and communication as global trends , page 1). On a global scale, led by the U.S., the European Union and Germany, M&A transactions have clearly become a global mega trend. Despite their growing popularity, M&A transactions often fail to produce the desired outcomes (c.f. section M&A Failure and Corporate Communications , page 5). This is partly due to poor M&A communication. The study at hand has several aims: To discuss the significance of M&A communication for the overall success of a transaction To establish the general determinants for the quality of M&A communication The key success factors To examine the individual determinants The factors determining the quantitative and qualitative deployment of M&A communication and its adjustment to the varying preconditions of different transactions Secondary as well as primary data led to the conclusion that M&A communication is of high significance to the success of an M&A transaction and can impact its results. Even if M&A communication can never be the single most important factor, determining merger success or failure, corporations acknowledging the significance of best-practice M&A communication have a higher M&A success probability and avoid opportunity costs. As described in more detail in section The significance of M&A communication for the overall success of a transaction , page 51, M&A communication derives its significance from the functions it fulfills. In the course of the interviews, those functions could be identified as reputation function, manipulation function, information function, acceptance function, action function, security function, and motivation function. In the context of post-merger integration communication, especially the possibility to decrease employees level of change resistance, uncertainty, frustration and demotivation is of particular value to transaction success. Even if communication per-se is a qualitative, not a quantitative factor, the study at hand concludes that there are ways to assess and evaluate communication success. If communication is ranked against what communication can possibly accomplish, communication success can be defined and measured (c.f. section The assessment of M&A communication success , page 57). As communication is significant to M&A transaction success and as [...]
A comprehensive guide to the world of mergers and acquisitions Why do so many M&A transactions fail? And what drives the success of those deals that are consummated? Robert Bruner explains that M&A can be understood as a response by managers to forces of turbulence in their environment. Despite the material failure rates of mergers and acquisitions, those pulling the trigger on key strategic decisions can make them work if they spend great care and rigor in the development of their M&A deals. By addressing the key factors of M&A success and failure, Applied Mergers and Acquisitions can help readers do this. Written by one of the foremost thinkers and educators in the field, this invaluable resource teaches readers the art and science of M&A valuation, deal negotiation, and bargaining, and provides a framework for considering tradeoffs in an effort to optimize the value of any M&A deal.
In Business Development, Mergers and Acquisitions (MandA) have become an increasingly attractive growth opportunity among companies over a long period of time. Nowadays, there is hardly a day where current developments of ongoing MandA transactions or speculations about presumed MandA deals cannot be followed in the daily press.It is proved that a huge number of MandA did not deliver on their promises. The majority of failed MandA are a result of mismanagement during the Post Merger Integration (PMI) when processes have to be adjusted, personnel need to be teamed up and corporate cultures have to be reconciled.This study deals predominantly with aspects of synergy management whereby the main focus is on synergy tracking as a support function of the synergy management. An emphasis is on the analysis of realization efforts that need to be done by the management during the PMI. To provide a solution and ease the aforementioned issues of synergy realization, a synergy tracking tool, which serves as an effective support instrument during the PMI is developed.
Doctoral Thesis / Dissertation from the year 2014 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,3, University of Cologne (Seminar für Allg. BWL, Risikomanagement und Versicherungslehre), language: English, abstract: Since the 20th century, the insurance industry has experienced an unprecedented wave of M&A. However, in spite of the drastic increase in insurance M&A activity, there has been little consistent empirical evidence on the value enhancement of these deals. Hence, many open questions still exist in this research area. The most fundamental questions are whether insurance M&A actually create value and what determinants influence the success of these undertakings. This thesis attempts to find answers to these questions by first examining the status quo of academic literature published in this field of research and bringing together the empirical findings on the success of insurance M&A and its influencing factors. Overall, the literature review outlines that insurance M&A on average tend to create value for shareholders of the target firms as well as for the combined entity of acquirer and target. Moreover, shareholders of acquiring US insurance firms, on average, also benefit from these corporate undertakings. However, negative short-term as well as long-term wealth effects for acquiring insurers’ shareholders are the common finding in capital market studies analyzing the effects of M&A transactions in the European insurance industry. Secondly, the reliability and validity of the findings of previous research are tested in an own empirical analysis which uses a fairly new approach to evaluating the success of M&A by using the idea of stochastic dominance (SD). More precisely, using a sample of 102 transactions conducted by publicly traded Western European insurance firms between the years 1993 and 2009, this work analyzes whether investors in acquiring insurance firms benefit from M&A by comparing return distributions of acquiring firm portfolios with benchmark portfolios using the first two orders of SD. The results show that insurance M&A trigger a negative short-term capital market reaction for acquiring European insurance firms. However, this short-term underperformance diminishes over time, and over a longer period of time of up to three years after M&A announcement, there is no underperformance of acquiring European insurers. In conclusion, based on the accumulated evidence from past empirical studies as well as the empirical investigation of this thesis, it can be concluded that M&A, not only in the US insurance market but also in the European insurance market, seem to be a viable model and are likely to lead to success for all parties involved.
Bernd Wübben analyzes the success of 87 German mergers and acquisitions in the USA during the period from 1990 to 2004. Employing a study of the capital markets’ reaction and a survey of acquirers’ executives, he shows that US transactions on average enhanced value for German companies and their shareholders. The author integrates the findings of both methodologies to identify the determinants of transaction success, including characteristics of the German acquiring and the US target companies as well as of the acquisition structure and management.