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Mortgagedealslending Zh Los Angeles Moving Solutions And What They Could Do For Everyone 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
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le in affecting acquirer's perceptions of target companies and we suggest that this may have important consequences for the negotiation of deals and the subsequent management of the postacquisition phase.
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TI: Waves and Persistence in Merger and Acquisition Activity
AU: Barkoulas,-John-T.; Baum,-Christopher-F.; Chakraborty,-Atreya
SO: Economics-Letters; 70(2), February 2001, pages 237-43..
AB: Markov regime-switching and sine-wave models have been used to capture the apparent wave-like behavior in aggregate U.S. merger and acquisition (M and A) activity. In this paper we offer an alternative characterization of the dynamic structure in M and A activity as a strongly dependent or long-memory process.
AI: Yes
AN: 0558870
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Record 24 of 262 in EconLit 1969-2001/09
TI: The Effect of Foreign Diversification on Analysts' Prediction Errors
AU: Erwin,-Gayle-R.; Perry,-Susan-E.
SO: International-Review-of-Financial-Analysis; 9(2), 2000, pages 121-45..
AB: This study examines the effect of foreign acquisitions by U.S. firms on analysts' prediction errors. For a sample of 102 focus-preserving (FP) foreign acquisitions and 83 focus-decreasing (FD) acquisitions during 1985-97, we find that post-merger analysts' prediction errors are significantly higher for U.S. firms that choose to expand internationally outside their core business segment, relative to those that undertake global expansion within their core business. Given the potential costs associated with declines in the accuracy of analysts' earnings forecasts, we examine the incentives that may lead firms to engage in focus-decreasing foreign investments. To that end, we examine the financial characteristics and valuation effects of the acquiring firms and the industry conditions of both the acquiring and target firms' rivals. The findings indicate that the industry conditions of the FD acquiring (target) firms are less (more) attractive relative to those of FP acquiring and target firms. Moreover, we find that announcements of FD foreign acquisitions result in significantly positive abnormal returns for the acquiring firm and in significantly negative contemporaneous abnormal returns for the industry rivals of both the FD acquiring and target firms.
AI: Yes
AN: 0559369
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Record 25 of 262 in EconLit 1969-2001/09
TI: The Equilibrium Ownership of an International Oligopoly
AU: Horn,-Henrik; Persson,-Lars
SO: Journal-of-International-Economics; 53(2), April 2001, pages 307-33..
AB: Mergers and acquisitions (M&A) is the dominant form of Foreign Direct Investment (FDI), but has only received scarce attention in the theory literature on trade and investment. This paper highlights how the international pattern of ownership of productive assets may depend on features of trade and production costs. It suggests how high trade costs may be conducive to national ownership of assets, while international firms may arise at lower trade costs, contrary to what the "tariff jumping" argument would suggest. It is also shown how private and social incentives for M&A may differ for weak merger synergies, but converge when synergies are stronger.
AI: Yes
AN: 0559650
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Record 26 of 262 in EconLit 1969-2001/09
TI: Audit d'acquistion et expertise independante dans les operations de fusions-acquisitions: Le cas Aerospatiale-Matra. (With English summary.)
AU: Pochet,-Christine
SO: Revue-Finance-Controle-Strategie; 3(3), September 2000, pages 181-209..
AB: The present wave of mergers and acquisitions involves an unprecedented development of acquisition reviews. This paper aims at investigating that particular type of business review. It is based on a conceptual framework and a clinical study: the Aerospatiale-Matra merger.
AI: Yes
AN: 0560421
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Record 27 of 262 in EconLit 1969-2001/09
TI: Determinants et consequences des fusions-acquisitions. (Determinants and Consequences of Mergers and Acquisitions. With English summary.)
AU: Mucchielli,-Jean-Louis; Kohler,-Philippe
SO: Revue-Francaise-de-Gestion; 0(131), Nov.-Dec. 2000, pages 6-19..
AB: What are the determining factors of mergers and acquisitions and to what extent are they valid? Based on a critical historical analysis and a typology of mergers, the authors present a detailed analysis of the determinants and consequences of mergers and acquisitions. Their focus ranges from the financial structure of the acquiring firm to the strategic behaviour induced by the market profile of the new entity. They show that neither future profitability nor customer satisfaction can be globally correlated with mergers and acquisitions.
AI: Yes
AN: 0560429
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Record 28 of 262 in EconLit 1969-2001/09
TI: Le cas de l'industrie automobile: Fustions-acquistions et "strategies de profit." (Mergers and Acquisitions in the Automobile Industry: All Depends on "Profit Strategies." With English summary.)
AU: Boyer,-Robert; Freyssenet,-Michel
SO: Revue-Francaise-de-Gestion; 0(131), Nov.-Dec. 2000, pages 20-28..
AB: When can mergers, acquisitions and alliances in the automotive industry be considered successes? What about Renault-Nissan? The authors assert that all depends on the compatibility of the "profit strategies" of the two firms involved. They identify and analyse four strategies which constitute key factors of success: "volume and diversity," "quality," "permanent cost reduction for constant volume," and "innovation and flexibility." There is no "one best ways," but rather strategies which are more or less well-adapted to a given transaction.
AI: Yes
AN: 0560430
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Record 29 of 262 in EconLit 1969-2001/09
TI: Regroupements d'entreprises et droit de la concurrence: Mode d'emploi. (Mergers and Free Competition Law: A User's Guide. With English summary.)
AU: Georges,-Alain
SO: Revue-Francaise-de-Gestion; 0(131), Nov.-Dec. 2000, pages 42-52..
AB: The magnitude of some of today's mergers result in market concentrations which can threaten free market competition. To avoid subsequent penalties, delays, dilutions and even prohibitions, one must fully understand free competition law at both the national and the European level. To ensure the success of a proposed merger or acquisition, potential problems should be anticipated--both at the strategic level and also during the planning of the legal and financial aspects of the planned transaction.
AI: Yes
AN: 0560433
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Record 30 of 262 in EconLit 1969-2001/09
TI: Fusion-acquisition ou alliance? Gestion des risques et formes de rapprochement. (Merger-Acquisition or Alliance? Risk Management and Types of Rapproachement. With English summary.)
AU: Mayrhofer,-Ulrike
SO: Revue-Francaise-de-Gestion; 0(131), Nov.-Dec. 2000, pages 53-64..
AB: When two companies decide on a rapprochement, they must choose between merger or alliance. As in all strategic decisions, risk management considerations may come into play. Based on a study of more than 4000 international mergers and alliances of French and German companies, the author shows a relation between the approach taken and the "distance" between the two companies in terms of geography and line of business.
AI: Yes
AN: 0560434
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Record 31 of 262 in EconLit 1969-2001/09
TI: A qui profitent les fusions-acquisitions? Le regard du financier. (Who Benefits from Mergers and Acquisitions? A Financier's Viewpoint. With English summary.)
AU: Albouy,-Michel
SO: Revue-Francaise-de-Gestion; 0(131), Nov.-Dec. 2000, pages 70-84..
AB: What should one think of the latest wave of mergers and acquisitions in France? Should one encourage or, on the contrary, limit cash and stock buyouts? Based on a critical reading of the finance literature in France and abroad within frameworks as varied as efficient market theory, corporate restructuring and agency theory, the author summarises the current thinking regarding value creation through M & A. He examines the reasons for undertaking M & A and reflects as to whether it would be preferable, as employees and public opinion often demand, to limit them so as to preserve employment.
AI: Yes
AN: 0560436
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Record 32 of 262 in EconLit 1969-2001/09
TI: A Re-examination of Management Motives: In Related and Unrelated Acquisitions
AU: Archbold,-Stuart
SO: Economic-Issues; 5(3), December 2000, pages 63-86..
AB: Although there is now a vast empirical literature, there are considerable gaps in our understanding about management motives and strategies in respect of mergers and acquisitions. One tendency in the literature is to treat mergers and acquisitions as a homogeneous sample. This paper divides the various extant hypotheses into four wealth maximising and non-maximising classes and develops predictions about the correlations between share-holder wealth effects. These predictions are then tested with a sample of 552 UK mergers, via simple regression analysis. The results demonstrate considerable heterogeneity within the sample and show that simple one-dimensional sample bifurcations, often found in the literature, are unlikely to provide an adequate characterisation of strategic diversity. Preliminary tests on the full sample reveal up to one third of acquisitions are driven by managerial interests. However a more elaborate scrutiny shows that hubris in the form of over-valuation and the payment of excessive premiums is far more damaging for shareholder interests.
AI: Yes
AN: 0556665
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Record 33 of 262 in EconLit 1969-2001/09
TI: A Sealed-Bid Auction That Matches the English Auction
AU: Perry,-Motty; Wolfstetter,-Elmar; Zamir,-Shmuel
SO: Games-and-Economic-Behavior; 33(2), November 2000, pages 265-73..
AB: This paper analyzes a two-stage sealed-bid auction that is frequently employed in privatization, takeover, and merger and acquisition contests. This auction format yields the same expected revenue as the open ascending (English) auction, yet is less susceptible to preemptive bidding and collusion.
AI: Yes
AN: 0556884
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Record 34 of 262 in EconLit 1969-2001/09
TI: Market Concentration Levels in the U.S. Consumer Book Industry: 1995-1996
AU: Greco,-Albert-N..
SO: Journal-of-Cultural-Economics; 24(4), November 2000, pages 321-36..
AB: While many scholars have studied the impact mergers and acquisitions have had on market concentration levels in various industries, few have addressed the consumer book market, an important U.S. cultural industry. This paper: (1) defines the consumer book market; and (2) using consumer book mergers, sales data, the U.S. Department of Justice's 1992 merger guidelines, the Herfindahl-Hirschman Index, and four-firm and eight-firm concentration ratios tests whether an illegal level of market concentration or a violation of Justice's antitrust guidelines were evident in 1995 and 1996. Data on market entry barriers, outputs, and prices are also analyzed.
AI: Yes
AN: 0554239
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Record 35 of 262 in EconLit 1969-2001/09
TI: Mergers/Acquisitions and Restructuring in the EU Chemical Industry: Patterns and Implications
AU: Chapman,-Keith; Edmond,-Helen
SO: Regional-Studies; 34(8), November 2000, pages 753-67..
AI: No
AN: 0554659
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Record 36 of 262 in EconLit 1969-2001/09
TI: Signaling, Financial Slack and Corporate Acquisitions
AU: Bowers,-Helen-M.; Moore,-Norman-H.; Tse,-K.-S.-Maurice
SO: Review-of-Quantitative-Finance-and-Accounting; 15(3), November 2000, pages 195-216..
AB: This paper shows that under certain conditions a firm's decision concerning the optimal medium of exchange to use in acquiring another firm is related to the decision of which source of capital should be used to finance long-term projects. An example of this type of interaction occurs when the firm's only source of financing a positive net present value project is an equity issue. In a Myers and Majluf (1984) world of asymmetric information the value maximizing strategy for the firm is to forego the public equity offering and instead use a stock offer to acquire a firm possessing financial slack. The process is modeled using an extension of the Myers and Majluf (1984) model and demonstrates how the acquisition alternative allows managers to separate the signals regarding the investment and financing decisions. Including net pension assets into our measure of financial slack, we provide empirical supports for the ability of the extended model to explain observed merger activity.
AI: Yes
AN: 0554774
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Record 37 of 262 in EconLit 1969-2001/09
TI: Horizontal Mergers in the Paper Industry
AU: Pesendorfer,-Martin
SO: National Bureau of Economic Research Working Paper: 6751, October 1998, pages 25..
AB: This paper examines mergers and acquisitions in the US paper and
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