Becoming comfortable is what creates resistance to the happenstance theory. Department of accounting, chaoyang university of technology. Niels bohr, the danish physicist, is famous for saying predictions are very difficult especially when they are about the future, lao tzu is similarly quoted as saying those who have knowledge, dont predict. As illustrated by steinbergs experiences, this concept includes creating and transforming unplanned events into opportunities for learning. According to this theory if the management of firm a is more efficient than the management of firm b and after firm a acquires firm b the efficiency of firm b is brought upto the level of efficiency of firm a. Hlt is an actionoriented approach to helping clients to both create and benefit from unplanned events. An expansion of the theory more in line with my present thinking was represented by krumboltz 1998 and krumboltz and henderson 2002. It has been reported that between july 1, 1995 and august 31, 2001 merger. Law, theory, and practice we aim to change the way that transactional law is taught in u. The planned happenstance approach part 2 of 4 introduction this information sheet is part of a set on the theme of creative job hunting.
Results also support the common expectation that organizational complexity is a. What theory explains the relationship between mergers and. John krumboltz planned happenstance plannetheory theories every careers adviser should know niels bohr, the danish physicist, is famous for saying predictions are very difficult especially when they are about the future, lao tzu is similarly quoted as saying those who have knowledge, dont predict. According to the this theory, the probability of mergers may serve to overcome with the. This relation establishes the link of postmerger performance improvements towards shareholder value creation. The failure to address the issues that concern merger and acquisition impacts the new and current organization very negatively at the stage of postmerger in two levels. A mckinsey perspective on value creation and synergies almost 50 percent of the time, due diligence conducted before a merger fails to provide an adequate roadmap to capturing synergies and creating value. In my work with clients, i am most often influenced by the theory of one of my heroes, john krumboltz, mainly because i see his theory of planned happenstance alive in my own career. Our decision to begin this lecture series on modern social theory with the question what is theory. Happenstance approach theory by stephanie hartman on prezi. One of the key predictions of agency theory is that low managerial ownership in the acquirer rm leads to poor postmerger performance. Broadly, the studies find and the theory puts forth that there is a higher consequence arising from preexisting structural characteristics, over those that are cultural.
This is generally from a career perspective, but there are personal applications which may apply. Whatyoushouldbewhenyougrowup need not and should not be planned in advance. Anyone who has researched merger success rates knows that roughly 70 percent of mergers fail. Introduction imagine yourself in a wine store, choosing a red wine. The mission of ncda is to promote the career development of all people over the life span. Theory and evidence on mergers and acquisitions by small.
Minimalism and optimality theory hans broekhuis and ellen woolford to appear in the cambridge handbook of generative syntax final version. It also suggests a novel theory of misleading sales. Happenstance learning theory hlt since we have no way of knowing in advance the destiny of an individual, happenstance learning theory is an attempt to explain how and why individuals follow their different paths through life and how counselors can facilitate this process. The settlement of ip disputes through merger and the. The national career development association ncda is a division of the american counseling association aca. Comfort stops people from acting on recognized opportunities or being willing to take a risk. The theory of planned happenstance 3 45 is a comprehensive framework offering an explanation and solution of how to manage a career in conditions of unpredictability and to benefit from. We grow up surrounded by a wealth of positive and negative possibilities, some beyond our control, and some of our own. The career theory of planned happenstance provides direction for advisors to help students make connections and use developing skills and experiences to plan for chance career events. To achieve this mission, ncda provides service to the public and professionals involved with or interested in career development, including professional development. Two of the most important stylized facts about mergers are the following. Asset pricing, corporate finance, economic fluctuations and growth, productivity, innovation, and entrepreneurship the qtheory of investment says that a firms investment rate should rise with its q. Researched social learning theory krumboltz happenstance. Theres actually a wonderful career development theory by john krumboltz stanford university called planned happenstance if youve never heard of it.
Operating synergy types and their impact on postmerger. Merger analysis, industrial organization theory, and. A reference point theory of mergers and acquisitions nber. A merger in simple words refers to combining of two companies into one. Krumboltz happenstance learning theory of career counseling the happenstance learning theory proposes a model of career counseling that helps clients to build more satisfying personal and work lives. As a principle, in this case all assets and rights, obligations and liabilities, as well as legal relationships, are transferred from the transferring company to the absorbing or newly formed company by way of universal succession. Instead career counselors should teach their clients the importance of engaging in a variety of interesting and beneficial activities, ascertaining their reactions, remaining alert to alternative opportunities, and learning skills for succeeding in each new activity. Split pdfs at pages matching specific text pattern.
An extended separation of powers model as the theoretical. Corporate finance the use of judgmental anchors or reference points in valuing corporations affects several basic aspects of merger and acquisition activity including offer prices, deal success, market reaction. He suggests that every opportunity or chance encounter that may happen to an individual over the course of any given day offers some type of benefit. A reference point theory of mergers and acquisitions malcolm baker, xin pan, jeffrey wurgler. The planned happenstance theory 1 or otherwise the happenstance learning theory 3, 18, unlike other career counselling theories eliminating the existence of unplanned events in a persons. If values1,2,3,4, then merger of 3,4 reduces winning bid from 3 to 2. In our recently released textbook mergers and acquisitions. In our forthcoming journal of finance article eat or be eaten. Comparing the technology acceptance model with the theory of planned. Planned happenstance theory was introduced in 1999 by mitchell, levin and krumboltz. To some extent, agency theory explains this relationship. Willig department of justice merger analysis, industrial organization theory, and merger guidelines the leadership of the antitrust. In light of the trend towards mergers and the reported high rate of failure, it seems that organizational leadership during the merger experience is an important consideration.
As the nature of career has become more fluid in recent years. A phased approach to merger and acquisition integration. The merger, demerger and change of the companys legal form are generally legally known as company transformations. The centuryold separation of powers into three branches as designed by montesquieu in 1748 is not fitting for modern times. The planned happenstance theory 15 or otherwise the happenstance learning theory 12, , unlike other career counselling theories eliminating the existence of unplanned events in a persons career path, treats such events as a learning experience which may turn into useful career opportunities. Efficiency theories differential efficiency operating. December 9, 2010 1 introduction this chapter discusses the relation between the minimalist program mp and optimality theory ot and will show that, contrary to popular belief, mp and ot are not inherently. To date, academic researchers have not yet proposed a complete theory that completely and. John krumboltz developed the happenstance theory to show how positive or negative events can be the foundation of indecision or a stepping stone to something greater.
John krumboltzs planned happenstance theory makes it ok to not always plan, because unplanned events could lead to good. A new fourpowers model must include an institutional level that would bring the interests of posterity into the decisionmaking processes of. The term effective time shall be the date and time when the merger becomes effective as set forth in the certificate of merger. In the past career development theories have focussed on encouraging university students to construct a formal career plan. Basis for horizontal merger it may be social gain as well as private gain. The key to your career success january 8, 2014 by stacey changing careers. Party a a and party b b each manufacture one product. 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. Risk taking is an aspect of selfdiscovery and career growth. Anticipation of these merger opportunities can lead to defensive acquisitions, where managers acquire other firms to avoid losing private benefits if their firms are acquired, or positioning acquisitions, where firms position themselves as more attractive takeover targets to earn takeover premia. Applying the happenstance learning theory to involuntary. Given the increasing amount of merger activity, any insights that promote a greater understanding. It may be a feeling of accomplishment after solving a difficult problem, or a feeling of worthlessness after failing to solve a difficult problem. Krumboltz happenstance learning theory 7 downloaded from jca.
A model integrating the multidimensional developmental theory of privacy and theory of planned behavior to examine fabrication of information online. While some emphasized that sociological theory or social theory is a i w hati st he or y. A claims that bs product practices as valid and enforceable patent portfolio. One of these two levels is the individual level and the reactions of the individual employees are insecurity, powerlessness, alienation, a drop in productivity, loss of energy.
Planned happenstance the key to your career success. It is concluded that postmerger performance improvements prove the existence of mergerinduced synergy. John krumboltz planned happenstance plannetheory theories every careers adviser should know. A plannedhappenstance theory of career development is not a complete oxymoron. According to differential theory of merger, one reason for a merger is that if the management of a company x is more efficient than the management of the company y than it is better if company x acquires the company y and increase the level of the efficiency of the company y. The merger shall become effective as set forth in the certificate of merger the certificate of merger that shall be filed with the secretary of state of the state of delaware on the closing date.
433 15 530 1115 238 1312 1171 919 367 431 1284 1404 1326 1286 155 88 1551 1425 1375 971 1589 365 399 1367 526 1176 369 861 523 1478 1492 135 194 176 735 320 1232 189 1363 787 694 1246