它的發展可以與大部分得華爾街日報的文章比
不過我近來對它比較沒興趣了
轉貼一些給各位參考
美國國家經濟研究局（National Bureau of Economic Research）於這星期公布的研究報告顯示，購併之後的企業，未來3年股價表現較同類型公司低50％；更出乎意料之外的結果是：以現金收購的企業的股價表現，低於以股票收購的企業。
此 外，美國加州大學柏克萊分校也進行了類似的研究，他們試圖比較競標成功、順利取得購併案的企業以及失去購併機會的企業，兩者的股價在購併前與購併後的走 勢，結果發現，購併前兩家公司的股價表現近似，但購併案發生之後，便出現極大差異，順利取得購併案的企業，股價表現明顯不如未取得購併案的企業。
股價表現不如預期的最大原因，就在於收購企業往往高估了被購併企業的價值、同時低估了購併後磨合期所產生的成本。而產業變化快速，尤其是高科技產業，許多企 業在被購併當時或許正是巔峰期，但往往也是開始走下坡的時候，收購之後，還得花費時間進行業務與人力的整合，等待一切就緒，外在市場卻已徹底變天。當初高 價收購的金雞母，頓時成了燙手山竽。
Monday, May 14, 2012
TODAY'S TOP HEADLINES
M & A Avon Says It Will Weigh $10.7 Billion Offer From Coty
INVESTMENT BANKING In JPMorgan Chase Trading Bet, Its Confidence Yields to Loss
PRIVATE EQUITY Rubenstein Donates $15 Million to Duke University
HEDGE FUNDS Yahoo's Chief to Leave as Company Strikes a Deal With Hedge Fund
OFFERINGS Mark Zuckerberg's Next Act
VENTURE CAPITAL V.C.'s Enjoy Lasting Benefits From Facebook
LEGAL/REGULATORY Assigning Blame in Dewey's Collapse
Top Story
JPMorgan Chase Executive to Resign Amid Trading Loss
The huge loss
at JPMorgan Chase has claimed three top traders in the bank's London
office, including Ina Drew, one of the most senior women on Wall Street,
The New York Times reports.
Ms. Drew, 55, the bank's chief investment officer, who oversaw the London unit that carried out the money-losing trades, has offered to resign and will step aside on Monday, according to several bank executives who would not speak publicly because the resignations had not been completed. In addition to Ms. Drew, Achilles Macris, a top JPMorgan official in London, and Javier Martin-Artajo, a senior London trader, are expected to leave the bank.
These are the first departures of senior JPMorgan officials since the company disclosed a $2 billion trading loss on Thursday, stunning Wall Street and the public and fueling the ongoing debate over financial regulation. Jamie Dimon, the chief executive, continued a campaign of contrition on Sunday, apologizing in a broadcast of NBC's "Meet the Press."
Ms. Drew, who had been a trusted lieutenant of Mr. Dimon, was the fourth-highest-paid officer at JPMorgan, earning roughly $14 million last year. According to people familiar with the situation, she had tearfully offered to resign multiple times since the losses became apparent in late April, but Mr. Dimon had not accepted it until now.
Ms. Drew, 55, the bank's chief investment officer, who oversaw the London unit that carried out the money-losing trades, has offered to resign and will step aside on Monday, according to several bank executives who would not speak publicly because the resignations had not been completed. In addition to Ms. Drew, Achilles Macris, a top JPMorgan official in London, and Javier Martin-Artajo, a senior London trader, are expected to leave the bank.
These are the first departures of senior JPMorgan officials since the company disclosed a $2 billion trading loss on Thursday, stunning Wall Street and the public and fueling the ongoing debate over financial regulation. Jamie Dimon, the chief executive, continued a campaign of contrition on Sunday, apologizing in a broadcast of NBC's "Meet the Press."
Ms. Drew, who had been a trusted lieutenant of Mr. Dimon, was the fourth-highest-paid officer at JPMorgan, earning roughly $14 million last year. According to people familiar with the situation, she had tearfully offered to resign multiple times since the losses became apparent in late April, but Mr. Dimon had not accepted it until now.
Tuesday, May 8, 2012
TODAY'S TOP HEADLINES
M & A America Movil Looks to Raise Stake in KPN
INVESTMENT BANKING HSBC Profit Rises 26% in First Quarter
PRIVATE EQUITY Temasek and RRJ to Invest in Natural Gas Project
HEDGE FUNDS Yahoo's Chief Apologizes to Staff
OFFERINGS Zuckerberg Pitches Facebook in New York
VENTURE CAPITAL SingTel Said to Be Near Deal for Advertising Start-Up
LEGAL/REGULATORY Ex-Vice Chairman at Dewey Is Said to Claim That He Is Owed $61 Million
TOP STORY
|
Hedge Fund Takes Control of Barneys
Perry Capital,
which is Barneys' biggest bondholder, announced on Monday that it had
taken control of the retailer, concluding a long-running effort to
reorganize its finances after laboring under nearly $600 million in
debt.
TODAY'S TOP HEADLINES
M & A Judge Halts Martin Marietta Bid for Vulcan Materials
INVESTMENT BANKING Stock Trading Continues to Fall After Crisis
PRIVATE EQUITY Blackstone Said to Be Set for a Calpers Investment
HEDGE FUNDS Hedge Fund Intensifies Attack on Yahoo Amid Storm Over Padded Résumés
OFFERINGS Is Mark Zuckerberg Ready to Lead a Public Company?
VENTURE CAPITAL Which Start-Up Is the Next Big Thing?
LEGAL/REGULATORY Dewey Leadership Acknowledges the Firm Could Close
Friday, May 4, 2012
TODAY'S TOP HEADLINES
M & A Hutchison Whampoa Said to Bid $2.6 Billion for Eircom Group
INVESTMENT BANKING Once Remote, Goldman Sachs Puts on a Friendly Public Face
PRIVATE EQUITY Buyout Firms Expressed Interest in HuffPo, Huffington Says
HEDGE FUNDS With New Controversy, Third Point Scores Blow Against Yahoo
OFFERINGS A Flat Day for Carlyle in Its Debut as a Public Company
VENTURE CAPITAL HootSuite Seeks $50 Million
LEGAL/REGULATORY Treasury Department Sees New Path to Ending Bailout
TOP STORY
|
Facebook Sets I.P.O. Price Range at $28 to $35
At the midpoint
of its offering range, the social networking company is on track to
raise $10.6 billion, in a debut that could value the company at $86
billion.
- DEALBOOK »
-
TODAY'S TOP HEADLINES
M & A BG Group to Sell Stake in Brazilian Pipeline Operator for $1.8 Billion
INVESTMENT BANKING Societe Generale Profit Drops 20% in First Quarter
PRIVATE EQUITY China's Bright Food Buys 60% of Weetabix
HEDGE FUNDS Green Mountain's Rocky Slide
OFFERINGS Yelp Reports a Deeper Loss
VENTURE CAPITAL Tumblr Aims to Generate Revenue
LEGAL/REGULATORY With a Merger Unlikely, Dewey's Options Shrink
TOP STORIES
Progress Is Seen in Advancing a Final Volcker Rule A major new rule that has drawn the ire of Wall Street is on track for completion sooner than some bankers had expected, dashing the hopes of financial industry lobbyists, who have pressed for a delay.
Regulators are making significant progress on a final draft of the regulation, the Volcker Rule, and some officials expected to complete it by September and possibly as early as this summer, people with direct knowledge of the matter said. The people, who spoke on the condition of anonymity, cautioned that regulators have not set a firm date for completing the rule.
The Volcker Rule aims to rein in risky trading on Wall Street. Named for Paul A. Volcker, the former chairman of the Federal Reserve, it would ban banks from placing bets with their own money, a practice known as proprietary trading.
On Wednesday, the chief executives of six large banks voiced concerns about new regulations like the Volcker Rule at a meeting with Daniel K. Tarullo, a Federal Reserve governor. The gathering, held at the Federal Reserve Bank of New York in Lower Manhattan, was arranged by Mr. Tarullo and JPMorgan Chase's chief executive, Jamie Dimon, who has criticized elements of the Volcker Rule.Carlyle's I.P.O. Is Priced at $22, Below Expected Level For years, the Carlyle Group had sought to follow its private equity rivals in stepping out as a publicly traded firm, a status that once promised wealth and prestige.
On Thursday, the investment firm is getting its wish - but is doing so with a slight limp.
Carlyle priced its initial public offering at $22 a stock unit on Wednesday evening - below its expected range of $23 to $25. That price will value the firm at about $6.7 billion when it begins trading Thursday on the Nasdaq stock market, under the ticker symbol "CG."- DEALBOOK »
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TODAY'S TOP HEADLINES
M & A Owner of Lane Bryant Is Said to Be Sold to Rival for $890 Million
INVESTMENT BANKING UBS Profit Drops 54% in First Quarter
PRIVATE EQUITY Buyout Kings Size Up Their Sector, the Elections and Europe
HEDGE FUNDS Struggling Hedge Fund Under a Cloud
OFFERINGS Facebook on Track for a Mid-May I.P.O.
VENTURE CAPITAL Twitter Said to Have Weighed a Photo App Acquisition
LEGAL/REGULATORY Mortgage Aid Programs Halted in Pilot Phase
-
TOP STORY
The Trade: Taking on the Little Guy, but Missing the Bigger Ones Jesse Eisinger of ProPublica says that the Securities and Exchange Commission brought a case against a tiny ratings agency, but has not moved against executives of any major firm for actions leading to the financial crisis.- DEALBOOK »
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TOP STORY
Facebook on Track for I.P.O. Roadshow Despite rumors of delays, Facebook could begin its roadshow as soon as early next week, according to two people briefed on the company's plans. -
TODAY'S TOP HEADLINES
M & A Mitsui and Mitsubishi to Buy $2 Billion Stake in Natural Gas Project
INVESTMENT BANKING Lloyds Ekes Out a 1st-Quarter Profit
PRIVATE EQUITY Romney Campaign Donors Became Private Equity Investors
HEDGE FUNDS Man Group Reports $1 Billion of Client Outflows
OFFERINGS SolarCity Takes Step Toward Public Offering
VENTURE CAPITAL Digg Employees Said to Be Headed to Washington Post
LEGAL/REGULATORY Looking to Make a Profit on Lawsuits, Firms Invest in Them
TODAY'S TOP HEADLINES
M & A Energy Transfer to Buy Sunoco for $5.3 Billion
INVESTMENT BANKING After Criticism, Aviva's Chief Forgoes Pay Increase
PRIVATE EQUITY Pacific Equity Partners Reaches Deal for Spotless
HEDGE FUNDS LightSquared Said to Receive Extension From Creditors
OFFERINGS Carlyle Pitches Diversification to Prospective Shareholders
VENTURE CAPITAL Wristwatch Attracts $7 Million From the Crowd
LEGAL/REGULATORY Wal-Mart Bribery Scandal Complicates Plans at Home
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