Economic forecasting Books

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  • The Synergy Trap

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    Table of ContentsContentsPrefacePART 1. UNCOVERING THE RULES OF THE GAME1. Introduction: The Acquisition GameThe M&A PhenomenonBack to First Principles: The Acquisition GameA Brief History of the Research on Acquisitions2. Can You Run Harder? SynergySynergy and the Acquisition GameThe Performance Requirements of Pre-Acquisition Market ValuesThe Competitive Challenge of SynergyThe Cornerstones of SynergyPredictable Overpayment3. Do You Feel Lucky? The Acquisition PremiumThe Synergy Concept: Expectations versus RealizationsThe Resource Allocation Decision: An IntroductionRequired Performance Improvements: A Simulation ApproachThe Seductiveness of Financial Valuation Models4. Tools and Lessons for the Acquisition GamePrior Expectations and Additional Resource RequirementsCompetitorsTime, Value, and the PremiumPART 2. AN ANALYSIS OF CORPORATE ACQUISITION STRATEGIES5. Acquirer Performance and Risk TakingCorporate Acquisitions as a Strategy for Value CreationAcquisition PremiumsStrategic Relatedness of AcquisitionsMethod of PaymentThe Performance Effects of Mergers versus Tender OffersRelative Size of the AcquisitionManagerial Risk Taking Following Acquisition6. MethodologySampleAcquiring Firm PerformanceIndependent VariablesChanges in Risk Taking Following AcquisitionEmpirical Techniques7. Discussion of ResultsAggregate Results on AcquisitionsTraditional Tests and Replications of Evidence on RelatednessTesting the Acquiring Firm Performance ModelTests for Changes in Risk Taking8. Implications of the AnalysisTheoretical ContributionsPublic Policy ImplicationsPractical ImplicationsAppendix A: Review and Critique of Prior Research on Mergers and AcquisitionsAppendix B: Detailed Results of the Analysis in Part 2Appendix C: Sample and Descriptions of Targets and AcquirersUsed in the AnalysisNotesBibliographyIndexAbout the Author

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