W. Frąckowiak, M. Lewandowski, Wzrost zewnętrzny przedsiębiorstwa. Teoria i praktyka [in:] W. Frąckowiak (ed.), Fuzje i przejęcia, PWE, Warszawa , pp. Frąckowiak W., „Fuzje i przejęcia przedsiębiorstw”, PWE , pp. 4. Jajuga K., Jajuga T. „Inwestycje”, Wydawnictwo Naukowe PWN, Warszawa , pp. Chakrabarti, Hauschildt, Sueverkruep, Does it pay to acquire technological firm [in]R&D Management, nr Frąckowiak W. (edited) Fuzje i przejęcia.
|Published (Last):||8 August 2015|
|PDF File Size:||11.71 Mb|
|ePub File Size:||2.28 Mb|
|Price:||Free* [*Free Regsitration Required]|
The book consists of six chapters. In the first one, the background of mergers and acquisitions is presented: Chapter two reviews legal and accounting regulations, motives, financing sources, valuation and post-merger integration. Chapter three reviews foreign literature concerning assessment methods of mergers and acquisitions. The findings are similar.
The short-run market abnormal return is positive for acquired firms and negative for the acquiring ones. The long-run market performance following mergers is negative and the following tender offer is non-negative or even positive. As far as operating performance is concerned, the results presented are ambiguous. Generally, the cash flow return is positive for combined firms and higher in comparison to the pre-merger period but the net profit return is negative.
The last chapter provides a review of published results of several studies of market and operating performance of mergers and acquisitions on the Warsaw Stock Exchange. At the end, the author presents the results of her own research study into acquisition announcements on the Polish capital market.
The evidence leads to the conclusion that a positive reaction of investors to acquisition announcement on the Polish market is similar to the reaction of investors on developed markets, and results in a positive abnormal return for shareholders of acquired firms. The operating performance study has focused on the period between 3 years before and 3 years after mergers.
A general conclusion of the results achieved can be formulated as follows: Naukowe PWN, Warszawa Principles of corporate finance.
WIG Press, Warszawa A modeling approach using spreadsheets. Readings in mergers and acquisitions. Nowa nauka o finansach. Allyn and Bacon, Inc. IFC Press, Warszawa Creating value from mergers and acquisitions.
The challenges, Prentice-Hall The essence of mergers and acquisitions. Mergers, restructuring, and corporate control. Oficyna Wydawnicza Branta, Bydgoszcz-Katowice Uwarunkowania rozwoju w Polsce. The post-merger performance puzzle,www. The post-merger performance of acquiring firms: A re-examination of an anomaly.
Anderson C, Mandelker G.: Long run return anomalies and book-to-market effect: Merger bids uncertainty, and stockholder returns. UK takeovers and fyzje company wealth changes: The impact of survivorship and other potential selection biases on post-outcome performance. Detecting abnormal operating performance: The empirical power and specification of test statistics.
Leveraged Buyouts in Poland *
J long-run abnormal stock returns: The effect of a merger on the share price of the attacker revisited. Strategic blocking, arbitrageurs and the division of the takeover gains. Synergistic gains from corporate acquisitions and their division between the stockholders of target and acquiring firms.
Knight, raiders and targets: The impact of the hostile takeover. Oxford University Press, New York A survey of evidence for the decision-maker. The influence of managerial ownership on the real gains in corporate mergers and market revaluation of orzejcia partners: Measuring the efficiency of decision making units. Mergers as a means of restructuring distressed firms. Why must all good thins come to an end? The performance of muliple acquirers, Februarywww. Changes in corporate performance associated with bank acquisitions.
Capital market response to environmental performance in developing countries. The World Bank, April Risk measurement when shares are subject to infrequent trading.
Event study methodologies and the size effect: The case of UK Frckowiaak recommendations. Tender offers and stockholder returns. Effect of merger on the share price movement of acquiring firms: Corporate diversification and firm performance: Evidence from Swedish acquisitions, Februarywww.
Information disclosure, method of payment and takeover premiums.
Table 3 from Leveraged Buyouts in Poland * – Semantic Scholar
Gains to bidder firms revisited domestic and foreign acquisitions in Canada. Market efficiency, long-term returns, and behavioral finance. Random walks in stock markets prices. The adjustment of stock prices to new information, “international Review”No frkowiak Common risk factors in the returns on stock and bonds.
Multifactor explanations of assets pricing anomalies. The cross-section of expected stock returns. Risk, return, and equilibrium: Takeovers, shareholder returns, and the theory of the firm. Means of payment in takeovers: Results from the United Kingdom and the United States.
Univerity of Chicago Press, Chicago Shareholder wealth effects of corporate takeovers: The postmerger share-price performance of acquiring firms.
The fourth merger wave and beyond. Readings in mergers and acquisition. Does operating performance really improve following corporate acquisitions? Managerial ownership, method of payments for acquisitions, and executive job retention. Shareholder wealth effects of European domestic and cross-border takeovers bids.
An examination of the long run performance of UK acquiring firms. Foreign acquisitions by UK limited companies: Grinblatt ML, Titman S.
An analysis of quarterly portfolio holdings. The evaluation of mutual fund performance: An analysis of monthly returns. A theory of special cases? A review of event studies applied to acqutions. Empirical estimates of the amount and distribution of gains to companies in mergers. Does corporate performance improve after mergers? The efficiency effects of hostile takeovers. Knights, raiders and targets. Oxford University Press, Oxford Operating performance and the method of payment in takeovers.
Higson C, Elliott J.: The performance of UK takeovers. London Business School Inst. The profitability of corporate mergers.