Coates iv1 the core goal of corporate law and governance is to improve outcomes for participants in businesses organized as corporations, and for. Decision making by howard raiffa with contributing authors. Howard raiffa taught us to make better decisions pon. Negotiationanalysissupplement by howard raiffa welcome. Alina santos conde rated it really liked it jan 15, i read this book in the spring ofand was lucky enough to get a chance to meet howard raiffa while i was an anx at harvard and he was on the hbs faculty.
In this type of merger all companies are legally dissolved and a new entity is formed. The art and science of negotiation by howard raiffa. Raiffa develops his argument by contrasting two situations. The art and science of negotiation 1982 edition open library. D the takeover market is also characterized by merger waves peaks of heavy activity followed by quiet troughs of few transactions. B merger activity is greater during economic contractions than during expansions. C mergers and acquisitions are part of what is often referred to as the market for corporate control. Under the 1976 hartscottrodino act, merging parties must generally notify the doj and the ftc of a substantial proposed merger. Negotiation analysis on how you should and could collaborate with others part ii. Each strand is introduced and used in analyzing negotiations.
Nonprice effects of mergers summaries of contributions. Sample of this research consists of eleven banks involved in the process of merger and acquisition during 20062010. The prediction of successful corporate takeovers the purpose of this section is to use the information implicit in the arbitrageurs decisionmaking process to estimate the likelihood that a cash tender or ex change offer will eventually be accepted. This led to decision analysis 1968 how to structure decision problems use of subjective probabilities decision trees. Scale economies and synergies in horizontal merger analysis author. He received a bachelors degree in mathematics in 1946, a masters degree in statistics, and a doctorate in mathematics from the university of michigan in ann arbor. It pushes negotiation analysis to a higher level and should be required reading for all serious students and practitioners of negotiation and alternative dispute resolution. This masterly book substantially extends howard raiffa s earlier classic, the art and science of negotiation. Three years before and aftermerger data is used to test the significance of. In most cases, the merger analysis does not require giving special treatment to nonprice effects, since the conclusions obtained via the conventional quantitative tools, which are typically framed in terms of price effects, can be extrapolated to other competitive variables. Howard raiffa a pioneer in decision analysis expand. The family of decision analysis techniques can be applied effectively to support practical negotiators in international settings. This masterly book substantially extends howard raiffas earlier classic, the art and science of negotiation.
Bibliography books mergers and acquisitions strategies and. A read is counted each time someone views a publication summary such as the title, abstract, and list of authors, clicks on a figure, or views or downloads the fulltext. With a diverse group of harvard stars that included richard neustadt, tom schelling, fred mosteller, and francis bator, raiffa would form the core of what would be. Jun 01, 2019 the art and science of negotiation by howard raiffa, 1982, belknap press of harvard university press edition, in english. The art and science of negotiation is a quantum leap forward in the state of the art raiffa employs a classroom wizards mastery over the hypothetical question to analyze in lively case studies and problems the essential characteristics of various forms of interactive competitive bargaining. In this paper the post merger financial performance of pakistani acquiring banks is measured by using financial and accounting ratios analysis. This study investigates the merger effects of two banks.
Decision analysis for practical negotiation application. Howard raiffa was born in the bronx, new york on january 24, 1924. In the first scenario, two parties bargain over a single issue. The aggregate implications of mergers and acquisitions. Ramsey professor emeritus of managerial economics, a joint chair held by the business school and the kennedy school of government at harvard university. The effect of mergers and acquisitions on the performance of companies. Three years before and after merger data is used to test the significance of. Merger through consolidation is a combination of two or more companies to form a new one. The book starts by considering how analytically minded parties can. His path breaking research has advanced the forefront of statistical decision. And the decisions youve made in your negotiations likely have been far smarter as a result. Merger and acquisition analysis when it comes to buying andor selling a business, a great deal of information gathering and analysis is necessary. The impact of mergers and acquisitions on company employment in the united kingdom by m. Howard raiffa has been a pioneer in all aspects of the decision sciences.
Davidy university of southern california july 9, 2014. The first part investigates the merger in the shortterm, while the second part investigates the longterm effects of the merger exploring the relative. R 2008 merger, acquisitions and corporate restructuring response books, business books from sage new delhi. Howard raiffa was an american academic who was the frank p. In a consolidation, the acquired company transfers its assets, liabilities and shares to the new company. Howard raiffa, the art and science of negotiation cambridge. The merger took place in mid 1999s and the effect was the alpha bank.
Bank mergers and acquisitionsunderstanding business. January 24, 1924 july 8, 2016 was an american academic who was the frank p. In describing the nature of disputes, raiffa highlights some pertinent questions. Khan 2011 compared pre and post merger financial performance of merged indian banks with the help of financial parameters like gross profit margin, net profit margin, operating profit margin, return on capital employed roce, return on equity roe and debt equity ratio and also the overall impact of merger and acquisitions on acquiring banks. Ramsey professor emeritus of managerial economics, died july 8 at his home in arizona following a long battle with parkinsons disease raiffa joined the harvard faculty in 1957. When my publisher balked at the size of the first draft of na then known as collaborative decision making i was adamant that all must stay or else the picture would be incomplete.
Company x is a multimedia house known for its magazine brands. R 2008 merger, acquisitions and corporate restructuring response books, business books from. The effect of mergers and acquisitions on the performance. Introductory lectures on choices under uncertainty. Raiffa, a harvard business school and harvard kennedy school emeritus professor and co. Although it is a sophisticated selfhelp bookdirected to the lawyer, labor arbitrator, business executive, college dean, diplomatit is not cynical or.
Negotiation analysis howard raiffa harvard university. Negotiation analysis, decision analysis, game theory, negotiation, bargaining, howard raiffa explains this analysis in the context. It does so by incorporating three additional supporting strands of inquiry. This text substantially extends howard raiffas earlier work the art and science of negotiation. Acquisition and merger process through the eyes of employees. Risk arbitrage and the prediction of successful corporate. These techniques are most appropriate in support of the prenegotiation phase, when parties are diagnosing the situation, assessing their own plans and strategies, and evaluating likely reactions and outcomes. To boost its eps and realize an internal rate of return irr that exceeds its targeted return, or its weighted average cost of capital wacc. Types, regulation, and patterns of practice john c. Whether you are selling a house, closing a business deal, settling a divorce, arbitrating a labor dispute, or trying to hammer out no international treaty, howard raiffas new book will measurably improve your negotiating skills. The advantage is that the buyer will have cut off the interloper risk once the tender offer is completed, and that alone can be a very important benefit. Merger analysis is a field in which economic theory is systematically applied, dayin, dayout. A thorough risk analysis effort will identify the issues and allow the integration team to quickly address the issues solution overview 5.
Massachusetts, florida, arizona and north carolina, and found that more than 3,300 organizations reported engaging in at least one merger or acquisition between 1996 and 2006, for a cumulative merger rate of 1. Because you will be certain about what you are looking for, your search is more likely to be successful. This supplement presents an extension of the material in the parent book, negotiation analysis na. In this paper the postmerger financial performance of pakistani acquiring banks is measured by using financial and accounting ratios analysis. Decision analysis on how individuals should and could decide 3. Why would one company want to acquire another company. He was attending city college when he enlisted in the army air corps, where he was a radar specialist. The art and science of negotiation by howard raiffa, 1982, belknap press of harvard university press edition, in english. We evaluated 11 years of merger filings in four states. With a clear strategy in place, your business will be more appealing to other parties, either as acquirer or acquiree. Although it is a sophisticated selfhelp bookdirected to the lawyer, labor arbitrator, business executive, college dean, diplomatit is not cynical or machiavellian.
If youve ever made a decision tree, engaged in risk analysis, or created a scoring system when preparing for a negotiation, you benefited from the work of economist howard raiffa, whether you realized it or not. Raiffa develops an experimental approach to competitive decisionmaking. Before this is accomplished, three things should be mentioned. He was an influential bayesian decision theorist and pioneer in the field of decision analysis, with works in statistical.
Negotiation analysis supplement program on negotiation. He is concerned with situations in which two or more parties recognize that differences of interest and values exist among them and in which they want or in which one or more are compelled to seek a compromise. Coates iv1 the core goal of corporate law and governance is to improve outcomes for participants in businesses organized as corporations, and for society, relative to what could be achieved. Peterson book, raiffas text is still an excellent introduction. The forwardlooking nature of merger analysis, advanced. Negotiation analysis howard raiffa haftad 9780674024144. The science and art of collaborative decision making.
It goes through different types of negotiation and offers tools and models for how to think about each. Feinstein, director, bureau of competition, federal trade commission this year marks the 100th anniversary of both the federal trade commission act and the clayton act. Remembering howard raiffa 214 decision analysis 3, pp. Whether you are selling a house, closing a business deal, settling a divorce, arbitrating a labor dispute, or trying to hammer out no international treaty, howard raiffa s new book will measurably improve your negotiating skills. Raiffa deftly weaves together casestyle vignettes of negotiating situations with a few analytical threads drawn from the theory of games, decision making under uncertainty, and fair division. The aggregate implications of mergers and acquisitions joel m. But while an acquisition can transform the acquiring company literally. Written with clarity and verve while avoiding technicalities, it strikes a nice balance between analysis and anecdote. The forwardlooking nature of merger analysis advanced antitrust u. However, there are certain markets that require special instruments. Wright abstract this paper provides a systematic empirical analysis of the effects of takeover and merger activity on firm employment in the united kingdom using a specially constructed database for the period 19671996. This book presented in a 3ring binder is an edited version of three lectures on negotiation analysis presented by professor raiffa to the faculty and doctoral students at harvard during the spring of 1996. Together with the sherman act, enacted in 1890, these laws remain a. The science and art of collaborative decision making by howard raiffa with john richardson and david metcalf pp.
Jan 30, 2003 this masterly book substantially extends howard raiffa s earlier classic, the art and science of negotiation. The art and science of negotiation is a quantum leap forward in the state of the art raiffa employs a classroom wizards mastery over the hypothetical question to analyze in lively case studies and problems the essential characteristics of various forms of. Foundation jean butzen president, mission plus strategy consulting. Dec 03, 2019 a corporate merger or acquisition can have a profound effect on a companys growth prospects and longterm outlook. Valuation for mergers and acquisitions second edition barbara s. His path breaking research has advanced the forefront of statistical decision theory, game theory, decision analysis. Design a risk analysis framework that mitigates operational risk through proven practices, techniques and past experiences.
The impact of mergers and acquisitions on company employment. Plus, the numbers are generally supplementing the textual analysis rather than being i read this book in the spring of 1993, and was lucky enough to get a chance to meet howard raiffa while i was an undergrad at harvard and he was on the hbs faculty. The acquirer wants to expand its market share or gain customers in a different. The influence of mergers and acquisitions on employee. The effect of mergers and acquisitions on the performance of. Howard raiffa with john richardson, david metcalfe, p, cm, includes bibliographical references and index, isbn 067400890chalk paper i negotiation in business, 2, negotiation, 3. Amit singh sisodiya edited 2005 mergers and acquisitions strategies and insights the icfai university press, hyderabad.
Economics structures the definition of the relevant market, and then economics drives the evaluation of the likely competitive effect of the merger. Scale economies and synergies in horizontal merger analysis. Howard raiffa created the field of negotiation analysis, and this book is a great development of his ideas. The art and science of negotiation 1982 edition open. A corporate merger or acquisition can have a profound effect on a companys growth prospects and longterm outlook. The softcover version of this book is out of print.
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