Mergers and Acquisitions research often focuses on the prices paid, as a multiple of earnings or cash flow, by strategic acquirers for their targets. These multiples are salient to this body of research, as they form the basis of company valuation on a theoretical and practical level. A variety...

Mergers and Acquisitions research often focuses on the prices paid, as a multiple of earnings or cash flow, by strategic acquirers for their targets. These multiples are salient to this body of research, as they form the basis of company valuation on a theoretical and practical level. A variety...

performance. On the one hand, concentration of ownership that, in turn, concentrates management control in the hands of a strategic investor, eliminates agency problems associated with dispersed ownership. On the other hand, it may lead to entrenchment of upper management which may be...

This dissertation uses quantitative and qualitative methods to examine the “direct” (e.g. the effect when acquiring portfolio companies) and “indirect” (the effect on all startups the firm acquires) impact of corporate venture capital investments and the acquisition of technology...

Die vorliegende Untersuchung analysiert die Internationalisierung eines großen Industrieunternehmens im Sinn einer Fallstudie als wirtschaftshistorischen Prozess aus der Unternehmenssicht. Es handelt sich bei Kraft Foods um internationale Akquisitionen durch General Foods und später Philip...

Mergers and acquisitions have been demonstrated to create synergies, but not in all cases.Current research reveals that where synergies exist, these seem to accrue to the shareholdersof the selling companies. Given the limitations of our qualitative research design, we find that itis important...

This dissertation studied the determinants and consequences of corporate reputation. It explored how firm-, industry-, and country-level factors influence the general public’s assessment of a firm’s reputation and how this reputation assessment impacted the firm’s strategic actions and...

This paper looks at the reaction by industry insiders, industry analysts and competing firms, to the announcement of M&As that took place in the European Union financial industry in the period 1998-2006. Analysts covering firms involved in an M&A transaction do not significantly alter their...

The worldwide availability of easy external financing has been an essential driver of recent M&A activity and a growing perception exists that such conditions may have resulted in a large number of non-value increasing transactions. This paper evaluates the interaction between credit conditions,...

Hotel industry is characterized as one of the oldest, diverse, innovative, and important industries around the world. Given the low entry barriers for global markets, it is also highly attractive, and its greatest growth happens on international level. Hotel chains are the leaders in hotel...