Statistical studies over the last forty-five years show that, although there are success stories, very many mergers and acquisitions do not result in the increased operating profits that economics textbooks would lead one to expect. As consultancy McKinsey have put it, ‘Anyone who has researched merger success rates knows that roughly 70% fail’. Yet—mysteriously—M&A activity has boomed across the globe, with a forty-fold increase in deals done each year now compared with four decades ago, in spite of the adverse general evidence. How can it be that talented, energetic, highly skilled, law-abiding, income-maximising participants in the M&A market will often promote mergers that lead to no operating gains, frequently with adverse effects on the wider economy too? Drawing on findings from a wealth of statistical analyses and case evidence from many businesses, the book presents answers to this merger mystery. In a synthesis of ideas from several disciplines, solutions are detected in misaligned incentives, distorted financial engineering and information asymmetry. By revealing how weaknesses at multiple points can interact and cumulate to produce inefficient outcomes, the discussion serves as a corrective to the overwhelmingly positive tone of most commentary on M&A, whilst also advocating changes in participants’ contracts, in taxation, and in regulation which could significantly reduce the number of mergers that fail. Designed to be accessible to a wide readership, the book will be of interest to investors, to M&A practitioners and commentators, to researchers and students of economics, political economy, finance, management and accounting, and—importantly—to policy makers working in these areas.
Superman has been run ragged by hyped-up villains whose true motives remain cloaked in secrecy. Finding the truth has been delayed by the slow recovery of Lois Lane from her Mideast ordeal, another visit by Mr. Mxyzptlk and some harsh words from Wonder Woman and Batman in the wake of IDENTITY CRISIS.
Statistical studies over the last forty-five years show that, although there are success stories, very many mergers and acquisitions do not result in the increased operating profits that economics textbooks would lead one to expect. As consultancy McKinsey have put it, ‘Anyone who has researched merger success rates knows that roughly 70% fail’. Yet—mysteriously—M&A activity has boomed across the globe, with a forty-fold increase in deals done each year now compared with four decades ago, in spite of the adverse general evidence. How can it be that talented, energetic, highly skilled, law-abiding, income-maximising participants in the M&A market will often promote mergers that lead to no operating gains, frequently with adverse effects on the wider economy too? Drawing on findings from a wealth of statistical analyses and case evidence from many businesses, the book presents answers to this merger mystery. In a synthesis of ideas from several disciplines, solutions are detected in misaligned incentives, distorted financial engineering and information asymmetry. By revealing how weaknesses at multiple points can interact and cumulate to produce inefficient outcomes, the discussion serves as a corrective to the overwhelmingly positive tone of most commentary on M&A, whilst also advocating changes in participants’ contracts, in taxation, and in regulation which could significantly reduce the number of mergers that fail. Designed to be accessible to a wide readership, the book will be of interest to investors, to M&A practitioners and commentators, to researchers and students of economics, political economy, finance, management and accounting, and—importantly—to policy makers working in these areas.
Grades 4+ * Inspired by the best-selling novel "The Da Vinci Code," this imaginative resource is the perfect way to study some of the most important composers in Western music. A short biography is included for each featured composer that includes secret, embedded information. Students must study the information and crack the code to answer the worksheet questions--an interesting and rewarding exercise that will hold their attention and enliven this important component of music education. Permission is given to reproduce the worksheet pages and keys to the codes and answers are provided.
The Sturgeon General is an anthology of comedic writing, compiling short works of fiction and non-fiction and other miscellany for the hilarious good of all. Each issue features the work of a single comedy writer. This edition is a collection of non-fiction articles from writer Geoff Lemon. It includes his article from 2011 'You Shut Your Goddamn Carbon Taxin Mouth' – an hilarious rant against the nay-sayers of the proposed carbon tax, which was a viral phenomenon. The collection also includes an array of inspired and witty political and travel writing, including an epic series of misadventures in South America.
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