A new perspective on synergy forecasts in mergers & acquisitions:
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Abschlussarbeit Buch |
| Sprache: | English |
| Veröffentlicht: |
2015
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| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis Inhaltsverzeichnis |
| Beschreibung: | IX, 174 S. graph. Darst. |
Internformat
MARC
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Datensatz im Suchindex
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| adam_text | TABLE OF CONTENTS
TABLE OF CONTENTS ILL
LIST OF TABLES VI
LIST OF FIGURES VII
LIST OF APPENDICES VIII
LIST OF ABBREVIATIONS DC
1 INTRODUCTION 1
2 TERMINOLOGY, FUNDAMENTALS, AND RELEVANT LITERATURE 8
2.1 DEFINITION OF MERGERS AND ACQUISITIONS 8
2.2 DEFINITION OF SYNERGIES 11
2.2.1 SYNERGIES IN BUSINESS 11
2.2.2 SOURCES OF SYNERGY GAINS 12
2.2.2.1 OPERATING SYNERGIES 13
2.2.2.2 FINANCIAL SYNERGIES 15
2.3 SYNERGIES IN MERGERS & ACQUISITIONS 18
2.3.1 THE RELATION BETWEEN THE PREMIUM AND SYNERGIES 18
2.3.2 EXPLANATIONS FOR M&A ACTIVITY 23
2.3.2.1 AGENCY THEORY ON MERGER ACTIVITY 23
2.3.2.2 BEHAVIORAL THEORY ON MERGER ACTIVITY 24
2.3.2.3 NEOCLASSICAL THEORY ON MERGER ACTIVITY 26
2.3.2.4 SUMMITRY OF EXPLANATIONS FOR TAKEOVER THEORY 27
2.3.3 APPROACHES TO INFER INFORMATION ABOUT THE EXISTENCE OF SYNERGIES
IN M&A S .... 28
2.3.3.1 SHORT-TERM EVENT STUDIES 28
2.3.3.2 EX POST PERFORMANCE STUDIES 32
2.3.3.3 STUDIES RELYING ON CHANGES IN ANALYST FORECASTS 35
2.3.3.4 STUDIES RELYING ON SURVEYS OF EXECUTIVES AND CLINICAL STUDIES 36
III
HTTP://D-NB.INFO/1067107088
2.4 VOLUNTARY DISCLOSED SYNERGY FORECASTS IN MERGERS & ACQUISITIONS 37
2.4.1 CREDIBILITY OF SYNERGY FORECASTS 38
2.4.2 MOTIVES FOR DISCLOSING SYNERGY FORECASTS 43
2.4.3 THE RELATION BETWEEN THE PREMIUM AND SYNERGY FORECASTS 47
3 SAMPLE OF MSCA S AND SYNERGY FORECASTS 51
3.1 BASIC TRANSACTION SAMPLE 51
3.2 ACCOUNTING, CAPITAL MARKET, AND OTHER DATA ITEMS 53
3.3 SAMPLE OF SYNERGY FORECASTS 54
3.4 INTRODUCTION OF THE SAMPLE 56
4 ESTIMATION OF SYNERGY GAINS AND THEIR CHARACTERISTICS 62
4.1 ESTIMATION OF STOCK MARKET GAINS 62
4.2 CHARACTERISTICS OF THE STOCK MARKET GAINS 66
4.3 HANDLING AND ESTIMATION OF THE MANAGEMENT GAINS 70
4.3.1 SOURCES OF DISCLOSED SYNERGY GAINS 70
4.3.2 TIMING OF SYNERGY FORECASTS 72
4.3.3 RESTRUCTURING COSTS 75
4.3.4 IBXES 76
4.3.5 VALUATION OF MANAGEMENT GAINS 77
4.4 CHARACTERISTICS OF MANAGEMENT GAINS 79
5 ARE ANNOUNCED SYNERGIES A GOOD PREDICTOR FOR THE EXISTENCE OF
SYNERGIES IN
M&AS? 81
5.1 WHAT DRIVES THE DECISION OF THE MANAGEMENT TO RELEASE SYNERGY
FORECASTS? 82
5.1.1 THEORETICAL BACKGROUND 83
5.1.1.1 SYNERGY HYPOTHESIS 83
5.1.1.2 INFORMATION ASYMMETRY HYPOTHESIS 84
5.1.1.3 INFORMATION COSTS HYPOTHESIS 87
5.1.1.4 INFORMATION QUALITY HYPOTHESIS 89
IV
5.1.1.5 THE DEAL PRICE HYPOTHESIS 90
5.1.1.6 OTHER CONTROL VARIABLES 91
5.1.2 UNIVARIATE ANALYSIS 91
5.1.3 MULTIVARIATE ANALYSIS 94
5.2 ARE SYNERGY FORECASTS REFLECTED IN THE MERGING FIRMS STOCK PRICES?
98
5.2.1 EXCURSUS: DO MORE SPECIFIC ANNOUNCEMENTS TRANSLATE INTO HIGHER
GAINS FOR
THE COMBINED FIRMS SHAREHOLDERS? 104
5.2.2 EXCURSUS: DO SYNERGY ANNOUNCEMENTS IN THE BEGINNING OF A WAVE
TRANSLATE
INTO HIGHER GAINS FOR THE COMBINED FIRMS SHAREHOLDERS? 108
5.3 DO SYNERGY FORECASTS EXPLAIN THE PREMIUM? 112
6 DOES THE MANAGEMENT ANNOUNCE SYNERGY FORECASTS TO NEGOTIATE A LOWER
TAKEOVER PREMIUM? 117
6.1 DOES IMPACT OF THE PREMIUM ON TARGET STOCK RETURNS DIFFER WHEN
RELEASING
SYNERGY FORECASTS? 118
6.2 WHAT IS THE IMPACT OF THE SYNERGY DISCLOSURE DECISION ON THE
PREMIUM? 122
6.3 DOES THE LOWER PREMIUM FOR DEALS WITH SYNERGY DISCLOSURES INFLUENCE
THE
ACQUIRER STOCK RETURNS? 125
7 SUMMARY, PRACTICAL AND FURTHER RESEARCH IMPLICATIONS 129
REFERENCES 135
APPENDIX 143
V
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| indexdate | 2024-07-10T01:22:49Z |
| institution | BVB |
| language | English |
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| physical | IX, 174 S. graph. Darst. |
| publishDate | 2015 |
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| spelling | Tischner, Matthias Verfasser aut A new perspective on synergy forecasts in mergers & acquisitions submitted by Matthias Tischner 2015 IX, 174 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Leipzig, HHL, Graduate School of Management, Diss., 2014 Synergie (DE-588)4200199-7 gnd rswk-swf Mergers and Acquisitions (DE-588)4205916-1 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Mergers and Acquisitions (DE-588)4205916-1 s Synergie (DE-588)4200199-7 s DE-604 DE-601 pdf/application http://www.gbv.de/dms/zbw/819827894.pdf Inhaltsverzeichnis DNB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027910270&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Tischner, Matthias A new perspective on synergy forecasts in mergers & acquisitions Synergie (DE-588)4200199-7 gnd Mergers and Acquisitions (DE-588)4205916-1 gnd |
| subject_GND | (DE-588)4200199-7 (DE-588)4205916-1 (DE-588)4113937-9 |
| title | A new perspective on synergy forecasts in mergers & acquisitions |
| title_auth | A new perspective on synergy forecasts in mergers & acquisitions |
| title_exact_search | A new perspective on synergy forecasts in mergers & acquisitions |
| title_full | A new perspective on synergy forecasts in mergers & acquisitions submitted by Matthias Tischner |
| title_fullStr | A new perspective on synergy forecasts in mergers & acquisitions submitted by Matthias Tischner |
| title_full_unstemmed | A new perspective on synergy forecasts in mergers & acquisitions submitted by Matthias Tischner |
| title_short | A new perspective on synergy forecasts in mergers & acquisitions |
| title_sort | a new perspective on synergy forecasts in mergers acquisitions |
| topic | Synergie (DE-588)4200199-7 gnd Mergers and Acquisitions (DE-588)4205916-1 gnd |
| topic_facet | Synergie Mergers and Acquisitions Hochschulschrift |
| url | http://www.gbv.de/dms/zbw/819827894.pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027910270&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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