Ecological attributes of strategic land acquisitions for addition to Victoria's public protected area estate : 2004-2005

The development of a comprehensive, adequate and representative reserve system is the key objective of the National Reserve System, and is supported by all Australian States and Territories. In Victoria, the purchase of private land for incorporation into the parks and reserves system assists in the protection of some of the State’s most endangered ecosystems. This article outlines the ecological attributes of private land purchased for addition to the Victorian public protected area system between 2004 and 2005.

The potential for improving intra-organizational communication in the process of mergers and acquisitions via accounting systems

As the number of mergers and acquisitions (M&A) continues to increase on a global basis, more managers are called upon to develop their M&A transition skills. While, undoubtedly, organizations realise the importance of good communications for successful implementation of change programs throughout the entire M&A process, they often find it hard to make this communication both constant and lucid. The article argues that accounting systems display the potential for improving intra-organizational communication by infusing managers and 'non-accountants' with a common financial vocabulary for communication and 'reading' the state of the business.

Dynamic due diligence : an entrepreneurial business planning method for evaluating mergers and acquisitions: theory, case application and general implications

This paper presents a method for conducting dynamic due diligence to evaluate Mergers and Acquisitions; demonstrates its effectiveness in a particular case; and extrapolates its theoretical and practical implications to the general case. It may be called the ‘ECIPP’ method - an acronym for: Establishing mandates; Creating projections; Identifying issues; Prioritizing procedures and Performing them.

Two established alternative due diligence methods are examined. The prevailing finance-theory-based procedure has the virtues of simplicity and elegance; the vice is abstraction. The prevailing practitioner-based regime has the virtues of thoroughness and concreteness but the vices of rigidity and inefficiency. Resolving the tradeoffs inherent in both static prescriptions provides an opportunity for a dynamic, innovative approach derived from grounded theory and an application of Hindle’s (1993) theory of venture renaissance through application of an enhanced paradigm of Entrepreneurial Business Planning. The ECIPP method retains simplicity, concreteness and thoroughness but eliminates abstraction, rigidity and inefficiency.

This is demonstrated in a case. ChildCo’s CEO had only one month to complete his M&A evaluation; no expertise or previous experience; severely limited budget for the exercise and had been flatly informed by prevailing M&A experts that what he wanted could not be done. Using the ECIPP method, the CEO and the author did it: on time, within budget and to the satisfaction of a previously skeptical board of one of the world’s largest multi-national companies including arguably the world’s most professional corporate M&A division.

The replicability logic of the case research permits two generalisations. (1) ECIPP extends the range and utility of Entrepreneurial Business Planning as a management technology, well beyond the constraints to which it is usually confined. (2) The ECIPP method of dynamic due diligence is an innovation worthy of mature consideration and further investigation by theorists and practitioners in the M&A field, in the disciplines of both Finance and Entrepreneurship and, well beyond, in the realms of general management theory, methodology and practice.

Ecological attributes of strategic land acquisitions for addition to Victoria’s public protected area estate (2006-2007)

The development of a comprehensive, adequate and representative reserve system is the key objective of the National Reserve System, and is supported by all Australian States and Territories. In Victoria, the purchase of private land for incorporation into the parks and reserves system assists in the protection of some of the State’s most endangered ecosystems. This article outlines the ecological attributes of private land purchased for addition to the Victorian public protected area system in 2006 and 2007.

REIT mergers and acquisitions : a meta-analysis

Purpose – Mergers and acquisitions in the real estate investment trust (REIT) sector have been studied in distinct periods and locations, often leading to findings which are relevant only for the period and/or location investigated. The purpose of this paper is to examine the merger and acquisition studies in aggregate using meta-analysis so that broader findings of factors influencing the returns by targets and bidders are divulged.

Design/methodology/approach – Using a methodology similar to Veld and Veld-Merkoulova a sample of 15 REIT studies with 35 observations for bidders and 25 observations for targets is analysed. A variety of potential factors influencing the returns for bidders and targets are explored.

Findings – Consistent with prior non-REIT research, the evidence shows targets enjoy positive and significant gains in a merger. There is also evidence that acquirers earn significant wealth when all previous studies are examined in aggregate. Meta-analysis results show targets experience higher wealth gains by accepting cash financed deals, but share total gains when both parties are REITs. Additionally, acquirers enjoy improved abnormal returns when the target is privately listed and the use of scrip and/or a combination of scrip and cash produces higher wealth gains for bidding REITs.

Originality/value – This paper aggregates the merger and acquisition literature of REITs to understand better factors influencing returns made by bidders and targets.

Defacing the acquisitions: a museal-analysis of serial killing horror in cinema

Explores the relationship between serial killing and affect as a form of cinematic horror that repositions the viewer away from the logic of reason through a dismantling of subjectivity via 'modifications' to the body. The chapter has a particular attention to the representation of serial killing in the museum space - theoretically a locus of modern rationality and order- to argue that the museum can be philsophically understood as functioning to detatch desire from subjective formation and fixed encoding of identies. The chapter draws on philosopher Gilles Deleuze and theorists Anna Powell and Steven Shaviro.

The role of leverage in cross-border mergers and acquisitions

We examine the relationship between leverage and cross-border mergers and acquisitions. Using a sample of 85,560 cross-border mergers and acquisitions in 57 countries over the period 1990 to 2010, we find that firms with higher leverage are less likely to acquire foreign targets, whereas firms with lower leverage tend to be targets acquired by foreign firms. These effects are more pronounced in Asian countries than North America. Acquisition premium, the likelihood of all-cash offer and the percentage of cash in the acquisition offer decrease with leverage in cross-border mergers and acquisitions. Foreign targets gain positive abnormal returns in the both short run and long run, while acquirers earn positive abnormal returns in the short-run, but negative returns in the long run. We also find that firms adjust their capital structure after the acquisition by issuing more equity if they were overleveraged, or issuing more debt if they were underleveraged before the acquisition. Our results provide international evidence on how leverage affects managerial decision to acquire foreign targets, payment method and acquisition premium in cross-border mergers and acquisitions. This study shows that the interdependent relationship between investment decision and financing decision exists worldwide.

How do cross-border mergers and acquisitions affect firms’ management and stakeholders? Part 2

The effect of mergers and acquisitions (M&A) on different stakeholders is dependent on a number of factors. These factors can include but are not limited to: the type of M&A; each firm's reasons for the M&A; the offer amount; the product market of both the acquirer and target firms; the political environment; the economic environment; and the current situation of each firm. Employees play a significant role in businesses in which employee satisfaction affects the quality and quantity of business output. Firms interested in embarking on cross-border mergers have new employees to manage and must determine an appropriate wage to match the level of productivity of target employees. Wages may need to be altered as a result of employee relocation; employee compensation can be a complex matter, as the cost of living in each area varies greatly.

Information content of directors' trading around acquisitions

This paper investigates the patterns of directors' trades and returns around takeover announcements. We find that the pre-announcement net value (the difference between buy value and sell value) of directors' trading is positively related to acquirers' announcement period abnormal returns. This relation is stronger for private target acquisitions and for stock-financed acquisitions, when the information asymmetry between directors and outside investors is more pronounced. However, this relation does not hold for better governed and highly monitored acquirers. Our findings indicate opportunistic trading by directors prior to takeovers and highlight a significant role that corporate governance mechanism plays in restraining these opportunistic behaviors.

Aggregate planning for seasonal demand : reconciling theory with practice

Purpose: The paper reports on the ramifications for production planning when monthly sales exhibit predictable seasonal highs and lows. The literature first acknowledged and dealt with the (aggregate planning) problem 50 years ago. Nevertheless, there is neither evidence that industry has adopted any of the mathematical techniques that were subsequently developed, nor a convincing explanation as to why not. Hence this research sets out to discover the methods manufacturers use to cope with seasonal demand, and how germane the published algorithms really are.

Design/methodology/approach: Forty-two case studies were compiled by interviewing senior managers and then conducting plant tours. No prior assumptions were made and the list of questions covered the gamut of production planning.

Findings: The main finding is that manufacturers select a straightforward production strategy, right from the outset, so the fundamental cost-balancing format is not relevant. The majority pick a “chase” strategy, since most organizations subscribe to a “just in time” ethos. Whenever a different strategy is preferred the rationale springs from skilled labour considerations or binding facilities constraints. The chosen strategy serves as a road map for resources acquisitions, and the master production schedule is constructed directly. So, the complex issue of how to disaggregate an optimal aggregate plan never even arises. Managers do not seek perfect solutions, but strive to eliminate, or contain, the most significant marginal costs. The nature of the business determines the most appropriate tactics to employ.

Originality/value: These findings break the mould as far as orthodox aggregate planning is concerned and show why theory is at odds with practice, whilst reaffirming the importance of concepts such as “flexibility”, “integration”, and “just-in-time production”.

The relevance to international mergers of the ethical perspectives of participants

International mergers are becoming more widespread among medium-sized companies that for decades have held a prime position in their home country market, but who now feel threatened that they may not be of a significant size to continue to be viable in the international marketplace. The purpose of this paper is to examine the merger of one Australian company and one of its former competitors in the international marketplace from the perspective of the congruence between their espoused ethical cultures in business prior to the merger. A questionnaire comprising 46 questions was sent to the public relations manager of each organization prior to the merger. These managers were asked to fill in the questionnaire and to provide a copy of their code of ethics. The research found that organizations need to not only have a code of ethics, but also need to focus especially on the area of code augmentation to ensure that they communicate the ethos of their code to their employees.

Snapshop of current Australian biotechnology boom indicators

Presents an update on the indicators of biotechnology growth in Australia as of December 2005. Estimated public sector spending on biotechnology research & development in the period 2002-2003; Employment status in 2004; Mergers and acquisitions in the 3rd quarter of 2005.