2,199,441 research outputs found
Cross-border outbound M&A operations
No full textreservedL'argomento delle fusioni e acquisizioni (M&A) rappresenta un elemento cruciale nella strategia di crescita e sviluppo delle imprese nel contesto globale.
Nel primo capitolo, viene fornita una panoramica generale delle M&A, con particolare attenzione alle operazioni cross-border M&A outbound. Si vedono i motivi che spingono le imprese a espandersi oltre i confini nazionali, affrontando temi quali la globalizzazione dei mercati, l'accesso a nuove tecnologie e competenze, e la ricerca di efficienze operative. Vengono inoltre delineate le principali tipologie di M&A e le strategie di portafoglio adottate dalle aziende per ottimizzare tali operazioni.
Il secondo capitolo si concentra sull'evoluzione recente del mercato M&A, con un focus sul 2023, un anno caratterizzato da sfide significative sia a livello globale che italiano. La panoramica mostra le performance disomogenee registrate nelle diverse regioni del mondo. Particolare attenzione è dedicata al mercato italiano, dove nonostante un calo del controvalore delle operazioni, si è osservata una crescita delle transazioni domestiche, segno di un consolidamento delle filiere produttive. Inoltre, si discutono le prospettive per il 2024, analizzando i segnali di ripresa e le opportunità che potrebbero emergere in un contesto di stabilizzazione economica e riduzione dei tassi di interesse.
Infine, il terzo capitolo tratta la fase dell'integrazione post-M&A, un processo determinante per il successo o il fallimento di un'operazione di fusione o acquisizione. Vengono approfondite le complessità associate all'integrazione di organizzazioni diverse, con un focus particolare sulle operazioni cross-border, dove le differenze culturali, istituzionali e normative possono rappresentare sfide significative. Si discute il ruolo dell'Integration Management Office (IMO) e l'importanza delle decisioni strategiche riguardanti la leadership e la gestione delle differenze culturali. Vengono poi viste le strategie di acculturazione e integrazione, evidenziando come un approccio oculato e strategico possa fare la differenza tra un'integrazione di successo e un fallimento
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
M&A as a lever for growth and value creation
Full text linkopenQuesto elaborato analizza come le operazioni di fusione e acquisizione (M&A) possano costituire uno strumento strategico per la crescita aziendale e la creazione di valore per le imprese.
Dopo una prima parte introduttiva che definisce il fenomeno delle M&A, ne vengono descritte le principali caratteristiche e tipologie, al fine di comprendere i fondamenti teorici dell'argomento. La trattazione prosegue con l’analisi delle motivazioni strategiche, manageriali e finanziarie che spingono le imprese a intraprendere queste operazioni. Un’attenzione particolare è rivolta alla creazione di valore attraverso le M&A, i rischi associati e le modalità per valutarne il successo.
Al quadro teorico segue poi un caso concreto: l’acquisizione di Instagram da parte di Facebook (oggi Meta Platforms). L’operazione viene sinteticamente analizzata in termini di coerenza strategica, sinergie ottenute e performance nel lungo periodo. Viene inoltre confrontata brevemente con l’acquisizione di WhatsApp, caratterizzata da un minore successo.
L’obiettivo finale del lavoro è comprendere in quali condizioni le M&A possano realmente contribuire al miglioramento delle performance e del posizionamento strategico di un’impresa.This paper analyses how mergers and acquisitions (M&A) can act as a strategic instrument for business growth and value creation for firms.
After a first introductory part that defines the phenomenon of M&A, its main characteristics and types are described in order to understand the theoretical foundations of the topic. The dissertation continues with an analysis of the strategic, managerial and financial motives that lead companies to undertake these operations. Particular attention is given to the creation of value through M&A, the associated risks and ways to evaluate its success.
The theoretical framework is then followed by a real-world case: the acquisition of Instagram by Facebook (now Meta Platforms). The transaction is briefly analysed in terms of strategic coherence, synergies achieved and long-term performance. It is also briefly compared with the less successful acquisition of WhatsApp.
The final objective of the paper is to understand under which conditions M&A can really contribute to the improvement of a company’s performance and strategic positioning
Variations on the Author
Full text link“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Full text linkWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
Contractual clauses protecting the parties in M&A transactions
No full textreservedL'utilizzo delle clausole contrattuali nelle operazioni M&A per tutelare le parti, nelle diverse fasi di queste operazioni, prima e dopo il closin
Exploratory analysis: Can blockchain technology improve M&A due diligence processes efficiency.
No full textopenThis exploratory body of work examines the recent and current developments in blockchain technology and applications in an attempt to assess whether blockchain related concepts, such as tokenisation, can improve the efficiency of business operations, by the example of M&A transactions.
M&A are traditionally known to be time-consuming and capital intensive transactions but blockchain technology may help mitigate some of the prevalent inefficiencies. This work will analyse the (financial) due diligence process of M&A transactions and encompass opinions from industry experts to provide an assessment of the current state-of-art and trends regarding blockchain tokenisation in an M&A due diligence context.This exploratory body of work examines the recent and current developments in blockchain technology and applications in an attempt to assess whether blockchain related concepts, such as tokenisation, can improve the efficiency of business operations, by the example of M&A transactions.
M&A are traditionally known to be time-consuming and capital intensive transactions but blockchain technology may help mitigate some of the prevalent inefficiencies. This work will analyse the (financial) due diligence process of M&A transactions and encompass opinions from industry experts to provide an assessment of the current state-of-art and trends regarding blockchain tokenisation in an M&A due diligence context
VALUE CREATION THROUGH M&A: AUTOMOTIVE INDUSTRY AND STELLANTIS CASE
No full textreservedMergers and acquisitions (M&A) have traditionally represented one of the favourite ways for the automotive firms to pursue growth and development goals. Considering the diffused M&A deals, the issue of whether value creation or destruction is generated from such activities still creates controversy in the literature. This thesis contributes to this discussion and answers such a relevant question, considering the case of Stellantis, born from the merger between FCA and PSA. The research is prefaced with an overview of the automotive industry evolution, considering historic events, current market dynamics, and prospects, competitive scenario, and recent trends. Further on, it identifies those factors contributing to value creation and those leading to value destruction. It then proceeds to the empirical analysis of Stellantis, trying to find out the strategic logical reason behind its creation and if value has been actually created by the merger. Through this investigation, the thesis seeks to provide a clear answer to the research question: does Stellantis create or destroy value?Mergers and acquisitions (M&A) have traditionally represented one of the favourite ways for the automotive firms to pursue growth and development goals. Considering the diffused M&A deals, the issue of whether value creation or destruction is generated from such activities still creates controversy in the literature. This thesis contributes to this discussion and answers such a relevant question, considering the case of Stellantis, born from the merger between FCA and PSA. The research is prefaced with an overview of the automotive industry evolution, considering historic events, current market dynamics, and prospects, competitive scenario, and recent trends. Further on, it identifies those factors contributing to value creation and those leading to value destruction. It then proceeds to the empirical analysis of Stellantis, trying to find out the strategic logical reason behind its creation and if value has been actually created by the merger. Through this investigation, the thesis seeks to provide a clear answer to the research question: does Stellantis create or destroy value
M&A and Market Reaction in the Luxury Industry: A Quantitative Study
Full text linkopenThis thesis investigates the market reaction to M&A transactions in the luxury goods sector. It begins by examining the concept and scope of luxury, the structure of the industry, its key players, and the strategic profiles that characterize the sector. The analysis then focuses on the specific characteristics of M&A deals, including valuation approaches and key success factors highlighted in the literature. The empirical section relies on a dataset from S&P Capital IQ, complemented with data from Refinitiv and AIDA, and estimates the stock market reaction using Cumulative Abnormal Returns (CAR), alongside additional control variables. The results offer insights into how investors respond to M&A activity in this distinctive industry context.This thesis investigates the market reaction to M&A transactions in the luxury goods sector. It begins by examining the concept and scope of luxury, the structure of the industry, its key players, and the strategic profiles that characterize the sector. The analysis then focuses on the specific characteristics of M&A deals, including valuation approaches and key success factors highlighted in the literature. The empirical section relies on a dataset from S&P Capital IQ, complemented with data from Refinitiv and AIDA, and estimates the stock market reaction using Cumulative Abnormal Returns (CAR), alongside additional control variables. The results offer insights into how investors respond to M&A activity in this distinctive industry context
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