Target Profits and Managerial Discipline During the Conglomerate Merger Wave
研究了集团并购浪潮中目标公司在并购前异常高的利润率，发现管理层约束并非主要并购动机，但对大型上市公司目标可能重要。
This paper takes a close look at the extraordinarily high premerger profit rates of target companies during the conglomerate merger wave. Both publicly traded.and privately owned targets were significantly more profitable than other firms in their industries and size classes. This implies that managerial discipline was not a predominant takeover motive during the period. However, public targets were less profitable than private targets and the largest public targets earned only average profits. This suggests that managerial discipline may have been important for the few takeovers that involved large publicly traded targets. Copyright 1993 by Blackwell Publishing Ltd.