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By benefiting from Polish helplessness, Austria and Prussia annexed more territory than was foreseen in the partition treaty of St. Petersburg (5 August 1772) and the cession treaties, which Poland was compelled to sign in September 1773. Only Russia adhered to the treaty frontiers and refused to recognise Austrian and Prussian usurpation. In practice, Russia left the determination of the frontiers between Poland, Austria and Prussia to negotiations between those states, and limited her role to unofficially urging the Poles towards compromise. The pro-Prussian Panin also moderated the stand represented by Catherine II, who felt offended by the Austrian and Prussian rejection of her suggestions, and explained to her that Frederick II had carried out his usurpation only for the sake of maintaining an equilibrium between the acquisitions of all three partitioning powers. Upon the basis of Prussian, Russian, Austrian, Polish and French diplomatic correspondence preserved in archives or published, the author presented the course of events in the years 1775-1776. The point of departure is composed of fears and rumours relating to a further expansion of Prussian and Austrian usurpation; the negotiations impasse lasted throughout almost the whole of 1775, when Frederick the Great grew convinced that both German powers would retain their acquisitions. The breakthrough took place in the middle of November 1775, when upon the initiative of Chancellor Kaunitz Austria, striving towards improved relations with Russia, decided to propose returning certain terrains. The latter were sufficiently large for the Polish negotiators, whom Stackelberg persuaded to agree (5 January 1776). Poland regained the town of Kazimierz and 120 sq. m. between the Vistula and the Bug. Frederick the Great who declared that he would return his supra-treaty acquisitions as long as Austria would do the same now had to follow the Austrian example. Nonetheless, he tried to return as a little as possible. He also counted on the fact that his brother, Henry, already on his way to St. Petersburg, would be capable of gaining favourable conditions, and thus for a long time refused to commence negotiations with Poland. The mission conducted by Prince Henry succeeded owing to the fact that both he and Frederick the Great had become indispensable for Catherine II in her quest for finding a wife for her recently widowed son. Hence the proposals devised by Panin and addressed to Prince Henry were only slightly beneficial for Poland, while in the course of the negotiations conducted in Warsaw since the end of April, the Prussian side reduced her concessions even further. Austria did not come to Poland's assistance, and Stackelberg, hampered by the attitude of his superiors, demonstrated only weak support for the Polish negotiators whom he persuaded to agree to the Prussian conditions. The Polish negotiators resisted for long, but ultimately, on 22 August 1776, they were forced to sign a convention which restored to Poland only one-fifth of the Prussian usurped acquisition.
EN
Although there are already many articles on mergers and acquisitions (M&A) in circulation, this one tries not to be yet another analysis of their usefulness or lack of so, but is rather aimed at aligning the observation of existence of M&A clearly not directed at enhancing the shareholders' value with the knowledge gathered by organisational theory; this in turn is performed in order to arrive at sometimes scorned, especially by business practitioners, but quite tempting explanation of the ongoing M&A phenomenon.
EN
The authoress describes problems with the implementation of acquisitions module encountered by Polish libraries which purchased Virtua integrated library software for cataloging and circulation purposes. Work around solutions based on Microsoft Word and Excel applications is discussed in view of the library search for an appropriate computer system for acquisitions purposes.
EN
Identification and specification of the key attributes influencing the considerations about implementation of a future cross-border merger or acquisition (M&A) are the main objective of the paper. Based on the views of managers from 165 international corporations located in 45 EEA countries that had previously been the subject of a cross-border M&A, significant attributes relating to their experience from its implementation were extracted. By means of the Principal Component Analysis with Varimax Rotation, three key attributes of implementation of a potential M&A process were extracted and labelled as Aims, Concerns, and Reasons. The content specification of the individual attribute items, as well as the basic parameters of the AFM&A (Attributes of Future Mergers and Acquisitions) methodology – Eigenvalues, Cronbach’s alpha values, and percentage of the variance explained, and the results of an analysis of differences in the assessment of the extracted factors by managers – are further presented in the proposed contribution. In terms of the gender-based differences, female managers scored higher in the Concerns attribute, whereas male managers reached higher scores in the attribute of Reasons, which represents the importance they attach to these attributes in terms of a future cross-border M&A process.
EN
The current macro-economic and financial conditions remain extremely challenging for the European insurance sector. Due to the ongoing low-yield environment and competitive pressure from new players, in particular technology-focused start-ups entering the markets, insurers are changing their business models and looking for new investment and business opportunities to improve their profitability and overall solvency positions. This is also reflected in increasing interest in mergers and acquisitions to achieve sufficient returns. However, there is no clear answer in the literature as to whether this strategy brings the anticipated positive results. This study empirically tests the effects of mergers and acquisitions (M&A) on the share prices of European insurers via an event study. Our results do not confirm the positive impact of such strategies on acquirers’ share prices delivering abnormal returns for shareholders.
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The aim of this empirical study is to evaluate the influence of the inter dependence of cross-border mergers and acquisitions and the quality of the institutional setting on GDP per capita using dynamic panel data analysis for 22 European transition countries from 2000 to 2014. Our empirical results suggest that current cross-border mergers and acquisitions have a negative effect on GDP per capita in the year of merger or acquisition, but the influence of their lagged level has a strong positive effect one year later. All governance indicators are found to have a significant effect on GDP per capita while the only significant interaction term between cross-border mergers and acquisitions and control of corruption is negative. This implies that the higher level of cross-border mergers and acquisitions with its negative impact offset the positive effect of control of corruption on economic growth in current period.
EN
The intensity of business mergers and acquisitions changes over time. Theoretically, com¬petitive firms constantly seek for ways to grow mainly due to expected economies of scale and scope. In the paper we discuss various aspects of business mergers and acquisitions in the context of market concentration. We also highlight the issue of symptoms and causes of fluc¬tuations in economic activity. Using data for the period of 2000-2012 we analyse the value of the overall business mergers and acquisitions in connection with the world economic growth and selected stock market indexes. Next, we focus on the world agro-food sector and test the hypothesis that the number and value of mergers and acquisitions in this sector were related to the business cycle fluctuations observed in the period of 2000-2010. Firstly, the results of our research show that both merger and acquisition transactions carried out in the agro-food sector had largely inter-branch or, at the most, inter-sectorial character. Secondly, a positive relationship between fluctuations in economic activity in the world agro-food sector and the intensity of mergers and acquisitions was found, especially regarding the value of those transactions, what means that economic recovery facilitates concentration processes. Thirdly, the observed connection between the directions of changes in the merger and acquisition activities and the changes in stock market indexes seems to be determined by the situation on the capital markets.
EN
The paper elaborates on the Acquisition Fund for Contemporary Art established in 2017 in the Czech Republic by the Ministry of Culture. Paradoxically, this fund is perceived both positively and negatively by various institutions. On the positive side, from the year 2017 to 2019, the fund has allocated 41,257,888 CZK (1,517,753 EUR) for the purchase of 287 artworks by 29 institutions. On the negative side, only 29 out of 218 eligible institutions have applied for support from the fund during the three years of the fund’s existence. This low application rate is attributed partly to the time consuming and complicated administration of the application for support, and partly to apprehension from some institutions regarding the likelihood of the actual realisation of the receipt of financial support. In turn, due to this low application rate, the institutions that have applied have had a high probability of receiving funding. The paper sheds new light on the lack of financing for acquisition in art institutions and opens the question of the effectiveness of the Acquisition Fund in the Czech Republic.
EN
This article presents models of horizontal mergers extended with management factors. The paper contains an analysis of mathematical models of mergers irrespective of exogenous and endogenous mergers division. The analysis shows that even when a merger may be potentially more efficient, managers in a merged firm do not necessarily want this to happen. The problems due to a lack of trust can even offset the possible synergies thereby making a merged firm less efficient.
EN
This paper analyses the development and the current state of axiology in Slovak museums in its historical and legislative context. Additionally, we attempt to define the values that are – or should be – applied to the valuation of objects in museum collections, as well as said valuation’s philosophical, economic and museological underpinnings. The final section of the paper then proposes a pricing tool specifically designed for the evaluation of pricing offers and purchase prices of museum objects during the creation of museum collections.
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