Merger strategies and shareholder value during times of relaxed antitrust enforcement: The case of large mergers during the 1980s
研究了1980年代反垄断政策宽松背景下大型并购的策略与股东价值关系，发现相比1948-1979年，1980年代的并购并未更策略性或创造更多价值。
Most of what we know about the merger strategy-shareholder value relationship comes from studies based on the 1948-1979 FTC Large Merger Series. However, the market for acquisitions changed dramatically in the 1980s as government policies facilitated “mergers for efficiency, ” rather than “merger for diversity. ” We update the list of large mergers through 1988, classify each with a categorical and continuous measure of merger “relatedness, ” and then calculate three capital market measures of value creation. Regardless of construct de& nition, we find no evidence that the mergers in the 1980s were more strategic or value creators than those from prior periods.