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- Deals Without Delusions
- The Idea in Brief Half of all acquiring companies pay more for target firms than they're worth. Often it's because of executives' mental biases: Their interest in a deal keeps them from being objective about its value....
- Articles 2008-04-01
- PepsiCo's Big Steal: The Middle Man at a $1 Billion Discount
- Indra Nooyi needed to make PepsiCo more nimble by buying back its bottlers. The stock market crash gave the CEO the perfect moment to make her move — and save $1 billion. PepsiCo CEO Indra Nooyi PepsiCo CEO Indra Nooyi...
- Articles 2009-09-28
- Roy Behren and Michael Shannon: How to Make Money from Mergers
- The Merger Fund's managers share their views on the recent surge in corporate takeovers, and how you can profit from it. Professionals use the fairly conservative strategy of merger arbitrage — buying the stock of the firm about to be acquired and ...
- Articles 2009-10-05
Additional Resources
- Utilitiy Mergers and Acquisitions: No Slam Dunk
- It has been positively realized that the economies of scale are no longer the dominant rationale for energy industry mergers. While scale-based mergers may achieve one-time cost reductions, the markets have favored mergers that aim for a transformation of the business model. Businesses must translate proposed mergers into a story...
- White papers 2003-01-15
- A Regulator's Guide to Electric Mergers and Acquisitions in Florida
- This article asserts that mergers and acquisitions are occurring in many industries in the U.S., especially in the electric power industry. The trend toward consolidation most likely will increase as the industry becomes more competitive. The objective of this working paper is to identify who has authority to approve mergers...
- White papers 2001-08-01
- On Predatory Mergers
- The merger mania that has gripped both the United States and Europe over the past several years is a clear invitation to economic analysis especially in light of the work of Salant, Switzer, and Reynolds (1983). In the context of a standard Cournot model, their work shows that: 1) two-firm...
- White papers 2003-01-01
- Network Externalities, Mergers, And Industry Concentration
- This article examines how mergers affect performance in network industries. Network providers choose quality for communication within the provider's owns network, quality for communication between providers' networks, and output. Cross-border mergers provide firms an incentive to increase output because merged firms internalize positive network externalities. Several results modify conclusions in...
- White papers 2002-05-06
- A Side-Effect of the Mergers and Acquisitions and the Consolidation of Credit Departments
- This article is about mergers and acquisitions of companies who are at a record pace. Every industry seems to be transforming through mergers and acquisitions, from food to paper to telecommunications. As the credit professional knows, mergers of domestic companies may mean the elimination of the target of company's credit...
- White papers 2003-01-01
- Evidence On Mergers And Acquisitions
- This paper provides a broad-brush treatment of the empirical economics literature regarding the effects of mergers and acquisitions. Much of the literature has direct or indirect implications for competition policy. Of most direct interest to those concerned with merger-related antitrust issues are three types of empirical studies: stock market event...
- White papers 2001-09-25
- Mergers And Technological Change: 1885-1998
- This paper analyzes mergers over the past century in a growth model that emphasizes technological change. It explains the positive relation between mergers and stock prices, the positive relation between internal growth of firms and their acquisitions, and the positive relation of mergers with other measures of reallocation such as...
- White papers 2001-08-01
- Lessons from the Mega-Mergers
- Lessons from the Mega-MergersLessons from Mega Mergersabsolutely brilliant article... well i think that the failure or sucess depend more on cultural fit rather than financials.. HP-Compaq is an excellent example both being industry heavyweights but then also the deal was a debacle...RE: Lessons from the Mega-MergersFor any merger to work...
- Discussion threads 2007-09-18
- Cable mergers draw fire from Washington.(Tele-Communications Inc. mergers raise Congressional concerns)
- Tele-Communications Inc. could well have a fight on its hands in Washington over its recent round of mergers. Senate Commerce Committee leadership sounded off loudly about the mergers on C-SPAN's Washington Journal last Thursday. "W ...
- Research articles 1997-06-16
- A mergers runaway. (cross-border mergers in Europe)
- The number of cross-border mergers in Europe for 1996 increased despite the bleak forecasts made by financial analysts in 1995. Statistics culled from various institutions such as Goldman Sachs, CSFB and JP Morgan and Morgan Stanley revealed a record-level number of mergers led by Ciba Geigy-Sandoz and BT-MCI. Moreover, the...
- Research articles 1997-02-01
- Winning Through Mergers In Lean Times
- Since the end of the late 1990's economic boom, there has been a massive decline in mergers and acquisition. Parllel to this decline has been a growing realization of just how difficult it is to create value through mergers and acquisition. Numerous studies in recent years have concluded that...
- White papers 2003-07-01
- Consolidation In US Banking: Which Banks Engage In Mergers?
- The number of U.S. commercial banks has declined by some 40 percent since 1984, primarily through mergers of solvent institutions. The relaxation of legal impediments to branching has enabled this consolidation, but specific characteristics of banks that engage in mergers reflect the regulatory process and market structure, as well as...
- White papers 2002-12-01
- Mergers In A Cournot Model Of Spatial Competition: Urban Sprawl And Product Specialization
- This paper investigates the profitability and locational effects of mergers when firms play a Cournot game and compete in spatially differentiated markets. A two-firm merger is generally profitable in these types of markets because the merged partners can coordinate their location decisions. The merged firm locates its plants outside the...
- White papers 2003-01-01
- Horizontal Mergers And Exit In Declining Industries
- Previous work on exit in declining industries has neglected mergers. This paper examines a simple model that predicts which declining industries experience horizontal mergers. Mergers are more likely if 1) market concentration is high; 2) the inverse demand curve is steep at high levels of output and flat at low...
- White papers 2003-01-01
- Final Rule: Investment Company Mergers
- The US Securities and Exchange Commission is planning to amend the rule under the Investment Company Act of 1940 that permits mergers and other business combinations between certain affiliated investment companies. The amendments would expand the types of business combinations permitted by the rule and make it available for mergers...
- White papers 2002-07-18
- Making Mergers More Successful
- The cost of failed mergers is enormous. Many mergers fail because the human and cultural sides of integration are not managed as carefully as the financial and structural sides. This paper describes a process that has been used in two mergers to address the human and cultural sides of integration...
- White papers 2003-01-01
- The Effects Of Banking Mergers On Loan Contracts
- This paper studies the effects of banking mergers on individual business borrowers. Using information on individual loan contracts between banks and companies, it analyzes the effect of banking consolidation on banks' credit policies. It finds that in-market mergers benefit borrowers if these mergers involve the acquisition of banks with small...
- White papers 2003-01-01
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