Financial Perspective on Mergers and Acquisitions and the Economy Michael C. Jensen Harvard Business School MJensen@hbs.edu © Michael C. Jensen‚ 1987 “The Merger Boom”‚ Proceedings of a Conference sponsored by Federal Reserve Bank of Boston‚ Oct. 1987‚ pp.102-143 This document is available on the Social Science Research Network (SSRN) Electronic Library at: http://papers.ssrn.com/ABSTRACT=350422 The Free Cash Flow Theory of Takeovers: A Financial Perspective on Mergers and Acquisitions and
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discussed further in the Bank of America-Merrill Lynch merger. Utilitarianism is considered a scientific system of ethics and not just a philosophical theory of ethics. Utilitarian ethics follows the belief of maximizing the greatest good for the largest number of people. As utilitarianism is identified‚ one needs to learn that the greatest good could be based on aggregate principle or a distributive principle. The Bank of America-Merrill Lynch merger will be assessed in regards to who‚ what and how the
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by scholars worldwide regarding merger potential in banking industry based on developed and emerging market. Notably‚ research study in this regard has rarely been done in a developing countries like Nepal. The main purpose of this research is to evaluate impact of merger in the Nepalese banking sector and its impact on performance and shareholders wealth. Mergers have been responsible for a number of important structural changes in different sectors. In fact‚ merger changes business environment for
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Abstract ____________________________________________________________ ____ It has been realized globally that Mergers and Acquisitions is the only way for gaining competitive and synergical advantage domestically and internationally and whole range of industries are looking to strategic acquisitions within India and Abroad. In the last two decade‚ many cases related to Mergers and Acquisitions has taken place. In 1994 SEBI had issued maiden guidelines for regulating takeovers in India which
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One of America’s greatest feat was the continental railroad system developed/finished in the late nineteenth century. During this time it was very crucial for America to link states or territories as much as they could. This would speed the process up of traveling across the country in an exponential rate. “By the end of the construction of the continental railroad there was approximately two-hundred and fifteen thousand total miles made up of tracks in the US.” (S1) This made it paramount to
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EFFECTS OF MERGERS AND ACQUISITIONS ON BUSINESS GROWTH: CASE STUDY OF SOCIÉTÉ GÉNÉRALE - SOCIAL SECURITY BANK LTD (SG-SSB) CHAPTER ONE 1.0 INTRODUCTION AND BACKGROUND TO THE STUDY Chief Executive Officers and the Board of Directors of most businesses often think about the growth of their businesses. The reason is that when businesses grow‚ they yield the best returns other things being equal. Mergers and acquisitions is one of the
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understood that changing the worlds perception was paramount to the survival both politically and economically of the United States (Jaimes‚ p141). What the Continental Congress hoped to gain from the Natives was legitimacy as a nation. If the United States entered into treaties with these nations in the same fashion as other countries it would in turn signal to the world that the United States was recognized on some level as a nation. The tribes had been given national integrity and legitimacy by other
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MERGER OF ICICI BANK WITH ICICI LTD. ICICI was formed in 1955 at the initiative of the World Bank‚ the Government of India and representatives of Indian Industry. The principal objective was to create a development financial institution for providing medium–term project financing to Indian businesses. In the 1990s‚ ICICI transformed its business from a development financial institution offering only project finance to diversified financial services group offering a wide variety of products and services
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Mergers and Acquisitions in different sectors in India Sector wise‚ large volumes of mergers and mergers and acquisitions in India have occurred in finance‚ telecom‚ FMCG‚ construction materials‚ automotives and metals. In 2005 finance topped the list with 20% of total value of mergers and acquisitions in India taking place in this sector. Telecom accounted for 16%‚ while FMCG and construction materials accounted for 13% and 10% respectively. In the banking sector‚ important mergers and acquisitions
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Continental Drift It takes a lot of courage to stand up for something you believe in‚ especially when faced with intense amounts of scrutiny and rejection from colleagues and peers alike. But this is exactly what Alfred Wegener experienced when he advanced the unthinkable thoughts that all continents were once upon a time‚ all part of one massive supercontinent. He battled through the adversity‚ and continued to collect sources and ideas that backed his thinking. The purpose of this paper is
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