Selling to Buy: Asset Sales and Method of Payment in M&As

2015 ◽  
Author(s):  
Christos P. Mavis ◽  
Nathan P. McNamee ◽  
Dimitris Petmezas ◽  
Nickolaos G. Travlos
Keyword(s):  
Asset Sales ◽  
Method Of Payment

The Determinants of Merger Withdrawals’ Abnormal Returns in The Australian Market

2015 ◽  
pp. 89-110 ◽  
Author(s):  
Thuy Nguyen Thu ◽  
Giang Dao Thi Thu ◽  
Hoang Truong Huy
Keyword(s):  
Financial Crisis ◽  
Event Study ◽  
Abnormal Returns ◽  
Market Response ◽  
Crisis Period ◽  
Valuation Effects ◽  
Event Study Method ◽  
Private And Public ◽  
Method Of Payment ◽  
The Impact

This paper examines the abnormal returns in merger withdrawals in Australia, especially distinguishing the market response between private and public targets. We also study the determinants of those abnormal returns, including the method of payment and the impact of financial crisis periods. Using the event study method, we document that in the Australian context, the announced withdrawal of mergers involving private targets creates significantly negative valuation effects in comparison with the valuation effects in withdrawal of mergers involving public targets. We also find that a financial crisis period strongly affects abnormal returns of merger withdrawals. However, the method of payment does not have any impact on the abnormal returns.

PRINCIPLE OF AUTONOMY IN LETTER OF CREDIT: MALAYSIAN PRACTICE

2012 ◽  
Vol 19 (2) ◽  
Author(s):  
Rosmawani Che Hashim ◽  
Ahmad Azam Othman ◽  
Akhtarzaite Abdul Aziz
Keyword(s):  
International Trade ◽  
Significant Role ◽  
Case Law ◽  
Huge Amount ◽  
Letter Of Credit ◽  
Relevant Case ◽  
Method Of Payment ◽  
Almost All

The term letter of credit (LC) is not uncommon in international trade as it is the most frequently used method of payment by seller and buyer in their sales contract. LC serves its significant role by facilitating payment between buyer and seller from different countries, who are always prejudiced towards each other on the issue of payment, especially when the deal involves a huge amount of money. By using LC, the seller and buyer will be represented by their own bankers whose function, among others is to issue an LC for the buyer and pay on presentation of seller’s documents which strictly comply to LC requirements. It is well-known that LC is governed by the principle of autonomy or also referred to as the principle of independence1 which indicates LC, being a contract of payment is totally separate from the underlying sales contract. Banks are concerned with documents only and not with the goods. LC transaction can be governed by the Uniform Custom and Practice for Documentary Credit, known as the UCP through express incorporation which provides the rules relating to LC matters and is adopted in almost all LC transactions. This paper discusses the nature, background and significance of principle of autonomy in LC transaction. In elaborating the provisions on the principle of autonomy in the UCP 600, comparisons between relevant articles in the UCP 500 are highlighted. The discussion also focuses on relevant case law and on the application of the autonomy principle in conventional and Islamic LC. The paper concludes with the finding that Malaysian bankers fully subscribe to the principle of autonomy as outlined by the UCP 600.

What is the Magic in Equity Deals? Theory and Evidence on the Means of Payment in Asset Sales

2004 ◽  
Author(s):  
Ulrich Hege ◽  
Stefano Lovo ◽  
Myron B. Slovin ◽  
Marie E. Sushka
Keyword(s):  
Asset Sales

Equity and Cash in Intercorporate Asset Sales: Theory and Evidence

2006 ◽  
Author(s):  
Ulrich Hege ◽  
Stefano Lovo ◽  
Myron B. Slovin ◽  
Marie E. Sushka
Keyword(s):  
Asset Sales

A neural computing-based cash price prediction using multi-layer perceptron (MLP) and feature selection for health economics

2019 ◽  
Vol 14 ◽  
Author(s):  
Zinat Ansari
Keyword(s):  
Feature Selection ◽  
Health Economics ◽  
Cash Flow ◽  
Multi Layer Perceptron ◽  
Asset Sales ◽  
Fixed Asset ◽  
Academic Fields ◽  
Investment Returns ◽  
Short And Long Term

Background: The present study proceeds to incorporate feature selection as a means for selecting the most relevant features affecting the prediction of cash prices in Iran in terms of health economics. Health economics are between academic fields that can aid in ameliorating conditions so as to perform better decisions in regards to the economy such as determining cash prices. Methods: Accordingly, a series of search algorithms, namely the Best-First, Greedy-Stepwise, and Ranker methods, are deployed in order to extract the most relevant features from among a 500 data samples. The validity of the methods was evaluated via the LMT procedure. The corresponding dataset used for this study constitutes a variety of features including net cash flow, dividends, revenue from short and long-term deposits, cash flow from investment returns, income tax, fixed asset purchases, fixed asset sales, long-term investment purchases, long-term investment sales, total cash flow from investment activities, financial facilities, and repayment of financial facilities. Results: The results were indicative of the superiority of the Ranker model using the RelieF-Attribute-Eval tool in Weka over the remaining classification methods. Ergo, the LMT approach could be employed to remove data redundancies and thereby accelerate the estimation process, while saving time and money. The results of the multi-layer perceptron (MLP) further confirmed the high accuracy of the proposed method in estimating cash prices. Conclusions: The present research attempted to reduce the volume of data required for predicting end cash by means of employing a feature selection so as to save both precious money and time.

The determinants of R&D smoothing with asset sales: Evidence from R&D-intensive firms in China

2021 ◽  
Vol 75 ◽  
pp. 76-93
Author(s):  
Duan Liu ◽  
Zhiyuan Li ◽  
Hongbo He ◽  
Wenxuan Hou
Keyword(s):  
Asset Sales

Heterogeneous Market Responses and the Listing Effect in M&A

2012 ◽  
Vol 02 (02) ◽  
pp. 1250007 ◽  
Author(s):  
Qingzhong Ma ◽  
David A. Whidbee ◽  
Wei Zhang
Keyword(s):  
Asymmetric Information ◽  
Relative Size ◽  
Conventional Approach ◽  
Omitted Variables ◽  
Market Responses ◽  
Monitoring Mechanism ◽  
Method Of Payment ◽  
Pooled Samples

Unlisted acquisitions differ from listed ones in three important aspects: the possibility of forming blockholders, which substitute debt as a monitoring mechanism; the liquidity discount, which mitigates managerial hubris; and the distinct deal process through which two-sided asymmetric information is revealed. Due to these differences, same firm and deal characteristics could induce heterogeneous market responses, depending on the target listing status. We find that such heterogeneous responses exist in usual characteristics such as method of payment, relative size, acquirer size, leverage, and market-to-book ratios. After these heterogeneous responses are incorporated, the puzzling "listing effect" disappears. Our results also indicate that the conventional approach used to investigate pooled samples of listed and unlisted acquisitions is effectively misspecified due to omitted variables.

Impact of the Year 2000 Medicare Policy Change on Older Patient Enrollment to Cancer Clinical Trials

2006 ◽  
Vol 24 (1) ◽  
pp. 141-144 ◽  
Author(s):  
Joseph M. Unger ◽  
Charles A. Coltman ◽  
John J. Crowley ◽  
Laura F. Hutchins ◽  
Silvana Martino ◽  
...  
Keyword(s):  
Clinical Trials ◽  
Policy Change ◽  
Positive Impact ◽  
The United States ◽  
Older Patient ◽  
Treatment Trials ◽  
Race Ethnicity ◽  
Method Of Payment ◽  
Medicare Policy ◽  
Year 2000

Purpose A prior analysis by the Southwest Oncology Group (SWOG) showed that women and African American patients were adequately represented on cancer clinical treatment trials but that older patients were substantially underrepresented. Twenty-five percent of patients ≥ 65 years old were enrolled onto SWOG trials from 1993 to 1996, whereas 63% of all patients with cancer were ≥ 65 years old. Recognition of this under-representation led to a change in Medicare policy in 2000 to include coverage of routine patient care costs of clinical trials. We conducted an updated analysis of accrual trends. Methods The proportions of enrollment onto SWOG treatment trials by sex, race/ethnicity, and age (≥ 65 years) were computed for the years 1997 to 2000; corresponding rates in the United States were derived from US Census and National Cancer Institute Surveillance, Epidemiology, and End Results data. Additionally, method of payment data were analyzed over time (1993 to 2003) to assess whether patterns in method of payment changed with the new Year 2000 Medicare policy on clinical trials coverage. Results The results showed continued adequate representation by sex and race/ethnicity. Older patient accrual on SWOG trials increased significantly since 2000, with 31% of patients ≥ 65 years old enrolled from 1997 to 2000 and 38% enrolled from 2001 to 2003 (v 25% from 1993 to 1996). The percentage of patients using Medicare plus supplemental insurance also increased beginning in 2000, whereas the percentage of patients using Medicare alone remained the same. Conclusion Method of payment analyses provided evidence that the Year 2000 Medicare policy change had a positive impact, but only for those patients with supplemental private coverage of coinsurance costs. Improvements in the Medicare payment structure could further increase older patient participation in clinical trials.

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