European Business School London

About: European Business School London is a based out in . It is known for research contribution in the topics: Real estate investment trust & Empirical research. The organization has 323 authors who have published 636 publications receiving 17446 citations. The organization is also known as: EBS London.

Knowledge Management/Organizational Memory Success and Performance Measurements

Abstract: This mini-track focuses on performance and success measurements for Knowledge Management and Organizational Memory. Key aspects examined in mini-track papers include measuring the success and effectiveness of systems that manage knowledge initiatives and organizational memories. Metrics and performance measures were a particularly strong area for submissions. Examining the impact of knowledge management systems on organizational performance was also a popular area for submissions. Twenty papers were reviewed for this mini-track. Ten papers accepted for presentation at the conference. Two papers from other KMS mini-tracks will also be presented in this mini-track. We are especially grateful to the many colleagues who helped in the review process.

Is Hostility in the Merger and Acquisition Market Wasteful? Empirical Evidence of the Economic Costs of Hostility

Abstract: The question as to whether hostility is economically wasteful has been subject to intense debate for decades in the literature of law, economics, and finance. Typically the debate is focused in the issue of managerial entrenchment. Commentators frequently adopt an unstated presumption that hostility is wasteful per se. We argue that it is important to examine empirical data before accepting this premise. We investigate long-term, post-acquisition measures of corporate operating performance of hostile acquisitions relative to non-hostile acquisitions. Our results suggest that hostility does not affect operating performance, and from this we infer that there are no economic costs associated with hostility. The findings are robust with respect to a variety of methodologies and control variables.

Effects of the Method of Payment and the Mode of Acquisition on Performance and Risk Metrics

Abstract: We investigate post acquisition changes in risk characteristics as well as share and operating performance of U.S. firms involved in mergers that are paid for by stock, cash, and cash tender offers during 1975 to 1996. Our findings indicate that mergers, especially in conjunction with cash payments, are risk increasing transactions. Our analyses of post acquisition risk changes show an increase in equity risk for cash mergers over three years around the acquisitions. The full sample of mergers also shows an increase in the intrinsic business risk during the same period (controlling for method of payment does not change the results). There is a significant post acquisition decline in the degree of operating leverage for mergers. There is no change in risk and performance metrics following acquisitions that are by tender offer. However, debt-to-equity ratios rise for tender offers while liquidity and size decline following acquisitions. Finally, we find no evidence of risk adjusted post acquisition abnormal returns in our samples.

Intraday Effects around Directors’ Dealings: Disclosures in Germany and the United Kingdom

Abstract: This article analyzes intraday stock price and trading volume reactions to directors’ dealings announcements in Germany and the United Kingdom from January 2007 to June 2010. The main findings show that prompt public disclosure of directors’ dealings, as mandated by the EU Transparency Directive, is relevant for the pricing of stocks. For stocks with the highest instant market reaction, the main price and volume formation takes place within 15 minutes following the announcement and remains unchanged in the subsequent days.

Durchgängiges Value Based Marketing als Werttreiber im Systemgeschäft

Abstract: Value Based Marketing-Konzepte funktionieren nur dann, wenn eine exakte Kenntnis der kundenindividuellen Bedurfnisstruktur und deren Wertigkeit fur den Kunden gegeben ist. Dabei ist der „Customer Value Key” Basis und Masstab bei der Gestaltung des Leistungsangebots des Systemlieferanten. Im arbeitsteiligen Systemgeschaft fuhrt dies auch zu einer fruhzeitigen (kunden-)wertorientierten Auswahl und Einbindung qualifizierter Lieferanten in die Systemwertschopfungsprozesse. In Form eines „Value Based Purchasing” wird die Beschaffung zu einem Bestandteil des Value Based Marketing und zu einem grundsatzlichen, wichtigen Werttreiber fur den Systemanbieter und dessen Kunden.