1) The study examines whether minority shareholders benefit from parent-subsidiary mergers by investigating the operating and stock performance of subsidiaries prior to such mergers.
2) The results find that subsidiaries have negative total and discretionary accruals prior to mergers, indicating potential earnings management. Minority shareholders may not benefit from these mergers.
3) Further analysis finds that pre-merger discretionary accruals are negatively related to announcement returns, and deal value is positively related to earnings management prior to mergers. Earnings management is more likely when parent ownership is between 20-80% of the subsidiary.
This slide is focussed on theoretical aspect of ratio analysis.it discusses meaning, advantage and limitations of ratio analysis tools. It then suggests precautions and guidelines to be considered while using this tool followed by various users of the tool and the source from where the information can be gathered for ratio analysis. purpose. it very briefly also tells about various ratios depending upon their classifications
This slide is focussed on theoretical aspect of ratio analysis.it discusses meaning, advantage and limitations of ratio analysis tools. It then suggests precautions and guidelines to be considered while using this tool followed by various users of the tool and the source from where the information can be gathered for ratio analysis. purpose. it very briefly also tells about various ratios depending upon their classifications
Financial ratios and their use in understanding Financial StatementsPranav Dedhia
An introduction and in-depth understanding on the importance of Financial ratios in understanding financial statements of business entities along with relevant examples
It gives a detailed description of the term corporate governance. It also helps us to understand the phenomenon of corporate governance. This topic comes under arts and sciences which is available to study or research.
Financial ratios and their use in understanding Financial StatementsPranav Dedhia
An introduction and in-depth understanding on the importance of Financial ratios in understanding financial statements of business entities along with relevant examples
It gives a detailed description of the term corporate governance. It also helps us to understand the phenomenon of corporate governance. This topic comes under arts and sciences which is available to study or research.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
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what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
1. Critical Review of Article
entitled as:
Do Minority shareholders
benefit from parent-subsidiary
mergers?
2. Table of content
• Citation
• Summery
• Study purpose
• Relevant background literature review
• Methodology
• Results
• Discussion
• Reference
• Suggestion for further research
• Synthesis with class material
3. Citation
• It is appropriately cited as:
• Koerniadi, H. and Tourani-Rad, A. (2021), "Do
minority shareholders benefit from parent-
subsidiary mergers?", International Journal of
Managerial Finance, Vol. 17 No. 1, pp. 166-
183.
4. Summery
• The main objective of this study is to:
examine whether parent–subsidiary mergers are
harmful to minority shareholders of subsidiary
companies by testing the earning management
hypothesis prior to these mergers.
• Earning management hypothesis:
• Subsidiaries’ operating performance prior to a
parent–subsidiary merger is likely to be
manipulated downward, which negatively
affects the firms’ stock price prior to such a
merger
5. Summery
• The purpose of this study is to investigate the
operating and stock performance of subsidiaries
prior to a parent–subsidiary merger and examine
whether minority shareholders benefit from such a
merger.
• Source of date. Data on:
parent–subsidiary mergers,
stock returns and
accounting variables from 1989 to 2013 are collected
from
• Thomson Reuters SDC Platinum and Thomson
Reuters Datastream databases.
6. Summery
• Sampling: Multi stage and purposive sampling
• Stage 1:
Majority-controlled (more than 50 per cent) publicly
listed company six months prior to a merger
announcement date
Target companies owned at least 5 per cent from six
months prior to merger announcement dates as
subsidiaries in our sample.
• Using this search criterion, the initial sample
consists of 2,799 completed mergers from the
SDC Platinum database.
7. Summery
• Stage 2
Report availability publicly
type of share data ( dual class of shares)
Percentage of shareholding vs percentage of control
Government, joint venture, private and financial companies are
excluded from the sample
Target firms are also required to be 100 per cent owned by the
acquirers after the mergers
• After imposing these restrictions, the sample reduced to
1,237 mergers
• Stage 3
• After excluding observations with
missing price and
the relevant accounting variables,
• the final sample consists of 284 firms with available data
one year prior to merger announcement dates.
8. Summery
• Methodology: This study employs a refined
performance-adjusted discretionary accrual model as a
measure for earnings management prior to parent–
subsidiary mergers.
• The study used regression analysis and developed 3
models:
• Model 1: to estimate earnings management and
abnormal returns.
• Discretionary accruals estimated from Jones’ (1991)
model as a proxy for earnings management
• Dependent variable:
ACC is total accruals measured as the difference between
operating earnings and operating cash flows (OCF)
9. Summery
• Dependent variables
Independent variables
. ΔREV is the change in in revenues;
PPE is gross property, plant and equipment;
A is total ass; and
Sample firms’ current ROA
• Model 2:
• Pre-merger operating performance is negatively
related to their announcement returns.
• To test this hypothesis, subsidiaries’ announcement
returns are regressed on subsidiaries’ accruals and
discretionary accruals
10. Summery
• Dependent variable:
• AR is the three-day market-adjusted or buy and
hold abnormal announcement returns.
• Independent variables
ACCRUAL is measured as earnings before interest
expenses and taxes minus OCF.
DISCRETIONARY ACCRUALS is discretionary accruals
estimated either from the Jones model (DA) or from the
performance-adjusted Jones model (PDA)
NONDISCRETIONARY ACCRUALS are the fitted values
from model 1
B/M is the book to market ratio.
11. Summery
SIZE is the natural logarithm of market capital.
SHARES is the per cent of shares acquired.
CHALLENGE is a dummy variable for a challenged deal.
CASH is a dummy variable if a merger is finance at least
with cash.
STOCK is a dummy variable if a merger is finance at
least with cash.
• Model 3:
• To examine whether values of merger transactions
have impact on earnings management, the
following variables were considered in the
regression model :
12. Summery
• Dependent variable
ACC is either total accruals or discretionary accruals
• Independent variables
Deal Value is the total transaction value scaled by a
subsidiary’s market value three years prior to mergers
B/M is the book to market ratio.
SIZE is the natural logarithm of market capital.
SHARES are the per cent of shares acquired.
OCF is operating cash flows scaled by total assets at the
beginning of year.
ΔSALES is the change in sales from year t−1 to year t.
13. Summery
DEBT is the ratio of total debt scaled by total assets at
the beginning of year.
MAJOR is a dummy variable if a parent’s ownership six
months prior to a merger is greater than 50 per cent
• Results:
• finds that total accruals and discretionary
accruals of these firms prior to mergers are
negative.
• Given this evidence, minority shareholders in the
subsidiaries within this particular ownership
category may not necessarily benefit from such
mergers.
14. Summery
• In the multivariate analysis, this study finds that:
pre-merger discretionary accruals are negatively
related to announcement returns and
the size of transactions or deal value (DV) has
significant impact on earnings management, which,
again, is consistent with earnings management prior
to parent–subsidiary mergers.
Further analysis shows, however, that earnings
management is likely to occur when parents’
ownership is in the range of 20–80 per cent of their
subsidiaries
15. Study purpose
• Purpose: to investigate the operating and stock
performance of subsidiaries prior to a parent–
subsidiary merger and examine whether minority
shareholders benefit from such a merger.
• Research problem is clearly defined as follows:
• there is no empirical study formally examining
the earnings management hypothesis in a
parent–subsidiary merger research setting.
• Research variables are clearly identified and
defined.
• Specialised terminologies are not defined
• Example: discretionally accruals and non-
discretionally.
16. Relevant background LR
• Relevant and recent empirical literature have
been reviewed to show the knowledge gap and
give background information to the study.
• From Brudney (1978) to Bonacchi et al., (2018).
• After thoroughly reviewing the relevant
empirical evidence the researcher has shown
clearly how this study is different from those
reviewed studies, i.e identified the existing
knowledge gap which are used as justification
or rational of the study.
17. Relevant background LR
• “To date, however, there is no empirical study
formally examining the earnings management
hypothesis in a parent–subsidiary merger
research setting.”
• “Thus, this paper posits that earnings
management practices could play a role in
explaining subsidiaries’ pre-merger stock
underperformance when parents decide to
acquire them.”
• Objective of the study is clearly stated.
18. Relevant background LR
• H1. Subsidiaries’ total and discretionary accruals
are negative prior to mergers
• H2. Subsidiaries’ abnormal returns surrounding
merger announcement dates are negatively related
to pre-merger discretionary accruals
• H3. The DV are negatively associated with the
subsidiaries’ pre-merger discretionary accruals.
• H4. Earnings management occurs when parents’
ownership of their subsidiaries prior to parent–
subsidiary mergers is between 20 per cent and less
than 80 per cent.
• No conceptual framework
19. Methodology
• Methodology: a refined performance-adjusted
discretionary accrual model as a measure for
earnings management prior to parent–
subsidiary mergers
• Research design is not clearly stated
• The way samples are selected has been
properly narrated, but the name of that specific
sampling technique is not clearly indicated.
• Instrument: the study is based on secondary
data which is very appropriate for the study.
20. Methodology
• Regression analysis has been used as a
method of data analysis techniques
• The dependent and independent variables are
not clearly identifies, however it is possible to
understand them from the model itself.
• The limitation of the research design is not
indicated
• How results are measured and estimated has
been clearly explained and it is appropriate for
the research objective
21. Results
• finds that total accruals and discretionary
accruals of these firms prior to mergers are
negative.
• Given this evidence, minority shareholders in
the subsidiaries within this particular ownership
category may not necessarily benefit from such
mergers.
22. Results
• In the multivariate analysis, this study finds
that:
pre-merger discretionary accruals are negatively
related to announcement returns and
the size of transactions or deal value (DV) has
significant impact on earnings management,
which, again, is consistent with earnings
management prior to parent–subsidiary mergers.
Further analysis shows, however, that earnings
management is likely to occur when parents’
ownership is in the range of 20–80 per cent of
their subsidiaries
23. Discussion
• The author has thoroughly discussed the
result of his study visa vies the reviewed
empirical evidence.
• The conclusion and recommendation are in
line with the result of the study
24. Reference
• It is reference not bibliography or footnote
• The reference are very related with the issue
raised by the researcher and most of the
references are recent.
• The references have been used in the
discussion part for support as well as rebuttal.
25. Suggestion for future research
• The study didn’t suggest anything for further
research, however, further reading material
has been suggested by the researcher
26. Synthesis with class materials
• The article is very useful and related with
what we have been discussed in class related
with research methodology and Adv financial
management course materials