Corporate takeover targets : acquisition probability
著者
書誌事項
Corporate takeover targets : acquisition probability
(Innovation, entrepreneurship, management series)
ISTE , Wiley, 2016
大学図書館所蔵 全3件
  青森
  岩手
  宮城
  秋田
  山形
  福島
  茨城
  栃木
  群馬
  埼玉
  千葉
  東京
  神奈川
  新潟
  富山
  石川
  福井
  山梨
  長野
  岐阜
  静岡
  愛知
  三重
  滋賀
  京都
  大阪
  兵庫
  奈良
  和歌山
  鳥取
  島根
  岡山
  広島
  山口
  徳島
  香川
  愛媛
  高知
  福岡
  佐賀
  長崎
  熊本
  大分
  宮崎
  鹿児島
  沖縄
  韓国
  中国
  タイ
  イギリス
  ドイツ
  スイス
  フランス
  ベルギー
  オランダ
  スウェーデン
  ノルウェー
  アメリカ
注記
Includes bibliographical references (p. [209]-220) and index
内容説明・目次
内容説明
The 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.
目次
Introduction 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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