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ge and the globalization of markets. These processes have been magnified in the global chemical industry. The higher growth of the service industries, which are not chemical-use intensive, has been an adverse secular development. The research and development (R&D) intensive chemical industry has produced a high rate of innovation and made significant contributions to the economy. Yet, the rapid rate of diffusion of important new discoveries has dampened the returns from the high-risk R&D investments. In adapting and adjusting to these challenges, chemical firms have made continuing use of the many forms of mergers, divestitures, joint ventures, restructuring, spin-offs, share repurchases, as well as internal efforts to renew strategic visions, improve efficiency, and reduce costs.
Category I Y Movies s
AN: 0503809
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Record 71 of 262 in EconLit 1969-2001/09
TI: Merger Activity and Employment: Evidence from the UK Mutual Sector
AU: Haynes,-Michelle; Thompson,-Steve
SO: Empirica; 26(1), 1999, pages 39-54..
AB: This paper approaches the performance consequences of mergers from a new direction; namely by analysing their impact on the acquiring firm's demand for labour. It employs a dynamic labour demand model, with an unbalanced panel of UK financial mutuals over the period 1981-1993. The data relate strictly to core financial intermediation activity and are thus particularly appropriate for the paper's purposes. The results are strongly supportive of an efficiency-enhancing interpretation of merger activity. A significant positive initial impact on the acquirer's demand for labour is followed by three years of significant negative effects, a result consistent with the acquisition and subsequent digestion of less efficient targets.
AI: Yes
AN: 0504110
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Record 72 of 262 in EconLit 1969-2001/09
TI: Telcos Take over the World?
AU: Curwen,-Peter
SO: Info; 1(3), June 1999, pages 239-51..
AB: During 1998 it became clear that the telecommunications industry, broadly defined, was undergoing a massive structural change as a result of take-overs, mergers and the acquisition of stakes, involving almost exclusively companies already within the sector. As a result, the Financial Times survey of the world's largest companies for 1998 revealed that telecoms companies were beginning to dominate the list, a process which is, if anything, proceeding even more rapidly during 1999. This article examines the data demonstrating the existence of this phenomenon, and explores both the environmental changes and the state of the financial markets which explain why it is occurring. Particular attention is paid to the ability of companies to make offers using their highly-rated stock rather than cash which has effectively brought all bar the most highly capitalized companies 'into play'.
AI: Yes
AN: 0502684
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Record 73 of 262 in EconLit 1969-2001/09
TI: The Productivity Effects of Bank Mergers: Evidence from the UK Building Societies
AU: Haynes,-Michelle; Thompson,-Steve
SO: Journal-of-Banking-and-Finance; 23(5), May 1999, pages 825-46..
AB: This paper presents an empirical investigation of the impact of acquisition activity on financial intermediary productivity. Specifically, it uses an augmented production function approach to investigate the impact of acquisition, after controls for input changes. The model is estimated on an unbalanced panel of 93 UK building societies over the period 1981-1993, using data on their core financial intermediation activities which, it is suggested are particularly appropriate for our purposes. In contrast to much of the existing merger literature, which for the most part uses financial performance data, our results DO indicate significant and substantial productivity gains following acquisition. These are consistent with an acquisitions process in which less efficient firms are acquired and reorganized. The post-merger gains appear to increase substantially in the post-deregulation period, when pressures to minimize cost are widely considered to have increased.
AI: Yes
AN: 0497407
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Record 74 of 262 in EconLit 1969-2001/09
TI: Statement on the Breakfast Cereals Industry
AU: Kahn,-Alfred-E..
SO: Agribusiness; 15(2), Spring 1999, pages 223-28..
AB: This summary of my recommendations as advisor to the US District Court in an antitrust proceeding involving the acquisition by Post of Nabisco Cereals is based almost entirely on the evidence in that case. There is ample basis for dissatisfaction with the performance of the industry--especially with its comparative absence of everyday price competition, except where private brands bulk large. There is no reason to believe, however, that the merger at issue would weaken price competition or that if Nabisco were sold to some other entity it would be any more willing to dilute the value of its Shredded Wheat brand by selling product for private labeling. On the other hand, the merger would probably make the combined entity more effective in the ways in which the industry typically competes--including heavy distribution of coupons and specials, which are undeniably a form of price competition.
AI: Yes
AN: 0497952
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Record 75 of 262 in EconLit 1969-2001/09
TI: Returns to Acquiring Firms: The Role of Managerial Ownership, Managerial Wealth, and Outside Owners
AU: Shinn,-Earl-W..
SO: Journal-of-Economics-and-Finance; 23(1), Spring 1999, pages 78-89..
AB: Since merger and acquisition activity does not unambiguously benefit the shareholders of acquiring firms, the motivation of managers who undertake such actions is unclear. The present study investigates the extent to which the wealth effects of acquisition activity undertaken by firms in one industry--communications and publishing--are related to (1) the ownership and wealth characteristics of both the executives and the board of directors of these firms and (2) the ownership concentration of large outside shareholders. The motivating hypothesis, supported by empirical results, is that these factors contribute to the alignment of executive and shareholder interests.
AI: Yes
AN: 0499015
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Record 76 of 262 in EconLit 1969-2001/09
TI: Prises de controle d'entreprise: Une analyse des processus. (Gaining Control of a Company: An Analysis of the Processes. With English summary.)
AU: Guieu,-Gilles
SO: Revue-Francaise-de-Gestion; 0(123), March-April-May 1999, pages 54-64..
AB: What are the success factors of an acquisition? When and under what conditions can a merger be considered optimal? In his response to these questions, the author emphasises the variety, diversity and hybrid nature respectively of the processes, initial conditions and approaches involved in gaining control of a company. His research, both theoretical and empirical, should fuel the debate on the evaluation of the performance of the M&A process.
AI: Yes
AN: 0499655
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Record 77 of 262 in EconLit 1969-2001/09
TI: A Reexamination of the Conglomerate Merger Wave in the 1960s: An Internal Capital Markets View
AU: Hubbard,-R.-Glenn; Palia,-Darius
SO: Journal-of-Finance; 54(3), June 1999, pages 1131-52..
AB: One possible explanation for bidding firms earning positive abnormal returns in diversifying acquisitions in the 1960s is that internal capital markets were expected to overcome the information deficiencies of the less-developed capital markets. Examining 392 bidder firms during the 1960s, the authors find the highest bidder returns when financially 'unconstrained' buyers acquire 'constrained' targets. This result holds while controlling for merger terms and for different proxies used to classify firms facing costly external financing. The authors also find that bidders generally retain target management, suggesting that management may have provided company-specific operational information, while the bidder provided capital-budgeting expertise.
AI: Yes
AN: 0496248
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Record 78 of 262 in EconLit 1969-2001/09
TI: Capital Shocks and Merger Activity in the Property-Liability Insurance Industry
AU: Chamberlain,-Sandra-L.; Tennyson,-Sharon
SO: Journal-of-Risk-and-Insurance; 65(4), December 1998, pages 563-95..
AB: This article investigates the prevalence of financial synergies as a motive for merger and acquisition activity in the property-liability insurance industry. Two hypotheses are developed and tested based upon theories of information asymmetries and firm financing decisions (Myers and Majluf 1984): (1) that financial synergies are a primary motive for insurance mergers in general and (2) that mergers motivated by financial synergies will be more prevalent in periods following negative industry capital shocks. The hypotheses are tested via analysis of accounting ratios of acquisitions targets in the period 1980 through 1990 in relation to those of non-acquired firms of similar characteristics, and via analysis of acquisition characteristics. The hypothesis that financial synergies are a motive for mergers following negative industry capital shocks receives strong support.
AI: Yes
AN: 0496333
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Record 79 of 262 in EconLit 1969-2001/09
TI: Interest-Rate Exposure and Bank Mergers
AU: Esty,-Benjamin; Narasimhan,-Bhanu; Tufano,-Peter
SO: Journal-of-Banking-and-Finance; 23(2-4), February 1999, pages 255-85..
AB: This study examines how interest rates and interest-rate exposures affect the level of acquisition activity, the identities of targets and acquirers, and the pricing of acquisitions in the banking industry. Using a sample of 477 large mergers from 1980 to 1994, we find that the level of acquisition activity is more positively correlated with equity indices and more negatively correlated with interest rates for banks than for non-banks. Although we find that targets and acquirers have significantly different interest-rate exposures, we find little evidence that one group is consistently better or worse positioned, ex post, for various interest-rate environments. Finally, we find some evidence that merger pricing is a function of the interest-rate environment, with acquirers paying higher prices and earning lower returns when rates are low (and when more deals are announced).
AI: Yes
AN: 0493006
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Record 80 of 262 in EconLit 1969-2001/09
TI: Consolidation and Efficiency in the US Life Insurance Industry
AU: Cummins,-J.-David; Tennyson,-Sharon; Weiss,-Mary-A.
SO: Journal-of-Banking-and-Finance; 23(2-4), February 1999, pages 325-57..
AB: This paper examines the relationship between mergers and acquisitions, efficiency, and scale economies in the US life insurance industry. We estimate cost and revenue efficiency over the period 1988-1995 using data envelopment analysis (DEA). The Malmquist methodology is used to measure changes in efficiency over time. We find that acquired firms achieve greater efficiency gains than firms that have not been involved in mergers or acquisitions. Firms operating with non-decreasing returns to scale (NDRS) and financially vulnerable firms are more likely to be acquisition targets. Overall, mergers and acquisitions in the life insurance industry have had a beneficial effect on efficiency.
AI: Yes
AN: 0493009
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Record 81 of 262 in EconLit 1969-2001/09
TI: Debt, Mergers and Acquisitions, Institutional Arrangements and Change to the Multilayered Subsidiary Form
AU: Prechel,-Harland; Boies,-John; Woods,-Tim
SO: Social-Science-Quarterly; 80(1), March 1999, pages 115-35..
AI: No
AN: 0493738
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Record 82 of 262 in EconLit 1969-2001/09
TI: Value Creation in Bundling Utility Mergers: A Corporate Focus Anomaly
AU: Burns,-Richard et-al..
SO: Journal-of-Energy-Finance-and-Development; 3(2), 1998, pages 185-92..
AB: Recent empirical studies have documented the significantly positive monotonic relationship between changes in corporate focus and firm value. Focus-decreasing activities such as diversifying mergers have been shown to diminish firm value while focus-increasing activities, including divestitures of unrelated assets, exhibit a value-enhancing effect. However, many of these studies follow the convention of excluding utilities as their regulated industry makes then incomparable to unregulated industries. Examining only utility mergers and acquisitions, this study finds that only those which occur between utilities operating in different primary lines of business ("bundling" mergers) experience significant increases in firm value. Consistent with other studies, conglomerate mergers lead to a substantial decrease in firm value. Horizontal and vertical mergers lead to insignificant wealth gains. These results present an anomaly to the corporate focus theory and indicate that the regulation of utilities creates value for related diversification--contrary to the monotonic relationship exhibited in unregulated industries.
AI: Yes
AN: 0492332
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Record 83 of 262 in EconLit 1969-2001/09
TI: A quelles logiques obeissent les vagues de fusions et acquisitions? (Is There a Rationale for Merger and Acquisition Cycles? With English summary.)
AU: Derhy,-Armand
SO: Revue-Francaise-de-Gestion; 0(122), Jan.-Feb. 1999, pages 17-26..
AB: What are the different macroeconomic and financial factors that influence the cycles of merger and acquisition activity? The author conducted a study of the French mergers and acquisitions market during the period 1959-1992 to try to determine if certain contexts were more favourable to an intensification of such operations. He compares his results with those of comparable studies in the United States.
AI: Yes
AN: 0492673
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Record 84 of 262 in EconLit 1969-2001/09
TI: The Effects of Bank Mergers and Acquisitions on Small Business Lending
AU: Berger,-Allen-N. et-al..
SO: Board of Governors of the Federal Reserve System, Finance and Economics Discussion Paper Series: 1997/28, May 1997, pag
AB: The authors examine the effects of bank M&A's on small business lending. Their methodology permits empirical analysis of the great majority of U.S. bank M&A's since the late 1970's -- over 6,000 M&A's involving over 10,000 banks (some active banks are counted multiple times). The authors are the first to decompose the impact of M&A's on small business lending into static effects associated with a simple melding of the antecedent institutions and dynamic effects associated with post-M&A refocusing of the consolidated institution. They are also the first to estimate the reactions of other banks in local markets to M&A's. The authors find that the static effects of consolidation which reduce small business lending are mostly offset by the reactions of other banks in the market, and in some cases also by refocusing efforts sMortgagedealslending Category Movies Mortgage Deals Lending 哪位有关于mergers&acquisition的文章或这方面信息？多谢！-经济学论坛-中国经济学教育科研网b q q Deals t t Mortgage Deals Lending Mortgage Mortgage Deals Lending zMortgagedealslending Category Movies Mortgage Deals Lending 哪位有关于mergers&acquisition的文章或这方面信息？多谢！-经济学论坛-中国经济学教育科研网j Deals h Mortgage Deals Lending Mortgage Deals Lending