Wyniki wyszukiwania - Biblioteka Nauki

1

CREATING THE MARKET VALUE OF INVESTMENT IN MERGERS AND ACQUISITIONS FORM IN INDUSTRIAL COMPANIES IN POLAND (Kreowanie wartosci rynkowej inwestycji w formie wybranych fuzji i przejec przedsiebiorstw przemyslowych w Polsce)

100%

Sokol A. , Surmacz A. O.

Organization and Management

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2009

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nr 1(135)

71-86

EN

Estimating the goodwill of companies is the most important in the financial management, but first of all in analysis of different investment projects. Undertaking investments with positive net present value by companies create value in these firms. Mergers and acquisitions (M&A) are projects, who are associated with high risk. However, they are perceived as the excellent way of rapid growth of goodwill. One should remember that not all participants of M&A transaction achieve this benefit (additional value). Considering above, one can accept, that in M&A analysis the use of some goodwill methods.is necessary The analysis of the effectiveness of investments - M&A was conducted on chosen industrial companies group and based on capital market ratios.

2

CONSOLIDATION OF MILK PROCESSING COMPANIES IN POLAND (Konsolidacia przedsiebiorstw przetwórstwa mlecznego w Polsce)

100%

Demby T. , Janiuk I.

Optimum. Studia Ekonomiczne

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2009

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nr 2(42)

244-256

EN

Milk processing industry in Poland is one of the biggest production potentials in the national food industry. It is a sector of strong globalisation pressure and increasing competition. Since the beginning of the transformation period, milk processing industry has undergone changes of entitative structure. As a result of market transformations, many unprofitable units are liquidated. In cases when further development is predicted, the firms are taken over by stronger companies as a result of restructuring and privatization processes. This study aims at the presentation of the consolidation of companies in the milk market. Thus, the article presents the description of milk industry and the number of as well as income of main companies. Despite consolidation processes, milk processing industry still has the features of a dispersed sector.

3

MERGERS AND ACQUISITIONS IN THE DEVELOPMENT OF ORGANISATION (ON THE BASIS OF MILK COOPERATIVE 'MLEKPOL' IN GRAJEWO) (Rola fuzji i przejec w rozwoju organizacji (na przykladzie spóldzielni mleczarskiej 'Mlekpol' w Grajewie)

100%

Demby T. , Janiuk I.

Organization and Management

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2009

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nr 2(136)

53-69

EN

Milk processing is an industry heavily influenced by globalisation and the growing competition. There are plenty of unprofitable companies that are liquidated due to the market changes. In some cases, some promising entities might be acquired by stronger companies as a result of restructuring initiatives or privatisation processes. It is extremely difficult for a single company to maintain a market position and develop further by undertaking various challenges. Mergers and Acquisitions (M&A) are therefore inevitable strategy. They seem to be key elements of consolidation process of the companies. On the basis of liquidated companies, new groups of companies are created and they gradually increase their market share. The aim of this study is to present the importance of M&A in the development of organisation. Milk Cooperative 'Mlekpol' in Grajewo has been used as an example of such organization. Takeovers executed by the 'Mlekpol' should be considered as incorporations or acquisitions. They can be perceived as a way to achieve various benefits from newly acquired assets, concentration of production and split of key competences.

4

VALUE CREATION OF EUROPEAN BANK MERGERS AND ACQUISITIONS IN THE 1998 - 2007 PERIOD

100%

Teplý P. , Stárová H. , Černohorský J.

Ekonomický časopis (Journal of Economics)

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2010

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tom 58

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nr 5

457-470

EN

The European banking industry has experienced profound change in regulation, technology and market structure over the last two decades. Since the late 1990s, a strong wave of mergers and acquisitions (M&A) and market consolidation process have been induced by the changing external environment. The aim of this paper is to find out whether M&A transactions in the European banking sector can be justified by creating value for involved banks' shareholders. For this purpose the authors conduct an event study examining value implications of 59 M&A transactions of listed European banks carried out between 1998 and 2007. Their findings suggest large value creation for the targets' shareholders. On contrary, significant value destruction is found for shareholders of the bidding banks. The net wealth effect for combined entities of targets and bidders is still significantly positive; therefore, they conclude that banking M&A have been successful in the observed period. Moreover, they present results for several sub-samples analysing differences in terms of value creation between domestic and cross-border deals, cash and equity-financed deals and transactions of different sizes.

5

LOW PRICE ANOMALY IN M&A TRANSACTIONS

88%

Pastusiak R. , Jasiniak M. , Pluskota A.

Ekonomický časopis (Journal of Economics)

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2019

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tom 67

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nr 2

195 – 214

EN

Low price anomaly describes the phenomenon in which low-priced stocks grow faster than high-priced stocks and generate higher rates of return. The aim of this article is to verify the existence of low price anomaly on the example of mergers and acquisitions of European companies. The authors’ proposal was to analyse this phenomenon in case of stocks up to 1 euro and above 100 euro. Authors proved that rate of returns differ according to price what corresponds to the literature. The study shows that in case of M&A it is more likely that the investors will gain when purchasing stocks of overtaking companies valued up to 1 euro, than those valued above 100 euro. Investments in low-priced stocks are more likely to generate higher profits than investments in high-priced stocks. However, they are also characterized by higher risk.

6

Rozvytok teoretychnykh pidkhodiv do vyznachennya ponyattya «investytsiynyy bankinh»: zakordonnyy ta ukrayins'kyy dosvid

88%

Lapina I. H.

Mekhanizm Rehuluvannya Economiky

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2013

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tom 3 (61)

179-185

EN

At the present stage of economic relations in the world the research of the specialized banks in the financial market that specialize on providing investment banking services is the crucial research problem. The current transformation of the global financial architecture encourages the development of of universal growing trend towards specialization of most financial intermediaries. This article underlines the comparative analysis of the term “investment banking”, which is investigated by economists in foreign and Ukrainian scientific literature. The paper presents unique authors’ definition of “investment banking” term, which is adapted to the specific situation in this sphere in Ukrainian banking sector, including basic criteria for such activities, such as the activities background, objectives, determining aggregate functions, which are included in the system of “investment banking” activities.

7

Instrumentariy vplyvu derzhavy na konsolidatsiyni protsesy v bankivs'kiy systemi Ukrayiny

88%

Bohma S. D.

Mekhanizm Rehuluvannya Economiky

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2013

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tom 4 (62)

146-154

EN

The instruments of state influence on consolidation processes in banking system of Ukraine are researched. The list of state instruments of influence according to Ukrainian practice and taking into account world experience is defined concretely. Specificity and peculiarities of using concrete instruments are observed. It is emphasized that today quasi fiscal operations of the NBU as regulatory instruments of consolidation of banks in Ukraine are more popular and effective than others. In this research they include capital support for banks, refinancing operations on easy terms, selling non-performing loans to specialized institutions initiated by state et al. Division of instruments of state influence on those, which activate consolidation processes in banking system, and those, which hold them on, is made.

8

TAKEOVERS IN A TRANSFORMING MARKET (Vallalatfelvasarlasok egy kialakulo piacon)

88%

Vincze P.

Kozgazdasagi Szemle (Economic Review)

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2009

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tom 56

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nr 1

69-83

EN

Firms in market economies are objects of purchase and sale, and purchases and mergers of them count as everyday business transactions. Ownership of firms in the Hungarian economy and purchases and mergers of them count as everyday business transactions, with ownership of such firms changing continually for the past two decades. Initially the typical form of change was privatization of state property, but ownership changes within the privately owned sector have steadily spread to become almost the exclusive form since the completion of privatization. The paper is concerned with market events in the new, developing type of transaction. Takeover processes in this country show the appearance of investment and transaction types typical of market economies, along with a system of regulating and monitoring them. But there is still only fragmentary information available on the effects these transactions have on competitive position and corporate performance.

9

Fuzje i przejęcia w światowym sektorze rolno-żywnościowym na tle wahan koniunktury gospodarczej

75%

Figiel S. , Kufel J.

Zagadnienia Ekonomiki Rolnej

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2013

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nr 3(336)

3-24

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.

10

Osoblyvosti funktsionuvannia inozemnoho kapitalu na bankivskomu rynku Ukrainy

75%

Gusev Y. A.

Mekhanizm Rehuluvannya Economiky

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2011

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tom 4 (54)

247-256

EN

This paper examines the situation of the banking system of Ukraine in the context of its involvement in the structure of foreign capital, it was studied the effectiveness and analyzed problems of securing country’s financial stability. A list of possible measures to minimize the consequences of the negative impact of foreign capital for expansion of financial and credit markets was suggested.