This study, written as Fraunhoffer's doctoral dissertation while at the chair of corporate finance at Darmstadt U. of Technology, Germany, takes stock of market deregulation in United States and European Union energy markets over the past two decades as it pertains to the potential to create firm (share) value via mergers and acquisitions (M&A). The study is based around the premise that improving share value is an interactive process in which firm outsiders (the capital market) assign value to the internal effects of M&A, which suggest that managers should efficiently disclose sufficient and relevant information beyond mandatory disclosures such that capital markets can properly value the firm. These voluntary disclosures should be predicated on revealing emerging synergy effects during and after the M&A process. Annotation ©2013 Book News, Inc., Portland, OR (booknews.com)
