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

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.

2016 ◽  
Vol 12 (9) ◽  
pp. 20160509 ◽  
Author(s):  
S. D. Rundle ◽  
J. I. Spicer

There is a current surge of research interest in the potential role of developmental plasticity in adaptation and evolution. Here we make a case that some of this research effort should explore the adaptive significance of heterokairy, a specific type of plasticity that describes environmentally driven, altered timing of development within a species. This emphasis seems warranted given the pervasive occurrence of heterochrony, altered developmental timing between species, in evolution. We briefly review studies investigating heterochrony within an adaptive context across animal taxa, including examples that explore links between heterokairy and heterochrony. We then outline how sequence heterokairy could be included within the research agenda for developmental plasticity. We suggest that the study of heterokairy may be particularly pertinent in (i) determining the importance of non-adaptive plasticity, and (ii) embedding concepts from comparative embryology such as developmental modularity and disassociation within a developmental plasticity framework.


2021 ◽  
Vol 1 (10) ◽  
Author(s):  
Leonhard Brinster

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.


2009 ◽  
pp. 23-45 ◽  
Author(s):  
A. Radygin

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.


2017 ◽  
Vol 14 (1) ◽  
pp. 101-112 ◽  
Author(s):  
Melissa Kelly

This article uses the concepts of ‘transnational social fields’ and ‘habitus’ to explore the multifaceted role families play in shaping the aspirations of onward migrating youth. The article draws on biographical life history interviews conducted with the children of Iranian migrants who were raised in Sweden but moved to London, UK as adults. The findings of the study suggest that from a young age, all the participants were pressured by their parents to perform well academically, and to achieve high level careers. These goals were easier to achieve in London than in Sweden for several reasons. Interestingly, however, participants’ understandings of what constituted success and their motivations for onward migration were nuanced and varied considerably by gender. The study contributes to an understanding of the role of multi-sited transnational social fields in shaping the aspirations of migrant youths, as well as the strategies taken up by these migrants to achieve their goals.


2018 ◽  
Vol 9 (01) ◽  
Author(s):  
Parul Gill ◽  
Poonam Malik ◽  
Pankaj Gill

The present study was undertaken to explore the decision making patterns of college girls in relation to clothing and their satisfaction level with these decision making patterns. Thirty under graduate college girls from Panipat city were approached to record their responses regarding decision making in relation to clothing and satisfaction level through a well structured questionnaire. It was found that most of the girls (56.66%) themselves made the decisions about the type of garment (Indian, western or both) they wear and majority of girls (70%) were highly satisfied with this decision making. Parents performed the role of buyers for their college going daughters' garments in most of the cases (63.33%) and the 73.33% girls had high level of satisfaction with this. In most of the cases (60%) the decision about the garment design was made by the girls themselves and they were highly satisfied with it. Keywords: clothing, college, girls, decision making.


2019 ◽  
Vol 3 (11) ◽  
pp. 150
Author(s):  
Mustafa Ibrahim Salman Al - Shammari ◽  
Dhari Sarhan Hammadi Al-Hamdani

The topic area of that’s paper dealing with role of Britain in established of Israel, so the paper argued the historical developments of Palestinian question and Role of Britain Government toward peace process since 1992, and then its insight toward plan of Palestinian State. That’s paper also argued the British Policy toward Israeli violations toward Palestinians people, and increased with settlement policy by many procedures like demolition of houses, or lands confiscation, the researcher argued the Britain position toward that’s violations beside the political developments which happens in Britain after Theresa May took over the power in Ten Downing Street


Author(s):  
D.R. Zhantiev

Аннотация В статье рассматривается роль и место Сирии (включая Ливан и Палестину) в системе османских владений на протяжении нескольких веков от османского завоевания до периода правления султана Абдул-Хамида II. В течение четырех столетий османского владычества территория исторической Сирии (Билад аш-Шам) была одним из важнейших компонентов османской системы и играла роль связующего звена между Анатолией, Египтом, Ираком и Хиджазом. Необходимость ежегодной организации хаджа с символами султанской власти и покровительства над святынями Мекки и Медины определяла особую стратегическую важность сирийских провинций Османской империи. Несмотря на ряд серьезных угроз во время общего кризиса османской государственности (конец XVI начало XIX вв.), имперскому центру удалось сохранить контроль над Сирией путем создания сдержек и противовесов между местными элитами. В XIX в. и особенно в период правления Абдул- Хамида II (18761909 гг.), сохранение Сирии под османским контролем стало вопросом существования Османской империи, которая перед лицом растущего европейского давления и интервенции потеряла большую часть своих владений на Балканах и в Северной Африке. Задача укрепления связей между имперским центром и периферией в сирийских вилайетах в последней четверти XIX в. была в целом успешно решена. К началу XX в. Сирия была одним из наиболее политически спокойных и прочно связанных со Стамбулом регионов Османской империи. Этому в значительной степени способствовали довольно высокий уровень общественной безопасности, развитие внешней торговли, рост образования и постепенная интеграция местных элит (как мусульман, так и христиан) в османские государственные и социальные механизмы. Положение Сирии в системе османских владений показало, что процесс ослабления и территориальной дезинтеграции Османской империи в эпоху реформ не был линейным и наряду с потерей владений и влияния на Балканах, в азиатской части империи в течение XIX и начала XX вв. происходил параллельный процесс имперской консолидации.Abstract The article examines the role and place of Greater Syria (including Lebanon and Palestine) in the system of Ottoman possessions over several centuries from the Ottoman conquest to the period of the reign of Abdul Hamid II. For four centuries of Ottoman domination, the territory of historical Syria (Bilad al-Sham) was one of the most important components in the Ottoman system and played the role of a link between Anatolia, Egypt, Iraq and Hijaz. The need to ensure the Hajj with symbols of Sultan power and patronage over the shrines of Mecca and Medina each year determined the special strategic importance of the Syrian provinces of the Ottoman Empire. Despite a number of serious threats during the general crisis of the Ottoman state system (late 16th early 19th centuries), the imperial center managed to maintain control over Syria by creating checks and balances between local elites. In the 19th century. And especially during the reign of Abdul Hamid II (18761909), keeping Syria under Ottoman control became a matter of existence for the Ottoman Empire, which, in the face of increasing European pressure and intervention, lost most of its possessions in the Balkans and North Africa. The task of strengthening ties between the imperial center and the periphery in Syrian vilayets in the last quarter of the 19th century was generally successfully resolved. By the beginning of the 20th century, Syria was one of the most politically calm and firmly connected with Istanbul regions of the Ottoman Empire. This was greatly facilitated by a fairly high level of public safety, the development of foreign trade, the growth of education and the gradual integration of local elites (both Muslims and Christians) into Ottoman state and social mechanisms. Syrias position in the system of Ottoman possessions clearly showed that the process of weakening and territorial disintegration of the Ottoman Empire during the era of reform was not linear, and along with the loss of possessions and influence in the Balkans, in the Asian part of the empire during the 19th and early 20th centuries there was a parallel process of imperial consolidation.


The productivity of land has been often discussed and deliberated by the academia and policymakers to understand agriculture, however, very few studies have focused on the agriculture worker productivity to analyze this sector. This study concentrates on the productivity of agricultural workers from across the states taking two-time points into consideration. The agriculture worker productivity needs to be dealt with seriously and on a time series basis so that the marginal productivity of worker can be ascertained but also the dependency of worker on agriculture gets revealed. There is still disguised unemployment in all the states and high level of labour migration, yet most of the states showed the dependency has gone down. Although a state like Madhya Pradesh is doing very well in terms of income earned but that is at the cost of increased worker power in agriculture as a result of which, the productivity of worker has gone down. States like Mizoram, Meghalaya, Nagaland and Tripura, though small in size showed remarkable growth in productivity and all these states showed a positive trend in terms of worker shifting away from agriculture. The traditional states which gained the most from Green Revolution of the sixties are performing decently well, but they need to have the next major policy push so that they move to the next orbit of growth.


Author(s):  
I-Chieh Michelle Yang

This conceptual paper proposes a new research agenda in travel risk research by understanding the role of affect. Extant scholarship tends to focus on travel risk perception or assessment as a cognitive psychological process. However, despite the phenomenal growth of the tourism industry globally, research related to travel risk perception remains stagnant with no significant breakthrough. Drawing on the existing empirical evidences in risk-related research, this paper asserts that affect plays a potent role in influencing travel risk perception – positive affect leads to more positive travel risk perception, vice versa. In this paper, existing empirical evidences and theories are presented to provide support for this proposition.


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