Armed with extensive evidence, Sirower destroys the popular notion that the acquisition premium represents potential value. He provides the first formal and functional definition for synergy -- the specific increases in performance beyond those already expected for companies to achieve independently. Sirower's refreshing nuts-and-bolts analysis of the fundamentals behind acquisition performance cuts sharply through the existing folklore surrounding failed acquisitions, such as lack of "strategic fit" or corporate culture problems, and gives managers the tools to avoid predictable losses in acquisition decisions.
Using several detailed examples of recent major acquisitions and through his masterful integration and extension of techniques from finance and business strategy, Sirower reveals: The unique business gamble that acquisitions represent The managerial challenges already embedded in current stock prices The competitive conditions that must be met and the organizational cornerstones that must be in place for any possibility of synergy The precise Required Performance Improvements RPIs implicitly embedded in acquisition premiums and the reasons why these RPIs normally dwarf realistic performance gains The seductiveness and danger of sophisticated valuation models so often used by advisors The Synergy Trap is the first expose of its kind to prove that the tendency of managers to succumb to the "up the ante" philosophy in acquisitions often leads to disastrous ends for their shareholders.
Sirower shows that companies must meticulously plan -- and account for huge uncertainties -- before deciding to enter the acquisition game. To date, Sirower's work is the most comprehensive and rigorous, yet practical, analysis of the drivers of acquisition performance. This definitive book will become required reading for managers, corporate directors, consultants, investors, bankers, and academics involved in the mergers and acquisitions arena.
Having deep knowledge of law, engineering, and other professional disciplines doesn't prepare someone for the key role finance plays in business. This readable text provides the practical advice students and practitioners need rather than a sole concentration on debate theory, assumptions, or models. Dynamic Study Modules help students study effectively on their own by continuously assessing their activity and performance in real time.
Here's how it works: students complete a set of questions with a unique answer format that also asks them to indicate their confidence level. Questions repeat until the student can answer them all correctly and confidently.
Once completed, Dynamic Study Modules explain the concept using materials from the text. These are available as graded assignments prior to class, and accessible on smartphones, tablets, and computers.
Instructors can now remove questions from Dynamic Study Modules to better fit their course. Reporting Dashboard. View, analyze, and report learning outcomes clearly and easily, and get the information you need to keep your students on track throughout the course, with the new Reporting Dashboard. Available via the Gradebook and fully mobile-ready, the Reporting Dashboard presents student performance data at the class, section, and program levels in an accessible, visual manner.
Easily scalable and shareable content. MyLab Finance enables you to manage multiple class sections, and lets other instructors copy your settings so a standardized syllabus can be maintained across your department.
Should you want to use the same MyLab Finance course next semester, with the same customized settings, you can copy your existing course exactly—and even share it with other faculty members. The Valuation Principle is presented as the foundation of all financial decision-making.
Guided Problem Solutions are examples that accompany every important concept using a consistent problem-solving methodology that breaks the solution process into three steps: Plan, Execute, and Evaluate. Personal Finance GPS examples showcase the use of financial analysis in everyday life by setting problems in scenarios such as purchasing a new house or car, and saving for retirement.
Common Mistake boxes alert students to frequently made mistakes stemming from misunderstanding core concepts and calculations—in the classroom and in the field. Practitioner Interviews from notable professionals highlight leaders in the field and address the effects of the financial crisis. Global Financial Crisis boxes throughout tie the material to aspects of the financial crisis. Data Cases and Integrative Cases give students a chance to apply the material with realistic data-analyzing exercises and problems that integrate material across chapters in each major part of the book.
Chapter-Opening Interviews with recent college graduates now working in the field of finance underscore the relevance of the concepts to students who are encountering them for the first time. General Interest boxes highlight timely material from financial publications that shed light on business problems and real-company practices.
Using Excel boxes describe Excel techniques and include screenshots to serve as a guide for students using this technology. Excel End-of-chapter Problems indicated by an Excel icon have instructor solutions and student templates available in MyLab Finance. Because one of the hardest parts of learning finance is mastering the jargon, math, and non-standardized notation, the authors systematically use notation boxes, numbered and labeled equations, and timelines.
Spreadsheet Tables, available in MyLab Finance as Excel files, enable students to change inputs and manipulate the underlying calculations.
Concept Check Questions at the end of each section enable students to test their understanding and target areas in which they need further review.
In addition, every single problem is available in MyLab Finance, the groundbreaking homework and tutorial system that accompanies the book. The MyLab Finance Chapter Summary presents the key points and conclusions from each chapter, provides a list of key terms with page numbers, and indicates online practice opportunities.
New to This Edition. Combining resources that illuminate content with accessible self-assessment, MyLab Finance with Enhanced eText provides students with a complete digital learning experience--all in one place. About the book Timely, practical applications prepare students to use financial concepts in their future careers. Corporate Finance and the Financial Manager 2. Time Value of Money: An Introduction 4. Interest Rates 6. Bonds 7. Investment Decision Rules 9.
Fundamentals of Capital Budgeting Risk and Return in Capital Markets Systematic Risk and the Equity Risk Premium Raising Equity Capital This creates an entirely personalized learningexperience for each individual student.
The learning resources reinforceimportant concepts at precise moment they need help. This author team is known for their outstanding research, teaching efforts, and world-renowned finance textbooks, so it's no surprise that they provide clear exposition of difficult material without sacrificing up-to-date, technically correct treatments.
Brealey's personable writing style and world-leading content combine with a complete digital solution to help students achieve higher outcomes in the course. Connect is the only integrated learning system that empowers students by continuously adapting to deliver precisely what they need, when they need it, and how they need it, so that your class time is more engaging and effective.
The Tenth Edition continues the tradition of excellence that has earned Fundamentals of Corporate Finance its status as market leader. Every chapter has been updated to provide the most current examples that reflect corporate finance in today's world.
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