The Synergy Trap

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The Synergy Trap

Author : Mark L. Sirower
ISBN : 1439137706
Genre : Business & Economics
File Size : 71.50 MB
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With acquisition activity running into the trillions of dollars, the acquisition alternative continues to be the favorite corporate growth strategy of this generation's executives. Unfortunately, creating shareholder value remains the most elusive outcome of these corporate strategies. After decades of research and billions of dollars paid in advisory fees, why do these major decisions continue to destroy value? Building on his groundbreaking research first cited in Business Week, Mark L. Sirower explains how companies often pay too much -- and predictably never realize the promises of increased performance and competitiveness -- in their quest to acquire other companies. Armed with extensive evidence, Sirower destroys the popular notion that the acquisition premium represents potential value. He provides the first formal and functional definition for synergy -- the specific increases in performance beyond those already expected for companies to achieve independently. Sirower's refreshing nuts-and-bolts analysis of the fundamentals behind acquisition performance cuts sharply through the existing folklore surrounding failed acquisitions, such as lack of "strategic fit" or corporate culture problems, and gives managers the tools to avoid predictable losses in acquisition decisions. Using several detailed examples of recent major acquisitions and through his masterful integration and extension of techniques from finance and business strategy, Sirower reveals: The unique business gamble that acquisitions represent The managerial challenges already embedded in current stock prices The competitive conditions that must be met and the organizational cornerstones that must be in place for any possibility of synergy The precise Required Performance Improvements (RPIs) implicitly embedded in acquisition premiums and the reasons why these RPIs normally dwarf realistic performance gains The seductiveness and danger of sophisticated valuation models so often used by advisers The Synergy Trap is the first exposé of its kind to prove that the tendency of managers to succumb to the "up the ante" philosophy in acquisitions often leads to disastrous ends for their shareholders. Sirower shows that companies must meticulously plan -- and account for huge uncertainties -- before deciding to enter the acquisition game. To date, Sirower's work is the most comprehensive and rigorous, yet practical, analysis of the drivers of acquisition performance. This definitive book will become required reading for managers, corporate directors, consultants, investors, bankers, and academics involved in the mergers and acquisitions arena.
Category: Business & Economics

The Synergy Trap Asia Pacific Edition

Author : Mark L. Sirower
ISBN : 1451603444
Genre : Business & Economics
File Size : 27.53 MB
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"Every CEO and Corporate Director who has been in the path of the 'WOW! GRAB IT!' acquisition locomotive should read this book!" -- Charles R. Shoemate, Chairman and CEO, Bestfoods With global acquisition activity running into the trillions of dollars, the acquisition alternative continues to be the favorite corporate growth strategy of this generation's executives. Unfortunately, creating shareholder value remains the most elusive outcome of these corporate strategies. After decades of research and billions of dollars paid in advisory fees, why do these major decisions continue to destroy value? Building on his groundbreaking research first cited in Business Week, Mark L. Sirower explains how companies often pay too much -- and predictably never realize the promises of increased performance and competitiveness -- in their quest to acquire other companies. Armed with extensive evidence, Sirower destroys the popular notion that the acquisition premium represents potential value. He provides the first formal and functional definition for synergy -- the specific increases in performance beyond those already expected for companies to achieve independently. Sirower's refreshing nuts-and-bolts analysis of the fundamentals behind acquisition performance cuts sharply through the existing folklore surrounding failed acquisitions, such as lack of "strategic fit" or corporate culture problems, and gives managers the tools to avoid predictable losses in acquisition decisions. Using several detailed examples of recent major acquisitions and through his masterful integration and extension of techniques from finance and business strategy, Sirower reveals: The unique business gamble that acquisitions represent The managerial challenges already embedded in current stock prices The competitive conditions that must be met and the organizational cornerstones that must be in place for any possibility of synergy The precise Required Performance Improvements (RPIs) implicitly embedded in acquisition premiums and the reasons why these RPIs normally dwarf realistic performance gains The seductiveness and danger of sophisticated valuation models so often used by advisors The Synergy Trap is the first expose of its kind to prove that the tendency of managers to succumb to the "up the ante" philosophy in acquisitions often leads to disastrous ends for their shareholders. Sirower shows that companies must meticulously plan -- and account for huge uncertainties -- before deciding to enter the acquisition game. To date, Sirower's work is the most comprehensive and rigorous, yet practical, analysis of the drivers of acquisition performance. This definitive book will become required reading for managers, corporate directors, consultants, investors, bankers, and academics involved in the mergers and acquisitions arena.
Category: Business & Economics

Current Trends In Economics

Author : Ahmet Alkan
ISBN : 9783662037508
Genre : Business & Economics
File Size : 65.32 MB
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In 1990, the Society for the Advancement of Economic Theory (SAET) was founded with the main purpose to advance our knowledge in theoretical economics and to facilitate communication among researchers in economics, mathematics, game theory and any other field which is po tentially useful to economic theory. To achieve these goals, SAET sponsors the research journal Economic Theory published by Springer-Verlag and holds international conferences every other year. The first two conferences SAET took place in the island of Cephalonia, Greece, in the summers of of 1993 and 1995. In the summer of 1997, the conference was held in Antalya, Turkey. The twenty-nine papers in this volume are mostly by participants in the Antalya meeting of SAET and form a broad sample of the 150 papers pre sented there. Topics covered include cooperative and noncooperative games, social choice and welfare, bargaining, matchings, auctions, mechanism de sign, general equilibrium, general equilibrium with finance, industrial or ganization, macroeconomics, and experimental economics. We have chosen to present the papers according to the alphabetical order of first author names instead of grouping them by topic or theme. We have appended a complete listing of the sessions in the conference together with a list of program committee members and of sponsors at the end of the volume.
Category: Business & Economics

Synergy Value And Strategic Management

Author : Stefano Garzella
ISBN : 9783319406718
Genre : Business & Economics
File Size : 27.51 MB
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This book addresses synergy management, which poses an important challenge for firms, advisors and practitioners involved in mergers and acquisitions (M&A). Synergy plays a key role in M&A contexts, both in the decision-making process and, subsequently, in the integration phase. However, despite the fact that synergy value is commonly regarded as one of the key success factors in M&A, research shows that firms generally fail to achieve the expected synergy. The extant literature is characterized by a lack of comprehensive models of synergy management: the assessment of synergy value remains a “black box” for scholars and practitioners alike. The authors provide a comprehensive framework for synergy management by integrating findings from prior research and various disciplines. The framework highlights the main dimensions of synergy management in mergers and acquisitions, common pitfalls, and new models and tools for avoiding them. As such, the book enriches the M&A literature, offers new insights for scholars, and provides valuable guidelines for practitioners involved in synergy management.
Category: Business & Economics

Making The Connections

Author : Bill Quirke
ISBN : 0566087804
Genre : Business & Economics
File Size : 23.36 MB
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Bill Quirke demonstrates practically how businesses can use internal communication to achieve differentiation, to improve their quality, customer service, and innovation, and to manage change more effectively. He describes the why, the what and the how of internal communication - why business needs better communication to achieve its objectives, what internal communication needs to deliver to add value, and how organizations need to manage their communication for best results.
Category: Business & Economics

The Synergy Limitation Paradox

Author : Mark L. Sirower
ISBN : UCLA:L0075401430
Genre : Consolidation and merger of corporations
File Size : 55.95 MB
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Category: Consolidation and merger of corporations

The Vega Factor

Author : Kent Moors
ISBN : 9781118077092
Genre : Business & Economics
File Size : 30.85 MB
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How oil volatility is affecting the global political scene, and where the oil market is heading The world is rapidly moving towards an oil environment defined by volatility. The Vega Factor: Oil Volatility and the Next Global Crisis takes an in-depth look at the most important topics in the industry, including strategic risk, why traditional pricing mechanisms will no longer govern the market, and how the current government approaches have only worsened an already bad situation. Details the industry's players, including companies, traders, and governments Describes the priorities that will need to be revised, and the policies needed to achieve stability Explains how today's oil market is fundamentally different from the pre-crisis market Oil prices affect everyone. The Vega Factor explains the new international oil environment of increasing consolidation and decreasing competition, and reveals how consumers and investors can navigate price volatility and new government policies.
Category: Business & Economics

Cost Of Capital

Author : Shannon P. Pratt
ISBN : 9781118852828
Genre : Business & Economics
File Size : 74.55 MB
Format : PDF
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A one-stop shop for background and current thinking on the development and uses of rates of return on capital Completely revised for this highly anticipated fifth edition, Cost of Capital contains expanded materials on estimating the basic building blocks of the cost of equity capital, the risk-free rate, and equity risk premium. There is also discussion of the volatility created by the financial crisis in 2008, the subsequent recession and uncertain recovery, and how those events have fundamentally changed how we need to interpret the inputs to the models we use to develop these estimates. The book includes new case studies providing comprehensive discussion of cost of capital estimates for valuing a business and damages calculations for small and medium-sized businesses, cross-referenced to the chapters covering the theory and data. Addresses equity risk premium and the risk-free rate, including the impact of Federal Reserve actions Explores how to use Morningstar's Ibbotson and Duff Phelps Risk Premium Report data Discusses the global cost of capital estimation, including a new size study of European countries Cost of Capital, Fifth Edition puts an emphasis on practical application. To that end, this updated edition provides readers with exclusive access to a companion website filled with supplementary materials, allowing you to continue to learn in a hands-on fashion long after closing the book.
Category: Business & Economics

Valuation For M A

Author : Frank C. Evans
ISBN : 9780471217299
Genre : Business & Economics
File Size : 27.80 MB
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The only resource available to help calculate investment value versus fair market value Whether buying or selling, the question of "what's it worth?" is multifaceted. In an M&A setting, it is necessary to compute fair market value, but it is far more important to compute investment value-the value of the target company to a strategic buyer. This calculation varies with each prospective buyer, depending on synergies, benefits, and other competitive analyses that are seldom involved in business valuation. Valuation for M&A is the first book to focus on valuation for merger and acquisitions. This groundbreaking guide provides document request checklists, sample interview questions, a format for adjusting financial statements, a format for developing discount rates, a format for computation of net cash flow, and a valuation reconciliation form, all to help senior executives and M&A professionals better negotiate a successful deal. Frank C. Evans is a certified business appraiser (CBA), Accredited Senior Business Appraiser in Business Valuation (ASA), and CPA (accredited in business valuation) and David M. Bishop is a Master Certified Business Appraiser (MCBA), Accredited Senior Business Appraiser in Business Valuation (ASA), Fellow of the Institute of Business Appraisers (FIBA), and Business Valuator Accredited for Litigation (BVAL).
Category: Business & Economics

Understanding Mergers And Acquisitions In The 21st Century

Author : K. McCarthy
ISBN : 9781137278074
Genre : Business & Economics
File Size : 22.43 MB
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The first volume to explore mergers and acquisitions in the 21st century. The authors systematically introduce, characterize and evaluate these mergers, and discuss the methodologies that can be employed to measure them. They also consider a number of factors relevant to the performance of mergers and acquisitions.
Category: Business & Economics

Corporate Finance

Author : Pierre Vernimmen
ISBN : 9781118849293
Genre : Business & Economics
File Size : 24.50 MB
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Merging theory and practice into a comprehensive,highly-anticipated text Corporate Finance continues its legacy as one of the mostpopular financial textbooks, with well-established content from adiverse and highly respected author team. Unique in its features,this valuable text blends theory and practice with a direct,succinct style and commonsense presentation. Readers will beintroduced to concepts in a situational framework, followed by adetailed discussion of techniques and tools. This latest editionincludes new information on venture finance and debt structuring,and has been updated throughout with the most recent statisticaltables. The companion website provides statistics, graphs, charts,articles, computer models, and classroom tools, and the freemonthly newsletter keeps readers up to date on the latesthappenings in the field. The authors have generously madethemselves available for questions, promising an answer inseventy-two hours. Emphasizing how key concepts relate to real-world situations iswhat makes Corporate Finance a valuable reference with realrelevance to the professional and student alike. Readers will gaininsight into the methods and tools that shape the industry,allowing them to: Analyze investments with regard to hurdle rates, cash flows,side costs, and more Delve into the financing process and learn the tools andtechniques of valuation Understand cash dividends and buybacks, spinoffs, anddivestitures Explore the link between valuation and corporate finance As the global economy begins to recover, access to the mostcurrent information and statistics will be required. To remainrelevant in the evolving financial environment, practitioners willneed a deep understanding of the mechanisms at work. CorporateFinance provides the expert guidance and detailed explanationsfor those requiring a strong foundational knowledge, as well asmore advanced corporate finance professionals.
Category: Business & Economics

Socially Responsible Finance And Investing

Author : H. Kent Baker
ISBN : 9781118237014
Genre : Business & Economics
File Size : 85.52 MB
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A detailed look at the role of social responsibility in finance and investing The concept of socially responsible finance and investing continues to grow, especially in the wake of one of the most devastating financial crises in history. This includes responsibility from the corporate side (corporate social responsibility) as well as the investor side (socially responsible investing) of the capital markets. Filled with in-depth insights and practical advice, Socially Responsible Finance and Investing offers an important basis of knowledge regarding both the theory and practice of this ever-evolving area of finance. As part of the Robert W. Kolb Series in Finance, this book showcases contributed chapters from professionals and academics with extensive expertise on this particular subject. It provides a comprehensive view of socially responsible foundations and their applications to finance and investing as determined by the current state of research. Discusses many important issues associated with socially responsible finance and investing, like moral hazard and the concept of "too big to fail" Contains contributed chapters from numerous thought-leaders in the field of finance Presents comprehensive coverage starting with the basics and bringing you through to cutting-edge, current theory and practice Now more than ever, we need to be mindful of the social responsibilities of all investment practices. The recent financial crisis and recession has changed the financial landscape for years to come and Socially Responsible Finance and Investing is a timely guide to help us navigate this difficult terrain.
Category: Business & Economics

Winning With Synergy

Author : Peter A. Corning
ISBN : UOM:49015000446295
Genre : Creative thinking
File Size : 32.87 MB
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Category: Creative thinking

Seductions Of An Underdevelopment Trap

Author : Mr. Dmitry Gershenson
ISBN : 9781452762333
Genre : Business & Economics
File Size : 79.12 MB
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Despite ambitious agricultural reforms initiated by the federal government, inefficient and unprofitable producers predominate in post-Soviet Russia. However, in some regions a more robust restructuring has taken place. Observing two Russian regions-one with substantially restructured agricultural production, and one in which Soviet-style coordination predominates-we develop a model of the interactions between political and economic incentives that lead to these divergent outcomes. The model identifies region- and sector-specific characteristics that encourage some regional governments to maintain Soviet-style redistribution structures and make producers forsake more efficient outcomes as more costly, while encouraging other regions to pursue reform.
Category: Business & Economics

Charged Particle Traps Ii

Author : Günther Werth
ISBN : 9783540922612
Genre : Science
File Size : 73.27 MB
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This second volume of the Charged Particle Traps deals with the rapidly expanding body of research exploiting the electromagnetic con?nement of ions, whose principles and techniques were the subject of volume I. These applications include revolutionary advances in diverse ?elds, ranging from such practical ?elds as mass spectrometry, to the establishment of an ult- stable standard of frequency and the emergent ?eld of quantum computing made possible by the observation of the quantum behavior of laser-cooled con?nedions. Bothexperimentalandtheoreticalactivity intheseapplications has proliferated widely, and the number of diverse articles in the literature on its many facets has reached the point where it is useful to distill and organize the published work in a uni?ed volume that de?nes the current status of the ?eld. As explained in volume I, the technique of con?ning charged particles in suitable electromagnetic ?elds was initially conceived by W. Paul as a thr- dimensional version of his rf quadrupole mass ?lter. Its ?rst application to rf spectroscopy on atomic ions was completed in H. G. Dehmelt’s laboratory where notable work was later done on the free electron using the Penning trap. The further exploitation of these devices has followed more or less - dependently along the two initial broad areas: mass spectrometry and high resolution spectroscopy. In volume I a detailed account is given of the theory of operation and experimental techniques of the various forms of Paul and Penning ion traps.
Category: Science

Academy Of Management Journal

Author : Academy of Management
ISBN : STANFORD:36105020223223
Genre : Industrial management
File Size : 47.88 MB
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Category: Industrial management

Business India

Author :
ISBN : NWU:35556030914543
Genre : Business
File Size : 27.80 MB
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Category: Business

Book Review Index 1998 Cumulation

Author : Beverly Baer
ISBN : 0787622656
Genre : Reference
File Size : 72.52 MB
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'Book Review Index' provides quick access to reviews of books, periodicals, books on tape and electronic media representing a wide range of popular, academic and professional interests. More than 600 publications are indexed, including journals and national general interest publications and newspapers. 'Book Review Index' is available in a three-issue subscription covering the current year or as an annual cumulation covering the past year.
Category: Reference