In a merger, the boards of directors of two firms agree to combine and seek stockholder approval for the combination. Pdf the theorybased policy evaluation method applied to. How do i evaluate whether a company is a good acquisition. A theorybased evaluation of a program is one in which the selection of program features to evaluate is determined by an explicit conceptualization of the program in terms of a theory, a theory which attempts to explain how the program produces the desired effects. Two of the most important stylized facts about mergers are the following. Theorybased evaluation and objectivebased evaluation.
Eleader berlin 2012 performance assessment of mergers. This paper develops a conceptual framework for acquisition and merger decisions using evidential reasoning approach under the belief function framework. Conlony julie holland mortimerz november 30, 20 abstract the 2010 department of justice and federal trade commission horizontal merger guidelines lay out a new standard for assessing proposed mergers in markets with di erentiated products. Evaluating mergers and takeovers economics tutor2u. While there is little agreement either on the terminology or the concepts, there is consistency in the main messages and agreement on the value of theory based approaches. Departament of production, sao paulo state university, guaratingueta, brazil.
Theorybased programme development and evaluation provides a comprehensive approach to programme. This article examines six published papers of tbes. Evaluation of success of mergers and acquisitions case. Theory of change, research evidence, economic incentives for marine and coastal conservation, bangladesh, traditional knowledge, hilsa there are several different approaches to. Need for valuing shares or businessas far as unlisted companies are concerned the price of shares of such company is notreadily available, so we need to determine the value of shares of such companies, but this isnot the case with the. Theorybased impact better evidence evaluation in action. Does the literature on theorybased evaluation for evaluation suggest a common and clearly defined approach to evaluation and impact evaluation. Theorybased evaluation and objectivebased evaluation have gained tremendous popularity in the last decade because of its power to augment an evaluations capacity to assess program impact without strong experimental designs and the contemporary. Apr 15, 2008 programme theory is clearly articulated, using the model of programme description discussed by sidani and braden.
Morgan must clearly be evaluated beyond a simple shortterm financial analysis. Traces theorybased evaluation carol taylor fitzgibbon and lynn lyons morris what do we mean by theorybased evaluation. Where possible, findings are used to develop, revise, and improve programmes. Contents introduction context and causation in theory based approaches theories of change and logic models theory based approaches to evaluation addressing federal core issues using theory based approaches to evaluation developing theories of change using theory based approaches to make causal inferences strengths and weaknesses of theory based approaches to evaluation using. Conlony julie holland mortimerz october 29, 20 abstract the 2010 department of justice and federal trade commission horizontal merger guidelines lay out a new standard for assessing proposed mergers in markets with di erentiated products. Ars are equal to actual returns minus the expected returns benchmarks on the stock conditioned that the event does not take place. Classifying acquisitions there are several ways in which a firm can be acquired by another firm. Current status of evaluation theory since its inception, evaluation has struggled to generate viable theory as berk and rossi 1999 put it. Theorybased impact evaluation in brief monitoring, evaluation and learning.
Aug 07, 2008 the numerical evaluation implies that both studied companies have reached economies of scale in total costs. The theorybased policy evaluation method applied to the expost evaluation of climate change policies in the built environment in the netherlands article pdf. Theorybased evaluation and objectivebased evaluation have gained tremendous popularity in the last decade because of its power to augment an evaluations capacity to assess program impact without strong experimental designs and the contemporary reliance on setting standards. Pdf the baggaging of theorybased evaluation researchgate. Theory based evaluation is the practice of going beyond looking at engagement and participation data towards more longitudinal components, literature, ways of measuring outcomes rather than just outputs, and incorporating global thinking and greater empirical evidence. A wealth of approaches and an untapped potential marielle riche european commissioni have w e got closer t o ident if yi ng the ge nerati ve mechani sms that produce an outcom e f or th e lagging regi ons of t he. The determinants and evaluation of merger success sciencedirect. The theoretical framework is based on evaluation theory. Theorybased approaches for practical evaluation steve montague, partner steve.
Nov 10, 2018 theories of evaluation may 29, 2018 may 26, 2018 this is a post in the series commemorating pioneering evaluation publications in conjunction with memorial day in the usa may 28. An introduction pdf 475 kb research methods paper 2. Oct 19, 2018 before making an acquisition, it is imperative for a company to evaluate whether its target is a good candidate. The purpose of this paper is to highlight successes from a. An experimental approach to merger evaluation christopher t. Evaluation theory as a concept components of a meaningful evaluation theory alkins evaluation theory tree sample evaluation theories program theory that brings theory to life in evaluations 10 the concept of evaluation theory and so we begin. Since its birth in the late 1980s and early 1990s, the field of comprehensive community initiatives ccis has been struggling to find evaluation strategies and methodologies that. We mean rather, one based on a theory about how a program operates. We also need to be able to combine evidence from a number of studies in. You are considering purchasing another company to accelerate the growth of your business. Applying a theory of change approach to the evaluation of comprehensive community initiatives. The theorybased policy evaluation method applied to the expost evaluation of climate change policies in the built environment in the netherlands article pdf available january 2005 with 899. Excerpt a theory of change explains how activities are understood to produce a series of results that contribute to achieving the final intended impacts.
It can be developed for any level of intervention an event, a project, a programme, a policy, a strategy or an organization. According to the calculations the profitability of the firms has developed into favourable direction after the mergers and also shareholders have got benefits through increased dividends. My name is sharon rallis, a former aea president and editor of the american journal of evaluation. Theorybased approaches to evaluation use an explicit theory of change to draw conclusions about whether and how an intervention contributed to observed results. Carol weiss was a pioneering sociologist and program. Pdf as i look across the polarized spectrum, from the most ardent advocates of theorybased evaluation tbe to its most critical critics, i cant. Theorybased evaluation tbe explores the how and why of program success or failure. Join s of fellow economics teachers and students all getting the tutor2u economics teams latest resources and support delivered fresh in their inbox every morning. Programme evaluation has been defined as the systematic process of collecting credible information for timely decision making about a particular program.
A reference point theory of mergers and acquisitions. A simple evaluation process permits law firm leaders to look at a merger from a variety of perspectives. In logic modeling, input, activity, output, outcome or goal are delineated with objective statements. Program theory and the evaluation of a program s theory have gained interest in the evaluation field. Decide the structure of the workshops based on the local context and the types.
Theorybased approaches are a logic of enquiry, which complement and can be used in combination with most of the evaluation designs and data collection techniques outlined in. Before making an acquisition, it is imperative for a company to evaluate whether its target is a good candidate. Development of theories of change based on practice in the field pdf. An empirical examination of efficiency theory of mergers. Evaluation of the worldcommci merger and the qwestus west merger.
This is a post in the series commemorating pioneering evaluation publications in conjunction with memorial day in the usa may 28. The need for an informative yet simple and speedy indicator of the likely. Evaluation of mergers case solution and analysis, hbr case. A good acquisition candidate is priced right, has a. Thus, by a theory based evaluation, we do not mean an evaluation based on a theory about evaluation.
A theory of change can be developed for an intervention. Try our free evaluation edition and start using dynamicpdf merger today join, merge, combine, split, etc. Multiple terms have been integrated into discussions of program theory development and evaluation including. The link between theorybased evaluation and objectivebased evaluation is logic modeling, which has been widely used, especially among practitioners, as a tool for evaluability assessment, management and evaluation. A good acquisition candidate is priced right, has a manageable debt load, minimal. Law firms stumble among potential merger partners with little but gut feel to guide their decision. A theorybased evaluation is usually based on an explicit theory of change or logic model that explains the theory of a development intervention. Most of the studies find no significant change in the performance after merger whereas a few of the studies find that there is a decline in the performance after merger. Theorybased evaluation is the practice of going beyond looking at engagement and participation data towards more longitudinal components, literature, ways of measuring outcomes rather than just outputs, and incorporating global thinking and greater empirical evidence. In addition, toc is being used for impact evaluation at a programmatic level, providing an. Contents introduction context and causation in theorybased approaches theories of change and logic models theorybased approaches to evaluation.
Theorybased evaluation addressing an evaluation deficit. An empirical examination of efficiency theory of mergers in. Using theorybased approaches to evaluate causeeffect issues in. We recognize this as a simple systems model the connection of interdependent parts that together make up the whole\it is a\.
An evaluation theory tree deals with obtaining generalizability, or knowledge construction, as shadish, cook, and leviton 1991 refer to it. Books, published journal articles, published research reports, surveys, organizational records, qualitative research and internet will be used to. Theorybased evaluation other tbe researchers edward suchman anthony rogers timothy hasci tracy huebner ray pawson by. Theorybased stakeholder evaluation article pdf available in american journal of evaluation 3. Contents introduction context and causation in theory based approaches theories of change and logic models theorybased approaches to evaluation addressing federal core issues using theorybased approaches to evaluation developing theories of change using theory based approaches to make causal inferences strengths and weaknesses of theorybased approaches to evaluation using.
This is not surprising given the considerable uncertainties surrounding both the relationships among factors in the evaluation process and also in the assessment of evidence. Theorybased approaches are a logic of enquiry, which complement and can be used in combination with most of the evaluation. Comparative evaluation strategies in mergers and acquisitions. Theory based approaches have been discussed in evaluation literature for many years weiss, 1997. Although there are both positive and negative aspects, the company performed well on the first six determinants of merger success. Canadian evaluation society annual learning event february 21, 2012 steve. The result is a judgment based on what the combined firm brings to the market rather than a comparison of two separate firms. In our forthcoming journal of finance article eat or be eaten. The purpose of this paper is to highlight successes from a complementarity based. Contents introduction context and causation in theorybased approaches theories of change and logic models theorybased approaches to evaluation addressing federal core issues using theorybased approaches to evaluation developing theories of change using theorybased approaches to make causal inferences strengths and weaknesses of theorybased. The determinants and evaluation of merger success request pdf. In most cases, at least 50% of the shareholders of the target and the bidding firm have to agree to the merger.
Theorybased programme development and evaluation in. Initially inspired by the work of michael scriven 1967, the valuing branch firmly establishes the vital role of the evaluator in valuing. The numerical evaluation implies that both studied companies have reached economies of scale in total costs. Sections iv, v, vi, and vii report how reference points affect offer prices, deal success, offer announcement effects, and merger waves, respectively. Bland shire council evaluation of merger options page 2 evaluation of merger options. Advocates of tbe claim that it produces information unavailable in traditional process and outcome studies. Strategic evaluation of acquisition targets robert bradford president and ceo, cssp, inc. The link between theory based evaluation and objective based evaluation is logic modeling, which has been widely used, especially among practitioners, as a tool for evaluability assessment, management and evaluation. Theorybased approaches to evaluation use an explicit. Applying a theory of change approach to the evaluation of. Institute of production engineering and management, federal university of itajuba, itajuba, brazil. A theorybased evaluation of a program is one in which the selection of program features to evaluate is determined by an explicit conceptualization of the program in terms of a theory, a theory which attempts to explain how the program. Theory of change toc is an approach to developing, implementing and.
A key strength of this approach is its flexibility to combine different methods of data collection. There are several different approaches to theorybased evaluation including. The main proposed research methodology is secondary research which is based on the critical and comprehensive analysis of the existing published literature related to the specific area of research. Comparative evaluation strategies in mergers and acquisitions financial management project topics, finance base paper, accounting thesis list, dissertation, synopsis, abstract, report, source code, full pdf details for master of business administration mba, bba, phd diploma, mtech and msc college students. It finds that the authors of the papers do not always make explicit the relation of their data to. Theory of change toc is a specific type of methodology for planning, participation, and. Often posing theorybased evaluation questions helps to focus evaluation. First, the stock price of the acquirer in a merger decreases. A theory of mergers and firm size we propose a theory of mergers that combines managerial merger motives with an industrylevel regime shift that may lead to valueincreasing merger opportunities.