664,342 research outputs found
Comparative Analysis of Cross-border M&A between China and Japan
No full textCross-border M&A is an important way for companies to enter the international market. Japan has experienced three waves of cross-border mergers and acquisitions since the 1970s. Similar to Japan, with the advancement of China's reform and opening up, a large number of Chinese companies with great strength have also started cross-border M&A activities, especially with the promotion of China's "going out" strategy, China's cross-border M&A has achieved rapid development. In the past 22 years (1997～2018), cross-border mergers and acquisitions of Japan and China have experienced different degrees of growth. This paper uses the BvD-Zephyr database to analyze and compare the cross-border mergers and acquisitions between the two countries from 1997 to 2018. The results showed that, first of all, China has outstripped Japan in terms of both the number of cross-border M&A and transactions. However, the number of Japanese large-scale cross border M&A is higher than that of China in terms of the size of a single transaction. Additionally, whether it is the M&A industry or the target industry, the manufacturing and financial insurance industries are the industries
with the largest amount of M&A investment. Finally, from the perspective of the target country, the United States is the target country with the largest stock of M&A investment between the two countries.松本睦樹教授定年退職記念号In Honour of Prof. Mutuki Matumot
American National Red Cross Hurricane Disaster Action
No full text28 pages; available for download at the link below.The American National Red Cross under its congressional charter has the responsibility "to continue and carry on a system of national and international relief in time of peace and apply the same in mitigating the sufferings caused by pestilence, famine, fire, floods, and other great national calamities, and to devise and carry on measures for preventing the same." In fulfilling the mandate of its charter, the organization has developed a Hurricane Action Plan, to assure that Red Cross chapters take immediate, identifiable, emergency action to assist hurricane victims and evacues. This publication outlines the plan and explains its operation in detail. Maps showing the coastal areas covered, listings of district headquarters and staging points, and other helpful material are contained in the appendices
Crossing Multiple Borders: A Case Study on Cross-Border M&A of 4 Companies
No full textreservedDiscussion; the purpose of the study is to analyze the cross-border M&A case of Stiga, formerly known as Global Garden Products, that occurred in the year 2000. More specifically, review of the literature in terms of cross-border M&As to identify the best practices and mistakes to be able to compare the case of Stiga regarding it is success and pain points.
Content; the content of the study is going to provide an overview of the importance and relevancy of the cross-border M&A experience, a literature review about the cross-border M&A key performance indicators while comparing the case of Stiga with the empirical studies in literature. The study is going to formulate hypotheses regarding the differences between literature and the case on hand.
Methodology; information will be acquired directly from the company through interviews with its employees and other data shared with the public by the company. Since the company is privately owned, not listed, the level of the information available is limited. However, being able to directly interview the employees will remove this obstacle.
Conclusion; in this part, the study is going to provide insights regarding the managerial and theoretical implications of the findings. The theory and the study carried out are going to be analyzed thoroughly. Moreover, contributions to the literature and possible future studies are going to be addressed. Finally, an executive summary is going to be prepared containing the path followed and the conclusions of the study.Discussion
The purpose of the study is to discover the experience effect in cross-border M&As when the acquired companies are from emerging markets or developed markets for acquirers from emerging markets. More specifically, if the effect of cross-border M&A experience of the companies in emerging markets is different when the acquired companies are also from emerging markets or developed markets. The study aims to contribute to the literature by observing the effect of the M&A experience on M&A performance in different market conditions.
Content
The content of the study is going to provide an overview of the importance and relevancy of the cross-border M&A experience, a definition of emerging markets and developed markets, a literature review about the effect of the cross-border M&A experience on the performance of M&As while narrowing it down to the difference of the effect in different market situations. The study is going to formulate hypotheses regarding the differences between emerging market targets and developed market targets.
Methodology
Sample data is going to be obtained from the Eikon database and the M&A experience (independent variable) is going to be measured as the number of the preceding M&As of the same company in the last ten years prior to the M&A on observation. M&A experience is going to be calculated both for when the acquired company is in emerging markets and in developed markets for the acquirers. The key performance determinant of the M&A performance (dependent variable) is going to be set as the return on investment of the consolidated statements of the acquirer. Analysis of the relevant data collected in order to test the hypotheses and derive the effect of the cross-border M&A experience in emerging markets and developed markets for acquirers from emerging markets are going to be carried out. Control variables are going to be used such as year, deal financing type, deal size, target size, etc.
Conclusion
In this part, the study is going to provide insights regarding the managerial and theoretical implications of the findings. The theory and the study carried out are going to be analyzed thoroughly. Moreover, contributions to the literature and possible future studies are going to be addressed. Finally, an executive summary is going to be prepared containing the path followed and the conclusions of the study
Do cross-border M&As pay off? Empirical evidence on Italian acquirers
No full textopenMy research is focused on Italian companies that engage in outbound cross-border M&As. Specifically, I am interested in analyzing the accounting performance of bidders involved in these deals. According to KPMG's M&A reports for 2022, the Italian M&A industry experienced significant growth between 2013 and 2022, with a CAGR of +158% and a rise in completed deals from 381 to 1184 annually over the past decade, resulting in a total value increase from 31 billion to 80 billion.
With my work, I aim to identify the characteristics of Italian companies that engage in cross-border M&As, and how their available resources impact their decision-making. I also intend to investigate whether the performance of Italian acquirers improves after M&As, particularly in terms of profitability and marginality, as measured by ratios such as Return on Assets (ROA) and EBITDA margin, compared to Italian companies with similar characteristics that did not engage in cross-border M&As. To measure the causal effect of international acquisitions on business performance, we used a difference-in-differences approach combined with propensity score matching.My research is focused on Italian companies that engage in outbound cross-border M&As. Specifically, I am interested in analyzing the accounting performance of bidders involved in these deals. According to KPMG's M&A reports for 2022, the Italian M&A industry experienced significant growth between 2013 and 2022, with a CAGR of +158% and a rise in completed deals from 381 to 1184 annually over the past decade, resulting in a total value increase from 31 billion to 80 billion.
With my work, I aim to identify the characteristics of Italian companies that engage in cross-border M&As, and how their available resources impact their decision-making. I also intend to investigate whether the performance of Italian acquirers improves after M&As, particularly in terms of profitability and marginality, as measured by ratios such as Return on Assets (ROA) and EBITDA margin, compared to Italian companies with similar characteristics that did not engage in cross-border M&As. To measure the causal effect of international acquisitions on business performance, we used a difference-in-differences approach combined with propensity score matching
Cross-border mid-market M&A compass 2023
No full textOn behalf of Moore Global Corporate Finance, Vlerick Business School has analysed more than 32,000 completed-confirmed deals in the year 2023 and compared that with data for the years 2019-2022. Almost 20,000 cross-border mid-market mergers and acquisitions have been sealed in the past five years as ambitious firms look beyond their own borders for growth opportunities. The results are revealed in the latest edition of The Moore Global Cross-border Mid-market M&A Compass, which analyses activity in this important part of the M&A market both in 2023 and stretching back to 2019. The Compass report is launched today by Moore Global Corporate Finance in partnership with Vlerick Business School and tracked more than 40,000 transactions announced in 2023. The main findings of the research were: Cross-border transactions systematically account for one-in-four of all M&A deals Average deal size in the cross-border mid-market has grown from €42.4 million in 2019 to €47.4 million in 2023 – a rise of 12% 62% of all cross-border M&A last year took place in the mid-market Four-out-of-ten cross-border deals in the mid-market involve acquirers from North America More than half of cross-border mid-market transactions were focused on the IT and healthcare sectors
Cross-Cultural Meta-Analyses
No full textIn the enormous collection of cross-cultural data that have been published during the last few decades it is difficult to perceive patterns. There is a clear need for systematizing the vast amount of cross-cultural studies and for developing models that explain cross-cultural differences in psychology. Two methods of cross-cultural meta-analysis can be distinguished. First, the instrument-based method of comparing data for one instrument across countries is suitable for instruments which have been administered in many countries. Second, a domain-based meta-analysis used a thematic domain from which culture-comparative studies are sampled instead of one specific instrument or method
Cross, M F, R65856
No full textThis record was harvested from a previous catalogue system and will be withdrawn in 2025. Information in this record may be superseded or incomplete. Visit this record in UMA's new catalogue at: https://archives.library.unimelb.edu.au/nodes/view/379762Surname: CROSS
Given Name(s) or Initials: M F
Military Service Number or Last Known Location: R65856
Missing, Wounded and Prisoner of War Enquiry Card Index Number: SEA-5064193574
Item: [2016.0049.12055] "Cross, M F, R65856
Cross-Border M&A and the Integration Process: the Zhermack Case
No full textopenThis dissertation has the purpose of analyzing the relevance of the Integration Process in the Cross-Border Mergers and Acquisitions. The choice of this topic is motivated by the importance of the phenomenon in the recent years. Cross-Border Mergers and Acquisitions suffered a slowdown but did not arrest even during the Covid-19 Pandemic. The scholars evidence, in particular, the relevance of the Integration process for the success or failure of the M&As (Steigenberger, 2017). The international nature of the Cross-Border transactions entails unique challenges for the Integration process related to the different Institutional and Cultural environment. To this end, in this dissertation the first Chapter is investigating the recent trends in the M&A market, in particular focusing on the Cross-Border transactions between Italy and the United States. The second Chapter is reviewing the argument from the theoretical point of view, focusing on the Integration process and the role of the Institutions and the Culture. Finally, in the third Chapter it is proposed an Acquisition case of an Italian company, Zhermack S.p.A., by an American company, Dentsply International Inc., from which there could be derived relevant theoretical implications
Le cross-border M&A come strumento di crescita internazionale: il caso Gimi S.P.A.
No full textQuesta tesi tratta in modo approfondito gli aspetti preminenti delle operazioni di cross-border M&A, dando particolare attenzione agli aspetti che la letteratura di riferimento annovera come "fattori critici di successo" delle diverse fasi del'attività acquisitiva: valutazione preventiva, negoziazione, "prezzaggio" ed eventuale fusione, post-acquisto. Il caso aziendale studiato, invece, è stato analizzato sia nell'intento di trovare riscontri su quanto indagato a livello teorico, sia con l'obiettivo di comprendere quanto e come l'M&A abbia inciso sulle performance economico-finanziarie dell'acquisita.ope
Cross-border M&As: performance of target firms in the UK
No full textopenWhen a company starts bringing success, it has 2 ways of growth: organic and inorganic. The organic path follows the company to continue what they are doing best, while the inorganic strategy usually involves acquiring or merging with other companies to grow to another market and dimensions, and diversify their product lines. Nevertheless, the trends from 2021 show, many companies chose M&A deals as their primary strategic option when they consider growth, as the M&A deals closed in 2021 skyrocketed and showed the best numbers in the past.
The UK as a country and most importantly as a trading and business market is one of the most interesting and exciting places on the planet. The past decade's data shows, the UK is the third country in the world for its M&A activities including both cross-border and domestic deals. There was a time, 2 decades ago, the UK even led the ranks for some specific categories in the M&A world. Even though the UK is going through one of the most turbulent times in the political arena (since 2015 it has seen 4 PMs, vote on leaving the EU, and endured Covid and energy crises which led to one of the worst inflations in its history) the country remains to be one of the top places for the inbound cross-border M&A deals.
This thesis aims to analyse the UK M&A market and what makes them so attractive for foreign investments in the form of inbound M&A deals. It's clear that Brexit changed the tides in the UK market, but how it happened and how much of a change it brought, remains to be not so transparent. On top of it, there is a never-ending debate from politicians to the media, about if the foreign owners of the local companies perform better, or if local owners have the higher hand. This thesis tries to find an answer to these questions, by considering the latest developments in the UK market and analysing it as the target country for the M&A deals.When a company starts bringing success, it has 2 ways of growth: organic and inorganic. The organic path follows the company to continue what they are doing best, while the inorganic strategy usually involves acquiring or merging with other companies to grow to another market and dimensions, and diversify their product lines. Nevertheless, the trends from 2021 show, many companies chose M&A deals as their primary strategic option when they consider growth, as the M&A deals closed in 2021 skyrocketed and showed the best numbers in the past.
The UK as a country and most importantly as a trading and business market is one of the most interesting and exciting places on the planet. The past decade's data shows, the UK is the third country in the world for its M&A activities including both cross-border and domestic deals. There was a time, 2 decades ago, the UK even led the ranks for some specific categories in the M&A world. Even though the UK is going through one of the most turbulent times in the political arena (since 2015 it has seen 4 PMs, vote on leaving the EU, and endured Covid and energy crises which led to one of the worst inflations in its history) the country remains to be one of the top places for the inbound cross-border M&A deals.
This thesis aims to analyse the UK M&A market and what makes them so attractive for foreign investments in the form of inbound M&A deals. It's clear that Brexit changed the tides in the UK market, but how it happened and how much of a change it brought, remains to be not so transparent. On top of it, there is a never-ending debate from politicians to the media, about if the foreign owners of the local companies perform better, or if local owners have the higher hand. This thesis tries to find an answer to these questions, by considering the latest developments in the UK market and analysing it as the target country for the M&A deals
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