Browsing by Subject "Acquisitions"

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    Global Merger and Acquisition (M&A) activity: 1992-2011
    (Elsevier Ltd, 2016) Yılmaz, I. S.; Tanyeri B.
    In our global sample of 263,461 deals in 47 countries, 3-day target cumulative abnormal returns (CARs) average 6.9% and bidder CARs average 1.4%. When we impose the common filters used in the literature which restrict the sample to completed acquisitions of public firms, target CARs increase from 6.9% to 13%. Our findings indicate that M&A activity (particularly in deals where control rights are sold) generates value. We also find that the magnitudes of bidder and target CARs in developed countries are higher than those in emerging-market countries.
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    M&A activity during the COVID-19 pandemic
    (Taylor&Francis, 2023-05-24) Ançel İlaslan, Z.; Tanyeri-Günsür, Başak
    We investigate whether the COVID-19 pandemic initiated merger waves at the aggregate and industry levels. The COVID-19 pandemic coincides with economic shocks, wide adoption of new technologies, and volatility in stock and energy markets, all potential triggers of restructuring activity. Our sample covers 104,464 acquisition deals of US targets from 2012 to 2022. We identify 37 industry-level merger waves. Twenty-three merger waves start during the COVID-19 pandemic. Eighty percent of the deals during the pandemic were part of an industry merger wave. This concentration of industry waves drove an aggregate merger wave starting on April 2020.
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    Şirketler topluluğunda devralmalar bağlamında hakimiyet ve kontrol kavramı
    (2022-09) Korkmaz, Gülce
    Bu tezde, şirketler topluluğunda (topluluk içinde gerçekleşen veya topluluk süjelerinin gerçekleştirdiği) devralma işlemleri, hakimiyet – kontrol kavramı ekseninde incelenmiştir. İlk bölümde, şirketler topluluğu kavramı ile topluluğun unsurları incelenmiş, şirketler topluluğu benzer kavramlarla karşılaştırılmıştır. İkinci bölümde şirketler topluluğunda devralmaların hakimiyet ve kontrol kavramına dayalı olarak özellik gösterdiği hususlar olan kolaylaştırılmış birleşme, rekabet hukukunda grup içi işlemler ve ciro hesabı ile pay alım teklifi zorunluluğunun doğmadığı durumlar ile zorunlu pay alım teklifinden muafiyet incelenmiştir. Üçüncü bölümde, şirketler hukukunda, rekabet hukukunda, sermaye piyasası hukukunda, banka hukukunda ve finansal raporlama standartlarında kontrol kavramının farklı görünümlerine değinilmiştir.
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    Stock-market reactions to mergers of non-financial Turkish firms
    (2010) Hekimoğlu, Mert Hakan
    This study investigates stock-market reactions to mergers of non-financial Turkish firms. I conduct an event study to detect abnormal stock returns of Turkish target firms around merger announcements. In an efficient market, movements in stock prices (returns) reflect investors’ assessments of new information about the firm and its operating environs. Assuming market efficiency, event studies model “normal” returns. Abnormal returns are the difference between realized returns and normal returns. The sample consists of 125 mergers from July 1991 to July 2009. This study reveals that Turkish targets earn on average a cumulative abnormal return of 8.56% in the three-day window around merger announcements when control rights in target firms change hands. This study contributes to the merger literature by providing evidence that markets react positively to merger announcements of Turkish target firms. However, reaction of Turkish markets generates smaller returns than the reaction of US and European markets. Stock market’s reaction to merger announcements may differ from country to country as well as announcement date specification is problematic for Turkish firms which may be the reason for smaller returns in Turkish markets.
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    Supply-chain corporate venturing through acquisition: key management team retention
    (Pergamon Press, 2012) Kiessling, T.; Harvey, M.; Moeller, M.
    Acquisitions are often used as a way to engage in corporate venturing. The value of these ventures tends to reside in the knowledge and capabilities of the key management team members who have and maintain key inter-organizational relationships. Because their knowledge and/or relationships may be tacit and therefore difficult to transfer, retaining the key managers in the acquired organization is often a critical issue for the human resource management of the acquiring organization. They are also frequently thought to be critical elements in the future performance in global supply chains and therefore, should be a key concern of human resource management after the acquisition has been culminated. Using a unique dataset of corporate acquisitions in supply-chains, we examine how the development of the psychological contract elements affects retention of critical key global managers. We find that higher retention of the key management team members leads to higher performance after acquisition. We also find that the development of the psychological contract has a positive impact on the retention of key managers with global supply-chain relations.