No abstract

No abstract

Managers must recognize that they play a central role in effective team building. However, to be successful, managers require a framework to guide their activities. The purpose of this paper is to provide such a framework in the form of a sevenstep process that can guide managers in their team-building efforts. The model itself is built upon the assumption that there are identifiable team characteristics that, if present, will help ensure team success. The model presents a set of decision strategies for the selection and sequencing of team-building efforts and interventions. The model is an iterative, multi-staged effort that requires considerable planning and environmental knowledge to successfully implement.

We investigate the main benefit(s) of specific banking mega‐mergers, and whether or not we can infer the benefit(s) from event study evidence of stock market reactions to the mega‐mergers. In addressing these questions, we examine the market's reactions to three announcements surrounding the 1998 failed mega‐merger attempts in the Canadian banking industry. From our analysis, we conclude that market power—not scale, scope, or X‐eficiency economies, or access to government safety net subsidies—was the primary benefit ascribed by Canadian shareholders to the merger proposals. To the extent that the market's perception of merger benefits is an accurate indicator of the merging partners' motives, we also conclude that an analysis of shareholder reactions to a merger announcement—as undertaken here—is a productive avenue for regulators attempting to discern a particular merger's main motivations. Résumé Dans cette étude, nous examinons les avantages principaux de certaines méga‐fusions bancaires. Nous nous demandons s'il est possible d'inférer ces avantages à partir de l'étude des réactions du marché boursier aux méga‐fusions. Notre étude s'appuie sur les réactions du marché enregistrées à la suite de trois annonces, en 1998, de tentatives de méga‐fusions avortées dans l'industrie bancaire canadienne. Notre analyse débouche sur la conclusion que le pouvoir du marché—et non son échelle, son étendue, l'efficacité de son économie (économies en efficacité X) ou l'accès au filet de sécurité des subventions gouvernementales—est le principal avantage que les actionnaires canadiens évoquent pour justifier les propositions de fusion. La perception des avantages de la fusion étant un indicateur clair des motivations des partenaires de la fusion, nous pensons qu'une analyse des réactions des actionnaires à l'annonce d'une fusion est une piste pertinente dans la détermination des principales raisons qui la sous‐tendent.