Takeovers in the '60s and the '80s: Evidence and implications
回顾了1960年代和1980年代两次并购浪潮的证据，探讨了这些证据对公司战略、代理理论、资本市场效率和反垄断政策的影响，发现反垄断政策在两次浪潮中起重要作用，且60年代浪潮对有效资本市场假说构成挑战。
This paper reviews the evidence on takeover waves of the 1960s and 1980s, and discusses the implications of this evidence for corporate strategy, agency theory, capital market efficiency, and antitrust policy. We conclude that antitrust policy played an important role in the two takeover waves, and that the wave of the ';60s presents a problem for efficient capital markets.