A Paradox of Synergy: Contagion and Capacity Effects in Mergers and Acquisitions
指出整合并购企业以实现协同效应可能通过传染效应和能力效应两种机制对潜在结果的分布产生不利影响，并讨论了这些效应何时显著及其重要性。
Integrating merged businesses to realize synergies can adversely affect the distribution of potential outcomes through two mechanisms: the contagion effect and the capacity effect. I describe these effects, highlight when they will be pronounced, and discuss their importance. My arguments demonstrate that an inherent element of synergy-based mergers and acquisitions is that actions to facilitate synergy capture can amplify threats and can inhibit firms' ability to respond to favorable conditions in the business environment.