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Author: Wen Xu Publisher: Open Dissertation Press ISBN: 9781361440162 Category : Languages : en Pages :
Book Description
This dissertation, "Deals Happen Where Deal Opportunities Are: Investigating the Economic Rationality of Corporate Restructuring Activities in China" by Wen, Xu, 胥雯, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. Abstract: Abstract of the thesis entitled Deals Happen Where Deal Opportunities are: Investigating the Economic Rationality of Corporate Restructuring Activities in China Submitted By Xu, Wen For the Degree of Doctor of Philosophy at the University of Hong Kong in June 2007 This paper studies the determinants and consequent performance of corporate restructuring activities in China. By studying the restructuring transactions of the listed manufacturing companies' during 2000 - 2003, I find distinct differences in the rates of restructuring activities both across industries and across the regions. The evidence suggests that industrial and regional economic factors might account for the corporate restructuring activities in China. To examine the effect of industrial and regional variables, both industry-level and firm-level analyses are implemented. The industry-level study indicates that industrial concentration, competition from foreign investors and industrial average value of ii firm's q affect the industrial restructuring rate. The results of firm-level regressions suggest that industrial, regional and firm-specific factors affect restructuring activities of individual firms. Specifically, firms in the industries where competition is fiercer and in the regions with higher levels of marketization and internationalization are more likely to undertake restructuring transactions. Next, the paper investigates the influence of restructuring activities on post-event performance. Three common measures of performance are employed: productivity, measured by total factor productivity; market performance, measured by cumulative abnormal return; and, operating performance, measured by some financial ratios relative to benchmarks. The study of productivity performance shows that large firms are less efficient in enhancing efficiency through the restructuring activities, and only the target firms in the ownership transfer deals can significantly improve their productivity. The evidence from the market performance study illustrates that all main types of restructuring transactions, including merger and acquisition, ownership transfer and divestiture, create shareholder's wealth. The study of operating performance finds that significant improvement in efficiency only happens in the announcement year. The performance significantly declines in the post-announcement years. To examine the impact of economic rationality on the post-deal performance, I construct an index based on the determinants of restructuring activities identified earlier, where the level of economic rationality is defined as the extent to which a given transaction is motivated by economic considerations. I find significant correlations between the index score and market/productivity performances measures. The results iii imply that the deals with higher levels of economic rationality do lead to higher post-deal performance. The study offers an in-depth analysis on the restructuring activities in China. It identifies several industrial and regional factors affecting the restructuring activities. This research is also one of the first to construct an index to measure the economic rationality of the restructuring transactions, and to examine the its effect on the post-restructuring performance. iv DOI: 10.5353/th_b3890315 Subjects: Corporate reorganizatio
Author: Wen Xu Publisher: Open Dissertation Press ISBN: 9781361440162 Category : Languages : en Pages :
Book Description
This dissertation, "Deals Happen Where Deal Opportunities Are: Investigating the Economic Rationality of Corporate Restructuring Activities in China" by Wen, Xu, 胥雯, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. Abstract: Abstract of the thesis entitled Deals Happen Where Deal Opportunities are: Investigating the Economic Rationality of Corporate Restructuring Activities in China Submitted By Xu, Wen For the Degree of Doctor of Philosophy at the University of Hong Kong in June 2007 This paper studies the determinants and consequent performance of corporate restructuring activities in China. By studying the restructuring transactions of the listed manufacturing companies' during 2000 - 2003, I find distinct differences in the rates of restructuring activities both across industries and across the regions. The evidence suggests that industrial and regional economic factors might account for the corporate restructuring activities in China. To examine the effect of industrial and regional variables, both industry-level and firm-level analyses are implemented. The industry-level study indicates that industrial concentration, competition from foreign investors and industrial average value of ii firm's q affect the industrial restructuring rate. The results of firm-level regressions suggest that industrial, regional and firm-specific factors affect restructuring activities of individual firms. Specifically, firms in the industries where competition is fiercer and in the regions with higher levels of marketization and internationalization are more likely to undertake restructuring transactions. Next, the paper investigates the influence of restructuring activities on post-event performance. Three common measures of performance are employed: productivity, measured by total factor productivity; market performance, measured by cumulative abnormal return; and, operating performance, measured by some financial ratios relative to benchmarks. The study of productivity performance shows that large firms are less efficient in enhancing efficiency through the restructuring activities, and only the target firms in the ownership transfer deals can significantly improve their productivity. The evidence from the market performance study illustrates that all main types of restructuring transactions, including merger and acquisition, ownership transfer and divestiture, create shareholder's wealth. The study of operating performance finds that significant improvement in efficiency only happens in the announcement year. The performance significantly declines in the post-announcement years. To examine the impact of economic rationality on the post-deal performance, I construct an index based on the determinants of restructuring activities identified earlier, where the level of economic rationality is defined as the extent to which a given transaction is motivated by economic considerations. I find significant correlations between the index score and market/productivity performances measures. The results iii imply that the deals with higher levels of economic rationality do lead to higher post-deal performance. The study offers an in-depth analysis on the restructuring activities in China. It identifies several industrial and regional factors affecting the restructuring activities. This research is also one of the first to construct an index to measure the economic rationality of the restructuring transactions, and to examine the its effect on the post-restructuring performance. iv DOI: 10.5353/th_b3890315 Subjects: Corporate reorganizatio
Author: Hambleton Lord Publisher: Createspace Independent Publishing Platform ISBN: 9781540361349 Category : Languages : en Pages : 272
Book Description
Advanced Techniques in Deal Leadership and Due Diligence for Early Stage Investors Written by two of Boston's most active and experienced angel investors, Making Startup Deals Happen is a handbook and desk reference for both new and experienced angels. Easy to read with a fast-moving conversational Q&A format, this comprehensive guide will help any early stage investor gain the skills and insights needed to make smarter investments. Overview of Contents: Part I - Guide to Due Diligence in Early Stage Companies Over the years and after working with many smart investors while making investments in more than 100 companies, we evolved a Due Diligence process that is intended to be quick, efficient and focused on the key issues which underpin the key risks. Part I is filled with many real world examples of what we run into when trying to wrap our arms around a potential new investment. Alongside our "war stories" are practical examples of the tools and techniques we use on a daily basis. Part II - The Art and Science of Deal Leadership This section provides the reader with the guidance of a great process and insights about how to implement it in the real world so more people can step up to serve as much-needed deal leads. As you work your way through this section, and the tools and checklists included as appendices, you will benefit from the learnings of very experienced investors who have honed their process over many years. Early stage investing networks can struggle with motivating members to step up and get involved in deal leadership and due diligence. Part of the issue is fear of the unknown and being overwhelmed by a sense of not knowing where to start. We put this section together in order to help people get over the hump and get involved. Based on a wealth of practical experience, this book boils down this subject matter into a very clear, concise handbook investors of all experience levels will want to keep as a regular reference.
Author: Stephanie Wrobel Publisher: Simon and Schuster ISBN: 1982135069 Category : Fiction Languages : en Pages : 368
Book Description
A dark, shocking, bestselling thriller debut about a mother and daughter—and the lengths to which a daughter will go to find independence. “Nobody wants to hear the truth from a liar.” For the first eighteen years of her life, Rose Gold Watts believed she was seriously ill. She was allergic to everything, used a wheelchair, and practically lived at the hospital. Neighbors did all they could, holding fundraisers and offering shoulders to cry on, but no matter how many doctors, tests, or surgeries, no one could figure out what was wrong with her. Turns out her mom, Patty Watts, was just a really good liar. After serving five years in prison, Patty gets out with nowhere to go and begs her daughter to take her in. The entire community is shocked when Rose Gold says yes. Patty insists all she wants is to reconcile their differences. She says she’s forgiven Rose Gold for turning her in and testifying against her. But Rose Gold knows her mother. Patty Watts always settles a score. Unfortunately for Patty, Rose Gold is no longer her weak little darling… And she’s waited such a long time for her mother to come home.
Author: Robert Stefanowski Publisher: McGraw-Hill Education ISBN: 9780071447409 Category : Business & Economics Languages : en Pages : 0
Book Description
Successfully Source, Negotiate, and Close Any Merger, Acquisition, or Joint Venture Making M&A Deals Happen provides a practical businessperson's approach to making M&A deals that withstand the test of time. The book presents complete guidance on how to source, negotiate, and close mergers, acquisitions, and joint ventures, discussing each stage of the deal process and highlighting the critical elements, risks, and opportunities of each. Bob Stefanowski, who has overseen more than $8.7 billion in M&A deals, equips readers with expert information on the M&A environment... developing a company strategy on M&A...financial modeling and final valuation...bidding strategies...structuring the deal...legal and regulatory issues...and much more. Filled with easy-to-use tools, techniques, and resources, Making M&A Deals Happen features: Proven M&A strategies and tactics that increase value for the company In-depth case studies of Tyco, Conseco, and Time Warner, showing where firms have gone wrong_and how to avoid similar pitfalls Detailed negotiation do's and don'ts and troubleshooting techniques A wealth of tables, charts, and examples that illustrate key methods Sample due diligence audit programs and information requests Based on a renowned course the author teaches at UPENN - Wharton Making M&A Deals Happen now offers a winning blueprint to all professionals actually involved in the M&A process_ whether in the planning, due diligence, or integration phases.
Author: Maria Brophy Publisher: Son of the Sea, Incorporated ISBN: 9780999011508 Category : Art Languages : en Pages : 352
Book Description
Finally make a living doing what you love. A compete and easy-to-follow system for the artist who wasn't born with a business mind. Learn how to find buyers, get paid fairly, negotiate nicely, deal with copycats and sell more art.
Author: Eliane Karsaklian Publisher: IAP ISBN: 1641138084 Category : Business & Economics Languages : en Pages : 117
Book Description
This book explains why the negotiation process is not finished when a deal is signed and elaborates on how to get better deals when focusing on sustainable collaboration rather than on the deal itself. This book is a pioneer in showing the extent of the negotiation process. It makes the case that whenever negotiators assume that the negotiation is finished when a deal is signed they dive into a pitfall. What follows the signature of a deal is the enforcement of the contract which is when all surprises and difficulties unfold. By assuming that the negotiation was over, companies are taken by surprise by all the features of the after-deal and often improvise their solutions because there is urgency what leads to higher levels of stress and risks. This book shows how to shift from stressful, hazardous and confrontational situations to enjoyable, comfortable and future oriented negotiation strategies.
Author: Jonathan A. Knee Publisher: Oxford University Press ISBN: 0198042051 Category : Business & Economics Languages : en Pages : 273
Book Description
Jonathan A. Knee had a ringside seat during the go-go, boom-and-bust decade and into the 21st century, at the two most prestigious investment banks on Wall Street--Goldman Sachs and Morgan Stanley. In this candid and irreverent insider's account of an industry in free fall, Knee captures an exhilarating era of fabulous deal-making in a free-wheeling Internet economy--and the catastrophe that followed when the bubble burst. Populated with power players, back stabbers, celebrity bankers, and godzillionaires, here is a vivid account of the dramatic upheaval that took place in investment banking. Indeed, Knee entered an industry that was typified by the motto "first-class business in a first-class way" and saw it transformed in a decade to a free-for-all typified by the acronym IBG, YBG ("I'll be gone, you'll be gone"). Increasingly mercenary bankers signed off on weak deals, knowing they would leave them in the rear-view mirror. Once, investment bankers prospered largely on their success in serving the client, preserving the firm, and protecting the public interest. Now, in the "financial supermarket" era, bankers felt not only that each day might be their last, but that their worth was tied exclusively to how much revenue they generated for the firm on that day--regardless of the source. Today, most young executives feel no loyalty to their firms, and among their clients, Knee finds an unprecedented but understandable level of cynicism and distrust of investment banks. Brimming with insight into what investment bankers actually do, and told with biting humor and unflinching honesty, The Accidental Investment Banker offers a fascinating glimpse behind the scenes of the most powerful companies on Wall Street.
Author: Phoebe Morgan Publisher: HarperCollins UK ISBN: 0008271690 Category : Fiction Languages : en Pages : 338
Book Description
You never know who’s watching... ‘Spine-chilling ... makes you realise how little you ever know anyone!’ The Sun ‘A brilliantly creepy and insightfully written debut. I tore through it’ Gillian McAllister ‘Unnerving and spine-chilling’ Mel Sherratt
Author: Elad Gil Publisher: Stripe Press ISBN: 1953953379 Category : Business & Economics Languages : en Pages : 396
Book Description
High Growth Handbook is the playbook for growing your startup into a global brand. Global technology executive, serial entrepreneur, and angel investor Elad Gil has worked with high-growth tech companies including Airbnb, Twitter, Google, Stripe, and Square as they’ve grown from small companies into global enterprises. Across all of these breakout companies, Gil has identified a set of common patterns and created an accessible playbook for scaling high-growth startups, which he has now codified in High Growth Handbook. In this definitive guide, Gil covers key topics, including: · The role of the CEO · Managing a board · Recruiting and overseeing an executive team · Mergers and acquisitions · Initial public offerings · Late-stage funding. Informed by interviews with some of the biggest names in Silicon Valley, including Reid Hoffman (LinkedIn), Marc Andreessen (Andreessen Horowitz), and Aaron Levie (Box), High Growth Handbook presents crystal-clear guidance for navigating the most complex challenges that confront leaders and operators in high-growth startups.
Author: Wen Xu
Author: Wen Xu
Author: Wen Xu (Ph. D.)
Author: Hambleton Lord
Author: Stephanie Wrobel
Author: Robert Stefanowski
Author: Maria Brophy
Author: Eliane Karsaklian
Author: Jonathan A. Knee
Author: Phoebe Morgan
Author: Elad Gil