Halliday, ruqaiya hasan cohesion in english is concerned with a relatively neglected part of the linguistic system. Pdf cohesion in english halliday and hasan roberta. Kaplan february 2006 abstract in this paper, i begin by describing and assessing the different criteria simple criteria used by financial economists to evaluate merger success. In a merger, the resulting corporation, called the surviving corporation, is one of the merging corporations. Halliday and hasan 1976 identified five different types of cohesion. The aggregate implications of mergers and acquisitions joel m. Introduction in recent years there have been significant developments in the use of empirical economic methods to study the likely competitive effects of mergers. Gregoriou and luc renneboog abstract this chapter discusses the trends in international market for corporate control. However, statistic data show that mergers and acquisitions often do.
Halliday and hasan 1976, hoey 1991 gives lexical cohesion a more central role. Merging the individual and small group markets jill s. Know what youre getting in to when you decide to grow your business through mergers and acquisitions. This paper takes a discourse analytic approach from the field of systemic functional linguistics sfl founded by m. Downstream merger and continuity of interest developments 1195. Some merger and acquisition activities all over the. A merger and an acquisition are similar in nature and the difference between the two is sometimes very subtle. Dgcl 251c plan of merger must be approved by shs of each constituent corp. The opening chapter of cohesion in english provides a summary description of the technical aspects of the cohesion concept, as well as a theoretical justification for it. Demonstrative reference by here, there, thisthese, thatthose is often used. Contextual translation of merger deficit into english. Gary hewitt of the oecd, written submissions from australia, brazil, canada, the czech republic, denmark, the european commission, germany, hungary. Halliday and hasan have provided a classification of lexical cohesion based on. Pdf impacts of mergers and acquisition on the performance.
Mueller b,1, michael weichselbaumer c,2 a wu vienna university of economics and business, institute for quantitative economics, augasse 26, a1090 vienna, austria. Jul 25, 2011 the three principal structural alternatives for a merger or acquisition transaction are the statutory merger, acquisition of assets and acquisition of stock or other form of equity of the target. Reference linguistic elements related by what they refer to. Effects of merger on rival firms effects of merger on suppliers and customers some implications for antitrust policy team project presentation. It also aims to emphasize the necessity of using cohesive devices in written discourse by analyzing a michigan english language assessment battery melab sample examination of a students essay writing. This pdf is a selection from an outofprint volume from the. This pdf is a selection from an outofprint volume from the national bureau. Topic 3 reading list shahrur, husayn 2005, industry structure and horizontal takeovers. The broad range of information which needs to be assessed, the vendors interest in securing as high a price as possible, the investors enthusiasm to buy and its subjective and rather overly positive perception of risk indicators with identical expectations. Oldarticlescognitive processing of literary discourse. As you can see in the talks agenda, i will spend a few minutes first to define mergers and acquisitions briefly, providing few examples.
Jan 23, 20 operating economies through mergers a merger, which results in meeting the test of increasing the wealth of the shareholders, is said to contain synergistic properties. Theory and evidence of horizontal mergers wharton finance. Provided a brief basic understanding, i then focus on the main. These developments have been shaped by the increased. Pritchett, lp pritchett merger integration about us. Mergers and acquisitions higher school of economics. Theory and evidence of horizontal mergers jinghua yan first draft. Cohesion in english available for download and read online in other formats. This pdf is a selection from an outofprint volume from. Then i take you through various corporate strategies in line with conducting mergers and acquisitions. The bank will provide advice as to the marketability and value of. Merger and consolidation are procedures required by law when two or more corporations constituent corporations become a single corporation. Mergers, acquisitions, and other restructuring activities. The study wishes to reassess the earlier findings, focusing on cohesion.
A taxfree merger, in its simplest form, occurs when one company acquires a controlling interest in the other company in exchange for at least 80 percent of its stock. This document includes an executive summary and the documents from the meeting. The use of economics in competition law 2005, jan 27, brussels the views expressed herein are not purported to reflect those of the federal trade commission, nor any of its commissioners. While it is clear that no single theory will never be able to address the full range of merger phenomena, reference points fill in.
The approach of the new horizontal merger guidelines the us department of justice and the federal trade commission released the 2010 horizontal merger guidelines on august 19, 2010. Following the first great merger wave that began at the end of the 19th century, several studies tried to explain its causes and effects. This note explains the approach set out in the 2010 merger guidelines to. The notion of cohesive chaining is taken in order to evaluate the level of literary unity in the original greek of the episode of the transfiguration narrative found within the gospel of matthew.
Conjunctions as cohesive devices in the writings of english as. One of the main reasons why companies merge or acquire other companies is to create a synergy. Benefits of expanding your business through an acquisition or merger. Power and associates announced the 2009 rental car satisfaction study results today, three of the top four rankings went to the enterprise holdings portfolio of brands enterprise rentacar ranking highest, national car rental ranking second and alamo rent a car ranking fourth which are owned and operated by the taylor family of st. This kind of representation tends to combine various cohesive. They can also access all the presentations, playbooks, books, articles, checklists, software, assessments, webinars, research, tools, and templates on.
The cost and benefit analysis of the mergers and acquisitions affect the decision by the managers and the shareholders of whether to take up a specific merger and acquisition. Home corporates listed companies information memorandum scheme of. Halliday and hasan in cohesion in english 1976 see text connectedness realized by. Pdf this study is entitled cohesion and coherence in english. Pdf this paper attempts to provide a contrastive account of cohesion and coherence. A corporate merger or acquisition can have a profound effect on a companys growth prospects and longterm outlook. Herbold, fsa, maaa this issue brief has been prepared solely for the internal use of and is only to be relied upon by the indiana health care exchange policy committee. Lucia, australia a a a u4, imuvoucuon halliday and assns cohesion inglis176 deals with various types of nonstructural relations that link one part of a text with another. Then ill list the general advantages and disadvantages of mergers and acquisitions deals.
Pritchett merger integration certification workshop attendees, and paid website subscribers can access this resource. The aggregate implications of mergers and acquisitions. Analysis of wealth effects on rivals, suppliers, and corporate customers. Cohesion in english provides important new tools for linguistic analysis by delineating those semantic resources of the language which tie idea to idea to create texts. Mergers have been a topic of considerable interest in the united states for at least a century. Mergers that appear to be successfulby meeting synergy targets and achieving financial goalscan often be harmful to the company in the longer run.
This strategy is commonly seen within the medical technology industry, where most research has. Types, regulation, and patterns of practice john c. A truly healthy merger results in improvements across multiple dimensions, including operating and financial performance, business and technical. Driven by a philosophy of shareholder value they not. August 31, 2006 abstract one most commonly quoted reason for mergers is for firms to maintain their competitiveness in the product market. A share deal is a frequently encountered legal transaction.
Cohesion in english is concerned with a relatively neglected part of the linguistic system. However, statistic data show that mergers and acquisitions often do not let companies to reach the results expected. Understand the tax implications of business mergers. Mueller b,1, michael weichselbaumer c,2 a wu vienna university of economics and business, institute for quantitative economics, augasse 26, a1090 vienna, austria b university of vienna, department of economics, bwz, bruennerstr. There are certain linguistic features that contribute to.
Operating economies through mergers mba knowledge base. This pdf is a selection from an outofprint volume from the national bureau of economic research. The opinions expressed in this article are solely those of the. Kaupert the release in 1982 by the department of justice of its new merger guidelines was, in one sense, long overdue. Rau and vermaelen 1998 show that this pattern of returns remains even after the correction for size and. The importance of mergers and acquisitions in todays economy rima tamosiuniene1, egle duksaite2 abstract. Halliday and hasan in cohesion in english 1976 see text. Organizations may consider a statutory merger with other organizations to maximize financial and organizational efficiencies, or sometimes to gain an advantage over competitors. 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. However, we consistently find that takeovers early. Undoubtedly today we live in a time of significant economic change. Coherence and cohesion in english discourse munispace. A successful acquisition demands an effective strategy and a suitable takeover target.
Lexical cohesion in oral english shuxuan wu english department, qingdao university of science and technology, qingdao, china email. Merger%and%acquisition the impact on organizationalculture. The research gives an insight on how domestic merger. Davidy university of southern california july 9, 2014 abstract. Competition agencies typically conduct a straightforward analysis of competitive effects of a merger, and if anticompetitive effects are judged to be nonexistent or. But while an acquisition can transform the acquiring company literally. There are many advantages of growing your business through an acquisition or merger. Mergers, acquisitions, and other restructuring activities by donald depamphilis is an outstanding book. Downstream merger and continuity of interest developments. The term cohesion has been defined by halliday and hasan 1976. A statutory merger is completed in accordance with the state laws that govern the organization of the parties to the transaction. The cohesion concepts relationship to the coherence of text.
I then discuss the empirical evidence on mergers and acquisitions. Synergy is the concept that, the value of the combined companies will be greater than the joint value of the two individual companies. The cohesion analyses a cohesion analysis was used based upon the system described by halliday and hasan in cohesion in english 1976. Our endtoend merger, acquisition and divestiture advisory services are customized to meet the unique needs of. Our endtoend merger, acquisition and divestiture advisory services are customized to meet the unique needs of each of our clients. The importance of mergers and acquisitions in todays. Statutory merger concept overview, example, and breadown. Whether youre selling a business, buying a business or merging two or more businesses, there are myriad tax and legal issues that need to be navigated, such as financing structure, purchase price allocation and fair trade laws. Significant implications for public company mergers appear largely ignored by kevin miller kevin miller kevin. Two years after acquisition, enterprise, national and. Scheme of merger pdf this scheme of amalgamation is presented under sections 391 to 394 and other. Lexical cohesion computed by thesaural relations as an. The success of a merger or acquisition deal is determined by the extent of the synergy achieved. Synergy is the increase in value of the firm combining two firms into one entity i.
In a consolidation, the resulting entity is a new corporation, called the. Whether analyzed in terms of economic rationality, or looked to as an accurate guide to the. Capacity constraints, mergers and collusion olivier compte. The importance of mergers and acquisitions in todays economy. A reference point theory of mergers and acquisitions. In addition, the requirements for a qsp and a merger are somewhat different, and a purchase that may qualify as a qsp but for the requirement that the stock at issue be acquired by purchase could also theoretically be small enough that on a subsequent merger continuity of interest would still be satisfied. Merger%and%acquisition the impact on organizational. Pdf mergers and acquisitions as a form of corporate restructuring are reform strategies recently adopted to reposition the banking sector. Merger remedies 2003 the oecd competition committee debated merger remedies in october 2003. Malmendier and tate 2008 examine the extent to which overcon. Mergers and acquisitions have become common business tools, implemented by thousands of companies in world. In practice, efficiencies are usually relevant in merger analysis only when there is concern that the transaction is otherwise anticompetitive. Operating economies through mergers a merger, which results in meeting the test of increasing the wealth of the shareholders, is said to contain synergistic properties. Pdf this paper aims to analyse an english text from a magazine for the purpose.
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