The fifth merger wave in the USA and the parallel fourth merger wave in the UK that occurred in the 1990s was characterised by a large number of acquisitions of firms operating in high technology areas, such as the telecommunications, computers, the Internet, biotechnology, communications etc....

This study provides evidence on the determinants of exit strategies for UK leveraged buyouts (LBOs). Using a sample of 104 going concern UK LBOs exited by the LBO sponsors between 1998 and 2004, we analyse the determinants of the exit routes - IPO, trade sale or secondary LBO (SBO) - by...

We study the effect of different acquirer types defined by financial status and their payment methods on their short and long-term performance in terms of abnormal returns using a variety of benchmark models. For a sample of 543 UK acquirers during 1983-95, we examine the relative performance of...

Whether corporate acquisitions create or destroy value for shareholders is still an unresolved issue. One type of corporate acquisition is made when another firm carries out a divestiture. Evidence on the wealth effects of such partial acquisitions is limited to a few US studies. This study...

On a sample of 1105 UK cash and stock mergers over the period of 1987-2007, this study is the first to provide empirical evidence about the profitability and the risk-return characteristic of the merger arbitrage strategy in the UK market. Consistent with the findings in other markets, the UK...

Using a sample of 236 UK companies that went from public to private (PTP) company status during 1997 to 2005 and a control sample of similar firms not going private, we study, with logistic regression methodology, the impact of bankruptcy risk measured by their default probability, estimated...

This paper argues that investor sentiment affects the market reaction to spinoff announcements. It further proposes a catering theory for corporate spinoff decisions. This theory points out that a firm's manager may observe a prevailing strong investor demand for corporate focus or glamour...

By synthetically combining the utilization of different fuels and the co-production of alternative fuels and power, a multifunctional energy system (MES) can present more opportunities to achieve higher efficiency, lower investment, and less environmental impact as compared to traditional energy...

Reviewing the progress of CO2 capture and storage (CCS) technology, the main obstacles and the potentials of greenhouse gas control in China are identified. An important point can be drawn is that the innovative energy systems, besides simple implementation of existing technology, are needed for...

The industrial waste heat parameters, like flow rate and temperature, usually fluctuate in a certain range due to the variation of upstream industrial process. However, the heat recovery systems are usually designed not under the fluctuation range but under a specific point, therefore, the most...