How have M&As changed? Evidence from the sixth merger wave
研究了2003年至2007年第六次并购浪潮的特征，发现流动性充裕是主要驱动因素，收购方更理性、溢价更低，但交易仍严重损害收购方股东价值。
We examine the characteristics of the sixth merger wave that started in 2003 and came to an end approximately in late 2007. The drivers of this wave lie primarily in the availability of abundant liquidity, in line with neoclassical explanations of merger waves. Acquirers were less overvalued relative to targets, and merger proposals comprised higher cash elements. Moreover, the market for corporate control was less competitive, acquirers were less acquisitive, managers displayed less over-optimism and offers involved significantly lower premiums, indicating more cautious and rational acquisition decisions. Strikingly, however, deals destroyed at least as much value for acquiring shareholders as in the 1990s.