How Is Credit Risk Estimated? Discussion and Evidence based on Cross-Industry Sample Utilizing the KMV Model

The purpose of this thesis is to focus on credit risk estimation. Different credit risk estimation methods and characteristics of credit risk are discussed. The study is twofold, including an interview of a credit risk specialist and a quantitative section. Quantitative section applies the KMV model to estimate credit risk of 12 sample companies from three different industries: automobile, banking and financial sector and technology. Timeframe of the estimation is one year. On the basis of the KMV model and the interview, implications for analysis of credit risk are discussed. The KMV model yields consistent results with the existing credit ratings. However, banking and financial sector requires calibration of the model due to high leverage of the industry. Credit risk is considerably driven by leverage, value and volatility of assets. Credit risk models produce useful information on credit worthiness of a business. Yet, quantitative models often require qualitative support in the decision-making situation.

Managing the change of organizational culture in cross-border mergers and acquisitions: The role of post-acquisition integration in organizational culture change

Over the years, cross-border mergers and acquisitions have become a popular strategic option for variety of firms. Companies often seek rapid growth through acquiring potentially valuable enterprises or attempting to enhance their organization’s profitability by merging with other firms. However, managing the change of organizational culture is a major managerial challenge as companies often confront difficulties when merging two previously autonomous organizational cultures into one, joint organizational culture. Therefore, the purpose of this study is to increase understanding related to the challenges and possibilities concerning the management of organizational culture change in cross-border mergers and acquisitions. The research question “How to manage the change of organizational culture in cross-border mergers and acquisitions?” is analysed in relation to the theories presented in this thesis regarding organizational culture, organizational change and acculturation as well as in relation with the collected empirical data. The research question is divided into three sub-questions according to the following: (1) “What is the role of organizational culture in organizations?”, (2) “How to manage organizational change in mergers and acquisitions?” and (3) “How to manage organizational culture change through acculturation?”. The thesis is conducted as a qualitative case study research including three personal interviews and one group interview. The interviews were conducted as a combination of semi-structured and unstructured interviews. Theories related to organizational culture, the management of change as well as acculturation are studied and further analysed in relation to empirical material collected by the researcher. Research findings indicate that that several factors can influence the success of managing the organizational culture change in cross-border mergers and acquisitions. Factors such as defining the preferred acculturation model prior the merger; managing the resistance of change; open communication; acknowledgement of local culture and cultural differences; involvement of personnel in change processes; as well as the formulation and implementation of comprehensive change plans proved to be important factors with relation to successful management of organizational culture change

[Joseph] Guillemot gagnant du National anglais [épreuve de cross à Windsor, le 13 mars 1920] : [photographie de presse] / [Agence Rol]

Référence bibliographique : Rol, 58527

21-3-20, [27e] championnat de France de cross-country, le départ [à Bry-sur-Marne] : [photographie de presse] / [Agence Rol]

Référence bibliographique : Rol, 58558

21-3-20, Bry-sur-Marne, [27e] championnat de France de cross-country, un passage de [Joseph] Guillemot et Vignaud : [photographie de presse] / [Agence Rol]

Référence bibliographique : Rol, 58560

21/3/20, Bry-sur-Marne, [27e] championnat de France de cross-country, l'arrivée, [Joseph] Guillemot et Vignaud : [photographie de presse] / [Agence Rol]

Référence bibliographique : Rol, 58561

21-3-20, Bry-sur-Marne [27e] championnat de France de cross-country, Vignaud et [Joseph] Guillemot après leur arrivée : [photographie de presse] / [Agence Rol]

Référence bibliographique : Rol, 58562

21-3-20, Bry-sur-Marne, [27e] championnat de France de cross-country, [Joseph] Guillemot vainqueur : [photographie de presse] / [Agence Rol]

Référence bibliographique : Rol, 58563

Francis Pélissier [champion de France de cross cyclo-pédestre le 7 mars 1920] : [photographie de presse] / [Agence Rol]

Référence bibliographique : Rol, 58363

Francis Pélissier [champion de France de cross cyclo-pédestre le 7 mars 1920] : [photographie de presse] / [Agence Rol]

Référence bibliographique : Rol, 58364

Francis Pélissier [champion de France de cross cyclo-pédestre le 7 mars 1920] : [photographie de presse] / [Agence Rol]

Référence bibliographique : Rol, 58365

7-3-20, championnat de France de cross cyclo-pédestre [route du Mont-Valérien, Suresnes] : [photographie de presse] / [Agence Rol]

Référence bibliographique : Rol, 58367

7-3-20, Mont-Valérien, championnat de France de cross cyclo-pédestre : [photographie de presse] / [Agence Rol]

Référence bibliographique : Rol, 58370

Saint-Cloud, 14/3/20, départ du criterium des Vieux [cross] : [photographie de presse] / [Agence Rol]

Référence bibliographique : Rol, 58504 bis

Saint-Cloud, 14/3/20, critérium des Vieux, arrivée [cross] : [photographie de presse] / [Agence Rol]

Référence bibliographique : Rol, 58508