Received: by alpheratz.cpm.aca.mmu.ac.uk id KAA14395 (8.6.9/5.3[ref email@example.com] for cpm.aca.mmu.ac.uk from firstname.lastname@example.org); Thu, 27 Sep 2001 10:35:13 +0100 Message-ID: <3BB2F22D.121F95FE@mmu.ac.uk> Date: Thu, 27 Sep 2001 10:32:29 +0100 From: Bruce Edmonds <email@example.com> Organization: Centre for Policy Modelling X-Mailer: Mozilla 4.78 [en] (WinNT; U) X-Accept-Language: en To: JOM announcements list <firstname.lastname@example.org> Subject: JoM-EMIT: new paper "Mergers & Takeovers: a memetic approach" by Vos & Kelleher Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit Sender: email@example.com Precedence: bulk Reply-To: JOM-EMIT@sepa.tudelft.nl
Mergers and Takeovers: A
Ed Vos and Ben Kelleher
University of Waikato, Department of Finance
This paper constructively diagnoses problems within the
current merger & acquisition (M&A) theories and provides
an alternative theory of corporate behaviour. We contend
that humans are the hosts for a replicating entity known as
`memes'. Since finance based motivational studies on M&A
activities have not established that this activity `adds value'
to the acquiring firm, it is our thesis that certain managers
gain power through mergers and acquisitions. Thus, M&A
from the point of view of the acquiring firm can be seen as
driving the evolution of ideas, shaping the flow of
technology, information, and tastes rather than as `value
adding'. In simple terms, managers (the meme holders) use
mergers and acquisitions to enhance their power, and in
gaining this power managers unconsciously provide an
improved medium through which their memetic `stories'
may be replicated.
The paper first introduces popular theories surrounding
M&As, the motivation for M&A is developed further in an
examination of the need for managerial power, we then
discuss how this power struggle relates to the `battlefield' of
corporate asset allocation allowing `stories' to be told and
replicated, and finally we ask questions and develop
hypotheses that provide direction for future research.
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