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By Cooper C.L., Finkelstein S.

Every one number of articles that makes up a quantity of Advances in Mergers and Acquisitions paints an image of up to date study in this subject. during this quantity, now we have seven contributions from students in North the USA, Europe, and Asia, and those papers jointly deal with acquisition method and acquisition integration, winning bargains and unsuccessful ones, possession constitution and managerial constitution, danger and go back, wisdom renovation and data move, construction belief and cultivating feelings, and alliances and networks. This breadth of realization around the spectrum of study chances on mergers and acquisitions is amazing in that it indicates either that this subject has morphed in recent times to surround a large array of concerns that pass a ways past what past generations of students involved themselves with, and that there's nonetheless much more to be realized concerning the methods and function of mergers and acquisitions.One of the advantages of an edited quantity of articles on a middle subject is the chance it offers to assemble not just the range of issues defined above, yet a range of equipment in addition. The insights that emerge from those a number of tools could be extra assorted than may perhaps rather be the case, and supply an extra capability contribution.In bringing jointly a suite of 7 various papers by way of students from diverse disciplines, with various examine agendas, and hailing from varied international locations - but all of whom are tackling a similar basic phenomenon - this quantity bargains anything that can't be simply replicated in different boards. the variety of disciplines, views, and nations is outstanding, yet so are the variety of themes, matters, methodologies, and examine questions they create to undergo to make clear a similar primary, and significant, characteristic of organizational lifestyles - mergers and acquisitions.

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Extra resources for Advances in Mergers and Acquisitions, Volume 5

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Moreover, the explanatory power of each perspective is ultimately a matter to be resolved empirically. METHODS Model Specification The multivariate statistical models regress an ex ante measure of the level of risk reduction through acquisition on variables representing stakeholders’ firm-specific investments, variables representing agency motives, and other controls. The models take the following form: risk reductionijðtÀ3; tÞ ¼ a þ b1 pension planiðtÀ1Þ þ b2 cost of goods soldiðtÀ1Þ þ b3 advertising intensityiðtÀ1Þ þ b4 insidersiðtÀ1Þ þ b5 institutionsiðtÀ1Þ þ b6 blockholdersiðtÀ1Þ þ controlsiðtÀ1Þ þ iðtÀ1Þ ð1Þ where t is the year of acquisition announcement, and i and j refer to the acquiring firm and the target firm, respectively.

Thus, the willingness of stakeholders to invest in firm-specific assets is inversely related to a firm’s total risks: the higher its total risks, the less specific investments will be made by its stakeholders. Consequently, a firm has incentives to reduce total risks in order to induce its stakeholders to make more firm-specific investments. Diversification and Firm Risk Although there are a number of means by which a firm may manage risk, we focus on the strategy of corporate diversification, since this is the area where 30 HELI WANG AND JEFFREY J.

The modern corporation and private property. New York: Macmillan. , & Opler, T. (1998). Block share purchases and corporate performance. Journal of Finance, 53(2), 605–634. Bettis, R. A. (1981). Performance differences in related and unrelated diversified firms. Strategic Management Journal, 2(4), 379–393. Boatright, J. (1994). What’s so special about shareholders? Business Ethics Quarterly, 4, 393–408. , & Shores, D. (1995). Stakeholders’ implicit claims and accounting method choice. Journal of Accounting and Economics, 20, 255–295.

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