Cotterill, Ronald W.; Pinkerton, Don C. - Department of Resource Economics, University of … - 1993
This paper reviews theories that identify motives for mergers, reviews recent empirical research, specifies a model … that incorporates alternative motives, and tests the model with data from food manufacturing mergers between 1979 and 1986 …. Results suggest that capital markets are not efficient, and that mergers are not to redress agency problems. Acquirers paid …