Returns to bidding firms in mergers and acquisitions: Reconsidering the relatedness hypothesis
重新审视了战略关联企业并购能为竞标企业股东带来超额回报的假说，指出关联性本身不足以保证超额回报，只有当存在独特且难以模仿的协同现金流时才会产生。
Recent work has suggested that mergers or acquisitions between strategically related firms will generate abnormal returns for shareholders of bidding firms. Empirical evidence on this hypothesis has been mixed. The relatedness hypothesis is refined by arguing that relatedness is not a sufficient condition for acquiring firms to earn abnormal returns. Rather, only when bidding firms enjoy private and uniquely valuable synergistic cash flows with targets, inimitable and uniquely valuable synergistic cash flows with targets, or unexpected synergistic cash flows, will acquiring a related firm result in abnormal returns for the shareholders of bidding firms.