Do Managerial Objectives Drive Bad Acquisitions?
基于1975-1987年间327起美国收购案例，发现多元化收购、收购高增长目标以及管理者此前业绩不佳时，竞标方公告日回报更低，表明糟糕收购源于管理者而非股东的目标。
This paper documents for a sample of 327 US acquisitions between 1975 and 1987 three forces that systematically reduce the announcement day return of bidding firms. The returns to bidding shareholders are lower when their firm diversifies, when it buys a rapidly growing target , and when the performance of its managers has been poor before the acquisition. These results are consistent with the proposition that managerial rather than shareholders' objectives drive bad acquisitions.