Takeovers: Their Causes and Consequences
评估了收购市场的影响，认为公司控制权市场通过放松资源控制、促进资源流向高价值用途，为股东和整体经济带来巨大收益，并帮助美国经济适应竞争与监管变化。
Economists have accumulated considerable evidence and knowledge on the effects of the takeover market. Here, I focus on current aspects of the controversy. My assessment is that the market for corporate control is creating large benefits for shareholders and for the economy as a whole by loosening control over vast amounts of resources and enabling them to move more quickly to their highest-valued use. This is a healthy market in operation, on both the takeover side and the divestiture side, and it is playing an important role in helping the American economy adjust to major changes in competition and regulation of the past decade.