Applied Mergers And Acquisiti*** University Edition 9780471395348 pdf 下载 极速 mobi txt pdb lrf 网盘

　　"AwellwrittenandcomprehensivejourneyintoM&A...anessentialreferenceforanyM&Apractitioner...thisisn'tjustabookaboutgreatthoughtsandprocess,butratherhowtoturninsightintodeals,anddealsintolastingvalue."-FromtheForewordbyJosephR.PerellaChairman,InstitutionalSecuritiesandInvestmentBankingGroup,M***anStanley"BobBruner'sAppliedMergersandAcquisiti***isamasterfulandcomprehensivetreatmentofthetopicofM&A.Thebookisremarkablycomplete,discussingeconomicvaluation,legalc***iderati***,dealstructure,ethics,accounting,post-mergerintegration-andmore.Itblendsmaterialfrompracticeandfromacademiainaneasy-to-readstyle,***itamust-read,andwant-to-read,foranyoneinterestedinthissubject."-PeterTufanoSylvanC.ColemanProfessorofFinancialManagement,HarvardBusinessSchool"HowmanybooksreallysucceedinteachingM&Apractitionerstodistinguishamongdealsthatshouldbeavoided,dealsthatarepromisingbutcan'tbeexecutedbytheteamsinvolved,anddealswheresignificantvaluecanbeachieved?WeshouldstartthecountwithBruner'sAppliedMergersandAcquisiti***.Bruneristheultimateteacherforpractitionerswhowanttoimproveperformance."-EdwardA.SnyderDeanandGe***ePrattShultzProfessorofEconomics,UniversityofChicagoGraduateSchoolofBusiness"BobBrunerhasachievedtheimpossible:coveringinonebookallrelevanteconomic,financial,accounting,legal,andtax***ectsofmergersandacquisiti***andillustratingeachconceptwithcasestudies.Impressive!"-TheoVermaelenProfessorofFinance,INSEAD"BobBruner'sbookcombinesthebestofacademicthinkingandbusinesspracticeononeofthemostfascinatingandchallengingtopicsinallofbusiness.Theareaofmergersandacquisiti***stretche***ecutivesandscholarstoc***iderthew***realmofmanagementpractice-fromstrategy,tofinance,tolaw,tonegotiati***,tointegrationplanning,tohumanbehavior."-RobertS.HarrisDean,DardenGraduateSchoolofBusinessAdministration,UniversityofVirginia

Foreword.

PART ONE: INTRODUCTION AND KEY THEMES.

CHAPTER 1: Introduction and Executive Summary

“How Can My Team Do Better Than the Averages?” A Framework for

M&A Success. Seven New Big Ideas Worthy of the Best

Practitioners.

CHAPTER 2: Ethics in M&A

Why Should One Care? In Whose Interests? What Is

Good?—C***equences, Duties, Virtues. Promoting Ethical Behavior.

Greenmail Case: Walt Disney, 1984.

CHAPTER 3: Does M&A Pay?

The Measurement of M&A Profitability: Better Than What?

Findings Based on the Analysis of Returns to Shareholders. Findings

Based on the Analysis of Reported Financial Performance. Findings

about the Drivers of Profitability. Findings from Surveys of

Executives. Findings from Clinical Studies.

PART TWO: STRATEGY AND THE ORIGINATION OF TRANSACTION

PROPOSALS.

CHAPTER 4: M&A Activity

M&A Activity Appears in Waves. Explanati*** of M&A

Activity. “Creative Destruction” as the Driver of M&A Activity.

The Many Forms of Economic Turbulence, and Where to Look for It.

Turbulence Drives M&A Activities and Opportunities.

CHAPTER 5: Cross-Border M&A

Cross-Border M&A Activity. M&A within Regi*** and Trading

Blocs. Drivers of and Returns from Cross-Border M&A. Strategic

Analysis of Countries: Getting a “View.”

CHAPTER 6: Strategy and the Uses of M&A to Grow or Restructure

the Firm

Setting Strategy. Expansion by In***anic Growth. Restructuring,

Redeployment, and Sale. Choosing a Path. Does It Pay to Diversify

or Focus the Firm?

CHAPTER 7: Acquisition Search and Deal Origination: Some Guiding

Principles

Eight Principles of Acquisition Search. Case Study: Kestrel

Ventures LLC.

PART THREE: DILLGENCE, VALUATION, AND ACCOUNTING.

CHAPTER 8: Due Diligence

The Concept of Due Diligence. Principles and Strategies. Timing,

Team, and Outputs. The Target’s View: The Data Room and Its

Pressures. Focus on Knowledge. Excellence in Due Diligence.

CHAPTER 9: Valuing Firms

Rule #1: Think Like an Investor. Rule #2: Intrinsic Value Is

Unobservable; We Can Only Estimate It. Rule #3: An Opportunity to

Create Value Exists Where Price and Intrinsic Value Differ. Rule

#4: So Many Estimators, So Little Time—It Helps to “Have a View.”

Rule #5: Exercise Estimators of Intrinsic Value to Find Key Value

Drivers and Bets. Rule #6: Think Critically; Triangulate Carefully.

Rule #7: Focus on Process, Not Product. Rule #8: When in Doubt, see

Rule #1. Valuation Case: Chrysler Corporation, March 1998.

CHAPTER 10: Valuing Opti***

Option Basics. Option Theory. Option Applicati***. A Practical

Guide to Financial Option Valuation, with Some Important

Caveats.

CHAPTER 11: Valuing Synergies

The Concept of Synergy. Synergy Estimates Must Be a Central Focus

of M&A Analysis. A Framework for Synergy Analysis. Estimating

Synergy Value, with Examples. Synergies in the Daimler/Chrysler

Merger. Rules of Thumb.

CHAPTER 12: Valuing the Firm across Borders

How Borders Affect M&A Valuation. Strategy for DCF Approach:

Home versus Foreign Valuation. Adjusting Cash Flows. Estimating the

Discount Rate. Recapitulation: Valuation Process with Adjusted

CAPM. Valuation Cases across Borders.

CHAPTER 13: Valuing the Highly Levered Firm, Assessing the Highly

Levered Transaction

The World of Highly Levered Firms. The Effect of Leverage on Firm

Value. The “W*** Deal” Approach. A Case in Leveraged

Recapitalization: Koppers Company. LBO Case: MediMedia

International, Ltd. LBO Case #2: Revco Drug Stores.

CHAPTER 14: Real Opti*** and Their Impact on M&A

Types of Real Opti***. Where Real Opti*** Appear in M&A. Why

Not Value Everything as an Option? How to Assess the Impact of Real

Opti***. Four Mini-Cases in the Analysis of Real Opti***.

CHAPTER 15: Valuing Liquidity and Control

Adjusting Values for Discounts and Premiums. Where Do Illiquidity

Discounts Come From? Where Do Control Premiums Come From?

In***ction of Liquidity and Control. Case Study: Volvo/Renault,

1993.

CHAPTER 16: Financial Accounting for Mergers and Acquisiti***

Overview of Purchase Accounting. How to Interpret Reported

Financial Results from a Business Combination. Linkage among

Accounting Choices, Form of Payment, Financing, and Price. Dangers

of Earnings Management.

CHAPTER 17: Momentum Acquisition Strategies: An Illustration of Why

Value Creation Is the Best Financial Criterion

Four Cautionary Tales. Momentum Acquisition Strategies. The

Arguments for and against Momentum Acquiring. Value Creation Is the

Best Criterion for Evaluating Acquisition Strategies. Momentum

versus Value Strategies.

PART FOUR: DESIGN OF DETAILD TRANSACTION TERMS.

CHAPTER 18: An Introduction to Deal Design in M & A.

Deal Structures Are Soluti*** to Economic Problems. Possible

Desirables in Designing a Deal. Design Leads to Results. Each Deal

Is a System: The “W*** Deal” Perspective. Some Implicati*** for

the Deal Designer.

CHAPTER 19: Choosing the Form of Acquisitive Re***anization

Five Key Concerns for the Deal Designer. Deals That Are Immediately

Taxable to the Selling Shareholders. Deals That Defer Tax to the

Selling Shareholders.

CHAPTER 20: Choosing the Form of Payment and Financing

Patterns and Trends in Form of Payment. Does Form of Payment

Matter? C***iderati*** in Selecting the Form of Payment. Assessing

the Financing Aspects of a Deal.

CHAPTER 21: Framework for Structuring the Terms of Exchange:

Finding the “Win-Win” Deal

A Model for Critically Assessing Exchange Ratios. Uses and

Illustration of the Model. Extension to Cash-for-Stock Deals.

Choosing Exchange Ratio Targets in the “Win-Win” Zone.

CHAPTER 22: Structuring and Valuing Contingent Payments in

M&A

Contingent Payments in M&A. Earnouts Can Be Useful; But If So,

Why Aren’t They Ubiquitous? Earnouts Are Opti*** on Future

Performance. Structuring an Earnout. Tax and Accounting

C***iderati***. A Generic Approach to Valuing Earnout Instruments.

The Eli Lilly Case. Proposing and Negotiating an Earnout and Other

Contingent Payments.

CHAPTER 23: Risk Management in M&A

Value at Risk When a Deal Fails. Transaction Risk: Types and

Sources. Types of Risk Management. Collars and Their Analysis.

Contingent Value Rights Case. Staged Acquiring Case. Where and When

to Manage Risk.

CHAPTER 24: Social Issues

The Importance of Social Issues in M&A. Survey of Social

Issues. Impact of Social Issues on Attractiveness of the Deal. Case

Studies in the Role of Social Issues.

PART FIVE: RULES OF THE ROAD: GOVERNANCE, LAWS, AND

REGULATIONS.

CHAPTER 25: How a Negotiated Deal Takes Place

The Deal Shaping Process. Risks: How the Process Can Get Derailed.

Transaction Planning and Preparation. Initiating Discussi***.

First-Round Documents. The Definitive Agreement. Disclosures to

Investors and Regulators. Gaining Approval. Case Study:

Daimler-Benz and Chrysler.

CHAPTER 26: Governance in M&A: The Board of Directors and

Shareholder Voting

Governing Well Is Hard to Do. Good Governance Pays. How

Shareholders Rule. Fiduciary Duties of Target Directors in

C***idering M&A. Preparing for the Board’s Review of a Deal.

How Can Firms Be Governed Better?

CHAPTER 27: Rules of the Road: Securities Law, Issuance Process,

Disclosure, and Insider Trading

Overview of Key Securities Laws and Rules. International Law

Comparison. Disclosures. Insider Trading. Observance of Deal

Process.

CHAPTER 28: Rules of the Road: Antitrust Law

Antitrust Law: History and Motives. How Antitrust Regulators and

Laws Affect M&A. U.S. Antitrust Merger Guidelines. Premerger

Review Process in the United States. Antitrust Regulation of

M&A in the European Union. Critical Perspectives on Antitrust

Policy.

CHAPTER 29: Documenting the M&A Deal

First-Round Documents. Definitive Agreement. Merger Proxy Statement

and Prospectus.

PART SIX: COMPETITION, HOSTILITY, AND BEH***IORAL EFFECTS IN

M&A.

CHAPTER 30: Negotiating the Deal

The Relevance of Negotiation Process. Behavioral Finance.

Influencing Bargaining Outcomes: An Overview of the Challenge. How

to Prepare for a Negotiation. Managing the Negotiation Process

Proactively.

CHAPTER 31: Aucti*** in M&A

Auction Structures and Motives. Advantages and Disadvantages of

Aucti***. Aucti*** in Practice: The Case of RJR Nabisco. The

“Winner’s Curse” in M&A: Is It Real? Some Practical Advice to

Sellers in Aucti***.

CHAPTER 32: Hostile Takeovers: Preparing a Bid in Light of

Competition and Arbitrage

Takeovers Are Games. A Profile of Hostile Takeovers. Beware of the

Players, Both on the Field and Off. The Arb Is the C***ummate

Economic Actor. Interpreting Arbitrage Spreads. The Arb Assesses a

Recapitalization Proposal in Terms of Blended Value. Government

C***traints on the Game. Selling Shareholders Face a Prisoner’s

Dilemma. To Set a Bid Price: Think Like an Investor. The Game Has

Implicati*** for Design and Defense of Takeovers.

CHAPTER 33: Takeover Attack and Defense

The Prevalence of Antitakeover Defenses. Profile of the Target of a

Hostile Bid. Optionality in Takeover Attack and Defense. Tactics of

Takeover Attack. Tactics of Takeover Defense. Implicati*** for the

Practitioner.

CHAPTER 34: The Leveraged Restructuring as a Takeover Defense: The

Case of American Standard

The American Standard Case. The Resp***e. Of Parachutes, Pills, and

Litigation. Restructuring Defenses. When Does a Restructuring Make

Sense?

PART SEVEN: COMMUNICATION, INTEGRATION, AND BEST PRACTICE.

CHAPTER 35: Communicating the Deal: Gaining Mandates, Approvals,

and Support

C...

　　ROBERT F. BRUNER is the Distinguished Professor of Business Administration at the Darden School of the University of Virginia and Executive Director of the Batten Institute. He directs the Darden School’s executive education course on mergers and acquisiti***, and teaches the popular MBA elective on that topic. He is the author of over 250 case studies and a casebook, Case Studies in Finance: Managing for Corporate Value Creation, which has been adopted for use at over 200 schools. Bruner’s articles have been published in the Journal of Financial Economics, the Journal of Accounting and Economics, the Journal of Financial and Quantitative Analysis, the Journal of Money, Credit, and Banking, and Financial Management. He has served as a c***ultant to over twenty corporati*** as well as to the U.S. Government, and prior to his academic career, worked as a commercial banker and venture capitalist. Bruner holds a BA from Yale University, and an MBA and DBA from Harvard University.

暂无出版社相关信息，正在全力查找中！

暂无相关书籍摘录，正在全力查找中！

在线阅读地址：Applied Mergers And Acquisiti*** University Edition 9780471395348在线阅读

在线听书地址：Applied Mergers And Acquisiti*** University Edition 9780471395348在线收听

在线购买地址：Applied Mergers And Acquisiti*** University Edition 9780471395348在线购买

暂无原文赏析，正在全力查找中！

媒体评论

　　"A well written and comprehensive journey into M&A...an

essential reference for any M&A practitioner...this isn't just

a book about great thoughts and process, but rather how to turn

insight into deals, and deals into lasting value."

　　--From the Foreword by Joseph R. Perella

　　"Bob Bruner's Applied Mergers and Acquisiti*** is a masterful and

comprehensive treatment of the topic of M&A. The book is

remarkably complete, discussing economic valuation, legal

c***iderati***, deal structure, ethics, accounting, post-merger

integration–and more. It blends material from practice and from

academia in an easy-to-read style, *** it a must-read, and

want-to-read, for anyone interested in this subject."

　　--Peter Tufano

　　"How many books really succeed in teaching M&A practitioners

to distinguish among deals that should be avoided, deals that are

promising but can't be executed by the teams involved, and deals

where significant value can be achieved? We should start the count

with Bruner's Applied Mergers and Acquisiti***. Bruner is the

ultimate teacher for practitioners who want to improve

performance."

　　--Edward A. Snyder

　　"Bob Bruner has achieved the impossible: covering in one book all

relevant economic, financial, accounting, legal, and tax ***ects of

mergers and acquisiti*** and illustrating each concept with case

studies. Impressive!"

　　--Theo Vermaelen

　　"Bob Bruner's book combines the best of academic thinking and

business practice on one of the most fascinating and challenging

topics in all of business. The area of mergers and acquisiti***

stretches executives and scholars to c***ider the w*** realm of

management practice–from strategy, to finance, to law, to

negotiati***, to integration planning, to human behavior."

　　--Robert S. Harris