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.
"Q13:b
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.
1 incentivec ompensation of executives,
2 lack of monitoring by boards of directors,
3 managerial error in estimating the value of firms targeted for acquisition.
这是3种可能的因数吗 可是13题中的B D和3 1 都对应啊
该如何区分，请大牛指点
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发表于 2010-12-19 10:02:20
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