Cases Of Merger Research Articles

BUYER POWER, EXCLUSIVE CONTRACTS, AND VERTICAL MERGERS IN COMPETING SUPPLY CHAINS: IMPLICATIONS FOR COMPETITION LAW AND POLICY

This paper studies how the buyer power of downstream firms can affect the market outcomes in both upstream manufacturing and downstream retail markets. In a two-tier oligopoly, where upstream firms are locked in a pair-wise exclusive relationship with their downstream retailers, we study the choice of firms between vertical merger and Nash Bargaining with twopart tariff regimes. On working with three cases of no vertical merger, single chain vertical merger and double chain vertical merger we find that joint profits of upstream and downstream firms are lowest when both channels choose vertical integration as compared to Nash Bargaining regime. We also find that Vertical integration is welfare enhancing because retail price will be minimum as upstream and downstream firms behave as a single entity. Hence for both single and double chain mergers, elimination of double marginalization is procompetitive. These results have implications for the enforcement of competition (antitrust) law.

Epistentiality, manner and dialogic contraction: The case of English clearly and Spanish claramente

This paper presents an analysis of the English adverb clearly and its Spanish equivalent claramente, both of which have a meaning of manner that pertains to the internal structure of the state of affairs, and an epistential (epistemic and evidential) meaning that expresses a propositional attitude of high commitment to the information transmitted, based on evidence. The adverbs have been submitted to a quantitative analysis of occurrences extracted from two corpora of contemporary language, which uncovers a strong relationship between the two meanings in present-day language, evidenced by a number of facts: 1) cases of merger where the two meanings co-occur; 2) expression of dialogic contraction in all the epistential occurrences and part of the manner occurrences; 3) marginal gradability and negatability of the epistential meaning; 4) relative positional freedom of the adverbs with the two meanings, and 5) occurrences of manner in combination with verbs of perception, cognition or communication, in contexts favouring expression of dialogic contraction directly or as a conversational implicature. Two subsidiary issues are also addressed, namely the similarities and differences between clearly and claramente and between their use in spoken and newspaper discourse.

In search of strategic assets through cross-border merger and acquisitions: Evidence from Chinese multinational enterprises in developed economies

Drawing on multiple cases of cross-border merger and acquisitions (CBMAs) by Chinese multinational enterprises (CMNEs), we investigate their search of strategic assets in developed economies (DEs). It is a received view that CMNEs use CBMAs to access strategic assets in DEs so as to address their latecomer disadvantages and competitive weakness. This paper aims to identify the nature of strategic assets that sought after by CMNEs and the post-CBMA integration approach, a partnering approach, adopted in enabling access to these assets. The findings reveal that CMNEs possess firm-specific assets that give them competitive advantages at home and seek for complementary strategic assets in the similar domain, but at a more advanced level. The partnering approach helps securing these strategic assets through no or limited integration, giving autonomy to target firm management team, retaining talents and creating synergy.

Effectiveness of Banks after M & A

The goal of a bank merger is to increase the bank’s value in one way or another. The days of liberalization and globalization are in and there is a spate of mergers and acquisition which is sweeping the corporate world. Consolidation in the banking sector should largely be synergy-driven to acquire a quantum jump in the performance of the combined entity (2 + 2 ≥ 5). It can be achieved by combining complementary strengths, giving a better geographical spread, serving a larger number of customers in a better way with more diversified products and skills, realizing the opportunities for cross-selling, containing the cost of the merged entity, reduced competition, better utilization of available resources and deriving economies of scale. Over the last one and a half decade, the banking sector in India has not only grown in terms of size but also matured, diversified and consolidated to contribute towards building a robust financial system. In this paper, five cases of bank merger have been taken and Null Hypothesis, i.e. there is no difference in mean value of selected variables before merger and after the merger, is set and found rejected (in most of the variables). On the basis of the overall analysis, merger of Bank of Karad Ltd. (BOK) with Bank of India (BOI) was more effective in most of the variables as compared to merger of the New Bank of India (NBI) with Punjab National Bank (PNB), Benaras State Bank Ltd. (BSB) with Bank of Baroda (BOB), Nedungadi Bank Ltd. (NBL) with Punjab National Bank (PNB) and Global Trust Bank Ltd. (GTB) with Oriental Bank of Commerce (OBC).

The Left Party at Six: The PDS–WASG Merger in Comparative Perspective

Six years ago the Left Party arose out of the Left Party.PDS and the WASG. Although the Left Party.PDS possessed organisational assets that far exceeded those of the small WASG, the new Left Party has differed significantly from the former PDS in terms of programme, personnel and approach. To understand the conditions under which smaller merging partners may transform a newly fused party, this article examines the lessons of three other post-1945 cases of party merger in Germany. This analysis finds that strategic assets, in addition to organisational ones, determine the post-merger balance of forces within a new party. The paper concludes by reconsidering the Left Party's development and prospects in light of these findings.

Forecasting of Customers’ Retention In Terms of Merger and Acquisition Processes of Egyptian Banks Using Panel Data Techniques

This paper aims at analyzing the response of banks’ customers, due to changes of banking market structure, where many of these customers may switch their banks, and this is why, determinants of these decisions should be elaborated. In this study, the sample contains 6 cases, out of 20 cases of merger and acquisition processes (M&As) between Egyptian banks, during the period from the beginning of 2005 to the end of 2010. Using Panel Data Models, we could accept hypotheses regarding the effects of “Change in Bank Equity” and “Change in Bank Assets” on “Customers’ Retention”. Also, Results refer to the need to reject hypotheses regarding the effects of “Change in Bank Loans”, “Change in Bank Deposits, “Change in No. of Services” and Change in No. of Branches”. Wu-Hausman test, Likelihood Ratio test and Breusch-Pagan test justify these results.

To merge or not to merge? The impact of union merger decisions on workers' representation in Germany

AbstractUnion mergers have been widely studied in a variety of countries; however, little is known about their impact on union effectiveness. This article draws on in‐depth interviews with officials and works councillors from four German unions, as well as on a representative survey of German works councils, to analyse how a union's merger status shapes its effectiveness in three spheres of activity: political lobbying, collective bargaining and establishment‐level interest representation. We compare two cases of merger with two cases of continued organisational independence, finding that merger outcomes for individual unions vary considerably across our three union functions.

Towards an Analytical Framework for Party Mergers: Operationalising the Cases of the German Left Party and the Dutch Green Left

The theoretical literature on party mergers is thin. This article draws upon organisational behaviour research to create an analytical framework that is suitable for explaining the processes inherent in party mergers. The authors operationalise this framework by examining two cases of party merger: in Germany, between the Party of Democratic Socialism (PDS) and the Electoral Alternative for Labour and Social Justice (WASG) in 2006/07, and in the Netherlands, between four small parties to form Groenlinks (Green Left) in 1989–91. They conclude that the two cases demonstrate definable steps and processes that are inherent to mergers, and they welcome further applications of this framework in other settings.

Laparoscopic surgical field function fully multi-joint surgery department

Objective To investigate the application of laparoscopic surgical field full of multi-functional co-operation department of clinical value. Methods 2 years in our hospital 45 case of laparoscopic general surgical, maternity, secretion outside the joint operation of multi-section method, the effect of surgery. 19 cases of gallbladder Hysteromyoma merger, the combined 11 cases of cystic ovarian cyst, 9 cases with ovarian cystic teratoma, 1 case of uterine leiomyoma combined spleen, left lobe 1 cases of benign liver nodules Hysteromyoma merger, the combined three cases of appendiceal uterine leiomyoma, 1 case of splenic cyst fenestration combined left kidney. In the laparoscopic resection of the gallbladder, kidney cyst wall fenestration electrocoagulation, left lobe of liver, spleen, ovarian cyst, ovarian teratoma, appendicitis,9 cases of uterine resection. 15 cases of laparoscopic assisted vaginal hysterectomy. Results Some of the need to increase 1 to 2 puncture holes to increase the operation time 10 ～40 min, a good recovery after the whole group, not to increase the length of stay without complications. Conclusion Completed a variety of diseases of narcotic operation, make full use of laparoscopic surgical field the complete functions, multi-section joint intra-abdominal surgery for a variety of diseases, not only the advantages of minimally invasive, but also shorten the anesthesia, surgery and hospitalization time, so as to reduce the the financial burden of patients. Key words: Laparoscopy; More sections; Joint Surgery

Merging 'different' sacred spaces: Enabling religious encounters through pragmatic utilisation of space?

This article examines the phenomenon of the 'merger' of places of worship on the island nation-state of Singapore, and raises sociological questions regarding the rationale for such sharing of space for emergent styles of religiosity. The ethnographic material comes from two such cases of merger. involving Hindu and Taoist religious traditions in Singapore. These data allow us to abstract broader issues of conceptual relevance to the understanding of religion under conditions of modernity. My argument is that the practical requirement of merger in a shared physical location creates a literal and sym bolic space, as well as a context for interaction between individuals, communities and ultimately modes of religiosity. This context is both constraining and liberating at the same time, but I do not see modernity as eroding or diminishing religiosity. Rather, one observes that the formal rational, instrumental logic also facilitates innovations, inven tiveness and creativity in the religious domain, producing a vastly altered religious landscape. This challenges and impels us to move beyond a reductionist choice between the secularising or the sacralising effects of modernist forces on religious practice.

Effect of Mergers on Corporate Performance in India

This paper studies the impact of mergers on corporate performance. It compares the pre- and post-merger operating performance of the corporations involved in merger to identify their financial characteristics. Also, the effect on merger-induced monopoly profits is identified by looking at the persistence profile of the profits. Taking a sample of 36 cases of merger between 1992 and 1995, it is seen that there are no significant differences in the financial characteristics of the two firms involved in merger. The mergers seem to lead to financial synergies and a one-time growth. The analysis of the regression to norm shows that there is no increase in the postmerger profits. The competitive process is not impeded with merger even when no strong anti-trust laws are present.

Some consequences of Attract F

This paper explores some consequences of Chomsky's (1995) Attract F theory. In particular, I propose a way to reconcile Attract F with some apparent evidence for Move. My analysis is based on a particular view of category movement proposed in Chomsky (1995), according to which when the category moves, two separate chains are formed: CHFF and CHCAT. CHFF is formed via Attract, whereas CHCAT (i.e., the generalized pied-piping chain) is required only for PF convergence. Crucially, the CHCAT is not formed via Attract; indeed, it does not even involve feature checking. I argue that this second chain bears the properties of Move. The idea is that once the formal feature F is attracted away from the category α, α is defective with respect to the PF interface. It therefore moves to the position where its missing feature F is located in order to remedy its own deficiency (hence Move rather than Attract). I will show that this hypothesis, within the theory of Attract, offers a way to account for reconstruction effects discussed by Barss (1986), which are often regarded as empirical evidence for Move. The proposed analysis also captures the lack of CED effects in languages such as Japanese, when applied in conjunction with the analysis of Takahashi (1994). I also motivate the necessity for certain cases of acyclic merger, which leads us toward a derivational characterization of the grammar.

HCG 16 Revisited: Clues about Galaxy Evolution in Groups

We present new spectroscopic observations of five galaxies, members of the unusually active compact group HCG 16, observed using the Palomar 5 m telescope. The high signal-to-noise ratios (S/N ∼ 70) of the spectra allow us to study the variation of the emission-line characteristics and the stellar populations in the nucleus and the circumnuclear regions of the galaxies. The emission-line characteristics of these galaxies are complex, varying between Seyfert 2's and LINERs or between LINERs and starbursts. All of the galaxies show traces of intermediate-age stellar populations, which supports our previous result that poststarburst galaxies are common in compact groups. The galaxies HCG 16-4 and HCG 16-5 show double nuclei and therefore could be two cases of recent merger. Our observations support a scenario in which HCG 16 was formed by the successive merger of metal-poor, low-mass galaxies. The galaxies HCG 16-1 and HCG 16-2, which are more evolved, form the old core of the group. Galaxies HCG 16-4 and HCG 16-5 are two more recent additions that are still in a merging phase. Galaxy HCG 16-5 is a starburst galaxy that is just beginning to fall into the core. If HCG 16 is representative of compact groups in their early stage, the whole set of observations implies that the formation of compact groups is the result of hierarchical galaxy formation. HCG 16 could be one example of this process operating in the local universe.

SCALE ECONOMIES AND IRON LAWS: MERGERS AND DEMERGERS IN WHITEHALL 1971–1984

Between 1971 and 1984 there were ten cases of merger or demerger in British central government departments, ranging in importance from the massive DTI demerger into four distinct departments (1973) to the absorption by the Lord Chancellor's Department of the Office of the Public Trustee (1982). By analysis of changes in aggregate indices of ‘top staff‘, ‘middle staff’, ratio of administrative grades to total staff, salary costs relative to total budget, budget relative to total Government budget, and staff relative to total Civil Service staff, some common hypotheses about the rationale and effects of such bureau‐shuffling are explored. It is found that, if anything, like attracts unlike (in terms of these indices); that change in scale creates neither economies nor diseconomies; that reorganization does not inevitably produce cost escalation (the ‘Iron Law of Prodigality’); but that the ‘Iron Law of Inertia’ (reorganization in practice has little observable effect on bureaucratic structure and working) is supported by the observed results.