Methods of funding the deals connected with mergers and acquisitions 2 2 4 16 8 total volume of hours 14 14 28 80 54 course content lecture 1. Critical discourse analysis is combined with cognitive metaphor theory to show how metaphors of marriage and romance mergers are marriages tend to cooccur. The university of san francisco success factors in mergers and acquisitions. Dulal chandra pattak assistant manager prime bank limited, bangladesh contract. The use of critical discourse analysis with korean adult. Johnson, mba, ca, cma, cbv, cpa, cfa campbell valuation partners limited overview financial statement analysis is fundamental to a corporate acquirers assessment of an acquisition or merger candidate. At present it cannot be said that such a merger has taken place. The importance of mergers and acquisitions in todays. Krolikowski a dissertation submitted in partial fulfillment of the requirements for the degree of doctor of philosophy department of finance college of business university of south florida comajor professor.
Mergers and acquisitions transactions strategies in diffusion. The importance of mergers and acquisitions in todays economy rima tamosiuniene1, egle duksaite2 abstract. A valuator should know a clients industry thoroughly and have procedural training. Satyanarayana2 1doctoral student, department of post graduate studies in management sciences,maharaja research foundation. We describe a simple initial indicator of whether a proposed merger between rivals in a differentiated product industry is likely to raise prices through unilateral effects. Merger and acquisition activity in the united states has typically run in cycles, with peaks coinciding with periods of strong business growth. Accordingly, the overvaluation theory posits that more acquisitions will happen in periods of bubbles. Alongside these consolidation processes, a number of scholars are attempting to combine.
Two essays on mergers and acquisitions by dongnyoung kim a dissertation submitted in partial fulfillment of the requirements for the degree of doctor of philosophy in business administration with a concentration in finance department of finance college of business university of south florida comajor professor. Economic nationalism in mergers and acquisitions serdar. The first part investigates the merger in the shortterm, while the second part investigates the longterm effects of the merger exploring the relative. S it appears that merger expansion was not only a phenomenon of prosperity, but that it was also closely related to the state of the capital market. A decade of discourse analysis of environmental politics. The unity between these sentences is achieved through the use of cohesive devices. The interdisciplinarity of critical discourse studies research nature. It shows that acquiring managers overvalue targets by 63% of target capitalization. It has been reported that between july 1, 1995 and august 31, 2001 merger. The merger took place in mid 1999s and the effect was the alpha bank. The importance of mergers and acquisitions in todays economy. This paper studies government reactions to large corporate merger attempts in the european union during 1997 to 2006 using handcollected data. Mergers news, research and analysis the conversation page 1. Pdf justification, legitimization and naturalization of mergers and.
Applying quantitative appraisal analysis to the study of institutional. In a merger, the acquiring company assumes the assets and liabilities of the merged company. Critical discourse analysis research papers academia. The term critical analysis of multimodal discourse suggests a merger of two distinct fields of applied linguistics. The merger implementation is the process where merger negotiation proceeds until the deal is concluded. One around the turn of the twentieth century, the second peaking in 1929 the third in the latter half. This study investigates the merger effects of two banks. This usually means justification of particular merger or acquisition deals and legitimization of specific actions taken by management.
The human resources department can ease that transition by analyzing the current policies, staffing and organization, as well as. Essays on mergers and acquisitions usf scholar commons. Corpus approaches to critical discourse analysis cda have grown in popularity since. Pdf critical discourse analysis of a newspaper article. Mergers and acquisitions as a part of strategic development of a company.
This article forms part of an ongoing thematic collection dedicated to the concept of interdisciplinarity. A cheerful assessment of the profit potential from a merger is an easy sell to eager investors. Mergers and acquisitions tagged articles the keyword mergers and acquisitions is tagged in the following 1 articles. A comparison of corpusbased and qualitative analyses of news. North korean torpedo sank souths navy ship report 9 4. The articles collected in the volumes of this book are prominent contributions to the latter. Indeed, a simple search on the social science research network ssrn shows 867 articles submitted in. Iag hope to make a few pots of gold from buying aer lingus. A critical discourse analysis of newspaper articles on the. The analysis shows a movement in academic research on the control of firms from mergers and acquisitions to an analysis of corporate governance, generally referring to internal control mechanisms. Driven by a philosophy of shareholder value they not. Mergers and acquisitions transactions strategies in. Mergers and acquisitions higher school of economics. Discourse analysis as critique palgrave communications nature.
Merger of smithkline beecham and glaxo wellcome, the two largest uk pharmaceutical companies is a good example in parallel with above definition, where smithkline beecham and. A critical discourse analysis of media texts sage journals. The effect of mergers and acquisitions on the performance. The rise of corporate governance in corporate control. The fundamentals of strategic logic and integration for. The cycle of highly innovative research articles and his co. As part of its due diligence investigation, a corporate. Executive summary clients benefit from using an intermediary such as a cpavaluator to handle a merger or acquisition. Articles on mergers and acquisitions the conversation. Gaughan 3 defined a merger is a combination of two corporations in which only one corporation survives and the merged corporations goes out of existence. The successful case is the merger between statoil and hydro in 2007, and the failure case is the attempt to. The successful case is the merger between statoil and hydro in 2007, and the failure case is the attempt to merge made by telenor and telia in 1999. Mergers and acquisitions are among the most effective ways to expedite the implementation of a plan to grow rapidly.
The four main discursive sites identified in the policy were. The effects of mergers and acquisition on corporate. In this article, i focus on one type of content analysis, namely media content. Discourse, then, is any spoken or written language which includes verbal and nonverbal elements that are meaningful. An analysis of the impact of merger and acquisition of. Even experienced cpavaluators may need to bring in an outside expert for longtime clients in order to avoid bias. Discourse analysis a stepbystep guide with examples. The choice of event window then determines whether it is a short or long term study, with short term being the three days surrounding the merger i. The effects of mergers and acquisition on corporate growth. The results obtained using this approach, largely in the united states but also in canada, show that corporate takeovers generally have favourable consequences for shareholders. An analysis of the impact of merger and acquisition of corus by tata steel manoj kumara n v 1, dr. Overcoming pitfalls, building synergy, and creating value michael a.
Stock markets seem to take a positive view of announcements that corporations will be merged or taken over. Critical discourse analysis cda according to van dijk 1998. Sometimes, the term statutory merger is used to refer to this type of business transaction. View critical discourse analysis research papers on academia. The state of case study approach in mergers and acquisitions. In the short term the stock prices quickly adjust following a merger announcement and the effect of the merger should be incorporated into the stock price by the time the merger is completed. By deploying ratio analysis, kemal 2011 examined the postmerger financial performance of. Justification, legitimization and naturalization of mergers.
He maintains that all personnel want to know why the business transaction took place and in addition, what improvements are planned, how the company will be more. Drawing on critical discourse analysis, the article focuses on justification. Drawing on critical discourse analysis, the article focuses on. The premerger planning is the phase where the whole merger strategy is being planned and formulated at the most comprehensive and practical manner.
Dec 10, 2008 we describe a simple initial indicator of whether a proposed merger between rivals in a differentiated product industry is likely to raise prices through unilateral effects. The methodology used is a survey of companies incorporated in nigeria under the companies and allied matters act 1990, which have undergone a merger or an acquisition process. The empirical analysis focuses on the comparison of two different mergers, one that was cancelled and one that was successful. Abstract this article presents recent developments in the geneva modular. The effect of mergers and acquisitions on the performance of companies. Mergers and acquisitions articles inquiries journal. The effect of mergers and acquisitions on the performance of. Our purpose in this perspective article is to highlight the central themes that reflect critical areas of.
Efstathios demetriades3, kavala institute of technology abstract this study investigates the merger effects of two banks. Companies in all industries have grown at lightning speed, in part because of an aggressive merger and acquisition strategy. Statement of problem merger and acquisition which was popular introduce by soludo 2004 was a tool use to enforce, to ensure the survived of banks in nigeria, which have works very well in the nigeria banking sector. Mergers and acquisitions have become common business tools, implemented by thousands of companies in world. As a problembased approach, discoursehistorical analysis is inherently. Articles on mergers and acquisitions displaying 1 20 of 49 articles the lawsuit filed by new york attorney general letitia james and colleagues was the last roadblock to the merger. Criticaldiscourse analysis is a type of discourse analytical research that primarily studies the way social power abuse, dominance and inequality are enacted, reproduced and resisted by text and talk in the social and political context. This article addresses the methodological issues related to applying the. Moreover, although the buying firm may be a considerably different organization after the merger, it retains. Each of these topics, including acquisition comparables, is very important in investment banking and is discussed in a previous module in this training course.
Furthermore, failure to communicate the rationale behind the merger or acquisition, leads a breakdown in the free flow of valuable information throughout the corporate structure. You want to study how a particular regime change from dictatorship to democracy has affected the public relations rhetoric of businesses in the country. Mergers news, research and analysis the conversation. Chapter 2 conceptual framework of merger and acquisition. Rhodeskropf, robinson and viswanathan 2005 provide empirical evidence consistent with the market valuations theory of merger waves. A merger is a contractual and legal statutory transaction where the survival company acquires all assets and liabilities of the target company. Articles on mergers and acquisitions displaying 1 20 of 49 articles the lawsuit filed by new york attorney general letitia james and. An analysis of the impact of merger and acquisition of corus by tata steel. Financial statement analysis in mergers and acquisitions howard e. A total of ten incorporated banks were selected using simple random sampling technique. Pdf download for justification, legitimization and naturalization of mergers and. The rise of corporate governance in corporate control research. In fact, there have been calls to combine different forms of linguistic analysis the term. Iag hope to make a few pots of gold from buying aer.
We document widespread economic nationalism in which the government prefers that target companies remain domestically owned rather than foreignowned. This article concentrates on the discursive construction of mergers and acquisitions in the media. Merger arbitrage refers to an eventdriven trading strategy that provides systematic in surance against deal risk. An investigation into nokia microsoft strategic alliance. The extent to which the acquisition increased the diversi.
International journal of economics, commerce and management, united kingdom licensed under creative common page 187. Following the mainstream of discourse analysis, the geneva model focuses on. The globalization results in strong necessity to originate and implement thea new corporate strategies towards the businesses restructurizations through the various types of the mergers and acquisitions in order totransactions optimize the organizational structures, management capabilities, financial indicators, aiming to establish the fully optimized profitable. An analysis of the impact of merger and acquisition of corus. Undoubtedly today we live in a time of significant economic change. Critical discourse studies cds, as critical discourse analysis has increasingly come. The pre merger planning is the phase where the whole merger strategy is being planned and formulated at the most comprehensive and practical manner.
The relationship between monetary policy and asset prices. Justification, legitimization and naturalization of mergers and. Discourse analysis is a method that can be applied both to large volumes of material and to smaller samples, depending on the aims and timescale of your research. Dittmar this dissertation examines two important issues of mergers and acquisitions. An english native speaker can easily identify whether a set of sentences are unrelated or form a unified whole. Our diagnostic calibrates upward pricing pressure upp resulting from the merger, based on the pricecost margins of the merging firms products and the extent of direct. View mergers and acquisitions research papers on academia. When a smallbusiness owner acquires another company, the consolidation of the two work forces needs to be organized and managed with the least amount of disruption. Justification, legitimization and naturalization of. Complexity theory and content analysis perspectives a dissertation presented.
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