Michael McCann

Cross-border acquisitions: the UK experience

This paper tests a composite empirical model of cross-border acquisitions involving UK firms between 1987–1995 using panel data analysis. The empirical model includes capital market variables and regulatory variables derived from the existing literature. The results show that models that explain cross-border acquisitions through capital market imperfections are not significant. Cross-border activity has a strong relationship with the level of the UK stock market suggesting that crossborder acquisitions are, in some part, an extension of domestic activity. Corporate tax differentials also have significant impact on activity.

Constructive alignment in economics teaching: a reflection on effective implementation

ABSTRACT The typical approach to student-centred learning in Economics has focused on innovation within the classroom, with little thought given to how this complements teaching and learning and, crucially, assessment. This paper reflects on the implementation of constructive alignment in a final year managerial economics course. It demonstrates how it is possible to design coursework assessment for economics which both encourages constructivist learning, while also limiting the potential for plagiarism. The successful assessment allows students’ autonomy in selecting what evidence matches the assessment requirements. Further, the teaching, learning and formative assessment activities recommended are crafted to directly align with the requirements of the summative assessment. This structured alignment process, by providing repeated formal and informal feedback, produces levels of student engagement and reflection that facilitates deeper learning.

The decline in abandoned corporate acquisitions in the UK: regulatory influences

Purpose - Abandoned acquisitions represent a significant aspect of acquisition activity. Despite this, little analysis of aggregate abandoned acquisition activity has been conducted. This paper aims to address this gap by analysing trends in aggregate abandoned acquisitions. Design/methodology/approach - This paper represents preliminary research on this topic, using descriptive statistics and correlation to identify trends in the data and propose tentative explanations for the changing patterns in abandoned acquisitions observed. Findings - There has been a stepped decline in the number and rate of abandonment between the 1970s/1980s and the 2000s. Analysis of the trends suggests several reasons for this. Firstly, target management resistance has a major influence on abandonment. Changes in the Takeover Code relating to Put-up or Shut-up (PUSU) provisions have produced a decline in hostile bids since the 1990s, reducing the rate of abandonment. Secondly, the increasing proportion of cross-border transactions in total UK activity may also contribute to the falling rate of abandonment. Research limitations/implications - The preliminary methods used to analyse the data are limited. However, the work has identified relationships between regulatory changes which make speculative bidding more costly, the decline in hostile bidding and a decline in the rate of abandonment. These explanations need to be analysed further with more rigorous testing of the proposed relationships. Originality/value - This paper is the first to analyse aggregate abandoned acquisitions in the UK, proposing explanations for the trends in abandoned acquisitions since 1969.