Auzius Kazombo Mwale
Department of Accounting & Finance
Testing the inefficient management hypothesis: Are United Kingdom mergers and acquisitions disciplinary?
This thesis is provided in fulfilment of the requirements of the degree of Doctor of Philosophy at The University of Stirling
May 2007
ACKNOWLEDGEMENTS
I would like to thank various people to whom I am indebted for assisting me in producing this thesis. I am greatly indebted to Professor Robin Limmack for assisting me with the groundwork for this study. I am greatly indebted to Dr Kevin Campbell, my principal supervisor for his continuous support and guidance throughout the period of study.
I would to thank the Faculty of Management and the Department of Accounting and
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3.1 CLASSIFICATION OF TAKEOVER BIDS: 41
EVALUATION OF SHARE PRICE PERFORMANCE
3.2 FREQUENCY DISTRIBUTION OF TAKEOVER BIDS RELATIVE TO CADBURY REPORT PUBLICATION 43
4.1 SHARE PRICE PERFORMANCE OF BIDDERS AND TARGETS (MM) 76
4.2 SHARE PRICE PERFORMANCE OF SUCCESSFUL BIDS (MM) 76
4.3 SHARE PRICE PERFORMANCE OF LAPSED BIDS (MM) 77
4.4 SHARE PRICE PERFORMANCE: TOP MANAGEMENT
CHANGE(MM) 77
4.5 SHARE PRICE PERFORMANCE: NO TOP MANAGEMENT
CHANGE(MM) 78
4.6 SHARE PRICE PERFORMANCE: FRIENDLY BIDS (MM) 78
4.7 SHARE PRICE PERFORMANCE: HOSTILE BIDS (MM) 79
4.8 SHARE PRICE PERFORMANCE OF BIDDERS AND TARGETS
(MAR) 79
4.9 SHARE PRICE
In response to the question set, I will go into detail of the study, consisting of the background, main hypotheses, as well the aims, procedure and results gathered from the study; explaining the four research methods chosen to investigate,
This research proposal is my original work and it has not been presented elsewhere for any academic award. No part of this work may be reproduced without prior written permission of the author and/or ……..University.
This question guides the course of the research study and guides researchers in setting up the study effectively and accurately. It is important, throughout the course of research, to ensure that additional questions do not cloud the initial research question (Farrugia et al. 2010). This requires a focus on the original research question and the ability of researchers to set aside additional questions that may arise for later research studies.
This study sought to answer three research questions. Although the questions have been presented in previous chapters, they are worth presenting again.
This essay intends to critique and analyse the research paper, in order to evaluate the strengths and weaknesses of the research undertaken. Certain questions are required to ensure that the evaluation is assessing the essential components of the research (Holloway& Wheeler, 2002). Therefore Holloway and
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Bringing this dissertation to fruition was a long journey accomplished only because of the contributed efforts of many. I thank my committee—Vance Holliday, Jay Quade, Vic Baker, Barbara Mills, and Jeff Dean—for all their help, guidance, and encouragement. I feel lucky to have worked under the supervision of such an eminent group of researchers. I especially appreciate my advisor Vance Holliday, who was supportive of my decision to pursue an independent and initially unfunded project.
As stated by the author herself, Kristin Mack, “The purpose of the present study is to address the limitations of previous research
Acknowledgements The author wishes to acknowledge Dr. Helen Moore for advice on research design and Dr. Satoru Iwase for advice on interpreting the results of this study.
The article reviews previous relevant studies and debates areas that needed further research. Some preceding studies have
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In the manuscript, I will be discussing why I am conducting this study. I will discuss previous studies that has already been done, and how my current study relates to the previous studies. I will be discussing the methods and procedures used for my study, and the results after conducting my study. I will also provide a discussion of my study as well as the implications.
This article may contain original research. Please improve it by verifying the claims made and adding references. Statements consisting only of original research may be removed. More details may be available on the talk page. (January 2010)
This assignment will be completed with a conclusion which will review the findings of the research that has been undertaken.
While terms of merger either acquisition are commonly used to define a wide range of transactions, in fact, they are all different according to specific conditions of each. Therefore, researches distinguish M&A activity according to its nature. Amit R. (1989) classifies three main types of mergers on a basis of target firm’s nature: anticipated bankruptcy of a target firm; exceptional performance or high liquidity of a target; and target firm being a remainder of a greater one. However, this generalised classification is not widely adopted by researchers which rather prefer to employ a conventional classification or, to be more precise, they classify and sub-classify M&A by their perspectives.