DSpace Collection:
http://hdl.handle.net/2115/28087
2019-12-16T12:41:24Z顧客価値尺度の開発と検証
http://hdl.handle.net/2115/71773
Title: 顧客価値尺度の開発と検証
Authors: 高橋, 史早2018-09-24T15:00:00Z高橋, 史早顧客価値尺度の開発と検証 [論文内容及び審査の要旨]
http://hdl.handle.net/2115/71772
Title: 顧客価値尺度の開発と検証 [論文内容及び審査の要旨]
Authors: 高橋, 史早2018-09-24T15:00:00Z高橋, 史早A Dynamic Model of Mergers and Acquisitions : Optimal Payment Methods
http://hdl.handle.net/2115/70454
Title: A Dynamic Model of Mergers and Acquisitions : Optimal Payment Methods
Authors: 陳, 雯君
Abstract: This dissertation develops dynamic models of joint takeovers to determine the optimal payment strategy and the optimal timing to acquire a target firm. We first establish a pure cash-payment model, which the bidder pays in cash to buy all the shares of the target firm. And then we extend the pure cash-payment model into three models using different payment strategies: a cash-share mixed-payment model, an expand-sell model, and a debt-share mixed-payment model.
In a cash-share mixed-payment model, the bidder and the target firm exchange parts of their share and the bidder also pays a cash premium payment to the target to gain high post-merger management control. The model relates the acquisition premium payment and the merger threshold to the growth rate, volatility, and correlation coefficient of the bidder and target. The result indicates the mixed-payment method will outperform the pure cash-payment method when the growth rate of the bidder is high, the businesses of the participating firms are low risky or the correlation coefficient of the participating company is low because of the diversification of the business of the two companies.
An expand-sell model considers an expansion offer that is motivated by the synergy gains and a contraction offer that is prompted by efficiency liquidation. The bidder can choose an expansion strategy to acquire the target when their market value increases, and determine a contraction strategy to sell the asset to the target when their market value decreases. The result indicates that the bidder prefers to expand their business when the growth rate of bidder’s business is high and to sell their asset when the growth rate of the opposite firm is high. The expansion process is longer than the contraction process when the participating companies are highly risky.
A debt-share mixed-payment model extends the pure cash-payment which is also considered as the equity finance takeover to the debt finance takeover, which assumes that the bidder issues a revenue bond. The results indicate that the takeover execution speed of the debt finance model is faster than which of the equity finance model when the participating firms are highly risky.
The three main contributions of this study are as follows. First, we compare each method with the pure cash-payment method to find the relationship between the participating firm’s business condition and the payment method decision. Second, we analyses the terms, assuming that the bidder and target will negotiate the terms of the merged enterprise, which we solve via a Nash barging solution (Nash [61]). Finally, we assume that both the bidder and target will probably mis-estimate the synergy generated, and that the managers of both firms can take advantage of this. The dissertation analyses the abnormal returns from the announcement.2018-03-21T15:00:00Z陳, 雯君This dissertation develops dynamic models of joint takeovers to determine the optimal payment strategy and the optimal timing to acquire a target firm. We first establish a pure cash-payment model, which the bidder pays in cash to buy all the shares of the target firm. And then we extend the pure cash-payment model into three models using different payment strategies: a cash-share mixed-payment model, an expand-sell model, and a debt-share mixed-payment model.
In a cash-share mixed-payment model, the bidder and the target firm exchange parts of their share and the bidder also pays a cash premium payment to the target to gain high post-merger management control. The model relates the acquisition premium payment and the merger threshold to the growth rate, volatility, and correlation coefficient of the bidder and target. The result indicates the mixed-payment method will outperform the pure cash-payment method when the growth rate of the bidder is high, the businesses of the participating firms are low risky or the correlation coefficient of the participating company is low because of the diversification of the business of the two companies.
An expand-sell model considers an expansion offer that is motivated by the synergy gains and a contraction offer that is prompted by efficiency liquidation. The bidder can choose an expansion strategy to acquire the target when their market value increases, and determine a contraction strategy to sell the asset to the target when their market value decreases. The result indicates that the bidder prefers to expand their business when the growth rate of bidder’s business is high and to sell their asset when the growth rate of the opposite firm is high. The expansion process is longer than the contraction process when the participating companies are highly risky.
A debt-share mixed-payment model extends the pure cash-payment which is also considered as the equity finance takeover to the debt finance takeover, which assumes that the bidder issues a revenue bond. The results indicate that the takeover execution speed of the debt finance model is faster than which of the equity finance model when the participating firms are highly risky.
The three main contributions of this study are as follows. First, we compare each method with the pure cash-payment method to find the relationship between the participating firm’s business condition and the payment method decision. Second, we analyses the terms, assuming that the bidder and target will negotiate the terms of the merged enterprise, which we solve via a Nash barging solution (Nash [61]). Finally, we assume that both the bidder and target will probably mis-estimate the synergy generated, and that the managers of both firms can take advantage of this. The dissertation analyses the abnormal returns from the announcement.A Dynamic Model of Mergers and Acquisitions : Optimal Payment Methods [an abstract of dissertation and a summary of dissertation review]
http://hdl.handle.net/2115/70453
Title: A Dynamic Model of Mergers and Acquisitions : Optimal Payment Methods [an abstract of dissertation and a summary of dissertation review]
Authors: 陳, 雯君2018-03-21T15:00:00Z陳, 雯君原価企画研究の展開 [全文の要約]
http://hdl.handle.net/2115/67795
Title: 原価企画研究の展開 [全文の要約]
Authors: 趙, 婷婷
Description: この博士論文全文の閲覧方法については、以下のサイトをご参照ください。2017-09-24T15:00:00Z趙, 婷婷原価企画研究の展開 [論文内容及び審査の要旨]
http://hdl.handle.net/2115/67793
Title: 原価企画研究の展開 [論文内容及び審査の要旨]
Authors: 趙, 婷婷2017-09-24T15:00:00Z趙, 婷婷非財務情報の保証 : 会計士による保証業務の展開 [全文の要約]
http://hdl.handle.net/2115/66272
Title: 非財務情報の保証 : 会計士による保証業務の展開 [全文の要約]
Authors: 岡野, 泰樹
Description: この博士論文全文の閲覧方法については、以下のサイトをご参照ください。2017-03-22T15:00:00Z岡野, 泰樹非財務情報の保証 : 会計士による保証業務の展開 [論文内容及び審査の要旨]
http://hdl.handle.net/2115/66271
Title: 非財務情報の保証 : 会計士による保証業務の展開 [論文内容及び審査の要旨]
Authors: 岡野, 泰樹2017-03-22T15:00:00Z岡野, 泰樹仕事現場における連携と学習：救急救命士の実証研究
http://hdl.handle.net/2115/62259
Title: 仕事現場における連携と学習：救急救命士の実証研究
Authors: 髙橋, 平徳2016-03-23T15:00:00Z髙橋, 平徳仕事現場における連携と学習：救急救命士の実証研究 [論文内容及び審査の要旨]
http://hdl.handle.net/2115/62257
Title: 仕事現場における連携と学習：救急救命士の実証研究 [論文内容及び審査の要旨]
Authors: 髙橋, 平徳2016-03-23T15:00:00Z髙橋, 平徳