Restructuring In The Hospitality Industry

In her dialogue entitled - Restructuring in the Hospitality Industry - Elisa S. Moncarz, Associate Professor, the School of Hospitality Management at Florida International University, intends for you to know the following: “Recent years have seen a proliferation of restructurings of major American corporations creating an extremely important issue that has affected U.S. business. This article discusses restructuring issues in the hospitality industry, focusing attention on its causes and motivations, as well as on its benefits and perils. The author considers the impact of restructuring on investors and management while examining recent restructurings involving hospitality firms.” In defining the concept of restructuring, Associate Professor Moncarz informs you, “Restructuring entails the implementation of fundamental and comprehensive modification of a company's operational and/or financial structure.” “It has, indeed, become fashionable to take a company apart and put it back together in a different form,” the author says. Additionally, Moncarz refers to a Wall Street Journal study, dated August 1985, which reveals that nearly half the large American corporations were, or were soon to be restructured in the 1984/85 time frame. There are several distinct types of restructurings and the author wants you to be aware of some of them. “…threats of takeover attempts, the larger part of all restructuring have been initiated willingly in order to expand or divest a company's line of business (i.e., operational restructurings) or redirect its finances (i.e., financial restructurings),” the author reveals. “Two principal types of operational restructurings are mergers and acquisitions [M&A], and divestitures [disposing of unwanted units or assets],” Moncarz further defines the concepts of expansion and divestiture. The author explains several types of financial restructuring sketches used in the hospitality industry, including stock re-purchasing, debt issuances and redemptions, swapping debt for equity, and effective theories of realigning debt through extending loans and/or revising terms. To expand their businesses, Moncarz makes anecdotal reference to several major food and beverage corporations that have successfully employed operational restructuring principles. The author wades into the shallow end of the hostile takeover pool by explaining some of the corporate restructuring concepts used to repel that aggressive technique. Walt Disney Company completely redesigned their entire upper level management structure in a successful effort to thwart a hostile takeover bid by corporate raider Saul P. Steinberg, Moncarz informs. To close, the author touches on leveraged buyouts [LBOs], and stock repurchases to divest unwanted divisions and immobilize hostile takeover attempts. A lengthy table of - Selected Restructurings in the Hospitality Industry [1982 to date of article] – is also included.

Foreign-born CEOs, country-specific skills, selection, and strategic consequences

In this dissertation, I first suggest an extension of the managerial rents model and more specifically the managerial skills typology that it offers. Building on research in international business, I propose adding country-specific skills (CSS) to this typology in addition to firm-specific, industry-specific, and generic skills. I define CSS as managers' abilities that are applicable and specific to a particular national institutional context. Such skills are distinct from the other three types identified and are likely to influence managers' performance and the performance of their firms. So if CSS are distinct skills, what are the implications for strategy and international business research? In an attempt to respond to this question, I conduct two empirical essays in which I examine the implications of this refinement of the typology of managerial skills for CEO selection and firms' mergers and acquisitions (M&A;) strategy. In the first empirical essay, I puzzle at the fact that although CSS constitute a barrier to high-level executive mobility across countries, there have been a growing number of foreign-born CEOs being appointed across the globe. Why are these individuals being selected for the post of CEO? Using information on the appointment of foreign-born and national CEOs from 2005 to 2010 among global 500 companies, I show that internationalization pressures help explain their selection and that two types of firms are likely to appoint foreign leaders: highly internationalized firms and firms that are likely to internationalize. In the second empirical essay, I examine the strategic implications of country-specific skills. Employing the same sample as the one used in the first empirical essay, I demonstrate that given that their mindset is likely to be less focused on firms' home market, foreign-born CEOs may be prone to institute more changes in firms' cross-border M&A; strategy than their domestic counterparts. I also theorize on the moderating influence of CEOs' insiderness.

The H I chronicles of LITTLE THINGS blue compact dwarf galaxies

Star formation occurs when the gas (mostly atomic hydrogen; H I) in a galaxy becomes disturbed, forming regions of high density gas, which then collapses to form stars. In dwarf galaxies it is still uncertain which processes contribute to star formation and how much they contribute to star formation. Blue compact dwarf (BCD) galaxies are low mass, low shear, gas rich galaxies that have high star formation rates when compared to other dwarf galaxies. What triggers the dense burst of star formation in BCDs but not other dwarfs is not well understood. It is often suggested that BCDs may have their starburst triggered by gravitational interactions with other galaxies, dwarf-dwarf galaxy mergers, or consumption of intergalactic gas. However, there are BCDs that appear isolated with respect to other galaxies, making an external disturbance unlikely.^ Here, I study six apparently isolated BCDs from the LITTLE THINGS sample in an attempt to understand what has triggered their burst of star formation. LITTLE THINGS is an H I survey of 41 dwarf galaxies. Each galaxy has high angular and velocity resolution H I data from the Very Large Array (VLA) telescope and ancillary stellar data. I use these data to study the detailed morphology and kinematics of each galaxy, looking for signatures of starburst triggers. In addition to the VLA data, I have collected Green Bank Telescope data for the six BCDs. These high sensitivity, low resolution data are used to search the surrounding area of each galaxy for extended emission and possible nearby companion galaxies.^ The VLA data show evidence that each BCD has likely experienced some form of external disturbance despite their apparent isolation. These external disturbances potentially seen in the sample include: ongoing/advanced dwarf-dwarf mergers, an interaction with an unknown external object, and external gas consumption. The GBT data result in no nearby, separate H I companions at the sensitivity of the data. These data therefore suggest that even though these BCDs appear isolated, they have not been evolving in isolation. It is possible that these external disturbances may have triggered the starbursts that defines them as BCDs.^

Fusões e aquisições no Brasil: análise dos efeitos em mercado de capitais

This study investigated the impact caused by events horizontal mergers and acquisitions (M&As) horizontal, in the stock returns of the participating companies and competitors regarding the creation or destruction of value for those firms in Brazil, from 2001 to 2012. For this, first was used the event study methodology to estimate abnormal returns in stock prices; after was conducted an analysis multiple regression. The results of the event study showed that using sub-periods for the data, before and after the crisis period, the effects were different for the target-before negative, after positive. Regarding the acquirer and competitors, the results were constant. For acquirer firms, the returns were close to zero, while for the competitors were negative. Furthermore, the regression results regarding the bidder showed that firms invested in processes of M&As to obtain a further increase its efficiency. Furthermore, this study indicated that the leverage of the bidder plays is important for creating value in acquisitions, when they has a higher Tobin’s Q. The results of target firms showed that a small firm had a better return than large firm did.

Satellites around massive galaxies since z∼ 2

The accretion of minor satellites has been postulated as the most likely mechanism to explain the significant size evolution of massive galaxies over cosmic time. Using a sample of 629 massive (M_star~ 10^11 M_⊙) galaxies from the near-infrared Palomar/DEEP-2 survey, we explore what fraction of these objects have satellites with 0.01 < M_sat/M_central < 1 (1:100) up to z= 1 and what fraction have satellites with 0.1 < M_sat/M_central < 1 (1:10) up to z= 2 within a projected radial distance of 100 kpc. We find that the fraction of massive galaxies with satellites, after background correction, remains basically constant and close to 30 per cent for satellites with a mass ratio down to 1:100 up to z= 1, and close to 15 per cent for satellites with a 1:10 mass ratio up to z= 2. The family of spheroid-like massive galaxies presents a 2–3 times larger fraction of objects with satellites than the group of disc-like massive galaxies. A crude estimation of the number of 1:3 mergers a massive spheroid-like galaxy has experienced since z~2 is around 2. For a disc-like galaxy this number decreases to ~1.

Are luminous radio-loud active galactic nuclei triggered by galaxy interactions?

We present the results of a comparison between the optical morphologies of a complete sample of 46 southern 2 Jy radio galaxies at intermediate redshifts (0.05 < z < 0.7) and those of two control samples of quiescent early-type galaxies: 55 ellipticals at redshifts z ≤ 0.01 from the Observations of Bright Ellipticals at Yale (OBEY) survey, and 107 early-type galaxies at redshifts 0.2 < z < 0.7 in the Extended Groth Strip (EGS). Based on these comparisons, we discuss the role of galaxy interactions in the triggering of powerful radio galaxies (PRGs). We find that a significant fraction of quiescent ellipticals at low and intermediate redshifts show evidence for disturbed morphologies at relatively high surface brightness levels, which are likely the result of past or on-going galaxy interactions. However, the morphological features detected in the galaxy hosts of the PRGs (e.g. tidal tails, shells, bridges, etc.) are up to 2 mag brighter than those present in their quiescent counterparts. Indeed, if we consider the same surface brightness limits, the fraction of disturbed morphologies is considerably smaller in the quiescent population (53 per cent at z < 0.2 and 48 per cent at 0.2 ≤ z < 0.7) than in the PRGs (93 per cent at z < 0.2 and 95 per cent at 0.2 ≤ z < 0.7 considering strong-line radio galaxies only). This supports a scenario in which PRGs represent a fleeting active phase of a subset of the elliptical galaxies that have recently undergone mergers/interactions. However, we demonstrate that only a small proportion (≲20 per cent) of disturbed early-type galaxies are capable of hosting powerful radio sources.

Foreign direct investment via M&A and domestic entrepreneurship:blessing or curse?

There are conflicting predictions in the literature about the relationship between FDI and entrepreneurship. This paper explores how foreign direct investment (FDI) inflows, measured by lagged cross-border mergers and acquisitions (M&A), affect entrepreneurial entry in the host economy. We have constructed a micro-panel of more than two thousand individuals in each of seventy countries, 2000–2009, linked to FDI by matching sectors. We find the relationship between FDI inflows and domestic entrepreneurship to be negative across all economies. This negative effect is much more pronounced in developed than developing economies and is also identified within industries, notably in manufacturing. Policies to encourage FDI via M&A need to consider how to counteract the prevailing adverse effect on domestic entrepreneurship.

Internal Capital, External Knowledge, and Random Draws: Three Drivers of Organizational Structure

This dissertation explores the complex interactions between organizational structure and the environment. In Chapter 1, I investigate the effect of financial development on the formation of European corporate groups. Since cross-country regressions are hard to interpret in a causal sense, we exploit exogenous industry measures to investigate a specific channel through which financial development may affect group affiliation: internal capital markets. Using a comprehensive firm-level dataset on European corporate groups in 15 countries, we find that countries

with less developed financial markets have a higher percentage of group affiliates in more capital intensive industries. This relationship is more pronounced for young and small firms and for affiliates of large and diversified groups. Our findings are consistent with the view that internal capital markets may, under some conditions, be more efficient than prevailing external markets, and that this may drive group affiliation even in developed economies. In Chapter 2, I bridge current streams of innovation research to explore the interplay between R&D, external knowledge, and organizational structure–three elements of a firm’s innovation strategy which we argue should logically be studied together. Using within-firm patent assignment patterns,

we develop a novel measure of structure for a large sample of American firms. We find that centralized firms invest more in research and patent more per R&D dollar than decentralized firms. Both types access technology via mergers and acquisitions, but their acquisitions differ in terms of frequency, size, and i\ntegration. Consistent with our framework, their sources of value creation differ: while centralized firms derive more value from internal R&D, decentralized firms rely more on external knowledge. We discuss how these findings should stimulate more integrative work on theories of innovation. In Chapter 3, I use novel data on 1,265 newly-public firms to show that innovative firms exposed to environments with lower M&A activity just after their initial public offering (IPO) adapt by engaging in fewer technological acquisitions and

more internal research. However, this adaptive response becomes inertial shortly after IPO and persists well into maturity. This study advances our understanding of how the environment shapes heterogeneity and capabilities through its impact on firm structure. I discuss how my results can help bridge inertial versus adaptive perspectives in the study of organizations, by

documenting an instance when the two interact.

What Does Board Capital Really Bring to the Table? Exploring the Effect of Directors’ Human and Social Capital on Effective Governance During International Expansion

What constitutes effective corporate governance? Which director characteristics render boards effective at positively influencing firm-level performance outcomes? This dissertation examines these questions by taking a multilevel, multidisciplinary approach to corporate governance. I explore the individual-, team-, and firm- level factors that enable directors to serve effectively as strategic resources during international expansion. I argue that directors’ international experience improves their ability to serve as effective strategic consultants and resource providers to firms during the complex internationalization process. However, unlike prior research, which tends to assume that directors with the potential to provide important resources uniformly do so, I acknowledge contextual factors (i.e. board cohesiveness, strategic relevance of directors’ experience) that affect their propensity to actually influence outcomes. I explore these issues in three essays: one review essay and two empirical essays. In the first empirical essay, I integrate resource dependence theory with insights from social-psychological research to explore the influence of board capital on firms’ cross-border M&A performance. Using a sample of cross-border M&As completed by S&P 500 firms from 2004-2009, I find evidence that directors’ depth of international experience is associated with superior pre-deal outcomes. This suggests that boards’ deep, market-specific knowledge is valuable during the target selection phase. I further find that directors’ breadth of international experience is associated with superior post-deal performance, suggesting that these directors’ global mindset helps firms in the post-M&A integration phase. I also find that these relationships are positively moderated by board cohesiveness, measured by boards’ internal social ties. In the second empirical essay, I explore the boundary conditions of international board capital by examining how the characteristics of firms’ internationalization strategy moderate the relationship between board capital and firm performance. Using a panel of 377 S&P 500 firms observed from 2004-2011, I find that boards’ depth of international experience and social capital are more important during early stages of internationalization, when firms tend to lack market knowledge and legitimacy in the host markets. On the other hand, I find that breadth of international experience has a stronger relationship with performance when firms’ have higher scope of internationalization, when information-processing demands are higher.

Animales sueltos en los espacios públicos : una lectura para El torito de los Muchachos

En El Torito de los Muchachos aparece, desde el título mismo, un despliegue de figuras animales, las cuales se exponen sostenidas en el concepto de enemigo, de fuerte connotación para la situación política del contexto de publicación del periódico. Al mismo tiempo, presenta la singularidad de que el uso de animalizaciones, tradicionalmente orientadas al no letrado, son aplicadas desde una voz plebeya y federal al sujeto que representa a la civilización y la ciudad, el unitario. El periódico escenifica una arena pública en sus páginas teniendo presente un público particular, sostenido en lecturas orales. En un marco de fusiones e intercambios entre la literatura y la prensa periódica, este trabajo propone una lectura para este periódico gauchesco.

Animales sueltos en los espacios públicos : una lectura para El torito de los Muchachos

En El Torito de los Muchachos aparece, desde el título mismo, un despliegue de figuras animales, las cuales se exponen sostenidas en el concepto de enemigo, de fuerte connotación para la situación política del contexto de publicación del periódico. Al mismo tiempo, presenta la singularidad de que el uso de animalizaciones, tradicionalmente orientadas al no letrado, son aplicadas desde una voz plebeya y federal al sujeto que representa a la civilización y la ciudad, el unitario. El periódico escenifica una arena pública en sus páginas teniendo presente un público particular, sostenido en lecturas orales. En un marco de fusiones e intercambios entre la literatura y la prensa periódica, este trabajo propone una lectura para este periódico gauchesco.

The Business of Museums and the Engagement of 21st Century Audiences

Within the sub-theme of Collaboration, Partnerships, and Mergers – the author will create an engaging discussion with attendees on how the of business of museums lends itself to building collaborative and viable business partnerships which can be beneficial both in terms of revenue and audience engagement. A second element will examine through case studies how organizations such as the Oxford University Museum Partnership, The Lightbox Museum and Gallery as well as the British Museum and Museum of London retool and refocus their commercial interests to build sustainable partnerships and mergers with non-museum sector organizations to expand their retail and enterprising activities. Attendees and participants will gain an insight into these trends and methods currently being used by both large museum and small independent museums in the UK to grow their audiences through none traditional methods. Similarly, the author will demonstrate how non-traditional enterprising approaches to stewardship and education can demonstrate the public value of museums in an age when limited funding and competition for resources require museums to become more creative and collaborative outside their traditional roles, whilst continuing to engage and capitalize on the growing sophistication of 21st century audiences.

Impacto das fusões e aquisições no desempenho de empresas portuguesas

As fusões e aquisições (F&A) são operações estratégicas usadaspor empresas para fortalecer e manter a sua posição no mercado. Estas são vistas por muitos como uma forma relativamente rápida, flexível e eficiente de expandir para novos mercados, incorporar novas tecnologias e inovar. Sem essas qualidades, as empresas acreditam que é praticamente impossível ser competitivo na economia global de hoje. No entanto, o seu sucesso não é de forma alguma garantido. Perante esta incerteza de que tudo corra de forma vantajosa, o presente trabalho pretende avaliar através do estudo do impacto do processo de fusão ou aquisição o desempenho das empresas portuguesas. Procedemos a duas metodologias para chegar a uma conclusão sobre este estudo. Primeiramente foi feito o cálculo e análise de indicadores económico-financeiros antes e depois da realização da F&A e em segundo, uma análise do efeito de notícias boas e más referentes ao anúncio da mesma através da metodologia das janelas de eventos para cinco casos de F&A ocorridos em Portugal, sendo assim o método de análise baseado em casos de estudo. Foi possível verificar, regra geral, um desempenho superior das empresas adquirentes após o processo de F&A. Concluiu-se que os mercados reagem de forma distinta às boas e às más notícias e que o investidor é alvo de alterações de comportamento em termos de sentimento antes e após o anúncio. Deste modo a análise é sensível à distinção por tipos de notícias, sendo necessária a sua correta classificação. Por último, os resultados parecem indiciar que as reações do mercado acionista aos processos de F&A estão dependentes da situação económico-financeira corrente, resultado que merecerá futuramente uma análise posterior mais cuidada e profunda.

Efeitos da fusão num grupo grupo de empresas do mesmo setor

Mestrado em Controlo de Gestão e dos Negócios

Fusões e aquisições no Brasil: Uma análise crítica do teatro de operações

Fusões e aquisições estão entre as mais relevantes e dramáticas formas de transformação organizacional. Porém, muitos destes processos falham, resultando em traumas e destruição de valor. Isto faz crer que as razões que contribuem para o seu sucesso não são bem entendidas ou não são praticadas. Este artigo apresenta uma pesquisa exploratória realizada sobre 53 casos de fusões e aquisições que ocorreram no Brasil entre 1996 e 2000. O estudo sugere que a forma como o processo de fusão ou aquisição é conduzido – incluindo medidas como foco na comunicação, redução de demissões ao mínimo e desenvolvimento de atitude de respeito aos funcionários – contribui de forma efetiva para melhores resultados. Este artigo também apresenta uma proposta de tipologia para abordagens reducionistas e discute prováveis razões para sua adoção em processos de fusão ou aquisição.