Takeovers, Restructuring, and Corporate Governance
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From the Back Cover
Mergers and acquisitions are the most significant economic activity taking place in today's economy. This text seeks to explain the role of this activity and helps managers pursue M&A strategies more effectively.Features:
- Provides conceptual discussion on why mergers take place
- Describes the arbitrage activity associated with mergers and acquisitions
- Presents the historical and industry evidence on the sources of merger activity
About the Author
J. Fred Weston (Los Angeles, CA) is the Cordner Professor of Money and Financial Markets at the University of California, Los Angeles. He has written or co-authored several business titles. --This text refers to an out of print or unavailable edition of this title.
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Top Customer Reviews
Despite its size, I would love it more if there was as much attention to the theory of mergers, arbitrage, corporate governance... as there is attention to empirical evidence from academic papers. Currently, comprehensive case studies are missing, making it not so useful for seasoned practitioners. Also some things are just wrong. For example: a company that buys back its stock won't trade at its previous price-to-earnings ratio! Earnings per share will improve, but the stock price stays the same, naturally (ceteris paribus). This is something that was overlooked by the authors, as they are assuming a stable P/E ratio.
But in general a great read, especially for starters!
I am sure that if someone wishes to learn about M&A it would be very useful; much of the required information is there and the case studies are very informative.
However if you intend to use it for an academic course it is definitely what we would call a `library-job'. The structure and indexing is so unbelievably poor; the index is full of company references to case studies and it omits the techniques and principals used in the cases, which is the entire point of using the cases for illustration.
The book also seems to miss-out important features of M&A such as severance pay to managers and the incentives they induce. Oh, and for an `international' edition it focuses mainly on American mergers, but that's just my own personal reservation about these books in general...
Like I said; the information is there should you just want to learn a bit about the subject, but for educational work its truly weak. Borrow, don't buy.
However the book is rather old, so it does not always reflect the current stand of academic articles.
The only weakness of this book is the discussions of some topics are relatively simple and can't give a systematic explanation.