Winning by Losing: Evidence on the Long-Run Effects of Mergers
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Do acquirors profit from acquisitions, or do CEOs overbid and destroy shareholder value? We propose a novel approach to measuring the long-run returns to mergers. In a new data set of close bidding contests we use losers' post-merger performance to construct the counterfactual performance of winners
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美国国家经济研究局创建时间：
2012-04-01
