Looking Back: Does Acquisition Experience Make or Break Future Deals?
研究分析了1985-1995年间100家美国公司的535起收购，发现收购与自身业务相似度适中的公司表现最好，而收购高度相似或差异很大的公司则学习效果差、绩效不佳。
The article reports on a study relating to corporate acquisitions. Researchers examined 535 publicly disclosed acquisitions made from 1985-1995 by 100 U.S.-based firms. The study revealed that when companies acquired highly similar or dissimilar firms, they appeared to learn relatively little from the experience. As a result the firms performed poorly. The companies that performed best were those that acquired moderately different business enterprises. Small losses on acquisitions seemed to teach managers to strive for better results the next time.