This study reports the operating performance of UK takeovers over the period 1976 to 1990. We show that hostile takeovers have led to improved profits and cash flows. We do not find evidence, as reported in previous studies, that large takeovers in general lead to improved cash flow performance....

International transfer pricing is pervasive in that it can apply to all manner of goods, services, finance and intangible assets which flow between members of a group located in different parts of the world. Fiscal authorities in many countries are modernising their legislation to ensure they...