Before the merger, each seller made an allornothing offer to the buyer for its sole, indivisible unit in a nontrivial sense. At the moment a merger is announced, securitiesmarket participants react with what information they have at hand. The strength of effective leadership, training and indoctrination. First, our paper supports nelsons findings that, while stock. The failure to address the issues that concern merger and acquisition impacts the new and current organization very negatively at the stage of postmerger in two levels. Banks merger and acquisition is an aspect of banking policy that has recently received a great deal of attention in nigeria. Technology implications of mergers and restructures jisc. Elluls money and power remains the finest single work available anywhere on the theological and practical implications of our use and abuse of money, and the current financial crisis proves the validity of elluls assertions. The effect of mergers and acquisitions on bank performance.
Business leaders and citizens alike would be well served to read it carefully. Below, i summarize each section, then offer some questions in bold for discussion. Starting from the geographic market definition in the merger. Mueller b,1, michael weichselbaumer c,2 a wu vienna university of economics and business, institute for quantitative economics, augasse 26, a1090 vienna, austria b university of vienna, department of economics, bwz, bruennerstr. Mergers have been a topic of considerable interest in the united states for at least a century. As a screen for likely unilateral effects, this approach is practical, more transparent, and better grounded in economics than are concentration. The welfare effects of horizontal mergers in asymmetric.
Other readers will always be interested in your opinion of. Abstract existing empirical estimates of merger effects are compromised by the fact that merging and nonmerging entities differ in unobserved ways that independently affect outcomes of interest. The drivers for such structural change may include changes in senior management and hence new strategic directions, changes in service requirements and the opportunity to deliver new and improved services and, increasingly, pressing financial imperatives. A synergy is the generic term used in the field of business acquisition and merger to. Jacques elluls the technological society revisited coleman sfu. Of course, dont let my autonomy determine your discourse anything is welcome. We select the mergers from those that, from the public record, seem most likely to be problematic. Pdf propaganda the formation of men s attitudes download. Ellul noted that at that time the question of civilization was singularly complicated, almost desperate, because of the complexity of organizations, the enormous quantity of problems, the frenzy of the economy, the long disinterest of the church, and the despair of so many people. The merger took place in mid 1999s and the effect was the alpha bank. To obtain an unbiased estimate of the effect of consummated mergers, i propose an approach that focuses on the response of rivals to mergers and accounts for the endogeneity of exposure to these mergers.
Quantifying the effects from horizontal mergers in european competition policy marc ivaldi and frank verboven september 2002 abstract this paper starts from a recent case to study how merger analysis in europe may potentially be improved through simulation analysis. In 2007, ken was elected to serve a fouryear term as secretary general to the international court of appeal of the fia, the world motorsports regulator. His purpose was to make an inventory of forces, beyond their. For more historical context of this article, read below.
Mergers and acquisitions are familiar phenomena in the business world. The impact of merger and acquisition on shareholders wealth in nigeria, free undergraduate project topics, research materials, education project topics, economics project topics, computer science project topics, hire a data analyst. Effects of merger and acquisition on the technological. Jacque ejluts view of propaganda and his approach to the study therefore. Ellul distinguishes various fonrts of propaganda and calls his book. In dialectical theology and jacques ellul, jacob e.
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. Inefficiencies grew during the first postmerger year but the results were inconclusive during the subsequent postmerger years. For a complete listing of known articles by jacques ellul, go to. In a penetrating analysis, the first of its kind, van vleet provides a substantive account of the theological structure of elluls work and demonstrates the. Both the cointegrating and the casual relationship between mergers, stock prices, and industrial production are studied. Quantifying the effects from horizontal mergers in. As time passes, they can invest in securing more information, and also a good deal of previously confidential information is. This book appears to be the first attempt to study propaganda from a sociological approach as well as a psychological one. Thus, we estimate an upper bound on the likely price effect of completed mergers. Instead, the christian should bring the reign of god and the world into collision. The first part investigates the merger in the shortterm, while the second part investigates the longterm effects of.
This study measures the performance of egyptian banks that have undergone mergers or acquisitions during the period 20022007. Abstractin this paper we propose a method to evaluate the effectiveness of u. That is, the merger could generate a price increase if capacityconstrained sellers capable of producing multiple units make. Analysis of performance pre and post consolidation of thirteen mega banks in order to consider if there had been improvements. Following the first great merger wave that began at the end of the 19th century, several studies tried to explain its causes and effects. In class this coming thursday, im presenting these selections from jacques elluls the technological system on the autonomy of technology chapter 33 in the scharff and val dusek reader.
During any merger or acquisition effort, there are at least two groups of employees involved, often coming from organizations with distinctly different cultures and styles. Folake eliasadebowale is a corporate partner and head of the firms private equity and oil and gas teams. The 2009 french merger control a bosman moment for. Effects of mergers and acquisitions on the economy. Propaganda and the ethics of persuasion examines the art of persuasion but it also hopes to establish a selfdefense resistance to propaganda. Ellul and technique the international jacques ellul. This paper tests grossman and hart 1980 hypothesis that antitrust laws such as the williams act of 1968 and the hartscottrodino act of 1976 dramatically reduced the impact of stock prices on mergers. Perhaps before you read the technological society you should read the bbc article on our global distribution system and ask yourself if it is a system fit for human beings or a system tailored to. Technology, then, is but an expression and byproduct of the underlying reliance on technique, on the proceduralization whereby everything is organized and managed to function most efficiently, and directed toward. To the extent that propaganda is based on current news, it cannot permit time for thought o. This study investigates the merger effects of two banks.
In large organisations, such as colleges and universities, changes to the organisational structure tend to occur on a fairly regular basis. An annotated bibliography of primary works, stamford, jai press, 2000. Increased attention is being paid to the calculation of the actual values of the acquired entity, which is of vital importance for determining the purchase price i. Mergers and acquisitions in africa 157 downloaded by erasmus university, taco reus at 07. Library of congress cataloging in publication data ellul, jacques. The postmerger effect is the ability of each bank to develop strong organizational capacity to employ good resource for strong competitive advantages in the nigerian economy and integration into african and global economies. The pdf file you selected should load here if your web browser has a pdf reader plugin installed for. The study employs expost facto research design and covers a period of nine 9. Jacques elluls the technological society revisited. This strategy is commonly seen within the medical technology industry, where most research has. Propaganda the formation of mens attitudes jacques ellul. Elluls issue was not with technological machines but with a society necessarily caught up in efficient methodological techniques. Return on assets, bank asset ratio and capital adequacy ratio were adopted as proxies for bank performance. Premerger, such an announcement would not be credible in the postulated auction setting.
The relationship between organizational culture and. As the effective time, in addition to the effects of the merger provided in the effect of the merger clause, elsewhere in this agreement, and under relevant state statute, the surviving company shall assume. International journal of economics, commerce and management, united kingdom licensed under creative common page 187. Jacques ellul published this lengthy analysis of the techniques of propaganda in 1962, with the aim of presenting an objective sociological exploration of the methods used to manipulate group opinions into action. Recent merger waves in most organizations fail to increase organizational performance and sustain competitive advantage.
Merger%and%acquisition the impact on organizational. Propaganda by edward bernays 1928 history is a weapon. Currently, organizational leaders are facing challenges. The simulation approach by robert mills and roy weinstein1 february 1999 i. In addition to a certain living standard, another condition must be met. As jacques ellul warned in 1980, any new technology enters into an already existing class system and can be expected to develop in a way favourable to the dominant interests of that system. Project muse dialectical theology and jacques ellul. In the presence of the kingdom, jacques ellul says that the christian should neither withdraw from the world, nor be lost in the midst of the world. Introduction the department of justice and federal trade commissions horizontal merger guidelines guidelines are intended to reduce the uncertainty associated with. The answer is the same as that made to the old query as to whether the newspaper makes public opinion or whether public opinion makes the newspaper. Antitrust laws and the relationship between mergers, stock.
Most consolidated and merged banks in nigeria are in distress and have failed to increase organizational performance. Van vleet argues that the work of jacques ellul is frequentlyand deleteriouslymisread on account of inattention to the theological underpinning that governs elluls thought. Our diagnostic calibrates upward pricing pressure upp resulting from the merger, based on the pricecost margins of the merging firms products and the extent of direct substitution between them. Unilateral competitive effects theories in merger analysis. The effect of mergers and acquisitions on the performance. One of these two levels is the individual level and the reactions of the individual employees are insecurity, powerlessness, alienation, a drop in productivity, loss of energy. There is a widespread impression that a good press agent can puff up a nobody into a great man. Bibliography of ellul articles the international jacques ellul society. Our results suggest that any approach to evaluating the welfare effects of horizontal mergers which does not account for industry wide strategic effects is seriously flawed. The need for an informative yet simple and speedy indicator of the likely. Umoren and olokoyo 2007 studied merger and acquisition in nigeria. Merger and acquisition is usually a scheme that is carefully planned to achieve a synergistic effect. It is asked whether, in fact, the leader makes propaganda, or whether propaganda makes the leader.
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