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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.
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34.Q12: It can inferred from the passage that the author would be most likely toagree with which of the following statements about corporate acquisitions?
A. Theirknown benefits to national economies explain their appeal to individual firmsduring the 1970’sand 1980’s.
B. Despitetheir adverse impact on some firms, they are the best way to channel resourcesfrom less to more productive sectors of a nation’s economy.
C. Theyare as likely to occur because of poor monitoring by boards of directors as tobe caused by incentive compensation for managers.
D. Theywill be less prevalent in the future, since their actual effects will gainwider recognition.
E. Factorsother than economic benefit to the acquiring firm help to explain the frequencywith which they occur.
这题我选了C，但是回头看E我觉得C是E这些factors的具体内容，而E包含了C之中的选项，所以是不是要选范围更大的更好呢？
The author of the passage implies that which of the following is a possible partial explanation for acquisition behavior during the 1970’s and 1980’s?
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.
这题我选择了A，看了解析后了解A后半段的内容其实是没有提过了，但是这里有一个问题，是否阅读中的题目选项都是能从原文中找到一样的意思表达，或者说一样的范围表示，如果超出了选项说的内容就认为是没有提到，不管是推理是否正确？因为一些文章含义类的题目好像也是推理为主，但是有的选项似乎没法从文中直接的出答案，希望得到NN们的解答
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发表于 2017-6-16 14:53:21
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