Naaguesh Appadu - Academia.edu (original) (raw)
Papers by Naaguesh Appadu
Social Science Research Network, 2022
Academy of Management Proceedings
European Management Journal
Mergers & Acquisitions Research Centre (MARC), Cass Business School, City, University of London, Feb 28, 2017
the first research centre at a major business school to pursue focussed leading-edge research int... more the first research centre at a major business school to pursue focussed leading-edge research into the global mergers and acquisitions industry. MARC blends the expertise of M&A accountants, bankers, lawyers, consultants and other key market participants with the academic excellence of Cass to provide fresh insights into the world of deal-making. Corporations, regulators, professional services firms, exchanges and universities use MARC for swift access to research and practical ideas. From deal origination to closing, from financing to integration, from the hottest emerging markets to the board rooms of the biggest corporations, MARC researches the wide spectrum of mergers, acquisitions and corporate restructurings. The contents and views set out in this publication reflect the views of the authors at the M&A Research Centre and are not necessarily the views of the sponsors of the Centre, and, moreover, should be seen in the context of the time they were made. The M&A Research Centre would like to express grateful thanks to its sponsors.
Since 2009, following the financial crisis, on average 38% of annual M&A activity has taken place... more Since 2009, following the financial crisis, on average 38% of annual M&A activity has taken place in ‘non-traditional’ M&A markets, i.e. excluding North America, Western Europe, Australia, New Zealand and Japan (Exhibit 1). This steady level of activity follows an increasing proportion of global gross domestic product (GDP) for these ‘non-traditional’ markets in the same period, currently 62% according to the IMF's 'World Economic Outlook Database’. The development of more robust legal systems and increased political and economic stability has also encouraged the rapid growth of domestic and inter-regional M&A activity in many countries within these markets, along with cross-border deals between developed and emerging countries.Now in its sixth year, this MARC M&A Attractiveness Index provides an update based on 2015, ranking a total of 147 countries worldwide. The Index provides each country with a percentage figure which indicates its attractiveness for M&A purposes, i.e. ...
Mergers and Acquisitions (M&A) as a growth strategy has been intensely debated, but recent studie... more Mergers and Acquisitions (M&A) as a growth strategy has been intensely debated, but recent studies suggest that companies that are ‘inactive’ in terms of M&A are underperforming their more active peers, meaning executives need to consider these opportunities. As executives turn to M&A to deliver the expected growth, companies need to develop their own repeatable methodologies for dealing with the different phases of a transaction to reduce business risk and costs and maintain consistency with how M&A projects are executed. In addition a company well regarded in M&A execution will be rewarded by the market with a greater capacity to finance further M&A. This report by Mergers and Acquisitions Research Centre (MARC) at Cass Business School with the collaboration of Willis Towers Watson seeks to uncover how a group of serial acquirers has overcome challenges posed by multiple acquisitions and what challenges they still face.
the first research centre at a major business school to pursue focussed leading-edge research int... more the first research centre at a major business school to pursue focussed leading-edge research into the global mergers and acquisitions industry. MARC blends the expertise of M&A accountants, bankers, lawyers, consultants and other key market participants with the academic excellence of Cass to provide fresh insights into the world of deal-making. Corporations, regulators, professional services firms, exchanges and universities use MARC for swift access to research and practical ideas. From deal origination to closing, from financing to integration, from the hottest emerging markets to the board rooms of the biggest corporations, MARC researches the wide spectrum of mergers, acquisitions and corporate restructurings. The contents and views set out in this publication reflect the views of the authors at the M&A Research Centre and are not necessarily the views of the sponsors of the Centre, and, moreover, should be seen in the context of the time they were made. The M&A Research Centre would like to express grateful thanks to its sponsors.
soPhie bAcq chARl bAden-FulleR cARoline bAeRt dAnielA bAglieRi sARAth bAlAchAndRAn kRishnA kumA b... more soPhie bAcq chARl bAden-FulleR cARoline bAeRt dAnielA bAglieRi sARAth bAlAchAndRAn kRishnA kumA bAlARAmAn nAtARAjAn bAlAsubRAmAniAn Rico bAldeggeR Alsones bAlestRin RA bAligA luis bAllesteRos juliA bAlogun VAssiliki bAmiAtzi elitsA bAnAlieVA Anees bAneRjee PolinA bARAnoVA Vincent bARkeR jAY bARneY PAmelA bARR juAn mAnu bARRionueVo AliciA bARRoso jéRôme bARthelemY ViVA bARtkus guilhem bAscle Anto bAsolAs tenA A. eRin bAss shubhAbRAtA bAsu sAndiP bAsu mAssimo bAu AndReAs bAusc mAnuel beceRRA tAmmY e beck oke chRistiAn beckmAnn henning behR nAssim belbA Rene beldeRbos shARon belenzon cRistiAno bellAVitis AlejAndRo beltRAn FioRenz belussi sihem ben mAhmoud-jouini lARs bengtsson miRko benischke gAbRiel R g benit diAnA benito-osoRio VictoR bennett FRedeRick bentleY lucA beRchicci jAnet beRcoVi donAld beRgh john beRns PAscuAl beRRone FAbiolA beRtolotti emAnuele bettinAz RichARd bettis sjoeRd beugelsdijk suResh bhAgAVAtulA AjAY bhAllA mAtthew bidwe Annette biedeRmAnn monikA biedulskA lYdA bigelow hAnsin bilgili tsVetomiRA bilg mARinA biniARi Adib biRklAnd dAniel blAke dAnielA blettneR dAne bleVins cRistin boARi Annelies bobelYn PAolo boccARdelli chRistiAne bode AndReA boellis kARin bogAtYReVA williAm bogneR steVen boiVie jeAn-PhiliPPe bonARdi Rocio bonet dAV boss doug bosse kAmAl bouzinAb bRiAn boYd konstAntinos bozos FRAncisc bRAhm oAnA bRAnzei estebAn R. bRenes geRAldine bRennAn juliA bRennecke steFFe bRenneR Rudi k F bResseR kARl joAchim bReunig FloRe bRidoux FoRRest bRiscoe ji bRown jeFFReY bRown kYle bRuce bARt bRuin FedeRicA bRunettA sAbine bRunswicke cAndidA bRush thomAs bRush steFAno bRusoni olgA bRuYAkA kAte buell-ARmstRon FeRnAndo buendiA jAcques bughin RonAld buRt john busenbARk tiFFAnY busseY bell butleR FRAnk butleR cARen butteR juliA bYstRoVA cARmen cAbello-medinA sAndR cAbRAl jinqiu cAi RosA cAiAzzA AdRiAn cAldARt chRistiAn cAldeRon goRAn cAl lisA cAllAgheR jose cAmPA colin cAmPbell joAnnA tochmAn cAmPbell benjAm cAmPbell j ignAcio cAnAles mARinA cAndi AlbeRt cAnnellA jR AnthonY cAnnizzAR FRAncescA cAPo lAuRence cAPRon lAuRA b. cARdinAl giRARd cARine w. chAd cARlo ARne cARlsen seth cARnAhAn chRistinA cARnes jon cARR dAniel cARReño AlejAndR cARReRA juAn mARtin cARRiquiRY RobeRt cARRoll ARiel cAsARin bRuno cAssimAn xAVie cAstAneR FRAncesco cAstellAnetA AdAm cAstoR gino cAttAni tAmeR cAVusgil nikh cellY sokol celo cARmelo cennAmo tReVis ceRto FAbRizio cesARoni jose cesPede loRente clint chAdwick dAniel chAFFin AbhiRuP chAkRAbARti seA-jin chAng mukun chARi FloRence chARue-duboc oliVieR chAtAin nick chAteR ARijit chAtteRjee joYde chAtteRjee shinjinee chAttoPAdhYAY sAikAt chAudhuRi Amit chAuRAdiA sARAh cheA wenjie chen PAo-lien chen dong chen guoli chen tiAnxu chen tiAn chen chiA-i chen PhiliPPe cheReAu clemence cheRuY AsdA chintAkAnAndA FRAncesco chiRico RAVeendR chittooR kittY chiu shih-chi chiu theResA cho bYungchul choi RAsheduR chowdhuR ken chung PAolA cillo luciAno ciRAVegnA bRuno ciRillo cYnthiA clARk bRent clAR AlenA clARke bARt clARYsse enRique clAVeR coRtés julien clement mARco clemen eRic clinton Russell coFF helene loe colmAn mAssimo colombo michAel conge donAld conlon bRiAn connellY RAFFAele conti josePh coombs mARgARet coRdin eulogio coRdon Pozo mAgdAlenA coRnejo beRnARdo coRReiA-limA mARco coRsin lAuRA costAnzo juAn PAblo couYoumdjiAn RAFel cResPi-clAdeRA giusePPe cRiAco Al cRockeR cRAig cRosslAnd AlVARo cueRVo-cAzuRRA lin cui VictoR cui douglAs cummin colleen cunninghAm lAuRA d'oRiA AdinA dAbu gioVAnni bAttistA dAgnino kRistin dAhlin li dAi FRédéRic dAlsAce nAgA lAkshmi dAmARAju stePhAnie dAmeRon izzet sid dARendeli luis dAu AndRew dAVies biRgit dAxboeck lisA dAY julio de cAstRo diR de cleRcq Vincent de gooYeRt FRAncesco de leo AlFRedo de mAssis ARnoud de meYe cARmen de PAblos kRistine de VAlck mARion debRuYne cARolin deckeR kAitlYn deghett diRk deichmAnn mARiA eugeniA delFino jAVieR delgAdo-cebAllos blAncA l. delgAd máRquez luisA delgAdo-máRquez henRik dellestRAnd mehmet demiRbAg jeRkeR denRe kuRt desendeR PAnos desYllAs dAwn detienne michAel deVAughn cYnthiA e deVeR timothY deVinneY jim dewAld FRAncesco di loRenzo giAdA di steFAno Anton diAchenk jAY diAl luis diestRe helmut dietl PAVlos dimitRAtos nikos dimotAkis steVen dionn leonhARd dobusch mARk dodgson jonAthAn doh ginA dokko tAtiAnA dolgoPYAtoV sinziAnA doRobAntu Anil doshi deboRAh dougheRtY w.g. douglAs FeRnAndez YV doz nicolA dRAgonetti joRge duARte-Rolon stePhAnie duchek RodolPhe duRAnd gAR dushnitskY nilAnjAnA dutt shAntAnu duttA RomAno dYeRson Alex eAPen kimbeR eddleston lindA edelmAn loRRAine eden jeFFReY edwARds timo ehRig kimbeRlY ell AlAn ellstRAnd john elVidge mARtA elViRA itoRo chARles emembolu hAkAn eneR bo eRiksen AbdelghAni es-sAjjAde dRies FAems RobeRt FAiRlie loRen FAlkenbeRg dAlu FAn keRstin FehRe tePPo Felin jAcqueline Fendt YAnAn Feng sAntiAgo FeRnAndez VAlbuen beRnie FeRRARi PAul FeRReiRA AlVARo FigueRedo igoR FilAtotcheV mihAelA FiRsiRot jAn hendRik Fisch PeeR Fiss mARkus FitzA ØYstein FjeldstAd cARoline FlAmmeR miRiA FlickingeR steVen FloYd FedeRicA Foce mAssA sAluzzo johAnn nils Foege FAbio Fon kARen FoRd-eickhoFF nicolAi Foss sebAstiAn FouRne justin FRAke bill FRAncis APR FRAnco monicA FRAnco-sAntos hAns FRAnkoRt jAume FRAnquesA chiARA FRAnzo edwARd FReemAn AdAm FRemeth mARtin FRiesl PAul FRigA Yingzhu Fu ingRid Fulme VibhA gAbA lisA gAeRbeR tAmARA gAlkinA chARles gAlunic dAniel gAmAche AlFons Launch conference Strategies in a World of networks conference program
SSRN Electronic Journal
The extant empirical evidence suggests that defined benefit (DB) pension obligations, deficits, a... more The extant empirical evidence suggests that defined benefit (DB) pension obligations, deficits, and costs increase corporate leverage and cost of capital, reduce corporate investment and aggravate valuation uncertainties. In the M & A context, DB schemes of target firms may reduce the takeover likelihood and bidder DB schemes may influence payment currency choice and reduce shareholder value. However, the impact of defined contribution (DC) pension scheme risk on M & A has not been explicitly investigated so far inspite of the increasing and substantial shift from DB to DC schemes by firms. In a sample of 138 takeover bids for United Kingdom (UK) listed companies during 2002-12, we find that bidder and target DC costs decrease the likelihood of takeovers, influence percentage of cash and stock offered as consideration, and diminish shareholder value gains on merger announcements. Further, the negative economic impact of DC scheme risk on synergistic value from mergers is even larger than that of DB scheme risk. These results are robust to potential biases due to self-selection by merger partners and endogeneity of payment currency choice. Our analysis indicates that DC scheme risk significantly and pervasively affects the takeover decision, target selection, payment currency choice and shareholder wealth and should not be neglected in view of the growing trend away from DB to DC schemes.
The Handbook of Research on IPOs provides a comprehensive review of the emerging trends and direc... more The Handbook of Research on IPOs provides a comprehensive review of the emerging trends and directions in the global initial public offerings (IPO) markets. The empirical evidence included in the book covers Europe, the US and the Far East, and presents a truly global perspective of IPO markets around the world and at the different stages of the entire IPO process.
This paper examines the M&A strategy of firms during the first year in office following the appoi... more This paper examines the M&A strategy of firms during the first year in office following the appointment of a new CEO and its effect on longer-term firm performance. Using a unique sample of large European listed companies, the results show that CEOs of UK firms execute more deals than their counterparts in France, Germany and Spain, which could be a reflection of both a more aggressive attitude to deal-making and differences in the legal environment in continental Europe. Furthermore, following poor financial performance in companies prior to their appointment, CEOs hired with a ‘mandate to change’, use deal-making as their strategic tool to restructure the firm, favouring divestiture. Firms with strong board power are also more likely to perform deals and favour divestitures over acquisitions in the first year of a new CEO’s tenure. Firms which mainly carry out divestitures as their deal-making strategy have a positive impact on their shortand medium-term performance during the fir...
This paper examines the M&A strategy of firms during the first year in office following the appoi... more This paper examines the M&A strategy of firms during the first year in office following the appointment of a new CEO and its effect on longer-term firm performance. Using a unique sample of large European listed companies, the results show that CEOs of UK firms execute more deals than their counterparts in France, Germany and Spain, which could be a reflection of both a more aggressive attitude to deal-making and differences in the legal environment in continental Europe. Furthermore, following poor financial performance in companies prior to their appointment, CEOs hired with a ‘mandate to change’, use deal-making as their strategic tool to restructure the firm, favouring divestiture. Firms with strong board power are also more likely to perform deals and favour divestitures over acquisitions in the first year of a new CEO’s tenure. Firms which mainly carry out divestitures as their deal-making strategy have a positive impact on their shortand medium-term performance during the fir...
Reverse takeovers (RTOs), or Reverse Mergers (RMs) as they are usually referred to in the US, hav... more Reverse takeovers (RTOs), or Reverse Mergers (RMs) as they are usually referred to in the US, have been the subject of considerable public debate and regulatory scrutiny in recent years. The marked differences between the US and UK regulatory frameworks related to reverse takeovers in terms of definition, listing requirements, approval and the scope of such transactions offer the opportunity to reassess the effectiveness of such public listings. For private firms using the RTO route to go public, we identify three distinct groups of public entities which they acquire, ranging from non-operating, often bankrupt, mature shells to recently listed ‘cash shells’ and other active listed firms offering clear synergy potential. In sharp contrast to the US experience, we find that the latter group accounts for a significant proportion of UK RTOs, undertaken by firms looking for expansion through simultaneously conducting a synergetic acquisition and a public listing. Furthermore, these compa...
In this study we examined the impact of resource distance and institutional distance on the value... more In this study we examined the impact of resource distance and institutional distance on the value of cross-border M&A transactions (i.e., deal value). We also examined both the direct as well as th...
Social Science Research Network, 2022
Academy of Management Proceedings
European Management Journal
Mergers & Acquisitions Research Centre (MARC), Cass Business School, City, University of London, Feb 28, 2017
the first research centre at a major business school to pursue focussed leading-edge research int... more the first research centre at a major business school to pursue focussed leading-edge research into the global mergers and acquisitions industry. MARC blends the expertise of M&A accountants, bankers, lawyers, consultants and other key market participants with the academic excellence of Cass to provide fresh insights into the world of deal-making. Corporations, regulators, professional services firms, exchanges and universities use MARC for swift access to research and practical ideas. From deal origination to closing, from financing to integration, from the hottest emerging markets to the board rooms of the biggest corporations, MARC researches the wide spectrum of mergers, acquisitions and corporate restructurings. The contents and views set out in this publication reflect the views of the authors at the M&A Research Centre and are not necessarily the views of the sponsors of the Centre, and, moreover, should be seen in the context of the time they were made. The M&A Research Centre would like to express grateful thanks to its sponsors.
Since 2009, following the financial crisis, on average 38% of annual M&A activity has taken place... more Since 2009, following the financial crisis, on average 38% of annual M&A activity has taken place in ‘non-traditional’ M&A markets, i.e. excluding North America, Western Europe, Australia, New Zealand and Japan (Exhibit 1). This steady level of activity follows an increasing proportion of global gross domestic product (GDP) for these ‘non-traditional’ markets in the same period, currently 62% according to the IMF's 'World Economic Outlook Database’. The development of more robust legal systems and increased political and economic stability has also encouraged the rapid growth of domestic and inter-regional M&A activity in many countries within these markets, along with cross-border deals between developed and emerging countries.Now in its sixth year, this MARC M&A Attractiveness Index provides an update based on 2015, ranking a total of 147 countries worldwide. The Index provides each country with a percentage figure which indicates its attractiveness for M&A purposes, i.e. ...
Mergers and Acquisitions (M&A) as a growth strategy has been intensely debated, but recent studie... more Mergers and Acquisitions (M&A) as a growth strategy has been intensely debated, but recent studies suggest that companies that are ‘inactive’ in terms of M&A are underperforming their more active peers, meaning executives need to consider these opportunities. As executives turn to M&A to deliver the expected growth, companies need to develop their own repeatable methodologies for dealing with the different phases of a transaction to reduce business risk and costs and maintain consistency with how M&A projects are executed. In addition a company well regarded in M&A execution will be rewarded by the market with a greater capacity to finance further M&A. This report by Mergers and Acquisitions Research Centre (MARC) at Cass Business School with the collaboration of Willis Towers Watson seeks to uncover how a group of serial acquirers has overcome challenges posed by multiple acquisitions and what challenges they still face.
the first research centre at a major business school to pursue focussed leading-edge research int... more the first research centre at a major business school to pursue focussed leading-edge research into the global mergers and acquisitions industry. MARC blends the expertise of M&A accountants, bankers, lawyers, consultants and other key market participants with the academic excellence of Cass to provide fresh insights into the world of deal-making. Corporations, regulators, professional services firms, exchanges and universities use MARC for swift access to research and practical ideas. From deal origination to closing, from financing to integration, from the hottest emerging markets to the board rooms of the biggest corporations, MARC researches the wide spectrum of mergers, acquisitions and corporate restructurings. The contents and views set out in this publication reflect the views of the authors at the M&A Research Centre and are not necessarily the views of the sponsors of the Centre, and, moreover, should be seen in the context of the time they were made. The M&A Research Centre would like to express grateful thanks to its sponsors.
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sjoeRd beugelsdijk suResh bhAgAVAtulA AjAY bhAllA mAtthew bidwe Annette biedeRmAnn monikA biedulskA lYdA bigelow hAnsin bilgili tsVetomiRA bilg mARinA biniARi Adib biRklAnd dAniel blAke dAnielA blettneR dAne bleVins cRistin boARi Annelies bobelYn PAolo boccARdelli chRistiAne bode AndReA boellis kARin bogAtYReVA williAm bogneR steVen boiVie jeAn-PhiliPPe bonARdi Rocio bonet dAV boss doug bosse kAmAl bouzinAb bRiAn boYd konstAntinos bozos FRAncisc bRAhm oAnA bRAnzei estebAn R. bRenes geRAldine bRennAn juliA bRennecke steFFe bRenneR Rudi k F bResseR kARl joAchim bReunig FloRe bRidoux FoRRest bRiscoe ji bRown jeFFReY bRown kYle bRuce bARt bRuin FedeRicA bRunettA sAbine bRunswicke cAndidA bRush thomAs bRush steFAno bRusoni olgA bRuYAkA kAte buell-ARmstRon FeRnAndo buendiA jAcques bughin RonAld buRt john busenbARk tiFFAnY busseY bell butleR FRAnk butleR cARen butteR juliA bYstRoVA cARmen cAbello-medinA sAndR cAbRAl jinqiu cAi RosA cAiAzzA AdRiAn cAldARt chRistiAn cAldeRon goRAn cAl lisA cAllAgheR jose cAmPA colin cAmPbell joAnnA tochmAn cAmPbell benjAm cAmPbell j ignAcio cAnAles mARinA cAndi AlbeRt cAnnellA jR AnthonY cAnnizzAR FRAncescA cAPo lAuRence cAPRon lAuRA b. cARdinAl giRARd cARine w. chAd cARlo ARne cARlsen seth cARnAhAn chRistinA cARnes jon cARR dAniel cARReño AlejAndR cARReRA juAn mARtin cARRiquiRY RobeRt cARRoll ARiel cAsARin bRuno cAssimAn xAVie cAstAneR FRAncesco cAstellAnetA AdAm cAstoR gino cAttAni tAmeR cAVusgil nikh cellY sokol celo cARmelo cennAmo tReVis ceRto FAbRizio cesARoni jose cesPede loRente clint chAdwick dAniel chAFFin AbhiRuP chAkRAbARti seA-jin chAng mukun chARi FloRence chARue-duboc oliVieR chAtAin nick chAteR ARijit chAtteRjee joYde chAtteRjee shinjinee chAttoPAdhYAY sAikAt chAudhuRi Amit chAuRAdiA sARAh cheA wenjie chen PAo-lien chen dong chen guoli chen tiAnxu chen tiAn chen chiA-i chen PhiliPPe cheReAu clemence cheRuY AsdA chintAkAnAndA FRAncesco chiRico RAVeendR chittooR kittY chiu shih-chi chiu theResA cho bYungchul choi RAsheduR chowdhuR ken chung PAolA cillo luciAno ciRAVegnA bRuno ciRillo cYnthiA clARk bRent clAR AlenA clARke bARt clARYsse enRique clAVeR coRtés julien clement mARco clemen eRic clinton Russell coFF helene loe colmAn mAssimo colombo michAel conge donAld conlon bRiAn connellY RAFFAele conti josePh coombs mARgARet coRdin eulogio coRdon Pozo mAgdAlenA coRnejo beRnARdo coRReiA-limA mARco coRsin lAuRA costAnzo juAn PAblo couYoumdjiAn RAFel cResPi-clAdeRA giusePPe cRiAco Al cRockeR cRAig cRosslAnd AlVARo cueRVo-cAzuRRA lin cui VictoR cui douglAs cummin colleen cunninghAm lAuRA d'oRiA AdinA dAbu gioVAnni bAttistA dAgnino kRistin dAhlin li dAi FRédéRic dAlsAce nAgA lAkshmi dAmARAju stePhAnie dAmeRon izzet sid dARendeli luis dAu AndRew dAVies biRgit dAxboeck lisA dAY julio de cAstRo diR de cleRcq Vincent de gooYeRt FRAncesco de leo AlFRedo de mAssis ARnoud de meYe cARmen de PAblos kRistine de VAlck mARion debRuYne cARolin deckeR kAitlYn deghett diRk deichmAnn mARiA eugeniA delFino jAVieR delgAdo-cebAllos blAncA l. delgAd máRquez luisA delgAdo-máRquez henRik dellestRAnd mehmet demiRbAg jeRkeR denRe kuRt desendeR PAnos desYllAs dAwn detienne michAel deVAughn cYnthiA e deVeR timothY deVinneY jim dewAld FRAncesco di loRenzo giAdA di steFAno Anton diAchenk jAY diAl luis diestRe helmut dietl PAVlos dimitRAtos nikos dimotAkis steVen dionn leonhARd dobusch mARk dodgson jonAthAn doh ginA dokko tAtiAnA dolgoPYAtoV sinziAnA doRobAntu Anil doshi deboRAh dougheRtY w.g. douglAs FeRnAndez YV doz nicolA dRAgonetti joRge duARte-Rolon stePhAnie duchek RodolPhe duRAnd gAR dushnitskY nilAnjAnA dutt shAntAnu duttA RomAno dYeRson Alex eAPen kimbeR eddleston lindA edelmAn loRRAine eden jeFFReY edwARds timo ehRig kimbeRlY ell AlAn ellstRAnd john elVidge mARtA elViRA itoRo chARles emembolu hAkAn eneR bo eRiksen AbdelghAni es-sAjjAde dRies FAems RobeRt FAiRlie loRen FAlkenbeRg dAlu FAn keRstin FehRe tePPo Felin jAcqueline Fendt YAnAn Feng sAntiAgo FeRnAndez VAlbuen beRnie FeRRARi PAul FeRReiRA 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SSRN Electronic Journal
The extant empirical evidence suggests that defined benefit (DB) pension obligations, deficits, a... more The extant empirical evidence suggests that defined benefit (DB) pension obligations, deficits, and costs increase corporate leverage and cost of capital, reduce corporate investment and aggravate valuation uncertainties. In the M & A context, DB schemes of target firms may reduce the takeover likelihood and bidder DB schemes may influence payment currency choice and reduce shareholder value. However, the impact of defined contribution (DC) pension scheme risk on M & A has not been explicitly investigated so far inspite of the increasing and substantial shift from DB to DC schemes by firms. In a sample of 138 takeover bids for United Kingdom (UK) listed companies during 2002-12, we find that bidder and target DC costs decrease the likelihood of takeovers, influence percentage of cash and stock offered as consideration, and diminish shareholder value gains on merger announcements. Further, the negative economic impact of DC scheme risk on synergistic value from mergers is even larger than that of DB scheme risk. These results are robust to potential biases due to self-selection by merger partners and endogeneity of payment currency choice. Our analysis indicates that DC scheme risk significantly and pervasively affects the takeover decision, target selection, payment currency choice and shareholder wealth and should not be neglected in view of the growing trend away from DB to DC schemes.
The Handbook of Research on IPOs provides a comprehensive review of the emerging trends and direc... more The Handbook of Research on IPOs provides a comprehensive review of the emerging trends and directions in the global initial public offerings (IPO) markets. The empirical evidence included in the book covers Europe, the US and the Far East, and presents a truly global perspective of IPO markets around the world and at the different stages of the entire IPO process.
This paper examines the M&A strategy of firms during the first year in office following the appoi... more This paper examines the M&A strategy of firms during the first year in office following the appointment of a new CEO and its effect on longer-term firm performance. Using a unique sample of large European listed companies, the results show that CEOs of UK firms execute more deals than their counterparts in France, Germany and Spain, which could be a reflection of both a more aggressive attitude to deal-making and differences in the legal environment in continental Europe. Furthermore, following poor financial performance in companies prior to their appointment, CEOs hired with a ‘mandate to change’, use deal-making as their strategic tool to restructure the firm, favouring divestiture. Firms with strong board power are also more likely to perform deals and favour divestitures over acquisitions in the first year of a new CEO’s tenure. Firms which mainly carry out divestitures as their deal-making strategy have a positive impact on their shortand medium-term performance during the fir...
This paper examines the M&A strategy of firms during the first year in office following the appoi... more This paper examines the M&A strategy of firms during the first year in office following the appointment of a new CEO and its effect on longer-term firm performance. Using a unique sample of large European listed companies, the results show that CEOs of UK firms execute more deals than their counterparts in France, Germany and Spain, which could be a reflection of both a more aggressive attitude to deal-making and differences in the legal environment in continental Europe. Furthermore, following poor financial performance in companies prior to their appointment, CEOs hired with a ‘mandate to change’, use deal-making as their strategic tool to restructure the firm, favouring divestiture. Firms with strong board power are also more likely to perform deals and favour divestitures over acquisitions in the first year of a new CEO’s tenure. Firms which mainly carry out divestitures as their deal-making strategy have a positive impact on their shortand medium-term performance during the fir...
Reverse takeovers (RTOs), or Reverse Mergers (RMs) as they are usually referred to in the US, hav... more Reverse takeovers (RTOs), or Reverse Mergers (RMs) as they are usually referred to in the US, have been the subject of considerable public debate and regulatory scrutiny in recent years. The marked differences between the US and UK regulatory frameworks related to reverse takeovers in terms of definition, listing requirements, approval and the scope of such transactions offer the opportunity to reassess the effectiveness of such public listings. For private firms using the RTO route to go public, we identify three distinct groups of public entities which they acquire, ranging from non-operating, often bankrupt, mature shells to recently listed ‘cash shells’ and other active listed firms offering clear synergy potential. In sharp contrast to the US experience, we find that the latter group accounts for a significant proportion of UK RTOs, undertaken by firms looking for expansion through simultaneously conducting a synergetic acquisition and a public listing. Furthermore, these compa...
In this study we examined the impact of resource distance and institutional distance on the value... more In this study we examined the impact of resource distance and institutional distance on the value of cross-border M&A transactions (i.e., deal value). We also examined both the direct as well as th...