Merger analysis, industrial organization theory, and. United nations special rapporteur on the right to privacy joe cannataci has called for australias proposed encryption. Strategic analysis for more profitable acquisitions. Companies form mergers so they can ward off competition, enjoy increased efficiencies, adapt to economic changes etc. Why would one company want to acquire another company. It is the result of measuring intelligence in different ways charles spearman, an early statistician and psychologist, found that school childrens grades across unrelated subjects were strongly related to each other that is to say, children who were good at. Using information local to the premerger equilibrium, we derive approximations of the expected changes in prices and welfare generated by a merger. The role of cultural intelligence in crosscultural. General intelligence factor simple english wikipedia.
Anyone who has researched merger success rates knows that roughly 70 percent of mergers fail. Used with children 6 to 16 multiple intelligences howard gardner gardner thinks there are eight types of intelligence. Valuation for mergers and acquisitions second edition barbara s. Man y ps yc hologists have challenged the validity of the g factor in general intelligence tests, most notably psychologist howard gardner and anthropologist stephen jay gould. The two parties to a merger have several differences but when a merger is agreed, all of these must be consolidated into a new single company. I propose a categorization of such motives based on the residual.
This is true regardless of what specific ability a test is meant to assess, regardless of the tests manifest content whether. Substantive criteria used for merger assessment 2002 the oecd competition committee debated substantive criteria used for merger assessment in october 2002. They can be horizontal deals, in which competitors are combined. Partly because of this research, most intelligence experts now use g as the working definition of intelligence. To convert pricing pressures into quantitative estimates of. According to spearman, this g factor was responsible for overall performance on mental ability tests. It is a variable that summarizes positive correlations among different cognitive tasks, reflecting the fact that an individuals performance on one type of cognitive task tends to be. Cultural intelligence cq is the capability to function effectively in intercultural contexts, as discussed in earley and ang 2003 cited under conceptualization of individuallevel cq.
What is merger integration including factors to consider. The project topic home for mba, msc, bsc, pgd, phd final year students. Cultural intelligence refers to the ability to adapt effectively to new cultural settings ng and early 2006, 7. A framework for understanding postmerger information. Mergers and acquisitions motives jrisy motis 1 toulouse school of economics ehess gremaq and university of crete jrissy. The five critical factors for successful mergers and. According to early british psychometrics specialist charles spearman he lived in the 19th century, there are 2 aspects to human intelligence.
The general intelligence factor university of toronto. Most existing studies paid little attention if at all to financial intermediation implications of merger and acquisitions, rather focused on the shareholders returns and operational efficiency of. Some are better at writing and music while others are better at math. This document includes an executive summary and the documents from the meeting. We extend the pricing pressure approach of recent work to allow for nonbertrand conduct, adjusting the diversion ratio and incorporating the change in anticipated accommodation. This is 24 scientific american presents human intelligence the general intelligence factor despite some popular assertions, a single factor for intelligence, called g, can be measured with iq tests and does predict. Wechsler adult intelligence scalethird edition waisiii. The basic rules a company with a p e multiple of 25x acquires another. Spearman noted that while people certainly could and often. Factor new shares that would be issued to make the purchaseif its a stock deal. The book was depublished by the publishing house on april 17, which cited deep ethical beliefs in its decision to remove the book from circulation. It means that when companies make money in vastly different ways, doing extremely different things, and no one recognizes or addresses these differences, the merged company risks destabilization. The chances of failure to achieve the desired outcome in a merger are between 60 and 80 percent, or so we are told by those whose business it is to analyse these matters. Mergers and acquisitions and banks performance in nigeria.
Equity value, enterprise value, and valuation multiples. The effects of mergers and acquisitions on research and. He believes each of us have all of the eight types of. The study observed that merger and acquisition as a marketinglbusiness strategic is not as easy as seen on the paper, the search for a suitable target company may be the beginning of success or failure of merger. The acquirer wants to expand its market share or gain customers in a different. General intelligence, also known as g factor, refers to the existence of a broad mental capacity that influences performance on cognitive ability measures. Merger integration refers to the processes, during or after the merger has been agreed, which ensure that assets, business activities. The general despite some popular assertions, a single. The environment is typically perfect for procurement synergy capture. Motives for telecom mergers and acquisitions article pdf available in international journal of innovation and applied studies 94.
Hire a project writer and download projects and materials. A merger, two firms coming together to form a single entity, has a different meaning than an acquisition, an asset bought or obtained, but is used as one abbreviation. The g factor also known as general intelligence, general mental ability or general intelligence factor is a construct developed in psychometric investigations of cognitive abilities and human intelligence. It is with this factor that the current article is concerned. International journal of economics, commerce and management, united kingdom licensed under creative common page 187. Substantive criteria used for merger assessment 2002. Lest you risk looking dumb in front of the deal team, check your numbers. The general factor explains most differences among individuals in performance on diverse mental tests.
Less than a decade after the frantic merger activity of the late 1960s, we are again in the midst of a major wave of corporate acquisitions. When executed correctly, procurement optimization can improve ebitda by an average of 10 30 %, which is one reason why procurement is an untapped. In order to strengthen the competitive and operational capabilities of banks in nigeria with a view towards returning global and public confidence to the nigerian banking sector and the economy in general, the central bank of nigeria instituted a banking reform in 2004, which saw most of the then existing 89 banks merging with each other. Definitions of general intelligence g the g factor. Corporate leaders working to expand their market share or brand, or looking to reduce company costs, often look to mergers and acquisitions as an efficient way to achieve these goals. In contrast to the 1960s, when acquirers were mainly. Charles spearman first described the existence of general intelligence in 1904. The book, by an edinburgh university academic, appeared after years in which educationalists and the media had played down to vanishing point the importance of inheritance in. A large percentage of mergers fail due to various reasons, yet companies continue to get married.
Eu publishes guidelines on ethical artificial intelligence. Companies merge with or acquire other companies for various reasons, among which include growing their portfolio, entering new markets, or acquiring talentsskills. A read is counted each time someone views a publication summary such as the title, abstract, and list of authors, clicks on a figure, or views or downloads the fulltext. In the spring of 1996, a new book about intelligence and education, the g factor, created shock waves in britain by tracing educational failure largely to genetic deficiency in mental speed. Researchers of cultural intelligence seek to understand the construct of cultural intelligence and why some people are more effective than others when they have to adapt to new cultural settings ng early 2006, 5. Get this critical information delivered to you immediately via email. The companies who form a merger are seldom completely equal to each other, and it is therefore argued that a merger also can be held as an acquisition humpal, 1971. Subdimensions of the four factor model of cultural intelligence. To boost its eps and realize an internal rate of return irr that exceeds its targeted return, or its weighted average cost of capital wacc. Using techniques developed by governmental intelligence services and a wide range of case studies, quotations and anecdotes, the expert authors show how to. The general factor observed is commonly considered to be most closely related to, and possibly even identical to, the factor causing differences in fluid intelligence gustafsson, 1999. Some experts refer to incompatible business models undermining a merger or acquisition deal, but what does that really suggest. This is the highest level of loan losses for the region since 2002, when the average risk cost provision for emerging and developed asiapacific markets hit approximately. Although, a number of bank mergers had taken place since the recapitalisation exercise, the merger between standard trust bank and united bank for africa was the least expected and many were of the opinion that the merger was not to meet the december 31 deadline of the apex, but fuelled by the need to survive and be a major player in the post.
General intelligence and its implications is a book by christopher brand, a psychologist and lecturer at the university of edinburgh. Although this only represents a subset of cognitive performance, this factor does have. The firstorder approach to merger analysis microsoft. The strategy is a way to bypass the time and resources entailed in achieving organic. Managing merger and acquisition compliance interim procedures consolidating cash transactions for ctrs cashing onus checks for both banks within 60 days of acquisition date notify fema of any change in servicer of a loan. Used with people 17 and older wechsler intelligence scale for childrenthird edition wisciii.
Willig department of justice merger analysis, industrial organization theory, and merger guidelines the leadership of the antitrust division of the u. Daily natural gas news and price data from ngi natural gas intelligence, covering north american shale and conventional gas markets. Us rank hotels rooms market trend report total open. Merger of smithkline beecham and glaxo wellcome, the two largest uk pharmaceutical companies is a good example in parallel with above definition, where smithkline beecham and. Mergers and acquisitions are usually, but not always, part of an expansion strategy. Project topics for student download projects and materials.