...THE JOURNAL OF FINANCE • VOL. LXIV, NO. 3 • JUNE 2009 Do Stock Mergers Create Value for Acquirers? PAVEL G. SAVOR and QI LU∗ ABSTRACT This paper finds support for the hypothesis that overvalued firms create value for long-term shareholders by using their equity as currency. Any approach centered on abnormal returns is complicated by the fact that the most overvalued firms have the greatest incentive to engage in stock acquisitions. We solve this endogeneity problem by creating a sample of mergers that fail for exogenous reasons. We find that unsuccessful stock bidders significantly underperform successful ones. Failure to consummate is costlier for richly priced firms, and the unrealized acquirer-target combination would have earned higher returns. None of these results hold for cash bids. THE LATE 1990S WITNESSED a large mergers and acquisitions wave. Many transactions involved equity as the mode of payment (Andrade, Mitchell, and Stafford (2001), Holmstrom and Kaplan (2001)), and this equity was usually very richly valued by historical standards. The positive correlation between market valuation and merger activity has also been documented in other periods (Martin (1996), Verter (2002)) and is especially strong for stock deals (Maksimovic and Phillips (2001)). One interpretation of this evidence is that managers try to time the market by paying with stock when they believe it is overvalued. Recently, a number of papers formally recognized this link between possible...
Words: 18293 - Pages: 74
...Business as Usual is Not an Option Supply Chains and Sourcing after Rana Plaza Sarah Labowitz and Dorothée Baumann-Pauly April 2014 About the Center for Business and Human Rights at New York University Stern School of Business “At NYU Stern, we develop people and ideas that transform the challenges of the 21st century into opportunities to create value for business and society. Our Center for Business and Human Rights is the embodiment of that mission. By creating a safe haven for open dialogue and convening relevant voices for discussion around practical solutions to some of the world’s most pressing problems, the Center, and by extension this report, demonstrate that profit and principle can co-exist. ” –Peter Henry, Dean NYU Stern School of Business Dean Henry launched the Center for Business and Human Rights in March 2013 with a strong belief in the power of business to create positive change in society. In that spirit, the Center’s mission is to challenge and empower businesses to make practical progress on human rights in their own operations. It is the first center to focus on human rights as an integral part of a business school. We start from the premise that business can and does work for the good of society. We support the goal of business to create value while emphasizing high standards for human rights performance. Each year, we take on a major project around a set of human rights challenges in a sector that is of foremost concern for companies, consumers...
Words: 26968 - Pages: 108
...World Economic and Financial Sur veys Regional Economic Outlook Middle East and Central Asia 09 I N T E R N A T I O N A L M O N E T A R Y M AY F U N D W o r l d E c o n o m i c a n d F in a n c i a l S u r v e y s Regional Economic Outlook Middle East and Central Asia •••••••••••••••••••••• 09 I N T E R N A T I O N A L M O N E T A R Y F MAY U N D ©2009 International Monetary Fund Cataloging-in-Publication Data Regional economic outlook : Middle East and Central Asia. – [Washington, D.C.] : International Monetary Fund, 2009. p. ; cm. – (World economic and financial surveys, 0258-7440) ISBN 978-1-58906-842-1 “MAY09.” Includes bibliographical references. 1. Economic forecasting – Middle East. 2. Economic forecasting – Asia, Central. 3. Middle East – Economic conditions. 4. Middle East – Economic conditions – Statistics. 5. Asia, Central – Economic conditions. 6. Asia, Central – Economic conditions – Statistics. I. International Monetary Fund. II. Series: World economic and financial surveys. HC415.15.R445 2009 Please send orders to: International Monetary Fund, Publication Services 700 19th St. N.W., Washington, D.C. 20431, U.S.A. Tel.: (202) 623-7430 Fax: (202) 623-7201 E-mail: publications@imf.org Internet: www.imfbookstore.org The views expressed in this publication are those of the contributors...
Words: 26796 - Pages: 108
...Web Video Texts Audio Projects About Account TVNews OpenLibrary | | | | Home | American Libraries | Canadian Libraries | Universal Library | Community Texts | Project Gutenberg | Children's Library | Biodiversity Heritage Library | Additional Collections | Search: Advanced Search | Anonymous User (login or join us) | Upload | Full text of "Natya Shastra of Bharata Muni Volume 1"THE NATYASASTRA A Treatise on Hindu Dramaturgy and Histrionics Ascribed to B ii A R A T A - M r X I Vol. I. ( Chapters I-XXVII ) Completely translated jor the jirst tune from the original Sanskrit tuttri «u Introduction and Various Notes M .U'OMOH A N liHOS H M.A., Pn. I). <OaU 2 Viu i95y CALCUTTA THE RoyiL ISIAJtC SOCIETY OF BENGAL Dedicated to the memory of thom great scholars of India. and the West mho by their indefatigable study and. ingenious interpretation of her Religion, Philosophy, Literature and Arts, have demon- strated the high ealiie of India- s culture to the World at large and ham helped her towa.nls a reawakening and political alteration., and who by their discovery of the Universal aspect of this culture have made patent India's spiritual kinship with the other ancient nations of the World and ham paved the way for an ultimate triumph of Internationalism. PREFACE The preparation 'of an annotated English translation of the Natya&stra entrusted...
Words: 220089 - Pages: 881
...COMMON PROSPECTUS Master’s Degree Bachelor’s Degree Diplomas Certificates Indira Gandhi National Open University Maidan Garhi, New Delhi-110068, INDIA | www.ignou.ac.in Price: Rs. 100/- by cash at the counter | Rs. 150/- by Registered Post Electronic version of the prospectus is available for download at: http://www.ignou.ac.in Online Admission & Payment Gateway RECOGNITION IGNOU is a CENTRAL UNIVERSITY established by an Act of Parliament in 1985 (Act No. 50 of 1985). IGNOU Degrees/Diplomas/Certificates are recognised by all the member institutions of the Association of Indian Universities (AIU) and are at par with Degrees/Diplomas/Certificates of all Indian Universities/Deemed Universities/Institutions. Prepared & vetted at: Student Registration Division © Indira Gandhi National Open University March 2012 Print Production Mr B. Natarajan, DR(P) Mr Arvind Kumar, AR(P) Mr Ajit Kumar, So(P) IGNOU Offers “Round the Year Admission” to its Programmes under the ‘Walk-in-Admission’ Scheme. Candidates can obtain admission application forms from Regional Centre, Student Registration Divisions (SRD), IGNOU Headquarters and also can download the Prospectus and application form from the university website at ww.ignou.ac.in. Candidates can submit the same only at the Regional Centres concerned either by post or in person. Application forms can be submitted online and programme fee can be paid online through the internet payment gateway. CUT OFF DATES FOR WALK-IN-ADMISSION: Please...
Words: 77378 - Pages: 310
...Value Creation of Spin-offs and Carve-outs Dissertation zur Erlangung der Würde eines Doktors der Staatswissenschaften vorgelegt der Wirtschaftswissenschaftlichen Fakultät der Universität Basel von Roger Rüdisüli von Amden SG Difo-Druck GmbH Bamberg 2005 Genehmigt von der Wirtschaftswissenschaftlichen Fakultät der Universität Basel auf Antrag von Prof. Dr. Heinz Zimmermann und Ass.-Prof. Dr. Wolfgang Drobetz. Basel, den 10. Mai 2005 Der Dekan Prof. Dr. Heinz Zimmermann Acknowledgements V Acknowledgements My dissertation would not have been possible without the support of various people to whom I would like to express my sincere gratitude. Firstly, I would like to thank my academic supervisors Heinz Zimmermann and Wolfgang Drobetz of the University of Basel (Switzerland) for their academic guidance, encouraging support and the very pleasant cooperation. Special thanks goes to Jürg Wicki for his advice in selecting the subject, structuring the dissertation, and choosing its fundamental building blocks. I am also heavily indebted to Neelesh Singhal and his team at McKC in Madras (India) who helped me to find the vast amount of data used in my research. Without their assistance it would have been impossible to obtain the data. I am also grateful to Sabine Keller-Busse and the partners of McKinsey & Company in the Zurich office for making my educational leave possible and for the financial assistance provided. My acknowledgement also goes to Thomas Bollinger...
Words: 123097 - Pages: 493
