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Article
Publication date: 1 March 1978

Dennis C. Mueller

This paper is part of the Merger Project being carried out at the International Institute of Management. The bulk of the project consists of studies of the determinants and…

361

Abstract

This paper is part of the Merger Project being carried out at the International Institute of Management. The bulk of the project consists of studies of the determinants and effects of mergers in seven countries. Since most of the mergers in Europe are between firms in the same industry, or vertically connected, the other studies which are part of the Merger Project do not focus on the conglomerate merger per se. The conglomerate merger, a merger between firms in unrelated industries, has been a major form of merger only in the United States so far.

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Management Research News, vol. 1 no. 3
Type: Research Article
ISSN: 0140-9174

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Article
Publication date: 1 November 1996

John E. Sneed

The purpose of this study is to determine if an earnings forecasting model based on factors hypothesised to result in differential profits across firms (industries) reduces model…

227

Abstract

The purpose of this study is to determine if an earnings forecasting model based on factors hypothesised to result in differential profits across firms (industries) reduces model error relative to the model developed by Ou (1990). Initial research attempting to forecast earnings found that the random walk model, where current year's earnings are the prediction for next year, provides the best forecast of annual earnings (Ball and Watts 1972; Foster 1973; Beaver, Kettler, and Scholes 1970; Albrecht, Lookabill, and McKeown 1977; Brealey 1969). Ou (1990) developed an earnings forecasting model using financial statement information beyond prior years' earnings as the explanatory variables that outperformed the random walk model in predicting annual earnings.

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Management Research News, vol. 19 no. 11
Type: Research Article
ISSN: 0140-9174

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Publication date: 1 January 2005

Sundar G. Bharadwaj and Rajan Varadarajan

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Review of Marketing Research
Type: Book
ISBN: 978-0-85724-723-0

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Article
Publication date: 1 May 1983

In the last four years, since Volume I of this Bibliography first appeared, there has been an explosion of literature in all the main functional areas of business. This wealth of…

16786

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In the last four years, since Volume I of this Bibliography first appeared, there has been an explosion of literature in all the main functional areas of business. This wealth of material poses problems for the researcher in management studies — and, of course, for the librarian: uncovering what has been written in any one area is not an easy task. This volume aims to help the librarian and the researcher overcome some of the immediate problems of identification of material. It is an annotated bibliography of management, drawing on the wide variety of literature produced by MCB University Press. Over the last four years, MCB University Press has produced an extensive range of books and serial publications covering most of the established and many of the developing areas of management. This volume, in conjunction with Volume I, provides a guide to all the material published so far.

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Management Decision, vol. 21 no. 5
Type: Research Article
ISSN: 0025-1747

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Article
Publication date: 1 January 1991

David J. Ravenscraft

The preceeding article has examined some of the motivations behind the high premiums offered shareholders of target firms in acquisitions and mergers. In essence, the acquirers…

621

Abstract

The preceeding article has examined some of the motivations behind the high premiums offered shareholders of target firms in acquisitions and mergers. In essence, the acquirers appear to be looking for gains largely through enhanced efficiency of operations or by the replacement of inefficient management.

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Managerial Finance, vol. 17 no. 1
Type: Research Article
ISSN: 0307-4358

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Book part
Publication date: 1 January 2005

Naresh K. Malhotra

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Review of Marketing Research
Type: Book
ISBN: 978-0-85724-723-0

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Article
Publication date: 1 April 1989

Subhash C. Sharma and Ike Mathur

Merger activities and stock market prices tend to vary over time. An interesting issue is whether changes in stock market prices stimulate changes in merger activities, or vice…

248

Abstract

Merger activities and stock market prices tend to vary over time. An interesting issue is whether changes in stock market prices stimulate changes in merger activities, or vice versa. The results of this study, based on the Granger test for causality, indicate very strong causality going from stock market prices to merger activities. Increases in stock market prices, perhaps indicating a favourable economic environment, lead to increases in the number of mergers being completed.

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Managerial Finance, vol. 15 no. 4
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 1 April 1988

I. Keong Chew, Keith H. Johnson and M. Andrew Fields

Regardless of their motives, acquiring firms almost always have to offer a premium to the shareholders of the acquired firm in acquisitions. That is, the value of the securities…

334

Abstract

Regardless of their motives, acquiring firms almost always have to offer a premium to the shareholders of the acquired firm in acquisitions. That is, the value of the securities or cash paid by the acquirers is higher than the premerger market price of the acquired firm's common stock. The size of the merger premiums, as a percentage of the pre‐merger market price of the acquired firm's common stock, could vary from 20 per cent to 115 per cent. Several empirical studies examining the factors that determine the size of merger premiums have had limited success. Since the merger premium could affect the probability of success of a merger attempt and the wealth of the shareholders of both the acquiring and the acquired firms, continued efforts to improve our understanding of merger premium determination is essential. This paper investigates empirically the premiums paid in 66 mergers consummated between 1975 and 1979.

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Managerial Finance, vol. 14 no. 4
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 1 February 1993

Kenneth M. Davidson

Contrary to the conventional wisdom, it's not fluctuations in the stock market that have put the American economy in jeopardy. It's the fact that American firms persist in…

77

Abstract

Contrary to the conventional wisdom, it's not fluctuations in the stock market that have put the American economy in jeopardy. It's the fact that American firms persist in pursuing short‐term profits and high stock prices.

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Journal of Business Strategy, vol. 14 no. 2
Type: Research Article
ISSN: 0275-6668

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Article
Publication date: 1 March 1985

Kenneth Davidson

Strategic investment theory establishes a framework for discussing the benefits of acquisitions. However, these theories do not provide automatic answers to investment questions.

966

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Strategic investment theory establishes a framework for discussing the benefits of acquisitions. However, these theories do not provide automatic answers to investment questions.

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Journal of Business Strategy, vol. 6 no. 1
Type: Research Article
ISSN: 0275-6668

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