Findings from several studies on
corporate mergers and acquisitions
during the
Line questions about why firms initiate and
(5) consummate such transactions. One
study showed, for example, that acquir-
ing firms were on average unable to
maintain acquired firms’ pre-merger
levels of profitability. A second study
(10) concluded that post-acquisition gains
to most acquiring firms were not ade-
quate to cover the premiums paid
to obtain acquired firms. A third
demonstrated that, following the
(15) announcement of a prospective
merger, the stock of the prospective
acquiring firm tends to increase in
value much less than does that of
the firm for which it bids. Yet merg-
(20) ers and acquisitions remain common,
and bidders continue to assert that
their objectives are economic ones.
Acquisitions may well have the desir-
able effect of channeling a nation’s
(25) resources efficiently from less to
more efficient sectors of its economy,
but the individual acquisitions execu-
tives arranging these deals must see
them as advancing either their own or
(30) their companies’ private economic
interests. It seems that factors hav-
ing little to do with corporate economic
interests explain acquisitions. These
factors may include the incentive
(35)
compensation of executives, lack
of monitoring by boards of directors,
and managerial error in estimating the
value of firms targeted for acquisition.
Alternatively, the acquisition acts of
(40) bidders may derive from modeling:
a manager does what other man-
agers do.
Q13: The author of the passage implies that which of the following is a possible partial explanation for acquisition behavior during the
A. Managers wished to imitate other managers primarily because they saw how financially beneficial other firms’ acquisitions were.
B. Managers miscalculated the value of firms that were to be acquired.
C. Lack of consensus within boards of directors resulted in their imposing conflicting goals on managers.
D. Total compensation packages for managers increased during that period.
E. The value of bidding firms’ stock increased significantly when prospective mergers were announced.
答案选b,不知是理解有问题还是怎么着，我觉得D也对啊。。。
还请NN们解答啊
原文只有这么两句句相关的，but the individual acquisitions executives arranging these deals must see them as advancing either their own or their companies’ private economic interests.和 These factors may include the incentive compensation of executives。
D哪里看得出来？
Findings from several studies on
corporate mergers and acquisitions
during the
Line questions about why firms initiate and
(5) consummate such transactions. One
study showed, for example, that acquir-
ing firms were on average unable to
maintain acquired firms’ pre-merger
levels of profitability. A second study
(10) concluded that post-acquisition gains
to most acquiring firms were not ade-
quate to cover the premiums paid
to obtain acquired firms. A third
demonstrated that, following the
(15) announcement of a prospective
merger, the stock of the prospective
acquiring firm tends to increase in
value much less than does that of
the firm for which it bids. Yet merg-
(20) ers and acquisitions remain common,
and bidders continue to assert that
their objectives are economic ones.
Acquisitions may well have the desir-
able effect of channeling a nation’s
(25) resources efficiently from less to
more efficient sectors of its economy,
but the individual acquisitions execu-
tives arranging these deals must see
them as advancing either their own or
(30) their companies’ private economic
interests. It seems that factors hav-
ing little to do with corporate economic
interests explain acquisitions. These
factors may include the incentive
(35)
compensation of executives, lack
of monitoring by boards of directors,
and managerial error in estimating the
value of firms targeted for acquisition.
Alternatively, the acquisition acts of
(40) bidders may derive from modeling:
a manager does what other man-
agers do.
Q13: The author of the passage implies that which of the following is a possible partial explanation for acquisition behavior during the
第一步：ms是个细节题，回原文什么地方找呢？没思路，先看一眼选项，看看是否有暗示，5个选项中有4个动词发起者是manager，而非merger(不可以眼花）。要扫的意群应该是manager怎么样了，地点应该在70-80年代。至此，进入第二步。文章仅在最后部分谈到manager，不由生疑。硬着头皮上。
把39行以后的都读掉,paragraph为：B的获取行为来源于这个模型：每个经理（应该？）做其他经理做的事情。
A. Managers wished to imitate other managers primarily because they saw how financially beneficial other firms’ acquisitions were.
前半句对后半句没读到，杀
B. Managers miscalculated the value of firms that were to be acquired.
看到acquired想了想还是留着吧
C. Lack of consensus within boards of directors resulted in their imposing conflicting goals on managers.
野马，杀
D. Total compensation packages for managers increased during that period.
野马，杀
E. The value of bidding firms’ stock increased significantly when prospective mergers were announced.
这种主语都是4对1的选项让我想起鞋拔子*杨的经典gif，见楼下吧
至此做完
答案选b,不知是理解有问题还是怎么着，我觉得D也对啊。。。
还请NN们解答啊
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