會(huì)計(jì)財(cái)務(wù)管理類外文文獻(xiàn)翻譯、外文翻譯、中英文翻譯外文翻譯譯文1并購的收益來源資本市場領(lǐng)域研究的另一個(gè)課題是收入的一般來源當(dāng)收入只是別人非盈利成果時(shí)資本市場領(lǐng)域的研究人員還不能確認(rèn)資產(chǎn)已被重新分配使之創(chuàng)造財(cái)富的盈利回升雖然金融經(jīng)濟(jì)學(xué)家不能合理解釋為什么并購是別人的非盈利目標(biāo)的成果但是研究人員推斷這些合乎邏輯的假設(shè)值的目標(biāo)收益不僅是重新通過并購得到的也是分配產(chǎn)生的結(jié)果一些研究者認(rèn)為股東的利益是從債券持有人處得來的丹尼斯和麥康奈爾1986不支持這個(gè)意見另外一個(gè)觀點(diǎn)是利潤是從目標(biāo)公司的資源稅操作衍生而來的從學(xué)術(shù)上講這個(gè)證據(jù)是存在的但不明確奧爾巴赫和雷蘇斯1987推測在可能情況下稅款這個(gè)因素占好處的20說明是足夠重要的它將影響并購的決策吉爾森1988等人卻發(fā)現(xiàn)眾多有關(guān)稅收優(yōu)惠的定義問題交易成本和信息費(fèi)復(fù)雜化的說法以及稅前利潤方面肯定是并購活動(dòng)產(chǎn)生的原因或者說并購是公司實(shí)現(xiàn)稅收優(yōu)惠的最合適方法在一個(gè)幾項(xiàng)研究中賈雷爾1988等人發(fā)現(xiàn)大部分的并購活動(dòng)也不能歸因于稅收方面的原因施萊弗和薩默斯1988聲稱利潤從并購產(chǎn)生因?yàn)樾碌亩聲?huì)違反嵌入施萊弗和薩默斯1988聲稱利潤從并購產(chǎn)生原因是新的董事會(huì)違反了公司與利益相關(guān)者群體的嵌入式就業(yè)條件鏈接并購目標(biāo)公司管理不佳的表現(xiàn)研究是由施萊佛和維什尼1988審查的他們的研究表明公司還沒有建立完善的管理機(jī)制來制止執(zhí)行者開展的活動(dòng)這個(gè)活動(dòng)是不會(huì)為股東創(chuàng)造價(jià)值的此外莫克1988等分析這種敵意收購時(shí)聲稱收購發(fā)生的過快或者下屬企業(yè)和管理當(dāng)局不能盡快地減少相關(guān)程序或其他相匹配模型結(jié)果驗(yàn)證了這一事實(shí)有代理成本新股東們認(rèn)為這一成本將能夠被減少收購公司的負(fù)面影響提出為什么并購活動(dòng)能夠開始進(jìn)行的問題魯巴特肯1983提供了對這種有明顯難度問題的一個(gè)可能解釋他認(rèn)為與并購有關(guān)的行政上的困難會(huì)消除潛在的利潤他還斷言在使用該方法可能不足以發(fā)現(xiàn)利潤這與詹森1986并購?fù)稑?biāo)人利潤公司量化復(fù)雜性的觀點(diǎn)一致其結(jié)論解釋了在投標(biāo)人利潤匱乏的情況下并購活動(dòng)仍然活躍的原因魯巴特肯1983認(rèn)為只有特定類型的并購戰(zhàn)略才可能對購買公司的股東有好處除了這些論點(diǎn)羅爾1986在同意有效率的市場假說的同時(shí)聲稱在經(jīng)驗(yàn)性地評估工作的目標(biāo)和招標(biāo)公司的集體價(jià)值后并購是不能令人信服他們沒有辦法估計(jì)投標(biāo)人的假設(shè)因此他制定了傲慢自大假說的規(guī)定即并購的總利潤是確定的羅爾1986換句話說管理層繼續(xù)對目標(biāo)公司超值估價(jià)這些結(jié)果顯示金融界的研究人員是如何結(jié)合自由現(xiàn)金流假設(shè)代理理論以及效率市場的事件研究方法來解釋并購活動(dòng)的合理化的然而金融研究人員駁斥了金融經(jīng)濟(jì)學(xué)家中央假說以及一個(gè)市場公司控制權(quán)假設(shè)是約束經(jīng)理的一個(gè)重要手段這一事件的研究是創(chuàng)造價(jià)值的量化的有效方法而股票市場則能夠恰當(dāng)?shù)毓纼r(jià)公司學(xué)者們使用現(xiàn)有的數(shù)據(jù)事件研究方法之外的其他方法提出有關(guān)并購的利潤的特定減免索羅弗斯克萊福特和謝勒1987年二例如他們聲稱長期的結(jié)果通常顯示相比國內(nèi)市場標(biāo)準(zhǔn)并購目標(biāo)執(zhí)行一般高于行業(yè)平均水平的8左右此外它們的財(cái)政收入表現(xiàn)既不增加也不減少與并購后相當(dāng)這些研究人員不相信股市場總是有效一個(gè)基本假設(shè)提出對并購相比于金融學(xué)者提供的不同表現(xiàn)的解釋謝勒1988推測由于股市并不總是能夠正確估計(jì)股票價(jià)值一些企業(yè)將在任何特定時(shí)間被高估了這使他們能夠購買其他公司但有些公司將被低估這是他們感興趣的目標(biāo)被高估的公司會(huì)研究可能的的目標(biāo)公司了解他們是否有被低估導(dǎo)致其股價(jià)上升這個(gè)發(fā)現(xiàn)被低估的公司將被購買他們的新股票價(jià)格只是表達(dá)了一種市場調(diào)整企業(yè)在審查后沒有低估的將不會(huì)被購買在被并購的目標(biāo)中它們的股票價(jià)格可能回歸到以前的水平作者托馬斯施特勞布國籍德國出處并購頻繁失敗的原因原文1THEORIGINSOFEARNINGSTHROUGHMASANOTHEROFTHECAPITALMARKETSCHOOLSFIELDOFSTUDYISTHEORIGINSOFEARNINGSINGENERALWHENEARNINGSAREJUSTTHEOUTCOMEOFSOMEBODYELSESDISPROFITTHECAPITALMARKETSCHOOLSRESEARCHERSCANNOTCONFIRMTHATASSETSHAVEBEENREDISTRIBUTEDSOASTOCREATEWEALTHBYPICKINGUPPROFITABILITYHOWEVERALTHOUGHFINANCIALECONOMISTSCANNOTREASONABLYEXPLAINTHEGAINSINMATARGETSASSOMEBODYELSESDISPROFITSRESEARCHERSDEDUCETHATITISLOGICALTOSUPPOSETHATVALUEISNOTJUSTREALLOCATEDTHROUGHMASBUTISPRODUCEDSOMERESEARCHERSBELIEVETHATSHAREHOLDERPROFITSCOMEFROMBONDHOLDERSLOSSESDENNISANDMCCONNEL1986DONOTUPHOLDTHISOPINIONANADDITIONALPERSPECTIVEISTHATPROFITSAREDERIVEDFROMTAXMANIPULATIONSOFTHETARGETFIRMSRESOURCESINTHELITERATURETHEEVIDENCEFORTHISISHOWEVERAMBIGUOUSAUERBACHANDREISHUS1987SURMISEDTHATINPOSSIBLY20OFCASESTAXBENEFITSARESUFFICIENTLYIMPORTANTTOAFFECTTHEMADECISIONGILSONETAL1988NEVERTHELESSFOUNDTHATAMULTITUDEOFPROBLEMSCONCERNINGDEFINITIONSOFTAXBENEFITSTRANSACTIONCOSTSANDINFORMATIONCOSTSCOMPLICATETHECLAIMTHATTAXPROFITSAREDEFINITELYTHEREASONFORMAACTIVITIESORTHATMASARETHEMOSTSUITABLEMETHODFORCOMPANIESTOREALIZETAXBENEFITSINANEVALUATIONOFSEVERALSTUDIESJARRELLETAL1988FOUNDTHATMUCHOFTHEMAACTIVITYCOULDNOTBEATTRIBUTEDTOTAXREASONSSHLEIFERANDSUMMERS1988CLAIMTHATPROFITSAREDERIVEDFROMMASBECAUSEANEWBOARDBREACHESTHEEMBEDDEDEMPLOYMENTCONDITIONSBETWEENTHECOMPANYANDTHESTAKEHOLDERGROUPSSTUDIESTHATLINKMASTOPOORTARGETCOMPANYMANAGEMENTPERFORMANCEWEREEXAMINEDBYSHLEIFERANDVISHNY1988CTHEIRSTUDYSHOWSTHATFIRMSHAVENOTSUCCEEDEDINESTABLISHINGCONTROLSTOPREVENTMANAGERSFROMCARRYINGOUTACTIVITIESTHATDONOTINCREASETHESTOCKHOLDERVALUEMOREOVERMORCKETALS1988ANALYSISOFHOSTILETAKEOVERSCLAIMSTHATSUCHTAKEOVERSTAKEPLACEINSWIFTLYCHANGINGORDECLININGBUSINESSESANDINFIRMSWHERETHEMANAGEMENTISNOTABLETOMINIMIZEPROCEDURESFASTENOUGHORMODELOTHERADAPTATIONSTHERESULTSVERIFYTHEFACTTHATTHEREAREAGENCYCOSTSTHATTHENEWHAREHOLDERSTHINKTHEYWILLBEABLETODECREASETHENEGATIVECONSEQUENCESOFMASFORTHEBUYINGCOMPANIESRAISETHEQUESTIONWHYMAACTIVITIESAREUNDERTAKENATALLANUMBEROFPOTENTIALEXPLANATIONSFORTHISAPPARENTPUZZLEAREOFFEREDBYLUBATKIN1983WHOSUGGESTSTHATTHEADMINISTRATIVEDIFFICULTIESASSOCIATEDWITHMASCOULDERASEPOTENTIALPROFITSHISFURTHERASSERTIONTHATTHEMETHODSINUSEHAVEPOSSIBLYNOTBEENSUFFICIENTTOUNCOVERPROFITSISCONSISTENTWITHJENSENS1986ARGUMENTOFTHECOMPLEXITYOFQUANTIFYINGPROFITSFORMABIDDERCOMPANIESASACONCLUDINGEXPLANATIONFORMASPERMANENCEDESPITETHELACKOFPROFITSFORTHEBIDDERSLUBATKIN1983SUGGESTSTHATJUSTSPECIFICTYPESOFMASTRATEGIESMIGHTPROFITTHEBUYINGCOMPANYSSHAREHOLDERSBESIDESTHESEARGUMENTSROLL1986WHILEAGREEINGWITHTHEEFFICIENTMARKETHYPOTHESISCLAIMSTHATTHEEMPIRICWORKTHATEVALUATESTHETARGETANDBIDDINGCOMPANIESCOLLECTIVEVALUEAFTERANMAISUNCONVINCINGNOWAYRELATEDTOTHEBIDDERSSUPPOSITIONTHATTHEIRESTIMATIONSAREHECONSEQUENTLYFORMULATEDTHEHUBRISHYPOTHESISWHICHSTATESTHATMASAGGREGATEPROFITSAREINCORRECTROLL1986INOTHERWORDSMANAGEMENTSCONTINUETOOVERVALUATETARGETFIRMSTHESERESULTSDEMONSTRATEHOWTHEFINANCIALSCHOOLSRESEARCHERSCOMBINETHEYPOTHESESOFFREECASHFLOWAMARKETFORCORPORATECONTROLTHEAGENCYTHEORYANDEFFICIENTMARKETSWITHTHEEVENTSTUDIESMETHODTOIMPROVETHERATIONALIZATIONINRESPECTOFMAACTIVITYHOWEVERANUMBEROFFINANCIALRESEARCHERSREFUTETHEFINANCIALECONOMISTSCENTRALHYPOTHESISASWELLASTHEHYPOTHESISTHATAMARKETFORCORPORATECONTROLISAKEYINSTRUMENTFORDISCIPLININGMANAGERSTHATEVENTSTUDIESAREAVALIDMETHODOFQUANTIFYINGVALUECREATIONANDTHATTHESHAREMARKETISCAPABLEOFPRECISELYVALUINGFIRMSSCHOLARSWHOUSEOTHERMETHODSTHANEVENTSTUDIESOFEXISTINGDATAMAKESPECIFICDEDUCTIONSWITHREGARDTOMAPROFITSRAVENSCRAFTANDSCHERER1987BFOREXAMPLECLAIMTHATLONGTERMBASEDRESULTSUSUALLYREVEALTHATMATARGETSPERFORMABOVETHEINDUSTRYAVERAGEATAROUND8COMPAREDTOTHEIRHOMEMARKETSTANDARDSFURTHERMORETHEIRFINANCIALINCOMEPERFORMANCESNEITHERINCREASEDNORDECLINEDCONSIDERABLYAFTERTHEMATHOSERESEARCHERSWHODONOTBELIEVETHATTHESHAREMARKETISALWAYSEFFICIENTABASICASSUMPTIONSUGGESTDIFFERENTEXPLANATIONSFORMAPERFORMANCETHANTHEONESOFFEREDBYFINANCIALSCHOLARSSCHERER1988HYPOTHESIZESTHATBECAUSETHESTOCKMARKETDOESNOTALWAYSPROPERLYVALUESTOCKSOMEFIRMSWILLBEOVERVALUEDATANYGIVENPOINTINTIMEENABLINGTHEMTOPURCHASEOTHERFIRMSBUTSOMEFIRMSWILLBEUNDERVALUEDWHICHRENDERSTHEMINTERESTINGTARGETSCOMPANIESTHATAREOVERVALUEDWILLEXAMINEPOSSIBLETARGETCOMPANIESTOFINDOUTIFTHEYHAVEBEENUNDERESTIMATEDCAUSINGTHEIRSHAREPRICETOINCREASEFIRMSTHATAREDISCOVEREDTOBEUNDERESTIMATEDAREPURCHASEDANDTHEIRNEWSHAREPRICESIMPLYEXPRESSESAMARKETCORRECTIONFIRMSTHATARENOTPURCHASEDAFTERBEINGEXAMINEDWERENOTUNDERESTIMATEDANDTHEIRSHAREPRICESRETURNTOTHELEVELPRIORTOTHEIRBEINGPOSSIBLEMATARGETSAUTHORPROFDROECTHOMASSTRAUBNATIONALITYGERMANYORIGINATEFROMREASONSFORFREQUENTFAILUREINMERGERSANDACQUISITIONS譯文2評價(jià)成功的客觀標(biāo)準(zhǔn)客觀的措施是建立在公開信息之上的容易獲得信息是因?yàn)槔昧送獠啃畔⒌膬?yōu)點(diǎn)由于外部信息不受到答辯人的偏見基于外部數(shù)據(jù)就可以比較不同的研究成果同時(shí)外部信息也苦于缺乏差異如外部經(jīng)濟(jì)波動(dòng)的影響工業(yè)企業(yè)的具體因素以及其他收購等具體因素或各種因素對結(jié)果影響很大從而限制了外部信息的解釋力運(yùn)用客觀成功措施研究人員研究了使并購成功的兩個(gè)方面戰(zhàn)略上的成功和財(cái)務(wù)上的成功并購財(cái)務(wù)上的成功已經(jīng)在不同的研究中被標(biāo)準(zhǔn)化最后創(chuàng)造價(jià)值是公司的核心目標(biāo)因此在財(cái)務(wù)上價(jià)值創(chuàng)造的成功是并購成功的一個(gè)標(biāo)準(zhǔn)有兩種在財(cái)務(wù)上成功的數(shù)據(jù)源已被用于確定兼并和收購成功股票的市場數(shù)據(jù)和公司的會(huì)計(jì)數(shù)據(jù)股市會(huì)響應(yīng)公司合并和收購的公告這意味著股東估計(jì)將收購公司的創(chuàng)造價(jià)值或評估已收購公司的銷毀價(jià)值如果他們希望收購能夠增加收購公司的的價(jià)值創(chuàng)造股票價(jià)格將上漲如果他們希望收購能夠摧毀收購公司的價(jià)值股票價(jià)格將下跌當(dāng)然這只有與股票價(jià)格的發(fā)展無關(guān)的行業(yè)或特定的股票市場的發(fā)展可以考慮這些不相關(guān)的影響即所謂不正常的股市反應(yīng)不同時(shí)期使用了前后公告例如阿格拉瓦爾1992等調(diào)查股市的影響公布在前其結(jié)果直到5年后才宣布其他的如哈布利安芬克爾斯坦1999測量5天的異常收益率在合并后的前5天然而這種假設(shè)是建立在能夠正常地反應(yīng)公布及預(yù)計(jì)并購的所有可能產(chǎn)生的影響之上的雖然長期收購具有捕捉長期發(fā)展的優(yōu)勢但是它們會(huì)受到合并后發(fā)生事件的影響阿格拉瓦爾1992等在765項(xiàng)收購研究中發(fā)現(xiàn)與去年同期研究相比收購的累積異常收益率在510之間芬克爾斯坦1999則發(fā)現(xiàn)沒有任何影響同樣魯巴特肯1987在439項(xiàng)有關(guān)公司收購的研究中發(fā)現(xiàn)沒有重大的股票在不同的市場有時(shí)間效應(yīng)1864個(gè)月后的兼并與收購魯巴特肯斯里尼瓦桑曼切爾特1997年也發(fā)現(xiàn)并購后的第2天第16天以及第56天無異常收益布赫納1990調(diào)查的90個(gè)公司的股票的市場表現(xiàn)也認(rèn)為是無相關(guān)聯(lián)系的其結(jié)果表明收購沒有使抽樣公司的市場價(jià)值增加1990A自己的譯本在另一項(xiàng)研究中布赫納1990發(fā)現(xiàn)封閉后12個(gè)月的平均異常收益率恢復(fù)到10布赫納1990C300在對波士頓咨詢集團(tuán)2004的研究中作者發(fā)現(xiàn)在收購平均創(chuàng)造價(jià)值表現(xiàn)上大多數(shù)并購是失敗的因?yàn)楦唢L(fēng)險(xiǎn)活動(dòng)所以這是異?，F(xiàn)象但是如果一家公司從事很多兼并和收購就平均而言實(shí)際上是可能創(chuàng)造價(jià)值的根據(jù)有關(guān)財(cái)務(wù)執(zhí)行情況的調(diào)查結(jié)果魯巴特肯奧尼爾1987發(fā)現(xiàn)并購交易顯著增加公司的非系統(tǒng)風(fēng)險(xiǎn)而減少系統(tǒng)性風(fēng)險(xiǎn)該系統(tǒng)風(fēng)險(xiǎn)下降是因?yàn)榧娌⒑褪召徸裱环N產(chǎn)品或市場推廣的目標(biāo)這降低了系統(tǒng)行業(yè)在大多數(shù)情況下的市場風(fēng)險(xiǎn)但是非系統(tǒng)性風(fēng)險(xiǎn)取決于公司大力增加的特性一些公司在并購后表現(xiàn)得非常好但另外一些現(xiàn)象是并購后變得松散然后這大大增加了非系統(tǒng)性風(fēng)險(xiǎn)對股市信息使用相應(yīng)的金融理論假設(shè)市場能夠正確地估計(jì)公司的價(jià)值與戰(zhàn)略根據(jù)這個(gè)假設(shè)收購將正確地評估股市從而代表其有潛在的價(jià)值衡量并購成功的與否在建立在合并前的會(huì)計(jì)數(shù)據(jù)和合并后的會(huì)計(jì)數(shù)據(jù)的基礎(chǔ)之上的常用的尺度是資產(chǎn)回報(bào)股本息稅前利潤銷售或收購公司的利潤回報(bào)庫斯維特1985在3500項(xiàng)大規(guī)模收購的研究中發(fā)現(xiàn)一年后公司獲得了533的平均增長居留權(quán)庫斯維特1985還認(rèn)為一年后收購企業(yè)將增加340的市場回報(bào)同樣布赫納1990探討了110項(xiàng)德國并購事件發(fā)現(xiàn)在并購交易3年后才能得到資本回報(bào)以及股本回報(bào)他發(fā)現(xiàn)平均而言收購公司會(huì)惡化財(cái)務(wù)性能作者弗洛里弗倫施國籍美國出處從社會(huì)角度看并購原文2OBJECTIVESUCCESSMEASURESOBJECTIVEMEASURESAREBASEDONPUBLICLYAVAILABLEINFORMATIONTHEADVANTAGEOFUSINGEXTERNALINFORMATIONISTHATTHEINFORMATIONISREADILYAVAILABLEASEXTERNALINFORMATIONDOESNOTSUFFERFROMRESPONDENTSBIASESITISPOSSIBLETOCOMPARERESULTSFROMDIFFERENTSTUDIESBASEDONEXTERNALDATAATTHESAMEEXTERNALINFORMATIONSUFFERSFROMALACKOFDIFFERENTIATIONEXTERNALEFFECTSSUCHASECONOMICFLUCTUATIONSINDUSTRYSPECIFICFACTORSASWELLASFIRMSPECIFICFACTORSSUCHASOTHERACQUISITIONSORDIVESTURESSTRONGLYAFFECTTHERESULTANDTHUSLIMITTHEEXPLANATORYPOWEROFEXTERNALINFORMATIONUSINGOBJECTIVESUCCESSMEASURESRESEARCHERSHAVESTUDIEDTHESUCCESSOFMERGERSANDACQUISITIONSINTWODIFFERENTDIMENSIONSSTRATEGICSUCCESSANDFINANCIALSUCCESSFINANCIALSUCCESSOFMERGERSANDACQUISITIONSHASBEENMEASUREDINMANYDIFFERENTSTUDIESULTIMATELYVALUECREATIONISTHECOREOBJECTIVEOFFIRMSHENCEVALUECREATIONRESPECTIVELYFINANCIALSUCCESSISAUSEFULSUCCESSMEASUREFORMERGERSANDACQUISITIONSTHEREARETWODIFFERENTSOURCESOFDATAFORFINANCIALSUCCESSTHATHAVEBEENUSEDTOIDENTIFYSUCCESSOFMERGERSANDACQUISITIONSSTOCKMARKETDATAANDACCOUNTINGDATAOFFIRMSSTOCKMARKETSREACTTOTHEANNOUNCEMENTOFMERGERSANDACQUISITIONSTHATMEANSTHATSTOCKHOLDERSEVALUATETHEEXPECTEDVALUECREATIONORVALUEDESTRUCTIONOFACQUISITIONSFORACQUIRINGFIRMSANDACQUIREDFIRMSIFTHEYEXPECTTHATANACQUISITIONCREATESVALUEFORTHEACQUIRINGFIRMSTOCKPRICESGOUPIFTHEYEXPECTTHATANACQUISITIONDESTROYSVALUEFORTHEACQUIRINGFIRMSTOCKPRICESGODOWNOFCOURSEONLYSTOCKPRICEDEVELOPMENTSTHATAREUNRELATEDTOINDUSTRYSPECIFICDEVELOPMENTSORSTOCKMARKETDEVELOPMENTSCANBECONSIDEREDTHESEUNRELATEDEFFECTSARECALLEDABNORMALSTOCKMARKETREACTIONSDIFFERENTTIMEPERIODSHAVEBEENUSEDBEFOREANDAFTERTHEANNOUNCEMENTFOREXAMPLEAGRAWALETAL1992INVESTIGATETHESTOCKMARKETEFFECTBEFORETHEANNOUNCEMENTUNTILFIVEYEARSAFTERTHEANNOUNCEMENTOTHERSSUCHASHALEBLIANFINKELSTEIN1999MEASUREABNORMALRETURNSFROM5DAYSPRIORTOTHEMERGERUNTIL5DAYSAFTERTHEMERGERTHISHOWEVERASSUMESTHATSTOCKMARKETSREACTCORRECTLYTOANANNOUNCEMENTANDANTICIPATEALLPOSSIBLEEFFECTSOFANMAWHILELONGPERIODSHAVETHEADVANTAGEOFCAPTURINGLONGTERMDEVELOPMENTSOFANACQUISITIONTHEYSUFFERFROMEVENTSHAPPENINGAFTERTHEMERGERWHILEAGRAWALETAL1992FINDINASTUDYON765ACQUISITIONSTHATCUMULATIVEABNORMALRETURNSOFACQUISITIONSARE10OVERA5YEARPERIODHALEBLIANFINKELSTEIN1999FINDNOEFFECTSIMILARLYLUBATKIN1987FINDSINASTUDYON439ACQUIRINGFIRMSTHATTHEREISNOSIGNIFICANTSTOCKMARKETEFFECTATDIFFERENTPOINTSINTIME1864MONTHSAFTERTHEMATRANSACTIONLUBATKINSRINIVASANMERCHANT1997ALSOFINDOVERPERIODSOF21656DAYSAFTERANMAANNOUNCEMENTNOABNORMALRETURNSBHNER1990AINVESTIGATESTHESTOCKMARKETPERFORMANCEOF90FIRMSANDFINDSTHATUMMARIZEDTHERESULTSINDICATETHATACQUISITIONSDONOTYIELDINCREASEOFMARKETVALUEOFTHEFIRMSINTHESAMPLE1990A45OWNTRANSLATIONINANOTHERSTUDYBHNER1990CFINDSANAVERAGEABNORMALRATEOFRETURNOF10TWELVEMONTHSAFTERTHECLOSINGBHNER1990C300INASTUDYOFTHEBOSTONCONSULTINGGROUP2004THEAUTHORSFINDTHATWHILETHEMAJORITYOFMERGERSFAILACQUIRERSONTHEAVERAGECREATEVALUETHISISCURIOUSINSOFARASTHERISKISSEEMINGLYHIGHBUTIFAFIRMENGAGESINMANYMERGERSANDACQUISITIONSONTHEAVERAGEITMIGHTACTUALLYCREATEMONEYCONSISTENTWITHTHEFINDINGSABOUTFINANCIALPERFORMANCELUBATKINONEILL1987FINDTHATMATRANSACTIONSSIGNIFICANTLYINCREASETHEUNSYSTEMATICRISKOFFIRMSWHILETHESYSTEMATICRISKSDECREASETHESYSTEMATICRISKDECREASESBECAUSEMERGERSANDACQUISITIONSTHATFOLLOWAPRODUCTORMARKETEXTENSIONOBJECTIVEREDUCETHESYST