Performance of Acquisitions of Distressed Firms
研究了51起困境企业收购，发现收购方有相关行业经验和并购经验时绩效更好；而在46起非困境企业收购中，这些因素无显著影响。
In 51 acquisitions of financially distressed firms, related business combinations in which the acquirers had prior acquisition experience performed best. However, business relatedness and acquisition experience had no effect on performance in a control group of 46 acquisitions of firms that were not distressed. The results imply that tacit knowledge about the acquisition process and about how to integrate and manage the assets of distressed firms may be keys to their successful acquisition.