WorldWideScience

Sample records for mergers and acquisitions

  1. Mergers and Acquisitions

    DEFF Research Database (Denmark)

    Risberg, Annette

    , employee experiences and communication. Mergers and acquisitions remain one of the most common forms of growth, yet they present considerable challenges for the companies and management involved. The effects on stakeholders, including shareholders, managers and employees, must be considered as well......Introduction to the study of mergers and acquisitions. This book provides an understanding of the mergers and acquisitions process, how and why they occur, and also the broader implications for organizations. It presents issues including motives and planning, partner selection, integration...... by editorial commentaries and reflects the important organizational and behavioural aspects which have often been ignored in the past. By providing this in-depth understanding of the mergers and acquisitions process, the reader understands not only how and why mergers and acquisitions occur, but also...

  2. Mergers and Acquisitions

    DEFF Research Database (Denmark)

    Risberg, Annette

    Introduction to the study of mergers and acquisitions. This book provides an understanding of the mergers and acquisitions process, how and why they occur, and also the broader implications for organizations. It presents issues including motives and planning, partner selection, integration......, employee experiences and communication. Mergers and acquisitions remain one of the most common forms of growth, yet they present considerable challenges for the companies and management involved. The effects on stakeholders, including shareholders, managers and employees, must be considered as well...... by editorial commentaries and reflects the important organizational and behavioural aspects which have often been ignored in the past. By providing this in-depth understanding of the mergers and acquisitions process, the reader understands not only how and why mergers and acquisitions occur, but also...

  3. Mergers & Acquisitions

    DEFF Research Database (Denmark)

    Fomcenco, Alex

    MERGERS & ACQUISITIONS: Counseling and Choice of Method describes and analyzes the current state of law in Europe in regard to some relevant selected elements related to mergers and acquisitions, and the adviser’s counsel in this regard. The focus is aimed and maintained at application...

  4. Essays on mergers and acquisitions

    NARCIS (Netherlands)

    Faelten, A.I.

    2016-01-01

    “Essays on Mergers and Acquisitions" tackles some of the most prominent business challenges related to M&A activity. The Introduction examines the reasons why deals fail through well-known case studies; Chapter 1 presents a new index measuring countries M&A maturity worldwide; Chapter 2 focus on the

  5. Mergers and acquisitions: valuation and risk assessment

    International Nuclear Information System (INIS)

    McVeigh, C.A.

    1996-01-01

    An overview of various aspects of mergers and acquisition transactions in the petroleum industry were presented. Incentives to mergers and acquisitions were reviewed and discussed, among them value opportunity, critical size, incremental tax pools, financial distress, shareholder dissatisfaction, strategic infrastructure position, complementary assets, and undeveloped land inventory. Current trends in mergers and acquisitions were highlighted. An industry checklist for risk assessments discussing financial position, engineering forecasts, and taxation was also included

  6. Disclosure requirements for merger and acquisition transactions

    International Nuclear Information System (INIS)

    Holm, D.I.

    1998-01-01

    The legal disclosure requirements for merger and acquisition transactions involving Canadian public companies are described. The focus is on issues regarding merger and acquisition related disclosure, including the potential consequences of failing to provide proper information, Ontario Securities Commission Policy 9.1 considerations regarding valuation, review, and approval, cross border considerations and financing a merger and acquisition transaction. Legal and practical consequences for failing to provide proper disclosure, including the steps involved in establishing the due diligence defence, are also discussed

  7. Risks of Mergers and Acquisitions Processes

    Directory of Open Access Journals (Sweden)

    Skitsko Volodymyr I.

    2017-06-01

    Full Text Available Despite structural changes both in the economies of individual countries and in the world at large, the size of the merger/acquisition market is not declining and is tending to grow further. However, uncertainty in the global environment increases the importance of proper analysis, assessment and risk management in merger/acquisition transactions. Using the relevant research and publications by various authors, we have built a general ranking of the significance of merger and acquisition risks according to phases of the indicated process, with comparison of individual risk ratings, based on the publications by authors from Central and Eastern Europe and other countries around the world. The ranking of risks and threats of mergers/acquisitions proposed in this work can be considered one of the most complete for today. Further research needs to focus on the analysis, evaluation, and modeling of merger/acquisition risks, which occupy the top of the ranking, presented by the article.

  8. Mergers & Acquisitions

    DEFF Research Database (Denmark)

    Fomcenco, Alex

    This dissertation is a legal dogmatic thesis, the goal of which is to describe and analyze the current state of law in Europe in regard to some relevant selected elements related to mergers and acquisitions, and the adviser’s counsel in this regard. Having regard to the topic of the dissertation...

  9. Mergers + acquisitions.

    Science.gov (United States)

    Hoppszallern, Suzanna

    2002-05-01

    The hospital sector in 2001 led the health care field in mergers and acquisitions. Most deals involved a network augmenting its presence within a specific region or in a market adjacent to its primary service area. Analysts expect M&A activity to increase in 2002.

  10. Avoiding potential pitfalls in mergers and acquisitions.

    Science.gov (United States)

    Glanstein, J; Sallis, M

    1992-01-01

    The single most important factor in determining the success of mergers and acquisitions, write Joy Glanstein, Ph.D., and Mary Sallis, is the human equation and in particular benefit plans--the focus of this article.

  11. French bank mergers and acquisitions performance

    Directory of Open Access Journals (Sweden)

    Houda Ben Said

    2017-11-01

    Full Text Available In this paper, we empirically investigate the impact of mergers and acquisitions on French bank performance. Performance is measured by potential gains in efficiency and value creation. We first analyzed efficiency using the data envelopment analysis (DEA under input oriented with variable returns to scale to obtain the efficiency scores. Second, we analyzed the impact on French bank value creation following mergers-acquisitions operations of a set of control variables (model 1 and explicative variables measuring strategic similarities between bidders and targets (model 2. The sample studied is composed of French bank mergers-acquisitions happening between 1996 and 2006 and implying one of the 14 greatest French banking groups. Empirical result showed that mergers and acquisitions have been traduced by an improvement in the overall efficiency by 17.82% and a shareholder value reduction by 5.14%

  12. Analysis of International Mergers and Acquisitions in the Pharmaceutical Industry

    Directory of Open Access Journals (Sweden)

    Božo Matić

    2011-07-01

    Full Text Available There are numerous researches which analyze mergers and acquisitions, but most of them do not focus on a certain industry, but their sample considers companies from different industries. This paper focuses on mergers and acquisitions in the pharmaceutical industry. It is assumed that pharmaceutical companies with no experience in mergers and acquisitions achieve better results in relatively small and domestic mergers and acquisitions while pharmaceutical companies with greater experience in mergers and acquisitions are successful even in bigger and international mergers and acquisitions. Bigger mergers and acquisitions and international mergers and acquisitions are more risky for the companies so lack of experience in mergers and acquisitions additionally increases risks during the process of mergers and acquisitions. On average, such increase of the risk results in lower returns for stock owners of pharmaceutical companies.

  13. Mergers and acquisitions: valuation and risk assessment

    International Nuclear Information System (INIS)

    Calvin, B.N.

    1996-01-01

    An independent review of all facets of risk management, as it pertains to mergers and acquisitions within the petroleum industry, with no transactional motivation, was provided by a representative of a firm specializing in all phases of risk assessment. The following topics received attention: (1) the forward curve versus industry expectations, (2) investor expectations, (3) financial versus physical transactions, and (4) synthetic debt

  14. Financial Synergy in Mergers and Acquisitions in Saudi Arabia

    OpenAIRE

    Basmah Al Qudaiby; Muhammad Rahatullah Khan

    2013-01-01

    Businesses today consider mergers and acquisitions a new strategy for their company’s growth. Companies aim to grow through sales’ increase, assets purchase, profits’ accumulation and market share gains. The better way for achieving these targets is by getting into either a Merger or an Acquisition. As a matter of fact, growth through mergers and acquisitions has been a critical part of the success of many companies operating in the new economy. Mergers and Acquisitions are an important facto...

  15. Mergers and acquisitions involving equine veterinary practices.

    Science.gov (United States)

    Jackman, Brad R; McCafferty, Owen E

    2009-12-01

    This article discusses mergers and acquisitions involving equine veterinary practices. Combining practices can be professionally and economically advantageous but requires a great deal of thought, planning, and implementation. If due diligence is performed and true business teamwork is undertaken, the benefits can be enormous and rewarding.

  16. Cross-border Mergers and Acquisitions

    DEFF Research Database (Denmark)

    Wang, Daojuan

    This paper focuses on three topics in cross-border mergers and acquisitions (CBM&As) field: motivations for CBM&As, valuation techniques and CBM&A performance (assessment and the determinants). By taking an overview of what have been found so far in academic field and investigating...

  17. Merger and Acquisition in the Banking Sector

    Directory of Open Access Journals (Sweden)

    Anna Szewczyk

    2008-12-01

    Full Text Available The article presents situation on mergers and acquisitions (MA in banking sector during last twenty years. The main motives are selected and analyzed. All is explained on the base on research reports of the Deutsche Bundesbank and the European Central Bank.

  18. 7 CFR 1735.62 - Approval of acquisitions and mergers.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 11 2010-01-01 2010-01-01 false Approval of acquisitions and mergers. 1735.62 Section 1735.62 Agriculture Regulations of the Department of Agriculture (Continued) RURAL UTILITIES SERVICE... Mortgage Controls on Acquisitions and Mergers § 1735.62 Approval of acquisitions and mergers. (a) If a...

  19. Technology-based Mergers and Acquisitions

    DEFF Research Database (Denmark)

    Wang, Daojuan; Moini, Hamid

    2014-01-01

    The purpose of this chapter is to provide an updated review of what is known about the performance of technology-based mergers and acquisitions (TBM&As) and their determinants. This review brings together papers published from 1990 to 2012 in top-rated academic journals within nearly all fields...

  20. Surviving mergers & acquisitions.

    Science.gov (United States)

    Dixon, Diane L

    2002-01-01

    Mergers and acquisitions are never easy to implement. The health care landscape is a minefield of failed mergers and uneasy alliances generating great turmoil and pain. But some mergers have been successful, creating health systems that benefit the communities they serve. Five prominent leaders offer their advice on minimizing the difficulties of M&As.

  1. Mergers and acquisitions in the oil and gas industries

    International Nuclear Information System (INIS)

    Corlay, C.; Huby, D.

    1999-01-01

    This paper focuses on mergers and acquisitions in the oil and gas industries, and lists the most important mergers in terms of transaction value for the period 1981-1997, and plots oil and gas mergers and acquisitions activity by sector and by major region. The mean operation indicator in 1998 in terms of reserves, production and refining capacity of the major companies are tabulated. The impact of the mergers on the oil and gas markets are examined, and issues concerning these mergers and acquisitions are explored. (UK)

  2. Strategy and Tactics of International Mergers and Acquisitions

    Directory of Open Access Journals (Sweden)

    Denys Kiriakov

    2011-12-01

    Full Text Available The article reviews contemporary strategy and tactics issues in terms of international mergers and acquisitions, along with displaying cyclical waves of mergers and acquisitions over the last century as well as motivation thereof. Five strategies adhered to by international companies initiating conclusion of such agreements as well as challenges accompanying execution thereof have been analyzed. Modern strategic and tactical tools of international mergers and acquisitions process management have been researched on exemplary buyer (a corporation case-study.

  3. Mergers and acquisitions: a most strategic decision.

    Science.gov (United States)

    Laine, Mike; Tyler, David

    2007-11-01

    Five steps are basic to successfully concluding (or deciding not to conclude) a merger or acquisition: Identify targets. Begin with the end in mind. Choose a transaction team. Perform due diligence. Commit to the deal--or to no deal.

  4. Mergers and acquisitions for the radiologist.

    Science.gov (United States)

    Fleishon, Howard B

    2008-05-01

    In 2006 and the first half of 2007, the rapid pace of global activity contributed to the popularity of mergers and acquisitions (M&A). In fact, the medical imaging industry has a significant history in M&A as well. Along with the expectation of continued growth in medical imaging utilization and other industry trends, radiologists may become more involved in M&A transactions. There is little in the radiology literature dealing with the logistics and pitfalls of M&A. This article is an introduction for radiologists who might consider buying or selling their practices or merging with strategic partners. Although there are significant differences in the approaches of buy or sell situations compared with mergers, they do share several concepts that are outlined. One key to success in M&A transactions is the "process" or approach, which is described with some practical guidelines. Some basic terms and suggestions are also presented for reference.

  5. Maximizing value through mergers and acquisitions in the petroleum industry

    International Nuclear Information System (INIS)

    Anon.

    1996-01-01

    An 'Insight' conference was held in February 1996 to help understand the economics of mergers and acquisitions in the petroleum industry. Speaking notes, overhead projection slides and full text of the presentations (where available) from seven contributors at the conference were combined in this volume of proceedings. Specific topics of discussion included a review of the current scene in mergers and acquisitions, assessing management and employees, optimizing tax advantages, looking for synergies, the value of human perspective in mergers and acquisitions, tips on analyzing the engineering report, and the market's perception of merger and acquisition reporting. tabs., figs

  6. Performance Assessment of Mergers and Acquisitions

    DEFF Research Database (Denmark)

    Wang, Daojuan; Moini, Hamid

    2012-01-01

    Corporate mergers and acquisitions (M&As) have been increasing popular during these decades. However, a majority of research show failure rate (40% - 80%) has not significantly changed. This “success paradox” triggers us to reflect on performance assessment of M&As: how the performance of M...... on the performance measures and benchmarks adopted in M&A research field and the relevant empirical results. We find that the definitions of performance varied in terms of accounting, financial, operational and perceptual metrics. And performance assessment is sensitive to the definition of performance, methodology...

  7. The human resources in mergers and acquisitions

    Directory of Open Access Journals (Sweden)

    Noemí Martínez Caraballo

    2007-07-01

    Full Text Available In view of intangible resources -and, among them, human capital- play a significant role in the managerial strategy, this article aims to analyze the fit of human resources in companies that has been target of mergers and/or acquisitions processes. In this sense, the present paper will be centered in carrying out a state of the art of this topic and in showing some evidences about the top managers perceptions of the target company with the purpose of better understanding which are the reasons for the departure and the permanence of them.

  8. Financial Synergy in Mergers and Acquisitions in Saudi Arabia

    Directory of Open Access Journals (Sweden)

    Basmah Al Qudaiby (Basmah, A. Q.,

    2013-11-01

    Full Text Available Businesses today consider mergers and acquisitions a new strategy for their company’s growth. Companies aim to grow through sales’ increase, assets purchase, profits’ accumulation and market share gains. The better way for achieving these targets is by getting into either a Merger or an Acquisition. As a matter of fact, growth through mergers and acquisitions has been a critical part of the success of many companies operating in the new economy. Mergers and Acquisitions are an important factor in building up market capitalization. Based on three detailed and in depth structured interviews with major Saudi Arabian banks it has been found that, Mergers motivated by economies of scale should be approached cautiously. Companies should also approach vertical mergers cautiously because it is often difficult to gain synergy through a vertical merger and firms should also seek out mergers which allow the firm to acquire specialized knowledge. It has also been found that the firms should look for mergers that increase market power and avoid unrelated or conglomerate mergers.

  9. Synergy disclosures in mergers and acquisitions

    NARCIS (Netherlands)

    M.D.R.P. Dutordoir (Marie); P.G.J. Roosenboom (Peter); M. Teixeira de Vasconcelos (Manuel)

    2013-01-01

    textabstractWe examine bidding firms’ motives for disclosing a synergy forecast when announcing a merger or acquisition. Our sample consists of 1,990 M&A deals, of which 345 announce synergy estimates. Our results suggest that synergy disclosures serve to obtain a more favorable market reception for

  10. EUROPEAN CROSS-BORDER MERGERS AND ACQUISITIONS- REALITIES AND PERSPECTIVES

    Directory of Open Access Journals (Sweden)

    Vancea Mariana

    2011-07-01

    Full Text Available This paper analyses the impact of the economic and financial crisis on merger and acquisition activity in Europe and the latest trends manifested on the cross-border merger and acquisition market involving European companies. Thus, a first objective of this research is to reveal the evolution of the European cross-border merger and acquisition activity in terms of dynamics, volume and structure. Another objective of this research is to reveal the short and medium term perspectives on mergers and acquisitions in Europe. Thus, under the continuous economic recovery of the European countries and the other worldwide economies, the recovery of financial markets and the growth of corporate profits, we shall witness an intensive cross-border merger and acquisition activity in Europe. The expansion engine of these operations seems to be represented by the emerging economies. This research is based on a systematic, logical and comparative analysis of scientific literature and statistical data regarding the cross-border mergers and acquisitions that involve European companies in recent years. This paper is part of the doctoral thesis Mergers and acquisitions- strategies of growth and development of enterprises. European and national particularities, coordinated by professor Ph.D. Alina Bădulescu from University of Oradea, Faculty of Economics. The doctoral research is supported by The Sectorial Operational Program for Human Resources Development 2007-2013, Contract POSDRU 59/1.5/S/1- Romanian researchers through modern and efficient doctoral programs.

  11. ROLE OF INTERNATIONAL MERGERS AND ACQUISITIONS IN CORPORATE INTEGRATION

    Directory of Open Access Journals (Sweden)

    Lucia P. BLĂJUȚ

    2015-04-01

    Full Text Available This paper highlights the role of international mergers and acquisitions in corporate integration. The factors that stimulate mergers and acquisitions activities bring real changes in the world economy. Mergers and acquisitions are a form of expansion: mergers can take place either as a statutory merger or consolidation and minority, majority or full acquisitions dominate the international market. It is very important to not confuse the meaning of the two terms. Multinational companies are forced by the competitive environment to adopt new strategies to penetrate a particular market and decrease the position of competition on global market or to counteract competitor action on the other market. Cross-border M and A is functionally classified in horizontal, vertical, concentric and conglomerate. The balance between these types of M and A has been changing over time and the distinction among these four categories is not always clear-cut.

  12. Integrating organizational and human behavior perspectives on mergers and acquisitions

    NARCIS (Netherlands)

    Weber, Yaakov; Drori, Israel

    2011-01-01

    This article presents a conceptual framework for investigating merger and acquisition (M&A) performance through a multistage and multilevel approach. First, human resource challenges during the integration process following a merger are explored to help explain the inconsistencies among empirical

  13. Financing and Regulatory Frictions in Mergers and Acquisitions

    NARCIS (Netherlands)

    Q. Zhang (Quxian)

    2018-01-01

    markdownabstractThis dissertation studies how financial frictions and regulatory costs affect mergers and acquisitions (M&A). The first conclusion is that financial distress drives firms to make diversifying acquisitions. Acquisitions made by distressed firms in recent years are economically

  14. Understanding Information Systems Integration Deficiencies in Mergers and Acquisitions

    DEFF Research Database (Denmark)

    Henningsson, Stefan; Kettinger, William J.

    2017-01-01

    Information systems (IS) integration is a critical challenge for value-creating mergers and acquisitions. Appropriate design and implementation of IS integration is typically a precondition for enabling a majority of the anticipated business benefits of a combined organization. Often...

  15. Risk Management in Mergers and Acquisitions

    Directory of Open Access Journals (Sweden)

    Dmitry O. Verdiev

    2015-01-01

    Full Text Available M&A statistics show that less than a third of newly merged companies has realized their planned synergistic effects and increased shareholder value. According to the author, such disgusting situation is due to improper planning and failure of corporate management to understand the importance of risk management in M&A. Lack of practice in identification, evaluation, mitigation and regular monitoring of risks leads to the situation when many companies merge despite the fact that the merger bears substantial risks. Corporate management fails to include risk mitigation expenses in merger costs. In many cases, risk mitigation expenses may be so substantive that the merger loses its attractiveness. Only few companies implement risk management methodology while planning M&A activity. This methodology may anticipate and minimize the consequences of various risk factors that negatively influence integration process. The article suggests an implementation of risk management best practice. This risk management best practice may act as an effective tool of successful realization of synergistic effects in M&A and may be helpful in increasing shareholder value in post-merger period. Risk management is conducted throughout the stages of merger and includes identification, analysis, assessment, management and monitoring of risks. Implementation of risk management at early stages of merger planning significantly decreases uncertainty in relation to achievement of financial and operational goals of newly merged company. The article provides with typical M&A risk matrix that may be adapted for specific M&A project. Risk matrix includes a register of risks sorted by stages of M&A deal, quality assessment of their probability, influence and impact on merger as well as risk mitigation methods.

  16. Energy mergers, acquisitions and trusts : no end in sight

    International Nuclear Information System (INIS)

    Shiry, J.

    1998-01-01

    An overview of Canadian export of natural gas to the U.S. and mergers in the Canadian gas industry was presented. Issues discussed included: (1) the Canadian role in U.S. gas markets, (2) growth, returns, and reinvestment rates in the Canadian gas industry, (3) current and historical mergers and acquisitions activity, (4) the driving forces of continued mergers, and (5) the role of trusts in mergers and acquisitions. It was stressed that the recent trend of energy industry mergers is reshaping the industry. Canadian gas producers are currently finding themselves in a high risk, low-return, capital intensive industry caught in a 10-year major growth trend driven by U.S. exports. Unfortunately, for the immediate future there is no end in sight. figs

  17. Integrated delivery systems: mergers and acquisitions.

    Science.gov (United States)

    Pinkerton, S

    1999-01-01

    Mergers and acquisitions are usually the way an IDS is built. The CNO and/or CNOs/DONs have an integral role in the resolution of the M/A process. During this time of significant change, during which there may even be chaos, the CNOs work to maintain stability so there is as little impact as possible on patient outcomes, a core responsibility of the CNOs. The CNOs should focus on identifying and working with the highly skilled individuals in the organization to get to the recovery stage of the M/A process, at which time a high-performing organization is achieved. To build this new organization or IDS, the old organizations of the M/A must be changed (Moss Kanter, 1994). The successful CNOs will manage the trade-offs and will become experts in collaboration. The CNO's goals are to maximize the quality of patient care, the professional satisfaction of the nurse, and the goals of achieving cost effectiveness for the system (Clifford, 1998), and keeping this focus through the M/A process will yield success.

  18. Impact of HMO mergers and acquisitions on financial performance.

    Science.gov (United States)

    Weech-Maldonado, Robert

    2002-01-01

    This study examines the effect of health maintenance organization (HMO) mergers and acquisitions on financial performance, as indicated by cash flow returns, profitability ratios, and efficiency indicators. Pooled, cross-sectional files of financial performance data were created for HMO mergers occurring in the period of 1988 to 1994. The study uses a time-series design involving the analysis of pre- and post-acquisition financial performance measured over a period of four years. Change scores for the industry-adjusted financial performance measures were calculated and then evaluated using t-tests. The study showed that HMO mergers had a positive effect on financial performance and efficiency. This effect disappeared, however, after adjusting for HMO industry returns. Potential synergies arising from HMO mergers have been largely illusory. Mergers may have been a result of non-value enhancing motives or management overconfidence.

  19. Mergers and acquisitions in the international banking sector

    Directory of Open Access Journals (Sweden)

    Botis, S.

    2013-06-01

    Full Text Available The economic crisis emphasized the risks that banks assume and run. Reducing them is a strong reason for the acceleration of mergers and acquisitions in the international banking field. The merger of banking entities has established itself as a modern method of global credit risk management within every country and internationally. The main objective of this article is to highlight the latest developments on the bank mergers and acquisitions market in the U.S. and EU and on emerging market trends.

  20. Merger mania: mergers and acquisitions in the generic drug sector from 1995 to 2016.

    Science.gov (United States)

    Gagnon, Marc-André; Volesky, Karena D

    2017-08-22

    Drug shortages and increasing generic drug prices are associated with low levels of competition. Mergers and acquisitions impact the level of competition. Record merger and acquisition activity was reported for the pharmaceutical sector in 2014/15, yet information on mergers and acquisitions in the generic drug sector are absent from the literature. This information is necessary to understand if and how such mergers and acquisitions can be a factor in drug shortages and increasing prices. Data on completed merger and acquisition deals that had a generic drug company being taken over (i.e. 'target') were extracted from Bloomberg Finance L.P. The number and announced value of deals are presented globally, for the United States, and globally excluding the United States annually from 1995 to 2016 in United States dollars. Generic drug companies comprised 9.3% of the value of all deals with pharmaceutical targets occurring from 1995 to 2016. Globally, in 1995 there were no deals, in 2014 there were 22 deals worth $1.86 billion, in 2015 there were 34 deals totalling $33.56 billion, and in 2016 there were 42 deals worth in excess of $44 billion. This substantial increase was partially attributed to Teva's 2016 acquisition of Allergan's generic drug business. The surge in mergers and acquisitions for 2015/16 was driven by deals in the United States, where they represented 89.7% of the dollar value of deals in those years. The recent blitz in mergers and acquisitions signals that the generic drug industry is undergoing a transformation, especially in the United States. This restructuring can negatively affect the level of competition that might impact prices and shortages for some products, emphasizing the importance of updating regulations and procurement policies.

  1. Efficiency Effects of Bank Mergers and Acquisitions

    NARCIS (Netherlands)

    H.P. Huizinga; J.H.M. Nelissen (Jan); R. Vander Vennet

    2001-01-01

    textabstractNext to technological progress and deregulation, the introduction of the euro is widely considered to be an important catalyst for bank consolidation in Europe. In order to assess the public policy issues surrounding bank mergers, this paper analyzes the efficiency effects of 52

  2. A comprehensive, holistic people integration process for mergers and acquisitions

    Directory of Open Access Journals (Sweden)

    Rina P. Steynberg

    2011-02-01

    Full Text Available Orientation: Mergers and Acquisitions (M&As are a frequent, alternative strategic growth option to organic growth for organisations. The failure rate of mergers and acquisitions is alarmingly high (70% plus failures. The people factor is seen as one of the main contributors to this failure.Research purpose: To develop and validate a comprehensive, holistic model for the people integration process during mergers and acquisitions.Motivation for the study: The literature on a comprehensive, holistic people integration process for mergers and acquisitions is sparse and fragmented.Research design, approach and method: A qualitative approach was adopted consisting of a three step process which solicited the views of seasoned M&A Practioners; these views were compared against the available literature. Finally, practioners were asked to critique the final model from a practice perspective. The utility of the final model was assessed against two mergers and acquisitions case studies.Main findings: A comprehensive, holistic people integration process model for mergers and acquisitions was developed and validated. However, this model will only significantly enhance mergers and acquisitions value realisation if it is applied from the appropriate vantage point.Practical/managerial implications: The proposed approach will increase the probability of a successful M&A people-wise and M&A value realisation.Contribution/value add: Theoretically, the development and validation of a M&A people process integration model; practically, guidelines for successful people integration; organisationally, significantly enhancing the chances of M&A success; and community wise, the reduction of the negative effects of M&A failure on communities.

  3. Mergers and acquisitions: some implications of cultural change.

    Science.gov (United States)

    Cavanaugh, S J

    1996-01-01

    A result of recent National Health Service reforms is the need to investigate, and possibly change, the culture of the professional working relationship between members of staff and their employer. This is particularly the case in situations of mergers and acquisitions where staff working from different cultural environments must work together. Mergers are becoming a feature of health service provision, perhaps this becomes most obvious with the recent moves by colleges of nursing and midwifery into the higher education sector and amalgamations of some purchasing authorities. Mergers highlight the practical issues of bringing together different organizational and work cultures to deliver a high quality service. This article discusses some aspects of the nature of organizational culture, the human impact of mergers and acquisitions and offers strategies for managing these events.

  4. A comprehensive, holistic people integration process for mergers and acquisitions

    Directory of Open Access Journals (Sweden)

    Rina P. Steynberg

    2011-03-01

    Research purpose: To develop and validate a comprehensive, holistic model for the people integration process during mergers and acquisitions. Motivation for the study: The literature on a comprehensive, holistic people integration process for mergers and acquisitions is sparse and fragmented. Research design, approach and method: A qualitative approach was adopted consisting of a three step process which solicited the views of seasoned M&A Practioners; these views were compared against the available literature. Finally, practioners were asked to critique the final model from a practice perspective. The utility of the final model was assessed against two mergers and acquisitions case studies. Main findings: A comprehensive, holistic people integration process model for mergers and acquisitions was developed and validated. However, this model will only significantly enhance mergers and acquisitions value realisation if it is applied from the appropriate vantage point. Practical/managerial implications: The proposed approach will increase the probability of a successful M&A people-wise and M&A value realisation. Contribution/value add: Theoretically, the development and validation of a M&A people process integration model; practically, guidelines for successful people integration; organisationally, significantly enhancing the chances of M&A success; and community wise, the reduction of the negative effects of M&A failure on communities.

  5. Mergers and acquisitions processes in Ukraine

    OpenAIRE

    OKSAK ANASTASIIA

    2015-01-01

    The paper deals with characteristics of merges and acquisitions market in Ukraine. The study describes main directions and motives of integration processes at domestic enterprises. Efficient ways are suggested to improve processes of merges and acquisitions in Ukraine.

  6. A Framework for Operational Due Diligence in Mergers and Acquisitions

    DEFF Research Database (Denmark)

    Porsgaard, Chris Berg; Haubjerg, Mathias; Herbert-Hansen, Zaza Nadja Lee

    The number of mergers and acquisitions (M&As) has over the last five years increased greatly (Institute of Mergers, Acquisitions and Alliances, 2016). Furthermore, private equity professionals point to operational performance gains to drive an acquisition decision and attribute cost reductions...... as the most important lever for value creation, after a private equity firm acquires a company (PwC, 2016). However, the overall success rate of M&A activity remains low and the approach to understand an acquisition target’s operating model remains non-exhaustive and unstandardized. This paper investigates...... the pivotal eterminants for assessing operational performance and identifying improvement potentials in an acquisition target. The research question is: “What are the fundamental operational determinants influencing the acquisition decision for private equity firms in the due diligence phase?” This paper...

  7. Hospital mergers and acquisitions: does market consolidation harm patients?

    Science.gov (United States)

    Ho, V; Hamilton, B H

    2000-09-01

    Debate continues on whether consolidation in health care markets enhances efficiency or instead facilitates market power, possibly damaging quality. We compare the quality of hospital care before and after mergers and acquisitions in California between 1992 and 1995. We analyze inpatient mortality for heart attack and stroke patients, 90-day readmission for heart attack patients, and discharge within 48 h for normal newborn babies. Recent mergers and acquisitions have not had a measurable impact on inpatient mortality, although the associated standard errors are large. Readmission rates and early discharge increased in some cases. The adverse consequences of increased market power on the quality of care require further substantiation.

  8. Information Quality and Risk Around Mergers and Acquisition ...

    African Journals Online (AJOL)

    We consolidate our understanding of the link between risk and quality of new around information intensive periods for a sample of 169 stocks from London Stock Exchange by using mergers and acquisitions announcements as a source of unscheduled news disclosure. We document that volatility of stock returns around ...

  9. Mergers and acquisitions's impact on financial performance: an ...

    African Journals Online (AJOL)

    Journal of Fundamental and Applied Sciences ... Though this method have enormous benefits but at the same time are firms are able to convert these qualitative aspects into quantitative form and if yes than do they ... Keywords: mergers and acquisitions; du pont analysis; long run; financial performance; return on assets ...

  10. 17 CFR 230.145 - Reclassification of securities, mergers, consolidations and acquisitions of assets.

    Science.gov (United States)

    2010-04-01

    ..., mergers, consolidations and acquisitions of assets. 230.145 Section 230.145 Commodity and Securities... § 230.145 Reclassification of securities, mergers, consolidations and acquisitions of assets.... A statutory merger or consolidation or similar plan or acquisition in which securities of such...

  11. Downsizings, Mergers, and Acquisitions: Perspectives of Human Resource Development Practitioners

    Science.gov (United States)

    Shook, LaVerne; Roth, Gene

    2011-01-01

    Purpose: This paper seeks to provide perspectives of HR practitioners based on their experiences with mergers, acquisitions, and/or downsizings. Design/methodology/approach: This qualitative study utilized interviews with 13 HR practitioners. Data were analyzed using a constant comparative method. Findings: HR practitioners were not involved in…

  12. Effects of Mergers and Acquisitions to Shareholders' Wealth ...

    African Journals Online (AJOL)

    This paper sets out to empirically analyse the impact of mergers and acquisitions on shareholders returns. it uses the U.K. data for 60 companies that were involved in takeovers in the period between 1992-95. The paper assesses stock market response to the announcement of takeover bids for these randomly chosen ...

  13. Mergers, Acquisitions and Restructuring: Types, Regulation, and Patterns of Practice

    OpenAIRE

    Coates, John C

    2014-01-01

    An important component of corporate governance is the regulation of significant transactions – mergers, acquisitions, and restructuring. This paper (a chapter in Oxford Handbook on Corporate Law and Governance, forthcoming) reviews how M&A and restructuring are regulated by corporate and securities law, listing standards, antitrust and foreign investment law, and industry-specific regulation. Drawing on real-world examples from the world’s two largest M&A markets (the US and the UK) and a rep...

  14. Success Factors of the Companies Mergers and Acquisitions

    Directory of Open Access Journals (Sweden)

    Maria Sierpińska

    2007-03-01

    Full Text Available Mergers and acquisitions (MA are one of the most important phenomenons influencing dynamics of the world economy growth. At the same time, big number of acquisitions turns out to be unsuccessful which induces one to examine reasons for failures and factors having influence on success of MA. In the article an attempt to systematize researchersí and specialists-practitionersí opinions on factors that play a key role in acquisition success was made, as complexity of MA processes causes that only actions resulting from reliable analysis, that are afterwards well planned and carried out may bring results expected by the entities.

  15. Mergers and acquisitions : the case of Kraft Foods and Cadbury

    OpenAIRE

    Ribeiro, Sara Isabel de Paula

    2013-01-01

    The aim of this dissertation is to focus on a determinant aspect of Corporate Finance that is Mergers and Acquisitions (M&A). This dissertation not only provides a practical analysis of main issued regarding a process of M&A, but also provides a theoretical framework about M&A. Specifically, this dissertation explores the real case of Kraft Foods - world’s second largest manufacturer and packager food products – and Cadbury - the world’s second largest confectionery firm. ...

  16. Healthcare mergers and acquisitions: strategies for consolidation.

    Science.gov (United States)

    Zuckerman, Alan M

    2011-01-01

    The passage of federal healthcare reform legislation, in combination with other factors, makes it likely that the next few years will be a major period of consolidation for healthcare organizations. This article examines the seven key forces reshaping healthcare delivery--from insurance industry consolidation to cost inflation to the increasing gap between financially strong and struggling providers--and provides advice for organizations on both sides of an acquisition.

  17. Merger and Acquisition Market: from World Experience to National Practice

    Directory of Open Access Journals (Sweden)

    Hrechana Svitlana I.

    2014-03-01

    Full Text Available The goal of the article lies in identification of tendencies and prospects of development of the merger and acquisition market of Ukraine in the context of influence of the world M and A experience upon this process under conditions of globalisation. In the result of the study the article analyses the most significant merger and acquisition operations that took place in the world practice and in Ukraine in recent years. The article reveals and deeply assesses the variety of motives and mechanisms of their realisation from the position of practice of developed countries and trans-national corporations and also domestic associations of enterprises. It shows that transactions of tough or forced character of acquisition prevail in Ukraine, specific features of which are not only the reduced cost but also direct belonging of buyers to oligarchic-political structures. It explains negative influence of these specific features upon volume and activity of the national M and A market. It formulates and offers a system of state and economic subjects measures, immediate application of which would allow creation of favourable conditions for development of the national merger and acquisition market.

  18. Elucidate Innovation Performance of Technology-driven Mergers and Acquisitions

    Energy Technology Data Exchange (ETDEWEB)

    Huang, L.; Wang, K.; Yu, H.; Shang, L.; Mitkova, L.

    2016-07-01

    The importance and value of Mergers and Acquisitions (M&As) have increased with the expectancy to obtain key technology capabilities and rapid impact on innovation. This article develops an original analytical framework to elucidate the impact of the technology and product relatedness (similarity/complementarity) of the Technology-driven M&A’ partners on post-innovation performance. We present results drawing on a multiple case studies of Chinese High-Tech firms from three industries. (Author)

  19. Towards a governance perspective to mergers and acquisitions

    OpenAIRE

    Parvinen, Petri M. T.

    2003-01-01

    The aim of the present study is to conceptually integrate insights from governance theories of the firm to the research area of mergers and acquisitions (M & A). The primary governance theories of the firm are understood to consist of the neoclassical view of the firm, the nexus of contracts perspective, agency theory, early incomplete contracting theory, transaction cost economics and property rights theory. This study uses a bipartite research agenda, consisting of conceptual and biblio...

  20. Mergers and acquisitions: A synthesis of theories and directions for future research

    Directory of Open Access Journals (Sweden)

    Wissal Ben Letaifa

    2017-02-01

    Full Text Available The purpose of this paper is to review a synthesis of theories and empirical studies dealing with the mergers and acquisitions in the recent decay in an attempt to provide directions for future research. The review focuses on four main streams including: first, the motives for mergers-acquisitions; which are the strategic profits, the overconfidence of managers and the desire to create a big empire resulting from merger. From second, corporate characteristics of firms that did merger or acquisition; third, the economic consequences of the operation of merger and acquisition and finally; fourth, the implication on the market with the impact of merger on the value of the firm. We think that this article can give another idea about the information disclosed by any company choosing to merge and can be analyzed by practitioners by giving them the theoretical background of the merger and acquisition problem.

  1. MERGERS AND ACQUISITIONS AND PRODUCTIVITY IN THE U.S. MEAT PRODUCTS INDUSTRIES: EVIDENCE FROM MICRODATA

    OpenAIRE

    Ollinger, Michael; Nguyen, Sang V.

    2001-01-01

    This paper investigates the motives for mergers and acquisitions in the U.S. meat products industry from 1977-92. Results show that acquired meat and poultry plants were highly productive before mergers, and that meat plants significantly improved productivity growth in the post-merger periods, but poultry plants did not.

  2. Trade Liberalization, Mergers and Acquisitions, and Intra-Industry Reallocations

    DEFF Research Database (Denmark)

    Bache, Peter Arendorf

    This paper presents a Melitz-type model of international trade in final goods and Grossman-Hart-Antràs input sourcing by heterogeneous firms. We show how firms self-select into different organizational forms in a continuum of industries with different characteristics. Next, we show how a liberali...... a liberalization of trade leads to short run increases in the number of firm mergers and acquisitions and potentially new gains from trade. Finally, we show how the relative prevalence of integrating firms is increasing in some industries while constant in all others....

  3. BANK MERGERS AND ACQUISITIONS IN ROMANIA AFTER 1989

    Directory of Open Access Journals (Sweden)

    Copil Crina Angela

    2014-07-01

    Full Text Available In this paper I proposed to myself to analyse the main bank acquisitions and mergers from Romania after 1989, causes that led to their appearance, their effects on the bank system and their future perspectives on the Romanian bank market. In the context of adherence to the European bank system a solution for the Romanian banks is the concentration of the bank system by mergers and acquisitions or the increase of the bank capitals because in the period of transition the smaller banks are vulnerable, don’t dispose of an infrastructure that would alow them to offer financial services comparable to those offered by the great bank groups, can’t offer large credits and is addressing to the smaller and average enterprise, which in their turn are exposed to all the shocks that are felt in the economy. The strategies of concentration and consolidation applied by the banks in this period implemented by the transactions with mergers and acquisitions are essential because of their success depends the existence of the bank, the rank it will have on the market, the profit of the bank, the efficiency, the increase of the satisfaction degree of the clients and the increase of the shares’ value. The increase of the interest of the investor in mergers and acquisitions determined the creating of the great financial conglomerates that offer a large range of services, operates simultaneously on many markets and include beside the bank activity insurance, leasing subsidiaries, investment funds, pension funds, subsidiaries specialized in credit saving. In the last decades the Romanian bank financial system suffered significant changes, registering an ample consolidation process, the number of bank institutions decreased and in the context of the present financial crisis, the continuing of the process of restructuring is anticipated.The main reason for choosing this subject if the fact that in the evolution of the concentration the bank mergers and acquisitions

  4. 78 FR 6326 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-01-30

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... owned merger subsidiary, NM Lobo Acquisition Corporation, and thereby acquire First National Bank of... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a...

  5. 76 FR 68458 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2011-11-04

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking... a result of the merger, to increase its ownership of West One Bank, Kalispell, Montana, from 34.92...

  6. The Impact of Mergers and Acquisitions on the Market Value of Shares of Erste Bank Group

    Directory of Open Access Journals (Sweden)

    Popovici Andreea Nicoleta

    2014-06-01

    Full Text Available Mergers and acquisitions are ways used by banks to improve their profitability and to obtain other advantages. The purpose of this study is to analyze the impact of mergers and acquisitions on the performance of the bidder bank. For this study, I have chosen to research the impact of acquisitions and mergers of Erste Group during 2000-2011, considering the target bank is in Central and Eastern Europe. Using the event study methodology, the result of the study shows that a merger or an acquisition does not improve the value market of the shares of the bidder bank.

  7. Current trends in hospital mergers and acquisitions.

    Science.gov (United States)

    Brown, Thomas C; Werling, Krist A; Walker, Barton C; Burgdorfer, Rex J; Shields, J Jordan

    2012-03-01

    Healthcare reform will impact hospital consolidation in three key areas: Payment rates will decrease, indirectly encouraging consolidation by forcing hospitals to find new ways to reduce costs and increase negotiating clout with suppliers and payers. The cost of doing business will increase as hospitals spend more on compliance, technology, and physician employment. The ACO model will encourage hospital network formation by rewarding integrated healthcare systems that can reduce costs and improve quality.

  8. Mergers and acquisitions: what has changed.

    Science.gov (United States)

    2011-01-01

    The Healthcare Financial Management Association's Principles and Practices (P&P) Board prepares background papers to provide views on an issue from a variety of sources and is intended to produce a thorough understanding of the issue. The purpose of this background paper is to provide clarity around certain issues arising in business combinations of not-for-profit entities.

  9. The Impact of Mergers and Acquisitions on the Market Value of Shares of Erste Bank Group

    OpenAIRE

    Andreea Nicoleta POPOVICI

    2014-01-01

    Mergers and acquisitions are ways used by banks to improve their profitability and to obtain other advantages. The purpose of this study is to analyze the impact of mergers and acquisitions on the performance of the bidder bank. For this study, I have chosen to research the impact of acquisitions and mergers of Erste Group during 2000-2011, considering the target bank is in Central and Eastern Europe. Using the event study methodology, the result of the study shows that a merger or an acquisi...

  10. In Search of Value Drivers in Mergers and Acquisitions

    DEFF Research Database (Denmark)

    Rose, Caspar; Sørheim, Daniel; Lerkerød, Magnus

    2017-01-01

    The international literature on M&As is extensive, but surprisingly little evidence exists for the Nordic countries. This article attempts to fill the gap by studying 184 merger announcements from 1995 to 2014. Our findings differ in a number of ways. “First, we extend the current literature since...... we find that diversifying acquisitions” generate a higher bidder abnormal return compared with focused transactions. A possible explanation is that in diversifying acquisitions acquirers overpay for target firms within their core industry because they overestimate operational synergies...... with excessive free cash flows experience negative returns prior to an announcement. Furthermore, our results imply that a bidder company must be able convincingly to justify an acquisition to the market by communicating the presence of a sound and coherent integration plan....

  11. 26 CFR 1.401(k)-5 - Special rules for mergers, acquisitions and similar events. [Reserved

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 5 2010-04-01 2010-04-01 false Special rules for mergers, acquisitions and similar events. [Reserved] 1.401(k)-5 Section 1.401(k)-5 Internal Revenue INTERNAL REVENUE SERVICE... Bonus Plans, Etc. § 1.401(k)-5 Special rules for mergers, acquisitions and similar events. [Reserved] [T...

  12. 26 CFR 1.401(m)-4 - Special rules for mergers, acquisitions and similar events. [Reserved

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 5 2010-04-01 2010-04-01 false Special rules for mergers, acquisitions and similar events. [Reserved] 1.401(m)-4 Section 1.401(m)-4 Internal Revenue INTERNAL REVENUE SERVICE... Bonus Plans, Etc. § 1.401(m)-4 Special rules for mergers, acquisitions and similar events. [Reserved] ...

  13. ENHANCING THE INTERNATIONALIZATION OF THE GLOBAL INSURANCE MARKET: CHANGING DRIVERS OF MERGERS AND ACQUISITIONS

    Directory of Open Access Journals (Sweden)

    D. Rasshyvalov

    2014-03-01

    Full Text Available One-third of worldwide mergers and acquisitions involving firms from different countries make M&A one of the key drivers of internationalization. Over the past five years insurance cross-border merger and acquisition activities have globally paralleled deep financial crisis.

  14. Role of Human Resources in the Mergers and Acquisitions Processes

    Directory of Open Access Journals (Sweden)

    Anna Szewczyk

    2007-06-01

    Full Text Available The human resources are one of the most important topics when you talk about the value and importance of a company itself. The article tries to show the different aspects where the human resource affects a merger in the different states of a merger process, especially to the pre-merger-phase, and to which problems it can lead when you not pay attention to it. Finally the question, which is indeed the most important aim concerning mergers namely: how and in which degree the human resource effects the goodwill, is tried to answer.

  15. Financing and Value Creation Under Mergers and Acquisitions: Comparative Study OF 350 Companies

    OpenAIRE

    Gupta, Ankit

    2009-01-01

    In this study, 350 mergers and acquisitions has been undertaken to examine, what form of payment method was used for financing those deals and their post acquisition returns of acquirers in terms of share capital. An attempt has been made to investigate how important is the correct financing/ payment technique for shareholder value creation and what determines financing decision in a merger and acquisition process. After conducting a literature review and analyzing the theoretical background ...

  16. Company Mergers and Acquisitions on the Edge of Unlawful Competition

    Directory of Open Access Journals (Sweden)

    Elena - Mădălina Rotaru

    2016-01-01

    Full Text Available In the field of economy, transactions represent one of the fastest means available for improvingany company’s commercial and strategic position in the market. The context of technologicaldevelopments in recent years and the trend of globalization have largely influenced work in thefields of goods and services. Currently, geographical factors are no longer an obstacle andcompanies can expand their production without being influenced by state frontiers. Internationalmergers and acquisitions are, most often, joined by a true "cultural shock" [1] and must comply withregulations on competition both nationally and internationally. Since the penalties imposed byauthorities in charge of competition regulations are substantial, both internationally andnationally, this means that, when making mergers, one should be very cautious.

  17. 75 FR 1784 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2010-01-13

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the... Market Street, San Francisco, California 94105-1579: 1. BW Acquisition, LLC, and Teach and Save, LLC (as...

  18. The linkages between cultural differences, psychological states, and performance in international mergers and acquisitions

    NARCIS (Netherlands)

    Weber, Yaakov; Drori, Israel

    2008-01-01

    A model focusing on the role of the individual in national and corporate culture clash situations, during post-merger integration, is presented. The theory of psychological contract is adapted to explain different individual expectations in domestic versus international mergers and acquisitions

  19. Integrating organizational and human behavior perspectives on mergers and acquisitions: Looking inside the black box

    NARCIS (Netherlands)

    Weber, Yaakov; Drori, Israel

    2011-01-01

    This article presents a conceptual framework for investigating merger and acquisition (M&A) performance through a multistage and multilevel approach. First, human resource challenges during the integration process following a merger are explored to help explain the inconsistencies among empirical

  20. Development of measures on increase of economic security of merger and acquisition transactions in Ukraine

    Directory of Open Access Journals (Sweden)

    Khmelenko Galyna G.

    2013-03-01

    Full Text Available The article shows the essence of merger and acquisition processes, characterises their types, analyses positive and negative consequences of these processes. It generalises main methods of assessment of effectiveness of merger and acquisition processes. It analyses dynamics, structure and effectiveness of activity of the banks with foreign capital in Ukraine. It offers measures on increase of effectiveness of regulation of merger and acquisition processes and develops an algorithm of assessment and analysis of the portfolio of bank products under conditions of consolidation of banking institutions.

  1. World and Russian Market of Mergers and Acquisitions

    Directory of Open Access Journals (Sweden)

    Natalya S. Zagrebel’Naya

    2015-01-01

    Full Text Available This article analyzes the global and Russian markets of mergers and acquisitions (M&A. The article also presents the dynamics of M&A deals in the world and in Russia for the period 2010-2014, the geography of transactions and their sectoral structure. The overall analysis is supported by the examples of ten largest M&A deals in the world and in Russia, committed in 2014. In the market economy many companies, mostly large, consider M&A as means to improve the material and the production sector, increase profitability, sustainability, creating a positive image. Such transactions could improve a company's development, make business more competitive and profitable. In today's global economy we could observe the growing trend of global integration, which is manifested in the access of various types of companies into new markets, as well as the concentration of capital and consolidation of business, on the one hand. However, on the other hand, there is deterioration in the conditions of the companies due to the ongoing financial, economic and political crises and economic sanctions. This leads to changes in the activity on the world and Russian markets of M&A. Thus, to study its dynamics and trends in the contemporary world and in Russia is one of the most important and actual issues.

  2. The Growth in Mergers and Acquisitions in the United States Publishing Industry: 1984-1988.

    Science.gov (United States)

    Greco, Albert N.

    This paper argues that because of a recent, sizable increase in the number of mergers and acquisitions, especially by foreign corporations in the United States, it is possible that a small number of firms could dominate the publishing and information processing industry in the world. The paper outlines briefly the patterns of mergers and…

  3. Mergers and Acquisitions-1998 M&A: The Year in Review.

    Science.gov (United States)

    Defendeifer, Linda

    1999-01-01

    Discusses mergers and acquisitions in the publishing industry, including alliances among the largest publishers and printers; planned and abandoned deals; issues in academia, including rising scholarly journal prices and electronic journals; smaller firm alliances; magazine publishing; and newspaper consolidations. (LRW)

  4. A study on the impact of mergers & acquisitions on shareholders’ wealth and efficiency

    Directory of Open Access Journals (Sweden)

    Li Tianqi

    2016-01-01

    Full Text Available As nowadays mergers & acquisitions are becoming more and more prevalent, this paper concerns the impact of mergers & acquisition on shareholders’ wealth and efficiency. Choosing mergers & acquisitions events in bank industry, we apply literature analysis to see what previous scholars have found and CAPM model to calculate their CAR, which reflects the change of shareholders’ values (positive CAR means shareholders gain positive returns from mergers & acquisitions and vice versa. And finally, we find that bank mergers and acquisitions do create shareholder wealth for the target bank acquired and that in many cases the acquiring firm’s shareholders tend to lose out because their ownership in the newly formed bank is severely diluted and the same is with the efficiency. What’s more, when we take the financial crisis into consideration, mergers are seen to be a safe haven. Besides that, senior management must be skilled at corporate restructuring within the newly merged banks for merged banks to survive post-merger activity.

  5. Effects of merger and acquisition on the performance of selected Commercial Banks in Nigeria

    Directory of Open Access Journals (Sweden)

    AJALA Oladayo Ayorinde

    2013-07-01

    Full Text Available The paper examined the effects of merger and acquisition on the performance of selected commercial banks in Nigeria with greater emphasis on gross earnings, profit after tax and deposit profile as financial efficiency parameters. For this paper, seven Nigerian commercial banks were selected using convenience and judgmental sample selection methods. Data were collected from the published annual report and accounts of the selected banks and were subsequently analyzed appling regression analysis through statistical package for social sciences. The results showed that post merger and acquisition period was more financially improved than the pre merger and acquisition period.Therefore, the study recommended that banks should be more proactive in driving for profit for enhanced financial performance to reap the benefit of mergers and acquisition bid in the Nigeria banking sector.

  6. Global Trends of International Mergers and Acquisitions in the Energy Sector

    OpenAIRE

    Liubov Galperina; Yuliia Klen

    2017-01-01

    The article explores conditions, factors and results of mergers and acquisitions in international business with the example of the energy industry. The directions of world energy market transformation in the framework of PESTLE analysis have been determined by the factors influencing the efficiency and future of the companies that have effected mergers and acquisitions. The transformation of the global energy market is associated with changes in the main market parameters that ...

  7. An Overview of Three Decades of Mergers and Acquisitions Research

    Directory of Open Access Journals (Sweden)

    Nuno Rosa Reis

    2015-09-01

    Full Text Available Mergers and acquisitions (M&A have long attracted managers’ attention and have been researched in different perspectives and using different theories. In this study we grasp the wealth of extant research in the field of M&As. We conducted a bibliometric study of 635 articles on strategic management and international business research published in 34 highly ranked management journals between 1983 and 2012. We performed citation, co-citation and factor analyses to uncover the issues examined by scholars, the main theoretical approaches and themes researched. The results show a relative shift from economic and financial approaches to knowledge-based and organizational learning perspectives in recent years. There was also an evolution from assessing the performance of firms after an M&A to seeking an understanding of what may drive synergy creation after the integration process. Furthermore we observed an increasing interest in cross-border M&As. We discuss our findings, identifying gaps and suggesting paths for future research.

  8. Assessment of Financial Performances of Indian Firms Involved in Domestic and Overseas Mergers & Acquisitions

    OpenAIRE

    Banerjee, Sirsanath

    2016-01-01

    In order to increase competitiveness, portfolio expansion, minimize business risk, enter unchartered territories, make full use of the economies of scale, face the challenges of globalization and achieve competitive advantage over other companies, an unprecedented wave of mergers & acquisitions has engulfed the world in the past few decades. Today, India is on the world map for being a hotbed for mergers & acquisitions with transactions worth US$ 38.1 billion (IBEF, 2015) recorded in 2014 whi...

  9. 75 FR 17142 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2010-04-05

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  10. 77 FR 18246 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-03-27

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  11. 77 FR 52737 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-08-30

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  12. 77 FR 26280 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-05-03

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  13. 77 FR 69454 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-11-19

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company... acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking...

  14. 78 FR 69680 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-11-20

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  15. 77 FR 30535 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-05-23

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  16. 76 FR 62807 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2011-10-11

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  17. 77 FR 64338 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-10-19

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  18. 77 FR 1490 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-01-10

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  19. 77 FR 13127 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-03-05

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  20. 76 FR 77229 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2011-12-12

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  1. 78 FR 22263 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-04-15

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  2. 76 FR 35893 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2011-06-20

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  3. 77 FR 73466 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-12-10

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  4. 78 FR 41063 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-07-09

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company... acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking...

  5. 76 FR 22705 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2011-04-22

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  6. 76 FR 51980 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2011-08-19

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  7. 77 FR 26759 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-05-07

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  8. 78 FR 61845 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-10-04

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  9. 76 FR 61359 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2011-10-04

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  10. 76 FR 28435 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2011-05-17

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  11. 78 FR 40739 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-07-08

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  12. 77 FR 65190 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-10-25

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  13. 78 FR 31549 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-05-24

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  14. 77 FR 38816 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-06-29

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company... involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the...

  15. 77 FR 47070 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-08-07

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  16. 77 FR 70439 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-11-26

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  17. 75 FR 65485 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2010-10-25

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  18. 77 FR 58834 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-09-24

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  19. 76 FR 66719 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2011-10-27

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  20. 78 FR 7430 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-02-01

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company... involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the...

  1. 78 FR 34384 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-06-07

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  2. 78 FR 27966 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-05-13

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  3. 75 FR 36657 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2010-06-28

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  4. 78 FR 65312 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-10-31

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  5. 77 FR 74662 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-12-17

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  6. 78 FR 38715 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-06-27

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  7. 77 FR 29348 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-05-17

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  8. 78 FR 37222 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-06-20

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company... involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the...

  9. 78 FR 42777 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-07-17

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  10. 75 FR 65631 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2010-10-26

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  11. 78 FR 7783 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-02-04

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  12. 77 FR 31855 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-05-30

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  13. 77 FR 29347 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-05-17

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  14. 77 FR 26760 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-05-07

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  15. 75 FR 30405 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2010-06-01

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company... involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the...

  16. 77 FR 21981 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-04-12

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  17. 75 FR 57023 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2010-09-17

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  18. 77 FR 69623 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-11-20

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  19. 78 FR 33093 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-06-03

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  20. 77 FR 52738 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-08-30

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  1. 78 FR 59689 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-09-27

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  2. 77 FR 53202 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-08-31

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  3. 77 FR 77078 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-12-31

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  4. 78 FR 52530 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-08-23

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  5. 75 FR 66763 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2010-10-29

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  6. 78 FR 46334 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-07-31

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  7. 77 FR 38631 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-06-28

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  8. 76 FR 40366 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2011-07-08

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  9. 76 FR 25693 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2011-05-05

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  10. 75 FR 78705 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2010-12-16

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  11. 77 FR 42312 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-07-18

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company... acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking...

  12. 75 FR 16808 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2010-04-02

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  13. 77 FR 10529 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-02-22

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  14. 77 FR 64993 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-10-24

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company... involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the...

  15. 75 FR 26961 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2010-05-13

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company... involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the...

  16. 77 FR 56209 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-09-12

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  17. 75 FR 32779 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2010-06-09

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  18. 76 FR 77534 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2011-12-13

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  19. 78 FR 31550 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-05-24

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  20. 77 FR 29643 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-05-18

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  1. 78 FR 50056 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-08-16

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  2. 75 FR 29760 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2010-05-27

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  3. 77 FR 22577 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-04-16

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  4. 77 FR 41788 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-07-16

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  5. 78 FR 17206 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-03-20

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company... involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the...

  6. 77 FR 27061 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-05-08

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  7. 78 FR 11884 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-02-20

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  8. 77 FR 71420 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-11-30

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  9. 78 FR 59938 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-09-30

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  10. 76 FR 21367 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2011-04-15

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  11. 77 FR 48156 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-08-13

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company... involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the...

  12. 78 FR 70945 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-11-27

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  13. 78 FR 42523 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-07-16

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  14. 76 FR 13191 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2011-03-10

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  15. 78 FR 38039 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-06-25

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  16. 75 FR 70004 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2010-11-16

    ... FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The... standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with...

  17. Mergers and acquisitions. Frequently asked questions and answers.

    Science.gov (United States)

    Lin, S M; Smeltzer, C H; Thomas, C

    2000-03-01

    This article is structured in a question/answer format based on interviews with Dr. Carolyn Hope Smeltzer and Salima Manji Lin of PricewaterhouseCoopers, Chicago, and Chuck Thomas of Hinshaw & Culbertson, Rockford. The questions come from CEO's, healthcare executives, and nurse executives at hospitals that are contemplating mergers or that have both succeeded and failed to merge their institutions. The experts share their knowledge.

  18. Completion or abandonment of mergers and acquisitions : Evidence from the newspaper industry, 1981-2000

    NARCIS (Netherlands)

    Muehlfeld, Katrin; Sahib, Padma Rao; van Witteloostuijn, Arjen

    2007-01-01

    Regulatory and technological changes have resulted in a surge in merger and acquisition (M&A) activity in the newspaper industry since the 1980s. This study investigates the "success" of these activities focusing on a particular facet of acquisition performance. We study the completion likelihood of

  19. Global Trends of International Mergers and Acquisitions in the Energy Sector

    Directory of Open Access Journals (Sweden)

    Liubov Galperina

    2017-03-01

    Full Text Available The article explores conditions, factors and results of mergers and acquisitions in international business with the example of the energy industry. The directions of world energy market transformation in the framework of PESTLE analysis have been determined by the factors influencing the efficiency and future of the companies that have effected mergers and acquisitions. The transformation of the global energy market is associated with changes in the main market parameters that affect the sectoral and regional structure of international mergers and acquisitions. Including: growing demand for energy from the growing population of the planet, including due to an increase in the middle class share; fluctuation of world oil market prices; the growth of supply of shale oil changing the transnational flows of trade in primary petroleum products; rising demand for renewable energy as a result of cheapening technologies and diversification policies; the growth of renewable energy sources supply; increase in demand for atomic energy; improvement of energy infrastructure; introduction of energy efficient and low carbon technologies; introduction of safe technologies by energy companies; reduction of transaction costs in power grids due to optimization of modes at application of Smart Grid at all levels (local, on-site, regional, national, international; the expansion of the world-leading countries in the primary energy markets; demonopolization of national energy markets and liberalization of energy markets of the EU, USA, Japan, South Korea, Australia, etc. The world market of mergers and acquisitions has been characterized with the definition of key features of its development. International mergers and acquisitions in the energy sector are analysed on the basis of regional and industry characteristics. The international mergers and acquisitions in the energy sector has been analysed, taking into account the main scenarios for the development of the

  20. Development of mergers and acquisitions in the conditions of the Czech economy 2001–2010

    Directory of Open Access Journals (Sweden)

    Jaroslav Sedláček

    2011-01-01

    Full Text Available This paper presents the first results of a research project which has the aims to identify the problems appearing during the preparation of mergers in compliance with valid Czech regulations and to analyze economic causes and consequences of mergers. At the first stage it was necessary to compile a basic dataset in a structure needed for a statistical analysis. The aim of the analysis presented in this paper is to ascertain, both theoretically and empirically, how the external environment affected the development of mergers of trading companies in the conditions of the Czech economy. The covered period is the past ten years, i.e. 2001–2010, when the development of the global economy was affected by the bank crisis in the USA and the economic recession. The analysis of the development of mergers and acquisitions focuses on three groups of factors affecting activities in the field of company combinations. These are mergers and acquisitions which are subject to approval by regulatory bodies, the effect of new regulations of financing (financial factors and the effect of the macroeconomic situation in the form of GDP indicator and PX index. Macroeconomic indicators are related to mergers whose development has not been published or explored within scientific research. The results of the analysis allowed us to describe the dependence of activities in the field of company mergers which took place in the Czech Republic in the past decade on the selected factors of the external environment.

  1. Exploring the Impact of Mergers and Acquisitions on Supply Chain Relationships

    DEFF Research Database (Denmark)

    Chakkol, Mehmet; Finne, Max; Raja, Jawwad

    Whilst there is a surge of mergers and acquisitions across different industries, little is known about their supply chain implications. This research investigates how supply chains can be reconfigured during post-merger period. In so doing, a recent M&A was investigated using a supply chain...... perspective. The research contributes to the literature by developing an empirically grounded, theory-based narrative of post-merger supply chain integration process. In particular, the paper demonstrates how the supply chain as a whole drew on structural, cognitive and relational elements of social capital...

  2. The processes of mergers and acquisitions in the Russian banking business

    Directory of Open Access Journals (Sweden)

    Gritsenko S. E.

    2017-02-01

    Full Text Available the article is dedicated to the changes in the banking sector due to sales and aggregation of the small and medium-sized banks. This paper describes the processes of consolidation and aggregation of the banking sector in Russia, it analyses the dynamics of the M&A deals and identifies the main trends in this market segment for 2017–2018. Based on the overview of the Russian M&A market (M&A means mergers and acquisitions in the banking sector for the past years a conclusion is drawn about the aims and rationale of the modern processes of mergers and acquisitions in the Russian banking business.

  3. Theory and Evidence on Mergers and Acquisitions by Small and Medium Enterprises

    NARCIS (Netherlands)

    Weitzel, U.; Mccarthy, K.

    The theory of mergers and acquisitions (M&As) has been developed almost exclusively from the study of large deals by large firms. In this paper we argue that the behaviour and success of M&As by small and medium sized enterprises (SMEs) may be significantly different. Accordingly, we revisit

  4. Factors affecting the Long-Term Post-Acquisition Performance of BRICS Firms Engaging in Cross-Border Mergers and Acquisitions

    Directory of Open Access Journals (Sweden)

    Damilola Oyetade

    2017-04-01

    Full Text Available The purpose of the paper is to examine factors that affect the long-term performance of listed firms from Brazil, Russia, India, China and South Africa (BRICS that engage in cross-border mergers and acquisitions. This paper adds to the existing literature on the performance of mergers and acquisitions from emerging economies by examining the performance of mergers and acquisitions activities on acquirers from individual BRICS countries and examining whether intra-BRICS acquisitions are more beneficial than non-BRICS acquisitions. The system generalised method of moments estimation technique was employed in order to control for unobservable heterogeneity and potential endogeneity problems using accounting data and merger deal information collected from the Bloomberg online database for the period January 2000 to December 2012.The results obtained indicate that there is persistence in the profits, suggesting that BRICS acquirers continue to profit as they engage in mergers and acquisitions, and firm size significantly impacts the profits of acquirers.

  5. Sociocultural integration in mergers and acquisitions : Unresolved paradoxes and directions for future research

    NARCIS (Netherlands)

    Tarba, S.; Noorderhaven, N.G.; E.a., [No Value

    Despite decades of research, the key factors for success in mergers and acquisitions (M&As) and the reasons why M&As often fail remain poorly understood. While attempts to explain M&A success and failure have traditionally focused on strategic and financial factors, an emergent field of inquiry has

  6. On Managing Cultural Integration and Cultural Change Processes in Mergers and Acquisitions

    NARCIS (Netherlands)

    Bijlsma-Frankema, K.M.

    2001-01-01

    This article discusses success factors of cultural integration and cultural change processes in mergers and acquisitions. The focus of the project is on the effects of frictions between structure and cultures, and frictions between different cultures, on the functioning of the organisation. The

  7. Organizational Factors of Justice and Culture Leading to Organizational Identification in Merger and Acquisition

    Science.gov (United States)

    Ismail, Maimunah; Umar Baki, Nordahlia

    2017-01-01

    Purpose: This paper aims to examine the influence of two organizational factors, namely, organizational justice and organizational culture, on organizational identification as perceived by employees following merger and acquisition (M&A) in Malaysia. Design/methodology/approach: The study, which adopts the Social Identity Theory as its…

  8. The Pollution Effects of Mergers and Acquisitions: Asymmetry, Disaggregation, and Multilateralism

    NARCIS (Netherlands)

    J. Swart (Julia); J.G.M. van Marrewijk (Charles)

    2011-01-01

    textabstractThis paper studies the impact of cross-border Mergers and Acquisitions (M&As) on Carbon Dioxide emissions. Carbon Dioxide is the main anthropogenic greenhouse gas. A global problem that requires a multilateral solution. To take this into account we introduce an institutional variable,

  9. The dynamics of mergers and acquisitions: ancestry as the seminal determinant.

    Science.gov (United States)

    Viegas, Eduardo; Cockburn, Stuart P; Jensen, Henrik J; West, Geoffrey B

    2014-11-08

    Understanding the fundamental mechanisms behind the complex landscape of corporate mergers and acquisitions is of crucial importance to economies across the world. Adapting ideas from the fields of complexity and evolutionary dynamics to analyse business ecosystems, we show here that ancestry, i.e. the cumulative sum of historical mergers across all ancestors, is the key characteristic to company mergers and acquisitions. We verify this by comparing an agent-based model to an extensive range of business data, covering the period from the 1830s to the present day and a range of industries and geographies. This seemingly universal mechanism leads to imbalanced business ecosystems, with the emergence of a few very large, but sluggish 'too big to fail' entities, and very small, niche entities, thereby creating a paradigm where a configuration akin to effective oligopoly or monopoly is a likely outcome for free market systems.

  10. A new wave of merger and acquisitions of energy industry: reasons, effects, policy

    International Nuclear Information System (INIS)

    Clo, Alberto

    2005-01-01

    A new wave of merger and acquisitions is interesting the energy industry. Many enterprises will disappear and markets will become more and more monopolistic. Once removed all barriers (foreign and domestic), who has remained in their own boundaries will not last for long. In this view, what is the market position of Italian enterprises and what political issues is carrying out our Country? [it

  11. Genesis of the concept "mergers and acquisitions" in the world scientific knowledge

    Directory of Open Access Journals (Sweden)

    T. V. Reshetnikova

    2017-09-01

    Full Text Available The authors examine the genesis of the concepts of "merger" and "acquisition" in terms of their essence, the need for implementation in the modern economy, the role in the restructuring of the company or business as a whole, the forms of manifestation in the market of corporate control. The authors compare the classical approaches to the examination of essential characteristics in the foreign economic literature with those available in Russian economic literature and used in Russian practice. Both foreign and Russian literature have two clearly distinguished, fundamentally different positions of scientists on the considered definition. Herewith, the first group of researchers separates the terms "merger" and "acquisition", understanding by merging such a transaction between companies in which only one of the involved parties survives, usually the initiator of the transaction. The rest of the companies leave the markets (financial and commodity. This researches consider acquisition as such a process, after which the absorbed company continues to be present in the markets as a subsidiary of the company initiating the transaction. The authors justify new challenges in the M&A market, and reveal the reasons for their appearance. The article presents the genesis of the concepts of mergers and acquisitions from the point of view of their classification by essential characteristics, and reveals common features that practically all foreign and Russian researchers in this field of knowledge identify. The article also shows the distinctive features noted by scientists that expand the possibilities for business restructuring taking into account the processes of corporate control market. The authors study the classification of mergers and acquisitions with the substantiation own position on the sufficiency/insufficiency of the criterion for classifying the studied concepts to different groups; substantiate appearance of definition "transboundary mergers and

  12. Motives for Cross-border Mergers and Acquisitions: Some Evidence from Danish Firms

    DEFF Research Database (Denmark)

    Wang, Daojuan; Moini, Hamid

    2012-01-01

    This study addresses two questions based on Danish firms’ practices: first, what are motives for cross-border mergers and acquisitions (CBM&As)? Second, how the external and internal factors influence the firms’ decisions? According to the results of survey questionnaire and multiple-case study...

  13. Liberalizaiton of Cross-Border Mergers and Acquisitions in Korea: Economic Impacts

    Directory of Open Access Journals (Sweden)

    Yunjong Wang

    1997-12-01

    Full Text Available Most OECD Member countries have made the main part of the world's direct investment - international mergers and acquisitions (M & A completely liberalized, on the contrary, South Korea still has several limitations to this. Investment agreement is expected to take effect in the multi-January 1999, South Korea's liberalization of the international merger and acquisition system will grow significantly. Especially with the securities and investment liberalization, hostile of M&A transactions (which is also called male-fide merger and acquiring will be liberalized. It is expected that the liberalization of international mergers and acquisitions will make foreign direct investment increase substantially. Upon the foreign superior enterprises penetration into the Korean market, there will positive effects which likely improve market competition, the domestic industrial restructuring accelerated, advanced technology and advanced management concept allows the transfer of advanced technology companies in Korea. In addition, in response to the liberalization of hostile international acquisitions, and in order to make the business more efficient and reasonable way to gain a firm foothold, we should develop ideal model for company controlling that takes into account the specifics of Korea as the country in whole and economy apart.

  14. The effects of mergers and acquisitions on stock price behavior in banking sector of Pakistan

    Directory of Open Access Journals (Sweden)

    Zahoor Rahman

    2018-03-01

    Full Text Available Mergers and Acquisitions are considered as one of the useful strategies for growth and expansion of businesses. These strategies have widely been adopted in developed economies while are quite often practiced in developing countries like Pakistan. This study aims to explore the effect of Mergers and Acquisitions on stock price behavior of banking sector in Pakistan by using event study analysis for the period of 2002–2012. Market Study Method was used to compute the abnormal and cumulative abnormal returns for analyzing pre and post events effect of the phenomenon on share prices. The results reveal mixed observations of the activity of mergers and acquisitions on stock price performance. Our findings indicate that most of the firms experienced negative while some firms have shown positive abnormal and cumulative abnormal returns following the activity. Overall, the results indicate that the market responded negatively towards the phenomenon of mergers and acquisition in Banking sector of Pakistan. The results would be useful in providing new insights to the investors and management in making their investment related decisions.

  15. Managing in turbulent times: issues and challenges in health care mergers and acquisitions.

    Science.gov (United States)

    Jones, S A

    1999-09-01

    The environment of the health care system in the present and foreseeable future has been described as a revolution whose impetus comes from Wall Street. The new system of health care is characterized by mergers, acquisitions, and joint ventures. For-profit conversions and mergers of religious and secular organizations were almost unheard of before the last decade. The challenges facing nursing leadership in these turbulent times are (1) dealing with the human dynamics associated with creating new organizational cultures, (2) shifting focus away from event-driven cost avoidance and protecting institutional assets, and (3) shifting focus toward stewardship of community resources and nursing practice beyond institutional boundaries.

  16. 77 FR 46437 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2012-08-03

    ... regulations to become a bank holding company and/or to acquire the assets or the ownership of, control of, or... Alliance Bank Corporation, Fairfax, Virginia. B. Federal Reserve Bank of Chicago (Colette A. Fried... Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice...

  17. The DySIIM Model for Managing IS Integration in Mergers and Acquisitions

    DEFF Research Database (Denmark)

    Henningsson, Stefan; Carlsson, Sven

    2011-01-01

    Corporate mergers and acquisitions (M&As) are prominent means for corporate strategy. In many M&As information systems (IS), integration is critical for achieving the intended goals. By integrating previous research on M&A and IS integration, we develop a six-dimensional theoretical framework...

  18. 75 FR 28250 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2010-05-20

    ... From the Federal Register Online via the Government Publishing Office FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice.... Cordia Bancorp Inc., Washington, DC; to become a bank holding company through the acqusition of up to 52...

  19. Expanded Understanding of IS/IT Related Challenges in Mergers and Acquisitions

    DEFF Research Database (Denmark)

    Toppenberg, Gustav

    2015-01-01

    Organizational Mergers and Acquisitions (M&As) occur at an increasingly frequent pace in today’s business life. Paralleling this development, M&As has increasingly attracted attention from the Information Systems (IS) domain. This emerging line of research has started form an understanding...

  20. Cross-Border Mergers and Acquisitions: The Role of Private Equity Firms

    NARCIS (Netherlands)

    Humphery-Jenner, M.; Sautner, Z.; Suchard, J.A.

    2012-01-01

    We study the role of private equity firms in cross-border mergers and acquisitions. We find that private equity-owned firms are more likely to become targets in crossborder M&A transactions. This effect is particularly strong in transactions where the target or its shareholders actively reach out

  1. Impact Of Merger And Acquisition On Debt Management Ratio: A Case Study In Malaysian Banking Sectors

    OpenAIRE

    Mohammad Talha; Abdullah Sallehhuddin

    2011-01-01

    This study based on efficiency theory of shareholders wealth maximization of acquisition principle attempted to investigate the debt management ratio of ten Malaysian anchor banks after undergoing mega merger and acquisition program which was completed in the year of 2000. As efficiency theory consists of three elements that are financial synergy, operation synergy and managerial synergy, the study will primarily focus its analysis on financial synergy (debt management). Using accounting tech...

  2. Value Creation through ICT Integration in Merger & Acquisition Processes

    DEFF Research Database (Denmark)

    Holm Larsen, Michael

    2005-01-01

    As deals are becoming more complex, and as technology, and the people supporting it, are becoming key drivers of merger and acquisition processes, planning of information and communication technologies in early stages of the integration process is vital to the realization of benefits of an Merger...... & Acquisition process. This statement is substantiated through review of literature from academics as well as practitioners, and case exemplifications of the financial service organization, the Nordea Group. Keywords: ICT Integration, Mergers & Acquisitions, Nordea Group....

  3. Mergers and Acquisitions in the Banking Sector: The Case of Western Balkan Countries / BKT Albania

    Directory of Open Access Journals (Sweden)

    Lulzim Rashiti

    2016-11-01

    Full Text Available This paper aims to explain the financial system which is the engine force for the development of a trade economy. This system ensures payment means in economy and has an impact on its real activity, through the implementation of financial intermediation, acquisitions and mergers in the banking industry that have occurred in recent years in the Western Balkan countries, and monetary policy transmission in these countries. In developing countries, among which are also: Serbia, Macedonia, Albania, Montenegro, etc., banking industry is o" en almost the most important area in the financial system. Therefore, this paper will focus on the way the acquisitions and mergers occurred in the banking system, by assuming that many of the conclusions are applicable to the entire financial system in the Western Balkans. This paper will elaborate on this aspect a case study that deals with the acquisition of Banka Kombetare Tregtare (National Commercial Bank in Albania by the Turkish company Calik Holding (Akif Bank.

  4. Mergers and acquisitions - an empirical analysis of the German energy sector; Mergers and Acquisitions. Eine empirische Analyse der Energieindustrie in Deutschland

    Energy Technology Data Exchange (ETDEWEB)

    Misirlioglu, Cem [Technische Univ. Berlin (Germany). Fachgebiet Innovationsoekonomie

    2013-07-15

    Growth strategies have become an essential component of corporate planning since the onset of market liberalisation and deregulation. The present article analyses the use of mergers and acquisitions as an external market strategy (M and A) in the period from 2000 until 2010. It transpires that the development of M and A has gained momentum and will probably see even greater dynamism in the future as a result of changing political framework conditions as well as further developments in the market for conventional and renewable energies.

  5. Panorama 2016 - The revival of mergers and acquisitions in the oil and gas sector

    International Nuclear Information System (INIS)

    Fosse, Florian; Hache, Emmanuel; Portenart, Philomene

    2015-12-01

    The oil and gas sector remains fertile ground for mergers and acquisitions (M and A). This sector represented between 5% and 15% of total transactions from 2008 to 2014. Since 2008, M and A transactions in the sector have been dominated by a triad made up of a region (North America), a business segment (upstream oil and gas) and a type of key player (independent operators). (authors)

  6. Health care mergers and acquisitions: implications of robbers cave realistic conflict theory and prisoner's dilemma game theory.

    Science.gov (United States)

    Creasy, Todd; Kinard, Jerry

    2013-01-01

    Many health care mergers and acquisitions have proven highly successful because of the geographic proximity of the institutions, coalignment strategies, complementary services, and improved financial performance. Other health care mergers and acquisitions, however, have been dismal failures. This article seeks to explain a primary cause of less successful mergers or acquisitions through the prism of a multiscale, iterative prisoner's dilemma that occurs between department managers. Aspects of "Coping Theory," "Resource (Conservation) Theory," and "Social Comparison Theory" are used to analyze the experience of employees charged with making mergers or acquisitions successful. Lastly, this article suggests possible culture clash remedies drawn from the realistic conflict experiment conducted by Muzafer Sherif near Robbers Cave State Park in Oklahoma.

  7. MERGERS AND ACQUISITIONS IN AGRICULTURAL-FOOD INDUSTRY IN THE WORLD BETWEEN 1990 AND 2012

    Directory of Open Access Journals (Sweden)

    Magdalena Jaworska

    2013-12-01

    Full Text Available Taking into consideration the specification of the sector, distinct tendencies in FDI flows can be expected both in the short and long term. The aforementioned assumption constituted the basis for the research the aiming at of which the presentation of the level, dynamics and structure of cross-border mergers and acquisitions in agricultural-food industry and exploration, on their basis, of the tendencies and directions in which they are going to change as well as to specify the place and role of agriculture and food industry in global flows of FDI. In order to reach the aforementioned goal, ex-post empiric analysis of capital flows in the form of mergers and acquisitions was applied (1990-2012 together with chosen statistical methods (measurements of placement and variation and with indicators of structure and dynamics. The results of the analysis showed that M&As, in the long term, was specified by a relatively high cyclical nature as well as by a growing trend with short-term fluctuations around the trend distinct from those specifying other sectors. Moreover, the research proved that mergers and acquisitions constituted an important form of FDI flows and their implementation had a marginal meaning when considering the whole sector. 

  8. Post-Mergers and Acquisitions: The Motives, Success Factors and Key Success Indicators

    Directory of Open Access Journals (Sweden)

    Hatem El Zuhairy

    2015-07-01

    Full Text Available There is a wide body of evidence showing a significant increase in the adoption of mergers and acquisitions (M&A worldwide. Moreover, research confirms that the integration and implementation stage (post-M&A has a major impact on the success or failure of a merger or acquisition. Therefore it has become increasingly important to explore the post-M&A phase further in order to support the management teams of organizations pursuing a merger or acquisition in meeting all their desired objectives. This paper proposes a framework to help in the successful execution of M&A. The framework contains three main elements: the motives, success factors and key success indicators (KSI. A qualitative research approach using the multiple case study methodology was conducted to test the framework. Ten case studies were selected from the industrial sector in Egypt and used to validate the research. The final version of the M&A framework was provided after applying the research results. Considering the practical implications of the M&A framework, a tool was proposed for its application in light of the balanced scorecard (BSC methodology. The proposed M&A scorecard tool should be used in the strategic planning and execution of M&A. Both the proposed M&A framework and the M&A scorecard tool should be used to guide the implementation of M&A in order to increase the success rate enjoyed by organizations.

  9. Mergers and acquisitions in professional organizations: a complex adaptive systems approach.

    Science.gov (United States)

    Walls, M E; McDaniel, R R

    1999-09-01

    Nurse managers face unique challenges as they cope with mergers and acquisitions among health care organizations. These challenges can be better understood if it is recognized that health care institutions are professional organizations and that the transformations required are extremely difficult. These difficulties are caused, in part, by the institutionalized nature of professional organizations, and this nature is explicated. Professional organizations are stubborn. They are repositories of expertise and values that are societal in origin and difficult to change. When professional organizations are understood as complex adaptive systems, complexity theory offers insight that provide strategies for managing mergers and acquisitions that may not be apparent when more traditional conceptualizations of professional organizations are used. Specific managerial techniques consistent with both the institutionalized characteristics and the complex adaptive systems characteristics of professional organizations are offered to nurse managers.

  10. Executing on Integration: The Key to Success in Mergers and Acquisitions.

    Science.gov (United States)

    Bradley, Carol

    2016-01-01

    Health care mergers and acquisitions require a clearly stated vision and exquisite planning of integration activities to provide the best possible conditions for a successful transaction. During the due diligence process, key steps can be taken to create a shared vision and a plan to inspire confidence and build enthusiasm for all stakeholders. Integration planning should include a defined structure, roles and responsibilities, as well as a method for evaluation.

  11. A statistical approach to the analysis of merger and acquisition efficiency in the Russian industry

    Directory of Open Access Journals (Sweden)

    Karelina M.

    2017-01-01

    Full Text Available At present, the success of economic institution transformations, as well as creating an efficient economic system with a fundamental new nature of corporate relationships are impossible without the statistical recording of factors contributing to the efficiency of merger and acquisition transactions in the Russian industry. The paper proposes a method for analyzing the efficiency of merger and acquisition transactions of enterprises in the industrial sector of the Russian economy, based on simulation methods. The methodical approach developed to analyze the efficiency of the integration transactions of Russian industrial companies allows one to consider individual preferences of investors, as well as to give a complex statistical evaluation of the strategic economic benefits from M&A transactions. This method enables to evaluate the probability and stability of the synergistic effect values within the increase of competitiveness of Russian industrial enterprises on the domestic and foreign markets.

  12. Mergers and Acquisitions in the Spanish Banking Industry: some Empirical Evidence.

    OpenAIRE

    Ignacio Fuentes; Teresa Sastre

    1999-01-01

    Since the late eighties, the Spanish banking system has been undergoing major changes that have affected both its structure and the nature of strategic interaction among banking institutions. Various different strategies have been adopted to tackle the demands of this new operating environment, one such strategy having been consolidation via mergers and acquisitions. This paper attempts to provide some empirical evidence on the impact of the consolidation process on the monetary transmission ...

  13. An off year for consolidation. 1997 hospital mergers, acquisitions, joint ventures and long-term leases.

    Science.gov (United States)

    Japsen, B

    1998-01-12

    Because of a significant drop in the number of major corporate mergers and acquisitions, total hospital consolidation in 1997 was well off the record-setting pace of previous years. The number of hospitals involved in dealmaking dropped 18% to 627 compared with the previous year, according to Modern Healthcare's fourth annual roundup of consolidation activity. And there were only four corporate deals, compared with 11 in 1996.

  14. Quantification of the evolution of firm size distributions due to mergers and acquisitions.

    Science.gov (United States)

    Lera, Sandro Claudio; Sornette, Didier

    2017-01-01

    The distribution of firm sizes is known to be heavy tailed. In order to account for this stylized fact, previous economic models have focused mainly on growth through investments in a company's own operations (internal growth). Thereby, the impact of mergers and acquisitions (M&A) on the firm size (external growth) is often not taken into consideration, notwithstanding its potential large impact. In this article, we make a first step into accounting for M&A. Specifically, we describe the effect of mergers and acquisitions on the firm size distribution in terms of an integro-differential equation. This equation is subsequently solved both analytically and numerically for various initial conditions, which allows us to account for different observations of previous empirical studies. In particular, it rationalises shortcomings of past work by quantifying that mergers and acquisitions develop a significant influence on the firm size distribution only over time scales much longer than a few decades. This explains why M&A has apparently little impact on the firm size distributions in existing data sets. Our approach is very flexible and can be extended to account for other sources of external growth, thus contributing towards a holistic understanding of the distribution of firm sizes.

  15. THE EFFECTS OF CROSS-BORDER BANK MERGERS AND ACQUISITIONS ON THE PRODUCTIVITY OF CREDIT INSTITUTIONS

    Directory of Open Access Journals (Sweden)

    Andreea N. POPOVICI

    2014-06-01

    Full Text Available The purpose of the current research is to study bank mergers and acquisitions (M-A and to see whether they have implications on the productivity of the target banks, and also for the bidder bank. The aim of this paper is to see if, during 2002-2008 period, three banks from the European banking system, Banca Comerciala Romana from Romania, Slovenskásporiteľňa from Slovakia and Erste Bank Group from Austria improved their productivity due to the fact that all of them were involved in a process of cross-border merger or acquisitions, even if the bank is the purchaser or the target. To reach our goal, we used DEA method, by estimating the productivity achieved by these three banks during the period pre-M-A, post M-A, but we also estimated the productivity for entire period of seven years. Using Malquist DEA method, we show that, on average, the merger or acquisition in which a bank was involved improved the Total Factor Productivity of all analyzed banks.

  16. Financial risk identification and control of cross border merger and acquisition enterprises

    Directory of Open Access Journals (Sweden)

    Adelina DUMITRESCU – PECULEA

    2016-12-01

    Full Text Available Mergers and acquisitions are basic channels for modern companies’ growth. With globalization speeding up, multinational companies increasingly take on M_A activities to strengthen global market positions and raise competitiveness. In recent years, M_A activities have played an important role in Chinese companies. Financial risk is inherent to M_A processes in cross-border companies. Also, more than 50% of Chinese companies did not achieve their M_A goals. Therefore, recognizing and controlling financial risk is essential. This paper analyses the financial risk from different perspectives and then provides suggestions by analysing a typical M_A case: Bohai Leasing merger with Seaco Company. Complete due diligence and clear M_A strategies, combination of various financing instrument, strategic paying methods and finance integration are some ways for controlling and decreasing finance risk.

  17. Implications of mergers and acquisitions in gas and electric markets: The role of yardstick competition in merger analysis

    International Nuclear Information System (INIS)

    Reiter, H.L.

    1999-01-01

    There has been no shortage of proposed and consummated mergers of regulated utilities in the electric, natural gas, and telecommunication industries over the last decade. For example, the National Rural Electric Cooperative Association states that there have been thirty electric utility mergers since 1992 and dozens of so-called convergence mergers between electric and gas utilities during that period. Yardstick competition or the competition that occurs when the regulator can compare the relative performances of utilities it regulates with other utilities it regulates or with neighboring utilities in other jurisdictions, places pressure on the regulated utilities to perform better for fear of coming up short in the comparison process. There are three important questions regulators may ask about the importance of yardstick competition as regulatory tool and the weight regulators should give to diminution of yardstick competition in the merger context. First, does it make that much difference? In the electric industry, for example, distribution costs typically comprise less than ten percent of the delivered price of electricity. Second, to preserve theoretical yardstick competition, are regulators then going to block mergers that bring other efficiencies? And finally, are there sound tools at the regulators' disposal should they be inclined to take yardstick competition seriously as a factor in regulation of utilities?

  18. THE INFLUENCE OF HOME COUNTRY MACROECONOMIC FACTORS ON INWARD CROSS-BORDER MERGERS AND ACQUISITIONS: THE CASE OF ROMANIA

    Directory of Open Access Journals (Sweden)

    Sehleanu Mariana

    2015-07-01

    Full Text Available Expanding abroad and entering on foreign markets is a natural step in the process of growth and development of firms. Cross-border mergers and acquisitions represent, currently, an important tool in the competitive struggle, which is increasingly intense due to the globalization of economies, and also the driving force behind the growth of Foreign Direct Investments (FDI flows globally. In Romania, the share of cross-border mergers and acquisitions inflows in the total FDI inflows increased progressively, reaching 46,6% in 2006, when the highest value of these transactions was registered (5.308 million dollars, according to UNCTAD. The aim of this empirical research is to study the correlation between the number of inward cross-border mergers acquisitions and a series of other variables, considered factors of influence, over the period 1992-2013. Using simple regression models, the study reveals that economic factors such as Gross domestic product (GDP, stock market capitalization (as a percentage of GDP, interest rate, exchange rate, M2 monetary aggregate and inflation have an important role in explaining cross-border mergers and acquisitions inflows. Between the number of inward cross-border mergers and acquisitions and GDP, M2 monetary aggregate, market capitalization, respectively the exchange rate, there is a direct and linear correlation and between the number of inward mergers and acquisitions and the interest rate, respectively the inflation, there is an inverse linear correlation. The research conducted reveals the important role played by macroeconomic factors with regard to the cross-border mergers and acquisitions inflows, as an entry mode of FDI in Romania.

  19. Cross-border mergers and acquisitions: Mature markets vs. emerging markets—with special reference to the USA and India

    Directory of Open Access Journals (Sweden)

    Geeta Rani Duppati

    2015-12-01

    Full Text Available Due to the differences in the merger waves across markets, the market for cross-border mergers and acquisitions by Indian companies differs in context and situations from those of the mature markets. Post-acquisition performance is critical to the success of companies involved in overseas investments. This paper uses event study methodology to analyse the long-term performance of Indian-acquiring companies by undertaking 30 outward foreign direct investment (OFDI-related deals, during 2000–2008 period. Further, it compares the empirical findings from India with the prior findings from the USA. It is evident from the empirical results that the stock markets reacted positively in the short run following the announcements of the OFDI-related mergers and acquisitions by Indian companies. The empirical findings also showed positive results in the post-acquisition period following the overseas deals.

  20. Motivations, Valuation, and Performance Assessment in Cross-border Mergers and Acquisitions

    DEFF Research Database (Denmark)

    Wang, Daojuan; Moini, Hamid

    2016-01-01

    This chapter focuses on three topics in cross-border mergers and acquisitions (CBM&As) field: motivations for CBM&As, valuation techniques and CBM&A performance (assessment and the determinants). By taking an overview of what have been found so far in academic field and investigating...... the practitioners’ CBM&A practice, performance, and opinions using an online survey, we aim to improve and integrate understanding of these topics, as well as identify the research gaps. Based on survey evidence, we obtained some unexpected findings, and a couple of conclusions have been drawn in the end. Meanwhile...

  1. Selected issues relating to target companies and their boards in the context of merger and acquisition transactions

    International Nuclear Information System (INIS)

    Allen, F.R.

    1998-01-01

    Some of the practical, legal and regulatory issues which the board of directors of a target company should bear in mind in their deliberations concerning a take-over bid are reviewed. Directors of such companies will require compliance with and adherence to standard legal and regulatory rules of conduct. Developing a team to deal with the myriad details of a take-over, acquisition or merger, preparing and compiling and maintaining a manual of relevant information are highly recommended. Fiduciary duties of directors and its relevance to mergers and acquisitions are illustrated by reference to a number of recent actual court cases involving these issues. Relevant Canadian and U.S. Case Law is reviewed. It is emphasized throughout the paper that take-over transactions, mergers and acquisitions are complex and time consuming processes. It is essential and customary for senior management to be active participants in most merger and acquisition matters to provide the strategic input which drives the efforts of all involved. Equally important is to establish appropriate governance practices and to prepare and equip the corporation's mergers and acquisitions team in advance, should such events arise on short notice by design or otherwise. 38 refs

  2. Rural Hospital Mergers and Acquisitions: Which Hospitals Are Being Acquired and How Are They Performing Afterward?.

    Science.gov (United States)

    Noles, Marissa J; Reiter, Kristin L; Boortz-Marx, Jonathan; Pink, George

    2015-01-01

    The number of stand-alone rural hospitals has been shrinking as larger health systems target these hospitals for mergers and acquisitions (M and As). However, little research has focused specifically on rural hospital M and A transactions. Using data from Irving Levin Associates' Healthcare M and A Report and Medicare Cost Reports from 2005 to 2012, we examined two research questions: (1) What were the characteristics of rural hospitals that merged or were acquired, and (2) were there changes in rural hospital financial performance, staffing, or services after an M and A transaction? We used logistic regression to identify factors predictive of merger, and we used multiple regression to examine various hospital measures after an M or A. Study results showed that hospitals with weaker financial performance but lower staffing levels and staffing costs were more likely to merge or be acquired. Statistically weak evidence suggested that operating margins declined after the merger; stronger evidence suggested reductions in salary expense. There was no statistically significant evidence of changes to the number of full-time equivalent (FTE) employees, the service lines that were included in the study, capital expenditures, or the amount of debt financing among the hospitals that merged or were acquired. M and A may not result in a rapid influx of capital, a relief of debt burden, or an improvement in bottom-line profitability. However, M and A may be a viable option for maintaining the hospital and the access to care it provides.

  3. Mergers and acquisitions in the European electricity sector. Cases and patterns

    International Nuclear Information System (INIS)

    Codognet, M.K.; Glachant, J.M.; Leveque, F.; Plagnet, M.A.

    2002-08-01

    This report surveys 96 mergers and acquisitions of electric power companies in the European Union from January 1998 to August 2002. Cases are described in part 1 and patterns in part 2. The companies in concern are: E.ON (Germany), Powergen (UK), RWE (Germany), National Power (UK), Innogy (UK), Electricite de France (EdF), Edison (Italy), EnBW (Germany), Electricidade de Portugal (EdP), Suez (France), Endesa (Spain), Enel (Italy), Vattenfall (Sweden), Bewag (Germany), Hafslund ASA (Norway), FORTUM (Finland), STATKRAFT (Norway), British Energy (UK), Scottish and Southern Energy (UK), National Grid Transco (UK), Centrica (UK), Sydvest Energi (Denmark), Essent (Netherlands) and Nuon (Netherlands). (J.S.)

  4. Mergers and Acquisitions and Banks Performance in Nigeria ...

    African Journals Online (AJOL)

    In order to strengthen the competitive and operational capabilities of banks in Nigeria with a view towards returning global and public confidence to the Nigerian banking sector and the economy in general, the Central Bank of Nigeria instituted a banking reform in 2004, which saw most of the then existing 89 banks merging ...

  5. Comparative analysis of pre- and post- mergers and acquisitions ...

    African Journals Online (AJOL)

    The banking reform that commenced on the 1st of January, 2006 had been a major wave towards a diversified, strong and reliable banking sector in Nigeria. This paper examined the mega banks by evaluating their results three before and three years after the consolidation exercise in Nigeria (2003-2009). This study ...

  6. The convergence of electric power and natural gas industries. Mergers and acquisitions in the United States

    International Nuclear Information System (INIS)

    Meritet, S.

    2000-01-01

    Deep transformations have taken place in the US electric power industry, in terms of organisation and competition. The reforms of the regulation of this sector have changed the operation rules and, as an answer, the companies have adapted their behaviour. The reorganization is characterized by the combination between new competitive markets with new occupations. The deregulation and the technical progress accelerate the reconfiguration of the industry with the convergence of the natural gas and electric power activities. Since 1996, the numerous mergers-acquisitions between companies are representative of the tight links existing between the two energy sources. In this work, the convergence of the natural gas and power industries in the US is examined. The study of the reconciliation between power and gas companies (mainly the utilities) stresses on the improvement of the combined companies efficiency. The first part deals with the reconfiguration of the US power industry. The second part analyzes the consequences of the gas-electricity mergers and acquisitions. It includes the exploitation of financial data and a classical econometric test about the 'size-scale-spread' relation. The re-composition of the value chain is at the center of the industrial economy problem: it gives the opportunity for new forms of markets and firms. (J.S.)

  7. Migrating Legacy Systems in the Global Merger & Acquisition Environment

    Science.gov (United States)

    Katerattanakul, Pairin; Kam, Hwee-Joo; Lee, James J.; Hong, Soongoo

    2009-01-01

    The MetaFrame system migration project at WorldPharma, while driven by merger and acquisition, had faced complexities caused by both technical challenges and organizational issues in the climate of uncertainties. However, WorldPharma still insisted on instigating this post-merger system migration project. This project served to (1) consolidate the…

  8. Impact of Mergers and Acquisitions on the Performance of ...

    African Journals Online (AJOL)

    DR Nneka

    continuous process, the economic recession experienced in few years and the introduction of SAP have heightened the need to restructure and reposition several existing businesses. This may require business line diversification either backward or horizontal integration and/or divestment of old lines of business. Whichever ...

  9. Mergers, Acquisitions and Firms’ Performance: Experience of Indian Pharmaceutical Industry

    Directory of Open Access Journals (Sweden)

    Pulak MISHRA

    2010-05-01

    Full Text Available In the context of policy reforms in the 1990s in general and three important amendments made to the Indian Patent Act (1970 in 1999, 2002 and 2005 in particular, the present paper makes an attempt to examine the impact of MA on financial performance of Indian pharmaceutical companies. It is found that the profitability of a firm depends directly on its size, selling efforts and exports and imports intensities but inversely on their market share and demand for the products. However, MA do not have any significant impact on profitability of the firms in the long run possibly due to the resultant X-inefficiency and entry of new firms into the market. In addition, in-house R&D and foreign technology purchase also do not have any significant impact on profitability of the firms.

  10. Unlocking the value of cross-border mergers and acquisitions

    NARCIS (Netherlands)

    S. Brakman (Steven); G.A. Garita (Gus); J.H. Garretsen (Harry); J.G.M. van Marrewijk (Charles)

    2008-01-01

    textabstractMost FDI takes place between the developed countries, which suggests that the market-seeking motive is important for understanding FDI. However, given the stylized fact that trade barriers (e.g. transportation costs and financial barriers) have declined over the past 20 years, models

  11. Unlocking the Value of Cross-Border Mergers and Acquisitions

    NARCIS (Netherlands)

    S. Brakman (Steven); G.A. Garita (Gus); J.H. Garretsen (Harry); J.G.M. van Marrewijk (Charles)

    2008-01-01

    textabstractMost FDI takes place between the developed countries, which suggests that the market-seeking motive is important for understanding FDI. However, given the stylized fact that trade barriers (e.g. transportation costs and financial barriers) have declined over the past 20 years, models

  12. Mergers, Acquisitions and Export Competitiveness: Experience of Indian Manufacturing Sector

    Directory of Open Access Journals (Sweden)

    Mishra Pulak

    2012-03-01

    Full Text Available In the context of economic reforms in general and subsequent wave of M&A in particular, this paper attempts to examine the impact of M&A on the export competitiveness of firms in the Indian manufacturing sector. By using a panel dataset of 33 industries from the period of 2000-01 to 2007-08, it is found that, the wave of M&A has enhanced the export competitiveness of firms. The industries with larger number of M&A have greater penetration in the international market. The other factors that have significantly contributed to export competitiveness include the presence of MNCs and import of foreign technology. Export competiveness is higher in the industries that have larger presence of MNCs and greater foreign technology purchase intensity. On the other hand, industries with higher capital intensity or greater selling efforts by firms have limited penetration in the international market. However, this paper did not find any significant influence of market concentration, competition from imports, in-house efforts, or profitability on export competitiveness of firms. Therefore, the findings from this paper have important policy implications in relation to the regulation of M&A and entry of MNCs as well as the import of capital goods.

  13. An Analysis of French Mergers and Acquisitions in Different Sectors of the Czech Economy

    Directory of Open Access Journals (Sweden)

    Eric Thivant

    2017-04-01

    Full Text Available Over the past two decades, French enterprises have been heavily investing in the Czech Republic. Today, France is the fifth biggest investor to the Czech Republic, and French companies are among the most important employers. The aim of this study is to analyze the presence of French firms in Czech Republic by look at the example the French-Czech mergers and acquisitions (M&A, and to explain the main motivation of the location of French firms in the country. Using a review of documents and secondary data analysis, we observe that French enterprises have invested especially in the Czech manufacturing sector, energy & power, consumer staples and financial services. In this study, we evaluate if French corporations try to optimize their production process within so-called global value chains, and if French companies have invested in their own strategic domain area or another strategic area by using the diversification growth approach. Finally, we present examples of successful mergers and acquisitions of French firms realized in the Czech Republic.

  14. How do Mergers and Acquisitions Affect Bondholders in Europe? Evidence on the Impact and Spillover of Governance and Legal Standards

    NARCIS (Netherlands)

    Renneboog, L.D.R.; Szilagyi, P.G.

    2006-01-01

    This paper contributes to the comparative corporate governance literature by showing how cross-country differences in governance and legal standards affect the bondholder wealth effects of European merger and acquisitions (M&As).Using investment-grade Eurobonds, we find some remarkable

  15. How Do Mergers and Acquisitions Affect Bondholders in Europe? Evidence on the Impact and Spillover of Governance and Legal Standards

    NARCIS (Netherlands)

    Renneboog, L.D.R.; Szilagyi, P.G.

    2006-01-01

    Abstract: This paper contributes to the comparative corporate governance literature by showing how cross-country differences in governance and legal standards affect the bondholder wealth effects of European merger and acquisitions (M&As). Using investment-grade Eurobonds, we find some remarkable

  16. EFFECTS OF MERGERS AND ACQUISITIONS ON FINANCIAL PERFORMANCE OF THE TARGET COMPANY

    Directory of Open Access Journals (Sweden)

    ADRIANA DUŢESCU

    2013-05-01

    Full Text Available Many studies revealed the fact that mergers and acquisitions are a risky business. Disregarding the M&A advisers’ fees, evaluations show that most of the companies completing M&A transactions disappoint to deliver on promised financial performance. But, as many would say, it is an investment and the highest risks produce the highest results - whether they're good or bad. Within this paper, we were intending to analyse the rate of success of relevant M&A transactions that took place in 2007 in Romania, by comparing the financial statements of the target companies before and after the acquisition, in the current economic context. The main objective of this study is to generally determine the successfulness of the M&A transactions, starting from assessing changes induced by the M&A transaction to the target company, with the help of three important financial ratios: profit margin, ROE and receivable collection period. Even though the study may present some bias, we have tried to be as objective as possible and not influence its outcome: that 80% of 10 most important private Mergers and Acquisitions taking place in Romania in 2007 and that meet several conditions: o The target is part of the consumer goods and services market (mainly trade and tourism and is an important player in its industry o The target is a Romanian private company, and its shares are not listed on the stock exchange o The acquirer is majority shareholder after the transaction The target company remained as a sole entity and was not integrated into the mother company after the transaction were not successful.

  17. Domestic banking sector development and cross border mergers and acquisitions in Africa

    Directory of Open Access Journals (Sweden)

    Elikplimi K. Agbloyor

    2012-01-01

    Full Text Available Recently, economists have started taking a closer look at cross border mergers and acquisitions (M&As due to its phenomenal rise in the past two decades. This study investigates the relation between banking sector development and cross M&As in Africa. Our sample consists of 11 African countries with data covering the period, 1993–2008. We use a Baltagi panel instrumental variable Error Component Two Stage Least Squares (EC2SLS estimator with the Baltagi-Chang estimators of the variance components to deal with endogeneity. The results of the study indicate that banking sector development promotes cross border M&A activity in Africa. We also document evidence suggesting that cross border M&A activity drives banking sector development in Africa. Overall, our evidence suggests a two-way causation between banking sector development and cross border M&As.

  18. 77 FR 21100 - Change in Bank Control Notices; Formations of, Acquisitions by, and Mergers of Bank Holding...

    Science.gov (United States)

    2012-04-09

    ... From the Federal Register Online via the Government Publishing Office FEDERAL RESERVE SYSTEM Change in Bank Control Notices; Formations of, Acquisitions by, and Mergers of Bank Holding Companies.... Immigration Investment Center, LLC, and its sole member, USIIC, LP, both of Washington, DC, and its managing...

  19. Mergers, acquisitions, divestitures, and applications for market-based rates in a deregulating electric utility industry

    International Nuclear Information System (INIS)

    Cox, A.J.

    1999-01-01

    In this article, the author reviews FERC's current procedures for undertaking competitive analysis. The current procedure for evaluating the competitive impact of transactions in the electric utility industry is described in Order 592, in particular Appendix A. These procedures effectively revised criteria that had been laid out in Commonwealth Edison and brought its merger policy in line with the EPAct and the provisions of Order 888. Order 592 was an attempt to provide more certainty and expedition in handling mergers. It established three criteria that had to be satisfied for a merger to be approved: Post-merger market power must be within acceptable thresholds or be satisfactorily mitigated, acceptable customer protections must be in place (to ensure that rates will not go up as a result of increased costs) and any adverse effect on regulation must be addressed. FERC states that its Order 592 Merger Policy Statement is based upon the Horizontal Merger Guidelines issued jointly by the Federal Trade Commission and the Antitrust Division Department of Justice (FTC/DOJ Merger Guidelines). While it borrows much of the language and basic concepts of the Merger Guidelines, FERC's procedures have been criticized as not following the methodology closely enough, leaving open the possibility of mistakes in market definition

  20. The state of case study approach in mergers and acquisitions literature: A bibliometric analysis

    Directory of Open Access Journals (Sweden)

    K.S. Reddy

    2015-12-01

    Full Text Available The purpose of this paper is to survey the state of case study research in mergers and acquisitions (M&A literature. Thus, it is an original attempt at presenting the current state and review of the case method in M&A research, provided no earlier study claims this. The stylized review reveals that 93 journal articles adopted the case method of which 66 (27 articles examined developed (emerging markets, and single (multiple case based studies were 44 (46 and remaining three adopted survey and interview method during survey period 1991–2015. Albeit, very few studies accomplished the purpose of case study research in business management, that is, testing extant theory and building new theory. Lastly, we recall various methodological guidelines to establish the sound research environment in the qualitative case method.

  1. MERGERS AND ACQUISITIONS THAT STRENGTHEN THE BANKING SYSTEMS DURING THE CRISIS

    Directory of Open Access Journals (Sweden)

    RADULESCU MAGDALENA

    2014-08-01

    Full Text Available A number of reasons have been advanced in order to explain why banks began to expand worldwide. There were several aspects that were aimed such as the client-bank relationship, the need for people to cooperate with these institutions and financial intermediaries in the host country. Mergers seek to improve the revenue derived from services performed later, but the increase is offset by personnel costs increase, while acquisitions are observed in order to restructure the acquired bank's loan portfolio and on the application of the improved lending policies that lead to higher profits. These things were best observed during the current crisis period. Regardless of the negative effects of the crisis, there were some banks which were not impacted. The large banking groups merged and by this means they managed to gain the power to dominate and control the entire activity of the field.

  2. European Retail Payments Market: New Opportunities to Mergers and Acquisition Transactions

    Directory of Open Access Journals (Sweden)

    Lina Novickytė

    2011-04-01

    Full Text Available Most of European banks will not be able to allocate funds successfully participating in the SEPA. Some of them have to look for opportunities to reduce the cost in collaboration with other institutions in the execution of the payment or provision of services to carry out transmission of the third party. The other part will have to find a merger partner. In future there can be more active participants in the market lead to acquisitions. In order to assess possible changes in the payment market, noted that its participants – service providers – consolidation will be inevitable. The assessment of the Lithuanian bank sector shows that banks with the parent banks that invest and develop the activities of subsidiaries of banks, are likely to remain in the market. However, banks that are not ready to participate and get involved in a single market, will be taken over or disappear.Article in Lithuanian

  3. An integrated approach for a higher success rate in mergers and acquisitions

    Directory of Open Access Journals (Sweden)

    Andrej Bertoncelj

    2007-05-01

    Full Text Available The paper outlines the importance of balanced management of hard and soft key success factors, combining the economic logic of corporate performance and human capital through an integrated approach to mergers and acquisitions. The study, based on a questionnaire and interviews, suggests that the achievement level ofmergers and acquisitions’ objectives of acquiring companies in Slovenia should be comparable to findings of similar studies; namely, the objectives that drove the deal were met only half the time. The results indicate that five hard success factors – a professional target search and due diligence, a realistic assessment of synergies, theright mix of financial sources, a detailed post-acquisition integration plan already prepared in the pre-deal phase and its speedy implementation – and five soft success factors – a new “combined” organizational culture, a competent management team, innovative employees, efficient and consistent communication and a creative business environment – are becoming increasingly relevant. Even though they differ in their importance for individual companies in the sample, they are all considered essential to increasing the success rate of corporate combinations

  4. Management practices and performance of mergers and acquisitions in Pakistan: mediating role of psychological contract.

    Science.gov (United States)

    Bari, Muhammad Waseem; Fanchen, Meng; Baloch, Muhammad Awais

    2016-01-01

    The objective of this study is to examine the direct and indirect effect of management practices (procedural justice, coordination approach, communication system, integration strategy, and coping programs) on merger and acquisition (M&A) performance in the Pakistan banking industry. Psychological contract (PC) acts as a mediator between Management practices and M&A performance. The Present study distributes a structured questionnaire to 700 bank employees of different management cadres. The useful response rate is 76 % (536 employees). It uses PLS-SEM technique for data analysis. (1) procedural justice is a key strategy which has highly significant direct and indirect effect on M&A performance; however integration strategy and the communication system have an only direct effect. (2) PC performs partial mediation at different levels between management practices and M&A financial and non-financial performance. This study provides an effective solution to solve the soft issues during and post-M&A process. This is one of the few studies which effectively integrate the five constructs into a single framework to study their effects on M&A performance. Limitations and future research directions are presented in the last section of the study.

  5. A Study on Cross-Border Mergers and Acquisitions and Their Implications to Market Contestability

    Directory of Open Access Journals (Sweden)

    Yunjong Wang

    1998-06-01

    Full Text Available In order to motivate the industry and market to transfer from old to new one, we should activate enterprise's going in and out of the market. Mergers and Acquisitions (M&A is an important method for their going in & out to be more flexible and for the whole market to improve its competitiveness. But if the purpose of M&A is to exclude competitiveness, we have to work out some control measures from the prospect of competition policy in order to make sure the M&A does not stand in the way of the competitiveness of the whole market. On the other side, it is predictable that after the financial crisis, multi-national M&A will not only be the channel for foreign investment preparation, but also will help transfer the monopolistic and closed market structure in Korea to be an more competitive and open one, thus make positive effects to the Korean market. Especially in terms of International market competitiveness, it is expected that the liberalization of multi-national M&A is more and more important as the motive power for leading world's economy to unite together.

  6. Acquisition and Merger Process Through the Eyes of Employees : A Case Study on How Change Management and Integration Process Affected the Employees of Company X

    OpenAIRE

    Maidell, Terhi

    2015-01-01

    This study is a case study about acquisition and merger process, which took place in February 2014, when Company X(name changed) bought three magazines and 42 employees were transferred from Company Y (name changed). The topic covers such issues as; change management during acquisition and merger from the employees’ point of view, how employees react to change and how they experience the change management process. The aim of the study is to understand the employee side of the story during cha...

  7. Analysis of factors determining enterprise value of company merger and acquisition: A case study of coal in Kalimantan, Indonesia

    Science.gov (United States)

    Candra, Ade; Pasasa, Linus A.; Simatupang, Parhimpunan

    2015-09-01

    The main purpose of this paper is looking at the relationship between the factors of technical, financial and legal with enterprise value in mergers and acquisitions of coal companies in Kalimantan, Indonesia over the last 10 years. Data obtained from secondary data sources in the company works and from published data on the internet. The data thus obtained are as many as 46 secondary data with parameters resources, reserves, stripping ratio, calorific value, distance from pit to port, and distance from ports to vessels, production per annum, the cost from pit to port, from port to vessel costs, royalties, coal price and permit status. The data was analysis using structural equation modeling (SEM) to determine the factors that most significant influence enterprise value of coal company in Kalimantan. The result shows that a technical matter is the factor that most affects the value of enterprise in coal merger and acquisition company. Financial aspect is the second factor that affects the enterprise value.

  8. Parametrically Guided Generalized Additive Models with Application to Mergers and Acquisitions Data.

    Science.gov (United States)

    Fan, Jianqing; Maity, Arnab; Wang, Yihui; Wu, Yichao

    2013-01-01

    Generalized nonparametric additive models present a flexible way to evaluate the effects of several covariates on a general outcome of interest via a link function. In this modeling framework, one assumes that the effect of each of the covariates is nonparametric and additive. However, in practice, often there is prior information available about the shape of the regression functions, possibly from pilot studies or exploratory analysis. In this paper, we consider such situations and propose an estimation procedure where the prior information is used as a parametric guide to fit the additive model. Specifically, we first posit a parametric family for each of the regression functions using the prior information (parametric guides). After removing these parametric trends, we then estimate the remainder of the nonparametric functions using a nonparametric generalized additive model, and form the final estimates by adding back the parametric trend. We investigate the asymptotic properties of the estimates and show that when a good guide is chosen, the asymptotic variance of the estimates can be reduced significantly while keeping the asymptotic variance same as the unguided estimator. We observe the performance of our method via a simulation study and demonstrate our method by applying to a real data set on mergers and acquisitions.

  9. Merger and Acquisition Target Selection Based on Interval Neutrosophic Multigranulation Rough Sets over Two Universes

    Directory of Open Access Journals (Sweden)

    Chao Zhang

    2017-07-01

    Full Text Available As a significant business activity, merger and acquisition (M&A generally means transactions in which the ownership of companies, other business organizations or their operating units are transferred or combined. In a typical M&A procedure, M&A target selection is an important issue that tends to exert an increasingly significant impact on different business areas. Although some research works based on fuzzy methods have been explored on this issue, they can only deal with incomplete and uncertain information, but not inconsistent and indeterminate information that exists universally in the decision making process. Additionally, it is advantageous to solve M&A problems under the group decision making context. In order to handle these difficulties in M&A target selection background, we introduce a novel rough set model by combining interval neutrosophic sets (INSs with multigranulation rough sets over two universes, called an interval neutrosophic (IN multigranulation rough set over two universes. Then, we discuss the definition and some fundamental properties of the proposed model. Finally, we establish decision making rules and computing approaches for the proposed model in M&A target selection background, and the effectiveness of the decision making approach is demonstrated by an illustrative case analysis.

  10. Mergers and acquisitions in Western European health care: exploring the role of financial services organizations.

    Science.gov (United States)

    Angeli, Federica; Maarse, Hans

    2012-05-01

    Recent policy developments in Western European health care - for example in the Netherlands - aim to enhance efficiency and curb public expenditures by strengthening the role of private sector. Mergers and acquisitions (M&As) play an important role in this respect. This article presents an analysis of 1606 acquisition deals targeting health care provider organizations in Western Europe between 1990 and 2009. We particularly investigate the role of financial services organisations as acquirers. Our analysis highlights (a) a rise of M&As in Western Europe since 2000, (b) an increase of M&As with financial service organisations acting as acquirer in absolute terms, and (c) a dominant role of the latter type of M&As in cross-border deals. To explain these developments, we make a distinction between an integration and a diversification rationale for M&As and we argue that the deals with financial services organisations in the role of acquirer are driven by a diversification rationale. We then provide arguments why health care, from the acquirer's perspective, can be considered as an interesting target in a diversification strategy and we advance reasons why health care providers may welcome this development. Although caution in drawing conclusions is needed, our findings suggest a penetration of private capital into health care provision that may be interpreted as a specific form of privatisation. Furthermore, they point to a rising internationalisation of health care. Both findings may entail far-reaching implications for health care, as they may induce both cultural privatisation and cultural internationalisation. Copyright © 2012 Elsevier Ireland Ltd. All rights reserved.

  11. Business mergers and acquisitions and the risk of mental disorders: a population-based study.

    Science.gov (United States)

    Wang, JianLi; Patten, Scott; Currie, Shawn; Sareen, Jitender; Schmitz, Norbert

    2012-08-01

    Mergers and acquisitions (M&A) activities are increasing and may negatively affect workers mental health. However, the impact of M&A on the risk of developing a mental disorder, rather than psychiatric symptoms, has not been investigated. The objectives of this study were to estimate and compare the 12-month incidence of depressive and anxiety disorders in workers who had and who had not experienced M&A in the last year. Employees aged 25 and 64 years old were randomly selected from the community and were followed for 1 year (n=3280). Questions about their experience in M&A in the past 12 months were asked. WHO's Composite International Diagnostic Interview-Auto 2.1 was used to assess depressive and anxiety disorders. The 12-month prevalence and 1-year incidence of mental disorders were estimated and compared in relation to M&A. Participants who were exposed to M&A had a significant higher 1-year incidence of generalised anxiety disorder (GAD) (6.7%) than the unexposed (2.4%). They were not different in the incidence of major depressive disorder. The exposed participants were 2.8 times more likely to have had a GAD than others and were about 2.4 times more likely to have developed any anxiety disorders over 1 year. M&A may lead to increased risk of GAD, which may, in return, evolve into major depression. Governments, employers and health professionals should be aware of this and work out plans to reduce the negative health outcomes of M&A.

  12. Sources of Legal Regulation of Mergers, Acquisitions, Consolidations, Joint Stock Companies in Russia and Corporations in the United States

    Directory of Open Access Journals (Sweden)

    Stanislav E. Kuzmin

    2015-01-01

    Full Text Available The article outlines general characteristics of the sources of law, regulating relations associated with mergers, consolidations, acquisitions of joint stock companies in Russia and corporations in the United States respectively in the Russian legislation and the legislation of the United States and individual States. Both in Russia and in the USA there is a constitutional separation of powers between the Federal authorities and the Subjects of the Federation/States respectively. In both countries legal regulation of mergers and acquisitions of corporations is carried out first of all by a number of laws. These laws fall into three main groups: securities laws, antitrust (competition laws and civil and joint-stock legislation in Russia and corporate laws in the US. All the three groups are federal laws in Russia, while in the US the first two are federal too, but the last one is state laws. It is necessary to highlight the important role of judicial decisions in the United States on legal regulation of mergers, acquisitions, takeovers in comparison with Russia, which is due to the differences in the legal systems of the states in question. However, although Russia is not a state of case law, such legal acts as the resolution of the Plenum of the Supreme Commercial Court will undoubtedly have an impact on law enforcement practice and, consequently, on the regulation of relevant relations. Of particular importance are the findings of the Constitutional Court, whose decisions may cancel acts or their separate provisions provided they are recognized as unconstitutional. Such acts are repealed. Decisions of courts and other bodies based on acts or their separate provisions, recognized by the Constitutional Court of the Russian Federation unconstitutional, are not subject to execution and shall be revised in accordance with the Federal law. The US case law implies existence of a hierarchy of precedents according to which decisions adopted by the

  13. Topics in Finance: Part VIII--Mergers & Acquisitions

    Science.gov (United States)

    Laux, Judy

    2012-01-01

    In this series, three key axioms--stockholder wealth maximization, the risk-return tradeoff, and agency conflicts--are applied to the major topics in financial management. The current article looks at mergers and acquisitions, reviewing the presumed motivations, the ethical challenges, and the literature dedicated to this financial activity.

  14. The rise and fall of stellar across the peak of cosmic star formation history: effects of mergers versus diffuse stellar mass acquisition

    Science.gov (United States)

    Welker, C.; Dubois, Y.; Devriendt, J.; Pichon, C.; Kaviraj, S.; Peirani, S.

    2017-02-01

    Building galaxy merger trees from a state-of-the-art cosmological hydrodynamical simulation, Horizon-AGN, we perform a statistical study of how mergers and diffuse stellar mass acquisition processes drive galaxy morphologic properties above z > 1. By diffuse mass acquisition here, we mean both accretion of stars by unresolved mergers (relative stellar mass growth smaller than 4.5 per cent) as well as in situ star formation when no resolved mergers are detected along the main progenitor branch of a galaxy. We investigate how stellar densities, galaxy sizes and galaxy morphologies (defined via shape parameters derived from the inertia tensor of the stellar density) depend on mergers of different mass ratios. We investigate how stellar densities, effective radii and shape parameters derived from the inertia tensor depend on mergers of different mass ratios. We find strong evidence that diffuse stellar accretion and in situ formation tend to flatten small galaxies over cosmic time, leading to the formation of discs. On the other hand, mergers, and not only the major ones, exhibit a propensity to puff up and destroy stellar discs, confirming the origin of elliptical galaxies. We confirm that mergers grow galaxy sizes more efficiently than diffuse processes (r_{0.5}∝ M_s^{0.85} and r_{0.5}∝ M_s^{0.1} on average, respectively) and we also find that elliptical galaxies are more susceptible to grow in size through mergers than disc galaxies with a size-mass evolution r_{0.5}∝ M_s^{1.2} instead of r_{0.5}∝ M_s^{-0.5}-M^{0.5} for discs depending on the merger mass ratio. The gas content drives the size-mass evolution due to merger with a faster size growth for gas-poor galaxies r_{0.5}∝ M_s2 than for gas-rich galaxies r0.5 ∝ Ms.

  15. Mergers & Acquisitions in Japan : Lessons for Dutch companies

    NARCIS (Netherlands)

    Grotenhuis, F.D.J.

    2009-01-01

    This article deals with lessons learned from mergers and acquisitions in Japan. In general, such combinations are not success stories, since 50–80 percent of them do not bring the benefits that were expected. Several reasons for such failures have been brought up in the literature, but real-life

  16. The success factors of technology-sourcing through mergers & acquisitions : an intuitive meta-analysis

    OpenAIRE

    Schön, Benjamin; Pyka, Andreas

    2013-01-01

    With mergers & acquisitions playing an increasingly important role in today's business world, academic research has strived to follow this trend by investigating their underlying causes and consequences. For a long time this research focused on the analysis of the financial effect of mergers & acquisitions as measured by market value or debt level. Thus, despite being a major vehicle of industry concentration and method of reallocation of resources, the technological impact of mergers & acqui...

  17. Creditor-focused corporate governance: Evidence from mergers and acquisitions in Japan

    NARCIS (Netherlands)

    V. Mehrotra (Vikas); D. van Schaik (Dimitri); J. Spronk (Jaap); O.W. Steenbeek (Onno)

    2011-01-01

    textabstractMergers in Japan have the dubious distinction of not creating wealth for shareholders of target firms, in sharp contrast to what occurs in much of the rest of the world. Using a sample of 91 mergers from 1982 through 2003 we document several distinctive features of the merger market in

  18. 75 FR 67969 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2010-11-04

    ... proposal also involves the acquisition of a nonbanking company, the review also includes whether the... Holdings, LLC, and SKBHC Hawks Nest Acquisition Corp., both of Corona del Mar, California; to acquire 100...

  19. ANALYSIS OF MERGERS&ACQUISITIONS IN TURKEY BY YEARS AND COMPARASION WITH WORLDWIDE, USA, EU AND ASIA-PACIFIC DATA

    OpenAIRE

    ŞAHİN, Osman Nuri

    2016-01-01

    With the industrialrevolution, companies started to operate in large scales and used merger as atool. The reasons for merge corporations are taking advantage of the scaleeconomy, synergy impact, diversification, financial issues, tax advantage, andreducing the competition. Mergers came to the fore especially after 1980's andthe "merger madness" era has started with the increase in the numberof international companies. These eras are 1920's when oligopoly becamepopular, 196...

  20. Social Network Mixing Patterns In Mergers & Acquisitions - A Simulation Experiment

    Directory of Open Access Journals (Sweden)

    Robert Fabac

    2011-01-01

    Full Text Available In the contemporary world of global business and continuously growing competition, organizations tend to use mergers and acquisitions to enforce their position on the market. The future organization’s design is a critical success factor in such undertakings. The field of social network analysis can enhance our uderstanding of these processes as it lets us reason about the development of networks, regardless of their origin. The analysis of mixing patterns is particularly useful as it provides an insight into how nodes in a network connect with each other. We hypothesize that organizational networks with compatible mixing patterns will be integrated more successfully. After conducting a simulation experiment, we suggest an integration model based on the analysis of network assortativity. The model can be a guideline for organizational integration, such as occurs in mergers and acquisitions.

  1. Avoiding "culture rejection" in healthcare mergers and acquisitions: how New Heights Community Health Centres and York Community Services minimized the culture risk when forming Unison Health and Community Services.

    Science.gov (United States)

    Chan, Jeff

    2013-01-01

    Among the requirements for a successful merger or acquisition are strategic rationale, rigorous due diligence, the right price and revenue and cost synergies. However, bridging the culture gap between organizations is frequently overlooked. The leaders of New Heights Community Health Centres and York Community Services explicitly considered culture in their merger to form Unison Health and Community Services, and they used employee engagement surveys to assess culture in their merger planning and post-merger integration. How Unison Health leaders avoided the risk of culture rejection to achieve a successful merger, and the lessons learned from their experience, is the focus of this article.

  2. Intellectual capital in mergers and acquisitions: a case study in a world-class financial institution

    Directory of Open Access Journals (Sweden)

    Ricardo Vinícius Dias Jordão

    Full Text Available Abstract The objective of the research described in this paper was to analyse the implications of the merger between Itaú and Unibanco banks on the Intellectual Capital (IC of the Itaú Unibanco S/A Bank. The methodology comprised a qualitative and quantitative case study, in a descriptive approach, based on interviews (formal and informal and questionnaires applied to 225 top managers (directors, superintendents, regional managers and commercial general managers originated from these two banks. The research was complemented with direct observation and documental analysis. The following results were found after the merger: (i improvements were noted in all analysed indicators on the constituent elements of the IC (human capital, structural capital and relational capital, (ii Itaú Unibanco S/A Bank created, developed and acquired knowledge and know-how, and (iii these factors influenced corporative IC, supporting improvements in processes, systems, technology, brands, products and mainly in people, corporate image and the relationship of the company with the market, promoting significant financial results.

  3. The Effects of Cross-border and Cross-industry Mergers and Acquisitions on Home-region and Global Multinational Enterprises

    NARCIS (Netherlands)

    Kling, Gerhard; Ghobadian, Abby; Hitt, Michael A.; Weitzel, Utz; O'Regan, Nicholas

    We examine the effects of international and product diversification through mergers and acquisitions (M&As) on the firm's risk-return profile. We identify the rewards from different types of M&As and investigate whether becoming a global firm is a value-enhancing strategy. Drawing on the theoretical

  4. A conceptual model of individual competency components as one of the predictors of success in mergers and acquisitions

    Directory of Open Access Journals (Sweden)

    Darko Kovač

    2008-12-01

    Full Text Available The increasing challenge of how to balance “soft” human factors with “hard” financial factors in mergers and acquisitions (M&A to be successful is not new. However, the real challenge lies in the question of how, and with which yardstick, to measure and compare the human factor in both the acquiring and the acquired companies in all phases of M&A. In this study, a model for measuring and comparing the human factor with competencies is presented. The model enables the measuring of soft factors with quantitative criteria. A tripartite individual competency components construct is conceived: cognitive, affective and conative, to which the personal value system is added. The model discussed is based on empirical findings and the cases of two companies and literature. The model enables companies to compare differences in competencies and thus to plan activities how to overcome those differences and achieve a higher success rate in M&A.

  5. Effect of mergers and acquisitions on drug discovery: perspective from a case study of a Japanese pharmaceutical company.

    Science.gov (United States)

    Shibayama, Sotaro; Tanikawa, Kunihiro; Fujimoto, Ryuhei; Kimura, Hiromichi

    2008-01-01

    The pharmaceutical industry has experienced intermittent waves of mergers and acquisitions (M&As) since the 1980s and recently appeared to be in yet another wave. Previous studies indicated rather negative impacts of consolidation on research and development, suggesting that they do not necessarily lead to long-term reinforcement of research capabilities, although they may enrich the drug pipeline in the short term. However, recent studies have implied a positive side in terms of knowledge-base transfer. Further micro-organizational studies suggested that scientists learned new knowledge and approaches from partner scientists and improved their performance and innovation. These findings imply that measures for the scientist-level integration after M&As would reinforce fundamental research capabilities in the long term.

  6. 78 FR 76146 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2013-12-16

    .... 1461 et seq.) (HOLA), Regulation LL (12 CFR Part 238), and Regulation MM (12 CFR Part 239), and all... standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the proposal also involves the acquisition of a... the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C. 1467a(c)(4)(B)). Unless otherwise noted...

  7. 77 FR 68122 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2012-11-15

    .... 1461 et seq.) (HOLA), Regulation LL (12 CFR part 238), and Regulation MM (12 CFR part 239), and all... standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the proposal also involves the acquisition of a... the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C. 1467a(c)(4)(B)). Unless otherwise noted...

  8. 78 FR 57854 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2013-09-20

    .... 1461 et seq.) (HOLA), Regulation LL (12 CFR part 238), and Regulation MM (12 CFR part 239), and all... standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the proposal also involves the acquisition of a... the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C. 1467a(c)(4)(B)). Unless otherwise noted...

  9. 78 FR 54648 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2013-09-05

    .... 1461 et seq.) (HOLA), Regulation LL (12 CFR Part 238), and Regulation MM (12 CFR Part 239), and all... standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the proposal also involves the acquisition of a... the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C. 1467a(c)(4)(B)). Unless otherwise noted...

  10. 78 FR 62634 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2013-10-22

    .... 1461 et seq.) (HOLA), Regulation LL (12 CFR part 238), and Regulation MM (12 CFR part 239), and all... standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the proposal also involves the acquisition of a... the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C. 1467a(c)(4)(B)). Unless otherwise noted...

  11. 78 FR 55257 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2013-09-10

    .... 1461 et seq.) (HOLA), Regulation LL (12 CFR part 238), and Regulation MM (12 CFR part 239), and all... standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the proposal also involves the acquisition of a... the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C. 1467a(c)(4)(B)). Unless otherwise noted...

  12. 78 FR 36189 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2013-06-17

    .... 1461 et seq.) (HOLA), Regulation LL (12 CFR part 238), and Regulation MM (12 CFR part 239), and all... standards enumerated in ] the HOLA (12 U.S.C. 1467a(e)). If the proposal also involves the acquisition of a... the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C. 1467a(c)(4)(B)). Unless otherwise noted...

  13. 77 FR 37674 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2012-06-22

    .... 1461 et seq.) (HOLA), Regulation LL (12 CFR part 238), and Regulation MM (12 CFR part 239), and all... standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the proposal also involves the acquisition of a... the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C. 1467a(c)(4)(B)). Unless otherwise noted...

  14. 78 FR 78958 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2013-12-27

    .... 1461 et seq.) (HOLA), Regulation LL (12 CFR Part 238), and Regulation MM (12 CFR Part 239), and all... standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the proposal also involves the acquisition of a... the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C. 1467a(c)(4)(B)). Unless otherwise noted...

  15. 78 FR 5804 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2013-01-28

    .... 1461 et seq.) (HOLA), Regulation LL (12 CFR part 238), and Regulation MM (12 CFR part 239), and all... standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the proposal also involves the acquisition of a... the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C. 1467a(c)(4)(B)). Unless otherwise noted...

  16. 76 FR 58811 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2011-09-22

    .... 1461 et seq.) (HOLA), Regulation LL (12 CFR part 238), and Regulation MM (12 CFR part 239), and all... standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the proposal also involves the acquisition of a... the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C. 1467a(c)(4)(B)). Unless otherwise noted...

  17. 76 FR 61102 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2011-10-03

    .... 1461 et seq.) (HOLA), Regulation LL (12 CFR part 238), and Regulation MM (12 CFR part 239), and all... standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the proposal also involves the acquisition of a... the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C. 1467a(c)(4)(B)). Unless otherwise noted...

  18. 77 FR 21561 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2012-04-10

    .... 1461 et seq.) (HOLA), Regulation LL (12 CFR part 238), and Regulation MM (12 CFR part 239), and all... standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the proposal also involves the acquisition of a... the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C. 1467a(c)(4)(B)). Unless otherwise noted...

  19. 77 FR 34043 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2012-06-08

    .... 1461 et seq.) (HOLA), Regulation LL (12 CFR part 238), and Regulation MM (12 CFR part 239), and all... standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the proposal also involves the acquisition of a... with the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C. 1467a(c)(4)(B)). Unless otherwise...

  20. 78 FR 26369 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2013-05-06

    .... 1461 et seq.) (HOLA), Regulation LL (12 CFR part 238), and Regulation MM (12 CFR part 239), and all... standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the proposal also involves the acquisition of a... the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C. 1467a(c)(4)(B)). Unless otherwise noted...

  1. 77 FR 76040 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2012-12-26

    .... 1461 et seq.) (HOLA), Regulation LL (12 CFR part 238), and Regulation MM (12 CFR Part 239), and all... standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the proposal also involves the acquisition of a... the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C. 1467a(c)(4)(B)). Nonbanking activities...

  2. 78 FR 36781 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2013-06-19

    .... 1461 et seq.) (HOLA), Regulation LL (12 CFR part 238), and Regulation MM (12 CFR part 239), and all... standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the proposal also involves the acquisition of a... the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C. 1467a(c)(4)(B)). Unless otherwise noted...

  3. 78 FR 19268 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2013-03-29

    .... 1461 et seq.) (HOLA), Regulation LL (12 CFR part 238), and Regulation MM (12 CFR part 239), and all... standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the proposal also involves the acquisition of a... the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C. 1467a(c)(4)(B)). Unless otherwise noted...

  4. 77 FR 37406 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2012-06-21

    .... 1461 et seq.) (HOLA), Regulation LL (12 CFR part 238), and Regulation MM (12 CFR part 239), and all... standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the proposal also involves the acquisition of a... the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C. 1467a(c)(4)(B)). Unless otherwise noted...

  5. 77 FR 2064 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2012-01-13

    .... 1461 et seq.) (HOLA), Regulation LL (12 CFR Part 238), and Regulation MM (12 CFR Part 239), and all... standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the proposal also involves the acquisition of a... the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C. 1467a(c)(4)(B)). Unless otherwise noted...

  6. 78 FR 17931 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2013-03-25

    .... 1461 et seq.) (HOLA), Regulation LL (12 CFR part 238), and Regulation MM (12 CFR part 239), and all... standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the proposal also involves the acquisition of a... the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C. 1467a(c)(4)(B)). Unless otherwise noted...

  7. 77 FR 35386 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2012-06-13

    .... 1461 et seq.) (HOLA), Regulation LL (12 CFR part 238), and Regulation MM (12 CFR part 239), and all... standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the proposal also involves the acquisition of a... the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C. 1467a(c)(4)(B)). Unless otherwise noted...

  8. 77 FR 59195 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2012-09-26

    .... 1461 et seq.) (HOLA), Regulation LL (12 CFR part 238), and Regulation MM (12 CFR part 239), and all... standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the proposal also involves the acquisition of a... the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C. 1467a(c)(4)(B)). Unless otherwise noted...

  9. 77 FR 75163 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2012-12-19

    .... 1461 et seq.) (HOLA), Regulation LL (12 CFR part 238), and Regulation MM (12 CFR part 239), and all... standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the proposal also involves the acquisition of a... the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C. 1467a(c)(4)(B)). Unless otherwise noted...

  10. 77 FR 33217 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2012-06-05

    .... 1461 et seq.) (HOLA), Regulation LL (12 CFR part 238), and Regulation MM (12 CFR part 239), and all... standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the proposal also involves the acquisition of a... the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C. 1467a(c)(4)(B)). Unless otherwise noted...

  11. 78 FR 22545 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2013-04-16

    .... 1461 et seq.) (HOLA), Regulation LL (12 CFR part 238), and Regulation MM (12 CFR part 239), and all... standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the proposal also involves the acquisition of a... the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C. 1467a(c)(4)(B)). Unless otherwise noted...

  12. 77 FR 38817 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2012-06-29

    .... 1461 et seq.) (HOLA), Regulation LL (12 CFR part 238), and Regulation MM (12 CFR part 239), and all... standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the proposal also involves the acquisition of a... the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C. 1467a(c)(4)(B)). Unless otherwise noted...

  13. 77 FR 37907 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2012-06-25

    .... 1461 et seq.) (HOLA), Regulation LL (12 CFR part 238), and Regulation MM (12 CFR part 239), and all... standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the proposal also involves the acquisition of a... the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C. 1467a(c)(4)(B)). Unless otherwise noted...

  14. 77 FR 15370 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2012-03-15

    .... 1461 et seq.) (HOLA), Regulation LL (12 CFR part 238), and Regulation MM (12 CFR part 239), and all... standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the proposal also involves the acquisition of a... the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C. 1467a(c)(4)(B)). Unless otherwise noted...

  15. 78 FR 57638 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2013-09-19

    .... 1461 et seq.) (HOLA), Regulation LL (12 CFR Part 238), and Regulation MM (12 CFR Part 239), and all... standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the proposal also involves the acquisition of a... the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C. 1467a(c)(4)(B)). Unless otherwise noted...

  16. 77 FR 71593 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2012-12-03

    .... 1461 et seq.) (HOLA), Regulation LL (12 CFR part 238), and Regulation MM (12 CFR part 239), and all... standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the proposal also involves the acquisition of a... the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C. 1467a(c)(4)(B)). Unless otherwise noted...

  17. 77 FR 35681 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2012-06-14

    .... 1461 et seq.) (HOLA), Regulation LL (12 CFR part 238), and Regulation MM (12 CFR part 239), and all... standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the proposal also involves the acquisition of a... the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C. 1467a(c)(4)(B)). Unless otherwise noted...

  18. 76 FR 20350 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2011-04-12

    ..., Georgia 30309: 1. SC Acquisition Corporation, Cullman, Alabama; to become a bank holding company by... regulations to become a bank holding company and/or to acquire the assets or the ownership of, control of, or... Financial Corporation-Hagerstown, Inc.; and Centra Bank, all located in Morgantown, West Virginia. B...

  19. Spillover of Corporate Governance Standards in Cross-Border Mergers and Acquisitions

    NARCIS (Netherlands)

    Martynova, M.; Renneboog, L.D.R.

    2008-01-01

    In cross-border acquisitions, the differences between the bidder and target corporate governance have an important impact on the takeover returns. Our country-level corporate governance indices capture the changes in the quality of the national corporate governance regulations over the past 15

  20. Cross-Border Mergers and Acquisitions in China: A Test of the Free Cash Flow Hypothesis

    Directory of Open Access Journals (Sweden)

    Yane Chandera

    2014-08-01

    Full Text Available This research investigates whether Chinese cross-border investments have positive impact onshareholders wealth and whether the amount of bidders’ free cash flow influences the shareholderreturns resulted from the acquisitions. The sample is based on 77 top Chinese cross-border investmentsduring the years 2005-2009 with each deal value of minimum US$100 million. The assessmentsof acquisition abnormal returns are based on the event study methodology (Brown & Warner, 1985.Cross-sectional regression analysis is used to determine the bidding firms factors which significantlyaffect the returns. Factors are examined using OLS with White’s heteroscedasticity-corrected standarderrors, since the assumption of homoscedasticity is likely to be violated. The study proves Chinesecross- border acquisitions result in positive abnormal returns which is consistent with synergyhypothesis. The amount of bidders’ free cash flow is also found to be marginally but positively associatedwith shareholders return which is consistent with Myers and Majluf’s pecking order hypothesisbut unsupportive of Jensen’s free cash flow hypothesis.

  1. Restructuring the Production of Medicines: An Investigation on the Pharmaceutical Sector in China and the Role of Mergers and Acquisitions.

    Science.gov (United States)

    Barbieri, Elisa; Huang, Manli; Pi, Shenglei; Tassinari, Mattia

    2017-10-05

    In places like China, an ageing population coupled with changes in living standards and increases in disposable income, imply a shift of the demand for health-related goods and services which is likely to affect the whole organization of the industries that supply such goods and services at the global level. One of the industries most likely to be affected is the pharmaceutical sector. In the early 2000s China was already the second largest global producer of pharmaceutical ingredients. The pharmaceutical sector has become one of the most important industries promoted by the Chinese government and Five-Year Plan of China's Strategic Emerging Sectors, mergers and acquisition (M&A) activity has been the key strategy to restructure the sector and increase its competitiveness. This paper firstly provides an updated picture of the evolution of M&As in the pharmaceutical sector, compared to other sectors, in China in the period 2005-2013. Secondly, we develop a composite indicator to measure the industrial performance of all Chinese industrial sectors over time, which allows us to assess the performance of the pharmaceutical industry compared to that of other sectors of the Chinese economy. Finally, we develop and estimate an empirical model that tests the relationship between the number of M&A in a sector and its performance, with a particular focus on the pharmaceutical case. The results offer some initial evidence of positive effects from the process of restructuring of the pharmaceutical sector in China.

  2. Restructuring the Production of Medicines: An Investigation on the Pharmaceutical Sector in China and the Role of Mergers and Acquisitions

    Directory of Open Access Journals (Sweden)

    Elisa Barbieri

    2017-10-01

    Full Text Available In places like China, an ageing population coupled with changes in living standards and increases in disposable income, imply a shift of the demand for health-related goods and services which is likely to affect the whole organization of the industries that supply such goods and services at the global level. One of the industries most likely to be affected is the pharmaceutical sector. In the early 2000s China was already the second largest global producer of pharmaceutical ingredients. The pharmaceutical sector has become one of the most important industries promoted by the Chinese government and Five-Year Plan of China’s Strategic Emerging Sectors, mergers and acquisition (M&A activity has been the key strategy to restructure the sector and increase its competitiveness. This paper firstly provides an updated picture of the evolution of M&As in the pharmaceutical sector, compared to other sectors, in China in the period 2005–2013. Secondly, we develop a composite indicator to measure the industrial performance of all Chinese industrial sectors over time, which allows us to assess the performance of the pharmaceutical industry compared to that of other sectors of the Chinese economy. Finally, we develop and estimate an empirical model that tests the relationship between the number of M&A in a sector and its performance, with a particular focus on the pharmaceutical case. The results offer some initial evidence of positive effects from the process of restructuring of the pharmaceutical sector in China.

  3. Restructuring the Production of Medicines: An Investigation on the Pharmaceutical Sector in China and the Role of Mergers and Acquisitions

    Science.gov (United States)

    Barbieri, Elisa; Huang, Manli; Pi, Shenglei; Tassinari, Mattia

    2017-01-01

    In places like China, an ageing population coupled with changes in living standards and increases in disposable income, imply a shift of the demand for health-related goods and services which is likely to affect the whole organization of the industries that supply such goods and services at the global level. One of the industries most likely to be affected is the pharmaceutical sector. In the early 2000s China was already the second largest global producer of pharmaceutical ingredients. The pharmaceutical sector has become one of the most important industries promoted by the Chinese government and Five-Year Plan of China’s Strategic Emerging Sectors, mergers and acquisition (M&A) activity has been the key strategy to restructure the sector and increase its competitiveness. This paper firstly provides an updated picture of the evolution of M&As in the pharmaceutical sector, compared to other sectors, in China in the period 2005–2013. Secondly, we develop a composite indicator to measure the industrial performance of all Chinese industrial sectors over time, which allows us to assess the performance of the pharmaceutical industry compared to that of other sectors of the Chinese economy. Finally, we develop and estimate an empirical model that tests the relationship between the number of M&A in a sector and its performance, with a particular focus on the pharmaceutical case. The results offer some initial evidence of positive effects from the process of restructuring of the pharmaceutical sector in China. PMID:28981463

  4. PERFORMANCE IN CROSS-BORDER MERGERS AND ACQUISITIONS: AN EMPIRICAL ANALYSIS OF THE BRAZILIAN CASE

    Directory of Open Access Journals (Sweden)

    Adriana Bruscato Bortoluzzo

    2014-10-01

    Full Text Available The purpose of this article is to investigate whether the cross-border acquisitions made by Brazilian companies over the past 15 years have improved their financial performance. Drawing on institutional, sociocultural, and organizational learning theories, this study develops and empirically tests several hypotheses on the determinants of M&A performance. The results demonstrate that the cross-border acquisition moves by Brazilian companies actually improve their financial performance. Financial performance tends to be positive when the cultural distance between the countries of the acquiring and acquired companies is low to medium and when the institutional context of the acquired company is a developed one. We also found an inverted-U shape relationship between acquiring companies’ previous international M&A experience and the performance of a new cross-border operation. These findings suggest that research on international M&As should include acquirers’ M&A experience as well as the institutional characteristics of their target countries.

  5. The Role of Cross-border Mergers and Acquisitions in Foreign Direct Investment: Evidence from the Chinese Stock Market

    Directory of Open Access Journals (Sweden)

    Yu-Hua An

    2009-12-01

    Full Text Available In this treatise, we provide empirical evidence based on stock and operating performance measures to show how cross-border mergers and acquisitions (M&As are different from domestic transactions from the perspective of foreign acquirers. We analyze the shareholder wealth effect from 663 domestic and international M&As announced by Chinese corporations between 1994 and 2006. We have uncovered some differences between national and cross-border M&As. We find that foreign acquirers experience significantly higher stock and operating performance than transactions carried out only by domestic firms. Higher target gains for cross-border transactions are consistent with the acquirer's ability to correctly value or capture synergies in cross-border takeovers. We also examine the source of wealth gains in Chinese targets of foreign acquirers. We find that the exchange rate and taxes are more important in justifying the target premium in foreign takeovers than in domestic takeovers. Taken together, our results suggest that the realization of synergy is the main motive behind foreign takeovers. We also analyze the role of corporate governance in cross-border M&As. Consistent with our hypothesis, the dummy for B shares or H shares is positively related with the takeover premium, indicating that strong corporate governance standards influence the valuation process in transition economies.

  6. Private capital investments in health care provision through mergers and acquisitions: from long-term to acute care.

    Science.gov (United States)

    Angeli, Federica; Maarse, Hans

    2016-10-01

    This work aims to test whether different segments of healthcare provision differentially attract private capital and thus offer heterogeneous opportunities for private investors' diversification strategies. Thomson Reuter's SDC Platinum database provided data on 2563 merger and acquisition (M&A) deals targeting healthcare providers in Western Europe between 1990 and 2010. Longitudinal trends of industrial and geographical characteristics of M&As' targets and acquirers are examined. Our analyses highlight: (i) a relative decrease of long-term care facilities as targets of M&As, replaced by an increasing prominence of general hospitals, (ii) a shrinking share of long-term care facilities as targets of financial service organizations' acquisitions, in favor of general hospitals, and (iii) an absolute and relative decrease of long-term care facilities' role as target of cross-border M&As. We explain the decreasing interest of private investors towards long-term care facilities along three lines of reasoning, which take into account the saturation of the long-term care market and the liberalization of acute care provision across Western European countries, regulatory interventions aimed at reducing private ownership to ensure resident outcomes and new cultural developments in favor of small-sized facilities, which strengthen the fragmentation of the sector. These findings advance the literature investigating the effect of private ownership on health outcomes in long-term facilities. Market, policy and cultural forces have emerged over two decades to jointly regulate the presence of privately owned, large-sized long-term care providers, seemingly contributing to safeguard residents' well-being. Copyright © 2016 John Wiley & Sons, Ltd. Copyright © 2016 John Wiley & Sons, Ltd.

  7. Power Deals. Mergers and acquisitions activity within the global electricity and gas market. 2010 Annual Review

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2011-02-15

    The global power deal market is finally seeing an upward trend in momentum from the lows reached in 2009, with the total deal value in the non-renewable electricity and gas sectors up 19% year on year from USD 97.6bn to USD 116bn in 2010 - a year which also saw an end to the deal stalemate in the US with a renewed deal flow that looks set to continue this year. Compared to the heady mountain of power deals transacted between 2005-2008, deal values remain low but conditions are in place for a return at least to the foothills of these peaks, according to PwC's annual Power Deals review. Globalisation of the power sector is moving forward on a number of fronts with, for example, companies looking at gaining a larger presence in growth markets, acquisitions of global network asset portfolios with strong international interest in infrastructure assets and signs of greater Chinese involvement, not just from grid companies but also independent power producers.

  8. 77 FR 3476 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2012-01-24

    ... approval, pursuant to the Home Owners' Loan Act (12 U.S.C. 1461 et seq.) (HOLA), Regulation LL (12 CFR part... the HOLA (12 U.S.C. 1467a(e)). If the proposal also involves the acquisition of a nonbanking company... in section 10(c)(4)(B) of the HOLA (12 U.S.C. 1467a(c)(4)(B)). Unless otherwise noted, nonbanking...

  9. Acquisitions or Mergers? International Students' Satisfaction with Work Availability

    Science.gov (United States)

    Li, Xiaojie; Lee, Jenny

    2018-01-01

    This study sought to examine international students' satisfaction with work availability while enrolled and the factors that influenced this satisfaction through the acquisitions and mergers framework. The findings indicated that a notable portion of international students might be treated as acquisitions, based on their self-reports of low work…

  10. Human resource processes and the role of the human resources function during mergers and acquisitions in the electricity industry

    Science.gov (United States)

    Dass, Ted K.

    Mergers and acquisitions (M&A) have been a popular strategy for organizations to consolidate and grow for more than a century. However, research in this field indicates that M&A are more likely to fail than succeed, with failure rates estimated to be as high as 75%. People-related issues have been identified as important causes for the high failure rate, but these issues are largely neglected until after the deal is closed. One explanation for this neglect is the low involvement of human resource (HR) professionals and the HR function during the M&A process. The strategic HR management literature suggests that a larger role for HR professionals in the M&A process would enable organizations to identify potential problems early and devise appropriate solutions. However, empirical research from an HR perspective has been scarce in this area. This dissertation examines the role of the HR function and the HR processes followed in organizations during M&A. Employing a case-study research design, this study examines M&A undertaken by two large organizations in the electricity industry through the lens of a "process" perspective. Based on converging evidence, the case studies address three sets of related issues: (1) how do organizations undertake and manage M&A; (2) what is the extent of HR involvement in M&A and what role does it play in the M&A process; and (3) what factors explain HR involvement in the M&A process and, more generally, in the formulation of corporate goals and strategies. Results reveal the complexity of issues faced by organizations in undertaking M&A, the variety of roles played by HR professionals, and the importance of several key contextual factors---internal and external to the organization---that influence HR involvement in the M&A process. Further, several implications for practice and future research are explored.

  11. Mergers and Acquisitions (M&AS by R&D Intensive Firms

    Directory of Open Access Journals (Sweden)

    Shantanu Dutta

    2009-12-01

    Full Text Available In this study, we evaluate the impact of R&D intensity on acquiring firms’ abnormal returns by examining 925 Canadian completed deals between 1993 and 2002 that have information on R&D expenditures. While examining the returns to acquiring firm shareholders in the R&D intensive firms we evaluate two competing hypotheses: ‘growth potential hypothesis’ and ‘integration failure hypothesis’. According to the ‘growth potential hypothesis’, in light of the growth potential of the targets acquired by R&D intensive firms, investors are likely to react positively. ‘Integration failure hypothesis’ focuses on integration difficulties of a target by an R&D intensive firms and suggests that investor might be skeptical of such acquisitions and react negatively. Our results show that R&D intensity (i.e. R&D expenditure by sales has a positive and significant effect on cumulative abnormal returns of the acquiring firms around the announcement dates. This implies that market generally favors the M&A deals by R&D intensive firms. An analysis of the differentiating characteristics reveal that R&D firms have a significantly higher growth potential and undertake more stock financed deals compared to the non R&D firms. Further, our results show that there is no significant change in long-term operating performance subsequent to the M&A deals for both R&D firms and non R&D firms. In general, our results show support for ‘growth potential hypothesis’.

  12. A REVIEW OF ORGANIZATIONAL CULTURE IN THE MERGERS & ACQUISITIONS PROCESS

    Directory of Open Access Journals (Sweden)

    Louis-Caleb REMANDA

    2016-12-01

    Full Text Available Mergers and acquisitions (M&A are the most widespread and most reliable international operations in the strategic market. Theoretically, they can respond to a certain amount of conventional goals like creating intrinsic value and performance. Integrating an organizational culture in an M&A process can help top management from both organizations understand cultural differences as fast as possible, in order to reduce consequences. The question remains as to whether we can go from a theoretical case to a practical one and achieve results beyond expectations. In this 2015 study we took into account cultural changes, communicated them to the members going into the process, and demonstrated the fundamental role that organizational culture plays. By comparing several approaches surrounding organizational culture, we conclude that this concept should extended to further perspectives, such as the importance of acculturation, cultural tolerance and organizational identity, all present before, during, and after the M&A process.

  13. Regulation of “Banking Group” In Russia in Banking Mergers and Acquisitions in the Modern Conditions

    Directory of Open Access Journals (Sweden)

    Nikita V. Gurin

    2016-01-01

    research the author suggests legal developments to the regulations of mergers and acquisitions of banks in Russia.

  14. Internationalization as Mergers and Acquisitions: Senior International Officers' Entrepreneurial Strategies and Activities in Public Universities

    Science.gov (United States)

    Deschamps, Eric; Lee, Jenny J.

    2015-01-01

    This study investigated the various emerging forms of internationalization and how senior international affairs officers describe their motivations and rationales for implementing these activities. Based on interviews with senior international officers at 30 international offices in U.S. public universities, this study identified and classified…

  15. 78 FR 62302 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2013-10-15

    ... company and/or to acquire the assets or the ownership of, control of, or the power to vote shares of a..., Kansas City, Missouri 64198-0001: 1. The G. Jeffrey Records, Jr. 2003 Family Trust (GJR), and the G. Jeffrey Records, Jr. 2003 Family Trust (NJR), both of Oklahoma City, Oklahoma; to merge and retain...

  16. Critical analysis of valuation and strategical orientation of merger and acquisition deals in the pharmaceutical industry.

    Science.gov (United States)

    Dierks, Raphaela Marie Louisa; Bruyère, Olivier; Reginster, Jean-Yves

    2018-04-01

    The pharmaceutical industry is undergoing major shifts due to changing macro and micro factors. As the industry is highly capital intensive and patents are expiring, the outlook is on generating inorganic growth, mainly through M&A. Using the income valuation approach, one analyses two completed deals in 2016 above 1bn USD. Thereafter one outlines the main motives behind M&A deals and concluded by discussing whether M&A harms medical innovations. Areas covered: The paper is based on empirical study questioning existing literature in order to critically analyse valuation and the strategical orientation of pharmaceutical companies Expert commentary: Pharmaceutical companies understand the changing market conditions and favour their expertise. The restructuring of the industry moves to small niche companies (I.e. Biopharma or biotech companies) researching key innovations and big companies purchasing them to develop them, create clinical trials and distribute them as this is a costly manner Conclusion: One can expect more M&A deals during the next years focusing on value rather than volume. Pharmaceutical players resilient to the market changes may survive if they change their business model from a traditional vertical one to outsourcing and diversification including external players.

  17. Power Deals. Mergers and acquisitions activity within the global electricity and gas market. 2008 Annual Review

    International Nuclear Information System (INIS)

    2009-01-01

    2008 was the year in which power deal values came down from their record-breaking highs of the two preceding years as the financial crisis and a number of market uncertainties had a negative impact on deal activity. Nonetheless, total deal numbers leapt by 24% as companies concentrated on smaller deals and took advantage of new opportunities that arose in the changed market conditions. Europe was least affected by the downturn in deal values and accounted for over half of all bidder and target power deal value. In contrast, power deals in Australia, which had previously been a main motor of growing M and A activity in the Asia Pacific region, virtually stalled as uncertainty over new carbon emission policies combined with the financial crisis to deter deal flow. In North America, like Europe, big deals were fewer but underlying deal activity was comparable with previous years. This report examines the rationale behind the overall trends and the key individual deals. We also highlight, in a series of deal dialogues throughout the report, some of the critical issues for companies engaging in deal activity within the sector, drawing on our global experience as an adviser to players in major deals throughout the sector in all key electricity and gas utilities markets. Looking to the future, the easing of the financial crisis will be key to deal flow but the near-term outlook looks less robust than the recent past, especially as debt markets will be further constrained by calls from the public financing required to support government bail-out programmes. Set against this, the underlying imperatives of consolidation, supply security and capitalisation remain in place and will create increasing pent-up deal demand. A lower energy price environment will change the metrics for more expensive cleaner power assets, placing an even higher importance on the outcome of global climate talks and the run-up to the December 2009 UN Climate Summit in Copenhagen

  18. Power Deals. Mergers and acquisitions activity within the global electricity and gas market. 2007 Annual Review

    International Nuclear Information System (INIS)

    2007-01-01

    The year 2007 saw a continued remarkable expansion in the total number and value of deals in the power utilities sector (electricity and gas) worldwide. A 25% increase put the total power deal value of USD 372.5bn nearly nine times above the US$43bn recorded just four years earlier in 2003. Records continue to be set in the sector for the total number and value of deals and for the size of individual deals. There was little sign of the sector pausing for breath in 2007. There were fewer mega-deals, reflecting the complexity of getting really huge deals over the political and regulatory hurdles, but this was more than compensated by a rise in mid-size deal numbers. There was no clear evidence of a fall-off in deal activity in the second half of the year as the credit crisis broke. Indeed, 57% of all power sector deals, 441 of the total 768 deals, came in the second half. Strong deal momentum characterised all the major markets and, with the restructuring of the Russian electricity sector, 2007 marked the year when deals in the Russian Federation made a significant impact on the worldwide totals. Thus, for the first time, Power Deals 2007 includes a specific section on the Russian deals and we separate them out from the wider Asia Pacific totals where they featured in previous editions

  19. 78 FR 73539 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2013-12-06

    .... 1461 et seq.) (HOLA), Regulation LL (12 CFR part 238), and Regulation MM (12 CFR part 239), and all... writing on the standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If the proposal also involves the... company complies with the standards in section 10(c)(4)(B) of the HOLA (12 U.S.C. 1467a(c)(4)(B)). Unless...

  20. Stock or cash? The trade-offs for buyers and sellers in mergers and acquisitions.

    Science.gov (United States)

    Rappaport, A; Sirower, M L

    1999-01-01

    In 1988, less than 2% of large deals were paid for entirely in stock; by 1998, that number had risen to 50%. The shift has profound ramifications for shareholders of both the acquiring and acquired companies. In this article, the authors provide a framework and two simple tools to guide boards of both companies through the issues they need to consider when making decisions about how to pay for--and whether to accept--a deal. First an acquirer has to decide whether to finance the deal using stock or pay cash. Second, if the acquirer decides to issue stock, it then must decide whether to offer a fixed value of shares or a fixed number of them. Offering cash places all the potential risks and rewards with the acquirer--and sends a strong signal to the markets that it has confidence in the value not only of the deal but in its own stock. By issuing shares, however, an acquirer in essence offers to share the newly merged company with the stockholders of the acquired company--a signal the market often interprets as a lack of confidence in the value of the acquirer's stock. Offering a fixed number of shares reinforces that impression because it requires the selling stockholders to share the risk that the value of the acquirer's stock will decline before the deal goes through. Offering a fixed value of shares sends a more confident signal to the markets, as the acquirer assumes all of that risk. The choice between cash and stock should never be made without full and careful consideration of the potential consequences. The all-too-frequent disappointing returns from stock transactions underscore how important the method of payment truly is.

  1. Power Deals. Mergers and acquisitions activity within the global electricity and gas market. 2006 Annual Review

    International Nuclear Information System (INIS)

    2007-01-01

    2006 was another recordbreaking year in the electricity and gas utilities sector. Total deal values shot through the record level set in 2005 to reach a dizzying USD 298.8bn. This is nearly seven times the USD 43bn level of transactions recorded in the sector only three years earlier in 2003. The rise is all the more astonishing as it comes in a year when deal activity from corporate US utility players plummeted. The sharp downturn in North America came as companies took stock of aggressive regulatory stances from some state regulators during a US midterm election year that coincided with the ending of rate freezes and reaction to the repeal of the Public Utilities Holding Company Act. North American electricity deal values by bidder fell 64% to USD 20.7bn, not far above the USD 16.7bn level of 2003. The picture in Europe and the Asia Pacific region was very different. Both regions recorded record levels of power deal activities as utility companies continued to strive for super regional'' scale. Deal activity in Europe was given extra momentum by the countdown to the July 2007 implementation of full retail market liberalisation. This report examines the rationale behind the overall trends and the key individual deals. We also highlight, in a series of deal dialogues throughout the report, some of the critical issues for companies engaging in deal activity within the sector drawing on our global experience as an adviser to players in major deals throughout the sector in all key power and gas markets. Looking to the future, the regulatory environment will play a key role in determining the course of deal activity. Companies entering into big deals need to be ready more than ever for the long haul. However, the underpinning momentum in the sector remains strong and this is likely to create continued buoyancy in the period ahead

  2. Creditor rights, claims enforcement, and bond returns in mergers and acquisitions

    NARCIS (Netherlands)

    Renneboog, Luc; Szilagyi, Peter; Vansteenkiste, Cara

    This article shows that country-level differences in creditor protection affect bond performance around cross-border M&A announcements. Using Eurobonds and a global sample of 1,100 cross-border M&As, we find that the bondholders of bidding firms respond more positively to deals that expose their

  3. Creditor Rights, Claims Enforcement, and Bond Performance in Mergers and Acquisitions

    NARCIS (Netherlands)

    Renneboog, Luc; Szilagyi, Peter; Vansteenkiste, Cara

    2017-01-01

    This paper shows that country-level differences in creditor protection affect bond performance around cross-border M&A announcements. Using Eurobonds and a global sample of 1,100 cross-border M&As, we find that the bondholders of bidding firms respond more positively to deals that expose their firm

  4. 76 FR 63621 - Formations of, Acquisitions by, and Mergers of Savings and Loan Holding Companies

    Science.gov (United States)

    2011-10-13

    ..., pursuant to the Home Owners' Loan Act (12 U.S.C. 1461 et seq.) (HOLA), Regulation LL (12 CFR part 238), and... may express their views in writing on the standards enumerated in the HOLA (12 U.S.C. 1467a(e)). If... HOLA (12 U.S.C. 1467a(c)(4)(B)). Unless otherwise noted, nonbanking activities will be conducted...

  5. IMPLICATIONS OF CROSS-BORDER MERGERS AND ACQUISITIONS IN THE POLISH BANKING SECTOR IN THE CONTEXT OF THE GLOBAL FINANCIAL CRISIS

    Directory of Open Access Journals (Sweden)

    ZBIGNIEW KORZEB

    2010-01-01

    Full Text Available The article presents the implications of the global financial crisis upon the Polish banking sector, formed under the influence of cross-border mergers and acquisitions. It illustrates the consequences of financial problems of foreign strategic shareholders in banks operating in Poland upon the stability of the entire banking system. It presents the proposed future directions of action to protect the stability of the banking system. It seems that in the case of a banking system as special as the Polish one, the key role will belong to the quality of the three main pillars of control over the work of banks: supervisory institutions, market discipline an corporate governance.

  6. The next wave of mergers and acquisitions. What's your organization's position?

    Science.gov (United States)

    Zuckerman, Alan

    2009-05-01

    Review your organization's strategic and financial plan given the current economic erosion and challenges. If your organization can and should be a consolidator, identify the likely and desired opportunities. If your organization cannot or should not go it alone, start to look for a partner.

  7. 75 FR 3466 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2010-01-21

    ... ownership of, control of, or the power to vote shares of a bank or bank holding company and all of the banks... acitivites to businesses and individuals, pursuant to section 225.28(b)(6) and in private placement of debt...

  8. 76 FR 58005 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies; Correction

    Science.gov (United States)

    2011-09-19

    ... BFHI Holdings, LLC, both in Aventura Florida, and Florida Carpenters Regional Council Pension Fund..., Assistant Vice President) 1000 Peachtree Street, NE., Atlanta, Georgia 30309: 1. Trade Street Investment..., Florida, and Florida Carpenters Regional Council Pension Fund, Hialeah, Florida; to become bank holding...

  9. 76 FR 27645 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2011-05-12

    ..., Inc., Wolsey, South Dakota; to acquire 100 percent of the voting shares of and merge with Kingsbury Bank Holding Company, and thereby indirectly acquire voting shares of Peoples State Bank, both in De Smet, South Dakota. Board of Governors of the Federal Reserve System, May 9, 2011. Robert deV. Frierson...

  10. 75 FR 36395 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2010-06-25

    ... regulations to become a bank holding company and/or to acquire the assets or the ownership of, control of, or... Corporation, and thereby indirectly acquire voting shares of Aliant Bank, both of Alexander City, Alabama. B... application, Sheyenne Bancorp, Inc., has also applied to become a bank holding company. Board of Governors of...

  11. The added value of advisory services in SME mergers and acquisitions

    NARCIS (Netherlands)

    Lex van Teeffelen

    2013-01-01

    The objective of this study is to shed light on the added value of the services of five disciplines in M&A advisory in the SME domain: accountants, bankers, business brokers, fiscalists and lawyers. Theory is inconclusive in the added value of advisory services and research on the subject is hardly

  12. Synergistic Coherence of Bifurcation Evolutionary Processes of Mergers and Acquisitions of Enterprises

    Directory of Open Access Journals (Sweden)

    Ivanchenko Hennadii F.

    2016-08-01

    Full Text Available The aim of the article is developing information tools for the economic and mathematical modeling of the dynamics of evolutionary processes concerning trophic relationships of populations of enterprises, which allowed to conduct the phase and bifurcation analysis of possible dynamic regimes of the populations’ evolution, determine the mechanisms of influence of the external environment and the internal structure of the system, identify patterns and limits of stability of M&A processes. In the work the main provisions of the evolutionary concept concerning development of the population of enterprises as an economic system are analyzed, the provisions of the evolutionary concept of population systems’ development are considered, the basis of evolutionary modeling methods allowing to analyze the functioning of populations of enterprises in terms of individual strategies of each enterprise’s behavior is studied. The basic principles of synergy of the life cycle evolution for populations of enterprises are determined. An evolutionary approach to the evaluation of a synergistic effect of M & A is proposed. The evolutionary modeling of the scenario for self-organization of populations of dairy industry enterprises through a combination of statistical and expert data is applied. There also created a model of the population of firms reflecting behavioral and resource and technological characteristics of the studied in the work real population of industrial enterprises, which form the input flows of matter, energy and information to the dairy industry, which allows to combine the reflection of main possible options in terms of the external conditions of the population functioning and its internal structure.

  13. 78 FR 76305 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-12-17

    ... Vice President) 230 South LaSalle Street, Chicago, Illinois 60690-1414: 1. Van Buren Bancorporation... voting shares of Van Buren Bancorporation, Keosauqua, Iowa, and thereby indirectly acquire additional...

  14. 75 FR 8944 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2010-02-26

    ...-1414: 1. Premier Commerce Bancorp, Inc., Palos Hills, Illinois; to become a bank holding company by acquiring 100 percent of the voting shares of G.R. Bancorp, Ltd., Grand Ridge, Illinois, and thereby...

  15. 76 FR 70722 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2011-11-15

    ... Banking Corporation, both of Tokyo, Japan, to increase their ownership interest to 9.9 percent of the voting shares of The Bank of East Asia, Limited, Hong Kong S.A.R., Peoples Republic of China, and thereby...

  16. Rebranding after Mergers and Acquisitions : The effect of product brand in corporate brand architecture

    OpenAIRE

    Wan, Ling; Zeng, Long

    2011-01-01

    Background: Recent years, M&As have increased sharply. Brand as one of the most precious assets has unavoidably been taken into consideration in these deals. Company can gain great benefit when handle acquired brand properly. Responding to rebranding issue, a clear designed rebranding strategy is considered a solution to deal with it, and brand architecture can be a useful tool to help adjusting the relationship between acquiring and acquired brand.  Aim: The purpose of this research is t...

  17. Patent Analysis for Supporting Merger and Acquisition (M&A) Prediction: A Data Mining Approach

    Science.gov (United States)

    Wei, Chih-Ping; Jiang, Yu-Syun; Yang, Chin-Sheng

    M&A plays an increasingly important role in the contemporary business environment. Companies usually conduct M&A to pursue complementarity from other companies for preserving and/or extending their competitive advantages. For the given bidder company, a critical first step to the success of M&A activities is the appropriate selection of target companies. However, existing studies on M&A prediction incur several limitations, such as the exclusion of technological variables in M&A prediction models and the omission of the profile of the respective bidder company and its compatibility with candidate target companies. In response to these limitations, we propose an M&A prediction technique which not only encompasses technological variables derived from patent analysis as prediction indictors but also takes into account the profiles of both bidder and candidate target companies when building an M&A prediction model. We collect a set of real-world M&A cases to evaluate the proposed technique. The evaluation results are encouraging and will serve as a basis for future studies.

  18. How do different types of mergers and acquisitions facilitate strategic agility?

    NARCIS (Netherlands)

    Brueller, Nir N.; Carmeli, Abraham; Drori, Israel

    2014-01-01

    Firms struggle to create an agile organizational system since it requires the development of three enabling capacities: to make sense quickly, make decisions nimbly, and redeploy resources rapidly. While the study of strategic agility is of growing interest as a prime means of organizational growth,

  19. 75 FR 71440 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2010-11-23

    ... 75201-2272: 1. Commercial Bancshares, Inc., El Campo, Texas; to become a bank holding company by acquiring 60 percent of the voting shares of El Campo Bancshares, Inc., and thereby indirectly acquire voting shares of Commercial State Bank, both of El Campo, Texas. Board of Governors of the Federal...

  20. 78 FR 42074 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2013-07-15

    ... President) 1000 Peachtree Street NE., Atlanta, Georgia 30309: 1. Banco De Credito E Inversiones, Empresas Juan Yarur S.A.C., Inversiones Petro S.A. Inversiones Baquio LTDA, Inversiones, Nueve, LTDA, and... 7-12-13; 8:45 am] BILLING CODE 6210-01-P ...

  1. 76 FR 72923 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies; Correction

    Science.gov (United States)

    2011-11-28

    ... Federal Reserve Bank of San Francisco heading, the entry for American Start-Up Financial Institutions... Enforcement) 101 Market Street, San Francisco, California 94105-1579: 1. America Start-Up Financial Institutions Investments, I, L.P., and CKH Capital, Inc., both in Monterey Park, California; to become bank...

  2. 76 FR 69739 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2011-11-09

    ... Governors not later than December 5, 2011. A. Federal Reserve Bank of Cleveland (Nadine Wallman, Vice... Manager GP, LLC; Carpenter Fund Management Company, LLC; Carpenter Community BancFund, L.P.; Carpenter Community BanFund--A, L.P.; Carpenter Community BancFund--CA, L.P.; SCJ, Inc.; and CCFW, Inc., all in Irvine...

  3. 76 FR 36923 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies; Correction

    Science.gov (United States)

    2011-06-23

    .... Under the Federal Reserve Bank of New York heading, the entry for Banco do Brasil S.A., Brasilia, Brazil... Liberty Street, New York, New York 10045-0001: 1. Banco do Brasil S.A., Brasilia, Brazil, and Caixa de Previdencia dos Funcionarios do Banco do Brasil, Rio de Janeiro, Brazil; to become bank holding companies by...

  4. Cross-Border Mergers & Acquisitions: A Piece of The Natural Resource Curse Puzzle

    NARCIS (Netherlands)

    J. Swart (Julia); J.G.M. van Marrewijk (Charles)

    2009-01-01

    textabstractWe combine the resource curse literature with the literature on cross-border mergers and acquisitions (M&As) to investigate two hypotheses, namely (i) countries with a comparative advantage in natural resources attract more M&As in natural resource intensive sectors and (ii) countries

  5. Corporate Employee-Engagement and Merger Outcomes

    NARCIS (Netherlands)

    Liang, H.; Renneboog, Luc

    2017-01-01

    Extending the theories of employee incentives and inalienability of human capital, we investigate the link between a firm’s engagement in employee issues and the returns to shareholders around mergers and acquisitions (M&As) and analyze an international sample of 4,565 M&A deals from 48 countries.

  6. Internationale Wachstumsstrategien produzierender Familienunternehmen durch Mergers & Acquisitions

    NARCIS (Netherlands)

    Sachs, Andreas Fabian Constantin Johannes

    2007-01-01

    Family businesses are experiencing a revival in the German economy. In the face of the challenges of globalization and the ongoing relocation of production facilities, “home base oriented” enterprises meet with increasing attention and gain in importance. Family-owned enterprises have indeed been

  7. Mergers & Acquisitions in India: A sectoral analysis

    Directory of Open Access Journals (Sweden)

    Priya Bhalla

    2014-07-01

    Full Text Available Globalization, deregulation and technological improvements have resulted in increase in M&A across the globe. There is enormous literature existing in the advanced economies. However, very little information is available regarding M&A in India. Various sectors have witnessed differential involvement in M&A activity indicating higher participation by some. Particularly, certain sectors such as financial services and pharmaceuticals demonstrate higher M&A activity. To emphasise differential importance of sectors in M&A activity, it is necessary to conduct a sector-wise analysis. Accordingly, this study attempts to investigate the differential representation of various sectors in M&A. Further, it explores the role played by India in the rising global M&A activity. In light of this, it specifies the factors driving consolidation in the financial sector globally.

  8. THE ROLE OF EFFICIENCY AS MEDIATOR FOR THE INFLUENCE OF FIRM SIZE ON FINANCIAL PERFORMANCE OF BANKING THAT DO MERGER AND ACQUISITION IN INDONESIA

    Directory of Open Access Journals (Sweden)

    Purbosanjoyo P.

    2017-07-01

    Full Text Available Banking in Indonesia has experienced a difficult period since the financial crisis in 1997 that directly or indirectly affected the banking sector. Many private banks have to be liquidated. The banking industry has decreased and stagnated due to many problems, such as decreased profitability, lack of capital and non-performing loans. National banks consolidate to improve financial performance, one of the ways to do is to merge and acquire. This study aims to test and prove empirically banks that do mergers and acquisitions: (1 Does firm size directly affect the efficiency and financial performance. (2 Whether efficiency directly affects financial performance (3 Does firm size indirectly affect financial performance mediated by efficiency. Theoretically, the result of this research is expected to enrich and complete the repertoire of science in the field of management science, especially the theory of financial management of banking, so it can be useful for academics and practitioners. The number of commercial banks in Indonesia reached 118 banks. The population of this research is commercial banks that merged and acquired post-1997 economic crisis until 2010. The sample of the study was taken from all banks that merged and acquired as many as 14 banks. Sampling using saturated sampling method (census. The design of this research using explanatory approach. Data analysis method used in hypothesis testing is path analysis and using Structural Equation Model analysis tool with WarpPLS 5.0 program. The results of this research indicate that: (1 The firm size directly affects the efficiency, but does not directly affect the financial performance. (2 efficiency directly affects financial performance. (3 The firm size indirectly affect the financial performance is mediated by efficiency. The conclusion of this research is efficiency has a dominant role to improve financial performance, while the novelty of this research is entering efficiency as

  9. When the target may know better : Effects of experience and information asymmetries on value from mergers and acquisitions

    NARCIS (Netherlands)

    Cuypers, I.R.P.; Cuypers, Y.K.; Martin, Xavier

    2017-01-01

    Research Summary: Extending research on the effect of experience on acquisition outcomes, we examine how the differential in previous M&A experience between the target and the acquirer affects the value they respectively obtain when the acquirer takes over the target. Drawing on literature about

  10. Synergic motives and economic success of mergers of Czech companies

    Directory of Open Access Journals (Sweden)

    Jaroslav Sedláček

    2013-01-01

    Full Text Available One of the motives for mergers and acquisitions is the synergy effect, which can take several forms. This paper tries to find out whether mergers implemented at the Czech market bring positive or negative synergies. The basis of our investigation is the database of the companies that implemented a merger within 2001–2009; out of these, the companies that published their financial statements in a digitalized form were selected. We monitored the development of six indicators characterizing the economic status of a company. The values of these indicators were compared for all participating companies before the merger and for the successor company three years after the merger. The hypotheses were formulated so that they expressed an expectation of a positive synergy brought about by mergers. However, hypothesis testing has not provided a clear result. A positive effect of a merger on the key indicator of net assets, whose growth means an increase in the accounting value of the company after the merger, has been proved for small and medium-sized companies only. The effect of mergers on the increase in indicators has been confirmed for retained earnings from past years and personal costs. Further research will concentrate on the relations between the indicators with the aim to create an integral indicator for the economic success of mergers.

  11. COMPANIES’ MERGERS AND AQUISITIONS AS A SOCIAL PROCESS: MODERN REALITIES

    Directory of Open Access Journals (Sweden)

    S. A. Barkov

    2017-01-01

    Full Text Available Mergers and acquisitions have become one of the main business strategies in the past decades. However, as the international experience indicates, the impact of mergers and acquisitions is rather ambiguous. On the one hand, mergers accelerate the evolution of organizations, strengthen their market positions and competitive advantages, create opportunities for the future development. On the other hand, mergers and acquisitions often lead to severe system crises, caused by various confrontations and risks. From the social and administrative point of view, mergers and acquisitions are commonly perceived as troublesome transformation processes instilling distrust and fear in the workers. Fear of the upcoming mergers is typical not only for ordinary employees, but also for senior management, who remains the most vulnerable unit in the M&A process. Mergers are considered as a stress and challenge for all the categories of employees. The employees realize the instability and the vulnerability of their current statuses, the limited ability to influence the situation and job insecurity. The uncertainty and fear lead to the employees’ resistance of different kinds, which eventually destroys the corporate unity, exacerbates the contradictions between various groups of employees and destabilizes the operation of companies. The authors assume that in the post-industrial age the employees’ perceptions of the merger processes can change and study the trends and factors which determine employees’ attitude towards mergers and acquisitions. Nowadays management strategies and the logic of administrative processes change radically, the structure of companies and the relationships in organizations networks undergo crucial transformations. The tendency to the democratization of organizations has received widespread recognition; companies become more flexible and are more frequently perceived and operate as open systems. The companies start to use the project

  12. Mergers and innovation in the pharmaceutical industry.

    Science.gov (United States)

    Comanor, William S; Scherer, F M

    2013-01-01

    Conflicting trends confound the pharmaceutical industry. The productivity of pharmaceutical innovation has declined in recent years. At the same time, the cohort of large companies who are the leading engines of pharmaceutical R&D has become increasingly concentrated. The concurrent presence of these trends is not sufficient to determine causation. In response to lagging innovation prospects, some companies have sought refuge in mergers and acquisitions to disguise their dwindling prospects or gain R&D synergies. On the other hand, the increased concentration brought on by recent mergers may have contributed to the declining rate of innovation. In this paper, we consider the second of these causal relationships: the likely impact of the recent merger wave among the largest pharmaceutical companies on the rate of innovation. In other words, have recent mergers, which may have been taken in response to lagging innovation, represented a self-defeating strategy that only made industry outcomes worse? Copyright © 2012 Elsevier B.V. All rights reserved.

  13. Evaluation of Merger and Acquisition Processes in the Brazilian Banking Sector by means of an Event Study

    Directory of Open Access Journals (Sweden)

    Daniel Reed Bergmann

    2015-11-01

    Full Text Available Objective – Analyze the reactions of the stock market to M&A announcements, i.e. find out if there was value creation and consequently maximization of shareholder wealth or whether there was value destruction and consequently a decrease in the wealth of the shareholders of the acquiring companies in the short term. Design/methodology/approach – Event study – Quantitative Method Findings – It can neither be affirmed that the acquisitions had a significant impact on value creation for purchasers and banks, nor can it be denied. Given the lack of preponderance of either positive or negative returns, the transactions may have been perceived in different manners. Practical implications – The results may be explained by the fact that the synergies that resulted from the M&A processes in the banking sector only helped consolidating major market players and consequently reduced competitiveness in that sector. The negative abnormal returns of M&A processes are due to the monopolistic market competition structure (Tabak, Fazio & Cajueiro, 2012. Contributions – Event Study with robust errors

  14. What Drives Private and Public Merger Waves in Europe?

    DEFF Research Database (Denmark)

    Bartholdy, Jan; Blunck, Benjamin

    What drives merger waves? Harford 2005 argues that mergers are an efficient response to economic shocks to an industry, whereas Rhodes-Kropf, Robinson & Viswanathan 2005 argues that merger waves are driven by overvaluation of the acquiring firm, and to a lesser extent, the target firm. Both paper...... significant differences between driving forces for listed firms and for private firms. Public or listed firm mergers and acquisitions are primarily driven by overvaluation or behavioural factors, whereas private transactions are driven by economic factors.......What drives merger waves? Harford 2005 argues that mergers are an efficient response to economic shocks to an industry, whereas Rhodes-Kropf, Robinson & Viswanathan 2005 argues that merger waves are driven by overvaluation of the acquiring firm, and to a lesser extent, the target firm. Both papers...... are based on empirical analyses of listed US firms. This paper presents additional evidence of merger waves in the European Union (EU). The use of European data allows a more detailed analysis, since firm level data is available for both listed as well as private transactions. This analysis reveals...

  15. 48 CFR 204.7205 - Novation agreements, mergers and sales of assets.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 3 2010-10-01 2010-10-01 false Novation agreements, mergers and sales of assets. 204.7205 Section 204.7205 Federal Acquisition Regulations System DEFENSE... 204.7205 Novation agreements, mergers and sales of assets. Contracting officers shall process and...

  16. The Performance of bank mergers and acquisitions: The case of the commercial bank of Morocco and wafabank

    Directory of Open Access Journals (Sweden)

    Hicham Meghouar

    2013-11-01

    Full Text Available La mesure de l’efficacité des fusions et acquisitions bancaires a fait l’objet de plusieurs études essentiellement sur les marchés anglo-saxon et européen. L’objectif de cet article est d’examiner la performance de ces opérations réalisées sur des marchés émergents et d’apprécier la création de valeur financière et stratégique d’un rapprochement bancaire, en l’occurrence la fusion entre la Banque Commerciale (BCM et Wafabank qui a eu lieu au Maroc en 2003. Lors de cette recherche, la méthode de l’étude d’événement qui mesure la value financière à court terme, et la technique de pairage qui permet d’apprécier la performance comptable, ont été utilisées. L’analyse des résultats empiriques montre qu’à l’annonce de cette opération une rentabilité anormale négative pour l’acquéreur et positive pour la firme cible. Ces premiers résultats sont en conformité avec les autres études empiriques qui ont souligné un impact négatif des Fusions et Acquisitions sur la richesse des actionnaires de la firme acquéreuse et positif sur celle des actionnaires de la firme cible. Aussi, l’analyse des ratios financiers montre une amélioration de la profitabilité et de la productivité de l’entité regroupée ce qui corrobore avec les conclusions des recherches qui confirment que les fusions conduisent à une meilleure utilisation des actifs et permettent de bénéficier des synergies opérationnelles et des gains d’efficience.

  17. Nonmarket strategy for merger reviews

    NARCIS (Netherlands)

    Clougherty, J.A.

    2003-01-01

    Mergers and acquisitions can involve a significant review by antitrust authorities; however, neither the business strategy not the corporate political strategy literature has fully explored the antitrust dimensions of merger activity. This article considers the ability of corporate political

  18. Bundling and mergers in energy markets

    International Nuclear Information System (INIS)

    Granier, Laurent; Podesta, Marion

    2010-01-01

    Does bundling trigger mergers in energy industries? We observe mergers between firms belonging to various energy markets, for instance between gas and electricity providers. These mergers enable firms to bundle. We consider two horizontally differentiated markets. In this framework, we show that bundling strategies in energy markets create incentives to form multi-market firms in order to supply bi-energy packages. Moreover, we find that this type of merger is detrimental to social welfare. (author)

  19. Cross-border merger and domestic welfare

    OpenAIRE

    Arijit Mukherjee

    2006-01-01

    We consider the welfare effect of cross-border merger in presence of international R&D competition. Cross-border merger increases domestic welfare if the bargaining power of the foreign firm and the slope of the marginal cost of R&D are sufficiently low. Otherwise, domestic welfare is lower under cross-border merger.

  20. Renewables Deals. Mergers and acquisitions activity in renewable power and related clean technology. 2012 outlook and 2011 review

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2012-01-15

    Renewables Deals is our annual analysis of deal activity in the renewable power and related clean technology sectors. We publish our outlook on the prospects for dealmaking in the year ahead. We also take a look at what's been happening in the last 12 months and in the different main markets around the world. This year for the first time, we open our report with our discussion of the outlook for the year ahead and identify some of the main themes we expect to be at work. Looking ahead, the sector is undergoing a growing maturity and consolidation phase. This evolution inclines us to believe that deal flow will remain significant in 2012. In part, though, this will depend on how the Eurozone crisis unfolds. We assume a continuation of a 'rolling uncertainty' scenario affecting the Eurozone and wider world sentiment. But, if there are significant adverse events that turn Eurozone 'rolling uncertainty' into deeper crisis, deal flow is likely to be dampened.

  1. Mergers & Acquisitions in the Food Business: How did the 2002 and 2008/2009 Economic Crises Impact Corporate Valuation?

    Directory of Open Access Journals (Sweden)

    Francis Declerck

    2016-07-01

    The EV/EBITDA provides results with smaller spread than EV/ Sales and EV/net profit. The present research shows that valuations of dairy companies are quite close to the average valuations in the food business. But valuations of wines and spirits companies are a lot higher than other food business companies. Transaction market multiples at food subsector level provide more accurate tools to the stakeholders of M&A in order to avoid over-payment and financial distress.

  2. 77 FR 22577 - Change in Bank Control Notices; Formations of, Acquisitions by, and Mergers of Bank Holding...

    Science.gov (United States)

    2012-04-16

    ..., all of Niskayuna, New York; Frederick S. Loomis, Anne M. Loomis, and J. Porter Loomis, all of Pratt... Irrevocable Family Trust, Porter Legacy Trust, Florence Porter Loomis Trust, 2010 Florence Porter Loomis Irrevocable Family Trust, 2011 Frederick S. Loomis Gift Trust, 2011 J. Porter Loomis Gift Trust, all of Pratt...

  3. Mergers & Acquisitions – a Simulation Model Used in the Negotiation Process

    Directory of Open Access Journals (Sweden)

    Florin Grosu

    2009-07-01

    Full Text Available Today, more than ever, an essential element of any corporate growth strategy is growth through mergers and acquisitions. A survey conducted by PricewaterhouseCoopers reveals the fact that mergers and acquisitions are seen not only as instruments to avoid the global economic crisis, but also as an opportunity for firms to either buy their way into new technologies and expand, or to merge and bulk up. Not since the beginning of the 20th century has the economy seen such a massive restructuring. Whole industries are consolidating at a rate and a scale that is off the chart of historical experience.In this article we will discuss the MAC, MAE and information disclosure clauses, used in designing an M&A contract agreement. They can represent very important tools in a negotiation and the most beautiful part is that they are equally valuable to the buyer as well as to seller. An interesting analysis could be to look deeper into a cooperative surplus if both the seller ant the buyer will be fully aware of these tools and will use them in a cooperative game strategy, but in this paper we will limit our analysis to investigating them and simulating broad acquisition scenario in which these tools can be used by the buyer to reduce the risks associated with the transaction.In the next section we will analyze each clause as a separate tool to be used in negotiating a successful acquisition and then we will put them to work. For this, we will construct a reality based scenario for a real life acquisition, which took place in United States, to test the utility of these tools. The case we will analyze ended up in court and created losses for both the buyer and the seller. The purpose of our simulation is to create the incentives for a different outcome, this time a productive efficient one.We believe that these tools have the great advantage of allocating the endogenous risk to the seller leaving the buyer only with the exogenous risk.

  4. Effect of Nostalgia on Customer Loyalty to Brand Post-Merger/Acquisition

    Directory of Open Access Journals (Sweden)

    Ana Carolina Toledo

    2016-01-01

    Full Text Available The main objective of this study is to identify the effect of nostalgic feelings on consumer loyalty to the prevailing brand following the extinction of a brand in a merger/acquisition process. We also propose an explanatory model of the relationships between tests of relevant constructs. Based on a review and theoretical reflection on the constructs under study, this paper outlines a theoretical model in which attitudes in relation to both extinct and prevailing brands mediate the relationship between nostalgic feelings and customer loyalty, which was subsequently analyzed by structural equation modeling. The results showed the effect of nostalgic feelings on customers’ attitudes toward both extinct and prevailing brands and the influence of switching costs on building brand loyalty. The study contributed to the expansion of the theoretical framework on the subject of marketing by developing and validating a comprehensive model that adds to existing research, expanding the horizon of the study of the phenomenon.

  5. Desempenho das companhias pós-fusões e aquisições mensurado pelos filtros de Graham = Performance of post-mergers and acquisitions companies measured by Graham Filters

    Directory of Open Access Journals (Sweden)

    Leandro Augusto Toigo

    2017-12-01

    Full Text Available O estudo objetiva verificar o desempenho das companhias que realizaram fusões e aquisições por meio da avaliação de desempenho com o uso dos Filtros de Graham. A pesquisa, caracterizada como descritiva, documental e quantitativa, foi realizada a partir de dados contábeis, financeiros e de mercado de quarenta e duas companhias abertas brasileiras listadas na BM&FBovespa, que realizaram fusões e aquisições com troca de controle entre os períodos de 2006 e 2010. Os dados sobre as fusões e aquisições foram coletados junto ao sítio da CVM – Comissão de Valores Mobiliários em fatos relevantes. As informações sobre o desempenho foram levantadas junto à base Economática®. Calculou-se o desempenho das quarenta e duas companhias por sete Filtros de Graham, transformados em um ranking pela aplicação do TOPSIS. Pelos resultados, verifica-se que nos cinco anos de análise as companhias tiveram variações positivas de desempenho no ranking. Como contribuição ao cálculo de desempenho das empresas, os Filtros de Graham permitiram identificar a elevação do lucro líquido, redução do endividamento, aumento dos ativos. Com esses resultados constata-se que as companhias que passaram por fusões e aquisições apresentam boa saúde financeira e baixo risco. Como conclusão, tem-se que esses resultados do desempenho das companhias pelos Filtros de Graham nos processos de fusões e aquisições, realizados no ambiente brasileiro, apresentam razoável segurança aos acionistas e bom nível de Governança Corporativa. The objective of this study was to verify the performance of the companies that performed mergers and acquisitions by evaluating performance with the use of Graham Filters. The research, characterized as descriptive, documentary and quantitative, was based on the accounting, financial and market data of 42 Brazilian companies listed on the BM&FBovespa, which conducted mergers and acquisitions with exchange of control

  6. MERGERS AND BULGE FORMATION IN ΛCDM: WHICH MERGERS MATTER?

    International Nuclear Information System (INIS)

    Hopkins, Philip F.; Bundy, Kevin; Wetzel, Andrew; Croton, Darren; Hernquist, Lars; Keres, Dusan; Younger, Joshua D.; Khochfar, Sadegh; Stewart, Kyle

    2010-01-01

    We use a suite of semi-empirical models to predict the galaxy-galaxy merger rate and relative contributions to bulge growth as a function of mass (both halo and stellar), redshift, and mass ratio. The models use empirical constraints on the halo occupation distribution, evolved forward in time, to robustly identify where and when galaxy mergers occur. Together with the results of high-resolution merger simulations, this allows us to quantify the relative contributions of mergers with different properties (e.g., mass ratios, gas fractions, redshifts) to the bulge population. We compare with observational constraints, and find good agreement. We also provide useful fitting functions and make public a code to reproduce the predicted merger rates and contributions to bulge mass growth. We identify several robust conclusions. (1) Major mergers dominate the formation and assembly of ∼L * bulges and the total spheroid mass density, but minor mergers contribute a non-negligible ∼30%. (2) This is mass dependent: bulge formation and assembly is dominated by more minor mergers in lower-mass systems. In higher-mass systems, most bulges originally form in major mergers near ∼L * , but assemble in increasingly minor mergers. (3) The minor/major contribution is also morphology dependent: higher B/T systems preferentially form in more major mergers, with B/T roughly tracing the mass ratio of the largest recent merger; lower B/T systems preferentially form in situ from minor mergers. (4) Low-mass galaxies, being gas-rich, require more mergers to reach the same B/T as high-mass systems. Gas-richness dramatically suppresses the absolute efficiency of bulge formation, but does not strongly influence the relative contribution of major versus minor mergers. (5) Absolute merger rates at fixed mass ratio increase with galaxy mass. (6) Predicted merger rates agree well with those observed in pair and morphology-selected samples, but there is evidence that some morphology

  7. Working capital in mergers and acquisitions in the oil industry: issues and impacts over the company valuation; Capital de giro em aquisicoes de empresas na industria do petroleo: consideracoes e impactos sobre o valor do negocio

    Energy Technology Data Exchange (ETDEWEB)

    Soares, Fabio Maia; Junior, Ewerton R.W.P. [PETROBRAS, Rio de Janeiro, RJ (Brazil); Mendes, Andre P. A. [Banco Nacional de Desenvolvimento Economico e Social (BNDES), Rio de Janeiro, RJ (Brazil)

    2008-07-01

    The necessary working capital required to maintain a sustainable company operation could be relevant in the oil industry, specially in high prices times. Their proper consideration in companies valuation contribute for economic model accuracy, providing reliable information to the investment decision. This article has the objective of discussing the general concept of working capital, taking into account peculiar characteristics concerning their applicability in economic analysis of mergers and acquisition. Aspects related to the forecast cash flow, perpetuity, besides issues concerning its financing are discussed. Further, it is also spotted the necessary concerns during the elaboration of prices proposals, regulatory and management factors influence, over its adequate dimensioning, and also the methodological simplifications usually used in forecasting. Lastly, the work aim to emphasize the importance of the working capital changes in all economic evaluation developed by the discounted cash flow methodology, in order to guarantee methodological consistency in the company valuation. (author)

  8. Mergers and integrated care: the Quebec experience

    Directory of Open Access Journals (Sweden)

    Louis Demers

    2013-02-01

    Full Text Available As a researcher, I have studied the efforts to increase the integration of health and social services in Quebec, as well as the mergers in the Quebec healthcare system. These mergers have often been presented as a necessary transition to break down the silos that compartmentalize the services dispensed by various organisations. A review of the studies about mergers and integrated care projects in the Quebec healthcare system, since its inception, show that mergers cannot facilitate integrated care unless they are desired and represent for all of the actors involved an appropriate way to deal with service organisation problems. Otherwise, mergers impede integrated care by creating increased bureaucratisation and standardisation and by triggering conflicts and mistrust among the staff of the merged organisations. It is then preferable to let local actors select the most appropriate organisational integration model for their specific context and offer them resources and incentives to cooperate.

  9. Mergers and integrated care: the Quebec experience.

    Science.gov (United States)

    Demers, Louis

    2013-01-01

    As a researcher, I have studied the efforts to increase the integration of health and social services in Quebec, as well as the mergers in the Quebec healthcare system. These mergers have often been presented as a necessary transition to break down the silos that compartmentalize the services dispensed by various organisations. A review of the studies about mergers and integrated care projects in the Quebec healthcare system, since its inception, show that mergers cannot facilitate integrated care unless they are desired and represent for all of the actors involved an appropriate way to deal with service organisation problems. Otherwise, mergers impede integrated care by creating increased bureaucratisation and standardisation and by triggering conflicts and mistrust among the staff of the merged organisations. It is then preferable to let local actors select the most appropriate organisational integration model for their specific context and offer them resources and incentives to cooperate.

  10. Employer-provided health insurance and hospital mergers.

    Science.gov (United States)

    Garmon, Christopher

    2013-07-01

    This paper explores the impact of employer-provided health insurance on hospital competition and hospital mergers. Under employer-provided health insurance, employer executives act as agents for their employees in selecting health insurance options for their firm. The paper investigates whether a merger of hospitals favored by executives will result in a larger price increase than a merger of competing hospitals elsewhere. This is found to be the case even when the executive has the same opportunity cost of travel as her employees and even when the executive is the sole owner of the firm, retaining all profits. This is consistent with the Federal Trade Commission's findings in its challenge of Evanston Northwestern Healthcare's acquisition of Highland Park Hospital. Implications of the model are further tested with executive location data and hospital data from Florida and Texas.

  11. Competition and Mergers among Nonprofits

    NARCIS (Netherlands)

    Prüfer, J.

    2007-01-01

    Should mergers among nonprofit organizations be regulated differently than mergers among for-profit firms? The relevant empirical literature is highly controversial, the theoretical literature is scarce. We analyze the question by modeling duopoly competition with quality-differentiated goods. We

  12. Competition and Mergers among Nonprofits

    NARCIS (Netherlands)

    Prüfer, J.

    2007-01-01

    Should mergers among nonprofit organizations be regulated differently than mergers among for-profit firms? The relevant empirical literature is highly controversial, the theoretical literature is scarce. I analyze the question by modeling duopoly competition with quality-differentiated goods. I

  13. Galaxy Mergers and Dark Matter Halo Mergers in LCDM: Mass, Redshift, and Mass-Ratio Dependence

    International Nuclear Information System (INIS)

    Stewart, K.

    2009-01-01

    We employ a high-resolution LCDM N-body simulation to present merger rate predictions for dark matter halos and investigate how common merger-related observables for galaxies - such as close pair counts, starburst counts, and the morphologically disturbed fraction - likely scale with luminosity, stellar mass, merger mass ratio, and redshift from z = 0 to z = 4. We provide a simple 'universal' fitting formula that describes our derived merger rates for dark matter halos a function of dark halo mass, merger mass ratio, and redshift, and go on to predict galaxy merger rates using number density-matching to associate halos with galaxies. For example, we find that the instantaneous merger rate of m/M > 0.3 mass ratio events into typical L ∼> fL * galaxies follows the simple relation dN/dt ≅ 0.03(1+f)Gyr -1 (1+z) 2.1 . Despite the rapid increase in merger rate with redshift, only a small fraction of > 0.4L * high-redshift galaxies (∼ 3% at z = 2) should have experienced a major merger (m/M > 0.3) in the very recent past (t 0.3) in the last 700 Myr and conclude that mergers almost certainly play an important role in delivering baryons and influencing the kinematic properties of Lyman Break Galaxies (LBGs)

  14. 7 CFR 1782.15 - Mergers and consolidations.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 12 2010-01-01 2010-01-01 false Mergers and consolidations. 1782.15 Section 1782.15... AGRICULTURE (CONTINUED) SERVICING OF WATER AND WASTE PROGRAMS § 1782.15 Mergers and consolidations. Mergers... transaction under consideration and the unique facts involved in each transaction. Mergers occur when two or...

  15. 31 CFR 30.14 - Q-14: How does section 111 of EESA operate in connection with an acquisition, merger, or...

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 1 2010-07-01 2010-07-01 false Q-14: How does section 111 of EESA operate in connection with an acquisition, merger, or reorganization? 30.14 Section 30.14 Money and Finance: Treasury Office of the Secretary of the Treasury TARP STANDARDS FOR COMPENSATION AND CORPORATE...

  16. THE HALO MERGER RATE IN THE MILLENNIUM SIMULATION AND IMPLICATIONS FOR OBSERVED GALAXY MERGER FRACTIONS

    International Nuclear Information System (INIS)

    Genel, Shy; Genzel, Reinhard; Bouche, Nicolas; Naab, Thorsten; Sternberg, Amiel

    2009-01-01

    We have developed a new method to extract halo merger rates from the Millennium Simulation. First, by removing superfluous mergers that are artifacts of the standard friends-of-friends (FOF) halo identification algorithm, we find a lower merger rate compared to previous work. The reductions are more significant at lower redshifts and lower halo masses, and especially for minor mergers. Our new approach results in a better agreement with predictions from the extended Press-Schechter model. Second, we find that the FOF halo finder overestimates the halo mass by up to 50% for halos that are about to merge, which leads to an additional ∼20% overestimate of the merger rate. Therefore, we define halo masses by including only particles that are gravitationally bound to their FOF groups. We provide new best-fitting parameters for a global formula to account for these improvements. In addition, we extract the merger rate per progenitor halo, as well as per descendant halo. The merger rate per progenitor halo is the quantity that should be related to observed galaxy merger fractions when they are measured via pair counting. At low-mass/redshift, the merger rate increases moderately with mass and steeply with redshift. At high enough mass/redshift (for the rarest halos with masses a few times the 'knee' of the mass function), these trends break down, and the merger rate per progenitor halo decreases with mass and increases only moderately with redshift. Defining the merger rate per progenitor halo also allows us to quantify the rate at which halos are being accreted onto larger halos, in addition to the minor and major merger rates. We provide an analytic formula that converts any given merger rate per descendant halo into a merger rate per progenitor halo. Finally, we perform a direct comparison between observed merger fractions and the fraction of halos in the Millennium Simulation that have undergone a major merger during the recent dynamical friction time, and find a

  17. Mergers: Success versus failure

    International Nuclear Information System (INIS)

    Carley, G. R.

    1997-01-01

    Successful mergers in the context of long-term value creation, as measured by return realized on investor-provided capital, were discussed. In essence, a successful merger is characterized by being motivated by a sound business reason and strategy for the merger, a reasonable price and sound execution. The acquiror's pre-merger success in managing a company is a good indicator of future success. Poorly managed companies that acquire other companies generally continue to be poorly managed with no significant increase in shareholder value. Prior to the acquisition, identification of the potential target, assessment of the people involved on both sides of the transaction, thorough knowledge of the target's potential for value creation, financial implications (debt, equity, terms and demand, tax implications, the potential effect of the proposed acquisition on the acquiror's business plan) and finally the execution of the process itself, are the important determinants of successful mergers

  18. Multiemployer Pension Plan Terminations, Mergers, and Insolvencies

    Data.gov (United States)

    Pension Benefit Guaranty Corporation — A listing of multiemployer pension plan terminations, mergers, and insolvencies reported to the PBGC for the current fiscal year. This data set will be updated...

  19. SMBH accretion and mergers: removing the symmetries

    International Nuclear Information System (INIS)

    King, Andrew; Nixon, Chris

    2013-01-01

    We review recent progress in studying accretion flows on to supermassive black holes (SMBH). Much of this removes earlier assumptions of symmetry and regularity, such as aligned and prograde disc rotation. This allows a much richer variety of effects, often because cancellation of angular momentum allows rapid infall. Potential applications include lower SMBH spins allowing faster mass growth and suppressing gravitational-wave reaction recoil in mergers, gas-assisted SMBH mergers, and near-dynamical accretion in galaxy centres. (paper)

  20. TAX ASPECTS REGARDING THE MERGER AND DIVISION

    Directory of Open Access Journals (Sweden)

    BRAGĂ FILOFTEIA VIORICA

    2014-05-01

    Full Text Available In this paper, we want to present the tax issues that influencing the merger and division starting from the economic context characterized by a lack of liquidity, business reorganization to streamline the business and from the advantages and disadvantages of this operation achievement. The documentation was performed by consulting the Tax Code, the Methodological Norms regarding the accounting operations of merger, division, liquidation and professional literature.

  1. The Response of Performance to Merger Strategy in Indonesian Banking Industry: Analyses on Bank Mandiri, Bank Danamon, and Bank Permata

    Directory of Open Access Journals (Sweden)

    Murti Lestari

    2010-05-01

    Full Text Available This study analyzes the responses of performances of BankMandiri, Bank Danamon, and Bank Permata to merger strategy.This paper harnesses the quantitative approach with structuralbreak analysis method and impulse response function. Theplausible findings indicate that the merger of Bank Permataproduces a better performance response in comparison to theconsolidation of Bank Mandiri and the merger of Bank Danamon.The merger of Bank Permata does not result in performanceshocks, and the structural break does not prevail either. On theother hand, the consolidation of Bank Mandiri and the mergerof Bank Danamon result in structural breaks, particularly in thespread performance. In order to return to the stable position, themergers of Bank Mandiri and Bank Danamon require a longertime than does the merger of Bank Permata. This researchindicates that for large banks, the mergers and acquisitions(retaining one existing bank will deliver a better performanceresponse than will the consolidations (no existing bank. Keywords: impulse response function; merger; structural break

  2. MERGERS IN ΛCDM: UNCERTAINTIES IN THEORETICAL PREDICTIONS AND INTERPRETATIONS OF THE MERGER RATE

    International Nuclear Information System (INIS)

    Hopkins, Philip F.; Bundy, Kevin; Wetzel, Andrew; Ma, Chung-Pei; Croton, Darren; Khochfar, Sadegh; Hernquist, Lars; Genel, Shy; Van den Bosch, Frank; Somerville, Rachel S.; Keres, Dusan; Stewart, Kyle; Younger, Joshua D.

    2010-01-01

    Different theoretical methodologies lead to order-of-magnitude variations in predicted galaxy-galaxy merger rates. We examine how this arises and quantify the dominant uncertainties. Modeling of dark matter and galaxy inspiral/merger times contribute factor of ∼2 uncertainties. Different estimates of the halo-halo merger rate, the subhalo 'destruction' rate, and the halo merger rate with some dynamical friction time delay for galaxy-galaxy mergers, agree to within this factor of ∼2, provided proper care is taken to define mergers consistently. There are some caveats: if halo/subhalo masses are not appropriately defined the major-merger rate can be dramatically suppressed, and in models with 'orphan' galaxies and under-resolved subhalos the merger timescale can be severely over-estimated. The dominant differences in galaxy-galaxy merger rates between models owe to the treatment of the baryonic physics. Cosmological hydrodynamic simulations without strong feedback and some older semi-analytic models (SAMs), with known discrepancies in mass functions, can be biased by large factors (∼5) in predicted merger rates. However, provided that models yield a reasonable match to the total galaxy mass function, the differences in properties of central galaxies are sufficiently small to alone contribute small (factor of ∼1.5) additional systematics to merger rate predictions. But variations in the baryonic physics of satellite galaxies in models can also have a dramatic effect on merger rates. The well-known problem of satellite 'over-quenching' in most current SAMs-whereby SAM satellite populations are too efficiently stripped of their gas-could lead to order-of-magnitude under-estimates of merger rates for low-mass, gas-rich galaxies. Models in which the masses of satellites are fixed by observations (or SAMs adjusted to resolve this 'over-quenching') tend to predict higher merger rates, but with factor of ∼2 uncertainties stemming from the uncertainty in those

  3. The challenge of merging : Merger patterns, premerger status, and merger support

    NARCIS (Netherlands)

    Giessner, [No Value; Täuber, Susanne; Viki, GT; Otten, S; Terry, DJ; Giessner, S.R

    Employees of merging organizations often show resistance to the merger. The employees' support depends on the companies' premerger status and on the merger pattern. Based on an inter-group perspective, three studies were conducted to investigate the influence of premerger status (high, low) and

  4. Rethinking and re-imagining mergers in further and higher ...

    African Journals Online (AJOL)

    Higher and Further Education in South Africa has been characterized by major changes regarding the shape and size of the system. One of these changes has been the so-called mergers. This article addresses the scenario which contributed to the mergers. An overview of various frameworks or models for mergers is ...

  5. Change commitment in low-status merger partners: The role of information processing, relative ingroup prototypicality, and merger patterns.

    Science.gov (United States)

    Rosa, Miriam; Kavanagh, Eithne; Kounov, Pavel; Jarosz, Sywlia; Waldzus, Sven; Collins, Elizabeth C; Giessner, Steffen

    2017-09-01

    Merger announcements cause stress among employees, often leading to low change commitment, especially among employees from the lower-status merger partner. Such stress influences how deeply employees process merger-relevant information. Previous research examined how merger patterns that preserve versus change status differences impact merger support, but did not address how employees' information processing may influence this relationship. The current research addresses this gap through a scenario experiment, focusing on the low-status merger partner. The interplay between merger patterns and information processing was examined regarding employees' prototypicality claims in relation to merger support. Results suggest that an integration-equality merger pattern increases change commitment via prototypicality claims in the new organization, conditional to employees' systematic information processing. © 2017 The British Psychological Society.

  6. 29 CFR 4231.3 - Requirements for mergers and transfers.

    Science.gov (United States)

    2010-07-01

    ... 29 Labor 9 2010-07-01 2010-07-01 false Requirements for mergers and transfers. 4231.3 Section 4231..., REORGANIZATION, TERMINATION, AND OTHER RULES APPLICABLE TO MULTIEMPLOYER PLANS MERGERS AND TRANSFERS BETWEEN MULTIEMPLOYER PLANS § 4231.3 Requirements for mergers and transfers. (a) General requirements. A plan sponsor...

  7. 7 CFR 1710.108 - Mergers and consolidations.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 11 2010-01-01 2010-01-01 false Mergers and consolidations. 1710.108 Section 1710.108... and Basic Policies § 1710.108 Mergers and consolidations. (a) RUS encourages its borrowers to consider... operating efficiency and financial soundness. (b) After a merger or consolidation, RUS will give priority...

  8. 29 CFR 4011.6 - Mergers, consolidations, and spinoffs.

    Science.gov (United States)

    2010-07-01

    ... 29 Labor 9 2010-07-01 2010-07-01 false Mergers, consolidations, and spinoffs. 4011.6 Section 4011... REPORTING AND DISCLOSURE REQUIREMENTS DISCLOSURE TO PARTICIPANTS § 4011.6 Mergers, consolidations, and spinoffs. In the case of a plan involved in a merger, consolidation, or spinoff transaction that becomes...

  9. 7 CFR 1717.615 - Consolidations and mergers.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 11 2010-01-01 2010-01-01 false Consolidations and mergers. 1717.615 Section 1717.615... Controls § 1717.615 Consolidations and mergers. A distribution or power supply borrower may without the..., merger, conveyance or transfer shall be on such terms as shall fully preserve the lien and security of...

  10. 7 CFR 1735.19 - Mergers and consolidations.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 11 2010-01-01 2010-01-01 false Mergers and consolidations. 1735.19 Section 1735.19... Basic Policies § 1735.19 Mergers and consolidations. RUS does not make loans for the sole purpose of merging or consolidating telephone organizations. After a merger or consolidation, RUS will consider...

  11. Power plays - global mergers

    International Nuclear Information System (INIS)

    Allen, Simon

    1997-01-01

    This article focuses on the increasing number of mergers and acquisitions by electric utilities in the face of growing competition in home markets. The liberalisation of the UK and Scandinavian electricity markets, the impact in Europe of the EU directive on liberalisation, mergers in Switzerland, the selling of Australian generators to UK electric utilities, the globalisation of the industry, and the growing trend for deals between gas and electric utilities are discussed. (UK)

  12. The Data Merger Readout Controller for the NA48 experiment data acquisition electronics

    International Nuclear Information System (INIS)

    Galagedera, S.B.; Brierton, B.; Halsall, R.

    1996-01-01

    The NA48 experiment at the CERN SPS offers a four fold improvement in statistical and systematic error over earlier measurements of the magnitude of the direct CP (Charge-Parity) violation of the neutral Kaon system. This requires maximum event readout efficiency, controlled event building and fast monitoring of run time errors. The event data flow in particular must be sustained at 100 Mbyte/s. The Data Merger Readout Controller presented in this paper offers this facility at minimal production cost

  13. Mergers and alliances the wider view

    CERN Document Server

    Woodsworth, Anne

    2013-01-01

    Volume 36 of Advances in Librarianship seeks to provide a broad review of the factors that lead to mergers and other alliances, the methods used to ensure effective and successful collaborations, and descriptions of the factors which contributed to less successful efforts at consolidation.

  14. Shareholders’ expectations, aspiration levels, and mergers

    NARCIS (Netherlands)

    Diecidue, E.; van de Ven, J.; Weitzel, U.

    This paper offers a new explanation of value-reducing mergers and stock market driven takeovers by introducing recent research on aspiration levels and individual decision making under risk. If market valuation constitutes an aspiration level for managers, we show that managers may be tempted to

  15. Resilience and Coping After Hospital Mergers.

    Science.gov (United States)

    Russo, Cynthia; Calo, Oriana; Harrison, Georgia; Mahoney, Kathleen; Zavotsky, Kathleen Evanovich

    The aim of this study was to explore the relationship between resilience and coping in frontline nurses working in a healthcare system that has recently undergone a merger. Hospital mergers are common in the current healthcare environment. Mergers can provide hospital nurses the opportunity to use and develop positive coping strategies to help remain resilient during times of change. An anonymous-survey, quantitative, exploratory, descriptive study design was used. Data were obtained from an electronic survey that was made available to all nurses working in a 3-hospital system located in the northeast. Overall, the results showed that, when nurses reported using positive coping strategies, they report higher levels of resilience. The levels of resilience also varied from campus to campus. The campus that has been through 2 recent mergers reported the highest levels of resilience. This study suggests that, during times of change in the workplace, if nurses are encouraged to use positive coping strategies, they may have higher levels of resilience. This changing environment provides the clinical nurse specialists/clinical nurse educators the opportunity to foster and support frontline nurses in the use of healthy coping strategies and to help improve and maintain a high level of resilience, which is critical in today's healthcare environment.

  16. Endogenous mergers: bidder momentum and market reaction

    NARCIS (Netherlands)

    Kling, G.; Weitzel, G.U.

    2010-01-01

    Recent empirical studies on stock misvaluation as a possible determinant of mergers are inconclusive concerning the central hypothesis that over (under) valuation is negatively (positively) associated with merger announcement returns in stock mergers, but not in cash mergers. We provide empirical

  17. Endogenous mergers: Bidder momentum and market reaction

    NARCIS (Netherlands)

    Kling, G.; Weitzel, U.

    Recent empirical studies on stock misvaluation as a possible determinant of mergers are inconclusive concerning the central hypothesis that over(under)valuation is negatively (positively) associated with merger announcement returns in stock mergers, but not in cash mergers. We provide empirical

  18. Convergence properties of halo merger trees; halo and substructure merger rates across cosmic history

    Science.gov (United States)

    Poole, Gregory B.; Mutch, Simon J.; Croton, Darren J.; Wyithe, Stuart

    2017-12-01

    We introduce GBPTREES: an algorithm for constructing merger trees from cosmological simulations, designed to identify and correct for pathological cases introduced by errors or ambiguities in the halo finding process. GBPTREES is built upon a halo matching method utilizing pseudo-radial moments constructed from radially sorted particle ID lists (no other information is required) and a scheme for classifying merger tree pathologies from networks of matches made to-and-from haloes across snapshots ranging forward-and-backward in time. Focusing on SUBFIND catalogues for this work, a sweep of parameters influencing our merger tree construction yields the optimal snapshot cadence and scanning range required for converged results. Pathologies proliferate when snapshots are spaced by ≲0.128 dynamical times; conveniently similar to that needed for convergence of semi-analytical modelling, as established by Benson et al. Total merger counts are converged at the level of ∼5 per cent for friends-of-friends (FoF) haloes of size np ≳ 75 across a factor of 512 in mass resolution, but substructure rates converge more slowly with mass resolution, reaching convergence of ∼10 per cent for np ≳ 100 and particle mass mp ≲ 109 M⊙. We present analytic fits to FoF and substructure merger rates across nearly all observed galactic history (z ≤ 8.5). While we find good agreement with the results presented by Fakhouri et al. for FoF haloes, a slightly flatter dependence on merger ratio and increased major merger rates are found, reducing previously reported discrepancies with extended Press-Schechter estimates. When appropriately defined, substructure merger rates show a similar mass ratio dependence as FoF rates, but with stronger mass and redshift dependencies for their normalization.

  19. DRY MERGER RATE AND POST-MERGER FRACTION IN THE COMA CLUSTER CORE

    International Nuclear Information System (INIS)

    Cordero, Juan P.; Campusano, Luis E.; Haines, Christopher P.; De Propris, Roberto; Weinzirl, Tim; Jogee, Shardha

    2016-01-01

    We evaluate the dry merger activity in the Coma cluster, using a spectroscopically complete sample of 70 red-sequence (RS) galaxies, most of which (∼75%) are located within 0.2R 200 (∼0.5 Mpc) from the cluster center, with data from the Coma Treasury Survey obtained with the Hubble Space Telescope. The fraction of close galaxy pairs in the sample is the proxy employed for the estimation of the merger activity. We identify 5 pairs and 1 triplet, enclosing a total of 13 galaxies, based on limits on projected separation and line-of-sight velocity difference. Of these systems, none show signs of ongoing interaction, and therefore we do not find any true mergers in our sample. This negative result sets a 1σ upper limit of 1.5% per Gyr for the major dry merger rate, consistent with the low rates expected in present-day clusters. Detailed examination of the images of all the RS galaxies in the sample reveals only one with low surface brightness features identifiable as the remnant of a past merger or interaction, implying a post-merger fraction below 2%

  20. Russian Bank Database : Birth and Death, Location, Mergers, Deposit Insurance Participation, State and Foreign Ownership

    NARCIS (Netherlands)

    Karas, A.O.|info:eu-repo/dai/nl/411259393; Vernikov, Andrei

    For every Russian bank we collect records of its registration, license withdrawal, liquidation, location changes, mergers and acquisitions, entrance to and exit from the Deposit Insurance System as well as state and foreign ownership. We describe our sources and the resulting database.

  1. Is merging and acquisition profitable?

    International Nuclear Information System (INIS)

    Skjeret, Frode; Soergard, Lars

    2002-01-01

    This report deals with mergers and acquisitions in the electricity sector in Norway. The background is the fact that the profitability of these activities proves to be low. In buying, it is typically the selling shareholder who profits from the transaction, while the buying company does not really earn much. This result appears to be a robust result both in different countries, between sectors and independent of methodology. The report provides theoretical justification for merging and buying up and empirical evaluations of the effects of company integration. It is asserted that what can be learned in general from the literature may also occur in the European power sector. Furthermore, the report discusses the challenges faced by the companies if they want to expand through mergers and acquisitions

  2. China’s Go Global Policy and Capital Flow: Mergers and Acquisitions and the Controversy of New Television Licenses in Hong Kong’s Terrestrial TV Industry

    Directory of Open Access Journals (Sweden)

    Yu-Hui Tai

    2018-04-01

    Full Text Available The frequent capital activities in the Chinese cultural-linguistic media market over the past two decades have aroused social controversies and had a great impact on social political development in the region. Hong Kong is situated on the frontline and has experienced many kinds of challenges. Due to its value of representativeness around the region, I analyze the changing ownership of ATV and TVB from 1997 to 2017 as well as the controversy of issuing new terrestrial TV licenses in 2009. To symptomatically understand Hong Kong, one must put it in the historical context, especially its dialectical relationship with China. First, I comb in detail the theory of clientelism in China from Mao until the present. Second, I dissect the political thinking of the CCP leadership, which provides the background of the Go Global policy and China Dream proclamation. Third, I investigate the relationship between financial capital and the Go Global policy. The research finding shows that clientelism with Chinese characteristics has penetrated into HK. Capitalists from China, HK, and Taiwan work together during M&A activities and use capital instruments to circumvent legislation supervision. Moreover, the role of Chinese bureaucratic capitalists has become apparent after obtaining immunity from the Chief Executive. The complicity of clientele politics, the evasion of legal sanctions, and a deregulation policy that has allowed non-citizens run local media as proposed by the current Chief Executive have demonstrated the deepening crisis of legal governance in Hong Kong and the erosion of democratic principles.

  3. Cosmic Collisions: Galaxy Mergers and Evolution

    Science.gov (United States)

    Trouille, Laura; Willett, Kyle; Masters, Karen; Lintott, Christopher; Whyte, Laura; Lynn, Stuart; Tremonti, Christina A.

    2014-08-01

    Over the years evidence has mounted for a significant mode of galaxy evolution via mergers. This process links gas-rich, spiral galaxies; starbursting galaxies; active galactic nuclei (AGN); post-starburst galaxies; and gas-poor, elliptical galaxies, as objects representing different phases of major galaxy mergers. The post-starburst phase is particularly interesting because nearly every galaxy that evolves from star-forming to quiescent must pass through it. In essence, this phase is a sort of galaxy evolution “bottleneck” that indicates that a galaxy is actively evolving through important physical transitions. In this talk I will present the results from the ‘Galaxy Zoo Quench’ project - using post-starburst galaxies to place observational constraints on the role of mergers and AGN activity in quenching star formation. `Quench’ is the first fully collaborative research project with Zooniverse citizen scientists online; engaging the public in all phases of research, from classification to data analysis and discussion to writing the article and submission to a refereed journal.

  4. Major Current Issues Impacting Government Contracting and Acquisition

    Science.gov (United States)

    1984-12-01

    Defense Acqusition Improvement Program (AIP) as it was formally known, generated much excitement in military acquisition 15...change market structures and legislation to reduce merger activity indirectly affected DOD in their selection of contractors. Research activity verified

  5. The benefit of mergers and taking-overs

    International Nuclear Information System (INIS)

    Nillesen, P.H.L.; Keats, K.; Pollitt, M.

    2001-01-01

    Electricity companies can realize considerable efficiency benefits through mergers by using management skills of a more efficient company and the resulting changed mix of inputs. In this article a pattern of thought is introduced by means of which cost savings of mergers can be identified in a strategic and scientific way. Such a way of thinking can be applied, e.g. in a cash flow analysis, in the valuation of companies and in the merger and taking-over process. 7 refs

  6. Bringing the Pieces Together – Placing Core Facilities at the Core of Universities and Institutions: Lessons from Mergers, Acquisitions and Consolidations

    Science.gov (United States)

    Mundoma, Claudius

    2013-01-01

    As organizations expand and grow, the core facilities have become more dispersed disconnected. This is happening at a time when collaborations within the organization is a driver to increased productivity. Stakeholders are looking at the best way to bring the pieces together. It is inevitable that core facilities at universities and research institutes have to be integrated in order to streamline services and facilitate ease of collaboration. The path to integration often goes through consolidation, merging and shedding of redundant services. Managing this process requires a delicate coordination of two critical factors: the human (lab managers) factor and the physical assets factor. Traditionally more emphasis has been placed on reorganizing the physical assets without paying enough attention to the professionals who have been managing the assets for years, if not decades. The presentation focuses on how a systems approach can be used to effect a smooth core facility integration process. Managing the human element requires strengthening existing channels of communication and if necessary, creating new ones throughout the organization to break cultural and structural barriers. Managing the physical assets requires a complete asset audit and this requires direct input from the administration as well as the facility managers. Organizations can harness the power of IT to create asset visibility. Successfully managing the physical assets and the human assets increases productivity and efficiency within the organization.

  7. An offer they can't refuse. As mergers and acquisitions make a comeback, hospitals large and small are choosing consolidation over competition.

    Science.gov (United States)

    Galloro, Vince

    2004-07-12

    Hospital deals are heating up as summer settles in, fueled in part by Medicare reform and the "Tenet effect." One recent move by Christus Health made Alice, Texas, a one-hospital town again. Christus' Peter Maddox, left, denies that the consolidation means prices will rise. "It's not a retail world anymore," he says.

  8. 24 CFR 242.67 - New corporations, subsidiaries, affiliations, and mergers.

    Science.gov (United States)

    2010-04-01

    ..., affiliations, and mergers. 242.67 Section 242.67 Housing and Urban Development Regulations Relating to Housing... Reporting, and Financial Requirements § 242.67 New corporations, subsidiaries, affiliations, and mergers... written approval for all future mergers. ...

  9. Simulated galaxy remnants produced by binary and multiple mergers

    Science.gov (United States)

    Novak, Gregory S.

    2008-10-01

    I compute simulated integral field kinematic data for the remnants produced in a large suite of hydrodynamic binary galaxy merger simulations in order to compare to the galaxies observed as part of the SAURON survey. I find that binary mergers are plausibly the formation mechanism for the ~80% of SAURON galaxies with fast rotation velocities, in agreement with previous studies. However, the simulations of gas-rich binary mergers produce virtually no slow rotators observed to make up ~20% of the SAURON galaxies. In order to identify the origin of these slow rotators, I perform a new set of galaxy merger simulations involving merger histories more complex than single binary mergers of disk galaxies. I set up simple, idealized simulations with four or eight progenitor galaxies in order to build intuition about how a simulated galaxy's merger history affects its kinematic structure. I find that if the merger tree consists solely of roughly equal mass binary mergers, then the remnant is a fast rotator similar to that produced by a single binary merger of disk galaxies. However, if the progenitors merge with the central galaxy one after another in a sequence of mergers with decreasing mass ratios, then the remnant does not rotate. This is a plausible formation scenario for the observed SAURON slowly-rotating galaxies. To see how frequently this happens with realistic initial conditions, I extract halos from a large-scale cosmological simulation and re-simulate the region with higher resolution. These simulations include intergalactic gas that is able to replenish the galaxies' gas supply as the simulation runs. In all cases, I get rapidly rotating remnant galaxies in spite of having several halos with diverse merger histories.

  10. What Drive the Damage to Post-Merger Operating Performance?

    Directory of Open Access Journals (Sweden)

    Soegiharto Soegiharto

    2010-05-01

    Full Text Available This study examines whether bidders’ post-merger operat-ing performance are affected by their CEO behavior, premiumspaid to the target firms, the period of mergers, the method ofpayment, the industry of merged firms, capital liquidity, andtheir pre-merger operating performance. Testing the U.S. suc-cessful merger and acquisition data for the period of 1990s, thisstudy finds that in-wave mergers, intra-industry mergers, thepayment of lower premiums, and better pre-merger operatingperformance drive the bidders to produce better post-mergeroperating performance. Three measures of CEO behavior—themain predictor scrutinezed in this study—are proposed andexamined, and the results demonstrate that the effects of thesemeasures on post-merger operating performance are mixed,suggesting that each of the behavioral measures designed in thisstudy may capture CEO behavior in different ways. Keywords: capital liquidity; CEO overconfidence; merger waves, method of pay-ment operating performance

  11. Merger of the DIAMANT Light Charge Particle Detector into the AFRODITE Data Acquisition System

    Science.gov (United States)

    Murray, S. H. T.; Mullins, S. M.; Bark, R. A.; Gál, J.; Gueorguieva, E.; Hlatshwayo, T.; Juhász, K.; Kalinka, G.; Komati, F. S.; Krasznahorkay, A.; Lawrie, J. J.; Malwela, T.; Molnár, L.; Ntshangase, S.; Nyakó, B. M.; Pilcher, J. V.; Pucknell, V. F.; Sharpey-Schafer, J. F.; Scheurer, J. N.; Shirinda, O.; Timár, J.; Zolnai, L.

    2005-11-01

    The Chessboard section of the DIAMANT CsI detector array has been merged into the AFRODITE γ-ray spectrometer acquisition system. The details of the data acquisition merging is explained together with how consistency is maintained and ensured between the two distinct systems.

  12. Merger of the DIAMANT Light Charge Particle Detector into the AFRODITE Data Acquisition System

    International Nuclear Information System (INIS)

    Murray, S.H.T.; Mullins, S.M.; Bark, R.A.; Gueorguieva, E.; Lawrie, J.J.; Pilcher, J.V.; Sharpey-Schafer, J.F.; Gal, J.; Kalinka, G.; Krasznahorkay, A.; Molnar, L.; Nyako, B. M.; Timar, J.; Zolnai, L.; Hlatshwayo, T.; Juhasz, K.; Komati, F.S.; Malwela, T.; Ntshangase, S.; Shirinda, O.

    2005-01-01

    The Chessboard section of the DIAMANT CsI detector array has been merged into the AFRODITE γ-ray spectrometer acquisition system. The details of the data acquisition merging is explained together with how consistency is maintained and ensured between the two distinct systems

  13. Merger market power analysis: Pacific Enterprises and Enova Corporation

    International Nuclear Information System (INIS)

    Bailey, S.

    1999-01-01

    The Pacific Enterprises - Enova (PE-Enova) merger may be viewed as an example of the new breed of gas and power 'convergence' mergers. The merger involved the combination of a large gas distribution utility and a contiguous gas and electric utility located in Southern California. As with most mergers, the PE-Enova merger was proposed to federal and state regulators as an opportunity to achieve ratepayer savings. However, the merger also presented an issue of vertical market power involving the substantial electric generation capacity served by Southern California Gas Company (SoCalGas) and its potential impact on electric market prices, and the associated revenues for generation assets owned by San Diego Gas and Electric (SDGandE). In order for the merger to proceed, the approval of at least five separate State and federal regulators would be required. Although much of the attention of state regulators, proponents, and intervenors surrounded the division of synergy savings between ratepayers and shareholders, the analysis of the potential for market power abuse was extensive. Intervenors presented numerous complex arguments regarding the potential adverse effects of the merger on competition. In particular, intervenors argued that the combined company would manipulate its storage and transport operations to influence the delivered price of gas to California generators, and therefore, the price of power in the wholesale electric market. The arguments surrounding the existence and impacts of market power in this case are of interest in the understanding the nature and complexity of factors that may be considered in evaluating mergers. The proceeding also provides insight into how regulators are grappling with market power issues associated with convergence mergers, and weigh merger costs and benefits

  14. Efficiency Gains and Myopic Antitrust Authority in a Dynamic Merger Game

    OpenAIRE

    MOTTA, Massimo; VASCONCELOS, Helder

    2003-01-01

    This Paper models a sequential merger formation game with endogenous efficiency gains in which every merger has to be submitted for approval to the Antitrust Authority (AA). Two different types of AA are studied: first, a myopic AA, which judges a given merger without considering that subsequent mergers may occur; and, second, a forward-looking AA, which anticipates the ultimate market structure a given merger will lead to. By contrasting the decisions of these two types of AA, merger policy ...

  15. Diatom genomics: genetic acquisitions and mergers.

    Science.gov (United States)

    Nisbet, R Ellen R; Kilian, Oliver; McFadden, Geoffrey I

    2004-12-29

    Diatom algae arose by two-step endosymbiosis. The complete genome of the diatom Thalassiosira pseudonana has now been sequenced, allowing us to reconstruct the remarkable intracellular gene transfers that occurred during this convoluted cellular evolution.

  16. MORTUARY MERGERS AND THE INTERNATIONALIZATION OF INTERMENT

    Directory of Open Access Journals (Sweden)

    David O. Whitten

    2001-01-01

    Full Text Available “Mortuary Mergers and the Internationalization of Interment” is a study ofthe death services industry’s response to a changing market. Throughout the industry and across national borders, independent mortuaries and cemeteries are merging or consolidating. International death services firms are structured much as the automobile, oil, and communications multinationals are. Monopolistic competition is increasingly replaced by national and international oligopoly that may well translate into monopoly in isolated markets and lead to antitrust action and regulation. The study develops the historical roots of the death services industry but concentrates on the revolution underway. The prospects for the industry in the twenty-first century conclude the paper.

  17. GALAXY MERGERS AND DARK MATTER HALO MERGERS IN ΛCDM: MASS, REDSHIFT, AND MASS-RATIO DEPENDENCE

    International Nuclear Information System (INIS)

    Stewart, Kyle R.; Bullock, James S.; Barton, Elizabeth J.; Wechsler, Risa H.

    2009-01-01

    We employ a high-resolution ΛCDM N-body simulation to present merger rate predictions for dark matter (DM) halos and investigate how common merger-related observables for galaxies-such as close pair counts, starburst counts, and the morphologically disturbed fraction-likely scale with luminosity, stellar mass, merger mass ratio, and redshift from z = 0 to z = 4. We investigate both rate at which subhalos first enter the virial radius of a larger halo (the 'infall rate'), and the rate at which subhalos become destroyed, losing 90% of the mass they had at infall (the d estruction rate ) . For both merger rate definitions, we provide a simple 'universal' fitting formula that describes our derived merger rates for DM halos a function of dark halo mass, merger mass ratio, and redshift, and go on to predict galaxy merger rates using number density matching to associate halos with galaxies. For example, we find that the instantaneous (destruction) merger rate of m/M > 0.3 mass-ratio events into typical L ∼> f L * galaxies follows the simple relation dN/dt ≅ 0.03(1 + f) Gyr -1 (1 + z) 2.1 . Despite the rapid increase in merger rate with redshift, only a small fraction of >0.4 L * high-redshift galaxies (∼3% at z = 2) should have experienced a major merger (m/M > 0.3) in the very recent past (t 0.3) in the previous 700 Myr and conclude that mergers almost certainly play an important role in delivering baryons and influencing the kinematic properties of Lyman break galaxies (LBGs).

  18. Neutron Star Mergers and the R process

    Science.gov (United States)

    Joniak, Ronald; Ugalde, Claudio

    2017-09-01

    About half of the elements of the periodic table that are present today in the Solar System were synthesized before the formation of the Sun via a rapid neutron capture process (r process). However, the astrophysical site of the r process is a longstanding problem that has captivated both experimental and theoretical astrophysicists. Up to date, two possible scenarios for the site of the r process have been suggested: the first involves the high entropy wind of core collapse supernovae, and the second corresponds to the merger of two compact stellar objects such as neutron stars. We will study the robustness of the nucleosynthesis abundance pattern between the second and third r process peaks as produced by neutron star mergers with r process-like neutron exposures. First, we will vary parameters to obtain an understanding of the astrophysical mechanisms that create the r process. Next, we will create a program to obtain the best possible parameters based on a chi-squared test. Once we have the best fits, we will test the effect of fission in the overall isotope abundance pattern distribution. Later on, we will vary the ratio of masses of the two fission fragments and study its effect on elemental abundances. This research was supported by the UIC College of Liberal Arts and Sciences Undergraduate Research Initiative (LASURI).

  19. Galaxy Mergers from the Largest to the Smallest Scales: Introduction and Overview

    Science.gov (United States)

    Centrella, Joan

    2012-01-01

    Galaxy mergers encompass a wide range of astrophysical phenomena, including cosmological considerations, gas and stellar dynamics, AGN evolution, and mergers of the central SMBHs. Astrophysical signatures of galaxy mergers can be observed across most of the electromagnetic spectrum and through gravitational radiation. This talk provides an introduction and overview of the meeting, highlighting the key aspects of galaxy mergers from large to small scales.

  20. Single and simultaneous binary mergers in Wright-Fisher genealogies.

    Science.gov (United States)

    Melfi, Andrew; Viswanath, Divakar

    2018-04-12

    The Kingman coalescent is a commonly used model in genetics, which is often justified with reference to the Wright-Fisher (WF) model. Current proofs of convergence of WF and other models to the Kingman coalescent assume a constant sample size. However, sample sizes have become quite large in human genetics. Therefore, we develop a convergence theory that allows the sample size to increase with population size. If the haploid population size is N and the sample size is N 1∕3-ϵ , ϵ>0, we prove that Wright-Fisher genealogies involve at most a single binary merger in each generation with probability converging to 1 in the limit of large N. Single binary merger or no merger in each generation of the genealogy implies that the Kingman partition distribution is obtained exactly. If the sample size is N 1∕2-ϵ , Wright-Fisher genealogies may involve simultaneous binary mergers in a single generation but do not involve triple mergers in the large N limit. The asymptotic theory is verified using numerical calculations. Variable population sizes are handled algorithmically. It is found that even distant bottlenecks can increase the probability of triple mergers as well as simultaneous binary mergers in WF genealogies. Copyright © 2018. Published by Elsevier Inc.

  1. Horizontal mergers and weak and strong competition commissions

    Directory of Open Access Journals (Sweden)

    Ristić Bojan

    2014-01-01

    Full Text Available In this paper we analyse the horizontal merger of companies in an already concentrated industry. The participants in mergers are obliged to submit notification to the Competition Commission but they also have the option of rejecting the merger. At the time of the notification submission the participants do not know whether the Commission is strong or weak, and they can complain to the Court if the Commission prohibits the merger. We model the strategic interaction between Participants and Commission in a dynamic game of incomplete information and determine weak perfect Bayesian equilibria. The main finding of our paper is that Participants will base their decision to submit notification on their belief in a weak Commission decision and will almost completely ignore the possibility of a strong Commission decision. We also provide a detailed examination of one case from Serbian regulatory practice, which coincides with the results of our game theoretical model.

  2. Foreign investment, international mergers and the 1993 capital income tax reform in Finland

    OpenAIRE

    Hannu Piekkola

    1995-01-01

    Foreign direct investment in Finland and the 1993 Finnish Capital Income Tax Reform are examined in this article. Under territorial taxation, the most common form of international double taxation relief; the tax reform will encourage new capital investment. New capital investment from the US, which applies worldwide taxation, would be mildly discouraged, and FDI in the form of mergers and acquisitions largely discouraged. In the UK and Japan, the worldwide principle only covers tax rates. Thu...

  3. Properties of Kilonovae from Dynamical and Post-merger Ejecta of Neutron Star Mergers

    Science.gov (United States)

    Tanaka, Masaomi; Kato, Daiji; Gaigalas, Gediminas; Rynkun, Pavel; Radžiūtė, Laima; Wanajo, Shinya; Sekiguchi, Yuichiro; Nakamura, Nobuyuki; Tanuma, Hajime; Murakami, Izumi; Sakaue, Hiroyuki A.

    2018-01-01

    Ejected material from neutron star mergers gives rise to electromagnetic emission powered by radioactive decays of r-process nuclei, the so-called kilonova or macronova. While properties of the emission are largely affected by opacities in the ejected material, available atomic data for r-process elements are still limited. We perform atomic structure calculations for r-process elements: Se (Z = 34), Ru (Z = 44), Te (Z = 52), Ba (Z = 56), Nd (Z = 60), and Er (Z = 68). We confirm that the opacities from bound–bound transitions of open f-shell, lanthanide elements (Nd and Er) are higher than those of the other elements over a wide wavelength range. The opacities of open s-shell (Ba), p-shell (Se and Te), and d-shell (Ru) elements are lower than those of open f-shell elements, and their transitions are concentrated in the ultraviolet and optical wavelengths. We show that the optical brightness can be different by > 2 mag depending on the element abundances in the ejecta such that post-merger, lanthanide-free ejecta produce brighter and bluer optical emission. Such blue emission from post-merger ejecta can be observed from the polar directions if the mass of the preceding dynamical ejecta in these regions is small. For the ejecta mass of 0.01 {M}ȯ , observed magnitudes of the blue emission will reach 21.0 mag (100 Mpc) and 22.5 mag (200 Mpc) in the g and r bands within a few days after the merger, which are detectable with 1 m or 2 m class telescopes.

  4. Black Hole Mergers, Gravitational Waves, and Multi-Messenger Astronomy

    Science.gov (United States)

    Centrella, Joan M.

    2010-01-01

    The final merger of two black holes is expected to be the strongest source of gravitational waves for both ground-based detectors such as LIGO and VIRGO, as well as the space-based LISA. Since the merger takes place in the regime of strong dynamical gravity, computing the resulting gravitational waveforms requires solving the full Einstein equations of general relativity on a computer. Although numerical codes designed to simulate black hole mergers were plagued for many years by a host of instabilities, recent breakthroughs have conquered these problems and opened up this field dramatically. This talk will focus on the resulting gold rush of new results that is revealing the dynamics and waveforms of binary black hole mergers, and their applications in gravitational wave detection, astrophysics, and testing general relativity.

  5. Black Hole Mergers and Gravitational Waves: Opening the New Frontier

    Science.gov (United States)

    Centrella, Joan

    2012-01-01

    The final merger of two black holes produces a powerful burst of gravitational waves, emitting more energy than all the stars in the observable universe combined. Since these mergers take place in the regime of strong dynamical gravity, computing the gravitational waveforms requires solving the full Einstein equations of general relativity on a computer. For more than 30 years, scientists tried to simulate these mergers using the methods of numerical relativity. The resulting computer codes were plagued by instabilities, causing them to crash well before the black holes in the binary could complete even a single orbit. In the past several years, this situation has changed dramatically, with a series of remarkable breakthroughs. This talk will highlight these breakthroughs and the resulting 'gold rush' of new results that is revealing the dynamics of binary black hole mergers, and their applications in gravitational wave detection, testing general relativity, and astrophysics.

  6. Quality competition and hospital mergers-An experiment.

    Science.gov (United States)

    Han, Johann; Kairies-Schwarz, Nadja; Vomhof, Markus

    2017-12-01

    On the basis of a Salop model with regulated prices, we investigate quality provision behaviour of competing hospitals before and after a merger. For this, we use a controlled laboratory experiment where subjects decided on the level of treatment quality as head of a hospital. We find that the post-merger average quality is significantly lower than the average pre-merger quality. However, for merger insiders and outsiders, average quality choices are significantly higher than predicted for pure profit-maximising hospitals. This upward deviation is potentially driven by altruistic behaviour towards patients. Furthermore, we find that in the case where sufficient cost synergies are realised by the merged hospitals, there is a significant increase in average quality choices compared to the scenario without synergies. Finally, we find that our results do not change when comparing individual decisions to team decisions. Copyright © 2017 John Wiley & Sons, Ltd.

  7. Numerical Relativity, Black Hole Mergers, and Gravitational Waves: Part II

    Science.gov (United States)

    Centrella, Joan

    2012-01-01

    This series of 3 lectures will present recent developments in numerical relativity, and their applications to simulating black hole mergers and computing the resulting gravitational waveforms. In this second lecture, we focus on simulations of black hole binary mergers. We hig hlight the instabilities that plagued the codes for many years, the r ecent breakthroughs that led to the first accurate simulations, and the current state of the art.

  8. The Detection and Parameter Estimation of Binary Black Hole Mergers

    Science.gov (United States)

    Biwer, Christopher M.

    In this dissertation we study gravitational-wave data analysis techniques for binary neutron star and black hole mergers. During its first observing run, the Advanced Laser Interferometer Gravitational-wave Observatory (Advanced LIGO) reported the first, direct observations of gravitational waves from two binary black hole mergers. We present the results from the search for binary black hole mergers which unambiguously detected the binary black hole mergers. We determine the effect of calibration errors on the detection statistic of the search. Since the search is not designed to precisely measure the astrophysical parameters of the binary neutron star and black hole mergers, we use Bayesian methods to develop a new parameter estimation analysis. We demonstrate the performance of the analysis on the binary black hole mergers detected during Advanced LIGO's first observing run. We use the parameter estimation analysis to assess the ability of gravitational-wave observatories to observe a gap in the black hole mass distribution between 52 M and 133 M due to pair-instability supernovae. Finally, we use simulated signals added to the Advanced LIGO detectors to validate the search and parameter estimation analyses used to publish the detection of the astrophysical events.

  9. Merger and Industrial Acceleration: Study at Indonesian Islamic Banking Industry

    Directory of Open Access Journals (Sweden)

    Kindy Miftah

    2017-02-01

    Full Text Available The purpose of this research tries to feed the alternatives of merger between Islamic banks which becomes a form of recommendation to optimize the merger result, so it will contribute to the development of Indonesia’s banking sector in particular. Methodolgy of this study is using comparison technique utilize result of calculation valuation based on valuation theory in general with method discounted cash flaw (DCF. Valuation data processing using data past performance sharia banks is to plan future financial performance. Results of valuation will be conducted both with individual banks that will be merged and alternative merger determined. These findings implied from various possibility alternative mergers between sharia banks, there are 5 alternatives that are feasible considering the internal aspect such as tendency shareholder and condition sharia bank to be merged related to internal interest and external aspect namely scale of assets from merger banks and probability success from merger process.DOI:  10.15408/sjie.v6i1.4728

  10. Learning from the politics of a merger: when being merged is not a choice.

    Science.gov (United States)

    Bruhn, J G

    2001-03-01

    Organizational mergers have poor track records for success. Success usually refers to financial success, and little or no evaluation is planned to determine whether the merged partners have a good cultural fit. Therefore, the social and psychological costs of mergers and acquisitions are high. One factor that is part of every merger and acquisition is politics. Politics is both a positive and a negative force in organizational life. This article discusses the ways politics affects the process and outcome of a merger, using the reorganization of the campuses of a large university as an example, and presents lessons learned from managing around the politics of this merger.

  11. Economies of scale and scope as an explanation of merger and output diversification activities in the health maintenance organization industry.

    Science.gov (United States)

    Given, R S

    1996-12-01

    This paper tests for the existence and magnitude of economies of scale and scope as possible explanations for the recent observed trends in increasing health maintenance organization (HMO) scale (through merger and acquisition) and scope (through greater participation in public enrollee markets) using firm level data from a sample of California HMOs for the time period 1986-1992. The results suggest that economies of scale provide a strong justification for mergers only in the case of relatively small HMOs (i.e. those with fewer than 115,000 enrollees), and economies of scope do not explain the increasing HMO enrollment of public enrollees.

  12. Observational evidence for mergers

    International Nuclear Information System (INIS)

    Schweizer, F.

    1983-01-01

    Theory has long suggested that dynamical friction between colliding galaxies must lead to mergers. The problem for observers has been to find which galaxies are mergers. The author first reviews the available evidence for mergers in various kinds of galaxies, then proposes a tentative classification scheme for mergers, and finally discusses mergers in giant ellipticals and their relation to the evolution and perhaps even the formation of ellipticals. (Auth.)

  13. Black Hole Mergers and Recoils in Low-Mass Galaxies

    Science.gov (United States)

    Blecha, Laura; Kelley, Luke; Koss, Michael; Satyapal, Shobita

    2018-01-01

    Mergers between massive black holes (BHs) in the intermediate-mass range are one of the most promising sources of gravitational waves (GWs) detectable with LISA. These highly energetic GW events could be observed out to very high redshift, in the epoch where massive BH seeds are thought to form. Despite recent progress, however, much is still not known about the low-mass BH population even in the local Universe. The rates of BH binary formation, inspiral, and merger are also highly uncertain across the BH mass scale. To address these pressing issues in advance of LISA, cosmological hydrodynamics simulations and semi-analytic modeling are being used to model the formation and evolution of BH binaries, and the GW signals they produce. Efforts are also underway to understand the electromagnetic (EM) signatures of the BH binary population. These have proven largely elusive thus far, but an increasing population of BH pairs has been found, and advances in the coming years will provide important comparisons for models of GW sources. Moreover, asymmetry in the GW emission from BH mergers imparts a recoil kick to the merged BH, which in extreme cases can eject the BH from its host galaxy. This creates additional uncertainty in the BH merger rate, but the remnant recoiling BH could be observed as an offset quasar. Identifications of such objects would provide another EM signature of BH mergers that would help pave the way for LISA. We will review model predictions of the BH inspiral and merger rate across the mass scale. We will also describe how the EM signatures of active, merging BHs can be used to constrain theoretical merger rates. Finally, we will discuss the predicted observability of recoiling BHs and ongoing efforts to identify and confirm candidate recoils.

  14. Learning to expand internationally : The pace and success of foreign acquisitions

    NARCIS (Netherlands)

    Nadolska, A.

    2006-01-01

    In an era of rapid technological progress and major political and economic transformations accross the globe, the ability to acquire internationally becomes an important skill for internationalizing companies. Cross border mergers and acquisitions are growing rapidly in importance precisely becuase

  15. Mergers, liquidations and bankruptcies in the European banking sector

    Directory of Open Access Journals (Sweden)

    Themistokles Lazarides

    2015-05-01

    Full Text Available The inactivity of banks may be the result of a number of events, such as merger & acquisition (M&A, liquidation, default-bankruptcy, etc. All these phenomena of inactivity contribute to the same result, the reform of the European banking sector and they may have the same causes. The paper will address the issue of inactivity and will try to detect its causes using econometric models. Six groups of indicators are examined: performance, size, ownership, corporate governance, capital adequacy or capital structure and loan growth. Three econometric methods (Probit, Logit, OLS have been used to create a system that predicts inactivity. The results of the econometric models show that from the six groups of indicators, four have been found to be statistically important (performance, size, ownership, corporate governance. Two have a negative impact (ownership, corporate governance on the probability of inactivity and two positive (performance, size. The paper’s value and innovation is that it has given a systemic approach to find indicators of inactivity and it has excluded two groups of indicators as non-statistically important (capital adequacy or capital structure and growth.

  16. Relevant Factors in The Post-Merger Systems Integration and Information Technology in Brazilian Banks

    Directory of Open Access Journals (Sweden)

    Marcel Ginotti Pires

    2017-01-01

    Full Text Available This article discusses the factors present in post-merger integration of Systems and Information Technology (SIT that lead to positive and negative results in mergers and acquisitions (M & A. The research comprised three of the largest acquiring banks in Brazil. We adopted two methods of research, qualitative, to operationalize the theoretical concepts and quantitative, to test the hypotheses. We interviewed six executives of banks that held relevant experience in M & A processes. Subsequently, we applied questionnaires to IT professionals who were involved in the SIT integration processes. The results showed that the quality and expertise of the integration teams and managing the integration were the most relevant factors in the processes, with positive results for increased efficiency and the increased capacity of SIT. Negative results were due to failures in exploiting learning opportunities, the loss of employees and the inexpressive record of integration procedures.

  17. Impact of bank mergers on shareholders’ wealth

    Directory of Open Access Journals (Sweden)

    Odero Naor Juma

    2013-07-01

    Full Text Available Mergers and acquisitions (M&As perform a vital role in corporate finance in enabling firms achieve varied objectives and financial strategies. This study sought to comprehend the impacts that previous bank mergers have had on the shareholders’ wealth. The study location was in Kenya and it adopted the descriptive survey and correlation design in which the success of mergers was measured based on the objective oriented model using the annual accounts. The study computed the return on assets (ROA, return on equity (ROE and the efficiency ratio (EFF as indicators of shareholder value. The results of the commercial banks were analysed for a five-year period (2006-2010. The study reveals that mergers significantly influence shareholder value with banks that have undertaken mergers creating more value than those that have not. Such banks were ascertained to have posted better results than the overall sector.

  18. The effects of union mergers and internal restructuring:

    DEFF Research Database (Denmark)

    Navrbjerg, Steen Erik; Larsen, Trine Pernille

    2016-01-01

    Trade union mergers and restructuring are often seen as strategy for union revitalisation and renewal and have been ongoing in the majority of European trade unions. This paper explores how recent union mergers and internal restructuring has affected unions service provision, union democracy...... and interest representation. This is analysed drawing on longitudinal data from two Danish shop steward surveys conducted in 1998 and 2010, comparing shop stewards in merged and non-merged unions respectively. The main results are that although it could be expected that union mergers and internal restructuring...... may entail lower service levels, democratic deficit and weakening of union identities, this is not always the case. Danish shop stewards appear more satisfied with their union’s service provision anno 2010 compared to 1998 and feel more able to influence union politics. However, variations also exist...

  19. ACEC and AES Merger Workshop Report

    Science.gov (United States)

    1992-03-01

    AD-A261 194 . WL-TR-93- 1004 ACEC & AES MERGER WORKSHOP REPORT RAYMOND SZYMANSKI WRIGHT LABORATORY AVOINICS DIRECTORATE WL/AAAF-2 WRIGHT-PATTERSON...34-_’ WýAYMOND SZYMANSKI TA 28 WU 53 E--FOI1MJNG ORGANJZATiK2;J AA\\TlES ,’,D -ýDRESS(E(- £’C:.i-NG ORGANIZATION WRIGHT LABORATORY -;EPOT NUMBER AVOINICS

  20. University Mergers in Russia: Four Waves of Educational Policy

    Science.gov (United States)

    Romanenko, K. R.; Lisyutkin, M. A.

    2018-01-01

    This article is aimed at identifying distinctive features of the educational policy of university mergers--their main stages, types, and declared goals. We analyzed cases of university mergers and acquisitions (M&A) from the 1990s to the present, which allowed us to identify and describe four Russia-specific waves of educational policy. Based…

  1. Mergers between governmental research institutes and Universities in the Danish HE sector

    DEFF Research Database (Denmark)

    Aagaard, Kaare; Hansen, Hanne Foss; Rasmussen, Jørgen Gulddahl

    2016-01-01

    This article presents an analysis of the mergers in the Danish Higher Education (HE)-sector with a particular emphasis on the 2007 mergers involving universities and Government Research Institutes (GRIs). Furthermore, it follows the post-merger processes up to 2014/2015 at two Danish universities...... and the outcomes. Finally, it is shown that it makes a significant difference whether a federal or a unitary structure is implemented after the merger, although each solution has both strengths and weaknesses....

  2. Merger Strategy, Cross-Cultural Involvement, and Polyphony

    DEFF Research Database (Denmark)

    Svane, Marita; Boje, David

    2014-01-01

    Structured Abstract: Purpose: The strategy is dynamic, however the cross-cultural polyphonic dynamics were ignored, with dire consequencs. Our purpose is to explore how the organisation tries to make sense of the happening through storytelling and how the leadership practices may change due...... (Aristotle, 350 BCE: 1450b: 25, p. 233). Design: We present a dialogic performance of the cross-cultural dynamics of a merger. The context is a two-year old merger. The merger was strategically a good decision that takes into the consideration that the market is highly competitive with a decreasing number......, the proliferation of ever more living stories, expanding the web of differences (Bakhtin, 1984). Gadamer (1975: 367) makes the point that "to conduct a dialogue requies first of all that the partners do not talk at cross purposes." The living story web expanded in ways that so may cross purpose proliferated...

  3. PECULIARITIES OF APPROACHES TO THE ASSESSMENT OF CORPORATE MERGERS IN THE BANKING SECTOR OF UKRAINE

    Directory of Open Access Journals (Sweden)

    S. Naumenkova

    2013-08-01

    Full Text Available In this article peculiarities of existing approaches to the assessment of the results of corporate mergers and acquisitions are investigated, advantages and disadvantages of their application in the banking sector are identified, the algorithm of synergy effect from the merger of banks is substantiated, main sources of growth in the value of the corporation as a result of mergers(acquisitions are discovered.

  4. REPRODUCING THE OBSERVED ABUNDANCES IN RCB AND HdC STARS WITH POST-DOUBLE-DEGENERATE MERGER MODELS—CONSTRAINTS ON MERGER AND POST-MERGER SIMULATIONS AND PHYSICS PROCESSES

    International Nuclear Information System (INIS)

    Menon, Athira; Herwig, Falk; Denissenkov, Pavel A.; Clayton, Geoffrey C.; Staff, Jan; Pignatari, Marco; Paxton, Bill

    2013-01-01

    The R Coronae Borealis (RCB) stars are hydrogen-deficient, variable stars that are most likely the result of He-CO WD mergers. They display extremely low oxygen isotopic ratios, 16 O/ 18 O ≅ 1-10, 12 C/ 13 C ≥ 100, and enhancements up to 2.6 dex in F and in s-process elements from Zn to La, compared to solar. These abundances provide stringent constraints on the physical processes during and after the double-degenerate merger. As shown previously, O-isotopic ratios observed in RCB stars cannot result from the dynamic double-degenerate merger phase, and we now investigate the role of the long-term one-dimensional spherical post-merger evolution and nucleosynthesis based on realistic hydrodynamic merger progenitor models. We adopt a model for extra envelope mixing to represent processes driven by rotation originating in the dynamical merger. Comprehensive nucleosynthesis post-processing simulations for these stellar evolution models reproduce, for the first time, the full range of the observed abundances for almost all the elements measured in RCB stars: 16 O/ 18 O ratios between 9 and 15, C-isotopic ratios above 100, and ∼1.4-2.35 dex F enhancements, along with enrichments in s-process elements. The nucleosynthesis processes in our models constrain the length and temperature in the dynamic merger shell-of-fire feature as well as the envelope mixing in the post-merger phase. s-process elements originate either in the shell-of-fire merger feature or during the post-merger evolution, but the contribution from the asymptotic giant branch progenitors is negligible. The post-merger envelope mixing must eventually cease ∼10 6 yr after the dynamic merger phase before the star enters the RCB phase

  5. Antecedents of hospital ownership conversions, mergers, and closures.

    Science.gov (United States)

    Sloan, Frank A; Ostermann, Jan; Conover, Christopher J

    2003-01-01

    This study assesses the determinants of conversions in hospital ownership from 1986 through 1996. To place such changes in context, we also analyze causes of hospital mergers and closures, which are often alternatives to hospital ownership conversion. A consistent result from our analysis is that an important antecedent of ownership conversions is a low profit margin. Conversions from private nonprofit or government ownership to for-profit status are preceded by chronically low margins and high debt-to-asset ratios. By contrast, conversions from for-profit ownership occur quickly following declines in margins. Many mergers seem motivated by a desire to increase market power--a consideration not evident for conversions.

  6. 17 CFR 240.16b-7 - Mergers, reclassifications, and consolidations.

    Science.gov (United States)

    2010-04-01

    ... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Mergers, reclassifications...) § 240.16b-7 Mergers, reclassifications, and consolidations. (a) The following transactions shall be..., pursuant to a merger, reclassification or consolidation, in exchange for a security of a company that...

  7. Mergers between Governmental Research Institutes and Universities in the Danish HE Sector

    Science.gov (United States)

    Aagaard, Kaare; Hansen, Hanne Foss; Rasmussen, Jørgen Gulddahl

    2016-01-01

    This article presents an analysis of the mergers in the Danish Higher Education (HE)-sector with a particular emphasis on the 2007 mergers involving universities and Government Research Institutes (GRIs). Furthermore, it follows the post-merger processes up to 2014/2015 at two Danish universities and examines the consequences of the changes seen…

  8. Análise empírica da prática de insider trading em processos de fusões e aquisições recentes na economia brasileira Empirical analysis of insider trading in recent brazilian mergers and acquisitions

    Directory of Open Access Journals (Sweden)

    Marcos Antônio de Camargos

    2008-12-01

    Full Text Available As negociações com uso de informações privilegiadas (insider trading criam oportunidades para que alguns agentes do mercado lucrem em detrimento de outros, levando a uma transferência de riqueza entre os acionistas. O anúncio de uma fusão ou aquisição é um momento oportuno para essa prática, visto que quase sempre causa impactos significativos nas expectativas dos agentes do mercado e nos preços dos títulos. Este artigo analisou se essa prática esteve presente em processos de fusões e aquisições recentes, realizados por grandes empresas brasileiras, utilizando-se de um estudo de evento para o qual, além da análise do retorno acionário anormal, fez-se a comparação de médias de variáveis sinalizadoras do comportamento dos títulos no mercado (liquidez. Para a análise foram utilizadas ações preferenciais, ordinárias e os American Depositary Receipts (ADRs de dez empresas diferentes. Foi encontrada evidência empírica da prática de insider trading no retorno acionário anormal e na quantidade de negociações, além de se observarem indícios dessa prática nas demais variáveis analisadas, o que sinaliza que ocorreu um aumento da liquidez dos títulos analisados antes do anúncio.Insider trading creates opportunities for some agents in the market to profit in detriment of others thereby transferring wealth between shareholders. Announcement of a merger or acquisition is an opportunity for this practice as it usually causes significant price changes and impacts stock market expectations of these agents. An analysis was made to detect insider trading in recent mergers and acquisitions by large Brazilian companies, An Event Study searched for abnormal returns and compared averages of variables signaling behavior in the market (liquidity for common and preferred stocks as well as American Depositary Receipts of ten companies. Empirical analysis identified insider trading by abnormal returns and volumes of trading with

  9. Numerical Relativity, Black Hole Mergers, and Gravitational Waves: Part III

    Science.gov (United States)

    Centrella, Joan

    2012-01-01

    This series of 3 lectures will present recent developments in numerical relativity, and their applications to simulating black hole mergers and computing the resulting gravitational waveforms. In this third and final lecture, we present applications of the results of numerical relativity simulations to gravitational wave detection and astrophysics.

  10. Bank Mergers Performance and the Determinants of Singaporean Banks’ Efficiency: An Application of Two-Stage Banking Models

    Directory of Open Access Journals (Sweden)

    Fadzlan Sufian

    2007-01-01

    Full Text Available An event study window analysis of Data Envelopment Analysis (DEA is employed in this study to investigate the effect of mergers and acquisitions on Singaporean domestic banking groups’ efficiency. The results suggest that the mergers have resulted in a higher post-merger mean overall efficiency of Singaporean banking groups. However, from the scale efficiency perspective, our findings do not support further consolidation in the Singaporean banking sector. We find mixed evidence of the efficiency characteristics of the acquirers and targets banks. Hence, the findings do not fully support the hypothesis that a more (less efficient bank becomes the acquirer (target. In most cases, our results further confirm the hypothesis that the acquiring bank’s mean overall efficiency improves (deteriorates post-merger resulted from the merger with a more (less efficient bank. Tobit regression model is employed to determine factors affecting bank performance, and the results suggest that bank profitability has a significantly positive impact on bank efficiency, whereas poor loan quality has a significantly negative influence on bank performance.

  11. Marketing And Financial Prospects Of Development Bank Mergers ...

    African Journals Online (AJOL)

    Two research propositions (RPs) were put forward and treated using data from 42 randomly selected officials of the bank. The study empirically established that the merger portends significant enormous marketing, financial, and allied institutional economies. These could be actualized with the government and banks ...

  12. THE MAJOR AND MINOR GALAXY MERGER RATES AT z < 1.5

    Energy Technology Data Exchange (ETDEWEB)

    Lotz, Jennifer M. [National Optical Astronomical Observatories, 950 N. Cherry Avenue, Tucson, AZ 85719 (United States); Jonsson, Patrik [Harvard-Smithsonian Center for Astrophysics, Cambridge, MA (United States); Cox, T. J. [Carnegie Observatories, Pasadena, CA (United States); Croton, Darren [Centre for Astrophysics and Supercomputing, Swinburne University of Technology, Hawthorn (Australia); Primack, Joel R. [Department of Physics, University of California, Santa Cruz, CA (United States); Somerville, Rachel S. [Space Telescope Science Institute, 3700 San Martin Dr., Baltimore, MD 21218 (United States); Stewart, Kyle, E-mail: lotz@stsci.edu [Jet Propulsion Laboratory, Pasadena, CA (United States)

    2011-12-01

    Calculating the galaxy merger rate requires both a census of galaxies identified as merger candidates and a cosmologically averaged 'observability' timescale (T{sub obs}(z)) for identifying galaxy mergers. While many have counted galaxy mergers using a variety of techniques, (T{sub obs}(z)) for these techniques have been poorly constrained. We address this problem by calibrating three merger rate estimators with a suite of hydrodynamic merger simulations and three galaxy formation models. We estimate (T{sub obs}(z)) for (1) close galaxy pairs with a range of projected separations, (2) the morphology indicator G - M{sub 20}, and (3) the morphology indicator asymmetry A. Then, we apply these timescales to the observed merger fractions at z < 1.5 from the recent literature. When our physically motivated timescales are adopted, the observed galaxy merger rates become largely consistent. The remaining differences between the galaxy merger rates are explained by the differences in the ranges of the mass ratio measured by different techniques and differing parent galaxy selection. The major merger rate per unit comoving volume for samples selected with constant number density evolves much more strongly with redshift ({proportional_to}(1 + z){sup +3.0{+-}1.1}) than samples selected with constant stellar mass or passively evolving luminosity ({proportional_to}(1 + z){sup +0.1{+-}0.4}). We calculate the minor merger rate (1:4 merger rate from close pairs from the 'total' merger rate determined by G - M{sub 20}. The implied minor merger rate is {approx}3 times the major merger rate at z {approx} 0.7 and shows little evolution with redshift.

  13. Capitalisation, Mergers and the Nigerian Economy: A Historical ...

    African Journals Online (AJOL)

    This paper, seeks to give a historical insight into the story of mergers, capitalisation and the Nigerian economy, beginning from the earliest British economic adventures in the country in the 19th century up to the present time. It also examines the impact of the recent bank re-capitalisation exercise in the country and the ...

  14. Numerical Relativity, Black Hole Mergers, and Gravitational Waves: Part I

    Science.gov (United States)

    Centrella, Joan

    2012-01-01

    This series of 3 lectures will present recent developments in numerical relativity, and their applications to simulating black hole mergers and computing the resulting gravitational waveforms. In this first lecture, we introduce the basic ideas of numerical relativity, highlighting the challenges that arise in simulating gravitational wave sources on a computer.

  15. On order and chaos in the mergers of galaxies

    Science.gov (United States)

    Vandervoort, Peter O.

    2018-03-01

    This paper describes a low-dimensional model of the merger of two galaxies. The governing equations are the complete sets of moment equations of the first and second orders derived from the collisionless Boltzmann equations representing the galaxies. The moment equations reduce to an equation governing the relative motion of the galaxies, tensor virial equations, and equations governing the kinetic energy tensors. We represent the galaxies as heterogeneous ellipsoids with Gaussian stratifications of their densities, and we represent the mean stellar motions in terms of velocity fields that sustain those densities consistently with the equation of continuity. We reduce and solve the governing equations for a head-on encounter of a dwarf galaxy with a giant galaxy. That reduction includes the effect of dynamical friction on the relative motion of the galaxies. Our criterion for chaotic behaviour is sensitivity of the motion to small changes in the initial conditions. In a survey of encounters and mergers of a dwarf galaxy with a giant galaxy, chaotic behaviour arises mainly in non-linear oscillations of the dwarf galaxy. The encounter disrupts the dwarf, excites chaotic oscillations of the dwarf, or excites regular oscillations. Dynamical friction can drive a merger to completion within a Hubble time only if the dwarf is sufficiently massive. The survey of encounters and mergers is the basis for a simple model of the evolution of a `Local Group' consisting of a giant galaxy and a population of dwarf galaxies bound to the giant as satellites on radial orbits.

  16. MINOR MERGERS AND THE SIZE EVOLUTION OF ELLIPTICAL GALAXIES

    International Nuclear Information System (INIS)

    Naab, Thorsten; Johansson, Peter H.; Ostriker, Jeremiah P.

    2009-01-01

    Using a high-resolution hydrodynamical cosmological simulation of the formation of a massive spheroidal galaxy we show that elliptical galaxies can be very compact and massive at high redshift in agreement with recent observations. Accretion of stripped infalling stellar material increases the size of the system with time and the central concentration is reduced by dynamical friction of the surviving stellar cores. In a specific case of a spheroidal galaxy with a final stellar mass of 1.5 x 10 11 M sun we find that the effective radius r e increases from 0.7 ± 0.2 kpc at z = 3 to r e = 2.4 ± 0.4 kpc at z = 0 with a concomitant decrease in the effective density of an order of magnitude and a decrease of the central velocity dispersion by approximately 20% over this time interval. A simple argument based on the virial theorem shows that during the accretion of weakly bound material (minor mergers) the radius can increase as the square of the mass in contrast to the usual linear rate of increase for major mergers. By undergoing minor mergers compact high-redshift spheroids can evolve into present-day systems with sizes and concentrations similar to observed local ellipticals. This indicates that minor mergers may be the main driver for the late evolution of sizes and densities of early-type galaxies.

  17. Air Force Acquisition Logistics Division, its Creation and Role

    Science.gov (United States)

    1978-09-01

    interview using unstrac- tured techniques. These deputies were: 1. Procurement and Production AFALD/PP 2. Acquisition Programs AFALD/SD 8 3. Acqusition ...Najor Malcolm. F., USAF. "AMC and A3C: An Argument for Merger ." Unpublished research report, ’xnnumbered Air Command and Staff College, Maxwell AIYB

  18. Transparency and Coordinated Effects in European Merger Control

    DEFF Research Database (Denmark)

    Albæk, Svend; Møllgaard, Peter; Overgaard, Per Baltzer

    2010-01-01

    of that theory. Next, we discuss in more detail a recent Danish merger prohibition that was based on the presence of coordinated effects. This case poses special challenges to the theory of coordinated effects, because a very large number of products were involved, and significant, individualized discounts were...

  19. Eccentric, nonspinning, inspiral, Gaussian-process merger approximant for the detection and characterization of eccentric binary black hole mergers

    Science.gov (United States)

    Huerta, E. A.; Moore, C. J.; Kumar, Prayush; George, Daniel; Chua, Alvin J. K.; Haas, Roland; Wessel, Erik; Johnson, Daniel; Glennon, Derek; Rebei, Adam; Holgado, A. Miguel; Gair, Jonathan R.; Pfeiffer, Harald P.

    2018-01-01

    We present ENIGMA, a time domain, inspiral-merger-ringdown waveform model that describes nonspinning binary black holes systems that evolve on moderately eccentric orbits. The inspiral evolution is described using a consistent combination of post-Newtonian theory, self-force and black hole perturbation theory. Assuming eccentric binaries that circularize prior to coalescence, we smoothly match the eccentric inspiral with a stand-alone, quasicircular merger, which is constructed using machine learning algorithms that are trained with quasicircular numerical relativity waveforms. We show that ENIGMA reproduces with excellent accuracy the dynamics of quasicircular compact binaries. We validate ENIGMA using a set of Einstein Toolkit eccentric numerical relativity waveforms, which describe eccentric binary black hole mergers with mass-ratios between 1 ≤q ≤5.5 , and eccentricities e0≲0.2 ten orbits before merger. We use this model to explore in detail the physics that can be extracted with moderately eccentric, nonspinning binary black hole mergers. In particular, we use ENIGMA to show that the gravitational wave transients GW150914, GW151226, GW170104, GW170814 and GW170608 can be effectively recovered with spinning, quasicircular templates if the eccentricity of these events at a gravitational wave frequency of 10 Hz satisfies e0≤{0.175 ,0.125 ,0.175 ,0.175 ,0.125 }, respectively. We show that if these systems have eccentricities e0˜0.1 at a gravitational wave frequency of 10 Hz, they can be misclassified as quasicircular binaries due to parameter space degeneracies between eccentricity and spin corrections. Using our catalog of eccentric numerical relativity simulations, we discuss the importance of including higher-order waveform multipoles in gravitational wave searches of eccentric binary black hole mergers.

  20. Analisis Kinerja Keuangan Perusahaan Sebelum dan Sesudah Merger dan Akuisisi

    OpenAIRE

    Esterlina, Prisya; Firdausi, Nila Nuzula

    2017-01-01

    The research aimed to examine the conditions of companies' financial performance before and after conducting merger and acquisition. Indonesia Stock Exchange (IDX known as BEI) noticed that a whole sector in thirty companies did a merger and acquisition during 2010-2012 periods, except financial sector.Using financial ratio as the parameter of financial performance, it turned out to be the variables that used in this research were current ratio, total asset turnover, fixed asset turnover, deb...

  1. Deregulation of the California electric power industry: An analysis of electric and natural gas corporate mergers and their effect on the California electric power market

    Science.gov (United States)

    Hornbuckle, James Dixon

    Deregulation of the electric utility industry in California is moving in a direction that places greater reliance on the market forces of competition. Investor owned utilities (IOU's) are using mergers and acquisitions to improve their ability to compete in this new environment. Two large mergers were proposed in 1996 that could affect the California market. The first is between Enron Corporation, a large power marketer and Portland General Corporation, owner of Portland General Electric. The second is between Pacific Enterprises Inc., owner of Southern California Gas Company, the largest natural gas utility in the U. S., and Enova Corporation, owner of San Diego Gas and Electric Company. Understanding the impact of these mergers on the California electric power market is the focus of this study. This study examines hypotheses dealing with: (1) Merger Strategy, (2) Efficiency, and (3) Market Power. Using the Miles and Snow (1978) typology, I develop a strategic orientation model for the merger participants and their competitors. The results suggest a two-stage strategic orientation: (1) regulated core business stage, where the firms follow a Defender strategy, and (2) unregulated business stage, where the firms follow a Prospector strategy. Further, the results show the mergers are consistent with the strategy of Enron and Pacific Enterprises. Event study methodology, dollar gains/losses and market value weighted returns are used to determine if the mergers support the efficiency hypothesis. The evidence suggests the mergers lead to increased competitive advantage through improved efficiency for the participants. The results also suggest the mergers do not harm the rivals. The results of structural changes made by the California Public Utilities Commission (CPUC) in deregulation of the California market and analysis of the mergers by the CPUC and the Public Utility Commission of Oregon suggest that the exercise of market power is not a significant issue. Finally

  2. EVOLUTION OF SHOCKS AND TURBULENCE IN MAJOR CLUSTER MERGERS

    International Nuclear Information System (INIS)

    Paul, S.; Mannheim, K.; Iapichino, L.; Miniati, F.; Bagchi, J.

    2011-01-01

    We performed a set of cosmological simulations of major mergers in galaxy clusters, in order to study the evolution of merger shocks and the subsequent injection of turbulence in the post-shock region and in the intra-cluster medium (ICM). The computations have been performed with the grid-based, adaptive mesh refinement hydrodynamical code Enzo, using a refinement criterion especially designed for refining turbulent flows in the vicinity of shocks. When a major merger event occurs, a substantial amount of turbulence energy is injected in the ICM of the newly formed cluster. Our simulations show that the shock launched after a major merger develops an ellipsoidal shape and gets broken by the interaction with the filamentary cosmic web around the merging cluster. The size of the post-shock region along the direction of shock propagation is of the order of 300 kpc h -1 , and the turbulent velocity dispersion in this region is larger than 100 km s -1 . We performed a scaling analysis of the turbulence energy within our cluster sample. The best fit for the scaling of the turbulence energy with the cluster mass is consistent with M 5/3 , which is also the scaling law for the thermal energy in the self-similar cluster model. This clearly indicates the close relation between virialization and injection of turbulence in the cluster evolution. As for the turbulence in the cluster core, we found that within 2 Gyr after the major merger (the timescale for the shock propagation in the ICM), the ratio of the turbulent to total pressure is larger than 10%, and after about 4 Gyr it is still larger than 5%, a typical value for nearly relaxed clusters. Turbulence at the cluster center is thus sustained for several gigayears, which is substantially longer than typically assumed in the turbulent re-acceleration models, invoked to explain the statistics of observed radio halos. Striking similarities in the morphology and other physical parameters between our simulations and the

  3. Pengaruh Pengumuman Merger dan Akusisi terhadap Abnormal Return Saham Perusahaan Akuisitor dan Non Akuisitor dalam Sektor Industri yang Sama di BEJ Perioda Tahun 1998-2001

    Directory of Open Access Journals (Sweden)

    Barbara Gunawan

    2016-02-01

    Full Text Available The aim of this study was to examine whether mergers and acquisitions were announced by the company akuisitor result in abnormal return for investors. This research using t test analysis in answering the research hypothesis. From the analysis conducted, it was found that a significant abnormal return when information about mergers and acquisitions the company announced. This indicates that merger and acquisition announcements containing charge information for market participants, which is indicated by the Average Abnormal Return significant acquired company's shareholders and non akuisitor akuisitor on announcements about mergers and acquisitions.

  4. THE MAJOR AND MINOR GALAXY MERGER RATES AT z < 1.5

    International Nuclear Information System (INIS)

    Lotz, Jennifer M.; Jonsson, Patrik; Cox, T. J.; Croton, Darren; Primack, Joel R.; Somerville, Rachel S.; Stewart, Kyle

    2011-01-01

    Calculating the galaxy merger rate requires both a census of galaxies identified as merger candidates and a cosmologically averaged 'observability' timescale (T obs (z)) for identifying galaxy mergers. While many have counted galaxy mergers using a variety of techniques, (T obs (z)) for these techniques have been poorly constrained. We address this problem by calibrating three merger rate estimators with a suite of hydrodynamic merger simulations and three galaxy formation models. We estimate (T obs (z)) for (1) close galaxy pairs with a range of projected separations, (2) the morphology indicator G – M 20 , and (3) the morphology indicator asymmetry A. Then, we apply these timescales to the observed merger fractions at z +3.0±1.1 ) than samples selected with constant stellar mass or passively evolving luminosity (∝(1 + z) +0.1±0.4 ). We calculate the minor merger rate (1:4 sat /M primary ∼ 20 . The implied minor merger rate is ∼3 times the major merger rate at z ∼ 0.7 and shows little evolution with redshift.

  5. Compact binary merger and kilonova: outflows from remnant disc

    Science.gov (United States)

    Yi, Tuan; Gu, Wei-Min; Liu, Tong; Kumar, Rajiv; Mu, Hui-Jun; Song, Cui-Ying

    2018-05-01

    Outflows launched from a remnant disc of compact binary merger may have essential contribution to the kilonova emission. Numerical calculations are conducted in this work to study the structure of accretion flows and outflows. By the incorporation of limited-energy advection in the hyper-accretion discs, outflows occur naturally from accretion flows due to imbalance between the viscous heating and the sum of the advective and radiative cooling. Following this spirit, we revisit the properties of the merger outflow ejecta. Our results show that around 10-3 ˜ 10-1 M⊙ of the disc mass can be launched as powerful outflows. The amount of unbound mass varies with the disc mass and the viscosity. The outflow-contributed peak luminosity is around 1040 ˜ 1041 erg s-1. Such a scenario can account for the observed kilonovae associated with short gamma-ray bursts, including the recent event AT2017gfo (GW170817).

  6. Gravitationally Consistent Halo Catalogs and Merger Trees for Precision Cosmology

    Science.gov (United States)

    Behroozi, Peter S.; Wechsler, Risa H.; Wu, Hao-Yi; Busha, Michael T.; Klypin, Anatoly A.; Primack, Joel R.

    2013-01-01

    We present a new algorithm for generating merger trees and halo catalogs which explicitly ensures consistency of halo properties (mass, position, and velocity) across time steps. Our algorithm has demonstrated the ability to improve both the completeness (through detecting and inserting otherwise missing halos) and purity (through detecting and removing spurious objects) of both merger trees and halo catalogs. In addition, our method is able to robustly measure the self-consistency of halo finders; it is the first to directly measure the uncertainties in halo positions, halo velocities, and the halo mass function for a given halo finder based on consistency between snapshots in cosmological simulations. We use this algorithm to generate merger trees for two large simulations (Bolshoi and Consuelo) and evaluate two halo finders (ROCKSTAR and BDM). We find that both the ROCKSTAR and BDM halo finders track halos extremely well; in both, the number of halos which do not have physically consistent progenitors is at the 1%-2% level across all halo masses. Our code is publicly available at http://code.google.com/p/consistent-trees. Our trees and catalogs are publicly available at http://hipacc.ucsc.edu/Bolshoi/.

  7. Neutron star mergers and gamma-ray bursts

    Science.gov (United States)

    Narayan, Ramesh

    1993-01-01

    Under the support of grant NAG 5-1904, we have carried out research on several topics related to gamma-ray bursts (GRB's). In our proposal, we stated that we would study three topics: (1) fireball evolution; (2) neutron star mergers; and (3) statistics of bursts. We have completed a significant amount of work in each of these areas. Resulting papers from this work are presented.

  8. Reasons for Mergers and Economic Groups: The Davivienda case - Bansuperior - Bancafé

    OpenAIRE

    Ingrid Suárez; Yuri Gorbaneff; Jorge Beltrán

    2009-01-01

    The article studies the motives for mergers. It groups them according to their theoretical roots and shows their usefulness in the case of the merger of Colombian banks Davivienda - Bansuperior - Bancafé. The theoretical frame compiles 17 typologies of motives for merger grouped into three blocks: scale and scope economies, transaction costs and resource based approach. We used the case study method. We obtained data from interviews with Davivienda executives and secondary sources. We used th...

  9. Neutron-Star Merger Detected By Many Eyes and Ears

    Science.gov (United States)

    Kohler, Susanna

    2017-10-01

    Where were you on Thursday, 17 August 2017? I was in Idaho, getting ready for Monday mornings solar eclipse. What I didnt know was that, at the time, around 70 teams around the world were mobilizing to point their ground- and space-based telescopes at a single patch of sky suspected to host the first gravitational-wave-detected merger of two neutron stars.Sudden Leaps for ScienceThe masses for black holes detected through electromagnetic observations (purple), black holes measured by gravitational-wave observations (blue), neutron stars measured with electromagnetic observations (yellow), and the neutron stars that merged in GW170817 (orange). [LIGO-Virgo/Frank Elavsky/NorthwesternUniversity]The process of science is long and arduous, generally occurring at a slow plod as theorists make predictions, and observations are then used to chip away at these theories, gradually confirming or disproving them. It is rare that science progresses forward in a giant leap, with years upon years of theories confirmed in one fell swoop.14 September 2015 marked the day of one such leap, as the Laser Interferometer Gravitational-Wave Observatory (LIGO) detected gravitational waves for the first time simultaneously verifying that black holes exist, that black-hole binaries exist, and that they can merge on observable timescales, emitting signals that directly confirm the predictions of general relativity.As it turns out, 17 August 2017 was another such day. On this day, LIGO observed a gravitational-wave signal unlike its previous black-hole detections. Instead, this was a signal consistent with the merger of two neutron stars.Artists illustrations of the stellar-merger model for short gamma-ray bursts. In the model, 1) two neutron stars inspiral, 2) they merge and produce a gamma-ray burst, 3) a small fraction of their mass is flung out and radiates as a kilonova, 4) a massive neutron star or black hole with a disk remains after the event. [NASA, ESA, and A. Feild (STScI)]What We

  10. Mergers and concentrations occurring on the basis of acquiring of control in Serbian and EU competition law

    Directory of Open Access Journals (Sweden)

    Fišer-Šobot Sandra S.

    2016-01-01

    Full Text Available Relevant Serbian and EU competition legislation does not define what is considered a concentration, but regulates which business transactions lead to concentrations of undertakings. Concentrations can be differentiated according to whether the concentration affects legal position of the merging undertakings. A concentration shall be deemed to arise where a change of control on a lasting basis results from the merger of two or more previously independent undertakings or parts of undertakings. Second type of concentrations occurs in the case of an acquisition of control. Finally, the concentration shall be deemed to arise in the case of creation of a joint venture performing on a lasting basis all the functions of an autonomous economic entity. This paper analyses mergers and concentrations occurring on the basis of acquiring of control in Serbian and EU competition law.

  11. Decoding Galactic Merger Histories

    Directory of Open Access Journals (Sweden)

    Eric F. Bell

    2017-12-01

    Full Text Available Galaxy mergers are expected to influence galaxy properties, yet measurements of individual merger histories are lacking. Models predict that merger histories can be measured using stellar halos and that these halos can be quantified using observations of resolved stars along their minor axis. Such observations reveal that Milky Way-mass galaxies have a wide range of stellar halo properties and show a correlation between their stellar halo masses and metallicities. This correlation agrees with merger-driven models where stellar halos are formed by satellite galaxy disruption. In these models, the largest accreted satellite dominates the stellar halo properties. Consequently, the observed diversity in the stellar halos of Milky Way-mass galaxies implies a large range in the masses of their largest merger partners. In particular, the Milky Way’s low mass halo implies an unusually quiet merger history. We used these measurements to seek predicted correlations between the bulge and central black hole (BH mass and the mass of the largest merger partner. We found no significant correlations: while some galaxies with large bulges and BHs have large stellar halos and thus experienced a major or minor merger, half have small stellar halos and never experienced a significant merger event. These results indicate that bulge and BH growth is not solely driven by merger-related processes.

  12. Advanced LIGO constraints on neutron star mergers and r-process sites

    International Nuclear Information System (INIS)

    Côté, Benoit; Belczynski, Krzysztof; Fryer, Chris L.; Ritter, Christian

    2017-01-01

    The role of compact binary mergers as the main production site of r-process elements is investigated by combining stellar abundances of Eu observed in the Milky Way, galactic chemical evolution (GCE) simulations, and binary population synthesis models, and gravitational wave measurements from Advanced LIGO. We compiled and reviewed seven recent GCE studies to extract the frequency of neutron star–neutron star (NS–NS) mergers that is needed in order to reproduce the observed [Eu/Fe] versus [Fe/H] relationship. We used our simple chemical evolution code to explore the impact of different analytical delay-time distribution functions for NS–NS mergers. We then combined our metallicity-dependent population synthesis models with our chemical evolution code to bring their predictions, for both NS–NS mergers and black hole–neutron star mergers, into a GCE context. Finally, we convolved our results with the cosmic star formation history to provide a direct comparison with current and upcoming Advanced LIGO measurements. When assuming that NS–NS mergers are the exclusive r-process sites, and that the ejected r-process mass per merger event is 0.01 M ⊙ , the number of NS–NS mergers needed in GCE studies is about 10 times larger than what is predicted by standard population synthesis models. Here, these two distinct fields can only be consistent with each other when assuming optimistic rates, massive NS–NS merger ejecta, and low Fe yields for massive stars. For now, population synthesis models and GCE simulations are in agreement with the current upper limit (O1) established by Advanced LIGO during their first run of observations. Upcoming measurements will provide an important constraint on the actual local NS–NS merger rate, will provide valuable insights on the plausibility of the GCE requirement, and will help to define whether or not compact binary mergers can be the dominant source of r-process elements in the universe.

  13. Cross-Border Mergers and Market Segmentation (Replaces TILEC DP 2010-035)

    NARCIS (Netherlands)

    Ray Chaudhuri, A.

    2011-01-01

    This paper shows that cross-border mergers are more likely to occur in industries which serve multiple segmented markets rather than a single integrated market, given that cost functions are strictly convex. The product price rises in the market where an acquisition is made but falls in the other,

  14. Cross-Border Mergers and Market Segmentation (Replaces CentER DP 2010-096)

    NARCIS (Netherlands)

    Ray Chaudhuri, A.

    2011-01-01

    This paper shows that cross-border mergers are more likely to occur in industries which serve multiple segmented markets rather than a single integrated market, given that cost functions are strictly convex. The product price rises in the market where an acquisition is made but falls in the other,

  15. 26 CFR 1.401(a)-12 - Mergers and consolidations of plans and transfers of plan assets.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 5 2010-04-01 2010-04-01 false Mergers and consolidations of plans and... Bonus Plans, Etc. § 1.401(a)-12 Mergers and consolidations of plans and transfers of plan assets. A... in the case of any merger or consolidation with, or transfer of assets or liabilities to, another...

  16. Process and impact of mergers of NHS trusts: multicentre case study and management cost analysis.

    Science.gov (United States)

    Fulop, Naomi; Protopsaltis, Gerasimos; Hutchings, Andrew; King, Annette; Allen, Pauline; Normand, Charles; Walters, Rhiannon

    2002-08-03

    To study the processes involved in and impact of mergers between NHS trusts, including the effect on management costs. Cross sectional study involving in depth interviews and documentary analysis; case study to compare savings in management costs between case trusts and control trusts. Nine trusts (cross sectional study) and four trusts (case study) in London. 96 interviews with trust board members, other senior managers, clinicians, service managers, and representatives of health authorities, regional office, community health councils, local authorities, other trusts in the area, and primary care groups and trusts. Stated and unstated drivers, and impact of merger on delivery and development of services, management structures, and staff recruitment, retention, and morale. Effects of difference in trust size before and after the merger. Savings in management costs two years after merger. Some important drivers for merger are not publicly stated. Mergers had a negative effect on delivery of services because of a loss of managerial focus on services. Planned developments in services were delayed by at least 18 months. Trusts' larger sizes after mergers had unintended negative consequences, as well as predicted advantages. The tendency for one trust's management team to dominate over the other resulted in tension. No improvement in recruitment or retention of clinical and managerial staff was reported. Perceived differences in organisational culture were an important barrier to bringing together two or more organisations. Two years after merger, merged trusts had not achieved the objective of saving pound 500 000 a year in management costs. Important unintended consequences need to be accounted for when mergers are planned. Mergers can cause considerable disruptions to services, and require greater management support than previously acknowledged. Other organisations undergoing restructuring, such as primary care groups developing into primary care trusts and health

  17. Numerical simulation of binary black hole and neutron star mergers

    International Nuclear Information System (INIS)

    Kastaun, W.; Rezzolla, L.

    2016-01-01

    One of the last predictions of general relativity that still awaits direct observational confirmation is the existence of gravitational waves. Those fluctuations of the geometry of space and time are expected to travel with the speed of light and are emitted by any accelerating mass. Only the most violent events in the universe, such as mergers of two black holes or neutron stars, produce gravitational waves strong enough to be measured. Even those waves are extremely weak when arriving at Earth, and their detection is a formidable technological challenge. In recent years sufficiently sensitive detectors became operational, such as GEO600, Virgo, and LIGO. They are expected to observe around 40 events per year. To interpret the observational data, theoretical modeling of the sources is a necessity, and requires numerical simulations of the equations of general relativity and relativistic hydrodynamics. Such computations can only be carried out on large scale supercomputers, given that many scenarios need to be simulated, each of which typically occupies hundreds of CPU cores for a week. Our main goal is to predict the gravitational wave signal from the merger of two compact objects. Comparison with future observations will provide important insights into the fundamental forces of nature in regimes that are impossible to recreate in laboratory experiments. The waveforms from binary black hole mergers would allow one to test the correctness of general relativity in previously inaccessible regimes. The signal from binary neutron star mergers will provide input for nuclear physics, because the signal depends strongly on the unknown properties of matter at the ultra high densities inside neutron stars, which cannot be observed in any other astrophysical scenario. Besides mergers, we also want to improve the theoretical models of close encounters between black holes. A gravitational wave detector with even higher sensitivity, the Einstein Telescope, is already in the

  18. Numerical simulation of binary black hole and neutron star mergers

    Energy Technology Data Exchange (ETDEWEB)

    Kastaun, W.; Rezzolla, L. [Albert Einstein Institut, Potsdam-Golm (Germany)

    2016-11-01

    One of the last predictions of general relativity that still awaits direct observational confirmation is the existence of gravitational waves. Those fluctuations of the geometry of space and time are expected to travel with the speed of light and are emitted by any accelerating mass. Only the most violent events in the universe, such as mergers of two black holes or neutron stars, produce gravitational waves strong enough to be measured. Even those waves are extremely weak when arriving at Earth, and their detection is a formidable technological challenge. In recent years sufficiently sensitive detectors became operational, such as GEO600, Virgo, and LIGO. They are expected to observe around 40 events per year. To interpret the observational data, theoretical modeling of the sources is a necessity, and requires numerical simulations of the equations of general relativity and relativistic hydrodynamics. Such computations can only be carried out on large scale supercomputers, given that many scenarios need to be simulated, each of which typically occupies hundreds of CPU cores for a week. Our main goal is to predict the gravitational wave signal from the merger of two compact objects. Comparison with future observations will provide important insights into the fundamental forces of nature in regimes that are impossible to recreate in laboratory experiments. The waveforms from binary black hole mergers would allow one to test the correctness of general relativity in previously inaccessible regimes. The signal from binary neutron star mergers will provide input for nuclear physics, because the signal depends strongly on the unknown properties of matter at the ultra high densities inside neutron stars, which cannot be observed in any other astrophysical scenario. Besides mergers, we also want to improve the theoretical models of close encounters between black holes. A gravitational wave detector with even higher sensitivity, the Einstein Telescope, is already in the

  19. Incipient merger of Cls 11 and 5 in Xhosa? | Gowlett | South African ...

    African Journals Online (AJOL)

    In Xhosa, there appears to be an incipient merger between Noun Classes 5 and 11, as revealed by frequent mismatches between Cl. 11 nouns and various concordial elements, and even the replacement of the Cl. 11 noun prefix by that of Cl. 5. In this article we explore possible reasons for this putative merger, and present ...

  20. The Relationship between Organizational Culture and Performance: Merger in the Nigerian Banking Industry

    Science.gov (United States)

    Okoro, Henrietta Mbamalu

    2010-01-01

    Recent merger waves in most organizations fail to increase organizational performance and sustain competitive advantage. Several U.S. organizational mergers failed to sustain market competition and retain employees. Most consolidated and merged banks in Nigeria are in distress and have failed to increase organizational performance. Currently,…

  1. Leadership, Change Management, and Acculturation in the Merger of Two Institutions of Higher Education: A Case Study

    Science.gov (United States)

    Hazelwood, Anita Cook

    2016-01-01

    Mergers and consolidations within the higher education sector are "relatively rare occurrences and each merger has a distinct set of circumstances, actors, and characteristics" (Etschmaier, 2010, p. 1). Institutional mergers and consolidations require well-planned and strategic organizational change and include an examination of…

  2. College and University Mergers: Recent Trends. Policy Matters: A Higher Education Policy Brief

    Science.gov (United States)

    McBain, Lesley

    2009-01-01

    Given the current economic turbulence characterized, in part, by unprecedented business consolidations, talk of mergers has spread to higher education. At first glance, merger discussions may seem more appropriate to the corporate world than academe because American colleges and universities were not created in accordance with a centralized…

  3. Merger of noun classes 3 and 1: A case study with bilingual isiXhosa ...

    African Journals Online (AJOL)

    Class reduction (the loss of a noun class) in Southern Bantu languages is an acknowledged but under-researched phenomenon. A recent study of isiXhosa concords suggests an incipient merger of noun classes 11 and 5, but no research to date has examined other possible concord mergers or concord flux in the ...

  4. The fraction of AGNs in major merger galaxies and its luminosity dependence

    Science.gov (United States)

    Weigel, Anna K.; Schawinski, Kevin; Treister, Ezequiel; Trakhtenbrot, Benny; Sanders, David B.

    2018-05-01

    We use a phenomenological model which connects the galaxy and active galactic nucleus (AGN) populations to investigate the process of AGNs triggering through major galaxy mergers at z ˜ 0. The model uses stellar mass functions as input and allows the prediction of AGN luminosity functions based on assumed Eddington ratio distribution functions (ERDFs). We show that the number of AGNs hosted by merger galaxies relative to the total number of AGNs increases as a function of AGN luminosity. This is due to more massive galaxies being more likely to undergo a merger and does not require the assumption that mergers lead to higher Eddington ratios than secular processes. Our qualitative analysis also shows that to match the observations, the probability of a merger galaxy hosting an AGN and accreting at a given Eddington value has to be increased by a factor ˜10 relative to the general AGN population. An additional significant increase of the fraction of high Eddington ratio AGNs among merger host galaxies leads to inconsistency with the observed X-ray luminosity function. Physically our results imply that, compared to the general galaxy population, the AGN fraction among merger galaxies is ˜10 times higher. On average, merger triggering does however not lead to significantly higher Eddington ratios.

  5. Ex-post Analysis of Mobile Telecom Mergers: The Case of Austria and The Netherlands

    NARCIS (Netherlands)

    Aguzzoni, L. (Luca); Buehler, B. (Benno); Di Martile, L. (Luca); R.G.M. Kemp (Ron G.M.); Schwarz, A. (Anton)

    2017-01-01

    textabstractRecently there has been an increased attention towards the ex-post evaluation of competition policy enforcement decisions and in particular merger decisions. In this paper we study the effects of two mobile telecommunication mergers on prices. We apply a standard

  6. When galaxy clusters collide : the impact of merger shocks on cluster gas and galaxy evolution

    NARCIS (Netherlands)

    Stroe, Andra

    2015-01-01

    Galaxy clusters mainly grow through mergers with other clusters and groups. Major mergers give rise to cluster-wide traveling shocks, which can be detected at radio wavelengths as relics: elongated, diffuse synchrotron emitting areas located at the periphery of merging clusters. The 'Sausage'

  7. Faculty Experiences of Merger and Organizational Change in a Social Work Program.

    Science.gov (United States)

    Adedoyin, A Christson; Miller, Monte; Jackson, Mary S; Dodor, Bernice; Hall, Kristen

    2016-01-01

    Social work programs are experiencing unprecedented organizational changes due to budget cuts, dwindling resources, global, and technological challenges. However, there is limited information in the literature about the merger experiences of faculty in social work programs. On one hand undergoing merger and reorganization provides the opportunity to reorganize, reprioritize, re-assess, develop strategies, and explore previously untapped opportunities for social work programs. Conversely, merger experiences have caused frustration, intention to quit, confusion, and loss of professional identity for social work faculty. In this article the authors utilize a journaling method and sense-making approach of the merger experiences of some of the faculty members of a social work program in the United States. The authors suggest a framework to understand how the faculty confronted the challenges, overcame the pitfalls, and maximized the opportunities offered during the merger and organizational change process.

  8. 26 CFR 1.414(l)-1 - Mergers and consolidations of plans or transfers of plan assets.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 5 2010-04-01 2010-04-01 false Mergers and consolidations of plans or transfers... Plans, Etc. § 1.414(l)-1 Mergers and consolidations of plans or transfers of plan assets. (a) In general... qualified under section 403 (a) and 405 (a), unless, in the case of a merger or consolidation (as defined in...

  9. Recent natural gas mergers/alliances and their impact on processing

    International Nuclear Information System (INIS)

    Kovacs, K.; Schwenker, C.

    1997-01-01

    Recent mergers and acquisitions have dramatically changed the competitive landscape for companies in the oil, gas and energy services businesses. One measure of this change is the number of publicly traded oil and gas producers in the US. Prior to 1991 the Oil and Gas Journal listed 400 publicly traded producers. This list shrank in 1991 to 300, and as of 1996, the list is now down to 200 in their annual survey. The purpose of this paper is to: briefly review some of the underlying factors or events that have shaped or driven the rush to consolidate; discuss how these changes have impacted gas processing; finally, make some observations on the types of consolidations and opportunities that could occur in the future

  10. Reasons for Mergers and Economic Groups: The Davivienda case - Bansuperior - Bancafé

    Directory of Open Access Journals (Sweden)

    Ingrid Suárez

    2009-09-01

    Full Text Available The article studies the motives for mergers. It groups them according to their theoretical roots and shows their usefulness in the case of the merger of Colombian banks Davivienda - Bansuperior - Bancafé. The theoretical frame compiles 17 typologies of motives for merger grouped into three blocks: scale and scope economies, transaction costs and resource based approach. We used the case study method. We obtained data from interviews with Davivienda executives and secondary sources. We used the Likert scale to capture the attitudes of the respondents. We found in the case the majority of motives studied in the literature. One new motive was identified. Particularly one motive for a horizontal merger of Davivienda was the transaction costs economizing by other firms of the economic group to which belongs Davivienda. The specific weight of the transaction costs vertical motives in an essentially horizontal merger deserves further research.

  11. Cell Mergers and Their Impact on Cloud-to-Ground Lightning Over the Houston Area

    Science.gov (United States)

    Gauthier, Michael L.; Petersen, Walter A.; Carey, Lawrence D.

    2009-01-01

    A previous hypothesis advanced from observational studies such as METROMEX suggests that the intensity, frequency, and organization of cumulus convection may be impacted by the forcing of enhanced merger activity downstream of urban zones. A resulting corollary is that cities may exert an indirect anthropogenic forcing of parameters related to convection and associated phenomena such as lightning and precipitation. This paper investigates the urban merger hypothesis by examining the role of convective cell mergers on the existence and persistence of the Houston lightning "anomaly", a local maximum in cloud-to-ground (CG) lightning activity documented to exist over and east of Houston. Using eight summer seasons of peak columnar radar reflectivity, CG lightning data and a cell-tracking algorithm, a two-dimensional cell merger climatology is created for portions of eastern Texas and Louisiana. Results from the tracking and analysis of over 3.8 million cells indicate that merger-driven enhancements in convection induce a positive response (O 46%) in ground-flash densities throughout the domain, with areas of enhanced lightning typically being co-located with areas of enhanced merger activity. However, while mergers over the Houston area (relative to elsewhere in the domain) do result in more vigorous convective cells that produce larger CG flash densities, we find that CG lightning contributions due to mergers are distributed similarly throughout the domain. Hence while we demonstrate that cell mergers do greatly impact the production of lightning, the urban cell merger hypothesis does not uniquely explain the presence of a local lightning maximum near and downstream of Houston.

  12. Tomorrow is another day! Merger review and counterfactual analysis

    Directory of Open Access Journals (Sweden)

    Andrea Pezzoli

    2014-03-01

    Full Text Available The choice of a counterfactual scenario other than the status quo is quite challenging. The investigation has to be particularly convincing if the deterioration of the competitive process which is likely to arise in the absence of the merger is related to a failing firm scenario – a special case of the more general counterfactual analysis. Could counterfactual analysis provide alternative tools to those required by the failing firm defense? Alternative but equally rigorous?The extent to which a broader counterfactual analysis might be taken into consideration is discussed in the paper. More precisely it will be discussed i if and when it may be desirable to focus the assessment not only on the most likely counterfactual, ii if the incomplete fulfillment of the three requirements for the failing firm defense necessarily leads to a prohibition and iii the role which may be played by entry and dynamic competition in the application of the failing firm defense. Finally, merger policy based on a broader counterfactual analysis is discussed in a bidding market context where tender design is not already set.

  13. Characterizing Black Hole Mergers

    Science.gov (United States)

    Baker, John; Boggs, William Darian; Kelly, Bernard

    2010-01-01

    Binary black hole mergers are a promising source of gravitational waves for interferometric gravitational wave detectors. Recent advances in numerical relativity have revealed the predictions of General Relativity for the strong burst of radiation generated in the final moments of binary coalescence. We explore features in the merger radiation which characterize the final moments of merger and ringdown. Interpreting the waveforms in terms of an rotating implicit radiation source allows a unified phenomenological description of the system from inspiral through ringdown. Common features in the waveforms allow quantitative description of the merger signal which may provide insights for observations large-mass black hole binaries.

  14. Examine the Effect of Tender Offers and Mergers Announcement on Shareholders' Wealth of Targets and Acquirers in Hong Kong

    OpenAIRE

    Lau, Hiu Ting

    2007-01-01

    Previous research has found significant positive returns to shareholders of the target firm, but the findings on stockholder returns of acquiring firms are ambiguous. A lot more research has been done on the Mergers and Acquisitions (M&A) in the U.S. and Europe, when compared to that done on M&As in the Hong Kong context. Differences between these contexts of significance could be the economic environment, tax structure and regulatory environment which, in Hong Kong, are different from those...

  15. Trade Union Mergers: A Survey of the Literature.

    Science.gov (United States)

    Michelson, Grant

    2000-01-01

    Examines trade union mergers highlighting merger forms, merger motivation, role played by union officers, and merger waves. Discusses the consequences of mergers on members and union performance and concludes that union merger activity has had little impact. (Contains 74 references.) (JOW)

  16. Mergers and acquisitions: malaria and the great chloroplast heist.

    Science.gov (United States)

    McFadden, G I

    2000-01-01

    The origin of the relict chloroplast recently identified in malarial parasites has been mysterious. Several new papers suggest that the parasites obtained their chloroplasts in an ancient endosymbiotic event that also created some major algal groups.

  17. Financially fragile rural hospitals: mergers and closures.

    Science.gov (United States)

    Holmes, Mark

    2015-01-01

    Rural hospitals serve as major sources of health care and employment for their communities, but recently they have been under increased financial stress. What are the causes of this stress, and how have hospitals and their communities responded?

  18. Merger relics of cluster galaxies

    Science.gov (United States)

    Yi, S. K.; Lee, J.; Jung, I.; Ji, I.; Sheen, Y.-K.

    2013-06-01

    Context. Sheen and collaborators recently found that a surprisingly large portion (38%) of massive early-type galaxies in heavy clusters show strong merger-related disturbed features. This contradicts the general understanding that massive clusters are hostile environments for galaxy mergers. Considering the significance of mergers in galaxy evolution, it is important to understand this. Aims: We aim to present a theoretical foundation that explains galaxy mergers in massive clusters. Methods: We used the N-body simulation technique to perform a cosmological-volume simulation and derive dark-halo merger trees. Then, we used the semi-analytic modeling technique to populate each halo with galaxies. We ran hydrodynamic simulations of galaxy mergers to estimate the lifetime of merger features for the imaging condition used by Sheen and collaborators. We applied this merger feature lifetime to our semi-analytic models. Finally, we counted the massive early-type galaxies in heavy model clusters that would show strong merger features. Results: While there still are substantial uncertainties, our preliminary results are remarkably close to the observed fraction of galaxies with merger features. Key ingredients for the success are twofold: firstly, the subhalo motion in dark haloes has been accurately traced, and, second, the lifetime of merger features has been properly estimated. As a result, merger features are expected to last very long in cluster environments. Many massive early-type galaxies in heavy clusters therefore show merger features not because they experience mergers in the current clusters in situ, but because they still carry their merger features from their previous halo environments. Conclusions: Investigating the merger relics of cluster galaxies is potentially important, because it uniquely allows us to backtrack the halo merger history.

  19. Simulations of galaxy mergers

    International Nuclear Information System (INIS)

    Villumsen, J.V.

    1982-01-01

    This work is a theoretical investigation of the mechanisms and results of mergers of elliptical galaxies. An N-body code is developed to simulate the dynamics of centrally concentrated collisionless systems. It is used for N-body simulations of the mergers of galaxies with mass ratios of 1:1, 2:1 and 3:1 with a total of 1200 or 2400 particles. The initial galaxies are spherical and non-rotating with Hubble type profiles and isotropic velocity distributions. The remnants are flattened (up to E4) and are oblate, triaxial or prolate depending on the impact parameter. Equal mass mergers are more flattened than unequal mass mergers and have significant velocity anisotropies. The remnants have Hubble type profiles with decreased central surface brightness and increased core radii and tidal radii. In some unequal mass mergers ''isothermal'' haloes tend to form. The density profiles are inconsistent with De Vaucouleurs profiles even though the initial profiles were not. The central velocity dispersion increases in 1:1 and 2:1 mass mergers but decreases in 3:1 mass mergers. Near head-on mergers lead to prolate systems with little rotation while high angular momentum mergers lead to oblate systems with strong rotation. The rotation curves show solid body rotation out to the half mass radius followed by a slow decline. Radial mixing is strong in equal mass mergers where it will weaken radial gradients. In unequal mass mergers there is little radial mixing but matter from the smaller galaxy ends up in the outer parts of the system where it can give rise to colour gradient

  20. The Merger-Free Growth of Galaxies and Supermassive Black Holes

    Science.gov (United States)

    Simmons, Brooke; Smethurst, Rebecca; Lintott, Chris; Martin, Garreth; Kaviraj, Sugata; Devriendt, Julien; Galaxy Zoo Team

    2018-01-01

    There is now clear evidence that the merger-driven pathway to black hole and galaxy growth is only half the story. Merger-free evolution contributes roughly equally to the overall growth of black holes in the Universe and is also responsible for a significant amount of galaxy growth over cosmic time. A recent study examining the growth of black holes in unambiguously disk-dominated galaxies shows these black holes reach quasar-like luminosities and black hole masses typical of those hosted in bulge-dominated and elliptical galaxies with major mergers in their evolutionary histories. However, while there appears to be no correlation between the size of the black hole and upper limits on the host galaxy bulges, the fitted correlation between black hole mass and total galaxy stellar mass in these merger-free systems is fully consistent with the canonical relationship based on merger-driven systems. There is further evidence via comparison between observed populations and cosmological simulations confirming that bulgeless systems are generally consistent with having merger-free histories. If bulgeless and disk-dominated galaxies are indeed signatures of systems with no violent mergers in their formation histories, the same correlation between black hole and galaxy in these systems versus that seen in elliptical galaxy samples indicates the black hole-galaxy connection must originate with a process more fundamental than the dynamical configuration of a galaxy's stars.