The Value Killers (eBook, PDF) - Fernandes, Nuno
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In a business climate marked by escalating global competition and industry disruption, successful mergers and acquisitions are increasingly vital to the growth and profitability of many corporations. If history is any guide, 60 to 70 per cent of new mergers will fail - and will destroy shareholder value. To date, analyses of the M&A failure rate tend to focus on individual causes - e.g., culture clashes, valuation methods, or CEO overconfidence - rather than examining the problem holistically. The Value Killers is the first book based on a holistic analysis of successful and unsuccessful…mehr

Produktbeschreibung
In a business climate marked by escalating global competition and industry disruption, successful mergers and acquisitions are increasingly vital to the growth and profitability of many corporations. If history is any guide, 60 to 70 per cent of new mergers will fail - and will destroy shareholder value. To date, analyses of the M&A failure rate tend to focus on individual causes - e.g., culture clashes, valuation methods, or CEO overconfidence - rather than examining the problem holistically. The Value Killers is the first book based on a holistic analysis of successful and unsuccessful transactions. Based on research, interviews with top executives, and case studies, this book identifies the key causes of failures and successes and offers prescriptions to increase the odds that future transactions will deliver all the anticipated synergies.

The Value Killers offers practical advice in the form of 5 Golden Rules. These rules will help managers and boards to ensure that target companies are properly valued; potential synergies and risks are identified in advance; checks and balances are installed to make sure that the pros and cons of the transaction are rationally and objectively evaluated; mechanisms are created that will trigger termination of bad deals; and obstacles to successful post-merger integrations are assessed (and solutions developed) before the deal closes. Each chapter includes questions for executives considering future M&As to allow them to see whether they are on the right track or not.


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  • Produktdetails
  • Verlag: Springer-Verlag GmbH
  • Erscheinungstermin: 25.06.2019
  • Englisch
  • ISBN-13: 9783030122164
  • Artikelnr.: 57026711
Autorenporträt
Nuno Fernandes is Full Professor of Finance at IESE Business School. He is also a research associate of the European Corporate Governance Institute (ECGI), and the Chairman of the Board of Auditors of the Portuguese Central Bank (Banco de Portugal). Professor Fernandes has a PhD in Management (Finance) from IESE Business School, and a degree in Economics from the Universidade Católica Portuguesa.

Prior to joining IESE, he was the Dean of Católica Lisbon School of Business and Economics. In addition, he was, for a decade, Professor of Finance at IMD (Lausanne, Switzerland). At IMD, Professor Fernandes directed the Strategic Finance program, among other customized programs for leading international companies. He was also a member of the Advisory Committee for the World Economic Forum and the Portuguese Diaspora Council, and a Visiting Scholar at Columbia Business School (New York).

Professor Fernandes works regularly on consulting projects with senior leaders and executive committees, advising companies and financial institutions in Asia, Europe, Latin America and the Middle East in formulating winning financial strategies, M&A's, international valuations, global portfolio management, risk management, and emerging market investments.

He has published in the leading journals worldwide, including the Journal of Financial Economics, the Review of Financial Studies, the Journal of International Business Studies, the Journal of Financial Intermediation, the Journal of Applied Corporate Finance, and the Journal of Portfolio Management. He also speaks at business conferences in Asia, Europe and North America, and is a regular contributor to the business press worldwide, including the Financial Times and Wall Street Journal. He is the author of several books and book chapters, including the book Finance for Executives: A Practical Guide for Managers (second edition).

His work has been honored with several awards and an FDIC grant (American regulator for financial institutions). In 2008, he was awarded the Lamfalussy Fellowship, an award given by the European Central Bank to the best researchers in finance worldwide. In 2015, he won the "Best Paper of the Year Award" in the Journal of Financial Intermediation.

Inhaltsangabe
1. Don't Rely on Investment Banks for Valuation 2. Avoid "Strategic" Deals 3. Link the Before and After 4.Think Like a Financial Investor 5. Move Fast and Communicate Transparently 6. Conclusion: Closing the Deal, But at What Price?