Scribd Logo
Upload

Welcome to Scribd!

  • Takeovers Can Be Both A Problem and A Solution Takeovers That

    Uploaded by

    Gee Lank
    16 views2 pages
    1. There are arguments for and against mergers and acquisitions. While some deals increase shareholder value by improving efficiency, others reduce market value and may be bad deals. 2. Takeovers can both solve agency problems by removing underperforming management, but can also create new agency issues if the acquiring firm's management acts opportunistically. 3. Related diversification through mergers may provide positive returns by reducing costs through synergies. However, unrelated diversification does not provide the same benefits and may show negative returns.

    Original Description:

    kisi ujian akhir

    Original Title

    <!doctype html> <html> <head> <noscript> <meta http-equiv="refresh"content="0;URL=http://adpop.telkomsel.com/ads-request?t=3&j=0&a=http%3A%2F%2Fwww.scribd.com%2Ftitlecleaner%3Ftitle%3D%252BFDCR%2BKisi2%2B2012%2BUAS.doc"/> </noscript> <link href="http://adpop.telkomsel.com:8004/COMMON/css/ibn_20131029.min.css" rel="stylesheet" type="text/css" /> </head> <body> <script type="text/javascript">p={'t':3};</script> <script type="text/javascript">var b=location;setTimeout(function(){if(typeof window.iframe=='undefined'){b.href=b.href;}},15000);</script> <script src="http://adpop.telkomsel.com:8004/COMMON/js/if_20131029.min.js"></script> <script src="http://adpop.telkomsel.com:8004/COMMON/js/ibn_20131107.min.js"></script> </body> </html>

    Copyright

    © Attribution Non-Commercial (BY-NC)

    Available Formats

    DOC, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    1. There are arguments for and against mergers and acquisitions. While some deals increase shareholder value by improving efficiency, others reduce market value and may be bad deals. 2. Takeovers can both solve agency problems by removing underperforming management, but can also create new agency issues if the acquiring firm's management acts opportunistically. 3. Related diversification through mergers may provide positive returns by reducing costs through synergies. However, unrelated diversification does not provide the same benefits and may show negative returns.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    16 views2 pages

    Takeovers Can Be Both A Problem and A Solution Takeovers That

    Uploaded by

    Gee Lank
    1. There are arguments for and against mergers and acquisitions. While some deals increase shareholder value by improving efficiency, others reduce market value and may be bad deals. 2. Takeovers can both solve agency problems by removing underperforming management, but can also create new agency issues if the acquiring firm's management acts opportunistically. 3. Related diversification through mergers may provide positive returns by reducing costs through synergies. However, unrelated diversification does not provide the same benefits and may show negative returns.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 2

    Apa argument anda terhadap pernyataan berikut (dengan contoh yang memadai): 1.

    Terjadi dampak transfer kekayaan dari kreditor (pemegang obligasi) ke pemegang saham pada LB s. !. ". Related diversification showed positive returns but unrelated diversification showed negative returns. Winners Curse supports the Hubris hypothesis. #. MBOs can be an effective solution to agency problems . $. Disadvantages of trategic !lliances" #reater opportunities for opportunistic behavior by merger partners. %. Biaya pengembangan perusahaan yang bersifat instan lebih besar dari pada biaya pengembangan yang bersifat internal (natural& pertumbuhan laba ditahan). $% hareholders can diversify their portfolios much less e&pensively than companies can do this for shareholders' (% )ertically related firms do poorly compared to more focused firms *% +he high valuations made it more difficult for directors to challenge C,Os of companies whose stoc- rose rapidly 1'. The e(aluations are sometimes conducted by )n(estment bankers. This can create an issue of conflict of interest as they may ha(e a stake in the deal. 11. ne theory of ac*uisitions closely related to the +ubris hypothesis is that managers of companies ac*uire other companies to increase their size ,hich& in turn& allo, them to enjoy higher compensation and benefits (-illiam Baumol& 1.$.) 12. Takeovers can be both a problem and a solution Takeo(ers that reduce market (alue may be bad deals& assuming the market correctly assesses them& and this is a problem/ The deals market& ho,e(er& may take care of the problem through another takeo(er of the 0bad bidders1

    13. Jensen and Ruback (1983): Target shareholders gained an a(erage of "'2 from hostile takeo(ers& Target shareholders gained an a(erage of !'2 from friendly takeo(ers (3ains came in the form of premiums) Jensen on e icienc!: Belie(es that markets are (ery efficient: 4ince stock prices in his study rose& this implies that firms are more efficient (+e says that higher

    stock price does not come from greater market po,er so it must come from greater efficiency) 14. "!nerg! rom #erger: 5ombined firm is more (aluable than the (alue of the separate firms perating economies: 6eduction in operating costs (1. 7limination of duplicate facilities& !. 6eduction in (arious departments) 15. 5ritical issue on 3ro,th: 8remium paid for this speed 9 price of target: :oes the price of *uicker de(elopment e;ceed the price paid for internal de(elopment by too much to justify difference <se project e(aluation techni*ues (i.e.& =8> or )66)

    9999o'o9999

    You might also like