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The post-acquisition performance in ...

Kim, Dong Jin.

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The post-acquisition performance in the hotel and restaurant industries.

Record Type:	Language materials, printed : Monograph/item
Title/Author:	The post-acquisition performance in the hotel and restaurant industries./
Author:	Kim, Dong Jin.
Description:	113 p.
Notes:	Adviser: Woo Gon Kim.
Contained By:	Dissertation Abstracts International67-06B.
Subject:	Economics, Finance. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3222072
ISBN:	9780542730757

The post-acquisition performance in the hotel and restaurant industries.
Kim, Dong Jin.

The post-acquisition performance in the hotel and restaurant industries. - 113 p.

Adviser: Woo Gon Kim.

Thesis (Ph.D.)--Oklahoma State University, 2006.

Scope and method of study. This study provides an empirical illustration of post-acquisition performance in the hotel and restaurant industries, using mergers and acquisitions from 1980 to 2004. At the first stage of analysis, short-term post acquisition performance of hospitality firms was analyzed using stock prices. At the second stage of analysis, accounting-based performance measures including profitability, efficiency, and growth measures were adopted in order to assess long-term post-acquisition performance of acquiring hospitality firms.

ISBN: 9780542730757Subjects--Topical Terms:

626650
Economics, Finance.

The post-acquisition performance in the hotel and restaurant industries.
LDR:02545nam 2200289 a 45 001 968132
005 20110915
008 110915s2006 eng d
020 $a 9780542730757
035 $a (UMI)AAI3222072
035 $a AAI3222072
040 $a UMI $c UMI
100 1 $a Kim, Dong Jin. $3 1291992
245 1 4 $a The post-acquisition performance in the hotel and restaurant industries.
300 $a 113 p.
500 $a Adviser: Woo Gon Kim.
500 $a Source: Dissertation Abstracts International, Volume: 67-06, Section: B, page: 3102.
502 $a Thesis (Ph.D.)--Oklahoma State University, 2006.
520 $a Scope and method of study. This study provides an empirical illustration of post-acquisition performance in the hotel and restaurant industries, using mergers and acquisitions from 1980 to 2004. At the first stage of analysis, short-term post acquisition performance of hospitality firms was analyzed using stock prices. At the second stage of analysis, accounting-based performance measures including profitability, efficiency, and growth measures were adopted in order to assess long-term post-acquisition performance of acquiring hospitality firms.
520 $a Findings and conclusions. Overall, it was found that merger and acquisition announcements have no impact on acquiring hospitality firms' stock prices and insignificant positive impact on acquired firms' stock prices. When the mode of merger was taken into consideration, this study found that investors reacted favorably to tender offers compared to mergers. This phenomenon was more prominent for target hospitality companies. The results exhibit that the merger and acquisition announcements in the hospitality industry were negatively absorbed by the stock market when they were paid by pure stock. On the other hand, merger and acquisition announcements in the hospitality industry were perceived positively when the payments were made by pure cash. Further, this study found that the growth rate of acquiring hotels, as measured by sales divided by the previous year value of sales, decreased significantly following mergers and acquisitions in both 3-year and 5-year tests. (Copies available exclusively from MIT Libraries, Rm. 14-0551, Cambridge, MA 02139-4307. Ph. 617-253-5668; Fax 617-253-1690.)
590 $a School code: 0664.
650 4 $a Economics, Finance. $3 626650
650 4 $a Home Economics. $3 1019236
690 $a 0386
690 $a 0508
710 2 0 $a Oklahoma State University. $3 626630
773 0 $t Dissertation Abstracts International $g 67-06B.
790 $a 0664
790 1 0 $a Kim, Woo Gon, $e advisor
791 $a Ph.D.
792 $a 2006
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3222072