International mergers and acquisitions: a review of some current issues

Article Abstract:

The business cycle of international mergers and acquisitions has provoked restructuring activity in the US. The mergers market was particularly robust during the 1980s. However, the number of reported merger failures reached 252 in 1993, accounting for one failure for every 16 completed mergers. In Europe, merger activity started slowly during the 1990s, but major pacts by Philip Morris of Switzerland and Guinness of Spain stood out. In Japan, merger activity has been slow due to the rise in the cost of capital and the declining Japanese economy.

Europe, Japan, International aspects

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The business judgement rule vs. the efficient market hypothesis

Article Abstract:

Conflict between the business judgement rule (BJR) and efficient market hypothesis (EMH) arises during company takeovers. The BJR emphasizes on decision-making while EMH emphasizes on the effects of decisions. The conflict is attributed to the different perceptions about the value of a company. The EMH values a company based on stock prices while board members determine the value of a company for the BJR.

Corporations, Valuation

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Industrial structure, conduct and performance: evidence from corporate combinations

Article Abstract:

A study of the industry structure-related determinants of market value gains and losses in corporate consolidations reveals new proof supporting the theory that mergers are largely prompted by efficiency rather than anti-competitive forces. Nonetheless, the Efficient Structure view may be incomplete in light of the fact that merger gains and profitability are associated positively.

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