... HOẠT ĐỘNG “MUA LẠI, SÁP NHẬP DOANH NGHIỆP”
(MERGERS ANDACQUISITIONS – M&A)
1.1.Tổng quan về hoạt động mua lại, sáp nhập doanh nghiệp
“Merger and Acquisition” là một cụm từ tiếng Anh được ... thức như: sáp nhập theo chiều ngang (horizontal mergers) , sáp nhập
theo chiều dọc (vertical mergers) hay sáp nhập kiểu tập đoàn (conglomerate mergers)
Nếu dựa theo mục đích của thương vụ sáp ... đó được gọi là mua lại doanh nghiệp xuyên quốc gia (transnational
acquisitions) hoặc mua lại doanh nghiệp chéo (cross-border acquisitions) . Các vụ giao
dịch này được thúc đẩy bởi việc quan tâm...
... Data
Walter, Ingo.
Mergers andacquisitions in banking and finance : what works, what
fails, and why / by Ingo Walter.
p. cm.
ISBN 0-19-515900-4
1. Bank mergers. 2. Financial institutions Mergers. I. ... chapter.
32 MergersandAcquisitions in Banking and Finance
concerned with wealth preservation in the face of antagonistic govern-
ment policies and fickle asset markets. Clients demanded the utmost ... and superrre-
gional consolidators. In the process, the commercial banking industry has
34 MergersandAcquisitions in Banking and Finance
competition for the growing pools of defined-benefit and...
... banking, insurance, and possibly
other types of financial and nonfinancial businesses.
1. For a detailed discussion, see Saunders and Walter (1994).
96 MergersandAcquisitions in Banking and Finance
book ... boundary
(autonomy) around
acquired firm.
64 MergersandAcquisitions in Banking and Finance
Figure 3-1D. Client, Product,
and Arena-Specific Scale and
Scope Economies, and Risk
Mitigation.
in another geography. ... 100 MergersandAcquisitions in Banking and Finance
and simply disappears. Others may require the acquiring firm itself to
reorganize and, for example, to structure...
... Wasserstein.
152 MergersandAcquisitions in Banking and Finance
WHAT ARE THE KEY LESSONS?
Information technologies represent a critical resource for the financial
services industry. Mergersand acquisitions, ... 1998.
154 MergersandAcquisitions in Banking and Finance
ment thought they were achieving by undertaking specific or sequential
acquisitions, how they presented the various cases to the market, and
evidence ... of Chase Manhattan, and
Sandy Weill’s imaginative and opportunistic construction of Citigroup
though sequential acquisitions, each apparently well targeted and exe-
cuted and creating an apparent...
... that
are the result of sequential mergersandacquisitions are awfully hard to
understand and regulate, and it seems unlikely that management itself
fully understands and controls the risks embedded ... banks and non-bank financial services
3. See for example “A Ragbag of Reform,” The Economist, March, 1 2001.
226 MergersandAcquisitions in Banking and Finance
and vigorously competitive and perhaps ...
241
Mergers, Acquisitions, and the Financial Architecture 215
Figure 7-5. Regulator y Tradeoffs, Techniques, and Control.
Figure 7-6. Regulator y Tradeoffs, Techniques, and Control.
of assets and...
...
nis and McConnell(1986) on mergers, and Hite and Owers (1983) and Schip-
per and Smith (1983) on spin-offs. A study of the formation of captive finance
subsidiaries by Kim, McConnell, and Greenwood ... evidence of such losses see Alexander, Benson, and Gunderson
(1986) and Wansley and Fayez (1986).
15.
16.
17.
18.
References
Alexander, G. J.,
P.
G. Benson, and
E.
W. Gunderson. 1986. ... commodity prices, and new tech-
nology have been felt in industries ranging from transportation
and communication to energy and manufacturing. Mergersand
divestitures, new investment, and plant closings...
... effect of mergersandacquisitions on the efficiency and
profitability of EC credit institutions, Journal of Banking and Finance 20, pp.
1531-1558.
Vander Vennet, R. (2002), Cross-border mergers ... Interstate bank mergersandacquisitionsand their impact
on shareholder returns: evidence from the '90s", Quarterly Journal of Business
and Economics 37, 4, pp. 48-56.
Vander Vennet, ... mergers,
Journal of Banking and Finance 18, 6, pp. 1155-1176.
Houston, J. H., C. James and M. Ryngaert (2001), Where do merger gains come from?
bank mergers from the perspective of insiders and...
...
acquisition (cross-border mergersand acquisitions, M&A) and Greenfield investment (GF). Since
the dilemma of a firm between GF and M&A is similar to the one between cooperation and
defection ...
upwards and downwards respectively, and
when they shift positions, the equilibrium shifts
from R=(GF, GF) and P=(M&A, M&A) in
Figure 1 and 2 expand, otherwise, T=(GF,
M&A) and S=(M&A, ... Science, Natural Sciences and Technology 25 (2009) 123-131
123
Modeling Foreign direct investment by a Prisoner’s dilemma:
Greenfield investment (cooperation) or Mergersand
Acquisitions (defection)...
...
well a candidate organization fits with AzCA’s
strategic goals in terms of service, geography and
brand. These questions also assess
organizational fit and financial impact.
Once a candidate ... have the brand awareness; we didn’t have the contacts nor the contracts in
those areas, and so the idea was to buy an existing entity that had good brand awareness, good funding sources and
the ... programs?
Strategic fit with AzCA brand
5)Does it enhance AzCA’s marketability, our reputation, and
our branding efforts?
Organizational fit
6)Are the missions, visions and cultures of the agencies...
... Việt
Nam (VCC)
- Tên giao dịch quốc tế: Vietnam consultant joint stock corporation for industial
and urban construction.
- Trụ sở chính: Số 10 Hoa Lư – Quận Hai Bà Trưng – Hà Nội
- Tel: 04.22205788...
... argue that out-of-market mergers result in lower deposit rates. Park and Pennacchi
(forthcoming)
7
and Hannan and Prager (2006) present empirical tests of this hypothesis,
and both find that multimarket ... Hopsital Mergers Save Consumers Money? Health Affairs, Vol. 16: 62-72.
Corvoisier, Sandrine and Reint Gropp (2002): Bank Concentration and Retail Interest
Rates. Journal of Banking and Finance, ... Hannan and Prager (1998) find no significant impact of bank mergers on certificate of deposit rates.
1
Bank Mergersand the Dynamics of Deposit Interest Rates
*
1. Introduction
Bank mergers...
... period starting on September 19,
1997, and ending on July 21, 2006. The merger data is drawn from the Supervisory Master
File of Bank MergersandAcquisitionsand indicates that 121 of the banks ... (Hannan and Berger 1991, Mester and
Sounders 1995, Craig and Dinger 2010). Existent empirical research, however, has only been
focused on a static view of bank and market structure and ignores ... the examination of the interest rate duration and its determinants is of key
importance for understanding interest rate dynamics.
3. Bank mergersand the probability of changing bank retail interest...