Search results for "MERGERS"
showing 10 items of 45 documents
Big Data and Antitrust Enforcement
2017
The interaction between information, innovation and market outcomes is shaping the modern digital industries of the 21st century: the business models of search engines, social networks, e-commerce websites and marketplaces are highly reliant on the ability to gather and process large amount of data. At the same time, it is increasingly recognized that the use of Big Data by online platforms and intermediaries has far-reaching consequences not only on economic activity, but also on social and political mechanisms: technological developments affecting information flows affect the organization of markets as well as the nature of individual interactions and the functioning of the political proc…
BUSINESS CAPABILITIES AND HR KNOWLEDGE’ AS THE CRITICAL FACTOR OF DUE DILIGENCE IN PRE-ACQUISITION PHASE
2016
Previous theoretical research has argued that due diligence in the pre-acquisition phase is traditionally oriented towards legal and financial matters. However, in the innovation-driven market environment, where firms need to maintain competitive strength, business skills and knowledge play important roles. Despite this difference, the due diligence research continues in traditional areas, e.g., financial history, legal and commercial liabilities, and tax issues. Hence, the problem may arise in acquirers overpaying or mistakenly rejecting a target firm. There is a need for assessing ‘Business Capabilities and Human Resources Knowledge’ for due diligence in the pre-acquisition phase. Based o…
The Idiosincrancies of the European M&A Market
2020
This paper provides a comprehensive descriptive analysis of the European market of mergers and acquisitions (MA 2) method of payment; 3) geographical scope; 4) target’s attitude; 5) bidders’ competition; 6) industry relatedness; 7) public status of the firms involved; and 8) acquirers’ ownership of targets before and after the transaction. Additionally, we identify the similarities and differences of this market with those of the dominant market worldwide, namely the US. Both markets show similar trends in their activity and the occurrence of waves concentrated around economic shocks. However, the European market notably exhibits higher levels of friendly and cash deals.
GW170817: Implications for the Stochastic Gravitational-Wave Background from Compact Binary Coalescences
2018
The LIGO Scientific and Virgo Collaborations have announced the first detection of gravitational waves from the coalescence of two neutron stars. The merger rate of binary neutron stars estimated from this event suggests that distant, unresolvable binary neutron stars create a significant astrophysical stochastic gravitational-wave background. The binary neutron star background will add to the background from binary black holes, increasing the amplitude of the total astrophysical background relative to previous expectations. In the Advanced LIGO-Virgo frequency band most sensitive to stochastic backgrounds (near 25 Hz), we predict a total astrophysical background with amplitude $\Omega_{\rm…
Concentrazioni [dir. comm.]
2015
Il controllo delle concentrazioni è, insieme alla repressione delle intese restrittive della concorrenza e degli abusi di posizione dominante, parte essenziale di tutte le discipline antitrust vigenti nel modo industrializzato. La disciplina italiana, contenuta nella l. n. 287/90, è largamente ispirata a quella europea, introdotta con il Reg. n. 4064/89, anche se tra i due sistemi sussistevano alcune differenze, per lo più limitate ad aspetti procedimentali. Con il Reg. 139/04 la disciplina europea ha però subito modifiche anche di rilievo sostanziale, alle quali il legislatore italiano non ha ritenuto, fino ad oggi, di doversi conformare. Merger control is, along with the repression of ant…
Efectos de las fusiones bancarias en los resultados. El caso de las cajas rurales en España durante la primera mitad de la década de 2000
2010
ResumenDurante los últimos diez años se han producido numerosos episodios de fusiones entre cajas rurales españolas. El objetivo del trabajo es analizar el efecto que las fusiones entre cajas rurales llevadas a cabo durante la primera mitad de la década del 2000 han tenido sobre los niveles de rentabilidad, eficiencia y productividad y sobre el comportamiento estratégico de estas entidades. Para ello, se han seleccionado las fusiones realizadas durante el período considerado y se han analizado diferentes variables en comparación con la media del sector (grupo de control) para los cinco años anteriores y posteriores a la fusión. El estudio demuestra que las fusiones en las cajas rurales espa…
Analyzing the Current Phase of the OSS/BSS Software Market
2009
In this section, the evolution of the OSS/BSS software industry is described, and the current phase of the OSS/BSS software market is analyzed using quantitative data. The first analysis uses the viewpoint of the general industry lifecycle stage models. This is followed by an analysis from the viewpoint of the vertical software market evolution model. The last section analyses the mergers and acquisitions of the OSS/BSS market from the last few years.
Mergers and Acquisitions (M&A) as Modern Ways of Investments
2015
The decrease in business activity and the fall in the production volume in the sectors of economy relying on long-term crediting is characteristic feature of the modern recessions. The pessimistic expectations of entrepreneurs concerning product demand leads to falling direct investment into business despite unlimited investment opportunities due to the developed capital markets nowadays. As a result it has created the opportunity for the development of the acquisition of enterprises. Potential investors are different and their investment motivation is different, but the goal is the same – to increase the value of the business and its efficiency as a result of mergers and acquisitions. Ho…
Financial Synergies of Mergers and Acquisitions: Between Intentions and Achievements
2018
With whom to merge? A tale of the Spanish banking deregulation process
2010
We propose a spatial competition model to study banks’ strategic responses to the asymmetric Spanish geographic deregulation process. We find that once the geographic deregulation process finishes, inter-regional mergers between savings banks are optimal whenever the economies of scale associated to merging activities are low. If there are large gains, then there will be mergers between savings and commercial banks.