1Findings from several studies on
corporate mergers and acquisitions during the 1970's and 1980's raise questions
about why firms initiate and consummate such transactions. 2One
study showed, for example, that acquiring firms were on average unable to
maintain acquired firms' pre-merger levels of profitability. 3A
second study concluded that post-acquisition gains to most acquiring firms were
not adequate to cover the premiums paid to obtain acquired firms. 4A
third demonstrated that, following the announcement of a prospective merger,
the stock of the prospective acquiring firm tends to increase in value much
less than does that of the firm for which it bids. 5Yet
mergers and acquisitions remain common, and bidders continue to assert that
their objectives are economic ones. 6Acquisitions
may well have the desirable effect of channeling a nation's resources
efficiently from less to more efficient sectors of its economy, but the
individual acquisitions executives arranging these deals must see them as
advancing either their own or their companies' private economic interests. 7It
seems that factors having little to do with corporate economic interests
explain acquisitions. 8These factors may include the
incentive compensation of executives, lack of monitoring by boards of
directors, and managerial error in estimating the value of firms targeted for
acquisition. 9Alternatively,
the acquisition acts of bidders may derive from modeling: a manager does what
other managers do.
According to the passage, during the 1970's and 1980's bidding firms differed from the firms for which they bid in that bidding firms
A) tended to be more profitable before a merger than after a merger
B) were more often concerned about the impact of acquisitions on national economies
C) were run by managers whose actions were modeled on those of other managers
D) anticipated greater economic advantages from prospective mergers
E) experienced less of an increase in stock value when a prospective merger was announced
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