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Sage Advice on Going Global Root's perspective is extremely insightful, and clearly the work of one who knows his topics from personal experience. It encapsulates what some of us have taken decades to learn through trial and error. --Larry D. Bouts, president, International Division, Toys-R-Us, Inc. The North American Free Trade Agreement, the new European common market, and the opening of Eastern Europe--among other recent geopolitical developments--have created unprecedented opportunities for American companies seeking to enter foreign markets. This guide offers executives practical advice, recently updated and expanded, on deciding which markets to enter, choosing a product for international distribution, designing an entry strategy, and developing an effective international marketing plan.
In today's global recession, strong management of firms and organizations are of the utmost importance. Best-selling Economics of Strategy focuses on the key economic concepts students must master in order to develop a sound business strategy. Bringing economic theory and strategic analysis to life in an engaging and uniquely modern way, Besanko et al. have collaborated for over 15 years to build an introductory business course that combines basic concepts from economic theory of the firm and industrial organization with ideas from modern strategy literature. The newly revised 5th edition offers more real-world applications to make materials studied in undergraduate Managerial Economics, Business Strategy, and Industrial Organization courses relevant. Armed with general principles, today's students—tomorrow's future managers—will be prepared to adjust their firms' business strategies to the demands of the ever-changing environment.
The Handbook bridges hitherto separate disciplines engaged in research in mergers and acquisitions (M&A) to integrate strategic, financial, socio-cultural, and sectoral approaches to the field. It examines the management processes involved, as well as valuations and post-acquisition performance, and considers international and sectoral dimensions.
The essential M&A primer, updated with the latest research and statistics Mergers, Acquisitions, and Corporate Restructurings provides a comprehensive look at the field's growth and development, and places M&As in realistic context amidst changing trends, legislation, and global perspectives. All-inclusive coverage merges expert discussion with extensive graphs, research, and case studies to show how M&As can be used successfully, how each form works, and how they are governed by the laws of major countries. Strategies and motives are carefully analyzed alongside legalities each step of the way, and specific techniques are dissected to provide deep insight into real-world operations. This new seventh edition has been revised to improve clarity and approachability, and features the latest research and data to provide the most accurate assessment of the current M&A landscape. Ancillary materials include PowerPoint slides, a sample syllabus, and a test bank to facilitate training and streamline comprehension. As the global economy slows, merger and acquisition activity is expected to increase. This book provides an M&A primer for business executives and financial managers seeking a deeper understanding of how corporate restructuring can work for their companies. Understand the many forms of M&As, and the laws that govern them Learn the offensive and defensive techniques used during hostile acquisitions Delve into the strategies and motives that inspire M&As Access the latest data, research, and case studies on private equity, ethics, corporate governance, and more From large megadeals to various forms of downsizing, a full range of restructuring practices are currently being used to revitalize and supercharge companies around the world. Mergers, Acquisitions, and Corporate Restructurings is an essential resource for executives needing to quickly get up to date to plan their own company's next moves.
An introduction to the theory and methods of empirical asset pricing, integrating classical foundations with recent developments. This book offers a comprehensive advanced introduction to asset pricing, the study of models for the prices and returns of various securities. The focus is empirical, emphasizing how the models relate to the data. The book offers a uniquely integrated treatment, combining classical foundations with more recent developments in the literature and relating some of the material to applications in investment management. It covers the theory of empirical asset pricing, the main empirical methods, and a range of applied topics. The book introduces the theory of empirical asset pricing through three main paradigms: mean variance analysis, stochastic discount factors, and beta pricing models. It describes empirical methods, beginning with the generalized method of moments (GMM) and viewing other methods as special cases of GMM; offers a comprehensive review of fund performance evaluation; and presents selected applied topics, including a substantial chapter on predictability in asset markets that covers predicting the level of returns, volatility and higher moments, and predicting cross-sectional differences in returns. Other chapters cover production-based asset pricing, long-run risk models, the Campbell-Shiller approximation, the debate on covariance versus characteristics, and the relation of volatility to the cross-section of stock returns. An extensive reference section captures the current state of the field. The book is intended for use by graduate students in finance and economics; it can also serve as a reference for professionals.
Mergers, Acquisitions, and Other Restructuring Activities: An Integrated Approach to Process, Tools, Cases, and Solutions, Eleventh Edition presents the most current and comprehensive M&A information available. Organized according to the context in which topics normally occur in the M&A process, the book covers M&A environments, M&A processes, M&A valuation and modeling, deal structuring and financing strategies, and alternative business and restructuring strategies. Covering industries worldwide, this new edition illustrates the most germane strategies and tactics in today's marketplace. It includes substantially more ancillary materials than previous editions, including an extensive test bank, chapter summaries, and instructor and student PowerPoint slides. More than 100 new references to relevant academic research published since 2018 make the 11th edition a balanced, comprehensive guide to the complex and dynamically changing world of M&A. - Provides a rigorous discussion on the strengths and limitations of financial modeling as applied to M&A - Includes more than 270 empirical studies published in leading peer-reviewed journals published 2018-2020, all new since the 10th edition (2019) - Presents updated M&A tactics and strategies as well as court cases and new regulations governing business combinations, valuation methodologies, and financing
Developing countries apply numerous sector-specific taxes to telecommunications, whose buoyant revenues and formal enterprises provide a convenient “tax handle”. This paper explores whether there is an economic rationale for sector-specific taxes on telecommunications and, if so, what form they should take to balance the competing goals of promoting connectivity and mobilizing revenues. A survey of the literature finds that limited telecoms competition likely creates rents that could efficiently be taxed. We propose a “pecking order” of sector-specific taxes that could be levied in addition to standard income and value-added taxes, based on capturing rents and minimizing distortions. Taxes that target possible economic rents or profits are preferable, but their administrative challenges may necessitate reliance on service excises at the cost of higher consumer prices and lower connectivity. Taxes on capital inputs and consumer access, which distort production and restrict network access, should be avoided; so should tax incentives, which are not needed to attract foreign capital to tap a local market.
'Investor Protection and Corporate Governance' analyzes the impact of corporate governance on firm performance and valuation. Using unique datasets gathered at the firm-level the first such data in the region and results from a homogeneous corporate governance questionnaire, the book examines corporate governance characteristics, ownership structures, dividend policies, and performance measures. The book's analysis reveals the very high levels of ownership and voting rights concentrations and monolithic governance structures in the largest samples of Latin American companies up to now, and new data emphasize the importance of specific characteristics of the investor protection regimes in several Latin American countries. By and large, those firms with better governance measures across several dimensions are granted higher valuations and thus lower cost of capital. This title will be useful to researchers, policy makers, government officials, and other professionals involved in corporate governance, economic policy, and business finance, law, and management.
The first book dedicated specifically to research methods in the political economy of media and communication, it provides a methodological toolkit to investigate the functioning of media, technology, and cultural industries in their historical, institutional, structural, and systemic contexts. Featuring contributions from across the globe and a variety of methodological perspectives, this volume presents the state of the art in political economy of media and communication methods, articulating those methods with adjacent approaches, to study concentration of ownership and power, pluralism and diversity, regulation and public policies, governance, genderization, and sustainability. This collection charts the methodological innovations critical political economists are adopting to analyse a rapidly transforming digital media landscape, exploring ideology, narratives, socio-analysis and praxis in communication with ethnographic and participatory approaches, as well as designs for quantitative and qualitative methods of textual, discourse and content analysis, network analyses, which consider power relations affecting communication, including intersectional oppressions and the new developments taking place in artificial intelligence. An essential text for advanced undergraduates, postgraduate students, and researchers in the areas of media, cultural and communication studies, particularly those studying topics such as the political economy of media and/or communication, media and communication theory, and research methods.