Technical Efficiency and Stock Market Reaction to Horizontal Mergers

This study examines the relationship between stock market reaction to horizontal merger announcements and technical efficiency levels of the participating firms. The analysis is based on data pertaining to eighty mergers between firms in the U.S. manufacturing industry during the 1990s. We employ Data Envelopment Analysis (DEA) to measure technical efficiency, which capture the firms. competence to produce the maximum output given certain productive resources. Abnormal returns related to the merger announcements provide the investor.s re-evaluation on the future performance of the participating firms. In order to avoid the problem of nonnormality, heteroskedasticity in the regression analysis, bootstrap method is employed for estimations and inferences. We found that there is a significant relationship between technical efficiency and market response. The market apparently welcomes the merger as an arrangement to improve resource utilizations.

Archaeal-eubacterial mergers in the origin of Eukarya: phylogenetic classification of life.

A symbiosis-based phylogeny leads to a consistent, useful classification system for all life. "Kingdoms" and "Domains" are replaced by biological names for the most inclusive taxa: Prokarya (bacteria) and Eukarya (symbiosis-derived nucleated organisms). The earliest Eukarya, anaerobic mastigotes, hypothetically originated from permanent whole-cell fusion between members of Archaea (e.g., Thermoplasma-like organisms) and of Eubacteria (e.g., Spirochaeta-like organisms). Molecular biology, life-history, and fossil record evidence support the reunification of bacteria as Prokarya while subdividing Eukarya into uniquely defined subtaxa: Protoctista, Animalia, Fungi, and Plantae.

A Human Resource Training Program for Cross-Border Mergers and Acquisitions

Cross-border mergers and acquisitions (M&A) have increased in the twenty-first century; however, the majority of cross-border mergers fail to achieve their financial objectives. Nonetheless, the number of merger failures has not stopped organizations from undertaking mergers. There are multiple sources and types of conflict associated with merger failure, which can all be traced back to the facts that human resource departments have not been utilized effectively and that there has been a lack of planning during the M&A process. Thus, this capstone proposes a training program as a reference for human resource departments to apply best practices for planning, training, and evaluating during the process of M&As, which will help potentially alleviate conflicts during the merger period.

The minimal overlap rule: restrictions on mergers for creditors’ consensus

As it is known, there is no rule satisfying additivity in the complete domain of bankruptcy problems. This paper proposes a notion of partial additivity in this context, to be called μ-additivity. We find out that this property, together with two quite compelling axioms, equal treatment of equals and continuity, identify the minimal overlap rule, introduced by O’Neill (Math. Soc. Sci. 2:345–371, 1982).

The consequences of airline mergers since deregulation : report of the Civil Aeronautics Board and the Department of Transportation /

April, 1982.

Amending Clayton Act by requiring prior notification of certain corporate mergers and for other purposes. Hearings, Eighty-fourth Congress, second session, on H.R. 6748, H.R. 7229, and H.R. 8332, bills to amend Clayton Act relating to mergers. January 16, 18, 20, 23, 1956.

"Serial No. 15"

Mergers and the law.

Mode of access: Internet.

Conglomerate mergers--their effects on small business and local communities [microform] : hearings before the Subcommittee on Antitrust and Restraint of Trade Activities Affecting Small Business of the Committee on Small Business, House of Representatives, Ninety-sixth Congress, second session, Washington, D.C., January 31 and February 1, 7, 8, 12, 27, and 28, 1980.

CIS Microfiche Accession Numbers: CIS 81 H721-1

Results-oriented cultures : implementation steps to assist mergers and organizational transformations : report to Congressional subcommittees /

GAO-03-669.

Report on the present trend of corporate mergers and acquisitions.

Mode of access: Internet.

CE initial training : self-study extras and mergers.

"November 1988."