Life After Takeover
研究了收购对企业盈利能力的影响，发现被收购公司在收购后九年内的经营利润率低于同行，且利润下降主要源于资产价值重估，收购方并未提升目标公司的运营盈利能力。
Economic consequences of takeovers are investigated by analyzing profitability of enterprises acquired a s a direct or indirect ("white knight") consequence of tender offer s. Target companies' pre-tender profitability averaged 0.97 percentag e points below peer industry norms. Nine years after takeover, acquir ed lines of business had operating income/assets percentages 3.10 poi nts below those of non-tender lines with similar industry bases, mark et shares, and merger accounting methods. Most of the targets' postta keover profit decline stemmed from asset value writeups. There is no indication that on average the acquirers raised their targets' operat ing profitability, net of merger-related accounting adjustments. Copyright 1987 by Blackwell Publishing Ltd.