scholarly journals The role of related strategic alliances before mergers and acquisitions

2021 ◽  
Vol 1 (10) ◽  
Author(s):  
Leonhard Brinster
Keyword(s):  
Mergers And Acquisitions ◽  
Strategic Alliances ◽  
Private Information ◽  
Target Selection ◽  
Trust Building ◽  
Significant Evidence ◽  
Transaction Process ◽  
Announcement Returns ◽  
Different Types

AbstractUsing mergers and acquisitions (M&A) deals by companies from the biotechnology and pharmaceutical industry, this study analyzes the role of different types of prior ties between companies. The research distinguishes related alliances into direct and indirect alliances. Related alliances provide access to more information and can reduce transaction costs. The reduction of such costs can lead to a more successful target selection and a more efficient transaction process of the M&A deal because the time from announcement to completion can be reduced. This effect can be explained by trust-building, better access to private information, and certification through related alliances. However, in contrast to other studies, this study does not find statistically significant evidence that supports the hypothesis that alliances increase the post-M&A performance and that alliances are associated with higher announcement returns.

scholarly journals The Pre-Deal Phase of Mergers and Acquisitions: A Review and Research Agenda

2019 ◽  
Vol 46 (6) ◽  
pp. 843-878 ◽  
Author(s):  
Xena Welch ◽  
Stevo Pavićević ◽  
Thomas Keil ◽  
Tomi Laamanen
Keyword(s):  
Mergers And Acquisitions ◽  
Research Agenda ◽  
Temporal Dynamics ◽  
Target Selection ◽  
Comprehensive Analysis ◽  
Research Interest ◽  
Theoretical Base ◽  
Topic Area ◽  
High Level

Despite the long-standing research interest in the pre-deal phase of mergers and acquisitions, many important questions remain unanswered. We review and synthesize the extensive but rather fragmented research on this topic area in the fields of management, finance, accounting, and economics. We organize our review according to six themes, that is, deal initiation, target selection, bidding and negotiation, valuation and financing, announcement, and closure, which represent the main categories of activities performed during the pre-deal phase. Our review shows that most of the existing research relies on a rather high-level, simplified, and static conception of the pre-deal phase. On the basis of our review, we put forward a research agenda that calls for a more granular examination of individual activities and decisions, a more comprehensive analysis of the interplay among the different actors involved in the pre-deal phase, a better understanding of the role of the temporal dynamics, and the extension of the theoretical base from variance-based to process-based theorizing.

In Whom Collectivists Trust: The Role of (in) Voluntary Social Obligations in Japan

2013 ◽  
Vol 9 (2) ◽  
pp. 319-343
Author(s):  
Oana Branzei ◽  
Ronald D. Camp ◽  
Ilan Vertinsky
Keyword(s):  
Perceived Risk ◽  
Organizational Trust ◽  
Trust Building ◽  
Social Categories ◽  
Initial Trust ◽  
Trust Development ◽  
Asymmetric Effects ◽  
Different Types ◽  
Quasi Experimental

AbstractThis study contributes to an emic understanding of how different types of social obligations may help or hinder the formation of initial organizational trust within collectivist cultures. We extend prior social categorization insights by challenging the expectation that in-group favouritism automatically facilitates higher levels of initial trust among collectivists. We theorize and test the asymmetric effects of two different types of social obligations toward members of distinct social categories (kinship and friendship in-groups) on the formation of initial organizational trust. Using a quasi-experimental research design in a collectivist culture (Japan), we hypothesize and show that in ambivalent situations, voluntary social obligations toward members of friendship in-groups encourage early trust in trustees' organizations; however, involuntary social obligations toward members of kinship in-groups discourage early trust development toward the organization these trustees represent. The effects of (in)voluntary social obligations on initial organizational trust are contingent on how collectivists perceive each encounter: voluntary social obligations are more conducive to trust-building at lower levels of perceived opportunity; involuntary social obligations have stronger effects on initial organizational trust at higher levels of perceived risk.

scholarly journals The Role of Information in Innovation and Competition

2015 ◽  
Vol 14 (4) ◽  
pp. 828-870 ◽  
Author(s):  
Ufuk Akcigit ◽  
Qingmin Liu
Keyword(s):  
Private Information ◽  
Trial And Error ◽  
Welfare Losses ◽  
Dead End ◽  
Wrong Direction ◽  
Efficiency Losses ◽  
Different Types ◽  
Information Externality ◽  
Role Of Information

Abstract Innovation is typically a trial-and-error process. While some research paths lead to the innovation sought, others result in dead ends. Because firms benefit from their competitors working in the wrong direction, they do not reveal their dead-end findings. Time and resources are wasted on projects that other firms have already found to be fruitless. We offer a simple model with two firms and two research lines to study this prevalent problem. We characterize the equilibrium in a decentralized environment that necessarily entails significant efficiency losses due to wasteful dead-end replication and an information externality that leads to an early abandonment of the risky project. We show that different types of firms follow different innovation strategies and create different kinds of welfare losses. In an extension of the core model, we also study a centralized mechanism whereby firms are incentivized to disclose their actions and share their private information in a timely manner.

Is Imitation Bad for the Production of Creative Works?

2020 ◽  
Vol 19 (2) ◽  
pp. 115-144
Author(s):  
Sang Hoo Bae ◽  
Kyeongwon Yoo
Keyword(s):  
Private Information ◽  
Copyright Protection ◽  
End User ◽  
Positive Role ◽  
Production Distribution ◽  
Different Types ◽  
High Level ◽  
The Impact ◽  
Consumption Demand

Abstract This paper develops a theoretical framework to discuss the positive role of imitative works where creators often have private information about their creative abilities and may need outside investment. Within this framework, we consider the impact of three types of copyright protection during the different stages: the production, distribution, and consumption of creative works. Different types of enforcement can discourage imitation (production-side enforcement), limit distribution (supply-side enforcement), and restrict consumption (demand-side enforcement) of unauthorized copies of creative works. The last two types of infringement are called end-user piracy since these involve end-users, who actively search and illegally access creative works. The main results show that substitutability exists between copyright protection against end-user piracy since both types of enforcement increase the creator’s incentive with a higher return. However, it cannot solve the inefficient investment problem due to information asymmetry. There exists complementarity between copyright protection against end-user piracy and imitation. When weak protection against end-user piracy yields the overproduction of creative works, a high level of protection against imitation can minimize the related inefficiencies. However, when end-user piracy enforcement increases and brings underproduction, imitative works can benefit society.

scholarly journals Vertical vs. Horizontal: How Strategic Alliance Type Influence Firm Performance?

2019 ◽  
Vol 11 (23) ◽  
pp. 6594 ◽  
Author(s):  
Baojun Yu ◽  
Hangjun Xu ◽  
Feng Dong
Keyword(s):  
Firm Performance ◽  
Mergers And Acquisitions ◽  
Strategic Alliances ◽  
Strategic Alliance ◽  
Theoretical Foundation ◽  
Abnormal Returns ◽  
Equity Markets ◽  
The Public ◽  
Different Types ◽  
Public Equity

Strategic alliances have become a key focus in the management and marketing literature. However, much of the previous research in this area has focused on the antecedents and accounting effects of strategic alliances. There is an opportunity to more closely examine how alliance types might influence the public equity markets. As a result, this study summarizes the literature for the theoretical foundation of strategic alliances to increase the understanding of the two main types of strategic alliances, that is industry scope (vertical vs. horizontal alliances) and size scope (asymmetric vs. symmetric alliances). Then, this study proposes a conceptual framework to examine the main and relative effects between different types of strategic alliances and firm performance. Using the Bloomberg Mergers and Acquisitions (M&A) database from 1 January 2010 to 1 January 2016, we find that vertical symmetric alliances gain more abnormal returns than others. Finally, implications and limitations are also discussed.

Impact of information risk and cost of equity: moderating role of investor attention

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Sana Saleem ◽  
Muhammad Usman
Keyword(s):  
Private Information ◽  
Cost Of Equity ◽  
Dynamic Panel ◽  
Investor Attention ◽  
Content Type ◽  
Information Risk ◽  
Different Types ◽  
Types Of Information ◽  
Moderating Role

PurposeThe purpose of this study is to finds out how investor attention plays the moderating role between the relation of information risk and COE by considering the effect of three different types of information risk, that is private information, lack of quality and transparent information.Design/methodology/approachFor that purpose, data is collected from all the non-financial firms listed on PSX from 2007 to 2019. Two-step system GMM dynamic panel estimators are applied to test the dynamic nature of the proposed model.FindingsThe findings of the study show that investor attention reduces these three information risks by increasing the stock liquidity and decreasing the crash risk which ultimately decreases the COE. Also, this study examined the role of investor attention between the relations of information risk and corporate investment in the dynamic panel model, where the two-step system generalized method of the moment has been applied. The finding of the study shows that investor attention stimulates the innovative investment by increasing investor confidence and decreasing the agency conflict.Originality/valueThis study contributes to the literature by providing the novel findings by considering the role of investor attention in reducing the effect of three different types of information risk, that is private information, less quality as well as less transparency of information and further their effect on the cost of equity.

Potential Uses of Vinegar as a Medicine and Related in vivo Mechanisms

2016 ◽  
Vol 86 (3-4) ◽  
pp. 127-151 ◽  
Author(s):  
Zeshan Ali ◽  
Zhenbin Wang ◽  
Rai Muhammad Amir ◽  
Shoaib Younas ◽  
Asif Wali ◽  
...  
Keyword(s):  
Chemical Structure ◽  
Review Paper ◽  
Heart Diseases ◽  
Folk Medicine ◽  
Active Role ◽  
Current Review ◽  
Different Types ◽  
Positive Effect

While the use of vinegar to fi ght against infections and other crucial conditions dates back to Hippocrates, recent research has found that vinegar consumption has a positive effect on biomarkers for diabetes, cancer, and heart diseases. Different types of vinegar have been used in the world during different time periods. Vinegar is produced by a fermentation process. Foods with a high content of carbohydrates are a good source of vinegar. Review of the results of different studies performed on vinegar components reveals that the daily use of these components has a healthy impact on the physiological and chemical structure of the human body. During the era of Hippocrates, people used vinegar as a medicine to treat wounds, which means that vinegar is one of the ancient foods used as folk medicine. The purpose of the current review paper is to provide a detailed summary of the outcome of previous studies emphasizing the role of vinegar in treatment of different diseases both in acute and chronic conditions, its in vivo mechanism and the active role of different bacteria.

The Diagnosis of Lupus Anticoagulants by the Activated Partial Thromboplastin Time - The Central Role of Phosphatidyl Serine

1984 ◽  
Vol 52 (02) ◽  
pp. 172-175 ◽  
Author(s):  
P R Kelsey ◽  
K J Stevenson ◽  
L Poller
Keyword(s):  
Screening Method ◽  
Coagulation Factors ◽  
Phosphatidyl Serine ◽  
Test System ◽  
Specific Factor ◽  
Marginal Effect ◽  
Constant Composition ◽  
Lupus Anticoagulants ◽  
Different Types

SummaryLiposomes of pure phospholipids were used in a modified APTT test system and the role of phosphatidyl serine (PS) in determining the sensitivity of the test system to the presence of lupus anticoagulants was assessed. Six consecutive patients with lupus anticoagulants and seven haemophiliacs with anticoagulants directed at specific coagulation factors, were studied. Increasing the concentration of phospholipid in the test system markedly reduced the sensitivity to lupus anticoagulants but had marginal effect on the specific factor inhibitors. The same effect was achieved when the content of PS alone was increased in a vehicle liposome of constant composition.The results suggest that the lupus anticoagulants can best be detected by a screening method using an APTT test with a reagent of low PS content. The use of a reagent rich in PS will largely abolish the lupus anticoagulant’s effect on the APTT. An approach using the two different types of reagent may facilitate differentiation of lupus inhibitors from other types of anticoagulant.

Russia’s Market of Mergers and Acquisitions: Stages, Features and Prospects

2009 ◽  
pp. 23-45 ◽  
Author(s):  
A. Radygin
Keyword(s):  
Open Access ◽  
Mergers And Acquisitions ◽  
Corporate Control ◽  
Active Role ◽  
Data Bases ◽  
2008 Financial Crisis ◽  
Legal Norms ◽  
Role Of The State ◽  
Access Data

The article deals with key tendencies in the development of Russia’s market of mergers and acquisitions in the first decade of the 21st century. Quantitative parameters are analyzed by using available in the open access data bases for the years 2003-2008 taking into consideration new tendencies relating to 2008 financial crisis. An active role of the state played in the market of corporate control represents an important factor. Special attention is given to issues of development of Russia’s system of legal norms regulating the market of mergers and acquisitions.

The Role of Evaluative Tools in the Creation of the Memorial Media Portrait of Jacques Chirac (1932—2019)

2020 ◽  
pp. 97-110
Author(s):  
E. N. Mikhailova ◽  
V. A. Telegina
Keyword(s):  
Print Media ◽  
Political Elite ◽  
Systematic Analysis ◽  
Research Material ◽  
Political Orientations ◽  
Different Types ◽  
The Media ◽  
The Creation ◽  
Entire Text

The article is devoted to the study of evaluative tools used in modern French media in order to form the media image of a representative of the political elite. The techniques used in the creation of a memorial media portrait of Jacques Chirac (1932—2019), President of France from 1995 to 2007 are considered. The research material was the most prestigious French print media of various political orientations, published in late September — early October 2019 in connection with the death of the ex-President of the French Republic. The relevance of the research topic is dictated by the close attention of modern linguistics to axiological phenomena, differently presented in different types of discursive practices. The novelty of the study is due to the appeal to the analysis of the complex of evaluation tools used in the French print media when characterizing the former leader of the state during the nation’s farewell period. The estimated potential of the title of the article and its influence on the formation of the estimated vector of the entire text of the publication are shown. A systematic analysis of the assessment expression means, reflected in the memorial media portrait of the politician, is given. The factors that influenced the peculiarities of their use in this type of media portrait are revealed.

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