Browsing by Author "Cravo, Domingos"
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- Distribution and reasons explaining mergers and acquisitions (M&A) in the EU countries and the USPublication . Ribeiro, Humberto; Cravo, DomingosThe M&A phenomenon has more than one century and has reached a particular highlight as the previous millenium went away. In fact, several mega operations occurred in the late nineties, particulary between 1998 and 2000, and it was very well widespread by worldwide media. The growing importance and dimension of the capital markets and also new business strategies seem to provide a major role for business combinations in a more global economy. The purpose of this paper is to analyse the M&A distribution among EU countries and the US. To achieve that we used several data, such as M&A activity and market capitalization, from 1990 to 1999. We also present some reasons that could explain the evolution of M&A activity in the EU in the nineties. The methodology used in the study is based on the regression model and in the 2000 European Comission M&A report.
- Some evidence about how corporations perceive the success in M&APublication . Ribeiro, Humberto; Cravo, DomingosFinancial analysts, academics and media often warn about the risks inherent to Mergers & Acquisitions (M&A). In fact, failures are not uncommon in corporate M&A. Several studies concluded that M&A usually provide negative returns to the shareholders of the bidder corporations both in the short and medium terms. Other studies, using financial indicators such as return on investment (ROI), also suggested a negative performance from M&A deals. However, the success definition in M&A goes beyond the conclusions of that type of studies. After all, despite financial markets pressure, numbers are not everything in corporations’ existence. The aim of this paper is to discuss how corporate managers measure the success in M&A. We carried on a global study about M&A in Portugal, using the questionnaire methodology, which included the assessment of success by corporate managers. Some questions were made such as Hunt (1987) to make possible further comparisons between Portugal and the United Kingdom (UK). We also used some other evidence, brought by international consulting firms, to assess how much our findings could differ from other scenarios.