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    Wyświetlanie 1-8 z 8
    Tytuł:
    Do mergers and acquisitions increase default risk? Evidence from the European market
    Autorzy:
    Bessler, Wolfgang
    Steenbeek, Hidde
    Westerman, Wim
    Powiązania:
    https://bibliotekanauki.pl/articles/14189711.pdf
    Data publikacji:
    2019-12-11
    Wydawca:
    Wyższa Szkoła Bankowa we Wrocławiu
    Opis:
    Aim: In this study, we examine the changes in default risk of the bidder over the course of a merger or acquisition. The data set consists of 531 deals in which the acquirers are European firms. We employ a general set of determinants to analyse the change in default risk and extend the literature by providing new empirical evidence for the European capital market. Research design: Abnormal returns are analysed to provide preliminary insights into the merger induced valuation effects. All hypothesized relationships on the changes in default risk are tested via a regression analysis. We differentiate these results further by analysing which factors determine the increase in default risk. Findings: Previous research on this issue reported mixed results. The main finding of our empirical analysis is that, on average, mergers and acquisitions of European bidders significantly increase default risk during the post-merger period. Originality: This study adds to the mergers and acquisitions literature for European bidders and targets. The empirical findings suggest that some observed relationships and determinants are different in Europe than in the United States. Implications: This research introduces a default risk model that could be applied to predict bidder performance subsequent to a merger or acquisition by analysing possible changes in default risk of the bidder. It also provides some possible explanations for the average increase in default risk. This study may help practitioners to better assess the potential risks when acquiring other firms. Key words: mergers & acquisitions, abnormal returns, default risk, Europe JEL Codes: G32, G34
    Źródło:
    Central European Review of Economics and Management; 2019, 3, 4; 7-51
    2543-9472
    Pojawia się w:
    Central European Review of Economics and Management
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
    Tytuł:
    Stock Market Reactions to Financing and Payment Decisions for European Mergers and Acquisitions
    Autorzy:
    Bessler, Wolfgang
    Kruizenga, David
    Westerman, Wim
    Powiązania:
    https://bibliotekanauki.pl/articles/14154144.pdf
    Data publikacji:
    2020-06-03
    Wydawca:
    Wyższa Szkoła Bankowa we Wrocławiu
    Tematy:
    mergers & acquisitions
    abnormal returns
    financing sources
    payment methods
    Europe
    Opis:
    Aim: We analyze stock market reactions to merger and acquisition announcements for firms in Europe and contribute to the literature by providing empirical evidence how the decisions with respect to alternative financing sources (equity or debt) and the methods of payment (cash or stock) affect the magnitude of the valuation effects.   Research design: An event study methodology is applied to 717 M&A transactions. We analyze the size of the cumulative abnormal returns using the financing sources and payment methods and other variables as the relevant determinants.   Findings: The cumulative abnormal results suggest that target shareholders and bidder shareholders in private deals benefit from mergers and acquisitions. The effect found is centered around the announcement date, making our findings consistent with market efficiency. Debt financed deals outperform equity financed deals and cash paid M&A outperform stock paid M&As, due to information asymmetry, signaling and agency effects.   Originality: This study adds to our understanding of the relevance of the financing sources and the payment methods for mergers and acquisitions in Europe.   Implications: This study may help practitioners to better assess the valuation effects of alternative financing sources and payment methods when acquiring other firms.     JEL: G32, G34
    Źródło:
    Central European Review of Economics and Management; 2020, 4, 2; 41-89
    2543-9472
    Pojawia się w:
    Central European Review of Economics and Management
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
    Tytuł:
    Corporate liquidity in normal and crisis times: what is the best yardstick?
    Autorzy:
    Dorsman, André Bastiaan
    Westerman, Wim
    Powiązania:
    https://bibliotekanauki.pl/articles/14110942.pdf
    Data publikacji:
    2021-12-28
    Wydawca:
    Wyższa Szkoła Bankowa we Wrocławiu
    Tematy:
    cash
    working capital
    cash conversion cycle
    crisis
    liquidity measures
    Opis:
    Abstract: Aim: This paper is meant to investigate measures that help to assess corporate liquidity in both normal and crisis periods. Design / research methods: We provide an overview of relevant liquidity measures used by both professionals and academics, apply regular liquidity measures on three major European electricity suppliers, study three local cases to find out how a recent crisis affected liquidity and provide an overview of liquidity management on 27 electricity, oil/gas and other multinational firms. Conclusions / findings: Liquidity measures concentrate on cash ratios, working capital ratios and in specific the cash conversion cycle (CCC). It appears to matter whether a company is production driven or sales driven. In crisis times, whereas priorities do change, liquidity measures should not. Originality / value of the article: We plead for keeping a close eye on the CCC in both good and bad times. The article provides various recommendations to academics and practitioners.
    Źródło:
    Central European Review of Economics and Management; 2021, 5, 4; 9-32
    2543-9472
    Pojawia się w:
    Central European Review of Economics and Management
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
    Tytuł:
    Public Pension Fund Structure And Mechanisms: A Case Study Of The Tanzanian Pension Funds System
    Autorzy:
    Mpinga, Zubeda Chande
    Westerman, Wim
    Powiązania:
    https://bibliotekanauki.pl/articles/14508124.pdf
    Data publikacji:
    2017-06-12
    Wydawca:
    Wyższa Szkoła Bankowa we Wrocławiu
    Opis:
    Good governance structures have become an issue of public interest, including public pension systems. This study assesses the pension funds governance in Tanzania, with a special focus on board of trustees’ issues. The growing interest referred to, is partly because the quality and performance of the funds trustees determines the income flows to which members are entitled and promised, as well as any shortfalls thereof, that may require interventions. Our findings suggest that board of trustees play an important role for funds governance and hence performance. The pension fund structure and mechanisms in Tanzania uphold high standards. Yet, a major issue is that the board selection seems to be politically motivated and that the government claims most board seats, making conflicts of interest likely to occur repeatedly.  
    Źródło:
    Central European Review of Economics and Management; 2017, 1, 1; 135-160
    2543-9472
    Pojawia się w:
    Central European Review of Economics and Management
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
    Tytuł:
    Exchange of new ideas: towards a more open, cooperative and sustainable world
    Autorzy:
    Platje, Johannes
    Fallon, Grahame
    Karan, Mehmet Baha
    Westerman, Wim
    Krozer, Yoram
    Will, Markus
    Kurek, Katarzyna
    van Ophem, Johan
    Powiązania:
    https://bibliotekanauki.pl/articles/14143838.pdf
    Data publikacji:
    2020-09-30
    Wydawca:
    Wyższa Szkoła Bankowa we Wrocławiu
    Tematy:
    new ideas
    empowerment
    climate change
    COVID-19
    European Union
    decision making process
    risk management
    sustainable development
    Opis:
    Aim: Provide a summary of the expressed views, presentations and discussions during the ISINI14 (2020) online conference. Design: Next to rather traditional but this time online presentations, the discussions not only took place by way of oral communication, but also via an online tool. The administrators of the conference prepared in a word-processing programme a framework, where the participants could enter issues, questions and comments in real time, and react to each others writings. These issues, questions and comments were also discussed orally. The results of the exchange of new ideas are presented below, and should provide an impulse for further discussion at  ISINI online meetings in the future. Findings: In order to achieve sustainable development, protect democratic values and empower citizens in different countries with a different institutional setting, a sound balance between open markets and sound regulation should be struck at various levels. Global and regional (EU) cooperationis needed for solving challenges to sustainable development – e.g. in relation to unexpected events such as the COVID-19 pandemic and  climate (change) as a kind of public good. Keywords: new ideas, empowerment, climate change, COVID-19, European Union, decision making process, risk management, sustainable development  JEL: D70, D81, F02, Q01, Q54
    Źródło:
    Central European Review of Economics and Management; 2020, 4, 3; 117-132
    2543-9472
    Pojawia się w:
    Central European Review of Economics and Management
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
    Tytuł:
    Accounts Receivable Overdue and Market Dynamics: A Case Study
    Autorzy:
    Stam, Niek
    Westerman, Wim
    Powiązania:
    https://bibliotekanauki.pl/articles/694362.pdf
    Data publikacji:
    2018
    Wydawca:
    Wyższa Szkoła Bankowa we Wrocławiu
    Opis:
    Aim: This study aims to find out which market dynamics are currently relevant for accounts receivable levels (specifically overdues), and how lessons learned can be used by credit management.Design / Research methods: The unique research strategy is characterised as a single case study with design elements at two country units of a company to be named FEED. The classification and overview of relevant market dynamics provide valuable insights for determinants and intercompany differences in receivables, and whether these arise at the country or market level.Conclusions / findings: The classification and overview of relevant market dynamics provide valuable insights for determinants and intercompany differences in receivables, and whether these arise at the country or market level.Originality / value of the article: The findings suggest adjustments of the literature in that the interest rate is currently not a relevant factor. Moreover, instead of focussing on costs of capital, an emphasis on default risk is more applicable nowadays, and hence researchers should focus on overdue instead of on receivables in general.
    Źródło:
    Central European Review of Economics and Management; 2018, 2, 3; 7-42
    2543-9472
    Pojawia się w:
    Central European Review of Economics and Management
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
    Tytuł:
    Cash management organisation decision-making: economics, strategy and operations
    Autorzy:
    Westerman, Wim
    Powiązania:
    https://bibliotekanauki.pl/articles/14153718.pdf
    Data publikacji:
    2020-06-21
    Wydawca:
    Wyższa Szkoła Bankowa we Wrocławiu
    Opis:
    Abstract:   Aim: This article starts from the observations of two cash management experts, who witness varying company views on the almost-vanished issue of structuring the internal decision-making on the organisation of it. The aim of this article is to put the current challenging developments in a digitalizing world into a conceptual perspective.   Research design: The article singles out motives for either centralization or decentralization of cash management, models to organize cash management functions, as well as developments in the field over the last some thirty years. Various theoretical views are studied briefly in order to find a way out of the signalled paradox.   Findings: It can be concluded that multiple practices may coexist both within and between firms, whereby a refined understanding in terms of financial economics, strategic direction and operational flexibility is called for.   Originality: The present study is unique in that it is among the first to signal the return of the centralisation versus decentralisation issue in cash management in a rapidly evolving digital era and multi-legislation world.   Implications: The developments offer a unique opportunity for firms, further reducing their costs, to overthink their cash management system, including its relation to the external world. The study calls for follow-up research in terms of case studies at organisations with varying contingencies and survey questionnaires among representative samples.     Keywords: cash management organisation, (de-) centralisation, decision-making   JEL: B27, G30, L23    
    Źródło:
    Central European Review of Economics and Management; 2020, 4, 2; 155-166
    2543-9472
    Pojawia się w:
    Central European Review of Economics and Management
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
    Tytuł:
    Governance of Tanzanian pension fund investment
    Autorzy:
    Westerman, Wim
    Chande mpinga, Zubeda
    Powiązania:
    https://bibliotekanauki.pl/articles/529824.pdf
    Data publikacji:
    2016
    Wydawca:
    Wyższa Szkoła Bankowa we Wrocławiu
    Tematy:
    Tanzania
    pension funds
    investments
    governance
    Opis:
    This study aims to examine how mainland Tanzania pension fund investments are governed and which developments can be foreseen. The literature provides ample leads for a conceptual and practical framework on pension fund investment governance. This framework is filled in along a case research design drawing upon system participant interviews. It is shown that whilst the system is gaining strength, its inherent limitations may call for change measures. The pension fund’s investments work out fine and contributors receive value for money. Also, the oversight is thought to work reasonably well. Quirks include investments limitations set by the markets and the government, and also a still low coverage, the heavy weight of the government, a load of administrative costs, employer compliance, beneficiary withdrawal, insufficient education throughout and ignorance in general. The system is governed by complex but strict controls and is being professionalised. To lower administrative costs and raise investment returns, the role of the Ministries versus the Regulator may be amended, while keeping Central Bank in the loop. The paper demonstrates that the hierarchical system engenders agency conflicts that are curbed by a trust grounded common strive for optimal financial value. In specific the paper argues that the investment governance benefits from strict controls and professionalising, especially if financial markets and government limitations are lessened
    Źródło:
    Central and Eastern European Journal of Management and Economics (CEEJME); 2016, 3; 189-209
    2353-9119
    Pojawia się w:
    Central and Eastern European Journal of Management and Economics (CEEJME)
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
      Wyświetlanie 1-8 z 8

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