Inhaltsangabe:Abstract: Over the last decade product and factor markets have continued to become more integrated, new markets have emerged and the globalization has become an important strategic issue for companies. As a result, international investment opportunities have in-creased while regulatory restrictions on capital markets have been eased and the market for corporate control has become more integrated. Consequently, the international acquisition activity has increased in both absolute and relative terms over the last decades leading to a significant rise of the proportion of international to domestic merger activity, particularly at the end of the 1990s. As more and more companies consider international diversification as a strategic option for their further growth, the question arises which valuation consequences accompany cross-border acquisitions. Furthermore, it is to be analyzed whether these consequences differ systematically from domestic acquisitions and what could be possible value drivers in these cases. Although mergers and acquisitions in general have received wide attention in academic research, studies concerning the wealth effects of cross-border acquisitions are limited. Moreover, existing empirical evidence primarily stems from the US and UK capital markets neglecting generally the European perspective. Spain, Europe s fifth largest economy, has seen a series of considerable cross-border acquisitions in the last decade culminating in the merger of Santander with Abbey National in 2004 for over USD 15bn, making it the tenth largest transaction worldwide in 2004.3 The Spanish M&A market boom of the 1990s was initially driven by a consolidation process in the financial services, utilities and telecoms sectors which mostly were formerly state-owned. As a consequence of the increasing market concentration Spanish companies expanded internationally, creating some of the biggest corporations world-wide and becoming South America s largest foreign investor. These recent developments and the high acquisition activity from Spain into other countries make it worthwhile to shed light on the valuation consequences and their possible explanations by an empirical analysis. Considering the aforementioned, it is the aim of this thesis to answer the question as to whether the foreign acquisition wave of the last decade in Spain really created value and therewith supports the strategic decisions of the management. The analysis should [...]

Mergers and Acquisitions: The Human Factor focuses on the influence of human factor in the realization of mergers and acquisitions. The book first tackles the importance for managers to understand mergers and acquisitions, merger phenomenon, and the impact of mergers and acquisitions on organizational performance. Discussions focus on traditional approaches to merger and merger failure, assessing merger gains, growth in merger and acquisition activity, and merger motives. The text then elaborates on the effect of merger process to employees and organizational culture and its assessment. Topics include organizational culture and the individual, how to assess organizational culture, types and origins of organizational culture, transactional differences between mergers and acquisitions, and absolute truths about mergers and acquisitions. The manuscript examines the implications of cultural type for inter-organizational combinations, including cultural compatibility, cultural dynamics of organizational combinations, and the application of the cultural dynamics model to collaborative and organizational marriages. The text is a dependable source of data for researchers interested in the factors involved in mergers and acquisitions.

As the financial services industry becomes increasingly international, the more narrowly defined and historically protected national financial markets become less significant. Consequently, financial institutions must achieve a critical size in order to compete. Bank Mergers & Acquisitions analyses the major issues associated with the large wave of bank mergers and acquisitions in the 1990's. While the effects of these changes have been most pronounced in the commercial banking industry, they also have a profound impact on other financial institutions: insurance firms, investment banks, and institutional investors. Bank Mergers & Acquisitions is divided into three major sections: A general and theoretical background to the topic of bank mergers and acquisitions; the effect of bank mergers on efficiency and shareholders' wealth; and regulatory and legal issues associated with mergers of financial institutions. It brings together contributions from leading scholars and high-level practitioners in economics, finance and law.

The advent of the fourth industrial revolution, Industry 4.0, brings about both opportunities and challenges that are likely to set developed economies even farther apart from emerging economies. This book, through the perspective of researchers in the emerging markets, presents analyses on a number of issues important to entrepreneurial finance, such as debt financing, mergers and acquisitions, stock market efficiency, resource allocation and consumption, and sustainable development. It aims at improving our understanding of the financing needs as well as the financial risks involved in entrepreneurial endeavors in less developed settings in the new era.

With the right method, aggregate indicators can provide useful estimates of basic governance concepts as well as measures of the imprecision of these aggregate estimates and their components.

"This book explores areas such as strategy development, service contracts, human capital management, leadership, management, marketing, e-government, and e-commerce"--Provided by publisher.