scholarly journals How do Takeovers Create Synergies? Evidence from France

2016 ◽  
Vol 11 (1) ◽  
pp. 54-72 ◽  
Author(s):  
Taher Hamza ◽  
Adnène Sghaier ◽  
Mohamed Firas Thraya
Keyword(s):  
Market Power ◽  
Value Creation ◽  
Relative Size ◽  
Significant Source ◽  
Large Contribution ◽  
Corporate Takeovers ◽  
Potential Synergy ◽  
Target Asymmetry ◽  
Specific Contribution

AbstractBased on bidder-target asymmetry, our study investigates the source of synergy gains derived from corporate takeovers and their specific contribution to bidder value creation. Prior researches have focused on the relevance of only one source of potential synergy. We find that French takeovers tend to create long-term operating and financial synergies. These two synergy components are positive and significant with a large contribution of the former. Furthermore, cutbacks in investment expenditures represent the most significant source of operating synergies, while post-acquisition market power is non-significant. Moreover, both total and operating synergies are higher in focused takeovers initiated by “value” as opposed to “glamour” bidders. Lastly, financial synergies are likely to arise from bidder leverage level and target relative size.

Proactive Value Co-Creation via Structural Ambidexterity: Customer Success Management and the Modularization of Frontline Roles

2021 ◽  
pp. 109467052199756
Author(s):  
Bryan Hochstein ◽  
Nawar N. Chaker ◽  
Deva Rangarajan ◽  
Duane Nagel ◽  
Nathaniel N. Hartmann
Keyword(s):  
Value Creation ◽  
Functional Role ◽  
Service Firms ◽  
Study Analysis ◽  
Case Study Analysis ◽  
Multilevel Perspective ◽  
Business To Business ◽  
Depth Interviews

An increasing number of business-to-business (B2B) service firms have transitioned to recurring revenue-based solutions. These subscription B2B solutions are becoming increasingly common, yet offer challenges for long-term renewal if value is not consistently realized by the customer. To address this concern, customer success (CS) management has emerged. CS management is based on regular proactive action taken by the seller to (a) educate, prepare, and engage customers for value co-creation; (b) demonstrate the value delivered by the solution; and (c) provide a channel for advocacy on behalf of customers within the service-providing firm. Our findings highlight the under-researched topic of CS in B2B settings. Specifically, we propose the CS function and role as a structural alternative to within-person (i.e., cross-functional) ambidexterity and emphasize the ability of a CS focus by service firms to complement existing firm operations in value creation efforts. Our case study analysis provides a multilevel perspective (i.e., executive, functional role employees, and customers) via in-depth interviews that offer unique insights on “how parts of the service-sales system work together.” Overall, CS is growing as a practice that propagates value to the customer via ongoing success with solutions while improving service-firm renewal and growth of subscription business.

scholarly journals Seasonal patterns of pasture production in the Bay of Plenty and Waikato

1991 ◽  
pp. 67-72
Author(s):  
J.A. Baars ◽  
G.J. Goold ◽  
M.F. Hawke ◽  
P.J. Kilgarriff ◽  
M.D. Rolm
Keyword(s):  
Growth Rates ◽  
Early Spring ◽  
Early Summer ◽  
Growth Patterns ◽  
Climatic Data ◽  
Large Contribution ◽  
Pasture Production ◽  
Summer Peak ◽  
The Difference

Patterns of pasture growth were measured on 3 farms in the Bay of Plenty (BOP) and at No2 Dairy (Ruakura Agricultural Centre) in the Waikato from 1989 to 199 1. A standardised trim technique with cages and 4-weekly cutting under grazing was used. Long-term seasonal growth patterns, using a predictive pasture model, were also simulated. Simulated pasture growth from long-term climatic data shows that pasture growth rates are higher in winter, early spring and late autumn in the BOP than the Waikato. However, the actual measurements over the 2 years show that pasture growth over the latter periods is lower at the BOP sites than at the Waikato site. In the BOP the spring peak is much later than in the Waikato while an early summer peak, with higher growth rates than in the Waikato, occurred in the BOP. No such summer peak was evident in the Waikato. The difference between the two regions is caused by the large contribution of subtropical grasses to sward production in summer and autumn, The prolific summer growth of subtropical grasses may explain the low ryegrass content and low pasture production in winter. The lower than expected autumn, winter, spring production may also becaused by low clover content, possibly a result of competition from subtropical grasses and a sulphur deficiency. The apparent low amount of nitrogen fixed by clover may explain the low rates of pasture production over the cooler season. Applications of nitrogen fertiliser may substantially increase dry matter production from April to September. Keywords pasture,simulation,subtropical grasses, Paspalum, Digitaria sanguinalis, growth rates

A Model of Long-Term Value Creation

2021 ◽  
Author(s):  
Lars Kurznack ◽  
Dirk Schoenmaker ◽  
Willem Schramade
Keyword(s):  
Value Creation

Value Creation by a Long-term Time-lapse Processing Approach on the Heidrun Field

2012 ◽  
Author(s):  
D. Fischer ◽  
P. Smith ◽  
N. Sørenes ◽  
E. Teichmann ◽  
H. Blekastad ◽  
...  
Keyword(s):  
Value Creation ◽  
Time Lapse ◽  
Processing Approach

Birthquake: The Baby Boom and Its Aftershocks. By Diane J. Macunovich. Chicago: The University of Chicago Press, 2002. Pp xiii, 314. $37.50.

2003 ◽  
Vol 63 (1) ◽  
pp. 295-296
Author(s):  
Judith Woerner Mills
Keyword(s):  
Baby Boom ◽  
Relative Size ◽  
Economic Behavior ◽  
Cohort Size ◽  
Age Composition ◽  
Forecasting Models ◽  
Long Term Forecasting ◽  
The University ◽  
University Of Chicago Press

Before I had even finished reading the first chapter of Diane Macunovich's new book, three things were crystal clear:People matter: a society's demographics need to be considered explicitly when trying to understand or to forecast its economic behavior.Einstein's conclusions about relativity apply to economies: changes in the relative size and age composition of a population can lead to major changes in its social and economic behavior.Economic demographers rule! From now on, users of long-term forecasting models will need to include information on changes in age structure and cohort size if they wish to forecast events more than a few years ahead.

Die Fehlbewertung junger Aktiengesellschaften beim Gang an die Börse – Ursachen und wirtschaftspolitische Konsequenzen

2003 ◽  
Vol 52 (1) ◽  
Author(s):  
Christine Ploog ◽  
Michael Stolpe
Keyword(s):  
Market Power ◽  
Initial Public Offerings ◽  
Investment Banks ◽  
Policy Options ◽  
Public Offerings ◽  
Speculative Bubbles ◽  
Privatisation Programme ◽  
Welfare Implications

AbstractThis paper discusses policy options to reduce underpricing in initial public offerings (IPOs). It surveys recent theoretical insights into the causes and welfare implications of underpricing and reviews evidence on the signalling hypothesis, the winner’s curse model, the role of underwriters in assessing issuing firms’ future profitability and the genesis of speculative bubbles in IPO markets. The paper concludes that governments should curtail the abuse of market power in underwriting by prohibiting the allocation of shares to insiders and by reducing the incentives for investment banks to exploit underpriced share issues in order to cross-subsidise unrelated lines of business. Moreover, governments should seek to stabilize the IPO market by committing themselves to regular equal-sized issues of shares in government assets as part of a long-term privatisation programme.

Restriction of placental function alters heart development in the sheep fetus

2007 ◽  
Vol 293 (1) ◽  
pp. R306-R313 ◽  
Author(s):  
J. L. Morrison ◽  
K. J. Botting ◽  
J. L. Dyer ◽  
S. J. Williams ◽  
K. L. Thornburg ◽  
...  
Keyword(s):  
Heart Development ◽  
Relative Proportion ◽  
Relative Size ◽  
Neonatal Morbidity ◽  
Growth Restriction ◽  
Heart Weight ◽  
Postnatal Life ◽  
Fetal Sheep ◽  
The Impact

Placental insufficiency, resulting in restriction of fetal substrate supply, is a major cause of intrauterine growth restriction (IUGR) and increased neonatal morbidity. Fetal adaptations to placental restriction maintain the growth of key organs, including the heart, but the impact of these adaptations on individual cardiomyocytes is unknown. Placental and hence fetal growth restriction was induced in fetal sheep by removing the majority of caruncles in the ewe before mating (placental restriction, PR). Vascular surgery was performed on 13 control and 11 PR fetuses at 110–125 days of gestation (term: 150 ± 3 days). PR fetuses with a mean gestational Po2 < 17 mmHg were defined as hypoxic. At postmortem (<135 or >135 days), fetal hearts were collected, and cardiomyocytes were isolated and fixed. Proliferating cardiomyocytes were counted by immunohistochemistry of Ki67 protein. Cardiomyocytes were stained with methylene blue to visualize the nuclei, and the proportion of mononucleated cells and length and width of cardiomyocytes were measured. PR resulted in chronic fetal hypoxia, IUGR, and elevated plasma cortisol concentrations. Although there was no difference in relative heart weights between control and PR fetuses, there was an increase in the proportion of mononucleated cardiomyocytes in PR fetuses. Whereas mononucleated and binucleated cardiomyocytes were smaller, the relative size of cardiomyocytes when expressed relative to heart weight was larger in PR compared with control fetuses. The increase in the relative proportion of mononucleated cardiomyocytes and the relative sparing of the growth of individual cardiomyocytes in the growth-restricted fetus are adaptations that may have long-term consequences for heart development in postnatal life.

scholarly journals Sustainable Disclosure Policies and Sustainable Performance of European Listed Companies

2020 ◽  
Vol 12 (15) ◽  
pp. 5920
Author(s):  
Vincenzo D’Apice ◽  
Giovanni Ferri ◽  
Francesca Lipari
Keyword(s):  
Value Creation ◽  
Stock Price ◽  
Price Volatility ◽  
Reporting Quality ◽  
Stock Exchanges ◽  
Sustainable Performance ◽  
Responsible Behavior ◽  
Distance To Default ◽  
The Eu

Sustainable disclosure has become common for companies to publicly signal their responsible behavior. Our research idea is twofold. First—irrespective of its content—better quality sustainable disclosure should identify more sustainability compliant companies. Second, we propose that those companies should have a more stable—and thus more sustainable—performance. Focusing on the top-capitalized companies of the EU-28 stock exchanges, we assess how GRI sustainable-reporting quality associates with stock-price volatility and distance-to-default. Our results, which resist various robustness checks, confirm that better quality sustainable disclosure couples with more sustainable performance. Thus, pro-disclosure policies could enhance long-term value creation.

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