Merger Failure and Merger Profitability
研究了并购提案对竞标方和目标方预期盈利能力的影响，发现失败竞标可能提升目标方盈利能力但降低竞标方盈利能力，且合并提案的盈利能力因拒绝后的学习效应而降低。
The focus of this paper is the effect of merger proposals on the expected profitability of the bidder and the target. The authors illustrate how an unsuccessful bid may increase the profitability of the target but reduce the profitability of the bidding firm, relative to the profitability of the firms before the merger offer. The profitability of a merger proposal is lowered due to learning from rejection. The authors use their theoretical model to explain empirical work on this issue. Copyright 1993 by Blackwell Publishing Ltd.