GWD29-11-13

catcenter

Q11 to 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.

--------------------------------------------------------------------------------

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

Answer: E

我选D

Q13:

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?

 

1. Managers wished to imitate other managers primarily because they saw how financially beneficial other firms’ acquisitions were.
2. Managers miscalculated the value of firms that were to be acquired.
3. Lack of consensus within boards of directors resulted in their imposing conflicting goals on managers.
4. Total compensation packages for managers increased during that period.
5. The value of bidding firms’ stock increased significantly when prospective mergers were announced.

答案是B我选A

谢谢先!~~

梦不落

我对13题也有疑问。这道题在文中如何定位呢？顶下问问牛人

二狼神

我选ECA,请大家多讨论.

vanessav

以下是引用catcenter在2006-5-27 21:36:00的发言：

Q11 to 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 Q11

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 Q13

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.

--------------------------------------------------------------------------------

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

Answer: E

Q13:

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?

 

1. Managers wished to imitate other managers primarily because they saw how financially beneficial other firms’ acquisitions were. 文中没有提到其他公司兼并活动之后有多beneficial
2. Managers miscalculated the value of firms that were to be acquired.
3. Lack of consensus within boards of directors resulted in their imposing conflicting goals on managers.
4. Total compensation packages for managers increased during that period.
5. The value of bidding firms’ stock increased significantly when prospective mergers were announced.

答案是B

mymengming

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 Q13

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.

13题答案应该是A

如上所示

顾风

11题答案E是错的。。。

注意E答案是：

 that bidding firms
            experienced less of an increase in stock value when a prospective merger was announced

而原文是

 the stock of the prospective
                    acquiring firm tends to increase in value much less than does that of the firm for which it bids

两个公司明显不同。

这题我认为应该选答案C。见原文：

the acquisition acts of

 (40)     bidders may derive from modeling:

a manager does what other man-

agers do.

只有 bidding firms才能做出acquitistion acts

littledou

这道阅读题我也错了，当时想法和你一样，中了ETS的诡计。其实你跳开一步想，别被他的bidding, acquiring搞蒙了，就想想两个公司合并之前的股票变化就知道了。

C无关，不在问题问的范围内。

顾风

公司合并和股票的关系并不一定的，公司合并指biding成为acquire的大股东。。。。

C当然不无关。。你再仔细想想。

不好意思，语气激烈了一点，29套做下来觉得不难，但是错很多，让人很惊讶

[此贴子已经被作者于2006-8-7 18:30:15编辑过]

sen4sun

以下是引用顾风在2006-8-7 18:15:00的发言：

公司合并和股票的关系并不一定的，公司合并指biding成为acquire的大股东。。。。

C当然不无关。。你再仔细想想。

不好意思，语气激烈了一点，29套做下来觉得不难，但是错很多，让人很惊讶

我也同意C无关. 这里是 合并者和被合并者的比较. 要说C是这两着的不同点有点牵强. 如果只就合并者单一方面来说, 倒是可以作为一个考虑方向. 比较的话 还缺一些原文支持.

sen4sun

以下是引用mymengming在2006-7-26 22:59:00的发言：
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 Q13

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.

13题答案应该是A

如上所示

不太能同意A. 虽然最后一句有点出acquistion action 是可能由经理人 copy what other managers do 得来的. 但是并没有说copy 的原因是因为 financially successful. 主观的推论答案有待商榷. 如果我偏要说他copy 的原因是有大merger的时候manager 都会上wallstreet journal 等财经杂志而出名. 所以经理人 copy what other managers do, 因为也想出名. 这样不可以吗? 反正文章没提. 那就随我乱扯吧.

[此贴子已经被作者于2006-8-7 20:58:21编辑过]