GWD-29-Q13

加州女孩 · 发表于 2010-5-31 00:04:49

Findingsfrom several studies on corporate mergers and acquisitions during the 1970’s and 1980’

s raise questions about why firms initiate and consummatesuch transactions. One study showed, for example, that acquiring firms were onaverage unable to maintain acquired firms’ pre-merger levels ofprofitability. A second study concludedthat post-acquisition gains to most acquiring firms were not adequate to coverthe premiums paid to obtain acquired firms. A third demonstrated that, following the announcement of a prospective merger,the stock of the prospective acquiring firm tends to increase in value muchless than does that of the firm for which it bids. Yet mergers and acquisitions remain common, andbidders continue to assert that their objectives are economic ones. Acquisitionsmay well have the desirable effect of channeling a nation’s resourcesefficiently from less to more efficient sectors of its economy, but theindividual acquisitions executives arranging these deals must see them asadvancing either their own or their companies’ private economic interests. It seems that factors having little to dowith corporate economic interests explain acquisitions. These factors may includethe incentive compensation of executives, lack of monitoring by boards ofdirectors, and managerial error in estimating the value of firms targeted foracquisition. Alternatively, the acquisition acts of bidders may derive frommodeling: a manager does what other managers do.

35.Q13: The author of the passage implies that which of the following is apossible partial explanation for acquisition behavior during the 1970’s and 1980’

s?

A.Managerswished to imitate other managers primarily because they saw how financiallybeneficial other firms’ acquisitions were.

B.Managersmiscalculated the value of firms that were to be acquired.

C.Lackof consensus within boards of directors resulted in their imposing conflictinggoals on managers.

D.Totalcompensation packages for managers increased during that period.

E.Thevalue of bidding firms’ stock increased significantly when prospective mergerswere announced.
这道题正解为什么是B吖？真是百思不得其解，求大牛指教为啥不选C？

edwardelric · 发表于 2010-5-31 09:39:32

做这个题是要找对应点的，这里废话一大堆吗，抓主要的你看
managerial error in estimating the value of firms targeted foracquisition，是原话These factors may includethe incentive compensation of executives, lack of monitoring by boards ofdirectors, and managerial error in estimating the value of firms targeted foracquisition. 三个原因中的一个，他可以称为
但是c选项是与director缺乏一致导致，而原文说的是缺乏监管，扭曲意思，不选
其他不解释了，不明白的你再问~

加州女孩 · 发表于 2010-6-4 23:35:46

做这个题是要找对应点的，这里废话一大堆吗，抓主要的你看
managerial error in estimating the value of firms targeted foracquisition，是原话These factors may includethe incentive compensation of executives, lack of monitoring by boards ofdirectors, and managerial error in estimating the value of firms targeted foracquisition. 三个原因中的一个，他可以称为
但是c选项是与director缺乏一致导致，而原文说的是缺乏监管，扭曲意思，不选
其他不解释了，不明白的你再问~

-- by 会员 edwardelric (2010/5/31 9:39:32)

谢谢大牛指点，你解释的很好足以证明你不是“废物”啦，不要妄自菲薄哦，其实只是你不知道自己很牛而已。 Anyway， U should always have a little faith in yourself.Then u can make it.

edwardelric · 发表于 2010-6-5 20:43:50

谢谢你

GWD-29-Q13

谢谢

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