BiblioVault - Books about Consolidation and merger of corporations

Corporate Takeovers

Causes and Consequences

Edited by Alan J. Auerbach

University of Chicago Press, 1988

The takeover boom that began in the mid-1980s has exhibited many phenomena not previously observed, such as hostile takeovers and takeover defenses, a widespread use of cash as a means of payment for targeted firms, and the acquisitions of companies ranking among the largest in the country. With the aim of more fully understanding the implications of such occurances, contributors to this volume consider a broad range of issues as they analyze mergers and acquisitions and study the takeoveer process itself.

[more]

Mergers and Acquisitions

Edited by Alan J. Auerbach

University of Chicago Press, 1988

Do mergers lead to financial instability? How are shareholders' interests best served? How significant a role do taxes play? What are the implications for the structure and concentration of industry? Mergers and Acquisitions, prepared in an nontechnical format, answers these and other questions that have arisen from the takeover boom that began in the mid-1980s.

"A significant piece of scholarship."—Peter Fuhrman, Forbes

"Accessible to interested laypersons and policy makers. . . . [A] thoroughly readable and informative book."—Gregg A. Jarrell, Journal of Economic Literature

[more]

Mergers and Productivity

Edited by Steven N. Kaplan

University of Chicago Press, 2000

Mergers and Productivity offers probing analyses of high-profile mergers in a variety of industries. Focusing on specific acquisitions, it illustrates the remarkable range of contingencies involved in any merger attempt. The authors clearly establish each merger's presumed objectives and the potential costs and benefits of the acquisition, and place it within the context of the broader industry. Striking conclusions that emerge from these case studies are that merger and acquisition activities were associated with technological or regulatory shocks, and that a merger's success or failure was dependent upon the acquirer's thorough understanding of the target, its corporate culture, and its workforce and wage structures prior to acquisition.

Sifting through a wealth of carefully gathered evidence, these papers capture the richness, the complexity, and the economic intangibles inherent in contemporary merger activity in a way that large-scale studies of mergers cannot.

[more]

The Political Economy of Global Communication

An Introduction

Peter Wilkin

Pluto Press, 2001

Recent debates surrounding human security have focused on the satisfaction of human needs as the vital goal for global development. Peter Wilkin highlights the limitations of this view and argues that unless we incorporate an account of human autonomy into human security then the concept is flawed. He reveals how human security is a concern with social relations that connect people in local, national and global networks of power, structured through capitalism and hierarchical inter-state systems. Autonomy, as an aspect of human security, depends upon the ability of citizens to gain information about the processes that shape their lives. In this respect autonomy and communication are inherently linked and are prerequisites for the establishment of meaningful democratic systems.

To what extent do developments in global communication enhance or undermine autonomy? As the world's media companies continue to merge, we are moving towards an ever more commercially driven system of global information. Wilkin argues that private ownership provides an increasingly powerful obstacle to human autonomy, and that the neo-liberal institutional and policy framework – now a global tendency – raises major problems for the attainment of human security. At the same time it has provided the ideological justification for the extension of private power into ever wider areas of public life. Changes in global communication reflect wider tendencies to enhance the power of global elites at the expense of working people and the author illustrates how and why these changes have taken place and the forms of opposition that have arisen in response to them.

[more]

Political Standards

Corporate Interest, Ideology, and Leadership in the Shaping of Accounting Rules for the Market Economy

Karthik Ramanna

University of Chicago Press, 2015

Prudent, verifiable, and timely corporate accounting is a bedrock of our modern capitalist system. In recent years, however, the rules that govern corporate accounting have been subtly changed in ways that compromise these core principles, to the detriment of the economy at large. These changes have been driven by the private agendas of certain corporate special interests, aided selectively—and sometimes unwittingly—by arguments from business academia

With Political Standards, Karthik Ramanna develops the notion of “thin political markets” to describe a key problem facing technical rule-making in corporate accounting and beyond. When standard-setting boards attempt to regulate the accounting practices of corporations, they must draw on a small pool of qualified experts—but those experts almost always have strong commercial interests in the outcome. Meanwhile, standard setting rarely enjoys much attention from the general public. This absence of accountability, Ramanna argues, allows corporate managers to game the system. In the profit-maximization framework of modern capitalism, the only practicable solution is to reframe managerial norms when participating in thin political markets. Political Standards will be an essential resource for understanding how the rules of the game are set, whom they inevitably favor, and how the process can be changed for a better capitalism.

[more]

The Transformation of Corporate Control

Neil Fligstein

Harvard University Press, 1990

Neil Fligstein challenges prevailing theories of the corporation and proposes a radically new view in which the firm is driven not so much by market forces as by the state and its policies toward business. Fligstein traces the evolution, over the past century, of corporate strategy from an initial emphasis on direct control to one of manufacturing, then sales and marketing, and finally today’s focus on finance.

[more]