The prognostics of diversifying acquisitions
论文解释了美国多元化公司数量增加与金融研究对多元化收购价值创造支持不足之间的矛盾，认为收购可能是进入新行业的一系列战略行动的顶点，资本市场可能提前预期了协同效应。对IBM收购Rolm的事件研究支持这一观点。
Abstract The paper offers a possible explanation for the discrepancy between the observed increase in the number of diversified firms in the U.S. and the evidence from finance studies which at best offers only weak support for value creation in diversifying acquisitions. It is argued that the acquisition could be the culmination of a series of related strategic moves by the acquiring firm to enter a new industry, and therefore a significant fraction of the gains from synergy could have been anticipated by the capital market well ahead of the acquisition. Results from an event study of the stock market's reactions to the antecedents of the recent acquisition of Rolm Inc. by IBM lend support to this argument.