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دخول الأرشيف:
9783838652849 - Von Mitzlaff, Philipp H.: Takeover Activity in Germany - كتاب

(?):

Takeover Activity in Germany (2014) (?)

التسليم من: الولايات المتحدة الأمريكيةكتاب الألمانيةهذا كتاب الجيبكتاب جديد
ISBN:

9783838652849 (?) أو 3838652843

, في الألمانية, غلاف عادي, الجديد
New Book. This item is printed on demand. Shipped from US This item is printed on demand.
البيانات من 03/03/2014 18:50h
ISBN (الرموز البديلة): 3-8386-5284-3, 978-3-8386-5284-9
دخول الأرشيف:
9783838652849 - von Mitzlaff, Philipp H.: Takeover Activity in Germany - كتاب

(?):

Takeover Activity in Germany (?)

التسليم من: ألمانياكتاب الألمانيةهذا كتاب الجيبكتاب جديد
ISBN:

9783838652849 (?) أو 3838652843

, في الألمانية, Grin Verlag Diplom.De, غلاف عادي, الجديد
الشحن المجاني
Diploma Thesis from the year 2001 in the subject Business economics - Business Management, Corporate Governance, grade: 2,3, University of Frankfurt (Main) (Wirtschaftswissenschaften), course: Bankbetriebslehre, language: English, abstract: Inhaltsangabe:Abstract: I analyze the characteristics of premia in German takeovers of publicly listed corporations. I employ a unique data set of 167 transactions to examine the effects of toeholds, threshold crossings, means of payment, voluntary versus mandatory offers and premia cyclicity due to macroeconomic and financial variables. First, a descriptive analysis reveals that premia levels are substantially below levels in the Anglo-American markets. Cash constitutes the primary mode of payment and ***tes equity offering. Also the trend of higher premia levels in a growing takeover market is observable. An investigation of transaction characteristics shows that premia and toehold size, stake size and offer period are significantly and negatively correlated. An investigation in threshold crosses reveals significantly higher median premia if a threshold-cross was observable. Second, constructed market-, market-adjusted and mean-adjusted models virtually demonstrate the same results. Third, Jensen-Alpha demonstrates that target stocks are low beta targets implying that they are generally defensive. Rising alpha coefficients parallel an increase in bid premia and are substantially higher for cash than equity offers, voluntary are superior to mandatory offers and bids involving toeholds ***te average premia. Fourth, regressions of premia on firm characteristics, but only the price to cash flow ratio regression reveals statistical significance. Fifth, the degree to which aggregate cyclical fluctuations have accounted for shifts in merger premia are measured and macroeconomic and financial variables that have the highest impacts on premia levels are identified modeling ARIMA-processes. Changes in interest and stock prices are identified to be the main premia driving forces. The analysis of the cross-correlation structure demonstrates that shifts in bond yields and stock prices can be used as indicators for future changes in merger premia. Finally a multivariate Box-Jenkins approach quantifies the relationship between the input variables and the response parameter bid premia. Inhaltsverzeichnis:Table of Contents: List of Tables V List of FiguresVI List of SymbolsAbbreviationsVII List of SymbolsIX 1.Introduction12 1.1M&A-Business collapses worldwide12 1.2Merger and Acquisition Premiums13 1.3Is there a correct price for an acquisition?14 1.4A practitioners view - The valuation aspect16 2.Ownership, Control and Takeover Activity in Germany18 2.1Corporate Governance19 2.2Tender Offers21 2.3The German Takeover Law- Key issues of the law for regulation of takeovers24 2.3.1Payment25 2.3.2Formation of time limits26 2.3.3Neutrality-duty26 2.3.4Supervision27 2.4The Nature of German Takeover Activity27 2.5The German Takeover Market in Transition28 3.Determinants of Control Premia29 3.1Financial Basics29 3.2Sources of Takeover Premia29 3.3What Acquisitions Premia constitute32 3.4Sources of value increases from M&As33 3.5Allocation of the profit margin in public tender offers33 3.6Regulatory34 3.7Appraisal Remedy35 3.8Taxes36 3.9Financial36 3.10Toeholds36 3.11Method of Payment36 3.12Funding of M&A transactions37 3.13Cash Offer vs. Stock Offer: Theory37 3.14Pre Bid Runup (Insider Trading)38 3.15Accounting Treatment / Summary Accounting38 3.16Managerial40 3.17Hostility/Bid Resistance Competition40 4.Previous Premia Examinations42 4.1Premia in the United States42 4.2Premia in Germany44 4.3Su...2002. 116 S. 210 mmVersandfertig in 3-5 Tagen, Softcover
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البيانات من 03/03/2014 18:50h
ISBN (الرموز البديلة): 3-8386-5284-3, 978-3-8386-5284-9
دخول الأرشيف:
9783838652849 - von Mitzlaff, Philipp H.: Takeover Activity in Germany - كتاب

(?):

Takeover Activity in Germany (?)

التسليم من: ألمانياكتاب الألمانيةكتاب جديد
ISBN:

9783838652849 (?) أو 3838652843

, في الألمانية, الجديد
بالإضافة إلى الشحن
Diploma Thesis from the year 2001 in the subject Business economics - Business Management, Corporate Governance, grade: 2,3, University of Frankfurt (Main) (Wirtschaftswissenschaften), course: Bankbetriebslehre, language: English, abstract: Inhaltsangabe:Abstract:I analyze the characteristics of premia in German takeovers of publicly listed corporations. I employ a unique data set of 167 transactions to examine the effects of toeholds, threshold crossings, means of payment, voluntary versus mandatory offers and premia cyclicity due to macroeconomic and financial variables.First, a descriptive analysis reveals that premia levels are substantially below levels in the Anglo-American markets. Cash constitutes the primary mode of payment and ***tes equity offering. Also the trend of higher premia levels in a growing takeover market is observable. An investigation of transaction characteristics shows that premia and toehold size, stake size and offer period are significantly and negatively correlated. An investigation in threshold crosses reveals significantly higher median premia if a threshold-cross was observable.Second, constructed market-, market-adjusted and mean-adjusted models virtually demonstrate the same results.Third, Jensen-Alpha demonstrates that target stocks are low beta targets implying that they are generally defensive. Rising alpha coefficients parallel an increase in bid premia and are substantially higher for cash than equity offers, voluntary are superior to mandatory offers and bids involving toeholds ***te average premia.Fourth, regressions of premia on firm characteristics, but only the price to cash flow ratio regression reveals statistical significance.Fifth, the degree to which aggregate cyclical fluctuations have accounted for shifts in merger premia are measured and macroeconomic and financial variables that have the highest impacts on premia levels are identified modeling ARIMA-processes. Changes in interest and stock prices are identified to be the main premia driving forces. The analysis of the cross-correlation structure demonstrates that shifts in bond yields and stock prices can be used as indicators for future changes in merger premia. Finally a multivariate Box-Jenkins approach quantifies the relationship between the input variables and the response parameter bid premia.Inhaltsverzeichnis:Table of Contents:List of Tables VList of FiguresVIList of SymbolsAbbreviationsVIIList of SymbolsIX1.Introduction121.1M&A-Business collapses worldwide121.2Merger and Acquisition Premiums131.3Is there a correct price for an acquisition?141.4A practitioner s view - The valuation aspect162.Ownership, Control and Takeover Activity in Germany182.1Corporate Governance192.2Tender Offers212.3The German Takeover Law- Key issues of the law for regulation of takeovers242.3.1Payment252.3.2Formation of time limits262.3.3Neutrality-duty262.3.4Supervision272.4The Nature of German Takeover Activity272.5The German Takeover Market in Transition283.Determinants of Control Premia293.1Financial Basics293.2Sources of Takeover Premia293.3What Acquisitions Premia constitute323.4Sources of value increases from M&As333.5Allocation of the profit margin in public tender offers333.6Regulatory343.7Appraisal Remedy353.8Taxes363.9Financial363.10Toeholds363.11Method of Payment363.12Funding of M&A transactions373.13Cash Offer vs. Stock Offer: Theory373.14Pre Bid Runup (Insider Trading)383.15Accounting Treatment / Summary Accounting383.16Managerial403.17Hostility/Bid Resistance Competition404.Previous Premia Examinations424.1Premia in the United States424.2Premia in Germany444.3Su...
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الفئة: Buch / Sozialwissenschaften, Recht & Wirtschaft / Wirtschaft / Management
البيانات من 03/03/2014 18:50h
ISBN (الرموز البديلة): 3-8386-5284-3, 978-3-8386-5284-9
دخول الأرشيف:
9783838652849 - Mitzlaff, Philipp H. von: Takeover Activity in Germany - كتاب

(?):

Takeover Activity in Germany (?)

التسليم من: ألمانياكتاب الألمانيةهذا كتاب الجيبكتاب جديد
ISBN:

9783838652849 (?) أو 3838652843

, في الألمانية, Grin Verlag Diplom.De, غلاف عادي, الجديد
الشحن المجاني
Diploma Thesis from the year 2001 in the subject Business economics - Business Management, Corporate Governance, grade: 2,3, University of Frankfurt (Main) (Wirtschaftswissenschaften), course: Bankbetriebslehre, language: English, abstract: Inhaltsangabe:Abstract: I analyze the characteristics of premia in German takeovers of publicly listed corporations. I employ a unique data set of 167 transactions to examine the effects of toeholds, threshold crossings, means of payment, voluntary versus mandatory offers and premia cyclicity due to macroeconomic and financial variables. First, a descriptive analysis reveals that premia levels are substantially below levels in the Anglo-American markets. Cash constitutes the primary mode of payment and ***tes equity offering. Also the trend of higher premia levels in a growing takeover market is observable. An investigation of transaction characteristics shows that premia and toehold size, stake size and offer period are significantly and negatively correlated. An investigation in threshold crosses reveals significantly higher median premia if a threshold-cross was observable. Second, constructed market-, market-adjusted and mean-adjusted models virtually demonstrate the same results. Third, Jensen-Alpha demonstrates that target stocks are low beta targets implying that they are generally defensive. Rising alpha coefficients parallel an increase in bid premia and are substantially higher for cash than equity offers, voluntary are superior to mandatory offers and bids involving toeholds ***te average premia. Fourth, regressions of premia on firm characteristics, but only the price to cash flow ratio regression reveals statistical significance. Fifth, the degree to which aggregate cyclical fluctuations have accounted for shifts in merger premia are measured and macroeconomic and financial variables that have the highest impacts on premia levels are identified modeling ARIMA-processes. Changes in interest and stock prices are identified to be the main premia driving forces. The analysis of the cross-correlation structure demonstrates that shifts in bond yields and stock prices can be used as indicators for future changes in merger premia. Finally a multivariate Box-Jenkins approach quantifies the relationship between the input variables and the response parameter bid premia. Inhaltsverzeichnis:Table of Contents: List of Tables V List of FiguresVI List of SymbolsAbbreviationsVII List of SymbolsIX 1.Introduction12 1.1M&A-Business collapses worldwide12 1.2Merger and Acquisition Premiums13 1.3Is there a correct price for an acquisition?14 1.4A practitioners view - The valuation aspect16 2.Ownership, Control and Takeover Activity in Germany18 2.1Corporate Governance19 2.2Tender Offers21 2.3The German Takeover Law- Key issues of the law for regulation of takeovers24 2.3.1Payment25 2.3.2Formation of time limits26 2.3.3Neutrality-duty26 2.3.4Supervision27 2.4The Nature of German Takeover Activity27 2.5The German Takeover Market in Transition28 3.Determinants of Control Premia29 3.1Financial Basics29 3.2Sources of Takeover Premia29 3.3What Acquisitions Premia constitute32 3.4Sources of value increases from M&As33 3.5Allocation of the profit margin in public tender offers33 3.6Regulatory34 3.7Appraisal Remedy35 3.8Taxes36 3.9Financial36 3.10Toeholds36 3.11Method of Payment36 3.12Funding of M&A transactions37 3.13Cash Offer vs. Stock Offer: Theory37 3.14Pre Bid Runup (Insider Trading)38 3.15Accounting Treatment / Summary Accounting38 3.16Managerial40 3.17Hostility/Bid Resistance Competition40 4.Previous Premia Examinations42 4.1Premia in the United States42 4.2Premia in Germany44 4.3Su...2002. 116 S. 210 mmVersandfertig in 3-5 Tagen, Softcover
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البيانات من 24/01/2015 04:42h
ISBN (الرموز البديلة): 3-8386-5284-3, 978-3-8386-5284-9
دخول الأرشيف:
9783838652849 - Philipp H. von Mitzlaff: Takeover Activity in Germany - كتاب

(?):

Takeover Activity in Germany (2002) (?)

التسليم من: ألمانياكتاب الألمانيةهذا كتاب الجيبكتاب جديدطبع
ISBN:

9783838652849 (?) أو 3838652843

, في الألمانية, Diplom.De Apr 2002, غلاف عادي, الجديد, طبع
This item is printed on demand - Print on Demand Titel. Neuware - Diploma Thesis from the year 2001 in the subject Business economics - Business Management, Corporate Governance, grade: 2,3, University of Frankfurt (Main) (Wirtschaftswissenschaften), course: Bankbetriebslehre, language: English, abstract: Inhaltsangabe:Abstract: I analyze the characteristics of premia in German takeovers of publicly listed corporations. I employ a unique data set of 167 transactions to examine the effects of toeholds, threshold crossings, means of payment, voluntary versus mandatory offers and premia cyclicity due to macroeconomic and financial variables. First, a descriptive analysis reveals that premia levels are substantially below levels in the Anglo-American markets. Cash constitutes the primary mode of payment and ***tes equity offering. Also the trend of higher premia levels in a growing takeover market is observable. An investigation of transaction characteristics shows that premia and toehold size, stake size and offer period are significantly and negatively correlated. An investigation in threshold crosses reveals significantly higher median premia if a threshold-cross was observable. Second, constructed market-, market-adjusted and mean-adjusted models virtually demonstrate the same results. Third, Jensen-Alpha demonstrates that target stocks are low beta targets implying that they are generally defensive. Rising alpha coefficients parallel an increase in bid premia and are substantially higher for cash than equity offers, voluntary are superior to mandatory offers and bids involving toeholds ***te average premia. Fourth, regressions of premia on firm characteristics, but only the price to cash flow ratio regression reveals statistical significance. Fifth, the degree to which aggregate cyclical fluctuations have accounted for shifts in merger premia are measured and macroeconomic and financial variables that have the highest impacts on premia levels are identified modeling ARIMA-processes. Changes in interest and stock prices are identified to be the main premia driving forces. The analysis of the cross-correlation structure demonstrates that shifts in bond yields and stock prices can be used as indicators for future changes in merger premia. Finally a multivariate Box-Jenkins approach quantifies the relationship between the input variables and the response parameter bid premia. Inhaltsverzeichnis:Table of Contents: List of Tables V List of FiguresVI List of SymbolsAbbreviationsVII List of SymbolsIX 1.Introduction12 1.1M&A-Business collapses worldwide12 1.2Merger and Acquisition Premiums13 1.3Is there a correct price for an acquisition 14 1.4A practitioner s view - The valuation aspect16 2.Ownership, Control and Takeover Activity in Germany18 2.1Corporate Governance19 2.2Tender Offers21 2.3The German Takeover Law- Key issues of the law for regulation of takeovers24 2.3.1Payment25 2.3.2Formation of time limits26 2.3.3Neutrality-duty26 2.3.4Supervision27 2.4The Nature of German Takeover Activity27 2.5The German Takeover Market in Transition28 3.Determinants of Control Premia29 3.1Financial Basics29 3.2Sources of Takeover Premia29 3.3What Acquisitions Premia constitute32 3.4Sources of value increases from M&As33 3.5Allocation of the profit margin in public tender offers33 3.6Regulatory34 3.7Appraisal Remedy35 3.8Taxes36 3.9Financial36 3.10Toeholds36 3.11Method of Payment36 3.12Funding of M&A transactions37 3.13Cash Offer vs. Stock Offer: Theory37 3.14Pre Bid Runup (Insider Trading)38 3.15Accounting Treatment / Summary Accounting38 3.16Managerial40 3.17Hostility/Bid Resistance Competition40 4.Previous Premia Examinations42 4.1Premia in the United States42 4.2Premia in Germany44 4.3Su. 116 pp. Englisch
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البيانات من 24/01/2015 04:42h
ISBN (الرموز البديلة): 3-8386-5284-3, 978-3-8386-5284-9

9783838652849

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