Managerial Finance


Accounting and Finance

Table Of Contents: Volume 34 Issue 4

A note on mergers and acquisitions

Margherita Cigola, Paola Modesti

Recently numerous mergers have been realized. The paper aims to discuss famous static models about the exchange ratio. The paper then seeks to propose a simple dynamical…

Exchange ratios in a merger with stochastic capital reserves: fair valuation and embedded options

Bruno Giacomello

The purpose of this paper is to analyze how exchange ratios in mergers can be assessed when the companies economic capital valuation is carried out in a stochastic…

Synergies, shareholder value and exchange ratios in “value‐creating” mergers

Wolfgang Kürsten

The purpose of this research paper is to clarify why shareholders should be prudent when managers promise value gains from a synergetic merger.

Exchange ratio determination in a market equilibrium

Enrico Moretto, Stefano Rossi

The paper aims to present an exchange ratio for merging companies that incorporates the change in the level of riskiness.

The alchemy of acquisition currency: exclusive advantages of listed companies

Giulio Tagliavini

Acquisition currency is the possibility, enjoyed mainly by listed companies, of paying for acquisitions with paper (i.e. with conversion shares) instead of financial…



Online date, start – end:


Copyright Holder:

Emerald Publishing Limited

Open access:



  • Professor Don Johnson