Strategic planning

The purpose of the current manuscript was to examine acquirer and market behavior surrounding a sample of international mergers and acquisitions. The first essay examined the existence of a private company discount and its connections to liquidity. It found that unlisted targets sell for less than their public counterparts, confirming earlier findings. The examination of a connection between the discount and liquidity mostly contradicted earlier studies (Officer 2007), depending on which subsample was selected. The second essay examined the existence of a target price runup preceding acquisitions announcements, existence of a substitution effect between runup and premium, and whether investor protection influenced the two. It confirmed the earlier findings of a significant runup preceding acquisition announcements, with the runup being more pronounced in those targets from weaker investor protection countries. Contrary to Schwert (1996), the study found a significant substitution effect between runup and premium, with the effect stronger if the acquirers are from countries with weak investor protection. The third essay examined acquirer stock price reaction to the three different components of the offer price: target's stand-alone valuation, pre-announcement runup and the offer premium. Each component was found to have an overall insignificant effect on the acquirer stock price in the overall sample. When the targets were from the countries with the weakest investor protection, the study found that the reaction to both the runup and stand-alone target valuation depend on both target and acquirer country investor protection. The study also found that when the targets were from the countries with the weakest investor protection, and only from those countries, acquirer stock price reacted negatively to any individual component of the offer price being higher.

This study investigates the relationship of executive fire officers' use of strategic thinking skills and their proficiency using information and communication technology. A non-experimental quantitative study design was employed. The study consisted of 400 graduates of the National Fire Academy's Executive Fire Officer Program. The use of strategic thinking skills was measured by the Strategic Thinking Questionnaire (STQv6) (Pisapia & Reyes-Guerra, 2007). The use of information and communication technology tools was measured by the Information and Communication Technology (ICT) Fluency Questionnaire (Hilberg, 2007). The EFOs' strategic thinking capabilities of systems thinking (3.58 +/- .447) and reflecting (3.82 +/- .445) compared to previously reported samples from the literature, both empirically and theoretically. Depending upon the sample, some means were significantly higher and others were significantly lower. The strategic thinking questionnaire and the ICT fluency questionnaire were not directly correlated to one another ; however, there were some strong correlations within their subscales. ICT fluency and ICT comfort were highly correlated (r = .516), as well as systems thinking and reflecting (r = .688) at the 0.05 level. There was a significant correlation between age and ICT comfort (r = -.235), as well as between years of experience and ICT comfort (r = -.203) at the 0.05 level. Age moderated the relationship between systems thinking*reflection, and ICT comfort. Race moderated the relationship between systems thinking*reflection, and ICT education/training. This research was significant because it was the first time that Executive Fire Officers have been studied regarding their strategic thinking capabilities and their information and communications technology fluency.

Many factors contribute to the outcome of an acquisition; these factors arise from both the objective of the target and acquirer. This dissertation focuses on how the bidding strategy, acquirer and target characteristics impact the transaction. The first essay examines how the timing and size of the acquirer's bid for a U.S. target firm impacts their return. I find that successful first and low bid acquirers experience significantly larger returns than successful secondary and non-low bid acquirers. The cross-sectional analysis determines that higher levels of target institutional ownership and acquisitions completed prior to the passage of Sarbanes-Oxley result in reduced returns to the acquirer. In addition, the likelihood of a successful first bid acquirer increases with a revised bid and when the acquirer is both the first and low bid acquirer simultaneously. The likelihood of a successful first bid acquirer decreases as the number of bidders increases and as the bidding process lengthens. I also find that the likelihood of a successful low bid acquirer increases the longer the bidding process. The second essay examines how the timing and size of the acquirer's bid for an international target impacts their return. I find that successful first and low bid acquirers experience insignificant abnormal returns following the acquisition announcement. In addition, the likelihood of a successful first bid acquirer increases when the acquirer and target have similar cultures, with higher levels of target government corruption and when the acquirer is both the first and low bid acquirer simultaneously. The likelihood of a successful low bid acquirer decreases with higher levels of target government corruption. I also examine what factors affect the target premium and find that larger transactions and successful first bid acquirers increase the target premium.

Utilizing a modified Delphi Technique research study, consensus was sought from 298 practitioners in the public assembly facility management (PAFM) industry regarding their perceptions on varied matters connected to the academic preparation of managers/executives serving the industry. A comprehensive literature review and a prior pilot study were conducted for the purpose of creating the initial survey (Questionnaire 1). The pilot study consisted of an open-ended interview session with a panel (N=16) of PAFM managers. Sixty-four (64) of 66 consensus-seeking items attained consensus from the respondents (N=298) after Questionnaire 1 results were tabulated. Respondents were given the opportunity to re-assess their Questionnaire 1 choices in Questionnaire 2 and if compelled, change them. Items related to Kinesiology and Physical Education did not attain consensus status in Questionnaire 1 or Questionnaire 2. This study concluded: a) academic program in PAFM is beneficial to the industry (96%) and 63.5% viewed the degree as very important or essential; b) the preferred academic delivery level was Bachelors/undergraduate (52.7%); c) the degree program should be housed in Business (42%); d) the preferred competencies and skill sets were identified; e) the preferred course components were identified.