Takeovers, mergers and buy-outs Books

Book SynopsisThis authoritative collection of previously published articles emphasizes recent empirical research on mergers and corporate governance. The papers included present provocative questions dealing with the causes and effects of takeover and restructuring activity, the distribution of wealth gains between bidding and target firms, and the relevance of governance in modern corporations. The discussion of such questions presents the latest thinking on mergers and corporate governance and also offers guidance for future work in the area. The body of work included in the volume is of particular relevance to scholars in corporate finance and industrial organization as well as policymakers in antitrust, corporate law, and securities regulation.Trade Review'. . . this volume is certainly worthy of study. It is a valuable reference for anybody with an interest in mergers, and the entire treatise is both instructive and stimulating in its discussions. Mulherin has done an excellent piece of work in providing an overview of some of the central themes in the mergers and corporate governance literature.' -- Thomas Poulsen, Finance Research Group, Aarhus School of Business in SUERF Newsletter, Dec 2004 (www.suerf.org)'These readings on mergers and corporate governance provide a powerful conceptual framework for the analysis of the causes and effects of merger activities. The framework is tested by a large number of empirical studies reprinted here. The book provides a powerful foundation for understanding past behavior and for predicting future developments. It is a useful text for courses on mergers and related activities as well as other courses in economics and finance.' -- J. Fred Weston, University of California, Los Angeles, USTable of ContentsContents: Acknowledgements Introduction J. Harold Mulherin PART I THE CAUSES AND EFFECTS OF MERGER ACTIVITY 1. Mark L. Mitchell and J. Harold Mulherin (1996), ‘The Impact of Industry Shocks on Takeover and Restructuring Activity’ 2. Joseph P.H. Fan (2000), ‘Price Uncertainty and Vertical Integration: An Examination of Petrochemical Firms’ 3. Gregor Andrade, Mark Mitchell and Erik Stafford (2001), ‘New Evidence and Perspectives on Mergers’ 4. David A. Becher (2000), ‘The Valuation Effects of Bank Mergers’ PART II TAKEOVER BIDDING 5. Mark L. Mitchell and Kenneth Lehn (1990), ‘Do Bad Bidders Become Good Targets?’ 6. Richard Roll (1986), ‘The Hubris Hypothesis of Corporate Takeovers’ 7. Sandra Betton and B. Espen Eckbo (2000), ‘Toeholds, Bid Jumps, and Expected Payoffs in Takeovers’ 8. Robert G. Hansen (2001), ‘Auctions of Companies’ PART III CORPORATE RESTRUCTURING 9. J. Harold Mulherin and Audra L. Boone (2000), ‘Comparing Acquisitions and Divestitures’ 10. Vojislav Maksimovic and Gordon Phillips (2001), ‘The Market for Corporate Assets: Who Engages in Mergers and Asset Sales and Are There Efficiency Gains?’ 11. John R. Graham, Michael L. Lemmon and Jack G. Wolf (2002), ‘Does Corporate Diversification Destroy Value?’ 12. Kenneth Lehn, Jeffry Netter and Annette Poulsen (1990), ‘Consolidating Corporate Control: Dual-class Recapitalizations versus Leveraged Buyouts’ PART IV CORPORATE GOVERNANCE 13. Gerald T. Garvey and Peter L. Swan (1994), ‘The Economics of Corporate Governance: Beyond the Marshallian Firm’ 14. Robert Comment and G. William Schwert (1995), ‘Poison or Placebo? Evidence on the Deterrence and Wealth Effects of Modern Antitakeover Measures’ 15. J. Harold Mulherin and Annette B. Poulsen (1998), ‘Proxy Contests and Corporate Change: Implications for Shareholder Wealth’ 16. Stacey R. Kole and Kenneth M. Lehn (1999), ‘Deregulation and the Adaptation of Governance Structure: The Case of the U.S. Airline Industry’ Name Index

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Book SynopsisResearch suggests that an increasing number of people experience organisational changes such as mergers and acquisitions as highly emotional life events. Indeed, given that, as the authors prove, 70% of all mergers and acquisitions fail to reach their initial goals largely because of neglected people issues, it is a must for every manager and M&A researcher to understand the emotional side of such change processes. This fascinating book explains how managerial behaviour and communication styles influence the emotions of employees and affect their readiness to contribute to a successful post-merger integration. It combines emotion theories from other disciplines with recent M&A findings, and offers practical implications through illustrative case studies.Academics and practitioners will find the combination of management literature with psychology and sociology literature of great interest.Trade Review'Just as mergers and acquisitions begin to take off once again, this book reminds us that the emotional side of business is often at the heart of success and failure. With a terrific mix of case studies and in-depth conceptual thinking, Managing Emotions in Mergers and Acquisitions addresses the most fundamental of all issues in M&As - how and why people sometimes disrupt the best merger plans, simply because they are, well, people.' -- Sydney Finkelstein, Professor of Strategy and Leadership at the Tuck School at Dartmouth College, and author of Why Smart Executives Fail'This is a very welcome addition to our knowledge on M&A process. This is an in-depth study on emotions, how these are effected due to M&A activity in two firms and how they influence the process itself. It helps us to understand, what emotions are? How we can deal with them? And, Why do M&As so often fail? It offers state-of-the-art knowledge on this complex phenomenon. The four cases present in depth and extremely rich insight into how emotions actually work and influence the success/failure in M&A process. In conclusion, it is a timely and innovative book which is a must read for anyone interested in mergers and acquisitions.' -- Pervez Ghauri, University of Manchester, UKTable of ContentsContents: 1. Introduction Part I: Understanding M&As and Emotions 2. The M&A Process 3. Post-Merger Integration as a Change of Social Identity 4. Emotions in Post-Merger Integration Part II: Case Studies on Emotions in M&As 5. Purpose 6. Information Gathering and How to Measure Emotions 7. Emotions 8. Managerial Communication 9. Managerial Behaviour 10. M&A Outcomes Part III: Conclusions 11. Discussions Bibliography Index

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Book SynopsisModelling European Mergers presents a comprehensive and fresh perspective on the economic analysis of mergers by leading academics and competition policymakers from Europe and the US. The book frankly discusses the pros and cons of using applied game theory models in merger control from historical and theoretical perspectives. Seven case studies on the actual use of advanced techniques and models in legal procedures provide a perspective from the national competition authorities in Belgium, Denmark, Italy, The Netherlands and Sweden on markets that range from basic goods such as bread and aperitifs to complex products such as electricity, literature and software. The case studies provide many insights into practical issues such as data collection, procedures and errors of predication, as well as in the relative merits of different econometric approaches. A recurring theme of the book is how economic insights can be translated into convincing legal decisions.The contributions cover a broad spectrum of markets, methods and countries and the contributors offer incisive reflection on the increasing use of economics in competition policy.This unique book is a thorough transatlantic discussion of academic and policy insights combined with applications based on actual decisions. It will appeal to legal and economic professionals who deal with and advise on mergers and acquisitions whether they be in a ministry, central bank or competition authority setting. Scholars and students interested in analysing markets, law and economics, industrial organization and applied econometrics will also find much to interest them in this work.Trade Review'This book is a must-read for those representing potential merger parties or involved in the regulation of Australian mergers. The book is a collection of well-organised and thoughtful papers by very qualified authors.' -- Deirdre L. Hay, Competition and Consumer Law Journal'. . . the book provides a timely and comprehensive overview of an important recent development in merger control in Europe. . . Anyone interested in merger simulation, as a practitioner or as an academic, will therefore profit from studying this volume thoroughly.' -- Arndt Christiansen, European Competition Law Review'[This book] is important because it reports on the discussion among competition policy experts about the strengths and weaknesses of economic methods that have been and will be increasingly used in merger cases. It shows the potential of the decentralized European structure at its best. European competition authorities learn from each other's experiences and discuss their approach with colleagues and academic experts from other jurisdictions. In addition the transparency offered by this book allows firms, consultants, economists and legal experts to assess the pros and cons of the empirical economic approach to merger analysis.' -- From the preface by Neelie Kroes (European Competition Commissioner)Table of ContentsContents: Preface by Neelie Kroes 1. How to Merge with Law and Economics? Part I: European Policy Perspectives 2. Economic Analysis and Competition Policy Enforcement in Europe 3. European Merger Control: A Case of Second Mover Advantage? Part II: Strengths and Weaknesses of Simulation Models 4. Merger Simulation: Potentials and Pitfalls 5. On the Use of Economic Modelling in Merger Control 6. Merger Simulation Analysis: An Academic Perspective 7. Mergers and the New Guidelines: Lessons from Hachette–Editis Part III: European Case Studies 8. Simulating Merger Price Effects Using PCAIDS with Nests: The Italian Aperitif Market 9. Simulating the Effect of Oracle’s Takeover of PeopleSoft 10. Modelling the Electricity Market: Nuon–Reliant 11. Modelling Danish Mergers: Approach and Case Studies 12. On Simulation and Reality: A Swedish Example 13. What Merger Simulation is Not: Hessenatie–Noord Natie in Retrospect References Index

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Book SynopsisThe IPO Decision is an exciting new book that clarifies how the initial public offering (IPO) process actually works. It separates fact from fiction and imposes a logical structure on the most up-to-date IPO-related research. All major topics pertaining to the going-public process are included: IPO timing, the financial, strategic, and corporate governance benefits and costs of public ownership, corporate restructuring, valuation, the role of the investment bank in the primary and secondary markets, the optimality of IPO mechanisms (book-building vs. auctions), analyst coverage, and the long-run performance of IPOs. IPOs garnered unprecedented positive attention in the 1990s for their spectacular returns and central role in entrepreneurial activity. Subsequent revelations of unscrupulous IPO allocation and promotion practices cast a less favorable shadow. The latest significant event in the IPO market is Google's unconventional use of an auction for its offering. Public discussion and debate about these developments has often taken place in an information vacuum, leading to misunderstandings and false conclusions.Unparalleled in its scope, The IPO Decision presents the findings from theoretical and empirical research in a rigorous yet accessible manner. In doing so, it develops the intellectual foundation necessary for a constructive dialogue about reforming the IPO process. Scholars, students and industry professionals interested in the economics of IPOs will find this volume a comprehensive and engaging addition to their library.Trade Review'Because of its scope and detail, The IPO Decision would be a useful addition to an academic library serving a finance program or that has a financial services library. Public librarians might consider this book if they have a large constituency of sizable private businesses of finance students.' -- Janet Hartman, Research Librarian, William Blair & Co, Chicago, Business Information Alert'This volume certainly belongs in undergraduate libraries. Faculty who teach courses in the economics of finance can use the book as a reference and as a guide for students working on papers on the economics of initial public offerings (IPOs). Draho summarizes the extant literature on all aspects of the subject. For example, a student interested in the valuation process underlying initial public offerings receives a well-written overview of the approaches used, including both discounted cash flows and real option analysis. Students are also guided to the relevant literature on the subject. . . a useful resource for beginning research on this topic. Highly recommended.' -- W.S. Curran, Choice'Jason Draho's The IPO Decision is a clear, well organized, and especially well researched book on the IPO environment, process, and stock price results.' -- Roger G. Ibbotson, Yale University and Chairman, Ibbotson Associates, Inc., US'Even more important in the post-Internet bubble world, The IPO Decision by Jason Draho provides a critical, in-depth and practical perspective on the crucial terms and factors that influence the IPO process. From the company that plans to go public (or its professional advisor) to the buy side or sell side investment banker - the book provides a roadmap for all professionals associated with the IPO process.' -- Ross Barrett, President and Co-Founder, VC Experts, Inc., New York, USTable of ContentsContents: Preface 1. Introduction 2. IPO Timing and Information 3. Financing Options and Costs 4. Strategic Behavior 5. Control, Monitoring and Governance 6. The External Market: An International Comparison 7. Corporate Restructuring 8. Valuation 9. Preparing for the IPO 10. IPO Mechanisms: Allocations and Pricing 11. The IPO Aftermarket 12. Post-IFO Financing 13. Long-run Performance 14. Final Thoughts References Index

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Book SynopsisPrivate Equity and Management Buy-outs provides a balanced view of the often polarized private equity debate. This careful and objective analysis of the presence of private equity in buy-out firms reviews the effects of this ownership transfer in terms of firm performance and survival, thus placing private equity in a broader context of implications for value creation.The analysis provides an overview of international trends in private equity and develops a conceptual framework for understanding the heterogeneity of private equity deals. Systematic evidence from large-scale studies of private equity and buy-outs are used to shed light on short- and longer-term economic and social effects. For the first time the broader scope of the key issues now facing private equity and buy-outs are brought together in the contributions herein. The book includes highlights such as: empirical evidence on a special organizational form of private equity; examination of backed buy-outs (perspectives from strategy, finance, HRM and management accounting); discussion on the level of PE involvement; challenging further debate on economic and social key issues regarding policy implications and a future research agenda. Academics and researchers - postgraduate and above - in business schools and schools of economics will find this book enlightening. It will also hold great interest for practitioners in the fields of mergers and acquisitions, general, strategic and financial management, and corporate entrepreneurship and corporate governance.Trade Review'A selection of very interesting perspectives on private equity from a collection of leading academics.' -- Guy Fraser-Sampson, author of Private Equity as an Asset Class'This book is a timely and important collection of papers on the financial and real effects of private equity. It is crucial that policymakers know the evidence on these transactions, as opposed to the folklore that permeates the popular press. This comprehensive and penetrating collection of studies frames and answers the most important questions policymakers are asking about private equity.' -- Donald S. Siegel, University at Albany, SUNY, USTable of ContentsContents: Preface PART I: INTRODUCTION 1. Private Equity and Management Buy-outs: International Trends, Evidence and Policy Implications Mike Wright and Hans Bruining PART II: THEORETICAL PERSPECTIVES 2. Entrepreneurial Growth through Privatization: The Upside of Management Buyouts Mike Wright, Robert E. Hoskisson, Lowell W. Busenitz and Jay Dial PART III: SOURCES OF BUY-OUT 3. Why do Public Firms go Private in the UK? The Impact of Private Equity Investors, Incentive Realignment and Undervaluation Luc Renneboog, Tomas Simons and Mike Wright 4. Irrevocable Commitments, Going Private and Private Equity Mike Wright, Charlie Weir and Andrew Burrows 5. Information Sharing, Price Negotiation and Management Buy-outs of Private Family-owned Firms M. Louise Scholes, Mike Wright, Paul Westhead, Andrew Burrows and Hans Bruining PART IV: ENTREPRENEURSHIP AND VALUE CREATION 6. Management Control Systems and Strategy Change in Buy-outs Hans Bruining, Marcel Bonnet and Mike Wright 7. Entrepreneurial Orientation in Management Buy-outs and the Contribution of Venture Capital Hans Bruining and Mike Wright 8. Management Buyouts and Restructuring Japanese Corporations Mike Wright, Motoya Kitamura and Robert E. Hoskisson PART V: IMPACT OF BUY-OUTS 9. Assessing the Impact of Management Buyouts on Economic Efficiency: Plant-Level Evidence from the United Kingdom Richard Harris, Donald S. Siegel and Mike Wright 10. Post-privatization Effects of Management and Employee Buy-outs Mike Wright, Trevor Buck and Igor Filatotchev 11. The Impact of Business Ownership Change on Employee Relations: Buy-outs in the UK and the Netherlands Hans Bruining, Paul Boselie, Mike Wright and Nicolas Bacon 12. The Wage and Employment Effects of Leveraged Buyouts in the UK Kevin Amess and Mike Wright PART VI: INVESTMENT REALIZATION: SUCCESS AND FAILURE 13. The Impact of Corporate Gvernance Mechanisms on Value Increase in Leveraged Buyouts Erkki Nikoskelainen and Mike Wright 14. Performance of Private to Public MBOs: The Role of Venture Capital Ranko Jelic, Brahim Saadouni and Mike Wright 15. Secured Creditor Recovery Rates from Management Buy-outs in Distress David Citron, Mike Wright, Rod Ball and Fred Rippington Index

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Book SynopsisThe term "takeover", of which the first form is mergers and acquisitions (M&A), refers to the transfer of control of a business from one group of shareholders to another. Considering the importance of this issue and the real drives behind takeovers, it has become imperative to identifying companies that are vulnerable to takeover by two types: tender offer and exchange offer. This book thus presents the legal aspects, the theoretical justifications and the empirical contributions of takeovers, and analyzes the economic and financial characteristics of targets in order to assess the probability of being acquired. An empirical approach based on two quantitative studies is then applied to the European market, which is still virgin territory in terms of academic research. Finally, acquisition probability models have been developed and they have a 72% forecast accuracy average rate of targets. Corporate Takeover Targets is aimed at students and researchers in economic and management, as well as M&A consultants.Table of ContentsIntroduction ix Part 1. Corporate Takeovers: Theoretical Justifications and Empirical Contributions 1 Introduction to Part 1 3 Chapter 1. Economic and Legal Framework of Takeover Bids in Europe 5 1.1. Corporate takeover: general description 6 1.1.1. The control 6 1.1.2. The takeover concept 8 1.1.3. Techniques and classification of M&A 9 1.1.4. Conclusion 14 1.2. The economic impact of takeover bids 15 1.2.1. Global development over the period 1990-2000 16 1.2.2. Characteristics of the recent M&A wave: 2001–2007 26 1.3. Regulation and control of takeover bids in Europe . 34 1.3.1. Merger and acquisition control in Europe 35 1.3.2. The role of public authorities 38 1.3.3. Harmonization of regulations on takeover bids within the European Union 42 1.4. Conclusion 46 Chapter 2. Motivations and Economic Role of Takeover Bids: a Theoretical and Empirical Characterization 49 2.1. Economic interpretation of takeover bids and plurality of their theoretical references 50 2.1.1. Economic justifications for takeover bids 50 2.1.2. Plurality of theoretical references on the potential effectiveness of takeover bids 60 2.1.3. Conclusion 67 2.2. Performance and effectiveness of takeover bids: results of empirical research 68 2.2.1. Short term performance of companies: around the event date 70 2.2.2. Long-term acquisition performance: bnormal post acquisition return 77 2.2.3. Conclusion 81 2.3. Motivations of takeover bids: results of empirical research 82 2.3.1. Empirical studies on targets profile 84 2.3.2. Empirical studies of acquiring companies’ profiles 98 2.3.3. Joint empirical studies of the profiles of acquirers and targets 100 Part 2. Exploration of Predictive Variables for Takeover Bids and Forecast of European Targets 105 Introduction to Part 2 107 Chapter 3. Detection of Predictive Variables for Corporate Takeover: an Exploratory Study 109 3.1. Conceptual and empirical framework: theoretical positioning, survey characteristics and choice of data analysis method 109 3.1.1. The theoretical positioning of the exploratory study 110 3.1.2. The questionnaire characteristics 111 3.1.3. Statistical analysis of responses 113 3.2. Results of empirical tests: exploratory factor analysis in principal components 114 3.2.1. Reliability and validity of the measurement scale 114 3.2.2. Qualitative analysis of responses 116 3.2.3. Results of the exploratory factor analysis of variables 122 3.2.4. Conclusion 132 Chapter 4. Developing a Takeover Prediction Model: The European Case 135 4.1. Empirical analysis: hypotheses, sample selection and statistical methodology 136 4.1.1. Formulation of hypotheses and measurement variables 136 4.1.2. Selection of samples and data collection 150 4.1.3. Methodological choices and statistical processing 156 4.1.4. Conclusion 161 4.2. Modeling takeover bids in Europe: predicting takeover targets 162 4.2.1. Univariate analysis results 163 4.2.2. Results of the multivariate analysis 176 4.2.3. Performance and predictive ability of the developed models 193 4.2.4. Conclusion 201 Conclusion 203 Bibliography 209 Index 221

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Book SynopsisThis unique book focuses on the link between different types of culture (national, corporate, professional) and the success of strategic alliances, mergers and acquisitions. Over the past decades we have seen a significant increase in the number of strategic alliances, mergers and acquisitions. Despite this proliferation many recent studies have reported high failure rates. This failure is often attributed to cultural differences between partners, which has led to a growing body of literature on the subject. To date, most of these studies have focused on national and corporate culture, whereas this book also places particular emphasis on the importance of culture at the professional level. The authors clearly show that all three levels of culture may have a profound impact upon the ultimate success or failure of alliances, mergers and acquisitions. Researchers in the field of international business, strategic management, and strategic alliances, mergers and acquisitions will find this book to be of invaluable interest. Managers in multinational corporations and international business students should also not be without this important resource.Trade Review‘Organizational flirts and marriages - alliances, mergers and acquisitions - are dramatic examples of how soft cultures can produce hard facts of success or failure. Decisions born from human vanity can lead to destruction of human capital. The chapters selected by Ulijn, Duysters and Meijer illustrate the many facets of organizational family life for the scholar and, hopefully, for the decision-maker who considers another move.’ -- Geert Hofstede, author of Culture’s ConsequencesTable of ContentsContents: Preface: Filling the Gap in Strategic Alliances, Mergers and Acquisitions Cary L. Cooper Culture, Strategic Alliances, Mergers and Acquisitions: An Introduction Elise Meijer, Geert Duysters and Jan Ulijn 1. Strategic Alliances and Culture in a Globalizing World Rajesh Kumar and T.K Das 2. Why do International Alliances Fail? Some Insights from Culture and Human Social Biology Gert Jan Hofstede 3. Creating a Supportive Culture for Corporate Entrepreneurship: Balancing Creativity and Discipline for the Development of Radical Innovation by Interfirm Cooperation Bob Walrave, Victor A. Gilsing and Michiel F. de Jager 4. Culture and its Perception in Strategic Alliances: Does it Affect Performance? An Exploratory Study into Dutch–German Ventures Jan Ulijn, Geert Duysters and Jean-Marie Fèvre 5. Cultural Differences and Homogeneity in Strategic Alliances: The Case of Trimo Trebnje (Slovenia) and Trimo VSK (Russia) Metka Tekavčič, Vlado Dimovski, Darja Peljhan and Miha Škerlavaj 6. Strategic Importance of Organizational Culture in the Context of Organizational Growth through Acquisitions: The Case of the Helios Group Nada Zupan and Robert Kaše 7. Cross-border Marriages: Dutch–Japanese and Dutch–American Combinations Frits Grotenhuis 8. Managing Potential Conflicts in a European Banking Alliance in ICT: Study of Intro- and Mutual Perception Combined for a Cultural Fit Jan Eppink, Jan Ulijn and Beatrice van der Heijden 9. Portrait of an Odd-eyed Cat: Cultural Crossing as a Trademark for a Dutch–Thai Strategic Alliance Nantawan Noi Kwanjai and J. Friso den Hertog 10. Resistance to the Transfer of Management Knowledge in International Ventures: Steps Towards a Pathologic Interpretation Gerard Fink and Nigel J. Holden Index

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Book SynopsisThis unique Handbook explores both the economics of the firm and the theory of the firm, two areas which are traditionally treated separately in the literature. On the one hand, the former refers to the structure, organization and boundaries of the firm, while the latter is devoted to the analysis of behaviors and strategies in particular market contexts. The novel concept underpinning this authoritative volume is that these two areas closely interact, and that a framework must be articulated in order to illustrate how linkages can be created. This interpretative framework is comprehensively developed in the editors' introduction, and the expert contributors - more than fifty academics of renowned authority - further elaborate on the linkages in the seven comprehensive sections that follow, encompassing: background; equilibrium and new institutional theories; the multinational firm; dynamic approaches to the firm; modern issues; firms' strategies; and economic policy and the firm. Bridging economics and theory of the firm, and providing both technical and institutional perspectives on real corporations, this path-breaking Handbook will prove an invaluable resource for academics, researchers and students in the fields of economics, heterodox economics, business and management, and industrial organization. Contributors: Z.J. Acs, M. Aglietta, C. Antonelli, M.C. Becker, M. Bellandi, M.H. Best, H. Bo, J.J. Bouma, H. Bouthinon-Dumas, T. Buchmann, R. Carter, M. Casson, C. Cezanne, M. Cloodt, A. Coad, A. Colombelli, A. Correlje, L. De Propris, M. Dietrich, C. Driver, S.P. Dunn, P.E. Earl, N.J. Foss, M. Fransman, J.-L. Gaffard, J. Groenewegen, S. Guillou, J. Hagedoorn, G. Hanappi, G.M. Hodgson, W. Holzl, G. Ietto-Gillies, A. Jolink, T. Knudsen, J. Krafft, W. Lazonick, S. Lechevalier, B.J. Loasby, F. Marty, L. Nesta, E. Niesten, B. Nooteboom, U. Pagano, P.P. Patrucco, A. Pyka, F. Quatraro, J.-L. Ravix, A. Reberioux, A. Reinstaller, E. Salies, P.P. Saviotti, N. Stieglitz, M. Teubal, S. Toms, N. Wadeson, O. Weinstein, J.F. WilsonTable of ContentsContents: Preface PART I: INTRODUCTION 1. The Economics and Theory of the Firm Michael Dietrich and Jackie Krafft PART II: BACKGROUND 2. The Obscure Firm in the Wealth of Nations Michael H. Best 3. Marx Ugo Pagano 4. Alfred Marshall and the Marshallian Theory of the Firm Jacques-Laurent Ravix 5. Veblen, Commons and the Theory of the Firm Geoffrey M. Hodgson 6. Schumpeter Gerhard Hanappi 7. Berle and Means Cécile Cézanne 8. John Kenneth Galbraith and the Theory of the Firm Stephen P. Dunn 9. Managerial Theories: Baumol and Marris Olivier Weinstein 10. Behavioural Theory Peter E. Earl PART III: EQUILIBRIUM AND NEW INSTITUTIONAL THEORIES 11. Agency Theory, Corporate Governance and Finance Hong Bo and Ciaran Driver 12. Hybrid Governance Albert Jolink and Eva Niesten 13. Transaction Cost Empirical Work Richard Carter PART IV: THE MULTINATIONAL FIRM 14. The Multinational Firm: Characteristics, Activities and Explanations in Historical Context Grazia Ietto-Gillies 15. Internationalization Theory Mark Casson and Nigel Wadeson 16. The Japanese Firm: From the Analysis of a Model to the Understanding of its Increasing Heterogeneity Sébastien Lechevalier 17. The European Firm Alessandra Colombelli and Francesco Quatraro PART V: DYNAMIC APPROACHES TO THE FIRM 18. Edith Penrose and George Richardson Brian J. Loasby 19. Nelson and Winter Revisited Markus C. Becker and Thorbjørn Knudsen 20. Modern Resource-based Theory(ies) Nicolai J. Foss and Nils Stieglitz 21. Cognitive Theory of the Firm: A Pragmatic Perspective Bart Nooteboom PART VI: MODERN ISSUES 22. Revisiting Chandler on the Theory of the Firm Steven Toms and John F. Wilson 23. Financialization and the Firm Michel Aglietta and Antoine Rebérioux 24. Firm Growth: Empirical Analysis Alex Coad and Werner Hölzl 25. Corporate Governance, Innovative Enterprise, and Executive Pay William Lazonick 26. Innovative Platforms, Complexity and the Knowledge-Intensive Firm Pier Paolo Patrucco 27. Small Firms and Industrial Districts Marco Bellandi and Lisa De Propris PART VII: FIRM STRATEGIES 28. Mergers and Acquisitions and Firm Performance Myriam Cloodt and John Hagedoorn 29. R&D and the Firm Pier Paolo Saviotti 30. Creating Novelty through Vertical Relationships between Groups of Complementary Players Martin Fransman 31. Product Innovation when Consumers have Switching Costs Evens Salies 32. Modularity and its Implications for the Theory of the Firm Andreas Reinstaller 33. Innovation Networks Tobias Buchmann and Andreas Pyka PART VIII: ECONOMIC POLICY AND THE FIRM 34. Cartel and Monopoly Policy Hugues Bouthinon-Dumas and Frédéric Marty 35. R&D and Industrial Policy: Policies to Coordinate Investments in Research under Radical Uncertainty Jean-Luc Gaffard, Sarah Guillou and Lionel Nesta 36. Public Policy in an Entrepreneurial Society Zoltan J. Acs 37. The Regulated Firm in Liberalized Network Industries Aad Correljé, John Groenewegen and Jan Jaap Bouma 38. From the Corporation to Venture Capitalism: New Surrogate Markets for Knowledge and Innovation-led Economic Growth Cristiano Antonelli and Morris Teubal Index

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Book SynopsisFor the last four decades, researchers in various disciplines have been trying to explain the enduring paradox of the growing activity and volume of mergers and acquisitions (M&A) versus the high failure rate of M&A. This handbook will stimulate scholars to focus on new research directions.The contributors explore how underlying concepts and methodologies can make an important contribution towards understanding M&A and their performance. This authoritative volume presents research that incorporates multidisciplinary, multi-level, multi-stage and cross-cultural models and analyses, and also focuses on such issues as process-content, knowledge transfer, due diligence, performance measures, communication, trust, grief, integration approaches, individual values, change management, and consulting.Scholars interested in research on strategy as well as Masters and PhD students on mergers and acquisitions courses will find much of value in this compilation.Contributors include: M.F. Ahammad, N.M. Ashkanasy, Z.R. Bachar, A.F. Buono, K.M. Ellis, P.-G. Hourque, P. Junni, M.H. Kavanagh, B.T. Lamont, M.L. Mark, O. Meglio, E. Metais, P.H. Mirvis, A.L. Ranft, T.H. Reus, A. Risberg, R.M. Sarala, A.-M. Søderberg, G.K. Stahl, S. Tarba, E. Vaara, P. Very, Y. WeberTable of ContentsContents: Introduction Yaakov Weber PART I: NEW MODELS AND EMPIRICAL FINDINGS ON CONNECTIONS BETWEEN M&A STAGES 1. The Role of Trust in Mergers and Acquisitions: A Conceptual Framework and Empirical Evidence Günter K. Stahl 2. Integration of International Mergers and Acquisitions: Test of a New Paradigm Yaakov Weber, Shlomo Yedidia Tarba, Günter K. Stahl and Ziva Bachar-Rozen PART II: RESEARCH AGENDA AND THEORETICAL DEVELOPMENT ON CONNECTION BETWEEN M&A STAGES AND CONTEXT VARIABLES 3. A Research Agenda to Increase Merger and Acquisition Success Mitchell Lee Marks and Philip H. Mirvis 4. Placing Process Factors Along with Contextual Factors in Merger and Acquisition Research Taco H. Reus, Kimberley M. Ellis, Bruce T. Lamont and Annette L. Ranft 5. The Dynamics of Knowledge Transfer in Mergers and Acquisitions Paulina Junni, Riikka M. Sarala and Eero Vaara PART III: METHODOLOGICAL ISSUES IN M&A RESEARCH 6. Merger and Acquisition Outcomes – Is it Meaningful to Talk About High Failure Rates? Annette Risberg and Olimpia Meglio 7. Researching Mergers and Acquisitions with the Case Study Method: Idiographic Understanding of Longitudinal Integration Processes Lars Bengtsson and Rikard Larsson 8. Individual Values and Organizational Culture During a Merger: Immovable Objects or Shifting Sands? Marie H. Kavanagh and Neal M. Ashkanasy PART IV: NEW AND UNDER-EXPLORED CONTEXT AND PROCESS VARIABLES IN VARIOUS M&A STAGES 9. Facilitating Mergers through Management and Organization of Communication: An Analysis of Strategic Communication in a Cross-Border Merger Anne-Marie Søderberg 10. Determinants of Top Management Retention in Cross Border Acquisitions Mohammad Faisal Ahammad, Keith W. Glaister, Yaakov Weber and Shlomo Yedidia Tarba 11. Grief and the Management of Mergers and Acquisitions Philippe Very, Emmanuel Metais and Pierre-Guy Hourquet Index

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Book SynopsisMergers and acquisitions continue to be a primary vehicle of growth for companies around the world. Not only in the United States and Europe, but also in Japan, China, India, Brazil and elsewhere, senior executives are making huge bets on the future of their firms. With such intense scrutiny in the world of business, it is not surprising that academic research on mergers and acquisitions has been similarly robust. The topics range from strategy, to organizational integration, culture, leadership, human resource planning, and financial analysis. Similarly the theories brought to bear to help understand mergers and acquisitions range from upper echelons theory to the resource based view of the firm, competitive analysis, organizational trust, networks, knowledge management, and others. What makes the "Advances in Mergers and Acquisitions" series stand out is its focus on all three characteristics that make up this research field - studies from scholars in different countries, with different research questions, relying on different theoretical perspectives. Such a broad, and inclusive, approach to mergers and acquisitions is not easily replicated in academic journals, with much narrower mandates and metrics. The collections published each year provide cutting edge ideas by leading scholars on a global scale. Doing so not only broadens the questions being studied, but also helps researchers consider the inter-relationships among different perspectives.In the final analysis, the best way to build understanding around a topic as diffuse as mergers and acquisitions is to be both integrative, and expansive, in choice of research questions and theoretical underpinnings. "Advances in Mergers and Acquisitions" offers this unique perspective, not easily found elsewhere, that will help scholars think about mergers and acquisitions in new ways, building our knowledge base on this critical topic. In light of the enormous sums being invested in growth-via-acquisition strategies around the world, academic research on mergers and acquisitions has never been more important.Table of ContentsIntroduction. A temporal perspective of corporate M&A and alliance portfolios. Value creation in joint venture dyads. Unpacking the champion of acquisitions: the key figure in the execution of the post-acquisition integration process. Post-merger integration process in Japanese M&A: The voices from the front-line. How climate and leadership can be used to create actionable knowledge during stages of mergers and acquisitions. The linkages between cultural differences, psychological states, and performance in international mergers and acquisitions. List of Contributors. Advances in Mergers and Acquisitions. Advances in Mergers and Acquisitions. Copyright page.

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Book SynopsisWhat makes the "Advances in Mergers and Acquisitions" series stand out is its focus on all three characteristics that make up this research field - studies from scholars in different countries, with different research questions, relying on different theoretical perspectives. Such a broad, and inclusive, approach to mergers and acquisitions is not easily replicated in academic journals, with much narrower mandates and metrics. The collections published each year provide cutting edge ideas by leading scholars on a global scale. Doing so not only broadens the questions being studied, but also helps researchers consider the inter-relationships among different perspectives. In the final analysis, the best way to build understanding around a topic as diffuse as mergers and acquisitions is to be both integrative, and expansive, in choice of research questions and theoretical underpinnings. "Advances in Mergers and Acquisitions" offers this unique perspective, not easily found elsewhere, that will help scholars think about mergers and acquisitions in new ways, building our knowledge base on this critical topic.Table of ContentsIntroduction. International mergers and acquisitions performance revisited – the role of cultural distance and post-. Organizational identification and cultural differences: Explaining employee attitudes and behavioral intentions during postmerger integration. The value of stories in understanding the past and shaping the future in merged organizations. Transitional governance: A critical review of implicit process assumptions. Computationally modeling the effect of organizational complexity on post-merger integration. Measuring performance in technology-driven M&AS: Insights from a literature review. Acquisitions in the Chinese real estate industry and the two-stage privatization process. Subsidiary brands as a resource and the redistribution of decision-making authority following acquisitions. List of Contributors. Advances in Mergers and Acquisitions. Advances in Mergers and Acquisitions. Copyright page.

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Book SynopsisThis book presents up-to-date evidence on the issues facing financiers and intermediaries involved in venture capital and management buy-outs. It provides a comprehensive review of existing literature and an analysis of international trends in market development as well as a global comparison of the major issues.It addresses venture capital at the industry/market and firm level and provides full coverage on both informal and formal venture capitalists, management buy-outs, and competing and complementary sources of finance including bank finance and trade credit. The contributors also discuss important but neglected issues on the nature of venture capitalist-investee relationships and the revelation of knowledge, the costs of information searches, the development of appropriate forms of managerial and financial control systems, the role of the entrepreneur and bargaining models of contract negotiation. It uses case study examples from the US, the UK, and West and Eastern Europe.This book will be of interest to practitioners, researchers and policymakers in the area of the financing and management of firms as well as academics and students interested in management buy-outs, venture capital, entrepreneurship and finance.Trade Review'It provides a comprehensive review of existing literature and an analysis of international trends in market development as well as a global comparison of the major issues.' -- International Review of Administrative SciencesTable of ContentsContents: Preface 1. Introduction 2. Venture Capital 3. The Venture Capital and Buy-out Markets in the UK and Europe 4. Venture Capital in Transition Economies 5. The Role of Trust in the Informal Investor’s Investment Decision 6. Relationship Participation 7. Loan Covenants, Relationship Banking and Management Buy-outs in Default 8. Small Business Demand for Trade Credit, Credit Rationing and the Late Payment of Commerical Debt 9. Funds Providers’ Role in Venture Capital Firm Monitoring 10. Sources of Venture Capital Deals 11. Venture Capitalists, Investment Appraisal and Accounting Information 12. Accounting Information System Development and the Supply of Venture Capital 13. European IPO Markets 14. Venture Capitalists, Serial Entrepreneurs and Serial Buy-outs Index

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Book SynopsisJewels in the Crown provides an analysis of Tata's acquisition of Jaguar and Land Rover in 2008, and subsequent transformation of their fortunes, written by an award-winning motoring writer. Ray Hutton goes behind the scenes to examine how Tata have not only returned the business to profit, but also transformed the public image of these long-established British brands. At the time of the takeover, both brands (once the crown jewels of the British motor industry) had been tarnished by a patchy reputation for quality and reliability. Tata bought a new approach to the business, with fast decision-making and a solid, sustainable, long-term strategy. Factory efficiency was improved and a major export drive accompanied by a succession of carefully-positioned new models, from the Jaguar XJ Saloon and F-Type sports car to the Evoque and the new, lighter but more luxurious Range Rover flagship. The result was a remarkable change of fortunes. This book shows how it was done.Trade Review"One question that burns ... is how on earth Tata of India managed to turn Jaguar Land Rover into a success when previous owners apparently could not. In a fascinating 200 pages, Hutton examines history and strategy, and supplies surprising answers."--Autocar 29 May 2013; "Ray Hutton is one of the most accomplished and celebrated motoring journalists of our time ... Enjoy the journey through this well written and straightforward book filled with some of the most accurately formed opinions in the industry."--Overdrive Magazine, June 2013; "This extraordinary story is chronicled in lively detail by Hutton."-- the Times Business 'ten best summer reads', July 2013; "A behind the scenes look at how the Indian industrial giant has revitalised their fortunes" --Motor Trader, June 2013

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Book SynopsisMergers & acquisitions are an essential instrument of strategic corporate management for companies of all sizes. The success of an M&A project highly depends on an optimal transaction preparation, fast execution and the experience of all parties involved. Due to numerous endogenous and exogenous influences, no two M&A transactions are alike at the detailed level. This book is designed as a practical M&A guide for students and professionals alike. In addition to dealing with important basics of mergers & acquisitions, the focus is on a structured and in-depth examination of the individual process steps of a typical company sale. At various points in this book, specific differences between a company sale of medium-sized companies (mid-caps) and large companies (large-caps) are discussed in detail.Table of ContentsChapter 1. The foundation of the consideration.- Chapter 2. David and Goliath: Mid-cap and large-cap companies.- Chapter 3. M&A sales process.

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Book SynopsisDespite the fact that mergers and acquisitions are a crucial part of the modern business landscape, the factors that can make the difference between success and failure remain little understood - as evidenced by the disappointing outcomes of the majority of acquisitions. With "The Secret of Successful Acquisitions", Farsam Farschtschian focuses on the role of corporate boards in mergers - and his surprising conclusions reveal the inadequacies of current corporate governance, while also highlighting the gap between mainstream management theory and actual board practices. The book concludes with a set of recommendations for improvement, aimed at top management, which will make the volume of value to businessmen as well as to scholars.Trade Review"In every sense, this book is extraordinary, original in thought and brilliantly written, providing top management with with effective tools for acquisitions." (Fredmund Malik, founder and chairman of Malik Management)"

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Book SynopsisMergers and Acquisitions are popular for survival, growth, tax benefits, and restructuring in the competitive market. The concept is essential for economic development and corporate success, catering to diverse reader needs.

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