Value creation of corporate restructuring: a market cycle and industry view
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Abschlussarbeit Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Frankfurt am Main
PL Academic Research
[2015]
|
| Schriftenreihe: | Corporate finance and governance
Band 17 |
| Schlagworte: | |
| Online-Zugang: | Volltext Inhaltsverzeichnis |
| Beschreibung: | Description based on print version record |
| Beschreibung: | 1 online resource (214 pages) illustrations |
| ISBN: | 9783653062717 |
Internformat
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| 245 | 1 | 0 | |a Value creation of corporate restructuring |b a market cycle and industry view |c Ulrich Erxleben |
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| 502 | |b Dissertation |c Technische Universität Darmstadt |d 2015 | ||
| 650 | 4 | |a Consolidation and merger of corporations | |
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Datensatz im Suchindex
| _version_ | 1804176533974155264 |
|---|---|
| adam_text | Ulrich Erxleben
Value Creation of
Corporate Restructuring
A Market Cycle and Industry View
ACADEMIC
RESEARCH
I List of Contents
Introduction 1
2 Corporate Restructuring in Europe - Starting Point and Motivation 6
2 1 Corporate restructuring in Europe between 1998 and 2009 6
2 2 Corporate restructuring across European industries 10
3 Research Foundation 15
3 3 Corporate restructuring, M amp;A, and corporate divestiture 15
3 4 Previous research 16
3 5 Measuring success of corporate restructuring 16
351 Event studies 17
352 Accounting studies 20
353 Research approach 21
Section A:
Wealth Creation of Corporate Restructuring across Market Cycles
4 Wealth Creation of Mergers in Downturn Markets 25
4 1 Introduction 25
4 2 Literature and hypotheses 26
421 Related literature 27
422 Specific predictions 31
4 3 Data and methodology 34
431 Applied data 34
432 Classification of market valuation levels 35
433 Approach to determine quality of M amp;A transactions 36
4 4 Empirical results 41
441 Overall value creation in different market environments 41
442 Transaction characteristics in different market phases 46
443 Value creation of different transaction sub-samples 49
vn
444 Regression analysis 56
4 5 Conclusion 61
4 6 Appendix 62
461 Summary Statistics 62
462 Robustness to value weighting of long-term results 64
463 Analysis of transactions size 67
5 Wealth Creation of Corporate Divestitures: A Market Cycle Perspective 69
5 1 Introduction 69
5 2 Related research and hypotheses 71
521 Literature overview 71
522 Specific predictions 73
5 3 Data and methodology 74
531 Applied data 74
532 Classification of market valuation levels 75
533 Approach to determine shareholder wealth creation 76
5 4 Results 78
541 Value creation in different market valuation phases 78
542 Value creation of different divestment strategies 81
543 Multiple regression 83
5 5 Conclusion 89
5 6 Appendix 91
561 Summary statistics 91
562 4-factor calendar-time results 92
563 Operative performance effects (AROA) 94
Section B:
Wealth Creation of Corporate Restructuring across Industries
6 1ndustry Characteristics and M amp;A Value Creation 99
6 1 Introduction 99
vm
6 2 Literature review and hypotheses 100
621 Literature review 100
622 Specific predictions 103
6 2 Data and Methodology 104
621 Industry M amp;A Data 104
622 Industry fundamental data 106
623 Research design 109
624 Multiple regression model 116
6 3 Results 117
631 Industry differences in M amp;A activity and value creation 117
632 Industry determinants of M amp;A activity 119
633 Industry determinants of M amp;A value creation 122
6 4 Conclusions 130
6 5 Appendix 131
651 Robustness to alternative industry classifications 131
652 Overview of industry characteristics 135
7 Wealth Creation of Corporate Divestiture: An Industry Perspective 140
7 1 Introduction 140
7 2 Literature review and hypotheses 142
721 Literature review 142
722 Predictions 144
7 3 Data and Methodology 146
731 Industry M amp;A Data 146
732 Industry Fundamental Data 147
733 Approach to determine value creation 149
734 Multiple regression model 154
7 4 Results 155
741 Divestment activity 155
742 Value creation of corporate divestitures 158
EX
7 5 Conclusions 163
7 6 Appendix 164
761 Overview of data sample 164
762 Results for inter- and intra-industry divestments 166
763 Univariate results 169
764 Robustness to calendar time long-term returns 171
765 Panel regression results 174
8 Summary and Conclusion 178
References 185
|
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| dewey-full | 658.4/06 |
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| dewey-sort | 3658.4 16 |
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| discipline | Wirtschaftswissenschaften |
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| spelling | Erxleben, Ulrich 1981- Verfasser aut Value creation of corporate restructuring a market cycle and industry view Ulrich Erxleben Frankfurt am Main PL Academic Research [2015] © 2015 1 online resource (214 pages) illustrations txt rdacontent c rdamedia cr rdacarrier Corporate finance and governance Band 17 Description based on print version record Dissertation Technische Universität Darmstadt 2015 Consolidation and merger of corporations Corporations Valuation Desinvestition (DE-588)4011517-3 gnd rswk-swf Mergers and Acquisitions (DE-588)4205916-1 gnd rswk-swf Wertzuwachs (DE-588)4189719-5 gnd rswk-swf Restrukturierung (DE-588)4335640-0 gnd rswk-swf Europa (DE-588)4015701-5 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Europa (DE-588)4015701-5 g Mergers and Acquisitions (DE-588)4205916-1 s Restrukturierung (DE-588)4335640-0 s Desinvestition (DE-588)4011517-3 s Wertzuwachs (DE-588)4189719-5 s DE-604 Erscheint auch als Druck-Ausgabe Erxleben, Ulrich Value creation of corporate restructuring : a market cycle and industry view 978-3-631-63093-8 Corporate finance and governance Band 17 (DE-604)BV041953712 17 https://www.peterlang.com/search?f_0=identifier&level=parent&q_0=9783653062717 Verlag Volltext HEBIS Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029146733&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Erxleben, Ulrich 1981- Value creation of corporate restructuring a market cycle and industry view Corporate finance and governance Consolidation and merger of corporations Corporations Valuation Desinvestition (DE-588)4011517-3 gnd Mergers and Acquisitions (DE-588)4205916-1 gnd Wertzuwachs (DE-588)4189719-5 gnd Restrukturierung (DE-588)4335640-0 gnd |
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| title | Value creation of corporate restructuring a market cycle and industry view |
| title_auth | Value creation of corporate restructuring a market cycle and industry view |
| title_exact_search | Value creation of corporate restructuring a market cycle and industry view |
| title_full | Value creation of corporate restructuring a market cycle and industry view Ulrich Erxleben |
| title_fullStr | Value creation of corporate restructuring a market cycle and industry view Ulrich Erxleben |
| title_full_unstemmed | Value creation of corporate restructuring a market cycle and industry view Ulrich Erxleben |
| title_short | Value creation of corporate restructuring |
| title_sort | value creation of corporate restructuring a market cycle and industry view |
| title_sub | a market cycle and industry view |
| topic | Consolidation and merger of corporations Corporations Valuation Desinvestition (DE-588)4011517-3 gnd Mergers and Acquisitions (DE-588)4205916-1 gnd Wertzuwachs (DE-588)4189719-5 gnd Restrukturierung (DE-588)4335640-0 gnd |
| topic_facet | Consolidation and merger of corporations Corporations Valuation Desinvestition Mergers and Acquisitions Wertzuwachs Restrukturierung Europa Hochschulschrift |
| url | https://www.peterlang.com/search?f_0=identifier&level=parent&q_0=9783653062717 http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029146733&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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