New Evidence and Perspectives on Mergers
研究了1990年代并购活动集中于受放松管制冲击的行业，发现并购以股票交换为主、敌意收购几乎消失，且公告期市场反应和后续经营绩效均显示并购为股东创造了价值。
As in previous decades, merger activity clusters by industry during the 1990s. One particular kind of industry shock, deregulation, becomes a dominant factor, accountings for nearly half of the merger activity since the late 1980s. In contrast to the 1980s, mergers in the 1990s are mostly stock swaps, and hostile takeovers virtually disappear. Over our 1973 to 1998 sample period, the announcement-period stock market response to mergers is positive for the combined merging parties, suggesting that mergers create value on behalf of shareholders. Consistent with that, we find evidence of improved operating performance following mergers, relative to industry peers.