Mergers and Acquisition

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Assessment information – Literature Review (35%)

The purpose of this assignment is to critically reflect on corporate finance concepts/theories through the reviewing of existing literature.

Skills acquired:

  • Apply discipline knowledge
  • Thinking skills
  • Information skills
  • International perspective

Specifically, you are to write a literature review on Mergers and Acquisition.

The structure that you should employ would be as follows:

  • Abstract
  • Introduction
  • Body
  • Conclusion. Your assignment will not be marked and you will obtain a zero if you write on the topics of capital structure, dividend policy or corporate governance.
  • Include tables, graphs and references

.1 Submission instructions

The presentation of the literature review should be in 1.5 lines spacing and 12pt font. Although there is no minimum words limit for the literature review, it should be between 10 – 15 pages (excluding tables, graphs and references). The word limit for this assignment is 8,000

  • Picking an area: Narrow your area as much as possible. This is to avoid the need to cover an extensive list of journal articles. For example, you may want to identify a variable used in the articles and explore the relevance of its usage.
  • Number of articles: You are expected to read 8 – 12 articles. Please do not just provide a summary of each article and do not reference articles that you have not read or do not understand. Do not provide more than 12 references.
  • Motivation: Your main objective is to critically review/comment on what you have read. DO NOT reproduce definitions, explanation of theories, charts and graphs.
  • Writing: Each section should have at least two or three paragraphs; each paragraph should have at least three or four sentences. Write simple straightforward sentences; one sentence one idea. To avoid having a similarity index on Turnitin, do not paraphrase sentences from the journal articles; use your own words to elaborate.
  • Abstract: Do this after you completed the conclusion. Condense of your whole literature review, including objective, current issues, future research, and the importance of the literature review.
  • Introduction: Start with the background and motivation of the literature review. Describe the aim or objective of the literature review, summarise what you have found from the current literature, what are the current unsolved issues that may lead to the future research. Outline the contribution of the literature review to the finance literature (fills a gap, provides knowledge, argues current issues, and sheds a light on, etc). Explain the significance of the literature review, to investors, to managers, to regulators, etc. Finally map or illustrate the layout of the main body section of your review.
  • Body of the literature review: Do not provide quotes from existing literature. Critique their points and make a reference to it with (Author, year). Try to argue the literature on both sides; do not just summarise. Do not summarise concepts or theories and reproduce diagrams from the textbook; you will be penalised.
  • Conclusion: Discuss what you have found, summarise unsolved issues and important debates. Reinforce the contributions and significance of this literature review and finally, indicate and discuss the future research areas.

Possible Sources

 

  • Chen, C., and F. Christopher. 2003. A review of cross-border Mergers and Acquisitions in APEC. Asian Pacific Economic literature 17(2): 14-38.

 

  • Gonzalez, P., G. M. Vasconcellos, and R. J. Kish. 1998. Cross-border mergers and acquisitions: The undervaluation hypothesis. Quarterly Review of Economics & Finance 38(1): 25-45
  • Pradhan, J. P., and V. Abraham. 2005. Overseas Mergers and Acquisitions by Indian Enterprises: Patterns and Motivations. Indian Journal of Economics 85(33): 365-386.
  • Faccio, M., and R. W. Masulis. 2005. The Choice of Payment Method in European Mergers and Acquisitions. Journal of Finance 60(3): 1345-1388.

Performance of mergers and acquisitions

  • Alexandridis, G., K. P. Fuller, L. Terhaar, and N. G. Travlos. 2012. Deal Size, Acquisition Premia and Shareholder Gains. Journal of Corporate Finance 20: 1-13.
  • Bouwman, C. H. S., K. Fuller, and A. S. Nain. 2009. Market valuation and acquisition quality: Emprical evidence. Review of Financial Studies 22(2): 633-679.
  • Cakici, N., C. Hessel, and K. Tandon. 1996. Foreign acquisitions in the United States: effect on shareholder wealth of foreign acquiring firms. Journal of Banking & Finance 20(2): 307-329.

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