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  1. 4 Pieniądze i Więź

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  1. 4 Czerwonka L.

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  2. 2 2007

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1

Hostile Takeovers as a Way of Effectiveness Improvement

100%
Czerwonka L.
Pieniądze i Więź
|
2007
|
vol. 10
|
issue 3(36)
106-112
EN
If a takeover is successful, the existing management is usually terminated. The target company's management therefore uses a wide variety of strategies to foil the merger attempt. All these strategies prevent a company from changing top management. It can be a source of inefficiency, namely it can be disadvantageous for shareholders. But this inefficiency can be lessened by the threat of a hostile takeover. So, the threat of a hostile takeover is the part of the mechanism disciplining managers to maximize company profits. The article presents methods of defence against hostile takeovers and influence of those methods on firm's activities and its value
2

Capital Concentration and Social Welfare Change

100%
Czerwonka L.
Pieniądze i Więź
|
2008
|
vol. 11
|
issue 2(39)
135-141
EN
Merger may reduce social welfare by increasing merging units' market value and buying power but it may also lead to various efficiency gains. Therefore, merger may possibly enhance welfare. To analyse the influence of horizontal integration on social welfare it is necessary to study the mechanisms of such influence.
3

Endogenous Merger Models

100%
Czerwonka L.
Pieniądze i Więź
|
2008
|
vol. 11
|
issue 1(38)
133-140
EN
The article presents mathematical models of endogenous mergers which can be very useful in the process of analyzing markets. In the endogenous merger models, all firms are allowed to choose whether to merge or not and how to react to a merger since the models allow to predict the final market structure. The article shows also how to apply the models to the chosen market, namely - to the wholesale pharmaceutical distribution market.
4

Corporate Motivation to Merge versus Enterprise Effectiveness

100%
Czerwonka L.
Pieniądze i Więź
|
2007
|
vol. 10
|
issue 1(34)
62-73
EN
The article presents corporate models of enterprise and from that models derives managers motivation to merge enterprises. It analyses the influence of motivation on enterprise's economic effectiveness. The analyses of theoretical models proves that the enterprises' growth based on the motive of maximum utility for the managers may be profitable but the growth In itself is not necessary or sufficient to improve enterprise's effectiveness. Foreign research do not prove whether fusions and mergers are beneficial for the enterprises. Therefore presented relations should be analysed in further research.
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