Do Managerial Objectives Drive Bad Acquisitions?
基于1975至1987年间326起美国收购案例，研究发现多元化收购、收购高增长目标以及管理者此前业绩不佳时，竞标方股东回报显著为负，表明管理目标可能驱动了损害公司价值的收购。
ABSTRACT In a sample of 326 US acquisitions between 1975 and 1987, three types of acquisitions have systematically lower and predominantly negative announcement period returns to bidding firms. The returns to bidding shareholders are lower when their firm diversifies, when it buys a rapidly growing target, and when its managers performed poorly before the acquisition. These results suggest that managerial objectives may drive acquisitions that reduce bidding firms' values.