Journal articles on the topic 'Mergers'
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1
Fong, Ivan, Fenqi Wang, Kira Chan, Tyne Johnson-Dhillon, Jadeyn Trasolini, Dawn Behne, Allard Jongman, Joan Sereno, and Yue Wang. "Phonetic adaptation in conversation: The case of Cantonese tone merging." Journal of the Acoustical Society of America 155, no. 3_Supplement (March 1, 2024): A314. http://dx.doi.org/10.1121/10.0027635.
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Phonetic adaptation occurs when one interlocutor adjusts their speech to converge to or diverge from that of their conversation partner to enhance intelligibility. While most research investigates segmental adaptations, our study focuses on suprasegmentals, specifically Cantonese tone merging. Some Cantonese speakers (“mergers”) are found to merge certain lexical tones (e.g., mid-level Tone3 and low-level Tone6), which may cause confusions when interacting with non-merger speakers. Previous research has shown that a merger may unmerge a level tone pair (Tone3/Tone6) when shadowing a non-merger. However, still unclear is whether such changes result from automatic acoustic mimicking or reflect goal-oriented adaptations for intelligibility benefits. This study uses an unscripted conversation task involving a merger and a non-merger playing a video game, where productions of merged tones may cause confusions, thus motivating goal-oriented adaptations. Initial acoustic analyses focus on average F0 and F0 taken at 10 points along the contour in target Tone3 and Tone6 productions by mergers. Differences in these values for Tone3 versus Tone6 provide evidence that a merger is unmerging the tone pair. Preliminary results show increasing unmerging trends as the task progresses, suggesting progressive alignment toward a non-merger’s productions for intelligibility gains.
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Pazarskis, Michail, Nikolaos Giovanis, Andreas Koutoupis, and Aikaterini Chasiotou. "MERGER DECISIONS, ACCOUNTING INFORMATION AND PERFORMANCE STABILITY INSIDE AND OUTSIDE OF ECONOMIC CRISIS PERIODS: EVIDENCE FROM GREECE." Journal of Business Economics and Management 23, no. 5 (November 8, 2022): 1170–93. http://dx.doi.org/10.3846/jbem.2022.17697.
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This study examines the merger decisions from a sample of Greek listed companies in the economic crisis period and shortly after its end, by employing various quantitative and qualitative variables of mergers that signalize different levels of risk. The results revealed that the performance subsequent of mergers is not significantly different for the merged companies. But in comparison to control sample of companies without mergers for the examined period, the results reveal that merger transactions signalize a more stable profitability and better performance for the companies with mergers. Furthermore, merger events signalize different performance levels during and after the crisis: mergers that took place when there was no economic crisis are far more profitable and lead to better performance from mergers during the period of economic crisis. Last, regarding the industry relatedness of the merged firms, the industry type and the merger combination of merged companies, there is not any impact from them on the post-merger performance in the examined accounting measures. The study proposes for companies that during crisis periods maybe merger be the only way to survive and provide a stable profitability and accounting performance for shareholders.
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Koetter, Michael. "An Assessment of Bank Merger Success in Germany." German Economic Review 9, no. 2 (May 1, 2008): 232–64. http://dx.doi.org/10.1111/j.1468-0475.2008.00432.x.
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Abstract German banks have experienced a merger wave since the early 1990s. However, the success of bank mergers remains a continuous matter of debate.This paper suggests a taxonomy to evaluate post-merger performance on the basis of cost and profit efficiency (CE and PE). I identify successful mergers as those that fulfill simultaneously two criteria. First, merged institutes must exhibit efficiency levels above the average of non-merging banks. Second, banks must exhibit efficiency changes between merger and evaluation year above efficiency changes of nonmerging banks. I assess the post-merger performance up to 11 years after the mergers and relate it to the transfer of skills, the adequacy to merge distressed banks and the role of geographical distance. Roughly every second merger is a success in terms of either CE or PE. The margin of success in terms of CE is narrow, as efficiency differentials between merging and non-merging banks are around 1 and 2 percentage points. PE performance is slightly larger. More importantly, mergers boost in particular the change in PE, thus indicating persistent improvements of merging banks to improve the ability to generate profits.
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Ginzburg, Sivan, and Eugene Chiang. "Heavy-metal Jupiters by major mergers: metallicity versus mass for giant planets." Monthly Notices of the Royal Astronomical Society 498, no. 1 (August 19, 2020): 680–88. http://dx.doi.org/10.1093/mnras/staa2500.
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ABSTRACT Some Jupiter-mass exoplanets contain ${\sim}100\, {\rm M}_{\hbox{$\oplus $}}$ of metals, well above the ${\sim}10\, {\rm M}_{\hbox{$\oplus $}}$ typically needed in a solid core to trigger giant planet formation by runaway gas accretion. We demonstrate that such ‘heavy-metal Jupiters’ can result from planetary mergers near ∼10 au. Multiple cores accreting gas at runaway rates gravitationally perturb one another on to crossing orbits such that the average merger rate equals the gas accretion rate. Concurrent mergers and gas accretion implies the core mass scales with the total planet mass as Mcore ∝ M1/5 – heavier planets harbour heavier cores, in agreement with the observed relation between total mass and metal mass. While the average gas giant merges about once to double its core, others may merge multiple times, as merger trees grow chaotically. We show that the dispersion of outcomes inherent in mergers can reproduce the large scatter in observed planet metallicities, assuming $3{-}30\, {\rm M}_{\hbox{$\oplus $}}$ pre-runaway cores. Mergers potentially correlate metallicity, eccentricity, and spin.
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Veske, Doğa, Zsuzsa Márka, Andrew G. Sullivan, Imre Bartos, K. Rainer Corley, Johan Samsing, and Szabolcs Márka. "Have hierarchical three-body mergers been detected by LIGO/Virgo?" Monthly Notices of the Royal Astronomical Society: Letters 498, no. 1 (July 10, 2020): L46—L52. http://dx.doi.org/10.1093/mnrasl/slaa123.
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ABSTRACT One of the proposed channels of binary black hole mergers involves dynamical interactions of three black holes. In such scenarios, it is possible that all three black holes merge in a so-called hierarchical merger chain, where two of the black holes merge first and then their remnant subsequently merges with the remaining single black hole. Depending on the dynamical environment, it is possible that both mergers will appear within the observable time window. Here, we perform a search for such merger pairs in the public available LIGO and Virgo data from the O1/O2 runs. Using a frequentist p-value assignment statistics, we do not find any significant merger pair candidates, the most significant being GW170809-GW151012 pair. Assuming no observed candidates in O3/O4, we derive upper limits on merger pairs to be ∼11–110 yr−1 Gpc−3, corresponding to a rate that relative to the total merger rate is ∼0.1−1.0. From this, we argue that both a detection and a non-detection within the next few years can be used to put useful constraints on some dynamical progenitor models.
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Pathak, Hari Prasad. "Abnormal Returns around Mergers and Acquisitions in the Nepali Stock Market." Prithvi Journal of Research and Innovation 3, no. 1 (June 2, 2021): 26–42. http://dx.doi.org/10.3126/pjri.v3i1.37433.
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A merger includes two relatively equal entities that are combined to form one legal entity worth more than a sum of its two separate parts. In the last few years, many Nepali financial institutions have been consolidating through mergers and acquisitions. This paper aims to investigate how the stock market reacts when financial institutions announce mergers and acquisitions. This paper also examines the impact of cross-sectional variables on the abnormal returns obtained around merger announcements. The study covers 22 successful merger deals that occurred among 48 financial institutions over the period of 2004 to 2013. This paper used the event study method based on the market model to derive abnormal returns associated around the merger announcement date. The event dates are specified as the dates on which the mergers and acquisitions were announced. The results show that leaving a very few exceptional cases, none of the merged financial institutions received significant cumulative abnormal returns on the merger announcements, regardless of the use of different event periods. The cross-sectional regressions show that the pre-merger performance of target and relative market value are the significant influencing variables on acquirers' cumulative abnormal returns. The finding implies that Nepali financial institutions merge merely to increase their capital base without producing any synergistic effect. Therefore, they need strategic plans for choosing the right partner and achieving other benefits like synergy effect, economies of scale and cost reduction from mergers and acquisitions.
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Pickering, Steve, Seiki Tanaka, and Kyohei Yamada. "THE IMPACT OF MUNICIPAL MERGERS ON LOCAL PUBLIC SPENDING: EVIDENCE FROM REMOTE-SENSING DATA." Journal of East Asian Studies 20, no. 2 (April 3, 2020): 243–66. http://dx.doi.org/10.1017/jea.2020.1.
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AbstractHow are resources distributed when administrative units merge? We take advantage of recent, large-scale municipal mergers in Japan to systematically study the impact of municipal mergers within merged municipalities and, in particular, what politicians do when their districts and constituencies suddenly change. We argue that when rural and sparsely populated municipalities merge with more urban and densely populated municipalities, residents of the former are likely to see a reduced share of public spending because they lost political leverage through the merger. Our empirical analyses detect changes in public spending before and after the municipal mergers with remote sensing data, which allows for flexible units of analysis and enables us to proxy for spending within merged municipalities. Overall, our results show that politicians tend to reduce benefits allocated to areas where there are a small number of voters, while increasing the allocation to more populous areas. The micro-foundation of our argument is also corroborated by survey data. The finding suggests that, all things being equal, the quantity rather than quality of electorates matters for politicians immediately after political units change.
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Pazarskis, Michail, Manthos Vogiatzoglou, Andreas Koutoupis, and George Drogalas. "CORPORATE MERGERS AND ACCOUNTING PERFORMANCE DURING A PERIOD OF ECONOMIC CRISIS: EVIDENCE FROM GREECE." Journal of Business Economics and Management 22, no. 3 (February 18, 2021): 577–95. http://dx.doi.org/10.3846/jbem.2021.13911.
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Merger deals are one of the most important business strategies which can change the company value dramatically. Mergers have been constantly a subject of debate and analysis over the past decades. Thus, it is a matter of great interest to analyze merger activities during economic crisis periods, as it was in Greece recently. This paper explores the accounting performance of Greek listed companies after mergers in 2009–2015, the economic crisis period in Greece. Thus, all mergers of listed companies during the above period are initially examined through several financial ratios from financial statements for one year before and after the merger. The analysis of Greek listed companies that comprise the final sample is performed with several regression models. The study provides positive and statistically significant results for mergers, in the sense that the period of crisis that the merger took place is positively correlated with several performance measures. Regarding the industry relatedness, the study provides evidence that conglomerate mergers have more positive impact to the improvement of the companies’ profitability than non-conglomerate mergers. Last, for the merger events that take place far from the climax of the economic crisis, the profitability of merged companies is increased.
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Kjekshus, Lars, and Terje Hagen. "Do hospital mergers increase hospital efficiency? Evidence from a National Health Service country." Journal of Health Services Research & Policy 12, no. 4 (October 1, 2007): 230–35. http://dx.doi.org/10.1258/135581907782101561.
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Objectives: To analyse the effects on technical and cost efficiency of seven hospital mergers over the period 1992–2000 in Norway. The mergers involved 17 hospitals. Methods: First, efficiency scores were generated using Data Envelopment Analysis for 53 merged and non-merged hospitals over the nine years. Second, the effect of mergers was estimated through panel data analysis. Results: In general, the mergers showed no significant effect on technical efficiency and a significant negative effect of 2–2.8% on cost efficiency. However, positive effects on both cost and technical efficiency were found in one merger where more hospitals were involved, and where administration and acute services were centralized. Conclusion: The findings indicate that large mergers involving radical restructuring of the treatment process may improve efficiency as intended, but most mergers do not.
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Lang, Daniel W. "The Future of Merger What Do We Want Mergers To Do: Efficiency or Diversity?" Canadian Journal of Higher Education 33, no. 3 (December 31, 2003): 19–46. http://dx.doi.org/10.47678/cjhe.v33i3.183439.
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Mergers have been a frequent phenomenon in higher education in the last quarter century. The conventional wisdom is that mergers are undertaken mainly for economic reasons, either to expand markets or to reduce costs. About four out of five college or university mergers survive. In the for-profit sector the comparable rate is closer to two out of five. From this one might conclude that the future for mergers among colleges and universities is robust. If, however, the principal purpose of mergers is economic efficiency, there logically ought to be a point beyond which the efficacy of merger will begin to decline. There is, however, another motive for merger, which is unrelated to economic efficiency. Mergers can produce greater diversity of programs and services, both among individual colleges and universities and within systems of postsecondary education. If diversification is the primary purpose of merger, the future might look different and might depend on new ways of identifying peers and partners for merger. This essay examines the expectations that are held for mergers, the realism of those expectations, and the means by which partners in mergers are identified and selected. It concludes with the suggestions that diversification may replace efficiency as the main stimulus of merger, and that, as the choice is made between efficiency and merger, institutions and systems of post- secondary education may try other, less permanent, forms of inter-institutional cooperation before committing to merge.
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Kokkoris, Ioannis. "Assessment of Mergers Inducing Coordinated Effects in the Presence of Explicit Collusion." World Competition 31, Issue 4 (December 1, 2008): 499–522. http://dx.doi.org/10.54648/woco2008042.
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This article will analyse the issue of the assessment of the likelihood of a merger in a cartelised market inducing or enhancing coordinated effects. Although there is decisional practice on the impact of past coordination on the assessment of a merger’s likelihood of inducing coordinated effects, such decisional guidance is very rare as regards the assessment of mergers in cartelised markets. Mergers in cartelised markets should be assessed on a case–by–case basis. A presumption of illegality for such mergers should be avoided. A case–by–case analysis focusing on the pre–merger and post–merger market structure as well as on the incentives for continuing the collusion in the post–merger market has significantly more merit. Mergers in cartelised industries are not the cause of the adverse impact on competition. What should be assessed is the harm of the merger itself in the already anticompetitive market. If the merger induces a significant impediment to the existing level of reduced competition, then the merger should not be cleared (at least not without remedies). The concept of “significant” assumes great importance in such circumstances, as the merger may lead to an impediment but such impediment is not always significant in a market where explicit collusion occurs.
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Soegiharto, Soegiharto. "What Drives the Payment of Higher Merger Premiums?" Gadjah Mada International Journal of Business 11, no. 2 (May 14, 2009): 191. http://dx.doi.org/10.22146/gamaijb.5529.
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This study examines whether the premiums paid to targets firms are affected by bidder CEO overconfidence, merger waves, method of payment, industry of merged firms, and capital liquidity. Using merger data for the period spanning from 1991 to 2000, this study finds that CEOs pay less premiums in cash mergers and pay more premiums for mergers undertaken during the year of high capital liquidity. Moreover, the findings also demonstrate that CEOs tend to pay higher merger premiums for mergers that occur during merger waves and in high capital liquidity year. CEOs’ behavior, which is the main variable examined in this study, does not show any significant effect on the premiums paid. This suggests that the effect of CEO overconfidence on the premiums paid may be exaggerated.
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Evripidou, Loukia. "M&As in the airline industry: motives and systematic risk." International Journal of Organizational Analysis 20, no. 4 (October 5, 2012): 435–46. http://dx.doi.org/10.1108/19348831211268625.
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PurposeThe purpose of the current study was first to identify the motives for mergers, and second to examine the effect of mergers on the systematic risk of bidder firms in the airline industry.Design/methodology/approachTo evaluate the effect of mergers in the systematic risk, two different market models are estimated for each company in the sample, one with pre‐merger data and one with post‐merger data. Then the results obtained from the two data sets are compared so as to identify possible differences.FindingsThe study has identified three diving motives behind the merges, namely cost efficiency, economies of scale, and market power. All of these motives are expected to affect the new firm's earnings stream and in turn affect its systematic risk. With the use of the market model the individual merger results are mixed and in line with the relevant literature. Nonetheless, the average results showed a decrease in the post‐merger systematic risk.Research limitations/implicationsA reduced post‐merger systematic risk indicates a success in achieving management objectives. Mergers can generate synergetic gains from increasing cost efficiencies and/or scale economies and can also increase shareholders value through the reduction in the new firm's cost of capital. However, to have a more valid perspective a larger number of mergers should be included in the sample together with alternative calculation of systematic risk to test the robustness of the results.Originality/valueTaking into account the current economic hardship this paper addresses the issue of shareholders wealth maximization through mergers.
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Soegiharto, Soegiharto. "What Drive the Damage to Post-Merger Operating Performance?" Gadjah Mada International Journal of Business 12, no. 2 (May 12, 2010): 257. http://dx.doi.org/10.22146/gamaijb.5512.
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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
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Shi, Yanping. "Analysis of Financial Risks and Preventive Measures in The Process of Reverse Transnational Merger and Integration of Chinese Enterprises." Frontiers in Business, Economics and Management 14, no. 2 (April 6, 2024): 171–75. http://dx.doi.org/10.54097/f4kh1523.
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Reverse transnational merger and acquisition is a kind of international operation mode in which enterprises in emerging markets merge or acquire enterprises in advanced countries, so as to obtain strategic resources. This is also a "springboard" for enterprises in emerging economies to obtain foreign resources and quickly move to the international market. The Chinese government plays an important role in cross-border mergers and acquisitions, and the integration process is becoming more difficult and the merger is becoming more likely to fail. In addition, Chinese enterprises show new characteristics in many aspects, such as the object of merger and acquisition, the object of merger and acquisition, the industry and the way of merger and acquisition. Through cross-border mergers and acquisitions, enterprises can expand overseas markets, achieve transformation and upgrading, and improve the core competitiveness of enterprises. Based on the case of Geely Auto's acquisition of Volvo, this paper analyzes various financial risks it faces in overseas mergers and acquisitions, and puts forward corresponding countermeasures for Chinese enterprises to prevent and guard against financial risks in overseas mergers and acquisitions and promote the smooth progress of mergers and acquisitions.
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Yamada, Kyohei. "From a Majority to a Minority: How Municipal Mergers in Japan Changed the Distribution of Political Powers and the Allocation of Public Services Within a Merged Municipality." Urban Affairs Review 54, no. 3 (September 22, 2016): 560–92. http://dx.doi.org/10.1177/1078087416669603.
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This article examines whether or not municipal mergers change the perceived level of public services within a merged municipality. I argue that residents of small municipalities that merge with larger neighbors lose political powers after the mergers; they become a minority within a merged municipality, and their electoral importance declines accordingly. As a result, the level of public services to the merged localities is expected to decrease. I test this argument by focusing on the nationwide concurrence of municipal mergers in Japan that rapidly took place in the 2000s. I conducted a survey of voters in rural municipalities that merged and those that remained intact during this wave of mergers. Using the responses to the survey, I demonstrate that the level of public services, as perceived by the respondents, declined more significantly in municipalities with mergers than in municipalities without.
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Ivancevich, Susan H., and Asghar Zardkoohi. "An Exploratory Analysis of the 1989 Accounting Firm Megamergers." Accounting Horizons 14, no. 4 (December 1, 2000): 389–401. http://dx.doi.org/10.2308/acch.2000.14.4.389.
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The 1989 “megamergers” (creating Ernst & Young and Deloitte & Touche), as well as recent merger activity within the accounting profession, have attracted widespread attention from regulators. Given the magnitude of such mergers, and the regulatory interest generated by them, it becomes increasingly important to understand the impact that such mergers have within the public accounting market. This study is a descriptive exploratory investigation into the effects of the 1989 mergers. Data for the firms involved in the mergers were compared to data for competitor firms not involved in the mergers (direct rivals) to help to control for the effect of market forces. The post-merger period was characterized by a slight decline in market share for the merged firms compared to their direct rivals, a decline in audit price for both groups, and a decrease in factor costs for the merged firms relative to their direct rivals. The results of data analysis are consistent with the premise that 1989 megamergers predominantly resulted in increased efficiencies within the audit market that were then passed through to end-users in the form of lower prices. Further study is needed to determine whether these efficiencies within the audit market were offset by market power influences in nonaudit services.
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Quai, Salvatore, Maan H. Hani, Sara L. Ellison, David R. Patton, and Joanna Woo. "Interacting galaxies in the IllustrisTNG simulations – III. (The rarity of) quenching in post-merger galaxies." Monthly Notices of the Royal Astronomical Society 504, no. 2 (April 12, 2021): 1888–901. http://dx.doi.org/10.1093/mnras/stab988.
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ABSTRACT Galaxy mergers are traditionally one of the favoured mechanisms for the transformation of spiral galaxies to spheroids and for quenching star formation. To test this paradigm in the context of modern cosmological simulations, we use the IllustrisTNG simulation to investigate the impact of individual merger events on quenching star formation [i.e. star formation rate (SFR) at least 3σ below the star-forming main sequence] within 500 Myr after the coalescence phase. The rate of quenching amongst recently merged galaxies is compared with a control sample that is matched in redshift, stellar mass, SFR, black hole mass, and environment. We find quenching to be uncommon among the descendants of post-merger galaxies, with only ${\sim} 5{{\ \rm per\ cent}}$ of galaxies quenching within 500 Myr after the merger. Despite this low absolute rate, we find that quenching occurs in post-mergers at twice the rate of the control galaxies. The fraction of quenched post-merger descendants 1.5 Gyr after the merger become statistically indistinguishable from that of non-post-mergers, suggesting that mergers could speed up the quenching process in those post-mergers whose progenitors had physical conditions able to sustain effective active galactic nuclei (AGN) kinetic feedback, thus capable of removing gas from galaxies. Our results indicate that although quenching does not commonly occur promptly after coalescence, mergers none the less do promote the cessation of star formation in some post-mergers. We find that, in IllustrisTNG, it is the implementation of the AGN kinetic feedback that is responsible for quenching post-mergers, as well as non-post-merger controls. As a result of the released kinetic energy, galaxies experience gas loss and eventually they will quench. Galaxies with an initially low gas fraction show a preferable pre-disposition towards quenching. The primary distinguishing factor between quenched and star-forming galaxies is gas fraction, with a sharp boundary at fgas ∼ 0.1 in TNG.
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Beniamini, Paz, and Tsvi Piran. "Ultrafast Compact Binary Mergers." Astrophysical Journal 966, no. 1 (April 23, 2024): 17. http://dx.doi.org/10.3847/1538-4357/ad32cd.
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Abstract The duration of orbital decay induced by gravitational waves (GWs) is often the bottleneck of the evolutionary phases going from star formation to a merger. We show here that kicks imparted to the newly born compact object during the second collapse generically result in a GW merger time distribution behaving like dN / d log t ∝ t 2 / 7 at short durations, leading to ultrafast mergers. Namely, a nonnegligible fraction of neutron star binaries, formed in this way, will merge on a timescale as short as 10 Myr, and a small fraction will merge even on a timescale less than 10 kyr. The results can be applied to different types of compact binaries. We discuss here the implications for binary neutron star mergers. These include unique short gamma-ray bursts (GRBs), eccentric and misaligned mergers, r-process enrichment in the very early Universe and in highly star-forming regions, and possible radio precursors. Interestingly, we conclude that among the few hundred short GRBs detected so far, a few must have formed via this ultrafast channel.
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Zhang, Yunzhou, and Linda Nozick. "Investigating the Pricing Impacts of the American Airlines and US Airways Merger." Transportation Research Record: Journal of the Transportation Research Board 2672, no. 23 (April 19, 2018): 15–19. http://dx.doi.org/10.1177/0361198118758682.
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In 2013, American Airlines merged with US Airways creating the largest airline in the world. This paper analyzes this merger’s effect on domestic airline ticket pricing using the Department of Transportation’s 10% ticket sample. This analysis confirmed insights that have been identified in prior analyses including in which there is heightened competition, prices are lower. It also demonstrates again that mergers can be correlated with rising prices. What is perhaps novel is that although legacy carriers generally increased prices post-merger, low-cost carriers did not appear to have that same freedom. Rather, they lowered prices, and those fare reductions were largest in markets for which American Airlines and US Airways played a larger role pre-merger.
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Osarenkhoe, Aihie, and Akmal Hyder. "Marriage for better or for worse? Towards an analytical framework to manage post-merger integration process." Business Process Management Journal 21, no. 4 (July 6, 2015): 857–87. http://dx.doi.org/10.1108/bpmj-07-2014-0070.
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Purpose – A review of extant literatures shows that most mergers fail during the integration process. Little is known about how the realization of operating synergies and dissemination of available know-how in the merged firm are managed in the post-merger phase. The purpose of this paper is to provide insights on the process of integrating operating synergies by focusing on the critical success factors that facilitate integration of the skills of merged banks. Design/methodology/approach – The authors draw on three research traditions in merger literature and reconcile them with three dimensions of integration. In-depth interviews were conducted with Nordea managers from four Nordic countries. Findings – Having learned from the mistakes of previous mergers, Nordea’s “guiding star” for managing its post-merger integration process was expressed as focus, speed and performance from top management. A hands-on leadership style, vision-led thinking, a bias for action, involvement of the entire staff, continuous focus on customers, open and honest communication with employees are critical to success. Practical implications – The motive for a merger has an important impact on the degree of interaction and degree of integration. The authors expand on previous findings by, among other things, synthesizing three theoretical lenses into an integrative model, and addresses post-merger issues with a sharp eye towards clear managerial relevance. Originality/value – The authors respond to the call to expand inter-firm relationships study beyond the narrow dyadic relationship focus and not solely conceptualize mergers as one of companies’ entry modes to implement mechanistic growth strategy. The three dimensions of integration imbued with three research traditions in merger literature provides us with a conceptual lens to conceive mergers also as engines for change emerging from the merged firms to enhance a bespoke performance of their business process.
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Faisal Khan, Abu Naiahn, Kabir Hassan, Neal Maroney, and Jose Francisco Rubio. "Efficiency, Value addition and performance of US bank mergers." Corporate Ownership and Control 14, no. 1 (2016): 59–72. http://dx.doi.org/10.22495/cocv14i1p6.
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There is little consensus regarding the overall performance of mergers and acquisitions in the banking industry. The goal of this paper is to investigate the change in operating performance, efficiency, and value addition of US bank mergers and acquisitions after GLBA. We extend the previous research by combining all the previous methodologies used in mergers and acquisitions studies and add a new methodology, namely Expected EVA improvement. We will test whether these performance metrics yield similar results or if the performance of mergers varies depending on the measurements. We will also examine the factors that have significant impact on changes in bank performance. Our empirical results lead to the conclusion that the industry-adjusted operating performance of merged banks increases significantly after a merger. This finding is consistent with the findings of Cornett et al. (2006).We also find that the acquirer expected EVA improvement increases significantly after a merger. Revenue enhancement opportunity appears to be more profitable if there exists more opportunity for cost cutting such as geographically focused and diversified mergers. Product diversification mergers increase the industry adjusted performance more than product focused mergers. The efficiency or profitability of targets have either a positive or no effect on acquirer performance.
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Hoemann, Elena, Stefan Heigl, and Andreas Burkert. "Merging filaments I: a race against collapse." Monthly Notices of the Royal Astronomical Society 507, no. 3 (June 14, 2021): 3486–94. http://dx.doi.org/10.1093/mnras/stab1698.
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ABSTRACT The interstellar medium is characterized by an intricate filamentary network that exhibits complex structures. These show a variety of different shapes (e.g. junctions, rings, etc.) deviating strongly from the usually assumed cylindrical shape. A possible formation mechanism are filament mergers that we analyse in this study. Indeed, the proximity of filaments in networks suggests mergers to be rather likely. As the merger has to be faster than the end dominated collapse of the filament along its major axis, we expect three possible results: (a) The filaments collapse before a merger can happen, (b) the merged filamentary complex shows already signs of cores at the edges, or (c) the filaments merge into a structure which is not end-dominated. We develop an analytic formula for the merging and core-formation time-scale at the edge and validate our model via hydrodynamical simulations with the adaptive-mesh-refinement-code ramses. This allows us to predict the outcome of a filament merger, given different initial conditions which are the initial distance and the respective line-masses of each filament as well as their relative velocities.
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Cheng, Zhengqiu, Yuting Zhou, and Lingrui Zhu. "Case study of Midea Group’s merger with Little Swan." Frontiers in Humanities and Social Sciences 4, no. 2 (February 29, 2024): 82–87. http://dx.doi.org/10.54691/a3n20b08.
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Faced with fierce market competition and changing markets, many companies choose mergers and acquisitions to expand business scale or achieve new business directions, expand into new areas, achieve business diversification, improve competitiveness, and maintain original business conditions and field. In recent years, other companies that need to merge can refer to the analysis results and make correct merger and acquisition decisions by analyzing the performance of the merged company. This article introduces the merger and acquisition of Swan on the American Stock Exchange, and uses financial performance analysis and case analysis techniques to analyze the financial performance of the Midea Group's merger and acquisition. It is hoped that the analysis results will have certain reference value and relevance to the merged company.
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Dresselhaus, Angela. "Extending Access to Electronic Resources of a Merged Community College and University Library." Collaborative Librarianship 4, no. 4 (2012): 175–82. http://dx.doi.org/10.29087/2012.4.4.07.
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Utah State University and the College of Eastern Utah merged in July 2010, necessitating the renegotiation of all electronic resource licenses. The author discusses the process of renegotiating licenses, providing access to electronic collections remotely, troubleshooting and other important areas regarding libraries and mergers in higher education. This paper will provide an Electronic Resource Merger Guide to assist future library mergers.
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Dresselhaus, Angela. "Extending Access to Electronic Resources of a Merged Community College and University Library." Collaborative Librarianship 4, no. 4 (2012): 175–82. http://dx.doi.org/10.29087/2012.4.4.07.
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Utah State University and the College of Eastern Utah merged in July 2010, necessitating the renegotiation of all electronic resource licenses. The author discusses the process of renegotiating licenses, providing access to electronic collections remotely, troubleshooting and other important areas regarding libraries and mergers in higher education. This paper will provide an Electronic Resource Merger Guide to assist future library mergers.
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Nadeem, Ayyaz, Muhammad Irfan, Zulfiqar Ali, and Shoukat Ali. "Behavioral and Rational Explanation of Stock Price Performance Around Mergers and Acquisitions in Pakistan: Evidence from Decomposition of Market to Book Ratio." Asian Bulletin of Big Data Management 4, no. 1 (February 9, 2024): 38–52. http://dx.doi.org/10.62019/abbdm.v4i1.102.
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This study aims to analyze the firm-specific errors (FSSE) as a proxy for mis-valuation and the long-run value-to-book ratio as a proxy for growth opportunities during mergers and acquisitions. In this study, the researcher used the RKRV methodology, which was developed in 2004, to analyze firm-specific errors and future growth opportunities by decomposing the market-to-book ratio in the merged organization of the Pakistani financial sector. The researcher used the mergers and acquisitions data from the financial sector from 2000 to 2021. For the purpose of analysis, the researcher prepared one year of pre-merger and three years of the merger performance of merged financial institutions and compared it with nonmerger financial institutions. The results of non-zero log differences between market values and fundamental values show that in Pakistan firms, firm-specific errors (FSSE) exist in the merged and nonmerger financial institutions. The second component of this methodology was to calculate the long-run value of the book (LRVTB) by taking the difference between the estimated market value and the firm's book value as a proxy for long-run growth opportunities. The results show that no long-run growth opportunities exist in Pakistan's merged and non-merged financial institutions because the difference between estimated market value and book value is negative. The third component of this study is to estimate time series sector error (TSSE) by taking log differences between fundamental value and estimated market value if the firm-specific error exists in the valuation of firms and there are no long-run growth opportunities. The results show that time series sector error also exists in the valuation of financial institutions. The researcher concludes that the mergers and acquisitions intentions are to meet the minimum capital requirement enforced by The State Bank of Pakistan. The merger and acquisition activities that took place during the years 2000 to 2011 are the legislative mergers. The results satisfy the economic shocks theory. There is no issue of agency problems, whether mergers are successful.
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Hastings, Ryan, and Yvette Richardson. "Long-Term Morphological Changes in Simulated Supercells Following Mergers with Nascent Supercells in Directionally Varying Shear." Monthly Weather Review 144, no. 2 (January 29, 2016): 471–99. http://dx.doi.org/10.1175/mwr-d-15-0193.1.
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Abstract Mergers involving supercells remain a challenge for severe thunderstorm forecasting. In this study, mergers between supercells and ordinary cells (e.g., cells forming in a similar environment but too young to be fully developed supercells) are investigated. A series of numerical experiments are performed using an idealized, homogenous environment supportive of cyclonically rotating, right-moving supercells. Warm bubbles are introduced at different times, resulting in two storms of different maturity; their placement is used to control the location of the merger and the relative maturity of the second storm. Simplified conceptual models for the long-term outcomes of mergers are developed. In the simplest mode of merger, outflow from the new cell cuts off inflow to the original. If the new cell’s cold pool is not sufficiently strong to cut off the inflow to the original cell, the minimum separation of the updraft maxima during the merger becomes a key controlling factor in the outcome. If it is less than 10 km, an updraft collision occurs, resulting in a classic supercell. If it is greater than 20 km and the new cell merges into the original cell’s forward flank, a dual-cell system results. If it is between 10 and 20 km, the enhanced precipitation produced during the merger leads to a cold pool surge and an updraft bridge, joining the original updrafts and developing into either a small bow echo (with forward-flank mergers) or a supercell on the classic high-precipitation spectrum (with rear-flank mergers), depending on the distribution of precipitation in the merging system.
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Moisio, Antti, and Roope Uusitalo. "The Impact of Municipal Mergers on Local Public Expenditures in Finland." Public Finance and Management 13, no. 3 (September 2013): 148–66. http://dx.doi.org/10.1177/152397211301300302.
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This article examines the effects on expenditure of municipal mergers that took place in Finland between 1970 and 1981. We collected data on pairs of municipalities that merged after 1970, and matched these with the similar municipal pairs that remained independent using characteristics from the years immediately before the merger. We compared the changes in per capita spending after the merger in the municipalities that merged to the municipalities that remained independent over the same time period. Our results indicate that municipal mergers did not lead to lower per capita spending. In most spending categories, the per capita expenditure increased more in the merged municipalities than in the comparison group. Only in the category of general administration did the per capita spending decrease; however this decrease was far smaller than the increase in spending in other categories. For the first years of the mergers, the spending increases may be explained by transitional costs, such as acquisition of new technology, renovation of existing facilities and upward harmonization of wages and salaries. Nevertheless, it is striking to find that even ten years after amalgamation, spending was still higher in the merged municipalities compared to similar municipalities that chose to stay independent.
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Volonteri, Marta, Tamara Bogdanović, Massimo Dotti, and Monica Colpi. "Massive Black Holes in Merging Galaxies." Proceedings of the International Astronomical Union 11, A29B (August 2015): 285–91. http://dx.doi.org/10.1017/s1743921316005366.
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AbstractThe dynamics of massive black holes (BHs) in galaxy mergers is a rich field of research that has seen much progress in recent years. In this contribution we briefly review the processes describing the journey of BHs during mergers, from the cosmic context all the way to when BHs coalesce. If two galaxies each hosting a central BH merge, the BHs would be dragged towards the center of the newly formed galaxy. If/when the holes get sufficiently close, they coalesce via the emission of gravitational waves. How often two BHs are involved in galaxy mergers depends crucially on how many galaxies host BHs and on the galaxy merger history. It is therefore necessary to start with full cosmological models including BH physics and a careful dynamical treatment. After galaxies have merged, however, the BHs still have a long journey until they touch and coalesce. Their dynamical evolution is radically different in gas-rich and gas-poor galaxies, leading to a sort of “dichotomy” between high-redshift and low-redshift galaxies, and late-type and early-type, typically more massive galaxies.
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Paul, Donna L. "Board changes following mergers." Corporate Ownership and Control 5, no. 3 (2008): 67–74. http://dx.doi.org/10.22495/cocv5i3p8.
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This study documents an overall increase in board independence and size following completed mergers. The increase in board size is positively related to the size of the target firm, suggesting either that large targets have bargaining power to negotiate inclusion of their directors on the board of the merged firm, or that high target director representation is perceived to be vital in mergers of equals. The change in board independence is positively related to post-merger cash flow difficulty, suggesting that independent directors are more likely to be added if the firm faces financial constraints.
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Postma, Jeroen, and Anne-Fleur Roos. "Why healthcare providers merge." Health Economics, Policy and Law 11, no. 2 (May 9, 2015): 121–40. http://dx.doi.org/10.1017/s1744133115000304.
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AbstractIn many OECD countries, healthcare sectors have become increasingly concentrated as a result of mergers. However, detailed empirical insight into why healthcare providers merge is lacking. Also, we know little about the influence of national healthcare policies on mergers. We fill this gap in the literature by conducting a survey study on mergers among 848 Dutch healthcare executives, of which 35% responded (resulting in a study sample of 239 executives). A total of 65% of the respondents was involved in at least one merger between 2005 and 2012. During this period, Dutch healthcare providers faced a number of policy changes, including increasing competition, more pressure from purchasers, growing financial risks, de-institutionalisation of long-term care and decentralisation of healthcare services to municipalities. Our empirical study shows that healthcare providers predominantly merge to improve the provision of healthcare services and to strengthen their market position. Also efficiency and financial reasons are important drivers of merger activity in healthcare. We find that motives for merger are related to changes in health policies, in particular to the increasing pressure from competitors, insurers and municipalities.
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Cao, Zhiying, Liangjian Wang, and Yang Zhang. "Environmental Effects of City–County Mergers in China: Strengthening Governance or Aggravating Pollution?" Sustainability 14, no. 9 (May 5, 2022): 5522. http://dx.doi.org/10.3390/su14095522.
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Green and high-quality development is the focus of China’s urban development strategy in the new era. The city–county merger policy has been one of several powerful tools used by the Chinese government to promote urbanization in recent decades, but whether and how it influences the environment has been rarely discussed. Using the multi-period difference-in-differences method and urban panel datasets, we investigated the environmental effects of the city–county merger policy in China from 2000–2016 and obtained the following results. First, the city–county mergers significantly reduce the environmental pollution of merged cities. The robustness tests support this conclusion. Second, the effects of city–county mergers on environmental pollution control decrease with the increase in geographical distance between the merged cities and counties; the smaller the differences in economic strength of merged cities and counties, the better the coordinated control of environmental pollution; the environmental governance effects of merged cities in the eastern region are lower than those in the central and western regions. Third, by intensifying the vertical management of urban environmental protection agencies, unified urban planning and fiscal centralization, the city–county mergers can strengthen the overall environmental governance capabilities of merged cities, reduce the negative effects of urbanization, and ultimately improve the environmental quality.
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Schilling, Melissa A. "Potential Sources of Value from Mergers and Their Indicators." Antitrust Bulletin 63, no. 2 (April 24, 2018): 183–97. http://dx.doi.org/10.1177/0003603x18770068.
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Firms engage in mergers for many reasons, some of which create value for both the firm’s shareholders and society, some that create value only for the firm’s shareholders, and some that fail even to do that. A considerable body of research concludes that most mergers do not create value for anyone, except perhaps the investment bankers who negotiated the deal. For a merger to create value, it will usually be necessary that one or both parties is below minimum efficient scale or has valuable underutilized assets. Furthermore, unless heavy coordination and long-term commitment are required, many sources of value from mergers can be achieved through collaboration agreements or other contracts, with less risk to the firms and to economic efficiency. This article outlines the major sources of potential value in mergers, and indicators that can give us insight into a merger’s true motives and its likelihood of creating value.
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Das Varma, Gopal, and Martino De Stefano. "Equilibrium Analysis of Vertical Mergers." Antitrust Bulletin 65, no. 3 (June 3, 2020): 445–58. http://dx.doi.org/10.1177/0003603x20929138.
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Vertical mergers are known to potentially create an incentive for the merged firm to raise the price of inputs it supplies to its rivals (raising rivals’ cost [RRC]). At the same time, vertical mergers are known to create efficiencies in the form of elimination of double marginalization (EDM). Competitive effects of vertical mergers are evaluated as the net effect of RRC and EDM. Conventional antitrust techniques treat the two effects—RRC and EDM—as separable and analyze each in isolation before evaluating their net effect. We show that in an equilibrium treatment, RRC and EDM are not separable; instead, they are inseparably linked because the size of EDM is an important determinant of the strength of the RRC incentive. When the link between EDM and RRC is taken into account, predicted price effects of a vertical merger can turn out to be significantly different relative to those predicted by conventional techniques. Under certain commonly used assumptions, a vertical merger may even create an incentive for the merged firm to lower its rivals’ cost. The precise price effect depends on two things: the shape of demand and the bargaining power of the upstream input supplier in its price negotiations with downstream firms.
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Williams, Dunc, Kristin L. Reiter, George H. Pink, G. Mark Holmes, and Paula H. Song. "Rural Hospital Mergers Increased Between 2005 and 2016—What Did Those Hospitals Look Like?" INQUIRY: The Journal of Health Care Organization, Provision, and Financing 57 (January 2020): 004695802093566. http://dx.doi.org/10.1177/0046958020935666.
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The objective of this study is to determine whether key hospital-level financial and market characteristics are associated with whether rural hospitals merge. Hospital merger status was derived from proprietary Irving Levin Associates data for 2005 through 2016 and hospital-level characteristics from HCRIS, CMS Impact File Hospital Inpatient Prospective Payment System, Hospital MSA file, AHRF, and U.S. Census data for 2004 through 2016. A discrete-time hazard analysis using generalized estimating equations was used to determine whether factors were associated with merging between 2005 and 2016. Factors included measures of profitability, operational efficiency, capital structure, utilization, and market competitiveness. Between 2005 and 2016, 11% (n = 326) of rural hospitals were involved in at least one merger. Rural hospital mergers have increased in recent years, with more than two-thirds (n = 261) occurring after 2011. The types of rural hospitals that merged during the sample period differed from nonmerged rural hospitals. Rural hospitals with higher odds of merging were less profitable, for-profit, larger, and were less likely to be able to cover current debt. Additional factors associated with higher odds of merging were reporting older plant age, not providing obstetrics, being closer to the nearest large hospital, and not being in the West region. By quantifying the hazard of characteristics associated with whether rural hospitals merged between 2005 and 2016, these findings suggest it is possible to determine leading indicators of rural mergers. This work may serve as a foundation for future research to determine the impact of mergers on rural hospitals.
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Slater, Martin, James Fairburn, and John Kay. "Mergers and Merger Policy." Economic Journal 100, no. 401 (June 1990): 633. http://dx.doi.org/10.2307/2234157.
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Cable, John. "Mergers and merger policy." International Journal of Industrial Organization 9, no. 1 (March 1991): 166–68. http://dx.doi.org/10.1016/0167-7187(91)90013-b.
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Watakah, Lilian N. "Mergers and Acquisition and Financial Performance of Insurance Companies." Journal of Finance and Accounting 6, no. 3 (September 21, 2022): 119–39. http://dx.doi.org/10.53819/81018102t4071.
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The purpose of this study was to determine the effect of mergers and acquisition on financial performance of insurance companies in Kenya. The specific objectives were; determine effect of marketing networks, investigate effect of product merger, determine effect of asset merger and to assess the effect of price merger on financial performance of insurance companies in Kenya. The study design was panel design targeting11 insurance companies that had undergone merger and acquisition for the period 2000-2020. Secondary data covering the years 2000 to 2020 was collected for the study. The pre and post M&A performance ratios was compared to see if there was any statistically significant change in performance of the insurance companies before and after M&A using panel regression analysis. The findings revealed that marketing network, product merger, asset merger and price merger were able to contribute to 33.05% of the effects of mergers and acquisition on the financial performance of insurance firms in Kenya pre- merger/acquisition. However, the four independent variables were able to explain 53.11percent of the variation in financial performance of merged/acquired insurance companies in Kenya. The regression analysis results pre-merger revealed that there was a positive and significant relationship between marketing network and financial performance (β =.1240957, p=0.009), product merger had positive but insignificant influence on financial performance (β =.0082009, p=0.207), asset merger had positive and significant effect on financial performance (β =.012258, p=0.048), log of price merger had positive, but insignificant effect on financial performance (β =.0006586, p=0.978). However, post mergers results revealed that there was a positive and significant relationship between marketing network and financial performance of insurance companies in Kenya (β =.282855, p=0.000), product merger had positive but insignificant influence on financial performance post-merger (β =.0100136, p=0.199), asset merger had positive and significant effect on financial performance (β =.0179906, p=0.013), the log of price merger had positive, and significant effect on financial performance (β =.0013557, p=0.978).The study concludes that post-merger financial performance was higher than pre-merger financial performance indicating that that merged/acquired insurance firms had improved financial performance. The study thus recommended that for insurance firms seeking to improve on their financial performance, a merger/acquisition would be one of the options to consider. Keywords: Mergers, Acquisition, Marketing networks, Product merger, Asset merger, Price merger, Financial performance.
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Soundarya, M. Baby, S. Moghana Lavanya, and S. Hemalatha. "Merger and Acquisition of Business Organization and Its Impact on Human Resources." Journal of Business Strategy Finance and Management 1 and 2, no. 1 and 2 (December 28, 2019): 69–72. http://dx.doi.org/10.12944/jbsfm.01.0102.07.
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There is an assumption that, when merger and acquisition takes place, two companies join together will have greater value than the companies functioning alone, ie., to create synergy. Merger and acquisition among the companies are gaining its momentum, due to the enhanced competition among the corporates in domestic and the global market. This paper discusses about merger and acquisition and the motives behind it. Some mergers and acquisitions are unsuccessful due to some factors like financial, marketing and operational issues. Human resource problems in the merged companies also resulted in the failure of the mergers and acquisitions. So, this article proposes to discuss about HR issues at each phase of merger and acquisition, strategies to overcome the issues were also discussed.
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Conselice, Christopher J. "Galaxy Mergers and Interactions at High Redshift." Proceedings of the International Astronomical Union 2, S235 (August 2006): 381–84. http://dx.doi.org/10.1017/s1743921306010222.
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AbstractIn this review we discuss the evidence for galaxy interactions and mergers in the distant universe and the role of mergers in forming galaxies. Observations show that the fraction of massive (M>M*) galaxies involved in major mergers is roughly 5–10% at z ~ 1. The merger fraction however increases steeply for the most massive galaxies up to z ~ 3, where the merger fraction is 50± 20%. Using N-body models of the galaxy merger process at a variety of merger conditions, merger mass ratios, and viewing angles this merger fraction can be converted into a merger rate, and mass accretion rate due to mergers. A simple integration of the merger rate shows that a typical massive galaxy at z ~ 3 will undergo 4–5 major mergers between z ~ 3 and z ~ 0, with most of this activity, and resulting mass assembly, occurring at z>1.5.
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Brennan, Timothy J. "Vertical Mergers, The Coase Theorem, And The Burden of Proof." Journal of Competition Law & Economics 16, no. 4 (June 10, 2020): 488–510. http://dx.doi.org/10.1093/joclec/nhaa015.
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Abstract The challenge by the Department of Justice (DOJ) to AT&T’s acquisition of Time Warner, and a prior challenge by DOJ and Federal Communications Commission to Comcast’s acquisition of NBC-Universal, has increased attention on vertical mergers. The standard approach identifies a tactic that the merged firm would employ that is both profitable and harms consumers. This approach misses the target; a profitable but anticompetitive tactic may be necessary but is not sufficient. The “Coase theorem” implies that courts and enforcement agencies should instead focus on why vertical integration is necessary to achieve an outcome that would be profitable to the merging firms. The focus on the tactic rather than why ownership matters presumes that vertical merger is necessary, without supporting theory or evidence. The same proposition should hold for horizontal mergers, but the required strength of evidence is greater for vertical mergers because mergers between complement providers are first-order beneficial and the conduct facilitated by horizontal mergers but not vertical mergers is typically illegal.
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Andriyani, Ima, Yuliani Yuliani, and Agustina Marzuki. "Company Life Cycle, Merger Activities in Indonesia." Integrated Journal of Business and Economics 7, no. 3 (October 31, 2023): 607. http://dx.doi.org/10.33019/ijbe.v7i3.755.
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This study aims to explain and analyze the influence of the company's life cycle on the probability of conducting mergers, shareholder wealth, percentage of company stock ownership and payment methods by mergers . The sample of the research is 36 companies that have merged and acquired in Indonesia which are listed on the Indonesia Stock Exchange (BEI) in the period 2018-2022. Data analysis uses logistic regression and multiple linear regression methods . The results showed the company's life cycle did not significantly affect the probability of companies doing mergers . The company's life cycle has a significant effect on shareholder wealth. the company's life cycle has no significant effect on the percentage of share ownership , the company's life cycle has a positive and significant effect on payment methods for companies that have made mergers . The theoretical implications of this study provide an overview / explanation of the company's life cycle of the activities of mergers in company policy seen from the company's growth prospects. Keywords: Company life cycle, Merger Activities
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Aremu, Paul Olabode. "Assets Valuation, Mergers and Acquisitions of Business Organisations in Nigeria." Journal of Finance and Accounting 7, no. 1 (February 18, 2023): 60–75. http://dx.doi.org/10.53819/81018102t4123.
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Although merger and acquisition is very crucial to the growth of organizations, to assess the potential profit and benefits of mergers and acquisitions, company valuation is required. Nevertheless it seems that wrong valuation choices has affected the decisions of many organization as regarding which company to merge with or which one to acquire and this has also affected many business organization. Studies have had inconclusive findings thereby creating a gap which needs to be filled. Hence, this study examined the effect of assets valuation on mergers, and acquisition of selected money deposit banks in Nigeria. This study quantitatively examined how assets valuation affects merger and acquisition of selected money deposit banks in Nigeria. The study employed survey research design. A stratified selection strategy was used to choose a representative sample from the research population. Data were analysed using descriptive and inferential statistics. The study findings shows that Assets valuation has a positive significant effect on mergers, and acquisition of selected money deposit banks in Nigeria (Adj R2 = .279, f = 127.375, p<0.05). The result of hypothesis concluded that assets valuation had a significant effect on merger and acqusition of selected money deposit banks in Nigeria in Nigeria. Based on the findings, the study recommend that adequate valuation of assets be examined or carried before acquiring a bank. Also investors should only invest or merge with banks whose assets have appreciable outlook so as to remain profitable at a long run. Keyword: Assets, Acquisitions, Stakeholders, Mergers, Valuation
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Färe, Rolf, Hirofumi Fukuyama, and William L. Weber. "A Mergers and Acquisitions Index in Data Envelopment Analysis." International Journal of Information Systems and Social Change 1, no. 2 (April 2010): 1–18. http://dx.doi.org/10.4018/jissc.2010040101.
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In this paper, a dynamic network DEA model is developed to evaluate the potential gains in final output from a merger of two firms. The two firms are allowed to have different production technologies or share a common technology. In a beginning period each firm uses period specific inputs to produce a final output and an intermediate output that becomes an input in the production of final outputs in a subsequent period. Firms that merge can use the intermediate input of one firm to produce final output for the other firm, leading to gains in final output for the two merged firms over what the firms could have produced individually. The method is applied to study Japanese cooperative Shinkin banks during 2003 to 2007. Mergers between banks in Nagasaki, Kagoshima, and Miyazaki prefectures tend to have the highest potential gains, while mergers between banks within Fukuoka prefecture and other prefectures and within Saga prefecture tend to have the smallest potential gains.
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Langová, Veronika, Jana Gláserová, and Milena Otavová. "Significant Aspects of the National Mergers in the Czech Republic." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 66, no. 1 (2018): 283–91. http://dx.doi.org/10.11118/actaun201866010283.
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The paper deals with issues of national mergers carried out in the year 2015 and 2016. The development of the mergers is characterized by the fact that it is a multidisciplinary areas (tax, accounting and legal), in practice the most widespread method is Mergers through consolidation. The analysis is therefore focused just on this type of merger. It examines the development of mergers carried out in the Czech Republic as well as globally. In the global perspective,is processed the number of mergers and acquisitions, and the trends in company transformations are monitored. For the Czech Republic is analyzed the number of mergers, number of merging companies, including their legal form, the number of registered mergers by individual Regional Courts, the date of entries, determination of the appointed date of merger and date of completion of merger project. Consequently are presented features typical of the implementation of national mergers. The paper also examines the relationship between the number of mergers and GDP and PX index from 2002 to 2016.
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Jain, Pawan, and Mark A. Sunderman. "Stock price movement around the merger announcements: insider trading or market anticipation?" Managerial Finance 40, no. 8 (July 8, 2014): 821–43. http://dx.doi.org/10.1108/mf-09-2013-0256.
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Purpose – The purpose of this paper is to examine the stock price movements for existence of informed trading prior to a merger announcement for the companies listed on the emerging markets of India for the period from 1996 to 2010. Design/methodology/approach – This study applies several event study methodologies and regression analyses to analyze the stock price movement surrounding a merger announcement. The paper divides mergers in two different types: industry merger cases and non-industry merger cases and in two different time periods: recession and boom. Findings – The results show that the information held only by insiders’ works its way into prices. The paper finds strong evidence of insider trading in the case of industry mergers and mergers during recessions. Practical implications – The results from this study have immediate policy implications for India and other developing markets as the paper provides the type of mergers and time periods when merger announcements are more susceptible to insider trading. Originality/value – The paper extends the literature on mergers and insider trading by analyzing firms trading on a developing capital market, which, unlike the developed markets, is characterized by inadequate disclosure and a weaker enforcement of securities regulations. The results support this notion and recommend Indian securities market regulators to tighten the lax regulations. In addition, the author document the divergence in price reaction to the merger announcements for different types of mergers: industry mergers and non-industry mergers, as well as for mergers during different market conditions: recession vs booming capital markets.
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Majumdar, Sumit K., Rabih Moussawi, and Ulku Yaylacicegi. "Merger Motives and Technology Deployment: A Retrospective Evaluation." Antitrust Bulletin 65, no. 1 (January 23, 2020): 120–47. http://dx.doi.org/10.1177/0003603x19898903.
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The nature of post-merger technological progress outcomes is unclear, with theoretical and empirical literature being inconclusive and equivocal. We contend that merger motives materially drive post-merger outcomes and that post-merger outcomes vary significantly because merger motives vary. Hence, assessments of post-merger outcomes should take into account such motives, by the use of suitable statistical constructs. Our retrospective study has empirically assessed post-merger technology deployment patterns in the US telecommunications industry over a considerable recent historical period of major institutional changes. The events have provided information enabling us to conduct a detailed evaluation of the relative outcomes of differently motivated mergers under clean natural experiment conditions. Mergers have been classified as those undertaken for consolidation, financial, and market exploitation reasons. We have found consolidation and market exploitation motivated mergers to have had a positive impact, resulting in materially greater technology deployment outcomes for firms experiencing these mergers. The largest category of mergers that the firms have engaged in have been of the liquidity-seeking type, and such liquidity-seeking mergers have resulted in materially lower levels of technology deployment outcomes. On balance, we unequivocally conclude that negative lower technology deployment outcomes have outweighed the positive higher technology deployment outcomes. Such results should meaningfully influence agencies’ approaches in deciding whether or not to permit important sector mergers under review.
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Khan, Mehwish Aziz, and Attiya Javid . "Effect of Mergers and Acquisitions on Market Concentration and Interest Spread." Journal of Economics and Behavioral Studies 3, no. 3 (September 15, 2011): 190–97. http://dx.doi.org/10.22610/jebs.v3i3.272.
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This study investigates the relationship of mergers & acquisitions with the interest spread of the banking industry in Pakistan. To assess whether the merger of Pakistani banks were a success or otherwise, profitability, liquidity ratios, and net interest spread are computed which are considered essential to judge the financial performance of any bank. Data is taken for the period of 1997-2010 and this data have been used to calculate the interest spread and market concentration. Market Concentration is calculated by using Herfindahl-Hirschman Index or HHI. Findings show that the profitability and net interest spread of two merged banks declines as a result of mergers. It is also revealed that Concentration of the banking industry shows a rising trend during 2008 and 2009 after mergers occurred during 2007 as a result of merger. However, it shows the level that almost approaches the threshold i.e. 1000. One or two more mergers can push up threshold level of HH index. It means that it is the right time for banking industry of Pakistan to be reviewed by any antitrust authority to maintain the optimum level of competition.
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Tiwari, Shiv Shankar, Ajay Kumar Asthana, and Riya Amar Tewari. "Merger of Banks: A Critical Evaluation." RESEARCH REVIEW International Journal of Multidisciplinary 8, no. 2 (February 15, 2023): 93–97. http://dx.doi.org/10.31305/rrijm.2023.v08.n02.016.
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Merger in banking sector has both the managerial and financial aspects. The mergers and acquisitions can also enhance the credit capacity of the banks. In order to sustain in the globalized economy, the mergers and acquisitions can be helpful to the banks. In order to create the next generation banks, the mergers and acquisitions are very helpful. But the mergers and acquisitions are not a free lunch. There are certain hurdles also. There are challenges to manage the cultural differences and staff unrest arising out of the mergers and acquisitions. The customers may also create panic at the time of mergers and acquisitions of the banks. After the merger takes place, the issues related to ownership and control needs to be solved effectively. If these issues are solved positively, the merger would result into the benefits to the banks as well as to the customers of the merging banks. If otherwise, the merger would result into the problems to all the stake holders.