Mergers & Acquisitions

Inhaltsverzeichnis (Table of Contents)

• Introduction
  • Background
  • Problem discussion
  • Research question
  • Purpose
  • Delimitation
• Theoretical Framework
  • Theory on Mergers & Acquisitions
    • Mergers
      • Horizontal Mergers
      • Vertical Mergers
      • Conglomerate Mergers
    • Acquisitions
      • Hostile Acquisitions
      • Friendly Acquisitions
  • Trends in Mergers & Acquisitions
    • Mergers & Acquisitions as a Trend in history
      • The first M&A wave
      • The second M&A wave
      • The third M&A wave
      • The fourth M&A wave
      • The fifth M&A wave
    • Recent and current trends
    • Behavioral Catalysts in Mergers & Acquisitions
      • Hubris
      • Managerialism
      • Herding
  • Value creation in Mergers & Acquisitions
    • The discounted cash flow model
• Methodology
  • Research design
    • Sample
  • Data collection
    • Realization
      • Interviews
      • Statistical ascertainment
    • Operationalization
  • Research quality
    • Validity
    • Reliability
    • Source criticism
      • Literature
      • Interviews
      • Statistical Ascertainment
• Empirical investigation
  • The Case Study - Boss Media AB
    • Industry background - the online gaming industry
    • Company background - Boss Media AB
  • Revelations from the empirical data
    • Revelations from the interviews and statistical ascertainment
      • M&As
      • Hubris
      • Managerialism
      • Herding
      • Value creation in M&As
      • Value estimation of M&As
      • Overpricing
• Analysis
  • Mergers & Acquisitions - a trend caused by social behavior?
  • Mergers & Acquisitions – sustainable value creation?
    • Evaluating Boss Media AB - the discounted cash flow model
      • Step I-entering historical data
      • Step II-deriving net working capital
      • Step III - projecting future data
      • Step IV - calculating free cash flows
      • Step V-estimating the WACC
      • Step VI - estimating PV, determining valuation and terminal value
      • Step VII - determining equity value
      • Step VIII-sensitivity analysis
    • Results from the evaluation of Boss Media AB

Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)

This research investigates the influence of social behavior on value creation in mergers and acquisitions. The study aims to analyze the driving forces behind the trend of mergers and acquisitions and examine whether this trend leads to sustainable value creation or merely perpetuates a cyclical pattern of overvaluation and value destruction.

• Social behavior and its impact on mergers and acquisitions
• Value creation in mergers and acquisitions
• The role of managerial biases and herd behavior in decision-making
• The cyclical nature of mergers and acquisitions trends
• The relationship between short-term profits and long-term value creation

Zusammenfassung der Kapitel (Chapter Summaries)

• Introduction: This chapter sets the stage for the research by outlining the background, problem discussion, research question, purpose, and delimitation of the study. The focus is on the growing trend of mergers and acquisitions and the associated questions surrounding their potential to create sustainable value.
• Theoretical Framework: This chapter provides a comprehensive overview of relevant theories related to mergers and acquisitions, including different types of mergers and acquisitions, trends in their historical development, and key behavioral catalysts that influence decision-making in these contexts.
• Methodology: This chapter details the research design, data collection methods, and considerations for research quality. The study utilizes a case study approach, focusing on Boss Media AB, a software company within the online gaming industry that has experienced multiple mergers and acquisitions.
• Empirical Investigation: This chapter presents the findings from the empirical data collected through interviews with Boss Media AB representatives and statistical analysis. Key insights include the role of social behavior, such as managerialism, hubris, and herding, in driving mergers and acquisitions decisions.
• Analysis: This chapter analyzes the collected data to determine the relationship between social behavior and value creation in mergers and acquisitions. It examines the case of Boss Media AB through a discounted cash flow model to assess the potential for value creation and evaluate the effectiveness of the company's mergers and acquisitions strategy.

Schlüsselwörter (Keywords)

This research focuses on the impact of social behavior, including managerialism, hubris, and herding, on value creation in mergers and acquisitions. Key concepts include the cyclical nature of mergers and acquisitions trends, the relationship between short-term profits and long-term value creation, and the use of the discounted cash flow model to evaluate the potential for value creation. The research examines the case of Boss Media AB, a software company in the online gaming industry, to illustrate the practical implications of these concepts.