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(2008, 3000 words)
The paper offers a research proposal into the recent acquisition of Scottish & Newcastle by Heineken/Carlsberg. The objectives of the dissertation are identified; the research methodology is described stating that a short-window event study will be used to access the financial success of the acquisition, while outcome studies based on the literature review will access alternative success factors. The expected outcomes of the study are identified.
(2007, 3300 words)
The aim of the research proposal is to analyze the dynamics of successful mergers and acquisitions (M&A) in the banking industry. The research objectives are to determine the effectiveness of 'hard' and 'soft' factors influencing a M&A over the periods before, during and after the M&A, and to develop a merger framework for auditing M&A in different industries. A review of related literature is offered; the methods of research are identified; the research timetable is outlined.
(2006, 10 500 words)
The dissertation investigates the performance of GlaxoSmithKline (GSK) form their pre-merger through to the post merger periods providing a review of literature on the theory of mergers and acquisitions (M&A), an overview of the pharmaceutical industry and GSK background including their financial and operational review, performance analysis, etc. The methods of research are based on primary (interviews) and secondary data sources. Conclusions are made about the pre and post merger financial, operational, and value creation performance of GSK.
(2006, 8 000 words)
The dissertation investigates the reasons behind mergers and acquisitions (M&A) at the firm level and the industry level focusing on the financial services industry. The review of literature touches on the definition and types of M&A, the differences between mergers and acquisitions, the value discrepancy hypothesis, the market power theory, the factors underlying M&A, etc. Conclusions are made about the role of regulation policies and economic integration in determining the level on M&A at the industry level.
(2005, 8000 words)
The dissertation examines merges and acquisitions (M&A) in Chinese banking industry conducting a case study of the Shenzhen Development Bank merged by Newbridge Capital, a US investment company. The review of literature covers the theories of M&A including their driving forces, the reasons behind M&A failure, issues of organizational culture, etc. The methods of research used in the case study include primary data (interviews) and secondary data collection and analysis. Conclusions are made about the correlation between practice and M&A theory.
(2005, 11500 words)
The dissertation aims to investigate the process of post-merger integration providing theoretical information on mergers and acquisitions (M&A), examples of M&A in Europe and the USA, the issues of organizational culture, HRM, communication, etc. Types of integration are identified; the issues of the post-merger integration process are addressed. The research focuses on M&A in the information technology (IT) industry providing the description of the industry background and identifying the features of M&A specific to IT industry.
(2005, 14000 words)
The dissertation aims to identify the reasons for mergers and acquisitions (M&A) providing an overview of literature on the theories of economic activities such as takeover, typology of M&A, historical trends in M&A, methodologies of evaluating a companys performance, parameters influencing success and failure of M&A including ‘soft and ‘hard factors, and critique of long-event and short-event window studies. Conclusions are made about the factors prompting M&A
(2005, 9500 words)
The dissertation reports on mergers and acquisitions (M&A) in US banking sector describing the reasons behind them, possible implications and prognostic indicators for mergers. A review of literature provides academic and analyst opinions on the financial aims of the mergers, the results of individual cases of bank mergers, comparative analysis of their targets, achievements and financial performance; the problems of target setting are the factors behind it. Qualitative and quantitative methods of research data analysis are used. Conclusions are made about the viability and success factors of M&A.
(2005, 16000 words)
The paper looks at the acquisition of the Dacor Corporation, a US scuba diving equipment manufacturer, by Head NV. Theoretical approaches to mergers, acquisitions and corporate restructurings are reviewed. The reasons behind merger failures are discussed. The impacts of the merger on the positioning of the Dacor brand in the US market are analysed.
(2002, 14000 words)
In the last 15-20 years, the Banking sector in the UK has faced the need to reorganise. This has led to mergers and acquisitions. This dissertation investigates into the roots and causes of this ever-increasing consolidation activity and tries to critically evaluate mergers and acquisitions. The stakeholders are all an essential part of any company and the decision to merge should be acceptable to all stakeholders. Moreover, another aim of this dissertation is to study the expectations of the stakeholders of the banks in UK and the effect a merger or an acquisition has on them. Three stakeholders, namely, shareholders, employees and customers are studied in detail with the help of two case studies, one for a merger (merger of Lloyds TSB Group) and one for an acquisition (takeover of Natwest by Royal Bank of Scotland).
(2005, 1600 words)
This paper presents a good example of a well-written and comprehensive proposal. It follows the coherent structure, which includes: introduction, statement of aims and objectives, literature review, application review, conclusion and references. The author clearly states in the introduction what he is going to study, how significant this research is for the financial community and what new can be done. The topic of the dissertation, case study of the merger of National Westminster Bank and Royal Bank of Scotland, is of high importance and currency taking into account the continuing wave of mergers in the financial sector. This paper will be useful for those students who try to write a decent dissertation proposal following clear structure and objectives.
(2004, 10000 words)
Firstly, the dissertation examines the valuation effects of acquisition announcements on the stock price of a nineteen-member sample of bank holding companies between 1996 and 2004. It finds that, overall, bank mergers destroy wealth for the shareholders of the acquiring company. On average, acquiring companies stock prices decline by 4% over a sixteen-day (-10, +5) event window. The results are statistically significant to 5%. There is, however, a large individual variance in results. Secondly, the dissertation investigates the power of organizational fit as an explanatory variable for M&A performance. Organizational fit is measured by two variables; relative age, and relative size. The cumulative average abnormal return (CAAR) experienced over the sixteen-day event window, is used for the dependant variable for M&A performance, and regressed against the organizational fit metrics. Relative age is found to not have a statistically significant effect on CAAR; relative size is statistically significant to 10%, and explains 19% of the variance of CAAR.
(2004, 14000 words)
The dissertation basing on the case study of acquisition of Evelyn hospital by Nuffield hospital group in 2002 illustrates and test different theories to identify what makes a successful acquisition. The main results showed that a change management programme to the acquisition process and the main motive of ámarket power played a key role in determining the success of the acquisition. (Further information is available on request)
(2003, 8000 words)
This dissertation performs a research of a merger case of GlaxoSmithKline, a pharmaceutical company and examines the impact of the merger on the companys performance in terms of economic benefits and value creation. The research is performed on a base of the companys financial data and publications, literature review in the related area and of the questionnaire survey. First, strategic and economic reasons for mergers in the whole were considered, for this, the empirical evidence of the case companys financial performance was highlighted. Next, benefits of GlaxoSmithKline after the merger have been analysed from the economic, functional, financial and strategic perspectives. Finally, the paper makes a summary and concludes about the benefits the company received after the merge in the long-term range.
(2004, 5500 words)
The dissertation aims to analyses the influence of takeovers on top managers' turnover using the evidence from Chinese listed companies between 2001-2003 years. (Further information is available on request)
(2004, 7500 words)
In January 2000 the merger of SmithKline Beecham PLC and Glaxo Wellcome PLC has been announced. The dissertation aims to analyse the effect of a merger announcement on the stock return of Glaxo Wellcome plc
(2003, 10500 words)
The growth in the number of Mergers and Acquisitions during the last few decades has been staggering. The area of M&As has become vastly important for both academics and practitioners. Although the number of research conducted in this area has been overwhelming the results are mostly inconclusive and controversial, and it is clear that further research in to this topic is important. As been noted by many "gurus" in this field there are numerous new issues surrounding this area and the prospective researches would require more and more depth as well as strength of analysis. The following research attempts to evaluate the effect and outcome of the "announcement shock" on the stock performance and returns of a 100 deals occurred in UK during the four year period (1998-2001). The research has been conducted on a stage of "announcement" (-40;40days) and on the post-merger stock performance and return of the selected 62 bidders during the substantial period (up to 16 months). The results obtained by the conducted research demonstrate that round the announcement date and in the previous days the target firms accumulated gains on average of 14% and statistically significant at 5% level. It is also shown that market's behaviour in respect to bidders stock is in the opposite direction, as they obtain significant losses. The post- merger performance analysis of the selected deals confirm that M&As lead to wealth destruction for the combined firm in an economic sense. Thus, it could be said that despite of the number of studies in this area markets still seem overoptimistic when an M&A is announced especially for the target firm, so the future research is vital.
(2003, 3000 words)
Project proposal for the above Master's level dissertation
(2004, 10000 words)
The dissertation analyses 6 bank takeovers that took place during the 1995-2001 years in order to evaluate measure the UK shareholders' gains. The events that were analysed: Merger of Royal Bank of Scotland and National Westminster; Merger of Bank of Scotland and Halifax Building Society; Merger of Lloyds TSB; Merger of Barclays and Woolwich Building Society
(2003, 24000 words)
The dissertation attempts to identify what is the synergy from the mergers and acquisitions. In order to do so the strong literature review was done on the issues of mergers and acquisitions, reasons and motives of it, different types of synergy, misunderstanding of M&As, the process of M&As, regulations of M&As, financial accounting for M&As, bid strategies and tactics, methods of payment in M&As. Moreover, dissertation is based on the empirical analysis of two real M&A cases (Royal Bank of Scotland and NatWest; Barclays Bank and the Woolwich)
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