GWD-29-Q11-Q13 e or c???

allen0018

    

33 to 35 GWD-29-Q11-Q13
            

    

      Findings from several studies on

    

       corporate
mergers and acquisitions

    

       during
the 1970’s and 1980’s raise

    

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.

    

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Q11:

    

According to the passage, during the 1970’s and 1980’s bidding firms differed from the firms for which
they bid in that bidding firms

    

             

    

1. tended to
        be more profitable before a merger than after a merger
2. were more
        often concerned about the impact of acquisitions on national economies
3. were run
        by managers whose actions were modeled on those of other managers
4. anticipated
        greater economic advantages from prospective mergers
5. experienced
        less of an increase in stock value when a prospective merger was announced

caterpillarcn

the stock of the prospective

acquiring firm tends to increase in

value much less than does that of

the firm for which it bids.

Answer should be E. line5-20是讲不同的，仔细看一下。
C错。跟原文最后一句话是两个概念。而且太绝对。

allen0018

谢谢虫哥，非常感谢你的回帖