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Extrapolation:WeFindtheTrendandExtrapolateItThefindingsofthestudycanassistownersinenhancingtheirmanagementpractices,optimizingtheirequity structures,andgainingexperienceinwardingoffhostiletakeovers.“ThekeytomaximizingreturnsistomaximizeourchanceatmeanreversionAcquirersFunds, LLCisadeep-valueinvestmentfirmmanagedbyTobiasCarlisleBuytheBook:PrinteBookMergePDF,splitPDF,compressPDF,officetoPDF,PDFto JPGandmore!OutsizedReturns:RightandNonconsensusiLovePDFisanonlineservicetoworkwithPDFfilescompletelyfreeandeasytouseThefirstasks whetheronaveragetheimpactoftheacquisitionsbymultipleacquirersishigherthantheimpactofsingleacquirersThedateonwhichtheacquirerobtainscontrol oftheacquireeisgenerallythedateonwhichtheacquirerlegallytransferstheconsideration,acquirestheassetsandassumestheliabilitiesoftheacquiree the closingdateItassumestheacquirercansellassets,payoutthecompany’scash,orredirectthebusiness’scashflows” Itisimportanttodistinguishbetween thetwoquestions.Webelievedeeplyundervalued,andout-of-favorstocksofferBacktestingshowsTheAcquirer’sMultiplebeatstheMagicFormulaandthe S&PinfromtoItcrushedanopposingstrategythatbuysabasketofstockswiththehighestprofits(thehighprofitsstrategyactuallybeattheS&Ptoo).Acquirers Funds®OurinvestmentprocessbeginswithTheAcquirer’sMultiple®,themeasureusedbyactivistsandbuyoutfirmstoidentifypotentialtargetsTobiasCarlisle breaksdownhowinvestorslikeWarrenBuffett,CarlIcahn,andotherstakeadvantageofWeidentifythebestopportunitiesrightnowinallUSandCanadian exchange-tradedstocksandADRsusingTheAcquirer’sMultiple®Completeprojectsfasterwithbatchfileprocessing,convertscanneddocumentswithOCR ande-signyourbusinessagreementsWhenicalculatetheacquirersmultiplemyselfthenumbersfitDeeplyundervaluedstocksaregoodtoownbecausetheycan betakenover,creatingaquickwin,orsimplyrevertbacktovalueovertimeOntheacquirersmultiplesitearestockslistedthatfittheformulaTheRequestPDF Earningsmanagementattargetfirmsandtheacquirers’performanceThisstudyexaminesearningsmanagement(EM)attargetfirmsbeforeandaftertheSarbanesOxleyAct(SOXMorespecifically,weaskiftheimpactoftheacquisitionontheacquiringfirmdependsuponitsorderinamergerseriesIonlylookatlargecaps rnbecausethislistisfreeofchargeChoosefromfouruniverses:LargeTheAdviseridentifiespotentiallyundervaluedstocksbyusingTheAcquirer’sMultiple®, whichisavaluationmetricdevelopedandpublishedinbyTobiasCarlisleSource:AndyRachleff,“DemystifyingVentureCapitalEconomics,Part1,”Availableat MeanReversion:ThingsGoBackTowardNormalTobiasCarlisle,TheAcquirer’sMultiple:HowtheBillionaireContrariansTheAcquirer’sMultiple®isthe valuemetricfinancialacquirersusetofindtakeovertargetsHowever,theacquirermightobtaincontrolonadatethatiseitherearlierorlaterthantheclosingdate GetmorewithPremiumThefindingsofthestudycanassistownersinenhancingtheirmanagementpractices,optimizingtheirequitystructures,andgaining experienceinwardingoffhostileTheAcquirer’sMultiplebyTobiasCarlisle.DownloadFreePDF.ViewPDFInthewordsofTobiasCarlisle:“TheAcquirer’s MultiplecomparesthetotalcostofabusinesstotheoperatingincomeflowingintothecompanyOurinvestmentprocessbeginswithTheAcquirer’sMultiple® TheAcquirer’sMultiple®isdefinedinthebookTheAcquirer'sMultipleasEnterpriseValueOperatingEarnings,themeasureusedbyactivistsandbuyoutfirms toidentifypotentialtargetsHoweverifIrunthestockscreenerontrailingtev/ebitontickrigetalotmorehits(andwithaloweracquirersmultiple)asthestockson We’velaunchedanewinvestmentfirmcalledAcquirersFunds®tohelpyouputtheacquirer’smultipleintoaction