NBER WORKING PAPER SERIES DO SHAREHOLDERS OF ACQUIRING FIRMS GAIN FROM ACQUISITIONS? Sara B. Moeller Frederik P. Schlingemann René M. Stulz Working Paper 9523 http://www.nber.org/papers/w9523 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge‚ MA 02138 February 2003 We are grateful to Harry DeAngelo and Ralph Walkling for useful comments. The views expressed herein are those of the author and not necessarily those of the National Bureau of Economic Research. ©2003 by Sara
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Majority shareholders own more than half of outstanding shares in the company whilst minority shareholders own less than 50% of the share capital. Majority shareholders are usually also the directors of the company. They in effect control the operations of the company and their actions may be to their benefit. The law therefore‚ in light of this possibility provides various legal remedies available to the minority shareholder. In this case Ergan‚ Arif and Moshe the minority shareholders are unhappy
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Corporations are only accountable to shareholders. They do not have social responsibilities. Corporations are only accountable to shareholders. They do not have social responsibilities. Before commencement on making my stand in this topic‚ a clear definition of the aspects of this topic is essential. Firstly‚ a corporation can be define as a legal entity or structure created under authority of the laws of a state‚ consisting of a person or group of persons who become shareholders (All business 2010). Also
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Parents know best – do they really? Deborah Y. Pratt YOUTH ISSUES Just as I thought‚ this captioned topic immediately made you as a parent begin to read‚ curious as to exactly what I would have to say in today’s article. Well‚ as a parent‚ of course I would like to think that we really know best when it comes to our children. After all we are older than they are‚ should be more matured‚ have more life experiences and we are the ones admonished by God to train up our children in the way they
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Maximizing Shareholder Value: The Role of the Financial Manager Today ’s business world shows a huge diversification in the shareholders of one company. In most countries‚ each investor only holds a very small fraction of issued shares by one corporation. This includes also the senior management. Determining the objectives of the firm is not necessarily a straightforward task because the typical firm will have many types of participants. Among these participants are shareholders‚ creditors
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single act/transaction rather than whole picture/pattern/period (3) remedies are directed to particular transaction and confined to restraint of conduct‚ Recovery of property or ordering of financial compensation * Statutory remedies fall into 2 categories a. Compulsory liquidation remedies courts can order winding up of company if: - court is of opinion that it is just and equitable that company be wound up s461(k) - directors acted in affairs of company in own interest‚ not interest of members
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The ultimate goal of any financial manager (as well as the firm) is the maximization of shareholders’ wealth. A good financial manager therefore should carefully consider and weigh the risk of undertaking a certain project against the profits associated with undertaking such a project. Capital Budgeting techniques enable the manager to make such decisions. The first question that comes to mind is‚ when making a capital investment decision‚ should we focus on cash flows or accounting profits
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Essay Assignment: What I Do Best Everyone has at least one specialty. Someone is good at music‚ the other is good at sport. Everyone has the different specialty. Among this group of people‚ some of them will merge their specialty into their life like musicians‚ artists‚ engineers‚ interior designers‚ etc. For me‚ I think I’m good at painting. When I was 6 years old‚ my mom was always paint with me. Painting can led me relax‚ and expressing my mood on paper. After I finished my works‚ my teachers
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Do Fathers Know Best? Do you think your life would be affected differently if a father whose sexual orientation is homosexual raised you? In most cases it would be different because you would have one man who is homosexual as a parent instead of one man and one woman as your parents. Although‚ your life could also be affected differently if you were raised by one woman and the man wasn’t fully involved in your upbringing. In the two articles I read‚ “Children of Gay Fathers” by Robert L
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“Financial Managers need only concentrate on meeting the needs of shareholders - no other group matters” Discuss the above statement using practical examples to support you answer. Contents Page Introduction 1-2 Formulas: Profitability 2-3 Liquidity 4-5 Investment 5-6 Summary of Widgets Finical Ratios: Profitability 6-8 Liquidity 8-9 Investment 9-10 Conclusion 10 Bibliography 11 Appendix 1 12 A shareholder is someone
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