Sources of value creation in acquisitions: An empirical investigation
提出了一个概念框架和实证方法，评估收购中不同价值创造来源的相对重要性。结果发现，相关收购的价值创造与规模经济、范围经济、运营效率及市场力量有关；不相关收购的价值创造则与共同保险效应有关，而财务多元化效应在两类收购中均不显著。
Abstract This study provides a conceptual framework and an empirical methodology to assess the relative importance of different sources of value creation in acquisitions. The empirical results indicate that value creation in related acquisitions is associated with economic efficiencies hypothesized to arise both from economies of scale and scope and from operating efficiencies, and with market power. In unrelated acquisition, where such efficiencies are not expected to be present, value creation occurs nevertheless and is associated with the coinsurance effect. Finally, it is shown that financial diversification effects do not play a role in value creation in either type of acquisition.