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ERN: Vertical & Horizontal Integration (Topic)最新文献

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The Analysis of Relationship between Market Reactions and Long Term Performance on Acquisition 市场反应与并购长期绩效的关系分析
Pub Date : 2005-06-01 DOI: 10.2139/SSRN.1863367
Tongam Sihol Nababan
This paper is the study of the research that gives attention to the activities of acquisitions made by firms acquirer (acquirer). The main purpose of this study was to see how the reaction of the market (market reaction) will provide guidance on the picture of the performance of the acquirer firms in the long term. In this study we used 39 acquirers who has made acquisitions in the period between 1991 to 1998. This study applies event study method using the market model to calculate abnormal return. The hypothesis test used was the One Sample T-test, the Multiple Regressions, Wilcoxon Signed-Rank Test and Manova Test. Results of hypothesis testing showed that the acquirer receives a significant negative abnormal return along the date of acquisition. This indicates that the acquisition of events produce a lower return than predicted return is predicted by the shareholders of the acquirer. This study indicated several factors that affect the abnormal return as: financial synergy, size of the acquirer, managerial efficiency, growth of the acquirer, and business relatedness. Results of testing hypotheses against against these factors indicate that none of those variables that provide significant value. This means that the motives of the acquisition is not a motivation for acquirers to engage in activities acquisition. To assess the performance of companies acquirer in the long term, use a proxy such as: ROA, ROE, OPM. The test results showed that overall there was no significant difference between performance before and after the acquisition. This means that most acquirer firms are generally not able integrate acquirer gains against long-term performance.
本文是对企业收购方(收购方)进行收购活动的研究。本研究的主要目的是了解市场的反应(市场反应)将如何对收购公司的长期表现提供指导。在这项研究中,我们使用了39个在1991年至1998年期间进行收购的收购方。本研究运用事件研究法,运用市场模型计算异常收益。使用的假设检验是单样本t检验、多元回归检验、Wilcoxon sign - rank检验和方差检验。假设检验的结果表明,收购方在收购日期获得显著的负异常回报。这表明收购事件产生的收益低于收购方股东预测的收益。本研究指出影响异常回报的因素有:财务协同效应、收购方规模、管理效率、收购方成长性和业务关联性。对这些因素进行假设检验的结果表明,这些变量都没有提供显著的价值。这意味着收购动机不是收购方从事收购活动的动机。为了评估公司收购方的长期表现,使用诸如:ROA, ROE, OPM等代理。测试结果表明,总体而言,习得前后的表现没有显著差异。这意味着大多数收购公司通常无法将收购收益与长期业绩相结合。
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引用次数: 1
Merger Process Reform: A Sisyphean Journey 并购流程改革:西西弗斯之旅
Pub Date : 1900-01-01 DOI: 10.2139/ssrn.1735408
J. Sims, Robert E. Jones, Hugh M Hollman
The Merger Regulatory Process as we know it has existed for thirty years. There have been marginal shifts (up and down) in enforcement intensity with changes in administrations and personnel, but there has been one constant: complaints about the burden of the Second Request process. Some of this is inevitable — prosecutors and potential defendants will rarely have identical perspectives. But there has been enough consensus on the flaws in the process that there have been a series of agency efforts to improve it. The problem has not been solved, and we believe a real solution will require a completely different approach to the problem. This article proposes such a new approach.
我们所知道的合并监管程序已经存在了30年。随着行政部门和人员的变化,执法强度也有轻微的变化(上下变化),但有一点是不变的:对第二次请求程序负担的抱怨。其中一些是不可避免的——检察官和潜在被告很少有相同的观点。但是,对于这一过程中的缺陷,人们已经达成了足够多的共识,因此机构已经采取了一系列措施来改进这一过程。这个问题还没有解决,我们认为真正的解决方案需要一个完全不同的方法来解决这个问题。本文提出了这样一种新方法。
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引用次数: 0
CDLMGB CEO Workshop Series #2 ,Updated 2018, Global Supply Chain Networks (Draft Presentation Slides) CDLMGB CEO研讨会系列#2,更新2018,全球供应链网络(演示文稿草稿)
Pub Date : 1900-01-01 DOI: 10.2139/ssrn.3156604
Tom Cockburn
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引用次数: 0
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ERN: Vertical & Horizontal Integration (Topic)
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