EPS Sensitivity and Mergers
研究发现并购公告中常强调对收购方每股收益的即时影响，这种关注反映了评估和沟通并购协同效应的困难，并导致交易结构、溢价及财务投资政策出现扭曲。
Abstract Announcements of mergers very often discuss the immediate impact of the deal on the acquirer’s earnings per share (EPS). We argue that the focus on EPS reflects the difficulty of evaluating and communicating deal synergy in mergers and acquisitions (M&A) practice and provide supporting evidence. We show that the acquirer’s EPS focus affects how deals are structured, the premium that is paid, and the types of deals that are done. EPS-driven M&A decisions are also associated with costly distortions in the acquirer’s financial and investment policies.