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1

IMPACT OF MERGERS AND ACQUISITIONS ON EUROPEAN INSURERS: EVIDENCE FROM EQUITY MARKETS

100%
Jakubik P., Zafeiris D.
Ekonomický časopis (Journal of Economics)
|
2018
|
vol. 66
|
issue 9
925 – 944
EN
The current macro-economic and financial conditions remain extremely challenging for the European insurance sector. Due to the ongoing low-yield environment and competitive pressure from new players, in particular technology-focused start-ups entering the markets, insurers are changing their business models and looking for new investment and business opportunities to improve their profitability and overall solvency positions. This is also reflected in increasing interest in mergers and acquisitions to achieve sufficient returns. However, there is no clear answer in the literature as to whether this strategy brings the anticipated positive results. This study empirically tests the effects of mergers and acquisitions (M&A) on the share prices of European insurers via an event study. Our results do not confirm the positive impact of such strategies on acquirers’ share prices delivering abnormal returns for shareholders.
2

MERGERS AND AQUISITIONS

100%
Lesko D.
Studia Ekonomiczne (Economic Studies)
|
2007
|
issue 102(52-53)
37-50
EN
Although there are already many articles on mergers and acquisitions (M&A) in circulation, this one tries not to be yet another analysis of their usefulness or lack of so, but is rather aimed at aligning the observation of existence of M&A clearly not directed at enhancing the shareholders' value with the knowledge gathered by organisational theory; this in turn is performed in order to arrive at sometimes scorned, especially by business practitioners, but quite tempting explanation of the ongoing M&A phenomenon.
3

MERGER AND ACQUISITION IN THE BANKING SECTOR

100%
Szewczyk A.
Contemporary Economics
|
2008
|
issue 4(8)
29-44
EN
The article presents situation on mergers and acquisitions (M&A) in banking sector during last twenty years. The main motives are selected and analyzed. All is explained on the base on research reports of the Deutsche Bundesbank and the European Central Bank.
4

CROSS-BORDER MERGERS AND ACQUISITIONS IN THE CONTEXT OF EVALUATION OF THE ATTRIBUTES OF THEIR FUTURE IMPLEMENTATION

100%
Hečková J., Birknerová Z., Chapčáková A., Zbihlejová L.
Ekonomický časopis (Journal of Economics)
|
2021
|
vol. 69
|
issue 2
204 – 219
EN
Identification and specification of the key attributes influencing the considerations about implementation of a future cross-border merger or acquisition (M&A) are the main objective of the paper. Based on the views of managers from 165 international corporations located in 45 EEA countries that had previously been the subject of a cross-border M&A, significant attributes relating to their experience from its implementation were extracted. By means of the Principal Component Analysis with Varimax Rotation, three key attributes of implementation of a potential M&A process were extracted and labelled as Aims, Concerns, and Reasons. The content specification of the individual attribute items, as well as the basic parameters of the AFM&A (Attributes of Future Mergers and Acquisitions) methodology – Eigenvalues, Cronbach’s alpha values, and percentage of the variance explained, and the results of an analysis of differences in the assessment of the extracted factors by managers – are further presented in the proposed contribution. In terms of the gender-based differences, female managers scored higher in the Concerns attribute, whereas male managers reached higher scores in the attribute of Reasons, which represents the importance they attach to these attributes in terms of a future cross-border M&A process.
5

PREDICTION OF SYNERGIES IN MERGERS

88%
Režňáková M., Pěta J., Karas M.
Ekonomický časopis (Journal of Economics)
|
2020
|
vol. 68
|
issue 2
168 – 187
EN
In this paper we present a method of calculating the value of synergy resulting from mergers between private companies as well as a model for the prediction of potential synergy values in contemplated mergers (M&A deals). We first examined the process of determining the value of a synergy. Since we analysed mergers involving private mechanical engineering companies, we used the discounted capital cash flow method for the determination of the synergy value. We divided the selected mergers according to the achieved synergy value into two groups, i.e. into successful mergers and failed mergers. We then analysed the two groups in order to identify financial ratios with statistically significant differences (deviations). We then used those ratios to establish a rule for the differentiation between mergers that would increase in business value, i.e. with positive synergy, and those whose value would decrease. A decision rule was developed using the classification and regression trees method. In the research sample, the developed model distinguished successful merger from failed ones with 92% accuracy.
6
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Fuzje i przejęcia w światowym sektorze rolno-żywnościowym na tle wahan koniunktury gospodarczej

75%
Figiel S., Kufel J.
Zagadnienia Ekonomiki Rolnej
|
2013
|
issue 3(336)
3-24
EN
The intensity of business mergers and acquisitions changes over time. Theoretically, com¬petitive firms constantly seek for ways to grow mainly due to expected economies of scale and scope. In the paper we discuss various aspects of business mergers and acquisitions in the context of market concentration. We also highlight the issue of symptoms and causes of fluc¬tuations in economic activity. Using data for the period of 2000-2012 we analyse the value of the overall business mergers and acquisitions in connection with the world economic growth and selected stock market indexes. Next, we focus on the world agro-food sector and test the hypothesis that the number and value of mergers and acquisitions in this sector were related to the business cycle fluctuations observed in the period of 2000-2010. Firstly, the results of our research show that both merger and acquisition transactions carried out in the agro-food sector had largely inter-branch or, at the most, inter-sectorial character. Secondly, a positive relationship between fluctuations in economic activity in the world agro-food sector and the intensity of mergers and acquisitions was found, especially regarding the value of those transactions, what means that economic recovery facilitates concentration processes. Thirdly, the observed connection between the directions of changes in the merger and acquisition activities and the changes in stock market indexes seems to be determined by the situation on the capital markets.
7

MATHEMATICAL MODELS OF MERGERS TAKING INTO ACCOUNT MANAGEMENT FACTORS (Matematyczne modele polaczen przedsiebiorstw uwzgledniajace czynniki menedzerskie)

75%
Czerwonka L.
Pieniądze i Więź
|
2009
|
vol. 12
|
issue 3(44)
EN
This article presents models of horizontal mergers extended with management factors. The paper contains an analysis of mathematical models of mergers irrespective of exogenous and endogenous mergers division. The analysis shows that even when a merger may be potentially more efficient, managers in a merged firm do not necessarily want this to happen. The problems due to a lack of trust can even offset the possible synergies thereby making a merged firm less efficient.
8

IMPACT OF MERGERS OF CZECH COMPANIES ON THEIR PROFITABILITY AND RETURNS

75%
Valouch P., Králová M., Sedláček J.
Ekonomický časopis (Journal of Economics)
|
2015
|
vol. 63
|
issue 4
410 – 430
EN
The aim of this paper is to assess whether mergers of companies in the Czech Republic affect the profitability and returns of merged companies in the period of three years after the merger. The analysis is based on the sample of over 300 Czech companies implementing mergers in 2001 – 2010. This sample was created using data from the Trade Bulletin and Trade Register of the Czech Republic. The analysis used basic statistical tests verifying the statistical significance of the particular explored indicators of merging and merged companies three years after the merger in relation to the same indicators at the moment of merger. The explored indicators were net earnings after taxes (EAT), return on assets (ROA) and return on equities (ROE). The period of three years after the merger was chosen due to the reduced influence of some accounting methods requiring revaluation or exclusion of some assets from the balance sheet of the merged company.
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