This document provides an introduction and background on mergers and acquisitions (M&A) in the banking sector. It discusses different types of M&A including acquisitions, mergers, and lists some key M&A deals that have occurred in the Indian banking sector. The document also reviews literature on the impact and motivations of M&A on employees, profitability, and market structure. It outlines the objectives of the study which are to understand the conceptual framework of M&A, the impact on employees and operating efficiency, and review relevant literature on M&A in banking.
This document discusses a study on the active adjustment of capital structure in consumer goods firms in Indonesia. It begins with an introduction to capital structure and how it is an important financial decision for firms. The consumer goods industry in Indonesia is growing rapidly and firms may seek external financing like debt or equity that can influence their capital structure.
The study aims to explore if consumer goods firms have an optimal target capital structure and whether managers actively adjust towards this target. The literature review covers various capital structure theories including Modigliani-Miller, trade-off theory, and how factors like taxes, financial distress, and adjustment costs influence a firm's capital structure decisions. There is still uncertainty around whether managers in consumer goods firms use active or
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online
Relationship between capital structure and firm’s performance theoretical reviewAlexander Decker
This document provides a theoretical review of the relationship between capital structure and firm performance. It begins by defining capital structure as the combination of debt and equity used to finance a firm's operations. The document then discusses the main determinants of capital structure, including both internal factors like firm size, growth, and profitability, as well as external macroeconomic variables. Finally, it outlines the major theories around capital structure and their views on the relationship with firm performance and value.
Determinants of capital structure of listed textile enterprises of bangladeshAlexander Decker
This document summarizes a research study on the determinants of capital structure for listed textile enterprises in Bangladesh. The study uses panel data and a fixed-effect model to examine the relationship between leverage and firm-specific factors like profitability, tangibility, size, and growth. The results found that profitability and tangibility were statistically significant determinants of leverage. This finding is consistent with both the trade-off theory and agency cost theory of capital structure. The document also reviews various capital structure theories and how they relate to different firm-specific determinants.
Study of the Static Trade-Off Theory determinants vis-à-vis Capital Structure...inventionjournals
This paper investigates the application of the Static Trade-Off theory regarding the capital structure of the Pakistani Chemical Industry. We have used panel data analysis for the sample of 31 listed chemical firms from the period 2005 to 2013. The study is unique in its type as unlike to Shah & Hijazi (2005) who studied many industrial sections, this study only focuses on the listed Chemical Firms. We used five independent variables such as Profitability (P), Tangibility (T), Liquidity (L), Firm Size (FS) and Total Assets Growth (TAG) to study the effect on independent variable Financial Leverage (FG). The results confirmed the relationship of Profitability, Liquidity and Firm Size. However the results were not confirmed for Tangibility and Firm Assets Growth. Even though the results for Tangibility were positive, however the significance of the coefficients failed to support the hypothesis. This study hold a unique position for researchers for future research and also has significance for the investors helping them to make wise investment decisions when investing in Pakistani Chemical Industry since this industry holds a major portion of industrial GDP of the country
This document discusses the differences in corporate governance between banks and other firms. It argues that banks require different corporate governance structures than manufacturing companies due to their unique capital structure, liquidity production function, deposit insurance, and risk of moral hazard. The governance of banks is complicated by the many stakeholders involved, including depositors, taxpayers, and regulators. Bank boards of directors play a crucial role in governance but also face additional expectations from regulators beyond other industries. The document also analyzes empirical data that finds bank holding company boards are typically larger with 18 members on average compared to 12 for manufacturing firms. Bank boards are also subject to more meetings per year due to state regulations.
Financial services mergers and acquisitionVidhya Kannan
Merchant bankers play an important role in mergers and acquisitions by acting as intermediaries between acquiring and target companies. They negotiate deal terms, conduct due diligence on company finances and assets, obtain necessary regulatory approvals, and ensure transactions follow applicable laws and regulations. Merchant bankers can represent either the selling company or acquiring company in a deal. Their services help protect shareholder interests and facilitate transactions at a fair valuation and payment terms.
This document discusses a study on the active adjustment of capital structure in consumer goods firms in Indonesia. It begins with an introduction to capital structure and how it is an important financial decision for firms. The consumer goods industry in Indonesia is growing rapidly and firms may seek external financing like debt or equity that can influence their capital structure.
The study aims to explore if consumer goods firms have an optimal target capital structure and whether managers actively adjust towards this target. The literature review covers various capital structure theories including Modigliani-Miller, trade-off theory, and how factors like taxes, financial distress, and adjustment costs influence a firm's capital structure decisions. There is still uncertainty around whether managers in consumer goods firms use active or
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online
Relationship between capital structure and firm’s performance theoretical reviewAlexander Decker
This document provides a theoretical review of the relationship between capital structure and firm performance. It begins by defining capital structure as the combination of debt and equity used to finance a firm's operations. The document then discusses the main determinants of capital structure, including both internal factors like firm size, growth, and profitability, as well as external macroeconomic variables. Finally, it outlines the major theories around capital structure and their views on the relationship with firm performance and value.
Determinants of capital structure of listed textile enterprises of bangladeshAlexander Decker
This document summarizes a research study on the determinants of capital structure for listed textile enterprises in Bangladesh. The study uses panel data and a fixed-effect model to examine the relationship between leverage and firm-specific factors like profitability, tangibility, size, and growth. The results found that profitability and tangibility were statistically significant determinants of leverage. This finding is consistent with both the trade-off theory and agency cost theory of capital structure. The document also reviews various capital structure theories and how they relate to different firm-specific determinants.
Study of the Static Trade-Off Theory determinants vis-à-vis Capital Structure...inventionjournals
This paper investigates the application of the Static Trade-Off theory regarding the capital structure of the Pakistani Chemical Industry. We have used panel data analysis for the sample of 31 listed chemical firms from the period 2005 to 2013. The study is unique in its type as unlike to Shah & Hijazi (2005) who studied many industrial sections, this study only focuses on the listed Chemical Firms. We used five independent variables such as Profitability (P), Tangibility (T), Liquidity (L), Firm Size (FS) and Total Assets Growth (TAG) to study the effect on independent variable Financial Leverage (FG). The results confirmed the relationship of Profitability, Liquidity and Firm Size. However the results were not confirmed for Tangibility and Firm Assets Growth. Even though the results for Tangibility were positive, however the significance of the coefficients failed to support the hypothesis. This study hold a unique position for researchers for future research and also has significance for the investors helping them to make wise investment decisions when investing in Pakistani Chemical Industry since this industry holds a major portion of industrial GDP of the country
This document discusses the differences in corporate governance between banks and other firms. It argues that banks require different corporate governance structures than manufacturing companies due to their unique capital structure, liquidity production function, deposit insurance, and risk of moral hazard. The governance of banks is complicated by the many stakeholders involved, including depositors, taxpayers, and regulators. Bank boards of directors play a crucial role in governance but also face additional expectations from regulators beyond other industries. The document also analyzes empirical data that finds bank holding company boards are typically larger with 18 members on average compared to 12 for manufacturing firms. Bank boards are also subject to more meetings per year due to state regulations.
Financial services mergers and acquisitionVidhya Kannan
Merchant bankers play an important role in mergers and acquisitions by acting as intermediaries between acquiring and target companies. They negotiate deal terms, conduct due diligence on company finances and assets, obtain necessary regulatory approvals, and ensure transactions follow applicable laws and regulations. Merchant bankers can represent either the selling company or acquiring company in a deal. Their services help protect shareholder interests and facilitate transactions at a fair valuation and payment terms.
Use of trade credit in nigeria a panel econometric approachAlexander Decker
This document examines the determinants of trade credit use among non-financial firms in Nigeria using a panel data analysis of 70 firms over 2000-2009. Trade credit represents a substantial source of short-term financing for most firms and allows them to delay payments to suppliers. The results of the study indicate that trade credit use is influenced by factors like depreciation provision, sales value, institutional loans, asset tangibility, and current assets. Firms should adjust their financial structure to take advantage of trade credit.
11.use of trade credit in nigeria a panel econometric approachAlexander Decker
This document examines the determinants of trade credit use among non-financial firms in Nigeria using a panel data analysis of 70 firms over 2000-2009. Trade credit represents a substantial source of short-term financing for most firms and allows them to delay payments to suppliers. The results of the study indicate that trade credit use is influenced by factors like depreciation provision, sales value, institutional loans, asset tangibility, and current assets. Firms should adjust their financial structure to take advantage of trade credit.
This research investigates the determinants of the capital structure of firms listed service sector on BIST(Borsa Istanbul) and the adjustment process towards this target. The econometric analysis employs the Generalized Method of Moments estimators (GMM-Sys, GMM difference) techniques that controls for unobserved firm-specific effects and the endogeneity problem. The findings of the paper suggest that firms have target leverage ratios and they adjust to them relatively fast. Consistent with the predictions of capital structure theories and the findings of the empirical literature, the results of this paper suggest that size, assets tangibility, profitability, growth opportunity except earnings volatility have significant effects on the capital structure choice of hotels and restaurants.The capital structure or leverage is measured by total debt ratio. Analysis results indicates that firms with high profits, sizable, high fixed assets ratio and high total sales and more growth opportunities tend to have relatively less debt in their capital structures.
The survey found that institutional investors are most concerned about executive remuneration, board of directors issues, and capital increases at upcoming AGMs. Investors want transparent performance criteria for executive pay and evidence that boards are addressing risk management and functioning effectively. While proxy advisor recommendations influence investors, they also rely on internal voting policies. Companies should engage with major shareholders and communicate resolutions to reduce risks of negative votes.
Porters five force strategy for Banking IndustrySanjay Kumbhar
The document analyzes the banking industry using Porter's Five Forces model. It examines the threats of new entrants, power of suppliers and buyers, competitive rivalry, and availability of substitutes. It finds that the threat of new entrants is low due to regulatory barriers. The power of suppliers and buyers is high given limited options and customer loyalty. Competitive rivalry is also high since banks offer similar products and services. Substitutes pose a medium threat from non-banking financial institutions. In conclusion, most forces score high, suggesting the industry is unfavorable for new entrants.
Mergers and Acquisitions - Project report Girish KhairnarGirish Khairnar
This document discusses mergers and acquisitions (M&A), providing definitions and explaining the differences between mergers and acquisitions. It outlines the objectives, types, structures, processes, accounting, valuation methods, deal structures, impacts, value creation strategies, pitfalls, disadvantages of M&A. Examples of major M&A deals in the corporate and banking sectors in India are also provided, along with the author's personal experience working on an M&A deal between Varian Medical Systems entities.
JNNSM reverse auction : A rational explanation for irrationally low hurdle ratesmadhavanvee
This document discusses renewable energy investments in growing economies like India. It analyzes required returns on equity for solar power projects in India based on interviews with 21 investors. The auctions for these projects yielded very low prices, suggesting investors were satisfied with returns of 10-15%, much lower than typical expectations. The document explores behavioral explanations for this, finding investors had diverse risk perceptions and many saw opportunities to gain skills and resources by investing sooner despite uncertainty. Lower perceived risks around policy, technology costs, and economic growth helped trigger waves of earlier investment at below-average rates.
This document provides information about solved assignments available from www.smusolvedassignments.com for various subjects including MBA, Banking, Finance, and Healthcare at a nominal cost. It lists specific assignments available for subjects like Strategic Management, International Business Management, Treasury Management, Corporate Banking, Institutional Banking, Financial Management, Insurance and Risk Management, Healthcare related subjects and Human Resources. It encourages visitors to visit the website or mail for getting their assignments solved at affordable prices.
Relevance of Mergers and Acquisition on Financial Performance of Deposit Mone...iosrjce
The paper examined the effects of Merger and Acquisition on the financial performance of selected
deposit money banks in Nigeria with emphasis on Profit After Tax, Gross Earnings and Asset Growth as
financial efficiency parameters. Two Nigeria Deposit Money Bank were selected using convenience and
judgemental sample selection methods. Data were collected from the published financial statements of the banks
namely former Oceanic bank and Ecobank Plc (now Ecobank Plc) and former Intercontinental Bank Plc and
Access Bank (Access Bank Plc). Data were analyzed using Linear Regression statistical tool. The results
revealed that Post Merger Financial Performance was significantly improved than the Pre Merger period of the
banks. The study therefore recommends that banks can merge or acquire each other as this has proved to
become a plat form for rescuing ailing ones and could provides a platform that could enhance batter financial
performance
Capital structure and market values of companiesAlexander Decker
1) The document discusses the relationship between capital structure and market values of companies. It notes that an optimal capital structure is important for maximizing shareholder wealth and market value.
2) The author reviews theories on how capital structure can impact firm value. While the Modigliani-Miller theory suggests capital structure is irrelevant, other research has found relationships between capital structure, growth opportunities, and firm value.
3) Debt financing can increase firm value through tax benefits and lower costs than equity, but it also increases financial risk which may offset these benefits. An optimal capital structure balances these costs and benefits.
This document provides information on financial management concepts including:
- The differences between wealth maximization and profit maximization, and the relationship between finance and accounting.
- Factors that affect capital structure such as leverage, cost of capital, cash flow projections, and dilution of control.
- The capital budgeting process including project screening, market appraisal, technical appraisal, economic appraisal, and financial appraisal.
- Concepts of working capital such as gross working capital, net working capital, permanent working capital, and temporary working capital. Determinants of working capital such as nature of business, operating cycle, and growth of the firm are also discussed.
Value Creation through Mergers and Acquisitions (2020-09-15)Girish Khairnar
The document is a project report on value creation through mergers and acquisitions. It includes an introduction to mergers and acquisitions, objectives of the report, types of M&A, the M&A process, accounting for M&A, valuation, deal structures, strategies, impacts, value creation aspects, a critical analysis, case studies, personal experiences, suggestions and an overall conclusion. The document contains acknowledgements, certificates, declarations and a detailed table of contents outlining the various sections covered in the report.
Analysis of Fundamental Factors, Foreign Exchange and Interest Rate on Stock ...inventionjournals
ABSTRACT: This study purpose was to determine the effect of fundamental factors (Long-Term Debt to Equity Ratio, Quick Ratio, Total Assets Turn Over, Return on Equity, Price Earning Ratio) and macroeconomic factors (foreign exchange and interest rate) on stock return at manufacturing companies listed in Indonesia Stock Exchange for 2011-2013 periods. This study uses secondary data. Samples are 13 manufacturing companies listed in Indonesia Stock Exchange. This study results by F test shows that Long-Term Debt to Equity Ratio, Quick Ratio, Total Assets Turn Over, and Return on Equity, Price Earning Ratio, Foreign Exchange and Interest Rates has significant effect on stock returns. T test results show that Long-Term Debt to Equity Ratio, Quick Ratio, and Price Earning Ratio do not have significant effect on stock returns. While Total Asset Turn Over, Return on Equity, Foreign Exchange and Interest Rates have significant effect on stock returns.
Change in shareholding in listed companies by mf industry over the quarter ma...Dhuraivel Gunasekaran
The document analyzes changes in shareholding of listed companies by mutual funds over the quarter from March 2012 to June 2012. It provides tables showing the top 20 stocks where funds have increased or decreased their shareholding by percentage of equity held and by number of shares. Additional tables show stocks funds have reduced their stake in to nil or increased their stake in from nil. The document concludes by examining sector allocation of funds by mutual funds.
11.operational diversification and stability of financial performance in indi...Alexander Decker
This document discusses research examining the impact of operational diversification on the stability of financial performance in the Indian banking sector. It analyzes data from 59 banks over 1995-2008. The research finds that banks with greater diversification of operations experience larger fluctuations in financial performance, possibly due to failures in deciding optimal areas and extent of diversification. Future research should address these issues, as over-diversification or diversifying into non-core areas may negatively impact stability and cause regulatory conflicts. The document provides context on banking sector reforms in India, debates around the relationship between diversification and performance, and an overview of variations in diversification levels and financial performance across banks.
Omaxe Reviews get lot of hits on omaxe reviews official omaxe reviews introducing omaxe reviews and Mr. Anil Kumar get set go. Omaxe Reviews at next month but all over get hot with ladies.Omaxe Reviews get lot of hits on omaxe reviews official omaxe reviews introducing omaxe reviews and Mr. Anil Kumar get set go. Omaxe Reviews at next month but all over get hot with ladies.Omaxe Reviews get lot of hits on omaxe reviews official omaxe reviews introducing omaxe reviews and Mr. Anil Kumar get set go. Omaxe Reviews at next month but all over get hot with ladies.Omaxe Reviews get lot of hits on omaxe reviews official omaxe reviews introducing omaxe reviews and Mr. Anil Kumar get set go. Omaxe Reviews at next month but all over get hot with ladies.Omaxe Reviews get lot of hits on omaxe reviews official omaxe reviews introducing omaxe reviews and Mr. Anil Kumar get set go. Omaxe Reviews at next month but all over get hot with ladies.Omaxe Reviews get lot of hits on omaxe reviews official omaxe reviews introducing omaxe reviews and Mr. Anil Kumar get set go. Omaxe Reviews at next month but all over get hot with ladies.Omaxe Reviews get lot of hits on omaxe reviews official omaxe reviews introducing omaxe reviews and Mr. Anil Kumar get set go. Omaxe Reviews at next month but all over get hot with ladies.Omaxe Reviews get lot of hits on omaxe reviews official omaxe reviews introducing omaxe reviews and Mr. Anil Kumar get set go. Omaxe Reviews at next month but all over get hot with ladies.Omaxe Reviews get lot of hits on omaxe reviews official omaxe reviews introducing omaxe reviews and Mr. Anil Kumar get set go. Omaxe Reviews at next month but all over get hot with ladies.Omaxe Reviews get lot of hits on omaxe reviews official omaxe reviews introducing omaxe reviews and Mr. Anil Kumar get set go. Omaxe Reviews at next month but all over get hot with ladies.Omaxe Reviews get lot of hits on omaxe reviews official omaxe reviews introducing omaxe reviews and Mr. Anil Kumar get set go. Omaxe Reviews at next month but all over get hot with ladies.Omaxe Reviews get lot of hits on omaxe reviews official omaxe reviews introducing omaxe reviews and Mr. Anil Kumar get set go. Omaxe Reviews at next month but all over get hot with ladies.Omaxe Reviews get lot of hits on omaxe reviews official omaxe reviews introducing omaxe reviews and Mr. Anil Kumar get set go. Omaxe Reviews at next month but all over get hot with ladies.Omaxe Reviews get lot of hits on omaxe reviews official omaxe reviews introducing omaxe reviews and Mr. Anil Kumar get set go. Omaxe Reviews at next month but all over get hot with ladies.Omaxe Reviews get lot of hits on omaxe reviews official omaxe reviews introducing omaxe reviews and Mr. Anil Kumar get set go. Omaxe Reviews at next month but all over get hot with ladies.Omaxe Reviews get lot of hits on omaxe reviews official omaxe reviews introducing omaxe reviews and Mr. Anil Kumar get set go. Omaxe Reviews at next month but all over get hot.
Understanding the Dynamics of Business Group Advantages and Affiliate Level A...inventionjournals
This paper explores the theory of the competitive advantages of business groups and their affiliates. The goal is to address the literature on emerging economies which remains short in providing the theoretical background on the nature of different types of emerging economy firms and their competitiveness. This research offers a theoretical framework on the specific competitive advantages of business groups and their affiliates. Some theoretical and practical implications are presented to elucidate the value of the paper towards our understanding on the growth and behavior of business groups.
Mergers and acquisitions and bank performance in Europe the role of strategic...- -
This paper analyzes 262 mergers and acquisitions in the European banking sector between 1990-2004 to examine the impact of strategic similarities on bank performance. The authors find that mergers between banks with similar efficiency levels, capital structures, and business profiles led to improved post-merger performance, especially for domestic mergers focused on cost-cutting. However, differences in credit risk and activities boosted performance for cross-border mergers seeking revenue synergies. The analysis provides insights but has limitations such as a narrow time window, lack of controls for multiple mergers, and not accounting for differences in accounting standards across countries.
MERGERS AND ACQUISITIONS PROSPECTS: INDIAN BANKS STUDYpaperpublications3
Abstract:This research paper looks at Mergers and Acquisitions (M&A’s) that have happened in Indian banking sector to understand the resulting synergies and the long term implications of the merger. The paper also analyses emerging future trends and recommends steps that banks should consider for future. The paper reviews the trends in M&A’s in Indian banking and then impact of M&A’s has been studied in three leading banks of India. The study covers the area of performance evaluation of M&A’s in Indian banking sector during the period from 2000 to 2013. The paper compares pre and post merger financial performance of merged banks with the help of financial parameters like, Net Profit margin, operating Profit margin, Return on Capital Employed, Return on Equity, earnings per share, capital adequacy ratio, dividend per share etc. The findings suggest that to some extent M&A’s has been successful in Indian banking sector. The Government and Policy makers should not promote merger between strong and distressed banks as a way to promote the interest of the depositors of distressed banks, as it will have adverse effect upon the asset quality of the stronger banks.
Keywords:Strategic alliance, capital adequacy, mergers, consolidation, ratios.
Use of trade credit in nigeria a panel econometric approachAlexander Decker
This document examines the determinants of trade credit use among non-financial firms in Nigeria using a panel data analysis of 70 firms over 2000-2009. Trade credit represents a substantial source of short-term financing for most firms and allows them to delay payments to suppliers. The results of the study indicate that trade credit use is influenced by factors like depreciation provision, sales value, institutional loans, asset tangibility, and current assets. Firms should adjust their financial structure to take advantage of trade credit.
11.use of trade credit in nigeria a panel econometric approachAlexander Decker
This document examines the determinants of trade credit use among non-financial firms in Nigeria using a panel data analysis of 70 firms over 2000-2009. Trade credit represents a substantial source of short-term financing for most firms and allows them to delay payments to suppliers. The results of the study indicate that trade credit use is influenced by factors like depreciation provision, sales value, institutional loans, asset tangibility, and current assets. Firms should adjust their financial structure to take advantage of trade credit.
This research investigates the determinants of the capital structure of firms listed service sector on BIST(Borsa Istanbul) and the adjustment process towards this target. The econometric analysis employs the Generalized Method of Moments estimators (GMM-Sys, GMM difference) techniques that controls for unobserved firm-specific effects and the endogeneity problem. The findings of the paper suggest that firms have target leverage ratios and they adjust to them relatively fast. Consistent with the predictions of capital structure theories and the findings of the empirical literature, the results of this paper suggest that size, assets tangibility, profitability, growth opportunity except earnings volatility have significant effects on the capital structure choice of hotels and restaurants.The capital structure or leverage is measured by total debt ratio. Analysis results indicates that firms with high profits, sizable, high fixed assets ratio and high total sales and more growth opportunities tend to have relatively less debt in their capital structures.
The survey found that institutional investors are most concerned about executive remuneration, board of directors issues, and capital increases at upcoming AGMs. Investors want transparent performance criteria for executive pay and evidence that boards are addressing risk management and functioning effectively. While proxy advisor recommendations influence investors, they also rely on internal voting policies. Companies should engage with major shareholders and communicate resolutions to reduce risks of negative votes.
Porters five force strategy for Banking IndustrySanjay Kumbhar
The document analyzes the banking industry using Porter's Five Forces model. It examines the threats of new entrants, power of suppliers and buyers, competitive rivalry, and availability of substitutes. It finds that the threat of new entrants is low due to regulatory barriers. The power of suppliers and buyers is high given limited options and customer loyalty. Competitive rivalry is also high since banks offer similar products and services. Substitutes pose a medium threat from non-banking financial institutions. In conclusion, most forces score high, suggesting the industry is unfavorable for new entrants.
Mergers and Acquisitions - Project report Girish KhairnarGirish Khairnar
This document discusses mergers and acquisitions (M&A), providing definitions and explaining the differences between mergers and acquisitions. It outlines the objectives, types, structures, processes, accounting, valuation methods, deal structures, impacts, value creation strategies, pitfalls, disadvantages of M&A. Examples of major M&A deals in the corporate and banking sectors in India are also provided, along with the author's personal experience working on an M&A deal between Varian Medical Systems entities.
JNNSM reverse auction : A rational explanation for irrationally low hurdle ratesmadhavanvee
This document discusses renewable energy investments in growing economies like India. It analyzes required returns on equity for solar power projects in India based on interviews with 21 investors. The auctions for these projects yielded very low prices, suggesting investors were satisfied with returns of 10-15%, much lower than typical expectations. The document explores behavioral explanations for this, finding investors had diverse risk perceptions and many saw opportunities to gain skills and resources by investing sooner despite uncertainty. Lower perceived risks around policy, technology costs, and economic growth helped trigger waves of earlier investment at below-average rates.
This document provides information about solved assignments available from www.smusolvedassignments.com for various subjects including MBA, Banking, Finance, and Healthcare at a nominal cost. It lists specific assignments available for subjects like Strategic Management, International Business Management, Treasury Management, Corporate Banking, Institutional Banking, Financial Management, Insurance and Risk Management, Healthcare related subjects and Human Resources. It encourages visitors to visit the website or mail for getting their assignments solved at affordable prices.
Relevance of Mergers and Acquisition on Financial Performance of Deposit Mone...iosrjce
The paper examined the effects of Merger and Acquisition on the financial performance of selected
deposit money banks in Nigeria with emphasis on Profit After Tax, Gross Earnings and Asset Growth as
financial efficiency parameters. Two Nigeria Deposit Money Bank were selected using convenience and
judgemental sample selection methods. Data were collected from the published financial statements of the banks
namely former Oceanic bank and Ecobank Plc (now Ecobank Plc) and former Intercontinental Bank Plc and
Access Bank (Access Bank Plc). Data were analyzed using Linear Regression statistical tool. The results
revealed that Post Merger Financial Performance was significantly improved than the Pre Merger period of the
banks. The study therefore recommends that banks can merge or acquire each other as this has proved to
become a plat form for rescuing ailing ones and could provides a platform that could enhance batter financial
performance
Capital structure and market values of companiesAlexander Decker
1) The document discusses the relationship between capital structure and market values of companies. It notes that an optimal capital structure is important for maximizing shareholder wealth and market value.
2) The author reviews theories on how capital structure can impact firm value. While the Modigliani-Miller theory suggests capital structure is irrelevant, other research has found relationships between capital structure, growth opportunities, and firm value.
3) Debt financing can increase firm value through tax benefits and lower costs than equity, but it also increases financial risk which may offset these benefits. An optimal capital structure balances these costs and benefits.
This document provides information on financial management concepts including:
- The differences between wealth maximization and profit maximization, and the relationship between finance and accounting.
- Factors that affect capital structure such as leverage, cost of capital, cash flow projections, and dilution of control.
- The capital budgeting process including project screening, market appraisal, technical appraisal, economic appraisal, and financial appraisal.
- Concepts of working capital such as gross working capital, net working capital, permanent working capital, and temporary working capital. Determinants of working capital such as nature of business, operating cycle, and growth of the firm are also discussed.
Value Creation through Mergers and Acquisitions (2020-09-15)Girish Khairnar
The document is a project report on value creation through mergers and acquisitions. It includes an introduction to mergers and acquisitions, objectives of the report, types of M&A, the M&A process, accounting for M&A, valuation, deal structures, strategies, impacts, value creation aspects, a critical analysis, case studies, personal experiences, suggestions and an overall conclusion. The document contains acknowledgements, certificates, declarations and a detailed table of contents outlining the various sections covered in the report.
Analysis of Fundamental Factors, Foreign Exchange and Interest Rate on Stock ...inventionjournals
ABSTRACT: This study purpose was to determine the effect of fundamental factors (Long-Term Debt to Equity Ratio, Quick Ratio, Total Assets Turn Over, Return on Equity, Price Earning Ratio) and macroeconomic factors (foreign exchange and interest rate) on stock return at manufacturing companies listed in Indonesia Stock Exchange for 2011-2013 periods. This study uses secondary data. Samples are 13 manufacturing companies listed in Indonesia Stock Exchange. This study results by F test shows that Long-Term Debt to Equity Ratio, Quick Ratio, Total Assets Turn Over, and Return on Equity, Price Earning Ratio, Foreign Exchange and Interest Rates has significant effect on stock returns. T test results show that Long-Term Debt to Equity Ratio, Quick Ratio, and Price Earning Ratio do not have significant effect on stock returns. While Total Asset Turn Over, Return on Equity, Foreign Exchange and Interest Rates have significant effect on stock returns.
Change in shareholding in listed companies by mf industry over the quarter ma...Dhuraivel Gunasekaran
The document analyzes changes in shareholding of listed companies by mutual funds over the quarter from March 2012 to June 2012. It provides tables showing the top 20 stocks where funds have increased or decreased their shareholding by percentage of equity held and by number of shares. Additional tables show stocks funds have reduced their stake in to nil or increased their stake in from nil. The document concludes by examining sector allocation of funds by mutual funds.
11.operational diversification and stability of financial performance in indi...Alexander Decker
This document discusses research examining the impact of operational diversification on the stability of financial performance in the Indian banking sector. It analyzes data from 59 banks over 1995-2008. The research finds that banks with greater diversification of operations experience larger fluctuations in financial performance, possibly due to failures in deciding optimal areas and extent of diversification. Future research should address these issues, as over-diversification or diversifying into non-core areas may negatively impact stability and cause regulatory conflicts. The document provides context on banking sector reforms in India, debates around the relationship between diversification and performance, and an overview of variations in diversification levels and financial performance across banks.
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Understanding the Dynamics of Business Group Advantages and Affiliate Level A...inventionjournals
This paper explores the theory of the competitive advantages of business groups and their affiliates. The goal is to address the literature on emerging economies which remains short in providing the theoretical background on the nature of different types of emerging economy firms and their competitiveness. This research offers a theoretical framework on the specific competitive advantages of business groups and their affiliates. Some theoretical and practical implications are presented to elucidate the value of the paper towards our understanding on the growth and behavior of business groups.
Mergers and acquisitions and bank performance in Europe the role of strategic...- -
This paper analyzes 262 mergers and acquisitions in the European banking sector between 1990-2004 to examine the impact of strategic similarities on bank performance. The authors find that mergers between banks with similar efficiency levels, capital structures, and business profiles led to improved post-merger performance, especially for domestic mergers focused on cost-cutting. However, differences in credit risk and activities boosted performance for cross-border mergers seeking revenue synergies. The analysis provides insights but has limitations such as a narrow time window, lack of controls for multiple mergers, and not accounting for differences in accounting standards across countries.
MERGERS AND ACQUISITIONS PROSPECTS: INDIAN BANKS STUDYpaperpublications3
Abstract:This research paper looks at Mergers and Acquisitions (M&A’s) that have happened in Indian banking sector to understand the resulting synergies and the long term implications of the merger. The paper also analyses emerging future trends and recommends steps that banks should consider for future. The paper reviews the trends in M&A’s in Indian banking and then impact of M&A’s has been studied in three leading banks of India. The study covers the area of performance evaluation of M&A’s in Indian banking sector during the period from 2000 to 2013. The paper compares pre and post merger financial performance of merged banks with the help of financial parameters like, Net Profit margin, operating Profit margin, Return on Capital Employed, Return on Equity, earnings per share, capital adequacy ratio, dividend per share etc. The findings suggest that to some extent M&A’s has been successful in Indian banking sector. The Government and Policy makers should not promote merger between strong and distressed banks as a way to promote the interest of the depositors of distressed banks, as it will have adverse effect upon the asset quality of the stronger banks.
Keywords:Strategic alliance, capital adequacy, mergers, consolidation, ratios.
María Isabel Trinidad nació en 1915 en Pamplona y murió en 2004 en el Carmelo del Cerro de los Ángeles en Madrid. Ingresó como novicia en el Carmelo en 1938 y pasó el resto de su vida allí sirviendo a la comunidad. Fue una figura clave en la preservación del legado de Santa Teresa de Jesús y la promoción de la causa de canonización de la Madre Maravillas de Jesús. En 2012 se inició su propio proceso de canonización.
The document outlines Harley-Davidson's marketing strategy to target women ages 25-34 for its Sportster bike line. It identifies magazines, internet, outdoor, and television advertising as the key media mix. The strategy involves pulsing advertising across four cycles aligned with seasonal riding patterns, and allocating $23 million total with $5 million for promotions including events at the Sturgis and Daytona Beach rallies and a national bike giveaway promotion. The goal is to increase Sportster sales by 3,000 bikes within the next year through a high-reach, moderate frequency campaign.
Il cloud computing è uno dei trend tecnologici in maggior crescita, la cui diffusione procede di pari passo con la consapevolezza dei relativi benefici da parte delle imprese.
Ridurre i costi di investimento e di operatività, beneficiare di una infrastruttura enterprise senza implementarla ed amministrarla, usufruire di uno spazio fisico enorme per i propri dati e a basso costo: questi e molti sono i benefici del cloud computing.
This document outlines Harley Davidson's 2012 media plan to target women ages 25-34 for its new women's motorcycle line. It discusses performing a SWOT analysis, researching past competitors in the female motorcycle market, identifying target audiences in specific regions of the US, and setting goals and budgets for reaching women across magazines, internet, television, outdoor and promotional channels throughout the year. The plan aims to increase Sportster purchases by 3,000 units by targeting women with non-objectifying ads across multiple media platforms.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms for those who already suffer from conditions like anxiety and depression.
This document provides recipes from ancient Greece that showcase the influence of Greek eating habits on Mediterranean cuisine. It includes over a dozen recipes for dishes like skorthalia (a garlic and leek dip), ithakistikos (a meat and offal pate), blood sausage, salt-cured anchovies, cuttlefish stew, barley soup, and fish stews seasoned with garos (a fermented fish sauce). The recipes demonstrate how Greeks incorporated local ingredients like fish, herbs, spices, grains, and fermented sauces into their cooking.
The document summarizes a research article about mergers and acquisitions in the Indian banking industry, specifically focusing on ICICI Bank Ltd. It discusses ICICI Bank's acquisition of nine other financial firms to facilitate its growth. The article is divided into four parts: 1) an introduction to mergers and acquisitions, 2) ICICI Bank's historical background and acquisitions, 3) a detailed discussion of each acquisition, and 4) a conclusion on the importance of strategic planning for mergers. A literature review examines factors important for managing mergers effectively such as communication, corporate culture, stress, and human resource issues.
The document discusses the effects of mergers on employees. It provides details from a case study of the merger between State Bank of India and State Bank of Indore. Management-level employees supported the merger due to proposed benefits, while clerical staff protested due to changes in union policies and transfers to distant areas. The objective of the research is to study the impact of mergers on employees, including effects on job security, compensation and working conditions.
Capstone Project on Merger & Acquisition on Banking Sectorsavio basimalla
This document appears to be a student capstone project on mergers and acquisitions in the banking sector. It includes sections on defining mergers and types of mergers, benefits of mergers, laws affecting takeovers and mergers, and the research methodology. The student declares this is their original work submitted for a postgraduate diploma. They acknowledge help from their professor and friends.
This document discusses corporate restructuring and insolvency in India. It defines corporate restructuring as reorganizing a company's structure to make it more competitive, often in response to financial difficulties or changes in the business environment. The document notes that prior to economic liberalization in India, many sick industrial companies faced closure, resulting in lost production, employment, and tax revenue. It discusses how corporate restructuring and insolvency laws aim to revive viable companies through schemes rather than winding them up. The document also examines how corporate restructuring can help companies gain competitive advantages through actions like mergers, acquisitions, downsizing, and optimizing resources.
Dissertation_Mergers & Acqusitions- Analysis of its financing and effectsMatang Gupta
This document provides an overview of mergers and acquisitions (M&A). It discusses the background of M&A, types of M&A such as horizontal, vertical, conglomerate mergers and reverse mergers. It also discusses the differences between mergers and acquisitions. The document then covers the common motives for M&A such as achieving synergies, economies of scale, entering new markets, and tax advantages. It also discusses the typical M&A process including valuation, proposal/negotiation, final agreement, and integration. Finally, it notes the key parties involved in an M&A deal such as acquirers, targets, financial/legal advisors, and regulators.
Firm Performance Based on Acquisition, Merger, and Debt Policy on SOE in Indo...AJHSSR Journal
ABSTRACT: This study aims to examine the effect of acquisitions, mergers, and debt policies on company
performance in BUMN companies listed on BPS for the 2016-2020 period. The data collection technique used
was purposive sampling, where the sample obtained was 317 that met the criteria. The data analysis techniques
used in this study are descriptive statistics, classical assumption tests, multiple regression analysis tests and
hypothesistesting. Based on the research conducted, the research results show that acquisitions and mergers havea
significant effect on company performance, as well as debt policy which has a significant effect on company
performance.
KEYWORDS: Acquisition, Merger, Debt, Firm Performance
This document appears to be a project report on mergers and acquisitions in the Indian banking sector. It discusses several bank mergers that have occurred in India, including HDFC Bank and Times Bank, ICICI Bank and Bank of Madura, and Global Trust Bank and UTI Bank. It analyzes the motives and benefits of mergers, such as increasing competitiveness and shareholder value. The report also examines the recommendations of the Narasimham Committee on banking reforms regarding consolidation in the sector through mergers between strong banks. Overall, the document provides an overview of mergers and acquisitions that have taken place in the Indian banking industry.
This document provides an overview of financing for small and medium enterprises (SMEs) in India. It discusses the importance of SMEs to the Indian economy and some of the challenges faced by SMEs in obtaining adequate financing. It highlights the role of the Small Industrial Development Bank of India (SIDBI) in successfully providing various forms of financing to SMEs over time. Overall, the document argues that while SIDBI has achieved good results in SME financing, both private and public sector banks need innovative models to further expand financing to the important SME sector of the Indian economy.
MERGERS AND ACQUISITIONS PROSPECTS: INDIAN BANKS STUDYpaperpublications3
This document discusses mergers and acquisitions in the Indian banking sector from 2000-2013. It analyzes the performance of three major banks that underwent mergers - ICICI Bank, State Bank of India, and HDFC Bank. The key findings were that M&As provided some benefits like economies of scale, increased market share and branch networks, and skill/talent transfer between organizations. However, the government should not promote mergers between strong and distressed banks as it can negatively impact the stronger bank's asset quality. The document also provides details on the history and reasons for M&As in Indian banking, as well as specific examples like ICICI Bank's acquisition of Bank of Madura in 2001.
This document summarizes a research study that examined the relationship between working capital management and financial performance of deposit money banks in Nigeria from 2007 to 2013. The study found a strong positive relationship between current ratio, quick ratio, and return on assets (ROA), while cash ratio was found to be inversely related to ROA. It recommends that banks maintain adequate liquidity through higher current and quick ratios to improve profitability, while reducing the amount of cash held to invest funds and generate higher returns. In general, the study empirically proved that effective working capital management can positively impact the profitability of deposit money banks in Nigeria.
Recent Developments of Corporate Insolvency Law in Malaysiainventionjournals
This article aims to analyse the current corporate insolvency framework in Malaysia and the problem faced in the corporate insolvency law. Under the current corporate insolvency law in Malaysia, there are numerous approaches in dealing with corporate insolvency, but it appears that the current framework is found to be inadequate due to lack of focus accorded on the rescue mechanisms or attempts to rehabilitate companies. Conversely, the current corporate insolvency framework is very much focused on liquidation or winding up of a company. This article also highlights some of the proactive reform efforts undertaken by the Malaysian government to keep in tandem with the latest development that had taken place in the corporate sector. Accordingly, this article will propose some future reforms to the relevant department in order to reinvigorate the existing insolvency regulatory framework to be more dynamic and in line with international standards adopted by other countries within the region.
Writekraft Research and Publications LLP was initially formed, informally, in 2006 by a group of scholars to help fellow students. Gradually, with several dissertations, thesis and assignments receiving acclaim and a good grade, Writekraft was officially founded in 2011 . Since its establishment, Writekraft Research & Publications LLP is Guiding and Mentoring PhD Scholars.
Our Mission
“To provide breakthrough research works to our clients through Perseverant efforts towards creativity and innovation”.
Vision
Writekraft endeavours to be the leading global research and publications company that will fulfil all research needs of our clients. We will achieve this vision through:
Analyzing every customer’s aims, objectives and purpose of research
Using advanced and latest tools and technique of research and analysis
Coordinating and including their own ideas and knowledge
Providing the desired inferences and results of the research
In the past decade, we have successfully assisted students from various universities in India and globally. We at Writekraft Research & Publications LLP head office in Kanpur, India are most trusted and professional Research, Writing, Guidance and Publication Service Provider for PhD. Our services meet all your PhD Admissions, Thesis Preparation and Research Paper Publication needs with highest regards for the quality you prefer.
This document provides an overview of working capital management concepts and presents a case study on working capital management at Air India Ltd. It begins with definitions of internal and external working capital and short-term debt management. It then provides background information on Air India, including its history, operations, and financial challenges. The document outlines the objectives and hypotheses of the study. The literature review section discusses key concepts in working capital management like working capital cycles, determinants of working capital, cash management and inventory management. It also presents the research methodology and analyses working capital management practices at Air India based on the conceptual framework. The findings and conclusions relate the empirical results to implications for decision-makers.
MERGERS AND ACQUISITIONS IN INDIAN BANKING SECTORRaku Daku
This document provides an overview of mergers and acquisitions that have occurred in the Indian banking sector. It discusses several major mergers such as HDFC Bank and Times Bank in 1999, ICICI Bank acquiring Bank of Madura, and Global Trust Bank merging with UTI Bank. The motives for mergers are discussed, including improving competitiveness and shareholder value. Recommendations from the Narasimham Committee on banking reforms are summarized, including that mergers should not be used to bail out weak banks but could help strong banks. In conclusion, the Indian banking sector has generally destroyed shareholder wealth while mergers of strong banks tend to create value.
HwA’s team of finance assignment experts would be delighted to help students solve finance assignment and finance homework through quality sample solutions.
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CAN MERGERS AND ACQUISITIONS IMPROVE BANKING INDUSTRYIulian Warter
This document discusses mergers and acquisitions (M&As) in the banking industry. It outlines several key drivers for M&A activity in banking, including geographic expansion into emerging markets, consolidation in mature markets, and restructuring of business operations. The document also examines factors that influence the success of M&A deals such as achieving synergies between banks and proper integration processes. Finally, it analyzes strategies used in banking M&As like acquiring new business lines or consolidating smaller banks.
CAN MERGERS AND ACQUISITIONS IMPROVE BANKING INDUSTRYLiviu Warter
This document discusses mergers and acquisitions (M&As) in the banking industry. It analyzes the drivers of M&As, including geographic expansion, market consolidation, and restructuring. Successful M&As require realizing synergies between the banks. However, cultural differences and challenges integrating operations can undermine synergies and M&A performance if not properly managed. The document concludes that banks must focus on cultural due diligence during acquisitions and develop personalized integration strategies post-merger in order to improve efficiency and maximize the benefits of M&As.
Mergers allow banks to achieve economies of scale, reduce competition, and increase pricing power. The advantages of bank mergers include cost savings, risk diversification, and tax benefits. However, mergers can also result in diseconomies of scale, cultural clashes, and job losses. Regulators examine proposed bank merger schemes to protect depositors and ensure the merged bank is financially sound.
Writekraft Research and Publications LLP was initially formed, informally, in 2006 by a group of scholars to help fellow students. Gradually, with several dissertations, thesis and assignments receiving acclaim and a good grade, Writekraft was officially founded in 2011 Since its establishment, Writekraft Research & Publications LLP is Guiding and Mentoring PhD Scholars.
Our Mission:
To provide breakthrough research works to our clients through Perseverant efforts towards creativity and innovation”.
Vision:
Writekraft endeavours to be the leading global research and publications company that will fulfil all research needs of our clients. We will achieve this vision through:
• Analyzing every customer's aims, objectives and purpose of research
• Using advanced and latest tools and technique of research and analysis
• Coordinating and including their own ideas and knowledge
• Providing the desired inferences and results of the research
In the past decade, we have successfully assisted students from various universities in India and globally. We at Writekraft Research & Publications LLP head office in Kanpur, India are most trusted and professional Research, Writing, Guidance and Publication Service Provider for PhD. Our services meet all your PhD Admissions, Thesis Preparation and Research Paper Publication needs with highest regards for the quality you prefer.
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• NATIONAL AWARD FOR BEST RESEARCH PROJECT (By Hon. President APJ Abdul Kalam)
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We have PhD experts from reputed institutions/ organizations like Indian Institute of Technology (IIT), Indian Institute of Management (IIM) and many more apex education institutions in India. Our works are tailored and drafted as per your requirements and are totally unique.
From past years our core advisory members, research team assisted research scholars from various universities from all corners of world.
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Mergers and acquisitions an indian perspectiveKiran Shinde
The document discusses mergers and acquisitions from an Indian perspective. It describes how M&A activities have grown in India over the past decade but declined significantly during the recent economic downturn. Domestic M&A deals in India have remained more resilient than cross-border deals. The document also defines key M&A concepts like mergers, amalgamations, takeovers, and joint ventures.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Donc Test
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting, 8th Canadian Edition by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Ebook Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Pdf Solution Manual For Financial Accounting 8th Canadian Edition Pdf Download Stuvia Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Financial Accounting 8th Canadian Edition Ebook Download Stuvia Financial Accounting 8th Canadian Edition Pdf Financial Accounting 8th Canadian Edition Pdf Download Stuvia
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...
Sukhjeet kaur merger
1. SYNOPSIS
On
Impact Of Mergers And Acquisitions On Employees A Study In Banking Sector
In partial fulfillment of the requirement for the
Award of degree of
Master of Business Administration (MBA)
Submitted to
KCL-IMT
(Punjab Technical University)
In the partial fulfillment of requirement for the degree of
Masters of Business Administration
Submitted by: Supervisor:
Sukhjeet kaur Mr. Ashutosh
MBA IV
Roll No. 1174302
DEPARTMENT OF MANAGEMENT
KCL-IMT JALANDHAR
2. To Study on Mergers and Acquisitions-
Of Private Banking Sector
INTRODUCTION TO THE TOPIC
Mergers and Acquisitions
A merger is a tool used by companies for the purpose of expanding their operations often aiming
at an increase of their long term profitability. There are 15 different types of actions that a
company can take when deciding to move forward using M&A. Usually mergers occur in a
consensual (occurring by mutual consent) setting where executives from the target company help
those from the purchaser in a due diligence process to ensure that the deal is beneficial to both
parties. Acquisitions can also happen through a hostile takeover by purchasing the majority of
outstanding shares of a company in the open market against the wishes of the target's board. In
the United States, business laws vary from state to state whereby some companies have limited
protection against hostile takeovers. One form of protection against a hostile takeover is the
shareholder rights plan, otherwise known as the "poison pill".
Historically, mergers have often failed (Straub, 2007) to add significantly to the value of the
acquiring firm's shares (King, et al., 2004). Corporate mergers may be aimed at reducing market
competition, cutting costs (for example, laying off employees, operating at a more
technologically efficient scale, etc.), reducing taxes, removing management, "empire building"
by the acquiring managers, or other purposes which may or may not be consistent with public
policy or public welfare. Thus they can be heavily regulated, for example, in the U.S. requiring
approval by both the Federal Trade Commission and the Department of Justice.
1.1 Acquisition
An acquisition, also known as a takeover, is the buying of one company (the ‘target’) by another.
An acquisition may be friendly or hostile. In the former case, the companies cooperate in
negotiations; in the latter case, the takeover target is unwilling to be bought or the target's board
3. has no prior knowledge of the offer. Acquisition usually refers to a purchase of a smaller firm by
a larger one. Sometimes, however, a smaller firm will acquire management control of a larger or
longer established company and keep its name for the combined entity. This is known as a
reverse takeover.
1.1.1 Types of acquisition
The buyer buys the shares, and therefore control, of the target company being purchased.
Ownership control of the company in turn conveys effective control over the assets of the
company, but since the company is acquired intact as a going business, this form of
transaction carries with it all of the liabilities accrued by that business over its past and all
of the risks that company faces in its commercial environment.
The buyer buys the assets of the target company. The cash the target receives from the
sell-off is paid back to its shareholders by dividend or through liquidation. This type of
transaction leaves the target company as an empty shell, if the buyer buys out the entire
assets. A buyer often structures the transaction as an asset purchase to "cherry-pick" the
assets that it wants and leave out the assets and liabilities that it does not. This can be
particularly important where foreseeable liabilities may include future, unquantified
damage awards such as those that could arise from litigation over defective products,
employee benefits or terminations, or environmental damage. A disadvantage of this
structure is the tax that many jurisdictions, particularly outside the United States, impose
on transfers of the individual assets, whereas stock transactions can frequently be
structured as like-kind exchanges or other arrangements that are tax-free or tax-neutral,
both to the buyer and to the seller's shareholders.
The terms "demerger", "spin-off" and "spin-out" are sometimes used to indicate a situation where
one company splits into two, generating a second company separately listed on a stock exchange
4. Classifications of mergers:
Horizontal mergers take place where the two merging companies produce similar product in the
same industry.
Vertical mergers occur when two firms, each working at different stages in the production of
the same good, combine.
Congeneric mergers occur where two merging firms are in the same general industry, but they
have no mutual buyer/customer or supplier relationship, such as a merger between a bank and a
leasing company. Example: Prudential's acquisition of Bache & Company.
Conglomerate mergers take place when the two firms operate in different industries.
5. List of different mergers and acquisitions in banking sector
Mumbai-based Abhyudaya Co-operative Bank, is set to acquire one more co-operative bank — Sant
Janabai Urban Co-operative Bank — in Parbhani district of Marathwada. This is the third acquisition
for the bank which recently took over Citizen’s Co-operative Bank.
While Saraswat Bank acquired Maratha Mandir, Cosmos Bank took over four urban cooperative
banks. These included Secunderabad-based Premier Urban Co-operative Bank and Annapurna Mahila
Co-operative Bank, Baroda-based Unnati Co-operative Bank and Co-operative Bank of Ahmedabad.
Cosmos is on a consolidation phase now, and will look at further acquisitions much later.
Shamrao Vithal Co-operative Bank (SVCB) a leading multi-state cooperative bank is acquiring two
more cooperative banks — Kolhapur’s Mahavir Co-operative Bank and Bangalore’s Sauhadra Co-
operative Bank. It plans to conclude acquisition of the two co-operative banks by October, 2006 and
has already received permission from the Reserve Bank of India.
ICICI Bank has acquired Bank of Madhura in the year 2001 because of its bankruptcy and it was going
to be closed down if it would not have been acquired.
Vysya Bank Ltd, a premier bank in the Indian Private Sector and a global financial powerhouse, ING
of Dutch origin were merged in Oct 2002.
Recently, on 28th February, 2008 HDFC Bank has acquired Centurion Bank of Punjab. The capital
base and market share of the bank has increased significantly.
6. Objectives of study:
To know the conceptual framework of mergers and acquisitions.
To know the impact of mergers on operating efficiency and profitability of the banks.
To find the impact of mergers and acquisition on employees and their working
conditions.
7. Review of Literature:
SPIEGAL JOHN W. , ALAN GART (1996); This paper explains that the banking industry is
undergoing a restructuring. This movement results from (1) the large number of bank and thrift
failures in the 1970s and 1980s , (2) the deregulation that followed, (3) technological change, and (4)
the desire to improve profitability by serving customers more efficiently and by increasing sources of
revenue in the highly competitive environment of the 1990s. There are different reasons and phases for
the continuing of M& A activity.
SCALISE JOSEPH M., GREGORY F. UDELL (May 1997); Udell examine the effects of bank M with
post-M&A refocusing of the consolidated institution. They are also the first to estimate the reactions of
other banks in local markets to M&As. They find that the static effects of consolidation which reduce small
business lending are mostly offset by the mergers. Their methodology permits empirical analysis of the
great majority of U.S. bank M&As since the late 1970s -- over 6,000 M&As involving over 10,000 banks
(some active banks are counted multiple times). They are the first to decompose the impact of M&As on
small business lending into static effects associated with a simple melding of the antecedent institutions and
dynamic effects associated e reactions of other banks in the market, and in some cases also by refocusing
efforts of the consolidating institutions themselves.
WEBER, TINA (1999); The impact of M&As on employees, staff representatives and their unions
European financial services sector is currently undergoing a period of major restructuring. Data from the
Eurostat Labour Force Survey show a significant decline in the employment in the EU financial services
sector between 1992 and 1998, the survey estimates that 130,000 jobs have been lost in the last 10 years as a
result of mergers and acquisitions alone in the financial services sector. On the whole, job losses in banking
have been more severe than in insurance, as the restructuring process began earlier in the banking industry.
KAKANI, RAM (2002); Recent reports on banking sector often indicate that India is slowly but surely
moving from a regime of 'large number of small banks' to 'small number of large banks'. The aim of this
paper is to probe into the various motivations for mergers and acquisitions in the Indian Banking sector.
8. Thus, literature is reviewed to look into the various motivations behind a banks' merger/ acquisition event.
Given the increasing role of the economic power in the turf war of nations, the paper looks at the significant
role of the state and the central bank in protecting customer's interests vis-à-vis creating players of
international size.
SHARMA, MEERA (2002); Indian banking industry is likely to see many more mergers as
competition intensifies. The mergers are most likely among the private sector and foreign banks. This
is because the public sector banks are still protected by their large branch network, which insulates
them from competition from new banks, which will take some time to develop a comparable network.
The private and foreign banks, on the other hand, have been most severely impacted by competition
and are likely to seek mergers to improve their competitive position. They are also likely to benefit
from such mergers on account of scale economies. This need will be felt more once the proposed rise
in net worth requirements takes place.
DATTA K. DEEPAK (2003); This study analyzes the empirical literature concerning the influence of
various factors on shareholder wealth creation in mergers and acquisitions using a multivariate
framework. Overall, results indicate that while the target firm's shareholders gain significantly from
mergers and acquisitions, those of the bidding firm do not. Findings also indicate that the use of stock
financing has a significant impact on the wealth of both the target and bidding firms' shareholders. The
presence of multiple bidders and the type of acquisition influence the bidders' return, while regulatory
changes and tender offers influence the targets' returns. The paper also provides a comparison of our
findings with that of previous narrative reviews and discusses their implications from the viewpoint of
managers and researchers.
SCOTT I. MEISEL (2003); The purpose of this paper is to determine firm characteristics that might
explain mergers and to predict the likelihood of a merger. Therefore, this study is different in that it
uses principal component analysis to determine independent variables for logistic regression and uses
a national sample. In addition, the effect of the Financial Services Modernization Act is tested in
regards to market structure. The study indicates which characteristics explain the decision to merge or
9. acquire. In addition, for the seller, the model may indicate the potential for being acquired. The model
may also be useful to investors because mergers lead to abnormal returns.
SETH, ANJU (2005); This study provides a conceptual framework and an empirical methodology to
assess the extent of value creation in acquisitions. Arguments are presented to examine why related
acquisitions might not outperform unrelated acquisitions on average. New measures of value creation
are developed which resolve the difficulties with measures used by earlier researchers. In addition, the
influence of the classification scheme used to identify acquisition types, and the impact of the relative
size of the target to the bidder, on the measurement of the extent of value creation, is examined. The
empirical results indicate that value is created in both unrelated and related acquisitions. Further, the
data do not appear to indicate that related acquisitions create more value than unrelated acquisitions on
average.
DIRK HACKBARTH, ERWAN MORELLEC (2006); The paper develops a real options
framework to analyze the behavior of stock returns in mergers and acquisitions. The implications of
the model for abnormal announcement returns are consistent with the available empirical evidence. In
addition, the model generates new predictions regarding the dynamics of firm-level betas for the time
period surrounding control transactions. They used primary data by taking a sample of 1090 takeovers
of publicly traded US firms between 1985 and 2002, and they present new evidence on the dynamics
of firm-level betas, which is strongly supportive of the model's predictions.
AHMED, WS (2007); This paper states the performance puzzle of mergers and acquisitions over a
past few decades, mostly on British results with minor results, covering Irish experience. It has been
seen in the recent past that, with the progression of takeover activity, the debate over its advantageous
aspects has considerably increased.
MANTRAVADI, PRAMOD (2007); In today's globalised economy, mergers and acquisitions are being
increasingly used the world over as a strategy for achieving a larger size and asset base, faster growth in
market share and for becoming more competitive through economies of scale. One of the important factors
that could affect the outcome of a merger is the relative size of the acquiring and acquired companies. This
paper studies the impact of mergers on the operating performance of acquiring corporates by examining
10. some pre- and post-merger financial ratios with a sample of firms chosen from all mergers involving public
limited and traded companies in India between 1991 and 2003.
PEIYI YU, WERNER NEUS (2007); The paper aims to investigate whether the wave of mergers observed
in other European countries is suitable for the German banking industry. This question is approached by
studying the relationship between market structure and profit (the so-called profit-structure relationship) in
the German banking industry using the model suggested by Berger. By extending his econometric model to
include portfolio and capital risk and using German banks' financial data, the authors are able to test
simultaneously for three competing theories of the profit-structure relationship
ANAND MANOJ, SINGH JAGANDEEP (2007); The study analyses five mergers in the Indian banking
sector to capture the returns to shareholders as a result of the merger announcements using the event study
methodology (Brown & Warner, 1980, 1985; and Mac Kinlay, 1997). These are merger of Times Bank with
the HDFC Bank, Bank of Madura with the ICICI Bank, ICICI with the ICICI Bank, Global Trust Bank with
the Oriental Bank of Commerce, and Bank of Punjab with the Centurion Bank. The Fama and Miller (1972)
market model and Cox and Portes (1998) two-factor model form the theoretical framework of this study.
The aim is to understand the shareholder wealth effects of bank mergers
RAINER LENZ, University of Applied Sciences, Bielefeld (2007); The valuation of synergy is vital to
the success of any merger, however, given current valuation methodologies and the complexity of the task;
it is also the most challenging element of merger and acquisition pricing. Conventional valuation methods
assume that sales figures and market share of the acquiring company are easily transferable within the new
entity. Current synergy practices also assume amalgamating various corporate functions will produce
significant cost reductions.
SHARMA RUCHI (2007); The regional strength is one of the benefits that HDFC Bank was looking
for, but the merger also offer several others. HDFC Bank says it was looking to supplement organic
growth with a merger that would add scale, geographical reach and experienced staff who are in short
supply. HDFC Bank has 23,000 employees while CBoP has about 7,500. The deal add 394 branches
and 452 ATMs to HDFC Bank's existing 754 branches and 1,906 ATMs, giving the combined entity
1,148 branches. That will be the country's largest private branch network, larger than private-sector
leader ICICI Bank's 955 branches
11. ROY ROBIN (2007); HDFC Bank has an asset size of Rs. 131,439 crore ($33 billion) as of the third
quarter of 2007-08, 1,100 branches and 21,477 employees. CBoP's equivalent figures are Rs. 25,404
crore ($6.3 billion), 390 branches and 7,500 employees. HDFC Bank has better asset quality with net
non-performing loans at 0.4% (with 2.5% provisioning) against 1.7% (1.5%) for CBoP. The latter,
however, has a higher share of retail (60%) in its total loan portfolio than HDFC Bank (51%). "It is not
quite a merger of equals or a large bank completely swallowing a smaller one," according to a report
by Macquarie Research, the Australia-headquartered provider of investment and financial services.
Both banks have been through mergers before
KUMAR, SATISH (2008); This paper states that while going for mergers and acquisitions (M&A)
management smell financial synergy or/and operating synergy in different ways. But actually are they
able to generate that potential synergy or not, is the important issue. The aim of this study is to find out
whether the claims made by the corporate sector while going for M&As to generate synergy, are being
achieved or not in Indian context. Measuring merger performance has been one of the most difficult
problems in front of researchers. Different tools and techniques in the forms of ratio analysis etc. are
used by scholars to identify the effects of M&As and interestingly different results are there in the
market.
ECONOMIST INTELLIGENCE UNIT VIEWS WIRE (2008); On February 25th the boards of
HDFC Bank and Centurion Bank of Punjab (CBoP) agreed to the biggest merger in Indian banking
history, valued at around Rs95.2bn (US$2.4 billion). The merger is subject to statutory and regulatory
approvals and will take some four months to go through. CBoP shareholders will get one share of
HDFC Bank for 29 shares of CBoP. The merged entity will be called HDFC Bank and CBoP's non-
executive chairman, Rana Talwar, and its managing director and CEO, Shailendra Bhandari, will join
the new board as a non-executive and executive director, respectively.
GEOFF, PARR (2009); This paper states the global credit crunch and the recession that will follow
will surely impact on the size and number of M&A deals in 2009, although there may well be more
distress sales than usual, whether of entire businesses or non-core assets. Also, the recession might
cause the exit of key competitors from certain markets, which might reduce the chances that the
12. authorities would allow further concentration by merger in those sectors. Against these considerations,
there are at least three reasons why the impending recession may lead to a more permissive stance
towards M&A deals by the competition authorities.
13. RESEARCH METHODOLOGY
Research methodology is careful investigation or inquiry in a systematic manner and finding solution
to a problem under investigation. It includes population, sampling of respondents, tools of
investigation and analysis.
Rationale of the Problem:
Banking Industry has always contributed productively to the GDP of the economy that is
the reason of taking banking sector as a basis for the present study.
The outcome of the present study is likely to offer far reaching implications for customers
(in terms of satisfaction), banks (improved functioning), banking industry as a whole (as
an important component of national income) and economy as a whole (as a major
contributor to GDP).
This study will also be undertaken with an objective to know how customers perceive different
banking services provided to them by different banks after merger or acquisition (as the case
may be) i.e. what are their preferences and expectations.
Research Methodology:
The methodology includes the research design of the study, sampling technique and data
collection methods.
Design of the Study:
The study is exclusively exploratory in nature. The research design is characterized by flexibility in
order to discover insight not previously recognized.
Sample design:
The data is required from one source keeping in mind the objectives of the study.
14. Sources of Data
Both Primary and Secondary Data is used to collect information for the present study.
Primary data: Primary data as defined is first time data collected. This type of data is collected
through the survey. For this purpose, a convenience sampling technique is used to select
respondents but the method used for collecting of primary data is personal interview, getting the
questionnaire filled.
Secondary data: These types of data have already been collected by someone else and which
have already been passed through the statistical process. The techniques/ methods used to collect
the secondary data are books, pamphlets and various websites.
Sampling plan:
The following factors have been decided within the scope of sampling plan:
Sampling size: 100 employees
Analysis: Analysis is done using bar graphs and pie diagrams.