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The Art of Capital Restructuring

The Art of Capital Restructuring Creating Shareholder Value through Mergers and Acquisitions

Author: H. Kent Baker; Halil Kiymaz
Publisher: John Wiley & Sons
ISBN: 9780470569511
Published In: May 2011
Format: Hardback , 590 pages
Jurisdiction: International or US ? Disclaimer:
Countri(es) stated herein are used as reference only

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The most up-to-date guide on making the right capital restructuring moves
The Art of Capital Restructuring provides a fresh look at the current state of mergers, acquisitions, and corporate restructuring around the world. The dynamic nature of M&As requires an evolving understanding of the field, and this book considers several different forms of physical restructuring such as divestitures as well as financial restructuring, which refers to alterations in the capital structure of the firm.

The Art of Capital Restructuring not only explains the financial aspects of these transactions but also examines legal, regulatory, tax, ethical, social, and behavioral considerations. In addition to this timely information, coverage also includes discussion of basic concepts, motives, strategies, and techniques as well as their application to increasingly complex, real-world situations.
- Emphasizes best practices that lead to M&A success
- Contains important and relevant research studies based on recent developments in the field
- Comprised of contributed chapters from both experienced professionals and academics, offering a variety of perspectives and a rich interplay of ideas
Skillfully blending theory with practice, this book will put you in a better position to make the right decisions with regard to capital restructuring in today's dynamic business world.
Acknowledgments.

1 Mergers, Acquisitions, and Corporate Restructuring: An Overview (H. Kent Baker and Halil Kiymaz).

Part I Background.

2 Merger Waves (Jarrad Harford).

3 Takeover Regulation (Marina Martynova and Luc Renneboog).

4 Corporate Governance and M&As (Fei Xie).

5 Ethical and Social Issues in M&As (Robert W. McGee).

6 Theoretical Issues on Mergers, Acquisitions, and Divestitures (Abdul H. Rahman).

7 The Short-term and Long-term Performance of M&As (Shantanu Dutta and Samir Saadi).

Part II Valuation.

8 Standard Valuation Methods for M&As (Pablo Fernandez).

9 Real Options and Their Impact on M&As (Hemantha Herath and John S. Jahera Jr.).

10 The Law and Finance of Control Premia and Minority Discounts (Helen Bowers).

11 Cross-Border Valuation Effects in Developed and Emerging Markets (Wenjie Chen).

Part III The M&A Deal Process.

12 Sources of Financing and Means of Payments in M&As (Marina Martynova and Luc Renneboog).

13 Cultural Due Diligence (Ronald F. Piccolo and Mary Bardes).

14 Negotiation Process, Bargaining Area, and Contingent Payments (William A. Grimm).

15 Merger Negotiations: Takeover Process, Selling Procedure, and Deal Initiation (Nihat Aktas and Eric De Bodt).

16 Post-Acquisition Planning and Integration (Olimpia Meglio and Arturo Capasso).

17 Organizational and Human Resource Issues in M&As (Siddhartha S. Brahma).

Part IV Takeovers and Behavioral Effects.

18 Takeover Strategies (Shailendra Pandit).

19 Defensive Strategies in Takeovers (Christian Rauch and Mark Wahrenburg).

20 The Impact of Restructuring on Bondholders (Luc Renneboog and Peter G. Szilagyi).

21 Behavioral Effects in M&As (Jens Hagendorff).

Part V Recapitalization and Restructuring.

22 Financial Restructuring (Otgontsetseg Erhemjamts and Kartik Raman).

23 Going Private and Leveraged Buyouts (Onur Bayar).

24 International Takeovers and Restructuring (Rita Biswas).

Part VI Special Topics.

25 Joint Ventures and Strategic Alliances: Alternatives to M&As (Tomas Mantecon and James A. Conover).

26 Fairness Opinions in M&As (Seven M. Davidoff, Anil K. Makhija, and Rajesh P. Narayanan).

27 How Initial Public Offerings Affect M&A Markets: The Dual Tracking Phenomenon (Roberto Ragozzino and Jeffrey J. Reuer).

28 The Diversification Discount (Seoungpil Ahn).

29 Partial Acquisitions: Motivation and Consequences on Firm Performance (Pengcheng Zhu and Shantanu Dutta).

Answers to End-of-Chapter Discussion Questions.

Index.
H. Kent Baker, PhD, CFA, CMA, is University Professor of Finance and Kogod Research Professor at the Kogod School of Business at American University, Washington, D.C. He has published extensively in leading academic and professional finance journals including the Journal of Finance, Journal of Financial and Quantitative Analysis, Financial Management, Financial Analysts Journal, and Journal of Portfolio Management. He has also published more than a dozen books including several corporate finance textbooks. Recognized as one of the most prolific authors in finance during the past 50 years, Professor Baker has consulting and training experience with more than 100 organizations.

Halil Kiymaz is Bank of America Chair and Professor of Finance at the Crummer Graduate School of Business at Rollins College. He holds the Chartered Financial Analyst (CFA) designation and has served as a grader for the CFA Institute. Professor Kiymaz maintains an extensive research agenda focusing on everything from international M&As to the financial management of multinationals, and has published more than 50 articles in scholarly and practitioner journals. He is the recipient of several research awards, including the McGraw-Hill Irwin Best Paper Award and Outstanding Research Award at the Global Conference on Business and Finance.