Takeovers, Shareholder Returns, and the Theory of the Firm
分析英国并购活动对股东回报和管理层收益的影响，发现收购方股东受损而目标公司股东和管理层受益，表明收购更多出于管理层效用最大化而非股东财富最大化。
The paper examines recent merger and takeover activity in the United Kingdom. Specifically, the impact of takeovers on shareholder returns and management benefits is analyzed, and some implications for the theory of the firm are drawn from the results. The research showed that mergers and takeovers resulted in benefits to the acquired firms' shareholders and to the acquiring companies' managers, but that losses were suffered by the acquiring companies' shareholders. The results are consistent with takeovers being motivated more by maximization of management utility reasons, than by the maximization of shareholder wealth.