NBER WORKING PAPER SERIES DO SHAREHOLDERS OF ACQUIRING FIRMS GAIN FROM ACQUISITIONS? Sara B. Moeller Frederik P. Schlingemann René M. Stulz Working Paper 9523 http://www.nber.org/papers/w9523 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge‚ MA 02138 February 2003 We are grateful to Harry DeAngelo and Ralph Walkling for useful comments. The views expressed herein are those of the author and not necessarily those of the National Bureau of Economic Research. ©2003 by Sara
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the primary goals of a clinical psychologist and a counseling psychologist‚ explain perspectives on treatment similar and how are they different‚ and discuss the educational requirements for each. This paper will also discuss what type of setting are we likely to find each‚ identify which professional association each would be affiliated with as well as which Code of Ethics regulates each professional and explain the advantages and disadvantages to each of these professions. Primary Goals of Clinical
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Survival should always be a person’s primary goal. Experiencing death most importantly would hurt loved ones and people closest to you. In some very harsh cases‚ Maybe the only thing that is keeping you from dieing‚ is your family. Another reason why survival should be primary goal is because living through a bad time could sometimes have an impact on someone. Surviving could prevent another life being taken away. For example in the book “Night” There are many cases where someone dies and their
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Introduction to Theatre 1310 Unit Three Study Guide Chapters 8‚ 9‚ 10‚ Into the Woods and Eurydice Chapter 8 1. Although modern drama can be said to have begun in 1875‚ its roots lay in what? Social and Political ideas 2. The primary goal of realism is what? show what is happening in the world 3. The early play of Ibsen treated what? 4. “Slice-of-life” drama is the essence of what theatrical movement? naturalism 5. How did the symbolist movement begin? In rebellion to realism
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My primary life goal is to become a lawyer. I plan to dedicate my life to helping exonerate those who have been wrongly accused; serving time in prison or awaiting capital punishment. Before I am able to become a lawyer I first have to get into law school which means I have to do what I can to make myself a likely candidate to be accepted. I believe I can accomplish this because of my unique perspective in that I see everyone as a potential leader. I believe I can influence leadership in others
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The purpose of the corporation: Shareholder-value maximization? Finance Working Paper N°. 95/2005 Revised version: February 2006 Petra Joerg Institut für Finanzmanagement‚ Universität Bern Claudio Loderer Institut für Finanzmanagement‚ Universität Bern Lukas Roth The Pennsylvania State University Urs Waelchli Institut für Finanzmanagement‚ Universität Bern © Petra Joerg‚ Claudio Loderer‚ Lukas Roth and Urs Waelchli 2006. All rights reserved. Short sections of text‚ not to
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CHAPTER 1 Goals and Governance of the Firm Answers to Problem Sets 1. a. real b. executive airplanes c. brand names d. financial e. bonds f. investment g. capital budgeting h. financing 2. c‚ d‚ e‚ and g are real assets. Others are financial. 3. a. Financial assets‚ such as stocks or bank loans‚ are claims held by investors. Corporations sell financial assets to raise the cash to invest in real assets such as plant and equipment. Some
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STAKEHOLDER vs. SHAREHOLDER The central objective of the firm and its managers is making optimal tradeoffs and that of value maximization‚ i.e. maximizing total market value of the firm. There are two theories proposed to achieve the firm’s objective which are the ‘Stakeholder Theory’ and ‘Shareholder Theory’. “Stakeholder Theory” assumes that values are necessarily and explicitly a part of doing business and the manager needs to take into account the interest of all the stakeholders while taking
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Shareholder and Stakeholder Over the last decade‚ with the rapid development of business management‚ the Shareholders who are the effective owners of the company invest money into the business and want as much profit as possible as a return for their investment. Shareholders will engage manager to help them to run the business and make various decisions in different aspects in order to maximize potential wealth. There seems to be no doubt that a manager has a legal responsibility to shareholders
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2.6 Is Shareholder Value Maximization the Right Objective? In their widely cited book The Value Imperative—Managing for Superior Shareholder Returns‚ McTaggart‚ Kontes‚ and Mankins (1994) write‚ Maximizing shareholder value is not an abstract‚ shortsighted‚ impractical‚ or even‚ some might think‚ sinister objective. On the contrary‚ it is a concrete‚ future-oriented‚ pragmatic‚ and worthy objective‚ the pursuit of which motivates and enables managers to make substantially better strategic and organizational
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