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As an economics student I was told that corporate merger would typically enhance financial performance, because of scale economies, market power or the acquirer’s superior management. As an auditor of recently acquired firms I found disorganization, demoralised staff, and weak profits. As a researcher I found that most mergers had failed to boost profitability, a finding that was mostly replicated by researchers over the subsequent 40 years. In the meantime, helped by my co-author, one of my aims has been to provide an explanation of this evidence, recounted in ‘my book.’ I’m an academic ‘lifer’ at Cambridge University – latterly Professor of Financial Accounting and Acting Dean of Cambridge’s Judge Business School.
This is not a book on techniques of accounting for M&A, but about why governments need to hold to account large companies seeking dominance of markets through M&A and other means.
It explores the socially harmful impacts of some mergers, such as exacerbating inequality and subverting democracy. It is rich in case evidence and combines law and economics in a vigorous, lucid critique of past governments’ permissive attitudes towards corporate merger. Wu has acted as Special Assistant to President Biden on competition policy.
From the man who coined the term "net neutrality," comes a warning about the dangers of excessive corporate and industrial concentration for our economic and political future.
We live in an age of extreme corporate concentration, in which global industries are controlled by just a few giant firms―big banks, big pharma, and big tech, just to name a few. But concern over what Louis Brandeis called the "curse of bigness" can no longer remain the province of specialist lawyers and economists, for it has spilled over into policy and politics, even threatening democracy itself. History suggests that tolerance of inequality…
As an economics student I was told that corporate merger would typically enhance financial performance, because of scale economies, market power or the acquirer’s superior management. As an auditor of recently acquired firms I found disorganization, demoralised staff, and weak profits. As a researcher I found that most mergers had failed to boost profitability, a finding that was mostly replicated by researchers over the subsequent 40 years. In the meantime, helped by my co-author, one of my aims has been to provide an explanation of this evidence, recounted in ‘my book.’ I’m an academic ‘lifer’ at Cambridge University – latterly Professor of Financial Accounting and Acting Dean of Cambridge’s Judge Business School.
With its "buy and sell" model, the Private Equity industry – which commentators have variously described as the ‘billionaire factory’ and "irresponsible locust swarms" – is responsible for a large and growing share of M&A activity. The businesses held by just two of its members employ some one and a half million people.
Phalippou draws on many years of distinguished research to demystify the secretive industry’s methods and accounting – rigorous explanations leavened by fascinating case studies and appealing humour.
This is version 2.6 (both Kindle and hard copy; Audiobook is following the first edition)! Designed for an MBA course on private equity, this textbook aims to familiarize any reader with the jargon and mechanics of private markets using simplified examples, real-life situations and results from thorough academic studies. The intention is to have a book that can be read more like a novel than like a regular textbook. In order to have long-lasting impact on readers, I believe in making things as simple as possible, boiling everything down to the essence, going straight to the point, and, most importantly,…
As an economics student I was told that corporate merger would typically enhance financial performance, because of scale economies, market power or the acquirer’s superior management. As an auditor of recently acquired firms I found disorganization, demoralised staff, and weak profits. As a researcher I found that most mergers had failed to boost profitability, a finding that was mostly replicated by researchers over the subsequent 40 years. In the meantime, helped by my co-author, one of my aims has been to provide an explanation of this evidence, recounted in ‘my book.’ I’m an academic ‘lifer’ at Cambridge University – latterly Professor of Financial Accounting and Acting Dean of Cambridge’s Judge Business School.
This brings together 9 specialists in accounting, economics, or statistics – from academe or practice – to tackle questions such as: does accounting manipulation affect the terms on which acquirers buy targets; are the post-merger accounts projected by bidders to be trusted; did the way targets were incorporated in the combine’s accounts affect share price?
It’s not a relaxing read – some heavy statistical work and disturbing conclusions: clever accountants have often been able to hoodwink investors before, during and after M&A transactions.
Spending on M&A has, in aggregate, grown so fast that it has even overtaken capital expenditure on increasing and maintaining physical assets. Yet McKinsey, the leading management consultancy, reports that "Anyone who has researched merger success rates knows that roughly 70% fail". The idea that businesses might be using huge and increasing sums of shareholders' money for an activity that more often than not leads to failure calls into question the information on which M&A decisions are based.
This book presents statistical studies, case material, and standard-setters' opinions on company accounting before, during, and after M&A. It documents the manipulation…
As an economics student I was told that corporate merger would typically enhance financial performance, because of scale economies, market power or the acquirer’s superior management. As an auditor of recently acquired firms I found disorganization, demoralised staff, and weak profits. As a researcher I found that most mergers had failed to boost profitability, a finding that was mostly replicated by researchers over the subsequent 40 years. In the meantime, helped by my co-author, one of my aims has been to provide an explanation of this evidence, recounted in ‘my book.’ I’m an academic ‘lifer’ at Cambridge University – latterly Professor of Financial Accounting and Acting Dean of Cambridge’s Judge Business School.
These three authors were brought in in 1990 to lead accounting standard-setting in the UK.
At the time, company accounts – especially those of merging companies - were a ‘laughing stock’, with profits often wildly overstated and debt materially understated. Against the expectation of many, they managed to outlaw companies’ preferred (profit-enhancing) accounting for M&A – ‘a triumph of diplomacy as well as intellectual ingenuity’ in the words of the Financial Times. The US and international standard-setters have since come close to adopting the same solution – but in the end have never quite dared.
The book combines rigorous discussion of technical accounting with light and lively discussion of the challenges and fights in which they engaged.
In the late 1980s, financial accounting in Britain was in disarray. 'Creative' accounting was rife. The authority of the industry's standard-setters had been drastically compromised when their rules for inflation accounting were first ignored by many firms and then abandoned. There were calls for government to replace the accountants' self-regulation with a tough regulatory regime close to the American model. Also, rapid change in the financial industry was generating complex new financial schemes for which existing accounting standards were inadequate. This book tells the story of the next decade: the problems the standard-setters faced, both technical and political, the resistance…
We have been coaching and learning about peak performance for four decades. To learn from playing golf ourselves, coaching others to play better, and continuously staying curious and learning from others is a mix that we want to keep alive. It’s not only to perform well that matters to us, but that we also grow as a human being. It’s about excellence and wellbeing. What skills, what culture, and what foundation can make that a possibility? Our deepest wish is for all of us to access our own unique possibilities to be good and happy.
The learnings from this book have helped us so many times to make good decisions for our coaching business. Two concepts in particular have stood out: The Hedgehog Concept and Stockdale Paradox from this book are alive in us every day.
The Hedgehog Concept is the intersection between three circles: 1) What can you be best in the world at? 2) What drives the economic engine? 3) What are you deeply passionate about?
The Stockdale Paradox is to always retain the faith that you will prevail in the end, regardless of difficulties, while confronting the brutal fact of your current reality.
________________________________ Can a good company become a great one? If so, how?
After a five-year research project, Jim Collins concludes that good to great can and does happen. In this book, he uncovers the underlying variables that enable any type of organisation to make the leap from good to great while other organisations remain only good. Rigorously supported by evidence, his findings are surprising - at times even shocking - to the modern mind.
Good to Great achieves a rare distinction: a management book full of vital ideas that reads as well as a fast-paced novel. It is widely regarded…
As a boy and then as a young man I was a passionate, compulsive, and hypercompetitive sub-elite distance runner. In middle age I became a clinical psychologist and only then did I come to fully understand my youthful need to run long distances fast and beat everyone that I could. I captured the etiology and passion in Wannabe Distance God.
Imagine my satisfaction upon learning that Jack D. Welch published a book about the Golden Age of distance running. See, I was there, in the races, far far back, wondering what it was like to be as fast as the elite runners. Now I know. Welch, the co-founder of Running magazine (which I read at the time), approaches the great runners of the day from a journalist's perspective. Fascinating begins to describe it. Engrossing is even better.
I think When Running Was Young and So Were We will be interesting to runners in general, not just runners from the Golden Age, because the love of distance running and the interesting people who participate in it is the same today. What drives people to run? What are driven people like? What are driven people dripping with talent like? Jack D. Welch tells all.
For many years Jack Welch wrote for Running magazine and Track & Field News, chronicling the extraordinary developments of running during the 1970s, 80s and 90's. When Running Was Young and So Were We is based on his columns from this period and is a unique book - telling the story of how running became a way of life for millions. * It's a book about excellence, inspiration and greatness. Not just what it takes to cross the finish line first, but also the lessons learned along the way. * It's a sports book - offering an up-close and personal…
Hermann Simon is a world-renowned expert on price and profit management. He is the founder and honorary chairman of Simon-Kucher & Partners, the global leader in price and topline consulting with 1700 employees and 41 offices worldwide. He is the only German in the Thinkers50 Hall of Fame of the most influential management thinkers. In China a business school is named in his honor. Profit is at the core of Hermann’s writing and consulting activities.
This book approaches profit improvement primarily from the cost side. Numerous practical methods and tricks are explained. If these are successfully implemented in real business, significant profit improvements will result in a short time (hence the six months or less!). But these methods are not without risks, because if you treat stakeholders such as suppliers, banks, and employees too harshly, this can lead to negative reactions. The same is true for competitors if you play too hard. Therefore the judgment of one reviewer should be observed: Useful if applied with common sense, but dangerous in the wrong hands.
"An excellent primer for anyone struggling to keep profits ahead of costs. . . . Double Your Profits' 'take no prisoners' approach is refreshing." - William Byham, bestselling coauthor of Zapp!
One of the nation's foremost management consultants shares seventy-eight proven ways to cut costs dramatically, send sales through the roof, and double profits in just six months.
This timeless profit-boosting guide, considered a top management resource by business powerhouse Jack Welch, presents insights that are notable for their aggressive approach and contrarian perspective. Bob Fifer, former chairman and CEO of Kaiser Associates, shows us how to turn the tables…
We first met about 10 years ago at Sheffield Hallam University, bonding as work colleagues over a love of enabling students to understand wealth management and finance in a way that we hoped they would find interesting and accessible. The books we chose mix our love of storytelling and making finance accessible by using real-world experiences. They do this in a unique way, challenging the reader to think about their understanding and perspective, something we try to do every day. It has been lovely to reread these books before writing the reviews, reminding us of what makes us tick. We hope they help you to find your tick too.
This compendium of authors writing around their specific expertise is a compelling read. However, I chose it specifically for one chapter, the chapter on "Communication Apprehension and Accounting Education."
Two of the authors of this chapter were my professors when I was at university and their novel approach to education and assessment, which was years before its time, laid the foundations for skills and behaviors I have used in both my commercial and academic life. Increasingly I see students and professionals who are not as successful in their career due to a lack of communication skills.
For me, this book provides a practical and thought-provoking approach for those looking to understand a fundamental component of the financial world in the 21st century.
One of the prime purposes of accounting is to communicate and yet, to date, this fundamental aspect of the discipline has received relatively little attention. The Routledge Companion to Accounting Communication represents the first collection of contributions to focus on the power of communication in accounting.
The chapters have a shared aim of addressing the misconception that accounting is a purely technical, number-based discipline by highlighting the use of narrative, visual and technological methods to communicate accounting information. The contents comprise a mixture of reflective overview, stinging critique, technological exposition, clinical analysis and practical advice on topical areas of interest…
I come from an engineering background and early in my career I discover financial modelling as I had to assess the viability of business plans. I deal with financial models the last 20 years of my professional carrier as a Group Financial Officer of SIDMA STEEL SA. Moreover, I am teaching financial modelling in the American College of Greece, Deree, at University of Nicosia in collaboration with Globaltraing and many other places abroad. I am a numbers person, and I am fascinated by financial modelling as it provides you a tool to support effective decision-making.
This book is one of the best I have seen on the topic of Investment Banking.
It is a very good primer. I would recommend it to everyone wanting to break into the industry. It is highly accessible, easy to understand and overall, an engaging presentation of the topic.
It is one of the books I consulted to write the valuation chapter of my book.
A timely update to the global bestselling book on investment banking and valuation - this new edition reflects valuable contributions from Nasdaq and the global law firm Latham & Watkins LLP plus access to the online valuation models and course.
In the constantly evolving world of finance, a solid technical foundation is an essential tool for success. Due to the fast-paced nature of this world, however, no one was able to take the time to properly codify its lifeblood--namely, valuation and dealmaking. Rosenbaum and Pearl originally responded to this need in 2009 by writing the first edition of the book…
I have been a coach to business owners for the last 25 years, with a concentration on exit planning for the last twelve. During that time I have personally worked with over 500 owners. I’ve written 4 books on the subject, two of which were award winners. I’ve seen so many owners who built excellent businesses, but are stymied by how to leave them without deserting their employees and customers. Almost two-thirds of business owners over 60 years old have no plan for the transition of their businesses. I am on a mission to fix that.
John is the founder of the International Exit Planning Association, the organization that grants the Certified Business Exit Planning Consultant (CBEC) designation I’d place this book much higher than fourth, except that it was written in 2008, and could use some updating on legal and tax issues. Nonetheless, the first half is definitely the best in discussing the psychological and emotional issues of an owner separating from the business.
Written by John Leonetti-attorney, wealth manager, merger and acquisition associate, and fellow exiting business owner in his own right-Exiting Your Business, Protecting Your Wealth will guide you in thoughtfully planning out your exit options as well as helping you analyze your financial and mental readiness for your business exit. Easy to follow and essential for every business owner, this guide reveals how to establish an exit strategy plan that is in harmony with your goals.
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