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Editore: GRIN Verlag Sep 2014, 2014
ISBN 10: 3656724040ISBN 13: 9783656724049
Da: BuchWeltWeit Ludwig Meier e.K., Bergisch Gladbach, Germania
Libro Print on Demand
Taschenbuch. Condizione: Neu. This item is printed on demand - it takes 3-4 days longer - Neuware -Doctoral Thesis / Dissertation from the year 2014 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,3, University of Cologne (Seminar für Allg. BWL, Risikomanagement und Versicherungslehre), language: English, abstract: Since the 20th century, the insurance industry has experienced an unprecedented wave of M&A. However, in spite of the drastic increase in insurance M&A activity, there has been little consistent empirical evidence on the value enhancement of these deals. Hence, many open questions still exist in this research area. The most fundamental questions are whether insurance M&A actually create value and what determinants influence the success of these undertakings. This thesis attempts to find answers to these questions by first examining the status quo of academic literature published in this field of research and bringing together the empirical findings on the success of insurance M&A and its influencing factors. Overall, the literature review outlines that insurance M&A on average tend to create value for shareholders of the target firms as well as for the combined entity of acquirer and target. Moreover, shareholders of acquiring US insurance firms, on average, also benefit from these corporate undertakings. However, negative short-term as well as long-term wealth effects for acquiring insurers' shareholders are the common finding in capital market studies analyzing the effects of M&A transactions in the European insurance industry. Secondly, the reliability and validity of the findings of previous research are tested in an own empirical analysis which uses a fairly new approach to evaluating the success of M&A by using the idea of stochastic dominance (SD). More precisely, using a sample of 102 transactions conducted by publicly traded Western European insurance firms between the years 1993 and 2009, this work analyzes whether investors in acquiring insurance firms benefit from M&A by comparing return distributions of acquiring firm portfolios with benchmark portfolios using the first two orders of SD. The results show that insurance M&A trigger a negative short-term capital market reaction for acquiring European insurance firms. However, this short-term underperformance diminishes over time, and over a longer period of time of up to three years after M&A announcement, there is no underperformance of acquiring European insurers. In conclusion, based on the accumulated evidence from past empirical studies as well as the empirical investigation of this thesis, it can be concluded that M&A, not only in the US insurance market but also in the European insurance market, seem to be a viable model and are likely to lead to success for all parties involved. 352 pp. Englisch.
Editore: GRIN Verlag, 2014
ISBN 10: 3656724040ISBN 13: 9783656724049
Da: AHA-BUCH GmbH, Einbeck, Germania
Libro
Taschenbuch. Condizione: Neu. Druck auf Anfrage Neuware - Printed after ordering - Doctoral Thesis / Dissertation from the year 2014 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,3, University of Cologne (Seminar für Allg. BWL, Risikomanagement und Versicherungslehre), language: English, abstract: Since the 20th century, the insurance industry has experienced an unprecedented wave of M&A. However, in spite of the drastic increase in insurance M&A activity, there has been little consistent empirical evidence on the value enhancement of these deals. Hence, many open questions still exist in this research area. The most fundamental questions are whether insurance M&A actually create value and what determinants influence the success of these undertakings. This thesis attempts to find answers to these questions by first examining the status quo of academic literature published in this field of research and bringing together the empirical findings on the success of insurance M&A and its influencing factors. Overall, the literature review outlines that insurance M&A on average tend to create value for shareholders of the target firms as well as for the combined entity of acquirer and target. Moreover, shareholders of acquiring US insurance firms, on average, also benefit from these corporate undertakings. However, negative short-term as well as long-term wealth effects for acquiring insurers' shareholders are the common finding in capital market studies analyzing the effects of M&A transactions in the European insurance industry. Secondly, the reliability and validity of the findings of previous research are tested in an own empirical analysis which uses a fairly new approach to evaluating the success of M&A by using the idea of stochastic dominance (SD). More precisely, using a sample of 102 transactions conducted by publicly traded Western European insurance firms between the years 1993 and 2009, this work analyzes whether investors in acquiring insurance firms benefit from M&A by comparing return distributions of acquiring firm portfolios with benchmark portfolios using the first two orders of SD. The results show that insurance M&A trigger a negative short-term capital market reaction for acquiring European insurance firms. However, this short-term underperformance diminishes over time, and over a longer period of time of up to three years after M&A announcement, there is no underperformance of acquiring European insurers. In conclusion, based on the accumulated evidence from past empirical studies as well as the empirical investigation of this thesis, it can be concluded that M&A, not only in the US insurance market but also in the European insurance market, seem to be a viable model and are likely to lead to success for all parties involved.
Editore: Society of Actuaries, 2005
ISBN 10: 0975933701ISBN 13: 9780975933701
Da: Books Unplugged, Amherst, NY, U.S.A.
Libro
Condizione: Good. Buy with confidence! Book is in good condition with minor wear to the pages, binding, and minor marks within 3.35.
Editore: Society of Actuaries, 2005
ISBN 10: 0975933701ISBN 13: 9780975933701
Da: Book Deals, Tucson, AZ, U.S.A.
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Condizione: Fair. Acceptable/Fair condition. Book is worn, but the pages are complete, and the text is legible. Has wear to binding and pages, may be ex-library. 3.35.
Editore: Society of Actuaries, 2005
ISBN 10: 0975933701ISBN 13: 9780975933701
Da: Books Unplugged, Amherst, NY, U.S.A.
Libro
Condizione: Fair. Buy with confidence! Book is in acceptable condition with wear to the pages, binding, and some marks within 3.35.
Editore: Society of Actuaries, 2005
ISBN 10: 0975933701ISBN 13: 9780975933701
Da: Byrd Books, Austin, TX, U.S.A.
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Editore: Society of Actuaries, 2005
ISBN 10: 0975933701ISBN 13: 9780975933701
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Libro
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Editore: Society of Actuaries, 2005
ISBN 10: 0975933701ISBN 13: 9780975933701
Da: GoldenWavesOfBooks, Fayetteville, TX, U.S.A.
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Editore: Society of Actuaries, 2005
ISBN 10: 0975933701ISBN 13: 9780975933701
Da: LibraryMercantile, Humble, TX, U.S.A.
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Editore: Society of Actuaries, 2005
ISBN 10: 0975933701ISBN 13: 9780975933701
Da: Grumpys Fine Books, Tijeras, NM, U.S.A.
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Editore: Society of Actuaries, 2005
ISBN 10: 0975933701ISBN 13: 9780975933701
Da: GoldenDragon, Houston, TX, U.S.A.
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Editore: Society of Actuaries, 2005
ISBN 10: 0975933701ISBN 13: 9780975933701
Da: GoldBooks, Denver, CO, U.S.A.
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Editore: Society of Actuaries, 2005
ISBN 10: 0975933701ISBN 13: 9780975933701
Da: Front Cover Books, Denver, CO, U.S.A.
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Editore: Society of Actuaries, 2005
ISBN 10: 0975933701ISBN 13: 9780975933701
Da: Campbell Bookstore, Austin, TX, U.S.A.
Libro
Condizione: very good.
Editore: Society of Actuaries, 2005
ISBN 10: 0975933701ISBN 13: 9780975933701
Da: GF Books, Inc., Hawthorne, CA, U.S.A.
Libro
Condizione: New. Book is in NEW condition. 3.35.
Editore: Society of Actuaries, 2005
ISBN 10: 0975933701ISBN 13: 9780975933701
Da: GoldBooks, Denver, CO, U.S.A.
Libro
Hardcover. Condizione: very good. Very Good Copy. Customer Service Guaranteed.
Editore: Society of Actuaries, 2005
ISBN 10: 0975933701ISBN 13: 9780975933701
Da: Big Bill's Books, Wimberley, TX, U.S.A.
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Editore: Society of Actuaries, 2005
ISBN 10: 0975933701ISBN 13: 9780975933701
Da: Wizard Books, Long Beach, CA, U.S.A.
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Editore: Society of Actuaries, 2005
ISBN 10: 0975933701ISBN 13: 9780975933701
Da: Hafa Adai Books, Moncks Corner, SC, U.S.A.
Libro
Condizione: new.