Employing the most comprehensive sample of European carve-outs to date, Nikolas Pojezny analyzes the performance of carve-outs along various dimensions: Both the reaction of parent firms to the announcement of a carve-out as well as share price and operating performance in a multi-year window around the event are examined in detail.
In contemporary economics only one thing is constant – constant change [Gunday et al., 2011]. The notion of change relates directly to innovation. The very nature of innovation constitutes combining existing factors in a new, changed way. Since the early stage of the scientific investigation of innovation research has focused mainly on the solutions actually implemented [Schumpeter 1939]. Yet it is only through implementation that the benefits of innovation may materialise. The task is not simple. The process of obtaining the gains is complex as innovation may pass through different stages. Thus for almost half-century the scientific community has considered innovation to be a complex process and not just a simple occurrence [Myers and Marquis 1969]. Innovation pushes progress forward. Thus previous scientific investigation limited the concept of innovation to implementations which generate positive effects [Nelson and Winter 1982]. The above scientific considerations still hold today [Moss Kanter 2006]. Innovation is of crucial importance for tourism companies, which cover accommodation for visitors, food and beverage serving activities, passenger transportation, travel agencies and other reservation activities, cultural activities, sports and recreational activities and retail trade of country-specific tourism characteristic goods [UNWTO 2010]. It provides them with competitive advantage and hence the firms with market power gain more from innovation [Tirole 1995]. A firm’s innovation interacts with the environment. It delivers diverse benefits to the consumers in the form of new products and lower prices which in turn impact positively on the company [Shiller 2006]. In the context of tourism the ongoing scientific discussion on innovation seems not to have achieved any definite conclusions yet. The implementation of innovation in tourism enterprises leads to the achievement of diverse ends. From this point of view the measurement of the effects of innovation is of vital importance. There are a number of financial measures covering substantially different fields. The most comprehensive amongst them is a company’s value. It covers all the aspects of a company’s activity [Bodie and Merton 2000]. However due to its importance and complexity numerous approaches to company value were created. The basic distinction covers book and market value based approaches. The proponents of book value assume that the balance sheet yields a reliable estimate of the value of assets and equities. However numerous shortcomings emerge: the static character, dealing with historical figures, failing to include intangibles and treating all classes of accounts as having equal importance [Nunes 2003]. The market value based approach stands for the price that assets would fetch in the marketplace [Fabrozi and Drake 2009]. The main objective of the research is to measure the short- and long-term impact of innovation announcements on the market value of equity of tourism enterprises.
Financial Performance presents the foundation concepts underlying the Senior Executive Programmes the Authors have taught together and separately over the last 15 years in Europe, Asia and North America.These programmes includeThe Oxford Advanced Management ProgrammeThe Oxford Senior Executive Finance ProgrammeThe INSEAD Advanced Management ProgrammeThe IMI, Geneva, Advanced Management ProgrammeThe Harvard Advanced Management ProgrammeThe Oxford International Executive Programme, SingaporeThe IMI International Finance Programme, Singapore The book is intended as a reference manual as well as a textbook and will be of value to anyone with an interest in financial performance - particularly senior executives. The developments in modern finance over the last two decades have considerable implications for the way senior executives think about the finance discipline. It is no longer enough to have a rudimentary knowledge of basic finance and a heavy reliance on financial specialists. CEOs of course need excellent financial professionals - however they need to go beyond this and provide strategic leadership. This requires a conceptual framework for dealing with financial matters. This book provides a description of the underlying ideas and will be of value to anyone with an interest in financial performance - particularly senior executives. This book revolves around the concept of value and it is organised into two parts.Part I Performance MeasurementConsists of three chapters, all of which focus on the real and fairly complex set of financial statements of DaimlerChrysler AG. The first two chapters provide a detailed guided tour of the financial statements which deconstruct the complexity and then reconstruct the financials to provide a clearer base for analysis. These chapters have been arranged to deal with each line item of financial statements which have been highlighted in such a way to allow the reader to treat the materials as a reference as well as a sequential read. Chapter three presents a framework for evaluating financial health and introduces a cash flow based model for understanding the short and medium term constraints on a firm's growth. This exposition revolves around the concept of sustainable growth. Part 2 ValuationIn the second part of the book chapter 4 introduces the cost of capital concept followed by chapter 5 which provides a general source of reference for valuation and a variety of difference applications.Chapter 6 concludes the book with a review of concept of shareholder value from a European perspective.Rory Knight MA(Oxon), MCom, PhD, CADean (Emeritus), Templeton College, University of Oxford For the last five years Rory has been Dean of Templeton College, the University of Oxford's business college. During this time he led the Oxford Advanced Management Programme and he created the Oxford Senior Executive Finance Programme. He has considerable experience in business and management development. He is actively involved in briefing the senior executives of leading companies on issues in Finance and Strategy. Prior to coming to Oxford Dr Knight was the deputy director of a foundation within the Swiss National Bank (SNB) and previously a Professor in Finance at IMI, Geneva & IMD, Lausanne.Marc Bertoneche MA, MBA, DBA, PhdVisiting Professor, Harvard Business School Marc is a Professor in Business Administration at the University of Bordeaux and has been on the faculty at INSEAD, the European Institute of Business Administration in Fontainebleau France for more than twenty years. His areas of interest include corporate and financial strategy, mergers and acquisitions, venture capital, financial markets, corporate ownership and governance, risk management and international finance. He is currently visiting professor at the Harvard Business School.
Mergers, Acquisitions, and Other Restructuring Activities: An Integrated Approach to Process, Tools, Cases, and Solutions, Tenth Edition, is the most comprehensive and cutting-edge text available on the subject. Supported by recent peer-reviewed academic research, this book provides many recent, notable deals, precedent-setting judicial decisions, government policies and regulations, and trends affecting M&As, as well as takeover strategies and tactics. Today's policies, politics and economics are reflected in the book's 40 case studies, 90% of which involve deals either announced or completed during the last several years. These cases represent friendly, hostile, highly leveraged, and cross-border transactions in ten different industries, involving public and private firms and those experiencing financial distress. Sections discuss an overview of M&As, key regulations, common strategies and tactics, how managers may choose a business strategy from available options, valuation methods and basic financial modeling techniques, the negotiating process, how deal structuring and financing are inextricably linked, how consensus is reached during the bargaining process, the role of financial models in closing the deal and strategic growth options as alternatives to domestic M&As.
McKinsey & Company's #1 best-selling guide to corporate valuation—the fully updated seventh edition Valuation has been the foremost resource for measuring company value for nearly three decades. Now in its seventh edition, this acclaimed volume continues to help financial professionals around the world gain a deep understanding of valuation and help their companies create, manage, and maximize economic value for their shareholders. This latest edition has been carefully revised and updated throughout, and includes new insights on topics such as digital, ESG (environmental, social and governance), and long-term investing, as well as fresh case studies. Clear, accessible chapters cover the fundamental principles of value creation, analyzing and forecasting performance, capital structure and dividends, valuing high-growth companies, and much more. The Financial Times calls the book “one of the practitioners’ best guides to valuation.” This book: Provides complete, detailed guidance on every crucial aspect of corporate valuation Explains the strategies, techniques, and nuances of valuation every manager needs to know Covers both core and advanced valuation techniques and management strategies Features/Includes a companion website that covers key issues in valuation, including videos, discussions of trending topics, and real-world valuation examples from the capital markets For over 90 years, McKinsey & Company has helped corporations and organizations make substantial and lasting improvements in their performance. Through seven editions and 30 years, Valuation: Measuring and Managing the Value of Companies, has served as the definitive reference for finance professionals, including investment bankers, financial analysts, CFOs and corporate managers, venture capitalists, and students and instructors in all areas of finance.
The Valuation DCF Model, 7th Edition is a vital companion to the seventh edition of Valuation, containing an expert guide and the renowned discounted cash flow (DCF) valuation model developed by McKinsey's own finance practice. The DCF Model can be used to value real companies in real-world situations, and includes detailed instruction and expert guidance on how to use it. The advantage of the ready-made model is that allows users to focus on analyzing a company's performance instead of worrying about computation errors.
Der M&A-Markt hat sich in den letzten beiden Jahren als stabil erwiesen und die schon häufiger prophezeite neue M&A-Welle lässt trotz großer Liquidität und hoher Börsenkurse noch immer auf sich warten. Neue Trends sind im FinTech-Bereich zu beobachten sowie insgesamt in Bezug auf den Digitalisierungsprozess. Der vorliegende Konferenzband enthält überarbeitete und aktualisierte Vorträge der M&A- und Private-Equity-Konferenz 2015 an der Frankfurt School of Finance & Management. Die Beiträge spiegeln die große Bandbreite des aktuellen M&A-Geschäftes wider. Neben aktuellen Marktentwicklungen sowie den bereits angesprochenen M&A-Wellen werden auch spezifische Themen wie etwa Mittelstandsanleihen, Kapitalerhaltungsvorschriften und Vorstandsvergütungen im Detail betrachtet. Zudem werden die besten Master-Thesen der letzten beiden Jahrgänge präsentiert.
The second European edition of Financial Markets and Corporate Strategy provides comprehensive coverage of financial markets and corporate finance, brought to life by real world examples, cases and insights. Placed in a truly international context, this new and updated edition takes an academic and practical view-point to guide students through the challenges of studying and practicing finance. Aimed specifically at an international audience, this edition boasts hundreds of references to new and relevant non-US research papers from top finance journals. Whilst retaining the well respected structure of the successful US text, Professor David Hillier has also made a number of additions which include: Fully updated research, data and examples in every chapter. Coverage of the global financial crisis, the impact it made on the financial markets and the lessons being learnt by the finance industry. A stronger emphasis on corporate governance and agency theory. Updates on accounting standards, bankruptcy laws, tax rules and tax systems.
This publication examines the role of corporate governance arrangements in providing right incentives to contribute the value creation process within the private enterprises and the implications of the differences in ownership structures on corporate governance practices and frameworks.
