Description

It is now a well-know fact that mergers and acquisitions activity comes in waves. The most recent wave, the 5th takeover wave of the 1990s, was characterized by an unprecedented number of corporate restructurings in terms of mergers and acquisitions (M&As), public-to-private transactions, spin-offs and divestitures, and leveraged recapitalizations. Following the collapse of the stock market in March 2000, M&A activity slumped dramatically, but this pause ended in the second half of 2004 when takeover deals occurred again quite frequently. Indeed, some observers wonder whether the 6th takeover wave has started. The takeover wave in the 1990s was particularly remarkable in terms of size and geographical dispersion. For the first time, Continental European firms were as eager to participate as their US and UK counterparts, and M&A activity in Europe hit levels similar to those experienced in the US. Due to its financial impact and the unprecedented activity in Continental Europe, the 5th takeover wave of the 1990s and recent takeover activity (in biotech, utilities, pharmaceuticals) have triggered a great deal of interesting academic research. This volume brings together a selection of insightful papers. An impressive group of international authors address the following themes: takeover regulation; the cyclical pattern of the M&A markets and probable causes and effects; methods to determine the performance of success of M&A actions; cross border deals; means of payment and its effects; studies of hostile bids; high leverage takeovers and delistings.

Key Features

*A selection of the best and latest quantitative research on M&A activity worldwide *Impressive collection of international authors *Provides important insights and implications for practitioners

Readership

Primary audience; academics and researchers in Finance; MBA and MScFinance students; quantitative analysts and M&A practitioners with high quantitative skills investment bankers, lawyers, etc.

Table of Contents

Chapter 1 Understanding mergers and acquisitions Greg. N. Gregoriou and Luc Renneboog 1.1 Introduction 1.2 Historical Background 1.3 Recent M&A Activity 1.4 M&A Clustering: Theory 1.5 Empirical Evidence on M&A Profitability 1.6 Conclusion and overview of the research presented in this book Chapter 2 Cross-border mergers and acquisitions: the facts as a guide for international economics Steven Brakman, Harry Garretsen and Charles van Marrewijk 2.1 Introduction 2.2 Cross-border M&As: basic characteristics 2.3 Countries and M&As in 2005 2.4 Regional distribution of cross-border M&As 2.5 Countries and M&As over time 2.6 Inequality between cross-border M&As 2.7 Looking more closely at individual firms that engage in M&A 2.8 Conclusion Chapter 3 Searching for alpha: which acquisitions create value? Manolis Liodakis, and Che Pang 3.1 Introduction 3.2 Do takeovers create any value? 3.3 Motives for deals 3.4 Characteristics of value enhancing acquirers 3.5 Putting it all together 3.6 Conclusion Chapter 4 Long-term operating performance in European mergers and acquisitions Marina Martynova, Sjoerd Oosting and Luc Renneboog 4.1 Introduction 4.2 Prior research 4.3 Data and methodology 4.4 Changes in corporate performance caused by M&As: results 4.5 The determinants of the post-acquisition operating performance 4.6 Conclusion Chapter 5 Bondholder wealth effects in mergers and acquisitions Luc Renneboog

Details

No. of pages:
320
Language:
English
Copyright:
© 2007
Published:
Imprint:
Academic Press
Print ISBN:
9780750682893
Electronic ISBN:
9780080547329

About the editors

Greg Gregoriou

A native of Montreal, Professor Greg N. Gregoriou obtained his joint Ph.D. in finance at the University of Quebec at Montreal which merges the resources of Montreal's four major universities McGill, Concordia, UQAM and HEC. Professor Gregoriou is Professor of Finance at State University of New York (Plattsburgh) and has taught a variety of finance courses such as Alternative Investments, International Finance, Money and Capital Markets, Portfolio Management, and Corporate Finance. He has also lectured at the University of Vermont, Universidad de Navarra and at the University of Quebec at Montreal. Professor Gregoriou has published 50 books, 65 refereed publications in peer-reviewed journals and 24 book chapters since his arrival at SUNY Plattsburgh in August 2003. Professor Gregoriou's books have been published by McGraw-Hill, John Wiley & Sons, Elsevier-Butterworth/Heinemann, Taylor and Francis/CRC Press, Palgrave-MacMillan and Risk Books. Four of his books have been translated into Chinese and Russian. His academic articles have appeared in well-known peer-reviewed journals such as the Review of Asset Pricing Studies, Journal of Portfolio Management, Journal of Futures Markets, European Journal of Operational Research, Annals of Operations Research, Computers and Operations Research, etc. Professor Gregoriou is the derivatives editor and editorial board member for the Journal of Asset Management as well as editorial board member for the Journal of Wealth Management, the Journal of Risk Management in Financial Institutions, Market Integrity, IEB International Journal of Finance, and the Brazilian Business Review. Professor Gregoriou's interests focus on hedge funds, funds of funds, commodity trading advisors, managed futures, venture capital and private equity. He has also been quoted several times in the New York Times, Barron's, the Financial Times of London, Le Temps (Geneva), Les Echos (Paris) and L'Observateur de Monaco. He has done consulting wo