By Cooper C.L., Finkelstein S.
Every one selection of articles that makes up a quantity of Advances in Mergers and Acquisitions paints an image of latest study in this subject. during this quantity, we've got seven contributions from students in North the US, Europe, and Asia, and those papers jointly handle acquisition approach and acquisition integration, profitable bargains and unsuccessful ones, possession constitution and managerial constitution, danger and go back, wisdom upkeep and data move, construction belief and cultivating feelings, and alliances and networks. This breadth of recognition around the spectrum of analysis chances on mergers and acquisitions is outstanding in that it indicates either that this subject has morphed lately to surround a huge array of concerns that pass some distance past what previous generations of students involved themselves with, and that there's nonetheless much more to be realized concerning the tactics and function of mergers and acquisitions.One of the advantages of an edited quantity of articles on a middle subject is the chance it provides to compile not just the variety of themes defined above, yet a variety of equipment to boot. The insights that emerge from those a number of equipment could be extra different than could rather be the case, and provide an extra capability contribution.In bringing jointly a collection of 7 diversified papers by means of students from varied disciplines, with diversified examine agendas, and hailing from diverse international locations - but all of whom are tackling a similar common phenomenon - this quantity bargains anything that can not be simply replicated in different boards. the variety of disciplines, views, and international locations is outstanding, yet so are the variety of issues, concerns, methodologies, and study questions they carry to undergo to make clear an analogous primary, and demanding, characteristic of organizational lifestyles - mergers and acquisitions.
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Extra resources for Advances in Mergers and Acquisitions, Volume 5
Journal of Economic Behavior & Organization, 23(1), 1–30. Voigt, C. W. (1993). The Trinet large establishment data. Anderson Graduate School of Management, University of California at Los Angeles: California. Wernerfelt, B. (1984). A resource-based view of the firm. Strategic Management Journal, 5(2), 171–180. Willig, R. D. (1979). Multiproduct technology and market structure. American Economic Review, 69(2), 346–351. This page intentionally left blank 24 RISK REDUCTION THROUGH ACQUISITIONS: THE ROLES OF FIRM-SPECIFIC INVESTMENTS AND AGENCY HAZARDS Heli Wang and Jeffrey J.
Data on this variable were obtained from Compustat. , Advertising Intensity). Titman and Wessels (1988) and Bowen et al. (1995) use this variable as a proxy for all stakeholder claims. It is likely to more closely indicate the need for firm-specific investments by customers, however. , products whose quality can be ascertained prior to purchase). Generally speaking, experience goods require not only more of consumers’ specific knowledge in purchasing the goods, but also more warrantees and after-sale service, which in turn increases customers’ switching costs.
The paper further argues that the risk associated with stakeholders’ firmspecific investments is often closely related to the firm’s total risk level. The higher is the level of firm risk, the more likely the firm may be under financial distress and the more likely that its stakeholders’ investments lose value. A firm therefore has incentives to reduce its level of risk exposure in order to induce its stakeholders to make firm-specific investments. The interest of this paper is placed on examining the risk reduction effect of corporate diversification.