The Handbook of Mergers and Acquisitions

by David Faulkner, Satu Teerikangas, Richard J. Joseph

Overview

With its inception at the end of the nineteenth century as a means of consolidation and reorganization, mergers and acquisitions (M&A) have since become quasi-institutionalized as one of the primary strategic options for organizations, as they seek to secure their position in an ever more competitive and globalizing market place. Despite the optimism surrounding M&A as strategic moves, research on post-merger company performance suggests that most firms engaging in M&A activity do not achieve the sought-after performance targets, either immediately or in the years following the deal. What is it that drives M&A activity when research results do not support the performance expectations of these undertakings? Alternatively, have M&A scholars got it all wrong in the way that M&A performance is measured? Is the topic too complex, enduring, and multifaceted to study?

The handbook argues that the field of M&A is in need of a re-rooting: past research needs to be critically reviewed, and fundamental assumptions revisited. A key issue preventing efforts in the practice and study of M&A from achieving dynamic syntheses has been the disciplinary gulf separating strategy, finance, and human relations schools. The handbook aims to bridge the hitherto separate disciplines engaged in the study and practice of M&A to provide more meaningful results.

To this end, the handbook brings together a set of prominent and emerging scholars and practitioners engaged in the study of M&A to provide thought-provoking, state of the art overviews of M&A through four specific "lenses"—strategic, financial, socio-cultural, and sectoral approaches. By summarizing key findings in current research and exploring ways in which the differing approaches could and should be "synthesized," it aims to highlight the key issues facing M&A practitioners and academics at the dawn of the third millennium.

Product Details

ISBN-13:	9780199601462
Publisher:	Oxford University Press
Publication date:	07/26/2012
Series:	Oxford Handbooks
Edition description:	New Edition
Pages:	632
Product dimensions:	6.80(w) x 9.80(h) x 2.00(d)

About the Author

Professor David Faulkner is Dean of Magna Carta College, Oxford, a private business school that he co-founded in 2007. He is also Professor at Hult International Business School and Professor Emeritus of Strategy at Royal Holloway, University of London. He was formerly official Student (Fellow) of Christ Church, Oxford and Deputy Director of the Said Business School, Oxford University. He is an Oxford-educated economist by background, who has spent much of his early career as a strategic management consultant with McKinsey and Co and Arthur D. Little. He gained a Doctorate from Oxford University (D.Phil.), researching into conditions for success in International Strategic Alliances. He has written and edited thirteen books including, The Oxford Handbook of Strategy (OUP).

Dr. Satu Teerikangas is Lecturer in Management at University College, London. She received her Ph.D. from Helsinki University of Technology. Her research centres on the management of M&A, and has been published in several journals, including the Journal of Management, Human Resource Management and the British Journal of Management. She co-edits Special Issues on M&As for the Scandinavian Journal of Management and the European Journal of International Management, and co-chairs the M&A track at the European Academy of Management annual conference since 2008. Prior to an academic career, Dr. Teerikangas worked for Shell in the Netherlands and the UK. She is on the editorial review board of the International Journal of Cross-Cultural Management.

Richard J. Joseph is Vice President for Academic Affairs at Hult International Business School, Boston, London, Dubai, Shanghai, and San Francisco. Previously he served on the faculty and administration of the McCombs School of Business at the University of Texas at Austin. Prior to his academic career, he worked as an investment banker at Lehman Brothers, a securities trader at Bear Stearns, an international banker at Citibank, and a mergers and acquisitions lawyer for the Bass Group, Fort Worth. A graduate magna cum laude of Harvard College (B.A.), Oxford University (M.Litt.), and the University of Texas at Austin School of Law (J.D.), he is co-editor of Prentice Hall's Federal Taxation Series and has written numerous commentaries in the Financial Times, Christian Science Monitor, and Tax Notes International. His book, The Origins of the American Income Tax (Syracuse University Press), explores the original intent, rationale, and effect of the early American income tax.

Table of Contents

1. Introduction, David Faulkner, Satu Teerikangas, and Richard J. Joseph
Section I: A Strategic Lens for M&A
2. A Review of the Merger and Acquisition Wave Literature, Kalin Kolev, John Haleblian, and Gerry McNamara
3. M&A Typologies: A Review, Duncan Angwin
4. Creating Value through M&A: Challenges and Opportunities, Michel Hitt, David King, Hema Krishnan, Marianna Makri, Mario Schijven, Katsuhiko Shimizu, and Hong Zhu
5. Unbundling Acquisition Performance: How Do they Perform and How Can This Be Measured?, Ioannis Thanos and Vassilis Papadakis
6. Acquisitions, Acquisition Programs and Acquisition Capabilities, Thomas Keil, Tomi Laamanen, and Aino Makisalo
Section II A Financial Lens for M&A
7. Pre-deal Management, Brendan McSweeney and Elina Happonen
8. Value Creation and Value Appropriation in M&A Deals, Sudi Sudarsanam
9. Structuring the Transaction, Richard J. Joseph and Bill Ryan
10. Acquiring Distressed and Bankrupt Concerns, Scott Moeller and Maria Carapeto
11. Takeover Strategies, Competitive Bidding and Defensive Tactics, Brendan McSweeney
12. Leveraged Buyouts, Viktoria Dalko
13. Shareholder Value: a Driver of M&A Activity, Bill Ryan
Section III: A Socio-Cultural Lens for M&A
14. Post-M&A Integration: An Overview, Satu Teerikangas and Richard J. Joseph
15. Individual Response to Mergers and Acquisitions, Susan Cartwright
16. Culture in M&A: A Critical Synthesis and Steps Forward, Satu Teerikangas and Philippe Very
17. Country Cultural Differences in Acquisition Management, David Faulkner, Robert Pitkethly, and John Child
18. Knowledge Management in Mergers and Acquisitions, Sajjad Jasimuddin
19. A Social Identity Analysis of Mergers and Acquisitions, Steffen Giessner, Johannes Ullrich, and Rolf van Dick
20. Power and Politics in M&A, Janne Tienari and Eero Vaara
21. Silent Forces Shaping the Performance of Cross-border Acquisitions, Satu Teerikangas
Section IV: A Sectorial Lens for M&A
22. Characteristics of Emerging Market Mergers and Acquisitions, Harbir Singh and Prashant Kale
23. Financial Mergers and Acquisitions: From Regulation to Strategic Repositioning to Geo-economics, Gary A. Dymski
24. Mergers between Professional Service Firms: How the Big 8 Became the Big 5, Nicholas Fairclough and Samantha Fairclough
25. Examining Resource and Expectational Ambiguity in Technology M&A Integration, Annette Ranft, Adelaide Wilcox King, and Jennifer C. Sexton
26. Characteristics of Biotechnology Mergers and Acquisitions, Lars Schweizer
Section V: Synthesis
27. A Synthesis, David Faulkner, Satu Teerikangas, and Richard J. Joseph
Appendix 1: M&A Motives, Definitions, and Defining Characteristics Satu Teerikangas, David Faulkner, and Richard J. Joseph