[公告] Mergers and Acquisitions Final Exam
1. Corporate governance is primary concerned with how equity investors induce
managers to provide them with an appropriate return on their invested
capital.One solution to this agency problem is to discipline poor managers
or management teams for their failure to provide investors with an adequate
return on their invested capital.Another solution is for outside firms to
take over poorly performing firms
a.Evaluate the evidence as to whether board of directors remove poorly
performing managers.
b.Analyze the evidence regarding the effect of the external market for
corporate control on enforcing market discipline.
c.Explain the stock price reaction to management changes.
2. What are the effects of the size of the fraction of equity share ownership
by top management on
a. q-ratio?
b. Agency problem?
c. Probability of a hostile bid?
3. What theories most plausibly explain the positive shareholders wealth
effect observed in share repurchases?
4. What are the sources of gains for firms going private or LBO?
5. What is the evidence on postmerger operating performance ? How does this
evidence relate to the event study results for combined returns at merger
announcement?
6. How are bidder and target returns affected by the mode of payment?
7. What does financial theory suggest about the motives of merger activity?
Why a merger can increase or decrease firm value?
8. What are some reasons why merger activity comes in wave?
9. List three methods of valuation ( free cash flow , market-based , and
residual income ),and briefly set forth the advantages and limitations
of each.
10. What is an attractive industry according to Porter(1985)?
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