The impact of target board recommendations in Australian takeovers

This paper examines the impact of targe board recommendations on the probability of the bid being successful in the Australian takeovers context. Specifically, we model the success rate of the bid as a binary dependent variable and target board recommendations or the board hostility as our key independent variable by using logistic regression framework. Our model also includes bid structures and conditions variables (such as initial bid premium, bid conditions, toehold, and interlocking relationship) and bid events (such as panel and bid duration) as our control variables. Overall, we find board hostility has statistically significant negative effect on the success rate of the bid and almost all control variables (except for the initial bid premium) are statistically significant with the correct sign. That is, we find toehold, the percentage of share required to make the bid becomes successful, and the unconditional bid have positive impact on the success rate of the bid, at least as predictive determinants prior to the release of any hostile recommendation. Consistent with Craswell (2004), we also find the negative relation between interlocking relationship and the success rate of the bid. Our finding supports that from target investors’ point of view, interlock is consistent with the negative story of self interest by directors. Finally, like Walking (1985), we find that the initial bid premium does not have influence on the success rate of the bid. Hence our results reinstate Walking’s bid premium puzzle in Australian context.

Disclosure of tax information -from tax reporting system to the financial statements, Case: Fortum Oyj

The main target of the study was to examine how Fortum’s tax reporting system could be developed in a way that it collects required information which is also easily transferable to the financial statements. This included examining disclosure requirements for income taxes under IFRS and US GAAP. By benchmarking some Finnish, European and US companies the purpose was to get perspective in what extend they present their tax information in their financial statements. Also material weakness, its existence, was under examination. The research method was qualitative, descriptive and normative. The research material included articles and literature of the tax reporting and standards relating to it. The interviews made had a notable significance. The study pointed out that Fortum’s tax reporting is in good shape and it does not require big changes. The biggest renewal of the tax reporting system is that there is only one model for all Fortum’s companies. It is also more automated, quicker, and more efficient and it reminds more the notes in its shape. In addition it has more internal controls to improve quality and efficiency of the reporting process.

Thick-target excitation functions for alpha particles /

"LADC 61"

Strategic target planning : bridging the gap between theory and practice /

Mode of access: Internet.

55 mph - Interstate Communications Project. Task 2: target audience segmentation study. Final report.

National Highway Traffic Safety Administration, Washington, D.C.

Defense Finance and Accounting Service : accounting systems strategic plan for the Department of Defense : target architecture.

Shipping list no.: 97-0197-P.

The 1990 Farm Act and the 1990 Budget Reconciliation Act : how U.S. farm policy mechanisms will work under the new legislation : includes description of target prices, loan rates, deficiency payments, and new planting flexibility provisions.

Mode of access: Internet.

Targeted items list : eliminating sole-source is our target at TACOM.

Cover title.

Moving target detector data utilization investigation /

Mode of access: Internet.

Target Seedling Symposium : proceedings, combined meeting of the Western Forest Nursery Associations, August 13-17, 1990, Roseburg, Oregon /

"December, 1990."

Meeting the food summit target : the United States contribution : global strategy /

"September 1998."

The design and application of impingement target burners,

Mode of access: Internet.

Planning target for applicants and areas under the Public works employment act of 1977 (PL 95-28)

July 14, 1977.

Development of the field artillery observation (target acquisition) battalions ; handout /

Cover title.

Oversight of Veterans' Administration target system : hearings before the Subcommittee on Special Investigations of the Committee on Veterans' Affairs, House of Representatives, Ninety-sixth Congress, first session, June 20, September 11 [i.e. July 13] and September 11, 1979.

Mode of access: Internet.