Short Sales, Payment Methods, and Mergers and Acquisition Announcements

Stock Market Reactions to Financing and Payment Decisions for European Mergers and Acquisitions

The Central European Review of Economics and Management ◽

10.29015/cerem.868 ◽

2020 ◽

Vol 4 (2) ◽

pp. 41-89

Author(s):

Wolfgang Bessler ◽

David Kruizenga ◽

Wim Westerman

Keyword(s):

Stock Market ◽

Mergers And Acquisitions ◽

Abnormal Returns ◽

Market Reactions ◽

Valuation Effects ◽

Payment Methods ◽

Cumulative Abnormal Returns ◽

Study Methodology ◽

Acquisition Announcements ◽

Stock Market Reactions

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

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EVALUASI ATAS PENGENDALIAN SISTEM INFORMASI AKUNTANSI PENJUALAN PADA PT PENGELOLA PUSAT PERDAGANGAN CARINGIN UNTUK MENGUKUR EFEKTIVITAS DAN EFISIENSI PENGELOLAAN PENDAPATAN LISTRIK

AIMS Jurnal Accounting Information System ◽

10.32627/aims.v1i2.21 ◽

2018 ◽

Vol 1 (2) ◽

pp. 1-10

Author(s):

Nano Suyatna

Keyword(s):

Human Resources ◽

Human Error ◽

Accounting Information ◽

Good Control ◽

Accounting Information System ◽

Accounting Information Systems ◽

Payment Methods ◽

Reasonable Cost ◽

Financial Transactions ◽

A Company

In an effort to improve electricity services to customers, there needs to be a balance between the supply of electricity and revenue. Payment methods made by the Perusahaan Listrik Negara (PLN) use Postpaid and Prepaid methods. Because services with postpaid methods better meet customer satisfaction, this method is chosen. Sales Accounting Information System is an information technology-based accounting application to support financial transactions in a company to run faster, more precisely and accurately at a reasonable cost. In its operation, it takes competent human resources to not be a source of problems (human error) and adequate infrastructure. To overcome the obstacles that will arise, whether triggered by the application or by the human resources themselves, it is necessary to control both aspects. Based on this research it shows that the application of Sales Accounting Information Systems and existing human resources is sufficiently supportive and reliable in supporting the creation of good control as it is proven that the level of acceptance of sales targets is realized effectively and efficiently.

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Mobilising resiliency in times of economic hardship: Emerging themes in migrant worker remittance payments

MIGRATION LETTERS ◽

10.33182/ml.v7i2.189 ◽

2014 ◽

Vol 7 (2) ◽

pp. 159-167

Author(s):

Kevin Garlan

Keyword(s):

Financial Crisis ◽

Global Financial Crisis ◽

Migrant Worker ◽

Economic Hardship ◽

Priority Areas ◽

Mobile Payments ◽

Payment Methods ◽

The Future ◽

Emerging Themes ◽

The Global Financial Crisis

This paper analyses the nexus of the global financial crisis and the remittance markets of Mexico and India, along with introducing new and emerging payment technologies that will help facilitate the growth of remittances worldwide. Overall resiliency is found in most markets but some are impacted differently by economic hardship. With that we also explore the area of emerging payment methods and how they can help nations weather this economic strife. Mobile payments are highlighted as one of the priority areas for the future of transferring monetary funds, and we assess their ability to further facilitate global remittances.

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Relationship Engagement in Mergers and Acquisition through Collegial Leadership

10.15405/epsbs.2016.08.84 ◽

2016 ◽

Author(s):

Mohd Haniff Jedin

Keyword(s):

Collegial Leadership ◽

Mergers And Acquisition

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Estimacion de Economias de Escala en el Mercado de Tarjetas de Pago

Multidisciplinary Business Review ◽

10.35692/07183992.12.2.8 ◽

2019 ◽

Vol 12 (2) ◽

pp. 86-92

Keyword(s):

Cost Function ◽

Economies Of Scale ◽

Payment Methods ◽

Per Se ◽

Main Banks ◽

Debit Cards

During the last years, the growth of transactions made through credit and debit cards has presented quite signif- icant increases both in number and in amounts. This paper studies the existence of economies of scale in the pro- cessing of such transactions, a situation that would exist if it were compatible with the existence of a single firm destined to the processing of said operations. The existence of a single firm for processing is not in itself a problem per se, which does generate problems for the competition is the structure of said firm, because for the period of time analyzed, its shareholder composition was composed of The main banks that issue these cards, but also have given them the function of being the acquirer of the merchants for these payment methods, which generates a vertically inte- grated structure, which creates competition problems in the market. After estimating the model indirectly from a cost function, this work determines the existence of economies of scale in the industry.

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